POR · Portland General Electric Company

Portland General Electric's investor presentation highlights a strategic push to expand its regional footprint through the proposed acquisition of PacifiCorp's Washington utility operations, which would create a combined $9 billion rate base in 2026, representing an 18% increase over PGE standalone. This move builds on PGE's existing Washington presence since 2014 at the Tucannon River Wind Farm and leverages constructive regulation with multi-year rate plans, promising accretive impacts starting in the first full year while supporting long-term EPS and dividend growth of 5% to 7%. The acquisition diversifies investment opportunities in system resilience, transmission, and clean energy amid robust customer growth. Complementing this, PGE reports strong demand drivers, including 4.7% total load growth from 2024-2025 and a 3% long-term guidance through 2030, fueled by industrial sectors like semiconductors (45% CAGR 2020-2025) and data centers. Recent contracts secure 430 MW from five data center customers in 2025-2026 YTD, with 1.7 GW in additional requests, enabled by Oregon's new large load tariff approved by OPUC for regulatory clarity and margin expansion. Earnings outlook reaffirms FY 2026 Diluted EPS guidance at $3.33-$3.53, following a Q1 shortfall of 25 cents below internal targets—9 cents timing-related—with planned mitigations including 12 cents from accelerated O&M savings and 4 cents from power cost optimization. Capital plans feature $6B+ rate base growth 2024-2030, RFP executions like Wheatridge and Biglow projects by 2027, and $120M 2026 wildfire mitigation spend, underscoring disciplined execution amid clean energy transition and risk management.