Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 211

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 211
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June 30, 2025$698 1,505 Change in Total retail revenues$58 $125 

Wholesale revenues result from sales of electricity and environmental credits to utilities and power marketers made in the Company’s efforts to meet the needs of, and obtain reasonably priced power for, its retail customers, manage risk, and administer its 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.

Wholesale revenues for the three months ended June 30, 2025 decreased $11 million, or 11%, from the three months ended June 30, 2024, as a combination of reduced environmental credit sales and a lower average wholesale sales price more than offset the 16% increase in sales volumes.

For the six months ended June 30, 2025, Wholesale revenues decreased $87 million, or 32%, from the six months ended June 30, 2024 as the Company experienced a $68 million reduction in revenues due to a decline in average sales prices resulting from market volatility around specific regional weather events in January 2024 and milder overall weather in 2025. In addition, the sale of environmental credits produced $28 million less revenue in 2025 than during the same period of 2024. Partially offsetting the declines was a 3% increase in Wholesale sales volumes, which added $9 million to revenues period over period. 

Other operating revenues for the three months ended June 30, 2025 were up $2 million from the comparable period in 2024. In the six months ended June 30, 2025, Other operating revenues were up $10 million compared to the same 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