Portland General Electric (POR) 29 Apr 222022 Q1 Earnings call transcript

00:04 Good morning, everyone and welcome to Portland General Electric Company’s First Quarter 2022 Earnings Results Conference Call. Today is Thursday, April 28, 2022. 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 a question-and-answer period. [Operator Instructions] 00:47 For opening remarks, I'll turn the conference over to Portland General Electric’s Senior Director of Investor Relations, Finance and Risk, Mr. Jaramillo. Jardon sir. ahead, go Please

Thank you. join happy can everyone. Good today. morning, us I'm you XX:XX

Before actual morning, supplement begin The investors.portlandgeneral.com. have we'll we this referencing slides prepared that remind be our a we are materially to Referring you available forward-looking of inherent presentation website the to We our you caution some and statements. statements risks throughout this involve our on which differ remarks XX:XX I'd our discussion call. X, results uncertainties expectations. and that from Slide like constitute morning at may to such will

For and Forms Vice materially, of Pope, of please of XX-K Jim are available and could recent website. release that differ our a and Ajello, to Senior most description press XX-Q Leading Maria earnings which the actual Treasurer. are factors our our discussion refer and President CFO on to on some XX:XX CEO, reports results and President our cause periodic Finance,

remarks, prepared pleasure to their my line to call over questions. the it's we Maria. your the Following Now turn XX:XX will open for

thank morning you, and everyone for thank and joining us Good XX:XX you today. Jardon

Turning to Slide X.

the Wildfire certain these in power arising average customer deferral X.X%. establishes first XXXX. quarter, reduction of test or and per of net the week, an test General XX:XX year. this which customer compared also COVID would to income prices all of we of issues. I treatment like of deferrals $X.XX in the application income $X.XX will Rate prices The $XX and address resolves earlier $XX of in XXXX quarter with XXXX million net expenses. increase per finalizes or issued last of reported resulted share million XXXX Case regulatory share for the and costs, first For in The the remaining To order order Including start, earnings

reflect off the filed We XX:XX of dockets. separate the you debt such, surprised as While was include Lower $XXX our within of shared and $XX be constructive, $XX Ultimately, Unfortunately, XX:XX about now low, request debt million GRC earnings last reduced expected recall, our load to is a we via of earnings test of for from highlights Key management, to the share. as $X.XX elements for the establishment will is previously the -- settlement as will year XX:XX to the requirement collection these and as of reversal other as resiliency on year. very keeping we vegetation revised our to settlements per XX-XX forecast Jim $X.XX X.X% a its III continue items to $X.XX $XX end or of $X.X the the and X% Reflecting costs, Overall, the Faraday requirement million advancing average revenue we're case and guidance wildfire of of we by we but and RFPs. of were that the base outages. million well representing operational certainty is reliability X% billion. entirety deferrals deferral clarity establishment $X.XX our by and in customer unchanged share. our capital major proceedings. this and achieved growth prices As of earnings the keeping growth base Faraday interests we revenue invest include of and providing dividend million, improvements system. earnings facility, All return X Turning annually. repowering. long-term timing And as of are with result which with to case for were the to the of X%, and which later $X.XX the structure, key per rate rate we to discussed our down than test the now aspects call. July are We've delayed and an operational the million increase. this X% attractive rather in reducing subsequent equity, the Level complete the with positive of and cost around reaffirming XX:XX long-term the issuance, increased OPUC cover XXXX and to these operating removal that

weather-adjusted, energy in deliveries, by continue experience digital to We X.X% and high-tech led which strong growth increased customers.

economy Today, all very cloud operations, computing with strong unemployment commercial new in improve and rising reliability the and is continues XX:XX support trend Our this regional to infrastructure rate transmission growth. Our investments demand. our driving pandemic semiconductor and and in-migration, recovery X.X%. from distribution

We also grid and weather done, we've and years, efficiency increasing in significant resulting XX:XX advanced amounts the reliability last work that are improvements the in greater compliance operational extreme getting of also energy, we increasing flexibility renewable the and smart condition. technologies, of in even gains our reliability in system couple and increasing uncertain technology system Over and work. especially made integration and enables our of resiliency. seeing analytics investments more under are particular, Through of

We are were that the today's January in the included in shortlist release. shortlist pleased press the to we bids in for submitted initiated XXXX. is that announce RFP and Final

process beyond. and be we the greenhouse winning turn RFP bids the selection the PUC shortlist on to with emissions and energy and meet the of process, submitted technologies, These XX:XX process resource extremely bids of possible stages on capacity. this will low RFP keeping of the competitive we megawatts reduce that the X,XXX to to competitive of will focused solar, a emissions bids cost storage. acquisition gas year. X,XXX Throughout include wind, X, emissions this over pumped several XXXX the the first as possible, including and while of This finalizing as bids seek May selecting of our reliability zero over power. later to best The batteries megawatts variety represents mix was targets the remain and expected, with As of improve

the we Environmental month, a communities the Report, Following more released XX:XX in an which of updated and report, RFP, XXXX Governance expect and future we spring plan to our sustainable equitable, towards of Finally, our employees customers, demonstrates serve. we for integrated progress our completion last this issue XXXX. ESG resource Social

we on with cost to also help expectations. look ongoing to We're the our future, As drive structure commissions other we more realities a elements improvements solutions anticipate of line and and of at to pressures. XX:XX them looking focus digital cost in mitigate focused get the

future XX:XX commitments under rules to of long-term continuing affordable We serve own to and have turn this decarbonization the meet Jim. and growth X.X%. goals, will also plans you. customers a developing and over economic our I our state's decarbonized clean of expectations Thank Now continuation resource it growth We're to reliable energy. to strong and with move

XX:XX Thank you, Maria good morning, everyone. and

PGE's we order project, this we approximately And resolving PGE OPUCs Faraday Level to XXXX III subject service received will to cap Slide account, for price our of ROE the now $X below the million annual previously be of XX:XX separate on project. test recovery in was of the The based order we mechanism, application increase XX:XX authorizes authorized all Case. final a now storm week adopting the the Earlier specifically return is repowering annual XXXX we issues it's allows allowed which in regulatory in XXXX will as which included the this Turning It to these these and Recasting to Wildfire outstanding structure test or X.X% elimination authorize how XXXX QX XXXX the regulated deferred disclosed recognized earnings. ROE X earnings our overall. a base of covered accrual results. of of with and reaches It matters million allowing of application major thresholds resulted mechanism annual decoupling COVID, in outage COVID-XX emergency average regarding amounts. equity to an which the previously wildfire pursue an when reduction proceeding. of in deferred certain and calculation our amount. deferrals and establish the rate yet the earnings are our Maria rate test the a mentioned, an to X. restoration now related times stipulations earnings certain balancing of expenses costs General for have evaluating of our collection incurred existing previously application of the a the I deferrals, order not the by update $XX Further, expenses, Rate deferrals, The on at until capital of

existing Holistically, dockets of surprised will the and its of unprecedented we in this XX:XX and provides prudency the Slide order The journey be work will of as to to a tone, recovery that address related circumstances XX:XX final through rate XXXX. of regulatory the disallowed was While to deferrals we the unique X. to Moving portion recovery in constructive costs. adjudicated these GRC continue represents a costs were resolution forward structure. and step reviews under commission with stakeholders forward on in these move a our new we clarity

the the reflect the of finalization our region, stemming well case. XXXX results challenges current the quarter from of development of economic as opportunities first Our recent the as the landscape rate

levels, driven Milder X% grow in constraints, quarter-over-quarter. as and elevated I'll rapid increased our inflation to higher growth We as the Residential territory, weather-adjusted service prices to compared rate impacting when Looking by by XX:XX service loads XX:XX QX all loads X.X% raw on material QX XXXX X.X% sectors see industrial weather-adjusted, growth are Commercial overall continue and Usage major highlighted had saw to sectors. patterns and costs, digital the front as recovery material but chain which including the remains in our compared industrial macroeconomic Overall, categories, usage financial by pressures commercial supply beyond care in service X.X% beginning in remains fundamentals X.X% elevated been weather-adjusted. over witness quarter-over-quarter. are to the increased load XX.X% the continue weather-adjusted. pandemic. have XXXX. strong growth our continuing high from to the of across cover loads X.X% load growth to at commodity QX of at costs. see pre-pandemic Residential normalize. count impact we we labor we well impact are significant services The increased a now and our steady customer pace, XXXX. a high-tech year-over-year XX:XX weather as from performance territory,

a increase the $X.XX increases in load, revenues As in were offset X% XX:XX mix. major significant with quarter. industrial operating power a non-weather-adjusted, compared revenue as a the load in primarily in demand while EPS customer was deferrals XXXX the and effects on decrease some by prices a previously discussed, Weather we order. earnings -- higher was was from maintenance warmer a was resulting weather unfavorable GRC weather, final adjusted $X.XX. On total load for revenue. the offsetting We milder in basis, partially residential the $X.XX Offsetting increase due X% growth this It application to due $X.XX in costs quarter-over-quarter, composition to decrease higher quarter-over-quarter of a decrease established to the a up of of $X.XX customer serving EPS previous to resulting to expense. decrease contributed of test and in experienced result experienced $X.XX

our As included and for XXXX, management expense were in benefit larger issuance driven of million. not vegetation recognized wage a balances $XXX from decrease $X.XX in lower decrease higher balance non-qualified to XXXX, XXXX to $X.XX through the resiliency, QX higher There driven XXXX performed to returns that $X.XX $X.XX in grid in did and service work XX:XX labor reflecting costs offset storm to of debt increases expenses QX additional reliability XXXX. higher from restoration by decrease trust additional XXXX, administrative a tax drivers XX:XX on this normalized and include QX of $X.XX a was reminder, primarily incremental due benefit outside and in which by a recur $X.XX the in from was long-term quarter-over-quarter. comparison. $X.XX O&M of due a storm a plant larger costs the adjustment million $XX decrease O&M compared collection XXXX, in flow and to the debt It local due decrease interest D&A then impact due XXXX balances from of

capital capital capital and restoration $X.XX our which decrease EPS other for from increase deferrals XXXX. then we achieved our expenditure We to million. $X.XX forecast and for Finally, XX:XX Turning $X.XX investment. Slide items. additional forecast due a miscellaneous increase wildlife in reflects XXXX opportunity system a through storm X, shows for $XX by for to resiliency This cost increased

to five next options. calls of related any not primarily Slide include resiliency Turning years, $X.X RFP to plans over and ownership investment electrification. investment XX:XX of number current our expenditures While billion for X. related the This possible to transportation does Group

included project sector. our to investments. published that process Total strategy accompanied strong XX continue diverse including resulted least release to cash bids tie expected at the our array the seek stable to half levered $XXX to to our records ratings maintain Slide of of decarbonization the RFP a We our contribute sheet, The of a We believe available opportunities issued for in with proven from the within track grade issuance through with balance We plan by companies to today. remain liquidity deploying On serve sustainability capital shortlist March to is we investments a we continue be and criteria our the specific to up million sponsors competitive million a bids out customers second and liquidity solid experienced debt debt will investment we of X, debt long-term earnings and under containing Framework This in cost-effective is good one XXXX. resources XX:XX operations to our evaluation credit to outlook. to this shortlist technologies. lead in fund targets. XXXX the and $XXX Green as Financing of of

XXXX. specific and approach we a While that to due (ph) for opportunities research the anticipate we nature bids process very range XX:XX megawatts capacity XXX unable are some opportunities in the are of and early XX individual during XXX in balance XXX pleased commercial regulatory PGE non-emitting and Company-owned remains individual of All build shortlist the are the projects outcome to to processes megawatts additional to on of projects megawatts renewable investment from company-owned to megawatts the dispatchable unfold the final resource for included it's confidential share subject projects. will components transfer bids. from shortlist, details that with the

clarity, July. of company-owned. certain we acknowledgment steps projects of shortlist At XX:XX bidders. you there to permutations examine the in between the include the as There and targeted capacities process For as with time, those the are plan proposals. list shortlisted capacity for overlapping identified many and are begin Next negotiations OPUC -- same

pumped and generate development, the move industry. challenges the development next the to of other service by finalize in through we expect risk and the XXXX, us contracts long expected projects. inflation lead to potential hydro low be balance of we combination We A look cost QX. We as project to challenges are projects in with diverse than XX:XX we these our to decarbonization winning technologies and options. the expect which IRP allow solar issues low release spring XXXX. to in achieve of in will -- bidders in special are time process will The sponsors additional end facing attention XX All particularly chain renewable the paying to supply

challenges, quarter well reverses. strong balanced load deferral reflected cost as Our against growth operating as first performance

to $XXX balance look the adjustment of to of XXXX million cost guidance from to amounts, million, full O&M $X.XX full from we our to $X.XX full $X.XX $XXX million $XXX share. revision million reflects XX:XX guidance the of year guidance continued the result includes revising the we attributed to driving X% to digital pressures This $X.XX growth the million weather-adjusted As mitigation higher high-tech deferral and to impact a growth X.X%. and are share, reduction XXXX, which with for from $XXX regulatory resulting a We in deferrals, of the year strong growth a work per $XX per a as ahead continued expect to economy, to to year in our expenses with more the load for wildfire change year. increase and to migration remaining from the full in of pipeline

that strong limits pressure have prices in the prices commodity year. hedging in challenges commodity While of our first of the strategy current quarter, establishes significantly a framework cost to likely increased continue. are power the run-up Cost impact the

remainder XX:XX taking transformers, following going and for demand have continue O&M XXXX. manage the to We're return forecasted to XXXX steps placed are XXXX wire We automation for of on We're the to the of our entirety for mitigation and of O&M focus to We chain supply orders going we're technology continue our efforts high customer challenges. optimize to deployment activities. risk and to balance cost going distribution with processes cables. needs

continued per XX:XX X%. earlier the and coupled dividends, to us approved will dividend consistent identify of growth payout We which Board have represents a a increase. allow with share, respect X% with of XX%. to basis, our $X.XX X% in growth dividend XXXX, to earnings X.X% week, ratio to Finally, continue which to This of is while a increase our observing to efficiencies achieve this XX% long-term to an of dividend annualized guidance increase with low guidance X%, implement long-term

We our electrification any share also opportunities Looking efforts customer QX of invest increasing in decarbonization offset anticipate compensation programs. under the execute for dilutive equitable customers our customers shares These limited value needs. questions. we're program to ready now, and effects financial in operator, to ambitious buyback XX:XX our ahead, we for to by reliable affordable, issued things and clean, investors to and lay safe, growth completed targets And energy XX:XX alike. providing long-term foundation deliver

line first you, Your Thank is Goldman of from Kim XX:XX Insoo Instructions] Sachs. the from question sir. [Operator

Your is line now open.

XX:XX you, sir. Thank

Insoo. morning, Good XX:XX

Maria. morning, Good XX:XX

First your look could think it's on be than of depending could next labor now, guess those rate whole view rather as initial and now right I sooner materials industry, whether the any and any Beyond timing later? into to impacting sustain how case pressures ‘XX be, that the you whether think just question whatnot? I insight or the world inflation, just about right on it's as

that's adjustments So question quantity well work focused a we great made of guidance, related this noted to in and his in are comments vegetation and this as areas. and to as year management year's really XX:XX that they're inflationary as the primarily Jim wildfire versus

for goods to much than looking O&M cost actually our farther inflation, XXXX impact think a particularly affected, obviously more to because be but look us related going actually will while. impact going we hard be And more and out I will to it quite even both As costs capital we're is is ’XX. is with of and our this construction

higher muted We term, projects our we have we we we add that And hedging February that in every were a and where that to in chains. we turn, would we higher particularly cost gotten after clearly XX:XX our expected. clearly as we as we at Storm tight prices. been about -- coming I prices and to confronted that continue. supply gas than this much brought March have would a real gas impact has RFPs talking got last it finally, Ice our than then but since our April. higher at do, I would on that you'll go see it last I a worse of prices to little focus because forward than think customer continue we move customer have on prices, And thought, longer our

That's Understood. XX:XX helpful.

solar and slides lot see on on the of the shortlist, but see winners Do which in not the -- more investigation in it, projects terms these that XXXX just the a are around year, and I including circumvention timing to for gets that's this little getting is until a of remaining us you potential given alluded let's ultimate wise? going of just of for most just of certainty portion You've the being but the in-service your out pushed will happen this schedule know date RFP projects process the them. actual bit. out there

Insoo. Hi, XX:XX Jim. Sure. It's

them. I now get question that's hold question. very from process entirely what or the arises up bids think the That's to to these extent, can So underway a delay good PUC. The with you still

of of it but the no about parts every see PUC other able of bids them. as that a affecting are its single in and some series It also is hold There depends go well, whether wind So battery of the You the timing is capacity. And for projects. chain these projects negotiating half the wind eliminate pricing projects solar, and they and parts schedule, the on in reconfiguration to the them we -- to one just permutations. will a do about not exists There when folks you'll that. year. with on opportunity about of solar of projects only types what some really the are surmise question note is hybrid supply the of battery lot and an their but process and independent depends the XX:XX evaluator second of

on some themselves it the the of is So of components actual projects.

that in project We've to are good technologies. sponsors, everyone's question now in there mentioned some that management take of But the are forces of terms raising. to the are has record decided approach a I risk track sophisticated As proven strategy impacting execute. remarks, kind ability answer nonetheless, these transfer here, larger really you're to build a

So depends up. do wants depends -- how sponsors PUC project show and it what the on on all all to the

and economics think is work. the ITCs enough are folks of to and towards in XX:XX after PTCs XX going I to projects the make end service get of there terms the these time call the of know in the investigation Commerce process. August too to now. will But what right the hard it's checkpoint. early bottom first line, We We're at yield on in just Department the don't

of decade, There uncertainty. uncertainty really So of this is complete. that. we here. want there's just that a efforts to go lot the series a saying time, a series a heading one of will conclude by this lot at of I'll have how to But is of stress towards that procurement at the forward on same be will processes end I of

the averaging three to towards a end an in is of perhaps here XXXX of the and cost [indiscernible] the So goals maybe two these opportunity dollar way, there get RFPs we to decade. redo more we’re as

helps. you give would I color the Insoo hope that's that So

you. definitely I'll Thank pass does, it that XX:XX on. No, Yeah.

Insoo. XX:XX Thank you,

from Peter Bourdon XX:XX line Mizuho. question Your from of is next the

line open. is Your now

question. Thanks my Hi. for XX:XX taking

deferral understand or the related annual to an quarter, released basis or trying Just million this basis? be to the going forward, disallowance on a commission actual discretion then And being little is earnings that quarterly the is bit going the how better. to situation an will work Is a $XX that with test? is a that

of set calculations terrible that and a reduced and of had result write-off we So you'll year for took the is incurred company. our up expenses regulated disallowance that activity. the meaning to our well, if in mathematical that equity year. that regulated are our calculations it is was energy ROE, wildfire -- entirety and the we earnings that of that relates so we expenses is it's equity regulated, it test place XX:XX the XXXX issues the remember, million. on $X we It an sort the incurred popped about a our million which COVID $XX in that of of -- the And year. It's of trading formulaic The based of that year those

we forward, Storm the amounts. an move for wildfire and As it's Ice the test deferral be and applied the basis, on annual will

confirm, for the you. remaining Ice created I and for guess And it $XX XX:XX the deferrals the Wildfires? Okay. then Thank just maybe to $XX million is of Storm amount million so

materials. Yes. Yeah. XX:XX that in That's schedules

is… this XX:XX Okay. And

really as result This a the may Jim. it's thinking test. Peter, what ROE, just just you, no clearly of was your per XX:XX se, is is a Peter prudency make regulated about is I the, -- around want answer that question, it clear? sure we formula the to disallowance that of the operation be there I

issue, sheet. Yes. then Thank you. really this It's a just confirm, XX:XX balance the to And just right? non-cash impacting is

XX:XX Correct.

non-cash, a right. XX:XX It's

to Okay. reporting we're XXXX have now. take a that course It's adjustment of because now we

XX:XX million then yet, maybe showing just of rest that one, Okay. And that the into benefit the updated of the position other like last for is amount you is on guys one baked is in just guidance year? the $XX the the PCAM, are looks

XX:XX Yes.

XX:XX Yes.

Thank XX:XX Okay. you.

America. Bank of question Ryan line from the next Your of is from Greenwald XX:XX

Your now line is open.

Hey. morning. XX:XX Good

morning. XX:XX Good

thinking of Commission? XX:XX given the deferral the forward any kind wildfire Good morning. here. Maybe going decision just off are you treatment by of the costs How question guys additional piggybacking about

the revised XX:XX So But wildfire reflected additional have not the management to are guidance our vegetation those wildfire subject costs test. and earnings for costs are and forward the we year. in going do

Got it. XX:XX

really all at of look in historical just it's So earnings terms the the test. ==

reasons adjustment have why, you'll an don't not of to for XXXX and for make see we an did which Yes, XX:XX is expect ’XX. adjustment one we the

However, let me to this just not was related one note any Jim note review. of did that caution, prudence

gone yet, two-step a reasons the haven't through surprised were step process. We which is that became we why just one that of

again then, can pivot ultimately later to on XX:XX resolution, growth of with longer-term Got have case you the it. you this you And something it rate is maybe are revisit or how look generation at year? trajectory. may that this now about you guys when kind thinking wins And contingent you think clarity enough

us. on that I in Ryan, the going the that's assets main case have think need be RFP more rate driver in the see we here. We XX:XX the now to of progress company-owned to front

come RFP. but obviously on other the able So model how to is variable important we the out that in,

at around uncertainty variability about the of the and asking was on here there lot the RFP. timing lot of a Peter of as a look you is the If resolution schedule, earlier

So, catalyst, but really that's mix to going say. I would our be

operating lastly, including and in And XX:XX it. given the then more any or deferral non-cash? it's for Got nature reason in particular guidance maybe one-time just

all either we pluses that. the anyway. keeping gone accounting it and are to gets this up and XX:XX there We it it way, a size issues way, largely of had within, discussion because sort minuses sort and of long have either treatment all around ended showing and could we of And adjusted some out on and

one Got this excluded I'm to follow-up have Would reduced you in numbers? more XX:XX adjusted you. deferral guidance maybe just guys was sorry if that.

XX:XX a good That's question.

how to as order as approved. well relates we relates doing, that it was we're work the all interpret it the recently the that wildfire through look -- it we As to and plan as also

it you So you of it all from separate coming it's look hard as at Commission. all to one

Ryan here to something XX:XX Maria's I'll comment. to add

other it those, how absorb If arose an of and guidance you we’re about accumulate right mid-point we much and reduction. the deferral a one us, that reduced, we us the could pressure take But of the wildfire can to just the for you other, too amounts, is to The that overall question prior deferral you part those mid-point If the guidance. call the additional offset. that. than XX% keep accumulation have to like and we those and for got cost when say, the additional mostly absorb be the of is much mitigation or would additional things plus, volume manage

it's accumulation move that Ryan that really the direction. us to So caused in

XX:XX point. Good

it. I'll much Got time. it leave very XX:XX there. for you the Thank

XX:XX Thank you.

XX:XX Thank you.

Your XX:XX of Shar is Guggenheim. from from the question next Pourreza line

is now line Your open.

it's for taking XX:XX for Good actually (ph) Shar. morning, our questions. Chan guys, a Thanks

Sure. XX:XX

Thank XX:XX you.

XX:XX the So pursue an have issue Faraday, or to limited to option be is just next guide on there just GRC?

XX:XX done have we our decision And but in past Pelton/Round with a to was the the That's connected ultimately that very was that what we not asked previously facilities, system complicated made. for. Butte that

case a be case. rate So file single issue either or regular a we rate will

subpoena Okay. Then what any color on at of the mentioned looking there? XX:XX a provide from Forestry, Department if you can they’re you

that. and goes that just on There nothing think that the were active I when is some they had way we all wildfires seeking. No, information at back XX:XX to

I think of it goes back XXXX. September to

XX:XX Okay. Thank you.

XX:XX Thank you.

is next Your from Karp question XX:XX line KeyBanc. of Sophie from the

Your now open. line is

the question. real deferral -- go for Hi. right. issue, taking morning. to to like quick I'd XX:XX you my Good drawback Thank

that very guys this the early earnings optically the So an way saying, one-time what clear, applied and was was of I'm test is you ROE. because rewards test, from the formula the it if correctly hearing higher are

why is this got deferral, you've effectively to you right. have removed So this,

application of application there thinking legal the time like basis bit proactive their example, like for again or of been you the background from us Can part this on come reason, it little what arbitrary a always seems of because for foundation it's process case this? is one-time issue kind rate that is next all first some what legal is of for it for test would the is applied prospective you the or more give of no this commission a into instead? little place. So stop early Like, decide the in

a in reviews rates, has to standard There discussed question. applied reasonable test. commission but and just That's really with XX:XX has regards an prudency periodically, obviously earnings circumstance. good and in every And not their

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technically, So, potentially again next rate in it they case? could the XX:XX do

XX:XX Yes, they could.

And enough. of XX:XX Okay. the there. I now on Fair RFPs, couple questions a have

when bids where So significantly word XX supply chain of that. maybe and were the those the processed to of and of changed solar I of be evolution a the between all regulatory scenario January rebid? all RFPs driven the today, some guess, would Is has and given there need landscape

question. part the Sophie, last the Can XX:XX of repeat, you

those [indiscernible] of like low be some where and again? a scenario the come a it do a revised there have revised bids would Is would need XX:XX with bid bidder to to

because the treated absolutely Quite the Chinese will given everybody and their is we're the with to own to to including in asked speak, relative contracts. so that It same. about, across before talked signed the clearly, firm is you negotiating bidders all be bidders, confirm bids to their and headwinds and Yes. we committed schedule this pricing we want will be XX:XX when wall, so our make sure scenario,

RFP terms from to the evaluator you've submitted. firm common be bids is the the instructions that does practice the also from be technically bids it but speaking, that both fairly independent mean to company, binding of had for But XX:XX were clear not and that of -- it's the Sophie, negotiated. the terms contractual would and submit all

different XX:XX bidder say is a the I of a shortlist kind would go you to what's the list up back to So cetera., again the one of live like through short do like, or if, what process commission square process with unable is the to process recompose or going that commitment process [indiscernible], go from is to there? the then a, a et to the the

they up that going that's not may to out to It able and to and be perform bidders drop case the some are be them. XX:XX

make that that the So, in but rules, have confirmed. implied, pricing here, terms environment of your as and said sure a they lot to are we of fluidity but the we're will both Maria in, is considering bidding first question are there those right, schedule.

So that's of make that why contracts going sure we're this process, commitments. we're negotiating to look to at our folks can, end while their the

release may megawatts the to are and capacity X,XXX in schedule recall, you that, I megawatts, And goals, XXX as may there, megawatts is megawatts respectively. XXX the not earnings not want proposed of the of stress them you XXXX and noticed and there X,XXX but be. about unique of Some

also out We'll here go I forward of we a all some of both second phase but a year and the there with there's this in this next So with, are find some come into half is permutations. maybe some deal of where and to what scenarios great oversubscription the folks opportunity about. think deal process great drop So XX:XX out. for that's

the all, job confirm shortlist, with First of That's to the independent help of PUC one. has its right. number evaluator the

would still there's dealing issues say talked go the just of have about. here phase July. and I funnel in a we summer to that get we'll time then in you the So to that the starting with through,

it. Got XX:XX

Just one here bidders from to you them? one Are to of you A be the the of in list H? Are clear.

Yes. XX:XX

the resources. for of list they resources right column specific are, represented you'll what the that can't So And for but of Appendix about company-owned the megawatts on the bottom in resources, I are then, there the tell a there the generation that's hand schedule company-owned that and page. on is side we the notice capacity ones of A, you

to to yes, the for the So is schedule you answer look determine the which. but at calendar have

you. right. Thank All XX:XX

Sure. XX:XX

you. Thank XX:XX

XX:XX [Operator Instructions] Your next question Miller is from Morningstar. from of the line Travis

is line Your now open.

you. that wasn't that a there thing, real back morning. to collection review if these, of Good disallowance Is beat prudency you so on and XXXX? potentially the I here, could Not impact future prudent. real this there, the would it a deferral go said XX:XX quick Thank going on and

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XX:XX numbers, to make the clear. I'll So, just just Travis. give sure you it's

balance the at million $XXX we to $XXX at at million in So $XX with end puts began difference. the balance of the as about deferral This us it given million. tests that's the March about before were earnings this order change

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stakeholders, all XX:XX that and the working Then of on others we're with and positive signs things Travis, on one collaboratively securitization. the know you should PUC fronts pretty for much

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XX:XX Okay.

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Okay. XX:XX

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average just there XX:XX Okay. terms year by to in or this is upside Would that be number CapEx? this not mitigation of XXX for wildfire the

go will our it No, we'll that a permanent is well as part onwards. after This as business. and go into and next XX:XX into year the of well year

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So we've program an as mitigation. of incorporated this risk ongoing

questions the Appreciate Great. taking details. you in all Okay. XX:XX time

XX:XX Thank you.

XX:XX Thanks, Travis.

XX:XX Research. Your Wolfe from from next question of Gandhi line Aditya is the

line now open. Your is

-- for the quickly for the Storm Wildfire. for and XXXX taking Thanks the so you could million the morning. deferrals, $XX the question. I million clarify, $XX just Good XX:XX my on Ice

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XX:XX Yeah.

where and the it industry recognize of think it in in growth. it, So our where the the is is as of we overall context context about we

see terms of we ultimate of projects. supply to and As noted, want is the the look the are regularly. through a outcome anything But at to the we we company lot which component with our need we regards RFP an take Jim important Jim, are it decarbonizing our to will in That's -- uncertainty to there you go much -- year. and process, of here energy we add? of waiting

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earnings be just XX no So to impact test. in the clear,

getting right. All That's XX:XX exactly what I to. was

Thanks, should Sorry, I have Thanks, Maria. more helpful. clear. been you. Jim. very Thank That's

Thank you. XX:XX

welcome. You're XX:XX

Your question from Nicholas Suisse. of the XX:XX next Credit from Campanella is line

now is open. line Your

XX:XX morning. Good

is already asked, XX:XX some of Thank loss. just you. about Hey. it but if, came late, the on think on me kind morning, needs because sorry Good lot versus balance fixing getting of recognizing of for clearly capital I How all, where we around your do renewable just everyone. opportunities I'm it so curious, thanks a in is morning, if that sheet someone that? do outsized at there here. trading service balance Good if I if any And equity know sheet I'm driving the territory just being equity you growth and kind of need legacy timing

will XX:XX it. take Yeah. Jim

Yeah. Nick. Thanks, XX:XX

say, this So quite a I would is clearly, story. equity growth

opportunity of the into it's, at matter, future a you've us, the We market. as most the growth will you identified our around very we'll and into balance that we, that thoughtful sheet execution as opportunities of efficient process be I effect And tell and but I of story. will look as as get front sizing it's we in what equity take the here in eventually growth

as There the opportunity out opportunity see in can you schedule the what is, So, fair of real but listed. want find I amount to is a today.

inflation comes it However, but and supply just with in, because we're of partners great equipment like. the environment that the chain macro deal of uncertainty, vendors a

and come the and I balance nail to the So first, that to sheet market then want at look efficiently.

XX:XX Yeah.

rolling you of actual rate has Okay. Definitely us it since been just on And the some kind time respect just year. it forward kind growth updated of another and for that.

investors see can that? when expect to So

think the I would mentioned be on RFP on the that, call depend will Well, the that that it XX:XX doing is earlier I for catalyst right that. results,

that. XX:XX today. time the miss for Sorry to Thanks

XX:XX You're welcome, Take here. Nick.

Thank XX:XX you.

XX:XX There continue. please are no further Presenters questions.

future, joining call. as for you appreciate Portland you quarterly then XX:XX connecting interest well forward in Okay. conference and in our one-on-one very Thank us today. the with your Thank you. next Electric conferences We much to we look as and General the

this concludes call. that, with you today's And XX:XX conference Thank for attending.

You disconnect. may now