Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 219

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 219
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’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.

Wholesale revenues for the three months ended September 30, 2025 decreased $56 million, or 29%, from the three months ended September 30, 2024, resulting from a combination of a 19% decrease in sales volumes, lower average wholesale sales price, and reduced environmental credit sales.

For the nine months ended September 30, 2025, Wholesale revenues decreased $143 million, or 31%, from the nine months ended September 30, 2024 as the Company experienced a $79 million reduction in revenues due to a decline in average sales prices resulting from market volatility around specific regional weather events in January 2024 and milder overall weather in 2025. In addition, the sale of environmental credits produced $34 million less revenue and the reduction in Wholesale sales volume produced $30 million less revenue in 2025 than during the same period of 2024.

Other operating revenues for the three months ended September 30, 2025 were down $1 million from the comparable period in 2024. In the nine months ended September 30, 2025, Other operating revenues were up $9 million compared to the same period of 2024, primarily the result of an increase from imbalance transactions with ESS providers, which is offset in Purchased power and fuel expense.

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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 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