Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 150

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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327 Increase (decrease) in cash and cash equivalents(1)171 Cash and cash equivalents, end of period$11 $176 

Cash Flows from Operating Activities—Cash flows from operating activities are generally determined by the amount and timing of cash received from customers and payments made to vendors, as well as the nature and amount of non-cash items, including depreciation and amortization, deferred income taxes, and pension and other postretirement benefit costs included in net income during a given period. The following items contributed to the net change in cash flows from operations for the three months ended March 31, 2025 compared with the three months ended March 31, 2024 (in millions):

Increase/(Decrease)Net income$(9)Accounts receivable and Unbilled revenue(20)Margin deposits activity33 Accounts payable(61)Regulatory deferral activity110 Depreciation and amortization19 Deferred income taxes(17)Tax credit sales2 Alternative revenue programs(7)Other miscellaneous changes6 Net change in cash flow from operations$56 

PGE estimates that non-cash charges for depreciation and amortization in 2025 will range from $550 million to $575 million. Combined with other sources, total cash expected to be provided by operations is estimated to range from $900 million to $1 billion.

Cash Flows from Investing Activities—Net cash used in investing activities for the three months ended March 31, 2025 increased $45 million when compared with the three months ended March 31, 2024. Cash flows used in investing activities consist primarily of capital expenditures related to BESS projects and other new construction and improvements to PGE’s distribution, transmission, and generation facilities, which increased $34 million.

Excluding AFUDC, the Company plans to make capital expenditures of $1.3 billion in 2025, which it expects to fund with cash to be generated from operations during 2025, as discussed above, the issuance of short- and long-term debt, and issuances of shares pursuant to the at-the-market offering program. For additional information, see “Debt and Equity Financings” in this Liquidity and Capital Resources section of Item 2.

59

Cash Flows from Financing Activities—During the three months ended March 31, 2025, net cash provided by financing activities was primarily the result of the funding of $310 million in First Mortgage Bonds (FMBs). This was partially offset by