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Portland General Electric Co (POR-3.54%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a vertically-integrated electric utility, including its generation, wholesale purchase and sale, transmission, distribution, and retail sale of electricity to customers in Oregon. The company operates under regulation from the Public Utility Commission of Oregon and the Federal Energy Regulatory Commission.
For the year ended December 31, 2024, Portland General Electric Co reported total revenues of $3.44 billion, an increase from $2.92 billion in 2023. Net income for 2024 was $313 million, compared to $228 million in 2023.
The company's retail energy deliveries increased by 1.3% in 2024, with significant growth in the industrial sector. Wholesale revenues also increased by 33% due to higher sales volumes and environmental credit sales.
Portland General Electric Co's total operating expenses for 2024 were $2.93 billion, up from $2.53 billion in 2023. This increase was primarily due to higher purchased power and fuel costs, as well as increased generation, transmission, and distribution expenses.
The company continues to focus on its clean energy strategy, with significant investments in renewable resources and energy storage. This includes the completion of the Clearwater Wind Development and the ongoing construction of battery energy storage systems.
Portland General Electric Co's capital expenditures for 2024 totaled $1.26 billion, with plans for approximately $1.27 billion in 2025. These expenditures are aimed at upgrading and expanding the company's generation, transmission, and distribution infrastructure.
The filing also discusses various regulatory matters, including the company's general rate case and the power cost adjustment mechanism, which allows for adjustments in customer prices based on actual power costs.
Portland General Electric Co is subject to various environmental regulations and is actively working to meet greenhouse gas emissions reduction targets set by Oregon legislation.
The company maintains a strong liquidity position, supported by its revolving credit facility and access to capital markets. As of December 31, 2024, the company's total long-term debt was $4.54 billion.
Portland General Electric Co continues to manage risks related to commodity prices, credit, and interest rates through various hedging and risk management strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Portland General Electric Co annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.