---
title: "Portland General Electric Announces Second Quarter 2026 Results | POR Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294484666.md"
description: "Portland General Electric (POR) reported Q2 2026 GAAP net income of $68 million ($0.59/share), consistent with guidance, driven by 11% industrial demand growth. The company reaffirmed full-year adjusted earnings guidance of $3.33-$3.53 per share. Key updates include a new large load tariff increasing data center rates by ~30%, a proposed holding company structure, and a 4.8% general rate case filing for 2027. A quarterly dividend of $0.55125 per share was approved."
datetime: "2026-07-31T01:00:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294484666.md)
  - [en](https://longbridge.com/en/news/294484666.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294484666.md)
---

# Portland General Electric Announces Second Quarter 2026 Results | POR Stock News

-   _Second quarter financial results were consistent with guidance and reflect strong operational execution_
-   _Industrial customer demand grew 11% year-over-year, driven by continued growth from high-tech and data center customers_
-   _Reaffirming 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share_

, /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported second quarter 2026 net income of $68 million, or $0.59 per diluted share, on a generally accepted accounting principles (GAAP) basis. After adjusting for business transformation, optimization and acquisition expenses, second quarter 2026 non-GAAP net income was $74 million, or $0.64 per diluted share. This compares with second quarter 2025 GAAP net income of $62 million, or $0.56 per diluted share, and non-GAAP net income of $73 million, or $0.66 per diluted share.

"Affordability remains a national focus, and we have taken proactive steps to address customer cost pressures while supporting continued economic growth in our region. The approval of our large customer tariff reflects several years of legislative and regulatory work. It results in data center pricing increasing by approximately 30%, while lowering costs for all other customers," said Maria Pope, President and CEO. "As we enter the second half of 2026, we are focused on operational execution, meeting the opportunities of continued customer growth, and advancing major regulatory proceedings including our holding company and Washington acquisition filings."

**Second Quarter 2026 Earnings Compared to Second Quarter 2025 Earnings**

On a GAAP basis, total revenues increased due to higher cost recovery and increased energy deliveries, primarily driven by continued industrial load growth of 11.2%, while residential and commercial loads were relatively flat year over year. Purchased power and fuel expense increased due to expected intra-year timing differences between power cost recognition and revenue collections. Operations and maintenance expense decreased, reflecting ongoing cost management efforts, while depreciation and interest expense increased due to continued capital investment in the system.

**Additional Company Updates**

**Regulatory Update**

The New Large Load Tariff (docket UM 2377) was approved by the OPUC in May 2026 and established a new rate class for large load customers. It also established an important framework that better aligns infrastructure costs with the customers driving new system growth while helping reduce costs for residential and small business customers. New prices became effective July 8, 2026, which included an average rate increase of approximately 30% for data center and other new large load customers, while lowering rates for all other customers.

**Corporate Structure / Holding Company Update**

PGE continued to advance its proposed holding company structure, with OPUC Staff recommending approval of the proposal, subject to certain conditions. The proposed structure is expected to enhance financing flexibility and support continued investment in clean energy, reliability, and infrastructure needed to serve customers over time.

**General Rate Case**

Next week, PGE will file its 2027 general rate case with the OPUC. As proposed, the case would result in an approximate 4.8% overall increase relative to currently approved prices. If approved, new rates would take effect July 1, 2027. This increase is expected to be partially offset by lower net variable power costs in 2027, which are addressed separately through the Annual Power Cost Update Tariff, and are currently forecasted to reduce customer prices by approximately 2.4% beginning January 1, 2027.

**2025 All-Source Request for Proposals**

The OPUC acknowledged our 2025 RFP final shortlist on May 26, 2026, marking an important milestone in the resource procurement process. We are now moving into commercial negotiations and expect to execute contracts by early 2027, subject to final negotiations and Board approvals.

**Quarterly Dividend**

As previously announced, on July 24, 2026, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of 55.125 cents per share. The quarterly dividend is payable on or before October 15, 2026 to shareholders of record at the close of business on September 25, 2026.

**2026 Earnings Guidance**

PGE is reaffirming its estimate for full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share based on the following assumptions:

-   An increase in energy deliveries between 1.5% and 2.5%, weather adjusted;
-   Execution of power cost and financing plans;
-   Execution of operating cost management plan;
-   Normal temperatures in its utility service area for the remainder of the year;
-   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 $810 million and $830 million which includes approximately $150 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $26 million of business transformation, optimization and acquisition expenses and $4 million of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event;
-   Depreciation and amortization expense between $570 million and $590 million;
-   Effective tax rate of 15% to 20%;
-   Cash from operations of $1,000 to $1,200 million;
-   Capital expenditures of $1,655 million; and
-   Average construction work in progress balance of $780 million.

**S****econd Quarter 2026 Earnings Call and Webcast — July 31, 2026**

PGE will host a conference call with financial analysts and investors on Friday, July 31, 2026, at 11 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 July 31, 2026.

Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Erin Schwartz, Senior 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, corporate structure update costs and Washington acquisition related expenses including legal, financing and strategic advisory costs.

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 quarters ended June 30, 2026 is below.

**Non-GAAP Earnings Reconciliation for the quarter ended June 30, 2026**

**(Dollars in millions, except EPS)**

**Net Income**

**Diluted EPS**

**GAAP as reported for the quarter ended June 30, 2026**

$ 68

$ 0.59

Exclusion of business transformation, optimization and acquisition expenses

8

0.07

Tax effect (1)

(2)

(0.02)

**Non-GAAP as reported for the quarter ended June 30, 2026**

$ 74

$ 0.64

(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 U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.

**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 PGE 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 PGE's earnings guidance (including all the assumptions and expectations upon which such guidance is based), PGE's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), and PGE's operating and financing plans, as well as other statements containing words such as "anticipates," "assumptions," "believes," "continue," "could," "estimates," "expected," "forecast," "guidance," "may," "plans," "proposed," "seeks," "should," "will," "working to," or similar expressions.

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: wildfire and public safety risks, including ignitions caused by PGE assets, the effectiveness of wildfire mitigation, vegetation management, and system hardening, the ability to implement public safety power shutoffs (PSPS), related liability exposure, and the timing and extent of regulatory cost recovery; severe weather, climate, and catastrophe risks, including extreme or unseasonable weather and other natural or human caused disasters that could endanger public safety, disrupt operations, damage assets, limit access to power or fuel supplies, increase costs, or adversely affect cost recovery; electric system operational risks, including forced outages, fires, equipment failures, adverse hydro or wind conditions, fuel supply disruptions, and complications at jointly owned facilities, resulting in increased costs or the need to procure replacement power; power and fuel supply and price risks, including availability, counterparty nonperformance, and volatility in wholesale electricity, natural gas, coal, and other fuel markets; regulatory, legislative, and policy risks, including new or revised laws, regulations, executive actions, audits, investigations, and proceedings that could affect rates, cost recovery, operations, capital plans, or financial results; Acquisition risks, including risks related to regulatory approvals, financing and joint‑venture arrangements, integration and operational execution, cost recovery, and the possibility that the anticipated benefits of the Acquisition are delayed, not realized, or cost more than expected; environmental compliance and permitting risks, including evolving environmental laws and permitting requirements and site specific remediation obligations, such as Superfund liabilities, where uncertainties regarding remediation scope, cost allocation, litigation, and regulatory cost recovery could result in material costs or adversely affect PGE's financial position, results of operations, or cash flows; capital investment and execution risks, including supply chain disruptions, cost inflation, labor constraints, permitting delays, contractual disputes, counterparty failures, or project abandonment, which could impair timely completion or cost recovery; load growth and demand uncertainty, including accelerated or uneven growth from large customers such as data centers, changes in customer usage patterns, variability in demand driven by weather variations, and reduced consumption or load shifting resulting from price increases, energy efficiency measures or other changes in customer behavior; customer choice and market structure risks, including reduced demand or usage shifts due to distributed generation or increased procurement from alternative providers, such as registered Electricity Service Suppliers (ESSs) or community choice aggregation programs; cybersecurity and physical security risks, including cyberattacks, data breaches, physical attacks, the use or misuse of artificial intelligence technologies, or other malicious acts that could damage assets, disrupt systems, or result in the disclosure of sensitive information; geopolitical and macroeconomic risks, including acts of war, terrorism, or civil unrest—such as the escalation of US operations in the Middle East—that could disrupt energy markets or supply chains, increase costs, or contribute to volatility in capital markets, inflation, or interest rates; economic and financial market risks, including availability and cost of capital, interest rate and equity market volatility, inflation, and trade tariffs affecting operating or capital costs; legal and litigation risks, including the timing and outcome of judicial, administrative, or regulatory proceedings, which may result in material liabilities or costs; workforce and labor risks, including labor strikes, work stoppages, collective bargaining disputes, the ability to attract and retain skilled employees, and transitions in senior management; resource procurement and All-Source Request for Proposals (RFP) project risks, including uncertainties related to the availability, cost, permitting, financing, and performance of resources selected through RFP or other regulatory processes and associated regulatory and counterparty risks; insurance availability and cost, particularly for wildfire or catastrophe related coverage; accounting, tax, and policy changes, including changes in accounting standards, tax laws, or regulatory accounting policies that could affect reported results or cash flows; and the other risks and uncertainties set forth in PGE's Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC.

Source: Portland General Electric Company

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

(Dollars in millions, except per share amounts)

(Unaudited)

  

  

  

**Three Months Ended**

**June** **30,**

  

  

**Six Months Ended**

**June** **30,**

  

  

  

**2026**

  

  

**2025**

  

  

**2026**

  

  

**2025**

  

**Revenues:**

  

  

  

  

  

  

  

  

  

  

  

  

Revenues, net

  

$

811

  

  

$

798

  

  

$

1,674

  

  

$

1,730

  

Alternative revenue programs, net of amortization

  

  

3

  

  

  

9

  

  

  

19

  

  

  

5

  

Total revenues

  

  

814

  

  

  

807

  

  

  

1,693

  

  

  

1,735

  

**Operating expenses:**

  

  

  

  

  

  

  

  

  

  

  

  

Purchased power and fuel

  

  

296

  

  

  

294

  

  

  

657

  

  

  

662

  

Generation, transmission and distribution

  

  

112

  

  

  

114

  

  

  

222

  

  

  

224

  

Administrative and other

  

  

90

  

  

  

96

  

  

  

196

  

  

  

192

  

Depreciation and amortization

  

  

143

  

  

  

139

  

  

  

287

  

  

  

279

  

Taxes other than income taxes

  

  

52

  

  

  

46

  

  

  

103

  

  

  

92

  

Total operating expenses

  

  

693

  

  

  

689

  

  

  

1,465

  

  

  

1,449

  

**Income from operations**

  

  

**121**

  

  

  

**118**

  

  

  

**228**

  

  

  

**286**

  

**Interest expense, net**

  

  

61

  

  

  

57

  

  

  

121

  

  

  

113

  

**Other income:**

  

  

  

  

  

  

  

  

  

  

  

  

Allowance for equity funds used during construction

  

  

6

  

  

  

6

  

  

  

9

  

  

  

11

  

Miscellaneous income, net

  

  

14

  

  

  

7

  

  

  

18

  

  

  

12

  

Other income, net

  

  

20

  

  

  

13

  

  

  

27

  

  

  

23

  

**Income before income tax expense**

  

  

**80**

  

  

  

**74**

  

  

  

**134**

  

  

  

**196**

  

Income tax expense

  

  

12

  

  

  

12

  

  

  

21

  

  

  

34

  

**Net income and Comprehensive income**

  

**$**

**68**

  

  

**$**

**62**

  

  

**$**

**113**

  

  

**$**

**162**

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Weighted-average common shares outstanding (in thousands):

  

  

  

  

  

  

  

  

  

  

  

  

Basic

  

  

115,733

  

  

  

109,522

  

  

  

115,687

  

  

  

109,473

  

Diluted

  

  

116,376

  

  

  

109,765

  

  

  

116,285

  

  

  

109,725

  

  

  

  

  

  

  

  

  

  

  

  

  

  

**Earnings per share:**

  

  

  

  

  

  

  

  

  

  

  

  

Basic

  

$

0.59

  

  

$

0.56

  

  

$

0.97

  

  

$

1.48

  

Diluted

  

$

0.59

  

  

$

0.56

  

  

$

0.97

  

  

$

1.47

  

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(In millions)

(Unaudited)

  

  

  

**June** **30,**

**2026**

  

  

**December** **31,**

**2025**

  

**ASSETS**

  

  

  

  

  

  

**Current assets:**

  

  

  

  

  

  

Cash and cash equivalents

  

$

35

  

  

$

76

  

Accounts receivable, net

  

  

410

  

  

  

460

  

Inventories

  

  

126

  

  

  

124

  

Regulatory assets—current

  

  

255

  

  

  

168

  

Other current assets

  

  

218

  

  

  

244

  

**Total current assets**

  

  

**1,044**

  

  

  

**1,072**

  

Electric utility plant, net

  

  

11,535

  

  

  

10,993

  

Regulatory assets—noncurrent

  

  

521

  

  

  

619

  

Nuclear decommissioning trust

  

  

46

  

  

  

42

  

Non-qualified benefit plan trust

  

  

38

  

  

  

36

  

Other noncurrent assets

  

  

459

  

  

  

468

  

**Total assets**

  

**$**

**13,643**

  

  

**$**

**13,230**

  

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS, continued**

(In millions, except share amounts)

(Unaudited)

  

  

  

**June** **30,**

**2026**

  

  

**December** **31,**

**2025**

  

**LIABILITIES AND SHAREHOLDERS' EQUITY**

  

  

  

  

  

  

**Current liabilities:**

  

  

  

  

  

  

Accounts payable

  

$

451

  

  

$

330

  

Liabilities from price risk management activities—current

  

  

140

  

  

  

158

  

Current portion of finance lease obligation

  

  

27

  

  

  

27

  

Accrued expenses and other current liabilities

  

  

451

  

  

  

478

  

**Total current liabilities**

  

  

**1,069**

  

  

  

**993**

  

Long-term debt, net of current portion

  

  

4,928

  

  

  

4,662

  

Regulatory liabilities—noncurrent

  

  

1,507

  

  

  

1,490

  

Deferred income taxes

  

  

639

  

  

  

601

  

Deferred investment tax credits

  

  

190

  

  

  

194

  

Unfunded status of pension and postretirement plans

  

  

94

  

  

  

107

  

Liabilities from price risk management activities—noncurrent

  

  

66

  

  

  

56

  

Asset retirement obligations

  

  

301

  

  

  

299

  

Non-qualified benefit plan liabilities

  

  

67

  

  

  

70

  

Finance lease obligations, net of current portion

  

  

256

  

  

  

263

  

Other noncurrent liabilities

  

  

403

  

  

  

362

  

**Total liabilities**

  

  

**9,520**

  

  

  

**9,097**

  

**Commitments and contingencies (see notes)**

  

  

  

  

  

  

**Shareholders' Equity:**

  

  

  

  

  

  

Preferred stock, no par value, 30,000,000 shares authorized; none issued and  
outstanding as of June 30, 2026 and December 31, 2025

  

  

—

  

  

  

—

  

Common stock, no par value, 160,000,000 shares authorized; 115,785,254  
and 115,559,079 shares issued and outstanding as of June 30, 2026 and  
December 31, 2025, respectively

  

  

2,385

  

  

  

2,382

  

Accumulated other comprehensive loss

  

  

(4)

  

  

  

(4)

  

Retained earnings

  

  

1,742

  

  

  

1,755

  

**Total shareholders' equity**

  

  

**4,123**

  

  

  

**4,133**

  

**Total liabilities and shareholders' equity**

  

**$**

**13,643**

  

  

**$**

**13,230**

  

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In millions)

(Unaudited)

  

  

  

**Six Months Ended June** **30,**

  

  

  

**2026**

  

  

**2025**

  

**Cash flows from operating activities:**

  

  

  

  

  

  

Net income

  

$

113

  

  

$

162

  

Adjustments to reconcile net income to net cash provided by operating activities:

  

  

  

  

  

  

Depreciation and amortization

  

  

287

  

  

  

279

  

Deferred income taxes

  

  

13

  

  

  

25

  

Allowance for equity funds used during construction

  

  

(9)

  

  

  

(11)

  

Alternative revenue programs

  

  

(19)

  

  

  

(5)

  

Regulatory assets

  

  

3

  

  

  

(3)

  

Regulatory liabilities

  

  

4

  

  

  

(16)

  

Tax credit sales

  

  

12

  

  

  

13

  

Other non-cash income and expenses, net

  

  

61

  

  

  

49

  

Changes in working capital:

  

  

  

  

  

  

Accounts receivable, net

  

  

47

  

  

  

52

  

Inventories

  

  

(2)

  

  

  

(9)

  

Margin deposits

  

  

50

  

  

  

85

  

Accounts payable and accrued liabilities

  

  

(53)

  

  

  

(35)

  

Margin deposits from wholesale counterparties

  

  

8

  

  

  

—

  

Other working capital items, net

  

  

12

  

  

  

22

  

Other, net

  

  

(39)

  

  

  

(41)

  

**Net cash provided by operating activities**

  

  

**488**

  

  

  

**567**

  

**Cash flows from investing activities:**

  

  

  

  

  

  

Capital expenditures

  

  

(635)

  

  

  

(596)

  

Sales of Nuclear decommissioning trust securities

  

  

3

  

  

  

1

  

Purchases of Nuclear decommissioning trust securities

  

  

(3)

  

  

  

(3)

  

Other, net

  

  

(15)

  

  

  

(11)

  

**Net cash used in investing activities**

  

  

**(650)**

  

  

  

**(609)**

  

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued**

(In millions)

(Unaudited)

  

  

  

**Six Months Ended June** **30,**

  

  

  

**2026**

  

  

**2025**

  

**Cash flows from financing activities:**

  

  

  

  

  

  

Proceeds from issuance of long-term debt

  

$

270

  

  

$

310

  

Payments on long-term debt

  

  

—

  

  

  

(102)

  

Dividends paid

  

  

(120)

  

  

  

(109)

  

Other

  

  

(29)

  

  

  

(13)

  

**Net cash provided by financing activities**

  

  

**121**

  

  

  

**86**

  

**Change in cash and cash equivalents**

  

  

**(41)**

  

  

  

**44**

  

**Cash and cash equivalents, beginning of period**

  

  

**76**

  

  

  

**12**

  

**Cash and cash equivalents, end of period**

  

**$**

**35**

  

  

**$**

**56**

  

**Supplemental cash flow information is as follows:**

  

  

  

  

  

  

Cash paid for interest, net of amounts capitalized

  

$

103

  

  

$

94

  

Cash received for income taxes, net

  

  

(2)

  

  

  

(3)

  

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**SUPPLEMENTAL OPERATING STATISTICS**

(Unaudited)

  

  

  

**Three Months Ended June** **30,**

  

  

**Six Months Ended June** **30,**

  

  

  

**2026**

  

  

**2025**

  

  

**2026**

  

  

**2025**

  

Retail:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Residential

  

$

334

  

  

  

41

%

  

$

311

  

  

  

39

%

  

$

728

  

  

  

43

%

  

$

740

  

  

  

43

%

Commercial

  

  

248

  

  

  

31

  

  

  

234

  

  

  

29

  

  

  

483

  

  

  

29

  

  

  

476

  

  

  

27

  

Industrial

  

  

156

  

  

  

19

  

  

  

128

  

  

  

16

  

  

  

295

  

  

  

17

  

  

  

255

  

  

  

15

  

Subtotal

  

  

738

  

  

  

91

  

  

  

673

  

  

  

84

  

  

  

1,506

  

  

  

89

  

  

  

1,471

  

  

  

85

  

Direct access:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Commercial

  

  

4

  

  

  

—

  

  

  

4

  

  

  

—

  

  

  

7

  

  

  

—

  

  

  

8

  

  

  

—

  

Industrial

  

  

8

  

  

  

1

  

  

  

6

  

  

  

1

  

  

  

14

  

  

  

1

  

  

  

11

  

  

  

1

  

Subtotal

  

  

12

  

  

  

1

  

  

  

10

  

  

  

1

  

  

  

21

  

  

  

1

  

  

  

19

  

  

  

1

  

Subtotal Retail

  

  

750

  

  

  

92

  

  

  

683

  

  

  

85

  

  

  

1,527

  

  

  

90

  

  

  

1,490

  

  

  

86

  

Alternative revenue programs, net of amortization

  

  

3

  

  

  

0

  

  

  

9

  

  

  

1

  

  

  

19

  

  

  

1

  

  

  

5

  

  

  

—

  

Other accrued revenues, net

  

  

(2)

  

  

  

—

  

  

  

6

  

  

  

—

  

  

  

(5)

  

  

  

—

  

  

  

10

  

  

  

1

  

Total retail revenues

  

  

751

  

  

  

92

  

  

  

698

  

  

  

86

  

  

  

1,541

  

  

  

91

  

  

  

1,505

  

  

  

87

  

Wholesale revenues

  

  

39

  

  

  

5

  

  

  

88

  

  

  

11

  

  

  

102

  

  

  

6

  

  

  

188

  

  

  

11

  

Other operating revenues

  

  

24

  

  

  

3

  

  

  

21

  

  

  

3

  

  

  

50

  

  

  

3

  

  

  

42

  

  

  

2

  

Total revenues

  

$

814

  

  

  

100

%

  

$

807

  

  

  

100

%

  

$

1,693

  

  

  

100

%

  

$

1,735

  

  

  

100

%

  

  

  

**Three Months Ended June** **30,**

  

  

**Six Months Ended June** **30,**

  

  

  

**2026**

  

  

**2025**

  

  

**%**  
**Change**

  

  

**%  
****Change  
(Weather-  
Adjusted)**

  

  

**2026**

  

  

**2025**

  

  

**%**  
**Change**

  

  

**%  
Change  
(Weather-  
Adjusted)\***

  

**Energy deliveries:**

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Retail:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Residential

  

  

1,591

  

  

  

1,571

  

  

  

1.3

%

  

  

(1.4)

%

  

  

3,678

  

  

  

3,797

  

  

  

(3.1)

%

  

  

(3.3)

%

Commercial

  

  

1,529

  

  

  

1,546

  

  

  

(1.1)

  

  

  

(2.0)

  

  

  

3,123

  

  

  

3,178

  

  

  

(1.7)

  

  

  

(1.8)

  

Industrial

  

  

1,633

  

  

  

1,416

  

  

  

15.3

  

  

  

15.2

  

  

  

3,161

  

  

  

2,814

  

  

  

12.3

  

  

  

12.3

  

Subtotal

  

  

4,753

  

  

  

4,533

  

  

  

4.9

  

  

  

3.5

  

  

  

9,962

  

  

  

9,789

  

  

  

1.8

  

  

  

1.6

  

Direct access:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Commercial

  

  

118

  

  

  

135

  

  

  

(12.6)

  

  

  

(12.6)

  

  

  

234

  

  

  

264

  

  

  

(11.4)

  

  

  

(11.4)

  

Industrial

  

  

513

  

  

  

513

  

  

  

—

  

  

  

—

  

  

  

1,010

  

  

  

956

  

  

  

5.6

  

  

  

5.6

  

Subtotal

  

  

631

  

  

  

648

  

  

  

(2.6)

  

  

  

(2.6)

  

  

  

1,244

  

  

  

1,220

  

  

  

2.0

  

  

  

2.0

  

Total retail

  

  

5,384

  

  

  

5,181

  

  

  

3.9

  

  

  

2.7

%

  

  

11,206

  

  

  

11,009

  

  

  

1.8

  

  

  

1.7

%

Wholesale

  

  

1,515

  

  

  

2,439

  

  

  

(37.9)

  

  

  

  

  

  

2,914

  

  

  

4,418

  

  

  

(34.0)

  

  

  

  

Total

  

  

6,899

  

  

  

7,620

  

  

  

(9.5)

%

  

  

  

  

  

14,120

  

  

  

15,427

  

  

  

(8.5)

%

  

  

  

  

  

  

  

**Three Months Ended June** **30,**

  

  

**Six Months Ended June** **30,**

  

  

  

**2026**

  

  

**2025**

  

  

**% Change**

  

  

**2026**

  

  

**2025**

  

  

**% Change**

  

**Average number of retail customers:**

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Residential

  

  

846,367

  

  

  

839,923

  

  

  

1

%

  

  

845,926

  

  

  

838,516

  

  

  

1

%

Commercial

  

  

114,523

  

  

  

114,230

  

  

  

—

  

  

  

114,533

  

  

  

114,211

  

  

  

—

  

Industrial

  

  

222

  

  

  

218

  

  

  

2

  

  

  

221

  

  

  

217

  

  

  

2

  

Direct access

  

  

502

  

  

  

729

  

  

  

(31)

  

  

  

518

  

  

  

659

  

  

  

(21)

  

Total

  

  

961,614

  

  

  

955,100

  

  

  

1

%

  

  

961,198

  

  

  

953,603

  

  

  

1

%

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**SUPPLEMENTAL OPERATING STATISTICS, continued**

(Unaudited)

  

  

**Heating Degree-days**

  

  

**Cooling Degree-days**

  

  

  

**2026**

  

  

**2025**

  

  

**Avg.**

  

  

**2026**

  

  

**2025**

  

  

**Avg.**

  

First Quarter

  

  

1,737

  

  

  

1,772

  

  

  

1,828

  

  

  

—

  

  

  

4

  

  

  

—

  

April

  

  

303

  

  

  

248

  

  

  

349

  

  

  

—

  

  

  

—

  

  

  

3

  

May

  

  

122

  

  

  

160

  

  

  

169

  

  

  

27

  

  

  

14

  

  

  

26

  

June

  

  

52

  

  

  

56

  

  

  

62

  

  

  

106

  

  

  

88

  

  

  

86

  

Second Quarter

  

  

477

  

  

  

464

  

  

  

580

  

  

  

133

  

  

  

102

  

  

  

115

  

Year-to-date

  

  

2,214

  

  

  

2,236

  

  

  

2,408

  

  

  

133

  

  

  

106

  

  

  

115

  

(Decrease)/Increase from the 15-year average

  

  

(8)

%

  

  

(7)

%

  

  

  

  

  

16

%

  

  

(8)

%

  

  

  

Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).

  

  

**Three Months Ended June** **30,**

  

  

**Six Months Ended June** **30,**

  

  

  

**2026**

  

  

**2025**

  

  

**2026**

  

  

**2025**

  

Generation:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Thermal:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Natural gas

  

  

1,395

  

  

  

21

%

  

  

2,279

  

  

  

32

%

  

  

3,735

  

  

  

28

%

  

  

5,396

  

  

  

37

%

Coal

  

  

193

  

  

  

3

  

  

  

294

  

  

  

4

  

  

  

515

  

  

  

4

  

  

  

827

  

  

  

6

  

Total thermal

  

  

1,588

  

  

  

24

  

  

  

2,573

  

  

  

36

  

  

  

4,250

  

  

  

32

  

  

  

6,223

  

  

  

43

  

Hydro

  

  

242

  

  

  

4

  

  

  

328

  

  

  

5

  

  

  

591

  

  

  

4

  

  

  

770

  

  

  

5

  

Wind

  

  

767

  

  

  

12

  

  

  

866

  

  

  

12

  

  

  

1,315

  

  

  

10

  

  

  

1,465

  

  

  

10

  

Total generation

  

  

2,597

  

  

  

40

  

  

  

3,767

  

  

  

53

  

  

  

6,156

  

  

  

46

  

  

  

8,458

  

  

  

58

  

Purchased power:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Hydro

  

  

1,196

  

  

  

18

  

  

  

2,024

  

  

  

29

  

  

  

2,691

  

  

  

20

  

  

  

3,772

  

  

  

26

  

Wind

  

  

416

  

  

  

6

  

  

  

302

  

  

  

4

  

  

  

735

  

  

  

5

  

  

  

591

  

  

  

4

  

Solar

  

  

672

  

  

  

10

  

  

  

419

  

  

  

6

  

  

  

934

  

  

  

7

  

  

  

593

  

  

  

4

  

Natural Gas

  

  

193

  

  

  

3

  

  

  

—

  

  

  

—

  

  

  

624

  

  

  

5

  

  

  

—

  

  

  

—

  

Waste, Wood, and Landfill Gas

  

  

26

  

  

  

—

  

  

  

29

  

  

  

—

  

  

  

49

  

  

  

—

  

  

  

54

  

  

  

—

  

Source not specified

  

  

1,398

  

  

  

23

  

  

  

554

  

  

  

8

  

  

  

2,213

  

  

  

17

  

  

  

1,170

  

  

  

8

  

Total purchased power

  

  

3,901

  

  

  

60

  

  

  

3,328

  

  

  

47

  

  

  

7,246

  

  

  

54

  

  

  

6,180

  

  

  

42

  

Total system load

  

  

6,498

  

  

  

100

%

  

  

7,095

  

  

  

100

%

  

  

13,402

  

  

  

100

%

  

  

14,638

  

  

  

100

%

Less: wholesale sales

  

  

(1,515)

  

  

  

  

  

  

(2,439)

  

  

  

  

  

  

(2,914)

  

  

  

  

  

  

(4,418)

  

  

  

  

Retail load requirement

  

  

4,983

  

  

  

  

  

  

4,656

  

  

  

  

  

  

10,488

  

  

  

  

  

  

10,220

  

  

  

  

**Media Contact:**  
Drew Hanson  
Corporate Communications  
Phone: 503-464-2067

**Investor Contact:**  
Erin Schwartz  
Investor Relations  
Phone: 503-464-7751

SOURCE Portland General Company

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