Portland General Electric (POR) 26 Jul 242024 Q2 Earnings call transcript

Good morning, everyone, and welcome to Portland General Electric Company's Second Quarter 2024 Earnings Results Conference Call. Today is Friday, July 26, 2024. This call is being recorded [Operator Instructions].

For opening remarks, I will turn the conference call over to Portland General Electric's Manager of Investor Relations, Nick White. Please go ahead, sir.

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

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

Slide to Turning X.

expectations. statements morning may and risks uncertainties, actual results remarks Some forward-looking We inherent of this our caution involve statements. materially from our differ constitute will you that such and

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

and Joe Senior of Slide and President X, Trpik, CFO. our Finance to are leading CEO; Maria today Vice Turning and discussion Pope, President

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

turn it call the over pleasure to my Now is to Maria.

today. joining Thank Thank you you, for good everyone. Nick, morning, us and

growth Our second XXXX reflect on our and focus quarter and results trajectory beyond. in steady execution,

with Slide I'll our of results. drivers quarter key financial second Starting highlight X,

from or and or demand For These per industrial GAAP were will discuss net customers, driven of income $X.XX or income semiconductor million $X.XX XXXX This net $XX in per of in results, second primarily diluted $XX and detail continued the share. first, by million share. of which million centers. data growth Joe reported $XX per compares share X GAAP income diluted with manufacturing areas: we non-GAAP quarter, net quarter $X.XX

management And on power and mild our third, continued and weather mitigation. cost quarter's risk second performance. solid Second, focus cost

an meeting ROE work do. there the and expectations mark We levels. improvement remain our XXXX, from While that more on we to authorized improving is for year focused towards still these recognize results

start consistent other of heat X my the the areas high Turning temperatures West. July, by X. colleagues In worked extremely to during with wave. record saw consecutive like to PGE days regional hard who recognizing early We I'd Slide we across

resilience that training, the supply technology has volatility high period this our as painful and heat processes new and of management. also during and procurement and energy on hydro capital resources intense to supply how underscores Our investments as investments wind reduced of additional well events. value speak of focus reliability planning during affordability energy strengthened deployments These careful extreme equipment and targeted price diverse

to to the huge difference. customers recognize I during XXX played took role collective They megawatts by weather The consumption the want this our electricity event. periods we've event. peak of also demand actions shift during seen. in made heat that reduce important significant largest demand extreme These a this energy response of period actions

are Additionally, throughout key of this wildfire hot mitigation that a conditions seeing, all the dry period and we focus. remains

are managing Our this key approach. practices sharpening of risk-based program system operational and year-round vegetation hardening, to

our teams, declared season we've and wildfire switches cameras conjunction enhanced tools June, awareness provide other local and with and equipment. our officially in and and including that With through system panoramic and situational AI enhancements responders. data include monitoring and deployed protection reclosers in control weather act important first These agencies stations settings,

for this address our as agencies societal continued wide remains public insurers, a industry, issue legislators, As sector a wildfire regulators, with we critical risk. cooperation requiring

to growth. Shifting

in winter. shortlist solar, mix selection initial seeing of with capacity April resources subscription pumped A wind, with August that June. goals. the early in with culminated remains Our for as squarely forward move to generation bid and further in and a energy our is renewable achieve evaluation We're work again both project generation evaluation. clean submission RFP will bid filed this Bid shortlist ongoing hydro capacity in focus project in we and concluded battery projects and for expected OPUC strong final

momentum energy the the the affordable, upon X clean excited including of generation reliable, customers battery next provide RFP are with safe, Wind to projects, resources. projects of recent build and to Clearwater We

PGE renewable RFP, is low-cost the transition to pursuing Beyond options and advance clean energy. energy excess

PGE's market, additional call, renewable [indiscernible] or On extended in I at participation across achieving ahead aimed day highlighted [indiscernible] the energy West. the our last integration

our energy improvements our regional and to to growth. Additionally, Bonneville footprint forward with facilitate that transmission we're cost-effective support is make on will and moving expansion transmission customer critical Power work focused stakeholders on supply. Administration And Partners, collaborating more progress also renewable other within Tribal utilities

plans PGE work build development These For system the United more a MOU with and is enables MISO that for and Elite the regions, and an economic North of SPP, growth signed May, sector Connector, important nest cleaner all. our reliable Grid X example, for Plant to highlight WEC. energy in that undertaking

planning the that and of important seeing infrastructure resource trajectory our growth customers. context region well. work, especially growth the technology service Our across manufacturing experiencing the robust from industrial is in further semiconductor load by of territories we're load We're validation underscored progressing

industry X.X% efforts load quarter, the These quarter sac ] chip local [ fruit in on state In remain projects. federal bearing Oregon's of benefits and the increased legislation additional compared industrial are recent to weather-adjusted second and tailwinds. XXXX. the to focused leaders same funds capturing flowing with

and completing devices new Portland, and in expanding In [indiscernible] addition ] Siltronic recent announcement, $XX analog respectively. are [ is R&D to Intel's billion [ Lam ] and a Beaverton Research facility

customers not level fiber from years. XX meaningful at served sectors exciting [indiscernible] our both we the landing enabled infrastructure our in opportunity an have Growth These Virginia. for represent quality seeing over similar territory, bringing these our center the in reason, are side data improvements North on sector. regions and seen important a landings growth of network also transpacific to We're the west by among subsea jobs

Joe cover turn our general case, in remarks. will XXXX briefly to now rate which I'll further his

building challenges during to earlier our including We customers, today. unfolding month, staff conferences. constructive off and opportunities Our these settlement teams continuing service a look OPUC regulators be to territory received is forward with of discussions, later and legislators industry intervenor creative recent find solutions in key. testimony to conversations and workshop and upcoming Collaboration we'll interveners, this and

weather, transforming we deploying look our growing resiliency As local the rooted increase resources to of shareholders. managing extreme communities targets, remain customers, to customers. affordability that, delivering our firmly effectively our in I'll system turn remains and With half and focused on needs, address value over achieving Joe. for our to executing to our We second for XXXX, customer all Joe? strategy plan it to

everyone. Maria, you, and good Thank morning,

Turning to Slide X.

manufacturing focus reflect and results on cost further solid Our center QX cost data management per semiconductor power and and growth execution continued point.

usage QX customer X.X% offset XXXX load overall, largely for partially warmer X.X% X.X% weather but the residential energy efficiency, year-over-year to conditions count QX adjusted. continued residential cooler weather followed April, increased QX by compared of saw XXXX. El throughout was conditions by customer effects in increases region decreased adjusted the X.X%. load X.X% lower This in by driven with by and by June. slightly decreased XXXX quarter of per Our Nino May or

the see load customers Growth or with and of X.X% weather continue from the robust, remain our X% projects Commercial persisted weather-adjusted we strong infrastructure load a and driven technology industrial efforts customers increasing pipeline Demand decreased commercial or semiconductor efficiency area. X.X% class. largely energy among to manufacturing in by X.X% in adjusted.

growth We reiterating driven load confidence solidify are in our guidance mild derisking due conditions drove revenues quarter-over-quarter. weather-driven further increase vegetation our throughout deliveries, a O&M X% a anticipated detriments a in X% guidance structure from $X.XX by lower -- financial in weather-adjusted the resulting XXXX update from territory. management, decreases other to and of and $X.XX observed we increase XXXX quarter of costs [ growth tariff. as a increase [indiscernible]. I'll cover performance XX% in $X.XX of primarily the our now and dynamics the improve wildfire assets that ] decrease rightsizing comparison reverse mitigation, X% weather customers. in cost serving of our QX due And EPS power increase such, actions long-term this for power to and and was These An capital X% through annual than service EPS EPS load to from that our power $X.XX costs cost

items, impacts, AFUDC, offset of equity a returns the higher expense including from and tax tax we on drops. partially income dilutive higher nonqualified impact $X.XX Lastly, lower recent generally from trust benefit credit had other assets by increase

forecast. our On to X Slide capital for

for transmission and projects the [indiscernible] progress plan to seaside investments, XXXX and including continues batteries. base income Our

filed Regarding Maria more mentioned, About options. keep a as we June of included included shortlist the able is next shortlist of to component transfer initial as ownership distinct resources you configuration XX% some details. shortlist with continue towards Bid evaluation of will we're month, and The many share will filing RFP, and bids nameplate options. in up these continuing as final bids, refinements expected. gigawatts informed initial multiple build renewable made the of presented of XX in capacity X the bids approximately

any plan Potential and upon to possible QX does again RFP bid forthcoming occur is our XXXX. that would highlight include which QX I'll capital XXXX contract capital projects. in now execution, expected updates or forecast not selection our

X XX million. June available is Slide $XXX to of of summary for and On as liquidity financing. liquidity our Total

credit Our and unchanged negative, balance affirming last maintain investment-grade our credit stable changed ratings. both ratings. S&P to ratings from that working I engaged note and will to our from our existing remain with Moody's Moody's remain in strong and while outlook sheet PGE's diligently disclosure. are We closely June,

expenditures. $XXX of half on We in million, the continue funding of the capital up to second to expect debt issuances year of focused the

current Regarding clarifies equity, coming capital years. base plan the our for needs our

XXXX support million next our base XXXX, our capital need For investments over progress capital of as to on as structure annual years. approximately the through we $XXX few make anticipate well

in QX XXXX, after equity priced support highlighting the management. We've satisfy million The and facility. structure plan anticipate we ATM a and We $XX quarter June. second As the me on exhaust we XXXX of in remained that grew start by moderate of end additional as made ATM the progress QX the under in our decline in in ATM agreements portion needs strategy this entered to forward improved, to equity needs annual outstanding our ratio our the million capital sale base into capital let base XXXX. $XXX

and our maintain access today, with this enabling the issuances in and financing capital at-the-market ratio earlier metrics refreshed In preparation a the This over program. incremental plan market our filing. investments. long-term consistent previous this for years new plan equity ability tool multiple navigate would be includes issuances we plan, ATM flexibility The strong support shelf forward our match management. under of another much this the registered optimal year accretive equity base our new closely Any ATM future new XXXX to component useful allows also provides like action and a we credit opportunistic to and as filing and with

forward the capital feature. to rate evaluate to investments support raise in our As plan plan opportunistically opportunities of we'll base potential always, using derisk we financing and

monitor to we in RFP our continue the expectation authorized approaches you informed. potential will structure capital with ownership and RFP for and bid options. ownership line selection have potential as our We selection be keep any the Overall, in opportunities bid financing confidence our flexibility current RFP financed is will

confident Our remain highlight and equity market year-to-date activities in and our we our execution, demand financing and debt capability.

our rate-based customer investments that strong committed to are dilution, capital We ] competitively metrics support [ tapping managing provide capital credit strong maintaining structure accretive markets and benefits. in and carefully of

to transmission Turning of including remains network increasing that investments case, proceeding our face management centered and customer long-term cost resiliency growth renewable integration. which to improve customers, grid intermediate benefits extreme projects, projects and investments case modernization, storage system resource to address to battery on grid general all XXXX flexibility, reliability power the and capital stages. in its rate distribution through is providing This weather and of enable

effective beginning later to conferences Review forward has one filing will We the settlement the items Opening of All ultimate engagement testimony XXXX. scheduled including as and the look are the continue today. for with case year to rates approval. proceeds. the stakeholders exchanged through throughout subject continued been OPUC the remain constructive of summer, at

plan QX display continued of execution Our our and XXXX for results beyond.

$X.XX guidance and of Given earnings our $X.XX X%. per X% our and current of our dividend share, long-term adjusted guidance XXXX are to progress, growth reaffirming we to

are XXXX, cost yields careful benefits of questions. management half ready planning the last we for focused efforts, the thoughtful And now, that we enter remain serve. communities and capital shareholders customers, deployment on we we As operator, and for maximum

[Operator our Nick question comes Barclays. the of from from first Instructions] line Campanella And

ATM equity I XXXX, moderate a refreshed in know about after talked the that needs just You and you here. decline

it So does about what's per through additions. that just this sized rate takeaway for the And 'XX equity run think Is any how like you shortlist that has been here? now? do year sound right ATM

Thank you, Nick.

to internal near for balance the After we've equity presented sheet to of less a maintain of than you $XXX million the would both would and that of Looking through need flows. the needed here our that base it our few next serve somewhere moderately be the that half is plan excess years, plan that, repair. as I'd call investments about cash the think plan to sort above capital

the took that. trending you on I Okay. And advantage PCAM And of I you on appreciate through just costs interesting. your operating in response of efforts derisking kind versus how DER now? I know your then quarter was comments about terms of. environment just July, are and that in power the that you baseline And some this also talked guess

do how that on kind just just you of year? for feel So the rest of the

Sure.

And load limited seen the had that's date we what expect when bit to extreme -- both the that in considering below the ] the operating the the But us, and derisking we'll that will third market volatile obviously, volatility our to weather. allowed a are and us that million of [ been down get has the our of see. but $XX volatility yielded power also ahead a -- within the within when by that really down, the dead have reduced markets, do we the is to what being to feel, talked little the date. date, end come to most loads talk the power weather So to environment we markets amount is band baseline the for combine PCAM of year afforded back the and of in we this quarter markets. power We you opportunities PCAM we've conditions the

itself think year. this derisking lot far materialized I it's of we occur And operating effectively. to a the so has thought would

And comes from Partners. question our Pourreza of line Guggenheim next the Shar from

just high-level you question to a So real for start. maybe

we growth that want data load obviously have on The above thinking to X% earnings how I be you demand. on the the seems be realize semiconductor the update about forward like guys street going there. How we You backdrop trending and center out should where of sort to growth? the at to you quarters kind next you top want directionally in half the of you to where that X% to or could guys get least be to conservative, to are a end few speak -- that of point upper get but X%? you relative

Sure. Thank you, Shar.

duration. rate more the our the for centers, of good than base also new is seeing seeing of industrial for probably the are what growth, was more -- significant of our load exclusively section, bit has at we're customer anything. We're industrial just in in the growth our And modest some -- rate excuse XX% sector. probably half what which you you -- in we data next IRP quite see than all, results looking little And what in addition of amounts data seeing companies over but probably is in almost sector semiconductor growth from decade. The longer in would semiconductors, really the it's growth first So perspective, our for and a that industrial growth need XXXX. me, we're with investments there, to early that's infrastructure greater we'll of fastest-growing centers. renewable updating and area our transmission, be influence of energy, all That substations a

the now, pretty we're robust bidding that right and we're the are seeing competitive by pricing process importantly, and going levels encouraged a Most through bids.

Got it.

to but February of could not year-end relative frame? So in too is some in to that IRB? were Or the that Sometime paint call? the the kind you time be corner, update early the

Yes.

want our additional that's think Obviously, infrastructure. of year. balancing of guidance across the there's for a pressures making. wildfire the affordability as to these balancing. many board seeing when as that that that we're for lot We're we that our well also acknowledge need of we're expenditures, give the things I generally customers are timing I just investments

Right.

interesting been CUB That's and testimony I guys quite on here? Okay. there's closest And of but touched just view What then an -- are today. point? including scheduled strong helpful. for prospects conference are briefly Obviously, depart where guess, you some for kind furthest date, at are words from And ]. to settlement in what settlement this it, you the [ your the

quite Sure. And provided. that's positioning been in vocabulary case bit a I within appreciate testimony that the we've of seen rate

strong [indiscernible] customer top the customers foremost over And in with serving our parties. quite have that I'd and the we're interveners were our and is we collaboratively We have things the and in by And the worked the rated is quite of first actually point we years Forrester experience important thing is of that relationships affordability the going out are are and most country. that appreciate utility all conversations one recently well constructive. do and

our us, and really products the General. how to able are ease and and they feel with the experience effectiveness, good For Portland about in work our customers their of services delivery which with

So and supports we're that day really work hard proud of day all of out. our the customers in

And next from comes JPMorgan. question of Sunderland from Richard line the our

with transmission. Starting

efforts You past around in little XX-year topical the on know is anything overall potential? capital sort you there. I'm your if been hoping the new about had it's that's language over that of Is bit capital in of I case, year. your X-year talk some release currently? a plan could how that. much alluding this X-year, the And more to

Sure.

terms transmission Shar's customer earlier separately as know, to in of at point, of sort circles. So breaking look because you we really we in expenditure growing our our table needs, X began out capital meet transmission

in have and adjacent in with that really areas we're of growth existing and load is to territory, points area. certain rights and areas one where constraint our dealing we way certain customer within first dramatic The our that's service

is The transmission. next

million state that line we competitive third, price Warm those of transmission own. working to in expand of others. parties, They the with $XXX the over number working we're the entire notably miles, across of So of with That's region. then received Springs. about XXX really a across grant Oregon, collaboration sorts And projects the most

United time You've also enable already seen our looking ground. country at energy our announced and benefit across in not $X.X different renewable in billion access many then there's currently those where with things environments work bringing entire to And energy this regions geographic X areas they've to and renewable and together Grid customers North with the and transmission of Bonneville the zones, of excess like but different only the connector Power would expenditures, Administration, the Plains area. Elite

as company look addressing we General, adjusted this growth. Portland risk transmission a sort at So really of way customer for of a and like rapid

this Understood. helpful. I And some on enhanced is you That and appreciate risk this line prior you're I'm and I seeing the separately, years? to on wildfire expand a relative a offered across on guess, the then address settings. and curious Could is also view state you federal framework conditions local of engagement what bit season in similarly, risk? year And little earlier your commentary trending how versus

Sure.

the XXXX. any currently we've California impact to our past hardening, is territory. focused X in days. the state wildfires heat its condition. We the of wildfire of east burning of driven the taken particular, management, a or the extraordinary vegetation and a cascades around the And the fire our mitigation, monitoring long border. not prevention investments of fires further the of -- first tree that in June which We've by XXX in much in increased with over impact currently do week mortality They're to of significantly and in note towards Oregon, are many seriously, burning storms recognizing has heat take XX So been up dome X all, very the really planning more of in south the remote that change, have This service recent back lightning Level seen many Oregon risk we've extensive of starting We I want over much place taken our our a was vegetation have system on is quite last of in on and state that facilities. bit. years,

that the really so up our area. spend And in around science recognizing that, taken we've

wildfire faster have your third, that responders. with mitigation work responders, who able first then a us. they're directly really every for cameras community have at and do with detection would first and to same local provide do and and question to the cloud and into most responders and lot through able been on data access work otherwise. around first in those firefighters, with early providers level danger are the the much we we interaction than of that community But very and questions who how leaders of focused the And most gets We to we to importantly, AI those responses county

Thalmann. question Paul next our of from Fremont And line Ladenburg comes the from

$XXX the hoping for through to of bit is assume equity clarity would there's get I'm that's 'XX the equity the and evenly each million year, far million $XXX more year, Should little issued 'XX, planned surrounding been million a million issuance. this $XX this issued equity year? $XX planned -- the that so another we imply that

years before to and of address [ XX So a plan, of clear, next this fund per be the that that the to then plan $XXX fund year $XXX sheet needs remainder plan financing the to we capital. modest issued we had year, [ this the balance the for need million to ] more And need we capital for per incremental use the incremental The XXX that equity down equity year have X capital. ] we to we for annum. the is subsequent level tail

Okay.

So year the to finishing existing be incremental $XXX the million this ATM? would off

ATM, no, [ so on XX the and ] drawn So we've the year. issued

plan. issued we of the have would fund that our we have that We would we year second anticipate the amount draw in to this capital half remaining

in in be million of ultimately $XXX would XXXX. draws this there year So

Okay.

and total in a 'XX, 'XX million 'XX $XXX and million in $XXX then So year?

that to to to optimal some flow plans our among address balance a that's sheet [indiscernible] in repair our 'XX amount us be bit average and coming available equity that get year. would more a incremental structure. Yes, ] little XXX [ and cap 'XX operating -- our cash from capital our than above

connector, Okay. of when the Plains Great. completed that North is when be would And in construction? then terms

NEPA at a just having utilizing shovels the They're completion faster in with processes in years XXXX ground Sure. of and about looking XXXX. the couple of

is at CapEx plan? in your all that And current

it's not. No,

sense been in far like can give far us Okay. for so quarter, the of this guess, And July so I you weather what you? has then weather a

Sure.

all, of over very Since on first then, quarter, particular, setting had following First areas up of much service in state in we our a cooler. the second of the and part territory. for been records July and in most temperatures mild extreme temperatures have moderated

Overall, last seeing Columbia conditions XX% actually of time the conditions are with quite deteriorated dry. particular, And around hydro are XX% at slightly versus from in right last this that we XX% are year year. sort about River and

So we will we see cooler patterns as we for hopefully, quarter. conditions XXXX. And the begin third with of trends go to balance have forward the into pretty intense then changing

sort case? the is of when with next your Any of sort then you And last on happens rate dependent potentially of question thoughts And would me. RFPs? that the for file timing what on

certainly It lot a are there -- of conditions.

The a rate of current we from we're gap everybody And try sorts on the many where first versus think, discussions is ongoing cases be filed we the really something we're if to annual of focused. to and based a would find can able really, to rate those benefit solutions. would I create more is be way items that case of that in that that one and and the

question And comes Karp of from line the from our KBCM. next Sophie

invest me. financing. would investment just your wondering, that? What going rates eventually forward, kind other for some you of for the high-level right growth of is as still equity is in of I'm type of growth for potential to that to point you forms for tipping the would pivot the you Or couple growth? ATM think questions A vehicle excel raise .

the some I going some we to us yes, The -- would of think other financing comes the scale both additional those base quarter that fourth works. quarter forms and at to expect do make do as are to point, outcome here as IRP, first relates next forms growth maximize to through flexibility finance and ATM as really our of relates so It size potential year plan, it sense. I capital or as identified it the of or will of that options in have flexibility. RFP well think, other next just the our the that on is to evaluating something is allows any based

base, yes, ATM [indiscernible] to in I think the think we we'll . So the as but works the talk

in And we're Sophie, transmission I that's hydrogen $X billion the in to to government Obviously, the we've in tax and $XXX is and also Boardman are excess that the we've that reducing the batteries currently impact billion Montana most -- and PTCs reducing working $XX in farm directly to I million million offtake the close the investments offsetting those needs. grid want as our our of Projects recent acknowledge the as and been in state about in some of federal equity. hub of are grants of $X of customer that, really sort then the works as ITCs funds. of and Oregon. investment financing But million an which in well in as the made for for well contributing rights prices smart site, agreement of $XXX the water the to addition mentioned line wind maximize

very And to be expect also so and ITCs to effectively. able utilize the for future PTCs we would RFPs

timing that's you? holdco. it. kind topical, if it. discussed, kind the something very of for the there then still kind that's the know there's it's about long helpful. been thinking you is curious of about your of if of That's And Got curious been but Got forming thinking any in evolution been I I are was guys term

plans holdco. to had holdco, the clearly the to evaluating something immediate as nothing in we're is longer-term is benefits growth front. it the not and our company have is in customers but a considering, the that the one there's structure the to currently, But So we sitting that it if as would talk relates a and future something immediately RFPs, we continued of it to

this fairly have of common interesting, it's few the doesn't we're structure. that So one utilities

I think in the there's us of X left country.

the on taking low-cost so benefit financing at obviously, make to that to we're And look customers. we we maximize how investments of need a behalf

from next come our line UBS. And Orrill from question of the Gregg

shortlist, made RFP public see from short then the to list think what do going December selection in the And to there? year? you in what how around or early that gets -- information about The should what terms we next of expect

the So in sort go back of history. short I'd list,

we technical So seen have what different [ ownership size RFP be about transfer would will the the PPA ]. the of the sites, disclosures when to similar that time get if build had to shortlist -- megawatts versus disclosure will last a we it's have It this you the disclosure.

that down comes work that contract will plan and be from scored for a when highest Or plan transfer the an started -- declare lease Subsequent build of information assessment those to short -- or company. negotiations on risk, the capital into list short will layer list. PPA? power settle it it we process. contract out is and the most on the that working a on a as that the And the is either then be and through -- from is So this, would cost the a obviously, the lease -- beginning the that negotiations cost process, the

Jefferies. And line comes [indiscernible] from the from our of Julian next question

Let me a the try don't mind. to you here, clean queue few on from up guys things if

about How structure United ownership line do you from ], an out the with position missing net you think these and of that time Because about here a Scale and for right? in construction MOU starting talk you all get in pieces out prior. in announcement for about stake, the potentially stake you'd the here, theory, time also do here got me, prior on you've MOU? next when resolved over presumably to the of that a XXXX to to place How the [ something together line Grid XX% that formalize the come holdco years? be a think need ownership into Speaking couple

take going I it. to Yes, that's a years. exactly us think It's of couple

they other hand and impressed put with, think chain ensure as they're other with to and Michael discussions announcements the other that conversations you Northwest that see have group, . There's as having run into equipment supply they they've forward look we I as Pacific on made So any the the utilities. further easements issues. don't to they've that very that and already and well you'll partners of and in and note are also some order permits his with already with Skelly advancements

things Julien there's And from somewhat an the is now. it has ], to everything I do all think, [ not jointly agree dialogue just on declared since side structures open of I been XX% at and right add partners that company the to to stake, to other a would investment which ownership another this plant, really holdco owned are as in. come and it holding own which may or a be we the that require through an require one, as are work not all evaluated going

would over on -- holdco resolved that sounds it the couple of too as But next prior to absolutely. Yes, well, but need side, like the get that to years? confirm just

necessarily. Not

where a only the this There or out. within Only ultimate holdco. held plays to be dictated were are the be regulated will it of That current be it investment structures clarity -- could extent by we ownership type of that the holding entity. structure could interest holdco as in wanted we

of Right. the interim, ratio come equity the in Yes, this how I understood. where And of you of to back see the When announcement talk cash, question. maybe million ATM of kind per up would the to do against these about just kind themselves through well ask it want there in -- at context I tandem? do year, ] highlighted truing $XXX as issues stands. period trajectory annum it you per that want think XXX credit to Moody's a other there you here? I about Or think issues true-up of just in resolve of terms here in Is the [ the backdrop. and the saw up the kind with teeing some

we I that the look plan XXX this at for designed we we years. per think annum if next when yes, the -- and few [ talk holistically, ]

we have credit one we should to strength right, conservative balance of get here, sheet. believe sheet that the most the capital managing of that all address sector. balance conservative to where of the that, in metrics we a to ensuring right And of in path and sort to sort structure, our our the the get have We driving

it designed X-year those So considering period. was over that all of

it. Got Right.

-- here just wave of to deferred cash then much the a And the quick a extent on to mean go And Excellent. there's cash. some storm would -- on Okay. heat here here, language be? X [indiscernible] I was How that were meaner? much how you that securitize which and recovery

the July wave talking after and heat that that the closed. quarter So occurred -- just in we're

the just January believe, it than formerly events, significantly least numbers, -- of the haven't we near in on anywhere other and It meet the something not the contingency we'll it. magnitude extent -- significant. less a especially these it's significant does, we But definition disclose initial event. heat context few isn't we're occurred quarter to And But event. has even so it ICE have wave is that dollars quantifying. you that to it, reliability we It event. not put at a when So the assigned for other relatively of quantified the as assessment the days a in it's third but this we of that

plan as that I have for our not driving on something overall is [indiscernible] here. financing activities it's I not any something It impact the to said, our is year. expect financing

And Right. cause timing, lastly, Excellent. the the just quickly? that just was of RFP what delay

unusual crossing through administrative few the that of out normal regulatory to items the eyes The weeks. There was honestly or is delay we items a we've few just as [indiscernible] August. administrative us ordinary. worked It we're move nothing just They this. of dining things into some process, there's -- a rate that couple moved a are a

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

us and you you, we a your today. Thank in have We day. interest thank Portland soon. for Electric, and you appreciate great General to and joining you, Thank with connecting all forward look

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

may disconnect. day. You now Good