Portland General Electric Co · NYSE:POR
Portland General Electric — Investor Presentation (May 2026)
30 slides from Portland General Electric's investor presentation, May 12, 2026
Slide 1: Investor Presentation
Investor Presentation PORTLAND GENERAL ELECTRIC May 12, 2026
Slide 2: Cautionary statement
Cautionary statement Information Current as of May 12, 2026 Except as expressly noted, the information in this presentation is current as of May 12, 2026 - 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 r
Slide 3: Current Topics of Focus
Current Topics of Focus
Slide 4: Expanding PGE's regional footprint
Expanding PGE’s regional footprint PGE’s acquisition of the WA Utility will enhance scale, diversify Pacific Northwest presence and broaden future rate base investment Service Areas and Key Assets Key Company Metrics Illustrative Rate Base Growth(1) Customers Tx miles Dx Miles Rate Base (2026E) Empl
Slide 5: Strategic rationale
Strategic rationale Regulated Operations with Attractive Washington Utility Scale, Investment and Customer Growth Benefits for Customers Shareholder Value Builds on existing operations in Washington since 2014 at the Tucannon River Wind Farm WA utilities benefit from constructive regulation, includi
Slide 6: Executing to deliver shareholder value
Executing to deliver shareholder value Strong customer growth and clean energy demand support accretive rate base investment $ Billions Avg CWIP $0.9 $1.0 $1.0 $1.1 $1.1 (1) Amounts presented are for illustrative purposes and represent potential values assuming 50% ownership of available MWs in the
Slide 7: Remainder of Year Outlook: Commitment to Cost Management
Remainder of Year Outlook: Commitment to Cost Management Q1 was 25 cents below our internal expectations, with 9 cents attributed to timing. The remaining variance is expected to be mitigated through the following actions: Incremental O&M reduction (12 cents): Pulling forward targeted 2027 savings i
Slide 8: Advancing recovery and financing flexibility
Rate effective date November 2025 Rate effective date April 2026 Advancing recovery and financing flexibility Regulatory proceedings 8 Distribution System Plan ARM Seaside ARM Corporate structure update Notified OPUC of intent to file for application May 2025 Filed application request wi
Slide 9: Investment opportunity from RFPs
Investment opportunity from RFPs 2023 RFP(1) (1) Timelines subject to change depending on the quantity and complexity of bids received, should circumstances require, and regulatory processes 9 Submitted final shortlist to OPUC, containing ~5 GWs of renewable and non-emitting capacity projects Q1’2
Slide 10: Comprehensive wildfire risk management
Strategy development Planned mitigations Seasonal mitigations Comprehensive wildfire risk management Developing a year-round strategy through mitigation planning which is informed by risk methodology and assessment Implementing a systematic, risk-informed approach through grid design & system harden
Slide 11: Track record of diversified load growth
Long running industrial growth (MWh in thousands)(1)(2) Track record of diversified load growth As of December 31, 2025 Includes energy deliveries to commercial and industrial customers that purchase their energy from ESSs * New or incremental contracted amounts since the third quarter of 2025 2.9%
Slide 12: Capturing high-tech and data center demand
Capturing high-tech and data center demand Values represent customer capacity. As of January 31, 2026 Firm growth driven by diverse technology customers Pacific subsea cables land in Oregon, supporting data center expansion Source: TeleGeography Data Center Size and Types in PGE’s Area ~130 MW avera
Slide 13: The Company
The Company
Slide 14: PGE, Oregon's largest utility
PGE, Oregon’s largest utility Quick facts Single state service territory, vertically integrated energy company that generates, transmits and distributes electricity Approximately 960,000 retail customers within a service area comprised of approximately 2 million residents(1) Roughly two-thirds of Or
Slide 15: Largely urban service territory with sustained growth in semiconductor and data center demand
Largely urban service territory that is experiencing sustained growth in semiconductor and data center demand Forecasting 3% long-term load growth, through 2030 Forecasting 10% long-term load growth from data center and high-tech customers (2025 – 2030) 2,500 to 3,500 MW of additional non-emitting r
Slide 16: Capital expenditures forecast
Note: Dollar values in millions. Capital expenditures exclude allowance for funds used during construction. These are projections based on assumptions of future investment. Actual amounts expended will depend on various factors, including, but not limited to, siting, permitting, tariffs and supply c
Slide 17: Key Strengths
Key Strengths
Slide 18: Long-term financial performance
(2) $2.33 $3.01 $2.77 Accounting ROE(3) 8.5% 7.5% 8.8% 7.7% 8.8% - 9.3%(4) Allowed ROE 9.5% 9.5% 9.5% 9.34% 9.34% GAAP EPS (diluted) Long-term 5% to 7%(2) earnings growth from $3.08, the midpoint of original 2024 adjusted earnings guidance Long-term financial performance Adjusted Non-GAAP Guidance(7
Slide 19: Proven dividend growth
5.5% CAGR(1) 5.0% CAGR(2) Actual Payout Ratio Long-term dividend growth guidance of 5-7%(4) 70% 60% Dividends declared per common share(3) Target Payout Ratio (4) Proven dividend growth Compound Annual Growth Rate from 2017 through 2026E Compound Annual Growth Rate from 2022 through 2026E Represents
Slide 20: Liquidity and financing
Credit Facilities $741 Letters of Credit $205 Total Liquidity: $954 million as of March 31, 2026 dollars in millions Cash $8 Ratings S&P Moody’s Senior Unsecured BBB+ A3 Outlook Stable Stable 2026 Credit Metric Estimate(1) 19.4% FFO 19.7% CFO pre WC Liquidity and financing Expected 2026 debt financi
Slide 21: Clean energy and transmission investment
Clean energy and transmission investment Renewable Projects New resources that provide emissions-free energy for PGE customers Clearwater Wind Facility 311 MW of wind generation, located in Eastern Montana Constable Battery Energy Storage System 75 MW of non-emitting capacity, located in Hillsboro,
Slide 22: Transmission investments
Transmission investments 3) Regional, Interregional Projects 1) PGE’s System Expand access to least cost intermittent resources, creating geographic diversity to integrate a variety of resource types across regions Last mile(1) Through PGE service area(1) Connects the NW 2) Pacific Northwest Essenti
Slide 23: 2025 resource mix and emissions
All 2025 emissions data is preliminary and subject to change as internal review procedures are performed. Certain emissions information is subject to review and approval by ODEQ and Environmental Protection Agency. 1. Percentages above represent 2025 resource mix from PGE’s total system load, inclus
Slide 24: Operational excellence
0.17 2024: 0.26 Operational excellence Note: All data is as of December 31, 2025, unless otherwise noted Excluding major event days. Benchmarked against the 2024 Institute of Electrical and Electronics Engineers (IEEE) Reliability survey System Average Interruption Duration Index (SAIDI)(1) 1st Quar
Slide 25: Customer focus
Customer focus PGE PROGRAMS Enrolled nearly 105,000(3) households in our Income-Qualified Bill Discount Program CUSTOMER SATISFACTION #1 Continued position as number 1 ranked renewable power program in the United States for 16 years according to the National Renewable Energy Laboratory (2024) (2) Fo
Slide 26: Appendix
Appendix
Slide 27: Annual power cost update tariff
Annual power cost update tariff resets prices based on forecast of net variable power costs (NVPC) for the coming year PGE absorbs 100% of the power costs/benefits within the deadband range Amounts outside the deadband are shared 90% with customers and 10% with PGE, subject to an earnings test appli
Slide 28: 2026 Earnings Sensitivities
2026 Earnings Sensitivities Sensitivity Full-Year Adjusted EPS Impact Load Growth - Residential(1) ± 1% ± $0.07 Load Growth – Commercial(1) ± 1% ± $0.03 Load Growth – Industrial(1) ± 1% ± $0.01 O&M Expense ± $10 million ± $0.06 Interest Rates(2) ± 25 bps ± $0.02 Effective Tax Rate ± 1% ± $0.04 Assum
Slide 29: Non-GAAP measures
This presentation contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes
Slide 30: Non-GAAP Earnings Reconciliation
Non-GAAP Earnings Reconciliation for the year ended December 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the year ended December 31, 2022 $233 $2.60 Exclusion of 2020 Wildfire and COVID deferral reversal 17 0.19 Tax effect (1) (5) (0.05) Non-GAAP as reporte
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