Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 57

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 advanced electrical grid support, hydro generation operations, and regional transmission capacity constraints. 

As of June 30, 2025, PGE has been associated with the submission of 42 grant applications as the recipient or subrecipient and has been awarded 10 grants totaling $313 million, including the following:

•U.S. DOE Bethel-Round Butte Transmission Line Upgrade—The U.S. DOE selected the CTWS, with PGE as a subrecipient under the grant, for a $250 million grant to upgrade the existing 230 kV Bethel-Round Butte Transmission Line to 500 kV. The U.S DOE and the CTWS, as the prime recipient, entered into a Cooperative Agreement on August 13, 2024. Subsequently the CTWS entered into a subrecipient agreement with PGE on December 1, 2024. These agreements memorialize the funding and scope for the multiyear transmission line upgrade. See “Transmission Upgrades” in this Overview for further discussion.

•U.S. DOE Grid Edge Devices—The U.S. DOE selected and subsequently entered into an agreement on October 1, 2024 with PGE leading a consortium for a $50 million grant for the Grid Edge Devices project. The project will enable real-time information at each meter to improve the visibility of the electrical system to grid operators, providing detection of potential operational problems and shorten outage times, ultimately helping to anticipate and mitigate the impacts of extreme weather on grid resiliency.

As of June 30, 2025, PGE has incurred an immaterial amount of costs associated with its federal grants and continues to assess the impacts of these federal grants on the Company’s financial position and results of operations. A series of Presidential executive orders were recently issued related to energy and environmental policies. These orders could lead to delays, reviews, and potential terminations or modifications of grants. PGE is analyzing these executive orders to understand their potential impact on grant funding, and associated work that was originally required as a part of certain Community Benefits Plans. As of June 30, 2025, the grants disclosed above continue to be executed. Although PGE continues to apply for additional grants, the Company cannot predict the ultimate timing and success of securing funding from federal programs, or predict the outcome of existing grants.

Inflation Reduction Act of 2022—The IRA was signed into law in August 2022 with a majority of the provisions effective for tax years beginning after December 31, 2022. 

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