Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 120

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 120
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4 and $13 million in 2023.

2024 Compared to 2023 

Net income for 2024 increased $85 million from 2023, as higher Purchased power and fuel costs were more than offset by increases in Retail revenues authorized by the OPUC in the AUT in anticipation of higher NVPC. In 2023, the opposite was true as higher Purchased power and fuel expenses exceeded the corresponding increases in prices resulting from the AUT. Retail revenues also increased due to an overall increase in deliveries, although that demand impact was somewhat offset by the lower average price result of the relative mix of deliveries among customer classes. Temperature variations in 2024 had a lesser impact on demand than what was experienced in 2023, although total system load increased 12% year over year, as the industrial class continued to show strength, and wholesale sales continue to increase. The Company saw a 13% increase in the average variable power cost per MWh driven primarily by higher physical power and natural gas prices due in part to severe weather events in the first quarter of 2024. Wholesale revenues increased during 2024, driven by a 40% increase in deliveries, which contributed to reducing NVPC. Generation, transmission and distribution expenses were up primarily due to vegetation management and major maintenance activities. The increase in Administrative and general expense reflects increases in various categories including compensation and benefits, customer related items, and regulatory and professional services 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 anticipated and largely offset in net income by increased revenues. 

58

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

20242023% Increase (Decrease)Retail: Residential$1,457 $1,263 15 %Commercial914 800 14 Industrial435 349 25 Subtotal2,806 2,412 16 Direct Access:Commercial10 8 25 Industrial23 19 21    Subtotal33 27 22 Subtotal Retail2,839 2,439 16 Alternative revenue programs, net of amortization(40)11 (464)Other accrued (deferred) revenues, net16 (3)(633)Total retail revenues2,815 2,447 15 Wholesale revenues558 418 33 Other operating revenues67 58 16 Total revenues$3,