Company: POR
Filing Date: 2025-07-25
Form Type: 424B5
Source: 0001140361-25-027364
Chunk: 32

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 424B5
Chunk 32
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 plan of distribution for that offering. For general information about the distribution of securities offered, please see “Plan of Distribution” on page 21 of this prospectus.

Our common stock is listed on the New York Stock Exchange under the trading symbol “POR.” On July 24, 2025, the last reported sale price of our common stock on the New York Stock Exchange was $39.73 per share. The prospectus supplement will indicate if the securities offered thereby will be listed on any securities exchange.

Investing in these securities involves certain risks. Please read carefully the information included and incorporated by reference in this prospectus for a discussion of the factors you should carefully consider before deciding to purchase these securities, including the discussion of risks incorporated as described under “Risk Factors” on page**

#### 6

#### of this prospectus.
**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

#### The date of this prospectus is July 25, 2025.
TABLE OF CONTENTS

PROSPECTUS TABLE OF CONTENTS

|                                                                  |     | Page |
| ABOUT THIS PROSPECTUS                                            |     |    1 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS             |     |    2 |
| PORTLAND GENERAL ELECTRIC COMPANY                                |     |    5 |
| RISK FACTORS                                                     |     |    6 |
| USE OF PROCEEDS                                                  |     |    7 |
| DESCRIPTION OF SECURITIES                                        |     |    8 |
| DESCRIPTION OF COMMON STOCK                                      |     |    9 |
| DESCRIPTION OF DEBT SECURITIES                                   |     |   12 |
| DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS |     |   14 |
| DESCRIPTION OF FIRST MORTGAGE BONDS                              |     |   15 |
| PLAN OF DISTRIBUTION                                             |     |   21 |
| WHERE YOU CAN FIND MORE INFORMATION                              |     |   22 |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE                  |     |   23 |
| LEGAL MATTERS                                                    |     |   24 |
| EXPERTS                                                          |     |   24 |

i

#### TABLE OF CONTENTS

### ABOUT THIS PROSPECTUS
This prospectus is part of an “automatic shelf” registration statement that