Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 119

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 119
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4, actual NVPC was below baseline NVPC by $78 million, which was outside the established deadband range. Pursuant to the PCAM and related earnings test, because PGE’s preliminary regulatory ROE was below 10.5%, there is no estimated refund to customers under the PCAM for 2024. A final determination regarding the 2024 PCAM results will be made by the OPUC through a public filing and review in 2025.

•For 2023, actual NVPC was above baseline NVPC by $5 million, which was within the established deadband range. Accordingly, no estimated collection from customers was recorded as of December 31, 2023.

As approved by the OPUC in PGE’s 2024 GRC, the RCE mechanism allows PGE to pursue recovery of 80% of costs for RCEs above amounts forecasted in the Company’s AUT, with the remaining 20% flowing through operating expenses and subject to the existing PCAM. For more on the 2024 RCE, see Note 7, Regulatory Assets and Liabilities in the Notes to Condensed Consolidated Financial Statements in Item 8.—“Financial Statements and Supplementary Data.”

57

Results of Operations

The following tables provide financial and operational information to be considered in conjunction with management’s discussion and analysis of results of operations.

The results of operations are as follows for the years presented (dollars in millions):

 Years Ended December 31,% Increase (Decrease) 20242023 AmountAmountTotal revenues $3,440 $2,923 18 %Operating expenses:Purchased power and fuel1,418 1,190 19 Generation, transmission and distribution436 374 17 Administrative and other403 341 18 Depreciation and amortization496 458 8 Taxes other than income taxes175 164 7 Total operating expenses2,928 2,527 16 Income from operations512 396 29 Interest expense, net *211 173 22 Other income:Allowance for equity funds used during construction23 19 21 Miscellaneous income, net26 31 (16)Other income, net49 50 (2)Income before income taxes350 273 28 Income tax expense37 45 (18)Net income$313 $228 37 %

* Includes an allowance for borrowed funds used during construction of $15 million in 202