2026 Earnings Guidance

PGE is reaffirming its estimate for full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share based on the following assumptions:

  • An increase in energy deliveries between 1.5% and 2.5%, weather adjusted;
  • Execution of power cost and financing plans;
  • Execution of operating cost management plan;
  • Normal temperatures in its utility service area for the remainder of the year;
  • Hydro conditions for the year that reflect current estimates;
  • Wind generation based on five years of historical levels or forecast studies when historical data is not available;
  • Normal thermal plant operations;
  • Operating and maintenance expense between $810 million and $830 million which includes approximately $150 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $26 million of business transformation, optimization and acquisition expenses and $4 million of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event;
  • Depreciation and amortization expense between $570 million and $590 million;
  • Effective tax rate of 15% to 20%;
  • Cash from operations of $1,000 to $1,200 million;
  • Capital expenditures of $1,655 million; an
  • Average construction work in progress balance of $830 million.