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Portland General Electric’s 11.2% Industrial Load Surge — Can The Momentum Continue? 

Portland General Electric reported second-quarter 2026 GAAP net income of $68 million, or $0.59 per diluted share, and non-GAAP net income of $74 million, or $0.64 per diluted share, excluding transformation and acquisition-related expenses. Results were in line with expectations, supporting full-year EPS guidance of $3.33 to $3.53 and long-term earnings and dividend growth targets of 5% to 7%. Industrial demand remained strong, led by data centers and high-tech customers. Industrial load increased 11.2% year-over-year and is expected to grow at approximately a 10% compound annual rate through 2030. Portland General Electric currently serves 12 data center customers representing roughly one-third of industrial usage. An additional 1.7 gigawatts of data center projects are progressing through permitting and construction. Potential investments of approximately $1.7 billion associated with these projects are not included in current guidance and could represent incremental capital opportunities.