Download PDF

1. Company Snapshot

1.a. Company Description

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon.It operates six thermal plants, three wind farms, and seven hydroelectric facilities.As of December 31, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line.


It has 28,206 circuit miles of distribution lines.The company also purchases and sells wholesale natural gas in the United States and Canada.It serves approximately 917 thousand residential, commercial, and industrial customers in 51 cities.


The company was founded in 1889 and is headquartered in Portland, Oregon.

Show Full description

1.b. Last Insights on POR

Portland General Electric Company's recent performance was driven by strong Q3 earnings, beating estimates with $1 per share, compared to $0.98 per share expected. The company's growing demand from data center customers fueled 13% industrial load growth quarter-over-quarter. Institutional investors, such as Asset Management One Co. Ltd., Sequoia Financial Advisors LLC, and Y Intercept Hong Kong Ltd., have taken or increased positions in the company. A solid balance sheet and 4.9% dividend yield support the stock, with management guiding for 5-7% annual earnings and dividend growth.

1.c. Company Highlights

2. Portland General Electric's Q3 2025 Earnings: A Strong Performance</h CFO'sekf

Portland General Electric reported a strong financial performance in Q3 2025, with total revenues increasing by $0.44 driven by 5.5% demand growth and higher average price of deliveries. The company's earnings per share (EPS) came in at $1, beating estimates of $0.98. The company's cost management efforts also paid off, with a $0.06 EPS increase from lower operation and maintenance expenses. The company's financial performance was also reflected in its reaffirmed 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share.

Publication Date: Nov -05

📋 Highlights
  • Load Growth Acceleration: Total energy load surged 5% YoY, with industrial customers (data centers, semiconductors) showing 13% growth driven by tech expansion and favorable legislation.
  • Clean Energy Tax Credits: Secured $1B in PTCs/ITCs for internal projects and another $1B from third-party contracts, totaling $2B in clean energy benefits for the region.
  • Revenue and EPS Growth: Revenues rose $0.44 due to 5.5% demand growth and higher delivery prices, with EPS up $0.06 from O&M cost cuts and $0.07 from other factors.
  • Transmission & Generation Strategy: $1.8B allocated to transmission, balancing with 1+ GW of solar/battery projects in 2023 RFP and 2,000+ MW expected in next RFP to meet 4,000 MW IRP target by 2030.
  • 2025 Earnings Guidance: Maintained $3.13–$3.33 per diluted share, with long-term EPS/dividend growth at 5–7% and 3% load growth through 2029, despite 70 bps ROE lag compression via cost management.

Load Growth and Customer Affordability

The company's load growth was significant, with total load up over 5% compared to the same quarter last year. Industrial customers, led by data centers and semiconductor manufacturers, grew their energy usage by over 13%. The company's multiyear management program continues to deliver great results, with a focus on safe, reliable service while keeping customer prices as low as possible. As Maria Pope noted, "We've brought back around $2 billion in benefits to the region" through investment tax credits and production tax credits.

Clean Energy and Risk Management

The company is making progress in its clean energy goals, with over $1 billion of PTCs and ITCs secured for its own clean energy portfolio. The company's comprehensive year-end mitigation programs continue, with a focus on hardening the system, enhancing situation awareness, and deploying technology to protect communities. The company is also working on a short session in '26, with several state-wide priorities that may impact the outcome.

Valuation and Outlook

With a P/E Ratio of 17.23 and a Dividend Yield of 4.33%, the company's valuation is in line with its growth prospects. The company's 2025 adjusted earnings guidance and long-term EPS and dividend growth guidance of 5% to 7% are also positive. Analysts estimate next year's revenue growth at 4.7%, which is a promising outlook. The company's ROE of 7.85% and ROIC of 3.77% indicate a decent return on equity and invested capital.

Future Plans

The company plans to expand its transmission capabilities, optimize the distribution system, and maintain a reliable generation fleet. The 2023 RFP is advancing, with over 1 gigawatt of solar and battery projects on the updated final shortlist. The company is also considering a balanced approach between transmission and generation, with a focus on driving customer prices as low as possible. As Joseph Trpik noted, "We're driving to serve the overall needs of our customers, which has been a balanced transmission and generation approach." with a promising outlook for the coming years. The company is expected to continue its growth momentum with a 4.7% revenue growth estimate for the next year.

3. NewsRoom

Card image cap

Portland General Electric (NYSE:POR) Reaches New 12-Month High – Time to Buy?

Nov -30

Source: defenseworld.net

Card image cap

Creative Planning Raises Stake in Portland General Electric Company $POR

Nov -29

Source: defenseworld.net

Card image cap

Portland General Electric: Data Centers And AI Make Shares Highly Attractive

Nov -26

Source: seekingalpha.com

Card image cap

POR or FTS: Which Is the Better Value Stock Right Now?

Nov -24

Source: zacks.com

Card image cap

POR vs. ELP: Which Stock Is the Better Value Option?

Nov -06

Source: zacks.com

Card image cap

Top Wind Energy Stocks to Add to Your Portfolio for Long-Term Growth

Nov -06

Source: zacks.com

Card image cap

Portofino Receives Approval for Extension of Warrants

Nov -03

Source: newsfilecorp.com

Card image cap

Y Intercept Hong Kong Ltd Boosts Stock Position in Portland General Electric Company $POR

Nov -03

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.34%)

6. Segments

Residential

Expected Growth: 4.5%

The 4.5% growth in Portland General Electric Company's Residential segment is driven by increasing demand for electricity due to population growth, urbanization, and rising adoption of electric vehicles. Additionally, energy efficiency initiatives, grid modernization, and favorable weather patterns contribute to the growth.

Commercial

Expected Growth: 4.2%

Portland General Electric Company's 4.2% growth is driven by increasing demand for renewable energy, favorable weather conditions, and strategic investments in grid modernization. Additionally, the company's focus on energy efficiency programs and customer growth initiatives have contributed to its growth. Furthermore, the company's diversified customer base and stable regulatory environment have provided a solid foundation for its growth.

Wholesale

Expected Growth: 3.8%

The 3.8% growth in wholesale from Portland General Electric Company is driven by increasing demand for renewable energy, favorable weather conditions, and strategic investments in grid modernization. Additionally, the company's focus on energy efficiency programs and competitive pricing strategies have contributed to the growth.

Industrial

Expected Growth: 4.8%

Portland General Electric Company's Industrial segment growth of 4.8% is driven by increasing demand for electricity from data centers and cloud computing, expansion of manufacturing facilities, and growth in the aerospace industry. Additionally, investments in grid modernization and renewable energy sources contribute to the segment's growth.

Other Operating Revenues

Expected Growth: 4.0%

Portland General Electric Company's 4.0% growth in Other Operating Revenues is driven by increasing demand for renewable energy solutions, strategic partnerships, and expansion of energy storage services. Additionally, the company's focus on grid modernization and infrastructure upgrades has led to higher revenue from transmission and distribution services.

Direct Access Customers

Expected Growth: 4.1%

Portland General Electric Company's 4.1% growth in Direct Access Customers is driven by increasing commercial and industrial demand for renewable energy, favorable regulatory policies, and competitive pricing strategies. Additionally, the company's investments in grid modernization and customer engagement initiatives have improved customer satisfaction, leading to increased adoption of direct access programs.

Alternative Revenue Programs, Net of Amortization

Expected Growth: 4.3%

Portland General Electric Company's 4.3% growth in Alternative Revenue Programs, Net of Amortization, is driven by increasing adoption of renewable energy sources, favorable regulatory policies, and strategic investments in grid modernization and energy storage. Additionally, the company's focus on energy efficiency programs and demand response initiatives contribute to this growth.

Other Accrued (Deferred) Revenues, Net

Expected Growth: 4.4%

Portland General Electric Company's 4.4% growth in Other Accrued (Deferred) Revenues, Net is driven by increasing demand for electricity, favorable weather conditions, and effective cost management. Additionally, the company's investments in grid modernization and renewable energy sources have contributed to the growth. Furthermore, regulatory approvals and rate adjustments have also supported the revenue increase.

7. Detailed Products

Electricity

Portland General Electric Company generates, transmits, and distributes electricity to residential, commercial, and industrial customers.

Renewable Energy

PGE offers renewable energy options, including wind and solar power, to customers who want to reduce their carbon footprint.

Energy Efficiency Programs

PGE provides energy-efficient solutions and incentives to help customers reduce energy consumption and lower their bills.

Smart Grid Services

PGE's advanced grid management system enables real-time monitoring and control of the electrical grid, improving reliability and efficiency.

Electric Vehicle Charging Infrastructure

PGE offers electric vehicle charging stations and infrastructure solutions for residential, commercial, and public use.

8. Portland General Electric Company's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Portland General Electric Company is medium due to the availability of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for Portland General Electric Company is low due to the lack of alternative energy providers in the region.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Portland General Electric Company is medium due to the dependence on a few large suppliers for fuel and equipment.

Threat Of New Entrants

The threat of new entrants for Portland General Electric Company is low due to the high barriers to entry in the energy industry, including regulatory hurdles and high capital costs.

Intensity Of Rivalry

The intensity of rivalry for Portland General Electric Company is high due to the presence of several competitors in the region, including Pacific Power and Idaho Power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 55.57%
Debt Cost 4.67%
Equity Weight 44.43%
Equity Cost 6.78%
WACC 5.61%
Leverage 125.07%

11. Quality Control: Portland General Electric Company passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
OGE Energy

A-Score: 6.8/10

Value: 5.5

Growth: 4.1

Quality: 5.6

Yield: 8.0

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Evergy

A-Score: 6.7/10

Value: 5.5

Growth: 4.7

Quality: 4.7

Yield: 7.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Pinnacle West Capital

A-Score: 6.4/10

Value: 5.9

Growth: 5.2

Quality: 4.1

Yield: 8.0

Momentum: 5.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
PPL

A-Score: 6.3/10

Value: 4.9

Growth: 4.2

Quality: 4.1

Yield: 7.0

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
PGE

A-Score: 6.1/10

Value: 6.8

Growth: 4.4

Quality: 4.1

Yield: 8.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Avangrid

A-Score: 5.2/10

Value: 6.2

Growth: 4.3

Quality: 3.8

Yield: 5.0

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

48.57$

Current Price

48.57$

Potential

-0.00%

Expected Cash-Flows