Portland General Electric: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Portland General Electric: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Portland General Electric Neutral

POR, POR US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$51.01

Portland General Electric President & CEO, Maria Pope, presented today at the J.P.

Morgan Natural Resources Conference. Please see below for some quick

takeaways.

North American Utilities

Net Takeaways: POR remains a strategically active story, with investor focus

centered on holdco approval, the pending WA utility acquisition, large load growth, Aidan C Kelly AC

and Oregon’s next GRC. We continue to view the holdco process as the key near- (1-212) 622-4912

aidan.x.kelly@jpmchase.com

term watch item, where management affirmed an openness to pursue a settlement

Jeremy Tonet, CFA

by the August 25 deadline as POR works through rate credit sizing and capital

(1-212) 622-4915

structure terms, among other items. The WA acquisition appears off to a jeremy.b.tonet@jpmorgan.com

constructive start, while the 2025 RFP (outcome by early 2027) and the next GRC Diana Niles

(filing likely in 2H26) remain important upcoming markers for POR’s forward (1-212) 622-3328

capital and regulated earnings stream. Overall, we came away viewing POR’s diana.niles@jpmorgan.com

long-term growth outlook as intact with promising rate base growth potential from Eli Jossen, CFA

the WA utility, though the company still remains at an inflection point and (1-212) 622-4113

dependent on execution across several regulatory and financing milestones. eli.jossen@jpmchase.com

J.P. Morgan Securities LLC

• Holdco settlement prospects front and center. POR continues to prioritize

resolution of the holdco application, with the process still tracking toward an