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Portland General Electric files final shortlist from Request for Proposal to facilitate reliable, affordable power supply during clean energy transition
Portland General Electric files final shortlist from Request for Proposal to facilitate reliable, affordable power supply during clean energy transition
Selected renewable energy and capacity projects will achieve significant progress toward Oregon's emissions reduction targets while prioritizing customer affordability
Sept. 17, 2024
Today, Portland General Electric filed with the Oregon Public Utility Commission its final shortlist of recommended projects submitted in response to its 2023 All-Source Request for Proposal (RFP). This RFP, a competitive bidding process to obtain the lowest cost, least-risk clean energy projects, was the company's largest open application process to date. The selections demonstrate a commitment to serving customers reliable, clean power, while working to keep customer prices as low as possible.
Projects on the final shortlist include renewable energy and capacity resources that offer the best value to customers, including solar, lithium-ion battery storage, and hybrid (solar + storage) projects, located within the state of Oregon. Shortlist selections represent approximately 1700 MW of nameplate resources.
"Customers are counting on PGE to decarbonize our energy portfolio and modernize the electric grid, all while maintaining safety, reliability, and working to keep prices as low as possible," said Maria Pope, PGE President & CEO.
PGE declined to proceed with projects from the pool of bids that were not mature enough in development to be cost-effective, which together represented an additional 1000 MW of resources. Following the completion of this RFP, PGE will initiate its next procurement process on an accelerated timeline, seeking additional clean energy resources from the market that offer reliability and efficiency at the lowest cost to customers. In this subsequent RFP, PGE will seek bids for renewable and capacity projects that are reasonably and appropriately priced.
PGE's All-Source Request for Proposal is an open and competitive process that aligns with Oregon's competitive bidding rules and the OPUC-approved scoring and evaluation method. As the company reduces emissions, PGE is pursuing a number of actions in addition to the RFP process, including community-based renewable energy projects, transmission solutions, energy efficiency, flex load and customer demand-response programs. Together, these actions are helping PGE decarbonize its power supply while adding reliable, clean energy resources to Oregon's energy portfolio.
About Portland General Electric
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 930,000 customers serving an area of 1.9 million Oregonians. For more than 130 years, Portland General Electric (PGE) has powered social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. PGE is recognized by the Bloomberg Gender-Equality Index for the company's commitment to creating a more equal, inclusive workplace. In 2023, PGE employees, retirees and the PGE Foundation donated nearly $4.6 million and volunteered over 23,000 volunteer hours to more than 400 nonprofit organizations. For information, visit portlandgeneral.com/news .
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.
