TacticScaleWhat Portland General Electric Does & How It Makes Money (POR)
Updated October 2026 · reflects Portland General Electric's latest reported financials
Oregon electric utility generating and delivering power to homes and businesses. As a regulated utility, it earns revenue mainly by selling electricity to retail customers at rates set by regulators.
How Portland General Electric makes money
As a regulated utility, it earns revenue mainly by selling electricity to retail customers at rates set by regulators. It also buys and sells power on the wholesale market.
What Portland General Electric does
Portland General Electric is an integrated, regulated electric utility founded in 1889 and headquartered in Portland, Oregon. It covers the whole electricity chain: it generates power at six thermal plants, four wind farms and seven hydroelectric facilities, buys power on the wholesale market, and transmits and distributes electricity to about 960,000 retail customers in 51 Oregon cities. As of December 31, 2025, the company owned a transmission system of 1,744 circuit miles, including 287 circuit miles of 500 kV line and 414 circuit miles of 230 kV line, along with 29,251 circuit miles of distribution lines. Its earnings depend mostly on regulated retail electricity sales in its Oregon service area.
Products & services
- Retail electricity service
- Thermal power generation
- Wind power generation
- Hydroelectric power generation
- Electric transmission
- Electric distribution
What is Portland General Electric worth?
On an owner-earnings DCF, Portland General Electric's most-likely value is about $25 versus a recent price near $45 (46% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$15) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 26.6× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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