Portland General Electric announces end to coal-fired power generation in Oregon

Reduces emissions, advances journey to clean energy resource mix

Oct. 15, 2020

Portland, Ore.– Portland General Electric Company (NYSE: POR) today announced it has permanently shuttered its Boardman Generating Station in Eastern Oregon’s Morrow County. The closure fulfills a groundbreaking agreement PGE reached with stakeholders, customer groups and regulators in 2010 to significantly reduce air emissions from power production in Oregon by ending operations at Boardman 20 years ahead of schedule and transitioning to cleaner energy resources. Boardman is the only coal-fired power plant in Oregon. PGE has a 90 percent ownership share of the plant. Idaho Power owns the remaining 10 percent.

“Our customers are counting on us to deliver a clean energy future,” PGE President and CEO Maria Pope said. “PGE’s Boardman closure is a major step on our path to meeting Oregon’s greenhouse gas emissions reduction goals and transforming our system to reliably serve our customers with a cleaner, more sustainable energy mix.”

Boardman’s closure has been factored into PGE’s resource plans since 2010, so the company could take steps to ensure there’ll be enough electricity to continue reliable electric service to customers after the plant’s shutdown. No single generator will replace the facility. Instead, a mix of resources including five-year contracts with the Bonneville Power Administration, Washington’s Douglas County PUD, and other independent suppliers has been added to PGE’s energy portfolio to meet near-term needs; a request for proposals for additional long term, non-emitting capacity resources is in the planning stages and is expected to be conducted next year.

The company is also bringing online energy storage, new renewable resources, and new distributed resources like demand response (when customers help balance the grid by volunteering to shift energy use during peak times) to create a cleaner, more resilient power system for the future.

One notable new renewable power resource that will help serve PGE customers and contribute to a healthy economy in the Morrow County community going forward is Wheatridge – a facility PGE is building with NextEra Energy Resources just south and east of Boardman, with 300 megawatts of wind and 50 megawatts of solar, augmented by 30 megawatts of battery storage. PGE will own part of the wind resource and purchase the rest of Wheatridge’s output on a long-term contract with NextEra. The Wheatridge wind farm is currently in the final stages of construction and will be online this year. The solar and storage resources will be constructed in 2021 and are expected to be online before the end of next year

Some Boardman employees will continue with the plant during 2021 to conduct environmental cleanup and ready the facility for demolition and removal beginning in 2022, while others will retire, move to other positions with PGE, or leave the company. The company provided a comprehensive retention and severance plan as well as education and job-training benefits to help employees fulfill their personal goals after the closure.

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

Steve Corson, PGE

503-464-8444

Steven.Corson@pgn.com

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