UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 001-05532-99 PORTLAND GENERAL ELECTRIC COMPANY (Exact name of registrant as specified in its charter) Oregon 93-0256820 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $58 million or $0.65 per share for Q3 2022, compared to $50 million or $0.56 per share in Q3 2021, reflecting strong operating performance and revenue growth [7][25] - Total revenues increased by $0.22 driven by a 4.2% increase in deliveries, primarily from high-tech industrial customers [31] - The company raised its long-term EPS growth guidance from 4% - 6% to 5% - 7% due to anticipated investment opportunities [25][45] Business Line Data and Key Metrics Changes - Industrial load increased by over 10% year-over-year, while residential load increased by 3.6% year-over-year but decreased by 2.5% when weather-adjusted [29][30] - Commercial load increased by 0.5% year-over-year but decreased by 1.3% weather-adjusted, indicating a post-pandemic recovery [30] - Overall load growth expectations have been revised to 2% from 1.5% over the next five years [9][44] Market Data and Key Metrics Changes - The regional economy remains solid with unemployment in the service territory improving to 3.2% from 4.3% in 2021 [28] - Q3 2022 experienced significant volatility in power markets due to extreme weather conditions, with peak prices reaching $1,000 per megawatt hour [20][21] - The company managed operational and market risks effectively despite challenging power market conditions [30][43] Company Strategy and Development Direction - The Clearwater Wind project, which will generate approximately 311 megawatts of capacity, is a significant step in the company's clean energy transition [13][14] - The company plans to file its clean energy plan and Integrated Resource Plan in early 2023, focusing on reliability and affordability [16][78] - The company is committed to enhancing its digitalization and operational efficiency through technology investments [19][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory supported by high-tech industrial sector growth and residential electrification patterns [75][79] - The company is focused on managing power costs and providing customers with tools to participate in the clean energy transition [23][46] - Management acknowledged the challenges posed by inflation and is actively working to offset these pressures [88] Other Important Information - The company achieved settlements totaling $130 million related to various deferral dockets, subject to final approval [12][36] - The capital investment for the Clearwater project is projected to be $415 million, with plans to come online by the end of 2023 [15][40] - The company maintains a solid balance sheet with total liquidity of $797 million as of September 30, 2022 [41] Q&A Session Summary Question: EPS growth guidance and timing - Management indicated that the 5% to 7% EPS growth guidance is a long-term projection, with 2023 being a significant year for investment [49] Question: Rate case timing for Clearwater - Clearwater is expected to be included in rates without a rate case, utilizing the Renewable adjustment clause [50] Question: Prospects for future RFPs - Management stated that it is too early to determine the specifics of future RFPs, but there are more opportunities ahead [62] Question: O&M guidance and inflation impact - Management acknowledged inflationary pressures on O&M costs but noted improvements in efficiency strategies [88] Question: Clarification on tax credits and financing - Management confirmed that tax credits associated with Clearwater will reduce customer price impacts, and they are exploring federal funding opportunities [91][95] Question: Equity needs and capital structure - Management emphasized the importance of sizing financing against capital needs to avoid unnecessary dilution [132]

Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL THIRD QUARTER 2022 Cautionary statement 2 Information Current as of October 25, 2022 Except as expressly noted, the information in this presentation is current as of October 25, 2022 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 — and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including income, balance sheet, and cash flow statements [Condensed Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) PGE's Q3 2022 net income rose to $58 million, driven by higher total revenues from increased customer prices and wholesale sales Q3 & YTD 2022 vs 2021 Income Statement Highlights (in millions, except EPS) | Metric | Q3 2022 | Q3 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $743 | $642 | $1,960 | $1,788 | | Income from Operations | $92 | $83 | $310 | $277 | | Net Income | $58 | $50 | $182 | $178 | | Diluted EPS | $0.65 | $0.56 | $2.04 | $1.98 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $9.85 billion as of September 30, 2022, primarily due to an increase in electric utility plant assets Balance Sheet Summary (in millions) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$9,849** | **$9,494** | | Total Current Assets | $750 | $688 | | Electric Utility Plant, Net | $8,292 | $8,005 | | **Total Liabilities** | **$7,089** | **$6,787** | | Total Current Liabilities | $990 | $768 | | Long-term Debt, Net | $3,286 | $3,285 | | **Total Shareholders' Equity** | **$2,760** | **$2,707** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $574 million for the nine months ended September 30, 2022, with a net decrease in cash of $34 million Cash Flow Summary - Nine Months Ended Sep 30 (in millions) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $574 | $582 | | Net Cash used in Investing Activities | ($528) | ($502) | | Net Cash used in Financing Activities | ($80) | ($43) | | **(Decrease) Increase in Cash** | **($34)** | **$37** | | Cash and Cash Equivalents, End of Period | $18 | $294 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue recognition, regulatory matters, and the impact of new legislation like the Inflation Reduction Act [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, strategic decarbonization initiatives, regulatory impacts, and capital resource allocation - PGE's strategy focuses on three key initiatives: **decarbonizing the power supply** to meet 2040 zero GHG emissions targets, electrifying other economic sectors like transportation, and performing efficiently to deliver **5-7% average long-term EPS growth**[156](index=156&type=chunk) - Net income for Q3 2022 increased to **$58 million** from $50 million in Q3 2021, driven by higher revenues from customer price increases and strong wholesale market prices[241](index=241&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk) - The company plans capital expenditures of **$750 million in 2022**, increasing to an estimated **$1.15 billion in 2023**, which includes $415 million for the Clearwater Wind project[272](index=272&type=chunk)[275](index=275&type=chunk) [Overview and Company Strategy](index=38&type=section&id=Overview%20and%20Company%20Strategy) PGE's strategy centers on decarbonization to meet Oregon's 2040 clean energy goals and achieving 5-7% long-term EPS growth - PGE is preparing a Clean Energy Plan (CEP) to meet Oregon's HB 2021 targets of **80% GHG reduction by 2030** and **100% by 2040**[153](index=153&type=chunk)[158](index=158&type=chunk) - The 2021 All-Source RFP seeks **~1,000 MW of renewable and non-emitting resources** to meet a projected need of 2,500-3,500 MW of clean resources by 2030[159](index=159&type=chunk) - PGE has entered into agreements to construct a 311 MW wind facility (Clearwater Wind), of which it will own **208 MW** with an investment of approximately **$415 million**[165](index=165&type=chunk) [Regulatory Matters](index=44&type=section&id=Regulatory%20Matters) This section details the financial impacts of the 2022 General Rate Case and significant cost deferral balances - The 2022 GRC, effective May 9, 2022, approved a **$74 million annual revenue requirement increase** and eliminated the decoupling mechanism[188](index=188&type=chunk)[190](index=190&type=chunk) - As a result of earnings tests from the GRC order, PGE recorded a **$17 million pre-tax, non-cash charge** in Q1 2022 by releasing deferrals from 2020[194](index=194&type=chunk) Key Regulatory Deferral Balances (as of Sep 30, 2022) | Item | Deferred Balance | | :--- | :--- | | COVID-19 Impacts | $34 million | | 2020 Labor Day Wildfire | $31 million | | February 2021 Ice Storm | $73 million | | Wildfire Mitigation | $25 million | [Operating Activities and Results](index=50&type=section&id=Operating%20Activities%20and%20Results) Total retail energy deliveries increased 3% year-to-date, driven by the industrial sector, while higher power costs impacted expenses Energy Deliveries Growth (YTD Sep 30, 2022 vs 2021) | Customer Class | % Increase in Energy Deliveries | | :--- | :--- | | Residential | 0% | | Commercial | 1% | | Industrial | 11% | | **Total Retail** | **3%** | - Wholesale revenues for the nine months ended Sep 30, 2022 increased by **$95 million (51%)** due to higher average sales prices and a 9% increase in sales volumes[249](index=249&type=chunk) - Generation, transmission, and distribution expenses for the nine months increased by **$22 million**, including a **$16 million impact** from the release of previously deferred amounts following the 2022 GRC earnings test[259](index=259&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained total liquidity of $797 million as of September 30, 2022, supported by a new $260 million term loan Available Liquidity as of Sep 30, 2022 (in millions) | Source | Available | | :--- | :--- | | Revolving Credit Facility | $650 | | Letters of Credit | $129 | | Cash and Cash Equivalents | $18 | | **Total Liquidity** | **$797** | - On October 21, 2022, PGE obtained a **$260 million 366-day bridge term loan** to support its capital requirements[283](index=283&type=chunk) - PGE's common equity ratio was **45.3%** as of September 30, 2022, with a long-term target of approximately 50%[284](index=284&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the company's market risks since the 2021 Annual Report on Form 10-K - There have been **no material changes** to the Company's market risk exposures since the 2021 Form 10-K filing[290](index=290&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2022 - The CEO and CFO concluded that as of September 30, 2022, the company's disclosure controls and procedures were **effective**[291](index=291&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[292](index=292&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the financial statements for details on contingencies and various governmental investigations - For details on legal proceedings, the report refers to **Note 8, Contingencies**, in the financial statements[294](index=294&type=chunk) [Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors disclosed in its 2021 Annual Report on Form 10-K - There have been **no material changes** to the company's risk factors since the 2021 Form 10-K filing[295](index=295&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the third quarter of 2022 - PGE **did not repurchase any of its common stock** during the third quarter of 2022[296](index=296&type=chunk) [Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including a new credit agreement and CEO/CFO certifications - A new **366-Day Bridge Credit Agreement** dated October 21, 2022, is included as Exhibit 10.1[297](index=297&type=chunk)

Portland General Electric Company (NYSE:POR) Q2 2022 Results Conference Call July 28, 2022 11:00 AM ET Company Participants Jardon Jaramillo - Senior Director, Investor Relations, Treasury & Risk Management Maria Pope - President & CEO Jim Ajello - Senior Vice President-Finance, CFO & Treasurer Conference Call Participants Ryan Greenwald - Bank of America Insoo Kim - Goldman Sachs Sophie Karp - KeyBanc Anthony Crowdell - Mizuho Steve Fleishman - Wolfe Research Operator Good morning, everyone, and welcome to ...

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, 2022 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 ...

Portland General Electric Company (NYSE:POR) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET Company Participants Jardon Jaramillo - Senior Director, Investor Relations, Treasury & Risk Management Maria Pope - President & CEO Jim Ajello - Senior Vice President-Finance, CFO & Treasurer Conference Call Participants Insoo Kim - Goldman Sachs Peter Bourdon - Mizuho Ryan Greenwald - Bank of America Sophie Karp - KeyBanc Travis Miller - Morningstar Aditya Gandhi - Wolfe Research Nicholas Campanella - ...

Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2022 Cautionary statement 2 Information Current as of April 28, 2022 Except as expressly noted, the information in this presentation is current as of April 28, 2022 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 — and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law. Forwar ...

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 March 31, 2022 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 i ...

Company Overview and Strategy - Portland General Electric (PGE) has approximately 900,000 retail customers within a service area of 2 million residents, with 75% of Oregon's commercial and industrial activity occurring in its service area[11] - PGE is committed to a 100% clean energy framework by 2040, mandated by HB 2021, with interim targets of 80% reduction in greenhouse gas emissions by 2030 and 90% by 2035[11] - The company aims for long-term EPS growth of 4% to 6% from a 2019 base year, and dividend growth of 5% to 7%[17] - PGE plans to reduce greenhouse gas emissions from power served to Oregon retail customers by at least 80% by 2030 and 100% by 2040[22, 56] Financial Performance and Investments - PGE's 2021 revenue was $2.4 billion, with diluted earnings per share of $2.72[11] - Net utility plant assets totaled $8.0 billion as of December 31, 2021[11, 12] - The company projects capital expenditures of $660 million in 2022, with approximately $405 million allocated to transmission and distribution, $110 million to generation, $110 million to general business and technology, and $35 million to the Integrated Operations Center[29, 30] - Total liquidity as of December 31, 2021, was $843 million, including $650 million in credit facilities, $141 million in letters of credit, and $52 million in cash[51, 52] Regulatory and Environmental Initiatives - PGE is seeking up to approximately 1,000 MW of renewable and non-emitting resources through a 2021 RFP, including 375 to 500 MW of renewables, 375 MW of non-emitting capacity, and 100 MW of renewables for the Green Future Impact program[33] - The company is targeting an 80% reduction in emitting resources by 2030, shifting from a 2022 resource mix of 49% gas, 21% hydro, 19% wind & solar, and 11% coal to 80% non-emitting resources[60, 62] - PGE is accelerating the depreciation of its 20% ownership interest (296 MW) in Colstrip units 3 and 4 by 2025 and retired the Boardman Coal plant in Q4 2020[69, 70]