[ ]	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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•	PGE continues to deliver excellent operating performance, ranking high in overall customer satisfaction. For 2011, the Company ranked in the top decile for general business customers, third in the nation among large key customers, and in the top quartile for residential customers.

•	In January, the OPUC adopted a procedural schedule for the request for proposals (RFP) for PGE’s capacity and baseload energy resources culminating with an OPUC public meeting tentatively scheduled for June 2012. PGE submitted the draft RFP to the OPUC in January which is subject to review and comment.

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PGE continues to work with Bonneville Power Administration (BPA) and other regional utilities to develop a transmission line to help meet Oregon’s growing energy needs. The Company’s proposed Cascade Crossing Transmission Project, a 500-kilovolt transmission line running from Boardman to Salem, Oregon, would connect new and existing energy generating resources east of the Cascades to the Willamette Valley. BPA and PGE have identified terms and conditions to be addressed in connection with their discussions concerning joint development of the project.

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In January, the Company completed construction of a $10 million, 1.75 mega-watt solar powered electric generating facility at the Baldock Safety Rest Area on Interstate 5 south of Wilsonville. The facility is expected to generate up to 2 million kilo-watt hours per year of renewable energy, the equivalent of nearly 9% of the Oregon Department of Transportation’s energy requirements in the Company’s operating area.

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In December 2011, the U.S. Environmental Protection Agency issued new emissions limits under the Clean Air Act. The National Emission Standards for Hazardous Air Pollutants (NESHAP) are intended to regulate hazardous air pollutant emissions from coal- and oil-fired electric generating units. These emissions limits are based on the application of maximum achievable control technology (MACT). Based on preliminary full-scale testing results, PGE believes Boardman should meet the MACT requirements with the installation of currently planned emissions controls.

•	Revenues increased $24 million, or 5%, in the fourth quarter of 2011 compared to the fourth quarter of 2010,primarily due to the net effect of the following:

◦	A $32 million, or 7%, increase in Retail revenues, resulting from:

•	A $24 million increase related to a 5% increase in average retail prices, resulting primarily from the 3.9% overall increase effective January 1, 2011 authorized by the OPUC in the Company’s 2011 General Rate Case and an increase effective July 1, 2011 related to the recovery of increased depreciation expense of Boardman over a shortened operating life;

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A $19 million increase related to the regulatory treatment of income taxes (SB 408), primarily due to the reversal in the fourth quarter of 2010 of a collection from customers that had been recorded through September 30, 2010. Such amount was reversed as a result of the uncertainty around application of the rules related to SB 408. In May 2011, SB 408 was repealed effective beginning with 2010; and

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An $11 million decrease primarily related to the regulatory impact of various items, including a $14 million decrease related to the deferral of Biglow Canyon Phase III in 2010 with no comparable amount in 2011. In 2011, the recovery of Biglow Canyon is included in the average retail price increase discussed above. This decrease was offset by a $7 million increase due to a reduction in the fourth quarter of 2011 of the estimated refund to customers pursuant to the Company’s PCAM for 2011 with no PCAM refund or collection recorded in 2010.

◦	A $7 million, or 39%, decrease in Wholesale revenues, consisting of a 37% decrease in volume partially offset by a 7% increase in average price.

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Purchased power and fuel expense decreased $1 million in the fourth quarter of 2011 compared to the fourth quarter of 2010, due to the combination of a 3% decrease in total system load substantially offset by a 2% increase in average variable power cost and a $3 million increase recorded in the fourth quarter of 2011 related to the Company’s AUT for 2012. The average variable power cost increased to $39.91 per MWh in the fourth quarter of 2011 from $39.23 per MWh in the fourth quarter of 2010, primarily driven by a 24% decrease in energy received from hydroelectric resources.

•	Production and distribution expense increased $7 million, or 15%, due to increased operating and maintenance costs related to PGE’s distribution system and increased costs related to employee compensation and benefits.

•	Administrative and other expense increased $14 million, or 30%, primarily due to higher costs related to customer support, including an increase in the provision for uncollectible accounts, increased costs related to employee compensation and benefits, and increased legal fees.

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Depreciation expense decreased $8 million, or 12%, largely due to the amortization of the refund of tax credits from its Independent Spent Fuel Storage Installation (ISFSI) (offset in Retail revenues) in 2011, increase in estimated useful lives of certain long-lived assets resulting from the latest depreciation study, and the impairment loss recognized in the fourth quarter of 2010 related to a photovoltaic solar power facility. These decreases were partially offset by an increase in depreciation expense related to a shortened operating life of Boardman.

•	Revenues increased $30 million, or 2%, in 2011 compared to 2010 primarily due to the net effect of:

◦	A $58 million, or 3%, increase in Retail revenues largely due to:

▪	A $62 million increase related to the volume of retail energy sold, with an increase of 4% in residential energy deliveries, driven by cooler temperatures during the heating season, and an increase of 3% in commercial and industrial energy deliveries; and

▪	A $61 million increase related to changes in average retail price that resulted primarily from the 3.9% overall increase effective January 1, 2011 authorized by the OPUC in the Company’s 2011 General Rate Case and an increase effective July 1, 2011 related to the recovery of increased depreciation expense of Boardman over a shortened operating life; partially offset by

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A $68 million decrease related to the regulatory impact of various items, including an $18 million decrease related to ISFSI tax credits refunded to customers in 2011 with no comparable amount in 2010 (offset in Depreciation and amortization expense), an $18 million decrease related to the accrual of revenue requirements for Biglow Canyon Phase III under the 2010 Renewable Adjustment Clause, and a $10 million decrease related to the decoupling mechanism with a $2 million refund to

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◦	A $27 million, or 31%, decrease in Wholesale revenues, consisting of 17% declines in both average price and in volume.

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Purchased power and fuel expense decreased $69 million, or 8%, in 2011 compared to 2010, comprised of a 9% decrease in average variable power cost, partially offset by a 1% increase in total system load. The average variable power cost decreased to $35.15 per MWh in 2011 from $38.68 per MWh in 2010, primarily driven by a shift in the mix of energy sources. Company-owned generation represented 44% of total system load in 2011 compared to 57% in 2010 due to an abundant supply of lower-cost purchased power.

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Production and distribution expense increased $27 million, or 16% , in 2011 compared to 2010 primarily due to an increase in operating and maintenance expenses at the Company’s thermal generating plants (including extensive work performed during their planned annual maintenance outages in the second quarter) and at Biglow Canyon, the final phase of which was completed in August 2010. Increased operating and maintenance costs related to PGE’s distribution system and increased costs related to employee compensation and benefits contributed to the increase in production and distribution expense in 2011 compared to 2010.

•	Administrative and other expense increased $32 million, or 17%, in 2011 compared to 2010 primarily due to increased costs related to employee compensation and benefits, increased expenses related to legal matters, including reserves for asserted claims, and higher costs related to customer support, including an increase in the provision for uncollectible accounts.

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Depreciation and amortization expense decreased $11 million, or 5%, in 2011 compared to 2010 largely due to the amortization of the refund of ISFSI tax credits (offset in Retail revenues) in 2011 and the impacts from the latest depreciation study. These decreases were partially offset by an increase in depreciation expense related to the shortened operating life of Boardman, the August 2010 completion of Biglow Canyon Phase III, and other capital additions in late 2010 and 2011.

•	Taxes other than income taxes increased $9 million, or 10%, in 2011 compared to 2010 primarily due to higher property taxes, resulting from both increased property values and tax rates, and higher city franchise fees related to increased Retail revenues.

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Other income, net decreased $11 million, or 65%, in 2011 compared to 2010 primarily due to an $8 million decrease in the allowance for equity funds used during construction, as a result of lower construction work in progress balances during 2011 related primarily to the August 2010 completion of Biglow Canyon Phase III. Additionally, a nominal loss was recorded in 2011 related to a decrease in the fair value of the non-qualified benefit plan trust assets, compared to a $5 million gain recorded in 2010.

•	Income taxes increased $5 million, or 9%, in 2011 compared to 2010 primarily due to higher taxable income in 2011. An increase in production tax credits, related to the increased production from Biglow Canyon Wind Farm, was largely offset by an increase in the state income tax rate and a reduction in state tax credits.

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•	1.0% to 1.5% load growth over weather adjusted 2011 which excludes two large paper manufacturers;

•	Normal hydro conditions and plant operations;

•	Wind estimates based on wind studies completed in connection with the permitting process of the wind farm; and

•	Operating and maintenance costs comparable to 2011.

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