On September 4, 2024, the SEC instituted settled cease-and-desist proceedings against Portland General Electric Company, stating: "These proceedings arise from the failure of Portland General Electric Company, a publicly-traded regional utility company based in Oregon, to devise and maintain a system of internal accounting controls sufficient to reasonably assure that Respondent’s derivatives and regulatory accounting transactions were recorded as necessary to permit preparation of its financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) or to maintain accountability for its assets. Relatedly, Respondent’s books and records did not accurately and fairly reflect its regulatory assets. Respondent also lacked disclosure controls and procedures to ensure that information required to be disclosed by Regulation S-K was captured and assessed by management and disclosure personnel."

On September 4, 2024, the SEC "announced settled charges against Portland General Electric Company, a publicly-traded regulated utility company in Oregon, for having deficient internal accounting controls and books and records prior to booking $127 million in derivatives trading losses in August 2020. The company was also charged for having deficient disclosure controls surrounding the market-risk disclosures called for by Item 305 of Regulation S-K."