Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 145

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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 driven by a 50% decline in the average price of wholesale deliveries. The reduction in Purchased power and fuel reflects reduced cost of purchased power, partially offset by the reduced costs in 2024 due to the deferral of costs under the RCE mechanism that did not recur. Generation, transmission and distribution expenses were up primarily due to vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses. Increases in Depreciation and amortization expense, driven by higher depreciable asset balances, and Interest expense, net, due to higher long-term debt balances, were largely anticipated and somewhat offset in net income by increased revenues. Income tax expense was up due to lower PTC benefits.

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Total revenues consist of the following for the periods presented (dollars in millions):

Three Months Ended March 31, 20252024Retail:Residential$429 46 %$415 45 %Commercial242 26 227 24 Industrial127 14 102 11      Subtotal798 86 744 80 Direct access:Commercial4 — 2 — Industrial5 1 4 1 Subtotal9 1 6 1 Subtotal Retail807 87 750 81 Alternative revenue programs, net of amortization(4)— (11)(1)Other accrued revenues, net4 — 1 — Total retail revenues807 87 740 80 Wholesale revenues100 11 176 19 Other operating revenues21 2 13 1 Total revenues$928 100 %$929 100 %

Total retail revenues—The following items contributed to the increase in Total retail revenues for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

Three Months Ended March 31, 2024$740 Change in prices as a result of the AUT, approved by the OPUC (partially offset in Purchased power and fuel)50 Retail energy deliveries driven by changes in customer load21 Clearwater RAC deferral5 Average price of energy deliveries due primarily to changes in delivery mix, partially offset by overall customer price increases beyond the AUT(19)Combination of various supplemental schedules and adjustments10 March 31, 2025807 Change in Total retail revenues$67 

Wholesale revenues result from sales of electricity and environmental credits to utilities and power marketers made in the Company’s efforts to meet the