Taking another step toward a clean energy future, PGE shares draft RFP for new renewable resources
Seeks input from stakeholders, potential bidders
March 1, 2018
Portland, Ore. — Portland General Electric Company (NYSE: POR) has taken another step toward achieving a clean and reliable energy future for its customers and the communities it serves by circulating a draft request for proposals seeking 100 average megawatts of renewable power generating resources. The company will hold workshops on Friday, March 2 to provide additional information to stakeholders and potential bidders.
The additional renewable energy – the equivalent of one large wind farm – is expected to help PGE meet its proportionate share of Oregon’s greenhouse gas reduction goal, which will require cutting carbon emissions in the utility’s system 80 percent by 2050. It will also count toward achievement of Oregon’s renewable portfolio standard. Under the Oregon standard, PGE must supply 50 percent of its customers’ electricity needs from qualifying renewable resources by 2040.
“By continuing to drive down emissions using a diverse portfolio of clean, reliable and renewable energy resources, and promoting economy-wide emission reductions through electrification and smart energy use, we will bring a clean, cost-effective energy future to Oregon,” said Maria Pope, PGE’s president and CEO. “This request for proposals for renewable energy will be an open, competitive process to assure we are able to identify the best options to expand our renewable portfolio while keeping electric service affordable and reliable for our customers.”
RFP details and process
Bids submitted when the RFP is finalized and issued must meet a minimum size of at least 10 megawatts, and can represent a variety of technologies including geothermal, biomass, biogas, solar, wind and hydroelectric power. Bids can also be structured in a variety of ways, including power purchase agreements or proposals for facilities that PGE would own and operate. If bids received prove cost effective for service to customers, PGE may acquire a single resource or a mix of resources to achieve the total desired renewable energy target, and expects the resources acquired to be brought into the company’s portfolio in the 2020-2021 timeframe.
By sharing the draft, PGE is giving potential bidders and interested stakeholders an opportunity to ask questions and offer suggestions to improve the RFP before it is issued formally. The company will respond to all feedback received. Any resulting changes will be incorporated prior to issuing the final RFP this spring.
The RFP will be conducted under guidelines established by the Oregon Public Utility Commission and is a significant step in implementing PGE’s current integrated resource plan, which the OPUC acknowledged in 2017. Consistent with those guidelines, the OPUC has retained an independent evaluator, Bates White, to monitor PGE’s procurement process. Bates White will host a website, available next week, where bidders and stakeholders may ask questions of PGE regarding the RFP so that the answers will be available to all participants in the process.
PGE will hold two workshops on Friday, March 2 to provide information and answer questions for potential bidders and stakeholders. The stakeholder workshop will be held from 10 a.m. to noon, PST, in the Sky Bridge Conference Room of the 2 World Trade Center Building, 121 SW Salmon Street in Portland. The bidder workshop will be held from 1 p.m. to 3 p.m. at the same location.
About Portland General Electric Company: Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves 899,000 customers with a service area population of 1.9 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits annually across Oregon. For more information visit portlandgeneral.com/cleanvision.
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 include statements regarding the company’s future energy mix; statements concerning the company’s integration of smart-grid technologies and renewable energy into the grid; statements regarding acquisition, construction, completion, and operation of generating and battery storage facilities; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” “will,” “would,” “could” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including construction and operational risks relating to the generation and battery storage facilities, including wind conditions and unscheduled delays or plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete capital projects on schedule or within budget, failure of the counterparty to perform under the agreements, or the abandonment of capital projects, which could result in the company’s inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. 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 assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company’s most recent annual report on form 10-K and the company’s reports on forms 8-K and 10-Q filed 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.
Source: Portland General Electric Company
For more information contact Steve Corson, PGE, 503-464-8444, Steven.Corson@pgn.com