Portland General Electric Company (POR) investor relations material

Strategic expansion and growth

• Acquisition of a Washington utility expands regional presence, increases scale, and diversifies the rate base, with combined 2026E rate base estimated at $9 billion and 1.1 million customers, supporting 4.4 GW of generation capacity.

• Strategic rationale includes leveraging constructive regulation in Washington, enhancing investment opportunities in resilience, transmission, and clean energy, and expecting accretion in the first full year post-acquisition.

• Partnership with Manulife Investment Management optimizes transaction financing and introduces a new capital source.

Financial performance and outlook

• Long-term EPS and dividend growth guidance of 5–7%, with 2026 adjusted EPS guidance of $3.33–$3.53 and a proven dividend CAGR of 5.5% from 2017–2026E.

• Robust rate base pipeline with $6B+ growth projected from 2024–2030, supported by diversified capital investment and strong customer and clean energy demand.

• Maintains stable, investment-grade credit ratings (S&P BBB+, Moody’s A3) and $954 million in liquidity as of March 31, 2026.

Capital investment and clean energy initiatives

• Capital expenditures forecasted at $1.3–$1.7 billion annually through 2030, focused on generation, distribution, transmission, and clean energy projects.

• Major renewable projects include Clearwater Wind (311 MW), Biglow Optimization (125 MW solar, 125 MW BESS), and Wheatridge Expansion (240 MW solar, 125 MW BESS), with significant investments supported by tax credits.

• Multi-stage RFPs targeting procurement of 2,500–3,500 MW of non-emitting resources by 2030.