Company: POR
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0000784977-25-000074
Chunk: 102

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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current derivative assets (1)7 2 Total derivative assets (2)$33 $34 Current liabilities:Commodity contracts:Electricity$23 $32 Natural gas86 115 Total current derivative liabilities109 147 Noncurrent liabilities:Commodity contracts:Electricity35 24 Natural gas32 48 Total noncurrent derivative liabilities67 72 Total derivative liabilities (2)$176 $219 (1) Total current derivative assets are included in Other current assets, and Total noncurrent derivative assets are included in Other noncurrent assets on the condensed consolidated balance sheets.(2) As of March 31, 2025 and December 31, 2024, no commodity derivative assets or liabilities were designated as hedging instruments.PGE’s net volumes related to its Assets and Liabilities from price risk management activities resulting from its derivative transactions, which are expected to deliver or settle at various dates through 2035, were as follows (in millions):March 31, 2025December 31, 2024Commodity contracts:Electricity2 MWhs2 MWhsNatural gas198 Decatherms199 DecathermsForeign currency$35 Canadian$34 CanadianPGE has elected to report positive and negative exposures resulting from derivative instruments pursuant to agreements that meet the definition of a master netting arrangement gross on the condensed consolidated balance sheets. In the case of default on, or termination of, any contract under the master netting arrangements, such agreements provide for the net settlement of all related contractual obligations with a given counterparty through a single payment. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral, such as letters of credit. As of March 31, 2025, gross amounts included as Price risk management liabilities subject to master netting agreements were $33 million, entirely for natural gas, for which PGE has posted $10 million 

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

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)