Portland General Electric Reports Q2 2025 Revenue Growth to $807 Million Despite Decline in Net Income

Portland General Electric Company (PGE) reported its financial results for the second quarter of 2025, revealing total revenues of $807 million, a 6.4% increase from $758 million in the same quarter of 2024. For the first half of 2025, revenues reached $1.735 billion, up from $1.687 billion year-over-year. The company's net income for the quarter was $62 million, a decrease of 14% compared to $72 million in the prior year, while net income for the first half was $162 million, down from $181 million. The decline in profitability was attributed to increased operating expenses, particularly in purchased power and fuel, which rose to $294 million from $275 million in the previous year.

PGE's operating expenses for the second quarter totaled $689 million, up from $642 million in the same period last year. The increase was driven by higher costs associated with vegetation management, wildfire mitigation, and distribution maintenance. Additionally, the company incurred $15 million in business transformation and optimization expenses during the quarter. Interest expenses also rose, reflecting higher long-term debt balances, which contributed to the overall increase in operating costs.

In terms of operational metrics, PGE served approximately 956,000 retail customers as of June 30, 2025, an increase from 942,636 in the same period last year. The company reported a 4% increase in total retail energy deliveries for the first half of 2025, primarily driven by a significant rise in industrial deliveries, which increased by 18%. However, residential energy deliveries saw a slight decline, attributed to a decrease in average usage per customer, likely influenced by the growing adoption of rooftop solar installations and energy efficiency programs.

Strategically, PGE is focused on enhancing its clean energy initiatives and has made significant investments in renewable energy projects. The Seaside Battery Energy Storage System, which was placed in service on July 8, 2025, represents a key development in PGE's efforts to expand its renewable energy capacity. The company is also actively pursuing regulatory approvals for its holding company reorganization, which aims to improve financial flexibility and support the construction of new transmission assets. Looking ahead, PGE anticipates continued growth in capital expenditures, estimating around $1.2 billion for 2025, funded through operational cash flows and potential debt issuances.

Overall, PGE's financial performance reflects a combination of revenue growth and increased operational costs, with ongoing strategic initiatives aimed at enhancing its renewable energy portfolio and improving financial structure. The company remains committed to its long-term goals of decarbonization and providing reliable energy services to its customers.