Otis Singleton
Portland General Electric (PGE) is a publicly-owned energy company based in Portland, Oregon. It was founded in 1888 as Willamette Falls Electric Company by Parker F. Morey and Edward L. Eastham. PGE generates, transmits, and distributes electricity to over 934,000 customers in 51 cities across Oregon. The company has had a long history of acquisitions and mergers, with notable events such as the brief ownership by Enron Corporation from 1997 to 2006. PGE is currently led by Maria Pope, who serves as the President and CEO, with Benjamin Felton leading the utility operations groups.
| Characteristics | Values |
|---|---|
| Year founded | 1888 |
| Founder(s) | Parker F. Morey and Edward L. Eastham |
| Founded as | Willamette Falls Electric Company |
| Became Portland General Electric Company | August 6, 1892 |
| Current CEO and President | Maria Pope |
| Number of customers | 934,000 |
| Number of cities served | 51 |
| State served | Oregon |
| Regulator | Oregon Public Utility Commission |
| Parent company | Enron Corporation (1997-2006) |
| Subsidiaries | Portland General Holdings, Portland General Electric (PGE) |
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What You'll Learn
Maria Pope, President and CEO of Portland General Electric
Maria Pope is the President and CEO of Portland General Electric (PGE), a publicly-owned energy company based in Portland, Oregon. PGE generates, transmits, and distributes electricity, serving almost two-thirds of Oregon's commercial and industrial activity.
Maria Pope joined PGE in 2009 as CFO and treasurer. She later became the senior vice president of Power Supply, Operations, and Resource Strategy, overseeing the company's power generation facilities, wholesale power marketing, and long-term resource strategy. Before joining PGE, Pope worked at Mentor Graphics Corporation as CFO. She has also held senior operating and finance positions in the forest and consumer products industries, and began her career in investment banking with Morgan Stanley.
As the leader of PGE, Maria Pope is committed to delivering safe, reliable, affordable, and clean energy for Oregonians. Under her leadership, the company is actively transitioning to a clean energy future by adopting renewable energy sources, strengthening the energy grid through technological innovations, and collaborating with customers and policymakers to promote supportive energy policies.
Maria Pope also serves as the vice chair of the Edison Electric Institute, the chair of the Electric Power Research Institute, and is on the executive committee of the Oregon Business Council. Her expertise and contributions have been instrumental in shaping PGE's present and future direction, solidifying its position as a key energy provider in Oregon.
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History of Portland General Electric
Portland General Electric (PGE) is a publicly-owned energy company based in Portland, Oregon. It was founded in 1888 as the Willamette Falls Electric Company by Edward L. Eastham and Parker F. Morey. The company began with a hydroelectric generating plant on Willamette Falls, Station A, and quickly acquired many of the other electrical interests in the Oregon City area. In 1892, it was reorganized as Portland General Electric and acquired many other small electrical utilities and electric railroads.
In 1894, Portland experienced its worst flood in history, with 250 city blocks underwater. The following year, PGE's Station B, now the T.W. Sullivan Plant, was completed on the west side of Willamette Falls to meet the growing demand for electricity in Portland, including for electric railways. In 1899, PGE's corporate offices were headquartered in the World Trade Center complex. In 1905, the company's backers invested $300,000 in a new steam generator to light the Lewis & Clark Centennial and American Exposition Oriental Fair, which attracted 3 million visitors.
In 1906, PGE reorganized itself as the Portland Railway Light & Power Company and operated several electric streetcar lines. Ridership fell in the late 1920s, and the company reorganized itself into the Portland Electric Power Company (PEPCO) in 1934, with two subsidiaries: Portland General Electric as the electric utility, and Portland Traction Company as the railroad. In 1939, PEPCO defaulted on interest bonds and filed for bankruptcy, ultimately selling all of its railroad holdings in 1946.
In 1980, Bob Short, a former journalist and PGE lobbyist, became PGE chairman and CEO. In 1986, the company reorganized as the Portland General Corporation due to regulatory issues with its corporate structure. In 1997, PGE was acquired by the Houston-based Enron Corporation. However, in 2006, Enron divested itself of PGE during its bankruptcy proceedings, and PGE returned to being an independent, publicly-traded, Oregon-based utility.
In 2008, Phase 1 of the Biglow Canyon Wind Farm was completed, and construction began on Phase 2. In 2013, PGE was ranked highest in the Western United States in overall business customer satisfaction.
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The company's energy sources
Portland General Electric (PGE) is a publicly-owned energy company based in Portland, Oregon. It was founded in 1888 as the Willamette Falls Electric Company and has been an independent company for most of its existence. PGE generates, transmits, and distributes electricity to approximately 934,000 customers in 51 cities across Oregon, serving almost two-thirds of the state's commercial and industrial activity.
- Hydropower
- Coal and gas combustion
- Wind power
- Solar power
- Battery storage
- Thermal power
PGE has been ranked first for 14 years by the U.S. Department of Energy's National Renewable Energy Laboratory for the largest participation in a renewables program among electric utilities in the U.S. Under the leadership of President and CEO Maria Pope, PGE is committed to delivering safe, reliable, affordable, and clean energy for Oregonians. The company is accelerating its transition to a clean energy future by adding significant amounts of renewable energy sources, such as wind, solar, and battery storage.
Throughout its history, PGE has expanded through the acquisition of several power companies, including the Union Power Company in 1905 and the Vancouver Electric Light & Power Company in 1906. In 1906, PGE merged with the Portland Railway Company and the Oregon Water Power & Railway Company to become the Portland Railway, Light and Power Company (PRL&P). The company underwent several name changes, becoming the Portland Electric Power Company (PEPCO) in 1932 and eventually reorganizing as PGE in 1948.
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Union strikes and labour disputes
Portland General Electric (PGE), a publicly-owned energy company based in Portland, Oregon, has a long history dating back to its founding in 1888 as the Willamette Falls Electric Company. The company has experienced various challenges, including union strikes and labour disputes, which have impacted its operations and direction over the years.
One notable instance of union strikes occurred in 2004, when PGE received notice of a strike by 900 union workers, represented by the International Brotherhood of Electrical Workers. The strike was effective as of March 8, 2004, and the key points of contention were retiree medical benefits and losses related to the members' 401(k) plan. This labour dispute was short-lived, and the union ultimately agreed to a new contract, resolving the issue.
Prior to this, in the late 1990s and early 2000s, PGE faced financial challenges due to its ownership by the Enron Corporation. During this period, Enron attempted to sell PGE to other investor-owned utilities, and PGE employees suffered when Enron froze the 401(k) retirement plan, causing significant disruption. This period of financial turmoil resulted in Enron's bankruptcy and its subsequent divestment from PGE in 2006.
Another significant event in PGE's history was its reorganisation and bond default in the late 1930s. In 1939, PGE's subsidiary, PEPCO, defaulted on interest bonds, leading to bankruptcy filings. This reorganisation was influenced by challenging negotiations with the Bonneville Power Administration and the potential creation of a public utility district in PGE's territory. However, PGE survived bankruptcy due to cheap power purchases from the BPA and revenue generated during World War II.
Throughout its history, PGE has navigated union strikes, labour disputes, and financial challenges. The company has adapted and emerged from these difficulties, continuing to play a significant role in Oregon's energy landscape. Under the leadership of Maria Pope, PGE's current President and CEO, the company is focused on delivering safe, reliable, affordable, and clean energy while transitioning to a more sustainable future.
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Attempts to sell Portland General Electric
Portland General Electric (PGE) is a publicly-owned energy company based in Portland, Oregon, that generates, transmits, and distributes electricity. Founded in 1888 as the Willamette Falls Electric Company, the company has been an independent entity for most of its existence. However, there have been a few notable attempts to sell or alter the ownership structure of PGE.
Enron Ownership and Attempts to Sell:
Houston-based Enron Corporation owned PGE from 1997 to 2006. During this period, Enron attempted to sell PGE to other investor-owned utilities, including Portland-based NW Natural, in 1999 and 2001. These attempts were met with resistance from PGE corporate officers, who emphasised their lack of involvement in Enron's financial misdealings. They also highlighted the negative impact of Enron's decisions on PGE employees, such as the freezing of the 401(k) retirement plan.
Texas Pacific Group (TPG) Offer:
Another significant attempt to acquire PGE was made by the Texas Pacific Group (TPG). This offer, however, was rejected by the Oregon Public Utility Commission, a three-member regulatory board, on March 10, 2005. Following this rejection, the City of Portland resumed negotiations with Enron to discuss an offer to purchase PGE.
Columbia Valley Authority (CVA) Project:
The Columbia Valley Authority (CVA) project presented another potential shift in ownership. The CVA project would have enabled the CVA to purchase utilities like PGE. However, this project did not come to fruition, and PGE retained its independent status.
Mergers and Acquisitions:
Throughout its history, PGE has also been involved in various mergers and acquisitions. In 1905, PGE purchased the Union Power Company, and in 1906, it acquired the Vancouver Electric Light & Power Company. In the same year, PGE merged with the Portland Railway Company and the Oregon Water Power & Railway Company to become the Portland Railway, Light and Power Company (PRL&P). The company name underwent changes over time, becoming the Portland Electric Power Company (PEPCO) in 1932 and eventually reorganising as PGE in 1948.
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Frequently asked questions
Maria Pope is the current president and chief executive officer of Portland General Electric.
Founded in 1888 as Willamette Falls Electric Company, the company has been an independent entity for most of its existence. It was briefly owned by Enron Corporation from 1997 to 2006.
The CEO of Portland General Electric leads the company in delivering safe, reliable, and affordable energy to Oregonians. They also play a crucial role in transitioning to a clean energy future by adding renewable energy sources and strengthening the energy grid.
Portland General Electric is a vertically integrated electric utility company. It generates, transmits, distributes, and retails electricity to approximately 934,000 customers in Oregon. The company has a diverse mix of resources, including wind, solar, hydropower, and natural gas.
Yes, in 2004, Portland General Electric faced a strike by 900 union workers represented by the International Brotherhood of Electrical Workers. The dispute was resolved, and the union agreed to a new contract.
