Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 41

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 41
---
 need for a valuation allowance. PGE believes that it is more likely than not that its deferred income tax assets as of June 30, 2025 will be realized, however a valuation allowance has been recorded for the expected discount on the sale of tax credits. As of June 30, 2025 and December 31, 2024, respectively, no material valuation allowance was recorded. As of June 30, 2025, and December 31, 2024, PGE had no material unrecognized tax benefits.

NOTE 11: SEGMENT INFORMATION

PGE is a vertically-integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity. The Company participates in wholesale markets by purchasing and selling electricity and natural gas in an effort to meet the needs of, and obtain reasonably-priced power for its retail customers, manage risk, and administer its long-term wholesale contracts. The Company generates revenues and cash flows primarily from the sale and distribution of electricity to retail customers in its service territory in the State. The Company has identified one operating and reportable segment and defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (CODM) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the President and Chief Executive Officer. 

32

Table of ContentsPORTLAND GENERAL ELECTRIC COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued(Unaudited)

The Company’s CODM assesses the segment’s performance by using Consolidated Net Income. The CODM uses Consolidated Net Income predominantly as a key input to earnings per share and return on equity, which is an important metric for investors, regulators and is also tied to employee compensation. The table below provides information about the Company’s single business segment, including significant segment expenses, and includes reconciliation to Consolidated Net Income (dollars in millions): Three Months Ended June 30, Six Months Ended June 30,  2025202420252024Total revenues $807 $758 $1,735 $1,687 Operating expenses:Purchased power and fuel294 275 662 680 Operating and maintenance expense:Generation, transmission and distribution114 107 224 206 Administrative and other96 97 192 192       Total operating and maintenance expense210 204 416 398 Depreciation and amortization139 122 279 243 T