Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 189

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 2
Chunk 189
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21 2 13 1 Total revenues$928 100 %$929 100 %

Total retail revenues—The following items contributed to the increase in Total retail revenues for the three months ended March 31, 2025 compared to the same period in 2024 (in millions):

Three Months Ended March 31, 2024$740 Change in prices as a result of the AUT, approved by the OPUC (partially offset in Purchased power and fuel)50 Retail energy deliveries driven by changes in customer load21 Clearwater RAC deferral5 Average price of energy deliveries due primarily to changes in delivery mix, partially offset by overall customer price increases beyond the AUT(19)Combination of various supplemental schedules and adjustments10 March 31, 2025807 Change in Total retail revenues$67 

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.

For the three months ended March 31, 2025, Wholesale revenues decreased $76 million, or 43%, from the three months ended March 31, 2024 as the Company experienced a 50% decline in average sales prices resulting from market volatility around specific regional weather events in January 2024 and milder overall weather in 2025 combined with a 9% reduction in sales volumes due largely to milder weather and lower natural gas prices, along with a $5 million reduction in sales of environmental credits.

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Other operating revenues for the three months ended March 31, 2025 were up $8 million from the comparable period in 2024, primarily the result of an increase in revenues resulting from imbalance transactions with ESS providers. 

Purchased power and fuel expense includes the cost of power purchased and fuel used to generate electricity to meet PGE’s retail load requirements, as well as the cost of settled electric and natural gas financial contracts. 

The following items contributed to the change in Purchased power and fuel for the three months ended March 31, 2025 compared to the same period in 2024 (dollars in millions, except for average variable power cost per Megawatt hour (MWh): 

Three Months