Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 15

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 15
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 contracts with certain public utility districts (PUDs) in the state of Washington for a portion of the output of certain hydroelectric projects on the mid-Columbia River. Although the projects currently provide PGE a total of 1,010 MW of nameplate capacity through contracts as shown below, actual energy received is dependent upon river flows and capacity amounts may decline over time:

◦258 MW of average variable capacity with Douglas County PUD that expires in 2025;

◦434 MW of capacity under a contract expiring in 2026 in which PGE will purchase a 20% share of the project output and sell varying amounts of energy in accordance with contract terms back to the PUD in order to meet their load requirements;

◦65 MW of average monthly capacity with Douglas County PUD that expires in 2028;

◦79 MW of capacity under a contract expiring in 2030, with an option to renew until 2032, in which PGE will purchase 10% of the project output. PGE will sell 25 MW back to the PUD from 2024 to 2025; and

◦174 MW of capacity with Grant County PUD that expires in 2052;

•CTWS—PGE has a long-term agreement under which the Company purchases output from the CTWS’ interest in the Pelton/Round Butte hydroelectric project. Although the agreement provides approximately 224 MW of net capacity, actual energy received is dependent upon river flows. The term of the agreement coincides with the term of the FERC license for this project, which expires in 2055. Under a separate PPA executed in 2014, PGE paid fixed capacity and 

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energy charges to the CTWS for 100% of its share of the project through 2024. The CTWS exercised their option to purchase an additional undivided 16.66% ownership interest in Pelton/Round Butte effective January 1, 2022. As a result of the sale, capacity from Company-owned generation decreased by approximately 76 MW, and capacity from purchased power increased by a corresponding amount. Under the PPA, PGE purchases 100% of the CTWS’s additional share of the project and payments under the PPA increase proportionately. PGE and the CTWS executed an additional 16-year PPA which begins on January 1, 2025, that effectively extends the term from 2024 to 2040 and increases the capacity