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Core Insights - Portland General Electric (PGE) has completed three new utility-scale battery energy storage systems, adding 475 megawatts (MW) and over 1.9 gigawatt hours (GWh) of dispatchable capacity to serve the Portland metro area [1][5] - The new facilities can power approximately 300,000 homes for four hours during peak demand or when power is limited [2] - These battery systems enhance PGE's ability to respond to sudden changes in the grid, providing more stable and reliable power at the lowest possible cost [3] Company Overview - PGE serves over 950,000 customers in an area of 1.9 million Oregonians and has been operational since 1889, focusing on safe, affordable, reliable, and increasingly clean electricity [6] - PGE aims to reduce emissions from its retail power supply by 80% by 2030 and 100% by 2040, and has the No. 1 voluntary renewable energy program in the country [6] - In 2024, PGE employees and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to over 480 nonprofit organizations [6] Project Details - The three new facilities include Seaside (200 MW), Sundial (200 MW), and Constable (75 MW), strategically located at key substations [7] - The facilities were developed through PGE's 2021 All-Source Request for Proposals (RFP) process, with Eolian, L.P. being a key developer [4][7] - The completion of these facilities brings PGE's total large-scale battery storage capacity to 492 MW, including the previously completed 17 MW Coffee Creek Battery Storage system [5]

Portland General Electric Company (POR) Q2 2025 Earnings Call July 25, 2025 11:00 AM ET Company ParticipantsNick White - Manager - IRMaria Pope - Director, President & CEOJoseph Trpik - CFO & SVP - FinanceRichard Sunderland - Equity Research - North American Utilities & PowerChris Ellinghaus - Managing DirectorNicholas Campanella - DirectorAnthony Crowdell - Managing DirectorConference Call ParticipantsBrian Russo - AnalystGregg Orrill - AnalystSophie Karp - Senior Equity Analyst - Utilities & Alternative E ...

Financial Data and Key Metrics Changes - For Q2 2025, the company reported GAAP net income of $62 million or $0.56 per diluted share, compared to GAAP net income of $72 million or $0.69 per diluted share in Q2 2024 [15][16] - Non-GAAP net income for Q2 2025 was $73 million or $0.66 per share, reflecting a decrease from the previous year [15][16] - Total load increased by 4.9% overall and 6.1% weather adjusted compared to Q2 2024 [18][20] Business Line Data and Key Metrics Changes - Industrial load, particularly from data centers, saw a significant increase of 16.5% on a nominal and weather-adjusted basis [20] - Residential load decreased by 2.3% quarter over quarter but increased by 1% when weather adjusted [18] - Commercial load increased slightly by 0.3% overall or 0.7% weather adjusted [18] Market Data and Key Metrics Changes - Sustained growth from data center and high-tech customers was noted, with over 16% growth compared to the same quarter last year [10] - The Oregon legislature passed the Power Act, which enhances regulatory flexibility and supports growth in the data center sector [12] Company Strategy and Development Direction - The company is focused on five strategic priorities: investing in clean energy, keeping customer prices low, supporting data center growth, reducing operational risks, and promoting an investable energy future [6][7] - A proposed corporate structure update aims to reduce investment costs and improve regulatory clarity [13][14] - The company plans to file for a holding company to enhance flexibility and efficiency in financing [27][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a solid performance for the year, reaffirming adjusted earnings guidance of $3.13 to $3.33 per diluted share [30] - The company anticipates continued demand growth from industrial customers, underpinning long-term growth expectations of 3% through 2029 [20] - Management highlighted the importance of tax credits in reducing clean energy costs and maintaining customer affordability [8][102] Other Important Information - Total liquidity at the end of Q2 was $980 million, with credit ratings remaining stable [27] - The company is focused on cost management and optimization to reduce overall expenses [29] Q&A Session Summary Question: How does the MOU inform the path for the seaside and distribution recovery proceedings? - Management indicated that the MOU allows for better understanding and shared outcomes before entering a rate review proceeding, aiming for predictability and value [34][36] Question: What are the dynamics between the 2023 and 2025 RFPs? - Management noted that the repricing of the 2023 RFP will open opportunities for bidders and aims to drive certainty in project execution [37][40] Question: Will business transformation costs continue into next year? - Management confirmed that costs related to business transformation will persist into next year, with benefits expected to materialize later [41][42] Question: How will the Fair Energy Act impact rate timing? - Management explained that the Fair Energy Act allows for multi-year rate making, aligning customer prices with less challenging months [46][48] Question: How will industrial demand growth affect power costs? - Management stated that long-term contracts with key customers will help stabilize power costs and reduce pressures on all customers [112][114]

Investor Presentation PORTLAND GENERAL ELECTRIC July 25, 2025 Cautionary statement Portland General Electric investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 Nick White (503) 464-8073 Nicholas.White@pgn.com Sydnie Hinds (503) 464-7111 Sydnie.Hinds@pgn.com Information Current as of July 25, 2025 Except as expressly noted, the information in this presentation is current as of July 25, 2025 – the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended ...

[Executive Summary & Q2 2025 Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Financial%20Highlights) PGE reported Q2 2025 GAAP net income of $62 million and non-GAAP net income of $73 million, reflecting solid operational execution and significant industrial load growth [Q2 2025 Financial Performance (GAAP & Non-GAAP)](index=1&type=section&id=Q2%202025%20Financial%20Performance%20(GAAP%20%26%20Non-GAAP)) For the second quarter of 2025, Portland General Electric reported GAAP net income of $62 million ($0.56 per diluted share) and non-GAAP net income of $73 million ($0.66 per diluted share), adjusted for business transformation expenses. This compares to GAAP net income of $72 million ($0.69 per diluted share) in Q2 2024. Total revenues increased due to demand growth, partially offset by lower average prices, while various operating and non-operating expenses also rose Q2 2025 Financial Performance (GAAP & Non-GAAP) | Metric | Q2 2025 (GAAP) | Q2 2025 (Non-GAAP) | Q2 2024 (GAAP) | | :---------------------- | :------------- | :----------------- | :------------- | | Net Income | $62 million | $73 million | $72 million | | Diluted EPS | $0.56 | $0.66 | $0.69 | - Total revenues increased due to continued demand growth from semiconductor manufacturing and technology infrastructure customers, partially offset by lower average price of deliveries from changing customer mix[3](index=3&type=chunk) - Operating expenses, including purchased power and fuel, operating and maintenance (due to wildfire mitigation, vegetation management, business transformation), depreciation and amortization, and interest expense, all increased[3](index=3&type=chunk) [CEO Commentary & Operational Overview](index=1&type=section&id=CEO%20Commentary%20%26%20Operational%20Overview) CEO Maria Pope highlighted Q2 2025 as a period of solid execution, focusing on safe and reliable customer service, stakeholder engagement, efficiency, and corporate structure updates to reduce costs. The quarter saw significant industrial load growth, particularly from data center customers - Maria Pope, President and CEO, stated, "The second quarter was a period of execution and solid progress at Portland General Electric. We are focused on safely and reliably serving customers, engaging with stakeholders, driving efficiencies and updating our corporate structure to lower costs and deliver results"[3](index=3&type=chunk) - Second quarter financial results reflect **significant demand growth from data center customers**, driving **16.5% industrial load growth quarter-over-quarter**[6](index=6&type=chunk) [Company & Regulatory Updates](index=1&type=section&id=Company%20%26%20Regulatory%20Updates) PGE is pursuing a corporate structure reorganization for financial flexibility, filing for cost recovery on key projects, refreshing its 2023 RFP, and announcing a quarterly dividend [Corporate Structure Reorganization](index=1&type=section&id=Corporate%20Structure%20Reorganization) PGE is seeking Oregon Public Utilities Commission (OPUC) approval for a holding company reorganization. This structure aims to enhance financial flexibility, support new transmission asset construction, improve reliability planning, and foster economic development by placing a non-operating corporate entity over the existing structure and forming a subsidiary for transmission assets - PGE is submitting a formal application to the OPUC for approval of a holding company reorganization[4](index=4&type=chunk) - The reorganization intends to provide benefits to customers and shareholders by taking advantage of financial flexibility, and to support construction of new transmission assets, reliability planning, and economic development[4](index=4&type=chunk) [Regulatory Filings & Approvals](index=1&type=section&id=Regulatory%20Filings%20%26%20Approvals) PGE has filed requests with the OPUC for cost recovery related to its Distribution System Plan (DSP), seeking a $72 million annualized revenue increase effective April 1, 2026, and for the Seaside Battery Energy Storage System, requesting a $46 million annualized increase effective October 31, 2025. A memorandum of understanding has been established with intervenors to define the scope of these recovery mechanisms - PGE is submitting a request to the OPUC for recovery of costs associated with PGE's Distribution System Plan (DSP), including an **annualized revenue requirement increase of $72 million**, with a proposed rate effective date of April 1, 2026[7](index=7&type=chunk) - PGE submitted a request for recovery of the revenue requirement associated with the Seaside Battery Energy Storage System (Seaside), including an **annualized revenue requirement increase of $46 million**, with a proposed rate effective date of October 31, 2025[8](index=8&type=chunk) - PGE entered into a memorandum of understanding with intervenors, which establishes the scope of recovery mechanisms for both Seaside and costs associated with PGE's DSP[9](index=9&type=chunk) [2023 Request for Proposals (RFP)](index=2&type=section&id=2023%20Request%20for%20Proposals%20(RFP)) Following the One Big Beautiful Bill (OBBB), PGE plans to allow 2023 RFP bidders to refresh their pricing. The company expects to finalize contracts in the second half of 2025, with projects in service by the end of 2027, to maximize federal tax credits and minimize customer prices - PGE plans to provide an opportunity for all conforming 2023 RFP bidders to refresh their pricing following the passage of the One Big Beautiful Bill (OBBB)[10](index=10&type=chunk) - PGE continues to expect finalization of contracts in the **second half of 2025**, with projects in service by the **end of 2027**, to maximize federal tax credits and keep customer prices as low as possible[11](index=11&type=chunk) [Quarterly Dividend Announcement](index=2&type=section&id=Quarterly%20Dividend%20Announcement) PGE's board of directors approved a quarterly common stock dividend of $0.525 per share, payable on or before October 15, 2025, to shareholders of record as of September 25, 2025 - The board of directors approved a quarterly common stock dividend of **$0.525 per share**[12](index=12&type=chunk) - The quarterly dividend is payable on or before **October 15, 2025**, to shareholders of record at the close of business on **September 25, 2025**[12](index=12&type=chunk) [2025 Earnings Guidance](index=2&type=section&id=2025%20Earnings%20Guidance) PGE reaffirmed its full-year 2025 adjusted earnings guidance, providing key assumptions for energy deliveries, operating costs, and capital expenditures [Guidance Reaffirmation](index=2&type=section&id=Guidance%20Reaffirmation) PGE reaffirmed its full-year 2025 adjusted earnings guidance, projecting $3.13 to $3.33 per diluted share - PGE is reaffirming its estimate for full-year 2025 adjusted earnings guidance of **$3.13 to $3.33 per diluted share**[6](index=6&type=chunk)[13](index=13&type=chunk) [Key Assumptions](index=2&type=section&id=Key%20Assumptions) The 2025 earnings guidance is based on several key assumptions, including an increase in energy deliveries, effective power cost and financing plans, controlled operating costs, normal weather and plant operations, and specific financial targets for O&M, D&A, tax rate, cash from operations, and capital expenditures 2025 Earnings Guidance Key Assumptions | Assumption | Range/Value | | :------------------------------------------ | :---------------------- | | Energy deliveries increase (weather adjusted) | 2.5% to 3.5% | | Operating and maintenance expense | $795 million to $815 million | | Depreciation and amortization expense | $550 million to $575 million | | Effective tax rate | 15% to 20% | | Cash from operations | $900 million to $1,000 million | | Capital expenditures | $1,215 million | | Average construction work in progress balance | $595 million | - Other assumptions include execution of power cost and financing plans, execution of operating cost controls, normal temperatures in its utility service territory, and normal thermal plant operations[14](index=14&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) PGE utilizes non-GAAP financial measures, such as adjusted earnings and EPS, to provide a clearer view of ongoing operating performance by excluding infrequent or non-recurring items [Definition and Purpose](index=3&type=section&id=Definition%20and%20Purpose) PGE uses non-GAAP financial measures, such as adjusted earnings and EPS, to exclude significant, infrequent items not related to ongoing business activities. This provides a more meaningful representation of comparative earnings and helps investors and management evaluate the company's ongoing operating financial performance, serving as supplementary information to GAAP - Non-GAAP financial measures (adjusted earnings, adjusted EPS, adjusted earnings guidance) exclude significant items generally not related to ongoing business activities or infrequent in nature[16](index=16&type=chunk) - PGE believes these measures provide a meaningful representation of comparative earnings per share and enable investors to evaluate ongoing operating financial performance[16](index=16&type=chunk) - Items impacting comparability and not representing ongoing operating financial performance include business transformation and optimization expenses (strategic advisory, workforce realignment, corporate structure update costs)[17](index=17&type=chunk) [Q2 2025 Reconciliation](index=3&type=section&id=Q2%202025%20Reconciliation) For the second quarter of 2025, PGE reconciled its GAAP net income of $62 million ($0.56 diluted EPS) to non-GAAP net income of $73 million ($0.66 diluted EPS) by adding back $15 million in business transformation and optimization expenses, offset by a $4 million tax effect Non-GAAP Earnings Reconciliation for Q2 2025 | (Dollars in millions, except EPS) | Net Income | Diluted EPS | | :------------------------------------------------- | :--------- | :---------- | | GAAP as reported for the quarter ended June 30, 2025 | $62 | $0.56 | | Exclusion of business transformation and optimization expenses | 15 | 0.14 | | (1) Tax effect | (4) | (0.04) | | **Non-GAAP as reported for the quarter ended June 30, 2025** | **$73** | **$0.66** | [Company Profile](index=4&type=section&id=Company%20Profile) Portland General Electric is an integrated energy company serving over 950,000 customers in Oregon, committed to reducing emissions by 80% by 2030 and 100% by 2040, and recognized for its customer experience - Portland General Electric (PGE) is an integrated energy company that generates, transmits, and distributes electricity to over **950,000 customers**, serving an area of **1.9 million Oregonians**[21](index=21&type=chunk) - PGE is committed to reducing emissions from its retail power supply by **80% by 2030** and **100% by 2040**[21](index=21&type=chunk) - PGE was ranked the **No. 1 utility in the 2024 Forrester U.S. Customer Experience Index**[21](index=21&type=chunk) [Forward-Looking Statements & Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This section outlines the company's forward-looking statements, which are subject to various risks and uncertainties, including regulatory, operational, supply chain, and environmental factors [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This press release contains forward-looking statements, which are estimates and assumptions about future plans, objectives, and expectations. These statements are subject to risks and uncertainties, and the company assumes no obligation to update or revise them - Statements relating to future plans, objectives, expectations, performance, and events constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995[22](index=22&type=chunk) - These statements represent the Company's estimates and assumptions as of the report date, and the Company assumes no obligation to update or revise them[22](index=22&type=chunk) - Forward-looking statements include those regarding full-year earnings guidance and other statements containing words such as "anticipates," "expects," "plans," and similar expressions[23](index=23&type=chunk) [Key Risks and Uncertainties](index=4&type=section&id=Key%20Risks%20and%20Uncertainties) Investors are cautioned that forward-looking statements are subject to numerous risks, including regulatory and legal actions, changing customer demands, operational disruptions, supply chain issues, environmental regulations, market volatility, capital market conditions, climate change impacts (e.g., wildfires), cybersecurity threats, workforce factors, and geopolitical events. Actual results may differ materially from projections - Risks include the timing or outcome of legal and regulatory actions, governmental policies, and regulatory audits concerning rates, financings, and facility operations[24](index=24&type=chunk) - Operational risks relate to generation and battery storage facilities, including hydro/wind conditions, fuel supply disruptions, and unscheduled plant outages, leading to unanticipated costs[24](index=24&type=chunk) - Other significant risks include supply chain delays and increased costs, failure to complete capital projects on schedule or within budget, changes in environmental laws and policies (especially regarding carbon emissions and wildfires), volatility in wholesale power and natural gas prices, and cybersecurity attacks[24](index=24&type=chunk)[25](index=25&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the condensed consolidated statements of income, balance sheets, and cash flows, detailing the company's financial position and performance for the reported periods [Condensed Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For Q2 2025, net income decreased to $62 million from $72 million in Q2 2024, and for the six months ended June 30, 2025, it decreased to $162 million from $181 million in 2024. This decline occurred despite an increase in total revenues, primarily due to higher operating expenses, interest expense, and income tax expense Condensed Consolidated Statements of Income and Comprehensive Income | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | | :---------------------- | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Total revenues | 807 | 758 | 1,735 | 1,687 | | Total operating expenses| 689 | 642 | 1,449 | 1,409 | | Income from operations | 118 | 116 | 286 | 278 | | Interest expense, net | 57 | 52 | 113 | 103 | | Income tax expense | 12 | 7 | 34 | 20 | | Net income | 62 | 72 | 162 | 181 | | Diluted EPS | $0.56 | $0.69 | $1.47 | $1.77 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased slightly to $12,681 million from $12,544 million at December 31, 2024, primarily driven by an increase in electric utility plant, net. Total liabilities also rose to $8,829 million from $8,750 million, with long-term debt increasing while current liabilities decreased. Shareholders' equity saw a modest increase Condensed Consolidated Balance Sheets (Selected Items) | Item | June 30, 2025 ($M) | December 31, 2024 ($M) | | :---------------------------- | :----------------- | :--------------------- | | Total current assets | 890 | 1,025 | | Electric utility plant, net | 10,645 | 10,345 | | Total assets | 12,681 | 12,544 | | Total current liabilities | 913 | 1,119 | | Long-term debt, net | 4,663 | 4,354 | | Total liabilities | 8,829 | 8,750 | | Total shareholders' equity | 3,852 | 3,794 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities significantly increased to $567 million from $364 million in the prior year. Net cash used in investing activities slightly decreased, while net cash provided by financing activities decreased due to lower proceeds from debt issuance and common stock. Overall, cash and cash equivalents increased by $44 million Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30) | Cash Flow Activity | 2025 ($M) | 2024 ($M) | | :-------------------------------------- | :-------- | :-------- | | Net cash provided by operating activities | 567 | 364 | | Net cash used in investing activities | (609) | (639) | | Net cash provided by financing activities | 86 | 276 | | Change in cash and cash equivalents | 44 | 1 | | Cash and cash equivalents, end of period| $56 | $6 | [Supplemental Operating Statistics](index=12&type=section&id=Supplemental%20Operating%20Statistics) This section provides detailed operating statistics, including revenues by customer class, energy deliveries, average retail customer numbers, sources of energy, and weather data, offering insights into operational performance [Revenues by Customer Class](index=12&type=section&id=Revenues%20by%20Customer%20Class) For the six months ended June 30, 2025, total retail revenues increased, primarily driven by a significant rise in industrial and commercial revenues. However, wholesale revenues experienced a notable decrease, leading to an overall modest increase in total revenues Revenues by Customer Class (Six Months Ended June 30) | Category | 2025 ($M) | % of Total | 2024 ($M) | % of Total | Change ($M) | Change (%) | | :------------------------ | :-------- | :--------- | :-------- | :--------- | :---------- | :--------- | | Residential | 740 | 43% | 722 | 43% | 18 | 2.5% | | Commercial | 476 | 27% | 446 | 27% | 30 | 6.7% | | Industrial | 255 | 15% | 206 | 12% | 49 | 23.8% | | Subtotal Retail | 1,490 | 86% | 1,389 | 83% | 101 | 7.3% | | Wholesale revenues | 188 | 11% | 275 | 16% | (87) | -31.6% | | **Total revenues** | **1,735** | **100%** | **1,687** | **100%** | **48** | **2.8%** | [Energy Deliveries](index=12&type=section&id=Energy%20Deliveries) Total energy deliveries for the six months ended June 30, 2025, increased by 4.3% to 15,427 thousand MWhs, up from 14,794 thousand MWhs in 2024. This growth was primarily driven by significant increases in industrial and direct access customer deliveries Energy Deliveries (Six Months Ended June 30) | Category | 2025 (MWhs in thousands) | % of Total | 2024 (MWhs in thousands) | % of Total | Change (MWhs) | Change (%) | | :------------------------ | :----------------------- | :--------- | :----------------------- | :--------- | :------------ | :--------- | | Residential | 3,797 | 25% | 3,851 | 26% | (54) | -1.4% | | Commercial | 3,178 | 20% | 3,176 | 21% | 2 | 0.1% | | Industrial | 2,814 | 18% | 2,390 | 16% | 424 | 17.7% | | Direct access (Commercial)| 264 | 2% | 247 | 2% | 17 | 6.9% | | Direct access (Industrial)| 956 | 6% | 847 | 6% | 109 | 12.9% | | **Total energy deliveries** | **15,427** | **100%** | **14,794** | **100%** | **633** | **4.3%** | [Average Number of Retail Customers](index=12&type=section&id=Average%20Number%20of%20Retail%20Customers) The average number of retail customers increased by 1.4% to 953,603 for the six months ended June 30, 2025, compared to 940,231 in 2024. Growth was observed across all segments, with direct access customers showing the highest percentage increase Average Number of Retail Customers (Six Months Ended June 30) | Category | 2025 | % of Total | 2024 | % of Total | Change | Change (%) | | :------------------------ | :-------- | :--------- | :-------- | :--------- | :------- | :--------- | | Residential | 838,516 | 88% | 826,297 | 88% | 12,219 | 1.5% | | Commercial | 114,211 | 12% | 113,223 | 12% | 988 | 0.9% | | Industrial | 217 | —% | 206 | —% | 11 | 5.3% | | Direct access | 659 | —% | 505 | —% | 154 | 30.5% | | **Total** | **953,603** | **100%** | **940,231** | **100%** | **13,372** | **1.4%** | [Sources of Energy](index=13&type=section&id=Sources%20of%20Energy) For the six months ended June 30, 2025, total system load increased by 1.8%. Total generation increased by 9.5%, primarily driven by a 15.6% rise in natural gas generation. Conversely, total purchased power decreased by 7.2%, mainly due to a significant reduction in unspecified and natural gas purchased power, partially offset by increases in hydro and solar purchased power Sources of Energy (Six Months Ended June 30) | Source Category | 2025 (MWhs in thousands) | % of Total | 2024 (MWhs in thousands) | % of Total | Change (MWhs) | Change (%) | | :------------------------ | :----------------------- | :--------- | :----------------------- | :--------- | :------------ | :--------- | | **Total generation** | **8,458** | **58%** | **7,726** | **53%** | **732** | **9.5%** | | Natural gas (Generation) | 5,396 | 37% | 4,669 | 32% | 727 | 15.6% | | Wind (Generation) | 1,465 | 10% | 1,538 | 11% | (73) | -4.7% | | **Total purchased power** | **6,180** | **42%** | **6,658** | **47%** | **(478)** | **-7.2%** | | Hydro (Purchased) | 3,772 | 26% | 3,415 | 24% | 357 | 10.5% | | Solar (Purchased) | 593 | 4% | 497 | 3% | 96 | 19.3% | | Natural Gas (Purchased) | — | —% | 94 | 1% | (94) | -100.0% | | Source not specified (Purchased) | 1,170 | 8% | 1,846 | 13% | (676) | -36.6% | | **Total system load** | **14,638** | **100%** | **14,384** | **100%** | **254** | **1.8%** | [Weather Data (Degree-days)](index=13&type=section&id=Weather%20Data%20(Degree-days)) For the six months ended June 30, 2025, both heating and cooling degree-days were below their 15-year averages, indicating milder weather conditions. Heating degree-days were 8% below average, and cooling degree-days were 3% below average Year-to-date Weather Data (June 30) | Metric | 2025 | 2024 | 15-year Avg. | (Decrease) from Avg. | | :---------------- | :--- | :--- | :----------- | :------------------- | | Heating Degree-days | 2,236 | 2,302 | 2,425 | (8)% | | Cooling Degree-days | 106 | 108 | 109 | (3)% |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-5532-99 PORTLAND GENERAL ELECTRIC COMPANY (Exact name of registrant as specified in ...

Core Viewpoint - The utility sector is poised for significant growth due to a surge in electricity demand driven by advancements in artificial intelligence, data centers, and electric vehicles, with a projected increase in demand of 55% over the next 20 years compared to just 9% from 2000 to 2020 [3][4]. Industry Trends - Electricity demand grew by 9% from 2000 to 2020, but is expected to grow by 55% over the next two decades [3]. - The demand for electricity from AI and data centers is projected to increase by 300% in the next decade, while electric vehicles are expected to drive a staggering 9,000% increase in electricity demand by 2050 [4]. - By the middle of the century, electricity is projected to account for 32% of final energy demand, up from 21% [4]. Investment Opportunities - Vanguard Utilities Index Fund ETF (VPU) offers diversified exposure to the utility sector with a yield of approximately 2.8% [6]. - NextEra Energy (NEE) has a strong growth platform with a 10% annualized dividend increase over the past decade and a yield of around 3.2% [7][8]. - The Southern Company (SO) has recently started two nuclear reactors, enhancing its clean energy supply and yielding 3.2% [9]. - Duke Energy (DUK) focuses on regulated utility customer bases, with a dividend yield of about 3.5% [10]. - Dominion Energy (D) has a higher yield of 4.7% but has faced challenges with a dividend cut [11]. - Black Hills Corporation (BKH) has achieved Dividend King status with a yield of 4.8% and a growing customer base [12]. - Constellation Energy (CEG) operates the largest nuclear power fleet in the U.S. but has a lower yield of 0.5% [13]. - Brookfield Renewable offers a diversified clean energy investment with yields of 5.8% for the partnership class and 4.5% for the corporate class [14][15]. - Portland General Electric (POR) has a yield of 5.1% and operates in a region with potential for data centers despite wildfire risks [17]. - Eversource Energy (ES) focuses on regulated utility assets with a yield of approximately 4.7% [18]. Long-term Outlook - The trends driving electricity demand are expected to unfold over decades, presenting opportunities for long-term investors to build wealth as the demand growth story develops [19].

Investors interested in stocks from the Utility - Electric Power sector have probably already heard of Portland General Electric (POR) and Pinnacle West (PNW) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estim ...

Investor Presentation PORTLAND GENERAL ELECTRIC June 18, 2025 Cautionary statement Portland General Electric investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 Nick White (503) 464-8073 Nicholas.White@pgn.com Sydnie Hinds (503) 464-7111 Sydnie.Hinds@pgn.com Information Current as of April 25, 2025 Except as expressly noted, the information in this presentation is current as of April 25, 2025 – the date on which PGE filed its Annual Report on Form 10-Q for the quarter ended ...