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 quarter of 2019. "PGE delivered solid results in 2020, as we navigated numerous challenges," said Maria Pope, PGE president and CEO. "We focused on productivity across our operations and our teams executed well, building resiliency into the grid and responding to historic natural events. These operational improvements set us up well to advance our strategy in 2021 and beyond. Improved technology helped reduce costs, as our team learned to overcome the challenges brought on by the pandemic. Importantly, we outlined new ambitious clean energy initiatives that will be foundational to our efforts to ensure the continued supply of reliable and affordable electricity to our fellow Oregonians. We are as confident as ever in PGE's long-term growth potential."