#1Grant County Public Utility District UM J.P. MORGAN PUBLIC FINANCE TRANSPORTATION & UTILITY INVESTOR FORUM Rich Wallen MININ CEO/General Manager Bonnie Overfield CFO/Treasurer March 2024 Grant PUD Powering our way of life.#2Disclaimer This investor presentation is provided as of March 2024 by Public Utility District No. 2 of Grant County, Washington (the "District"). Financial data and other information provided herein are not warranted as to completeness or accuracy and are subject to change without notice. This Investor Presentation is provided for your information and convenience only. This Investor Presentation does not constitute an offer to sell or the solicitation of an offer to buy any security or other financial instrument or to adopt any investment strategy. Any offer or solicitation with respect to any outstanding or future issuance of bonds will be made solely by means of a Preliminary Official Statement or Official Statement, which describes the actual terms of such bonds. In no event shall the District be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction mentioned herein. Nothing in these materials constitutes a commitment by the District to enter into any transaction. No assurance can be given that any transaction mentioned herein could in fact be executed. Any investment decision regarding any outstanding or future issuance of bonds should only be made after a careful review of the complete Official Statement. You will be responsible for consulting with your own advisors and making your own independent investigation and appraisal of the risks, benefits, appropriateness and suitability of any transactions contemplated by this presentation and neither the District nor any other party is making any recommendation (personal or otherwise) or giving any investment advice and will have no liability with respect thereto. Transactions involving any outstanding or future issuance of bonds may not be suitable for all investors. You should consult with your own advisors as to the suitability of any outstanding or future issuance of bonds for your particular circumstances. Past performance is not indicative of future returns, which will vary. This presentation may contain “forward-looking” statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results may differ materially from those expressed or implied by such forward-looking statements. We caution you not to place undue reliance on these statements. All statements other than the statements of historical fact could be deemed forward-looking. All opinions, estimates, projections, forecasts and valuations are preliminary, indicative and are subject to change without notice. Grant County PUBLIC UTILITY DISTRICT#3Who is Grant PUD? Serving Grant County since 1938 We are a public utility providing power and fiber service for Grant County. We own and operate the Priest Rapids Project on the Columbia River in Central Washington. The Priest Rapids Project, comprising Priest Rapids and Wanapum dams, has the capacity to produce more than 2,000 megawatts of clean, renewable and reliable electricity.#43 Our Strategy 5 Strategic Pillars: 1 % Ensuring long-term affordable rates for our core electric customers 2 Sustaining our focus on engaged, empowered & enabled employees Committing to accurate & responsive customer service 4 F 5 Developing an intentional power demand strategy Caring for our communities through active engagement#5OUR VALUES SAFETY Everyone home safe, every day. INNOVATION We make decisions that best serve present and future generations. SERVICE We are committed to excellent customer service. 1.0% TEAMWORK We are one team with the same mission. RESPECT We honor the rights and beliefs of those we work with and serve. INTEGRITY We hold ourselves and others accountable to be professional in our actions and words. HERITAGE We preserve and perpetuate the spirit of the PUD and Wanapum relationship. BATIMIT WANAPUM HERITAGE CENTER#6Generation Historical Cost of Production Year $/MWh . 1955-FERC license issued to construct PRP % Avg Water MWh Gen . Both dams were generating power by 1963 (Priest Rapids Development first power generation in 1959, Wanapum first power generation in 1963). 2023 $27.38 74% 6,965,606 At the time the final unit was installed, PRP was the largest non-federal project Long-term power sales contracts for separate developments with 8 Northwest utilities through 2005/2009 2022 $20.74 111% 9,258,486 2021 $20.00 87% 9,056,940 • 2005 & 2009- new offtake contracts went into effect - combined output of Priest Rapids and Wanapum developments with 26 purchasers 2020 $18.02 104% 9,463,889#7Photo Credit: John Price • . • Generation 2008-FERC awarded new 44-year license to operate PRP (2052 license expiry) 2013- Grant PUD celebrates the completion of its Advanced Turbine Replacement Project at Wanapum Dam. The project included the replacement of all 10 of the dam's original turbines. ⚫ 2016- Priest Rapids Dam turbine and generator rewind work begins. . . 2020 - In October, the final rehabbed generating unit at Wanapum Dam went online. This marked the completion of a 20-year project to modernize all of the dam's 10 turbines and generators. 2023- Priest Rapids Dam - 5th unit completed in November 2023 ahead of schedule, final unit expected to be completed 2/05/2030 (each unit approximately is 14 months)#8Generation PRP Seattle (2) 16 Grant County 8 Spokane Grand Coulee Dam (River Mile 596.6) Bureau of Reclamation 5 Rock Island Dam (River Mile 453.4) Chelan PUD 9 John Day Dam (River Mile 215.8) Corps of Engineers 2 Chief Joseph Dam (River Mille 541.1) Corps of Engineers 6 Wanapum Dam (River Mile 415.8) Grant PUD 10 The Dalles Dam (River Mile 191.5) Corps of Engineers 3 Wells Dam (River Mile 515.1) Douglas PUD Priest Rapids Dam (River Mile 397.1) Grant PUD 11 Bonneville Dam (River Mile 145.5) Corps of Engineers 4 Rocky Reach Dam (River Mile 473.0) Chelan PUD ® McNary Dam (River Mile 292.0) Corps of Engineers#9Generation - PRP Recreation and natural resource requirements accompany the stewardship of PRP • One of the region's greatest contributors to the enhancement and protection of native fish/habitat Hydropower Development/ Operation Predators Eating Fish FISH LOSS FISH LOSS FISH MITIGATION IMPACT NO NET PUD DROPOWER Preserving/ Restoring Habitat Fish Hatcheries Fish Science Predator Management FISH MITIGATION#10Fishing Camping Boat Launch Hiking Swimming Picnic Area LA Sheltered Picnic Area Hand Launch Priest Rapids 243 Dam Desert Aire Mattawa To Ellensburg, Seattle 90 Visitors Center Wanapum Dam 243 Beverly Schawana 26 90 1.25 2.5 28 195 Crescent Bar (28 N RECREATION SITES Miles 7.5 10 Grant PUD operates five public campsites within our project lands on the Columbia River shoreline. Powered by Recreation Photo Credit: Warren Lybbert#11Generation 2023 PRP Project Cost Allocation Grant PUD 86.22% PacifiCorp 3.02% Portland General 3.02% Puget Sound Energy 1.74% Avista 1.33% Tacoma Power 0.69% Seattle City Light 0.67% Cowlitz PUD 0.39% EWEB 0.34% Exchangers (9 small shares) 2.58% 100% •The long-term contracts define output rights and percentage share of production costs on an annual basis. •Grant's output rights are to claim physical power to meet load on a critical water planning basis up to 63.3% of output. •Grant's retail load met this level in 2014 •6.69% of output contractually goes to long term purchasers 2.48% Exchangers, 4.21% Conversion Contracts ⚫Historically purchasers received a larger share of output as Grant's load was growing#12Generation •30% of output via a contractual financial mechanism allows Grant to meet load on a critical water planning basis. •Total physical and financial rights to PRP project are expected to be exhausted in 2024. Retail customers' loads won't surpass expected project capabilities until after 2030. •The District utilizes the wholesale market for meeting load combined with other resources Providing clean, renewable power to the region Our mission is to efficiently and reliably generate and deliver energy to our customers. Grant PUD operates multiple generation sources and delivers power to more than 40,000 customers.#13Generation & Other Power Sources. • Two in-county small hydro generation projects operated by the District with rights to output, contracts with the Columbia Hydro Power Authority (owner), expiry in 2025 and 2030 • Nine-Canyon Wind Farm output contract managed by Energy Northwest, expiry in 2030 Bonneville PF contract for small Grand Coulee area load (~5 aMW), expiry in 2028 District manages wholesale program through long-term and short-term market contracts to meet retail load and to manage wholesale position WANAPUM DAM Generation Units Rated Capacity Concrete/Earthfill Length Rated Head.... Construction Started.. First Power Generation. Seattle Wanapum Dam Priest Rapids Dam PRIEST RAPIDS DAM Rated Capacity. Spokane Grant County QUINCY CHUTE HYDROELECTRIC PROJECT 10 1,221.7 MW Rated Capacity 8,637 FT First Power Generation.. 80 FT 1959 1963 Generation Units 10 Concrete/Earthfill Length Rated Head... Construction Started. First Power Generation. 950 MW .10,103 FT 78 FT 1956 1959 POTHOLES EAST CANAL HEADWORKS PROJECT Rated Capacity.. First Power Generation.. 9.4 MW 1985 .6.5 MW 1990 6 NINE CANYON WIND PROJECT 12.5% of Project Peak Capacity ....... 12 MW 2003 First Power Generation.... *2022 Annual Report#14Expected Energy Generation 9,000 8,000 Solar Hybrid 7,000 Generation (GWh) 6,000 5,000 4,000 3,000 2,000 1,000 0 Solar Wind Gas | Pooling Agreement Nine Canyon Small Hydro/BPA PRP PRP Under Contract 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Integrated Resource Plan (IRP) Selected Portfolio (Energy) 2025 2026 2027 2028 2029 2030 2031 • State law requires that every two years we develop a comprehensive resource plan From Existing Portfolio (aMW) 675 637 634 647 637 640 644 • IRP assesses customer electric needs over a ten-year planning horizon From Portfolio Additions (aMW) 127 152 177 202 233 266 263 . Sufficient resource to meet forecast energy requirements through the expiration of our pooling agreement in 2025 Total from Selected Portfolio (aMW) 803 790 812 849 869 906 908 • Need to obtain additional clean energy resources to meet primary Clean Energy Transformation Act compliance beginning in 2030 Additional Needs for Load (aMW) 28 32 20 36 20 21 3 16 *2022 Integrated Resource Plan#15aMW Electric System 1100- 1000- 900- • 800- Retail Actual | Forecast ⚫ Residential, Irrigation, Small and Large Commercial are forecasted using econometric modeling Residential, Irrigation, and Small Commercial: 10-year normal for weather assumptions Other rate schedules are subject to qualitative measures based on management discussions with District forecasters 700- 600- 500- 400- 300- 200- 100- 0 Grant PUD Actuals and Forecast aMW Sales Customer Type Large Industrial Industrial Ag Food Process Large General EV Charging Street Lights Irrigation Commercial 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 Year Source: 2023v2 Forecast Residential Losses#16Electric System Retail •Growing overall system retail load, net 29% increase in past 10 years and 13% in the past 5 years •System is dual peaking Summer 2023 peak 942MW (July) •Winter 2024 peak 1014MW (January) Residential and irrigation rate base has been stable with a large demonstrated growth experienced in the commercial/industrial sector • Customer driven growth includes upfront payments from customers for a connection fee System capital investment in distribution. and transmission infrastructure enabling additional future growth $300 Retail Revenue ($ Millions) $1.26 $5.41 $250 $3.59 $2.69 $3.38 $200 $182.28 $189.63 $150 $153.38 $135.43 $133.85 $100 $24.93 $27.45 $28.76 $27.01 $27.77 $50 $46.84 $45.09 $46.21 $51.02 $50.70 800 700 600 500 400 2019 2020 2021 2022 2023 Residential ☐ Irrigation Commercial and Industrial ☐ Governmental and Others *Preliminary 2023 Data 5 Year Billed Retail Load (aMW) 667.1 611.7 617.7 589.5 579.2 300 200 100 23.7 28.8 29.8 25.4 27.3 0 2019 2020 2021 2022 2023 Unbilled Billed *Preliminary 2023 Data#17Electric System Retail Electric System meets the load of retail customers and manages power supply $650 $600 $550 $500 $450 $400 $350 $300 $250 District maintains a large service area with $200 ~3,900 miles of distribution lines and ~500 miles of transmission lines $150 Electric System comprised of sophisticated single- and three-phase electric service $100 Wholesale fiber operations is included in Electric System with an increasing "take rate" of ~67% $50 Consolidated Revenue 2023 ($ Millions) PRP Contract Rev Wholesale Market Other Retail Fiber Market *Preliminary 2023 Data#18Electric System Retail How Do Our Rates Compare? Average electricity rate for residential customers* 15.98¢ 10.98¢ 5.50¢ per kWh* per kWh* per kWh UNITED STATES WASHINGTON GRANT PUD Residential Electricity Rates 2023 Average *Source U.S. Energy Information Administration 2023 Average#19Electric System Retail •Commission has statutory rate-making authority •Managed based on financial metrics to address inflation pressure, the Commission approved a price increase of 3% averaged over all rate classes •Effective April 2, 2023 •Effective April 1, 2024 •Low retail delivered rates, resulting from PRP favorable generation economics combined with wholesale management/strategy •Rates are set based upon meeting or exceeding financial targets in future years •Rate policies provide protection to core retail customer classes and allocate marginal costs associated with growth-risks to non- core customers 5303C#20Electric System Retail 2023 CUSTOMER COUNT Commercial/Industrial 14% Irrigation Other 7% 0% Residential 79% *Preliminary 2023 Data 2023 RETAIL REVENUE Electric System Retail Meters 55,012 Service Territory Grant PUD is the Commercial/Industrial 70% Customer Count 40,993 Governmental & Other 1% Residential 19% Irrigation 10% Over 90% Electric Heating Only Electric Service Provider in the County *Preliminary 2023 Data#21Wholesale Power Services District has implemented a hedging strategy over time that mitigates inherent fuel (water supply) risks and market costs "Slice" contracts have been a historical operational component of PRP with long term and shorter-term purchasers • Electric System sells "slice" Priest Rapids Project Future Pooling and Slice Agreements Allocations output contracts from 63.3% physical offtake of PRP 70.0% District receives firm revenue 60.0% stream from 30% of the 20.0% 50.0% physically sold reasonable 40.0% portion of the Priest Rapids 10.0% 30.0% Project and can purchase load 20.0% positions in netted contracts 33.3% 10.0% Market purchases and sales are 0.0% utilized as needed to manage smaller positions . ⚫ In the process of evaluating the 10% slice 2024 Morgan Stanley Pooling Agreement Contract ends Sept. 2025 20.0% 33.3% 2025 20.0% 2026 Avangrid 10% Slice Contract ends Dec. 2024 Portland General 20% Slice Contract Ends Dec. 2026#22Financial Results • District has demonstrated strong financial results with robust planning parameters Debt Service Coverage Results (consolidated) . Debt Service Coverage target ≥ 1.8x 2023 5.29 • Senior Lien Bond Covenants: 2022 2.57 • Electric System 1.25x • PRP 1.15x PRP 2021 2.40 2020 2.41 • 2023 Debt Service Coverage includes 2019 2.17 $45.0M historical decrement for future 2018 2.13 Debt Service Coverage calculation *PRELIMINARY 2023 data 1 2 3 5 6 *Preliminary 2023 Data#23Financial Results $700 All Restricted Funds $600 $477.1 $483.6 $500 $441.3 $451.5 $450.6 $458.8 Other DCOH Funds (3) * $400 Liquidity-ES Revenue Fund (2) (4) in millions $300 $200 Liquidity-ES R&C Fund (1) $100 ➡-Total $- 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 6/30/2023 $647.7 $599.7 10/31/2023 12/31/23 Prelim • • • 2023 Net Income = $353.8 million 2023 Days Cash On Hand = 628 days consolidated Targeted Debt to Net Plant Ratio of ≤60% 2023 Total Utility Plant (book value) $2.5 billion *PRELIMINARY 2023 data • District maintains strong credit ratings • Moody's Aa3 both systems • Fitch AA both systems S&P AA PRP / AA+ Electric System *PRELIMINARY 2023 data#24Financing Plan 5-Year Capital Improvement Plan Projection: $1.06 Billion Approximately $97-$255 Million Per Year Consolidated Capital Improvement Plan Projected 2024-2029 ($ in Millions) PRP Capital Improvement Plan $300 Projected 2024-2029 ($ in Millions) Capital Directs $401 $250 Capital Administration and General $14 $200 Capital Labor $44 Total $459 $150 $72 $63 $86 $70 $100 Electric System Capital Improvement Plan $191 $52 Projected 2024-2029 Capital Directs Electric System Capital Directs Fiber Capital Administration and General ($ in Millions) $124 $50 $101 $103 $468 $45 $44 2024 2025 2026 2027 2028 $13 Capital Labor Total $75 Electric System PRP $600 *2024 data from Commission approved 2024 budget; years 2025-2028 from Q4 2023 forecast#25• The District issues taxable and tax-exempt debt and utilizes both fixed-rate debt and variable rate instruments Financing -Existing Debt Total Annual Debt Service with Projected Sinking Fund Deposits ■ Electric System ■ Priest Rapids Project Bonds ■ Priest Rapids Project Subordinate Bonds 120 OUTSTANDING EXTERNAL DEBT PRP Senior $834,385,000 76% ES Senior $269,525,000 24% $Millions 100 80 60 40 *Preliminary 2023 Data Debt Portfolio Statistics 4.0% 8.42 Years 20 20 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 Priest Rapids Project Subordinate Bonds were purchased by the District's Electric System as an investment Electric System debt service excludes Series 2023-U $49.265 million maturity in 2026 which is expected to be refinanced *Preliminary 2023 Data CREBS debt service assumes annual sinking fund payment schedules the District has covenanted to deposit in an amount sufficient to pay bonds at maturity Weighted Average Coupon Rate of Fixed Debt Weighted Average Life of Debt Portfolio Effective Cost of Debt of Debt Portfolio (Net of Interest Rebates) 3.6%#26Thank You! • • Additional investor information available on District "Bond Holders and Potential Investors" page: • • http://www.grantpud.org/your-pud/who-we-are/bond-holders- and-potential-investors-page Provides easy access to Official Statements for all outstanding bonds Annual reports • Rating agency reports. • Notice of Sale Documents (when applicable) • Investor presentations (when applicable) This presentation can be accessed at the above website • Munite Information Hub . https://go.munite.com/#/retail/gcpud/obligor/26059/0 For future investor relations questions please contact: • Bonnie Overfield, Chief Financial Officer 509-754-5088#27Grant PUD Powering our way of life.