愛迪生國際 (EIX) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Edison International first-quarter 2025 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2025年第一季財務電話會議。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。此外，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. During this call, we will make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations.

可在 www.edisoninvestor.com 上取得支援今天電話會議的資料。其中包括我們的 10-Q 表格、Pedro 和 Maria 的準備好的發言稿以及電話會議簡報。明天，我們將分發定期的業務更新簡報。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。

Important factors that could cause different results are set forth in our SEC filings. Please read this carefully. The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. (Operator Instructions)

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。此演示包括某些前景假設以及非 GAAP 指標與最接近的 GAAP 指標的調整。（操作員指示）

I will now turn the call over to Pedro.

現在我將電話轉給佩德羅。

Well, thank you, Sam, and good afternoon, everyone. Just three months have passed and see devastating wildfires and all of us at Edison continue to keep everyone affected in our thoughts. We are working closely with state and county leaders and the communities of Altadena and Malibu to rebuild wildfire impacted areas stronger than ever. I will share further updates in a minute after touching on our earnings headlines.

好吧，謝謝你，山姆，大家下午好。僅僅三個月過去了，我們就經歷了毀滅性的野火，愛迪生公司的所有人都繼續為所有受影響的人祈禱。我們正在與州和縣領導層以及阿爾塔迪納和馬里布的社區密切合作，重建比以往更強大的野火受災地區。在談到我們的盈利頭條後，我將立即分享進一步的更新。

Today, Edison International reported core earnings per share of $1.37 compared to $1.13 a year ago. However, this year-over-year comparison is not particularly meaningful because SCE has not received a decision in its 2025 General Rate Case. SCE recognized revenues from CPUC activities for both the first quarter 2024 and 2025 and largely based on 2024 authorized base revenue requirements with 2025 adjusted for the lower authorized CPUC ROE.

今天，愛迪生國際公佈每股核心收益為 1.37 美元，而去年同期為 1.13 美元。然而，這種同比比較並不是特別有意義，因為 SCE 尚未就其 2025 年一般費率案做出裁決。SCE 確認了 2024 年第一季和 2025 年 CPUC 活動的收入，主要基於 2024 年授權基本收入要求，並根據較低的授權 CPUC ROE 對 2025 年進行了調整。

Looking ahead, we remain confident in our ability to meet our 2025 EPS guidance and deliver a 5% to 7% core EPS CAGR to 2028. Maria will discuss our financial performance in her remarks. We recently provided Governor Newsom with SCE's initial comprehensive plans to rebuild the impacted electrical distribution infrastructure in the Palisade and Eaton fire areas. Under this plan, SCE would underground more than 150 circuit miles, including nearly all distribution power lines in high fire risk areas within the burn cars of the affected communities. Once constructed, this grid hardening will increase reliability and make electrical distribution infrastructure more resilient to high wind and other extreme weather events, helping us better protect and serve our communities.

展望未來，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。瑪麗亞將在她的演講中討論我們的財務表現。我們最近向紐森州長提供了 SCE 的初步綜合計劃，以重建 Palisade 和 Eaton 火災地區受影響的電力分配基礎設施。根據該計劃，SCE 將把超過 150 英里的電路埋入地下，包括受影響社區火災高風險區域的幾乎所有配電線路。一旦建成，該電網強化系統將提高可靠性，使配電基礎設施更能抵禦強風和其他極端天氣事件，幫助我們更好地保護和服務我們的社區。

On the Eaton fire, SCE's investigation continues. Since our last update, the utility completed additional physical and video inspections of the electrical equipment in Eaton Canyon which were carried out in collaboration with stakeholders. Analysis of the images, videos and equipment is ongoing. The utility also recently began the removal of portions of the idle facilities in Eaton Canyon for further expert review.

對於伊頓火災，SCE 的調查仍在進行中。自上次更新以來，公用事業公司已與利益相關者合作完成了伊頓峽谷電氣設備的額外實體和視訊檢查。對影像、視訊和設備的分析正在進行中。該公用事業公司最近也開始拆除伊頓峽谷部分閒置設施，以便專家進一步審查。

While SCE has not conclusively determined that its equipment was associated with the admission of the Eaton fire. It is also not aware of evidence conclusively pointing to another source of edition. Absent additional evidence SCE believes that its equipment could have been associated with the addition of the Eaton fire.

儘管 SCE 尚未最終確定其設備是否與伊頓火災有關。它也不知道有任何證據能夠最終指向另一個版本來源。由於缺乏進一步的證據，SCE 認為其設備可能與伊頓火災有關。

As such, and in light of pending litigation, it is probable that EIX and SCE will incur material losses in connection with the Eaton Fire. As always, we are committed to being transparent throughout this process. With significant media coverage surrounding the Eaton fire, we have noted numerous instances where facts have been misrepresented.

因此，鑑於尚未了結的訴訟，EIX 和 SCE 很可能因伊頓火災而遭受重大損失。像往常一樣，我們致力於在整個過程中保持透明。媒體對伊頓火災的報導十分廣泛，我們注意到許多事實被扭曲的情況。

We address factual errors and misstatements. We launched a new page on our website called Edison for the record. I encourage you to take a look and a link can be found on page 3. I will reiterate that we continue to believe that SCE is a reasonable operator of its electric system, if it is determined that SCE's transmission equipment was associated with the addition of the Eaton fire, based on the information we have reviewed thus far, we remain confident 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.

我們解決事實錯誤和不實陳述。我們在網站上推出了一個名為「愛迪生記錄」的新頁面。我鼓勵你看一看，你可以在第 3 頁找到連結。我要重申的是，我們仍然相信 SCE 是其電力系統的合理運營商，如果根據我們迄今為止審查的信息確定 SCE 的輸電設備與伊頓火災有關，我們仍然相信 SCE 會真誠地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。

Turning to the legislative front. We have continued to engage in broad discussions with legislators and the governor's office to support the safety of our communities and enhance California's industry-leading AB 1054 regulatory framework. The conversations we've had leave us with no doubt that stakeholders understand the criticality of addressing the issue and the important role the investor-owned utilities play in supporting California's growth and economic development.

轉向立法方面。我們繼續與立法者和州長辦公室進行廣泛的討論，以支持我們社區的安全並加強加州行業領先的 AB 1054 監管框架。我們進行的對話讓我們毫不懷疑，利益相關者了解解決該問題的重要性以及投資者所有的公用事業在支持加州成長和經濟發展方面發揮的重要作用。

We are confident policymakers are focused on the need to strengthen and restore confidence in California's wildfire framework. On the regulatory front, I'm pleased to share that SCE continues to reach important milestones this year. The CPUC's unanimous approval of the TKM settlement agreement signals a constructive California regulatory environment.

我們相信，政策制定者正致力於加強和恢復對加州野火框架的信心。在監管方面，我很高興地告訴大家，SCE 今年繼續取得了重要的里程碑。加州公共事業委員會 (CPUC) 一致批准 TKM 和解協議，標誌著加州監管環境良好。

Last month, the [Wolfe] cost recovery ALJ issued the scoping memo, adopting the scheduled SCE and intervenors jointly proposed. The next major filings will be inter-meter testimony in early June and rebuttal testimony in mid-July. The schedule also includes their motion for consideration of a settlement agreement or joint statement of stipulations of issues due in mid-August.

上個月，[Wolfe] 成本回收 ALJ 發布了範圍界定備忘錄，並採納了聯合提議的預定 SCE 和介入者。下一次主要提交將是 6 月初的儀表間證詞和 7 月中旬的反駁證詞。該日程還包括他們將於 8 月中旬提出的審議和解協議或問題規定聯合聲明的動議。

As we have noted in the past, SCE is open to settlement discussions if a fair and reasonable outcome can be achieved benefiting customers and shareholders. We will keep you updated as the utility continues its progress towards resolution in this proceeding. Maria will highlight other milestones in her remarks.

正如我們過去所指出的，如果能夠實現公平合理的結果，使客戶和股東受益，SCE 願意進行和解談判。隨著公用事業公司繼續推進解決此訴訟的進程，我們將隨時向您通報最新進展。瑪麗亞將在演講中強調其他里程碑。

On SCE's 2025 General Rate Case, the ALJ recently made an administrative ruling extending the statutory deadline, which is typical and expected based on the prior calendar. Nonetheless, we continue to be optimistic that we will see a proposed decision in the first half of the year with the final decision as soon as 30 days later.

對於 SCE 的 2025 年一般費率案，ALJ 最近做出了一項行政裁決，延長了法定期限，根據先前的日程安排，這是很典型的，也是預料之中的。儘管如此，我們仍然樂觀地認為，我們將在今年上半年看到擬議的決定，並在 30 天後做出最終決定。

The GRC will support SCE's commitment to providing electric service that is reliable, resilient and ready for customers' needs. The utility's significant investment plan is driven by the need to resume a traditional level of infrastructure replacement work necessary for system reliability and continue its wildfire mitigation programs that protect the safety of customers and the public.

GRC 將支援 SCE 致力於提供可靠、有彈性且能滿足客戶需求的電力服務。該公用事業公司的重大投資計劃是由需要恢復系統可靠性所必需的傳統水平的基礎設施更換工作以及繼續其保護客戶和公眾安全的野火緩解計劃所驅動的。

SCE's full GRC request also includes about $1.4 billion of annual capital spending on wildfire mitigation and includes hardening an additional 1,800 miles of the utilities overhead distribution infrastructure. SCE will submit its 2026 wildfire mitigation plan in May. This comprehensive WMP reflects our collective priorities, risk mitigation, public safety and affordability.

SCE 的完整 GRC 請求還包括每年約 14 億美元的野火緩解資本支出，並包括加固另外 1,800 英里的公用事業架空配電基礎設施。SCE 將於 5 月提交 2026 年野火緩解計畫。這項全面的理財規劃反映了我們的共同優先事項、風險緩解、公共安全和可負擔性。

It also includes continued deployment of covered conductor and targeted undergrounding. Utility looks forward to executing its integrated wildfire mitigation strategy, which prioritizes industry-leading practices such as grid hardening, asset inspections and vegetation management. Before I turn it over to Maria, I would like to take a moment to say a big, big thank to a few very special members of our team. Last week, Vanessa Chang retired from our Board of direction directors. And we congratulate Vanessa on her retirement and are so thankful for her 18 years of dedicated service and leadership on the board.

它還包括繼續部署覆蓋導線和有針對性的地下埋設。公用事業公司期待執行其綜合野火緩解策略，該策略優先考慮電網強化、資產檢查和植被管理等領先業界的實踐。在將時間交給瑪麗亞之前，我想花點時間向我們團隊中幾位非常特別的成員表示衷心的感謝。上週，Vanessa Chang 從我們的董事會退休。我們祝賀瓦妮莎退休，並非常感謝她在董事會 18 年來的奉獻服務和領導。

I also want to recognize our former General Counsel, Adam Umanoff, who we previously announced, we'll be retiring in July. Adam has simply been the ideal General Counsel. He is a business leader above all, who is also a constant at legal esprit. On top of that, Adam has been a step to spread to many in our organization. And absolutely, he spent that to me.

我還要感謝我們之前宣布的前總法律顧問亞當烏曼諾夫 (Adam Umanoff)，他將於 7 月退休。亞當簡直就是理想的總法律顧問。他首先是一位商業領袖，同時也是一位具有法律精神的專家。最重要的是，亞當已經向我們組織中的許多人傳播了這個訊息。毫無疑問，他把這些錢花在我身上了。

On behalf of our Board and management team, we want to thank Adam for his outstanding service. At the same time, I am delighted to welcome Chonda Nwamu, who joined us earlier this month as our new General Counsel. Chonda brings substantial expertise within our sector and a solid understanding of California's legal, political and regulatory environments. We're excited to have Chonda here and look forward to her leadership and partnership.

我謹代表董事會和管理團隊感謝亞當的傑出服務。同時，我很高興歡迎 Chonda Nwamu，她於本月初加入我們，擔任我們的新任總法律顧問。Chonda 在我們的領域擁有豐富的專業知識，並且對加州的法律、政治和監管環境有著深入的了解。我們很高興 Chonda 能夠來到這裡，並期待她的領導和合作。

All right. Maria, with that, I'll turn it over to you for the financial report.

好的。瑪麗亞，說完這些，我就把財務報告交給你了。

Thanks, Pedro, and I echo the appreciation for Adam and Vanessa and welcome Chonda. Now my comments today will cover first quarter 2021 results provide additional insight into key regulatory proceedings and update you on other financial topics. Starting with the first quarter, EIX reported core EPS of $1.37.

謝謝，佩德羅，我對亞當和凡妮莎表示感謝，並歡迎瓊達。我今天的評論將涵蓋 2021 年第一季的業績，為關鍵監管程序提供更多見解，並向您介紹其他財務主題。從第一季開始，EIX 報告的核心每股收益為 1.37 美元。

The page 4 provides the year-over-year quarterly variance analysis. As Pedro mentioned, the year-over-year comparison is not particularly meaningful because SCE has not received the final decision in its 2025 general rate case. SCE is booking revenues at 2024 authorized levels adjusted for the change in ROE and will report a true-up when it receives the final decision. First quarter EPS includes about $0.30 associated with the TKM settlement approval, partially offset by higher interest expense at EIX Parent and Other.

第 4 頁提供了同比季度差異分析。正如佩德羅所提到的，同比比較並不是特別有意義，因為 SCE 尚未就其 2025 年一般費率案做出最終裁決。SCE 將根據 ROE 的變化對 2024 年的授權水準收入進行調整，並將在收到最終決定時報告實際收入。第一季每股收益包括與 TKM 和解批准相關的約 0.30 美元，部分被 EIX 母公司和其他公司的較高利息支出所抵消。

On the regulatory front, I want to echo Pedro's comment on SCE making significant progress across numerous proceedings. Let me highlight a few. First, SCE recently reached a settlement agreement with interveners and its WMCE proceeding related to wildfire mitigation and restoration. The settlement, which is awaiting CPUC approval, would authorize 100% of the capital expenditures, along with 96% of the O&M. It would also contribute about $0.10 per share of true-up earnings and about $700 million of rate base, both of which are embedded in our 2025 guidance.

在監管方面，我想贊同佩德羅關於 SCE 在眾多訴訟中取得重大進展的評論。讓我重點介紹幾點。首先，SCE 最近與介入者就與野火緩解和恢復相關的 WMCE 程序達成了和解協議。和解協議正在等待 CPUC 批准，將授權 100% 的資本支出以及 96% 的營運和維護費用。它還將貢獻每股約 0.10 美元的實際收益和約 7 億美元的利率基礎，這兩項都已包含在我們的 2025 年指引中。

Second, on SCE's 2026 cost of capital application summarized on page 5. SCE requested an ROE of 11.75% and proposed updating the embedded cost of debt and preferred equity. The request also recommends the continuation of the cost of capital mechanism and to reset the benchmark. The utility made a strong case for its ROE based on risks that differentiate California utilities from their peers and other jurisdictions. SCE's proposed schedule called for a PD in November which would allow for a final decision by year-end. Historically, the CPUC has issued timely decisions on cost of capital applications.

第二，關於第 5 頁總結的 SCE 2026 年資本成本應用。SCE 要求 ROE 為 11.75%，並提議更新債務和優先股的嵌入成本。該請求也建議繼續採用資本成本機制並重新設定基準。該公用事業公司以區別於加州公用事業公司與其他同行和其他司法管轄區的公用事業公司的風險為基礎，為其 ROE 提供了強有力的論點。SCE 提出的時間表要求在 11 月進行一次 PD，以便在年底前做出最終決定。從歷史上看，CPUC 一直及時發布有關資本成本申請的決定。

Third, SCE filed its next-gen ERP application with the CPUC seeking total capital investment of about $1.1 billion. The utility expects this program will provide substantial benefits to customers and enable business improvements. As a reminder, this program is not currently embedded in our capital and rate base projections. Lastly, with the $1.6 billion TKM cost recovery settlement now approved, within the next few weeks, SCE will file an application requesting authorization to issue securitized bonds.

第三，SCE 向 CPUC 提交了其下一代 ERP 申請，尋求約 11 億美元的總資本投資。該公用事業公司希望該計劃將為客戶帶來實質利益並促進業務改進。提醒一下，該計劃目前尚未嵌入我們的資本和利率基礎預測中。最後，隨著 16 億美元 TKM 成本回收協議獲得批准，SCE 將在未來幾週內提交申請，請求授權發行證券化債券。

Moving to SCE's GRC. The utilities request provides the foundation for advancing critical customer objectives. Reliability, resiliency and readiness as well as supporting our growth outlook through 2028. As you can see on page 6, we will refresh our guidance following a GRC final decision. We wanted to be proactive in sharing with you that 6 weeks after a final decision, we will provide our updated capital and rate base projections, 2025 core EPS range, long-term core EPS growth and financing plans.

轉移到 SCE 的 GRC。實用程式請求為推進關鍵客戶目標提供了基礎。可靠性、彈性和準備度，以及支持我們到 2028 年的成長前景。正如您在第 6 頁看到的，我們將根據 GRC 的最終決定更新我們的指導。我們希望主動與您分享，在最終決定做出 6 週後，我們將提供更新的資本和利率基準預測、2025 年核心每股收益範圍、長期核心每股收益成長和融資計劃。

Turning to SCE's capital expenditure and rate base forecasts shown on pages 7 and 8. The utility continues to execute against a capital plan that targets key programs while maintaining flexibility in later years, to adapt to what is ultimately authorized in the GRC. As I highlighted in comments going into 2025, we continue to see substantial additional capital opportunities that are incremental to the plan. This includes investments to enhance our distribution system and more than $2 billion of FERC transmission spending.

轉向第 7 頁和第 8 頁所示的 SCE 資本支出和利率基準預測。該公用事業公司繼續執行針對關鍵項目的資本計劃，同時在以後幾年保持靈活性，以適應 GRC 最終授權的內容。正如我在 2025 年的評論中所強調的那樣，我們繼續看到對該計劃而言增量的大量額外資本機會。其中包括用於加強我們的配電系統的投資和超過 20 億美元的 FERC 輸電支出。

In addition, SCE plans to file an application for its advanced metering infrastructure program. to request funding to replace its smart meter fleet, the majority of which were installed more than a decade ago. This program will address technology obsolescence and offers a chance to incorporate future capabilities that benefit customers. The program is expected to provide insights into energy usage and enable smarter energy management, thereby enhancing grid efficiency.

此外，SCE 計劃為其先進計量基礎設施計劃提交申請。請求資金更換其智慧電錶組，其中大部分是十多年前安裝的。該計劃將解決技術過時問題，並提供融入未來使客戶受益的功能的機會。該計劃預計將提供對能源使用情況的洞察並實現更智慧的能源管理，從而提高電網效率。

Turning to the financing activities. I will highlight two recent transactions. In March, EIX issued $550 million of senior notes, which successfully addresses our parent debt needs for 2025. Additionally, SCE issued $1.5 billion of long-term debt as part of its planned financings for the year. Both of these offerings saw strong investor support and were significantly oversubscribed.

轉向融資活動。我將重點介紹兩筆最近的交易。3 月份，EIX 發行了 5.5 億美元的優先票據，成功解決了我們母公司 2025 年的債務需求。此外，SCE 還發行了 15 億美元的長期債務，作為今年計劃融資的一部分。這兩次發行都得到了投資者的大力支持，並且認購量大幅超額。

Moving to EPS guidance on pages 9 and 10. We are confident in affirming the 2025 range of $5.94 to $6.34 and reaffirming our long-term EPS growth expectations of 5% to 7% from 2025 to 2028, which translates to $6.74 to $7.14 of 2028 EPS.

請轉到第 9 頁和第 10 頁的 EPS 指引。我們有信心將 2025 年的每股收益區間設定為 5.94 美元至 6.34 美元，並重申我們對 2025 年至 2028 年每股收益長期增長 5% 至 7% 的預期，這意味著 2028 年每股收益將達到 6.74 美元至 7.14 美元。

Let me conclude by reinforcing our confidence in delivering on our financial targets. With a strong regulatory backdrop and robust rate base growth, coupled with a significant need for incremental grid investments, we are well positioned to deliver on the company's near- and long-term growth expectations. That concludes my remarks, and back to you, Sam.

最後，我要強調，我們對於實現財務目標充滿信心。憑藉強大的監管背景和強勁的費率基礎增長，再加上對增量電網投資的巨大需求，我們完全有能力實現公司的近期和長期成長預期。我的發言到此結束，現在輪到你了，山姆。

Michelle? Please open the call for questions. (Operator Instructions)

米歇爾？請打開電話詢問。（操作員指示）

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

For all the disclosures today. So I appreciate the new material loss disclosure that you mentioned. And I guess just what drove you to kind of put that out there now versus in the fourth quarter update? And then I guess just now that you're in the situation -- now that you had kind of more time to digest the situation how do you kind of see the potential liability stacking up versus the $21 billion fund that you also kind of talk about in the disclosure?

對於今天的所有披露。因此，我很欣賞您提到的新的材料損失披露。我想，是什麼促使您現在提出這一點，而不是在第四季度的更新中提出這一點？然後我想，既然您現在處於這種情況——現在您有更多的時間來消化這種情況，那麼您如何看待與您在披露中談到的 210 億美元基金相比的潛在負債？

Okay. Thanks, Nick, for the question and for the comments. As you can imagine, this is an ongoing process, right? We are only three months here since the start of the fire. The community is still recovering and will be for quite a long time.

好的。謝謝尼克提出的問題和評論。你可以想像，這是一個持續的過程，對嗎？從火災發生到我們到這裡才三個月。社區仍在恢復中，並且還將持續相當長的一段時間。

And as I mentioned in my prepared remarks, the investigation continues. And so as I mentioned in my comments, I think one of the key factors here is that while we have not yet concluded that our equipment started to fire it was the cost of emission.

正如我在準備好的發言中提到的，調查仍在繼續。正如我在評論中提到的那樣，我認為這裡的一個關鍵因素是，雖然我們還沒有得出我們的設備開始起火的結論，但這是排放成本。

There's certainly a lot of number of pieces of call it circumstantial facts. But importantly, we also are not finding another likely hypothesis for the cost of the fire. So I think it's really when you combine those two elements, it felt appropriate to in this quarter, make the disclosure about this being a probable event.

當然，有很多可以稱之為間接事實的東西。但重要的是，我們還沒有找到有關火災損失的其他可能的假設。因此，我認為，當你將這兩個因素結合起來時，在本季度披露這是一個可能發生的事件是合適的。

In terms of liability, again, it's still very early days here. the liability is simply not estimable today. And I'm not sure when it may become estimable. That could take quite some time, too. There's a number of third parties out there in the public who have come up with estimates of various pieces of this.

就責任而言，現在還處於早期階段。如今，這項負債根本無法估計。我也不確定什麼時候它才能變得可估量。這也可能需要相當長的時間。公眾中有許多第三方對這一問題的各個方面做出了估計。

Those seem to suggest that perhaps the buyer might be somewhere in the range of the fund. But I think it's just -- certainly too early for us to be able to make any sort of estimate around the site of liability, and therefore, I can't answer your question fully. Maria or anybody else, anything you would add?

這些似乎表明買家可能處於基金範圍內。但我認為現在就對責任地點做出任何估計還為時過早，因此我無法完全回答您的問題。瑪麗亞或其他人，您還有什麼要補充的嗎？

No, I think you covered it, Pedro.

不，我想你已經涵蓋了，佩德羅。

Certainly appreciate the moving factors, and I appreciate that color there. And then just in regards to the financing plan refresh six weeks after the GRC decision, can you just remind us or kind of give us color on how you're thinking about how you would reflect any liabilities from the Eaton fire? Like how that -- would that go into the financing considerations at that point?

當然，我很欣賞那些感動的因素，也很欣賞那裡的色彩。然後，關於 GRC 決策六週後的融資計劃更新，您能否提醒我們或告訴我們您如何考慮如何反映伊頓火災造成的任何負債？就像那樣──那會進入融資考量嗎？

Yes, Nick, that's a great question. It's Maria. So when you think about potential and the probable losses that Pedro talked about. Remember that now at this point in time, unlike when we were dealing with TCAM and Woolsey, we have the wildfire fund that we will be accessing -- so when it comes to it, we'll take our first $1 billion of customer-funded self-insurance, we would be paying claims from that initially, and then we would access the fund.

是的，尼克，這是一個很好的問題。是瑪麗亞。因此，當您考慮佩德羅談到的潛在和可能的損失時。請記住，現在這個時候，與我們處理 TCAM 和 Woolsey 時不同，我們擁有可以使用的野火基金——因此，當需要使用野火基金時，我們將拿出第一筆 10 億美元的客戶資助自保資金，我們將首先從中支付索賠，然後我們才能使用該基金。

And the benefit of that is that we will not need to be issuing debt in order to pay claims as we did for TCAM and Woolsey, there will be another avenue for that. And that not only benefits sort of the financing plan, but obviously, that's there is a protection for the community that suffered the loss. So when we do our financing plan, we will be just basing it on sort of the normal course things that we'll be looking at, which is our capital plan, et cetera. So that is how we will be refreshing a plan and that's what we'll be communicating once we get the GRC final decision.

這樣做的好處是，我們不需要像對待 TCAM 和 Woolsey 那樣發行債務來支付索賠，而是有另一種方式。這不僅有利於融資計劃，而且顯然也為遭受損失的社區提供了保護。因此，當我們制定融資計劃時，我們只會以我們正在考慮的正常事項為基礎，即我們的資本計劃等等。這就是我們更新計劃的方式，也是我們在獲得 GRC 最終決定後要傳達的訊息。

Michael Lonegan, Evercore ISI.

邁克爾·洛內根（Michael Lonegan），Evercore ISI。

Just wondering if you could share more color about the latest options being considered for updated wildfire legislative in California. What should be confident the legislation will give investors more certainty about effective financial backdrop in the state? And then also are you confident the legislation will get past this session ending in September.

只是想知道您是否可以分享更多有關加州正在考慮的最新野火立法選項的資訊。我們應該如何確信該立法將為投資者提供對該州有效金融背景更多的確定性？您是否有信心該法案將在 9 月結束的本次會議上獲得通過？

Your phone line was just a little shaky, but I think I got the bulk of that. If you're asking about the prospects for legislation and what drives a level of confidence. So as I mentioned in my remarks, Mike -- the good news here is that clearly, the governor's office is engaged as our legislative leaders. They're getting their arms around what is admittedly a very complex issue, but they are on the case, and we are having discussions as folks are looking for information. But again, it's very early days here in terms of those discussions.

您的電話線只是有點不穩定，但我想我已經聽清楚了大部分內容。如果您詢問立法的前景以及信心程度的驅動因素。正如我在發言中提到的，麥克——好消息是，顯然，州長辦公室已作為我們的立法領導人參與其中。他們正在努力解決一個公認的非常複雜的問題，但他們正在處理這個案件，我們正在進行討論，因為人們正在尋找資訊。但就這些討論而言，現在還處於早期階段。

I think what gives me confidence is that, let put it this way, we are confident that they understand the need for expansion of the AB 1054 framework and the need for action. Beyond that, though, while I think that there's a sensing a lot of good intent around action in this session, we need to let this play out and continue to engage constructively on our side. There's never any guarantees in anything like this, but certainly very encouraged by the level of diligence and engagement that I'm seeing on the part of key leaders across the legislature and the governor's office.

我認為讓我有信心的是，我們可以這麼說，我們相信他們理解擴展 AB 1054 框架的必要性和採取行動的必要性。除此之外，雖然我認為本次會議上各方表現出了採取行動的良好意願，但我們需要讓這一意願得到充分發揮，並繼續以建設性的方式參與其中。這類事情永遠沒有任何保證，但我看到立法機構和州長辦公室主要領導人的勤奮和參與程度確實讓我深受鼓舞。

And then I think last disclosure on your Moody's risk management model, you said you had reduced the probability of catastrophic wildfire by 88%. And obviously, wildfire mitigation has been focused on distribution assets, and this one could potentially have been on transmission. Just wondering, have you had discussions with Moody's about updating that probability? And if so, where you stand now?

然後我認為，在穆迪風險管理模型的上次披露中，您說您已將災難性野火發生的可能性降低了 88%。顯然，野火緩解措施主要集中在配電資產上，而這次的緩解措施可能集中在輸電上。只是想知道，您是否與穆迪討論過更新該機率的問題？如果是的話，您現在處於什麼位置？

Well, I said a little differently for starters, and I'll ask Steve Powell to weigh in here as well. But the Moody's RMS model is really a comprehensive model that looks across our various risk areas. For us historically, distribution has led to ignitions. We haven't seen them from the transmission side. But the model is comprehensive, and we always knew that the -- unfortunately, the risk would never be 0. But Steve, is there any other color you would add here for Mike.

好吧，首先我的看法有點不同，而且我也將請史蒂夫鮑威爾來發表意見。但穆迪的 RMS 模型其實是涵蓋我們各個風險領域的綜合模型。對我們來說，從歷史上看，分配導致了起火。我們還沒有從傳輸方面看到它們。但是該模型是全面的，我們一直都知道——不幸的是，風險永遠不會為 0。但史蒂夫，你還能為麥克添加其他顏色嗎？

I'd just say that the grid hardening that we've done as well as all the other mitigations we've deployed really are the driver of that risk reduction. And so that from the modeling perspective, that doesn't really change. I'll say we'll continue to evaluate other models. I know RMS will mature their models.

我只想說，我們所做的電網強化以及我們部署的所有其他緩解措施確實是降低風險的驅動力。因此從建模的角度來看，這實際上並沒有改變。我想說我們會繼續評估其他模型。我知道 RMS 將會使他們的模型更加成熟。

And we look at other models as well to see is there more to learn about wildfire risk and how that's evolving and can be modeled to continue to evaluate that risk reduction. But the fact is that the work that we've done on the system has lowered the risk of ignitions and frankly, of catastrophic wildfires being associated with our equipment. Both on the distribution and the transmission system. So that's all incorporated in to that analysis. And so we'll continue to focus on reducing the risk further, but also paying attention to the tail risk that exists.

我們還研究了其他模型，以了解是否有更多有關野火風險的知識以及野火風險如何演變，並可以建模以繼續評估風險降低程度。但事實是，我們在系統上所做的工作已經降低了點火的風險，坦白說，降低了與我們的設備相關的災難性野火的風險。無論是在分配系統或傳輸系統上。這些都已納入分析之中。因此，我們將繼續致力於進一步降低風險，同時也關注存在的尾部風險。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just a follow-up on the last one there. Just as you continue to investigate Eaton with the potential of the idled facilities to have been involved. Can you just talk a bit about your wildfire mitigation plans related to any other idled or abandoned lines that could potentially pose risk going forward?

也許只是對上一個的後續。正如你繼續調查伊頓可能涉及的閒置設施。您能否簡單談談與其他可能在未來造成風險的閒置或廢棄路線相關的野火緩解計畫？

Yes. So at a high level, we -- I think you've heard us comment before, when we maintain idle lines and we don't take them down, it's because we relate to the utility may have future use. So they are inspected. They are maintained.

是的。因此，從高層次來看，我想您之前已經聽過我們的評論，當我們維護空閒線路並且不將其拆除時，這是因為我們與公用事業相關，這些線路將來可能會有用途。所以他們受到了檢查。它們得到了維護。

Certainly, as we look at this latest experience, but also every year as we update the wildfire mitigation plans. We look at are there any further learnings that we can bring to bear to continue to make the system stronger we have disclosed, for example, that coming out of the recent experience, we realized you could bring some added clarity to, for example, the transmission operations manual in terms of the detail around how you ground idle lines. And those are always very case-by-case basis, but Steve's team added more specificity that there's more clarity to how grounding is done out in the field. That's one example of the continuous improvement cycle that we go through, not only for this, but really for all aspects of operations.

當然，我們不僅會回顧最近的經歷，還會每年更新野火緩解計畫。我們將研究是否還有進一步的經驗可以藉鑑，以繼續增強我們已經披露的系統的力量，例如，根據最近的經驗，我們意識到可以為傳輸操作手冊等提供更多的清晰度，詳細說明如何接地怠速線。這些都是根據具體情況而定的，但史蒂夫的團隊增加了更多的細節，以便更清楚地了解如何在現場進行接地。這是我們經歷的持續改善週期的一個例子，不僅適用於這一點，而且實際上適用於營運的所有方面。

Got it. That's really helpful. And then maybe just as you think about the current capital plan, can you talk a little bit about if you've done any work quantifying exposure to tariff risk and how you might be working to mitigate that?

知道了。這真的很有幫助。然後也許正如您考慮當前的資本計劃一樣，您能否談談您是否做過任何量化關稅風險的工作以及您可能如何努力減輕這種風險？

Yes. Carly, I mean, obviously, I think like most of the companies in the U.S., we've been thinking about that. And as we look at it and step back, really about about 5% of our total purchases are foreign materials. So it's a relatively -- relative to our whole program, it's a relatively small number. If you translate that into dollars, it's probably about $125 million on an annualized basis.

是的。卡莉，我的意思是，顯然，我認為像美國大多數公司一樣，我們也一直在考慮這個問題。如果我們回顧一下就會發現，我們採購的總商品中大約有 5% 是外國材料。因此，相對於我們的整個計劃來說，這是一個相對較小的數字。如果將其換算成美元，以年率計算大概是 1.25 億美元。

Now we're going to continue to monitor that. We're going to continue to look for any kind of secondary impacts that might occur, but we're in that zone. And the customer impact will be mitigated to some extent because all of that is really related to capital and the capital will enter rates and recovery of that capital interest rates over a very long useful life for most of our assets. So that's where we are right now in terms of the tariff evaluation.

現在我們將繼續監控此事。我們將繼續尋找可能發生的任何二次影響，但我們處於那個區域。而且對客戶的影響將在一定程度上減輕，因為所有這些都與資本有關，而且對於我們的大多數資產來說，資本將在很長的使用壽命內進入利率並恢復資本利率。這就是我們現在的關稅評估情況。

Shahriar Pourreza, Guggenheim.

沙赫里亞爾·普雷扎，古根漢。

It's actually conferencing here for Shahriar. Just starting off maybe on the shifting deadline for the SCE rate case. Do you anticipate any offsets in the new rates through the first half of the year? And is there enough visibility to continue executing on CapEx? Or would there be a little bit more focus on critical kind of versus discretionary as you get that clarity.

這實際上是 Shahriar 的會議。也許剛開始討論 SCE 利率案例的轉變截止日期。您預計今年上半年新利率會有任何抵銷嗎？是否有足夠的可見性來繼續執行資本支出？或者，當你獲得這種清晰度時，是否會更專注於關鍵性而非自由裁量性。

Yes. So may I'll take the second part of your question first in terms of the capital plan. Because of the general rate case is a four-year cycle. We can execute against our plan and continue on with our priorities and get the general rate case final decision, we can always adjust what the spend is in the back end over the next to 3 years and 3.5 years beyond the decision. So I think that's how we're thinking about the capital plan.

是的。因此，我可以先就資本計畫來回答您問題的第二部分。因為一般利率案件都是四年一個週期。我們可以按照計劃執行，繼續執行我們的優先事項，並獲得一般費率案例的最終決定，我們隨時可以調整未來 3 年和決定之後 3.5 年的後端支出。所以我認為這就是我們對資本計畫的看法。

In terms of offsets in rates and the like. Obviously, we're charging folks and rates include right now the 2024 revenue requirement adjusted for the ROE as we get into the final decision any changes to the revenue requirement will be amortized into the bills over time. So I think we have a handle on the rates.

在利率抵銷等方面。顯然，我們向人們收取的費用和費率目前包括根據 ROE 調整的 2024 年收入要求，當我們做出最終決定時，對收入要求的任何更改都將隨著時間的推移攤銷到帳單中。所以我認為我們已經掌握了利率。

And I think maybe just pointing back to where we think our rates are going on a longer-term trajectory. I think you've seen the analysis that we've done that looks at the general rate case, 100% of that request -- it looks at additional capital that we might deploy, it looks at recovery on TKM and Woolsey. And even with those other pieces added into the rate trajectory, we see our rates growing, again, back in line with local inflation.

我認為這可能只是指向我們認為我們的利率在長期軌跡上將會走向的地方。我想你已經看到了我們所做的分析，該分析著眼於一般利率情況，100% 的請求 - 它著眼於我們可能部署的額外資本，它著眼於 TKM 和 Woolsey 的複蘇。即使將其他因素添加到利率軌跡中，我們仍然看到利率再次成長，與當地通膨保持一致。

And as you're working on the incremental CapEx items, like the ERP and AMI among the other item transmission how investors think about financing alternatives on the incremental CapEx, just in terms of maintaining capital efficiency and the potential need for any capital structure waivers or any of that sort?

當您處理增量資本支出項目（例如 ERP 和 AMI 等其他項目傳輸）時，投資者如何考慮增量資本支出的融資替代方案，僅從保持資本效率和任何資本結構豁免或任何此類豁免的潛在需求方面？

Yes. So we typically, at SCE finance capital in line with the authorized capital structure. I don't think you would really see a need for any capital waivers that came about during the TKM and Woolsey process, but the capital plan is very different than that. As we think about just more generally the financing plan, we've run a lot of scenarios. I think you've seen our financing plan right now through 2028, very minimal equity, largely debt financed between the parent and the utility. As we get the final GRC decision, we can rerun all of those numbers. But again, I think we have a lot of capacity to fulfill our capital needs.

是的。因此，我們通常會依照 SCE 的授權資本結構來融資資本。我認為您不會真正看到在 TKM 和 Woolsey 流程中出現的任何資本豁免的必要性，但資本計劃與此截然不同。當我們更全面地考慮融資計劃時，我們已經考慮了許多方案。我想你已經看到了我們目前的融資計劃，到 2028 年，股權融資非常少，主要是母公司和公用事業公司之間的債務融資。當我們得到最終的 GRC 決定時，我們可以重新運行所有這些數字。但我再次認為，我們有足夠的能力來滿足我們的資本需求。

Okay. Excellent. I appreciate taking the questions.

好的。出色的。我很感謝你回答我的問題。

Paul Zimbardo, Jefferies.

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

Following up on Nick's question a little bit on the Eaton disclosures around a potential material loss. Just does that indicate like you think there could be a reimbursement back to the wildfire fund? Or just is there any kind of signal around that? Because if it's contained within the fund, I would think there wouldn't be a material loss if you were found to be prudent. So if you could just help unpack that disclosure a little bit, it would be helpful absolutely.

接下來我們來稍微回答一下尼克關於伊頓披露的潛在重大損失的問題。這是否表示您認為可以向野火基金償還這筆款項？或周圍是否存在某種訊號？因為如果它包含在基金內，我認為如果你被發現是謹慎的，就不會有重大損失。因此，如果您能幫助我們稍微解讀這一披露，那絕對是有幫助的。

Sorry, maybe I'll just go through how you account for it. You have to actually think about the two pieces separately. You think about the loss or the liability and you disclose information around that and then you think about the recovery of that. So we would record sort of receivables from insurance or the normal course insurance. And then as we go through, we will also record receivables from the wildfire fund.

抱歉，也許我只是想告訴你如何解釋這一點。你必須真正地分別思考這兩個部分。您考慮損失或責任，並披露相關信息，然後考慮如何恢復。因此，我們會記錄來自保險或正常保險的應收款。然後，隨著我們的進行，我們還將記錄來自野火基金的應收帳款。

So it's not trying to be a signal as to positioning around what we think in terms of prudency, I think that -- or refunding the fund, I think you've heard us say before that based on everything we know today and the information that we've reviewed, we believe that SCE will make a good faith showing that it was prudent, but from an accounting perspective, you kind of show the piece parts, not a net number.

因此，這並不是試圖表明我們在審慎方面的定位，我認為 - 或者退還基金，我想你之前已經聽我們說過，基於我們今天所知道的一切以及我們審查過的信息，我們相信 SCE 會真誠地表明它是審慎的，但從會計角度來看，你應該展示的是零件，而不是淨數字。

Yes. And Maria, that's I want to start there because the signal we're giving you is what Maria just said. That based on what we know today, we believe SCE was a reasonable operator of the system, all right? The shift to probable just indicates that we do see a material losses probable now because of the absent of another likely cost having come to delight so far.

是的。瑪麗亞，我想從這裡開始，因為我們給你的訊號就是瑪麗亞剛才說的。根據我們今天所了解的情況，我們相信 SCE 是該系統的合理運營商，對嗎？轉向可能只是表明，由於迄今為止尚未出現另一項可能的成本，我們現在確實看到了可能出現的重大損失。

But we view this as a fire ultimately, if we conclude that it is an Edison related fire, then we have access to the fund. And in terms of prudency, we believe that SCE will be able to make that good faith or showing a reasonableness. I just want to be sure crystal clear on that.

但我們最終將其視為一場火災，如果我們得出結論，這是一場與愛迪生有關的火災，那麼我們就可以使用這筆資金。從審慎的角度來說，我們相信 SCE 能夠表現出善意或合理性。我只是想確保這一點非常清楚。

Yes. No, thank you for clearing that up. I appreciate it.

是的。不，謝謝你澄清這一點。我很感激。

I appreciate you asking the question.

感謝您提出這個問題。

And then the other -- I know you said things are going to take a long time to play out to get more clarity and you did mention like litigation strategies and the just is there any time when -- based on other events you think about like approaching settlement conversations with parties.

然後另一方面——我知道您說過事情需要很長時間才能變得更加明朗，您確實提到了訴訟策略，以及是否有任何時間——基於您考慮的其他事件，例如與各方進行和解對話。

Yes. You will have heard this answer from us regarding fires. They're all case by case, right? Specific factoring circumstances in each fire causage really difficult to extrapolate any timing for this one based on other experiences.

是的。您一定已經聽過我們關於火災的回答。這些都是個案，對嗎？由於每起火災的具體因素情況，很難根據其他經驗推斷出此次火災的具體時間。

One timing item we pointed to is that when it comes to the core formal investigation, materials, right, coming out of the fire authorities, this can take 12 to 18 months, right? There seems to be a broad time line that we've seen elsewhere. But beyond that, timing towards making decisions about engaging with plaintiff's settlements, et cetera, that's still very difficult to handicap at this point.

我們指出的一個時間點是，當涉及核心正式調查、材料等來自消防部門時，這可能需要 12 到 18 個月，對嗎？似乎有一條我們在其他地方見過的大致時間線。但除此之外，就參與原告和解等事宜做出決定的時機目前仍然很難確定。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Can you hear me?

你聽得到我嗎？

Yes, we hear you great.

是的，我們聽到了您的聲音。

Just following up on the last one there. It sounds like this hasn't changed, but do you have any revised timing expectations on the investigation just as your own progresses here?

只是跟進上一個。聽起來這並沒有改變，但是隨著您自己的調查進展，您是否對調查的時間預期有任何修改？

No, we haven't been able to provide an estimate, and we still can't provide an estimate.

不，我們還沒有能夠提供估價，而且我們仍然無法提供估價。

Understood. And then I know we've unpacked the material losses disclosure a bit, but just have you ruled out any third-party potential sources of ignition at this point? I mean I know you said you haven't ruled out your own equipment and there's still some others out there, but just trying to understand if that impacted the language coming this quarter.

明白了。然後我知道我們已經對材料損失披露進行了一些解讀，但是您現在是否已經排除了任何第三方潛在的火源？我的意思是，我知道您說過您沒有排除自己的設備，而且還有其他一些設備，但我只是想了解這是否會影響本季的語言。

Yes. I guess I'd refer back to the way I said it in my prepared remarks, at this point, we are not aware of any evidence that conclusively points to another source of ignition. So looking, obviously, if someone has information, we would be very interested in hearing it or seeing it. But based on where we are today in the absence of evidence pointing conclusively to something else. That was one of the factors in changing our destination to probable.

是的。我想我應該回顧一下我在準備好的發言中說過的話，目前，我們還不知道有任何證據可以最終指向另一個點火源。因此，顯然，如果有人掌握了訊息，我們會非常有興趣聽到或看到它。但根據我們目前的狀況，缺乏確鑿的證據指向其他事物。這是將我們的目的地改為可能的因素之一。

Greg Orrill, UBS.

瑞銀的格雷格·奧裡爾。

Just regarding the expectation of losses disclosure again. Just is there anything about the nature of the type of the lawsuit that would make it unrecoverable by the wildfire fund that you're seeing? Whether it's not economic damage or something else?

只是再次談到損失披露的預期。您所看到的訴訟類型性質是否會導致野火基金無法收回損失？無論是經濟損失還是其他損失？

No. Gregg, this is Maria. The wildfire fund is available to pay damage claims. So period full stop. We have a safety certificate, so we also have the benefit of the liability cap. So there's nothing in the way we provided disclosure or any of that, that would preclude us from accessing the funds. And there's no limitation on those types of claims that are paid by the fund, which might be more directly your question.

不。格雷格，這是瑪麗亞。野火基金可用於支付損害索賠。所以句點就此結束。我們有安全證書，因此我們也享有責任上限的好處。因此，我們提供披露的方式或任何類似的東西都不會妨礙我們獲取資金。並且對於基金支付的索賠類型沒有任何限制，這可能更直接地回答了您的問題。

Okay. Just one other, just on the interest expense driver for the quarter. Is it possible to break that up into TKM one time and then ongoing and anything else?

好的。還有一個，僅關於本季的利息支出驅動因素。是否可以將其分解為一次性的 TKM、持續性的 TKM 以及其他任何操作？

Yes. So the interest expense driver, I think you're looking at the materials that we posted -- there's about $0.30 that's related to the prior period true-up for TKM. The $0.14, which is an annualized benefit on a go-forward basis you'll start to see that now as we get into the second quarter, and we have now closed out the prior period.

是的。因此，對於利息費用驅動因素，我想您正在查看我們發布的資料 - 其中約有 0.30 美元與 TKM 前期調整有關。0.14 美元是未來年度收益，隨著我們進入第二季度，您就會開始看到這一點，而且我們現在已經結束了上一季。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

Just I guess on the legislative efforts going on in Sacramento. I'm just wondering if I think in a rate presenting, you guys may meet with parties before just to talk about plans and everything else. Any of the -- just wondering if you could share with us any type of -- when you're meeting with policymakers, is there any ideas on the solutions of modifying AB 1054 that you believe are maybe resonating with the policymakers, whether that's a replenishment mechanism or a bigger fund or anything to that that you could share?

我只是猜測薩克拉門托正在進行的立法工作。我只是想知道，如果我認為在利率演示中，你們可能會先與各方會面，討論計劃和其他一切。任何——只是想知道您是否可以與我們分享任何類型的——當您與政策制定者會面時，您是否對修改 AB 1054 的解決方案有任何想法，您認為這些想法可能會引起政策制定者的共鳴，無論是補充機制還是更大的基金或任何您可以分享的東西？

Yes. Not really, Anthony. Again, it's pretty early days right now. I think a lot of the legislators are still getting their arms around this and recognize that A lot of our legislators are newer to Sacramento from post the 2019 period. So there are ideas that various people are mentioning, but I think it would be premature, we get into the sort of details right now.

是的。不是的，安東尼。再說一遍，現在還為時過早。我認為許多立法者仍在努力理解這一點，並認識到我們的許多立法者都是 2019 年後才來到薩克拉門託的新人。因此，很多人提到了一些想法，但我認為現在討論還為時過早，我們現在就討論細節。

Our tomorrow end, we're just very committed to remaining engaged to helping educate and to making sure that policymakers understand the implications here, right? This is ultimately about how do we maintain safety for our communities and do it at the lowest possible cost to customers? And so we're making sure that, for example, people understand the impacts that actions from the shareholder side can have on cost of debt, on credit ratings, and therefore, impact to customer cost. So I think that's still in that early phase of getting arms around the topic.

明天結束時，我們只是非常致力於繼續致力於幫助教育並確保政策制定者了解這裡的含義，對嗎？這最終關乎我們如何維護社區的安全，並以盡可能低的成本為客戶做到這一點？因此，我們要確保人們了解股東行為對債務成本、信用評級以及客戶成本的影響。所以我認為現在還處於討論該主題的早期階段。

David Arcaro, JPMorgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Let's see a quick question on the losses and the probable losses that you may recognize, would that be -- would there be any considerations from like a balance sheet perspective from either the CPC or credit rating agencies when that impacts the financial statements?

讓我們快速問一個關於您可能認識到的損失和可能的損失的問題，當這些損失影響到財務報表時，中央公共財政委員會或信用評級機構是否會從資產負債表的角度進行考慮？

Yes. So David, the way it would be recorded as we would have the loss, again, so that's one piece of the puzzle, but we would also have offsetting receivables or regulatory assets, if you will. So there'll be a balance on the balance sheet. So it wouldn't have an earnings impact. and you'd be grossing up the balance sheet, but it would be offsetting on each side. So from a regulatory capital perspective as well as from sort of a rating agency perspective, we've got the bases covered.

是的。所以大衛，記錄的方式就像我們會有損失一樣，所以這是難題的一個部分，但如果你願意的話，我們也會抵消應收帳款或監管資產。因此資產負債表上會有餘額。因此它不會對獲利產生影響。並且您將增加資產負債表的總額，但它將在兩邊相互抵消。因此，從監管資本角度以及評級機構角度來看，我們已經準備好了。

Yes. Got you. Okay. Understood. You made it pretty clear that it's not a cash flow impact just based on the access to the fund.

是的。明白了。好的。明白了。您已經明確表示，這不僅僅是基於資金使用權而產生的現金流影響。

And let me see Pedro. I just also wanted to clarify something. Did you mention that are you seeing third-party estimates of potential damages that suggested that the entire fund or something close to the size of the current fund could potentially be used or potentially representing the liability at that level?

讓我見見佩德羅。我只是想澄清一些事情。您是否提到過，您是否看到第三方對潛在損失的估計，表明整個基金或接近當前基金規模的資金可能會被使用或可能代表該水平的責任？

Yes. Not quite what I indicated was maybe a little more detail. If I read the paper, as you read the papers, right, every now and then in an article, you'll see estimates by this expert or that expert or that entity. And I -- not sure that those were all comprehends that. But I think sometimes, as I recall, they might talk about insured losses.

是的。和我所說的不太一樣，也許需要更詳細一點。如果我讀這篇論文，就像你讀論文一樣，對的，時不時地在一篇文章中，你會看到這個專家或那個專家或那個實體的估計。而我——不確定這些是否都理解了這一點。但我記得，有時他們可能會談論保險損失。

So am I talking about another kind of loss? I don't recall seeing any one of those elements add up to $21 billion yet. But again, because they're parts and parts kind of hard to tell from that. So certainly, it is a large fire. And if it ends up being linked to Edison infrastructure, then it could certainly consume a good quantum of the fund, but at this point, we can't estimate. So it's unclear whether it would consume ex-percent or even extinguish the funds.

那我說的是另一種損失嗎？我不記得看到其中任何一個元素加起來達到 210 億美元。但同樣，因為它們是零件，所以很難區分它們。所以可以肯定，這是一場大火。如果它最終與愛迪生基礎設施相連，那麼它肯定會消耗大量的資金，但目前我們無法估計。因此，尚不清楚它是否會消耗掉百分之幾甚至耗盡資金。

So it's just, again, too soon to tell, but a number of those estimates seem to have whatever they're estimating, they seem to be within the envelope of it. Just you'd have to peel the onion back on what they're looking at and how they're looking at and what's the qualities of those estimates sell. I just wanted to acknowledge that you may be reading the same papers that we are and seeing the numbers pop up here and there.

所以，現在下結論還為時過早，但許多估計似乎都符合他們的估計，而且似乎都在其範圍內。你只需要剝開洋蔥皮，了解他們在看什麼、他們如何看待以及這些估計的銷售品質如何。我只是想承認，您可能正在閱讀與我們相同的論文，並且看到到處出現的數字。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

Have there been any changes to the wildfire mitigation plan preparation work or approach to forming the updated plan post the January events?

一月事件發生後，野火緩解計畫的準備工作或製定更新計畫的方法有任何變化嗎？

Yes. Let me turn it to Steve and just remind you, as I mentioned earlier, this is something that every year the team looks at what else are we learning, what else we'd be looking at it. Steve, let me turn it over to you.

是的。讓我把話題轉到史蒂夫身上，提醒你一下，正如我之前提到的，這是團隊每年都會研究的事情，我們還在學習什麼，我們還會看到什麼。史蒂夫，讓我把它交給你。

Yes, Pedro, you hit the top line message, which is the plan is always evolving around the edges. The core of it remains, we've got to continue to execute on our grid hardening programs, right? And so that means doing the cover conductor and the undergrounding. As Pedro mentioned, as we look at the areas, at least within the burn scars, we certainly are doing more undergrounding there than was originally planned, just based on the devastation that is there. The need to rebuild back stronger for those communities and take advantage of the fact that there's a lot of other work going on there.

是的，佩德羅，你說到了最重要的一點，那就是計畫總是在不斷演變。其核心仍然是，我們必須繼續執行我們的電網強化計劃，對嗎？這意味著要做覆蓋導體和地下化。正如佩德羅所提到的，當我們觀察這些區域時，至少在燒傷區域內，我們肯定會在那裡進行比原計劃更多的地下工作，這僅僅基於那裡的破壞程度。需要重建這些社區，使其更加強大，並利用那裡正在進行的許多其他工作。

But beyond that, we look at every aspect of our inspection programs and our vegetation management to see are there emerging risks or things we've learned over, frankly, fires over the last few years. that would change the nature of those programs. But generally, it's the same programs. We continue to be as aggressive as we can in deploying those. And so I'd say the wildfire mitigation plan that we've been working on is an extension of the plans modified for learnings over the past couple of years.

但除此之外，我們還會審查檢查計劃和植被管理的各個方面，看看是否存在新出現的風險，或者坦白說，我們從過去幾年的火災中學到的教訓。這將改變這些項目的性質。但一般來說，都是相同的程序。我們將繼續盡可能積極地部署這些措施。因此我想說，我們一直在製定的野火緩解計劃是過去幾年根據經驗教訓修改的計劃的延伸。

And then one follow-up from a previous question. In terms of the time table to access the wildfire fund, recognizing that there's a number of moving pieces. Is there any early indication of when you may start to full capital from that front?

然後針對上一個問題進行後續提問。就取得野火基金的時間表而言，我們承認其中存在許多變動因素。有沒有跡象顯示你們何時可以從該方面開始投入全部資金？

Yes, I think that's pretty that's very premature Orion because we don't know what the process is. Obviously, we're still going through the investigation and the analysis. We want to through all that, then we would have to go through some sort of settlement process. But if you believe that you're going to skip over all those things and think about sort of accessing the fund. First, we have $1 billion of customer funded self-insurance, so if there were any claims that had to be paid, that would be the first piece.

是的，我認為這非常早，因為我們不知道這個過程是怎樣的。顯然，我們仍在進行調查和分析。我們想要解決所有這些問題，那麼我們就必須經歷某種解決過程。但如果你相信你會跳過所有這些事情並考慮獲得基金。首先，我們有 10 億美元的客戶資助自保，因此如果有任何索賠需要支付，這將是第一部分。

And then you would -- one would go to the wildfire fund. And there is a process that the fund administrator has, which has appears to be going very smoothly for others who have accessed it where you accumulate the claims and you go and you get them reimbursed. So I think it's a pretty -- they've made it a very streamlined, straightforward process once you hit the point where you need to access.

然後你會——其中一個會捐給野火基金。基金管理人有一個流程，對於其他使用過流程的人來說，這個流程似乎運作得非常順利，您可以累積索賠，然後去獲得報銷。所以我認為這是一個非常漂亮的——一旦你到達需要訪問的點，他們就使它成為一個非常精簡、直接的過程。

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

謝謝。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 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。祝您今天過得愉快。您現在可以斷開連線。

Thank you. You may now disconnect from today's conference. Have a good rest of your day.

謝謝。您現在可以斷開與今天的會議的連線。祝您今天剩餘的時間過得愉快。