2024 Earnings Guidance

PGE is reaffirming its estimate for full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share based on the following assumptions:

• Exclusion of the impacts of the January 2024 winter storm, including non-deferrable Reliability Contingency Event (RCE) costs and non-deferred incremental storm restoration costs;
• An increase in energy deliveries of 2% to 3%, weather adjusted;
• Normal temperatures in its utility service territory;
• Hydro conditions for the year that reflect current estimates;
• Wind generation based on five years of historical levels or forecast studies when historical data is not available;
• Normal thermal plant operations;
• Operating and maintenance expense between $815 million and $840 million which includes approximately $165 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines;
• Depreciation and amortization expense between $475 million and $525 million;
• Effective tax rate of 10% to 15%;
• Cash from operations of $700 to $800 million;
• Capital expenditures of $1,340 million; and
• Average construction work in progress balance of $795 million.