Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 122

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 122
---
 case that are offset in Retail revenues.  

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 year ended December 31, 2024 compared to the year ended December 31, 2023 (dollars in millions, except for average variable power cost per MWh): 

Year ended December 31, 2023$1,190 Average variable power cost per MWh121 Total system load194 2024 RCE deferral(87)Year ended December 31, 20241,418 Change in Purchased power and fuel$228 Average variable power cost per MWh:Year ended December 31, 2023$43.26 Year ended December 31, 2024$49.08 Total system load (MWh in thousands):Year ended December 31, 202327,169 Year ended December 31, 202430,348 

For the year ended December 31, 2024, the $121 million increase related to the change in average variable power cost per MWh was primarily driven by a 7% increase in the average cost for purchased power due largely to fixed capacity fees for hydro contracts in 2024, and a 12% increase in the average cost for the Company’s own generation, driven mainly by price risk management activity. The $194 million increase related to total system load was primarily due to the change in mix of sources of energy with purchased power increasing 22% resulting in a $176 million increase, and a 5% increase in energy obtained from PGE’s own generation resulting in a $18 million increase.

60

PGE’s sources of energy, total system load, and retail load requirement for the years presented are as follows:

 Years Ended December 31, 20242023Sources of energy (MWh in thousands):Generation:Thermal:Natural gas10,939 36 %10,981 40 %Coal1,910 6 2,214 8 Total thermal12,849 42 13,195 48 Hydro1,267 4 1,144 4 Wind2,922 10 1,918 7 Total generation17,038 56 16,257 59 P