PORTLAND GENERAL ELECTRIC CO OR

2024 PERFORMANCE

We are focused on leading the clean energy future and our business is centered on three long-term imperatives: Decarbonize, Electrify and Perform. We reflect our customers, Oregon's values and our Guiding Behaviors of customer focus, valuing differences, always learning, accountability, collaboration and instilling trust. Our #1 focus is to deliver safe, reliable, affordable and clean electricity. We are enhancing our electric grid to improve reliability and integrate new, clean technologies.

Our 2024 results reflect growth from new and returning customers, enhanced operational reliability and resilience, strong safety performance and the addition of new clean energy resources and battery storage, resulting in solid earnings results. We invested over $1.26 billion in capital assets targeting customer growth, grid resiliency and decarbonization. Consistent execution during the year enabled us to deliver at the high end of both our near and long-term earnings expectations. We remain confident in our growth trajectory of 5% to 7% long-term EPS growth and we continue to provide returns to shareholders by growing our annual common stock dividend, which has increased from $1.59 to $1.98 per common share from 2020 through 2024, a compound annual growth rate (CAGR) of 5.6%.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Sustainability is an integral part of our strategy to achieve an increasingly clean and reliable energy future, which is aligned with Oregon's ambitious, economy-wide goal to combat climate change. We believe our strategy is aligned with the following stakeholder interests:

•Clean and renewable energy

•Contribution to economic growth and community development

•Increasing grid security, resiliency and reliability in the face of extreme weather, cyber and physical threats

•Effective operations and ability to meet short-term and long-term objectives

We are taking a holistic approach that balances our commitment to reducing greenhouse gas (GHG) emissions with core values that define our culture, and high standards of operations, financial management and corporate governance. We continue to implement our strategic goals: Decarbonize Power, Electrify the Economy, and Advance Our Performance to address broader sustainability commitments which are reflected in our priorities and practices, described in our 2024 Environmental, Social and Governance Report.

Our 2024 Environmental, Social and Governance Report also describes and illustrates our progress on our long-term commitments including 1) clean and renewable energy and GHG emission reductions; 2) workforce engagement and development; 3) community support; 4) environmental stewardship; and 5) sustainable green financing. Our Environmental, Social and Governance Report includes our Scopes 1, 2 and certain Scope 3 emissions, as well as disclosures referencing the Sustainability Accounting Standards Board (SASB), Edison Electric Institute (EEI) Template, Task Force on Climate-related Financial Disclosures (TCFD) framework and United Nation Sustainable Development Goals (UN SDGs).

Our Focus Areas and Priorities

Our top sustainability priorities have been informed by an extensive stakeholder-centered and inclusive analysis. The priorities are not listed in accordance to their relative importance or the impact that they have on PGE.

Our Environmental, Social and Governance Report and additional sustainability information and reports are available at https://investors.portlandgeneral.com/esg. These reports and any other information on our website are not part of, nor incorporated by reference into, this Proxy Statement. Additional information about how we will execute on our strategy can be found on our website at https://portlandgeneral.com/about/who-we-are.

Highlights

OUR CLEAN ENERGY AND GHG EMISSIONS REDUCTION GOALS•We continue to work towards our goals to reduce emissions across our company, including our goal to reduce emissions associated with power generation and supply by at least 80% by 2030•We support decarbonization through: •Increasing non-emitting energy resources and capacity in our portfolio. In 2024, 292 MW of battery storage came online, and our 311 MW Clearwater Wind Facility achieved commercial operation. Nearly 230,000 residential and small commercial customers are enrolled in PGE's Green Future Program •In order to meet our regulatory, legislative and reliability requirements, we continue to evaluate the continuation of our ownership in Colstrip•Supporting decarbonization in other sectors of the economy through energy efficiency, electrification and smart energy use•Investing in our generation facilities to reduce emissions•We support our customers’ call for clean energy through our voluntary customer programs. For the 15th year, PGE has held the U.S. Department of Energy’s National Renewable Energy Laboratory’s No. 1 ranking for the largest participation of business and residential renewable energy customers in a renewables program of any U.S. electric utility11. NREL did not release rankings in 2011

WORKFORCE ENGAGEMENT AND DEVELOPMENT•We are committed to pay equity, and offer a wide range of market-competitive benefits to our over 2,900 full-time employees •We provide employees with benefits that address their needs holistically and support their wellness, including competitive salary, medical, dental and vision insurance, ongoing training opportunities, mentorship and professional development programs, paid vacation, retirement savings with company match and tuition reimbursement•Our Guiding Behaviors give everyone a single set of standards to follow, and define our culture as customer-centric, purpose-driven and results-oriented •Our pay equity practices, training, and development opportunities for women and people of color to advance into management are hallmarks of our commitment to an inclusive workforce•Our Business Resource Groups (BRGs) allow employees to form connections, build professional networks and learn, including opportunities to meet with members of the Board of Directors•We received a $750,000 grant on behalf of the Oregon Clean Energy Workforce Coalition to support training programs and energy career resources for job seekers•We provided development programs focused on Leadership Excellence to 49 top leaders

MAKING A DIFFERENCE FOR OUR COMMUNITIES•Project Zero, an innovative and award winning program that empowers young adults and students to create cleaner, greener and more equitable communities, reached over 83,000 local K-12 students, celebrated its 5th year of the green jobs internship program and began partnering with the Portland Opportunities Industrialization Center who will manage day-to-day operations going forward•The PGE Foundation, employee/retiree donations and PGE contributed over $5 million to non-profits. The PGE Foundation improves the quality of life for Oregonians and has awarded approximately $31 million to community organizations across the state since its inception in 1997 •Our employees and retirees volunteered in the community, contributing close to 23,000 volunteer hours•We invested in event sponsorships, like the Portland Winter Light Festival, attracting more than 200,000 visitors to Portland's downtown and boosting the local business economy by over $10 million•We granted 55 scholarships through the PGE Foundation and our Board of Directors Scholarship program, focused on access to higher education for children of employees, students of color and students with demonstrated financial need•The Community Benefits and Impacts Advisory Group (CBIAG) continued to build understanding of our clean energy goals and engage with community members as collaborators on issues of energy equity and access. The CBIAG meets monthly and includes members within our service area including low income and environmental justice communities•We partner with community organizations to inform our customers about our clean energy programs, bill assistance and to connect our customers with resources to manage their energy and savings. Our website as well as PGE's mobile app are available in both English and Spanish, while our call center offers customer support in over 200 languages

Invested in Habitat RestorationPGE is committed to caring for natural habitat and creating conditions that are safe and restorative for fish and wildlife in the 11,000+ acres of wildlife habitat that we manage under various project licenses and site certificates

ENVIRONMENTAL STEWARDSHIP•We have worked for over 18 years with our partners in the Clackamas River Basin to enhance habitat for fish and wildlife that depend on a thriving river ecosystem. Fish returns have increased by 501% on the Deschutes River and 185% on the Clackamas River over our 10 year average•Our Avian Protection Plan, which includes partnerships with the U.S. Fish and Wildlife Service and the Avian Power Line Interaction Committee, works to make our infrastructure safer for birds and increases reliability for our customers. In 2024, we added or replaced more than 8,200 poles and more than 4,500 transformers with versions that feature avian-safe protective covers or design features •We continue to transform historical PGE properties. Our restoration of our Harborton property continues to see significant native wildlife gains, and we are redeveloping brownfield property for the development of a battery storage project

ENERGY AFFORDABILITY•We launched PGE+, an online platform that helps customers choose and install electrical equipment for their homes, as well as usage dashboards, rebates and incentives for energy efficiency•Our energy management programs such as Smart Thermostat, Time of Day, EV Smart Charging, Peak Time Rebates and Equal Pay allow customers to manage their energy usage and bills•We had nearly 90,000 customers enrolled in our Income Qualified Bill Discount Program, which offers discounts of 15%, 20% or 25% based on household size and total household income. Beginning in 2024, we offer discounts of 40% and 60% based on the same criteria•PGE has participated in federal clean energy grant programs totaling more than $2 billion, of which PGE has directly received nearly $470 million in grant funding, to offset the costs of clean energy projects, including grants for critical transmission upgrades, a regional clean energy hydrogen hub and for investments in grid edge computing to help maintain resilient grid operations