Good morning and welcome to the PNM Resources Third Quarter 2020 Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Lisa Goodman, Director of Investor Relations. Please go ahead, ma'am.

Thank you, Chuck. And thank you, everyone, for joining us this morning for the PNM Resources third quarter 2020 conference call. Please note that the presentation for this conference call and other supporting documents are available on our website at pnmresources.com. Joining me today are PNM Resources' Chairman, President and CEO, Pat Vincent-Collawn; and Don Tarry, our Senior Vice President and Chief Financial Officer, along with other members of the senior management. Before I turn the call over to Pat, I need to remind you that some of the information provided this morning should be considered forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995. We caution you that all of the forward-looking statements are based upon current expectations and estimates and that PNM Resources assumes no obligation to update this information. These forward-looking statements also include statements regarding the potential business combination transaction between PNM Resources and AVANGRID. For a detailed discussion of factors affecting PNM Resources' results, please refer to our current and future annual reports on Form 10-K, quarterly reports on Form 10-Q as well as reports on Form 8-K filed with the SEC. Additional information with respect to the proposed business combination transaction can be found in the forthcoming proxy statement, which we will file with the SEC. Information regarding the interest of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement and other relevant materials PNM Resources intends to file with the SEC. So with that, I will turn the call over to Pat.

Thank you, Lisa. Good morning, everyone. And thanks to each of you for joining us today. And yes, it is the day before Halloween and I'm sure all of you are wondering what costumes we are in this year. We've been political characters, world leaders. Chuck, who is here with us today, was an incredibly convincing Kim Jong-un and we were Western characters. One of our thoughts this year was posing for the parody Back to the Future poster showing Doc telling Marty, whatever happens, don't go to 2020. But we argued over who got to be Doc and who got to be Marty and who got to be Einstein. So this year, we ended up being the scariest characters we could think of. And yes, that is ourselves. So now let's begin on Slide 4. Our GAAP earnings per share in the third quarter of 2020 are $1.52. Ongoing earnings per share are $1.40 compared to $1.31 in the third quarter of last year. Higher summer temperatures increased earnings again this quarter, including the hottest August in New Mexico in more than a century with sell-side portion of those earnings to fund additional customer relief programs. And I'll talk more about that in a minute. And we updated our earnings guidance range to reflect our revised expectations for 2020. We are targeting the midpoint of this range of $2.23 per share to $2.31 per share. Don will provide more on the financial details. Last week, we announced the strategic merger with AVANGRID. Both companies are focused on ESG, tiered the infrastructure growth and the transition to clean energy. This combination creates a larger, more diverse entity that provides PNM and TNMP with the resources to take their next steps forward. We've structured a transaction that provides benefits to customers,…

Thank you, Pat, and good morning, everyone. I'll start on Slide 8 with an overview of our $1.40 of ongoing EPS for the third quarter compared to last year. We went into the quarter expecting a decrease due to the $0.10 of weather impact in the third quarter of 2019. Instead, we saw an increase at PNM as residential usage grew higher as more customers are staying home in response to COVID-related business restrictions and as summer temperatures peaked. The cooling degree days for the quarter in total were very similar to prior year, but a greater portion of the degree days and usage fell into August this year when customers' usage is particularly sensitive to hot temperatures and higher seasonal rates are in effect. This decrease more than offset the decline in September when temperatures dropped below prior year levels and came in closer to normal. PNM is also benefiting year-over-year from the refinancing of debt at lower interest rates that we discussed last quarter TNMP hit a new all-system peak during the third quarter, but an overall decrease in cooling degree days compared to 2019 offset this increase. Rate relief from TCOS and DCOS filings were offset by an increase in planned operational spending and higher depreciation and property taxes from new capital investments. Turning to Slide 9, I'll cover the COVID-related load trends that we saw in the third quarter as well as what we have seen in October. At PNM, residential usage continues to be around 5% higher, while commercial usage continues to be down around 10%. At TNMP, increases from volumetric load continue to offset decreases in demand base load. On Slide 10, we have increased our 2020 guidance at the beginning of the month and are affirming this range of $2.23 to $2.31 with…

Thanks, Don. Before I open it up for questions, let me take one more opportunity to thank the team here at PNM Resources for continuing to perform brilliantly through these unique times. Our merger announcements add to our special circumstances for this year. And I'm excited to provide new and bigger opportunities to our teams having proven their expertise and dedication in serving our customers. So Chuck, please let's open it up for questions.

Yes, ma'am. [Operator Instructions] : :

Well, all right, everyone. It's a quiet group this morning. So thank you for joining us this morning. We look forward to seeing you all virtually during our EEI meetings in November. Please stay healthy, stay safe and remember to vote. Thank you all.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.