v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

NOTE 11: SEGMENT INFORMATION

PGE is a vertically-integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity. The Company participates in wholesale markets by purchasing and selling electricity and natural gas 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. The Company generates revenues and cash flows primarily from the sale and distribution of electricity to retail customers in its service territory in the State.

The Company has identified one operating and reportable segment and defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (CODM) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the President and Chief Executive Officer.

The Company’s CODM assesses the segment’s performance by using Consolidated Net Income. The CODM uses Consolidated Net Income predominantly as a key input to earnings per share and return on equity, which is an important metric for investors and regulators and is also tied to employee compensation.

The table below provides information about the Company’s single business segment, including significant segment expenses, and includes reconciliation to Consolidated Net Income (dollars in millions):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

814

 

 

$

807

 

 

$

1,693

 

 

$

1,735

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Purchased power and fuel

 

 

296

 

 

 

294

 

 

 

657

 

 

 

662

 

Operating and maintenance expense:

 

 

 

 

 

 

 

 

 

 

 

 

Generation, transmission and distribution

 

 

112

 

 

 

114

 

 

 

222

 

 

 

224

 

Administrative and other

 

 

90

 

 

 

96

 

 

 

196

 

 

 

192

 

Total operating and maintenance expense

 

 

202

 

 

 

210

 

 

 

418

 

 

 

416

 

Depreciation and amortization

 

 

143

 

 

 

139

 

 

 

287

 

 

 

279

 

Taxes other than income taxes

 

 

52

 

 

 

46

 

 

 

103

 

 

 

92

 

Total operating expenses

 

 

693

 

 

 

689

 

 

 

1,465

 

 

 

1,449

 

Income from operations

 

 

121

 

 

 

118

 

 

 

228

 

 

 

286

 

Interest expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

64

 

 

 

60

 

 

 

126

 

 

 

120

 

Allowance for borrowed funds used during construction

 

 

(3

)

 

 

(3

)

 

 

(5

)

 

 

(7

)

Total interest expense, net

 

 

61

 

 

 

57

 

 

 

121

 

 

 

113

 

Other income, net:

 

 

20

 

 

 

13

 

 

 

27

 

 

 

23

 

Income before income taxes

 

 

80

 

 

 

74

 

 

 

134

 

 

 

196

 

Income tax expense

 

 

12

 

 

 

12

 

 

 

21

 

 

 

34

 

Net income

 

$

68

 

 

$

62

 

 

$

113

 

 

$

162

 

 

Certain additional financial information relating to the Company’s single business segment was as follows (dollars in millions):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Total assets

 

$

13,643

 

 

$

13,230

 

Equity method investments

 

 

21

 

 

 

19

 

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Capital expenditures

 

 

(635

)

 

 

(596

)