Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 214

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 214
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 the three and six months ended June 30, 2025 increased compared to the same periods in 2024 as follows (in millions): 

Three Months Ended Six Months Ended June 30, 2024$176 $405 Purchased power and fuel expense 21 (84)Wholesale revenues11 87 2021 PCAM deferral amortization(2)(7)RCE deferral— 73 June 30, 2025$206 $474 Change in NVPC$30 $69 

For further information regarding NVPC in relation to the PCAM, see “Purchased power and fuel expense” and “Revenues” within this “Results of Operations” for more details. 

For the three months ended June 30, 2025 and 2024, actual NVPC was $12 million and $31 million below baseline NVPC, respectively. For the six months ended June 30, 2025 and 2024, actual NVPC was $19 million and $52 million below baseline NVPC, respectively.

Based on forecast data, NVPC for the year ending December 31, 2025 is currently estimated to be below the baseline and outside the deadband. Pursuant to the PCAM and related earnings test, because PGE’s preliminary regulatory ROE is estimated to be below 10.34%, there is no estimated refund to customers expected under the PCAM for 2025.

60

Generation, transmission and distribution increased as follows for the three and six months ended June 30, 2025 compared to the same periods in 2024 (in millions):

Three Months Ended Six Months Ended June 30, 2024$107 $206 Generating facility expenses(6)(6)Vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses8 14 Service restoration and storm response costs(2)2 Business transformation and optimization expenses1 1 Miscellaneous expenses6 7 June 30, 2025$114 $224 Change in Generation, transmission and distribution$7 $18 

In the table above, for the three and six months ended June 30, 2025, respectively, zero and $4 million related to vegetation management, $8 million and $12 million related to wildfire mitigation, $2 million and $2 million related to major maintenance costs and zero and $3 million related to storm response costs have been offset through customer prices or specific regulatory