Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 76

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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642 7 1,449 1,409 3 Income from operations118 116 2 286 278 3 Interest expense, net*57 52 10 113 103 10 Other income:Allowance for equity funds used during construction6 6 — 11 11 — Miscellaneous income, net7 9 (22)12 15 (20)Other income, net13 15 (13)23 26 (12)Income before income tax expense74 79 (6)196 201 (2)Income tax expense12 7 71 34 20 70 Net income62 72 (14)162 181 (10)Other comprehensive income— — — — 1 (100)Net income and Comprehensive income$62 $72 (14)%$162 $182 (11)%

* Includes an allowance for borrowed funds used during construction of $3 million and $4 million for the three months ended June 30, 2025 and 2024, respectively, and $7 million and $8 million for the six months ended June 30, 2025 and 2024.

Net income for the three months ended June 30, 2025 decreased $10 million, or 14%, compared to the same period of 2024. Retail revenues increased primarily due to price changes as authorized by the OPUC. The increase in Purchased power and fuel reflects higher average variable power costs per MWh. Generation, transmission and distribution expenses were up primarily due to vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses. While total Administrative and General expense remained flat compared to 2024, a total of $15 million business transformation and optimization expenses was recorded in 2025 of which $14 million is reflected in Administration and General Expense with the balance being in Generation, transmission and distribution expense. Increases in Depreciation and amortization expense, driven by higher depreciable asset balances, and Interest expense, net, due to higher long-term debt balances, were largely anticipated and somewhat offset in net income by increased revenues. Income tax expense was up due to lower PTC benefits.

55

Net income for the six months ended June 30, 2025 decreased $19 million, or 10%, compared to the same period of 2024. Retail revenues increased primarily due to price changes to cover anticipated higher NVPC