Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 71

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 maintenance expenses. Increases in Depreciation and amortization expense, driven by higher depreciable asset balances, and Interest expense, net, due to higher long-term debt balances, were largely anticipated and somewhat offset in net income by increased revenues. Income tax expense was up due to lower PTC benefits.

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Total revenues consist of the following for the periods presented (dollars in millions):

Three Months Ended March 31, 20252024Retail:Residential$429 46 %$415 45 %Commercial242 26 227 24 Industrial127 14 102 11      Subtotal798 86 744 80 Direct access:Commercial4 — 2 — Industrial5 1 4 1 Subtotal9 1 6 1 Subtotal Retail807 87 750 81 Alternative revenue programs, net of amortization(4)— (11)(1)Other accrued revenues, net4 — 1 — Total retail revenues807 87 740 80 Wholesale revenues100 11 176 19 Other operating revenues21 2 13 1 Total revenues$928 100 %$929 100 %

Total retail revenues—The following items contributed to the increase in Total retail revenues for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

Three Months Ended March 31, 2024$740 Change in prices as a result of the AUT, approved by the OPUC (partially offset in Purchased power and fuel)50 Retail energy deliveries driven by changes in customer load21 Clearwater RAC deferral5 Average price of energy deliveries due primarily to changes in delivery mix, partially offset by overall customer price increases beyond the AUT(19)Combination of various supplemental schedules and adjustments10 March 31, 2025807 Change in Total retail revenues$67 

Wholesale revenues result from sales of electricity and environmental credits to utilities and power marketers made in the Company’s efforts to meet the needs of, and obtain reasonably priced power for, its retail customers, manage risk, and administer its long-term wholesale contracts. Such sales can vary significantly from year to year as a result of economic conditions, power and fuel prices, hydro and wind availability, and customer demand.

For the three months ended March 31, 2025, Wholesale revenues decreased $76 million, or 43