# EDGAR Filing Document

**Accession Number:** 0000784977
**File Stem:** 0000784977-23-000010
**Filing Date:** 2023-2
**Character Count:** 64581
**Document Hash:** a73ee7ae3d11fed4d6ca9d5c85635f60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000784977-23-000010.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0000784977-23-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PORTLAND GENERAL ELECTRIC CO /OR/
- **CENTRAL INDEX KEY:** 0000784977
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 930256820
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05532-99
- **FILM NUMBER:** 23637287

**BUSINESS ADDRESS:**
- **STREET 1:** 121 SW SALMON ST
- **STREET 2:** 1WTC0501
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97204
- **BUSINESS PHONE:** 5034648000

**MAIL ADDRESS:**
- **STREET 1:** 121 SW SALMON STREET
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97204

?xml version="1.0" ? por-20230216

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

---

| | |
|:---|:---|
| **FORM** | **8-K** |

---

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 16, 2023** 

---

| | | |
|:---|:---|:---|
| **PORTLAND GENERAL ELECTRIC COMPANY** | **PORTLAND GENERAL ELECTRIC COMPANY** | **PORTLAND GENERAL ELECTRIC COMPANY** |
| **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** |
| **Oregon** | **001-5532-99** | **93-0256820** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp; Identification No.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

**121 SW Salmon Street, Portland, Oregon 97204** 

**(Address of principal executive offices, including zip code)**

**Registrant's telephone number, including area code: (503) 464-8000** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

(Title of class) (Trading Symbol) (Name of exchange on which registered) <br> Common Stock, no par value POR New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

The following information is furnished pursuant to Item 2.02.

On February 16, 2023, Portland General Electric Company (the Company) issued a press release announcing its financial results for the quarter and year ended December 31, 2022. The press release is furnished herewith as Exhibit 99.1 to this Report.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.** 

The following information is furnished pursuant to Item 7.01.

At 11:00 a.m. ET on Thursday, February 16, 2023, the Company will hold its quarterly earnings call and webcast, and will use a slide presentation in conjunction with the earnings call. A copy of the slide presentation is furnished herewith as Exhibit 99.2 to this Report.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

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| | |
|:---|:---|
| **(d)** | **Exhibits.** |
| 99.1 | <u>[Press release issued by Portland General Electric Company dated February 16, 2023.](a2022q4ex991-pressrelease.htm)</u> |
| 99.2 | <u>[Portland General Electric Company Fourth Quarter 2022 Slides dated February 16, 2023.](q42022earningsslides_fin.htm)</u> |
| 104 | Cover page information from Portland General Electric Company's Current Report on Form 8-K filed February 16, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | <u>PORTLAND GENERAL ELECTRIC COMPANY</u> |
| | | | (Registrant) |
| Date: | February 16, 2023 | By: | /s/ James A. Ajello |
|  |  |  | James A. Ajello |
|  |  |  | *Senior Vice President of Finance,<br>Chief Financial Officer, Treasurer & Corporate Compliance Officer* |

---

## Exhibit 99.1

 **Exhibit 99.1** 

---

| | |
|:---|:---|
| ![imagea.jpg](imagea.jpg) | **Portland General Electric**<br>***One World Trade Center<br>121 S.W. Salmon Street<br>Portland, OR 97204***<br>***News Release*** |
| ![imagea.jpg](imagea.jpg) |  |
| <u>FOR IMMEDIATE RELEASE</u> |  |
| Feb. 16, 2023 |  |
| **Media Contact:** | **Investor Contact:** |
| Sarah Hamaker | Jardon Jaramillo |
| Corporate Communications | Investor Relations |
| Phone: 435-513-0799 | Phone: 503-464-7051 |

---

**Portland General Electric announces 2022 financial results and initiates 2023 earnings guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Full-year 2022 GAAP basis financial results of $2.60 per diluted share; full-year 2022 non-GAAP basis adjusted financial results of $2.74 per diluted share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Initiating 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share and reaffirming 5% to 7% long-term earnings per share growth using 2022 non-GAAP adjusted base year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 2024 test year general rate case filed, focused on capital investments and policy items to support safe, reliable and clean energy service*

**PORTLAND, Oregon --** Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $233 million, or $2.60 per diluted share, for the year ended December 31, 2022, which includes the $0.14 per diluted share Wildfire and COVID deferral reversal charge resulting from the Oregon Public Utility Commission's (OPUC) 2022 General Rate Case (GRC) Final Order deferral earnings test. After adjusting for the impact of the deferral reversal charge, non-GAAP net income was $245 million, or $2.74 per diluted share. This compares with GAAP net income of $244 million, or $2.72 per diluted share, for the year ended December 31, 2021. GAAP net income was $50 million, or $0.56 per diluted share, for the fourth quarter of 2022. This compares with GAAP net income of $66 million, or $0.73 per diluted share, for the fourth quarter of 2021.

"Our performance in 2022 laid a strong foundation for long-term growth as we took meaningful steps forward in our decarbonization journey, navigated historic power market volatility, and executed well in the face of severe weather," said Maria Pope, PGE President and CEO. "As we continue to lead the way in the clean energy transition, affordable electricity has been and will be key, requiring further strategic investment in technologies and resources to increase resiliency throughout the State. Looking ahead, our priorities for 2023 and beyond remain grounded in providing safe, reliable, affordable and increasingly clean energy to customers and the communities we serve."

**<u>2022 Year in Review</u>**

Key strategic accomplishments in 2022 included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invested $811 million in capital assets to address customer growth, system hardening, resiliency infrastructure, and grid modernization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into agreements with NextEra Energy Resources, LLC, to construct the 311 MW Clearwater Wind Project in Montana, with PGE owning 208 MW and acquiring the power from the remaining 103 MW of site output under a 30-year purchased power agreement (PPA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed a $499 million equity forward sale agreement to improve balance sheet metrics, fund system improvements, and accelerate clean energy investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received amortization approval from the OPUC for $131 million under the 2020 Labor Day Wildfire, 2021 February Ice Storm and 2021 Power Cost Adjustment Mechanism (PCAM) deferrals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed innovative technologies, including cameras designed to detect wildfires in our service territory and the Advanced Distribution Management System which enables improved real-time management of our distribution network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Served 39% of retail customer load from specified non-emitting energy sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concluded the 2022 General Rate Case (GRC) with OPUC Order 22-129, which achieved a $814 million, or 17%, increase in rate base, accelerated depreciation of Colstrip to 2025, full recovery of the Integrated Operations Center and established a balancing account for PGE's major storm damage recovery mechanism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submitted $178 million in federal grant applications and concept papers to maximize allocation of available climate and infrastructure funding from federal programs and legislation. To date, PGE has submitted $478 million in grant applications and concept papers on behalf of customers for projects totaling approximately $945 million in project costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintained customer satisfaction ratings for residential customers in the top decile of utilities nationwide, according to Escalent's National Energy Utility Benchmarking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued our long-standing commitment to diversity, equity and inclusion and increased our supplier diversity spending to 14% of total supplier spending in 2022.

**<u>2022 Earnings Compared to 2021 Earnings</u>**

Total revenue increased, driven by continued growth in industrial demand, partially offset by a reduction in the average price of deliveries due to a varying customer mix. Net variable power costs were unfavorable due to high regional power prices, particularly in the third and fourth quarters. Operating and administrative expenses increased due to higher wildfire and vegetation management costs, storm expenses, and reductions to deferral amounts recorded in 2020 related to COVID and Wildfire expenses as a result of the 2022 GRC outcome. Depreciation and amortization expense increased driven by higher transmission and distribution asset balances. Interest expense increased due to higher long-term debt balances. Taxes other than income taxes increased due to higher property and payroll taxes. Other income increased as a result of a settlement gain from the buyout of a portion of PGE's post-retirement medical plan, offset partially by declines in the value of the non-qualified benefit plan trust assets. Tax expense increased due to a local tax flow-through adjustment that did not recur in 2022.

**<u>2023 Earnings Guidance</u>**

PGE is initiating full-year 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in energy deliveries between 2.5% and 3%, weather adjusted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normal temperatures in its utility service territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydro conditions for the year that reflect current estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wind generation based on five years of historical levels or forecast studies when historical data is not available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normal thermal plant operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating and maintenance expense between $695 million and $715 million which includes approximately $45 million of expenses that are offset in other income statement lines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization expense between $445 million and $465 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective tax rate of 15% to 20%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash from operations of $700 to $750 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $1,210 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average construction work in progress balance of $520 million.

**<u>Company Updates</u>**

**General Rate Case**

On February 15, 2023, PGE filed a GRC based on a 2024 test year (2024 GRC) requesting an increase that, when including Colstrip related adjustments through a supplemental tariff, results in an overall average increase of approximately 14.0% in customer prices for 2024. The requested price increase includes an approximate 4.5% increase as a result of higher Net Variable Power Costs (NVPC) expected in 2024. The NVPC projection will be updated periodically during 2023. The Company's 2024 GRC filing seeks recovery of investments to modernize our grid to meet growing demand, withstand extreme weather events, support increased renewable energy growth and

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reflect the rate of inflation since our last rate case in 2022, all in service of our capability to deliver safe, reliable, clean electricity to customers.

The requested price increase reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on equity of 9.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital structure of 50% debt and 50% equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of capital of 7.06%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rate base of $6.3 billion

As part of the GRC filing, PGE has proposed a new PCAM in order to enable Oregon's decarbonization goals, better reflect current and future operating conditions, and create a more durable PCAM framework that supports customers. PGE's proposal provides 90/10 sharing of power cost variances without a deadband mechanism and recovery of costs prudently incurred during specific, disruptive market conditions, subject to a rolling multi-year price increase cap of 2.5%.

Issuance of a final order by the Commission is expected in December 2023, with new prices effective January 1, 2024.

**Renewable Energy and Non-Emitting Capacity Request for Proposal Update**

In October 2022, as previously announced, PGE entered into agreements with NextEra Energy Resources, LLC to construct a 311 MW wind energy facility, which will be part of the larger Clearwater Wind development in Eastern Montana.

PGE continues to negotiate with remaining bidders on the final shortlist for renewable generation and non-emitting capacity resources, including PGE's benchmark projects, as well as PPA options. Finalization of negotiations are expected in the first half of 2023. PGE filed a status report on December 1, 2022 with the OPUC on the current status of negotiations to meet the remaining 2021 All-Source RFP targets.

PGE is preparing a Clean Energy Plan (CEP), which will articulate the Company's strategy to meet the 2030, 2035, and 2040 emission reduction targets, set by HB 2021, through an equitable transition to a decarbonized grid. PGE anticipates filing its first combined Integrated Resource Plan (IRP) and CEP with the OPUC on March 31, 2023. Additionally, PGE filed notice with the OPUC on January 31, 2023 that an RFP in 2023 is needed to procure resources to meet forecasted capacity needs and to make continued progress toward HB 2021's decarbonization targets. These actions are consistent with the forthcoming 2023 IRP Action Plan and CEP. The filing includes PGE's recommended timeline for obtaining necessary regulatory approvals and issuing the RFP to the market in the third quarter of 2023. PGE desires to select a final shortlist and submit a request for acknowledgment to the OPUC in December of 2023.

**<u>Quarterly dividend</u>**

As previously announced, on February 10, 2023, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.4525 per share. The quarterly dividend is payable on or before April 17, 2023 to shareholders of record at the close of business on March 27, 2023.

**<u>Fourth Quarter and Full Year 2022 Earnings Call and Webcast — Feb. 16, 2023</u>**

PGE will host a conference call with financial analysts and investors on Thursday, February 16, 2023, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website "Events & Presentations" page beginning at 2 p.m. ET on February 16, 2023.

Maria Pope, President and CEO; Jim Ajello, Senior Vice President of Finance, CFO, Treasurer and CCO; and Jardon Jaramillo, Senior Director, Finance, Investor Relations, and Risk Management, will participate in the call. Management will respond to questions following formal comments.

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**<u>Non-GAAP Financial Measures</u>**

This press release contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.

Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash Wildfire and COVID deferral reversal charge associated with the year ended 2020, resulting from the OPUC's 2022 GRC Final Order deferral earnings test.

Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, management is unable to estimate specific items requiring adjustment, which could potentially impact the Company's GAAP earnings (such as potential adjustments described above) for future periods and therefore cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort.

PGE's reconciliation of non-GAAP earnings for the year ended December 31, 2022 is below.

**Non-GAAP Earnings Reconciliation for the year ended December 31, 2022**

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| | | |
|:---|:---|:---|
| **(Dollars in millions, except EPS)** | **Net Income** | **Diluted EPS** |
| **GAAP as reported for the year ended December 31, 2022** | $233 | $2.60 |
| Exclusion of released deferrals related to 2020 | 17 | 0.19 |
| Tax effect <sup>(1)</sup> | (5) | (0.05) |
| **Non-GAAP as reported for the year ended December 31, 2022** | $245 | $2.74 |

---

(1) Tax effects were determined based on the Company's full-year blended federal and state statutory tax rate.

\# \# \#

**About Portland General Electric Company** 

Portland General Electric (NYSE: POR) is a fully integrated energy company that generates, transmits and distributes electricity to over 900,000 customers in 51 cities across the state of Oregon. For more than 130 years, Portland General Electric (PGE) has powered the advancement of society, delivering safe, affordable, reliable and increasingly clean energy. To deliver on its strategy and meet state targets, PGE and its approximately 3,000 employees are committed to partnering with stakeholders to achieve at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. PGE customers set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. Additionally, for the fifth year in a row, PGE was recognized by the Bloomberg Gender-Equality Index which highlights companies committed to creating a more equal and inclusive workplace. As a reflection of the company's commitment to the community it serves, in 2022, PGE employees, retirees and the PGE Foundation donated nearly $5.5 million and volunteered more than 18,000 hours with more than 400 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.

**Safe Harbor Statement** 

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning 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

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1934, as amended. These forward-looking statements represent our estimates 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 regarding the Company's full-year earnings guidance (including expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "based on," "believes," "conditioned upon," "considers," "estimates," "expects," "forecast," "goals," "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; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro 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 to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in material ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability and cost of purchased power and fuel; the development of alternative technologies; changes in capital and credit market conditions, including volatility of equity markets, reductions in demand for investment-grade commercial paper or interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of 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, unanticipated restoration costs, third party liability or that may affect energy costs or consumption; the effectiveness of PGE's risk management policies and procedures; PGE's ability to effectively implement Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk; cyber security attacks, data security breaches, physical attacks and security breaches, or other malicious acts, 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, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends; PGE business activities are concentrated in one region and future performance may be affected by events and factors unique to Oregon; widespread health emergencies or outbreaks of infectious 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 responsibly with 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 to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available 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.

POR

Source: Portland General Company

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**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

(Dollars in millions, except per share amounts)

(Unaudited)

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenues, net | $2636 | $2425 | $2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alternative revenue programs, net of amortization | 11 | (29) | $(6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Revenues | 2647 | 2396 | 2145 |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 988 | 822 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generation, transmission and distribution | 348 | 310 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative and other | 340 | 336 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 417 | 404 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 157 | 146 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 2250 | 2018 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 397 | 378 | 269 |
| **Interest expense, net** | 156 | 137 | 136 |
| **Other income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | 14 | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous income (expense), net | 17 | 9 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 31 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 272 | 267 | 155 |
| **Income tax expense** | 39 | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $233 | $244 | $155 |
| Weighted-average shares outstanding (in thousands): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 89290 | 89481 | 89485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 89643 | 89627 | 89645 |
| **Earnings per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.61 | $2.72 | $1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.60 | $2.72 | $1.72 |

---

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**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

(In millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2022** | **2021** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $165 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 398 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, at average cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 63 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel | 32 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets—current | 54 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 498 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 1210 | 688 |
| **Electric utility plant:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In service | 12421 | 11838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (4423) | (4146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In service, net | 7998 | 7692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction work-in-progress | 467 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric utility plant, net** | 8465 | 8005 |
| Regulatory assets—noncurrent | 473 | 533 |
| Nuclear decommissioning trust | 39 | 47 |
| Non-qualified benefit plan trust | 38 | 45 |
| Other noncurrent assets | 234 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $10459 | $9494 |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

(In millions, except share amounts)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2022** | **2021** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $457 | $244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities from price risk management activities—current | 118 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease obligations | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 641 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 1496 | 768 |
| Long-term debt, net of current portion | 3386 | 3285 |
| Regulatory liabilities—noncurrent | 1389 | 1360 |
| Deferred income taxes | 439 | 413 |
| Unfunded status of pension and postretirement plans | 170 | 206 |
| Liabilities from price risk management activities—noncurrent | 75 | 90 |
| Asset retirement obligations | 257 | 238 |
| Non-qualified benefit plan liabilities | 83 | 95 |
| Finance lease obligations, net of current portion | 294 | 273 |
| Other noncurrent liabilities | 91 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 7680 | 6787 |
| **Commitments and contingencies (see notes)** |  |  |
| **Shareholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value, 160,000,000 shares authorized; 89,283,353 and 89,410,612 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 1249 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1534 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 2779 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $10459 | $9494 |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In millions)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Cash flows from operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $233 | $244 | $155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 417 | 404 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 6 | 5 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | (14) | (17) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement benefits | 13 | 24 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other post retirement benefits settlement gain | (11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decoupling mechanism deferrals, net of amortization | (11) | 29 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of net benefits due to Tax Reform |  |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 15 | 14 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferral of incremental storm costs | (5) | (67) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Labor Day Wildfire deferral |  | (30) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 Labor Day Wildfire earnings test reserve | 15 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferral of wildfire mitigation costs | (28) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash income and expenses, net | 54 | (10) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables and unbilled revenues | (66) | (64) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in margin deposits | (80) | (29) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in payables and accrued liabilities | 157 | 61 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in margin deposits from wholesale counterparties | 82 | 58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other working capital items, net | (22) | (21) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to non-qualified employee benefit trust | (9) | (11) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligation settlements | (27) | (18) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (45) | (40) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 674 | 532 | 567 |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (766) | (636) | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of nuclear decommissioning trust securities | (3) | (10) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of nuclear decommissioning trust securities | 3 | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of properties | 13 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (5) | (26) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (758) | (656) | (787) |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS, continued**

(In millions)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | $360 | $400 | $549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt |  | (160) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on short-term debt |  | 200 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on short-term debt |  | (350) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Pelton/Round Butte financing arrangement | 25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (158) | (150) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (18) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (12) | (9) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 197 | (81) | 447 |
| **Increase (decrease) in cash and cash equivalents** | 113 | (205) | 227 |
| **Cash and cash equivalents, beginning of year** | 52 | 257 | 30 |
| **Cash and cash equivalents, end of year** | $165 | $52 | $257 |
| **Supplemental disclosures of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amounts capitalized | $128 | $120 | $113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 37 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash investing and financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital additions | 111 | 87 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued dividends payable | 42 | 40 | 38 |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**SUPPLEMENTAL OPERATING STATISTICS**

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Retail revenues (dollars in millions):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $1158 | 52% | $1118 | 54% | $1030 | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 735 | 33 | 708 | 34 | 634 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 312 | 14 | 279 | 13 | 246 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2205 | 99 | 2105 | 101 | 1910 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue programs, net of amortization | 11 | 1 | (29) | (1) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued revenues, net | 7 |  | 2 |  | 28 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail revenues | $2223 | 100% | $2078 | 100% | $1932 | 100% |
| **Retail energy deliveries (MWh in thousands):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 8088 | 38% | 7978 | 39% | 7756 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 7198 | 34 | 7193 | 35 | 6855 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 5945 | 28 | 5361 | 26 | 4932 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail energy deliveries | 21231 | 100% | 20532 | 100% | 19543 | 100% |
| **Average number of retail customers:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 809573 | 88% | 800372 | 88% | 791119 | 88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 112602 | 12 | 111569 | 12 | 110851 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 269 |  | 268 |  | 267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 922444 | 100% | 912209 | 100% | 902237 | 100% |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**SUPPLEMENTAL OPERATING STATISTICS, continued**

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Heating Degree-Days** | **Heating Degree-Days** | **Heating Degree-Days** | **Cooling Degree-Days** | **Cooling Degree-Days** | **Cooling Degree-Days** |
| | **2022** | **2021** | **15-Year Average** | **2022** | **2021** | **15-Year Average** |
| 1st quarter | 1761 | 1805 | 1846 |  |  |  |
| 2nd quarter | 760 | 498 | 625 | 75 | 238 | 100 |
| 3rd quarter | 6 | 54 | 72 | 745 | 600 | 467 |
| 4th quarter | 1576 | 1471 | 1560 | 45 |  | 2 |
| Total | 4103 | 3828 | 4103 | 865 | 838 | 569 |
| Increase (decrease) from the 15-year average | —% | (7)% |  | 52% | 47% |  |

---

Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2022** | **2021** | **2021** |
| **Sources of energy (MWh in thousands):** |  |  |  |  |
| Generation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas | 8242 | 31% | 9306 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal | 2186 | 8 | 2060 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total thermal | 10428 | 39 | 11366 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro | 1027 | 4 | 1073 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wind | 1765 | 7 | 2316 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total generation | 13220 | 50 | 14755 | 58 |
| Purchased power: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro | 6297 | 24 | 4789 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wind | 824 | 3 | 989 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar | 723 | 3 | 501 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas | 33 |  | 63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste, Wood and Landfill Gas | 168 | 1 | 167 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Source not specified | 4961 | 19 | 4031 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total purchased power | 13006 | 50 | 10540 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total system load | 26226 | 100% | 25295 | 100% |
| Less: wholesale sales | (6000) |  | (5946) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail load requirement | 20226 |  | 19349 |  |

---

## Exhibit 99.2

![](q42022earningsslides_fin001.jpg)

Portland General Electric EARNINGS CONFERENCE CALL FOURTH QUARTER AND FULL YEAR 2022 Exhibit 99.2

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![](q42022earningsslides_fin002.jpg)

Cautionary statement Information Current as of February 16, 2023 Except as expressly noted, the information in this presentation is current as of February 16, 2023 — the date on which PGE filed its Annual Report on Form 10-K for the year ended December 31, 2022 — and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law. Forward-Looking Statements Statements in this presentation that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning 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 our estimates 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 regarding the Company's full-year earnings guidance (including expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other 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; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro 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 to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in materials ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability and cost of purchased power and fuel; the development of alternative technologies; changes in capital and credit market conditions, including volatility of equity markets, reductions in demand for investment-grade commercial paper or interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of 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, unanticipated restoration costs, third party liability or that may affect energy costs or consumption; the effectiveness of PGE's risk management policies and procedures; PGE's ability to effectively implement a PSPS and de-energize its system in the event of heightened wildfire risk; cyber security breaches of the Company's customer information system or operating systems, data security breaches, or acts of terrorism, 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, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends; PGE business activities are concentrated in one region and future performance may be affected by events and factors unique to Oregon; widespread health emergencies or outbreaks of infectious 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 responsibly with 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 to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available 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. 2

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![](q42022earningsslides_fin003.jpg)

Topics for today's call 3 Business Update Maria Pope, President and CEO • Year in review • Strategic priorities • 2023 outlook Financial Update Jim Ajello, Senior VP of Finance, CFO, Treasurer and CCO • Economy and load growth • 2022 earnings drivers • 2024 general rate case • RFP update and capital investments • Liquidity and financing • 2023 earnings guidance

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![](q42022earningsslides_fin004.jpg)

Q4 2022 Q4 2021 2022 YTD 2021 YTD GAAP net income (in millions) $50 $66 $233 $244 GAAP diluted earnings per share (EPS) $0.56 $0.73 $2.60 $2.72 Exclusion of 2020 Wildfire and COVID deferral reversal (1) - - $0.19 - Tax effect (3) - - ($0.05) - Non-GAAP adjusted diluted earnings per share $0.56 $0.73 $2.74 $2.72 (1) PGE believes that excluding the effects of the previously disclosed 2020 Wildfire and COVID deferral reversal provides a meaningful representation of the Company's comparative earnings and reflects the present operating financial performance (see appendix for important information about non-GAAP measures) (2) The amount and timing of dividends payable and the dividend policy are at the sole discretion of the Portland General Electric Board of Directors and, if declared and paid, dividends may be in amounts that are less than projected (3) Tax effects were determined based on the Company's full-year blended federal and state statutory tax rate 2022 financial results 4 2022 Load Growth • Year-over-year load growth of 2.0%, weather adjusted • Residential deliveries down 1.4%, weather adjusted • Commercial deliveries down 0.5%, weather adjusted • Industrial deliveries up 10.6%, weather adjusted • Year-over-year load growth of 3.4%, inclusive of impacts of weather Reaffirming • Long-term load growth of 2%, through 2027 • Long-term EPS growth of 5% to 7% off 2022 non- GAAP adjusted base year • 5% to 7% long-term dividend growth (2) $0.67 $0.72 $0.65 $0.56 Q1 Q2 Q3 Q4 Quarterly Diluted EPS $0.81(1) Q3 $1.07 $0.36 $0.56 $0.73 Q1 Q2 Q3 Q4 Quarterly Diluted EPS 2021 Diluted GAAP EPS $2.72 2022 GAAP Diluted EPS $2.60 2022 Non-GAAP Diluted EPS $2.74

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![](q42022earningsslides_fin005.jpg)

Our strategic priorities Performance Driving operational efficiencies through disciplined execution and management Risk Management Focusing on high-return initiatives to enhance resiliency in the face of growing climate risks Value Creation for Stakeholders Growth Building the clean energy future and a more resilient and reliable grid 5

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![](q42022earningsslides_fin006.jpg)

2022 earnings bridge 6 2021 GAAP EPS Retail revenue Net variable power costs 2022 GAAP EPS Note: Dollar values are earnings per diluted share Depreciation and amortization expense 2020 Wildfire and COVID deferral reversal Operating expense Interest expense Prior year local tax flow- through adjustment Property and payroll tax Other 2022 Non-GAAP EPS

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![](q42022earningsslides_fin007.jpg)

2024 General Rate Case Rate Case Key Terms Rate Base $6.3 billion Rate Base Increase $859 million, 16% ROE 9.8% Capital Structure 50/50 Cost of Debt 4.32% Cost of Capital 7.06% Revenue Requirement Increase $338 million Key Proposals • Modify Power Cost Adjustment Mechanism (PCAM) structure • Remove deadbands with 90/10 sharing of cost variances • Provide for full cost recovery during reliability contingency events • +/- 2.5% rolling cap on customer price changes year-over-year for cost variances, amounts beyond cap roll to the next year • Update forecast modeling to reflect new market and climate dynamics • Clarify associated battery storage will be included in Renewable Adjustment Clause filings 7 Management cannot predict the outcome of the rate case and all items are subject to OPUC approval

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![](q42022earningsslides_fin008.jpg)

Update on RFP processes 8 Remaining 2021 RFP Milestones  1H 2023 Expected execution of final contracts with additional winning bidders With the execution of the Clearwater Wind project in Q4 2022, PGE is still seeking approximately: • 375 MW of non-emitting dispatchable capacity resources that can be used to meet peak customer demand • 75-200 MW of renewable resources • 100 MW of renewable energy in support of the Green Future Impact program's PGE supply option PGE expects to announce winning bids for additional projects in the first half of 2023 If the above targets are not achieved in the 2021 RFP, the 2023 RFP would look to procure the remaining 2021 RFP amounts in addition to the stated need coming from the upcoming 2023 Integrated Resource Plan and Clean Energy Plan  Year-end 2024 Projects expected to be in-service 2023 Resource Procurement Plan  January 2023 Filed notice with the OPUC that an RFP in 2023 is needed  March 2023 Filing IRP and PGE's first Clean Energy Plan, outlining PGE's strategy to meet decarbonization targets under Oregon law (1)  Fall 2023 Issuance of 2023 All-Source Request for Proposal  Year-end 2023 Final shortlist selection and submission for shortlist acknowledgement to the OPUC (1) ORS 469A.410 is an Oregon statute that sets a timetable for Oregon's electricity providers to eliminate emissions associated with power used to serve retail customers in Oregon by 80% by 2030, 90% by 2035 and 100% by 2040

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![](q42022earningsslides_fin009.jpg)

$135 $125 $120 $120 $120 $530 $505 $530 $555 $580 $130 $100 $100 $100 $100 $415 2023 2024 2025 2026 2027 Capital expenditures forecast(1) Generation Transmission and Distribution General Business and Technology Clearwater Wind $750$730 $800$775 Note: Dollar values in millions. Capital expenditures exclude allowance for funds used under construction. These are projections based on assumptions of future investment. Actual amounts expended will depend on various factors and may differ materially from the amounts reflected in this capital expenditure forecast (1) Values presented do not include incremental potential RFP investments for the 2021 RFP or future RFP cycles Reliability and resiliency investments 9 $1,210 with Clearwater $795

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![](q42022earningsslides_fin010.jpg)

Investing in a clean energy future 10 Clearwater Wind Project 2021 RFP Non-Emitting Dispatchable Capacity 2021 RFP Incremental Renewable Generation Charting the course toward a clean, affordable, and reliable energy future 200 4,000 Remaining RFP Renewable Generation and Non-Emitting Capacity(1) 2030 Projected Need Total need of 3,000 to 4,000 MW of non- emitting resources (generation and capacity) to meet 2030 emissions targets ~2,200 to 3,100 MW of new resource additions remain after conclusion of the 2021 RFP (1) Remaining 2030 projected need after the conclusion of the 2021 RFP will be procured via serial procurement cycles through 2030 3,100 M eg aw at ts

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![](q42022earningsslides_fin011.jpg)

(1) Base + Clearwater scenario illustrates the potential impact of the following assumptions: a) 2023 earnings power rate base is assumed consistent with the 2022 GRC value ($6.3B) plus $415M spend for the Clearwater wind project in 2023; b) annual capital expenditures from 2024-2027 consistent with current capital expenditures forecast on slide 9; and c) 2023 depreciation and amortization of $455M (mid-point of 2023 earnings guidance assumption) and 25-year useful life for new asset additions thereafter (2) The incremental opportunity from RFPs illustrates the potential impact of the following assumptions: a) a total IRP opportunity of 3,500 MW (mid-point of total resource need of 3,000 to 4,000 MW, including both energy and capacity resources); b) 25% ownership of the midpoint 3,500 MW opportunity; c) $2,000 installed cost per KW (based on indicative values for Clearwater); d) RFP projects procured in serial cycles and with evenly spread project spend through 2027 (Note: This is illustrative and actual RFP opportunity spend may be unevenly distributed); and e) 25-year useful life for RFP asset additions (3) 2022 rate base value based on UE 394 2022 GRC Rate Base amount, inclusive of Colstrip (4) 2024 base rate base value based on UE 416 2024 GRC Rate Base initial filing value Illustrative rate base growth 11 • PGE's five-year base plus Clearwater Wind capital expenditure forecast of $4.3 billion drives 5.8% rate base growth from 2022 base year • Illustrative incremental RFP opportunities(1) potentially increase rate base growth to 8.5%, from 2022 base year • Amounts presented below are for illustrative purposes and represents potential values based on the assumptions outlined below. Amounts do not represent guidance and actual amounts may differ materially $ B ill io ns $ B ill io ns $5.6 $6.7 $6.9 $7.1 $7.4 2022 2023E 2024E 2025E 2026E 2027E Rate Base: Base Capital + Clearwater (Illustrative)(1) (3) (4) $5.6 $7.0 $7.4 $7.9 $8.4 2022 2023E 2024E 2025E 2026E 2027E Rate Base: Base Capital + Clearwater + RFP Opportunity(2) (Illustrative) (3) (4)

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![](q42022earningsslides_fin012.jpg)

Ratings S&P Moody's Senior Secured A A1 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Outlook Stable Stable Credit Facilities $650 Letters of Credit $123 Total Liquidity: $938 million as of December 31, 2022 (dollars in millions) Cash $165 Liquidity and financing Expected 2023 financings (dollars in millions) Q1 Q2 Q3 Q4 Long-term debt $100(2) - - $250 Short-term debt - - - - Common equity(1) ~$300 - - - 12 (1) Expected 2023 common equity issuances will be under the existing 2022 Equity Forward Sale Agreement. Remaining draws against the equity forward will be completed by the end of the Agreement's 24- month term. Amounts presented are net of underwriting discount of $1.23625 per share (2) Bonds were issued on November 30, 2022 and Bonds were funded in full on January 13, 2023

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PGE is initiating full-year 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share based on the following assumptions: • An increase in energy deliveries between 2.5% and 3%, weather adjusted • Normal temperatures and thermal plant operations • Hydro conditions for the year in line with current forecasts • Wind generation based on five years of historical levels or forecast studies when historical data is not available • Operating and maintenance expense between $695 million and $715 million which includes approximately $45 million of expenses that are offset in other income statement lines • Depreciation and amortization expense between $445 million and $465 million, which reflects additional capital investments Reaffirming • 5% to 7% long-term EPS growth, 2022 non-GAAP adjusted base year • 5% to 7% long-term dividend growth • Long-term load growth of 2%, through 2027 2023 Earnings Guidance 13

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Appendix

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This presentation contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following: • Non-cash Wildfire and COVID deferral reversal charge associated with the year ended 2020, resulting from the OPUC's 2022 GRC Final Order earnings test Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, management is unable to estimate specific items requiring adjustment, which could potentially impact the Company's GAAP earnings (such as potential adjustments described above) for future periods and therefore cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. PGE's reconciliation of non-GAAP earnings for the three months ended March 31, 2022, the year ended December 31, 2022. 15 Non-GAAP financial measures

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Non-GAAP Earnings Reconciliation for the quarter ended March 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the quarter ended March 31, 2022 $60 $0.67 Exclusion of released deferrals related to 2020 17 0.19 Tax effect (1) (5) (0.05) Non-GAAP as reported for the quarter ended March 31, 2022 $72 $0.81 Non-GAAP Earnings Reconciliation for the year ended December 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the year ended December 31, 2022 $233 $2.60 Exclusion of released deferrals related to 2020 17 0.19 Tax effect (1) (5) (0.05) Non-GAAP as reported for the year ended December 31, 2022 $245 $2.74 Non-GAAP financial measures (1) Tax effects were determined based on the Company's full-year blended federal and state statutory tax rate 16

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