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Credit Facilities | 12 Months Ended
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Dec. 31, 2018
Line of Credit Facility [Abstract] |
Credit Facilities | CREDIT FACILITIES As of December 31, 2018, PGE had a $500 million revolving credit facility scheduled to expire in November 2021. On January 16, 2019 PGE executed an amendment to the credit facility extending the termination date to November 14, 2022 and allowing for unlimited extension requests, provided that lenders with a pro-rata share of more than 50%, approve the extension request. Pursuant to the terms of the agreement, the revolving credit facility may be used for general corporate purposes, as backup for commercial paper borrowings, and to permit the issuance of standby letters of credit. PGE may borrow for one, two, three, or six months at a fixed interest rate established at the time of the borrowing, or at a variable interest rate for any period up to the then remaining term of the applicable credit facility. The revolving credit facility contains a provision that requires annual fees based on PGE’s unsecured credit ratings, and contains customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreement, to 65.0% of total capitalization. As of December 31, 2018, PGE was in compliance with this covenant with a 51.5% debt to total capital ratio. The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days, limited to the unused amount of credit under the revolving credit facility. PGE classifies any borrowings under the revolving credit facility and outstanding commercial paper as Short-term debt in the consolidated balance sheets. Under the revolving credit facility, as of December 31, 2018, PGE had no borrowings outstanding and there were no commercial paper or letters of credit issued. As a result, as of December 31, 2018, the aggregate unused available credit capacity under the revolving credit facility was $500 million. In addition, PGE has four letter of credit facilities that provide capacity up to a total of $220 million under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, $84 million were issued, as of December 31, 2018. Letters of credit issued are not reflected on the Company’s consolidated balance sheets. Pursuant to an order issued by the FERC, the Company is authorized to issue short-term debt in an aggregate amount up to $900 million through February 6, 2020. Short-term borrowings under these credit facilities and related interest rates are reflected in the following table (dollars in millions). The Company had no short-term borrowings during 2018.
| Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Average daily amount of short-term debt outstanding | $ | — |  |  | $ | — |  |  | $ | 1 |
Weighted daily average interest rate * | — | % |  | — | % |  | 0.7 | %
Maximum amount outstanding during the year | $ | — |  |  | $ | — |  |  | $ | 23 |
* | Excludes the effect of commitment fees, facility fees and other financing fees.

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