Portland General Electric (POR) 27 Jul 182018 Q2 Earnings call transcript

Good morning, everyone, and welcome to the Portland General Electric Company Second Quarter 2018 Earning Results Conference Call. Today is Friday, July 27, 2018. This call is being recorded. [Operator Instructions].

For opening remarks, I will turn the conference call over to Portland General Electric's Director of Investor Relation and Treasurer, Chris Liddle. sir. ahead, go Please

good us We're today. and able that to join morning, you, pleased everyone. you're Thank

a this There General constitute are from our call cause Before like written materially law. X, I'd the throughout differ in oral our you subject be statements Portland may fact prepared website forward-looking such, factors like customary results begin the are to current that to disclosures. to based to as we will forward-looking our are Referring historical regarding remind make Electric's under on that discussion These call. statements The at not we our statements available to today. be investors.portlandgeneral.com. which actual that statements and I'd and, statements made we'll discussion, this slides morning, presentation referencing supplement on have Slide to

incorporated Lobdell, discussion update some For and our Leading earnings CEO; second and Senior part website. could the future call. result be CFO Maria statements, were of our such harbor press differences, that of which a the Jim factors company events safe this publicly new most released any XX-Q market are the of quarter of of our or no The description release as at Vice and obligation Finance, Form whether before Pope, undertakes should and occur Treasurer. that are our to statement information, of forward-looking transcript today, any as a today that otherwise. President General opened Form may President This via Electric's cause XX-Q. read Portland both recent requests available of company earnings the and you Form XX-K

questions. open the remarks, prepared we your their Following for lines will

it's my to the Pope. pleasure over Now call Maria turn to

the taking construction thinking, with financial and fully morning, the other everyone. partially the start incremental damages. require From litigation. Generating that we pleased decision are protecting employees service good with costs to replace customers' we've assurances offset and anticipate in starting our cost-effective proceeds going our is the in to to the plant in of default, to like will safe, contractor, XXXX, drove the contractor how and is the Carty onset, I'd with rates settled are that from Station Chris, Thanks, bringing expectations. We offset interests significant unrelenting into and the decisive on time. and dedication reliable Carty into general provided who in safely service has energy operating at Since customers exceeding XXXX action

to Utility at settlement our the reached, Oregon application intend withdraw the deferral Public we With Commission.

We are associated $X.XX to which is increasing the better which we this are temperatures year our is when $X.XX, attributable guidance initiated gross guidance. with to earnings $X.XX margin and the of balance to settlement, expected past that improved than full Carty winter due of by to $X.XX

Now update operating I'd our status like performance on our financial and renewable request to provide proposal. an the for of and

the our will guidance. details who'll and call over more Jim, turn to then financial on provide We performance

this transmission offset and operating in compared per lower performance and with strong gas tax quarter income generation. Slide income natural $XX our generation Overall, higher million was Results plant increased or distribution $X.XX net O&M credit reported or X. These temperatures of past very partially lower per share by Turning distribution and to driven the and prices, $XX XXXX. of expenses. quarter. production were warmer-than-normal net administrative were share We million from $X.XX of second by to

Thanks continues electrification to in and preference once I'm PGE energy renewable carbon Market program. energy, offering customers with to and is storage plan our again customer customers, for Research forward renewable customers' municipal customers voluntary options, including that the PGE businesses more moving TQS pilots. are and quartile our satisfaction to option for for Strategies for top also We business key to transportation nation power be our according residential, lower #X large power our and and ranked renewable International. the report in for pleased green

The need are to turning to for request be X. our in nameplate for expected Slide XXX-megawatt The regarding proposal for highly is renewable bids Now process competitive. capacity. our

the evaluating to an year. in expected proposals are We proposals to of Jim. the the to final independent the evaluator. shortlist And negotiations plan I'm We a pleased to by OPUC with end alongside of call turn over submit now October,

you. Thank

February this Maria as XXXX EPS. full our weather-adjusted on when -- share. we're better increase year; year in based shown guidance diluted loads forecast to weather expected settlement share XXXX per to the is that X, helping was initiated which of and growth Carty mentioned, the increasing increase on The settlement than per of litigation. year; flat X.X%, relatively The $X.XX contributes and to established is As of the guidance to the Slide $X.XX $X.XX strong for customer we

settlement debt. residual million another A&G, the our excess million investment Carty offset we million with incurring the will settlement per partially $X.XX, facility. customer also $XXX will $XX costs offset share in was The to The issue now longer litigation addition, no further $XXX need are on depreciation, short-term associated prices. the $X.XX along and excess what underappreciated sheet in In that of with to complete included or will balance of proceeds the long- costs to flow and interest our the from

which shows Turning the for drivers X, quarter. earnings Slide to

generating dispatch to $X.XX $X.XX increased earnings lower a contributed of temperatures. spring than and prior a warmer the result a by to First, of natural gross year's margin our decrease improved which following, as gas due prices, plants; increase due $X.XX to economic

three Second, three in -- thermal at PGE's a plants. generation of costs decrease $X.XX maintenance and

major a and expenses. And in increase $X.XX other is major the production including driver storms services generation. credits compared next tax a miscellaneous The is due experienced in higher finally, third as The driver $X.XX with of increase related in of quarter result XXXX administrative items, second a to as we wind no costs decrease the $X.XX distribution storms occurred to XXXX. the as outside

on to Moving X. Slide

has As currently been as nonpower-cost We items, call, Stipulating additional have and first we well Several and discussions with filed, we to Rate we capital. agreement matters testimony our in July held the on cost XX. such parties, have available General as been progress and items these phase. on XX -- and Case our on the remaining regarding the XXXX in held become discussions settlement settlement weeks. XX reached some testimony costs-related all as July discussed are on quarter stipulations on reply will and are power coming agreements in filed our

commission XXXX. the secure for end XXXX from we making system. These to year, the the to XXXX. expenditures we We January of of are forecast On more X, are a price X, current efficient, related change with our provided the the continued expect order support reliable by a have the company's summary effective final investments build capital expenditure and and customer to growth Slide

not Based storage approximately As the stated in in Slide and our million. to previous related pursuant calls, capital upon forecast now included expenditures have regulatory XX. energy to projects the any our cost renewable Onto $XX to expect we potential we our be storage proposals. projections process, or expenditures RFP

BBB+, credit maintain credit BBB positive will on I'm and to S&P one and a investment say to ratings. Portland that on to be continue pleased PGE's rating solid grade XX, notch sheet, Global We kept strong from outlook. including General issuer July balance liquidity upgraded

commercial As first a fund XX, capacity paper ratio of and available estimated now expect of million; of equity up we XXXX, cash June cash, we $X.X capacity for operations, capital credit and to we're needed. credit In as from And letter bond issuances totaling short-term debt common had XX.X%. million of issuance $XXX requirements $XX operator, and ready mortgage with questions. billion; to

Instructions]. [Operator

Ridzon comes Paul from with Our first KeyBanc. question

Jim, gave the related you of I to settlement. what's was the the you sorry, I'm litigation the distracted breakout $X.XX? $X.XX Can -- Carty when

we we at Carty? worth when -- with When look associated avoided costs of was you Carty the look so $X.XX the guidance settlement, through script. we originally, set it, year, costs completely at the about or that associated with $X.XX you But Carty, go assumed when the for didn't had I -- that the -- in $X.XX we we actually, had drag. we The have it

the settlement, about going the going that's itself, to really some for so million bottom drop million the those Now to year, put of push the of the costs to A&G in a statement. line, $X.XX. we're line, $XX avoid And we're that then the income that that $XX settlement you're going And at forward the about looking to towards $X.XX. have so if I balance we if look that you represents

net But were there you than -- would you few -- less I expected, thought I so a thought that's negative. be a

the is with were if You our look cover What mean didn't was than yes, we and settle, above costs cost XXX%. on books amount overage -- we overall to associated to covering the from underappreciated you we we're the customers. with the construction at that $XXX of currently the million that not that cover cover costs did able less

above are $XXX that prices. is the amount million customer the So in

and, such, reflecting guidance. are outlook We're very as pleased with the improved and settlement an

Our Bank with next question comes from of Dumoulin-Smith America. Julien

to of couple PPA opportunities you come relative a can? Maria, a these have Of that if projects opportunities Maybe, to have you are -- build-and-transfer little up turning come more bit today? those on I follow in what list So first. type the opportunity, comments. bids and of renewable proportion Can for rate-basable the ownership, linear that straight as wanted in are on you elaborate to

your So Julien, thank you for question.

and about detail any I'm the currently of with have to the process able a very independent unfortunately, in but We And beginnings in bids. received not evaluator. of we're evaluation an process number talk and competitive are them a of sorry, any

OPUC finished year presenting the we're tax evaluator. production the the targeting, to end with customers project. We of credits for the of of to as be hope benefit independent with evaluations, the We in will the the the be capturing those this with October process along results by

enough. Fair it. Got

more to Turning some questions. detailed

As of the how be you the seems questions issues like around high think look pending It around the the to Just seem in the in docket rate at some you and adjusting docket number rate case, number? level. a the about base of a the do that. issues

as not information. This is for some far as you, giving to additional a day Julien, you going be good

had great our testimony costs, the in As out case. settlement we've I remarks, cost -- come in variable we of in net discussions very settled settlements with settled a power and items associated deal those other my here mentioned very, That a will have shortly. of we've capital,

So we're until stipulations. going with the commission and that see we hold to filed testimony

filing? is When it. Got that

be parties We're to down. and just now. their pens finish any week should for put It waiting the

right. All Great.

testimony? the can load how you forecast got X% about can speak you gave I think for XXXX about Can one in answer. load you think you given I that -- about talk improving, you

Sure.

timing We the in of into around seeing We are in particularly do using we optimistic are even the region. and our energy need rate industries a as a many in have area. synthetic term, strong gap a less in Pacific is our Long and procurement traditional to terms industries finish new implications Northwest of company while very their centers, still seeing X%, result diamond those of begin of industries, the growth that come data operations. about of construction we're growth of property, coming of manufacturing

in the As the last feel Portland call, cranes city particular. in construction, than in it can of have in and more the you country, any I mentioned per we in reporting capita terms

term, construction growth for manufacturing of under in apparel, load have the expect all year. have to we balance we Columbia as see are as and near forecasting footwear also We process. flat the But Nike, growth Adidas

to add comments there. actually Maria's I'd

that company, at that also You point we paper large had got was in mind a we to that manufacturer and solar have in operating time. keep XXXX, a in

and seeing. And we're us growth come absorbing going and the underlines say to flat-load just so -- decrease comments that the is we're to for around out we're that that

good. point. Good That's

comment, sure Can right. on to basically go a is number a once I a the understand issues Just put expectations -- for All expectation words last -- don't back terms here. settlement of to your I mouth. to settlement the real Are Or found arrange clarify the in just piece in your just any of I here quickly is make up able to too? issues? of something's all want be to this now? settlement, Excellent. the right around

issues. a settling are number We of

other be costs. get cost we between mentioned, is power to and parties filed making testimony variable letter little we settlement able the accounts. that have with items. settled I take of to complete, expecting On filed, progress. and had going As differences additional were There It's and what discussions, to settled some pretty very we're several testimony shortly. we net and bit and our and much we're XX some to do regarding with it on big are do July the we capital, company we come it XX, And is agreement that here but what stills, a to longer full and together get decoupling storm-balancing the good we

to more issues. So work a particular be those done lot on

The next comes from Paul Mizuho. question with Fremont

for question if later the successful so, RFP My if of additional would year? spending in is, be there winning And alternatives were potentially what alternatives would you see? not this types you

focused, And be across it CapEx we're mentioning with regarding upgrades aging been territory, the our we're are whether on cables, a greater and in numbers network in into causing whether bit results, underground on we're And to levels growth that infrastructure classes, with substations RFP also have the and we seismic. have operations us are top earlier. focusing -- associated We're integration got the and further included we we seeing and if be looking add deal We're distribution Well, continuing little that of our then visibility so our necessary. think irregardless we've than and we all that's forth. then of that transformers whether substations the had the it to of And customer at service our well. reliability rebuild that, be anything that it so as that then on haven't PCBs -- storage. we're switches, it

our of us, we fast ahead on as we're lot plate and a got as we've moving So can.

regard Street. forecast beyond on which capital to call, will expenditures have with October our traditionally for when further XXXX capital guidance update We for and earnings is our the we

that I other expense? below-the-line my potentially question that significant then action expenses. guys to take mitigate And of you there Great. any Is historically can some is, you fairly had some guess, have

It's Paul, with of look expenses didn't We're shield what XX became the in about we lost always The shield points. move because law, -- tax associated at that. some drag. call basis moved actually decreased. as it with tax up, it And we tax change it that, the -- a structural the but up the

we on and can it to So focus we're continuing to make. progress trying see what

years, a track over amount. the of record good reducing And we have that really

storm, other current And from wind and rate costs, We've different to think we weather, be whether I importantly is our is most in reducing across more whether it that is country. the case it it the risk see hydro, address tried see filing. expenses. similar a you'll restoration utilities those to other to number of

Our next comes Sachs. Lapides Michael question from Goldman with

How talking some are talking X thinking start or about of just of or sometime are if distribution how But Maria, one-off, substations? is have? color a both curious, and much about? you a not of needs X to done there quarter about to Like, those? know a but front. a it's so, the And quantify update talking a in you quarters work you'll many on horizon, upgrade replace of know little Or way much, CapEx is a envelope bit or give X much way you do you we third longer give I few on many about -- and be substations, -- ago, wanted to are years or how back incremental that about -- to the kind But bit If on you give maybe so little the give always quiet in -- update or Can next the or talked a you call. -- transmission? aging plan. just an talked do kind you this and the you'll just insight I guidance been a and I just transmission X? actually

pressure transmission generation to on also then that but we system commented both And quarters. issues technological this be In and seeing growth. the on very Jim you'll substantial territory, substations the to in opportunities a our our the distribution number accommodate for on has a is areas. very infrastructure able compounding our have what need distributed of see service and the Sure. and not of growth investment aging particular, so substantial for our systems, only change puts throughout we're

of in number companies lot our growth, we'll soonest we throughout also And are regions be terms that you'll system. in some our inner tends the to technological the then either just of core have significant generation the be under driven in total In that a which on of substations, distributed and fast-growing coming substations of of areas see Portland that those those oldest, more where XXX of area by very focusing are the downtown the are in. or areas

one remind the how what's time was or that it And be And have for battery Got said a, when it, me, could about, contracted Can you by? storage. be Maria. have it utility-owned of b, frame question -- then legislation you or the versus PPA-ed? to to legislator what has on or to implemented much be has

specify with really didn't capital mentioned parties. some about guidance. opening not start the to XX settled specified which legislation. And Jim We've move and on in our reflected expenditures announced batteries' have $XX or X million, looking was of in They X What they all our as pilots. and to projects Sure. and at megawatts on of better totaling remarks, his in is points about implications we're with ownership into system understand the

a when in the XXXX something horizon? And that out number? Is further that is then that? is Or

cost the moving in be actually that than storage of the to processes would regulatory need some we is and something Technology and to our that XXXX it faster address. instances. earliest, No, begin as is

new tracker? wind wind the do by have tracker when covered you plants. Like, not you a That's

way, get And the mean does fall Jim, revenue relatively not apologies, my incremental onto to by off quickly. You there. But cut you that? I didn't storage could

It parties one Michael. amongst ownership property. of That issue, is is that an now, and right have storage open we issue issue technology on is the another utility

of one it to control storage not substations of is So to. else able inside the technology thought that our putting being and somebody we're something amenable

can imagine having. cybersecurity that we other end security and the concerns You up

reliability yes. Safety and concerns,

with comes question Agostina from Colaizzo next The Mizuho.

$XX baseline. I'm of you're assumptions in updated million are the in what guidance XX-Q, below your see about at, the terms just that can that in we the given like, NVPC, the curious already

That has as are looking been factored forward. into that guidance we

that previous changed And from guidance? -- that Perfect. has

manage It that of some costs the has guidance, other the seeing. helped we're

it's in So balancing other costs some there.

the is it into fully baked So guidance.

Our next Morningstar. one comes from with Miller Travis

on You of the was my to throw Electric whether most in X last side CapEx, answered in you going vehicles. of update on I any one of out to distribution? from would but in there. questions. X, material of When you more upside look ask months that any apart the give kind XXXX, more EV kind XXXX, there's terms I'll the clarity

a the X have much electrification bus through a will PUC. bullish Sure. who of transit further more on results regards announced has avenues working also No, have route, authority, interest we some. capability of and electric our our you really and are the than closely tell through of And have TriMet vehicles. electric agreements then we working with all-electric to docket bus I with we absolutely. very system. at process on the We're We're looked in

improving their and focus on and from from comes in as from speed vehicles to well terms we're car from electric of of enthusiasm consumers hearing as our of most think I delivery municipalities what those. manufacturers

should X significant Portland in year we'll and very the X, certainly particular within or be dramatic, Metropolitan areas it in see change, but next a not maybe region. think and the in like I

run that to incremental about? rate XXX-type talked you Okay. And that would be that

of incremental. much be that Yes, would

What steps the on cash quick the terms flow? timing next cash of for real then And flow Okay. in are the settlement.

are we shortly. to that will of had Travis, offset anticipating here as Well, it dollars would financing done have we year. help settlement we this will have the And I that receive the very otherwise mentioned, some

do now $XX was actually, got given that -- we fourth -- we've the million $XX in But it's So That is up $XX now. higher. to million it million quarter settlement. the we're well,

be left will million do? $XX to The Okay.

Exactly.

follow-up with next Paul is Ridzon Our from question a KeyBanc.

-- Your nothing forecast, wins? for this placeholders capital has any no RFP

There's right. nor Exactly nothing there in storage. for win

capital Or be deck be successful, you're -- would a out? maybe there if there So additive? reshuffling and some pushing XXX% would of the does

That is be yet to determined.

been load? I'm if Okay. wondering And a you're of unrelated, and lot that mining. seeing reading then I've Northwest any about crypto

No, Mid-Columbias seeing. what is or seeing we're are not Idaho like even

What in as contrast we're companies in to place data other others centers wanting well seeing distinct pretty place to wanting centers and stable digital well-capitalized as operations. fulfillment is here

preferable kind a crypto Seems volatile like of to little a more market.

Paul comes with Patterson question next Glenrock. Our from

sort PBR to b, so XXX, just comments, sort supportive So your quickly. a of where proceeding interesting. wanted to made which get, on. a, of guys reading it. was actually going; been sort there's I've really mechanisms, I of comments And and The proceeding support And your SB going you then you were just seem that about for been senses of guys

you these might So be I and to you respect what maybe with guys there see seeing of what was guys proceedings. wondering opportunities kind

Sure, question. that's a great

and of meetings different publicly is First all, senate into to areas commissioners. technologies Oregon Commission and we is group number requested legislature that may extensive in a bill that the XXX Utility then. due that and Public mid-September, existing trends, had around with pretty And staff look may in be and of we've impacting drivers have of available regulatory centered and not interveners the the be between industry a or The would and a concern now framework policy that Oregon. to new there commission report are parties drafts of

the in our which very very to talking a of sort front we're thought commission process energy that as the municipalities it's of and can program adder, did performance-based with an would morphing already cost well, mention are We has tariff XXX% gone to have green off We testimony. customers. into actually see example inclusive of with want to green able a essentially we and rate, alternatives with is green been other And thing base that and in to margin about, It XXX% move constructive. we performance-based that forward. In regards to the you sell the large corporations be be particular, faster. or move other

Okay.

it it's terms terms at, in looking performance of, guess, sounds what modest So of of I somewhat like kind in you're base.

-- anything really have. of significant? thinking right the a construct evolutionary more And think really not Is see substantially currently got to of way regulatory you opposed that potentially changing You're do that to as as you it? it anything

Yes, absolutely. we And that particular really serves process current have an construct I The have with we think process increasing well. we're to addressing And Aragon, want revolutionary anything regards facing traditionally that Oregon, ratemaking. that in in parties to add? see Jim, carefully. we and that rather a concerns around are in you'll evolutionary equity, you than very

No.

there's lot more process I time this but of so come. point to more say and occur, in to, there's discovery not a So a to in to run that lot lot at we a would that can time

in of equity, you you're social about And -- financial you're just not terms about in a equity When context, about talk a talking talking clarify. to commentary?

Yes, exactly, a in customers. context, social terms in all serving of

Our next ExodusPoint. Andy with comes question Levi from

settlement. good. the Congrats really was on That

you. Thank

because think I'm all questions. set really ask I good seem people to

I on the on rate think -- regulatory process the thing case. the just only

were items major but as what, that's five for well, three So three number settlement-wise of decoupling, wind. that which we're items, the smoothing -- as there's right, there one; waiting still actually, are far the the more

account. Storm-balancing

also? that Right, wind. and Isn't then smoothing the of

fit And the what hinge with got we the then been trends the got seeing. of has it's model, decoupling; account; It's that's that load storm have call we wind. we which weather just we've fitch balancing model forecasting. at the the do to looking recent and more smoothing -- the Not hinge

weather -- here? something much -- have by mistaken on the in far wind I Or resource. I you thought or that wind maybe side as wouldn't am there there the as up was where that's where volatility as

regulatory No. so what changed profile We time. do -- rolling average. profile and throughout associated that, operating used the would used around to the we we're had is we've now X-year with been that using a What under wind be construct farm, a we

we're So credits to tracking reset, the closer there used it's that was and towards closer. the -- filing General annual credits production only And seeing. the are set now the that production then that be It's every year... moving thing the other And Rate now Case. out tax happened tax update in tariff a average

Right, I off -- okay. really off, right. right, because should actually contracts or important was has Or say. rolled actually the And PTC that held

X I a the So guess, the negotiations on, say? just can as the I on and going? on you want how mean, the of can out as type interveners the that have or you far you items you that, work to focus any and I staff characterizations optimistic are give are settlement this whatever

If that decoupling referring two to, say you're that the point. have the balancing I'd storm is the the a account, to parties Andy, and long ways go at this

[indiscernible]. from Our comes next question

if build correctly, normalize just wanted earnings, we you for next can, I if year. them as to I the of understood kind

hurt the the in be going we're started year had to there old you guidance, $X.XX was So you. of guidance, your Carty stuff to off that going

settled the of of because for litigation business guidance. would and you call? from correct normal that negative if of with separate in And for also if you this correct, the next that, $X.XX at if original rewon, me, Is the the So the I'm not say theory, end reversing the you remind permanently $X.XX. year the as year, we starting year was, So up those earnings like, came look power up could the in $X.XX. been the impact guidance had have the hurt you at said, right? weather those But settlement is $X.XX when

Yes.

and January provided embedded in warmest that in guidance the in second the back we that If about February, guidance $X.XX weather. implications you was of had for we look so there we at ever the experienced,

associated the addition continuing recover pursue to that, with the in excess we to had Carty In cost in to construction. trying of $X.XX litigation

the going at seen to really the avoided experienced and settled said $X.XX that we Carty, put at to that with had settlement. repercussions coming we've as the for looked we and turned the And weather weather. looked now guidance, we're we we quarter, better costs the three, the that. component, we we out at mentioned, of believe have there year I $X.XX, XXXX Carty, first got look only have that and with the as then in we Then that so now associated back full actual we've we've associated so we as $X.XX weather Carty, balance of year Well, of

combination well. those had back so in And the $X.XX the of X earnings

somewhere. elaborate plus you just right? right? is the what would in where it So the $X.XX $X.XX, $X.XX came negative So make $X.XX $X.XX, there Could negative negative the a $X.XX So from? came

We've got sure safety making we some to and numbers. are that of got -- are just still our lot meeting go, we a years and the so

of not be quarter and the of third fourth just reflective summer Pacific that of beginning and the Northwest quarter entire last be know to you consider environment prices in power by at during year's One even that in quarter then and for the se would West, and the I the to but the heat should is peak sandbagging beyond. per really just of $X.XX of quite the to the looking tend things the that third volatile be

little just kind is as it just Could it I for this this year that? that then models. something next back as my elaborate into and okay, like point. certain permanent? build bit then year -- can is being okay. of high on a which of utilized you I Okay, Fair is reasons O&M, look And tracks kind I Or

little clarify Can that you a bit?

$XX the You you what guidance I'm if O&M provided right, right, February, million, from in by correct. increased

not and this at. onetime by guidance whether trying of you something you million That's to or kind You this to items in increase. kind it year I'm trying projected permanent of increased -- your O&M that it's a is kind understand I'm are what now properly is of so $XX nature get

No. That service throughout reflective O&M territory. increased of is activity our

As work any a had than work previous in years we're also areas. the of I our mentioned, we're growth we're new about and growing not in may term, an X.X% terms area higher doing e-migration repair are Jim that rapidly. while And quite that's those our of be growing, are systems. lot near in connects low seeing recent mentioned along that doing to we've and

-- customer our those costs are and needs. aligned Rate we important recent most So are Case meeting with General

the give I your forecast that if about thought Could okay. of impact And XX What for the a question, say, on process right kind you us that? bps year? XX bps the impact some last is Okay, by of What improve to may of, increase? ask. the earnings is sales

Any changes all that forecast we that have in is into our provided. we've revenue the baked guidance

have of a thumb terms in kind equals or rule Okay. some don't of earnings? But X% rule factor, you of

we No, don't.

don't. we No,

with question next Our [indiscernible] from comes Citadel.

that storage $XX been million. you that, -- going a the quick determined company-owned? already that? already the guys won Just be that's on CapEx, to Is clarification battery Have

as it the is No, And over Jim in that's current mentioned, determined. in projects. particular one of not -- there's debate that

that? clarity have And we should when on

later would expect in third the I maybe sometime quarter. Oh, quarter, fourth

stand? billing the system. been the Okay. on the through And flowed quarter Where deferral, the thing And last does just that that has numbers? second

can address and really is XXXX in before we've it. until closed the numbers, commission year got the to wait deferral The out has the until

with associated capital billing the the system? And what's

billing in went May our from collections We actually point and associated customer went operations into and effectively until went it's It complete it so billing system, it out it's in changed of year-end. associated our the -- the we year, with with into or that. Kevin, place service time and so this that into metering system, D&A system commercial the and the

any further this questions not time. showing I'm at And

your our a much great October. late Great. quarter join us in and General appreciate to third and weekend. have Electric, Portland interest invite we when earnings you We in we report Thanks, very

that concludes today's presentation. Ladies gentlemen, and

You a day. may have now wonderful disconnect, and