Portland General Electric Company (PGE) submitted its 2026 Clean Energy Plan and Integrated Resource Plan to the Public Utility Commission of Oregon on October 15, 2026. The plans evaluate two potential resource pathways: one balancing continued emissions reductions with reliability and affordability, and another designed to meet Oregon’s current HB 2021 emissions requirements while maintaining reliability. The first identifies 3,377 MW of resource additions needed by 2030 and over 5,000 MW by 2032; the second identifies 6,747 MW needed by 2030 to meet an 80% emissions reduction target and over 9,000 MW by 2032 to stay on track toward the 2035 and 2040 targets.
Expected additions from PGE’s ongoing 2025 All-Source Request for Proposals, or other procurement outside the RFP, are expected to satisfy a portion of the incremental needs under either pathway. The plans also identify transmission capacity expansion as important to reliability, projected customer demand, and access to geographically diverse resources and regional markets. PGE continues advocacy for a holding company structure, which it says could help maintain access to cost-effective capital. PGE and parties will work through regulatory review during the coming months; PGE cannot predict the outcome.
Portland General Electric Company says the Oregon Public Utility Commission issued a final order on September 25, 2026, addressing its application to reorganize under a holding company structure. The order includes a rate credit and other customer benefits totaling approximately $83 million, which the company supports; those benefits will not be implemented unless it proceeds with the reorganization.
The order imposes conditions that depart from the stipulation agreed to by the company and OPUC staff. Portland General Electric says the stipulation's terms were consistent with traditional holding-company structures approved in Oregon and elsewhere and, in some cases, were more stringent. The order also restricts ordinary-course activities, including dividends tied to retained earnings and credit ratings. The company says these conditions may not be feasible and could limit investments to maintain system reliability, meet regulatory mandates, acquire clean energy, serve forecasted customer demand and advance infrastructure projects. It is evaluating reconsideration, clarification or judicial review, and does not expect to proceed unless the provisions are clarified or modified. At this time, it is unable to estimate the order's full financial impact.
Portland General Electric Company entered into a stipulation with Staff of the Public Utility Commission of Oregon in Docket UM 2385 recommending approval of PGE’s application to implement a holding company structure. The stipulation resolves issues between PGE and OPUC Staff, subject to review and approval by the Commission.
The stipulation includes a $45 million monetary commitment, with $40 million to be provided as a rate credit to customers over three years and $5 million directed to community-based renewable energy projects, arrearage management programs, workforce development for clean energy trades, and access to natural features in Oregon. PGE agrees to multiple enforceable commitments, including limits on seeking rate recovery of acquisition premiums and related costs, restrictions on funding or asset transfers above $1 million to certain subsidiaries without OPUC approval, maintaining service quality and separate credit ratings, keeping PGE’s common equity at or above 45%, maintaining interest coverage and a qualified asset pool to support First Mortgage Bonds, holding customers harmless from certain holding company-related costs, creating a Golden Share of preferred stock to protect in a holding company bankruptcy, providing regulatory access to books and records, and honoring existing labor agreements. The procedural schedule targets an OPUC decision on August 25, 2026. FERC has approved the structure, and formation of the holding company also requires shareholder approval via a special meeting planned for 2026.
Vanguard Capital Management LLC, together with certain affiliates, reports beneficial ownership of Portland General Electric Co common stock on a Schedule 13G. The group holds 6,187,990 shares, representing 5.34% of the class, as of June 30, 2026.
Vanguard has sole voting power over 950,974 shares and sole dispositive power over all 6,187,990 shares, with no shared voting or dispositive power. The holdings include securities held by various Vanguard funds and managed accounts for which Vanguard exercises voting and/or dispositive authority, and no single other person’s interest exceeds 5% of the class.
Portland General Electric Company reported second quarter 2026 GAAP net income of $68 million, or $0.59 per diluted share, on revenues of $814 million. Non‑GAAP net income was $74 million, or $0.64 per diluted share, compared with $73 million, or $0.66, a year earlier.
Performance reflected industrial load growth of 11.2% while residential and commercial loads were relatively flat, lower operations and maintenance expense, and higher depreciation, interest and power costs tied to continued capital investment. Management stated results were consistent with expectations and reaffirmed full‑year 2026 adjusted EPS guidance of $3.33 to $3.53 per diluted share.
Regulatory developments included approval of a New Large Load Tariff that raises data‑center and other large‑load prices by about 30% while lowering rates for other customers, plans to file a 2027 general rate case targeting an overall 4.8% price increase partly offset by a forecast 2.4% reduction in net variable power costs, and continued progress on a proposed holding‑company structure and Washington utility acquisition. The board approved a quarterly dividend of 55.125 cents per share, payable on or before October 15, 2026.
Portland General Electric reported Q2 2026 total revenues of $814 million and net income of $68 million, or $0.59 per diluted share, modestly above Q2 2025. For the first six months, total revenues were $1,693 million and net income declined to $113 million from $162 million, with diluted EPS of $0.97 versus $1.47.
Total assets were $13,643 million and long‑term debt was $4,928 million as of June 30, 2026, while shareholders’ equity was $4,123 million. Operating cash flow for the first half was $488 million, down from $567 million, alongside $650 million of capital expenditures.
The company is pursuing a $1.9 billion cash acquisition of PacifiCorp’s Washington regulated retail business, covering about 140,000 customers, to be financed through a mix of debt, equity and up to $600 million from minority partner Manulife. PGE also recorded a $20 million liability tied to its share of Portland Harbor Superfund remediation, deferred under its regulatory recovery mechanism, and continues to defer significant storm, reliability and wildfire mitigation costs subject to regulatory review.
ClearBridge Investments entities report a significant ownership position in Portland General Electric common stock. ClearBridge Investments, LLC, ClearBridge Investments Limited, and ClearBridge Investments (North America) Pty Ltd collectively report beneficial ownership of 6,363,146 shares of Portland General Electric Company common stock, representing 5.5% of the class as of June 30, 2026.
Across these entities, there is sole voting power over 196,691; 5,440,815; and 653,269 shares, respectively, and no shared voting power. Sole dispositive power is reported over 196,902; 5,512,975; and 653,269 shares, with no shared dispositive power. The shares are held for investment management clients of the ClearBridge entities, which are indirect wholly owned subsidiaries of Franklin Resources, Inc. The filing explains that voting and investment powers are exercised independently from Franklin Resources and its other affiliates, and ClearBridge disclaims any pecuniary interest and beneficial ownership beyond what is attributed under Rule 13d-3.
Portland General Electric Co director Patricia Salas Pineda received a grant of 3,073 shares of common stock on July 24, 2026 as an annual non-employee director equity award. The award shares are fully vested and were valued at the closing market price of $52.05 per share. Following this grant, Pineda directly holds 15,266 shares of Portland General Electric common stock. The transaction was reported as a grant/award acquisition, not an open-market purchase, and was not made under a Rule 10b5-1 trading plan.
Portland General Electric Company reported that director John H. O'Leary acquired 3,073 shares of common stock on July 24, 2026, as a fully vested annual non-employee director equity award at $52.05 per share, increasing his direct holdings to 11,972 shares.
Millegan Michael reported acquisition or exercise transactions in this Form 4 filing.
Portland General Electric granted director Michael Millegan 3,073 shares of common stock on July 24, 2026 as a fully vested annual non-employee director equity award, valued at the $52.05 closing market price per share that day. Following this grant, he directly owns 23,763 shares of the company’s common stock.