**Portland General Electric Reports Financial Results for 2025**
Portland General Electric (PGE) reported total revenues of $3.576 billion for the year ended December 31, 2025, an increase of 4% compared to $3.440 billion in 2024. The increase in revenue was primarily driven by higher retail revenues, which rose due to price changes authorized by the Public Utility Commission of Oregon (OPUC) to cover anticipated increases in net variable power costs (NVPC) and general cost increases. Wholesale revenues, however, decreased due to lower average prices and sales volumes. Net income for 2025 was $306 million, a slight decrease from $313 million in the previous year.
Key operational developments included a 3.8% increase in total retail energy deliveries, driven by a significant rise in industrial customer demand, which offset decreases in residential and commercial deliveries. The company added 10,000 customers during the year, bringing the total customer base to approximately 960,000. Average residential revenue per customer increased to $1,699, while usage per customer decreased to 9,038 kilowatt hours. The company's resource capacity was 5,985 MW, with 60% from generation and 40% from purchased power.
PGE continued to advance its clean energy strategy, with over 221,000 residential and small commercial customers participating in the Green Future Program. The company also made progress on its Integrated Resource Plan (IRP) and Clean Energy Plan (CEP), submitting an update to the OPUC in June 2025. The CEP/IRP Update identified a new Preferred Portfolio as a result of the refreshed analysis. PGE did not propose any changes to the Action Plan that was acknowledged within the 2023 CEP/IRP, which supports the Company's progress toward emissions targets and Preferred Portfolio resource need procurement through the 2025 All-Source RFP.
Looking ahead, PGE anticipates capital expenditures of approximately $1.7 billion in 2026, which will be funded through a combination of cash from operations, debt and equity issuances, and commercial paper. The company also announced a pending acquisition of PacifiCorp's Washington state regulated utility business for $1.9 billion, which is expected to close in approximately twelve months following the submission of regulatory applications. The company expects to permanently finance the transaction through a balanced mix of debt, equity, and its minority investment partner, Manulife Infrastructure Fund III L.P. and its affiliates including John Hancock Life Insurance Company (USA).
About PORTLAND GENERAL ELECTRIC CO /OR/
Portland General Electric Company is a regulated electric utility serving Oregon, engaged in generation, wholesale purchase and sale, transmission, distribution, and retail sale of electricity. It operates diverse renewable and thermal power plants, including wind, hydro, natural gas, and coal. The company emphasizes clean energy, energy efficiency, and risk management through wholesale markets, long-term contracts, and customer programs, supporting a sustainable, reliable energy supply for its approximately 950,000 retail customers.
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