Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 126

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 126
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Transmission150 240 255 390 420 515 Clearwater18 5 — — — — BESS projects243 165 — — — — Total capital expenditures (2)$1,262 $1,270 $1,150 $1,280 $1,340 $1,435 Long-term debt maturities$80 $170 $— $160 $100 $200 

(1) Consists primarily of upgrades to, and replacement of, generation, transmission, and distribution infrastructure, as well as new customer connects. Includes accrued capital additions, preliminary engineering, removal costs, and certain intangible working capital assets.

(2) Amounts subsequent to 2024 are estimates as of the date of this report and may be affected by economic conditions, including but not limited to, impacts of inflation, changes to the cost of materials and labor, and financing costs.

During 2024, PGE funded its capital expenditures through a combination of cash from operations in the amount of $778 million, proceeds from the issuance of FMBs in the total amount of $450 million, net proceeds from the issuance of shares pursuant to the at-the-market offering program of $346 million, and $170 million in net proceeds from a term loan. Capital expenditures in 2025 are expected to be approximately $1.3 billion. PGE plans to fund the 2025 capital expenditures with cash from operations during 2025, which is expected to range from $900 million to $1 billion, the issuance of debt securities of up to $550 million, issuances of shares pursuant to the at-the-market offering program, and the issuance of commercial paper, as needed. The actual timing and amount of any such issuances of debt, equity, and commercial paper will be dependent upon the timing and amount of capital expenditures and debt payments. For a discussion concerning PGE’s ability to fund its future capital requirements, see “Debt and Equity Financings” in the Liquidity and Capital Resources section of this Item 7. 

Liquidity

PGE’s access to short-term debt markets, including revolving credit from banks, helps provide necessary liquidity to support the Company’s current operating activities, including the purchase of power and fuel. Long-term capital requirements are driven largely by capital expenditures for generation, transmission, and distribution facilities to support both new and existing customers, along with information technology systems and debt refinancing activities.