Portland General Electric, a Fortune 1000 public utility company based in Portland, Oregon, is absorbing at least $104 million after two employees entered into “ill conceived” trades in 2020.
PGE stated on August 24 that the loss occurred from trades in wholesale electricity markets. The trades caused its annual earning projection to drop by 47%. The employees executed the trades during PGE’s third quarter. And the trades could total up to $155 million depending on future economic conditions.
PGE placed two employees on administrative leave, allowing time for board members and external experts to review the situation. Consequently, the company’s stock dropped 8.4%, a low point for the company in comparison to the past year.
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