Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 75

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 75
---
 no estimated refund to customers under the PCAM for 2024. A final determination regarding the 2024 PCAM results will be made by the OPUC through a public filing and review in 2025.

As approved by the OPUC in PGE’s 2024 GRC, the Reliability Contingency Event (RCE) mechanism allows PGE to pursue recovery of 80% of costs for RCEs above amounts forecasted in the Company’s AUT, with the remaining 20% flowing through operating expenses and subject to the existing PCAM. For more on the RCE, see “Regulatory Assets and Liabilities” in Note 3, Balance Sheet Components in the Notes to Condensed Consolidated Financial Statements in Item 1.—“Financial Statements.”

Operating and Maintenance

Business transformation and optimization expenses—PGE has incurred incremental costs, which include strategic advisory and workforce realignment expenses, focused on a multi-year cost management initiative to realize long-term benefits. Additionally, PGE has incurred incremental accounting, legal, and consulting costs related to its intent to submit a regulatory application for approval of a holding company reorganization. For more on the corporate structure see “Corporate Structure” in the Regulatory Matters section of this Overview. 

For more information on the impact of these costs on quarterly results, see “Generation, transmission and distribution” and “Administrative and other” in the Results of Operations section of this Overview. The Company expects to incur business transformation and optimization expenses related to these initiatives throughout 2025 and 2026. 

54

Results of Operations

The following tables provide financial and operational information to be considered in conjunction with management’s discussion and analysis of results of operations.

The results of operations are as follows for the periods presented (dollars in millions):

Three Months Ended June 30, % Increase (Decrease)Six Months Ended June 30, % Increase (Decrease)2025202420252024Total revenues$807 $758 6 %$1,735 $1,687 3 %Operating expenses:Purchased power and fuel294 275 7 662 680 (3)Generation, transmission and distribution114 107 7 224 206 9 Administrative and other96 97 (1)192 192 — Depreciation and amortization139 122 14 279 243 15 Taxes other than income taxes46 41 12 92 88 5 Total operating expenses689