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@portlandgeneral
Plan will retire more than 600 fossil fuel-powered vehicles and deploy more than 600 electric vehicles over the next 10 years
PORTLAND, Ore., Sept. 24, 2020 —Today, Portland General Electric (NYSE: PGE) announced plans to electrify more than 60% of its entire fleet by 2030, including electrifying 100% of the utility’s Class 1 vehicles—such as sedans, SUVs, and small pickups—as well as forklifts, by 2025. This commitment is part of PGE’s ongoing efforts to advance transportation electrification in Oregon.
“The future of transportation in Oregon is electric. We are taking this ambitious approach for our industry because we hope to pave the way for others to commit to bold fleet electrification advancements,” said Aaron Milano, Transportation Electrification Manager at Portland General Electric. “As we electrify our fleet in the years ahead, we are also committed to making electric fuel more accessible to everyone. We will apply our own experiences to help our customers large and small—from working with businesses and cities to electrify their fleets, to incentivizing home charging for residential customers.”
Today, PGE’s fleet contains 1,167 vehicles across 27 different facilities, including 91 electric vehicles currently in use. This new commitment will retire more than 600 fossil fuel-powered vehicles and deploy more than 600 electric vehicles over the next 10 years.
By 2030, PGE’s fleet will contain 61% electric vehicles:
- 100% electric Class 1 vehicles (by 2025)
- Examples: sedans, SUVs, small pickups
- 70% electric light-duty Class 2 vehicles
- Examples: pickups, large SUVs, vans
- 40% electric medium-duty vehicles
- Examples: flatbeds, service bodies, large vans and bucket trucks
- 30% electric heavy-duty vehicles
- Examples: digger derricks, bucket trucks and dump trucks
This plan is specific to electrified vehicles with a plug, including battery electric vehicles (BEVs), plug-in hybrids (PHEVs) and anti-idle job site work systems, such as electric power take-off (ePTO) systems.
Transportation is the single biggest source of greenhouse gas emissions in Oregon and a major source of other air pollutants. Electric vehicles not only reduce emissions by up to 100% compared to diesel powered vehicles—electricity is also less expensive than diesel and prices are more stable over time. Other benefits include improved local air quality, increased safety because it is easier for crews to hear one another in a quieter vehicle and reduced operating costs.
In the pursuit of a clean energy future, Portland General Electric is committed to reducing transportation-related emissions by accelerating access to — and adoption of — electric vehicles for everyone. PGE is also deeply committed to supporting all Oregonians, across industries, in their transition to electric vehicles, from electrifying school buses and public transportation across the state, supporting electric vehicle charging infrastructure and education programs, and working with the Oregon Clean Fuels program to provide grants to community organizations, nonprofits and businesses for electric vehicle adoption .
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About Portland General Electric Company: Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves 901,000 customers with a service area population of 1.9 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.
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 include statements concerning implementation of the company’s plans as they relate to electric vehicles; statements concerning the anticipated benefits of fleet electrification; 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, or the abandonment of capital projects; 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 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.