Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 23, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PORTLAND GENERAL ELECTRIC CO /OR/ | ' |
Entity Central Index Key | '0000784977 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 78,209,672 |
Trading Symbol | 'POR | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues, net | $484 | $435 | $1,400 | $1,311 |
Operating expenses: | ' | ' | ' | ' |
Purchased power and fuel | 202 | 190 | 528 | 538 |
Production and distribution | 60 | 54 | 181 | 169 |
Cascade Crossing transmission project | 0 | 0 | 0 | 52 |
Administrative and other | 54 | 49 | 164 | 158 |
Depreciation and amortization | 76 | 62 | 224 | 186 |
Taxes other than income taxes | 27 | 27 | 82 | 79 |
Total operating expenses | 419 | 382 | 1,179 | 1,182 |
Income from operations | 65 | 53 | 221 | 129 |
Interest expense | 23 | 25 | 71 | 75 |
Other income: | ' | ' | ' | ' |
Allowance for equity funds used during construction | 11 | 4 | 26 | 8 |
Miscellaneous income, net | 1 | 3 | 1 | 5 |
Other income, net | 12 | 7 | 27 | 13 |
Income before income tax expense | 54 | 35 | 177 | 67 |
Income tax expense | 16 | 4 | 46 | 10 |
Net income and Comprehensive income | 38 | 31 | 131 | 57 |
Less: net loss attributable to noncontrolling interests | -1 | 0 | -1 | -1 |
Net income and Comprehensive income attributable to Portland General Electric Company | $39 | $31 | $132 | $58 |
Weighted-average shares outstanding (in thousands): | ' | ' | ' | ' |
Basic | 78,203 | 77,637 | 78,170 | 76,401 |
Diluted | 80,225 | 78,330 | 79,977 | 76,703 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.48 | $0.40 | $1.67 | $0.76 |
Diluted | $0.47 | $0.40 | $1.63 | $0.76 |
Dividends declared per common share | $0.28 | $0.28 | $0.84 | $0.82 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $97 | $107 |
Accounts receivable, net | 156 | 146 |
Unbilled revenues | 73 | 104 |
Inventories | 84 | 65 |
Regulatory assets - current | 56 | 66 |
Other current assets | 76 | 103 |
Total current assets | 542 | 591 |
Electric utility plant, net | 5,553 | 4,880 |
Regulatory assets - noncurrent | 396 | 464 |
Nuclear decommissioning trust | 89 | 82 |
Non-qualified benefit plan trust | 33 | 35 |
Other noncurrent assets | 44 | 49 |
Total assets | 6,657 | 6,101 |
Current liabilities | ' | ' |
Accounts payable | 157 | 173 |
Liabilities from price risk mangement activities - current | 44 | 49 |
Current portion of long-term debt | 70 | 0 |
Accrued expenses and other current liabilities | 211 | 171 |
Total current liabilities | 482 | 393 |
Long-term debt, net of current portion | 2,251 | 1,916 |
Regulatory liabilities - noncurrent | 940 | 865 |
Deferred income taxes | 626 | 586 |
Unfunded status of pension and postretirement plans | 163 | 154 |
Asset retirement obligation | 107 | 100 |
Non-qualified benefit plan liabilities | 101 | 101 |
Liabilities from price risk mangement activities - noncurrent | 78 | 141 |
Other noncurrent liabilities | 20 | 25 |
Total liabilities | 4,768 | 4,281 |
Commitments and contingencies (see notes) | ' | ' |
Portland General Electric Company shareholders' equity: | ' | ' |
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of September 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, no par value, 160,000,000 shares authorized; 78,209,428 and 78,085,559 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 916 | 911 |
Accumulated other comprehensive loss | -5 | -5 |
Retained earnings | 978 | 913 |
Total Portland General Electric Company shareholders' equity | 1,889 | 1,819 |
Noncontrolling interests' equity | 0 | 1 |
Total equity | 1,889 | 1,820 |
Total liabilities and equity | $6,657 | $6,101 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred stock, no par value | $0 | $0 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, no par value | $0 | $0 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 78,209,428 | 78,085,559 |
Common stock, shares outstanding | 78,209,428 | 78,085,559 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $131 | $57 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 224 | 186 |
Cascade Crossing transmission project | 0 | 52 |
Decrease in net liabilities from price risk management activities | -60 | -35 |
Regulatory deferral - price risk management activities | 60 | 35 |
Deferred income taxes | 31 | -2 |
Pension and other postretirement benefits | 25 | 28 |
Allowance for equity funds used during construction | -26 | -8 |
Regulatory deferral of settled derivative instruments | 9 | 13 |
Decoupling mechanism deferrals, net of amortization | -4 | 5 |
Other non-cash income and expenses, net | 18 | 14 |
Changes in working capital: | ' | ' |
Decrease in accounts receivable and unbilled revenues | 32 | 47 |
Decrease in margin deposits, net | 4 | 10 |
Increase in accounts payable and accrued liabilities | 18 | 13 |
Other working capital items, net | -2 | 24 |
Cash received to be returned to customers pursuant to the Residential Exchange Program | 13 | 0 |
Proceeds received from Trojan spent fuel legal settlement | 6 | 44 |
Other, net | -14 | -14 |
Net cash provided by operating activities | 473 | 459 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -824 | -453 |
Contribution to nuclear decommissioning trust | -6 | -44 |
Sales of nuclear decommissioning trust securities | 13 | 20 |
Purchases of nuclear decommissioning trust securities | -15 | -21 |
Proceeds received from insurance recovery | 3 | 3 |
Proceeds from sale of property | 4 | 0 |
Other, net | 4 | 4 |
Net cash used in investing activities | -821 | -491 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of long-term debt | 405 | 225 |
Payments on long-term debt | 0 | 100 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 67 |
Borrowings on short-term debt | 0 | 35 |
Payments on short-term debt | 0 | 35 |
Maturities of commercial paper, net | 0 | -17 |
Dividends paid | -66 | -62 |
Debt issuance costs | -1 | -2 |
Net cash provided by financing activities | 338 | 111 |
Change in cash and cash equivalents | -10 | 79 |
Cash and cash equivalents, beginning of period | 107 | 12 |
Cash and cash equivalents, end of period | 97 | 91 |
Supplemental cash flow information is as follows: | ' | ' |
Cash paid for interest, net of amounts capitalized | 52 | 57 |
Cash paid for income taxes | 16 | 9 |
Non-cash investing and financing activities: | ' | ' |
Accrued capital additions | 76 | 23 |
Accrued dividends payable | 23 | 22 |
Preliminary engineering costs transferred to Construction work-in-progress from Other noncurrent assets | $0 | $9 |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
Nature of Business | |
Portland General Electric Company (PGE or the Company) is a single, vertically integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity in the state of Oregon. The Company also participates in the wholesale market by purchasing and selling electricity and natural gas in an effort to obtain reasonably-priced power for its retail customers. PGE operates as a single segment, with revenues and costs related to its business activities maintained and analyzed on a total electric operations basis. PGE’s corporate headquarters are located in Portland, Oregon and its approximately 4,000 square mile, state-approved service area allocation is located entirely within the state of Oregon, encompassing 52 incorporated cities, of which Portland and Salem are the largest. As of September 30, 2014, PGE served 843,110 retail customers with a service area population of approximately 1.7 million, comprising approximately 44% of the state’s population. | |
Condensed Consolidated Financial Statements | |
These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such regulations, although PGE believes that the disclosures provided are adequate to make the interim information presented not misleading. | |
To conform with the 2014 presentation, PGE has reclassified Margin deposits of $9 million with Other current assets in the condensed consolidated balance sheet as of December 31, 2013. In addition, the Company has reclassified Power cost deferrals, net of amortization of $4 million to Other non-cash income and expenses, net in the operating activities section of the condensed consolidated statement of cash flows for the nine months ended September 30, 2013. | |
The financial information included herein for the three and nine month periods ended September 30, 2014 and 2013 is unaudited; however, such information reflects all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the condensed consolidated financial position, condensed consolidated statements of income and comprehensive income, and condensed consolidated cash flows of the Company for these interim periods. Certain costs are estimated for the full year and allocated to interim periods based on estimates of operating time expired, benefit received, or activity associated with the interim period; accordingly, such costs may not be reflective of amounts to be recognized for a full year. Due to seasonal fluctuations in electricity sales, as well as the price of wholesale energy and natural gas, interim financial results do not necessarily represent those to be expected for the year. The financial information as of December 31, 2013 is derived from the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2013, included in Item 8 of PGE’s Annual Report on Form 10-K, filed with the SEC on February 14, 2014, which should be read in conjunction with such condensed consolidated financial statements. | |
Comprehensive Income | |
PGE had no material components of other comprehensive income to report for the three and nine month periods ended September 30, 2014 and 2013. | |
Use of Estimates | |
The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of gain or loss contingencies, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results experienced by the Company could differ materially from those estimates. | |
Customer Billing Matter | |
In May 2013, PGE discovered that it had over-billed an industrial customer during a period of several years as a result of a meter configuration error. An analysis of the data determined that the Company’s revenues were overstated by approximately $3 million in 2012 and in 2011, $2 million in 2010, and $1 million in 2009. PGE believes the customer billing error is not material to any annual reporting period. The Company corrected this matter in the second quarter of 2013 as an out of period adjustment, and recorded, as a reduction to Revenues, net, a refund to the customer in the amount of $9 million. | |
Recent Accounting Pronouncements | |
Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), creates a new Topic 606 and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 provides a five-step analysis of transactions to determine when and how revenue is recognized that consists of: i) identify the contract with the customer; ii) identify the performance obligations in the contract; iii) determine the transaction price; iv) allocate the transaction price to the performance obligations; and v) recognize revenue when or as each performance obligation is satisfied. Companies can transition to the requirements of this ASU either retrospectively or as a cumulative-effect adjustment as of the date of adoption, which is January 1, 2017 for the Company, with early adoption prohibited. The impact on the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows of the adoption of ASU 2014-09 is not known at this time. | |
ASU 2014-15, Disclosure of Uncertainties about an Entity’s Going Concern Presumption (Topic 205) (ASU 2014-15), requires entities to perform a going concern assessment at each annual and interim reporting period by evaluating their ability to meet their financial obligations for a look-forward period of one year from the financial issuance date, or the date the financial statements are available to be issued. Disclosure is required if it is probable an entity will be unable to meet its obligations within the look-forward period, with incremental substantial doubt disclosure required if the probability is not mitigated by management’s plans. The provisions of ASU 2014-15 are effective for annual periods ending after December 15, 2016, or December 31, 2016 for PGE, and interim periods in fiscal years beginning after December 15, 2016, or January 1, 2017 for the Company. Early adoption is permitted. The adoption of the provisions of ASU 2014-15 is not expected to have a material impact on PGE’s consolidated financial position, consolidated results of operations, or consolidated cash flows. |
Balance_Sheet_Components_Notes
Balance Sheet Components (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Balance Sheet Components [Abstract] | ' | |||||||||||||||||||||||
BALANCE SHEET COMPONENTS | ' | |||||||||||||||||||||||
BALANCE SHEET COMPONENTS | ||||||||||||||||||||||||
Accounts Receivable, Net | ||||||||||||||||||||||||
Accounts receivable is net of an allowance for uncollectible accounts of $6 million as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
The activity in the allowance for uncollectible accounts is as follows (in millions): | ||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance as of beginning of period | $ | 6 | $ | 5 | ||||||||||||||||||||
Provision, net | 5 | 4 | ||||||||||||||||||||||
Amounts written off, less recoveries | (5 | ) | (4 | ) | ||||||||||||||||||||
Balance as of end of period | $ | 6 | $ | 5 | ||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
PGE inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities and fuel for use in generating plants. Fuel inventories include natural gas, coal, and oil. The Company assesses the realizability of inventory for purposes of determining that inventory is recorded at the lower of average cost or market. | ||||||||||||||||||||||||
Other Current Assets | ||||||||||||||||||||||||
Other current assets consist of the following (in millions): | ||||||||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Current deferred income tax asset | $ | 41 | $ | 42 | ||||||||||||||||||||
Prepaid expenses | 25 | 38 | ||||||||||||||||||||||
Assets from price risk management activities | 4 | 13 | ||||||||||||||||||||||
Margin deposits | 5 | 9 | ||||||||||||||||||||||
Other | 1 | 1 | ||||||||||||||||||||||
Other current assets | $ | 76 | $ | 103 | ||||||||||||||||||||
Electric Utility Plant, Net | ||||||||||||||||||||||||
Electric utility plant, net consists of the following (in millions): | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Electric utility plant | $ | 7,277 | $ | 7,095 | ||||||||||||||||||||
Construction work-in-progress | 1,141 | 508 | ||||||||||||||||||||||
Total cost | 8,418 | 7,603 | ||||||||||||||||||||||
Less: accumulated depreciation and amortization | (2,865 | ) | (2,723 | ) | ||||||||||||||||||||
Electric utility plant, net | $ | 5,553 | $ | 4,880 | ||||||||||||||||||||
Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $188 million and $170 million as of September 30, 2014 and December 31, 2013, respectively. Amortization expense related to intangible assets was $6 million and $5 million for the three months ended September 30, 2014 and 2013, respectively, and $18 million and $16 million for the nine months ended September 30, 2014 and 2013, respectively. The Company’s intangible assets primarily consist of computer software development and hydro licensing costs. | ||||||||||||||||||||||||
During the second quarter of 2013, PGE charged to expense $52 million of costs previously included in construction work-in-progress (CWIP) related to the Cascade Crossing Transmission Project (Cascade Crossing), which was originally proposed as a 215-mile, 500 kV transmission project between Boardman, Oregon and Salem, Oregon. Based on an updated forecast of demand and future transmission capacity in the region, PGE determined in the second quarter of 2013 that the original projections of transmission capacity limitations contemplated in the Company’s 2009 Integrated Resource Plan, as acknowledged by the Public Utility Commission of Oregon (OPUC), were not likely to fully materialize. As a result, PGE and Bonneville Power Administration (BPA) worked toward refining the scope of the project and executed a non-binding memorandum of understanding (MOU) in May 2013. In connection with the MOU, the parties explored a new option under which BPA could provide PGE with ownership of approximately 1,500 MW of transmission capacity rights. As a result of the changed conditions reflected in the MOU, PGE also suspended permitting and development of Cascade Crossing and charged the capitalized costs related to Cascade Crossing to expense in the second quarter of 2013. In October 2013, the parties determined that they would not be able to reach an agreement on the financial terms for the proposed ownership of transmission capacity rights and, therefore, agreed to discontinue discussions on this option. The Company determined that, under conditions at that time, the best option for meeting its transmission needs is to continue to acquire transmission service offered under BPA’s Open Access Transmission Tariff. PGE has determined that it will not seek recovery of these costs. | ||||||||||||||||||||||||
Regulatory Assets and Liabilities | ||||||||||||||||||||||||
Regulatory assets and liabilities consist of the following (in millions): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||||||||||
Regulatory assets: | ||||||||||||||||||||||||
Price risk management | $ | 40 | $ | 76 | $ | 36 | $ | 140 | ||||||||||||||||
Pension and other postretirement plans | — | 180 | — | 194 | ||||||||||||||||||||
Deferred income taxes | — | 85 | — | 76 | ||||||||||||||||||||
Deferred broker settlements | 4 | — | 12 | 1 | ||||||||||||||||||||
Debt reacquisition costs | — | 16 | — | 17 | ||||||||||||||||||||
Deferred capital projects | 4 | 19 | 16 | 18 | ||||||||||||||||||||
Other | 8 | 20 | 2 | 18 | ||||||||||||||||||||
Total regulatory assets | $ | 56 | $ | 396 | $ | 66 | $ | 464 | ||||||||||||||||
Regulatory liabilities: | ||||||||||||||||||||||||
Asset retirement removal costs | $ | — | $ | 791 | $ | — | $ | 747 | ||||||||||||||||
Trojan decommissioning activities | — | 57 | — | 41 | ||||||||||||||||||||
Asset retirement obligations | — | 40 | — | 39 | ||||||||||||||||||||
Other | 4 | 52 | 1 | 38 | ||||||||||||||||||||
Total regulatory liabilities | $ | 4 | * | $ | 940 | $ | 1 | * | $ | 865 | ||||||||||||||
* | Included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets. | |||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | ||||||||||||||||||||||||
Accrued expenses and other current liabilities consist of the following (in millions): | ||||||||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Accrued employee compensation and benefits | $ | 50 | $ | 46 | ||||||||||||||||||||
Accrued interest payable | 37 | 23 | ||||||||||||||||||||||
Accrued taxes payable | 37 | 21 | ||||||||||||||||||||||
Accrued dividends payable | 23 | 22 | ||||||||||||||||||||||
Regulatory liabilities—current | 4 | 1 | ||||||||||||||||||||||
Other | 60 | 58 | ||||||||||||||||||||||
Total accrued expenses and other current liabilities | $ | 211 | $ | 171 | ||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||||||
PGE has the following unsecured revolving credit facilities as of September 30, 2014: | ||||||||||||||||||||||||
• | A $400 million syndicated credit facility, which is scheduled to expire in November 2018; and | |||||||||||||||||||||||
• | A $300 million syndicated credit facility, which is scheduled to expire in December 2017. | |||||||||||||||||||||||
Pursuant to the terms of the agreements, both revolving credit facilities may be used for general corporate purposes and as backup for commercial paper borrowings, and also permit the issuance of standby letters of credit. PGE may borrow for one, two, three, or six months at a fixed interest rate established at the time of the borrowing, or at a variable interest rate for any period up to the then remaining term of the applicable credit facility. Both revolving credit facilities contain provisions for two, one-year extensions that are subject to approval by the banks, require annual fees based on PGE’s unsecured credit ratings, and contain customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreements, to 65% of total capitalization. As of September 30, 2014, PGE was in compliance with this covenant with a 55.1% debt to total capital ratio. | ||||||||||||||||||||||||
PGE has a commercial paper program under which it may issue commercial paper for terms of up to 270 days, limited to the unused amount of credit under the credit facilities. | ||||||||||||||||||||||||
Pursuant to an order issued by the Federal Energy Regulatory Commission (FERC), the Company is authorized to issue short-term debt up to $900 million through February 6, 2016. The authorization provides that if utility assets financed by unsecured debt are divested, then a proportionate share of the unsecured debt must also be divested. | ||||||||||||||||||||||||
PGE classifies borrowings under the revolving credit facilities and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. As of September 30, 2014, PGE had no borrowings outstanding under the revolving credit facilities, no commercial paper outstanding, and $9 million of letters of credit issued. As of September 30, 2014, the aggregate available capacity under the credit facilities was $691 million. | ||||||||||||||||||||||||
In addition, the Company has two $30 million letter of credit facilities, under which PGE can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit are subject to the approval of the issuing institution. As of September 30, 2014, $55 million of letters of credit had been issued under these facilities. | ||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||
During the nine months ended September 30, 2014, PGE obtained four term loans pursuant to a credit agreement in an aggregate principal amount of $305 million. The term loan interest rates are set at the beginning of the interest period for periods ranging from one- to six-months, as selected by PGE and are based on the London Interbank Offered Rate (LIBOR) plus 70 basis points (approximately 0.9% as of September 30, 2014), with no other fees. The credit agreement expires October 30, 2015, at which time any amounts outstanding under the term loans become due and payable. Upon the occurrence of certain events of default, the Company’s obligations under the credit agreement may be accelerated. Such events of default include payment defaults to lenders under the credit agreement, covenant defaults and other customary defaults. | ||||||||||||||||||||||||
Additionally, in May 2014, PGE entered into a bond purchase agreement with certain institutional buyers (Buyers) under which the Company agreed to sell to the Buyers, in three tranches, an aggregate principal amount of $280 million of First Mortgage Bonds (FMBs). During the third quarter of 2014, 4.39% Series FMBs, due 2045, in the amount of $100 million was issued and funded. On October 15, 2014, a 4.44% Series FMBs, due 2046, in the amount of $100 million was issued and funded. A 3.51% Series FMBs, due 2024, in the amount of $80 million is expected to be issued and funded on or about November 17, 2014. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||||||||||||
Components of net periodic benefit cost are as follows (in millions): | ||||||||||||||||||||||||
Defined Benefit | Other Postretirement | Non-Qualified | ||||||||||||||||||||||
Pension Plan | Benefits | Benefit Plans | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Three Months Ended September 30: | ||||||||||||||||||||||||
Service cost | $ | 4 | $ | 4 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Interest cost | 8 | 7 | 1 | 1 | — | — | ||||||||||||||||||
Expected return on plan assets | (9 | ) | (10 | ) | — | — | — | — | ||||||||||||||||
Amortization of net actuarial loss | 4 | 6 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 7 | $ | 7 | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||||||
Nine Months Ended September 30: | ||||||||||||||||||||||||
Service cost | $ | 11 | $ | 12 | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||||||
Interest cost | 25 | 23 | 3 | 3 | 1 | 1 | ||||||||||||||||||
Expected return on plan assets | (29 | ) | (30 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||
Amortization of prior service cost | — | — | 1 | 1 | — | — | ||||||||||||||||||
Amortization of net actuarial loss | 13 | 18 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 20 | $ | 23 | $ | 4 | $ | 5 | $ | 1 | $ | 1 | ||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||
PGE determines the fair value of financial instruments, both assets and liabilities recognized and not recognized in the Company’s condensed consolidated balance sheets, for which it is practicable to estimate fair value as of September 30, 2014 and December 31, 2013, and then classifies these financial assets and liabilities based on a fair value hierarchy. The fair value hierarchy is used to prioritize the inputs to the valuation techniques used to measure fair value. These three levels and application to the Company are discussed below. | |||||||||||||||||||||||||
Level 1 | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. | ||||||||||||||||||||||||
Level 2 | Pricing inputs include those that are directly or indirectly observable in the marketplace as of the reporting date. | ||||||||||||||||||||||||
Level 3 | Pricing inputs include significant inputs that are unobservable for the asset or liability. | ||||||||||||||||||||||||
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. | |||||||||||||||||||||||||
PGE recognizes transfers between levels in the fair value hierarchy as of the end of the reporting period for all its financial instruments. Changes to market liquidity conditions, the availability of observable inputs, or changes in the economic structure of a security marketplace may require transfer of the securities between levels. There were no significant transfers between levels during the three and nine month periods ended September 30, 2014 and 2013, except those transfers from Level 3 to Level 2 presented in this note. | |||||||||||||||||||||||||
The Company’s financial assets and liabilities whose values were recognized at fair value are as follows by level within the fair value hierarchy (in millions): | |||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Nuclear decommissioning trust: (1) | |||||||||||||||||||||||||
Money market funds | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Domestic government | 8 | 6 | — | 14 | |||||||||||||||||||||
Corporate credit | — | 10 | — | 10 | |||||||||||||||||||||
Non-qualified benefit plan trust: (2) | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Domestic | 4 | 2 | — | 6 | |||||||||||||||||||||
International | 1 | — | — | 1 | |||||||||||||||||||||
Assets from price risk management activities: (1) (3) | |||||||||||||||||||||||||
Electricity | — | 2 | — | 2 | |||||||||||||||||||||
Natural gas | — | 3 | 1 | 4 | |||||||||||||||||||||
$ | 13 | $ | 88 | $ | 1 | $ | 102 | ||||||||||||||||||
Liabilities—Liabilities from price risk management | |||||||||||||||||||||||||
activities:(1) (3) | |||||||||||||||||||||||||
Electricity | $ | — | $ | 4 | $ | 80 | $ | 84 | |||||||||||||||||
Natural gas | — | 19 | 19 | 38 | |||||||||||||||||||||
$ | — | $ | 23 | $ | 99 | $ | 122 | ||||||||||||||||||
-1 | Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate. | ||||||||||||||||||||||||
-2 | Excludes insurance policies of $26 million, which are recorded at cash surrender value. | ||||||||||||||||||||||||
-3 | For further information, see Note 4, Price Risk Management. | ||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Nuclear decommissioning trust: (1) | |||||||||||||||||||||||||
Money market funds | $ | — | $ | 59 | $ | — | $ | 59 | |||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Domestic government | 6 | 8 | — | 14 | |||||||||||||||||||||
Corporate credit | — | 9 | — | 9 | |||||||||||||||||||||
Non-qualified benefit plan trust: (2) | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Domestic | 4 | 3 | — | 7 | |||||||||||||||||||||
International | 1 | — | — | 1 | |||||||||||||||||||||
Debt securities—domestic government | 1 | — | — | 1 | |||||||||||||||||||||
Assets from price risk management activities: (1) (3) | |||||||||||||||||||||||||
Electricity | — | 9 | 1 | 10 | |||||||||||||||||||||
Natural gas | — | 4 | — | 4 | |||||||||||||||||||||
$ | 12 | $ | 92 | $ | 1 | $ | 105 | ||||||||||||||||||
Liabilities — Liabilities from price risk management activities: (1) (3) | |||||||||||||||||||||||||
Electricity | $ | — | $ | 10 | $ | 117 | $ | 127 | |||||||||||||||||
Natural gas | — | 40 | 23 | 63 | |||||||||||||||||||||
$ | — | $ | 50 | $ | 140 | $ | 190 | ||||||||||||||||||
-1 | Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate. | ||||||||||||||||||||||||
-2 | Excludes insurance policies of $26 million, which are recorded at cash surrender value. | ||||||||||||||||||||||||
-3 | For further information, see Note 4, Price Risk Management. | ||||||||||||||||||||||||
Trust assets held in the Nuclear decommissioning and Non-qualified benefit plan trusts are recorded at fair value in PGE’s condensed consolidated balance sheets and invested in securities that are exposed to interest rate, credit and market volatility risks. These assets are classified within Level 1, 2 or 3 based on the following factors: | |||||||||||||||||||||||||
Money market funds—PGE invests in money market funds that seek to maintain a stable net asset value. These funds invest in high-quality, short-term, diversified money market instruments, short-term treasury bills, federal agency securities, certificates of deposits, and commercial paper. Money market funds are classified as Level 2 in the fair value hierarchy as the securities are traded in active markets of similar securities but are not directly valued using quoted market prices. | |||||||||||||||||||||||||
Debt securities—PGE invests in highly-liquid United States treasury securities to support the investment objectives of the trusts. These domestic government securities are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the reporting date. | |||||||||||||||||||||||||
Assets classified as Level 2 in the fair value hierarchy include domestic government debt securities, such as municipal debt, and corporate credit securities. Prices are determined by evaluating pricing data such as broker quotes for similar securities and adjusted for observable differences. Significant inputs used in valuation models generally include benchmark yield and issuer spreads. The external credit rating, coupon rate, and maturity of each security are considered in the valuation as applicable. | |||||||||||||||||||||||||
Equity securities—Equity mutual fund and common stock securities are primarily classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the reporting date. Principal markets for equity prices include published exchanges such as NASDAQ and the New York Stock Exchange. Certain mutual fund assets included in commingled trusts or separately managed accounts are classified as Level 2 in the fair value hierarchy as pricing inputs are directly or indirectly observable in the marketplace. | |||||||||||||||||||||||||
Assets and liabilities from price risk management activities are recorded at fair value in PGE’s condensed consolidated balance sheets and consist of derivative instruments entered into by the Company to manage its exposure to commodity price risk and foreign currency exchange rate risk, and reduce volatility in net variable power costs (NVPC) for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 4, Price Risk Management. | |||||||||||||||||||||||||
For those assets and liabilities from price risk management activities classified as Level 2, fair value is derived using present value formulas that utilize inputs such as forward commodity prices and interest rates. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category consist of forwards, futures and swaps. | |||||||||||||||||||||||||
Assets and liabilities from price risk management activities classified as Level 3 consist of instruments for which fair value is derived using one or more significant inputs that are not observable for the entire term of the instrument. These instruments consist of longer term forwards, futures and swaps. | |||||||||||||||||||||||||
Quantitative information regarding the significant, unobservable inputs used in the measurement of Level 3 assets and liabilities from price risk management activities is presented below: | |||||||||||||||||||||||||
Valuation Technique | Significant Unobservable Input | Price per Unit | |||||||||||||||||||||||
Fair Value | Weighted Average | ||||||||||||||||||||||||
Commodity Contracts | Assets | Liabilities | Low | High | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||
Electricity physical forward | $ | — | $ | 65 | Discounted cash flow | Electricity forward price (per MWh) | $ | 12.91 | $ | 110.96 | $ | 41.5 | |||||||||||||
Natural gas financial swaps | 1 | 19 | Discounted cash flow | Natural gas forward price (per Decatherm) | 3.3 | 4.99 | 3.86 | ||||||||||||||||||
Electricity financial futures | — | 15 | Discounted cash flow | Electricity forward price (per MWh) | 12.91 | 43.34 | 35.72 | ||||||||||||||||||
$ | 1 | $ | 99 | ||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Electricity physical forward | $ | — | $ | 103 | Discounted cash flow | Electricity forward price (per MWh) | $ | 9.63 | $ | 77.95 | $ | 40.18 | |||||||||||||
Natural gas financial swaps | — | 23 | Discounted cash flow | Natural gas forward price (per Decatherm) | 3.16 | 4.49 | 3.71 | ||||||||||||||||||
Electricity financial futures | 1 | 14 | Discounted cash flow | Electricity forward price (per MWh) | 9.63 | 46.07 | 33.01 | ||||||||||||||||||
$ | 1 | $ | 140 | ||||||||||||||||||||||
The significant unobservable inputs used in the Company’s fair value measurement of price risk management assets and liabilities are long-term forward prices for commodity derivatives. For shorter term contracts, the Company employs the mid-point of the market’s bid-ask spread and these inputs are derived using observed transactions in active markets, as well as historical experience as a participant in those markets. These price inputs are validated against independent market data aggregated from multiple sources. For certain long term contracts, observable, liquid market transactions are not available for the duration of the delivery period. In such instances, the Company uses internally developed price curves, which derive longer term prices and utilize observable data when available. When not available, regression techniques are used to estimate unobservable future prices. In addition, changes in the fair value measurement of price risk management assets and liabilities are analyzed and reviewed on a monthly basis by the Company. This process includes analytical review of changes in commodity prices as well as procedures to analyze and identify the reasons for the changes over specific reporting periods. | |||||||||||||||||||||||||
The Company’s Level 3 assets and liabilities from price risk management activities are sensitive to market price changes in the respective underlying commodities. The significance of the impact is dependent upon the magnitude of the price change and the Company’s position as either the buyer or seller of the contract. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: | |||||||||||||||||||||||||
Significant Unobservable Input | Position | Change to Input | Impact on Fair Value Measurement | ||||||||||||||||||||||
Market price | Buy | Increase (decrease) | Gain (loss) | ||||||||||||||||||||||
Market price | Sell | Increase (decrease) | Loss (gain) | ||||||||||||||||||||||
Changes in the fair value of net liabilities from price risk management activities (net of assets from price risk management activities) classified as Level 3 in the fair value hierarchy were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Balance as of the beginning of the period | $ | 89 | $ | 56 | $ | 139 | $ | 16 | |||||||||||||||||
Net realized and unrealized losses (gains)* | 9 | 8 | (45 | ) | 48 | ||||||||||||||||||||
Settlements | (1 | ) | — | (1 | ) | — | |||||||||||||||||||
Transfers out of Level 3 to Level 2 | 1 | — | 5 | — | |||||||||||||||||||||
Balance as of the end of the period | $ | 98 | $ | 64 | $ | 98 | $ | 64 | |||||||||||||||||
* | Contains nominal amounts of realized losses. Both realized and unrealized losses (gains) are recorded in Purchased power and fuel expense in the condensed consolidated statements of income of which the unrealized portion is fully offset by the effects of regulatory accounting until settlement of the underlying transactions. | ||||||||||||||||||||||||
Transfers into Level 3 occur when significant inputs used to value the Company’s derivative instruments become less observable, such as a delivery location becoming significantly less liquid. During the three and nine month periods ended September 30, 2014 and 2013, there were no transfers into Level 3 from Level 2. Transfers out of Level 3 occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery term of a transaction becomes shorter. PGE records transfers in and transfers out of Level 3 at the end of the reporting period for all of its financial instruments. Transfers from Level 2 to Level 1 for the Company’s price risk management assets and liabilities do not occur as quoted prices are not available for identical instruments. As such, the Company’s assets and liabilities from price risk management activities mature and settle as Level 2 fair value measurements. | |||||||||||||||||||||||||
Long-term debt is recorded at amortized cost in PGE’s condensed consolidated balance sheets. The fair value of the Company’s FMBs and Pollution Control Bonds is classified as a Level 2 fair value measurement and is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to PGE for debt of similar remaining maturities. The fair value of PGE’s unsecured term bank loans is classified as Level 3 fair value measurement and is estimated based on the terms of the loans and the Company’s creditworthiness. These significant unobservable inputs to the Level 3 fair value measurement include the interest rate and the length of the loan. The estimated fair value of the Company’s unsecured term bank loans approximates their carrying value. | |||||||||||||||||||||||||
As of September 30, 2014, the carrying amount of PGE’s long-term debt was $2,321 million and its estimated aggregate fair value was $2,632 million, consisting of $2,327 million and $305 million classified as Level 2 and Level 3, respectively, in the fair value hierarchy. As of December 31, 2013, the carrying amount of PGE’s long-term debt was $1,916 million and its estimated aggregate fair value was $2,074 million, all classified as Level 2 in the fair value hierarchy. |
Price_Risk_Management_Notes
Price Risk Management (Notes) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Price Risk Management [Abstract] | ' | |||||||||||||||||||||||||||
PRICE RISK MANAGEMENT | ' | |||||||||||||||||||||||||||
PRICE RISK MANAGEMENT | ||||||||||||||||||||||||||||
PGE participates in the wholesale marketplace in order to balance its supply of power, which consists of its own generation combined with wholesale market transactions, to meet the needs of its retail customers, manage risk, and administer its existing long-term wholesale contracts. Such activities include fuel and power purchases and sales resulting from economic dispatch decisions for Company-owned generation. As a result, PGE is exposed to commodity price risk and foreign currency exchange rate risk, from which changes in prices and/or rates may affect the Company’s financial position, results of operations, or cash flows. | ||||||||||||||||||||||||||||
PGE utilizes derivative instruments to manage its exposure to commodity price risk and foreign currency exchange rate risk in order to reduce volatility in NVPC for its retail customers. These derivative instruments may include forwards, futures, swaps, and option contracts for electricity, natural gas, oil, and foreign currency, which are recorded at fair value on the condensed consolidated balance sheets, with changes in fair value recorded in the condensed consolidated statements of income. In accordance with the ratemaking and cost recovery processes authorized by the OPUC, PGE recognizes a regulatory asset or liability to defer the gains and losses from derivative instruments until settlement of the associated derivative instrument. PGE may designate certain derivative instruments as cash flow hedges or may use derivative instruments as economic hedges. The Company does not engage in trading activities for non-retail purposes. | ||||||||||||||||||||||||||||
PGE’s Assets and Liabilities from price risk management activities consist of the following (in millions): | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 2 | $ | 9 | ||||||||||||||||||||||||
Natural gas | 2 | 4 | ||||||||||||||||||||||||||
Total current derivative assets | 4 | (1) | 13 | (1) | ||||||||||||||||||||||||
Noncurrent assets: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | — | 1 | ||||||||||||||||||||||||||
Natural gas | 2 | — | ||||||||||||||||||||||||||
Total noncurrent derivative assets | 2 | (2) | 1 | (2) | ||||||||||||||||||||||||
Total derivative assets not designated as hedging instruments | $ | 6 | $ | 14 | ||||||||||||||||||||||||
Total derivative assets | $ | 6 | $ | 14 | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 29 | $ | 20 | ||||||||||||||||||||||||
Natural gas | 15 | 29 | ||||||||||||||||||||||||||
Total current derivative liabilities | 44 | 49 | ||||||||||||||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | 55 | 107 | ||||||||||||||||||||||||||
Natural gas | 23 | 34 | ||||||||||||||||||||||||||
Total noncurrent derivative liabilities | 78 | 141 | ||||||||||||||||||||||||||
Total derivative liabilities not designated as hedging instruments | $ | 122 | $ | 190 | ||||||||||||||||||||||||
Total derivative liabilities | $ | 122 | $ | 190 | ||||||||||||||||||||||||
-1 | Included in Other current assets on the condensed consolidated balance sheets. | |||||||||||||||||||||||||||
-2 | Included in Other noncurrent assets on the condensed consolidated balance sheets. | |||||||||||||||||||||||||||
PGE’s net volumes related to its Assets and Liabilities from price risk management activities resulting from its derivative transactions, which are expected to deliver or settle through 2035, were as follows (in millions): | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | 18 | MWh | 14 | MWh | ||||||||||||||||||||||||
Natural gas | 100 | Decatherms | 106 | Decatherms | ||||||||||||||||||||||||
Foreign currency | $ | 8 | Canadian | $ | 7 | Canadian | ||||||||||||||||||||||
PGE has elected to report gross on the condensed consolidated balance sheets the positive and negative exposures resulting from derivative instruments pursuant to agreements that meet the definition of a master netting arrangement. In the case of default on, or termination of, any contract under the master netting arrangements, these agreements provide for the net settlement of all related contractual obligations with a counterparty through a single payment. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral, such as letters of credit, which are excluded from the offsetting table presented below. | ||||||||||||||||||||||||||||
Information related to Price risk management liabilities subject to master netting agreements is as follows (in millions): | ||||||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Condensed Consolidated | |||||||||||||||||||||||||
Balance Sheets | Net Amount | |||||||||||||||||||||||||||
Derivatives | Cash Collateral(1) | |||||||||||||||||||||||||||
As of September 30, 2014: | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity(2) | $ | 52 | $ | — | $ | 52 | $ | (52 | ) | $ | — | $ | — | |||||||||||||||
Natural gas(2) | 1 | — | 1 | (1 | ) | — | — | |||||||||||||||||||||
$ | 53 | $ | — | $ | 53 | $ | (53 | ) | $ | — | $ | — | ||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity(2) | $ | 91 | $ | — | $ | 91 | $ | (91 | ) | $ | — | $ | — | |||||||||||||||
Natural gas(2) | 1 | — | 1 | (1 | ) | — | — | |||||||||||||||||||||
$ | 92 | $ | — | $ | 92 | $ | (92 | ) | $ | — | $ | — | ||||||||||||||||
-1 | As of September 30, 2014 and December 31, 2013, PGE had posted collateral in the amount of $9 million and $7 million, respectively, which consisted entirely of letters of credit. | |||||||||||||||||||||||||||
-2 | Included in Liabilities from price risk management activities—current and Liabilities from price risk management activities—noncurrent. | |||||||||||||||||||||||||||
Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are recorded in Purchased power and fuel in the condensed consolidated statements of income and were as follows (in millions): | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 8 | $ | (1 | ) | $ | (21 | ) | $ | 17 | ||||||||||||||||||
Natural Gas | 25 | 10 | (17 | ) | 30 | |||||||||||||||||||||||
Net unrealized and certain net realized losses (gains) presented in the preceding table are offset within the condensed consolidated statements of income by the effects of regulatory accounting. Of the net losses (gains) recognized in Net income for the three months ended September 30, 2014 and 2013, net losses of $34 million and $7 million, respectively, have been offset. Net gains of $30 million and net losses of $66 million have been offset for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss recorded as of September 30, 2014 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions): | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 4 | $ | 28 | $ | 13 | $ | 5 | $ | 4 | $ | 28 | $ | 82 | ||||||||||||||
Natural gas | 6 | 10 | 12 | 5 | 1 | — | 34 | |||||||||||||||||||||
Net unrealized loss | $ | 10 | $ | 38 | $ | 25 | $ | 10 | $ | 5 | $ | 28 | $ | 116 | ||||||||||||||
PGE’s secured and unsecured debt is currently rated at investment grade by Moody’s Investors Service (Moody’s) and Standard and Poor’s Ratings Services (S&P). Should Moody’s and/or S&P reduce their rating on PGE’s unsecured debt to below investment grade, the Company could be subject to requests by certain wholesale counterparties to post additional performance assurance collateral, in the form of cash or letters of credit, based on total portfolio positions with each of those counterparties. Certain other counterparties would have the right to terminate their agreements with the Company. | ||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of September 30, 2014 was $119 million, for which PGE has posted $17 million in collateral, consisting primarily of letters of credit. If the credit-risk-related contingent features underlying these agreements were triggered at September 30, 2014, the cash requirement to either post as collateral or settle the instruments immediately would have been $116 million. As of September 30, 2014, PGE has posted an immaterial amount of cash collateral, which is classified as Margin deposits included in Other current assets on the Company’s condensed consolidated balance sheet, for derivative instruments with no credit-risk related contingent features. | ||||||||||||||||||||||||||||
Counterparties representing 10% or more of Assets and Liabilities from price risk management activities were as follows: | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Assets from price risk management activities: | ||||||||||||||||||||||||||||
Counterparty A | 37 | % | 53 | % | ||||||||||||||||||||||||
Counterparty B | 20 | 5 | ||||||||||||||||||||||||||
Counterparty C | 11 | — | ||||||||||||||||||||||||||
68 | % | 58 | % | |||||||||||||||||||||||||
Liabilities from price risk management activities: | ||||||||||||||||||||||||||||
Counterparty D | 39 | % | 43 | % | ||||||||||||||||||||||||
Counterparty E | 15 | 11 | ||||||||||||||||||||||||||
54 | % | 54 | % | |||||||||||||||||||||||||
See Note 3, Fair Value of Financial Instruments, for additional information concerning the determination of fair value for the Company’s Assets and Liabilities from price risk management activities. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
Basic earnings per share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares consist of: i) employee stock purchase plan shares; ii) unvested time-based and performance-based restricted stock units, along with associated dividend equivalent rights; and iii) shares issuable pursuant to an equity forward sale agreement (EFSA). See Note 6, Equity, for additional information on the EFSA and its impact on earnings per share. Unvested performance-based restricted stock units and associated dividend equivalent rights are included in dilutive potential common shares only after the performance criteria have been met. For the three and nine month periods ended September 30, 2014, unvested performance-based restricted stock units and associated dividend equivalent rights of approximately 361,000 were excluded from the dilutive calculation because the performance goals had not been met. For the three and nine month periods ended September 30, 2013, unvested performance-based restricted stock units and associated dividend equivalent rights of approximately 440,000 were similarly excluded. | ||||||||||||
Net income attributable to PGE common shareholders is the same for both the basic and diluted earnings per share computations. The reconciliations of the denominators of the basic and diluted earnings per share computations are as follows (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average common shares outstanding—basic | 78,203 | 77,637 | 78,170 | 76,401 | ||||||||
Dilutive effect of potential common shares | 2,022 | 693 | 1,807 | 302 | ||||||||
Weighted-average common shares outstanding—diluted | 80,225 | 78,330 | 79,977 | 76,703 | ||||||||
Equity_Notes
Equity (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Equity | ' | |||||||||||||||||||
EQUITY | ||||||||||||||||||||
The activity in equity during the nine months ended September 30, 2014 and 2013 is as follows (dollars in millions): | ||||||||||||||||||||
Portland General Electric Company | ||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Common Stock | Accumulated | Retained | Noncontrolling | |||||||||||||||||
Other | Earnings | Interests’ | ||||||||||||||||||
Comprehensive | Equity | |||||||||||||||||||
Shares | Amount | Loss | ||||||||||||||||||
Balances as of December 31, 2013 | 78,085,559 | $ | 911 | $ | (5 | ) | $ | 913 | $ | 1 | ||||||||||
Issuances of shares pursuant to equity-based plans | 123,869 | 1 | — | — | — | |||||||||||||||
Stock-based compensation | — | 4 | — | — | — | |||||||||||||||
Dividends declared | — | — | — | (67 | ) | — | ||||||||||||||
Net income | — | — | — | 132 | (1 | ) | ||||||||||||||
Balances as of September 30, 2014 | 78,209,428 | $ | 916 | $ | (5 | ) | $ | 978 | $ | — | ||||||||||
Balances as of December 31, 2012 | 75,556,272 | $ | 841 | $ | (6 | ) | $ | 893 | $ | 2 | ||||||||||
Issuances of common stock, net of issuance costs of $3 | 2,365,000 | 67 | — | — | — | |||||||||||||||
Issuances of shares pursuant to equity-based plans | 146,027 | — | — | — | — | |||||||||||||||
Stock-based compensation | — | 2 | — | — | — | |||||||||||||||
Dividends declared | — | — | — | (63 | ) | — | ||||||||||||||
Net income (loss) | — | — | — | 58 | (1 | ) | ||||||||||||||
Balances as of September 30, 2013 | 78,067,299 | $ | 910 | $ | (6 | ) | $ | 888 | $ | 1 | ||||||||||
In connection with a public offering of shares of its common stock in 2013, PGE entered into an EFSA. Pursuant to the terms of the EFSA, a forward counterparty borrowed 11,100,000 shares of PGE’s common stock from third parties in the open market and sold the shares to a group of underwriters for $29.50 per share, less an underwriting discount equal to $0.96 per share. The underwriters then sold the shares in a public offering. PGE receives proceeds from the sale of common stock when the EFSA is physically settled (described below), and at that time PGE records the proceeds in equity. | ||||||||||||||||||||
Under the terms of the EFSA, PGE may elect to settle the equity forward transactions by means of: i) physical; ii) cash; or iii) net share settlement, in whole or in part, at any time on or prior to June 11, 2015, except in specified circumstances or events that would require physical settlement. To the extent that the transactions are physically settled, PGE is required to issue and deliver shares of PGE common stock to the forward counterparty at the then applicable forward sale price. The forward sale price was initially determined to be $29.50 per share at the time the EFSA was entered into, and the amount of cash to be received by PGE upon physical settlement of the EFSA is subject to certain adjustments in accordance with the terms of the EFSA. | ||||||||||||||||||||
The use of the EFSA substantially eliminates future equity market price risk by fixing the common stock offering sales price under the then existing market conditions, while mitigating immediate share dilution resulting from the offering by postponing the actual issuance of common stock until such funds are needed in accordance with the Company’s capital requirements. The EFSA had no initial fair value since it was entered into at the then market price of the common stock. PGE concluded that the EFSA was an equity instrument and that it does not qualify as a derivative because the EFSA was indexed to the Company’s stock. PGE anticipates settling the EFSA through physical settlement on or before June 11, 2015. | ||||||||||||||||||||
At September 30, 2014, the Company could have physically settled the EFSA by delivering 10,400,000 shares to the forward counterparty in exchange for cash of $278 million. In addition, at September 30, 2014, the Company could have elected to make a cash settlement by paying approximately $56 million, or a net share settlement by delivering approximately 1,742,421 shares of common stock. To the extent that PGE makes a cash or net share settlement, the Company would receive no additional proceeds from the public offering. | ||||||||||||||||||||
Prior to settlement, the potentially issuable shares pursuant to the EFSA are reflected in PGE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of PGE’s common stock used in calculating diluted earnings per share for a reporting period are increased by the number of shares, if any, that would be issued upon physical settlement of the EFSA less the number of shares that could be purchased by PGE in the market with the proceeds received from issuance (based on the average market price during that reporting period). |
Contingencies_Notes
Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Contingencies [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
PGE is subject to legal, regulatory, and environmental proceedings, investigations, and claims that arise from time to time in the ordinary course of its business. Contingencies are evaluated using the best information available at the time the consolidated financial statements are prepared. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company may seek regulatory recovery of certain costs that are incurred in connection with such matters, although there can be no assurance that such recovery would be granted. | |
Loss contingencies are accrued, and disclosed if material, when it is probable that an asset has been impaired or a liability incurred as of the financial statement date and the amount of the loss can be reasonably estimated. If a reasonable estimate of probable loss cannot be determined, a range of loss may be established, in which case the minimum amount in the range is accrued, unless some other amount within the range appears to be a better estimate. | |
A loss contingency will also be disclosed when it is reasonably possible that an asset has been impaired or a liability incurred if the estimate or range of potential loss is material. If a probable or reasonably possible loss cannot be reasonably estimated, then the Company: i) discloses an estimate of such loss or the range of such loss, if the Company is able to determine such an estimate; or ii) discloses that an estimate cannot be made and the reasons. | |
If an asset has been impaired or a liability incurred after the financial statement date, but prior to the issuance of the financial statements, the loss contingency is disclosed, if material, and the amount of any estimated loss is recorded in the subsequent reporting period. | |
The Company evaluates, on a quarterly basis, developments in such matters that could affect the amount of any accrual, as well as the likelihood of developments that would make a loss contingency both probable and reasonably estimable. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves a series of complex judgments about future events. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: i) the damages sought are indeterminate or the basis for the damages claimed is not clear; ii) the proceedings are in the early stages; iii) discovery is not complete; iv) the matters involve novel or unsettled legal theories; v) there are significant facts in dispute; vi) there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants); or vii) there are a wide range of potential outcomes. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. | |
Trojan Investment Recovery | |
Regulatory Proceedings. In 1993, PGE closed the Trojan nuclear power plant (Trojan) and sought full recovery of, and a rate of return on, its Trojan costs in a general rate case filing with the OPUC. In 1995, the OPUC issued a general rate order that granted the Company recovery of, and a rate of return on, 87% of its remaining investment in Trojan. | |
Numerous challenges and appeals were subsequently filed in various state courts on the issue of the OPUC’s authority under Oregon law to grant recovery of, and a return on, the Trojan investment. In 1998, the Oregon Court of Appeals upheld the OPUC’s order authorizing PGE’s recovery of the Trojan investment, but held that the OPUC did not have the authority to allow the Company to recover a return on the Trojan investment and remanded the case to the OPUC for reconsideration. | |
In 2000, PGE entered into agreements to settle the litigation related to recovery of, and return on, its investment in Trojan. The settlement, which was approved by the OPUC, allowed PGE to remove from its balance sheet the remaining investment in Trojan as of September 30, 2000, along with several largely offsetting regulatory liabilities. After offsetting the investment in Trojan with these liabilities, the remaining Trojan regulatory asset balance of approximately $5 million (after tax) was expensed. As a result of the settlement, PGE’s investment in Trojan was no longer included in prices charged to customers, either through a return of or a return on that investment. The Utility Reform Project (URP) did not participate in the settlement and filed a complaint with the OPUC challenging the settlement agreements. In 2002, the OPUC issued an order (2002 Order) denying all of the URP’s challenges. In 2007, following several appeals by various parties, the Oregon Court of Appeals issued an opinion that remanded the 2002 Order to the OPUC for reconsideration. | |
The OPUC then issued an order in 2008 (2008 Order) that required PGE to provide refunds, including interest from September 30, 2000, to customers who received service from the Company during the period from October 1, 2000 to September 30, 2001. The Company recorded a charge of $33.1 million in 2008 related to the refund and accrued additional interest expense on the liability until refunds to customers were completed in the first quarter of 2010. The URP and the plaintiffs in the class actions described below separately appealed the 2008 Order to the Oregon Court of Appeals. | |
On February 6, 2013, the Oregon Court of Appeals issued an opinion that upheld the 2008 Order. On May 31, 2013, the Court of Appeals denied the appellants’ request for reconsideration of the decision. On October 18, 2013, the Oregon Supreme Court granted plaintiffs’ petition seeking review of the February 6, 2013 Oregon Court of Appeals decision. | |
On October 2, 2014, the Oregon Supreme Court, in a unanimous decision, affirmed the February 6, 2013 Oregon Court of Appeals decision that upheld the OPUC’s 2008 Order. | |
Class Actions. In two separate legal proceedings, lawsuits were filed in Marion County Circuit Court against PGE in 2003 on behalf of two classes of electric service customers. The class action lawsuits seek damages totaling $260 million, plus interest, as a result of the Company’s inclusion, in prices charged to customers, of a return on its investment in Trojan. | |
In 2006, the Oregon Supreme Court issued a ruling ordering the abatement of the class action proceedings until the OPUC responded to the 2002 Order (described above). The Oregon Supreme Court concluded that the OPUC has primary jurisdiction to determine what, if any, remedy can be offered to PGE customers, through price reductions or refunds, for any amount of return on the Trojan investment that the Company collected in prices. | |
The Oregon Supreme Court further stated that if the OPUC determined that it can provide a remedy to PGE’s customers, then the class action proceedings may become moot in whole or in part. The Oregon Supreme Court added that, if the OPUC determined that it cannot provide a remedy, the court system may have a role to play. The Oregon Supreme Court also ruled that the plaintiffs retain the right to return to the Marion County Circuit Court for disposition of whatever issues remain unresolved from the remanded OPUC proceedings. The Marion County Circuit Court subsequently abated the class actions in response to the ruling of the Oregon Supreme Court. | |
The October 2, 2014 Oregon Supreme Court decision described above expressly noted that the plaintiffs in the class action must address any request to lift the abatement with the Marion County Circuit Court. PGE is evaluating how to proceed with respect to the class actions. | |
Because the class actions remain pending, management believes that it is reasonably possible that a loss to the Company in excess of the amounts previously recorded and discussed above could result. As these matters involve unsettled legal theories and have a broad range of potential outcomes, sufficient information is currently not available to determine PGE’s potential liability, if any, or to estimate a range of potential loss. | |
Pacific Northwest Refund Proceeding | |
In 2001, the FERC called for a hearing to explore whether there may have been unjust and unreasonable charges for spot market sales of electricity in the Pacific Northwest from December 25, 2000 through June 20, 2001 (Pacific Northwest Refund proceeding). During that period, PGE both sold and purchased electricity in the Pacific Northwest. In 2003, the FERC issued an order terminating the proceeding and denying the claims for refunds. Upon appeal of the decision to the U.S. Ninth Circuit Court of Appeals (Ninth Circuit) the Court remanded the case to the FERC to, among other things, address market manipulation evidence in detail and account for the evidence in any future orders regarding the award or denial of refunds in the proceedings. | |
In October 2011, the FERC issued an Order on Remand, establishing an evidentiary hearing to determine whether any seller had engaged in unlawful market activity in the Pacific Northwest spot markets during the December 25, 2000 through June 20, 2001 period by violating specific contracts or tariffs, and, if so, whether a direct connection existed between the alleged unlawful conduct and the rate charged under the applicable contract. The FERC held that the Mobile-Sierra public interest standard governs challenges to the bilateral contracts at issue in this proceeding, and the strong presumption under Mobile-Sierra that the rates charged under each contract are just and reasonable would have to be specifically overcome before a refund could be ordered. The FERC directed the presiding judge, if necessary, to determine a refund methodology and to calculate refunds, but held that a market-wide remedy was not appropriate, given the bilateral contract nature of the Pacific Northwest spot markets. | |
In December 2012, the FERC issued an order clarifying that the Mobile-Sierra presumption could be overcome either by: i) a showing that a respondent had violated a contract or tariff and that the violation had a direct connection to the rate charged under the applicable contract; or ii) a showing that the contract rate at issue imposed an excessive burden or seriously harmed the public interest. | |
On April 5, 2013, the FERC granted rehearing of its Order on Remand on the issue of the appropriate refund period, holding that parties could pursue refunds for transactions between January 1, 2000 and December 24, 2000 under Section 309 of the Federal Power Act by showing violations of a filed tariff or rate schedule or of a statutory requirement. Refund claimants have filed petitions for appeal of the Order on Remand and the Order on Rehearing with the Ninth Circuit. | |
In its October 2011 Order on Remand, the FERC ordered settlement discussions to be convened before a FERC settlement judge. Pursuant to the settlement proceedings, the Company received notice of two claims and reached agreements to settle both claims for an immaterial amount. The FERC approved both settlements during 2012. | |
Additionally, the settlement between PGE and certain other parties in the California refund case in Docket No. EL00-95, et seq., approved by the FERC in May 2007, resolved all claims between PGE and the California parties named in the settlement, including the California Energy Resource Scheduling division of the California Department of Water Resources (CERS), as to transactions in the Pacific Northwest during the settlement period, January 1, 2000 through June 20, 2001, but did not settle potential claims from other market participants relating to transactions in the Pacific Northwest. | |
The above-referenced settlements resulted in a release for the Company as a named respondent in the first phase of the remand proceedings, which are limited to initial and direct claims for refunds, but there remains a possibility that additional claims related to this matter could be asserted against the Company in a subsequent phase of the proceeding if refunds are ordered against some or all of the current respondents. | |
During the first phase of the remand hearing, now completed, two sets of refund proponents, the City of Seattle, Washington (Seattle) and various California parties on behalf of CERS, presented cases alleging that multiple respondents had engaged in unlawful activities and caused severe financial harm that justified the imposition of refunds. After conclusion of the hearing, the presiding Administrative Law Judge issued an Initial Decision on March 28, 2014 finding: i) that Seattle did not carry its Mobile-Sierra burden with respect to its refund claims against any of its respondent sellers; and ii) that the California representatives of CERS did not carry their Mobile-Sierra burden with respect to one of CERS’ respondents, but did find evidence of unlawful activity in the implementation of multiple transactions and bad faith in the formation of as many as 119 contracts by the last remaining CERS respondent. The Administrative Law Judge scheduled a second phase of the hearing to commence after a final FERC decision on the Initial Decision. In the second phase, the last respondent will have an opportunity to produce additional evidence as to why its transactions should be considered legitimate and why refunds should not be ordered. If the FERC requires one or more respondents to make refunds, it is possible that such respondent(s) will attempt to recover similar refunds from their suppliers, including the Company. | |
Management believes that this matter could result in a loss to the Company in future proceedings. However, management cannot predict whether the FERC will order refunds from any of the current respondents, which contracts would be subject to refunds, the basis on which refunds would be ordered, or how such refunds, if any, would be calculated. Further, management cannot predict whether any current respondents, if ordered to make refunds, will pursue additional refund claims against their suppliers, and, if so, what the basis or amounts of such potential refund claims against the Company would be. Due to these uncertainties, sufficient information is currently not available to determine PGE’s liability, if any, or to estimate a range of reasonably possible loss. | |
EPA Investigation of Portland Harbor | |
A 1997 investigation by the United States Environmental Protection Agency (EPA) of a segment of the Willamette River known as Portland Harbor revealed significant contamination of river sediments. The EPA subsequently included Portland Harbor on the National Priority List pursuant to the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) as a federal Superfund site and listed 69 Potentially Responsible Parties (PRPs). PGE was included among the PRPs as it has historically owned or operated property near the river. In January 2008, the EPA requested information from various parties, including PGE, concerning additional properties in or near the original segment of the river under investigation as well as several miles beyond. Subsequently, the EPA has listed additional PRPs, which now number over one hundred. | |
The Portland Harbor site is currently undergoing a remedial investigation (RI) and feasibility study (FS) pursuant to an Administrative Order on Consent (AOC) between the EPA and several PRPs known as the Lower Willamette Group (LWG), which does not include PGE. | |
In March 2012, the LWG submitted a draft FS to the EPA for review and approval. The draft FS, along with the RI, provide the framework for the EPA to determine a clean-up remedy for Portland Harbor that will be documented in a Record of Decision, which the EPA is not expected to issue before 2017. | |
The draft FS evaluates several alternative clean-up approaches. These approaches would take from two to 28 years with costs ranging from $169 million to $1.8 billion, depending on the selected remedial action levels and the choice of remedy. The draft FS does not address responsibility for the costs of clean-up, allocate such costs among PRPs, or define precise boundaries for the clean-up. Responsibility for funding and implementing the EPA’s selected clean-up will be determined after the issuance of the Record of Decision. | |
Management believes that it is reasonably possible that this matter could result in a loss to the Company. However, due to the uncertainties discussed above, sufficient information is currently not available to determine PGE’s liability for the cost of any required investigation or remediation of the Portland Harbor site or to estimate a range of potential loss. | |
DEQ Investigation of Downtown Reach | |
The Oregon Department of Environmental Quality (DEQ) has executed a memorandum of understanding with the EPA to administer and enforce clean-up activities for portions of the Willamette River that are upriver from the Portland Harbor Superfund site (the Downtown Reach). In January 2010, the DEQ issued an order requiring PGE to perform an investigation of certain portions of the Downtown Reach. PGE completed this investigation in December 2011 and entered into a consent order with the DEQ in July 2012 to conduct a feasibility study of alternatives for remedial action for the portions of the Downtown Reach that were included within the scope of PGE’s investigation. The draft feasibility study report, which describes possible remediation alternatives that range in estimated cost from $3 million to $8 million, was submitted to the DEQ in February 2014. Following the DEQ’s evaluation of the draft feasibility study, PGE submitted a final feasibility study to the DEQ in September 2014. The estimated costs in the final feasibility study did not differ significantly from those in the draft feasibility study. Using the Company’s best estimate of the probable cost for the remediation effort from the set of alternatives provided in the feasibility study report, PGE has a $3 million reserve for this matter as of September 30, 2014. | |
Based on the available evidence of previous rate recovery of incurred environmental remediation costs for PGE, as well as for other utilities operating within the same jurisdiction, the Company has concluded that the estimated cost of $3 million to remediate the Downtown Reach is probable of recovery. As a result, the Company also has a regulatory asset of $3 million for future recovery in prices as of September 30, 2014. The Company included recovery of the regulatory asset in its 2015 General Rate Case filed with the OPUC in February 2014. The Company has entered into a stipulation in the 2015 GRC, which is subject to OPUC approval, that includes revenues to offset the amortization of the regulatory asset over a two year period beginning January 1, 2015. | |
Alleged Violation of Environmental Regulations at Colstrip | |
On July 30, 2012, PGE received a Notice of Intent to Sue (Notice) for violations of the Clean Air Act (CAA) at Colstrip Steam Electric Station (CSES) from counsel on behalf of the Sierra Club and the Montana Environmental Information Center (MEIC). The Notice was also addressed to the other CSES co-owners, including PPL Montana, LLC, the operator of CSES. PGE has a 20% ownership interest in Units 3 and 4 of CSES. The Notice alleges certain violations of the CAA, including New Source Review, Title V, and opacity requirements, and states that the Sierra Club and MEIC will: i) request a United States District Court to impose injunctive relief and civil penalties; ii) require a beneficial environmental project in the areas affected by the alleged air pollution; and iii) seek reimbursement of Sierra Club’s and MEIC’s costs of litigation and attorney’s fees. | |
The Sierra Club and MEIC asserted that the CSES owners violated the Title V air quality operating permit during portions of 2008 and 2009 and that the owners have violated the CAA by failing to timely submit a complete air quality operating permit application to the Montana Department of Environmental Quality (MDEQ). The Sierra Club and MEIC also asserted violations of opacity provisions of the CAA. | |
On March 6, 2013, the Sierra Club and MEIC sued the CSES co-owners, including PGE, for these and additional alleged violations of various environmental related regulations. The plaintiffs are seeking relief that includes an injunction preventing the co-owners from operating CSES except in accordance with the CAA, the Montana State Implementation Plan, and the plant’s federally enforceable air quality permits. In addition, plaintiffs are seeking civil penalties against the co-owners including $32,500 per day for each violation occurring through January 12, 2009, and $37,500 per day for each violation occurring thereafter. | |
On May 3, 2013, the defendants filed a motion to dismiss 36 of 39 claims alleged in the complaint. In September 2013, the plaintiffs filed a motion for partial summary judgment regarding the appropriate method of calculating emission increases. Also in September 2013, the plaintiffs filed an amended complaint that withdrew Title V and opacity claims, added claims associated with two 2011 projects, and expanded the scope of certain claims to encompass approximately forty additional projects. In July 2014, the court denied both the defendants’ motion to dismiss and the plaintiffs’ motion for partial summary judgment. | |
On August 27, 2014, the plaintiffs filed a second amended complaint to which the defendants’ response was filed September 26, 2014. The second amended complaint continues to seek injunctive relief, declaratory relief, and civil penalties for alleged violations of the federal Clean Air Act. The plaintiffs state in the second amended complaint that it was filed, in part, to comply with the court’s ruling on the defendants’ motion to dismiss and plaintiffs’ motion for partial summary judgment. Discovery in this matter is ongoing with trial now scheduled for August 2015. | |
Management believes that it is reasonably possible that this matter could result in a loss to the Company. However, due to the uncertainties concerning this matter, PGE cannot predict the outcome or determine whether it would have a material impact on the Company. | |
Challenge to AOC Related to Colstrip Wastewater Facilities | |
In August 2012, the operator of CSES entered into an AOC with the MDEQ, which established a comprehensive process to investigate and remediate groundwater seepage impacts related to the wastewater facilities at CSES. Within five years, under this AOC, the operator of CSES is required to provide financial assurance to MDEQ for the costs associated with closure of the waste water treatment facilities. This will establish an obligation for asset retirement, but the operator of CSES is unable at this time to estimate these costs, which will require both public and agency review. | |
In September 2012, Earthjustice filed an affidavit pursuant to Montana’s Major Facility Siting Act (MFSA) that sought review of the AOC by Montana’s Board of Environmental Review (BER), on behalf of environmental groups Sierra Club, the MEIC, and the National Wildlife Federation (collectively, the Petitioners). In September 2012, the operator of CSES filed an election with the BER to have this proceeding conducted in Montana state district court as contemplated by the MFSA. MDEQ and the operator of CSES filed a motion to dismiss several of the claims brought by the Petitioners. On September 30, 2014, the district court denied the motion. | |
In October 2012, Earthjustice, on behalf of the Petitioners, filed with the Montana state district court a separate action petitioning for a writ of mandamus and a complaint for declaratory relief alleging that the AOC fails to require the necessary actions under the MFSA and the Montana Water Quality Act with respect to groundwater seepage from the wastewater facilities at CSES. On May 31, 2013, the district court judge granted the defendants’ motion to dismiss the petition for the writ of mandamus. | |
Management believes that it is reasonably possible that this matter could result in a loss to the Company. However, due to the uncertainties concerning this matter, PGE cannot predict the outcome or determine whether it would have a material impact on the Company. | |
Oregon Tax Court Ruling | |
On September 17, 2012, the Oregon Tax Court issued a ruling contrary to an Oregon Department of Revenue (DOR) interpretation and a current Oregon administrative rule, regarding the treatment of wholesale electricity sales. The underlying issue is whether electricity should be treated as tangible or intangible property for state income tax apportionment purposes. The DOR has appealed the ruling of the Oregon Tax Court to the Oregon Supreme Court. It is uncertain whether the ruling will be upheld. Oral argument occurred in May 2014 and the parties now await a Court decision. | |
If the ruling is upheld, PGE estimates that its income tax liability could increase by as much as $7 million due to an increase in the tax rate at which deferred tax liabilities would be recognized in future years. During the third quarter of 2013, the Company entered into a closing agreement with the DOR, under which the DOR agreed to the tax apportionment methodology utilized on the tax returns relating to open tax years 2008 through 2012. | |
Management believes that it is reasonably possible that this matter could result in a loss to the Company. However, due to the uncertainties concerning this matter, PGE cannot predict the outcome. | |
Other Matters | |
PGE is subject to other regulatory, environmental, and legal proceedings, investigations, and claims that arise from time to time in the ordinary course of business, which may result in judgments against the Company. Although management currently believes that resolution of such matters, individually and in the aggregate, will not have a material impact on its financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties, and management’s view of these matters may change in the future. |
Guarantees_Notes
Guarantees (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Guarantees [Abstract] | ' |
GUARANTEES | ' |
GUARANTEES | |
PGE enters into financial agreements and power and natural gas purchase and sale agreements that include indemnification provisions relating to certain claims or liabilities that may arise relating to the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. PGE periodically evaluates the likelihood of incurring costs under such indemnities based on the Company’s historical experience and the evaluation of the specific indemnities. As of September 30, 2014, management believes the likelihood is remote that PGE would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnities. The Company has not recorded any liability on the condensed consolidated balance sheets with respect to these indemnities. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such regulations |
Balance_Sheet_Components_Polic
Balance Sheet Components (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Balance Sheet Components [Abstract] | ' |
Inventory, Policy [Policy Text Block] | ' |
PGE inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities and fuel for use in generating plants. Fuel inventories include natural gas, coal, and oil. The Company assesses the realizability of inventory for purposes of determining that inventory is recorded at the lower of average cost or market. | |
Debt, Policy [Policy Text Block] | ' |
PGE classifies borrowings under the revolving credit facilities and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. | |
Long-term debt is recorded at amortized cost in PGE’s condensed consolidated balance sheets. The fair value of the Company’s FMBs and Pollution Control Bonds is classified as a Level 2 fair value measurement and is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to PGE for debt of similar remaining maturities. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Fair Value of Financial Instruments [Abstract] | ' | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |
PGE determines the fair value of financial instruments, both assets and liabilities recognized and not recognized in the Company’s condensed consolidated balance sheets, for which it is practicable to estimate fair value as of September 30, 2014 and December 31, 2013, and then classifies these financial assets and liabilities based on a fair value hierarchy. The fair value hierarchy is used to prioritize the inputs to the valuation techniques used to measure fair value. These three levels and application to the Company are discussed below. | ||
Level 1 | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. | |
Level 2 | Pricing inputs include those that are directly or indirectly observable in the marketplace as of the reporting date. | |
Level 3 | Pricing inputs include significant inputs that are unobservable for the asset or liability. | |
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. | ||
PGE recognizes transfers between levels in the fair value hierarchy as of the end of the reporting period for all its financial instruments. Changes to market liquidity conditions, the availability of observable inputs, or changes in the economic structure of a security marketplace may require transfer of the securities between levels. | ||
Allocation of Financial Asset to Hierarchy Levels [Policy Text Block] | ' | |
Trust assets held in the Nuclear decommissioning and Non-qualified benefit plan trusts are recorded at fair value in PGE’s condensed consolidated balance sheets and invested in securities that are exposed to interest rate, credit and market volatility risks. These assets are classified within Level 1, 2 or 3 based on the following factors: | ||
Money market funds—PGE invests in money market funds that seek to maintain a stable net asset value. These funds invest in high-quality, short-term, diversified money market instruments, short-term treasury bills, federal agency securities, certificates of deposits, and commercial paper. Money market funds are classified as Level 2 in the fair value hierarchy as the securities are traded in active markets of similar securities but are not directly valued using quoted market prices. | ||
Debt securities—PGE invests in highly-liquid United States treasury securities to support the investment objectives of the trusts. These domestic government securities are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the reporting date. | ||
Assets classified as Level 2 in the fair value hierarchy include domestic government debt securities, such as municipal debt, and corporate credit securities. Prices are determined by evaluating pricing data such as broker quotes for similar securities and adjusted for observable differences. Significant inputs used in valuation models generally include benchmark yield and issuer spreads. The external credit rating, coupon rate, and maturity of each security are considered in the valuation as applicable. | ||
Equity securities—Equity mutual fund and common stock securities are primarily classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the reporting date. Principal markets for equity prices include published exchanges such as NASDAQ and the New York Stock Exchange. Certain mutual fund assets included in commingled trusts or separately managed accounts are classified as Level 2 in the fair value hierarchy as pricing inputs are directly or indirectly observable in the marketplace. | ||
Assets and liabilities from price risk management activities are recorded at fair value in PGE’s condensed consolidated balance sheets and consist of derivative instruments entered into by the Company to manage its exposure to commodity price risk and foreign currency exchange rate risk, and reduce volatility in net variable power costs (NVPC) for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 4, Price Risk Management. | ||
For those assets and liabilities from price risk management activities classified as Level 2, fair value is derived using present value formulas that utilize inputs such as forward commodity prices and interest rates. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category consist of forwards, futures and swaps. | ||
Assets and liabilities from price risk management activities classified as Level 3 consist of instruments for which fair value is derived using one or more significant inputs that are not observable for the entire term of the instrument. | ||
Fair Value Transfer, Policy [Policy Text Block] | ' | |
Transfers out of Level 3 occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery term of a transaction becomes shorter. PGE records transfers in and transfers out of Level 3 at the end of the reporting period for all of its financial instruments. Transfers from Level 2 to Level 1 for the Company’s price risk management assets and liabilities do not occur as quoted prices are not available for identical instruments. As such, the Company’s assets and liabilities from price risk management activities mature and settle as Level 2 fair value measurements. | ||
Debt, Policy [Policy Text Block] | ' | |
PGE classifies borrowings under the revolving credit facilities and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. | ||
Long-term debt is recorded at amortized cost in PGE’s condensed consolidated balance sheets. The fair value of the Company’s FMBs and Pollution Control Bonds is classified as a Level 2 fair value measurement and is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to PGE for debt of similar remaining maturities. |
Price_Risk_Management_Policies
Price Risk Management (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Price Risk Management [Abstract] | ' |
Derivatives, Policy [Policy Text Block] | ' |
PGE utilizes derivative instruments to manage its exposure to commodity price risk and foreign currency exchange rate risk in order to reduce volatility in NVPC for its retail customers. These derivative instruments may include forwards, futures, swaps, and option contracts for electricity, natural gas, oil, and foreign currency, which are recorded at fair value on the condensed consolidated balance sheets, with changes in fair value recorded in the condensed consolidated statements of income. In accordance with the ratemaking and cost recovery processes authorized by the OPUC, PGE recognizes a regulatory asset or liability to defer the gains and losses from derivative instruments until settlement of the associated derivative instrument. PGE may designate certain derivative instruments as cash flow hedges or may use derivative instruments as economic hedges. The Company does not engage in trading activities for non-retail purposes. |
Contingencies_Policies
Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Contingencies [Abstract] | ' |
Commitments and Contingencies, Policy [Policy Text Block] | ' |
PGE is subject to legal, regulatory, and environmental proceedings, investigations, and claims that arise from time to time in the ordinary course of its business. Contingencies are evaluated using the best information available at the time the consolidated financial statements are prepared. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company may seek regulatory recovery of certain costs that are incurred in connection with such matters, although there can be no assurance that such recovery would be granted. | |
Loss contingencies are accrued, and disclosed if material, when it is probable that an asset has been impaired or a liability incurred as of the financial statement date and the amount of the loss can be reasonably estimated. If a reasonable estimate of probable loss cannot be determined, a range of loss may be established, in which case the minimum amount in the range is accrued, unless some other amount within the range appears to be a better estimate. | |
A loss contingency will also be disclosed when it is reasonably possible that an asset has been impaired or a liability incurred if the estimate or range of potential loss is material. If a probable or reasonably possible loss cannot be reasonably estimated, then the Company: i) discloses an estimate of such loss or the range of such loss, if the Company is able to determine such an estimate; or ii) discloses that an estimate cannot be made and the reasons. | |
If an asset has been impaired or a liability incurred after the financial statement date, but prior to the issuance of the financial statements, the loss contingency is disclosed, if material, and the amount of any estimated loss is recorded in the subsequent reporting period. | |
The Company evaluates, on a quarterly basis, developments in such matters that could affect the amount of any accrual, as well as the likelihood of developments that would make a loss contingency both probable and reasonably estimable. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves a series of complex judgments about future events. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: i) the damages sought are indeterminate or the basis for the damages claimed is not clear; ii) the proceedings are in the early stages; iii) discovery is not complete; iv) the matters involve novel or unsettled legal theories; v) there are significant facts in dispute; vi) there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants); or vii) there are a wide range of potential outcomes. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. |
Guarantees_Policies
Guarantees (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Guarantees [Abstract] | ' |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | ' |
Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. PGE periodically evaluates the likelihood of incurring costs under such indemnities based on the Company’s historical experience and the evaluation of the specific indemnities. |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Balance Sheet Components [Abstract] | ' | |||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||||||||||
The activity in the allowance for uncollectible accounts is as follows (in millions): | ||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance as of beginning of period | $ | 6 | $ | 5 | ||||||||||||||||||||
Provision, net | 5 | 4 | ||||||||||||||||||||||
Amounts written off, less recoveries | (5 | ) | (4 | ) | ||||||||||||||||||||
Balance as of end of period | $ | 6 | $ | 5 | ||||||||||||||||||||
Schedule of Other Current Assets [Table Text Block] | ' | |||||||||||||||||||||||
Other current assets consist of the following (in millions): | ||||||||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Current deferred income tax asset | $ | 41 | $ | 42 | ||||||||||||||||||||
Prepaid expenses | 25 | 38 | ||||||||||||||||||||||
Assets from price risk management activities | 4 | 13 | ||||||||||||||||||||||
Margin deposits | 5 | 9 | ||||||||||||||||||||||
Other | 1 | 1 | ||||||||||||||||||||||
Other current assets | $ | 76 | $ | 103 | ||||||||||||||||||||
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block] | ' | |||||||||||||||||||||||
Electric utility plant, net consists of the following (in millions): | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Electric utility plant | $ | 7,277 | $ | 7,095 | ||||||||||||||||||||
Construction work-in-progress | 1,141 | 508 | ||||||||||||||||||||||
Total cost | 8,418 | 7,603 | ||||||||||||||||||||||
Less: accumulated depreciation and amortization | (2,865 | ) | (2,723 | ) | ||||||||||||||||||||
Electric utility plant, net | $ | 5,553 | $ | 4,880 | ||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities [Text Block] | ' | |||||||||||||||||||||||
Regulatory assets and liabilities consist of the following (in millions): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||||||||||
Regulatory assets: | ||||||||||||||||||||||||
Price risk management | $ | 40 | $ | 76 | $ | 36 | $ | 140 | ||||||||||||||||
Pension and other postretirement plans | — | 180 | — | 194 | ||||||||||||||||||||
Deferred income taxes | — | 85 | — | 76 | ||||||||||||||||||||
Deferred broker settlements | 4 | — | 12 | 1 | ||||||||||||||||||||
Debt reacquisition costs | — | 16 | — | 17 | ||||||||||||||||||||
Deferred capital projects | 4 | 19 | 16 | 18 | ||||||||||||||||||||
Other | 8 | 20 | 2 | 18 | ||||||||||||||||||||
Total regulatory assets | $ | 56 | $ | 396 | $ | 66 | $ | 464 | ||||||||||||||||
Regulatory liabilities: | ||||||||||||||||||||||||
Asset retirement removal costs | $ | — | $ | 791 | $ | — | $ | 747 | ||||||||||||||||
Trojan decommissioning activities | — | 57 | — | 41 | ||||||||||||||||||||
Asset retirement obligations | — | 40 | — | 39 | ||||||||||||||||||||
Other | 4 | 52 | 1 | 38 | ||||||||||||||||||||
Total regulatory liabilities | $ | 4 | * | $ | 940 | $ | 1 | * | $ | 865 | ||||||||||||||
* | Included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets. | |||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||||||||||||||||||
Accrued expenses and other current liabilities consist of the following (in millions): | ||||||||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Accrued employee compensation and benefits | $ | 50 | $ | 46 | ||||||||||||||||||||
Accrued interest payable | 37 | 23 | ||||||||||||||||||||||
Accrued taxes payable | 37 | 21 | ||||||||||||||||||||||
Accrued dividends payable | 23 | 22 | ||||||||||||||||||||||
Regulatory liabilities—current | 4 | 1 | ||||||||||||||||||||||
Other | 60 | 58 | ||||||||||||||||||||||
Total accrued expenses and other current liabilities | $ | 211 | $ | 171 | ||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||||||||||
Components of net periodic benefit cost are as follows (in millions): | ||||||||||||||||||||||||
Defined Benefit | Other Postretirement | Non-Qualified | ||||||||||||||||||||||
Pension Plan | Benefits | Benefit Plans | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Three Months Ended September 30: | ||||||||||||||||||||||||
Service cost | $ | 4 | $ | 4 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Interest cost | 8 | 7 | 1 | 1 | — | — | ||||||||||||||||||
Expected return on plan assets | (9 | ) | (10 | ) | — | — | — | — | ||||||||||||||||
Amortization of net actuarial loss | 4 | 6 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 7 | $ | 7 | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||||||
Nine Months Ended September 30: | ||||||||||||||||||||||||
Service cost | $ | 11 | $ | 12 | $ | 1 | $ | 2 | $ | — | $ | — | ||||||||||||
Interest cost | 25 | 23 | 3 | 3 | 1 | 1 | ||||||||||||||||||
Expected return on plan assets | (29 | ) | (30 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||
Amortization of prior service cost | — | — | 1 | 1 | — | — | ||||||||||||||||||
Amortization of net actuarial loss | 13 | 18 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 20 | $ | 23 | $ | 4 | $ | 5 | $ | 1 | $ | 1 | ||||||||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
The Company’s financial assets and liabilities whose values were recognized at fair value are as follows by level within the fair value hierarchy (in millions): | |||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Nuclear decommissioning trust: (1) | |||||||||||||||||||||||||
Money market funds | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Domestic government | 8 | 6 | — | 14 | |||||||||||||||||||||
Corporate credit | — | 10 | — | 10 | |||||||||||||||||||||
Non-qualified benefit plan trust: (2) | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Domestic | 4 | 2 | — | 6 | |||||||||||||||||||||
International | 1 | — | — | 1 | |||||||||||||||||||||
Assets from price risk management activities: (1) (3) | |||||||||||||||||||||||||
Electricity | — | 2 | — | 2 | |||||||||||||||||||||
Natural gas | — | 3 | 1 | 4 | |||||||||||||||||||||
$ | 13 | $ | 88 | $ | 1 | $ | 102 | ||||||||||||||||||
Liabilities—Liabilities from price risk management | |||||||||||||||||||||||||
activities:(1) (3) | |||||||||||||||||||||||||
Electricity | $ | — | $ | 4 | $ | 80 | $ | 84 | |||||||||||||||||
Natural gas | — | 19 | 19 | 38 | |||||||||||||||||||||
$ | — | $ | 23 | $ | 99 | $ | 122 | ||||||||||||||||||
-1 | Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate. | ||||||||||||||||||||||||
-2 | Excludes insurance policies of $26 million, which are recorded at cash surrender value. | ||||||||||||||||||||||||
-3 | For further information, see Note 4, Price Risk Management. | ||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Nuclear decommissioning trust: (1) | |||||||||||||||||||||||||
Money market funds | $ | — | $ | 59 | $ | — | $ | 59 | |||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Domestic government | 6 | 8 | — | 14 | |||||||||||||||||||||
Corporate credit | — | 9 | — | 9 | |||||||||||||||||||||
Non-qualified benefit plan trust: (2) | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Domestic | 4 | 3 | — | 7 | |||||||||||||||||||||
International | 1 | — | — | 1 | |||||||||||||||||||||
Debt securities—domestic government | 1 | — | — | 1 | |||||||||||||||||||||
Assets from price risk management activities: (1) (3) | |||||||||||||||||||||||||
Electricity | — | 9 | 1 | 10 | |||||||||||||||||||||
Natural gas | — | 4 | — | 4 | |||||||||||||||||||||
$ | 12 | $ | 92 | $ | 1 | $ | 105 | ||||||||||||||||||
Liabilities — Liabilities from price risk management activities: (1) (3) | |||||||||||||||||||||||||
Electricity | $ | — | $ | 10 | $ | 117 | $ | 127 | |||||||||||||||||
Natural gas | — | 40 | 23 | 63 | |||||||||||||||||||||
$ | — | $ | 50 | $ | 140 | $ | 190 | ||||||||||||||||||
-1 | Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate. | ||||||||||||||||||||||||
-2 | Excludes insurance policies of $26 million, which are recorded at cash surrender value. | ||||||||||||||||||||||||
-3 | For further information, see Note 4, Price Risk Management. | ||||||||||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Table Text Block] | ' | ||||||||||||||||||||||||
Quantitative information regarding the significant, unobservable inputs used in the measurement of Level 3 assets and liabilities from price risk management activities is presented below: | |||||||||||||||||||||||||
Valuation Technique | Significant Unobservable Input | Price per Unit | |||||||||||||||||||||||
Fair Value | Weighted Average | ||||||||||||||||||||||||
Commodity Contracts | Assets | Liabilities | Low | High | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||
Electricity physical forward | $ | — | $ | 65 | Discounted cash flow | Electricity forward price (per MWh) | $ | 12.91 | $ | 110.96 | $ | 41.5 | |||||||||||||
Natural gas financial swaps | 1 | 19 | Discounted cash flow | Natural gas forward price (per Decatherm) | 3.3 | 4.99 | 3.86 | ||||||||||||||||||
Electricity financial futures | — | 15 | Discounted cash flow | Electricity forward price (per MWh) | 12.91 | 43.34 | 35.72 | ||||||||||||||||||
$ | 1 | $ | 99 | ||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Electricity physical forward | $ | — | $ | 103 | Discounted cash flow | Electricity forward price (per MWh) | $ | 9.63 | $ | 77.95 | $ | 40.18 | |||||||||||||
Natural gas financial swaps | — | 23 | Discounted cash flow | Natural gas forward price (per Decatherm) | 3.16 | 4.49 | 3.71 | ||||||||||||||||||
Electricity financial futures | 1 | 14 | Discounted cash flow | Electricity forward price (per MWh) | 9.63 | 46.07 | 33.01 | ||||||||||||||||||
$ | 1 | $ | 140 | ||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Changes in the fair value of net liabilities from price risk management activities (net of assets from price risk management activities) classified as Level 3 in the fair value hierarchy were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Balance as of the beginning of the period | $ | 89 | $ | 56 | $ | 139 | $ | 16 | |||||||||||||||||
Net realized and unrealized losses (gains)* | 9 | 8 | (45 | ) | 48 | ||||||||||||||||||||
Settlements | (1 | ) | — | (1 | ) | — | |||||||||||||||||||
Transfers out of Level 3 to Level 2 | 1 | — | 5 | — | |||||||||||||||||||||
Balance as of the end of the period | $ | 98 | $ | 64 | $ | 98 | $ | 64 | |||||||||||||||||
* | Contains nominal amounts of realized losses. Both realized and unrealized losses (gains) are recorded in Purchased power and fuel expense in the condensed consolidated statements of income of which the unrealized portion is fully offset by the effects of regulatory accounting until settlement of the underlying transactions. |
Price_Risk_Management_Tables
Price Risk Management (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||||
PGE’s Assets and Liabilities from price risk management activities consist of the following (in millions): | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 2 | $ | 9 | ||||||||||||||||||||||||
Natural gas | 2 | 4 | ||||||||||||||||||||||||||
Total current derivative assets | 4 | (1) | 13 | (1) | ||||||||||||||||||||||||
Noncurrent assets: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | — | 1 | ||||||||||||||||||||||||||
Natural gas | 2 | — | ||||||||||||||||||||||||||
Total noncurrent derivative assets | 2 | (2) | 1 | (2) | ||||||||||||||||||||||||
Total derivative assets not designated as hedging instruments | $ | 6 | $ | 14 | ||||||||||||||||||||||||
Total derivative assets | $ | 6 | $ | 14 | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 29 | $ | 20 | ||||||||||||||||||||||||
Natural gas | 15 | 29 | ||||||||||||||||||||||||||
Total current derivative liabilities | 44 | 49 | ||||||||||||||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | 55 | 107 | ||||||||||||||||||||||||||
Natural gas | 23 | 34 | ||||||||||||||||||||||||||
Total noncurrent derivative liabilities | 78 | 141 | ||||||||||||||||||||||||||
Total derivative liabilities not designated as hedging instruments | $ | 122 | $ | 190 | ||||||||||||||||||||||||
Total derivative liabilities | $ | 122 | $ | 190 | ||||||||||||||||||||||||
-1 | Included in Other current assets on the condensed consolidated balance sheets. | |||||||||||||||||||||||||||
-2 | Included in Other noncurrent assets on the condensed consolidated balance sheets. | |||||||||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | |||||||||||||||||||||||||||
PGE’s net volumes related to its Assets and Liabilities from price risk management activities resulting from its derivative transactions, which are expected to deliver or settle through 2035, were as follows (in millions): | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | 18 | MWh | 14 | MWh | ||||||||||||||||||||||||
Natural gas | 100 | Decatherms | 106 | Decatherms | ||||||||||||||||||||||||
Foreign currency | $ | 8 | Canadian | $ | 7 | Canadian | ||||||||||||||||||||||
Price Risk Management Assets and Liabilities Subject to Master Netting Agreements [Table Text Block] | ' | |||||||||||||||||||||||||||
Price risk management liabilities subject to master netting agreements is as follows (in millions): | ||||||||||||||||||||||||||||
Gross Amounts Not Offset in | ||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Condensed Consolidated | |||||||||||||||||||||||||
Balance Sheets | Net Amount | |||||||||||||||||||||||||||
Derivatives | Cash Collateral(1) | |||||||||||||||||||||||||||
As of September 30, 2014: | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity(2) | $ | 52 | $ | — | $ | 52 | $ | (52 | ) | $ | — | $ | — | |||||||||||||||
Natural gas(2) | 1 | — | 1 | (1 | ) | — | — | |||||||||||||||||||||
$ | 53 | $ | — | $ | 53 | $ | (53 | ) | $ | — | $ | — | ||||||||||||||||
As of December 31, 2013: | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity(2) | $ | 91 | $ | — | $ | 91 | $ | (91 | ) | $ | — | $ | — | |||||||||||||||
Natural gas(2) | 1 | — | 1 | (1 | ) | — | — | |||||||||||||||||||||
$ | 92 | $ | — | $ | 92 | $ | (92 | ) | $ | — | $ | — | ||||||||||||||||
-1 | As of September 30, 2014 and December 31, 2013, PGE had posted collateral in the amount of $9 million and $7 million, respectively, which consisted entirely of letters of credit. | |||||||||||||||||||||||||||
-2 | Included in Liabilities from price risk management activities—current and Liabilities from price risk management activities—noncurrent. | |||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||||||||||||||
Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are recorded in Purchased power and fuel in the condensed consolidated statements of income and were as follows (in millions): | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | |||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 8 | $ | (1 | ) | $ | (21 | ) | $ | 17 | ||||||||||||||||||
Natural Gas | 25 | 10 | (17 | ) | 30 | |||||||||||||||||||||||
Net unrealized and certain net realized losses (gains) presented in the preceding table are offset within the condensed consolidated statements of income by the effects of regulatory accounting. | ||||||||||||||||||||||||||||
Schedule of Price Risk Derivatives [Table Text Block] | ' | |||||||||||||||||||||||||||
Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss recorded as of September 30, 2014 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions): | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||
Electricity | $ | 4 | $ | 28 | $ | 13 | $ | 5 | $ | 4 | $ | 28 | $ | 82 | ||||||||||||||
Natural gas | 6 | 10 | 12 | 5 | 1 | — | 34 | |||||||||||||||||||||
Net unrealized loss | $ | 10 | $ | 38 | $ | 25 | $ | 10 | $ | 5 | $ | 28 | $ | 116 | ||||||||||||||
Schedule of Concentration of Risk, by Counterparty [Table Text Block] | ' | |||||||||||||||||||||||||||
Counterparties representing 10% or more of Assets and Liabilities from price risk management activities were as follows: | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Assets from price risk management activities: | ||||||||||||||||||||||||||||
Counterparty A | 37 | % | 53 | % | ||||||||||||||||||||||||
Counterparty B | 20 | 5 | ||||||||||||||||||||||||||
Counterparty C | 11 | — | ||||||||||||||||||||||||||
68 | % | 58 | % | |||||||||||||||||||||||||
Liabilities from price risk management activities: | ||||||||||||||||||||||||||||
Counterparty D | 39 | % | 43 | % | ||||||||||||||||||||||||
Counterparty E | 15 | 11 | ||||||||||||||||||||||||||
54 | % | 54 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The reconciliations of the denominators of the basic and diluted earnings per share computations are as follows (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted-average common shares outstanding—basic | 78,203 | 77,637 | 78,170 | 76,401 | ||||||||
Dilutive effect of potential common shares | 2,022 | 693 | 1,807 | 302 | ||||||||
Weighted-average common shares outstanding—diluted | 80,225 | 78,330 | 79,977 | 76,703 | ||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | |||||||||||||||||||
The activity in equity during the nine months ended September 30, 2014 and 2013 is as follows (dollars in millions): | ||||||||||||||||||||
Portland General Electric Company | ||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Common Stock | Accumulated | Retained | Noncontrolling | |||||||||||||||||
Other | Earnings | Interests’ | ||||||||||||||||||
Comprehensive | Equity | |||||||||||||||||||
Shares | Amount | Loss | ||||||||||||||||||
Balances as of December 31, 2013 | 78,085,559 | $ | 911 | $ | (5 | ) | $ | 913 | $ | 1 | ||||||||||
Issuances of shares pursuant to equity-based plans | 123,869 | 1 | — | — | — | |||||||||||||||
Stock-based compensation | — | 4 | — | — | — | |||||||||||||||
Dividends declared | — | — | — | (67 | ) | — | ||||||||||||||
Net income | — | — | — | 132 | (1 | ) | ||||||||||||||
Balances as of September 30, 2014 | 78,209,428 | $ | 916 | $ | (5 | ) | $ | 978 | $ | — | ||||||||||
Balances as of December 31, 2012 | 75,556,272 | $ | 841 | $ | (6 | ) | $ | 893 | $ | 2 | ||||||||||
Issuances of common stock, net of issuance costs of $3 | 2,365,000 | 67 | — | — | — | |||||||||||||||
Issuances of shares pursuant to equity-based plans | 146,027 | — | — | — | — | |||||||||||||||
Stock-based compensation | — | 2 | — | — | — | |||||||||||||||
Dividends declared | — | — | — | (63 | ) | — | ||||||||||||||
Net income (loss) | — | — | — | 58 | (1 | ) | ||||||||||||||
Balances as of September 30, 2013 | 78,067,299 | $ | 910 | $ | (6 | ) | $ | 888 | $ | 1 | ||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2013 |
sqmi | sqmi | |||||||||
retail_customers | retail_customers | |||||||||
Basis of Presentation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Area Sq Miles | 4,000 | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Incorporated Cities | 52 | ' | ' | 52 | ' | ' | ' | ' | ' | ' |
Number of Retail Customers | 843,110 | ' | ' | 843,110 | ' | ' | ' | ' | ' | ' |
Service Area Population | 1.7 | ' | ' | 1.7 | ' | ' | ' | ' | ' | ' |
Percent of State's Population | 44.00% | ' | ' | 44.00% | ' | ' | ' | ' | ' | ' |
Margin Deposit Assets | $5 | ' | ' | $5 | ' | ' | ' | ' | ' | $9 |
Power Cost Deferrals, Net | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' |
Other Comprehensive Income | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' |
Revenue overstatement | ' | ' | $9 | ' | ' | $3 | $3 | $2 | $1 | ' |
Balance_Sheet_Components_Allow
Balance Sheet Components Allowance for Uncollectible Accounts (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for Uncollectible Accounts | ' | ' |
Balance as of begining of period | $6 | $5 |
Provision, net | 5 | 4 |
Amounts written off, less recoveries | -5 | -4 |
Balance as of end of period | $6 | $5 |
Balance_Sheet_Components_Other
Balance Sheet Components Other Current Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Line Items] | ' | ' |
Current deferred income tax asset | $41 | $42 |
Prepaid expenses | 25 | 38 |
Assets from price risk management activities | 4 | 13 |
Margin deposits | 5 | 9 |
Other | 1 | 1 |
Other current assets | $76 | $103 |
Balance_Sheet_Components_Elect
Balance Sheet Components Electric Utility Plant, Net (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Electric utility plant | $7,277 | $7,095 |
Construction work-in-progress | 1,141 | 508 |
Total cost | 8,418 | 7,603 |
Less: accumulated depreciation and amortization | -2,865 | -2,723 |
Electric utility plant, net | $5,553 | $4,880 |
Balance_Sheet_Components_Regul
Balance Sheet Components Regulatory Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Regulatory Assets [Member] | ' | ' |
Regulatory Assets and Liabilities [Line Items] | ' | ' |
Price risk management | $40 | $36 |
Pension and other postretirement plans | 0 | 0 |
Deferred income taxes | 0 | 0 |
Deferred broker settlements | 4 | 12 |
Debt reacquisition costs | 0 | 0 |
Deferred capital projects | 4 | 16 |
Other | 8 | 2 |
Total regulatory assets | 56 | 66 |
Noncurrent Regulatory Assets [Member] | ' | ' |
Regulatory Assets and Liabilities [Line Items] | ' | ' |
Price risk management | 76 | 140 |
Pension and other postretirement plans | 180 | 194 |
Deferred income taxes | 85 | 76 |
Deferred broker settlements | 0 | 1 |
Debt reacquisition costs | 16 | 17 |
Deferred capital projects | 19 | 18 |
Other | 20 | 18 |
Total regulatory assets | 396 | 464 |
Current Regulatory Liabilities [Member] | ' | ' |
Regulatory Assets and Liabilities [Line Items] | ' | ' |
Asset retirement removal costs | 0 | 0 |
Trojan decommissioning activities | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Other | 4 | 1 |
Total regulatory liabilities | 4 | 1 |
Noncurrent Regulatory Liabilities [Member] | ' | ' |
Regulatory Assets and Liabilities [Line Items] | ' | ' |
Asset retirement removal costs | 791 | 747 |
Trojan decommissioning activities | 57 | 41 |
Asset retirement obligations | 40 | 39 |
Other | 52 | 38 |
Total regulatory liabilities | $940 | $865 |
Balance_Sheet_Components_Other1
Balance Sheet Components Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued employee compensation and benefits | $50 | $46 |
Accrued interest payable | 37 | 23 |
Accrued taxes payable | 37 | 21 |
Accrued dividends payable | 23 | 22 |
Regulatory liabilitiesbcurrent | 4 | 1 |
Other | 60 | 58 |
Total accrued expenses and other current liabilities | $211 | $171 |
Balance_Sheet_Components_Pensi
Balance Sheet Components Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4 | $4 | $11 | $12 |
Interest cost | 8 | 7 | 25 | 23 |
Expected return on plan assets | -9 | -10 | -29 | -30 |
Amortization of prior service cost | ' | ' | 0 | 0 |
Amortization of net actuarial loss | 4 | 6 | 13 | 18 |
Net periodic benefit cost | 7 | 7 | 20 | 23 |
Other Postretirement Benefit Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 1 | 1 | 2 |
Interest cost | 1 | 1 | 3 | 3 |
Expected return on plan assets | 0 | 0 | -1 | -1 |
Amortization of prior service cost | ' | ' | 1 | 1 |
Amortization of net actuarial loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 1 | 2 | 4 | 5 |
Non Qualified Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 0 | 1 | 1 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | ' | ' | 0 | 0 |
Amortization of net actuarial loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $0 | $0 | $1 | $1 |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $6,000,000 | $5,000,000 | ' | $6,000,000 | $5,000,000 | $6,000,000 | $5,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 188,000,000 | ' | ' | 188,000,000 | ' | 170,000,000 | ' |
Amortization of Intangible Assets | 6,000,000 | 5,000,000 | ' | 18,000,000 | 16,000,000 | ' | ' |
Expenses related to Cascade Crossing | 0 | 0 | 52,000,000 | 0 | 52,000,000 | ' | ' |
Syndicated credit facility scheduled to expire in 2018 | 400,000,000 | ' | ' | 400,000,000 | ' | ' | ' |
Credit Facilities - $300 million revolver | 300,000,000 | ' | ' | 300,000,000 | ' | ' | ' |
Debt Instrument, Covenant Description | ' | ' | ' | '.65 | ' | ' | ' |
Ratio of Indebtedness to Net Capital | 0.551 | ' | ' | 0.551 | ' | ' | ' |
Authorized Short-Term Debt | 900,000,000 | ' | ' | 900,000,000 | ' | ' | ' |
Short-term Debt | 0 | ' | ' | 0 | ' | ' | ' |
Commercial Paper | 0 | ' | ' | 0 | ' | ' | ' |
Borrowings | 9,000,000 | ' | ' | 9,000,000 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 691,000,000 | ' | ' | 691,000,000 | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 30,000,000 | ' | ' | 30,000,000 | ' | ' | ' |
Letters of credit issued | 55,000,000 | ' | ' | 55,000,000 | ' | ' | ' |
Proceeds from Long-term Lines of Credit | ' | ' | ' | 305,000,000 | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | '70 | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | 0.90% | ' | ' | ' |
Fees and Commissions | ' | ' | ' | 0 | ' | ' | ' |
Debt [Member] | ' | ' | ' | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | 280,000,000 | ' | ' | 280,000,000 | ' | ' | ' |
4.39%, August 15, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.39% | ' | ' | 4.39% | ' | ' | ' |
4.44%, October 15, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.44% | ' | ' | 4.44% | ' | ' | ' |
3.51%, November 17, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | $80,000,000 | ' | ' | $80,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | ' | ' | 3.51% | ' | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Financial Assets and Liabilities Recognized at Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Nuclear decommissioning trust: (1) | ' | ' |
Money market funds | $65 | $59 |
Debt securities: | ' | ' |
Domestic government | 14 | 14 |
Corporate credit | 10 | 9 |
Equity securities: | ' | ' |
Domestic | 6 | 7 |
International | 1 | 1 |
Debt securities - domestic government | ' | 1 |
Assets from price risk management activities: (1) (3) | ' | ' |
Electricity | 2 | 10 |
Natural gas | 4 | 4 |
Total | 102 | 105 |
Liabilities from price risk management activities: (1) (3) | ' | ' |
Electricity | 84 | 127 |
Natural gas | 38 | 63 |
Total | 122 | 190 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Nuclear decommissioning trust: (1) | ' | ' |
Money market funds | 0 | 0 |
Debt securities: | ' | ' |
Domestic government | 8 | 6 |
Corporate credit | 0 | 0 |
Equity securities: | ' | ' |
Domestic | 4 | 4 |
International | 1 | 1 |
Debt securities - domestic government | ' | 1 |
Assets from price risk management activities: (1) (3) | ' | ' |
Electricity | 0 | 0 |
Natural gas | 0 | 0 |
Total | 13 | 12 |
Liabilities from price risk management activities: (1) (3) | ' | ' |
Electricity | 0 | 0 |
Natural gas | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Nuclear decommissioning trust: (1) | ' | ' |
Money market funds | 65 | 59 |
Debt securities: | ' | ' |
Domestic government | 6 | 8 |
Corporate credit | 10 | 9 |
Equity securities: | ' | ' |
Domestic | 2 | 3 |
International | 0 | 0 |
Debt securities - domestic government | ' | 0 |
Assets from price risk management activities: (1) (3) | ' | ' |
Electricity | 2 | 9 |
Natural gas | 3 | 4 |
Total | 88 | 92 |
Liabilities from price risk management activities: (1) (3) | ' | ' |
Electricity | 4 | 10 |
Natural gas | 19 | 40 |
Total | 23 | 50 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Nuclear decommissioning trust: (1) | ' | ' |
Money market funds | 0 | 0 |
Debt securities: | ' | ' |
Domestic government | 0 | 0 |
Corporate credit | 0 | 0 |
Equity securities: | ' | ' |
Domestic | 0 | 0 |
International | 0 | 0 |
Debt securities - domestic government | ' | 0 |
Assets from price risk management activities: (1) (3) | ' | ' |
Electricity | 0 | 1 |
Natural gas | 1 | 0 |
Total | 1 | 1 |
Liabilities from price risk management activities: (1) (3) | ' | ' |
Electricity | 80 | 117 |
Natural gas | 19 | 23 |
Total | $99 | $140 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Fair Value Options Quantitative Disclosure (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Low [Member] | ' | ' |
Commodity Contracts | ' | ' |
Electricity physical forward | $12.91 | $9.63 |
Natural gas financial swaps | 3.3 | 3.16 |
Electricity financial futures | 12.91 | 9.63 |
High [Member] | ' | ' |
Commodity Contracts | ' | ' |
Electricity physical forward | 110.96 | 77.95 |
Natural gas financial swaps | 4.99 | 4.49 |
Electricity financial futures | 43.34 | 46.07 |
Weighted Average [Member] | ' | ' |
Commodity Contracts | ' | ' |
Electricity physical forward | 41.5 | 40.18 |
Natural gas financial swaps | 3.86 | 3.71 |
Electricity financial futures | 35.72 | 33.01 |
Assets [Member] | ' | ' |
Commodity Contracts | ' | ' |
Electricity physical forward | 0 | 0 |
Natural gas financial swaps | 1,000,000 | 0 |
Electricity financial futures | 0 | 1,000,000 |
Total commodity contracts | 1,000,000 | 1,000,000 |
Liabilities [Member] | ' | ' |
Commodity Contracts | ' | ' |
Electricity physical forward | 65,000,000 | 103,000,000 |
Natural gas financial swaps | 19,000,000 | 23,000,000 |
Electricity financial futures | 15,000,000 | 14,000,000 |
Total commodity contracts | $99,000,000 | $140,000,000 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments Unobservable Input Reconciliation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Balance as of the beginning of the period | $89 | $56 | $139 | $16 |
Net realized and unrealized (gains) losses (1) | 9 | 8 | -45 | 48 |
Settlements | -1 | 0 | -1 | 0 |
Transfers out of Level 3 to Level 2 | 1 | 0 | 5 | 0 |
Balance as of the end of the period | $98 | $64 | $98 | $64 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Transfers Between Measurement Levels | $0 | $0 | $0 | $0 | ' |
Cash Surrender Value, Fair Value Disclosure | 26,000,000 | ' | 26,000,000 | ' | 26,000,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ' | 0 | 0 | ' |
Long-term Debt | 2,321,000,000 | ' | 2,321,000,000 | ' | 1,916,000,000 |
Long-term Debt, Fair Value | 2,632,000,000 | ' | 2,632,000,000 | ' | 2,074,000,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | 2,327,000,000 | ' | 2,327,000,000 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | $305,000,000 | ' | $305,000,000 | ' | ' |
Price_Risk_Management_Fair_val
Price Risk Management Fair values of price risk management assets and liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets, Commodity Contracts: | ' | ' |
Electricity | $2 | $9 |
Natural gas | 2 | 4 |
Total current derivative assets | 4 | 13 |
Noncurrent Assets, Commodity Contracts: [Abstract] | ' | ' |
Electricity | 0 | 1 |
Natural gas | 2 | 0 |
Total noncurrent derivative assets | 2 | 1 |
Total derivative assets not designated as hedging instruments | 6 | 14 |
Total derivative assets | 6 | 14 |
Current Liabilities, Commodity Contracts: [Abstract] | ' | ' |
Electricity | 29 | 20 |
Natural gas | 15 | 29 |
Total current derivative liabilities | 44 | 49 |
Noncurrent Liabilities, Commodity Contracts: [Abstract] | ' | ' |
Electricity | 55 | 107 |
Natural gas | 23 | 34 |
Total noncurrent derivative liabilities | 78 | 141 |
Total derivative liabilities not designated as hedging instruments | 122 | 190 |
Total derivative liabilities | $122 | $190 |
Price_Risk_Management_Net_volu
Price Risk Management Net volumes related to price risk management activities (Details) (CAD) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | MMBTU | MWh |
MWh | MMBTU | |
Commodity contracts: | ' | ' |
Electricity | 18,000,000 | 14,000,000 |
Natural gas | 100,000,000 | 106,000,000 |
Foreign currency | 8 | 7 |
Price_Risk_Management_Price_Ri
Price Risk Management Price Risk Management assets and liabilities subject to master netting agreements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Electricity [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | $52 | $91 |
Electricity [Member] | Gross amounts offset [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Electricity [Member] | net amount presented [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 52 | 91 |
Electricity [Member] | Derivative [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 52 | 91 |
Electricity [Member] | Securities Pledged as Collateral [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Electricity [Member] | Commodity Contract [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Natural Gas [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 1 | 1 |
Natural Gas [Member] | Gross amounts offset [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Natural Gas [Member] | net amount presented [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 1 | 1 |
Natural Gas [Member] | Derivative [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 1 | 1 |
Natural Gas [Member] | Securities Pledged as Collateral [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Natural Gas [Member] | Commodity Contract [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Liabilities, Total [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 53 | 92 |
Liabilities, Total [Member] | Gross amounts offset [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Liabilities, Total [Member] | net amount presented [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 53 | 92 |
Liabilities, Total [Member] | Derivative [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 53 | 92 |
Liabilities, Total [Member] | Securities Pledged as Collateral [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | 0 | 0 |
Liabilities, Total [Member] | Commodity Contract [Member] | ' | ' |
Price Risk Management assets and liabilities subject to master netting agreements [Line Items] | ' | ' |
Derivative Liability, Fair Value, Net | $0 | $0 |
Price_Risk_Management_Net_real
Price Risk Management Net realized and unrealized gains and losses on derivative transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commodity contracts: | ' | ' | ' | ' |
Electricity | $8 | ($1) | ($21) | $17 |
Natural Gas | $25 | $10 | ($17) | $30 |
Price_Risk_Management_Future_Y
Price Risk Management Future Year Net Unrealized Gain/Loss Recorded at Balance Sheet Date Expected to Become Realized (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Electricity [Member] | ' |
Commodity contracts: | ' |
2014 | $4 |
2015 | 28 |
2016 | 13 |
2017 | 5 |
2018 | 4 |
Thereafter | 28 |
Total | 82 |
Natural Gas [Member] | ' |
Commodity contracts: | ' |
2014 | 6 |
2015 | 10 |
2016 | 12 |
2017 | 5 |
2018 | 1 |
Thereafter | 0 |
Total | 34 |
Net Unrealized Loss [Member] | ' |
Commodity contracts: | ' |
2014 | 10 |
2015 | 38 |
2016 | 25 |
2017 | 10 |
2018 | 5 |
Thereafter | 28 |
Total | $116 |
Price_Risk_Management_Counterp
Price Risk Management Counterparties Representing 10% or More (Details) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets from price risk management activities: | ' | ' |
Counterparty A | 37.00% | 53.00% |
Counterparty B | 20.00% | 5.00% |
Counterparty C | 11.00% | 0.00% |
Total | 68.00% | 58.00% |
Liabilities from price risk management activities: | ' | ' |
Counterparty D | 39.00% | 43.00% |
Counterparty E | 15.00% | 11.00% |
Total | 54.00% | 54.00% |
Price_Risk_Management_Price_Ri1
Price Risk Management Price Risk Management (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Collateral, Master Netting Arrangements, Letters of Credit | $9 | ' | $9 | ' | $7 |
Net gain or (loss) recognized in the statement of income offset by regulatory accounting | -34 | -7 | 30 | -66 | ' |
Derivative, Net Liability Position, Aggregate Fair Value | 119 | ' | 119 | ' | ' |
Collateral Posted, Aggregate Fair Value | 17 | ' | 17 | ' | ' |
Collateral cash requirement | $116 | ' | $116 | ' | ' |
Earnings_Per_Share_Components_
Earnings Per Share Components of Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic | 78,203 | 77,637 | 78,170 | 76,401 |
Dilutive effect of potential common shares | 2,022 | 693 | 1,807 | 302 |
Weighted-average common shares outstanding - diluted | 80,225 | 78,330 | 79,977 | 76,703 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Unvested performance-based restricted stock units and associated dividend equivalent rights | 361,000 | 440,000 | 361,000 | 440,000 |
Schedule_of_Equity_Details
Schedule of Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Common Stock, Shares, Outstanding beginning of period | ' | ' | 78,085,559 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | $1,820 | ' |
Net Income Attributable to Parent | 39 | 31 | 132 | 58 |
Net Income (Loss) Attributable to Noncontrolling Interest | -1 | 0 | -1 | -1 |
Common Stock, Shares, Outstanding end of period | 78,209,428 | ' | 78,209,428 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,889 | ' | 1,889 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Common Stock, Shares, Outstanding beginning of period | ' | ' | 78,085,559 | 75,556,272 |
Issuance of common stock | ' | ' | ' | 2,365,000 |
Issuances of shares pursuant to equity-based plans | ' | ' | 123,869 | 146,027 |
Common Stock, Shares, Outstanding end of period | 78,209,428 | 78,067,299 | 78,209,428 | 78,067,299 |
Common Stock Including Additional Paid in Capital [Member] | ' | ' | ' | ' |
Issuance of shares pursuant to equity-based plans | ' | ' | 1 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | 911 | 841 |
Issuances of common stock, net of issuance costs of $3 | ' | ' | ' | 67 |
Stock-based compensation | ' | ' | 4 | 2 |
Dividends declared | ' | ' | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 916 | 910 | 916 | 910 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | -5 | -6 |
Stock-based compensation | ' | ' | 0 | 0 |
Dividends declared | ' | ' | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -5 | -6 | -5 | -6 |
Retained Earnings [Member] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | 913 | 893 |
Stock-based compensation | ' | ' | 0 | 0 |
Dividends declared | ' | ' | -67 | -63 |
Net Income Attributable to Parent | ' | ' | 132 | 58 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 978 | 888 | 978 | 888 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | 1 | 2 |
Stock-based compensation | ' | ' | 0 | 0 |
Dividends declared | ' | ' | 0 | 0 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | -1 | -1 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $0 | $1 | $0 | $1 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' |
Issuance Costs | ' | ' | $3,000,000 | ' | ' |
Stock Offering | ' | ' | ' | 11,100,000 | ' |
Share Price | ' | ' | ' | ' | $29.50 |
Common Stock, Discount on Shares | ' | ' | ' | ' | 0.96 |
Equity Forward Sale Agreement, Settlement Threshold | 10,400,000 | ' | ' | ' | ' |
Equity Forward Sale Agreement future settlement amount | 278,000,000 | ' | ' | ' | ' |
Option Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | 56,000,000 | 56,000,000 | ' | ' | ' |
Net share settlement | 1,742,421 | 1,742,421 | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | $0 | $67,000,000 | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 1997 | Dec. 31, 2013 | Sep. 30, 2008 | Sep. 30, 2000 | Dec. 31, 1993 | |
claims | claims | claims | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Investment in Trojan | ' | ' | ' | ' | ' | ' | 87.00% |
Regulatory asset related to Trojan | ' | ' | ' | ' | ' | $5,000,000 | ' |
Refund to customers for Trojan Investment including interest | ' | ' | ' | ' | 33,100,000 | ' | ' |
Class action damages sought | ' | 260,000,000 | ' | ' | ' | ' | ' |
Loss Contingency, Claims Settled, Number | ' | 2 | ' | ' | ' | ' | ' |
Contracts | ' | 119 | ' | ' | ' | ' | ' |
Site Contingency, Names of Other Potentially Responsible Parties | ' | '100 | '69 | ' | ' | ' | ' |
Lower estimate of range of cost of Portland Harbor cleanup in total | ' | 169,000,000 | ' | ' | ' | ' | ' |
Upper estimated range of total cost of Portland Harbor cleanup | ' | 1,800,000,000 | ' | ' | ' | ' | ' |
Remediation cost estimate lower range | ' | 3,000,000 | ' | 3,000,000 | ' | ' | ' |
Remediation cost estimate upper range | ' | ' | ' | 8,000,000 | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss | ' | 3,000,000 | ' | ' | ' | ' | ' |
Regulatory asset for recovery of loss contingencies | ' | 3,000,000 | ' | ' | ' | ' | ' |
Civil Penalty Claim - Per day per violation through January 12, 2009 | ' | 32,500 | ' | ' | ' | ' | ' |
Civil Penalty Claim - Per day per violation after January 12, 2009 | ' | 37,500 | ' | ' | ' | ' | ' |
Loss Contingency, Actions Taken by Defendant | ' | '36 | ' | ' | ' | ' | ' |
projects added to plaintiff's suit | 2 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Pending Claims, Number | ' | 39 | ' | 40 | ' | ' | ' |
Potential Income Tax Liability related to State Tax Court Ruling | ' | $7,000,000 | ' | ' | ' | ' | ' |