Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 149

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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, as necessary. PGE received settlement proceeds related to Portland Harbor Superfund insurance coverage settlement agreements in the second quarter of 2025, which were deferred into the PHERA mechanism. PGE is continuing insurance recovery activity with additional insurers. The mechanism established annual prudency reviews of environmental expenditures and third-party proceeds, and annual expenditures in excess of $6 million, excluding contingent liabilities, are subject to an annual earnings test. PGE’s results of operations may be impacted to the extent such expenditures were to be deemed imprudent by the OPUC or disallowed per the prescribed earnings test. For further information regarding the PHERA mechanism, see “EPA Investigation of Portland Harbor” in Note 8, Contingencies in the Notes to Condensed Consolidated Financial Statements in Item 1.—“Financial Statements.”

Renewable recovery framework—As previously authorized by the OPUC, the RAC is a primary method available to recover costs associated with renewable resources and the inclusion of prudent costs of energy storage projects associated with renewables, under certain conditions. The RAC allows PGE to recover prudently incurred costs of renewable resources through filings made each year, outside of a GRC. In 2023, the Company filed for Clearwater, 

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which went into service in January 2024. During 2024, PGE did not submit a request for recovery of any renewable resources under the RAC and has not requested recovery of any renewable resources under the RAC during 2025, nor does it plan to do so.

Under the RAC, during 2023, the Company submitted a filing in OPUC Docket UE 427 for Clearwater proposing to defer the revenue requirement, net of NVPC benefits, from the in-service date of January 2024 until Clearwater was reflected in customer prices, which was March 1, 2025. For the twelve month period ending December 31, 2024, PGE deferred the revenue requirement, net of NVPC benefits resulting in a net regulatory liability of $40 million, which began amortizing as a refund to customers on March 1, 2025 over a twelve month period, as approved by the OPUC in Order 25-075 issued February 21, 2025. 

The OPUC’s order also adopted conditions to be applied to the AUT and clarification of the applicability of those conditions were subsequently provided by the OPUC in Order 25-223, which granted certain of PGE’s requests and denied others