PORTLAND GENERAL ELECTRIC CO /OR/

PGE’s principal property, plant, and equipment are generally located on land owned by the Company or land under the control of the Company pursuant to existing leases, federal or state licenses, easements, or other agreements. In some cases, meters and transformers are located on customer property. The Indenture securing the Company’s FMBs constitutes a direct first mortgage lien on substantially all utility property and franchises, other than expressly excepted property.

Generating Facilities

The following are generating facilities owned by PGE as of December 31, 2025 (in MW):

(1)

Represents net capacity of generating unit as demonstrated by actual operating or test experience, net of electricity used in the operation of a given facility.

(2)

Represents nameplate ratings. A generator’s nameplate rating is its full-load capacity under normal operating conditions as defined by the manufacturer.

(3)

Represents most favorable operating conditions, which refers to the set of optimal circumstances under which a power plant or energy generation system can achieve its maximum output capacity efficiently and reliably.

(4)

Represents PGE’s ownership share.

(5)

PGE has a 20% ownership interest in the facility, which is operated by Talen Montana, LLC.

(6)

PGE has a 50.01% ownership interest in the Pelton/Round Butte hydroelectric project.

PGE’s hydroelectric projects are operated pursuant to FERC licenses issued under the FPA. The licenses for the hydroelectric projects on the three different rivers expire as follows: Clackamas River, 2055; Willamette River, 2035; and Deschutes River, 2055.

Energy Storage Facilities

The following are energy storage facilities owned by PGE as of December 31, 2025 (in MW):

Transmission and Distribution

PGE owns or has contractual rights associated with transmission lines that deliver electricity from its generation facilities to its distribution system in its service territory and also to the Western Interconnection. As of December 31, 2025, the PGE-owned electric transmission system consisted of 1,744 circuit miles as follows: 287 circuit miles of 500 kV line; 414 circuit miles of 230 kV line; 577 miles of 115 kV line; and 466 miles of 57 kV line. The Company also has 29,251 circuit miles of distribution lines that deliver electricity to its customers. PGE also has an ownership interest in, and capacity on, the following:

•

14% of the 2,260 MW transmission facilities between the Colstrip switchyard and the Broadview switchyard, near Billings, Montana, and 16% of the 1,930 MW transmission facilities between the Broadview switchyard and the interconnection point with BPA’s transmission system near Townsend, Montana; and

•

20% of the Northwest AC Intertie, a 4,800 MW transmission facility between the John Day Substation, near the Columbia River in northern Oregon, and Malin, Oregon, near the California border. The Northwest AC Intertie is used primarily for the transmission of interstate purchases and sales of electricity among utilities, including PGE.

In addition, the Company has contractual rights to a total of 4,335 MW of BPA’s transmission systems, and 300 MW of Northwestern Energy’s transmission systems.

Non-utility Real Estate

PGE owns, through a wholly owned subsidiary, its corporate headquarters building located in Portland, Oregon. As of December 31, 2025, the non-utility property, plant, and equipment balance, net of accumulated depreciation was $76 million, recorded in Other noncurrent assets on the Company’s consolidated balance sheets in Item 8.—“Financial Statements and Supplementary Data.”

PGE also owns unregulated properties that are currently or previously leased to third parties and located adjacent to PGE’s T.W. Sullivan hydro generating facility. PGE has recorded a non-utility ARO related to this site. For more information regarding the Company’s AROs, see “Asset Retirement Obligations” within the “Critical Accounting Policies and Estimates”section of Item 7.—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 8, Asset Retirement Obligations in the Notes to Consolidated Financial Statements in Item 8.—“Financial Statements and Supplementary Data.”