Molly Ayala
Portland General Electric Company (NYSE: POR), also known as PGE, is a publicly-owned energy company based in Portland, Oregon. Founded in 1888 as the Willamette Falls Electric Company, PGE has been powering social progress since 1889, delivering electricity to over 950,000 customers and serving an area of 1.9 million Oregonians. The company's stock symbol is POR, and it is traded on the New York Stock Exchange (NYSE).
| Characteristics | Values |
|---|---|
| Name | Portland General Electric Company |
| Symbol | POR |
| Stock Price | $44.60 |
| Earnings | $313 million |
| EPS | $3.01 |
| Revenue | $3.440 billion |
| Market Cap | $4.884 billion |
| Industry | Utilities—Regulated Electric |
| Founded | 1888 |
| Founder(s) | Parker F. Morey and Edward L. Eastham |
| Headquarters | Portland, Oregon |
| Customers | Over 950,000 |
| Service Territory | Most of Portland west of the Willamette River |
| Generation and Storage Facilities | Hydropower, wind, solar, battery, thermal |
| Transmission Resources | Yes |
| Parent Company | Enron Corporation (1997-2006) |
Explore related products
What You'll Learn
History of Portland General Electric Company
Portland General Electric Company (PGE) is a publicly-owned energy company based in Portland, Oregon, that generates, transmits, and distributes electricity, serving almost two-thirds of Oregon's commercial and industrial activity.
Portland General Electric was founded in 1888 by Parker F. Morey and Edward L. Eastham as Willamette Falls Electric Company. On June 3, 1889, it sent power generated by one of four brush arc light dynamos at Willamette Falls over a 14-mile (23 km) electric power transmission line to Portland, the first US power plant to do so.
As the demand for electricity increased, Eastham and Morey took on new investors, including Frederick Van Voorhies Holman and Henry Failing, and reincorporated as Portland General Electric Company on August 5, 1892. The newly formed PGE Company purchased Willamette Falls Electric and the Albina Light & Water Company in 1892, and the City-Eastside Electric Light Plant, a municipal power company, in 1893.
In 1905, PGE purchased the Union Power Company, and in 1906, it 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 changed its name to Portland Electric Power Company (PEPCO) in 1932. However, PEPCO faced financial difficulties and filed for bankruptcy in 1939.
In 1948, the company was reorganized as PGE. In the following decades, PGE continued to grow and expand its operations, serving over 550,000 customers by 1989. In 1997, PGE was acquired by the Houston-based Enron Corporation, but due to Enron's financial troubles and bankruptcy, PGE became an independent, public company again in 2006.
In the early 2000s, there were labour disputes and strike actions by union workers, as well as attempts by Enron to sell PGE to other investor-owned utilities. Despite these challenges, PGE continued to operate and serve its customers, and in 2001, it signed an agreement with the Confederated Tribes of Warm Springs, giving the tribes one-third ownership of the Pelton Round Butte hydro project.
Electric Company's Letter of Credit: What's the Deal?
You may want to see also
Explore related products
Stock price and performance
The stock symbol for Portland General Electric Company is POR. On March 31, the stock price closed at $44.60, a gain of $0.19 or 0.43% for the day. The company's market capitalisation is $4.884 billion.
Portland General Electric (PGE) is a publicly-owned energy company based in Portland, Oregon. It has been in operation since 1888, serving almost two-thirds of Oregon's commercial and industrial activity. PGE is an independent company, though it was owned by Enron from 1997 to 2006.
PGE's stock price has shown positive performance, with a year-over-year increase in earnings, EPS, and revenue. As of February 2025, the company reported net income of $313 million, an increase from the previous year's earnings of $228 million. The EPS also increased to $3.01, up from $2.33, while revenue grew to $3.440 billion, compared to $2.923 billion in the previous year.
The company's dividend policy targets a payout ratio of 60-70% over the long term, with a quarterly dividend of $0.50 per share declared in February 2025. PGE's performance and financial results have been positive, with full-year profits increasing and beating estimates.
When comparing PGE to similar companies in the regulated electric utility industry, its stock price performance varies. While PGE's stock price closed at $44.60, IDACORP, Inc. traded at $116.22 with a higher market cap of $6.273 billion. NorthWestern Energy Group, Inc. (NWE), on the other hand, had a lower stock price of $57.87 and a smaller market cap of $3.549 billion.
PGE's stock price and performance have been influenced by various factors, including operational and financial improvements, as well as the company's commitment to social progress and clean energy. However, there have also been challenges, such as labour disputes and the impact of Enron's financial misdealings during its ownership period.
Electric Company Options in Williston, VT: Who Serves the Area?
You may want to see also
Company earnings and revenue
The symbol of the Portland General Electric Company (PGE) is POR on the NYSE. The company is a publicly-owned energy company based in Portland, Oregon, that generates, transmits, and distributes electricity to over 950,000 customers, serving an area of 1.9 million Oregonians.
PGE's earnings have shown a notable increase, with a net income of $313 million, as reported by Nasdaq. This is a significant improvement from the previous year's earnings of $228 million. The company's revenue has also seen a positive surge, increasing from $2.923 billion to $3.440 billion year-over-year.
A closer look at Portland General Electric Company's (NYSE: POR) financial performance reveals a steady growth trajectory. The company's earnings per share (EPS) have increased to $3.01, up from $2.33 in the previous year. This improvement in financial results has likely been well-received by investors and analysts alike.
PGE's strong financial performance can be attributed to several factors. Firstly, the company has a diverse mix of generation and storage facilities, including hydropower, wind, solar, battery storage, and thermal resources. This diverse portfolio has allowed PGE to adapt to changing market demands and take advantage of the growing trend towards renewable energy sources.
Additionally, PGE has been committed to social progress and transforming energy systems to meet the evolving needs of its customers. This commitment has resulted in the company delivering safe, affordable, and reliable electricity while also working towards reducing emissions from its retail power supply. By 2030, the company aims to reduce emissions by 80%, with a more ambitious goal of 100% by 2040.
In conclusion, Portland General Electric Company's financial performance has been impressive, with a significant increase in both earnings and revenue. The company's commitment to social progress, adoption of renewable energy sources, and focus on meeting customer needs have likely contributed to its strong financial results. As PGE continues to strive towards its emission reduction goals, it is well-positioned to maintain its positive trajectory and remain a trusted energy provider for its customers.
Who Powers 105 Sunset Drive, Saylorsburg, PA?
You may want to see also
PGE's parent company and subsidiaries
Portland General Electric (PGE) is a publicly-owned, vertically integrated electric utility company based in Portland, Oregon. It was founded in 1888 as the Willamette Falls Electric Company and was later renamed PGE in 1892. The company generates, transmits, and distributes electricity to over 800,000 customers in more than 50 cities across Oregon, including Portland and Salem. PGE's service territory includes about half of Oregon's residents and serves nearly two-thirds of the state's commercial and industrial activity.
PGE has a diverse mix of generation and storage facilities, including hydropower, wind, solar, battery storage, and thermal resources. The company also holds key transmission assets and purchases additional power through agreements with other providers. PGE is committed to renewable energy practices and has a market-leading voluntary renewable energy program.
In terms of ownership and subsidiaries, PGE has had a complex history. For most of its existence, PGE has operated as an independent company. However, there was a period between 1997 and 2006 when it was owned by the Houston-based Enron Corporation. During the Enron scandal, PGE faced financial challenges and was ultimately divested by Enron during its bankruptcy proceedings. There were attempts to sell PGE to other investor-owned utilities, but these efforts were unsuccessful. In 2005, the City of Portland expressed interest in purchasing PGE, and the City Council approved a measure to finance the acquisition through the sale of bonds.
Today, PGE operates as an independent, publicly-owned company serving the energy needs of Oregon. While there may be other businesses owned and operated by PGE, the specific details of its current parent company and subsidiaries are not clearly mentioned in the available sources. The focus of the sources is primarily on PGE's history, operations, and commitment to renewable energy, rather than providing an up-to-date organizational structure.
Electric Company Services for Golden Ocala, Florida: What You Need to Know
You may want to see also
PGE's social initiatives
The symbol of the Portland General Electric Company (PGE) is POR on the stock exchange. It is a publicly-owned energy company based in Portland, Oregon, that generates, transmits and distributes electricity, serving almost two-thirds of Oregon's commercial and industrial activity.
PGE has demonstrated its commitment to social initiatives through its annual Environmental, Social and Governance (ESG) Report, which outlines its progress towards a clean energy future that is equitable, sustainable, and reliable. In its 2022 ESG Report, PGE highlighted key initiatives and achievements that support its dedication to decarbonization and the advancement of well-being for its customers, employees, communities, and the environment.
PGE's Director of Sustainability and Resource Planning, Kristen Sheeran, emphasized their significant responsibilities and continuous evolution in ambitions and best practices to promote sustainability and social equity. The company's ESG values and priorities are integral to meeting key goals, especially in the face of challenges posed by extreme weather events, market volatility, and economic shifts.
One notable aspect of PGE's social initiatives is its focus on employee well-being. The company experienced labor disputes in 2004, with 900 union workers represented by the International Brotherhood of Electrical Workers going on strike. The issues included retiree medical benefits and losses related to the 401(k) plan. However, the dispute was swiftly resolved, and the union agreed to a new contract.
Additionally, PGE has shown a commitment to supporting its customers. The company offers resources to assist customers in paying their energy bills and provides information on home improvement offers, incentives, and federal tax credits that they may qualify for. PGE also emphasizes electrical safety, providing education on how to stay safe around electricity when working or playing outside.
Electric Company for Garfield, KY: Who Powers the Town?
You may want to see also
Frequently asked questions
The symbol of the Portland General Electric Company is POR.
The Portland General Electric Company is a publicly-owned energy company based in Portland, Oregon, that generates, transmits, and distributes electricity to over 950,000 customers.
The company was founded in 1888 as the Willamette Falls Electric Company and was renamed the Portland General Electric Company in 1892. It has been an independent company for most of its existence, except for a brief period between 1997 and 2006 when it was owned by Enron.
As of March 31, 2023, the stock price of the Portland General Electric Company (NYSE: POR) was $44.60.
