Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 68

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 2024 related to PGE's 2025 GRC (OPUC Docket UE 435). 

On October 21, 2025, the OPUC issued an Order (Order 25-417) that was supported by a memorandum of understanding (MOU) entered into between PGE and key regulatory stakeholders. The MOU guided the recovery proceeding for Seaside, PGE’s largest standalone battery storage project which has been serving customers since July 2025. 

The Order calls for the following:

•a rate base increase of $220 million, net of estimated Investment Tax Credit benefits of $125 million;

•a 9.34% return on equity (ROE); and

•an annual revenue requirement increase of $42 million, excluding impacts related to Net Variable Power Costs (NVPC), compared to PGE’s filed request of $46 million at closing briefs.

The Order also results in $6 million revenue requirement increase for the remainder of 2025, inclusive of NVPC customer benefits. Seaside’s NVPC is included in PGE’s AUT filings for 2026 (OPUC docket UE 452) and onward.

Other key items in the Order include the adoption of an earnings test at PGE’s authorized ROE, implemented via a deferral to track Seaside revenues and refund excess earnings, if applicable.

The Seaside revenue requirement will be included in customer prices effective October 31, 2025.

More information about the Seaside filing (OPUC Docket UE 455) is available on the OPUC website at www.oregon.gov/puc.

Distribution System Plan recovery mechanism—On July 25, 2025, PGE submitted to the OPUC a request for recovery of costs associated with the Company’s DSP. The regulatory filing allows PGE the opportunity to recover its revenue requirement for these capital investments outside of a general rate case while balancing the interests of customers and PGE.

As a part of the filing, PGE requested that the DSP Alternative Recovery Mechanism be authorized for inclusion in customer prices by April 1, 2026. PGE’s request for recovery includes an annualized revenue requirement increase of $72 million, which includes a 9.34% return on equity as approved in UE 435, and a rate base increase of $317 million. 

PGE and parties will work through the regulatory review process for the DSP Alternative Recovery Mechanism during the coming months. The OPUC has adopted a procedural schedule for the regulatory review process