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Income tax Income tax (Notes) | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | INCOME TAXES Income tax expense for interim periods is based on the estimated annual effective tax rate, which includes tax credits, regulatory flow-through adjustments, and other items, applied to the Company’s year-to-date, pre-tax income. The significant differences between the Federal statutory tax rate and PGE’s effective tax rate are reflected in the following table:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Federal tax credits* | (16.5) |  |  | (14.2) |  |  | (16.9) |  |  | (11.1) |
State and local taxes, net of federal tax benefit | 7.3 |  |  | 5.8 |  |  | 8.5 |  |  | 7.9 |
Flow-through depreciation and cost basis differences | (0.6) |  |  | (0.7) |  |  | (0.6) |  |  | 0.1 |
Reversal of excess deferred income tax | (1.9) |  |  | (4.4) |  |  | (2.4) |  |  | (3.9) |
Other | 1.2 |  |  | 3.8 |  |  | 0.6 |  |  | 1.8 |
Effective tax rate | 10.5 | % |  | 11.3 | % |  | 10.2 | % |  | 15.8 | %
* Federal tax credits primarily consist of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities. PTCs are earned based on a per-kilowatt hour rate and, as a result, the annual amount of PTCs earned will vary based on weather conditions and availability of the facilities. PTCs are earned for 10 years from the in-service dates of the corresponding facilities. PGE’s PTC generation will end at various dates through 2034. Carryforwards Federal tax credit carryforwards as of September 30, 2024 and December 31, 2023 were $87 million and $73 million, respectively. These credits primarily consist of PTCs, which will expire at various dates through 2044. PGE included anticipated proceeds from the sale of tax credits in determining the need for a valuation allowance. PGE believes that it is more likely than not that its deferred income tax assets as of September 30, 2024 will be realized, however a valuation allowance has been recorded for the expected discount on the sale of tax credits. The valuation allowance as of September 30, 2024 was $1 million and was deferred as a regulatory asset. As of December 31, 2023, no material valuation allowance was recorded. As of September 30, 2024, and December 31, 2023, PGE had no material unrecognized tax benefits.

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