Emission Reduction Goals - PGE aims to reduce GHG emissions associated with electricity served to retail customers by at least 80% by 2030 and 100% by 2040[148]. - PGE is required to reduce GHG emissions by 80% by 2030, 90% by 2035, and 100% by 2040, compared to baseline levels from 2010 to 2012[190]. Clean Energy Initiatives - As of March 31, 2025, the Green Future Impact Program has an approved capacity of 750 MW, with 482 MW subscribed, supporting customers' clean energy acceleration[152]. - PGE's Clean Energy Plan (CEP) was filed in March 2023, outlining strategies to meet the 2030, 2035, and 2040 emission reduction targets[154]. - The Oregon legislature's House Bill 2021 mandates a 100% clean electricity framework by 2040, aligning with PGE's strategic direction[149]. - PGE estimates a total resource need of approximately 3,500 to 4,500 MW of renewable energy and non-emitting capacity to progress towards clean energy targets[156]. - PGE's strategy includes electrifying the economy to increase beneficial electricity use and build a clean, flexible, and reliable grid[148]. Customer Engagement and Programs - Over 227,000 residential and small commercial customers participate in PGE's Green Future Program, the largest renewable power program by participation in the nation[150]. - The company continues to develop products and service offerings for both retail and wholesale customers to meet their needs[145]. - PGE's resource planning process involves collaboration with customers, stakeholders, and regulators to ensure a clean, affordable, and reliable energy future[154]. Infrastructure and Capacity Development - The Clearwater Wind Development includes a 311 MW wind energy facility, with PGE owning 208 MW of production capacity[160]. - The Seaside Grid, a 200 MW Battery Energy Storage System (BESS), has recorded $334 million in construction work-in-progress as of March 31, 2025[160]. - PGE's 2023 All-Source RFP seeks bids for resources providing non-emitting dispatchable capacity and renewable generation, with regulatory approval granted in January 2024[161]. - The final shortlist from the 2023 RFP includes 375 MW of renewable resources and 400 MW of battery storage in Group A, and 885 MW of battery storage in Group B[167]. - PGE signed a non-binding MOU for the North Plains Connector, a 415-mile HVDC transmission line, with a total investment of approximately $3.2 billion, of which PGE expects a 20% ownership share[173]. Financial Performance and Projections - For the three months ended March 31, 2025, total revenues were $928 million, a slight decrease of 0.1% compared to $929 million in 2024[235]. - Net income for the same period decreased by $9 million, or 8%, to $100 million from $109 million in 2024[236]. - Retail revenues increased by $67 million to $807 million in Q1 2025, primarily due to price changes authorized by the OPUC[238]. - Cash flows from operating activities increased by $56 million in Q1 2025, totaling $231 million compared to $175 million in Q1 2024[254]. - Capital expenditures for 2025 are estimated at $1.3 billion, primarily for distribution, transmission, and generation facilities[256]. Regulatory and Compliance Issues - PGE's compliance with new EPA regulations may require material upgrades at Colstrip, with potential compliance costs expected to be significant[198]. - The company is evaluating the continuation of its ownership in Colstrip in response to regulatory and legislative requirements[194]. - The OPUC is expected to conclude its investigation of the Direct Access program in early 2026, which may impact future energy delivery strategies[222]. Market and Economic Factors - The Inflation Reduction Act of 2022 provides additional investment opportunities for PGE, potentially influencing renewable energy development[189]. - The company is closely monitoring the impacts of trade tariffs, which could disrupt supply chains and increase costs for capital projects[182]. - There have been no material changes to market risks affecting the company since the last annual report, indicating stable market conditions[275]. Operational Metrics - For the three months ended March 31, 2025, total retail energy deliveries increased by 4.6% compared to the same period in 2024, driven by industrial deliveries[217]. - Industrial energy deliveries rose by 16.4% in Q1 2025 compared to Q1 2024, reflecting growth in high-tech manufacturing and digital services[219]. - The average number of residential customers increased by 1.6% in Q1 2025 compared to Q1 2024, despite a 2.5% decrease in average usage per customer[218]. - Total generation for the three months ended March 31, 2025, was 4,691 MWh, an increase of 154 MWh or 3.4% compared to 4,537 MWh in 2024[242]. Debt and Financing - As of March 31, 2025, PGE's total long-term debt outstanding was $4,731 million, net of $16 million of unamortized debt expense[265]. - PGE's common equity ratio was 44.8% as of March 31, 2025, compared to 45.6% as of December 31, 2024, indicating a need to maintain a target of approximately 50%[268]. - PGE estimates it could issue up to $551 million of additional First Mortgage Bonds under the most restrictive issuance test as of March 31, 2025[273]. - PGE's financing arrangements do not contain ratings triggers that would accelerate interest and principal payments in the event of a ratings downgrade[272].

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Portland General Electric (POR) , which belongs to the Zacks Utility - Electric Power industry, could be a great candidate to consider.This electric utility has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 3.69%.For the most recent quarter, Port ...

The market expects Portland General Electric (POR) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to ...

Core Viewpoint - Portland General Electric Company (PGE) is set to host an analyst conference call on April 25, 2025, to discuss its first quarter 2025 financial results, with earnings summary released before market opening on the same day [1]. Group 1 - The conference call will be led by key executives including Maria Pope (President and CEO), Joe Trpik (Senior Vice President of Finance and CFO), and Nick White (Manager of Investor Relations) [2]. - The conference call can be accessed via webcast on PGE's investor website, with a replay available starting at 2 p.m. ET on April 25 [3]. Group 2 - Portland General Electric is an integrated energy company serving over 950,000 customers in Oregon, with a commitment to clean energy and reducing emissions by 80% by 2030 and 100% by 2040 [4]. - PGE has been recognized for its customer experience, ranking as the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index, and has a leading voluntary renewable energy program [4]. - In 2024, PGE and its employees contributed $5.5 million and nearly 23,000 volunteer hours to over 480 nonprofit organizations [4].

Core Insights - In 2024, Portland General Electric (PGE) achieved a record 45% of its energy generation from non-carbon-emitting resources, reflecting a 7% compounded growth rate since 2020, as part of its commitment to reach net-zero emissions by 2040 [1][2][8] Group 1: Clean Energy Initiatives - The increase in clean energy resources is attributed to new renewable projects like the Clearwater Wind Energy Center and battery storage systems, enhancing the reliability of PGE's energy mix [2] - PGE's customers played a significant role in supporting a modern grid, with 24% of residential households participating in voluntary programs, resulting in over 100 megawatts of demand reduction during a heatwave [4] Group 2: Environmental and Community Impact - PGE has maintained its position as the top U.S. utility for customer participation in renewable energy programs for 15 consecutive years, according to the U.S. Department of Energy [5] - The company reported record fish returns at its hydro facilities, including the highest steelhead return to Round Butte Dam since the 1960s, showcasing strong environmental stewardship [5] Group 3: Corporate Social Responsibility - In 2024, PGE's total charitable contributions reached $5.5 million, with 66% of employees participating in charitable giving and volunteerism, contributing nearly 23,000 hours to various nonprofit organizations [6][8] - PGE awarded 55 scholarships aimed at supporting higher education for underrepresented students, women, and those with financial need [6]

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]