Company: POR
Filing Date: 2025-05-30
Form Type: 8-K
Source: 0000784977-25-000096
Chunk: 0

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-05-30
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events.

On May 30, 2025, Portland General Electric Company (PGE) submitted a regulatory filing with the Public Utility Commission of Oregon (OPUC) to request recovery of the revenue requirement associated with the Seaside Battery Energy Storage System (Seaside). Seaside is a PGE-owned 200 MW battery storage facility located in Portland, Oregon, with an expected commercial operation date prior to August 21, 2025. The regulatory filing is pursuant to the expedited cost-recovery option introduced by the OPUC in its Order issued December 20, 2024 related to PGE's 2025 General Rate Case (OPUC Docket UE 435) and would allow PGE the opportunity to recover its revenue requirement for Seaside outside of a general rate case while balancing the interests of customers and PGE.

As a part of the filing, PGE requests that the Seaside tracker be authorized for inclusion in customer prices by October 31, 2025.

PGE’s request for recovery includes the following:

• an annualized revenue requirement increase of $47 million;

• cost of capital figures based on OPUC approved amounts in UE 435, which included a 9.34% return on equity; and

• a rate base increase of $257 million, net of estimated Investment Tax Credit benefits of $117 million.

PGE and parties will work through the regulatory review process for the Seaside tracker filing (OPUC Docket UE 455) during the coming months. PGE cannot predict the ultimate outcome of the regulatory process.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

  PORTLAND GENERAL ELECTRIC COMPANY  
  (Registrant)                       
  /s/ Joseph R. Trpik                
  Joseph R. Trpik                    
  Senior Vice President, Finance