Equity (Notes)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity

NOTE 7: SHAREHOLDERS’ EQUITY

The activity in equity during the three and three-month periods ended March 31, 2025 and 2024 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, 2024	109,342,251	$	2,118	$	(4)	$	1,680	$	3,794
Issuances of shares pursuant to equity-based plans	161,074	—		—		—		—
Stock-based compensation	—	5		—		—		5
Dividends declared ($0.5000 per share)	—	—		—		(55)		(55)
Net income	—	—		—		100		100
Balances as of March 31, 2025	109,503,325	$	2,123	$	(4)	$	1,725	$	3,844
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	—		—		—		—
Stock-based compensation	—	—		—		—		—
Issuances of shares pursuant to equity agreements	1,714,972	78		—		—		78
Other comprehensive income	—	—		1		—		1
Dividends declared ($0.4750 per share)	—	—		—		(48)		(48)
Net income	—	—		—		109		109
Balances as of March 31, 2024	103,023,507	$	1,828	$	(4)	$	1,635	$	3,459

At-the-Market Offering Program—In July 2024, PGE entered into an equity distribution agreement under which it could sell up to $400 million of its common stock through at-the-market offering programs. In the fourth quarter of 2024 the Company entered into forward sale agreements for 1,420,049 shares. In December 2024, the Company issued 1,066,549 shares pursuant to the forward sale agreements and received net proceeds of $50 million. In the first quarter of 2025 the Company entered into forward sale agreements for 1,996,890 shares. The Company could have physically settled the remaining amount by delivering 2,350,390 shares in exchange for cash of $104 million as of March 31, 2025. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

Prior to settlement, the potentially issuable shares pursuant to the agreements will be reflected in PGE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of PGE’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the agreements less the number of shares that could be purchased by PGE in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of PGE’s stock during the reporting period is higher than the average forward sale price during the reporting period. As of the three months ended March 31, 2025, no shares were included in the calculation of diluted EPS related to the securities under the agreements. For additional information concerning the Company’s diluted earnings per share, see Note 6, Earnings Per Share.