Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 191

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 191
---
 to transfer 2023 through 2025 tax credits and transferred $13 million and $112 million, net of discounts, for cash proceeds in the first half of 2025 and in 2024, respectively. The Company expects to generate and transfer approximately $168 million in tax credits in 2025.

The Company believes the tax incentives in the IRA provide additional investment opportunities for PGE and provide benefits to customers. Increased capital expenditures in such investment opportunities would likely result in additional financing needs through debt and equity instruments.  

The One Big Beautiful Bill Act—On July 4, 2025, the President signed the OBBB, which materially amends or repeals several renewable-energy tax incentives that were originally enacted under the IRA. It is expected that projects currently under construction and intended to be placed in service this year will remain eligible for the PTC or ITC amounts already reflected in balances; therefore, no adjustment was recorded in the quarter ended June 30, 2025. The transferability of tax credits, as provided under the IRA, also remains in effect. A July 7, 2025 executive order has added uncertainty with respect to the specific actions necessary to demonstrate a project’s start of construction. Further clarity is expected from the Secretaries of the Treasury and the Interior as it relates to their findings and actions taken under this executive order within 45 days. 

The accelerated placed-in-service deadline for wind and solar, earlier phase-down for other technologies, and repeal of the permanent 10% ITC may reduce or eliminate the availability of renewable-energy credits on future projects. The Company cannot yet reasonably estimate the impact on PGE’s results of operations, financial position, and cash flows or on future capital expenditures, deferred-tax assets, current and future All-Source RFPs, and customer prices. 

See “The Resource Planning Process” in this Overview for information regarding the impact of OBBB on the RFP process.

HB 2021—Among other things, HB 2021 requires retail electricity providers to reduce GHG emissions associated with serving Oregon retail electricity consumers to certain targets: 80% reduction by 2030; 90% by 2035; and 100% by 2040, compared to a baseline emission level. The baseline emission level is calculated for each provider by using average annual emissions associated with power generated and purchased for retail load for the years 2010 through 2012, which provide a representative sample of various hydroelectric production years.

HB 2021 requires