Total revenues decrease 4% to $449m
Portland General Electric has reported a net income of $20m or $0.32 per diluted share in the fourth quarter of 2008, compared to $24m or $0.4 per diluted share in the fourth quarter of 2007.
In the fourth quarter of 2008, the company’s total revenues decreased 4% to $449m, compared to $470m in the fourth quarter 2007.
For the full year 2008, the company has reported a net income of $87m or $1.39 per diluted share, compared to $145m or $2.33 per diluted share in 2007. Total revenues were $1.745 billion in 2008, compared to $1.743 billion in 2007.
Total customers served increased by approximately 1% from 803,788 at year-end 2007 to 810,197 at year-end 2008. Total retail energy deliveries in 2008 increased by approximately 2% from 2007. It began construction of the second phase of the Biglow Canyon Wind Farm. Phase II is expected to be completed in 2009 and Phase III is expected to be completed in 2010.
Jim Piro, president and CEO of Portland General Electric, said: 2008 was an exceptional year for operations. Looking ahead, we believe that sound financial management combined with ongoing opportunities for investment in rate-based assets gives us solid prospects for growth as we remain focused on providing value to our customers and our shareholders.