Portland General Electric Files 2023 Annual Report on Form 10-K

TL;DR

<b>Portland General Electric Co. has filed its 2023 10-K annual report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PORTLAND GENERAL ELECTRIC CO /OR/ (POR) filed a Annual Report (10-K) with the SEC on February 20, 2024. Portland General Electric Co. filed its annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 121 SW Salmon St, Portland, OR 97204. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company is incorporated in Oregon and operates within the Electric Services industry (SIC 4911).

Why It Matters

For investors and stakeholders tracking PORTLAND GENERAL ELECTRIC CO /OR/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Portland General Electric's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's stability and future prospects. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, expenses, assets, liabilities, and compliance with regulatory requirements in the electric utility sector.

Risk Assessment

Risk Level: medium — PORTLAND GENERAL ELECTRIC CO /OR/ shows moderate risk based on this filing. The company operates in the highly regulated electric utility sector, which involves significant capital expenditures and is subject to evolving environmental and energy policies, posing medium-term risks to profitability and operational stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the regulated utility market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Year for which the report is filed)
• 2022 — Prior Fiscal Year (Comparative financial data)
• 2021 — Prior Fiscal Year (Comparative financial data)

Key Players & Entities

• PORTLAND GENERAL ELECTRIC CO /OR/ (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date
• 121 SW SALMON ST (address) — Business address
• OR (location) — State of incorporation and business address
• 97204 (postal_code) — Business address zip code
• 5034648000 (phone_number) — Business phone number
• 4911 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company operates in a heavily regulated industry, subject to oversight by state and federal agencies, which can impact rates, operations, and compliance requirements.
• Capital Expenditures and Financing [medium — financial]: Significant capital investments are required for infrastructure maintenance and upgrades, necessitating access to capital markets and potentially impacting financial leverage.
• Energy Market Volatility [medium — market]: Fluctuations in energy prices and demand can affect revenues and profitability, particularly in wholesale energy markets.
• Infrastructure Reliability [medium — operational]: Maintaining the reliability and security of its electrical grid is critical, with risks associated with weather events, equipment failure, and cybersecurity threats.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Filing Documents

• por-20231231.htm (10-K) — 2987KB
• a202310-kex231.htm (EX-23.1) — 2KB
• a202310-kex311.htm (EX-31.1) — 10KB
• a202310-kex312.htm (EX-31.2) — 10KB
• a202310-kex321.htm (EX-32.1) — 6KB
• a202310-kex97.htm (EX-97.1) — 45KB
• 0000784977-24-000034.txt (&nbsp;) — 15304KB
• por-20231231.xsd (EX-101.SCH) — 93KB
• por-20231231_cal.xml (EX-101.CAL) — 128KB
• por-20231231_def.xml (EX-101.DEF) — 480KB
• por-20231231_lab.xml (EX-101.LAB) — 1106KB
• por-20231231_pre.xml (EX-101.PRE) — 740KB
• por-20231231_htm.xml (XML) — 2852KB

Business

Item 1. Business. 6

Risk Factors

Item 1A. Risk Factors. 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 35 Item 1C. Cybersecurity. 35

Properties

Item 2. Properties. 36

Legal Proceedings

Item 3. Legal Proceedings. 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 38 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 38

[Reserved]

Item 6. [Reserved]. 39

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 69

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 71

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 131

Controls and Procedures

Item 9A. Controls and Procedures. 131

Other Information

Item 9B. Other Information. 132

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 132 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 133

Executive Compensation

Item 11. Executive Compensation. 133

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 133

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 134

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 134 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 134

Form 10-K Summary

Item 16. Form 10-K Summary. 136

SIGNATURES

SIGNATURES 137 3 Table of Contents DEFINITIONS The abbreviations or acronyms defined below are used throughout this Form 10-K: Abbreviation or Acronym Definition AFUDC Allowance for funds used during construction ARO Asset retirement obligation AUT Annual Power Cost Update Tariff Beaver Beaver natural gas-fired generating plant BESS Battery Energy Storage System Biglow Canyon Biglow Canyon Wind Farm Boardman Boardman coal-fired generating plant BPA Bonneville Power Administration Carty Carty natural gas-fired generating plant Clearwater PGE owned portion of the Clearwater Wind Development in Eastern Montana Colstrip Colstrip Units 3 and 4 coal-fired generating plant Coyote Springs Coyote Springs Unit 1 natural gas-fired generating plant Dth Decatherm = 10 therms = 1,000 cubic feet of natural gas EIM Energy Imbalance Market EPA United States Environmental Protection Agency ESS Electricity Service Supplier FERC Federal Energy Regulatory Commission FMB First Mortgage Bond FPA Federal Power Act GRC General Rate Case for a specified test year IRP Integrated Resource Plan ISFSI Independent Spent Fuel Storage Installation ITC Federal investment tax credit kV Kilovolt = one thousand volts of electricity Moody's Moody's Investors Service MW Megawatts MWa Average megawatts MWh Megawatt hours NRC Nuclear Regulatory Commission NVPC Net Variable Power Costs OATT Open Access Transmission Tariff OPUC Public Utility Commission of Oregon PCAM Power Cost Adjustment Mechanism PTC Federal production tax credit PW1 Port Westward Unit 1 natural gas-fired generating plant PW2 Port Westward Unit 2 natural gas-fired flexible capacity generating plant QF Public Utility Regulatory Policies Act of 1978 (PURPA) qualifying facility RAC Renewable Adjustment Clause RCE Reliability Contingency Event RPS Renewable Portfolio Standard S&P S&P Global Ratings SEC United States Securities and Exchange Commission Trojan Trojan nuclear power pla

BUSINESS

ITEM 1. BUSINESS. General Portland General Electric Company (PGE or the Company), a vertically-integrated electric utility with corporate headquarters located in Portland, Oregon, is engaged in the generation, wholesale purchase and sale, transmission, distribution, and retail sale of electricity to customers in the state of Oregon (State). The Company operates as a cost-based, regulated electric utility with revenue requirements and customer prices determined based on the forecasted cost to serve retail customers and a reasonable rate of return as determined by the Public Utility Commission of Oregon (OPUC). PGE meets its retail load requirement with both Company-owned generation and power purchased in the wholesale market. The Company participates in the wholesale market through the purchase and sale of electricity and natural gas in an effort to obtain reasonably-priced power to serve its retail customers, manage risk, and administer its long-term wholesale contracts. PGE is committed to developing products and service offerings for the benefit of retail and wholesale customers. PGE, incorporated in 1930, is publicly-owned, with its common stock listed on the New York Stock Exchange (NYSE). The Company operates as a single business segment, with revenues and costs related to its business activities maintained and analyzed on a total electric operations basis. A wholly-owned subsidiary of PGE owns unregulated, non-utility property that the Company leases as space for its corporate headquarters. PGE's State-approved service area allocation of four thousand square miles is located entirely within Oregon and includes 51 incorporated cities. During 2023, the Company added eight thousand customers, and as of December 31, 2023, served a total of 934 thousand retail customers. Available Information PGE's periodic and current reports, and amendments to those reports, are available and may be accessed free of charge through the Investors section of the Company's

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View this 10-K filing on SEC EDGAR