ࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~<#܈ ~~4#܈ ~~#؈ ~~7#܈ ~~3#܈ ~~83ffff̙̙3f3fff3f3f33333f33&Commission File Number 00105532Portland Oregon 97204-TABLE OF CONTENTSbJ DEFINITIONShRetail Revenues  SeasonalitySeasonality (1)I Power Supply#Generating FacilitiesPART II%ITEM 6 SELECTED FINANCIAL DATA%.ITEM 6 SELECTED FINANCIAL (1)COverview`Results of Operations φ (1)  (2)2017 Compared to 2016 !)2017 Compared to 2016 (1)2016 Compared to 2015 ! 2016 Compared to 2015 (1)Capital Requirements2 Liquidity "FDividends on Common Stock&QWCredit Ratings and Debt Covenan&fContractual Obligations and ComCommodity Price RiskoInterest Rate Risk Credit Risk&CONSOLIDATED STATEMENTS OF INCO#CONSOLIDATED STATEMENTS (1)"CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE (1)#-CONSOLIDATED STATEMENTS (2)#[TCONSOLIDATED STATEMENTS (3)#wCONSOLIDATED STATEMENTS (4)&iNOTES TO CONSOLIDATED FINANCIALAccounts Receivable Net3Trust Accounts&Other Current Assets and Accrue!NOTES TO CONSOLIDATED (1)!NOTES TO CONSOLIDATED (2)!!NOTES TO CONSOLIDATED (3)!ANOTES TO CONSOLIDATED (4)!PNOTES TO CONSOLIDATED (5)!pcNOTES TO CONSOLIDATED (6)!q~NOTES TO CONSOLIDATED (7)!DNOTES TO CONSOLIDATED (8)!ԟNOTES TO CONSOLIDATED (9)"NOTES TO CONSOLIDATED (10)&NOTE 6 REGULATORY ASSETS AND LI&<NOTE 7 ASSET RETIREMENT OBLIGAT"JNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIES|NOTE 9 LONGTERM DEBT"*NOTES TO CONSOLIDATED (12)":NOTES TO CONSOLIDATED (13)"GLNOTES TO CONSOLIDATED (14)"dNOTES TO CONSOLIDATED (15)"ƔNOTES TO CONSOLIDATED (16)"CNOTES TO CONSOLIDATED (17)  (3) |  (4)"` NOTES TO CONSOLIDATED (18)"84NOTES TO CONSOLIDATED (19)"GNOTES TO CONSOLIDATED (20)&0\NOTE 13 STOCKBASED COMPENSATION"pNOTES TO CONSOLIDATED (21)!NOTE 14 EARNINGS PER SHARE+Purchase Commitments".NOTES TO CONSOLIDATED (22)Lease Obligations!NOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA&ITEM 15 EXHIBITS FINANCIAL STATD+ITEM 15 EXHIBITS (1)bK EXHIBIT 121 l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LPortland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } %}       )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018+#Commission File Number 001-05532-99   Oregon  93-0256820' (State or other jurisdiction of (I.R.S. Employer& incorporation or organization) Identification No.) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TrfZNB*rfZ2=PF0*8X> @ l  4-  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U} } 6} }       )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Portland, Oregon 97204      Large accelerated filer [x]  Accelerated filer [ ] Non-accelerated filer [ ]5 -(Do not check if a smaller reporting company)     ! Smaller reporting company [ ]    Emerging growth company [ ]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hsg[O(znb:=PF0*8X> @ l  <@I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204 DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } y } I;} $ }  <     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018TABLE OF CONTENTS      Definitions ~       PART I      Item 1. Business.~ Item 1A. Risk Factors.~ ZItem 1B."Unresolved Staff Comments.~ rItem 2. Properties.~ rItem 3.Legal Proceedings.~ zItem 4. Mine Safety Disclosures.~ zPART IIItem 5..&Market for Registrant?s Common Equity,~ z.&Related Stockholder Matters and Issuer'Purchases of Equity Securities.Item 6. Selected Financial Data.~ ~Item 7.,$Management?s Discussion and Analysis~ ~91of Financial Condition and Results of Operations.Item 7A.0(Quantitative and Qualitative Disclosures~ About Market Risk.Item 8..&Financial Statements and Supplementary~ D- lxl`T$] !"#$%&'()*+,-./0123456789:;  Data.!Item 9.5!-Changes in and Disagreements with Accountants!~ !"/"'on Accounting and Financial Disclosure.#Item 9A. #Controls and Procedures.#~ #$Item 9B.$Other Information.$~ $%%%%&&PART III&&''''(Item 10.3(+Directors, Executive Officers and Corporate(~ ()) Governance.*Item 11.*Executive Compensation.*~ *+Item 12.0+(Security Ownership of Certain Beneficial+~ +,5,-Owners and Management and Related Stockholder--Matters..Item 13.7./Certain Relationships and Related Transactions,.~ ./"/and Director Independence.0Item 14./0'Principal Accounting Fees and Services.0~ 0111122PART IV2233334Item 15.04(Exhibits, Financial Statement Schedules.4~ 4555566 SIGNATURES6~ 678$9____________________________1:)Created by Morningstar Document Research.0;(http://documentresearch.morningstar.com/<}>p8/hl<sC=PF0*8X> @";;::99  l  A[]gh  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U} $ } U5 A     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018 DEFINITIONS    Abbreviation or Acronym   Definition AFDC 4 ,Allowance for funds used during construction ARO # Asset retirement obligation AUT ' Annual Power Cost Update TariffBeaver1)Beaver natural gas-fired generating plant Biglow CanyonBiglow Canyon Wind FarmBoardman,$Boardman coal-fired generating plant BPA'Bonneville Power Administration CAA Clean Air Act Carty0(Carty natural gas-fired generating plantColstrip4,Colstrip Units 3 and 4 coal-fired generating plantCoyote Springs/'Coyote Springs Unit 1 natural gas-firedgenerating plant CWIP%Construction work-in-progress Dth0(Decatherm = 10 therms = 1,000 cubic feetof natural gas DEQ2*Oregon Department of Environmental Quality EFSA%Equity forward sale agreement EIMEnergy Imbalance Market EPA.&United States Environmental ProtectionAgencyD@ l~rfZ6[z*_Q : !"#$%&'()*+,-./0123456789:;<=>? ESS $ Electricity Service Supplier !FERC!,!$Federal Energy Regulatory Commission "FMB""First Mortgage Bond #FPA##Federal Power Act $GRC$3$+General Rate Case for a specified test year %IRP% %Integrated Resource Plan &ISFSI&3&+Independent Spent Fuel Storage Installation 'kV'4',Kilovolt = one thousand volts of electricity(Moody?s(!(Moody?s Investors Service )MW)) Megawatts *MWa**Average megawatts +MWh++Megawatt hours ,NRC,%,Nuclear Regulatory Commission -NVPC- -Net Variable Power Costs .OATT.'.Open Access Transmission Tariff /OPUC/+/#Public Utility Commission of Oregon 0PCAM0'0Power Cost Adjustment Mechanism 1PW11.1&Port Westward Unit 1 natural gas-fired222generating plant 3PW23.3&Port Westward Unit 2 natural gas-fired44*4"flexible capacity generating plant 5RPS5$5Renewable Portfolio Standard 6S&P66S&P Global Ratings 7SEC7-7%United States Securities and Exchange888 Commission9Trojan9"9Trojan nuclear power plant:Tucannon River: :Tucannon River Wind Farm ;USDOE;*;"United States Department of Energy<=$>____________________________1?)Created by Morningstar Document Research.DM lq7nUd> w4=@0@(http://documentresearch.morningstar.com/H=PF0*8X> @@@??>> l  "c<  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONS  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } =} $ } $} $}  $ } $} $} $ } $} $ "     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Retail Revenues                       Years Ended December 31, ~  ~  ~ ~5 -Retail revenues (1) (dollars in millions):             Residential~ &  ~  % ~ .  ~  % ~    ~  % Commercial~ v ~ ~ f   ~   ~ Z ~  Industrial~ R~ .~ B  ~  2 ~ ~ 6Subtotal~ ~ ~   ~   ~ ~ .&Other accrued (deferred) revenues, net~ *~ ~     ? ~  ?Total retail revenues~ ~  %~   ~    %~ ~  %;3Retail energy deliveries (2) (MWh in thousands):   Residential~ "{~  %~ r  ~    %~ vr~  % Commercial~ v~ ~ t  ~   ~ ^u~  Industrial~ B~ Z~ A  ~  Z ~  G~ ^&Total retail energy deliveries~ 4~  %~ n(  ~    %~ .~  %+#Average number of retail customers:   Residential~ .~ b %~ -  ~  b  %~ Q-~ b % Commercial~ >~ 2~ V  ~  2 ~ *u~ 2 Industrial~ . ?~      ? ~  ? Total~ 5~  %~ t4  ~    %~ 23~  %$____________________________D_lznbVZ*-?Qe]a&8MaU !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @1!!                      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } a/} $ }  } $} $ }  } $}  $ } } $                               )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018              Years Ended December 31, ~  ~  ~ ~  Residential     * "Revenue per customer (in dollars):~ v  ~ j  ~  /'Usage per customer (in kilowatt hours):~ ~ ~  * -%Revenue per kilowatt hour (in cents):ףp= &@ ?&@ ?  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~ ::  August~ ~~ 6'~ 2December~ Z%~  *=   July$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,\|~rfZ+=PF0*8X> @*     l  &mf  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1)Generating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } }  } $ } $} $} $ }  }  $ } $} $} $ } } $ } $} $ &     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018 Power Supply                    As of December 31, ~  ~  ~ ~  Capacity  %  Capacity  %  Capacity  %  Generation:           Thermal:     Natural gas~ ~  %~ 6 ~    % ~  n~ z % Coal~  ~ F~   ~  F  ~   ~ F Total thermal~ V)~ ~ ( ~    ~  &"~ Wind (1)~ 6 ~ >~ 6  ~  >  ~  6 ~ B Hydro (2)~ ~ *~  ~  .  ~  ~ .Total generation~ F<~ F~ ; ~  F  ~  5~ *Purchased power:    Long-term contracts:    Capacity/exchange~ ~  ~  ~    ~  ~  Hydro~ N~ 2~ Z ~  2  ~  B ~ 6 Wind~ ~ ~  ~    ~  ~  Solar~ 6 ?~ 6   ?  ~  6 ? Other~ J ?~ J   ?  ~  ~ !Total long-term contracts~  ~ >~ Z  ~  J  ~  ~ ZShort-term contracts~ ~ ~  ~    ~  "~ Total purchased power~  ~ N~  ~  N  ~  ~ jTotal resource capacity~ J~  %~ I ~    % ~  H~  %Dl}qeYW ^+9Q`tOZq !"#$%            !"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/dpdX0=PF0*8X> @j %%$$##          l  *  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power Supply PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } } $ } !} $ } U} $ } U *     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Generating Facilities        Facility  Location  Net       Capacity (1)  Wholly-owned:      Natural Gas/Oil:     BeaverClatskanie, Oregon~  MW CartyBoardman, Oregon~ "Port Westward Unit 1 (PW1)Clatskanie, Oregon~ nCoyote SpringsBoardman, Oregon~ "Port Westward Unit 2 (PW2)Clatskanie, Oregon~  Wind: Biglow CanyonSherman County, Oregon~  Tucannon River#Columbia County, Washington~ .Hydro: North ForkClackamas River~ FaradayClackamas River~  Oak GroveClackamas River~  River MillClackamas River~ f T.W. SullivanWillamette River~ JJointly-owned (2) : Coal: Boardman (3)Boardman, Oregon~  Colstrip (4)Colstrip, Montana~ Dv lth\PYk# =PF0*8X> @*))((''   l  @  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } }  $                              )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018PART II                High  Low   Dividends           Declared            Per Share~       Fourth QuarterGzI@YF@  (\?  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First Quarter= ףp=D@(\A@  333333? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< vj^^EW(; t=PF0*8X> @              l  ,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } $4} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018( ITEM 6. SELECTED FINANCIAL DATA.                      Years Ended December 31, ~  ~  ~ ~ ~ z ~ v / '(In millions, except per share amounts)! Statement of Income Data:          Revenues, net~ f~ ~    ~  ~ JIncome from operations~ ~ 6~    ~  ~ : Net income~ ~ ~    ~  ~ 3+Net income attributable to Portland General~ ~ ~    ~  ~ Electric Company Earnings per share?basic@\(\@ ffffff@   Q@(\?"Earnings per share?diluted@HzG@ RQ@   q= ףp@?+#Dividends declared per common shareq= ףp?)\(? zG?   ףp= ?Q?%Statement of Cash Flows Data:   Capital expenditures~  ~ " ~  Z   ~  ~ B $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/> 0ui]QEU%d4lg}5)=PF0*8X> @2                       l  IB  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } a/} $ } $} $ } $}  $ } $} $ } $} $ } $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018( ITEM 6. SELECTED FINANCIAL DATA.                      As of December 31, ~  ~  ~ ~ ~ z ~ v  (Dollars in millions) Balance Sheet Data:          Total assets~ zz~ u~  p  ~  m~ *_Total long-term debt~ %~ $~  F"  ~  &~ 'Total capital lease obligations~ ~   ?    ? ?/'Total Portland General Electric Company~ %~ $~  J#  ~  ~ nshareholders? equityCommon equity ratio33333H@ %33333H@ % YI@  %  33333E@ %33333sH@ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 ui]QEU+|'U{vtL=PF0*8X> @#                 l  "(_`  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1)Results of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } !}  } $ }  } $ }  }  $ } } $ } U} $ "     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Overview                ~  ~    Increase/               (Decrease)               in Energy  Average  Energy  Average  Energy   Deliveries Number of Deliveries * Number of   Deliveries * Customers Customers Residential~ .~ "{~ - ~  r   @ %    #Commercial (PGE sales only)~ ~ Rl~ r ~  Rl    ? % Direct Access~ ~  ~  ~  6   333332@ %Total Commercial~ >~ v~ V ~  t   ? %    #Industrial (PGE sales only)~ ~ -~  ~  b.    % Direct Access~ ~ ~  ~     '@ %Total Industrial~ .~ B~   ~  A   ffffff@ %    Total (PGE sales only)~ :5~ n~ 2n4 ~      333333@ %  Total Direct Access~ ~ ~  ~     +@ % Total~ 5~ 4~ t4 ~  n(   333333@ %$____________________________Dlui]TUeFq&Hs(Ot !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!           l  'zx  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) Overview (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 1} $ } U} $}  $ } U} $} $ } U} $ '     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Results of Operations                       Years Ended December 31, ~  ~  ~ ~  Amount  As %  Amount  As %  Amount  As %      of Rev      of Rev      of RevRevenues, net (1)~ f~  %~   ~    %~ ~  %$Purchased power and fuel (1)~ B ~ z~    ~   ~ V ~  Gross margin~ &~ ~ j  ~   ~ V~ !Other operating expenses:  1)Generation, transmission and distribution~ ~ B~ z  ~  > ~ *~ : Administrative and other~ "~ 6~   ~  6 ~ ~ 6%Depreciation and amortization~ f~ F~   ~  B ~ ~ B%Taxes other than income taxes~ ~ ~   ~   ~ ~ &Total other operating expenses~ F~ ~ 6  ~   ~ ~ Income from operations~ ~ J~ 6  ~  J ~ ~ B!Interest expense, net (2)~ ~ ~   ~   ~ ~  Other income:  .&Allowance for equity funds used during~ 2~ ~ V  ~   ~ V~  construction!Miscellaneous income, net~  ?~     ? ~  ?Other income, net~ F~ ~ Z  ~   ~ Z~ "Income before income taxes~ F~ 6~   ~  6 ~ f~ .Income tax expense~ Z~ ~   ~   ~ ~  Dylth\PT$(>FFV  !"#$%&  Net income~   ~ & % ~   ~ * % ~   ~ & %!!!!!!! ! !!!!"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xsg?=PF0*8X> @@&&%%$$                              l  ,/  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U5} $ } $} $}  $ } $} $} $ } $} $ ,     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018                       Years Ended December 31, ~  ~  ~ ~. &Revenues (1) (dollars in millions):            Retail:            Residential~ &~  %~ .  ~    %~  ~  % Commercial~ v ~ ~ f   ~   ~ Z ~  Industrial~ R~ .~ B  ~  . ~ ~ 2Subtotal~ ~ r~   ~  v ~ ~ z.&Other accrued (deferred) revenues, net~ *~ ~     ? 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STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase 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(1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease 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2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U5}  } $} $ }  } $} $ }  }  $ } U} $} $ } U} $} $ } $} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/20182016 Compared to 2015                    Heating Degree-Days  Cooling Degree-Days ~  ~ ~  15-Year Average ~  ~ ~  15-Year Average  1st quarter~   ~ &  ~ *   ?   ?   ?   2nd quarter~ N  ~   ~    ~ j  ~ >  ~   3rd quarter~ :~ 2~ : ~  *  ~  ~ > 4th quarter~ :~ ~    ?  ~  ~   Total~ 7~ 6~ &B ~    ~  F ~ ^4,Increase (decrease) from the 15-year average~  %~  % ~  B  % ~   %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 th\Px"l{=PF0*8X> @Z         l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO 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Washington~ n~ 6+#Clackamas River at Estacada, Oregon~ ~ ( Deschutes River at Moody, Oregon~ n~ V$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0th\PRfsK=PF0*8X> @B      l  71  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1) LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO 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)!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Capital Requirements                         ! 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"Total capital expenditures~ ~ ~ ~    ~  ~ ~     !Long-term debt maturities~ Z $?~      $?~  $?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0 ui]Q1d`aa=PF0*8X> @"                     l  D  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital RequirementsDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } a/}  $                            )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018 Liquidity              Years Ended December 31, ~  ~  ~ ~/ 'Cash and cash equivalents, beginning of~   ~   ~   year'Net cash provided by (used in): Operating activities~ V ~ ~  " Investing activities~ ~ ~   Financing activities~ :~ ~   /'Net change in cash and cash equivalents~ ~  ~   .&Cash and cash equivalents, end of year~ ~ ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8~th\N>2{3'=PF0*8X> @             l  V  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements Liquidity!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 0} $ } a} $ } } $                       )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018!Dividends on Common Stock          Declaration Date   Record Date   Payment Date   Declared Per        Common Share February 15, 2017  March 27, 2017  April 17, 2017  {Gz?  April 26, 2017   June 26, 2017   July 17, 2017  (\?  July 26, 2017September 25, 2017October 16, 2017(\?October 25, 2017December 26, 2017January 16, 2018(\?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.|pdXLYfCl=PF0*8X> @J      l  ze  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } } I } $ } y      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018)!Credit Ratings and Debt Covenants      Moody?s  S&P First Mortgage Bonds A1  A- Senior unsecured debt A3  BBB Commercial paper P-2  A-2OutlookStablePositive$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,||th\PDH}=PF0*8X> @ l  Ѕ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt CovenanCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 0.} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018:2Contractual Obligations and Commercial Commitments                             ~  ~  ~  ~  ~   There-  Total                      after Long-term debt $?  ~    $?  ~    $?  ~   ~ & & Interest on long-term debt (1)~   ~   ~   ~   ~   ~   ~   .&Capital and other purchase commitments~ ~  ~  *  ~   ~  ~ ~ &!Purchased power and fuel:   Electricity purchases~ r~ r~  &  ~  "~ ~ ~ &)Capacity contracts~ ~ ~    ~  ~ ~ "~ ~ Public Utility Districts~ &~ F~  B  ~  B~ >~ V~ z Natural gas~ ~ ~  r  ~  f~ b~ 2~ Coal and transportation~ >~   ?    ? ? ?~ R&Pension Plan Contributions (2)~ V~ F~  F  ~  J~ b ?~ Capital leases~ ~ ~    ~  ~ ~ "~ Build-to-suit lease ?~ >~  >  ~  :~ :~ ~ Operating leases~ &~ "~    ~  ~ "~ ~ * Total~ 2 ~  ~  ^  ~  ~ ~ ^~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B@XcWK?3&vY2=PF0*8X> @2f                                          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } } $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Commodity Price Risk                             ~  ~  ~  ~  ~    Thereafter  Total Commodity contracts:               Electricity~ *  ~ "  ~ "  ~ "  ~   ~ n  ~    Natural gas~   ~ R  ~   ~     ?   ?  ~ " ~ ~ r~  >  ~  *~ ~ n~ 2$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|ui]Q@o\RF:=PF0*8X> @                     l  (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } %} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Interest Rate Risk                              Total ) !Carrying Amounts by Maturity Date  Fair  Value  Total ~  ~  ~  ~   There-                          afterFirst Mortgage Bonds~ **~ .$  $?  ~   $?~ ~ 'Pollution Control Revenue Bonds~ ~   ?    ? ? ?~  Total~ 6,~ &  $?  ~   $?~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0 wk_SvQB6*=PF0*8X> @#                 l  &x  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U5} $ } $ &     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018 Credit Risk   / 'Report of Independent Registered Public ~  Accounting Firm   - %Consolidated Statements of Income for ~  0(the years ended December 31, 2017, 2016,and 20150(Consolidated Statements of Comprehensive~ /'Income for the years ended December 31,2017, 2016, and 20152*Consolidated Balance Sheets as of December~ 31, 2017 and 2016-%Consolidated Statements of Equity for~ 0(the years ended December 31, 2017, 2016,and 2015-%Consolidated Statements of Cash Flows~ 4,for the years ended December 31, 2017, 2016,and 2015DUl~rfZ6_+rR.R c !"#$%2 *Notes to Consolidated Financial Statements ~ &!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/qdp=PF0*8X> @%%$$## l  -RE  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit RiskCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 1}  $ -                                 )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018)!CONSOLIDATED STATEMENTS OF INCOME              Years Ended December 31, ~  ~  ~ ~  Revenues, net~ f  ~   ~   Operating expenses:      Purchased power and fuel~ B ~  ~  V  1)Generation, transmission and distribution~ ~ z~  *  Administrative and other~ "~ ~   %Depreciation and amortization~ f~ ~   %Taxes other than income taxes~ ~ ~    Total operating expenses~ ~ ~   Income from operations~ ~ 6~   Interest expense, net~ ~ ~    Other income: .&Allowance for equity funds used during~ 2~ V~  V  construction!Miscellaneous income, net~ ~ ~   Other income, net~ F~ Z~  Z "Income before income taxes~ F~ ~  f Income tax expense~ Z~ ~    Net income~ ~ ~    +#Weighted-average shares outstanding D lth\PD6\7} fWW ! 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"Diluted~ "bq""~ "zo""~ " %" ###### $Earnings per share:$$$$$  %Basic%@%%%\(\@%%% ffffff@% &Diluted&@&&&HzG@&&& RQ@& '''''' ()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/nRJ=PF0*8X> @@,, ++ ** &&&&&& %%%%%% """""" !!!!!!                    l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 8}  $                          )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/20187/CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME              Years Ended December 31, ~  ~  ~ ~  Net income~   ~   ~  0 (Other comprehensive (loss) income?Change~   ~   ~  5-in compensation retirement benefits liability7/and amortization, net of taxes of an immaterial&amount in 2017, 2016, and 2015Comprehensive income~ ~  ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4fZNB6v(tf=PF0*8X> @           l  ,   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 1} $ ,     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018#CONSOLIDATED BALANCE SHEETS          As of December 31, ~  ~  ASSETS    Current assets:   !Cash and cash equivalents~ ~  Accounts receivable, net~ ~ nUnbilled revenues~ ~ %Inventories, at average cost:Materials and supplies~ ~  Fuel~ j~ !Regulatory assets?current~ ~ Other current assets~ &~ 6Total current assets~ :~ >Electric utility plant: Generation~ H~ G Transmission~ ~ & Distribution~ ^7~ >4General~ ~  Intangible~ ~ ~ %Construction work-in-progress~ ~ V$Total electric utility plant~ ~ N1)Accumulated depreciation and amortization~ R~ >D lznbVJVNB-0-n !"#$%&'()*+# Electric utility plant, net~ Vi  ~ d $!Regulatory assets?noncurrent~ !!!~ !!%"Nuclear decommissioning trust~ """~ ""(# Non-qualified benefit plan trust~ ###~ ##$Other noncurrent assets~ $$$~ $$% Total assets~ %zz%%~ %u%&&&&'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/(1\qeY1=PF0*8X> @2++**))%%%%$$$$####""""!!!!      l  1%+  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } :} $ 1     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018.&CONSOLIDATED BALANCE SHEETS, continued          As of December 31, ~  ~  LIABILITIES AND EQUITY    Current liabilities:   Accounts payable~ ~ .&Liabilities from price risk management~ ~ activities?current)!Current portion of long-term debt ?~ Z6.Accrued expenses and other current liabilities~ ~ !Total current liabilities~ ~  .&Long-term debt, net of current portion~ %~ b")!Regulatory liabilities?noncurrent~ "~ Deferred income taxes~ ~ v 5-Unfunded status of pension and postretirement~ r~ f plans.&Liabilities from price risk management~ ^~ activities?noncurrent$Asset retirement obligations~ ~ .&Non-qualified benefit plan liabilities~ ~ $Other noncurrent liabilities~ ~ Total liabilities~ T~ P1)Commitments and contingencies (see notes)D! locWK?;) %Nc! !"#$%&'()*+,-./0 Equity:   1!)Preferred stock, no par value, 30,000,000 !?!! !?!6".shares authorized; none issued and outstanding/#'Common stock, no par value, 160,000,000~ ###~ ##4$,shares authorized; 89,114,265 and 88,946,7048%0shares issued and outstanding as of December 31,#&2017 and 2016, respectively,'$Accumulated other comprehensive loss~ '''~ ''(Retained earnings~ (((~ (() Total equity~ )%))~ )$)$*Total liabilities and equity~ *zz**~ *u*++++,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&@Vq5AQE9=PF0*8X> @r.00//..****))))((((''''####!!!!    l  ,JQ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 2} } $ ,     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018)!CONSOLIDATED STATEMENTS OF EQUITY                      Common Stock   Accumulated  Retained  Total         Other  Earnings          Comprehensive  Shares  Amount  Loss'Balance as of December 31, 2014~ έ~ Z~     ~ ~ 2*Issuances of common stock, net of issuance~ z~ > ?    ?~ > costs of $12.&Shares issued pursuant to equity-based~  ~  ?    ?~  plans Stock-based compensation ?~  ?    ?~ ,$Dividends declared ($1.18 per share) ? ? ?  ~  j~ j Net income ? ? ?  ~  ~ "Other comprehensive (loss) ? ?~     ?~ 'Balance as of December 31, 2015~ z+~ ~   ~  ~ J#.&Shares issued pursuant to equity-based~ e ~  ?    ?~  plans Stock-based compensation ?~  ?    ?~ ,$Dividends declared ($1.26 per share) ? ? ?  ~  >~ > Net income ? ? ?  ~  ~ "Other comprehensive income ? ?~     ?~ 'Balance as of December 31, 2016~ B4~ ~   ~  ~ $.&Shares issued pursuant to equity-based~ &: ~   ?    ?~  D[lth\PD`Kz=W?]Ly#A0]~ !"#$%&'()*+ plans !Stock-based compensation !?!!~ !!! !?! !  ! ?!!~ !!,"$Dividends declared ($1.34 per share) "?"" "?"" "?" " ~ " """~ """# Net income #?## #?## #?# # ~ # ##~ ##"$Other comprehensive (loss) $?$$ $?$$~ $$ $  $ ?$$~ $$'%Balance as of December 31, 2017~ %f?%%~ %%%~ %% % ~ % %%~ %%%&&&&&&& & &&'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/K=xNB6=PF0*8X> @]++**))%%%% %% %%$$$$ $$ $$#### ## ##"""" "" ""!!!! !! !!                                        l  9ku  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U5}  $ 9                                 )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018-%CONSOLIDATED STATEMENTS OF CASH FLOWS              Years Ended December 31, ~  ~  ~ ~- %Cash flows from operating activities:       Net income~   ~   ~  .&Adjustments to reconcile net income to 2*net cash provided by operating activities:%Depreciation and amortization~ f~ ~   Deferred income taxes~ ~ ~   .&Allowance for equity funds used during~ ~ ~    construction1)Pension and other postretirement benefits~ b~ r~   2*Unrealized losses on non-qualified benefit~  ~ ~   plan trust assets.&Decoupling mechanism deferrals, net of~ ~ ~  :  amortization/'Other non-cash income and expenses, net~ v~ ~  Z #Changes in working capital: .&(Increase) in receivables and unbilled~ ~ ~   revenues.&(Increase) decrease in margin deposits~ ~ f~   4,Increase in payables and accrued liabilities~ ~ >~   ( Other working capital items, net~ ~ ~   D lpdXL@2IDBG3 ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 . &Contribution to non-qualified employee~   ~   ~  ! benefit trust" Other, net~ """~ """~ " " 1#)Net cash provided by operating activities~ #V ##~ ###~ # "# -$%Cash flows from investing activities:$$$$$ %Capital expenditures~ %%%~ %%%~ % % ,&$Purchases of nuclear decommissioning~ &&&~ &&&~ & & 'trust securities.(&Sales of nuclear decommissioning trust~ (V((~ (n((~ ( Z( ) securities1*)Distribution from nuclear decommissioning *?** *?**~ * *  +trust2,*Sales tax refund received - Tucannon River ,?,, ,?,,~ , ^, - Wind Farm. Other, net~ ...~ ... . ?. -/%Net cash used in investing activities~ ///~ ///~ / / 000000 .1&See accompanying notes to consolidated2financial statements.345$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6 hO8EL;z2=PF0*8X> @ZK88 77 66 22 11 ////// ...... ,,,,,, ****** (((((( &&&&&& %%%%%% ###### """"""                   l  *l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } :}  $ *                                 )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/201880CONSOLIDATED STATEMENTS OF CASH FLOWS, continued              Years Ended December 31, ~  ~  ~ ~- %Cash flows from financing activities:     0 (Proceeds from issuance of long-term debt~   ~   ~ F "Payments on long-term debt~ ~ ~   0(Proceeds from issuances of common stock, ? ?~  > net of issuance costs,$(Maturities) issuances of commercial ?~ ~    paper, netDividends paid~ *~ J~  ~  Other~ ~ ~   0(Net cash (used in) provided by financing~ :~ ~    activities80Increase (decrease) in cash and cash equivalents~ ~  ~   /'Cash and cash equivalents, beginning of~ ~ ~    year.&Cash and cash equivalents, end of year~ ~ ~    -%Supplemental disclosures of cash flow  information:Cash paid for: ,$Interest, net of amounts capitalized~ ~ ~   D leYMA5u' F09N>^ ! " # $ % & ' ( )   Income taxes~ J  ~ B  ~  4!,Non-cash investing and financing activities:!!!!! !"Accrued capital additions~ """~ """~ " " !#Accrued dividends payable~ #~##~ #z##~ # r# 2$*Assets obtained under leasing arrangements~ $^$$~ $:$$ $ ?$ %&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/]QE=PF0*8X> @4)) (( '' $$$$$$ ###### """"""                  l  c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)Accounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } $} $} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued   & Generation, excluding thermal:  Hydro~ ~  Wind~ z   Transmission~   Distribution~ General~ 2$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.]`TH<0 O=PF0*8X> @ l  &  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } +}  $                        )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018 Accounts Receivable, Net              Years Ended December 31, ~  ~  ~ ~' Balance as of beginning of year~   ~   ~   Increase in provision~   ~   ~  ,$Amounts written off, less recoveries~ ~ ~   !Balance as of end of year~ ~ ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0}qeYM?'~=PF0*8X> @            l  .  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable Net!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 0.} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018Trust Accounts                  Nuclear  Non-Qualified Benefit  Decommissioning Trust   Plan Trust ~  ~  ~  ~  Cash equivalents~ f  ~ V  ~   ~  -%Marketable securities, at fair value:   Equity securities ? ?~    ~  Debt securities~ F~ R~    ~  .&Insurance contracts, at cash surrender ? ?~  r  ~  j value~ ~ ~    ~     $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8] {ocWKg]LTH<=PF0*8X> @                   l   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(7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 8} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018OGOther Current Assets and Accrued Expenses and Other Current Liabilities          As of December 31, ~  ~  Other current assets:    Prepaid expenses~   ~  Margin deposits~ .~ "4,Assets from price risk management activities~ ~ J Other~ ~ ~ &~ 67/Accrued expenses and other current liabilities:&Regulatory liabilities?current~ ~~ 2*Accrued employee compensation and benefits~ ~ !Accrued dividends payable~ ~~ z Accrued interest payable~ n~ fAccrued taxes payable~ ~~ f Other~ ~ ~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D lNB6*`dOGI =PF0*8X> @      l  ()  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 6} $ (     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued                      As of December 31, 2017  Level 1  Level 2  Level 3   Other (2)  Total Assets:         * "Nuclear decommissioning trust: (1)         Debt securities:   Domestic government~ ~   $?    $?~ .Corporate credit ?~   ?    ?~ .&Money market funds measured at NAV (2) ? ?  ?  ~  f~ f-%Non-qualified benefit plan trust: (3)   Money market funds~  ?  ?    ?~ "Equity securities?domestic~  ?  ?    ?~ +#Debt securities?domestic government~  ?  ?    ?~ ( Investments measured at NAV: (2)   ( Collective trust?domestic equity ? ?  ?    ? ?5-Assets from price risk management activities:   (1) (4) Electricity ?~   ?    ?~  Natural gas ?~   ?    ?~ ~ 6~ N  $?  ~  f~ 1)Liabilities - Liabilities from price risk   &management activities: (1) (4) Electricity $?~ ~       $?~ DLl`TH<0@v]9X;%L' !"#$%&'  Natural gas ?  ~    ~ &   ?  ~ . ! !$?!!~ !!!~ ! .! !  ! $?!!~ !J!"""""" " " ""#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/F9{=PF0*8X> @RJ''&&%%!!!!!! !! !!                                l  (F  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 6} $ (     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued                      As of December 31, 2016  Level 1  Level 2  Level 3   Other (2)  Total Assets:         * "Nuclear decommissioning trust: (1)         Debt securities:   Domestic government~  ~ *  $?    $?~ 2Corporate credit ?~ "  ?    ?~ ".&Money market funds measured at NAV (2) ? ?  ?  ~  V~ V-%Non-qualified benefit plan trust: (3)   Money market funds~  ?  ?    ?~ "Equity securities?domestic~  ?  ?    ?~ +#Debt securities?domestic government~  ?  ?    ?~ ( Investments measured at NAV: (2)   ( Collective trust?domestic equity ? ?  ?  ~   ~  5-Assets from price risk management activities:   (1) (4) Electricity ?~ ~      ?~  Natural gas ?~ >~      ?~ B~ "~ ~     ~  ^~ "1)Liabilities - Liabilities from price risk   &management activities: (1) (4) Electricity $?~ ~      $?~ DPl`TH<0@v]9X;#I# !"#$%&'  Natural gas ?  ~   ~ &   ?  ~  ! !$?!!~ !!!~ ! ! !  ! $?!!~ !!"""""" " " ""#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/F9{=PF0*8X> @RJ''&&%%!!!!!! !! !!                                l  ?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } y#}  $ } } $ } *} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued                                   Significant  Price per Unit    Fair Value   Valuation   Unobservable      Weighted Commodity Contracts  Assets   Liabilities   Technique  Input  Low  High  Average    (in millions)           As of December 31, 2017:     $Electricity physical forward $?~    Discounted cash flow + #Electricity forward price (per MWh) )\(@= ףpD@33333>@#Natural gas financial swaps ?~ &  Discounted cash flow + #Natural gas forward price (per Dth) )\(?\(\@ffffff?%Electricity financial futures ? ?  Discounted cash flow + #Electricity forward price (per MWh) )\(@= ףp=@= ףp5@ $?~ .      As of December 31, 2016:     $Electricity physical forward $?~   Discounted cash flow + #Electricity forward price (per MWh) ,@= ףp]K@ףp= C@#Natural gas financial swaps~ ~ &  Discounted cash flow + #Natural gas forward price (per Dth) ?Gz@Q@%Electricity financial futures~  ?  Discounted cash flow + #Electricity forward price (per MWh) p= #!@@@9@~  ~           $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@D`TH<0gSK{n9-!=PF0*8X> @0          l  QP  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } $} $ } y } $ } } $ }  '      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued       & Significant Unobservable Input  Position  Change to Input (  Impact on Fair Value Measurement  Market price  Buy  Increase (decrease)   Gain (loss)  Market price  Sell  Increase (decrease)   Loss (gain) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T`TH<030$=PF0*8X> @ l  _b  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 6} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued          Years Ended December 31, ~  ~ 2 *Net liabilities from price risk management~   ~  * "activities as of beginning of year,$Net realized and unrealized losses *~ ~ .0(Net transfers in to Level 3 from Level 2 ?~ /'Net transfers out of Level 3 to Level 2~ ~ 2*Net liabilities from price risk management~ .~ $activities as of end of year/'Level 3 net unrealized losses that have~ ~ .5-been fully offset by the effect of regulatory accounting$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<`TH<0lXra(=PF0*8X> @      l  +x|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } $4} $ } U} $ } U +                                 )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued           As of December 31,  ~  ~   Current assets:     Commodity contracts:     Electricity~ ~  Natural gas~ ~ 2'Total current derivative assets~ ~ ~ J~ Noncurrent assets:Commodity contracts: Electricity ?~  Natural gas ?~ *"Total noncurrent derivative assets ?~ ~ ~ .&Total derivative assets not designated~ ~ ^as hedging instrumentsTotal derivative assets~ ~ ^Current liabilities:Commodity contracts: Electricity~ 6~ 2 Natural gas~ ~ ,$Total current derivative liabilities~ ~ Noncurrent liabilities:Commodity contracts:D l`TH<0NPr$r4 ! 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Natural gas~ !v!!~ !N!!/"'Total noncurrent derivative liabilities~ "^""~ """3#+Total derivative liabilities not designated~ #J##~ ###$as hedging instruments$%Total derivative liabilities~ %J%%~ %%%&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/:8b=PF0*8X> @2&**))((%%%%####""""!!!!      l  q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } } $ } y }  $ } y                       )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued              As of December 31, ~  ~  Commodity contracts:         Electricity~    MWh ~ "   MWh Natural gas~  Dth~     Dth!Foreign currency exchange~ VCanadian~ Z   Canadian$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.>`TH<0vBA=PF0*8X> @b          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } }  $                       )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued              Years Ended December 31, ~  ~  ~ ~ Commodity contracts:       Electricity~   ~   ~ "  Natural Gas~ V~ "~   !Foreign currency exchange~  ?~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. `TH<0p"IB6*=PF0*8X> @          l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } } $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued                             ~  ~  ~  ~  ~    Thereafter  Total Commodity contracts:               Electricity~ *  ~ "  ~ "  ~ "  ~   ~ n  ~    Natural gas~   ~ R  ~   ~     ?   ?  ~ " Net unrealized loss~ ~ r~  >  ~  *~ ~ n~ 2   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. `TH<0cN;vj^6=PF0*8X> @                     l  r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 6} $} $} $ } $} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued        As of December 31, ~  ~ 5 -Assets from price risk management activities:    Counterparty A~  % ~ Z %Counterparty B~ 2~ FCounterparty C~ ~ 2~  %~  %.&Liabilities from price risk management activities:Counterparty D~  %~   %~  %~   %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8`TH<0-wybx=PF0*8X> @2    l  !!  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 0.} } $ } U}  $ } U} $ !     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/20181)NOTE 6: REGULATORY ASSETS AND LIABILITIES                   " Weighted Average Remaining  As of December 31,  Life (1) ~  ~     Current   Noncurrent  Current   Noncurrent Regulatory assets:         !Price risk management (2)6 years~ ~ ^  ~  j ~ .&Pension and other postretirement plans~  ?~ j    ? ~ ~ !Deferred income taxes (6)~  ? ?    ? ~ ZDebt issuance costs (2)6 years ?~ N    ? ~ Z Other (5)Various~ &~   ~  * ~ Total regulatory assets~ ~   ~   ~ Regulatory liabilities:  *"Asset retirement removal costs (6)~  $?~     $? ~  !Deferred income taxes (6)~  ?~ V    ?  ?)!Trojan decommissioning activities5 years~  ?  ~  J  ?( Asset retirement obligations (6)~  ?~     ? ~  OtherVarious~ r~ j  ~   ~ Z$Total regulatory liabilities~ ~~ ~ "  ~   ~ ~ $____________________________1)Created by Morningstar Document Research.Dll`TH @:                    l  e  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LINOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } <(} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018,$NOTE 7: ASSET RETIREMENT OBLIGATIONS          As of December 31, ~  ~ ) !Trojan decommissioning activities~   ~    Utility plant~   ~  Non-utility property~ 6~ 2$Asset retirement obligations~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0qeYMA]=PF0*8X> @r        l  j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } <(}  $                         )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued              Years Ended December 31, ~  ~  ~ ~' Balance as of beginning of year~   ~ ^  ~   Liabilities incurred~    ~   ~   Liabilities settled~ ~ ~   Accretion expense~ ~ ~   )!Revisions in estimated cash flows ?~ ~  z !Balance as of end of year~ ~ ~  ^ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2`TH<0p" q=PF0*8X> @              l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } a/} $ } $} $ } $}  $ } $                       )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018!NOTE 8: CREDIT FACILITIES              Years Ended December 31, ~  ~  ~ ~/ 'Average daily amount of short-term debt $?  ~    $?   outstanding.&Weighted daily average interest rate * ? %ffffff? % 333333?  %-%Maximum amount outstanding during the $?~ ^~  .  year$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.|pdXL>UE9=PF0*8X> @          l  !6))  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } U5} $ !     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018NOTE 9: LONG-TERM DEBT          As of December 31, ~  ~ / 'First Mortgage Bonds , rates range from~ .$  ~   / '2.51% to 9.31%, with a weighted average4,rate of 5.03% in 2017 and 4.86% in 2016, due%at various dates through 20482*Unsecured term bank loans , variable rates ?~ Z0(of approximately 1.87% at 11/27/2017 and1.37% at 12/31/20162*Pollution Control Revenue Bonds , 5% rate,~ :~ :due 2033-%Pollution Control Revenue Bonds owned~ ~ by PGETotal long-term debt~ &~ $&Less: Unamortized debt expense~ ~ /'Less: Current portion of long-term debt ?~ .&Long-term debt, net of current portion~ %~ b"$____________________________1)Created by Morningstar Document Research.D lsg[OL8Uy 0 (http://documentresearch.morningstar.com/H=PF0*8X> @       l  9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } } $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued   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Insurance contracts~ 2~ 2~ : ~  :  Total~  %~  %~  % ~    %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BV X`TH<0vBIT$}_ `=PF0*8X> @R          l  5/S  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } 2} $ 5     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued                      Level 1  Level 2  Level 3  Other *  Total As of December 31, 2017:         , $Defined Benefit Pension Plan assets:         " Equity securities?Domestic~ N   $?   $?   $?  ~ N $Investments measured at NAV:   Money market funds ? ?  ?  ~  ~ Collective trust funds ? ?  ?  ~  B~ BPrivate equity funds ? ?  ?  ~  6~ 6~ N $?  $?  ~  ~  2*Other Postretirement Benefit Plans assets:   Money market funds~  $?  $?    $?~ Equity securities:   Domestic ?~   ?    ?~  International~ * ?  ?    ?~ *+#Debt securities?Domestic government ?~   ?    ?~ $Investments measured at NAV:   Money market funds ? ?  ?  ~  ~ Collective trust funds ? ?  ?  ~  "~ "~ 6~ "  $?  ~  2~  As of December 31, 2016:   ,$Defined Benefit Pension Plan assets:   "Equity securities?Domestic~  $?  $?    $?~ Dl`TH<0@{BqBr%]M !"#$%&'()*+,-./01234$ Investments measured at NAV:         !Money market funds !?!! !?!! ! ?! ! ~ ! !!~ !!"Collective trust funds "?"" 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OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO 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benefit obligation333333 @ %Gz@ % \(\ @  %~   @ %~ 333333 @ %Gz@ %  @  %  Q@ %&Discount rate for benefit costGz@ %q= ףp@ % @  %~   333333@ %~ Gz@ %q= ףp@ % Q@  %  @ %-%Weighted average rate of compensationRQ@ %333333 @ % RQ@  %  RQ@ % N/A N/A'increase for benefit obligation-%Weighted average rate of compensation333333 @ %333333 @ % RQ@  %  RQ@ % N/A N/A!increase for benefit cost/'Long-term rate of return on plan assets@ %@ %  ףp= @  %   ףp= @ % N/A N/Afor benefit obligation/'Long-term rate of return on plan assets@ %@ %  ףp= @  %  )\(@ % N/A N/Afor benefit cost   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl`TH<0gI9/q8 =PF0*8X> @6                   l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } *} #$ $$$$$$$$$$ $ $ $ $ $$$$$$$$$$$$)!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018                                  ! " #  Defined Benefit  Other Postretirement   Non-Qualified   Pension Plan  Benefits   Benefit Plans ~  ~  ~ ~ ~  ~  ~ ~ ~  ~  ~ !~  Service cost~ F  ~ B  ~ J  ~    ~    ~     $?   $?   !$? #+#Interest cost on benefit obligation~ ~ ~  ~  ~  ~ ~ ~ ~  ~ !#&Expected return on plan assets~ Z~ b~  b  ~  ~ ~  ? ?  !?#*"Amortization of prior service cost ? ?  ?    ?~ ~  ? ?  !?#*"Amortization of net actuarial loss~ 6~ :~  R    ? ?~ ~ ~  ~ !#!Net periodic benefit cost~ V~ ^~  v  ~  ~ ~ ~  ~   ~ ! #    !$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6-}qe=-HpdX0=PF0*8X> @BH###  !"  !"  !"  !"  !"        !"        !#   #   # l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } y#} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018                           Payments Due ~  ~  ~  ~  ~    2023 - 2026$ Defined benefit pension plan~   ~   ~   ~   ~   ~  % Other postretirement benefits~   ~   ~   ~   ~   ~ Z #Non-qualified benefit plans~  ~ ~     ~   ~  ~ * Total~ ~ ~    ~  ~ ~ *$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.}qeE!||{|{S=PF0*8X> @"                     l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } a}  $                             )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018=5NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued              Years Ended December 31, ~  ~  ~ ~ Current:      Federal~   ~ *  ~  State and local~ 2~ ~   ~ B~ 6~    Deferred: Federal~ ~ ^~  j State and local~ &~ :~  : ~ ~ ~   Income tax expense~ Z~ ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:`TH<0p"Yf%=PF0*8X> @              l  1G  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current 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6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM 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 ~ & ~ ~   ~ >  ~ " ~ ~ ~ >~   ~ ~ ~ :~   ~ ~ ~ :~  "  Thereafter~ "~ ~   $Total minimum lease payments~ ~ ~  * Less imputed interest~  3+Present value of net minimum lease payments~  Less current portion~   Non-current portion~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< xl`T4L\cx=PF0*8X> @                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } a}  } $} $ }  } $}  } $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018$NOTE 16: JOINTLY-OWNED PLANT                     PGE  In-service Date  Plant   Accumulated   Construction  Share       In-service   Depreciation*  Work In                 Progress Boardman~ j % ~  ~   ~    $? Colstrip~ R~  ~   ~  ~~ Pelton/Round Butte{GP@~  /~ ~   ~  ~  Total~   ~  6 ~ 2$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0@ ymaUIe 8}! =PF0*8X> @                    l   z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANT!ITEM 15 EXHIBITS FINANCIAL STATITEM 15 EXHIBITS (1) EXHIBIT 121U } $} $      )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/2018 QUARTERLY FINANCIAL DATA                   Quarter Ended  March 31  June 30   September 30   December 31 / '(In millions, except per share amounts)~         Revenues, net~ J~ ~    ~  Income from operations~ ~ ~  6  ~   Net income~ &~ ~    ~  Earnings per share: *    Basic= ףp=? ףp= ? )\(?   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(\?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D l}qeYMhAL*{t$SG;=PF0*8X> @1                          l  \"*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATAITEM 15 EXHIBITS (1) EXHIBIT 121U } I } = \     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/201891ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.   Exhibit  Description Number~ , $Articles of Incorporation and Bylaws 3.1*. &Third Amended and Restated Articles of2*Incorporation of Portland General Electric4,Company (Form 8-K filed May 9, 2014, Exhibit 3.1). 3.2*5-Tenth Amended and Restated Bylaws of Portland0(General Electric Company (Form 8-K filed"May 9, 2014, Exhibit 3.2).~ 3+Instruments defining the rights of security%holders, including indentures 4.1*3+Portland General Electric Company Indenture0(of Mortgage and Deed of Trust dated July3+1, 1945 (Form 8, Amendment No. 1 dated June*"14, 1965) (File No. 001-05532-99). 4.2*-%Fortieth Supplemental Indenture dated5-October 1, 1990 (Form 10-K for the year ended/'December 31, 1990, Exhibit 4) (File No.001-05532-99). 4.3*+#Sixty-second Supplemental Indenture;3dated April 1, 2009 (Form 8-K filed April 16, 2009,DqldXL@4`t4AC !"#$%&'()*+,-./0123456789:;<=>? - %Exhibit 4.1) (File No. 001-05532-99). !4.4*,!$Seventy-third Supplemental Indenture"1")dated August 1, 2017, between the Company#3#+and Wells Fargo Bank, National Association,$2$*as Trustee (Form 8-K filed August 3, 2017,%% Exhibit 4.1).~ &&Material Contracts '10.1*-'%Amended and Restated Credit Agreement(4(,dated March 6, 2015 between Portland General).)&Electric Company and Wells Fargo Bank,*/*'National Association, as Administrative+.+&Agent, Bank of America, N.A., Barclays,/,'Bank PLC, JPMorgan Chase Bank, N.A. and-1-)U.S. Bank National Association (Form 10-Q.,.$filed April 27, 2015, Exhibit 10.1)./ffffff$@2/*First Amendment to Credit Agreement, dated000(February 21, 2017 among Portland General121*Electric Company, Lenders, and Wells Fargo252-Bank, National Association, as administrative33agent for the Lenders.4$@14)Consent Agreement, dated November 3, 2017505(among Portland General Electric Company,6/6'Lenders, and Wells Fargo Bank, National7,7$Association, as administrative agent88for the Lenders. 910.4*39+Portland General Electric Company Severance:4:,Pay Plan for Executive Employees, as amended;3;+and restated effective February 14, 2017. + <10.5*6<.Portland General Electric Company Outplacement=1=)Assistance Plan dated June 15, 2005 (Form>4>,8-K filed June 20, 2005, Exhibit 10.2) (File??No. 001-05532-99). +DC lBl*i+o'`2l0|9@ABCDEFGHIJKLMNOPQRSTUVWXYZ[ @10.6*.@&Portland General Electric Company 2005A-A%Management Deferred Compensation PlanB4B,dated January 1, 2005 (Form 10-K filed MarchC9C111, 2005, Exhibit 10.18) (File No. 001-05532-99).D D+ E10.7*4E,Portland General Electric Company ManagementF.F&Deferred Compensation Plan dated MarchG7G/12, 2003 (Form 10-Q filed May 15, 2003, ExhibitH(H 10.1) (File No. 001-05532-99). + I10.8*6I.Portland General Electric Company SupplementalJ-J%Executive Retirement Plan dated MarchK7K/12, 2003 (Form 10-Q filed May 15, 2003, ExhibitL(L 10.2) (File No. 001-05532-99). + M10.9*0M(Portland General Electric Company SeniorN-N%Officers? Life Insurance Benefit PlanO1O)dated March 12, 2003 (Form 10-Q filed MayP8P015, 2003, Exhibit 10.3) (File No. 001-05532-99).Q Q+R10.10*2R*Portland General Electric Company UmbrellaS1S)Trust for Management dated March 12, 2003T4T,(Form 10-Q filed May 15, 2003, Exhibit 10.4)U"U(File No. 001-05532-99). +VVWX$Y____________________________1Z)Created by Morningstar Document Research.0[(http://documentresearch.morningstar.com/<G @[[ZZYY l  LM=GJ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??L!Commission File Number 00105532Portland Oregon 97204TABLE OF CONTENTS DEFINITIONSRetail Revenues  SeasonalitySeasonality (1) Power SupplyGenerating Facilities PART II ITEM 6 SELECTED FINANCIAL DATA ITEM 6 SELECTED FINANCIAL (1) OverviewResults of Operations (1) (2)2017 Compared to 2016 2017 Compared to 2016 (1)2016 Compared to 2015 2016 Compared to 2015 (1)Capital Requirements LiquidityDividends on Common Stock!Credit Ratings and Debt Covenan!Contractual Obligations and ComCommodity Price RiskInterest Rate Risk Credit Risk!CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS (1)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (2)CONSOLIDATED STATEMENTS (3)CONSOLIDATED STATEMENTS (4)!NOTES TO CONSOLIDATED FINANCIALAccounts Receivable NetTrust Accounts!Other Current Assets and AccrueNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTES TO CONSOLIDATED (7)NOTES TO CONSOLIDATED (8)NOTES TO CONSOLIDATED (9)NOTES TO CONSOLIDATED (10)!NOTE 6 REGULATORY ASSETS AND LI!NOTE 7 ASSET RETIREMENT OBLIGATNOTES TO CONSOLIDATED (11)NOTE 8 CREDIT FACILITIESNOTE 9 LONGTERM DEBTNOTES TO CONSOLIDATED (12)NOTES TO CONSOLIDATED (13)NOTES TO CONSOLIDATED (14)NOTES TO CONSOLIDATED (15)NOTES TO CONSOLIDATED (16)NOTES TO CONSOLIDATED (17) (3) (4)NOTES TO CONSOLIDATED (18)NOTES TO CONSOLIDATED (19)NOTES TO CONSOLIDATED (20)!NOTE 13 STOCKBASED COMPENSATIONNOTES TO CONSOLIDATED (21)NOTE 14 EARNINGS PER SHAREPurchase CommitmentsNOTES TO CONSOLIDATED (22)Lease ObligationsNOTE 16 JOINTLYOWNED PLANTQUARTERLY FINANCIAL DATA!ITEM 15 EXHIBITS FINANCIAL STAT EXHIBIT 121U } I }  @ L     )!PORTLAND GENERAL ELECTRIC CO /OR/ 10-K 02/16/201891ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.   Exhibit  Description Number 10.11*. &Portland General Electric Company 2006 5 -Stock Incentive Plan, as amended and restated1)effective March 31, 2016 (Form 10-Q filed=5July 28, 2017, Exhibit 10.1) (File No. 001-05532-99). +10.12*.&Portland General Electric Company 2006/'Annual Cash Incentive Master Plan (Form/'8-K filed March 17, 2006, Exhibit 10.1)"(File No. 001-05532-99). +10.13*.&Portland General Electric Company 20060(Outside Directors? Deferred Compensation2*Plan (Form 8-K filed May 17, 2006, Exhibit( 10.1) (File No. 001-05532-99). +10.14*.&Portland General Electric Company 20087/Annual Cash Incentive Master Plan for Executive3+Officers (Form 8-K filed February 26, 2008,.&Exhibit 10.1) (File No. 001-05532-99). +10.15*1)Form of Portland General Electric Company,$Agreement Concerning IndemnificationDjldXL@4Wl-x8z3 !"#$%&'()*+,-./0123456789:;<=>? 4 ,and Related Matters (Form 8-K filed December!8!024, 2009, Exhibit 10.1) (File No. 001-05532-99)." "+#10.16*1#)Form of Portland General Electric Company$,$$Agreement Concerning Indemnification%0%(and Related Matters for Officers and Key&.&&Employees (Form 8-K filed February 19,'4',2010, Exhibit 10.1) (File No. 001-05532-99).( (+)10.17*0)(Form of Directors? Restricted Stock Unit*0*(Agreement (Form 8-K filed July 14, 2006,+.+&Exhibit 10.1) (File No. 001-05532-99)., ,+-10.18*8-0Form of Officers? and Key Employees? 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