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Operator
Good morning, everyone, and welcome to Portland General Electric Company s Fourth Quarter 2020 Earnings Results Conference Call. Today is Friday, February 19, 2021. This call is being recorded and as such, all lines have been placed on mute to prevent any background noise.
After the speakers remarks, there will a question-and-answer period. [Operator Instructions] For opening remarks, I will turn the conference call over to Portland General Electric s Senior Director of Investor Relations, Jardon Jaramillo. You please go ahead, sir.
Jardon Jaramillo
Senior Director, Investor Relations, Treasury, and Risk Management
Thank you, Shelon. Good morning, everyone. I am pleased that you are able to join us today. Before we begin this morning, I d like to remind you that we have prepared a presentation to supplement our discussion, which we will be referencing throughout the call. The slides are available on our website at investors.portlandgeneral.com.
Press release content from PR Newswire. The AP news staff was not involved in its creation.
Portland General Electric announces 2020 financial results and initiates 2021 earnings guidance
February 19, 2021 GMT
PORTLAND, Ore., Feb. 19, 2021 /PRNewswire/ Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $155 million, or $1.72 per diluted share, for the year ended December 31, 2020, which includes the $1.03 loss per diluted share from previously disclosed energy trading losses. After adjusting for the impact of the energy trading losses, non-GAAP net income was $247 million, or $2.75 per diluted share. This compares with GAAP net income of $214 million, or $2.39 per diluted share, for the year ended December 31, 2019. GAAP net income was $52 million, or $0.57 per diluted share, for the fourth quarter of 2020. This compares with GAAP net income of $61 million, or $0.68 per diluted share, for the fourth
Portland General Electric declares dividend
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PORTLAND, Ore., Feb. 17, 2021 /PRNewswire/ On February 17, 2021, the board of directors of Portland General Electric Company (NYSE: POR) approved a quarterly common stock dividend of 40.75 cents 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 April 15, 2021 to shareholders of record at the close of business on March 25, 2021.
About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. 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 a
Customer Participation in PGE s Green Future Impact Program Catalyzes New Renewable Energy Facility
Intel Corp. enabled PGE agreement with Avangrid Renewables to add 138-megawatts of new renewable energy, filling program s original capacity
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PORTLAND, Ore., Feb. 11, 2021 /PRNewswire/ Portland General Electric (NYSE:POR) today announced that Intel (NASDAQ:INTC) has joined PGE s Green Future
SM Impact program. Intel s participation is enabling PGE to enter into a 15-year agreement with Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE:AGR), to purchase clean, emissions-free energy from a new 138-megawatt solar facility that will be developed in Wasco County, Oregon. Intel s purchase is the single largest in PGE s program; the company joins 17 other businesses and municipalities that have committed to purchase clean power through the Green Future Impact program, filling the program s original 300-me