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Equity (Notes)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity
NOTE 7: SHAREHOLDERS’ EQUITY

The activity in equity during the three and six-month periods ended June 30, 2025 and 2024 was as follows (dollars in millions, except per share amounts):
Common StockAccumulated
Other
Comprehensive
Loss		Retained
Earnings
SharesAmountTotal
Balances as of December 31, 2024
109,342,251 $2,118 $(4)$1,680 $3,794 
Issuances of shares pursuant to equity-based plans161,074 — — — — 
Stock-based compensation
— 5 — — 5 
Dividends declared ($0.500 per share)
— — — (55)(55)
Net income— — — 100 100 
Balances as of March 31, 2025
109,503,325 2,123 (4)1,725 3,844 
Issuances of shares pursuant to equity-based plans58,563 1 — — 1 
Stock-based compensation— 3 — — 3 
Dividends declared ($0.525 per share)
— — — (58)(58)
Net income— — — 62 62 
Balances as of June 30, 2025
109,561,888 $2,127 $(4)$1,729 $3,852 
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 ($0.475 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 ($0.500 per share)
— — — (52)(52)
Net income— — — 72 72 
Balances as of June 30, 2024
103,066,683 $1,833 $(4)$1,655 $3,484 
At-the-Market Offering Program—In July 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. In the fourth quarter of 2024 the Company entered into forward sale agreements for 1,420,049 shares. In December 2024, the Company issued 1,066,549 shares pursuant to the forward sale agreements and received net proceeds of $50 million. The Company entered into forward sale agreements for 1,996,890 shares and 1,707 shares in the first quarter and the second quarter of 2025, respectively. The Company could have physically settled the remaining amount by delivering 2,352,097 shares in exchange for cash of $104 million as of June 30, 2025. 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 may 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 six months ended June 30, 2025, no shares 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.