Portland General Electric net income $172 millionStaff writer ▼ | February 12, 2016
Portland General Electric Company reported net income of $172 million, or $2.04 per diluted share, for the year ended December 31, 2015.
Portland General Electric $2.04 per diluted share
Looking forward, the company is initiating full-year 2016 earnings guidance of $2.20 to $2.35 per diluted share.
Net income for the fourth quarter of 2015 was $51 million, or 57 cents per diluted share, compared with $43 million, or 55 cents per diluted share, for the fourth quarter of 2014.
The increase in quarterly earnings per diluted share was primarily due to the incremental earnings from Port Westward Unit 2 and the Tucannon River Wind Farm being placed in service and the company's management of operating and maintenance expense.
Retail revenues increased $4 million, or 1%, in the fourth quarter of 2015 compared with the fourth quarter of 2014, which was driven primarily by a 1 percent price increase authorized by the OPUC in the company's 2015 GRC, which was effective January 1, 2015.
The price increase was largely the result of the additions of Port Westward Unit 2 and the Tucannon River Wind Farm, partially offset by lower estimated power costs for 2015.
Weather in the fourth quarter of 2015 had a comparably negative impact on revenues as weather in the fourth quarter of 2014. ■