Selected renewable energy and capacity projects will achieve significant progress toward
Oregon’s emissions reduction targets while prioritizing customer affordability
PORTLAND, Ore. (Sep. 17, 2024) — Today, Portland General Electric filed with the Oregon Public Utility Commission its final shortlist of recommended projects submitted in response to its 2023 All-Source Request for Proposal (RFP). This RFP, a competitive bidding process to obtain the lowest cost, least-risk clean energy projects, was the company’s largest open application process to date. The selections demonstrate a commitment to serving customers reliable, clean power, while working to keep customer prices as low as possible.
Projects on the final shortlist include renewable energy and capacity resources that offer the best value to customers, including solar, lithium-ion battery storage, and hybrid (solar + storage) projects, located within the state of Oregon. Shortlist selections represent approximately 1700 MW of nameplate resources.
“Customers are counting on PGE to decarbonize our energy portfolio and modernize the electric grid, all while maintaining safety, reliability, and working to keep prices as low as possible,” said Maria Pope, PGE President & CEO.
PGE declined to proceed with projects from the pool of bids that were not mature enough in development to be cost-effective, which together represented an additional 1000 MW of resources. Following the completion of this RFP, PGE will initiate its next procurement process on an accelerated timeline, seeking additional clean energy resources from the market that offer reliability and efficiency at the lowest cost to customers. In this subsequent RFP, PGE will seek bids for renewable and capacity projects that are reasonably and appropriately priced.
PGE’s All-Source Request for Proposal is an open and competitive process that aligns with Oregon’s competitive bidding rules and the OPUC-approved scoring and evaluation method. As the company reduces emissions, PGE is pursuing a number of actions in addition to the RFP process, including community-based renewable energy projects, transmission solutions, energy efficiency, flex load and customer demand-response programs. Together, these actions are helping PGE decarbonize its power supply while adding reliable, clean energy resources to Oregon’s energy portfolio.
About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 930,000 customers serving an area of 1.9 million Oregonians. For more than 130 years, Portland General Electric (PGE) has powered social progress delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE has the largest voluntary renewable energy program in the country and was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index. PGE is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. PGE is recognized by the Bloomberg Gender-Equality Index for the company’s commitment to creating a more equal, inclusive workplace. In 2023, PGE employees, retirees and the PGE Foundation donated nearly $4.6 million and volunteered over 23,000 volunteer hours to more than 400 nonprofit organizations. For more information: portlandgeneral.com/news
Safe Harbor Statement:
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements made in this press release include statements regarding emissions reductions and grid reliability, Portland General Electric’s energy strategy for future periods, the implementation and outcome that strategy, and the acquisition of additional resources to meet retail customer demand as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including failure to complete capital projects on schedule or within budget, or the abandonment of capital projects; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; and the cost and availability of services, products and technology. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company’s most recent annual report on form 10-K and in other documents that we file with the United States Securities and Exchange Commission, including management’s discussion and analysis of financial condition and results of operations and the risks described therein from time to time.
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