Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 116

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 116
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 degree-days were lower in each quarter of the year, except for the fourth quarter, which was only slightly higher. The fourth quarter, which is normally a high heating demand period, in 2023, was among the warmest ever recorded. Correspondingly, cooling degree-days, a similar indication of the extent to which customers were likely to have used electricity for cooling, exceeded the 15-year average by 20%, although were 16% below the 2023 total, which was 43% above average, illustrating that the two most recent summer seasons have been exceedingly warm compared to historical averages. 

The following table presents the number of heating and cooling degree-days in 2024 and 2023, along with the current 15-year averages, reflecting the influence that weather had on comparative energy deliveries.

 Heating Degree-DaysCooling Degree-Days    2024202315-Year Average2024202315-Year Average1st quarter1,755 1,927 1,838 — — — 2nd quarter547 554 608 108 195 108 3rd quarter36 45 62 643 687 514 4th quarter1,324 1,319 1,529 — 16 6 Total3,662 3,845 4,037 751 898 628 Increase (decrease) from the 15-year average(9)%(5)%20 %43 %

On a weather-adjusted basis, total retail deliveries increased 3.1% from 2023. The increase was driven by a 10.7% growth in industrial deliveries, and a 0.5% increase in weather-adjusted deliveries to residential customers, as average use per customer has declined from the highs seen during the COVID-19 pandemic, partially offset by a 0.9% decline in commercial energy deliveries. The Company projects that retail energy deliveries for 2025 will be between 2.5% and 3.5% above 2024 weather-adjusted levels, reflecting continued growth in industrial deliveries.

ESSs supplied Direct Access customers with energy representing 11% of PGE’s total retail energy deliveries during 2024 and 2023. The maximum retail load allowed to be supplied under the fixed three-year and minimum five-year opt-out programs represent 12% of the Company’s total retail energy deliveries for 2024. With the adoption of the 

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New Large Load Direct Access program in