Portland General Electric Q1 Net Income Drops

Portland General Electric Company has reported net income of $28 million, or $0.44 per diluted share, for the first quarter of 2008, compared to $55 million, or $0.88 per diluted share, for the same period of 2007.

Total customers served increased 1.5% to approximately 808,000 as of March 31, 2008, compared to approximately 796,000 as of March 31, 2007. Total revenues increased by $35 million for the three months ended March 31, 2008.

A 4% increase in total retail energy deliveries, primarily from an increase in the average number of customers served and cooler weather in the first quarter of 2008 compared to the same period of 2007.

Peggy Fowler, CEO and president of Portland General Electric, said: “We’re focused on moving significant projects forward to meet the growing energy needs of our customers. We announced that Portland General Electric executed agreements to buy 141 turbines from Siemens Power Generation in order to complete construction of our nearly 450MW Biglow Canyon Wind Farm. The project helps secure Oregon’s future energy supply and delivers value to both customers and shareholders.”