Portland General Electric Company (NYSE: POR) today (May 31) announced the procurement of the Evergreen battery energy storage system, a new 75-MW facility to be located at a soon-to-be-constructed substation in Hillsboro, Oregon. This battery project, owned by PGE and built by Mortenson, is expected to begin service in 2024, adding critical non-emitting dispatchable capacity to Oregon's clean energy transition.
This announcement builds on PGE's recent procurement of 400 MW of battery projects - the second largest commitment to standalone energy storage made by any U.S. utility to date. Battery systems offer a number of grid benefits, providing flexibility and consistency as PGE integrates more intermittent renewable resources. Stored energy can be reliably deployed within seconds to customers during extreme weather events or times of high demand, reducing dependence on energy markets and fossil fuel generation.
"Mortenson is proud to be helping PGE build a clean energy future for their customers by adding energy storage to the grid" said Brent Bergland, vice president, project development at Mortenson. "Projects like Evergreen enable greater use of renewable energy and are a powerful way to help decarbonize our planet, and our energy storage team is excited to engineer, procure, construct and deliver a complete world-class facility to PGE."
The Evergreen facility represents the final procurement from PGE's 2021 Request for Proposal (RFP), which resulted in landmark projects including the 311 MW Clearwater Wind Farm, scheduled to begin operations by the end of 2023.
"From Clearwater to Evergreen, Portland General Electric is building Oregon's clean energy future," said Maria Pope, PGE President & CEO. "Our wind, solar, hydro and battery storage facilities work together as part of a resilient grid to provide safe and reliable energy while helping us to manage costs."
Earlier this month, PGE filed its 2023 Draft RFP with the Oregon Public Utility Commission, initiating the process to bring new clean energy resources online. PGE expects to seek bids for additional non-emitting dispatchable capacity resources, like batteries, which will continue to play a growing role in the utility's portfolio, as well as renewable generation projects, such as wind and solar farms. Most importantly, the draft RFP aims to maximize reliability and customer value by seeking to procure projects that can leverage Bonneville Power Administration's long-term transmission capacity to deliver energy to PGE customers.
Together, these actions demonstrate PGE's continued focus on decarbonization while prioritizing reliability and managing costs for customers. To get involved visit portlandgeneral.com/rfp.
Portland General Electric (NYSE: POR) is a fully integrated energy company that generates, transmits and distributes electricity to over 900,000 customers in 51 cities across the state of Oregon. For more than 130 years, Portland General Electric (PGE) has powered the advancement of society, delivering safe, affordable, reliable and increasingly clean energy. To deliver on its strategy and meet state targets, PGE and its approximately 3,000 employees committed to partnering with stakeholders to achieve at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. PGE customers set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. Additionally, for the fifth year in a row, PGE was recognized by the Bloomberg Gender-Equality Index which highlights companies committed to creating a more equal and inclusive workplace. As a reflection of the company's commitment to the community it serves, in 2022, PGE employees, retirees and the PGE Foundation donated nearly $5.5 million and volunteered more than 18,000 hours with more than 400 nonprofits across Oregon. For more information visit PortlandGeneral.com/news.
Mortenson is a U.S.-based, top-20 developer, builder and engineering services provider serving the commercial, institutional, and energy sectors. Mortenson's expanding portfolio of integrated services helps its customers move their strategies forward, ensuring their investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers. For additional information, visit www.mortenson.com .
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements made in this press release include Portland General Electric's energy strategy for future periods and the acquisition of additional resources to meet retail customer demand as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including failure to complete capital projects on schedule or within budget,; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; and the cost and availability of services, products and technology. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company's most recent annual report on form 10-K and in other documents that we file with the United States Securities and Exchange Commission, including management's discussion and analysis of financial condition and results of operations and the risks described therein from time to time.
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