Turning to slide four, we reported net income of $50 million or $0.56 per share for the third quarter of 2021.
This compares with the loss of $17 million or $0.19 per share for the third quarter of 2020.
And despite, third quarter volatility in the energy markets and higher O&M, we are reaffirming our 2021 earnings guidance of $2.70 to $2.85 per share.
Our long-term outlook remains unchanged and we are reaffirming our 4% to 6% long-term earnings growth guidance.
Year-to-date revenue is up 12% versus 2020 and for the quarter, up 17% versus last year.
The ongoing impacts of climate change underscore the importance of investments and actions that we are taking to rapidly transition to a clean energy future and meet our 2030 decarbonization goals while also ensuring that we have sufficient capacity.
We estimate that our 2030 targets will require approximately 1,500 to 2,000 megawatts of additional carbon-free resources and approximately 800 megawatts of non-emitting capacity resources.
In addition to removing coal from our portfolio, we're seeking approximately 1,000 megawatts of renewables and non-emitting capacity resources as part of our RFP, which will be issued in December.
As part of this procurement, we plan to add 375 to 500 megawatts of renewables to our portfolio.
We will also bring on approximately 375 of non-emitting to special capacity.
We could see procuring about a third of our clean energy resources needed to meet the 2030 emissions target reductions with this RFP.
We estimate that as much as 25% of flexibility needed to meet our decarbonized future would come from customers and distributed energy resources, such as solar panels, batteries, electric vehicles.
During the 2021 summer heat up, we worked with customers to save 62 megawatts of power equivalent to powering 25,000 homes.
We're working to significantly grow this program to 500 megawatts by the end of 2023.
We recently adopted a green financing framework, under which we successfully placed $150 million in green bonds.
In October that resolves the cost of equity and gives at 9.5% as well as the 50/50 cash structure.
Our high tech and digital services sectors continue to grow at a rapid pace 9% higher when compared to Q3 2020.
We reported GAAP income of $0.56 per share in the third quarter of 2021, compared to a GAAP loss of $0.19 per share in the third quarter of 2020.
Non-GAAP income for the third quarter of 2020 is $0.90 after removing the negative impact of the energy trading losses.
Beginning with the loss of $0.19 per share for the third quarter of 2020, we will add back the $1.09 one-time impact of the energy trading losses.
We experienced a $0.37 increase in total revenues, primarily due to the strong economy driving growth in our service territory with the balance due to warmer weather.
This represents a 17% year-over-year increase in total revenues.
Offsetting this was a $0.39 of unfavorable power cost.
As a result, we are forecast to be above the $30 million threshold to begin customer cost sharing pursuant to our power cost adjustment mechanism.
Through the quarter, we have deferred $27 million, which represents 90% of the variance above that threshold.
Our portfolio is well positioned and a bit long to balance gas price fluctuation and we have significant gas storage at the 4.1 billion cubic foot North Mist facility that we can draw on as needed.
There was $0.11 decrease to earnings per share from cost associated with our fixed operating expenses, including $0.03 for enhanced wildfire mitigation, $0.04 of additional vegetation management, including work that was delayed as we focused on storm restoration during the second quarter, $0.02 of service restoration costs and $0.02 of miscellaneous other expenses.
There was an $0.18 decrease to earnings per share from administrative expense.
Half of the year-over-year increase is attributed to items that were unique to 2020, including $0.07 in adjustments to incentive programs, following the energy trading losses in the prior period and $0.02 from the deferral of bad debt following the approval of the COVID-19 deferral.
The remaining administrative expense can be attributed to $0.06 for outside services to support improvements to our customer experience, a $0.02 increase in employee benefit expenses and $0.01 from miscellaneous other expenses.
While O&M was higher this quarter when compared to Q3 2020, on a year-over-year basis our cost have increased only 2% annually since 2019.
The fact that we have reduced planned outages by 29% year-over-year, stood up a large wildfire prevention program and greatly increased vegetation management is a testament to the efficiency we built into the O&M program.
Finally, there was a $0.03 decrease to earnings per share from the following items; $0.03 benefit from lower depreciation and amortization due to plant retirements, $0.04 of higher tax expense due to the timing difference of asset retirements in 2020, and $0.02 from other unfavorable miscellaneous items.
Our agreement supports a capital structure of 50% debt, 50% equity, and a 9.5% allowed ROE.
We increased our capital expenditure forecast by over $100 million this quarter.
Total available liquidity at $930 million is just over $1 billion.
This quarter, we renewed and increased by $150 million our revolving credit facility to include sustainability linked performance metrics.
Our year-to-date 2021 performance remains on track and we reaffirm our guidance range of $2.70 to $2.85 and remain on track to achieve long-term earnings growth guidance of 4% to 6% from the 2019 base year.

Summary:
Turning to slide four, we reported net income of $50 million or $0.56 per share for the third quarter of 2021.
And despite, third quarter volatility in the energy markets and higher O&M, we are reaffirming our 2021 earnings guidance of $2.70 to $2.85 per share.
We reported GAAP income of $0.56 per share in the third quarter of 2021, compared to a GAAP loss of $0.19 per share in the third quarter of 2020.
Our year-to-date 2021 performance remains on track and we reaffirm our guidance range of $2.70 to $2.85 and remain on track to achieve long-term earnings growth guidance of 4% to 6% from the 2019 base year.