Portland General Electric

Portland General Electric (PGE) is a regulated electric utility based in Portland, Oregon. It generates, transmits and distributes electricity to 962,000 retail customers in northwest Oregon, in an area with about 2 million residents. Its power comes from its own hydro, natural gas and wind plants and from power that it buys.

The Public Utility Commission of Oregon (OPUC) sets its rates. Demand from high-tech companies and data centers grows fast: industrial deliveries grew 11% in Q2 2026. Oregon law (HB 2021) requires PGE to cut the emissions of the power that it sells by 80% by 2030, with further targets for 2035 and 2040.

The market prices PGE for regulatory risk in Oregon and for a very large need for new investment. On September 25, 2026, the OPUC approved the PGE plan for a holding company only with conditions that limit dividends based on retained earnings and credit ratings. PGE says that these conditions could limit its ability to fund its investments, and it does not plan to form the holding company unless the OPUC changes them. At the same time, PGE plans to buy the Washington utility business of PacifiCorp, with about 140,000 customers, for $1.9 billion.

Its October 2026 resource plan also identifies 3,377 to 6,747 megawatts of new resources needed by 2030. These plans need much new debt and new shares. PGE says that its growth plan does not depend on the holding company. For the gap to close, PGE must earn 2026 adjusted EPS within its $3.18 to $3.28 guidance, which it lowered in October 2026 because of mild weather, and it must keep its long-term EPS growth target of 5% to 7%.

The OPUC must change or clarify the holding company conditions, as PGE asked after the order, or PGE must find another way to fund its plan at a fair cost. The Washington purchase must receive its approvals, and the 2027 rate case must end with a fair return. The OPUC response, the FERC decision on the Washington purchase that PGE asked for by December 15, 2026, and the Q4 2026 report in early 2027 give the next evidence. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is an Oregon regulator that keeps strict limits while PGE must invest heavily.

1. Oct 29, 2026Failed

   Q3 2026 earnings: guidance and holding company planAdjusted EPS on track for the $3.33 to $3.53 guidance and a clear path on the holding company conditions pass; a guidance cut fails.Outcome: PGE lowered its 2026 adjusted EPS guidance to $3.18 to $3.28 after the mildest Q3 in a decade, although it kept its long-term growth targets.
2. Q4 2026 · est.Due this quarter

   OPUC response on the holding company conditionsA change or clarification of the dividend conditions that lets PGE form the holding company passes; an unchanged order fails.
3. Jan 29, 2027 · est.Pending

   Q4 2026 earnings: 2026 result and 2027 guidance2026 adjusted EPS within $3.18 to $3.28 and 2027 guidance in line with the 5% to 7% long-term growth target pass; a result below the range or a lower growth target fails.
4. 2027 · est.Pending

   Approvals for the Washington purchaseApproval by the Washington commission and the other regulators on acceptable terms passes; a rejection or costly conditions fail.

Every passed and failed checkpoint across all picks

• October 29, 2026PGE reported Q3 2026 results. Net income was $119 million, or $1.00 per share, and non-GAAP EPS was $1.06, compared with $1.00 a year earlier. The mildest Q3 in a decade lowered EPS by $0.15 compared with Q3 2025. Industrial demand grew 9% on a weather-adjusted basis. PGE lowered its 2026 adjusted EPS guidance to $3.18 to $3.28 from $3.33 to $3.53 because of the weather, and it kept its long-term targets of 5% to 7% growth in EPS and dividends. It asked the OPUC to clarify or change two conditions of the holding company order. It signed build-transfer agreements for two solar and battery projects, Biglow and Salmonfly, with planned investments of about $900 million and $853 million.
• October 29, 2026PGE agreed to add two solar and battery projects of 615 megawatts in total, the last purchases from its 2023 all-source request for proposals. It will build and own the Biglow Optimization project in Sherman County, Oregon, with 125 megawatts of solar and 125 megawatts of batteries, for about $540 million before financing costs. It will own 110 megawatts of solar and 65 megawatts of batteries in the Wheatridge Expansion in Morrow County, Oregon, with NextEra Energy, for about $490 million. Both projects are due to start at the end of 2027. PGE disclosed this in its Q3 2026 10-Q.
• October 15, 2026PGE filed its 2026 Clean Energy Plan and Integrated Resource Plan with the OPUC. One portfolio needs 3,377 megawatts of new resources by 2030 and more than 5,000 megawatts by 2032. A portfolio that meets the current HB 2021 emission targets needs 6,747 megawatts by 2030 and more than 9,000 megawatts by 2032. The plan also calls for more transmission.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · por-20260930
• 8-KOther company newsFiled October 16, 2026 · por-20261015
• 8-KOther company newsFiled September 28, 2026 · por-20260925
• 8-KInvestor disclosureFiled August 12, 2026 · por-20260812
• 8-KEarnings release and Investor disclosureFiled July 31, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · por-20260630
• 8-KInvestor disclosureFiled May 12, 2026 · por-20260512
• 8-KEarnings release and Investor disclosureFiled May 1, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · por-20260331

Every filing on SEC EDGAR (CIK 784977)

• The OPUC holding company order limits dividends tied to retained earnings and credit ratings. PGE says that such conditions could limit its ability to fund needed investment, and a long dispute delays its financing plans.
• The Washington purchase needs $1.9 billion of financing, and the resource plan needs thousands of megawatts of new resources. More debt and new shares can lower the growth in EPS.
• Wildfires in Oregon can cause large damage and lawsuits, and PGE spends more each year on wildfire mitigation.
• Earnings depend on hydro conditions, power prices and weather. Mild weather lowered Q3 2026 EPS by $0.15 compared with a year earlier, and PGE lowered its 2026 guidance. A dry year or high market prices can raise power costs above what customer prices recover.

PGE funds itself with first mortgage bonds, bank term loans, commercial paper and new shares. At September 30, 2026, long-term debt was $5.01 billion with no current maturities, and PGE had no commercial paper outstanding. Read more

Yield at the current rate

4.8% (current annual rate, at today’s price)

Dividend yield

4.7% (last 12 months, at today’s price of $46.02)

Paid per share

$2.152 in the last 12 months (4 payments)

Current annual rate

$2.204 ($0.551 × 4 a year)

Payout ratio

75% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 25, 2026, $0.551 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.5% a year. From 2015 to 2025, the dividend grew by about 5.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.