Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 168

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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 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 and nine months ended September 30, 2025 compared to the same periods in 2024 (dollars in millions): 

Three Months Ended Nine Months Ended September 30, 2024$380 $1,060 Average variable power cost per MWh(1)(64)Total system load(20)(41)2021 PCAM deferral amortization2 (11)RCE deferral11 90 September 30, 2025372 1,034 Change in Purchased power and fuel$(8)$(26)Average variable power cost per MWh (in dollars):September 30, 2024$44.95 $49.36 September 30, 2025$44.92 $45.23 Total system load (MWhs in thousands):September 30, 20248,60822,992September 30, 20258,13122,769

For the three months ended September 30, 2025, the $1 million decrease related to the change in average variable power cost per MWh was driven by a 3% decrease in the average cost of purchased power, and a 6% increase in the average cost for the Company’s own generation. The $20 million decrease related to total system load was comprised of a 5% decrease of energy obtained from purchased power, and a 6% decrease in the Company’s own generation.

For the nine months ended September 30, 2025, the $64 million decrease related to the change in average variable power cost per MWh was driven by a 8% decrease in the average cost of purchased power and a 1% decrease in the average cost for the Company’s own generation. The $41 million decrease related to total system load was comprised of a 7% decrease of energy obtained from purchased power, offset by a 4% increase in the Company’s own generation.

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PGE’s sources of energy, total system load, and retail load requirement are as follows for the periods presented (MWhs in thousands): 

Three Months Ended September 30, Nine Months Ended September 30, 2025202420252024Generation:Thermal:Natural gas3,138 39 %3,320 39 %8,