Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 30

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 and payables arising from settled positions, and other forms of non-cash collateral, 

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

such as letters of credit. As of September 30, 2025, gross amounts included as Price risk management liabilities subject to master netting agreements were $35 million, entirely for natural gas, for which PGE has posted $9 million collateral. As of December 31, 2024, gross amounts included as Price risk management liabilities subject to master netting agreements were $41 million, all of which was for natural gas, for which PGE had posted $16 million collateral. Net realized and unrealized losses (gains) on derivative transactions not designated as hedging instruments are classified in Revenues, net or Purchased power and fuel, as applicable, in the condensed consolidated statements of income and comprehensive income and were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025202420252024Commodity contracts:Electricity$(39)$(19)$(32)$(49)Natural Gas101 50 146 70 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. Of the net amounts recognized in Net income for the three-month periods ended September 30, 2025 and 2024, net losses of $37 million have been offset in each period. Net gains of $25 million and $17 million have been offset for the nine-month periods ended September 30, 2025 and 2024, respectively.Assuming no changes in market prices and interest rates, the following table indicates the year in which the net unrealized loss recorded as of September 30, 2025 related to PGE’s derivative activities would become realized as a result of the settlement of the underlying derivative instrument (in millions): 20252026202720282029ThereafterTotalCommodity contracts:Electricity$2 $1 $3 $3 $3 $15 $27 Natural gas46 76 6 1 — — 129 Net unrealized loss$48 $77 $9 $4 $3 $15 $156 P