Investor Presentaiton

Strong 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

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