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]

PORTLAND, Ore., Jan. 14, 2025 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) announced today that it will host an analyst conference call and webcast at 11 a.m. ET on Friday, February 14, to review its fourth quarter and full-year 2024 financial results. Portland General Electric plans to release its fourth quarter and full-year 2024 earnings summary before financial markets open in the United States on February 14.  The conference call will be hosted by Maria Pope, President and CEO; Joe Trp ...

Core Viewpoint - The Oregon Public Utility Commission (OPUC) approved rate changes for Portland General Electric (PGE) that will take effect on January 1, 2025, with increases ranging from 5.5% to 7.7% based on customer type, aimed at supporting infrastructure investments and improving renewable energy availability [1][4][5]. Rate Changes and Financial Impact - The residential rate increase is set at 5.5%, which includes a 1.9% rise in power costs and a 1.1% increase for mandated funding of the Energy Trust of Oregon, with the remaining 2.5% allocated for capital investments and upgrades [4][7]. - The total expected revenue requirement increase is $98 million, representing approximately 54% recovery from PGE's final open brief filing of $182 million [5]. - The approved capital structure consists of 50% debt and 50% equity, with a return on equity (ROE) set at 9.34% [5]. Infrastructure Investments - The rate changes will support investments in a local battery energy storage system, transmission infrastructure, and technology modernization to enhance service reliability and reduce the need for power purchases [1][2][3]. - PGE is committed to customer affordability while managing its cost structure and focusing on high-impact investments that benefit all stakeholders [2]. Customer Support and Protections - PGE has collaborated with the Commission and customer advocates to expand customer protections, including suspending disconnections for income-qualified customers through March 31, 2025, and forgiving up to $1,000 in past-due balances for the most vulnerable customers [3][15]. - The company is also enhancing its Income-Qualified Bill Discount program and providing various tools to help customers manage their energy use and costs [8][12]. Regulatory Process - The rate review process was open and transparent, involving nearly 2,000 pages of written testimony and responses to approximately 1,120 commission data requests over 11 months [6]. - PGE's proposal to strengthen protections for residential and small business customers includes securing up-front payments and requiring long-term commitments from new industrial customers [13].

Investors interested in stocks from the Utility - Electric Power sector have probably already heard of Portland General Electric (POR) and CenterPoint Energy (CNP) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimat ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation m ...

Portland General Electric (POR) came out with quarterly earnings of $0.90 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.12%. A quarter ago, it was expected that this electric utility would post earnings of $0.67 per share when it actually produced earnings of $0.69, delivering a surprise of 2.99%. Over the last four quar ...

Vancouver, British Columbia--(Newsfile Corp. - October 24, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is applying to the TSX Venture Exchange for a one-year extension of 21,875,000 common share purchase warrants exercisable at $0.10. 13,000,000 warrants are set to expire on November 03rd, 2024 and 8,875,000 warrants set to expire on November 29th, 2024.Both sets of warrants are currently exercisable into common shares of the Company at a price ...

Vancouver, British Columbia--(Newsfile Corp. - October 8, 2024) - PORTOFINO RESOURCES INC. (TSXV: POR) (OTC Pink: PFFOF) (FSE: POTA) ("Portofino" or the "Company") is pleased to provide an update on current activities and status of priority projects. South of Otter Gold Project, Red Lake, Ontario: Portofino's South of Otter project (the "SOO") is located eight kilometers east of the Great Bear gold project owned by Kinross Gold Corp. It is believed that the SOO shares many geological characteristics with th ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $72 million or $0.59 per diluted share for Q2 2024, compared to $0.39 million or $0.39 per diluted share in Q2 2023, indicating a significant improvement in profitability [14][101] - The overall load decreased by 2.2% in Q2 2024, but increased by 0.9% when adjusted for weather compared to Q2 2023 [17] - Residential load decreased by 7.1% year-over-year, while commercial load decreased by 4.2%, driven largely by energy efficiency efforts [17] Business Line Data and Key Metrics Changes - Industrial load increased by 5.5% or 6.2% when weather adjusted, primarily due to growth in semiconductor manufacturing and data centers [17][51] - The initial shortlist for the ongoing renewable generation and capacity RFP included approximately 3 gigawatts of nameplate renewable and capacity resources made up of 22 distinct bids [18] Market Data and Key Metrics Changes - The company is experiencing robust demand from technology infrastructure and semiconductor manufacturing customers, with a strong pipeline of projects in the area [104] - The company reiterated its 2024 weather-adjusted load growth guidance of 2% to 3% and long-term load growth guidance of 2% through 2027 [104] Company Strategy and Development Direction - The company is focused on transforming its local system to address growing customer needs, effectively deploying resources to increase resiliency to extreme weather, and managing affordability for all customers [103] - The company is pursuing options to advance the clean energy transition and excess low-cost renewable energy, including participation in the CAISO Extended Day-Ahead Market [102] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing wildfire risk and emphasized the importance of cooperation with regulators and public sector agencies to address this societal-wide risk [15] - The company is optimistic about the pricing levels and robust bids seen in the competitive bidding process for renewable projects [38] Other Important Information - The company has a total available liquidity of $990 million as of June 30, and plans to issue up to $300 million in debt in the second half of the year to fund capital expenditures [105][106] - The company received $250 million in federal funds to expand a transmission line, which is part of its strategy to enhance infrastructure and support customer growth [2][43] Q&A Session Summary Question: What information will be made public regarding the RFP shortlist? - The shortlist will include technical disclosures about different sites, megawatt sizes, and ownership structures, similar to previous disclosures [6] Question: What are the prospects for settlements in the current rate case? - Management indicated that conversations with interveners are constructive and focused on serving customers and affordability [61] Question: How does the company view its equity needs going forward? - The company anticipates an annual equity need of approximately $300 million for the base capital plan from 2024 to 2026, with a moderate decline expected thereafter [22][74] Question: What is the timeline for the North Plains Connector project? - Construction is expected to start in 2027, with completion anticipated around 2029 [75] Question: How has the recent heat wave impacted the company? - The heat wave's impact is not expected to significantly affect the financing plan for the year, and quantification of its effects is ongoing [92][93]

[Portland General Electric Q2 2024 Results](index=1&type=section&id=Portland%20General%20Electric%20Announces%20Second%20Quarter%202024%20Results) [Second Quarter 2024 Financial Highlights](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Highlights) PGE's Q2 2024 GAAP net income increased to $72 million ($0.69/share) from $39 million, driven by demand and offset by higher costs Q2 2024 vs. Q2 2023 Financial Performance | Metric | Q2 2024 | Q2 2023 (GAAP) | Q2 2023 (Non-GAAP) | | :--- | :--- | :--- | :--- | | GAAP Net Income | $72 million | $39 million | - | | GAAP Diluted EPS | $0.69 | $0.39 | - | | Non-GAAP Net Income | - | - | $44 million | | Non-GAAP Diluted EPS | - | - | $0.44 | - Revenue growth was primarily driven by increased demand from semiconductor manufacturing and technology infrastructure customers, partially offset by lower residential and commercial usage due to weather conditions[3](index=3&type=chunk) - Operating costs increased year-over-year due to higher purchased power and fuel expenses, increased generation and network maintenance, and higher depreciation and interest expenses from ongoing capital investments[3](index=3&type=chunk) [Company Updates](index=1&type=section&id=Company%20Updates) PGE completed a $300 million ATM offering, launched a new $400 million program, advanced transmission, and declared a $0.50 dividend - PGE completed its **$300 million** at-the-market (ATM) offering facility and, on July 26, 2024, registered a new **$400 million** ATM program to fund general corporate purposes and investments in renewables[4](index=4&type=chunk)[6](index=6&type=chunk) - The company is advancing transmission capacity by signing a non-binding memorandum of understanding for the North Plains Connector project, aimed at improving regional reliability and supporting decarbonization[7](index=7&type=chunk) - PGE was ranked the **No. 1 utility** for customer experience in the 2024 Forrester Customer Experience Index[8](index=8&type=chunk) - The Board of Directors approved a quarterly common stock dividend of **$0.50 per share**, payable on or before October 15, 2024[9](index=9&type=chunk) [2024 Earnings Guidance](index=2&type=section&id=2024%20Earnings%20Guidance) PGE reaffirmed its 2024 adjusted EPS guidance of $2.98-$3.18, based on energy delivery growth and capital expenditures, excluding winter storm impacts 2024 Full-Year Guidance Assumptions | Metric | Assumption | | :--- | :--- | | Adjusted Diluted EPS | $2.98 to $3.18 | | Energy Deliveries Increase (weather adjusted) | 2% to 3% | | Operating & Maintenance Expense | $800M to $825M | | Depreciation & Amortization Expense | $475M to $525M | | Capital Expenditures | $1,340 million | | Cash from Operations | $700M to $800M | - The 2024 guidance explicitly excludes the impacts of the January 2024 winter storm, including non-deferrable Reliability Contingency Event (RCE) costs and other incremental storm restoration costs[10](index=10&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) PGE uses non-GAAP measures like adjusted EPS to show core performance, excluding infrequent items such as the Q2 2023 Boardman settlement charge Non-GAAP Earnings Reconciliation for Q2 2023 (in millions, except EPS) | Description | Net Income | Diluted EPS | | :--- | :--- | :--- | | GAAP as reported | $39 | $0.39 | | Exclusion of Boardman settlement charge | $7 | $0.07 | | Tax effect | ($2) | ($0.02) | | **Non-GAAP as reported** | **$44** | **$0.44** | - PGE believes that excluding significant items not related to ongoing business activities, such as the Boardman settlement charge, provides a more meaningful representation of comparative earnings performance[14](index=14&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) PGE's Q2 2024 total revenues grew to $758 million, driving net income to $72 million ($0.69/share), with six-month net income reaching $181 million Income Statement Highlights (in millions, except EPS) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $758 | $648 | $1,687 | $1,396 | | Income from Operations | $116 | $81 | $278 | $198 | | Net Income | $72 | $39 | $181 | $113 | | Diluted EPS | $0.69 | $0.39 | $1.77 | $1.19 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, PGE's total assets increased to $11.58 billion, with liabilities rising to $8.10 billion and shareholders' equity at $3.48 billion Balance Sheet Summary (in millions) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $848 | $935 | | Electric Utility Plant, Net | $9,873 | $9,546 | | **Total Assets** | **$11,582** | **$11,208** | | Total Current Liabilities | $850 | $1,112 | | Long-term Debt, Net | $4,353 | $3,905 | | **Total Liabilities** | **$8,098** | **$7,889** | | **Total Shareholders' Equity** | **$3,484** | **$3,319** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations more than doubled to $364 million in H1 2024, while investing activities used $639 million, and financing provided $276 million Cash Flow Summary for Six Months Ended June 30 (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $364 | $143 | | Net Cash used in Investing Activities | ($639) | ($574) | | Net Cash from Financing Activities | $276 | $279 | | **Change in Cash and Cash Equivalents** | **$1** | **($152)** | [Supplemental Operating Statistics](index=12&type=section&id=Supplemental%20Operating%20Statistics) [Revenue and Energy Delivery Breakdown](index=12&type=section&id=Revenue%20and%20Energy%20Delivery%20Breakdown) Total revenues reached $1.69 billion in H1 2024, with retail accounting for 82%, and total energy deliveries increased to 14,794 GWh, driven by wholesale growth Revenue Breakdown for Six Months Ended June 30 (in millions) | Customer Class | 2024 Revenue | 2023 Revenue | | :--- | :--- | :--- | | Residential | $722 | $641 | | Commercial | $446 | $393 | | Industrial | $206 | $169 | | Wholesale | $275 | $150 | | **Total Revenues** | **$1,687** | **$1,396** | Energy Deliveries for Six Months Ended June 30 (MWh in thousands) | Delivery Type | 2024 MWh | 2023 MWh | | :--- | :--- | :--- | | Total Retail | 10,511 | 10,669 | | Wholesale | 4,283 | 2,849 | | **Total Deliveries** | **14,794** | **13,518** | [Customer and Energy Source Statistics](index=12&type=section&id=Customer%20and%20Energy%20Source%20Statistics) PGE's retail customer base grew to 940,231, with total system load increasing to 14,384 GWh, primarily met by owned generation (53%) and purchased power (47%) - The average number of total retail customers increased to **940,231** for the first six months of 2024, compared to **927,256** for the same period in 2023[40](index=40&type=chunk) Sources of Energy for Six Months Ended June 30 (MWh in thousands) | Source | 2024 MWh | % of Total | 2023 MWh | % of Total | | :--- | :--- | :--- | :--- | :--- | | Total Generation | 7,726 | 53% | 7,300 | 56% | | Total Purchased Power | 6,658 | 47% | 5,622 | 44% | | **Total System Load** | **14,384** | **100%** | **12,922** | **100%** | [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Safe%20Harbor%20Statement) [Risk Factors](index=4&type=section&id=Risk%20Factors) Forward-looking statements are subject to risks including regulatory outcomes, operational challenges, market conditions, and environmental impacts like severe weather and wildfires - Forward-looking statements are subject to risks including legal and regulatory outcomes, changing customer demand, and operational risks at generation facilities[27](index=27&type=chunk) - Market and environmental risks include changes in capital and credit markets, inflation, the effects of climate change, severe weather, wildfires, and the effectiveness of Public Safety Power Shutoffs (PSPS)[27](index=27&type=chunk) - Additional risks involve cyber security attacks, workforce factors, health emergencies, and failure to meet greenhouse gas emission goals[27](index=27&type=chunk)