v3.26.1
Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2026
Balance Sheet Components [Abstract]  
Schedule of Allowance for Uncollectible Accounts Activity

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Balance as of beginning of period

 

$

13

 

 

$

13

 

Increase in provision

 

 

3

 

 

 

6

 

Amounts written off

 

 

(4

)

 

 

(9

)

Recoveries

 

 

2

 

 

 

4

 

Balance as of end of period

 

$

14

 

 

$

14

 
Schedule of Other Current Assets

Other current assets consist of the following (in millions):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Prepaid expenses

 

$

112

 

 

$

96

 

Margin deposits

 

 

66

 

 

 

116

 

Assets from price risk management activities

 

 

40

 

 

 

32

 

Other current assets

 

$

218

 

 

$

244

 
Schedule of Public Utility Property, Plant, and Equipment

Electric utility plant, net consists of the following (in millions):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Electric utility plant in-service

 

$

16,271

 

 

$

15,996

 

Construction work-in-progress

 

 

866

 

 

 

416

 

Total cost

 

 

17,137

 

 

 

16,412

 

Less: accumulated depreciation and amortization

 

 

(5,602

)

 

 

(5,419

)

Electric utility plant, net

 

$

11,535

 

 

$

10,993

 
Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities consist of the following (in millions):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

 

 

Price risk management

 

$

100

 

 

$

60

 

 

$

127

 

 

$

54

 

Pension and other postretirement plans

 

 

—

 

 

 

64

 

 

 

—

 

 

 

64

 

Trojan decommissioning activities

 

 

—

 

 

 

165

 

 

 

—

 

 

 

161

 

February 2021 ice storm and damage

 

 

13

 

 

 

28

 

 

 

13

 

 

 

33

 

January 2024 storm and damage

 

 

25

 

 

 

17

 

 

 

—

 

 

 

48

 

Reliability contingency events

 

 

43

 

 

 

31

 

 

 

—

 

 

 

90

 

2020 Labor Day wildfire

 

 

5

 

 

 

12

 

 

 

5

 

 

 

14

 

Wildfire mitigation

 

 

45

 

 

 

—

 

 

 

9

 

 

 

33

 

Portland harbor environmental remediation account

 

 

—

 

 

 

42

 

 

 

—

 

 

 

24

 

Other

 

 

24

 

 

 

102

 

 

 

14

 

 

 

98

 

Total regulatory assets

 

$

255

 

 

$

521

 

 

$

168

 

 

$

619

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Asset retirement removal costs

 

$

—

 

 

$

1,266

 

 

$

—

 

 

$

1,245

 

Deferred income taxes

 

 

—

 

 

 

222

 

 

 

—

 

 

 

228

 

Clearwater RAC

 

 

9

 

 

 

—

 

 

 

21

 

 

 

1

 

Other

 

 

60

 

 

 

19

 

 

 

53

 

 

 

16

 

Total regulatory liabilities

 

$

69

 

*

$

1,507

 

 

$

74

 

*

$

1,490

 

 

* Included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Schedule of Other Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in millions):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Accrued employee compensation and benefits

 

$

66

 

 

$

87

 

Accrued taxes payable

 

 

32

 

 

 

38

 

Accrued interest payable

 

 

54

 

 

 

53

 

Accrued dividends payable

 

 

67

 

 

 

63

 

Regulatory liabilities—current

 

 

69

 

 

 

73

 

Margin deposits from wholesale counterparties

 

 

29

 

 

 

21

 

Other

 

 

134

 

 

 

143

 

Total accrued expenses and other current liabilities

 

$

451

 

 

$

478

 
Schedule of Pension and Other Postretirement Benefits Disclosure

Components of net periodic benefit cost under the defined benefit pension plan are as follows (in millions):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

2

 

 

$

3

 

 

$

4

 

 

$

5

 

Interest cost*

 

 

8

 

 

 

8

 

 

 

16

 

 

 

16

 

Expected return on plan assets*

 

 

(9

)

 

 

(9

)

 

 

(18

)

 

 

(18

)

Net periodic benefit cost

 

$

1

 

 

$

2

 

 

$

2

 

 

$

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.