Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 167

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 8
Chunk 167
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, 2025 compared with the six months ended June 30, 2024 (in millions):

Increase/(Decrease)Net income$(19)Accounts receivable and Unbilled revenue36 Margin deposits activity48 Accounts payable(1)Regulatory deferral activity109 Depreciation and amortization36 Deferred income taxes(2)Alternative revenue programs(19)Other miscellaneous changes15 Net change in cash flow from operations$203 

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 $900 million to $1 billion.

Cash Flows from Investing Activities—Net cash used in investing activities for the six months ended June 30, 2025 decreased $30 million when compared with the six months ended June 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 decreased $27 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 six months ended June 30, 2025, net cash provided by financing activities was primarily the result of the funding of $310 million in First Mortgage Bonds (FMBs). This was partially offset by payment of $109 million of dividends and $102 million of long-term debt.

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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)$850 $895 $890 $920 $920 Transmission200 255 390 420 515 BESS projects165 — — — — Total capital expenditures (2)$1,215 $1,150 $1,280 $1,340