The disclosure and our analysis
Evidence dates
Evidence: Portland General Electric Company third quarter 2026 earnings presentation, filed as Exhibit 99.2 to a Form 8-K on October 29, 2026, and PGE's Form 10-Q for the quarter ended September 30, 2026, filed October 29, 2026. Read October 30, 2026. PGE states that its figures represent customer capacity as of October 29, 2026.
What PGE disclosed
1. **Under construction:** PGE lists 473 MW of 2025 and 2026 executed contracts under construction with five data center customers, included in its pipeline. [Source 1]
2. **Next contract:** PGE lists up to 420 MW under a 2026 executed contract that is not under construction, with expected energization in 2028 and a ramp to full capacity in 2033. [Source 1]
3. **Pipeline:** PGE lists an additional pipeline of 1.3 GW of incremental large load requests to be energized in 2028 and beyond. [Source 1]
4. **Contract protections:** PGE says its contractual protections include capacity deposits, collateral, minimum demand requirements and exit fees. It describes the data center class as its highest growth customer class, at about 12% CAGR, under Oregon's new large load tariff. [Source 1]
The tariff behind the contracts
PGE's 10-Q says the Public Utility Commission of Oregon approved a filing in April 2025 that let PGE form a load interconnection queue, study and allocate connection costs, and offer study and service agreements to new large load customers, subject to a continuing review in docket UM 2377. That docket also covers a data center customer classification required by Oregon's HB 3546. PGE says agreements with new large load customers may be revised based on the outcome of UM 2377. [Source 2]
The 10-Q also says the OPUC approved a new Data Center Standard Service tariff at a public meeting on July 7, 2026, with prices effective July 8, 2026, and that the overall price changes in that filing produced an average rate increase of 29.7% for data center customers. [Source 2]
How to read the megawatts
PGE labels these figures customer capacity. They are utility contract and request figures, not critical IT load, and the slides do not say how a customer's contracted capacity relates to the IT load it will deploy. The 473 MW and the 420 MW are separate contract groups at different stages. The 1.3 GW is requests, not contracts. None of these figures is space offered to new customers.
PGE does not name the five customers or the 2028 customer, and the slides do not give site locations within its service area.
Status
On our status vocabulary, as of October 29, 2026: PGE describes 473 MW of executed contracts as under construction, in its own words; the slides do not say which facilities or power blocks that covers. The 420 MW contract is executed but not under construction, with energization expected in 2028. The 1.3 GW is requests only. Nothing here establishes energization or capacity Available to new customers.
Buyer analysis
This is our analysis, not PGE's. The useful number for buyers is the date. A 2026 contract that PGE does not expect to energize until 2028, and not to reach full capacity until 2033, shows how long new large load takes to arrive in PGE territory even after a contract is signed. New requests in the 1.3 GW pipeline are slotted for 2028 and beyond.
For buyers who need capacity in the Portland and Hillsboro area sooner, that points to providers whose power is already in the 473 MW under construction or otherwise contracted. Ask any provider whether its capacity sits inside an executed PGE contract, which phase it is in, and what deposits, minimum demand or exit fee terms it passes through to tenants. Under the new data center rate, also ask how the July 2026 price change flows into power pass through charges.
We have assigned this story to our Hillsboro and Portland market because these are PGE service area figures. PGE did not disclose individual site locations.
