PORTLAND, Ore., July 19,
2024 /PRNewswire/ -- On July
19, 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 October 15, 2024, to shareholders of record at
the close of business on September 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 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, 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 All-Source RFP 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:
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
