Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 86

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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, 2025, respectively, compared to the same periods in 2024, primarily due to higher long-term debt balances.

Other income, net decreased $3 million and $6 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The decreases were primarily driven by lower AFUDC on construction work in progress balances.

Income tax expense increased $9 million and $23 million in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily driven by lower PTC benefits resulting from the expiration of the 10-year PTC generation window at Tucannon near the end of 2024 and higher pre-tax income.

Critical Accounting Policies and Estimates

There have been no material changes to the Company’s critical accounting policies and estimates as previously disclosed in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025.

LIQUIDITY AND CAPITAL RESOURCES 

Liquidity

PGE’s access to short-term debt markets, including revolving credit from banks, helps provide necessary liquidity to support the Company’s current operating activities, including the purchase of power and fuel. Long-term capital requirements are driven largely by capital expenditures for distribution, transmission, and generation facilities to support both new and existing customers, repairs from major storm damage, information technology systems, and debt refinancing activities. 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.

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

Nine Months Ended September 30, 20252024Cash and cash equivalents, beginning of period$12 $5 Net cash provided by (used in):Operating activities970 608 Investing activities(916)(900)Financing activities71 322 Change in cash and cash equivalents125 30 Cash and cash equivalents, end of period$137 $35 

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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