Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 193

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 2
Chunk 193
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 CAPITAL RESOURCES 

Liquidity

PGE’s access to short-term debt markets, including revolving credit from banks, helps provide necessary liquidity to support the Company’s current operating activities, including the purchase of power and fuel. Long-term capital requirements are driven largely by capital expenditures for distribution, transmission, and generation facilities to support both new and existing customers, repairs from major storm damage, information technology systems, and debt refinancing activities. PGE’s liquidity and capital requirements can also be significantly affected by other working capital needs, including margin deposit requirements related to wholesale market activities, which can vary depending upon the Company’s forward positions and the corresponding price curves.

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The following summarizes PGE’s cash flows for the periods presented (in millions):

Three Months Ended March 31, 20252024Cash and cash equivalents, beginning of period$12 $5 Net cash provided by (used in):Operating activities231 175 Investing activities(376)(331)Financing activities144 327 Increase (decrease) in cash and cash equivalents(1)171 Cash and cash equivalents, end of period$11 $176 

Cash Flows from Operating Activities—Cash flows from operating activities are generally determined by the amount and timing of cash received from customers and payments made to vendors, as well as the nature and amount of non-cash items, including depreciation and amortization, deferred income taxes, and pension and other postretirement benefit costs included in net income during a given period. The following items contributed to the net change in cash flows from operations for the three months ended March 31, 2025 compared with the three months ended March 31, 2024 (in millions):

Increase/(Decrease)Net income$(9)Accounts receivable and Unbilled revenue(20)Margin deposits activity33 Accounts payable(61)Regulatory deferral activity110 Depreciation and amortization19 Deferred income taxes(17)Tax credit sales2 Alternative revenue programs(7)Other miscellaneous changes6 Net change in cash flow from operations$56 

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 three months ended March 31, 2025 increased $45 million when compared with