Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 72

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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%, from the three months ended March 31, 2024 as the Company experienced a 50% decline in average sales prices resulting from market volatility around specific regional weather events in January 2024 and milder overall weather in 2025 combined with a 9% reduction in sales volumes due largely to milder weather and lower natural gas prices, along with a $5 million reduction in sales of environmental credits.

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Other operating revenues for the three months ended March 31, 2025 were up $8 million from the comparable period in 2024, primarily the result of an increase in revenues resulting from imbalance transactions with ESS providers. 

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 months ended March 31, 2025 compared to the same period in 2024 (dollars in millions, except for average variable power cost per Megawatt hour (MWh): 

Three Months Ended March 31, 2024$405 Average variable power cost per MWh(85)Total system load(20)2021 PCAM deferral amortization(4)RCE deferral72 March 31, 2025368 Change in Purchased power and fuel$(37)Average variable power cost per MWh:March 31, 2024$62.58 March 31, 2025$49.23 Total system load (MWhs in thousands):March 31, 20247,610March 31, 20257,543

For the three months ended March 31, 2025, the $85 million decrease related to the change in average variable power cost per MWh was driven by a 26% decrease in the average cost of purchased power and a less than 1% decrease in the average cost for the Company’s own generation. The $20 million decrease related to total system load was comprised of an 7% decrease of energy obtained from purchased power, offset by a 3% 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 March 31, 20252024Generation:Thermal:Natural gas3,117