Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 78

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 section of 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  submission of  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,” “Administrative and other, and “Depreciation and amortization ” 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. 

56

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 September 30, % Increase (Decrease)Nine Months Ended September 30, % Increase (Decrease)2025202420252024Total revenues$952 $929 2 %$2,687 $2,616 3 %Operating expenses:Purchased power and fuel372 380 (2)1,034 1,060 (2)Generation, transmission and distribution112 131 (15)336 337 — Administrative and other99 102 (3)291 294 (1)Depreciation and amortization148 126 17 427 369 16 Taxes other than income taxes47 44 7 139 132 5 Total operating expenses778 783 (1)2,227 2,192 2 Income from operations174 146 19 460 424 8 Interest expense, net*60 53 13 173 156 11 Other income:Allowance for equity funds used during construction4 6 (33)15 17 (12)Miscellaneous income, net5 6 (17)17 21 (19)Other income, net9 12 (25)32 38 (16)Income before income tax