Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 223

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 223
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)4 Customer related costs(3)(14)Amortization of COVID-19 bad debt expense deferral(3)(10)Business transformation and optimization expenses7 21 Miscellaneous expenses— (3)September 30, 2025$99 $291 Change in Administrative and other$(3)$(3)

In the table above, for the three and nine months ended September 30, 2025, respectively, $1 million and $9 million of the decrease in customer related costs is due to regulatory programs that have been offset through customer pricing or specific regulatory mechanisms.

Depreciation and amortization expense increased $22 million and $58 million in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were primarily due to higher utility plant balances. Included in expense for 2025 is $1 million related to business transformation and optimization.

Taxes other than income taxes increased $3 million and $7 million in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were driven by higher property taxes and higher franchise fees, partially offset by lower payroll taxes.

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Interest expense, net increased $7 million and $17 million in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily due to higher long-term debt balances.

Other income, net decreased $3 million and $6 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The decreases were primarily driven by lower AFUDC on construction work in progress balances.

Income tax expense increased $9 million and $23 million in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily driven by lower PTC benefits resulting from the expiration of the 10-year PTC generation window at Tucannon near the end of 2024 and higher pre-tax income.

Critical Accounting Policies and Estimates

There have been no material changes to the Company’s critical accounting policies and estimates as previously disclosed in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025.

LIQUIDITY AND CAPITAL RESOURCES 

Liquidity