Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 70

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 costs for RCEs above amounts forecasted in the Company’s AUT, with the remaining 20% flowing through operating expenses and subject to the existing PCAM. For more on the 2024 RCE, see “Regulatory Assets and Liabilities” in Note 3, Balance Sheet Components in the Notes to Condensed Consolidated Financial Statements in Item 1.—“Financial Statements.”

52

Results of Operations

The following tables provide financial and operational information to be considered in conjunction with management’s discussion and analysis of results of operations.

The results of operations are as follows for the periods presented (dollars in millions):

Three Months Ended March 31, % Increase (Decrease)20252024Total revenues$928 $929 — %Operating expenses:Purchased power and fuel368 405 (9)Generation, transmission and distribution110 99 11 Administrative and other96 95 1 Depreciation and amortization140 121 16 Taxes other than income taxes46 47 (2)Total operating expenses760 767 (1)Income from operations168 162 4 Interest expense, net*56 51 10 Other income:Allowance for equity funds used during construction5 5 — Miscellaneous income, net5 6 (17)Other income, net10 11 (9)Income before income tax expense122 122 — Income tax expense22 13 69 Net income100 109 (8)Other comprehensive income— 1 (100)Net income and Comprehensive income$100 $110 (9)%

* Includes an allowance for borrowed funds used during construction of $4 million for both the three months ended March 31, 2025 and 2024.

Net income for the three months ended March 31, 2025 decreased $9 million, or 8%, compared to the same period of 2024. Retail revenues increased primarily due to price changes to cover anticipated higher NVPC and general cost increases, as authorized by the OPUC. Wholesale revenues have decreased, driven by a 50% decline in the average price of wholesale deliveries. The reduction in Purchased power and fuel reflects reduced cost of purchased power, partially offset by the reduced costs in 2024 due to the deferral of costs under the RCE mechanism that did not recur. Generation, transmission and distribution expenses were up primarily due to vegetation management, inspection, wildfire mitigation, and distribution