Portland General Electric announces acquisition of Washington state utility operations and select assets from PacifiCorp, 2025 financial results and initiates 2026 earnings guidance
Rhea-AI Summary
Portland General Electric (NYSE: POR) agreed to acquire select Washington utility operations and assets from PacifiCorp for $1.9 billion, expanding service to ~140,000 Washington customers and expecting first-year accretion. PGE reported 2025 GAAP EPS $2.77 and initiated 2026 adjusted EPS guidance $3.33–$3.53.
PGE also announced agreements for 615 MW of solar + battery projects (425 MW company-owned), reaffirmed 5%–7% long-term EPS growth, and declared a quarterly dividend of $0.525 payable April 15, 2026.
Positive
- Acquisition of Washington utility operations for $1.9 billion
- Expected first-year accretion to earnings after close
- 2026 adjusted EPS guidance of $3.33–$3.53 per share
- 615 MW of solar + battery projects agreed, 425 MW company-owned
- Quarterly dividend $0.525 payable April 15, 2026
Negative
- 2025 GAAP EPS declined to $2.77 from $3.01 in 2024
- Historic fourth-quarter weather reduced earnings by $0.17
- Capital expenditures $1.655 billion in 2026 guidance (cash strain risk)
- Operating and maintenance plus wildfire/vegetation costs included in $820–$840M O&M range
News Market Reaction – POR
On the day this news was published, POR declined 2.67%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
POR gained 2.86% while peers were mixed: IDA +2.24%, MGEE +1.39%, NWE +1.22%, but ENIC and TXNM declined. No peers appeared in the momentum scanner, pointing to a stock-specific reaction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 13 | Dividend declaration | Positive | +2.9% | Board approved a quarterly dividend of $0.525 per share. |
| Jan 20 | Earnings call scheduling | Neutral | +1.1% | Company scheduled Q4 and full-year 2025 earnings release and call. |
| Oct 31 | Quarterly earnings | Positive | -0.3% | Q3 2025 results with industrial load growth and reaffirmed guidance. |
| Oct 22 | Dividend declaration | Positive | +1.0% | Announced quarterly $0.525 dividend and 60–70% payout target. |
| Oct 08 | Growth project news | Positive | +0.2% | Announced GridCARE project enabling over 400 MW data center capacity. |
Recent POR news (dividends, growth and earnings updates) mostly saw modest positive price reactions, with one slight pullback on an earnings release despite positive operational metrics.
Over the past several months, Portland General Electric has highlighted steady dividend payouts of $0.525 per share, ongoing data center-driven load growth, and solid quarterly earnings. Q3 2025 results showed higher industrial demand and reaffirmed 2025 adjusted EPS guidance, while an October 2025 announcement with GridCARE emphasized expanding data center capacity beyond 400 MW by 2029. Against this backdrop of regulated growth and capital investment, today’s acquisition, capacity additions, and 2025 results extend the utility’s story of industrial demand growth and expanding infrastructure.
Regulatory & Risk Context
The company has an active automatic shelf registration (form S-3ASR) filed on 2025-07-25, effective through 2028-07-25, with 2 recorded 424B5 takedowns. Specific remaining capacity or dollar amounts were not provided.
Market Pulse Summary
This announcement combines a $1.9 billion Washington utility acquisition, 2025 GAAP EPS of $2.77, non‑GAAP EPS of $3.05, and 2026 adjusted EPS guidance of $3.33–$3.53. It underscores ongoing industrial demand strength and a large capital program, including 615 MW of solar-plus-BESS projects and planned $1,655 million of 2026 capex. Investors may track regulatory approvals, integration of acquired assets, execution on new capacity, and management’s ability to maintain its stated 5–7% long‑term EPS growth framework.
Key Terms
non-gaap financial
bess technical
ppa financial
afudc financial
AI-generated analysis. Not financial advice.
- PGE partners with Manulife Investment Management for acquisition of PacifiCorp's
Washington utility operations for$1.9 billion - Reached agreements to construct two solar and battery hybrid projects for a total of 615 MW, with 425 MW Company-owned
- Initiating 2026 adjusted earnings guidance of
$3.33 $3.53 5% to7% long-term earnings per share growth - Full-year 2025 GAAP financial results of
$2.77 $3.05 14% year-over-year industrial demand growth, offset by historic fourth quarter weather that reduced earnings by17 cents - PGE to host a conference call and webcast today, February 17, at 8:00am Eastern Time
"We are excited for the opportunity to continue to grow, expanding into
Under the agreement, PGE will acquire three generation facilities: the
Central to this acquisition is PGE's partnership with Manulife Infrastructure Fund III, L.P. and its affiliates including John Hancock Life Insurance Company (
PGE will manage the
Lazard served as lead financial advisor and provided a fairness opinion to Portland General Electric. Barclays, J.P. Morgan and Citi also served as financial advisors to Portland General Electric. Latham & Watkins served as legal advisor to Portland General Electric. Goldman Sachs & Co. LLC served as financial advisor to Manulife Investment Management. Simpson Thacher & Bartlett LLP served as legal advisor to Manulife Investment Management.
Find more information on Manulife Investment Management, visit https://www.manulifeim.com/institutional/us/en
2025 Financial Results
Today, PGE also reported net income based on generally accepted accounting principles (GAAP) of
This compares with GAAP net income of
GAAP net income was
2025 Earnings Compared to 2024 Earnings
On a GAAP basis, total revenues increased, driven by continued demand growth from data center and high-tech customers and improved cost recovery. Purchased power and fuel expense declined slightly, reflecting stable market conditions and lower commodity prices. Operating and maintenance expenses remained largely flat. Depreciation and amortization expense and interest expense increased due to ongoing capital investment. Income tax expense increased primarily due to lower production tax credit benefits.
Additional Company Updates
High-tech and Data Center Growth
In 2025 and the first part of 2026, PGE executed five contracts with data center customers for 430 MW. The contracts build on PGE's track record of strong industrial demand, which has grown at a
Resource Procurement
2023 Request for Proposals (RFP) - After a robust and competitive bidding and negotiating process as part of the 2023 RFP, PGE has entered into agreements to construct two solar and battery hybrid projects for a total of 615 MWs. Agreements for the PGE-owned resources include:
- Biglow Optimization - 125 MW solar facility and 125 MW BESS located in
Sherman County, Oregon , with an investment of approximately$540 million - Wheatridge Expansion - 240 MW solar facility and 125 MW BESS located in
Morrow County, Oregon . PGE will own 110 MW of solar and 65 MW of BESS production capacity with an investment of approximately$490 million
Additional Procurement Activities - PGE has also entered into the following agreements:
- Meadowlark BESS - a 20-year storage capacity agreement for a 200 MW BESS located in
Washington County, Oregon . This project will be owned by Copenhagen Infrastructure Partners, LLC and has an estimated commercial operation date at the end of 2027. - Nottingham BESS - a 20-year storage capacity agreement for a 200 MW BESS located in
Washington County, Oregon . This project has an estimated commercial operation date in 2028.
2025 Request for Proposals - PGE plans to file a request for acknowledgement of the final shortlist of bidders for the 2025 All-source RFP to the Public Utility Commission of
PGE is proceeding to commercial negotiations with projects on the final shortlist, prioritizing those that include renewable generation, have a viable pathway to achieve commercial operations earlier in the 2028 - 2030 eligibility period and to maximize tax credits to reduce project costs. The ultimate outcome of the RFP process may involve the selection of multiple projects for both renewable and non-emitting dispatchable capacity resources, which PGE expects will be approximately 2,500 MW in total.
Quarterly Dividend
As previously announced, on February 13, 2026, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of
2026 Earnings Guidance
PGE is reaffirming
PGE is also initiating full-year 2026 adjusted earnings guidance of
- An increase in energy deliveries between
2.5% and3.5% , weather adjusted; - Execution of power cost and financing plans;
- Execution of operating cost controls;
- Normal temperatures in its utility service area;
- Hydro conditions for the year that reflect current estimates;
- Wind generation based on five years of historical levels or forecast studies when historical data is not available;
- Normal thermal plant operations;
- Operating and maintenance expense between
$820 million $840 million $155 million $15 million - Depreciation and amortization expense between
$560 million $580 million - Effective tax rate of
15% to20% ; - Cash from operations of
$1,000 $1,200 million - Capital expenditures of
$1,655 million - Average construction work in progress balance of
$850 million
Business Update, Fourth Quarter and Full-Year 2025 Earnings Call and Webcast — Feb. 17, 2026
PGE will host a conference call with financial analysts and investors on Tuesday, February 17, 2026, at 8 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website "Events & Presentations" page beginning at 2 p.m. ET on February 17, 2026. This conference call will replace the previously scheduled conference call on February 20, 2026.
Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Nick White, Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.
Non-GAAP Financial Measures
This press release contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides an alternative measure of the Company's comparative earnings per share and enables investors to evaluate the Company's operating financial performance trends, exclusive of items that are not normally associated with ongoing operations. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:
- Business transformation and optimization expenses, including strategic advisory, workforce realignment and corporate structure update costs
- Non-deferrable Reliability Contingency Event (RCE) costs resulting from the January 2024 winter storm
Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company's GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.
PGE's reconciliation of non-GAAP earnings for the years ended December 31, 2025 and December 31, 2024 and the quarter ended December 31, 2025, are below.
Non-GAAP Earnings Reconciliation for the year ended December 31, 2025 | ||
(Dollars in millions, except EPS) | Net Income | Diluted EPS |
GAAP as reported for the year ended December 31, 2025 | $ 306 | $ 2.77 |
Exclusion of business transformation and optimization expenses | 42 | 0.38 |
Tax effect (1) | (12) | (0.10) |
Non-GAAP as reported for the year ended December 31, 2025 | $ 336 | $ 3.05 |
Non-GAAP Earnings Reconciliation for the year ended December 31, 2024 | ||
(Dollars in millions, except EPS) | Net Income | Diluted EPS |
GAAP as reported for the year ended December 31, 2024 | $ 313 | $ 3.01 |
Exclusion of January 2024 storm costs | 19 | 0.18 |
Tax effect (1) | (5) | (0.05) |
Non-GAAP as reported for the year ended December 31, 2024 | $ 327 | $ 3.14 |
Non-GAAP Earnings Reconciliation for the quarter ended December 31, 2025 | ||
(Dollars in millions, except EPS) | Net Income | Diluted EPS |
GAAP as reported for the quarter ended December 31, 2025 | $ 41 | $ 0.36 |
Exclusion of business transformation and optimization expenses | 17 | 0.15 |
Tax effect (1) | (5) | (0.04) |
Non-GAAP as reported for the quarter ended December 31, 2025 | $ 53 | $ 0.47 |
(1) Tax effects were determined based on the Company's full-year blended federal and state statutory rate. |
About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester
Safe Harbor Statement
Statements in this press 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. These forward-looking statements represent our estimates and assumptions as of the date of this report, and the Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors. Investors should not rely unduly on any forward-looking statements. Forward-looking statements include statements, other than statements of historical or current fact, regarding the Company's earnings guidance (including all the assumptions and expectations upon which such guidance is based), the Company's proposed purchase of electric utility operations and certain assets in
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Such risks, uncertainties and other factors include, without limitation: the timing or outcome of various legal and regulatory actions; closing of the Acquisition being delayed or not occurring at all due to regulatory approvals not being obtained or other closing conditions not being fulfilled; opposition of the Acquisition from special interest groups; the Acquisition may encounter unanticipated delays or be postponed or canceled due to the occurrence of any event, change or other circumstance or condition that could give rise to the delay or termination of the Acquisition; the ability of the Company and Manulife Investment Management to obtain financing and remain invested in the acquired business; successful integration of the acquired business and the Company's ability to achieve the anticipated benefits of the Acquisition within the expected timeframe; the acquired assets not performing as expected; the Company assuming unexpected risks, liabilities and obligations of the acquired assets; significant transaction costs associated with the Acquisition; the risk that disruptions from the Acquisition will harm the businesses, including current plans and operations; the ability to retain and/or hire key personnel to successfully operate and integrate the acquired assets; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Acquisition; new or revised governmental policies, executive orders, legislative actions, and regulatory audits, investigations and actions; uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers; general economic conditions; trade tariffs; rising inflation; volatility in interest rates; changes in the tax code and treatment of tax credits; risks and uncertainties related to current or future All-Source Request for Proposals; changing customer expectations and choices that may reduce customer demand; natural or human-caused disasters and other risks or events that disrupt PGE operations, damage PGE facilities and systems, cause the release of harmful materials, cause fires, and subject the Company to liability; ignitions caused by PGE assets or PGE's ability to effectively implement a Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk or implement effective system hardening programs; impacts from legislative action on wildfire-related liability; operational factors affecting the Company's power generating and battery storage facilities; default or nonperformance on the part of any parties from whom PGE purchases fuel, capacity or energy; complications arising from PGE's jointly-owned plant; delays in the supply chain and increased supply costs; failure to complete capital projects on schedule or within budget; failure to obtain permits necessary to operate the business; PGE's ability to complete negotiations on contracts for capital projects; failure of counterparties to perform under agreements for capital projects; abandonment of capital projects; volatility in wholesale power and natural gas prices; changes in the availability and price of wholesale power and fuels; changes in capital market conditions; future laws, regulations and proceedings that could increase the Company's costs of operating its thermal generating plants; changes in, and compliance with, and general uncertainty surrounding environmental laws and policies; the effects of climate change, whether global or local in nature; changes in customer growth or demographic patterns; changes in the Company's or Manulife Investment Management credit ratings, any of which could impact cost of capital and access to capital markets to support requirements for funding the Acquisition, working capital, construction of capital projects, repayments of maturing debt, and stock-based compensation plans; the effectiveness of PGE's risk management policies and procedures; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts internally or to third parties; reputational damage from negative publicity, protests, fines, penalties and other negative consequences; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover; failure to achieve the Company's greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; acts of war, terrorism or civil disruption; and those risks, uncertainties, and other factors identified in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission (SEC)and available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com.
POR
Source: Portland General Company
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
(Dollars in millions, except per share amounts) | ||||||||||||
(Unaudited) | ||||||||||||
Years Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Revenues: | ||||||||||||
Revenues, net | $ | 3,555 | $ | 3,480 | $ | 2,912 | ||||||
Alternative revenue programs, net of amortization | 21 | (40) | 11 | |||||||||
Total Revenues | 3,576 | 3,440 | 2,923 | |||||||||
Operating expenses: | ||||||||||||
Purchased power and fuel | 1,411 | 1,418 | 1,190 | |||||||||
Generation, transmission and distribution | 450 | 436 | 374 | |||||||||
Administrative and other | 392 | 403 | 341 | |||||||||
Depreciation and amortization | 578 | 496 | 458 | |||||||||
Taxes other than income taxes | 190 | 175 | 164 | |||||||||
Total operating expenses | 3,021 | 2,928 | 2,527 | |||||||||
Income from operations | 555 | 512 | 396 | |||||||||
Interest expense, net | 232 | 211 | 173 | |||||||||
Other income: | ||||||||||||
Allowance for equity funds used during construction | 18 | 23 | 19 | |||||||||
Miscellaneous income, net | 18 | 26 | 31 | |||||||||
Other income, net | 36 | 49 | 50 | |||||||||
Income before income taxes | 359 | 350 | 273 | |||||||||
Income tax expense | 53 | 37 | 45 | |||||||||
Net income | $ | 306 | $ | 313 | $ | 228 | ||||||
Weighted-average shares outstanding (in thousands): | ||||||||||||
Basic | 110,471 | 103,946 | 97,760 | |||||||||
Diluted | 110,739 | 104,159 | 97,952 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ | 2.77 | $ | 3.02 | $ | 2.33 | ||||||
Diluted | $ | 2.77 | $ | 3.01 | $ | 2.33 | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In millions) | ||||||||
(Unaudited) | ||||||||
As of December 31, | ||||||||
2025 | 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 76 | $ | 12 | ||||
Accounts receivable, net | 460 | 456 | ||||||
Inventories, at average cost: | ||||||||
Materials and supplies | 99 | 92 | ||||||
Fuel | 25 | 22 | ||||||
Regulatory assets—current | 168 | 205 | ||||||
Other current assets | 244 | 238 | ||||||
Total current assets | 1,072 | 1,025 | ||||||
Electric utility plant: | ||||||||
In service | 15,996 | 14,863 | ||||||
Accumulated depreciation and amortization | (5,419) | (5,085) | ||||||
In service, net | 10,577 | 9,778 | ||||||
Construction work-in-progress | 416 | 567 | ||||||
Electric utility plant, net | 10,993 | 10,345 | ||||||
Regulatory assets—noncurrent | 619 | 632 | ||||||
Nuclear decommissioning trust | 42 | 30 | ||||||
Non-qualified benefit plan trust | 36 | 34 | ||||||
Other noncurrent assets | 468 | 478 | ||||||
Total assets | $ | 13,230 | $ | 12,544 | ||||
CONSOLIDATED BALANCE SHEETS, continued | ||||||||
(In millions, except share amounts) | ||||||||
(Unaudited) | ||||||||
As of December 31, | ||||||||
2025 | 2024 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 330 | $ | 365 | ||||
Liabilities from price risk management activities—current | 158 | 147 | ||||||
Current portion of long-term debt | — | 170 | ||||||
Current portion of finance lease obligations | 27 | 27 | ||||||
Accrued expenses and other current liabilities | 478 | 410 | ||||||
Total current liabilities | 993 | 1,119 | ||||||
Long-term debt, net of current portion | 4,662 | 4,354 | ||||||
Regulatory liabilities—noncurrent | 1,490 | 1,440 | ||||||
Deferred income taxes | 601 | 564 | ||||||
Deferred investment tax credits | 194 | 61 | ||||||
Unfunded status of pension and postretirement plans | 107 | 140 | ||||||
Liabilities from price risk management activities—noncurrent | 56 | 72 | ||||||
Asset retirement obligations | 299 | 292 | ||||||
Non-qualified benefit plan liabilities | 70 | 74 | ||||||
Finance lease obligations, net of current portion | 263 | 276 | ||||||
Other noncurrent liabilities | 362 | 358 | ||||||
Total liabilities | 9,097 | 8,750 | ||||||
Commitments and contingencies (see notes) | ||||||||
Shareholders' equity: | ||||||||
Preferred stock, no par value, 30,000,000 shares authorized; | — | — | ||||||
Common stock, no par value, 160,000,000 shares authorized; | 2,382 | 2,118 | ||||||
Accumulated other comprehensive loss | (4) | (4) | ||||||
Retained earnings | 1,755 | 1,680 | ||||||
Total shareholders' equity | 4,133 | 3,794 | ||||||
Total liabilities and shareholders' equity | $ | 13,230 | $ | 12,544 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
Years Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 306 | $ | 313 | $ | 228 | ||||||
Adjustments to reconcile net income to net cash | ||||||||||||
Depreciation and amortization | 578 | 496 | 458 | |||||||||
Deferred income taxes | 37 | 23 | 8 | |||||||||
Allowance for equity funds used during construction | (18) | (23) | (19) | |||||||||
Pension and other postretirement benefits | 12 | 6 | 5 | |||||||||
Alternative revenue programs | (21) | 40 | (11) | |||||||||
Stock-based compensation | 16 | 24 | 17 | |||||||||
Regulatory assets | 24 | (126) | 20 | |||||||||
Regulatory liabilities | (21) | (20) | 24 | |||||||||
Tax credit sales | 179 | 112 | 24 | |||||||||
Other non-cash income and expenses, net | 64 | 57 | 40 | |||||||||
Changes in working capital: | ||||||||||||
Accounts receivable and unbilled revenues | (16) | (66) | (29) | |||||||||
Margin deposits | 9 | (33) | 24 | |||||||||
Accounts payable and accrued liabilities | 44 | 47 | (166) | |||||||||
Margin deposits from wholesale counterparties | 16 | — | (135) | |||||||||
Other working capital items, net | (10) | (12) | (20) | |||||||||
Contribution to pension and other postretirement | (24) | (19) | (14) | |||||||||
Contribution to non-qualified employee benefit trust | (10) | (10) | (7) | |||||||||
Asset retirement obligation settlements | (13) | (16) | (25) | |||||||||
Other, net | (34) | (15) | (2) | |||||||||
Net cash provided by operating activities | 1,118 | 778 | 420 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (1,189) | (1,268) | (1,358) | |||||||||
Purchases of nuclear decommissioning trust securities | (9) | (8) | (1) | |||||||||
Sales of nuclear decommissioning trust securities | 4 | 2 | 1 | |||||||||
Other, net | (2) | (23) | — | |||||||||
Net cash used in investing activities | (1,196) | (1,297) | (1,358) | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued | ||||||||||||
(In millions) | ||||||||||||
(Unaudited) | ||||||||||||
Years Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of long-term debt | $ | 310 | $ | 670 | $ | 600 | ||||||
Payments on long-term debt | (170) | (130) | (260) | |||||||||
Proceeds from issuances of common stock, net of | 250 | 346 | 485 | |||||||||
Issuance (maturities) of commercial paper, net | — | (146) | 146 | |||||||||
Dividends paid | (225) | (200) | (179) | |||||||||
Other | (23) | (14) | (14) | |||||||||
Net cash provided by financing activities | 142 | 526 | 778 | |||||||||
Change in cash and cash equivalents | 64 | 7 | (160) | |||||||||
Cash and cash equivalents, beginning of year | 12 | 5 | 165 | |||||||||
Cash and cash equivalents, end of year | $ | 76 | $ | 12 | $ | 5 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid (received) for: | ||||||||||||
Interest, net of amounts capitalized | $ | 198 | $ | 174 | $ | 136 | ||||||
Income taxes, net | (162) | (90) | 12 | |||||||||
Non-cash investing and financing activities: | ||||||||||||
Accrued capital additions | 126 | 184 | 212 | |||||||||
Accrued dividends payable | 63 | 57 | 51 | |||||||||
SUPPLEMENTAL OPERATING STATISTICS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2025 | 2024 | 2023 | ||||||||||||||||||||||
Retail revenues (1) (dollars in millions): | ||||||||||||||||||||||||
Residential | $ | 1,486 | 48 | % | $ | 1,457 | 51 | % | $ | 1,263 | 52 | % | ||||||||||||
Commercial | 985 | 32 | 924 | 33 | 808 | 33 | ||||||||||||||||||
Industrial | 561 | 18 | 458 | 16 | 368 | 15 | ||||||||||||||||||
Subtotal | 3,032 | 98 | % | 2,839 | 100 | % | 2,439 | 100 | % | |||||||||||||||
Alternative revenue programs, net of | 21 | 1 | (40) | (1) | 11 | — | ||||||||||||||||||
Other accrued (deferred) revenues, net | 17 | 1 | 16 | 1 | (3) | — | ||||||||||||||||||
Total retail revenues | $ | 3,070 | 100 | % | $ | 2,815 | 100 | % | $ | 2,447 | 100 | % | ||||||||||||
Retail energy deliveries (2) (MWh in | ||||||||||||||||||||||||
Residential | 7,596 | 34 | % | 7,732 | 36 | % | 7,952 | 37 | % | |||||||||||||||
Commercial | 7,015 | 31 | 7,024 | 32 | 7,178 | 34 | ||||||||||||||||||
Industrial | 7,919 | 35 | 6,941 | 32 | 6,293 | 29 | ||||||||||||||||||
Total retail energy deliveries | 22,530 | 100 | % | 21,697 | 100 | % | 21,423 | 100 | % | |||||||||||||||
Average number of retail customers: | ||||||||||||||||||||||||
Residential | 840,457 | 88 | % | 829,721 | 88 | % | 815,920 | 88 | % | |||||||||||||||
Commercial | 114,912 | 12 | 113,942 | 12 | 112,667 | 12 | ||||||||||||||||||
Industrial | 286 | — | 281 | — | 273 | — | ||||||||||||||||||
Total | 955,655 | 100 | % | 943,944 | 100 | % | 928,860 | 100 | % | |||||||||||||||
SUPPLEMENTAL OPERATING STATISTICS, continued | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Heating Degree-Days | Cooling Degree-Days | |||||||||||||||||||||||
2025 | 2024 | 15-Year | 2025 | 2024 | 15-Year | |||||||||||||||||||
1st quarter | 1,772 | 1,755 | 1,819 | 4 | — | — | ||||||||||||||||||
2nd quarter | 464 | 547 | 606 | 102 | 108 | 109 | ||||||||||||||||||
3rd quarter | 19 | 36 | 60 | 588 | 643 | 521 | ||||||||||||||||||
4th quarter | 1,294 | 1,324 | 1,502 | — | — | 6 | ||||||||||||||||||
Total | 3,549 | 3,662 | 3,987 | 694 | 751 | 636 | ||||||||||||||||||
Increase (decrease) from the 15-year | (11) | % | (8) | % | 9 | % | 18 | % | ||||||||||||||||
Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport). |
Years Ended December 31, | ||||||||||||||||
2025 | 2024 | |||||||||||||||
Sources of energy (MWh in thousands): | ||||||||||||||||
Generation: | ||||||||||||||||
Thermal: | ||||||||||||||||
Natural gas | 11,424 | 37 | % | 10,939 | 36 | % | ||||||||||
Coal | 1,936 | 6 | 1,910 | 6 | ||||||||||||
Total thermal | 13,360 | 43 | 12,849 | 42 | ||||||||||||
Hydro | 1,205 | 4 | 1,267 | 4 | ||||||||||||
Wind | 2,711 | 9 | 2,922 | 10 | ||||||||||||
Total generation | 17,276 | 56 | 17,038 | 56 | ||||||||||||
Purchased power: | ||||||||||||||||
Hydro | 7,431 | 24 | 6,752 | 22 | ||||||||||||
Wind | 1,195 | 4 | 1,386 | 5 | ||||||||||||
Solar | 1,415 | 5 | 1,119 | 4 | ||||||||||||
Natural Gas | 885 | 3 | 94 | — | ||||||||||||
Waste, Wood and Landfill Gas | 107 | — | 170 | 1 | ||||||||||||
Source not specified | 2,539 | 8 | 3,789 | 12 | ||||||||||||
Total purchased power | 13,572 | 44 | 13,310 | 44 | ||||||||||||
Total system load | 30,848 | 100 | % | 30,348 | 100 | % | ||||||||||
Less: wholesale sales | (9,383) | (9,722) | ||||||||||||||
Retail load requirement | 21,465 | 20,626 | ||||||||||||||
Media Contact: | Investor Contact: |
Drew Hanson | Nick White |
Corporate Communications | Investor Relations |
Phone: 503-464-2067 | Phone: 503-464-8073 |
View original content:SOURCE Portland General Company
FAQ
What does Portland General Electric's (POR) $1.9 billion Washington acquisition include and when will it close?
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