Portland General Electric’s first quarter profits declined 29 percent from a year earlier.
Portland General Electric’s first quarter profits declined 29 percent from a year earlier.
Revenues for the quarter fell to $479 million from $484 million in the same period last year. Analysts expected revenues of $519 million.
PGE said its power costs for the quarter increased $8 million, or 5 percent, due to a reduction in hydro generation compared to last year’s huge runoff. The company had higher fuel and maintenance costs because of the resulting increase in generation at coal and natural gas plants. Electricity demand declined 3 percent compared to the same period a year ago.
Read more at OregonLive.com.
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