Company: POR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000784977-25-000012
Chunk: 114

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 114
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 electricity can cause the Company’s revenues, cash flows, and income from operations to fluctuate from period to period. Summer peak deliveries have continued to exceed those of the winter months for nearly ten years, generally resulting from growing air conditioning demand and the trend toward a warmer overall climate. In August 2023, demand reached a new all-time high, surpassing the previous mark, which was set in summer 2021. Historically, PGE had experienced its highest average megawatt deliveries and retail energy sales during the winter heating season and recorded its current winter peak load in December 2022. For further information regarding seasonal fluctuations, see “Seasonality” in the Customers and Revenues section in Item 1.—“Business.” Retail customer price changes and customer usage patterns, which can be affected by the economy, also have an effect on revenues. Wholesale power availability and price, hydro and wind generation, and fuel costs for thermal plants can also affect income from operations. PGE has taken measures to enhance the availability of supply chain-constrained items that are needed to serve new and existing customers, such as securing inventory of critical materials to improve reliability, reserving manufacturing capacity with strategic partners, and evaluating availability with established and new suppliers. PGE’s materials and supplies forecasting process is designed to secure materials availability as well as help mitigate cost increases through long-term agreements, supplier engagement, and expanding the supply base.

Customers and demand—The following tables present total energy deliveries and the average number of retail customers by type for 2024 and 2023.

Energy deliveries (MWh in thousands)20242023% Increase/(Decrease)Retail:     Residential7,732 7,952 (2.8)%     Commercial (PGE sales only)6,509 6,601 (1.4)          Direct Access515 577 (10.7)     Total Commercial7,024 7,178 (2.1)     Industrial (PGE sales only)5,032 4,578 9.9           Direct Access1,909 1,715 11.3      Total Industrial6,941 6,293 10.3      Total (PGE sales only)19,273 19,131 0.7           Total Direct Access2,424 2,292 5.8      Total retail energy deliveries21,697 21,423 1.3 Wh