Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 107

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 107
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O&M) reductions (3)(59)     ROE (4)(8)     Capital-related reductions (5)(15)     Clearwater (6)6      Other (7)(6)          Subtotal(82)Final order$100 

(1) Excluding $17 million related to NVPC and other Supplemental filings.

(2) Consists of adjustments related to load, capital forecast updates, ROE adjustments, and other revenue requirement items updated during the rate review process.

(3) Reduction relates primarily to: i) the Final order’s method of applying inflation rates to 2023 actual balances for general wages and salaries and Generation O&M, and ii) amounts related to incentives and stock compensation.

(4) The OPUC’s Final order authorized an ROE of 9.34%. At the time of Closing briefs, PGE’s adjusted requested ROE was 9.5%, which was also PGE’s previously approved ROE.

(5) The Final order and related revenue requirement reflects the following items: i) an adjustment for actual plant placed in-service compared to amounts forecasted in Closing briefs with cost recovery expected to be pursued in future regulatory proceedings and, ii) other immaterial items removed from rate base.

(6) Per the OPUC's Final order, Clearwater is to be excluded from this rate case as prudency is being determined in a separate proceeding, OPUC Docket UE 427. The target rate effective date for Clearwater in UE 427 has been delayed to March 1, 2025. This adjustment reflects the removal of the revenue requirement of Clearwater from rate base, net of NVPC benefits. Under the RAC, PGE will continue to defer the revenue requirement, net of NVPC benefits, from the in-service date of January 2024 until Clearwater is reflected in customer prices.

(7) Primarily comprised of reductions of certain working capital and inventory items and other revenue credit items.

Other key items in the 2025 GRC Final order include: 

•Invitation for PGE to file for a balanced cost-recovery tracker mechanism to incorporate the approximately $375 million Seaside Grid BESS system into rates under an expedited regulatory review; and

•Acceptance of PGE's rate base methodology in this GRC, which, after adjustments, resulted in $6.8 billion and included the following key elements:

◦A reduction of $402 million related to Clearwater