Portland General Electric Company (NYSE:POR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 11:00 am ET

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Portland General Electric Company (NYSE:POR) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, everyone, and welcome to Portland General Electric Company's Second Quarter 2020 Earnings Results Conference Call. Today is Friday, July 31, 2020. 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 Senior Director of Investor Relations, Jardon Jaramillo. Please go ahead, sir.

Executive
Jardon Jaramillo

Thank you, Andrew. Good morning, everyone. I'm pleased that you're able to join us today. Before we begin this morning, I'd like to remind you that we have prepared a presentation to supplement our discussion, which we'll be referencing throughout the call. The slides are available on our website at investors.portlandgeneral.com.

Referring to Slide 2, some of our remarks this morning will constitute forward-looking statements. We caution you that such statements involve inherent risks and uncertainties and actual results may differ materially from our expectations. For a description of some of the factors that could cause actual results to differ materially, please refer to our earnings press release and our most recent periodic reports on Forms 10-K and 10-Q, which are available on our website.

Leading our discussion today are Maria Pope, President and CEO; and Jim Lobdell, Senior Vice President of Finance, CFO and Treasurer. Following their prepared remarks, we will open the line for your questions.

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

Executive
Maria Pope

Thank you, Jardon, and good morning. Welcome to Portland General Electric's earnings call. I hope that you're all staying safe and healthy during these unprecedented times. Today, I'll provide an overview of our financial results, updates on our economy and actions we've taken in response to the COVID-19 pandemic. Jim will provide more detail on our financial results, as well as the outlook for the remainder of the year.

Before I go through the quarter, I want to first address the social unrest that we are experiencing in our state, across our country, focused on racial inequities and the ongoing protests that have placed Portland front and center. We are reminded daily that we are living in historic time for our community and country. This tumultuous time, corporations have an opportunity to use our influence for positive change. PGE is committed to diversity, equity and inclusion. While we are proud of our work to date and making progress towards our DE&I goals, we know that there is much more to do. We're looking at all the ways, we have impact through policy, employee hiring, promotion and retention as well as supporting the communities we serve. And we will do so while working together collaboratively with customers and communities as we continue to provide safe, reliable, affordable and clean energy.

Now, let's turn to the financial forecast and our performance on Slide 4. On our last earnings call, we lowered our guidance to reflect the COVID-19 pandemic and resulting drop in economic activity.