Portland General Electric Company (POR) Investor presentation summary

Growth and earnings outlook

• Total load grew 4.7% in 2024-2025; forecast load growth CAGR is 3.0% for 2026-2030, with 10% long-term growth forecast from data center and high-tech customers for 2025-2030.

• Long-term EPS and dividend growth guidance is 5%-7%; EPS growth is based on the midpoint of original 2024 adjusted earnings guidance of $3.08 per share.

• 2026 adjusted EPS guidance is $3.24-$3.34; 2025 diluted EPS was $2.77 GAAP and $3.05 adjusted non-GAAP.

Large-load demand and regional expansion

• Large-load pipeline is shown at ~12% CAGR; 473 MW of executed 2025-2026 contracts for five data center customers are under construction.

• Up to 420 MW of 2026 executed contracts not under construction is expected to energize in 2028 and ramp to full capacity in 2033; an additional 1.3 GW of large-load requests targets energization in 2028 and beyond.

• Proposed Washington utility acquisition is expected to add scale and investment opportunities; combined metrics include 1.1 million customers, 4.4 GW generation capacity and estimated 2026 rate base of $9bn.

• Acquisition accretion is expected in the first full year; financing partnership with Manulife Investment Management is intended to optimize transaction financing and add a capital source.

Capital investment and resources

• Forecast capital expenditures total $7.4bn as of September 30, 2026; forecast excludes ~$1.75bn for Biglow Optimization Phase 2 and Salmonfly, executed in October 2026.

• Biglow Optimization includes 125 MW solar and 125 MW battery storage, with ~ $540m total investment; Wheatridge Expansion includes 240 MW solar and 125 MW battery storage, with ~ $490m total investment. Both are expected in service by end-2027.

• The 2025 RFP shortlist contained ~5 GW of renewable and non-emitting projects; procurement negotiations targeted ~2,500 MW, with final contracts targeted for Q4 2026/Q1 2027.

• Renewable resources in the total system have grown 37% since 2021; 2025 system mix was 46% non-emitting, and GHG intensity was 0.27 metric tons CO2e per MWh.