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Long-term Debt | 12 Months Ended
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Dec. 31, 2013
Long-term Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following (in millions):
| As of December 31,
| 2013 |  | 2012
First Mortgage Bonds, rates range from 3.46% to 9.31%, with a weighted average rate of 5.62% in 2013 and 5.84% in 2012, due at various dates through 2048 | $ | 1,795 |  |  | $ | 1,515 |
Pollution Control Revenue Bonds, 5% rate, due 2033 | 148 |  |  | 142 |
Pollution Control Revenue Bonds owned by PGE | (27 | ) |  | (21 | )
Total long-term debt | 1,916 |  |  | 1,636 |
Less: current portion of long-term debt | — |  |  | (100 | )
Long-term debt, net of current portion | $ | 1,916 |  |  | $ | 1,536 |
First Mortgage Bonds—During 2013, PGE repaid a total of $100 million of First Mortgage Bonds (FMBs), in accordance with the terms of the debt agreements, and issued a total of $380 million of FMBs, consisting of the following:
• | In December, issued $50 million of 4.84% Series FMBs due 2048;
• | In November, issued $105 million of 4.74% Series FMBs due 2042;
• | In August, repaid $50 million of 5.625% Series FMBs and issued $75 million of 4.47% Series FMBs due 2043;
• | In June, issued $150 million of 4.47% Series FMBs due 2044; and
• | In April, repaid $50 million of 4.45% Series FMBs.
The Indenture securing PGE’s outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. Pollution Control Revenue Bonds—Of the $27 million of Pollution Control Bonds held by the Company, PGE has the option to remarket $21 million through 2033. The Company retired $6 million of Pollution Control Bonds in January 2014. 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. The Pollution Control Revenue Bonds could be backed by FMBs or a bank letter of credit depending on market conditions. As of December 31, 2013, the future minimum principal payments on long-term debt are as follows (in millions):
Years ending December 31: |  |
2015 |  | $ | 70 |
2016 |  | 67 |
2017 |  | 58 |
2018 |  | 75 |
Thereafter |  | 1,646 |
|  | $ | 1,916 |
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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