#1PGE Investor Presentation Portland General Electric August 2020#22 Cautionary statements Information Current as of July 31, 2020 Except as expressly noted, the information in this presentation is current as of July 31, 2020- the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020- 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. Forward-looking statements include statements regarding the impact of the recent global coronavirus ("COVID-19") pandemic; statements regarding earnings guidance; statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the company's integrated resource plan; statements concerning future compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, but not limited to, the impact of COVID-19 on the company's workforce, operations, and the operations and decisions of company's customers; adverse changes in general economic conditions, including those resulting from COVID-19, such as increased unemployment; reductions in 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 facilities, including hydro conditions, wind conditions, 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 markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; the outcome of various legal and regulatory proceedings; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; and cyber security breaches of the company's customer information system or operating systems, which may affect customer bills or other aspects of our operations, 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. The degree to which COVID-19 may adversely affect the company's results and operations, including our ability to achieve our earnings guidance, will depend on numerous evolving factors and future developments, which are highly uncertain, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact (including travel bans and restrictions, quarantines, shelter-in-place orders and shutdowns), and how quickly and to what extent normal economic and operating conditions can resume. As a result, the impact on the company's financial and operating results cannot be reasonably estimated with specificity at this time, but the impact could be material. All forward-looking statements included in this presentation are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company's most recent annual report on Form 10-K and in other documents that we file with the United States Securities and Exchange Commission, including management's discussion and analysis of financial condition and results of operations and the risks described therein from time to time. To the extent that COVID-19 adversely affects our financial position, results of operations or cash flows, it may also have the effect of heightening many of the risk factors described in our Form 10-K. PGE#3The company#44 PGE at a glance Quick facts Vertically integrated electric utility encompassing generation, transmission and distribution 3,800+ MWs of Generation Beaver . 901,000 retail customers within a service area of 1.9 million residents Port Westward 1 & 2 • • 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 Financial snapshot • 2019 revenue: $2.1 billion • 2019 diluted earnings per share: $2.39 • Net utility plant assets: $7.3 billion(1) (1) As of 6/30/2020 (2) Wind component expected to be operational by December 2020 26 Washington Tucannon River OREGON WASHINGTON Wind Farm Columbia River Eastern Oregon Coyote Springs 84 Portland Sandy River Biglow Canyon Boardman Willamette River 1-5 f.w. f.W. Sullivan Salem River Mill Faraday North Fork Oak Grove Clackamas River Carty Wheatridge(2) Madras, Oregon Pelton Round Butte Montana Colstrip 3 & 4 Hydro Gas Coal Wind Service territory PGE#5Attractive, growing service area • • Near-term economic uncertainty driven by COVID-19 pandemic While annual rates of growth may fluctuate, we continue to project long term load growth of 1% (1) Oregon's annual GDP growth averaged 2.9% over the past two decades(2) Oregon ranked 10th nationally in the rate of net in-migration for 2019(3) Forecasted long-term industrial sector growth driven by high tech and data centers (1) Forecasted growth until 2028 (2) U.S. Bureau of Economic Analysis (3) State of Oregon Employment Department LO 5 (4) Sector load growth shown is net of energy efficiency 2,600 2,400 2,200 2,000 Energy Deliveries, MWa 1,800 1,600 $1,400 1,200 1,000 800 600 400 200 1.20 1.15 1.10 1.05 1.00 0.95 | | | | | | | 0.90 0.85 0.80 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Residential Commercial Industrial Growth Net of EE Cumulative Growth Energy Deliveries Growth, Indexed 2019=1 PGE#6STATE OF OREGON CO 6 Constructive regulatory environment • Regulatory construct Forward test year Integrated Resource Planning (IRP) Renewable Portfolio Standard (RPS) Proven track record of achieving reasonable Commission-approved settlements Regulatory body • Public Utility Commission of Oregon Governor-appointed three member commission serving four-year terms Megan Decker [D] (Chair) Mark Thompson [R] Letha Tawney [D] Term expiration March 2021 Nov 2023 May 2024 Regulatory mechanisms Net variable power cost recovery • Annual Power Cost Update Tariff (AUT) • Power Cost Adjustment Mechanism (PCAM) Decoupling through 2022 Renewable Adjustment Clause (RAC) PGE#77 2019 general rate case Key Items Approved price increase: 0.5% Return on equity (ROE): 9.5% Cost of long-term debt: 5.1% Capital structure: 50% debt, 50% equity Rate base: $4.75 billion Requests approved by the Commission Energy storage projects associated with renewables can be included in future RAC filings for cost recovery pursuant to a showing of prudence and an appropriate nexus of the storage facility with renewables Customer prices can be set using the trended weather method in the load forecast Decoupling was expanded to include additional existing customers with demands of up to 200 kW and was extended through 2022 PGE#8Key strengths#99 Focus on customers Top quartile system reliability Edison Electric Institute Top quartile customer satisfaction among large electric and electric & gas utilities J.D. Power Electric Utility Syndicated Studies Trusted business partner & environmental champion Cogent Syndicated Utility Trusted Brand & Customer Engagement™ Studies No.1 renewable energy program in the nation by enrollment for last decade National Renewables Energy Laboratory PGE#1010 Diverse generation and customer base Power sources as a percentage of retail load Retail revenues by customer class 2020 AUT(1) 2019(2) Industrial 12% Hydro 18% Wind & Solar 12% Commercial 35% Residential 52% Gas 51% Coal 19% - Total 2,132 MWa Total retail revenues = $1.9B (1) Hydro, wind and solar include PGE-owned and contracted resources (2) Other revenues contributed 1% of total retail revenues in 2019 PGE#11High-quality utility operations Puget Sound Energy Seattle City Light Tacoma Power Portland General Electric Powerex Bonneville Power Administration PacifiCorp Avista NorthWestern Energy Idaho Power PacifiCorp BANC NV Energy Turlock Irrigation District California ISO Arizona Public Service Los Angeles Dept. of Tucson Electric Water & Power Power Public Service Company of New Mexico Salt River Project Market Operator California ISO EIM entity 11 (1) 2012 through 2019 Active participant Planned EIM entry 2020 Planned EIM entry 2021 Planned EIM entry 2022 Western Energy Imbalance Market • Highly dependable generation fleet with eight-year average availability of 92% (1) Strong power supply portfolio management and western EIM integration to enhance reliability and optimize resources Transitioning away from coal-fired generation Investment plans to provide safer and more reliable service to our customers Smart grid opportunities to incorporate more renewables, decarbonize, power the transportation network and integrate demand side resources PGE#12Strong liquidity position for growth Available revolving credit facilities (1) (dollars in millions) Financings Long-Term Debt Securities Q1 2020 Q2 2020 Q3 2020 Q4 2020 Issued $200 million Issuing up to $190 million Revolving Credit Facility(2) Cash + Cash Available Credit + Cash Pollution Control Revenue Bonds Issued $21 million $500 Letters of Equivalents Credit $977 $303 364-day Term Loan $174 Financial resources Funded $150 million S&P Moody's • Investment grade credit ratings Senior Secured A A1 • Manageable debt maturities Senior Unsecured BBB+ A3 • Target capital structure of 50% debt and 50% equity Outlook Positive Stable (1) All values as of 6/30/2020 12 (2) Contains a $100 million accordion feature PGE#13Solid financial performance Net income, earnings per share, and ROE EPS (diluted) $2.50(2) $2.37 $2.39 $2.29(1) $2.16 Net income $2.20(2) (dollars in millions) $2.10(1) $212 $214 $193 $187(1) 2016 2017(1) 2018 2019 2020(2) Accounting ROE 8.4% Allowed ROE 9.6% 7.9% 9.6% 8.6% 9.5% 8.4% 9.5% 7.5% - 8.5% 9.5% (1) In 2017 net income based on generally accepted accounting principles (GAAP) was $187 million, or $2.10 per diluted share. After adjusting for the impacts of the Tax Cuts and Jobs Act (TCJA), non- GAAP net income was $204 million, or $2.29 per diluted share. Management believes that excluding the effects of the TCJA ($0.19) provides a more meaningful representation of the company's comparative earnings. The company has adjusted this amount to maintain comparability between periods. 13 (2) Estimates and projections are based on assumptions and there can be no assurance regarding the amount of future earnings. Earnings guidance provided as of July 31, 2020. PGE#14Proven dividend growth 4.5% CAGR(1) 5.9% CAGR (2) $1.56(4) Dividends paid per $1.50 common share(3) $1.41 $1.32 $1.24 $1.16 $1.05 $1.07 $1.09 $1.11 70% Actual Payout Ratio 14 2011 2012 2013 2014 2015 2016 2017 Long-term dividend growth guidance of 5-7% (4) (1) Compound Annual Growth Rate from 2011 through 2020 (2) Compound Annual Growth Rate from 2016 through 2020 (3) Represents annual dividends paid per common share (4) Estimates and projections are based on assumptions and there can be no assurance regarding the amount of future dividends 2018 2019 2020 60% Target Payout Ratio PGE#15Looking Forward#1616 Investing in the future Decarbonize 80% goal Wheatridge Renewable Energy Facility Green Tariff Electrify Smart Grid Test Beds Accelerating transportation electrification EV transit partnerships Reliability System upgrades Demand response Meeting growth Access to capacity PGE#17Clean and reliable energy future Key elements Renewable Portfolio Standard 50% 45% 35% • Transition PGE customers off coal-fired generation by 2030 27% 20% • Production tax credits included in annual power cost filings since 2017 Pursue transportation electrification 2020 2025 2030 2035 2040 Renewable Additions Long-term strategy 2,500 Layered approach balances near-term and long-term risks and benefits for customers 2,000 1,500 • Incremental renewable actions reduce near-term carbon emissions and puts PGE on track to meet Oregon's carbon reduction goal 1,000 500 0 25th-75th Percentile Reference Case Median 17 Note: Solid line represents renewable additions over time under 2019 Integrated Resource Plan (IRP) reference case conditions. The dashed line represents the median of renewable resource additions across all futures presented in the 2019 IRP and the shaded area reflects the 25th - 75th percentile of renewable resource additions across futures. PGE#1818 2019 Integrated Resource Plan Q1 2020 Acknowledgement received in public meeting on March 16 2020 Discussing capacity contract terms with regional operators of existing resources 2024 Targeting online dates in 2024 for new capacity and renewable resources Action Plan The plan reflects our focus on meeting customer needs and addressing stakeholder feedback. Customer Resource Actions Increased energy efficiency, demand response, storage and dispatchable standby generation Renewable Resource Actions A renewable RFP of up to 150 MWa, targeting online in 2024 Capacity Resource Actions A multi-stage procurement process for up to 700 MW of capacity contribution by 2025 • Pursue cost-competitive agreements for existing capacity in the region Conduct an RFP for remaining capacity needs PGE#1919 • Integrated Operations Center Improving security, resiliency, and reliability for our customers A new 24/7 center for key operations Advances our integrated grid strategy • • Significantly improves seismic resilience, cyber and physical security. Improves monitoring, control and optimization of distributed assets and our distribution system PGE#2020 Building a smarter, more resilient grid Grid Modernization INITIATIVES Core Utility Assets 2 Field Area Network 3 Distribution Automation 4 Management systems for feeders and substations, distributed energy resources, customer technologies and energy storage systems 5 Integrated Operations Center 6 Distributed Resource Planning FRAMEWORK INTEGRATION OF DERS & CUSTOMER TECHNOLOGIES! (101) A Interconnectivity Layer (Data Management and Applications) GRID PLANNING & ENGINEERING INTEGRATED OPERATIONS AND OPTIMIZATION GRID MANAGEMENT SYSTEM(S) AUTOMATION & SENSING COMMUNICATIONS INFRASTRUCTURE PGE#21Capital investments (1) $740 $565 $500 $500 $500 2020 2021 ■Ongoing capital expenditures 2022 Wheatridge Renewable Energy Facility 2023 ■Integrated Operations Center 2024 Outlook 2020 capital plan on schedule, previously reduced in response to COVID-19 and economic conditions • Updating and replacing aging generation, transmission and distribution equipment • Building a smarter, more resilient grid 21 (1) Capital investments exclude allowance for funds used under construction. Dollar values in millions. Estimates and projections are based on assumptions and there can be no assurance regarding the amount of future capital investments. PGE#2222 Environmental, Social and Governance (ESG) Environmental Decarbonize More than 80% reduction in GHG emissions associated with serving retail load by 2050 (using a 2010 baseline) Electrify Smart grid test beds, accelerating transportation electrification, EV transit partnerships Reliability System upgrades, demand response and access to capacity Customers Social Ensuring universal access at affordable prices Community Volunteered 32,900 hours, by PGE, employees and retirees Employees Leadership development programs for women and People of Color employees interested in management, eight Business Resource Groups, pre-apprentice training and outreach and tuition reimbursement Governance Experienced Wide range of skills, backgrounds and leadership positions Diverse 50% of Directors contributing gender/racial diversity, including female CEO Independent CEO is the only non-independent board member, independent board committees Additional information (can be found through investors. portlandgeneral.com/esg): PGE Sustainability Report Key Metrics PGE ESG Presentation PGE#2323 PGE investor relations team Jardon Jaramillo Senior Director - Treasury, Investor Relations and Finance Operations (503) 464-7051 [email protected] Peter Davis Analyst, Investor Relations (503) 464-8586 [email protected] Portland General Electric Investors. Portland General.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 Online investors.portlandgeneral.com PGE#24Portland General Electric Appendices PGE#2525 2016 Integrated Resource Plan A flexible, balanced plan that reflects our commitment to a low-carbon future and achieves the Oregon Clean Electricity Plan Renewables • Procured renewables (100 MWa) to help ensure Oregon Clean Electricity Plan • Wheatridge Renewable Energy Facility: • Split ownership and PPA (1) Resource capacity: • Wind • Solar • ⚫ Battery 300 MW online in 2020 50 MW online in 2021 30 MW online in 2021 Capacity need • Executed contracts for 300 MWs through RFP procurement process: • 200 MW of annual capacity with five-year terms beginning 2021 • 100 MW of seasonal peak capacity during summer and winter periods with a five-year term beginning 2019 Solar FIRST-OF-ITS-SCALE Wind RENEWABLE POWER FACILITY Wheatridge Renewable Energy Facility Battery storage (1) PGE will own 100 megawatts of the wind project. Subsidiaries of NextEra Energy Resources will own the balance of the project and sell its output to PGE under 30-year power purchase agreements PGE#2626 Recovery of power costs Annual power cost update tariff • • Annual reset of prices based on forecast of net variable power costs (NVPC) for the coming year Subject to OPUC prudency review and approval, new prices go into effect on or around January 1 of the following year Power Cost Adjustment Mechanism (PCAM) Power Cost Sharing Customer Surcharge 90/10 Sharing 8.5% Earnings Test Customer Surcharge $30 million Baseline NVPC ($15) million 90/10 Sharing Customer Refund Deadband Return on Equity 9.5% 10.5% Customer Refund • PGE absorbs 100% of the costs/benefits within the deadband, and amounts outside the deadband are shared 90% with customers and 10% with PGE • An annual earnings test is applied using the regulated ROE as a threshold • Customer surcharge occurs if PGE's actual regulated ROE is below 8.5%; ROE will not exceed 8.5% with surcharge • Customer refund occurs if PGE's actual regulated return is above 10.5%; regulated return will not decrease below 10.5% with refund PGE#2727 Renewable portfolio standard Additional renewable resources • As of 2018, PGE had the following qualifying renewable resources: Type of Resource % of Retail Load Wind 9.9% Low-Impact Hydro 2.5% Solar & Other <1% Renewable Portfolio Standard: 2011 2015 2020 5% 15% 20% 2025 27% 2030 2035 2040 35% 45% 50% • Renewable Portfolio Standard qualifying resources and Renewable Energy Certificates (RECS) supplied approximately 10% of PGE's retail load in 2012, 2013, and 2014, and approximately 15% of retail load in 2015, 2016, 2017 and 2018 Renewable Adjustment Clause Renewable resource can be tracked into prices, through an automatic adjustment clause, without a general rate case. Using Schedule 122, prices go into effect on the resource's in-service date and are updated annually. Upon Commission approval of the subsequent general rate case the renewable resource is included in base prices and Schedule 122 goes back to zero PGE#2828 Decoupling Mechanism The decoupling mechanism is intended to allow recovery of margin lost due to a reduction in sales of electricity resulting from customers' energy efficiency and conservation efforts Collections under the decoupling mechanism are subject to an annual limitation of 2% of the applicable tariff schedule This includes a Sales Normalization Adjustment (SNA) mechanism for residential and nonresidential customers (≤ 200 kW) and a Lost Revenue Recovery Adjustment (LRRA), for large nonresidential customers (up to 1 MWa). • The SNA is based on the difference between actual usage per customer and that projected in PGE's 2019 general rate case. The SNA mechanism applies to approximately 76% of 2019 customer revenues • The LRRA is based on the difference between actual energy-efficiency savings (as reported by the ETO) and those incorporated in the applicable load forecast. The LRRA mechanism applies to approximately 16% of 2019 customer revenues Recent Decoupling Results (dollars in millions) 2015 2016 2017 2018 2019 Sales Normalization Adjustment $(8.8) $1.9 $11.6 $(1.3) $14.4 Lost Revenue Recovery Adjustment $(0.5) $(0.8) $(0.4) $(1.1) $(0.1) Total adjustment $(9.3) $1.1 $11.2 $(2.4) $14.3 Note: refund = (negative) / collection = positive PGE#29Average retail price comparison Residential and Commercial - Summer 2019 Residential Electric Service Prices: 1,000 kWh monthly consumption (Prices in cents per kWh) PGE - Sch 7 (OR) EEI U.S. Average 12.4 13.8 Commercial Electric Service Prices: 40 kW demand and 14,000 kWh monthly consumption (Prices in cents per kWh) PGE Sch 83 (OR) - EEI U.S. Average 9.5 11.5 Avista (WA) 9.0 IdaCorp (ID) 10.2 NW Energy (MT) 11.9 Black Hills Energy (WY) 12.2 NV Energy (NV) 11.8 PacifiCorp (OR) 10.3 Arizona Public Service (AZ) OG&E Energy (OK) 9.4 Kansas City Power & Light (KS) Westar Energy-KGE (KS) 15.9 14.5 12.6 0.0 6.0 12.0 18.0 Notes: This average is based on Investor-owned utilities only 29 EEI U.S. Average is based on Investor-owned utilities only Source: EEI Typical Bills and Average Rates Report for Prices in effect Jul. 1, 2019 Avista (WA) 11.4 IdaCorp (ID) 7.0 NW Energy (MT) 10.8 Black Hills Energy (WY) 11.3 NV Energy (NV) PacifiCorp (OR) 8.1 9.4 Arizona Public Service (AZ) 13.2 OG&E Energy (OK) Kansas City Power & Light (KS) 7.3 11.9 Westar Energy-KGE (KS) 10.4 0.0 4.0 8.0 12.0 16.0 PGE#30Average retail price comparison Small and Large Industrial - Summer 2019 Industrial Electric Service Prices 1,000 kW peak demand and 400,000 kWh monthly consumption (Prices in cents per kWh) PGE - Sch 85 Primary (OR) EEI U.S. Average 7.7 9.8 Large Industrial Electric Service Prices 50,000 kW peak demand and 32,500,000 kWh monthly consumption (Prices in cents per kWh) PGE -89 Subtrans (OR) EEI U.S. Average 6.1 7.9 Avista (WA) 9.2 Avista (WA) 5.8 IdaCorp (ID) 6.7 IdaCorp (ID) NW Energy (MT) 8.4 NW Energy (MT) Black Hills Energy (WY) Black Hills Energy (WY) 7.4 7.2 NV Energy (NV) NV Energy (NV) PacifiCorp (OR) 7.4 PacifiCorp (OR) 6.0 Arizona Public Service (AZ) 9.8 Arizona Public Service (AZ) 5.5 OG&E Energy (OK) 5.1 Kansas City Power & Light (KS) OG&E Energy (OK) Kansas City Power & Light (KS) 3.8 7.7 Westar Energy-KGE (KS) 8.4 0.0 2.0 4.0 6.0 8.0 10.0 Westar Energy-KGE (KS) 6.8 0.0 2.0 4.0 6.0 8.0 30 • Notes: This average is based on Investor-owned utilities only EEI U.S. Average is based on Investor-owned utilities only Source: EEI Typical Bills and Average Rates Report for Prices in effect Jul. 1, 2019 PGE