Company: POR
Filing Date: 2025-12-29
Form Type: 8-K
Source: 0000784977-25-000181
Chunk: 0

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-12-29
Form: 8-K
Item: Item 8.01
Chunk 0
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Item 8.01 Other Events.

On December 23, 2025, Portland General Electric (PGE, or the Company) and certain intervening parties (Stipulating Parties) submitted a stipulation to the Public Utility Commission of Oregon (OPUC) reflecting an agreement that resolves all issues, with the exception of the application of an earnings test as proposed by intervening parties, in PGE's request for recovery in UE 459 related to the Company’s Distribution System Plan (DSP) Alternative Recovery Mechanism (ARM). The settlement and submitted stipulation were supported by a memorandum of understanding (MOU) entered into between PGE and key regulatory stakeholders. The MOU limited the scope of the ARM to specific capital investments included in the DSP docket (UM 2362) filed December 2024, which enable network modernization, reliable customer service and integration of clean energy and distributed energy resources.

Primary components of the stipulation include:

• A rate base increase of $218 million;

• 9.34% return on equity (ROE) per the MOU reflecting PGE's last rate case;

• An annual revenue requirement increase of $57 million, compared to PGE's filed request of $72 million.

Of the $15 million of revenue requirement adjustments, approximately 87% are temporary in nature, allowing PGE to seek recovery of associated investments as applicable in its next general rate case (GRC). These adjustments are driven primarily by non-distribution investments and are not attributable to specific assets. Per the previously noted MOU reached with stakeholders, the earliest possible rate effective date of PGE's next GRC is May 1, 2027.

The terms of the stipulation remain subject subject to OPUC approval. The OPUC has adopted a procedural schedule for the regulatory review process in Docket UE 459 that anticipates an order in March 2026, with customer prices effective April 1, 2026. PGE cannot predict the ultimate outcome of the regulatory process.

More information about the DSP ARM is available on the OPUC website at www. oregon. gov/puc.

SIGNATURES

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 hereunto duly authorized.

                                             PORTLAND GENERAL ELECTRIC COMPANY  
  Date:      December 23, 2025      By:      /s/ Joseph R. Trpik                
                                             Joseph R. Trp