Portland General Electric Announces Third Quarter 2022 Results

Oct. 25, 2022

Portland, Ore. — Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $58 million, or $0.65 per diluted share, for the third quarter of 2022. This compares with GAAP net income of $50 million, or $0.56 per diluted share, for the third quarter of 2021.

"Solid financial results this quarter are the result of exceptional operating performance through very challenging climate and power market conditions," said Maria Pope, PGE president and CEO. "Our entire team is focused on serving customers with reliable, affordable power, managing our costs, and driving operational efficiencies, as we make investments in clean energy and grid reliability. We have long been on the forefront of Oregon's clean energy transition, and today we are pleased to announce a new, utility-owned wind generation facility that will help us achieve our, and our customers', decarbonization goals."

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About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company that generates, transmits and distributes electricity to over 900,000 customers in 51 cities across the state of Oregon. For more than 130 years, Portland General Electric (PGE) has powered the advancement of society, delivering safe, affordable, reliable and increasingly clean energy. To deliver on its strategy and meet state targets, PGE and its approximately 3,000 employees committed to partnering with stakeholders to achieve at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. PGE customers set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. Additionally, for the fifth year in a row, PGE was recognized by the Bloomberg Gender-Equality Index which highlights companies committed to creating a more equal and inclusive workplace. As a reflection of the company's commitment to the community it serves, in 2022, PGE employees, retirees and the PGE Foundation donated nearly $5.5 million and volunteered more than 18,000 hours with more than 400 nonprofits across Oregon. For more information visit PortlandGeneral.com/news.