愛迪生國際 (EIX) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Edison International third-quarter 2025 financial teleconference. My name is Denise, 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年第三季財務電話會議。我叫丹妮絲，今天由我來為您接聽電話。（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.

現在我將把電話交給投資人關係副總裁 Sam Ramraj 先生。拉姆拉傑先生，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，丹妮絲，也歡迎各位。今天我們的演講嘉賓是總裁兼執行長佩德羅·皮薩羅；以及執行副總裁兼財務長瑪麗亞·裡加蒂。參與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.

本次電話會議的相關資料可在www.edisoninvestor.com網站上取得，包括我們的10-Q表格、Pedro和Maria的發言稿以及電話會議簡報。明天，我們將分發例行業務更新報告。

During this call, we'll make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. Please read these carefully. The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure.

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的預期有重大差異。可能導致不同結果的重要因素已在我們的美國證券交易委員會文件中列出。請仔細閱讀以下內容。此簡報包含一些展望假設，以及非GAAP指標與最接近的GAAP指標的調節表。

During the question-and-answer session, please limit yourself to one question and one follow-up.

在問答環節，請每人只提出一個問題，並可提出一個後續問題。

I will now turn the call over to Pedro.

現在我將把通話交給佩德羅。

Okay. Thanks a lot, Sam. Good afternoon, everybody. Today, Edison International reported third quarter core earnings per share of $2.34 compared to $1.51 a year ago. This comparison is not meaningful because during the quarter, SCE recorded a true-up for the 2025 General Rate Case final decision which is retroactive to January 1, reflecting the year-to-date performance and our outlook for the remainder of the year, including the costs for potential early refinancing activities later this year, we are narrowing our 2025 core EPS guidance range to $5.95 to $6.20.

好的。非常感謝，山姆。大家下午好。今天，愛迪生國際公司公佈了第三季核心每股收益為 2.34 美元，而去年同期為 1.51 美元。由於本季度 SCE 對 2025 年一般費率案最終決定進行了調整（追溯至 1 月 1 日），反映了年初至今的業績和我們對今年剩餘時間的展望（包括今年晚些時候可能提前進行再融資活動的成本），因此，這種比較沒有意義。我們將 2025 年核心每股盈餘預期範圍縮小至 5.95 美元至 6.20 美元。

We have also refreshed our projections through 2028 and are reaffirming our 5% to 7% core EPS growth target. Maria will discuss our guidance and financial performance in more detail.

我們也更新了 2028 年的預測，並重申了 5% 至 7% 的核心每股盈餘成長目標。瑪麗亞將更詳細地討論我們的指導方針和財務表現。

California's legislative session concluded with the passage of SB 254, a constructive and important step to support IOU customers, address wildfire risk and boost the financial stability of the state's investor-owned utilities. The bill passed with near unanimous support, and that's a clear signal that policymakers understand the urgency of the issue and the need for durable solutions.

加州立法會議以通過 SB 254 法案而結束，這是支持 IOU 客戶、解決野火風險和提高該州投資者所有公用事業公司財務穩定性的建設性重要一步。該法案幾乎全票通過，這清楚地表明，政策制定者理解該問題的緊迫性以及尋求持久解決方案的必要性。

SB 254 creates an up to $18 billion continuation account jointly funded by IOUs and customers to provide a backstop for wildfires ignited after September 19, 2025. Importantly, it enhances the existing framework by basing the liability cap on the year of ignition rather than the year of this allowance, providing certainty for stakeholders.

SB 254 設立了一個高達 180 億美元的延續帳戶，由 IOU 和客戶共同出資，為 2025 年 9 月 19 日之後發生的野火提供後備資金。重要的是，它加強了現有框架，將責任上限基於著火年份而不是該津貼年份，從而為利益相關者提供了確定性。

It also allows for the securitization of wildfire claims payments for 2025 wildfires, ignited between January 1 and September 19 if the initial wildfire fund is exhausted, which would apply to the Eaton fire if needed. These provisions are constructive for potential cost recovery and help utilities like FCE continue to invest in safety and reliability while maintaining affordability for customers.

如果初次野火基金耗盡，該法案還允許對 2025 年 1 月 1 日至 9 月 19 日期間發生的野火的野火索賠支付進行證券化，如有必要，這將適用於伊頓野火。這些規定有利於潛在的成本回收，並有助於像 FCE 這樣的公用事業公司繼續投資於安全性和可靠性，同時保持客戶的負擔能力。

We have provided a summary of SB 254 on page 3. SB 254 calls for an important second phase, a comprehensive report due in April 2026 that will evaluate long-term reforms to equitably socialize the risks and costs of climate-driven natural disasters. The law recognizes that customers and shareholders continuing to the burden of these events is unsustainable. This second phase is important to evaluate the broad scope of potential reforms that are necessary for a sustainable model.

我們在第 3 頁提供了 SB 254 的摘要。SB 254 要求進入重要的第二階段，即在 2026 年 4 月提交一份綜合報告，該報告將評估長期改革，以公平地分擔氣候驅動的自然災害的風險和成本。法律認為，讓客戶和股東繼續承受這些事件所帶來的負擔是不可持續的。第二階段對於評估永續模式所需的潛在改革的廣泛範圍至關重要。

As you will see on page 4, the 10 points outlined in SB 254 can be grouped into three categories: first, reducing the risk of ignitions and harm from wildfires. Second, affording fair compensation for people affected by wildfires, including avoiding disparate treatment of communities; third, allocating the risk and cost of natural catastrophes across stakeholders equitable.

正如您將在第 4 頁看到的那樣，SB 254 中概述的 10 個要點可以分為三類：首先，降低野火引發火災和造成傷害的風險。第二，為受野火影響的人們提供公平的補償，包括避免對不同社區區別對待；第三，在利害關係人之間公平地分配自然災害的風險和成本。

We are encouraged by this direction and by the executive order the Governor Newsom signed on September 30 to expedite the state's all-in response. We look forward to continuing to work with legislators and stakeholders to shape a more sustainable and equitable framework. We are confident that we will see a meaningful legislative action next year.

我們對這一方向以及紐森州長於 9 月 30 日簽署的加快全州全面應對疫情的行政命令感到鼓舞。我們期待繼續與立法者和利益相關者合作，共同建立一個更永續、更公平的框架。我們相信明年將會看到一些有意義的立法舉措。

Turning to the Eaton Fire. The investigations remain ongoing. As we have said before, SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could be found to have been associated with the ignition. During the third quarter, SCE entered into a settlement with an insurance claimant agreeing to pay $0.52 for each dollar paid to its policyholders.

轉向伊頓火災。調查仍在進行中。正如我們之前所說，SCE 並沒有發現任何證據表明存在其他可能的點火源。在沒有其他證據的情況下，SCE 認為其設備很可能與點火事件有關。第三季度，SCE 與一名保險索賠人達成和解，同意為支付給其保單持有人的每一美元支付 0.52 美元。

Note that this is a single data point and does not provide sufficient information to develop an estimate of the total potential losses associated with the Eton fire.

請注意，這只是一個單一的數據點，不足以估算與伊頓火災相關的潛在總損失。

The wildfire fund administrator has confirmed that Eaton is a covered wildfire for the purposes of accessing the fund. 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 our reasonable utility.

野火基金管理機構已確認，伊頓屬於符合基金資助條件的野火。根據我們目前審查的信息，我們仍然相信 SCE 會真誠地證明其在伊頓峽谷地區輸電設施方面的行為符合我們合理公用事業的行為。

That said, we continue to take proactive steps to support community members. Shortly, SCE will launch the wildfire recovery compensation program for the Eaton fire. This voluntary program is designed to provide eligible individuals and businesses impacted by the fire, direct payments to result claims quickly. This allows communities to focus on recovery earlier while minimizing the overall cost and outflows from the wildfire fund by reducing escalation, interest expense and legal fees.

儘管如此，我們仍將繼續採取積極措施來支持社區成員。不久後，SCE 將啟動伊頓山火災後恢復補償計畫。這項自願參與的計劃旨在為受火災影響的符合條件的個人和企業提供直接付款，以便快速獲得賠償。這樣一來，社區就能更早專注於災後重建，同時透過減少火災升級、利息支出和法律費用，最大限度地降低野火基金的整體成本和支出。

Moving to the regulatory front. The key message is that we've made significant progress across multiple proceedings this year, further derisking our financial outlook and bolstering our ability to deliver for customers and investors.

接下來轉向監管方面。關鍵訊息是，我們今年在多項程序中取得了重大進展，進一步降低了財務前景的風險，並增強了我們為客戶和投資者提供服務的能力。

Earlier this year, the CPUC approved the TKM settlement, authorizing recovery of approximately $1.6 billion in wildfire-related costs. More recently, SCE reached a settlement agreement with intervenors in the Woolsey Fire proceeding as highlighted on page 5. This marks a significant milestone and puts the company one step closer towards fully resolving the 2017 and 2018 agency events. The agreement with authorized recovery of approximately $2 billion of the $5.6 billion requested subject to CPUC approval.

今年早些時候，CPUC 批准了 TKM 和解協議，授權追回約 16 億美元的與野火相關的損失。最近，SCE 與 Woolsey 火災訴訟中的干預方達成了和解協議，詳情請參閱第 5 頁。這標誌著一個重要的里程碑，使公司在徹底解決 2017 年和 2018 年的代理事件方面又向前邁進了一步。該協議授權追回所請求的 56 億美元中的約 20 億美元，但需經加州公共事業委員會批准。

This structure supports long-term affordability for customers by reducing excess financing costs and improving credit metrics, specifically up to a 90 basis point benefit to FFO-to-debt and an annualized interest expense benefit of approximately $0.18 per share.

該結構透過減少過多的融資​​成本和改善信用指標，為客戶長期提供可負擔性，具體而言，FFO 與債務之比最多可提高 90 個基點，年化利息支出優惠約為每股 0.18 美元。

Combined with the TKM settlement, this will result in recovery of 43% or about $3.6 billion of the total cost above insurance and FERC recoveries. We anticipate a final decision from the CPUC toward the end of this year or early next year. And assuming CPUC approval we expect to receive proceeds from securitization mid-2026. Details of both proceedings can be found on page 6.

加上 TKM 和解協議，這將使總成本的 43%（約 36 億美元）得到補償，這還不包括保險和聯邦能源監管委員會的賠償。我們預計加州公共事業委員會將在今年年底或明年初做出最終決定。假設獲得加州公共事業委員會的批准，我們預計 2026 年年中收到證券化收益。兩項訴訟的詳情請見第 6 頁。

SCE also received a final decision on its 2025 general rate case in September, as highlighted on page 7. The decision authorizes 2025 base revenue of $9.7 billion, and support significant investments in wildfire mitigation, safety, and reliability and upgrades for increased load growth, while incorporating affordability considerations for customers. It also authorizes average revenue increases of about $500 million per year for 2026 to 2028 subject to adjustment based on inflation.

SCE 也於 9 月收到了關於其 2025 年一般費率案件的最終決定，如第 7 頁所述。該決定授權 2025 年基本收入為 97 億美元，並支持對野火緩解、安全性和可靠性以及為應對不斷增長的負荷而進行的升級的重大投資，同時兼顧客戶的承受能力。該法案還授權 2026 年至 2028 年期間平均每年增加約 5 億美元的收入，但需根據通貨膨脹進行調整。

On capital expenditures, the final decision authorizes 91% of SCE's request. Importantly, the commissioners highlighted that these investments in the grid provide long-lasting value to customers. especially given the need to protect against wildfires, advanced electrification and ensure a ready, reliable grid for the clean energy future.

關於資本支出，最終決定批准了SCE 91%的申請。重要的是，委員們強調，這些電網投資能為用戶帶來長期價值，尤其是在需要防範野火、推進電氣化以及確保為清潔能源未來提供可靠電網的情況下。

On wildfire mitigation, SCE has now deployed more than 6,800 miles of covered conductor. I'm pleased to share that by the end of the year, SCE will have had nearly 90% or more than 14,000 miles of its total distribution lines in high fire risk areas.

在野火防治方面，SCE 目前已鋪設超過 6,800 英里的覆層導線。我很高興地宣布，到今年年底，SCE 將有近 90%（超過 14,000 英里）的輸電線路位於高火災風險地區。

The GRC authorizes installing another 1,650 miles of covered conductor for wildfire mitigation, as well as 212 miles of targeted undergrounding. Similar to covered conductor, which continues to be an important risk mitigation tool SCE believes that its targeted undergrounding program will also provide substantial benefits to further safeguard its customers and communities.

GRC 授權安裝另外 1,650 英里的覆層導線以減輕野外火災害，以及 212 英里的定向地下化線路。與保護導線類似，保護導線仍是重要的風險緩解工具，SCE 認為其有針對性的地下化計畫也將帶來實質的好處，進而進一步保障其客戶和社區的安全。

Public Safety Power Shutoffs remain a critical tool in wildfire prevention. This year's updates include revise criteria and wound speed thresholds, expanded circuit coverage and broader boundaries around high fire risk areas. Additionally, SCE has now enabled fast-curve settings on approximately 93% of its 1,100 distribution circuits in high fire risk areas, further reducing the cognition risk and improving system safety.

公共安全斷電仍是預防野火的重要手段。今年的更新包括修訂標準和傷口癒合速度閾值、擴大電路覆蓋範圍以及擴大高火災風險區域的邊界。此外，SCE 目前已在其 1100 條高火災風險區域的配電線路中約 93% 的線路上啟用了快速曲線設​​置，進一步降低了認知風險並提高了系統安全性。

As we've shared before, SCE's system average rate continues to be the lowest among the major IOUs in the state. Importantly, the utility expects this will grow at an inflation-like level on average through 2028. Incorporating the GRC approval, TKM settlement and pending Wise settlement, we continue to expect that CAGR to be in the range of 2% to 3%.

正如我們之前分享過的，SCE 的系統平均費率仍然是該州主要公用事業公司中最低的。重要的是，該公用事業公司預計到 2028 年，這一數字將以與通貨膨脹類似的平均水平增長。考慮到 GRC 的批准、TKM 的和解以及待定的 Wise 和解，我們仍然預計複合年增長率將在 2% 到 3% 之間。

In closing, I want to thank our team members for their continued dedication and resilience. And I also want to thank our investors for your support and our customers for the opportunity to serve them. This has been a year of meaningful progress on the legislative front, in the regulatory arena and in our operational execution.

最後，我要感謝我們團隊成員的持續奉獻和韌性。我還要感謝各位投資人的支持，以及各位顧客給予我服務的機會。今年我們在立法、監管和營運執行方面都取得了實質進展。

We've taken important steps to resolve legacy wildfire liabilities, strengthen our financial position, and advance the utilities mission to safely deliver reliable, affordable and clean energy. But we also recognize that this has been a challenging time for so many of the communities we serve particularly those impacted by wildfires.

我們已採取重要措施解決遺留的野火責任問題，加強財務狀況，並推動公用事業公司安全、可靠、經濟、清潔地提供能源的使命。但我們也意​​識到，對於我們服務的許多社區來說，這段時間充滿挑戰，特別是那些受野火影響的社區。

We remain deeply committed to learning from our experiences in supporting recovery and resilience to rebuild stronger. We are grateful for the opportunity to partner with customers, local leaders and other stakeholders to build a safer and more sustainable energy future. Well, we look forward to continuing our dialogue with many of you at the EEI Financial Conference in November. We'll see you there.

我們將繼續致力於從支援災後重建和復原能力的經驗中學習，以期重建得更強大。我們非常感謝有機會與客戶、當地領導人和其他利害關係人合作，共同建立一個更安全、更永續的能源未來。我們期待在11月舉行的EEI金融大會上繼續與各位進行對話。我們將在那裡見到你。

And with that, Maria, let me turn it over to you for your financial report.

那麼，瑪麗亞，現在把財務報告交給你了。

Good afternoon, and thanks, Pedro. I will echo your comments that we have made significant progress across multiple proceedings this year, further derisking our financial outlook and bolstering our ability to deliver for customers and investors. With a GRC final decision in hand, we now have increased certainty and visibility into the work SCE will do to meet customers' needs and have refreshed our projections through 2028. Consequently, we are reaffirming our 5% to 7% core EPS growth target which I will discuss in detail.

下午好，謝謝你，佩德羅。我同意您的觀點，我們今年在多個方面都取得了重大進展，進一步降低了財務前景的風險，增強了我們為客戶和投資者提供服務的能力。隨著 GRC 最終決定出台，我們現在對 SCE 將如何滿足客戶需求有了更大的確定性和更清晰的了解，並更新了我們對 2028 年的預測。因此，我們重申 5% 至 7% 的核心每股盈餘成長目標，我將在下文中詳細討論。

Starting with third quarter 2025 results, EIX delivered core EPS of $2.34, up from $1.51 a year ago. The year-over-year variance analysis is on page 8. As Pedro noted, this comparison is not meaningful because SCE recorded a true-up of approximately $0.55 for the 2025 GRC final decision, which is retroactive to January 1.

從 2025 年第三季業績開始，EIX 的核心每股收益為 2.34 美元，高於一年前的 1.51 美元。同比差異分析在第 8 頁。正如佩德羅所指出的那樣，這種比較沒有意義，因為 SCE 記錄了 2025 年 GRC 最終決定的調整值約為 0.55 美元，該決定可追溯至 1 月 1 日。

Based on strong year-to-date performance and our outlook for the rest of the year, we are narrowing our 2025 core EPS guidance to $5.95 to $6.20, as you will see on page 9. This range now includes the potential for $10 per share cost associated with refinancing tied to the TKM and Willy cost recoveries.

基於今年迄今的強勁業績以及我們對今年剩餘時間的展望，我們將 2025 年核心每股收益預期範圍縮小至 5.95 美元至 6.20 美元，詳情請見第 9 頁。該範圍現在包括與 TKM 和 Willy 成本回收相關的再融資可能導致的每股 10 美元的成本。

As previously mentioned, our 2025 guidance does not include the potential earnings associated with the Woolsey settlement. SCE is awaiting a proposed decision on the settlement and a final decision could be issued later this year or early next. We want to be clear that for measuring our core EPS growth through 2028, the 2025 baseline of $5.84 is unchanged from prior disclosure.

如前所述，我們 2025 年的業績指引不包括與 Woolsey 和解相關的潛在收益。SCE正在等待一項關於和解方案的擬議決定，最終決定可能會在今年稍後或明年初公佈。我們想明確指出，在衡量我們到 2028 年的核心每股盈餘成長時，2025 年的基準值 5.84 美元與先前揭露的數據相同。

Now I would like to discuss our refreshed projections, which we have summarized on page 10. Additionally, on pages 14 through 17, we put together a comprehensive list of frequently asked questions on guidance-related topics for background and easy reference, which we hope you will find helpful.

現在我想討論一下我們更新後的預測，我們在第 10 頁對此進行了總結。此外，在第 14 至 17 頁，我們匯總了一份關於指導相關主題的常見問題綜合清單，以供參考和了解背景信息，希望對您有所幫助。

Please turn to page 11, which lays out our 4-year capital plan of $28 billion to $29 billion. This compares to our previous forecast for the same period of $27 billion to $32 billion. The plan incorporates substantial investments in infrastructure replacement, electrification and system resiliency approved in SCE's GRC Additionally, the plan now incorporates the utilities next-gen ERP project and other updates across the business, including wildfire mitigation capital that SCE will securitize under SB 254.

請翻到第 11 頁，其中列出了我們 4 年 280 億至 290 億美元的資本計畫。相較之下，我們先前對同期預測的金額為 270 億美元至 320 億美元。該計劃納入了 SCE GRC 批准的基礎設施更換、電氣化和系統彈性方面的大量投資。此外，該計劃現在還納入了公用事業公司的下一代 ERP 項目和業務中的其他更新，包括 SCE 將根據 SB 254 進行證券化的野火緩解資金。

We also continue to see the need for substantial grid investments beyond our forecast period. We've highlighted on the right side of the page, two examples of this with much of that spending occurring beyond 2028. Driven by the capital plan, we project rate base growth of 7% to 8% as shown on page 12. This growth is after incorporating the expected wildfire mitigation capital expenditures that will not earn an equity return under SB 254.

我們也看到，即使在預測期之後，仍然需要對電網進行大量投資。我們在頁面右側重點列出了兩個這樣的例子，其中大部分支出發生在 2028 年以後。受資本計畫的推動，我們預期利率基數將成長 7% 至 8%，如第 12 頁所示。這一增長是在計入預期的野火緩解資本支出之後實現的，根據 SB 254 法案，這些支出將不會產生股權回報。

Moving on to our long-term core EPS growth target, as shown on page 13. We continue to expect 2028 core EPS of $6.74 to $7.14. You will find additional information on this topic on pages 14 and 15. Our confidence in delivering on our commitments is underpinned by the clarity we have from the GRC and our ability to manage our operations for the benefit of all stakeholders.

接下來是我們的長期核心每股盈餘成長目標，如第 13 頁所示。我們仍預計2028年核心每股收益為6.74美元至7.14美元。您可以在第14頁和第15頁找到有關此主題的更多資訊。我們有信心履行我們的承諾，這得益於 GRC 的清晰指導以及我們為所有利害關係人的利益而管理營運的能力。

Let me now turn to our financing strategy and balance sheet strength. Over the last several years, we have executed efficient financing to support our target 15% to 17% FFO-to-debt framework. We have used hybrid securities to generate equity content when needed, avoiding substantial common equity issuance to prefund our capital plans.

現在讓我來談談我們的融資策略和資產負債表實力。過去幾年，我們透過高效的融資方式，實現了 15% 至 17% 的 FFO 與負債比率目標。我們利用混合證券在需要時產生股權內容，避免大量發行普通股來預先籌集資金，從而保障我們的資本計畫。

By year-end, SCE expects to receive approximately $1.6 billion in securitization proceeds from the TKM settlement. Following Woolsey settlement approval, the utility plans to request the financing order to securitize an additional $2 billion. These actions further strengthen our credit metrics and financing flexibility for funding future rate base and dividend growth.

到年底，SCE 預計將從 TKM 和解協議中獲得約 16 億美元的證券化收益。在 Woolsey 和解協議獲得批准後，該公用事業公司計劃申請融資令，以證券化另外 20 億美元。這些舉措進一步增強了我們的信用指標和融資靈活性，為未來的利率基礎和股息成長提供資金。

Altogether, this leaves us very well placed among our peers on two key credit metrics. EIX has one of the strongest consolidated FFO to debt ratios projected by S&P. Also, we have one of the lowest levels of parent company debt as a percentage of total debt. Page 13 details our 2025 through 2028 financing plan. Let me highlight that this plan does not require any equity issuance. This expectation is supported by the TKM and Woolsey recoveries.

總而言之，這使我們在兩項關鍵信用指標上都處於同行中的非常有利的地位。EIX 的綜合 FFO 與債務比率是標普預測的最強勁的比率之一。此外，我們的母公司債務佔總債務的比例也是最低的之一。第 13 頁詳細介紹了我們 2025 年至 2028 年的融資計劃。我要強調的是，該計劃不需要發行任何股權。TKM 和 Woolsey 的復甦也印證了這項預期。

Further, as you know, the wildfire fund provides reimbursement for claims paid above an IOU's $1 billion of insurance. Additionally, for fires between January 1 and September 19, 2025, the recently passed SB 254 allows the utility to issue securitized bonds prior to a reasonableness review to fund claims payments should the initial fund be exhausted. While we currently cannot estimate the probable losses associated with the Eaton Fire, the constructive California liquidity and prudency framework means neither equity or debt would need to be issued in connection with that event.

此外，如您所知，野火基金為超過 IOU 10 億美元保險額度的索賠提供補償。此外，對於 2025 年 1 月 1 日至 9 月 19 日期間發生的火災，最近通過的 SB 254 法案允許公用事業公司在合理性審查之前發行證券化債券，以便在初始資金耗盡時支付索賠款項。雖然我們目前無法估計與伊頓山火相關的可能損失，但加州建設性的流動性和審慎框架意味著，與該事件相關的股權或債務都不需要發行。

Following the passage of SB 254, the rating agencies issued updates on the company. Moody's affirmed its ratings for both EIX and SCE with a stable outlook. Fitch removed its Rating Watch Negative from both companies, citing SB 254 as a meaningful policy shift. While S&P downgraded EIX and SCE by one notch, we believe this view does not fully recognize the legislative intent or commentary from the Governor's office. Importantly, S&P still expect our credit metrics to remain within our target with upside potential from a constructive Woolsey outcome.

SB 254 法案通過後，評級機構發布了關於該公司的最新資訊。穆迪確認了EIX和SCE的評級，展望穩定。惠譽取消了對這兩家公司的負面評等觀察，並指出SB 254是一項意義重大的政策轉變。雖然標普將EIX和SCE的評級下調了一級，但我們認為這種觀點並沒有充分認識到立法意圖或州長辦公室的評論。重要的是，標普仍然預期我們的信用指標將保持在目標範圍內，如果 Woolsey 案的結果具有建設性意義，則還有上行空間。

At the parent company, we are working on how to best address the preferred equity issuances that have upcoming rate resets. We are looking at cost-efficient options for early refinancing, which will bring forward both the costs and the benefits of the transaction.

母公司正在研究如何最好地處理即將進行利率重置的優先股發行問題。我們正在尋找成本效益高的提前再融資方案，這將提前產生交易的成本和收益。

The core benefit is the titan clarity of financing costs before the rate reset, which further derisks our financial outlook. We have considered the potential cost of this optimization in our narrow 2025 core EPS guidance and see the long-term benefits outweighing the near-term costs.

核心優勢在於利率重置前融資成本的清晰性，這將進一步降低我們財務前景的風險。我們在 2025 年核心每股收益預期中已考慮了這種優化的潛在成本，並認為長期收益大於短期成本。

I would like to update you on another positive trend we are seeing, load growth. As we have laid out on page 18, a SCE remains well positioned to meet the diverse and accelerating demand across its service area. Our team continues to anticipate significant investments in infrastructure upgrades to meet this growing demand. many of which were included in SCE's recent GRC approval. Importantly, our demand forecast is not reliant on a single sector.

我想向大家介紹我們看到的另一個正面趨勢，那就是負載成長。正如我們在第 18 頁所述，SCE 仍然能夠很好地滿足其服務區域內多樣化和不斷增長的需求。我們的團隊持續預計，為了滿足不斷增長的需求，基礎設施升級方面將有大量投資。其中許多投資已包含在SCE最近獲得的GRC批准文件中。重要的是，我們的需求預測並不依賴單一產業。

For one, SCE is at the heart of California's EV adoption, helping the state maintain its national leadership in transportation electrification. In fact, the state recently announced a record 29% of new cars purchased in Q3 2025 were zero emission vehicles.

首先，SCE 是加州電動車普及的核心力量，幫助加州保持在交通電氣化領域的全國領先地位。事實上，該州最近宣布，2025 年第三季購買的新車中，零排放汽車的比例將達到創紀錄的 29%。

We're also expecting growth in new housing developments and increases in commercial and industrial consumption. To sum up, we are expecting a near-term load growth CAGR of up to 3%. In the long term, we project electricity sales will nearly double over the next two decades.

我們也預期新建住宅項目將會增加，商業和工業消費也會增加。總而言之，我們預計近期負載成長複合年增長率將達到 3%。從長遠來看，我們預計未來二十年電力銷售額將成長近一倍。

I will conclude by saying that the company has made significant progress achieving certainty across numerous regulatory proceedings this year. allowing us to confidently reaffirm our long-term guidance. It underscores our ability to execute on our commitments and deliver for the customers and communities SCE serves and for our investors.

最後我想說，公司今年在眾多監管程序中取得了顯著進展，獲得了確定性，這使我們能夠自信地重申我們的長期業績指引。這凸顯了我們履行承諾、為 SCE 服務的客戶和社區以及我們的投資者創造價值的能力。

That concludes my remarks, and I'll turn it back to Sam.

我的演講到此結束，接下來交給薩姆。

Denise, please open the call for questions. (Event Instructions) So everyone in line has the opportunity to ask questions.

丹妮絲，請開始接受提問。（活動說明）以便排隊的每個人都有機會提問。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作說明）尼古拉斯·坎帕內拉，巴克萊銀行。

Hey. Good afternoon. Thanks for all the information today. I just wanted to ask, you brought up the $0.10 for the equity preferred as it relates to the '25 guide. So can you just confirm, is this -- is the $0.10 just a charge for both the '26 and '27 maturities? Or is that still up for debate? And then maybe just expand on what some of your options are for addressing that? Obviously, there's no equity coming to replace this, if I'm reading it correctly. Thanks.

嘿。午安.感謝您今天提供的所有資訊。我只是想問一下，您提到了與 2025 年指導價相關的 0.10 美元優先股。所以你能確認一下嗎，這 0.10 美元是不是 2026 年和 2027 年到期的債券都要收取的費用？或者這還有待商榷？然後或許可以詳細闡述你有哪些解決該問題的方案？顯然，如果我理解正確的話，不會有任何股權來取代它。謝謝。

Sure. Right. So just to recap what you said, we have two preferred equity series with a rate reset in March '26 and then again in March '27. We issued those back in 2021, and that was to address the claims that we were paying related to TKM and Woolsey.

當然。正確的。總結一下你剛才說的，我們有兩個優先股系列，分別在 2026 年 3 月和 2027 年 3 月進行利率重置。我們在 2021 年就發布了這些文件，那是為了解決我們當時支付的與 TKM 和 Woolsey 相關的索賠。

And now that we have the TKM settlement approved and the securitization coming later this year as well as the royalty settlement pending approval, which will also be securitized. We're taking a look at all of our options at the holding company. So we are still evaluating the options.

現在，TKM 和解協議已獲批准，證券化將於今年稍後進行；此外，特許權使用費和解協議也正在等待批准，該協議也將進行證券化。我們正在研究控股公司的所有方案。所以我們仍在評估各種方案。

But we think that maybe taking some steps earlier rather than waiting for those March '26, March '27 reset date would be beneficial overall for the company. Any time we do a refinancing, there will be a write-off of deferred transaction costs, et cetera. And so that's what the $0.10 represents. That would happen regardless of whether we do it early or whether we did it at the actual reset date. But the options that we're looking at are pretty broad, and we'll have more to come on that.

但我們認為，與其等到 2026 年 3 月或 2027 年 3 月的重置日期，不如更早採取一些措施，這對公司整體而言可能是有益的。每次進行再融資時，都會沖銷遞延交易成本等費用。所以，0.10美元就是這個意思。無論我們提前進行重置還是在實際重置日期進行重置，都會發生這種情況。但我們正在考慮的方案範圍很廣，稍後會有更多相關資訊。

Okay. Okay. I appreciate that. And then I guess, as it relates to Eaton, you've launched this recovery compensation program maybe you can just discuss what the participation level has been in that? And does that allow you to have a view on claims in more of an expedited manner?

好的。好的。我很感激。然後，我想，就伊頓公司而言，您已經啟動了這項恢復補償計劃，也許您可以談談該計劃的參與程度如何？這樣是否能讓您更快了解理賠狀況？

Is that something that we can maybe expect with the 10-K and I understand that there's very clear new protections in place from SB 254, which are helpful. But just when do you think that we'll have a low range estimate for what the liability against the fund would be?

我們是否可以期待在 10-K 表格中看到這一點？據我了解，SB 254 法案中已經推出了非常明確的新保護措施，這很有幫助。但您認為我們什麼時候才能得到該基金負債的較低估計範圍？

Yeah, Nick, let me jump in here. So we're not quite where I think we are yet. We haven't launched a program yet. We've announced that it's coming. We went through a process of releasing a draft protocol in September and then opening it up to feedback from the community.

尼克，好，我也來說兩句話。所以，我們還沒達到我預想的階段。我們尚未啟動任何項目。我們已經宣布它即將到來。我們在9月發布了協議草案，然後向社群徵求意見。

And so as I said in my remarks, we expect to be able to finalize the program and launch it shortly. And so regarding though, when that might lead or if it might lead to an estimate on losses. First, as you point out, we'll need to see what the participation rate is.

正如我在演講中所說，我們預計能夠盡快完成該計劃並啟動它。那麼，這何時會導致或是否會導致對損失的估計？首先，正如你所指出的，我們需要看看參與率是多少。

Now I think that there's -- we're doing everything we can, and we've engaged really the world's best outside experts on this, Ken Feinberg and Camille Biros who were, among other things, the architecture of the 9/11 fund so they've been providing great advice on this. We've gotten good input from the community. We're considering a number of potential changes beyond where we had releasing draft form.

現在我認為——我們正在盡一切努力，我們已經聘請了世界上最好的外部專家，例如 Ken Feinberg 和 Camille Biros，他們曾參與 9/11 基金的架構設計，所以他們在這方面提供了很好的建議。我們從社區獲得了很好的回饋。除了發布草案形式之外，我們還在考慮一些潛在的變更。

But I do want to make sure I temper expectations. This is -- will be a long process, and it's only one of the components of potential losses in a complex event like Eaton. So you saw that I mentioned in my remarks already that we did the one [subro] settlement. It was meaningful, but it's only one. And so we're not able to estimate even subro losses just from that one data point.

但我確實想確保自己不要抱持過高的期望。這將是一個漫長的過程，而且這只是像伊頓事件這樣複雜事件中潛在損失的組成部分之一。正如我剛才在發言中提到的，我們已經達成了一項[代位求償]和解協議。它很有意義，但它只是其中之一。因此，我們甚至無法僅憑這一個數據點來估算代位求償損失。

And so similarly, we'll have to see what participation rate we get. And at some point, does it become material enough that it maybe allow us to start getting our hands around that portion of losses. But of course, there are other kinds of loss -- so a very long way of saying that we're still where we were last quarter. We don't yet have an estimate of when we'll have an estimate, Nick.

同樣地，我們也要看看參與率是多少。到某個時候，它是否會變得足夠重要，以至於我們能夠開始著手處理這部分損失？當然，還有其他類型的損失——總之，說了這麼多，我們還是和上個季度一樣。尼克，我們目前還無法預估何時能給出預估結果。

And Nick, maybe just picking up on a couple of the other things you raised. The direct claims program is, of course, a good way to be good stewards of the fund. But you pointed directly to SB 254 protections that were introduced. So building on the protections of AB 1054, there are a couple of things that we think can apply to Eaton and do that in a constructive manner. First, the date at which the liability cap is calculated is the point of ignition.

尼克，或許只是在回應你提出的其他一些問題。當然，直接索賠計劃是妥善管理資金的好方法。但你直接指出了已引入的 SB 254 保護措施。因此，在 AB 1054 法案的保護基礎上，我們認為有幾件事可以適用於伊頓公司，並且能夠以建設性的方式進行。首先，計算責任上限的日期是著火點。

So we'll -- we know with clarity what the cap is for Eaton, which is approximately $4 billion based on our current rate base.

所以，我們很清楚伊頓公司的上限是多少，根據我們目前的費率基數，約為 40 億美元。

The second piece relates to the securitization that I mentioned earlier. For fires that occur between January 1 and the effective date of the legislation, to the extent there is a need to go above the fund. And again, we don't know what the estimate is for Eaton. The company can securitize those claims before going in for a reasonableness review at the CPUC. That outcome is good for customers because it minimizes costs and interest expense.

第二點與我之前提到的證券化有關。對於 1 月 1 日至該立法生效日期之間發生的火災，如果需要超出基金範圍，則適用。我們仍然不知道伊頓的估價是多少。該公司可以在向加州公共事業委員會 (CPUC) 提交合理性審查之前，將這些債權證券化。這個結果對客戶來說是好事，因為它可以最大限度地降低成本和利息支出。

It's also for the utility because it wouldn't need to issue any debt at that point or equity to fund the claims payments.

對公用事業公司來說，這也是好事，因為那時它不需要發行任何債務或股權來支付索賠款項。

Very fair and I appreciate the color. Thank you.

非常公平，我很喜歡這個顏色。謝謝。

Gregg Orrill, UBS.

瑞銀集團的格雷格·奧裡爾。

Hi. Thank you for the update on guidance. Just a clarification. Is it -- is there a part within the growth rate range that you feel you're trending towards now the upper half or the lower half or whatever or maybe things that -- I know you provided some discretion around what would take you within that range, but any other thoughts on that would be helpful.

你好。感謝您提供的最新指導意見。只是澄清一下。——你覺得你目前的成長率更接近成長率範圍的哪個部分？是上半部還是下半部？或其他什麼？我知道你對什麼會讓你進入這個範圍有一些自由裁量權，但任何其他想法都會很有幫助。

So Gregg, we are very comfortable and confident in the 5% to 7% EPS growth. Obviously, we run a lot of scenarios when we take a look at that, and there are many variables that can change either because it's a four-year period or because this is a complex business.

所以格雷格，我們對每股盈餘成長5%至7%的目標非常有信心。顯然，我們在研究這個問題時會考慮很多情況，而且有很多變數可能會發生變化，這可能是因為時間跨度長達四年，也可能是因為這是一個複雜的行業。

I would just say that we did incorporate a lot of new information into our outlook. We have the GRC in hand. We had multiple regulatory proceedings over the past year around recovery of memo accounts. It also contributes to capital. We had the TKM settlement. We have the securitization that's coming up, the Woolsey, settlement that's pending approval.

我只想說，我們確實將許多新資訊融入我們的觀點中。我們已經拿到GRC檔了。過去一年，我們經歷了多起與追回備忘錄帳戶相關的監管程序。它也有助於資本累積。我們與TKM達成了和解。我們即將面臨證券化，還有 Woolsey 和解協議，目前正在等待批准。

With all of that, we put that together in the mix. And I think the three key ways for me are not just reaffirm the 5% to 7% EPS CAGR but also that we have significantly more clarity around that forecast, and we have a stronger balance sheet. So we're still 5% to 7% is where we are, but I think there's a lot more behind that, that is very positive.

綜合以上所有因素，我們將它們考慮在內。我認為，對我來說，三個關鍵途徑不僅是重申 5% 至 7% 的每股盈餘複合年增長率，而且我們對這一預測有了更清晰的認識，並且我們的資產負債表也更加穩健。所以我們現在的佔比仍然是 5% 到 7%，但我認為這背後還有很多正面的因素。

Okay. Thank you.

好的。謝謝。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

All right. I appreciate it. Thank you very much. Pete, I know there's -- obviously, there's clearly some improvement in the wildfire constructs from Phase 1, even though they kick the can down the road and some of the key items there. I guess in terms of Phase 2 process, what do you see as viable for limiting EIX's liability? And what will be the data points that you anticipate going into the legislative session? Like is this going to be a public process? Is this going to be a private process? How do we track it? Thanks.

好的。我很感激。非常感謝。皮特，我知道——很明顯，野火防護措施相比第一階段已經有所改進，儘管他們把問題拖延了一段時間，而且其中一些關鍵事項也未能得到解決。我想就第二階段流程而言，您認為限制 EIX 責任的可行方案是什麼？那麼，您預計在立法會議召開前會有哪些數據點呢？這會是一個公開透明的過程嗎？這會是一個私下進行的過程嗎？我們如何追蹤它？謝謝。

Yeah. Thanks, Shar. Good set of questions. And as I mentioned in my remarks, we are very encouraged by the legislature not only having taken the steps that Maria recapped just now in Phase 1 but setting up the Phase 2 process. Still being shaped, but the California earthquake Authority, as the lead entity here has been pretty articulate already in some key parts of the process given the time line, right, for submission of abstracts across the various topics.

是的。謝謝你，莎爾。很好的一組問題。正如我在演講中提到的，我們非常欣慰地看到立法機構不僅採取了瑪麗亞剛才在第一階段概述的步驟，而且還制定了第二階段的流程。雖然仍在製定中，但作為牽頭機構的加州地震局已經就該過程的一些關鍵部分錶達得相當清楚，考慮到時間安排，對吧，就是提交各個主題摘要的時間安排。

That's November 3 is the deadline for those abstracts. And then they have a deadline of December 12 for the full papers that parties can submit. They have said already that they plan to make all of those submissions, both the abstracts and the papers public as they come in.

摘要提交截止日期是11月3日。然後，各方提交完整文件的截止日期是 12 月 12 日。他們已經表示，他們計劃將所有提交的稿件，包括摘要和論文，在收到後立即公開。

So I think that's really helpful because it will give really nice transparency to everybody in terms of what various stakeholders are submitting and how they're thinking about things. For our part, we continue to work very closely with our colleagues at the other investor-owned utilities, and we'll also be looking to engage with a broader set of stakeholders as we develop our ideas or compare those with their ideas.

所以我認為這真的很有幫助，因為它能讓每個人都清楚地了解各個利害關係人提交的內容以及他們的想法，從而實現高度透明。就我們而言，我們將繼續與其它投資者擁有的公用事業公司的同事們密切合作，同時，在製定我們的想法或將這些想法與他們的想法進行比較時，我們也會尋求與更廣泛的利益相關者群體進行交流。

We also understand that CEA will have perhaps still being defined a little bit, but some process for open discussions, meetings, et cetera. between the submission of papers and the April 1 deadline for the final report.

我們也了解到，CEA 的具體細節可能還在完善中，但在提交論文和 4 月 1 日最終報告截止日期之間，會有一些公開討論、會議等流程。

It was also encouraging, we had touched on this very briefly in my remarks, but it's very encouraging to see Governor Newsom turn to the various agencies with this executive order and essentially give out homework assignments for the expectations on how each agency would be contributing to specific items when the 10 areas that were outlined by SB 254 that I covered in my remarks as well.

令人鼓舞的是，我在演講中也簡要地提到了這一點，但看到紐森州長通過這項行政命令向各個機構下達了具體的任務，明確了每個機構在SB 254法案概述的10個領域中將如何做出貢獻，這真的非常令人鼓舞。我在講話中也提到了這一點。

So it's really nice, not only the CEA putting out their process, but the governor then turning to the agencies. And for some of the agencies that he can direct actually gave direction for the agencies that are more constitutional where we can only provide advisory suggestions suggested focus areas for each of those.

所以這真的很好，不僅CEA公佈了他們的流程，而且州長也隨後與各機構進行了溝通。對於他能夠直接領導的一些機構，他實際上已經為一些憲法機構提供了指導，而對於我們只能提供諮詢建議的機構，我們只能為每個機構提供建議的重點領域。

We'll see what comes out in the report, although we were encouraged, frankly, by this responsibility, leadership of it, having placed by SB 254 in the hands of the California Earthquake Authority, very professional entity. They have a solid understanding of broad natural catastrophes and risks, starting with their original mission around earthquake.

我們將拭目以待報告的內容，坦白說，我們對這項責任和領導權感到鼓舞，因為SB 254法案將這項責任交給了加州地震局，一個非常專業的機構。他們對廣泛的自然災害和風險有著深刻的理解，這源自於他們最初的任務是應對地震。

But as you know, they've been the wildfire fund administrator since the inception of the fund to [Abeta 54] in 2019. So they also have deep experience now in terms of the wildfire topic that gives us a lot of comfort that there's good professional management and they have the ability, and we understand that they're in the process of engaging outside help as well.

但如您所知，自基金會成立以來，他們一直是野火基金的管理者，直到 2019 年的 [Abeta 54]。因此，他們在野火問題上也累積了豐富的經驗，這讓我們很放心，他們有良好的專業管理，並且有能力應對野火。我們也了解到，他們正在尋求外部幫助。

And then I got a little long-winded here. Hopefully, I won't quite go into 18 innings like the Dodgers. Go Dodgers. But maybe I'll give you one more point on this. As we have -- Maria is laughing right now, which we have videos, you can see her.

然後我就有點囉嗦了。希望我不會像道奇隊那樣投滿18局。加油道奇隊。但我或許可以再補充一點。正如我們所看到的——瑪麗亞現在正在大笑，我們有視頻，你們可以看到她。

As we turn to the legislation and the outcome of the report itself, we expect that as a potential year for taking action across the economy. This is not just about utility connections to wildfire, right, and sell everything from reducing the exposure that the state it has by -- we would hope to see seeing strengthening building codes and standards and frankly, strengthening of the implementation of building closing standards because today's closing standard is actually rather strong.

當我們把目光轉向立法和報告本身的結果時，我們預計這將是經濟領域採取行動的潛在一年。這不僅僅是關於公用事業與野火的聯繫，對吧？它還涉及減少該州面臨的風險——我們希望看到加強建築規範和標準，坦白說，也希望看到加強建築竣工標準的實施，因為今天的竣工標準實際上相當嚴格。

But reviewing those and then making sure this already being implemented effectively statewide reduction in the overall exposure to losses, right, by looking at what are potentially some fair caps and specific kinds of claims or fees involved in the process.

但是，審查這些措施，然後確保全州範圍內有效實施，減少整體損失風險，對吧？這可以透過研究過程中可能存在的一些合理的上限以及涉及的特定索賠或費用類型來實現。

And then, of course, looking at how does California equitably allocate the ultimate cost of natural catastrophes like wildfires. It was very encouraging to see the legislature acknowledge right upfront in the preamble of SB 254 that the current process of essentially making utility customers and utility shareholders, the insurers of a catastrophe is simply not sustainable.

當然，也要考慮加州如何公平地分配野火等自然災害的最終成本。令人鼓舞的是，立法機構在 SB 254 的序言中開門見山地承認，目前讓公用事業客戶和公用事業股東成為災難保險人的做法是不可持續的。

When you take out a horrible hard-braking fire like Eaton and we still haven't concluded happen here, but you heard me say, it's likely that the equipment could be found and have been associated. But even if the spark did come indeed from our SCE equipment, the catastrophe was about so much more.

當你處理像伊頓那樣可怕的急煞車火災時，我們仍然沒有得出結論，但你聽我說，很可能可以找到相關設備並將其與火災聯繫起來。但即便火花確實是來自我們的 SCE 設備，這場災難的影響遠不止於此。

The extreme weather, the 100 mile an hour winds, the grounding of firefighting aircraft, the homes that unfortunately were beautiful, great neighborhoods, but were not ready for this high fire risk, the lack of evacuation notices in the areas that covered all but one of the fatalities.

極端天氣、時速 100 英里的狂風、消防飛機停飛、那些不幸地美麗而又位於良好社區的房屋，卻沒有做好應對如此高火災風險的準備，以及除一人外所有遇難者所在地區均未發布疏散通知。

So you add all of that up, and we simply can have utility customer shareholders continuing to be the insurers of this catastrophic risk. And we're encouraged that the legislature seems to recognize it and setting up 254. Sorry for the PhD dissertation there, but you hit on such an important topic.

所以把所有這些加起來，我們完全可以繼續讓公用事業客戶股東成為這種災難性風險的保險人。我們感到鼓舞的是，立法機關似乎也意識到了這一點，並制定了第 254 條。不好意思，我剛剛提到了博士論文，但你確實觸及了一個非常重要的主題。

Sure. No, no, it's helpful. And then just Pedro, really last one for me quickly. I mean, obviously, '26 seems to be a pretty big inflection year for the California utilities. And I know one of your peers in the state is talking a little bit more on capital allocation, depending on what could be the outcome of Phase 2, i.e., buybacks, dividends, returning more to shareholders, looking at how they're deploying capital in the state. I guess how do you -- where do you stand around that given how binary '26 could be?

當然。不，不，這很有幫助。然後就只剩下佩德羅了，對我來說真的是最後一個了。我的意思是，很明顯，2026 年對加州公用事業公司來說似乎是一個非常重要的轉捩點。我知道你們州的一位同行正在更多地談論資本配置，這取決於第二階段的結果，例如股票回購、分紅、向股東返還更多資金，以及他們如何部署該州的資本。我想問的是，考慮到「26」這個年份的特殊性，你對此持什麼立場？

Yeah. I'll turn it to Maria in a second here, but let me just start by saying above all, this is really an important part of the main for Edison, and I think for our peers as well. This is ultimately much more about customer cost than anything else, right? The weakening of financial health which you mentioned some options are -- one of our peers has mentioned here.

是的。我馬上會把這個問題轉給瑪麗亞，但首先我想說的是，這對愛迪生來說確實是一個非常重要的部分，我認為對我們的同行來說也是如此。歸根結底，這更多的是關於客戶成本的問題，對吧？您提到的財務狀況惡化的一些選擇——我們的一位同行也在這裡提到過。

But ultimately, this is really about how do we maintain healthy balance sheets, importantly, healthy credit ratings because the cost of debt is borne by customers. And so as we engage with legislators, we are laser-focused on that customer impact as being the recent or one of the key reasons, in addition obviously to public safety, to reforming how this date addresses its catastrophic risk.

但歸根結底，這實際上是關於我們如何保持健康的資產負債表，更重要的是，如何保持健康的信用評級，因為債務成本是由客戶承擔的。因此，在與立法者接觸時，我們非常關注客戶影響，因為除了公共安全之外，這也是改革這一日期應對其災難性風險方式的關鍵原因之一。

Maria, do you want to talk --

瑪麗亞，你想談談嗎？--

Sure. So I think, first, I'd say, Shar, we've always taken a very measured and efficient approach to how we capitalize the business. You've seen that over the course of the last five or six years where we went down the path of using hybrid securities as opposed to issuing common equity at times when it would have been more value destructive perhaps to do the latter.

當然。所以我想，首先，Shar，我們一直以來都採取非常謹慎和高效的方式來為企業籌集資金。在過去的五、六年裡，你們已經看到了，我們走上了使用混合證券而不是發行普通股的道路，而有時發行普通股可能會造成更大的價值損失。

I think the other thing to say is we find ourselves in a somewhat different position. We have no equity issuances in our forecast at this point. We are looking at cost-efficient opportunities to take care of the holding company hybrid. So we'll be going down that path. And also, frankly, we have been returning capital to shareholders over the past several decades with the increasing dividend.

我認為還有一點需要說明，那就是我們現在的處境有所不同。目前我們的預測中沒有股權發行計畫。我們正在尋找成本效益高的機會來處理控股公司混合模式的問題。所以我們會走這條路。坦白說，在過去的幾十年裡，我們透過不斷提高股息，一直在向股東返還資本。

We're still targeting our 45% to 55% payout ratio. We have a lot of confidence in our forecast, and so we have a lot of confidence in that. So I think you'd find our company in a slightly different position.

我們仍將目標股利設定為 45% 至 55%。我們對我們的預測非常有信心，所以我們對結果也很有信心。所以我認為你會發現我們公司的情況略有不同。

Got it. That's super helpful. Thank you so much, guys. See you in a couple weeks. Appreciate it.

知道了。這非常有幫助。非常感謝各位。兩週後見。非常感謝。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Hey. Good afternoon. I just wanted to follow up on Nick's question earlier on the $0.10 related to the preferred equity. It seems that it's -- I don't know if you're calling it earlier or expected earlier financing. Was it not contemplated in like the '26 and '27, '28 forecast in -- when you previously issued that financing on their maturity meaning that if they -- if you wait until when they actually matured, it was getting absorbed into the 2026 and '27 guidance, whereas now by pulling it forward, it's hurting '25 but yet '26 and '27 are not going up?

嘿。午安.我只是想就尼克之前提出的關於優先股相關的 0.10 美元的問題做個後續說明。看來——我不知道你是指提前獲得融資還是預期提前獲得融資。難道在 2026 年、2027 年和 2028 年的預測中沒有考慮到這一點嗎？ ——之前你們發行這些融資產品時，是打算等到它們實際到期，這樣一來，這些產品就會被納入 2026 年和 2027 年的業績指引中。而現在提前發行，雖然會影響 2025 年的業績，但 2026 年和 2027 年的業績卻沒有成長？

Frankly, Anthony, we were taking a look at a lot of options before as well. The fact is that with the TKM settlement earlier this year and the securitization and the Woolsey settlement pending and a subsequent securitization there as well, we find ourselves maybe with more options. Some of those options introduced potentially having to write off the deferred financing costs.

坦白說，安東尼，我們之前也考慮過很多方案。事實上，隨著今年稍早 TKM 的和解協議達成，以及證券化和 Woolsey 和解協議的待決事項和後續的證券化，我們發現自己或許有了更多選擇。其中一些方案可能導致需要註銷遞延融資成本。

Yes, if we were going to go down the path of refinancing in any event, you would get them in the year in which the event occurred, but if we were just going to continue them on then there wouldn't have been anything there to write off. So it does very much tied to the success we've had around some of the regulatory proceedings this year.

是的，如果我們無論如何都要進行再融資，那麼你就可以在事件發生的當年獲得這些貸款；但如果我們只是繼續持有這些貸款，那麼就不會有任何可以註銷的債務。所以，這與我們今年在一些監管程序中取得的成功密切相關。

certainty that we've gotten from them and the ability to introduce these additional options when we consider the preferred as a holding company.

我們從他們那裡獲得的確定性，以及在考慮將首選股作為控股公司時引入這些額外選擇的能力。

Great. Thanks so much for taking my question.

偉大的。非常感謝您回答我的問題。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

Hi. Good afternoon. Thank you, team. The first one I was going to ask, I know you had one of the comments, and I appreciate the frequently asked questions. How would you describe the linearity beyond 2025 of the EPS trajectory? I know it's been a little bit lumpy in the past, but thinking without rate cases in between to be a little bit more linear. So if you could give some color on that, it would be appreciated.

你好。午安.謝謝你們，團隊。我本來想問的第一個問題是，我知道你已經在評論區留言了，我很感謝你提出的常見問題。您如何描述2025年後EPS成長軌跡的線性趨勢？我知道過去情況有點起伏不定，但如果中間沒有費率案件，情況會更加線性一些。如果您能就此提供一些細節信息，我們將不勝感激。

Sure. So we will be giving our 2026 guidance on the Q4 call. That's our typical practice. But I can share a little bit more with you about the process that we have and really what's underscoring our very strong confidence in the 5% to 7% growth rate. So I think about the GRC as the frame for the entire 4-year process.

當然。因此，我們將在第四季財報電話會議上給予2026年的業績指引。這是我們通常的做法。但我可以和你們分享更多關於我們流程的信息，以及真正支撐我們對 5% 到 7% 成長率充滿信心的原因。所以我認為 GRC 是整個 4 年過程的架構。

And now that we have that final decision in hand, we know the total amount of work that we have to accomplish over that 4-year period. But frankly, annually, we always go through a very detailed planning process to develop the work plan and how we will execute on each piece of the process.

現在我們已經做出了最終決定，我們知道了在未來 4 年內需要完成的總工作量。但坦白說，我們每年都會進行非常詳細的規劃流程，以製定工作計劃以及我們將如何執行流程中的每個環節。

And we have to consider a lot of different things. We have to consider resources. We have to consider operational priorities, timing of the work. All of those can introduce some amount of input and structure around our guidance on a go-forward basis. So we are looking at that right now.

我們需要考慮很多不同的因素。我們必須考慮資源因素。我們必須考慮營運重點和工作時間表。所有這些都可以為我們的未來指導工作提供一定程度的意見和結構。所以我們現在正在研究這個問題。

We have the GRC in hand, but our detailed planning process has not started or it's just recently started underway and now that we have the GRC decision in hand. And so we will be providing more of that detail in response to your question on the Q4 call, but it certainly underscores our confidence in the overall 5% to 7% EPS CAGR.

我們已經拿到了集選區結果，但是我們的詳細規劃過程還沒有開始，或者只是最近才開始，現在我們已經拿到了集選區決定。因此，我們將在第四季度電話會議上回答您的問題時提供更多細節，但這無疑凸顯了我們對整體 5% 至 7% 每股收益複合年增長率的信心。

Okay. Great. And then the other one I had was just on the credit profile. I think the comment was solidly within that FFO-to-debt range. But just with the benefit of the enhanced recovery getting on the legacy fires, is it fair to think you're trending towards the upper half of that range over time?

好的。偉大的。而我還有另一項，就是關於信用記錄的。我認為該評論完全符合FFO與債務比率的合理範圍。但是，僅僅因為增強的恢復能力可以撲滅遺留火災，是否可以合理地認為，隨著時間的推移，你的恢復能力正在向該範圍的上半部分發展？

So we're certainly comfortable in our range and we're looking at our various financing options, and we'll come back to you once we decide on those. And we can -- we will still, though, always be comfortably in our 15% to 17% range.

所以，我們對目前的供貨範圍很有信心，我們正在研究各種融資方案，一旦確定了方案，我們會再聯絡您。而且我們能夠——儘管如此，我們仍然會始終保持在 15% 到 17% 的範圍內。

Okay. Thank you, both.

好的。謝謝你們兩位。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Hey. Good afternoon. Thank you for taking the questions. Pedro, maybe going back to some of your comments earlier on customer costs. Just wanted to ask on the cost of capital filing in that context of customer affordability in the rhetoric in California. Just curious your latest temperature on the outcome there relative to what you have baked into the financial plan that you've laid out here?

嘿。午安.感謝您回答這些問題。佩德羅，或許可以回顧你之前關於客戶成本的一些評論。我想問一下，在加州這種以客戶承受能力為導向的脈絡下，資本申報的成本是多少？我只是好奇，你對那件事的最新進展有何看法，以及它是否符合你之前製定的財務計劃？

Yeah. I'll start and Maria may have more there. We're still in that process. You've seen our filings, the range that we provided, which is higher than the current 10.33%, 10.50% to 11.75%. That's based on our outside experts testimony of looking at the overall risk that SCE is encountered with right now and you're not trying to have a fair compensation on that.

是的。我先來，瑪麗亞可能還有更多。我們仍在進行這個過程。您已經看到了我們的申報文件，以及我們提供的價格區間，該區間高於目前的 10.33%、10.50% 至 11.75%。這是根據我們外部專家的證詞得出的結論，他們考察了SCE目前面臨的整體風險，而你們並沒有試圖就此獲得公平的補償。

we'll let the process finish its way through. And hopefully, we'll have a decision by the end of the year, as has been typical with cost of capital proceedings. Maria, anything you would add there though?

我們會讓這個過程自行完成。希望我們能在年底前做出決定，就像以往的資本成本程序一樣。瑪麗亞，你還有什麼要補充的嗎？

Yeah. So Carly, I completely agree with Pedro, we made a very strong doing the proposed decision based on the schedule is due in November. So we are watching for it, all of the procedural aspects of the proceeding are completed.

是的。所以卡莉，我完全同意佩德羅的看法，我們根據11月的進度安排，做出了非常堅定的決定。所以我們正在密切關注，目前訴訟的所有程序方面都已完成。

In terms of your question about how does it roll into our forecast, like many other variables, we run a range of scenarios around the current ROE. So we have a number of things baked in, and we test a wide range of outcomes. So I think that's how it really fits into the range of 5% to 7% EPS CAGR through 2028.

至於你問的它如何融入我們的預測，就像許多其他變數一樣，我們圍繞著當前的 ROE 運行一系列情境。所以我們內建了很多功能，並且測試了各種各樣的結果。所以我認為，這確實符合到 2028 年每股盈餘複合年增長率 5% 至 7% 的預期範圍。

Got it. Okay. Very clear. Thank you. And then maybe just one on the updated capital plan here. It looks like the FERC piece come down a little bit on the margin.

知道了。好的。非常清楚。謝謝。然後，或許只需要更新資本計畫中的一個。看來聯邦能源監管委員會（FERC）在邊際效益方面略微下調了標準。

Just curious what's driving that? And then your current views on the upside opportunities for FERC investment as you manage some of the moving pieces at the state level?

只是好奇是什麼原因導致的？那麼，在您管理州一級一些變動因素的同時，您目前對聯邦能源監管委員會（FERC）投資的潛在機會有何看法？

Sure. So the FERC piece came down very slightly over the four-year period. A lot of that just has to do with timing of when the work will be done. So nothing really to read into that. And then on your second question, could you just please repeat that one more time?

當然。因此，在四年期間，聯邦能源監管委員會（FERC）的撥款略有下降。很多時候，這都與工作完成的時間安排有關。所以沒什麼好過度解讀的。關於你的第二個問題，你能再重複一次嗎？

Yeah. Just as you think about managing the broader capital plan in the context of maybe the supportiveness of California of some of these investments at a CPUC level, to what degree FERC could be a lever to lean into a little bit more there on the upside?

是的。正如您在考慮如何管理更廣泛的資本計劃時，可能會考慮加州公共事業委員會 (CPUC) 對其中一些投資的支持程度，那麼聯邦能源監管委員會 (FERC) 在多大程度上可以成為推動這些投資向上發展的槓桿呢？

Carly, maybe one way to think about it is it's a pretty good delineation between which investments or CPUC jurisdictional and which ones are FERC jurisdictional. And so the CPUC jurisdictional are the ones that we just got approval for in the SCE GRC. In addition, we have other proceedings underway like the next-gen proceeding or the next in ERP or the smart meter proceeding, AMI 2.0.

卡莉，或許可以這樣理解：這很好地劃分了哪些投資屬於加州公共事業委員會 (CPUC) 管轄範圍，哪些投資屬於聯邦能源監管委員會 (FERC) 管轄範圍。因此，CPUC 管轄範圍就是我們在 SCE GRC 中剛剛獲得批准的範圍。此外，我們還有其他程序正在進行中，例如下一代程序、下一代ERP程序或智慧電錶程序、AMI 2.0。

But maybe my help us Steve Powell, the CEO of SCE, just touch us a bit on just a broad transmission plan at Cal ISO and how that feeds the potential for FERC level investment over the next few years?

或許我可以請SCE執行長史蒂夫鮑威爾先生就加州獨立系統營運商（Cal ISO）的整體輸電計劃以及該計劃如何促進未來幾年聯邦能源監管委員會（FERC）層面的投資？

Yeah. So the independent system operator, CISO has put out -- or puts out 20-year plans show the long-term opportunities for transmission investment in the state. The most recent one point $45 million to upwards of $55 billion of potential investment in projects over a 20-year period.

是的。因此，獨立系統營運商 CISO 已經發布（或發布）了 20 年計劃，展示了該州輸電投資的長期機會。最近的一份報告指出，未來 20 年內，專案潛在投資金額可能從 4,500 萬美元到 550 億美元不等。

They then translate that down to 10-year plans that get rolled out each year. And so you've seen over the last number of years, get quite a number of incumbent projects as well as bid and win a competitive project.

然後他們將這些計劃細化為每年推出的十年計劃。因此，在過去幾年裡，我們不僅獲得了相當多的現有項目，還競標並贏得了競爭性項目。

And so as I look forward, the load growth that we're seeing, especially in the 10- to 20-year period is going to continue to drive the CISO process to create more transmission opportunities.

展望未來，我們看到的負載成長，尤其是在未來 10 到 20 年內，將繼續推動 CISO 進程，創造更多輸電機會。

And so we're going to continue to position ourselves to be the right incumbent provider to build on the existing network, which is oftentimes the most effective way to get the reliability projects as well as the policy projects built, but also continue to position ourselves for those competitive projects where there's new lines that are needed to be established. And we've shown our ability to go in and win projects and expect to continue to participate in competitive opportunities in the CISO portfolio going forward.

因此，我們將繼續努力成為合適的現有供應商，在現有網路的基礎上進行建設，這通常是推進可靠性項目和政策項目建設的最有效方法，同時也將繼續努力爭取那些需要建立新線路的競爭性項目。我們已經證明了我們有能力贏得項目，並期望未來繼續參與首席資訊安全長 (CISO) 領域的競爭機會。

Awesome. Thank you for the color.

驚人的。謝謝你提供的色彩。

David Paz, Wolfe.

大衛‧帕茲，沃爾夫。

Hey. Good afternoon. This is somewhat related regarding the SB 254 CapEx that's ineligible for an equity return, do you anticipate backfilling that roughly, I think it's $2 billion, $2.3 billion of CapEx that's not in your 25 to 20 plan with other programs. Is that what the next gen and what the other things? Or should we anticipate there being something else?

嘿。午安.這與不符合股權回報條件的 SB 254 資本支出有些關聯，您是否預計會透過其他項目來彌補這部分資金缺口？我認為這部分資本支出大約有 20 億美元到 23 億美元，不在您的 25 到 20 計劃中。這就是下一代以及其他方面嗎？或者我們應該預料到會有其他情況發生？

So maybe let's clarify a little bit what's in the CapEx plan that's in the investor materials today as well as what's in the rate base. So if you recall, under SB 254, the CapEx that we're talking about is wildfire mitigation that is approved post 01/01/26, so this next upcoming year. In our capital plan, we have included some of the -- we have included all of the CapEx that we expect to spend through 2028 that is going to be subject to that. And we have about $500 million to $700 million of CapEx on the CapEx slide that are related to the SB 254 capital.

那麼，我們不妨稍微澄清一下今天投資者材料中的資本支出計劃以及費率基礎中包含的內容。所以，如果你還記得的話，根據 SB 254 法案，我們所說的資本支出是指在 2026 年 1 月 1 日之後批准的野火緩解措施，也就是即將到來的一年。在我們的資本計畫中，我們已經納入了部分——我們已經納入了所有預計到 2028 年將支出的資本支出，這些支出都將受到該政策的影響。在資本支出幻燈片中，我們有大約 5 億至 7 億美元的資本支出與 SB 254 資本相關。

When you move over to our rate base slides, we are not including that when we convert CapEx into rate base. So you can use the rate base slide as the foundation for your modeling in terms of the amount on which we can earn an equity returns. The balance of what is under SB 254, so the rest of that CapEx will be spent then after this rate case cycle.

當您查看我們的費率基礎投影片時，我們在將資本支出轉換為費率基礎時並未包含該支出。因此，您可以將利率基準滑桿作為建模的基礎，從而確定我們可以獲得股權回報的金額。SB 254 法案下的剩餘部分，也就是剩餘的資本支出，將在本輪利率調整週期結束後支出。

So as we go into the 2029 rate case cycle, we'll be taking a look at how that all factors in. But the numbers that we provided in the materials today should be pretty clean in terms of how you would use them to look at our growth rate.

因此，隨著我們進入 2029 年的費率調整週期，我們將研究所有這些因素是如何發揮作用的。但是，我們今天在材料中提供的數字應該非常清晰明了，方便您使用它們來查看我們的成長率。

Okay. That makes sense. Just to understand where modeling purposes that remainder, so not what's in your size today with the rest, should we anticipate that being spread out over the '29 to '32 GRC or upfront is just based on the language or your interpretation of SB 254?

好的。這很有道理。為了理解建模目的，剩餘部分（而不是您今天與其他部分的大小）應該如何安排，我們是否應該預期它會在 2029 年至 2032 年的 GRC 期間或提前完成，這僅僅是基於 SB 254 的措辭或您的解釋？

We would expect that CapEx to be spent after 2029. We don't have those that GRC filed yet. So we'll be working on that as we go through it. And whenever we do have that available in terms of that piece of the forecast, certainly, we would make it clear as to what pieces are in rate base and what pieces are not.

我們預計資本支出將在 2029 年之後支出。我們還沒有GRC提交的那些文件。所以我們會邊做邊研究這個問題。而且，每當我們掌握了預測的這一部分資訊時，我們當然會明確指出哪些部分屬於費率基礎，哪些部分不屬於費率基礎。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Aidan Kelly, JPMorgan.

艾丹凱利，摩根大通。

Hey. Good afternoon. Yeah. Just one question on my end. Could you just touch a little bit more on the near-term annual 1% to 3% sales growth a bit more? Just curious to hear any detail around the breakdown between the electrification, residential growth and C&I customers?

嘿。午安.是的。我還有一個問題。能否再詳細談談近期1%至3%的年度銷售成長預期？我很好奇電氣化、住宅成長和工商業用戶之間的具體構成情況？

I'll turn it over to Steve again from an SCE perspective.

我將再次把這個問題交給史蒂夫，讓他從SCE的角度來回答。

Yeah. So in the near term, in terms of the customer demand growth that we're seeing, it really is a mix across those ones that you mentioned. So we certainly point to electrification and primarily around vehicles and the continued strong growth in vehicle -- new vehicle purchases that are zero emissions is really bolstering that transportation electrification load growth.

是的。因此，就近期我們看到的客戶需求成長而言，確實是您所提到的那些因素的綜合體現。因此，我們當然要指出電氣化，主要圍繞車輛，以及零排放新車購買量的持續強勁增長，這確實促進了交通電氣化負荷的增長。

It's probably about one-third of it is the driver in there. We continue to see residential new home starts and new residential development happening across our territory. And so that's another key piece.

大概有三分之一的功勞要歸司機。我們看到，在我們轄區內，住宅新房開工和新住宅開發案不斷增加。所以，這是另一個關鍵因素。

And then the commercial industrial load growth, and that's a breadth of different types of industries, whether it's defense, manufacturing down to logistics are all ones that we're seeing at getting a lot of requests. I know there's a lot of conversations around data centers and that load growth.

此外，商業工業負荷也在成長，這涵蓋了各種不同類型的產業，無論是國防、製造業或物流，我們都看到這些產業收到了許多需求。我知道現在有很多關於資料中心和負載成長的討論。

For us, it's not a big driver like many other places, but we see a moderate amount of requests coming through there as well. That just blends in with the rest of our commercial industrial growth. So it's a pretty balanced set of load that we would see over the next five years where we project that 1% to 3%.

對我們來說，它不像其他很多地方那樣是一個主要驅動因素，但我們也看到有相當數量的請求從那裡湧入。這與我們其他商業工業發展趨勢完全融合在一起。因此，未來五年我們將看到相當均衡的負載情況，預計這一比例為 1% 至 3%。

And we really like the durability of having that diverse profile as opposed to relying just on data centers.

我們非常喜歡這種多元化架構帶來的持久性，而不是只依賴資料中心。

Got it, got it. That's super clear. I'll leave it there.

明白了，明白了。非常清楚。我就把它留在那裡。

Thanks, Aidan.

謝謝你，艾丹。

Thank you. That was our last question. I will now turn the call back over to Mr. Sam Ramraj.

謝謝。這是我們最後一個問題。現在我將把電話轉回給薩姆·拉姆拉傑先生。

Thank you for joining us. This concludes the conference call, and 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，祝您今天餘下的時間愉快。您現在可以斷開連線。