[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 9.01	Financial Statements and Exhibits.

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General Rate Case—PGE filed a 2014 General Rate Case in mid-February and has reached settlement with OPUC staff and interveners on all items except pension expense. Stipulating parties have settled on an allowed ROE of 9.75 percent, a capital structure of 50 percent debt and 50 percent equity, and an average rate base of $3.1 billion. The stipulated items, along with recently filed updates of power costs and the load forecast, result in a revised increase of $79 million in annual revenue requirement.

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Generating Projects—On June 3, PGE announced the completion of the competitive bidding process for baseload and renewable generation plants. PGE has entered into an agreement for the construction of a new 440 MW natural gas-fired baseload plant called Carty, to be built by a third party next to the Boardman coal plant. On August 1, PGE closed on an agreement to acquire development rights for the construction of a new 267 MW wind farm, which the company will now call Tucannon River Wind Farm. In addition, PGE has begun construction on Port Westward Unit 2, the 220 MW natural gas-fired capacity resource announced earlier this year. Together, these three projects represent an investment of approximately $1.3 billion (excluding AFDC) and are scheduled to come online in 2015 and 2016.

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Cascade Crossing—On June 3, PGE announced a new non-binding memorandum of understanding with Bonneville Power Administration. Under this MOU, the parties will explore a transmission capacity option whereby BPA could provide PGE with ownership of approximately 1,500 MW in transmission capacity, in exchange for certain PGE assets, investments and/or PGE transfer capabilities to BPA. Timing and costs of

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Equity Financing—On June 11, PGE completed a public offering of 12,765,000 shares of common stock at an offering price per share of $29.50. 11,100,000 shares were offered pursuant to a forward sale transaction and are expected to be issued over a two-year period ending June 11, 2015. The remaining 1,665,000 shares were issued in June. Proceeds from the offering will be used for capital expenditures, debt repayment and general corporate purposes.

•	Debt Financing—On June 27, PGE agreed to issue $225 million of 4.47% series First Mortgage Bonds in the private placement market. The bonds consist of $150 million due in 2044, which were issued in June, and $75 million due in 2043, which are expected to be issued in August. This financing will support capital expenditures, debt repayment and general corporate purposes.

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Credit Ratings Upgrade—On June 28, Moody’s Investor Service upgraded the long-term ratings of the company. The issuer rating improved from ‘Baa2.’ to ‘Baa1’ and the First Mortgage Bonds improved from ‘A3’ to ‘A2.’ The credit rating upgrades reflect a constructive regulatory environment with the timely recovery of prudently incurred costs, and a strong and stable financial profile with adequate liquidity to support a significant construction cycle.

•	Generating Plant Outages—As disclosed on July 15, the Boardman and Colstrip Unit 4 coal plants went offline at the beginning of July due to specific equipment failures.

◦	Boardman, of which PGE owns 65%, experienced a thermal hammer event in the cold reheat line causing structural damage, and came back online July 31, 2013.

◦	Colstrip Unit 4, of which PGE owns 20%, experienced vibration and rotor issues. PGE is working closely with PPL Montana, the operator of the facility, to assess the damage and necessary repairs. Colstrip is expected to be offline for the remainder of 2013.

•	$10 million decrease in average retail price primarily driven by lower power costs as established in the 2013 annual power cost update tariff;

•	$9 million decrease related to an industrial customer refund recorded in the second quarter of 2013 for a billing error covering a period of several years; and

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$2 million decrease related to lower volume of retail energy sold and delivered, with total volume down approximately 1 percent from the second quarter of 2012 largely as a result of warmer weather during the second quarter of 2013. Residential and industrial volumes were down 3 percent and 1 percent, respectively, which were offset by a 2 percent increase in commercial volumes; partially offset by

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•	$12 million, or 133 percent, increase in wholesale revenues consisting of a 101 percent increase in the average price of wholesale power and a 10 percent increase in the volume sold.

•	Energy deliveries comparable to weather-adjusted 2012;

•	Normal hydro conditions and wind conditions in line with expectations;

•	Ongoing operating and maintenance costs between $440 million and $460 million;

•	Depreciation expense between $240 million and $250 million; and

•	Capital expenditures between $710 million and $730 million.

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