Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 78

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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32 2 Total revenues$807 100 %$758 100 %$1,735 100 %$1,687 100 %

56

Total retail revenues—The following items contributed to the increase in Total retail revenues for the three and six months ended June 30, 2025 compared to the same periods in 2024 (in millions):

Three Months Ended Six Months Ended June 30, 2024$640 $1,380 Change in prices as a result of the AUT, approved by the OPUC (partially offset in Purchased power and fuel)8 58 Retail energy deliveries driven by changes in customer load19 40 Wildfire mitigation, offset in operating expenses and amortization9 16 Clearwater RAC deferral5 10 Average price of energy deliveries due primarily to changes in delivery mix, partially offset by overall customer price increases beyond the AUT23 4 Combination of various supplemental schedules and adjustments(6)(3)June 30, 2025$698 1,505 Change in Total retail revenues$58 $125 

Wholesale revenues result from sales of electricity and environmental credits to utilities and power marketers made in the Company’s efforts to meet the needs of, and obtain reasonably priced power for, its retail customers, manage risk, and administer its long-term wholesale contracts. Such sales can vary significantly from year to year as a result of economic conditions, power and fuel prices, hydro and wind availability, and customer demand.

Wholesale revenues for the three months ended June 30, 2025 decreased $11 million, or 11%, from the three months ended June 30, 2024, as a combination of reduced environmental credit sales and a lower average wholesale sales price more than offset the 16% increase in sales volumes.

For the six months ended June 30, 2025, Wholesale revenues decreased $87 million, or 32%, from the six months ended June 30, 2024 as the Company experienced a $68 million reduction in revenues due to a decline in average sales prices resulting from market volatility around specific regional weather events in January 2024 and milder overall weather in 2025. In addition, the sale of environmental credits produced $28 million less revenue in 2025 than during the same period of 2024. Partially offsetting the declines was a 3% increase in Wholesale sales volumes, which added $9 million to revenues period over period.