QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Title of class) | (Trading Symbol) | (Name of exchange on which registered) | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Item 1. | Financial Statements (Unaudited) | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Abbreviation or Acronym | Definition | |||||||
AFDC | Allowance for funds used during construction | |||||||
AUT | Annual Power Cost Update Tariff | |||||||
Colstrip | Colstrip Units 3 and 4 coal-fired generating plant | |||||||
EPA | United States Environmental Protection Agency | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FMBs | First Mortgage Bonds | |||||||
GAAP | Accounting principles generally accepted in the United States of America | |||||||
GRC | General Rate Case | |||||||
IRP | Integrated Resource Plan | |||||||
Moody’s | Moody’s Investors Service | |||||||
MW | Megawatts | |||||||
MWa | Average megawatts | |||||||
MWh | Megawatt hour | |||||||
Nasdaq | National Association of Securities Dealers Automated Quotations | |||||||
NVPC | Net Variable Power Costs | |||||||
NYSE | New York Stock Exchange | |||||||
OPUC | Public Utility Commission of Oregon | |||||||
PCAM | Power Cost Adjustment Mechanism | |||||||
RPS | Renewable Portfolio Standard | |||||||
S&P | S&P Global Ratings | |||||||
SEC | United States Securities and Exchange Commission | |||||||
Trojan | Trojan nuclear power plant | |||||||
Wheatridge | Wheatridge Renewable Energy Facility | |||||||
Item 1. | Financial Statements. |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Revenues, net | $ | $ | |||||||||
Alternative revenue programs, net of amortization | ( | ||||||||||
Total revenues | |||||||||||
Operating expenses: | |||||||||||
Purchased power and fuel | |||||||||||
Generation, transmission and distribution | |||||||||||
Administrative and other | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Income from operations | |||||||||||
Interest expense, net | |||||||||||
Other income (expense): | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Miscellaneous income (expense), net | ( | ||||||||||
Other income (expense), net | ( | ||||||||||
Income before income tax expense | |||||||||||
Income tax expense | |||||||||||
Net income | |||||||||||
Other comprehensive income | |||||||||||
Comprehensive income | $ | $ | |||||||||
Weighted-average common shares outstanding (in thousands): | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Earnings per share—Basic and diluted | $ | $ | |||||||||
See accompanying notes to condensed consolidated financial statements. |
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Regulatory assets—current | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Electric utility plant, net | |||||||||||
Regulatory assets—noncurrent | |||||||||||
Nuclear decommissioning trust | |||||||||||
Non-qualified benefit plan trust | |||||||||||
Other noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
See accompanying notes to condensed consolidated financial statements. |
March 31, 2021 | December 31, 2020 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Liabilities from price risk management activities—current | |||||||||||
Short-term debt | |||||||||||
Current portion of long-term debt | |||||||||||
Current portion of finance lease obligation | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of current portion | |||||||||||
Regulatory liabilities—noncurrent | |||||||||||
Deferred income taxes | |||||||||||
Unfunded status of pension and postretirement plans | |||||||||||
Liabilities from price risk management activities—noncurrent | |||||||||||
Asset retirement obligations | |||||||||||
Non-qualified benefit plan liabilities | |||||||||||
Finance lease obligations, net of current portion | |||||||||||
Other noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see notes) | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred stock, | |||||||||||
Common stock, | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ | |||||||||
See accompanying notes to condensed consolidated financial statements. |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
Pension and other postretirement benefits | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Decoupling mechanism deferrals, net of amortization | ( | ||||||||||
Amortization of net benefits due to Tax Reform | ( | ||||||||||
Deferral of incremental storm costs | ( | ||||||||||
Other non-cash income and expenses, net | |||||||||||
Changes in working capital: | |||||||||||
(Increase)/decrease in accounts receivable, net | ( | ||||||||||
Decrease/(increase) in inventories | ( | ||||||||||
(Increase)/decrease in margin deposits | ( | ( | |||||||||
Increase/(decrease) in accounts payable and accrued liabilities | ( | ||||||||||
Other working capital items, net | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Sales of Nuclear decommissioning trust securities | |||||||||||
Purchases of Nuclear decommissioning trust securities | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Borrowings on short-term debt | |||||||||||
Repayments of short-term debt | ( | ( | |||||||||
Issuance of commercial paper, net | |||||||||||
Dividends paid | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Increase (Decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental cash flow information is as follows: | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | $ | |||||||||
See accompanying notes to condensed consolidated financial statements. |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Retail: | |||||||||||
Residential | $ | $ | |||||||||
Commercial | |||||||||||
Industrial | |||||||||||
Direct access customers | |||||||||||
Subtotal | |||||||||||
Alternative revenue programs, net of amortization | ( | ||||||||||
Other accrued revenues, net | |||||||||||
Total retail revenues | |||||||||||
Wholesale revenues* | |||||||||||
Other operating revenues | |||||||||||
Total revenues | $ | $ |
Three Months Ended March 31, | |||||
2021 | |||||
Balance as of beginning of period | $ | ||||
Increase in provision | |||||
Amounts written off | ( | ||||
Recoveries | |||||
Balance as of end of period | $ | ||||
March 31, 2021 | December 31, 2020 | ||||||||||
Prepaid expenses | $ | $ | |||||||||
Assets from price risk management activities | |||||||||||
Margin deposits | |||||||||||
Other current assets | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Electric utility plant | $ | $ | |||||||||
Construction work-in-progress | |||||||||||
Total cost | |||||||||||
Less: accumulated depreciation and amortization | ( | ( | |||||||||
Electric utility plant, net | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||
Regulatory assets: | |||||||||||||||||||||||
Price risk management | $ | $ | $ | $ | |||||||||||||||||||
Pension and other postretirement plans | |||||||||||||||||||||||
Debt issuance costs | |||||||||||||||||||||||
Trojan decommissioning activities | |||||||||||||||||||||||
Incremental storm costs | — | — | — | ||||||||||||||||||||
Other | |||||||||||||||||||||||
Total regulatory assets | $ | $ | $ | $ | |||||||||||||||||||
Regulatory liabilities: | |||||||||||||||||||||||
Asset retirement removal costs | $ | $ | $ | $ | |||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||
Asset retirement obligations | |||||||||||||||||||||||
Price risk management | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total regulatory liabilities | $ | (1) | $ | $ | (1) | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Accrued employee compensation and benefits | $ | $ | |||||||||
Accrued taxes payable | |||||||||||
Accrued interest payable | |||||||||||
Accrued dividends payable | |||||||||||
Regulatory liabilities—current | |||||||||||
Other | |||||||||||
Total accrued expenses and other current liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost* | |||||||||||
Expected return on plan assets* | ( | ( | |||||||||
Amortization of net actuarial loss* | |||||||||||
Net periodic benefit cost | $ | $ |
Level 1 | Quoted prices are available in active markets for identical assets or liabilities as of the measurement date; | ||||
Level 2 | Pricing inputs include those that are directly or indirectly observable in the marketplace as of the measurement date; and | ||||
Level 3 | Pricing inputs include significant inputs that are unobservable for the asset or liability. |
As of March 31, 2021 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(2) | Total | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Nuclear decommissioning trust: (1) | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Domestic government | — | ||||||||||||||||||||||||||||
Corporate credit | — | ||||||||||||||||||||||||||||
Money market funds measured at NAV (2) | — | — | — | ||||||||||||||||||||||||||
Non-qualified benefit plan trust: (3) | |||||||||||||||||||||||||||||
Money market funds | — | ||||||||||||||||||||||||||||
Equity securities | — | ||||||||||||||||||||||||||||
Debt securities—domestic government | — | ||||||||||||||||||||||||||||
Price risk management activities: (1) (4) | |||||||||||||||||||||||||||||
Electricity | — | ||||||||||||||||||||||||||||
Natural gas | — | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Price risk management activities: (1) (4) | |||||||||||||||||||||||||||||
Electricity | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Natural gas | — | ||||||||||||||||||||||||||||
$ | $ | $ | $ | — | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other (2) | Total | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Nuclear decommissioning trust: (1) | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Domestic government | — | ||||||||||||||||||||||||||||
Corporate credit | — | ||||||||||||||||||||||||||||
Money market funds measured at NAV (2) | — | — | — | ||||||||||||||||||||||||||
Non-qualified benefit plan trust: (3) | |||||||||||||||||||||||||||||
Debt securities—domestic government | — | ||||||||||||||||||||||||||||
Money market funds | — | ||||||||||||||||||||||||||||
Equity securities | — | ||||||||||||||||||||||||||||
Price risk management activities: (1) (4) | |||||||||||||||||||||||||||||
Electricity | — | ||||||||||||||||||||||||||||
Natural gas | — | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Price risk management activities: (1) (4) | |||||||||||||||||||||||||||||
Electricity | — | ||||||||||||||||||||||||||||
Natural gas | — | ||||||||||||||||||||||||||||
$ | $ | $ | $ | — | $ |
Fair Value | Valuation Technique | Significant Unobservable Input | Price per Unit | |||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Assets | Liabilities | Low | High | Weighted Average | |||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Electricity physical forwards | $ | $ | Discounted cash flow | Electricity forward price (per MWh) | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Natural gas financial swaps | Discounted cash flow | Natural gas forward price (per Decatherm) | ||||||||||||||||||||||||||||||||||||||||||
Electricity financial futures | Discounted cash flow | Electricity forward price (per MWh) | ||||||||||||||||||||||||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Electricity physical forwards | $ | $ | Discounted cash flow | Electricity forward price (per MWh) | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Natural gas financial swaps | Discounted cash flow | Natural gas forward price (per Decatherm) | ||||||||||||||||||||||||||||||||||||||||||
Electricity financial futures | Discounted cash flow | Electricity forward price (per MWh) | ||||||||||||||||||||||||||||||||||||||||||
$ | $ |
Significant Unobservable Input | Position | Change to Input | Impact on Fair Value | |||||||||||||||||
Market price | Buy | Increase (decrease) | Gain (loss) | |||||||||||||||||
Market price | Sell | Increase (decrease) | Loss (gain) | |||||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance as of the beginning of the period | $ | $ | |||||||||
Net realized and unrealized losses/(gains)* | ( | ||||||||||
Transfers from Level 3 to Level 2 | ( | ||||||||||
Balance as of the end of the period | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Current assets: | |||||||||||
Commodity contracts: | |||||||||||
Electricity | $ | $ | |||||||||
Natural gas | |||||||||||
Total current derivative assets(1) | |||||||||||
Noncurrent assets: | |||||||||||
Commodity contracts: | |||||||||||
Electricity | |||||||||||
Natural gas | |||||||||||
Total noncurrent derivative assets(1) | |||||||||||
Total derivative assets(2) | $ | $ | |||||||||
Current liabilities: | |||||||||||
Commodity contracts: | |||||||||||
Electricity | $ | $ | |||||||||
Natural gas | |||||||||||
Total current derivative liabilities | |||||||||||
Noncurrent liabilities: | |||||||||||
Commodity contracts: | |||||||||||
Electricity | |||||||||||
Natural gas | |||||||||||
Total noncurrent derivative liabilities | |||||||||||
Total derivative liabilities(2) | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Commodity contracts: | |||||||||||||||||
Electricity | MWhs | MWhs | |||||||||||||||
Natural gas | Decatherms | Decatherms | |||||||||||||||
Foreign currency | $ | Canadian | $ | Canadian |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Commodity contracts: | |||||||||||
Electricity | $ | ( | $ | ||||||||
Natural Gas | ( | ||||||||||
Foreign currency exchange |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Commodity contracts: | |||||||||||||||||||||||||||||||||||||||||
Electricity | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Natural gas | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net unrealized loss/(gain) | $ | ( | $ | ( | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets from price risk management activities: | |||||||||||
Counterparty A | % | % | |||||||||
Counterparty B | |||||||||||
Counterparty C | |||||||||||
Counterparty D | |||||||||||
% | % | ||||||||||
Liabilities from price risk management activities: | |||||||||||
Counterparty E | % | % | |||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Weighted-average common shares outstanding—basic | |||||||||||
Dilutive effect of potential common shares | |||||||||||
Weighted-average common shares outstanding—diluted |
Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings | |||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
Balances as of December 31, 2020 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Issuances of shares pursuant to equity-based plans | — | — | |||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Balances as of March 31, 2021 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Balances as of December 31, 2019 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Issuances of shares pursuant to equity-based plans | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Dividends declared ($ | — | ( | ( | ||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Balances as of March 31, 2020 | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Federal statutory tax rate | % | % | |||||||||
Federal tax credits* | ( | ( | |||||||||
State and local taxes, net of federal tax benefit | |||||||||||
Flow-through depreciation and cost basis differences | |||||||||||
Amortization of excess deferred income tax | ( | ( | |||||||||
Local tax flow-through adjustment | ( | ||||||||||
Other | ( | ||||||||||
Effective tax rate | % | % | |||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Three Months Ended March 31, | % Increase (Decrease) in Energy Deliveries | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Energy deliveries (MWhs in thousands): | |||||||||||||||||
Retail: | |||||||||||||||||
Residential | 2,239 | 2,131 | 5.1 | % | |||||||||||||
Commercial | 1,564 | 1,626 | (3.8) | % | |||||||||||||
Industrial | 897 | 810 | 10.7 | % | |||||||||||||
Subtotal | 4,700 | 4,567 | 2.9 | % | |||||||||||||
Direct access: | |||||||||||||||||
Commercial | 150 | 170 | (11.8) | % | |||||||||||||
Industrial | 359 | 355 | 1.1 | % | |||||||||||||
Subtotal | 509 | 525 | (3.0) | % | |||||||||||||
Total retail energy deliveries | 5,209 | 5,092 | 2.3 | % | |||||||||||||
Wholesale energy deliveries | 1,245 | 1,693 | (26.5) | % | |||||||||||||
Total energy deliveries | 6,454 | 6,785 | (4.9) | % | |||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Average number of retail customers: | ||||||||||||||||||||
Residential | 797,602 | 88 | % | 787,095 | 88 | % | ||||||||||||||
Commercial | 110,703 | 12 | 110,073 | 12 | ||||||||||||||||
Industrial | 193 | — | 194 | — | ||||||||||||||||
Direct access | 601 | — | 627 | — | ||||||||||||||||
Total | 909,099 | 100 | % | 897,989 | 100 | % |
Heating Degree-days | |||||||||||||||||
2021 | 2020 | Avg. | |||||||||||||||
January | 620 | 588 | 719 | ||||||||||||||
February | 641 | 605 | 598 | ||||||||||||||
March | 544 | 568 | 530 | ||||||||||||||
Year-to-date | 1,805 | 1,761 | 1,847 | ||||||||||||||
Decrease from the 15-year average | (2.3) | % | (4.7) | % |
Plant availability (1) | Actual energy provided compared to projected levels (2) | Actual energy provided as a percentage of total retail load | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
Generation: | ||||||||||||||||||||||||||
Thermal: | ||||||||||||||||||||||||||
Natural gas | 94 | % | 96 | % | 114 | % | 101 | % | 48 | % | 50 | % | ||||||||||||||
Coal (3) | — | 100 | 103 | 108 | 12 | 24 | ||||||||||||||||||||
Wind | 94 | 96 | 129 | 164 | 11 | 12 | ||||||||||||||||||||
Hydro | 85 | 88 | 81 | 80 | 6 | 8 | ||||||||||||||||||||
Three Months Ended March 31, | % Increase (Decrease) | |||||||||||||
2021 | 2020 | |||||||||||||
Total revenues | $ | 609 | $ | 573 | 6 | % | ||||||||
Purchased power and fuel | 169 | 153 | 10 | % | ||||||||||
Gross margin(1) | 440 | 420 | 5 | % | ||||||||||
Other operating expenses: | ||||||||||||||
Generation, transmission and distribution | 80 | 73 | 10 | % | ||||||||||
Administrative and other | 86 | 71 | 21 | % | ||||||||||
Depreciation and amortization | 103 | 108 | (5) | % | ||||||||||
Taxes other than income taxes | 38 | 35 | 9 | % | ||||||||||
Total other operating expenses | 307 | 287 | 7 | % | ||||||||||
Income from operations | 133 | 133 | — | % | ||||||||||
Interest expense, net(2) | 34 | 33 | 3 | % | ||||||||||
Other income: | ||||||||||||||
Allowance for equity funds used during construction | 4 | 3 | 33 | % | ||||||||||
Miscellaneous income, net | 2 | (4) | 150 | % | ||||||||||
Other income, net | 6 | (1) | 700 | % | ||||||||||
Income before income tax expense | 105 | 99 | 6 | % | ||||||||||
Income tax expense | 9 | 18 | (50) | % | ||||||||||
Net income | $ | 96 | $ | 81 | 19 | % | ||||||||
Three Months Ended | |||||
March 31, 2020 | $ | 81 | |||
Income tax expense | 9 | ||||
Other operating revenues primarily from the resale of excess natural gas used for fuel in 2021 that did not occur in 2020 | 7 | ||||
Revenue from Wheatridge placed in service | 4 | ||||
Gains from Nonqualified benefit trust | 4 | ||||
Depreciation and amortization expense | 3 | ||||
Retail energy deliveries | 2 | ||||
Purchased power and fuel expense | (2) | ||||
Wholesale revenues | (12) | ||||
March 31, 2021 | $ | 96 | |||
Change in Net income | $ | 15 | |||
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Retail (1): | |||||||||||||||||
Residential | $ | 310 | 51 | % | $ | 279 | 48 | % | |||||||||
Commercial | 162 | 26 | 159 | 28 | |||||||||||||
Industrial | 60 | 10 | 51 | 9 | |||||||||||||
Direct Access | 11 | 2 | 11 | 2 | |||||||||||||
Subtotal | 543 | 89 | 500 | 87 | |||||||||||||
Alternative revenue programs, net of amortization | (3) | — | 9 | 2 | |||||||||||||
Other accrued revenues, net (2) | 13 | 2 | 5 | 1 | |||||||||||||
Total retail revenues | 553 | 91 | 514 | 90 | |||||||||||||
Wholesale revenues | 33 | 5 | 47 | 8 | |||||||||||||
Other operating revenues | 23 | 4 | 12 | 2 | |||||||||||||
Total revenues | $ | 609 | 100 | % | $ | 573 | 100 | % | |||||||||
Three Months Ended | |||||
March 31, 2020 | $ | 514 | |||
Increase as a result of the AUT, approved by the OPUC, with an expected offset in Purchased power and fuel | 17 | ||||
Recovery in Revenues of Storm related expenses in 2021 | 12 | ||||
Increase from higher retail energy deliveries driven by the impact of COVID-19 on residential customers in the first quarter 2021 and higher industrial demand | 11 | ||||
Increase resulting from the combination of various supplemental tariffs and adjustments, the largest of which pertains to Wheatridge being placed into service | 6 | ||||
Increase as a result of the change in the average price of energy deliveries due primarily to shift in mix among customer classes resulting from COVID-19 | 5 | ||||
Decrease attributed to alternative revenue programs related to the decoupling mechanism due to increased residential use per customer | (12) | ||||
March 31, 2021 | $ | 553 | |||
Change in Total retail revenues | $ | 39 | |||
Three Months Ended | |||||
March 31, 2020 | $ | 153 | |||
Increase related to average variable power cost per MWh | 13 | ||||
Increase related to total system load | 3 | ||||
March 31, 2021 | $ | 169 | |||
Change in Purchased power and fuel | $ | 16 | |||
Average variable power cost per MWh: | |||||
March 31, 2020 | $ | 23.31 | |||
March 31, 2021 | $ | 27.14 | |||
Total system load (MWhs in thousands): | |||||
March 31, 2020 | 6,586 | ||||
March 31, 2021 | 6,237 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Sources of energy (MWhs in thousands): | |||||||||||||||||||||||
Generation: | |||||||||||||||||||||||
Thermal: | |||||||||||||||||||||||
Natural gas | 2,383 | 38 | % | 2,433 | 37 | % | |||||||||||||||||
Coal | 582 | 9 | 1,186 | 18 | |||||||||||||||||||
Total thermal | 2,965 | 47 | 3,619 | 55 | |||||||||||||||||||
Hydro | 317 | 5 | 369 | 6 | |||||||||||||||||||
Wind | 532 | 9 | 585 | 9 | |||||||||||||||||||
Total generation | 3,814 | 61 | 4,573 | 70 | |||||||||||||||||||
Purchased power: | |||||||||||||||||||||||
Term | 1,844 | 30 | 1,604 | 24 | |||||||||||||||||||
Hydro | 340 | 5 | 345 | 5 | |||||||||||||||||||
Wind | 239 | 4 | 64 | 1 | |||||||||||||||||||
Total purchased power | 2,423 | 39 | 2,013 | 30 | |||||||||||||||||||
Total system load | 6,237 | 100 | % | 6,586 | 100 | % | |||||||||||||||||
Less: wholesale sales | (1,245) | (1,693) | |||||||||||||||||||||
Retail load requirement | 4,992 | 4,893 |
Runoff as a Percent of Normal* | |||||||||||
Location | 2021 Forecast | 2020 Actual | |||||||||
Columbia River at The Dalles, Oregon | 89 | % | 104 | % | |||||||
Mid-Columbia River at Grand Coulee, Washington | 94 | 109 | |||||||||
Clackamas River at Estacada, Oregon | 85 | 75 | |||||||||
Deschutes River at Moody, Oregon | 90 | 86 |
Three Months Ended | |||||
March 31, 2020 | $ | 106 | |||
Increase in Purchased power and fuel expense | 16 | ||||
Decrease (Increase) in Wholesale revenues | 14 | ||||
March 31, 2021 | $ | 136 | |||
Change in NVPC | $ | 30 |
Three Months Ended | |||||
March 31, 2020 | $ | 73 | |||
January and February storm costs recovered via the Company’s storm cost recovery mechanism | 12 | ||||
Decrease primarily due to lower maintenance expense and lower general maintenance costs at some of the Company’s generation facilities | (6) | ||||
Miscellaneous expenses | 1 | ||||
March 31, 2021 | $ | 80 | |||
Change in Generation, transmission and distribution | $ | 7 |
Three Months Ended | |||||
March 31, 2020 | $ | 71 | |||
Higher legal and other professional service expenses | 5 | ||||
Higher employee wage and benefits expenses | 4 | ||||
Increase to bad debt expense | 3 | ||||
Miscellaneous expenses | 3 | ||||
March 31, 2021 | $ | 86 | |||
Change in Administrative and other | $ | 15 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash and cash equivalents, beginning of period | $ | 257 | $ | 30 | |||||||
Net cash provided by (used in): | |||||||||||
Operating activities | 168 | 155 | |||||||||
Investing activities | (162) | (157) | |||||||||
Financing activities | (128) | 2 | |||||||||
Increase (decrease) in cash and cash equivalents | (122) | — | |||||||||
Cash and cash equivalents, end of period | $ | 135 | $ | 30 |
Increase/ (Decrease) | |||||
Net income | $ | 15 | |||
Deferral of incremental storm costs | (41) | ||||
Accounts payable and accrued liabilities | 48 | ||||
Accounts receivable, net | (21) | ||||
Margin deposits | 18 | ||||
Decoupling | 12 | ||||
Deferred income tax | (8) | ||||
Depreciation and amortization | (5) | ||||
Other | (5) | ||||
Net change in cash flow from operations | $ | 13 |
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||
Ongoing capital expenditures* | $ | 600 | $ | 550 | $ | 550 | $ | 550 | $ | 550 | |||||||||||||||||||
Integrated Operations Center | 100 | — | — | — | — | ||||||||||||||||||||||||
Total capital expenditures | $ | 700 | $ | 550 | $ | 550 | $ | 550 | $ | 550 | |||||||||||||||||||
Long-term debt maturities | $ | 160 | $ | — | $ | — | $ | 80 | $ | — |
As of March 31, 2021 | |||||||||||||||||
Capacity | Outstanding | Available | |||||||||||||||
Revolving credit facility (1) | $ | 500 | $ | — | $ | 500 | |||||||||||
Letters of credit (2) | 220 | 75 | 145 | ||||||||||||||
Total credit | $ | 720 | $ | 75 | $ | 645 | |||||||||||
Cash and cash equivalents | 135 | ||||||||||||||||
Total liquidity | $ | 780 |
Moody’s | S&P | ||||||||||
First Mortgage Bonds | A1 | A | |||||||||
Senior unsecured debt | A3 | BBB+ | |||||||||
Commercial paper | P-2 | A-2 | |||||||||
Outlook | Stable | Stable |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 5. | Other Information. |
Nominee | For | Against | Abstain | Broker Non-votes | ||||||||||||||||||||||
Rodney L. Brown, Jr. | 77,760,442 | 1,099,193 | 59,551 | 4,810,920 | ||||||||||||||||||||||
Jack E. Davis | 78,570,131 | 293,752 | 55,303 | 4,810,920 | ||||||||||||||||||||||
Kirby A. Dyess | 77,606,579 | 1,253,481 | 59,126 | 4,810,920 | ||||||||||||||||||||||
Mark B. Ganz | 76,127,207 | 2,733,497 | 58,482 | 4,810,920 | ||||||||||||||||||||||
Marie O. Huber | 78,604,566 | 264,256 | 50,364 | 4,810,920 | ||||||||||||||||||||||
Kathryn J. Jackson | 77,663,051 | 1,207,714 | 48,421 | 4,810,920 | ||||||||||||||||||||||
Michael A. Lewis | 78,616,416 | 244,084 | 58,686 | 4,810,920 | ||||||||||||||||||||||
Michael H. Millegan | 76,831,221 | 2,028,080 | 59,885 | 4,810,920 | ||||||||||||||||||||||
Neil J. Nelson | 77,333,206 | 1,524,396 | 61,584 | 4,810,920 | ||||||||||||||||||||||
M. Lee Pelton | 68,181,861 | 10,678,035 | 59,290 | 4,810,920 | ||||||||||||||||||||||
Maria M. Pope | 77,789,335 | 1,085,177 | 44,654 | 4,810,920 | ||||||||||||||||||||||
James P. Torgerson | 75,535,833 | 3,324,946 | 58,407 | 4,810,920 |
Item 6. | Exhibits. |
Exhibit Number | Description | ||||
3.1 | Third Amended and Restated Articles of Incorporation of Portland General Electric Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed May 9, 2014). | ||||
3.2 | Eleventh Amended and Restated Bylaws of Portland General Electric Company (incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K filed February 15, 2019). | ||||
10.1 | Credit Agreement dated as of March 31, 2021 among Portland General Electric Company, the Borrower; the Lenders; U.S. Bank National Association, as Administrative Agent; and CoBank, ACB as Syndication Agent. (incorporated by reference to Exhibit 10.1 to PGE’s Form 8-K filed April 2, 2021). | ||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | XBRL Instance Document. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover page information from Portland General Electric Company’s Quarterly Report on Form 10-Q filed October 30, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language). |
PORTLAND GENERAL ELECTRIC COMPANY | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | April 29, 2021 | By: | /s/ James A. Ajello | |||||||||||
James A. Ajello | ||||||||||||||
Senior Vice President of Finance, Chief Financial Officer and Treasurer | ||||||||||||||
(duly authorized officer and principal financial officer) |
Date: | April 29, 2021 | By: | /s/ Maria M. Pope | ||||||||
Maria M. Pope | |||||||||||
President and Chief Executive Officer |
Date: | April 29, 2021 | By: | /s/ James A. Ajello | ||||||||
James A. Ajello | |||||||||||
Senior Vice President of Finance, Chief Financial Officer and Treasurer |
/s/ Maria M. Pope | /s/ James A. Ajello | |||||||||||||||||||
Maria M. Pope | James A. Ajello | |||||||||||||||||||
President and Chief Executive Officer | Senior Vice President of Finance, Chief Financial Officer and Treasurer | |||||||||||||||||||
Date: | April 29, 2021 | Date: | April 29, 2021 |
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenue, net | $ 612 | $ 564 |
Alternative revenue programs, net of amortization | (3) | 9 |
Total revenues | 609 | 573 |
Operating expenses: | ||
Purchased power and fuel | 169 | 153 |
Generation, transmission and distribution | 80 | 73 |
Administrative and other | 86 | 71 |
Depreciation and amortization | 103 | 108 |
Taxes other than income taxes | 38 | 35 |
Total operating expenses | 476 | 440 |
Income from operations | 133 | 133 |
Interest expense, net | 34 | 33 |
Other income: | ||
Allowance for equity funds used during construction | 4 | 3 |
Miscellaneous income (loss), net | 2 | (4) |
Other income, net | 6 | (1) |
Income before income tax expense | 105 | 99 |
Income tax expense | 9 | 18 |
Net income | 96 | 81 |
Other comprehensive Income | 0 | 1 |
Comprehensive Income | $ 96 | $ 82 |
Weighted-average common shares outstanding (in thousands): | ||
Basic | 89,556 | 89,429 |
Diluted | 89,703 | 89,579 |
Earnings Per Share, Basic and Diluted | $ 1.07 | $ 0.91 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 89,576,748 | 89,537,331 |
Common stock, shares outstanding | 89,576,748 | 89,537,331 |
Basis of Presentation (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Nature of Business Portland General Electric Company (PGE or the Company) is a vertically-integrated electric utility engaged in the generation, purchase, transmission, distribution, and retail sale of electricity in the State of Oregon. The Company participates in the wholesale market by purchasing and selling electricity and natural gas in an effort to provide reasonably-priced power for its retail customers. PGE operates as a single segment, with revenues and costs related to its business activities recorded and analyzed on a total electric operations basis. The Company’s corporate headquarters is located in Portland, Oregon and its 4,000 square mile, state-approved service area encompasses 51 incorporated cities entirely within the State of Oregon. As of March 31, 2021, PGE served 909,000 retail customers within a service area of 1.9 million residents. Condensed Consolidated Financial Statements These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such regulations, although PGE believes that the disclosures provided are adequate to make the interim information presented not misleading. The financial information included herein as of and for the three months ended March 31, 2021 and 2020 is unaudited; however, in the opinion of management, such information reflects all adjustments necessary to fairly present the condensed consolidated financial position, condensed consolidated income and comprehensive income, and condensed consolidated cash flows of the Company for these interim periods. All such adjustments are of normal recurring nature, unless otherwise noted. The financial information as of December 31, 2020 is derived from the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020, included in Item 8 of PGE’s Annual Report on Form 10-K, filed with the SEC on February 19, 2021, which should be read in conjunction with the interim unaudited Financial Statements. Comprehensive Income No material change occurred in Other comprehensive income in the three months ended March 31, 2021 and 2020. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of gain or loss contingencies, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results experienced by the Company could differ materially from those estimates. Certain costs are estimated for the full year and allocated to interim periods based on estimates of operating time expired, benefit received, or activity associated with the interim period; accordingly, such costs may not be reflective of amounts to be recognized for a full year. Due to seasonal fluctuations in electricity sales, as well as the price of wholesale energy and natural gas, interim financial results do not necessarily represent those to be expected for the year.
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Revenue Recognition (Notes) |
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Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | REVENUE RECOGNITION Disaggregated Revenue The following table presents PGE’s revenue, disaggregated by customer type (in millions):
* Wholesale revenues include $5 million and $16 million related to electricity commodity contract derivative settlements for the three months ended March 31, 2021 and 2020, respectively. Price risk management derivative activities are included within total revenues but do not represent revenues from contracts with customers as defined by GAAP. For further information, see Note 5, Risk Management. Retail Revenues The Company’s primary revenue source is the sale of electricity to customers at regulated, tariff-based prices. Retail customers are classified as residential, commercial, or industrial. Residential customers include single-family housing, multiple-family housing (such as apartments, duplexes, and town homes), manufactured homes, and small farms. Residential demand is sensitive to the effects of weather, with demand highest during the winter heating and summer cooling seasons. Commercial customers accept energy deliveries at voltages equivalent to those delivered to residential customers and are also sensitive to the effects of weather, although to a lesser extent than residential customers. Commercial customers include most businesses, small industrial companies, and public street and highway lighting accounts. Industrial customers consist of non-residential customers who accept delivery at higher voltages than commercial customers. Demand from industrial customers is primarily driven by economic conditions, with weather having little impact on energy use by this customer class. In accordance with state regulations, PGE’s retail customer prices are based on the Company’s cost of service and determined through general rate case proceedings and various tariff filings with the Public Utility Commission of Oregon (OPUC). Additionally, the Company offers pricing options that include a daily market price option, various time-of-use options, and several renewable energy options. Retail revenue is billed based on monthly meter readings taken at various cycle dates throughout the month. At the end of each month, PGE estimates the revenue earned from energy deliveries that have not yet been billed to customers. This amount, classified as Unbilled revenues, which is included in Accounts receivable, net in the Company’s condensed consolidated balance sheets, is calculated based on actual net retail system load each month, the number of days from the last meter read date through the last day of the month, and current customer prices. PGE’s obligation to sell electricity to retail customers generally represents a single performance obligation representing a series of distinct services that are substantially the same and have the same pattern of transfer to the customer that is satisfied over time as customers simultaneously receive and consume the benefits provided. PGE applies the invoice method to measure its progress towards satisfactorily completing its performance obligations. Pursuant to regulation by the OPUC, PGE is mandated to maintain several tariff schedules to collect funds from customers for programs that benefit the general public, such as conservation, low-income housing, energy efficiency, renewable energy programs, and privilege taxes. For such programs, PGE generally collects the funds and remits the amounts to third party agencies that administer the programs. In these arrangements, PGE is considered to be an agent, as PGE’s performance obligation is to facilitate a transaction between customers and the administrators of these programs. Therefore, such amounts are presented on a net basis and are not reflected in Revenues, net within the condensed consolidated statements of income and comprehensive income. Wholesale Revenues PGE participates in the wholesale electricity marketplace in order to balance its supply of power to meet the needs of its retail customers. Interconnected transmission systems in the western United States serve utilities with diverse load requirements and allow the Company to purchase and sell electricity within the region depending upon the relative price and availability of power; hydro, solar and wind conditions; and daily and seasonal retail demand. PGE’s Wholesale revenues are primarily short-term electricity sales to utilities and power marketers that consist of single performance obligations that are satisfied as energy is transferred to the counterparty. The Company may choose to net certain purchase and sale transactions in which it would simultaneously receive and deliver physical power with the same counterparty; in such cases, only the net amount of those purchases or sales required to meet retail and wholesale obligations will be physically settled and recorded in Wholesale revenues. Other Operating Revenues Other operating revenues consist primarily of gains and losses on the sale of natural gas volumes purchased that exceeded what was needed to fuel the Company’s generating facilities, as well as revenues from transmission services, excess transmission capacity resales, utility pole attachment revenues, and other services provided to customers. Arrangements with Multiple Performance Obligations Certain contracts with customers, primarily wholesale, may include multiple performance obligations. For such arrangements, PGE allocates revenue to each performance obligation based on its relative standalone selling price. PGE generally determines standalone selling prices based on the prices charged to customers.
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Balance Sheet Components (Notes) |
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Balance Sheet Components [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Inventories PGE’s inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities, as well as fuel, which includes natural gas, coal, and oil, for use in the Company’s generating plants. Periodically, the Company assesses whether inventories are recorded at the lower of average cost or net realizable value. Accounts Receivable, Net Accounts receivable, net includes $86 million and $97 million of unbilled revenues as of March 31, 2021 and December 31, 2020, respectively. Accounts receivable, net is net of an allowance for credit losses of $20 million as of March 31, 2021. The following summarizes activity in the allowance for credit losses (in millions):
Other Current Assets Other current assets consist of the following (in millions):
Electric Utility Plant, Net Electric utility plant, net consists of the following (in millions):
Accumulated depreciation and amortization in the table above includes accumulated amortization related to intangible assets of $403 million and $388 million as of March 31, 2021 and December 31, 2020, respectively. Amortization expense related to intangible assets was $15 million for the three months ended March 31, 2021 and 2020. The Company’s intangible assets primarily consist of computer software development and hydro licensing costs. Regulatory Assets and Liabilities Regulatory assets and liabilities consist of the following (in millions):
(1)Included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets. Incremental storm costs represents the incremental costs incurred during the three months ended March 31, 2021 to repair damage to PGE’s transmission and distribution systems and restore power to customers. As a result of the historic February winter storms, Oregon’s Governor declared a state of emergency on February 13, 2021. On February 15, 2021, PGE filed an application for authorization to defer emergency restoration costs for the February storms (Docket UM 2156) . PGE does not expect an OPUC decision on the February storm deferral until later in 2021 or 2022. While the Company believes the full amount of the deferral is probable of recovery as PGE’s prudently incurred costs were in response to the unique and unprecedented nature of the storms, the OPUC has significant discretion in making the final determination of recovery which could result in a portion or all of PGE’s deferral being disallowed for recovery. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in millions):
Credit Facilities As of March 31, 2021, PGE had a $500 million revolving credit facility scheduled to expire in November 2023. The Company has the ability to expand the revolving credit facility to $600 million, if needed. Pursuant to the terms of the agreement, the revolving credit facility may be used for general corporate purposes, including as backup for commercial paper borrowings and to permit the issuance of standby letters of credit. PGE may borrow for one, two, three, or six months at a fixed interest rate established at the time of the borrowing, or at a variable interest rate for any period up to the then remaining term of the applicable credit facility. The revolving credit facility contains a provision that requires annual fees based on PGE’s unsecured credit ratings, and contains customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreement, to 65% of total capitalization. As of March 31, 2021, PGE was in compliance with this covenant with a 55.2% debt-to-total capital ratio. The aggregate unused available credit capacity under the revolving credit facility was $500 million. The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days. The Company has elected to limit its borrowings under the revolving credit facility to cover any potential need to repay any commercial paper that may be outstanding at the time. As of March 31, 2021, PGE had no commercial paper outstanding. PGE typically classifies borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. In addition, PGE has four letter of credit facilities that provide a total capacity of $220 million under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, letters of credit for a total of $75 million were outstanding as of March 31, 2021. Letters of credit issued are not reflected on the Company’s condensed consolidated balance sheets. On April 9, 2020, PGE obtained a 364-day term loan from lenders in the aggregate principal of $150 million. The term loan bore interest for the relevant interest period at LIBOR plus 1.25%. The interest rate was subject to adjustment pursuant to the terms of the loan. On March 31, 2021, this term loan was repaid in full with proceeds from the term loan described below. On March 31, 2021, PGE obtained an unsecured 364-day term loan in the aggregate principal amount of $200 million. The term loan will bear interest for the relevant interest period at LIBOR plus 0.70%, with the interest rate subject to adjustment pursuant to terms of the loan. The credit agreement expires on March 30, 2022, with any outstanding balance due and payable on such date. The Company used a portion of the proceeds to repay the prior 364-day term loan, with the remainder of the proceeds used for general corporate purposes. Pursuant to an order issued by the Federal Energy Regulatory Commission (FERC), the Company is authorized to issue short-term debt in an aggregate amount of up to $900 million through February 6, 2022. Long-term Debt On January 6, 2021, the Company made a $140 million scheduled repayment on a 2.51% Series of First Mortgage Bonds with available cash. Defined Benefit Retirement Plan Costs Components of net periodic benefit cost under the defined benefit pension plan are as follows (in millions):
* The expense portion of non-service cost components are included in Miscellaneous income (loss), net within Other income on the Company’s condensed consolidated statements of income and comprehensive income.
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Fair Value of Financial Instruments (Notes) |
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Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS PGE estimated the fair value of financial asset and liability instruments as of March 31, 2021 and December 31, 2020, and classified these financial instruments based on a fair value hierarchy that is applied to prioritize the inputs to the valuation techniques used to measure fair value. The three levels of the fair value hierarchy and application to the Company are:
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. Assets measured at fair value using net asset value (NAV) as a practical expedient are not categorized in the fair value hierarchy. These assets are listed in the totals of the fair value hierarchy to permit the reconciliation to amounts presented in the financial statements. Changes to market liquidity conditions, the availability of observable inputs, or changes in the economic structure of a security marketplace may require transfer of the securities between levels. The Company’s financial assets and liabilities whose values were recognized at fair value in the Company’s condensed consolidated balance sheets are as follows by level within the fair value hierarchy (in millions):
(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)Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3)Excludes insurance policies of $33 million, which are recorded at cash surrender value. (4)For further information, see Note 5, Risk Management.
(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)Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3)Excludes insurance policies of $33 million, which are recorded at cash surrender value. (4)For further information, see Note 5, Risk Management. Cash equivalents are highly liquid investments with maturities of three months or less at the date of acquisition and primarily consist of money market funds. Such funds seek to maintain a stable net asset value and are comprised of short-term, government funds. Policies of such funds require that the weighted average maturity of securities holdings of such funds not exceed 90 days and provide investors with the ability to redeem shares of the funds daily at their respective net asset value. Cash equivalents are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the measurement date. Principal markets for money market fund prices include published exchanges such as the National Association of Securities Dealers Automated Quotations (NASDAQ) and the New York Stock Exchange (NYSE). Assets held in the Nuclear decommissioning trust (NDT) and Non-qualified benefit plan (NQBP) trusts are recorded at fair value in PGE’s condensed consolidated balance sheets and invested in securities that are exposed to interest rate, credit, and market volatility risks. These assets are classified within Level 1, 2, or 3 based on the following factors: Debt securities—PGE invests in highly-liquid United States Treasury securities to support the investment objectives of the trusts. These domestic government securities are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the measurement date. Assets classified as Level 2 in the fair value hierarchy include domestic government debt securities, such as municipal debt, and corporate credit securities. Prices are determined by evaluating pricing data such as broker quotes for similar securities and adjusted for observable differences. Significant inputs used in valuation models generally include benchmark yields and issuer spreads. The external credit rating, coupon rate, and maturity of each security are considered in the valuation, as applicable. Equity securities—Equity mutual fund and common stock securities are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the measurement date. Principal markets for equity prices include published exchanges such as NASDAQ and the NYSE. Money market funds—PGE invests in money market funds that seek to maintain a stable net asset value. These funds invest in high-quality, short-term, diversified money market instruments, short-term treasury bills, federal agency securities, certificates of deposits, and commercial paper. The Company believes the redemption value of these funds is likely to be the fair value, which is represented by the net asset value. Redemption is permitted daily without written notice. The NQBP trust is invested in exchange-traded government money market funds and is classified as Level 1 in the fair value hierarchy due to the availability of quoted prices in published exchanges such as NASDAQ and the NYSE. The money market fund in the NDT is valued at NAV as a practical expedient and is not included in the fair value hierarchy. Assets and liabilities from price risk management activities, recorded at fair value in PGE’s condensed consolidated balance sheets, consist of derivative instruments entered into by the Company to manage its risk exposure to commodity price and foreign currency exchange rates and reduce volatility in net variable power costs (NVPC) for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 5, Risk Management. For those assets and liabilities from price risk management activities classified as Level 2, fair value is derived using present value formulas that utilize inputs such as forward commodity prices and interest rates. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include commodity forwards, futures, and swaps. Assets and liabilities from price risk management activities classified as Level 3 consist of instruments for which fair value is derived using one or more significant inputs that are not observable for the entire term of the instrument. These instruments consist of longer-term commodity forwards, futures, and swaps. Quantitative information regarding the significant, unobservable inputs used in the measurement of Level 3 assets and liabilities from price risk management activities is presented below:
The significant unobservable inputs used in the Company’s fair value measurement of price risk management assets and liabilities are long-term forward prices for commodity derivatives. For certain long-term contracts, observable, liquid market transactions are not available for the duration of the delivery period. In such instances, the Company uses internally-developed long-term price curves that utilize observable data when available. When not available, regression techniques are used to estimate unobservable future prices. The Company’s Level 3 assets and liabilities from price risk management activities are sensitive to market price changes in the respective underlying commodities. The significance of the impact is dependent upon the magnitude of the price change and PGE’s position as either the buyer or seller under the contract. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
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):
* Both realized and unrealized losses/(gains), of which unrealized portion are offset by the effects of regulatory accounting until settlement of the underlying transactions, are recorded in Revenues, net or Purchased power and fuel expense in the condensed consolidated statements of income and comprehensive income. Transfers out of Level 3 occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery term of a transaction becomes shorter. Long-term debt is recorded at amortized cost in PGE’s condensed consolidated balance sheets. The value of the Company’s FMBs and PCRBs is classified as a Level 2 fair value measurement. As of March 31, 2021, the carrying amount of PGE’s long-term debt was $2,906 million, net of $12 million of unamortized debt expense, and its estimated aggregate fair value was $3,359 million. As of December 31, 2020, the carrying amount of PGE’s long-term debt was $3,046 million, net of $13 million of unamortized debt expense, and its estimated aggregate fair value was $3,808 million.
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Risk Management (Notes) |
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Price Risk Management [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRICE RISK MANAGEMENT | RISK MANAGEMENT Price Risk Management PGE participates in the wholesale marketplace to balance its supply of power, which consists of its own generation combined with wholesale market transactions, to meet the needs of its retail customers, manage risk, and administer its existing long-term wholesale contracts. Wholesale market transactions include purchases and sales of both power and fuel resulting from economic dispatch decisions for Company-owned generation resources. As a result of this ongoing business activity, PGE is exposed to commodity price risk and foreign currency exchange rate risk, from which changes in prices and/or rates may affect the Company’s financial position, results of operations, or cash flows. PGE utilizes derivative instruments to manage its exposure to commodity price risk and foreign exchange rate risk to reduce volatility in NVPC for its retail customers. Such derivative instruments, recorded at fair value on the condensed consolidated balance sheets, may include forwards, futures, swaps, and options contracts for electricity, natural gas, and foreign currency, with changes in fair value recorded in the condensed consolidated statements of income and comprehensive income. In accordance with the ratemaking and cost recovery processes authorized by the OPUC, the Company recognizes a regulatory asset or liability to defer the gains and losses from derivative activity until settlement of the associated derivative instrument. PGE may designate certain derivative instruments as cash flow hedges or may use derivative instruments as economic hedges. The Company does not intend to engage in trading activities for non-retail purposes. PGE’s Assets and Liabilities from price risk management activities consist of the following (in millions):
(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 March 31, 2021 and December 31, 2020, no derivative assets or liabilities were designated as hedging instruments. 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):
PGE has elected to report positive and negative exposures resulting from derivative instruments pursuant to agreements that meet the definition of a master netting arrangement gross on the condensed consolidated balance sheets. In the case of default on, or termination of, any contract under the master netting arrangements, such agreements provide for the net settlement of all related contractual obligations with a given counterparty through a single payment. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral, such as letters of credit. As of March 31, 2021, gross amounts included as Price risk management liabilities subject to master netting agreements was $1 million, comprised solely of natural gas contracts for which PGE posted no collateral. As of December 31, 2020, PGE had no material master netting arrangements. 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):
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. Of the net amounts recognized in Net income for the three-month periods ended March 31, 2021 and 2020, net gains of $39 million and net losses of $42 million, respectively, have been offset. 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 March 31, 2021 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions):
PGE’s secured and unsecured debt is currently rated at investment grade by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P). Should Moody’s or S&P reduce their rating on the Company’s unsecured debt to below investment grade, PGE could be subject to requests by certain wholesale counterparties to post additional performance assurance collateral, in the form of cash or letters of credit, based on total portfolio positions with each of those counterparties. Certain other counterparties would have the right to terminate their agreements with the Company. The aggregate fair value of derivative instruments with credit-risk-related contingent features that were in a liability position as of March 31, 2021 was $128 million, for which PGE has posted $9 million in collateral, consisting entirely of letters of credit. If the credit-risk-related contingent features underlying these agreements were triggered at March 31, 2021, the cash requirement to either post as collateral or settle the instruments immediately would have been $125 million. As of March 31, 2021, PGE had $8 million cash collateral posted for derivative instruments with no credit-risk-related contingent features. Cash collateral for derivative instruments is classified as Margin deposits included in Other current assets on the Company’s condensed consolidated balance sheet. Counterparties representing 10% or more of assets and liabilities from price risk management activities were as follows:
See Note 4, Fair Value of Financial Instruments, for additional information concerning the determination of fair value for the Company’s Assets and Liabilities from price risk management activities.
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Earnings Per Share (Notes) |
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EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share are computed using the weighted average number of common shares outstanding and the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares consist of: i) employee stock purchase plan shares; and ii) contingently issuable time-based and performance-based restricted stock units, along with associated dividend equivalent rights. Unvested performance-based restricted stock units and associated dividend equivalent rights are included in dilutive potential common shares only after the performance criteria have been met. For the three months ended March 31, 2021, unvested performance-based restricted stock units and related dividend equivalent rights of 373 thousand shares were excluded from the dilutive calculation because the performance goals had not been met, with 301 thousand shares excluded for the three months ended March 31, 2020. Net income (loss) is the same for both the basic and diluted earnings per share computations. The denominators of the basic and diluted earnings per share computations are as follows (in thousands):
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Equity (Notes) |
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Equity | SHAREHOLDERS’ EQUITY The activity in equity during the three-month periods ended March 31, 2021 and 2020 was as follows (dollars in millions, except per share amounts):
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Contingencies (Notes) |
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Contingencies [Abstract] | |
CONTINGENCIES | CONTINGENCIES PGE is subject to legal, regulatory, and environmental proceedings, investigations, and claims that arise from time to time in the ordinary course of its business. Contingencies are evaluated using the best information available at the time the condensed consolidated financial statements are prepared. Costs incurred in connection with loss contingencies are expensed as incurred. The Company may seek regulatory recovery of certain costs that are incurred in connection with such matters, although there can be no assurance that such recovery would be granted. Loss contingencies are accrued, and disclosed if material, when it is probable that an asset has been impaired or a liability incurred as of the financial statement date and the amount of the loss can be reasonably estimated. If a reasonable estimate of probable loss cannot be determined, a range of loss may be established, in which case the minimum amount in the range is accrued, unless some other amount within the range appears to be a better estimate. A loss contingency will also be disclosed when it is reasonably possible that an asset has been impaired, or a liability incurred, if the estimate or range of potential loss is material. If a probable or reasonably possible loss cannot be reasonably estimated, then PGE: i) discloses an estimate of such loss or the range of such loss, if the Company is able to determine such an estimate; or ii) discloses that an estimate cannot be made and the reasons why the estimate cannot be made. If an asset has been impaired or a liability incurred after the financial statement date, but prior to the issuance of the financial statements, the loss contingency is disclosed, if material, and the amount of any estimated loss is recorded in either the current or the subsequent reporting period, depending on the nature of the underlying event. PGE evaluates, on a quarterly basis, developments in such matters that could affect the amount of any accrual, as well as the likelihood of developments that would make a loss contingency both probable and reasonably estimable. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves a series of complex judgments about future events. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: i) the damages sought are indeterminate or the basis for the damages claimed is not clear; ii) the proceedings are in the early stages; iii) discovery is not complete; iv) the matters involve novel or unsettled legal theories; v) significant facts are in dispute; vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); or vii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. EPA Investigation of Portland Harbor An investigation by the United States Environmental Protection Agency (EPA) of a segment of the Willamette River known as Portland Harbor that began in 1997 revealed significant contamination of river sediments. The EPA subsequently included Portland Harbor on the National Priority List pursuant to the federal Comprehensive Environmental Response, Compensation, and Liability Act as a federal Superfund site. PGE has been included among more than one hundred Potentially Responsible Parties (PRPs) as it historically owned or operated property near the river. A Portland Harbor site remedial investigation was completed pursuant to an agreement between the EPA and several PRPs known as the Lower Willamette Group (LWG), which did not include PGE. The LWG funded the remedial investigation and feasibility study and stated that it had incurred $115 million in investigation-related costs. The Company anticipates that such costs will ultimately be allocated to PRPs as a part of the allocation process for remediation costs of the EPA’s preferred remedy. The EPA finalized the feasibility study, along with the remedial investigation, and the results provided the framework for the EPA to determine a clean-up remedy for Portland Harbor that was documented in a Record of Decision (ROD) issued in 2017. The ROD outlined the EPA’s selected remediation plan for clean-up of Portland Harbor, which has an undiscounted estimated total cost of $1.7 billion, comprised of $1.2 billion related to remediation construction costs and $0.5 billion related to long-term operation and maintenance costs. Remediation construction costs were estimated to be incurred over a 13-year period, with long-term operation and maintenance costs estimated to be incurred over a 30-year period from the start of construction. Stakeholders have raised concerns that EPA’s cost estimates are understated. The EPA acknowledged the estimated costs were based on data that was outdated and that pre-remedial design sampling was necessary to gather updated baseline data to better refine the remedial design and estimated cost. A small group of PRPs performed pre-remedial design sampling to update baseline data and submitted the data in an updated evaluation report to the EPA for review. The evaluation report concluded that the conditions of Portland Harbor have improved substantially over the past ten years. In response, the EPA indicated that while it would use the data to inform implementation of the ROD, the EPA’s conclusions remained materially unchanged. With the completion of pre-remedial design sampling, Portland Harbor is now in the remedial design phase, which consists of additional technical information and data collection to be used to design the expected remedial actions. Certain PRPs, not including PGE, have entered into consent agreements to perform remedial design and the EPA has indicated it will take the initial lead to perform remedial design on the remaining areas. The EPA announced on February 12, 2021 that 100 percent of Portland Harbor is under an active engineering design phase. PGE continues to participate in a voluntary process to determine an appropriate allocation of costs amongst the PRPs. Significant uncertainties remain surrounding facts and circumstances that are integral to the determination of such an allocation percentage, including remedial design, a final allocation methodology, and data with regard to property specific activities and history of ownership of sites within Portland Harbor that will inform the precise boundaries for clean-up. It is probable that PGE will share in a portion of the costs related to Portland Harbor. However, based on the above facts and remaining uncertainties, PGE does not currently have sufficient information to reasonably estimate the amount, or range, of its potential liability or determine an allocation percentage that would represent PGE’s portion of the liability to clean-up Portland Harbor, although such costs could be material to PGE’s financial position. In cases in which injuries to natural resources have occurred as a result of releases of hazardous substances, federal and state natural resource trustees may seek to recover for damages at such sites, which are referred to as Natural Resource Damages (NRD). The EPA does not manage NRD assessment activities but does provide claims information and coordination support to the NRD trustees. NRD assessment activities are typically conducted by a Council made up of the trustee entities for the site. The Portland Harbor NRD trustees consist of the National Oceanic and Atmospheric Administration, the U.S. Fish and Wildlife Service, the State of Oregon, the Confederated Tribes of the Grand Ronde Community of Oregon, the Confederated Tribes of Siletz Indians, the Confederated Tribes of the Umatilla Indian Reservation, the Confederated Tribes of the Warm Springs Reservation of Oregon, and the Nez Perce Tribe. The NRD trustees may seek to negotiate legal settlements or take other legal actions against the parties responsible for the damages. Funds from such settlements must be used to restore injured resources and may also compensate the trustees for costs incurred in assessing the damages. The Company believes that PGE’s portion of NRD liabilities related to Portland Harbor will not have a material impact on its results of operations, financial position, or cash flows. The impact of costs related to EPA and NRD liabilities on the Company’s results of operations is mitigated by the Portland Harbor Environmental Remediation Account (PHERA) mechanism. As approved by the OPUC in 2017, the PHERA allows the Company to defer and recover incurred environmental expenditures related to Portland Harbor through a combination of third-party proceeds, such as insurance recoveries, and, if necessary, through customer prices. The mechanism established annual prudency reviews of environmental expenditures and third-party proceeds. Annual expenditures in excess of $6 million, excluding expenses related to contingent liabilities, are subject to an annual earnings test and would be ineligible for recovery to the extent PGE’s actual regulated return on equity exceeds its return on equity as authorized by the OPUC in PGE’s most recent general rate case. PGE’s results of operations may be impacted to the extent such expenditures are deemed imprudent by the OPUC or ineligible per the prescribed earnings test. The Company plans to seek recovery of any costs resulting from EPA’s determination of liability for Portland Harbor through application of the PHERA. At this time, PGE is not recovering any Portland Harbor cost from the PHERA through customer prices. Deschutes River Alliance Clean Water Act Claims In 2016, the Deschutes River Alliance (DRA) filed a lawsuit against the Company (Deschutes River Alliance v. Portland General Electric Company, U.S. District Court of the District of Oregon) that sought injunctive and declaratory relief under the Clean Water Act (CWA) related to alleged past and continuing violations of the CWA. Specifically, DRA claimed PGE had violated certain conditions contained in PGE’s Water Quality Certification for the Pelton/Round Butte Hydroelectric Project (Project) related to dissolved oxygen, temperature, and measures of acidity or alkalinity of the water. DRA alleged the violations were related to PGE’s operation of the Selective Water Withdrawal (SWW) facility at the Project. The SWW, located above Round Butte Dam on the Deschutes River in central Oregon, is, among other things, designed to blend water from the surface with water near the bottom of the reservoir and was constructed and placed into service in 2010, as part of the FERC license requirements, for the purpose of restoration and enhancement of native salmon and steelhead fisheries above the Project. DRA alleged that PGE’s operation of the SWW had caused the above-referenced violations of the CWA, which in turn had degraded the fish and wildlife habitat of the Deschutes River below the Project and harmed the economic and personal interests of DRA’s members and supporters. In March and April 2018, DRA and PGE filed cross-motions for summary judgment and PGE and the Confederated Tribes of Warm Springs (CTWS), which co-own the Project, filed separate motions to dismiss. CTWS initially appeared as a friend of the court, but subsequently was found to be a necessary party to the lawsuit and joined as a defendant. In August 2018, the U.S. District Court of the District of Oregon (District Court) denied DRA’s motions for partial summary judgment and granted PGE’s and CTWS’s cross-motions for summary judgment, ruling in favor of PGE and CTWS. The District Court found that DRA had not shown a genuine dispute of material fact sufficient to support its contention that PGE and CTWS were operating the Project in violation of the CWA, and accordingly dismissed the case. In October 2018, DRA filed an appeal, and PGE and the CTWS filed cross-appeals, to the Ninth Circuit Court of Appeals. The appeals are fully briefed and oral argument is set for May 7, 2021. The Company cannot predict the outcome of this matter or determine the likelihood of whether the outcome will result in a material loss. Securities Case During September and October, 2020, three putative class action complaints were filed in U.S. District Court for the District of Oregon against PGE and certain of its officers, captioned Hessel v. Portland General Electric Co., No. 20-cv-01523 (“Hessel”), Cannataro v. Portland General Electric Co., No. 3:20-cv-01583 (“Cannataro”), and Public Employees’ Retirement System of Mississippi v. Portland General Electric Co., No. 20-cv-01786 (“PERS of Mississippi”). Two of these actions were filed on behalf of purported purchasers of PGE stock between April 24, 2020, and August 24, 2020; a third action was filed on behalf of purported purchasers of PGE stock between February 13, 2020, and August 24, 2020. During the fourth quarter of 2020, the plaintiff in Hessel voluntarily dismissed his case and the court consolidated Cannataro and PERS of Mississippi into a single case captioned In re Portland General Electric Company Securities Litigation and appointed Public Employees’ Retirement System of Mississippi lead plaintiff (“Lead Plaintiff”). On January 11, 2021, Lead Plaintiff filed an amended complaint asserting causes of action arising under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for alleged misstatements and omissions regarding, among other things, PGE’s alleged lack of sufficient internal controls and risks associated with PGE's trading activity in wholesale electric markets, purportedly on behalf of purchasers of PGE stock between February 13, 2020, and August 24, 2020 (“the Amended Complaint”). The Amended Complaint demands a jury trial and seeks compensatory damages of an unspecified amount and reimbursement of plaintiffs’ costs, and attorneys’ and expert fees. On March 12, 2021, the defendants filed a motion to dismiss the Amended Complaint. Briefing on the motion to dismiss is ongoing with oral argument set for July 9, 2021. The Company intends to vigorously defend against the lawsuit. Since the lawsuit is in early stages, the Company is unable to predict outcomes or estimate a range of reasonably possible loss. Putative Shareholder Derivative Lawsuits On January 26, 2021, a putative shareholder derivative lawsuit was filed in Multnomah County Circuit Court, Oregon, captioned Shimberg v. Pope, No. 21- cv-02957, against one current and one former PGE executive and several members of the Company's Board of Directors (collectively, the "Individual Defendants") and naming the Company as a nominal defendant only. The plaintiff asserts a claim for alleged breaches of fiduciary duties, purportedly on behalf of PGE, arising from the energy trading losses the Company previously announced in August 2020. The plaintiff alleges that the Individual Defendants made material misstatements and omissions and allowed the Company to operate with inadequate internal controls. The complaint demands a jury trial and seeks damages to be awarded to the Company of not less than $10 million, equitable relief to remedy the alleged breaches of fiduciary duty, and an award of plaintiff’s attorneys’ fees and costs. The court has entered an order staying the action until September 15, 2021, or until further order of the court reinstating the action. Since the lawsuit is in early stages, the Company is unable to predict outcomes or estimate a range of reasonably possible loss. On March 17, 2021, a putative shareholder derivative lawsuit was filed in U.S. District Court for the District of Oregon, captioned JS Halberstam Irrevocable Grantor Trust v. Davis, No. 3:21-cv-00413-SI, against one current and one former PGE executive and certain current and former members of the Company's Board of Directors. The plaintiff asserts claims for alleged breaches of fiduciary duties, waste of corporate assets, contribution and indemnification, aiding and abetting, and gross mismanagement, purportedly on behalf of PGE, arising from the energy trading losses the Company previously announced in August 2020. The plaintiff alleges that the defendants made material misstatements and omissions and allowed the Company to operate with inadequate internal controls. The complaint demands a jury trial and seeks equitable relief to remedy and prevent future alleged breaches of fiduciary duty, and an award of plaintiff’s attorneys’ fees and costs. Since the lawsuit is in early stages, the Company is unable to predict outcomes or estimate a range of reasonably possible loss. On April 7, 2021, a putative shareholder derivative lawsuit was filed in Multnomah County Circuit Court, Oregon, captioned, Ashabraner v. Pope, 21-cv-13698, against one current and one former PGE executive and several members of the Company's Board of Directors. The plaintiff asserts a claim for alleged breaches of fiduciary duties, purportedly on behalf of PGE, arising from the energy trading losses the Company previously announced in August 2020. The plaintiff alleges that the defendants made material misstatements and omissions and allowed the Company to operate with inadequate internal controls. The complaint demands a jury trial and seeks damages to be awarded to the Company, equitable relief, and an award of plaintiff’s attorneys’ fees and costs. Since the lawsuit is in early stages, the Company is unable to predict outcomes or estimate a range of reasonably possible loss. Governmental Investigations In March and April 2021, the Division of Enforcement of the Commodity Futures Trading Commission (the "CFTC") and the Division of Enforcement of the SEC, respectively, informed the Company they are conducting investigations arising out of the energy trading losses the Company previously announced in August 2020. The Company is cooperating with the CFTC and the SEC. Management cannot at this time predict the eventual scope or outcome of these matters. Other Matters PGE is subject to other regulatory, environmental, and legal proceedings, investigations, and claims that arise from time to time in the ordinary course of business that may result in judgments against the Company. Although management currently believes that resolution of such matters, individually and in the aggregate, will not have a material impact on its financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties, and management’s view of these matters may change in the future.
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Guarantees (Notes) |
3 Months Ended |
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Mar. 31, 2021 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEESPGE enters into financial agreements for, and purchase and sale agreements involving physical delivery of, both power and natural gas that include indemnification provisions relating to certain claims or liabilities that may arise relating to the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. PGE periodically evaluates the likelihood of incurring costs under such indemnities based on the Company’s historical experience and the evaluation of the specific indemnities. As of March 31, 2021, management believes the likelihood is remote that PGE would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnities. The Company has not recorded any liability on the condensed consolidated balance sheets with respect to these indemnities. |
Income tax Income tax (Notes) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES Income tax expense for interim periods is based on the estimated annual effective tax rate, which includes tax credits, regulatory flow-through adjustments, and other items, applied to the Company’s year-to-date, pre-tax income. The significant differences between the U.S. Federal statutory tax rate and PGE’s effective tax rate are reflected in the following table:
* Federal tax credits primarily consist of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities. PTCs are earned based on a per-kilowatt hour rate and, as a result, the annual amount of PTCs earned will vary based on weather conditions and availability of the facilities. PTCs are earned for 10 years from the in-service dates of the corresponding facilities. PGE’s wind-powered generating facilities are eligible to earn PTCs until various dates through 2030. Local tax flow-through adjustment The Company is subject to a local tax that is recovered through a supplemental tariff based on current tax expense, but for which the Company has also recognized deferred income tax expenses over time. Because it is probable that the local deferred taxes will be flowed through future customer prices in accordance with the supplemental tariff, PGE determined a corresponding regulatory asset should have been recorded. PGE recognized a regulatory asset to defer previously recorded deferred income tax expenses in the amount of $9 million with a corresponding credit to Income tax expense in the condensed consolidated statements of income for the three months ended March 31, 2021. The adjustment is immaterial to prior periods. Carryforwards Federal tax credit carryforwards as of March 31, 2021 and December 31, 2020 were $79 million and $77 million, respectively. These credits primarily consist of PTCs, which will expire at various dates through 2041. PGE believes that it is more likely than not that its deferred income tax assets as of March 31, 2021 will be realized; accordingly, no valuation allowance has been recorded. As of March 31, 2021, and December 31, 2020, PGE had no material unrecognized tax benefits.
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Basis of Presentation (Policies) |
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Mar. 31, 2021 | |
Basis of Presentation [Abstract] | |
Consolidation, Policy [Policy Text Block] | These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such regulations |
Inventory, Policy [Policy Text Block] | PGE’s inventories, which are recorded at average cost, consist primarily of materials and supplies for use in operations, maintenance, and capital activities, as well as fuel, which includes natural gas, coal, and oil, for use in the Company’s generating plants. Periodically, the Company assesses whether inventories are recorded at the lower of average cost or net realizable value. |
Debt, Policy [Policy Text Block] | PGE typically classifies borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt on the condensed consolidated balance sheets. Long-term debt is recorded at amortized cost in PGE’s condensed consolidated balance sheets. The value of the Company’s FMBs and PCRBs is classified as a Level 2 fair value measurement. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. Assets measured at fair value using net asset value (NAV) as a practical expedient are not categorized in the fair value hierarchy. These assets are listed in the totals of the fair value hierarchy to permit the reconciliation to amounts presented in the financial statements.Changes to market liquidity conditions, the availability of observable inputs, or changes in the economic structure of a security marketplace may require transfer of the securities between levels. |
Allocation of Financial Asset to Hierarchy Levels [Policy Text Block] | Assets held in the Nuclear decommissioning trust (NDT) and Non-qualified benefit plan (NQBP) trusts are recorded at fair value in PGE’s condensed consolidated balance sheets and invested in securities that are exposed to interest rate, credit, and market volatility risks. These assets are classified within Level 1, 2, or 3 based on the following factors: Debt securities—PGE invests in highly-liquid United States Treasury securities to support the investment objectives of the trusts. These domestic government securities are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the measurement date. Assets classified as Level 2 in the fair value hierarchy include domestic government debt securities, such as municipal debt, and corporate credit securities. Prices are determined by evaluating pricing data such as broker quotes for similar securities and adjusted for observable differences. Significant inputs used in valuation models generally include benchmark yields and issuer spreads. The external credit rating, coupon rate, and maturity of each security are considered in the valuation, as applicable. Equity securities—Equity mutual fund and common stock securities are classified as Level 1 in the fair value hierarchy due to the availability of quoted prices for identical assets in an active market as of the measurement date. Principal markets for equity prices include published exchanges such as NASDAQ and the NYSE. Money market funds—PGE invests in money market funds that seek to maintain a stable net asset value. These funds invest in high-quality, short-term, diversified money market instruments, short-term treasury bills, federal agency securities, certificates of deposits, and commercial paper. The Company believes the redemption value of these funds is likely to be the fair value, which is represented by the net asset value. Redemption is permitted daily without written notice. The NQBP trust is invested in exchange-traded government money market funds and is classified as Level 1 in the fair value hierarchy due to the availability of quoted prices in published exchanges such as NASDAQ and the NYSE. The money market fund in the NDT is valued at NAV as a practical expedient and is not included in the fair value hierarchy. Assets and liabilities from price risk management activities, recorded at fair value in PGE’s condensed consolidated balance sheets, consist of derivative instruments entered into by the Company to manage its risk exposure to commodity price and foreign currency exchange rates and reduce volatility in net variable power costs (NVPC) for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 5, Risk Management. For those assets and liabilities from price risk management activities classified as Level 2, fair value is derived using present value formulas that utilize inputs such as forward commodity prices and interest rates. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include commodity forwards, futures, and swaps. Assets and liabilities from price risk management activities classified as Level 3 consist of instruments for which fair value is derived using one or more significant inputs that are not observable for the entire term of the instrument. These instruments consist of longer-term commodity forwards, futures, and swaps.
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Fair Value Transfer, Policy [Policy Text Block] | Transfers out of Level 3 occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery term of a transaction becomes shorter. |
Derivatives, Policy [Policy Text Block] | PGE utilizes derivative instruments to manage its exposure to commodity price risk and foreign exchange rate risk to reduce volatility in NVPC for its retail customers. Such derivative instruments, recorded at fair value on the condensed consolidated balance sheets, may include forwards, futures, swaps, and options contracts for electricity, natural gas, and foreign currency, with changes in fair value recorded in the condensed consolidated statements of income and comprehensive income. In accordance with the ratemaking and cost recovery processes authorized by the OPUC, the Company recognizes a regulatory asset or liability to defer the gains and losses from derivative activity until settlement of the associated derivative instrument. PGE may designate certain derivative instruments as cash flow hedges or may use derivative instruments as economic hedges. The Company does not intend to engage in trading activities for non-retail purposes. |
Commitments and Contingencies, Policy [Policy Text Block] | PGE is subject to legal, regulatory, and environmental proceedings, investigations, and claims that arise from time to time in the ordinary course of its business. Contingencies are evaluated using the best information available at the time the condensed consolidated financial statements are prepared. Costs incurred in connection with loss contingencies are expensed as incurred. The Company may seek regulatory recovery of certain costs that are incurred in connection with such matters, although there can be no assurance that such recovery would be granted. Loss contingencies are accrued, and disclosed if material, when it is probable that an asset has been impaired or a liability incurred as of the financial statement date and the amount of the loss can be reasonably estimated. If a reasonable estimate of probable loss cannot be determined, a range of loss may be established, in which case the minimum amount in the range is accrued, unless some other amount within the range appears to be a better estimate. A loss contingency will also be disclosed when it is reasonably possible that an asset has been impaired, or a liability incurred, if the estimate or range of potential loss is material. If a probable or reasonably possible loss cannot be reasonably estimated, then PGE: i) discloses an estimate of such loss or the range of such loss, if the Company is able to determine such an estimate; or ii) discloses that an estimate cannot be made and the reasons why the estimate cannot be made. If an asset has been impaired or a liability incurred after the financial statement date, but prior to the issuance of the financial statements, the loss contingency is disclosed, if material, and the amount of any estimated loss is recorded in either the current or the subsequent reporting period, depending on the nature of the underlying event. PGE evaluates, on a quarterly basis, developments in such matters that could affect the amount of any accrual, as well as the likelihood of developments that would make a loss contingency both probable and reasonably estimable. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable, often involves a series of complex judgments about future events. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: i) the damages sought are indeterminate or the basis for the damages claimed is not clear; ii) the proceedings are in the early stages; iii) discovery is not complete; iv) the matters involve novel or unsettled legal theories; v) significant facts are in dispute; vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); or vii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact.
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Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. PGE periodically evaluates the likelihood of incurring costs under such indemnities based on the Company’s historical experience and the evaluation of the specific indemnities. |
Revenue Recognition (Tables) |
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Disaggregation of Revenue [Table Text Block] | The following table presents PGE’s revenue, disaggregated by customer type (in millions):
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Balance Sheet Components (Tables) |
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Allowance for Credit Losses [Text Block] | The following summarizes activity in the allowance for credit losses (in millions):
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Schedule of Other Current Assets [Table Text Block] | Other current assets consist of the following (in millions):
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Schedule of Public Utility Property, Plant, and Equipment [Table Text Block] | Electric utility plant, net consists of the following (in millions):
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Schedule of Regulatory Assets and Liabilities [Text Block] | Regulatory assets and liabilities consist of the following (in millions):
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Other Liabilities Disclosure [Text Block] | Accrued expenses and other current liabilities consist of the following (in millions):
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Pension and Other Postretirement Benefits Disclosure [Text Block] | Components of net periodic benefit cost under the defined benefit pension plan are as follows (in millions):
* The expense portion of non-service cost components are included in Miscellaneous income (loss), net within Other income on the Company’s condensed consolidated statements of income and comprehensive income.
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Fair Value of Financial Instruments (Tables) |
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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 in the Company’s condensed consolidated balance sheets are as follows by level within the fair value hierarchy (in millions):
(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)Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3)Excludes insurance policies of $33 million, which are recorded at cash surrender value. (4)For further information, see Note 5, Risk Management.
(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)Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. (3)Excludes insurance policies of $33 million, which are recorded at cash surrender value. (4)For further information, see Note 5, Risk Management.
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Fair Value Option, Disclosures [Table Text Block] | Quantitative information regarding the significant, unobservable inputs used in the measurement of Level 3 assets and liabilities from price risk management activities is presented below:
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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):
* Both realized and unrealized losses/(gains), of which unrealized portion are offset by the effects of regulatory accounting until settlement of the underlying transactions, are recorded in Revenues, net or Purchased power and fuel expense in the condensed consolidated statements of income and comprehensive income.
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Price Risk Management (Tables) |
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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):
(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 March 31, 2021 and December 31, 2020, no derivative assets or liabilities were designated as hedging instruments.
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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):
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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 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):
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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 March 31, 2021 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions):
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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:
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Earnings Per Share (Tables) |
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Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The denominators of the basic and diluted earnings per share computations are as follows (in thousands):
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Equity (Tables) |
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Schedule of Stockholders Equity [Table Text Block] | The activity in equity during the three-month periods ended March 31, 2021 and 2020 was as follows (dollars in millions, except per share amounts):
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Income tax Income tax (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The significant differences between the U.S. Federal statutory tax rate and PGE’s effective tax rate are reflected in the following table:
* Federal tax credits primarily consist of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities. PTCs are earned based on a per-kilowatt hour rate and, as a result, the annual amount of PTCs earned will vary based on weather conditions and availability of the facilities. PTCs are earned for 10 years from the in-service dates of the corresponding facilities. PGE’s wind-powered generating facilities are eligible to earn PTCs until various dates through 2030.
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Basis of Presentation (Details) retail_customers in Thousands, mi² in Thousands |
Mar. 31, 2021
mi²
retail_customers
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Basis of Presentation [Abstract] | |
Service Area Sq Miles | mi² | 4 |
Incorporated Cities | 51 |
Number of Retail Customers | retail_customers | 909 |
Revenue Recognition (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Disaggregation of Revenue [Line Items] | ||
Subtotal | $ 543 | $ 500 |
Alternative revenue programs, net of amortization | (3) | 9 |
Other accrued (deferred) revenues, net | 13 | 5 |
Total retail revenues | 553 | 514 |
Wholesale revenues | 33 | 47 |
Other operating revenue | 23 | 12 |
Total revenues | 609 | 573 |
Gain on Derivative Instruments, Pretax | 5 | 16 |
Residential [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Subtotal | 310 | 279 |
Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Subtotal | 162 | 159 |
Industrial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Subtotal | 60 | 51 |
Direct Access customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Subtotal | $ 11 | $ 11 |
Balance Sheet Components Allowance for Credit Losses (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Accounts Receivable, Allowance for Credit Loss | $ 16 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 7 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (4) |
Accounts Receivable, Allowance for Credit Loss, Recovery | 1 |
Accounts Receivable, Allowance for Credit Loss | $ 20 |
Balance Sheet Components Other Current Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Current Assets [Line Items] | ||
Prepaid expenses | $ 68 | $ 57 |
Assets from price risk management activities | 50 | 33 |
Margin deposits | 9 | 8 |
Other current assets | $ 127 | $ 98 |
Balance Sheet Components Electric Utility Plant, Net (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Electric utility plant | $ 11,073 | $ 10,974 |
Construction work-in-progress | 472 | 429 |
Total cost | 11,545 | 11,403 |
Less: accumulated depreciation and amortization | (3,929) | (3,864) |
Electric utility plant, net | $ 7,616 | $ 7,539 |
Balance Sheet Components Other Current Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accrued employee compensation and benefits | $ 48 | $ 67 |
Accrued taxes payable | 45 | 36 |
Accrued interest payable | 43 | 29 |
Accrued dividends payable | 37 | 38 |
Regulatory liabilities—current | 42 | 23 |
Other | 104 | 129 |
Total accrued expenses and other current liabilities | $ 319 | $ 322 |
Balance Sheet Components Pension and Other Postretirement Benefits (Details) - Pension Plan [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 5 | $ 4 |
Interest cost | 7 | 8 |
Expected return on plan assets | (11) | (11) |
Amortization of net actuarial loss | 5 | 4 |
Net periodic benefit cost | $ 6 | $ 5 |
Fair Value of Financial Instruments Unobservable Input Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance as of the beginning of the period | $ 137 | $ 97 |
Net realized and unrealized (gains)/losses | (21) | 39 |
Transfers out of Level 3 to Level 2 | 1 | 2 |
Balance as of the end of the period | $ 117 | $ 134 |
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Surrender Value, Fair Value Disclosure | $ 33 | $ 33 |
Long-term Debt | 2,906 | 3,046 |
Unamortized Debt Issuance Expense | 12 | 13 |
Long-term Debt, Fair Value | $ 3,359 | $ 3,808 |
Risk Management Fair values of price risk management assets and liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Current Assets, Commodity Contracts: | ||
Electricity | $ 14 | $ 4 |
Natural gas | 36 | 29 |
Total current derivative assets | 50 | 33 |
Noncurrent Assets, Commodity Contracts: [Abstract] | ||
Commodity Contract Asset, Noncurrent, Electricity | 5 | 4 |
Commodity Contract Asset, Noncurrent, Natural Gas | 10 | 8 |
Derivative Asset, Noncurrent | 15 | 12 |
Total derivative assets | 65 | 45 |
Current Liabilities, Commodity Contracts: [Abstract] | ||
Electricity | 17 | 13 |
Natural gas | 3 | 2 |
Total current derivative liabilities | 20 | 15 |
Noncurrent Liabilities, Commodity Contracts: [Abstract] | ||
Electricity | 117 | 133 |
Natural gas | 1 | 3 |
Total noncurrent derivative liabilities | 118 | 136 |
Total derivative liabilities | $ 138 | $ 151 |
Risk Management Net volumes related to price risk management activities (Details) MWh in Millions, MMBTU in Millions, $ in Millions |
Mar. 31, 2021
CAD ($)
MMBTU
MWh
|
Dec. 31, 2020
CAD ($)
MWh
MMBTU
|
---|---|---|
Commodity contracts: | ||
Electricity | MWh | 5 | 6 |
Natural gas | MMBTU | 154 | 137 |
Foreign currency | $ | $ 19 | $ 19 |
Risk Management Net realized and unrealized gains and losses on derivative transactions (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Commodity contracts: | ||
Electricity | $ (23) | $ 32 |
Natural Gas | (25) | 9 |
Foreign currency exchange | $ 0 | $ 1 |
Risk Management Future Year Net Unrealized Gain/Loss Recorded at Balance Sheet Date Expected to Become Realized (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Electricity [Member] | |
Commodity contracts: | |
2020 | $ 3 |
2021 | (1) |
2022 | 8 |
2023 | (8) |
2024 | 8 |
Thereafter | 87 |
Total | (115) |
Natural Gas [Member] | |
Commodity contracts: | |
2020 | 28 |
2021 | (12) |
2022 | 2 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total | (42) |
Net Unrealized Loss [Member] | |
Commodity contracts: | |
2020 | 25 |
2021 | (11) |
2022 | 6 |
2023 | (8) |
2024 | 8 |
Thereafter | 87 |
Total | $ (73) |
Risk Management Counterparties Representing 10% or More of Assets and Liabilities from price risk management activities (Details) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Assets from price risk management activities: | ||
Counterparty A | 14.00% | 12.00% |
Counterparty B | 13.00% | 17.00% |
Counterparty C | 17.00% | 21.00% |
Counterparty D | 14.00% | 16.00% |
Concentration of Risk, Derivative Instruments, Assets | 58.00% | 66.00% |
Liabilities from price risk management activities: | ||
Counterparty E | 89.00% | 93.00% |
Risk Management (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Net gain or (loss) recognized in the statement of income offset by regulatory accounting | $ 39 | $ 42 |
Derivative, Net Liability Position, Aggregate Fair Value | 128 | |
Collateral Already Posted, Aggregate Fair Value | 9 | |
Collateral cash requirement | 125 | |
Deposit Assets | 8 | |
Purchased power and fuel | 169 | $ 153 |
Liabilities, Total [Member] | ||
Derivative Instruments and Hedges, Liabilities | $ 1 |
Earnings Per Share Components of Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 89,556 | 89,429 |
Dilutive effect of potential common shares | 147 | 150 |
Weighted Average Number of Shares Outstanding, Diluted | 89,703 | 89,579 |
Earnings Per Share Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 373 | 301 |
Contingencies (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
party
| |
Loss Contingencies [Line Items] | |
Site Contingency, Names of Other Potentially Responsible Parties | party | 100 |
Litigation Settlement, Expense | $ 115 |
Loss Contingency, Estimate of Possible Loss | 1,700 |
Loss Contingency, Damages Sought, Value | 1,200 |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 500 |
Environmental Remediation Expense | $ 6 |
Income tax Effective Income Tax Rate Reconcilitation (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Federal statutory tax rate | 21.00% | 21.00% |
Federal tax credits | (8.90%) | (10.90%) |
State and local taxes, net of federal tax benefit | 8.80% | 7.40% |
Flow through depreciation and cost basis differences | 0.30% | 1.60% |
Excess deferred tax amortization | (3.20%) | (1.90%) |
Other | (8.20%) | 0.00% |
Effective tax rate | 8.60% | 18.20% |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (1.20%) | 1.00% |
Income tax Income tax (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 79,000,000 | $ 77,000,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 0 | |
Deferred Tax Assets, Other Tax Carryforwards | $ 9,000,000 |
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