LONG-TERM DEBT

Long-term debt consists of the following (in millions):



	As of December 31,
	2012			2011
First Mortgage Bonds, rates range from 3.46% to 9.31%, with a weighted average rate of 5.84% in 2012 and 5.83% in 2011, due at various dates through 2040	$	1,515		$	1,615
Pollution Control Revenue Bonds, 5% rate, due 2033	142			142
Pollution Control Revenue Bonds owned by PGE	(21		)	(21		)
Unamortized debt discount	—			(1		)
Total long-term debt	1,636			1,735
Less: current portion of long-term debt	(100		)	(100		)
Long-term debt, net of current portion	$	1,536		$	1,635

First Mortgage Bonds—In accordance with the terms of the debt agreement, PGE repaid during October 2012 the 5.6675% Series of First Mortgage Bonds in the amount of $100 million. The Indenture securing PGE’s outstanding First Mortgage Bonds constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property.

Pollution Control Revenue Bonds—PGE has the option to remarket $21 million of Pollution Control Revenue Bonds held by the Company through 2033. At the time of any remarketing, PGE can choose a new interest rate period that could be daily, weekly, or a fixed term. The new interest rate would be based on market conditions at the time of remarketing. The Pollution Control Revenue Bonds could be backed by first mortgage bonds or a bank letter of credit depending on market conditions.

As of December 31, 2012, the future minimum principal payments on long-term debt are as follows (in millions):



Years ending December 31:
2013	$	100
2014	—
2015	70
2016	67
2017	58
Thereafter	1,341
	$	1,636

Interest is payable semi-annually on all long-term debt instruments.