Portland General Electric Announces Third Quarter 2024 Results

Wedoany.com Report-Oct 25, Total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers, increased wholesale revenues and recovery of capital, operating and power costs. Total revenues were partially offset by lower residential and commercial usage primarily driven by weather. Purchased power and fuel expense decreased slightly due to decreased prices for purchased power. Operating and administrative expenses increased due to higher generation and network maintenance, service restoration work, wages and benefits, and from an earnings test deferral release related to the January 2024 storm and damage deferral. Depreciation and amortization expense and interest expense increased due to ongoing capital investment.

As previously announced, PGE filed a request for acknowledgement of the final shortlist of bidders for the 2023 All-source RFP to the Public Utility Commission of Oregon (OPUC) on September 17, 2024. The final shortlist is ranked in two groups, which represent the projects recommended for regulatory acknowledgement, and are made up of both renewables and non-emitting capacity.

The proposals for renewable resources provide various combinations of solar and battery storage options that include power purchase agreements (PPA) along with Company-owned resources via Build Transfer Agreements (BTA). The proposals for non-emitting dispatchable capacity resources provide battery storage options that include PPAs along with Company-owned resources via BTAs. The ultimate outcome of the RFP process may involve the selection of multiple projects for both renewable and non-emitting dispatchable capacity resources.

PGE is proceeding to commercial negotiations with projects on the final shortlist and has requested that the OPUC acknowledge the RFP final shortlist by November 19, 2024.