Portland General Electric : 2023 FERC Form 1

FERC Form

THIS FILING IS

Item 1:

An Initial (Original) Submission OR

Resubmission No.

FERC FINANCIAL REPORT

FERC FORM No. 1: Annual Report of

Major Electric Utilities, Licensees

and Others and Supplemental

Form 3-Q: Quarterly Financial Report

These reports are mandatory under the Federal Power Act, Sections 3, 4(a), 304 and 309, and 18 CFR 141.1 and 141.400. Failure to report may result in criminal fines, civil penalties and other sanctions as provided by law. The Federal Energy Regulatory Commission does not consider these reports to be of confidential nature

Exact Legal Name of Respondent (Company)

Portland General Electric Company

Year/Period of Report End of: 2023/ Q4

FERC FORM NO. 1 (REV. 02-04)

INSTRUCTIONS FOR FILING FERC FORM NOS. 1 and 3-Q

GENERAL INFORMATION

1. Purpose
   FERC Form No. 1 (FERC Form 1) is an annual regulatory requirement for Major electric utilities, licensees and others (18 C.F.R. § 141.1). FERC Form No. 3-Q ( FERC Form 3-Q) is a quarterly regulatory requirement which supplements the annual financial reporting requirement (18 C.F.R. § 141.400). These reports are designed to collect financial and operational information from electric utilities, licensees and others subject to the jurisdiction of the Federal Energy Regulatory Commission. These reports are also considered to be non-confidential public use forms.

1. Who Must Submit
   Each Major electric utility, licensee, or other, as classified in the Commission's Uniform System of Accounts Prescribed for Public Utilities, Licensees, and Others Subject To the Provisions of The Federal Power Act (18 C.F.R. Part 101), must submit FERC Form

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FERC Form

1 (18 C.F.R. § 141.1), and FERC Form 3-Q (18 C.F.R. § 141.400).

Note: Major means having, in each of the three previous calendar years, sales or transmission service that exceeds one of the following:

1. one million megawatt hours of total annual sales,
2. 100 megawatt hours of annual sales for resale,
3. 500 megawatt hours of annual power exchanges delivered, or
4. 500 megawatt hours of annual wheeling for others (deliveries plus losses).

III. What and Where to Submit

1. Submit FERC Form Nos. 1 and 3-Q electronically through the eCollection portal at https://eCollection.ferc.gov, and according to the specifications in the Form 1 and 3-Q taxonomies.
2. The Corporate Officer Certification must be submitted electronically as part of the FERC Forms 1 and 3-Q filings.
3. Submit immediately upon publication, by either eFiling or mail, two (2) copies to the Secretary of the Commission, the latest Annual Report to Stockholders. Unless eFiling the Annual Report to Stockholders, mail the stockholders report to the Secretary of the Commission at:
   Secretary
   Federal Energy Regulatory Commission 888 First Street, NE Washington, DC 20426
4. For the CPA Certification Statement, submit within 30 days after filing the FERC Form 1, a letter or report (not applicable to filers classified as Class C or Class D prior to January 1, 1984). The CPA Certification Statement can be either eFiled or mailed to the Secretary of the Commission at the address above.
   The CPA Certification Statement should:
5. 1. Attest to the conformity, in all material aspects, of the below listed (schedules and pages) with the Commission's applicable Uniform System of Accounts (including applicable notes relating thereto and the Chief Accountant's published accounting releases), and
   2. Be signed by independent certified public accountants or an independent licensed public accountant certified or licensed by a regulatory authority of a State or other political subdivision of the U. S. (See 18 C.F.R. §§ 41.10-41.12 for specific qualifications.)

Schedules	Pages
Comparative Balance Sheet	110-113
Statement of Income	114-117
Statement of Retained Earnings 118-119
Statement of Cash Flows	120-121
Notes to Financial Statements	122-123

1. The following format must be used for the CPA Certification Statement unless unusual circumstances or conditions, explained in the letter or report, demand that it be varied. Insert parenthetical phrases only when exceptions are reported.
   "In connection with our regular examination of the financial statements of [COMPANY NAME] for the year ended on which we have reported separately under date of [DATE], we have also reviewed schedules [NAME OF SCHEDULES] of FERC Form No. 1 for the year filed with the Federal Energy Regulatory Commission, for conformity in all material respects with the requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases. Our review for this purpose included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
   Based on our review, in our opinion the accompanying schedules identified in the preceding paragraph (except as noted below) conform in all material respects with the accounting requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases." The letter or report must state which, if any, of the pages above do not conform to the Commission's requirements. Describe the discrepancies that exist.
2. Filers are encouraged to file their Annual Report to Stockholders, and the CPA Certification Statement using eFiling. Further instructions are found on the Commission's website athttps://www.ferc.gov/ferc-online/ferc-online/frequently-asked-questions-faqs-efilingferc-online.
3. Federal, State, and Local Governments and other authorized users may obtain additional blank copies of FERC Form 1 and 3-Q free of charge from https://www.ferc.gov/general-information-0/electric-industry-forms.

IV. When to Submit

FERC Forms 1 and 3-Q must be filed by the following schedule:

1. 1. FERC Form 1 for each year ending December 31 must be filed by April 18th of the following year (18 CFR § 141.1), and
   2. FERC Form 3-Q for each calendar quarter must be filed within 60 days after the reporting quarter (18 C.F.R. § 141.400).
2. Where to Send Comments on Public Reporting Burden.
   The public reporting burden for the FERC Form 1 collection of information is estimated to average 1,168 hours per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data-needed, and completing and reviewing the collection of information. The public reporting burden for the FERC Form 3-Q collection of information is estimated to average 168 hours per response.
   Send comments regarding these burden estimates or any aspect of these collections of information, including suggestions for reducing burden, to the Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426 (Attention: Information
   Clearance Officer); and to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, DC 20503 (Attention: Desk Officer for the Federal Energy Regulatory Commission). No person shall be subject to any penalty if any collection of information does not display a valid control number (44 U.S.C. § 3512 (a)).

GENERAL INSTRUCTIONS

I. Prepare this report in conformity with the Uniform System of Accounts (18 CFR Part 101) (USofA). Interpret all accounting words and phrases in accordance with the USofA.

1. Enter in whole numbers (dollars or MWH) only, except where otherwise noted. (Enter cents for averages and figures per unit where cents are important. The truncating of cents is allowed except on the four basic financial statements where rounding is required.) The amounts shown on all supporting pages must agree with the amounts entered on the statements that they support. When applying thresholds to determine significance for reporting purposes, use for balance sheet accounts the balances at the end of the current reporting period, and use for statement of income accounts the current year's year to date amounts.

III. Complete each question fully and accurately, even if it has been answered in a previous report. Enter the word "None" where it truly and completely states the fact.

IV. For any page(s) that is not applicable to the respondent, omit the page(s) and enter "NA," "NONE," or "Not Applicable" in column (d) on the List of Schedules, pages 2 and 3.

V. Enter the month, day, and year for all dates. Use customary abbreviations. The "Date of Report" included in the header of each page is to be completed only for resubmissions (see VII. below).

VI. Generally, except for certain schedules, all numbers, whether they are expected to be debits or credits, must be reported as positive. Numbers having a sign that is different from the expected sign must be reported by enclosing the numbers in parentheses.

VII. For any resubmissions, please explain the reason for the resubmission in a footnote to the data field.

VIII. Do not make references to reports of previous periods/years or to other reports in lieu of required entries, except as specifically authorized.

IX. Wherever (schedule) pages refer to figures from a previous period/year, the figures reported must be based upon those shown by the report of the previous period/year, or an appropriate explanation given as to why the different figures were used.

X. Schedule specific instructions are found in the applicable taxonomy and on the applicable blank rendered form.

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Definitions for statistical classifications used for completing schedules for transmission system reporting are as follows:

FNS - Firm Network Transmission Service for Self. "Firm" means service that can not be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Network Service" is Network Transmission Service as described in Order No. 888 and the Open Access Transmission Tariff. "Self" means the respondent.

FNO - Firm Network Service for Others. "Firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Network Service" is Network Transmission Service as described in Order No. 888 and the Open Access Transmission Tariff.

LFP - for Long-Term Firm Point-to-Point Transmission Reservations. "Long-Term" means one year or longer and" firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Point-to-Point Transmission Reservations" are described in Order No. 888 and the Open Access Transmission Tariff. For all transactions identified as LFP, provide in a footnote the termination date of the contract defined as the earliest date either buyer or seller can unilaterally cancel the contract.

OLF - Other Long-Term Firm Transmission Service. Report service provided under contracts which do not conform to the terms of the Open Access Transmission Tariff. "Long-Term" means one year or longer and "firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. For all transactions identified as OLF, provide in a footnote the termination date of the contract defined as the earliest date either buyer or seller can unilaterally get out of the contract.

SFP - Short-Term Firm Point-to-Point Transmission Reservations. Use this classification for all firm point-to-point transmission reservations, where the duration of each period of reservation is less than one-year.

NF - Non-Firm Transmission Service, where firm means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions.

OS - Other Transmission Service. Use this classification only for those services which can not be placed in the above-mentioned classifications, such as all other service regardless of the length of the contract and service FERC Form. Describe the type of service in a footnote for each entry.

AD - Out-of-Period Adjustments. Use this code for any accounting adjustments or "true-ups" for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment.

DEFINITIONS

1. Commission Authorization (Comm. Auth.) -- The authorization of the Federal Energy Regulatory Commission, or any other Commission. Name the commission whose authorization was obtained and give date of the authorization.
   II. Respondent -- The person, corporation, licensee, agency, authority, or other Legal entity or instrumentality in whose behalf the report is made.

EXCERPTS FROM THE LAW

Federal Power Act, 16 U.S.C. § 791a-825r

Sec. 3. The words defined in this section shall have the following meanings for purposes of this Act, to with:

1. 'Corporation' means any corporation, joint-stock company, partnership, association, business trust, organized group of persons, whether incorporated or not, or a receiver or receivers, trustee or trustees of any of the foregoing. It shall not include 'municipalities, as hereinafter defined;
2. 'Person' means an individual or a corporation;
3. 'Licensee, means any person, State, or municipality Licensed under the provisions of section 4 of this Act, and any assignee or successor in interest thereof;

7. 'municipality means a city, county, irrigation district, drainage district, or other political subdivision or agency of a State competent under the Laws thereof to carry and the business of developing, transmitting, unitizing, or distributing power; ......

11. "project' means. a complete unit of improvement or development, consisting of a power house, all water conduits, all dams and appurtenant works and structures (including navigation structures) which are a part of said unit, and all storage, diverting, or fore bay reservoirs directly connected therewith, the primary line or lines transmitting power there from to the point of junction with the distribution system or with the interconnected primary transmission system, all miscellaneous structures used and useful in connection with said unit or any part thereof, and all water rights, rights-of-way, ditches, dams, reservoirs, Lands, or interest in Lands the use and occupancy of which are necessary or appropriate in the maintenance and operation of such unit;

"Sec. 4. The Commission is hereby authorized and empowered

1. 'To make investigations and to collect and record data concerning the utilization of the water 'resources of any region to be developed, the water-power industry and its relation to other industries and to interstate or foreign commerce, and concerning the location, capacity, development costs, and relation to markets of power sites; ... to the extent the Commission may deem necessary or useful for the purposes of this Act."

"Sec. 304.

1. Every Licensee and every public utility shall file with the Commission such annual and other periodic or special* reports as the Commission may by rules and regulations or other prescribe as necessary or appropriate to assist the Commission in the proper administration of this Act. The Commission may prescribe the manner and FERC Form in which such reports shall be made, and require from such persons specific answers to all questions upon which the Commission may need information. The Commission may require that such reports shall include, among other things, full information as to assets and Liabilities, capitalization, net investment, and reduction thereof, gross receipts, interest due and paid, depreciation, and other reserves, cost of project and other facilities, cost of maintenance and operation of the project and other facilities, cost of renewals and replacement of the project works and other facilities, depreciation, generation, transmission, distribution, delivery, use, and sale of electric energy. The Commission may require any such person to make adequate provision for currently determining such costs and other facts. Such reports shall be made under oath unless the Commission otherwise specifies*.10

"Sec. 309.

The Commission shall have power to perform any and all acts, and to prescribe, issue, make, and rescind such orders, rules and regulations as it may find necessary or appropriate to carry out the provisions of this Act. Among other things, such rules and regulations may define accounting, technical, and trade terms used in this Act; and may prescribe the FERC Form or FERC Forms of all statements, declarations, applications, and reports to be filed with the Commission, the information which they shall contain, and the time within which they shall be field..."

GENERAL PENALTIES

The Commission may assess up to $1 million per day per violation of its rules and regulations. See FPA § 316(a) (2005), 16 U.S.C. § 825o(a).

FERC FORM NO. 1 (ED. 03-07)

FERC FORM NO. 1

REPORT OF MAJOR ELECTRIC UTILITIES, LICENSEES AND OTHER

IDENTIFICATION

01 Exact Legal Name of Respondent

Portland General Electric Company

03 Previous Name and Date of Change (If name changed during year)

/

04 Address of Principal Office at End of Period (Street, City, State, Zip Code)

121 SW Salmon Street, Portland, Oregon, 97204

02 Year/ Period of Report

End of: 2023/ Q4

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05 Name of Contact Person			06 Title of Contact Person
Ryan Van Oostrum			Controller
07 Address of Contact Person (Street, City, State, Zip Code)
121 SW Salmon Street, Portland, Oregon, 97204
	09 This Report is An Original / A Resubmission
08 Telephone of Contact Person, Including Area Code	(1)	An Original	10 Date of Report (Mo, Da, Yr)
[phone]	04/18/2024
	(2)	A Resubmission
	Annual Corporate Officer Certification
The undersigned officer certifies that:
I have examined this report and to the best of my knowledge, information, and belief all statements of fact contained in this report are correct statements of the business affairs of the respondent and the financial statements, and other financial information
contained in this report, conform in all material respects to the Uniform System of Accounts.
01 Name	03 Signature	04 Date Signed (Mo, Da, Yr)
Joseph R. Trpik	Joseph R. Trpik	04/18/2024
02 Title
Senior Vice President, Finance and Chief Financial Officer
Title 18, U.S.C. 1001 makes it a crime for any person to knowingly and willingly to make to any Agency or Department of the United States any false, fictitious or fraudulent statements as to any matter within its jurisdiction.
FERC FORM No. 1 (REV. 02-04)		Page 1

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

LIST OF SCHEDULES (Electric Utility)

Enter in column (c) the terms "none," "not applicable," or "NA," as appropriate, where no information or amounts have been reported for certain pages. Omit pages where the respondents are "none," "not applicable," or "NA".

Line	Title of Schedule	Reference Page No.	Remarks
No.	(a)	(b)	(c)
	Identification	1
	List of Schedules	2
1	General Information	101
2	Control Over Respondent	102	none
3	Corporations Controlled by Respondent	103
4	Officers	104
5	Directors	105
6	Information on Formula Rates	106	not applicable
7	Important Changes During the Year	108
8	Comparative Balance Sheet	110
9	Statement of Income for the Year	114
10	Statement of Retained Earnings for the Year	118
12	Statement of Cash Flows	120
12	Notes to Financial Statements	122
13	Statement of Accum Other Comp Income, Comp Income, and Hedging Activities	122a
14	Summary of Utility Plant & Accumulated Provisions for Dep, Amort & Dep	200
15	Nuclear Fuel Materials	202	none

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16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

Electric Plant in Service	204
Electric Plant Leased to Others	213	none
Electric Plant Held for Future Use	214
Construction Work in Progress-Electric	216
Accumulated Provision for Depreciation of Electric Utility Plant	219
Investment of Subsidiary Companies	224
Materials and Supplies	227
Allowances	228
Extraordinary Property Losses	230a	none
Unrecovered Plant and Regulatory Study Costs	230b
Transmission Service and Generation Interconnection Study Costs	231
Other Regulatory Assets	232
Miscellaneous Deferred Debits	233
Accumulated Deferred Income Taxes	234
Capital Stock	250
Other Paid-in Capital	253
Capital Stock Expense	254b
Long-Term Debt	256
Reconciliation of Reported Net Income with Taxable Inc for Fed Inc Tax	261
Taxes Accrued, Prepaid and Charged During the Year	262
Accumulated Deferred Investment Tax Credits	266	none
Other Deferred Credits	269
Accumulated Deferred Income Taxes-Accelerated Amortization Property	272	none
Accumulated Deferred Income Taxes-Other Property	274
Accumulated Deferred Income Taxes-Other	276
Other Regulatory Liabilities	278
Electric Operating Revenues	300
Regional Transmission Service Revenues (Account 457.1)	302	none
Sales of Electricity by Rate Schedules	304
Sales for Resale	310
Electric Operation and Maintenance Expenses	320
Purchased Power	326
Transmission of Electricity for Others	328
Transmission of Electricity by ISO/RTOs	331	not applicable
Transmission of Electricity by Others	332
Miscellaneous General Expenses-Electric	335
Depreciation and Amortization of Electric Plant (Account 403, 404, 405)	336
Regulatory Commission Expenses	350
Research, Development and Demonstration Activities	352
Distribution of Salaries and Wages	354
Common Utility Plant and Expenses	356	none

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57	Amounts included in ISO/RTO Settlement Statements	397
58	Purchase and Sale of Ancillary Services	398
59	Monthly Transmission System Peak Load	400
60	Monthly ISO/RTO Transmission System Peak Load	400a	not applicable
61	Electric Energy Account	401a
62	Monthly Peaks and Output	401b
63	Steam Electric Generating Plant Statistics	402
64	Hydroelectric Generating Plant Statistics	406
65	Pumped Storage Generating Plant Statistics	408	none
66	Generating Plant Statistics Pages	410
66.1	Energy Storage Operations (Large Plants)	414	none
66.2	Energy Storage Operations (Small Plants)	419
67	Transmission Line Statistics Pages	422
68	Transmission Lines Added During Year	424
69	Substations	426
70	Transactions with Associated (Affiliated) Companies	429
71	Footnote Data	450
	Stockholders' Reports (check appropriate box)
	Stockholders' Reports Check appropriate box:
	Two copies will be submitted
	No annual report to stockholders is prepared
FERC FORM No. 1 (ED. 12-96)	Page 2

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

GENERAL INFORMATION

1. Provide name and title of officer having custody of the general corporate books of account and address of office where the general corporate books are kept, and address of office where any other corporate books of account are kept, if different from that where the general corporate books are kept.

-

Ryan Van Oostrum

Controller

121 SW Salmon Street Portland, OR 97204

2. Provide the name of the State under the laws of which respondent is incorporated, and date of incorporation. If incorporated under a special law, give reference to such law. If not incorporated, state that fact and give the type of organization and the date organized.

-

State of Incorporation: OR

Date of Incorporation: 1930-07-25

Incorporated Under Special Law:

3. If at any time during the year the property of respondent was held by a receiver or trustee, give (a) name of receiver or trustee, (b) date such receiver or trustee took possession, (c) the authority by which the receivership or trusteeship was created, and (d) date when possession by receiver or trustee ceased.

Property of respondent was not so held during the year.

1. Name of Receiver or Trustee Holding Property of the Respondent:
2. Date Receiver took Possession of Respondent Property:
3. Authority by which the Receivership or Trusteeship was created:

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(d) Date when possession by receiver or trustee ceased:

4. State the classes or utility and other services furnished by respondent during the year in each State in which the respondent operated.

The respondent is engaged in the generation, purchase, transmission, distribution, and retail sale of electricity in the State of Oregon. The respondent also participates in the wholesale market by purchasing and selling electricity and natrual gas in an effort to obtain reasonably-priced power to serve its retail customers.

5. Have you engaged as the principal accountant to audit your financial statements an accountant who is not the principal accountant for your previous year's certified financial statements?

1. Yes
2. No

FERC FORM No. 1 (ED. 12-87)

Page 101

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

CORPORATIONS CONTROLLED BY RESPONDENT

1. Report below the names of all corporations, business trusts, and similar organizations, controlled directly or indirectly by respondent at any time during the year. If control ceased prior to end of year, give particulars (details) in a footnote.
2. If control was by other means than a direct holding of voting rights, state in a footnote the manner in which control was held, naming any intermediaries involved.
3. If control was held jointly with one or more other interests, state the fact in a footnote and name the other interests.

Definitions

1. See the Uniform System of Accounts for a definition of control.
2. Direct control is that which is exercised without interposition of an intermediary.
3. Indirect control is that which is exercised by the interposition of an intermediary which exercises direct control.
4. Joint control is that in which neither interest can effectively control or direct action without the consent of the other, as where the voting control is equally divided between two holders, or each party holds a veto power over the other. Joint control may exist by mutual agreement or understanding between two or more parties who together have control within the meaning of the definition of control in the Uniform System of Accounts, regardless of the relative voting rights of each party.

Line	Name of Company Controlled	Kind of Business	Percent Voting Stock	Footnote Ref.
Owned
No.	(a)	(b)	(d)
(c)
1	121 SW Salmon Street Corporation	Company has purchased the headquarters complex in Portland, Oregon	100%
and leases the complex to the Respondent
2	World Trade Center Northwest Corporation (A wholly-owned subsidiary	Company is the holder of the World Trade Center Franchise	100%
of 121 SW Salmon Street Corporation)
3	Salmon Springs Hospitality Group, Inc.	Company provides food catering services	100%

1. 121 SW Salmon Street LLC
2. Portland Renewable Resource Company LLC

FERC FORM No. 1 (ED. 12-96)

Page 103

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

OFFICERS

1. Report below the name, title and salary for each executive officer whose salary is $50,000 or more. An "executive officer" of a respondent includes its president, secretary, treasurer, and vice president in charge of a principal business unit, division or function (such as sales, administration or finance), and any other person who performs similar policy making functions.
2. If a change was made during the year in the incumbent of any position, show name and total remuneration of the previous incumbent, and the date the change in incumbency was made.

Line	Title	Name of Officer	Salary for Year	Date Started in Period	Date Ended in Period
No.	(a)	(b)	(c)	(d)	(e)
1	President and Chief Executive Officer	Maria M. Pope	(a)1,144,080
2	Senior Vice President of Finance, Chief Financial Officer and	James A. Ajello	451,104		2023-08-31
Treasurer
3	Vice President Strategy Regulation and Energy Supply	Brett Sims	398,109
4	Vice President, Utility Operations	Bradley Y. Jenkins	136,193		2023-04-27
5	Senior Vice President, Advanced Energy Delivery	Larry N. Bekkedahl	486,808
6	Vice President, Information Technology and Chief Information	John Kochavatr	506,447
Officer

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7	Vice President, Human Resources, Diversity, Equity and	Anne E. Mersereau	436,501
Inclusion
8	Vice President, Public Policy, Government Affairs and	Nicholas G. Blosser	368,990		2023-12-31
Communiations
9	Senior Vice President, Chief Legal and Compliance Officer	Angelica Espinosa	511,432
10	Executive Vice President, Chief Operating Officer	Benjamin Felton	487,500	2023-04-03
11	Senior Vice President and Chief Financial Officer	Joseph Trpik	302,308	2023-06-30

FERC FORM No. 1 (ED. 12-96)

Page 104

	Name of Respondent:	This report is:		Date of Report:	Year/Period of Report
	(1)	An Original
	Portland General Electric Company		04/18/2024	End of: 2023/ Q4
	(2)	A Resubmission
				FOOTNOTE DATA
	(a)Concept: OfficerSalary
	Amounts shown in column (c) consist of salaries only.
	FERC FORM No. 1 (ED. 12-96)			Page 104

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

DIRECTORS

1. Report below the information called for concerning each director of the respondent who held office at any time during the year. Include in column (a), name and abbreviated titles of the directors who are officers of the respondent.
2. Provide the principle place of business in column (b), designate members of the Executive Committee in column (c), and the Chairman of the Executive Committee in column (d).

Line	Name (and Title) of Director	Principal Business Address		Member of the Executive Committee	Chairman of the Executive Committee
No.	(a)			(b)			(c)	(d)
1	(a)	Portland, Oregon
Rodney L. Brown, Jr.
2	(b)	Portland, Oregon
Jack E. Davis Chair of the Board
3	Mark B. Ganz	Portland, Oregon
4	Kathryn J. Jackson	Portland, Oregon
5	M. Lee Pelton	Portland, Oregon
6	Maria M. Pope President and Chief Executive Officer	Portland, Oregon
7	Marie Oh Huber	Portland, Oregon
8	Michael H. Millegan	Portland, Oregon
9	Michael L. Lewis	Portland, Oregon
10	James P. Torgerson Chair of the Board	Portland, Oregon
11	Dawn L. Farrell	Portland, Oregon
12	Patricia S. Pineda	Portland, Oregon
13	(c)	Portland, Oregon
John O'Leary
FERC FORM No. 1 (ED. 12-95)				Page 105
Name of Respondent:		This report is:			Date of Report:	Year/Period of Report
	(1)	An Original
Portland General Electric Company				04/18/2024	End of: 2023/ Q4
	(2)	A Resubmission
					FOOTNOTE DATA

1. Concept: NameAndTitleOfDirector

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Term Ended April 20, 2023

1. Concept: NameAndTitleOfDirector Term Ended April 20, 2023
2. Concept: NameAndTitleOfDirector

Term began January 1, 2024

FERC FORM No. 1 (ED. 12-95)

Page 105

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

IMPORTANT CHANGES DURING THE QUARTER/YEAR

Give particulars (details) concerning the matters indicated below. Make the statements explicit and precise, and number them in accordance with the inquiries. Each inquiry should be answered. Enter "none," "not applicable," or "NA" where applicable. If information which answers an inquiry is given elsewhere in the report, make a reference to the schedule in which it appears.

1. 1. Changes in and important additions to franchise rights: Describe the actual consideration given therefore and state from whom the franchise rights were acquired. If acquired without the payment of consideration, state that fact.
   2. Acquisition of ownership in other companies by reorganization, merger, or consolidation with other companies: Give names of companies involved, particulars concerning the transactions, name of the Commission authorizing the transaction, and reference to Commission authorization.
   3. Purchase or sale of an operating unit or system: Give a brief description of the property, and of the transactions relating thereto, and reference to Commission authorization, if any was required. Give date journal entries called for by the Uniform System of Accounts were submitted to the Commission.
   4. Important leaseholds (other than leaseholds for natural gas lands) that have been acquired or given, assigned or surrendered: Give effective dates, lengths of terms, names of parties, rents, and other condition. State name of Commission authorizing lease and give reference to such authorization.
   5. Important extension or reduction of transmission or distribution system: State territory added or relinquished and date operations began or ceased and give reference to Commission authorization, if any was required. State also the approximate number of customers added or lost and approximate annual revenues of each class of service. Each natural gas company must also state major new continuing sources of gas made available to it from purchases, development, purchase contract or otherwise, giving location and approximate total gas volumes available, period of contracts, and other parties to any such arrangements, etc.
   6. Obligations incurred as a result of issuance of securities or assumption of liabilities or guarantees including issuance of short-term debt and commercial paper having a maturity of one year or less. Give reference to FERC or State Commission authorization, as appropriate, and the amount of obligation or guarantee.
   7. Changes in articles of incorporation or amendments to charter: Explain the nature and purpose of such changes or amendments.
   8. State the estimated annual effect and nature of any important wage scale changes during the year.
   9. State briefly the status of any materially important legal proceedings pending at the end of the year, and the results of any such proceedings culminated during the year.
   10. Describe briefly any materially important transactions of the respondent not disclosed elsewhere in this report in which an officer, director, security holder reported on Pages 104 or 105 of the Annual Report Form No. 1, voting trustee, associated company or known associate of any of these persons was a party or in which any such person had a material interest.
   11. (Reserved.)
   12. If the important changes during the year relating to the respondent company appearing in the annual report to stockholders are applicable in every respect and furnish the data required by Instructions 1 to 11 above, such notes may be included on this page.
   13. Describe fully any changes in officers, directors, major security holders and voting powers of the respondent that may have occurred during the reporting period.
   14. In the event that the respondent participates in a cash management program(s) and its proprietary capital ratio is less than 30 percent please describe the significant events or transactions causing the proprietary capital ratio to be less than 30 percent, and the extent to which the respondent has amounts loaned or money advanced to its parent, subsidiary, or affiliated companies through a cash management program(s). Additionally, please describe plans, if any to regain at least a 30 percent proprietary ratio.
2. None
3. None
4. None
5. None
6. None
7. Pursuant to PGE's application, the Federal Energy Regulatory Commission (FERC), on January 18, 2024, issued an order in Docket No. ES24-17-000 that authorizes the Company to issue up to $900 million of short-term debt through February 6, 2026. The authorization provides that if utility assets financed by unsecured debt are divested, then a proportionate share of the unsecured debt must also be divested.

In August 2023, PGE amended its existing revolving credit facility. As of December 31, 2023, PGE had a $750 million revolving credit facility scheduled to expire in September 2028. The Company has the ability to expand the revolving credit facility to $850 million, if needed. Pursuant to the terms of the agreement, the revolving credit facility may be used for general corporate purposes, including as backup for commercial paper borrowings, and to permit the issuance of standby letters of credit. PGE may borrow for one, three, or six months at a fixed interest rate established at the time of the borrowing, or at a variable interest rate for any period up to the then remaining term of the applicable credit facility. The revolving credit facility contains a provision that requires annual fees based on the Company's unsecured credit ratings, and contains customary covenants and default provisions, including a requirement that limits consolidated indebtedness, as defined in the agreement, to 65.0% of total capitalization. As of December 31, 2023, PGE was in compliance with this covenant with a 56.2% debt to total capital ratio. In addition, the credit facility offers the potential for adjustments to interest rate margins and fees based on PGE's achievement of certain annual sustainability-linked metrics related to its non-emitting generation capacity and the percentage of management comprised of women and employees who identify as black, indigenous, and people of color. The Company believes these potential adjustments will have an immaterial impact on PGE's results of operations.

Under the revolving credit facility, as of December 31, 2023, PGE had no borrowings outstanding and there were no letters of credit issued. As a result, the aggregate unused available credit capacity under the revolving credit facility was $750 million however, as PGE has elected to limit its borrowings to cover any potential need to repay outstanding commercial paper, the elected available credit capacity is $604 million.

The Company has a commercial paper program under which it may issue commercial paper for terms of up to 270 days. The Company has elected to limit its borrowings under the revolving credit facility to cover any potential need to repay commercial paper that may be outstanding at the time. As of December 31, 2023, PGE had $146 million commercial paper outstanding.

PGE typically classifies any borrowings under the revolving credit facility and outstanding commercial paper as Notes Payable on the Comparative Balance Sheet.

In addition, PGE has four letter of credit facilities that provide a total capacity of $320 million under which the Company can request letters of credit for original terms not to exceed one year. The issuance of such letters of credit is subject to the approval of the issuing institution. Under these facilities, a total of $106 million of letters of credit were outstanding as of December 31, 2023. Letters of credit issued are not reflected on the Company's Comparative Balance Sheet.

On August 29, 2023, PGE entered into a Bond Purchase Agreement related to the sale of $500 million in First Mortgage Bonds (FMBs), the bonds consist of: a series, due in 2030, in the amount of $50 million that bear interest at an annual rate of 5.44%;

a series, due in 2033, in the amount of $150 million that bear interest at an annual rate of 5.48%; a series, due in 2038, in the amount of $100 million that bear interest at an annual rate of 5.68%;

a series due in 2053, in the amount of $100 million that bear interest at an annual rate of 5.78%; and a series due in 2059, in the amount of $100 million that bear interest at an annual rate of 5.83%.

As of December 31, 2023, all series, totaling $500 million, were issued and funded in full.

On November 30, 2022, PGE entered into a Bond Purchase Agreement related to the sale of $200 million in FMBs, the first half of which funded in 2022 and the remaining $100 million funded in full on January 13, 2023.

The Indenture securing PGE's outstanding FMBs constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. Interest is payable semi-annually on FMBs.

On October 21, 2022, PGE obtained a 366-day term loan from lenders in the aggregate principal of $260 million under a 366-Day Bridge Credit Agreement. The term loan bore interest for the relevant interest period at the Term Secured Overnight Financing Rate (SOFR) plus Term SOFR Adjustment Rate of 10 basis points and Applicable Margin of 87.5 basis points. The interest rate was subject to adjustment pursuant to the terms of the loan. On March 1, 2023, this term loan was repaid in full. The term loan was classified as Other Long Term Debt on PGE's Comparative Balance Sheet.

PGE enters into financial agreements, and purchase and sale agreements involving physical delivery of, both power and natural gas that include indemnification provisions relating to certain claims or liabilities that may arise relating to the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and therefore, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. PGE periodically evaluates the likelihood of incurring costs under such indemnities based on the Company's historical experience and the evaluation of the specific indemnities. In connection with the agreement to transfer certain tax credits generated in 2023, PGE provided indemnification against the buyer's losses related to a failure to satisfy the Production Tax Credits qualification or transferability requirements under the Internal Revenue Code, but not due to the action or legal tax status of the buyer or a change in tax law. As of December 31, 2023, management believes the likelihood is remote that PGE would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnities. The Company has not recorded any liability on the Comparative Balance Sheet with respect to these indemnities.

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FERC Form

1. None
2. None
3. Legal Proceedings:

Governmental Investigations

In March, April and May 2021, the Division of Enforcement of the Commodity Futures Trading Commission (the "CFTC"), the Division of Enforcement of the Securities and Exchange Commission (SEC), and the Division of Enforcement of the FERC, respectively, informed the Company they are conducting investigations arising out of the energy trading losses the Company previously announced in August 2020. The Company is cooperating with the CFTC, the SEC, and the FERC. Management cannot at this time predict the eventual scope or outcome of these matters.

Colstrip-Related Litigation

The Company has a 20% ownership interest in Colstrip, which is operated by one of the co-owners, Talen Montana, LLC (Talen). On May 10, 2022, Talen's parent company, Talen Energy Supply, LLC, filed for chapter 11 bankruptcy protection, although Colstrip continues to operate and generate electricity for PGE customers and others. Various business disagreements have arisen amongst the co-owners regarding interpretation of the Ownership and Operation (O&O) Agreement and other matters. An arbitration process has been initiated to address such business disagreements and has resulted in several legal proceedings. These legal proceedings, as well as other matters related to Colstrip, are summarized below.

ArbitrationIn March 2021, co-owner NorthWestern Corporation (NorthWestern) initiated arbitration against all other co-owners of Colstrip to determine whether co-owners representing 55% or more of the ownership shares can vote to close one or both units of Colstrip, or, alternatively, whether unanimous consent is required. The O&O Agreement among the parties states that any dispute shall be submitted for resolution to a single arbitrator with appropriate expertise. The parties had agreed to stay the arbitration through April 1, 2024, and are now in the process of reengaging in arbitration discussions. An arbitration date has not yet been scheduled. PGE cannot predict the ultimate outcome of the arbitration process.

Petition to compel arbitrationIn April 2021, co-owners Avista Corporation, Puget Sound Energy Inc., PacifiCorp, and PGE (the Petitioners) petitioned in Spokane County Superior Court, Washington, Case No. 21201000-32, against NorthWestern and Talen to compel the arbitration initiated by NorthWestern that is described above. In May 2021, Talen removed the case to Federal Court (Eastern District of Washington Case No. 2:21-cv-00163-RMP). Following a hearing in July 2021, Talen's motion to transfer the case to the U.S. District Court for the District of Montana was granted. On August 10, 2023, the court dismissed the matter with prejudice pursuant to the parties' stipulation.

Challenge to constitutionality of Montana Senate Bills 265 and 266 (MSB 265 and MSB 266)On May 4, 2021, the Petitioners filed a claim against NorthWestern and Talen (the Defendants) in U.S. District Court - Montana, Billings Division, Case No. 1:21-cv-00047-SPW-KLD, based on the passage of MSB 265, which attempted to void contractual arbitration provisions within the O&O Agreement if they do not provide for three arbitrators or provide for venue outside of the county where the plant is located. The Petitioners filed a First Amended Complaint on May 19, 2021, adding the Attorney General of Montana (Montana AG) as defendant and challenging the constitutionality of MSB 266, which purportedly gives the Montana AG authority to penalize and restrain any co-owner of Colstrip who takes steps to shut-down the plant without unanimous consent, and authority to penalize any co-owner who fails or refuses to pay the costs to maintain the plant.

The Petitioners filed motions for their claims and on September 29, 2022, the Magistrate Judge issued Findings and Recommendations, which were adopted in full by the Court on October 19, 2022, granting the summary judgment motions by finding that MSB 266 was unconstitutional, and MSB 265 was unconstitutional and in the alternative preempted by the Federal Arbitration Act.

Complaint to implement Montana Senate Bill 265 (MSB 265)On May 4, 2021, Talen filed a complaint against the Petitioners and NorthWestern, in the Thirteenth Judicial District Court in the State of Montana, as an attempt to implement Montana laws when determining the language of the O&O Agreement based on the recent enactment of MSB 265. The case was subsequently removed to the U.S. District Court - Montana, Billings Division, Case No. 1:21-cv-00058-SPW-TJC. On August 10, 2023, the court dismissed the matter with prejudice pursuant to the parties' stipulation.

Richard Burnett; Colstrip Properties Inc., et al v. Talen Montana, LLC; PGE, et alIn December 2020, the original claim was filed in the Montana Sixteenth Judicial District Court, Rosebud County, Cause No. CV-20-58. The plaintiffs allege they have suffered adverse effects from the defendants' coal dust. In August 2021, the claim was amended to add PGE as a defendant. Plaintiffs are seeking economic damages, costs and disbursements, punitive damages, attorneys' fees, and an injunction prohibiting defendants from allowing coal dust to blow onto plaintiffs' properties, as determined by the Court. This matter was stayed for a time as a result of the bankruptcy filing of Talen's parent company, but litigation has resumed and the parties are working through discovery issues. The Court has entered a procedural schedule that leads to a trial, which would begin November 5, 2024. The Company is unable to predict outcome of this matter.

1. None
2. (Reserved)
3. None
4. Changes in Officers:

Benjamin Felton was appointed Executive Vice President, Chief Operating Officer, effective April 3, 2023.

Brad Jenkins, Vice President, Utility Operations, retired effective April 27, 2023.

Angelica Espinosa was promoted to Senior Vice President, Chief Legal and Compliance Officer effective June 7, 2023.

James A. Ajello, Senior Vice President Finance, Chief Financial Officer, Treasurer and Corporate

Compliance Officer retired from his positions effective June 30, 2023.

Joseph Trpik was appointed Senior Vice President and Chief Financial Officer effective June 30, 2023.

Nicholas G. Blosser resigned as Vice President, Public Policy, Government Affairs and Communications effective December 31, 2023.

Changes in Directors:

The number of directors on the Board decreased from twelve to ten effective as of the 2023 annual shareholder's meeting held on April 21, 2023, at which time, Jack Davis and Rodney Brown retired from the Board.

14. None

FERC FORM No. 1 (ED. 12-96)

Page 108-109

Name of Respondent:

Portland General Electric Company

This report is:

1. An Original
2. A Resubmission

Date of Report: 04/18/2024

Year/Period of Report End of: 2023/ Q4

COMPARATIVE BALANCE SHEET (ASSETS AND OTHER DEBITS)

Line	Title of Account	Ref. Page No.	Current Year End of Quarter/Year Balance	Prior Year End Balance 12/31
No.	(a)	(b)	(c)	(d)
1	UTILITY PLANT

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