Portland General Electric (POR) 24 Apr 202020 Q1 Earnings call transcript

Good morning, everyone, and welcome to Portland General Electric Company's First Quarter 2020 Earnings Results Conference Call. Today is Friday, April 24, 2020. This call is being recorded, and as such, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be question-and-answer period. [Operator Instructions]

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

Thank that I'm us you, morning, to today. able join pleased Jonathan. Good you're everyone.

site we The you we remind on slides supplement discussion, are have like referencing be Web to that which presentation available begin we'll this at a throughout Before I'd our to investors.portlandgeneral.com. morning, prepared the our call.

of involve some remarks like caution the to and materially Referring will expectations. differ remind forward-looking this uncertainties, from to may slide I constitute that morning two, you would everyone that inherent and our statements. We our results such actual statements risks

differ and description earnings of For of our materially, which most could our the refer some cause on available to XX-Q, periodic Web XX-K press and that site. Forms our reports results are on release a factors please recent to the actual

Jim our discussion Vice are President Finance, Maria President Pope, Leading CEO; today and Lobdell, of Senior CFO, Treasurer. and and

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

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

good balance also financial Oregon provide company's guidance acknowledged was earnings the strong pandemic and is O&M as I Chris, update our call. the financial detail announcements, quarter will guidance, behind results, capital economy the our territory that Portland Public quarter's cover earnings Jim dividend an the Commission, Welcome the regulatory usage, thinking the reductions, I'll everyone. plan resources quarter PGE in and XXXX service well and you, Thank earnings General Electric's expected Today and of impact by first sheet. our integrated on cover the and share as our to on how in COVID-XX Utility first will morning, and March. the also environment. will responding. He electricity results, revised including position our

was an lower per million slide first net four, increase quarter high-tech the as $XX XXXX $X.XX in we power results. of increase per demand, The services expenses. to by share digital and to operating costs or compared of first income an share, XXXX reported driven quarter Turning well and as $X.XX for of strong

a we downward of $X.XX reality our as today from by $X.XX economic are $X.XX per caused revising X$ and down we such, earnings very this quarter, guidance are is different, have to our reaffirming pressure While significant to share, the per we revision, growth to our and uncertainty good to guidance COVID-XX. Despite share reflecting long-term's X%. $X.XX

the communities of our facing we Moving unprecedented the are to sectors five, customers, and slide serve economy, challenges. all

provider electricity. transmitting, service a and appreciation continuity the essential and vital partner provider an service, reliable, generating, communities. of for As role we At and safe, delivering both affordable have we great on time, a service to are as leadership same Oregon focused as respect our and seamlessly

food economic PGE PGE plans. over to late assistance, support community other community educational needs. the Foundation our million immediate including facing partners, we payment support suspending and local To flexible programs, and Given impact provide $X banks, disconnections and providing and are we've fees, committed taken to have the service steps and

capital, a have capital and steps and spending. taken O&M business, the and As also response In reducing ensure a not strong by we balance to recessionary impacts to liquidity are immune. raising flat, we our sheet dividend holding

achieve increases which conditions, to further reduce economic uncertain earnings us operating Our operate customer and efficiently entire in allow revised is well as XXXX team management and will XXXX, costs guidance. to taking price XXXX help actions our aggressive as mitigate despite

increased and services, resulting weather deliveries In terms of adjusted. also deliveries, the grew growth by commercial of net high-tech X.X%. industrial digital energy Residential in quarter, X.X% driven in demand first and

a from sector energy deliveries expecting time the with estimate X% decreases the energy when our Jim to in energy X.X% to we since delivery in spend overall, actual X%. our and our and XXXX, combined is down quarter. of industrial decreased X.X%. order, businesses sector, Given increase the decline Overall and stay-at-home about an approximately commercial we whereas small on deliveries X% delivery prior the first recently, we for and revised approximately Most XX% consumption the increases in scenarios temperatures, energy stay modest XXXX, drop energy year of closures guidance. details residential expected for had are to of to the from will half-a-percent X% COVID-XX to of mild safe relative more of usage

fortunate high-tech and are buildup, we territory continuing growth, ongoing discussed, in delivery services. current We're growth service with a expectations previously an new of and passes, This strong have is the customer we the there returns regional area. along of after expected service digital energy of growth to operate with interest in-migration are in drivers facilities by throughout As strong our annually. driven our primary pandemic long-term substation X%

track execute completed continue six, strategy. be Wheatridge end renewable The Turning to year. the facility the of to to is this our we by facility on slide on to energy portion long-term progress. continues The wind of

for capacity enter program, and into We're resources later also and clean regional new capacity load reliability We begin plan the includes year will integrated secure constructed. and in energy activities operations In procurement efficiency, to energy is engaged stability. by shield our technologies of resources, that in structures one renewable productive Our XXXX which work additional with Civil will centralize XXXX. acknowledged facility, into contracts. underway. regulators, this are existing well on track. flexible was integrated renewables Footings to key grid complete, March, are center, anticipate is resource operations and discussions also and being and operators enhance

turn you. With that, call to Thank the Jim. over I'll

specifics the be Maria. Good move to keep our the our service in the able continue as same of more you, top we're At measures that Thank the rest and priority of customers, comments moment. Maria's this our everyone. that we're to I'll we forward affordable a employees morning, taking through customers year. our for will I'll provide and time, to echo the ensure safety health and

through slide Moving to I'll on results. seven, walk quarter-over-quarter our you

is our earlier, per share from earnings mentioned in had comparable Maria quarter up a of $X.XX As XXXX. $X.XX

our First, change was revenue increased gross driven and milder $X.XX increased power share. Residential fuel as per purchase total $X.XX quarter-over-quarter. no to X% region in strong decreased quarter. as and and in per throughout showed of primarily more by a This lower commercial power attributable growth strong which total a which diluted costs XX% energy earnings was XXXX. high-tech, and earnings industrial margin per due $X.XX Industrial increased by production quarter-over-quarter & represented net share. deliveries the expense, temperatures, of decreased Lower $X.XX to led share, deliveries wind mentioned, in revenues earning had Maria the mild winter variable

of prices of experienced since explosion highest Enbridge effects quarter first drove to constraints, California are per In energy the winter margin with a of that we halted stemming the levels decrease gross a late the crisis. the fees decoupling and Gas The some COVID-XX. from as a remaining demand from and and items up high share a other per $X.XX XXXX, Pipeline $X.XX drivers the increase share mechanism from result energy

items. A ongoing decrease we to efforts to a reduced attributable increase plant lower from decrease decrease capital at system, expense resiliency XXXX. XXXX. higher move expense attributable $X.XX Boardman maintenance increase as due increase to a is higher operations amortization attributable expenditures Next, in to to decrease miscellaneous benefit in A by to our $X.XX attributable depreciation an and $X.XX $X.XX a trust towards for primarily throughout unfavorable of as market a and non-qualified conditions in of driven loss $X.XX our distribution coal ceasing plat our part finally,

ensure our the to eight, that we with customers on with increase took to $X.XXX steady Earlier this growth the we slide reevaluate board continue X% dividend to made decision and X% economic to alignment of our dividend liquidity to held dividend our serve long-term. board over at not current can and The the several basis during our with to will unique On COVID-XX face quarterly we the quarter, the the a be time. associated targeted as reflects first adjustments Unlike the to if in week, prior-years, dividend we quarters. determine pandemic have ensure climate. rate uncertainty needs meet to past this consistent available our actions reviewed that

$XXX in our interest we rated a opportunity, Earlier term on month, favorable investor's debt. XXX-day investment and strongly because an closed secured We pricing indicating of as million. loan this company tight spread a our of with

capacity $XXX million We continue decommissioning used our operations our is credit to to credit facility just and $XX letter have million to another million revolving have obligations. of certain and of in $XXX facility which being power access borrowing support under

long-term of expected and of expect million, $XXX debt we XXXX, $XXX operations, as capital to from million to up to paper to fund is cash the requirements needed. from issuance $XXX For with which securities issuance commercial million, range estimated

did -- when favorable need During to we the also we we not rates. quarter, able markets, We favorable access commercial issue did to were paper last overnight access at had to markets.

we we time. plans this Going and equity have in no issue ample the company forward, the liquidity fluctuations revenues to wealth to have at position to

suffered. not and any XXXX. contributions XXXX pension they'll Additionally, needing in We asset performance do has project make to

remains and our of the strong economy to and sheet credit customers our ratings plan to this use we benefit for Our forward. the balance drive strong

the and potential the the service in we this to a nature exceptions the on had associated for the to they filed does disconnections are commission has COVID-XX costs. A customers of severity the suspending move late costs IRP delay and been without our In health In commission will the this have Utility a notice they of the recovery, issued as did defer earlier results increase the by to leaning by to in on This continues capital debt concluded pandemic Oregon our that mentioned, an with capital power challenging duration the orders. do defer Public will proceedings is supporting schedule Maria we magnitude March, Earlier the filing. customers, authority and also our revenue the to to right thing proposed submit regulatory lost such policy for costs but the not and parties and to to related related during bad Commission that established impacts. meantime, Moving update, as depend rescind for allow order of order all have investments. deferrals these it stating our month, expense later fees. authority of the forward and to expenses costs annual time to we with

order expect We the June. in

which and XXXX power we safe, nine, delivering forecast affordable slide to reliable, Moving on our for to remain updated focused shows capital through customers. our XXXX,

we investments, changed last the our several deliver In not new adjust years, able normal, of the challenging If that we times. ways. undertaken not customers for our system. a electric these investment reliability expect energy have we our patterns the challenging we've As during would in new how grid in considerable be provide to to these

service this number is customers. reflecting at ongoing safety quarter reliable for strong Our our X.XX,

delaying Major the economic the projects XXXX like and projects system, invest while anticipating demand which doing and customer we on we are expenditures reduce prices remain XXXX road capital and reduced in in of the center streetlights, widenings to the also and environment, Wheatridge to reliability impact and least support operating the resiliency pressure economy. our reducing our liquidity recognition continuing connections, to integrated of on so, have are track. Given while for and slowing

experienced have Additionally, any to not chain yet COVID-XX. due significant supply disruption we

actions expenses. Maria reduce our also to further mentioned operating management

pressures work will cost Our times we will and facing customers to limit will the be challenging they ahead face.

improvements reduction already through outside hiring field our labor, the furloughs, the plan of of freeze we and resources. through have resources efficient and robotics, continuing these sharing focus and cost implementation discretionary a and and cutting savings and implementing taking voluntary reducing achieve management services to of process contract expenses, We internal automation on started actions

as earnings XXXX to and meet growth Both help desired capital X%. to us achieve expectations reductions O&M expenditure well as our of X% us our position long-term will guidance for

as the we're of and Oregon's changing will timing stay-at-home the balance to phased allow of reflect the duration us year, understand the management and For a to of range These to adjust reopening forecasting such that scenarios of events inform loads. weather decisions The certain the on with the conditions. impact economy of scenarios a and commercial order specific gross XXXX. operating sector X% to our for X% and behind industrial determine particularly concentrated are margin, expenses, the offset deliveries the revised by guidance of increased earnings in the appropriate in residential assumptions retail decrease adjusted, decreases flat load guidance the range

maintenance conditions includes commercial $XXX versus among for on that we full-year well operations, use million unemployment historical five total in $XXX of for or customer. of bad will hydro plant per between forecast which operating previous to studies an disconnects, customer based when We $XXX thermal data was of and in million of the will on decoupling exceed increased Average customers. the levels and X% costs available, normal of the $XX expect moratoriums in result lost class, not million cap decline $X increase the generation our from the per year, recovery opportunity $XXX wind debt expense and historical our as forecast million activities forecasted customer million collection million, which as through the to our years

in management $XXX being operating million between is expenses, depreciation million. taking is $XXX social This million distancing, reduce QX million between slow actions and recession and QX, and in top $XXX carrying At than and amortization more offset of to by the XXXX. $XXX and to range revised expense beginning in with the continued assume into we and the guidance of recovery the beginning June, lifting end phased

expense. as of We and health we to brings our bad with loads, to also greater in At X% overall a duration debt worsen importantly distancing employees, our a of more due our as decline debt a the assume social the of O&M increase of protect inclusive help most gross a it prolonged X% overall continue for of and well assume lower events the just will we higher loads. expense, guidance company. lower bottom in range depth bad care margin customers, which in these end decline a of Should

questions. for ready we're Operator, now, And

now Certainly would introduce [Operator like I our to first questioner. Instructions]

Bank Our question comes Julien America. the of from line from first Dumoulin-Smith of

question Your please.

Good morning, Julien.

long-term's case handful Operator. Maria, to how Appreciate you with, to started think can you in think you X% your you about I've timing, if Thank me about perhaps, follow-ups give the it's morning trajectory, thinking of back a a year? [earned of about very real are terms you necessarily then you, with coming all rate Thank you here, your base top rate do suspect bear to Hey, love follow-up. And growth you your that quickly, in guys. how disclosures. with much. of the what at to changing got how I'd but same the X%, not time, and how your I your a comments, [Ph] ROE] fits hear Got

Sure.

an year, X% you you got continuing very first With a much. to up to as which prior how X% long long-term we within confident on what is we slightly to tied it's whether of the and to expenditures, with Julien, Previously, higher that year, timing, thank regards we X% our guidance, all our have are capital So, range, the clear all know X% were base call, still on we were that the of at X% X% end guidance. that and remain we been the ongoing range. higher we

our increases the timing, given areas inflationary of combined of and company, With we expectations regards costs cost proactively towards different customer that we cautious are that economic our the ability and continued capital coming very to course manage to down, Other pain. O&M case rate environment, assessing with have. eye our and prices this cost increases difficult of from are with

as We more will through of in rate about talk case year progress we the timing. terms that

Got talk it, CapEx. admittedly are a to you about follow-up and as the here, all then first

reducing you the the this CapEx, sector of time, the if sheets more So, all balance but same had you one apologies at and time. question, about how industry the do of in think an same is at best

load and this and/or of et So some cetera. is in costs of either ROE lower light presumably combination trajectory, insuring

now why decision a into up amount? I'm Can CapEx frame sure So and of went the as and reductions, to factors the cadence why it. lot your of you

Sure.

let of little He at sort this. of remarks, give of think his direction. we bookends to a Jim you think scenarios right and is of number I looked we've really consistent forecast a bit me values scenario just unknown So, organization that employees, we're and how the prepared gave an with we perspective this dealing make the a prepared standpoint, serve, couple customers, our doing of we're have you in but his and thing sure for unprecedented. really that a from looked I that at with communities under

reasons Just wide one we such a guidance. the have of

So that I looked how it, course what turn on we thinking Jim let year. with very monitor we'll to he's continue at that, over the as think me and robust through it is of the to go

When mentioned in investing Yes, company earlier, Julien, we very that. infrastructure system we're an as as the grid. we integrated I of company, more been getting out exactly at forward, were continue to CapEx heavily of for the do going to and improving on the and the I aging reliability getting the had look looking

see and do improve to continue lot functionality reliability of of a we So the to grid. the opportunity

to took However, is in sense long economy, if to with order as have this versus square taking and that to a capability because doing be a the are say we don't recession what our play I good of if perspective at and to economy can in up, end a going very a grid. look a capital pandemic we a position. slowing to believe versus I we try we how out expenditures on meantime, have root sure a picks to up we the align conservative get we're improve In back making conservative the and the on everything that will we V U track

say and principles. have then for actions the worst the guiding would been the and prudent best, I and prepare take Yes, hope swift for

just I just to for Got that on renewable amount procurement megawatt it, and then the of confidence last the if swift the related total one, can, side?

but on with on news we IRP, it the closely will year. capacity may we procurement, same more procurement. We're have looking the process at touch in have more we he amount with to that the that still wants trying and as renewable procurement continue through the regards have Jim pushed that. of also We're the out to

mind Yes, with previously. we've we out that from the XXXX the to reflected and XXXX, credits; product of extension tax think keep in I movement a have

of actions that commission were take same working that just along, longer are home, the from the we're little the bit fact bit difficult. given processes might we a that out the before. moving little It on believe path the addition, all confirming we on In still it's we're and more a and we're so IRP,

you. thank Bye, all. you care, Take Understood.

Bye. Thanks, Julien.

Thank you.

line of next the Goldman comes Our from Kim question Insoo Sachs. from

please. question Your

Thank also guys filed deferral the approved is If month. an be you. or it you least the it revised last cost perspective, kind were -- whether filing question it first of offset associated related a income lost the like revenues or that would other from an of it, debt COVID-XX. to seems in My provide Would you're it's what bad provide, the costs of that embedding to reading it guidance? your -- at from to statement lot

Insoo, statement future with revenues are we these if all you they the in right period now, agree. be that commission recover, are income of of are costs that increase able as they that being recoverable. over be through an tracking agreed a noted, run we'd if the to the would expenses and These time

So it reversal a statement income necessarily embedding what on your basis? you're a of into wouldn't be retroactive

mean and over of time. the say, on come out decision say, longer come seen. the It's No, commission. could it recover a it recover in they it they a to and could be depends period year; single by out I

and decoupling question is more decoupling on revised little that side, the on embeds the to way also bit X% apply have the negative your that to on you're is commercial a take residential on then above the residential you residential level technical cap and assume Understood, to decoupling on that that mean positive it? you side, beyond baseline that think right both, a guidance if is and do X% able a have the of I impact does number the that about but then just

we a we it we're think now and X% than you would move right the on we'll the about If but greater be as anticipating on That is the hit the is the it. customer residential, anticipating, for that in hitting to commercial are there that class. not upside that downside way customer noted, right class,

you, thank safe. stay your Understood, and hope I family you and

Likewise. Insoo. Thank you,

Thank you.

of comes question from Sidoti. line from Our the Brian Russo next

Your question please.

Morning, Brian.

just mechanism. Hi, morning. for traditional on proposal? your and/or or on follow-up filed comments a any deferral When historical morning, against good are Good due like yet the interveners of anything and have written the

for The it. schedule hasn't set yet been

So know this we time. don't at in point particular

I'm next it got and like disclosures a but hundred debt to just Okay, if down going you're cash is million, and two Am couple or issuance add something increase relative raising prior to is debt you by me on that? then maybe looks more noticeably. it, $XXX it the wrong, but your missing correct like I seems it the like in based some quite balance CapEx looks million, your color years could

you Brian, No, very at good and right, completely are math.

Okay.

this time a in needs. it was And that we additional liquidity felt difficult prudent customers' our have meet to to step

know, we are to late the came utilities to no so, a and across way. sheet and liquidity healthy our solid balance we during this through fees, country you be period utility neither make had sure that matter a what able As or this to operate time customers wanted as disconnecting charging

had on now to commercial every for an in that on payment now We side, just and state agreements. the a We've the in requested Yes, because uptick had we're seeing always U.S. be we side. requests like it difficult economy, residential start time are seeing the

Did you any… have

do that cash. excess have hope is we projection we the correct, and So,

Do to any use right. the next off can pay that maturities in Yes, it years no? cash or have you you debt two that

of excess in if well that Yes, that we take so on debt down. to XXXX, a going then that's due million have cash we're we to and we're plays we everything about -- use if sitting and lot out $XXX

the on Okay, what's then and payout great, the policy, dividend target?

annual an the -- is payout a for ratio we're basis $X.XX, to XX% on XX% dividend the have and now company. Right

would the noted you of Okay, point? Is constant, dividend quo have increased to is at this and or you status dividend remain your dividend that maintain -- time board earlier the comments. the as this year this the in the you left

in right. make we whether you're determination be make it Brian, No, look a we're economic time the at to given to be April change and We of dividend. the and that meeting it in at we of of actually right looked Typically it the facing deaf the the state a this increase board going would be -- in to we decided the as are dividend turn and climate would would that Oregon, kind it the tone now. not around to

look it better we going as we the climate on So a are to at like. a economic quarterly basis have going to going look as is what to forward understanding

Okay.

should dividend flat and we for change? the within financial essentially implied So unless a scenarios assume the guidance and your various XXXX changes economy

mentioned, look at we we That's reasonable, long-term a basis quarterly our I X% determination. X%. to as do and mean guidance have dividend I but on make at there a out it will

you Okay, at some and just seeing was you normal hydro, kind hydro, hydro add mentioned I of to you're now begins know as great, of the the can first right normal earnest? really season in the your insight quarter the and rest facilities what as year is

a no touch generating I've see. delay When fleet see our across in conditions have We're season. little this, the to runoff probably at we facilities a for and it anticipating, as normal the actual implications hydro and COVID-XX policy. seeing hold because don't of that we'll the to double-check it, We're our we associated me bit with look you this got

make of have everything is we and that don't that this reliability other on because so sense. out delay sure So, annual now. we want that's we've saying any effectively perspective, a and made with from maintenance of guidance taken fall to facilities facility, our owners to go is major the the want out right mother there to maintenance that from any of our Colstrip to there and out weather is into the a When still factored nature because instead we're delayed being associated that we've change decided being make

town same As lot the nation be a time wouldn't craft facing small a very having you well coming can a is of received. the pandemic into at imagine,

delay has very of that or So appropriately management the facility the to decided outage.

Okay, clarification, [Ph] last of a and assumes guidance the that the new of [PCAM] mid-point one zero? revised balance

Brian? that you could say again, Sorry,

mid-point guidance core under of the or flat the revised in assumption power causes, The baseline? variable of embedded assuming, in of the recovery kind that over net power is cost the still

that also now, we're anticipating will will we queue You be note baseline and in are that at below. we below the significantly year-end the right

much. Okay. Thank you very

Thanks, Brian. Stay safe.

Thanks, Brian.

you. Thank

in line next Shahriar Guggenheim comes question the Pourreza Our of from Partners.

Your question please.

guys. Hey, good morning,

Good morning, Shahriar.

done. just I'm

then you Just reliability a there or reduction to XXXX. run run get that adjusted hasn't been that your I'm of is opportunities versus a trying the in related. Because thinking that sort $XXX at follow-up comments despite restorative, really and flex of it CapEx was capital rate, on and the outright on remarks, more program just timing prepared as of when made there about look the $XXX million How sort question, deferred XXXX to rate, sense much is between your million of canceled? obviously you

just million there kind downside curious downturn. more Is a there or is of if protracted more safe? sort is I'm that $XXX of So, of the to

Shah. you, Thank

not Depending later. to that. XXXX, timing for the going upon many will of will do be and in of important projects of economies that are growth we for we are we the terms have those customers types XXXX in projects determine region, outlook doing of that we and In the the the that

forecast. operating are sure reliable digital number say making there back are a but on are dependent be outlook. system, bringing of I would that upon that as our we We economic expenditures new capital will and substations to safe construct them, companies, in not new who other move for continue and forward that should attractive, this would those our and need they region and find to with we are submissions their plan

the need to to upwards So, should look and are able see, that to we responsive we to times, we need forward be and adjust to conditions will being there. downwards on are unprecedented both we

the the it of sort the the investors Maria, backdrop economic when be and think sort could That's cadence kind updates, and we've we used capital of annual about changed the you cadence do just intertwined? of of know are how program I those how of update helpful, around and to like

Sure.

other our have changed you or in now year, the to we've as as told address get we are quarterly were way and we company. and As across management at for project we a throughout it and greater moved basis figuring because capital the we timeframe, we out we the our we looking would have on you regarding certainty before diligence year. change the Previously, budgets program the make noted, greater wanted it investors, pump we as the our that October projects, where

at as quarter, looked to to see things done will of again more at we've we our we to and the that forward this improving, changes it look and we get can look maintain and able the economy the particular be as at quarters, resiliency there made we system. interoperability appropriate are So future the pull

Thank you, guys. Terrific.

Shahriar. Thanks,

Thank you.

Thank you.

the next from line Steven from of Our question comes Research. Fleishman Wolfe

Your please. question

Steve. morning, Good

morning. good Hi,

I growth recovering should or just including off this, it that might've I benefits from that So include but reaffirmation? the that X% pandemic Is the X% base base, How about should rate how off the of that? that guidance phase. so missed earnings the like to I recovery -- interpret think is the that old new of wouldn't

expenditures of X% want to is to quarters end and X% at We it or you X%, year that we're the fights. the so we exactly, though on stopped and think started think near time. we of to down. I long-term maintain whatnot, range some all Yes, took were couple at a got tied looking even able X% to been up capital term over our of really or Previously, as we ago about had that higher which

territory service very Our strong. remains

mentioned, to to as in investment continue some construction load X% interested We growth and time, the who in here moving I would support customers, additional region. need their see over are expect to

Okay.

it's So basis what it's kind exactly is -- not of clear the that?

X% to into on and X% our average future in feel year we three comfortable at over rate look when estimates. a basis, the compounded growth time, it multiple the we then on averages past in the and years

Okay.

commercial weaker industrial sales residential question one good and kind residential a understand an sales, impact a offset? Another go due about offset, weaker impact fair and two the the so situation lot your there generally of that seeing is benefit maybe to is because your and go that obviously Is difference utilities then better, to to then say up the my a to but talk so down when economy, decoupling, of others? negative of of you typically it of And versus have of virus and going is you up that's normally as but offsets, limited just misunder?

you going I be seeing X%, an running remarks and residential. at perspective. on We're in we anticipate in we When of if are restaurants about just side right this into and Maria the hotels, decoupling we're are closed. that commercial look from cap at the it, now. a about XX%, seeing commercial think look tick residential about uptick don't down nobody's and in the the side side, we to staying lodging, it her mentioned

You've got point all facilities; at particular education they're government this equipment, closed time. transportation in

grocery the stores you loads. at look there of look good you So those are grocery very very, dives still are as great others stores, taking being when deeper are doing that than healthcare at some when are sectors

commercial not side, help when we're change, we're will much a so and there. that Does impact cap, your and that our on we not loads, that that anticipate industrial hit we of anticipating look answer that an question? seeing we So at

Yes, no, I think so.

demand more industrial not your like sounds thing the other from helping it the issue. the for in larger. pressure. the hear commercial, out, the on that's think charges I more industrial but we It's companies is is It's

Half of little bit and manufacturing insurance digital you really high-tech over other load digital and in Yes, that area, a high-tech estate, is is and services the area of let in our services sort the real and is a third it's sectors and government long-term bit little residential, we're office, about give XX% of growth. roughly a where most me seeing perspective.

when in people comfortable to country. the expect rest first good see strong are also rest see probably the as outpaces once into of pandemic live, on We and we the to returning is In thinking as to continue where to X.X%. outpaced general quarter, about we the guess passes, country the ours about period continue at they the in-migration of migration your

just could treatment, away? in as you're before, guidance seeking theory treatment me guess that got if Okay, you're question in and is is I excuse amount of deferral could the deferral how a before, another have be, which that deferral seeking I that much go treatment this pressure that so you've

Right in all in the it ranges. embedded is of we now, it's are assuming and there,

that… means that Now,

Is that what's the amount though, how much?

We following interest debt haven't forth. done how get looking whether whether changing bad facilities and and we're we're expense, given so really associated at is facilities couldn't because last, at rules, at out outages it exact and for time cost periods it power long this were we looking expenses, going to so be so and it expense, amount the CVC the low incremental looking during operating is to cleaning going on is that markets, increased we're on it depend

just to made is forward we're be about. March of commission we're to those collecting the from all that theoretically costs. particular talking We've everything So that what going filings XXth

Okay, great. it. Thank you. Appreciate

Steve. Thanks,

you. Thank

of comes question Paul line from Patterson next Our Associates. the from Glenrock

please. Your question

Hey, good morning.

Paul. morning, Good

I with quick things. want follow-up few a to just

that that's longer is going kind and that what First on? miss kind forecast, What's what I projects of is of the CapEx I going the the all about? if talking we CapEx of apologize away no are CapEx, but this, nature of in

our work in at look you basically reliability were entire field, reprioritizing we portfolio, if -- that it's is doesn't out that the It service. doing customer and impact anything or we're

moving fewer from is you to street if nature. get fact for economy coals, you're of agencies slowing, that think requests going things the and that If widenings, about municipalities other the

see that we're meet. to have of to trying have that bit decrease industrials We commercial that the demands little a are going in You're sector. still

back pulling governmental might in really and say you request that, commercial we're So requests.

wrestle I range guess economic to And question then that to the I'm about following about associated the and trying that's that growth, with Okay, sort you growth on here guys long I forecast be guess to of happening. that X% Steve's X% sort how of would think thinking the I growth? X% that, on guess we X% do is

but should in we long-term, beginning would say about think how be that? that You XXXX, or how should we,

X% we As earnings what on represents the company started conversation forward we of seeing to the we're originally X% just what around had on the really and potential this earlier, think is. Maria we that decided, XXXX, based basis a mentioned then

a $XXX to got integrated said, still the for to for support You We've We've part in. going got an so the we've going still Maria got center is and are company. migration, to as the Facility around million good mind, are of that economics of growth in Wheatridge going got keep in. we're we'll underlying continue the that operating be region that state in that'll be

also I not strategy our has would add that long-term changed.

decarbonizing In we are times of the Oregon before fact, the today that that they were supply as early and see focused is in our State discussions energy on our customers pandemic.

and lower see interest in that of and building, the technological The the smart this platform Jim focus see continue time, build standpoint continuing pandemic. to technology IOC of a costs from stronger inside we integrated after terrific the through a the referred electrification and We to accelerate many out is sectors so on was to transformation period of really in ability overall that a to ways emerge as to an grid. and

that. not global the days that though and sort and I some globally but guys relatively agree pretty guys any a everything better pandemic, might because significant I would obviously with with potential I it's environment speaking, of No I'm concern disruption there. economic longer-term, but here you what of that and about for could the it most do out think potential wondering activity the granted off is in with be slowdown some question, you early mean widespread strong come is guess just have economy just see you might economic

here see work regulatory that I'm Just any or wondering, do legislative you potential could things? change

that say and for expect of a from to and more naive. would to Jim period deep change impacts, has extended scenarios be would run impact unprecedented preparing an we're not in we're and mainly to those of and that companies change, through period have performing. we high-tech so than that think electrifying, We note be number modest others. I those. decarbonizing to doing focused better on service I to were territory seem we're fortunate also this companies, attractive and digital and a would is

manufacturing and live steps small economic realistic regards different in taken have impact the to we area. impact think to been service customers a our truly prudent and in we be them times we business scenarios we period. well unprecedented wide will follow continue this others to concerned and outcomes have of assessing through unemployed with with we and who people of think as I the as are be and as We're to I variety very the

Okay, thanks guys. so much,

you. Thank

Paul. Thanks,

you. Thank

Miller from of comes question Travis next Our Morningstar. line the from

please. question Your

Travis. Good morning,

XX% of you. just during good annual guidance I then you to the you'd keep it any when the the you flat, when second. high-end XX% of you've that any to a get that pretty because thinking fair to have kind be the range way stuck April your thank to prospective Is morning, Obviously, guidance come a next it right is XX% to think now do looking year say before to planning, that of about that revised rate the Good before we're is dividend to that toward to dividend next annual increase, how thinking increase type tightly? back on about for XX% want dividends is here that to range. the say board

of that I at one the any board don't is or formula think looking during time. period metric this

taking quarter. information I balance done will it the as seeing think the of that has planning we're we mentioned, scenario each extensive Jim they're in reassess and I

base growth Okay, What time and could at around growth growth, thought I dividend that to length conversation of a the have X% the is so rate. what is, discussion here, that terms know to of then you on and flip earnings lot I'll the X% that X% X% in type around of of long-term the forth? if

time we start period or know, You have earnings like of set of don't a the finish. growth,

what you time forward, that going matter period. correlated, range, and is continue that higher-end X% or dice we and that compounded range to no again, of on averages it accurate periods we within slice get most of that averages it that three-year the how we we and One and should of the to -- and the note have growing at obviously X% they're things recently, been believe

long-term this metric. And is our

Yes.

Sure.

real Okay. the the of in some would quick that technical level is something that the that trust, benefit quarter $X.XX one-time the at or decline that is that for on year? rest Then thing is just something continue a from

It really plans. benefit the associated with depends market it's in how investment just on performs, non-qualified and assets

market with fairly of and correlated or stock the financial? kind versus market anything Okay, other

to Yes. think about right way That's the Travis. it,

Okay, very very much. good, thank you

Travis. Thanks,

you. Thank

Our Insoo Goldman follow-up Kim from next from question is a Sachs.

question Your please.

could, months, not are the jurisdictions, just be maybe broadly, I environment conservative are looking the trying where you, to current the in pretty take next more area on economic In things evidence into but think more and it out Maria, I your one just you Thank playing more when of what in economically here? could at the seeing year. that's general even activity or your is country, any just states other especially in conservatism a is if guys the you're stance that some you your next than few slowing just is of doing

jurisdictions. other on No. I can't comment

been pandemic One the of the impacts impressive the has about states. things is think that I to different different

activity, of have unless been themselves. activity things of Oregon construction manufacturing has we about companies by is the that the halted continued very One and the heartening state manufacturing that's

approach. sector, high-tech with by and impacted and has, for high-tech we're the if the in very migration long-time in do, have and worst talking that's you different really obviously terms overly I of the a we're in the sector X.X% is what seeing in for benefits. very We're listened seeing and the business first types hoping taken was for recognizing we a best. I prudent much across heartening. preparing a the our or think, numbers, driven We've we think our the that and looked and state Governor and different anything the we're work seeing regions it been not segment-by-segment, that industrial strong demand We've growth at Our all by digital growth, and X% has in about of quarter that

were the our strategy, also time by heartened realities of integrated acknowledged We changed. plan sensitive economic to not has our very while and that the resource the commission our fact

out come is we're fast. being as want to going we're in I'd look into strong strong this to Insoo, out say and want conservative, we go we we at Yes. that we want and pandemic come to and this

Makes you much. sense, so thank

Thanks.

CEO, question-and-answer I'd and remarks. Thank today's further to to you. any for the program. conclude like Pope, the Maria hand This President back of session does program

very much healthy General customers affordable Thank Electric, on remain reliable, for interest with electricity, uncertainty. today. following in joining you We focused during after appreciate during your these Thank unprecedented hope safe, the especially second serving all us connecting to Portland of We that you time, your times these through on and look of you and and virtually objectives, our times. strategic quarter. stay you. safe please challenging forward with We

program. Thank you, today's conference. participation gentlemen conclude ladies and This for your in the does

now You Good may disconnect. day.