PORTLAND, Ore., Oct. 27, 2023 -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $47 million, or $0.46 per diluted share, for the third quarter of 2023. This compares with GAAP net income of $58 million, or $0.65 per diluted share, for the third quarter of 2022.
"While challenging power market conditions impacted our results in the quarter, we made important progress to reduce risk and reinforce our long-term growth trajectory," said Maria Pope, PGE President and CEO. "In particular, we were pleased to reach a constructive settlement in our General Rate Case, which improved power cost risk management. We also received exciting news that the Department of Energy awarded three grants that reinforce the work we are doing to advance the clean energy transition in collaboration with regional partners."