Price Risk Management (Tables)

9 Months Ended

Sep. 30, 2023

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):

	September 30, 2023		December 31, 2022
Current assets:
Commodity contracts:
Electricity	$	22	$	112
Natural gas	52		201
Total current derivative assets (1)	74		313
Noncurrent assets:
Commodity contracts:
Electricity	9		44
Natural gas	15		30
Total noncurrent derivative assets (1)	24		74
Total derivative assets (2)	$	98	$	387
Current liabilities:
Commodity contracts:
Electricity	$	31	$	93
Natural gas	42		25
Total current derivative liabilities	73		118
Noncurrent liabilities:
Commodity contracts:
Electricity	91		53
Natural gas	29		22
Total noncurrent derivative liabilities	120		75
Total derivative liabilities (2)	$	193	$	193

(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 September 30, 2023 and December 31, 2022, 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):

	September 30, 2023			December 31, 2022
Commodity contracts:
Electricity	4		MWhs	6		MWhs
Natural gas	209		Decatherms	211		Decatherms
Foreign currency	$	11	Canadian	$	10	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Commodity contracts:
Electricity	$	(85)	$	(12)	$	(32)	$	(66)
Natural Gas	(33)		(42)		164		(280)
Foreign currency exchange	—		—		—		1

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 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 September 30, 2023 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions):

	2023		2024		2025		2026		2027		Thereafter		Total
Commodity contracts:
Electricity	$	(2)	$	15	$	16	$	(2)	$	(1)	$	65	$	91
Natural gas	(21)		9		5		11		—		—		4
Net unrealized loss/(gain)	$	(23)	$	24	$	21	$	9	$	(1)	$	65	$	95