Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 222

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 222
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 Purchased power and fuel expense (21)(105)Wholesale revenues56 143 2021 PCAM deferral amortization2 (11)RCE deferral11 90 September 30, 2025$236 $710 Change in NVPC$48 $117 

For further information regarding NVPC in relation to the PCAM, see “Purchased power and fuel expense” within this “Results of Operations” for more details. 

For the three months ended September 30, 2025 and 2024, actual NVPC was $15 million above and $35 million below baseline NVPC, respectively. For the nine months ended September 30, 2025 and 2024, actual NVPC was $3 million and $87 million below baseline NVPC, respectively.

Based on forecast data, NVPC for the year ending December 31, 2025 is currently estimated to be below the baseline and within the deadband. Accordingly, there is no estimated refund to customers expected under the PCAM for 2025.

62

Generation, transmission and distribution decreased as follows for the three and nine months ended September 30, 2025 compared to the same periods in 2024 (in millions):

Three Months Ended Nine Months Ended September 30, 2024$131 $337 Generating facility expenses(1)(7)Vegetation management, inspection, wildfire mitigation, and distribution maintenance expenses(5)9 Service restoration and storm response costs1 4 Business transformation and optimization expenses2 3 Earnings test deferral release(17)(17)Miscellaneous expenses1 7 September 30, 2025$112 $336 Change in Generation, transmission and distribution$(19)$(1)

In the table above, changes shown for the three and nine months ended include $(1) million and $2 million related to vegetation management, respectively, zero and $13 million related to wildfire mitigation, $3 million and $4 million related to major maintenance costs, and zero and $3 million related to storm response costs that have been offset through customer prices or specific regulatory mechanisms.

Administrative and other is as follows for the three and nine months ended September 30, 2025 compared to the same periods in 2024 (in millions):

Three Months Ended Nine Months Ended September 30, 2024$102 $294 Regulatory and professional services costs(1)(1)Employee compensation and benefits(3