Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 148

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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 NVPC for the three months ended March 31, 2025 increased compared to the same period in 2024 as follows (in millions): 

Three Months Ended March 31, 2024$229 Purchased power and fuel expense (105)Wholesale revenues76 2021 PCAM deferral amortization(4)RCE deferral72 March 31, 2025$268 Change in NVPC$39 

For further information regarding NVPC in relation to the PCAM, see “Purchased power and fuel expense” and “Revenues” within this “Results of Operations” for more details. 

For the three months ended March 31, 2025 and 2024, actual NVPC was $6 million and $19 million below baseline NVPC, respectively. 

Based on forecast data, NVPC for the year ending December 31, 2025 is currently estimated to be below the baseline and outside the deadband. Pursuant to the PCAM and related earnings test, because PGE’s preliminary regulatory ROE is estimated to be below 10.34%, there is no estimated refund to customers expected under the PCAM for 2025.

Generation, transmission, distribution 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$99 Vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses7 Service restoration and 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