Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 121

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 121
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440 $2,923 18 %

Total retail revenues—The following items contributed to the increase in Total retail revenues for the year ended December 31, 2024 compared to the year ended December 31, 2023 (dollars in millions): 

Year ended December 31, 2023$2,447 Change in prices as a result of the AUT, approved by the OPUC (partially offset in Purchased power and fuel)226     Average price of energy deliveries due primarily to customer price increases146     Retail energy deliveries driven by changes in customer load20     Boardman settlement refund, net of amortization8 Recovery of deferrals for 2020 Wildfire, 2021 ice storm, (offset in Generation, Transmission and Distribution expense) and COVID-19 (offset in Retail revenues)5     Clearwater RAC deferral (largely offset in Purchased power, Depreciation and amortization,     and Income tax expense)(39)Combination of various supplemental tariffs and adjustments2 Year ended December 31, 20242,815 Change in Total retail revenues$368 

Wholesale revenues result primarily from sales of electricity and environmental credits to utilities and power marketers made in the Company’s efforts to meet the needs of, and secure reasonably priced power for, its retail customers, manage risk, and administer its current long-term wholesale contracts. Such sales can vary significantly from year to year as a result of economic conditions, power and fuel prices, hydro and wind availability, and customer demand.

In 2024, a $140 million, or 33%, increase from 2023 in wholesale revenues occurred as sales volumes increased 40%, which resulted in a $166 million increase, and the Company sold $26 million more environmental credits in 2024 than in the prior year. Partly offsetting the increase was a 27% decrease in average prices received when the Company sold power into the wholesale market. Elevated sales prices existed during 2023 and resulted from several factors, including reduced hydro generation in the region, the economic recovery, strong demand, and ongoing 

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capacity limitations in the region. In 2024, milder weather and lower natural gas prices contributed to bring average sales prices down from the levels seen in 2023.

Other operating revenues increased $9 million, or 16%, in 2024 from 2023, primarily as a result of the amortization of deferrals related to the transmission rate