Portland General Electric (POR) will raise its quarterly dividend by 6.6 percent to $0.3625 per share in the second quarter of 2018. This marks the 12th consecutive year of dividend increases by the company.

The dividend is payable on or before July 16, 2018, to shareholders of record at the close of business on June 25, 2018. The new dividend yield is 3.4%.

“Today’s declaration marks our twelfth consecutive annual dividend increase since going public in 2006,” said Maria Pope, PGE’s president and CEO. “It is reflective of our commitment to provide a competitive return for our investors; strong business fundamentals; and long-term growth as we deliver reliable and clean energy and invest in a more resilient and secure grid.”

The company’s dividend is approved quarterly by the board of directors based on financial performance, capital requirements and other factors influencing dividend decisions. Over the long term, PGE targets a sustainable annual dividend increase of five to seven percent and a dividend payout ratio of 50 to 70 percent.

Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. The company has natural gas-fired generating facilities  and operates wind farms and hydroelectric projects.