LONG-TERM DEBT

Long-term debt consists of the following (in millions):



	As of December 31,
	2013			2012
First Mortgage Bonds, rates range from 3.46% to 9.31%, with a weighted average rate of 5.62% in 2013 and 5.84% in 2012, due at various dates through 2048	$	1,795		$	1,515
Pollution Control Revenue Bonds, 5% rate, due 2033	148			142
Pollution Control Revenue Bonds owned by PGE	(27		)	(21		)
Total long-term debt	1,916			1,636
Less: current portion of long-term debt	—			(100		)
Long-term debt, net of current portion	$	1,916		$	1,536

First Mortgage Bonds—During 2013, PGE repaid a total of $100 million of First Mortgage Bonds (FMBs), in accordance with the terms of the debt agreements, and issued a total of $380 million of FMBs, consisting of the following:


•	In December, issued $50 million of 4.84% Series FMBs due 2048;


•	In November, issued $105 million of 4.74% Series FMBs due 2042;


•	In August, repaid $50 million of 5.625% Series FMBs and issued $75 million of 4.47% Series FMBs due 2043;


•	In June, issued $150 million of 4.47% Series FMBs due 2044; and


•	In April, repaid $50 million of 4.45% Series FMBs.

The Indenture securing PGE’s outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property.

Pollution Control Revenue Bonds—Of the $27 million of Pollution Control Bonds held by the Company, PGE has the option to remarket $21 million through 2033. The Company retired $6 million of Pollution Control Bonds in January 2014. At the time of any remarketing, PGE can choose a new interest rate period that could be daily, weekly, or a fixed term. The new interest rate would be based on market conditions at the time of remarketing. The Pollution Control Revenue Bonds could be backed by FMBs or a bank letter of credit depending on market conditions.

As of December 31, 2013, the future minimum principal payments on long-term debt are as follows (in millions):



Years ending December 31:
2015	$	70
2016	67
2017	58
2018	75
Thereafter	1,646
	$	1,916

Interest is payable semi-annually on all long-term debt instruments.