We reported net income from continuing operations of $2.30 per share for 2020.
In 2020, we invested over $270 million in our natural gas infrastructure.
Portland's unemployment right now is 6.1% in December, actually, essentially matching the national rate that's down from a 14.9% high in April.
In the Portland metro region, home sales were at 8.3% from 2019, with price growth of about 12%.
And new single-family permits issued last year were up 4% compared to 2019 levels.
New construction plus conversions translated in connecting over 13,000 meters during the last 12 months ended December 31.
Our overall customer growth rate as a result was 1.5% for the same period, based on this strong single-family home construction, partially offset by the loss of some commercial customers due to the pandemic.
Through a variety of programs and agencies, we've provided over $4 million to over 10,000 households to pay their bills and stay warm during the last heating season.
We also donated about $1 million to nonprofits in our communities and initiated a special COVID-19 employee giving campaign.
Our customers are paying about 40% less today for their bills than they did 15 years ago.
In addition, in June, we passed back a record $17 million in storage bill credits to Oregon gas customers.
Eight out of 10 homeowners in our service territory prefer natural gas according to a study conducted in December 2020.
In fact, over 80% of respondents said they would pay $50,000 more for a home that has gas amenities over an all-electric home.
Through December 31, we incurred an estimated $10 million pre-tax of incremental costs and lower revenues due to the effects of COVID-19.
Of this, $4.8 million were deferred to regulatory accounts.
In addition, $1.3 million of late fee revenue that has not been charged to customers since the suspension of normal collection processes will be recognized in a future period when we begin to recover the foregone fees through rates.
The remaining $3.8 million that cannot be recovered through rates are primarily due to lower natural gas utility margin from customers that stopped service and slightly lower usage from customers that are not decoupled.
In order to further mitigate the financial effects of the pandemic, we initiated temporary cost savings measures which provided approximately $3.5 million of savings in 2020.
In summary, the total P&L impact of COVID in 2020 was $1.6 million.
Note, I'll describe earnings drivers on an after-tax basis using the statutory tax rate of 26.5%.
Also note that year-to-date earnings per share comparisons reflect the successful issuance of 1.4 million shares in June 2019 as we raised equity to fund investment in our gas and water utilities.
For the quarter, we reported net income from continuing operations of $45.8 million or $1.50 per share compared to $38.3 million or $1.26 per share for the same period in 2019.
The gas utility posted an increase of $0.19 per share related to new rates in Oregon beginning November 1, 2020, offset in part by higher depreciation and general tax expense and the impacts of COVID-19.
Contribution from our other businesses increased $0.05 per share from the water assets we acquired in Washington and Texas and lower expenses at the holding company.
Utility margin in the gas distribution segment increased $11.5 million from the benefit of new rates in Oregon and customer growth, partly offset by the effects of COVID-19.
Utility O&M decreased $500,000 in the quarter, reflecting cost savings efforts.
Depreciation expense and general taxes increased $2.9 million related to the ongoing investment in our system.
For the full year 2020, we reported net income from continuing operations of $70.3 million or $2.30 per share compared to net income of $65.3 million or $2.19 per share for 2019.
2019 results included a regulatory disallowance of $0.22 per share related to an Oregon Commission order on tax reform and pension expense.
Excluding that disallowance on an adjusted non-GAAP basis, earnings per share from continuing operations was $2.41 for 2019.
The $0.11 per share decline is largely due to year-over-year growth in expenses, the effects of COVID and the positive effects of weather and pipeline constraints on 2019 results.
In the gas distribution segment, utility margin increased $11.3 million.
Higher customer rates in Oregon and Washington, customer growth and revenues from the Northwest expansion project contributed an additional $21.5 million.
This was offset by lower entitlement and curtailment fees related to pipeline constraints in 2019 and warmer weather in the first quarter of 2020 compared to 2019, which collectively reduced margin by $4.5 million.
Utility margin also declined $1 million due to lower revenues from late fees as we suspended normal collection processes.
The remaining $5.2 million decline in utility margin is a result of the 2019 Oregon order.
Utility O&M and other expenses declined $5.4 million.
This decrease is associated with the Oregon order which resulted in $14 million of additional expense in the first quarter of 2019, as discussed previously.
This was offset by a $6 million increase in underlying O&M related to higher compensation costs, contractor and professional service expenses as well as moving costs.
Pension expenses, included in other expense, increased $2.8 million.
As a result, depreciation expense and general taxes increased $10.2 million.
Finally, utility segment tax expense in 2019 included a $5.9 million benefit related to the implementation of the Oregon order, with no significant resulting effect on net income.
Net income from our other businesses increased $2.2 million from higher earnings from the wastewater, water and wastewater utilities and lower expenses at our holding companies, partially offset by lower asset management revenues.
We invested $294 million into the business, with $273 million of gas utility capital expenditures and $38 million for water acquisitions.
With regards to the ongoing effects of COVID-19, approximately 97% of our commercial and industrial customers are current with their bills.
Gas utility capital expenditures for the year are expected to be in the $280 million to $320 million range, including significant projects related to system reinforcement, resource center renovations across our service territory and technology upgrades.
The Company initiated 2021 earnings guidance today in the range of $2.40 to $2.60 per share.
Our water and wastewater utilities experienced organic customer growth of almost 3%, 2.8% to be exact, over the 12 months ended December 31, 2020.
Northwest Natural serves about 74% of the residential square footage in our service territory and meets 90% of our space and water heat customers' energy needs on our coldest days, yet the emissions associated with that use accounts for only 6% of Oregon's total greenhouse gas emissions.
Let me walk you through three components of our vision of carbon neutrality by 2050.
In the past 40 years, the number of residential natural gas customers in the US has grown by almost 90%, but demand has remained flat, which is a testament to the industry and how well they foster continued efficiency.
Our residential customers today use half of the amount of natural gas that they used in 1970 despite consistent growth in the average size of homes and more clients as per home.
The technical potential of RNG supply in Oregon alone is estimated to be nearly 50 billion cubic feet, about the same amount as all of the residential gas throughput in our state.
Nationally, early estimates show about 14 trillion cubic feet of technical potential or about 88% of all throughput.
For example, Northwest Natural has 20 billion cubic feet of underground storage today.
That's equivalent to storing about 6 million megawatt hours of renewables.
In today's cost, that would be about a $2 trillion lithium battery.
In Oregon, we have Senate Bill 98, the first of its kind renewable natural gas legislation that sets 30-year targets for gas utilities to procure R&D and renewable hydrogen for customers.

Summary:
For the quarter, we reported net income from continuing operations of $45.8 million or $1.50 per share compared to $38.3 million or $1.26 per share for the same period in 2019.
Gas utility capital expenditures for the year are expected to be in the $280 million to $320 million range, including significant projects related to system reinforcement, resource center renovations across our service territory and technology upgrades.
The Company initiated 2021 earnings guidance today in the range of $2.40 to $2.60 per share.