Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 167

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 167
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$714 $2,094 Change in prices as a result of the AUT, approved by the OPUC (partially offset in Purchased power and fuel)20 78 Retail energy deliveries driven by changes in customer load24 64 Average price of energy deliveries due primarily to changes in delivery mix, partially offset by overall customer price increases beyond the AUT24 28 Wildfire mitigation, offset in operating expenses and amortization5 21 Clearwater RAC deferral11 21 Combination of various supplemental schedules and adjustments(4)(7)September 30, 2025$794 $2,299 Change in Total retail revenues$80 $205 

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 September 30, 2025 decreased $56 million, or 29%, from the three months ended September 30, 2024, resulting from a combination of a 19% decrease in sales volumes, lower average wholesale sales price, and reduced environmental credit sales.

For the nine months ended September 30, 2025, Wholesale revenues decreased $143 million, or 31%, from the nine months ended September 30, 2024 as the Company experienced a $79 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 $34 million less revenue and the reduction in Wholesale sales volume produced $30 million less revenue in 2025 than during the same period of 2024.

Other operating revenues for the three months ended September 30, 2025 were down $1 million from the comparable period in 2024. In the nine months ended September 30, 2025, Other operating revenues were up $9 million compared to the same period of 2024, primarily the result of an increase from imbalance transactions with ESS providers, which is offset in Purchased power and fuel expense.

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Purchased power and fuel expense includes the cost of power purchased and fuel used to generate electricity to