Portland General Electric (NYSE: POR) reported second-quarter 2026 net income of $68 million, or $0.59 per diluted share, on a GAAP basis, up from $62 million, or $0.56 per diluted share, in the second quarter of 2025. On a non-GAAP basis, which excludes $8 million in business transformation, optimization and acquisition expenses, net income was $74 million, or $0.64 per diluted share, compared with $73 million, or $0.66 per diluted share, a year earlier. The Portland, Oregon-based utility reaffirmed its 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share.

Data center demand drives growth

Industrial customer demand across PGE's power system grew 11.2% year over year, led by continued growth from high-tech and data center customers, while residential and commercial loads stayed about flat. Total revenue rose on higher cost recovery and increased energy deliveries tied to that industrial growth. Purchased power and fuel expense increased on timing differences between when the company recognizes power costs and when it collects revenue for them, and operations and maintenance expense fell on cost management. Depreciation and interest expense both rose on continued capital investment in the system.

President and CEO Maria Pope said the company has taken steps to manage customer costs "while supporting continued economic growth in our region."

Large-load tariff shifts costs to data centers

Oregon's Public Utility Commission approved PGE's New Large Load Tariff, docket UM 2377, in May 2026, creating a new rate class for large-load customers. New prices took effect July 8, 2026, raising rates for data center and other new large-load customers by about 30% on average while lowering rates for all other customers.

Rate case and holding company plans

PGE plans to file its 2027 general rate case with the OPUC next week, seeking an increase of about 4.8% relative to current prices. If approved, new rates would take effect July 1, 2027. The company said lower net variable power costs, addressed separately through its Annual Power Cost Update Tariff, are forecast to reduce customer prices by about 2.4% starting January 1, 2027.

PGE is also advancing its proposed holding company structure, which OPUC staff have recommended for approval subject to certain conditions, along with regulatory filings tied to its Washington acquisition. The OPUC acknowledged the final shortlist from PGE's 2025 All-Source Request for Proposals on May 26, 2026, and the company is now in commercial negotiations, with contracts expected by early 2027.

Dividend and guidance

PGE's board approved a quarterly dividend of 55.125 cents per share on July 24, 2026, payable on or before October 15, 2026, to shareholders of record as of September 25, 2026.

For 2026, the company guides to:

  • Capital expenditures of $1,655 million
  • Operating and maintenance expense of $810 million to $830 million
  • Cash from operations of $1,000 million to $1,200 million