Portland General Electric (POR) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-5532-99
Entity Registrant Name	PORTLAND GENERAL ELECTRIC COMPANY
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0256820
Entity Address, Address Line One	121 SW Salmon Street
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97204
City Area Code	503
Local Phone Number	464-8000
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	POR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,455,590
Entity Central Index Key	0000784977
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, net	$ 942	$ 801	$ 2,643	$ 2,192
Alternative revenue programs, net of amortization	(13)	1	(27)	6
Total revenues	929	802	2,616	2,198
Operating expenses:
Purchased power and fuel	380	386	1,060	910
Generation, transmission and distribution	131	85	337	279
Administrative and other	102	89	294	262
Depreciation and amortization	126	116	369	340
Taxes other than income taxes	44	41	132	124
Total operating expenses	783	717	2,192	1,915
Income from operations	146	85	424	283
Interest expense, net	53	42	156	127
Other income:
Allowance for equity funds used during construction	6	5	17	12
Miscellaneous income (loss), net	6	5	21	22
Other income, net	12	10	38	34
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	105	53	306	190
Income tax expense	11	6	31	30
Net income	94	47	275	160
Other comprehensive Income	(1)	0	0	1
Comprehensive Income	$ 93	$ 47	$ 275	$ 161
Weighted-average common shares outstanding (in thousands):
Basic	103,845	100,849	102,730	96,625
Diluted	104,338	101,103	102,958	96,830
Earnings per share:
Basic	$ 0.91	$ 0.47	$ 2.68	$ 1.65
Diluted	$ 0.90	$ 0.46	$ 2.67	$ 1.65

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 35	$ 5
Accounts receivable, net	459	414
Inventories	115	113
Regulatory assets - current	185	221
Other current assets	156	182
Total current assets	950	935
Electric utility plant, net	10,075	9,546
Regulatory assets - noncurrent	619	492
Nuclear decommissioning trust	35	31
Non-qualified benefit plan trust	36	35
Other noncurrent assets	166	169
Total assets	11,881	11,208
Current liabilities:
Accounts payable	351	347
Liabilities from price risk mangement activities - current	114	164
Short-term debt	0	146
Current portion of long-term debt	80	80
Current portion of finance lease obligation	26	20
Accrued expenses and other current liabilities	401	355
Total current liabilities	972	1,112
Long-term debt, net of current portion	4,354	3,905
Regulatory liabilities-noncurrent	1,413	1,398
Deferred income taxes	552	488
Unfunded status of pension and psotretirement plans	161	172
Liabilities from price risk management activities-noncurrent	74	75
Asset retirement obligations	273	272
Non-qualified benefit plan liabilities	76	79
Finance lease obligations, net of current portion	279	289
Other noncurrent liabilities	97	99
Total liabilities	8,251	7,889
Commitments and contingencies (see notes)
Shareholders' Equity:
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, no par value, 160,000,000 shares authorized; 105,455,590 and 101,159,609 shares issued and outstanding as of September 30 2024 and December 31, 2023, respectively	1,938	1,750
Accumulated other comprehensive loss	(5)	(5)
Retained earnings	1,697	1,574
Total shareholders' equity	3,630	3,319
Total liabilities and shareholders' equity	$ 11,881	$ 11,208

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	105,455,590	101,159,609
Common stock, shares outstanding	105,455,590	101,159,609

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 275	$ 160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	369	340
Deferred income taxes	18	(3)
Pension and other postretirement benefits	4	4
Allowance for equity funds used during construction	(17)	(12)
Decoupling mechanism deferrals, net of amortization	27	(6)
Gain (Loss) on Disposition of Other Assets	31	0
Other non-cash income and expenses, net	59	46
Changes in working capital:
Decrease in accounts receivable, net	(64)	23
(Increase) in inventories	(2)	(14)
(Increase)/decrease in margin deposits	1	87
(Decrease) in accounts payable and accrued liabilities	67	(181)
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities	2	(133)
Other working capital items, net	28	20
Other, net	(44)	(27)
Net cash provided by operating activities	608	331
Cash flows from investing activities:
Capital expenditures	(876)	(931)
Sales of Nuclear decommissioning trust securities	0	1
Purchases of Nuclear decommissioning trust securities	(4)	(1)
Proceeds from Sale of Property, Plant, and Equipment	0	2
Other, net	(20)	(3)
Net cash used in investing activities	(900)	(932)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from Issuance or Sale of Equity	178	485
Payments on long-term debt	0	(260)
Proceeds from Issuance of long-term debt	450	400
Issuance of commercial paper, net	(146)	0
Dividends paid	(148)	(131)
Other	(12)	(11)
Net cash provided by (used in) financing activities	322	483
Increase (Decrease) in cash and cash equivalents	30	(118)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	35	47
Supplemental cash flow information is as follows:
Cash paid for interest, net of amounts capitalized	121	91
Cash paid for income taxes, net	(14)	25
Increase (Decrease) in Other Regulatory Assets	(130)	10
Increase (Decrease) in Regulatory Liabilities	$ (16)	$ 17

Basis of Presentation (Notes)

Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2024
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, purchase, transmission, distribution, and retail sale of electricity in the State of Oregon (State). The Company also participates in the wholesale market by purchasing and selling electricity, natural gas, and environmental credits in an effort to meet the needs of, and obtain reasonably-priced power for, its retail customers, manage risk, and administer its long-term wholesale contracts. In addition, PGE performs portfolio management and wholesale market services for third parties in the region. The Company continues to develop products and service offerings for the benefit of retail and wholesale customers. PGE operates as a single segment, with revenues and costs related to its business activities recorded and analyzed on a total electric operations basis. The Company owns unregulated, non-utility real estate comprised primarily of PGE’s corporate headquarters. The Company’s corporate headquarters is located in Portland, Oregon and its approximately 4,000 square mile, State-approved service area, entirely within the State, encompasses 51 incorporated cities. As of September 30, 2024, PGE served 946,000 retail customers within a service area of 1.9 million residents. PGE is subject to the jurisdiction of the Public Utility Commission of Oregon (OPUC) with respect to retail prices, utility services, accounting policies and practices, issuances of securities, and certain other matters. Retail prices are based on the Company’s cost to serve customers, including an opportunity to earn a reasonable rate of return, as determined by the OPUC. The Company is also subject to regulation by the Federal Energy Regulatory Commission (FERC) in matters related to wholesale energy transactions, transmission services, reliability standards, natural gas pipelines, hydroelectric project licensing, accounting policies and practices, short-term debt issuances, and certain other matters. 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. The financial information included herein as of and for the three and nine months ended September 30, 2024 and 2023 is unaudited; however, in the opinion of management, such information reflects all adjustments necessary to fairly present the condensed consolidated financial position, condensed consolidated income and comprehensive income, and condensed consolidated cash flows of the Company for these interim periods. All such adjustments are of a normal recurring nature, unless otherwise noted. The financial information as of December 31, 2023 is derived from the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in Item 8 of PGE’s Annual Report on Form 10-K, filed with the SEC on February 20, 2024, which should be read in conjunction with the interim unaudited Financial Statements. Comprehensive Income No material change occurred in Other comprehensive income in the three and nine months ended September 30, 2024 and 2023. Miscellaneous Income, Net Miscellaneous income, net includes $3 million in interest income from regulatory assets and $1 million in realized and unrealized gains on the non-qualified benefit plan (NQBP) trust assets for both of the three months ended September 30, 2024 and 2023. The remaining activity is comprised of $2 million and $1 million in other miscellaneous income in 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, respectively, Miscellaneous income, net includes $12 million and $15 million in interest income from regulatory assets and $2 million in realized and unrealized gains on the NQBP trust assets in both periods. The remaining activity is comprised of $7 million and $5 million in other miscellaneous income in 2024 and 2023, respectively. 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. 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 electricity and natural gas, interim financial results do not necessarily represent those to be expected for the year. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 amends Topic 280 to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. For calendar year-end entities, the update will be effective for annual periods beginning on January 1, 2024, and interim periods within fiscal years beginning on January 1, 2025. Early adoption is permitted. PGE does not expect the adoption to have a material impact on the consolidated financial statements and has not early adopted the standard. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 amends Topic 740 to address requests to improve transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For calendar year-end entities, the update will be effective for annual periods beginning on January 1, 2025. Early adoption is permitted. PGE does not expect the adoption to have a material impact on the consolidated financial statements and does not plan to early adopt the standard.

Revenue Recognition (Notes)

Revenue Recognition (Notes)	9 Months Ended
	Sep. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block]	REVENUE RECOGNITION Disaggregated Revenue The following table presents PGE’s revenue, disaggregated by customer type (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Retail: Residential $ 356 $ 301 $ 1,078 $ 942 Commercial 244 213 690 606 Industrial 115 89 321 258 Direct access customers 7 7 22 20 Subtotal 722 610 2,111 1,826 Alternative revenue programs, net of amortization (13) 1 (27) 6 Other accrued revenues, net 5 1 10 (2) Total retail revenues 714 612 2,094 1,830 Wholesale revenues * 192 173 467 323 Other operating revenues 23 17 55 45 Total revenues $ 929 $ 802 $ 2,616 $ 2,198 * Wholesale revenues include $108 million and $96 million related to electricity commodity contract derivative settlements for the three months ended September 30, 2024 and 2023, respectively, and $228 million and $152 million for the nine months ended September 30, 2024 and 2023, respectively. Price risk management derivative activities are included within total revenues but do not represent revenues from contracts with customers as defined by GAAP. For further information, see Note 5, Risk Management. Retail Revenues The Company’s primary revenue source is the sale of electricity to customers at regulated, tariff-based prices. Retail customers are classified as residential, commercial, or industrial. Residential customers include single-family housing, multiple-family housing (such as apartments, duplexes, and town homes), manufactured homes, and small farms. Residential demand is sensitive to the effects of weather, with demand highest during the winter heating and summer cooling seasons. Commercial customers consist of non-residential customers who accept energy deliveries at voltages equivalent to those delivered to residential customers and are also sensitive to the effects of weather, although to a lesser extent than residential customers. Commercial customers include most businesses, small industrial companies, and public street and highway lighting accounts. Industrial customers consist of non-residential customers who accept delivery at higher voltages than commercial customers. Demand from industrial customers is primarily driven by economic conditions, with weather having a less significant impact on energy use by this customer class. In accordance with state regulations, PGE’s retail customer prices are based on the Company’s cost of service and determined through General Rate Case (GRC) proceedings and various tariff filings with the OPUC. Additionally, the Company offers pricing options that include a daily market price option, various time-of-use options, and several renewable energy options. Retail revenue is billed based on monthly meter readings taken at various cycle dates throughout the month. At the end of each month, PGE estimates and records the revenue earned from energy deliveries that have not yet been billed to customers. This amount, which is classified as unbilled revenues and included in Accounts receivable, net in the Company’s condensed consolidated balance sheets, is calculated based on actual net retail system load each month, the number of days from the last meter read date through the last day of the month, and current customer prices. PGE’s obligation to sell electricity to retail customers generally represents a single performance obligation representing a series of distinct services that are substantially the same and have the same pattern of transfer to the customer that is satisfied over time as customers simultaneously receive and consume the benefits provided. PGE applies the invoice method to measure its progress towards satisfactorily completing its performance obligations. Pursuant to regulation by the OPUC, PGE is mandated to maintain several tariff schedules to collect funds from customers for programs that benefit the general public, such as conservation, low-income housing, energy efficiency, renewable energy programs, and privilege taxes. For such programs, PGE generally collects the funds and remits the amounts to third party agencies that administer the programs. In these arrangements, PGE is considered to be an agent, as PGE’s performance obligation is to facilitate a transaction between customers and the administrators of these programs. Therefore, such amounts are presented on a net basis and do not appear in Revenues, net within the condensed consolidated statements of income and comprehensive income. Alternative Revenues programs — Revenues related to PGE’s decoupling mechanism and Renewable Adjustment Clause (RAC) are considered earned under alternative revenue programs, as these amounts represent contracts with the regulator and not with customers. Such revenues are presented separately from revenues from contracts with customers and classified as Alternative revenue programs, net of amortization on the condensed consolidated statements of income and comprehensive income. The activity within this line item is comprised of current period deferral adjustments, which can either be a collection from or a refund to customers, and is net of any related amortization. When amounts related to alternative revenue programs are ultimately included in prices and customer bills, the amounts are included within Revenues, net, with an equal and offsetting amount of amortization recorded on the Alternative revenue programs, net of amortization line item. Under the RAC, in 2024, the Company has deferred amounts related to the Clearwater Wind Development (Clearwater). For further information, see “Clearwater RAC” in the Regulatory Assets and Liabilities section of Note 3, Balance Sheet Components. Wholesale Revenues PGE participates in the wholesale electricity marketplace in order to balance its supply of power to meet the needs of, and secure reasonably-priced power for, its retail customers, manage risk, and administer its current long-term wholesale contracts. In addition, the Company performs portfolio management and wholesale market services for third parties in the region and sells environmental credits in the wholesale marketplace. Interconnected transmission systems in the western United States serve utilities with diverse load requirements and allow PGE to purchase and sell electricity within the region depending upon: i) the relative price and availability of power; ii) hydro, solar and wind conditions; and iii) daily and seasonal retail demand. PGE’s Wholesale revenues consist primarily of short-term electricity sales to utilities and power marketers that consist of single performance obligations that are satisfied as energy is transferred to the counterparty. The Company nets certain purchase and sale transactions in which it would simultaneously receive and deliver physical power with the same counterparty; in such cases, only the net amount of those purchases or sales required to meet retail and wholesale obligations will be physically settled and recorded in Wholesale revenues. Other Operating Revenues Other operating revenues consist primarily of gains and losses on the sale of natural gas volumes purchased that exceeded what was needed to fuel the Company’s generating facilities, as well as revenues from transmission services, excess transmission capacity resales, excess fuel sales, utility pole attachment revenues, and other electric services provided to customers. Arrangements with Multiple Performance Obligations Certain contracts with customers, primarily wholesale, may include multiple performance obligations. For such arrangements, PGE allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers.

Balance Sheet Components (Notes

Balance Sheet Components (Notes)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Components [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Accounts Receivable, Net Accounts receivable, net includes $136 million and $138 million of unbilled revenues as of September 30, 2024 and December 31, 2023, respectively. Accounts receivable, net includes an allowance for uncollectible accounts of $11 million as of September 30, 2024 and $9 million as of December 31, 2023. The following summarizes activity during 2024 in the allowance for credit losses (in millions): Three Months Ended September 30, Nine Months Ended September 30, Balance as of beginning of period $ 11 $ 9 Increase in provision 3 8 Amounts written off (5) (11) Recoveries 2 5 Balance as of end of period $ 11 $ 11 Inventories PGE’s inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities, as well as fuel, which includes natural gas, coal, and oil, for use in the Company’s generating plants. Periodically, PGE assesses whether inventories are recorded at the lower of average cost or net realizable value. Other Current Assets Other current assets consist of the following (in millions): September 30, 2024 December 31, 2023 Prepaid expenses $ 45 $ 68 Assets from price risk management activities 20 22 Margin deposits 91 92 Other current assets $ 156 $ 182 Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions): September 30, 2024 December 31, 2023 Electric utility plant in-service $ 14,253 $ 13,329 Construction work-in-progress 803 974 Total cost 15,056 14,303 Less: accumulated depreciation and amortization (4,981) (4,757) Electric utility plant, net $ 10,075 $ 9,546 Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $594 million and $558 million as of September 30, 2024 and December 31, 2023, respectively. Amortization expense related to intangible assets was $19 million and $16 million for the three months ended September 30, 2024 and 2023, respectively, and $55 million and $45 million for the nine months ended September 30, 2024 and 2023, respectively. The Company’s intangible assets primarily consist of computer software development and hydro licensing costs. Battery storage agreement —On April 26, 2023, PGE entered into a battery storage capacity agreement that will be accounted for as a lease upon commencement. The lease is expected to commence in December 2024 and has a term of 20 years. The total fixed contract consideration is expected to be $737 million over the lease term. Regulatory Assets and Liabilities Regulatory assets and liabilities consist of the following (in millions): September 30, 2024 December 31, 2023 Current Noncurrent Current Noncurrent Regulatory assets: Price risk management $ 94 $ 73 $ 143 $ 63 Pension and other postretirement plans — 104 — 104 Trojan decommissioning activities — 142 — 139 February 2021 ice storm and damage 13 48 12 55 January 2024 storm and damage — 28 — — Reliability contingency events — 89 — — 2020 Labor Day wildfire 5 20 5 23 Wildfire mitigation 41 — 19 10 Other 32 115 42 98 Total regulatory assets $ 185 $ 619 $ 221 $ 492 Regulatory liabilities: Asset retirement removal costs $ — $ 1,193 $ — $ 1,173 Deferred income taxes — 164 — 177 Clearwater RAC — 26 — — Other 55 30 48 48 Total regulatory liabilities $ 55 * $ 1,413 $ 48 * $ 1,398 * Included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets. January 2024 storm and damage — Beginning January 13, 2024, the Company’s service territory encountered a severe winter weather event that included snow, ice, and high winds over several days that caused catastrophic damage to physical assets and resulted in widespread customer power outages. As a result of the historic winter storm, Oregon’s Governor declared a state of emergency on January 18, 2024, which allows PGE to seek recovery of incremental storm expenses through the OPUC pre-authorized emergency deferral mechanism, subject to the application of an earnings test. On February 9, 2024, PGE filed a Notice of Deferral with the OPUC, under Docket UM 2190, related to the emergency restoration costs for the January storm, and through September 30, 2024 the Company had deferred $45 million, including interest, under the deferral. PGE currently forecasts its preliminary regulated return on equity for the full year 2024 will be in excess of the OPUC’s authorized rate of return that is expected to be used as an earnings test for this deferral. As a result of the earnings test, the Company has decreased the deferral and taken a corresponding charge to earnings for $17 million and, as of September 30, 2024, PGE’s net deferred balance related to the January 2024 storm is $28 million, including interest. PGE will reassess the earnings test, and the related impact to deferred amounts under this mechanism, based on actual return on equity for the year ending December 31, 2024. Actual results experienced by the Company could differ materially from current forecasts and estimates and could increase or decrease the final deferred balance after application of the earnings test. PGE believes the remaining amounts deferred as of September 30, 2024 are probable of recovery under the emergency deferral mechanism. The OPUC has significant discretion in making the final determination of recovery. The OPUC’s conclusion of overall prudence, including application of the earnings test, could result in a portion, or all, of PGE’s deferrals being disallowed for recovery. Such disallowance would be recognized as a charge to earnings. Reliability contingency events — As approved by the OPUC in PGE’s 2024 GRC, the Reliability Contingency Event (RCE) mechanism allows PGE to defer and recover 80% of prudent costs for RCEs above amounts forecasted in the Company’s Annual Power Cost Update Tariff, without application of an earnings test, with the remaining 20% flowing through operating expenses and subject to the existing power cost adjustment mechanism (PCAM). As of September 30, 2024, PGE’s deferred balance related to RCEs was $89 million, which includes costs from multiple qualified RCEs during the year. PGE files the results of the PCAM annually with the OPUC no later than July 1, initiating a regulatory review process that typically results in a final determination and order from the OPUC by the end of the year of filing, with any resulting refund or collection impacting customer prices effective January 1 of the following year. RCE costs incurred in 2024 will be included in the PCAM for 2024, which the Company expects to file no later than July 1, 2025. PGE believes the deferred amounts as of September 30, 2024 are probable of recovery. The OPUC has significant discretion in making the final determination of recovery. The OPUC’s conclusion of overall prudence could result in a portion, or all, of PGE’s deferrals being disallowed for recovery. Such disallowance would be recognized as a charge to earnings. Wildfire Mitigation represents incremental costs and investments made by PGE related to efforts on its system to mitigate the risk of wildfire and improve resiliency to wildfire damage under Oregon Senate Bill 762, enacted in 2021. These efforts include enhanced tree and brush clearing, hardening and undergrounding equipment, and making emergency plans in close partnership with various land and emergency management agencies to further expand the use of a public safety power shutoff, when the risk warrants. In December 2023, PGE submitted its 2024 risk-based Wildfire Mitigation Plan, which was approved by the OPUC during the public meeting on July 9, 2024. As of September 30, 2024 and December 31, 2023, PGE’s deferred balance related to incremental wildfire mitigation operating expenses was $41 million and $29 million, respectively. The 2024 balance is comprised of: • Pre-AAC — Prior to establishing the collections noted below, PGE had deferred incremental costs related to wildfire mitigation and as of September 30, 2024 this balance is $10 million. On July 1, 2022, PGE filed an application for reauthorization of OPUC Docket UM 2019 to defer incremental wildfire mitigation costs that exceed the amount granted in base rates. On May 10, 2023, in Order No. 23-173, the OPUC approved an automatic adjustment clause mechanism to recover wildfire mitigation costs (capital and expense). PGE and certain parties agreed to a stipulation, which was adopted by the OPUC on October 18, 2023, that allowed PGE to begin amortizing $27 million comprised of $23 million related to the September 30, 2023 deferred operating expense balance of $31 million and $4 million for capital related revenue requirement. • 2023 Base rates — The outcome of PGE’s 2022 GRC provided an annual amount of $24 million to be collected in base rates for recovery of operating expenses related to wildfire mitigation efforts beginning May 9, 2022, through December 31, 2023. As of September 30, 2024, there was $1 million in the balancing account. • 2024 AAC — Beginning January 1, 2024, and in conjunction with the Company’s 2024 GRC proceeding, PGE removed the $24 million of wildfire mitigation operations and maintenance (O&M) expense recovery from base rates, with the intent of recovering the current year forecasted O&M expense within the automatic adjustment clause in a separate tariff. On February 16, 2024, PGE submitted an advice filing to the OPUC to update the tariff to reflect prospective wildfire mitigation costs for 2024, which included $45 million of O&M expense and $4 million for the revenue requirement of capital placed in service. On July 23, 2024, the OPUC reached a decision that allowed PGE to begin collecting $24 million of O&M expense and $4 million for the revenue requirement of capital placed in service. Collection will occur over a nine-month period, which began August 1, 2024. Although the approved amount of collections in 2024 is expected to be less than forecasted costs, PGE does not believe it is precluded from deferring such costs and believes they are prudently incurred and probable of recovery. Any differences between actual expense and customer collections will be recorded as regulatory assets or liabilities within the automatic adjustment clause balancing account, which will be subject to a prudence review, but will not be subject to an earnings test. As of September 30, 2024, there was $30 million deferred as a regulatory asset in the balancing account. The OPUC has significant discretion in making the final determination of recovery. The OPUC’s conclusion of overall prudence could result in a portion, or all, of PGE’s deferrals being disallowed for recovery. Such disallowance would be recognized as a charge to earnings. Clearwater RAC — The RAC allows PGE to recover prudently incurred costs of renewable resources through filings made each year, outside of a GRC. Under the RAC, during 2023, the Company submitted a filing for Clearwater, which estimated the annual revenue requirement, net of net variable power costs (NVPC) benefits to be a refund to customers of approximately $30 million that would be included in customers prices June 1, 2024. Pursuant to the filing, PGE would defer the revenue requirement, net of NVPC benefits, from the in-service date of January 2024 until Clearwater was reflected in customer prices. On April 4, 2024, the OPUC rejected PGE and parties’ Stipulation regarding Clearwater and requested that PGE submit reply testimony responding to the arguments raised by the OPUC Staff by April 25, 2024. The OPUC issued an order on September 13, 2024 that further suspended the tariff effective date until March 1, 2025. As of September 30, 2024, the Company recorded a net $26 million regulatory liability, which represents the deferred revenue requirement that PGE believes is probable of recovery, net of NVPC that is probable of refund to customers under the RAC. The OPUC has significant discretion on overall prudence and in making the final determination of recovery or refund. Any cost disallowance or increased refunds would be recognized as a charge to earnings. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in millions): September 30, 2024 December 31, 2023 Accrued employee compensation and benefits $ 75 $ 74 Accrued taxes payable 56 30 Accrued interest payable 54 40 Accrued dividends payable 54 51 Regulatory liabilities—current 55 48 Other 107 112 Total accrued expenses and other current liabilities $ 401 $ 355 Credit Facilities On September 10, 2024, PGE entered into an amendment of its existing revolving credit facility. As of September 30, 2024, PGE had a $750 million revolving credit facility scheduled to expire in September 2029. The Company has the ability to expand the revolving credit facility to $850 million, if needed, subject to the requirements of the agreement. Pursuant to the terms of the agreement, the revolving credit facility may be used for general corporate purposes, including as backup for commercial paper borrowings and to permit the issuance of standby letters of credit. PGE may borrow for one, 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. The revolving credit facility contains a provision that requires annual fees based on the Company ’ s unsecured credit ratings, and contains customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreement, to 65% of total capitalization. As of September 30, 2024, PGE was in compliance with this covenant with a 55.7% debt-to-total capital ratio and had no outstanding balance on the revolving credit facility. As a result of the policy to backup commercial paper borrowings, the aggregate unused available credit capacity under the credit facility was $750 million. In addition, the credit facility offers the potential for adjustments to interest rate margins and fees based on PGE’s achievement of certain annual sustainability-linked metrics related to its non-emitting generation capacity and the percentage of management comprised of women and employees who identify as black, indigenous, and people of color. The Company believes these potential adjustments will not have a material impact on PGE’s results of operations. The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days. The Company has elected to limit its borrowings under the revolving credit facility in order to allow for coverage of any potential need to repay commercial paper that may be outstanding at the time. As of September 30, 2024, PGE had no commercial paper outstanding. PGE typically classifies borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. In addition, PGE has four letter of credit facilities that provide a total capacity of $320 million under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, letters of credit for a total of $82 million were outstanding as of September 30, 2024. Letters of credit issued are not reflected on the Company’s condensed consolidated balance sheets. Pursuant to an order issued by the FERC, the Company is authorized to issue short-term debt in an aggregate amount of up to $900 million through February 6, 2026. Long-term Debt On February 22, 2024, PGE entered into a Bond Purchase Agreement related to the sale of $450 million in First Mortgage Bonds (FMBs). The Bonds were issued and funded in full on February 22, 2024 and consist of: • a series, due in 2029, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 5.15%; • a series, due in 2034, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 5.36%; and • a series, due in 2054, in the amount of $250 million that will bear interest from its issuance date at an annual rate of 5.73%. Defined Benefit Retirement Plan Costs Components of net periodic benefit cost under the defined benefit pension plan are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Service cost $ 3 $ 3 $ 8 $ 9 Interest cost* 8 9 25 27 Expected return on plan assets* (10) (11) (30) (33) Net periodic benefit cost $ 1 $ 1 $ 3 $ 3 * The net expense portion of non-service cost components are included in Miscellaneous income, net within Other income on the Company’s condensed consolidated statements of income and comprehensive income.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	9 Months Ended
	Sep. 30, 2024
Fair Value of Financial Instruments [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS PGE estimated the fair value of financial asset and liability instruments as of September 30, 2024 and December 31, 2023, and classified these financial instruments based on a fair value hierarchy that is applied to prioritize the inputs to the valuation techniques used to measure fair value. The three levels of the fair value hierarchy and application to the Company are: Level 1 Quoted prices are available in active markets for identical assets or liabilities as of the measurement date; Level 2 Pricing inputs include those that are directly or indirectly observable in the marketplace as of the measurement date; and 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 assets, liabilities, and their placement within the fair value hierarchy. Assets measured at fair value using net asset value (NAV) as a practical expedient are not categorized in the fair value hierarchy. These assets are listed in the totals of the fair value hierarchy to permit the reconciliation to amounts presented in the financial statements. 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. The Company’s financial assets and liabilities whose values were recognized at fair value in the Company’s condensed consolidated balance sheets are as follows by level within the fair value hierarchy (in millions): As of September 30, 2024 Level 1 Level 2 Level 3 Other (2) Total Assets: Cash equivalents $ — $ — $ — $ — $ — Nuclear decommissioning trust: (1) Debt securities: Domestic government 11 9 — — 20 Corporate credit — 8 — — 8 Money market funds — — — 7 7 Non-qualified benefit plan trust: (3) Debt securities—domestic government 2 — — — 2 Money market funds 1 — — — 1 Paid Leave Oregon Trust Money market funds — — — 4 4 Price risk management activities: (1) (4) Electricity — 11 — — 11 Natural gas — 10 — — 10 $ 14 $ 38 $ — $ 11 $ 63 Liabilities: Price risk management activities: (1) (4) Electricity $ — $ 15 $ 30 $ — $ 45 Natural gas — 111 32 — 143 $ — $ 126 $ 62 $ — $ 188 (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) Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3) Excludes insurance policies of $33 million, which are recorded at cash surrender value. (4) For further information, see Note 5, Risk Management. As of December 31, 2023 Level 1 Level 2 Level 3 Other (2) Total Assets: Cash equivalents $ — $ — $ — $ — $ — Nuclear decommissioning trust: (1) Debt securities: Domestic government 9 9 — — 18 Corporate credit — 7 — — 7 Money market funds — — — 6 6 Non-qualified benefit plan trust: (3) Debt securities—domestic government 3 — — — 3 Money market funds 2 — — — 2 Paid Leave Oregon Trust: Money market funds — — — 3 3 Price risk management activities: (1) (4) Electricity — 8 14 — 22 Natural gas — 11 — — 11 $ 14 $ 35 $ 14 $ 9 $ 72 Liabilities: Price risk management activities: (1) (4) Electricity $ — $ 30 $ 43 $ — $ 73 Natural gas — 150 16 — 166 $ — $ 180 $ 59 $ — $ 239 (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) Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3) Excludes insurance policies of $30 million, which are recorded at cash surrender value. (4) For further information, see Note 5, Risk Management. Cash equivalents are highly liquid investments with maturities of three months or less at the date of acquisition and primarily consist of money market funds. Such funds seek to maintain a stable NAV and are comprised of short-term, government funds. Policies of such funds require that the weighted average maturity of securities holdings of such funds not exceed 90 days and provide investors with the ability to redeem shares of the funds daily at their respective NAV. Cash equivalents 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 measurement date. Principal markets for money market fund prices include published exchanges such as the National Association of Securities Dealers Automated Quotations (Nasdaq) and the New York Stock Exchange (NYSE). Assets held in the Nuclear decommissioning trust (NDT), NQBP trust, and Paid Leave Oregon trust 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: 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 measurement 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 yields and issuer spreads. The external credit rating, coupon rate, and maturity of each security are considered in the valuation, as applicable. Money market funds —PGE invests in money market funds that seek to maintain a stable NAV. 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. The Company believes the redemption value of these funds is likely to be the fair value, which is represented by the NAV. Redemption is permitted daily without written notice. The NQBP trust is invested in exchange-traded government money market funds and is classified as Level 1 in the fair value hierarchy due to the availability of quoted prices in published exchanges such as Nasdaq and the NYSE. The money market fund in the NDT is valued at NAV as a practical expedient and is not included in the fair value hierarchy. Assets and liabilities from price risk management activities, recorded at fair value in PGE’s condensed consolidated balance sheets, consist of derivative instruments entered into by the Company to manage its risk exposure to commodity price and foreign currency exchange rates and reduce volatility in NVPC for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 5, 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 include commodity forwards, futures, and swaps. Assets and liabilities from price risk management activities classified as Level 3 consist of longer-term commodity forwards, futures, swaps, and options for which fair value is derived using one or more significant inputs that are not observable for the entire term of the instrument. 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: Fair Value Valuation Technique Significant Unobservable Input Price per Unit Commodity Contracts Assets Liabilities Low High Weighted Average (in millions) As of September 30, 2024 Electricity physical forwards $ — $ 23 Discounted cash flow Electricity forward price (per megawatt hour (MWh)) $ 23.00 $ 114.15 $ 69.61 Natural gas financial swaps — 32 Discounted cash flow Natural gas forward price (per Decatherm) 1.88 3.51 2.42 Electricity financial futures — 7 Discounted cash flow Electricity forward price (per MWh) 48.00 120.00 80.28 $ — $ 62 As of December 31, 2023 Electricity physical forwards $ 14 $ 43 Discounted cash flow Electricity forward price (per MWh) $ 37.53 $ 153.33 $ 84.58 Natural gas financial swaps — 16 Discounted cash flow Natural gas forward price (per Decatherm) 2.25 8.89 3.37 Electricity financial futures — — Discounted cash flow Electricity forward price (per MWh) 65.30 107.31 91.33 $ 14 $ 59 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 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 long-term price curves that utilize observable data when available. When not available, regression techniques are used to estimate unobservable future prices. 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 PGE’s position as either the buyer or seller under 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 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance as of the beginning of the period $ 45 $ 138 $ 45 $ 32 Net realized and unrealized losses/(gains) * 15 (21) 15 78 Transfers from Level 3 to Level 2 2 — 2 7 Balance as of the end of the period $ 62 $ 117 $ 62 $ 117 * Both realized and unrealized losses/(gains), of which the unrealized portions are offset by the effects of regulatory accounting until settlement of the underlying transactions, are recorded in Revenues, net or Purchased power and fuel expense in the condensed consolidated statements of income and comprehensive income. Includes no net realized gains or losses for the three months ended September 30, 2024 and $5 million net realized losses for the three months ended September 30, 2023. For the nine-month periods ended September 30, 2024 and 2023, includes $1 million in net realized gains and $8 million in net realized losses, respectively. 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. Long-term debt is recorded at amortized cost in PGE’s condensed consolidated balance sheets. The value of the Company’s FMBs and Pollution Control Revenue Bonds is classified as a Level 2 fair value measurement. As of September 30, 2024, the carrying amount of PGE’s long-term debt was $4,434 million, net of $15 million of unamortized debt expense, and its estimated aggregate fair value was $3,617 million. As of December 31, 2023, the carrying amount of PGE’s long-term debt was $3,985 million, net of $14 million of unamortized debt expense, and its estimated aggregate fair value was $3,705 million.

Risk Management (Notes)

Risk Management (Notes)	9 Months Ended
	Sep. 30, 2024
Price Risk Management [Abstract]
RISK MANAGEMENT	RISK MANAGEMENT PGE participates in the wholesale marketplace 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 the Company’s long-term wholesale contracts. Wholesale market transactions include purchases and sales of both power and fuel resulting from economic dispatch decisions with respect to Company-owned generation resources. The Company also performs portfolio management and wholesale market services for third parties in the region and purchases and sells environmental credits in the wholesale marketplace. As a result of this ongoing business activity, 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 exchange rate risk in order to reduce volatility in NVPC for its retail customers. Such derivative instruments, recorded at fair value on the condensed consolidated balance sheets, may include forwards, futures, swaps, and options contracts for electricity, natural gas, and foreign currency, with changes in fair value recorded in the condensed consolidated statements of income and comprehensive income. In accordance with ratemaking and cost recovery processes authorized by the OPUC, PGE recognizes a regulatory asset or liability to defer the gains and losses from derivative activity until settlement of the associated derivative instrument. The Company may designate certain derivative instruments as cash flow hedges or may use derivative ins truments as economic hedges. PGE does not intend to 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, 2024 December 31, 2023 Current assets: Commodity contracts: Electricity $ 11 $ 13 Natural gas 9 9 Total current derivative assets (1) 20 22 Noncurrent assets: Commodity contracts: Electricity — 9 Natural gas 1 2 Total noncurrent derivative assets (1) 1 11 Total derivative assets (2) $ 21 $ 33 Current liabilities: Commodity contracts: Electricity $ 26 $ 51 Natural gas 88 113 Total current derivative liabilities 114 164 Noncurrent liabilities: Commodity contracts: Electricity 19 22 Natural gas 55 53 Total noncurrent derivative liabilities 74 75 Total derivative liabilities (2) $ 188 $ 239 (1) Total current derivative assets are included in Other current assets, and Total noncurrent derivative assets are included in Other noncurrent assets on the condensed consolidated balance sheets. (2) As of September 30, 2024 and December 31, 2023, no derivative assets or liabilities were designated as hedging instruments. 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 at various dates through 2035, were as follows (in millions): September 30, 2024 December 31, 2023 Commodity contracts: Electricity 3 MWhs 3 MWhs Natural gas 197 Decatherms 213 Decatherms Foreign currency $ 18 Canadian $ 20 Canadian PGE has elected to report positive and negative exposures resulting from derivative instruments pursuant to agreements that meet the definition of a master netting arrangement gross on the condensed consolidated balance sheets. In the case of default on, or termination of, any contract under the master netting arrangements, such agreements provide for the net settlement of all related contractual obligations with a given 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. As of September 30, 2024, gross amounts included as Price risk management liabilities subject to master netting agreements were $32 million, comprised of $31 million for natural gas and $1 million for electricity, for which PGE has posted $10 million collateral. As of December 31, 2023, gross amounts included as Price risk management liabilities subject to master netting agreements were $28 million, for which PGE had posted $1 million collateral. Of the gross amounts recognized as of December 31, 2023, $25 million was for natural gas and $3 million was for electricity. Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are classified in Revenues, net or Purchased power and fuel, as applicable, in the condensed consolidated statements of income and comprehensive income and were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Commodity contracts: Electricity $ (19) $ (85) $ (49) $ (32) Natural Gas 50 (33) 70 164 Net unrealized and certain net realized losses/(gains) presented in the table above are offset within the condensed consolidated statements of income and comprehensive income by the effects of regulatory accounting. Of the net amounts recognized in Net income for the three-month periods ended September 30, 2024 and 2023, ne t losses o f $37 million and net gains of $74 million, respectively, have been offset. Net gains of $17 million and net losses of $289 million have been offset for the nine-month periods ended September 30, 2024 and 2023, respectively. Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss/(gain) recorded as of September 30, 2024 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions): 2024 2025 2026 2027 2028 Thereafter Total Commodity contracts: Electricity $ 7 $ 17 $ 3 $ 1 $ — $ 6 $ 34 Natural gas 17 75 38 3 — — 133 Net unrealized loss/(gain) $ 24 $ 92 $ 41 $ 4 $ — $ 6 $ 167 PGE’s secured and unsecured debt is currently rated at investment grade by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P). Should Moody’s or S&P reduce their rating on the Company’s unsecured debt to below investment grade, PGE 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 derivative instruments with credit-risk-related contingent features that were in a liability position as of September 30, 2024 was $167 million, for which PGE has posted $76 million in collateral, consisting of $15 million of letters of credit and $61 million of cash. If the credit-risk-related contingent features underlying these agreements were triggered at September 30, 2024, the cash requirement to either post as collateral or settle the instruments immediately would have been $114 million. As of September 30, 2024, PGE had $21 million cash collateral posted for derivative instruments with no credit-risk-related contingent features. Cash collateral for derivative instruments is classified as Margin deposits included in Other current assets on the Company’s condensed consolidated balance sheets. As of September 30, 2024, PGE held from counterparties $22 million in collateral, consisting of $15 million of letters of credit and $7 million of cash. The obligation to return cash collateral held for derivative instruments is included in Accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. PGE is exposed to credit risk in its commodity price risk management activities related to potential nonperformance by counterparties. Credit risk may be concentrated to the extent the Company’s counterparties have similar economic, industry or other characteristics and due to direct or indirect relationships among the counterparties. PGE manages the risk of counterparty default according to its credit policies by performing financial credit reviews, setting limits and monitoring exposures, and requiring collateral (in the form of cash, letters of credit, and guarantees) when needed. The Company also uses standardized enabling agreements and, in certain cases, master netting agreements, which allow for the netting of positive and negative exposures under multiple agreements with counterparties. See Note 4, 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, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share are 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) contingently issuable time-based and performance-based restricted stock units, along with associated dividend equivalent rights; and iii) shares issuable pursuant to the at the market offering program. See Note 7, Shareholders’ Equity, for additional information on the at-the-market offering program and the resulting 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. Anti-dilutive stock awards are excluded from the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2024, unvested performance-based restricted stock units and related dividend equivalent rights of 515 thousand shares were excluded from the dilutive calculation because the performance goals had not been met, with 427 thousand shares excluded for the three and nine months ended September 30, 2023. Net income is the same for both the basic and diluted earnings per share computations. The denominators of the basic and diluted earnings per share computations are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted-average common shares outstanding—basic 103,845 100,849 102,730 96,625 Dilutive effect of potential common shares 493 254 228 205 Weighted-average common shares outstanding—diluted 104,338 101,103 102,958 96,830

Equity (Notes)

Equity (Notes)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	SHAREHOLDERS’ EQUITY The activity in equity during the three and nine-month periods ended September 30, 2024 and 2023 was as follows (dollars in millions, except per share amounts): Common Stock Accumulated Retained Shares Amount Total Balances as of December 31, 2023 101,159,609 $ 1,750 $ (5) $ 1,574 $ 3,319 Issuances of shares pursuant to equity-based plans 148,926 — — — — Issuances of shares pursuant to equity agreements 1,714,972 78 — — 78 Other comprehensive income — — 1 — 1 Dividends declared ($0.4750 per share) — — — (48) (48) Net income — — — 109 109 Balances as of March 31, 2024 103,023,507 $ 1,828 $ (4) $ 1,635 $ 3,459 Issuances of shares pursuant to equity-based plans 43,176 1 — — 1 Stock-based compensation — 4 — — 4 Dividends declared ($0.5000 per share) — — — (52) (52) Net income — — — 72 72 Balances as of June 30, 2024 103,066,683 $ 1,833 $ (4) $ 1,655 $ 3,484 Issuances of shares pursuant to equity-based plans 37,837 — — — — Issuances of shares pursuant to equity-based plans 2,351,070 100 — — 100 Stock-based compensation — 5 — — 5 Other comprehensive income — — (1) — (1) Dividends declared ($0.5000 per share) — — — (52) (52) Net income — — — 94 94 Balances as of September 30, 2024 105,455,590 $ 1,938 $ (5) $ 1,697 $ 3,630 Common Stock Accumulated Retained Shares Amount Total Balances as of December 31, 2022 89,283,353 $ 1,249 $ (4) $ 1,534 $ 2,779 Issuances of shares pursuant to equity-based plans 159,603 — — — — Issuances of shares pursuant to equity agreements 7,178,016 300 — — 300 Stock-based compensation — (1) — — (1) Dividends declared ($0.4525 per share) — — — (40) (40) Net income — — — 74 74 Balances as of March 31, 2023 96,620,972 $ 1,548 $ (4) $ 1,568 $ 3,112 Issuances of shares pursuant to equity-based plans 30,245 1 — — 1 Issuances of shares pursuant to equity agreements 2,212,610 92 92 Stock-based compensation — 6 — — 6 Other comprehensive income — — 1 — 1 Dividends declared ($0.4750 per share) — — — (51) (51) Net income — — — 39 39 Balances as of June 30, 2023 98,863,827 $ 1,647 $ (3) $ 1,556 $ 3,200 Issuances of shares pursuant to equity-based plans 35,702 — — — — Issuances of shares pursuant to equity agreements 2,224,374 93 — — 93 Stock-based compensation — 4 — — 4 Dividends declared ($0.4750 per share) — — — (49) (49) Net income — — — 47 47 Balances as of September 30, 2023 101,123,903 $ 1,744 $ (3) $ 1,554 $ 3,295 At-the-Market Offering Program —On April 28, 2023, PGE entered into an equity distribution agreement under which it could sell up to $300 million of its common stock through at-the-market offering programs. In 2023, pursuant to the terms of the equity distribution agreement, PGE entered into separate forward sale agreements with forward counterparties. In March 2024, the Company issued 1,714,972 shares pursuant to the forward sale agreements and received net proceeds of $78 million. In 2024, PGE entered into additional forward sale agreements with forward counterparties, exhausting the $300 million facility. In the third quarter of 2024, the Company issued 2,351,070 shares pursuant to the additional forward sale agreements and received net proceeds of $100 million. The Company could have physically settled the remaining amount by delivering 2,788,431 shares in exchange for cash of $118 million as of September 30, 2024. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity. Prior to settlement, the potentially issuable shares pursuant to the agreements will be 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 would be increased by the number of shares, if any, that would be issued upon physical settlement of the agreements 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). Share dilution occurs when the average market price of PGE’s stock during the reporting period is higher than the average forward sale price during the reporting period. As of the three and nine months ended September 30, 2024, an incremental 243,885 and 30,877 shares, respectively, were included in the calculation of diluted EPS related to the securities under the agreements. For additional information concerning the Company’s diluted earnings per share, see Note 6, Earnings Per Share. On July 26, 2024, PGE entered into an equity distribution agreement under which it could sell up to $400 million of its common stock through at-the-market offering programs. As of September 30, 2024, the Company had not yet transacted under this program. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

Contingencies (Notes)

Contingencies (Notes)	9 Months Ended
	Sep. 30, 2024
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 condensed 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 PGE: 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 why the estimate cannot be made. 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 either the current or the subsequent reporting period, depending on the nature of the underlying event. PGE 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) significant facts are in dispute; vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); or vii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. EPA Investigation of Portland Harbor An investigation by the United States Environmental Protection Agency (EPA) of a segment of the Willamette River known as Portland Harbor that began in 1997 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 as a federal Superfund site. PGE has been included among more than one hundred Potentially Responsible Parties (PRPs), as it historically owned or operated property near the river. A Portland Harbor site remedial investigation was completed pursuant to an agreement between the EPA and several PRPs known as the Lower Willamette Group (LWG), which did not include PGE. The LWG funded the remedial investigation and feasibility study and stated that it had incurred $115 million in investigation-related costs. The Company anticipates that such costs will ultimately be allocated to PRPs as a part of the allocation process for remediation costs of the EPA’s preferred remedy. The EPA finalized a feasibility study, along with the remedial investigation, and the results provided the framework for the EPA to determine a clean-up remedy for Portland Harbor that was documented in a Record of Decision (ROD) issued in 2017. The ROD outlined the EPA’s selected remediation plan for clean-up of Portland Harbor that had an undiscounted estimated total cost of $1.7 billion, comprised of $1.2 billion related to remediation construction costs and $0.5 billion related to long-term operation and maintenance costs. Remediation construction costs were estimated to be incurred over a 13-year period, with long-term operation and maintenance costs estimated to be incurred over a 30-year period from the start of construction. Stakeholders have raised concerns that the EPA’s cost estimates are understated, and PGE estimates undiscounted total remediation costs for Portland Harbor per the ROD could range from $1.9 billion to $3.5 billion. The EPA acknowledged the estimated costs were based on data that was outdated and that pre-remedial design sampling was necessary to gather updated baseline data to better refine the remedial design and estimated cost. A small group of PRPs performed pre-remedial design sampling to update baseline data and submitted the data in an updated evaluation report to the EPA for review. The evaluation report concluded that the conditions of Portland Harbor have improved substantially with the passage of time. In response, the EPA indicated that while it would use the data to inform implementation of the ROD, the EPA’s conclusions remained materially unchanged. With the completion of pre-remedial design sampling, Portland Harbor is now in the remedial design phase, which consists of additional technical information and data collection to be used to design the expected remedial actions. Certain PRPs, not including PGE, have entered into consent agreements to perform remedial design and the EPA has indicated it will take the initial lead to perform remedial design on the remaining areas. The Company anticipates that remedial design costs will ultimately be allocated to PRPs as a part of the allocation process for remediation costs of the EPA’s preferred remedy. The entirety of Portland Harbor continues under an active engineering design phase. PGE continues to participate in a voluntary process to determine an appropriate allocation of costs amongst the PRPs. In a letter dated June 28, 2024, the U.S. Department of Justice and the EPA indicated their expectation and objective is that the PRPs will resolve cleanup and response cost liabilities by participating in a single, overall Consent Decree as Settling Defendants with negotiations beginning in the fall of 2024 and concluding no later than March 2027. Although cost allocation activities are ongoing, significant uncertainties remain surrounding facts and circumstances that are integral to the determination of such an allocation percentage, including conclusion of remedial design, a final allocation methodology, and data with regard to property specific activities and history of ownership of sites within Portland Harbor that will inform the precise boundaries for clean-up. It is probable that PGE will share in a portion of the costs related to Portland Harbor. Based on the above facts and remaining uncertainties in the voluntary allocation process, PGE does not currently have sufficient information to reasonably estimate the amount, or range, of its potential liability or determine an allocation percentage that would represent PGE’s portion of the liability to clean-up Portland Harbor. However, the Company may obtain sufficient information, prior to the final determination of allocation percentages among PRPs, to develop a reasonable estimate, or range, of its potential liability that would require recording of the estimate, or low end of the range. The Company’s liability related to the cost of remediating Portland Harbor could be material to PGE’s financial position. In cases in which injuries to natural resources have occurred as a result of releases of hazardous substances, federal and state natural resource trustees may seek to recover for damages at such sites, which are referred to as Natural Resource Damages (NRD). The EPA does not manage NRD assessment activities but does provide claims information and coordination support to the NRD trustees. NRD assessment activities are typically conducted by a Council made up of the trustee entities for the site. The Portland Harbor NRD trustees consist of the National Oceanic and Atmospheric Administration, the U.S. Fish and Wildlife Service, the State, the Confederated Tribes of the Grand Ronde Community of Oregon, the Confederated Tribes of Siletz Indians, the Confederated Tribes of the Umatilla Indian Reservation, the Confederated Tribes of the Warm Springs Reservation of Oregon, and the Nez Perce Tribe. The NRD trustees may seek to negotiate legal settlements or take other legal actions against the parties responsible for the damages. Funds from such settlements must be used to restore injured resources and may also compensate the trustees for costs incurred in assessing the damages. PGE’s portion of NRD liabilities related to Portland Harbor will not have a material impact on its results of operations, financial position, or cash flows. The impact of costs related to EPA and NRD liabilities on the Company’s results of operations is mitigated by the Portland Harbor Environmental Remediation Account (PHERA) mechanism. As approved by the OPUC in 2017, the PHERA allows the Company to defer estimated liabilities and recover incurred environmental expenditures related to Portland Harbor through a combination of third-party proceeds, including but not limited to insurance recoveries, and, if necessary, through customer prices. The mechanism established annual prudency reviews of environmental expenditures and third-party proceeds. Annual expenditures in excess of $6 million, excluding expenses related to contingent liabilities, are subject to an annual earnings test and would be ineligible for recovery to the extent PGE’s actual regulated return on equity exceeds its return on equity as authorized by the OPUC in PGE’s most recent GRC. PGE’s results of operations may be impacted to the extent such expenditures are deemed imprudent by the OPUC or ineligible per the prescribed earnings test. The Company plans to seek recovery of any costs resulting from EPA’s determination of liability for Portland Harbor through application of the PHERA. At this time, PGE is not collecting any Portland Harbor cost from the PHERA through customer prices. Governmental Investigations In March, April, and May 2021, the Division of Enforcement of the Commodity Futures Trading Commission (CFTC), the Division of Enforcement of the SEC, and the Division of Enforcement of the FERC, respectively, informed the Company they are conducting investigations arising out of the energy trading losses the Company previously announced in August 2020. In the third quarter of 2024, PGE entered into a settlement agreement with the SEC in connection with its investigation. In connection with that settlement, on September 4, 2024, the SEC entered an administrative cease-and-desist order for violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934, as amended, and Rule 13a-15(a) thereunder. These violations relate to the sufficiency of the Company’s internal accounting controls, books and records and disclosure controls and procedures regarding the accounting for derivatives and regulatory transactions. The settlement did not include any monetary penalties. The SEC’s administrative order recognized numerous remedial measures promptly undertaken by PGE and its cooperation during the investigation. Such remedial measures, which were adopted by the Company in 2020 based on the recommendations of an independent committee of PGE’s Board of Directors, included enhancements to the oversight of energy trading and associated risk management reporting, policies and practices. Management cannot predict whether there will be any further developments related to the CFTC or FERC investigations. Colstrip-Related Litigation The Company has a 20% ownership interest in the Colstrip Units 3 and 4 coal-fired generating plant (Colstrip), which is located in the state of Montana and operated by one of the co-owners, Talen Montana, LLC (Talen). Various business disagreements have arisen amongst the co-owners regarding interpretation of the Ownership and Operation (O&O) Agreement and other matters. An arbitration process has been initiated to address such business disagreements and, along with other matters related to Colstrip, are summarized below. Arbitration —In March 2021, co-owner NorthWestern Corporation (NorthWestern) initiated arbitration against all other co-owners of Colstrip to determine whether co-owners representing 55% or more of the ownership shares can vote to close one or both units of Colstrip, or, alternatively, whether unanimous consent is required. The O&O Agreement among the parties states that any dispute shall be submitted for resolution to a single arbitrator with appropriate expertise. The parties have agreed to stay the arbitration proceedings indefinitely as settlement discussions are underway. PGE cannot predict the ultimate outcome of this matter. Richard Burnett; Colstrip Properties Inc., et al v. Talen Montana, LLC; PGE, et al.— In December 2020, the original claim was filed in the Montana Sixteenth Judicial District Court, Rosebud County, Cause No. CV-20-58. The plaintiffs allege they have suffered adverse effects from the defendants’ coal dust. In August 2021, the claim was amended to add PGE as a defendant. Plaintiffs are seeking economic damages, costs and disbursements, punitive damages, attorneys’ fees, and an injunction prohibiting defendants from allowing coal dust to blow onto plaintiffs’ properties, as determined by the Court. The trial date has been rescheduled for June 2, 2025. The Company is unable to predict the outcome or estimate a range of any possible loss in this matter. Westmoreland Mine Permits — Two lawsuits were commenced by the Montana Environmental Information Center, challenging certain permits relating to the operation of the Westmoreland Rosebud Mine, which provides coal to Colstrip. In the first, the Montana District Court for Rosebud County issued an order vacating a permit for one area of the mine. This case was appealed and on November 22, 2023, the Supreme Court of Montana reinstated the Montana District Court’s determination vacating the permit and affirming the lower court order to return to the Board of Environmental Review for additional permit review considerations. In the second, the Montana Federal District Court issued findings and recommended that a decision approving expansion of the mine into a new area should be vacated, but recommended the decision not take effect for 365 days from the date of a final order. On November 24, 2023, the Ninth Circuit Court of Appeals dismissed the appeal by Westmoreland for lack of appellate jurisdiction and noted that the appropriate venue to raise issues will be the U.S. Office of Surface Mining during the remand process. PGE is not a party to either of these proceedings, but is continuing to monitor the progress of both lawsuits and assess the impact, if any, of the proceedings on Westmoreland’s ability to meet its contractual coal supply obligations. 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 that may result in judgments against the Company. Although management currently believes that resolution of such known 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, 2024
Guarantees [Abstract]
GUARANTEES	GUARANTEES PGE enters into financial agreements for, and purchase and sale agreements involving physical delivery of, both power and natural gas 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, 2024, 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.

Income tax Income tax (Notes)

Income tax Income tax (Notes)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES Income tax expense for interim periods is based on the estimated annual effective tax rate, which includes tax credits, regulatory flow-through adjustments, and other items, applied to the Company’s year-to-date, pre-tax income . The significant differences between the Federal statutory tax rate and PGE’s effective tax rate are reflected in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Federal statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Federal tax credits * (16.5) (14.2) (16.9) (11.1) State and local taxes, net of federal tax benefit 7.3 5.8 8.5 7.9 Flow-through depreciation and cost basis differences (0.6) (0.7) (0.6) 0.1 Reversal of excess deferred income tax (1.9) (4.4) (2.4) (3.9) Other 1.2 3.8 0.6 1.8 Effective tax rate 10.5 % 11.3 % 10.2 % 15.8 % * Federal tax credits primarily consist of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities. PTCs are earned based on a per-kilowatt hour rate and, as a result, the annual amount of PTCs earned will vary based on weather conditions and availability of the facilities. PTCs are earned for 10 years from the in-service dates of the corresponding facilities. PGE’s PTC generation will end at various dates through 2034. Carryforwards Federal tax credit carryforwards as of September 30, 2024 and December 31, 2023 were $87 million and $73 million, respectively. These credits primarily consist of PTCs, which will expire at various dates through 2044. PGE included anticipated proceeds from the sale of tax credits in determining the need for a valuation allowance. PGE believes that it is more likely than not that its deferred income tax assets as of September 30, 2024 will be realized, however a valuation allowance has been recorded for the expected discount on the sale of tax credits. The valuation allowance as of September 30, 2024 was $1 million and was deferred as a regulatory asset. As of December 31, 2023, no material valuation allowance was recorded. As of September 30, 2024, and December 31, 2023, PGE had no material unrecognized tax benefits.

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Aggregate Available	0

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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
Inventory, Policy [Policy Text Block]	PGE’s inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities, as well as fuel, which includes natural gas, coal, and oil, for use in the Company’s generating plants. Periodically, PGE assesses whether inventories are recorded at the lower of average cost or net realizable value.
Debt, Policy [Policy Text Block]	PGE typically classifies borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. Long-term debt
Fair Value of Financial Instruments, Policy [Policy Text Block]	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 assets, liabilities, and their placement within the fair value hierarchy. Assets measured at fair value using net asset value (NAV) as a practical expedient are not categorized in the fair value hierarchy. These assets are listed in the totals of the fair value hierarchy to permit the reconciliation to amounts presented in the financial statements.
Allocation of Financial Asset to Hierarchy Levels [Policy Text Block]	Assets held in the Nuclear decommissioning trust (NDT), NQBP trust, and Paid Leave Oregon trust 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: 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 measurement 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 yields and issuer spreads. The external credit rating, coupon rate, and maturity of each security are considered in the valuation, as applicable. Money market funds —PGE invests in money market funds that seek to maintain a stable NAV. 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. The Company believes the redemption value of these funds is likely to be the fair value, which is represented by the NAV. Redemption is permitted daily without written notice. The NQBP trust is invested in exchange-traded government money market funds and is classified as Level 1 in the fair value hierarchy due to the availability of quoted prices in published exchanges such as Nasdaq and the NYSE. The money market fund in the NDT is valued at NAV as a practical expedient and is not included in the fair value hierarchy. Assets and liabilities from price risk management activities, recorded at fair value in PGE’s condensed consolidated balance sheets, consist of derivative instruments entered into by the Company to manage its risk exposure to commodity price and foreign currency exchange rates and reduce volatility in NVPC for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 5, 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 include commodity forwards, futures, and swaps.
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.
Derivatives, Policy [Policy Text Block]	PGE utilizes derivative instruments to manage its exposure to commodity price risk and foreign exchange rate risk in order to reduce volatility in NVPC for its retail customers. Such derivative instruments, recorded at fair value on the condensed consolidated balance sheets, may include forwards, futures, swaps, and options contracts for electricity, natural gas, and foreign currency, with changes in fair value recorded in the condensed consolidated statements of income and comprehensive income. In accordance with ratemaking and cost recovery processes authorized by the OPUC, PGE recognizes a regulatory asset or liability to defer the gains and losses from derivative activity until settlement of the associated derivative instrument. The Company may designate certain derivative instruments as cash flow hedges or may use derivative ins truments as economic hedges. PGE does not intend to engage in trading activities for non-retail purposes.
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 condensed 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 PGE: 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 why the estimate cannot be made. 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 either the current or the subsequent reporting period, depending on the nature of the underlying event. PGE 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) significant facts are in dispute; vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); or vii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact.
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.

SEC Schedule, Article 12-09, Va

SEC Schedule, Article 12-09, Valuation and Qualifying Accounts (Policies)	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Inventory, Policy [Policy Text Block]	PGE’s inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities, as well as fuel, which includes natural gas, coal, and oil, for use in the Company’s generating plants. Periodically, PGE assesses whether inventories are recorded at the lower of average cost or net realizable value.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents PGE’s revenue, disaggregated by customer type (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Retail: Residential $ 356 $ 301 $ 1,078 $ 942 Commercial 244 213 690 606 Industrial 115 89 321 258 Direct access customers 7 7 22 20 Subtotal 722 610 2,111 1,826 Alternative revenue programs, net of amortization (13) 1 (27) 6 Other accrued revenues, net 5 1 10 (2) Total retail revenues 714 612 2,094 1,830 Wholesale revenues * 192 173 467 323 Other operating revenues 23 17 55 45 Total revenues $ 929 $ 802 $ 2,616 $ 2,198

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Components [Abstract]
Allowance for Credit Losses [Text Block]	The following summarizes activity during 2024 in the allowance for credit losses (in millions): Three Months Ended September 30, Nine Months Ended September 30, Balance as of beginning of period $ 11 $ 9 Increase in provision 3 8 Amounts written off (5) (11) Recoveries 2 5 Balance as of end of period $ 11 $ 11
Schedule of Other Current Assets [Table Text Block]	Other current assets consist of the following (in millions): September 30, 2024 December 31, 2023 Prepaid expenses $ 45 $ 68 Assets from price risk management activities 20 22 Margin deposits 91 92 Other current assets $ 156 $ 182
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block]	Electric utility plant, net consists of the following (in millions): September 30, 2024 December 31, 2023 Electric utility plant in-service $ 14,253 $ 13,329 Construction work-in-progress 803 974 Total cost 15,056 14,303 Less: accumulated depreciation and amortization (4,981) (4,757) Electric utility plant, net $ 10,075 $ 9,546
Schedule of Regulatory Assets and Liabilities [Text Block]	Regulatory assets and liabilities consist of the following (in millions): September 30, 2024 December 31, 2023 Current Noncurrent Current Noncurrent Regulatory assets: Price risk management $ 94 $ 73 $ 143 $ 63 Pension and other postretirement plans — 104 — 104 Trojan decommissioning activities — 142 — 139 February 2021 ice storm and damage 13 48 12 55 January 2024 storm and damage — 28 — — Reliability contingency events — 89 — — 2020 Labor Day wildfire 5 20 5 23 Wildfire mitigation 41 — 19 10 Other 32 115 42 98 Total regulatory assets $ 185 $ 619 $ 221 $ 492 Regulatory liabilities: Asset retirement removal costs $ — $ 1,193 $ — $ 1,173 Deferred income taxes — 164 — 177 Clearwater RAC — 26 — — Other 55 30 48 48 Total regulatory liabilities $ 55 * $ 1,413 $ 48 * $ 1,398 * 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, 2024 December 31, 2023 Accrued employee compensation and benefits $ 75 $ 74 Accrued taxes payable 56 30 Accrued interest payable 54 40 Accrued dividends payable 54 51 Regulatory liabilities—current 55 48 Other 107 112 Total accrued expenses and other current liabilities $ 401 $ 355
Pension and Other Postretirement Benefits Disclosure [Text Block]	Components of net periodic benefit cost under the defined benefit pension plan are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Service cost $ 3 $ 3 $ 8 $ 9 Interest cost* 8 9 25 27 Expected return on plan assets* (10) (11) (30) (33) Net periodic benefit cost $ 1 $ 1 $ 3 $ 3 * The net expense portion of non-service cost components are included in Miscellaneous income, net within Other income on the Company’s condensed consolidated statements of income and comprehensive income.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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 in the Company’s condensed consolidated balance sheets are as follows by level within the fair value hierarchy (in millions): As of September 30, 2024 Level 1 Level 2 Level 3 Other (2) Total Assets: Cash equivalents $ — $ — $ — $ — $ — Nuclear decommissioning trust: (1) Debt securities: Domestic government 11 9 — — 20 Corporate credit — 8 — — 8 Money market funds — — — 7 7 Non-qualified benefit plan trust: (3) Debt securities—domestic government 2 — — — 2 Money market funds 1 — — — 1 Paid Leave Oregon Trust Money market funds — — — 4 4 Price risk management activities: (1) (4) Electricity — 11 — — 11 Natural gas — 10 — — 10 $ 14 $ 38 $ — $ 11 $ 63 Liabilities: Price risk management activities: (1) (4) Electricity $ — $ 15 $ 30 $ — $ 45 Natural gas — 111 32 — 143 $ — $ 126 $ 62 $ — $ 188 (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) Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3) Excludes insurance policies of $33 million, which are recorded at cash surrender value. (4) For further information, see Note 5, Risk Management. As of December 31, 2023 Level 1 Level 2 Level 3 Other (2) Total Assets: Cash equivalents $ — $ — $ — $ — $ — Nuclear decommissioning trust: (1) Debt securities: Domestic government 9 9 — — 18 Corporate credit — 7 — — 7 Money market funds — — — 6 6 Non-qualified benefit plan trust: (3) Debt securities—domestic government 3 — — — 3 Money market funds 2 — — — 2 Paid Leave Oregon Trust: Money market funds — — — 3 3 Price risk management activities: (1) (4) Electricity — 8 14 — 22 Natural gas — 11 — — 11 $ 14 $ 35 $ 14 $ 9 $ 72 Liabilities: Price risk management activities: (1) (4) Electricity $ — $ 30 $ 43 $ — $ 73 Natural gas — 150 16 — 166 $ — $ 180 $ 59 $ — $ 239 (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) Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3) Excludes insurance policies of $30 million, which are recorded at cash surrender value. (4) For further information, see Note 5, Risk Management.
Fair Value Option, 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: Fair Value Valuation Technique Significant Unobservable Input Price per Unit Commodity Contracts Assets Liabilities Low High Weighted Average (in millions) As of September 30, 2024 Electricity physical forwards $ — $ 23 Discounted cash flow Electricity forward price (per megawatt hour (MWh)) $ 23.00 $ 114.15 $ 69.61 Natural gas financial swaps — 32 Discounted cash flow Natural gas forward price (per Decatherm) 1.88 3.51 2.42 Electricity financial futures — 7 Discounted cash flow Electricity forward price (per MWh) 48.00 120.00 80.28 $ — $ 62 As of December 31, 2023 Electricity physical forwards $ 14 $ 43 Discounted cash flow Electricity forward price (per MWh) $ 37.53 $ 153.33 $ 84.58 Natural gas financial swaps — 16 Discounted cash flow Natural gas forward price (per Decatherm) 2.25 8.89 3.37 Electricity financial futures — — Discounted cash flow Electricity forward price (per MWh) 65.30 107.31 91.33 $ 14 $ 59
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance as of the beginning of the period $ 45 $ 138 $ 45 $ 32 Net realized and unrealized losses/(gains) * 15 (21) 15 78 Transfers from Level 3 to Level 2 2 — 2 7 Balance as of the end of the period $ 62 $ 117 $ 62 $ 117 * Both realized and unrealized losses/(gains), of which the unrealized portions are offset by the effects of regulatory accounting until settlement of the underlying transactions, are recorded in Revenues, net or Purchased power and fuel expense in the condensed consolidated statements of income and comprehensive income. Includes no net realized gains or losses for the three months ended September 30, 2024 and $5 million net realized losses for the three months ended September 30, 2023. For the nine-month periods ended September 30, 2024 and 2023, includes $1 million in net realized gains and $8 million in net realized losses, respectively.

Price Risk Management (Tables)

Price Risk Management (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Current assets: Commodity contracts: Electricity $ 11 $ 13 Natural gas 9 9 Total current derivative assets (1) 20 22 Noncurrent assets: Commodity contracts: Electricity — 9 Natural gas 1 2 Total noncurrent derivative assets (1) 1 11 Total derivative assets (2) $ 21 $ 33 Current liabilities: Commodity contracts: Electricity $ 26 $ 51 Natural gas 88 113 Total current derivative liabilities 114 164 Noncurrent liabilities: Commodity contracts: Electricity 19 22 Natural gas 55 53 Total noncurrent derivative liabilities 74 75 Total derivative liabilities (2) $ 188 $ 239 (1) Total current derivative assets are included in Other current assets, and Total noncurrent derivative assets are included in Other noncurrent assets on the condensed consolidated balance sheets. (2) As of September 30, 2024 and December 31, 2023, no derivative assets or liabilities were designated as hedging instruments.
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 at various dates through 2035, were as follows (in millions): September 30, 2024 December 31, 2023 Commodity contracts: Electricity 3 MWhs 3 MWhs Natural gas 197 Decatherms 213 Decatherms Foreign currency $ 18 Canadian $ 20 Canadian
Derivatives Not Designated as Hedging Instruments [Table Text Block]	Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are classified in Revenues, net or Purchased power and fuel, as applicable, in the condensed consolidated statements of income and comprehensive income and were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Commodity contracts: Electricity $ (19) $ (85) $ (49) $ (32) Natural Gas 50 (33) 70 164
Schedule of 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/(gain) recorded as of September 30, 2024 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions): 2024 2025 2026 2027 2028 Thereafter Total Commodity contracts: Electricity $ 7 $ 17 $ 3 $ 1 $ — $ 6 $ 34 Natural gas 17 75 38 3 — — 133 Net unrealized loss/(gain) $ 24 $ 92 $ 41 $ 4 $ — $ 6 $ 167

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The denominators of the basic and diluted earnings per share computations are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted-average common shares outstanding—basic 103,845 100,849 102,730 96,625 Dilutive effect of potential common shares 493 254 228 205 Weighted-average common shares outstanding—diluted 104,338 101,103 102,958 96,830

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Stockholders Equity [Table Text Block]	The activity in equity during the three and nine-month periods ended September 30, 2024 and 2023 was as follows (dollars in millions, except per share amounts): Common Stock Accumulated Retained Shares Amount Total Balances as of December 31, 2023 101,159,609 $ 1,750 $ (5) $ 1,574 $ 3,319 Issuances of shares pursuant to equity-based plans 148,926 — — — — Issuances of shares pursuant to equity agreements 1,714,972 78 — — 78 Other comprehensive income — — 1 — 1 Dividends declared ($0.4750 per share) — — — (48) (48) Net income — — — 109 109 Balances as of March 31, 2024 103,023,507 $ 1,828 $ (4) $ 1,635 $ 3,459 Issuances of shares pursuant to equity-based plans 43,176 1 — — 1 Stock-based compensation — 4 — — 4 Dividends declared ($0.5000 per share) — — — (52) (52) Net income — — — 72 72 Balances as of June 30, 2024 103,066,683 $ 1,833 $ (4) $ 1,655 $ 3,484 Issuances of shares pursuant to equity-based plans 37,837 — — — — Issuances of shares pursuant to equity-based plans 2,351,070 100 — — 100 Stock-based compensation — 5 — — 5 Other comprehensive income — — (1) — (1) Dividends declared ($0.5000 per share) — — — (52) (52) Net income — — — 94 94 Balances as of September 30, 2024 105,455,590 $ 1,938 $ (5) $ 1,697 $ 3,630 Common Stock Accumulated Retained Shares Amount Total Balances as of December 31, 2022 89,283,353 $ 1,249 $ (4) $ 1,534 $ 2,779 Issuances of shares pursuant to equity-based plans 159,603 — — — — Issuances of shares pursuant to equity agreements 7,178,016 300 — — 300 Stock-based compensation — (1) — — (1) Dividends declared ($0.4525 per share) — — — (40) (40) Net income — — — 74 74 Balances as of March 31, 2023 96,620,972 $ 1,548 $ (4) $ 1,568 $ 3,112 Issuances of shares pursuant to equity-based plans 30,245 1 — — 1 Issuances of shares pursuant to equity agreements 2,212,610 92 92 Stock-based compensation — 6 — — 6 Other comprehensive income — — 1 — 1 Dividends declared ($0.4750 per share) — — — (51) (51) Net income — — — 39 39 Balances as of June 30, 2023 98,863,827 $ 1,647 $ (3) $ 1,556 $ 3,200 Issuances of shares pursuant to equity-based plans 35,702 — — — — Issuances of shares pursuant to equity agreements 2,224,374 93 — — 93 Stock-based compensation — 4 — — 4 Dividends declared ($0.4750 per share) — — — (49) (49) Net income — — — 47 47 Balances as of September 30, 2023 101,123,903 $ 1,744 $ (3) $ 1,554 $ 3,295

Income tax Income tax (Tables)

Income tax Income tax (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The significant differences between the Federal statutory tax rate and PGE’s effective tax rate are reflected in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Federal statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Federal tax credits * (16.5) (14.2) (16.9) (11.1) State and local taxes, net of federal tax benefit 7.3 5.8 8.5 7.9 Flow-through depreciation and cost basis differences (0.6) (0.7) (0.6) 0.1 Reversal of excess deferred income tax (1.9) (4.4) (2.4) (3.9) Other 1.2 3.8 0.6 1.8 Effective tax rate 10.5 % 11.3 % 10.2 % 15.8 % * Federal tax credits primarily consist of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities. PTCs are earned based on a per-kilowatt hour rate and, as a result, the annual amount of PTCs earned will vary based on weather conditions and availability of the facilities. PTCs are earned for 10 years from the in-service dates of the corresponding facilities. PGE’s PTC generation will end at various dates through 2034.

Basis of Presentation (Details)

Basis of Presentation (Details) retail_customers in Thousands, mi² in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) mi² retail_customers	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) mi² retail_customers	Sep. 30, 2023 USD ($)
Basis of Presentation [Abstract]
Service Area Sq Miles | mi²	4		4
Incorporated Cities	51		51
Number of Retail Customers | retail_customers	946		946
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities			$ 2	$ (133)
Gain (Loss) on Investments	$ (1)	$ (1)	(2)	(2)
Investment Income, Interest		3	12	15
Other Operating Income (Expense), Net	$ 2	$ 1	$ 7	$ 5

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Subtotal	$ 722	$ 610	$ 2,111	$ 1,826
Alternative revenue programs, net of amortization	(13)	1	(27)	6
Other Cost of Operating Revenue	5
Other accrued (deferred) revenues, net		1	10	2
Total retail revenues	714	612	2,094	1,830
Wholesale revenues	192	173	467	323
Other operating revenue	23	17	55	45
Total revenues	929	802	2,616	2,198
Gain on Derivative Instruments, Pretax	108	96	228	152
Residential [Member]
Disaggregation of Revenue [Line Items]
Subtotal	356	301	1,078	942
Commercial [Member]
Disaggregation of Revenue [Line Items]
Subtotal	244	213	690	606
Industrial [Member]
Disaggregation of Revenue [Line Items]
Subtotal	115	89	321	258
Direct Access customers [Member]
Disaggregation of Revenue [Line Items]
Subtotal	$ 7	$ 7	$ 22	$ 20

Balance Sheet Components Allowa

Balance Sheet Components Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts Receivable, Allowance for Credit Loss	$ 11	$ 9
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	3	8
Accounts Receivable, Allowance for Credit Loss, Writeoff	(5)	(11)
Accounts Receivable, Allowance for Credit Loss, Recovery	2	5
Accounts Receivable, Allowance for Credit Loss	$ 11	$ 11

Balance Sheet Components Other

Balance Sheet Components Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Current Assets [Line Items]
Prepaid expenses	$ 45	$ 68
Assets from price risk management activities	20	22
Margin deposits	91	92
Other current assets	$ 156	$ 182

Balance Sheet Components Electr

Balance Sheet Components Electric Utility Plant, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Electric utility plant	$ 14,253	$ 13,329
Construction work-in-progress	803	974
Total cost	15,056	14,303
Less: accumulated depreciation and amortization	(4,981)	(4,757)
Electric utility plant, net	$ 10,075	$ 9,546

Balance Sheet Components Regula

Balance Sheet Components Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	$ 185		$ 185		$ 221
Regulatory assets - noncurrent	619		619		492
Regulatory Liability, Current	55		55		48
Regulatory liabilities-noncurrent	1,413		1,413		1,398
Purchased power and fuel	380	$ 386	1,060	$ 910
Removal Costs [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Liability, Current	0		0		0
Regulatory liabilities-noncurrent	1,193		1,193		1,173
Deferred Income Tax Charge [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Liability, Current	0		0		0
Regulatory liabilities-noncurrent	164		164		177
Other Regulatory Assets (Liabilities) [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Liability, Current	55		55		48
Regulatory liabilities-noncurrent	30		30		48
us-gaap_revenuerefund
Regulatory Assets and Liabilities [Line Items]
Regulatory Liability, Current	0		0		0
Regulatory liabilities-noncurrent	26		26		0
Deferred Derivative Gain (Loss) [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	94		94		143
Regulatory assets - noncurrent	73		73		63
Pension and Other Postretirement Plans Costs [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	0		0		0
Regulatory assets - noncurrent	104		104		104
Environmental Restoration Costs [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	0		0		0
Regulatory assets - noncurrent	142		142		139
Other Regulatory Assets (Liabilities) [Member]
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	32		32		42
Regulatory assets - noncurrent	115		115		98
Storm Costs
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	13		13		12
Regulatory assets - noncurrent	48		48		55
Fire
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	5		5		5
Regulatory assets - noncurrent	20		20		23
wildfire
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	41		41		19
Regulatory assets - noncurrent	0		0		10
StormCosts - RCE
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	0		0		0
Regulatory assets - noncurrent	89		89		0
StormCosts - Jan 2024
Regulatory Assets and Liabilities [Line Items]
Regulatory Assets, Current	0		0		0
Regulatory assets - noncurrent	$ 28		$ 28		$ 0

Balance Sheet Components Othe_2

Balance Sheet Components Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accrued employee compensation and benefits	$ 75	$ 74
Accrued taxes payable	56	30
Accrued interest payable	54	40
Accrued dividends payable	54	51
Regulatory liabilities—current	55	48
Other	107	112
Total accrued expenses and other current liabilities	$ 401	$ 355

Balance Sheet Components Pensio

Balance Sheet Components Pension and Other Postretirement Benefits (Details) - Pension Plan [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3	$ 3	$ 8	$ 9
Interest cost	8	9	25	27
Expected return on plan assets	(10)	(11)	(30)	(33)
Net periodic benefit cost	$ 1	$ 1	$ 3	$ 3

Balance Sheet Components (Detai

Balance Sheet Components (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 11		$ 11		$ 11	$ 9
Unbilled Receivables, Current	136		136			138
Finite-Lived Intangible Assets, Accumulated Amortization	594		594			558
Line of Credit Facility, Maximum Borrowing Capacity	$ 850		$ 850
Debt Instrument, Covenant Description			65%
Ratio of Indebtedness to Net Capital	0.557		0.557
Line of Credit Facility, Remaining Borrowing Capacity	$ 750		$ 750
Line of Credit Facility, Current Borrowing Capacity	750		750
Authorized Short-Term Debt	900		900
Purchased power and fuel	380	$ 386	1,060	$ 910
Repayments of Long-term Debt			0	260
Amount above baseline net variable power costs			(87)
Revenues	929	802	2,616	2,198
Letters of Credit Outstanding, Amount	82		82
Line of Credit, Current	320		320
Finance Lease, Liability, to be Paid	737		737
Revenues	929	$ 802	2,616	$ 2,198
Regulatory assets - noncurrent	619		619			492
Regulatory liabilities-noncurrent	1,413		1,413			1,398
Fire
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Regulatory assets - noncurrent	20		20			23
wildfire
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Regulatory assets - noncurrent	0		0			$ 10
Letter of Credit [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Commercial paper	$ 0		$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments Financial Assets and Liabilities Recognized at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash equivalents	$ 0	$ 0
Debt securities:
Domestic government	20	18
Corporate credit	8	7
Money market funds measured at NAV (2)	7	6
Non-qualified benefit plan trust: (2)
Money market funds	1	2
Alternative Investment	4	3
Debt securities—domestic government	2	3
Assets from price risk management activities: (1) (3)
Electricity	11	22
Natural gas	10	11
Total	11	9
Assets, Fair Value Disclosure	63	72
Liabilities from price risk management activities: (1) (3)
Electricity	45	73
Natural gas	143	166
Total	188	239
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	0	0
Debt securities:
Domestic government	11	9
Corporate credit	0	0
Non-qualified benefit plan trust: (2)
Money market funds	1	2
Debt securities—domestic government	2	3
Assets from price risk management activities: (1) (3)
Electricity	0	0
Natural gas	0	0
Total	14	14
Liabilities from price risk management activities: (1) (3)
Electricity	0	0
Natural gas	0	0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	0	0
Debt securities:
Domestic government	9	9
Corporate credit	8	7
Non-qualified benefit plan trust: (2)
Money market funds	0	0
Debt securities—domestic government	0	0
Assets from price risk management activities: (1) (3)
Electricity	11	8
Natural gas	10	11
Total	38	35
Liabilities from price risk management activities: (1) (3)
Electricity	15	30
Natural gas	111	150
Total	126	180
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	0	0
Debt securities:
Domestic government	0	0
Corporate credit	0	0
Non-qualified benefit plan trust: (2)
Money market funds	0	0
Debt securities—domestic government	0	0
Assets from price risk management activities: (1) (3)
Electricity	0	14
Natural gas	0	0
Total	0	14
Liabilities from price risk management activities: (1) (3)
Electricity	30	43
Natural gas	32	16
Total	$ 62	$ 59

Fair Value of Financial Instr_4

Fair Value of Financial Instruments Fair Value Options Quantitative Disclosure (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Low [Member]
Commodity Contracts
Electricity physical forwards	$ 23	$ 37.53
Natural gas financial swaps	1.88	2.25
Financial swaps - electricity	48	65.30
High [Member]
Commodity Contracts
Electricity physical forwards	114.15	153.33
Natural gas financial swaps	3.51	8.89
Financial swaps - electricity	120	107.31
Weighted Average [Member]
Commodity Contracts
Electricity physical forwards	69.61	84.58
Natural gas financial swaps	2.42	3.37
Financial swaps - electricity	80.28	91.33
Assets [Member]
Commodity Contracts
Electricity physical forwards	0	14,000,000
Natural gas financial swaps	0	0
Financial swaps - electricity	0	0
Total commodity contracts	0	14,000,000
Liabilities [Member]
Commodity Contracts
Electricity physical forwards	23,000,000	43,000,000
Natural gas financial swaps	32,000,000	16,000,000
Financial swaps - electricity	7,000,000	0
Total commodity contracts	$ 62,000,000	$ 59,000,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments Unobservable Input Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of the beginning of the period	$ 45	$ 138	$ 45	$ 32
Net realized and unrealized (gains)/losses	15	(21)	15	78
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3		0		7
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	2
Transfers out of Level 3 to Level 2			2
Balance as of the end of the period	62	117	$ 62	$ 117
Gain (Loss) from Price Risk Management Activity	$ 0	$ 5

Fair Value of Financial Instr_6

Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Surrender Value, Fair Value Disclosure	$ 33	$ 30
Long-term Debt	4,434	3,985
Unamortized Debt Issuance Expense	15	14
Long-term Debt, Fair Value	$ 3,617	$ 3,705

Risk Management Fair values of

Risk Management Fair values of price risk management assets and liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets, Commodity Contracts:
Electricity	$ 11	$ 13
Natural gas	9	9
Total current derivative assets	20	22
Noncurrent Assets, Commodity Contracts: [Abstract]
Commodity Contract Asset, Noncurrent, Electricity	0	9
Commodity Contract Asset, Noncurrent, Natural Gas	1	2
Derivative Asset, Noncurrent	1	11
Total derivative assets	21	33
Current Liabilities, Commodity Contracts: [Abstract]
Electricity	26	51
Natural gas	88	113
Total current derivative liabilities	114	164
Noncurrent Liabilities, Commodity Contracts: [Abstract]
Electricity	19	22
Natural gas	55	53
Total noncurrent derivative liabilities	74	75
Total derivative liabilities	$ 188	$ 239

Risk Management Net volumes rel

Risk Management Net volumes related to price risk management activities (Details) MWh in Millions, MMBTU in Millions, $ in Millions	Sep. 30, 2024 CAD ($) MMBTU MWh	Dec. 31, 2023 CAD ($) MMBTU MWh
Commodity contracts:
Electricity | MWh	3	3
Natural gas | MMBTU	197	213
Foreign currency | $	$ 18	$ 20

Risk Management Net realized an

Risk Management Net realized and unrealized gains and losses on derivative transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commodity contracts:
Electricity	$ (19)	$ (85)	$ (49)	$ (32)
Natural Gas	$ 50	$ (33)	$ 70	$ 164

Risk Management Future Year Net

Risk Management Future Year Net Unrealized Gain/Loss Recorded at Balance Sheet Date Expected to Become Realized (Details) $ in Millions	Sep. 30, 2024 USD ($)
Electricity [Member]
Commodity contracts:
2022	$ 7
2023	17
2024	3
2025	1
2026	0
Thereafter	6
Total	34
Natural Gas [Member]
Commodity contracts:
2022	17
2023	75
2024	38
2025	3
2026	0
Thereafter	0
Total	133
Net Unrealized Loss/(gain)[Member]
Commodity contracts:
2022	24
2023	92
2024	41
2025	4
2026	0
Thereafter	6
Total	$ 167

Risk Management (Details)

Risk Management (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net gain or (loss) recognized in the statement of income offset by regulatory accounting	$ (37)	$ (74)
Derivative, Net Liability Position, Aggregate Fair Value	167		$ 167
Collateral Already Posted, Aggregate Fair Value	76		76
Collateral cash requirement	114		114
Purchased power and fuel	380	$ 386	1,060	$ 910
Letters of Credit Outstanding, Amount	82		82
Derivative, Collateral, Right to Reclaim Cash	61		61
Off-Balance-Sheet, Credit Loss, Liability	15		15
Derivative Asset, Fair Value, Amount Offset Against Collateral	22		$ 22
Credit Risk Contract
Net gain or (loss) recognized in the statement of income offset by regulatory accounting	$ 21

Earnings Per Share Components o

Earnings Per Share Components of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic	103,845	100,849	102,730	96,625
Dilutive effect of potential common shares	493	254	228	205
Weighted Average Number of Shares Outstanding, Diluted	104,338	101,103	102,958	96,830

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares	515	427	515	427

Schedule of Stockholders Equity

Schedule of Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock, Shares, Outstanding beginning of period			101,159,609				101,159,609
Issuance of shares pursuant to equity-based plans	$ 0	$ 1	$ 0	$ 0	$ 1	$ 0
Proceeds from Issuance or Sale of Equity	100		78	93	92	300	$ 178	$ 485
Stockholders' Equity	3,484	3,459	3,319	3,200	3,112	2,779	3,319	2,779
Dividends declared	(52)	(52)	(48)	(49)	(51)	(40)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 94	72	109	47	39	74	$ 275	160
Common Stock, Shares, Outstanding end of period	105,455,590						105,455,590
Stockholders' Equity	$ 3,630	$ 3,484	$ 3,459	$ 3,295	$ 3,200	$ 3,112	$ 3,630	$ 3,295
Common Stock, Dividends, Per Share, Declared	$ 0.5000	$ 0.5000	$ 0.4750	$ 0.4750	$ 0.4750	$ 0.4525
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	$ (5)	$ (4)		$ (4)	$ (6)	$ (1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (1)		$ 1		$ 1
Common Stock [Member]
Common Stock, Shares, Outstanding beginning of period	103,066,683	103,023,507	101,159,609	98,863,827	96,620,972	89,283,353	101,159,609	89,283,353
Issuances of shares pursuant to equity-based plans	37,837	43,176	148,926	35,702	30,245	159,603
Stock Issued During Period, Shares, New Issues	2,351,070		1,714,972	2,224,374	2,212,610	7,178,016
Common Stock, Shares, Outstanding end of period	105,455,590	103,066,683	103,023,507	101,123,903	98,863,827	96,620,972	105,455,590	101,123,903
Common Stock Including Additional Paid in Capital [Member]
Issuance of shares pursuant to equity-based plans	$ 0	$ 1	$ 0	$ 0	$ 1	$ 0
Proceeds from Issuance or Sale of Equity	100		78	93	92	300
Stockholders' Equity	1,833	1,828	1,750	1,647	1,548	1,249	$ 1,750	$ 1,249
Dividends declared	0	0	0	0	0
Stockholders' Equity	1,938	1,833	1,828	1,744	1,647	1,548	1,938	1,744
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	(5)	(4)		(4)	(6)	(1)
AOCI Attributable to Parent [Member]
Stockholders' Equity	(4)	(4)	(5)	(3)	(4)	(4)	(5)	(4)
Dividends declared	0	0	0	0	0
Stockholders' Equity	(5)	(4)	(4)	(3)	(3)	(4)	(5)	(3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1)		1	0	1
Retained Earnings [Member]
Stockholders' Equity	1,655	1,635	1,574	1,556	1,568	1,534	1,574	1,534
Dividends declared	(52)	(52)	(48)	(49)	(51)	(40)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		72	109		39	74
Stockholders' Equity	$ 1,697	$ 1,655	$ 1,635	$ 1,554	$ 1,556	1,568	$ 1,697	$ 1,554
Repurchase of common stock						$ 0

Contingencies (Details)

Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) party
Loss Contingencies [Line Items]
Site Contingency, Names of Other Potentially Responsible Parties | party	100
Litigation Settlement, Fee Expense	$ 115
Loss Contingency, Estimate of Possible Loss	1,700
Loss Contingency, Damages Sought, Value	1,200
Loss Contingency, Range of Possible Loss, Portion Not Accrued	500
Environmental Remediation Expense	6
lower range of costs	1,900
upper range of costs	$ 3,500

Income tax Effective Income Tax

Income tax Effective Income Tax Rate Reconcilitation (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21%	21%	21%	21%
Federal tax credits	(16.50%)	(14.20%)	(16.90%)	(11.10%)
State and local taxes, net of federal tax benefit	7.30%	5.80%	8.50%	7.90%
Flow through depreciation and cost basis differences	(0.60%)	(0.70%)	(0.60%)	0.10%
Excess deferred tax amortization	(1.90%)	(4.40%)	(2.40%)	(3.90%)
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent	1.20%	3.80%	0.60%	1.80%
Effective tax rate	10.50%	11.30%	10.20%	15.80%

Income tax Income tax (Details)

Income tax Income tax (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 87	$ 73
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	$ 1