Price Risk Management (Tables)

9 Months Ended

Sep. 30, 2020

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

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

	September 30, 2020		December 31, 2019
Current assets:
Commodity contracts:
Electricity	$	9	$	9
Natural gas	48		16
Total current derivative assets(1)	57		25
Noncurrent assets:
Commodity contracts:
Electricity	2		7
Natural gas	22		6
Total noncurrent derivative assets(1)	24		13
Total derivative assets(2)	$	81	$	38
Current liabilities:
Commodity contracts:
Electricity	$	11	$	14
Natural gas	5		9
Total current derivative liabilities	16		23
Noncurrent liabilities:
Commodity contracts:
Electricity	138		105
Natural gas	—		3
Total noncurrent derivative liabilities	138		108
Total derivative liabilities(2)	$	154	$	131

(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 September 30, 2020 and December 31, 2019, no derivative assets or liabilities were designated as hedging instruments.

Schedule of Derivative Instruments [Table Text Block]

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):

	September 30, 2020			December 31, 2019
Commodity contracts:
Electricity	8		MWhs	6		MWhs
Natural gas	133		Decatherms	145		Decatherms
Foreign currency	$	21	Canadian	$	23	Canadian

Derivatives Not Designated as Hedging Instruments [Table Text Block]

Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are classified in Purchased power and fuel in the condensed consolidated statements of income and comprehensive income and were as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Commodity contracts:
Electricity	$	113	$	36	$	160	$	18
Natural Gas	(47)		(9)		(51)		(13)
Foreign currency exchange	(1)		—		—		—

Net unrealized and certain net realized losses/(gains) presented in the table above are offset within the condensed consolidated statements of income and comprehensive income by the effects of regulatory accounting.

Schedule of Price Risk Derivatives [Table Text Block]

Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss/(gain) recorded as of September 30, 2020 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions):

	2020		2021		2022		2023		2024		Thereafter		Total
Commodity contracts:
Electricity	$	(4)	$	6	$	7	$	8	$	8	$	113	$	138
Natural gas	(14)		(40)		(10)		(1)		—		—		(65)
Net unrealized loss/(gain)	$	(18)	$	(34)	$	(3)	$	7	$	8	$	113	$	73

Schedule of Concentration of Risk, by Counterparty [Table Text Block]

Counterparties representing 10% or more of assets and liabilities from price risk management activities were as follows:

	September 30, 2020		December 31, 2019
Assets from price risk management activities:
Counterparty A	11	%	35	%
Counterparty B	16		13
Counterparty C	21		11
Counterparty D	17		11
	65	%	70	%
Liabilities from price risk management activities:
Counterparty E	94	%	79	%