Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 128

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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, 2025 was $1 million and was deferred as a regulatory asset. As of December 31, 2024, no material valuation allowance was recorded. As of September 30, 2025, and December 31, 2024, PGE had no material unrecognized tax benefits.

NOTE 11: SEGMENT INFORMATION

PGE is a vertically-integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity. The Company participates in wholesale markets by purchasing and selling electricity and natural gas in an effort to meet the needs of, and obtain reasonably-priced power for its retail customers, manage risk, and administer its long-term wholesale contracts. The Company generates revenues and cash flows primarily from the sale and distribution of electricity to retail customers in its service territory in the State. The Company has identified one operating and reportable segment and defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (CODM) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the President and Chief Executive Officer. The Company’s CODM assesses the segment’s performance by using Consolidated Net Income. The CODM uses Consolidated Net Income predominantly as a key input to earnings per share and return on equity, which is an important metric for investors and regulators and is also tied to employee compensation. 

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Table of ContentsPORTLAND GENERAL ELECTRIC COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued(Unaudited)

The table below provides information about the Company’s single business segment, including significant segment expenses, and includes reconciliation to Consolidated Net Income (dollars in millions): Three Months Ended September 30, Nine Months Ended September 30,  2025202420252024Total revenues $952 $929 $2,687 $2,616 Operating expenses:Purchased power and fuel372 380 1,034 1,060 Operating and maintenance expense:Generation, transmission and distribution112 131 336 337 Administrative and other99 102 291 294       Total operating and maintenance expense211 233 627 631 Depreciation and amortization148 126 427 369 Taxes other than income taxes47 44 139 132 Total operating expenses778 783 2,227 2,192 Income from operations174 146 460 424 Interest expense, net