Price Risk Management (Tables)

3 Months Ended

Mar. 31, 2022

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):

	March 31, 2022		December 31, 2021
Current assets:
Commodity contracts:
Electricity	$	35	$	16
Natural gas	229		86
Total current derivative assets(1)	264		102
Noncurrent assets:
Commodity contracts:
Electricity	1		1
Natural gas	63		34
Total noncurrent derivative assets(1)	64		35
Total derivative assets(2)	$	328	$	137
Current liabilities:
Commodity contracts:
Electricity	$	51	$	36
Natural gas	9		11
Total current derivative liabilities	60		47
Noncurrent liabilities:
Commodity contracts:
Electricity	71		87
Natural gas	1		3
Total noncurrent derivative liabilities	72		90
Total derivative liabilities(2)	$	132	$	137

(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, 2022 and December 31, 2021, no derivative assets or liabilities were designated as hedging instruments.

Schedule of Derivative Instruments [Table Text Block]

PGE’s net volumes related to its Assets and Liabilities from price risk management activities resulting from its derivative transactions, which are expected to deliver or settle at various dates through 2035, were as follows (in millions):

	March 31, 2022			December 31, 2021
Commodity contracts:
Electricity	4		MWhs	4		MWhs
Natural gas	160		Decatherms	181		Decatherms
Foreign currency	$	20	Canadian	$	19	Canadian

Derivatives Not Designated as Hedging Instruments [Table Text Block]

Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are classified in 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):

	Three Months Ended March 31,
	2022		2021
Commodity contracts:
Electricity	$	(40)	$	(23)
Natural Gas	(211)		(25)
Foreign currency exchange	—		—

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

Schedule of Price Risk Derivatives [Table Text Block]

Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss/(gain) recorded as of March 31, 2022 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions):

	2022		2023		2024		2025		2026		Thereafter		Total
Commodity contracts:
Electricity	$	18	$	(1)	$	3	$	3	$	4	$	59	$	86
Natural gas	(165)		(98)		(15)		(4)		—		—		(282)
Net unrealized loss/(gain)	$	(147)	$	(99)	$	(12)	$	(1)	$	4	$	59	$	(196)