Portland General Electric Company reported its third-quarter 2026 financial results on October 29, 2026. On a generally accepted accounting principles (GAAP) basis, the company recorded net income of $119 million, or $1.00 per diluted share. After adjusting for business transformation, optimization, and acquisition expenses, non-GAAP net income was $125 million, or $1.06 per diluted share. This compares to third-quarter 2025 GAAP net income of $103 million, or $0.94 per diluted share, and non-GAAP net income of $110 million, or $1.00 per diluted share.

The company cited historically mild weather as a primary factor for the earnings performance. Unfavorable weather conditions reduced customer demand, resulting in a $0.15 year-over-year headwind to earnings per share in the third quarter. On a year-to-date basis, the mild weather has resulted in an estimated $0.20 EPS headwind relative to normal weather patterns.

Despite the weather impact, the company noted continued growth in industrial customer demand, which grew 9% year over year. This growth was driven by high-tech and data center customers. Additionally, the company successfully launched participation in the Extended Day-Ahead Market (EDAM) on October 1, 2026, which is expected to deliver an estimated $14 million in customer savings in 2027.

Portland General Electric has revised its full-year 2026 adjusted earnings guidance to a range of $3.18 to $3.28 per diluted share. The revision accounts for the unusually mild weather experienced during the third quarter. The company stated that its long-term guidance remains intact. The revised guidance assumes normal temperatures for November and December, execution of power cost and financing plans, and operating and maintenance expenses between $810 million and $830 million.

In other corporate updates, the company filed a request for clarification regarding a holding company structure order from the Oregon Public Utility Commission (OPUC). The company also filed its 2027 general rate case with the OPUC, proposing an overall increase of approximately 4.8% relative to currently approved prices. Furthermore, the company signed build-transfer agreements for two new solar and battery storage projects: a 200 MW solar and 250 MW battery facility at Biglow with an anticipated investment of approximately $900 million, and a 199 MW solar and 199 MW battery facility at Salmonfly with the Confederated Tribes of Warm Springs, with an anticipated investment of approximately $853 million.

The company’s board of directors declared a quarterly common stock dividend of 55.125 cents per share, payable on or before January 15, 2027.