Portland General Electric
 |
|
| Public | |
| Traded as | : POR |
| Industry | Public utility |
| Founded | 1888 |
| Headquarters |
Portland, Oregon, United States |
| Products | Electric power |
| Revenue | US$1.9 Billion (2015) |
| US$ 0.3 Billion (2015) | |
| US$0.2 Billion (2015) | |
| Total assets |
 US$7.2 Billion (2015)
|
| Total equity |
US$2.3 Billion (2015)
|
|
Number of employees
|
2,646 (2016) |
| Website | portlandgeneral |
Portland General Electric (PGE) is a Fortune 1000 public utility based in Portland, Oregon. It distributes electricity to customers in parts of Multnomah, Clackamas, Marion, Yamhill, Washington, and Polk counties - 44% of the inhabitants of Oregon. Founded in 1888 as the Willamette Falls Electric Company, the company has been an independent company for most of its existence, though was briefly owned by the Houston-based Enron Corporation from 1997 until 2006 when Enron divested itself of PGE during its bankruptcy.
Notably, PGE does not serve all of Portland. Its service territory comprises most of Portland west of the Willamette River, sharing most of the city east of the river with Pacific Power.
PGE produces and purchases energy primarily from coal and natural gas plants, as well as hydroelectric power from dams on the Clackamas, Willamette and Deschutes rivers. Between 1976 and 1993, PGE operated Trojan, the only nuclear power plant in Oregon. The NPP was the subject of three Oregon initiatives to shut it down. The company won all three, but elected to close the plant twenty years early.
The utility was founded in 1888 by Parker F. Morey and Edward L. Eastham as Willamette Falls Electric Company. On June 3, 1889 it sent power generated by one of four brush arc light dynamos at Willamette Falls over a 14-mile electric power transmission line to Portland, the first US power plant to do so. On August 6, 1892, Morey, Frederick Van Voorhies Holman, and Henry Failing formed the Portland General Electric Company. It was funded by General Electric and the investment arm of Old Colony Trust, with $4.25 million in capital. The newly formed PGE Company purchased Willamette Falls Electric and the Albina Light & Water Company in 1892.
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