Portland General Electric Files 2024 10-K

TL;DR

PGE filed its 2024 10-K. Financials for 2024, 2023, 2022 detailed.

AI Summary

Portland General Electric Co. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, incorporated in Oregon, operates in the electric services sector. Key financial data and operational metrics for 2024, 2023, and 2022 are included in the filing.

Why It Matters

This filing provides a comprehensive overview of Portland General Electric's financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for a utility company.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K)
• 2023 — Previous Fiscal Year (Comparative financial data)
• 2022 — Prior Fiscal Year (Comparative financial data)

Key Players & Entities

• PORTLAND GENERAL ELECTRIC CO (company) — Filer
• 0000784977 (company) — Central Index Key
• OR (company) — State of Incorporation
• 20241231 (date) — Conformed Period of Report
• 20250214 (date) — Filed as of Date

FAQ

Filing Documents

• por-20241231.htm (10-K) — 3103KB
• exhibit103.htm (EX-10.3) — 42KB
• exhibit191.htm (EX-19.1) — 71KB
• a202410-kex231.htm (EX-23.1) — 2KB
• a202410-kex311.htm (EX-31.1) — 10KB
• a202410-kex312.htm (EX-31.2) — 10KB
• a202410-kex321.htm (EX-32.1) — 6KB
• 0000784977-25-000012.txt ( ) — 16118KB
• por-20241231.xsd (EX-101.SCH) — 96KB
• por-20241231_cal.xml (EX-101.CAL) — 128KB
• por-20241231_def.xml (EX-101.DEF) — 490KB
• por-20241231_lab.xml (EX-101.LAB) — 1134KB
• por-20241231_pre.xml (EX-101.PRE) — 808KB
• por-20241231_htm.xml (XML) — 2950KB

Business

Item 1. Business. 5

Risk Factors

Item 1A. Risk Factors. 23

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 34 Item 1C. Cybersecurity. 34

Properties

Item 2. Properties. 35

Legal Proceedings

Item 3. Legal Proceedings. 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 37 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]. 38

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. 38

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 70

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 73

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 134

Controls and Procedures

Item 9A. Controls and Procedures. 134

Other Information

Item 9B. Other Information. 135

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 135 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 136

Executive Compensation

Item 11. Executive Compensation. 136

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. 136

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 137

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 137 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 137

Form 10-K Summary

Item 16. Form 10-K Summary. 139

SIGNATURES

SIGNATURES 139 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 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 PPA Power purchase agreement 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 Decommissioned

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, natural gas, and environmental credits 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. PGE owns unregulated, non-utility property that it utilizes 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 2024, the Company added sixteen thousand customers, and as of December 31, 2024, served a total of 950 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 website at Portland

View Full Filing

View this 10-K filing on SEC EDGAR