Financial Data and Key Metrics Changes - For Q2 2025, the company reported GAAP net income of $62 million or $0.56 per diluted share, compared to GAAP net income of $72 million or $0.69 per diluted share in Q2 2024 [15][16] - Non-GAAP net income for Q2 2025 was $73 million or $0.66 per share, reflecting a decrease from the previous year [15][16] - Total load increased by 4.9% overall and 6.1% weather adjusted compared to Q2 2024 [18][20] Business Line Data and Key Metrics Changes - Industrial load, particularly from data centers, saw a significant increase of 16.5% on a nominal and weather-adjusted basis [20] - Residential load decreased by 2.3% quarter over quarter but increased by 1% when weather adjusted [18] - Commercial load increased slightly by 0.3% overall or 0.7% weather adjusted [18] Market Data and Key Metrics Changes - Sustained growth from data center and high-tech customers was noted, with over 16% growth compared to the same quarter last year [10] - The Oregon legislature passed the Power Act, which enhances regulatory flexibility and supports growth in the data center sector [12] Company Strategy and Development Direction - The company is focused on five strategic priorities: investing in clean energy, keeping customer prices low, supporting data center growth, reducing operational risks, and promoting an investable energy future [6][7] - A proposed corporate structure update aims to reduce investment costs and improve regulatory clarity [13][14] - The company plans to file for a holding company to enhance flexibility and efficiency in financing [27][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a solid performance for the year, reaffirming adjusted earnings guidance of $3.13 to $3.33 per diluted share [30] - The company anticipates continued demand growth from industrial customers, underpinning long-term growth expectations of 3% through 2029 [20] - Management highlighted the importance of tax credits in reducing clean energy costs and maintaining customer affordability [8][102] Other Important Information - Total liquidity at the end of Q2 was $980 million, with credit ratings remaining stable [27] - The company is focused on cost management and optimization to reduce overall expenses [29] Q&A Session Summary Question: How does the MOU inform the path for the seaside and distribution recovery proceedings? - Management indicated that the MOU allows for better understanding and shared outcomes before entering a rate review proceeding, aiming for predictability and value [34][36] Question: What are the dynamics between the 2023 and 2025 RFPs? - Management noted that the repricing of the 2023 RFP will open opportunities for bidders and aims to drive certainty in project execution [37][40] Question: Will business transformation costs continue into next year? - Management confirmed that costs related to business transformation will persist into next year, with benefits expected to materialize later [41][42] Question: How will the Fair Energy Act impact rate timing? - Management explained that the Fair Energy Act allows for multi-year rate making, aligning customer prices with less challenging months [46][48] Question: How will industrial demand growth affect power costs? - Management stated that long-term contracts with key customers will help stabilize power costs and reduce pressures on all customers [112][114]