Item 8.01 Other Events.

On April 25, 2022, the Public Utility Commission of Oregon (OPUC) issued Order 22-129 (the "Order") related to Portland General Electric's (PGE or the Company) 2022 General Rate Case, including the OPUC's ruling on the annual earnings review threshold for the Company's 2020 wildfire and 2021 ice storm deferrals. As a result of the annual earnings review threshold outlined in the Order, in the first quarter 2022 results of operations, the Company recorded a pre-tax, non-cash charge to earnings in the estimated amount of $17 million related to the year ended 2020, which included $15 million for the 2020 wildfire deferral.

On May 10, 2022, PGE filed a Motion for Clarification (the "Motion") with the OPUC asking the OPUC to clarify its ruling on earnings reviews for the wildfire and ice storm deferrals, specifying that the ruling applies only to the 2020 wildfire and 2021 ice storm deferrals, does not establish precedent for future deferrals, and does not establish precedent on the procedures for evaluating deferral authorizations or deferral amortizations. PGE believes these requested clarifications are consistent with the OPUC's generally established practice of considering deferrals on a case-specific basis and addressing earnings review considerations concurrently with its prudence review. Furthermore, in the Motion, PGE reserved any and all of its respective rights and remedies to seek reconsideration or rehearing with respect to the Order.

Complete details of the 2022 GRC filing (OPUC Docket UE 394) and the resulting OPUC Order are available on the OPUC website at www.oregon.gov/puc.

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