On September 25, 2026, the Oregon Public Utility Commission (OPUC) issued a final order (Order No. 26-354) in Docket UM 2385. The order addresses the application by Portland General Electric Company (PGE or the Company) to reorganize under a holding company structure.

The order includes a rate credit and other customer benefits totaling approximately $83 million, which the Company supports. However, the order also imposes conditions that depart from the stipulation agreed to by the Company and OPUC staff. The stipulation’s terms were consistent with traditional holding company structures approved in Oregon and elsewhere and, in some cases, were more stringent. The order goes beyond the stipulation by imposing restrictions on ordinary course business activities that may not be feasible for the Company to implement, specifically relating to limitations on dividends tied to retained earnings and credit ratings. The Company believes these conditions could limit its ability to fund investments needed to maintain and enhance system reliability, meet regulatory mandates, acquire sufficient clean energy, serve forecasted customer demand, and advance critical infrastructure projects.

The Company is evaluating available options, including requests for reconsideration, clarification, or seeking judicial review, as permitted by applicable law. The Company does not expect to proceed with the reorganization unless these provisions are clarified or modified. The customer rate credit and other benefits will not be implemented unless the Company proceeds with the reorganization.

At this time, the Company is unable to estimate the full financial impact of the order. The Company expects to provide further updates regarding the effects of the order in future periodic reports and investor communications, as appropriate.