Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 127

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 127
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 PGE’s liquidity and capital requirements can also be significantly affected by other working capital needs, including margin deposit requirements related to wholesale market activities, which can vary depending upon the Company’s forward positions and the corresponding price curves.

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The following summarizes PGE’s cash flows for the periods presented (in millions):

 Years Ended December 31, 20242023Cash and cash equivalents, beginning of year$5 $165 Net cash provided by (used in):Operating activities778 420 Investing activities(1,297)(1,358)Financing activities526 778 Net change in cash and cash equivalents7 (160)Cash and cash equivalents, end of year$12 $5 

2024 Compared to 2023 

Cash Flows from Operating Activities—Cash flows from operating activities are generally determined by the amount and timing of cash received from customers and payments made to vendors, as well as the nature and amount of non-cash items, including depreciation and amortization, deferred income taxes, and pension and other postretirement benefit costs included in net income during a given period. The following items contributed to the net change in cash flows from operations for 2024 compared to 2023 (dollars in millions):Increase/(Decrease)Net income$85 Accounts receivable and unbilled revenue(37)Margin deposit activity78 Accounts payable213 Regulatory deferral activity(190)Depreciation and amortization38 Deferred income taxes15 Tax credit sales88 Alternative revenue programs51 Other miscellaneous changes17 Net change in cash flow from operations$358 

For additional information regarding changes in Net income, see the Results of Operations section in this Item 7.

Cash provided by operations includes the recovery in customer prices of non-cash charges for depreciation and amortization. The Company estimates that such charges in 2025 will range from $550 million to $575 million. Combined with all other sources, cash provided by operations in 2025 is estimated to range from $900 million to $1 billion. 

Cash provided by operations includes the recovery in customer prices of cash charges related to various long-term contractual obligations such as interest on long-term debt and purchased power and fuel contracts. PGE’s anticipated employer contributions for its defined benefit pension plan and other postretirement plans is $24 million in 2025, $25 million in 2026, $22 million in 2027, $19 million in 2028, and