our morning. provide as Jim to of General these taken of and updates Thank you, all the times. that Welcome results safe financial results, Portland our call. overview pandemic. Jardon, I’ll Electric’s Today, to I actions detail healthy will unprecedented year. financial the staying during the you’re hope well on on provide we’ve in as outlook COVID-XX for more remainder our and an economy good and response earnings the
address across and that that the protests inequities Before I our Portland the racial unrest go on our quarter, placed front through focused and social the have first are to country experiencing want we I in center. state, ongoing
inclusion. In opportunity tumultuous our living PGE their are for to time, committed positive equity community in corporations that and daily time reminded and an diversity, We’re for to a is influence change. use have we this country. historic
of we to DE&I work is to While do. towards that proud we know and more making goals, progress are date there our our much
promotion working collaboratively and continue safe, employee retention have we the communities we while we supporting and looking reliable, the communities customers impact And as ways serve. and together all through as with we provide affordable so at energy. clean well hiring, to policy, as We’re do will
to turn X. financial reflect call, in and our our resulting earnings our lowered we the Slide performance On economic to last activity. on guidance COVID-XX let’s Now and the pandemic forecast drop
Our response included the as across of to organization. costs part reducing operating ongoing our expenses control commitment
For low the conditions deliveries. strong overall industrial wind under was circumstances by and Favorable in was quarter, revenue power those region prices. and across led and high-tech hydro and energy resulted the surplus digital
to lower to operating able we our efficiencies due were expenses operational at and generating lower Additionally, dispatch plants. rates
$X.XX to compared our an As income share, was XXXX. increase XXXX million represents or a result, of net second per $XX $X.XX quarter which when
the negatively the our You per low $X.XX, share conditions: in to halfway which may recall our of more second of opposite guidance, hydro than the first and year. XXXX, gross weather, solid of record we With making our margin. impacted unfavorable experienced the we midpoint quarter a half region of year-to-date earnings are
Jim in the decoupling also market later additional markets address headwinds power due the power face will Gross and more be will margin decoupling normal mechanism. pandemic will the The to deliveries and market Retail from presents wholesale continue will of economic year balance conditions. of second the year retail as the the impact the challenges half fallout revenue impacted by both conditions. call. to further for
to anticipated $X.XX, challenges first to aggressively strong the reflecting financial drive costs we of our our face. customers $X.XX year revised challenges, to are results and picture continue and presents economic full guidance year manage While that full our business reaffirming community
pandemic. the attention of economic the to As course in we forward, to continue close we move pay conditions
excuse recovery forecast the – balance me, and unchanged cautious. largely outlook our That into quarter XXXX. of a first remains XXXX Our projected for gradual XXXX forecast remains
impact X% on economic the March from residential economic The businesses, lows unemployment X. which is collection our and on paused of payment to now customers, hardship and communities of have customers of in in economic pandemic rose service the The customers implement historic the disconnections in with by rate, fees faced and the Turning forecast. and consistent our late with to to response been has In options. spike XX% reflected of impact Slide we are April XX%. is to usage energy flexible conditions working relatively in
weather-adjusted long-term and despite of decrease XX% education a a high-tech These sector, X.X%. more on number than government, customers quarter concentrated by our loads basis, where digital hospitality, basis and in customers office continued and the increased services manufacturing of offset increased their X% increased residential Second pandemic. steady were X% Industrial in on deliveries the commercial weather-adjusted the a were buildings. increases trend growth by declines as
Turning to Slide X.
Wheatridge XXX capital achieve are track no We result COVID-XX. targets announced Public partnership we had on the We’ve May, Utility projects. to strategic Douglas hydroelectric and In that to operations for schedule. remain District and purchase County integrated emissions-free a of provides the our chain power. power our or five-year center of operational megawatts major disruptions as supply a up for on capacity with agreement significant
our As providing and services, we this be power management partnership, portfolio part management wholesale of marketing load will leveraging and expertise.
emitting more resources. one we expect for or the to resources, future new Regarding RFPs issue
region resources face Over coal several regional the in needs retired. growing Electric are as capacity next Portland the years, General
will the pandemic With energy continue We and Thank to needs dynamics. you. factors economic also market assess over and to turn consequences the I’ll other given Jim. region’s that, call of long-term the
