Portland General Electric (PGE) keeps many Birkenstock-shod feet warm. The company, formerly a subsidiary of Enron, generates, purchases, and distributes electricity to about 842,270 customers in Oregon, including more than 105,230 commercial customers. PGE's service territory covers 52 cities, including Portland and Salem. Its 15 hydroelectric, coal-fired, and gas-fired plants had a generating capacity of 3,414 MW in 2014. PGE also markets wholesale electricity and natural gas to other utilities and marketers in the western US. In keeping with the "green" image of Portland residents, PGE leads the nation in residential customers who purchase power from renewable sources.
The company engaged in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity. In 2014, the company's generating plants provided 58% of its retail load requirement (up from 54% in 2013).
PGE's state-approved service area allocation of 4,000 square miles is located entirely within Oregon and includes 52 incorporated cities, of which Portland and Salem are the largest.
PGE's revenues increased by 5% in 2014 due to higher retail prices, an increase in the retail price for the collection of deferred costs related to four capital projects and a $9 million rise thanks to an industrial customer refund.
Net income grew by 67% in 2014 due to higher net revenues and lower interest expenses.
The company's cash inflow decreased by 5% in 2014 due to changes in working capital.
By managing its own power plants in conjunction with power supplies on the wholesale market, PGE's fully integrated power supply operations provides the company's management with flexibility and efficiency to balance its power supply resources to achieve the lower costs for customers.
Oregon's official Renewable Energy Standard requires PGE to serve at least 15% of its retail load from renewable resources by the end of 2015 and up to 25% by 2025. PGE has announced that it needs 1,396 MW of new power generation resources by 2020, in order to keep pace with customer demand in the fast-growing region.
In this regard, in 2014 the company completed the Tucannon River Wind Farm, PGE's second fully owned and operated large-scale wind project, with 116 turbines and a capacity of 267 MW. The plant is expected to produce an average of 101 MW.
In 2013 it cancelled planned construction of the new Cascade Crossing plant in favor of buying the power it needs.