Portland General Electric (PGE) cut its 2026 adjusted earnings outlook Thursday after its mildest third quarter in a decade reduced residential and small-commercial power demand, despite stronger industrial use.
The company now expects adjusted earnings of $3.18 to $3.28 per diluted share, down from the range of $3.33 to $3.53 it reaffirmed in July. PGE said its longer-term guidance is unchanged. The revised forecast assumes normal temperatures in November and December. The company disclosed the update in an Oct. 29 earnings release filed with its Form 8-K at the U.S. Securities and Exchange Commission (SEC).
PGE put the third-quarter year-over-year weather effect at 15 cents per share and estimated a 20-cent year-to-date effect against normal weather. Weather-adjusted industrial demand increased 9%, with high-tech and data center customers driving the growth.
For the quarter ended Sept. 30, net income under generally accepted accounting principles (GAAP) rose to $119 million, or $1 per diluted share, from $103 million, or $0.94 per share, a year earlier. Total revenue reached $971 million, up from $952 million.
Adjusted net income, which excludes business transformation, optimization and acquisition expenses, was $125 million, or $1.06 per diluted share, compared with $110 million, or $1.00 per diluted share. For the first nine months of the year, GAAP net income declined to $232 million from $265 million.
PGE's proposed 2027 rate case would put prices about 4.8% above currently approved levels, including an approximate 3.9% increase for residential customers. The proposal needs approval from the Oregon Public Utility Commission (OPUC); if approved, the rates would take effect July 1, 2027. PGE expects lower net variable power costs to partly offset the increase and estimates its participation in the Extended Day-Ahead Market will save customers about $14 million in 2027.
Parties’ opening testimony in the rate case is expected in mid-December, PGE said.
