Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 166

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 166
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 business transformation and optimization expenses was recorded in 2025 of which $21 million was in Administration and General Expense and was slightly more than offset by savings, with the balance being in Generation, transmission and distribution expense and Depreciation and amortization expense. Increases in Depreciation and amortization expense, driven by higher depreciable asset balances, and Interest expense, net, due to higher long-term debt balances, were largely anticipated and somewhat offset in net income by increased revenues. Income tax expense was up due primarily to lower PTC benefits.

Total revenues consist of the following for the periods presented (dollars in millions): 

Three Months Ended September 30, Nine Months Ended September 30, 2025202420252024Retail:Residential$375 39 %$356 38 %$1,115 42 %$1,078 41 %Commercial262 28 244 26 738 27 690 27 Industrial141 15 115 13 396 15 321 12      Subtotal778 82 715 77 2,249 84 2,089 80 Direct access:Commercial4 — 2 — 12 — 7 — Industrial7 1 5 1 18 1 15 1 Subtotal11 1 7 1 30 1 22 1 Subtotal Retail789 83 722 78 2,279 85 2,111 81 Alternative revenue programs, net of amortization6 1 (13)(1)11 1 (27)(1)Other accrued revenues, net(1)— 5 — 9 — 10 — Total retail revenues794 84 714 77 2,299 86 2,094 80 Wholesale revenues136 14 192 21 324 12 467 18 Other operating revenues22 2 23 2 64 2 55 2 Total revenues$952 100 %$929 100 %$2,687 100 %$2,616 100 %

58

Total retail revenues—The following items contributed to the increase in Total retail revenues for the three and nine months ended September 30, 2025 compared to the same periods in 2024 (in millions): 

Three Months Ended Nine Months Ended September 30, 2024