Portland General Electric Company (POR) Investor presentation summary

Strategic expansion and growth

• Acquisition of a Washington utility expands regional scale, diversifies presence, and increases rate base investment opportunities, with a combined estimated 2026 rate base of $9 billion and 1.1 million customers.

• Strategic rationale includes leveraging constructive regulation in Washington, enhancing system resilience, and targeting industrial and large customer growth.

• Partnership with Manulife Investment Management optimizes transaction financing and supports strong credit ratings.

Financial performance and shareholder value

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

• Proven dividend growth with a 5.5% CAGR from 2017–2026E and a target payout ratio of 60–70%.

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

• Executed $550 million equity forward sale agreement and $500 million ATM facility to support capital needs.

Clean energy and infrastructure investment

• Over $6 billion in rate base growth planned from 2024–2030, driven by diversified capital investment in clean energy and transmission.

• 2023 and 2025 RFPs target over 2,500 MW of new renewable and non-emitting capacity, with major solar and battery projects expected in service by 2027.

• 46% of 2025 system resource mix from non-emitting sources, with lowest carbon intensity among peer utilities.

• Major transmission upgrades and battery storage projects enhance grid reliability and support high-tech customer growth.