Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value of Financial Instruments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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 June 30, 2026
		Level 1				Level 2				Level 3				Other (2)				Total
Assets:
Cash equivalents		$	—			$	—			$	—			$	—			$	—
Nuclear decommissioning trust: (1)
Debt securities:
Domestic government			8				7				—				—				15
Corporate credit			—				22				—				—				22
Money market funds			—				—				—				9				9
Non-qualified benefit plan trust: (3)
Debt securities—domestic government			5				—				—				—				5
Money market funds			—				1				—								1
Paid Leave Oregon Trust
Money market funds			—				—				—				7				7
Price risk management activities: (1) (4)
Electricity			—				39				5				—				44
Natural gas			—				2				—				—				2
		$	13			$	71			$	5			$	16			$	105
Liabilities:
Price risk management activities: (1) (4)
Electricity		$	—			$	9			$	43			$	—			$	52
Natural gas			—				143				11				—				154
		$	—			$	152			$	54			$	—			$	206

(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 $32 million, which are recorded at cash surrender value.

(4) For further information, see Note 5, Risk Management.


		As of December 31, 2025
		Level 1				Level 2				Level 3				Other (2)				Total
Assets:
Cash equivalents		$	59			$	—			$	—			$	—			$	59
Nuclear decommissioning trust: (1)
Debt securities:
Domestic government			14				11				—				—				25
Corporate credit			—				10				—				—				10
Money market funds			—				—				—				7				7
Non-qualified benefit plan trust: (3)
Debt securities—domestic government			1				—				—				—				1
Paid Leave Oregon Trust:
Money market funds			—				—				—				7				7
Price risk management activities: (1) (4)
Electricity			—				29				1				—				30
Natural gas			—				3				—				—				3
		$	74			$	53			$	1			$	14			$	142
Liabilities:
Price risk management activities: (1) (4)
Electricity		$	—			$	13			$	37			$	—			$	50
Natural gas			—				160				4				—				164
		$	—			$	173			$	41			$	—			$	214

(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 $35 million, which are recorded at cash surrender value.

(4) For further information, see Note 5, Risk Management.

Schedule of Quantitative Information Regarding the Significant Unobservable Inputs Used in Measurement of Level 3 Assets and Liabilities from Price Risk Management Activities

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												Price per Unit
Commodity Contracts		Assets				Liabilities				Valuation Technique		Significant Unobservable Input		Low				High				Weighted Average
		(in millions)
As of June 30, 2026
Electricity physical forwards		$	—			$	43			Discounted cash flow		Electricity forward price (per megawatt hour (MWh))		$	7.47			$	86.02			$	54.87
Natural gas financial swaps			—				11			Discounted cash flow		Natural gas forward price (per Decatherm)			1.49				3.26				1.94
Electricity financial futures			5				—			Discounted cash flow		Electricity forward price (per MWh)			40.42				77.00				57.27
		$	5			$	54
As of December 31, 2025
Electricity physical forwards		$	—			$	37			Discounted cash flow		Electricity forward price (per MWh)		$	22.99			$	94.65			$	59.28
Natural gas financial swaps			—				4			Discounted cash flow		Natural gas forward price (per Decatherm)			1.67				2.76				2.15
Electricity financial futures			1				—			Discounted cash flow		Electricity forward price (per MWh)			31.00				84.00				52.13
		$	1			$	41

Schedule of Changes in Fair Value of Net Liabilities from Price Risk Management Activities

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 June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Balance as of the beginning of the period		$	48			$	39			$	40			$	34
Net realized and unrealized losses/(gains)*			—				(5	)			8				4
Transfers from Level 3 to Level 2			1				(3	)			1				(7	)
Balance as of the end of the period		$	49			$	31			$	49			$	31

* 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. Amounts include $3 million in net realized gains for both of the three-month periods ended June 30, 2026 and 2025. For both the six months ended June 30, 2026 and 2025, amounts include $4 million in net realized gains.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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