Equity (Notes)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

SHAREHOLDERS’ EQUITY

The activity in equity during the three-month periods ended March 31, 2024 and 2023 was as follows (dollars in millions, except per share amounts):

	Common Stock			Accumulated Other Comprehensive Loss		Retained Earnings
	Shares	Amount						Total
Balances as of December 31, 2023	101,159,609	$	1,750	$	(5)	$	1,574	$	3,319
Issuances of shares pursuant to equity-based plans	148,926	—		—		—		—
Issuances of shares pursuant to equity agreements	1,714,972	78		—		—		78
Dividends declared ($0.4750 per share)	—	—		—		(48)		(48)
Net income	—	—		—		109		109
Other comprehensive income	—	—		1		—		1
Balances as of March 31, 2024	103,023,507	$	1,828	$	(4)	$	1,635	$	3,459
Balances as of December 31, 2022	89,283,353	$	1,249	$	(4)	$	1,534	$	2,779
Issuances of shares pursuant to equity-based plans	159,603	—		—		—		—
Issuances of shares pursuant to equity agreements	7,178,016	300		—		—		300
Stock-based compensation	—	(1)		—		—		(1)
Dividends declared ($0.4525 per share)	—	—		—		(40)		(40)
Net income	—	—		—		74		74
Balances as of March 31, 2023	96,620,972	$	1,548	$	(4)	$	1,568	$	3,112

At-the-Market Offering Program—On April 28, 2023, PGE entered into an equity distribution agreement under which it could sell up to $300 million of its common stock through at the market offering programs. In 2023, pursuant to the terms of the equity distribution agreement, PGE entered into separate forward sale agreements with forward counterparties. In March 2024, the Company issued 1,714,972 shares pursuant to the agreements and received net proceeds of $78 million, settling all forward sale agreements in place. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.