{"id":520566,"date":"2021-07-30T05:03:14","date_gmt":"2021-07-30T09:03:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/portland-general-electric-announces-second-quarter-2021-results\/"},"modified":"2021-07-30T05:03:14","modified_gmt":"2021-07-30T09:03:14","slug":"portland-general-electric-announces-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/portland-general-electric-announces-second-quarter-2021-results\/","title":{"rendered":"Portland General Electric Announces Second Quarter 2021 Results"},"content":{"rendered":"
\n

– Second quarter results reflect strong retail deliveries and customer growth<\/h2>\n

– Reliable operations as new peak load record set<\/h2>\n

– Strategic decarbonization goals align with legislative passage of Oregon’s new clean energy legislation<\/h2>\n

– 2022 test year general rate case filed to recover primarily base business investments<\/h2>\n

– Raising 2021 earnings guidance from $2.55 to $2.70 to $2.70 to $2.85 per diluted share<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n PORTLAND, Ore.<\/span>, July 30, 2021<\/span> \/PRNewswire\/ —\u00a0Portland General Electric Company (NYSE: POR)\u00a0today reported net income of $32 million<\/span>, or 36 cents<\/span> per diluted share, for the second quarter of 2021. This compares with net income of $39 million<\/span>, or 43 cents<\/span> per diluted share, for the second quarter of 2020.<\/p>\n

“Facing historic temperatures and record demand in June, our system performed well as we maintained consistent and reasonably priced power delivery to all customers,” said Maria Pope<\/span>, PGE president and CEO. “The investments that we have made in generation and in building a safe, reliable, and resilient grid, prepared us well for the recent high heat events. Our recently filed 2022 general rate case seeks to further this work, while keeping prices affordable. Investing in a safe, reliable and resilient energy system as well as access to adequate energy resources is important as we face a rapidly changing climate.”<\/p>\n

\n
\n Second Quarter 2021 Compared to Second Quarter 2020<\/u>
\n <\/b>\n <\/p>\n

Total revenues were driven by higher retail energy deliveries, due to strong demand with the reopening economy, as well as increased usage during the recent heat wave. Purchased power and fuel expense increased as a result of serving higher retail load and higher market prices as well as lower hydro and wind production in the region. Operating expenses increased, driven by preparations in advance of wildfire season and higher legal and benefits expenses. Lower wind production also drove lower production tax credits. <\/p>\n

\n
\n Company Updates<\/u>
\n <\/b>\n <\/p>\n

\n Maintained High Reliability During Record Heat <\/b>\n <\/p>\n

During the record-breaking June heatwave PGE experienced record peak load of 4,441 MW, which surpassed the previous peak load of 4,073 MW. During this time, the Company’s distribution system performed reliably with minimal localized outages. Consistent power delivery was a result of resource adequacy planning, system engineering and investment, new distributed energy resources, as well as customer demand response, smart thermostats and other programs. <\/p>\n

\n Oregon Clean Energy Legislation Aligns with Decarbonization Goals<\/b>\n <\/p>\n

In June, the Oregon Legislature established a framework for 100% clean electricity by 2040. A number of provisions in the bill align with PGE’s strategic direction. These provisions include decarbonization targets in line with our corporate decarbonization goals that are designed to ensure affordability and reliability; authority and process for a community wide green-tariff program; coordination with local governments with climate action goals; and, an opportunity for the company to offer programs and services to further the state’s economy-wide greenhouse gas emission reduction goals and the state’s electric vehicle targets.<\/p>\n

\n 2022 General Rate Case <\/b>\n <\/p>\n

On July 9<\/span>, PGE filed with the Public Utility Commission of Oregon<\/span> (OPUC) a general rate case based on a 2022 test year (GRC). The filing requests an increase in PGE’s annual revenue requirement that results in an overall average increase of approximately 3.9% in customer prices for 2022. The GRC filing seeks recovery of base business investments of nearly $1 billion<\/span> in upgrading the grid to improve reliability, resiliency, and capability to deliver safe, reliable, clean electricity to customers. <\/p>\n

\n Quarterly Dividend<\/b>\n <\/p>\n

As previously announced, on July 28, 2021<\/span>, the board of directors of Portland General Electric Company declared a quarterly common stock dividend of $0.43<\/span> per share. The quarterly dividend is payable on or before October 15, 2021<\/span> to shareholders of record at the close of business on September 27, 2021<\/span>. <\/p>\n

\n
\n 2021 Earnings Guidance<\/u>
\n <\/b>\n <\/p>\n

PGE is raising its full-year 2021 earnings guidance from $2.55<\/span> to $2.70<\/span> per diluted share to $2.70<\/span> to $2.85<\/span> per diluted share based on the following assumptions:<\/p>\n