Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 209

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 209
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 $3 million and $4 million for the three months ended June 30, 2025 and 2024, respectively, and $7 million and $8 million for the six months ended June 30, 2025 and 2024.

Net income for the three months ended June 30, 2025 decreased $10 million, or 14%, compared to the same period of 2024. Retail revenues increased primarily due to price changes as authorized by the OPUC. The increase in Purchased power and fuel reflects higher average variable power costs per MWh. Generation, transmission and distribution expenses were up primarily due to vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses. While total Administrative and General expense remained flat compared to 2024, a total of $15 million business transformation and optimization expenses was recorded in 2025 of which $14 million is reflected in Administration and General Expense with the balance being in Generation, transmission and distribution expense. 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.

55

Net income for the six months ended June 30, 2025 decreased $19 million, or 10%, 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 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 maintenance expenses. While total Administrative and General expense remained flat compared to 2024, a total of $15 million business transformation and optimization expenses was recorded in 2025 of which $14 million was in Administration and General Expense, with the balance being in Generation, transmission and distribution expense. 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