2 0 2 2 E N V I R O N M E N TA L , S O C I A L & G O V E R N A N C E ( E S G ) R E P O R T

Advancing towarda clean energy futureAbout this Report
This report outlines Portland General Electric’s
commitment to sustainability as core to our businessand details our performance in calendar year 2022.
We disclose data under the Edison Electric Institute(EEI) ESG Quantitative Template, Sustainability
Accounting Standards Board (SASB) and Task Forceon Climate-Related Financial Disclosures (TCFD)
to provide stakeholders information about how we
identify, measure and manage the subset of ESG
topics that most directly impact long-term enterprisevalue. The inclusion of information in this report should
not be contrived as characterization regarding themateriality or financial impact of that information.

For more information on our ESG Report, please contact:
Kristen Sheeran

Jardon Jaramillo

Director, Sustainability Strategy& Resource Planning

Senior Director, Finance,
Investor Relations & Risk Management

Kristen.Sheeran@pgn.com

Jardon.Jaramillo@pgn.com

DeAngeloa Wells

For general inquiries:

Director, Diversity, Equity & Inclusion

503-464-2067

DeAngeloa.Wells@pgn.com

Contents

01

02

03

08

04	Our Sustainability Journey09	2022 GHG Emissions at a Glance

Letter From Our CEO

How We Approach Sustainability
05	Alignment With UN SDGs
06	2022 Sustainability Target
Highlights

Letter From Our Director of
Sustainability Strategy andResource Planning

Environment
10

Confronting the Climate Change
Challenge

18	Protecting Water, Land and Wildlife

20

28

21

29	Sustainability Governance

Our Social Impact
Empowering Our Customers andStrengthening Our Communities

Governance & Ethical Conduct

31

ESG Data Tables
32	2022 Sustainability AccountingStandards Board (SASB) Report41	2022 Task Force on Climate-Related
Financial Disclosures (TCFD)
55	2022 Edison Electric Institute (EEI)
Quantitative Information64	2022 ESG Report Key Metrics
66	Forward-Looking Statementsi|Portland General Electric2022 ESG ReportTable of Contents

ABOUT PORTLAND GENERAL ELECTRIC:

For more than 130 years,
we’ve been powering people’s lives
We serve over 900,000 customers with a service area population of
1.9 million Oregonians in 51 cities. Our 2,800 employees are deeply committed
to serving our customers and communities.

PURPOSE:We exist to power the advancement of society
We energize lives, strengthen communities and foster energy solutions that
promote social, economic and environmental progress.

VISION:To lead the clean energy future
Together with our customers, stakeholders and communities, we are leading theenergy transformation by decarbonizing, electrifying and performing.

CORPORATE STRATEGIC IMPERATIVES:

Decarbonize

Electrify

Perform

Reduce greenhouse gas emissions

Increase beneficial electricity use

Improve efficiency, safety andassociated with electricity served to

to capture the benefits of new

system and equipment reliability

retail customers by at least 80% bytechnologies while building an

while maintaining affordable energy

2030 and 100% by 2040.

increasingly clean, flexible andservice and growing earnings per

reliable grid.

share 5% to 7% annually.

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Portland General Electric2022 ESG ReportTable of Contents

Advancing Our Clean Energy Future2022 ESG Report letter from our President & CEO
As we navigated another year of
dynamic social, economic, and climaticchange, we experienced how important
it is to have a business strategy to serve
our customers that is grounded in
Environmental, Social and Governance(ESG) values and best practices. Theinterconnection between people,
business and the environment has neverbeen more profound.
We faced record summer heat andsevere winter storms, highly volatileenergy markets and challenging supply
chain and labor market conditions.
We delivered reliable, affordable
and increasingly clean power for ourcustomers by investing in resiliency,
procuring and integrating renewableenergy resources, advancing solutions
that empower customers to better
manage their energy use, anddeveloping a talented and diverse
workforce. Our ESG values are
deeply embedded in our daily workand operations as we engage ourcommunities and the world around us.
As Oregon’s largest electricity
provider, we recognize our significant
responsibility to address the challenges
of climate change head on. Our 2022
ESG Report shares our progress inleading the clean energy transition
across our service territory, whilebalancing access, affordability and thereliability of energy services. It also
reflects our efforts to advance social
equity, create lasting value for ourcommunities, restore and protect theecosystems under our management,

and safeguard the health and safety of
our workforce. The following are someof our key achievements throughout
the year:

18,000 volunteer hours with total
charitable giving from employees,
retirees, corporate match, and the PGE
Foundation of $5.5 million.

• We brought the first-of-its scale
combined wind, solar, and storage
facility at Wheatridge fully online,
and announced plans for the new
Clearwater 311 MW wind energy facility
to serve customers by close of 2023.
Combined, these two facilities power
hundreds of thousands of homes.

• Our efforts to protect the 11,000
acres of land and water we are
privileged to steward resulted insignificant improvements in fishpassage around dams for juvenile
steelhead and Chinook salmon and a
90% recycling and reuse rate for wastematerials from the decommissioning
and demolition of Oregon’s last coalfired power plant.

• We reported further reductions in
the emissions intensity of our resource
portfolio as we advance toward our goalof serving customers with 100% clean
electricity and achieving net zero GHG
emissions company-wide by 2040.
• We entered a new phase of oursustainable finance strategy by closing
on our sustainability-linked revolving
credit facility, executing a $499 million
equity forward sale agreement andissuing $460 million in debt, of which$100 million was funded in 2023 tofinance eligible green investments
under our new Green Financing
Framework.
• Amidst tight labor market
conditions, we continued to attract
and retain a diverse workforce, withwomen accounting for a third andBlack, Indigenous and People of Color(BIPOC) employees more than a fourth,of the leadership at our company.

As we look to the clean energy future
and the transition that is well at hand,
we commit to holding ourselves tothe highest standards on behalf of ourcustomers, employees, investors
and partners.
Together we can navigate theuncertainties ahead to power a more
equitable, prosperous economy, build
vibrant communities and enhance ourenvironment. It will take all of us working
together to realize this potential for
people and the planet. PGE stands readyand is proud to do its part.

Maria Pope
President and CEO, PGE• Community involvement remained
paramount, with PGE employees
and retirees having completed over

Our ESG Values are deeply embedded
in our daily work and operations as weengage our communities and the world
around us.
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Portland General Electric2022 ESG ReportTable of Contents

A Future Rooted in Sustainability
2022 ESG Report letter from our Director of Sustainability Strategy & Resource Planning
At PGE, we are privileged to serve
Oregon communities with essential
electricity service, steward critical
habitats and lead the clean energy
transition. Our responsibilities are
significant and we are continuously
evolving our ambitions and bestpractices to advance sustainability andsocial equity. We are firmly committed
to a future in which all our customers,
employees and communities can thrive.
Over the course of our sustainability
journey, we have learned how aligning
our business with ESG principles
creates lasting value and delivers
better outcomes for our customers,
communities, employees andshareholders. Our ESG efforts havesupported capital raises through green
financing. They have helped us to
identify and mitigate risks from climatechange and prioritize investments
in clean energy and resilience. ESG
has strengthened our work on equity
and encouraged us to become
more intentional in listening to, andaccounting for, the varied needs of all
our customers. Our strong track recordon ESG has contributed to attracting
and retaining diverse and talented
employees who generously give backto their communities.

Our 2022 ESG report discloses ourprogress in reducing environmental
impact, protecting health and safety,
advancing a clean energy economy,
restoring species and ecosystems,
fostering diversity, equity, and inclusion
in our workplace and communities, andpracticing good governance. Annual
ESG reporting is an important part of
how we hold ourselves accountableto our values and goals and align ouractions to the high expectations of ourcustomers, communities, shareholders
and employees.
Though our service territory is local
to Oregon, we view our commitment
to sustainability and our responsibility
to address climate change as
fundamentally global. That is why inthis year’s ESG report, we demonstrate
how we are driving progress toward
the United Nations Sustainable
Development Goals — 17 interlinked
global goals aimed at achieving
peace and prosperity for people
and the planet.
This year, we are excited to report thedetails of our Clean Energy Plan andthe steps we are taking to achieve
an 80% reduction in emissions frompower served to retail customers

by 2030, on the path to 100% clean
electricity and net zero GHG emissions
company-wide by 2040, in line with thebest available climate science. Balancing
a rapid transition from fossil fuelswith the need to maintain affordable
and reliable energy service for all is amajor undertaking and one we take incollaboration with partners across theenergy economy. Our customers havea critical role to play in this transition
too, as we empower them with the tools
and technologies to generate and store
their own power, electrify their vehicles,
homes and businesses and manage theirenergy costs.
The path ahead remains challenging,but our business strategy, informed byour strong ESG values, track recordand commitment to an equitable andsustainable future will continue toguide us.

Kristen Sheeran, PhD
Director of Sustainability Strategy &Resource Planning, PGE

Portland General Electric is committed
to a future for Oregon in which all ourcustomers, employees and communities
can thrive.

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Portland General Electric2022 ESG ReportTable of Contents

How We Approach
Sustainability

Customers count on us, as they
have for more than 130 years, topower their lives with safe, reliable
and affordable energy.
Sustainability is core to our business and to our values.
Sustainability at PGE is also firmly rooted in our commitment
to advancing equity in the communities we serve. We seek
solutions that reduce environmental impacts from ouroperations, protect the safety, health and well-being of ouremployees and partners; and build lasting value for all our

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Portland General Electric

customers and shareholders. Our customers, communities,
employees and partners are firmly at the center of PGE’s
sustainability efforts.
We strive to continuously improve our ESG practices. In
2022, we continued to advance an integrated ESG approachto create lasting value while providing safe, reliable andaffordable clean energy solutions, identifying ways to help
manage costs for customers, protecting the environment inwhich we operate and listening to the diverse needs of all ourcustomers to deliver an equitable energy future for all.
Read our Sustainability Policy

2022 ESG ReportTable of Contents

Our Sustainability Journey
Key Moments & Disclosure Timeline

Our customers have relied on us for more than 130 years. We have a solid trackrecord as it relates to ESG performance — but we are continuously evolving ourambitions and efforts to match the most pressing environmental and social
equity challenges of our time.

2007

2009

2010

PGE’s first wind farm, Biglow
Canyon Wind Farm, begins
generating electricity, withan installed capacity of
125 megawatts of electricity

First Renewable
Portfolio Standard (RPS)
Implementation Plan filed

Agreement reachedwith stakeholders to end
operations at Boardman
Generating Station a firstof its kind agreement toconsider closure as a formof pollution control

2019
For the 10th year
PGE customers
led the nation in
renewable power
adoption

2020
PGE and Portland Public
Schools partner to create
first-in-the-nation K-12
climate literacy curriculum2019
Launched
Smart Grid Test Bed
Added SASB
Framework and EEIESG Quantitative
Sustainability
Template to
Sustainability Report

2020
Permanently shuttered
Boardman Generating Station,
eliminating coal generationin Oregon
First stand-alone ESG Reportpublished, including
disclosures aligned with
the TCFD framework

2022
Issued green bonds to financeor refinance investments
in assets and projects that
advance our sustainability
goals

04

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Portland General Electric2022
Issued the Company’s
first Human Rights
Policy Statement
Began reportingon progress toward
UN SDGs

2015
Achieved
15% Renewable
Portfolio Standard
requirement
First year ofreporting forsustainability
progress

2016
Collaborated onpassage of Oregon
Clean Electricity and
Coal Transition Plan law,doubling the state’s RPS
standard to 50%, while
requiring PGE to remove
coal from PGE’s energy
mix by date-certain

2019

2018

2018

PGE and NextEra Energy
Resources announced
development of
Wheatridge Renewable
Energy Facility, thenation’s first major energy
facility co-locating wind,solar and battery storage

Formalized PGE
Diversity, Equity& Inclusion OfficeFirst Transportation
Electrification Planapproved by OPUC, withnew investments to support
electric vehicle adoption,
including public transit buses

2020

2021

2021

Announced voluntary
goal to achieve net
zero emissions acrossthe Company’s total
operations by 2040

First U.S. utility tosign The Climate
Pledge, committing
to net zero emissions,
10 years ahead of theParis Accords

Collaborated with
Oregon lawmakers andstakeholders to pass
one of the nation's mostambitions mandatory
emissions reduction
targets in the power
sector (HB 2021)

2021

2021

2021

Daimler Truck North America
and PGE open first-of-itskind heavy-duty electrictruck charging site

Placed $150 million
in green bonds
following recent
closing on $650 million
sustainability-linked
revolving credit facility

PGE Board of Directors
expands ESG oversight
through amending
Nominating and Corporate
Governance Committee
charter to include oversightof sustainability and
ESG matters

2022 ESG ReportTable of Contents

Alignment
With United Nations
Sustainable
Development Goals(UN SDGs)

We primarily focus on five UN SDGs that mostdirectly align with our values and on which we
believe we can create the greatest impact:

Though PGE is an Oregon
utility, we understand ourbroader global responsibility
to advance sustainability.
That is why in this year’s ESG
report, PGE demonstrates
how we are driving progress
toward the United Nations
Sustainable Development
Goals, 17 interlinked global
goals aimed at achieving
peace and prosperity forpeople and the planet.

"Our service territory may bein Oregon, but our actions
have global consequences.
PGE recognizes the vitalrole decarbonization plays
for all communities andthe importance of theUnited Nations Sustainable
Development Goals
to guide progress ona universal scale.”
Maria Pope
CEO

05

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Portland General Electric2022 ESG ReportTable of Contents

2022 Sustainability Target Highlights
Environmental Targets

GHG Emissions Reduction Target
Target to reduce GHG emissions from power served to retail customers within the state of Oregon
8.1 MMTCO2e
Baseline(2010-2012
avg. emissions)6.06 MMTCO2e1

1.62 MMTCO2e

2022

2030 Target

25% emission reduction
from baseline

80% emission reduction
from baseline

0 MMTCO2e
2040 Target

100% emission reduction
from baseline

Net-zero Emissions Target
We have set a goal to achieve net-zero emissions from PGE's Scope 1, 2 and 3 sources of emissions
8.25 MMTCO2e1

Net Zero

2022

2040 Target

Scope 1, 2, 3 emissions

Non-emitting Resources Target
Our progress to achieve 100% clean electricity serving retail customers in the state of Oregon
39%1

100%

2022

2040 Target

1.

Refer to page 09 for additional information related to this metric.

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Portland General Electric2022 ESG ReportTable of Contents

Social Targets

Diverse Supplier Target
Percentage of spend with diverse suppliers (women, minority, veteran, LGBTQ andsmall business enterprises) compared to total supplier spend

14%

17%

2022

2023 Goal

Workforce Diversity Target — Women
Percentage of women representation in our overall workforce

33%

48% 50%2022

2030 Goal 2040 Goal

Workforce Diversity Target — BIPOC
Percentage of Black, Indigenous and People of Color (BIPOC) representation in ouroverall workforce
26%
2022

35%

45%

2030 Goal

2040 Goal

Leadership Diversity Target — Women
Percentage of women representation in our leadership

33%

42%

50%

2022

2030 Goal

2040 Goal

Leadership Diversity Target — BIPOC
Percentage of BIPOC representation in our leadership

26%

33%

43%

2022

2030 Goal

2040 GoalˮThrough our DEI work, we are striving to build a more diverse
and inclusive workforce that represents the communities
we serve.ˮ
Anne Mersereau, VP of HR and DEI

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Portland General Electric2022 ESG ReportTable of Contents

Environment

Cultivating a healthy environment isvital to our ability to generate clean,reliable power for PGE customers
long into the future — one that isincreasingly defined by the impactsof climate change.
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Portland General Electric

We work in partnership with Tribes,
communities, public agencies and nonprofits
to conserve the natural resources and beautyof our region's landscape.

2022 ESG ReportTable of Contents

Million metric tons CO2e2022 GHG Emissions at a Glance
GHG Intensity for Power
Served to Oregon Customers

GHG Emissions from Power
Served to Oregon Customers
10

9.48

8.24

0.30

7.58
6.06
7.08 6.96 6.84 7.49 6.50
6.63 6.12
6.17 6.54

5
0

2010

2012

2014

2016

2018

2020

2022

metric tonsof CO2e per MWh

Resource Mix for Power Served to Oregon Customers
Non-emitting Resources in PGE’s Portfolio

21% Other &Unspecified2

Solar 3%39%

34% Natural Gas

Wind 10%
6% CoalHydro 26%
1

Figures in the graphic above are preliminary and based on energy served to retail customers within the State of Oregon, as required by the Oregon Department ofEnvironmental Quality (ODEQ). Some or all of the renewable energy attributes associated with PGE's Basic Service Mix may be sold, claimed or not acquired.
1.

This includes power purchased from Bonneville Power Administration.

2.

Unspecified is purchased power for which a specific generating resource is not defined, and could be any of the generation types (e.g., wind, hydro, gas).

Scopes 1, 2 and 3

Scope 1, 2 and 3 accounting reflects a company's carbon footprint across all corporate operations. PGE's Scope 1,2 and 3
accounting includes emissions, above and beyond those associated with power served to Oregon customers.

Scope 1

5.6

million metrictons of CO2e

Scope 1 emissions includes allof PGE’s direct emissions, this is
made up of fuel burned by thermal
generating resources, fuel burned by
PGE’s vehicle fleet and natural gas
used at PGE’s office facilities.

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Portland General Electric

Scope 20.05

million metrictons of CO2e

Scope 2 emissions are emissions
related to Transmission andDistribution line loss and emissions
associated with power purchases froma third party that is consumed by PGE.

Scope 3

2.6

million metrictons of CO2e

Scope 3 emissions for generation ofpurchased electricity that is sold to end
users. Reporting and data collection
capabilities are still being developed forother Scope 3 sources of emissions.

2022 ESG ReportTable of Contents

Confronting the Climate Change Challenge
As PGE takes these important steps toward a clean energy future — we won’t take them alone.
Climate change threatens the healthand well-being of the communities weserve, and our most vulnerable citizens,
including BIPOC and communities
experiencing economic hardship, areoften the most negatively impacted.
As the state’s largest electricity provider,
we have a unique responsibility toaddress the challenges of climatechange head-on and lead the transition
to cleaner, non-emitting sources ofenergy across our service area.
And we are doing just that.
Our path to decarbonization centerson our customers’ needs as we planfor investments in new resources andenhancements to the grid that candeliver the affordable, clean electricity
services our customers expect, while
supporting further electrification of
their vehicles, homes and businesses.
Our plan to reduce GHG emissions
associated with the power we serve
retail customers involves reducing ouruse of fossil fuels and transitioning to
non-emitting energy resources to meet
our customers’ energy needs, now andin the future.
As the Company takes these important
steps toward a clean energy future,
we won’t take them alone. Meaningful
engagement with our customers andour communities around our resource
system planning can inform ourapproach to reducing emissions while
maintaining an affordable and reliable
power supply. Partnerships with otherutilities and energy suppliers across theregion enhance value for our customers
while allowing for greater geographic
and resource diversity in clean energy
procurement. Collaboration withregulators and policymakers enables aflexible policy framework to guide anequitable transition to a clean energy
future.

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Portland General Electric

In 2023, we are preparing our inauguralcombined Clean Energy Plan andIntegrated Resource Plan, developedin consultation with stakeholders,
community organizations andregulators, to provide the roadmap to
reducing emissions associated with thepower served to Oregon customers by
80% below baseline emissions by 2030,
by 90% below by 2035 and on the pathto 100% GHG-emissions free energy
served to retail customers by 2040.1
These GHG reduction targets areamongst the most ambitious in
the nation. Our Clean Energy andIntegrated Resource plans detail ourpath to meeting forecasted energy
demand using diversified resources toprovide reliable service to customers in
the most cost-effective way possible.
Acknowledgment of our plans by
our regulators can facilitate our
procurement of new clean energy
resources and our investments intransmission and distribution toachieve our emissions reduction
goals. Previous integrated resourceplans paved the way for PGE to add
large new clean energy resources like
Wheatridge Renewable Energy Facility
and the newly announced Clearwater
Wind Project (see next page).

I. Pathway to Emissions
Free Electricity
On the surface, the path todecarbonization may seemstraightforward: a utility reduces
its reliance on emitting resources
while integrating clean, non-emitting
resources onto the grid. Indeed, toachieve PGE’s emissions reduction
targets, we will need to more fully
integrate renewable resources like
wind, solar and hydropower, as wellas other non-emitting energy capacity
and storage resources at a pace andscale unprecedented in our history. We
estimate having to add approximately
3,000 to 4,000 MW to our portfolioof resources serving our customers
in order to meet our 2030 emissions
reduction target.

Four Key Decarbonization Strategies
Regional Solutions to
Resource Adequacy

Clean Energy

Reliable andAffordable
Power
Technology &Innovation

1.

Customer-sited
Solutions

The baseline for these reductions is based on the annual average of 2010, 2011 and 2012 retailemissions reported to the Oregon Department of Environmental Quality (DEQ).

2022 ESG ReportTable of Contents

Our success in serving future loads will
hinge on our ability to decarbonize,
provide power reliably and maintainaffordable rates for electricity as
an essential service provider. All
three elements will be present anddemonstrated in our Clean Energy Planand Integrated Resource Plan. Balancing
all three imperatives is challenging andinvolves four key strategies.

1. Clean Energy
The Company began the transition
from fossil fuels years ago. We closed
Oregon’s only coal fired plant at
Boardman. We continue to evaluate
the timing and conditions of exiting
ownership of Colstrip Units 3 and4 as part of meeting our regulatory
and legislative requirements. We are
exploring different ways to operate
our existing thermal fleet, which
includes some of the highest efficiency
natural gas plants in the nation. This
may include operating those thermal
resources primarily to support gridreliability during periods of grid stresswhen clean energy resources are
scarce relative to demand. We are also
looking at transitioning to cleaner fuels,
such as hydrogen, to replace natural
gas combustion in those units. In the
future, other non-emitting technologies
like pumped storage, floating off-shorewind, or nuclear may prove costeffective for serving customers in
our region.
Fossil-fuel based electric generating
facilities are GHG emitting, but
because of their ready availability
to produce power, they provide
dispatchable capacity to the grid thatis harder to replace by renewable
resources alone. Because the sun
isn’t always shining and the wind
isn’t constantly blowing, a reliableclean energy grid will require greater
geographic and resource diversity, as
well as the addition of non-emitting

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Portland General Electric

capacity resources, like batteries, thatcan meet peak power needs at any
time and under all weather conditions.
In 2021, we issued an All-Source request
for proposal (RFP) for non-emittingenergy and capacity resources to meet
our customers’ energy needs. Projects
that involved various combinationsof wind, solar, battery storage, as wellas pumped storage, were evaluatedthroughout 2022. The ultimate
outcome is anticipated to result in theselection of multiple projects for bothrenewable and capacity resources, asconditionally acknowledged by the
Oregon Public Utility Commission.
Our Clean Energy Plan and Integrated
Resource Plan will outline the need for
acquisition of clean energy resources
at an unprecedented scale and pace.
These plans, and our 2021 RFP, outline
our need for an additional 2,000 to
3,000 MW of non-emitting energy
resources, as well as approximately
1,000 MW of capacity. The addition ofthese resources will allow the Company
to reduce generation from fossil fuels
serving Oregon customers and progress
toward our emissions reduction targets
reliably and affordably.
Community-based
Renewable Energy
In addition to large-scale wind and solar
generation, we anticipate our Clean
Energy Plan to call for 155 MW by 2030
of Community-based Renewable Energy(CBRE). These resources are typicallysmaller-scale (< 20 MW) resources thatare distribution-connected and provide
a wider range of community benefits,
including resiliency and bill savingsfor customers. These resources could
include stand-alone community-scalesolar photovoltaic resources, solar
paired with storage microgrids forresilience and small low-impacthydro opportunities.
Our plan targets acquiring up
to 66 MW of CBRE resources by
2026, with a goal of reaching 155 MW
by 2030.

Wheatridge Renewable
Energy Facility
The Wheatridge Renewable Energy
Facility is the first development of its
scale in North America to co-locate
wind and solar generation with battery
storage, making the clean energy
future a reality in Oregon. Wheatridge
includes a 300-megawatt wind farm,a 50-megawatt solar facility and a
30-megawatt battery storage system,
which came fully online spring of2022. PGE is investing approximately$160 million in this project. PGE
partnered with NextEra Energy
Resources to develop the facility.
Wheatridge is located in Morrow
County, Oregon, the same county
where PGE recently decommissioned
Oregon’s only coal plant in Boardman.

Clearwater Wind Project
PGE and NextEra Energy Resources,
have entered into agreements toconstruct a 311 MW wind energy
facility, which will be part of the larger
Clearwater Wind development ineastern Montana. PGE will own 208
MW of the 311 MW being acquiredin these agreements. The project has
an estimated commercial operation
date of December 31, 2023. Locatedapproximately 65 miles northeast of
the Colstrip Generating Station, thewind farm will span Rosebud, Garfield
and Custer counties in Montana. PGE
is investing approximately $415 million,
excluding an allowance for funds usedduring construction (AFUDC).

2022 ESG ReportTable of Contents

2. Customer-sited solutions:
Smart Grid, Distributed
Resources, Energy Efficiency
and Demand Response
Ultimately, to reach our climate goals
reliably and affordably, clean energy
acquisition alone won’t be sufficient. That
is why our Clean Energy and Integrated
Resource plans also call for customersited solutions, technological innovation
and regional collaboration.
Our customers have an important andgrowing role to play in decarbonizing thegrid and building a reliable, affordable
and equitable clean energy future.
As our award-winning track record ofcustomer participation in our voluntary
renewable energy programs attests, ourcustomers expect us to drive hard andfast to a clean energy future.
Programs that help customers reduce
their energy usage or incentivize
customers to match their energy usage
to times when clean resources are mostabundant on the grid can save money,
enhance the reliability of the grid andhasten the transition to cleaner energy
resources by replacing the need forfossil-fuel standby generation. On
extreme temperature days, or whenunanticipated weather or other eventspull generation assets offline, PGE
can harness the flexibility of demand
response programs and distributed
energy resources (DERs), including#

1

For the 13th year1,

PGE has held the U.S. Departmentof Energy’s National Renewable
Energy Laboratory’s No. 1 ranking forthe largest participation of businessand residential renewable energy
customers in a renewables programof any U.S. electric utility.”

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Portland General Electric

The Beaverton Public Safety Center equipped with an advanced solar microgrid(photo credit: Energy Trust of Oregon)rooftop solar, batteries, and electricvehicles, to meet peak energy demand.
We aim to grow our existing flexible
load portfolio and aspire that, by 2030,
as much as 25% of the power neededon the hottest and coldest of days
could come from customers and DERs
(like solar panels), batteries and electricvehicles. Building an equitable clean
energy future will require intentional
placement of resources like batteries,
EV chargers and solar panels throughout
Oregon communities. By 2030, we
anticipate the potential for three to fourtimes as much distributed solar andstorage than today. There are currently
approximately 59,0002 zero emissions
vehicles registered in Oregon, and thestate has aggressive goals of adding
250,000 registered zero emissions
vehicles statewide by 2025 and evenlarger goals by 20303. We are actively
planning and investing in the distribution
system to prepare for this significant
new load.
Building a Smarter Grid
To serve our communities with clean
energy, our grid of the future will be
smart and adaptive. Our smart grid
will allow for two-way energy transfers,
which means customers save money as
we continue to partner with them onenergy efficiency programs, rooftop

solar, battery storage and electricvehicle chargers. These programs
reduce energy costs and customer bills.
Through our smart grid connected
appliance programs for water heaters
and thermostats customers can
automatically adjust their energy use.
Our customer offerings aim tobenefit both participating and nonparticipating customers, support
grid reliability and increase portfolio
flexibility and resource diversity. These
DERs are the foundation of a Virtual
Power Plant (VPP) that will provide
a growing suite of grid and systemservices over time. We offer andcontinue to build our residential smart
battery storage pilot, which contributes
up to 2.4 MWh of energy to support
various grid services. We have beenworking with municipalities to pairenergy storage batteries with rooftop
solar and municipal electric vehicle
charging. We are also working withtransit providers and school systems on
bus charging on-route and at the depot.
In partnership with Daimler Truck
North America, we continue to invest
in large truck charging, including
pairing MW size chargers with co-sitedbatteries at the Electric Island facility.
In 2022, we launched a fleet charging
pilot and will look to continue thisengagement in 2023.

1.

NREL did not release rankings in 20112.

https://www.oregon.gov/energy/Data-and-Reports/Pages/Oregon-Electric-Vehicle-Dashboard.aspx

3.

https://www.oregon.gov/energy/energy-oregon/Pages/Zero-Emissions-Vehicles.aspx

2022 ESG ReportTable of Contents

We continue to partner with the Energy
Trust of Oregon on local, communitydriven smart grid technology learning
programs, including the Smart Grid
Test Bed (SGTB) and Smart Grid
Advanced Load Management &Optimized Neighborhoods (SALMON)
projects. The SGTB collaboration
is expected to continue through2026 and will include a solarize
campaign, as well as flexible feeder,
smart inverter and battery pilots.
The SALMON initiative is expected
to continue through mid-2027 andincludes the retrofit of approximately
580 buildings in North Portland with
DERs such as smart thermostats,smart water heaters, solar with smart
inverters, storage and managed
electric vehicle charging, with a focus
on bringing benefits to low-income
and environmental justice communities
within the Test Bed.
PGE plans to acquire cost-effectiveenergy efficiency, currently forecast
to be approximately 90 MW on a
cumulative basis from 2026
through 2028.
To plan for the smart grid and to
make its benefits available to all
PGE customers, we collaborated
with community-based organizations
and stakeholders on Part II of ourDistribution System Plan (DSP), filed
in 2022 at the Oregon Public Utility
Commission. Our DSP is an integral
step toward creating a 21st century

community-centric distribution
system and the way to equitably
modernize our distribution system,
while improving safety, reliability andensuring resilience and affordability.

3. Technology and Innovation
As we look to the future and our targets
to reduce the emissions associatedwith the power we serve customers,
we are embracing innovation andpreparing to adopt and scale costeffective clean energy technologies tobenefit customers. A 100% emissionsfree and reliable grid will require new
resource, storage and grid technologies
to maintain affordability for customers.
The incentives contained in the recently
passed Inflation Reduction Act (IRA) andInfrastructure Investment and Jobs Act(IIJA), as well as ongoing efforts at thefederal and state levels to streamline
the siting of new energy resources, canaccelerate the expansion of non-emitting
resources across the West, including
longer duration batteries, pumped
storage, off-shore wind, nuclear andhydrogen technologies.
We are working with Federal and State
governments, Tribes, peer investorowned utilities, and other technology
experts to drive innovation andleverage available incentives (IRA and
IIJA) to accelerate the development
and ultimately reduce the cost of newtechnologies. We will continue toutilize our Clean Energy and Integrated
Resource planning processes toevaluate potential new technologies toserve customers with GHG emissions
free, reliable and affordable power.
Our Integrated Operations Center(IOC), which finished its first full year ofoperations in 2022, is fulfilling its roleas the nerve center for an increasingly
complex and intelligent energy network.
It is integrating grid-connected assets
and devices, whether consumer, utility or
third-party owned — while coordinating
and optimizing the flow of energy andinformation across the system.
We are using wireless smart sensors
and centrally controlled automatedswitches to help isolate disruptions andmore quickly reroute power, preventing
or shortening disruptions. During
outages, these technologies help us toshare timely, accurate information withcustomers — notifying them when theirpower goes out and providing updates
through digital and mobile channels.
In 2022, we launched a new effort toexpand our VPP capabilities to support
our clean energy resource and capacity
needs by leveraging our customers’participation in demand response,
solar, battery storage, electric vehicles
and distributed energy generation
programs. A VPP is effectively apower plant, consisting of DERs andflexible loads, orchestrated through atechnology platform, to provide gridand power operations services.

PGE's Integrated Operations Center

The IOC finished its first full year of operations in 2022 and serves as the nerve center for complex and intelligent energy network.

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Portland General Electric2022 ESG ReportTable of Contents

CORNER STOREWind

The new capabilities of our IOC andother smart grid investments provide
the data, system visibility and insights
to optimize resources under constantly
changing conditions. More importantly,
these advancements help accelerate ourcustomers’ and partners’ clean energy
transformation by leveraging the scaleand diversity of West-wide generationand transmission.

4. Regional Solutions to Resource
Adequacy: Markets, Transmission
Solutions and Innovative
Partnerships
To achieve emission reduction
targets, we will need access to agreater geographic area and broader
technological diversity of resources.
From the expansion of regional markets
to coordination on resource adequacy
and transmission planning - PGE, likeother utilities across the Western grid is collaborating in innovative new ways.
In 2022, we announced our intent toparticipate in the Western Resource
Adequacy Program through theWestern Power Pool, a proactive

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Portland General Electric

SolarPower storage

EV

Heat pump

Water heater

Hydro

step to protect the reliability of thepower supply for our customers
while we actively transition to nonemitting resources. PGE continued
our longstanding participation in theWestern Energy Imbalance Market(EIM), a west-wide real-time energy
trading market in partnership with the
California System Operator (CAISO)
which has saved our customers
money over the years. PGE is also
actively engaged with regional market
expansion activities that would extend
the benefits of the EIM to a day-aheadmarket.
Collaboration takes on other forms
as well. Our contract with Douglas
Public Utility District provided 150
MW of non-emitting hydro capacity,while supporting our partners with oursystems operations technology.
Our 2023 Clean Energy and Integrated
Resource plans demonstrate that
additional transmission is needed todeliver the diversity of non-emitting
resources required to reliably meet
our emission reduction targets. PGE
will continue to assess potential
transmission options that provide thebest value for customers.

II. Reducing Emissions
Across Other Sectors
As a utility, the fossil fuels combusted
to generate power are the primarysource of our emissions – accounting
for more than 99% of our currently
reported scope 1, 2 and 3 emissions.
This is why our emission reduction
targets are focused on emissions
associated with the power we serve
our customers, either through our own
generation or power purchased. We’re
proud to have actively collaborated
with lawmakers and stakeholders
to pass HB 2021, one of the mostambitious emissions reduction
requirements for the power sector in
the whole country.
But just like other responsible
corporations who have signed The
Climate Pledge (385 and counting),
PGE, as the first utility in the U.S. tosign, is committed to reducing ourcarbon footprint across all of ouroperations with the goal of net-zeroemissions by 2040. This is in addition
to our required target to achieve zero
emissions in the power we serve tocustomers by 2040.

2022 ESG ReportTable of Contents

The Climate Pledge’s voluntary targets
align with the best available science
to minimize the risks of climate change.
Toward that end, we are actively
looking at reducing diesel and gasoline
use in our fleets, as well as energy use
in our buildings and facilities. For thelast several years, while pursuing theelectrification of our vehicle fleet, themajority of our company-owned fuelsites have been supplying renewablediesel. Per the ODEQ, using renewablediesel can cut lifecycle GHG emissions
up to 85%1 depending on the type ofmaterials it is made from.
We are currently assessing
opportunities to decarbonize otherareas of our business. We are looking
at actions such as reducing our fleet
and downsizing engines, improving our
fleet telematics system to improve fuelefficiency and route efficiency while
accelerating our fleet electrification

based on the potential of future orexisting technologies that are likely to
be more cost-effective in coming years.
PGE is also committed to reducing
energy use in the buildings we own.
We are evaluating opportunities toreduce energy waste in buildings byimproving insulation of roofs, walls andwindows to reduce heating and coolingdemand. Other priority actions include
upgrading HVAC equipment, installing
submeters in existing facilities to

Our Path to First Emissions Reduction Target in 2030 2
8.1

MMTCO2e(2010-2012baseline)

Already pursuing:∙ Boardman closure∙ 2021 RFP
Renewables(+75-200 MW)∙ Green Future
Impact (+750 MW)∙ Douglas PPA(+150 MW)

6.06

MMTCO2e(2022)

What we’re planning:∙ Large scale wind & solar∙ Energy storage∙ Customer-sited storage∙ Hydro Renewals(+224 MW)∙ Energy efficiency∙ Energy Efficiency(+157 MWa)

∙ Virtual power plant∙ 2021 RFP Capacity(+375 MW)∙ Clearwater Wind(+311 MW)∙ Demand response∙ Colstrip ownership exit
∙ Contract renewals∙ Community-based
Renewable Energy
Resources

80%
reductionfrombaseline by
2030

1.62

MMTCO2e(2030 target)

1.

https://www.oregon.gov/deq/FilterDocs/cfpdieselfaq.pdf

152. | Retail
PortlandElectric
emissionsGeneral
as reported
to ODEQ

2022 ESG ReportTable of Contents

PGE was thefirst utility
in the U.S. to sign
The Climate Pledge

There are currently

385 companies

Electrified
1

across 55 industries and 33 countries
that have signed The Climate Pledge

11%of our total fleet(up from 9% in 2021)

enable more detailed tracking andmore efficient management of energy
use within each building, and installingbuilding automation systems to
improve management of energy use
within our buildings.

Transportation Electrification
We support our customers’ transition
to EVs through an evolving portfolio
of programs for residential, multifamily
and commercial customers. These
programs range from charging
rebates to helping our customers
design and build appropriate charging
infrastructure for their fleet. We
are also engaged in investigating
program and software solutions forfleet customers that let fleet operators
know when, where and how to charge
fleet vehicles, while also helping
PGE optimize the grid through smart
charging and demand response.
Business Solutions: Our Fleet Partner
program helps business customers'
fleets transition to EVs and meet theirsustainability and economic goals.
PGE’s transportation electrification
staff develop a customer-specificfleet electrification study that informs
them on how they can make the leap
into fleet electrification. The program
helps them design and build theappropriate charging infrastructure
for their fleet, while providing custom
cost incentives that cover a portionof the project costs. We also offer a

Business EV Charging Rebate programthat supports our business customers
in deploying L2 and DCFC charging in
our communities and L2 charging at
multifamily dwellings.
Residential Programs: In 2022,
we launched a public, web-based,interactive tool that helps people
understand the costs and savings ofelectric vehicles compared to gaspowered vehicles. We offer the PGE
Residential EV Smart Charging Pilot
program, providing rebates on
qualifying chargers and panel
upgrades. Customers who enroll
in our Smart Charging program
are automatically enrolled in our
residential managed charging pilot.
Their participation allows them to shift
EV charging to times when energy
demand and prices are lower andemissions-free resources are moreavailable. To promote an ecosystemthat creates ease of charging, we have
deployed over 100 public charging
sites in 2022. Given that publiccharging is essential for customers
who do not have a driveway orgarage for at-home charging, we are
expanding our pilot project to install
EV chargers on existing utility poles
to another 60 locations throughout
our service territory, partnering withlocal municipalities with a focus onunderserved areas and areas withlimited access to private off-street
parking.

1.

https://www.theclimatepledge.com/us/en/Signatories

16|

Portland General ElectricElectrified 26% of
our Class 1 vehicles(Aiming toward 100% by 2025)

Additional

100

EVs in our fleet
in 2023

PGE Fleet Electrification
We’ve electrified 11% of our total fleet,up from 9% last year. We’ve electrified
26% of our Class 1 vehicles. We aim toelectrify 100% of our Class 1 vehicles,
and 30% of our Class 2 vehicles, by theend of 2025. We continue to evaluate
our goals based on current economic
conditions and global supply chain
challenges, including longer lead times
for EVs. Regardless of these conditions,
we will be adding 100 EVs to our fleet
in 2023 based on where EV make-readywork has been completed.

Clean Fuels Program
Using funds through the Oregon
Department of Environmental Quality’s
Clean Fuels Program, PGE awarded$2.25 million in 2022 to 15 nonprofit
projects across Oregon to expand accessto electric transportation for Oregonians.

2022 ESG ReportTable of Contents

III. Climate Adaptation
and Risk
We are already experiencing theimpacts of a changing climate in realtime across our service area. Morefrequent and intense extreme weather
and climate-related events, including
droughts, heat, wind, ice, habitat
loss, and wildfire, pose risks to utility
infrastructure and our ability to provide
reliable service. Protecting energy
access is more important now thanever, as we recognize that climatechange disproportionately impacts ourmost vulnerable communities, including
BIPOC and low-income communities.
The Company identifies climate change
as a risk factor, with implications
for generation, transmission anddistribution, as well as energy demandsupply imbalances. We continue tofurther our understanding of climatechange impacts to wildfire risk andhave leveraged fuel ecology andwildfire studies for the WillametteValley and Oregon to improve future
projections. In addition, to increase
PGE’s understanding of the impactsof climate change on the distribution
and transmission system, we worked
with the Oregon Climate Change
Research Institute, the designatedscientific research body for climatechange science and impacts for
Oregon, to create future projectionsof weather patterns and extreme
heat, wind, freezing rain and ice
accumulation within our service area

through 2070 and beyond. Historically,
we have designed our transmission
and distribution system according
to weather cases identified in the
National Electrical Safety Code and its
internal standards. However, climatechange is contributing to changes in
the frequency and intensity of highimpact extreme weather events, andmay require alterations to the designand construction standards of PGE’s
transmission and distribution systemmoving forward.
We are approaching the risks ofclimate change head on.
In 2022, a suite of integrated
risk assessments was conducted
to evaluate the level of risk andeffectiveness of key risk mitigations
across the Company. This included arisk assessment around maintaining
customer and other stakeholders’ trustby achieving a low-carbon future andserving customers the clean, resilient
energy products they want.
As indicated in our Clean Energy Plan,
Integrated Resource Plan, Distribution
System Plan, and Wildfire Mitigation
Plan, we are adapting to climatechange by hardening our system towithstand extreme weather events,
engaging communities in distribution
system planning for resiliency,
investing at an unprecedented pacein renewable energy resources andnon-emitting back up capacity andimproving our forecasting efforts tobetter account for climate change andpatterns of energy. PGE is an inauguralmember of the Electric Power ResearchInstitute (EPRI) Climate READi: Power(REsilience and ADaptation initiative)
which is leading the power sector’scollective approach to understanding
and managing climate risk to thepower system.
Wildfire Mitigation
Safety is our top priority and wildfire
mitigation is a year-round effort and
one we take seriously. Our goal is to
reduce the risk that our electric utility
infrastructure could cause a fire while
also limiting the impacts of specificmitigation activities, such as Public
Safety Power Shutoff (PSPS) events,
on customers.
Our Wildfire Mitigation & Resiliency
organization plans and implements
the Wildfire Mitigation Program,developing and coordinating
activities across the Company. We
submitted our latest 2023 Wildfire
Mitigation Plan in 2022. This plan
includes measures of $23.6 million
in operations and maintenance costs
and an additional $15.1–27.0 million
in system improvements in 2023
alone. Under the 2022 Wildfire
Mitigation Plan, we completed several
capital projects that include installing
weather stations and wildfiredetection cameras as well as further
hardening our electricity grid in highrisk fire areas.

Pano AI cameras detect fires and notify PGE and local agencies instantaneously.
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Portland General Electric2022 ESG ReportTable of Contents

Protecting Water, Land and Wildlife
We are privileged to manage land, water and wildlife habit in the State of Oregon.
We are committed to caring for natural
habitats and creating conditions that aresafe and restorative. Our efforts include
helping fish migrate safely around ourdams and achieving record returns
while also powering Oregon with nonemitting hydropower.

Improving Conditions for
Native Fish
Together with the Confederated Tribesof Warm Springs, we continue toimprove upon our long-term effort torestore runs of salmon and steelhead
to the Deschutes River. This includes
collecting juvenile fish and moving themsafely past our hydropower facilities. In
2022, we added a new guidance net
at Lake Billy Chinook that has helped
improve Chinook collection rates by
guiding juvenile fish toward our Pelton
Round Butte sorting facility.
Through adaptive management changes
and improving ocean conditions, we hadrecord-breaking adult Chinook salmon
runs above Round Butte Dam — thehighest number since 2012. On the
Clackamas River, we are helping fish
migrate safely around our dams andachieving record returns. In 2021 and2022 over 10,000 coho returned to North
Fork Dam, compared to an average ofapproximately 3,000 coho between 2010
and 2020.

Avian Protection
We continue to look for opportunities
to make our facilities, power poles andother utility equipment safer for birds.
Our actions include:∙ Training employees on bird
protection issues and procedures∙ Tracking bird and nests issues tominimize impacts in high risk areas∙ Building nesting platforms to reduce
pole-top nesting and outages
18|

Portland General Electric∙ Adding and replacing more than
4,290 poles and 1,950 transformers
with ones that feature avian-safe
protective covers or design features∙ Collaborating with the U.S. Fish
& Wildlife Service and the Avian
Power Line Interaction Committee
on strategies that reduce bird andpower interactions.

Creating a Space in Nature for All
In addition to managing resources
and restoring habitat, we provide
recreational opportunities so that
Oregon residents and visitors canenjoy the natural beauty of our stateand its history. PGE is committed toprotecting archaeological sites andhistoric buildings that are on the lands
we operate.
PGE’s 27 parks and recreation sites
host an estimated 428,000 visitors
annually. We embrace opportunities
to make our parks more inclusive andaccessible. For example, we invited
several community partners to join
us for a free weekend experience at
Timothy Lake to learn about barriers
the groups face in accessing recreationand improvements we could make.

54%

passage efficiency forjuvenile Chinook salmon and
38% passage efficiency forsteelhead at Round Butte Dam,the highest ever recorded for juvenile
steelhead and an increase of 10% from2021 for Chinook salmon.

10,000+coho salmon returned to
North Fork Dam
in 2021 and 2022, compared toapproximately 3,000 coho salmon
between 2010-2020.

$200+ million
Our investment since 2006

to modernize and improve passage
for salmon and steelhead to move
past our dams on the Clackamas,
Willamette and Deschutes Rivers.
We continue to invest annually onfish passage, habitat, water quality
and wildlife protection at ourhydropower projects.

Broke ground on new
campground at Timothy Lakein Mount Hood National Forest.
We plan to begin a new equestrianfriendly group camp site in 2023.

2022 ESG ReportTable of Contents

Environmental Stewardship
Our stewardship of Oregon’s natural
beauty inspires us to operate in waysthat preserve and enhance ecosystems,
generate less waste and recycle as muchmaterial as possible. These practices also
strengthen our commitment to serving
customers efficiently and supporting
local communities.

EMS

Environment
Management System
PGE has an EMS to fulfill
compliance obligations, manage
environmental issues and addressenvironmental risks andopportunities. The core objectivesof the EMS are ensuring compliancewith laws and regulations, providing
training to employees withenvironmental responsibilities,
minimizing environmental risk andbeing prepared for unplanned events
such as spills or releases.

Harborton
PGE continues to monitor and maintain habitat at this 53-acre site, which
underwent a major restoration from 2020 to 2021. Harborton is one of
the largest known breeding grounds for northern red-legged frogs anda prime spot for juvenile salmon habitat. Invasive plant management at
the site in the past two years reduced the presence of invasive Himalayan
blackberry in some areas, allowing for native plants along the river channel
to grow, benefiting wildlife.

11,000+Acres of wildlife habitat
managed under various project
license and site certificates.

+90%of the waste materials
generated from the decommissioning
and demolition of Boardman recycled
or reused.

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Portland General Electric

Boardman plant demolition and cleanup
To be completed in 2023, our decommissioning of Oregon’s last coal-fired
power plant incorporated environmental sustainability throughout the
project:∙ 100 acres of former coal yard and other previously developed areas
were seeded with native plants in 2021.
∙ Wherever possible, reusable parts of the plant — including rail cars,
vehicles, equipment and scrap metal — were salvaged and repurposed orsold to avoid waste.
∙ Concrete from the plant buildings was turned into gravel or fill material at
the site.

2022 ESG ReportTable of Contents

Our Social Impact

The energy we deliver is essential tosupporting a productive, healthy andthriving society.

In turn, the well-being of communities across Oregon andemployees across our company is foundational to PGE’s longterm success. We secure our shared future by acting in waysthat benefit the communities that our company was created
to serve.
Our sustainable growth and success also enable us to takecare of our employees — fostering their success.

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Portland General Electric2022 ESG ReportTable of Contents

Empowering Our Customers and Strengthening
Our Communities
Diversity, equity and inclusion (DEI) is core to our values and our approach to sustainability.

We support everyone's right toparticipate in and benefit from thetransition to a clean and reliableenergy future. We also embrace our
responsibility to provide everyone withaccess to affordable electric service.
Our commitment to DEI is reflectedin how we engage and partnerwith diverse communities. It is also
represented in how we structure ourworkforce at PGE to represent thecommunities we serve. Embeddedin this is our commitment to value
and respect human rights across ouroperations and to conduct businessin a way that promotes fairness
and supports our customers, ourcommunities and employees.
Read our Human Rights Policy

Equitable Access to Energy
We deliver an essential service
foundational to the well-being andvitality of society. Core to this work is
our commitment to diversity, equity
and inclusion.
Our focus on affordability drives us tocontinuously innovate, deploying newtechnologies, launching new programs,
simplifying processes and reducing
costs while delivering exceptionalcustomer experiences. We collaborate
with community based organizations
to address societal barriers that makeit harder for people to access energy
savings and clean energy. We workwith policymakers and regulators tokeep affordability at the forefrontof energy policy and planning. We

21|

Portland General Electricjoin with customer and community
groups to support state and federal
legislation that supports low-income
and vulnerable communities. We are
actively pursuing federal and state
grant funding opportunities to support
key decarbonization initiatives onbehalf of our customers.
Our community outreach programs
connect the values of education,
environmental stewardship and equity.
We build partnerships and provide
resources that serve to expand
economic mobility, eliminate systemic
barriers that limit opportunities forunderserved communities and conduct
our business in a way to promoteequal access and advance equity in thecommunities we serve.

PGE’s Community Benefits &Impact Advisory GroupPGE is in the process of establishing our
Community Benefits & Impact Advisory
Group (CBIAG) as a component of PGE’s
broad-based Community Engagement
Plan. Launching in 2023, our CBIAG will
work at the intersection ofenvironmental, social and racial justice.
The group will advise PGE on a wide
range of topics related to our utility
business, such as:∙Contracting∙

Energy burden and disconnection∙

Improving resilience∙

Distribution infrastructure∙

Community benefits

We’re also committed tosupporting customers
with the tools to manage
their own energy costs;
including:

Rebatesand incentives

for energy efficiency andhome weatherization.

Residential
and community

solar and battery programs.

47,000+households

enrolled in Income Qualified
Bill Discount program.

$4 million

in COVID bill assistanceprovided to customers
in 2022.

$3 million

PGE includes an Oregon
Energy Fund donationenvelope in customer bills,
which has resulted in morethan $3 million in PGE
customer donations
since 2005.

2022 ESG ReportTable of Contents

Strategic Tribal
Engagement Plan
The completion of PGE’s
inaugural STEP gives us anenterprise-wide frameworkfor our teams to develop
and maintain successful
Tribal partnerships. We are
now moving forward toachieve goals, take specificactions and implement bestpractices outlined in our
STEP across three strategicareas:

1. Tribal sovereignty“The Pelton partnership between the Confederated Tribes ofWarm Springs and PGE demonstrates how two partners cancome together and make a difference. The alignment is
a testament to the mutual commitment to restore impacts thathave been created by using common sense and good science.”
Jim Manion,
Warm Springs Tribal Council

Engaging with local Tribes

Co-owned Power Generation

Our journey toward a clean energy
future must include Tribes as equal
partners — respecting and embracing
their integral role as sovereign
governments, economic drivers,
political influencers and nationbuilders. We have worked closelywith Tribal governments, businesses,
elders, employees and organizations
for many years. As part of these valued
relationships, we also seek to raiseawareness of historic barriers andaddress tribal equity issues in areas ofshared concern.

PGE and the Confederated Tribes ofWarm Springs (CTWS) share ownershipof Pelton Round Butte, a certified
low-impact hydropower facility on the
Deschutes River. This agreement is atestament to our close partnership andshared commitment to the Deschutes
River Basin.

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Portland General Electric

At the start of 2022, the Confederated
Tribes of Warm Springs (CTWS)
purchased an additional ownershipinterest in the Pelton Round Buttehydroelectric project, increasing theTribes’ share from 33.33% to 49.99%.
PGE will continue to operate andpurchase power generated fromthe Tribes’ share of the projectthrough 2040.

Help the Company learn, better
understand and respect Tribal
legal interests and perspectives
as they pertain to PGE’s strategy
and operations.

2. Tribal partnerships
Identify opportunities tofurther PGE’s decarbonization,
electrification and performancegoals through partnerships thatmaximize Tribes’ success as wellas ours.

3. Program weave
Promote integration and use of
STEP throughout the Company
through employee training,co-organized events with Tribes
and increased awareness of
Tribal concerns and needs.

Learn more about these and other efforts
Read our full STEP document

2022 ESG ReportTable of Contents

Supporting the
Next Generation
We invest and participate in a broad
spectrum of programs geared towardbuilding a well-educated, skilled
and diverse workforce. In addition
to promoting careers in the trades at
the Company, we collaborate withlocal schools and youth-focusedorganizations to enhance science,technology, engineering and math
(STEM) education.

PGE Project Zero

Funded in part by the PGE Foundation,
Project Zero is focused on three impact areas:

Climate literacy
Teaming up with
Portland Public
Schools to develop
comprehensive K-12
open-source climate
literacy curriculum andoffering free online
and in-school learning
experiences.

Environmental
stewardship

Workforcedevelopment

Investing inenhancing parks andgreen spaces andimproving air quality
in neighborhoods
disproportionately
impacted by climatechange.

Young adults
disconnected fromwork and school benefit
from Project Zero’s
green job internships
with selected
community partners.

Meet the “Climate Keepers”
In 2022, PGE teamed up with
Oregon's Dark Horse Comics tocreate Climate Keepers: Agentsof Project Zero, an environmental
education comic for students ingrades 4-8. We also distributed
two teachers’ guides to support
extended classroom learning
about climate science. The
materials can be downloaded
for free at https://www.
pgeclimatekeepers.com.

“I plant thousands of trees
a year to restore forests totheir native condition. I want
to do good for the world
and I am on track to making
a big difference. My soulis happy!”
Adam Baek, a 2020 Project Zero intern who
now works as a stewardship assistant at
Columbia Land Trust helping with habitat
restoration and conservation projects.

23|

Portland General Electric

46,000+14Students reachedInterns enrolled

through Project Zero in theclassroom.

during 2022 in Project Zero, which
focuses on preparing young adults for
STEM and green-industry careers.

Now in its third year,

this program engages students and young adults in learning aboutclimate science, exploring clean energy and making a positive impact on
the planet through stewardship and internship programs.
Learn more about Project Zero

2022 ESG ReportTable of Contents

Charitable Giving
The PGE Foundation, employee/retiree donations and the Company
contributed close to $5.5 million to
non-profits. The PGE Foundation is thephilanthropic arm of Portland General
Electric. The PGE Foundation improves
the quality of life for Oregonians andhas awarded approximately $28 million
to community organizations across thestate since its inception in 1997.

Giving back to our communities

Valuing and Supporting
our Employees
Our ability to grow and succeed as abusiness relies on attracting, retaining
and engaging a talented, motivatedworkforce. We strive to build a culture
within the Company that welcomesall employees, values their diverse
perspectives and contributions,rewards them equitably and nurtures
their professional growth.

Employee health and safety
Our company prioritizes the well-beingof every employee through extensive
workplace safety programs andother targeted efforts to reduceon-the-job injuries.

$5.5M

69%

Total company charitable giving

Employee participationfrom corporate contributions,
PGE Foundation, current andretired employees and company
match.

in charitable giving and/or
volunteerism.

Our Safety Guidance Team helps
create and sustain a grass-roots safety
culture built on trust and partnershipand coordinates safety culture
improvements under the directionof the Executive Safety Council.
We also assign safety and training
professionals at various corporate
and organizational levels to support
an injury-free workplace.
Read our Safety policy

Safety Performance

1.72
1.60

1.34

1.13
1.01

0.92

0.86

$2.5M

18,037

employee contributions

Total volunteer hours(including PGE match).

completed by employees andretirees, a 22% participation rateby our employees.

0.72 0.68

OSHA Rate

2020

24

|

Portland General Electric

DART Rate

2021

Lost Workday
Rate

2022

2022 ESG ReportTable of Contents

Leadership Development
We provide access to a broad rangeof courses designed to help our
employees advance in their careers.
Some examples are Accelerate andIlluminate, leadership development
programs geared toward expanding
diversity in our executive ranks andcreating attractive career pathways forunderrepresented groups. These
six-month, cohort-based programsfor employees of color andwomen focus on:∙ Strengthening core leadership
attributes such as emotional
intelligence and presentation skills∙ Building relationships andnetworking∙ Providing opportunities to engage
with senior leaders∙ Unlocking personal development
through one-on-one coaching

Since program began in 2019…

101
Accelerate andIlluminate graduates

51
Promoted15
Now in management roles

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Portland General Electric2022 ESG ReportTable of Contents

Advancing diversity,
equity and inclusion
From our employees toour customers, we havethe responsibility to bringeveryone forward into theclean energy future. Thismeans reflecting, integrating
and supporting the diverse
voices represented in thecommunities we serve.

Our 5 DEI commitment areas

Recruitment anddevelopment

Leadershipdiversity

Awareness,
education and training

Partners
and suppliers

Customer andcommunity engagement

Our workforce diversity
objectives

1

Recruitment and development: Attract and retain employees
from underrepresented groups and strive toward pay equity.

PGE is committed to expanding
diversity — across gender, ethnic andidentity — at all levels of our company.
While we are pleased to be making
steady progress from year to year
in almost every category, we also
recognize that more can and must
be done.

2

Leadership diversity: Grow the diversity of our leadershipteam, with a focus on women and BIPOC representation.

3

Awareness, education and training: Help employees build theskills to create an inclusive workplace, so that everyone feels
they belong.

4

Partners and suppliers: Buy goods and services fromsmall businesses, including minority-, women- andveteran-owned businesses.

5

Customer and community engagement: Build stronger
relationships and add value in the communities where wework, live and serve.

+6%
Increase of womenin leadershipsince 2012

Diversity in our workforce+10%
Increase of BIPOC
in overall workforce
since 201226|

Portland General Electric

2020

2021

2022

Women employees in leadership roles

31%

34%

33%

BIPOC employees in leadership roles

19%

23%

26%

Women employees companywide

32%

33%

33%

BIPOC employees companywide

22%

25%

26%

2022 ESG ReportTable of Contents

Business resource groups

Supplier Diversity

PGE supports the activities of eightbusiness resource groups (BRGs),
each of them organized and led by
employees who share an affinity andseek to help build greater inclusivity in
our workplace culture.

$130M

15%

14% spent with diverseowned suppliers in 2022

TargetTotal spend withdiverse suppliers.

Diversity recognition

Say Hey! Event

PGE sponsoring the Partners in
Diversity multi-cultural networking eventfor professionals of color.

4th year

9th year

For the fourth consecutive survey,
Bloomberg’s Gender Equality
Index included PGE for ourcommitment to transparency andadvancing women’s equity.

For the ninth year in a row,
PGE achieved a perfect scoreon the Human Rights
Campaign Foundation’s
Corporate Equality Index.

Pay Equity at PGE

BIPOC: Black,Indigenous andPeople of Color

LABRG

Latin American Business Resource
Group during the annual toy drive.

Equal pay for equal work
PGE employees in thesame role, with comparable
work experience at thesame work location,
continue to earn a nearperfect dollar for dollar pay.

Shrinking the gender pay gap

What’s the gender pay gap? Imagine if you added up all thewages of men at PGE and did the same for women. The differencein the average salary is the gender pay gap. At PGE, we are aheadof the national average of 83 cents1. Nationally, one of the main
reasons for the gender pay gap is men are more likely to be insenior level roles.

Looking backwe've closed the gender pay
gap for women at PGE by
7% over the last ten years.

AABRG
African American Business Resource
Group helps on farm workday withBlack Oregon Land Trust.
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Portland General Electric

1.

Per the Department of Labor in 2022

2022 ESG ReportTable of Contents

Governanceand Ethics

Our strong governance practices
guide our strategic goals todecarbonize power, electrify
the economy and advance our
performance to address broader
sustainability commitments.
28|

Portland General Electric

Our work across interconnected sustainability and
ESG objectives also helps PGE mitigate significant
material risks to our business.

2022 ESG ReportTable of Contents

Sustainability GovernanceOur work to advance ESG goals also helps mitigate significant material risks to our business.

We balance our commitment to
reducing GHG emissions with ourcore values and high standards ofcorporate governance to achieve
our mission and create value forshareholders, customers andother stakeholders.
Responsibility for ESG performancespans different business units at PGE.
We use compensation design andeffective performance management
to align employees around successful
execution of our efforts to achieve ourgoals. The Board and its committees
have broad responsibility for theoversight of significant strategic,
operational, financial and ESG risks,
and actively oversee our enterpriserisk management process and monitor
strategic and emerging risks overdefined areas. The executive team plans
and executes on strategies designed
to achieve our priorities, including ESG
and sustainability-related issues andinitiatives, such as growth plans and theclean energy strategy. Throughout theyear, our management team regularly
reports to the board on the execution of
our long-term strategic plans, the statusof important projects and initiatives, andthe key opportunities and risks facing
PGE.

Board Independence
and Diversity
We have a track record of thoughtfulboard refreshment, enabling us to havea board with the experience and diverse
perspectives needed to oversee ourSustainability Governance Framework

Board Oversight

The Board strategic responsibility includes oversight over actions to address risks andopportunities related to climate change and PGE's decarbonization strategy.

Nominating, Governance and Sustainability Committee

This Committee provides overall guidance and oversight of programs and performance
related to sustainability and ESG matters affecting PGE, including reviewing ourdecarbonization goals and progress towards achievement, and community and politicalengagement.
Audit and Risk:∙ Oversees risk oversight as explained in Board Oversight of Risk Management
above and oversees ESG disclosuresCompensation, Culture and Talent:∙ Oversees compensation plan metrics, including but not limited toLong-Term Incentive (LTI) goals that include a decarbonization metric;∙ Oversees DEI programs and results;∙ Oversees talent management and required human capital disclosures; and∙ Oversees workforce health and safety
Finance:∙ Oversees capital budgets and alignment to strategic goals, and∙ Reviews and monitors ESG key performance indicators related tofinancing structures

29|

Portland General Electric2022 ESG ReportTable of Contentsbusiness. Our 2023 10-member board
comprises PGE CEO Maria Pope andnine independent directors. Recognizingthat diversity — of skills, experiences,
gender and ethnicity — is integral to
the Board’s effective and responsive
leadership, we consider each of these
traits when evaluating potential new
directors.
We’ve brought on board six new
directors since 2019 with a range oftalent, skills, expertise and qualifications
to provide sound and prudent oversightof PGE’s business and operations. We
most recently appointed Patricia S.
Pineda in 2022.

Diversity in our 2023 Board

50%
Female50%

Ethnically Diverse

Succession and Human
Capital Management
The Board believes CEO succession
planning is one of its most important
responsibilities. In accordance with our
Corporate Governance Guidelines,
the Board oversees CEO and senior
management succession planning andtalent development with the assistanceof the Nominating, Governance andSustainability and Compensation,
Culture and Talent Committees in aneffort to develop a pool of internal
candidates who can assume executive
officer positions.
At least annually, the Board
reviews succession plans for senior
management, which includes a reviewof the qualifications and development
plans of potential internal candidates
and diversity of the succession pipeline.
Directors also regularly have an
opportunity to meet and engage withpotential internal senior management

30|

Portland General Electric

successors at Board committee
meetings and during visits to ourinfrastructure facilities. In addition,
the Compensation, Culture and TalentCommittee regularly conducts morein-depth reviews of development plansfor promising management talent.
The Compensation, Culture andTalent Committee has primary
responsibility for overseeing theCompany's human capital management
programs. In addition to providing
input on leadership succession
planning and talent development, theCompensation, Culture and TalentCommittee regularly engages withmanagement on a broad range ofhuman capital management topics,
including health and safety, diversity
and inclusion, pay equity, strategic
workforce planning, employee
engagement, employee wellbeing programs, and performance
management.

Compensation Alignedwith ESG Performance
Starting in 2019, we have incorporated
emissions reduction metrics as part of along-term incentive awards program toencourage the planning and executionof actions that drive progress toward
the long-term decarbonization of
PGE’s resource portfolio. In 2022, we
expanded the ESG-related metrics thatare a part of our incentive program
to include social equity elements,
including leadership diversity andsupplier diversity.
100% of our executives havetheir compensation tied to ESG
performance, while 14% of
our employee population had
compensation tied to ESG metrics for2022. Looking ahead, in 2023, 74% of
employees will have compensation tied
to ESG metrics.

Green Financing
Framework
In 2021, PGE adopted a green financing
framework under which the Company
will issue green financing instruments
to finance or refinance sustainableprojects. We also issued our inaugural
green bonds and closed on oursustainability-linked revolving credit
facility, helping us enter into a newphase of our sustainability strategy. In
2022, we issued $100 million in green
bonds which were funded in 2023 under
our Green Financing Framework. PGE
also executed a $499 million equity
forward sale agreement to improvebalance sheet metrics, fund system
improvements, and accelerate clean
energy investment.

Enterprise Risk
Management
Our enterprise risk management
program raises awareness of key
enterprise risks across our company
and drives accountability withsupporting processes and procedures.
We evaluate risks across a wide
range of potential risk consequences,such as safety, environmental,
reliability, financial, complianceand impact on customers. By
applying a consistent framework for
identifying, assessing and managing
risks — including environmental andsocial considerations — we can more
effectively deliver societal and businessvalue.
Our Enterprise Risk Management
program reports directly to the
Executive Risk Committee (ERC).
The ERC is responsible for reviewing
key enterprise risks and current andplanned mitigation actions. The
ERC reports to the Audit and Risk
committee of the Board, who is
responsible for assisting the Boardin overseeing PGE's enterprise risk
management program.

2022 ESG ReportESG Data Tables

In this section, we disclose data under the Edison
Electric Institute (EEI) ESG Quantitative Template,Sustainability Accounting Standards Board (SASB)
and Task Force on Climate-Related Financial
Disclosures (TCFD). We also provide additional
key ESG metrics.
32 2022 SASB Report
41 2022 TCFD Disclosures
55 2022 EEI Quantitative Information
64 2022 ESG Report Key Metrics
66 Forward Looking Statements

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Portland General Electric2022 ESG ReportTable of Contents

2022
Sustainability AccountingStandards Board (SASB) Report
This year marks Portland General Electric’s fourth year mapping ourdisclosures to the SASB standard for Electric Utilities & Power Generators.
Our responses reflect 2022 performance as of 12/31/2022.

Topic

Data Request

PGE Response

Greenhouse gas
emissions andenergy resource
planning(1) Gross global Scope 1 emissions,percentage covered under(1) Total MTCO2e from Scope 1 activities: 5,595,453. Refer to theNotes for a breakout by activity.

(2) Emissions-limiting regulations(2) 99% of our Scope 1 emissions relate to our thermal generating
resources, which are covered in the State of Oregon emissionslimiting regulations.

(3) Emissions-reporting regulations(3) 99% of our Scope 1 emissions relate to our thermal generating
resources, which are covered in the State of Oregon emissionsreporting regulations.
Notes:(1) The reported Scope 1 emissions are from PGE’s thermal
generating resources, fuel burned by PGE’s fleet, SF6 and natural
gas used at PGE’s office facilities. Thermal generating resources
make up 5,581,418* MTCO2e, vehicle fleet fuel burned equates to6,283, SF6 equates to 7,008 and natural gas used equates to 744.
Emissions associated with R99 diesel fuel not included within
Scope 1 are 3,086 MTCO2e.
Emissions associated with fleet fuel burned include estimates related
to the vehicle type in order to assign an emission factor. Given theemission factors for vehicle types are materially consistent, this does
not materially impact emissions reported.
*This is a preliminary number that is subject to change following
regulatory agency review and approval of submittals.
Greenhouse gas (GHG) emissions associatedwith power deliveries

6,061,670 MTCO2e*
PGE is required to report emissions associated with power delivered
to retail customers in Oregon to the Oregon Department ofEnvironmental Quality (ODEQ) on an annual basis. Refer to the linkfor publicly available historical information.
PGE follows ODEQ’s Greenhouse Gas Reporting guidelines whencalculating this number. This includes the use of ODEQ specificemission factors, removing power sold to end users outside ofOregon, and proportionally adjusting retail sales for wholesale sales
in order to arrive at the total amount of MWhs sold to Oregon
customers. This amount represents anthropogenic emissions only.
2022 biogenic emissions were 101,603 MTCO2e.
Greenhouse Gas Emissions Reported to ODEQ
*To calculate 2022 emissions associated with power deliveries toretail customers in Oregon, PGE used ODEQ 2021 emission factors
for purchased power and estimated emission factors for generated
power as ODEQ 2022 emission factors are not yet available. Thisis a preliminary number and could vary from those filed with ODEQ.

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Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Greenhouse gas
emissions andenergy resource
planning

Discussion of long-term and short-term strategy
or plan to manage Scope 1 emissions,emissions reduction targets and an analysis ofperformance against those targets

Oregon has some of the most ambitious clean electricity targets in the
country — achieving at least an 80% reduction in greenhouse gas (GHG)
emissions associated with the power served to customers by 2030, a
90% reduction by 2035 and a 100% reduction by 2040. The baseline forthese reductions is based on the annual average of 2010, 2011 and 2012
emissions as reported to the ODEQ.

(continued)

To achieve these goals, we look to add traditional bulk system resources
such as wind, solar, and batteries at an unprecedented pace. Near
Lexington in Morrow County, Oregon, Wheatridge Renewable Energy
Facilities includes 300 megawatts of wind, 50 megawatts of solar and
30 megawatts of battery storage. Wheatridge Renewable Energy Facility is
the first development of its scale in North America to co-locate wind andsolar generation with battery storage.
PGE also announced plans to procure 311 megawatts of energy from theClearwater Wind project, a wind site in Montana being developed by
NextEra Energy Resources LLC, a subsidiary of NextEra Energy, Inc. The
facility will serve 311 megawatts of wind generation to PGE’s customers andhas a commercial operation date of December 31, 2023. PGE will own
208 megawatts of the project and has also entered into a power purchaseagreement (PPA) with a subsidiary of NextEra Energy Resources, purchasing
an additional 103 megawatts of power generated by the facility.
With the execution of the Clearwater Wind Project, PGE is still seeking
approximately 75-200 MW of renewable resources, 375 MW of
non-emitting dispatchable capacity that can be used to meet customer
peak demand, and 100 MW of renewable energy in support of the Green
Future Impact program's PGE supply option.
In 2022, we demolished the Boardman coal plant, and continue toevaluate the timing and conditions of exiting ownership of Colstrip Units 3
and 4 as part of meeting our regulatory and legislative requirements.
We are also focused on lowering our Scope 1 emissions and have thefollowing goals related to our PGE fleet:• Electrify more than 60% of PGE’s entire fleet by 2030
• Electrify 100% of Class 1 vehicles (such as sedans, SUVs, small
pickups) and forklifts by 2025
Additionally, PGE entered into formal agreement with the ODEQ in
August 2021, agreeing to reduce permitted emission levels of nitrogenoxides (NOx), sulfur dioxide (SO2) and particulate matter at the
Beaver/Port Westward I plant. The combined total of permitted emission
levels for these three pollutants will be reduced by over 85% from 2021
through 2025.
Successfully navigating this transition will require new tools andapproaches in a more dynamic system. We plan to add a significant
amount of energy storage to the system, and we are implementing new
strategies to increase flexible load programs that can ramp energy
consumption up or down on demand. These solutions utilize new control
technologies and pricing mechanisms for ease of use and to reduce
customer energy costs, while also improving system reliability andenabling the integration of more clean energy sources.
We realize that the target of zero emissions by 2040 will not be easy tomeet, and we do not have all the answers today. This future can beachieved through advances in technology, improvements in efficiency,
reductions in costs and new partnerships across the entire energy economy— supply, demand and delivery. Achieving these goals will require theCompany to develop new short-term and long-term strategies which are
aimed at meeting our customer needs, while prioritizing energy that isreliable, affordable and clean.
We are encouraged by the magnitude of investment, pace of innovation
and resources focused on developing clean energy solutions, which havenever been greater.1
1State of Climate Tech 2020, The next frontier for venture capital — PWC

Want to learn more? View our Climate Goals
More resources:
Resource Planning

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Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Greenhouse gas
emissions andenergy resource
planning(1) Number of customers served in markets
subject to renewable portfolio standards(RPS)(1) 922,444 customers(2) 100%
PGE is meeting the regulatory obligations within our market as it
relates to RPS regulations.

(continued)(2) Percentage fulfillment of RPS target bymarket

Air quality

Air emissions of the following pollutants:(1), (2), (5): Refer to section 6 of the EEI template for these metrics.

(1) NOx (excluding N2O)

PGE 2022 EEI ESG Report(2) SOx

PM10

Pb(3) Particulate matter (PM10)

478 MT

0.054 MT

(4) Lead (Pb)

Percentage near a dense population(5) Mercury (Hg)

NOx

29.2%

Percentage of each in or near areas ofdense population

SOx

2.5%

PM10

38.9%

Pb		

1.4%

Hg		

3.9%

Water management(1) Total water withdrawn(1) 23,075 thousand cubic meters(2) Total water consumed, percentage of eachin regions with High or Extremely HighBaseline Water Stress(2) 22,575 thousand cubic meters, 500 thousand meters
non-consumptive
N/A; PGE operations are not in High or Extremely High Baseline
Water Stress areas
Note: Water withdrawal and consumption data is associated with
PGE thermal generating facilities only, and does not include nominalwater use (e.g., drinking water) for which data was not readily
available.

Number of incidents of non-complianceassociated with water quantity and/or quality
permits, standards and regulations

1 incident: The City of Portland, Bureau of Environmental Services
issued PGE a notice of violation for discharging oil from a leaking
pad-mounted transformer within a right-of-way and a City storm
sewer. PGE performed cleanup activities and paid a $500 Civil Penalty.

Description of water management risks anddiscussion of strategies and practices tomitigate those risks

Protecting natural resources – including water resources – continues
to be a priority. PGE’s operational facilities are located in basins withlow baseline water stress, with the exceptions of Biglow Canyon
Wind Farm and Tucannon River Wind Farm, both of which are
Medium-high baseline water stress per the World Resources Institute(WRI) Aqueduct Water Risk Atlas. As wind farm operations have very
low relative water use, there is limited risk exposure associated withwater constraints at these two facilities. PGE’s thermal generation
assets, which rely on water access, are located in basins that areclassified as low baseline water stress.
PGE operates three hydropower generation systems licensed by theFederal Energy Resource Commission (FERC): Pelton Round Butte
Hydroelectric Project (Deschutes River), Clackamas River
Hydroelectric Project (Clackamas River and tributaries), andWillamette Falls Hydroelectric Project (Willamette River). License
conditions (e.g., specific flow requirements based on seasonal
natural resource needs) were developed in partnership with natural
resource agencies and environmental stakeholders and support ourobjectives of healthy native fisheries (e.g., salmon and steelhead)
and long-term sustainability for wildlife and water quality in thebasins where we operate. Our efforts include significant PGE-led andPGE-partnership projects in the watersheds of our hydropower
facilities focused on basin-wide water conservation efforts to increasein-river flows that are critical for habitat improvement and fisheries’
restoration goals.

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Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Coal ashmanagement

Amount of coal combustion residuals (CCR)
generated, percentage recycled

136,072 MT of CCR generated from operations, 0.74% recycled.
These values represent PGE’s 20% share of Colstrip. The Boardman
Coal Plant ceased operation in 2020. Boardman CCR generated in
2022 was related to decommissioning of the plant.

Total number of coal combustion residual (CCR)
impoundments, broken down by hazard
potential classification and structural integrity
assessment

Total CCR impoundments: 1.6 (20% ownership of 8 impoundments;
7 active, 1 closed in 2019)
Number of CCR impoundments with hazard potential classification:
1.4 (Significant) (20% ownership of 7 active impoundments),
0.2 (Incised) (20% ownership of one closed, incised impoundment)
Number of CCR impoundments with structural integrity assessment
rating: 1.4 (Satisfactory) (20% ownership of 7 active impoundments),
0.2 (Not Applicable) (Incised closed impoundment, top surface of
which is not above grade, is not subject to 40 CFR 257.73 structural
integrity criteria)
Note: Boardman (closed in 2020, decommissioning to be completed
in 2023) does not have a CCR impoundment. In addition, PGE does
not operate the Colstrip plant, but owns 20% of Colstrip Units 3 and4. Thus, the values presented reflect PGE ownership percentage of
Colstrip Units 3 and 4.

Energy affordability

Average retail electric rate for:(1) 13.22 cents/kWh(1) Residential(2) 10.26 cents/kWh(2) Commercial(3) 6.72 cents/kWh(3) Industrial customers
Typical monthly electric bill for residential
customers for:(1) 500 kWh(1) $77.98(2) $143.53(2) 1,000 kWh of electricity delivered per
month
Number of residential customer electric
disconnections for nonpayment, % reconnected
within 30 days

Total number of residential disconnections: 22,616
Number of residential disconnections reconnected within 30 days:
18,609As a percentage of total: 83%

Energy affordability(continued)

Discussion of impact of external factors on
customer affordability of electricity, including
the economic conditions of the service territory

Together with policymakers and regulators we are working to keep
affordability at the forefront of clean energy transition discussions.
Careful planning and policy design can reduce the costs of anemissions-free economy. Despite efforts to keep electricity broadly
affordable, we recognize that some customers need more help. We
support our customers by connecting them with bill assistanceprograms, offering more flexible payment options and advocating
for additional funding.
Per the passage of the Energy Affordability Act (Oregon House Bill
2475) that authorizes the Public Utility Commission of Oregon toconsider differential energy burden and other inequities ofaffordability in rates, PGE offers income-qualified customers a newprogram that provides a 15-25% discount on their energy use. This
program is the first of its kind for large, investor-owned utilities in
Oregon and is designed to result in a meaningful reduction in energy
bills for income-qualified customers, alleviating hardship andproviding easier, more affordable access to reliable power. Within
this first year, over 47,000 customers have participated in the
program.

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Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Workplace healthand safety(1) Total recordable incident rate (TRIR)(1) 1.72(2) Fatality rate(2) 0 employees(3) Near miss frequency rate (NMFR)(3) 3.80

Percentage of electric load served by smart
grid technology>99%

End-use efficiency
and demand

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Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Customer electricity savings from efficiency
measures, by market

30.4* aMW were saved from PGE’s Energy Efficiency Measuresin 2022.
In 1999, the Oregon Legislative Assembly adopted Senate Bill 1149
which directed Oregon’s two largest investor-owned electric utilities,
Portland General Electric (PGE) and Pacific Power, to collect three
percent of their revenues for a public purpose charge (PPC). In 2002,
the Energy Trust of Oregon (ETO), an independent non-profit
organization overseen by OPUC, was created to administer the PPC
funds received from the OPUC and to incent new cost-effectiveenergy conservation, new market transformation efforts, abovemarket costs of new renewable energy resources and new
low-income weatherization. Since then, the ETO has helped PGE
customers save energy and money by providing information,
assistance and cash incentives for energy efficient upgrades andrenewable energy systems. In support of this mission, the OPUC
directs PGE to provide ETO with a limited set of information about
large and commercial industrial customers, including customer
name, service address and whether the customer is applying
self-direct credits against its energy-efficiency and renewable public
purpose charge during each billing period. In 2021, the Oregon
Legislative Assembly adopted House Bill 3141 which directs ETO to,with public utilities, jointly develop public utility-specific budgets,action plans and agreements that detail the entity’s public utilityspecific planned activities, resources and technologies. The
legislation also expands the scope and allocation of new renewableenergy sources to include distribution system connected
technologies (DSCT) and require that 25 percent be used for
activities, resources and technologies that serve low and moderate
income customers, including for technologies that do not have
above-market costs.
In 2022 PGE implemented HB 3141 by codifying a Budget
Coordination Memorandum with the Energy Trust of Oregon which
established an annual process for development of utility specificaction plans and staff work groups. The 2022 utility specific action
plan includes, among other activities, coordinated capacity building
for community partners, pairing of PGE income qualified bill
discounts (QBD) with no/low-cost heat pump incentives, and designof two non-wires solution proposals to address equity needs andgrid constraints. 2022 was an excellent year with continued, steadycustomer demand growth for heat pumps and other home energy
efficient products. PGE's partnership with ETO has exceeded theannual goal of 29.0 aMW by 5% and the annual IRP goal of
24.8 aMW by 23%.
*These numbers are preliminary numbers as provided by the ETO.
Numbers are subject to change from this report to the final filed
report, which will occur later in the year.

Percentage of electric utility revenues from rate
structures that:(1) Are decoupled(2) Contain a lost revenue adjustment
mechanism (LRAM)(1) PGE’s Sales Normalization Adjustment (SNA) is based on
the difference between actual usage per customer and thatprojected in PGE’s 2019 General Rate Case. The SNA mechanism
applies to approximately 75.41% of 2022 customer revenues. In
the 2022 General Rate Case, parties reached an agreement thathas eliminated PGE’s decoupling mechanism upon the effective
date of new customer prices pursuant to the case, which began
May 9, 2022. Pursuant to the GRC Order, the OPUC adopted theagreement such that deferrals will not occur after 2022, althoughamortization of previously recorded deferrals will continue asscheduled until collected or refunded in future customer prices
and deferral continued through the end of 2022 on a prorated
basis. In the 2024 GRC filing, the Company has included aconcept proposal that could lead to resuming decoupling
January 1, 2024, with certain modifications.
(2) The Lost Revenue Recovery Adjustment mechanism is basedon the difference between actual energy-efficiency savings (asreported by the ETO) and those incorporated in the applicableload forecast. The LRRA mechanism applies to approximately
15.52% of 2022 customer revenues.

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Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Nuclear safety
and emergency
management

Total number of nuclear power units, broken
down by U.S. Nuclear Regulatory Commission(NRC) Action Matrix Column

N/A
Note: The NRC regulates the licensing and decommissioning of
nuclear power plants, including PGE’s Trojan nuclear power plant,
which was closed in 1993. The NRC approved the 2003 transfer ofnuclear spent fuel from a spent pool to a separately licensed dry cask
storage facility that will continue to house the fuel on the former
plant site until a United States Department of Energy (USDOE)
facility is available. Radiological decommissioning of the plant site
was completed in 2004 under an NRC-approved plan, with theplant’s operating license terminated in 2005. Spent fuel storage
activities will continue to be subject to NRC regulation until all
nuclear fuel is removed from the site and radiologicaldecommissioning of the storage facility is completed.
2022 Form 10-K

Description of efforts to manage nuclear safety
and emergency preparedness

PGE permanently ceased commercial operation of the Trojan nuclear
power plant in January 1993. Since then, the plant has been
dismantled as part of the decommissioning process and all nuclear
fuel has been placed in long-term, dry storage as of September
2003. Trojan’s nuclear fuel is stored in robust canisters which areencapsulated in vertical concrete casks that provide structuralprotection, radiation shielding and sufficient passive cooling tomaintain the safety of the fuel. Based on this robust design andextensive analysis of hazards, there are no operations or credible
accidents that result in a release of radioactive material from thecanisters. As an owner of special nuclear material, PGE is licensed by
the Nuclear Regulatory Commission for fuel storage. In 2019,
following an extensive review of PGE’s proposed Aging Management
Program, the Nuclear Regulatory Commission granted an extensionof PGE’s license to store fuel an additional 40 years to 2059. Nuclear
safety is the highest priority for the Trojan staff, and its nuclear safety
culture is assessed and monitored by an Independent Spent Fuel
Storage Installation (ISFSI) Safety Review Committee, which advises
the Corporate Executive Responsible for Trojan on all matters related
to the safe storage of spent fuel. The Trojan organization operates incompliance with a Quality Assurance Plan under which operations
and security functions are regularly audited.
Trojan Spent Fuel Storage

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Topic

Data Request

PGE Response

Grid resiliency

Number of incidents of non-compliancewith physical and/or cybersecurity standards
or regulations

Portland General Electric Company is subject to mandatory physicaland cybersecurity standards adopted by the North American Electric
Reliability Corporation (NERC). Our practice is to self-report all
identified instances of actual or potential noncompliance with the
NERC physical and cybersecurity standards, regardless of severity.
In 2022, PGE had six instances of actual or potential noncompliancefiled with the Western Electricity Coordinating Council (WECC), theRegional Entity responsible for NERC compliance monitoring andenforcement in the Western Interconnection. All instances wereidentified by PGE and self-reported. Two instances were determined
by WECC to be a minimal risk violation not subject to penalty or
future tracking. All remaining instances are still under review by
WECC’s Risk and Enforcement staff.

(1) System Average Interruption Duration
Index (SAIDI)(2) System Average Interruption Frequency
Index (SAIFI)(1) 349 minutes(2) 1.11 events(3) 314 minutes(3) Customer Average Interruption Duration
Index (CAIDI), inclusive of major event days

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Topic

Data Request

PGE Response

Activity metrics

Number of:(1) 809,573(1) Residential(2) 112,602(2) Commercial(3) 269(3) Industrial customers served
Total electricity delivered to:

MWh in thousands(1) Residential(1) 8,088(2) Commercial(2) 7,198(3) Industrial(3) 5,945(4) All other retail customers(4) N/A(5) Wholesale customers(5) 6,000

Length of transmission and distribution lines

As of December 31, 2022, PGE-owned electric transmission system
consisted of 1,255 circuit miles as follows: 269 circuit miles of 500 kV
line; 413 circuit miles of 230 kV line; and 573 miles of 115 kV line.
The Company also has 28,481 circuit miles of distribution lines thatdeliver electricity to its customers.

Total electricity generated, percentage bymajor energy source, percentage in regulated
markets

Total electricity generated: EEI ESG Report

Total wholesale electricity purchased

13,006*Percentage by major energy source: Key Metrics Report
100% in regulated markets*in thousands of MWh

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Portland General Electric2022 ESG ReportTable of Contents

2022
Task Force on Climate-Related
Financial Disclosures (TCFD)
PGE is committed to providing our stakeholders withtransparency around our sustainability practices and how we are
addressing climate-related issues. A summary of our response to
the Task Force on Climate-Related Financial Disclosures (TCFD)
follows. Additional information can be found throughout thisreport, in our Annual Report on Form 10-K and at the various
resources linked below.

Topic

Data Request

PGE Response

Governance

Describe the board’s oversight of climaterelated risks and opportunities.

PGE is committed to conducting business in accordance with highstandards of corporate governance to achieve our mission while
creating value for our shareholders, customers and otherstakeholders. Responsibility for all environmental, social andgovernance (ESG) performance, especially climate-related risks andopportunities, is integrated with the policies and principles thatgovern our company.

Disclose theorganization’s
governance aroundclimate-related risks
and opportunities.

To foster effective board leadership and independent oversight,
we have:

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Portland General Electric•

An active board refreshment program•

An independent board chair•

Strong shareholder support in our Say on Pay votes•

Significant director-shareholder engagement•

Robust board self-evaluation process2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Governance

Describe the board’s oversight of climaterelated risks and opportunities.

Although the Board has always provided oversight for PGE’s
decarbonization goals and our diversity, equity and inclusion
performance, we implemented significant structural changes to makeour responsibilities explicit and actionable. This is in line with PGE’s
focus on creating a cleaner future and the need we all see to set ahigh bar and hold ourselves accountable when it comes todecarbonization efforts.

Disclose theorganization’s
governance aroundclimate-related risks
and opportunities.
(continued)

Our “Sustainability and ESG Governance Framework” brings asystematic approach to aligning our ESG and business goals andprovides greater transparency to stakeholders around ESG risks andopportunities. This framework also details the Nominating,Governance, and Sustainability Board Committee's strategic
responsibilities for ESG matters, including oversight over actions toaddress risks and opportunities related to climate change and PGE's
decarbonization strategy.
Oversight of ESG matters is detailed in the charters of the Audit andRisk Committee, Compensation, Culture and Talent Committee andFinance Committee.
Our board’s Audit and Risk Committee has an important role inoverseeing our enterprise risk management program. Climaterelated risks are a part of PGE’s overall approach to enterprise risk
management (ERM), as further explained in the 'Risk Management'
TCFD section below. Each year, this committee provides guidance in
top areas identified as presenting notable risk, each of which wasanalyzed in depth at quarterly meetings during 2022. A dashboardof key risk indicators is updated and reviewed quarterly, along withcorresponding mitigation strategies for areas with elevated risk. Ourboard's Compensation, Culture and Talent Committee has
responsibilities for our diversity, equity, and inclusion (DE&I)
programs as we continue our commitment to improving in this area.
Lastly, our Finance Committee oversees capital budgets andalignment to strategic goals, and reviews and monitors ESG key
performance indicators related to financing structures. This allows us
to lead by example and for PGE to continue to be a leader in theutility space when it comes to clean energy.
2022 Proxy Statement

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Topic

Data Request

PGE Response

Describe management’s role in assessing andmanaging climate-related risks andopportunities.

The executive team plans and executes on strategies designed toachieve our priorities, including ESG and sustainability-related issues
and initiatives, such as growth plans and the clean energy strategy.
Throughout the year, our management team regularly reports to theboard on the execution of our long-term strategic plans, the status ofimportant projects and initiatives, and the key opportunities and risksfacing the Company. Each business area is responsible for certain
aspects of sustainability and uses effective performance management
techniques and compensation design to align employees aroundsuccessful execution of our efforts to achieve our goals.
Management also engages the expertise of consultants on
climate-related and broader ESG matters. In 2022, PGE engaged
a consultant to develop a net zero roadmap for our voluntary
2040 goal, which aligns with the IPCC Sixth Assessment Report,that will help us further refine pathways to net zero outside of thepower supply based on industry best practices to align our strategic
efforts accordingly.
PGE also utilizes a management-led Sustainability andEnvironmental, Social and Governance Steering Committee. This
committee is comprised of a cross-functional group with members
from multiple different departments, focused on driving cohesion
throughout the business and operationalizing ESG at PGE. It
includes senior leaders with diverse skills and includes members from
Human Resources/DE&I, Environmental Services, Finance, Supply
Chain, and other key departments. This committee is co-chaired by
the Controller and Assistant Treasurer and the Director of
Sustainability Strategy and Resource Planning. This cross-functional
committee provides governance, oversight, and support for PGE’s
ongoing commitment to mature our Sustainability and ESG
strategies, communications, and reporting to be best-in-class, while
enhancing and integrating our overall Sustainability and ESG
functions throughout the organization. This committee reports to ourStrategy Executive Steering Committee and met four times in 2022,
these meetings were well attended
UN IPCC Sixth Assessment Report

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Topic

Data Request

PGE Response

Strategy

Describe the climate-related risks andopportunities the organization has identified
over the short-, medium-, and long-term.

PGE is committed to continuing to achieve steady growth and returns
as the Company transforms to meet the challenges of climate change
and an ever-evolving energy grid. Customers, policy makers and otherstakeholders expect PGE to reduce GHG emissions, keep the power
grid reliable and secure, and keep prices affordable, especially for themost vulnerable customers. The Company’s strategy strives to balancethese interests.

Disclose the actualand potential impactsof climate-relatedrisks andopportunities on theorganization’s
businesses, strategy,
and financial planningwhere suchinformation ismaterial.

Opportunities:
Over the short-, medium-, and long-term, PGE plans to:• Decarbonize by reducing GHG emissions associated with thepower served to customers by 80% by 2030, 90% by 2035 and100% by 2040.
• Increase beneficial electricity use to capture the benefits of newtechnologies while building an increasingly clean, flexible andreliable grid
• Improve efficiency, safety, and system and equipment reliability
while maintaining affordable energy service and growing
earnings per share 5% to 7% annually.
PGE’s grid of the future needs to be increasingly smart and adaptive,
so that the electric service its customers depend on remains reliable
even under uncertain and extreme conditions. For example, PGE uses
wireless smart sensors and centrally controlled automated switches tohelp isolate disruptions and more quickly reroute power, preventing or
shortening disruptions. In the field, PGE uses advanced data analytics
to optimize system investments and maintenance. The Company is
updating its design standards, so that smart sensors and switches areconstructed to withstand more extreme weather, particularly inhigh-risk wildfire areas. Highlights of PGE’s key investments and plansfor building a resilient grid are as follows:• Wildfire Mitigation — PGE’s Wildfire Mitigation & Resiliency
organization plans and implements the Wildfire Mitigation Program,developing and coordinating activities across the Company. Under the2022 Wildfire Mitigation Plan, PGE completed approximately$15 million in capital projects that include installing weather stations
and wildfire-detection cameras as well as further hardening theelectricity grid in high risk fire areas. PGE expects 2023 capital project
spend will be materially consistent with 2022.
• Virtual Power Plant (VPP) — PGE’s customer offerings related toenergy efficiency programs, rooftop solar, battery storage and electricvehicle chargers aim to support grid reliability and increase portfolio
flexibility and resource diversity. These distributed energy resources
are the foundation of PGE’s VPP that will provide a growing suite ofgrid and system services over time. When coordinated through a VPP
platform, distributed energy resources and flexible loads can help theCompany achieve cost-effective decarbonization, advance customer
and community energy resiliency, promote customer engagement withthe energy system, and unlock additional grid services that enable
PGE’s distribution system plan (DSP) vision of a dynamic two-way
system. In 2022, PGE successfully used batteries in the VPP tocontribute to system needs and improve grid reliability, demonstrating
that, as distributed energy resources scale, PGE has the technology to
use them to support resource adequacy and decarbonization goals.
• Distribution System Plan — In 2021, PGE filed its inaugural DSP,
which lays out plans to build a grid that empowers customers to makeenergy management choices to support decarbonization and supports
a two-way energy ecosystem with resources like batteries, EV charging,and solar panels where communities—especially underserved
Oregonians—need them. The plan consists of two parts, the first ofwhich was acknowledged by the OPUC on March 8, 2022. Part Two
was filed on August 15, 2022.

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Topic

Data Request

PGE Response

Strategy

Describe the climate-related risks andopportunities the organization has identified
over the short-, medium-, and long-term.

PGE continues to be a leader in providing programs that meetcustomers’ desires for clean energy. We have the largest renewable
power program by participation in the nation with over 234,000
residential and small commercial customers voluntarily participatingin PGE’s Green Future program. We launched the Green Future
Impact program which helps businesses, cities and counties meettheir ambitious sustainability and emission reduction goals. In 2020,
we closed the Boardman coal plant, significantly reducing fossil fuelsin our generation portfolio. We continue to evaluate the timing andconditions of exiting ownership of Colstrip Units 3 and 4 as part ofmeeting our regulatory and legislative requirements. In addition, we
have made a commitment to reduce emissions in other parts of ourbusiness, including a commitment to electrifying more than 60% of
our vehicle fleet by 2030. We also offer time of use pricing and arobust and growing demand response program which eachcontribute to reducing reliance on peaking resources, which often
use fossil fuels.

Disclose the actualand potential impactsof climate-relatedrisks andopportunities on theorganization’s
businesses, strategy,
and financial planningwhere suchinformation ismaterial.

(continued)(continued)

PGE is also hard at work on electrifying other sectors of the economy
as part of an equitable, safe and clean energy future. Recent andfuture enhancements to the grid to enable a seamless platform
include:•The use of electricity in more applications, such as electricvehicles and heat pumps•

The integration of new, geographically diverse energy markets•

The deployment of new technologies like energy storage,communications networks, automation and control systems forflexible loads and distributed generation•

The development of connected neighborhood microgrids andsmart communities•

The use of data and analytics to better predict demand andsupport energy saving customer programs

Our leadership to deliver a clean energy future affords us theopportunity to invest in solutions that meet the needs of ourcustomers. Coupled with a focus on operating more efficiently eachyear, we are well-positioned to continue to deliver strong
performance for our shareholders.
Risks:The transition to a clean energy future is not without risk, as
customers’ needs continue to evolve and drive policy changes that
limit GHG emissions. We limit and manage this risk by proactively
managing toward a lower carbon future and advocating for sensibleenergy policies. Climate change brings risk in the form of morevolatile and severe weather events that can impact PGE’s operations,
including our ability to serve customers. Drought and wildfires havenecessitated more robust approaches to emergency management.
We have established close working relationships with state and local
authorities to make sure our efforts are well coordinated and haveestablished Public Safety Power Shutoff zones to manage ignition
risk. We have also increased our ongoing investment in vegetation
management across our system, as well as continuing to invest
heavily in grid resilience.
Refer to our 2022 10-K Risk Factors for additional details related to
the Climate Change risks that the Company has identified

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Topic

Data Request

PGE Response

Strategy

Describe the impact of climate-related risks andopportunities on the organization’s businesses,
strategy and financial planning.

Business

Disclose the actualand potential impactsof climate-relatedrisks andopportunities on theorganization’s
businesses, strategy,
and financial planningwhere suchinformation ismaterial.
(continued)

Severe Weather — In recent years, PGE’s territory has experienced
unprecedented heat, historic ice and snowstorms, and wildfires.
Beginning December 27, 2022, strong, sustained winds and heavy
precipitation caused approximately 180,000 power outages across
PGE’s service territory. On September 9 and 10, 2022, extreme fireconditions and hot, strong wind gusts led PGE to implement a
proactive PSPS in ten identified PSPS areas and seven additional
preventive outage areas. The PSPS event impacted approximately
37,000 customer homes and businesses. Power was restored to all
customers impacted by the PSPS on September 11, 2022.
In June 2021, temperatures in the region reached all-time recorded
highs, shattering the Company’s previous summer peak loaddemand reached in August 2017 and all time peak load establishedin December 1998. In 2021, Oregon also experienced an extreme
wildfire season, following the 2020 destructive wildfire season, and asevere ice storm. The ice storm led to historic levels of customer
power outages, and caused considerable expense for service
restoration and damage repair. The increase and severity of extreme
weather events highlights the importance of combating the effects
of climate change through decarbonizing the power supply andinvesting in a more reliable and resilient grid.
The Company is intensifying efforts on its system to increase wildfire
safety and resiliency to weather and other disaster-related crises.
These efforts include enhanced tree and brush clearing, replacing
equipment, and making emergency plans in close partnership withlocal, state, and federal land and emergency management agencies.
Pursuant to Oregon Senate Bill 762, which was passed in June 2021,
PGE submitted a risk-based wildfire protection plan to the OPUC in
December 2022.
Refer to the response to the question above, Describe the climaterelated risks and opportunities the organization has identified overthe short-, medium-, and long-term, for further discussion of the
impact of climate related risks and opportunities on ourorganization’s business.
Strategy
Climate-related risks and opportunities are the primary driver for
PGE’s strategy, centered on three long-term imperatives — electrify,
decarbonize, perform. Considerable opportunity exists as we workwith our customers, stakeholders and communities to lead theclean energy future. Opportunities exist in many forms, including
the ability to invest in new renewables, energy storage, grid
hardening, business continuity and emergency management,
including wildfire and storm management, and infrastructure toenable transportation electrification and clean, integrated customer
solutions. These opportunities are evaluated and enabled by PGE’s
capital planning, integrated resource planning and distribution
system planning processes.

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Topic

Data Request

PGE Response

Strategy

Describe the impact of climate- related risks
and opportunities on the organization’s
businesses, strategy and financial planning.

Financial Planning

Disclose the actualand potential impactsof climate-relatedrisks andopportunities on theorganization’s
businesses, strategy,
and financial planningwhere suchinformation ismaterial.

(continued)(continued)

Climate-related risks and opportunities play an important role in ourcapital expenditures. Capital expenditures are critical as we transition
to a Clean Energy future and as we work to meet our goals above.
All material capital expenditures are discussed within PGE’s annual
10-K filings.
In 2021, PGE adopted a green financing framework under which theCompany will issue green financing instruments to finance orrefinance sustainable projects. We also issued our inaugural green
bonds and closed on our sustainability-linked revolving credit facility,
helping us enter into a new phase of our sustainability strategy. In
2022, we issued $100 million in green bonds which were funded in
2023 under our Green Financing Framework. PGE also executed a$499 million equity forward sale agreement to improve balance
sheet metrics, fund system improvements, and accelerate clean
energy investment.
Green Financing Website

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Topic

Data Request

PGE Response

Describe the resilience of the organization’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario.

In 2018, PGE commissioned a study of pathways for deep
decarbonization in its service territory to inform its Integrated
Resource Planning process and the carbon policy discussion in
Oregon. This included transformation of the energy economy
consistent with keeping global warming less than 2°C. In 2022,
we completed our update to the Deep Decarbonization Study toaccount for new climate and clean energy laws and regulations inOregon. The study demonstrates different pathways to achieving
decarbonization across all sectors of the economy in PGE's service
territory. It has informed PGE's Clean Energy Plan and Integrated
Resource Plan.
PGE Climate Goals
In 2021, the state of Oregon passed clean energy legislation(HB 2021) requiring us to reduce GHG emissions associated withthe power we serve to retail customers by at least 80% by 2030 and
100% by 2040. These requirements were designed taking into
consideration the research and analysis performed by the Oregon
Climate Change Research Institute’s Fifth Climate assessment.
We’ve supported this legislation throughout its development andare proud to support the state of Oregon in achieving its goals.
In 2021, PGE joined The Climate Pledge, a commitment to be
net-zero annual carbon emissions by 2040, which is a decadeahead of the Paris Agreement’s 2050 goal, and aligns with the
IPCC Sixth Assessment Report. As a signatory to The Climate
Pledge, PGE agrees to: i) measure and report GHG emissions on aregular basis; ii) implement decarbonization strategies in line with
the Paris Agreement through real business changes and innovations,
including efficiency improvements, renewable energy, materials
reductions, and other carbon emission elimination strategies; andiii) neutralize any remaining emissions with additional, quantifiable,
real, permanent, and socially-beneficial offsets.
Realizing the target of zero emissions by 2040 will not be easy, andwe do not have all the answers today. This future can be achieved
through advances in technology, improvements in efficiency,
reductions in costs and new partnerships across the entire energy
economy — supply, demand and delivery. We are encouraged by
the magnitude of investment, pace of innovation and resources
focused on developing clean energy solutions, which have neverbeen greater.
PGE’s resource planning process includes working with customers,
stakeholders, and regulators to chart the course toward a clean,affordable, and reliable energy future. With the passage of HB 2021,
PGE is preparing a Clean Energy Plan (CEP), which will articulate theCompany’s strategy to meet the 2030, 2035, and 2040 emission
reduction targets through an equitable transition to a decarbonized
grid. The CEP is based on, and is required to be filed in connection
with, the Company’s IRP. In 2021, PGE filed an extension waiver forthe next IRP, which the OPUC approved. PGE anticipates filing its
first combined Integrated Resource Plan and Clean Energy Plan with
the OPUC on March 31, 2023. That filing will project PGE’s resource
and capacity needs over the next 20 years and propose an Action
Plan to meet near-term needs, subject to the new HB 2021
emissions reduction requirements.
Visit PGE's Resource Planning landing page for more information
UN PCC Sixth Assessment Report

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Topic

Data Request

PGE Response

Strategy

Describe the resilience of the organization’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario.

In addition to our own efforts to decarbonize, we are also investingin our systems and developing new products and services to enable
our customers and the economy to make the transition too. We are
teaming up with customers to innovate; for example, Electric Island
is a heavy-duty electric truck charging site to support the commercial
adaptation of electric vehicles. We invested in the Wheatridge
Renewable Energy Facility, which is the first major renewable energy
facility to co-locate wind and solar generation with battery storage.
We also entered into agreements with NextEra Energy, Inc. toconstruct a 311 MW wind energy facility, which will be a part of thelarger Clearwater Wind development in Eastern Montana. It is
continuous innovations like these that make us confident thattogether we can achieve a clean energy future.

Disclose the actualand potential impactsof climate-relatedrisks andopportunities on theorganization’s
businesses, strategy,
and financial planningwhere suchinformation ismaterial.

(continued)(continued)

PGE also relies on research initiatives to inform our view on potential
climate change impacts. The Electric Power Research Institute (EPRI)
is leading a new, three-year initiative, Climate READi™: Power(REsilience and ADaptation initiative), convening global thought
leaders and industry stakeholders to develop a common frameworkto address this challenge. The Climate READi framework produced
from this effort will embody one of the most comprehensive,
integrated approaches to physical climate risk assessment. In 2022,
PGE joined the initiative as one of thirteen founding utility members
across the United States.
Links:
Clean Energy Future
SASB

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Topic

Data Request

PGE Response

Risk management

Describe the organization’s processes for
identifying and assessing climate-related risks.

We remain committed to enhancing our risk management practices
throughout the Company by cultivating a robust risk culture anddriving accountability with supporting processes and procedures. By
applying a consistent framework for identifying, assessing, andmanaging risks — including environmental and social considerations— we can more effectively deliver societal and business value.

Disclose how
the organization
identifies, assesses
and manages
climate-related risks.

At the management level, we continue to incorporate up-to-datebest practices as articulated in Committee of Sponsoring
Organizations of the Treadway Commission (COSO) andInternational Organization for Standardization (ISO) 31000 standards.
We evaluate risks across a wide range of consequences, such as
safety, environmental, reliability, financial, compliance and impact on
customers. Across the organization, we are having conversations
about how an inclusive culture, in which diverse viewpoints arevoiced and respected, allows us to advance, better manage risk andultimately perform.
PGE leverages an integrated governance structure to provide risk
oversight and monitoring. The Executive Risk Committee meets
monthly and is chaired by the CEO. Other members include the
CFO, CIO, SVP of advanced Energy Delivery, VP of Strategy, Energy
Supply and Regulation, and General Counsel. Other decision-making
bodies such as Integrated Security Executive Committee,
Compliance Committee, Capital Review Group apply a consistentrisk framework to support an integrated approach to risk-informed
decision-making.
The ISO 31000 standards provide a risk management process to
implement risk-informed decision-making throughout theorganization.
We evaluate risks for likelihood including:•

Safety and environmental•

Service reliability and resiliency•

Financial•

Customers•

Regulatory and compliance

Risk identification is an iterative process that includes surveys, risk
workshops, scenario analysis, probabilistic forecasting, case studies
and expert judgment. Risk analysis involves a detailed considerationof uncertainties, risk sources or drivers, consequences, likelihood,risk events, scenarios, controls and their effectiveness.
Risk evaluations are performed using an established set of risk
criteria to prioritize risks for further treatment, which involves
assessing existing controls and identifying and implementing
further mitigations.
In 2022, a suite of integrated risk assessments was conducted toevaluate the level of risk and effectiveness of key risk mitigations
across the Company. This included a risk assessment aroundmaintaining customer and other stakeholders’ trust by achieving a
low-carbon future and serving customers the clean, resilient energy
products they want. This discipline supports the Company’s effort
to sustainably deliver on our value proposition to customers
and community.
Links:
Clean Energy Future
10-K Risk Factors

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Topic

Data Request

PGE Response

Risk management

Describe the organization’s processes for
managing climate-related risks.

PGE evaluates risks across a spectrum of time periods. Severe
climate events introduce both near-term and long-term risks to PGE.
The climate-related risk profile is rapidly evolving and may include
drought, wildfire, high winds, extreme temperatures, severe storms
and sea-level rise.

Disclose how
the organization
identifies, assesses
and manages
climate-related risks.

Other risks, such as changes in policy, regulation, socioeconomics
and rapid change in electricity demand present potential near-,medium- and long-term challenges. PGE has enhanced its
emergency preparedness through increased investment invegetation management, establishing PSPS zones to reduce ignition
probability, and employing meteorologists to assist in planning andevent management. In addition, PGE has a robust insurance programthat regularly evaluates opportunities to share risk where economic.
PGE continues to invest heavily in grid resilience and coordinate withlocal, county and state agencies to make sure that when events
do occur, the impact to customers and the communities we serveis minimized.

(continued)

Monitoring and Review of risks, controls, and mitigations is an
important process to improve the quality and effectiveness of risk
analysis, evaluation, and treatment. This provides assurance that risk
responses are implemented, procedures are understood andfollowed, and appropriate controls are in place.
Risk management and business management monitor theeffectiveness of the controls and risk mitigation activities through areview of defined metrics and performance indicators and other dataon a periodic basis using the Risk Dashboard and integrated risk
assessments, among other tools.
Describe how processes for identifying,assessing and managing climate-related risks
are integrated into the organization’s overallrisk management.

Climate-related risks are a part of PGE’s overall approach toenterprise risk management (ERM). PGE’s ERM program supports
identification, analysis, evaluation and treatment of risks such as
wildfires, major storms and other natural disasters to determine theirpotential impact on operations and financials. This work is conducted
at multiple levels within the organization, including line managers,
senior management and officers.
Climate-related risk is factored into PGE’s strategy, centered on three
long-term imperatives — electrify, decarbonize, perform — which isoverseen by the board of directors. Enterprise risk management
leads company-wide efforts to identify, analyze, evaluate and treat
risks. To analyze and evaluate risks, we use various techniques,
including probabilistic analysis, scenario analysis and expert
judgment. ERM and management are responsible for monitoring theeffectiveness of controls and risk mitigation activities. Oversight ofthese activities is provided by the Executive Risk Committee
comprised of PGE officers. Risk monitoring is reported to PGE’s
Executive Risk Committee, Audit and Risk Committee of the Boardof Directors.

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Topic

Data Request

PGE Response

Metrics andtargets

Disclose the metrics used by the organization
to assess climate-related risks and opportunities
in line with its strategy and risk management
process.

PGE has numerous metrics it uses to assess and guide our actions tomanage climate-related risks. Key metrics include:

Disclose the metrics
and targets used toassess and manage
relevant climaterelated risks andopportunities wheresuch information ismaterial.

• GHG emissions associated with the power we serve our customers• Scope 1 GHG Emissions• Scope 2 GHG Emissions• Scope 3 GHG Emissions• State of Oregon’s Renewable Portfolio Standard, which
establishes goals for the percentage of retail load served byqualifying renewable resources as follows:– 20% by 2020
– 27% by 2025
– 35% by 2030
– 45% by 2035
– 50% by 2040
• System reliability metrics, such as System Average Interruption
Duration Index (SAIDI) and System Average Interruption
Frequency Index (SAIFI), among many others• Operational metrics, such as the percentage of our fleet that is
electric, which we aim to have 60% electrified by 2030
• Amounts issued under PGE's Green Financing Framework,
created to support investments in projects and assets that
advance our sustainability goals• Percentage of retail load served by non-emitting resources

Disclose Scope 1, Scope 2 and, if appropriate,
Scope 3 greenhouse gas (GHG) emissions, andthe related risks.

Scope 1*
Refer to the Greenhouse Gas Emissions section of the SASB
template for Scope 1 disclosures.
Scope 2*Market Based — 51,718 MTCO2e
Location Based — 51,724 MTCO2eThis represents emissions from electricity purchased and consumed
as well as T&D line loss associated with wheeled power in 2022.
Scope 3*2,609,065 MTCO2e from the generation of purchased electricity thatis sold to end users.
Reporting and data collection capabilities are still being developed
for other Scope 3 sources of emissions.
*These metrics have been calculated using the GHG Accounting
Protocol’s Corporate Standard.
Links:SASB Report

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Topic

Data Request

PGE Response

Metrics andtargets

Describe the targets used by the organization
to manage climate-related risks andopportunities and performance against targets.

Setting ambitious climate goals is part of our commitment to ourcustomers, and their needs and expectations live at the heart of ourstrategy. That means taking a holistic approach to decarbonizing thepower supply while continuing to provide reliable, affordable energy
to everyone we serve. It also means working closely with federal,state and local law makers, regulators, customers, communities andother key stakeholders to achieve this goal and build a clean energy
future together.

Disclose the metrics
and targets used
to assess andmanage relevant
climate-related risks
and opportunities
where suchinformation
is material.

State of Oregon climate-related targets
Our Integrated Resource Plan (IRP) plays a major role in setting PGE’s
path forward as we align our power supply to company goals,
Oregon’s renewable portfolio standard (RPS) mandates and GHG
reduction targets. We considered decarbonization and the clean
energy transition through several new innovative analyses within the2019 IRP, including our Decarbonization Study and related
Decarbonization Scenario, carbon pricing reflective of a potential
cap and trade program in Oregon, a scoring metric reflecting
portfolio performance in a carbon- constrained future, andincorporation of market-based EV forecasts throughout our analysis.
These components of our plan help to make sure that PGE willcontinue to drive GHGs out of our energy economy and that we will
be well positioned to serve our customers in a clean energy future.
PGE's 2023 IRP and Clean Energy Plan will be filed March 31, 2023.
Oregon Renewable Portfolio Standard (RPS)In March of 2016, Oregon State revised the RPS mandate thresholds
to 27% by 2025, 35% by 2030, 45% by 2035 and 50% by 2040. It
also mandated that Oregon utilities no longer serve coal-fired power
to Oregon customers by a certain period in time. PGE continues tomeet our mandated RPS targets on an annual basis.
GHG Emission Reduction Requirements
The Oregon Legislature set some of the most ambitious clean
electricity targets in the country through HB 2021 — achieving atleast an 80% reduction in GHG emissions associated with the powerserved to customers by 2030, a 90% reduction by 2035, and a 100%
reduction by 2040. This is legislation that we’ve supported
throughout its development.
In 2022, PGE has seen a 25% reduction in emissions served to retailcustomers compared to the 8.1 million metric ton of CO2e baseline
set by HB 2021.
In 2021, PGE was the first utility in the country to sign the Climate
Pledge, setting a goal to be net-zero across the Company by 2040.
In 2022, PGE engaged a consultant to develop a net zero roadmap
for our voluntary 2040 goal that will help us further refine pathways
to net zero outside of the power supply based on industry bestpractices to align our strategic efforts accordingly.

53|

Portland General Electric2022 ESG ReportTable of Contents

Topic

Data Request

PGE Response

Describe the targets used by the organization
to manage climate-related risks andopportunities and performance against targets.

Fleet electrification goals(continued)

To reduce company-wide GHG emissions, PGE aims to electrify morethan 60% of its vehicle fleet by 2030. Transportation is the single
biggest source of GHG emissions in Oregon and a major source ofother air pollutants. Electric vehicles not only reduce emissions by up
to 100% compared to diesel powered vehicles, but electricity is alsoless expensive than diesel and prices are more stable over time.
Today, PGE’s fleet contains 1,140 vehicles across 29 different
facilities, including 123 electrified vehicles currently in use. This newcommitment will retire more than 600 internal combustion engine
vehicles and deploy more than 600 electric vehicles over the next
10 years.
By 2030, PGE’s fleet will contain 61% electric vehicles:• 100% electric Class 1 vehicles by 2025 (e.g., sedans, SUVs
and small pickups)• 70% electric light-duty Class 2 vehicles (e.g., pickups, large
SUVs and vans)• 40% electric medium-duty vehicles (e.g., flatbeds, service
bodies, large vans and bucket trucks)• 30% electric heavy-duty vehicles (e.g., digger derricks, bucket
trucks and dump trucks)
This plan is specific to electrified vehicles with a plug, including
battery electric vehicles (BEVs), plug-in hybrids (PHEVs) andanti-idle job site work systems, such as electric power take-off(ePTO) systems.
Incentive compensation tied to clean energy
Our long-term incentive (LTI) awards granted to our executives andother key employees includes a performance metric related toachievement of our strategic goals surrounding clean energy. This
metric is used to create incentive to reduce carbon potential in the
Company’s energy supply portfolio in support of Oregon’s GHG
emission reduction goals. The metric is to be measured based on
average megawatts of forecast energy from carbon-free resources,
Oregon Renewable Portfolios Standard-qualifying resources, andlow-carbon emitting (i.e., greater than or equal to 95% carbon-free)systems of resources added to the Company’s energy supply
portfolio during the performance period.
Links:
Clean Energy Future
Resource Planning2022 Proxy Statement

54|

Portland General Electric2022 ESG ReportTable of Contents

2022
Edison Electric Institute (EEI)
ESG/Sustainability Quantitative
Information
Parent company: Portland General ElectricBusiness type(s): Vertically integrated
State(s) of operation: Oregon
State(s) with RPS programs: Yes
Regulatory environment: Regulated
Report date: 3.07.23
The metrics reported within this template are unaudited.
PORTFOLIO
Ref. No.

Metric

2020

2021

2022

Comments, links, additional informationand notes

1

Owned Nameplate
Generation Capacity
at end of year (MW)

3,444

3,453

3,377

Source: SEC Form 10-K. Please note that the figures
included within the 10-K do not include solar
energy, as the amount is immaterial for financial
reporting purposes.

1.1

Coal

296

296

296

1.2

Natural Gas

1,831

1,842

1,842

1.3

Nuclear

0

0

0

1.4

Petroleum

0

0

0

1.5

Total Renewable
Energy Resources

1,317

1,315

1,239

1.5.1

Biomass/Biogas

0

0

0

1.5.2

Geothermal

0

0

0

1.5.3

Hydroelectric

495

495

419

1.5.4

Solar

5

3

3

1.5.5

Wind

817

817

817

1.6

Other

0

0

0

© 2021 Edison Electric Institute. All rights reserved. 2021 Edison Electric Institute (EEI) ESG/Sustainability Quantitative Information

55|

Portland General Electric2022 ESG ReportTable of Contents

PORTFOLIO
Ref. No.

Metric2020

2021(A)

2022(B)

Comments, links, additional informationand notes

2

Net Generation for thedata year (MWh)1

18,502,229

19,427,308

20,439,002

Source: PGE reporting to Oregon Department ofEnvironmental Quality Investor-Owned Utilities
greenhouse gas reporting. Values reflect MWhs
serving retail load and do not include wholesale sales.

2.1

Coal

2,172,086

1,380,523

1,237,752

2.2

Natural Gas

6,661,801

7,740,309

6,952,929

2.3

Nuclear

0

0

0

2.4

Petroleum

8,516

3,069

2,245

2.5

Total Renewable
Energy Resources

5,637,173

6,886,110

7,949,085

2.5.1

Biomass/Biogas

78,30387,131

87,1102.5.2

Geothermal

0

0

0

2.5.3

Hydroelectric

3,495,426

3,918,362

5,334,087

2.5.4

Solar

351,017427,641

625,746

2.5.5

Wind

1,712,427

2,452,976

1,902,142

2.6

Other (includes non-listed
fuel types
and unknown sources)

4,022,653

3,417,297

4,296,991

Ref. No.

Metric2020

2021(A)

2022(B)

Comments, links, additional informationand notes

2.i

Owned Net Generation
for the data year (MWh)1

10,872,870

11,194,380

9,942,008

Source: PGE reporting to Oregon Department ofEnvironmental Quality Investor-Owned Utilities
greenhouse gas reporting. Values reflect MWhs
serving retail load and do not include wholesale sales.

2.1.i

Coal

2,172,086

1,380,523

1,237,752

2.2.i

Natural Gas

6,630,211

7,686,729

6,924,136

2.3.i

Nuclear

0

0

0

2.4.i

Petroleum

8,516

3,069

2,245

2.5.i

Total Renewable
Energy Resources

2,062,057

2,124,059

1,777,875

2.5.1.i

Biomass/Biogas

0

0

0

2.5.2.i

Geothermal

0

0

0

2.5.3.i

Hydroelectric

703,315501,305

583,878

2.5.4.i

Solar

3,793

2,375

2,348

2.5.5.iWind

1,354,949

1,620,379

1,191,649

2.6.i

Other (includes non-listed
fuel types and unknown
sources)

0

0

0

PORTFOLIO

56|

Portland General Electric2022 ESG ReportTable of Contents

PORTFOLIO
Ref. No.

Metric2020

2021(A)

2022(B)

Comments, links, additional informationand notes

2.ii

Purchased Net
Generation for thedata year (MWh)1

7,629,359

8,232,928

10,496,994

2.1.ii

Coal

0

0

0

2.2.iiNatural Gas

31,59053,58028,7932.3.ii

Nuclear0002.4.iiPetroleum0002.5.ii

Total Renewable
Energy Resources

3,575,116

4,762,051

6,171,210

2.5.1.ii

Biomass/Biogas

78,30387,131

87,1102.5.2.ii

Geothermal

0

0

0

2.5.3.ii

Hydroelectric

2,792,111

3,417,057

4,750,209

2.5.4.ii

Solar347,224425,266

623,398

2.5.5.ii

Wind357,478

832,597

710,493

2.6.iiOther (includes non-listed
fuel types and unknown
sources)

4,022,653

3,417,297

4,296,991

Ref. No.

Metric

2020

2021

2022

Comments, links, additional informationand notes

3

Capital Expenditures and Energy Efficiency (EE)

3.1

Total Annual Capital
Expenditures (nominal
dollars)$774,000,000$680,000,000$811,000,000

Source: SEC Form 10-K, Capital Requirements
table. This amount includes accruals.

3.2

Incremental Annual
Electricity Savings fromEE Measures (MWh)224,256

217,392**

254,290**ETO 2022 Preliminary Annual Results that are
subject to change. This amount includes public
purpose charge and incremental investment.

PORTFOLIO**Amount restated from prior year to reflect
final value
3.3

Incremental Annual
Investment in Electric EE
Programs (nominal
dollars)

4

Retail Electric Customer Count

4.1

Commercial

110,851

111,569

112,602

4.2

Industrial

267

268

269

4.3

Residential

791,119

800,372

809,573

57|

Portland General Electric$47,563,599$50,784,946$84,993,482

In 2021, with the passing of Oregon's House Bill
3141, energy efficiency dollars were re-allocatedfrom schedule 108 and 109 to schedule 109,
driving an increase in reported amounts in 2022.
Source: SEC Form 10-K, Average 2022 Customers

2022 ESG ReportTable of Contents

EMISSIONS2
Ref. No.

Metric

5

GHG Emissions: Carbon Dioxide (CO2) and Carbon Dioxide Equivalent (CO2e)

5.1

Owned Generation

5.1.1

Carbon Dioxide (CO2)2

5.1.1.1

Total Owned Generation
CO2 Emissions (MT)2

5.1.1.2

Total Owned Generation
CO2 Emissions Intensity(MT/Net MWh)2

5.1.2

Carbon Dioxide Equivalent (CO2e)5.1.2.1

Total Owned Generation
CO2e Emissions (MT)1

4,827,715

4,581,216

4,141,234

5.1.2.2

Total Owned Generation
CO2e Emissions Intensity(MT/Net MWh)1

0.44

0.41

0.42

5.2

Purchased Power

5.2.1

Carbon Dioxide (CO2)2

5.2.1.1

Total Purchased
Generation CO2Emissions (MT)2

5.2.1.2

Total Purchased
Generation CO2Emissions Intensity(MT/ Net MWh)2

5.2.2

Carbon Dioxide Equivalent (CO2e)5.2.2.1

Total Purchased
Generation CO2e
Emissions (MT)1

1,804,249 6

1,535,168

1,920,436

5.2.2.2

Total Purchased
Generation CO2e
Emissions Intensity(MT/Net MWh)1

0.24 6

0.19

0.18

58

|

Portland General Electric2020

2021(A)

2022(B)

Comments, links, additional informationand notes

To calculate 2022 emissions associated with power
deliveries to retail customers in Oregon, PGE used
ODEQ 2021 emission factors as ODEQ 2022 emission
factors are not yet available.

To calculate 2022 emissions associated with power
deliveries to retail customers in Oregon, PGE used
ODEQ 2021 emission factors as ODEQ 2022 emission
factors are not yet available.

2022 ESG ReportTable of Contents

EMISSIONS2
Ref. No.

Metric

5.3

Owned Generation + Purchased Power

5.3.1

Carbon Dioxide (CO2)2

5.3.1.1

Total Owned + Purchased
Generation CO2Emissions (MT)2

5.3.1.2

Total Owned + Purchased
Generation CO2Emissions Intensity (MT/Net MWh)2

5.3.2

Carbon Dioxide Equivalent (CO2e)5.3.2.1

Total Owned + Purchased
Generation CO2e
Emissions (MT)1

5.3.2.2

Total Owned + Purchased
Generation CO2e
Emissions Intensity (MT/Net MWh)1,35.4

Non-Generation CO2e Emissions

5.4.1

Total CO2e emissionsof SF6 (MT)4

5.4.2

Leak rate of CO2eemissions of SF6(MT/Net MWh)59|

Portland General Electric2020

2021(A)

2022(B)

Comments, links, additional informationand notes

6,631,9646

6,116,384

6,061,670

These amounts represent anthropogenic emissions
only. Total biogenic emissions for 2020, 2021 and2022 were 124,129 MTCO2e, 98,897 MTCO2e and101,603 MTCO2e, respectively.

0.36 6

0.32

0.30

5,538

7,371

7,008

0.000380.000500.000530

See footnotes 4 and 5.

2022 ESG ReportTable of Contents

EMISSIONS2
Ref. No.

Metric6

Nitrogen Oxide (NOx), Sulfur Dioxide (SO2), Mercury (Hg)

6.1

Generation basis
for calculation5

6.2

Nitrogen Oxide (NOx)

6.2.1

Total NOx Emissions (MT)

3,003

2,378

2,446

6.2.2

Total NOx Emissions
Intensity (MT/Net MWh)

0.000210.000160.000185

6.3

Sulfur Dioxide (SO2)

6.3.1

Total SO2 Emissions (MT)

2,763

832

808

6.3.2

Total SO2 Emissions
Intensity (MT/Net MWh)

0.000190

0.000056

0.0000611

6.4

Mercury (Hg)

6.4.1

Total Hg Emissions (kg)

7.27

5.89

7.1

6.4.2

Total Hg Emissions
Intensity (kg/Net MWh)

0.00000050

0.00000040

0.00000054

60|

Portland General Electric2020

2021(A)

2022(B)

Comments, links, additional informationand notes

See footnote 5.

See footnote 5.

See footnote 5.

See footnote 5.

2022 ESG ReportTable of Contents

RESOURCES
Ref. No.

Metric

2020

2021

2022

Comments, links, additional informationand notes

Human Resources
7.1

Total Numberof Employees

2,802

2,839

2,873

7.2

Percentage of Womenin Total Workforce

32%

33%

33%

7.3

Percentage of Minorities
in Total Workforce

22%

25%

26%

7.4

Total Number on Boardof Directors/Trustees

12

12

12

As of 12/31/2022, 2 directors are not standing for
re-election in 2023.

7.5

Percentage of Women on
Board of Directors/
Trustees

33%

33%

42%

As of 12/31/2022.

7.6

Percentage of Minorities
on Board of Directors/
Trustees

25%

33%

42%

As of 12/31/2022.

7.7

Employee Safety Metrics

7.7.1

Recordable Incident Rate

1.60

1.34

1.72

7.7.2

Lost-time Case Rate

0.92

0.72

0.68

2020 and 2021 values revised from 0.85 and 0.62 as aresult of an updated calculation performed in 2022

7.7.3

Days Away, Restricted,
and Transfer (DART) Rate

1.13

0.86

1.01

2021 value revised from 0.82 as a result of an updated
calculation performed in 2022

7.7.4

Work-related Fatalities

0

0

0

8

Fresh Water Resources (cooling water; does not include nominal water use (e.g., drinking water) for which data were notreadily available)

8.1

Water Withdrawals —Consumptive (Millionsof Gallons)

5,082

5,844

5,964

Water use data generally limited to consumptive
cooling water use, non-consumptive estimates
included where available.

8.2

Water Withdrawals —Non-Consumptive(Millions of Gallons)

129

150

132

Water use data generally limited to consumptive
cooling water use, non-consumptive estimates
included where available.

8.3

Water Withdrawals —Consumptive Rate
(Millions of Gallons/Net
MWh)0.000450.000510.00045

8.4

Water Withdrawals —Non-Consumptive Rate
(Millions of Gallons/Net
MWh)0.000011

0.000013

0.000010

61|

Portland General Electric2022 ESG ReportTable of Contents

RESOURCES
Ref. No.

Metric

2020

2021

2022

Comments, links, additional informationand notes

9

Waste Products

9.1

Amount of Hazardous
Waste Manifested for
Disposal (MT)

54.7

63.3

4.3

On a monthly basis, most PGE facilities generate very
little to no hazardous waste. Of PGE’s facilities thatgenerate hazardous waste, 19 were classified as Very
Small Quantity Generators in 2022. PGE follows
Universal Waste rules, which are federal rules forcommon hazardous waste, intended to simplify
handling and encourage recycling for common
hazardous wastes such as batteries, fluorescent lights,
and aerosol cans. For consistency and complianceacross varied facilities and operations, all PGE facilities
follow EPA and Oregon DEQ rules for Small Quantity
Generators at a minimum, even at facilities which areclassified as Very Small Quantity Generators. This
amount reflects hazardous waste from all PGE
operations.

9.2

Percent of Coal
Combustion Products
Beneficially Used

13%

0.05%

0.74%

Boardman plant closed in 2020. 2021 and 2022 values
predominantly Colstrip plant data, with minor
generation and beneficial use related to Boardman
decommissioning.

KEY

MT = metric tons
1 lb. = 453.59 grams
1 metric ton = 1.1023 short tons

TOTAL CO2e IS CALCULATED USING THE FOLLOWING GLOBAL WARMING POTENTIALS FROM THE
IPCC FOURTH ASSESSMENT REPORT:
CO2 = 1
CH4 = 25
N2O = 298
SF6 = 22,800

62|

Portland General Electric2022 ESG ReportTable of Contents

NOTES(1)	Generation MWhs, purchased MWhs, and greenhouse gas emissions data are reported based on the Oregon
Department of Environmental Quality (ODEQ) Investor Owned Utility GHG report (oregon.gov/deq/FilterDocs/
IOUProtocols.pdf). This report shows greenhouse gas emissions and MWhs in terms of power provided to PGE
retail customers; it does not account for generation, purchases, or emissions associated with power delivered
outside of PGE service territory.
(2)	Greenhouse gas emissions are reported in terms of CO2e only and are based on the ODEQ Investor Owned
Utility GHG report. The ODEQ report shows greenhouse gas emissions associated with power provided to PGE
customers and does not account for emissions associated with power delivered outside of PGE service territory.
(3)	This calculation has been performed for inclusion in PGE's ESG report only and is not intended for other use.
It represents preliminary MTCO2e/MWh associated with PGE's retail load. Some or all of the renewable energy
attributes associated with PGE's retail load may be sold, claimed or not acquired.
(4)	As reported to EPA under the mandatory GHG Reporting Protocols (40 CFR Part 98, Subpart DD).
(5)	Total PGE system generation (no adjustment to ODEQ GHG report basis of power provided to PGE customers),
revised approach used beginning for 2022 reporting year. Values for 2020 and 2021 were revised to reflect thisapproach for comparison, and differ from previous years' ESG reporting data.
(6)	Amount restated from prior year to reflect anthropogenic emissions only.
(A)	These amounts have been restated from the prior year ESG report as a result of finalizing review and third-party
verification procedures with the Oregon Department of Environmental Quality.
(B)	These amounts are preliminary and could vary from those filed with ODEQ.
Blank cells indicate that the Company has not measured, is unable to track, or has not provided this data point. Cell
values of zero indicate that the Company has measured the requested metric and has resulted in a measurement of zero.

63|

Portland General Electric2022 ESG ReportTable of Contents

2022
ESG Report Key Metrics
Data in this report is from our 2022 fiscal year (January 1, 2022,
to December 31, 2022), unless otherwise noted.

Environmental

2020

2021

2022

Intensity: Retail load (metric tons CO2e/megawatt-hours)1

0.37

0.32A

0.30B

Percent of fleet with plug-in or additional electric technology2

9%

10%

11%

Sources of Energy Power generated by PGE4

2020

2021A

2022B

Natural gas

36%

40%

34%

Coal

12%

7%

6%

Hydro

4%

3%

3%

Wind and Solar

7%

8%

6%

Total power generated by PGE4

59%

58%

49%

Hydro5

15%

17%

23%

Natural gas

0%

0%

0%

Wind and Solar

4%

7%

7%

Coal

0%

0%

0%

Other6

22%

18%

21%

Total purchased power4

41%

42%

51%

Energy used by the Company (MWh)825,725

26,63028,568Residential/small business participants

229,679

235,610

234,905

Commercial/industrial participants

223

208

187

Purchased Power

Green power program

64|

Portland General Electric2022 ESG ReportTable of Contents

Social (dollars in thousands)

2020

2021

2022

Women in management

31%

34%

33%

Racial/ethnic group management representation7

19%

23%

26%

Total PGE and PGE Foundation investments$3,956$3,569$3,720

Employee and retiree volunteer hours

18,195

15,76018,037

Scholarships awarded

55

43

55

Community Investment as a percentage of Net Income

2.6%

1.5%

1.6%

Refer to our Sustainability webpage for preliminary EEO-1 data.
Governance and Business Performance data is available in our 10-K and Proxy statement.
NOTES(1)	Value calculated using data provided by PGE per Oregon Department of Environmental Quality, Investor-owned
Utility GHG protocols. Value cannot be used directly with Generation Fleet emissions as it is based on total energy
served to retail customers, including power purchased from other sources.
(2) Electric vehicles as defined by the Edison Electric Institute.
(3)	Information presented is based on data reported to Oregon DEQ in PGE’s Investor Owned Utility GHG Report.
Percentages represent the portion of power delivered to PGE customers in Oregon.
(4)	Represents total power generated or purchased by PGE as a percent of total power provided to customers inOregon. Due to rounding, the sum of listed percentages may not equal 100%.
(5) Hydro includes power purchased from Bonneville Power Administration (BPA).
(6)	“Other” fuels may include biomass, biomass gases, landfill gas or other fuel types, including certain emissions-freesources that do not meet DEQ requirements to qualify as “specified purchases.” PGE presumes the resources are
not emissions-free.
(7) Data based on voluntary employee reporting.
(8) Electric department only, excludes station use.
(A) 	These amounts have been restated from the prior year ESG report as a result of finalizing review and third-party
verification procedures with the Oregon Department of Environmental Quality.
(B)	These amounts are preliminary and could vary from those filed with ODEQ. Refer to footnote 3 under the EEI
template for additional details related to this metric.

65|

Portland General Electric2022 ESG ReportTable of Contents

Forward-Looking Statements
Statements in this report that relate to future plans,
objectives, expectations, performance, events and the likemay constitute "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements represent ourestimates and assumptions as of the date of this report. The
Company assumes no obligation to update or revise any
forward-looking statement as a result of new information,
future events or other factors.
Forward-looking statements include statements containing
words such as "anticipates," “based on,” "believes,""conditioned upon," “considers,” "estimates," "expects,"“forecast,” “goals,” "impacts", “intends,” “needs,” “plans,”“predicts,” “projects,” “promises,“ “seeks,” "should,"“subject to,” “targets,” or similar expressions.
Investors are cautioned that any such forward-looking
statements are subject to risks and uncertainties, including,
without limitation: the timing or outcome of various legal
and regulatory actions; changing customer expectations
and choices that may reduce demand for electricity; thesale of excess energy during periods of low demand or low
wholesale market prices; operational risks relating to theCompany's generation and battery storage facilities, includinghydro conditions, wind conditions, disruption of transmission
and distribution, disruption of fuel supply, and unscheduled
plant outages, which may result in unanticipated operating,
maintenance and repair costs, as well as replacement
power costs; delays in the supply chain and increased
supply costs (including application of tariffs impacting
solar module imports), failure to complete capital projects
on schedule or within budget, failure of counterparties toperform under agreement, or the abandonment of capitalprojects, which could result in the Company's inability torecover project costs, or impact our competitive position,market share, revenues and project margins in materials
ways; default or nonperformance of counterparties fromwhom PGE purchases capacity or energy, which require thepurchase of replacement power and renewable attributes
at increased costs; complications arising from PGE’s jointlyowned plant, including ownership changes, regulatory
outcomes or operational failures; the costs of compliancewith environmental laws and regulations, including thosethat govern emissions from thermal power plants; changes inweather, hydroelectric and energy market conditions, which
could affect the availability and cost of purchased power andfuel; the development of alternative technologies; changes
in capital and credit market conditions, including volatility

66|

Portland General Electricof equity markets, reductions in demand for investmentgrade commercial paper or interest rates, which could affectthe access to and availability or cost of capital and result
in delay or cancellation of capital projects or executionof the Company’s strategic plan as currently envisioned;
general economic and financial market conditions, including
inflation; the effects of climate change, whether global or
local in nature; unseasonable or severe weather conditions,wildfires, and other natural phenomena and natural disasters
that could result in operational disruptions, unanticipatedrestoration costs, third party liability or that may affectenergy costs or consumption; the effectiveness of PGE’s
risk management policies and procedures; PGE’s ability toeffectively implement a PSPS and de-energize its systemin the event of heightened wildfire risk; cyber security
breaches of the Company's customer information systemor operating systems, data security breaches, or acts ofterrorism, which could disrupt operations, require significant
expenditures, or result in claims against the Company;
employee workforce factors, including potential strikes,
work stoppages, transitions in senior management, andthe ability to recruit and retain key employees and othertalent and turnover due to macroeconomic trends; PGE
business activities are concentrated in one region and future
performance may be affected by events and factors uniqueto Oregon; widespread health emergencies or outbreaks ofinfectious diseases such as COVID-19, which may affect our
financial position, results of operations and cash flows; failure
to achieve the Company’s greenhouse gas emission goals
or being perceived to have either failed to act responsiblywith respect to the environment or effectively responded
to legislative requirements concerning greenhouse gas
emission reductions; and risks and uncertainties related
to 2021 All-Source RFP final shortlist projects. As a result,actual results may differ materially from those projected in
the forward-looking statements. Risks and uncertainties towhich the Company are subject are further discussed in thereports that the Company has filed with the United States
Securities and Exchange Commission (SEC). These reports areavailable through the EDGAR system free-of-charge on the
SEC’s website, www.sec.gov and on the Company’s website,
investors.portlandgeneral.com. Investors should not rely
unduly on any forward-looking statements.
Metrics calculated using the Greenhouse Gas Reporting
Protocol’s Corporate Standard within this report are
subject to change if changes in methodology occur,
either as a result of a change in interpretation and applicationof the protocol or formal changes madeto the protocol’s guidance.

2022 ESG Report