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4-Traders Homepage  >  Equities  >  Nyse  >  Portland General Electric Company    POR

PORTLAND GENERAL ELECTRIC COMPANY (POR)
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Portland General Electric : PGE seeks approval for new renewable power program to help customers advance Oregon’s clean energy goals

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04/16/2018 | 05:42pm CEST

Portland, Ore. - Portland General Electric filed an application Friday with the Oregon Public Utility Commission seeking approval for a new program to help accelerate Oregon's transition to a clean energy future and achieve state and local goals for climate change and renewable energy. The program has the endorsement of six mayors who represent the largest cities in PGE's service area.

If approved, the program will create a new, voluntary option for large business and municipal customers to support cost-effective local and regional renewable power development by working with PGE to purchase it directly from a new solar, wind or other renewable energy facility.

'This is part of PGE's ongoing commitment to leading the way to a clean energy future for Oregon,' said Maria Pope, PGE's president and CEO. 'Many of our customers have ambitious clean energy and sustainability goals - while at the same time wanting to keep prices affordable. This is another way we can meet their needs.'

The proposed program would deliver power to participating large customers at a price that reflects the actual cost of producing and delivering the energy from a specific facility, and it would be self-supporting to assure that no costs would be shifted to non-participating customers. Similar program models are operating successfully in utility service areas across the country.

For more information about the proposed program, click here.

The mayors of Portland, Salem, Gresham, Hillsboro, Beaverton and Milwaukie signed on to the submitted testimony urging the OPUC to support PGE's filing.

Quotes from the six Oregon mayors supporting PGE's new proposed renewable power offering for large business and municipal customers:

'Portland's 100 percent Clean and Renewable Energy Resolution set the vision for our city to achieve aggressive climate goals and strengthen support for new renewable energy projects in our region. PGE's proposed Green Tariff would allow us to take that to the next level, giving us a powerful solution for the City to meet our renewable energy supply goals for our operations, and support the economic vitality of the renewable energy sector in our area,' said Portland Mayor Ted Wheeler.

'Climate change is the most serious issue our species has ever faced. Converting our energy production to renewable sources and away from adding greenhouse gases to our atmosphere is a critical part of the solution. I applaud the efforts of PGE to move more aggressively in that direction. I look forward to the city of Milwaukie being able to access electricity from 100 percent renewable sources as a step towards our powerful goal of being a Net Zero City by 2040,' said Milwaukie Mayor Mark Gamba.

'I am excited about PGE's Green Tariff program because innovative options like this can help Beaverton achieve our climate action goals,' said Beaverton Mayor Denny Doyle.

'We believe in increasing sustainable options to meet the energy needs of Hillsboro residents, businesses, and community groups, and we wholeheartedly support PGE's choice to expand its local, renewable energy sources,' said Hillsboro Mayor Steve Callaway.

'I am pleased to support the proposed PGE Green Tariff program because it offers Salem residents, businesses, and community members additional options to support local renewable energy resources,' said Salem Mayor Chuck Bennett.

'In Gresham, we are always searching for creative proposals that have all the right shades of green, in terms of positive outcomes for the environment, and the opportunity to save taxpayer funds. I think this new tool shows a lot of promise to do just that,' said Gresham Mayor Shane Bemis.

Disclaimer

PGE - Portland General Electric Company published this content on 16 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 April 2018 15:41:08 UTC

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Financials ($)
Sales 2018 2 013 M
EBIT 2018 360 M
Net income 2018 198 M
Debt 2018 2 507 M
Yield 2018 3,52%
P/E ratio 2018 18,29
P/E ratio 2019 17,04
EV / Sales 2018 3,04x
EV / Sales 2019 2,97x
Capitalization 3 621 M
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Portland General Electric  Technical Analysis Chart | POR | US7365088472 | 4-Traders
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Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 40,3 $
Spread / Average Target -0,24%
EPS Revisions
Managers
NameTitle
Maria MacGregor Pope President, Chief Executive Officer & Director
Jack E. Davis Chairman
James F. Lobdell CFO, Treasurer, Principal Accounting Officer & SVP
John Kochavatr Chief Information Officer & Vice President-IT
Neil J. Nelson Independent Director
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