Portland General Electric Company (POR) Investor presentation summary

Growth and investment outlook

• Forecasts 4.7% total load growth for 2024–2025, driven by strong customer and clean energy demand.

• Rate base expected to grow from $7.0B in 2024 to $13.1B by 2030, with diversified capital investment.

• Acquisition of a Washington utility will expand scale, diversify presence, and broaden future rate base investment.

• Combined rate base with WA utility estimated at $9B in 2026, with 1.1 million customers and 4.4 GW generation capacity.

• Capital expenditure forecast totals $7.63B through 2030, focused on distribution, transmission, and generation.

Strategic initiatives and customer demand

• Large load pipeline driven by high-tech and data center customers, with a 10% CAGR in contracted capacity through 2030.

• New Large Load Tariff provides regulatory certainty and margin expansion for high-growth customer classes.

• Ongoing procurement of 2,500–3,500 MW of non-emitting resources through 2030 to support decarbonization.

• 2023 and 2025 RFPs target significant renewable and storage investments, with projects expected in service by 2030.

• Investments in grid modernization and transmission projects support reliability and enable growth, especially for digital customers.

Financial performance and shareholder value

• Long-term EPS and dividend growth guidance of 5–7%, with EPS rebased off 2024 guidance of $3.08.

• Adjusted non-GAAP EPS for 2025 was $3.05, with a projected range of $3.33–$3.53 for 2026.

• Dividend CAGR of 5.5% from 2017–2026E, with a target payout ratio of 60–70%.

• Maintains investment grade credit ratings (S&P BBB+, Moody’s A3) and strong liquidity of $979M as of June 2026.

• Recent financing includes $550M equity forward sale and $500M ATM facility to support capital needs.