Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 192

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 2
Chunk 192
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 storm response costs4 March 31, 2025$110 Change in Generation, transmission and distribution$11 

In the table above, $3 million related to vegetation management, $4 million related to wildfire mitigation, and $4 million related to storm response costs have been offset through customer prices or specific regulatory mechanisms.

57

Administrative and other increased as follows for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

Three Months Ended March 31, 2024$95 Regulatory and Professional services costs5 Employee compensation and benefits8 Customer related costs(6)Miscellaneous expenses(6)March 31, 2025$96 Change in Administrative and other$1 

In the table above, $5 million of the decrease in customer related costs is due to regulatory programs that have been offset through customer pricing or specific regulatory mechanisms.

Depreciation and amortization expense increased $19 million in the three months ended March 31, 2025, compared to the same period in 2024. The increase was primarily due to higher utility plant balances.

Taxes other than income taxes decreased $1 million in the three months ended March 31, 2025, compared to the same period in 2024. The decrease was driven by lower payroll taxes partially offset by higher franchise fees.

Interest expense, net increased $5 million in the three months ended March 31, 2025 compared to the same period in 2024, primarily due to higher long-term debt balances.

Other income, net decreased $1 million for the three months ended March 31, 2025, compared to the same period in 2024. The decrease was primarily driven by lower non-qualified plan asset investment performance slightly offset by higher AFUDC from higher CWIP balances.

Income tax expense increased $9 million in the three months ended March 31, 2025, compared to the same period 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.

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