Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 26

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 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:Significant Unobservable InputPositionChange to InputImpact on Fair ValueMarket priceBuyIncrease (decrease)Gain (loss)Market priceSellIncrease (decrease)Loss (gain)

22

Table of ContentsPORTLAND GENERAL ELECTRIC COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, continued(Unaudited)

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):Three Months Ended March 31, 20252024Balance as of the beginning of the period$34 $45 Net realized and unrealized losses/(gains)*9 (2)Transfers from Level 3 to Level 2(4)— Balance as of the end of the period$39 $43 * Both realized and unrealized losses/(gains), of which the unrealized portions 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. Includes $1 million net realized gains for the three months ended March 31, 2025 and $1 million net realized losses for the three months ended March 31, 2024. 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 Pollution Control Revenue Bonds is classified as a Level 2 fair value measurement. As of March 31, 2025, the carrying amount of PGE’s long-term debt was $4,731 million, net of $16 million of unamortized debt expense, and its estimated aggregate fair value was $4,217 million. As of December 31, 2024, the carrying amount of PGE’s long-term debt was $4,524 million, net of $15 million of unamortized debt expense, and its estimated aggregate fair value was $3,963 million.

NOTE 5: