PORTLAND, Ore., July 22,
2022 /PRNewswire/ -- On July
22, 2022, the board of directors of Portland General
Electric Company (NYSE: POR) declared a quarterly common stock
dividend of $0.4525 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 17, 2022, to shareholders of record at
the close of business on September 26,
2022.
About Portland General Electric Company
Portland
General Electric (NYSE: POR) is a fully integrated energy company
based in Portland, Oregon. The
company serves approximately 900,000 customers with a service area
population of 2 million Oregonians in 51 cities. PGE owns 16
generation plants across Oregon
and other Northwestern states and maintains and operates 14 public
parks and recreation areas. For more than 130 years, PGE has
powered the advancement of society, delivering safe, affordable,
and reliable energy to Oregonians. PGE and its approximately 3,000
employees are working with customers to build a clean energy
future. Together with its customers, PGE has the No. 1 voluntary
renewable energy program in the U.S. PGE is committed to achieving
at least an 80% reduction in greenhouse gas emissions from power
served to customers by 2030 and 100% reduction by 2040. In 2021,
PGE became the first U.S. utility to join The Climate Pledge. For
the eighth year in a row PGE achieved a perfect score on the 2021
Human Rights Campaign Foundation's Corporate Equality Index, a
national benchmarking survey and report on corporate policies and
practices related to LGBTQ workplace equality. In 2021, PGE,
employees, retirees, and the PGE Foundation donated $4.8 million and volunteered 15,760 hours with
more than 300 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 report. 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, 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,"
"based on," "believes," "conditioned upon," "considers,"
"estimates," "expects," "forecast," "goals," "intends," "needs,"
"plans," "promises," "seeks," "should," "subject to," "targets,"
and similar expressions.
Investors are cautioned that any such forward-looking statements
are subject to risks and uncertainties, including, without
limitation: the outcome of various legal and regulatory actions;
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 materials 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; severe
weather conditions, wildfires, and other natural phenomena and
natural disasters that could result in operational disruptions,
unanticipated restoration costs, or third party liability; cyber
security breaches of the Company's customer information system or
operating systems, data security breaches, or acts of terrorism,
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; and widespread health
emergencies or outbreaks of infectious diseases such as COVID-19,
which may affect our financial position, results of operations and
cash flows. 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:
Katie
Hale
Corporate Communications
Phone: 646-599-3296
Investor Contact:
Jardon
Jaramillo
Investor Relations
Phone: 503-464-7051
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SOURCE Portland General Company