Portland General Electric reported second-quarter 2026 net income of $68 million, up from $62 million a year earlier, while diluted earnings per share rose to $0.59 from $0.56.
On a non-GAAP basis, second-quarter net income was $74 million, compared with $73 million in the second quarter of 2025. Non-GAAP diluted EPS slipped to $0.64 from $0.66.
Revenue increased in the quarter, driven by higher cost recovery and more energy deliveries. Industrial load climbed 11.2% year over year, led by continued growth from high-tech and data center customers. Residential and commercial demand was described as relatively flat.
Costs moved in different directions. Purchased power and fuel expense increased, reflecting timing differences between power cost recognition and revenue collections. Operations and maintenance expense declined, while depreciation and interest expense increased because of continued capital investment in the system.
The company reaffirmed full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share.
PGE said its approved large customer tariff, effective July 8, raises prices for data center and other new large-load customers by about 30%, while lowering rates for all other customers.
The company also said it will file its 2027 general rate case next week, seeking an approximate 4.8% overall increase relative to currently approved prices. That increase is expected to be partly offset by a forecast 2.4% reduction in customer prices beginning Jan. 1, 2027, tied to lower net variable power costs.
For 2026, PGE is assuming energy deliveries will rise 1.5% to 2.5% weather-adjusted. It is forecasting operating and maintenance expense of $810 million to $830 million, depreciation and amortization of $570 million to $590 million, cash from operations of $1.0 billion to $1.2 billion, capital expenditures of $1.655 billion, and average construction work in progress of $780 million.
The board approved a quarterly dividend of 55.125 cents per share, payable Oct. 15 to shareholders of record Sept. 25. Following these announcements, the company's shares moved -1.35%, and are now trading at a price of $49.415. Check out the company's full 8-K submission here.
