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Income tax Income tax (Notes) | 3 Months Ended
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Mar. 31, 2025
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 March 31,
|  |  |  |  | 2025 |  | 2024
Federal statutory tax rate |  |  |  |  | 21.0 | % |  | 21.0 | %
Federal tax credits* |  |  |  |  | (9.5) |  |  | (16.2) |
State and local taxes, net of federal tax benefit |  |  |  |  | 8.6 |  |  | 9.1 |
Flow-through depreciation and cost basis differences |  |  |  |  | (0.5) |  |  | 0.2 |
Reversal of excess deferred income tax |  |  |  |  | (2.0) |  |  | (3.3) |
Executive Compensation |  |  |  |  | 0.8 |  |  | 0.5 |
Other |  |  |  |  | (0.4) |  |  | (0.6) |
Effective tax rate |  |  |  |  | 18.0 | % |  | 10.7 | %
* Federal tax credits primarily consist of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities as well as amortization of investment tax credits (ITCs). 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 2033. The generation of production tax credits from Tucannon River Wind Farm ended in 2024. ITCs are deferred and amortized as a reduction of income tax expense over the estimated useful lives of the related properties. Carryforwards Federal tax credit carryforwards as of March 31, 2025 and December 31, 2024 were $76 million and $69 million, respectively. These credits primarily consist of PTCs, which will expire at various dates through 2045. 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 March 31, 2025 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 March 31, 2025 was $1 million and was deferred as a regulatory asset. As of December 31, 2024, no material valuation allowance was recorded. As of March 31, 2025, and December 31, 2024, PGE had no material unrecognized tax benefits.

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