Oregon regulators approve PGE holding company plan with 65 conditions

SALEM, Ore., Sept 25 — The Oregon Public Utility Commission (PUC) approved Portland General Electric's (PGE's) application to form a holding company in an order dated Sept 25, attaching 65 conditions that include a rate credit of about $78 million for customers over seven years.²

Order No. 26-354 granted the application for corporate reorganization subject to conditions and rejected a stipulation that PGE and commission staff had signed.¹ CUB, which had intervened in the case, had filed an objection to that stipulation.¹

PGE proposed creating Portland General Holdings, a parent company that would own PGE and its current affiliates.² The commission found that PGE did not provide enough evidence that the new holding company would offer direct customer benefits or adequately reduce potential risks as proposed, according to the PUC's press release.²

The commission said those risks include higher long-term costs, less regulatory oversight and possible conflicts of interest within the corporate governance.²

"These conditions ensure that PGE maintains strong financial health while delivering clear, measurable benefits for its customers," PUC Chair Letha Tawney said.²

The conditions include a seven-year "hold harmless" provision to ensure the reorganization does not increase customer costs.² They also require PGE to notify the PUC if its common equity falls below the minimum 45 percent level.²

Portland General Holdings, not PGE, is to invest $2 million over three years in community-based clean energy projects, help with overdue customer bills and clean energy job training, the release said.²

PGE must file a revised master service agreement and cost allocation for further commission review.²

PGE filed the application on July 25, 2025.¹ PGE and staff signed the stipulation on Aug 12, 2026, and CUB filed its objection on Aug 25.¹