PGE seeks 100 average megawatts of new renewable resources
May 22, 2018
Bids for prospective resources are due June 15, 2018
Portland, Ore. — Portland General Electric Company (NYSE: POR) is continuing its push for a clean and reliable energy future for its customers and the communities it serves by issuing a request for proposals today seeking an additional 100 average megawatts of renewable power generating resources. PGE shared the RFP in draft form with potential bidders and stakeholders earlier this year, and on May 16 received final Oregon Public Utility Commission sign-off to move forward with the competitive bidding process. After final adjustments to reflect commission direction, the RFP is now open for bids.
“We are committed to reducing our greenhouse gas emissions,” said Maria Pope, PGE’s president and CEO. “Continuing to add renewable resources to our mix while keeping electricity affordable for our customers is key to that effort.”
RFP details and process
Bids submitted must meet a minimum size of 10 megawatts, and can represent multiple 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 no later than 2021.
The RFP is a significant step in implementing PGE’s current integrated resource plan, which the OPUC acknowledged in 2017, and will be conducted under guidelines established by the commission. Consistent with those guidelines, the OPUC has retained an independent evaluator, Bates White, to monitor PGE’s procurement process. Bates White is hosting a website 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. The RFP and supporting documents are available on the website at www.portlandgeneralrfp2018.com.
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.