PORTLAND, Ore.--(BUSINESS WIRE)--
On May 6, 2015 the board of directors of Portland General Electric
Company (NYSE: POR) approved a 7-percent increase in the regular
quarterly common stock dividend to 30 cents per share, up from last
quarter's dividend of 28 cents per share. The dividend is payable on or
before July 15, 2015, to shareholders of record at the close of business
on June 25, 2015.
"Today's dividend action is a meaningful step towards achieving a more
competitive payout ratio within our industry," said Jim Piro, PGE's
president and chief executive officer. "Our continued focus on
operational excellence and implementation of our strategic investment
plan to deliver value to our customers enabled us to make our ninth
consecutive annual dividend increase since going public in 2006."
The company's dividend is approved quarterly by the board of directors
based on capital requirements and financial performance. Assuming PGE's
ability to achieve current estimates for earnings and cash flow and
depending on other factors influencing dividend decisions, PGE
management anticipates recommending sustainable annual dividend
increases of 5 to 7 percent to the PGE Board of Directors with the next
recommended increase in April 2016. Any such recommended increase would
be subject to the approval of the board of directors. Over the long
term, PGE targets a dividend payout ratio of 50 to 70 percent.
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a fully
integrated electric utility that serves approximately 842,000
residential, commercial and industrial customers in Oregon. Visit our
website at www.PortlandGeneral.com.
POR-F
Source: Portland General Electric Company
Forward-Looking Statements
In addition to the historical information contained in this press
release, this press release contains (and oral communications made by
Portland General Electric Company may contain) statements that relate to
future events and expectations and, as such, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any statements that express, or involve discussions
as to, expectations, beliefs, plans, objectives, outlook, assumptions,
or future events or performance, often, but not always, through the use
of words or phrases such as "anticipates," "believes," "estimates,"
"expects," "intends," "plans," "predicts," "projects," "targets,"
"continues," or similar expressions, are not statements of historical
facts and may be forward-looking. Forward-looking statements include
those regarding PGE's expectations with respect to the timing and amount
of dividend increases and payouts, and its ability to pay and increase
its dividend. Forward-looking statements are not guarantees of future
performance and involve estimates, assumptions, risks, and
uncertainties. Actual results, performance, or outcomes may differ
materially from the results discussed in the statements. In addition to
any assumptions and other factors and matters referred to specifically
in connection with such forward-looking statements, factors that could
cause actual results or outcomes to differ materially from those
contained in such statements are included in PGE's Annual Report on Form
10-K for the year ended December 31, 2014, which was filed with the U.S.
Securities and Exchange Commission on February 13, 2015, and subsequent
reports filed by PGE with the U.S. Securities and Exchange Commission.
Dividend declarations and the dividend rate are at the discretion of
PGE's board of directors and depend on numerous factors, including those
described in PGE's filings with the U.S. Securities and Exchange
Commission. Future dividends may be affected by current and projected
capital requirements, PGE's liquidity position, capital expenditures,
changes in earnings or cash flow, the competitiveness of the dividend
yield, credit rating impacts, legal requirements, changes in laws and
regulations, and other factors. Any forward-looking statement speaks
only as of the date on which such statement is made. PGE disclaims any
obligation to update publicly any forward-looking information, whether
in response to new information, future events, or otherwise, except as
required by applicable law.
Portland General Electric Company
Media Contact:
Melanie
Moir
Corporate Communications
503-464-8790
or
Investor
Contact:
Bill Valach
Investor Relations
503-464-7395
Source: Portland General Electric Company
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