In this article we look at how Portland General Electric stock formed a Symmetrical TriangleThe symmetrical triangle pattern is one of the most popular chart patterns in the world of technical analysis. This pattern is a result of the convergence of two lines that form a ... breakout pattern on the chart as well recent news releases. Portland General Electric (PGE) is an electric utility company that provides electricity to customers in the Portland, Oregon area. PGE operates several power plants and delivers electricity to homes, businesses, and industries. In addition, PGE also offers renewable energy options such as wind and solar power.
Portland General Electric Stock
Portland General Electric stock confirmed a Symmetrical Triangle breakout on February 17, 2023. The stock is in a technical uptrend.
Portland General Electric stock price looks set to test horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance... at $50.27 in the coming days.
Portland General Electric requests 14% rate increase
On February 16, 2023, PGE filed a GRC based on a 2024 test year requesting an increase that, when including Colstrip related adjustments through a supplemental tariff, results in an overall average increase of approximately 14% in customer prices for 2024. The requested price increase includes an approximate 4.5% increase as a result of higher Net Variable Power Costs expected in 2024. The NVPC projection will be updated periodically during 2023.
The company’s 2024 GRC filing seeks “recovery of investments to modernize our grid to meet growing demand, withstand extreme weather events, support increased renewable energy growth and reflect the rate of inflation since our last rate case in 2022, all in service of our capability to deliver safe, reliable, clean electricity to customers”.
Portland General Electric announces 2022 financial results and initiates 2023 earnings guidance
On February 16, 2023, Portland General Electric Company reported net income based on generally accepted accounting principles (GAAP) of $233 million, or $2.60 per diluted share, for the year ended December 31, 2022. Portland General Electric reported FY22 adjusted EPS of $2.74 versus the consensus estimate of $2.75. The company reported FY22 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $2.65B versus the consensus estimate of $2.51B.
“Our performance in 2022 laid a strong foundation for long-term growth as we took meaningful steps forward in our decarbonization journey, navigated historic power market volatility, and executed well in the face of severe weather,” said Maria Pope, PGE president and CEO. “As we continue to lead the way in the clean energy transition, affordable electricity has been and will be key, requiring further strategic investment in technologies and resources to increase resiliency throughout the State. Looking ahead, our priorities for 2023 and beyond remain grounded in providing safe, reliable, affordable and increasingly clean energy to customers and the communities we serve.”