After battling the pandemic, civil unrest, trading losses and historic wildfires last year, Portland General Electric (PGE) survived last week with wind, ice and snow storms that ravaged its territory.

PGE CEO Maria Pope during a fourth quarter earnings conference call on Friday said Oregon’s largest power utility dealt with “punishing winds, ice, and snow,” that knocked out electricity to one-third of its customer base.

“The ice was particularly punishing to trees and power lines,” she said of last week’s storms.

The past 12 months have “tested us like never before,” Pope said. Last August’s energy trading positions resulted in losses that were short in the desert Southwest and California power markets and long in the Pacific Northwest power markets. The...