Portland General Electric Q3 2026: Weather Dents Earnings, Data Centers Offer a Lift
As seen on the 24/7 Wall St. homepage on October 29, 2026.
The mildest third quarter since 2016 forced management to cut 2026 adjusted EPS guidance to $3.18 to $3.28, missing expectations. The offset investors should weigh: industrial revenue climbed to $177 million on data center demand.
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Portland General Electric reported adjusted earnings per share of $1.06 for the third quarter of 2026, missing expectations on both earnings and revenue. The miss traces to weather: the July-through-September stretch was the mildest since 2016.
Management trimmed the full-year 2026 adjusted EPS guidance range to $3.18 to $3.28 and cut weather-adjusted energy delivery growth guidance to 1.0% to 2.0%. The company reaffirmed its long-term targets of 5% to 7% EPS and dividend growth off the 2024 adjusted base.
Industrial revenue rose to $177 million from $141 million a year earlier on high-tech and data center demand, with 473 MW of executed data center contracts under construction. CEO Maria Pope noted industrial demand grew 9% on a weather-adjusted basis year over year, with a 1.3 GW pipeline of incremental large-load requests for 2028 and beyond.
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PGE has two build-transfer agreements in progress: the Biglow solar and storage project at roughly $900 million, and the Salmonfly project with the Confederated Tribes of Warm Springs at roughly $853 million. The broader capex plan reaches $7.4 billion, excluding Biglow and Salmonfly.
The company declared a quarterly dividend of $0.55125 per share, payable on or before January 15, 2027. PGE launched participation in the Extended Day-Ahead Market on October 1 and expects roughly $14 million in customer savings in 2027.
Mentioned: POR