Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 162

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 8
Chunk 162
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 period of 2024, primarily the result of an increase from imbalance transactions with ESS providers, which is offset in Purchased power and fuel expense.

Purchased power and fuel expense includes the cost of power purchased and fuel used to generate electricity to meet PGE’s retail load requirements, as well as the cost of settled electric and natural gas financial contracts. 

57

The following items contributed to the change in Purchased power and fuel for the three and six months ended June 30, 2025 compared to the same periods in 2024 (dollars in millions):

Three Months Ended Six Months Ended June 30, 2024$275 $680 Average variable power cost per MWh20 (66)Total system load1 (18)2021 PCAM deferral amortization(2)(7)RCE deferral— 73 June 30, 2025294 662 Change in Purchased power and fuel$19 $(18)Average variable power cost per MWh (in dollars):June 30, 2024$40.10 $52.00 June 30, 2025$41.34 $45.40 Total system load (MWhs in thousands):June 30, 20246,77414,384June 30, 20257,09514,638

For the three months ended June 30, 2025, the $20 million increase related to the change in average variable power cost per MWh was driven by an 18% increase in the average cost of purchased power and a 12% decrease in the average cost for the Company’s own generation. The $1 million increase related to total system load was comprised of a 7% decrease of energy obtained from purchased power, offset by an 18% increase in the Company’s own generation.

For the six months ended June 30, 2025, the $66 million decrease related to the change in average variable power cost per MWh was driven by an 11% decrease in the average cost of purchased power and a 5% decrease in the average cost for the Company’s own generation. The $18 million decrease related to total system load was comprised of a 7% decrease of energy obtained from purchased power, offset by a 9% increase in the Company’s own generation.

58

PGE’s sources of energy, total system load, and retail load requirement are as follows for the periods presented (MWhs in