愛迪生國際 (EIX) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Edison first-quarter 2026 financial teleconference. My name is Michelle, and I will be your operator today. (Operator Instructions) Today's call is being recorded.

各位下午好，歡迎參加愛迪生 2026 年第一季財務電話會議。我是 Michelle，今天將擔任接線員。（接線員指示）本次電話會議將被錄音。

I would now like to turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference.

現在我想把電話交給投資人關係副總裁 Sam Ramraj 先生。Ramraj 先生，您可以開始會議。

Thank you, Michelle, and welcome, everyone. Our speakers today, our 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，Michelle，也歡迎各位與會者。今天的講者包括我們的總裁兼執行長 Pedro Pizarro，以及執行副總裁兼財務長 Maria Rigatti。管理團隊的其他成員也在線上。

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.

支持今天電話會議的資料可於 www.edisoninvestor.com 取得。內容包括我們的 Form 10-Q、Pedro 與 Maria 的事先準備講稿，以及電話會議簡報。明天我們將發布例行的業務更新簡報。

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

在本次電話會議中，我們將就 Edison International 及其子公司的前景發表前瞻性陳述。實際結果可能與目前預期有重大差異。可能導致結果不同的重要因素已載於我們向 SEC 提交的文件中，請務必仔細閱讀。

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

本簡報包含若干前景假設，並提供非 GAAP 指標與最接近之 GAAP 指標的調節表。在問答環節中，請每位與會者限制為一個問題及一個追問。

I will now turn the call over to Pedro.

現在我把電話交給 Pedro。

Thanks a lot, Sam, and good afternoon, everyone. Let me start by acknowledging that last week, we announced Maria's retirement plans. So this is our last earnings call that we're partnering on together. I'll come back to this at the end of my remarks because if I start now, I may not make it to my comments.

非常感謝你，Sam，各位下午好。首先我想提到，上週我們宣布了 Maria 的退休計畫。因此，這將是我們最後一次一起合作的財報電話會議。我會在發言結尾再回到這個話題，因為如果我現在就開始談，可能就講不到後面的內容了。

But before moving on, I'd like to welcome Susan Hardwick to our Board. She brings over 35 years of leadership experience in the electric and water utilities, including as CEO of American Water with deep strength in operations, finance and regulatory oversight.

在進入正題之前，我也想歡迎 Susan Hardwick 加入我們的董事會。她在電力與自來水公用事業領域擁有超過 35 年的領導經驗，曾擔任 American Water 的執行長，在營運、財務與監管監督方面具備深厚專長。

We are pleased with our start to the year and the momentum across our business. Edison International's first quarter 2026 core earnings per share was $1.42. Our continued performance reflects disciplined execution, steady operational progress and a clear focus on the priorities that matter most to our customers, communities and capital providers.

我們對今年的良好開局以及業務各面向的動能感到滿意。Edison International 2026 年第一季核心每股盈餘（core EPS）為 1.42 美元。我們持續的表現反映了嚴謹的執行力、穩健的營運進展，以及對客戶、社區與資本提供者最重要優先事項的明確聚焦。

Importantly, we are reaffirming our 2026 core EPS guidance and other financial targets, including our 5% to 7% core EPS growth over the long term. Our targets are supported by strong visibility into the capital plan, SCE's regulatory outlook and a sustained focus on safety and risk management.

重要的是，我們重申 2026 年核心 EPS 指引及其他財務目標，包括長期 5% 至 7% 的核心 EPS 成長目標。我們的目標建立在對資本計畫的高度可見度、SCE 的監管前景，以及對安全與風險管理的持續專注之上。

Today, I will focus on three areas, first, our continued work to make communities safer and more resilient, including wildfire mitigation and rebuilding efforts. Second, key legislative developments. And finally, our confidence in the financial outlook, which Maria will expand on in her remarks.

今天我將聚焦三個領域：第一，我們持續推動讓社區更安全、更具韌性的工作，包括野火緩解與重建工作；第二，重要的立法進展；最後，我們對財務前景的信心，Maria 將在她的發言中進一步說明。

Beginning with wildfire mitigation and grid reliability, safety and community protection continue to guide SCE decisions and investments. Over the past several years, the utility has made substantial progress, strengthening the grid, improving situational awareness and reducing wildfire risk across its service area. The planned physical hardening work on the distribution system in high fire risk areas is now about 93% complete, reflecting years of sustained investment in covered conductor and targeted undergrounding.

先從野火緩解與電網可靠性談起，安全與社區保護仍持續引導 SCE 的決策與投資。過去幾年，公用事業已取得重大進展，強化電網、提升態勢感知，並在其服務區域降低野火風險。針對高火災風險地區配電系統的實體強化工程，目前約完成 93%，反映多年在覆蓋導線（covered conductor）與重點地下化（targeted undergrounding）上的持續投資。

SCE continues to evolve its public safety power shutoff, or PSPS, protocols, which include enhancing its analysis of on-the-ground conditions enabled by its vast network of weather stations and overall system visibility. These measures plus the grid hardening work I mentioned earlier are keeping SCE customers and communities safe.

SCE 持續演進其公共安全停電（public safety power shutoff，PSPS）作業規程，包括運用其龐大的氣象站網路與整體系統可視性，強化對現地狀況的分析。這些措施，加上我先前提到的電網強化工程，正持續保障 SCE 客戶與社區的安全。

Importantly, in March, the Office of Energy & Infrastructure Safety approved SCE's annual safety certification after its independent assessment of the utility's WMP and SCE's continued progress implementing as planned.

重要的是，3 月能源與基礎設施安全辦公室（Office of Energy & Infrastructure Safety）在對公用事業的野火緩解計畫（WMP）進行獨立評估、並確認 SCE 按計畫持續推進後，核准了 SCE 的年度安全認證。

SCE's wildfire mitigation plan includes new and expanded tools to improve safety, reliability and efficiency across its network. Let me share some tangible examples. SCE is using AI models to improve grid inspections and identify maintenance needs with faster and more accurate diagnostics and enhanced quality control.

SCE 的野火緩解計畫包含新的與擴充的工具，以提升其網路的安全性、可靠性與效率。我分享一些具體例子：SCE 正使用 AI 模型改善電網巡檢，並以更快速、更精準的診斷與更強的品質控管來辨識維護需求。

Since 2023, SCE has developed and deployed AI and machine learning models that are collectively capable of detecting nearly 100 unique object classes and dozens of defect conditions. SCE is also using LiDAR and satellite imagery to support precise proactive vegetation management to help prevent ignitions.

自 2023 年以來，SCE 已開發並部署 AI 與機器學習模型，合計可偵測近 100 種獨特的物件類別以及數十種缺陷狀況。SCE 也使用 LiDAR 與衛星影像，支援精準且主動的植被管理，以協助預防起火。

Utility is also expanding its deployment of early fault detection tools that identify abnormal grid conditions, enabling earlier awareness and faster response to potential equipment issues or ignition risk. Capabilities like these are increasingly integrated into how SCE monitors conditions, anticipates risk and deploys resources in real time.

公用事業也正在擴大部署早期故障偵測工具，用以辨識異常的電網狀況，讓我們能更早察覺並更快回應潛在設備問題或起火風險。這類能力正日益整合到 SCE 監測狀況、預判風險並即時調度資源的方式之中。

Turning to the wildfire recovery compensation program, or WRCP, SCE continues to make progress. SCE has now extended over 1,500 offers totaling over $500 million to community members impacted by the Eaton Fire helping families and individuals move forward more quickly without the delays and uncertainty of traditional litigation. SCE remains committed to administering the program in a transparent way that is responsive to community needs with fast and fair payments.

接著談野火復原補償計畫（wildfire recovery compensation program，WRCP），SCE 持續取得進展。SCE 目前已向受 Eaton Fire 影響的社區成員提出超過 1,500 份和解提案，總額超過 5 億美元，協助家庭與個人更快向前邁進，避免傳統訴訟的延宕與不確定性。SCE 仍致力以透明方式管理該計畫，回應社區需求，並提供快速且公平的給付。

On the legislative front, earlier this month, the California Earthquake Authority released its study. It reinforces that addressing California's growing wildfire risk requires a whole of society approach and that the status quo is not working for customers, policyholders or wildfire impacted communities who ultimately bear the real and increasing costs of an action.

在立法方面，本月稍早，加州地震管理局（California Earthquake Authority）發布其研究報告。報告強調，因應加州日益升高的野火風險需要全社會（whole of society）的方法，而現狀對客戶、保單持有人或受野火影響的社區都行不通；最終承擔不作為之真實且不斷上升成本的，正是他們。

It presents options for policymaker consideration, including three nonexclusive pathways, a defined set of strategies, and more than two dozen specific policy choices for reforming California's wildfire insurance and utility systems. We have provided a summary on page 3. There is urgency for legislative action, and we remain actively engaged with policymakers and key stakeholders to help shape solutions that support safety, affordability and long-term resilience for California communities.

報告提出供政策制定者考量的選項，包括三條彼此不互斥的路徑、一套明確的策略組合，以及二十多項具體政策選擇，用於改革加州的野火保險與公用事業制度。我們已在第 3 頁提供摘要。立法行動刻不容緩；我們也持續與政策制定者及關鍵利害關係人積極互動，協助塑造能支持加州社區安全、可負擔性與長期韌性的解決方案。

Our team is also fully engaged on the various pieces of proposed legislation pertaining to utilities with affordability a critical focus. A common goal across wildfire reform and affordability is to build the right whole of society approach, allocating wildfire risk equitably across the economy and attracting capital at a reasonable cost on customer bills. This will benefit both customers and capital providers.

我們的團隊也全力投入多項與公用事業相關的提案立法，其中「可負擔性」是關鍵焦點。野火改革與可負擔性的共同目標，是建立正確的全社會方法，在整體經濟中更公平地分攤野火風險，並以合理成本吸引資本、反映在客戶帳單上。這將同時有利於客戶與資本提供者。

Operational excellence is a core Edison value as SCE aims to maintain its cost leadership position with the lowest system average rate among the large IOUs in the state. I have shared on prior earnings calls examples of operational excellence in practice, including SCE's use of AI in areas like grid inspections, vegetation management and wildfire situational awareness, including the award-winning Aware grid monitoring platform. The team continues to explore new AI-enabled process improvements across the entire value chain.

營運卓越是 Edison 的核心價值之一；SCE 目標是維持其成本領先地位，在州內大型投資人持有公用事業（IOU）中擁有最低的系統平均電價。我在先前的財報電話會議中分享過營運卓越的實例，包括 SCE 在電網巡檢、植被管理與野火態勢感知等領域運用 AI，以及獲獎的 Aware 電網監測平台。團隊持續探索在整個價值鏈上以 AI 驅動的流程改善。

Let me share another recent example. All utilities have instances where electricity usage can occur at a location before it is fully linked to an active customer billing record. In the past, identifying those situations required periodic manual checks and often occurred after the fact. Through SCE's internal innovation program and in only a handful of development hours.

我再分享一個近期例子。所有公用事業都會遇到這種情況：某個地點在尚未完全連結到有效的客戶計費紀錄之前，就已發生用電。過去，要辨識這些情況需要定期人工檢查，而且往往是在事後才發現。透過 SCE 的內部創新計畫，並且只用了少量的開發工時。

Frontline teams developed an initial proof of concept of an AI-driven approach that continuously monitors for these situations and brings them to the service earlier with clearer and more actionable insights. Once implemented, we anticipate this approach could yield roughly $25 million in potential unbilled revenue savings over a three- to six-month period. It's a good illustration of how smarter systems and disciplined execution translate directly into stronger financial controls and support long-term affordability.

第一線團隊開發出一個初步概念驗證（proof of concept）：以 AI 驅動的方法持續監測此類情況，並更早將其提交至服務端處理，同時提供更清楚且更可執行的洞見。一旦導入，我們預期此方法在三到六個月期間可帶來約 2,500 萬美元的潛在未計費收入（unbilled revenue）節省。這很好地說明了更智慧的系統與嚴謹的執行，如何直接轉化為更強的財務控管，並支持長期可負擔性。

Let me now turn briefly to the financial outlook. We remain confident in the company's financial position and long-term trajectory. Major SCE regulatory decisions like the 2025 GRC, cost of capital and legacy wildfire cost recoveries are successfully resolved, providing clear visibility to 2028 earnings. Combined with our operational progress and disciplined capital execution, this all supports our confidence in our long-term targets, including 5% to 7% core EPS growth with no new equity needs.

接著我簡要談一下財務前景。我們對公司的財務狀況與長期發展軌跡仍充滿信心。SCE 的重大監管決策（例如 2025 年一般費率案件（GRC）、資本成本（cost of capital）以及歷史野火成本回收）已成功解決，為 2028 年之前的盈餘提供清晰可見度。結合我們的營運進展與嚴謹的資本執行，這些都支持我們對長期目標的信心，包括在無需新增股權（no new equity needs）的情況下達成 5% 至 7% 的核心 EPS 成長。

Before I turn it over to Maria, we announced that she will retire on September 1 after transitioning the Edison International CFO role on July 3 to Aaron Moss, who is here in the room with us today. Maria will focus her final months on critical policy priorities, including the SB 254 process and supporting Aaron's transition. This is really bitter sweet because Maria and I have partnered continuously for over 15 years across our Edison Mission Energy SCE and EIX gigs.

在我把電話交給 Maria 之前，我們已宣布她將於 9 月 1 日退休；在 7 月 3 日，Edison International 財務長一職將完成交接，由今天也在現場的 Aaron Moss 接任。Maria 在最後幾個月將聚焦關鍵政策優先事項，包括 SB 254 流程，並支持 Aaron 的交接。這真的是苦樂參半，因為 Maria 和我在 Edison Mission Energy、SCE 與 EIX 的工作中，已連續合作超過 15 年。

Our Board, our team and I are grateful for the outstanding leadership she has provided across multiple challenges that many of our investors will remember well, including the EME restructuring, helping our communities recover after tragic wildfires, a global pandemic for SCE GRCs, and separating the investment and operational improvement opportunities created by the clean energy transition, historic load growth and the rapid ascent of AI.

我們的董事會、團隊以及我本人，對她在多項挑戰中所展現的卓越領導深表感激；許多投資人想必仍記憶猶新，包括 EME 重整、協助社區在悲慘野火後復原、在 SCE GRCs 期間面對全球疫情，以及在潔淨能源轉型、歷史性的負載成長與 AI 快速崛起所帶來的投資與營運改善機會中，進行區隔與推進。

Throughout it all, she has shown great financial skill, unflappable balance, a deep commitment to engaging with our investors. Some might say a lot of patients dealing with me and a real passion for developing our people, including Aaron. Aaron, Maria and I worked closely together for the EME restructuring, and we kept on going, as Aaron took on the EIX and SCE controller roles and most recently, SCE's Chief Financial Officer. He has been a key leader of SCE's operational excellence efforts over the past several years, and many of you know him well already from his extensive investor interactions.

在這一切過程中，她展現了出色的財務能力、沉著穩健的平衡感，以及與投資人互動的深度承諾。有人可能會說，她在面對我時非常有耐心，並且對培育我們的人才充滿熱情，包括 Aaron。Aaron、Maria 和我在 EME 重整期間密切合作，之後也持續並肩前行；Aaron 先後擔任 EIX 與 SCE 的主計長（controller）職務，最近更出任 SCE 的財務長（Chief Financial Officer）。過去幾年，他一直是推動 SCE 營運卓越的重要領導者；許多人也已透過他與投資人的頻繁互動而對他相當熟悉。

I'm excited about and confident in our new chapter together. And so Aaron, welcome to this role. Maria, thank you for your partnership. Thank you for your friendship. And now it's time for your 39th and final earnings call remarks.

我對我們共同開啟的新篇章感到興奮，也充滿信心。因此，Aaron，歡迎你擔任這個職務。Maria，感謝你的合作夥伴關係，感謝你的友誼。現在也到了你第 39 次、也是最後一次法說會（earnings call）致詞的時刻。

So waiting for you to drop the mic here.

所以就等你在這裡「放下麥克風」了。

I appreciate that, Pedro, and would like to extend my thanks as well. Over the years, I've spent with Edison, I have had the privilege to work with dedicated people who are focused on delivering on the commitments we have made to our customers, communities and investors. I thank the team for their focus and innovation. I also want to thank all our investors for your engagement and feedback through the opportunities and challenges that Edison has managed. And I know that Pedro, Aaron and the entire team will continue to benefit from your support.

謝謝你，Pedro，我也想一併表達我的感謝。多年來我在 Edison 的任職期間，有幸與一群敬業的同仁共事，他們專注於履行我們對客戶、社區與投資人所做出的承諾。我感謝團隊的專注與創新。我也要感謝所有投資人，在 Edison 面對各種機會與挑戰的過程中，持續與我們互動並提供回饋。我也相信，Pedro、Aaron 以及整個團隊都將持續受益於各位的支持。

Now let's move on to the quarter and the financial outlook. I'll cover first quarter 2026 results, our capital and rate base outlook, regulatory updates and our earnings guidance. EIX reported first quarter core EPS of $1.42. Page 4 provides the year over year quarterly variance analysis. Core earnings increased by $0.05 and primarily due to the adoption of the GRC decision last year, partially offset by the absence of about $0.30 recorded in Q1 2025 related to the TKM cost recovery approval. Parent and Other core loss was $0.01 lower, driven primarily by lower financing costs following the redemption of preferred stock.

接下來我們進入本季與財務展望。我將先說明 2026 年第一季業績、我們的資本支出與費率基礎（rate base）展望、監管最新進度，以及盈餘指引。EIX 公布 2026 年第一季核心每股盈餘（core EPS）為 1.42 美元。第 4 頁提供了季度年對年差異分析。核心盈餘增加 0.05 美元，主要原因是去年採納了 GRC 決議；但部分被 2025 年第一季約 0.30 美元、與 TKM 成本回收核准相關的入帳金額缺席所抵銷。母公司及其他（Parent and Other）的核心虧損減少 0.01 美元，主要受惠於贖回特別股後融資成本下降。

Overall, the quarter reflects benefits from solid execution and SCE having strong regulatory visibility with no major proceedings driving this year's results. Importantly, it also reflects the quality and durability of our earnings profile, while keeping our focus squarely on delivering safe, reliable and affordable service for customers.

整體而言，本季反映了我們穩健執行所帶來的效益，以及 SCE 具備良好的監管能見度，且今年沒有重大程序主導本年度結果。更重要的是，這也反映了我們獲利結構的品質與耐久性，同時我們仍將重點放在為客戶提供安全、可靠且可負擔的服務。

Our first quarter results reinforce our confidence in the underlying business and our ability to deliver consistent performance through the year. Building on first quarter performance, I'll turn to SCE's capital and rate base outlook shown on pages 5 and 6, which is unchanged from last quarter. Our capital plan of $38 billion to $41 billion from 2026 through 2030 is driven by essential investments in the grid to meet customer needs and support California's clean energy objectives.

第一季結果強化了我們對基本面業務以及全年穩定交付表現能力的信心。在第一季表現的基礎上，我將轉向第 5 與第 6 頁所示的 SCE 資本支出與費率基礎展望，該展望與上季相同、未有變動。我們 2026 至 2030 年的資本計畫為 380 億至 410 億美元，主要由電網必要投資所驅動，以滿足客戶需求並支持加州的潔淨能源目標。

We are executing this plan with an unwavering focus on affordability and cost discipline. I want to reinforce Pedro's earlier comments on execution and line of sight into our financial projections. With an improved GRC covering the bulk of SCE's capital plan through 2028, we have a high degree of confidence in our ability to execute and deliver on this plan in a way that meets customer needs and regulatory expectations.

我們在執行此計畫時，始終以可負擔性與成本紀律為最高優先。我也想再次強調 Pedro 先前對執行力與財務預測可視性的評論。隨著改良後的 GRC 涵蓋 SCE 至 2028 年大部分資本計畫，我們對於以符合客戶需求與監管期待的方式執行並交付此計畫，具有高度信心。

That confidence is further bolstered by long-term fundamentals as we ensure the grid is ready for the economy-wide electrification ahead. Customer demand for an increasingly reliable and resilient grid continues to grow, making the need for sustained grid investment clear.

這份信心也因長期基本面而更為強化，因為我們正確保電網已為即將到來的全經濟電氣化做好準備。客戶對更可靠、更具韌性的電網需求持續成長，使得持續投入電網投資的必要性更加明確。

As shown on page 6, we expect SCE rate base compound annual growth of approximately 7% from 2025 to 2030, reflecting both near-term visibility and the long-term case for grid investment. SCE is focused on executing the work authorized under its current GRC, which provides clarity for most of its operations through 2028.

如第 6 頁所示，我們預期 SCE 費率基礎在 2025 至 2030 年的年複合成長率約為 7%，反映了短期能見度與長期電網投資的合理性。SCE 專注於執行其現行 GRC 所核准的工作，該 GRC 為其至 2028 年的大部分營運提供了明確性。

In addition to the approved GRC, SCE has two significant stand-alone applications underway. The first is the next-gen ERP program, which we've discussed in prior quarters. The second is SCE's AMI 2.0 application, which was filed in March and requests approximately $3.1 billion of capital investment through 2033. As we have previously disclosed, the capital associated with both programs is already incorporated in our capital plan.

除已核准的 GRC 外，SCE 目前另有兩項重要的獨立申請案正在進行。第一項是我們在前幾季已討論過的下一代 ERP 計畫。第二項是 SCE 的 AMI 2.0 申請案，已於 3 月提出，並請求至 2033 年約 31 億美元的資本投資。如我們先前揭露，兩項計畫相關資本均已納入我們的資本計畫之中。

AMI 2.0 represents a comprehensive modernization effort with benefits across the system. It supports grid resilience and operational efficiency, enables more advanced customer services and provides the data foundation needed to support electrification, distributed energy resources and more dynamic system management.

AMI 2.0 代表一項涵蓋全系統的全面現代化工程，能在整體系統帶來多面向效益。它可支持電網韌性與營運效率、促成更進階的客戶服務，並提供支援電氣化、分散式能源資源以及更動態系統管理所需的資料基礎。

Looking ahead to the next GRC cycle, SCE will take the first step next month by filing its risk assessment and mitigation phase or ramp application. This filing informs the next GRC and outlines the risk mitigations that guide proposed investments across wildfire risk, transmission and distribution reliability, cybersecurity, climate adaptation and other safety-related measures.

展望下一個 GRC 週期，SCE 將於下月先行採取第一步，提交其風險評估與緩解階段（risk assessment and mitigation phase，或 RAMP）申請案。此申請將為下一個 GRC 提供資訊，並說明用以引導各項投資提案的風險緩解措施，涵蓋野火風險、輸配電可靠度、資安、氣候調適及其他與安全相關的措施。

As in prior cycles, this process provides a clear safety and risk-driven framework for evaluating capital needs and supports consistent engagement with regulators and stakeholders on safety and risk priorities. I will highlight that following the resolution of several major proceedings last year, 2026 represents a cleaner regulatory slate, meaning fewer open proceedings and greater visibility into capital recovery, which further supports our confidence in the utility's ability to execute the long-term plan reflected in our capital and rate base outlook.

如同以往週期，此流程提供一個清晰、以安全與風險為導向的框架，用於評估資本需求，並支持我們與監管機關及利害關係人就安全與風險優先事項進行一致且持續的溝通。我也要強調，隨著去年多項重大程序告一段落，2026 年的監管待辦事項更為「乾淨」，也就是未結程序更少、資本回收能見度更高，進一步支持我們對公用事業能夠執行長期計畫的信心，而該長期計畫已反映在我們的資本與費率基礎展望中。

I want to underscore an important differentiator in our financial strategy. We plan to deliver this growth without issuing new common equity for at least the next five years through 2030. This builds on our track record of cost effectively managing our credit metrics, and having issued only about $400 million of common equity over the last five years.

我想強調我們財務策略中的一項重要差異化因素：我們計畫在未來至少五年、直到 2030 年之前，不發行新的普通股股權。這延續了我們以具成本效益的方式管理信用指標的紀錄，且過去五年我們僅發行約 4 億美元的普通股。

We will continue to finance the business efficiently and remain committed to our 15% to 17% FFO-to-debt framework. We expect to be within this range in the forecast window, and EIX has one of the strongest consolidated FFO to debt ratio is projected by S&P.

我們將持續以高效率為業務融資，並堅守我們 15% 至 17% 的「營運資金流量（FFO）對負債」框架。我們預期在預測期間將維持在此區間內；且依據標普（S&P）的預估，EIX 的合併 FFO 對負債比率屬於同業中最強之一。

These data points demonstrate the strength of our balance sheet and cash flow profile. This diligence allows us to fund critical infrastructure investment, maintain financial flexibility and create value for both customers and shareholders.

這些數據顯示我們資產負債表與現金流結構的強健。這份嚴謹使我們得以為關鍵基礎建設投資提供資金、維持財務彈性，並為客戶與股東創造價值。

Moving to earnings guidance. We are affirming our 2026 core EPS range of $5.90 to $6.20. We are also affirming our previously provided core EPS targets for 2027, 2028 and 2030 as well as our long-term EPS growth rate. With a strong start to the year, we remain confident in our ability to deliver on these commitments for customers and capital providers.

接著談盈餘指引。我們重申 2026 年核心 EPS 區間為 5.90 至 6.20 美元。我們也重申先前提供的 2027、2028 與 2030 年核心 EPS 目標，以及我們的長期 EPS 成長率。在今年有一個強勁開局之下，我們仍對履行對客戶與資本提供者的承諾充滿信心。

That confidence is grounded in disciplined execution. We continue to maintain a strong focus on capital prioritization, operating efficiency and cost management. Investments are evaluated through a risk-based framework with a clear line of sight to recovery. This rigor reinforces our ability to deliver on our long-term financial targets, while continuing to advance safety, reliability and resilience for the customers and communities we serve.

這份信心建立在有紀律的執行之上。我們持續高度聚焦於資本優先順序、營運效率與成本管理。投資會透過以風險為基礎的框架進行評估，並對回收機制具有清晰能見度。這份嚴謹強化了我們達成長期財務目標的能力，同時也持續推進我們所服務客戶與社區的安全、可靠度與韌性。

That concludes my remarks. Back over to Sam.

以上是我的發言。交回給 Sam。

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.

Michelle，請開放提問。提醒各位，為了讓排隊中的每位都能提問，我們請各位每次僅限一個問題，並可再追問一次。

(Operator Instructions)

（接線員指示）

Nick Campanella, Barclays.

Nick Campanella，Barclays。

Hi, Nick.

嗨，Nick。

Hey, good afternoon, and thanks for the time. Congrats to Maria and Aaron here. Always a pleasure both of you. So you brought up in your prepared remarks the wildfire legislation and the FD-254 study. And I guess a lot was thrown out there in terms of the recommendations.

嗨，午安，謝謝撥冗。也恭喜 Maria 和 Aaron。兩位一直都很高興與你們交流。所以你們在事先準備的發言中提到野火相關立法以及 FD-254 研究。我想在建議內容方面，資訊量相當大、提出了很多點。

But ultimately, I guess, what is Edison kind of advocating for in the three paths, where is the threshold in your mind for shareholder contribution? Just kind of keeping in mind what played out last year? And then I guess, as we move forward here, when do you expect the actual CEA report to go in front of the legislature, if there's any timing that you can kind of talk to? I know that's a few questions of one. Thank you.

但歸根結底，我想問的是，Edison 在這三條路徑中究竟是在倡議什麼？就您心中的門檻而言，股東應該承擔到什麼程度的貢獻？也請把去年發生的情況納入考量。然後我想，隨著我們往前推進，您預期實際的 CEA 報告何時會提交到立法機關審議？如果有任何您能談的時間點也請分享。我知道這其實是一個問題裡問了好幾個。謝謝。

Yeah. That's pretty good, Nick. Appreciate it. All right. So first on what we think is important here look, broad strokes, right? We, and we appreciate that the CEA report really touches on all of these. It's important that we have the broad California economy, not just utilities, but the whole society see broad risk reduction incentives and programs, right, to reduce the physical risk across our entire state.

是的。這問得很好，Nick。謝謝你。好，那我先談我們認為重要的部分。你看，大方向來說，對吧？我們也很感謝 CEA 報告確實涵蓋了這些面向。重要的是，整個加州經濟——不只是公用事業，而是整個社會——都能看到廣泛的風險降低誘因與方案，對吧，用以降低我們全州範圍內的實體風險。

It's important that when, in spite of everybody's best efforts, the catastrophe strikes that there'd be a process for recovering quickly and having a fair process for that, one that's predictable, where there's good accountability, there's transparent enforcement and tying that to conduct with the various parties involved. And you saw that the joint submissions that the utilities made talked about some examples of other jurisdictions, mechanisms for how you think about addressing safety insurance components and the like.

同樣重要的是，當儘管大家都盡了最大努力、但災難仍然發生時，要有一套能夠快速復原、且公平的復原機制；這套機制必須可預期、具備良好問責、執法透明，並且把這些與各相關方的行為表現連結起來。你也看到，公用事業提交的聯合文件談到了一些其他司法管轄區的例子，以及在安全、保險等構面上可如何設計機制。

So broad strokes, you asked about shareholder piece here. We said before, we think it's really important that the state return to an industrial and utility cost of service model, right? The model that we've had across the country where investors can know that there's a good opportunity to recover their capital investment with return off and on that. If the utility has been prudent, and where further shareholder contributions would take place if utility's management had, was not demonstrated to have been prudent. So to me, that's the base piece here.

所以大方向來說，你問到股東這一塊。我們之前說過，我們認為非常重要的是，州政府要回到工業與公用事業的「成本服務」(cost of service) 模式，對吧？也就是全美各地長期採用的那種模式：投資人可以知道，他們的資本投資有合理機會在回收本金的同時，取得相應的報酬（包含對資本的報酬與資本回收）。前提是公用事業的作為是審慎的（prudent）；而若公用事業管理層被證明並不審慎，則進一步的股東出資／承擔就會在那種情況下發生。對我而言，這是最基本的核心。

Now we also recognize that there could be a lot of different ins and outs and ideas for folks to throw out. So we will continue to engage with all the stakeholders and evaluate any and all packages on their merits at the time.

當然我們也認知到，這裡面可能有很多不同的細節與各種想法會被提出。因此，我們會持續與所有利害關係人互動，並在當下就任何方案組合的優劣本質進行評估。

And then finally, you asked about timing. And I think the one solid piece of timing guidance I can give you is that the legislative session ends August 31 and that bills have to be in print by August 28, 2 hours prior. I know I've seen some chatter about well, sooner or later. This is complex legislation in a year, that's full of complex topics. There's a discussion about wildfire, but in itself really touches on affordability for the state broadly, right?

最後你問到時間點。我想我能給你的唯一比較確定的時間指引是：立法會期在 8 月 31 日結束，而法案必須在 8 月 28 日、提前 2 小時完成付印。我知道我也看到一些討論在說到底會更早或更晚。這是複雜的立法，而且今年本來就充滿複雜議題。雖然是在談野火，但其實也確實牽動到全州更廣泛的可負擔性（affordability），對吧？

Because as you said in the CEA report, doing the right thing in terms of the wildfire framework will indeed help affordability for the state. And so I wouldn't expect that, that gets solved in the first week of the legislators being back, really can't predict when it happens. And if it takes the whole session, it takes a whole session. Most important is to make sure that we do our part to help them do the right thing for our economy.

因為如你在 CEA 報告中所說，把野火框架做對，確實會改善全州的可負擔性。因此我不會預期立法機關復會的第一週就能把它解決；真的很難預測何時會發生。就算需要整個會期，那就用整個會期。最重要的是，確保我們盡到本分，協助他們為我們的經濟做出正確的決策。

Thank you.

謝謝。

Thanks for the, thank you.

謝謝，謝謝。

Yeah, thanks, I think I covered all three parts. I've done so.

是的，謝謝，我想我已經把三個部分都回答到了。我確實都涵蓋了。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Hi, good afternoon. Thank you, and congratulations as well to both Maria and Aaron. Picking up on the sort of legislative discussion from earlier, I realized (inaudible) looked like you didn't want to speak to timing much and I get that. But I guess just procedurally, this go around versus last year or a few years back, how do you think that will differ in terms of the engagement given we have the CEA report out, do you see more of a public dense, all of this given the high-profile public nature of the report. I guess that you other thoughts there would be helpful. Thank you.

嗨，午安。謝謝，也恭喜 Maria 和 Aaron 兩位。延續先前的立法討論，我知道（聽不清）看起來你不太想多談時間點，我也理解。但我想從程序面來問：這一輪相較於去年或幾年前，你認為在互動參與上會有什麼不同？考量到 CEA 報告已經出爐，你是否預期因為這份報告的高關注度與公開性，會有更多、更密集的公眾參與？你若有其他看法也會很有幫助。謝謝。

Yeah, sure. I mean it's a good question. And I think part of the answer is the CEA process itself, right? We had, prior to the legislative session reopening, you had a group that was a very professional group and the CEA go through a methodical process, engage a broad range of stakeholders. So a lot of different voices are appropriately represented in the options that the CEA laid out in their report.

好的，當然。我是說，這是個好問題。我想答案的一部分在於 CEA 的流程本身，對吧？在立法會期重新開始之前，你有一個非常專業的團隊，CEA 也走了一個有條不紊的方法論流程，並與廣泛的利害關係人互動。因此，在 CEA 報告所提出的選項中，許多不同的聲音都被適當地納入與呈現。

So speculating a little bit here. But I think it's probably fair to say that this gives the legislature a much more robust platform from which to enter their debate and one that already reflects stakeholder voices, given that certain stakeholders contributed to the development of the CEA report, I would expect to see a broad group of folks also engage in the legislature, and that's a good thing.

這裡稍微推測一下。但我想可以合理地說，這讓立法機關在進入辯論時有一個更扎實的平台，而且這個平台已經反映了利害關係人的聲音；鑑於某些利害關係人也參與了 CEA 報告的形成，我預期會看到更廣泛的一群人也在立法機關中投入參與，而這是好事。

This can't be just about utilities. This can't be just about insurance. It can't just be about building codes and standards. You really need all of these things to come together to make the system work for the world's fifth largest economy.

這不能只談公用事業。也不能只談保險。更不能只談建築法規與標準。你真的需要把這些都整合起來，才能讓這套系統對全球第五大經濟體運作良好。

In terms of procedure, maybe the other thing I would offer is that, I'd say, typically, when you see these kind of complex topics, it's probably not surprising to expect some continued engagement from the governor's office, their leadership, you saw the governor say early on in his initial press release after SB 254, that the state would benefit from the continued engagement of, for example, [Ann Peterosn] now at Stanford, right?

就程序而言，我可能還會補充一點：我會說，通常當你看到這類複雜議題時，預期州長辦公室及其領導層持續參與，並不令人意外。你也看到州長在 SB 254 之後最初的新聞稿中早早就提到，州政府將受益於持續的參與，例如現在在史丹佛的 [Ann Peterosn]，對吧？

So good brains being applied to this. in the legislature, I would imagine and expect that the leaders of some of the relevant committees were being personally engaged. In the past, sometimes you've seen working groups get assembled designated by leadership. I haven't heard that's going to happen, but I wouldn't be shocked if we saw something similar because you really need a core group of policymakers to be able to dive into the details as a craft potential legislation. So some thoughts. Maria, I don't know if you have anything to add there?

所以會有好的腦力投入其中。在立法機關方面，我想像並預期相關委員會的一些領導人會被直接、親自地邀請參與。過去有時你也會看到由領導層指定成立工作小組。我沒有聽說這次一定會發生，但如果看到類似安排我也不會驚訝，因為你確實需要一個核心的政策制定者團隊，能深入細節並起草潛在立法。所以以上是一些想法。Maria，我不確定你是否還想補充？

That's helpful context. And then I guess sticking with Steve, I think if I followed the script correctly, you've talked about some broader legislative engagement and mentioned affordability is a critical focus. Could you just expand on that a little bit more? Are you talking kind of outside of the wildfire reform efforts and any other context for what you're, I guess, focused on and promoting there would be helpful.

這些背景很有幫助。那我想繼續問 Steve：如果我沒理解錯你的發言，你談到更廣泛的立法互動，也提到可負擔性是關鍵焦點。你能否再多展開說一點？你指的是野火改革以外的面向嗎？以及你所關注並推動的其他脈絡是什麼？如果能分享會很有幫助。

Yeah. Look, just acknowledging you've seen a number of bills introduced already that hit in some way on affordability for the (inaudible). And I think going into that, it's really important that Southern California Edison is proud of the affordability trajectory that it's been on. And I think we mentioned it briefly in my remarks, but the hard work that Steve and Aaron and the whole team have been doing over multiple years to manage costs, be as affordable as possible, that will continue, but that's an important fact that we go into all this.

是的。你看，只是承認你已經看到有不少法案被提出，在某種程度上都觸及（聽不清）的可負擔性。我認為在進入這些討論時，非常重要的是，南加州愛迪生對其一路走來的可負擔性趨勢感到自豪。我想我在發言中也稍微提到：Steve、Aaron 以及整個團隊多年來為了控管成本、盡可能維持可負擔所做的努力，會持續下去；而這是我們在面對所有這些議題時的一個重要事實基礎。

But it was just acknowledging that you've seen a number of bill introductions that hit on affordability. It's clearly a theme and gubernatorial primary. And so I know that some people's minds and the wildfire phase will be an important part of managing affordability for the state.

但我只是想承認，你已經看到有不少法案的提出都會影響可負擔性。這顯然是一個主題，也是州長施政的優先事項。因此在一些人看來，野火這一塊將是管理全州可負擔性的重要一環。

May just, Rich, it is right, the wildfire legislation itself is about affordability. It is inherently an affordability bill. The other affordability bill, they really do cover a wide range of things, everything ranging from looking at rates and rate structures and how to manage those down potentially to things that are just around the reporting and how the utilities would disclose the work that they do how things are audited. So it really covers a pretty wide spectrum of things that fall into that affordability category.

Rich，我可以補充一下：你說得對，野火立法本身就是在談可負擔性；它本質上就是一個可負擔性法案。其他可負擔性法案其實涵蓋範圍很廣，從檢視費率與費率結構、以及如何可能把費率壓低，到一些更偏向資訊揭露與報告的要求，例如公用事業如何揭露其工作內容、以及如何進行稽核等。所以它確實涵蓋了相當廣泛、都可歸類在可負擔性範疇的議題。

And Maria, I think it's fair to say you've also seen affordability discussions around the insurance market. And I'm sure folks think about risk reduction and physical space, you'll see affordability considerations there. So that's just an important theme for the state.

而且 Maria，我想也可以說，你也看到保險市場周邊有關可負擔性的討論。我也確定大家在思考風險降低與實體環境時，會在那裡看到可負擔性的考量。所以這對州政府而言是一個重要主題。

And by the way, one thing that the CEA report pointed out is that wildfire, well, that's the main focus here in this discussion. And then what you were asking about, it is one of a range of other natural impacts to California needs to deal with them.

順帶一提，CEA 報告指出的一點是：野火——嗯，這是我們這次討論的主要焦點。至於你剛才問到的，那只是加州需要應對的一系列其他自然影響之一。

I thought there was a table in the CEA report that was instructive where, you look at the, what is needed in the state in terms of earthquake hardening, for example, as an extra zero compared to the wildfire. So I think law makers are thinking about affordability with large, putting everything in that context.

我記得 CEA 報告裡有一張表很有啟發性：例如就州內在地震耐震加固方面的需求而言，規模比野火還要多一個零。所以我認為立法者在思考可負擔性時，會把所有這些大型需求放在同一個脈絡下來看。

Great. Appreciate all the thoughts. Thanks to you.

很好。感謝你分享所有想法。謝謝你。

Take care.

保重。

Greg Orell, UBS.

Greg Orell，瑞銀（UBS）。

Hi, thank you.

嗨，謝謝。

What's your anticipation? Or is it too early to know what scale will be of the wildfire recovery compensation program?

你們的預期是什麼？還是說現在要知道野火復原補償計畫的規模還太早？

You mean in SCE WRCP?

你是指 SCE 的 WRCP 嗎？

Yeah.

對。

So yeah, we don't know ultimately what the participation rate will be. What I can tell you is that I mentioned we've had around 1,500 offers that have been made already. There's over 3,100 claims that have been filed. But to put that in scale, we've also seen claims brought forth by something like 30,000 plaintiffs so far. We know that in the program itself, there are around 18,000 properties that qualify for the program.

是的，我們最終也不知道參與率會是多少。我能告訴你的是：如我提到的，我們目前已經提出了大約 1,500 份和解要約；已提交的索賠超過 3,100 件。但若要放在更大的尺度來看，到目前為止我們也看到大約有 30,000 名原告提出訴求。我們知道在該計畫本身，約有 18,000 處房產符合計畫資格。

The zones that for eligibility. And any given property could have multiple claimants. And so that says to us that the 3,100-plus claims so far, the 1,500 or so offer so far are very early stage here, but we really can't forecast what that ultimate number might be.

也就是符合資格的區域。任何一處房產都可能有多位索賠人。因此，這告訴我們：目前 3,100 多件索賠、約 1,500 份要約都還在非常早期的階段，但我們確實無法預測最終的數字會是多少。

Okay. Congratulations, Maria and Aaron.

好的。恭喜 Maria 和 Aaron。

Thank you.

謝謝。

Thanks, Greg.

謝謝你，Greg。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗（Mizuho）。

Hey there, Anthony.

嗨，Anthony。

Hey, thanks for taking my question and congrats to Maria and Aaron. Just, I think it's off of Gregg's question, and maybe you just answered it. Obviously, the claimants grew about from the update you provided in February over $500 million now. At what point or clarity on maybe the pace of settlements give you enough visibility to provide a loss estimate?

嗨，謝謝讓我提問，也恭喜 Maria 和 Aaron。這個問題算是接續 Greg 的問題，可能你剛剛也回答了。顯然，索賠金額從你們 2 月更新時的約 5 億美元，現在又增加了。在什麼時間點，或是對和解進度有什麼樣的清晰度，才會讓你們有足夠能見度去提供損失估計？

Yeah. And we still, sorry, Anthony, I know this is going to sound familiar from prior quarters, but it's really hard to estimate even when we will be able to provide an estimate. I think we will need to see not only a large enough volume of claims go through the program, but also not sure this is the right word, some stability or lack of volatility in terms of the types of claims that we're seeing what we could then somehow extrapolate that we have a really good beat on what the rest of the exposure might look like.

是的。Anthony，不好意思，我知道這聽起來會跟前幾季很像，但我們真的很難估計，甚至很難估計我們何時能提供估計值。我想我們不僅需要看到足夠大量的索賠在計畫中完成處理，也需要——不確定這詞是否恰當——在我們看到的索賠類型上出現某種穩定性或較少波動，這樣我們才有可能把它外推，並且非常有把握地掌握其餘曝險可能會是什麼樣子。

You might remember, frankly, I think we all learned lessons together as we went through the exposures and the other heartbreaking instances, DKM and (inaudible), where we saw that there were new facts that came out and such a variety of different types of claims that I think we learned from that. It is very difficult to come up with the best estimate or even at this stage, a low end of the estimable range. So that was a long-winded way of saying, not so when we would be in a position to do that, Anthony.

你可能還記得，坦白說，我想我們在經歷那些曝險與其他令人心碎的事件（DKM 和（聽不清））時都一起學到了教訓：我們看到有新的事實浮現，而且索賠類型非常多樣。我想我們從中學到的是：要提出最佳估計，甚至在這個階段提出可估計區間的低端，都非常困難。所以我講了一大段，結論是：我也不確定我們何時會處於能做到這件事的位置，Anthony。

Great. And just a quick follow-up. I believe in the first quarter, you stated you filed the AMI 2.0 application. Just any timing of a decision there or expected time line of the CPUC decision?

很好。再快速追問一下。我記得你們在第一季表示已提交 AMI 2.0 的申請。那邊有沒有任何決策時點，或 CPUC 做出決定的預期時間表？

Let me turn it over to Aaron for that.

我把這題交給 Aaron 回答。

Yeah. So we just filed in March. We'll have, that's a $3 billion, a little bit more than $3 billion capital program that we filed for replacing the smart meter that we deployed nearly 20 years ago. About half of that capital is in our current capital forecast, about half of it extends beyond the 2030 time frame. So we're at the front stages of our of our process with the application just being filed, I believe somebody could correct me that intervenors would provide comments later in the summertime with July and then the decision follows along after that, Anthony.

好的。我們是在 3 月剛提交。那是一個 30 億美元、略高於 30 億美元的資本計畫，用於更換我們近 20 年前部署的智慧電表。這筆資本大約一半已納入我們目前的資本預測，另外一半會延伸到 2030 年之後。因此我們現在還在流程的前期階段，因為申請才剛提交。我相信——如果有人要更正我也可以——介入方會在夏季稍晚、約 7 月提出意見，之後才會接著做出決定，Anthony。

Great. Thanks for taking my questions.

很好。謝謝回答我的問題。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛（Goldman Sachs）。

Hey, good afternoon. Thanks so much for taking the questions. Maybe just to follow up on some of the SB 254 questions. There's still, I think, robust data around if there will, in fact, be legislation past this session, or if you maybe see this pushed into 2027. So I guess, could you just provide some thoughts on kind of the course of action in the event that legislation has not passed this session or maybe isn't as comprehensive as you might have hoped. I guess, should we expect any changes to the strategic focus areas or the current plan on the back of that?

嗨，午安。非常感謝讓我提問。想跟進一些 SB 254 的問題。我認為目前仍有相當多的不確定性：究竟是否真的會在本會期之後通過立法，或你們是否看到可能被推遲到 2027。那麼我想請你們談談：如果本會期沒有通過立法，或通過的內容沒有你們希望的那麼全面，你們可能會採取什麼行動？在那種情況下，我們是否應預期你們的策略重點領域或現行計畫會有任何變動？

Yeah. Thanks, Carly. Look, we'd be very clear. Our singular focus today is on 2026. And as you heard in my prepared remarks, one of the real strengths or the strongest messages in the CEA report was the deep cost of action. And so that was a real call for action. It was a sense of urgency that the CEA communicated and that I think you're already starting to see reflected in maybe some of the early comments on the legislature.

謝謝你，Carly。你看，我們要非常清楚：我們今天唯一的焦點是 2026。正如你在我事先準備的發言中聽到的，CEA 報告中最強而有力、或最核心的訊息之一，就是「不採取行動的成本」非常高。因此那是一個真正的行動呼籲。CEA 傳達了緊迫感，而我想你也已經開始在立法機關的一些早期評論中看到反映。

That said, we can't guarantee that we'd see action in 2026. We think that the table is very much set for that and that there is a need for the economy to see that. I would also add that frankly, as a resident of California, put aside my CEO of Edison hat, I worry about this from a broad state perspective, the world's fifth largest economy.

話雖如此，我們無法保證 2026 一定會看到行動。我們認為條件已經非常成熟，而且經濟體需要看到這件事。我也要補充：坦白說，作為加州居民，先把我作為 Edison CEO 的帽子放一邊，我從全州的角度也很擔心——這是全球第五大經濟體。

We're going to see, we don't see legislation this year. I think it's quite likely we would see, for example, credit rating impacts not only for utility or for insurance companies, but you can see it in other sectors in the state. You could see it for the state's own financing authority.

如果今年看不到立法，我認為很可能會看到例如信用評等的影響，不僅是公用事業或保險公司，州內其他產業也可能受到影響；甚至可能影響到州政府自身的融資機構。

And so part of our job will be to make sure that we and others are telling, providing the message, providing that fact-based legislators some policy, this really requires action this year and without action this year, I think we're going to see some real dire financial consequences across multiple sectors of the economy, not just the utility.

因此，我們工作的一部分，就是確保我們以及其他人持續傳遞訊息、提供以事實為基礎的內容給立法者作為政策依據：這件事今年確實需要行動；而如果今年沒有行動，我認為我們將在經濟的多個部門看到相當嚴重的財務後果，不只是公用事業。

In spite of all that, there isn't sufficient action in 2026, then we will plan for what we would do in future cycles. We would also need to take a look and see what happens with, for example, our cost of capital. And does that lead to then I was having to think differently about our capital allocation. But we're not there today, and our, again, singular focus is on 2026.

儘管如此，如果 2026 沒有足夠的行動，那我們就會規劃在未來週期要怎麼做。我們也需要檢視例如資本成本會發生什麼變化；而那是否會導致我們必須以不同方式思考資本配置。但我們今天還沒走到那一步；再次強調，我們唯一的焦點是 2026。

Got it. I appreciate those thoughts.

了解。感謝你分享這些想法。

Yeah, Carly, may I just underscore here is right the process is progressing right now as it was intended to and as it was outlined under the legislation. We have a lot of visibility into our capital plan because we have knocked out a lot of the regulatory proceedings in 2025. So there's a lot of certainty as to the plan, how we execute the plan and what the plan costs.

是的，Carly，我想在這裡再強調一下：目前流程正如預期、也如立法所規劃的那樣在推進。我們對資本計畫有很高的能見度，因為我們在 2025 年已經完成了許多監管程序。因此，對於計畫內容、如何執行以及計畫成本，都有很高的確定性。

We have no need for new equity for the next five years. And as you know, we have a commitment to the dividend that we, that the Board has been declaring and increased, in fact, by 6% in December. So we have a lot of the groundwork laid and a lot of the visibility laid. And when we look at the future, we have a lot of confidence in the scenarios and the conservatism that we've built in.

未來五年我們不需要發行新股權。如你所知，我們也對股利有承諾：董事會一直在宣告並發放股利，而且事實上在 12 月還提高了 6%。所以我們已經打下很多基礎、也建立了很多能見度。展望未來，我們對各種情境以及我們所納入的保守假設都很有信心。

I think as Pedro said, as we continue to think about the cost and benefits if the cost of capital goes up, our customers would pay more. if the cost of capital goes up, and we would have to consider that in the future when we develop new capital plans. And that's why a predictable framework under legislation that supports reasonably priced capital is really most helpful to our customers.

我想如 Pedro 所說，當我們持續思考成本與效益時，如果資本成本上升，客戶就會支付更多；如果資本成本上升，我們在未來制定新的資本計畫時也必須把這點納入考量。這就是為什麼，在立法之下建立一個可預測、能支持合理價格資本的框架，對我們的客戶最有幫助。

Got it. Okay. That's really helpful. And I guess just picking up maybe on that last piece in terms of in best interest of your customers. There's obviously been a lot of focus on affordability, in particular, in kind of some of the rhetoric around the upcoming gubernatorial election and there's been recent changes in kind of the pulling there.

了解。好。這真的很有幫助。我想接續你剛才最後那一點，關於以客戶的最佳利益為依歸。顯然，近來大家對可負擔性有很多關注，特別是在即將到來的州長選舉相關的一些言論中，而且最近在民調方面也出現了一些變化。

So I guess maybe just if you could talk a little bit about how you're positioning some of the rate decreases that you've seen this year and Edison's overall strategy on affordability with policymakers in response to some of the noise on affordability related to the election.

所以我想請你談談，你們如何向政策制定者定位今年看到的一些費率下調，以及愛迪生在可負擔性方面的整體策略，以回應選舉期間關於可負擔性的各種雜音。

Yeah. And Carly, I think your, the last word you used there, noise, is appropriate because it is an election and there's a lot of stuff flying around. Obviously, we, ultimately, we will work with and work well with whomever the people of the state elect.

是的。Carly，我覺得你剛才用的最後一個詞「雜音」很貼切，因為這是選舉，會有很多訊息滿天飛。當然，最終我們會與本州人民選出的任何人合作，而且會合作得很好。

But we are very focused on making sure that we are clear in what the facts really are around the affordability trajectory. The fact that Southern California Edison has had up until the 2019 to '24 period had rate increases that on average were at or below inflation.

但我們非常專注於確保我們清楚說明關於可負擔性走勢的事實到底是什麼。事實是，南加州愛迪生在2019年至2024年這段期間之前，費率調升平均而言是等於或低於通膨。

We had a period there five years where we went beyond inflation for reasons we've explained, external impacts from weather and power market costs, it the wildfire, about one-third of it was kind of normal load growth sort of impacts.

我們曾有一段五年的期間，因為我們已解釋過的原因而高於通膨，包括天氣與電力市場成本等外部影響、野火相關因素；其中約三分之一則是較為正常的負載成長等影響。

But importantly, the commitment we've been able to make that Steve and Aaron and the team are steering SCE to be delivering rate increases that are once again at or below inflation through 2030, that's an important message that needs to be out there, and we're making sure we're communicating.

但更重要的是，我們已能做出的承諾——Steve、Aaron以及團隊正引導SCE在2030年前再次把費率調升控制在等於或低於通膨——這是一個必須對外傳達的重要訊息，而我們也確保正在進行溝通。

So we'll continue to engage with candidates and their campaigns continue to educate our policymakers and our customers. And most importantly, we'll continue the hard, the real work on operational excellence and continuous operational improvement.

因此我們會持續與候選人及其競選團隊互動，持續向政策制定者與客戶說明。同時最重要的是，我們會持續投入艱難但真正的工作：營運卓越與持續的營運改善。

Great. Thank you for all that color.

很好。謝謝你提供這麼多補充說明。

Thanks, Carly.

謝謝你，Carly。

Aidan Kelly, JPMorgan.

Aidan Kelly，摩根大通。

Hey, good morning. Thanks for the time today. Just one question on my end. I want to hone in on the even fire process, if I could. It seems there's been some recent media headlines pushing back on the information flow in core proceedings. I guess just curious if you can share some thoughts on Edison's dissemination of information to the state, and do you kind of see this pushback as normal give and take or maybe like a touch higher than what you'd expect typically

嗨，早安。謝謝今天撥冗。我這邊只有一個問題。我想聚焦在Eaton火災的流程（程序）上，如果可以的話。看起來最近有一些媒體標題在質疑核心程序中的資訊流通。我想請教你是否能分享一些看法：愛迪生向州政府提供資訊的方式，以及你是否認為這種反彈屬於正常的你來我往，還是比你通常預期的稍微更強一些？

Yeah. Aidan, I think you're probably referring to an article that was posted by the LA Times over the weekend that made that argument as you probably saw in the article actually sat down with the reporter and make sure that, tried my best to make sure that the reporter understood the facts here. I think the article had a slant to it that lack appropriate balance.

是的。Aidan，我想你指的可能是《洛杉磯時報》週末刊出的一篇文章，提出了那樣的主張。你可能也看到，我其實和記者坐下來談，並盡我所能確保記者理解這裡的事實。我認為那篇文章的角度有些偏，缺乏適當的平衡。

The core of that, that she was describing in the article, so she was making the argument that because some of the information in the case is privileged to some other mantis withholding information. And that is just simply not an appropriate take on the process.

她在文章中描述的核心內容，是在主張因為案件中的部分資訊屬於特權資訊，所以就等同於我們在隱匿資訊。而這對流程的解讀並不恰當。

It starts with the commitment that I made on behalf of the company, and we continue to make as a company to be as transparent as possible with our public and with you, our investors. And we've continued to do that throughout the process.

這要從我代表公司所做的承諾開始——而我們也持續以公司立場做出同樣承諾——就是要盡可能對大眾以及你們投資人保持透明。我們在整個過程中也一直這麼做。

However, there is information in litigation that is privileged, not just on the Edison side, but there's privileged information on the plaintiff side. And that's one of the items that I emphasized, and I'm not sure got quite captured us strongly in the article. There's a balancing act here. In both sides develop privileged information. It's important for their litigation strategies. It is litigation, right? And so it's appropriate to protect privileged information.

然而，訴訟中確實存在受特權保護的資訊，不僅在愛迪生這一方，原告方也有受特權保護的資訊。這是我強調的重點之一，但我不確定文章是否有充分呈現。這裡需要取得平衡：雙方都會形成特權資訊，這對各自的訴訟策略很重要。這是訴訟，對吧？因此保護特權資訊是適當的。

By the way, actually, not only is you focus on privilege in logs, but also the fact that there is some information that is protected by confidentiality orders in the case. And so I explained to her, I think this piece may have made into the article a little bit. Some of that information may have nothing to do with the Eaton fire case itself.

順帶一提，除了特權（在特權清單/紀錄中）之外，案件中也有一些資訊是受到保密令保護的。因此我向她解釋——我想這部分有一點點被寫進文章——其中一些資訊可能與Eaton火災案件本身毫無關係。

So for example, in sweeping up discovery, et cetera, that might include, if you're asking for (inaudible) asking for information about the network or about meters on the network. Well, they might sweep up information around our network map, topology that the federal government wants us to keep under wraps because to put it out there, would provide a road map for agents, terrorists and others who do not mean well, right? They've been harmed to the system.

例如，在全面蒐集證據（discovery）等過程中，可能會涵蓋——如果你在要求（聽不清）或要求提供關於網路或網路上電表的資訊——那就可能一併掃到我們的網路地圖、拓撲等資訊；而聯邦政府希望我們對此保密，因為一旦公開，等於提供一份路線圖給特工、恐怖分子以及其他心懷不軌的人，對吧？他們可能會對系統造成傷害。

Similarly, some of the information might include specific customer information that we need to protect, keep confidential. The other side, planes attorneys can see some of that information under protective orders, but it's not released to the public. So those are the categories of information that I think you're referring to. It was trying to support a thesis as somehow we're not being as transparent as possible. That is simply not true, and we will continue to stress what fact is and what fact is not here.

同樣地，有些資訊可能包含特定客戶資訊，我們必須保護並維持機密。對方（原告）律師在保護令之下可以看到其中一些資訊，但不會對外公開。這些就是我認為你所指的資訊類別。那篇文章試圖支持一個論點，好像我們沒有盡可能透明。這完全不是真的；我們也會持續強調哪些是事實、哪些不是。

That does it for me. Appreciate it. Thanks.

我這邊就這樣。很感謝。謝謝。

You bet.

沒問題。

Ryan Levine, Citi.

Ryan Levine，花旗。

Hey, Ryan.

嗨，Ryan。

Hi, good afternoon and congrats to Maria and Aaron. In terms of the sizing of how much, is there a way you could size how much cost-cutting initiatives AI could enable or unlock and how the AMI 2.0 and ERP systems could impact that opportunity?

嗨，午安，也恭喜Maria和Aaron。關於規模方面——是否有辦法估算AI能夠促成或釋放多少成本削減措施？以及AMI 2.0與ERP系統會如何影響這個機會？

I'm going to turn it over to Steve and Aaron here, Steve.

我把這題交給Steve和Aaron來回答，Steve。

So I think it's still really early to get it a full size of what the potential with AI is. Pedro listed out in his opening remarks, a number of areas that were leveraging AI to expand from things that we've already done in our customer operations. And so helping out our call center agents more quickly respond to customers and shorten the length of those calls.

我認為現在要完整量化AI的潛在規模仍然很早。Pedro在開場致詞中列出了一些領域，我們正運用AI把既有在客戶營運上做過的事情進一步擴大。例如協助客服中心坐席更快回應客戶，並縮短通話時間。

We're doing things like identifying trends around customer issues and frankly, flagging them before they happen, and we can get ahead with proactive communications to customers to deal with some of their challenges. There's a lot of emerging opportunity on the grid. It's developing tools that will automatically do designs of infrastructure.

我們也在做像是辨識客戶問題的趨勢，坦白說，在問題發生前就先標記出來，讓我們能提前以主動式溝通來協助客戶處理一些挑戰。電網方面也有很多新興機會，例如開發能自動完成基礎設施設計的工具。

We're starting with the basics of like-for-like replacement to change as to how you dispatch your resources, changes to how you optimize our capital portfolio. So it spans kind of the entire business from procurement to grid to the customer side. It's still early days. We're getting, we've got benefits that we capture and they roll into our forecast. But I think the total opportunity there is something that will continue to evolve, especially as the technology evolves so rapidly.

我們從最基本的同型替換（like-for-like replacement）開始，進一步延伸到如何調度資源、如何最佳化資本投資組合。因此它涵蓋了幾乎整個業務，從採購到電網到客戶端。現在仍是早期階段。我們已經取得一些效益並反映在預測中，但我認為整體機會仍會持續演進，尤其技術發展非常快速。

Maybe I'd add to that on the question about the advanced metering initiative. The data that we'll be gathering through AMI will be critically useful for us. Take a look, Ryan, at our application we go through and quantify a significant amount of value that will come to customers from that program. And in that, we look at what's the case for a like-for-like replacement, and what's the case for, what is a more expensive but much more valuable to customers, sort of state-of-the-art or near state-of-the-art metering initiative and how we could use data there on or end ability to provide customer signals to enable things like allowing customers to avoid the cost of a meter upgrade to charge their electric vehicle by better managing their electric consumption within the panel and within the meter that we have there. So a lot of benefits that have been quantified in that with a benefit/cost ratio for the incremental costs above the obsolescence case well above 1.

另外我也補充一下你問到的先進電表計畫（AMI）。我們透過AMI蒐集到的資料對我們將非常關鍵。Ryan，你可以看看我們的申請文件，我們在其中量化了這個計畫將為客戶帶來相當可觀的價值。在那裡，我們比較了同型替換的情境，以及另一種成本更高、但對客戶價值更大、接近最先進（state-of-the-art）或準最先進的電表方案；並說明我們如何運用這些資料、以及我們提供客戶訊號的能力，來實現例如讓客戶透過更好地管理配電盤與現有電表內的用電，避免為了電動車充電而必須負擔電表升級成本等。該文件中已量化許多效益；就相對於僅處理設備汰換（obsolescence）情境之上所增加的成本而言，其增量成本的效益/成本比（benefit/cost ratio）遠高於1。

All of this is supportive of the 5% to 7% EPS growth rate.

所有這些都支持每股盈餘（EPS）5%到7%的成長率。

Great. And then one follow-up question to some of the prepared comments. How are you assessing wildfire risk going into the summer wildfire season compared to prior years, given weather and all the company actions over the last few years

很好。接著針對部分事先準備的評論再追問一題。考量天氣狀況以及公司過去幾年的各項作為，相較於往年，你們如何評估即將進入夏季野火季的野火風險？

Ryan, it's Steve. I'll follow up on that one as well. So when we go into every, I'll say, each year as the weather evolves, we're really focused on our long-term mitigations and how they're significantly reducing risk across the whole system.

Ryan，我是 Steve。我也來補充回答這題。每一年、我想說，隨著天氣變化，我們都非常聚焦在長期的緩解措施，以及這些措施如何在整個系統範圍內大幅降低風險。

So we've now deployed more than 7,100 miles of car conductor, near nearly 100 miles of undergrounding and that really forms the basis for that risk reduction. We layer on top of it going into each season, looking to see were the parts of our system that may have increased risk relative to the rest of the system. We do additional inspections, both for equipment issues as well as for vegetation management so that we can take care of all of the risky stuff before we're into the peak fire season.

我們目前已部署超過 7,100 英里的覆線導線（covered conductor），以及接近 100 英里的地下化工程，而這確實構成了降低風險的基礎。在此之上，我們在每個季節開始前會再加上一層作業：檢視系統中哪些區段相對於其他區段可能出現較高風險。我們會進行額外巡檢，包含設備問題與植被管理兩方面，以便在進入火災高峰季之前，把所有高風險事項先處理完畢。

And then each year, it's about how we continue to improve our PSPS program. And so whether it is changes to our thresholds and triggers importantly, getting ahead to understand where we might some communities see PSPS that haven't seen it as much in the past, so we can go and educate and really engage the communities to understand what to be ready for and how they can be prepared. So it's that suite of mitigations that as we head into each fire season or at least the summer and peak season, that we're fine-tuning to help make the risk lower and lower every single year.

此外，每一年也在於我們如何持續改善 PSPS 計畫。因此，不論是調整門檻與觸發條件，更重要的是提前了解哪些社區可能會出現過去較少發生的 PSPS，讓我們能前往宣導並深入與社區互動，協助大家了解需要為何做準備、以及如何做好準備。也就是說，當我們邁入每個火災季（至少是夏季與高峰期）時，我們會持續微調這一整套緩解措施，讓風險一年比一年更低。

The weather, this year, we've had a fair amount of rain early in the season. It's been dryer more recently. Trying to predict what the fire risk will look like in a given season is a challenging one. We certainly can project how dry it may get, but wins are notoriously difficult to be forecasting. And so that's why we come back to making sure that we are fully deploying all of our mitigations, keeping in line with the activities laid out in our wildfire mitigation plan.

就天氣而言，今年季初雨量不少，近期則較為乾燥。要預測某一季的火災風險會呈現什麼樣貌是很具挑戰的。我們當然可以推估可能會乾到什麼程度，但風（wind）的預報向來非常困難。因此我們回到核心：確保全面落實所有緩解措施，並與我們野火緩解計畫中所列的各項活動保持一致。

I mean, Steve, you covered it so well and the only thing I would add is, while, of course, we track year-to-year conditions and get those questions from investors regularly, the realty is, the work that SCE is doing isn't about this year or next year, it's about recognizing that the risk posed by extreme weather driven by climate change is going to increase over the next several decades. And so that's why there's so much good focus on long-term risk management here.

Steve 你已經講得非常完整了；我唯一想補充的是，雖然我們當然會追蹤逐年條件、也經常收到投資人這類問題，但事實是，SCE 正在做的工作不是只為了今年或明年，而是因為我們認知到：由氣候變遷所驅動的極端天氣帶來的風險，在未來幾十年將會上升。因此，這裡才會如此聚焦在長期風險管理。

Thank you.

謝謝。

Take care.

保重。

Char Pereza, Wells Fargo.

Char Pereza，Wells Fargo。

Hi, Char.

嗨，Char。

Hi, good afternoon, team. It's actually Constantine here for Shar. I appreciate the time today. And first of all, the big congrats to Maria and Aaron on the transition here from the entire team. And I couldn't agree more with Pedro's comments on the prepared remarks.

嗨，各位下午好。其實今天是 Constantine 代 Shar 發言。感謝今天撥冗。首先，代表整個團隊，恭喜 Maria 與 Aaron 在這次交接上的安排。我也非常認同 Pedro 在事先準備講稿中的評論。

So kind of a couple of just cleanup questions maybe around the edge. But without trying to find an estimate today for the Eaton liabilities. How do you feel about the pace of the claim submissions? And is there a way to frame maybe a time line where you could get to a point of visibility?

我這邊有幾個可能偏收尾、邊角的問題。不試圖今天要你們估算 Eaton 相關負債，但你們如何看待理賠申請提交的速度？是否有辦法提供一個時間軸的框架，說明何時你們可能會達到較有能見度的程度？

Yes, Constantine, think about it this way. The statute of limitations is actually still running. So there will be a lot more time, so it's a three-year statute of limitations on property damage. So not doubt until 2028 that it will close in January. So we will get a lot more information as time passes.

是的，Constantine，可以這樣看：訴訟時效其實仍在進行中，所以還會有更多時間。財產損害的訴訟時效是三年。因此，毫無疑問要到 2028 年 1 月才會結束。所以隨著時間推移，我們會取得更多資訊。

I think the other piece, and Pedro touched on this earlier, but maybe to emphasize is that there's a very complex interdependency between claims but also insurance and the level of insurance that a claimant might have, whether they're fully insured, underinsured or uninsured in their entirety. So I think until we can get more information around that, and that will take time, it will be difficult for us to generate an estimate.

另外一點，Pedro 先前也提到過，但我想再強調：索賠之間存在非常複雜的相互依存關係，同時也牽涉到保險，以及索賠人可能擁有的保險程度——他們是足額投保、保額不足，或完全未投保。我認為在我們能取得更多這方面資訊之前（而這需要時間），要產生估算會很困難。

The other piece of it is as more claims come in and we get more data from them, that would add to sort of our knowledge base. But even as claims come in, people don't have to give us a lot of specificity as to what their damages are. So that's maybe a way to express or to share with you some of the complexities that we're facing, but really fundamentally gets back to Pedro's point that we have not been able to provide a time line for when we will get to that point.

還有一點是，隨著更多索賠進來、我們從中取得更多資料，確實會增加我們的知識基礎。但即使索賠提出，對方也不一定需要提供非常具體的損害細節。這大概可以用來說明我們面臨的一些複雜性；但根本上仍回到 Pedro 的重點：我們目前無法提供一個時間表，說明何時能達到那樣的能見度。

That's more clear. Thank you. And maybe just touching on the election rhetoric that we kind of touch on. with the utilities. Is there anything that you see that's actionable or practical and the suggested distributed solution kind of work for driving down costs? Or is that a potential cost shift?

更清楚了，謝謝。再請教一下我們提到的、與公用事業相關的選舉言論。你們是否看到其中有任何可執行或實務可行的部分？例如所建議的分散式解決方案是否有助於降低成本？還是那可能只是成本移轉？

Could you repeat actionable in what specifically way, Constantine?

Constantine，你可以再重複一下你所說的「可執行」是指哪一個具體面向嗎？

Actionable or practical from anything that has been kind of out there in the media.

就是媒體上流傳的那些說法中，有沒有任何是可執行或實務可行的。

So Constantine, talking about sort of like this concept that we've heard from some folks around disaggregating and breaking up the utilities. I think Pedro has made this point a few times that integrated utilities actually have lower cost than not. So the question sort of the mathematical foundation for some of those comments.

Constantine，你指的是我們從一些人士那裡聽到的概念：把公用事業拆分、解構、分拆。我想 Pedro 已經多次提到，整合型公用事業的成本其實更低，而不是更高。因此，某些評論的數學基礎本身就值得質疑。

Well, I'll just be very pointed here. I think specifically, one of the candidates, [Tom Steyer], has make the claims around a couple of clients that stood out 25% rate reduction by breaking up the competitive, breaking up the monopoly utilities and also claim that the lowest rates in the country are in competitive markets.

我就直說了。我認為具體而言，其中一位候選人，[Tom Steyer]，提出了一些主張，裡面有幾點特別醒目：例如透過拆分、把具壟斷性的公用事業拆開並引入競爭，就能把費率降低 25%；以及宣稱全國最低的費率是在競爭市場。

And the reality is that I don't see any sort of fact basis for the 25% reduction. And again, the way we get rate reduction is the hard work that, again, Steve, Aaron, the whole team at SCE are doing that has led to the lowest system average rate among our investor utility peers.

但現實是，我看不出 25% 降幅有任何事實依據。而且，我們降低費率的方式，是靠艱苦的工作——同樣地，Steve、Aaron，以及 SCE 的整個團隊所做的努力——這也使得我們在投資人持有型公用事業同業中，擁有最低的系統平均費率。

But also when you take a look at our national level, actually, the lowest rates tend to be in vertically integrated utilities. And so, and I think much to (inaudible) in some of those still have quite a bit of coal generation in their systems. So we've been very pointed about taking on things that are not connected to fact like those and being outspoken about them.

此外，從全國層面來看，最低的費率其實往往出現在垂直整合型公用事業。因此——而且我想（聽不清）其中一些系統仍有相當比例的燃煤發電。所以，對於這類缺乏事實連結的說法，我們一直非常明確地指出問題所在，也會公開表態。

Excellent. Appreciate that. Thanks for that.

很好，感謝說明。謝謝你們。

Thank you. And that was our last question. I will now turn the call back over to Mr. Sam Ramraj for any closing remarks.

謝謝。以上是我們最後一個問題。接下來我將把電話會議交回給 Sam Ramraj 先生，請他做結語。

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

感謝各位參與。本次電話會議到此結束。祝各位今天剩餘時間愉快。現在可以中斷連線。

Thank you. This concludes today's conference call. You may go ahead and disconnect at this time.

謝謝。本日電話會議到此結束。此時您可以直接中斷連線。