v3.26.1
Risk Management (Tables)
 6 Months Ended
Jun. 30, 2026
Price Risk Management [Abstract]  
Schedule of PGE's Assets and Liabilities from Price Risk Management Activities

PGE’s Assets and Liabilities from price risk management activities consist of the following (in millions):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Current assets:

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

Electricity

 

$

39

 

 

$

29

 

Natural gas

 

 

1

 

 

 

3

 

Total current derivative assets (1)

 

 

40

 

 

 

32

 

Noncurrent assets:

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

Electricity

 

 

5

 

 

 

1

 

Natural gas

 

 

1

 

 

 

—

 

Total noncurrent derivative assets (1)

 

 

6

 

 

 

1

 

Total derivative assets (2)

 

$

46

 

 

$

33

 

Current liabilities:

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

Electricity

 

$

17

 

 

$

19

 

Natural gas

 

 

123

 

 

 

139

 

Total current derivative liabilities

 

 

140

 

 

 

158

 

Noncurrent liabilities:

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

Electricity

 

 

35

 

 

 

31

 

Natural gas

 

 

31

 

 

 

25

 

Total noncurrent derivative liabilities

 

 

66

 

 

 

56

 

Total derivative liabilities (2)

 

$

206

 

 

$

214

 

 

(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 June 30, 2026 and December 31, 2025, no commodity derivative assets or liabilities were designated as hedging instruments.
Schedule of PGE's Net Volumes related to Assets and Liabilities from Price Risk Management Activities

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):

 

 

 

June 30, 2026

 

December 31, 2025

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

—

 

 

MWhs

 

 

1

 

 

MWhs

Natural gas

 

 

236

 

 

Decatherms

 

 

224

 

 

Decatherms

Foreign currency

 

$

3

 

 

Canadian

 

$

9

 

 

Canadian
Schedule of Net Realized and Unrealized Losses (Gains) on Derivative Transactions Not Designated as Hedging Instruments

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

$

(23

)

 

$

2

 

 

$

(38

)

 

$

7

 

Natural Gas

 

 

6

 

 

 

31

 

 

 

103

 

 

 

45

 

Foreign currency exchange

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)
Schedule of Future Year Net Unrealized Losses related to PGE's Derivative Activities

Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss recorded as of June 30, 2026 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions):

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

$

(24

)

 

$

(1

)

 

$

5

 

 

$

4

 

 

$

4

 

 

$

20

 

 

$

8

 

Natural gas

 

 

76

 

 

 

64

 

 

 

8

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

152

 

Net unrealized loss

 

$

52

 

 

$

63

 

 

$

13

 

 

$

8

 

 

$

4

 

 

$

20

 

 

$

160