Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2011

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 are as follows by level within the fair value hierarchy (in millions):



	September 30, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trust ⁽¹⁾:
Money market funds	$	—	$	15	$	—	$	15
Debt securities:
U.S. treasury securities	6		—		—		6
Corporate debt securities	—		6		—		6
Mortgage-backed securities	—		5		—		5
Municipal securities	—		3		—		3
Asset-backed securities	—		2		—		2
Non-qualified benefit plan trust ⁽²⁾:
Equity securities:
Mutual funds	9		1		—		10
Common stocks	2		—		—		2
Debt securities - mutual funds	2		—		—		2
Assets from price risk management activities ^{(1) (3)}:
Electricity	—		2		—		2
Natural gas	—		7		—		7
	$	19	$	41	$	—	$	60
Liabilities - Liabilities from price risk management activities ^{(1) (3)}:
Electricity	$	—	$	90	$	36	$	126
Natural gas	—		104		113		217
	$	—	$	194	$	149	$	343


(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)	Excludes insurance policies of $22 million, which are recorded at cash surrender value.


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



	As of December 31, 2010
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trust ⁽¹⁾:
Money market funds	$	—	$	13	$	—	$	13
Debt securities:
U.S. treasury securities	3		—		—		3
Corporate debt securities	—		6		—		6
Mortgage-backed securities	—		7		—		7
Municipal securities	—		4		—		4
Asset-backed securities	—		1		—		1
Non-qualified benefit plan trust ⁽²⁾:
Equity securities:
Mutual funds	16		1		—		17
Common stocks	2		—		—		2
Debt securities - mutual funds	2		—		—		2
Assets from price risk management activities ^{(1) (3)}:
Electricity	—		4		1		5
Natural gas	—		11		—		11
	$	23	$	47	$	1	$	71
Liabilities - Liabilities from price risk management activities ^{(1) (3)}:
Electricity	$	—	$	102	$	17	$	119
Natural gas	—		153		104		257
	$	—	$	255	$	121	$	376


(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)	Excludes insurance policies of $23 million, which are recorded at cash surrender value.


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

^[1],[2]

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, 2011		Nine Months Ended September 30, 2011
Net liabilities from price risk management activities as of beginning of period	$	127	$	120
Realized and unrealized losses, net ⁽¹⁾	21		29
Purchases	1		1
Settlements	—		(1		)
Net liabilities from price risk management activities as of end of period	$	149	$	149

	Three Months Ended September 30, 2010		Nine Months Ended September 30, 2010
Net liabilities from price risk management activities as of beginning of period	$	225	$	154
Realized and unrealized losses, net ⁽¹⁾	69		128
Purchases, issuances and settlements, net	1		13
Net liabilities from price risk management activities as of end of period	$	295	$	295


(1)	Contains nominal amounts of realized losses, net.

The Level 3 net unrealized losses presented in the preceding table are recorded in Purchased power and fuel expense in the condensed consolidated statements of income and have been fully offset by the effects of regulatory accounting. Transfers into Level 3 occur when significant inputs used to value the Company’s derivative instruments become less observable, such as a delivery location becoming significantly less liquid. Transfers out of Level 3 occur when the significant inputs become more observable, such as the time between the valuation date and the delivery term of a transaction becomes shorter. PGE records transfers in and transfers out of Level 3 at the end of the reporting period for all of its financial instruments.

^[1]

[1]	(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)Excludes insurance policies of $22 million, which are recorded at cash surrender value.(3)For further information, see Note 4, Price Risk Management.
[2]	(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)Excludes insurance policies of $23 million, which are recorded at cash surrender value.(3)For further information, see Note 4, Price Risk Management.

- Definition

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, 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, issuances, 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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