-- PGE partners with Manulife Investment Management for acquisition of
PacifiCorp's Washington utility operations for $1.9 billion
-- Reached agreements to construct two solar and battery hybrid projects for
a total of 615 MW, with 425 MW Company-owned
-- Initiating 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted
share and reaffirming 5% to 7% long-term earnings per share growth
-- Full-year 2025 GAAP financial results of $2.77 per diluted share;
full-year 2025 non-GAAP adjusted financial results of $3.05 per diluted
share, reflecting 14% year-over-year industrial demand growth, offset by
historic fourth quarter weather that reduced earnings by 17 cents
-- PGE to host a conference call and webcast today, February 17, at 8:00am
Eastern Time
PORTLAND, Ore., Feb. 17, 2026 /PRNewswire/ -- Portland General Electric Company $(POR)$ today announced an agreement to acquire select Washington state generation, transmission and electric utility operations from PacifiCorp for $1.9 billion, representing a purchase price multiple of 1.4x estimated 2026 rate base. The acquisition will enable PGE to extend its long-standing commitments to reliability, affordability, economic development and a customer centric approach to approximately 140,000 Washington customers. PGE expects accretion in the first full year upon closing and overall enhancement of PGE's long-term EPS and dividend growth from the transaction.
"We are excited for the opportunity to continue to grow, expanding into Washington and building upon PGE's foundation of operational excellence and customer service," said Maria Pope, president and CEO. "We look forward to our partnership with Manulife Investment Management, who brings a track record of investment success across the utility sector and Pacific Northwest agriculture and timberland industries."
Under the agreement, PGE will acquire three generation facilities: the Chehalis natural-gas plant (477 MW), the Goodnoe Hills wind facility (94 MW), and the Marengo I and II wind facilities (234 MW). The acquisition also includes 4,500 miles of transmission and distribution lines, and local utility operations across 2,700 square miles.
Central to this acquisition is PGE's partnership with Manulife Infrastructure Fund III, L.P. and its affiliates including John Hancock Life Insurance Company $(USA)$, which will collectively be a minority owner of the Washington utility business. Manulife Investment Management is an experienced, long-term investor in infrastructure, agriculture, and timberland with roots in the region - having managed farms and forests in the Pacific Northwest for more than two decades.
PGE will manage the Washington operations as a separate company through a newly formed subsidiary regulated by the Washington Utilities and Transportation Commission. PGE expects the state and federal regulatory reviews of the acquisition to close 12 months after submission of regulatory filings.
Lazard served as lead financial advisor and provided a fairness opinion to Portland General Electric. Barclays, J.P. Morgan and Citi also served as financial advisors to Portland General Electric. Latham & Watkins served as legal advisor to Portland General Electric. Goldman Sachs & Co. LLC served as financial advisor to Manulife Investment Management. Simpson Thacher & Bartlett LLP served as legal advisor to Manulife Investment Management.
Find more information on Manulife Investment Management, visit https://www.manulifeim.com/institutional/us/en
2025 Financial Results
Today, PGE also reported net income based on generally accepted accounting principles (GAAP) of $306 million, or $2.77 per diluted share, for the year ended December 31, 2025. After adjusting for the impact of business transformation and optimization expenses, 2025 non-GAAP net income was $336 million, or $3.05 per diluted share.
This compares with GAAP net income of $313 million, or $3.01 per diluted share, for the year ended December 31, 2024. After adjusting for the impact of the January 2024 winter storms, 2024 non-GAAP net income was $327 million, or $3.14 per diluted share.
GAAP net income was $41 million, or $0.36 per diluted share, for the fourth quarter of 2025. After adjusting for the impact of business transformation and optimization expenses, fourth quarter 2025 non-GAAP net income was $53 million, or $0.47 per diluted share. This compares with GAAP net income of $39 million, or $0.36 per diluted share, for the fourth quarter of 2024.
2025 Earnings Compared to 2024 Earnings
On a GAAP basis, total revenues increased, driven by continued demand growth from data center and high-tech customers and improved cost recovery. Purchased power and fuel expense declined slightly, reflecting stable market conditions and lower commodity prices. Operating and maintenance expenses remained largely flat. Depreciation and amortization expense and interest expense increased due to ongoing capital investment. Income tax expense increased primarily due to lower production tax credit benefits.
Additional Company Updates
High-tech and Data Center Growth
In 2025 and the first part of 2026, PGE executed five contracts with data center customers for 430 MW. The contracts build on PGE's track record of strong industrial demand, which has grown at a 10% compounded annual growth rate from 2020 to 2025, and forecast to continue at this rate through 2030.
Resource Procurement
2023 Request for Proposals (RFP) - After a robust and competitive bidding and negotiating process as part of the 2023 RFP, PGE has entered into agreements to construct two solar and battery hybrid projects for a total of 615 MWs. Agreements for the PGE-owned resources include:
-- Biglow Optimization - 125 MW solar facility and 125 MW BESS located in
Sherman County, Oregon, with an investment of approximately $540 million,
excluding AFUDC. The project has an estimated commercial operation date
at the end of 2027.
-- Wheatridge Expansion - 240 MW solar facility and 125 MW BESS located in
Morrow County, Oregon. PGE will own 110 MW of solar and 65 MW of BESS
production capacity with an investment of approximately $490 million,
excluding AFUDC. NextEra Energy, Inc. will operate the facility, own the
remaining 130 MW of solar and 60 MW of BESS production capacity and sell
their portion of the output to PGE under a 30-year PPA. The project has
an estimated commercial operation date at the end of 2027.
Additional Procurement Activities - PGE has also entered into the following agreements:
-- Meadowlark BESS - a 20-year storage capacity agreement for a 200 MW BESS
located in Washington County, Oregon. This project will be owned by
Copenhagen Infrastructure Partners, LLC and has an estimated commercial
operation date at the end of 2027.
-- Nottingham BESS - a 20-year storage capacity agreement for a 200 MW BESS
located in Washington County, Oregon. This project has an estimated
commercial operation date in 2028.
2025 Request for Proposals - PGE plans to file a request for acknowledgement of the final shortlist of bidders for the 2025 All-source RFP to the Public Utility Commission of Oregon (OPUC) on February 17, 2026. The final shortlist, which totals approximately 5,000 MW, is made up of both renewables and non-emitting capacity projects.
PGE is proceeding to commercial negotiations with projects on the final shortlist, prioritizing those that include renewable generation, have a viable pathway to achieve commercial operations earlier in the 2028 - 2030 eligibility period and to maximize tax credits to reduce project costs. The ultimate outcome of the RFP process may involve the selection of multiple projects for both renewable and non-emitting dispatchable capacity resources, which PGE expects will be approximately 2,500 MW in total.
Quarterly Dividend
As previously announced, on February 13, 2026, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.525 per share. The quarterly dividend is payable on or before April 15, 2026 to shareholders of record at the close of business on March 23, 2026.
2026 Earnings Guidance
PGE is reaffirming 5% to 7% long-term earnings per share growth using a base of $3.08 per diluted share, the mid-point of original 2024 adjusted earnings guidance.
PGE is also initiating 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 2.5% and 3.5%, weather adjusted;
-- Execution of power cost and financing plans;
-- Execution of operating cost controls;
-- Normal temperatures in its utility service area;
-- 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 $820 million and $840 million
which includes approximately $155 million of wildfire, vegetation
management, deferral amortization and other expenses that are offset in
other income statement lines and $15 million of business transformation
and optimization expenses;
-- Depreciation and amortization expense between $560 million and $580
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 $850 million.
Business Update, Fourth Quarter and Full-Year 2025 Earnings Call and Webcast -- Feb. 17, 2026
PGE will host a conference call with financial analysts and investors on Tuesday, February 17, 2026, at 8 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 February 17, 2026. This conference call will replace the previously scheduled conference call on February 20, 2026.
Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Nick White, 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 and corporate structure update costs
-- Non-deferrable Reliability Contingency Event (RCE) costs resulting from
the January 2024 winter storm
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 years ended December 31, 2025 and December 31, 2024 and the quarter ended December 31, 2025, are below.
Non-GAAP Earnings Reconciliation for the year ended December 31, 2025
(Dollars in millions, except EPS) Net Income Diluted EPS
GAAP as reported for the year ended
December 31, 2025 $ 306 $ 2.77
Exclusion of business transformation
and optimization expenses 42 0.38
Tax effect (1) (12) (0.10)
----------------- ------------------
Non-GAAP as reported for the year ended
December 31, 2025 $ 336 $ 3.05
--------------------------------------- ----------------- ------------------
Non-GAAP Earnings Reconciliation for the year ended December 31, 2024
(Dollars in millions, except EPS) Net Income Diluted EPS
GAAP as reported for the year ended
December 31, 2024 $ 313 $ 3.01
Exclusion of January 2024 storm costs 19 0.18
Tax effect (1) (5) (0.05)
----------------- ------------------
Non-GAAP as reported for the year ended
December 31, 2024 $ 327 $ 3.14
--------------------------------------- ----------------- ------------------
Non-GAAP Earnings Reconciliation for the quarter ended December 31, 2025
(Dollars in millions, except EPS) Net Income Diluted EPS
GAAP as reported for the quarter ended
December 31, 2025 $ 41 $ 0.36
Exclusion of business transformation
and optimization expenses 17 0.15
Tax effect (1) (5) (0.04)
----------------- ------------------
Non-GAAP as reported for the quarter
ended December 31, 2025 $ 53 $ 0.47
--------------------------------------- ----------------- ------------------
(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 the Company 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 the Company's earnings guidance (including all the assumptions and expectations upon which such guidance is based), the Company's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (the "Acquisition"), the Company's financing plans for the Acquisition, the timing of the closing of the Acquisition, and the realization of anticipated benefits of the Acquisition, as well as other statements containing words such as "anticipates," "assumptions," "believes," "continue," "could," "estimates," "expects," "expected," "forecast," "goals," "guidance," "intends," "may," "plans," "predicts," "proposed," "seeks," "should," well-positioned to execute," "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: the timing or outcome of various legal and regulatory actions; closing of the Acquisition being delayed or not occurring at all due to regulatory approvals not being obtained or other closing conditions not being fulfilled; opposition of the Acquisition from special interest groups; the Acquisition may encounter unanticipated delays or be postponed or canceled due to the occurrence of any event, change or other circumstance or condition that could give rise to the delay or termination of the Acquisition; the ability of the Company and Manulife Investment Management to obtain financing and remain invested in the acquired business; successful integration of the acquired business and the Company's ability to achieve the anticipated benefits of the Acquisition within the expected timeframe; the acquired assets not performing as expected; the Company assuming unexpected risks, liabilities and obligations of the acquired assets; significant transaction costs associated with the Acquisition; the risk that disruptions from the Acquisition will harm the businesses, including current plans and operations; the ability to retain and/or hire key personnel to successfully operate and integrate the acquired assets; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Acquisition; new or revised governmental policies, executive orders, legislative actions, and regulatory audits, investigations and actions; uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers; general economic conditions; trade tariffs; rising inflation; volatility in interest rates; changes in the tax code and treatment of tax credits; risks and
uncertainties related to current or future All-Source Request for Proposals; changing customer expectations and choices that may reduce customer demand; natural or human-caused disasters and other risks or events that disrupt PGE operations, damage PGE facilities and systems, cause the release of harmful materials, cause fires, and subject the Company to liability; ignitions caused by PGE assets or PGE's ability to effectively implement a Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk or implement effective system hardening programs; impacts from legislative action on wildfire-related liability; operational factors affecting the Company's power generating and battery storage facilities; default or nonperformance on the part of any parties from whom PGE purchases fuel, capacity or energy; complications arising from PGE's jointly-owned plant; delays in the supply chain and increased supply costs; failure to complete capital projects on schedule or within budget; failure to obtain permits necessary to operate the business; PGE's ability to complete negotiations on contracts for capital projects; failure of counterparties to perform under agreements for capital projects; abandonment of capital projects; volatility in wholesale power and natural gas prices; changes in the availability and price of wholesale power and fuels; changes in capital market conditions; future laws, regulations and proceedings that could increase the Company's costs of operating its thermal generating plants; changes in, and compliance with, and general uncertainty surrounding environmental laws and policies; the effects of climate change, whether global or local in nature; changes in customer growth or demographic patterns; changes in the Company's or Manulife Investment Management credit ratings, any of which could impact cost of capital and access to capital markets to support requirements for funding the Acquisition, working capital, construction of capital projects, repayments of maturing debt, and stock-based compensation plans; the effectiveness of PGE's risk management policies and procedures; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts internally or to third parties; reputational damage from negative publicity, protests, fines, penalties and other negative consequences; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover; failure to achieve the Company's greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; acts of war, terrorism or civil disruption; and those risks, uncertainties, and other factors identified in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission (SEC)and available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com.
POR
Source: Portland General Company
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
Years Ended December 31,
------------------------------
2025 2024 2023
----------- -------- -------
Revenues:
Revenues, net $ 3,555 $ 3,480 $ 2,912
Alternative revenue programs,
net of amortization 21 (40) 11
------- ------- ------
Total Revenues 3,576 3,440 2,923
------- ------- ------
Operating expenses:
Purchased power and fuel 1,411 1,418 1,190
Generation, transmission
and distribution 450 436 374
Administrative and other 392 403 341
Depreciation and
amortization 578 496 458
Taxes other than income
taxes 190 175 164
------- ------- ------
Total operating
expenses 3,021 2,928 2,527
------- ------- ------
Income from
operations 555 512 396
Interest expense, net 232 211 173
Other income:
Allowance for equity
funds used during
construction 18 23 19
Miscellaneous income, net 18 26 31
------- ------- ------
Other income, net 36 49 50
------- ------- ------
Income before
income taxes 359 350 273
Income tax expense 53 37 45
------- ------- ------
Net income $ 306 $ 313 $ 228
======= ======= ======
Weighted-average shares
outstanding (in thousands):
Basic 110,471 103,946 97,760
======= ======= ======
Diluted 110,739 104,159 97,952
======= ======= ======
Earnings per share:
Basic $ 2.77 $ 3.02 $ 2.33
======= ======= ======
Diluted $ 2.77 $ 3.01 $ 2.33
======= ======= ======
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
As of December 31,
----------------------
2025 2024
------------ --------
ASSETS
Current assets:
Cash and cash equivalents $ 76 $ 12
Accounts receivable, net 460 456
Inventories, at average cost:
Materials and supplies 99 92
Fuel 25 22
Regulatory assets--current 168 205
Other current assets 244 238
-------- -------
Total current assets 1,072 1,025
-------- -------
Electric utility plant:
In service 15,996 14,863
Accumulated depreciation and amortization (5,419) (5,085)
-------- -------
In service, net 10,577 9,778
Construction work-in-progress 416 567
-------- -------
Electric utility plant, net 10,993 10,345
-------- -------
Regulatory assets--noncurrent 619 632
Nuclear decommissioning trust 42 30
Non-qualified benefit plan trust 36 34
Other noncurrent assets 468 478
-------- -------
Total assets $ 13,230 $ 12,544
======== =======
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS, continued
(In millions, except share amounts)
(Unaudited)
As of December 31,
----------------------
2025 2024
------------ --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 330 $ 365
Liabilities from price risk management
activities--current 158 147
Current portion of long-term debt -- 170
Current portion of finance lease
obligations 27 27
Accrued expenses and other current
liabilities 478 410
-------- -------
Total current liabilities 993 1,119
-------- -------
Long-term debt, net of current portion 4,662 4,354
Regulatory liabilities--noncurrent 1,490 1,440
Deferred income taxes 601 564
Deferred investment tax credits 194 61
Unfunded status of pension and
postretirement plans 107 140
Liabilities from price risk management
activities--noncurrent 56 72
Asset retirement obligations 299 292
Non-qualified benefit plan liabilities 70 74
Finance lease obligations, net of current
portion 263 276
Other noncurrent liabilities 362 358
-------- -------
Total liabilities 9,097 8,750
-------- -------
Commitments and contingencies (see notes)
Shareholders' equity:
Preferred stock, no par value,
30,000,000 shares authorized; none
issued and outstanding -- --
Common stock, no par value, 160,000,000
shares authorized; 115,559,079 and
109,342,251 shares issued and
outstanding as of December 31, 2025
and 2024, respectively 2,382 2,118
Accumulated other comprehensive loss (4) (4)
Retained earnings 1,755 1,680
-------- -------
Total shareholders' equity 4,133 3,794
-------- -------
Total liabilities and shareholders'
equity $ 13,230 $ 12,544
======== =======
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Years Ended December 31,
2025 2024 2023
-------- -------- --------
Cash flows from operating
activities:
Net income $ 306 $ 313 $ 228
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 578 496 458
Deferred income taxes 37 23 8
Allowance for equity
funds used during
construction (18) (23) (19)
Pension and other
postretirement benefits 12 6 5
Alternative revenue
programs (21) 40 (11)
Stock-based compensation 16 24 17
Regulatory assets 24 (126) 20
Regulatory liabilities (21) (20) 24
Tax credit sales 179 112 24
Other non-cash income and
expenses, net 64 57 40
Changes in working
capital:
Accounts receivable
and unbilled
revenues (16) (66) (29)
Margin deposits 9 (33) 24
Accounts payable and
accrued liabilities 44 47 (166)
Margin deposits from
wholesale
counterparties 16 -- (135)
Other working capital
items, net (10) (12) (20)
Contribution to pension
and other postretirement
plans (24) (19) (14)
Contribution to
non-qualified employee
benefit trust (10) (10) (7)
Asset retirement
obligation settlements (13) (16) (25)
Other, net (34) (15) (2)
------- ------- -------
Net cash provided
by operating
activities 1,118 778 420
------- ------- -------
Cash flows from investing
activities:
Capital expenditures (1,189) (1,268) (1,358)
Purchases of nuclear
decommissioning trust
securities (9) (8) (1)
Sales of nuclear
decommissioning trust
securities 4 2 1
Other, net (2) (23) --
------- ------- -------
Net cash used in
investing
activities (1,196) (1,297) (1,358)
------- ------- -------
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In millions)
(Unaudited)
Years Ended December 31,
2025 2024 2023
----------- ---------- -------
Cash flows from financing
activities:
Proceeds from issuance of
long-term debt $ 310 $ 670 $ 600
Payments on long-term debt (170) (130) (260)
Proceeds from issuances of
common stock, net of
issuance costs 250 346 485
Issuance (maturities) of
commercial paper, net -- (146) 146
Dividends paid (225) (200) (179)
Other (23) (14) (14)
------- ------ ------
Net cash provided
by financing
activities 142 526 778
------- ------ ------
Change in cash and cash
equivalents 64 7 (160)
Cash and cash equivalents,
beginning of year 12 5 165
------- ------ ------
Cash and cash equivalents, end
of year $ 76 $ 12 $ 5
======= ====== ======
Supplemental disclosures of
cash flow information:
Cash paid (received) for:
Interest, net of amounts
capitalized $ 198 $ 174 $ 136
Income taxes, net (162) (90) 12
Non-cash investing and
financing activities:
Accrued capital additions 126 184 212
Accrued dividends payable 63 57 51
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
Years Ended December 31,
---------------------------------------------------
2025 2024 2023
------------- ------------- -------------
Retail revenues (1)
(dollars in millions):
Residential $ 1,486 48% $ 1,457 51% $ 1,263 52%
Commercial 985 32 924 33 808 33
Industrial 561 18 458 16 368 15
------- --- ------- --- ------- ---
Subtotal 3,032 98% 2,839 100% 2,439 100%
Alternative revenue
programs, net of
amortization 21 1 (40) (1) 11 --
Other accrued
(deferred) revenues,
net 17 1 16 1 (3) --
------- --- ------- --- ------- ---
Total retail
revenues $ 3,070 100% $ 2,815 100% $ 2,447 100%
======= === ======= === ======= ===
Retail energy
deliveries (2) (MWh in
thousands):
Residential 7,596 34% 7,732 36% 7,952 37%
Commercial 7,015 31 7,024 32 7,178 34
Industrial 7,919 35 6,941 32 6,293 29
------- --- ------- --- ------- ---
Total retail energy
deliveries 22,530 100% 21,697 100% 21,423 100%
======= === ======= === ======= ===
Average number of
retail customers:
Residential 840,457 88% 829,721 88% 815,920 88%
Commercial 114,912 12 113,942 12 112,667 12
Industrial 286 -- 281 -- 273 --
------- --- ------- --- ------- ---
Total 955,655 100% 943,944 100% 928,860 100%
======= === ======= === ======= ===
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
Heating Degree-Days Cooling Degree-Days
------------------------------- ----------------------------
15-Year 15-Year
2025 2024 Average 2025 2024 Average
------ ----- -------- ---- ---- --------
1st quarter 1,772 1,755 1,819 4 -- --
2nd quarter 464 547 606 102 108 109
3rd quarter 19 36 60 588 643 521
4th quarter 1,294 1,324 1,502 -- -- 6
----- ----- -------- ---- ---- --------
Total 3,549 3,662 3,987 694 751 636
===== ===== ======== ==== ==== ========
Increase
(decrease)
from the
15-year
average (11)% (8)% 9% 18%
===== ===== ==== ====
Note: "Average" amounts represent the 15-year rolling averages provided by the
National Weather Service (Portland Airport).
Years Ended December 31,
--------------------------------
2025 2024
-------------- ------------
Sources of energy
(MWh in thousands):
Generation:
Thermal:
Natural gas 11,424 37% 10,939 36%
Coal 1,936 6 1,910 6
------- ---- ------- ---
Total thermal 13,360 43 12,849 42
Hydro 1,205 4 1,267 4
Wind 2,711 9 2,922 10
------- ---- ------- ---
Total
generation 17,276 56 17,038 56
------- ---- ------- ---
Purchased power:
Hydro 7,431 24 6,752 22
Wind 1,195 4 1,386 5
Solar 1,415 5 1,119 4
Natural Gas 885 3 94 --
Waste, Wood and
Landfill Gas 107 -- 170 1
Source not specified 2,539 8 3,789 12
------- ---- ------- ---
Total
purchased
power 13,572 44 13,310 44
------- ---- ------- ---
Total system
load 30,848 100% 30,348 100%
------- ==== ------- ===
Less: wholesale sales (9,383) (9,722)
------- -------
Retail load
requirement 21,465 20,626
======= =======
Media Contact: Investor Contact:
Drew Hanson Nick White
Corporate Communications Investor Relations
Phone: 503-464-2067 Phone: 503-464-8073
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SOURCE Portland General Company
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February 17, 2026 05:00 ET (10:00 GMT)