愛迪生國際 (EIX) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Edison International Fourth Quarter 2024 Financial Teleconference. My name is Michelle, 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 年第四季財務電話會議。我叫米歇爾，今天我將擔任您的接線生。（操作員指示）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.

現在，我想將電話轉給投資人關係副總裁 Sam Ramraj 先生。拉姆拉吉先生，您可以開始您的會議了。

Thank you, Michelle, 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.

謝謝你，米歇爾，歡迎大家。今天的演講者是總裁兼執行長 Pedro Pizarro；以及執行副總裁兼財務長 Maria Rigatti。參加電話會議的還有管理團隊的其他成員。

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

今日電話會議的支援資料可在www.edisoninvestor.com上找到。其中包括我們的 10-K 表格、Pedro 和 Maria 的準備好的發言以及電話會議簡報。明天，我們將分發定期的業務更新簡報。

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，我們將對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。我們向美國證券交易委員會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。

The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. (Event Instructions)

該報告包括某些前景假設以及非公認會計準則 (GAAP) 指標與最接近的公認會計準則 (GAAP) 指標的調節。(活動須知)

I will now turn the call over to Pedro.

現在我將電話轉給佩德羅。

Thanks a lot, Sam, and good afternoon, everyone. Let me start by saying that our hearts continue to be with everyone who has been impacted by the recent Southern California wildfires, including our own 18 team members who lost their homes. We are so grateful for the first responders, our colleagues, and all the community partners who have begun the long recovery process. Edison's number 1 value and priority remains safety, and that means the safety of the public, safety of our customers and the safety of our team members. SCE continues to make tremendous progress as it works diligently on reconstruction after the Eaton and Palisades fires.

非常感謝，山姆，大家下午好。首先，我要說的是，我們的心與最近受到南加州野火影響的每個人同在，包括我們團隊中 18 名失去家園的成員。我們非常感謝第一批救援人員、我們的同事以及所有已經開始漫長復原過程的社區夥伴。愛迪生的首要價值和優先事項仍然是安全，這意味著公眾的安全、客戶的安全以及我們團隊成員的安全。在伊頓和帕利塞茲火災後的重建過程中，SCE 不斷取得巨大進展。

Turning to the Eaton fire. Its cause remains undetermined, and the investigation continues and is complex. SCE is examining the available evidence to help determine potential causes of ignition, including the possibility of being linked to SCEs equipment. Engineers, photogrammetrists, meteorologists and other experts are reviewing images, videos and other information as part of this review.

轉向伊頓火災。其原因仍未確定，調查仍在繼續且複雜。SCE 正在檢查現有證據，以幫助確定起火的潛在原因，包括與 SCE 設備相關的可能性。作為此次審查的一部分，工程師、攝影測量師、氣象學家和其他專家正在審查影像、影片和其他資訊。

We anticipate the full investigation will take several months or longer to complete, and there isn't a discrete timeline for the county or SCE to complete their respective investigations. For example, one valuable next step involves further examination and testing of the idle transmission line near the reported point of origin to examine the equipment for things like arc marks or missing metal, but this may take many weeks as it requires agreeing on a protocol with plaintiffs' attorneys and other interested stakeholders. We are committed to being transparent throughout this process.

我們預計全面調查將需要幾個月甚至更長時間才能完成，而縣或 SCE 完成各自調查並沒有明確的時間表。例如，下一步很有價值的工作是進一步檢查和測試報告起因附近的閒置輸電線路，以檢查設備是否存在電弧痕跡或金屬缺失等問題，但這可能需要數週時間，因為它需要與原告律師和其他利益相關者就協議達成協議。我們致力於在整個過程中保持透明度。

While this investigation is ongoing, we believe that SCE is a reasonable operator of its electric system. Importantly, the commission has recognized in numerous decisions that the prudence standard does not demand perfection. We believe that prudence derives from the soundness of the utility's decision-making process and whether its overall policies and systems and practices are consistent with actions of a reasonable utility. And there is CPUC precedent supporting our interpretation. If it is determined that SCE's transmission equipment was associated with the ignition of the Eaton fire, based on the information we have reviewed thus far, we are content that SCE would make a good faith showing that its conduct with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility. That is the standard by which the utility is judged as written into statute by AB 1054.

雖然調查仍在進行中，但我們認為 SCE 是其電力系統的合理營運商。重要的是，委員會在許多決定中都承認審慎標準並不要求完美。我們認為，審慎源自於公用事業決策過程的合理性，以及其整體政策、系統和實踐是否與合理公用事業的行為一致。而 CPUC 的先例支持我們的解釋。如果根據我們迄今為止審查的資訊確定 SCE 的輸電設備與伊頓火災的起因有關，我們很高興看到 SCE 會誠意表明其在伊頓峽谷地區輸電設施的行為符合合理公用事業的行為。這就是 AB 1054 法規中規定的判斷效用的標準。

Page 3 provides a number of helpful links that pertain to information about SCE's wildfire mitigation, company disclosures, legislation and other resources. The catastrophic impact of the recent wildfires underscores the importance of grid resiliency and the actions SCE has taken to harden its system to support the communities it serves. SCE continues to execute its robust, risk-prioritized wildfire mitigation plan, which is approved by California's Office of Energy Infrastructure Safety and ratified by the CPUC. This has significantly bolstered efforts to protect against wildfire threats and to respond when they happen. SCE has now installed more than 6,400 miles of covered conductor and has hardened nearly 90% of its distribution lines in high fire risk area.

第 3 頁提供了許多有用的鏈接，涉及有關 SCE 的野火緩解、公司披露、立法和其他資源的資訊。最近野火造成的災難性影響凸顯了電網彈性的重要性以及 SCE 為強化其係統以支持其服務社區而採取的行動。SCE 繼續執行其強有力的、風險優先的野火緩解計劃，該計劃已獲得加州能源基礎設施安全辦公室的批准，並獲得了 CPUC 的批准。這大大增強了預防野火威脅和應對野火的力度。SCE 目前已安裝了超過 6,400 英里的覆蓋導線，並對高火災風險地區近 90% 的配電線路進行了加固。

This is in addition to significant investments in operational measures in transmission and distribution, such as vegetation management and the extensive network of weather stations and high-definition AI-enabled wildfire cameras to provide greater situational awareness for SCE and fire agencies. We will continue to invest in SCE's important work to make its system safer for its customers and communities.

除此之外，我們還對輸配電領域的營運措施進行了大量投資，例如植被管理、廣泛的氣象站網路和高清人工智慧野火攝影機，以便為 SCE 和消防機構提供更好的態勢感知。我們將繼續投資 SCE 的重要工作，使其係統對客戶和社區更加安全。

On the regulatory framework, SCE has received timely approval of its safety certification each year, which provides a presumption of prudency and a cap on the liability to reimburse the wildfire fund. We have confidence in the fund, and we believe it is working as intended to protect wildfire victims, customers and investors. The fund has $21 billion of claim-paying capacity and has largely been unused by California IOUs. Let me also emphasize that the fund provides liquidity for paying claims. Thus, in the event a utility were to need to make claims payments, it would not have to use its balance sheet.

在監管框架方面，SCE 每年都及時獲得安全認證批准，這提供了審慎的推定和償還野火基金的責任上限。我們對基金充滿信心，我們相信它正在發揮預期的作用，保護山火受害者、客戶和投資者。該基金擁有 210 億美元的索賠支付能力，但基本上未被加州 IOU 使用。我還要強調的是，該基金為支付索賠提供了流動性。因此，如果公用事業公司需要支付索賠，它就不必使用其資產負債表。

Turning to the legislative front. California has constantly demonstrated a strong commitment to supporting customers and the investor-owned utilities that serve them. Over my own 25-year career at Edison, I have personally witnessed the state's leadership during challenging times from the energy crisis in the early 2000s to the urgent need to develop new generation resources in the mid-2000s, managing through the financial crisis in 2008, dealing with natural gas spikes in the mid-2010s and guiding the state through the COVID pandemic.

轉向立法方面。加州始終堅定地致力於支持客戶以及為他們服務的投資者擁有的公用事業公司。我在愛迪生公司工作了25年，親眼目睹了紐約州在困難時期的領導力，從21世紀初的能源危機到21世紀中期迫切需要開發新一代資源，再到2008年的金融危機、2010年代中期的天然氣價格飆升，以及帶領該州度過新冠疫情。

Importantly, Governor Newsom led the charge in 2019, along with his colleagues in the legislature, to pass and implement AB 1054. And that is the model among all states to address wildfire risk. If we conclude SCE's equipment ignited the Eaton fire, which was then fanned by hurricane-force winds in spite of firefighters' best efforts, this catastrophe is precisely what AB 1054 was designed to address, recognizing wildfire risk will never be zero. This legislation reshaped the regulatory and financial landscape by balancing wildfire cost recovery with utility accountability and customer protections.

重要的是，紐森州長與立法機關的同事在 2019 年帶頭通過並實施了 AB 1054。這是各州應對野火風險的典範。如果我們得出結論，是 SCE 的設備引發了伊頓大火，儘管消防員盡了最大努力，大火仍因颶風而進一步加劇，那麼這場災難正是 AB 1054 旨在解決的問題，因為野火風險永遠不會為零。該立法透過平衡野火成本回收與公用事業責任和客戶保護，重塑了監管和金融格局。

Multiple stakeholders benefit, and I want to focus on three broad areas: first, customer and community safety benefit from the risk reduction achieved through the WMP and safety certification process; second, communities that suffer losses related to wildfires associated with utility equipment have a funding source for claims payments; and third, investor-owned utilities that participate in the fund benefit from a structure that provides liquidity for claims payments, a clear prudence standard and a liability cap, all of which support financial stability and long-term investment in the grid at the most affordable cost to customers.

多方利益相關者受益，我想重點關註三大領域：首先，客戶和社區安全受益於通過 WMP 和安全認證流程實現的風險降低；第二，因公用設備相關野火而遭受損失的社區有索賠資金來源；第三，參與該基金的投資者所有的公用事業公司受益於為索賠支付提供流動性的結構、明確的審慎標準和責任上限，所有這些都以客戶可承受的最低成本支持財務穩定和對電網的長期投資。

The magnitude of the recent wildfires has brought the long-term durability of the fund into focus. We have been actively engaged in conversations with key stakeholders, including other utilities, the Governor's office and legislative leaders to find solutions to support the safety of the community, effectively manage customer costs and reinforce investor confidence in California's utilities. We are confident policymakers will make the enhancements needed to strengthen the industry-leading AB 1054 regulatory framework.

近期野火的嚴重程度讓人關注基金的長期持久性。我們積極與主要利害關係人（包括其他公用事業公司、州長辦公室和立法領導人）進行對話，以找到解決方案，以支持社區安全、有效管理客戶成本並增強投資者對加州公用事業的信心。我們相信政策制定者將採取必要措施，加強業界領先的 AB 1054 監管框架。

Before moving on to our financial results, I'd like to note an addition to our Board of Directors that was announced last week. Former US Secretary of Energy Jennifer Granholm will join the Board of Directors of both EIX and SCE. Jennifer has deep expertise in energy technology, energy policy, safety and sustainability. We are thrilled that she is joining our Boards, and we look forward to the guidance she will provide based on her understanding of the technical and political and economic forces shaping our industry today. I know Jennifer has many organizations seeking her time, so I appreciate her vote of confidence in our company's strong future.

在介紹我們的財務表現之前，我想先提一下上週宣布的董事會新增成員。美國前能源部長 Jennifer Granholm 將加入 EIX 和 SCE 董事會。詹妮弗在能源技術、能源政策、安全和永續性方面擁有深厚的專業知識。我們很高興她加入我們的董事會，並期待她根據她對當今影響我們行業的技術、政治和經濟力量的理解提供指導。我知道有很多組織在尋求珍妮佛的時間，所以我很感激她對我們公司美好未來的信任。

For 2024, Edison International's core EPS of $4.93 was above the midpoint of our guidance. This extends our track record of meeting or exceeding annual EPS guidance over the last two decades. Additionally, we remain confident in our ability to meet our 2025 EPS guidance and deliver a 5% to 7% core EPS CAGR through 2028. Maria will discuss our financial performance and outlook later.

預計 2024 年，愛迪生國際的核心每股收益為 4.93 美元，高於我們預期的中位數。這延續了我們過去二十年來達到或超過年度每股收益預期的記錄。此外，我們仍有信心實現 2025 年每股收益預期，並在 2028 年實現 5% 至 7% 的核心每股收益複合年增長率。瑪麗亞稍後將討論我們的財務表現和前景。

Further, today, the Board declared EIX' First Quarter 2025 common stock dividend of $0.8275 per share. Consistent with its regular process, the Board took into account a broad range of considerations and scenarios before making this declaration. There is no change to our current dividend policy or outlook, and this balances a competitive dividend that investors expect with reinvesting SCE's earnings back into the infrastructure that serves customers' needs. This consistent and growing dividend demonstrates the confidence in our financial outlook, which supports raising cost-effective capital and directly benefits customer rates.

此外，今天董事會宣布 EIX 2025 年第一季普通股股息為每股 0.8275 美元。按照其正常程序，董事會在做出這項聲明之前考慮了廣泛的因素和情況。我們目前的股息政策或前景沒有變化，這在投資者期望的競爭性股息與將 SCE 的收益重新投資於滿足客戶需求的基礎設施之間取得了平衡。這一持續增長的股息表明我們對財務前景的信心，這有助於提高成本效益資本並直接使客戶受益。

On the regulatory front, we are very encouraged by the CPUC's unanimous approval of the TKM settlement agreement, allowing SCE to recover about $1.6 billion or 60% of the wildfire claims payments and associated costs for a pre-AB 1054 wildfire. Approval of the settlement signals a constructive cost recovery framework in California. In fact, following approval, CPUC President Reynolds made important remarks about cost recovery and AB 1054. She noted how under state law, SCE, like public entities, is liable for damages from a fire caused by its electrical system. But if the utility acted prudently, these costs are covered by customers. She also noted that because of AB 1054, in the future, the wildfire fund would cover claims similar to those in TKM. SCE expects to file its TKM securitization application in March.

在監管方面，我們對 CPUC 一致批准 TKM 和解協議感到非常鼓舞，該協議允許 SCE 收回約 16 億美元或 60% 的 AB 1054 之前野火索賠付款和相關費用。和解協議的批准標誌著加州建立了一個建設性的成本回收框架。事實上，在獲得批准之後，CPUC 主席雷諾茲就成本回收和 AB 1054 發表了重要演講。她指出，根據州法律，SCE 與公共實體一樣，要對其電力系統引起的火災造成的損害承擔責任。但如果公用事業公司謹慎行事，這些費用將由客戶承擔。她還指出，由於 AB 1054，未來野火基金將涵蓋與 TKM 中類似的索賠。SCE預計將於三月提交其 TKM 證券化申請。

The Woolsey cost recovery proceeding is underway. Based on the prehearing conference, participating intervenors noted similar areas of focus and engagement to those in TKM. If the ALJ adopts the schedule SCE and intervenors jointly proposed, the next major filings to watch for are intervenor testimony due in early June and rebuttal testimony due in mid-July.

Woolsey 成本回收程序正在進行中。根據預審會議，參與的介入者指出了與 TKM 類似的關注領域和參與。如果 ALJ 採納 SCE 和介入者共同提出的時間表，接下來需要關注的主要文件是 6 月初提交的介入者證詞和 7 月中旬提交的反駁證詞。

The proposed schedule also includes a motion for approval of a settlement agreement or joint statement of stipulations of issues that will be due in mid-August. Just like with TKM, the utility is open to settlement discussions if a fair and reasonable outcome can be achieved. And we look forward to keeping you updated on progress in this important proceeding.

擬議的時間表還包括一項批准和解協議或問題規定聯合聲明的動議，該動議將於 8 月中旬提交。與 TKM 一樣，如果能夠實現公平合理的結果，該公用事業公司願意進行和解談判。我們期待向您通報這項重要進程的進展。

Okay. I'm going to conclude by saying that SCE is focused on partnering with impacted communities on near- and long-term strategies to build back stronger, all while we continue to execute on core operations and deliver on the commitments we have laid out for you. I look forward to sharing more updates throughout the year.

好的。最後，我要說的是，SCE 致力於與受影響的社區合作，制定短期和長期策略，以重建更強大的社區，同時我們將繼續執行核心業務並履行我們為您制定的承諾。我期待全年分享更多更新。

With that, Maria, turn it over to you for your financial report.

瑪麗亞，就將這份財務報告交給你了。

Thanks, Pedro. Before I turn to our financial results, I also want to take a moment to recognize the tireless efforts of our team to manage the response to the Southern California fires. Our management team is grateful for our colleagues who have come together to restore power and help customers recover.

謝謝，佩德羅。在介紹我們的財務表現之前，我還想花點時間讚揚我們的團隊為應對南加州火災所做的不懈努力。我們的管理團隊感謝我們的同事們齊心協力恢復電力並幫助客戶恢復。

So now turning to my comments for today. I will discuss fourth quarter and full year 2024 results, our focus areas for 2025, SCE's capital and rate base forecasts and 2025 guidance. For the fourth quarter, EIX reported core EPS of $1.05. Full year 2024 core EPS of $4.93 was above the midpoint of our guidance range. Pages 6 and 7 provide the year-over-year variance analysis, and additional color can be found in our earnings news release. This strong performance demonstrates our ability to manage the business and extends our track record of meeting annual EPS guidance over the last two decades, as shown on page 8.

現在來談談我今天的評論。我將討論 2024 年第四季和全年業績、2025 年的重點領域、SCE 的資本和利率基礎預測以及 2025 年指引。EIX 報告第四季核心每股收益為 1.05 美元。 2024 年全年核心每股收益為 4.93 美元，高於我們預期範圍的中點。第 6 頁和第 7 頁提供了同比差異分析，更多詳細資訊請參閱我們的收益新聞稿。這一強勁表現證明了我們管理業務的能力，並延續了我們過去二十年達到年度每股收益指引的記錄，如第 8 頁所示。

Delivering strong financial results was just one accomplishment in another year of strong execution in 2024, as shown on page 9. SCE also continued its progress in hardening the grid and making its system safer for customers by installing over 800 miles of covered conductor, bringing total deployment to more than 6,400 miles. On the regulatory front, we were pleased to see a number of positive developments. First, the timely settlement of TKM, which Pedro addressed earlier. Second, the utility reached substantial completion of resolving claims for Woolsey and filed the cost recovery application. Third, the CPUC issued a final decision in the 2022 CEMA proceeding, which contributed $0.14 to 2024 EPS. Fourth, the utility continued its strong advocacy in the 2025 GRC and settled numerous issues with intervenors. Lastly, reflecting the confidence and commitment to achieving our long-term EPS growth target, in December, we raised the dividend by 6.1%, which is the 21st consecutive annual increase.

如第 9 頁所示，取得強勁的財務表現只是 2024 年又一個強勁執行力的成就之一。SCE 也繼續推進電網強化工作，透過安裝超過 800 英里的覆蓋導線，使電網總部署長度超過 6,400 英里，從而為客戶提供更安全的系統。在監管方面，我們很高興看到一些積極的進展。首先，及時解決TKM問題，Pedro之前也提到這個問題。其次，公用事業公司基本上完成了對伍爾西索賠的解決，並提交了成本回收申請。第三，CPUC 在 2022 年 CEMA 程序中做出了最終決定，這為 2024 年每股收益貢獻了 0.14 美元。第四，該公用事業公司在 2025 年 GRC 中繼續大力倡導，並與介入者解決了許多問題。最後，為了反映我們對實現長期每股收益成長目標的信心和承諾，12月，我們將股息提高了 6.1%，這是連續第 21 年增加。

Page 10 summarizes the key management focus areas for 2025. Supporting the people and communities affected by wildfires is front and center. Rebuilding and emerging stronger by restoring infrastructure and bringing power back to those areas is critical. SCE will also continue its wildfire mitigation work and its focus on operational excellence to reduce costs for customer. There will also be additional progress on the regulatory front. This year, we expect SCE will receive decisions on a 2025 general rate case, its WMCE filing and its cost of capital application for 2026 through 2028. Additionally, the utility will be filing an application for its next-gen ERP program. SCE will also continue its progress towards resolving the Woolsey cost recovery proceeding.

第 10 頁總結了 2025 年的重點管理領域。支持受到野火影響的人民和社區是重中之重。透過恢復基礎設施並恢復電力來實現重建和變得更強大至關重要。SCE 也將繼續進行野火緩解工作，並專注於卓越運營，以降低客戶成本。監管方面也將取得進一步進展。今年，我們預計 SCE 將收到有關 2025 年一般稅率案件、其 WMCE 申請以及 2026 年至 2028 年的資本成本申請的判決。此外，該公用事業公司還將為其下一代 ERP 計劃提交申請。SCE 也將繼續推進解決 Woolsey 成本回收程序。

Let's now turn to SCE's capital and rate base forecasts shown on pages 11, 12 and 13. The 2025 GRC is the core driver of the outlook through 2028. SCE's capital plan is focused on replacing aging infrastructure to support reliability and safety for customers, continuing grid hardening investments to mitigate risk and enhance resiliency and expanding the grid to make the system ready for load growth today and in the future as customers increase their electricity usage.

現在讓我們來看看第 11、12 和 13 頁所示的 SCE 資本和利率基礎預測。2025 年 GRC 是 2028 年展望的核心驅動力。SCE 的資本計畫專注於更換老化的基礎設施，以支援客戶的可靠性和安全性，繼續進行電網強化投資，以降低風險和增強彈性，並擴大電網，使系統為當前和未來隨著客戶增加電力使用而產生的負載成長做好準備。

I would also like to highlight several additional capital deployment opportunities that support customer needs over the coming years, which we have discussed in the past and are not yet included in the plan. SCE has refined estimates for these projects, resulting in an increase of at least $1 billion to these opportunities. One such investment is the next-gen ERP project I just mentioned. Later this year, the utility also plans to file an application for an advanced metering infrastructure program to replace and upgrade the first generation of smart meters, which are at the end of their useful lives. We also anticipate additional system needs on the distribution grid, including for system restoration and expansion. Further, SCE has more than $2 billion of FERC transmission projects in development.

我還想強調一下未來幾年支援客戶需求的幾個額外的資本部署機會，這些機會我們過去已經討論過，但尚未納入計劃。SCE 已對這些項目的估算進行了改進，從而使這些機會的投資金額增加了至少 10 億美元。其中一項投資就是我剛才提到的下一代 ERP 計畫。今年晚些時候，該公用事業公司還計劃提交一項先進計量基礎設施計劃的申請，以替換和升級已達到使用壽命的第一代智慧電錶。我們也預期配電網還會有額外的系統需求，包括系統恢復和擴展。此外，SCE 還有價值超過 20 億美元的 FERC 輸電項目正在開發中。

Moving to SCE's 2025 GRC, the utility is awaiting a proposed decision from the ALJ. We remain optimistic that we could see a proposed decision during the first half of the year. To reiterate our previous comments, SCE made a compelling case. And even based on intervenors' positions, SCE's rate base growth would still be in line with its range case forecast of 6%. Once SCE gets a final decision from the CPUC on the GRC, we will refresh our capital plan, financing plan, 2025 EPS guidance and EPS growth forecast.

根據 SCE 的 2025 GRC，該公用事業公司正在等待 ALJ 的提議決定。我們仍然樂觀地認為，我們將在今年上半年看到一項擬議的決定。為了重申我們先前的評論，SCE 提出了一個令人信服的案例。即使基於介入者的立場，SCE 的利率基準成長仍將符合其 6% 的範圍預測。一旦 SCE 從 CPUC 獲得有關 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 指引和 EPS 成長預測。

Turning to EPS guidance. Page 14 shows our 2025 core EPS guidance and modeling considerations. You will see that we have revised the guidance range. This is simply our prior range of $5.50 to $5.90, plus the incremental $0.44 associated with the recently approved TKM settlement. As we have discussed before, those $0.44 are composed of a $0.30 onetime true-up for historical interest expense and the $0.14 annual reduction in unrecoverable interest expense.

轉向每股收益指引。第 14 頁顯示了我們 2025 年核心每股盈餘指引和建模考量。您會看到我們已經修改了指導範圍。這只是我們之前的 5.50 美元到 5.90 美元的範圍，加上與最近批准的 TKM 和解相關的增量 0.44 美元。正如我們之前所討論過的，這 0.44 美元包括 0.30 美元的一次性歷史利息費用和 0.14 美元的年度不可收回利息費用減少。

While SCE waits for the GRC decision, I want to remind you that we will be recording revenue at 2024 rates adjusted for the change in ROE. Therefore, quarterly results comparisons pending a 2025 GRC decision are not meaningful. We will record a true-up when we receive a final decision. SCE has established a memo account to track the differences in revenue until it receives a final decision, which will be retroactive to January 1.

在 SCE 等待 GRC 決定期間，我想提醒您，我們將按照根據 ROE 變化調整後的 2024 年利率記錄收入。因此，在 2025 年 GRC 做出決定之前進行季度業績比較並不有意義。當我們收到最終決定時，我們將記錄真實情況。SCE 已經設立了一個備忘帳戶來追蹤收入差異，直到收到最終決定，該決定將追溯至 1 月 1 日。

I'll touch briefly on the parent financing plan. This year, EIX has $800 million debt maturities, a portion of which were prefunded through a debt offering last December.

我將簡單談談家長融資計畫。今年，EIX 有 8 億美元的債務到期，其中一部分已在去年 12 月透過債務發行預先籌資。

Moving to our longer-term outlook on page 15. You will see that we have also incorporated the benefit from the $0.14 interest expense reduction resulting from the TKM settlement into the 2028 EPS range. Given that this annual interest reduction will be ongoing and as part of our base year, we are maintaining our target of 5% to 7% core EPS growth off a higher base of $5.84.

接下來是第 15 頁的長期展望。您將看到，我們還將 TKM 和解帶來的 0.14 美元利息支出減少收益納入了 2028 年每股收益範圍。鑑於此年度利息削減將持續進行，且作為我們基準年的一部分，我們將核心每股收益成長目標維持在 5.84 美元的較高基數之上，即 5% 至 7%。

While the cause of the Eaton fire remains under investigation and we are not speculating on potential outcomes, AB 1054 was enacted to ensure the financial stability of California's utilities in scenarios like this. The supportive regulatory framework and processes established by this legislation ensure that no utility would have to use its balance sheet while accessing the wildfire fund to make claims payments. Additionally, the potential liability to reimburse the fund is capped. Lastly, the prudency standard means a utility is presumed to be a prudent manager if it has a safety certification, which SCE has.

雖然伊頓火災的原因仍在調查中，而且我們尚未對可能的結果進行推測，但 AB 1054 的頒布是為了確保加州公用事業在這種情況下的財務穩定。該立法建立的支持性監管框架和流程確保任何公用事業公司在使用野火基金支付索賠時都無需使用其資產負債表。此外，償還基金的潛在責任也是有上限的。最後，審慎標準意味著，如果一家公用事業公司擁有安全認證，則被視為審慎的管理者，而 SCE 就擁有這樣的認證。

Given these factors and the supportive regulatory framework, we remain confident in our financial outlook as we continue to support wildfire response, recovery and efforts to rebuild. SCE's core operations and the central role it plays in the clean energy transition remain the driving force behind our core earnings growth.

考慮到這些因素和支持性監管框架，我們對我們的財務前景仍然充滿信心，因為我們將繼續支持野火應對、恢復和重建工作。SCE 的核心業務及其在清潔能源轉型中發揮的核心作用仍然是我們核心獲利成長的驅動力。

That concludes my remarks. Back to you, Sam.

我的發言到此結束。回到你身邊，山姆。

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

米歇爾，請開始提問。(活動須知)

(Operator Instructions) Nick Campanella, Barclays.

（操作員指示）巴克萊銀行的尼克·坎帕內拉 (Nick Campanella)。

This is Nick. So obviously, there's just been a lot of questions in the case that if equipment was involved with this fire, what the impact of the wildfire fund would be. And I appreciate it's early, but the 10-K does mention you've had several lawsuits already. And just -- do you have any indication about what the number would be for damages from a starting point? Or if you don't, when do you expect to know?

這是尼克。顯然，在這種情況下會出現許多疑問：如果設備與這場火災有關，那麼野火基金將會產生什麼影響。我知道現在還為時過早，但 10-K 文件中確實提到您已經遇到過幾起訴訟。而且—您是否能透露一下從起點開始的損害賠償數字是多少？或者如果您不知道，您預計什麼時候會知道？

Nick, thanks very much for the question. And short answer is just way too early. First, we need to conclude determining whether our equipment was indeed involved. And then beyond that, there would be a process for determining what potential liabilities could be. And really hard to handicap timing. Maybe this will answer some of other questions that may come up. But for example, you might recall that in previous fires, it's taken 12 to 18 months even to get an investigation report from official fire authorities that might help one conclude -- make conclusions. The establishment of liability really depends on the filing of legal actions by plaintiffs, and those can take some time. So it could be quite a while before there's a sense of what even a low end of a range might be.

尼克，非常感謝您的提問。簡而言之，現在還為時過早。首先，我們需要確定我們的設備是否確實受到影響。除此之外，還會有一個流程來決定潛在的責任是什麼。而且確實很難阻礙時機的把握。也許這可以回答可能出現的其他一些問題。但例如，您可能還記得，在以前的火災中，甚至需要 12 到 18 個月才能從官方消防部門獲得調查報告，該報告可能有助於人們得出結論。責任的確定實際上取決於原告提起法律行動，而這可能需要一些時間。因此，可能還需要相當長一段時間才能知道範圍的低端是多少。

Understood. And then just -- I know you're working towards legislative solutions this coming session. And obviously, this is a wider issue for the state to tackle as a whole here, and there's going to be a lot of different interest at stake. Just how would you kind of frame the current policy environment and the conversations you've had with people and whether those conversations have been constructive in terms of having a solution here at the end of August? And maybe you can be more specific about what you think would be most helpful, whether it's an increase to the wildfire fund itself or some type of strengthening of the liquidity backstop. That's what I have.

明白了。然後——我知道你們正在努力在即將召開的會議上尋求立法解決方案。顯然，這是一個需要整個國家共同解決的更廣泛的問題，而且會涉及許多不同的利益。您如何看待當前的政策環境以及您與人們進行的對話，以及這些對話是否對於在 8 月底找到解決方案具有建設性？也許您可以更具體地說明您認為最有幫助的措施，是增加山火基金本身還是以某種方式加強流動性支持。這就是我所擁有的。

Yes. Thanks, Nick, and I certainly understand the questions. Look, let me just start by saying it's very early days. As you can imagine, we're still -- the SCE team is still very engaged in the main focus, which is helping the community be safe and rebuild back stronger. I will also say, though, that when I compare this to the activity that we had going back to 2018 and 2019 as the state developed SB 901 and then AB 1054, we are fortunately at a very different starting point. There is, I believe, strong understanding by policymakers of the importance of having financially healthy utilities to support the state's economy. And that's keeping the lights on, powering the economy, but it's also helping advance the state's goals for the clean energy transition.

是的。謝謝，尼克，我當然明白這些問題。瞧，首先我要說的是，現在還為時過早。你可以想像，我們仍然——SCE 團隊仍然非常致力於主要工作，那就是幫助社區安全並重建得更強大。不過，我還要說，當我將此與 2018 年和 2019 年該州制定 SB 901 和 AB 1054 時的活動進行比較時，幸運的是，我們處於一個非常不同的起點。我相信，政策制定者非常清楚擁有財務健康的公用事業對於支撐國家經濟的重要性。這不僅能確保燈火通明、推動經濟發展，還能幫助推動該州實現清潔能源轉型的目標。

And so there's an underpinning of understanding the importance of financial health for companies like ours and our peers. That's a really important starting point that we can -- it's something we, I think, required more development back in 2018. Beyond that, you're seeing commitment to look into the issues. We really appreciate that the government -- Governor has retained Ann Patterson in his office. It was just -- very thoughtful person to be the point leader for the governor's office on wildfire issues. We understand that the administration has now engaged Guggenheim to provide financial analysis support, which they provided a financial advisory service back during the crafting of AB 1054.

因此，我們必須了解財務健康對我們以及我們的同行公司的重要性。這是一個非常重要的起點——我認為，這是我們在 2018 年就需要進一步發展的事情。除此之外，你也看到了調查這些問題的決心。我們非常感謝政府—州長留任安·帕特森。他是一位非常有思想的人，可以擔任州長辦公室在野火問題上的負責人。我們了解到，政府目前已聘請古根漢提供財務分析支持，早在 AB 1054 制定期間，古根漢就曾提供財務諮詢服務。

We're -- as I mentioned, we are already in discussions with legislative leaders who, I think, generally understand that more needs to be done here. And I think you also mentioned, Nick, that it's a broad set of issues here. And frankly, I'm not smart enough to know, standing here today or sitting here today, what's the best path. And frankly, we'll be looking to the Governor and his team for their leadership and what the best approach is here.

正如我所提到的，我們已經與立法領導人進行了討論，我認為他們普遍明白這裡需要做更多的工作。尼克，我想你也提到過，這是一系列廣泛的問題。坦白說，我還不夠聰明，不知道今天站在這裡或坐在這裡，哪條路最好。坦白說，我們將期待州長和他的團隊發揮領導作用並採取最佳解決方案。

But we certainly will be advocating for near-term solutions. There's multiple levers that you could imagine to help reinforce the strength of the AB 1054 framework. Probably lots of different levers that could be pulled, but we'll be engaged with them. And I'm taking a lot of comfort from the fact that they, in turn, are engaged and deploying the right resources against the issue.

但我們肯定會倡導近期解決方案。您可以想像有多種槓桿可以幫助增強 AB 1054 車架的強度。或許有很多不同的手段可以運用，但我們會積極運用它們。而令我感到非常欣慰的是，他們也積極參與並部署適當的資源來解決這個問題。

Michael Lonegan, Evercore.

邁克爾·洛尼根（Michael Lonegan），Evercore。

Obviously, you're evaluating a number of causes of the Eaton fire, including whether an idle transmission line could have become energized. You highlighted in the Section 315 letter that you're taking immediate steps to strengthen and standardize the grounding process. Just wondering if you could talk about some of the steps you are taking there that you felt needed to be strengthened. Despite wanting to take these steps, it sounds like you feel very confident you will sustain the presumption of prudency. Just wondering if you could share more of your thoughts on the confidence in that.

顯然，您正在評估伊頓火災的多種原因，包括閒置的輸電線路是否可能帶電。您在第 315 條信函中強調，您正在立即採取措施加強和規範停飛流程。只是想知道您是否可以談談您認為需要加強的一些措施。儘管想要採取這些措施，但聽起來你非常有信心你會保持謹慎的假設。只是想知道您是否可以分享更多關於這方面的信心的想法。

Yes. And I'll start with the back part of that to just reinforce that. Obviously, Michael, we know what we know today, right? But based on what we know today, we are confident that we would be able to make or SCE would be able to make a good faith showing that it's been a reasonable operator of the system. And as I've said in my remarks, when we think about that, it's really about the operations of the broad system as well as its application to the specifics of any given ignition.

是的。我將從後面的部分開始來強調這一點。顯然，邁克爾，我們知道今天所知道的事情，對吧？但基於我們今天所掌握的信息，我們有信心我們能夠或 SCE 能夠真誠地表明它是該系統的合理運營商。正如我在演講中所說，當我們思考這個問題時，它實際上涉及廣泛系統的運作及其對任何給定點火細節的應用。

I am very proud of the work that Steve Powell and the team at SCE have done over the last several years to continue to strengthen the system. And if you go back to when this era for California started with the first catastrophic wildfires in 2017, we took a risk-prioritized approach, right? And so we're consistently learning. And with a risk-prioritized approach, we -- SCE went after closing the gaps that post the highest risk first and then going on down the line. So we're always looking to learn.

我對史蒂夫鮑威爾和 SCE 團隊在過去幾年中為繼續加強該系統所做的工作感到非常自豪。如果回顧加州 2017 年第一次發生災難性山火時這個時代剛開始的時候，我們採取了風險優先的方法，對嗎？因此我們一直在學習。透過採用風險優先的方法，SCE 首先致力於彌補風險最高的差距，然後再繼續前進。因此我們一直在尋求學習。

I think we mentioned in the 315 letter just some of the steps that we took immediately after the fire -- after the ignition. I'll give you one example, which maybe goes a little bit beyond your question. But for example, during the evening when the ignition happened, we exercised our PSPS protocols. And that worked well. We had already taken a more conservative stance going into this windstorm. We took an even more conservative stance as we went into the second and third windstorm events. So similarly, we're looking at everything around our system and always looking for opportunities to learn, whether it's about how we do inspections, grounding, et cetera.

我想我們在 315 信中提到了火災發生後我們立即採取的一些措施。我給你一個例子，這可能有點超出你的問題。但是，例如，在發生點火事件的晚上，我們執行了 PSPS 協定。而且效果很好。我們在應對這場風暴時已經採取了更保守的立場。當我們遭遇第二場和第三次風暴時，我們採取了更保守的立場。因此，同樣地，我們正在審視系統周圍的一切，並始終尋找學習的機會，無論是關於我們如何進行檢查、接地等等。

Steve Powell, anything you would like to add from an operational perspective in terms of things we're doing moving forward? Or do you think I covered it sufficiently?

史蒂夫鮑威爾，從營運角度來說，您想對我們今後的工作有什麼補充嗎？還是您認為我已經講得夠多了？

I would just say as we -- like we do with any ignition, any fire, we're looking for anything that we can learn, whether it's related to our system or somebody else's system and then how we integrate those into our practices for the year. When I look at what we have set up for this year and every other year, we've improved our vegetation management practices, our inspection practices. We look at the conditions as we head into a season.

我只想說，就像我們對待任何點火、任何火災一樣，我們正在尋找任何我們可以學習的東西，無論它是與我們的系統還是其他人的系統相關，然後我們如何將它們整合到我們今年的實踐中。當我回顧我們今年以及往年所做的安排時，我發現我們改進了植被管理實踐和檢查實踐。我們正在觀察賽季即將開始之際的各種情況。

So I think about the next summer and the fire season to come, and we'll be looking to see where fuel is the driest and where do we have the highest risk that we can do additional mitigations that includes more vegetation management and more inspections. So I'd say it's a lot of the practices that we have, only doubling down and putting them into places. But we'll continue to look for opportunities to see how else can we harden the system and what other practices can we take to make sure that we're safe as we head into the next season.

因此，我考慮明年夏天和即將到來的火災季節，我們會觀察哪裡的燃料最乾燥，哪裡的風險最高，我們可以採取額外的緩解措施，包括更多的植被管理和更多的檢查。所以我想說，我們已經有很多實踐了，只是要加倍努力，將其付諸實踐。但我們將繼續尋找機會，看看我們還能如何強化系統，以及我們還能採取哪些其他做法來確保我們在進入下個賽季時的安全。

Yes. That's great, Steve. And Michael, maybe one more little piece that might be helpful here. You've heard us to -- commit to transparency. And so as we continue to learn and as appropriate, we'll be sharing as much as we can. At the same time, we recognize that, like with prior fires, there may be litigation involved here. There will be litigation involved. So we will need to be thoughtful about not getting ahead of that process. And so having the right sort of balance between not litigating individual elements in public while providing as much transparency as possible for our public.

是的。太好了，史蒂夫。邁克爾，也許還有一點可能會有幫助。你們已經聽到我們說——致力於透明度。因此，隨著我們不斷學習，我們會在適當的時候盡可能分享資訊。同時，我們認識到，與以前的火災一樣，這起火災可能涉及訴訟。將會涉及訴訟。因此，我們需要深思熟慮，不要超越這個進程。因此，我們需要在不公開訴訟個別因素和為公眾提供盡可能多的透明度之間找到適當的平衡。

Great. And then secondly, I was just wondering if you have concerns about the wildfires impacting the outcome in the GRC. In the public, there's some perception that EIX may have started the fire. Do you think that makes it less likely that the commission will grant a rate increase given the headlines it could create as -- especially as residents are going to see an increase in insurance premiums. And then also, do you see reaching a settlement amongst various parties in the Woolsey filing being harder to achieve as well?

偉大的。其次，我想知道您是否擔心野火會影響 GRC 的結果。公眾有些人認為 EIX 可能是引發這場火災的原因。您是否認為，考慮到這可能引發的新聞報道，尤其是居民將會看到保險費上漲，委員會批准提高費率的可能性會降低？另外，您是否認為在 Woolsey 案中各方達成和解也更加困難？

Yes. I don't think so. And it was reassuring to see the TKM approval with Maria. Let me turn it over to you.

是的。我不這麼認為。看到瑪麗亞獲得 TKM 的批准，我感到很欣慰。讓我把它交給你。

Yes. So Michael -- so we're very far along in our GRC process. We filed all our papers as have the intervenors. And I think you've observed that we've actually settled quite a few things with intervenors, 20% of the O&M items, 8% of the capital items, covers a dozen different topics. So we see that proceeding, continuing on as it previously was. And we're looking for a proposed decision first half of the year.

是的。麥可 — — 我們的 GRC 流程已經進展得很遠了。我們和介入者一樣提交了所有文件。我想你已經注意到，我們實際上已經與介入者解決了不少問題，其中 20％ 是營運和維護項目，8％ 是資本項目，涉及十幾個不同的主題。所以我們看到這個過程仍然像以前一樣繼續進行。我們期待在今年上半年做出決定。

As far as the Woolsey cost recovery application goes, we had a prehearing conference back in December. We actually are awaiting a scoping memo. And the schedule for that has been agreed upon by the intervenors and SCE. So we continue to see that moving forward on its own path as well.

就伍爾西成本回收申請而言，我們早在 12 月就召開了預審會議。我們實際上正在等待一份範圍備忘錄。該時間表已經由介入者和 SCE 商定。因此，我們也繼續看到它在自己的道路上前進。

Paul Zimbardo, Jefferies.

保羅‧津巴多 (Paul Zimbardo)，傑富瑞 (Jefferies)。

I just want to touch a little bit on the balance sheet side of the equation. So obviously, your cost of capital has changed quite a bit since we last chatted. Just to the extent you are successful on like the next-gen ERP, the AMI, how should we think about financing some of the incremental capital if it does come into the plan?

我只想稍微談談等式的資產負債表方面。顯然，自從我們上次聊天以來，您的資本成本已經發生了很大變化。就您在下一代 ERP、AMI 等方面的成功而言，如果增量資本確實納入計劃，我們應該如何考慮為其提供融資？

So we've actually been running a lot of those scenarios before and after the events in January. And we still see our financing plan, the one that we've laid out on one of the pages that -- they're in -- that's in the deck that you have. We still see something very consistent with that. To the extent we have more and more opportunities to invest capital because of things like next-gen ERP, et cetera, we will finance that at SCE in line with our authorized capital structure. And at EIX, we'll take a look at where our credit metrics are at the time.

因此，我們實際上在一月事件發生前後就已經演練了許多這樣的情景。我們仍然可以看到我們的融資計劃，這個計劃我們已經在你們的簡報中的其中一頁上列出。我們仍然看到與此非常一致的東西。由於下一代 ERP 等的出現，我們有越來越多的機會進行資本投資，我們將根據我們授權的資本結構在 SCE 進行融資。在 EIX，我們將查看當時的信用指標。

I think you know that our credit metrics, we've been moving into that 15% to 17% FFO to debt range. The latest reports -- S&P reports also see us in that range in the '25 through '28 period. So we think we're in a good place there. Obviously, rating agencies are looking at the business environment in California, but I don't think that goes to sort of our balance sheet strength at this point.

我想您知道我們的信用指標，我們已經進入 15% 至 17% 的 FFO 與債務範圍。最新報告—標準普爾的報告也認為我們在 25 年至 28 年期間處於這一範圍內。因此我們認為我們目前處於有利地位。顯然，評級機構正在關注加州的商業環境，但我認為這與我們的資產負債表實力無關。

Okay. Understood. And then to the extent there are liabilities that do stem from the January 2025 events, kind of how should we think about financing that? Is that like you've done in the past, kind of hybrids, JSNs at the parent, preferred. Just any flavor you could give in that scenario would be helpful.

好的。明白了。那麼，如果 2025 年 1 月事件確實產生了負債，我們應該如何考慮為其融資？這是否像您過去所做的那樣，優先考慮母公司為 JSN 的混合體。在這種情況下，您所能提供的任何風味都會有所幫助。

Absolutely. Absolutely, Paul. So that's one of the really big differences between a pre-AB 1054 fire and a fire that occurs post AB 1054. The wildfire fund is there, obviously, for claims payments so that people who suffered from the fire can get paid quickly. But it's also there to support the balance sheet of the utilities. So there is a process in place where once we use our customer-funded self-insurance to the extent we have to make claims payments, we would then go to the wildfire fund. And they have a process already set up and it's very streamlined. And so we would be using the fund and not issuing debt the way we were for the '17 and '18 events. So I think there's a very, very big difference in terms of what it would look like.

絕對地。當然，保羅。這是 AB 1054 之前火災和 AB 1054 之後火災之間的一個真正巨大的區別。顯然，野火基金是用於索賠的，以便遭受火災的人們能夠迅速得到賠償。但它也可以支持公用事業的資產負債表。因此，有一個流程，一旦我們使用客戶資助的自保資金達到支付索賠的程度，我們就會動用野火基金。他們已經建立了一個流程，而且非常精簡。因此，我們將使用該基金，而不是像 17 年和 18 年那樣發行債務。所以我認為就外觀而言，有非常非常大的差異。

I mean that's really one of the core features of AB 1054, Paul, and as Maria covered very well.

我的意思是，這確實是 AB 1054 的核心特徵之一，保羅，正如瑪麗亞所詳細介紹的那樣。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So I guess just maybe along similar track, any sense of where the rating agencies are on kind of what the updated impact of these fires might be in ratings? And if there were, for example, some kind of risk rating that led to some kind of rating reduction, how does that impact your financing plan in terms of cost or anything meaningful to your financing costs?

所以我想也許只是沿著類似的軌道，評級機構對這些火災對評級的最新影響有何看法？例如，如果某種風險評級導致某種評級降低，這會對您的融資計劃（就成本而言）或對您的融資成本產生什麼影響？

Sure. So I mean I do think that the rating agencies -- obviously, we stay in touch with them and talk to them, but they've been pretty straightforward in other venues as well. They've talked to a bunch of you all. They've certainly been at conferences. And they're highlighting climate risk generally. So not just California, but across the country, they are focused on climate risk and climate events. I think they certainly are observing the things that are going on in California. I think you know that S&P has us on negative outlook. And so we are working to move through the process and share more information with them, obviously. Again, it's not about the metrics. It's about sort of how they view sort of the climate risk in California and more broadly.

當然。所以我的意思是，我確實認為評級機構——顯然，我們與他們保持聯繫並與他們交談，但他們在其他場合也非常直率。他們已經和你們很多人談過了。他們肯定參加過會議。他們普遍強調氣候風險。因此，不僅加州，全國各地都關注氣候風險和氣候事件。我認為他們肯定在觀察加州正在發生的事情。我想您知道標準普爾對我們的展望是負面的。因此，我們正在努力推進這一進程，並與他們分享更多資訊。再說一遍，這與指標無關。這涉及他們如何看待加州及更廣泛的氣候風險。

I think you look at sort of what impact any of that would have on our financing plan, it is a cost issue. If you think about SCE and SCE's need to finance rate base, we actually are going into a cost of capital cycle. So we're filing an application in March. So anything that would need to be updated relative to SCE's cost of debt would be updated through that process and would be captured through that process.

我認為你要考慮這些會對我們的融資計劃產生什麼影響，這是一個成本問題。如果您考慮 SCE 和 SCE 的融資利率基礎需求，我們實際上正在進入資本成本週期。因此我們將於三月提交申請。因此，任何相對於 SCE 債務成本需要更新的內容都將透過該流程進行更新，並透過該流程進行擷取。

I think from an EIX perspective, we've been doing a number of different scenarios, I think, including to look at the longer term, '25 through '28 period. And we can manage what's happening to the rates and to the spreads within the range that we've already provided. So I think that we're still on track for all of that as noted in the prepared remarks.

我認為從 EIX 的角度來看，我們已經進行了許多不同的情境研究，包括著眼於較長時期，即 25 年至 28 年期間。我們可以把利率和利差的變動控制在我們已經提供的範圍內。因此我認為，正如我們在準備好的評論中所指出的那樣，我們仍在按計劃實現所有這些目標。

Okay. And then one other unrelated question. Just the comment you made, Pedro, about taking weeks to even work with the lawyers to figure out how to investigate and bring down the lines to investigate more. Could you just -- I mean, it seems like you and they could just go there and watch and look. Just what -- maybe you can give more color on what the issue is there.

好的。然後還有一個不相關的問題。佩德羅，就像你說的，要花數週時間才能與律師一起研究如何進行調查，並進一步展開調查。你能不能——我的意思是，看起來你和他們可以去那裡觀看一下。只是——也許您可以更詳細地說明那裡存在什麼問題。

I wish, Steve, I wish. It's a little more complicated than that. As you can imagine, there are multiple plaintiffs and multiple plaintiffs' attorneys. And they have an interest in making sure, they and other stakeholders, making sure that any movement of the lines, anything that's done regarding SCE's equipment is done a way that will preserve the nature of the materials, not somehow spoil it or make it difficult to examine it in some way. So there is a series of extended discussions with this whole group to agree on protocols of how and when would a line be touched and how would it be removed and what might you inspect before touching it and how do you touch it. And when you touch it, who's watching and where do you put it? And what things get sent to a lab afterwards?

我希望，史蒂夫，我希望。實際情況比這稍微複雜一些。你可以想像，有多名原告和多名原告律師。他們和其他利害關係人有責任確保生產線的任何移動，以及對 SCE 設備所做的任何事情都能夠保持材料的性質，而不會以某種方式破壞它或使其難以以某種方式進行檢查。因此，我們與整個團隊進行了一系列擴展討論，以就如何以及何時觸碰線路、如何移除線路、在觸碰線路之前要檢查什麼以及如何觸碰線路的協議達成一致。當你觸摸它時，誰在看，你把它放在哪裡？那麼什麼東西之後會被送去實驗室呢？

So that is just the reality of it. This is very common in these kinds of cases. And so going through that process, as much as we would like to speed it up as much as possible, it's likely to take weeks yet. So hopefully, it gives you a little bit of color, Steve. But I'm very confident that the SCE team could go there tomorrow and move things and do it in a way that would preserve the ability for parties to have confidence that it was done right. But in this case, we're really need to have full agreement among all of the parties on the specific steps and precautions. And so we want to do that with integrity.

這就是事實。在這類案件中，這種情況非常常見。因此，儘管我們希望盡可能加快這一過程，但它仍可能需要數週時間。所以希望它能帶給你一些色彩，史蒂夫。但我非常有信心，SCE 團隊明天就可以去那裡，並以一種讓各方都有信心事情做得正確的方式來做。但在這種情況下，我們確實需要各方就具體步驟和預防措施達成充分共識。因此，我們希望誠信地做到這一點。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine) 。

How do you expect the events from last month will change cost of CapEx items and O&M costs in the coming years?

您預計上個月發生的事件將如何改變未來幾年的資本支出項目成本和營運維護成本？

Do you mean from a supply availability, kind of volume of materials perspective? Or am I -- do you have a different angle on the question, Ryan?

您是指從供應可用性、材料數量的角度嗎？或者我——你對這個問題有不同的看法嗎，瑞安？

Yes, exactly as you --

是的，正如你所說--

Okay. Steve, I don't have a perspective on it. It feels probably a little early. I'm not sure that it would be in the context of the broad California or Western economy. I don't think that we have an answer -- might be a little bit of impact, but I don't think it's a massive impact, based on where we sit right now. But any different view, Steve, or --

好的。史蒂夫，我對此沒有看法。感覺可能有點早。我不確定這是否與整個加州或西方經濟的背景有關。我認為我們還沒有答案——可能會有一點影響，但根據我們目前的情況，我認為影響不會很大。但史蒂夫，或者--

Yes. No, I'd say, Ryan, the scale -- I mean, obviously, the impact to the communities is massive, and we've got a lot of work to do. But it's also not of the scale that it's meaningful to our overall plans that we do each year in terms of -- you think about the number of line miles just last year that we did in cover conductor alone, 800 miles. That's an order of magnitude more than the types of impacts we're seeing from a conductor -- amount of conductor you need to deal with this. And so it's a small amount relative to our overall plan and what would -- anything that could actually impact broader supply chains.

是的。不，我想說，瑞安，規模——我的意思是，顯然，對社區的影響是巨大的，我們還有很多工作要做。但它的規模對於我們每年制定的總體計劃來說也不具意義——想想看，僅去年一年，我們單單在掩護指揮方面就完成了多少線路里程，有 800 英里。這比我們從導體中看到的影響類型高出一個數量級——需要處理這種影響的導體數量。因此，相對於我們的整體計劃而言，這只是一小部分，而且任何可能真正影響更廣泛的供應鏈的事情都可能影響到。

And Steve, probably would be appropriate to also say that all the homes and customer premises that can be reconnected are already reconnected. And so a lot of the rebuild moving forward will be more for homes, premises that need to be rebuilt. And so that doesn't happen overnight. That process that will involve siting, permitting for those structures themselves. And so that's probably the larger gating item here, which means that it's not months, it's going to be years likely for these communities.

史蒂夫，可能還應該說，所有可以重新連接的家庭和客戶場所都已經重新接入了。因此，未來重建的大部分將是關於需要重建的房屋和房屋。所以這並非一朝一夕就能實現的。該過程將涉及選址、以及對這些建築物本身進行許可。所以這可能是這裡更大的門檻，這意味著這些社區需要的時間不只是幾個月，很可能是幾年。

And by the way, from an Edison perspective, it's not just what Steve and his team will be doing to make sure that we have the power side of that right. But as a company, we want to make sure we're there with those communities through our charitable giving, through our engagement more broadly because, again, as I mentioned, we're -- this is not just something near to home. This is home for a lot of us, and we'll be part of the answer here.

順便說一句，從愛迪生的角度來看，史蒂夫和他的團隊所做的不僅僅是確保我們擁有電力方面的權利。但作為一家公司，我們希望確保透過我們的慈善捐贈、透過我們更廣泛的參與與這些社區在一起，因為，正如我所提到的，這不僅僅是一件貼近家庭的事情。這是我們許多人的家，我們將在這裡找到答案。

And then one follow-up. In terms of the venue, is there an established venue to determine how the protocol will unfold in terms of investigating the equipment and other related items regarding the fire?

然後進行一次後續行動。就地點而言，是否有既定的地點來確定如何進行對火災設備和其他相關物品的調查？

Yes. That's happening through the court process. And so there's a judge assigned, and I believe the discussions over the specific protocols are happening under the umbrella of her oversight. In fact, I think there was a court hearing just yesterday on this -- yes, just yesterday. I believe she said -- I think the next discussion will be in a week or so, if I recall correctly. So it's a court process.

是的。這是透過法庭程序進行的。因此，我們指定了一名法官，我相信有關具體協議的討論是在她的監督下進行的。事實上，我認為昨天剛剛就此事舉行了一次法庭聽證會——是的，就在昨天。我相信她說過——如果我沒記錯的話，下一次討論將在一周左右進行。所以這是一個法庭程序。

Shar Pourreza, Guggenheim.

沙爾‧普雷札 (Shar Pourreza)，古根漢。

It's actually Constantine here. Maybe starting off, following up on Nick's question. A bit more theoretical, in terms of the timing for a potential AB 1054 drawdown, given the history of claims and settlements as you mentioned, do you believe it will take a few years? And does that give the stakeholders more time to deliberate kind of the best assurances around the constructs?

這實際上是康斯坦丁。也許首先要回答一下尼克的問題。更理論化一點，就 AB 1054 可能撤回的時間而言，考慮到您提到的索賠和和解的歷史，您是否認為這將需要幾年時間？這是否會給利害關係人更多時間來審議有關結構的最佳保證？

So I think, Constantine, when people will start to -- fast forward -- we haven't determined sort of what the cause is yet for the fire. But fast forward, if it was a fire that was subject to AB 1054, I think it's actually early to know when people will start to be submitting claims and entering into a process. I just -- that's my firm opinion. The first thing that we would do as well is we have $1 billion of customer-funded self-insurance. And so we would be utilizing that for the first $1 billion of claims payments. And only then would we go to the AB 1054 layer. So I think we do know that the processes are in place to go to the fund and to submit claims for payment, but I think it's early to tell when we would exactly hit that point.

因此我認為，康斯坦丁，當人們開始 — — 快進 — — 我們還沒有確定火災的原因。但快進，如果這是一場受 AB 1054 管轄的火災，我認為現在就知道人們何時開始提交索賠並進入程序還為時過早。我只是──這是我堅定的觀點。我們要做的第一件事就是提供 10 億美元的客戶資助自保。因此我們將利用該金額支付首筆 10 億美元的索賠。這樣我們才能到達 AB 1054 樓。因此，我認為我們確實知道向基金提交付款索賠的流程已經到位，但我認為現在判斷我們何時才能準確達到這一點還為時過早。

Yes. And I think Maria answered the substance of your question well. I think I also heard an angle in your question around does that then give parties in Sacramento more time to delivery. And I think the flip side to that is we have a real sense of urgency here. And part of the message that we'll be providing is that, frankly, the market has responded very quickly. And we believe that it will be in California's best interest to demonstrate the commitment to extending the framework or making changes. Again, we're not -- I'm not sitting here specifying its ABC, right? But we're specifying here's the issue.

是的。我認為瑪麗亞很好地回答了你的問題的實質。我想我也聽到了你問題中的一個角度，即這是否會給薩克拉門託的各方更多的時間來實現交付。我認為另一方面是我們真的有一種緊迫感。我們要傳達的訊息是，坦白說，市場反應非常迅速。我們相信，展現延長該框架或做出改變的決心最符合加州的利益。再說一遍，我們不是——我不是坐在這裡具體說明它的 ABC，對吧？但我們要明確指出的是，這是一個問題。

And I think from a market perspective then restoring investors' confidence in California. And frankly, I think this accrues not only to the view on California utilities, but the view on the California economy more broadly. We believe it's important that action, at least the first steps happen soon. And so while technically, this is time that you were asking about, from an overall perspective, the timing here for action in Sacramento, we are certainly focused on near-term action, at least for the initial steps.

我認為從市場角度來看這將恢復投資者對加州的信心。坦白說，我認為這不僅適用於加州公用事業，也適用於更廣泛意義上的加州經濟。我們認為採取行動很重要，至少要盡快踏出第一步。因此，雖然從技術上講，您所問的是從整體角度來看在薩克拉門托採取行動的時間，但我們肯定會專注於近期的行動，至少是初步措施。

Really appreciate it. I do think that the question was more oriented towards kind of finding the best assurances. But I don't think that there's a question around the urgency at this point. I think that's been communicated very clear, but really appreciate that. And maybe as a quick follow-up, in terms of regulatory proceedings, just with the cost of capital coming up in the state, has -- and obviously, the markets are not changing for the better. Does that impact kind of the impacts of the filing? And maybe do you see a sense of delaying the proceeding to alleviate some of that pressure?

真的很感激。我確實認為這個問題更在於尋找最好的保證。但我不認為目前有緊迫性問題。我認為這一點已經傳達得非常清楚了，我真的很感激。也許作為監管程序方面的快速後續行動，隨著該州資本成本的上升，顯然，市場並沒有變得更好。這會對申請產生影響嗎？也許您是否認為可以透過推遲訴訟程序來緩解一些壓力？

Constantine, we're moving forward with the filing. It's due in March. I think you'll see us file -- as we have in the past, we'll file all of the information, both from a quantitative aspect as well as a qualitative aspect. Clearly, events recently have impacted the cost of capital, and we will be discussing that as well. And I think at the end of the day, sort of the approaches that Pedro was talking about before, those are solutions to the cost of capital. I don't know that you find the solution purely and exclusively through the cost of capital proceeding, but you will see extensive discussion of these events in our applications.

康斯坦丁，我們正在推進備案工作。預計三月到期。我想你會看到我們提交文件——就像我們過去所做的那樣，我們會提交所有的信息，包括定量和定性方面。顯然，最近發生的事件影響了資本成本，我們也將討論這個問題。我認為，從根本上來說，佩德羅之前談到的方法都是解決資本成本問題的解決方案。我不知道您是否純粹透過資本成本程序找到解決方案，但您會在我們的應用程式中看到對這些事件的廣泛討論。

Yes. And maybe one more thought on this one is, again, I brought this up with one of the other questions as well. I keep pointing to the fact that the PUC proceeded with its approval of the TKM settlement on the schedule. This happened even after the fires have taken place. So I think this is an important time for their steady leadership, which they are showing and they're providing. Because frankly, that's part of helping investors retain confidence in the durability of the California framework. So I really appreciate it, not only the approval of TKM, but the very thoughtful comments that President Reynolds made that I mentioned before.

是的。關於這一點，也許還有一個想法是，我再次在其他問題中提出了這一點。我不斷強調的事實是，公共事業委員會 (PUC) 按照計畫批准了 TKM 和解方案。即使在火災發生後，這種情況仍會發生。所以我認為這是他們展現和提供穩健領導力的重要時刻。因為坦白說，這是幫助投資人對加州框架持久性保持信心的一部分。因此我真的很感激，不僅感激 TKM 的認可，也感激我之前提到的雷諾茲總裁所作的非常深思熟慮的評論。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Just a quick question. Slide 20 talks about prudency, whether if you're found 100% imprudent or 100% prudent. I'm just curious, is there a middle ground there?

這只是一個簡單的問題。第 20 張投影片討論了謹慎性，無論你被發現是 100% 不謹慎還是 100% 謹慎。我只是好奇，那裡有中間立場嗎？

Yes. That's a really important thing. Just speaking generally in terms of how this works, absolutely, the PUC has full discretion to find a utility prudent based -- fully prudent based on the facts or fully imprudent or something in between. And you might recall, Anthony, that frankly, this is one of the challenges with the prior PUC in the case regarding the 2007 fires for San Diego Gas & Electric, where a prior PUC, in making their decision, said that they were stuck with a binary choice. They could only provide either full recovery or zero recovery. And later on, even that same President and, I believe, the General Counsel at the time both made comments, again, later on that they realized that was not the case and the commission has discretion, as it always has. So that's a really important part of the framework here. And life is not binary.

是的。這是一件非常重要的事情。就其運作方式一般性而言，公共事業委員會絕對有充分的自由裁量權來找到一種基於事實的、完全審慎的公用事業審慎方法——或者完全不審慎的方法，或者介於兩者之間。安東尼，你可能還記得，坦白說，這是前公共事業委員會在 2007 年聖地牙哥天然氣電力公司火災案中面臨的挑戰之一，前公共事業委員會在做出決定時表示，他們只能做出二元選擇。他們只能提供完全恢復或零恢復。後來，甚至是同一位總統，我相信，當時的總法律顧問都發表了評論，再次，後來他們意識到事實並非如此，委員會一如既往地擁有自由裁量權。這是此框架中非常重要的一部分。生命並不是二元的。

Richard Sunderland, J.P. Morgan.

摩根大通的理查桑德蘭。

Just one question for me. If a legislative solution does not emerge, are there any operational changes across PSPS practices or elsewhere you would consider if the future fund backstop is potentially lower given that potential that Eaton impacts the fund as a risk backstop?

我只想問一個問題。如果沒有推出立法解決方案，考慮到伊頓作為風險支援機構對基金產生影響的可能性，您是否會考慮在 PSPS 實踐或其他方面進行任何營運變革，而未來的基金支持可能會更低？

I'm going to answer the question or start it. Steve may have more to add from a little different angle. We are always in learning mode. And so we're always looking for steps that we think might be needed to maintain the safety of our public as we continue to learn more and more. This windstorm was something else, right? Because we had up to 100 mile an hour winds. And so you heard me mention earlier that going into the windstorm, we had already gone in more conservative in terms of the PSPS criteria, meaning that SCE was ready to de-energize at a little bit lower conditions than the standard protocols would call for.

我將回答這個問題或開始這個問題。史蒂夫可能會從稍微不同的角度做出更多補充。我們始終處於學習模式。因此，隨著我們不斷了解越來越多的信息，我們一直在尋找我們認為可能需要的措施來維護公眾的安全。這場風暴是別的什麼吧？因為我們面臨的風速高達每小時 100 英里。所以你之前聽我說過，在進入風暴期時，我們在 PSPS 標準方面已經採取了更加保守的做法，這意味著 SCE 準備在比標準協議要求的稍低一點的條件下斷電。

And in fact, during the windstorm, at one point when a night-flying firefighting aircraft were unable to fly because of the strength of the winds, SCE then became even more conservative in terms of its application of PSPS. So that's one example where there was more conservatism that came in, in real time based on conditions, right? The team -- and Steve, maybe you can talk a bit about what SCE is doing as part of your continuous learning as we then look at the next WMP update, et cetera.

事實上，在風暴期間，一架夜間飛行的消防飛機一度因風力太大而無法飛行，此後 SCE 在應用 PSPS 方面變得更加保守。所以這是一個例子，根據實際情況，保守主義出現了更多的趨勢，對嗎？團隊——史蒂夫，也許你可以談談 SCE 在持續學習中所做的事情，然後我們會研究下一個 WMP 更新等等。

Yes. So maybe Pedro, I'll reiterate. When we look at our mitigations for wildfire, whether it is the grid hardening, our choices around cover conductor, where we do undergrounding, the factors that are there, how we have enhanced our inspections, where and how much viz management we're doing, every aspect of our wildfire mitigation plan is based in public safety and how do we make sure that we have a system that operates safely. Now we learn along the way with -- as Pedro noted, from incidents that happen on our system, off of our system, and we look at other ways that there may be risks in the system that we didn't see before. And we then bake those into our wildfire mitigation plans.

是的。所以也許是佩德羅，我會重申。當我們考慮野火緩解措施時，無論是電網加固、覆蓋導體的選擇、埋入位置、存在的因素、如何加強檢查、在哪里以及在多大程度上進行可視化管理，我們野火緩解計劃的每個方面都以公共安全為基礎，以及我們如何確保我們有一個安全運行的系統。現在，正如佩德羅所說，我們從系統內、系統外發生的事件中不斷學習，並從其他方式尋找系統中可能存在我們以前沒有發現的風險。然後我們將其納入我們的野火緩解計劃。

We started on a risk-prioritized basis seven or eight years ago, heavily focused on distribution because that's where the bulk of our ignitions and our risk was at, and we've been working our way down. As we continue to learn, we'll continue to look at what the next set of mitigations are. And so -- but that is primarily driven from a public safety perspective as we're thinking about the best way to run the system and keep our communities safe.

七、八年前，我們就開始以風險為優先，並專注於分銷，因為我們的大部分點火和風險都在這裡，而我們一直在努力降低這一水平。隨著我們不斷學習，我們將繼續研究下一組緩解措施是什麼。所以——但這主要是從公共安全的角度出發，因為我們正在考慮運作系統和保障社區安全的最佳方式。

So that's what drives it at the end of the day. And as I said in my comments, we are confident that this state will do the right thing in terms of the framework.

所以這就是最終推動它發展的因素。正如我在評論中所說，我們相信該州將在框架方面做正確的事情。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特（Carly Davenport）。

Just one for me as well, a follow-up on, I think, Constantine's question earlier. Just any color that you can share in terms of what's embedded in your plan or just how you're thinking about a potential improvement or not in the CPUC ROE as you go into the cost of capital next month, just what's reflected over this planning period?

對我來說也只有一個問題，我想，這是對康斯坦丁之前問題的後續回答。您可以分享一下您的計劃中包含的內容，或者您​​如何考慮下個月進入資本成本時 CPUC ROE 是否會有所改善，這個規劃期間會反映出什麼？

So maybe I'll decompose that into two questions because you're asking what's embedded in our planning period. So I think you see the sensitivities that we have in the deck in terms of the '25 through '28 EPS growth. And we've had a number of different ROEs over the time that we've been providing those updates in those numbers. So we have run numerous scenarios related to that, and we think that the range covers us for a number of different outcomes.

因此，也許我會將其分解為兩個問題，因為你問的是我們的規劃期間內包含的內容。所以我想你看到了我們在 25 年至 28 年每股收益成長的敏感度。在我們提供這些數位更新的過程中，我們有過許多不同的 ROE。因此，我們已經運行了許多與此相關的場景，並且我們認為該範圍涵蓋了許多不同的結果。

If your question is really more aimed at sort of what is in the cost of capital filing when we go in, in March, I think I'll just reiterate that it's going to, I would say, look like the ones that we filed before in the sense of doing the quantitative analysis as well as the qualitative analysis. We will have extensive discussion on the impacts from the January events, the market reaction to that as well as sort of how we would think about that in terms of the ongoing costs.

如果你的問題實際上是針對 3 月份我們進入時資本成本申報的內容，我想我會重申，它會像我們之前申報的一樣，既進行定量分析，也進行定性分析。我們將廣泛討論一月份事件的影響、市場對此的反應以及我們如何從持續成本的角度看待這一事件。

I do think that the commission -- in the past, when we filed -- back in 2019, when we filed, we did include the concept of a wildfire adder. But even at the time, we underscored not going to fix this issue by just addressing it to the cost of capital. It's really the structural changes back then with AB 1054 that will help the market react more favorably to California. So we're really going to approach it from that fundamental perspective.

我確實認為，委員會——在過去，當我們提交文件時——早在 2019 年，當我們提交文件時，我們確實包含了野火加法器的概念。但即使在當時，我們也強調，僅透過解決資本成本問題是無法解決的。當時 AB 1054 的結構性變化確實有助於市場對加州做出更積極的反應。所以我們確實要從根本角度來解決這個問題。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I was curious to get your thoughts. What do you think is the solution here? What are you advocating for -- I'm thinking in the legislative backdrop. What are you advocating for? What do you think is kind of needed to give the certainty that investors are seeking with the California wildfire kind of protective financial backdrop?

我很好奇想知道你的想法。您認為這裡的解決方案是什麼？您所倡導的是什麼—我在立法背景下思考。您所提倡的是什麼？您認為，在加州野火發生後，投資人需要採取什麼措施才能獲得他們所尋求的確定性，也就是財務保護背景？

David, look, I want to acknowledge it's still early days. And as I mentioned, we're talking and we're listening to, but certainly discussing with our peer utilities, with legislative leaders, et cetera. And there's probably a lot of different levers that could be employed here. So I don't want to get too far ahead of that. But I think, ultimately, part of the message we're hearing from investors, and I think as reflected in the valuation impact not just for Edison, but for Sempra and PCG, is a concern that the events that the LA area just lived through were really large events. Whether or not they were caused by electric infrastructure, they were large events. And to some extent, they reset the sense of how large events could get in California.

大衛，聽著，我想承認現在還為時過早。正如我所提到的，我們正在交談，我們正在傾聽，但肯定也在與我們的同行公用事業公司、立法領導人等進行討論。這裡可能有很多不同的槓桿可以運用。所以我不想走太遠。但我認為，最終，我們從投資者那裡聽到的信息的一部分是，人們擔心洛杉磯地區剛剛經歷的事件是真正重大的事件，我認為這不僅對愛迪生，而且對 Sempra 和 PCG 的估值影響都有所反映。無論這些事件是否由電力基礎設施引起，它們都是重大事件。從某種程度上來說，他們重新定義了加州舉辦大型活動的模式。

And so that does then get folks thinking about the durability of the fund and levers like the liability cap, right? Today, the liability cap is attached to the existence of the fund. So are there ways to provide for the fund being able to scale up if needed, right, however you get there, ways to ensure that the liability cap endures, regardless of the state of the fund? So I think those are some of the questions. There are probably different levers to answer this.

那麼這確實會讓人們思考基金的持久性以及責任上限等槓桿，對嗎？如今，責任上限已與基金的存在掛鉤。那麼，有什麼辦法可以讓基金在需要的時候擴大規模嗎？無論如何，有什麼辦法可以確保責任上限能夠持續，而不管基金的狀況如何？我認為這些就是一些問題。可能有不同的方法可以回答這個問題。

Beyond the utility piece, we have always seen the leadership across the state talk about some of the other elements that may be part of a solution. And again, I don't know ultimately -- will we see vehicles in Sacramento that are -- at least in this first turn this year, for this session, focused just on AB 1054 or will you see other pieces? I noticed that, I believe yesterday, the -- Mike McGuire, Head of the Senate, announced a package, a series of bills that touch on insurance reform. You've heard discussion around building codes and standards, right?

除了實用部分之外，我們一直看到全州的領導層都在談論可能成為解決方案一部分的其他一些要素。再說一次，我最終不知道——我們是否會在薩克拉門托看到——至少在今年的第一個轉彎處，在這次會議上，只關注 AB 1054，還是會看到其他作品？我注意到，我記得昨天，參議院議長麥克麥奎爾宣布了一攬子計劃，一系列涉及保險改革的法案。您聽過有關建築規範和標準的討論，對嗎？

The reality is California will continue to have to work through wildfire risk. Our Adapting for Tomorrow white paper three or four years ago pointed out that the state will see increased wildfire risk as we see deeper impacts from climate change over the next several decades. And so I give a lot of credit to the Governor and the legislature. They've been working on more than just AB 1054. They doubled state budgets for firefighting. They are having further discussion around managing fuel and cleaning forests and that kind of thing. Again, the role for building codes and standards, defensible space, which I saw that package I mentioned on the insurance side. I believe one of the bills dealt with ensuring defensible space.

現實情況是，加州將繼續面臨野火風險。我們三、四年前發表的《適應明天》白皮書指出，隨著未來幾十年氣候變遷的影響越來越深，該州的野火風險將會增加。因此，我高度評價州長和立法機構。他們致力於的不僅僅是 AB 1054。他們將國家消防預算增加了一倍。他們正在就燃料管理、森林清理等問題進行進一步討論。再一次，建築規範和標準、防禦空間的作用，我在保險方面看到了我提到的方案。我認為其中一項法案是關於確保防禦空間的。

This will all be, I'm sure, tough topics on each of their own two feet. And that's why I don't know, will we see the legislature coalesce around trying to do a lot of this all at once or take a piece at a time? From our perspective, we want to make sure that we have a strong voice in helping them understand the immediacy of demonstrating to you all, to the market, the immediacy of the need to reassure investors on the strength and durability of AB 1054. And again, the good news here is that this is not like 2018 when we were starting from scratch. We get to stand on the platform of a very strong bill led by Governor Newsom and a prior legislature that really set the model for the country. And now it's always better to be in a place where you can talk about how you modify and extend as opposed to how you create from a new whole platform.

我確信，這對他們每個人來說都將是難以解決的話題。這就是為什麼我不知道，我們是否會看到立法機構聯合起來，試圖一次完成很多工作，還是一次只完成一部分？從我們的角度來看，我們希望確保我們有強有力的聲音來幫助他們理解向大家、向市場證明的緊迫性，以及向投資者保證 AB 1054 的強度和持久性的緊迫性。再次強調，好消息是，這不像 2018 年那樣我們從零開始。我們站在由州長紐森和前立法機構領導的一項非常強有力的法案的平台上，這項法案確實為國家樹立了典範。現在，最好能有一個地方可以討論如何修改和擴展，而不是如何從一個新的整個平台進行創建。

Yes, absolutely. No, very helpful. And I was also curious, as you maybe reflect on your capital plan and the prioritization of different projects and initiatives, do you think it would make sense to pivot incremental CapEx back toward fire risk reduction? I'm looking at like slide 12, the split of where CapEx is flowing within the distribution system. Is there a -- do you think there's a case to be made for wildfire mitigation to become a bigger piece again?

是的，絕對是如此。不，非常有幫助。而且我也很好奇，當您反思您的資本計劃以及不同項目和計劃的優先順序時，您認為將增量資本支出重新轉向降低火災風險是否有意義？我正在看第 12 張投影片，其中顯示了資本支出在分銷系統內的流動情況。您是否認為有理由再次使野火緩解工作成為更重要的任務？

Yes. So we always have the discretion to move the general rate case dollars around to prioritize based on what is at hand when we get into that period. I think one of the first things you'll see us do is in the areas where we're doing restoration. We are taking a look at how we rebuild those communities and support those communities, whether it's places we have already put cover conductor or places where we can advance some targeted undergrounding. But I'll turn it over to Steve. He probably has other thoughts as to where we might actually lean in a little bit differently.

是的。因此，我們始終有權根據進入該時期時手頭的情況，酌情調整一般利率案例資金的優先順序。我想您首先會看到我們所做的事情之一就是在我們進行修復的地區。我們正在研究如何重建這些社區並支持這些社區，無論是我們已經放置覆蓋導體的地方，還是我們可以推進一些有針對性的地下工程的地方。但我會把它交給史蒂夫。對於我們實際上可以採取什麼不同的傾向，他可能還有其他想法。

Yes. I think really, one of the things from these -- the fires, whether it's the Palisades fire, the Eaton fire, I think everyone's looking back at risk models and -- to determine what's changed in terms of risk. Is there anything new that we've missed? And when we look at how we prioritize our capital, we're starting with risk and public safety, reliability, et cetera, to determine where we put those. And so to the extent that our risk models are showing that we should be hardening the system differently or placing our capital allocation differently, that's what we'll evaluate.

是的。我認為，這些火災，無論是帕利塞茲火災還是伊頓火災，其中一件事我認為每個人都在回顧風險模型並確定風險方面發生了哪些變化。我們是否遺漏了什麼新內容？當我們考慮如何優先考慮我們的資本時，我們首先從風險和公共安全、可靠性等開始，以確定我們將它們放在哪裡。因此，如果我們的風險模型顯示我們應該以不同的方式強化系統或以不同的方式配置我們的資本，那麼我們將對此進行評估。

It's too early to say how we'll change. Maria mentioned, certainly, in places where we are rebuilding and starting from scratch, one, a lot of places, if we're starting clean, our standard generally is to underground. And so we can likely see more underground in places where we're building from scratch. But that's really as we look at that overall capital allocation. It starts with how we allocate the -- how we view the risks and what the best mitigations are. So too early to say how much change there will be, but it's something that we'll go back and look at, like we do each year, as we reevaluate our capital plans.

現在談論我們將如何改變還為時過早。瑪麗亞提到，當然，在我們重建和從頭開始的地方，很多地方，如果我們從清潔開始，我們的標準通常是地下。因此，我們很可能會在正在建造的地方看到更多的地下空間。但這其實是我們看待整體資本配置的情況。首先要考慮我們如何分配—我們如何看待風險以及最佳的緩解措施是什麼。因此，現在說會有多少變化還為時過早，但我們會像每年一樣回顧並審視這一點，同時重新評估我們的資本計劃。

And Steve, my guess is that as we -- we're standing 12 months from now or 24 or 36 months from now, when you look backwards, it might not be a clean split, right? Because particularly in the communities that require rebuilding and doing that stronger, I mean, for example, you already -- I think your team has now replaced something like 4 or 5 -- existing 4 kV circuits in Altadena with a modern 16 kV circuit with covered conductor, right? And so there's a -- that was a rebuild to a fire, but it was also a resiliency improvement. I think some of those circuits were -- part of them were in non-HFRA areas. So they got rebuilt with covered conductors. So that's also a wildfire risk improvement. So it hits probably multiple boxes, checks in multiple boxes around the categories that you were asking about, David, if that makes sense.

史蒂夫，我猜，從現在起 12 個月、24 個月或 36 個月後，當你回顧過去時，可能不會看到完全的分割，對嗎？因為特別是在需要重建並變得更強大的社區，我的意思是，例如，您已經 - 我認為您的團隊現在已經將阿爾塔迪納現有的 4 kV 電路中的 4 或 5 個替換為帶有覆層導體的現代 16 kV 電路，對嗎？所以這是一個火災後的重建，但也是一個彈性改進。我認為其中一些電路 - 其中一部分位於非 HFRA 區域。因此，他們用覆蓋的導體進行了重建。所以這也意味著野火風險的改善。因此，它可能會擊中多個框，選中您所詢問的類別周圍的多個框，戴維，如果這有意義的話。

I will now turn the call back over to Mr. Sam Ramraj for any closing comments.

現在我將把電話轉回給 Sam Ramraj 先生，請他發表最後評論。

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

感謝您加入我們。我們的電話會議到此結束。祝您今天剩餘時間愉快。您現在可以斷開連線。