Long-term Debt

12 Months Ended

Dec. 31, 2021

Long-term Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT

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

	As of December 31,
	2021		2020
First Mortgage Bonds, rates range from 1.82% to 6.88%, with a weighted average rate of 4.11%% in 2021 and 4.14% in 2020, due at various dates through 2051	$	3,180	$	2,940
Pollution Control Revenue Bonds, rates at 2.13% and 2.38%, due 2033	119		119
Total long-term debt	3,299		3,059
Less: Unamortized debt expense	(14)		(13)
Less: Current portion of long-term debt	—		(160)
Long-term debt, net of current portion	$	3,285	$	2,886

First Mortgage Bonds—On January 6, 2021, the Company made a scheduled $140 million repayment of a 2.51% Series of First Mortgage Bonds with available cash.

On August 11, 2021, the Company made a scheduled $20 million repayment of a 9.31% Series of First Mortgage Bonds with available cash.

On September 30, 2021, PGE issued $400 million in FMBs. The Bonds consist of:

•a series, due in 2028, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 1.82%;

•a series, due in 2031, in the amount of $50 million that will bear interest from its issuance date at an annual rate of 2.10%;

•a series, due in 2034, in the amount of $100 million that will bear interest from its issuance date at an annual rate of 2.20%; and

•a series, due in 2051, in the amount of $150 million that will bear interest from its issuance date at an annual rate of 2.97%.

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

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

As of December 31, 2021, the future minimum principal payments on long-term debt are as follows (in millions):

Years ending December 31:
2022	$	—
2023	—
2024	80
2025	—
2026	—
Thereafter	3,219
	$	3,299