Company: POR
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0000784977-25-000136
Chunk: 30

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 condensed consolidated statements of income and comprehensive income and were as follows (in millions):Three Months Ended June 30, Six Months Ended June 30, 2025202420252024Commodity contracts:Electricity$(2)$(11)$7 $(30)Natural Gas31 6 45 20 Foreign currency exchange(1)— (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 June 30, 2025 and 2024, net gains of $16 million and $5 million, respectively, have been offset. Net gains of $62 million and $54 million have been offset for the six-month periods ended June 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 June 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$8 $10 $2 $1 $2 $12 $35 Natural gas58 27 1 1 — — 87 Net unrealized loss$66 $37 $3 $2 $2 $12 $122 PGE’s secured and unsecured debt is currently rated at investment grade by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P). Should Moody’s or S&P reduce their rating on the Company’s unsecured debt to below investment grade, PGE could be subject to requests by certain wholesale counterparties to post additional performance assurance collateral, in the form of cash or letters of credit, based on total portfolio positions with each of those counterparties. Certain other counterparties would have the right to terminate their agreements with the Company.The aggregate fair value of derivative instruments with credit-risk-related contingent features that were in a liability position as of June 30, 2025 was $137 million, for which PGE has posted $12 million in collateral, consisting of $3 million of letters of credit and $9 million of cash. If the credit-risk-related contingent features underlying these agreements were triggered at June 30