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Equity (Notes) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Equity | NOTE 7: SHAREHOLDERS’ EQUITY The activity in equity during the three and nine-month periods ended September 30, 2025 and 2024 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, 2024 | 109,342,251 |  |  | $ | 2,118 |  |  | $ | (4) |  |  | $ | 1,680 |  |  | $ | 3,794 |  |  |  |
Issuances of shares pursuant to equity-based plans | 161,074 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
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 plans | 58,563 |  |  | 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 |  |  |  |
Issuances of shares pursuant to equity-based plans | 47,997 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
Issuances of shares pursuant to equity agreements | 1,114,529 |  |  | 49 |  |  | — |  |  | — |  |  | 49 |  |  |  |
Stock-based compensation | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  |  |
Other comprehensive income | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  |  |
Dividends declared ($0.5250 per share) | — |  |  | — |  |  | — |  |  | (58) |  |  | (58) |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 103 |  |  | 103 |  |  |  |
Balances as of September 30, 2025 | 110,724,414 |  |  | $ | 2,179 |  |  | $ | (3) |  |  | $ | 1,774 |  |  | $ | 3,950 |  |  |  |
| 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 |  |  |  |
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 plans | 43,176 |  |  | 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 |  |  |  |
Issuances of shares pursuant to equity-based plans | 37,837 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
Issuances of shares pursuant to equity agreements | 2,351,070 |  |  | 100 |  |  | — |  |  | — |  |  | 100 |  |  |  |
Stock-based compensation | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |  |  |  |
Other comprehensive income | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |
Dividends declared ($0.500 per share) | — |  |  | — |  |  | — |  |  | (52) |  |  | (52) |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 94 |  |  | 94 |  |  |  |
Balances as of September 30, 2024 | 105,455,590 |  |  | $ | 1,938 |  |  | $ | (5) |  |  | $ | 1,697 |  |  | $ | 3,630 |  |  |  |
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, 1,707 shares, and 3,757,835 shares in the first, second, and third quarters of 2025, respectively. In August 2025, the Company issued 1,114,529 shares pursuant to the forward sale agreements and received net proceeds of $49 million. The Company could have physically settled the remaining amount by delivering 4,995,403 shares in exchange for cash of $209 million as of September 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 nine months ended September 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. Subsequent to September 30, 2025, on October 15, 2025, the Company issued 1,763,463 shares pursuant to the forward sale agreements and received net proceeds of $72 million.

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