Portland General Electric (NYSE: POR) details $218M rate base and $57M revenue hike

Rhea-AI Filing Summary

Portland General Electric has reached a stipulation with key stakeholders in Oregon that would resolve most issues in its request to recover investments under its Distribution System Plan Alternative Recovery Mechanism. The agreement, supported by a memorandum of understanding, provides for a $218 million rate base increase and a $57 million annual revenue requirement increase, below the company’s original $72 million request, with a 9.34% return on equity consistent with its last rate case.

Most of the $15 million revenue adjustment is temporary, and the company may seek recovery of related investments in its next general rate case, which cannot take effect before May 1, 2027. The stipulation still requires approval from the Oregon Public Utility Commission, which is targeting an order in March 2026, with new customer prices expected to take effect April 1, 2026.

Insights

Regulated utilities analyst

PGE outlines a stipulated rate and revenue increase tied to grid investments, pending Oregon regulator approval.

Portland General Electric and intervenors agreed on a framework to recover Distribution System Plan investments through an Alternative Recovery Mechanism. The stipulation includes a $218 million rate base increase and a $57 million annual revenue requirement increase, compared with the company’s original $72 million request, while keeping the allowed return on equity at 9.34%, aligned with the last rate case.

About 87% of the $15 million reduction in the revenue requirement versus the filing is temporary, and the company may seek recovery of those amounts in its next general rate case, where the earliest possible effective date is May 1, 2027. The agreement focuses the recovery mechanism on specific capital investments in the Distribution System Plan docket that support network modernization, reliability, and clean and distributed energy integration.

The stipulation still depends on approval by the Oregon Public Utility Commission. The procedural schedule in Docket UE 459 anticipates an order in March 2026 and customer prices effective April 1, 2026, so the actual impact will hinge on the final order’s alignment with the stipulated terms.

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.

Understanding 8-K Material Events →

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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): December 23, 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)	(IRS Employer Identification No.)
121 SW Salmon Street
Portland, Oregon				97204
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 503 464-8000

(Former Name or Former Address, if Changed Since Last Report)

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 each class		Trading Symbol(s)		Name of each 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 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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 December 23, 2025, Portland General Electric (PGE, or the Company) and certain intervening parties (Stipulating Parties) submitted a stipulation to the Public Utility Commission of Oregon (OPUC) reflecting an agreement that resolves all issues, with the exception of the application of an earnings test as proposed by intervening parties, in PGE's request for recovery in UE 459 related to the Company’s Distribution System Plan (DSP) Alternative Recovery Mechanism (ARM). The settlement and submitted stipulation were supported by a memorandum of understanding (MOU) entered into between PGE and key regulatory stakeholders. The MOU limited the scope of the ARM to specific capital investments included in the DSP docket (UM 2362) filed December 2024, which enable network modernization, reliable customer service and integration of clean energy and distributed energy resources.

Primary components of the stipulation include:

•A rate base increase of $218 million;

•9.34% return on equity (ROE) per the MOU reflecting PGE's last rate case;

•An annual revenue requirement increase of $57 million, compared to PGE's filed request of $72 million.

Of the $15 million of revenue requirement adjustments, approximately 87% are temporary in nature, allowing PGE to seek recovery of associated investments as applicable in its next general rate case (GRC). These adjustments are driven primarily by non-distribution investments and are not attributable to specific assets. Per the previously noted MOU reached with stakeholders, the earliest possible rate effective date of PGE's next GRC is May 1, 2027.

The terms of the stipulation remain subject subject to OPUC approval. The OPUC has adopted a procedural schedule for the regulatory review process in Docket UE 459 that anticipates an order in March 2026, with customer prices effective April 1, 2026. PGE cannot predict the ultimate outcome of the regulatory process.

More information about the DSP ARM is available on the OPUC website at www.oregon.gov/puc.

SIGNATURES

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 hereunto duly authorized.

			PORTLAND GENERAL ELECTRIC COMPANY
Date:	December 23, 2025	By:	/s/ Joseph R. Trpik
			Joseph R. Trpik Senior Vice President, Finance and Chief Financial Officer

FAQ

What regulatory agreement did Portland General Electric (POR) disclose in this filing?

Portland General Electric disclosed a stipulation with intervening parties in Oregon that resolves nearly all issues in its request to recover investments under its Distribution System Plan Alternative Recovery Mechanism, subject to Public Utility Commission approval.

How much additional annual revenue is Portland General Electric seeking under the stipulation?

The stipulation provides for an annual revenue requirement increase of $57 million, compared with Portland General Electric’s original request of $72 million.

What rate base and return on equity are included in Portland General Electric’s ARM stipulation?

The stipulation includes a $218 million rate base increase and a 9.34% return on equity, consistent with Portland General Electric’s last general rate case.

When could the new rates from Portland General Electric’s ARM stipulation take effect?

The regulatory schedule anticipates an Oregon Public Utility Commission order in March 2026, with customer prices becoming effective on April 1, 2026, assuming the stipulation is approved.

How much of the revenue reduction versus Portland General Electric’s request is temporary?

Of the $15 million difference between the filed revenue requirement and the stipulated amount, approximately 87% is temporary, and the company may seek recovery in its next general rate case.

What future rate case timing did Portland General Electric reference?

Portland General Electric noted that, under the memorandum of understanding with stakeholders, the earliest possible rate effective date for its next general rate case is May 1, 2027.