Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 128

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 128
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 $18 million in 2029. Contributions are expected to be covered by cash provided by operations. For additional information regarding contractual obligations, see Note 16, Commitments and Guarantees, in the Notes to Consolidated Financial Statements in Item 8.—“Financial Statements and Supplementary Data.”

Cash Flows from Investing Activities—Cash flows used in investing activities consist primarily of capital expenditures related to new construction and improvements to PGE’s generation, transmission, and distribution 

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facilities. The $61 million decrease in net cash used in investing activities in 2024 compared with 2023 is primarily due to Clearwater, which was placed in service in January 2024, offset by capital expenditures related to BESS projects and other new construction and improvements to PGE’s distribution, transmission, and generation facilities.

The Company plans for $1.3 billion of capital expenditures in 2025 related to upgrades to and replacement of generation, transmission, and distribution infrastructure as well as costs related to BESS projects. PGE plans to fund the 2025 capital expenditures with cash from operations during 2025, as discussed above, as well as with the issuance of debt, issuances of shares pursuant to the at-the-market offering program, and short-term debt as necessary. For additional information, see “Capital Requirements” and “Debt and Equity Financings” in the Liquidity and Capital Resources section of this Item 7.

Cash Flows from Financing Activities—Financing activities provide supplemental cash for both day-to-day operations and capital requirements as needed. During 2024, cash provided by financing activities was primarily the result of the funding of $450 million in FMBs, $346 million in proceeds from the issuance of common stock pursuant to at-the-market offering programs, and $220 million in proceeds from the term loan. This was partially offset by payments of dividends in the amount of $200 million and $130 million of long-term debt. 

2023 Compared to 2022 

For a comparison of liquidity and capital resources and the Company’s cash flow activities for the fiscal year ended December 31, 2023 and 2022, see Item 7.—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024.

Credit Ratings and Debt Covenants

PGE’s secured and unsecured debt is rated