Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 115

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 115
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olesale energy deliveries9,722 6,950 39.9      Total energy deliveries31,419 28,373 10.7 

Average number of retail customers20242023% Increase/(Decrease)Residential829,721 88 %815,920 88 %1.7 %Commercial113,518 12 112,204 12 1.2 Industrial208 — 196 — 6.1 Direct access497 — 540 — (8.0)Total943,944 100 %928,860 100 %1.6 

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In 2024, retail energy deliveries increased 1.3% from 2023, with increases in demand from industrial customers outweighing the decreases seen in the residential and commercial classes. The industrial class has experienced an increase in energy deliveries, due primarily to continued growth in the high-tech and digital services sectors. Compared to the prior year, weather had a negative impact on deliveries. The first quarter of 2023 was unseasonably cold, whereas the same period of 2024 was mild, as was the fourth quarter of 2024. Normally, the first and fourth quarters have the highest demand for heating.   

Residential energy deliveries, which are most sensitive to fluctuations in temperatures, were 2.8% lower in 2024 than 2023, due to a 4.4% decrease in average usage per customer, which resulted largely from mild temperatures, and was partially offset by a 1.7% increase in the average number of customers. PGE has seen the number of rooftop solar installations increase in its service territory over the past few years, which continues to reduce the average usage per customer.

Commercial energy deliveries decreased 2.1% from the prior year due in large part to the mild temperatures in 2024. While COVID-19 related recovery has largely occurred, continued impacts of programmatic energy efficiency and uncertainty in economic conditions have tempered commercial growth in 2024.

Industrial energy deliveries increased 10.3% in 2024 due to continued strength in the high-tech manufacturing and digital service sector. Several large customers experienced continued growth in 2024 and new data center facilities came online.

Total heating degree-days, an indication of electricity use for heating, declined 5% in 2024 from 2023 in total, and was 9% below the 15-year moving average. In 2024, heating