olivLaw · US equity research
Portland General Electric Company POR
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
Portland General Electric is a vertically integrated, regulated utility serving about 960,000 retail customers in Oregon. The company is currently focused on rising industrial demand from data centers and on expanding into Washington through a 1.9 billion dollar acquisition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Portland General Electric Company (POR) stock was 46.00 USD (+2.09% on the day), with market capitalisation 5.5 bn USD, P/E 19.7 on diluted EPS of 2.33 USD over the last 12 months, dividend yield 4.62%, beta 0.14, 52-week range 43.48–54.22 USD. Latest reported quarter (Q3 2026): revenue of 971.0 m USD (+2.0% YoY), net income of 119.0 m USD (+15.5% YoY), diluted EPS 1.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 43.38 – 45.85
- above the upper band · %B 1.06 · band width 5.5%
- SMA 50 / 200
- 46.22 / 49.94
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -0.53
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.0% | −1.1% | +5.1 pp | — |
| 3 months | −6.6% | −0.5% | −6.1 pp | — |
| 6 months | −5.8% | +4.4% | −10.2 pp | — |
| Year to date | −4.1% | +12.3% | −16.5 pp | — |
| 1 year | −2.9% | +13.5% | −16.5 pp | −1.1% |
| 3 years | +8.9% | +76.4% | −67.5 pp | +41.9% |
| 5 years | −8.6% | +63.7% | −72.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 824.0 m | 928.0 m | 807.0 m | 952.0 m | 889.0 m | 879.0 m | 814.0 m | 971.0 m |
| Operating income | 88.0 m | 168.0 m | 118.0 m | 174.0 m | 95.0 m | 107.0 m | 121.0 m | 187.0 m |
| Depreciation & amortisation | 127.0 m | 140.0 m | 139.0 m | 148.0 m | 151.0 m | 144.0 m | 143.0 m | 146.0 m |
| Interest expense | 55.0 m | 56.0 m | 57.0 m | 60.0 m | 59.0 m | 60.0 m | 61.0 m | 62.0 m |
| Pre-tax income | 44.0 m | 122.0 m | 74.0 m | 123.0 m | 40.0 m | 54.0 m | 80.0 m | 138.0 m |
| Income tax | 6.0 m | 22.0 m | 12.0 m | 20.0 m | -1.0 m | 9.0 m | 12.0 m | 19.0 m |
| Net income | 38.0 m | 100.0 m | 62.0 m | 103.0 m | 41.0 m | 45.0 m | 68.0 m | 119.0 m |
| Diluted EPS | 0.35 ≈ | 0.91 | 0.56 | 0.94 | 0.36 ≈ | 0.38 | 0.59 | 1.00 |
| Operating cash flow | 170.0 m | 231.0 m | 336.0 m ≈ | 403.0 m ≈ | 148.0 m | 268.0 m | 220.0 m ≈ | 323.0 m ≈ |
| Capex | 392.0 m | 359.0 m | 237.0 m ≈ | 303.0 m ≈ | 290.0 m | 259.0 m | 376.0 m ≈ | 450.0 m ≈ |
| Dividends paid | 52.0 m | 55.0 m | 54.0 m ≈ | 58.0 m ≈ | 58.0 m | 60.0 m | 60.0 m ≈ | 64.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 68 percentile of its own 31-quarter history (min 14.3, median 18.8, max 25.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.1 bn | 2.1 bn | 2.4 bn | 2.6 bn | 2.9 bn | 3.4 bn | 3.6 bn |
| Revenue YoY | −0.9% | +6.6% | +1.0% | +11.7% | +10.5% | +10.4% | +17.7% | +4.0% |
| Net income | 212.0 m | 214.0 m | 155.0 m | 244.0 m | 233.0 m | 228.0 m | 313.0 m | 306.0 m |
| Net income YoY | +13.4% | +0.9% | −27.6% | +57.4% | −4.5% | −2.1% | +37.3% | −2.2% |
| Diluted EPS | 2.37 | 2.39 | 1.72 | 2.72 | 2.60 | 2.33 | 3.01 | 2.77 |
| Diluted EPS YoY | +12.9% | +0.8% | −28.0% | +58.1% | −4.4% | −10.4% | +29.2% | −8.0% |
| net % | 10.6% | 10.1% | 7.2% | 10.2% | 8.8% | 7.8% | 9.1% | 8.6% |
| Free cash flow | 35.0 m | -60.0 m | -217.0 m | -104.0 m | -92.0 m | -938.0 m | -490.0 m | -71.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 76.0 m USD
- Financial debt
- 4.7 bn USD
- Net debt
- 4.6 bn USD
- Equity
- 4.1 bn USD
- Total assets
- 13.2 bn USD
- Debt / equity
- 1.13x
- Current ratio
- 1.08x
- ROE
- 7.7%
- ROA
- 2.4%
- FCF margin
- -2.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.4 bn | 2.6 bn | 2.9 bn | 3.4 bn | 3.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 269.0 m | 378.0 m | 397.0 m | 396.0 m | 512.0 m | 555.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 454.0 m | 404.0 m | 417.0 m | 458.0 m | 496.0 m | 578.0 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 723.0 m ≈ | 782.0 m ≈ | 814.0 m ≈ | 854.0 m ≈ | 1.0 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 136.0 m | 137.0 m | 156.0 m | 173.0 m | 211.0 m | 232.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 155.0 m | 267.0 m | 272.0 m | 273.0 m | 350.0 m | 359.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 0 | 23.0 m | 39.0 m | 45.0 m | 37.0 m | 53.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 155.0 m | 244.0 m | 233.0 m | 228.0 m | 313.0 m | 306.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 1.72 | 2.72 | 2.60 | 2.33 | 3.01 | 2.77 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 89.6 m | 89.6 m | 89.6 m | 98.0 m | 104.2 m | 110.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 1.59 | 1.70 | 1.79 | 1.88 | 1.98 | 2.08 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 257.0 m | 52.0 m | 165.0 m | 5.0 m | 12.0 m | 76.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 271.0 m | 329.0 m | 398.0 m | 414.0 m | 456.0 m | 460.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 721.0 m | 688.0 m | 1.2 bn | 935.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 9.1 bn | 9.5 bn | 10.5 bn | 11.2 bn | 12.5 bn | 13.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 153.0 m | 244.0 m | 457.0 m | 347.0 m | 365.0 m | 330.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 150.0 m | 0 | 0 | 146.0 m | 0 | 0 | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 2.9 bn | 3.3 bn | 3.4 bn | 3.9 bn | 4.4 bn | 4.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 815.0 m | 768.0 m | 1.5 bn | 1.1 bn | 1.1 bn | 993.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 6.5 bn | 6.8 bn | 7.7 bn | 7.9 bn | 8.8 bn | 9.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 2.6 bn | 2.7 bn | 2.8 bn | 3.3 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 567.0 m | 532.0 m | 674.0 m | 420.0 m | 778.0 m | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 784.0 m | 636.0 m | 766.0 m | 1.4 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | -217.0 m ≈ | -104.0 m ≈ | -92.0 m ≈ | -938.0 m ≈ | -490.0 m ≈ | -71.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -787.0 m | -656.0 m | -758.0 m | -1.4 bn | -1.3 bn | -1.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 447.0 m | -81.0 m | 197.0 m | 778.0 m | 526.0 m | 142.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 140.0 m | 150.0 m | 158.0 m | 179.0 m | 200.0 m | 225.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | 12.0 m | 18.0 m | 0 | 0 | — | SEC (XBRL)· 14 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation74
- Returns67
- Quality39
- Balance sheet44
- Growth55
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.27 – 84.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)27.27 – 36.67 (Mid 31.28)
- Peers: EV/EBITDA47.35 – 84.77 (Mid 67.30)23 companies used · median multiple 11.8x · quartiles 9.7x – 13.7xAEP, AQN, BKH, CEG, CNP, CWEN, D, EIX, ELLO, ENLT, ES, ETR, HE, IDA, NEE, NRG, OTTR, PNW, SO, SPRU, TVC, TXNM, VST
- Peers: P/E46.68 – 55.89 (Mid 50.90)17 companies used · median multiple 21.8x · quartiles 20.0x – 24.0xAEP, AQN, BKH, CEG, CNP, D, ES, ETR, FE, IDA, NEE, NRG, OTTR, PNW, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.0% | 31 (vs peers) | 6% |
| Net margin · Quality | 7.7% | 46 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 10.5% | 100 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 2.1% | 21 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.5x | 62 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.1x | 17 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.1x | 56 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 19.7x | 75 (vs peers) | 13% |
| EV/EBITDA · Valuation | 9.5x | 73 (vs peers) | 11% |
| Dividend yield · Returns | 4.6% | 83 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 91.2% | 31 (on a fixed band) | 6% |
Score groups
- Balance sheet44/100 · 3/3 factors with a value
- Growth55/100 · 2/2 factors with a value
- Quality39/100 · 2/2 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation74/100 · 2/2 factors with a value
Memo
PORTLAND GENERAL ELECTRIC COMPANY (POR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.6 bn USD in 2025; YoY growth 4.0%; net margin 7.7%; ROE 6.6%; net debt/EBITDA 4.5x.
The estimated value range is 46.68–55.89 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 50.90 USD, the price of 46.00 USD leaves a potential of 10.7% (value / price − 1) and a margin of safety of 9.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.5%
- P/E (TTM): 19.7x
- EV/EBITDA: 9.5x
- Dividend yield: 4.6%
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: 2.1%
- Interest coverage: 2.1x
- The valuation methods diverge
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| PAMPampa Energy Inc. | 88.2 bn | 141.0 | 21.8% | 33.0% | +8.3% | −28% / +38% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +11% / +54% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
| PNWPinnacle West Capital Corporation | 12.8 bn | 19.8 | 9.1% | 11.7% | +4.2% | +16% / +41% |
| ENLTEnlight Renewable Energy Ltd. | 8.9 bn | 67.7 | 9.2% | 27.0% | +29.3% | +69% / +293% |
| IDAIDACORP, Inc. | 8.7 bn | 23.2 | 9.9% | 20.5% | −1.2% | +12% / +53% |
| BEPBrookfield Renewable Partners L.P. | 8.5 bn | — | -1.9% | -1.1% | +9.0% | +8% / +25% |
| CWENClearway Energy, Inc. | 7.3 bn | 72.6 | 1.8% | 6.4% | +4.2% | −2% / +43% |
| TXNMTXNM Energy, Inc. | 6.5 bn | 41.1 | 5.5% | 7.5% | +9.9% | +0% / +41% |
| BKHBlack Hills Corporation | 6.4 bn | 21.3 | 7.9% | 13.0% | +8.6% | +14% / +63% |
| PORPortland General Electric Company | 5.5 bn | 19.7 | 6.6% | 7.7% | +4.0% | −3% / +9% |
| OKLOOklo Inc. | 4.1 bn | — | -7.7% | — | unavailable | −76% / +114% |
| OTTROtter Tail Corporation | 3.5 bn | 20.0 | 9.4% | 13.6% | −2.3% | +2% / +10% |
1- and 3-year price returns: for POR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.34 Total return -35% · Per year -35% | 49.97 Total return 14% · Per year 14% | 75.08 Total return 69% · Per year 69% |
| 3 years | 30.95 Total return -21% · Per year -7% | 61.07 Total return 49% · Per year 14% | 100.24 Total return 139% · Per year 34% |
| 5 years | 33.80 Total return -6% · Per year -1% | 74.63 Total return 93% · Per year 14% | 133.83 Total return 232% · Per year 27% |
- Exit P/E± 15.27
- Net margin± 10.69
- Annual revenue growth± 8.29
- Annual dilution± 0.90
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Portland General Electric is a vertically integrated, regulated utility serving about 960,000 retail customers in Oregon. The company is currently focused on rising industrial demand from data centers and on expanding into Washington through a 1.9 billion dollar acquisition 123.
SWOT
Strengths
- The company operates within a regulated framework with cost-based prices and an authorised return, giving revenues a degree of predictability 1. Its customer base is stable and growing, and industrial demand rose strongly in 2026 13.
- The company has a recognised renewable energy program and a clear strategy of decarbonising power and electrifying the economy 3.
- Full-year 2026 earnings guidance was reaffirmed, suggesting consistent operational execution 3.
Weaknesses
Opportunities
- Demand from data centers and high-tech industry could add revenue growth if it materialises 13.
- The Washington operations acquisition could extend the customer base into a new state 1.
- Renewable and storage projects contracted through the RFP process could support decarbonisation goals and the asset base 3.
Risks
- Wildfire liabilityhigh
Fires caused by company equipment could create large financial liabilities, and legislation limiting such liability has not yet been enacted 1.
- Extreme weathermedium
Storms, extreme heat and drought could interrupt delivery and raise repair and power purchase costs 1.
- Access to capitalmedium
Changes in credit ratings or capital market volatility could raise the cost of financing investments 12.
- Cybersecuritymedium
Cyber or physical attacks on infrastructure could disrupt service and generate remediation costs 1.
- Capital project delayslow
Supply chain delays, permitting problems or rising costs could prevent recovery of project costs 12.
Investment thesis
What would need to be true (bull case)
- If data center and industrial demand persists, revenues could grow within a regulated framework with fairly predictable returns 13.
- Full-year 2026 guidance was reaffirmed and the company reported consistent execution in the second quarter 3.
- The Washington acquisition and renewable projects could expand the asset base and customer count over the medium term 13.
What would break the thesis
What to watch
- OPUC decision on the 2027 general rate case and the proposed increase2027
- Approval of the holding company structure and the Washington acquisition2027
- Execution of contracts from the 2025 all-source RFPearly 2027
- Evolution of industrial demand and 2026 earnings guidanceQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
PGE is a vertically integrated electric utility headquartered in Portland, Oregon, that generates, transmits, distributes and sells electricity to customers in the state of Oregon 1. Its activities are cost-based and regulated, with customer prices set by the Public Utility Commission of Oregon based on forecasted cost to serve and a reasonable rate of return 1. The company operates as a single business segment, analysed on a total electric operations basis 1.
Segments
Retail customers
Retail revenues reached 3,070 million dollars in 2025, with residential, commercial and industrial customers all contributing 1. Industrial load grew 11.2 percent year over year in the second quarter of 2026, driven by high-tech and data center customers, while residential and commercial loads were roughly flat 3. The new large load tariff raised prices for data center customers by about 30 percent 3.
Market context
PGE's market is regional and concentrated in Oregon, where it serves about two million residents 1. Growth in high-tech and digital services, together with new data centers, could support demand over the medium term 13. Customers can choose electricity service suppliers or community choice aggregation, which could reduce demand for PGE's services 2.
Trends
- Data center driven industrial load growthtailwind
Industrial demand led by data centers has grown significantly and could require additional investment in generation and transmission 13. If this growth persists, it could support revenues within a regulated framework, but it also requires careful resource planning 3.
- Affordability and political pressureheadwind
Affordability has become a national focus, and the company introduced a large customer tariff to protect residential customers 3. Proposed rate increases, such as the 2027 general rate case, could meet resistance from regulators 3.
- Wildfires and climate changeheadwind
More frequent wildfires and extreme weather could damage infrastructure and raise maintenance and insurance costs 12. These costs may only partly be recovered through prices, which could weigh on financial results 1.
- Renewables investment and emissions targetsmixed
Oregon law sets steep emissions reduction targets and rising renewable standards, which could accelerate investment in new resources recoverable through regulatory mechanisms 13. The 2025 all-source RFP is moving toward contracts that the company expects to execute in early 2027 3.
Competitive position
PGE competes with electricity service suppliers for some commercial and industrial customer needs, and with the local natural gas distribution company for space and water heating 1. Energy efficiency, demand response, rooftop solar and storage can also reduce grid demand 1.
- Electricity service suppliers (ESS)
Suppliers that can sell energy to commercial and industrial customers in PGE's territory instead of the company, which could reduce its sales volumes 1.
- Local natural gas distribution company
Competes with PGE for residential and commercial space heating, water heating and appliance energy needs 1.
- Community choice aggregation programs
Could let communities buy energy separately, which could reduce the company's market share 2.
- Distributed rooftop solar providers
Distributed generation can reduce grid consumption and affect demand for the company's services 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Portland General Electric CEO Says Rates on Data Centers to Rise by 30%Bloomberg Markets · 04 Jun 2026 · EN
The latest news item in our archive is from 04 Jun 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report16 Oct 2026Other events
- Current report28 Sept 2026Other events
- Current report12 Aug 2026Regulation FD disclosure
- Current report31 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report12 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report01 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Portland General Electric Company · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Portland General Electric Company · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Portland General Electric Company · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.