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Portland General Electric Portland General Electric Announces Second Quarter 2021 Results July 30 , 2021 - Second quarter results reflect strong retail deliveries and customer growth Reliable operations as new peak load record set - - Strategic decarbonization goals align with legislative passage of Oregon's new clean energy legislation - 2022 test year general rate case filed to recover primarily base business investments - Raising 2021 earnings guidance from $ 2.55 to $ 2.70 to $ 2.70 to $ 2.85 per diluted share PORTLAND , Ore . , July 30 , 2021 / PRNewswire / -- Portland General Electric Company ( NYSE : POR ) today reported net income of $ 32 million , or 36 cents per diluted share , for the second quarter of 2021. This compares with net income of $ 39 million , or 43 cents per diluted share , for the second quarter of 2020 . " Facing historic temperatures and record demand in June , our system performed well as we maintained consistent and reasonably priced power delivery to all customers , " said Maria Pope , PGE president and CEO . " The investments that we have made in generation and in building a safe , reliable , and resilient grid , prepared us well for the recent high heat events . Our recently filed 2022 general rate case seeks to further this work , while keeping prices affordable . Investing in a safe , reliable and resilient energy system as well as access to adequate energy resources is important as we face a rapidly changing climate . " Second Quarter 2021 Compared to Second Quarter 2020 Total revenues were driven by higher retail energy deliveries , due to strong demand with the reopening economy , as well as increased usage during the recent heat wave . Purchased power and fuel expense increased as a result of serving higher retail load and higher market prices as well as lower hydro and wind production in the region . Operating expenses increased , driven by preparations in advance of wildfire season and higher legal and benefits expenses . Lower wind production also drove lower production tax credits . Company Updates Maintained High Reliability During Record Heat During the record - breaking June heatwave PGE experienced record peak load of 4,441 MW , which surpassed the previous peak load of 4,073 MW . During this time , the Company's distribution system performed reliably with minimal localized outages . Consistent power delivery was a result of resource adequacy planning , system engineering and investment , new distributed energy resources , as well as customer demand response , smart thermostats and other programs . Oregon Clean Energy Legislation Aligns with Decarbonization Goals In June , the Oregon Legislature established a framework for 100 % clean electricity by 2040. A number of provisions in the bill align with PGE's strategic direction . These provisions include decarbonization targets in line with our corporate decarbonization goals that are designed to ensure affordability and reliability ; authority and process for a community wide green - tariff program ; coordination with local governments with climate action goals ; and , an opportunity for the company to offer programs and services to further the state's economy - wide greenhouse gas emission reduction goals and the state's electric vehicle targets . 2022 General Rate Case On July 9 , PGE filed with the Public Utility Commission of Oregon ( OPUC ) a general rate case based on a 2022 test year ( GRC ) . The filing requests an increase in PGE's annual revenue requirement that results in an overall average increase of approximately 3.9 % in customer prices for 2022. The GRC filing seeks recovery of base business investments of nearly $ 1 billion in upgrading the grid to improve reliability , resiliency , and capability to deliver safe , reliable , clean electricity to customers . Quarterly Dividend As previously announced , on July 28 , 2021 , the board of directors of Portland General Electric Company declared a quarterly common stock dividend of $ 0.43 per share . The quarterly dividend is payable on or before October 15 , 2021 to shareholders of record at the close of business on September 27 , 2021 . 2021 Earnings Guidance PGE is raising its full - year 2021 earnings guidance from $ 2.55 to $ 2.70 per diluted share to $ 2.70 to $ 2.85 per diluted share based on the following assumptions : • An increase in annual energy deliveries from 1 % and 1.5 % , to 2.5 % to 3.0 % , weather - adjusted , which reflects year over year : • Commercial segment growth , as economic recovery has taken hold earlier and more rapidly than anticipated ; • Strong growth in the industrial segment reflecting expansions in high tech manufacturing and digital services ;