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Long-term Debt | 12 Months Ended
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Dec. 31, 2011
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following (in millions):
| As of December 31,
| 2011 |  | 2010
First Mortgage Bonds, rates range from 3.46% to 9.31%, with a weighted average rate of 5.83% in 2011 and 5.85% in 2010, due at various dates through 2040 | $ | 1,615 |  |  | $ | 1,678 |
Pollution Control Revenue Bonds: |  |  |
Port of Morrow, Oregon, 5% rate, due 2033 | 23 |  |  | 23 |
City of Forsyth, Montana, 5% rate, due 2033 | 119 |  |  | 119 |
Port of St. Helens, Oregon, 5.25% rate, due in 2014 | — |  |  | 10 |
Total Pollution Control Revenue Bonds | 142 |  |  | 152 |
Pollution Control Revenue Bonds owned by PGE | (21 | ) |  | (21 | )
Unamortized debt discount | (1 | ) |  | (1 | )
Total long-term debt | 1,735 |  |  | 1,808 |
Less: current portion of long-term debt | (100 | ) |  | (10 | )
Long-term debt, net of current portion | $ | 1,635 |  |  | $ | 1,798 |
First Mortgage Bonds—The Indenture securing PGE’s First Mortgage Bonds constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. On December 29, 2011, PGE redeemed $63 million of the 6.5% series due 2014. Pollution Control Revenue Bonds—PGE has the option to remarket Pollution Control Revenue Bonds held by the Company through 2033. 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 and could be backed by first mortgage bonds or a bank letter of credit depending on market conditions. As of December 31, 2011, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2012 |  | $ | 100 |
2013 |  | 100 |
2014 |  | — |
2015 |  | 70 |
2016 |  | 67 |
Thereafter |  | 1,398 |
|  | $ | 1,735 |
Interest is payable semi-annually on all long-term debt instruments.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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