Portland General Electric Announces Jim Lobdell to Retire at Year End

Jim Ajello to Become Chief Financial Officer; Brett Sims Appointed Vice President of Strategy, Regulation and Energy Supply

Oct. 29, 2020

Portland, Ore., – Portland General Electric Company (NYSE: POR) ("PGE" or the "Company") today announced that Jim Lobdell, senior vice president of Finance, CFO and treasurer, plans to retire at year end. Jim Ajello, former executive vice president and CFO of Hawaiian Electric Industries, has been appointed senior advisor as of November 30th, and Chief Financial Officer, effective as of January 1st. Brett Sims, senior director of Strategy, Commercial and Regulatory Affairs, has been appointed vice president of Strategy, Regulation and Energy Supply, effective October 30th. “On behalf of the entire Board and leadership team, I would like to thank Jim Lobdell for his dedication and many contributions to PGE throughout his 36-year career,” said Maria Pope, PGE president and CEO. “Jim has been instrumental in driving financial improvements and has helped ensure we’re delivering safe, reliable and affordable electricity to our customers through his leadership around the Boardman coal plant closure and in laying the foundation for a new generation. In particular, he helped secure more than 1000 MW in renewable energy. Jim’s deep industry experience made him a valuable member of the team and we will miss his acumen for complexity and clarity of purpose. We appreciate Jim’s commitment to ensuring a seamless transition and wish him well on his much-deserved retirement.” Pope continued, “We are pleased to welcome Jim Ajello to the PGE team, and look forward to benefitting from his broad-based background in energy, infrastructure and financial services. I also want to congratulate Brett Sims, whose collaborative work with our stakeholders and deep technical and regulatory experience and business acumen has resulted in positive outcomes for customers. We’re confident that both Jim and Brett will be excellent members of our executive team as we build upon our strong foundation and continue powering our communities we serve.” "It has been an honor to work with such a talented team, and I'm immensely grateful for their support and camaraderie," said Lobdell. "I believe deeply in the future of PGE and cannot wait to see all that this incredible team accomplishes – for customers, shareholders and Oregonians alike – in the years to come." “I am thrilled by this opportunity to join an outstanding team during such a pivotal time in PGE’s history,” said Ajello. “I’m looking forward to working closely with the team to ensure we don’t miss a beat in PGE’s efforts to reduce costs and realize operational efficiencies as we work toward delivering on a clean energy future.”

About James Ajello

James (“Jim”) Ajello served as Executive Vice President and Chief Financial Officer of Hawaiian Electric Industries (HEI) from 2009 to 2017. In this role, he managed strategic planning, accounting, tax, investor relations, financial reporting, corporate finance, treasury and capital allocation, pension, corporate development and enterprise risk management across the HEI companies of Hawaiian Electric Company and American Savings Bank. Prior to joining HEI, Ajello served as Senior Vice President, Business Development at Reliant Energy, Inc., now NRG, and spent approximately fifteen years as Managing Director of the Energy and Natural Resources Group of UBS Warburg/UBS Securities LLC, focusing on M&A, corporate finance, capital markets and infrastructure project financing. Ajello currently serves as an Independent Board Member of HEI’s Hawaiian Electric Company and is a member of its Audit Committee. He is a former Board member of HEI’s American Savings Bank and served on its Risk Committee, as well as Crius Energy Trust, where he served on the Nominating and Governance and Audit committees. Ajello holds a bachelor’s degree from the State University of New York and a Master of Public Administration from Syracuse University. He is also a graduate of the Advanced Management Program of the European Institute of Business Administration (INSEAD) in Fontainebleau, France.

About Brett Sims

Brett Sims joined PGE in 2001 and has held several leadership and strategic planning positions within the Company over the last two decades. Most recently, Sims has served as senior director of Strategy, Commercial and Regulatory Affairs at PGE. In this role, he has guided the regulatory team and collaborated with the Oregon Public Utility Commission and stakeholders, and has overseen the Company’s Integrated Resource Planning process, RFPs and commercial operations since 2005. Prior to joining PGE, Sims held a number of business development and management roles in the finance and banking sector. Sims holds a bachelor’s degree from Linfield College and a Master of Business Administration from George Fox University.

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:

Brianne Hyder, PGE



For more information contact:

Jardon Jaramillo, Investor Relations