Shareholder Outreach

PORTLAND GENERAL ELECTRIC JANUARY 14, 2021

Cautionary statement

Information Current as of October 29, 2021

Except as expressly noted, the information in this presentation is current as of October 29, 2021 - the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 - and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law.

Forward-Looking Statements

Statements in this presentation that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of October 29, 2021. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Forward-looking statements include statements regarding the Company's full-year earnings guidance (including expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "assumes," "believes," "conditioned upon," "estimates," "expects," "intends," "plans," "projected," "promises," "seeks," "should," and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; failure to complete capital projects on schedule or within budget, or the abandonment of capital projects, which could result in the Company's inability to recover project costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability and cost of purchased power and fuel; the development of alternative technologies; changes in capital and credit market conditions, which could affect the access to and availability of cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; the outcome of various legal and regulatory actions; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or third party liability; cyber security breaches of the Company's customer information system or operating systems, data security breaches, or acts of terrorism, which could disrupt operations, require significant expenditures, or result in claims against the Company; PGE business activities are concentrated in one region and future performance may be affected by events and factors unique to Oregon; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), which may affect our financial position, results of operations and cash flows. As a result, actual results may differ materially from those projected in the forward-looking statements. Prospective investors should also review the risks and uncertainties listed in the Company's most recent annual report on Form 10-K and the Company's reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission (SEC), including management's discussion and analysis of financial condition and results of operations and the risks described therein from time to time. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.

Investor Relations Contacts

Jardon Jaramillo

Senior Director

Investor Relations, Treasury and

Risk Management

  1. 464-7051Jardon.Jaramillo@pgn.com

Nick White

Senior Analyst

Investor Relations

  1. 464-8073Nicholas.White@pgn.com

Portland General Electric investors.portlandgeneral.com121 SW Salmon Street

Suite 1WTC0506

Portland, OR 97204

2020 ESG Report

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Executive Summary

  • Leading the cleaner energy future
    • Continuing to advance our decarbonization goals to reduce greenhouse gas (GHG) emissions associated with the power we deliver to our customers
    • In 2021, we became the first U.S. Utility to sign the Climate Pledge, a commitment to achieve net-zero carbon by 2040
    • By closing our Boardman plant, we continue to reduce the amount of coal in our energy mix
    • Partnering with our customers in our Smart Battery Pilot we aim to connect 525 residential battery systems
  • Responsible governance by the Board and management helps align our sustainability and strategic imperatives
    • Formal Board-level oversight of ESG primarily through the Nominating, Governance and Sustainability Committee
    • More than 50% of our Board is diverse (5 of 13 directors are female and 4 of 13 directors are racially / ethnically diverse)
    • Active board refreshment program (5 new independent directors added to our Board since 2019)
    • Governance "best practices" in place including separate Chairman and CEO roles, annual election of our full Board, permission for shareholders to act by written consent, and fully independent Board committees amongst others
    • In our 2020 ESG report, we began aligning our disclosures with the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD), adding to our existing reports based on the Sustainability Accounting Standards Board (SASB) and the Edison Electric Institute's ESG frameworks
  • Partnering with and supporting our customers, our communities and our employees
    • In response to COVID-19, we worked with Oregon Citizens Utility Board and others to secure $15 million in emergency energy assistance and collaborated with peer utilities on a $1.4 billion request for federal energy assistance
    • Diversity, Equity and Inclusion (DEI) continues to be a strong focus of the company (we have disclosed select EEO-1 workforce diversity data in our 2020 ESG Report)
    • For the eighth year in a row, we achieved a perfect score on the Human Rights Campaign Foundation's Corporate Equality Index and for a third year running,

PGE was also included in the Bloomberg Gender-Equality Index

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PGE at a Glance

Quick facts

  • Vertically integrated electric utility encompassing generation, transmission and distribution
  • 900,000 retail customers within a service area of 2 million residents
  • 46 percent of Oregon's population lives within PGE service area, encompassing 51 incorporated cities entirely within the State of Oregon
  • 75 percent of Oregon's commercial and industrial activity occurs in PGE service area

Leading the way to a clean energy future for Oregon

  • Our goals align with the 100% clean energy by 2040 framework as mandated by HB 2021(1). The reduction targets are:
    • 80% reduction in greenhouse gas emissions by 2030
    • 90% reduction in greenhouse gas emissions by 2035
    • 100% reduction in greenhouse gas emissions by 2040 and every year thereafter

3,300+ MWs of Generation

Beaver

Washington

Port Westward 1 & 2

Tucannon River

OREGON

WASHINGTON

Eastern Oregon

26

Columbia River

Coyote Springs

Biglow Canyon

Portland

84

Sandy

Carty

T.W. Sullivan

River

Wheatridge

River Mill

Faraday

Madras, Oregon

North Fork

Oak Grove

Pelton

Salem

Round Butte

Montana

I-5

Colstrip 3 & 4 (2)

Hydro

Coal

Service territory

Gas

Wind

(1)

House Bill 2021 ("HB 2021") is a bill passed by the Oregon State Legislature that sets a timetable for Oregon's electricity providers to eliminate emissions associated with power used to serve retail customers in Oregon by 100% by

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2040

(2)

PGE has a 20% ownership interest in Colstrip Units 3 & 4, representing 296 MW of net capacity

Sustainability and ESG Governance Framework

Responsibility for environmental, social and governance (ESG) performance is integrated with the policies and principles that govern our company

Board oversight

The Board area of strategic responsibility includes oversight over actions to address risks and opportunities related to climate change and PGE's decarbonization strategy

Nominating, Governance & Sustainability Committee

This committee provides overall governance and oversight of programs and performance related to sustainability and ESG matters affecting PGE, including review of decarbonization goals

Executive oversight and management

Standing committees are important delegates, monitoring specific areas of Sustainability and ESG matters and their metrics, processes and controls.

ESG Steering Committee established to oversee execution of Sustainability and ESG planning and goals

Business area management

Each business area is responsible for certain aspects of sustainability, and uses effective performance management techniques to align employees around successful execution of our efforts to achieve our goals

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Disclaimer

PGE - Portland General Electric Company published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 17:01:02 UTC.