Participation in California Independent System
Operator (CAISO) Extended Day-Ahead Market (EDAM) to enhance
affordability, reliability and access to clean
power.
PORTLAND, Ore., March 21,
2024 /PRNewswire/ -- Portland General Electric
(NYSE:POR) announced plans to join the California Independent
System Operator's (CAISO) Extended Day-Ahead Market (EDAM) to help
provide Portland General Electric (PGE) and the customers it serves
with access to more affordable, reliable and clean energy.
"Joining the CAISO Extended Day-Ahead Market is a significant
next step toward an integrated regional system that will deliver
cost savings and enhanced reliability for PGE customers," said
Maria Pope, PGE president and CEO.
"Together with CAISO and multiple stakeholders, PGE worked
extensively to help develop this market to lower power costs,
increase resilience and access more clean energy sources across the
West."
Broader footprint helps reduce power costs for
customers
PGE's decision involved years of collaborative work shaping
regional market options, and followed months of engagement in the
stakeholder process to develop the EDAM and an alternative
offering. Cost benefit analysis research commissioned by PGE
concluded the EDAM is likely to provide the greatest economic
benefit compared to alternative market options. By joining the
EDAM, PGE anticipates gross cost savings between $6 million and $18
million annually based on current modeling, depending on the
final number of EDAM participants.
The EDAM is expected to begin operating in 2026. Utilities that
participate in the market will bid their anticipated energy demand
and generating resources into the market a day ahead of expected
usage. The market will then optimize generation resources and the
energy needed for all market participants, allowing them to receive
the least costly and cleanest energy to meet their growing
energy needs. The EDAM takes advantage of existing technology
and systems PGE has deployed and leverages PGE's transmission
system to connect regional resources across a common market, such
as hydropower and wind facilities in the Pacific Northwest and
solar facilities in California and
the desert Southwest.
EDAM builds on proven platform
The EDAM extends the success of CAISO's Western Energy Imbalance
Market (WEIM), a real-time, wholesale energy market that PGE joined
in 2017 and that produces cost savings for PGE customers. The WEIM
has enabled more integration of renewable power and improved grid
reliability by increasing operational visibility across the market
footprint and coordinating transmission dispatch.
In addition to PGE, other utilities that have signaled intent to
pursue participation in the EDAM are PacifiCorp, which serves
customers in California and five
other Western states, the Los Angeles Department of Water and Power
and the Balancing Area of Northern
California, which includes the Sacramento Municipal Utility
District.
About Portland General Electric Company:
Portland General Electric (NYSE: POR) is an integrated energy
company that generates, transmits and distributes electricity to
over 930,000 customers serving an area of 1.9 million Oregonians.
For more than 130 years, Portland General Electric (PGE) has
powered social progress, delivering safe, affordable, reliable and
increasingly clean electricity while working to transform energy
systems to meet evolving customer needs. PGE customers have set the
standard for prioritizing clean energy with the No. 1 voluntary
renewable energy program in the country. PGE is committed to
reducing emissions from its retail power supply by 80% by 2030 and
100% by 2040. PGE is recognized by the Bloomberg Gender-Equality
Index for the company's commitment to creating a more equal,
inclusive workplace. In 2023, PGE employees, retirees and the PGE
Foundation donated nearly $4.6
million and volunteered over 23,000 volunteer hours to more
than 400 nonprofit organizations.
For information:
portlandgeneral.com/news.
For media inquiries contact:/ Para obtener más información
comuníquese con:
PGE Communications Team, 503-495-4174,
pgecommunications@pgn.com
Safe Harbor Statement:
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 statements regarding
the impact of EDAM participation on power supply costs, emissions
reductions and grid reliability, Portland General Electric's energy
strategy for future periods, the implementation and outcome that
strategy, 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. 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.
CONTACTS:
PGE Communications
PGECommunications@pgn.com
Source: Portland General Company
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SOURCE Portland General Company