Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 125

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 125
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3$458 Capital additions43 Activity related to regulatory programs (offset elsewhere on the income statement)(5)Year ended December 31, 2024496 Change in Depreciation and amortization$38 

Taxes other than income taxes expense increased $11 million, or 7%, in 2024 compared with 2023, primarily due to higher franchise fees and property tax expenses. 

Interest expense increased $38 million, or 22%, in 2024 compared with 2023 driven by higher average balances of outstanding debt.

Other income, net decreased $1 million, or 2%, in 2024 compared to 2023. The decrease was primarily attributable to $2 million in lower regulatory interest income and $2 million in lower pension non-service costs offset by $4 million higher AFUDC equity income driven by higher construction work-in progress balances in 2024. 

Income tax expense decreased $8 million, or 18%, in 2024 compared to 2023 primarily driven by increased PTC benefits partially offset by higher pre-tax income as compared to the prior year.

2023 Compared to 2022 

For a comparison of the Company’s results of operations for the fiscal year ended December 31, 2023 to the year ended December 31, 2022, see Item 7.—” Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 20, 2024. 

Liquidity and Capital Resources

Discussions, forward-looking statements, and projections in this section, and similar statements in other parts of this Annual Report on Form 10-K, are subject to PGE’s assumptions regarding the availability and cost of capital. See “Capital and credit market conditions could adversely affect the Company’s access to capital, cost of capital, and ability to execute its strategic plan.” in Item 1A.—“Risk Factors,” for further information.

63

Capital Requirements

The following table presents actual capital expenditures and debt maturities for 2024 and projected capital expenditures and future debt maturities for 2025 through 2029 (in millions, excluding AFUDC): 

 Years Ending December 31, 202420252026202720282029Ongoing capital expenditures (1)$851 $860 $895 $890 $920 $920