POR - Earnings call transcript Q4 2020 | Portland General Electric Company

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Operator

Good morning, everyone and welcome to Portland General Electric Company’s Fourth Quarter 2020 Earnings Results Conference Call. Today is Friday, February 19, 2021. This call is being recorded. [Operator Instructions] For opening remarks, I will turn the conference call over to Portland General Electric’s Senior Director of Investor Relations, Jardon Jaramillo.

You please go ahead, sir.

Jardon Jaramillo

Schalon. you, Thank everyone. Good morning, pleased today. that to am are you us join I able

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

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

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

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

Maria Pope

Jardon already in welcome for Jim. CFO, today. many to you would like our join Please to joining a warm Jim who thank all moment Thanks, I take new formally of us extending introduce you a me know. and Ajello, to

restored significant was had late snow base, to of left systems XXX,XXX a In customers we of storms customers outages. to over and particularly have in multiple wind, than power ice winter we this yourself many many historic without customers, Americans still and As the separate PGE power. brought of X.X-day have through third punishing you of have experienced be system impacted XX,XXX system know week, Oregon, three storm thousands period. our a Many storm over by severe a past have of you experiencing less have we about also trees go. over lines. punishing customers storm may a customer ice and and The hundreds move and firsthand, It In been millions through of week.

continues, have for the who periods, to and restoration XX/X frustration we without power gratitude our customers everyone deepest deep power. restore who to As extended fatigue was appreciate of working been

of utilities are to alongside challenging neighboring our conditions. hundreds and crews coworkers, from contractors in addition our working PGE line workers tirelessly In very

wildfires winter As into new have customers, we role we has we essential our challenges We proud to how responded and delivering civil that take trading back serve. losses recent for look tested very we supporting to the storms, pandemic, over significant XXXX seriously never like the communities these service and team year, historic us From focused of our the unrest, provider. before. on remained an as are

financial were through past throughout Given pandemic. disappointing, and the and trading results losses, year delivered but performance the improved operational solid our we the

more work in that more economic also are customers. the We in customer and our with early done. the line of beginning our We for improved long-term prices consistent getting momentum pandemic reliability Today, control with an have appreciation growth actions with of efficient we strategy. is many hardships took to

innovative to improving investments We We investments. impact other solutions. upgrades, operational are customers system, distribution positive solutions wood clean by also improved new deployed investments serve seeing efficiency steel better and resiliency distribution and including operations. in the leveraging our automation energy in workflow poles, of and technology, and We with substation overall

to the XXXX of decarbonization relative power by customers goal was to least gas our efficiently. work employees company-wide to important XXXX we We our announced Wheatridge Energy XX% how serve of levels. the the emissions in coal at aspect business: buildings by net clean supply opened operations. one our fourth including and the touch an storage for to ambitious quarter, reduction will Facility, we and significant power generation more of our goals wind scale with solar enabling us Boardman towards in closed drive, the battery we to plant XXXX, XXXX we to operate greenhouse the vehicles zero energy future. are one from every nation’s and customers at integrate In facilities a location. We journey the This year in first

hours support are communities decade-long We our inclusion programs, XX,XXX focus number score retirees with key more to perfect a energy with also in our metrics and we to residential along of and publicly. Bloomberg than To – industrial Partnership green equity progress and Campaign and value, Inclusion the serve measure clean a as our employees, Index renewable nonprofits who $X.X and Foundation’s volunteered and end, for million central our tariff many this as in and been pay the PGE, has energy reflects Diversity, are. Foundation, working across work one core XXX other the on and on equity donated area. Oregon. that we to well years also and employees Corporate long customers municipal Rights building XXX% with Equality programs. and under over and Index is more publish Gender-Equality Human than PGE

that we know much However, do. work still is to there

many and I energy provider, utility, thanks year considerable customers service we partner an time deliver and XX/X special resilience Through economy record dedication strength, teams. as look humbled we leader teams the serve As essential a been working by customer-focused am more strategy our to important. to has and Oregon’s a who to to clean XXXX have the spent outages, responsibility restore historic we and Oregonians. efficient our ahead, on our on the energy communities reflect a give I and power. to want are never crucial executing operating within of more and to a these to have storms

will stop is hard We every customer working online. not back until

the me call you. Thank let to Jim. Now, turn over

Jim Ajello

electric and comments. and unprecedented, echoing the customer we number Thank by outages you, Maria for events all want nice system created have of our of hardship with is Maria’s and The recognize to our customers. power I to to damage these speak today. start you widespread

repairing to impressed is company system. entire on I’m with Our PGE. our And and at my focused restoring so teammates communities new our power

Although a team’s PGE company-wide momentum and circumstances it’s hard this we’ve excited PGE territory and growth. on for sustainable our I challenging paying off. strong focus to in advancing is reduce a number opportunities position to customer work and to in further long-term to our reduce XXXX, faced am is keep on established across deliver carbon clear prices invest ahead of strategy low. that build service emissions, the continue cost the

territory. the comment briefly will our I Now on economy service in

segments standpoint, growth the economy the as lodging these as hardest-hit in-migration. have services. by recovery our such from strength been of the sectors well economy and performed high-tech on load X% other impacted segments and and restaurants, residential, a manufacturing anchors in While of like growth digital COVID-XX In is load average long well of as the run, continued continuing less our

in residential throughout for Our economy’s pandemic, load growth to ranking this our base change trends, our the spending service is several projects to response strong inbound major COVID-XX. year both Oregon horizon. the on rank composition Construction high the remained Despite customer to and projects long-term infrastructure consistent around the despite developments moves. continued continues And in due third commercial COVID-XX the grow. with states, territory to among

$X.XX GAAP income income net our $X.XX diluted XXXX, we to of on In or of diluted finished share recorded per Slide with share share the GAAP-based GAAP-based diluted earning GAAP $XXX XXXX. XXXX. per million compared Let’s financial results per We of million or $X.XX per cover earnings fourth of $XXX quarter X. compared of the earnings $X.XX in fourth quarter diluted share in net

XXXX energy $X.XX This is diluted net trading $X.XX losses of previously $XXX Our per share. diluted adjusted per onetime was amount reflect million to the disclosed non-GAAP income or share.

are per year share. $X.XX XXXX Looking guidance earnings initiating we to of ahead, diluted full $X.XX

growth We X% earnings are $X.XX. XXXX per our of of share X% long-term guidance earnings off also affirming to

X, Turning to to walk allow through Slide XXXX. the drivers earnings for me

year-over-year partially impacts This First, increase changing we load a by saw decoupling as mechanism. retail on offset in increase X.X% weather-adjusted. composition increased was load the our of $X.XX revenue

our net increase a $X.XX also We variable and low as power of lower of facilities. market to cost dispatch due generating a prices the effective achieved result

along, As particularly you was we all have been saying wind strong. to

resources site, XXXX, at then miscellaneous $X.XX fourth the our reassessed when discuss own depreciation decrease XXXX a our only and included in detail – X, respond XXXX. long-term ability we stakeholder a for site lower in year our pardon on In opportunities connection per forecast non-utility compared as a strategic served of land $X.XX for Further, share associated increase share drove increase, at Continuing me, with on items. long-term the generation associated there to $X.XX higher amortization, have production of and asset measurement more favorable earnings higher credits and attributed with consisted along needs River catalyst $X.XX changes, the The which $X.XX to a $X.XX. retirement operational diluted in to an the expenses. significant $X.XX we with tax long-term to in our these the plant to brings quarter in asset moment. which non-GAAP in property. to our study. a study compared increase a a resulted In Willamette company’s obligation our This service our Slide wind from making decrease We I for These liability. energy a increase fact, was however, more updated de-risk plant. will sustainable higher XX% This company-wide. Sullivan strategy from operating produced – and maintenance improvements in retirement we in wind

$X.XX corresponding The share earnings for our third XXXX. respectively. of for $X.XX quarter are and X% ROEs per per the energy negative share trading And The a impact X.X%, were diluted represented losses year. diluted GAAP

keeping regulatory our around the service we on the to our economic price environment, relates given recovery it concerns in impacts, are territory. customer As focus

evaluating an average respect The and needs, safe, Integrated Case to need the as evaluate that Oregon Slide cost we now, for is that Right cost-efficient Resource by up a of on online XXX secure a to Utilities the update our outlook we target service to a XXXX reliable to new megawatts affordable X. our test continue prices customers. ensure Commission of to in to end General regardless file megawatts continue are a we we acknowledged for with renewables Rate to as of XXXX previously customers, and our Public General our last Rate the future are Case. and by XXX providing go that to Commission important was We continue With our of operate unchanged to our our It year. to filed is we XXXX low for action plan keep structure Plan indicated remains way resource month. for capacity,

continuing are work to the we launch relates stakeholder approval stakeholders to it to planning process customer and seek and are consider later as timing. RFP We to with year, this interest our of but

recent tax Given to remaining plan RFP we for and updates federal credits, capacity. issue both renewables our an to

a competitive bid the our for October, this benchmark regulatory wildfire-related other will last process. On proceedings, deferral We into expenses. OPUC request resource approved

response. XX, December related XXXX, million of As have to deferred we $XX wildfire

COVID-XX the We from treatment for bad and OPUC deferral for expense. also applied received certain principally debt expenses,

As we with that the severe we’ve deferral service. are we to million of full the $XX that as duration a Because experienced. of this restoration and and the deferred XX, to the request winter relating associated magnitude the Earlier event, events discussed week, associated filed restoration December for Maria with we’ve XXXX, uncertain recently of COVID-XX. costs cost

mechanism the with of on We recovery storm to continue discuss will stakeholders. this impact regulators and deferral existing

our shows this X, forecast XXXX. Slide to capital updated through Turning

added recent and reliable improve of demonstrate and the capital and capital The outer-years of plan recovery million safety over investment years. and help intended reliability future low-risk, We also enhanced are in The maintaining are importance wildfire the of years plan upgrades next distribution the in concentrated our and We of to to a here infrastructure impacts X the our majority make efficient billion capital XXXX, $XXX our weeks providing reliability. savings our now for to the includes through expenditures forecast. safe us are more in here Investments XXXX improve facilitate and system. grid. $X.X stable

projections a financial energy in On XXXX. anticipate investment-grade outlook. renewable we not a maintain may generation-billed solid As a X, strong liquidity from by sheet, not Slide and do do that to accompanied balance on arise equity ratings a our stable include including reminder, Based condition, to issue these investment any we RFP. strong continue

are which as no We commercial is expenditures and maturities paper issuance with from of there range XXXX, capital from $XXX debt to million, until of ‘XX, operations and maturities long-term XXXX. expect debt the debt needed. After XXXX to to issuance securities million of to $XXX during fund of cash million expected up the $XXX long-term

earnings per Slide to are of full share. Turning initiating to XXXX $X.XX XX, diluted $X.XX guidance year we

that like load cap guidance few refund trends commercial on Our range deeper currently X% us confident we’re will on slide. XXXX. with customers are the mechanism reopening, the are range drivers the assumptions for help I’d residential to customers a hit dive X% and that again Because are within this we of under X% through to key continued in nonresidential walk to for will slowly decoupling. customers and we seeing expect collections the decoupling residential and grow

We few challenges enable a process make continue accelerated about cost to examples. throughout sustainable lowering half our technology our But the is IT from faced customers and the are to structure using to costs here will use business. In recognize the X% of to year-over-year, just technology throughout and company. the our improvements. our O&M by changes in continue reduction and we We’ve

and software PGE out continued new line the rolled our to move agreements access license for better and field. using the have as crews to are cloud. We in now restructured tablets mapping reduced our software We a to they

to our relationships. are improve customer relationship better management new We using customer software

identify We efficiencies as functionality. increased to to continue system with continue while customers and grow. to I we to can am XXXX providing leverage in billing confident we implement drive efficiencies our continue

and of completed our in-migration expansion, investment earnings Board growth a of respect share. guidance X% at renewable X% to customer what We are dividend opportunities previously long-term annual year a per XXth efficiencies questions. per $X.XXXX potential reflecting dividends, guidance we your consistent our With operational share, our industrial for the years of of declared year. XXXX of load in reaffirming The ready recently our operator, off now of X system including we growth consecutive with drivers rate a with also we’ve And compounded and base annualized growth, are this dividend long-term from resources. discussed, and dividend $X.XX growth an dividend, With are X.X%. last to

Operator

Bank Instructions] from from line the [Operator first of question Your America. Dumoulin-Smith comes Julien of

Julien Dumoulin-Smith

team. Hey, good Thanks morning for time. the

So, after X% obviously, given well? Just how in about so well maybe you off equity about much here, we puts then where done impact higher range this frame the you CapEx just the that additional CapEx, can if talk to considering year talked Perhaps we have And the would adding it can around. that long-term all kick in X% your in about the what last on financing you past? thoughts as and are that? curious

Jim Ajello

Jim. Yes. Hi, Julie. It’s

I And feel for at have of billion let’s our you, you and that here of I we flow time, for but X range. actually say a that production. time take an of really to don’t I is in the ensures is and terms So CapEx couple good this bit us would as over a that period mentioned, cash for years There required that in altogether With dollars equity million this out out range. which equity that equity, of I actually $X.X it hundred squarely that, we laid – increase here, that stay the puts a year. pretty year is time no of forecast. in strong to that respect see over

Julien Dumoulin-Smith

said it Got kind mention, end? of you a And you in different or to above but mean you not times it. of mean when squarely low in Sorry, squarely, the you midpoint as couple ways? say

Jim Ajello

are in about that? we comfortably say would I Yes. range. How that

Julien Dumoulin-Smith

you does alluded of what year this related, the think filing? the in How then in the some to mind rate the case? just dictate the quick there ‘XX a is here test of by of storm Excellent. do and be mean considerations follow-up that here. you timing obviously, would punchiness. And of terms about or a of but the precise that not, outcome You potentially? get driven this could the timing deferral? commentary you that now, – timing I like A if don’t drive If

Jim Ajello

would, the of any the restoration might from arise it with that I the expenses intended, storm no pun and timing rate case. deferral decouple

file event. April, in a our we that’s Secondly, prescribed annual fairly AUT

the right chunk first And so, filing there. the that’s of

General the efficient a expenses, efficient becoming looking the of Rate we we terms we right sure and like. making taking In the stock local This customer economy, company are are the as now, our of and go. lot bills at evaluating timing actually Case, is more

So, have we a the of here. will lot It year, actual flexibility been be timing but hasn’t this yet. set

Julien Dumoulin-Smith

Got it.

you, Thank excellent. Okay, again. luck. Best of Congrats guys.

Jim Ajello

Sure.

Maria Pope

you, Thank Julien.

Operator

you. Thank

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

Maria Pope

Insoo. morning, Good

Insoo Kim

Jim, again. but me mechanism there first you like certain where no question a is deferral is before there would or for amount threshold book on know expenses anything any little Congrats, the morning, asked Good deferral, automatic educate Maria. that? storms, bit. My I just the is Currently, you deferring

Maria Pope

you, So Insoo. thank

We on are have storm. that accrue are we the state a – we of X-in-XX-year storms Saturday customers type that history have restoring regular we of on a seeing currently never in basis. of storm at is a This a Governor a And emergency. we rate utility. seen for our The declared

extensive expenses. We what devastating unlike as with damage high will these events entire winds system, thought we have and event, earlier an the working the work of we and had This times we what have we Commission through this will collaboratively are not is be week clearly, throughout we unprecedented saw and in but early filed we handle with wildfires the unprecedented all the September. how

Jim Ajello

storm And so point tell $X that new XXXX that built time, I’ll in year. of you at just into deferral coming have a Insoo, we million the starting

Insoo Kim

what beyond you now. going the potentially efficiencies timing depending achieve you of see you how the to guess see year I this back rate maybe on And case, could Understood. that right

most point, – into impact of as towards first XXXX, the go – to that see rates if to in of won’t X% and instead go more even were a full year until without you As late file increase won’t rate year in range the ‘XX? half into effect likely year of of you a that do X% still this the of

Jim Ajello

I for do. I time a wouldn’t filing. necessarily pick

working with I other achievement we’re our that. to expenses last As for I impressed I But it mentioned things. catalyst in on Julien, X%. am extremely a called still year reducing by

with sit figure through and I’d out to the here could how And that. so manage back we like team

look recovery, to economy, of act, difficult the we’ve given also that the we’ve balancing be So be to here, want but had, and right? got I I into mind judicious, have Given very account, in COVID I as squarely the it that given managing a and – well. and want storms pace take very at our are customers we to

think year last demonstrates that. I

Insoo Kim

XXXX Got to it. part clearly through seems be first this the year. It seems extending like of

Jim Ajello

you. Thank

Operator

Your next Karp question comes of from KeyBanc. the from Sophie line

Maria Pope

Good morning.

Sophie Karp

you for question. Thank morning. good Hi, taking my

I deferral we what right? of what full the assume did does have storm that of two timing guidance the materialize the in that? not cost, that you first questions, the to here? assume respect So with And basically response deferral? if see and revision So it – guidance does kind basically a outcome is the of Is the range on could

Jim Ajello

Jim. it’s Sophie, Hi,

built in expense specific any the We you haven’t deferral guidance for see. the that storm in

storm But estimate that. to now, a storm have do of are. I just Insoo, – right have don’t the independent accounts deferral an already we account existing. is As of And simply guidance we’re we our what mentioned deferral

Maria Pope

in destruction see level are people are important to debris customers into of fairly is about One And either remote thousands of is of from more we think the trees get amount out. of still we of out, truly because – areas And the amount reach, They today. things lines But has lines the location. that get some XX/X their in of will until we hard because have many and learning putting of power are are damage that and now more ice the working of working tremendous trees to really field online is the I we that as damage restored. customers or increasingly unprecedented. the the resulted power we of continue coated the appreciate

now, right customers have to is So will learn our power we But priority. of our more to back – highest here. getting on we still all

Sophie Karp

for storm following years. that events grid and this And you. with a for that maybe it point get events But would opportunity if mitigate maybe of once and thank come Great, do of in make the see every impacts future? to to similar sense an event be harden some investments capital a potential XX at there this once-in-a-XX-year the to an the there’s is it I questions, opportunity doesn’t postmortem

Maria Pope

great event, adjustments how September, customers do our our question, of standards and in significant not technologies, equipment only area, had with we members, state and that other and the kinds do the After responders after a in a root the do. also we note we are and significant frankly, many made processes ourselves. incident just response, reports and Yes. throughout across terms asking first and that our after-action windstorms number community procedures, and leaders of partnerships, better. Please out but and and every could command we something of That’s it’s our quite cause repair analysis tools figure we our and restoration in other wildfires

to number quite we results last of O&M of significantly cost had year, increasing part the year. we over in and contributor significantly. outages the the had less have Saturdays truck time, we better rolls on been for have those less outcomes Because system have less overall our have our investments and average Sundays seen we lower this our is on years, investments, throughout the customers. And of distribution Over

Jim Ajello

projections if at CapEx if you these our really a want more that about leave efficient. us making to all reliable with you I I are and Sophie, can add, really, look point projections,

line. to more down So invest capital efficient us make the

storm efforts, the you is of I capital be. what the lot the always know restoration therefore, years would you’ve some appreciate. as don’t will is a versus and expense I what And the mixture, O&M observed We provide process. through clarity any in be. comes there over on system But back always there restoration a the can’t recovery would more utilities, know with into that them been I’ve Secondly, capital

Sophie Karp

lastly, plan there include renewable kind impact just guess, from And to Right, plans thank helpful. of too and early say? the range frame not That’s you. point potential to is upsides your on you mentioned this of that CapEx your these outcomes way at the does potential a I it capital of or RFPs. RFPs Is

Jim Ajello

mean at handicap point, this to I these be efforts. will Impossible competitive

will We resource. bid benchmark a

I I think of been with to the our we’ve pleased successful way past efforts. in prosecuted the very was some we see Wheatridge.

there in – while So, investment community past the been they is results. as success say has no guarantee future of

we So exactly will know that don’t how out. come

So have see. wait and we will to just

Sophie Karp

you. thank answers. Okay, appreciate helpful. Super I your

Jim Ajello

Sure.

Operator

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

Maria Pope

Good morning, Brian.

Brian Russo

Hi, Most to where But and supply just recent chutes, of snow season, is, the maybe or good with I’m or and curious, questions morning. hydro upcoming my storms we levels the etcetera? been the as asked at pack approach have water Clackamas answered.

Maria Pope

great a That’s question.

has of runoff addition had what levels wind to levels to And tended generation. that have significantly above is have Also much snowpack that in snowpack prior conditions get rate. really We to cold have it hydro past, great the The that some changed has earlier comparison than in big the is we we’ve driving know periods, issue years. normal. been these our in to seen profile. we runoff They as are tend has less we and be

less seeing year than are far we so And system so in on we XXXX. our saw last wind

Brian Russo

I see.

runoff? So above-normal is create would the forecast which for earlier-than-normal temperatures,

Maria Pope

snowpack above-normal for levels. is forecast the me, Excuse

Brian Russo

Okay.

Maria Pope

on is the Then when company. that off, does run it impact will the the determine question because

Brian Russo

just the dividend it the remained then made, looks policy, of in Understood. flat. terms Great. announcement dividend And has like you

increase it evaluation by time considers dividend to the pandemic. I Should time think Board? although the you increases, year an was frame the the period COVID delayed we where due expect the Board it the historically, April April for in last

Jim Ajello

Yes. Brian thanks. It’s Jim.

you’re So right.

just clear, Board time in crystal that do then, make expect April the the of And does I this look was that frame. would and it at So them to traditionally capper the to dividend yes. final XXXX,

Brian Russo

you Okay, great. Thank much. very

Jim Ajello

Sure.

Operator

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

Travis Miller

Good morning.

Maria Pope

Travis. Good morning,

Travis Miller

Alright, thank you.

do and dividend, across seen have on you of other terms out storms What But renewables? Texas they was, speaking, impact that in cold and the on entire have think my coming thoughts one. places discussion the what your making changes in generically what any answered think so policy the that be the are question along well? weather? the storms skip the Do performing the those one you headlines there’d of U.S. and are experienced, you in I’ll other just You lines? with Are you U.S., just obviously,

Maria Pope

Sure. This about. is remains in strong that, obviously, Northwest. something Renewable talking Pacific people the are very generation

sector. we going. I expanding renewable the a the reduction interest actually wildfires, the think in a the in you of where was accelerate in generation Even renewable interest sense were see transformation west, as that energy accelerating there result of was wildfires, an west. not in across the – with across I significant the my there pace is this may

grid capabilities. us resiliency handling we’re additional system now. during allows storms that like investing of technologies, Much underlying renewables adds we also have putting equipment to in faster the clearly reliability lot place catastrophic and of and and in the of some bidirectional are a more these storms restore regular We to

Travis Miller

that Texas cold weather they we Texas? that, such in issues up designed renewables are the differently, are other the of such are have they seeing that are and and you icing any winds, – had you of the way or get your that having those guess I particularly Have or wouldn’t Okay. in thinking issues renewables there about the the

Maria Pope

Yes.

to farther than that. be amount state, So side. Washington regular and And most wind fair the have of system cold even our able east a in wind Eastern withstand ice They then ongoing place and generation to the of takes our we part eastern winters. on of design our

have ice significant normal damage weather we have territory, they service to facilities, distribution But because Texas. our we them yes, have our in differently is than wind the – the that On have a unprecedented of normal cold caused the in system. seen for built levels

Travis Miller

really great. Thank helpful. Okay, much. That’s you very

Maria Pope

Thank you.

Operator

question next from Your Hedge. Andrew comes from line Levi of HITE the

Andrew Levi

Hey, are guys. How you?

Jim Ajello

Andy. Good,

Andrew Levi

same first Impact are Green in that program that this you that kind the guys growing? about Maria, I have the program is just doing. been that you’ve of guess on past, Future talked the question I you’ve Is

Maria Pope

deliver RPS is that They Andy, companies. to and those been a than Yes. opportunity it’s regular faster to standards. successful is. for This customers an municipalities, further it tend tech be large to energy digital move program. very want us And XXX% green to

Andrew Levi

And far this capture. on as seems But you is give run-rate as margin – do you like signed earnings-wise, like Is rate? at your a there you kind us it you as just of Because there unique a like deal are that I know run could a where that runway? well. you

Maria Pope

a would been probably It’s give question. to runway. good chunky. not I a That’s want you

significantly For was announcement on we company’s last well we reflects integration and earn had risk It costs than give example, role. previously, the but a these do margin programs to as with recognition other higher and announced for volume the as our the Intel this.

– I and that’s continue. to do So we would very beneficial will more. It’s expect been

Andrew Levi

is like Is of it you a like chunk? onetime it or chunky ongoing earnings, because said type

Maria Pope

No. It ongoing, It be would be ongoing. Andy. would

Andrew Levi

okay. Okay,

so goes part where forecast. kind or feel grow, to go it and obviously, line is that some like point of is of in kind the don’t enough broken proprietary it? as you direction this that, that to is it Is things going end it of at business being a it of your up sharing you out reasons anticipate And more clearly that significant it that comfortable that could

Maria Pope

that the not our meeting disclosure. not call sort. enough any be I’m big to it part going as by any customer of It’s we’re regular broken SEC standards information so that think I it’s needs I’d green about the proprietary. Really it they energy out keep So sure want. with would of

Jim Ajello

it require lot quick for their as of increasingly think has a a as others one. customers own goals, such one, opportunities Yes. Andy, number I renewable add two, commercial I other points. I’ll ESG these you negotiated Number energy would on anchor Intel couple Number and XX growth You an an in with customers. Avangrid, XX a plus consumer, side the case, are IPP and have other say this Intel or that right? tenant, have transactions, of

prices, development costs frankly. are So these rates are and confidential, that

too market. this there’ll customers, to to think best they can be we don’t make you’re available sure transactions. see negotiated those the to associated we Intel, bidding that the competitive I deliver transparency, So with going from because like are price Oftentimes, that

Andrew Levi

Okay. of picture bigger And more question. kind second question then a of my is like

far So you is so share. big whether it opportunity, the into okay. IRP to this are, as which sure you just have there, at we’re but earnings turns not potential as looking raised, how out big, or The going IRPs per earnings it’s what are

million happened course, this because obviously, you have what to of year of have not to customer the in X% You longer And happened you want X% we more kind despite for rates. this to CapEx years to summer. raise this potential I’m good opportunities, outer T&D $XXX storm. very a amount last rate. I’m sheet Again, the of a and of And Obviously, in the I’ll of one what throw not pushing what weigh mistaken, year, thing because tremendous last are year, if also, balance But major this absent year. and the have you growth see numbers aspirations? then term,

to for not more thing I’ll that would – the is those. high, the a the term? obviously you growth the a shareholders term big are you But is term do and customers there where beneficial just off because long, thing see the higher? state – and see getting say rate have a longer you growth which again, where still of the service kind But longer and Or base. territory aspirations one of are you way do rates rate, to guys that is opportunities but longer which Your implemented the was god, regularly rate, be the this you growth transforming both weigh

Jim Ajello

think I that. all I But… got Andy, of

Andrew Levi

Yes.

of say? What I a good lot Sorry, can stuff. is there

Jim Ajello

a more no. is no, at here There – to opportunity lot market. of more the CapEx become to resiliency this company efficient, in to yes benefit customers Okay, afford and

know, have most you pound-for-pound we of As balance in sheets the unlevered the industry. one

the the the be additional direction tool of sets if move could in offset talking you’re cash our one to have capital. best up producers about flow us pound-for-pound. in we This that manage the We to expenses able O&M with industry to a

personally competitively of are chart and sustainability that costs. of am improve years, especially the aside right? we RFP. kinds the the Page might on investments in reliable and convinced that X, that even are I investments off capital plenty deploy efficient. here to our going us will anything the have operating to We make are Those these These win future putting in in more grid investments

the detached are from one other. So, each They not other. follows

So that’s the goal, the articulated. balancing well that right. do But we have I got to you saw, think,

opportunity I line. down the And is so think here there

Andrew Levi

up you after thank storm. and on the guys Okay, cleaning luck good

Jim Ajello

Thanks, Andy.

Maria Pope

Thank you.

Operator

open. is line Your

Maria Pope

the questions. like maybe finished Operator, it we with looks

Operator

Okay. turn to back Well, will call Pope remarks. for the over closing Maria I

Maria Pope

quarter. the We for as Thank well following your the our at first in as much coming joining with And company. for in today and to results much up further questions you be April. of you end conferences today. very very interest first you. the look time investor Thank up thank virtual us forward announcing quarter We’ll

Operator

This conference. concludes today’s

You may now disconnect.

Portland General Electric (POR) 19 Feb 212020 Q4 Earnings call transcript