Portland General Electric : April 28, 2022 Investor Presentation

Investor Presentation

PORTLAND GENERAL ELECTRIC

APRIL 28, 2022

Cautionary statement

Information Current as of April 28, 2022

Except as expressly noted, the information in this presentation is current as of April 28, 2022 - the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 - 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.

Investor Relations Contacts

Forward-Looking Statements

Jardon Jaramillo

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 the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Senior Director

Investor Relations, Finance and Risk

[phone]

[e-mail]

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," "based on," "believes," "conditioned upon," "considers," "estimates," "expects," "intends," "needs," "plans," "promises," "seeks," "should," "subject to," "targets," and similar expressions.

Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the outcome of various legal and regulatory actions; 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; delays in the supply chain and increased supply costs (including application of tariffs impacting solar module imports), failure to complete capital projects on schedule or within budget, failure of counterparties to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; 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, including interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; general economic and financial market conditions, including inflation; 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; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent due to the novel corona virus disease (COVID-19) mandates and turnover due to macroeconomic trends; 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 COVID-19, including potential vaccination mandates, 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. These risks and uncertainties to which the Company are subject to are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website,www.sec.govand on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.

Nick White Senior Analyst Investor Relations [phone]

[e-mail] General Electricinvestors.portlandgeneral.com 121 SW Salmon Street

Suite 1WTC0506 Portland, OR 97204

2

The Company

PGE at a glance

3,300+ MWs of Generation

Quick facts

• • Vertically integrated electric utility encompassing generation, transmission and distribution

  WashingtonTucannon River

  Wind Farm

• • Approximately 900,000 retail customers within a service area of 2 million residents

  Eastern Oregon

  Coyote Springs

• • Roughly half of Oregon's population lives within PGE service area, encompassing 51 incorporated cities entirely within the State of Oregon

  Biglow Canyon

  Carty

  Wheatridge

• • 75 percent of Oregon's commercial and industrial activity occurs in PGE service area

  Madras, OregonPeltonRound Butte

• • 28,206 circuit miles of distribution lines(1)

MontanaColstrip 3 & 4

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(2). The reduction targets to reduce baseline greenhouse gas emissions from power served to Oregon retail customers are:

  HydroCoalGasWindService territory

  Financial snapshot

  • • 80% reduction in greenhouse gas emissions by 2030

    • • 2021 revenue: $2.4 billion

  • • 90% reduction in greenhouse gas emissions by 2035

    • • 2021 diluted earnings per share: $2.72

  • • 100% reduction in greenhouse gas emissions by 2040

• • Net utility plant assets: $8.0 billion(1)

• (1) As of December 31, 2021

• (2) 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 2040

4

Investment thesis

Investing in a reliable and clean energy futureBuilding a smarter more resilient grid

Focusing on operational effectiveness and efficiency

• • Adopting the 100% clean energy framework as mandated by HB 2021

  • • Investing in our system to maintain and increase resiliency to protect against extreme weather and wildfires

• • Exiting operations at existing coal plant, 2021 RFP of 375 to 500 MW of renewables and 375 MW of non-emitting capacity, 100 MW Green Future Impact

• • Modernizing our grid with a community-centered distribution system to advance environmental justice, accelerate distributed energy resources and maximize grid benefits

Constructive regulatory environmentDelivering exceptional customer experiences

• • Desirable core urban service territory with strong growth in residential and high-tech industrial segments

  • • No. 1 ranked renewable power program in the Unites States for over the last decade(2)

• • Strong in-migration, growing number of customer connects and 1.5% long term load growth

• • Continued to support customers and the community during the pandemic, allocating federal, state and company funds to help customers through bill assistance

• (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

High-growth service area

• • 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

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

• • Vertically integrated, regulated utility