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Portland General Electric’s $1.75 Billion Energy Expansion — Can Data Centers Unlock Growth?

Portland General Electric Company reported third-quarter results reflecting the impact of the mildest summer in a decade, which led to reduced residential and commercial energy demand. GAAP net income was $119 million, or $1.00 per diluted share, while non-GAAP net income stood at $125 million, or $1.06 per diluted share, excluding business transformation and acquisition-related expenses. The company revised its full-year adjusted earnings guidance downward to $3.18-$3.28 per share from $3.33-$3.53, primarily due to weather-related headwinds, yet reaffirmed its long-term earnings and dividend growth guidance of 5%-7%. Operationally, Portland General Electric continues to benefit from robust industrial demand, especially from technology, semiconductor, and data center sectors, with industrial demand increasing 9% year-over-year. Its new large load tariff, effective since July, contributed roughly $4 million in incremental margin during the quarter and anticipates annual large customer capacity growth of approximately 12% through 2030, up from previous estimates.