Group 1 - The investment environment for utilities is currently favorable, particularly at the beginning of 2024, due to several tailwinds [1] - The investment strategy combines fundamental analysis with options, focusing on various approaches such as income-oriented investments, growth at a reasonable price, deep value, and dividend aristocrats [1] - The analyst employs 20-25 options strategies for purposes including hedging, bullish substitutes, neutral trades, trading volatility, and earnings-related trades [1] Group 2 - The analyst holds a beneficial long position in shares of specific utility companies, indicating a positive outlook on their performance [2]

Core Insights - Renée James has been appointed to the board of directors of Portland General Electric (PGE), effective June 11, 2025, bringing valuable experience from the technology sector, particularly in high-tech and semiconductor manufacturing [1][2] - James is the founder, Chair, and CEO of Ampere Computing and has held various leadership roles at Intel Corporation, including President and Executive Vice President [1][2] - PGE is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040, and it has the No. 1 voluntary renewable energy program in the U.S. [3][4] Company Overview - Portland General Electric (NYSE: POR) serves nearly 950,000 customers in an area of 1.9 million Oregonians, providing safe, affordable, reliable, and increasingly clean electricity since 1889 [3][4] - PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index, highlighting its commitment to customer satisfaction [3][4] - In 2024, PGE employees, retirees, and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to over 480 nonprofit organizations [3][4]

Core Insights - The renewable energy sector is experiencing significant growth as global awareness and government pressure to reduce greenhouse gas emissions increase, leading to a shift from fossil fuels to renewable sources for power generation [1] - Wind power is emerging as a key driver in the clean energy transition, with the U.S. seeing record levels of electricity generation from wind energy [2][3] Industry Overview - Wind energy has become one of the largest sources of renewable energy in the U.S., generating 10% of total utility-scale electricity in 2024, marking a 6.4% increase from the previous year [3] - The onshore wind energy capacity in the U.S. has grown from 2.4 gigawatts (GW) in 2000 to over 153 GW in 2024 [2] - Wind power accounted for approximately 27% of capacity additions to the U.S. power system on average since 2010 [4] Market Trends - The wind energy market is benefiting from trends such as increased electricity demand from AI-powered data centers, the adoption of electric vehicles, and rapid urbanization [5] - The U.S. grid is projected to add 7.7 GW of wind generation capacity in 2025, up from 5.1 GW added in the previous year [5] Company Highlights - Arcosa, Inc. is positioned to benefit from strong demand for wind towers, with $1.1 billion in new orders following the Inflation Reduction Act (IRA) [9][10] - NextEra Energy Resources LLC is the world's leading generator of wind energy, adding 1,365 MW of new wind capacity in 2024, with a total generating capacity of approximately 26,335 MW [14] - OGE Energy is expanding its renewable generation assets, owning several wind farms and focusing on reducing carbon emissions by over 60% compared to 2005 levels [16][17] - Portland General Electric is planning significant renewable asset additions to meet growing industrial load driven by high-tech and data center customers [12]

Core Viewpoint - The comparison between Portland General Electric (POR) and Paranaense de Energia (ELP) indicates that POR currently offers better value for investors based on various financial metrics and rankings [1][3][7]. Valuation Metrics - Portland General Electric has a forward P/E ratio of 12.70, while Paranaense de Energia has a significantly higher forward P/E of 67.69 [5]. - The PEG ratio for POR is 3.69, compared to ELP's PEG ratio of 7.13, suggesting that POR is more reasonably priced relative to its expected earnings growth [5]. - The P/B ratio for POR is 1.16, while ELP's P/B ratio is slightly higher at 1.17, indicating that both stocks are similarly valued in terms of market value versus book value [6]. Zacks Rank and Value Grades - Portland General Electric holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, whereas Paranaense de Energia has a Zacks Rank of 4 (Sell) [3]. - Based on the overall analysis, POR has a Value grade of B, while ELP has a Value grade of C, further supporting the conclusion that POR is the more attractive investment option [6].

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Company Ratings - **Edison International (EIX)**: - Dividend Yield: 5.85% - Barclays analyst Nicholas Campanella maintained an Overweight rating and raised the price target from $64 to $67 on May 1, 2025, with an accuracy rate of 65% [7] - Morgan Stanley analyst David Arcaro maintained an Underweight rating and increased the price target from $48 to $52 on March 20, 2025, with an accuracy rate of 68% [7] - Recent News: Mixed quarterly results reported on April 29 [7] - **Portland General Electric Company (POR)**: - Dividend Yield: 4.93% - Barclays analyst Nicholas Campanella maintained an Equal-Weight rating and cut the price target from $48 to $45 on April 30, 2025, with an accuracy rate of 65% [7] - Wells Fargo analyst Sarah Akers maintained an Equal-Weight rating and slashed the price target from $46 to $44 on April 28, 2025, with an accuracy rate of 70% [7] - Recent News: Downbeat quarterly results reported on April 25 [7] - **Northwest Natural Holding Company (NWN)**: - Dividend Yield: 4.75% - Wells Fargo analyst Sarah Akers maintained an Equal-Weight rating and raised the price target from $45 to $47 on May 7, 2025, with an accuracy rate of 70% [7] - Janney Montgomery analyst Michael Gaugler upgraded the stock from Neutral to Buy and boosted the price target from $36 to $43 on August 5, 2024, with an accuracy rate of 73% [7] - Recent News: Better-than-expected quarterly results reported on May 6 [7]

Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2025 Cautionary statement Information Current as of April 25, 2025 Except as expressly noted, the information in this presentation is current as of April 25, 2025 – the date on which PGE filed its Annual Report on Form 10-Q for the quarter ended March 31, 2025 - 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 required by law. Forward-Loo ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported GAAP net income of $100 million or $0.91 per diluted share, compared to $109 million or $1.08 per diluted share in Q1 2024 [8] - Non-GAAP net income for Q1 2025 was $123 million or $1.21 per share [9] - Total load growth was 4.6%, with industrial load growth at 16.4% compared to the same quarter last year [9][24] Business Line Data and Key Metrics Changes - Residential load decreased by 0.8% quarter over quarter, while residential customer count increased by 1.6% [25] - Commercial load remained relatively flat with a slight increase of 0.8% [25] - Industrial load increased by 16.4% on both nominal and weather-adjusted bases, driven by data centers and semiconductor customers [26] Market Data and Key Metrics Changes - The company serves five large semiconductor customers and over ten significant data center providers, which account for nearly a quarter of total deliveries [10] - The company reaffirmed its 2025 weather-adjusted load growth guidance of 2.5% to 3.5% and long-term load growth guidance of 3% through 2029 [27] Company Strategy and Development Direction - The company is focused on building a reliable, affordable, and increasingly clean grid, aligning with the clean energy goals of its customers [12] - A commitment to wildfire risk management includes a planned expenditure of over $120 million in 2025 for wildfire mitigation [16] - The company is pursuing updates to its corporate structure to enable a holding company, which is common in the industry and will provide increased financing flexibility [22][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the industrial base, particularly in semiconductors and data centers, despite potential economic headwinds [58] - The company is actively monitoring the evolving federal policy landscape, including tariffs and tax policies, which may impact capital plans [33] - Management reaffirmed the 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share and long-term earnings and dividend growth guidance of 5% to 7% [38] Other Important Information - Total liquidity as of March was $948 million, with credit ratings remaining unchanged [34] - The company executed $310 million of first mortgage bonds in March and anticipates up to $140 million more in debt financing later this year [34] Q&A Session Summary Question: Wildfire Mitigation Progress - Management highlighted the extensive wildfire mitigation plans and increased vegetation management efforts, noting that discussions with legislators have been productive [43][45] Question: Capital Expenditure and Growth Confidence - Management remains confident in growth despite potential economic slowdowns, emphasizing the importance of cost recovery and competitive returns for investors [46][49] Question: RFP Timing and Updates - Management is pleased with the progress of negotiations for the 2023 RFP and expects to finalize contracts in the second half of the year [52] Question: Industrial Sales Growth and Capital Reallocation - Management is closely monitoring the semiconductor market and has seen moderating inflation in costs, which may impact capital projects [58][60] Question: Tax Credit Monetization - The current financing plan accounts for limited monetization of tax credits, primarily related to the seaside project [61][63] Question: RFP Resource Pivot - Management does not see a need to pivot resources from the 2023 RFP to the 2025 RFP at this time, as the current process is adaptable [67][68] Question: Data Center Customer Structure - Management is actively working on legislation to ensure data center customers contribute fairly to infrastructure costs, which is crucial for system reliability [73][75] Question: Holding Company Structure - The establishment of a holding company is expected to provide flexibility in financing and managing costs, with further clarity anticipated in the coming year [91][94]

Exhibit 99.1 Portland General Electric One World Trade Center 121 S.W. Salmon Street Portland, Oregon 97204 News Release April 25, 2025 Drew Hanson Nick White Corporate Communications Investor Relations Phone: 503-464-2067 Phone: 503-464-8073 Media Contact: Investor Contact: Portland General Electric Announces First Quarter 2025 Results PORTLAND, Ore. -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $100 million, or $0.91 ...

Core Viewpoint - Portland General Electric (POR) reported quarterly earnings of $0.91 per share, missing the Zacks Consensus Estimate of $0.93 per share, and down from $1.21 per share a year ago, indicating a -2.15% earnings surprise [1] Financial Performance - The company posted revenues of $928 million for the quarter ended March 2025, which was 0.41% below the Zacks Consensus Estimate and slightly down from $929 million year-over-year [2] - Over the last four quarters, Portland General Electric has surpassed consensus EPS estimates three times and topped revenue estimates three times as well [2] Stock Performance - Since the beginning of the year, Portland General Electric shares have declined approximately 1.5%, outperforming the S&P 500's decline of 6.8% [3] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $767.66 million, and for the current fiscal year, it is $3.21 on revenues of $3.6 billion [7] - The estimate revisions trend for Portland General Electric is mixed, and future revisions may change following the recent earnings report [6] Industry Context - The Utility - Electric Power industry is currently in the top 15% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Portland General Electric Company (PGE) reported a net income of $100 million, or $0.91 per diluted share, for Q1 2025, a decrease from $109 million, or $1.08 per diluted share, in Q1 2024 [1] - The company is focusing on key priorities such as managing customer demand, wildfire policy engagement, and operational streamlining to ensure solid results and cost management in 2025 and beyond [2] Financial Performance - Total revenues for Q1 2025 were $928 million, slightly down from $929 million in Q1 2024, with growth driven by semiconductor manufacturing and technology infrastructure customers [2][27] - Operating expenses decreased to $760 million in Q1 2025 from $767 million in Q1 2024, primarily due to lower purchased power and fuel costs [23] - The company reaffirmed its adjusted earnings guidance for full-year 2025 at $3.13 to $3.33 per diluted share, supported by strong energy demand and a 4.6% quarter-over-quarter load growth [6] Operational Highlights - PGE's battery storage projects, including Constable, Sundial, and Coffee Creek, achieved a combined capacity of 292 MW, with an additional 200 MW Seaside battery expected to be operational by mid-2025 [3] - The company reported a 45% share of non-emitting resources in its energy mix for 2024, reflecting a 7% compounded growth rate since 2020 [4] Dividend and Shareholder Information - The board of directors approved a quarterly common stock dividend of $0.525 per share, payable on or before July 15, 2025 [5] Customer and Market Trends - PGE's retail energy deliveries increased to 5,828 MWh in Q1 2025, up from 5,573 MWh in Q1 2024, with notable growth in residential and industrial sectors [27] - The average number of retail customers rose to 952,105 in Q1 2025, compared to 937,826 in Q1 2024, indicating a growing customer base [27] Environmental and Social Governance - PGE's 2024 Environmental, Social and Governance Report highlighted significant customer participation in clean energy programs and record fish returns at hydro facilities [4]