Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 216

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 216
---
 Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025.

LIQUIDITY AND CAPITAL RESOURCES 

Liquidity

PGE’s access to short-term debt markets, including revolving credit from banks, helps provide necessary liquidity to support the Company’s current operating activities, including the purchase of power and fuel. Long-term capital requirements are driven largely by capital expenditures for distribution, transmission, and generation facilities to support both new and existing customers, repairs from major storm damage, information technology systems, and debt refinancing activities. PGE’s liquidity and capital requirements can also be significantly affected by other working capital needs, including margin deposit requirements related to wholesale market activities, which can vary depending upon the Company’s forward positions and the corresponding price curves.

The following summarizes PGE’s cash flows for the periods presented (in millions):

Six Months Ended June 30, 20252024Cash and cash equivalents, beginning of period$12 $5 Net cash provided by (used in):Operating activities567 364 Investing activities(609)(639)Financing activities86 276 Change in cash and cash equivalents44 1 Cash and cash equivalents, end of period$56 $6 

62

Cash Flows from Operating Activities—Cash flows from operating activities are generally determined by the amount and timing of cash received from customers and payments made to vendors, as well as the nature and amount of non-cash items, including depreciation and amortization, deferred income taxes, and pension and other postretirement benefit costs included in net income during a given period. The following items contributed to the net change in cash flows from operations for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 (in millions):

Increase/(Decrease)Net income$(19)Accounts receivable and Unbilled revenue36 Margin deposits activity48 Accounts payable(1)Regulatory deferral activity109 Depreciation and amortization36 Deferred income taxes(2)Alternative revenue programs(19)Other miscellaneous changes15 Net change in cash flow from operations$203 

PGE estimates that non-cash charges for depreciation and amortization in 2025 will range from $550 million to $575 million. Combined with other sources, total cash expected to be provided by operations is estimated to range from $900 million to $1 billion.

Cash Flows from