Economic Outlook - The risk of a U.S. recession has increased, with estimates for a recession in 2025 or within the next year ranging from 40% to 60% according to various Wall Street firms and economists [3][4][21] - Goldman Sachs raised its one-year recession-risk probability to 45% from 35%, while JPMorgan set the odds at 60% [3][4] Stock Performance During Recessions - Defensive stocks, which typically pay dividends, are expected to perform better during economic downturns [5] - Categories of stocks that tend to hold up well include consumer staples, utilities, healthcare, and discount retailers [7][8] Historical Context - The Great Recession lasted from December 2007 to May 2009, with the S&P 500 index dropping 35.6% during this period [10] - Stocks that performed well during the Great Recession include Netflix, iShares Gold Trust ETF, J&J Snack Foods, Walmart, and McDonald's, with Netflix showing a return of 70.7% [12][15] Specific Stock Insights - Gold mining stocks and ETFs, such as Newmont and iShares Gold Trust, are seen as potential safe havens during recessions [17] - "Small indulgence stocks," like Netflix and Hershey, may see continued consumer spending even in downturns [18] - Utility stocks, such as American Water Works and NextEra Energy, have shown strong long-term performance, challenging the notion that they are merely "widow and orphan stocks" [19] Investment Strategy - Investors are advised to review their stock portfolios to enhance recession resistance while remaining invested in the market [21][22] - Long-term investors should avoid drastic changes to their portfolios, as timing the market can be challenging [23]

西班牙电网运营商Red Electrica：恢复电力将取决于多种因素，但模拟显示可能需要数小时，预计约为6 至10小时。我们无法推测事故原因。 ...

Group 1 - PG&E Corp is considered one of the most unpopular companies in California due to its high electricity rates, charging close to $0.5 per KWh, which is several times higher than the average rates in other states [2] - The company is facing challenges related to climate change, including accelerated fire risks and high capital costs [2] Group 2 - The Value Portfolio employs a fact-based research strategy to identify investments, which includes extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

法国电网运营商RTE：法国没有发生停电事件。 ...

据Cadena Ser报道，西班牙总理和能源部长正前往西班牙电网运营商Red Electrica，以监控相关局势。 ...

智通财经4月28日电，西班牙大部分地区和葡萄牙部分地区周一中午前后遭遇停电，影响了供电和电话 服务等。由于停电，马德里、巴塞罗那和里斯本的部分地区公共交通、交通信号灯和电话服务大多中 断，火车也大多停运。据两份声明称，政府和电网运营商Red Electrica正在调查停电原因。西班牙运营 商在X上表示，公用事业公司已启动应急预案。加那利群岛和巴利阿里群岛未受影响，市场运作正常。 西班牙大部分地区和葡萄牙部分地区遭遇停电 原因不明 ...

Group 1 - The company is actively ensuring the convenience of charging for electric vehicle owners during the busy travel period of the May Day holiday by conducting thorough inspections of charging stations [1][3] - The company has implemented a comprehensive safety check on charging stations, including examining the grounding of the charging station shell, internal wiring, and the functionality of charging guns and power supply facilities [3] - The company has organized personnel for on-site inspections and hazard assessments, while also promoting electricity usage awareness through social media channels [3] Group 2 - The company received positive feedback from customers regarding the convenience and efficiency of the charging services provided during the holiday [3] - The company is committed to monitoring the operational status of charging stations on highways and addressing any issues promptly to ensure a reliable charging experience for electric vehicle users [3]

Investment Rating - The report does not explicitly provide an investment rating for the electricity distribution industry Core Insights - The operations concession model is presented as a viable alternative to full privatization, allowing for private sector efficiencies while retaining government ownership of assets [22][25] - The report emphasizes the importance of private sector participation (PSP) in improving operational performance and addressing challenges faced by state-owned utilities [15][20] - Case studies from Côte d'Ivoire and India illustrate the successful implementation of operations concessions, highlighting the model's adaptability to local contexts [58] Summary by Sections 1. Introduction - The report discusses the historical context of power sector reforms initiated in the 1990s, aimed at creating commercially viable utilities through restructuring and private sector involvement [13][14] 2. The Operations Concession Model in Electricity Distribution - The operations concession model allows a private concessionaire to manage electricity distribution while the public utility retains ownership and responsibility for power procurement [27] - A comparison of various private sector participation models indicates that operations concessions provide a balanced risk allocation between public and private sectors [40][41] 3. Case Studies: Existing Operations Concessions - Côte d'Ivoire's concession model evolved from a public utility to a private operator, demonstrating the effectiveness of the operations concession in managing electricity distribution [59][60] - India’s input-based distribution franchises serve as another example of successful operations concessions, showcasing the model's flexibility [58] 4. Structuring Options and Parameters for Operations Concessions - Key parameters for structuring operations concessions include setting performance targets, treatment of assets, and regulatory oversight [4][38] - The remuneration model for concessionaires typically includes compensation for operations and maintenance costs, with performance incentives linked to operational improvements [38][72] 5. Limitations and Extensions - The report notes that while operations concessions can improve efficiency, they should be part of a broader reform strategy to address systemic issues in the electricity sector [52][53]

Group 1 - The core viewpoint highlights the significant growth in the Green Power ETF, with a trading volume of 5.68% and a transaction value of 21.79 million yuan, indicating strong liquidity [3] - The Green Power ETF has seen a scale increase of 38.63 million yuan and a share increase of 30.40 million shares since the beginning of the month, reflecting substantial growth [3] - Over the past 18 trading days, the Green Power ETF has attracted a total of 36.26 million yuan in inflows, showcasing its appeal to investors [3] Group 2 - The valuation of the Green Power ETF, tracking the National Green Power Index, has a latest price-to-earnings ratio (PE-TTM) of 18.28, which is at a historical low, being below 88.56% of the time over the past three years [3] - As of March 31, 2025, the top ten weighted stocks in the National Green Power Index include major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 57.21% of the index [3] Group 3 - The State Council's recent meeting approved several nuclear power projects, including the Zhejiang Sanmen Phase III and others, totaling five projects and ten new units, indicating a strong governmental push for nuclear energy [3] - Huafu Securities emphasizes the unmatched advantages of nuclear power in addressing global climate change and energy security, expressing optimism for companies with leading positions or key component production capabilities in the nuclear sector [4]

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 ...