Portland General Electric to electrify more than 60% of its fleet by 2030

Plan will retire more than 600 fossil fuel-powered vehicles and deploy more than 600 electric vehicles over the next 10 years

Sept. 24, 2020

Portland, Ore. — Today, Portland General Electric (NYSE: PGE) announced plans to electrify more than 60% of its entire fleet by 2030, including electrifying 100% of the utility’s Class 1 vehicles—such as sedans, SUVs, and small pickups—as well as forklifts, by 2025. This commitment is part of PGE’s ongoing efforts to advance transportation electrification in Oregon. “The future of transportation in Oregon is electric. We are taking this ambitious approach for our industry because we hope to pave the way for others to commit to bold fleet electrification advancements,” said Aaron Milano, Transportation Electrification Manager at Portland General Electric. “As we electrify our fleet in the years ahead, we are also committed to making electric fuel more accessible to everyone. We will apply our own experiences to help our customers large and small—from working with businesses and cities to electrify their fleets, to incentivizing home charging for residential customers.” Today, PGE’s fleet contains 1,167 vehicles across 27 different facilities, including 91 electric vehicles currently in use. This new commitment will retire more than 600 fossil fuel-powered 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) Examples: sedans, SUVs, small pickups

70% electric light-duty Class 2 vehicles Examples: pickups, large SUVs, vans

40% electric medium-duty vehicles Examples: flatbeds, service bodies, large vans and bucket trucks

30% electric heavy-duty vehicles Examples: 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) and anti-idle job site work systems, such as electric power take-off (ePTO) systems. Transportation is the single biggest source of greenhouse gas emissions in Oregon and a major source of other air pollutants. Electric vehicles not only reduce emissions by up to 100% compared to diesel powered vehicles—electricity is also less expensive than diesel and prices are more stable over time. Other benefits include improved local air quality, increased safety because it is easier for crews to hear one another in a quieter vehicle and reduced operating costs. In the pursuit of a clean energy future, Portland General Electric is committed to reducing transportation-related emissions by accelerating access to — and adoption of — electric vehicles for everyone. PGE is also deeply committed to supporting all Oregonians, across industries, in their transition to electric vehicles, from electrifying school buses and public transportation across the state, supporting electric vehicle charging infrastructure and education programs, and working with the Oregon Clean Fuels program to provide grants to community organizations, nonprofits and businesses for electric vehicle adoption.

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE owns 16 generation plants across Oregon and other Northwestern states and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2020, PGE, employees, retirees and the PGE Foundation donated $5.6 million and volunteered 18,200 hours with more than 400 nonprofits across Oregon. For more information visit portlandgeneral.com/news.

Safe Harbor Statement

Statements in this news 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 1934, as amended. Forward-looking statements include statements regarding the company’s future energy mix; statements concerning the company’s integration of smart-grid technologies and renewable energy into the grid; statements regarding acquisition, construction, completion, and operation of generating and battery storage facilities; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” “will,” “would,” “could” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including construction and operational risks relating to the generation and battery storage facilities, including wind conditions and unscheduled delays or plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete capital projects on schedule or within budget, failure of the counterparty to perform under the agreements, or the abandonment of capital projects, which could result in the company’s inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company’s most recent annual report on form 10-K and the company’s reports on forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including management’s discussion and analysis of financial condition and results of operations and the risks described therein from time to time.

For more information contact:

Elizabeth Lattanner, PGE

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