We advised the underwriters, forward sellers and forward purchasers on the first utilities sector follow-on of 2026

Davis Polk acted as counsel to the representatives of the underwriters and the forward sellers in connection with an SEC-registered offering of 10,848,125 shares of Portland General Electric Company (PGE) common stock (including the exercise in full by the underwriters of their option to purchase up to 1,380,670 additional shares). We also advised the forward purchasers in connection with the concurrent execution of forward sale agreements relating to the underwritten shares. The forward purchasers borrowed 5,966,469 and 4,881,656 shares, respectively, of PGE common stock from third parties and sold these shares to the underwriters. The common stock is listed on the New York Stock Exchange under the symbol “POR.”

PGE is an integrated electric utility company headquartered in Portland, Oregon. It engages in the generation, purchase, transmission, distribution and retail sale of electricity to over 950,000 retail customers. PGE, incorporated in 1930, participates in the wholesale market through the purchase and sale of electricity and natural gas, as well as buying and selling transmission products and services. Its service area in Oregon includes approximately 4,000 square miles, with an estimated population of 2 million.

The Davis Polk capital markets team included partner Michael Kaplan and associates Dylan H. Lojac and Yusuke Tsuzuki. The equity derivatives team included partner Mark M. Mendez and associates Richard Stockton Bullitt and Melissa X. Estrada. The tax team included partner Ethan R. Goldman, counsel Liang Zhang and associates Alanna Phillips and Georgianna Eck. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.

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