PORTLAND, Ore., Oct. 20,
2023 /PRNewswire/ -- On October 20, 2023, the board of directors of
Portland General Electric Company (NYSE: POR) declared a quarterly
common stock dividend of $0.475 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, 2024, to shareholders of record at
the close of business on December 26,
2023.
About Portland General Electric Company
Portland
General Electric (NYSE: POR) is a fully integrated energy company
that generates, transmits and distributes electricity to over
900,000 customers in 51 cities across the state of Oregon. For more than 130 years, Portland
General Electric (PGE) has powered the advancement of society,
delivering safe, affordable, reliable and increasingly clean
energy. To deliver on its strategy and meet state targets, PGE and
its approximately 3,000 employees are committed to collaborating
with stakeholders to achieve at least an 80% reduction in
greenhouse gas emissions from power served to customers by 2030 and
100% reduction by 2040. PGE customers set the standard for
prioritizing clean energy with the No. 1 voluntary renewable energy
program in the country. Additionally, for the fifth year in a row,
PGE was recognized by the Bloomberg Gender-Equality Index which
highlights companies committed to creating a more equal and
inclusive workplace. As a reflection of the company's commitment to
the community it serves, in 2022, PGE employees, retirees and the
PGE Foundation donated nearly $5.5
million and volunteered more than 18,000 hours with more
than 400 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 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 expectations
regarding annual retail deliveries, 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,"
"based on," "believes," "conditioned upon," "considers," "could,"
"estimates," "expects," "expected," "forecast," "goals," "intends,"
"needs," "plans," "predicts," "projects," "promises," "seeks,"
"should," "subject to," "targets," "will likely result", "will
continue," 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,
inability to complete negotiations on contracts for capital
projects, 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 and cost of purchased power and
fuel; the development of alternative technologies; changes in
capital and credit market conditions, including volatility of
equity markets, 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; PGE business activities are
concentrated in one region and future performance may be affected
by events and factors unique to Oregon; 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; and
risks and uncertainties related to All-Source RFP projects,
including 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:
Sarah Hamaker
Corporate Communications
Phone: 435-513-0799
Investor Contact:
Nick
White
Investor Relations
Phone: 503-464-8073
Source: Portland General Company
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SOURCE Portland General Company
