Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 216

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 216
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 (dollars in millions): 

Three Months Ended September 30, % Increase (Decrease)Nine Months Ended September 30, % Increase (Decrease)2025202420252024Total revenues$952 $929 2 %$2,687 $2,616 3 %Operating expenses:Purchased power and fuel372 380 (2)1,034 1,060 (2)Generation, transmission and distribution112 131 (15)336 337 — Administrative and other99 102 (3)291 294 (1)Depreciation and amortization148 126 17 427 369 16 Taxes other than income taxes47 44 7 139 132 5 Total operating expenses778 783 (1)2,227 2,192 2 Income from operations174 146 19 460 424 8 Interest expense, net*60 53 13 173 156 11 Other income:Allowance for equity funds used during construction4 6 (33)15 17 (12)Miscellaneous income, net5 6 (17)17 21 (19)Other income, net9 12 (25)32 38 (16)Income before income tax expense123 105 17 319 306 4 Income tax expense20 11 82 54 31 74 Net income103 94 10 265 275 (4)Other comprehensive income1 (1)(200)1 — — Net income and Comprehensive income$104 $93 12 %$266 $275 (3)%

* Includes an allowance for borrowed funds used during construction of $2 million and $4 million for the three months ended September 30, 2025 and 2024, respectively, and $9 million and $12 million for the nine months ended September 30, 2025 and 2024, respectively.

Net income for the three months ended September 30, 2025 increased $9 million, or 10%, compared to the same period of 2024. Retail revenues increased as a result of both price changes as authorized by the OPUC and higher customer demand. Purchased power and fuel declined slightly, reflecting a reduction in overall system load, while  average variable power costs per MWh showed little change. Generation, transmission