[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02	Results of Operations and Financial Condition.

Item 9.01	Financial Statements and Exhibits.

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On October 5, 2011, the White House announced a coordinated interagency process to facilitate the permitting and construction of seven proposed electric transmission lines, including PGE’s proposed Cascade Crossing Transmission Project, a 210-mile, 500kV transmission system that would run from Boardman to Salem. This move is expected to give greater certainty to PGE’s proposed schedule, which calls for the project to be in service in late 2016 or early 2017. The project would help meet Oregon’s growing needs, enhance reliability of the regional grid, and provide connection to renewable and thermal generating resources east of the Cascades. It is expected to create hundreds of construction and operating jobs.

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On September 27, 2011, the Public Utility Commission of Oregon (OPUC) issued an order that directed PGE to combine separate requests for proposals (RFPs) planned for capacity and energy resources into a single, combined RFP. The Company now anticipates issuing two RFPs, one for capacity and energy resources and one for renewable resources. These RFPs are expected to be issued in 2012 pursuant to PGE’s acknowledged 2009 Integrated Resource Plan.

•	On August 23, 2011, PGE, along with the Oregon Department of Transportation, broke ground on a 1.75 megawatt solar project, which is expected to generate up to 2 million kilowatt hours per year of renewable energy. The estimated cost of the solar highway project is $10 million, which is expected to go online in January 2012.

•	Total revenues decreased $25 million, or 5%, in the third quarter of 2011 compared to the third quarter of 2010, primarily due to a $21 million, or 5%, decrease in Retail revenues. The decrease in Retail revenues primarily resulted from the net effect of the following:

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A $20 million decrease related to the regulatory treatment of income taxes (SB 408). Based on the rules in effect at the time, an estimated collection from customers of $20 million was recorded in the third quarter of 2010. Such estimated collection from customers was reversed in the fourth quarter of 2010 when it became evident that the rules of SB 408 were likely to change. In May 2011, statutes governing the annual adjustment of the regulatory treatment of income taxes were repealed effective for 2010 and thereafter;

◦	A $14 million decrease related to the $8 million accrual of revenue requirements for Biglow Canyon under the 2010 Renewal Adjustment Clause and the $6 million reversal of a regulatory liability for customer refunds related to the 2005 Oregon Tax Kicker during the third quarter of 2010;

◦	A $4 million decrease related to an estimated future refund to customers recorded in the third quarter of 2011 pursuant to the PCAM, while no amounts were recorded in 2010;

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◦	A $14 million increase related to higher average retail prices resulting primarily from the 3.9% overall increase authorized in the Company’s 2011 General Rate Case, which became effective January 1, 2011, and an increase for the recovery of Boardman over a shortened operating life; and

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A $5 million increase related to the volume of retail energy sold. During the third quarter of 2011, with energy deliveries to industrial and commercial customers combined increasing 2% compared to the third quarter of 2010 primarily resulting from increased demand by certain customers in the paper production sector, which was partially offset by a 2% decrease in average energy use per residential customer.

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Purchased power and fuel expense decreased $21 million, or 10%, in the third quarter of 2011 compared to the third quarter of 2010, consisting of a 12% decrease in average variable power cost partially offset by a 2% increase in total system load. The average variable power cost decreased to $33.49 per MWh in the third quarter of 2011 from $38.12 per MWh in the third quarter of 2010. Energy received from hydro resources increased 24% from the third quarter of 2010 and was approximately 16% above normal in the third quarter of 2011, compared to 9% below normal in the third quarter of 2010.

•	Production and distribution expense increased $8 million, or 19%, in the third quarter of 2011 compared to the third quarter of 2010. This increase was primarily driven by increased planned operating and maintenance expenses at PGE’s thermal generating plants and higher delivery system expenses.

•	Administrative and other expense increased $8 million, or 17%, in the third quarter of 2011 compared to the third quarter of 2010 largely due to higher employee benefits expenses and increased incentive compensation, related to an improvement in projected corporate financial performance for 2011, as well as an increase in legal fees.

•	Other income (expense), net was $(3) million in the third quarter of 2011 compared to $7 million in the third quarter of 2010, primarily driven by a $4 million loss recorded in the third quarter of 2011 related to a decrease in the fair value of the non-qualified benefit plan trust assets, compared to a $3 million gain recorded in the third quarter of 2010.

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