愛迪生國際 (EIX) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the Edison International third quarter 2024 financial teleconference. My name is Sheila, and I will be your operator today. (Operator Instructions) Today's call is being recorded.

下午好，歡迎參加愛迪生國際2024年第三季財務電話會議。我叫希拉，今天我將成為您的接線生。（操作員說明）今天的通話正在錄音。

I would now like to turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference.

我現在想將電話轉給投資者關係副總裁 Sam Ramraj 先生。Ramraj 先生，您可以開始會議了。

Thank you, Sheila, and welcome, everyone. Our speakers today are President and Chief Executive Officer, Pedro Pizarro; and Executive Vice President and Chief Financial Officer, Maria Rigatti. Also on the call are other members of the management team.

謝謝希拉，歡迎大家。今天我們的演講者是總裁兼執行長佩德羅·皮薩羅 (Pedro Pizarro)；執行副總裁兼財務長瑪麗亞‧裡加蒂 (Maria Rigatti)。管理團隊的其他成員也參加了電話會議。

Materials supporting today's call are available at www.edisoninvestor.com. These include our Form 10-Q, prepared remarks from Pedro and Maria and the teleconference presentation. Tomorrow, we will distribute our regular business update presentation.

支援今天電話會議的資料可在 www.edisoninvestor.com 上取得。其中包括我們的 10-Q 表、Pedro 和 Maria 準備好的演講以及電話會議演示。明天，我們將分發我們的定期業務更新簡報。

During this call, we'll make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. Please read these carefully.

在本次電話會議中，我們將就愛迪生國際及其子公司的前景做出前瞻性聲明。實際結果可能與目前預期有重大差異。我們向 SEC 提交的文件中列出了可能導致不同結果的重要因素。請仔細閱讀這些內容。

The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. During the question-and-answer session, please limit yourself to 1 question and 1 follow-up.

此簡報包括某些前景假設以及非公認會計準則衡量標準與最接近的公認會計準則衡量標準的調節。在問答環節中，請將自己限制在 1 個問題和 1 次跟進。

I will now turn the call over to Pedro.

我現在將把電話轉給佩德羅。

Well, thanks, Sam, and good afternoon, everyone. Edison International's core earnings per share for third quarter 2024 was $1.51, bringing year-to-date core EPS to $3.88. With this strong year-to-date performance, we are confident in narrowing our 2024 core EPS guidance to $4.80 to $5. Additionally, we remain confident in our ability to meet our 2025 EPS guidance and delivering a 5% to 7% EPS CAGR through 2028.

嗯，謝謝，山姆，大家下午好。愛迪生國際 2024 年第三季的核心每股收益為 1.51 美元，使年初至今的核心每股收益達到 3.88 美元。憑藉今年迄今的強勁表現，我們有信心將 2024 年核心每股收益指引縮小至 4.80 美元至 5 美元。此外，我們仍有信心達到 2025 年 EPS 指引，並在 2028 年之前達到 5% 至 7% 的 EPS 複合年增長率。

My remarks today includes 3 important takeaways. First, SCE continues to demonstrate its ability to navigate the regulatory landscape and is in the final stages of 2 key regulatory proceedings, reaching a settlement agreement to the TKM cost recovery application and awaiting a proposed decision in the 2025 GRC, which will solidify our financial outlook through 2028.

我今天的演講包括三個重要要點。首先，SCE 繼續展示其駕馭監管環境的能力，並且正處於兩個關鍵監管程序的最後階段，即就 TKM 成本回收申請達成和解協議，並等待 2025 年 GRC 中的擬議決定，這將鞏固我們的財務展望2028 年。

Second, our team has achieved remarkable success over the last years, managing unprecedented external risks, making our operations more resilient and positioning us strongly for the growth ahead. Third, we recently reaffirmed our net zero commitment in our latest white paper, reaching net zero greenhouse gas emissions by 2045 is a core pillar of our climate-related risk management.

其次，我們的團隊在過去幾年中取得了顯著的成功，管理了前所未有的外部風險，使我們的營運更具彈性，並為我們未來的成長奠定了堅實的基礎。第三，我們最近在最新的白皮書中重申了我們的淨零排放承諾，到2045年實現溫室氣體淨零排放是我們氣候相關風險管理的核心支柱。

Starting with a couple of constructive updates on the regulatory front, SCE is in the final stages of resolving the legacy wildfires. We have provided an update on Page 3. You saw that in August, the utility reached an agreement with [Kal] Advocates to settle the TKM application.

從監管方面的一些建設性更新開始，SCE 正處於解決遺留野火的最後階段。我們在第 3 頁提供了更新。您看到，八月份，公用事業公司與 [Kal] Advocates 達成協議，解決了 TKM 申請。

Once approved by the CPUC, the settlement with authorized recovery of 60% of the costs or $1.6 billion. This settlement marks a significant milestone and is a good compromise all around. Customers and the state benefit from the demonstration of a strong regulatory framework and constructive negotiations with interveners as do you, our owners. It is also another clear indication of the utility's ability to navigate the complex regulatory landscape.

一旦獲得 CPUC 批准，和解協議將授權收回 60% 的成本，即 16 億美元。這項和解標誌著一個重要的里程碑，也是一個很好的妥協。客戶和國家都受益於強有力的監管框架的展示以及與幹預者的建設性談判，您，我們的所有者也是如此。這也清楚地表明該公用事業公司有能力應對複雜的監管環境。

SCE recently filed the Woolsey cost recovery application, which we expect to take about 18 months to complete. SCE made a strong case, supporting the prudency of its operations and the claim settlement process. But with the proceeding just underway, it is premature to speculate about the ultimate outcome.

SCE 最近提交了 Woolsey 成本回收申請，我們預計需要大約 18 個月才能完成。SCE 提出了強有力的論據，支持其謹慎營運和理賠流程。但由於訴訟程序才剛開始，現在猜測最終結果還為時過早。

As a reminder, we have not factored cost recovery for these legacy events into our earnings targets. Thus, the TKN settlement and the eventual outcome in Woolsey will be additive to our core operational growth.

提醒一下，我們尚未將這些遺留事件的成本回收納入我們的獲利目標。因此，TKN 和解以及伍爾西案的最終結果將有助於我們的核心業務成長。

SCE's rapid response to mitigate wildfire risk also resulted in numerous regulatory applications. These included 2021 GRC Trex 2 and 3, a couple of Lima applications, several CMS 3 A B 10 54 curitizations and several others. SCE has achieved strong regulatory outcomes, recovering substantial amounts of prior spending in rates and expecting another $3 billion of incremental cash flow over the coming years.

SCE 對減輕野火風險的快速反應也導致了許多監管申請。其中包括 2021 GRC Trex 2 和 3、幾個 Lima 應用程式、幾個 CMS 3 A B 10 54 curitization 和其他幾個。SCE 取得了強有力的監管成果，收回了大量先前的利率支出，並預計未來幾年將再增加 30 億美元的現金流。

Upcoming on the regulatory calendar, our decisions on the TKM settlement and the 2025 GRC both of which, we believe could happen in the first half of next year. The decisions will solidify our financial outlook to 2028.

我們即將在監管日曆上做出關於 TKM 和解和 2025 年 GRC 的決定，我們相信這兩項決定都可能在明年上半年做出。這些決定將鞏固我們 2028 年的財務前景。

Capital investment enabled by the GRC is the driver for the growth and customer benefits necessary to ensure the greatest reliable, resilient and ready to achieve the clean energy transition. We are confident in getting a strong outcome for SCE's customers that will also enable us to deliver on our commitment of a 5% to 7% EPS CAGR through 2028 with minimal equity needs.

GRC 帶來的資本投資是成長和客戶利益的驅動力，以確保實現清潔能源轉型的最大可靠性、彈性和準備就緒。我們有信心為 SCE 的客戶取得強勁成果，這也將使我們能夠以最低的股權需求實現到 2028 年 EPS 複合年增長率為 5% 至 7% 的承諾。

Staying with the California Regulatory Environment. A couple of weeks ago, the commission changed the cost of capital mechanism and the investor-owned utilities 2025 ROEs. While it only applies to 2025, we believe the decision is unfortunate and the process was disappointing.

遵守加州監管環境。幾週前，該委員會更改了資本成本機制和投資者擁有的公用事業 2025 年股本回報率。雖然它只適用於 2025 年，但我們認為這個決定是不幸的，而且過程也令人失望。

That said, this is just one of numerous business and regulatory outcomes that we manage in delivering on our commitments. I reiterate our confidence in delivering on our 2025 EPS and long-term EPS growth commitments.

也就是說，這只是我們在履行承諾時所管理的眾多業務和監管成果之一。我重申，我們有信心兌現 2025 年每股盈餘和長期每股盈餘成長承諾。

Moving on to SCE's core operations. I am proud of our team's ability to manage unprecedented climate challenges and navigate the numerous associated regulatory applications over the last several years.

繼續討論 SCE 的核心業務。我為我們的團隊在過去幾年中應對前所未有的氣候挑戰並應對眾多相關監管應用的能力感到自豪。

As you can see on Page 5, we have made remarkable strides in reinforcing our operational resilience and financial stability. Our robust performance is a testament to our strategic initiatives and the dedication of our workforce, my teammates. To address the climate challenges, you have seen the results of SCE's industry-leading wildfire mitigation plan for several years now.

正如您在第 5 頁上看到的，我們在增強營運彈性和財務穩定性方面取得了顯著進展。我們強勁的業績證明了我們的策略舉措以及我們的員工和我的隊友的奉獻精神。為了應對氣候挑戰，您已經看到了 SCE 產業領先的野火緩解計畫多年來的成果。

Wildfires will always be a part of California, exacerbated by climate change. And the number of acres burned so far this year is roughly in line with the 5-year average. What is important, though, is that SCE has adapted its operations and manage the risk.

野火將永遠是加州的一部分，並因氣候變遷而加劇。今年迄今燒毀的英畝數與五年平均值大致一致。但重要的是，SCE 已調整其營運並管理風險。

To drive this point home, Page 6 shows the significant reduction in acres burned from SCE's ignitions in high fire risk areas since 2017, and that this has happened while emissions have been relatively flat despite several of these years having been extremely high fire risk periods. This is due to SCE's strong wildfire mitigation plan execution and increased state fire suppression.

為了強調這一點，第 6 頁顯示，自 2017 年以來，高火災風險地區因 SCE 點火而燒毀的面積顯著減少，儘管其中幾年是火災風險極高的時期，排放量卻相對持平。這是由於 SCE 強而有力的野火緩解計畫的執行和州火災撲滅力度的加大。

Importantly, none of the ignitions are from the failure of covered conductor, the cornerstone of SCE's great hardening strategy. Now with more than 6,100 miles of covered conductor deployed, SCE has physically hardened 85% of its distribution grid in high fire risk areas.

重要的是，沒有一起起火事件是由於包覆導體失效所致，而包覆導體是 SCE 偉大硬化策略的基石。目前，SCE 已經部署了超過 6,100 英里的覆蓋導線，對火災高風險區域 85% 的配電網進行了物理加強。

Consequently, SCE's grid more resilient, reliable and well positioned to focus on the growth ahead as we lead the clean energy transition. California will also continue to benefit from improved state fire suppression support and as other utilities in the state increased their grid hardening action.

因此，SCE 的電網更具彈性、更可靠，並且在我們引領清潔能源轉型時能夠專注於未來的成長。加州也將繼續受益於改進的州滅火支持，並且該州其他公用事業公司加強了電網強化行動。

Moving to the bigger picture. Wildfires are just one way that climate change is impacting California's health, economy and quality of life. Edison International is acting to create a safer, more affordable future with cleaner air and reduce risk of climate disasters, reaching net zero greenhouse gas emissions by 2045 is a core pillar of our climate-related risk management.

轉向更大的圖景。野火只是氣候變遷影響加州健康、經濟和生活品質的一種方式。愛迪生國際正在採取行動，以更清潔的空氣創造更安全、更實惠的未來，並降低氣候災害的風險，到 2045 年實現溫室氣體淨零排放是我們氣候相關風險管理的核心支柱。

We recently unveiled our latest white paper, reaching net 0 which builds on our previous analysis of what is needed for California to reach carbon neutrality. The publication focuses on Edison International's net zero plan and reaffirms our net zero commitment.

我們最近發布了最新的白皮書《達到淨零》，該白皮書建立在我們先前對加州實現碳中和所需的分析的基礎上。該出版物重點關注愛迪生國際的淨零計劃並重申我們的淨零承諾。

As you see on Page 7, this plan is centered around delivering 100% carbon-free power to SCE's customers as 85% of enterprise-wide emissions are associated with power delivery. In addition, we will reduce operational emissions primarily by reducing those from the supply chain.

正如您在第 7 頁上看到的，該計劃的重點是向 SCE 的客戶提供 100% 無碳電力，因為整個企業範圍內 85% 的排放與電力傳輸有關。此外，我們將主要透過減少供應鏈的排放來減少營運排放。

Lastly, we project about 2 million tons of emissions will remain across all scopes in 2045. To fully decarbonize, we will need to neutralize those emissions preferably through high-quality carbon removal solutions or offsets.

最後，我們預計到 2045 年，所有範圍內的排放量將維持在約 200 萬噸。為了完全脫碳，我們需要最好透過高品質的碳去除解決方案或抵消來中和這些排放。

As always, we take a pragmatic approach to our analysis and findings. A key point of emphasis is that the state will need substantial deployment of clean firm generation to safely reliably and affordably supply power 24/7 in any weather.

一如既往，我們對分析和調查結果採取務實的態度。重點強調的一個要點是，該州需要大量部署清潔發電，以便在任何天氣下安全、可靠、經濟地提供 24/7 的電力。

So one of the big and maybe surprising conclusions is that California must retain its existing natural gas generation fleet as insurance against delays in new technology development and deployment, though the generators will run significantly less often.

因此，最重要且可能令人驚訝的結論之一是，加州必須保留其現有的天然氣發電艦隊，作為防止新技術開發和部署延遲的保險，儘管發電機的運行頻率將大大降低。

The bottom line is that to reach net zero, nearly every sector of the economy will need to incorporate clean electricity. It will take much investment and cooperation between industry and government. The effort will be worth it for customers who will see a projected 40% reduction in their total energy costs by 2045.

最重要的是，要實現淨零排放，幾乎每個經濟部門都需要採用清潔電力。這需要產業和政府之間的大量投資和合作。對於客戶來說，這項努力是值得的，預計到 2045 年，他們的總能源成本將減少 40%。

With that, let me turn it over to Maria for her financial report.

接下來，讓我把它交給瑪麗亞，讓她查看她的財務報告。

Thanks, Pedro, and good afternoon. In my comments today, I would like to emphasize 3 key financial messages. First, we are very pleased with EIX's year-to-date financial performance, which reinforces our confidence in delivering yet another year of solid results. Second, on the regulatory front, SCE continues to generate cash flow by recovering past costs tracked and memo accounts and is making strong progress to the final stages of resolving the legacy wildfires. Third, we remain confident in our ability to deliver on our commitments for 2025 and beyond.

謝謝，佩德羅，下午好。在今天的評論中，我想強調 3 個關鍵的財務資訊。首先，我們對 EIX 年初至今的財務表現感到非常滿意，這增強了我們在新一年取得穩健業績的信心。其次，在監管方面，SCE 透過收回過去的成本追蹤和備忘帳戶繼續產生現金流，並在解決遺留野火的最後階段取得了強勁進展。第三，我們對履行 2025 年及以後的承諾的能力仍然充滿信心。

I will note that we plan to update our projections next year following a final decision in SCE's GRC. Let's start with a brief review of our third quarter results. EIX reported core EPS of $1.51. As you can see from the year-over-year quarterly variance analysis shown on Page 8, core earnings grew by $0.13. This EPS growth was primarily due to higher CPUC revenue authorized in track 4 of the 2021 GRC and higher authorized rates of return.

我要指出的是，我們計劃在 SCE 的 GRC 做出最終決定後更新明年的預測。讓我們先簡要回顧一下我們第三季的業績。EIX 報告核心每股收益為 1.51 美元。從第 8 頁顯示的年比季變異數分析可以看出，核心收益成長了 0.13 美元。 EPS 成長主要是由於 2021 年 GRC 第 4 軌道授權的 CPUC 收入增加以及授權回報率提高。

Partially offsetting these drivers was higher interest expense associated with debt for wildfire claims payments. EIX Parent and Other was in line with the same period last year. Our quarterly results bring year-to-date EPS to $3.88. And this strong performance is largely driven by O&M, benefiting from a combination of efficient execution and timing.

與野火索賠付款債務相關的較高利息支出部分抵銷了這些驅動因素。EIX母公司及其他與去年同期持平。我們的季度業績使年初至今的每股收益達到 3.88 美元。而這種強勁的表現很大程度上是由運維驅動的，受益於高效執行和時機的結合。

Pages 9 and 10 show SCE's capital and rate base forecasts, which are consistent with last quarter's disclosures. We expect our next major update to the capital plan will follow a final decision in SCE's 2025 GRC.

第 9 頁和第 10 頁顯示了 SCE 的資本和利率基礎預測，與上季的揭露一致。我們預計資本計畫的下一次重大更新將遵循 SCE 2025 年 GRC 的最終決定。

In addition to the capital investments supported by the GRC, the utility is working on the stand-alone application for its next-generation enterprise resource planning system, which is expected to be filed in the next 6 months.

除了 GRC 支持的資本投資外，該公用事業公司還在開發下一代企業資源規劃系統的獨立應用程序，預計在未來 6 個月內提交。

Further, SCE expects to file the advanced metering infrastructure 2.0 application towards the end of 2025. Combined, these represent over $2 billion of CPUC jurisdictional capital investments. SCE also has more than $2 billion of FERC transmission projects in development. Both the incremental CPUC and FERC spending are upside to our current capital plan.

此外，SCE 預計在 2025 年底提交高級計量基礎設施 2.0 申請。這些合計代表 CPUC 轄區資本投資超過 20 億美元。SCE 也正在開發價值超過 20 億美元的 FERC 輸電項目。CPUC 和 FERC 支出的增量都對我們目前的資本計畫有利。

Turning to Page 11, following strong regulatory outcomes in recent years, SCE has recovered about $4.5 billion since 2021. In this quarter's update, you will notice on new item. The securitization that we expect will follow approval of the TKM settlement agreement. After a final decision on the settlement, SCE will file an application to request approval to securitize the $1.6 billion recovery, targeting completion of a financing by year-end 2025.

轉向第 11 頁，繼近年來強有力的監管成果之後，SCE 自 2021 年以來已收回約 45 億美元。在本季的更新中，您會注意到新項目。我們預計，TKM 和解協議獲得批准後將進行證券化。在達成和解最終決定後，SCE 將提交申請，請求批准將 16 億美元的追償資金證券化，目標是在 2025 年底前完成融資。

In total, the cash flow already received and expected over the next couple of years, significantly strengthened our balance sheet and credit metrics. Not only that, but we should also see the amounts recovered through memo accounts decline over time as these activities are built into SCE's GRCs going forward, simplifying the regulatory process.

總的來說，未來幾年已經收到和預期的現金流顯著增強了我們的資產負債表和信貸指標。不僅如此，我們還應該看到透過備忘帳戶追回的金額隨著時間的推移而下降，因為這些活動將被納入 SCE 的 GRC，從而簡化監管流程。

I would now like to expand on the status of fully resolving the legacy wildfires. SCE has now received demands for 95% of TKM and 94% of Woolsey outstanding individual plaintiff claims and the utility continues to work swiftly to resolve them.

現在我想詳細介紹一下徹底解決遺留野火的情況。SCE 目前已收到 95% 的 TKM 和 94% 的 Woolsey 未決個人原告索賠的要求，該公用事業公司將繼續迅速解決這些問題。

Under the settlement agreement, the same 60% recovery ratio will apply to the remaining TKM costs, net of a previously agreed to disallowance. For Woolsey, SCE also proposed a process to recover claims paid after the date the application was filed. The best estimate of total losses remained unchanged this quarter as additional settlements have been in line with expectations.

根據和解協議，扣除先前同意的取消費用後，剩餘的 TKM 成本將適用相同的 60% 回收率。對於 Woolsey，SCE 還提出了一個程序，以追回在提交申請之日後支付的索賠。本季總損失的最佳估計保持不變，因為額外的和解符合預期。

Turning to EPS guidance, Page 12 shows our 2024 core EPS guidance and modeling considerations. We are pleased with our very strong year-to-date performance which also gives us the opportunity to continue pulling forward O&M for the benefit of customers. With 9 months of results behind us and based on our outlook for the remainder of the year, we are very comfortable with narrowing our EPS guidance to $4.80 to $5.

關於 EPS 指南，第 12 頁顯示了我們的 2024 年核心 EPS 指南和模型注意事項。我們對今年迄今的強勁表現感到滿意，這也使我們有機會繼續推進營運和維護，以造福客戶。9 個月的結果已經過去，根據我們對今年剩餘時間的展望，我們非常願意將 EPS 指導縮小至 4.80 美元至 5 美元。

Turning to Page 13, we have refreshed the modeling considerations for 2025. I'll note a couple of items. First, we've updated rate base EPS to reflect the CPUC decision on cost of capital that Pedro mentioned. Secondly, continuing the trend, we see favorable cost management flexibility, driven by the pace of O&M reinvestment and financing benefits. Lastly, I want to emphasize that we have not incorporated the benefits from the TKN settlement agreement into this refresh, which would be incremental to our forecast.

翻到第 13 頁，我們更新了 2025 年的建模考量。我會記下幾項。首先，我們更新了每股盈餘基礎費率，以反映佩德羅提到的 CPUC 關於資本成本的決定。其次，延續這一趨勢，在維運再投資和融資效益步伐的推動下，我們看到良好的成本管理彈性。最後，我想強調的是，我們尚未將 TKN 和解協議帶來的好處納入本次更新中，這將增加我們的預測。

I will now discuss the plan for updating our guidance and long-term outlook. At a macro level, let me note that the moderating interest rate environment removes the financing headwind we have faced in recent years. Additionally, cost recovery in the legacy wildfire proceedings provides a tailwind.

我現在將討論更新我們的指導和長期前景的計劃。在宏觀層面，我要指出的是，適度的利率環境消除了我們近年來面臨的融資逆風。此外，遺留野火程序的成本回收也提供了有利條件。

Looking at our core operations, SCE's GRC is the driver for our high-quality earnings growth. As Pedro mentioned, we are hoping to see a CPUC decision in the first half of next year. Once SCE gets a final decision from the CPUC on the GRC, we will update our capital plan, financing plan, 2025 EPS guidance and EPS growth forecast, factoring in the TKM settlement.

從我們的核心業務來看，SCE的GRC是我們獲利高品質成長的動力。正如佩德羅所提到的，我們希望在明年上半年看到 CPUC 的決定。一旦 SCE 獲得 CPUC 關於 GRC 的最終決定，我們將更新我們的資本計劃、融資計劃、2025 年 EPS 指導和 EPS 成長預測，並將 TKM 和解考慮在內。

So what gives us confidence in achieving our 2025 core EPS guidance of $5.50 to $5.90, and growing earnings by 5% to 7% through 2028. There are 2 key factors. First is the strength of SCE's GRC and progress throughout the proceeding. SCE made a strong case and even based on intervenors positions, SCE's rate base growth would still be in line with its range case forecast of 6%.

那麼，是什麼讓我們有信心實現 2025 年核心每股收益 5.50 美元至 5.90 美元的目標，並在 2028 年實現盈利增長 5% 至 7%。有兩個關鍵因素。首先是 SCE GRC 的實力以及整個過程中的進展。SCE 提出了強有力的理由，即使基於乾預者的立場，SCE 的利率基礎增長仍將符合其 6% 的範圍案例預測。

Second is our ability to manage the numerous variables in the business, as we've demonstrated year in and year out over the last 2 decades. Additionally, it is important to reiterate that our guidance does not incorporate the upside from the TKM settlement. As you saw on Page 3, that total upside to 2025 core EPS is about $0.44, and the ongoing annual benefit beyond 2025 is $0.14.

其次是我們管理業務中眾多變數的能力，正如我們在過去 20 年中年復一年所證明的那樣。此外，需要重申的是，我們的指導意見並未考慮 TKM 和解的好處。正如您在第 3 頁上看到的，2025 年核心每股收益的總上升空間約為 0.44 美元，2025 年後的持續年度收益為 0.14 美元。

I'll conclude by saying that our strong financial discipline enables us to deliver not only on our financial targets, but also to continue SCE's cost leadership for customers given that affordability is a key component of the clean energy transition.

最後我要說的是，我們強大的財務紀律不僅使我們能夠實現財務目標，而且能夠繼續保持 SCE 對客戶的成​​本領先地位，因為負擔能力是清潔能源轉型的關鍵組成部分。

That concludes my remarks, and back to you, Sam.

我的發言到此結束，回到你身上，山姆。

Shiela, please open the call for questions. (Event Instructions)

Shiela，請打開電話提問。（活動須知）

(Operator Instructions)

（操作員說明）

Mike Lonegan, Evercore ISI.

洛根 (Mike Lonegan)，Evercore ISI。

So on the general rate case, I was just wondering if you could share your latest thoughts on it in the context around affordability concerns in California. We've seen the change in formula for the cost of capital trigger mechanism and a proposed decision in SDG&E and saw how gas rate case that cut attrition to your revenues?

因此，關於一般利率情況，我只是想知道您是否可以在加州負擔能力問題的背景下分享您對此的最新想法。我們已經看到了資本成本觸發機制公式的變化以及 SDG&E 中擬議的決定，並看到了天然氣費率案例如何減少您的收入損耗？

Yes. Thanks, Michael. Appreciate to have you on the call. And let me start by reminding folks I think comments we've made in other places. As we look at the rate trajectory for Southern California Edison, we, I think, said in the last quarter, we see that going back to levels at or below local inflation from '24 onto '28.

是的。謝謝，麥可。非常感謝您接聽電話。首先讓我提醒大家我認為我們在其他地方發表的評論。當我們觀察南加州愛迪生公司的利率軌跡時，我認為我們在上個季度表示，我們看到從 24 年到 28 年，利率回到或低於當地通膨水平。

So we think affordability is key. We are fortunate that the increases embedded in the general rate case are offset by a number of other items so that we can end up delivering that around inflation performance in terms of rate trajectory over the next several years.

所以我們認為負擔能力是關鍵。我們很幸運，一般利率情況下的成長被許多其他項目所抵消，因此我們最終可以在未來幾年的利率軌跡方面圍繞通膨表現實現這一目標。

Looking beyond that, the point that I made quickly in my remarks, and I know we stress at other times is that as we look at the continued investments needed over the longer term, beyond our 2028 guidance period for driving the clean energy transition. We see those continuing to put pressure likely around inflation levels for the electric rates.

除此之外，我在演講中很快指出的一點（我知道我們在其他時候強調）是，當我們考慮在 2028 年推動清潔能源轉型的指導期之後，長期所需的持續投資時。我們看到那些人可能繼續對電費通膨水平施加壓力。

We see electric bills increasing because people will be using more electricity. But as you look at the total energy bill of electric plus gasoline plus natural gas, we see that total bill for our average customer going down 40% in real terms to 2045. And importantly, their share of wallet, the amount of their household income that they're spending on the total energy bill, which today is 7% goes to 3% in our analysis by 2045.

我們看到電費增加，因為人們將使用更多的電力。但當你查看電力、汽油和天然氣的總能源帳單時，我們發現到 2045 年，普通客戶的總帳單實際上下降了 40%。重要的是，他們的錢包份額，即他們在能源帳單上的支出佔家庭收入的比例，根據我們的分析，到 2045 年，這一數字目前為 7%，將增至 3%。

So all of those in, I can give you a near-term answer and a long-term answer and both are important as we make the case and help educate our customers and our policymakers.

因此，我可以給您一個近期答案和一個長期答案，這兩個答案對於我們闡述案例並幫助教育我們的客戶和政策制定者來說都很重要。

Yes. Michael, maybe I'll just add on a little bit. So you definitely referred to affordability being a theme. And you're right. Every rate case is different, every proceeding is different, but that affordability theme is consistent through all of them.

是的。邁克爾，也許我會補充一點。所以你一定提到負擔能力是一個主題。你是對的。每個費率案例都不同，每個程序也不同，但負擔能力主題在所有案例中都是一致的。

When SCE filed its application, it had that affordability lens in everything that it asks for and all of its justification. In fact, they introduced savings into the GRC that they had already accumulated between GRC periods.

當 SCE 提交申請時，它在其要求的所有內容和所有理由中都具有可負擔性的鏡頭。事實上，他們將在 GRC 期間累積的儲蓄引入 GRC。

I think one really important factor to note is that even intervenor positions in response to our application still have about a 6% growth rate on rate base. So we've had this focus on affordability for a long time. We've integrated it into our rate case, and we think you're seeing that sort of responsiveness from interveners and we'll get the general rate case decision as we noted early in the first part of next year.

我認為需要注意的一個非常重要的因素是，即使是回應我們申請的介入者頭寸，在利率基礎上仍有約 6% 的成長率。因此，我們長期以來一直關注負擔能力。我們已將其整合到我們的費率案例中，我們認為您會看到干預者的這種反應，我們將得到一般費率案例的決定，正如我們在明年上半年早些時候指出的那樣。

And secondly from me, you've been talking about load growth materializing sooner than expected. You've mentioned potentially reprioritizing CapEx in the GRC or pursuing alternative funding approaches through separate applications. Just wondering what your latest thinking is around this.

其次，您一直在談論負載成長比預期更快實現。您提到可能會重新確定 GRC 中資本支出的優先順序，或透過單獨的申請尋求替代融資方法。只是想知道您對此的最新想法是什麼。

Well, we have the benefit of having repaired the GRC forecast in a time period when we're already seeing some of that acceleration in load. And so I think that as we look at certainly 2025, we have a good beat on what is needed.

嗯，我們的好處是在我們已經看到負載加速的一段時間內修復了 GRC 預測。因此，我認為，當我們展望 2025 年時，我們在所需的方面已經有了很好的進展。

As we look into the later years of the rate case, we'll see, first and foremost, what final decision we get and what capital levels embedded in there. We continue to have the ability to reprioritize capital to deploy it against the most pressing needs.

當我們研究利率案例的後期時，我們首先會看到我們得到的最終決定以及其中包含的資本水準。我們仍有能力重新調整資本的優先順序，以因應最迫切的需求。

And if we were to determine later on that we need more capital support beyond the GRC decision, there's a couple different avenues. And including the SP410 mechanism or mechanism in the rate case process. So -- and it's come up in the high distribution -- high distributed energy resource proceeding.

如果我們後來確定除了 GRC 決定之外我們還需要更多的資本支持，有幾種不同的途徑。並包括SP410機製或費率案件流程中的機制。所以——它出現在高分佈——高分佈能源進程。

So a couple of different avenues. But right now, I think we're focused on continuing to press for a good rate piece outcome and prioritizing from there. Anything to add Maria or Sam?

所以有幾個不同的途徑。但現在，我認為我們的重點是繼續爭取良好的費率結果，並以此為優先順序。瑪麗亞或山姆有什麼要補充的嗎？

Shar Pourreza, Guggenheim Partners.

沙爾‧普爾雷扎，古根漢合夥人。

So Pedro, just in terms of the TKM settlement, beyond the $0.14 of run rate EPS improvement, does kind of the balance sheet flexibility from the memo account recovery plus TKM leave room for taking out some of the -- maybe the equity-like instruments that were supporting wildfire claims like the prefs and the junior subordinated. So your metrics are improving. Could you take down some of the equity? Would that be accretive to sort of your plan right now?

因此，就TKM 和解而言，佩德羅除了0.14 美元的運行率EPS 改善之外，還通過備忘賬戶恢復實現了資產負債表的靈活性，加上TKM 為取出一些——也許是類似股票的工具留下了空間那些支持野火主張的人，例如省長和初級下屬。所以你的指標正在改善。可以拿走部分股權嗎？這對你現在的計畫有幫助嗎？

Shar, thanks for the question. Yes. So I think, first and foremost, we have the framework of 15% to 17% FFO to debt. I think the first thing that we would look at is the $100 million a year of equity that we've said is in our plan because as long as we're solid on the balance sheet, that might not be necessary.

莎爾，謝謝你的提問。是的。所以我認為，首先也是最重要的是，我們有 15% 至 17% FFO 債務的框架。我認為我們首先要考慮的是我們計劃中每年 1 億美元的股本，因為只要我們的資產負債表穩定，這可能就沒有必要。

As we move forward in time, we will be looking at the hybrids. I think those don't actually really come into play until '26 and then even beyond that. But that's definitely an opportunity that we will be looking at.

隨著時間的推移，我們將專注於混合動力。我認為這些直到 26 年甚至更久之後才真正發揮作用。但這絕對是我們會關注的機會。

Got it. Incremental to the plan, right? So that's not something that you're embedding in the plan right now.

知道了。計劃的增量，對嗎？所以這不是你現在要納入計劃的內容。

Yes. We'll take a look at that as we get closer and closer to those reset dates.

是的。當我們越來越接近這些重置日期時，我們將對此進行研究。

Okay. Great. And then as you guys note, the assumption changes for ROE in '25 in the slides. Can you clarify if the offset in operation variance is driven by pulling back some of the reinvestment that was originally planned how much of the financing benefit that you're kind of calling out contribute to that $0.20 positive there?

好的。偉大的。然後，正如你們所注意到的，幻燈片中 25 年 ROE 的假設發生了變化。您能否澄清一下，營運差異的抵銷是否是由於撤回部分原計劃的再投資而導致的，您所說的融資收益中有多少對 0.20 美元的正值有貢獻？

Yes. So when we obviously got the final decision on the ROE. We wanted to update the rate base math for that. That's something that we've done in the past few cycles because since we've given this guidance, we've gone through a number of cost of capital situations.

是的。所以當我們顯然得到了 ROE 的最終決定。我們想為此更新費率基礎數學。這是我們在過去幾個週期中所做的事情，因為自從我們給出這個指導以來，我們已經經歷了許多資本成本情況。

At the same time that we did that, we thought it would be a propria to update sort of those high-level modeling considerations that we provided. But remember, those are high-level considerations. We operate the business at a much more granular level.

在我們這樣做的同時，我們認為更新我們提供的那些高級建模考慮因素是適當的。但請記住，這些都是高層次的考慮因素。我們在更精細的層面上經營業務。

So we took a look at many, many things and many, many factors across the business. One aspect of what we did was we looked at financing costs. We put those assumptions out there a number of years ago. We've obviously worked through a number of different interest rate environments at this point, both in terms of the underlying rates as well as spreads. And we do see cost benefits across the board, including in the operational variances area but across the other elements as well.

因此，我們研究了整個企業的很多很多事情和很多很多因素。我們所做的一方面是考慮融資成本。我們幾年前就提出了這些假設。顯然，我們目前已經經歷了許多不同的利率環境，無論是基礎利率還是利差。我們確實看到了全面的成本效益，包括營運差異領域，但也包括其他要素。

The other thing that we looked at, which is really a lever that we have every year is that reinvestment rate. I mentioned earlier that even in 2024, we have the flexibility to pull forward O&M costs into 2024 to the benefit of customers, and that gives us further flexibility as we move forward. Did the same thing with 2025. We're not quantifying every penny down to the net, but I think that, that's the sort of work that we did as we went through the process for the quarter.

我們關注的另一件事是再投資率，這實際上是我們每年都有的槓桿。我之前提到，即使在 2024 年，我們也可以靈活地將維運成本推遲到 2024 年，以使客戶受益，這為我們前進提供了更大的靈活性。2025 年也做了同樣的事情。我們並沒有量化每一分錢的具體金額，但我認為，這就是我們在本季流程中所做的工作。

And I would just stress, Maria, you covered it well. Shar, hopefully, you walked away with a sense of our commitment to managing the business well for our customers and meeting our commitment to all of you around our 2025 and 2028 targets.

我只想強調，瑪麗亞，你講得很好。Shar，希望您在離開時能夠感受到我們致力於為客戶管理好業務並圍繞 2025 年和 2028 年目標履行我們對所有人的承諾。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Just, I guess, 2 quick questions. I think you talked about giving -- or providing an update once you get a GRC decision in '25. At that time, do you think we'll have clarity on TKM and Woolsey and the update you provide will incorporate GRC plus the 2 wildfire proceedings?

我想，只是兩個簡單的問題。我認為您談到了在 25 年獲得 GRC 決定後提供更新資訊。到那時，您認為我們會澄清 TKM 和 Woolsey，並且您提供的更新將納入 GRC 以及 2 個野火程序嗎？

So the schedule for TKM and the GRC we're thinking in the first half of the year. So hopefully, we'll have the ability to do both incorporate both of those Woolsey, it's early in the product, Anthony.

因此，我們正在考慮今年上半年 TKM 和 GRC 的日程安排。所以希望我們有能力將這兩者結合起來，Woolsey，這還處於產品的早期階段，安東尼。

I think we just filed the application relatively recently. Interveners having filed their response that will bring us through -- we won't have a prehearing conference until later this year. So we're going to work through the process.

我想我們最近才提交申請。幹預者已經提交了他們的答复，這將使我們渡過難關——直到今年晚些時候我們才會召開預聽證會。所以我們將完成整個過程。

But what I want to emphasize is the same way that we treated TKM where we weren't incorporating any benefits from a settlement or a litigated process until we saw it happening and we get a decision. Same thing for Woolsey. I think it's just much more straightforward if we keep that out and you'll just see the strength of the underlying business in our numbers.

但我想強調的是，我們對待 TKM 的方式是一樣的，在我們看到它發生並做出決定之前，我們不會從和解或訴訟程序中獲得任何好處。伍爾西也是如此。我認為，如果我們把這一點排除在外，那就更簡單了，你就會在我們的數據中看到基礎業務的實力。

Great. And my last question, maybe challenging to answer, but just some of the investors were concerned as the change in the cost of capital happens in year 3 of -- of a 3-year mechanism that we thought was kind of set, even though there wasn't a triggering event.

偉大的。我的最後一個問題，也許很難回答，但只有一些投資者擔心，因為資本成本的變化發生在我們認為已經確定的三年機制的第三年，儘管有不是觸發事件。

And as you look forward to the next cost of capital period or a cycle, I guess the right word, I mean how do you give investors assurances that we may not see another mid-cycle change. Again, we don't know what happens on the macro environment, whether it's a cost of capital trigger. But just the uncertainty that this was really a unique event and that we shouldn't expect something mid-cycle unless there was a trigger going forward?

當你期待下一個資本成本期或週期時，我猜這個詞是正確的，我的意思是你如何向投資者保證我們可能不會看到另一個週期中期的變化。同樣，我們不知道宏觀環境會發生什麼，是否是資本成本觸發因素。但只是不確定這確實是一個獨特的事件，除非有一個觸發因素，否則我們不應該期待週期中期會發生什麼？

Anthony, let me start on that one. And I'll take a bit of a broader aperture on it. I mean, you did hear me say in my comments that we were disappointed with that specific decision. But then we put it in the broader context of the regulatory environment in California, right?

安東尼，讓我從那個開始。我會用更大的光圈來拍攝它。我的意思是，您確實在評論中聽到我說我們對這一具體決定感到失望。但我們把它放在加州監管環境的更廣泛背景下，對嗎？

And so I know as I sit down with investors, and talk about this, I always point to making sure we're looking at the whole broad picture of the framework here. And the remarkable strengthening of the framework we have lived through over the last half decade, right?

所以我知道，當我與投資者坐下來談論這個問題時，我總是指出，確保我們在這裡看到框架的整體情況。過去五年我們所經歷的框架得到了顯著的加強，對吧？

And so when you think about when the wildfire period started and the uncertainty around that, and you saw us work through that, you saw the state work through that. And importantly, you've seen the CPUC work through implementation of AB 1054. You've seen the CPUC work through a number of other proceedings.

因此，當你想到野火時期何時開始以及周圍的不確定性時，你會看到我們正在努力解決這個問題，你會看到國家正在努力解決這個問題。重要的是，您已經看到 CPUC 透過實作 AB 1054 來運作。您已經看到 CPUC 透過許多其他程式進行工作。

Maria talked about the past number of memo accounts where we've been recovering cash from them. We got a number of things that have been highly constructive in this environment.

瑪麗亞談到了我們過去從多個備忘帳戶中收回現金的情況。在這種環境下，我們得到了許多非常有建設性的東西。

And I'm not a big sports guy, but since baseball is a big thing right now, nobody bats 1,000, right? And so you're going to get a few misses here and there. But I think overall, we're seeing a CPUC in a state that is committed to having a robust regulatory framework that maintains the financial health of utilities. It gives certainty to investors.

我不是一個熱衷運動的人，但由於棒球現在很流行，沒有人能擊球 1,000 次，對嗎？所以你會時不時地出現一些失誤。但我認為總體而言，我們看到 CPUC 致力於建立健全的監管框架，以維持公用事業的財務健康。它給投資者帶來了確定性。

We're going to disagree a few of the things that they do, and that's a bit of light. But we would expect as we turn to the '26 to '28 capital proceeding, I think you've seen the table set in terms of some clarity and what came out of '25. We will come in with very strong arguments for why we see a continued need for the California premium that has been supported over the last couple of decades, and we'll take it from there.

我們會不同意他們所做的一些事情，這有點輕鬆。但我們預計，當我們轉向“26”至“28”資本程序時，我認為您已經看到了一些清晰的表格以及“25”的結果。我們將提出非常有力的論點來解釋為什麼我們認為對過去幾十年來得到支持的加州溢價的持續需求，我們將從那裡開始。

And in the meantime, we're going to be looking for constructive regulation out of the general rate case decision. You saw the very constructive set outcome with call advocates on the TKM settlement. So again, a number of other proof points around the continued strengthening of the environment here.

同時，我們將在一般利率案件決策中尋求建設性監管。您看到了與 TKM 和解呼籲倡議者取得的非常有建設性的既定結果。同樣，圍繞這裡的環境持續強化還有許多其他證據。

And since I said use sports analogy, which I really do. But since I know a number of you are in New York at the risk of Imperia what you're right about us, go Dodgers.

既然我說過用運動類比，我確實這麼做了。但既然我知道你們中的一些人在紐約面臨因佩里亞的風險，你們對我們的看法是正確的，那就去道奇隊吧。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Thank you. Alex Pedro. That's all right. So just maybe a little more color on the GRC timing and just because both PG&E and Semprus cases kind of went well into the -- toward the end of the year.

謝謝。亞歷克斯·佩德羅.沒關係。因此，也許 GRC 的時間表會有更多色彩，因為 PG&E 和 Semprus 案件都在接近年底的時候進展順利。

Just -- are you hopeful on timing of first half just because there's less differential in positions? Or maybe just a little more color on timing. And I guess also, is there a chance to settle more of the issues before we get to an order?

只是——你是否因為位置差異較小而對上半場的時間安排充滿希望？或者也許只是在時間上多一點色彩。我還想，在我們下訂單之前是否有機會解決更多問題？

Yes. So Steve, I think as we've worked through the proceeding, we've seen the ALJ and all the parties meet every deadline. There are a few days here and there where people got extensions, but it's been very much according to the schedule.

是的。所以史蒂夫，我認為在我們完成整個程序的過程中，我們已經看到行政法官和所有各方都遵守了每個截止日期。有時候人們會得到延期，但基本上都是按計劃進行的。

At this point, all of the documents are submitted, everybody is finished with their written briefs, et cetera. and we're really waiting on the ALJ to write the proposed decision. We think that there certainly is time to get a decision in the first half of the year with the other GRCs now sort of moving past or through to resolution.

至此，所有文件都已提交，每個人都完成了書面摘要等等。我們正在等待行政法官撰寫擬議的決定。我們認為，今年上半年肯定有時間做出決定，因為其他 GRC 現在已經進入解決方案。

We think that also that helps a little bit with the staffing issues, not everybody works on everything, but it's always more helpful when you're clearing that.

我們認為這對解決人員配置問題也有一點幫助，並不是每個人都在做所有事情，但當你解決這個問題時總是會更有幫助。

So we do think that the first half of next year right now looks like a reasonable time frame for us. In terms of additional settlements, procedurally, that is actually behind us now in terms of settling different things. These are very complex cases and to have an overall settlement is typically reasonably difficult.

因此，我們確實認為明年上半年對我們來說似乎是一個合理的時間框架。就額外的和解而言，從程序上來說，我們現在在解決不同問題方面實際上已經落後了。這些案件非常複雜，要達成全面和解通常相當困難。

But as you know from some of the discussion last quarter, we have settled a number of different items, which helps to streamline sort of what is remaining for the proposed and final decision. So we do think that we've moved through a fair amount of items, but we'll be waiting for a final decision in the first half of next year.

但正如您從上個季度的一些討論中了解到的那樣，我們已經解決了許多不同的問題，這有助於簡化擬議和最終決定中剩餘的內容。因此，我們確實認為我們已經完成了相當多的項目，但我們將等待明年上半年的最終決定。

Okay. And then I guess the one missing piece would be the cost of capital for the next 3 years, which, I guess, that won't affect '25, but just that won't be decided probably till the end of '25 for the...

好的。然後我猜想缺少的一個部分將是未來 3 年的資本成本，我想這不會影響 25 年，但這一點可能要到 25 年底才能決定...

So we will file in March. And typically, the commission has a very long track record of getting those decisions out before the end of the year. So you kind of know what you're dealing with as you get into the first year of the 3-year cycle.

所以我們會在三月提交。通常情況下，該委員會有著在年底前做出這些決定的悠久記錄。因此，當您進入三年周期的第一年時，您就知道自己正在處理什麼。

We're going to file the same kind of cost of capital proceeding we have in the past, which is to really look at all the issues, both from a quantitative perspective as well as a qualitative perspective. And we will be continuing to emphasize the California premium the thing that the commission has talked about in the past as well and they, in fact, coin the phrase because of all the differential work that we -- that the IOUs in California do relative to other jurisdictions.

我們將提交與過去相同的資本成本程序，即從定量角度和定性角度真正審視所有問題。我們將繼續強調加州溢價，委員會過去也談到過這一點，事實上，他們創造了這個短語，因為我們所做的所有差異工作——加州的借條相對於其他司法管轄區。

I'll note, though, that as we think about the longer term, and we've talked about the 5% to 7% compound annual growth through 2028. We've said that consistently in different ROE environment. And so it has moved around a little bit over the past few years.

不過，我要指出的是，當我們考慮更長期的情況時，我們已經討論了到 2028 年的複合年增長率為 5% 到 7%。我們在不同的 ROE 環境中始終如此。因此，在過去的幾年裡，它發生了一些變化。

Some have been less than where we are today, some have been more than where we are today. We've given some sensitivity so folks can understand sort of the magnitude change, but we're confident that we can manage the business along those lines, regardless.

有些比我們今天的水平要低，有些則比我們今天的水平要高。我們已經給出了一些敏感性，以便人們能夠理解某種程度的變化，但我們相信，無論如何，我們都可以按照這些思路來管理業務。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

A couple of quick ones. In your Q, you highlighted that there was a change to the nuclear decommissioning trust estimate to $2.3 billion net to Edison. What drove that and what are the impacts to the financing plan?

幾個快速的。在您的問題中，您強調，愛迪生的核退役信託估計淨額已更改為 23 億美元。是什麼推動了這一點？

Sure. So every 3 years, we do update the cost of the ignition that's part of our regulatory process. And as we do that 3-year look, we will be refreshing everything. Some of the things that change are just what's the expectation about when the federal government will remove the spent fuel from the site.

當然。因此，每三年，我們都會更新點火成本，這是我們監管流程的一部分。當我們進行三年期的展望時，我們將刷新一切。一些改變的事情正是聯邦政府何時從現場清除乏燃料的預期。

So all of those things go into the mix. The trust fund is very well funded, and it does -- that change in the decommissioning trust has no impact on our financing plan.

所以所有這些東西都會混合在一起。信託基金的資金非常充足，退役信託的變化對我們的融資計畫沒有影響。

Okay. And then maybe a follow-up or related in terms of 2025. Is there any additional color you could provide around the -- some of the offsetting items to the cost of capital benefit outside of rate case outcomes?

好的。然後可能是 2025 年的後續或相關內容。您是否可以圍繞利率案例結果之外的資本利得成本的一些抵銷項目提供任何其他資訊？

Sure. So in terms of how we managed through and looked at all of those granular issues, it's a little bit akin to what I said earlier on the call. So we took a look at, as an example, we had a lot of assumptions in there around financing plans.

當然。因此，就我們如何解決和看待所有這些細粒度問題而言，這有點類似於我之前在電話會議上所說的內容。作為一個例子，我們看了一下，我們對融資計劃有很多假設。

And over the past 4 years, the time from which we first announced the numbers to now, we've actually done a good job at managing through various interest rate environments. And from a portfolio perspective, we do find that we are doing better than we had originally assumed we would.

在過去的四年裡，從我們第一次公佈數據到現在，我們實際上在應對各種利率環境方面做得很好。從投資組合的角度來看，我們確實發現我們的表現比我們最初假設的要好。

As we look forward into next year, we don't have too much left to finance for 2025, but we think that we can manage that as well through both timing of when we go out to market as well as, again, some more positive expectations about what the market will look like next year.

展望明年，我們沒有太多資金可以為 2025 年融資，但我們認為我們也可以透過上市時間以及一些更積極的措施來管理這一點對明年市場的預期。

When we think about more about the levers on the reinvestment side. We are always evaluating the timing and the quantum of what we're investing in the business. And that can range from anywhere around projects like inspections and maintenance.

當我們更多地考慮再投資方面的槓桿。我們一直在評估我們在業務上投資的時機和數量。這可以涉及檢查和維護等項目的任何地方。

So can we pull some forward into 2024 things like some telecom enhancements that potentially we can move around and that, that will create some headroom. And frankly, when we first announced changes related to the increase in the cost of capital, we were accelerating some things into 2025 to create benefit faster in the next rate case cycle. We can manage the timing of that as we like.

那麼，我們是否可以將一些事情提前到 2024 年，例如一些我們可能可以移動的電信增強功能，這將創造一些空間。坦白說，當我們首次宣布與資本成本增加相關的變化時，我們正在將一些事情加快到 2025 年，以便在下一個利率案例週期中更快地創造效益。我們可以按照自己的意願安排時間。

Gregg Orrill, UBS.

格雷格·奧裡爾，瑞銀集團。

Maybe a detail-oriented question. What's involved in the next filing for the generation enterprise resource planning system? And maybe just another question on top of that, just your view in terms of the role of gas in California, and how long that would be around if you could scale that at all?

也許是個注重細節的問題。下一代企業資源規劃系統的下一個備案涉及哪些內容？也許這只是除此之外的另一個問題，您對天然氣在加州的作用的看法，以及如果您能夠擴大規模，這種作用會持續多久？

Thanks, Greg. Why don't we start with Steve on the ERP piece.

謝謝，格雷格。我們為什麼不從 Steve 開始討論 ERP 部分呢？

Sure. So our -- we call it next gen, our NextGen enterprise resource planning program is going through its solution analysis right now. And it's focused on both the technology underpinnings as well as the process changes around work management, supply chain and kind of those major functions across the organization.

當然。因此，我們的—我們稱之為下一代，我們的下一代企業資源規劃計畫現在正在進行解決方案分析。它重點關注技術基礎以及圍繞工作管理、供應鏈和整個組織的主要職能的流程變化。

We're heading to a point where our current ERP system is nearing its end of life or end of service. And so that's later this decade. So we're basically redesigning the next generation of that ERP system to go into implementation. Right now, we're focused on finalizing the filing with the commission, and so we expect that to come in Q1 as we finish that up.

我們目前的 ERP 系統正面臨其生命週期或服務終止的時刻。那是本十年後期的事了。因此，我們基本上正在重新設計下一代 ERP 系統以投入實施。目前，我們的重點是完成向委員會提交的文件，因此我們預計將在第一季完成。

And then on the gas piece, Gregg, I think you're probably referring to my comments on reaching for net zero or reaching net zero. And what our team did here was, frankly, pretty important work, right, because they took a look not just at the normal kind of supply the demand balance picture, but this included some level of power flow analysis.

然後在天然氣方面，格雷格，我想你可能指的是我關於實現淨零或達到淨零的評論。坦白說，我們團隊在這裡所做的工作非常重要，因為他們不僅關注正常的供應需求平衡情況，還包括某種程度的潮流分析。

It really goes into how does the system really operate in? How do you make sure that power can flow across a number of conditions? What they saw was that, as I mentioned in my comments, California will need a lot of clean firm generation? So think about resources like next-generation geothermal or could be nuclear over that would require a change in law in California. It could be gas paired with stores with carbon capture and storage, right? But resources that can run 24/7 or when needed.

它真正涉及到系統如何真正運作？如何確保電力能夠在多種條件下流動？他們看到的是，正如我在評論中提到的，加州將需要大量清潔公司來發電？因此，考慮下一代地熱或核能等資源，因為這需要加州修改法律。它可能是天然氣與具有碳捕獲和儲存功能的儲存相結合，對嗎？但資源可以 24/7 或在需要時運作。

And what's interesting is that 1 gigawatt of those clean firm generation resources gives you the same amount of greenhouse gas emissions effectiveness -- of reduction effectiveness at 7 to 11 gigawatts of solar [power] storage. We will have lots of solar and storage, but you need it all, right? And clean format ratio will be an important part of the picture.

有趣的是，1 吉瓦的清潔發電資源所帶來的溫室氣體排放效率與 7 至 11 吉瓦太陽能儲存的減排效率相同。我們將擁有大量的太陽能和儲存設施，但您需要這一切，對吧？而乾淨的幅面比例將是圖片的重要組成部分。

The challenge, though, is that a number of those resources are still not mature. They need to go up the technology development and maturation curve. And then you also have the siting and permitting challenges for any resource.

然而，挑戰在於其中許多資源仍不成熟。他們需要提陞技術開發和成熟度。然後，您還面臨任何資源的選址和許可挑戰。

So that means that there's a lot of uncertainty in terms of getting the steel in the ground between L and 2045. In the meantime, we have this big insurance policy. And it's all the natural gas generation that currently exists in the state.

因此，這意味著在 L 到 2045 年之間將鋼材投入生產存在很大的不確定性。同時，我們還有這份大額保險。這是該州目前存在的所有天然氣發電。

So part of our message is, particularly as we look at scenarios where we might see even higher load, where I see greater delays in the technology deployment and deciding and permitting and construction really important to hold on to the existing gas generation fleet as the insurance policy for those potential scenarios.

因此，我們的部分訊息是，特別是當我們考慮可能會看到更高負載的情況時，我發現技術部署、決策、許可和建設方面的延遲更大，這對於保留現有的天然氣發電艦隊作為保險非常重要針對這些潛在情況的政策。

But again, we expect that those generators, gainers would be running a lot less than they do today. in our prior analysis, we estimated that California would see something like between 4% and 5% of its electrons coming from gas resources in 2045. Now hopefully, that covers the second question.

但我們再次預計，那些發電者、贏家的運行速度將比現在少得多。在我們先前的分析中，我們估計到 2045 年，加州將有 4% 到 5% 的電子來自天然氣資源。現在希望這涵蓋了第二個問題。

Nicholas Campanella, Barclays Bank.

尼古拉斯·坎帕內拉，巴克萊銀行。

So I know a lot of questions on '25 and the variance and cost of capital, and you guys seem well positioned to absorb all this. So just to kind of like tie it up, when we kind of think about and into like '26 earnings power? Is it as simple as just adding $0.14 to that [570] midpoint and then growing [5] to [7] off that? Is there anything wrong with doing that? And are there offsets that you would flag that we should kind of consider as we kind of think about '25 and '26 pro forma TKM?

所以我知道很多關於 25 年的問題以及資金的差異和成本，你們似乎有能力吸收所有這些。所以，當我們思考並進入「26 年獲利能力」時，只是想把它綁起來？是只要在 [570] 中點上加 0.14 美元，然後將其成長 [5] 到 [7] 就這麼簡單？這樣做有什麼問題嗎？您是否認為我們在考慮 '25 和 '26 形式 TKM 時應該考慮一些補償？

Yes. So the $0.14 is the run rate. So for sure, that's additive to anything that we've put out there for '26. The slight variation is in '25 because we don't know exactly when we'll get the decision during the year, you could have -- you might not have the full year run rate on the $0.14 in the first year, but it is a $0.14 run rate as you get out past that.

是的。所以 0.14 美元是運行費率。所以可以肯定的是，這對我們 26 年推出的任何內容都是有補充的。25 年略有不同，因為我們不知道這一年中什​​麼時候會做出決定，您可能沒有第一年 0.14 美元的全年運行率，但它是當你超出這個範圍時，運行費率為0.14美元。

And then just on the TKM, you've got 60% recovery. I know that you just started the Woolsey request, but can you just kind of talk about what can make that outcome different than the 60% in TKM, like what are the key things to kind of watch for?

然後僅在 TKM 上，您就有 60% 的恢復率。我知道您剛開始提出 Woolsey 請求，但您能否談談是什麼使該結果與 TKM 中的 60% 不同，例如需要注意的關鍵事項是什麼？

You mean on Woolsey as opposed to TKM?

您指的是 Woolsey 而不是 TKM？

Yes.

是的。

Yes. Thanks, Nick. I'll will stay pretty high level here. But the bottom line answer is they're very different cases, and this is all very case specific. So we can't look at the TKM number and assume that, that is, therefore, the number for another fire, whether it's Wooley or something else.

是的。謝謝，尼克。我會在這裡保持很高的水平。但最根本的答案是它們的情況非常不同，而且這都是針對特定情況的。因此，我們不能查看 TKM 編號並假設另一場火災的編號，無論是伍利火災還是其他火災。

Just to remind you of a couple of the specifics, in TKM, you had 2 different ignition sources. For one of those ignition sources, we acknowledge that Edison equipment was at issue. We still think that SCE was prudent in its operations, but we know that the spark came from that equipment.

只是提醒您一些細節，在 TKM 中，您有 2 個不同的點火源。對於這些點火源之一，我們承認愛迪生設備有問題。我們仍然認為SCE的運作是謹慎的，但我們知道火花來自於那些設備。

For the other ignition point, while there was some investigation report by a fire agency that pointed to Edison, there really wasn't the evidence there. We don't think that, that was correct. But in any case, you have 1 ignition source that -- or a point that's linked to Edison, 1 that we don't think is, 2 fire start, then they merge. That's a complicated case, right?

至於另一個著火點，雖然消防機構的一些調查報告指向愛迪生，但確實沒有證據。我們不這麼認為，那是正確的。但無論如何，你有 1 個點火源——或者一個與愛迪生相關的點，1 個我們認為不是的，2 個點火源，然後它們合併。這是一個複雜的案子，對吧？

Woolsey is different. There's a single ignition point. Again, we know that it's linked to Edison infrastructure. Once again, we believe that SCE was fully prudent in its operations, it made that case in its filing. But it's just different, it's apple and orange when you're looking at just for starters, 2 different starting in issuance is 1 edition point, and this other intricacies and specific items for each of those fires. So long-winded way of going back to what I said at the beginning, case specific for different fires.

伍爾西則不同。有一個著火點。同樣，我們知道它與愛迪生基礎設施有關。我們再次相信 SCE 的運作是完全審慎的，它在其備案文件中也證明了這一點。但它只是不同，當你只看入門時，它是蘋果和橙色，2 個不同的起始發行是 1 個版本點，以及每個火災的其他複雜性和特定項目。如此冗長的方式回到我一開始所說的，針對不同火災的具體情況。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

It's actually Rich Sunderland on for Jeremy. How are you? Just one for me. The $2 billion FERC transmission CapEx and the $2 billion across those 2 CPUC jurisdictional applications, when you give your plan update next year, any sense of that spend and if it would be right for including in the base plan? And then maybe more broadly, just on the FERC stuff, what is the status of your work on that when do you think you'll have a sense on timing of when that might be deployed and if you're going to be funding that?

實際上是里奇·桑德蘭（Rich Sunderland）替補傑里米（Jeremy）。你好嗎？只給我一個。20 億美元的 FERC 輸電資本支出和這 2 個 CPUC 司法管轄區應用程式的 20 億美元，當您明年更新計劃時，您對這筆支出有任何感覺嗎？然後也許更廣泛地說，就 FERC 而言，您在這方面的工作狀況如何，您認為您什麼時候會對部署時間有了解，以及您是否打算為此提供資金？

So I'll let Steve talk about the timing of the FERC and how we're working towards resolution on that, but just in terms of the updates to the plan first.

因此，我將讓史蒂夫談談 FERC 的時間表以及我們如何努力解決該問題，但首先是計劃的更新。

Typically, what we would do is, as we get close to filing the applications, and we know the quantum and the amount and the timing of the spend better that's when we would roll it into our plan. And that's why we haven't rolled it in yet because we're still working through all the details. I will note that on the FERC side, much of that will be spent post 2028. But Steve, why don't you talk a little bit about the details.

通常，我們會做的是，當我們接近提交申請時，我們會更好地了解支出的數量、金額和時間，那時我們會將其納入我們的計劃。這就是為什麼我們還沒有推出它，因為我們仍在研究所有細節。我要指出的是，在 FERC 方面，其中大部分將在 2028 年之後花費。但是史蒂夫，你為什麼不談細節呢？

So yes, so in the 2022 through '23 CISO transmission plan, that's where Edison was awarded about 20 incumbent projects worth over $2 billion. And generally, those projects are, as Maria mentioned, they come online outside the '28 period. So most of the spend is going to happen out there.

是的，在 2022 年至 23 年的 CISO 輸電計畫中，愛迪生獲得了約 20 個價值超過 20 億美元的現有項目。一般來說，正如瑪麗亞所提到的，這些項目是在 28 世紀之外上線的。因此，大部分支出將發生在外面。

In that same process, there also was a competitive project that Edison won in partnership with Lotus Infrastructure Partners. And again, that project is, I think the online data is 2032. And so we'll be working through the other approval processes with the Public Utilities Commission, design and all the stuff it takes to get transmission built.

在同一過程中，愛迪生還與 Lotus 基礎設施合作夥伴合作贏得了競爭項目。再說一遍，那個項目，我認為線上數據是 2032 年。因此，我們將與公用事業委員會一起完成其他審批流程、設計以及建造輸電所需的所有工作。

And so as the type of plans continue to come out with new projects, I think it's important to note that transmission projects still take a long time, and it's one of the reasons why we're also focused on getting site in and licensing improvements to help accelerate this because they are very long time frames to get the projects built that are required really to help meet electrification growth as well as the growth in all the new energy resources that will be needed over the next decade and beyond.

因此，隨著新項目類型的不斷出現，我認為重要的是要注意輸電項目仍然需要很長時間，這也是我們也專注於獲得站點和許可改進的原因之一有助於加速這一進程，因為建造真正需要的項目需要很長的時間框架，這些項目確實有助於滿足電氣化成長以及未來十年及以後所需的所有新能源的成長。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Let me see. I wanted to just follow up on the Wise process here. Is there a time frame where we might watch for the potential for a settlement? Would that be a year from now in terms of just I'm looking at TKM versus Woolsey, when might those discussions become more realistic in the process?

讓我看看。我想在這裡跟進 Wise 的流程。我們是否有一個時間框架可以觀察和解的可能性？就我正在研究 TKM 與 Woolsey 而言，一年後這些討論會在這個過程中變得更加現實嗎？

Yes. So just to give you an overall view of the Woolsey schedule as it exists today, at least our proposed schedule. We would expect that on November 12, that we'll get protests and responses from interveners, we would get a chance then to apply to that and then a prehearing conference probably in early December.

是的。因此，只是為了讓您對今天的伍爾西時間表（至少是我們提議的時間表）有一個總體了解。我們預計在 11 月 12 日，我們將收到干預者的抗議和回應，然後我們將有機會提出申請，然後可能在 12 月初舉行預聽證會。

Then we would need to wait for the scoping memo. And that is where you'll get the more definitive schedule as the ALJ lays it out. We have asked SCE has asked for a single phase with an end date that's about an 18-month schedule, which is consistent with TKM.

然後我們需要等待範圍界定備忘錄。您將在此處獲得 ALJ 制定的更明確的時間表。我們已要求 SCE 要求單階段，結束日期約為 18 個月的時間表，這與 TKM 一致。

We get the scoping memo, the scoping memo would be the place to look for in terms of whether or not the ALJ wants to set aside time for a settlement conference, et cetera, that's exactly what they did on TKM. But one of the really important parts of TM -- obviously, we did file the settlement that we reached with Cal Advocates, but a really important there was developing the testimony, having interveners participate in that. CALPA submitted quite a few volumes of their own testimony and setting that stage is really important even as you look forward to either a litigated outcome or a settled outcome. And so that's really what to be looking for.

我們收到了範圍界定備忘錄，範圍界定備忘錄將是尋找 ALJ 是否願意為和解會議留出時間等問題的地方，這正是他們在 TKM 上所做的。但 TM 真正重要的部分之一——顯然，我們確實提交了與加州倡議者達成的和解協議，但真正重要的是製定證詞，讓幹預者參與其中。CALPA 提交了相當多卷的自己的證詞，即使您期待訴訟結果或和解結果，這一階段的準備也非常重要。這就是真正要找的東西。

Got it. That's helpful. Very clear. I appreciate that. And then I was just curious on the ERP and AMI filings, it sounded like those were coming in the near term, or I guess, next roughly 6 to 12 months. When -- how long would those processes be? Like when would the CapEx end up hitting the plan?

知道了。這很有幫助。非常清楚。我很欣賞這一點。然後我只是對 ERP 和 AMI 文件感到好奇，聽起來這些文件將在短期內發布，或者我猜，接下來大約 6 到 12 個月。這些過程何時——需要多長時間？例如資本支出什麼時候才能達到計畫？

So there would be CapEx in the plan for those projects in this next 4 years. But even for those projects, particularly the metering project, you'll see spend beyond 2028.

因此，未來 4 年這些項目的計畫中將會有資本支出。但即使對於這些項目，尤其是計量項目，您也會看到 2028 年後的支出。

And in terms of the length of time for the regulatory process, it's probably also kind of the standard, call it, 18 months give or take.

就監管過程的時間長度而言，這也可能是一種標準，可以稱之為 18 個月。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

So, great. So I have a question about data centers, I listened to some interview with you, and you mentioned that California is hoping not the place or your services are not the place where you will have those hyperscale data center just purely because those should flow areas with basically cheap electric rates.

那麼，太好了。所以我有一個關於資料中心的問題，我聽了一些對你的採訪，你提到加州不希望你的地方或你的服務不是你擁有這些超大規模資料中心的地方，純粹是因為那些應該流動的區域電費基本便宜。

But I'm just wondering, I mean, if there were to be demand-driven increases in electricity prices in California, how that would potentially impact your CapEx and growth plans. And again, even if it's not related to AI, some additional growth. So that's number one.

但我只是想知道，如果加州的電價因需求而上漲，這將如何影響您的資本支出和成長計劃。再說一次，即使它與人工智慧無關，也會有一些額外的成長。所以這是第一。

And number two is, you mentioned the argument about the decrease in other nonelectric sources of energy costs for end users. And I'm just wondering if based on your customer feedback, if that's how your customers actually look at it that they would actually notice that there would be sort of an offset to the rising electric bill that they're going to see.

第二點是，您提到了有關終端用戶其他非電力能源成本下降的爭論。我只是想知道，根據您的客戶回饋，您的客戶是否實際上是這樣看待的，他們實際上會注意到他們將看到的不斷上漲的電費將有所抵消。

Thanks, Angie. I'll do a quick one on both of these. And Steve, you might have more to add. On the data center, say, you're right. I think we've been commenting on this. You probably don't see the big hyperscale centers.

謝謝，安吉。我將快速介紹這兩個問題。史蒂夫，你可能還有更多要補充的。在資料中心，你是對的。我想我們一直在對此發表評論。您可能看不到大型超大規模中心。

And the way I think about it in terms of AI, we are seeing some impact in California. You probably don't see the big hyperscale training centers here. right? But you are seeing -- we are seeing data center growth, and I think some of these are by AI because the inference centers, the centers that are used to answer the question when you put the question in a search engine.

我對人工智慧的看法是，我們在加州看到了一些影響。您可能在這裡看不到大型超大規模訓練中心。正確的？但你會看到——我們看到資料中心的成長，我認為其中一些是人工智慧帶來的，因為推理中心，當你把問題輸入搜尋引擎時用來回答問題的中心。

Typically, the providers like having those closer to the load so that you can minimize latency issues. And so we are certainly seeing data center applications in SCEs territory. It's just -- since we already have a fairly large data center presence in Southern California, the percent increase is not as dramatic as what you might see in a state. You're seeing some of the big hyperscale centers showing up.

通常，提供者喜歡讓這些設備更靠近負載，以便您可以最大限度地減少延遲問題。因此，我們肯定會在 SCE 領域看到資料中心應用。只是 - 由於我們在南加州已經擁有相當大的數據中心，因此百分比增長並不像您在某個州看到的那樣引人注目。您會看到一些大型超大規模中心的出現。

And Steve, I don't know if you have more to share there, I think built it -- some of that is already built into the 35% increase in the 10-year demand forecast we commented on last quarter.

史蒂夫，我不知道你是否有更多的東西可以分享，我認為已經建立了它——其中一些已經包含在我們上季度評論的 10 年需求預測的 35% 增長中。

All right. Then on the other point, first, when I talked about the 40% reduction in total energy cost. Yes, Angie, that is driven by -- really at the core, the fact that the appliances that are being replaced.

好的。那麼另一點，第一，當我談到總能源成本降低40%時。是的，安吉，這實際上是由正在更換的電器這一事實驅動的。

So when you replace a gas water heater with an electric heat pump water heater or a gasoline automobile with an electric automobile, the physics efficiency work into -- sorry, energy into workout efficiency of that is a lot higher, right? And so that's the main engine driving an intended driving the 40% reduction in total energy costs.

因此，當您用電熱泵熱水器替換燃氣熱水器或用電動車替換汽油車時，物理效率會提高 - 抱歉，能源轉換效率會高得多，對嗎？因此，這是推動總能源成本降低 40% 的主要引擎。

Now you're asking are your customers seeing that. And I think customers who have made the switch are certainly seeing that. I got to tell you my wife when I went to this 1.5 years ago when we electrified our whole home and our natural gas bill drop, we still have a barbecue in back. But we're not seeing the same store research, and we saw our electric bill go up, but we see the efficiency from the new appliances.

現在您要問您的客戶是否看到了這一點。我認為已經做出轉變的客戶肯定會看到這一點。我必須告訴你我的妻子，當我 1.5 年前去的時候，我們整個家都通了電，天然氣帳單也下降了，我們後面還有燒烤設施。但我們沒有看到相同的商店研究，我們看到電費上漲，但我們看到新設備的效率。

I think the broader question is, do customers haven't made the switch yet understand that. And that's where CEA is working with other utilities, working with EEI, working with the commission to make sure that we're getting the right sort of consumer education out there because that's going to be an important part of the picture as well as the education for contractors for a critical part of the business cycle and making these, particularly the home conversions. Steve, anything else you would add on this one?

我認為更廣泛的問題是，客戶是否還沒有意識到這一點？這就是 CEA 與其他公用事業公司、EEI 以及委員會合作的地方，以確保我們能夠獲得正確的消費者教育，因為這將成為整個藍圖以及教育的重要組成部分。進行這些工作，特別是房屋改造。史蒂夫，您對此還有什麼要補充的嗎？

I'd say that, Pedro, to your point, education is going to be critical because today, our average customer -- most of the customers out there don't look at their electricity, their gas and their gasoline bills together, they show up on different credit card charges and they're on different bills.

我想說，佩德羅，就你的觀點而言，教育將至關重要，因為今天，我們的普通客戶——大多數客戶不會一起考慮他們的電力、天然氣和汽油賬單，他們表明不同的信用卡費用不同，帳單也不同。

And so that's really the challenges as you see some electric vehicles or electrified in some way, and they see their electric bill go up from that usage -- they're not always correlating it to -- and by the way, I don't see the reductions on other parts of my bill.

因此，當你看到一些電動車或以某種方式實現電氣化時，這確實是一個挑戰，他們看到電費因這種使用而增加——他們並不總是將其與——順便說一句，我不認為查看我的帳單其他部分的削減情況。

So one part is the education to make sure customers are thinking about it before they make purchases as well once they've actually converted and electrified part of their usage. The other part is we have to look for ways to more simply bring that provide visibility to it. How do you bring that snapshot together. And that's something that we have to -- we can't do on our own. It's something we're going to have to work with stakeholders as we continue to educate and build this out.

因此，一方面是教育，以確保客戶在購買之前也考慮到這一點，一旦他們真正改變了部分使用方式並實現了電氣化。另一部分是我們必須尋找更簡單地提供可見性的方法。您如何將快照組合在一起？這是我們必須做的事情，我們無法獨自完成。在我們繼續教育和建立這個計畫的過程中，我們必須與利害關係人合作。

Okay. But also just like a big picture question. So I understand that there is the big basis for natural gas prices in California versus where we currently sit.

好的。但也就像一個大局問題。所以我知道加州的天然氣價格與我們目前所處的位置相比有很大的基礎。

But what happens to your growth plan, for example, if there were to be any meaningful pickup in electric -- electricity prices, be it demand driven or higher natural gas prices? Do you feel like there is some sensitivity to the growth on the back of potentially sharply higher electric prices?

但是，例如，如果電力價格出現任何有意義的上漲，無論是需求驅動還是天然氣價格上漲，您的成長計劃會發生什麼情況？您是否認為由於電價可能大幅上漲而對成長有一定的敏感度？

I might say this, and again, Steve, you might have a different view on it, to be interesting. But here's how I say, Angie, the endpoint, I think, ends up being the same, right, because California has made an important and very firm commitment to getting to net zero by 2045.

我可能會這麼說，史蒂夫，你可能對此有不同的看法，很有趣。但我是這麼說的，安吉，我認為終點最終是一樣的，對吧，因為加州已經做出了重要且非常堅定的承諾，即到 2045 年實現淨零排放。

And that's something that we believe is needed not only in California but more broadly, if we're actually going to keep the planet at a reasonable overall temperature increase. The way you get there, right, you might see those variations in any given year, right?

我們認為，如果我們真的想讓地球保持在合理的整體溫度上升水平，那麼這不僅是加州需要的，而且更廣泛的範圍也是需要的。你到達那裡的方式，對吧，你可能會在任何給定年份看到這些變化，對吧？

And so where there is gas prices or energy prices you're talking about, it could also be if you have a different changes in incentives, if you have impact of different rate structures, a number of factors that can impact folks adoption at least new technologies when they're gas heater brace and they're sitting at Home Depot deciding on the electric versus gas as an example.

因此，在您談論的天然氣價格或能源價格的情況下，如果您的激勵措施有不同的變化，如果您受到不同費率結構的影響，那麼許多因素可能會影響人們採用至少新的技術以燃氣加熱器為例，他們坐在家得寶(Home Depot) 中決定使用電力還是瓦斯。

So you might see some ups and downs along the way, but if the thing is going to remain committed, which I believe it is and must to net zero. And if we build our analysis, which we absolutely do that the most affordable and reliable way to get there is by electrifying so much of the economy, then the endpoint ends up being the same.

因此，一路上你可能會看到一些起伏，但如果事情要繼續致力於，我相信它是而且必須實現淨零。如果我們進行分析，我們絕對會這樣做，實現這一目標的最經濟、最可靠的方式是讓大部分經濟電氣化，那麼終點最終是一樣的。

Now hopefully, it happens by 2045. Does it happen a little sooner or a little later. That's where you might see some variations depending on what happens in between here and there.

現在希望這會在 2045 年實現。它發生得早一點還是晚一點。在那裡，您可能會看到一些變化，這取決於這裡和那裡之間發生的情況。

That was our last question. I will now turn the call back over to Sam Ramraj, for closing remarks.

這是我們最後一個問題。現在我將把電話轉回給 Sam Ramraj，讓其致閉幕詞。

Thank you for joining us. This concludes the conference call. Have a good rest of the day. You may now disconnect.

感謝您加入我們。電話會議到此結束。好好休息一天吧。您現在可以斷開連線。