Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 173

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 173
---
 Unbilled revenue55 Margin deposits activity63 Accounts payable(24)Regulatory deferral activity119 Depreciation and amortization58 Deferred income taxes21 Tax credit sales122 Alternative revenue programs(38)Other miscellaneous changes(4)Net change in cash flow from operations$362 

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 $950 million to $1.05 billion.

Cash Flows from Investing Activities—Net cash used in investing activities for the nine months ended September 30, 2025 increased $16 million when compared with the nine months ended September 30, 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 $23 million.

Excluding AFUDC, the Company plans to make capital expenditures of $1.2 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.

Cash Flows from Financing Activities—During the nine months ended September 30, 2025, net cash provided by financing activities was primarily the result of the funding of $310 million in First Mortgage Bonds (FMBs) and $49 million in proceeds from the issuance of common stock pursuant to at-the-market offering programs. This was partially offset by payment of $167 million of dividends and $102 million of long-term debt.

65

Capital Requirements

The following table presents PGE’s estimated capital expenditures and contractual maturities of long-term debt for 2025 through 2029, excluding AFUDC (in millions): 

20252026202720282029Ongoing capital expenditures (1)$855 $880 $890 $920 $920 Transmission200 255 390 420 515 BESS projects165 — — — — Total capital expenditures (2)$1,220 $1,135 $1,280 $1,340 $1,435 Long