Hello, and thank you for your investment in Portland General Electric. 2025 was a year of strong customer growth and solid operational and financial performance. PGE successfully navigated changes in the federal policy landscape and met accelerated demand growth while continuing our progress towards customer-driven clean energy goals. Today, we're excited to share some of the highlights of 2025 and give you a look at what we have planned for 2026.
Portland General Electric is one of the fastest-growing utilities in the country. Overall energy use grew almost 5%, while industrial customer growth increased 14%. To serve this demand, we contracted 268 MW of new large load, initiated an industry-first dispatchable customer battery electric storage system, and used AI to unlock over 80 MW of grid capacity.
That energy can be dispatched and put on the grid pretty much in the snap of a finger.
We know energy bills are important to every family and business. PGE is committed to programs that help all customers manage their bills.
I'm more than happy to help you take a look at your payment options and what is available. Being empathetic is definitely a really big key. When you walk away from a phone call or a situation, you know that we did our best to try to solve or even just be that support for our community.
We exceeded our savings targets and established a multi-year roadmap to keep PGE's operations and maintenance budgets largely flat. We did it all while achieving industry-leading safety performance.
Especially in the electrical industry, we are the first responders. To be successful and to be safe and accomplish our job, you have to have a tight group.
PGE is making continuous progress towards Oregon's clean energy goals. In 2025, we energized the 200-MW Seaside Battery and expanded our total battery capacity to 500 MW.
This is really a first for PGE, and I'm excited and proud that PGE is taking a chance to be on the forefront.
PGE's investment in hardening the grid and protecting infrastructure is visible across our service area. To reduce wildfire risk, PGE initiated one of the largest power line upgrade projects in recent history.
Wildfire mitigation is very important, and I'm really happy that PGE is partnering with the community to help reduce that risk.
Portland General Electric says it's buying Washington state utility operations and other assets from PacifiCorp.
PGE's agreement to acquire PacifiCorp's Washington electric utility for $1.9 billion is a huge step in our efforts to secure an investable energy future. The agreement includes a gas plant, two wind facilities, and 4,500 miles of transmission and distribution lines. It's an agreement that extends PGE's commitment to reliability, affordability, and economic development to approximately 140,000 Washington customers.
PGE is successful because of our culture and our great coworkers, whose dedication to customers and the communities we serve makes a difference every day. We are proud to be recognized by Newsweek as one of America's most responsible companies and by Forbes as one of America's best employers for company culture.
Good morning, and welcome to Portland General Electric's 2026 Annual Meeting of Shareholders. I'm Jim Torgerson, Chair of the Board of Directors. I want to thank you for joining us today and for your interest in the company.
Juan Gallegos, PGE's Vice President of People and Culture and Chief Human Resources Officer, joined PGE in 2025, having previously held leadership positions at Clearway Energy, Cornerstone Building Brands, and Amazon.com.
A copy of these rules of conduct and procedures is available on the meeting website. Only shareholders who have logged into the meeting with the control number provided with their meeting notice may vote and submit questions. Shareholders may submit questions on the meeting website at any time before the end of the Q&A session.
We also may discuss information that includes amounts expressed on a non-GAAP basis. A reconciliation of such non-GAAP amounts to the most comparable GAAP financial measures and other information related to these non-GAAP measures is available in our SEC filings and on our website.
Thank you, Jim. The utility industry is in a period of rapid change, with rising demand and an evolving policy landscape. Portland General Electric is well-positioned to navigate this moment as we deliver safe, reliable, and increasingly cleaner energy, all while staying focused on keeping customer bills as low as possible.
Portland General Electric is one of the fastest-growing utilities in the sector, with load growth of 4.7% in 2025, driven by data centers, high-tech customers, and growing residential base. We have executed multiple contracts with data center customers, leading this growth trajectory through to 2030.
We also filed to update PGE's corporate structure to create a holding company, enabling opportunities for lower cost of financing. For the full year, we reported GAAP net income of $306 million, or $2.77 per diluted share, and non-GAAP net income of $336 million, or $3.05 per share.
We're advancing critical infrastructure investments that support economic development and build upon a base of growing data center and high-tech customers. We're integrating clean energy resources to satisfy customer and policy-driven goals, executing RFPs and reducing customer price impacts by maximizing federal tax credits.
Thank you. Angelica?
Thank you, Maria. I will now call the meeting to order and lead us through today's formal business. After that, we will have an opportunity for Q&A. If you are a shareholder and would like to ask a question, please submit your question through the virtual meeting website at any time.
Therefore, a quorum of shareholders is present, and the meeting is lawfully convened to transact business. With that, the meeting will come to order. You should see a vote button on your computer screen. The polls are open, and you can cast your ballot at any time until the polls close.
The board recommends a vote for each of the nominees. The second item of business is an advisory vote to approve executive compensation as described in our proxy statement. The board recommends a vote for this proposal.
Finally, proposal three, ratification of the appointment of Deloitte & Touche LLP as the company's independent auditor, has been approved with over 50% of the votes cast. An official tabulation of the vote will be included in a Form 8-K, which we intend to file within four business days of this meeting.
Good morning. I'm seeing that there are no questions. We will call the meeting to adjournment. Thank you very much for joining us today. We appreciate your interest in Portland General Electric. Thank you.
The meeting has now concluded. Thank you for joining, and have a pleasant day.