Avista Corporation (AVA) 2026 Q2 法說會逐字稿

Good day, and welcome to the Avista Corporation second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Avista Corporation 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

Would now like to hand the conference over to your speaker, Stacey Walters, Investor Relations Manager. Please go ahead.

現在把會議交給今天的講者、投資人關係經理 Stacey Walters。請開始。

Good morning. Thank you for joining us. Joining me today is the Avista Corp President and CEO, Heather Rosentrader, who will speak briefly in a few moments on current events. Senior Vice President, CFO, Treasurer, and Regulatory Affairs Officer, Kevin Christie is also here and will be available for questions.

各位早安。感謝各位加入。今天與我一同出席的有 Avista Corp 總裁暨執行長 Heather Rosentrader，她稍後將就近期事件做簡短說明。資深副總裁、財務長、司庫暨法規事務長 Kevin Christie 也在場，並將回答提問。

As I'm sure you can appreciate, we are going to focus this earnings call on the fires that occurred in Spokane over the weekend. Please refer to our earnings press release and second quarter 10-Q for information that was filed pre-market this morning relating to our financial results for the quarter. You can find this information online.

如各位所能理解，我們將把本次財報電話會議的重點放在週末發生於斯波坎（Spokane）的火災事件上。關於今天開盤前已提交、與本季財務結果相關的資訊，請參閱我們的財報新聞稿與第二季 10-Q。您可於線上查閱這些資訊。

Heather, please go ahead.

Heather，請開始。

Thank you, Stacy. As you may have seen in our press release yesterday and the related Form 8-K filed this morning, multiple wildfires are burning near Spokane, Washington. Fueled by dry and windy conditions, these fires spread rapidly and have devastated our community. Thousands of people, including many of our employees, have been displaced, and many are still facing great uncertainty.

謝謝你，Stacy。如各位可能已在我們昨天的新聞稿以及今天早上提交的相關 8-K 表格中看到，華盛頓州斯波坎附近正有多起野火燃燒。在乾燥且多風的條件助長下，火勢迅速蔓延，並重創我們的社區。數以千計的人，包括許多員工，被迫撤離家園，且仍有許多人面臨高度不確定性。

Our hearts are with everyone who has had to evacuate their home, everyone who has suffered loss, and all who continue working on the front lines. Our facilities were not involved in starting any of these fires in the Spokane area. We have restored service to customers whose outages were solely related to the public Safety Power Shutoff.

我們的心與所有被迫撤離家園的人、所有遭受損失的人，以及所有仍在第一線持續投入的人同在。我們的設施並未涉及引發斯波坎地區任何一場火災。對於停電僅與公共安全預防性斷電（Public Safety Power Shutoff）相關的客戶，我們已恢復供電。

However, we still have electric and natural gas outages in parts of our service territory because of damaged infrastructure, evacuation restrictions, and ongoing safety concerns associated with the fires. At this time, about 7,300 of our 429,000 electric customers are out of power, and about 5,300 of our 386,000 natural gas customers are without service. And to reiterate, in areas that were part of the public safety power shutoff event, any remaining outages are no longer tied to that event. They are related to active wildfire conditions and the damage those fires caused.

然而，由於基礎設施受損、撤離限制，以及與火災相關的持續安全疑慮，我們服務區域的部分地區仍有電力與天然氣中斷。目前，在我們 429,000 名電力客戶中，約有 7,300 戶停電；在我們 386,000 名天然氣客戶中，約有 5,300 戶暫停供氣。再次強調，在曾屬於公共安全預防性斷電事件的區域，任何仍未恢復的停電已不再與該事件相關。而是與仍在進行的野火狀況及其造成的損害有關。

As a result of the fires, we have identified significant impacts to our transmission and distribution infrastructure serving parts of West Spokane. Multiple transmission lines in the area sustained damage from wildfire activity. And the transmission system was operating with reduced capacity due to the damage.

由於火災，我們已確認對服務西斯波坎（West Spokane）部分地區的輸電與配電基礎設施造成重大影響。該區多條輸電線路因野火活動而受損。且由於損壞，輸電系統以降低的容量運行。

I am happy to share that our crews repaired and energized a key transmission line earlier this morning that significantly reduces the risk of new customer outages due to system capacity constraints. However, we are still assessing the full extent of the damage as emergency responders provide access to impacted neighborhoods and fire conditions allow.

我很高興分享，我們的工作團隊今天清晨已修復並送電一條關鍵輸電線路，這大幅降低了因系統容量限制而導致新增客戶停電的風險。不過，隨著緊急應變人員逐步開放進入受影響社區、且火勢狀況允許，我們仍在評估損害的完整範圍。

The situation is still very dynamic and the fires in the Spokane area have yet to be contained. We have shared as much as we currently know, and right now, our primary focus is on assessing damage to our facilities, planning for restoration and supporting our customers and employees who have been impacted by this tragic event. We will work to provide additional information as it becomes available.

情勢仍非常動態，斯波坎地區的火勢尚未受到控制。我們已分享目前所知的資訊；此刻我們的首要重點是評估設施損害、規劃復電復氣，並支援受此悲劇事件影響的客戶與員工。我們將在有更多資訊時持續提供更新。

Our first priority throughout these events is the safety of our customers, employees, contractors, and the communities we serve. We remain focused on assisting impacted communities, coordinating with emergency responders and community partners, and restoring electric and natural gas service as quickly and safely as conditions allow.

在整個事件期間，我們的第一優先始終是客戶、員工、承包商以及我們所服務社區的安全。我們將持續專注於協助受影響社區、與緊急應變人員及社區夥伴協調，並在條件允許下，以最快且最安全的方式恢復電力與天然氣服務。

At this time, we will take questions.

現在我們開始提問。

(Operator Instructions)

(接線員指示)

Shahriar Pourreza, Wells Fargo Securities.

Wells Fargo Securities 的 Shahriar Pourreza。

Good morning, team. This is Whitney Motelama on for Shahriar. Yes, definitely our thoughts are with the Spokane people. Just too -- can you give us a sense of the extent of the damage to the transmission system? How are you thinking about the cost recovery and insurance treatment while this cause is still under investigation?

各位早安，團隊。我是代替 Shahriar 的 Whitney Motelama。是的，我們的心與斯波坎的民眾同在。想請教一下——能否讓我們了解輸電系統受損的程度？在肇因仍在調查的情況下，你們如何看待成本回收與保險處理？

I can talk about the extent of the damage we still have. We have had repairs, like I said to one of the critical lines. And then a couple other lines that were damaged, we've been able to repair, but we still have a couple lines that are out and we do have access to the areas now. And so, our crews are starting that repair on the transmission system that shouldn't take as long as the repair likely to the distribution system.

我可以談談我們目前掌握的損害程度。如我所說，我們已完成修復，其中包括一條關鍵線路。另外還有幾條受損線路我們也已能修復，但仍有幾條線路停用；目前我們已能進入相關區域。因此，我們的團隊正開始進行輸電系統的修復，所需時間應該不會像配電系統可能需要的修復那麼久。

So that damage is still being assessed, and we'll know more in the upcoming days the extent of that damage and how long it will take.

因此，損害仍在評估中；未來幾天我們會更清楚損害範圍以及需要多久才能完成。

And then I'll build on that, Whitney. Of course, many of these assets are long-lived assets. And so, from a regulatory lag perspective, there shouldn't be significant impact there. And as we look forward and once the assessment is complete, we can make some determination of whether we file a petition with the UTC. If that ends up making sense, we'll let you know.

Whitney，我再補充一下。當然，這些資產多屬於長期使用資產。因此，從法規滯後（regulatory lag）的角度來看，影響應該不會太大。展望未來，待評估完成後，我們可以判斷是否向 UTC 提交請願。如果那樣做有其合理性，我們會再告知各位。

Michael Lonegan, Barclays.

Barclays 的 Michael Lonegan。

So on the wildfires, I was going back to the cost recovery. I was just wondering -- so legislation in the state allows for securitization of wildfire-related costs, correct? Just wondering, anything you could share about that would be helpful.

關於野火，我想回到成本回收的問題。我想確認一下——州內立法允許將與野火相關的成本進行證券化（securitization），對嗎？想請問你們是否能分享一些相關看法，會很有幫助。

Yes, there, in the two legislative sessions ago, there was a bill that was passed that ultimately allows for securitization. And again, we've said it's too early to assess. Securitization would be for, I would say, much more impactful events than what we're experiencing now. Of course, I don't want it to seem like it's not impactful to all of us that have been involved in the fires or having the fires around us. But from a sheer monetary perspective on the infrastructure, I wouldn't see us being anywhere remotely close to that need.

是的，在兩個立法會期之前，通過了一項法案，最終允許進行證券化。不過我們也說過，現在評估仍為時過早。我會說，證券化通常適用於比我們目前所經歷的更具重大影響的事件。當然，我不希望讓人覺得這件事對所有參與救災或身處火災周邊的我們而言不具影響。但就基礎設施的純粹金額角度而言，我不認為我們會接近需要採用該機制的程度。

Okay, thank you. And then, shifting to the data center negotiation pause, just wondering if there's anything you could talk about whether there's been any progress that you're addressing, customer or community member and local leader concerns. I know the MOU remains in place, but you removed the 500-megawatt project as upside to your capital plan. Anything you could share there would be. Thank you.

好的，謝謝。接著轉到資料中心談判暫停一事，我想了解你們是否能談談是否已有任何進展，正在回應客戶或社區成員與地方領袖的疑慮。我知道 MOU 仍然有效，但你們已將 500 兆瓦專案從資本計畫的上行空間中移除。若能分享任何資訊將不勝感激。謝謝。

Yeah, I appreciate the question. And I know there's a lot of questions about the data centers, and I want to take the opportunity to just be clear in how we're viewing it. I do appreciate that customer affordability is a shared priority with our investors, our customers, and ourselves, and that shared interest to support affordability has been front and to our response to these data requests that we've received.

好的，謝謝你的提問。我知道大家對資料中心有很多問題，我也想藉此機會清楚說明我們的看法。我確實認為，客戶可負擔性是我們的投資人、客戶與我們自身共同的優先事項；而支持可負擔性的共同利益，一直是我們回應所收到這些資料要求時的核心重點。

And as we've consistently communicated, we will not move forward with a new large data center customer unless we're confident that they will make significant contributions to support affordability for existing customers. And we won't move forward with them unless we are confident that our current customers' reliability will be maintained or enhanced.

而且正如我們一貫所傳達的，除非我們有信心新的大型資料中心客戶將做出重大貢獻，以支持現有客戶的可負擔性，否則我們不會推進與其合作。同時，除非我們有信心能維持或提升現有客戶的供電可靠度，否則我們也不會推進。

We expect that there needs to be a net benefit for our current customers, and we want to ensure that there are protections in place for our current customers. And so, those things have guided the conversations that we have been having internally related to potential updates to our internal processes. They've guided the conversations that we've had externally with those other stakeholders because as we shared, we know that we are just one part of multiple entities that are required to consider these kinds of requests.

我們預期必須對現有客戶帶來淨效益，並且我們希望確保對現有客戶的保護措施到位。因此，這些考量一直在引導我們內部就可能更新內部流程所進行的討論。它們也引導我們與其他利害關係人進行的外部對話，因為如同我們所分享的，我們知道在審視這類申請時，我們只是多個必須共同考量的實體之一。

And so, we have been participating in a broader process, engaging with regulators. There's workshops going on in the Washington regulators, commissioners are holding those. We've been engaging with local partners who are also working through. Just appropriate new considerations for planning and coordination because the scale of these projects is so unprecedented. So we've appreciated the customer questions that we've gotten.

因此，我們一直參與更廣泛的流程，並與監管機關互動。華盛頓州監管單位正在舉辦工作坊，委員們也在主持這些活動。我們也與正在共同推進的在地夥伴保持互動。就規劃與協調而言，需要納入適當的新考量，因為這些專案的規模前所未有。因此，我們很感謝客戶提出的問題。

And again, as you've noted, that pause in the MOU has helped us to have more time to explore those internal and external processes. And so, we are also working on related to ensuring -- providing the appropriate assurances for customers that they will not -- existing customers will not cover any costs or considering updates to potential tariffs, hybrid tariffs, special contract, potentially at the regulatory level that we think could provide additional assurances to customers, and potentially working at the state level through policy that has already been brought up last year and will likely be brought up this year.

再一次，如你所提到的，該份MOU的暫停讓我們有更多時間去探索這些內部與外部流程。因此，我們也在推動相關工作，以確保——向客戶提供適當的保證，確保現有客戶不會承擔任何成本；同時也在考慮可能更新費率條款（tariffs）、混合式費率（hybrid tariffs）、特殊合約（special contract），並可能在我們認為能為客戶提供額外保證的監管層級推動；此外，也可能在州層級透過政策推進，該政策去年已被提出，今年很可能也會再被提出。

And we think it's a good thing to have those assurances for our customers. So those are the kinds of things, kinds of conversations we're having that will inform how we might move forward with any of those large data center requests that we have.

我們認為，為客戶提供這些保證是一件好事。因此，這些就是我們正在進行的各類討論，將用以影響我們未來如何推進任何大型資料中心的申請案。

Thank you. And then lastly for me, on the Washington rate case, just wonder if you could share how you're feeling coming out of staff testimony in the settlement conference. Key debates, where they could head, likelihood of a settlement. Do you think it's going to be hard to reach a settlement because it's the first four-year plan filed in Washington state?

謝謝。最後一個問題，關於華盛頓州的費率案件（rate case），想請你分享一下在和解會議（settlement conference）中聽取工作人員證詞（staff testimony）後，你的感受如何。主要爭點是什麼、可能的走向、以及達成和解的可能性。你認為因為這是華盛頓州首次提交四年期計畫，所以會更難達成和解嗎？

Yeah. Hi, Mike. It's Kevin. Thanks for the question. Yes, we've been saying all along that there's pretty key or fundamental differences in points of view on the term of the case. We feel strongly about the four-year orders, as you can see through their testimony, do not. And so, I think that's proving out that settlement will be quite difficult.

是的。嗨，Mike。我是Kevin。謝謝你的問題。是的，我們一直都在說，對於案件期間（term of the case），各方在觀點上存在相當關鍵或根本性的差異。我們對四年期命令（four-year orders）立場非常堅定，而從他們的證詞你也可以看出，他們並不認同。因此，我認為這也證明了要達成和解將相當困難。

But as we look forward and see the positions of the parties, for example, if you look at staff and where they're at, there's a discrepancy on how we got there, but they're not that far from where we're at. And so, we think that's constructive as the commission contemplates how to resolve the case at the end of the regulatory process.

不過，當我們往前看並檢視各方立場時，例如看工作人員（staff）的立場，他們與我們之間在如何走到該結論上有落差，但最終結果其實離我們並不遠。因此，當委員會在監管程序結束時思考如何解決此案時，我們認為這是具建設性的。

And even if you look at the position of public counsel, which seems very stark when compared to where we're at, the lion's share of the difference, there are two items, one is return, we think they have a return level that is unacceptable, we think the commission will likely see it the same way based on past practice or history. And then they also did not go along with any adjustment to power supply, which again, I think power supply is proving to over the last several years.

即使你看公共法律顧問（public counsel）的立場，與我們相比看起來非常強硬，但差異的大宗其實集中在兩個項目：第一是報酬率（return），我們認為他們提出的報酬率水準不可接受；基於過往慣例或歷史，我們認為委員會很可能也會有相同看法。第二是他們也不同意對電力供應（power supply）做任何調整，而我認為在過去幾年，電力供應的情況已經證明——

Unfortunately, we've got pretty clear knowledge of what's been going on and so with all that data in mind, I think the commission is in a good spot there. Staff's perspective on power supply, again, a little bit of a discrepancy on how we get there, but it's relatively close to where the company is at.

不幸的是，我們對正在發生的事情有相當明確的掌握，因此在所有這些數據的背景下，我認為委員會在這方面處於有利位置。至於工作人員對電力供應的看法，同樣在如何得出結論上有些差異，但整體而言與公司的立場相對接近。

So again, I don't believe we'll see a settlement take place. We will go ahead and file our rebuttal case here on the 7th, so Friday, and then we'll have a hearing in September 17 through 18 likely, and then the Commission will think about the case and will get an order towards the middle of December.

所以再次強調，我不認為會出現和解。我們將在7日，也就是週五，提交我們的反駁案（rebuttal case）；接著可能在9月17日至18日舉行聽證會，然後委員會將審議此案，並在12月中旬左右發布命令（order）。

And again, I just want to reiterate that I think from our position, how we positioned the case overall, the data that we've provided throughout the dependency of the case, and as we think about rebuttal and what will be publicly available to you, it's a strong case. And again, the parties, but for a couple of key issues, aren't that far apart from us.

另外，我想再次重申，從我們的立場來看，整體案件的定位、我們在案件進行期間所提供的數據，以及當我們思考反駁並且哪些內容將對外公開供你參考時，這是一個強而有力的案件。而且除了幾個關鍵議題之外，各方與我們的差距其實不大。

Chris Ellinghaus, Siebert Williams Shank.

Chris Ellinghaus，Siebert Williams Shank。

Hey, good morning, everybody. Hope your (multiple speakers) community. Do you have any sense from what you've been able to ascertain so far, how long you think it will take to normalize your infrastructure?

各位早安。希望你們（多位發言者）社區一切都好。就你們目前所能掌握的情況，你們是否大致判斷需要多久才能讓基礎設施恢復正常？

It's hard to tell right now. Again, we're still getting into the areas that have been affected. And our first priority is the transmission, and we think that we have a good sense of the damage there and so that should be in the near term. We should be able to get that restored and then with the distribution in it, there's a significant structure lost as has been shared. And so, working through how we support the areas that remain. That's what we're trying to understand better right now, and how long that will take. So it's still to be determined.

目前還很難判斷。再說一次，我們仍在進入受影響的區域。我們的首要任務是輸電（transmission），我們認為對那部分的損害已有相當掌握，因此應該會在短期內完成。我們應該能夠把它恢復，接著在配電（distribution）方面，如同先前所分享的，有相當多的結構設施損失。因此，我們正在釐清如何支援仍然存在的區域。這正是我們目前想更深入了解的部分，以及需要多久時間。所以仍有待確定。

Okay, Kevin, vis-a-vis the quarter, can you give us any color for the non-regulated benefit for the quarter? What was going on with presumably mostly funds?

好的，Kevin，回到本季表現，你能否就本季非管制業務（non-regulated）的貢獻提供一些說明？看起來主要是基金（funds）方面發生了什麼？

Yes, absolutely, funds and again, Chris, thanks, appreciate the question. We had a good quarter from a non-regulated perspective, and it really gets back to what we said one year ago on the call where we had some headwinds that materialized for various reasons. And we said that the market needed to levelize. We thought that that would likely happen.

是的，當然，Chris，謝謝，也很感謝你的提問。從非管制業務的角度來看，我們本季表現不錯，這其實回到我們一年前在電話會議上所說的：當時因各種原因出現了一些逆風並且已經實現。我們當時說市場需要回到較為平穩（levelize）。我們認為這很可能會發生。

And then once again, we would be -- an expression you know we've used is to get paid a little bit to learn. And so it's through EIP. We've been clear about that. There is a investment within EIP that went public. And so, we acknowledged or had a gain. Leading up to that IPO, and then as you can see in our documents, we would expect another gain due to the lag. It would show up next quarter, and it will introduce volatility into that particular investment because that company, EROC, is publicly traded, and you can see what's transpired since then. Most of what will be the gain that we've -- we're expecting to recognize next quarter, if you look at current stock price, would then reverse.

接著再一次，我們會——你知道我們用過的一個說法是「稍微拿點報酬來學習」（get paid a little bit to learn）。而這是透過EIP。我們對此一直說得很清楚。EIP內有一項投資已經上市。因此，我們確認或實現了一筆收益（gain）。在該IPO之前，以及如你在我們文件中所見，由於時間差（lag），我們預期還會有另一筆收益，將在下季反映。這會為該項投資帶來波動性，因為那家公司EROC是公開交易的，你也可以看到此後的走勢。如果以目前股價來看，我們預期在下季認列的大部分收益，之後將會反轉（reverse）。

I'd also share that that's just one fund in amongst that particular or one investment within that fund, and there will be gains and losses within all of those as well. So there's a netting, but you can take a look at EROC's stock price and get a reasonable proxy about what might happen in that fund.

我也想補充說明，那只是該特定基金中的其中一檔基金，或是該基金內的一項投資；而在所有這些投資之中也都會有獲利與虧損。因此會有淨額抵銷（netting），但你可以看看 EROC 的股價，作為該基金可能發生情況的一個合理替代指標（proxy）。

We do think that net-net is beneficial to us, obviously, when we can exit, and we can't exit or EIP cannot exit due to the lockup that typically happens with an IPO for some time. But when they can, that will be beneficial from a cash flow perspective and will help to alleviate some of our equity needs.

我們確實認為，從整體來看（net-net）對我們是有利的，當然前提是我們能夠退出；而由於 IPO 後通常會有一段時間的禁售期（lockup），我們無法退出，或 EIP 也無法退出。但當他們可以退出時，從現金流角度將會是有利的，並有助於緩解我們部分的股權資金需求。

Okay, that's helpful. Lastly, this workshop next week at the UTC, is that going to be particularly helpful to inform your MOU situation? And is that part of the reason why you withdrew, so that they could hold this workshop?

好的，這很有幫助。最後，下週在 UTC 的這場工作坊，是否會特別有助於釐清你們的 MOU 狀況？你們撤回是否部分也是因為他們要舉辦這場工作坊？

Well, here's what I would say is that process has been underway for a bit, and it is something that absolutely should benefit us as we go forward. And working with the community will also be key to all of that. So the Commission can help. Heather highlighted the fact that we've historically used the concept of a special contract for any large load, and that has worked for us. But we need to give better clarity to others that we are properly protecting them.

嗯，我想我會這麼說：這個流程已經進行了一段時間，而它確實會在我們往前推進時對我們有幫助。而與社區合作也將是其中的關鍵。因此，委員會可以提供協助。Heather 提到，我們過去對於任何大型負載（large load）歷來都採用「特殊合約」（special contract）的概念，而這對我們一直運作良好。但我們需要向其他人提供更清楚的說明，讓他們知道我們正在妥善保護他們。

And I think the process that will happen with the Commission will define that to some extent, and if it doesn't, we will make sure we define it. So everybody can have good trust in the process and the protections for existing customers and benefits for existing customers.

我認為委員會接下來的流程在某種程度上會界定這一點；如果沒有，我們也會確保把它界定清楚。如此一來，大家就能對流程以及對既有客戶的保護、以及對既有客戶的利益，都有充分的信任。

So again, it will absolutely be helpful. We've said net benefit. I know it's a term that's used mostly in M&A, but we've been using the net benefit expression in both Washington and Idaho for quite some time about how we view large loads and existing customers.

所以再說一次，這絕對會有幫助。我們一直提到「淨效益」（net benefit）。我知道這個詞多半用在併購（M&A）領域，但我們在華盛頓州與愛達荷州，針對如何看待大型負載與既有客戶，使用「淨效益」這個說法已經有相當長一段時間了。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Yeah, hi. Good morning. It's Brian. It's on for Julian. Most of my questions were asked and answered, but just, maybe you could just talk a little bit about the wildfire mitigation plan and the initiatives and the benefits, that you were able to, capture and offer, the community over these last couple days. And then, with the PSPS, it seems like it performed very well or as planned, et cetera.

是的，你好。早安。我是 Brian。我代替 Julian 發問。我的大部分問題都已經被問過並回答了，不過也許你可以再談談野火緩解計畫（wildfire mitigation plan）的措施、倡議與效益，以及你們在過去幾天能夠向社區傳達並提供的成果。另外，關於 PSPS（公共安全停電），看起來它的表現非常好，或是如計畫般運作等等。

Yes, absolutely. Thank you. Appreciate that question. And that's what we've been sharing is that we believe that our proactive measures have demonstrated that they've been providing value and have been effective. We know it's really hard for the community to be experiencing proactive outages in the public safety power shutoffs, but we did find on at least one of those lines that had been proactively de-energized, we found several trees that fell into the line during our patrol of those lines that we do on every -- on those feeders before we re-energize.

是的，當然。謝謝。感謝這個問題。我們一直在分享的是，我們相信我們的主動措施已經證明它們正在提供價值且是有效的。我們知道，社區在公共安全停電（PSPS）這類主動停電中所承受的感受非常不容易；但我們確實在至少其中一條已被主動斷電的線路上發現，在我們對這些線路進行巡檢時——我們在每一條饋線（feeder）重新送電前都會做巡檢——發現有好幾棵樹倒下並落在該線路上。

And so that's what we've been able to share. And I think it does give our community a better understanding and appreciation. Maybe not appreciation, but a better understanding of why we're doing that. And there's been a lot of conversation about prevention. And that's, how we see that tool is it's a tool to prevent. And that's what we've shared is the situation could have been worse.

因此這就是我們能夠分享的內容。我認為這確實讓社區有更好的理解與認知。也許不是「感謝」，但至少更能理解我們為什麼要這麼做。而且大家對於「預防」有很多討論。我們看待這個工具的方式是：它是一個用來預防的工具。我們所分享的是，情況原本可能會更糟。

And we're looking to and appreciate the work that our teams have done to put those things in place. And we do think that they were effective in this really high risk situation. And that is nice to be able to reinforce the work that we've done there. So yeah, the work, all the work we've done around vegetation management, all the work that we've done around these real-time situational awareness, and then operational changes that we've made do seem to be demonstrating their value.

我們也期待並感謝團隊為了把這些措施落實所做的工作。我們確實認為，在這種高風險情境下，它們是有效的。能夠再次強化我們在這方面所做的工作，這點很好。所以，是的，我們在植被管理方面所做的所有工作、在即時態勢感知（real-time situational awareness）方面所做的所有工作，以及我們所做的營運調整，似乎都正在展現其價值。

Sophie Karp, KeyBanc Capital.

Sophie Karp，KeyBanc Capital。

Good morning. This is Michael on for Sophie. Thanks for taking our questions. Does the wildfire and related cost make you rethink seeking a four-year rate case specifically around the difficulty with forecasting such events?

早安。我是 Michael，代替 Sophie。謝謝你們回答我們的問題。這次野火及相關成本，是否會讓你們重新思考申請四年期費率案件（four-year rate case），特別是考量到此類事件難以預測？

I think it's just too soon to say about that. Right now, based on what I know, I think the four-year continues to make sense for us for all the reasons we've previously elaborated. And as a reminder, if we have some extreme event or situation arise during the four-year break plan, we can, not something we want to do, but we can go ahead and refile and replace years three and four. So if something were to occur, and I don't think it's this event, but something else were to occur, then we could go ahead and do that. That assumes the commission sides with the company and does in fact put in place the four-year.

我認為現在談這個還太早。就我目前所知，四年期方案基於我們先前闡述的所有理由，對我們而言仍然合理。另外提醒一下，如果在四年期方案期間出現某些極端事件或情況，我們可以——雖然這不是我們想做的——但我們可以重新提交申請，並替換第三年與第四年的內容。因此如果真的發生某些事情——我不認為是這次事件，但若有其他事情發生——我們就可以這麼做。當然，這也假設委員會支持公司，並且確實核准並實施四年期方案。

Got it. And then do you expect there'll be some opportunity to introduce additional wildfire legislation in the next session?

了解。那麼你們是否預期在下一個會期會有機會提出額外的野火相關立法？

I don't think we're actively looking at this session, I think we'll have the opportunity to work with our other utilities in the region and other stakeholders and maybe in the future. And there is work at the federal level for legislation that we think would be likely the focus area probably, but in the near term. But that's just more of an ongoing effort to explore what might make sense.

我不認為我們在這個會期會積極推動；我想我們會有機會與本區域的其他公用事業公司及其他利害關係人合作，或許在未來再推進。而在聯邦層級也有一些立法工作，我們認為那可能會是較可能的聚焦領域，至少在短期內是如此。不過這更像是一項持續性的努力，用來探索什麼做法可能是合理的。

Thank you. And showing no further questions in the queue at this time, I would now like to turn the call over to Stacy Walters for any closing remarks.

謝謝。目前隊列中沒有其他問題，我現在想把電話會議交給 Stacy Walters，請她做任何結語。

Does that conclude our call today. Thank you all for joining us.

我們今天的電話會議到此結束。感謝各位加入。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以斷線。