LONG-TERM DEBT

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



	As of December 31,
	2018			2017
First Mortgage Bonds, rates range from 2.51% to 9.31%, with a weighted average rate of 5.01% in 2018 and 5.03% in 2017, due at various dates through 2048	$	2,390		$	2,315
Pollution Control Revenue Bonds, 5% rate, due 2033	119			142
Pollution Control Revenue Bonds owned by PGE	(21		)	(21		)
Total long-term debt	2,488			2,436
Less: Unamortized debt expense	(10		)	(10		)
Less: Current portion of long-term debt	(300		)	—
Long-term debt, net of current portion	$	2,178		$	2,426

First Mortgage Bonds—During December 2018, the Company issued a total of $75 million at an interest rate of 4.47%, and a maturity of 2048.

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

Pollution Control Revenue Bonds—The Company has the option to remarket through 2033 the $21 million of Pollution Control Revenue Bonds (PCBs) held by PGE as of December 31, 2018. At the time of any remarketing, the Company 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 PCBs could be backed by FMBs or a bank letter of credit depending on market conditions. Interest is payable semi-annually on PCBs. The Company repaid $24 million of Pollution Control Revenue Bonds that were early redeemed in October 2018.

As of December 31, 2018, the future minimum principal payments on long-term debt are as follows (in millions):



Years ending December 31:
2019	$	300
2020	—
2021	160
2022	—
2023	—
Thereafter	2,028
	$	2,488