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

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 are executed in the marketplace. Instruments in this category include commodity forwards, futures, and swaps.Assets and liabilities from price risk management activities classified as Level 3 consist of longer-term commodity forwards, futures, swaps, and options for which fair value is derived using one or more significant inputs that are not observable for the entire term of the instrument. 

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

Quantitative information regarding the significant, unobservable inputs used in the measurement of Level 3 assets and liabilities from price risk management activities is presented below:Fair ValueValuation TechniqueSignificant Unobservable InputPrice per UnitCommodity ContractsAssetsLiabilitiesLowHighWeighted Average(in millions)As of March 31, 2025Electricity physical forwards$— $37 Discounted cash flowElectricity forward price (per megawatt hour (MWh))$17.00 $92.81 $55.63 Natural gas financial swaps4 Discounted cash flowNatural gas forward price (per Decatherm)1.84 2.90 2.30 Electricity financial futures4 2 Discounted cash flowElectricity forward price (per MWh)23.00 100.00 59.54 $4 $43 As of December 31, 2024Electricity physical forwards$— $28 Discounted cash flowElectricity forward price (per MWh)$14.00 $99.68 $59.43 Natural gas financial swaps— 4 Discounted cash flowNatural gas forward price (per Decatherm)1.86 6.53 2.68 Electricity financial futures1 3 Discounted cash flowElectricity forward price (per MWh)27.00 110.00 70.55 $1 $35  The significant unobservable inputs used in the Company’s fair value measurement of price risk management assets and liabilities are long-term forward prices for commodity derivatives. For certain long-term contracts, observable, liquid market transactions are not available for the duration of the delivery period. In such instances, the Company uses internally-developed long-term price curves that utilize observable data when available. When not available, regression techniques are used to estimate unobservable future prices. The Company’s Level 3 assets and liabilities from price risk management activities are sensitive to market price changes in the respective underlying