Portland General Electric Company (NYSE: POR) has announced a public offering of $480,000,000 of shares of its common stock, with the underwriters also being granted a 30-day option to purchase up to $70,000,000 of additional shares. The company expects to enter into forward sale agreements with Wells Fargo Bank, National Association and Bank of America, N.A., with respect to the initial $480,000,000 of shares. The underwriters may also be granted the option to purchase additional shares in full. The company anticipates using the net proceeds for general corporate purposes and investment in renewable energy and non-emitting dispatchable capacity related to its 2023 all-source request for proposal, including potential repayment of indebtedness.
Portland General Electric, serving over 950,000 customers in Oregon, has a strong track record of powering social progress and prioritizing clean energy. In 2024, its employees, retirees, and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to more than 480 nonprofit organizations.
The company's forward-looking statements indicate a commitment to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. This move aligns with the company's efforts to transform energy systems to meet evolving customer needs. As a result of these announcements, the company's shares have moved 0.79% on the market, and are now trading at a price of $49.69. If you want to know more, read the company's complete 8-K report here.
