Portland General Electric submits application for holding company reorganization

PGE is submitting a formal application to the Oregon Public Utilities Commission for approval of a holding company reorganization. The structure contemplated involves placing a non-operating corporate entity over the company’s existing structure. It would also allow for the formation of a subsidiary to hold existing and future transmission assets. The intent of the reorganization is to provide benefits to customers and shareholders by taking advantage of the financial flexibility provided by a holding company structure, and to support construction of new transmission assets, reliability planning, and economic development. Also, PGE is submitting a request to the OPUC for recovery of costs associated with PGE’s distribution system plan. PGE’s request includes an annualized revenue requirement increase of $72M, with a proposed rate effective date of April 1, 2026. On May 30, PGE submitted a request for recovery of the revenue requirement associated with the Seaside Battery Energy Storage System, consistent with the option presented by the OPUC in the 2025 GRC order. PGE’s request includes an annualized revenue requirement increase of $46M, with a proposed rate effective date of October 31. PGE entered into a memorandum of understanding with intervenors, which establishes the scope of recovery mechanisms for both Seaside and costs associated with PGE’s DSP.