Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure

SEGMENT INFORMATION

PGE is a vertically-integrated electric utility engaged in the generation, transmission, distribution, and retail sale of electricity. The Company participates in wholesale markets by purchasing and selling electricity and natural gas in an effort to meet the needs of, and obtain reasonably-priced power for its retail customers, manage risk, and administer its long-term wholesale contracts. The Company generates revenues and cash flows primarily from the sale and distribution of electricity to retail customers in its service territory in the State.

The Company has identified one operating and reportable segment and defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (CODM) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the President and Chief Executive Officer.

The Company’s CODM assesses the segment’s performance by using Consolidated Net Income. The CODM uses Consolidated Net Income predominantly as a key input to earnings per share and return on equity, which is an important metric for investors, regulators and is also tied to employee compensation.

The table below provides information about the Company’s single business segment, including significant segment expenses, and includes reconciliation to Consolidated Net Income (dollars in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Total revenues	$	807	$	758	$	1,735	$	1,687
Operating expenses:
Purchased power and fuel	294		275		662		680
Operating and maintenance expense:
Generation, transmission and distribution	114		107		224		206
Administrative and other	96		97		192		192
Total operating and maintenance expense	210		204		416		398
Depreciation and amortization	139		122		279		243
Taxes other than income taxes	46		41		92		88
Total operating expenses	689		642		1,449		1,409
Income from operations	118		116		286		278
Interest expense, net:
Interest expense	60		56		120		111
Allowance for borrowed funds used during construction	(3)		(4)		(7)		(8)
Total interest expense, net	57		52		113		103
Other income, net:	13		15		23		26
Income before income taxes	74		79		196		201
Income tax expense	12		7		34		20
Net income	$	62	$	72	$	162	$	181

Certain additional financial information relating to the Company’s single business segment was as follows (dollars in millions):

	June 30, 2025		December 31, 2024
Total assets	$	12,681	$	12,544