Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 112

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 112
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 proposal that would have led to resuming decoupling, with certain modifications. PGE then made a tariff filing that proposed weather-normalized decoupling, although at a public meeting in June 2024, the OPUC permanently suspended PGE’s proposed tariff, effectively denying the proposal.

Renewable recovery framework—As previously authorized by the OPUC, the RAC is a primary method available to recover costs associated with renewable resources and the inclusion of prudent costs of energy storage projects associated with renewables, under certain conditions. The RAC allows PGE to recover prudently incurred costs of renewable resources through filings made each year, outside of a GRC. During 2024, the Company did not submit a request for recovery of any renewable resources under the RAC. In 2023, the Company filed for Clearwater, which went into service January 5, 2024. Per the OPUC's Final order in the 2025 GRC, Clearwater was excluded from the rate case as prudency is being determined in a separate proceeding, OPUC Docket UE 427. The target rate effective date for price changes for Clearwater in UE 427 is March 1, 2025. Under the RAC, PGE will continue to defer the revenue requirement, net of NVPC benefits, from the in-service date in January 2024 until Clearwater is reflected in customer prices. As of December 31, 2024, the Company has recorded a $40 million regulatory liability, which represents the deferred revenue requirement that PGE believes is probable of recovery, net of NVPC that is probable of refund to customers under the RAC. For further information, see “Alternative Revenue Programs” in Note 2, Summary of Significant Accounting Policies and “Clearwater RAC” in Note 7, Regulatory Assets and Liabilities in the Notes to Consolidated Financial Statements in Item 8.—“Financial Statements and Supplementary Data.” 

New Large Load—In October 2023, in Docket UE 416, the OPUC directed a docket be opened to investigate new load connection costs and in December 2023, the OPUC established Docket UE 430 for that purpose. Following a lengthy regulatory process, on December 20, 2024, PGE filed Advice No. 24-38 with the OPUC. This filing introduces several proposed changes to PGE policies and tariffs that, if approved, would: i) reasonably protect other customers from the cost to connect new