PGE Files Price Refresh for 2023 RFP to Maximize Savings for Customers Following Federal Policy Changes

Portland, Ore. – Portland General Electric filed a request on October 1, 2025, for re-acknowledgement of the final shortlist from our 2023 All-Source Request for Proposals (2023 RFP). The company is seeking approval for updated bids that reflect current costs, tariff risks and evolving tax credit opportunities.

“Since the original RFP was filed, significant changes in federal tax credits and tariffs required updated pricing to reflect current economics, tariff risks, evolving tax credit opportunities and deliver value for customers,” said John McFarland, Vice President Chief Commercial and Customer Officer “This refresh allows us to maximize federal tax credits that have historically lowered the cost of clean energy by 20 to 40 percent and will help PGE keep bills as low as possible as we procure new energy projects to meet growing demand.”

The Request for Proposals (RFP) process is a regulated process through the Public Utilities Commission of Oregon(OPUC) that allows utilities to fairly and transparently procure new renewable and dispatchable resources.

This filing is part of a multi-pronged procurement strategy, including the 2025 All Source RFP , the community-based renewable energy procurement and bilateral power purchase agreements (PPA) “all call”, aimed at identifying all viable projects that can help us meet growing customer demand with the lowest-cost, lowest-risk energy projects on the market. We remain guided by the OPUC’s least-cost, least-risk framework while ensuring resources are both achievable and deliverable for customers.

To provide true value, projects in this refresh must be cost-competitive, have firm commercial operation dates and clearly defined transmission pathways. Mature projects with achievable timelines are essential to delivering both customer affordability and reliability. Projects will still be required to achieve a commercial operation date by the end of 2027 in order to maximize federal tax credits.

Projects on the final shortlist include renewable energy and capacity resources that offer the best value to customers, including lithium-ion battery storage, and hybrid (solar + storage) projects, located within the state of Oregon.

Together with our customers, Portland General Electric has added nearly 3,000 MW of clean energy solutions to the grid since 2021—including utility-scale solar, wind, and batteries, as well as customer’s rooftop solar, energy efficiency and demand response programs, and customer storage.

“Our goal with all of our energy procurement work is to find real, customer-focused and long-lasting solutions that keep energy affordable and reliable while advancing Oregon’s climate goals,” said McFarland.

About Portland General Electric

Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 950,000 customers serving an area of 1.9 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index and is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. In 2024, PGE employees, retirees and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to more than 480 nonprofit organizations. For more information visit www.PortlandGeneral.com/news