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Equity (Notes) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Equity | SHAREHOLDERS’ EQUITY The activity in equity during the three-month periods ended March 31, 2024 and 2023 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, 2023 | 101,159,609 |  |  | $ | 1,750 |  |  | $ | (5) |  |  | $ | 1,574 |  |  | $ | 3,319 |  |  |  |
Issuances of shares pursuant to equity-based plans | 148,926 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
Issuances of shares pursuant to equity agreements | 1,714,972 |  |  | 78 |  |  | — |  |  | — |  |  | 78 |  |  |  |
Dividends declared ($0.4750 per share) | — |  |  | — |  |  | — |  |  | (48) |  |  | (48) |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 109 |  |  | 109 |  |  |  |
Other comprehensive income | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  |  |
Balances as of March 31, 2024 | 103,023,507 |  |  | $ | 1,828 |  |  | $ | (4) |  |  | $ | 1,635 |  |  | $ | 3,459 |  |  |  |
Balances as of December 31, 2022 | 89,283,353 |  |  | $ | 1,249 |  |  | $ | (4) |  |  | $ | 1,534 |  |  | $ | 2,779 |  |  |  |
Issuances of shares pursuant to equity-based plans | 159,603 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
Issuances of shares pursuant to equity agreements | 7,178,016 |  |  | 300 |  |  | — |  |  | — |  |  | 300 |  |  |  |
Stock-based compensation | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  |  |
Dividends declared ($0.4525 per share) | — |  |  | — |  |  | — |  |  | (40) |  |  | (40) |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 74 |  |  | 74 |  |  |  |
Balances as of March 31, 2023 | 96,620,972 |  |  | $ | 1,548 |  |  | $ | (4) |  |  | $ | 1,568 |  |  | $ | 3,112 |  |  |  |
At-the-Market Offering Program—On April 28, 2023, PGE entered into an equity distribution agreement under which it could sell up to $300 million of its common stock through at the market offering programs. In 2023, pursuant to the terms of the equity distribution agreement, PGE entered into separate forward sale agreements with forward counterparties. In March 2024, the Company issued 1,714,972 shares pursuant to the agreements and received net proceeds of $78 million, settling all forward sale agreements in place. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

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