Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 188

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 2
Chunk 188
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 expense, net*56 51 10 Other income:Allowance for equity funds used during construction5 5 — Miscellaneous income, net5 6 (17)Other income, net10 11 (9)Income before income tax expense122 122 — Income tax expense22 13 69 Net income100 109 (8)Other comprehensive income— 1 (100)Net income and Comprehensive income$100 $110 (9)%

* Includes an allowance for borrowed funds used during construction of $4 million for both the three months ended March 31, 2025 and 2024.

Net income for the three months ended March 31, 2025 decreased $9 million, or 8%, compared to the same period of 2024. Retail revenues increased primarily due to price changes to cover anticipated higher NVPC and general cost increases, as authorized by the OPUC. Wholesale revenues have decreased, driven by a 50% decline in the average price of wholesale deliveries. The reduction in Purchased power and fuel reflects reduced cost of purchased power, partially offset by the reduced costs in 2024 due to the deferral of costs under the RCE mechanism that did not recur. Generation, transmission and distribution expenses were up primarily due to vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses. Increases in Depreciation and amortization expense, driven by higher depreciable asset balances, and Interest expense, net, due to higher long-term debt balances, were largely anticipated and somewhat offset in net income by increased revenues. Income tax expense was up due to lower PTC benefits.

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Total revenues consist of the following for the periods presented (dollars in millions):

Three Months Ended March 31, 20252024Retail:Residential$429 46 %$415 45 %Commercial242 26 227 24 Industrial127 14 102 11      Subtotal798 86 744 80 Direct access:Commercial4 — 2 — Industrial5 1 4 1 Subtotal9 1 6 1 Subtotal Retail807 87 750 81 Alternative revenue programs, net of amortization(4)— (11)(1)Other accrued revenues, net4 — 1 — Total retail revenues807 87 740 80 Wholesale revenues100 11 176 19 Other operating revenues