Portland General Electric Prices $480M Common Stock Offering

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Portland General Electric Company, an integrated energy company, announced the pricing of an underwritten public offering of 9,467,455 shares of its common stock at $50.70 per share. The company expects to physically settle the forward sale agreements in full on one or more dates no later than 24 months from the date of the preliminary prospectus supplement. PGE intends to use the net proceeds for general corporate purposes and investment in renewable energy and non-emitting dispatchable capacity.

Why it matters

The public offering will provide PGE with additional capital to invest in its clean energy transition, supporting the company's goal to reduce emissions from its retail power supply by 80% by 2030 and 100% by 2040. As an integrated utility, PGE's ability to raise funds is crucial for financing infrastructure upgrades and new renewable energy projects to meet customer demand for clean electricity.

The details

PGE entered into forward sale agreements with Wells Fargo Bank and Bank of America to sell the 9.47 million shares of common stock. The underwriters also have a 30-day option to purchase up to an additional 1.38 million shares. PGE expects to physically settle the forward sale agreements in full within 24 months, receiving cash proceeds per share equal to the public offering price less underwriting discounts and commissions.

• The public offering is expected to close on February 19, 2026.
• PGE expects to physically settle the forward sale agreements in full on one or more dates no later than 24 months from the date of the preliminary prospectus supplement.

What’s next

PGE expects to physically settle the forward sale agreements in full on one or more dates no later than 24 months from the date of the preliminary prospectus supplement.