Portland, Ore. — Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $244 million, or $2.72 per diluted share, for the year ended December 31, 2021. This compares with GAAP net income of $155 million, or $1.72 per diluted share, for the year ended December 31, 2020. After adjusting for the impact of the 2020 energy trading losses, non-GAAP net income was $247 million, or $2.75 per diluted share, for the year ended December 31, 2020. GAAP net income was $66 million, or $0.73 per diluted share, for the fourth quarter of 2021. This compares with GAAP net income of $52 million, or $0.57 per diluted share, for the fourth quarter of 2020.
“2021 was a year of strong growth and execution,” said Maria Pope, PGE President and CEO. “Against the backdrop of the ongoing pandemic, the historic ice storm and record heat, we focused on investments to improve reliability and resiliency. Looking ahead to 2022, we are advancing our use of technology and digital capabilities, accelerating our procurement of renewable resources, and deploying infrastructure to advance a smarter grid. We are seizing opportunities arising from the national momentum to address climate change and look forward to working with stakeholders and the communities we serve to create a stronger, sustainable and more resilient future for Oregon.”