On this page of StockholderLetter.com we present the latest annual shareholder letter from PORTLAND GENERAL ELECTRIC CO /OR/ — ticker symbol POR. Reading current and past POR letters to shareholders can bring important insights into the investment thesis.

 •  3/5/2025 Letter Continued (Full PDF)
 •  3/6/2024 POR Stockholder Letter
 •  More "Electric Utilities" Category Stockholder Letters
 •  POR Benford's Law Stock Score = 93

POR Shareholder/Stockholder Letter Transcript:

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 will lead the energy transformation by
decarbonizing, electrifying and performing.
VALUES:
We serve
We innovate
We put our customers at the center of everything
we do. We listen, empathize and respond with
creativity and urgency.
We contribute to a world in motion by pursuing
continuous and proactive innovation. We question
what isn   t working, take calculated risks and drive
the change we wish to see in the world.
We connect
We sustain
We care about one another, our local communities
and this beautiful landscape we call home. We act
as a good neighbor and do the right thing.
We build long-term value that is good for people
and our planet. We operate responsibly, doing
more with less impact.

CEO Letter
Letter from our CEO
To our shareholders,
2024 saw high growth from new and
returning customers, enhanced
operational reliability, resilience and
strong safety performance, as well as new
investments in renewables and battery
storage projects, accelerating the clean
energy transition.
We delivered four quarters of strong
financial results. For the full year, we
reported GAAP net income of $313
million or $3.01 per diluted share, and
non-GAAP net income of $327 million or
$3.14 per share.1
Our solid financial performance reflects
the strength of our strategy, core
business and focus on operational
excellence. It is thanks to the hard work
and commitment of our generation,
power delivery, customer service and
support teams who delivered these
results and the strong foundation
underpinning our ongoing 5% to 7%
earnings growth rate.
Highlights from the year include:
Growth.
PGE   s service area is one of the top
growth markets in the country for a
diverse number of data centers and
1.
semiconductor manufacturing, and we
are the 6th largest retail EV market in the
country. Businesses continue to choose
PGE, and last year, we earned back two
large customers representing nearly 27
MWs of load.
PGE realized energy usage growth of
3.1% in 2024, and we are increasing our
2% long-term growth expectations to 3%,
weather-adjusted, through 2029.
Progress toward customer-driven
clean energy goals.
Our customers and the region remain
committed to sustainability and the clean
energy transition. In 2024, we made
significant progress with 45% of our
energy mix coming from clean, noncarbon emitting sources.
The integration of new renewables and
battery storage systems were an
important part of this progress. The
Clearwater Wind Energy Center came
online in 2024 and helped PGE hit a
milestone 1,000 MW of wind energy
generation. The Constable, Sundial and
Coffee Creek battery storage sites
brought a combined 292 MW of capacity,
increasing the availability and reliability
of PGE   s renewable energy portfolio.
Customer affordability.
Customer focus.
As we enter 2025, PGE will continue to
build on our progress over the last year
and advance initiatives to lower costs. We
are looking at every program and every
cost to find efficiencies and savings that
will keep customer prices as low as
possible, enabling growth and
investment.
PGE continues to grow its award-winning
Green Future renewable power
programs and expand opportunities for
customers to manage their energy use or
get assistance with their bills. This
relentless focus on customers earned
PGE the no. 1 rank among utilities in the
2024 Forrester U.S. Customer Experience
Index.
Moving forward.
Looking ahead, we are inspired by the
tremendous opportunities for Portland
General Electric as we power the region   s
economic development and continue to
focus on operational excellence.
Maria Pope
President & CEO
See the Financial highlights page for important information about non-GAAP measures and reconciliations.
Portland General Electric 2024 Annual Report
1

2024 Highlights
Powering the advancement of society
PGE LEADS THE WAY
Our mission is to power the advancement
of society and deliver a smarter, cleaner
future for Oregon. Together with our
customers, communities and partners, we
are creating a safe, reliable clean energy
future. We aim to lead the energy
transformation by decarbonizing the
grid, electrifying the economy from
transportation to homes and buildings,
and in operating our business efficiently
and effectively to keep customer prices
as low as possible.
Executing on our Decarbonize, Electrify
and Perform strategy requires a focus
and commitment to affordability, grid
reliability and equitable outcomes for
all customers.

1
For the 15th year1
PGE has held the U.S. Department
of Energy   s National Renewable
Energy Laboratory   s No. 1 ranking
for the largest participation
of business and residential
renewable energy customers
in a renewables program of any
U.S. electric utility.
1. NREL did not release rankings in 2011
PGE integrated 292 MW of energy storage capacity from three new, utility-scale
battery energy storage systems     Constable, Sundial and Coffee Creek     increasing
the availability and reliability of our renewable energy portfolio.
45%
7%
1,000 MW
PGE   s total system load
PGE   s compounded
growth rate
Daily wind production
served from clean, non-carbonemitting energy sources.
2
ENHANCING RENEWABLES WITH BATTERY STORAGE
in non-emitting resource mix from
2020 to 2024, building on our
commitment to reach net-zero
carbon emissions by 2040.
achieved on multiple days from
PGE   s wind fleet, enabled by
the new Clearwater Wind Energy
Center which came online in
January 2024.
Portland General Electric 2024 Annual Report

2024 Highlights
No. 1
Ranked as the number 1 utility
in the United States for Customer
Experience in the 2024 Forrester U.S.
Customer Experience Index.
CUSTOMER COLLABORATION
Customer actions resulted in the largest electricity demand shift in company history
during a multiday heat wave in July 2024, reducing demand enough to power over
90,000 homes for a four-hour period.
DRIVING PROGRESS
PGE added 43 EVs to our fleet in 2024, driving total fleet electrification up to 18%
(including 30% of our Class 1 vehicles) as we advance toward our 2040 net zero goal.
1 in 6
Car sales in Oregon
were electric in 2024.
$1.2B
11%
16%
Invested in capital assets
Weather-adjusted demand
growth
Compounded annual
decrease
from PGE   s Industrial customer class,
driving total customer load growth
of 3%.
of PGE   s OSHA recordable
incident rate since 2020.
focused on grid resiliency, customer
growth and decarbonization.
Portland General Electric 2024 Annual Report
3



 3/5/2025 Letter Continued (Full PDF)