愛迪生國際 (EIX) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Edison International second quarter 2025 financial teleconference. My name is Denise, and I will be your operator today. (Operator Instructions) Today's call is being recorded. 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.

下午好，歡迎參加愛迪生國際2025年第二季財務電話會議。我叫丹尼斯，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。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, Denise, 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，丹尼斯，歡迎大家。今天的演講者是總裁兼執行長 Pedro Pizarro 和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-Q, prepared remarks from Pedro and Maria and the teleconference presentation. Tomorrow, we will distribute our regular business update presentation.

今日電話會議的相關資料可在 www.edisoninvestor.com 取得。其中包括我們的 10-Q 表格、Pedro 和 Maria 的準備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。

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. 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。請仔細閱讀這些內容。

The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. During the question-and-answer session, please limit yourself to one question and one follow-up. I will now turn the call over to Pedro.

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。在問答環節，請限制自己只提出一個問題和一個後續問題。現在我將電話轉給佩德羅。

Thanks a lot, Sam, and good afternoon, everyone. Today, I will address three key topics for our investors, an update on the Eaton Fire. Our confidence that California's legislature will support healthy investor-owned utilities and an update on regulatory decisions and future actions that position SCE well to deliver on its commitments for customers and other stakeholders.

非常感謝，山姆，大家下午好。今天，我將為我們的投資者討論三個關鍵主題，以及伊頓火災的最新進展。我們相信，加州立法機構將支持健康的投資者所有的公用事業，並支持監管決策和未來行動的最新進展，使 SCE 能夠很好地履行對客戶和其他利益相關者的承諾。

Let me start with a brief comment on earnings. Today, Edison International reported second quarter core earnings per share of $0.97 compared to $1.23 a year ago. However, as I have mentioned before, this year-over-year comparison is not particularly meaningful because SCE has not received a final decision in its 2025 general rate case.

首先讓我對收益做一下簡短的評論。今天，愛迪生國際公佈第二季每股核心收益為 0.97 美元，去年同期為 1.23 美元。然而，正如我之前提到的，這種同比比較並不是特別有意義，因為 SCE 尚未就其 2025 年一般費率案做出最終裁決。

Nonetheless, we remain confident in our ability to meet our 2025 EPS guidance and deliver a 5% to 7% core EPS CAGR through 2028. I will touch on the GRC proposed decision in a few minutes and Maria will discuss our financial performance in her remarks.

儘管如此，我們仍然有信心能夠實現 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。我將在幾分鐘內談及 GRC 提出的決定，瑪麗亞將在她的演講中討論我們的財務表現。

On the Eaton Fire, the investigations by SCE and the LA County Fire Department remain ongoing. There are no additional disclosures on the ignition or estimated cost at this point. To recap, SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, we believe that SCE equipment could have been associated with the ignition. In addition, numerous lawsuits have already been brought against SCE.

關於伊頓火災，SCE 和洛杉磯縣消防局的調查仍在進行中。目前，還沒有關於點火或估計成本的更多披露。總而言之，SCE 並未發現指向其他可能點火源的證據。由於缺乏進一步的證據，我們認為 SCE 設備可能與點火有關。此外，SCE 還遭遇了多起訴訟。

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 at its contract with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility.

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有關，我們仍然相信 SCE 會誠信履行其在伊頓峽谷地區輸電設施合同，這符合合理公用事業的行為。

As we know from prior wildfire events engaging with and helping the community is critical. That's why we announced last week the wildfire recovery compensation program, which SCE will launch this fall. The program will provide direct payments to eligible individuals and businesses.

從以往的野火事件中我們知道，參與並幫助社區至關重要。這就是我們上週宣布野火恢復補償計畫的原因，SCE 將於今年秋季啟動該計畫。該計劃將向符合條件的個人和企業提供直接付款。

Resolving claims quickly allows the community to focus on recovery and minimizes the overall cost by mitigating the impacts of interest expense and inflation. This will also help use the wildfire fund efficiently and have more of the cash support impacted community members instead of being spent on higher legal costs.

快速解決索賠可使社區專注於恢復，並透過減輕利息支出和通貨膨脹的影響來最大限度地降低總體成本。這也有助於有效利用野火基金，讓更多的現金支持受影響的社區成員，而不是花在更高的法律費用。

On the legislative front, we are encouraged by the continuing discussions with the Governor's office and legislators to enhance California's industry-leading AB 1054 regulatory framework. Given the economy-wide consequences of in action, we believe policymakers will strengthen California's wildfire framework during the current legislative session. The issue of wildfires is not just a utility regulation issue. The full solution must include broader actions across multiple sectors and could be addressed during next year's legislative session.

在立法方面，我們很高興看到與州長辦公室和立法者繼續進行討論，以加強加州行業領先的 AB 1054 監管框架。考慮到此舉對整個經濟造成的後果，我們相信政策制定者將在本屆立法會議期間加強加州的野火框架。野火問題不僅僅是公用事業監管問題。完整的解決方案必須涵蓋多個領域的更廣泛行動，並可能在明年的立法會議上解決。

Separately, a number of affordability bills are being discussed. Our track record on cost management, which I will discuss in a few minutes, shows our commitment to affordability. There are good steps the legislature can consider to improve affordability, like rightsizing public purpose programs and NEM, and streamlining siting and permitting.

另外，一些可負擔法案正在討論中。我們在成本管理方面的業績記錄（我將在幾分鐘內討論）表明了我們對可負擔性的承諾。立法機構可以考慮採取一些好措施來提高可負擔性，例如適當調整公共目的項目和 NEM 的規模，以及簡化選址和許可。

However, provisions like securitizing capital may be well-intentioned, but in fact, would actually raise customer costs by deteriorating credit quality. We will continue to engage with legislators to help them make decisions that are grounded in the facts.

然而，像資本證券化這樣的規定可能是出於好意，但事實上，它反而會透過降低信貸品質來增加客戶成本。我們將繼續與立法者合作，幫助他們做出基於事實的決定。

Moving to the regulatory front. SCE continues to build on its progress across multiple proceedings, further de-risking our financial outlook. Maria will expand on several of those proceedings in her remarks, but let me touch on the proposed decision in SCE's 2025 DRC issued by the administrative law judge on Monday. Page 3 provides the summary. The PD overall generally aligns with our range case rate base forecast.

轉向監管方面。SCE 繼續在多個訴訟中取得進展，進一步降低我們的財務前景風險。瑪麗亞將在她的演講中詳細闡述其中的幾項訴訟程序，但請允許我談談行政法官於週一發布的 SCE 2025 DRC 中提出的決定。第 3 頁提供了摘要。總體而言，PD 與我們的病例率範圍基準預測基本一致。

We share the ALJ's view that critical investments are needed to maintain a safe, reliable and increasingly clean electric grid.

我們同意 ALJ 的觀點，即需要進行大量投資來維護安全、可靠且日益清潔的電網。

On the other hand, key areas of the PD require improvement, so SCE will seek revisions. The PD would authorize base revenue of $9.8 billion or 93% of SCE's requested revenue requirement. It also supports significant capital investments in wildfire mitigation, grid modernization, and infrastructure replacement, while incorporating affordability considerations for customers.

另一方面，此效績資料的關鍵領域需要改進，因此SCE將尋求修改。PD 將授權基本收入為 98 億美元，佔 SCE 所要求收入要求的 93%。它還支援在野火緩解、電網現代化和基礎設施更換方面進行大量資本投資，同時考慮到客戶的可負擔性。

The reductions from SCE's request primarily relate to scope, pacing or cost, not to the underlying need or effectiveness of the programs. Most notably, the PD finds that covered conductor has been a highly effective wildfire mitigation strategy and that no party recommended a reduction to SCE's request.

SCE 要求的削減主要涉及範圍、節奏或成本，而不是計劃的根本需求或有效性。最值得注意的是，PD 發現覆蓋導線是一種非常有效的野火緩解策略，並且沒有任何一方建議減少 SCE 的請求。

It also notes that no party disputed that targeted undergrounding is an effective tool for SCE, although it would authorize fewer miles than SCE proposed. The PD affirms the reasonableness of the utilities base load growth forecast and recognizes the importance of SCE's planning methodology, which integrates statewide forecasts with local system knowledge.

它還指出，儘管有針對性地下化是 SCE 的有效工具，但授權的里程數比 SCE 提議的要少，這一點沒有一方提出異議。PD 肯定了公用事業基本負載成長預測的合理性，並認識到 SCE 規劃方法的重要性，該方法將全州預測與當地系統知識相結合。

This supports our long-term strategy to ensure the grid is ready for California's electrified future. However, there are some areas where the PD is not fully aligned with customer needs and will be part of the utility's opening comments. Maria will say more in her remarks.

這支持了我們的長期策略，確保電網為加州電氣化的未來做好準備。然而，有些領域的 PD 與客戶需求並不完全一致，這將成為公用事業公司開場評論的一部分。瑪麗亞將在她的演講中詳細闡述。

The January wildfires underscore the importance of mitigation plans and the need for continuous and evolving tools to maintain infrastructure resiliency. SCE submitted its 2026 through 2028 wildfire mitigation plan in May, outlining a comprehensive strategy to address both immediate and long-term wildfire risks with new and innovative solutions.

一月份的野火凸顯了緩解計畫的重要性以及持續改善工具以維持基礎設施彈性的必要性。SCE 於 5 月提交了 2026 年至 2028 年的野火緩解計劃，概述了透過新的創新解決方案應對當前和長期野火風險的綜合策略。

The plan reflects the utility's commitment to public safety, risk reduction and affordability and builds on foundational mitigations such as covered conductor targeted undergrounding and enhanced vegetation management.

該計劃體現了公用事業公司對公共安全、降低風險和可負擔性的承諾，並以覆蓋導體定向地下化和加強植被管理等基礎緩解措施為基礎。

Over the 2026 to 2028 period, SCE anticipates investing $6.2 billion. The plan also supports continued use of aerial firefighting assets, including the world's largest helitankers with nighttime capabilities and aims to inspect approximately 1 million trees annually.

在 2026 年至 2028 年期間，SCE 預計將投資 62 億美元。該計劃還支持繼續使用空中滅火資產，包括世界上最大的具有夜間能力的直升機加油機，並計劃每年檢查約 100 萬棵樹。

Public Safety Power Shutoffs remain a critical tool in wildfire prevention. This year's PSPS updates include revised criteria and wind speed thresholds, expanded circuit coverage and broader boundaries around high fire risk areas. As always, SCE remains focused on customer support and outreach to enhance safety and reduce the impact of PSPS events. Additional details can be found on page 4.

公共安全斷電仍是預防野火的重要手段。今年的 PSPS 更新包括修訂標準和風速閾值、擴大電路覆蓋範圍以及擴大高火災風險區域周圍的邊界。與往常一樣，SCE 始終專注於客戶支援和外展，以增強安全性並減少 PSPS 事件的影響。更多詳細資訊請參閱第 4 頁。

As you will recall, a year ago, we shared our projection that even with 100% of SCE's GRC request, the utility expects its system average rate to grow on average at an inflation-like level through 2028. Based on where things stand today, that is still the expectation, which is further enabled by SCE's enduring focus on operational excellence and efficiently managing costs for customers.

您可能還記得，一年前，我們曾分享過我們的預測：即使 SCE 的 GRC 請求達到 100%，該公用事業公司預計其係統平均費率到 2028 年仍將以類似通貨膨脹的水平平均增長。從目前的情況來看，這仍然是我們的期望，而 SCE 始終專注於卓越營運和高效地為客戶管理成本，進一步實現了這一目標。

SCE has a more than 15-year track record with the lowest system average rate among California's major industrial-owned utilities, banks to successfully executing on its operational excellence initiatives and taking proactive measures to address customer affordability.

SCE 擁有超過 15 年的業績記錄，在加州主要工業公用事業公司中擁有最低的系統平均利率，並成功執行其卓越營運計劃，並採取積極措施解決客戶承受能力問題。

Technology is a major driver of better affordability, safety, reliability, and resiliency. For example, last month, EEI once again selected EIX and SCE as the winner of their prestigious Edison Award, recognizing distinguished leadership, innovation and contribution to the advancement of the electric industry for the benefit of all.

技術是提高可負擔性、安全性、可靠性和彈性的主要驅動力。例如，上個月，EEI 再次將 EIX 和 SCE 評選為其享有盛譽的愛迪生獎得主，以表彰其傑出的領導力、創新精神以及為電力行業進步和造福所有人所做出的貢獻。

Our winning project, SCE's Advanced Waveform Anomaly Recognition Engine, or AWARE for short, uses real-time grid sensor data, AI, and machine learning to proactively predict potential system issues and pinpoint where failures take place with an SCE service territory. Customers benefit from higher safety and reliability, faster restoration times, and higher affordability through optimized crew time.

我們的獲獎項目是 SCE 的高階波形異常識別引擎（簡稱 AWARE），它使用即時電網感測器資料、人工智慧和機器學習來主動預測潛在的系統問題並找出 SCE 服務區域內發生故障的位置。透過優化機組人員時間，客戶可享有更高的安全性和可靠性、更快的恢復時間以及更高的可負擔性。

I am proud of our team for their steadfast commitment to operational excellence and for creating this AI-driven solution to help make the grid safer and more resilient for our communities.

我為我們的團隊感到自豪，他們堅定地致力於卓越運營，並創造了這種人工智慧驅動的解決方案，幫助電網為我們的社區提供更安全、更有彈性的服務。

I will conclude my remarks by reiterating the key messages. First, SCE is continuing with its investigation on the origin and cost of the Eaton Fire, and there are no new disclosures about the ignition or cost estimate at this time. When we have additional relevant information, we will share it with you and importantly, we'll continue our transparency with our community.

最後，我將重申主要訊息。首先，SCE 正在繼續調查伊頓火災的起因和成本，目前還沒有關於起火原因或成本估算的新消息。當我們獲得更多相關資訊時，我們將與您分享，重要的是，我們將繼續對社區保持透明。

Second, we are confident that legislative action will ultimately enhance California's AB 1054 regulatory framework. Third, SCE is well-positioned from a regulatory standpoint to deliver for customers and investors. With that, I'll turn it over to Maria for her financial report.

其次，我們相信立法行動最終將加強加州的 AB 1054 監管架構。第三，從監管角度來看，SCE 處於有利地位，可以為客戶和投資者提供服務。說完這些，我會把財務報告交給瑪麗亞。

Thanks, Pedro, and good afternoon. In my comments today, I will cover second quarter 2025 results, provide additional insight into key regulatory proceedings and update you on other financial topics. Starting with the second quarter, EIX reported core EPS of $0.97 compared to $1.23 last year.

謝謝，佩德羅，下午好。在今天的評論中，我將介紹 2025 年第二季的業績，提供對關鍵監管程序的更多見解，並向您介紹其他財務主題的最新情況。從第二季開始，EIX 報告的核心每股收益為 0.97 美元，而去年同期為 1.23 美元。

Page 5 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 a final decision in its 2025 GRC. SCE continues to book revenues at 2024 authorized levels adjusted for the change in ROE and we'll record a true-up when it receives a final decision.

第 5 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 尚未在其 2025 年 GRC 中做出最終決定。SCE 將繼續按照根據 ROE 變更進行調整的 2024 年授權水準記錄收入，並且我們將在其收到最終決定時記錄調整後的資料。

SCE's core EPS variance was primarily driven by higher O&M expense and the net impact of regulatory decisions received in each period. EIX parent and other's variance was primarily driven by higher interest expense.

SCE 核心 EPS 差異主要受更高的 O&M 費用以及每個時期收到的監管決策的淨影響所致。EIX 母公司與其他公司的差異主要是由於利息支出增加所致。

I'd like to expand on Pedro's comments on the wildfire recovery compensation program for the Eaton Fire. As SCE resolved claims, we would not expect to see actual or estimated costs run through the income statement, aside from the small shareholder contribution associated with self-insurance.

我想進一步闡述佩德羅對伊頓火災野火恢復補償計畫的評論。由於 SCE 解決了索賠問題，除了與自保相關的小額股東貢獻外，我們預計不會在損益表中看到實際或估計成本。

The cost would be offset by SCE's customer-funded self-insurance for the first $1 billion and then by receivables or regulatory assets associated with the wildfire fund and regulation put in place by AB 1054. An efficient reimbursement process from the Wildfire Fund also means SCE would not have to issue long-term debt to fund payments.

該成本將由 SCE 的客戶自籌資金首先抵消 10 億美元，然後由與野火基金和 AB 1054 實施的監管相關的應收帳款或監管資產抵消。野火基金高效的償還流程也意味著 SCE 不必發行長期債務來支付資金。

On SCE's 2025 general rate case, if adopted, the PD would result in base rate revenue requirements of $9.8 billion in 2025, $10.2 billion in 2026, $10.6 billion in 2027, and $11 billion in 2028.

就 SCE 的 2025 年一般費率案例而言，如果該 PD 被採納，則其基準費率收入要求為：2025 年為 98 億美元，2026 年為 102 億美元，2027 年為 106 億美元，2028 年為 110 億美元。

Translating the rate base numbers shown in the proposed decision into total company rate base and holding all else constant, the results would be generally in line with our current range case. Following a final decision, we will incorporate all aspects of the GRC into our long-term plans and refresh our projections.

將擬議決議中顯示的費率基數轉換為公司總費率基數，並保持其他所有因素不變，結果將與我們目前的範圍情況大致一致。在做出最終決定後，我們將把 GRC 的各個方面納入我們的長期計劃並更新我們的預測。

In SCE's opening comments, it will outline areas where it believes revisions are warranted to deliver better outcomes for customers and ensure the decision aligns with the evidentiary record, applicable law, and established regulatory principles. Let me expand on a couple of areas.

SCE 在開場評論中將概述其認為需要修改的領域，以便為客戶提供更好的結果，並確保該決定符合證據記錄、適用法律和既定的監管原則。讓我詳細闡述幾個面向。

On wildfire mitigation, the decision would authorize more than 1,800 miles of grid hardening, consistent with SCE's total hardening request. However, it shifts about 400 miles from targeted undergrounding to the covered conductor program.

在野火緩解方面，該決定將授權超過 1,800 英里的電網強化，這與 SCE 的整體強化要求一致。然而，它從有針對性的地下導線計劃轉移到了有覆蓋的導線計劃，轉移了約 400 英里。

While the PD reflects a significant increase to the historical level of targeted undergrounding, it falls short of SCE's well-supported request. This reduction limits SCE's ability to appropriately mitigate the wildfire risk in the most vulnerable areas. On infrastructure replacement, the PD would approve the majority of the proposed programs, but scales back the scope.

儘管該 PD 反映出定向地下開採的歷史水準顯著提高，但仍未達到 SCE 得到大力支持的請求。這種減少限制了 SCE 適當減輕最脆弱地區野火風險的能力。在基礎設施更換方面，PD 將批准大部分提議的計劃，但會縮減其範圍。

The decision recognizes the importance of resuming infrastructure replacement after several years of wildfire-focused spending, but we believe the gradual ramp-up does not fully reflect the urgency of today's reliability and electrification needs.

該決定承認了在連續數年專注於野火的支出之後恢復基礎設施更換的重要性，但我們認為逐步增加支出並不能完全反映當今可靠性和電氣化需求的緊迫性。

As for the next steps, oral argument is scheduled for August 11, and SCE will file its opening comments on August 18 and reply comments are due August 25. The earliest the commission can vote on the proposed decision is at its August 28 voting meeting.

至於下一步，口頭辯論定於 8 月 11 日進行，SCE 將於 8 月 18 日提交開場評論，答案評論截止日期為 8 月 25 日。委員會最早將於 8 月 28 日的投票會議上對擬議決定進行投票。

During oral argument and in comments, SCE will advocate for adjustments that better align with the state's climate objectives and the safety and resiliency needs of the communities we serve. As we've said before, we understand the commission's desire to balance safety, reliability, and affordability, and we will continue to work collaboratively to ensure the utilities programs, deliver value to customers.

在口頭辯論和評論中，SCE 將倡導進行調整，以更好地符合該州的氣候目標以及我們所服務的社區的安全和復原力需求。正如我們之前所說，我們理解委員會希望在安全性、可靠性和可負擔性之間取得平衡的願望，我們將繼續合作，確保公用事業計劃為客戶帶來價值。

Continuing on to the regulatory front, SCE has advanced other regulatory proceedings and outcomes, ultimately, derisking our financial outlook. I will highlight a few updates.

在監管方面，SCE 繼續推動其他監管程序和結果，最終降低了我們的財務前景風險。我將重點介紹一些更新。

First, the CPUC issued final decisions in SCE's WMCE and WM/VM proceedings, providing certainty on the timing of cost recovery and contribution to our 2025 earnings guidance. On the WMCE settlement agreement, the CPUC authorized recovery of more than $300 million of O&M and $700 million of capital for historical wildfire mitigation and restoration.

首先，CPUC 就 SCE 的 WMCE 和 WM/VM 訴訟發布了最終決定，確定了成本回收的時間以及對我們 2025 年獲利預測的貢獻。根據 WMCE 和解協議，CPUC 授權追回超過 3 億美元的 O&M 費用和 7 億美元的資金用於歷史野火緩解和復原。

In SCE's 2022 WM/VM proceeding, the CPUC authorized the recovery of about $290 million of O&M and $99 million of capital, while disallowing about $65 million of O&M. I'll note that SCE has filed an application for rehearing to address certain legal and factual errors that resulted in incorrect disallowances of costs incurred to make SCE system and communities safer and more resilient to wildfire threats.

在 SCE 的 2022 年 WM/VM 訴訟中，CPUC 授權追回約 2.9 億美元的 O&M 和 9,900 萬美元的資本，同時不允許約 6,500 萬美元的 O&M。我要指出的是，SCE 已提交重新審理申請，以解決某些法律和事實錯誤，這些錯誤導致錯誤地不允許產生使 SCE 系統和社區更安全、更能抵禦野火威脅的成本。

Second, as another step toward recovering historical costs, in April, SCE filed its application for authority to issue securitized bonds to finance the recovery of about $1.6 billion related to the TKM proceeding. This securitization allows for the issuance of recovery bonds with the highest possible credit rating, which reduces financing costs for SCE's customers. The ALJ recently issued a proposed decision, which would approve the financing order, and the schedule calls for the final decision in August.

其次，作為收回歷史成本的又一步，SCE 於 4 月提交了發行證券化債券的申請，為收回與 TKM 訴訟相關的約 16 億美元資金提供資金。透過證券化，可以發行具有最高信用評等的回收債券，從而降低 SCE 客戶的融資成本。ALJ 最近發布了一項擬議決定，將批准融資命令，並計劃在 8 月做出最終決定。

Third, on the Woolsey cost recovery application, SCE recently filed its rebuttal testimony. The schedule includes a motion for consideration of a settlement agreement or joint statement of stipulations of issues due on August 12. As always, SCE is open to settlement discussions if a fair and reasonable outcome can be achieved, benefiting customers, and shareholders.

第三，關於Woolsey成本回收申請，SCE最近提交了反駁證詞。該日程包括一項動議，要求審議一份和解協議或一份問題規定聯合聲明，截止日期為 8 月 12 日。像往常一樣，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。

Lastly, the 2026 cost of capital proceeding continues to progress with interveners submitting their testimony yesterday evening. During the quarter, the ALJ also issued a scoping memo with a schedule that calls for a proposed decision in November.

最後，2026 年資本成本訴訟繼續進展，介入者於昨天晚上提交了證詞。在本季度，行政法法官還發布了一份範圍界定備忘錄，其中列出了要求在 11 月做出擬議決定的時間表。

Turning to pages 6 and 7. SCE's capital expenditure and rate base forecasts remain unchanged while we await a final GRC decision. The utility continues to make investments in safety, reliability and resiliency. The rate case request supports investments that are essential to meet customer needs both today and through the end of 2028. This includes critical work in infrastructure replacement and wildfire mitigation, as well as investments to meet the growing demand in our service area.

翻到第 6 頁和第 7 頁。在我們等待 GRC 的最終決定時，SCE 的資本支出和利率基準預測保持不變。該公用事業公司繼續在安全性、可靠性和彈性方面進行投資。利率案例請求支援對於滿足當前和到 2028 年底的客戶需求至關重要的投資。這包括基礎設施更換和野火緩解的關鍵工作，以及滿足我們服務區域日益增長的需求的投資。

As we have highlighted before, we continue to see substantial additional capital needs beyond the GRC that are incremental to the plan.

正如我們之前強調的那樣，我們繼續看到除了 GRC 之外的大量額外資本需求，這些需求對於該計劃來說是增量的。

Moving on to our EPS guidance outlined on pages 8 and 9, we are confident in reaffirming the 2025 range of $5.94 to $6.34 and our long-term EPS growth expectations of 5% to 7% from 2025 to 2028. As a reminder, we will refresh our financial guidance six weeks after SCE receives a final decision in its 2025 GRC. This will include our capital and rate base projections, 2025 core EPS range, long-term core EPS growth and financing plans. That concludes my remarks, and back to you, Sam.

繼續第 8 頁和第 9 頁概述的每股收益指導，我們有信心重申 2025 年每股收益在 5.94 美元至 6.34 美元之間的範圍，以及 2025 年至 2028 年每股收益長期增長預期為 5% 至 7%。提醒一下，我們將在 SCE 收到其 2025 年 GRC 的最終決定六週後更新我們的財務指導。這將包括我們的資本和利率基準預測、2025 年核心每股盈餘範圍、長期核心每股盈餘成長和融資計畫。我的發言到此結束，現在輪到你了，山姆。

Denise, can you please open the call for questions? As a reminder, we request you to limit yourself to one question and one follow-up, so everyone in line has the opportunity to ask questions.

丹尼斯，您能開始提問嗎？提醒一下，我們要求您將問題限制為一個，並進行一次跟進，以便排隊中的每個人都有機會提問。

(Operator Instructions)

（操作員指示）

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

I know that AB 1054, a lot in flux right now, legislatures on recess, but just we had news last night about the proposed $18 billion fix. And I just wanted to get your view on, if half of this is coming from utilities, how would you kind of define what is or what is not an acceptable structure and whether you're open to shareholder debt or equity contributions upfront or through a certain period in order to kind of participate in that solution?

我知道 AB 1054 目前有很多變化，立法機構正在休會，但我們昨晚剛收到有關擬議的 180 億美元修復方案的消息。我只是想聽聽您的看法，如果其中一半來自公用事業，您如何定義什麼是可接受或不可接受的結構，以及您是否願意接受股東預先或在一定時期內進行債務或股權貢獻，以參與該解決方案？

A very fair question. Look, I'll start by saying that we saw the article too. There's a lot of work going on between the Governor's office and legislative leaders. As I mentioned, we've been in discussions, but still a long ways, right, through the summer leases and into hopefully seeing legislation in this session.

這是一個非常公平的問題。瞧，首先我要說的是，我們也看到這篇文章了。州長辦公室和立法領導人之間有很多工作要做。正如我所提到的，我們一直在討論，但還有很長的路要走，對吧，透過夏季租約，並希望在本屆會議上看到立法。

So at the end of the day, we will be looking at the balance of everything that is in a package and the devil is always in the details. So really impossible to comment right now on this one element or that one element.

所以最終，我們會考慮包裹中所有東西的平衡，而魔鬼總是藏在細節中。因此現在真的不可能對這個或那個元素發表評論。

I will say, and I think you've heard me say before that from a policy or principles perspective, we do believe that the investor-owned utility framework makes a lot of sense and that calls for shareholders making capital investments, having the opportunity to earn an authorized rate of return and having full recovery of all prudently incurred costs.

我想說的是，我想你之前也聽我說過，從政策或原則的角度來看，我們確實認為投資者所有的公用事業框架非常有意義，它要求股東進行資本投資，有機會獲得授權的回報率，並完全收回所有審慎產生的成本。

So in that context, AB 1054 itself was a departure from that in having shareholders do an upfront contribution to help seed the fund. And so we've been vocal that moving forward, an expansion of 1054, that was purely being done along investor-owned utility rate-making principles would not have a shareholder contribution.

因此，在這種背景下，AB 1054 本身就與此不同，它要求股東預先繳納資金來幫助籌集基金。因此，我們一直明確表示，1054 的擴展純粹是按照投資者所有的公用事業費率制定原則進行的，不會有股東的貢獻。

That said, it's a complex environment. It's a lot going on. And again, we'll need to see the balance of an ultimate package. We don't foresee and frankly, don't see a need for having upfront contributions like they were in AB 1054 previously.

話雖如此，這是一個複雜的環境。有很多事情正在發生。再次強調，我們需要看到最終方案的平衡性。我們沒有預見到，坦白說，也不認為有必要像之前的 AB 1054 那樣預先支付費用。

There is cash in the fund and you probably saw the comments by the fund administrator, the California Earthquake Authority, that the current capacity of the fund, they estimate something like $22 billion, even taking into account the amounts that have been called for the Dixie and Kincaid fires.

該基金中有現金，您可能已經看到了基金管理人加州地震局的評論，他們估計該基金目前的容量約為 220 億美元，即使考慮到迪克西和金凱德火災所需的金額。

And as we know, unfortunately, the process of going through claims can take quite a long time and sell we don't anticipate that there would be a very rapid depletion of the fund.

不幸的是，我們知道，處理索賠的過程可能需要相當長的時間，我們預計基金不會很快耗盡。

And we don't know how much Eaton would deplete it if Eaton ends up being SCE's fire, but whatever that amount is, it will take multiple years. And so that would suggest that there isn't a need for an upfront piece. Beyond that, though, we'll have to take a look at what's the package and then make a determination as to whether that package is in the interest of both our customers and importantly, our shareholders.

我們不知道如果伊頓最終成為 SCE 的救星，它會消耗多少資源，但無論消耗量是多少，都需要數年時間。所以這表示不需要預付任何費用。除此之外，我們還必須研究一下該方案的具體內容，然後確定方案是否符合我們的客戶以及更重要的股東的利益。

Okay. No, that's very -- that's helpful. I appreciate it's. There's a lot of volatility in the background, too. So I guess just you kind of mentioned that once you have greater visibility into the cause of Eaton or even the damages and liabilities that you would disclose those promptly.

好的。不，這非常——非常有幫助。我很感激。背景中也存在著許多波動。所以我想您剛才提到，一旦您對伊頓的事件原因，甚至損害和責任有了更深入的了解，您就會及時披露這些資訊。

Should we be expecting that to be more kind of one-off, as you know, you're going to communicate to the market? Or do we have to kind of wait for earnings calls and 10-Qs to get your best assessment of when that -- of that liability?

我們是否應該期待這是一種一次性的舉措，正如您所知，您將向市場傳達這一訊息？或者我們必須等待收益電話會議和 10-Q 才能對該責任的最佳評估？

Yeah. Nicholas, great question. And I guess the way I would answer that would be our normal process, right, is to try and provide information or provide information during the quarterly earnings calls that is certainly the time period when we take a look at potential reserves, et cetera, right? You've seen that experience with the 17 and 18 buyers. However, if we had a piece of information that we thought was sufficiently material not only for investors, but also for the community.

是的。尼古拉斯，好問題。我想，我的回答方式應該是我們的正常流程，對吧，就是嘗試提供信息，或者在季度收益電話會議期間提供信息，這肯定是我們查看潛在儲備等的時間段，對吧？您已經看到了第 17 位和第 18 位買家的經驗。然而，如果我們掌握了一條我們認為足夠重要的訊息，不僅對投資者，而且對社區也是如此。

I could certainly foresee a case where we might do something off-cycle. So long-winded way of answering it, it depends, right? And we'll make sure that we're doing ultimately the right thing in terms of disclosure and transparency.

我當然可以預見我們可能會做一些非週期性的事情。所以回答這個問題的方式很冗長，這取決於情況，對嗎？我們將確保在資訊揭露和透明度方面做正確的事情。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Turning to the GRC PD, could you provide finer detail on this versus the range case in your forecast? I guess should we assume that if the PD stands that range case would essentially become your outlook? Or are there opportunities to bring capital back in beyond what you already flag as upside potential on the right-hand side of that slide?

談到 GRC PD，您能否提供更詳細的信息，並與預測中的範圍情況進行比較？我想我們是否應該假設，如果 PD 成立，那麼範圍情況基本上就會成為您的前景？或者，是否還有機會將資本帶回，超越您在投影片右側已經標記的上行潛力？

Hey Rich, thanks for the question. So we are going to file comments on the PD. Just as a reminder from the comments that Pedro and I have already made because we do think there are some areas there that warrant some revision. We have given you a range case before. The PD is aligned with our range case outcome.

嘿，Rich，謝謝你的提問。因此我們將針對該效績數據提出意見。只是提醒一下佩德羅和我已經發表過的評論，因為我們確實認為有些地方需要修改。我們之前已經提供給你一個範圍案例。此效績數據與我們的範圍案例結果一致。

But as you know, from other information that we share, there are other opportunities above and beyond what we've already included in our forecast. So as we work through and get the results of the final decision, we'll be working through all of those other elements as well, I'll be sharing those with you after the final decision is issued.

但正如您所知，從我們分享的其他資訊來看，除了我們預測中已經包含的機會之外，還有其他機會。因此，當我們努力工作並得到最終決定的結果時，我們也將努力處理所有其他因素，我將在最終決定發布後與你們分享這些因素。

Okay. Understood. Just to be clear on that, the 6-week post final decision update could also offer a view on those other opportunities?

好的。明白了。只是為了明確這一點，最終決定後的 6 週更新是否也可以提供對其他機會的看法？

Yeah.

是的。

Got it. Super helpful. And then turning to Woolsey, just following rebuttal here, how are you feeling about the ability to reach a settlement in that over the next few weeks?

知道了。超有幫助。然後轉向伍爾西，剛才反駁了一下，您對未來幾週內達成和解的能力有何看法？

I think you know that we are always open to settlement discussions as long as they're fair and reasonable discussions. We have filed our rebuttal testimony. We think we put a good showing in for that as well. I think the commentary from -- in the testimony from interveners was really focused on our various programs and how we executed on those. And we think we have demonstrated both in our original testimony as well as in our rebuttal that we have acted as a prudent operator.

我想你知道，只要是公平合理的和解談判，我們始終願意接受。我們已經提交了反駁證詞。我們認為我們在這方面也表現出色。我認為來自乾預者證詞的評論實際上集中在我們的各種計劃以及我們如何執行這些計劃。我們認為，我們在最初的證詞和反駁中都已經證明，我們是一個謹慎的經營者。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Wanted to just ask on some of the affordability legislation that's been proposed in California, specifically on the provisions around securitization. Just can I get your thoughts on perhaps other alternatives that you think could still support affordability in a more constructive way? And then if you've done any work to kind of quantify the potential impacts if the securitization provisions were passed as written, I would be curious if there's anything to share there as well.

只是想問加州提出的一些可負擔性立法，特別是有關證券化的規定。我能否聽聽您對其他替代方案的看法，您認為這些替代方案仍然可以以更具建設性的方式支持可負擔性？然後，如果您已經做過任何工作來量化證券化條款按書面形式通過後可能產生的影響，我很好奇是否還有什麼可以分享的。

Yeah. Let me start on this one, and Maria may have additional comments. I alluded to a high level in my remarks to some of the other alternatives out there to try and work on affordability for our customers. First and foremost, Carly, it really starts with the utility being an excellent operator.

是的。讓我從這個開始，瑪麗亞可能還有其他評論。我在我的演講中高度提到了其他一些替代方案，以嘗試為我們的客戶提供可負擔的價格。首先，卡莉，這實際上始於公用事業的優秀運營商。

And so that's why I spent time on my comments to make sure that investors understand the hard work that this company has taken on over multiple years to continue to look at opportunities to increase O&M efficiency as well as capital efficiency.

因此，我花時間發表評論，以確保投資者了解該公司多年來為繼續尋找提高營運和維護效率以及資本效率的機會所付出的艱苦努力。

We talk about making sure that we are capturing customer value across all colors of money. And so that's work that continues and we're excited about the opportunities to use technology and continued process improvement to attack that. And that's frankly something that I know our Sacramento team and I personally have spent time making sure we share with policymakers so that they understand that starting point.

我們討論的是確保我們能夠捕捉到各種貨幣形式的客戶價值。所以這項工作仍在繼續，我們很高興有機會利用技術和持續的流程改善來解決這個問題。坦白說，我知道我們的薩克拉門托團隊和我個人都花了一些時間確保與政策制定者分享這一點，以便他們了解這個起點。

Secondly, there's a number of areas like public purpose programs, right? You've heard not just us, but you've heard other thought leaders across the industry, including academics, talk about how there are programs like the subsidies that support low-income customers that today are carried in on the electric bill. But from a policy perspective, would make more sense being born on the taxpayer bill. And so that's another kind of broad category. Yet another one is net energy metering, right?

其次，還有很多領域，例如公共目的項目，對嗎？您不僅聽到了我們的發言，還聽到了包括學者在內的整個行業的其他思想領袖談論如何制定諸如支持低收入客戶的補貼之類的計劃，而這些補貼如今都包含在電費中。但從政策角度來看，由納稅人支付費用更有意義。這是另一個廣泛的類別。還有一個是淨能量計量，對嗎？

And so we are looking at provisions around that, and you've seen some build activity in Sacramento trying to address that.

因此，我們正在研究有關該問題的規定，並且您已經看到薩克拉門托正在進行一些建設活動來嘗試解決該問題。

So finally, and maybe this leads to the back part of your question it's important that policymakers, legislators understand how the numbers end up working, right, particularly when you look at something like securitization. As I mentioned in my remarks a few minutes ago, I'll say it a little differently. There is no free money here. There's no free lunch. And from a customer perspective, I appreciate, and in fact, I've had very candid discussions with legislators around this.

所以最後，也許這會引出你問題的後半部分，重要的是政策制定者、立法者要了解這些數字最終是如何運作的，對吧，特別是當你看證券化之類的東西時。正如我幾分鐘前在發言中提到的那樣，我會以稍微不同的方式來表達。這裡沒有免費的錢。天下沒有白吃的午餐。從客戶的角度來看，我對此表示讚賞，事實上，我已經與立法者就此進行了非常坦誠的討論。

I appreciate they're looking to address affordability by reducing the amount of the bill that's going towards shareholder earnings.

我很欣賞他們希望透過減少用於股東收益的帳單金額來解決負擔能力問題。

And what we are making sure that we're conveying is that in doing that, you're altering the overall balance of the regulatory framework, asset, for example, the rating agencies look at this. They are going to see that, that is a utility that has less credit quality. And that translates into cost of debt, which got higher cost of debt gets passed through to the customer.

我們要確保傳達的訊息是，這樣做會改變監管框架的整體平衡，例如資產，評級機構會注意這一點。他們將會發現，這是一種信用品質較低的公用事業。這轉化為債務成本，更高的債務成本轉嫁給了客戶。

We try to come with some estimates. They're not quite ready for prime time, but we are pretty confident that if you see $1 of foregone earnings and that you might think that that's $1 of customer savings, that will actually lead to more than $1 of added customer cost over the long run. And so we've been very clear about that.

我們嘗試做出一些估計。他們還沒有為黃金時段做好準備，但我們非常有信心，如果你看到 1 美元的收益損失，你可能會認為這是 1 美元的客戶節省，但從長遠來看，這實際上會導致超過 1 美元的額外客戶成本。我們對此非常清楚。

Final point I make is that you often hear in Sacramento are concerned about utility profits in general. And so when we post the business update tomorrow or the next couple of days, you will see a chart there from new analysis that our team has done that is looking at a comparison of SCE's average bill for an average residential customer and comparing it to an average municipal power bill in our territory. And we have a lot of respect for our peers in public power. So it's not about better or worse, but it's looking at what are the differences here.

我要說的最後一點是，你經常聽到薩克拉門託人普遍關心公用事業的利潤。因此，當我們在明天或接下來的幾天發布業務更新時，您將看到我們團隊所做的新分析的圖表，該圖表比較了 SCE 針對普通住宅客戶的平均帳單以及我們地區的平均市政電費。我們非常尊敬公職人員的同行。所以這不是關於更好或更壞的問題，而是看這裡有什麼區別。

And just speaking qualitatively, you'll see numbers when the chart posts in the business update, you'll see that, yes, SCE's average bill or bill for the average residential customer is higher than that for public power. But the reason it's higher is primarily around elements that are not in municipal power bill. For example, taxes that they don't pay. But ultimately, somebody in society has to pay, right? Public purpose programs, subsidies that we're required to carry our bill that they are not.

從品質上講，當圖表發佈在業務更新中時，您會看到數字，您會看到，是的，SCE 的平均帳單或普通住宅客戶的帳單高於公共電力的帳單。但其價格較高的原因主要在於市政電費中沒有包含的因素。例如，他們不繳的稅。但最終，社會上總得有人付出代價，對吧？我們必須承擔公共目的計劃和補貼，但事實並非如此。

Wildfire mitigation expenses that I would think any utility in our area, whether public or industrial owned will have to ultimately be varying in the long term.

我認為，我們地區任何公用事業，無論是公共設施還是工業設施，其野火緩解費用最終都必須長期變更。

When you then take a look at the pieces that are truly comparable, which is most of the bill, right? The operational cost for T&D and generation and purchase power with financing costs fully baked in there. So those utility profits are part of that analysis.

當您查看真正具有可比性的部分時，您會發現大部分都是帳單，對嗎？輸配電和發電及購買電力的營運成本以及融資成本都已包含在內。因此，這些公用事業利潤是該分析的一部分。

You'll see that when we compare to our good friends at the Los Angeles Department of Water and Power, the SCE bill, that portion of the bill, just the majority of the bill is actually a few dollars cheaper every month than it is for our colleagues at LA.

您會發現，當我們與洛杉磯水電局的好朋友進行比較時，SCE 帳單，即帳單的那部分，大部分帳單實際上比我們在洛杉磯的同事每月便宜幾美元。

And that in spite of the fact that we have a system that should be more costly to run because we serve something like 3,100 customers per square mile, whereas I think LADDVP has about around 105 customers per square mile. And again, that is with profits embedded in that analysis.

儘管我們的系統運作成本更高，因為我們每平方英里服務約 3,100 名客戶，而我認為 LADDVP 每平方英里只有大約 105 名客戶。再次強調，分析中已經包含了利潤。

So I think it just goes to show that the investor on utility model is one that has stimulated innovation, stimulated efficiency by providing, frankly, a capital market signal to our team. So I know there was a lot to fulfill out of you, but that's a way -- another way in which we're trying to quantify -- what's really -- what matters in the end is the impact on total bills. Maria, I know you said a lot there, but anything else you would add or correct?

所以我認為這表明實用模型的投資者透過向我們的團隊提供資本市場訊號來刺激創新，刺激效率。所以我知道你們有很多事情要做，但這是一種方式——另一種我們試圖量化的方式——最終真正重要的是對總帳單的影響。瑪麗亞，我知道你說了很多，但你還有什麼要補充或糾正的嗎？

Yeah. I think Carly, you had one other question. And I think in terms of how do you think about the math, obviously, the utility is all about rate-based math. So you can look at it from that perspective. We continue to see a tremendous amount of customer need and opportunity to support that need that is supportive also of our long-term growth trajectory. So I think those were the two parts of your question.

是的。我想卡莉，你還有一個問題。我認為就您如何看待數學而言，顯然，效用全是基於速率的數學。所以你可以從這個角度來看它。我們繼續看到大量的客戶需求和支持這種需求的機會，這也支持了我們的長期成長軌跡。所以我認為這就是你問題的兩個部分。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

So just -- I mean, we're waiting for a number of regulatory decisions for you and your California peers. And I'm just looking at -- especially about the cost of capital filing, given the backdrop, a very challenging backdrop for an electric utility in your state, it doesn't seem like there's that much support in and giving you a higher ROE in order to recognize the risk. All of the fixes that we're hearing about from the legislature seem temporary to me, at least patches, right, with equity contributions from utilities.

所以只是——我的意思是，我們正在等待您和您的加州同行做出一些監管決定。我只是在看——特別是關於資本成本申報，考慮到背景，對於您所在州的電力公司來說這是一個非常具有挑戰性的背景，似乎沒有那麼多的支持，也沒有給你更高的 ROE 來識別風險。在我看來，我們從立法機構聽到的所有修復措施都只是暫時的，至少是一些補丁，對吧，還有來自公用事業的股權貢獻。

So again, like if you take a step back, one could argue what's the incentive really to as an investor to support California utilities given the headaches that I just mentioned and the fact that you're not really being remunerated for the higher risk that you are accepting. Again, that's just being blunt here.

所以，再說一次，如果你退一步思考，人們可能會爭論，考慮到我剛才提到的麻煩，以及你並沒有因為承擔的更高風險而獲得真正的回報，作為一名投資者，支持加州公用事業的真正動機是什麼。再說一遍，這只是直言不諱。

I appreciate it, Angie. Listen, I'll give you a short answer to this one. California has ultimately generally got it right. And so right now, we're seeing proposals in segment, but we haven't seen a final bill. We've seen, I think, supportive action of the PUC at the end of the day after you go through a lot of process.

我很感激，安吉。聽著，我會給你一個簡短的答案。加州最終總體上做對了。所以現在，我們看到了分段提案，但還沒有看到最終法案。我認為，在經歷了許多過程之後，我們最終看到了公共事業委員會 (PUC) 的支持行動。

Not a guarantee that they'll get it right again in this decision or that decision, but overall, we have a state that is committed to serving customers committed to the load growth that's coming across the state from electrification and data centers, et cetera and it's committed to the clean energy transition for which they need our infrastructure. So I would -- maybe what I'd qualify your thesis, Angie, by saying, yes, it feels bumpy right now, but it's felt bumpy before. And ultimately, we've seen policymakers do the right thing.

不能保證他們在這個決定或那個決定中會再次做出正確的決定，但總的來說，我們州致力於服務客戶，致力於應對電氣化和數據中心等帶來的全州負荷增長，並致力於清潔能源轉型，他們需要我們的基礎設施。所以我想──也許我會這樣限定你的論點，安吉，是的，現在感覺很坎坷，但以前也覺得很坎坷。最終，我們看到政策制定者做出了正確的決定。

One thing, Angie, you said fixed has been temporary. And I think maybe just to follow up on something that Pedro said in his prepared remarks. I think when you think about the things that are challenging California right now, affordability, yes, but also enhancing wildfire protections, et cetera.

安吉，有一件事你說已經解決了，但這只是暫時的。我想也許只是為了跟進佩德羅在準備好的發言中所說的一些事情。我認為，當你思考加州目前面臨的挑戰時，負擔能力是的，但同時也要加強野火保護，等等。

I think there are things that are, as Pedro mentioned, will happen this year, this session that really go to the foundation of stabilizing the IOU framework. And from that stable, more stable foundation, can move on and really address what is a societal issue, right? So there will be more work to come in the future around homeowners insurance, around building codes and standards, around hopefully, liability reform.

我認為，正如佩德羅所提到的，今年、本次會議將會發生一些事情，這些事情將真正為穩定 IOU 框架奠定基礎。從這個穩定、更穩定的基礎上，可以繼續前進並真正解決社會問題，對嗎？因此，未來在房屋保險、建築規範和標準以及責任改革方面將會有更多工作要做。

So all of those things, you're right. They're not all going to happen overnight, but we're starting from the foundation of build on the framework of AB 1054, stabilize and enhance that shore up people's confidence in that approach. And then we can move on and take a longer-term view of other things that need to happen.

所以所有這些事情，你是對的。這一切不會在一夜之間發生，但我們將從 AB 1054 框架的基礎開始，穩定並增強人們對這種方法的信心。然後我們可以繼續前進，從更長遠的角度考慮其他需要發生的事情。

Understood. Okay. And again, I appreciate that we have a few details about the story that broke last night. But the contribution, the IOUs contribution to the fund I mean, is it fair to assume that SCE would have a disproportionately large contribution versus other utilities just like we saw what happened with PG&E at the first time around with this wildfire fund?

明白了。好的。再次，我很感激我們了解到了昨晚爆出的消息的一些細節。但是，我的意思是，對於基金的貢獻，是否可以公平地假設 SCE 的貢獻會比其他公用事業公司大得多，就像我們第一次看到 PG&E 在這次野火基金中發生的情況一樣？

Yeah, Angie, it'd be really tough to comment on that right now. Obviously, we're advocating to make sure there's a fair allocation across all the customers involved and the shareholders involved across the utilities. But as I said earlier, we're going to look at not just this term or that term, we're going to look at all the terms together when they come together into a package and then make a decision as to whether it's supportive piece of legislation for our customers and for our shareholders.

是的，安吉，現在對此發表評論真的很難。顯然，我們主張確保所有涉及的客戶和涉及公用事業的股東得到公平分配。但正如我之前所說，我們不僅要考慮這個條款或那個條款，還要將所有條款放在一起考慮，然後決定這是否是對我們的客戶和股東有利的立法。

And again, I'll reinforce what Maria just said here, we said it many times before. This is a big, big societal issue.

再次強調，瑪麗亞剛才說的話，我們之前說過很多次。這是一個非常重大的社會議題。

So right now, I'm grateful that there's a lot of focus on getting the first step around the utility piece done in this legislative session, but equally important will be that work that Maria was mentioning for next year's session because the state really needs to work on protecting homes more and reducing fire spread and continuing the great work you've done on fire suppression and redoubling that and fixing the insurance market, all these other things that add up to the wildfire issue writ large for California.

因此，現在，我很高興在本屆立法會議上大家非常關注公用事業問題的第一步，但同樣重要的是瑪麗亞提到的明年會議的工作，因為加州確實需要加大對房屋的保護力度，減少火勢蔓延，繼續在滅火方面所做的出色工作，並加倍努力，修復保險市場，所有這些事情加起來就是加州面臨的野火問題。

Gregg Orrill, UBS.

瑞銀的格雷格·奧裡爾。

Gregg, you're almost going to deliver packages there.

格雷格，你快要去那裡送包裹了。

Yes, yes, thank you. I had two questions, possibly. Regarding the Eaton investigation. Can you remind us of kind of where that stands and who's involved in running that and when you expect an outcome? And then -- where do you stand on the idea of issuing equity to fund contributions to the $18 billion wildfire replenishment?

是的，是的，謝謝。我可能有兩個問題。關於伊頓調查。您能否提醒我們目前的情況、誰參與了這項工作以及您預計何時會有結果？那麼，您對發行股票來資助 180 億美元野火救援資金的想法持什麼態度？

Okay. I'll take the first one and Maria can take the second one. On the Eaton investigation, I think I shared this in my comments already, but let me just recap here. Really think about it as two separate investigations. There's the official investigation that has the involvement of LA County Fire being led by them and the work with Cal fire and others. So that's -- it's track. We don't -- we provide support to that when they ask us for details, et cetera, but that is an independent investigation.

好的。我想要第一個，瑪莉亞可以拿第二個。關於伊頓調查，我想我已經在我的評論中分享了這一點，但讓我在這裡回顧一下。真的應該把它看作兩項獨立的調查。官方調查由洛杉磯縣消防局牽頭，並與加州消防局和其他機構合作。這就是──它的軌跡。當他們向我們詢問詳細資訊等時，我們會提供支持，但這是一項獨立調查。

Separately, you have Edison's own investigation which we are doing frankly in close engagement with a number of stakeholders, including attorneys for plaintiffs as well as communities, local governments, et cetera.

另外，愛迪生公司也進行了自己的調查，坦白說，我們正在與許多利益相關者密切合作，其中包括原告的律師以及社區、地方政府等。

And the reason for that engagement is that, that way that there is clarity about how we're proceeding, there are -- all the questions get addressed upfront in terms of how should you touch this piece of equipment or how should you remove that bracket from that tower or what have you.

而這種參與的原因在於，這樣我們就能清楚地了解我們的進展情況，所有問題都會得到提前解決，例如你應該如何接觸這件設備，或者你應該如何從塔上移除那個支架，或者你有什麼問題。

That does mean that it adds time because every time that you're going to do a piece of work, there's collaboration involved in developing protocols that everybody will be in agreement with.

這確實意味著它會增加時間，因為每次你要做一項工作時，都需要協作來製定每個人都同意的協議。

So that's why that is taking a while. We have shared in terms of timing, Gregg, that while we can't predict or forecast what the ultimate timing will be for either of the investigations. Typically, in these complex fire cases, we have seen the official investigation take 12 to 18 months from the start of the fire. And then, again, we don't have an estimate on how long ours will take, particularly since then this is a collaborative process that just adds time to every step.

這就是為什麼這需要一段時間。格雷格，我們已經分享了時間安排，但我們無法預測或預測這兩項調查的最終時間。通常，在這些複雜的火災案件中，我們發現官方調查從火災發生到結束需要 12 到 18 個月的時間。然後，我們再次無法估計需要多長時間，特別是因為這是一個協作過程，每一步都會增加時間。

So, Gregg, I'll address your second question. So I think, first, again, we want to, as Pedro said before, understand the entire package that is potentially in any piece of legislation that comes along. And frankly, from that perspective, something that had a large firm payment would actually drive our cost of capital higher and would ultimately not benefit customers. And we are very, very aware and sensitive to where our share price is changing and what that valuation discount is. So that's one piece of it that's top of mind for us.

那麼，格雷格，我來回答你的第二個問題。因此我認為，首先，正如佩德羅之前所說，我們要了解任何出台的立法中可能包含的全部內容。坦白說，從這個角度來看，需要支付大筆固定費用的項目實際上會推高我們的資本成本，最終不會讓客戶受益。我們非常清楚並且敏感地知道我們的股價在發生什麼變化，以及估值折扣是多少。所以這是我們最關心的問題。

The second piece of it is just from an efficiency perspective, the fund doesn't need to be shored up with cash today. Pedro already discussed that previously. If you think about the process that you won't have to go through in order to get to a place where you're actually accessing the fund, if an event happens, then you have people making claims, you have to go through your claims process.

第二點，從效率的角度來看，該基金目前不需要用現金來支撐。佩德羅之前已經討論過這個問題。如果您考慮一下您無需經歷的流程即可到達實際獲取資金的地方，如果發生某個事件，那麼就會有人提出索賠，您必須經歷索賠流程。

As we know from our own experience on prior events, that takes a long time. So at this point in time, we don't actually see a need and it would be inefficient for the fund itself to have cash up front.

從我們以往的事件經驗中我們知道，這需要很長時間。因此，目前我們實際上並沒有看到這種需要，而且基金本身預先持有現金也是低效率的。

So those two pieces, how it affects overall our capital structure and our cost of capital and what the ramifications would ultimately be then for customers, as well as the actual needs of the fund, I think brings together the point that it doesn't feel necessary to us right now. But again, we will look at an entire package when it becomes available to us.

因此，我認為，這兩點，即它如何影響我們的整體資本結構和資本成本，以及最終對客戶產生什麼影響，以及基金的實際需求，都表明了我們現在覺得沒有必要。但是，當我們可以使用整個方案時，我們會再次對其進行審查。

Paul Zimbardo, Jefferies.

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

To follow-up a little bit on the prepared remarks comments, you stated that PD -- and about the rate case specifically, the PD general line with the range-based, rate-base forecast. Is it also fair to say it aligns with the EPS growth rate considering the proposed attrition increases in the later years?

為了稍微跟進一下準備好的評論意見，您表示 PD - 特別是關於利率情況，PD 一般符合基於範圍、基於利率的預測。考慮到未來幾年擬議的人員流失率增加，是否可以說它與 EPS 成長率一致？

Yeah. So it does align with the range case forecast and rate base is the driver for earnings. We will have to, as we get through this final decision, run through all of that and give you more granularity around places that where we might see additional capital opportunities, et cetera, to really inform sort of the more detailed analysis that we'll be providing. But it is aligned with the range case forecast, yes.

是的。因此，它確實與範圍情況預測一致，且利率基礎是獲利的驅動因素。在做出最終決定時，我們必須仔細研究所有這些因素，並向您提供更詳細的信息，說明我們可能會在哪些地方看到額外的資本機會等等，以便為我們將提供的更詳細的分析提供資訊。但它與範圍案例預測一致，是的。

Okay. Understood. And then just as we think about that roll forward that you referenced 6 weeks afterwards, should we think about the base for that as the, I think it's $5.84 2025 ex the TKM. Should we think about a different year? Just any color you can provide on the leap off point would be helpful.

好的。明白了。然後，正如我們考慮您所提到的 6 週後的滾動，我們是否應該將其基礎視為，我認為它是 2025 年 5.84 美元（不含 TKM）。我們是否應該考慮不同的年份？只要您在起點提供任何顏色，就會有所幫助。

Yes. We'll be, I'll say, replicating what we have there today, which is our '25 through '28 analysis.

是的。我想說的是，我們將會複製我們今天所擁有的，也就是 25 年至 28 年的分析。

Anthony Crowdell, Mizuho.

瑞穗的安東尼克勞德爾。

I guess that's better than the package delivery for, but they do have nice brown uniforms. Just, I guess, if I could ask a question, maybe it's in the same vein as Angie and Nick's question earlier. And I understand it's just -- we're just all going by a Bloomberg story last night, there's not -- there's no framework out on the legislation.

我想這比包裹遞送要好，但他們確實有漂亮的棕色制服。只是，我想，如果我可以問一個問題，也許它與 Angie 和 Nick 之前的問題類似。我知道這只是——我們只是根據昨晚彭博社的報告來看的，並沒有——立法框架尚未出台。

But it seems like in all the discussion that everyone having, maybe the core of all the discussions or what the legislature is working on is AB 1054. And AB 1054 had some really good aspects to it, but also it's a shared risk model between ratepayers and investors.

但似乎在大家的所有討論中，所有討論的核心或立法機構正在研究的是 AB 1054。AB 1054 確實有一些好的方面，但它也是納稅人和投資者之間的共擔風險模式。

I'm curious if -- and maybe it's in line with Andrew's question, I'm curious if we're still going to use AB 1054 going forward as an anchor for the solution that's going to be required. And what concern that it continues to be a shared risk model between customers and investors. And then I have one follow-up.

我很好奇——也許這與安德魯的問題一致，我很好奇我們是否仍將使用 AB 1054 作為所需解決方案的支柱。令人擔憂的是，它仍然是客戶和投資者之間共享風險的模式。然後我還有一個後續問題。

Yeah, sure. And maybe a quick perspective. First, there are elements of AB 1054 that continue to endure and frankly, are really important. You've always heard me say that perhaps the most important part of AB 1054 is the strengthening of the prudency provisions, right? And so glad that, that survives the existence of the fund.

是的，當然。也許是一個快速的觀點。首先，AB 1054 中的一些內容仍然有效，而且坦白說，確實非常重要。您總是聽我說，AB 1054 最重要的部分可能是加強審慎條款，對嗎？我很高興看到，該基金仍然存在。

So that's really critical. I think your question was if they look at what the framework is for an extension, is that following the template of 1054, that appears to be the overall direction, it is risk sharing.

所以這真的很關鍵。我認為你的問題是，如果他們看一下延期的框架，是否遵循 1054 的模板，這似乎是總體方向，即風險分擔。

You heard my comments earlier in response to, I think, to Angie's question, about how in an ideal world and frankly, in the investment utility model, shareholder contribution to that risk really should be coming in when there's been a prudency issue, right? And there's a penalty, right?

我認為，您之前聽到了我針對安吉的問題做出的評論，即在理想世界中，坦率地說，在投資效用模型中，當出現審慎問題時，股東對該風險的貢獻應該真正發揮作用，對嗎？還有懲罰，對吧？

Because otherwise if we're managing wildfire risk and we've been prudent and the worst happens, but it has exacerbated by all sorts of other conditions, and it's not because of a lack of prudency, that's a prudently incurred cost that should be borne by customers and so there was a departure from that to get to the risk sharing in 1054.

因為否則的話，如果我們管理野火風險，並且我們一直很謹慎，那麼最壞的情況就會發生，但它會因各種其他情況而加劇，而這並不是因為缺乏謹慎，而是一種謹慎產生的成本，應該由客戶承擔，因此，在 1054 中，與此有所不同，以實現風險分擔。

What we read along with you in the article last night, and we certainly have heard behind the scenes is that the legislators were looking at continuing some sort of risk sharing. And again, our decision ultimately on whether that's something that we should accept or indoors will really depend on all the levels in the details and the full package that gets presented to us. That gets to your question. And Maria?

我們昨晚和您一起讀到的文章，當然我們也聽到了幕後的消息，那就是立法者正在考慮繼續某種形式的風險分擔。再次強調，我們最終的決定是接受還是在室內進行，實際上取決於所有細節層面以及呈現給我們的完整方案。這回答了你的問題。還有瑪麗亞？

Yeah, maybe just one more thing, Anthony. I think it goes back to what we were talking about earlier. AB 1054, shoring up the -- enhancing the wildfire fund, restoring people's confidence in it, that's a step, and I think that's a step that's very important is the foundation and certainly is one we're focused on for this legislative cycle.

是的，也許還有一件事，安東尼。我認為這又回到了我們之前談論的話題。AB 1054，鞏固－增強野火基金，恢復人們對它的信心，這是一個步驟，我認為這是一個非常重要的一步，是基礎，當然也是我們在這個立法週期中關注的重點。

But the state of California has a wildfire issue, writ large beyond anything associated with industrial and utility equipment. I think as we move forward in time, we will be advocating for and supporting other approaches, other things that the state can look at.

但加州面臨野火問題，其嚴重程度遠遠超出了與工業和公用事業設備相關的範圍。我認為隨著時間的推移，我們將倡導和支持其他方法、其他國家可以考慮的事情。

We'd be very supportive of any sort of analysis that would be ongoing because it is a lot of factors, right? We have to address building codes and standards and enforcement of those. We have to address the homeowners insurance market. We have to address liability reform potentially. There are a lot of different pieces of this.

我們非常支持任何正在進行的分析，因為這涉及很多因素，對嗎？我們必須解決建築規範和標準及其執行問題。我們必須解決房屋保險市場的問題。我們必須潛在地解決責任改革問題。這其中有很多不同的部分。

And by the way, right now, AB 1054 is IOU solution, right? What about all the munis in the state? So there are a lot of players, and this is a much bigger analysis that will need to be done. What we're focused on now and why we're referring so often to AB 1054 is because we need that as a foundation so we can continue the good work with the rest of the stakeholders.

順便說一句，現在，AB 1054 是 IOU 解決方案，對嗎？該州的所有市政債券怎麼樣？因此有許多參與者，需要進行更大規模的分析。我們現在關注的重點以及我們經常提到 AB 1054 的原因是因為我們需要它作為基礎，以便我們能夠繼續與其他利害關係人進行良好的工作。

Maria, I'm glad you raised it and I would just add one accent to that. We know the state knows that the underlying wildfire risk, again, broadly for the state, not just utility ignitions, but wildfire risk is only going to increase with climate change. I remind you that the adapting for tomorrow, white paper that we put out, along with the SCE's climate adaptation and vulnerability assessment, about four years ago or so, I think it was.

瑪麗亞，我很高興你提出這個問題，我只想補充一點。我們知道，該州知道，對於該州而言，潛在的野火風險不僅僅是公用事業起火，而且野火風險只會隨著氣候變遷而增加。我提醒大家，我們發布的《適應明天》白皮書以及 SCE 的氣候適應和脆弱性評估大約是在四年前左右，我想是的。

That said, that by 2050, California is going to be seeing -- it could be as much as 3 feet of average sea level rise and 7 times more the kind of hot days that today are in the top 1% and more floods and more droughts. And importantly, the risk of 20% more wildfire ignitions across all causes. So it's imperative to this state be able to prepare for that risk that we know is coming and it's going to be made worse by climate change.

也就是說，到 2050 年，加州將會看到——平均海平面可能會上升 3 英尺，最熱天數是今天的 1% 的 7 倍，洪水和乾旱也會增加。重要的是，所有原因造成的野火風險增加 20%。因此，該州必須做好準備，以應對我們知道即將到來的風險，而氣候變遷將使這種風險變得更加嚴重。

I think the good news here is that, I'll tell you, my discussions with the Governor, he understands that, right? My discussions with legislative leaders, they understand that. And we have one article, we have one framework and there's a lot more work to be done before there's a bill that gets voted on and gets signed.

我認為這裡的好消息是，我會告訴你，我與州長的討論，他明白這一點，對嗎？我與立法領導人進行了討論，他們明白這一點。我們只有一篇文章、一個框架，在法案投票和簽署之前還有很多工作要做。

But I think it's really important that folks have that underpinning of where is the risk headed, what can be done this year, right, just a kind of narrower extension or strengthening of the 1054 piece, but importantly, work hopefully next year on this much broader economy-wide issue.

但我認為，真正重要的是讓人們了解風險走向，今年可以做什麼，對吧，只是對 1054 條款進行更窄的擴展或加強，但重要的是，希望明年能夠解決這個更廣泛的經濟問題。

Great. And then one follow-up. And again, as you just said, there's so many different, I don't want to say propose, but different aspects of what they're going to come out with. But how does Eaton, the Eaton event, play into it? Meaning is that only going to be able to access this current fund, and I understand the current fund is well funded right now.

偉大的。然後進行一次跟進。而且，正如你剛才所說，有很多不同之處，我不想說是提議，而是他們將要提出的不同面向。但是伊頓，伊頓事件，在其中扮演了什麼角色呢？意思是只能使用目前這筆資金，我知道目前這筆資金已經充足。

I think the earthquake authorities said it's fine. Or again, no one knows the cost estimates, but should those cost estimates be greater or is it the actual liability greater than what the current fund is, would the Eaton Fire be able to access whatever comes out of this legislative session at the end of September?

我認為地震部門說沒問題。或者說，沒有人知道成本估算，但如果這些成本估算更大，或者實際負債大於當前基金，那麼伊頓火災公司是否能夠獲得 9 月底本次立法會議的任何成果？

Anthony, this whole matter depend on the final devils in the details. I will tell you the sense that I think is fairly broad right now in Sacramento is that the current fund is there for current fires. And once you have an expansion of the fund, it's really for fires that come after that. So that, I think, is kind of the general sense, but getting ahead of ski tips here because we don't have an actual piece of legislation in front of us.

安東尼，整個事情的最終結果取決於細節。我想告訴你們，我認為目前薩克拉門托普遍的看法是，現有資金用於應對當前的火災。一旦擴大了基金規模，它實際上就是為了應對隨後發生的火災。所以，我認為這是一種普遍的感覺，但是由於我們面前沒有真正的立法，因此我們在這裡領先於滑雪技巧。

And just to reiterate, I think Pedro mentioned this earlier, Anthony, sort of what the status of the fund is, the fund administrator just had a Board meeting last week or week before and indicated that based on their analysis, they have $22 billion of claims paying capacity available in the fund.

安東尼，我想佩德羅之前提到過，我再重申一下，關於基金的現狀，基金管理人上週或前週剛剛召開了一次董事會會議，並表示根據他們的分析，該基金擁有 220 億美元的賠付能力。

And that's after accounting for other fires that are already accessing the fund, if you will. So I think that's a pretty robust number. And that would come after $1 billion of our own customer-funded self-insurance to utilize to pay claims. So it's a very robust point at which we are at this moment in time.

如果你願意的話，這還是在考慮了已經動用該基金的其他火災之後。所以我認為這是一個相當可觀的數字。而這筆錢將來自我們自己客戶資助的 10 億美元自保，用於支付索賠。因此，我們目前處於一個非常強勁的時期。

And we don't, at this point, know exactly the cause of Eaton investigation is still ongoing. What we have said that there is a probable loss, but I think that's a very robust number based on the analysis that the fund administrator has done themselves.

目前我們還不清楚伊頓調查的具體原因，調查仍在進行中。我們說過可能會有損失，但根據基金管理人自己所做的分析，我認為這是一個非常可靠的數字。

Ryan Levine, Citi.

花旗銀行的瑞安‧萊文 (Ryan Levine)。

What are the advantages of creating the new wildfire recovery compensation program to address the priorities of the community and key stakeholders? And what's the logic of creating this new program as the legislative session enters into a critical phase?

創建新的野火復原補償計畫對於解決社區和主要利害關係人的優先事項有哪些好處？在立法會進入關鍵階段之際，制定這項新計畫的邏輯是什麼？

Yeah. I'll answer the second part first. I think totally decoupled from the legislative session, right? We have now told our investors in the community that there's a probable loss, right? Maria just reminded folks if there's a probable loss there, then that means that there would likely be draws on the wildfire fund.

是的。我先回答第二部分。我認為這與立法會議完全脫鉤，對嗎？我們現在已經告訴社區的投資者，可能會有損失，對嗎？瑪麗亞只是提醒大家，如果那裡可能出現損失，就意味著可能會動用野火基金。

And meanwhile, you have a community that's been deeply impacted. It's just hard breaking to think about everything that's happened there. And so to the extent that we have a probable loss and so Edison is dealing with lots of litigation already, et cetera, then I think it's a good idea to support the community by moving quickly and establishing a program that can help cut through a lot of our tape and cut through the extensive time that's required for traditional litigation and have a place where eligible folks have been impacted, can go to get claims satisfied quickly.

同時，你的社區也受到了深刻的影響。回想那裡發生的一切真是令人難過。因此，考慮到我們可能遭受損失，而且愛迪生已經面臨大量訴訟等等，我認為支持社區是一個好主意，通過迅速採取行動並建立一個可以幫助減少大量時間和減少傳統訴訟所需的大量時間的計劃，並為受影響的合格人員提供一個可以快速獲得索賠的地方。

We said in announcing the program that if they choose to have an attorney, they certainly welcome to do that. It's also okay to participate in the program without an attorney and taking on those legal costs. We've also said we're still deciding the program. We wanted to let the community now that is in the works.

我們在宣布該計劃時表示，如果他們選擇聘請律師，我們當然歡迎。無需聘請律師並承擔法律費用即可參加該計劃也是可以的。我們也表示我們仍在決定該計劃。我們希望讓社區知道目前正在進行的工作。

And we did that process in the week and then solicit input, which we will be doing, soliciting input both our elected officials as well as from plaintiff attorneys and other stakeholders. So lots of good reasons to just do this and do the right thing for the community, given that we're facing a probable loss.

我們在本週完成了這項流程，然後徵求意見，我們將繼續這樣做，徵求我們民選官員以及原告律師和其他利益相關者的意見。因此，考慮到我們可能面臨的損失，我們有許多充分的理由這樣做，為社區做正確的事。

And maybe, Ryan, just to add on to that a little bit. We are going through the process still, as Pedro said, in terms of the investigation. The fund does -- the recovery fund does support the community that SCE serves as the community that SCE also does business in.

瑞安，也許我只是想補充一點。正如佩德羅所說，就調查而言，我們仍在進行中。該基金確實——復甦基金確實支持 SCE 所服務的社區，也是 SCE 開展業務的社區。

And we also know from prior experience that if we can move through this process and handle the claims expeditiously, which is, of course, helpful to the victim, it also mitigates construction cost increases and escalation can mitigate legal expenses. So it's also a good stewardship of the wildfire fund itself, which would then go to benefit the community even further as well as the risks that the company might otherwise face.

我們也從以往的經驗中知道，如果我們能夠順利完成這項流程並迅速處理索賠，這當然對受害者有幫助，它還可以減輕建築成本的增加，並且升級可以減輕法律費用。因此，這也是對野火基金本身的良好管理，該基金將進一步造福社區，並降低公司可能面臨的風險。

So I think it's got a lot of benefit to it. And we got a lot of commentary even at the CEA's Board meeting about it in support of the action.

所以我認為它有很多好處。甚至在 CEA 董事會會議上，我們也收到了許多支持行動的評論。

Lots of parties went for this.

很多派對都參加了這個活動。

I appreciate that. And just maybe one follow-up in terms of the CEA hearing from I guess, two weeks ago now, there's a lot of talk about subrogation claims and trying to minimize that investor group receiving capital. Does this action in your view, have an impact on who will ultimately get the proceeds from the funds?

我很感激。我想，關於兩週前的 CEA 聽證會，也許還有後續事宜，有很多關於代位求償權的討論，並試圖盡量減少投資者團體獲得資本。您認為這項舉措是否對最終誰將獲得基金收益產生影響？

No, I think the CEA is, of course, monitoring that. They are a lot of insurance professionals who work there, they are concerned about inflows into the fund and sort of the work that's going on around AB 1054 enhancements. They're concerned about outflows and fund as well as the longer-term solutions. I think all of those things are of interest to them.

不，我認為 CEA 當然正在監控這一點。那裡有很多保險專業人士，他們關心基金的流入以及圍繞 AB 1054 增強功能正在進行的工作。他們關心的是資金流出以及長期解決方案。我認為所有這些事情都是他們感興趣的。

In terms of subrogation claims, they had a long discussion, but I think they recognize that they need to go through this in a measured way and figure out what actually will be the most impactful thing. I don't think that their intention is to put the utilities at risk in terms of accessing the fund.

在代位求償權方面，他們進行了長時間的討論，但我認為他們認識到他們需要以一種謹慎的方式來處理這個問題，並找出實際上最有影響力的事情。我認為他們的意圖並不是讓公用事業公司在獲取資金方面面臨風險。

And that was our last question. I will now turn the call back over to Mr. Sam Ramraj.

這是我們的最後一個問題。現在我將把電話轉回給 Sam Ramraj 先生。

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

好的，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。