愛迪生國際 (EIX) 2026 Q2 法說會逐字稿

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

下午好，歡迎參加愛迪生國際（Edison International）2026 年第二季財務電話會議。我叫 Michelle，今天將擔任接線員。(接線員指示) 本通話將被錄音。

I would now like to turn the call over to 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。Ramraj 先生，您可以開始會議。

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, Aaron Moss. Also on the call are other members of the management team. Materials supporting today's call are available at www.edisoninvestor.com. These include our Form 10-Q, prepared remarks from Pedro and Aaron, and the teleconference presentation. Tomorrow, we will distribute our regular business update presentation.

謝謝你，Michelle，也歡迎各位。今天的講者是總裁兼執行長 Pedro Pizarro，以及執行副總裁兼財務長 Aaron Moss。此外，管理團隊的其他成員也在線上。支援今天電話會議的資料可在 www.edisoninvestor.com 取得，包括我們的 Form 10-Q、Pedro 與 Aaron 的事先準備講稿，以及電話會議簡報。明天我們將發佈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.

在本次通話中，我們將就愛迪生國際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。請仔細閱讀。

The presentation includes certain outlook assumptions, as well as reconciliation of non-GAAP measures to the nearest GAAP measure. (Event Instructions)

簡報包含若干前景假設，以及將非 GAAP 指標與最接近的 GAAP 指標進行調節（reconciliation）。(活動指示)

I will now turn the call over to Pedro.

現在我把電話交給 Pedro。

Thank you, Sam, and good afternoon, everyone. My comments today focus on three areas: a legislation update, our continued work to make communities safer and more resilient, including wildfire mitigation and recovery efforts, and our broader progress in supporting a reliable, affordable, and clean energy future.

謝謝你，Sam，各位下午好。我今天的評論聚焦三個面向：立法最新進展、我們持續推動讓社區更安全且更具韌性的工作（包括野火緩解與復原工作），以及我們在支持可靠、可負擔且潔淨能源未來方面的整體進展。

Starting with a brief comment on earnings. Edison International's second quarter 2026 core EPS was $1.54, bringing the year-to-date core EPS to $2.97. With this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance and other financial targets, including our 5% to 7% core EPS growth over the long term. Aaron will discuss our financial performance in his remarks.

先簡短談一下盈餘。愛迪生國際 2026 年第二季核心每股盈餘（core EPS）為 1.54 美元，使年初至今核心 EPS 達到 2.97 美元。憑藉上半年強勁的開局，我們有信心重申 2026 年核心 EPS 指引及其他財務目標，包括長期核心 EPS 5% 至 7% 的成長目標。Aaron 將在他的發言中說明我們的財務表現。

On the legislative front, we're actively engaged with the Governor's office, legislators, and key stakeholders on both wildfire reform and affordability. There is continued recognition that the current framework is placing increasing pressure on customers, communities, and the cost of financing the investment utilities are making to support California's climate goals. Consistent with the themes that we have highlighted, discussion center on aligning risk supporting affordability and maintaining access to capital at a reasonable cost.

在立法方面，我們正積極與州長辦公室、立法者及關鍵利害關係人就野火改革與可負擔性兩大議題進行溝通。各方持續認知到，現行架構正對客戶、社區，以及公用事業為支持加州氣候目標所進行投資之融資成本造成日益加大的壓力。與我們先前強調的主題一致，討論重點在於風險對齊、支持可負擔性，並以合理成本維持資本取得。

But this is about more than utility finance. Moody's recently highlighted that the implications extend beyond utilities. They note that wildfire-related costs can affect electricity rates, affordability, and California's broader economic competitiveness.

但這不僅僅是公用事業融資的問題。穆迪（Moody's）近期指出，其影響範圍延伸至公用事業之外。他們提到，與野火相關的成本可能影響電價、可負擔性，以及加州更廣泛的經濟競爭力。

S&P has also observed that wildfire-related financial risks increasingly extend beyond investor and utilities to public utilities, local governments, insurers, and the communities they serve. That is why establishing a durable, long-term solution matters not only for utilities but for customers, businesses, and the state's economy as a whole.

標普（S&P）也觀察到，與野火相關的財務風險正日益從投資人與公用事業擴及公營公用事業、地方政府、保險業者，以及其所服務的社區。因此，建立一個可長期維持的解決方案，不僅對公用事業重要，對客戶、企業與整體州經濟同樣重要。

While we are encouraged by Sacramento leadership's focus on this important topic, we also recognize that the outcome remains uncertain. So we will be thoughtful about the implications of what the legislature ultimately enacts. SCE's current GRC authorization supports the utilities plan for 2028, and future investments will continue to be evaluated through a disciplined benefit cost lens. SCE will continue to safely serve customers and maintain its unwavering focus on safety.

雖然我們對沙加緬度領導階層聚焦此一重要議題感到鼓舞，但我們也認知到結果仍不確定。因此，我們將審慎評估立法機關最終通過內容所帶來的影響。SCE 目前的 GRC 核准額度支持該公用事業至 2028 年的計畫，而未來投資將持續以嚴謹的效益成本（benefit-cost）角度進行評估。SCE 將持續安全地服務客戶，並維持對安全毫不動搖的專注。

At the same time, the clarity and quality of the legislative outcome will influence the cost of capital available to support future investment. A durable and financeable framework will help maintain access to lower cost capital, supporting affordability for customers, and continued infrastructure investment.

同時，立法結果的明確性與品質將影響可用於支持未來投資的資本成本。一個可長期維持且可融資的架構，將有助於維持較低成本資本的取得，支持客戶可負擔性，並促進持續的基礎建設投資。

Conversely, our framework without sufficient predictability will increase Edison's financing costs, making SCE's investments for customers' benefit more expensive. It will also influence how we prioritize and deploy future capital.

相反地，若架構缺乏足夠的可預測性，將提高愛迪生的融資成本，使 SCE 為客戶利益所進行的投資變得更昂貴。這也將影響我們如何排序優先順序並部署未來資本。

Turning to operations. SCE took the first step in the next GRC process and filed its Risk Assessment Mitigation Phase, or RAMP, application in May. This outlines the risk mitigations that guide proposed investments across wildfire risk, transmission and distribution reliability, cybersecurity, climate adaptation, and other safety-related measures.

接著談營運。SCE 已在下一輪 GRC 流程中邁出第一步，並於 5 月提交其風險評估與緩解階段（Risk Assessment Mitigation Phase，RAMP）申請。該申請概述了用以指引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。

For context, the investments identified in past RAMP filings accounted for about a third of the total capital requested in the GRC. 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.

作為背景說明，過去 RAMP 申報中所識別的投資約占 GRC 申請總資本額的三分之一。如同先前週期，此流程提供一個清晰、以安全與風險為驅動的架構，用於評估資本需求，並支持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性的互動。

A key topic in RAMP is wildfire mitigation. SCE strategy continues to be comprehensive as noted on page 3. What is increasingly important is execution and prioritization. SCE is using more advanced wildfire modeling, improved data, and climate informed analysis to better identify where while for consequences could be greatest.

RAMP 的一個關鍵主題是野火緩解。如第 3 頁所示，SCE 的策略仍然是全面性的。愈來愈重要的是執行與優先順序的安排。SCE 正使用更先進的野火模型、更完善的資料，以及納入氣候因素的分析，以更好地辨識野火後果可能最嚴重的地點。

SCE has developed an enhanced wildfire risk model that combines multiple data sources to improve how it identifies, prioritizes, and plans safety measures, while accounting for high-impact wildfire events that may not be reflected in historical data.

SCE 已開發強化版野火風險模型，結合多種資料來源，以改善其辨識、排序與規劃安全措施的方式，同時將可能未反映於歷史資料中的高衝擊野火事件納入考量。

The utility is also broadening the range of risks and failure scenarios it evaluates, reflecting both lessons learned and a more comprehensive understanding of how wildfire risk can develop. That includes looking beyond individual equipment incidents and assessing how multiple conditions and events can combine to influence safety consequences.

該公用事業也在擴大其評估的風險與失效情境範圍，反映經驗教訓以及對野火風險如何形成的更全面理解。這包括不僅檢視單一設備事件，也評估多種條件與事件如何可能相互結合並影響安全後果。

All this will inform SCE's mitigation investments in the next GRC, which will include continued grid hardening with additional covered conductor and targeted undergrounding during the 2029 to 2032 period. SCE's preliminary estimates in the RAMP application for continued hardening are about 450 miles of covered conductor and approximately 190 miles of targeted undergrounding.

上述內容將為 SCE 在下一輪 GRC 中的緩解投資提供依據，其中將包括在 2029 至 2032 年期間，透過新增覆蓋導線（covered conductor）與具針對性的地下化（targeted undergrounding）持續進行電網強化。SCE 在 RAMP 申請中對持續強化的初步估計約為 450 英里覆蓋導線，以及約 190 英里具針對性的地下化。

To summarize, SCE's approach is increasingly location-specific, consequence informed, and adaptive. This builds on the substantial progress SCE has already made hardening its system including the deployment of about 800 miles of covered conductor and about 90 miles of undergrounding including all rebuild areas since January 2025.

總結而言，SCE 的方法正愈來愈具備地點特定性、以後果為導向，且具適應性。這是建立在 SCE 已在系統強化方面取得的重大進展之上，包括自 2025 年 1 月以來已部署約 800 英里覆蓋導線，以及約 90 英里地下化（包含所有重建區域）。

Importantly, SCE has not experienced a covered conductor failure associated with the risks that that technology is designed to mitigate. Combined with millions of inspections and vegetation management activities, as well as expanded situational awareness capabilities, these efforts have materially strengthened the grid and reduced wildfire risk.

重要的是，SCE 尚未發生與該技術旨在緩解之風險相關的覆蓋導線失效事件。結合數百萬次巡檢與植被管理作業，以及擴增的態勢感知能力，這些努力已實質強化電網並降低野火風險。

As a result, SCE is continuing to sharpen how it prioritizes mitigation, not only by looking at where the likelihood of ignition is highest, but also by identifying where the potential consequences to communities could be greatest. The utility is directing mitigation to areas where it can provide the greatest safety benefit, using better data and ongoing learning to adjust as conditions change, all while focusing on affordability for customers.

因此，SCE 持續精進其緩解措施的優先順序設定方式，不僅著眼於點火機率最高的地點，也同時辨識對社區可能造成最大影響的區域。該公用事業公司正將緩解資源導向可帶來最大安全效益的地區，運用更佳數據與持續學習，隨著條件變化進行調整，同時兼顧客戶可負擔性。

I'd now like to highlight an initiative I'm personally really excited about as we think about Edison's future. We are increasingly combining operating experience with richer data, advanced analytics, and AI-enabled capabilities to improve how risks are identified, prioritized, and managed. Advances in AI will be among the most important tools available to utilities over the next decade.

接下來，我想重點介紹一項我個人非常振奮的倡議，作為我們思考愛迪生未來的一部分。我們正日益將營運經驗與更豐富的數據、先進分析以及 AI 賦能能力結合，以改善風險的辨識、排序與管理方式。AI 的進展將是未來十年公用事業可用的最重要工具之一。

For SCE, the opportunity extends well beyond individual use cases. AI is an important enabler of the utility's long-term transformation, helping accelerate our operational excellence, improve how the grid is planned and operated, and strengthen wildfire mitigation efforts.

對 SCE 而言，這項機會遠不止於個別使用情境。AI 是公用事業長期轉型的重要推動者，有助於加速我們的卓越營運、改善電網規劃與運作方式，並強化野火緩解工作。

The focus is on delivering tangible outcomes, better decisions, faster execution, lower costs, and improved customer value. As these capabilities continue to mature, SCE expects them to become an increasingly important driver of safety, reliability, affordability, and overall business performance. Aaron will provide some examples of in-flight activities shortly.

我們的重點在於交付可衡量的成果：更佳決策、更快執行、更低成本，以及提升客戶價值。隨著這些能力持續成熟，SCE 預期其將成為安全、可靠性、可負擔性與整體業務表現日益重要的驅動因素。Aaron 稍後將提供一些正在進行中的活動範例。

Moving on to the Wildfire Recovery Compensation Program, or WRCP. There is continued community interest in the voluntary program. SCE has now extended more than 2,200 offers totaling over $775 million to over 12,300 community members impacted by the Eaton fire. SCE remains committed to providing information to community members to make informed decisions about what is best for their situation.

接著談野火復原補償計畫（Wildfire Recovery Compensation Program，WRCP）。社區對這項自願性計畫的關注仍在持續。SCE 目前已向受 Eaton 野火影響的逾 12,300 名社區成員提出超過 2,200 份要約，總額超過 7.75 億美元。SCE 仍致力於向社區成員提供資訊，協助其就最符合自身情況的選擇做出明智決策。

Taking a broader view on sustainability, we remain committed to supporting the clean energy transition while maintaining the safety, reliability, and affordability that our customers expect. Our 2025 sustainability report has details about our accomplishments, goals, and long-term commitments.

從更宏觀的永續角度來看，我們仍致力於在維持客戶所期待的安全、可靠性與可負擔性的同時，支持潔淨能源轉型。我們的 2025 年永續報告詳述了我們的成果、目標與長期承諾。

Here's a couple of examples. SCE delivered at least 60% carbon-free power to customers, over 70% cleaner than the national average. SCE contracted approximately 900 megawatts of energy storage, bringing the total at year-end to about 9,200 megawatts owned or under contract, one of the largest storage portfolios in the nation.

以下是幾個例子。SCE 向客戶供應至少 60% 的無碳電力，比全國平均水準潔淨逾 70%。SCE 簽約約 900 兆瓦的儲能，使年末自有或已簽約的總量達約 9,200 兆瓦，為全美最大的儲能組合之一。

I'm proud of our team, and I'm proud of the progress that we continue to make toward a clean energy future that benefits everyone. We have and we will always put customers first by strengthening the grid, mitigating wildfire risk, and advancing clean energy to support affordability and community resilience for generations to come.

我為我們的團隊感到自豪，也為我們持續朝向造福所有人的潔淨能源未來所取得的進展感到自豪。我們一直、也將永遠以客戶為先，透過強化電網、降低野火風險，以及推動潔淨能源，來支持可負擔性與社區韌性，造福世世代代。

With that, I'm very excited to turn it over to Aaron for his first financial report as our new CFO. All right, Aaron.

接下來，我非常高興把時間交給 Aaron，進行他作為我們新任 CFO 的首次財務報告。好，Aaron。

Thanks, Pedro. Good afternoon, everyone. It's great to be with you today. During my prior roles at Edison, I've had the chance to get to know many of you over the years. As I step into this role, I'm looking forward to continuing those conversations and discussing how we are executing on our strategy, investing in the business, and creating long-term value for all of our stakeholders.

謝謝你，Pedro。各位下午好。很高興今天能與各位同在。在我先前於愛迪生的職務中，這些年來我有機會認識在座許多朋友。當我接任這個職位時，我期待延續這些交流，並討論我們如何執行策略、投資業務，以及為所有利害關係人創造長期價值。

In my comments today, I will cover our second quarter 2026 results, capital plans, and reaffirmed earnings guidance. EIX reported second quarter earnings per share of $1.54 compared to $0.97 last year. Page 6 provides the year-over-year quarterly variance analysis.

在今天的發言中，我將涵蓋我們 2026 年第二季業績、資本計畫，以及重申的盈餘指引。EIX 公布第二季每股盈餘為 1.54 美元，去年同期為 0.97 美元。第 6 頁提供了季度同比差異分析。

The quarter reflects continued stability in our core operations. Results benefited from regulatory decisions last year, including the GRC decision as well as the ongoing reduction in interest expense associated with the Woolsey cost recovery.

本季反映出我們核心營運持續穩健。業績受惠於去年監管決定，包括一般費率案件（GRC）裁決，以及與 Woolsey 成本回收相關的利息費用持續下降。

Let me reinforce what Pedro said. With this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance. We are also reaffirming our long-term core EPS growth rate of 5% to 7%. This outlook is supported by our capital investment plan, constructive regulatory framework, and continued focus on operational excellence.

我想再次強調 Pedro 所說的。在上半年有如此強勁的開局下，我們有信心重申 2026 年核心每股盈餘（core EPS）指引。我們也重申長期核心每股盈餘成長率為 5% 至 7%。此展望由我們的資本投資計畫、具建設性的監管架構，以及對卓越營運的持續聚焦所支撐。

At SCE, results for the quarter were primarily driven by the timing of the GRC decision last year, along with continued focus on strong performance across our core operations. We continue to optimize how we approach O&M spending over the course of the year. This allows us to prioritize our work to address operational needs as they arise while maintaining overall cost control. This approach supports both near-term performance and long-term value creation for customers and capital providers.

在 SCE，本季結果主要受去年 GRC 裁決時點影響，同時也反映我們在核心營運各面向持續專注於強勁表現。我們持續優化全年 O&M（營運與維護）支出的安排方式，使我們能在維持整體成本控管的同時，依營運需求出現的情況優先處理工作。此作法同時支持短期表現與為客戶及資本提供者創造長期價值。

The parent and other core loss was favorable by $0.06, primarily driven by the net financing benefits of the preferred stock redemptions we initiated at the end of 2025 and completed in the first quarter of this year.

母公司及其他核心虧損改善 0.06 美元，主要由我們於 2025 年底啟動並於今年第一季完成的特別股贖回所帶來的淨融資效益所驅動。

Turning to SCE's capital plan. We continue to see strong investment opportunities across the business, driven by infrastructure replacement, wildfire mitigation, and growing demand for electrification. Our plan is centered around these priorities and supports long-term rate base growth of about 7%. We remain focused on optimizing these investments in a way that balances system needs with customer affordability.

接著談 SCE 的資本計畫。在基礎設施汰換、野火緩解，以及電氣化需求成長的帶動下，我們持續在整體業務中看到強勁的投資機會。我們的計畫以這些優先事項為核心，並支持約 7% 的長期費率基礎（rate base）成長。我們仍專注於以兼顧系統需求與客戶可負擔性的方式來優化這些投資。

As part of that execution, we are pleased with SCE's progress on its wildfire mitigation investments. Of SCE's roughly 16,800 distribution line miles in high fire risk areas, SCE has successfully hardened about 90%, including nearly 7,200 miles of covered conductor. These investments remain a central part of our capital plan and are key to reducing wildfire risk and improving system resilience over time.

在執行方面，我們對 SCE 在野火緩解投資上的進展感到滿意。在 SCE 位於高火災風險區域約 16,800 英里的配電線路中，SCE 已成功完成約 90% 的強化工程，其中包括近 7,200 英里的覆蓋導線（covered conductor）。這些投資仍是我們資本計畫的核心部分，並且是隨時間降低野火風險、提升系統韌性的關鍵。

Moving to financing activities. SCE successfully completed the Woolsey Fire cost recovery securitization earlier this week, generating approximately $2 billion in proceeds. We were pleased with the outcome and the strong demand we saw from capital providers. The proceeds will be used to recover claims and other costs, including retiring related debt, further strengthening our balance sheet.

接著談融資活動。SCE 本週稍早成功完成 Woolsey 野火成本回收的證券化（securitization），募集約 20 億美元資金。我們對結果感到滿意，也很高興看到資本提供者的強勁需求。該筆資金將用於回收理賠與其他成本，包括償還相關債務，進一步強化我們的資產負債表。

Now let me transition to operational excellence, which benefits customer affordability and long-term performance. This is an area where I spent significant time in my prior roles within the utility and will remain an ongoing focus as we look to enhance both efficiency and execution across the business. As part of that effort, we are continuing to simplify processes and expand the use of emerging technologies, including targeted AI applications in areas where they can improve productivity and quality.

現在我轉到卓越營運，這將有助於客戶可負擔性與長期表現。這是我在先前於公用事業內的職務中投入大量時間的領域，未來在我們提升整體業務效率與執行力之際，也將持續作為重點。作為該項努力的一部分，我們持續簡化流程並擴大新興技術的運用，包括在可提升生產力與品質的領域導入具針對性的 AI 應用。

Our efforts are focused on high-volume, repeatable work where we see meaningful opportunities to drive productivity and quality. For example, our planning organizations produce on the order of 100,000 project designs each year, and we are deploying tools to help automate initial design generation and the validation of final designs against our standards. We expect these improvements to accelerate design cycles by 20% to 30%.

我們的努力聚焦於高量、可重複執行的工作領域，在這些領域我們看到能夠顯著提升生產力與品質的機會。例如，我們的規劃組織每年產出約 100,000 份專案設計，我們正部署工具以協助自動化初始設計生成，以及依據我們的標準對最終設計進行驗證。我們預期這些改善可使設計週期加速 20% 至 30%。

Similarly, we process approximately 40,000 permits annually across multiple agencies and systems. We see opportunities to streamline this process, reduce cycle times by approximately 20%, and improve throughput. Efforts like these are intended to create additional capacity in the system, support timely execution of our capital program, and improve cost performance over time. Our focus on operational excellence is one of the important ways we deliver consistent financial results.

同樣地，我們每年在多個機關與系統間處理約 40,000 件許可申請。我們看到可精簡此流程的機會，將週期時間縮短約 20%，並提升處理量。此類努力旨在為系統創造額外產能，支持我們資本計畫的及時執行，並隨時間推進改善成本表現。我們對營運卓越的專注，是我們交付一致財務成果的重要方式之一。

Looking at our year-to-date performance reinforces our confidence in the outlook for the business. We see continued momentum in our capital program, strong regulatory visibility, and stable operational performance, all of which position us well for the rest of the year. Consequently, we are reaffirming our 2026 core EPS guidance range of $5.90 to $6.20.

檢視我們年初至今的表現，進一步強化了我們對業務前景的信心。我們看到資本計畫持續推進、監管能見度強，以及穩定的營運表現，這些都使我們在今年剩餘期間具備良好定位。因此，我們重申 2026 年核心每股盈餘（core EPS）指引區間為 5.90 美元至 6.20 美元。

Our priorities remain consistent, delivering on our operational commitments, advancing our capital plan, and maintaining a strong cost framework, all while supporting a safe and reliable system for customers.

我們的優先事項仍然一致：履行營運承諾、推進資本計畫、維持強健的成本架構，同時為客戶提供安全且可靠的系統。

Let me conclude by saying that we are pleased with our results. The business is performing as expected. Our capital plan remains on track, and we are well positioned to deliver on our financial commitments for 2026 and beyond.

最後我想說，我們對本期結果感到滿意。業務表現符合預期。我們的資本計畫仍按進度推進，且我們已具備良好條件，能夠在 2026 年及其後履行我們的財務承諾。

That concludes my remarks. Back to Sam.

以上是我的發言。交回給 Sam。

Michelle, please open the call for questions. (Event Instructions)

Michelle，請開放提問。（活動指示）

(Operator Instructions) Nick Campanella, Barclays.

（接線員指示）Nick Campanella，Barclays。

So I know that everyone's working it to a financeable solution for the fund and you acknowledge in your comment that it's a broader state issue, obviously, with a range of stakeholders being impacted.

所以我知道大家都在努力為該基金找到可融資的解決方案，而你也在評論中承認，這顯然是一個更廣泛的州層級議題，會影響到一系列利害關係人。

And at the same time, you're saying that future investments will be evaluated and there's some uncertainty. So can you just maybe talk about what's on the table from the utility side? And how are you thinking about weighing things like future securitization of capital or upfront contributions like in last year's legislation. I know that you're in the early stage of the GRC with visibility, but is there a scenario where we could expect a new plan come third quarter? Thank you.

同時，你們也表示未來投資將會被評估，且存在一些不確定性。那麼你能否談談從公用事業端來看，目前有哪些選項在討論中？以及你們如何權衡例如未來對資本進行證券化（securitization）或像去年立法那樣的前期出資（upfront contributions）？我知道你們在 GRC 的早期階段且具備能見度，但是否存在一種情境，讓我們可以預期第三季會出現一個新方案？謝謝。

Yeah. So Nick, thanks for the question and be reiterating a little bit of what I was sharing earlier. We are in a unique position in that we have a GRC in hand at SCE's. It's been approved. We have full line of sight visibility to 2028. Our capital spending, you know from what we've shared with you all over the past while that we can execute on the capital plan without any equity needs.

是的。Nick，謝謝你的問題，我會稍微重申一下我先前分享的內容。我們處於一個獨特的位置，因為我們手上已有 SCE 的 GRC。它已獲核准。我們對 2028 年具備完整的可視性。就我們的資本支出而言，從過去一段時間我們與各位分享的內容你們也知道，我們可以在不需要任何股權融資的情況下執行資本計畫。

And we've gone further, right, and extend the guidance beyond that rate case to provide some insights on where we think '29 and '30 are headed and committed to guidance that continues the need for growth, capital investment for our customers and still don't see a need for equity through that 2030 time period. So particularly as we talk about the 2028, it's just from line of sight, and that's already approved by the PUC.

而且我們更進一步，將指引延伸至該次費率審議（rate case）之外，提供一些我們對 2029 年與 2030 年走向的看法，並承諾的指引仍反映成長需求、為客戶進行資本投資，同時在 2030 年之前仍看不到需要股權的情況。因此，特別是談到 2028 年，這是基於可視性，而且已經獲得公用事業委員會（PUC）核准。

Now we don't know what's going to happen in Sacramento. I appreciate all the efforts of everybody who's engaged there. By the way, I appreciate efforts of investors who are weighing in and providing your perspective. It's really important that our policymakers understand what's at stake here and the fact that they have a lot of opportunities to invest capital.

現在我們不知道沙加緬度會發生什麼事。我感謝所有參與其中的人所做的努力。順帶一提，我也感謝投資人提出意見並提供你們的觀點。讓政策制定者理解此事的利害關係，以及他們其實有很多投資資本的機會，這一點非常重要。

And so California -- those of us in California are competing with other states and really with other global locations. So that's a quick segue tangent to say thank you for those efforts. But we don't know what's going to happen ultimately. Ideally, we would see a comprehensive solution. We may not, right? There's four weeks left. We haven't seen [language] yet. We know people are working hard, but this is not just a utility issue. It's a big cross-economy issue.

因此，加州——我們這些在加州的人——是在與其他州，甚至與其他全球地點競爭。所以我稍微岔題快速說聲謝謝你們的努力。但我們最終會如何發展仍不得而知。理想情況下，我們希望看到一個全面性的解決方案。但也可能不會，對吧？只剩四週了。我們還沒看到[條文]。我們知道大家都很努力，但這不只是公用事業的問題。這是一個跨整體經濟的大議題。

And so there's certainly a possibility that we might not see a complete answer. We might see a partial answer. We might see some work done in 2026 and then some work left for 2027 in the legislature with a new governor and a number of new legislators. So it's really hard to sit here and say, well, without understanding what the answer might be, here's what some of our reaction to that might be.

因此，確實有可能我們看不到完整答案。我們可能只看到部分答案。我們可能會看到在 2026 年完成一些工作，而在 2027 年由立法機關在新州長與多位新任議員的情況下，留下部分工作待完成。所以很難在此就說，在不了解答案可能是什麼的情況下，我們會如何反應。

Clearly, if we saw that whatever the answer in '26 is, it was not viewed favorably by the market and that dramatically changed the inherent cost of our equity, then we would want to be thoughtful about making sure we're not making negative NPV decisions on behalf of investors. At the same time, upholding our obligations to safety and reliability that are set in PUC regulations. So that's going to be the balancing act.

顯然，如果我們看到 2026 年的答案無論是什麼，市場並不認同，且大幅改變了我們股權的內含成本，那麼我們會審慎確保不會代表投資人做出淨現值（NPV）為負的決策。同時，也要履行我們在 PUC 規範下對安全與可靠性的義務。因此，這將會是需要權衡的取捨。

That's a lot of words. I don't think I gave you the specific answer you wanted, Nick, but that's where we are today. And when we see what happens as of August 31, then September 1, actually probably later that night or August 31, we'll start working on what the implications are and whether there's any near-term actions that are needed or more impacts in the longer term, and we'll keep you all posted.

我講了很多。我想我沒有給你你想要的具體答案，Nick，但這就是我們目前的狀況。等到 8 月 31 日的結果出來後，9 月 1 日——其實可能是 8 月 31 日當晚或更晚一些——我們就會開始研判其影響，以及是否需要任何近期行動或對長期造成更多影響，我們也會持續向各位更新。

I appreciate you running through that. Thank you. And then just my second question is just the slight change in the 10-Q language around Eaton and that you believe the equipment was associated versus could have been. And I understand that you've previously been saying you're not aware of any other evidence, but can you frame how that disclosure fits into the context of the wildfire compensation program and getting like greater visibility eventually on what the low end of Eaton could be from a liability standpoint?

感謝你把這些都說明了一遍。謝謝。另外我的第二個問題是，10-Q 中關於 Eaton 的措辭有些微變化，你們現在認為該設備是「相關」（was associated），而不是「可能相關」（could have been）。我理解你們先前一直表示並不知悉任何其他證據，但你能否說明這項揭露如何放在野火補償計畫的脈絡下，以及最終在責任角度上，對 Eaton 可能的低端金額取得更高能見度？

Thanks, Nick, for the question. And just briefly, look, we always look at our language and want to make sure that it's as streamlined and straightforward as possible, both for investors and for the community. And so this is a little bit of just streamlining the language but also recognizing that there's been the passage of time.

謝謝你，Nick，提出這個問題。簡單說，我們一直在檢視我們的用語，並希望確保對投資人與社區而言都盡可能精簡且直白。因此，這次主要是稍微精簡措辭，同時也反映時間已經過去了一段。

And as the fuller disclosure acknowledges, our view on this is based on the information we have in hand today and absent additional information, the reality is since last quarter, three more months passed, there are no other -- no viable alternatives have appeared.

而且如更完整的揭露所述，我們對此的看法是基於目前手上掌握的資訊；在沒有新增資訊的情況下，現實是自上季以來又過了三個月，並未出現其他——沒有任何可行的替代方案。

And so we thought that the slight streamlining that we did there was appropriate in terms of just saying that SCE's equipment likely was associated with the events. But we also recognize that there are a number of other factors that have impacted ultimately the extent of the Eaton fire and not only the weather, but some of the factors that you saw show up in the cross claims that SCE filed against a number of entities. So that's all that the language is about.

因此我們認為，將措辭稍作精簡、直接表述為 SCE 的設備很可能與相關事件有關，是適當的。但我們也認知到，還有許多其他因素最終影響了 Eaton 野火的蔓延程度，不僅是天候，還包括你在 SCE 對多個實體提出交叉求償（cross claims）中所看到的一些因素。所以這些用語調整僅此而已。

Going to your question about how does this all dovetail with WRCP and ability to estimate potential liability. Again, we said for a long time now that the liability is probable given everything here. We have taken accountability and want to help the community by launching the WRCP. But the numbers I shared with you earlier of over 2,200 offers provided, even the claims numbers themselves.

回到你的問題：這與 WRCP 以及估計潛在責任的能力如何相互契合。我們已經說了很長一段時間，綜合所有情況來看，該責任屬於「很可能」（probable）。我們已承擔責任，並希望透過啟動 WRCP 來協助社區。但我先前與你分享的數字——已提出超過 2,200 份和解/賠付要約，甚至就申請件數本身而言——

So you think about over 12,300 individuals represented in those claims, that is still a small number relative to, for example, in litigation, we now have -- and I'm looking at (inaudible) I believe we have over 30,000 claims that have been filed. And so we just don't have the volume to the WRCP yet to use that to provide an estimate of the low end of the estimable range under GAAP principles.

你想想看，這些申請所代表的個人超過 12,300 人，但相較之下仍是小數目；例如在訴訟方面，我們現在——我看（聽不清）——我相信已經有超過 30,000 件索賠被提出。因此，WRCP 目前的量體仍不足以用來在 GAAP 原則下，提供可估計區間（estimable range）下限的估計。

Similarly, if you look at subrogation claims, you saw in our disclosures, I think we repeated this from prior quarters, SCE has now entered settlements with two insurers at around $0.55 on the dollar. But that's two subrogation claims that were settled out of what may likely be many. And so there, again, we just don't have sufficient volume to yield an estimate.

同樣地，如果你看代位求償（subrogation claims），你在我們的揭露中也看到，我想我們沿用前幾季的說法：SCE 目前已與兩家保險公司達成和解，和解金額約為每 1 美元索賠以 0.55 美元結算。但那只是眾多可能代位求償中的兩件和解。所以在那邊同樣地，我們仍沒有足夠的量體來產生可用的估計。

Hopefully, I covered all the parts of your question there, Nick.

希望我已涵蓋你問題的所有部分，Nick。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Maybe just a follow-up on the wildfire side. You continue to work through the claims on the wildfire recovery compensation program. Just curious if you have any view on timing to crossing that $1 billion threshold and when you might envision making first filings to tap into the wildfire fund for reimbursement?

我想就野火部分再追問一下。你們持續在野火復原補償計畫（wildfire recovery compensation program）中處理索賠。想請教你們是否對何時會跨過 10 億美元門檻有任何看法？以及你們預計何時會首次提出申請，以動用野火基金（wildfire fund）進行補償/報銷？

Yeah, Carly, between the subrogation settlements that we've made and the WRCP settlements that we're making, we are crossing that $1 billion threshold. So we've worked out with the CEA, who's the administrator of the Wildfire Fund, prefunding mechanism so that we don't come out of pocket for any of those dollars there, and we're working through with them that process to fund the claims now.

是的，Carly，結合我們已完成的代位求償和解以及正在進行的 WRCP 和解，我們正在跨過 10 億美元的門檻。因此我們已與野火基金的管理機構 CEA 協調好預先撥付（prefunding）機制，讓我們不需要為那部分資金先行墊付，並正與他們一起推進目前的理賠資金撥付流程。

Got it. Okay. Really helpful. Thank you for that. And then maybe just as we think about the potential outcomes in the legislative session and potential action plan on the back of that, could you maybe just talk a little bit about potential options on the table in the event that reform does not move forward this session?

了解。好的。非常有幫助。謝謝你。接著，當我們思考本次立法會期可能的結果，以及其後可能採取的行動方案時，如果本會期改革沒有推進，你能否談談目前檯面上可能的選項？

And maybe specifically, you referenced, obviously, the RAMP filing for the next GRC. Any potential changes that you might expect to see on the next GRC filing in the event that we don't see reform move forward this session?

也許更具體一點，你提到——顯然——下一次 GRC 的 RAMP 申報。如果本會期我們沒有看到改革推進，你預期下一次 GRC 申報可能會有哪些變化？

I mean, just to maybe reemphasize a point I made in my prepared remarks, right? And I was responding to Nick's question here, we don't know what we're going to see. So it's really difficult to say what the reactions might be. I did acknowledge, though, that if whatever comes out ends up significantly impacting the underlying cost of equity, then that will have some influence on future investments.

我的意思是，先重申我在事先準備的發言中提到的一點，對吧？而且我剛才也在回應 Nick 的問題：我們不知道會看到什麼。所以很難說可能會有哪些反應。不過我確實提到，如果最終出來的結果會顯著影響股權資本成本（underlying cost of equity），那將對未來投資產生一些影響。

Again, there's things that are sacrosanct, right, around safety, reliability. We have obligations under the PUC code. But where there are places where there might be some more flexibility, latitude that these could be candidates for rethinking or factoring that into future capital programs.

再說一次，有些事情是不可動搖的，例如安全與可靠性。我們在 PUC 法規下有義務。但在某些可能有更大彈性、裁量空間的地方，這些就可能成為重新思考的候選項，或在未來資本計畫中將其納入考量。

Aaron, anything you'd add or Steve? Yeah. Sorry, Carly, I know you all want more specifics, but we're just not there yet. We want to be very thoughtful when we see what we see and work from there.

Aaron，你有要補充的嗎？或 Steve？有。抱歉，Carly，我知道你們都想要更具體的內容，但我們目前還沒到那一步。我們希望在看到實際結果後再非常審慎地思考，並以此為基礎往下推進。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Pedro, I just wanted to go back to some of your comments in the script, and you talked about a number of different issues and focus around the legislature, but affordability was certainly part of that.

Pedro，我想回到你在講稿中的一些評論。你談到立法機關周邊有許多不同議題與關注重點，而「可負擔性」當然也是其中一部分。

And given there's been attention broadly on affordability, call it, the political backdrop in light of that and then more specific to this legislation, how do you think the affordability conversation stands right now, whether in the context of that legislation or more broadly? And how has that tone changed over the past few months?

鑑於外界對可負擔性的關注日益增加——可以說在此背景下的政治氛圍，以及更具體地就這項立法而言——你認為目前可負擔性的討論處於什麼狀態？不論是在該立法脈絡下或更廣泛的層面。而且過去幾個月這種語氣/基調有什麼變化？

Yeah. That's a great question, Rich. And I would start by saying this. It's a topic that just colors everything, not just in California, but really across the country, right? We're in a period that has followed, frankly, some of the pressures you saw in COVID and moving on.

是的。這是個很好的問題，Rich。我會先從這點說起：這個議題幾乎影響一切，不只是在加州，而是全國各地都是如此，對吧？坦白說，我們正處於一個時期，這個時期延續了你在 COVID 期間看到的一些壓力，並一路延伸至今。

You see now, particularly maybe even more so in other parts of the country, significant pressures as you see dramatic growth in energy consumption and that's driving infrastructure needs. I think the industry as a whole is ready to meet those needs, but we recognize region by region, there are pressures that may be specific to those.

你現在看到，特別是也許在美國其他地區更為明顯，隨著能源消耗大幅成長，出現顯著壓力，並推動基礎設施需求。我認為整個產業都已準備好滿足這些需求，但我們也認知到，各地區可能存在一些因地而異的壓力。

Here in California, when you take a look at affordability, the reality is that energy, in many ways, is not the main driver. One of the points that we continue to make is that for the average SCE customer, their total cost of energy is in the lowest cost quartile relative to the rest of the country. The challenge here, though, is that housing costs really dominate affordability impacts for the average consumer, along with other costs, right?

在加州這裡，當你檢視可負擔性時，現實是能源在很多方面並不是主要驅動因素。我們持續強調的一點是：對於一般 SCE 客戶而言，其能源總成本相較全美其他地區，位於成本最低的四分位。但這裡的挑戰在於，住房成本確實主導了對一般消費者的可負擔性影響，另外還有其他成本，對吧？

And so in that environment, I think there's a tendency to go look for any levers that can be pulled. When you then have a discussion going on in Sacramento around an important and very visible topic like wildfire, where there's utility cost recovery involved, where there's the connection to insurance rates and availability, right?

因此在那樣的環境下，我認為人們往往會去尋找任何可以拉動的槓桿。當你接著在沙加緬度就像野火這樣重要且高度受關注的議題展開討論，而其中又牽涉到公用事業成本回收、以及與保險費率與可得性之間的連結，對吧？

There's just a lot around affordability that gets wrapped into all this. One of the important points that we then make to legislators is that this is really about customer affordability because the reality is if there is insufficient action in 2026, there's a strong likelihood that the day after or a few days after, we could see credit rating downgrades for the investor-owned utilities in California and potentially for other sectors. I referenced the various Moody's and S&P reports recently that talk about multiple sectors.

這裡面有很多與可負擔性相關的議題都被包裹進來。我們接著向立法者提出的一個重要觀點是：這其實關乎客戶的可負擔性，因為現實是，如果在2026年採取的行動不足，很有可能在隔天或幾天後，我們就會看到加州的投資人持有型公用事業（IOU）遭到信用評等下調，並且可能波及其他產業。我最近也提到穆迪（Moody’s）與標普（S&P）的各種報告，談到多個產業部門。

And so that could be a significant cost impact to the cost of debt that gets passed through to SCE customers if we don't have a framework in the next four weeks that is credit supportive for our utility. And if you look at just the S&P ratings, it's BBB- for the utility. So there's nowhere to go in investment grade, right? The next step is noninvestment grade, which adds a lot of cost.

因此，如果我們在接下來四週內沒有一個對我們公用事業信用有支持性的架構，這可能會對債務成本造成重大影響，而該成本會轉嫁給SCE客戶。而如果你只看標普的評等，該公用事業是BBB-。所以在投資等級內已經沒有空間可退了，對吧？下一步就是非投資等級，這會增加很多成本。

So affordability is really framed around the impact of the absence of legislation on customer costs. And hence, I think the great point that the CEA report made around the sense of urgency here.

所以，可負擔性其實是圍繞著「若缺乏立法，將對客戶成本造成的影響」來界定的。因此，我認為CEA報告在此所提出的「緊迫感」這一點非常到位。

Aaron, anything you would add there?

Aaron，你還有什麼要補充的嗎？

I just would say, I think there's a little bit. Rich asked about affordability measures. And I'd just say as part of the legislative package, we're going to evaluate the totality of the package that comes to us and figure out a response that goes along with it.

我只想說，我認為這裡面有一點。Rich問到可負擔性措施。我想說的是，作為立法方案的一部分，我們會評估送到我們這裡的整體方案內容，並據此擬定相應的回應。

Gregg Orrill, UBS.

UBS的Gregg Orrill。

Congratulations on the result. I was just wondering if there was a way to get a sense of how much of the impact was timing and how much of the upside is, in your view, normalized?

恭喜這次的結果。我只是想知道，有沒有辦法判斷這次影響中有多少是時點因素、有多少上行在你們看來屬於常態化？

Yeah, Gregg. I'd say two quarters doesn't make a year, and we're focused on delivering on our guidance for the year. The quarter is a data point, and it's important. And having a strong start to the year does give us the opportunity to invest in the business to derisk future periods and drive efficiency. So we're very happy about that, but we reaffirmed our guidance at the $5.90 to $6.20.

是的，Gregg。我會說兩個季度不代表一年，我們的重點仍是達成全年指引。這個季度是一個數據點，而且很重要。而年初有個強勁的開局，確實讓我們有機會投資於業務，以降低未來期間的風險並提升效率。所以我們對此非常高興，但我們也重申指引為5.90到6.20美元。

Paul Zimbardo, Jefferies.

Jefferies的Paul Zimbardo。

The first, I was going to ask and just following up on Pedro's response to the prior question around the rating agencies and the potential downgrades. I saw you tweak that language, also. Is that something that the agencies have directly communicated like something new? Or are you just referencing some of their reports where they talk about the scenarios without legislation?

第一個問題，我想追問一下Pedro對前一題關於評等機構與潛在降評的回覆。我也看到你稍微調整了那段措辭。這是評等機構直接溝通過、像是新的訊息嗎？還是你只是引用他們的一些報告，裡面談到在沒有立法情境下的各種可能？

So a couple of things there, Paul. One, on our ratings or the utility -- California IOU ratings, just referencing prior reports. But Pedro's prepared remarks did reference separate reports that both Moody's and S&P have issued over, I think, the past month about California, which IOUs are an important part of California, but it talks more broadly about the ramifications of wildfire across the California economy. So not quite sure what you're asking about, but neither one of those was intended to be breaking news of something that hasn't been published by the rating agencies.

Paul，這裡有幾點。第一，關於我們的評等或公用事業——加州IOU的評等，我們只是引用先前的報告。但Pedro的事先準備發言確實提到穆迪與標普在我想是過去一個月左右，針對加州發布的另外一些報告；IOU是加州的重要組成，但那些報告更廣泛地談到野火對加州整體經濟的影響。所以我不太確定你具體在問哪一部分，但我們的意思都不是要把評等機構尚未發布的內容當作突發新聞來講。

Okay. No, that's what I thought it was. I just wanted to clarify on that. That's helpful. And the other was, again, I know everyone wants to talk about California and everything else. But I saw that you sold Trio. I think that sold to Edison Energy. Just why make that decision now?

了解。對，我原本也以為是這樣。我只是想釐清一下。這很有幫助。另一個問題是——我知道大家都想談加州以及其他事情。但我看到你們出售了Trio。我想是賣給Edison Energy。為什麼現在做這個決定？

Yeah. Thanks, Paul. Trio, we still believe in the underlying business. But given where we are today, we thought that with the focus that we have, from a laser focus in Edison, and with some of the ongoing needs that Trio may have, there's a different partner who's a better fit as an owner for them. And so the transaction made sense for us.

是的。謝謝你，Paul。Trio，我們仍然相信其底層業務。但就我們目前的狀況而言，考量到我們在Edison的高度聚焦，以及Trio可能仍有一些持續性的需求，我們認為有另一個合作夥伴作為其所有者會更適配。因此，這筆交易對我們而言是合理的。

As you know, it's not material -- has not been material to EIX throughout. And so you did notice it in our disclosures. And we wish the team very well. It's a great team there, and I think they can continue to be successful.

如你所知，這對EIX而言並不重大——一直以來都不重大。所以你會在我們的揭露中注意到它。我們也祝福那個團隊一切順利。那是一個很棒的團隊，我認為他們可以持續成功。

Aidan Kelly, JPMorgan.

JPMorgan的Aidan Kelly。

Just wanted to come back to the RAMP application. Could you speak to the pace of mitigation spend required across SCE service territories and how this might compare relative to last cycle?

我想回到RAMP申請。你能談談在SCE服務區域內所需的緩解支出步調，以及這與上一個週期相比可能如何嗎？

I know in the prepared remarks, you mentioned about 450 miles of covered conductor, 190 miles of undergrounding. But if you were just to tee it up from a capital perspective, how would you frame the size relative to past applications?

我知道在事先準備的發言中，你提到大約450英里的覆蓋導線、190英里的地下化。但如果從資本角度來鋪陳，你會如何界定其規模相對於過去申請的大小？

Yeah. So I'd say in the past, about a third of our GRC request has shown up in the RAMP application. So this time around, it's about $2.5 billion. I'd say maybe slightly more than one-third would be the translation. So it ties in the level of spending that we have here, it ties in with the $8 billion to $9 billion of CapEx that we have in our 2029 capital forecast that we shared with you in the investor deck.

是的。我會說過去大約三分之一的GRC申請會出現在RAMP申請中。所以這次大約是25億美元。我會說換算起來可能略高於三分之一。因此，這與我們在此的支出水準相呼應，也與我們在投資人簡報中向各位分享的2029年資本預測中80億到90億美元的資本支出（CapEx）相一致。

Got it. Appreciate the color there. And then for the Eaton fire, just wondering if there's any update on the L.A. District Attorney's investigation you'd be willing to share? Any sense on timeline or key milestones to be on the lookout for?

了解。謝謝你提供這些說明。另外關於Eaton火災，我想知道你是否願意分享任何關於洛杉磯地方檢察官調查的最新進展？對於時程或值得關注的關鍵里程碑，有沒有任何概念？

Yeah. No, we don't really have an update there. As you might imagine, we're not privy to what their timing might be or the like. Of course, we're ready to cooperate and have cooperated when they've asked for anything from our team. We have said in the past that typically for complex fires, you might see a report out in 12 to 18 months. Clearly, it's been more than 18 months now. But we don't really have an insight on when the report might come out.

是的。不，我們目前沒有什麼更新。如你所想像的，我們無法得知他們的時程安排或類似資訊。當然，我們已準備好配合，也在他們向我們團隊要求任何事項時予以配合。我們過去曾說過，通常對於複雜的火災事件，你可能會在12到18個月內看到報告出爐。顯然，現在已經超過18個月了。但我們確實無法洞悉報告何時會發布。

Ryan Levine, Citi.

Ryan Levine，花旗。

Two questions. One, to the extent you're able to comment, how is the ramp-up of education efforts in Sacramento compared to the last year on the wildfire bill? Is this much broader given the complexity of the bill? Or any color you could share more broadly around the process?

兩個問題。第一，在你能評論的範圍內，沙加緬度的教育宣導工作加速推進的情況，與去年就野火法案所做的相比如何？鑑於法案的複雜性，這次是否更為廣泛？或者你能否更廣泛地分享一些關於流程的看法？

It's a good question, Ryan. I would say this, certainly, we're very focused on that education effort. When you talk about the last time, I'm tempted just a little tongue-in-cheek to ask which last time. So do you mean 254? Do you mean 1054? You mean the effort that led to 901.

這是個好問題，Ryan。我會這麼說：我們當然非常專注於那項教育宣導工作。你提到上一次時，我有點想半開玩笑地問，是指哪一次上一次。所以你是指 254 嗎？你是指 1054 嗎？還是指促成 901 的那次努力。

And so if you don't mind actually taking a little broader aperture. I mean, I go back to '17 and '18, right? So we ended up with SB 901 was in 2018. That was a real ramp-up, right, because it was a new topic in many ways for all of us, for the legislature, for the utilities.

如果你不介意的話，我們其實可以把視角拉得更廣一些。我的意思是，我回溯到 2017 年和 2018 年，對吧？我們最後在 2018 年推出了 SB 901。那次確實是大幅加速推進，對吧，因為在很多方面，對我們所有人、對立法機關、對公用事業公司而言，這都是一個新議題。

And we were really focused on helping the state develop a brand-new framework from whole cloth. I would say 254 was different because last year, right, it was different in the sense that we had 1054. And so the question was what needs improvement, how do you build from that?

而我們當時非常專注於協助州政府從零開始建立一個全新的框架。我會說 254 不同，因為去年，對吧，不同之處在於我們已有 1054。因此問題變成：哪些需要改進？要如何在此基礎上再往前建構？

And you saw that with 254, we're all very engaged and the answer from the legislature was that they themselves needed more education, which they then tasked to the CEA to produce a report, which I think you've heard me say before, that was an excellent report, right? So the report came out in April.

你也在 254 看到，我們都非常投入，而立法機關給出的回應是：他們自己需要更多教育，於是他們交辦 CEA 出具一份報告；我想你以前聽我說過，那是一份非常出色的報告，對吧？所以該報告在 4 月發布。

I'd say this year, what's different is that we all are benefiting from having the basis of that report as the platform for the discussions. And so I think that's helpful. That said, a lot of legislators, while they were there for the 254 cycle, they may not have been for 1054 or 901, right? So you still have a range of starting points for individual policymakers. I feel for them.

我會說今年不同之處在於：我們都受益於以那份報告作為討論的平台與基礎。所以我認為這很有幫助。話雖如此，許多立法者雖然經歷過 254 的週期，但他們可能沒有經歷 1054 或 901，對吧？因此個別決策者的起點仍然各不相同。我很同情他們。

I think they have some of the hardest jobs in the state because -- listen, I think my job is hard, and I get to focus on one sector. They're focusing on every sector across the world's fourth largest economy. So I think having the CEA report, as a platform to start, has been helpful to all of them and to us.

我認為他們的工作是全州最艱難的工作之一，因為——聽著，我覺得我的工作很難，而我只需要專注在一個產業。他們要關注的是全球第四大經濟體中每一個產業。所以我認為，以 CEA 報告作為起始平台，對他們所有人以及對我們都很有幫助。

Thanks. And then one more specific question around the RAMP process. How does the ongoing undergrounding cost benefit analysis impact the decision around how much covered conductors or undergrounding you're planning to doing, and to the extent that there's any upside to the 190-mile undergrounding plan that you filed in your RAMP?

謝謝。然後還有一個更具體、關於 RAMP 流程的問題。目前正在進行的地下化成本效益分析，如何影響你們在覆蓋導線或地下化方面計畫要做多少的決策？以及在你們於 RAMP 中提交的 190 英里地下化計畫上，是否存在任何上行空間？

Steve Powell will chip in on this one.

Steve Powell 會補充回答這題。

Hey, Ryan. How are you doing? So every time we go through the RAMP, we're looking at the latest, I'll say, approved as well as our own risk frameworks and how that translates into the benefit-cost ratios. At a lot of points, we're looking at finding the right portfolio that is above the 1.0 benefit-cost, but we're looking project by project as well.

嗨，Ryan。你最近如何？所以每次我們走 RAMP 流程時，我們都會看最新的——我會說——已核准的，以及我們自身的風險框架，並看它如何轉化為效益成本比。在很多時點，我們都在尋找一個效益成本比高於 1.0 的合適投資組合，但我們也會逐案（逐個專案）來看。

So the risk models have been refined to bring in the latest intel that we have on the level of risk, given everything we've learned in the past, we've combined a number of models to better assess the actual risk there. When it comes to undergrounding, we're looking at certainly the cost of that undergrounding and it varies segment by segment, and we use those estimates combined with the level of risk.

因此，我們已精進風險模型，把我們掌握的最新資訊納入對風險程度的判斷；基於過去所學，我們結合了多個模型，以更好地評估實際風險。談到地下化時，我們當然會看地下化的成本，而且成本會因路段而異；我們會把這些估算與風險程度結合起來使用。

And so there, we'll calculate the benefit costs. We're going to do projects that are above 1. We'll then compare them on covered conductor versus just undergrounding. We'll look at other factors like the egress, the terrain, and other pieces to decide where undergrounding is going to be the right solution.

因此，我們會在那裡計算效益成本。我們會做效益成本比高於 1 的專案。接著我們會在覆蓋導線與直接地下化之間做比較。我們也會看其他因素，例如撤離通道（egress）、地形，以及其他要素，以決定在哪些地方地下化會是正確的解決方案。

It has to be feasible as well. That's one of the constraints around it that also plays into costs. So based on what was in the RAMP, we put in about 190 miles of undergrounding in a base scenario. But we'll continue to evaluate if there's other places that we need to do it, frankly, to reduce things like public safety power shutoffs and other factors.

同時也必須具備可行性。這是其中一項限制條件，也會影響成本。因此，基於 RAMP 的內容，我們在基準情境中納入約 190 英里的地下化。但我們會持續評估是否還有其他地方需要這麼做，坦白說，是為了降低像公共安全停電（PSPS）以及其他因素的影響。

So the RAMP is a good starting point. We put in our BCR analysis. We'll get feedback in the process before we actually file our general rate case. So we'll decide what actually goes into our general rate case as we get closer to next year.

所以 RAMP 是一個很好的起點。我們已納入我們的 BCR 分析。在我們實際提交一般費率案件（general rate case）之前，我們會在流程中收到回饋。因此，隨著我們接近明年，我們會決定最終哪些內容會納入我們的一般費率案件。

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

謝謝。以上是我們最後一個問題。我現在把電話會議交回給 Sam Ramraj 先生。

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

謝謝各位參與。本次電話會議到此結束。祝各位今天剩下的時間愉快。你們現在可以斷線。

Thank you. This concludes today's conference call. You may go ahead and disconnect at this time and have a great rest of your day. Thank you.

謝謝。本日電話會議到此結束。你們現在可以結束連線，並祝各位今天剩下的時間愉快。謝謝。