PGE Cuts 2026 EPS Guidance to $3.18-$3.28 on Mild Weather; Adds ~$1.75B Solar/Battery Deals
POR is trading near its 52-week low of $43.255 (2.8% above the low).
Summary
PGE cut 2026 adjusted EPS guidance to $3.18-$3.28 from $3.33-$3.53 after the mildest Q3 since 2016, while reaffirming long-term growth and signing ~$1.75 billion of new solar and battery build-transfer agreements.
Key Events · Earnings and Guidance · POR
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2026 Guidance Cut on Mild Weather
Full-year 2026 adjusted EPS guidance lowered to $3.18-$3.28 from $3.33-$3.53 per diluted share; weather-adjusted load growth trimmed to 1.0%-2.0% from 1.5%-2.5%.
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Q3 Adjusted EPS $1.06, Below Plan
Q3 2026 adjusted EPS of $1.06 was $0.20 below the guidance midpoint, with weather a $0.15 year-over-year headwind versus a $0.02 benefit in Q3 2025.
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~$1.75B New Solar and Battery Deals
Build-transfer agreements for Biglow (200 MW solar, 250 MW battery, ~$900M) and Salmonfly (199 MW solar, 199 MW battery, ~$853M), both excluding AFUDC and outside the $7.4B capital forecast.
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Long-Term Targets Reaffirmed
3% load growth through 2030 and 5%-7% EPS and dividend growth from the 2024 adjusted EPS midpoint of $3.08 remain intact; industrial demand grew 9% year over year.
Analysis · POR · Energy & Transportation
Weather, not execution, drove the miss this quarter: Q3 adjusted EPS of $1.06 landed $0.20 below the guidance midpoint as the mildest third quarter since 2016 sapped residential and small-commercial demand, a $0.15 year-over-year headwind. Management cut full-year 2026 adjusted EPS guidance to $3.18-$3.28 from $3.33-$3.53 and trimmed weather-adjusted load growth to 1.0%-2.0%, while reaffirming 3% long-term load growth and 5%-7% EPS and dividend growth. The offsetting story is industrial demand, up 9% year over year on data centers and high-tech, plus two new build-transfer agreements — Biglow (~$900M) and Salmonfly (~$853M) — that add roughly $1.75 billion of capex outside the $7.4 billion forecast and support rate-base growth. With the stock near its 52-week low, the guidance cut lands on an already-depressed valuation; the reaffirmed long-term targets and the data-center pipeline are what keep this from being a thesis break.
How filings like this one have moved
In the 30 days to Nov 1, 2026, 32.5% of the 1969 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, POR was trading at $44.45 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.2B. The 52-week trading range was $43.26 to $54.62. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.