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Portland General Electric Portland General Electric Announces First Quarter 2021 Results April 30 , 2021 - Strong first quarter financial results of $ 1.07 per diluted share - Restored power to nearly half of customer base during historic February ice storm - Capital plan remains on track , supporting decarbonization and electrification goals - Reaffirming 2021 earnings guidance of $ 2.55 to $ 2.70 per diluted share PORTLAND , Ore . , April 30 , 2021 / PRNewswire / -- Portland General Electric Company ( NYSE : POR ) today reported net income of $ 96 million , or $ 1.07 per diluted share , for the first quarter of 2021. This compares with net income of $ 81 million , or 91 cents per diluted share , for the first quarter of 2020 . " While the first quarter presented challenges , the team remains focused on supporting customers , " said Maria Pope , PGE president and CEO . " I am proud of the way we came together to restore power quickly , and safely , during a once in 40 - year ice event . These events demonstrate the importance of continued investment in a safe , reliable and resilient grid . " First Quarter 2021 Compared to First Quarter 2020 Total revenues increased as a result of higher retail energy deliveries , driven by strong residential demand and growth in the high - tech and digital service sectors , as well as revenues from the recently completed Wheatridge Renewable Energy Facility . Purchased power and fuel expense increased due to lower hydro and wind production and higher than expected market prices . Operating expenses increased , primarily driven by higher storm restoration expense , legal fees and increased employee benefit expenses . Depreciation and amortization expense decreased , partially offset by utility capital additions . Tax expense decreased primarily due to a one - time recognition of a local tax flow - through adjustment . Company Updates Strong Energy Delivery Growth Retail energy deliveries for the three months ended March 31 , 2021 increased 1.2 % , weather - adjusted , compared to the same period of 2020. This was driven by an increase of 8 % in industrial deliveries , powered by the expansion in the high - tech and digital sectors , and 3 % growth in residential deliveries as the average number of residential customers increased by 1.3 % . These increases were partially offset by a decrease in commercial deliveries of 5 % . February 2021 Ice Storms and Damage Beginning on February 11 , 2021 , an historic set of storms involving heavy snow , winds and ice impacted the United States , including PGE's service territory . Oregon Governor Kate Brown declared a state of emergency in response to these severe storms . Through March 31 , 2021 , PGE has incurred an estimated $ 87 million in incremental costs due to the storms , of which $ 33 million were capital and recorded to electric utility plant , net and $ 54 million were operating expenses associated with transmission and distribution . Beginning in 2019 , the OPUC authorized the Company to collect $ 4 million annually from retail customers to cover incremental expenses related to major storm damages , and to defer any amount not utilized in the current year . In response to the February storms , PGE exhausted its storm collection balance for 2021 of $ 9 million , which was used to offset operating expenses . After accounting for storm deferral tracking mechanisms already in place , the cumulative incurred costs from the February storm damage are estimated to be $ 45 million as of March 31 , 2021 . On February 15 , 2021 , PGE filed an application for authorization to defer emergency restoration costs for the February storms ( Docket UM 2156 ) . PGE expects to incur and defer additional costs subsequent to the storm . The Climate Pledge On April 21 , 2021 , PGE continued its commitment to advancing a sustainable future by joining The Climate Pledge , aiming to be net - zero carbon by 2040 a decade ahead of the Paris Agreement's goal of 2050. As a signatory to The Climate Pledge , led by Amazon and Global Optimism , PGE agrees to measure and report greenhouse gas emissions on a regular basis ; implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations , including efficiency improvements , renewable energy , materials reductions , and other carbon emission elimination strategies ; and neutralize any remaining emissions with additional , quantifiable , real , permanent , and socially - beneficial offsets . Quarterly Dividend As previously announced , on April 28 , 2021 , the board of directors of Portland General Electric Company approved an increase in the annual dividend of 5.5 % , or $ 0.09 per share , declaring a quarterly common stock dividend of $ 0.43 per share . 2021 Earnings Guidance PGE is reaffirming its full - year 2021 earnings guidance of $ 2.55 to $ 2.70 per diluted share based on the following assumptions : • An increase in annual energy deliveries between 1 % and 1.5 % , weather adjusted , which reflects year over year : • Commercial growth , as economic recovery takes hold ; and