February safely our to efforts the storms. power across teams with Thanks, the the Maria. of I restore too was during customers impressed company to
conditions, shot mid reopened of recovery that to have see April clear least hybrid to for Oregonians K beginning in we're to we hold as economic time. it's As education, public person XX% and schools XX approximately take full one either or of had at turn vaccine
March XXXX. of and in the a unemployment XX% the had recovered peak the losses of of March first service quarter, as second In growth, April the was to last in XXXX lost saw compared Harder job a in segments, spring. posted PGE territory hospitality rate job X.X% over late experiencing have As as XXXX. leisure Oregon half wave gains of and after jobs such noteworthy head accelerated
still embrace our role our and we an we of While partner facing challenges shoots essential there many green are are communities. recovery, of provider Oregon as and appreciate service that customers to
our Turning to I'll Slide cover X, performance. financial
share $X.XX to As reported $X.XX Maria of said, XXXX. in share quarter first per the we compared per
a a year-over-year, saw which increase in weather loads adjusted total from increased higher positive we First, weather. revenue. in This $X.XX to X.X% composed impact due is $X.XX $X.XX of
energy Additionally, in was fourth there in from the XXXX. the quarter was service Wheatridge earnings of $X.XX facility, power which the with placed renewable associated
production decrease by variable Next, $X.XX a XXXX. wind in driven net in power lower costs hydro
offset amortization deferral expense and result our the qualified associated higher a still under $X.XX to plant $X.XX recognition of increase items. it which O&M, of a $X.XX addition. partially of of benefit $X.XX expenses $X.XX benefit and COVID A asset our decrease unusually offset trust. as While associated expense XXXX. $X.XX debt primarily administrative operating the $X.XX fixed from largely of our with which of and and market lower by experienced primarily capital returns A of high consists a local production flow was less increase bad wind the which of recognition depreciation maintenance income was from a higher than lower other of was lower legal X.XX due tax. There and expense, maintenance expense included from benefit retirements, other There timing an by were in professional favorable non primarily facilities. $X.XX $X.XX exceeded through administrative a in levels onetime that was from expenses, was expectations driven on higher increase unfavorable to employee are attributed generation tax expense This by was with production
our service our reliable providing Turning the that technology continuing while making of investments cost update, to are that to affordable customers use strategy. to safe, and advance evaluate our we're the structure regulatory to and leverage we ensure
capacity case assessing We with are the the XXXX a our the Oregon rate our still for Service select for This docket stakeholders is Commission independent need requested week, with evaluator be megawatt this Public an the has to that and resource renewable source Utilities This general the upcoming is RFP, of XXXX we fill to file last The to open to appropriate identified XXXX first a year. RFP. a energy RFP timing test process into finalizing all selections. part dispatchable step continue before of expected PGE to will it bids. which roughly RFP. as will a seek XXX both potential and seek towards need
XXXX permitted to the file to PGE energy benchmark acknowledged of into like XXX a For megawatts this competitive IRP renewables of We fill plan have resources capacity to process. this a producing need. is portion resource
are pursue the it XXXX is region. these existing capacity existing relates If the capacity on an successful it dates as Additionally, PGE in in the competitive continuing resource. to RFP, might capacity, of the negotiations, size to reduce we for cost contracting for agreements depending
costs on with incurred XX, Slide an $XX deferral which related March costs, in expenditures the incremental $XX operating February million were Regarding estimated we've and and due to capital million expenditures system. our the transmission storm distribution detailed were million to of storm, $XX our X XXXX, through associated
to expenses year. amount related of in storm March mechanism $X to that cumulative the brings customers damages February We utilized XXXX. for to collection exhausted storm response of the the as million to incurred In $X operating defer balance from we net have This deferral be costs we incremental million storms, current to the cover from not estimated expenses. at XXXX $XX storm February retail offset our annually a storm XX, collects any million and
storms. have to authorization the We emergency application filed for costs defer February restoration an for
response the confident and this prudently unprecedent in XXXX. expect a costs storm. decision this We PSC unique on these incurred were We're from in to
recovery are size the and the storms comparable overall similar other determination prudence. of expense, a conclusion significant of there has duration regions OPC similar their and in in of the Although discretion final making at
by of $XX XXXX XXXX. the recent expenditures this which to Turning forecast storm relates million the year, increased slide expenditures capital majority and shows our our to restoration. which updated X, the through capital capital We've
we resiliency system track Our the while capital plan maintaining continue benefit of remains in customers affordability. projects that primarily our to and enhance and of the reliability invest on for
improve associated is our of response storm to stable February this expense, grade $XX liquidity additional million. and X, our $X accompanied response to outage do revenue financial restoration processes. raised maintain our outage and to response and we with a offset solid On $XX a today balance factors. outlook. in is ratings, with increase including we which by estimation guidance XXXX. a several the guidance to in investment risk, equity slide remaining to the is continue we additional on condition Based associated million This Given expect issue our strong wildfire not O&M initiatives million strong address by is ultimately sheet,
with debt growth million. We all maturities XX% million, satisfy year from short X% $XXX with to consistent issuance is basis, We've refinance ratio to to this from per week, a debt will approved increased is to increase board annualized Earlier This a million capital to XXXX XXXX is our observing of expect increase XX%. liquidity $X.XX which range dividend long is and on note Total million expected dividend which which guidance term a closed long during increase. year an X.X% up our fund which term share this this our earlier of $XXX the available. $XXX dividend the of $XXX operations expenditures ‘XX of long term later requirements. and cash while X% term to represents payout also
was XXXX our to quarter outlook, first our performance strong. Turning
to growth long base We the are of track X% X% XXXX on term to within the finish range guidance achieve year. from and guided our
the load and the economy regional similar last competition impacts a second expect picture two pandemic quarters. experienced over anticipate the to through that from continued power we've the the quarter. We trends We on
is pandemic now, decline. mitigated commercial of Residential still face in Our our the be customer established customers associated impact deliveries expected Right is decoupling to refunded a cap industrial above the energy weather Oregon. residential strength of has risks usage basis our with But under we're threshold on this the of the mechanism. and and to customers. adjusted economic
are our to better resilient is settle we and mostly of all continue on we ready our operations smarter, of customers. outlined outcomes for diluted opportunities see business. our our efficiency per in I on share, will time. technology developing growth which full year our in, and of And to reaffirm As see based grid, excellent to drive release result guidance I more can in we're X% Overall, a earnings over $X.XX fundamentals continuing $X.XX to in Load investment XXXX the press target long questions. assumptions through term strong for and to growth in the now an operator, X%
