Income tax Income tax (Tables)

3 Months Ended

Mar. 31, 2022

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:


	Three Months Ended March 31,
		2022		2021
Federal statutory tax rate		21.0	%	21.0	%
Federal tax credits*		(10.5)		(8.9)

State and local taxes, net of federal tax benefit		8.9		8.8
Flow-through depreciation and cost basis differences		0.7		0.3
Amortization of excess deferred income tax		(4.5)		(3.2)
Local tax flow-through adjustment		—		(8.2)
Other		(0.1)		(1.2)
Effective tax rate		15.5	%	8.6	%

* 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.