PORTLAND GENERAL ELECTRIC CO /OR/ Leases Disclosure
Supplemental information related to amounts and presentation of leases in the consolidated balance sheets is presented below (in millions):
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As of December 31, |
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Balance Sheet Classification |
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2025 |
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2024 |
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Operating Leases: |
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Other noncurrent assets |
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$ |
303 |
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$ |
312 |
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Accrued expenses and |
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$ |
26 |
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$ |
26 |
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Other noncurrent liabilities |
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277 |
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286 |
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Total operating lease liabilities * |
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$ |
303 |
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$ |
312 |
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Finance Leases: |
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Electric utility plant, net |
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$ |
262 |
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$ |
276 |
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Current liabilities |
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Current portion of finance |
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$ |
27 |
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$ |
27 |
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Noncurrent liabilities |
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Finance lease obligations, net |
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263 |
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276 |
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Total finance lease liabilities * |
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$ |
290 |
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$ |
303 |
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* Included in lease liabilities are $577 million and $599 million related to purchased power and storage contracts for the years ended December 31, 2025 and 2024, respectively. These agreements include hydro and natural gas generation PPAs, gas storage, and battery storage, all of which are included within the Company’s AUT and PCAM regulatory mechanisms.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 16, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.