October 29, 2021 Investor Presentation

Investor Presentation

Portland General Electric

October 29, 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. [e-mail]

Peter Davis

Senior Analyst

Investor Relations

1. [e-mail]

Portland General Electric

investors.portlandgeneral.com121 SW Salmon Street

Suite 1WTC0506

Portland, OR 97204

2

The Company

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:

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
							Round Butte
		Salem				Montana
		I-5

Colstrip 3 & 4 (2)

•	80% reduction in greenhouse gas emissions by 2030	Hydro	Coal		Service territory
•	90% reduction in greenhouse gas emissions by 2035	Gas	Wind

• 100% reduction in greenhouse gas emissions by 2040 and

every year thereafter

(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	4
Oregon by 100% by 2040

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

Investment Thesis

Investing in a reliable and		Building a smarter more
clean energy future		resilient grid

Focusing on operational

effectiveness and efficiency

• Planning to achieve the 100% clean energy framework as mandated by HB 2021
• 2021 RFP of 375 to 500 MW of renewables and 375 MW of non- emitting capacity, 100 MW Green Future Impact

• Investing in our system to maintain and increase resiliency to protect against extreme weather and wildfires
• Decarbonizing our grid through integrating new and existing renewable resources and energy storage

• 4% to 6% long term EPS growth, off
  2019 base year, and 5% to 7% long term dividend growth guidance(1)
• Continuing to implement efficiencies and manage costs through technology

High-growth service area

• Desirable core urban service territory with strong growth in residential and high-tech industrial segments
• Strong in-migration, growing number of customer connects and 1% long term load growth

Constructive regulatory

environment

• Regulatory mechanisms to recover costs and add renewables, including a Renewable Adjustment Clause, and forward test year
• Vertically integrated, regulated utility

Delivering exceptional customer experiences

• No. 1 ranked renewable power program in the Unites States for over the last decade(2)
• No. 2 ranked utility in the United States for customer experience(3)

(1)	The amount and timing of dividends payable and the dividend policy are at the sole discretion of the Portland General Electric Board of Directors and, if declared and paid, dividends may be in amounts that are
	materially less than projected.
(2)	National Renewables Energy Laboratory	5
(3)	Forrester, The US Customer Experience Index, 2021