These safe harbor statements should be incorporated as any part – as part of any transcript of this call. Portland General Electric’s third quarter earnings were released before the market opened today, and the release is available at portlandgeneral.com. Leading our discussion today are Jim Piro, President and CEO, and Maria Pope, Senior Vice President of Finance, CFO and Treasurer.
Jim will begin today’s presentation by providing a general overview of the quarter’s result, and our strategic capital projects, then Maria will provide more detail around the quarterly results, and key regulatory proceedings. Following prepared remarks, we will open the lines for your questions, and now it’s my pleasure to turn the call over to Jim.
Thank you, Bill, good morning and thank you for joining us. Welcome to Portland General Electric’s 2011 Third Quarter Earnings Call. We delivered strong operational performance in all sectors of our business during the quarter.As a result of the continued increase in energy received from hydro resources, combined with low cost purchase power, we were also able to effectively manage our power supply and economically displaced a significant amount of our thermal generation. We also continued to move forward to implement our business strategy to meet the growing energy needs of our customers. Now on to the quarter’s results. PGE’s net income for third quarter 2011 was $27 million or $0.36 per diluted share compared to $49 million or $0.65 per diluted share for the third quarter 2010. It is important to note that there were some non-recurring items that positively impact the third quarter last year with the most significant being $20 million pretax collection for SB 408. This amount was reversed in the fourth quarter 2010. We are reaffirming our full year 2011 earnings guidance of $1.90 to $2.05 per diluted share and plan to provide 2012 earnings guidance in our fourth quarter earnings release schedule for February of next year.