Portland General Electric (PGE) is a vertically integrated electric utility that generates, transmits, distributes, and sells electricity to roughly 960,000 retail customers across a 4,000 square mile service territory in Oregon, including Portland. PGE operates as a regulated monopoly under the oversight of the Oregon Public Utility Commission (OPUC), which sets customer rates based on PGE's forecast costs plus an authorized return on equity of ~9.34%. PGE's earnings are primarily driven by rate base growth — the more capital PGE invests, the more it earns — along with load growth and power cost management. PGE's fastest-growing customer segment is industrial, led by data centers and semiconductor manufacturers in the Portland metro area, which now account for nearly a quarter of total energy deliveries and have grown energy usage at roughly 10% annually since 2020. To serve this growing load and meet Oregon's clean energy mandates (80% emissions reduction by 2030, 100% by 2040), PGE is running large procurement processes targeting roughly 2,500 MW of new solar, wind, and battery storage by end of the decade. PGE is also expanding geographically, with a deal announced in early 2026 to acquire PacifiCorp's Washington electric utility assets for $1.9B, adding ~140,000 customers across a 2,700 square mile service area, which would grow PGE's overall portfolio by ~18%.