PORTLAND, Ore., Oct. 18,
2024 /PRNewswire/ -- On October 18, 2024, the board of directors of
Portland General Electric Company (NYSE: POR) declared a
quarterly common stock dividend of $0.50 per share.
The company's dividend is evaluated based on capital
requirements and financial performance. PGE targets a dividend
payout ratio of 60 to 70% over the long term.
The quarterly dividend is payable on or before January 15, 2025, to shareholders of record at
the close of business on December 24,
2024.
About Portland General Electric Company
Portland
General Electric (NYSE: POR) is an integrated energy company that
generates, transmits and distributes electricity to over 930,000
customers with a service area population of 1.9 million Oregonians.
For more than 130 years, Portland General Electric (PGE) has been
powering social progress, delivering safe, affordable, reliable and
increasingly clean electricity while working to transform energy
systems to meet evolving customer needs. PGE customers have set the
standard for prioritizing clean energy with the No. 1 voluntary
renewable energy program in the country. PGE was ranked the No. 1
utility in the 2024 Forrester U.S. Customer Experience Index and is
committed to reducing emissions from its retail power supply by 80%
by 2030 and 100% by 2040. PGE is recognized by the Bloomberg
Gender-Equality Index for the company's commitment to creating a
more equal, inclusive workplace. In 2023, PGE employees, retirees
and the PGE Foundation donated nearly $4.6
million and volunteered over 23,000 volunteer hours to more
than 400 nonprofit organizations. 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 press release. 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 assumptions and
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," "assumptions," "based on," "believes," "conditioned
upon," "considers," "could," "estimates," "expects," "forecast,"
"goals," "intends," "needs," "plans," "predicts," "projects,"
"promises," "seeks," "should," "subject to," "targets," "will
continue," "will likely result," or similar expressions.
Investors are cautioned that any such forward-looking statements
are subject to risks and uncertainties, including, without
limitation: the timing or outcome of various legal and regulatory
actions; changing customer expectations and choices that may reduce
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
(including application of tariffs impacting solar module imports),
failure to complete capital projects on schedule or within budget,
failure of counterparties to perform under agreement, or the
abandonment of capital projects, which could result in the
Company's inability to recover project costs, or impact our
competitive position, market share, revenues and project margins in
material ways; default or nonperformance of counterparties from
whom PGE purchases capacity or energy, which require the purchase
of replacement power and renewable attributes at increased costs;
complications arising from PGE's jointly-owned plant, including
ownership changes, regulatory outcomes or operational failures; 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, cost and required collateral
for purchased power and fuel; changes in capital and credit market
conditions, including volatility of equity markets as well as
changes in PGE's credit ratings and outlook on such credit ratings,
reductions in demand for investment-grade commercial paper or
interest rates, which could affect the access to and availability
or 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; the effects of climate change, whether global
or local in nature; unseasonable or severe weather conditions,
wildfires, and other natural phenomena and natural disasters that
could result in operational disruptions, unanticipated restoration
costs, third party liability or that may affect energy costs or
consumption; the effectiveness of PGE's risk management policies
and procedures; PGE's ability to effectively implement Public
Safety Power Shutoffs (PSPS) and de-energize its system in the
event of heightened wildfire risk; cyber security attacks, data
security breaches, physical attacks and security breaches, or other
malicious acts, 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 and turnover due to
macroeconomic trends; widespread health emergencies or outbreaks of
infectious diseases such as COVID-19, which may affect our
financial position, results of operations and cash flows; failure
to achieve the Company's greenhouse gas emission goals or being
perceived to have either failed to act responsibly with respect to
the environment or effectively responded to legislative
requirements concerning greenhouse gas emission reductions; social
attitudes regarding the electric utility and power industries;
political and economic conditions; acts of war or terrorism;
changes in financial or regulatory accounting principles or
policies imposed by governing bodies; changes in effective tax
rate; and risks and uncertainties related to generation and
transmission projects, including, but not limited to, regulatory
processes, transmission capabilities, system interconnections,
permitting and construction delays, legislative uncertainty,
inflationary impacts, supply costs and supply chain constraints. As
a result, actual results may differ materially from those projected
in the forward-looking statements.
Risks and uncertainties to which the Company are subject 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.
Media Contact:
Drew
Hanson
Corporate Communications
Phone: 503-464-2067
Investor Contact:
Nick
White
Investor Relations
Phone: 503-464-8073
Source: Portland General Company
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SOURCE Portland General Company
