Long-term Debt

12 Months Ended

Dec. 31, 2020

Long-term Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT

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

	As of December 31,
	2020		2019
First Mortgage Bonds, rates range from 1.84% to 9.31%, with a weighted average rate of 4.14% in 2020 and 4.63% in 2019, due at various dates through 2050	$	2,940	$	2,510
Pollution Control Revenue Bonds, rates at 2.13% and 2.38%, due 2033	119		119
Pollution Control Revenue Bonds held by PGE	—		(21)
Total long-term debt	3,059		2,608
Less: Unamortized debt expense	(13)		(11)
Less: Current portion of long-term debt	(160)		—
Long-term debt, net of current portion	$	2,886	$	2,597

First Mortgage Bonds—On April 27, 2020, PGE issued $200 million of 3.15% Series FMBs due in 2030.

On December 10, 2020, PGE issued $230 million aggregate principal amount of the Company's FMBs that consisted of:

•a series, due in 2027, in the amount of $160 million that will bear interest from its issuance date at an annual rate of 1.84%; and

•a series, due in 2032, in the amount of $70 million that will bear interest from its issuance date at an annual rate of 2.32%.

The Indenture securing PGE’s outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. Interest is payable semi-annually on FMBs.

Pollution Control Revenue Bonds—On March 11, 2020, PGE completed the remarketing of an aggregate principal amount of $119 million of Pollution Control Revenue Refunding Bonds (PCRBs), which consist of $98 million aggregate principal of PCRBs that bear an interest rate of 2.125%, and $21 million aggregate principal of PCRBs that bear an interest rate of 2.375%, both due in 2033. At the time of remarketing, the Company chose a new interest rate period that was fixed term. The new interest rate was based on market conditions at the time of remarketing. The PCRBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on the PCRBs.

As of December 31, 2020, the future minimum principal payments on long-term debt are as follows (in millions):

Years ending December 31:
2021	$	160
2022	—
2023	—
2024	80
2025	—
Thereafter	2,819
	$	3,059