Company: POR
Filing Date: 2025-10-02
Form Type: 8-K
Source: 0000784977-25-000161
Chunk: 0

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-02
Form: 8-K
Item: Item 7.01
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Item 7.01 Regulation FD Disclosure.

On October 1, 2025, Portland General Electric Company (PGE or the Company) submitted a regulatory filing to the Public Utility Commission of Oregon (OPUC) requesting acknowledgement of an updated final shortlist of bidders for the 2023 All-Source Request for Proposal (RFP) to meet PGE’s articulated resource needs. PGE issued the 2023 RFP to market in February 2024, seeking bids for resources that can provide non-emitting dispatchable capacity and renewable generation, and filed its original final shortlist with the OPUC in September 2024.

The updated final shortlist comes after the July 4, 2025 passage of House Resolution 1, the One Big Beautiful Bill Act, which led PGE to provide an opportunity for all conforming 2023 RFP bidders to refresh their pricing to capture impacts of the new legislation and impacts from recent trade tariffs. Evaluation of refreshed bids, including updates to bid scoring and ranking, was performed in collaboration with an OPUC-selected third-party independent evaluator.

                           Project      Technology          Structure        MW      Company-owned MW  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
  2023 RFP Updated Final Shortlist                                                                     
                                 1      Solar, Battery      BTA             250                   250  
                                 2      Solar, Battery      Hybrid (1)      365                   175  
                                 3      Battery             BTA             400                   400  

(1) Hybrid commercial structure includes a power purchase agreement (PPA) portion and a Company-owned portion via a build transfer agreement (BTA) for project resources

The Company has requested acknowledgement of the updated final shortlist by November 25, 2025 to enable PGE to finalize contract negotiations, keep project costs as low as possible, make continued progress towards Oregon’s decarbonization goals and support system reliability needs as identified in the 2023 Integrated Resource Plan and Clean Energy Plan update. PGE is proceeding to commercial negotiations with bidders for projects on the updated final shortlist and expects finalization of contracts for projects that meet selection criteria by the end of 2025, with projects in service by the end of 2027.

The 2023 RFP is a component of PGE’s multi-pronged procurement approach focused on customer affordability, system reliability, and decarbonization. In parallel with the the 2023 RFP, the Company