In Oregon, we have had a historic storm system move through over a 4.5-day period.
In less than a week, we have restored over 600,000 customers and we still have about 6,000 to 8,000 [Phonetic] customers to go -- excuse me, 68,000 customers to go.
Our deepest gratitude to everyone who is working 24/7 to restore power.
We announced significant decarbonization goals of net-zero greenhouse gas emissions by 2040, including at least 80% reduction in the power supply to customers by 2030 relative to 2010 levels.
We are also working to serve many municipal and industrial customers with 100% renewable energy under our green tariff programs, building on our number one decade-long residential clean energy programs.
To that end, PGE, along with employees, retirees and the PGE Foundation, donated $5.6 million and volunteered over 18,000 hours with more than -- to more than 400 non-profits across Oregon.
Through these historic storms and record outages, many are working 24/7 to restore power.
In the long run, our 1% average load growth anchors on the strength of these sectors as well as continued in-migration.
In 2020, we recorded GAAP net income of $155 million or $1.72 per diluted share compared to GAAP net income of $214 million or $2.39 per diluted share in 2019.
We finished the fourth quarter earning GAAP-based earnings per diluted share of $0.57 compared with GAAP-based earnings per diluted share of $0.68 in the fourth quarter of 2019.
Our 2020 non-GAAP net income was $247 million or $2.75 per diluted share.
This amount is adjusted to reflect the previously disclosed one-time energy trading losses of $1.03 per diluted share.
Looking ahead, we are initiating 2021 full-year earnings guidance of $2.55 to $2.70 per diluted share.
We are also affirming our long-term earnings guidance of 4% to 6% growth off 2019 earnings per share of $2.39.
First, we saw a $0.06 increase in retail revenue as load increased 0.4% year-over-year weather-adjusted.
We also achieved a $0.12 increase due to lower net variable power cost as a result of low market prices and the effective dispatch of our generating facilities.
In fact, our wind resources produced 23% more energy when compared to 2019.
We drove a $0.33 decrease -- increase, pardon me, in connection with our lower operating and maintenance expenses.
Continuing on Slide 6, we have a $0.26 decrease associated with higher depreciation and amortization, which consisted of $0.09 from higher plant in service in 2020 and $0.17 attributed to a measurement of the company's only non-utility asset retirement obligation on land we own along the Willamette River at our Sullivan plant.
Further, there was a $0.10 increase associated with higher production tax credits from favorable wind generation compared to our forecast and then a $0.01 increase for miscellaneous items.
This brings our non-GAAP earnings per share -- diluted share to $2.75.
The third quarter energy trading losses represented a negative impact of $1.03 per diluted share for the year.
And our GAAP earnings per diluted share were $1.72 for 2020.
The corresponding ROEs are 6% and 9.3%, respectively.
As of December 31, 2020, we have deferred $15 million related to wildfire response.
As of December 31, 2020, we've deferred $10 million relating to COVID-19.
We added $200 million to the outer years of the capital plan through 2025, and our capital plan now includes $2.9 billion over the next five years.
We expect to fund 2021 capital expenditures and long-term debt maturities with cash from operations during '21, which is expected to range from $600 million to $650 million, the issuance of debt securities of up to $300 million, and the issuance of commercial paper as needed.
Turning to Slide 10, we are initiating full-year 2021 earnings guidance of $2.55 to $2.70 per diluted share.
I'd like to dive deeper and walk through a few key drivers that we're confident will help us grow within the 4% to 6% range in 2021.
Because of continued load trends we are currently seeing with residential customers and commercial customers that are slowly reopening, we expect to refund residential customers under the decoupling mechanism and will again hit the 2% cap on collections for non-residential decoupling.
In our 6% reduction in O&M year-over-year, and about half is from lowering our IT costs and using technology to enable process improvements.
We are also reaffirming long-term earnings growth guidance of 4% to 6% off a 2019 base year.
With respect to dividends, our Board recently declared a dividend of $0.4075 per share, reflecting an annualized dividend of $1.63 per share.
With this dividend, we completed our 14th consecutive year of dividend growth, with the last five years at a compounded annual growth rate of 5.4%.

Summary:
We finished the fourth quarter earning GAAP-based earnings per diluted share of $0.57 compared with GAAP-based earnings per diluted share of $0.68 in the fourth quarter of 2019.
Looking ahead, we are initiating 2021 full-year earnings guidance of $2.55 to $2.70 per diluted share.
We are also affirming our long-term earnings guidance of 4% to 6% growth off 2019 earnings per share of $2.39.
We expect to fund 2021 capital expenditures and long-term debt maturities with cash from operations during '21, which is expected to range from $600 million to $650 million, the issuance of debt securities of up to $300 million, and the issuance of commercial paper as needed.
Turning to Slide 10, we are initiating full-year 2021 earnings guidance of $2.55 to $2.70 per diluted share.
I'd like to dive deeper and walk through a few key drivers that we're confident will help us grow within the 4% to 6% range in 2021.
We are also reaffirming long-term earnings growth guidance of 4% to 6% off a 2019 base year.