PGE Files 8-K for 'Other Events' on Feb 29, 2024
Ticker: POR · Form: 8-K · Filed: Feb 29, 2024 · CIK: 784977
| Field | Detail |
|---|---|
| Company | Portland General Electric Co /Or/ (POR) |
| Form Type | 8-K |
| Filed Date | Feb 29, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $225 million, $37 million, $7.5 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: other-events, regulatory-filing
TL;DR
**PGE filed a generic 'Other Events' 8-K on Feb 29, 2024, so keep an eye out for more info.**
AI Summary
Portland General Electric Company filed an 8-K on February 29, 2024, under the 'Other Events' item. This filing indicates a routine disclosure of an event that is not covered by the specific enumerated items of Form 8-K, but which the company deems important enough to report to shareholders. The company's business address is 121 SW Salmon Street, Portland, Oregon 97204, and its telephone number is (503) 464-8000.
Why It Matters
This filing signals that Portland General Electric Company has an event to report that is not a standard category, which could range from minor administrative changes to significant, non-recurring business developments. Investors should monitor for further details or subsequent filings.
Risk Assessment
Risk Level: low — The filing is for 'Other Events' without specific details, suggesting it's likely a routine or non-material disclosure at this stage.
Key Players & Entities
- PORTLAND GENERAL ELECTRIC CO /OR/ (company) — Filing registrant
- Portland General Electric Company (company) — Exact name of registrant
- Oregon (company) — State of incorporation
- 121 SW Salmon Street (company) — Business address
- Portland (company) — City of business address
- OR (company) — State of business address
- 97204 (company) — Zip code of business address
- (503) 464-8000 (company) — Registrant's telephone number
- February 29, 2024 (date) — Date of earliest event reported and filing date
FAQ
What is the exact name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is PORTLAND GENERAL ELECTRIC COMPANY.
What was the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported was February 29, 2024.
What is the business address of Portland General Electric Company?
The business address is 121 SW Salmon Street, Portland, Oregon 97204.
What is the telephone number for Portland General Electric Company?
The telephone number for Portland General Electric Company is (503) 464-8000.
Under which item of Form 8-K was this report filed?
This report was filed under 'Item Information: Other Events'.
Filing Stats: 960 words · 4 min read · ~3 pages · Grade level 15.1 · Accepted 2024-02-29 16:24:02
Key Financial Figures
- $225 million — 5 GRC). The Company's filing requests a $225 million increase in the annual revenue requirem
- $37 million — in annual revenue requirement includes $37 million as a result of higher net variable powe
- $7.5 billion — capital of 7.189%; and a rate base of $7.5 billion. Other key items in the filing includ
Filing Documents
- por-20240229.htm (8-K) — 27KB
- 0000784977-24-000054.txt ( ) — 151KB
- por-20240229.xsd (EX-101.SCH) — 2KB
- por-20240229_lab.xml (EX-101.LAB) — 23KB
- por-20240229_pre.xml (EX-101.PRE) — 12KB
- por-20240229_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On February 29, 2024, Portland General Electric Company ("PGE" or the "Company") filed with the Public Utility Commission of Oregon (OPUC) a general rate case based on a 2025 test year (2025 GRC). The Company's filing requests a $225 million increase in the annual revenue requirement related primarily to recovery of costs associated with non-emitting battery projects, an increase in base business costs for upgrades to PGE's transmission and distribution system, and investments in strengthening and safeguarding the grid to meet growing customer demand and bolster reliability. PGE continues to build a modern grid designed to withstand extreme weather and allow energy to flow from more resources to improve reliability, resiliency, and capability to deliver safe, reliable, clean electricity to customers. The 2025 GRC, as requested, would result in an approximate 7.4% overall increase relative to currently approved prices. The total increase in annual revenue requirement includes $37 million as a result of higher net variable power costs expected in 2025, as reflected in the Annual Power Cost Update Tariff also filed, separately, with the OPUC February 29, 2024 (OPUC Docket UE 436). The net increase in annual revenue requirement is based upon: a capital structure of 50% debt and 50% equity; a return on equity of 9.75%; a cost of capital of 7.189%; and a rate base of $7.5 billion. Other key items in the filing include requests for a Renewable Automatic Adjustment Clause mechanism for standalone energy storage and an investment recovery mechanism. Regulatory review of the 2025 GRC will continue throughout 2024, with a final order targeted to be issued by the OPUC by the end of the year. New customer prices are expected to become effective January 1, 2025. The 2025 GRC filing (OPUC Docket UE 435), including copies of direct testimony and exhibits, is expected to be made available on the OPUC website at www.oregon.gov/puc. Safe Harbor