Portland General Electric announces 2021 financial results and initiates 2022 earnings guidance
- Full-year 2021 financial results of $2.72 per diluted share
- Initiating 2022 earnings guidance of $2.75 to $2.90 per diluted share and reaffirming 4% to 6% long-term earnings per share growth using 2019 base year
- RFP shortlist targeted in Q2 with final selection by the end of 2022
PORTLAND, Ore., Feb. 17, 2022 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $244 million, or $2.72 per diluted share, for the year ended December 31, 2021. This compares with GAAP net income of $155 million, or $1.72 per diluted share, for the year ended December 31, 2020. After adjusting for the impact of the 2020 energy trading losses, non-GAAP net income was $247 million, or $2.75 per diluted share, for the year ended December 31, 2020. GAAP net income was $66 million, or $0.73 per diluted share, for the fourth quarter of 2021. This compares with GAAP net income of $52 million, or $0.57 per diluted share, for the fourth quarter of 2020.
"2021 was a year of strong growth and execution," said Maria Pope, PGE President and CEO. "Against the backdrop of the ongoing pandemic, the historic ice storm and record heat, we focused on investments to improve reliability and resiliency. Looking ahead to 2022, we are advancing our use of technology and digital capabilities, accelerating our procurement of renewable resources, and deploying infrastructure to advance a smarter grid. We are seizing opportunities arising from the national momentum to address climate change and look forward to working with stakeholders and the communities we serve to create a stronger, sustainable and more resilient future for Oregon."
2021 Year in Review
PGE is focused on leading Oregon to a clean energy future, helping customers maximize their energy journey with clean and innovative solutions that are also safe, reliable and affordable for all. Key strategic accomplishments in 2021 included:
- Worked with legislators and stakeholders to develop Oregon state law (HB 2021) establishing an electric sector decarbonization framework, including a mandated 80% reduction of baseline greenhouse gas from power served to Oregon retail customers by 2030 and revisions to legacy laws that will allow expanded utility program offerings;
- Issued an RFP to add 375 to 500 MW of renewables and 375 MW of non-emitting capacity by the end of 2024;
- Issued our inaugural Distribution System Plan, which provides a framework for electrifying the economy while achieving our environmental justice goals;
- Opened the new Integrated Operations Center and launched the Advanced Distribution Management System. These investments represent the cornerstone of our strategy to modernize grid operations and establish new physical and cyber security capabilities to monitor and protect assets while also improving incident response times;
- Continued our long-standing commitment to diversity, equity and inclusion and increased the representation of Black, Indigenous and People of Color as well as women in leadership across our company; and
- PGE, employees, retirees and the PGE Foundation donated $4.8 million, including $428 thousand invested through PGE and PGE Foundation grants and partnerships with culturally specific BIPOC organizations and $225 thousand to organizations serving five counties most impacted by the historic February 2021 ice storm.
2021 Earnings Compared to 2020 Earnings
Total revenue increased due to higher energy demand from strong economic growth. Net variable power costs were unfavorable, excluding the impact of the 2020 energy trading losses, due to high regional power prices, particularly in the third quarter. Operating and administrative expenses increased due to higher wildfire, vegetation management and storm expenses, higher employee wage and benefit expenses, and inflation pressures. Depreciation and amortization expense decreased due to plant retirements and the remeasurement of an asset retirement obligation recorded in 2020. Taxes other than income taxes increased due to higher property taxes.
2022 Earnings Guidance
PGE is initiating full-year 2022 earnings guidance of $2.75 to $2.90 per diluted share based on the following assumptions:
- An increase in energy deliveries between 2% and 2.5%, weather adjusted;
- Normal temperatures in its utility service territory;
- Average hydro conditions;
- Wind generation based on five years of historical levels or forecast studies when historical data is not available;
- Normal thermal plant operations;
- Capital expenditures of $660 million in 2022 and $650 million in 2023 through 2026;
- Average construction work in progress balance of $270 million;
- Operating and maintenance expense between $590 million and $610 million;
- Depreciation and amortization expense between $420 million and $440 million;
- Effective tax rate of 15% to 20%;
- Cash from operations of $575 to $625 million; and
- No new common equity to be issued for investment or operations.
Company Updates
General Rate Case
On January 18, 2022, PGE, OPUC staff, and certain customer groups filed a stipulation with the OPUC reflecting an agreement that resolves the annual revenue requirement, average rate base, and corresponding increase authorized in customer prices.
The agreement reflects a final revenue requirement that is based on:
- A capital structure of 50% debt and 50% equity;
- a return on equity of 9.5%;
- a cost of capital of 6.83%;
- an average rate base of $5.6 billion; and
- an annual revenue requirement increase of $74 million, which includes $64 million related to power costs.
On February 7, 2022, PGE, OPUC staff and certain customer groups filed a stipulation with the OPUC reflecting an agreement that resolved multiple pricing issues, including the rate spread model. Other elements of the case remain unsettled and all GRC items are subject to OPUC approval.
Decarbonization Framework and Resource Acquisition
HB 2021 creates a legislative framework to reduce baseline greenhouse gas emissions from power served to Oregon retail customers, based on the annual average of 2010, 2011 and 2012 amounts, by at least 80% by 2030, 90% by 2035, and 100% by 2040. Meeting these goals will require PGE to continue investing in new clean energy technologies that decarbonize our system while keeping the system reliable and affordable.
PGE initiated an RFP in April 2021 for 375 to 500 MW of renewable energy and 375 MW of non-emitting capacity. Initial bids were submitted in January 2022, with a shortlist expected in Q2 2022 and a final decision by the end of 2022.
In addition to generation resource acquisitions, PGE filed its inaugural Distribution System Plan at the Oregon Public Utilities Commission in October 2021, tying together the need for more clean and renewable resources and plans for an upgraded grid to support those resources.
Green Financing Framework
PGE has adopted a Green Financing Framework ("Framework") under which we may issue bonds ("Green Bonds") to finance or refinance investments in assets and projects that advance our sustainability goals.
In October 2021, PGE announced the successful placement of its inaugural $150 million green bonds under this framework, part of a $400 million placement. Proceeds of the $150 million in green bonds will be dedicated to refinancing PGE's investment in the Wheatridge Renewable Energy Facility, the first major renewable energy facility in North America to co-locate wind and solar generation with battery storage.
The bond issuance follows the recent renewal and $150 million increase of the company's $650 million revolving credit facility, which now includes a sustainability-linked pricing structure that links the company's borrowing costs to metrics related to its non-emitting generation capacity and the percentage of management comprised of women and employees who identify as black, indigenous, and people of color.
Quarterly dividend
As previously announced, on February 11, 2022, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.43 per share. The quarterly dividend is payable on or before April 18, 2022 to shareholders of record at the close of business on March 25, 2022.
Fourth Quarter and Full Year 2021 Earnings Call and Webcast — Feb. 17, 2022
PGE will host a conference call with financial analysts and investors on Thursday, Feb. 17, 2022, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Thursday, Feb. 17, 2022, through 2 p.m. ET on Thursday, Feb. 24, 2022.
Maria Pope, President and CEO; Jim Ajello, Senior Vice President of Finance, CFO, and Treasurer; and Jardon Jaramillo, Senior Director, Investor Relations, Treasury, and Risk Management will participate in the call. Management will respond to questions following formal comments.
Non-GAAP Financial Measures
Management believes that excluding the effects of the previously disclosed 2020 energy trading losses provides a meaningful representation of the Company's comparative earnings per share. The Company has adjusted this amount to maintain comparability between periods. The effect of the energy trading losses was $1.03 per diluted share on a full-year basis. PGE's reconciliation of non-GAAP earnings for the year ended December 31, 2020 is below.
Non-GAAP Earnings Reconciliation for the year ended December 31, 2020 |
||
(Dollars in millions, except EPS) |
Net Income |
Diluted EPS |
GAAP as reported for the year ended December 31, 2020 |
$ 155 |
$ 1.72 |
Exclusion of certain trading losses |
127 |
1.42 |
Tax effect (1) |
(35) |
(0.39) |
Non-GAAP as reported for the year ended December 31, 2020 |
$ 247 |
$ 2.75 |
(1) Tax effect for the full-year was determined based on the Company's blended federal and state statutory tax rate. |
The attached unaudited consolidated statements of income, consolidated balance sheets and consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.
About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE owns 16 generation plants across Oregon and other Northwestern states and maintains and operates 14 public parks and recreation areas. For more than 130 years, PGE has powered the advancement of society, delivering safe, affordable, and reliable energy to Oregonians. PGE and its approximately 3,000 employees are working with customers to build a clean energy future. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE is committed to achieving at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. In 2021, PGE became the first U.S. utility to join The Climate Pledge. For the eighth year in a row PGE achieved a perfect score on the 2021 Human Rights Campaign Foundation's Corporate Equality Index, a national benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality. In 2021, PGE, employees, retirees, and the PGE Foundation donated $4.8 million and volunteered 15,760 hours with more than 300 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.
Safe Harbor Statement
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
Forward-looking statements include statements regarding the Company's full-year earnings guidance (including expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," and similar expressions.
Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the outcome of various legal and regulatory actions; demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; delays in the supply chain and increased supply costs, failure to complete capital projects on schedule or within budget, or the abandonment of capital projects, which could result in the Company's inability to recover project costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability and cost of purchased power and fuel; the development of alternative technologies; changes in capital and credit market conditions, including interest rates, which could affect the access to and availability of cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; general economic and financial market conditions, including inflation; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or third party liability; cyber security breaches of the Company's customer information system or operating systems, data security breaches, or acts of terrorism, which could disrupt operations, require significant expenditures, or result in claims against the Company; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent due to COVID-19 mandates and turnover due to macroeconomic trends; PGE business activities are concentrated in one region and future performance may be affected by events and factors unique to Oregon; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), including potential vaccination mandates, which may affect our financial position, results of operations and cash flows. As a result, actual results may differ materially from those projected in the forward-looking statements.
These risks and uncertainties are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.
POR
Source: Portland General Company
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||||
Years Ended December 31, |
|||||
2021 |
2020 |
2019 |
|||
Revenues: |
|||||
Revenues, net |
$ 2,425 |
$ 2,151 |
$ 2,121 |
||
Alternative revenue programs, net of amortization |
(29) |
(6) |
2 |
||
Total Revenues |
2,396 |
2,145 |
2,123 |
||
Operating expenses: |
|||||
Purchased power and fuel |
822 |
708 |
614 |
||
Generation, transmission and distribution |
310 |
293 |
323 |
||
Administrative and other |
336 |
283 |
290 |
||
Depreciation and amortization |
404 |
454 |
409 |
||
Taxes other than income taxes |
146 |
138 |
134 |
||
Total operating expenses |
2,018 |
1,876 |
1,770 |
||
Income from operations |
378 |
269 |
353 |
||
Interest expense, net |
137 |
136 |
128 |
||
Other income: |
|||||
Allowance for equity funds used during construction |
17 |
16 |
10 |
||
Miscellaneous income (expense), net |
9 |
6 |
6 |
||
Other income, net |
26 |
22 |
16 |
||
Income before income taxes |
267 |
155 |
241 |
||
Income tax expense |
23 |
— |
27 |
||
Net income |
$ 244 |
$ 155 |
$ 214 |
||
Weighted-average shares outstanding (in thousands): |
|||||
Basic |
89,481 |
89,485 |
89,353 |
||
Diluted |
89,627 |
89,645 |
89,559 |
||
Earnings per share: |
|||||
Basic |
$ 2.72 |
$ 1.73 |
$ 2.39 |
||
Diluted |
$ 2.72 |
$ 1.72 |
$ 2.39 |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||
As of December 31, |
|||
2021 |
2020 |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 52 |
$ 257 |
|
Accounts receivable, net |
329 |
271 |
|
Inventories, at average cost: |
|||
Materials and supplies |
51 |
49 |
|
Fuel |
27 |
23 |
|
Regulatory assets—current |
24 |
23 |
|
Other current assets |
205 |
98 |
|
Total current assets |
688 |
721 |
|
Electric utility plant: |
|||
In service |
11,838 |
10,974 |
|
Accumulated depreciation and amortization |
(4,146) |
(3,864) |
|
In service, net |
7,692 |
7,110 |
|
Construction work-in-progress |
313 |
429 |
|
Electric utility plant, net |
8,005 |
7,539 |
|
Regulatory assets—noncurrent |
533 |
569 |
|
Nuclear decommissioning trust |
47 |
45 |
|
Non-qualified benefit plan trust |
45 |
42 |
|
Other noncurrent assets |
176 |
153 |
|
Total assets |
$ 9,494 |
$ 9,069 |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||
As of December 31, |
|||
2021 |
2020 |
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 244 |
$ 153 |
|
Liabilities from price risk management activities—current |
47 |
14 |
|
Short-term debt |
— |
150 |
|
Current portion of long-term debt |
— |
160 |
|
Current portion of finance lease obligations |
20 |
16 |
|
Accrued expenses and other current liabilities |
457 |
322 |
|
Total current liabilities |
768 |
815 |
|
Long-term debt, net of current portion |
3,285 |
2,886 |
|
Regulatory liabilities—noncurrent |
1,360 |
1,369 |
|
Deferred income taxes |
413 |
374 |
|
Unfunded status of pension and postretirement plans |
206 |
299 |
|
Liabilities from price risk management activities—noncurrent |
90 |
136 |
|
Asset retirement obligations |
238 |
270 |
|
Non-qualified benefit plan liabilities |
95 |
101 |
|
Finance lease obligations, net of current portion |
273 |
129 |
|
Other noncurrent liabilities |
59 |
77 |
|
Total liabilities |
6,787 |
6,456 |
|
Commitments and contingencies |
|||
Shareholders' equity: |
|||
Preferred stock, no par value, 30,000,000 shares authorized; none |
— |
— |
|
Common stock, no par value, 160,000,000 shares authorized; |
1,241 |
1,231 |
|
Accumulated other comprehensive loss |
(10) |
(11) |
|
Retained earnings |
1,476 |
1,393 |
|
Total shareholders' equity |
2,707 |
2,613 |
|
Total liabilities and shareholders' equity |
$ 9,494 |
$ 9,069 |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||||
Years Ended December 31, |
|||||
2021 |
2020 |
2019 |
|||
Cash flows from operating activities: |
|||||
Net income |
$ 244 |
$ 155 |
$ 214 |
||
Adjustments to reconcile net income to net cash provided by |
|||||
Depreciation and amortization |
404 |
454 |
409 |
||
Deferred income taxes |
5 |
(23) |
6 |
||
Allowance for equity funds used during construction |
(17) |
(16) |
(10) |
||
Pension and other postretirement benefits |
24 |
22 |
21 |
||
Decoupling mechanism deferrals, net of amortization |
29 |
6 |
(2) |
||
(Amortization) Deferral of net benefits due to Tax Reform |
— |
(23) |
(23) |
||
Stock-based compensation |
14 |
11 |
9 |
||
Deferral of incremental storm costs |
(67) |
— |
— |
||
Deferral of incremental wildfire costs |
(30) |
(15) |
— |
||
Other non-cash income and expenses, net |
(10) |
23 |
34 |
||
Changes in working capital: |
|||||
(Increase) decrease in receivables and unbilled revenues |
(64) |
(24) |
30 |
||
Decrease (increase) in margin deposits |
(29) |
8 |
— |
||
Increase (decrease) in payables and accrued liabilities |
61 |
26 |
(16) |
||
Increase in margin deposits from wholesale counterparties |
58 |
— |
— |
||
Other working capital items, net |
(21) |
17 |
(12) |
||
Contribution to non-qualified employee benefit trust |
(11) |
(11) |
(11) |
||
Contribution to pension and other postretirement plans |
(2) |
(2) |
(65) |
||
Asset retirement obligation settlements |
(18) |
(18) |
(9) |
||
Other, net |
(38) |
(23) |
(29) |
||
Net cash provided by operating activities |
532 |
567 |
546 |
||
Cash flows from investing activities: |
|||||
Capital expenditures |
(636) |
(784) |
(606) |
||
Purchases of nuclear decommissioning trust securities |
(10) |
(6) |
(8) |
||
Sales of nuclear decommissioning trust securities |
12 |
9 |
13 |
||
Proceeds from sale of properties |
4 |
— |
— |
||
Other, net |
(26) |
(6) |
(3) |
||
Net cash used in investing activities |
(656) |
(787) |
(604) |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||||
Years Ended December 31, |
|||||
2021 |
2020 |
2019 |
|||
Cash flows from financing activities: |
|||||
Proceeds from issuance of long-term debt |
$ 400 |
$ 549 |
$ 470 |
||
Payments on long-term debt |
(160) |
(98) |
(350) |
||
Debt extinguishment costs |
— |
(2) |
(9) |
||
Borrowings on short-term debt |
200 |
275 |
— |
||
Payments on short-term debt |
(350) |
(125) |
— |
||
Dividends paid |
(150) |
(140) |
(134) |
||
Repurchase of common stock |
(12) |
— |
— |
||
Other |
(9) |
(12) |
(8) |
||
Net cash provided by (used in) financing activities |
(81) |
447 |
(31) |
||
Increase (decrease) in cash and cash equivalents |
(205) |
227 |
(89) |
||
Cash and cash equivalents, beginning of year |
257 |
30 |
119 |
||
Cash and cash equivalents, end of year |
$ 52 |
$ 257 |
$ 30 |
||
Supplemental disclosures of cash flow information: |
|||||
Cash paid for: |
|||||
Interest, net of amounts capitalized |
$ 120 |
$ 113 |
$ 116 |
||
Income taxes |
16 |
17 |
33 |
||
Non-cash investing and financing activities: |
|||||
Accrued capital additions |
87 |
72 |
76 |
||
Accrued dividends payable |
40 |
38 |
36 |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||||||||||
Years Ended December 31, |
|||||||||||
2021 |
2020 |
2019 |
|||||||||
Retail revenues (dollars in millions): |
|||||||||||
Residential |
$ 1,118 |
54% |
$ 1,030 |
53% |
$ 981 |
52% |
|||||
Commercial |
708 |
34 |
634 |
33 |
654 |
35 |
|||||
Industrial |
279 |
13 |
246 |
13 |
222 |
12 |
|||||
Subtotal |
2,105 |
101 |
1,910 |
99 |
1,857 |
99 |
|||||
Alternative revenue programs, net of |
(29) |
(1) |
(6) |
— |
2 |
— |
|||||
Other accrued (deferred) revenues, net |
2 |
— |
28 |
1 |
22 |
1 |
|||||
Total retail revenues |
$ 2,078 |
100% |
$ 1,932 |
100% |
$ 1,881 |
100% |
|||||
Retail energy deliveries (MWh in |
|||||||||||
Residential |
7,978 |
39% |
7,756 |
40% |
7,471 |
38% |
|||||
Commercial |
7,193 |
35 |
6,855 |
35 |
7,318 |
38 |
|||||
Industrial |
5,361 |
26 |
4,932 |
25 |
4,671 |
24 |
|||||
Total retail energy deliveries |
20,532 |
100% |
19,543 |
100% |
19,460 |
100% |
|||||
Average number of retail customers: |
|||||||||||
Residential |
800,372 |
88% |
791,119 |
88% |
779,673 |
88% |
|||||
Commercial |
111,569 |
12 |
110,851 |
12 |
110,084 |
12 |
|||||
Industrial |
268 |
— |
267 |
— |
262 |
— |
|||||
Total |
912,209 |
100% |
902,237 |
100% |
890,019 |
100% |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES |
|||||||||||
Heating Degree-Days |
Cooling Degree-Days |
||||||||||
2021 |
2020 |
15-Year |
2021 |
2020 |
15-Year |
||||||
1st quarter |
1,805 |
1,761 |
1,847 |
— |
— |
— |
|||||
2nd quarter |
498 |
554 |
629 |
238 |
99 |
93 |
|||||
3rd quarter |
54 |
47 |
74 |
600 |
492 |
455 |
|||||
4th quarter |
1,471 |
1,474 |
1,570 |
— |
9 |
2 |
|||||
Total |
3,828 |
3,836 |
4,120 |
838 |
600 |
550 |
|||||
Increase (decrease) from the 15- |
(7)% |
(7)% |
52% |
9% |
|||||||
Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport). |
Years Ended December 31, |
||||||||
2021 |
2020 |
|||||||
Sources of energy (MWh in thousands): |
||||||||
Generation: |
||||||||
Thermal: |
||||||||
Natural gas |
9,306 |
37% |
8,029 |
33% |
||||
Coal |
2,060 |
8 |
3,232 |
13 |
||||
Total thermal |
11,366 |
45 |
11,261 |
46 |
||||
Hydro |
1,073 |
4 |
1,204 |
5 |
||||
Wind |
2,316 |
9 |
2,111 |
9 |
||||
Total generation |
14,755 |
58 |
14,576 |
60 |
||||
Purchased power: |
||||||||
Hydro |
4,789 |
19 |
3,936 |
16 |
||||
Wind |
989 |
4 |
426 |
2 |
||||
Solar |
501 |
2 |
414 |
2 |
||||
Natural Gas |
63 |
— |
38 |
— |
||||
Waste, Wood and Landfill Gas |
167 |
1 |
174 |
1 |
||||
Source not specified |
4,031 |
16 |
4,722 |
19 |
||||
Total purchased power |
10,540 |
42% |
9,710 |
40% |
||||
Total system load |
25,295 |
100% |
24,286 |
100% |
||||
Less: wholesale sales |
(5,946) |
(5,794) |
||||||
Retail load requirement |
19,349 |
18,492 |
Media Contact: |
Investor Contact: |
|
Mike Houlihan |
Jardon Jaramillo |
|
Corporate Communications |
Investor Relations |
|
Phone: 503-504-9706 |
Phone: 503-464-7051 |
SOURCE Portland General Company
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