Investor Presentaiton

Constructive regulatory / policy environment Oregon ORS 469A.410/HB 2021 legislation mandates 100% clean energy by 2040 Oregon Public Utility Commission Governor-appointed 3-member commission with staggered 4-year terms Commission has consistently approved investments in renewables, going back to Biglow Canyon Wind Farm, which went online 15 years ago Regulatory dynamics support PGE and the transition to clean energy Renewable Portfolio standard (adopted in 2007; increased in 2016) Renewable Adjustment Clause • • Federal The Inflation Reduction Act (IRA), which was signed into law in August 2022, is expected to further enhance PGE's already strong prospects for renewables-based growth Better positions renewables to be owned and operated by regulated utilities like PGE and makes renewables more affordable for PGE customers . Allows for solar projects to elect ITC or PTC Allows for the transfer of tax credits after 2022 Standalone storage can earn tax credits Makes tax credits available for renewable energy through the later of 2032 or when annual greenhouse gas emission in the U.S. electric sector falls 75% from 2022 levels Effectively increases the competitiveness of renewables relative to conventional generation, bolstering long-term deployment • Forward test years • Integrated resource planning framework • Accelerated depreciation of Colstrip to 2025 • History of reasonable settlements in rate cases • Regulatory support for recovery of storm response and wildfire mitigation costs • Improves the economics for repowering existing renewables as they age PGE PGE's regulatory environment in Oregon, along with the recently-signed IRA, position the company to play an important role in the decarbonization of Oregon 30

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