Portland General Electric reports Q2 2026 EPS of $0.64, reaffirms guidance, new tariff raises data center rates ~30%

The company announced its second quarter 2026 financial results. The 8-K itself does not disclose specific financial figures; those details are contained in the attached press release (Exhibit 99.1).

Portland General Electric reported second quarter 2026 GAAP net income of $68 million ($0.59 per diluted share) and non-GAAP net income of $74 million ($0.64 per diluted share), after excluding $8 million in business transformation, optimization and acquisition expenses. This compares to Q2 2025 non-GAAP net income of $73 million ($0.66 per diluted share). The results were consistent with guidance and reflect strong operational execution.

Industrial customer demand increased 11% year-over-year, driven by high-tech and data center customers. The detailed statistics show industrial energy deliveries rose 15.3% in Q2 2026 versus Q2 2025 (1,633 GWh vs 1,416 GWh). This strong growth is a key driver of the company's revenue and infrastructure investment needs.

The Oregon Public Utility Commission approved a new large-load tariff in May 2026, effective July 8, 2026, that raises rates for data centers and other new large-load customers by approximately 30% while lowering rates for all other customers. This tariff better aligns infrastructure costs with the customers driving new system growth and addresses affordability concerns for residential and small business customers.

Portland General Electric reaffirmed its full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share. The guidance is based on assumptions including 1.5% to 2.5% weather-adjusted energy delivery growth, operating and maintenance expense of $810 million to $830 million, capital expenditures of $1,655 million, and cash from operations of $1,000 to $1,200 million. Note: these figures were previously disclosed in the company's May 1, 2026 8-K.

PGE reported Q2 2026 GAAP EPS of $0.59 and adjusted EPS of $0.64, excluding $8 million in business transformation and optimization expenses. The company noted that Q2 results were consistent with plan, reflecting operational and financial discipline, and that a timing difference between AUT revenue collection and power cost recognition is expected to reverse in the second half of 2026.

PGE reaffirmed its 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share. Note: these figures were previously disclosed in the company's May 1, 2026 8-K.

PGE provided an update on its proposed acquisition of PacifiCorp's electric utility operations and certain assets in Washington state. Initial regulatory filings have been completed in Oregon, Washington, California, Idaho, Utah, Wyoming, and with FERC. The transaction remains on track for a mid-2027 closing. The acquisition includes approximately 805 MW of generation capacity from three facilities.

PGE executed a $550 million equity forward sale agreement to address 2026 equity needs, entered into a $500 million at-the-market (ATM) facility to support base and RFP ownership equity requirements, and entered into a 24-month credit agreement for $350 million in aggregate principal. The company forecasts $300 million in base equity needs and $250 million in 2023 RFP-related equity needs for 2026.

PGE disclosed a total forecasted capital expenditure of $7.63 billion, which excludes allowance for funds used during construction and potential capex for the Washington utility acquisition and the 2025 RFP. The 2023 RFP projects amount is presented gross of federal tax credits. This capital outlook supports sustained rate base growth.