Portland General Electric POR · USD

PGE’s State-approved service area allocation of 4,000 square miles is located entirely within Oregon and includes 51 incorporated cities. During 2025, the Company added 10,000 customers, and as of December 31, 2025, served a total of approximately 960,000 retail customers.

Federal and State regulation each have a significant influence on PGE’s business operations. In addition to the agencies and activities discussed below, the Company is subject to regulation by certain environmental agencies, as described in the Environmental Matters section in this Item 1.

PGE prepares financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) and, as a regulated public utility, the effects of rate regulation are reflected in its financial statements. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as: i) property, plant, and equipment; ii) regulatory assets and liabilities; iii) revenues; iv) certain operating expenses; v) depreciation expense; and vi) income tax expense. GAAP provides for the deferral, or recording of expenses and revenues in periods other than when an unregulated entity would. As a result, the Company may record regulatory assets, of certain actual or estimated costs that would otherwise be charged to expense, based on expected recovery from customers in future prices.

Quoted from its 10-K, filed 17 Feb 2026. Read the filing on SEC.gov ↗