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Equity (Notes)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity SHAREHOLDERS’ EQUITY
The activity in equity during the three and nine-month periods ended September 30, 2024 and 2023 was as follows (dollars in millions, except per share amounts):
Common StockAccumulated
Other
Comprehensive
Loss		Retained
Earnings
SharesAmountTotal
Balances as of December 31, 2023
101,159,609 $1,750 $(5)$1,574 $3,319 
Issuances of shares pursuant to equity-based plans148,926 — — — — 
Issuances of shares pursuant to equity agreements
1,714,972 78 — — 78 
Other comprehensive income— — 1 — 1 
Dividends declared ($0.4750 per share)
— — — (48)(48)
Net income— — — 109 109 
Balances as of March 31, 2024
103,023,507 $1,828 $(4)$1,635 $3,459 
Issuances of shares pursuant to equity-based plans43,176 1 — — 1 
Stock-based compensation— 4 — — 4 
Dividends declared ($0.5000 per share)
— — — (52)(52)
Net income— — — 72 72 
Balances as of June 30, 2024
103,066,683 $1,833 $(4)$1,655 $3,484 
Issuances of shares pursuant to equity-based plans37,837 — — — — 
Issuances of shares pursuant to equity-based plans
2,351,070 100 — — 100 
Stock-based compensation— 5 — — 5 
Other comprehensive income— — (1)— (1)
Dividends declared ($0.5000 per share)
— — — (52)(52)
Net income— — — 94 94 
Balances as of September 30, 2024
105,455,590 $1,938 $(5)$1,697 $3,630 
Common StockAccumulated
Other
Comprehensive
Loss		Retained
Earnings
SharesAmountTotal
Balances as of December 31, 2022
89,283,353 $1,249 $(4)$1,534 $2,779 
Issuances of shares pursuant to equity-based plans159,603 — — — — 
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 
Issuances of shares pursuant to equity-based plans30,245 1 — — 1 
Issuances of shares pursuant to equity agreements
2,212,610 92 92 
Stock-based compensation— 6 — — 6 
Other comprehensive income— — 1 — 1 
Dividends declared ($0.4750 per share)
— — — (51)(51)
Net income— — — 39 39 
Balances as of June 30, 2023
98,863,827 $1,647 $(3)$1,556 $3,200 
Issuances of shares pursuant to equity-based plans35,702 — — — — 
Issuances of shares pursuant to equity agreements
2,224,374 93 — — 93 
Stock-based compensation— 4 — — 4 
Dividends declared ($0.4750 per share)
— — — (49)(49)
Net income— — — 47 47 
Balances as of September 30, 2023
101,123,903 $1,744 $(3)$1,554 $3,295 
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 forward sale agreements and received net proceeds of $78 million. In 2024, PGE entered into additional forward sale agreements with forward counterparties, exhausting the $300 million facility. In the third quarter of 2024, the Company issued 2,351,070 shares pursuant to the additional forward sale agreements and received net proceeds of $100 million. The Company could have physically settled the remaining amount by delivering 2,788,431 shares in exchange for cash of $118 million as of September 30, 2024. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

Prior to settlement, the potentially issuable shares pursuant to the agreements will be reflected in PGE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of PGE’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the agreements less the number of shares that could be purchased by PGE in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of PGE’s stock during the reporting period is higher than the average forward sale price during the reporting period. As of the three and nine months ended September 30, 2024, an incremental 243,885 and 30,877 shares, respectively, were included in the calculation of diluted EPS related to the securities under the agreements. For additional information concerning the Company’s diluted earnings per share, see Note 6, Earnings Per Share.

On July 26, 2024, PGE entered into an equity distribution agreement under which it could sell up to $400 million of its common stock through at-the-market offering programs. As of September 30, 2024, the Company had not yet transacted under this program. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.