Portland General Electric announces 2018 financial results and initiates 2019 earnings guidance

Feb. 15, 2019

  • Full-year 2018 financial results of $2.37 per diluted share near the top of guidance range

  • Initiating 2019 earnings guidance of $2.35 to $2.50 per diluted share

  • Collaborating with NextEra Energy Resources to construct nation's first major co-location of renewables and storage; own 100 megawatts of renewable generation

PORTLAND, Ore., Feb. 15, 2019 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income of $212 million, or $2.37 per diluted share, for the year ended Dec. 31, 2018.  This compares with a net income of $187 million, or $2.10 per diluted share, for the year ended Dec. 31, 2017.  Net income was $49 million, or $0.55 per diluted share, for the fourth quarter of 2018.  This compares with $42 million, or $0.48 cents per diluted share, for the comparable period of 2017.

"We are pleased with our strong financial results for 2018 and excited to announce the bid chosen from the Renewable RFP process," said Maria Pope, PGE president and CEO. "The first of its scale in North America, our collaboration with NextEra Energy Resources on the Wheatridge Renewable Energy Facility leverages both companies' strengths to combine wind and solar generation with energy storage at scale. We look forward to bringing the wind farm online in 2020, giving customers the benefit of the 100 percent federal production tax credit."