Portland General Electric (PGE) is cutting capital investments by $175 million and expecting more pressure in the months ahead, but the utility’s 1Q2020 financial results avoided negative economic impacts of the coronavirus lockdown.

PGE’s reality has changed significantly, causing the company to revise most of its guidance downward, according to CEO Maria Pope. “All sectors of the economy are facing unprecedented challenges,” Pope said during a conference call last Friday.

Pope said most of the capital projects affected by the reduction will be picked up by PGE next year.

“The economy we have and the outlook for customers for growth in the region will determine the timing of capital projects, first making sure we are operating a safe and reliable system. Bringing back capital expenditures will depend upon their economic outlook,” she said.

Pope said residential use has increased about 5% during the coronavirus-related stay-at-home measures, while small commercial businesses’ electricity use has dropped by about 10%. The industrial sector, led by high tech, grew about 9.5% during the first quarter.

PGE expects its overall sendout for the year to be down by about 1-2%, said Pope.

The push continues to be toward non-thermal sources of power in PGE’s hydro-rich region to meet the state’s decarbonization goals. PGE still has some thermal power additions in its latest integrated resource plan (IRP), but since last year it has focused on de-emphasizing gas use longer term. PGE is re-evaluating the timing for releasing bids for added power supplies under the IRP, given the impacts of the pandemic, Pope said.

PGE reported 1Q2020 net income of $81 million (91 cents/share), compared to $73 million (82 cents) for the same period last year.