Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 197

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 197
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s during 2024, the most significant of which was related to the January storm event, and costs incurred during the first half of 2025. PGE filed the results of the 2024 PCAM with the OPUC on July 1, 2025, in Docket UE 457, which included a request for $86 million, without interest, in RCE costs incurred in 2024, initiating a regulatory review process that typically results in a final determination and order from the OPUC by the end of the year of filing. Any resulting refund or collection impacting customer prices is expected to be effective April 1, 2026. PGE believes the deferred amounts as of June 30, 2025 are probable of recovery. The OPUC has significant discretion in making the final determination of recovery. The OPUC’s conclusion of overall prudence could result in a portion, or all, of PGE’s deferrals being disallowed for recovery. Such disallowance would be recognized as a charge to earnings. 

47

Power costs—Pursuant to the AUT process, PGE annually files an estimate of power costs for the following year. As approved by the OPUC, the 2025 AUT included a final increase in power costs for 2025, and a corresponding increase in NVPC, of $72 million from 2024 levels, which were reflected in customer prices effective January 1, 2025.

Distribution System Plan recovery mechanism—On July 25, 2025, PGE plans to submit to the OPUC a request for recovery of costs associated with the Company’s Distribution System Plan. The regulatory filing would allow PGE the opportunity to recover its revenue requirement for these capital investments outside of a general rate case while balancing the interests of customers and PGE.

As a part of the filing, PGE requests that the Distribution System Plan Alternative Recovery Mechanism be authorized for inclusion in customer prices by April 1, 2026. PGE’s request for recovery includes an annualized revenue requirement increase of $72 million, which includes a 9.34% return on equity as approved in UE 435, and a rate base increase of $335 million.

PGE and parties will work through the regulatory review process for the Distribution System Plan Alternative Recovery Mechanism during the coming months. PGE cannot predict the ultimate outcome of the regulatory process.

Portland Harbor Environmental Remediation Account (PHERA) mechanism—The EPA has listed PGE as one of over one hundred Pot