Company: POR
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0000784977-25-000055
Chunk: 29

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 29
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2024.

A peer group for 2024 compensation decisions was developed for reference consisting of companies that represent the best match with the Company based on the following criteria:

• Vertically Integrated Utility. Our peer companies should be vertically integrated utilities, with a business mix focused on either regulated electric operations or a balance of regulated electric and regulated gas operations.

• Minimal Non-Regulated Business Activities. Non-regulated businesses should not be key drivers of the financial performance and strategy of our peer companies.

• Comparable Size. Our peer companies should be within a reasonable range relative to key financial measures, including revenue, market capitalization, and enterprise value.

• Investment-Grade Credit Ratings. Our peer companies should have credit ratings that allow for financing at a reasonable cost in most market environments.

• Balanced Customer Mix. Our peer companies should have a balanced retail, commercial and industrial mix and service territories not overly reliant on one key customer or industry sector.

• Regulatory Environment. Our peer companies should have a comparable cost of service ratemaking process and allowed return on equity, as well as a history of allowed recovery on regulatory assets, fuel and power costs and prudently incurred deferred costs.

• Capital Structure. Our peer companies should demonstrate moderate leverage (generally less than 60% debt to total capitalization ratio) and no significant liquidity concerns.

• Growth Opportunities. The growth opportunities of our peer companies should be based primarily on regulated activities.

For 2024 the Compensation, Culture and Talent Committee selected the following companies to serve as our compensation peer group:

| 2024 Peer Group            |     |                         |     |                          |     |                                   |
| ALLETE, Inc.               |     | Black Hills Corporation |     | IDACORP, Inc.            |     | OGE Energy Corp.                  |
| Alliant Energy Corporation |     | Evergy, Inc.            |     | NiSource, Inc.           |     | Pinnacle West Capital Corporation |
| Avista Corporation         |     | Hawaiian Electric       |     | NorthWestern Corporation |     | TXNM Energy, Inc.                 |

Based on data compiled by Willis Towers Watson at the time of our 2024 peer group review, PGE was positioned near the median of the peer group in terms of revenue and market capitalization:

| 46|Portland General Electric |     | 2025 Proxy Statement |

#### Compensation Discussion and Analysis

#### PGE VS. 2024 PEER GROUP
| Revenue               |     |    |     |    |     |