Diverse Resource Portfolio & Low-Carbon Pathway

PROGRESSIVE REGULATION KEY MECHANISMS: Decoupling/WARM Purchased Gas Adjustment Environmental Cost Incentive Sharing(1) RATE CASE TEST YEAR RATE STRUCTURES: ROE ROR Equity Ratio 2020 Rate Base (3) OREGON WASHINGTON Forward Multiyear(2) 9.4% 9.4% 6.965% 7.161% 50% 49% $1.5B $0.2B 19 (1) In Oregon, NW Natural shares PGA gains and losses (2) In 2019, SB 5116 was passed granting the WUTC authority to incorporate costs and capital up to 48 months after the rate effective date. In 2021, SB 5295 was passed requiring multiyear general rate plans that include performance based measures. (3) Rate base is a 13-month average ending 12/31/20. Oregon rate base includes gas reserves and North Mist gas storage facility NW NaturalⓇ

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