[8-K] PORTLAND GENERAL ELECTRIC CO /OR/ Reports Material Event

Portland General Electric (POR) announced that the Oregon regulator approved cost recovery for its Seaside Battery Energy Storage System.

Rhea-AI Filing Summary

Portland General Electric (POR) announced that the Oregon regulator approved cost recovery for its Seaside Battery Energy Storage System. The order sets a $220 million rate base increase, net of an estimated $125 million Investment Tax Credit, and authorizes a 9.34% return on equity.

The decision raises PGE’s annual revenue requirement by $42 million excluding Net Variable Power Costs, compared with the company’s closing-brief request of $46 million. For the remainder of 2025, the order adds a $6 million revenue requirement inclusive of NVPC customer benefits. It also adopts an earnings test at the authorized ROE with a deferral mechanism to track Seaside revenues and refund excess earnings if applicable. Seaside’s NVPC will flow through Annual Update Tariff filings starting in 2026, and the Seaside revenue requirement will be reflected in customer prices effective October 31, 2025.

Insights

Regulated Utilities Analyst

Regulatory order approves Seaside recovery with $220M rate base and 9.34% ROE.

PGE received approval to recover Seaside BESS costs via a $220 million rate base addition and an authorized 9.34% ROE. The order lifts the annual revenue requirement by $42 million (ex-NVPC) and adds $6 million for the rest of 2025 including NVPC benefits.

The order includes an earnings test at the authorized ROE, implemented through a deferral to track Seaside revenues and refund excess earnings if triggered. NVPC treatment moves through the Annual Update Tariff from 2026 onward, aligning power cost variability with existing mechanisms.

Customer prices will reflect the Seaside revenue requirement starting October 31, 2025. Actual financial effects will depend on load, NVPC outcomes, and the earnings test over the period disclosed.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

What did PGE (POR) secure from the Oregon regulator regarding Seaside?

Approval to recover Seaside BESS costs with a $220 million rate base increase and an authorized 9.34% ROE.

How much does the order increase PGE’s annual revenue requirement?

An increase of $42 million excluding NVPC, compared to PGE’s $46 million request at closing briefs.

What is the near-term 2025 revenue impact for PGE from the Seaside order?

A $6 million revenue requirement increase for the remainder of 2025, inclusive of NVPC customer benefits.

When will PGE customer prices reflect the Seaside revenue requirement?

Prices will include the Seaside revenue requirement effective October 31, 2025.

How will NVPC for Seaside be handled going forward?

Seaside’s NVPC is included in PGE’s Annual Update Tariff filings for 2026 and onward.

Does the order include any earnings safeguards for customers?

Yes. It adopts an earnings test at the authorized ROE with a deferral to track Seaside revenues and refund excess earnings if applicable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/22/2025 - 08:34 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

            

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2025

PORTLAND GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
Oregon			001-5532-99			93-0256820
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer                Identification No.)

121 SW Salmon Street, Portland, Oregon 97204

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (503) 464-8000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

(Title of class)			(Trading Symbol)			(Name of exchange on which registered)
Common Stock, no par value			POR			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 8.01    Other Events.

On October 21, 2025, the Public Utility Commission of Oregon (OPUC) issued an Order (Order 25-417) in Portland General Electric’s (PGE, or the Company) request to recover the revenue requirement associated with the Seaside Battery Energy Storage System (Seaside) filed on May 30, 2025 (OPUC Docket UE 455). The Order was supported by a memorandum of understanding (MOU) entered into between PGE and key regulatory stakeholders. The MOU guided the recovery proceeding for Seaside, PGE’s largest standalone battery storage project which has been serving customers since July 2025.

The Order calls for the following:

•a rate base increase of $220 million, net of estimated Investment Tax Credit benefits of $125 million;

•9.34% return on equity (ROE);

•an annual revenue requirement increase of $42 million, excluding impacts related to Net Variable Power Costs (NVPC), compared to PGE’s filed request of $46 million at closing briefs.

The Order also results in a $6 million revenue requirement increase for the remainder of 2025, inclusive of NVPC customer benefits. Seaside’s NVPC is included in PGE’s Annual Update Tariff (AUT) filings for 2026 (OPUC docket UE 452) and onward.

Other key items in the Order include:

•The adoption of an earnings test at PGE’s authorized ROE, implemented via a deferral to track Seaside revenues and refund excess earnings, if applicable.

The Seaside revenue requirement will be included in customer prices effective October 31, 2025.

More information about the Seaside filing (OPUC Docket UE 455) is available on the OPUC website at www.oregon.gov/puc.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PORTLAND GENERAL ELECTRIC COMPANY

(Registrant)

Date:

October 22, 2025

By:

/s/ Joseph R. Trpik

Joseph R. Trpik

Senior Vice President, Finance  and Chief Financial Officer

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