愛迪生國際 (EIX) 2025 Q4 法說會逐字稿

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

下午好，歡迎參加愛迪生國際2025年第四季財務電話會議。我是今天的接線生，米歇爾。 （接線生提示）本次電話會議正在錄音。

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者關係副總裁薩姆·拉姆拉傑先生。拉姆拉傑先生，您可以開始您的會議了。

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

謝謝米歇爾，也歡迎各位。今天發言的嘉賓是總裁兼執行長佩德羅·皮薩羅先生，以及執行副總裁兼財務長瑪麗亞·裡加蒂女士。其他管理團隊成員也參加了這次電話會議。

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

本次電話會議的相關資料可在 www.edisoninvestor.com 取得，包括我們的 10-K 表格、Pedro 和 Maria 的發言稿以及電話會議簡報。明天，我們將發布例行業務更新簡報。

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

在本次電話會議中，我們將就愛迪生國際及其子公司的前景發表前瞻性聲明。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列於我們提交給美國證券交易委員會（SEC）的文件中，請仔細閱讀。

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

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. I will now turn the call over to Pedro.

在問答環節，請每位提問者只提出一個問題，並可提出一個後續問題。現在我將把電話交給佩德羅。

Well, thanks a lot, Sam, and good afternoon, everyone. Edison International's 2025 core earnings per share of $6.55 was above our guidance range, that extends our two-decade track record of meeting or exceeding annual EPS guidance. Importantly, this also marks the successful delivery of the long-term core EPS growth target that we established in 2021.

非常感謝，Sam，大家下午好。 Edison International 2025 年核心每股收益預計為 6.55 美元，高於我們先前的預期範圍，這延續了我們過去二十年來每年均達到或超過每股收益預期的記錄。更重要的是，這也標誌著我們成功實現了 2021 年制定的長期核心每股盈餘成長目標。

Our performance reflects disciplined execution across the enterprise and continued focus on cost management, operational performance and capital efficiency. Maria will provide more details in her remarks.

我們的業績反映了企業上下嚴謹的執行力，以及對成本控制、營運績效和資本效率的持續關注。瑪麗亞將在發言中提供更多細節。

Today, I'll focus on three themes: our commitments to customers, communities and investors, our strength in regulatory visibility, and our confidence in our multiyear plan.

今天，我將重點討論三個主題：我們對客戶、社群和投資者的承諾，我們在監管透明度方面的優勢，以及我們對多年計畫的信心。

Starting with the first theme. We are committed to the customers and communities who count on safe, reliable, and increasingly clean energy. Safety remains our top value. And SCE continues to carry out extensive work to strengthen the electric system and reduce wildfire risk.

首先，我們來談談第一個主題。我們致力於為依賴安全、可靠且日益清潔能源的客戶和社區提供服務。安全始終是我們的首要價值。 SCE將繼續進行大量工作，以加強電力系統並降低野火風險。

We are proud that in the Q4 2025 residential customer engagement survey by Escalent, SCE had the highest absolute brand trust score among the large California investor-owned Utilities. Customers and public trust remain the core of SCE's mission. The utility has now installed more than 7,000 miles of covered conductor in high fire risk areas, representing over 90% of its planned grid hardening effort.

我們倍感自豪的是，在Escalent公司發布的2025年第四季住宅用戶滿意度調查中，SCE在加州大型投資者擁有的公用事業公司中獲得了最高的品牌信任度絕對得分。客戶和公眾信任始終是SCE使命的核心。目前，SCE已在火災高風險地區安裝了超過7000英里的絕緣導線，佔其電網加固計劃的90%以上。

This work continues to play a critical role in reducing ignition risk and strengthening reliability for the communities we serve. SCE now has fast-curve settings on 93% of its distribution circuits in high fire risk areas, a prime example of how it is using technology to reduce risk by detecting and addressing faults even more quickly. All of this work demonstrates SCE's ongoing wildfire risk reduction leadership.

這項工作在降低火災風險和增強我們所服務社區的供電可靠性方面持續發揮著至關重要的作用。 SCE目前已在其93%的高火災風險區域配電線路中採用了快速曲線設​​置，這充分體現了其如何利用技術更快地檢測和處理故障，從而降低風險。所有這些工作都彰顯了SCE在降低野火風險方面持續的領先地位。

This progress benefits not just the utility's own customers and communities who fund this critical work, but also many peers across the nation. Safety and affordability remain at the core of our commitment to customers.

這項進展不僅惠及為這項關鍵工作提供資金的公用事業公司客戶和社區，也惠及全國眾多同業。安全性和經濟性始終是我們對客戶承諾的核心。

Earlier this year, SCE announced a 2.3% rate decrease for residential customers and a 5.3% decrease for small- and medium-sized business customers. This is starting from a place of having the lowest system average rate by a margin of 20% among California's major investor-owned utilities.

今年早些時候，SCE宣布將居民用戶的電費降低2.3%，中小企業用戶的電費降低5.3%。此前，SCE的系統平均電費在加州主要投資者所有的公用事業公司中已低20%。

SCE has invested more than $12 billion for customer safety and reliability over the last two years. Currently, a typical non-CARE residential customer pays about $188 per month, which is modestly higher than the $180 paid two years ago. This reflects the utility's disciplined cost management to support customer affordability. We will continue to work to keep rates affordable for customers.

過去兩年，SCE已投入超過120億美元用於保障客戶安全和電力可靠性。目前，非CARE計畫的一般居民用戶每月電費約為188美元，略高於兩年前的180美元。這反映了公司為保障客戶負擔能力所採取的嚴格成本管理措施。我們將繼續努力，確保電費保持在客戶的承受範圍內。

We are also committed to the investors whose capital makes it possible to build the infrastructure that is essential to deliver safe, reliable, affordable electricity. Our commitment begins with a regulatory framework that enables SCE to consistently earn its authorized returns, which supports a strong investment-grade balance sheet and lower financing costs for customers. Our capital contributors, including pension funds, mutual funds and insurers, depend on stable, transparent long-term performance.

我們也致力於回饋投資者，正是他們的資金支持，使得我們能夠建造必要的基礎設施，從而提供安全、可靠、價格合理的電力。我們的承諾始於一個完善的監管框架，確保SCE能夠持續獲得其授權收益，從而維持穩健的投資等級資產負債表，並降低客戶的融資成本。我們的資金貢獻者，包括退休基金、共同基金和保險公司，都依賴穩定、透明的長期績效。

Credit rating agencies continue to evaluate California specific risk factors, underscoring the importance of maintaining a durable and predictable regulatory environment that provides confidence for long-term investment and protects customers from higher costs. To that end, we are actively engaging with policymakers and state leaders to reinforce the value of a stable framework and the SB 254 process will be a central venue in 2026 for strengthening the regulatory durability that supports both capital contributors and customers.

信用評等機構持續評估加州特有的風險因素，凸顯了維護穩定且可預測的監管環境的重要性，該環境能夠增強長期投資的信心，並保護消費者免受成本上漲的影響。為此，我們正積極與政策制定者和州領導人溝通，以強化穩定框架的價值。 SB 254法案的審議過程將在2026年成為加強監管穩定性、從而支持資本貢獻者和消費者的重要途徑。

SCE remains committed to resolving wildfire-related claims fairly prudently and responsibly. To date, more than 2,300 claims have been submitted under the wildfire recovery compensation program with associated payments underway. As always, we are guided by our commitment to transparency, accountability and customer trust. Building upon this, today, SCE announced enhancements to the program, providing stronger support for displaced renters and increasing coverage for legal expenses.

SCE始終致力於以公平、審慎和負責的態度處理與野火相關的索賠。迄今為止，已根據野火災後賠償計劃提交了2300多份索賠申請，相關款項正在支付中。我們將一如既往地秉持透明、負責和客戶信任的原則。在此基礎上，SCE今天宣布對該計劃進行改進，為流離失所的租戶提供更有力的支持，並擴大法律費用的報銷範圍。

Regarding the Eaton fire, as you see on page 4, the investigations remain ongoing. To recap our prior statements, while SCE has not conclusively determined that its equipment caused the ignition of the Eaton fire, a viable explanation is that the energized idle SCE transmission facility in the preliminary area of origin was associated with the ignition of the fire, and SCE is not aware of evidence pointing to another possible source of ignition.

關於伊頓火災，如您在第4頁所見，調查仍在進行中。重申我們先前的聲明，雖然SCE尚未最終確定其設備是伊頓火災的起火原因，但一個合理的解釋是，初步起火區域內帶電的閒置SCE輸電設施與火災的發生有關，而SCE目前沒有發現指向其他可能起火源的證據。

Absent additional evidence, SCE believes that it is likely that its equipment could have been associated with the ignition of Eaton Fire. Given the complexities associated with estimating damages, we currently are unable to reasonably estimate a range of potential losses. Nonetheless, based on the information we have reviewed thus far, we remain confident that SCE will be able to make a good faith showing that its conduct with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility.

在缺乏其他證據的情況下，SCE認為其設備很可能與伊頓山火的起火有關。鑑於評估損失的複雜性，我們目前無法合理估算潛在損失的範圍。儘管如此，根據我們迄今為止審查的信息，我們仍然相信SCE能夠真誠地證明，其在伊頓峽谷地區輸電設施方面的行為符合一家合理公用事業公司的行為準則。

The company continues to prioritize a recovery of impacted community members. Edison International is donating $2 million to the Pasadena Community Foundation to help meet the needs of community members in the Altadena area recovering from the Eaton fire.

公司將繼續把受災社區居民的重建工作放在首位。愛迪生國際公司將向帕薩迪納社區基金會捐贈200萬美元，以協助滿足阿爾塔迪納地區伊頓山火災後重建社區居民的需求。

My second theme today is our strength in regulatory visibility given 2025 was a significant regulatory year for SCE, which you see on page 5. With the GRC cost of capital proceeding, TKM and Woolsey settlement agreements and other wildfire proceedings concluded, SCE enters 2026 with substantially greater clarity into capital plans, revenue requirement and operational priorities, not only for the GRC period but into the next decade. Our team members across Edison International and SCE continue to demonstrate their ability to execute, through complexity, respond to the evolving conditions and stay focused on long-term goals.

我今天的第二個主題是我們在監管透明度方面的優勢，因為2025年對SCE來說是監管方面的重要一年，詳情請見第5頁。隨著GRC資本成本核算的推進、TKM和Woolsey和解協議以及其他山火相關程序的完成，SCE在進入2026年時，不僅在GRC期間，而且在未來十年，在資本計劃、收入需求和運營重點方面都擁有了更加清晰的認識。我們Edison International和SCE的團隊成員繼續展現出他們卓越的執行能力，能夠在複雜多變的環境中應對不斷變化的情況，並始終專注於長期目標。

Turning to the legislative front. The upcoming session will be pivotal for shaping the next phase of California's energy and resiliency policy. A central focus this year is the SB 254 natural catastrophe resiliency study being authored by the California Earthquake Authority and subsequent legislation. Our focus remains on a whole-of-society solution to mitigate and respond to catastrophic wildfires that enhances public safety, improves affordability and supports predictable long-term investment in a clean, reliable energy system for California.

接下來是立法方面。即將召開的立法會議對於塑造加州下一階段的能源和韌性政策至關重要。今年的重點是加州地震局正在撰寫的SB 254自然災害韌性研究報告及其後續立法。我們仍然致力於尋求全社會參與的解決方案，以減輕和應對災難性野火，從而提高公共安全，改善能源可負擔性，並支持對加州清潔、可靠的能源系統進行可預測的長期投資。

In December, SCE and the other IOUs jointly submitted white papers along with dozens of other stakeholders, providing input into the CEA's process. We continue to be actively engaged with relevant stakeholders, the governor's office and legislative leaders about the potential for enhancements to the policy framework.

去年12月，SCE和其他公用事業公司與數十家其他利害關係人共同提交了白皮書，為CEA的流程提供了意見。我們將繼續與相關利害關係人、州長辦公室和立法領導人積極溝通，探討改善政策框架的可能性。

Moving on to my third theme today. Our confidence in our multiyear financial outlook. We are introducing core EPS guidance for 2026 and 2027, reaffirming our 2028 outlook and extending our expected core EPS growth rate target through 2030. Maintaining the 2028 target while extending the horizon underscores the growing clarity and stability in our multiyear plan, supported by a constructive regulatory foundation and a robust pipeline of necessary investments of the utility.

接下來，我想談談今天的第三個主題：我們對未來多年財務前景的信心。我們將發布2026年及2027年的核心每股盈餘（EPS）指引，重申我們對2028年的展望，並將預期核心EPS成長率目標延長至2030年。在延長目標期限的同時維持2028年的目標，凸顯了我們多年計畫日益清晰和穩定，這得益於積極的監管環境和公司一系列必要的投資項目。

With an attractive dividend yield of approximately 5%, and a long-term core EPS growth target of 5% to 7%, EIX shares offer a compelling case for total shareholder returns of 10% to 12%. This combination of income and growth reflects the strength of our regulated business model and our commitment to delivering sustainable value for customers and capital providers.

EIX股票擁有約5%的誘人股息殖利率，以及5%至7%的長期核心每股盈餘成長目標，因此可望實現10%至12%的總股東回報。這種收益與成長的結合，體現了我們受監管的商業模式的優勢，以及我們致力於為客戶和資本提供者創造永續價值的承諾。

Let me close where I began with commitment. Our commitment to communities and customers and to the capital contributors whose support makes our work possible. Our commitment to strengthening the grid enhancing safety, improving reliability and supporting affordability.

最後，我想再次強調我的承諾。我們對社區、客戶以及所有為我們提供資金支持的捐助者都秉持著同樣的承諾，而正是他們的支持才使我們的工作得以開展。我們致力於加強電網建設，提升安全性、可靠性並降低成本。

Our commitment to clarity and transparency as we move into a period of greater regulatory stability and our commitment to deliver on the objectives we have shared with you today. We have the right strategy, the right plan and the right team in place, and we are confident in our ability to execute that plan for 2030.

我們致力於在監管環境日益穩定的時期保持清晰透明，並承諾實現今天與各位分享的目標。我們擁有正確的策略、計劃和團隊，並且有信心在2030年之前成功執行該計劃。

With that, Maria, let me turn it over to you.

那麼，瑪麗亞，接下來就交給你了。

Thanks, Pedro. In my comments today, I will discuss fourth quarter and full year financial results. Our focused areas for 2026, provide an update on our refreshed capital, rate base and EPS growth guidance and discuss other financial topics.

謝謝，佩德羅。今天我將討論第四季和全年財務業績，以及我們2026年的重點領域，並更新我們更新後的資本、費率基礎和每股盈餘成長預期，同時也討論其他財務相關主題。

For the fourth quarter, EIX reported core EPS of $1.86. Full year 2025 core EPS of $6.55 exceeded the high end of our EPS guidance range. Pages 6 and 7 provide the year-over-year variance analysis. I would like to note two items embedded in our results.

EIX第四季核心每股收益為1.86美元。 2025年全年核心每股收益預計為6.55美元，超過了我們先前給出的每股收益預期範圍的上限。第6頁和第7頁提供了同比差異分析。我想特別指出我們業績中包含的兩點。

First, fourth-quarter core EPS includes $0.06 of costs attributed to the preferred stock tender offers and redemption at EIX and SCE completed in December. Second, we recorded a $0.46 true-up following the final decision in the Woolsey cost recovery proceeding. Excluding the Woolsey true-up, EIX's full year 2025 core EPS still exceeded the midpoint of our guidance.

首先，第四季核心每股盈餘包含12月完成的EIX和SCE優先股要約收購和贖回所產生的0.06美元成本。其次，在Woolsey成本回收程序最終裁決後，我們計入了0.46美元的調整。剔除Woolsey調整後，EIX 2025年全年核心每股盈餘仍高於我們先前預期的中位數。

I will echo Pedro's comments that this marks the successful delivery of the long-term core EPS target we established for 2021 through 2025. Over that period, we successfully managed a number of unforeseen headwinds. Record inflation, the first rising interest rate environment in over 15 years, growing wildfire claims related debt. Several changes to SCE's authorized cost of capital and additional cost pressures, yet we delivered on our commitment.

我同意佩德羅的觀點，這標誌著我們成功實現了2021年至2025年設定的長期核心每股盈餘目標。在此期間，我們成功應對了許多始料未及的挑戰，包括創紀錄的通貨膨脹、15年來首次利率上升、不斷增長的野火索賠相關債務、SCE授權資本成本的多次調整以及其他成本壓力，但我們最終兌現了承諾。

Today, we are reaffirming our 2028 guidance and extending our 5% to 7% EPS growth target to 2030. You should share this leadership team's confidence that we will continue to deliver on these commitments and build on your trust. You can see on page 8 that delivering strong financial results was just one accomplishment and another year of strong execution in 2025.

今天，我們重申2028年的業績指引，並將5%至7%的每股盈餘成長目標延長至2030年。您應該與我們領導團隊一樣充滿信心，我們將繼續履行這些承諾，並鞏固您對我們的信任。您可以在第8頁看到，取得強勁的財務表現只是我們眾多成就之一，2025年我們將繼續保持卓越的執行力。

Page 9 summarizes the key management focus areas for 2026. SCE continues to execute its wildfire mitigation plan and its focus on operational excellence to reduce costs for customers. Utility also plans to execute on its $7 billion capital plan for the year to meet customers' needs. As Pedro mentioned, the legislative process will be a major focus for the year.

第9頁總結了2026年的主要管理重點領域。 SCE將繼續執行其野火緩解計劃，並致力於卓越營運以降低客戶成本。該公司還計劃執行其70億美元的年度資本計劃，以滿足客戶需求。正如佩德羅所提到的，立法程序將是今年的重點工作之一。

In the regulatory area, the utility will be driving toward a final decision on its NextGen ERP program and filing an application for its Advanced Metering Infrastructure or AMI 2.0 program. Both of these are large programs that provide significant long-term customer benefits.

在監管方面，該公用事業公司將推進其下一代企業資源規劃（NextGen ERP）計畫的最終決策，並提交其高階計量基礎設施（AMI 2.0）計畫的申請。這兩個項目規模龐大，將為客戶帶來顯著的長期效益。

Lastly, we look forward to another year of delivering on our annual core EPS guidance and executing efficient financings across the enterprise.

最後，我們期待在新的一年實現年度核心每股收益預期，並在整個企業範圍內有效率地進行融資。

Let's turn to SCE's updated capital and rate base forecast shown on pages 10 and 11. The extended capital plan of $38 billion to $41 billion from 2026 through 2030, continues the company's essential work in load growth-driven programs, infrastructure replacement and wildfire mitigation.

讓我們來看看 SCE 在第 10 頁和第 11 頁上更新的資本和費率基礎預測。從 2026 年到 2030 年，延長的資本計畫為 380 億美元至 410 億美元，繼續該公司在負載成長驅動型項目、基礎設施更換和野火緩解方面的重要工作。

Additionally, our updated forecast now includes nearly $1.5 billion of capital expenditures through 2030 from SCE's upcoming AMI 2.0 application. The total request will exceed $3 billion with spending expected to continue through 2033. We forecast a step up in our capital deployment opportunities to as high as $9 billion per year in the next GRC cycle. This is driven by the essential investments in the grid to meet customer needs and support California's clean energy objectives. The resulting projected rate base growth is approximately 7% from 2025 to 2030.

此外，我們更新後的預測納入了SCE即將推出的AMI 2.0申請計畫在2030年前近15億美元的資本支出。該項目申請總額將超過30億美元，預計支出將持續到2033年。我們預測，在下一個GRC週期中，資本部署機會將大幅增加，最高可達每年90億美元。這主要得益於為滿足客戶需求和支持加州清潔能源目標而對電網進行的必要投資。由此預計，2025年至2030年間，電價基數將成長約7%。

Page 12 shows our 2026 and 2027 core EPS guidance. We have also provided modeling considerations on page 15. Our core EPS guidance for 2026 is $5.90 to $6.20, and for 2027, it is $6.25 to $6.65. As you're aware, Edison's core EPS over the years has not been linear. Let me provide some additional insight into our outlook and trajectory towards achieving our longer-term targets.

第 12 頁列出了我們對 2026 年和 2027 年核心每股盈餘 (EPS) 的預期。我們也在第 15 頁提供了建模方面的考量。我們對 2026 年核心 EPS 的預期為 5.90 美元至 6.20 美元，對 2027 年為 6.25 美元至 6.65 美元。如您所知，愛迪生公司的核心 EPS 多年來並非線性成長。接下來，我將進一步闡述我們對實現長期目標的展望與發展軌跡。

You will see that 2026 core EPS represents growth of about 3.5% at the midpoint compared to the $5.84 baseline. We have provided a bridge on page 13 to help you understand the puts and takes. This muted growth is driven by three items, which amount to $0.25.

您會發現，2026 年核心每股盈餘 (EPS) 的中位數較 5.84 美元的基準值成長約 3.5%。我們在第 13 頁提供了相關說明，幫助您理解其中的優缺點。這種溫和的成長主要受三個因素影響，總計 0.25 美元。

First, SCE has fewer regulatory decisions in 2026 than last year. Therefore, the associated earnings contribution from recognizing prior year earnings is about $0.11 lower.

首先，SCE在2026年需要做出的監管決定比去年少。因此，確認上年收益所帶來的相關收益貢獻將減少約0.11美元。

Second, asset mix differences versus the original GRC forecast creates depreciation and property tax related variances of about $0.07. Third, financing-related variances, tax law changes and other items reduced core EPS by approximately $0.07. The drivers behind the $0.25 impact are baked into 2026 and thus are not expected to result in negative variances in later periods.

其次，資產組合與最初GRC預測的差異造成了約0.07美元的折舊和房產稅相關差異。第三，融資相關差異、稅法變更和其他項目導致核心每股盈餘減少約0.07美元。造成0.25美元影響的因素已計入2026年，因此預計不會在後續期間造成負面差異。

Consequently, we expect EPS growth in 2027 to be at the high end of our 5% to 7% range. This is supported by SCE's 7% rate base growth, and we do not expect any large discrete variances from the rest of SCE's operations.

因此，我們預計2027年每股收益成長率將處於5%至7%預期區間的高端。這項預期得益於SCE 7%的費率基礎成長，並且我們預期SCE其他業務不會有任何顯著的差異。

Turning to page 16. We are extending our 5% to 7% EPS growth target to 2030. We are also reaffirming our 2028 guidance and both of these are measured from the $5.84 baseline for 2025. On the financing front, I want to emphasize that we project no equity needs for the next five years through 2030. Our balance sheet remains strong, and we continue to finance the business efficiently within our 15% to 17% FFO to debt framework.

請翻到第16頁。我們將5%至7%的每股盈餘成長目標延長至2030年。同時，我們重申2028年的業績指引，以上兩項均以2025年5.84美元的基準每股收益為基準。在融資方面，我想強調的是，我們預計未來五年（至2030年）無需股權融資。我們的資產負債表依然穩健，我們將繼續在15%至17%的FFO（營運資金）與債務比率框架內高效地為業務融資。

Last month, the utility filed its Woolsey Securitization application with the CPUC. Once approved, the utility will securitize about $2 billion in costs associated with the approved Woolsey settlement agreement. SCE's proposed schedule would allow for this transaction to close in mid-2026. As we have shared before, proceeds from this transaction would be used to offset normal course debt issuances at SCE rather than paying down specific issuances.

上個月，這家公用事業公司向加州公共事業委員會 (CPUC) 提交了伍爾西證券化申請。一旦獲得批准，該公司將把與已批准的伍爾西和解協議相關的約 20 億美元成本進行證券化。 SCE 提出的時間表將使該交易在 2026 年年中完成。正如我們先前所述，此次交易所得款項將用於抵銷 SCE 的正常債務發行，而不是用於償還特定債務。

I will conclude by echoing Pedro's earlier comments about commitment and trust. Deploying capital for the resilience, reliability and readiness of the grid helps deliver on our commitments to customers and maintain their trust. We are committed to collaborating with stakeholders to advance a clear, durable and predictable framework. And to our capital contributors, you have seen us deliver consistently on our annual and long-term commitments to earn your trust. This leadership team remains committed and confident in continuing to do just that going forward.

最後，我想重申佩德羅之前關於承諾和信任的演講。為電網的韌性、可靠性和就緒性投入資金，有助於我們履行對客戶的承諾，並維護客戶的信任。我們致力於與各利害關係人合作，推動一個清晰、持久且可預測的框架。對於我們的資金貢獻者，你們已經見證了我們始終如一地履行年度和長期承諾，贏得了你們的信任。領導團隊將繼續秉持這項承諾，並充滿信心地繼續前進。

That concludes my remarks. Back to you, Sam.

我的發言到此結束。現在把麥克風交給你，山姆。

Michelle, 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.

米歇爾，請開始提問環節。再次提醒，請您每人限提一個問題和一次後續提問，以便讓排隊的每個人都有機會提問。

(Operator Instructions) Nick Campanella, Barclays.

（操作說明）尼克·坎帕內拉，巴克萊銀行。

So I guess just on the Eaton losses, I think you disclosed that you recorded about $1.1 billion of losses so far, just from the settlements under the wildfire recovery compensation program. And I guess, just as you're continuing to get more visibility on the total liability, like when do you think you would potentially have the low end of losses for the total event? And what is kind of the complicating factor at this point? If you could kind of maybe expand on that at all?

所以，關於伊頓公司的損失，我想您之前披露過，僅根據野火災後賠償計劃的和解協議，您目前就記錄了約11億美元的損失。隨著您對總賠償責任的了解不斷加深，您認為何時才能達到整個事件損失的最低值？目前有哪些比較複雜的因素？能否詳細解釋一下？

Yes. Thanks, Nick, for the question. I'll start on this one. Let me share some -- reinforce some numbers for perspective. I think I mentioned that we've had -- SCE has had over 2,300 claims submitted so far. There are 18,000 properties that are eligible for the program. You might have multiple claimants per property. For example, if you have a multiple tenant kind of property. So we could certainly see a few tens of thousands of claims ultimately, if everybody want to participate through the program.

是的。謝謝尼克的提問。我先從這個問題開始回答。讓我先分享一些數據，讓大家更能理解。我想我之前提到過，到目前為止，SCE已經收到了超過2300份索賠申請。共有18,000處房產符合該計劃的資格。一處房產可能有多位索賠人。例如，如果您擁有一處多租戶的房產。因此，如果每個人都想參與該計劃，我們最終可能會看到數萬份索賠申請。

And so in that context, 2,300 claim applications, and we're -- now I think I checked this morning, SCE has now crossed the 590-offer mark. That's a really good strong start. Those are good numbers for just three months into the program, but it's just a minuscule number compared to the potential pool here.

因此，在這樣的背景下，我們收到了2,300份索賠申請，而且──我記得今天早上查了一下──SCE現在已經發放了超過590份賠償。這是一個非常強勁的開局。對於一個計畫啟動僅三個月的計畫來說，這些數字相當不錯，但與潛在的受助群體相比，這只是一個微不足道的數字。

And so in terms of when we would be able to estimate, we really don't have an estimate for that yet because it really depends on the pace of this.

因此，至於何時能夠做出估計，我們目前真的還沒有估計，因為這真的取決於這項工作的進展速度。

And Nick, maybe just a clarification. You referenced $1 billion or so that we've recorded. That's a combination of what we paid under the WRCP program, which Pedro just described, that is a very minor part of the total. The rest of it is associated with subrogation claim settlements that the company has entered into. So it's both of those things.

尼克，或許我需要澄清一下。你提到我們記錄在案的大約10億美元。這包括我們根據WRCP計劃支付的款項，佩德羅剛才已經提到過，但這只是總額的一小部分。其餘部分則與公司達成的代位求償和解協議有關。所以，這其中包含了這兩方面。

Yes. Thanks, really clarification, Maria. We've announced a couple of subrogation settlement so far. So that's what -- on the insurance side, the subrogation side, similarly, there's been two settlements at around an average of $0.55 in the dollar, but there's many more insurance companies in that. So we really can't estimate when we might have enough critical volume to be able to have even a low end of the (inaudible) range with the confidence required by GAAP.

是的。謝謝，瑪麗亞，你的解釋很有幫助。到目前為止，我們已經宣布了幾項代位求償和解協議。所以，在保險方面，也就是代位求償方面，同樣地，已經有兩起和解，平均金額約為每美元0.55美元，但涉及的保險公司要多得多。因此，我們真的無法估計何時才能累積到足夠的關鍵業務量，從而能夠達到公認會計準則（GAAP）要求的最低（聽不清楚）範圍。

Okay. And then just maybe expanding on the comments about the 5% to 7% and being at the high end '27. I know your rate base growth is 7%, and you're not issuing any equity, which is great, but I assume you do have some financing drag. Just what are kind of the consideration the nonlinearity to think about for '28 and '29? Do you kind of plan to be at the high end in those years in the 5% to 7% range? Or are there just further considerations there?

好的。接下來我想就2027年5%到7%的利率上限做個補充說明。我知道你們的利率基礎成長率是7%，而且你們沒有發行任何股權，這很好，但我估計你們還是會面臨一些融資阻力。那麼，對於2028年和2029年，你們在考慮非線性成長有哪些考量呢？你們打算在那幾年維持5%到7%的利率上限嗎？還是說還有其他需要考慮的因素？

Thanks, Nick. So you can see sort of like through the '28 period, again, 2026, some muted growth due to variances that are now in the year and will not create variances on a go-forward basis, which then does mean that we're at the high end of the range for the next couple of years. We don't really see any large discrete activities that are driving things in one direction and the other over the course of the years, it's really rate base growth.

謝謝，尼克。所以你可以看到，從2028年到2026年，由於目前存在一些波動，成長較為溫和，但這些波動不會對未來造成影響。這意味著未來幾年，我們的預期將處於區間的高端。我們並沒有看到任何大型的、獨立的活動在未來幾年內推動經濟成長，這主要取決於利率基數的成長。

Obviously, we still continue to see things like AFUDC come through. We're going to continue to manage the business across all the different elements and areas, similar to what we've done in the past. Then as you get out to '29 and '30, again, right back down to rate base growth.

顯然，我們仍然會看到像AFUDC這樣的項目出現。我們將繼續管理所有不同要素和領域的業務，就像我們過去所做的那樣。然後，到了2029年和2030年，又會回到費率基數成長上來。

I mean, that is really the driver here, and you can see the potential step-up in '29 and '30 as we file for a new General Rate Case decision. That will be filed actually in May of 2027. So we're closing in on that now.

我的意思是，這才是真正的驅動因素，你可以看到，隨著我們提交新的綜合費率案件裁決，2029年和2030年費率可能會上漲。該裁決實際上將於2027年5月提交。所以我們現在正接近這個目標。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just on some of the updates on the capital plan through 2030. On the AMI 2.0 application, just once you file that what do you anticipate to be the timing on clarity of approvals? And then just how does that interplay with the timing of the capital dollars that are embedded in the plan through 2030?

或許可以談談2030年前資本計畫的一些更新。關於AMI 2.0申請，提交後您預計審批流程何時能明朗？審批流程又將如何與2030年前計畫中包含的資本資金到位時間相協調？

Sure. So we'll be filing later next few months likely. And we'll ask for a typical schedule, which would get us a decision hopefully in about 18 months or so. The capital that's embedded in the forecast right now, the total request will be in the neighborhood of $3 billion about $1.5 billion is in the period that we have portrayed here through 2030 with another $1.5 billion that would get spent post that by and large through 2033. So that's sort of the pace of what we're anticipating.

當然。所以我們可能會在接下來的幾個月稍後提交申請。我們會要求按照常規時間表進行，希望大約18個月左右就能得到結果。目前預測中包含的資金，總申請金額約為30億美元，其中約15億美元將用於我們之前提到的到2030年的時期，另外15億美元將在此之後，主要到2033年之前使用。這就是我們預期的進度。

Great. Okay. That's super helpful. And then maybe just on the SB 254 processes getting closer to the April 1 CEA report deadline. Any updates that you'd call out in terms of thematics that are coming out of the updates we've gotten so far? And just how you feel we're progressing into that deadline and what that could mean for timing of getting some clarity on legislation?

太好了。好的。這非常有幫助。接下來，我想問關於SB 254法案的進展，距離4月1日CEA報告的截止日期越來越近了。就目前我們收到的更新資訊而言，您有什麼需要特別指出的重點嗎？您覺得我們目前的進展如何？這對於我們何時能夠更清楚地了解相關立法又意味著什麼？

Yes. Thanks, Carly. I'd say the process is certainly underway. It's good to see robust participation from so many stakeholders across the economy. The legislature set this up, they set it up to be truly across economy sort of exercise. And so that engagement is important. It's been important to see the approach that the CEA is taking in marshaling the process, making sure that -- there's good participation, good engagement, good transparency into the various positions that different parties are bringing in.

是的，謝謝卡莉。我認為這個過程確實正在進行中。很高興看到經濟領域眾多利害關係人的積極參與。立法機構設立了這項機制，旨在真正實現全經濟範圍的參與。因此，這種參與至關重要。 CEA在組織這個過程中採取的方法非常重要，確保了各方充分參與、充分溝通，並對不同立場保持高度透明。

It is certainly in the process. So really not able to comment on specific solutions or potential solutions yet. But seeing the recognition that this is an economy-wide issue, that really needs to touch all sectors, everything from upstream, securing of buildings, hardening of buildings, decreasing the risk of ignition, decreasing the risk of spread and a consequence focusing as well on shoring up the insurance market, focusing on having ultimately solutions that if heaven forbid, there's another catastrophic fire in the state that there's a way to equitably socialize that impact across the economy.

目前確實正在進行中。因此，現在還無法對具體的解決方案或潛在方案發表評論。但必須認識到，這是一個影響整個經濟的問題，需要從各個方面入手，包括上游的建築物安全防護、加固、降低起火風險、降低火勢蔓延風險，以及加強保險市場，最終目標是找到一種解決方案，以便在萬一再次發生災難性火災時，能夠公平地將損失分攤到整個經濟體系中。

Those are all constructive, our themes that keep coming up. I would also point to the report that the CPUC issued a couple of weeks ago. We thought that, that was very constructive, and acknowledged that central theme that ultimately utilities, and therefore, their customers and shareholders simply cannot continue to be the insurers last resort, the bearers of all this risk that even if you have a catastrophe that starts with the utility ignition, the catastrophe has so many other components, right?

這些都是很有建設性的觀點，也是我們一再提及的主題。我還想指出加州公共事業委員會幾週前發布的報告。我們認為這份報告非常有建設性，它肯定了其中一個核心主題：歸根結底，公用事業公司，以及它們的客戶和股東，不能再繼續成為最後的保險人，承擔所有風險。即使災難是由公用事業公司的點火引發的，但這場災難還包含許多其他因素，對吧？

The tragedy can include, weather conditions can include, challenges in mitigating the fire can include issues that led to faster spread. And so recognizing those kind of things is really important, and it was good to see that show up in the CPUC's conclusions. Maria, anything you'd add?

這場悲劇可能包括天氣狀況，也可能包括滅火過程中遇到的挑戰，這些都可能導致火勢迅速蔓延。因此，認識到這些因素至關重要，很高興看到加州公共事業委員會的結論中也提到了這一點。瑪麗亞，你還有什麼要補充的嗎？

Maybe just one other thing, Carly, and it's really not an ad. It's just -- it's underscoring. Pedro talked about sort of the focus on safety and risk reduction on timely and fair recovery for the people who are impacted by an event. But also, it's very important and part of the conversation that we're having is that you need a predictable framework that supports access to well-priced capital.

卡莉，或許還有一件事，這真的不是廣告。只是想強調一下。佩德羅談到，要專注於安全和風險降低，以及為受災民眾提供及時、公平的補償。但同時，我們也在討論一個非常重要的面向：我們需要一個可預測的框架，以支持人們獲得價格合理的資金。

Because at the end of the day, it's about affordability for customers. And so having that conversation and making sure that we are emphasizing that is a really important part of what the IOUs are doing.

歸根究底，一切都關乎客戶的承受能力。因此，進行這方面的對話，並確保我們強調這一點，是藉貸機構工作中非常重要的一部分。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

The first one I had was just a follow-up on Nick's question a little bit. If I have the maths right, and it's late in the day, so I might not. But if I have the maths right, it looks like about an 8% rate base growth from that '28 to 2030.

我的第一個問題其實是尼克問題的後續補充。如果我的計算沒錯的話（現在時間不早了，可能算錯了），從2028年到2030年，利率基數成長大約是8%。

So I don't know if there's any other factors we should be considering, because kind of your rate base growth is translating into the net income and earnings growth. Should we think about a potential faster trajectory in the back end of that plan from 2028 to 2030?

所以我不知道是否還有其他因素需要考慮，因為你們的費率基礎成長最終會轉化為淨收入和獲利成長。我們是否應該考慮在2028年至2030年期間，該計畫後期可能出現更快的成長軌跡？

Paul, I think you know how we approach this. We definitely run a lot of different scenarios. We plan conservatively. Looking at all various outcomes and how they play together allows us to have confidence in the 5% to 7%. I would focus on that now. I think we're not seeing anything other than rate base growth as we move out in time.

保羅，我想你了解我們的做法。我們確實會模擬很多不同的情景，並採取保守的計畫。透過分析各種可能的結果以及它們之間的相互作用，我們才能對5%到7%的成長充滿信心。我現在會重點關注這一點。我認為隨著時間的推移，除了利率基數的增長之外，我們不會遇到其他問題。

We're always going to be doing things to help benefit the growth, but -- and also benefit affordability. So we'll be focusing on efficient financing. We'll be focusing on over time, further operational excellence efforts. But I think that's how I really view the entire five-year period. It's based on a lot of scenarios, a lot of scenario planning, a lot of scenario analysis and some conservative valuations.

我們將始終致力於促進成長，同時也兼顧可負擔性。因此，我們將專注於高效融資，並隨著時間的推移，進一步提升營運效率。我認為這就是我對整個五年計劃的總體規劃。它基於大量的情境分析、情境規劃、情境分析以及一些保守的估值。

Okay. That is clear. And then I do want to follow up a little bit on the 2026 drivers and the variances you mentioned. I understand on the regulatory true-up. But could you elaborate a little bit on why we shouldn't think about the depreciation and kind of those tax other items that $0.14 is recurring, that would be helpful.

好的，明白了。接下來我想就您提到的2026年驅動因素和差異再追問一下。我理解監理調整的問題。但您能否詳細解釋一下，為什麼我們不應該考慮折舊以及其他一些稅收項目，例如0.14美元的經常性支出？這將很有幫助。

Sure. So while they are variances in this year like relative to '25, but now that they're built in, they're just going to -- they continue on a go-forward basis, but they won't actually be affecting or diminishing the growth year over year. So maybe that's a clarification that might be helpful. What are they with more specificity as you get into any rate case cycle, and I know we've chatted about this in the past, you can start to deploy assets or invest in assets at a slightly different pace or in slightly different buckets than are in the GRC authorized revenue requirement.

當然。雖然今年與2025年相比存在一些差異，但既然這些差異已經納入考量，它們就會持續存在，但實際上不會影響或減少同比增速。所以，這或許是個有用的解釋。更具體地說，隨著您進入任何費率調整週期，這些差異具體體現在哪些方面？我知道我們過去也討論過這個問題，您可以開始以略微不同的速度或在略微不同的類別中部署或投資資產，這與GRC授權的收入要求略有不同。

You get those depreciation and then also property tax-related variances. Again, built in now. So on a go-forward basis, they don't expect the year-over-year trajectory. Tax and financing. There were some tax law changes last year around charitable contributions. There's a couple of pennies around that.

你會得到折舊，還有與房產稅相關的差異。這些都已經包含在目前的預算裡了。所以，從長遠來看，他們預計不會像往年那樣逐年成長。稅收和融資方面，去年稅法中關於慈善捐款有一些變化，這涉及一些小額支出。

And then because year over year, we have more wildfire debt outstanding, you see just a variance in the financing cost, again, because the average amount outstanding changes as we continue -- as we continue to pay claims back in 2025. Again, now built in.

而且，由於每年未償還的野火債務都在增加，融資成本也會出現波動，這是因為隨著我們繼續支付2025年的索賠，未償還的平均金額也會有所變動。這一點現在已經考慮了。

We also have a lot of visibility into that with the settlements behind us, so not a variance going forward, which brings you back to rate base growth as the driver for our earnings growth.

由於結算已經完成，我們對這方面也有了更清晰的了解，因此未來不會出現任何偏差，這也再次表明，費率基礎增長是我們盈利增長的驅動力。

Okay. They're very comprehensive and thank you for giving the 2027 as well.

好的。它們非常全面，感謝您也提供了 2027 年的資訊。

Ryan Levine, Citi.

Ryan Levine，花旗銀行。

As the compensation program continues to execute, would you look to continue to tweak the program to achieve your objectives? And any color you could share around the rationale for the recently announced changes?

隨著薪酬方案的持續實施，您是否會考慮繼續調整方案以實現目標？您能否就近期宣布的調整方案背後的原因進行說明？

I had a little hard time picking up --

我一開始有點難上手——

Yes. So Ryan, we did -- Pedro did mention earlier some small changes or some changes we're making in the program. I think all of that ties to the information gathering and the community feedback we continue to get. But I think, Pedro, if you want to --

是的。瑞恩，我們確實——佩德羅之前提到過一些小的改動，或者說我們正在對項目進行的一些調整。我認為所有這些都與我們持續收集的資訊和社群回饋有關。但是，佩德羅，如果你想——

I'm sorry, Ryan, it was just a little bit of static when you're asking the question, so I had a hard time picking it up. Yes. So we made a couple of modifications to the WRCP program. One is to provide some added support for tenants. The original protocol provided three months of compensation at the actual rent level that the tenants were paying prior to the event.

抱歉，瑞恩，你提問的時候訊號有點雜音，所以我沒聽清楚。是的。我們對WRCP專案做了一些修改。其中一項是為租戶提供更多支援。原方案規定，租戶將獲得三個月的補償，補償金額為事件發生前實際支付的租金水平。

But as we dug into this more and got more feedback, it became clear that there was at least some number of tenants in Altadena, who perhaps have been longer-term tenants, and were continuing to pay rents that were under market levels. So now we are making an adjustment to use the calculator or the engine that we have to calculate or estimate fair market value for rent, and allowing tenants to recover three months of either the higher of their actual rent payments or that fair market value rent.

但隨著我們深入調查並收集更多回饋，我們發現阿爾塔迪納至少有一些租戶，他們可能是長期租戶，但仍在支付低於市場水平的租金。因此，我們現在做出調整，使用我們現有的計算器或系統來計算或估算租金的公平市場價值，並允許租戶收回三個月的實際租金或公平市場價值租金中較高的金額。

The second adjustment we made was you might recall that the program provided support for attorney fees, voluntary program, you can participate without an attorney, but if claimants choose to use an attorney, then the program provided 10% of net damages as an increment to help cover attorney fees. We were also hoping that the attorney community would recognize that this program represents a fairly straightforward approach and hopefully, less work for -- less effort for them, and perhaps they could provide lower fees for clients.

我們做出的第二個調整是，您可能還記得，該項目提供律師費補貼，這是一個自願參與的項目，您可以無需律師即可參與。但如果索賠人選擇聘請律師，專案將提供淨賠償金的10%作為額外補貼，以幫助支付律師費。我們也希望律師界能夠體認到，該計畫代表了一種相當直接的方式，有望減輕他們的工作量，或許還能降低他們為客戶提供的律師費。

But as we got feedback from the clients themselves, from the claimants themselves, we decided there was appropriate to increase the -- what we're providing for legal fees to 20% from the 10% of net damages. Both of these changes will be applied retroactively as well. So we have claimants who have already received their compensation or -- we've already received an offer, we'll be making the adjustment for them automatically and won't require effort on their part.

但根據我們從客戶和索賠人收到的回饋，我們決定將法律費用的支付比例從淨賠償金的10%提高到20%。這兩項調整都將追溯適用。因此，對於已經收到賠償金或已收到賠償方案的索賠人，我們將自動進行調整，無需他們採取任何行動。

And Ryan, I think you asked about what we continue to tweak to meet our objectives. The objective here is to have fair timely compensation, which also helps preserve the funds in the wildfire fund, reducing interest costs, reducing escalation, et cetera. The objective -- that is the objective. And then in terms of additional changes, we really are trying to respond to the community, but we think we've gotten a lot of feedback at this point.

瑞恩，我想你問的是我們為了實現目標而持續調整的面向。我們的目標是提供公平及時的賠償，這也有助於保護野火基金，降低利息成本，減少損失等等。這就是我們的目標。至於其他方面的調整，我們確實在努力回應社群的回饋，但我們認為目前已經收到了很多意見。

I think our advisors on this. Also I've highlighted the importance of having a stable, understandable program. So I don't think it would be helpful to have a constant stream of changes either.

我認為我們的顧問也考慮到了這一點。此外，我也強調了擁有一個穩定、易於理解的方案的重要性。所以我認為頻繁的變動也無益於事。

Aidan Kelly, JPMorgan.

艾丹凱利，摩根大通。

Just wanted -- just wondering if you could elaborate a bit more on the LA District Attorney's investigation to determine whether criminal violations occurred. I noticed the new 10-K disclosure here. So I'd appreciate any color on how you think about the scope of this investigation. Any thoughts on the potential magnitude?

我只是想問您能否詳細介紹一下洛杉磯地方檢察官辦公室為確定是否存在犯罪行為而進行的調查。我注意到這裡公佈了新的10-K文件。所以，如果您能就這項調查的範圍發表一些看法，我將不勝感激。您對調查的潛在規模有何看法？

Yes. Thanks for the question. And as you might imagine, investigations, I think are often to be expected when you have events of the scale of the Eaton fire. We don't have a lot of visibility into timing, et cetera. Certainly, our team will be collaborating with the attorney's office as they ask for any steps.

是的，謝謝你的提問。正如你所想，像伊頓火災這樣規模的事件，通常會引發調查。我們目前對事件發生的時間等情況了解不多。當然，我們的團隊會配合律師辦公室的任何要求。

But importantly, as we continue our investigation, and I think as I said earlier, as we look at the events here, we continue to be confident that SCE will be able to make a good faith showing that its actions were those of a reasonable utility operator. And so that gives us a lot of comfort as we look at whether it's that investigation you mentioned or just the broader investigations into the event and looking ahead to ultimately looking for the CPUC to affirm -- CPUs -- SCE's prudency in the future.

但重要的是，隨著我們調查的繼續，正如我之前所說，當我們審視這起事件時，我們仍然相信SCE能夠真誠地證明其行為符合合理公用事業營運商的規範。因此，無論我們關注的是您提到的那項調查，還是更廣泛的事件調查，並最終期待加州公共事業委員會（CPUC）確認SCE未來的謹慎行事，這都讓我們感到非常安心。

Understood. And just one last one for me. Can you confirm whether the out-of-service transmission tower in Eaton is grounded or not?

明白了。我還有一個問題。您能確認一下伊頓那座停用的輸電塔是否已經接地嗎？

We have shared before that transmission line, the idle line was grounded at both ends. We have also shared that we had photographic evidence at the far end of the line that showed some anomalies and potential issues with that grounding and we've been transparent about all this from early on. We have also shared that as you take a look at practices across the utility industry, there really is no common practice or standard for grounding of idle lines.

我們之前已經說明過，這條輸電線路的閒置線路兩端都已接地。我們也曾透露，我們在線路遠端拍攝的照片顯示，接地存在一些異常情況和潛在問題，我們從一開始就對此保持透明。此外，我們也指出，縱觀整個電力產業的慣例，目前對於閒置線路的接地並沒有統一的標準或規範。

In fact, we've identified at least a couple of utilities that choose not to ground idle lines at all. In an abundance of caution and in the spirit of continuous improvement, and it's one of our values as a company, as we continue to learn and or hypothesize too about what may or may not have happened here, you might also recall that probably it's like a month or two after the event, we also disclosed publicly that we were going -- in fact, we already did this, change SCE's protocols and policies to now require the grounding of idle lines at not only the endpoints, but for longer lines at least every two miles.

事實上，我們已經發現至少有兩家電力公司選擇完全不將閒置線路接地。出於謹慎考慮，並秉持持續改善的精神（這也是我們公司的價值觀之一），我們一直在學習和推測這起事件可能發生或未發生的情況。您可能還記得，大約在事件發生一兩個月後，我們也公開宣布——實際上我們已經這樣做了——我們將修改SCE的規程和政策，要求不僅在線路末端，而且對於較長的線路，至少每隔兩英里也必須接地。

And that could be shorter depending on the particular topography of any line. It's probably more than you wanted on idle lines there, but (inaudible) have the complete picture.

而且，根據線路的具體地形，這個時間可能會更短。對於閒置線路來說，這可能比你預想的要長，但（聽不清楚）要了解全貌。

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

這是我們的最後一個問題。現在我將把電話交還給薩姆·拉姆拉傑。

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

感謝您參加本次電話會議。會議到此結束。祝您今天餘下的時間愉快。您可以斷開連線了。

Thank you. This concludes today's conference call. You may now disconnect at this time, and have a good rest of your day.

謝謝。今天的電話會議到此結束。您可以斷開連接了，祝您今天餘下的時間愉快。