Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 65

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 wide geographic footprint and broad pool of participants across the west. 

PGE generates revenues and cash flows primarily from the sale and distribution of electricity to its retail customers. The impact of seasonal weather conditions on demand for electricity can cause the Company’s revenues, cash flows, and income from operations to fluctuate from period to period. Summer peak deliveries have continued to exceed those of the winter months for nearly ten years, generally resulting from growing air conditioning demand and the trend toward a warmer overall climate. In August 2023, demand reached a new all-time high, surpassing the previous mark, which was set in summer 2021. Historically, PGE had experienced its highest average megawatts (MWa) deliveries and retail energy sales during the winter heating season and recorded its current winter peak load in December 2022. Summer peak deliveries in each year since 2021 have exceeded that winter peak. 

Retail customer price changes and customer usage patterns, which can be affected by the economy, also have an effect on revenues. Wholesale power availability and price, hydro and wind generation, and fuel costs for thermal plants can also affect income from operations. PGE has taken measures to enhance the availability of supply chain-constrained items that are needed to serve new and existing customers, such as securing inventory of critical materials to improve reliability, reserving manufacturing capacity with strategic partners, and evaluating availability with established and new suppliers. The Company’s materials and supplies forecasting process is designed to secure materials availability as well as mitigate cost increases through long-term agreements, supplier engagement, and expanding the supply base. PGE is monitoring the fluid situation around tariffs and trade policies and continues to evaluate any potential impact to its operations and the need to implement applicable mitigation strategies.

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Customers and Demand—The following tables present total energy deliveries, in thousands of Megawatt hours (MWh), and the average number of retail customers by customer type for the periods indicated:

Three Months Ended March 31, 20252024% Change% Change (Weather- Adjusted)Energy deliveries:Retail:Residential2,226 2,243 (1)%(1)%Commercial1,632 1,628 — — Industrial1,398 1,186 18 18 Subtotal5,256 5,057 4 4 Direct access:Commercial129 120 8 8 Industrial443 396 12 12 Subtotal572 516 11 11 Total retail5,828 5,573