Company: POR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000784977-25-000172
Chunk: 27

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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$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 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)

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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 September 30, Nine Months Ended September 30, 2025202420252024Balance as of the beginning of the period$31 $45 $34 $45 Net realized and unrealized losses/(gains)*(1)15 3 15 Transfers from Level 3 to Level 25 2 (2)2 Balance as of the end of the period$35 $62 $35 $62 * 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. Amounts include no net