Company: POR
Filing Date: 2025-07-25
Form Type: 424B5
Source: 0001140361-25-027364
Chunk: 0

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 424B5
Chunk 0
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TABLE OF CONTENTS

Filed Pursuant to Rule 424(b)(5) Registration No. 333-288955 PROSPECTUS SUPPLEMENT (To Prospectus dated July 25, 2025) DIVIDEND REINVESTMENT AND DIRECT STOCK PURCHASE PLAN 2,452,692 Shares of Common Stock, no Par Value Portland General Electric Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”) provides a simple and convenient way to invest in shares of common stock, no par value, of Portland General Electric Company (“PGE” or the “Company”). Participation in the Plan is open to all interested investors, regardless of whether they are already shareholders of the Company. Anyone who participates in the Plan will be considered a “Participant.” Participants in the Plan may:

| • | Elect to reinvest cash dividends in additional shares of our common stock; |

| • | Buy shares of our common stock conveniently; |

| • | Deposit common stock certificates with the Plan administrator for safekeeping; and |

| • | Sell shares of our common stock or transfer shares to other Plan participants. |

Participation in the Plan is strictly voluntary. Shareholders who do not wish to participate in the Plan will continue to receive cash dividends when, as and if declared. Participants in the Plan may terminate their participation at any time. Our common stock is quoted on the New York Stock Exchange under the ticker symbol “POR.” The last reported sale price of our common stock on July 24, 2025 was $39.73 per share. Investing in our common stock involves risks. See “Risk Factors” on page S- 2of this prospectus supplement and under Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and in other filings we make with the Securities and Exchange Commission from time to time. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The date of this prospectus supplement is July 25, 2025. You should rely only on the information incorporated by reference or provided in this prospectus supplement or the accompanying prospectus. We have not authorized anyone to provide you with different information. You should not assume that the information provided in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference or any other offering material is accurate as of