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Portland General Electric Company (NYSE:POR) today asked the Oregon Public Utility Commission to review the utility’s costs of providing service and approve new customer prices to take effect in January 2014.
“PGE needs to make important investments in our system so we can continue to deliver safe, reliable, sustainable power for our customers,” said PGE President and Chief Executive Officer Jim Piro. “This includes long-term investments to strengthen our infrastructure to better respond to outages and natural disasters.”
Factors driving the request for an overall 6.2 percent increase include improvements to existing power plants and wind forecasting, new Clackamas River fish-sorting facilities, a disaster-preparedness center, technology investments, employee benefit costs and new federal regulations.
PGE’s prices are set by the OPUC. Today’s announcement kicks off a 10-month process designed to examine all PGE costs. OPUC staff, industrial and residential customer groups and other interested parties participate in the process and make recommendations to the commission on PGE’s proposal. An order from the OPUC is expected in late 2013 for prices effective Jan. 1, 2014.
The impact of any price adjustment will vary among different classes of customers and electricity usage.
PGE prices decreased approximately 2.2 percent in January 2013. The OPUC last conducted a general review of PGE costs and prices in 2010.
About Portland General Electric Company: Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 829,000 residential, commercial and industrial customers in Oregon. Visit our website at PortlandGeneral.com.