• Like the AT&T or Verizon for electricity, but serving the Portland, Oregon region.
• The Consolidated Edison (ConEd) for electricity in the Portland, Oregon metropolitan area.

• Electricity Supply: Generating and procuring electrical power from diverse sources to meet the energy demands of its service area.
• Electricity Delivery: Operating and maintaining the extensive transmission and distribution grid that reliably transports electricity from power sources to homes and businesses.
• Customer Energy Management Programs: Providing various programs and resources to customers focused on energy efficiency, demand response, and renewable energy options.

Portland General Electric (symbol: POR) is a public utility that sells electricity primarily to individuals and businesses within its service territory in Oregon.

Its customer base can be broadly categorized into three main segments:

• Residential: This category includes individual households and apartment dwellers who use electricity for their homes.
• Commercial: This segment comprises various businesses, offices, retail establishments, and other non-industrial enterprises.
• Industrial: This category includes large manufacturing facilities, data centers, and other high-energy-demand industrial operations.

• Energy Northwest

Maria Pope, President & Chief Executive Officer

Maria Pope has served as President and Chief Executive Officer of Portland General Electric since October 2017, assuming the CEO role in January 2018. She initially joined PGE in 2009 as Chief Financial Officer and Treasurer. Prior to her CEO appointment, she was PGE's Senior Vice President of Power Supply, Operations, and Resource Strategy, where she oversaw the company's energy supply portfolio and long-term resource strategy, including the transition to the Western Energy Imbalance Market. Before joining PGE, Pope was the CFO of Mentor Graphics Corporation. Her career also includes senior operating and finance positions within the forest products and consumer products industries, and she began her career in banking with Morgan Stanley. Pope currently chairs the board of Columbia Banking System, Inc.

Joseph Trpik, SVP & Chief Financial Officer

Joseph Trpik was appointed Senior Vice President and Chief Financial Officer of Portland General Electric, effective June 30, 2023. He joined PGE with over two decades of senior leadership experience at Exelon, one of the largest utilities in the U.S. At Exelon, Trpik held various roles, including Senior Vice President and Chief Accounting Officer, and also served as Senior Vice President and Chief Financial Officer of Exelon Utilities and ComEd, Exelon's largest utility subsidiary. In these positions, he was responsible for financial planning and analysis, capital allocation, cost management, risk management, financial systems, accounting, tax, and investor communications. Earlier in his career, Trpik was a Senior Manager at PwC.

Benjamin Felton, EVP & Chief Operating Officer

Benjamin Felton serves as the Executive Vice President and Chief Operating Officer for Portland General Electric.

Angelica Espinosa, SVP, Chief Legal & Compliance Officer

Angelica Espinosa holds the position of Senior Vice President, Chief Legal & Compliance Officer at Portland General Electric. She has also served as the Board Chair of the PGE Foundation since 2024.

Larry Bekkedahl, SVP, Advanced Energy Delivery

Larry Bekkedahl is the Senior Vice President of Advanced Energy Delivery at Portland General Electric.

Key Risks to Portland General Electric (POR)

1. Regulatory and Compliance Risks: As a regulated electric utility, Portland General Electric's financial performance and operations are heavily influenced by federal and state regulations, including oversight by the Federal Energy Regulatory Commission (FERC) and the Oregon Public Utility Commission (OPUC). Changes in laws, regulatory decisions, and the outcomes of General Rate Cases can significantly impact allowed rates of return on equity (ROE), customer pricing, and the ability to recover power costs, operating expenses, and capital investments. Recent regulatory decisions, such as reductions in allowed ROE, underscore the sensitivity of the company's profitability to the regulatory environment. Additionally, compliance with evolving environmental laws, particularly those related to decarbonization mandates in Oregon, can lead to increased costs and liabilities.

2. Weather, Climate, and Wildfire Risks: Portland General Electric is exposed to significant risks from unseasonable or severe weather events, which are exacerbated by climate change. These events, such as heat waves, can disrupt operations, increase costs, and affect revenue. More intense weather patterns necessitate substantial investments in infrastructure to enhance reliability and resilience. A particularly pronounced risk for utilities in the Western U.S., including PGE, is the potential for financially burdensome wildfires. The company faces an outsized financial risk of potentially causing forest fires, which can result in significant financial losses and reputational harm. Fluctuations in regional rainfall and snowpack also impact hydroelectric generation, requiring increased reliance on other, potentially more costly, energy sources or wholesale market purchases.

3. Operational and Cybersecurity Risks: The inherent nature of operating complex electric generation, transmission, and distribution infrastructure presents various operational challenges. These include the risk of equipment breakdown or failure, natural disasters, and accidents. Furthermore, Portland General Electric is vulnerable to cyber-attacks and physical security breaches, which could disrupt operations, lead to financial losses, and damage the company's reputation. Maintaining a skilled workforce is also critical, and the inability to attract and retain qualified employees, or disruptions from labor negotiations, can adversely affect operations and financial results.

Distributed Energy Resources (DERs), particularly customer-sited rooftop solar and battery storage systems.

The primary product and service offered by Portland General Electric (POR) is the generation, transmission, distribution, and retail of electricity. Portland General Electric serves residential, commercial, and industrial customers within its service territory, which encompasses parts of seven counties and 51 cities in Oregon. This service area covers approximately 2 million Oregonians, representing nearly half of the state's population, and roughly two-thirds of Oregon's commercial and industrial activity.

The addressable market for Portland General Electric's main product and service is the electricity market within the state of Oregon. In 2024, Oregon's total electricity net generation was approximately 64,661,249 megawatt-hours (MWh). In 2020, the total electricity consumed in Oregon from both in-state and out-of-state sources was 53.7 million MWh.

Portland General Electric (symbol: POR) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Robust Industrial Load Growth: The company is benefiting from significant increases in demand, particularly from data centers and semiconductor manufacturers within its service territory. Industrial load growth reached 13% in Q3 2025 and 16.5% in Q2 2025. This strong demand has led PGE to update its weather-adjusted 2025 load growth guidance to between 3.5% and 4.5%.
2. Approved Rate Increases: Portland General Electric has successfully obtained regulatory approvals for price adjustments. General rate increases were implemented in January 2024, affecting residential customers by 17.2%, commercial by 15.9%, and industrial by 11%. Further rate changes, averaging 6.2% overall for customers, with a 5.5% increase for residential customers, took effect on January 1, 2025. These adjustments aim to cover rising power costs, inflation, and essential grid investments.
3. Strategic Capital Investments in Clean Energy and Grid Modernization: PGE is undertaking substantial capital expenditure programs to enhance its infrastructure, integrate clean energy resources, and modernize its grid. The company plans to invest approximately $6.475 billion in its power sector businesses from 2025 through 2029, with significant portions allocated to transmission, distribution, and battery energy storage systems (BESS). By mid-2025, PGE anticipates having deployed over 500 MW of battery storage capacity, which supports renewable energy integration and grid reliability. These investments contribute to rate base growth, a fundamental component of utility revenue.
4. Overall Customer Growth: In addition to specialized industrial demand, Portland General Electric continues to experience growth in its broader customer base. The company added 16,000 customers in 2024. Residential customer count increased by 1.2% in Q3 2025 and 1.6% in Q1 2025. This expansion in customer numbers contributes to a growing demand for electricity services.

Share Repurchases

• Portland General Electric reported share repurchases of $(3) million (250,000 shares) in 2021 and $(5) million (350,000 shares) in 2022.
• As of June 30, 2025, quarterly stock buybacks were reported as $0.00.

Share Issuance

• In October 2022, PGE priced an underwritten public offering of 10,100,000 shares of common stock at $43.00 per share, offered in connection with forward sale agreements.
• In 2023, the company issued 11,615,000 shares through equity forward sales agreements, raising $485 million.
• In March 2024, PGE issued 1,714,972 shares for net proceeds of $78 million, and in the third quarter of 2024, an additional 2,351,070 shares were issued, generating $100 million in net proceeds.
• As of July 26, 2024, PGE entered into an equity distribution agreement authorizing the sale of up to $400 million of common stock through at-the-market offerings, though no transactions had occurred under this program as of October 25, 2024.

Capital Expenditures

• PGE plans a US$6.5 billion capital expenditure program over the next five years (2025-2029), primarily focused on enhancing renewable energy generation and modernizing its grid infrastructure. This includes approximately $1.82 billion for transmission, $3.03 billion for distribution, and $615 million for battery energy storage systems (BESS).
• In 2024, the company invested $1,262 million in capital projects, directed towards grid modernization, hardening and resiliency, customer growth, integration of renewable and non-emitting dispatchable capacity, and wildfire risk mitigation.
• Capital expenditures in 2023 totaled $1,462 million, with a focus on decarbonization, customer demand growth, grid resiliency and security, and risk mitigation. The projected capital expenditures for 2025 are $1,270 million.