Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 112

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 instruments entered into by the Company to manage its risk exposure to commodity price and foreign currency exchange rates and reduce volatility in NVPC for the Company’s retail customers. For additional information regarding these assets and liabilities, see Note 5, Risk Management. For those assets and liabilities from price risk management activities classified as Level 2, fair value is derived using present value formulas that utilize inputs such as forward commodity prices and interest rates. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions 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 September 30, 2025Electricity physical forwards$— $29 Discounted cash flowElectricity forward price (per megawatt hour (MWh))$31.12 $98.97 $62.39 Natural gas financial swaps1 6 Discounted cash flowNatural gas forward price (per Decatherm)1.85 8.09 2.61 Electricity financial futures— 1 Discounted cash flowElectricity forward price (per MWh)36.00 95.27 41.48 $1 $36 As of December 31, 2024Electricity physical forwards$— $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.