PGE earnings still sliding

Even after cuttings costs, the utility company’s revenues are still losing charge.

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Cost cuts and growing populations haven’t helped earnings for Portland General Electric, as the recession continues to decrease demand.

As a result, the company said it will file another rate case in 2010, seeking to increase electricity rates for its 818,000 customers in January 2011.

Utility results are a good proxy for the level of economic activity in general. Though PGE benefits from Oregon’s continued, albeit anemic, population growth, the manufacturing sector’s problems are undermining any gains on that front.

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