Intrinsic value of Portland General Electric - POR

Previous Close

$39.94

  Intrinsic Value

$55.54

stock screener

  Rating & Target

buy

+39%

Previous close

$39.94

 
Intrinsic value

$55.54

 
Up/down potential

+39%

 
Rating

buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of POR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.32
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  1,936
  2,046
  2,174
  2,308
  2,446
  2,591
  2,742
  2,900
  3,064
  3,236
  3,415
  3,603
  3,799
  4,003
  4,218
  4,442
  4,677
  4,923
  5,181
  5,451
  5,734
  6,030
  6,341
  6,667
  7,008
  7,366
  7,742
  8,136
  8,550
  8,984
  9,439
Variable operating expenses, $m
 
  342
  363
  385
  409
  433
  458
  484
  512
  540
  570
  602
  634
  669
  704
  742
  781
  822
  865
  910
  958
  1,007
  1,059
  1,113
  1,170
  1,230
  1,293
  1,359
  1,428
  1,500
  1,576
Fixed operating expenses, $m
 
  1,336
  1,369
  1,403
  1,438
  1,474
  1,511
  1,549
  1,588
  1,627
  1,668
  1,710
  1,752
  1,796
  1,841
  1,887
  1,934
  1,983
  2,032
  2,083
  2,135
  2,188
  2,243
  2,299
  2,357
  2,416
  2,476
  2,538
  2,601
  2,666
  2,733
Total operating expenses, $m
  1,590
  1,678
  1,732
  1,788
  1,847
  1,907
  1,969
  2,033
  2,100
  2,167
  2,238
  2,312
  2,386
  2,465
  2,545
  2,629
  2,715
  2,805
  2,897
  2,993
  3,093
  3,195
  3,302
  3,412
  3,527
  3,646
  3,769
  3,897
  4,029
  4,166
  4,309
Operating income, $m
  333
  369
  442
  519
  600
  684
  773
  867
  965
  1,068
  1,177
  1,291
  1,412
  1,539
  1,672
  1,813
  1,962
  2,118
  2,283
  2,457
  2,641
  2,835
  3,039
  3,254
  3,481
  3,721
  3,973
  4,240
  4,521
  4,817
  5,129
EBITDA, $m
  654
  510
  593
  679
  769
  864
  963
  1,067
  1,177
  1,292
  1,413
  1,541
  1,675
  1,816
  1,964
  2,121
  2,285
  2,459
  2,642
  2,835
  3,038
  3,252
  3,478
  3,715
  3,966
  4,230
  4,509
  4,803
  5,112
  5,438
  5,782
Interest expense (income), $m
  104
  107
  123
  138
  155
  172
  190
  209
  228
  248
  270
  292
  315
  339
  365
  391
  419
  448
  478
  510
  544
  579
  615
  654
  694
  736
  780
  827
  876
  927
  980
Earnings before tax, $m
  243
  261
  319
  381
  445
  512
  583
  658
  737
  820
  907
  999
  1,097
  1,199
  1,308
  1,422
  1,543
  1,670
  1,805
  1,947
  2,097
  2,256
  2,424
  2,600
  2,787
  2,985
  3,193
  3,413
  3,645
  3,890
  4,149
Tax expense, $m
  50
  71
  86
  103
  120
  138
  157
  178
  199
  221
  245
  270
  296
  324
  353
  384
  417
  451
  487
  526
  566
  609
  654
  702
  753
  806
  862
  921
  984
  1,050
  1,120
Net income, $m
  193
  191
  233
  278
  325
  374
  426
  480
  538
  598
  662
  730
  801
  876
  955
  1,038
  1,126
  1,219
  1,318
  1,422
  1,531
  1,647
  1,769
  1,898
  2,035
  2,179
  2,331
  2,491
  2,661
  2,840
  3,029

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,527
  7,992
  8,493
  9,014
  9,556
  10,122
  10,712
  11,327
  11,969
  12,640
  13,340
  14,073
  14,838
  15,639
  16,476
  17,353
  18,270
  19,231
  20,238
  21,292
  22,397
  23,555
  24,769
  26,042
  27,376
  28,775
  30,243
  31,782
  33,397
  35,092
  36,870
Adjusted assets (=assets-cash), $m
  7,513
  7,992
  8,493
  9,014
  9,556
  10,122
  10,712
  11,327
  11,969
  12,640
  13,340
  14,073
  14,838
  15,639
  16,476
  17,353
  18,270
  19,231
  20,238
  21,292
  22,397
  23,555
  24,769
  26,042
  27,376
  28,775
  30,243
  31,782
  33,397
  35,092
  36,870
Revenue / Adjusted assets
  0.258
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
Average production assets, $m
  665
  708
  752
  798
  846
  897
  949
  1,003
  1,060
  1,120
  1,182
  1,246
  1,314
  1,385
  1,459
  1,537
  1,618
  1,703
  1,793
  1,886
  1,984
  2,086
  2,194
  2,307
  2,425
  2,549
  2,679
  2,815
  2,958
  3,108
  3,266
Working capital, $m
  -114
  23
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  99
  104
Total debt, $m
  2,350
  2,666
  3,010
  3,368
  3,742
  4,131
  4,537
  4,960
  5,402
  5,863
  6,345
  6,849
  7,376
  7,926
  8,503
  9,106
  9,737
  10,398
  11,091
  11,816
  12,576
  13,373
  14,208
  15,084
  16,002
  16,964
  17,974
  19,033
  20,144
  21,310
  22,533
Total liabilities, $m
  5,183
  5,499
  5,843
  6,201
  6,575
  6,964
  7,370
  7,793
  8,235
  8,696
  9,178
  9,682
  10,209
  10,759
  11,336
  11,939
  12,570
  13,231
  13,924
  14,649
  15,409
  16,206
  17,041
  17,917
  18,835
  19,797
  20,807
  21,866
  22,977
  24,143
  25,366
Total equity, $m
  2,344
  2,494
  2,650
  2,812
  2,982
  3,158
  3,342
  3,534
  3,734
  3,944
  4,162
  4,391
  4,629
  4,879
  5,141
  5,414
  5,700
  6,000
  6,314
  6,643
  6,988
  7,349
  7,728
  8,125
  8,541
  8,978
  9,436
  9,916
  10,420
  10,949
  11,503
Total liabilities and equity, $m
  7,527
  7,993
  8,493
  9,013
  9,557
  10,122
  10,712
  11,327
  11,969
  12,640
  13,340
  14,073
  14,838
  15,638
  16,477
  17,353
  18,270
  19,231
  20,238
  21,292
  22,397
  23,555
  24,769
  26,042
  27,376
  28,775
  30,243
  31,782
  33,397
  35,092
  36,869
Debt-to-equity ratio
  1.003
  1.070
  1.140
  1.200
  1.250
  1.310
  1.360
  1.400
  1.450
  1.490
  1.520
  1.560
  1.590
  1.620
  1.650
  1.680
  1.710
  1.730
  1.760
  1.780
  1.800
  1.820
  1.840
  1.860
  1.870
  1.890
  1.900
  1.920
  1.930
  1.950
  1.960
Adjusted equity ratio
  0.310
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  193
  191
  233
  278
  325
  374
  426
  480
  538
  598
  662
  730
  801
  876
  955
  1,038
  1,126
  1,219
  1,318
  1,422
  1,531
  1,647
  1,769
  1,898
  2,035
  2,179
  2,331
  2,491
  2,661
  2,840
  3,029
Depreciation, amort., depletion, $m
  321
  142
  150
  160
  169
  179
  190
  201
  212
  224
  236
  249
  263
  277
  292
  307
  324
  341
  359
  377
  397
  417
  439
  461
  485
  510
  536
  563
  592
  622
  653
Funds from operations, $m
  542
  332
  384
  437
  494
  553
  615
  681
  750
  822
  899
  979
  1,063
  1,153
  1,247
  1,346
  1,450
  1,560
  1,676
  1,799
  1,928
  2,064
  2,208
  2,360
  2,520
  2,688
  2,867
  3,054
  3,252
  3,461
  3,682
Change in working capital, $m
  -11
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  553
  331
  382
  436
  492
  552
  614
  679
  748
  820
  897
  977
  1,061
  1,150
  1,244
  1,343
  1,447
  1,557
  1,673
  1,796
  1,925
  2,061
  2,205
  2,356
  2,516
  2,685
  2,862
  3,050
  3,248
  3,457
  3,677
Maintenance CAPEX, $m
  0
  -133
  -142
  -150
  -160
  -169
  -179
  -190
  -201
  -212
  -224
  -236
  -249
  -263
  -277
  -292
  -307
  -324
  -341
  -359
  -377
  -397
  -417
  -439
  -461
  -485
  -510
  -536
  -563
  -592
  -622
New CAPEX, $m
  -584
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
Cash from investing activities, $m
  -585
  -176
  -186
  -196
  -208
  -219
  -231
  -244
  -258
  -271
  -286
  -301
  -317
  -334
  -351
  -370
  -388
  -409
  -430
  -452
  -475
  -500
  -525
  -552
  -579
  -609
  -640
  -672
  -706
  -742
  -779
Free cash flow, $m
  -32
  155
  196
  239
  285
  332
  382
  435
  490
  549
  611
  676
  744
  817
  893
  974
  1,059
  1,149
  1,244
  1,344
  1,450
  1,562
  1,680
  1,805
  1,936
  2,076
  2,223
  2,378
  2,542
  2,715
  2,898
Issuance/(repayment) of debt, $m
  151
  330
  344
  358
  373
  389
  406
  423
  442
  461
  482
  504
  527
  551
  576
  603
  631
  661
  692
  725
  760
  797
  835
  876
  918
  963
  1,010
  1,059
  1,111
  1,166
  1,223
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  144
  330
  344
  358
  373
  389
  406
  423
  442
  461
  482
  504
  527
  551
  576
  603
  631
  661
  692
  725
  760
  797
  835
  876
  918
  963
  1,010
  1,059
  1,111
  1,166
  1,223
Total cash flow (excl. dividends), $m
  112
  485
  541
  598
  658
  721
  788
  858
  932
  1,010
  1,093
  1,179
  1,271
  1,367
  1,469
  1,577
  1,690
  1,810
  1,936
  2,069
  2,210
  2,358
  2,515
  2,680
  2,854
  3,038
  3,232
  3,437
  3,653
  3,881
  4,121
Retained Cash Flow (-), $m
  -86
  -150
  -156
  -163
  -169
  -176
  -184
  -192
  -200
  -209
  -219
  -228
  -239
  -250
  -261
  -273
  -286
  -300
  -314
  -329
  -345
  -361
  -379
  -397
  -416
  -437
  -458
  -480
  -504
  -529
  -555
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  335
  384
  435
  489
  545
  604
  666
  732
  801
  874
  951
  1,032
  1,118
  1,208
  1,303
  1,404
  1,510
  1,622
  1,740
  1,865
  1,997
  2,136
  2,283
  2,438
  2,602
  2,774
  2,957
  3,149
  3,352
  3,566
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  312
  330
  342
  349
  350
  347
  338
  325
  307
  287
  263
  238
  212
  185
  159
  134
  111
  90
  72
  56
  42
  31
  23
  16
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem. It has five natural gas-fired generating facilities, which include Port Westward Unit 1 (PW1), Port Westward Unit 2 (PW2), Beaver natural gas-fired generating plant (Beaver), Coyote Springs Unit 1 (Coyote Springs) and Carty natural gas-fired generating plant (Carty). As of December 31, 2016, the Company owned and operated two wind farms, Biglow Canyon Wind Farm (Biglow Canyon) and Tucannon River Wind Farm (Tucannon River). The Company's hydroelectric projects consist of Pelton/Round Butte on the Deschutes River near Madras, Oregon, four plants on the Clackamas River, and one on the Willamette River.

FINANCIAL RATIOS  of  Portland General Electric (POR)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 1.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow -114.6
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.3%
Cap. Spend. - 3 Yr. Gr. Rate -2.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 93.9%
Total Debt to Equity 100.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 34.7%
EBITDA Margin - 3 Yr. Avg. 33.6%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 22.4%
Payout Ratio 57%

POR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POR stock intrinsic value calculation we used $1923 million for the last fiscal year's total revenue generated by Portland General Electric. The default revenue input number comes from 2016 income statement of Portland General Electric. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our POR stock valuation model: a) initial revenue growth rate of 6.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.6%, whose default value for POR is calculated based on our internal credit rating of Portland General Electric, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Portland General Electric.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of POR stock the variable cost ratio is equal to 16.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1303 million in the base year in the intrinsic value calculation for POR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for Portland General Electric.

Corporate tax rate of 27% is the nominal tax rate for Portland General Electric. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the POR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for POR are equal to 34.6%.

Life of production assets of 2.1 years is the average useful life of capital assets used in Portland General Electric operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for POR is equal to 1.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2344 million for Portland General Electric - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 89.074 million for Portland General Electric is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Portland General Electric at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ PGE beats 4Q profit forecasts   [05:19AM  Associated Press]
▶ Portland General Electric Declares Dividend   [Feb-14-18 06:40PM  Business Wire]
▶ Top Dividend Stocks For The Week   [Feb-11-18 08:02AM  Simply Wall St.]
▶ Oregon regulators say tax cut could mean savings for utility customers   [Dec-30-17 12:00AM  American City Business Journals]
▶ OPUC Approves PGE Price Changes for 2018   [Dec-21-17 05:47PM  Business Wire]
▶ Final tax bill ditches biggest threats to PacifiCorp, PGE wind plans   [Dec-20-17 06:23PM  American City Business Journals]
▶ Portland General Electric eyes spending up to $100M on energy storage   [Oct-27-17 06:15PM  American City Business Journals]
▶ PGE beats 3Q profit forecasts   [05:05AM  Associated Press]
▶ Portland General Electric Declares Dividend   [Oct-25-17 06:02PM  Business Wire]
▶ PGE getting access to cheaper power, more renewables   [Oct-02-17 06:00PM  American City Business Journals]
▶ A 1.8% solution: Agreement could dramatically slash PGE's proposed rate hike   [Sep-19-17 06:45PM  American City Business Journals]
▶ Portland council set to approve deals to keep hydropower flowing   [Aug-17-17 06:51PM  American City Business Journals]
▶ PGE misses 2Q profit forecasts   [Jul-28-17 11:14PM  Associated Press]
▶ PGE's Piro set to retire, company taps familiar name to replace him   [10:25AM  American City Business Journals]
▶ PGE Announces CEO Succession Plan   [08:00AM  Business Wire]
▶ Portland General Electric Declares Dividend   [Jul-26-17 05:15PM  Business Wire]
▶ PUC approves Portland General Electric tank farm sale, disappointing environmentalists   [Jun-27-17 04:50PM  American City Business Journals]
▶ PUC delays vote on PGE fuel-tank sale opposed by environmentalists   [Jun-14-17 09:20AM  American City Business Journals]
▶ Dividend-Paying Utility Stock In Buy Zone; Gets Rating Upgrade   [Jun-08-17 04:27PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [12:18PM  Investor's Business Daily]
▶ PGEs new challenge: Opposition to big renewable energy buy   [May-16-17 11:56AM  American City Business Journals]
▶ PGE Suspends Permitting Processes for New Power Plant Sites   [May-12-17 09:54PM  Business Wire]
▶ Portland General Electric shifts focus away from new natural gas plant   [12:07AM  American City Business Journals]
▶ PGE meets 1Q profit forecasts   [Apr-28-17 05:08AM  Associated Press]
▶ Portland General Electric Increases Dividend   [Apr-26-17 05:41PM  Business Wire]
▶ In U.S. first, Uber launches electric vehicle-focused program in Portland   [Apr-12-17 04:45PM  American City Business Journals]
▶ Exclusive: Judge rejects PGE bid to drop Deschutes hydro lawsuit   [Mar-29-17 05:17PM  at bizjournals.com]
▶ Exclusive: Judge rejects PGE bid to drop Deschutes hydro lawsuit   [05:17PM  American City Business Journals]
▶ Big wind development returning to Oregon with a mystery power buyer   [11:46AM  American City Business Journals]
▶ PGE's downtown 'Electric Avenue' powers 1M miles of driving   [Mar-15-17 05:14PM  at bizjournals.com]
▶ PGE's downtown 'Electric Avenue' powers 1M miles of driving   [05:14PM  American City Business Journals]
▶ Portland General Electric to seek rate increase   [06:45PM  at bizjournals.com]
▶ Portland General Electric Declares Dividend   [Feb-15-17 05:24PM  Business Wire]
Financial statements of POR
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