Financial Data and Key Metrics Changes - For the full year 2024, the company reported GAAP net income of $313 million or $3.01 per diluted share, compared to GAAP net income of $228 million or $2.33 per share in 2023, reflecting a significant increase [9] - Non-GAAP net income for 2024 was $327 million or $3.14 per share, up from $233 million or $2.38 per share in 2023 [9] - For Q4 2024, GAAP net income was $39 million or $0.36 per share, down from $68 million or $0.67 per share in Q4 2023 [9] Business Line Data and Key Metrics Changes - Weather-adjusted energy usage increased by 3% in 2024, driven by industrial growth of 11% year-over-year, particularly from semiconductor manufacturing and data center customers [10] - Residential load decreased by 2.8% year-over-year but increased by 0.5% when weather-adjusted [32] - Industrial load growth increased by 10.3% or 10.7% weather-adjusted from 2023, indicating strong demand from key sectors [32] Market Data and Key Metrics Changes - Clean energy represented 45% of the company's energy mix in 2024, with a compounded growth rate of 7% in non-emitting resources since 2020 [18] - The company is positioned in a top growth market for data centers and semiconductor manufacturers, supported by state funding of $500 million for tech manufacturing [17] Company Strategy and Development Direction - The company is focused on five key priorities: enabling high-tech growth, customer values in sustainability, customer affordability, risk reduction, and creating an investable energy future for Oregon [13][15] - The company plans to deepen relationships with customers and stakeholders to ensure competitive returns and attract investments [29] - The company is committed to operational excellence and cost reductions, with a long-term earnings growth guidance of 5% to 7% [11][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals and long-term growth expectations, increasing customer usage growth expectations from 2% to 3% through 2029 [10][49] - The company anticipates 2025 earnings guidance of $3.13 to $3.33 per diluted share, supported by solid expectations of service territory growth [46] - Management highlighted ongoing efforts to reduce risk and improve safety culture, with a 16% reduction in OSHA recordable incident rates since 2020 [24] Other Important Information - The company deployed over $1.2 billion in capital projects in 2024, focusing on customer growth, grid resiliency, and decarbonization [12] - Total available liquidity at year-end was $997 million, with ongoing evaluations of financing options to maintain flexibility [43] Q&A Session Summary Question: Wildfire efforts and legislative changes - Management discussed ongoing wildfire mitigation efforts and the importance of liability limitations in legislative discussions, emphasizing the need for a backstop fund [56][58] Question: Cost structure and rate lag - Management addressed the need to realign cost structures to reduce structural lag, with a focus on long-term performance and efficiency [65][66] Question: Regulatory strategy and rate cases - Management is evaluating the timing of future rate cases and the potential for a tracker for the Seaside battery project, considering the uncertainty of recovery [74][84] Question: Equity contributions and funding - Management indicated openness to equity contributions for risk reduction initiatives, emphasizing the importance of addressing liability standards [78][79] Question: Federal initiatives and wildfire mitigation - Management noted increased federal focus on wildfire management and the alignment of state and federal efforts to enhance energy security [135][138]

Group 1 - The conference call for Portland General Electric Company's Q4 2024 earnings results took place on February 14, 2025, at 11:00 AM ET [1][2] - The call was led by Nick White, Manager of Investor Relations, with key participants including Maria Pope, President and CEO, and Joe Trpik, SVP, Finance and CFO [1][5] - A presentation was prepared to supplement the discussion, available on the company's investor relations website [3] Group 2 - The company cautioned that some remarks during the call would constitute forward-looking statements, which involve inherent risks and uncertainties [4]

Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FOURTH QUARTER AND FULL YEAR 2024 Cautionary statement Information Current as of February 14, 2025 Except as expressly noted, the information in this presentation is current as of February 14, 2025 – the date on which PGE filed its Annual Report on Form 10-K for the year ended December 31, 2024 - and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be require ...

Financial Performance - Portland General Electric reported a GAAP net income of $313 million, or $3.01 per diluted share, for the year ended December 31, 2024, which includes a $0.13 per diluted share impact from January 2024 winter storms[1][2] - Non-GAAP net income for 2024 was $327 million, or $3.14 per diluted share, compared to $233 million, or $2.38 per diluted share for 2023[2][21] - Net income for 2024 was $313 million, up 37.4% from $228 million in 2023[32] - Basic earnings per share increased to $3.02 in 2024, compared to $2.33 in 2023, reflecting a 29.6% growth[32] - Total revenues for 2024 reached $3,440 million, a 17.7% increase from $2,923 million in 2023[32] - Total retail revenues for 2024 reached $2,815 million, a 15% increase from $2,447 million in 2023[42] - Residential retail revenues increased by 15% to $1,457 million in 2024, compared to $1,263 million in 2023[42] Capital Investments and Expenditures - Total capital investments in 2024 amounted to $1,262 million, focusing on grid modernization, renewable energy integration, and wildfire risk mitigation[6][11] - Capital expenditures for 2024 were $1,268 million, a decrease from $1,358 million in 2023[39] Operational Metrics - Total operating expenses rose to $2,928 million in 2024, a 15.9% increase from $2,527 million in 2023[32] - Cash flows from operating activities improved significantly to $778 million in 2024, compared to $420 million in 2023[39] - Cash flows from financing activities provided $526 million in 2024, down from $778 million in 2023[41] Energy Production and Capacity - The Clearwater Wind Energy Facility achieved commercial operations with a capacity of 311 MW, contributing to PGE's wind production capabilities[6] - PGE integrated 292 MW of battery storage, including the 75 MW Constable Battery Energy Storage System, enhancing grid flexibility and renewable energy management[6][9] - Total system load for 2024 was 30,348 MWh, an increase from 27,169 MWh in 2023[44] - Natural gas generation accounted for 36% of total generation in 2024, down from 40% in 2023[44] Future Guidance and Projections - The company initiated 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, reaffirming a long-term earnings per share growth target of 5% to 7%[5][9] - Operating and maintenance expenses for 2025 are projected to be between $795 million and $815 million, including approximately $135 million related to wildfire and vegetation management[11] - PGE plans to file a draft 2025 All-Source Request for Proposals to meet forecasted capacity needs and advance decarbonization targets[14] Balance Sheet and Equity - Total assets increased to $12,544 million as of December 31, 2024, up from $11,208 million in 2023[34] - Long-term debt rose to $4,354 million in 2024, compared to $3,905 million in 2023[37] - The total shareholders' equity increased to $3,794 million in 2024, up from $3,319 million in 2023[37] Customer Metrics - The average number of retail customers rose to 943,944 in 2024, an increase from 928,860 in 2023[42] - Total retail energy deliveries for 2024 were 21,697 MWh, up from 21,423 MWh in 2023, reflecting a growth of 1.3%[42] - Retail load requirement for 2024 was 20,626 MWh, compared to 20,219 MWh in 2023[44] Dividends - Dividends paid increased to $200 million in 2024 from $179 million in 2023[41]

Core Viewpoint - Portland General Electric (POR) reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.32 per share, but down from $0.68 per share a year ago, indicating a 50% year-over-year decline in earnings [1][2] Financial Performance - The company achieved revenues of $824 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 15.06% and up from $725 million in the same quarter last year, reflecting a year-over-year revenue growth of approximately 13.7% [2] - Over the last four quarters, Portland General Electric has consistently surpassed consensus EPS estimates [2] Stock Performance and Outlook - The stock has underperformed, losing about 3.4% since the beginning of the year, while the S&P 500 has gained 4% [3] - The current consensus EPS estimate for the upcoming quarter is $1.11 on revenues of $953.93 million, and for the current fiscal year, it is $3.20 on revenues of $3.48 billion [7] Industry Context - The Utility - Electric Power industry, to which Portland General Electric belongs, is currently ranked in the bottom 47% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact the stock's performance [5][6]

Financial Performance - Portland General Electric Company (PGE) reported a net income of $313 million, or $3.01 per diluted share, for the year ended December 31, 2024, which includes a $0.13 per diluted share impact from January 2024 winter storms [1][2] - The non-GAAP net income for 2024, after adjusting for the winter storms, was $327 million, or $3.14 per diluted share [1][2] - For the year ended December 31, 2023, PGE's GAAP net income was $228 million, or $2.33 per diluted share, which included a $0.05 per diluted share charge related to the Boardman revenue requirement settlement [2][3] Operational Highlights - PGE experienced solid growth from new and returning customers, enhanced operational reliability, and made significant investments in clean energy resources and battery storage [4][8] - The company invested $1,262 million in capital projects aimed at grid modernization, customer growth, and renewable energy integration [8] - PGE achieved commercial operations of the 311 MW Clearwater Wind Energy Facility, contributing to its wind production capabilities [8] Revenue and Expenses - Total revenues for 2024 increased to $3,480 million from $2,912 million in 2023, driven by demand growth from semiconductor manufacturing and technology infrastructure customers [29] - Operating expenses rose to $2,928 million in 2024, up from $2,527 million in 2023, primarily due to higher purchased power and fuel costs, as well as increased maintenance and employee compensation expenses [29] Future Guidance - PGE is initiating 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, reaffirming a long-term earnings per share growth target of 5% to 7% [7][9] - The company plans to continue its focus on wildfire risk mitigation, forecasting $53 to $57 million in operations and maintenance costs for 2025, along with an additional $57 to $78 million in capital investments [11][10] Shareholder Returns - The board of directors approved a quarterly common stock dividend of $0.50 per share, payable on or before April 15, 2025 [14]

Retail Revenues and Customer Metrics - Retail revenues for 2024 reached $2,815 million, a 15% increase from $2,447 million in 2023[46] - Residential retail revenues increased to $1,457 million, representing 51% of total retail revenues in 2024, up from $1,263 million in 2023[46] - Total retail energy deliveries for 2024 were 21,697 MWh, a 1.3% increase from 21,423 MWh in 2023[46] - Average number of retail customers in 2024 was 943,944, an increase from 928,860 in 2023[46] - Revenue per residential customer increased to $1,695 in 2024, up from $1,481 in 2023, reflecting a 14.5% growth[48] - The company’s industrial customer segment saw a revenue per customer of $1,627,956 in 2024, compared to $1,347,661 in 2023, marking a 20.8% increase[48] Regulatory and Environmental Compliance - The Oregon Clean Electricity and Coal Transition Plan mandates an 80% reduction in greenhouse gas emissions by 2030, impacting future operational strategies[45] - PGE's Wildfire Mitigation Plan aims to enhance regional safety and resilience against wildfire damage, with associated costs recoverable through customer pricing[45] - The company is subject to regulatory mechanisms that allow for annual adjustments in retail customer prices based on changes in net variable power costs[41] - PGE is required to reduce GHG emissions by 80% by 2030, 90% by 2035, and 100% by 2040 compared to baseline emissions from 2010-2012[102] - The Oregon Clean Fuels Program aims to reduce average carbon intensity of transportation fuels by 50% by 2035 and 90% by 2050[101] Energy Generation and Capacity - PGE's total resource capacity increased to 6,496 MW in 2024, up from 5,665 MW in 2023[66] - The company achieved a new all-time high net system load peak of 4,498 MW in August 2023[63] - The average winter load for 2024 was 2,802 MW, while the average summer load was 2,566 MW[63] - PGE's thermal generation capacity includes 1,818 MW from natural gas and 296 MW from coal as of December 2024[66] - The company has a total of 2,593 MW from long-term power purchase agreements, up from 1,867 MW in 2023[66] - The Clearwater wind energy facility, with a total nameplate capacity of 208 MW, achieved substantial completion on January 5, 2024[71] - The company has long-term power purchase contracts providing a total of 1,010 MW of nameplate capacity from hydroelectric projects, with varying expiration dates from 2025 to 2052[78] - The company has contracts with 69 online PURPA qualifying facilities (QFs) providing a total of 315 MW of capacity, with an additional 116 MW from two non-operational contracts[79] - The company has a Dispatchable Standby Generation (DSG) program with 78 generators totaling 129 MW of capacity, and is pursuing expansion through customer engagement and battery energy storage[81] - The company has four wind contracts providing a total of 400 MW of capacity, with expiration dates ranging from 2028 to 2053[82] - The company has five solar contracts representing 219 MW of capacity, with expiration dates extending from 2036 to 2042[83] - The company has three contracts under the Green Future Impact Program representing 360 MW of capacity from renewable resources[84] - The company has entered into a 250 MW natural gas heat rate call option contract starting in July 2025 to provide additional dispatchable firm capacity[85] - The company delivered approximately 31 million MWh through 1,269 circuit miles of transmission lines operating at or above 115 kV in 2024[93] - The company has entered into agreements to construct multiple Battery Energy Storage Systems (BESS) totaling 475 MW, with projects placed in service from November 2024 to June 2025[94] Financial Performance and Risk Management - Wholesale revenues accounted for 16% of total revenues in 2024, compared to 14% in both 2023 and 2022[59] - Other operating revenues represented 2% of total revenues for 2024, 2023, and 2022[60] - PGE had 2,915 employees as of December 31, 2024, with 648 employees covered under collective bargaining agreements[111] - PGE's commitment to pay equity includes a wide range of market-competitive benefits for employees[112] - The Executive Risk Committee oversees the management of market, liquidity, and credit risks related to the company's energy portfolio[363] - PGE engages in price risk management to mitigate exposure to volatility in net power costs for retail customers[364] - The company utilizes forward contracts, financial swaps, and option contracts to manage commodity price risks[364] - As of December 31, 2024, PGE's net unrealized losses related to derivative activities total $185 million, with $114 million expected to be realized in 2025[365] - The company has a total fair value of long-term debt amounting to $3,963 million, with a carrying amount of $4,539 million as of December 31, 2024[371] - PGE's credit risk exposure for commodity activities is $16 million, with $14 million associated with investment-grade counterparties[374] - A 10% change in the value of the Canadian dollar would result in an immaterial change in exposure for transactions settling within the next twelve months[369] - PGE employs a hedging strategy to mitigate foreign currency risk associated with natural gas contracts denominated in Canadian dollars[368] - The company has no outstanding borrowings under its revolving credit facility or commercial paper as of December 31, 2024[370] - PGE's energy portfolio activities are regulated, with costs included in retail prices approved by the OPUC, which mitigates commodity price risk[366] - The company manages credit risk by performing financial credit reviews and requiring collateral when necessary[372] - PGE's long-term power purchase contracts with public utility districts in Washington provide a share of hydro facility output, expiring through 2052[376] - The company has no financial instruments to mitigate short-term interest rate risk but may consider such instruments in the future[371] Diversity and Inclusion - PGE's workforce includes over 25% of employees and management from Black, Indigenous, and People of Color backgrounds[116] Environmental Initiatives - The company has implemented fish protection measures at its hydroelectric projects to comply with the Endangered Species Act[104] - PGE is listed among the Potentially Responsible Parties for the Portland Harbor Superfund site due to historical operations[108]

Core Viewpoint - Portland General Electric (POR) is anticipated to report a year-over-year decline in earnings due to lower revenues, which could significantly influence its near-term stock price depending on how actual results compare to estimates [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for February 14, 2025, with a consensus estimate of $0.32 per share, reflecting a year-over-year decrease of 52.9%. Revenues are projected to be $716.17 million, down 1.2% from the previous year [3][2]. Estimate Revisions - The consensus EPS estimate has been revised 0.91% higher in the last 30 days, indicating a slight positive reassessment by analysts [4]. However, the Most Accurate Estimate is lower than the consensus, resulting in an Earnings ESP of -2.36%, suggesting a bearish outlook on earnings prospects [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a strong predictive power for positive readings [6][7]. However, the current negative Earnings ESP reading complicates the prediction of an earnings beat for Portland General Electric [11]. Historical Performance - In the last reported quarter, Portland General Electric had an earnings surprise of +1.12%, having beaten consensus EPS estimates three times over the last four quarters [12][13]. Industry Comparison - In contrast, Ameren (AEE), another player in the electric utility sector, is expected to post earnings of $0.83 per share for the same quarter, indicating a year-over-year increase of 38.3%, with revenues projected at $1.76 billion, up 8.7% [17]. However, Ameren also faces a negative Earnings ESP of -8.21%, making predictions about beating consensus estimates challenging [18].

Portofino Amends Amount of Debt to Be Issued for SharesFebruary 03, 2025 6:22 PM EST | Source: Portofino Resources Inc.Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - Portofino Resources Inc. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") reports that it executed agreements with various (arms-length) creditors to settle up to $105,000 in outstanding debt by issuing 10,500,000 common share Units valued at $0.01 per Unit. (The Company had previously a ...

Debt Settlement and Share Issuance - The company executed agreements with creditors to settle $205,000 in outstanding debt by issuing 20,500,000 common share units valued at $0.01 per unit [1] - Each unit comprises 1 share and ½ warrant, with a full warrant convertible into 1 share at $0.05/share for 2 years from closing [1] - The share-for-debt transactions are subject to TSX Venture Exchange approval [1] Company Overview and Projects - Portofino Resources Inc is a Vancouver-based company focused on exploring and developing mineral resource projects in the Americas [2] - The company holds a 100% interest in the Yergo Lithium Project in Catamarca, Argentina, and has an option to earn an interest in the Arizaro Lithium Project in Salta, Argentina [2] - Both lithium projects are located in the Argentine Lithium Triangle, near multiple world-class lithium projects [2] - The company also holds a 100% interest in several exploration projects in northwestern Ontario, Canada, including the South of Otter, Red Lake gold project, the Gold Creek, Thunder Bay project, and the Allison Lake North project [3] Leadership and Governance - David G Tafel serves as the Chief Executive Officer of the company [4]