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Portland General Electric Portland General Electric Announces Third Quarter 2021 Results October 29 , 2021 Continued strong retail deliveries , high customer growth , and challenging power market volatility - Achieved significant progress on strategic goals , including filing of inaugural distribution system plan , and reached supportive GRC stipulations - Moving forward with procurement for renewable resources and non - emitting capacity in December Reaffirming 2021 earnings guidance of $ 2.70 to $ 2.85 per diluted share PORTLAND , Ore . , Oct. 29 , 2021 / PRNewswire / -- Portland General Electric Company ( NYSE : POR ) today reported net income of $ 50 million , or 56 cents per diluted share , for the third quarter of 2021. This compares with a loss of $ 17 million , or 19 cents per diluted share , for the third quarter of 2020 , which reflects the $ 1.09 loss per diluted share from previously disclosed trading losses . " While high temperatures and power market volatility significantly impacted our region and results this quarter , our year - to - date performance is on track , " said Maria Pope , PGE president and CEO . " We are pleased to be issuing the renewable RFP in December , an important step in meeting our decarbonization goals while also ensuring we have sufficient generating capacity as we transition to a clean energy future . " Third Quarter 2021 Compared to Third Quarter 2020 Total revenues were driven by higher retail energy deliveries , due to strong residential demand , growth in high - tech manufacturing , and the impacts of warmer weather . Purchased power and fuel expense increased in part due to lower hydro and wind production . Operating expenses increased , primarily driven by additional vegetation management for wildfire prevention . Administrative expenses increased primarily due to normalization of incentive expenses compared to the prior year and wage and benefit pressures . Lower tax expense was associated with asset retirement timing differences . Company Updates Advancing Plans to Add Renewables and Non - Emitting Resources As previously announced , PGE estimates that it will need to nearly triple the amount of clean and renewable energy serving customers , in addition to removing coal from its portfolio . As a result , PGE estimates by 2030 it will need approximately 1,500 to 2,000 MW of clean and renewable resources and approximately 800 MW of non - emitting dispatchable capacity resources . PGE is seeking approximately 1,000 MW renewable and non - emitting capacity resources by initiating its public request for proposals process in December . • Request for Proposals ( RFP ) : PGE expects to bring on at least 375 to 500 MW of renewable resources and 375 MW of non - emitting dispatchable capacity by the end of 2024. If beneficial to customers and in balance with affordability , PGE will work with the Oregon Public Utilities Commission ( OPUC ) to evaluate the opportunity to procure additional resources through this RFP with a potential target of achieving one - third of the clean resources needed to meet its 2030 emission reduction targets . • Green Future Impact : As part of the RFP , PGE will seek to procure an incremental 100 MW for this program . 2022 General Rate Case Update In October , PGE reached agreement with all interested parties in its 2022 General Rate Case on cost of capital issues . The agreement supports a capital structure of 50 % debt and 50 % equity , a 9.5 % return on equity and a 6.8 % cost of capital , which reflects updates for actual and forecasted debt costs . The stipulation remains subject to OPUC approval . PGE will continue to work with parties throughout this proceeding on all other remaining elements of the case . A final order is expected in April 2022. PGE has proposed prices to go into effect on May 9 , 2022 . Significant Progress on Strategic Sustainability Goals • Distribution System Plan : In October , PGE filed its inaugural Distribution System Plan ( DSP ) that paves the way for innovative planning to upgrade the grid and accelerate clean energy resources using approaches that align with community priorities . • Voluntary Renewable Energy Program : For the twelfth consecutive year , PGE's voluntary renewable energy program was ranked number one in the nation by the National Renewable Energy Laboratory . PGE has more than 200,000 customers voluntarily enrolled in its Green Future Program , making it the largest in the nation . • Green Financing Program : In October , PGE announced a series of actions in support of integrating sustainability into its financing plans , establishing a Green Financing Framework , issuing an inaugural green bond , and amending its revolving credit facility to include sustainability - linked provisions . • 2020 Environmental , Social and Governance Report : In September , PGE released a comprehensive ESG report which aligns with the Task Force on Climate - Related Financial Disclosures ( TCFD ) framework and describes how the company