Portland General Electric Increases Dividend
PORTLAND, Ore., May 13, 2010 (BUSINESS WIRE) -- On May 13, 2010, the Board of Directors of Portland General Electric Company (NYSE:POR) declared a 2 percent increase in its quarterly common stock dividend, bringing the dividend to 26.0 cents per share, up from last quarter's 25.5 cents per share.
"We are pleased to be able to provide this dividend increase. Although the percentage increase is less than in prior years, it reflects the continuation of a challenging economy in Oregon," said Jim Piro, president and chief executive officer of Portland General Electric. "We continue to focus both on investing in our core business to meet the growing needs of our customers and prudent financial management, while delivering a competitive dividend for shareholders."
PGE's dividend is evaluated based on capital requirements and financial performance. Over the long term, the Company targets a dividend payout ratio in the 60 percent range, which is consistent with our peers.
The dividend is payable on or before July 15, 2010, to shareholders of record at the close of business on June 25, 2010.
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 817,000 residential, commercial and industrial customers in Oregon. Visit our Web site at www.PortlandGeneral.com.
POR-F
Source: Portland General Electric Company
SOURCE: Portland General Electric Company
Portland General Electric Company
Media Contact:
Gail Baker, 503-464-8693
Director, Corporate Communications
or
Investor Contact:
Bill Valach, 503-464-7395
Director, Investor Relations
Copyright Business Wire 2010