Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 77

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 and general cost increases, as authorized by the OPUC. Wholesale revenues have decreased, driven by a 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. While total Administrative and General expense remained flat compared to 2024, a total of $15 million business transformation and optimization expenses was recorded in 2025 of which $14 million was in Administration and General Expense, with the balance being in Generation, transmission and distribution expense. 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.

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

Three Months Ended June 30, Six Months Ended June 30, 2025202420252024Retail:Residential$311 39 %$307 40 %$740 43 %$722 43 %Commercial234 29 219 29 476 27 446 27 Industrial128 16 104 14 255 15 206 12      Subtotal673 84 630 83 1,471 85 1,374 82 Direct access:Commercial4 — 3 — 8 — 5 — Industrial6 1 6 1 11 1 10 1 Subtotal10 1 9 1 19 1 15 1 Subtotal Retail683 85 639 84 1,490 86 1,389 83 Alternative revenue programs, net of amortization9 1 (3)— 5 — (14)(1)Other accrued revenues, net6 — 4 — 10 1 5 — Total retail revenues698 86 640 84 1,505 87 1,380 82 Wholesale revenues88 11 99 13 188 11 275 16 Other operating revenues21 3 19 3 42 2