Company: POR
Filing Date: 2025-10-23
Form Type: 8-K
Source: 0000784977-25-000163
Chunk: 0

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-23
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events.

On October 21, 2025, the Public Utility Commission of Oregon (OPUC) issued an Order (Order 25-417) in Portland General Electric’s (PGE, or the Company) request to recover the revenue requirement associated with the Seaside Battery Energy Storage System (Seaside) filed on May 30, 2025 (OPUC Docket UE 455). The Order was supported by a memorandum of understanding (MOU) entered into between PGE and key regulatory stakeholders. The MOU guided the recovery proceeding for Seaside, PGE’s largest standalone battery storage project which has been serving customers since July 2025.

The Order calls for the following:

• a rate base increase of $220 million, net of estimated Investment Tax Credit benefits of $125 million;

•9.34% return on equity (ROE);

• an annual revenue requirement increase of $42 million, excluding impacts related to Net Variable Power Costs (NVPC), compared to PGE’s filed request of $46 million at closing briefs.

The Order also results in a $6 million revenue requirement increase for the remainder of 2025, inclusive of NVPC customer benefits. Seaside’s NVPC is included in PGE’s Annual Update Tariff (AUT) filings for 2026 (OPUC docket UE 452) and onward.

Other key items in the Order include:

• The adoption of an earnings test at PGE’s authorized ROE, implemented via a deferral to track Seaside revenues and refund excess earnings, if applicable.

The Seaside revenue requirement will be included in customer prices effective October 31, 2025.

More information about the Seaside filing (OPUC Docket UE 455) is available on the OPUC website at www. oregon. gov/puc.

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