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Compensation Brief
Fiscal year 2025 · Filings through 2026-04-28

PORTLAND GENERAL ELECTRIC CO /OR/ (PGE)

CEO Maria Pope was paid $7,583,877 in fiscal year 2025, up 2.9% from fiscal year 2024, the 55th percentile of its disclosed peer group (SEC filing 0000784977-26-000034 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,583,877
Maria Pope total, FY2025
55th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Companies that benchmark against PGE
2 companies name PGE as a compensation peer

Each company listed discloses PGE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PGE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Maria Pope$1,205,111$0$4,549,047$0$1,235,019$158,970$435,730$7,583,877
President and CEO
Benjamin Felton735,50201,197,9440488,0624,017110,9852,536,510
Executive Vice President, Chief Operating Officer
Joe Trpik690,7880956,9300454,61413688,2012,190,669
Senior Vice President, Finance and Chief Financial Officer
Martin Wyspianski340,659125,0001,115,6050302,9330177,2652,061,462
Vice President, Power Markets and Grid Operations
Angelica Espinosa596,5220907,1270381,8035,967100,5261,991,945
Senior Vice President, Chief Legal, Corporate Affairs and Compliance Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Maria Pope$7,583,877$7,367,025$6,965,757+216,852
Benjamin Felton2,536,5102,467,4723,133,619+69,038
Joe Trpik2,190,6692,280,3783,190,250−89,709
Martin Wyspianski2,061,462———
Angelica Espinosa1,991,9451,711,5441,462,473+280,401

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Angelica EspinosaRSU2025-02-12——5,913—$247,459
Angelica EspinosaRSU2025-01-10——2,465—99,980
Angelica EspinosaPSU2025-02-126,90013,799—27,598559,687
Benjamin FeltonRSU2025-02-12——8,776—367,276
Benjamin FeltonPSU2025-02-1210,24020,480—40,960830,669
Maria PopePSU2025-02-1238,88477,768—155,5363,154,270
Maria PopeRSU2025-02-12——33,328—1,394,777
Joe TrpikRSU2025-02-12——7,010—293,369
Joe TrpikPSU2025-02-128,18016,360—32,720663,562
Martin WyspianskiPSU2025-02-12————217,671
Martin WyspianskiRSU2025-04-28——11,470—474,973
Martin WyspianskiPSU2025-04-285,49410,987—21,974445,633
Martin WyspianskiRSU2025-04-28——4,709—195,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Angelica Espinosa$347,439$559,687$061.7%
Benjamin Felton367,276830,669069.3%
Maria Pope1,394,7773,154,270069.3%
Joe Trpik293,369663,562069.3%
Martin Wyspianski669,973663,304049.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Benjamin FeltonPSU21,238—$1,019,199
Angelica EspinosaPSU14,310—686,715
Maria PopeRSU24,305—1,166,374
Maria PopePSU85,067—4,082,361
Maria PopeRSU34,561—1,658,588
Maria PopePSU80,645—3,870,171
Benjamin FeltonPSU22,392—1,074,607
Joe TrpikPSU17,888—858,436
Joe TrpikPSU16,965—814,165
Maria PopePSU14,922—716,120
Angelica EspinosaPSU14,197—681,304
Joe TrpikPSU11,292—541,912
Benjamin FeltonPSU11,263—540,519
Benjamin FeltonRSU9,101—436,743
Martin WyspianskiPSU8,962—430,089
Martin WyspianskiRSU7,426—356,377
Joe TrpikRSU7,269—348,857
Benjamin FeltonRSU6,398—307,035
Angelica EspinosaRSU6,132—294,264
Joe TrpikRSU1,614—77,439
Joe TrpikRSU5,111—245,267
Martin WyspianskiRSU4,827—231,665
Angelica EspinosaRSU4,056—194,639
Maria PopeRSU2,132—102,318
Martin WyspianskiRSU1,280—61,426
05

Incentive-plan design — the Compensation Discussion & Analysis

PGE's compensation philosophy is to manage total target direct compensation around the market 50th percentile, with individual differentiation that considers factors such as individual performance, experience, scope and impact of each role and individual skills and competencies. The program aims to attract and retain executives while aligning pay with long-term shareholder value and customer benefits.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
James TorgersonIndependent · Board Chair · Audit and Risk$237,500$154,997——$0$392,497
Michael LewisIndependent · Compensation, Culture and Talent · Finance and Operations (Chair)132,500154,997——0287,497
Michael MilleganIndependent · Audit and Risk (Chair) · Compensation, Culture and Talent132,500154,997——0287,497
Marie Oh HuberIndependent · Audit and Risk · Nominating, Governance and Sustainability (Chair)130,000154,997——0284,997
Patricia PinedaIndependent130,000154,997——0284,997
Kathryn JacksonIndependent · Finance and Operations112,500154,997——0267,497
John O'LearyIndependent · Audit and Risk · Finance and Operations112,500154,997——0267,497
Dawn Farrell83,750154,997——0238,747
Renée J. JamesIndependent · Compensation, Culture and Talent · Finance and Operations · Newly elected57,500167,075———224,575
Maria PopeEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$155,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guideline$375,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,128,750
Equity awards (grant-date value)$1,407,051
All other compensation$0
Total cost of the board$2,535,801

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies PORTLAND GENERAL ELECTRIC CO /OR/ names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including PORTLAND GENERAL ELECTRIC CO /OR/.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NiSource, Inc.2025Lloyd Yates$1,191,667$9,619,864$0$2,261,784$13,197,800
2OGE Energy Corp.2025Sean Trauschke1,239,3725,811,82401,753,48712,032,007
3Evergy, Inc.2025David Campbell1,123,1427,004,44601,342,9699,537,018
4Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
5Pinnacle West Capital Corporation2025Theodore Geisler938,3565,257,10801,853,0408,414,652
6PORTLAND GENERAL ELECTRIC CO /OR/2025Maria Pope1,205,1114,549,04701,235,0197,583,877
7IDACORP, Inc.2025Lisa Grow1,050,0002,942,30801,785,0017,529,892
8Black Hills Corporation2025Linden Evans995,5942,966,68801,294,8865,991,759
9NorthWestern Corporation2025Brian Bird921,2632,700,0220743,4005,016,745
10Avista Corporation2025Heather Rosentrater786,8452,653,7430897,7324,773,308
11TXNM Energy, Inc.2025Joseph Tarry839,4622,275,0110495,0583,903,948
12ALLETE, Inc.2024Bethany Owen871,1751,378,13801,329,6923,720,063

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
PORTLAND GENERAL ELECTRIC CO /OR/not disclosedPSU 70 · RSU 30not disclosedFW Cook
ALLETE, Inc.153.2%PSU 75 · RSU 25Yes — Relative TSRPearl Meyer
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Avista Corporation114%not disclosedNoMeridian Compensation Partners
Black Hills Corporation118.4%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian
Evergy, Inc.95.5%not disclosedYes — Three Year Relative TSR versus Companies in the EEI IndexMeridian
IDACORP, Inc.170%PSU 67 · RSU 33Yes — TSRPay Governance
NiSource, Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
NorthWestern Corporation80%PSU 70 · RSU 30Yes — TSR relative to peer groupWillis Towers Watson (WTW)
OGE Energy Corp.118%PSU 65 · RSU 35NoMercer
Pinnacle West Capital Corporation197.5%PSU 70 · RSU 30Yes — Relative TSRFW Cook
TXNM Energy, Inc.50%PSU 70 · RSU 30Yes — Relative TSR GoalPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at PORTLAND GENERAL ELECTRIC CO /OR/ in fiscal 2025?
Maria Pope, President and CEO, was the highest-paid executive at PORTLAND GENERAL ELECTRIC CO /OR/ in fiscal 2025, with total compensation of $7,583,877 as disclosed.
How does PORTLAND GENERAL ELECTRIC CO /OR/'s chief executive pay compare to its disclosed peer group?
The filing shows that the CEO's pay ranked at the 55th percentile of the disclosed peer group.
What is PORTLAND GENERAL ELECTRIC CO /OR/'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this filing.
How did shareholders vote on PORTLAND GENERAL ELECTRIC CO /OR/'s executive compensation?
The filing does not disclose the outcome of the latest say-on-pay shareholder vote.
How much does PORTLAND GENERAL ELECTRIC CO /OR/ spend in total on board compensation for fiscal 2025?
As disclosed, total board compensation for fiscal 2025 was $2,535,801.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Maria PopeDEF 14A2026-03-130000784977-26-000034Section “Summary Compensation Table” · page 67. As printed: 7,583,877. Filing ↗machine: r4 · c27 · span 2638140–2638149
2Section 01, Benjamin FeltonDEF 14A2026-03-130000784977-26-000034Section “Summary Compensation Table” · page 67. As printed: 2,536,510. Filing ↗machine: r10 · c27 · span 2714768–2714777
3Section 01, Joe TrpikDEF 14A2026-03-130000784977-26-000034Section “Summary Compensation Table” · page 67. As printed: 2,190,669. Filing ↗machine: r7 · c27 · span 2676861–2676870
4Section 01, Martin WyspianskiDEF 14A2026-03-130000784977-26-000034Section “Summary Compensation Table” · page 67. As printed: 2,061,462. Filing ↗machine: r13 · c27 · span 2752764–2752773
5Section 01, Angelica EspinosaDEF 14A2026-03-130000784977-26-000034Section “Summary Compensation Table” · page 67. As printed: 1,991,945. Filing ↗machine: r14 · c27 · span 2765395–2765404
6Section 03, Angelica Espinosa RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 03, Angelica Espinosa RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, Angelica Espinosa PSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
9Section 03, Benjamin Felton RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
10Section 03, Benjamin Felton PSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
11Section 03, Maria Pope PSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
12Section 03, Maria Pope RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
13Section 03, Joe Trpik RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
14Section 03, Joe Trpik PSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
15Section 03, Martin Wyspianski PSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
16Section 03, Martin Wyspianski RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
17Section 03, Martin Wyspianski PSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
18Section 03, Martin Wyspianski RSUDEF 14A2026-03-130000784977-26-000034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
19Section 08, James TorgersonDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 392,497. Filing ↗machine: span 1405693–1405940
20Section 08, Michael LewisDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 287,497. Filing ↗machine: span 1375911–1376158
21Section 08, Michael MilleganDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 287,497. Filing ↗machine: span 1383022–1383269
22Section 08, Marie Oh HuberDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 284,997. Filing ↗machine: span 1353901–1354148
23Section 08, Patricia PinedaDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 284,997. Filing ↗machine: span 1397614–1397861
24Section 08, Kathryn JacksonDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 267,497. Filing ↗machine: span 1361436–1361683
25Section 08, John O'LearyDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 267,497. Filing ↗machine: span 1390129–1390376
26Section 08, Dawn FarrellDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 238,747. Filing ↗machine: span 1346417–1346664
27Section 08, Renée J. JamesDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 224,575. Filing ↗machine: span 1368803–1369050
28Section 08, Maria PopeDEF 14A2026-03-130000784977-26-000034Section “Director Compensation”. As printed: 0. Filing ↗
29Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)Computed——Cash 1,128,750 + equity 1,407,051 + all other 0 = 2,535,801, summed across the director compensation table rows.machine: formula: Σ = 2,535,801
32NiSource, Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011851CEO total compensation as printed in NiSource, Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592
33OGE Energy Corp., Section 10b CEO totalDEF 14A2026-04-010001193125-26-138065CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647
34Evergy, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011357CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. Filing ↗machine: r2 · c25 · span 1518390–1518399
35Alliant Energy Corporation, Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
36Pinnacle West Capital Corporation, Section 10b CEO totalDEF 14A2026-04-030001628280-26-023516CEO total compensation as printed in Pinnacle West Capital Corporation's own proxy. As printed: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119
37PORTLAND GENERAL ELECTRIC CO /OR/ (subject), Section 10b CEO totalDEF 14A2026-03-130000784977-26-000034CEO total compensation as printed in PORTLAND GENERAL ELECTRIC CO /OR/'s own proxy. As printed: 7,583,877. Filing ↗machine: r4 · c27 · span 2638140–2638149
38IDACORP, Inc., Section 10b CEO totalDEF 14A2026-04-020001057877-26-000091CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967
39Black Hills Corporation, Section 10b CEO totalDEF 14A2026-03-180001193125-26-113958CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280
40NorthWestern Corporation, Section 10b CEO totalDEF 14A2026-03-120001993004-26-000018CEO total compensation as printed in NorthWestern Corporation's own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138
41Avista Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-138034CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232
42TXNM Energy, Inc., Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in TXNM Energy, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505
43ALLETE, Inc., Section 10b CEO totalDEF 14A2025-03-310000066756-25-000043CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: r6 · c24 · span 830444–830454
44Section 10a, NiSource, Inc. reciprocityDEF 14A—0001140361-26-011851NiSource, Inc.'s most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
45Section 10a, OGE Energy Corp. reciprocityDEF 14A—0001193125-26-138065OGE Energy Corp.'s most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
46Section 10a, ALLETE, Inc. reciprocityDEF 14A—0000066756-25-000043ALLETE, Inc.'s most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
47Section 10a, TXNM Energy, Inc. reciprocityDEF 14A—0001108426-26-000020TXNM Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
48Section 10a, Avista Corporation reciprocityDEF 14A—0001193125-26-138034Avista Corporation's most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
49Section 10a, Black Hills Corporation reciprocityDEF 14A—0001193125-26-113958Black Hills Corporation's most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
50Section 10a, Pinnacle West Capital Corporation reciprocityDEF 14A—0001628280-26-023516Pinnacle West Capital Corporation's most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
51Section 10a, Evergy, Inc. reciprocityDEF 14A—0001140361-26-011357Evergy, Inc. names PORTLAND GENERAL ELECTRIC CO /OR/ in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, NorthWestern Corporation reciprocityDEF 14A—0001993004-26-000018NorthWestern Corporation's most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
53Section 10a, IDACORP, Inc. reciprocityDEF 14A—0001057877-26-000091IDACORP, Inc.'s most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗
54Section 10a, Alliant Energy Corporation reciprocityDEF 14A—0000352541-26-000025Alliant Energy Corporation's most recent proxy was read; its disclosed peer group does not include PORTLAND GENERAL ELECTRIC CO /OR/. Filing ↗

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