POR - Earnings call transcript Q1 2019 | Portland General Electric Company

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, everyone, and welcome to Portland General Electric Company’s First Quarter 2019 Earnings Results Conference Call. Today is Friday, April 26, 2019. 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] For opening remarks, I will turn the conference call over to Portland General Electric’s Director of Investor Relations and Treasury, Chris Liddle. sir. ahead, go Please

Chris Liddle

Good us I’m today. Gigi. able you to join morning, you, pleased everyone. are Thank

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

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

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

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

Maria Pope

Thank I financial Chris, pleased earnings Electric’s XXXX first share and call. Portland everyone. good quarter to you, Welcome our accomplishments. results General and to am morning,

in XXXX annual also reaffirming Earlier increase our approved dividend guidance We share. share. are to or per full earnings our per Board $X.XX X.X% a diluted year $X.XX $X.XX of this our week,

dividend guidance, our to we’re payout better of provide narrowing to to range earnings. Additionally, XX% XX%

Slide X. to Turning

per to first net per an million $X.XX XXXX. quarter first share, compared income have of the $X.XX of of the XXXX, $XX of reported For we quarter increase or share

the early the wind Enbridge ongoing power prices from seen British volatility you capacity we lower-than-average lower-than-average of gas many the Columbia since reduction last energy XXXX. higher experienced in resulting unprecedented as markets highest Market conditions power well XX% the hydro XX% in power California reflected pipeline in know, and the – explosion crisis have in fall. As and Western we as

to effectively our maintain this XX% During we challenges dispatch achieved reliability time, market to power navigate which allowed and cost. consistent and us strategically plant availability, generation

factors, The in strong. U.S. world live places Average Portland of remains Slide as the news X.X% in with service increased and our have in economy service XX count centers top wages one to urban years, ranked near new the recently of several the busy risen are to year last Turning area per first X. the these our and Oregonians report of area unemployment for in remains PG’s construction expansion to our and X% customer country. and by X% rates historic lows. quarter, projects. service the average Reflecting area

Slide Now turning X. to

we have We By will of charging are transportation end our latest launched Electric this within opened service the electrification. advancing officially network. and locations seven our Earlier location we year, this our Avenue month, area.

filed electric help will also to number that a greater have proposals We vehicle customers charges. of deploy

Corridor, quarter, commercial bus later working transit market highway we addition, bring Utility spring. recently participation our in electrification the in interstate approved on this Transportation Coast West announced In partnered local the authority, our And a launch to we finally, all-electric XXX% wind-powered, TriMet, Clean route. Commission the the green we’ll to proposal, first the main Also which West. tariff in our Public with

the filing Jim. XXXX summer. this also anticipate call We’re Resource and to with that, moving our over forward Plan turn With Integrated I’ll

Jim Lobdell

Maria. you, Thank

guidance are year our we to XXXX share. $X.XX per full reaffirming As diluted Maria mentioned, $X.XX

XXXX XXXX per X% maintaining are guidance using guidance. we average that X% of year for as $X.XX through of growth on diluted Additionally, share earnings share our a per earnings to base

drivers. shows earnings which Turning to Slide X,

of $X.XX share. diluted First per gross margin total increased to

the we XXXX by in $X.XX first which base, rate earnings increased our of As part per Rate $XXX of share added Case, power General quarter. million

wind tax challenged compared gas when lower temperatures our to quarter finally first quarter and a forecast increased maintenance for the million. Additionally, expenditure On temperatures, $X.XX to $XX and a of of include included sheet underperformed decrease absence increased XXXX weather increase items. wind the as of that expenditures liquidity the across represented decrease miscellaneous the following: strong and credit The a colder production; incremental of in demand capital summary plants in hydro focused to net in balance process, effectively $X.XX region, be attributable ratings. unfavorable per the market the current forecast of cost as in prices our And to total to On provided $X.XX to in from upgrading an lowest-cost demand outstanding the additional Carty from associated with Slide $X.XX us of supply X, rolling will to of litigation facilities. are capital the our next, of increase of X, resources the due first a have XXXX; generation including to regional we production XXXX. of continue allowing solid a our result with power resulted XXXX; additional colder limited due are inspection. a in quarter generation million weather revenues; first and power expenditures and from Consistent pipeline to gas is we the we a on of achieved higher availability in which of investment-grade remaining dispatch planning $X.XX a share Slide higher market; $XXX credit lower These XXXX. updating maintain to company’s the XXXX

$X we and issuance bonds XX.X%. with maturing of million and credit issued first totaling in rate This capacity and XXXX. of a $XXX $XXX had we an short-term of credit March letter ratio a of mortgage million first at common redeemed first rate equity billion, of bond As X.X% XX, of bonds mortgage mortgage capacity million of available interest cash, month, of $XXX X.X%, XXXX,

capital to additional securities million. $XXX with estimated to operator, we now for For And cash questions. fund from we’re issuance debt the expect and requirements the an remainder up ready operations of of XXXX,

Operator

Instructions] is JPMorgan. from [Operator from question first our Chris And Turnure

Your now line is open.

Jim Lobdell

Good morning Chris.

Chris Turnure

Jim. and Maria morning Good

Maria Pope

Good morning.

Chris Turnure

in kind situation any commodities the right impacts pipeline the line Could but that fall. of markets then now? of quarter the commodity you the just for EPS through weather And a just the You of would the itself you, means versus kind what area what and from bottom ex your be us for separately normal guys the Enbridge directly on the results, impact, versus clean on walk number necessarily not XQ normal? or mentioned kind

Maria Pope

Sure.

that of from the in well explosion the So and we’ve largely had has the has been British I an load think curtailed issue temperatures. meant use electric entire been pipeline during heating time it’s capacity. and extensive that the required normal This of for and we’ve as place that cold subsequent they’ve Enbridge Columbia doing has pipeline periods inspection as would look at gas repair take very we then when maintenance important as not generation

year, but and that As we’ll the we look about summer around inspections saw the the with summer. the balance just see we’re issues Aliso we’re the the withdrawal and will additional and Enbridge not into also and last we protocol continue to Canyon this of pipeline at the restrictions be ongoing, concerned rates that concerned maintenance

year probably lower hydro. and area just general, in hydro, frequently And this are with balance expecting themselves, It’s some important possible and Colombia those we’re The warmer are of temperatures we’re one come but for Jim the up the below area. a be combine for things much lower challenging such, as not And temperatures one in what in the of wind things they as with of our particular slightly in above British summer. will energy levels to forecast with better for But might warmer is in cost not additional have average. break they’re these continuation Dallas of lower what comments. All wind and system, normal generation. seeing we’re of into markets. in preparing

Jim Lobdell

Yes. Chris, of normalize I trying thing kind is do it. one we’re to

associated prospective occurring when and they’re impact the to the Maria quarter, there. in with there $XX as of about whether are really normal, and additional lot first we’re created loads were AUT, in pointed look out, all AUT. interrelated. moving the marketplace, were at compared that of no in was from the that think And I pieces there you But over the million the it

difficult very able be to was. exactly gas the it’s of pull to So impact out what the

Chris Turnure

year. surrounding Kind of pretax versus to commission helpful. the submitted first you guys baseline though. the That’s But you specifically, quarter last $XX by color of plan that Okay. for your million benefited kind

Jim Lobdell

million $XX the above were baseline. We

Maria Pope

$XX of higher those higher revenues offset million and above some that higher had we’re cost, we then costs. Meaning

Chris Turnure

Okay.

obviously still net-net, there’s did of a and that moving well pieces around So you for the quarter. couple

Jim Lobdell

Yes.

Maria Pope

levels higher. significantly still particular. be that drove time, higher, was see for periods to we drove wind pretty also snowpack cold see be so of cold And the usage weather Yes. to didn’t natural generation but of during in loads generally lower hydro. a strong, Because lot run-off of gas we it very our And

Jim Lobdell

Yes.

cold running you’ve running So weather demand. prices because up got it’s up

constraints gas gas – increasing the because You’ve gas are on of mainline the got system. that the prices

hydro Maria that great period. And plants availability where had out. as wind, you’ve during it lower then got and You’ve pointing time got power was our

allowed consistently. very us to to All those combined able of prices our be power manage

Chris Turnure

if coal guys you kind cap lot And in looks my don’t exposure, or in on stages build kind utility And customers you the electric it’s general, in of, then It Okay. second others or but a final have of I’m a, estimated your trade. obviously, for like impact is of wondering state. customer question and here. customers, done have

Maria Pope

discussions have has We’ve main our of Oregon of in state as actively The Sure. all continue cap region- been ongoing the concern with time of and participating Thank our for as And been that and some don’t stakeholders. twice. customers you. the trade well pay been wide. sort

require goals very add as different at time of specific renewable in which move Oregon, towards in renewable we have points XXXX. to us state the energy We forward

stay And penalties, that, we’re incur to or do we customer the as able not which and realm to require prices. within fees impact any would any so

electric the as currently twice very that. And supply, for we drafts the in of that’s don’t our it’s important So legislation. customers pay the decarbonize included

Operator

you. Thank

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

open. Your line now is

Julien Dumoulin-Smith

Hey, morning. you me? Can hear good

Jim Lobdell

Good Julien. morning

Maria Pope

Yes. Good morning.

Julien Dumoulin-Smith

a So perhaps – up on bunch pick here. of smaller to just items smaller

you XXXX, comment In more think your over lower you and I’m loads lower time to structure just terms of of about this a the meaningful quarter how talked of you on to given well. as relative especially multiyear as trending some How of pursuing sort here. made an you and basis think you’re it? trends that about about revisit about cost cuts, have do – thinking overall Just last relative the all

Jim Lobdell

load over on in load. basis perspective, a long-term from increase a we’re to X% have anticipating Well,

to our going we up XXXX, X.X%. guidance, For go were weather-adjusted we’re saying in

of construction a in So occurring service her mentioned Maria we’re us drop-off keeping than a in really amount our had that’s is as that not more seeing in tremendous and comments, seeing territory busy. load

are the of we we that’s organization. possible time, So inside same how growth view meant in all company. on while at efficient on additional about lot service the a territory, that’s trying go that the to as for long-term to performing as trying our be address And the of occurring changes

Julien Dumoulin-Smith

it. Got

is So far. roughly net-net cost maybe too said and underway program anticipated load not still differently, as

Jim Lobdell

That reasonable. seems

Julien Dumoulin-Smith

filing forth Okay. that summer. saw? expectations, et do know and awards you And that coming think about turning the Then of how setting terms given just that, and just sort back to cetera of PTC we REC you that the out acceleration even Maybe in have, preliminarily, availability here, potential I IRP on of this

Maria Pope

of So Julien, be three that our main on. areas focusing IRP there is we’ll

The demand efficiency, first one storage. and response dispatchable is energy

seeking some might remaining XXX to And thirdly, XXXX up about off would approximately acquire being of of meet hope a speculate our of advantage any would out additional that take RFP to process too that average to by what the to and as take builds be that of resources renewables into additional to additional future. from needs for early happen online that in the the market capacity they first of capacity last we place then portion is able might to the come we’re megawatts our is, pick be of stage able of that PTC carbon-free second the able that IRP. by depth The we’d really roll understand an It’s resource area.

draft preliminary maybe a out have filing May, then this in with the sometime of the and the summer. part latter May, of final we’ll that is IRP document sometime hope our of towards Our

We hearings public and so public a far. robust very have had a of number process

Julien Dumoulin-Smith

ill-defined can right a look bit permutations – for of a can little of Sorry, and sort a low-carbon process if more – Maria, obviously Just bit I this now. that that you it’s – resources? at? it that what little what seems could elaborate take? What Because like on could it’s broadly could

Maria Pope

Sure.

I’m is you’re of going going piece, looking at I we’re a think versus resources, RFP all, low-carbon which address to just So capacity for as the first where energy.

what is, sort we’ll the side, go we’ll On do layered a capacity a out approach. with of

discussion remember parties regional we number you Administration our ended in capacity. and to contracts Bonneville with from up As Power of to be the last able IRP, a with provide XXXX significantly

to we non-carbon-emitting And our of RFP so being approach need balance then capacity a that able hydro use the way to contracts be be we’ll will to we intermittency way renewables do as out figure as use to the on a And to based market. capacity what else processes. that, able we’ll test first layered

Julien Dumoulin-Smith

Okay. All there. right. it Fair enough. I’ll leave

much. very So thank you

Maria Pope

Julien. Thanks,

Operator

Thank you.

Insoo question is Goldman from from next Sachs. Our Kim

Your open. line is now

Insoo Kim

Thank you.

moderate that and the time that especially XX% recently you’ve there the maybe is a differences XX% On growth from gradually that at dividend will midpoint to come the in that and payout policy, tightened been gradually growth at the time? just thought over EPS dividend over growing

Jim Lobdell

Yes.

Insoo Kim

there’s or a of the time specific lower But that end in Okay. – in time? no some it’d of upper period period whether or be

Jim Lobdell

guidance providing any those No. lines. along No, we’re not

narrow just we on based modeling to our appropriate – thought was the We’re what seeing in we it looked at were range. and we order

Insoo Kim

Got head and all and time as in the seeing a know this to a X% growth, it. weather-adjusted the whether year whether the guided bit construction Or have next couple X.X% know to longer any Do you longer about frame be term? on you going pretty that’s your that term. Maria, for little window talked in your on to I step definitely Are of And – years? be positive will then will I you the you’ve outside activity be more whatnot. low

Maria Pope

much in and Right Oregon metropolitan cranes Portland. third Seattle areas I Los has larger country behind of be highest obviously, now, will think it number the both. than the Angeles,

industries, energy a reflection We’re and California substantial but robust as companies. significantly this also vis-a-vis economic well markets terms a interest in but seeing position other high-tech in just companies also as in of variety digital think I not wide of And consumption, of our Washington. is economy,

area and region. than San to Seattle operate California geographic versus less expensive much in Northern Francisco is Our the

Insoo Kim

Understood. Thank much. you very

Maria Pope

you. Thank

Jim Lobdell

Thanks, Insoo.

Operator

you. Thank

next from Our question from is Mizuho. Fremont Paul

Your open. line is now

Paul Fremont

Good morning. a lot. Thanks

up following question Julian’s Just the on with to respect IRP.

I would the associated to assume to How be RFP additional resources determine far that expect process. were were If you required, take you place? that into would an there future RFP out

Maria Pope

play do, think why a and I publicly or the be something and it some we gas have stakeholders. – process we discussions know, as industry appreciate through a to pretty the is add. Well, is availability, discussion similar. comments regulators don’t he which RFP layered should technology. into capacity, may and also we within component expect there of a competitive Whatever overall one around and come other the And wants also discussing applying advances of markets, reasons market Jim have that interdependence West-wide, growing absolutely in of will we significant we’re And all others at also these we will all testing electricity, bidding approach. with and we’ll that an would the look

Jim Lobdell

Yes.

our other customers. Paul the that is as as try there, as to is much The are and renewable possible say thing, we looking going I’d still we’re that for PTC capture resources, out at value

Paul Fremont

where really a a I want payout relates then dividend is levels. of maybe – And better seems end period change higher just in Great. other just understanding at I question of you might I to the time the the the like policy. that. the to up going get level in that guess, spending other – of up It had a sort

Jim Lobdell

modeling our company, of us. well as doing we’re for that range Again, really the fits narrowing the long-term with

So we’re comfortable with it.

Paul Fremont

Great. much. you very Thank

Jim Lobdell

Paul. Thanks,

Maria Pope

Thank you.

Operator

Thank you.

question Orrill next is from Our Gregg from UBS.

open. now line is Your

Jim Lobdell

morning, Good Gregg.

Maria Pope

Good morning.

Gregg Orrill

Hi, to guide for operations to you into are anything cash would Not there from in that using read good as base for this, going the morning. that it to guidance about forward? a but adjustments any think XXXX,

Jim Lobdell

it the queue. No. in as I take written

well financing think or operations, it we’re I it from and activities. explains expecting quite what investing from expecting

Maria Pope

expenditures, capital taking we higher as and we’re spending has the efficiently be to have effectively possible. as that proportionally our a throughout up year them of work say get as to that consequence able spent being We’d been the the capital of having more done low-cost level

Gregg Orrill

the or on the then RFP next the you’ll maybe And Okay. in better identified have IRP, supply? that yet you of resource need level or said shortfall

Maria Pope

average the What that. is in will be capacity growing of with discussions still shortfall. megawatts about have energy. then we And discussions in We’re XXX what – of mid-XXXXs is had what

Gregg Orrill

Okay. Thank you.

Jim Lobdell

Thanks, Gregg.

Operator

Thank you.

from is question Miller Travis MorningStar. next Our from

now is open. line Your

Travis Miller

Good you. morning. Thank

Jim Lobdell

Travis. morning, Good

Travis Miller

here buckets not of on identified, of plan IRP thoughts to the those? two self-build in self-investment about Those you doing that would all that. a you options or on you bucket offer think for more Sticking Is option? it any there doing would self-build there moment. or that three a Your

Maria Pope

We have publicly of not thoughts at any this point in discussed time. those

We’re sure the resources still least point need take and the look supplement we time, at that And cost available customers. market. still available marketplace that have a planning competitively that doing a at the bit own. in we and our to looking work for of and to what’s – competitive making in stages We this we’re if with at

Travis Miller

that, your all be out and those possible XXXX, rule in CapEx kind none buckets of of terms of it any that’s incremental? or won’t You self-build XXXX in right? of Is would

Maria Pope

correct. be It will all incremental,

Travis Miller

early it an in Okay. And update where real is siting Wondering quick. the could then on construction what. or Wheatridge if facility give you or

Maria Pope

started. not has construction So

there’s construction wind not and get Unfortunately, a spending of place really into lot you of that of for permit mode until work. the a farm. as capital work assembly of lot one that of where site, a We’re lot there’s a prepares doing a lot takes – engineering,

very stages. early we’re much the in So

Travis Miller

schedule? track original for Still the Okay. on

Maria Pope

going it’s Yes, Absolutely. well.

Travis Miller

all That’s had. Great. you. I Thank

Jim Lobdell

Travis. Thanks

Maria Pope

Thank you.

Operator

Thank you.

Our from from question Vedula next Avon is Capital. Murti

Your now line is open.

Vedula Murti

Good morning.

Jim Lobdell

Good morning, Vedula.

Vedula Murti

the revenues that want I terms right incurred that cost, the make of $XX indicated million was about of the above versus to sure power – In your netting and baseline. power and you purchased got cost this fuel purchased fuel I

$XX is accurate? if about cost correct, gross $X.XX that or end that to up and that the that to – So Is to in imply would basically margins positive positive system basically delta order get there. to million

Jim Lobdell

It is Chris up. But with a those Peter direction, little numbers can help bit reasonable you the or later.

Vedula Murti

– you distribution the of administrative transmission, generation, some quarter, conditions was the terms initiatives others, a for at X% aggregate in look an year-over-year, I some the XXXX may in assume secondarily, take and that operating have affected And XXXX. of of when expenses, at the cost the I above weather combined Okay. and about extreme discussed, that. X% versus least higher

going-forward how should on basis that? So about kind here of thinking be a we

Jim Lobdell

perspectives. as operations. to aligned and company efficiency the our overall that, two previously And structure said, cost cost are the XXXX One most – our we’ve From recent being going of that on structure throughput improve of And to we focusing hoping are is we’re that GRC. with mentioned the we forward. containing we the

Vedula Murti

can a bound there off expectation? as fashion to what original – any in you would that way Is be of kind

Jim Lobdell

No. Not point. at this

Vedula Murti

Thank All right. you.

Jim Lobdell

you. Thank

Operator

Thank you.

is Covello Phil question next ExodusPoint. from Our from

now Your line open. is

Jim Lobdell

Good morning, Phil.

Andy Levi

Andy. Levi. guys. Hey Andy That’s It’s actually

Jim Lobdell

No, hoping Phil. I for was

Andy Levi

were. I know you

like you I So, guys.

So, I ask.

Jim Lobdell

ahead. go right, All

Andy Levi

Actually another quarter. good

really everything managed guys you So well.

Jim Lobdell

you. Thank

Andy Levi

– they was first how XX characterize were can you up a of the I the situation, as number, of your I it for what as Just conditions quarter? the and on did far just power to want just understand the give remember understand could normal kind your situation, but were dead the but horse, – hydro I don’t on just the kind market – you backing

Jim Lobdell

well, was us for the hydro region No. – down.

we’re prices. our that When think we under it influences alone, you where look of filing. expected AUT XX% to how perspective about about So hydro from our you in at power have

Andy Levi

Okay.

Maria Pope

lot of we that contracts the from a regional have And with comes mid sea.

representative be of in the would Pacific that general the in industry So Northwest.

Andy Levi

the Okay. and normal weather because contracts And was below you weather you related, so have contracts, was cold but I both… say this the when it mean not it’s

Maria Pope

in of dams with Yes. the of some operators. Columbia dam – Pacific generation we Northwest. bulk the those are of have the These are the that’s contracts And bulk long-term the generation the River

Andy Levi

more Or I was out to why was any that it And so figure why just was water hydro winter even the lower below the than – I’m or? it know just which but cold there trying normal? time is wasn’t all melt a it anyway, flowing? was at

James Lobdell

that’s and down we experiencing Canadian in that One snowpack things, you of couple the the and up we here I say, region in up Northwest. reservoirs in snowpack A are levels region, Pacific the than what there the when you lower is, going at at look That Andy. occurred saw the include might were in Canada. the

what annual at So that resources, got below if forecast when Deschutes you up hydro that we’ve so XXX%. Grand find higher XXX%. look levels or you was Coulee you’ll than for QX the at River, looking the River basis, Clackamas for look in the the those was down the But Oregon at were

So Mid-Columbia specifically, that to big go a versus about a of the mean had I estimated a closer we where normal to for XXX%. year big impact Coulee driver because the impact last down that flows on XX% were be is to prices. Canadians power the XXXX big Grand system of are and

Deschutes that, be plants in the is are Pelton of XXX%. at If our River, power major at one sitting that as to the and one Deschutes you look is on supposed Round Oregon, the Deschutes it’s – is at Butte, sitting

in has forecasted you’ve got occurring, that and system, at significant point on a that the power cold prices. got and then not you’ve and at really wind prices. together comes got that that drives is the was you time, impact you’ve got levels, power issue rain going So on, time same Enbridge When delivering the hydro the decrease a particular that gas at on weather and in

Andy Levi

said, own And as on just back you wasn’t the was it issue. that it as but more got the far around, – I hydro is as so then It was it. your of north hydro, you…

Maria Pope

Correct.

Andy Levi

that Is look Where kind would hydro the the normally to of at flow. it? excess way

Maria Pope

excess, but quantity region larger that’s the entire not hydro sure I’m for Yes. of where I word would is. use the the And

region a hydro, performed relatively the well Jim way Columbia. the mentioned, through as Our all versus actually British whole as

Andy Levi

it. got you much, and you I see very Okay. Thank soon.

Jim Lobdell

Thanks, Andy.

Operator

Thank you.

is Reiss Our next Centenus. from from question Greg

open. now is line Your

Maria Pope

Greg.

Greg Reiss

can you me? hear Yes,

Jim Lobdell

Yes.

Maria Pope

we Yes, can.

Greg Reiss

Congrats good quarter. on a

Just resource gross a renewable nameplate mentioned, what for of Or would to the kind up of quick capacity like factors would The that. megawatts that be? that that on real of or bigger capacity would be is have IRP. than XXX question the you kind the it something you

Maria Pope

average an but generation. not that’s Yes, megawatt capacity the

So you would need Yes. up. to it gross

Greg Reiss

Okay.

So if by to you’d a wind like selected, factor. gross XX% that capacity farm a up like have was

Maria Pope

Yes, I generally multiply by X.

Greg Reiss

Okay. Got you. Perfect. Thank so much.

Jim Lobdell

Thanks, Greg.

Maria Pope

Thanks, Greg.

Jim Lobdell

I we One have wind is, mind, summertime, to want look from perspective, wind, more five at year looking at during perspective, from recovery have other a we thing we’ll a so mention will period. a when average. when we during look time expectations, the the reasonable keep summer at in modeling thermal, And can’t you’re the

So…

Maria Pope

Yes.

into poor actually our in average these So wind the roll conditions future.

Greg Reiss

you. Got

Jim Lobdell

Thanks, Greg.

Maria Pope

you. Thank

Greg Reiss

Thanks.

Operator

remarks. this would back for showing call no closing I’m over At time, Maria further like to questions. turn I Pope the to

Maria Pope

us August General your thank very We and Portland we you. much Have second and XXXX report in to in you quarter again. interest join a great day, results. appreciate we Thank when you Electric, invite our

Operator

for and gentlemen, thank program. concludes you conference. today’s Ladies This participation your in the

You may disconnect. now

Portland General Electric (POR) 26 Apr 192019 Q1 Earnings call transcript