PORTLAND GENERAL ELECTRIC CO /OR/

Other than the items noted below, there have been no material changes to PGE’s risk factors set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025.

Trade tariffs and related market volatility and supply chain disruptions could increase PGE’s operating costs, impair PGE’s ability to complete capital projects, and impede access to capital markets.

Recently imposed trade tariffs could negatively impact PGE’s financial condition, results of operations, and cash flows. While the impact of these trade tariffs is difficult to predict at this time, economic volatility, supply chain disruption, or cost increases triggered by these trade tariffs could negatively affect PGE’s ability to execute its strategic plan. Adverse capital and credit market conditions caused by the new trade tariffs could negatively affect the Company’s access to capital, cost of capital, and ability to complete capital projects.

The perceived risk of wildfire exposure could adversely affect PGE’s access to capital, hinder the Company’s ability to execute its strategic plan, and increase costs.

The lack of legislation limiting wildfire-related liability or providing a wildfire relief fund may impact PGE’s credit rating, which could hamper the Company’s ability to attract capital and invest in the infrastructure required to meet emissions targets and customer reliability needs. PGE may face barriers to securing cost-efficient contracts if there is a perceived risk of utility financial losses related to wildfire. Business partners may be forced to increase prices to recognize the unresolved financial exposure that PGE presents as a counterparty.