Hawaiian Electric Industries Inc (HE) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the HEI first quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Mateo Garcia, Director of Investor Relations. Please go ahead.

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加 HEI 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係總監馬特奧·加西亞 (Mateo Garcia)。請繼續。

Thank you. Welcome, everyone, to HEI's first quarter 2025 earnings call. Joining me today are Scott Seu, HEI President, and CEO; Scott DeGhetto, HEI Executive Vice President and CFO; Shelee Kimura, Hawaiian Electric President and CEO; and other members of senior management.

謝謝。歡迎大家參加 HEI 2025 年第一季財報電話會議。今天與我一起出席的還有 HEI 總裁兼執行長 Scott Seu； HEI 執行副總裁兼財務長 Scott DeGhetto；夏威夷電力公司總裁兼執行長 Shelee Kimura；以及其他高階主管。

Our earnings release and our presentation for this call are available in the Investor Relations section of our website. As a reminder, forward-looking statements will be made on today's call. Factors that could cause actual results to differ materially from expectations can be found in our presentation, our SEC filings and in the Investor Relations section of our website.

我們的收益報告和本次電話會議的簡報可在我們網站的投資者關係部分找到。提醒一下，今天的電話會議將會做出前瞻性的陳述。可能導致實際結果與預期有重大差異的因素可以在我們的簡報、美國證券交易委員會 (SEC) 文件以及我們網站的投資者關係部分中找到。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measures. We will take questions from institutional investors at the end of this call. Individual investors and others can reach out to Investor Relations.

今天的演示也提到了非公認會計準則財務指標。您應該參考今天簡報附帶的幻燈片中包含的信息，以獲取定義資訊以及歷史非 GAAP 指標與最接近的 GAAP 財務指標的對帳資訊。我們將在電話會議結束時回答機構投資者的提問。個人投資者和其他人可以聯繫投資者關係部門。

Now Scott Seu will begin with his remarks.

現在，史考特·塞烏將開始發言。

(spoken in foreign language) Welcome, everyone. For today's call, I'll start with an update on our continued efforts to regain HEI's financial strength and emerge a stronger, more resilient company. I'll also touch on the recently concluded Hawaii legislative session and the remaining steps required for execution of the Maui wildfire settlement agreement. I'll then turn it over to Scott DeGhetto, who will walk through our financial results, and then we'll open it up for questions.

（外語）歡迎大家。在今天的電話會議上，我將首先介紹我們為恢復 HEI 的財務實力並成為更強大、更有韌性的公司而做出的持續努力。我還將談及最近結束的夏威夷立法會議以及執行毛伊島野火和解協議所需的剩餘步驟。然後我將把時間交給 Scott DeGhetto，他將介紹我們的財務結果，然後我們將開始回答問題。

Last quarter, we discussed the important progress made in 2024 to ensure a strong, financially healthy future for HEI and to best position our company to serve the communities in which we operate for the long term. This progress has continued in 2025 with the important strides made to resolve the Maui wildfire tort litigation while laying a foundation for financial strength and resilience moving forward.

上個季度，我們討論了 2024 年的重要進展，以確保 HEI 擁有強勁、財務健康的未來，並使公司能夠長期服務於我們營運所在的社區。2025 年，這項進展仍在繼續，在解決毛伊島野火侵權訴訟方面取得了重要進展，同時為未來的財務實力和彈性奠定了基礎。

In February, the Hawaii State Supreme Court issued a decision resolving the outstanding issue with insurers who filed subrogation claims related to the Maui wildfires. The court clarified that once the settlement becomes final, insurers seeking to recover amounts they've paid to settling plaintiffs cannot separately sue defendants. The decision aligned with our position and was a key step in finalizing the settlement.

今年 2 月，夏威夷州最高法院發布了一項裁決，解決了與毛伊島森林大火相關的代位求償權的保險公司之間的懸而未決的問題。法院澄清說，一旦和解最終確定，尋求追回已支付給和解原告的金額的保險公司不能單獨起訴被告。該決定符合我們的立場，是最終達成和解的關鍵一步。

With this critical supportive Supreme Court decision, the remaining administrative steps required to finalize the settlement are expected to be completed early next year, after which we'll make our first $479 million payment.

有了最高法院這項至關重要的支持性裁決，完成和解所需的剩餘行政步驟預計將於明年年初完成，之後我們將支付第一筆 4.79 億美元。

In March, Governor Green announced the commencement of the first disbursement under the $175 million One Ohana initiative to participating families who lost loved ones and individuals who suffered serious physical injuries in the Maui wildfires. As a reminder, the One Ohana initiative was established to provide relief as quickly as possible to those most seriously impacted.

今年 3 月，格林州長宣布啟動 1.75 億美元「One Ohana」計畫的首筆撥款，對像是參與該計畫並在毛伊島山火中失去親人的家庭和遭受嚴重身體傷害的個人。提醒一下，「One Ohana」倡議的成立是為了盡快為受災最嚴重的人們提供救濟。

Our company contributed $75 million to One Ohana, and this is part of our $1.99 billion total contribution to the settlement. The path towards resolving the Maui wildfire tort litigation is clearer now than at any time since August 2023.

我們公司向 One Ohana 貢獻了 7,500 萬美元，這是我們為該和解協議貢獻的 19.9 億美元總額的一部分。現在，解決毛伊島野火侵權訴訟的道路比 2023 年 8 月以來的任何時候都更加清晰。

With the sale of American Savings Bank and ongoing divestiture of Pacific Current assets, we're moving to a simpler business model, which will eventually be focused solely on regulated utility operations. With the actions we took last year to improve our balance sheet and liquidity, we're also moving forward with greater financial strength. We're well positioned to finance the remaining settlement payments amidst the robust CapEx cycle expected at Hawaiian Electric.

隨著美國儲蓄銀行的出售和太平洋流動資產的持續剝離，我們正在轉向更簡單的商業模式，最終將只專注於受監管的公用事業運營。透過去年我們為改善資產負債表和流動性而採取的行動，我們也正在以更強大的財務實力向前邁進。在夏威夷電力公司預期強勁的資本支出週期中，我們已做好準備，為剩餘的結算款項提供資金。

The significant investments planned in the utilities generation system and electric grid will enhance safety, reliability, and resilience for our customers. We're also moving forward with an operational risk profile that's greatly improved since the 2023 Maui wildfires. The utility has continued to implement the enhanced wildfire safety measures outlined into 2025 through 2027 wildfire safety strategy submitted to the Public Utilities Commission in January.

對公用事業發電系統和電網的大量投資計畫將提高我們客戶的安全性、可靠性和彈性。我們的營運風險狀況也不斷改善，自 2023 年毛伊島野火以來，這一狀況已大大改善。該公用事業公司繼續實施 1 月提交給公共事業委員會的 2025 年至 2027 年野火安全戰略中概述的加強野火安全措施。

Another priority for 2025 and 2026 is to rebase the utilities target revenues in the performance-based regulation, or PBR, framework. In February, the PUC ordered that target revenues should be rebased ahead of the second multiyear rate period of the PBR framework using a rate case-like proceeding. We expect to file an application to rebase target revenues towards the later part of this year.

2025 年和 2026 年的另一個優先事項是根據基於績效的監管 (PBR) 框架重新確定公用事業的目標收入。今年 2 月，公共事業委員會下令，在 PBR 框架的第二個多年期稅率期之前，應使用類似稅率案例的程序重新確定目標收入。我們預計在今年下半年提出重新調整目標收入的申請。

Our progress in making our company stronger and more resilient has not come at the expense of other key priorities. We remain committed to advancing our state's clean energy goals and our path to 100% RPS and net zero by 2045.

我們在使公司更加強大和更具韌性方面取得的進步並沒有以犧牲其他關鍵優先事項為代價。我們將繼續致力於推進我們州的清潔能源目標，到 2045 年實現 100% RPS 和淨零排放。

In summary, we believe our company's investment thesis is stronger today than it has been at any point since the Maui wildfires. We've made significant progress toward resolving the wildfire tort litigation and simplifying our corporate structure, and the actions we've taken to improve our company's risk profile and financial flexibility have positioned us well for the future.

總而言之，我們相信，我們公司的投資理論今天比毛伊島野火以來的任何時候都更強大。我們在解決野火侵權訴訟和簡化公司結構方面取得了重大進展，我們為改善公司風險狀況和財務靈活性所採取的行動為我們的未來做好了準備。

Turning to the next slide. This legislative session, several measures passed and are awaiting signature by Governor Green. Last week, the Hawaii state legislature passed House Bill 1001, appropriating funds for the state of Hawaii's contribution to the Maui wildfire tort litigation settlement. This was a crucial step to ensure the settlement is implemented.

翻到下一張投影片。本屆立法會議通過了多項措施，正在等待格林州長簽署。上週，夏威夷州立法機構通過了第 1001 號眾議院法案，撥款用於夏威夷州對毛伊島野火侵權訴訟和解的貢獻。這是確保協議得以實施的關鍵一步。

The legislature also passed Senate Bill 897 directing the Public Utilities Commission to establish an aggregate liability cap on economic damages from future wildfires. Numerous factors will be considered in determining the cap, including impacts on credit ratings, borrowing costs and customer rates.

立法機關也通過了參議院第 897 號法案，指示公共事業委員會對未來野火造成的經濟損失設定總責任上限。在確定上限時將考慮多種因素，包括對信用評級、借貸成本和客戶利率的影響。

In order to assert the liability cap, the utility needs to have a PUC-approved wildfire mitigation plan and a PUC determination that the plan is being implemented on an approved timeline. Senate Bill 897 also authorizes securitization to finance wildfire safety improvements.

為了主張責任上限，公用事業公司需要擁有 PUC 批准的野火緩解計劃，並且 PUC 確定該計劃正在按照批准的時間表實施。參議院第 897 號法案還授權通過證券化來資助野火安全改進。

This will ensure that these critical safety improvements can be implemented at lower cost to customers. And Senate Bill 897 also directs the PUC to study the creation of a disaster recovery fund with recommendations to be provided to the legislature prior to the 2026 legislative session.

這將確保這些關鍵的安全性改進能夠以較低的成本為客戶實現。參議院第 897 號法案還指示公共事業委員會研究設立災難復原基金，並在 2026 年立法會議之前向立法機構提供建議。

Although many details will need to be worked through, Senate Bill 897 is a milestone piece of legislation that can reduce wildfire liability risk exposure for the utility going forward. It also allows for lower cost financing so that the utility can implement wildfire mitigation plans in a more cost-effective manner. Hawaii is now 1 of 15 states that have passed or are considering utility-related wildfire legislation, including laws to limit utilities' exposure to liability if they take action to reduce the risk of ignition.

儘管還有許多細節需要解決，但參議院第 897 號法案是一項里程碑式的立法，可以降低公用事業公司未來面臨的野火責任風險。它還允許以較低的成本融資，以便公用事業公司能夠以更具成本效益的方式實施野火緩解計劃。夏威夷目前是已經通過或正在考慮與公用事業相關的野火立法的 15 個州之一，其中包括限制公用事業公司在採取行動降低火災風險時承擔的責任的法律。

Legislation was also passed supporting the utility's ability to procure reliable, affordable clean energy. Senate Bill 1501 will help reduce financial risk concerns for independent power producers contracting with the utility. It authorizes the state to provide a financial backstop in certain situations to ensure utility payments to independent power producers. This ensures that developers have access to capital at reasonable rates and can provide the utility with clean, reliable power while preserving project economics and customer affordability.

也通過了立法，支持公用事業公司採購可靠、廉價的清潔能源的能力。參議院第 1501 號法案將有助於減少與公用事業公司簽約的獨立電力生產商的財務風險擔憂。它授權國家在某些情況下提供財政支持，以確保向獨立電力生產商支付電費。這確保開發商能夠以合理的價格獲得資金，並能為公用事業提供清潔、可靠的電力，同時保持專案經濟性和客戶承受能力。

This legislation also supports our state's drive towards 100% RPS and carbon neutrality by 2045. This year's constructive legislative outcome was the result of months of debate, collaboration and hard work from policymakers and numerous Hawaii stakeholders. We look forward to continuing our work with the governor, our legislature, the PUC, and other stakeholders after these bills are signed into law.

該法案還支持我們州在 2045 年實現 100% RPS 和碳中和的努力。今年的建設性立法成果是政策制定者和許多夏威夷利益相關者數月辯論、合作和努力的結果。我們期待在這些法案簽署成為法律後繼續與州長、立法機構、公共事業委員會和其他利益相關者合作。

Lastly, slide 5 shows the expected timing for the remaining steps required to finalize the settlement agreement. The Maui District Court is working through the administrative steps required for the settlement to take effect. These include granting approvals of the agreements and making good faith determinations, among other steps. We expect these steps will be completed in early 2026, which will then trigger our first payment obligation.

最後，投影片 5 顯示了完成和解協議所需剩餘步驟的預計時間。毛伊島地方法院正在採取必要的行政措施以使和解協議生效。這些措施包括批准協議和誠信決定等。我們預計這些步驟將於 2026 年初完成，屆時將觸發我們的第一筆付款義務。

I'll now hand the call off to Scott DeGhetto, who will take you through the quarter's financial results.

我現在將電話轉給 Scott DeGhetto，他將向您介紹本季的財務表現。

Thank you, Scott. I'll start with our financial results for the quarter on slide 6. In the first quarter, we generated net income of $26.7 million or $0.15 per share. The quarter's results include a $13.2 million pretax loss on sale recorded at Pacific Current resulting from the sale of its largest asset, the Hamakua power plant.

謝謝你，斯科特。我將從第 6 張投影片開始介紹本季的財務表現。第一季度，我們的淨收入為 2,670 萬美元，即每股 0.15 美元。本季的業績包括 Pacific Current 公司因出售其最大資產 Hamakua 發電廠而產生的 1,320 萬美元的稅前銷售損失。

The quarter's results also include $4.5 million of pretax Maui wildfire-related expenses net of insurance recoveries and deferrals. Approximately $2.5 million of the $4.5 million in net wildfire expenses was recorded at the utility.

本季的業績還包括扣除保險賠償和遞延費用後的 450 萬美元稅前毛伊島野火相關費用。在 450 萬美元的淨野火支出中，約有 250 萬美元由公用事業公司記錄。

Excluding these items, consolidated core net income was $39.8 million for the quarter or $0.23 per share. This compares to core income from continuing operations of $28.4 million or $0.26 per share in the first quarter of 2024. As a reminder, income from continuing operations is the appropriate 2024 metric to compare to as it excludes the operations of American Savings Bank, which we sold at the end of last year.

除這些項目外，本季綜合核心淨收入為 3,980 萬美元，即每股 0.23 美元。相比之下，2024 年第一季持續經營核心收入為 2,840 萬美元，即每股 0.26 美元。提醒一下，持續經營收入是適合比較的 2024 年指標，因為它不包括我們在去年年底出售的美國儲蓄銀行的業務。

Utility core net income for the quarter was $49.7 million compared to $44.2 million in the first quarter of 2024. The increase in utility core net income was driven by better heat rate performance higher annual revenue adjustment mechanism revenues and lower bad debt expense, partially offset by higher wildfire mitigation program expenses and higher insurance costs.

本季公用事業核心淨收入為 4,970 萬美元，而 2024 年第一季為 4,420 萬美元。公用事業核心淨收入的成長得益於更好的熱效率表現、更高的年度收入調整機制收入和更低的壞帳支出，但被更高的野火緩解計畫支出和更高的保險成本部分抵消。

Holding company core net loss was $9.9 million compared to $15.8 million in the first quarter of 2024. The lower core net loss was driven by higher interest income from holding company cash being held on the balance sheet primarily to make the first settlement payment.

控股公司核心淨虧損為 990 萬美元，而 2024 年第一季為 1,580 萬美元。核心淨虧損減少是由於控股公司現金的利息收入增加，這些現金主要存放在資產負債表上，用於支付第一筆結算款項。

Turning to the next slide. I'll provide a few key updates on our capitalization and liquidity. As of the end of the first quarter, the holding company and the utility had approximately $492 million and $130 million of unrestricted cash on hand, respectively. The March 31 holding company cash balance includes the approximately $384 million from the ASB sale that was used to retire debt on April 9.

翻到下一張投影片。我將提供一些有關我們的資本化和流動性的重要更新。截至第一季末，控股公司和公用事業公司分別擁有約 4.92 億美元和 1.3 億美元的非限制現金。3 月 31 日控股公司現金餘額包括 ASB 出售所得的約 3.84 億美元，用於在 4 月 9 日償還債務。

In addition, the holding company has approximately $300 million in combined liquidity available under its ATM program and revolver capacity. The utility also has approximately $300 million of liquidity available under its accounts receivable credit facility and revolver capacity.

此外，該控股公司在其 ATM 計劃和循環信貸能力下擁有約 3 億美元的可用流動資金。該公用事業公司還擁有約 3 億美元的應收帳款信貸額度和循環信貸額度流動資金。

The first settlement payment of $479 million continues to be held in a subsidiary created for addressing the first installment payment pursuant to the Maui wildfire settlement. This is included in restricted cash on the balance sheet until we make the first settlement payment expected in early 2026.

首筆 4.79 億美元的和解金仍由一家子公司保管，該子公司是為了支付毛伊島山火和解協議規定的首筆分期付款而設立的。這筆款項將計入資產負債表的受限現金中，直到我們在 2026 年初支付第一筆結算款項。

We mentioned previously that the net proceeds from last year's sale of 90.1% of American Savings Bank would be used for debt reduction at the holding company. Following a successful tender offer in March, on April 9, HEI retired approximately $384 million of debt. The lower holding company debt balance gives us more financial flexibility as we formulate plans for financing the balance of the settlement payments.

我們先前提到，去年出售美國儲蓄銀行 90.1% 股份的淨收益將用於削減控股公司的債務。繼 3 月成功收購後，HEI 於 4 月 9 日償還了約 3.84 億美元的債務。在我們制定結算付款餘額融資計劃時，較低的控股公司債務餘額為我們提供了更大的財務靈活性。

Looking ahead, HEI remains committed to a simpler, more focused business model. Following the successful sale of Pacific Current's largest asset, we are continuing to explore our options with the remaining assets.

展望未來，HEI 仍致力於更簡單、更專注的商業模式。在成功出售太平洋海流公司最大的資產後，我們將繼續探索剩餘資產的選擇。

Lastly, the utility dividend to HEI has been reinstated after the temporary suspension that began with the second quarter 2024 dividend. Hawaiian Electric's Board of Directors approved a $10 million quarterly dividend for the first quarter of 2025.

最後，自 2024 年第二季股息開始暫停發放以來，HEI 的公用事業股息現已恢復。夏威夷電力公司董事會批准 2025 年第一季派發 1,000 萬美元的季度股息。

This decision was made after considering several factors, including the continued progress of the Maui windstorm and wildfire settlement as well as the utilities' results of operations and liquidity position. At that, let's open up the call to questions.

這項決定是在考慮了多種因素後做出的，包括毛伊島風暴和野火解決的持續進展以及公用事業的營運表現和流動性狀況。現在，讓我們開始提問環節。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

This is [Michael Brown] on for Nicholas Campanella. First question is, do you anticipate a positive feedback from the rating agencies if SB 897 is signed into law? How do you think that they will view that?

這是 [Michael Brown] 為 Nicholas Campanella 主持的。第一個問題是，如果 SB 897 簽署成為法律，您是否預期評級機構會給予正面的回饋？您認為他們會如何看待這一點？

Yes. The simple answer to that is yes. We don't want to speculate on what the rating agencies are thinking or how they'll respond to that. But they've given us very strong indications that once that is signed as well as a number of other key milestones, including the final court approval of the settlement agreement that those are all credit positives.

是的。答案很簡單，是的。我們不想猜測評級機構在想什麼或他們會如何回應。但他們向我們發出了非常強烈的信號，一旦簽署協議以及其他一些關鍵里程碑，包括法院最終批准的和解協議，這些都是信貸利好。

My next question is if SB 897 is signed into law, is this like what kind of step forward is this for the wildfire fund going forward?

我的下一個問題是，如果 SB 897 簽署成為法律，這對野火基金的未來發展來說是什麼樣的進步？

Mike, this is Scott. See, I'm not quite sure your question with respect to 897 is what?

麥克，這是斯科特。瞧，我不太確定你關於 897 的問題是什麼？

How will this legislation shift the discussion towards the future wildfire fund implementation?

這項立法將如何推動討論轉向未來的野火基金實施？

Well, as part of the Senate Bill 897, there is a component that requires the PUC to study the viability of a wildfire fund and come back to the legislature prior to the next session with recommendations on whether a fund should be created, if so, how large should it be, what should be the structure and other considerations. So the PUC will be doing this study towards the end of this year.

嗯，作為參議院第 897 號法案的一部分，其中有一項內容要求公共事業委員會研究野火基金的可行性，並在下屆會議之前向立法機關提出建議，說明是否應該設立基金，如果設立，基金規模應該有多大，基金結構應該如何，以及其他考慮因素。因此，公共事業委員會將在今年底進行這項研究。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Let me just pick up on SB 897 from a second ago. I mean what is this is liability cap, if you will? I mean obviously, they're directing the PUC to establish one. How do you think about a range that's appropriate? Or how do you even think about the concept of this supposed liability cap? I mean -- and how are you engaging with parties on even approaching what that might conceivably construed as being?

讓我繼續剛才的 SB 897 話題。我的意思是，如果你願意的話，這是什麼責任上限？我的意思是，顯然他們正在指示公共事業委員會建立一個。您認為合適的範圍是怎樣的？或者您如何看待這個所謂的責任上限的概念？我的意思是——您如何與各方接觸，甚至探討可能被解釋為什麼？

Julien, this is Scott. I think what's important is that SB 897, it essentially says that there shall be an aggregate liability cap. So that's the first important point. The meat of the bill, of course, is directing the PUC to start a rule-making process to consider a number of different factors that we touched upon in my earlier remarks and which are listed in the bill itself.

朱利安，這是斯科特。我認為重要的是 SB 897，它本質上說的是應該有一個總責任上限。這是第一個重點。當然，該法案的核心是指示公共事業委員會啟動規則制定程序，考慮我們在先前的評論中提到的、並在法案本身中列出的許多不同因素。

And the PUC will take into account should the liability cap be based on a cap -- within a set time period, should it be on a per event basis, should it be a flat dollar amount, should be a percent of our market cap or rate base? So a number of these different factors all listed in the legislation.

公共事業委員會 (PUC) 將考慮責任上限是否應基於上限 - 在規定的時間段內，是否應基於每次事件，是否應為固定金額，是否應為我們的市值或利率基數的百分比？因此，立法中列出了許多不同的因素。

So I think it's important that we don't get ahead of the PUC process. But just remember that the bill directs that a cap will be established and it's put to the PUC to follow their rule-making process to establish exactly what the best form is to serve the purposes of the cap.

因此我認為重要的是我們不要超越 PUC 進程。但請記住，該法案指示將設立上限，並要求公共事業委員會 (PUC) 遵循其規則制定流程，以確定實現上限目的的最佳形式。

And if I can just add a little bit more color to that, Julien -- this is Shelee, to help you put some parameters around it. During the legislative session, proposals were made to have it be the lesser of $500 million or some other parameters. And later in legislation, it was discussed at $1 billion.

如果我可以為此添加一些顏色，Julien——這是 Shelee，可以幫助您為其設定一些參數。在立法會議期間，有人提議將其定為 5 億美元或其他參數中的較小者。後來在立法中討論的是10億美元。

The challenge in the legislative session was folks getting comfortable with that number. And the way the legislation is written now is that for the PUC to determine the amount, it's similar to the California law where it's looking at what can the utility pay without harming rate pairs or our ability to deliver service.

立法會議面臨的挑戰是讓人們接受這個數字。現在立法的方式是，公共事業委員會確定金額的方式與加州法律類似，即考慮公用事業公司在不損害費率組合或我們提供服務的能力的情況下能夠支付多少。

Got it. Fair enough. And I get it, it's early on. So I appreciate that it's dynamic. And then maybe if I can come back, like, look, I mean, just in terming -- assuming this legislation becomes law, can you elaborate on your financing strategy for the remaining three settlement payments, right? I mean obviously, you elaborate -- you spoke to the first one here. But how are you thinking about the remaining payments here and maybe securitization elements potentially ahead?

知道了。很公平。我明白，現在還為時過早。所以我很欣賞它的動態。然後也許我可以回過頭來，例如，看看，我的意思是，假設這項立法成為法律，你能詳細說明一下剩餘三筆和解付款的融資策略嗎？我的意思是，顯然你詳細說明了——你在這裡談論的是第一個人。但是您如何看待這裡的剩餘付款以及未來可能出現的證券化要素？

So -- and I know you ask this every quarter, and I tend to answer it the same, Julien, which is we're continuously looking at the capital markets to determine how to best finance it. We're going to do that by looking at a variety of different factors. As it turns out, the first payment will not be made until sometime in early 2026.

所以——我知道你每個季度都會問這個問題，而我傾向於給出相同的答案，朱利安，那就是我們不斷關注資本市場以確定如何最好地為其融資。我們將透過考慮各種不同的因素來做到這一點。事實證明，第一筆付款要到 2026 年初的某個時候才會支付。

So we're still about a year out from thinking about raising the funds for the second payment. So I think it's premature to come to any definitive conclusions as to how we'll finance it other than what I've been saying in the past, which is it will be a combination of both debt and equity.

因此，我們距離考慮籌集第二筆付款的資金還有大約一年的時間。因此，我認為現在就如何融資得出任何明確的結論還為時過早，除了我過去所說的，即債務和股權相結合的方式。

Yes. No, fair enough. I get it's preliminary. We do overall chop it at the bid, and I hope you appreciate that, Scott. Look, let me ask. (multiple speakers)

是的。不，很公平。我知道這只是初步的。我們確實在出價時總體上削減了它，我希望你能理解這一點，斯科特。瞧，讓我問一下。（多位發言者）

As time goes on and we get closer, we'll be more definitive in how we answer that question.

隨著時間的推移，我們越來越接近答案，我們將更加明確地回答這個問題。

Got it. And you talk about getting to the final line on some of the stuff. I mean how do you think about -- you got the Supreme Court decision on subrogation. You checked that box. Are there any remaining obstacles that remain here to get that final approval done and fully close that out?

知道了。您還談到了對某些內容的最終定論。我的意思是，您如何看待——您收到了最高法院關於代位求償權的裁決。您勾選了該方塊。在獲得最終批准並徹底結束這項工作之前，還有哪些障礙？

Yes. So at this stage, I mean, that was probably one of the most important decisions to allow the settlement process to continue forward. So going ahead, the Maui Circuit Court will go through a number of proceedings, including preliminary approval of the class settlement agreement, individual plaintiffs approval of their settlement as well.

是的。所以在這個階段，這可能是允許解決進程繼續進行的最重要的決定之一。因此，接下來，毛伊巡迴法院將進行一系列程序，包括對集體和解協議的初步批准，以及對個別原告對其和解協議的批准。

After you get to the class settlement, preliminary approvals, then there's some administrative steps, including notice to the class, opportunities for individuals to sign on. And that period will probably span several months, all of which would lead to our estimation that a final approval hearing would happen sometime in the first quarter of 2026. And then following that, we would make our first payment.

在達成集體和解並獲得初步批准後，還需要採取一些行政措施，包括通知集體、提供個人簽名的機會。這段時間可能會持續幾個月，因此我們估計最終批准聽證會將在 2026 年第一季的某個時候舉行。然後，我們會進行第一筆付款。

One other point I wanted to make because I didn't answer the second part of your question on securitization. Just to be clear, the securitization authorization is for utility CapEx. It is not for funding any of the settlement or the settlement payments.

我想提出另一點，因為我沒有回答您關於證券化問題的第二部分。需要明確的是，證券化授權是針對公用事業資本支出。它不用於資助任何和解或和解付款。

Michael Lonegan, Evercore.

邁克爾·洛尼根（Michael Lonegan），Evercore。

So to follow up on the securitization, obviously, it's for the wildfire mitigation and resiliency investment. Is that -- will you approach it that way as securitization? Or is it something we could see as an investment to generate earnings on?

因此，為了跟進證券化，顯然是為了減輕野火影響和增強彈性的投資。那是——你會以證券化的方式處理它嗎？或者我們可以將其視為一種可以產生收益的投資？

Yes. Mike, the way that SB 897 is drafted is that it appears as though the first $500 million of utility CapEx towards wildfire mitigation would be using the securitization method.

是的。麥克，SB 897 的起草方式是，用於緩解野火的第一筆 5 億美元公用事業資本支出似乎將使用證券化方法。

Okay. And then to follow up on the financing, is there -- I know you talked about combo of debt and equity over time. The settlement period over four years. Is there a scenario where you could be opportunistic with some block equity or your ATM in the event your -- say, your stock price is boosted with clarity on the tariff situation and the economy?

好的。然後跟進融資情況——我知道您談到了債務和股權的結合。結算期超過四年。是否存在這樣的情況：如果您的股票價格因關稅情況和經濟形勢明朗而上漲，您是否可以利用一些整體股權或 ATM 來獲利？

Good question. I mean as it relates to the tariffs, that's changing on a daily basis, if not more frequently than that. And so based upon that and where we're looking at the future financings, I would tell you that I'm hoping the tariffs don't play into it. And again, we have, as you said, two, three and four years from now, we're looking at financing the balance of those payments. I mean if it made sense to prefund based upon what was happening in the markets at a particular time, yes, we would absolutely look at taking advantage.

好問題。我的意思是，就關稅而言，它每天都在變化，甚至更頻繁。因此，基於這一點以及我們對未來融資的考慮，我會告訴你，我希望關稅不會影響到它。正如您所說，從現在起的兩年、三年和四年後，我們將考慮為這些款項的餘額提供資金。我的意思是，如果根據特定時間市場發生的情況進行預先融資是有意義的，是的，我們絕對會考慮利用這一點。

But right now, we're not -- we don't have any current plans in the near future to finance any of those payments. Again, the first payment will not be made until first quarter of 2026, at least that's the timeline that we believe will play out.

但目前，我們還沒有——我們近期還沒有任何計劃來為這些款項提供資金。再次強調，第一筆付款要到 2026 年第一季才會支付，至少我們相信這是可行的時間表。

Great. And then lastly for me, just wondering if you could talk about the planned rate case filing, the key components of it. Is it going to be a 12-month forward test year? And what are your expectations for potential revisions to the five-year PDR framework?

偉大的。最後，我只是想知道您是否可以談談計劃費率案件的提交及其關鍵組成部分。這會是為期 12 個月的未來測試年嗎？您對五年期 PDR 框架的潛在修訂有何期待？

Yes. I'll kick things off here and maybe if Shelee or there's some of the utility want to add in. But essentially, what's happening, Mike, is when PBR was first adopted by the PUC, they established that the current multiyear rate period will end May 31 of next year.

是的。我將在這裡開始，也許 Shelee 或還有一些實用程式想要添加進來。但本質上，麥克，當 PBR 首次被 PUC 採用時，他們確定當前的多年期利率期將於明年 5 月 31 日結束。

The next period, the second multiyear rate period will commence beginning of 2027, January 1, 2027. So what the PUC ordered back in February of this year was that between now and January 1, 2027, the utility will go through the process of rebasing the target revenues ahead of the start of the second multiyear rate period in 2027.

在下一個期間，即第二個多年期利率期將於 2027 年初，即 2027 年 1 月 1 日開始。因此，公共事業委員會在今年 2 月下令，從現在到 2027 年 1 月 1 日，公用事業公司將在 2027 年第二個多年費率開始之前重新調整目標收入。

And then that translates to, as I said in my remarks, the utility will file information to the PUC towards the later part of this year to support the rebasing of target revenues it will be a -- and the PUC was very explicit in their order. It will be a rate case-like proceeding. They wanted to reserve the ability to provide some flexibility in terms of the process for that proceeding to make it more efficient and to be very much focused on the PBR context.

然後，正如我在發言中所說的那樣，這意味著公用事業公司將在今年晚些時候向公共事業委員會提交信息，以支持重新調整目標收入——公共事業委員會在其命令中非常明確地表示了這一點。這將是一場類似利率案件的訴訟。他們希望保留在該程式的流程方面提供一定靈活性的能力，以使其更加高效並且更加專注於 PBR 背景。

So it's early on. We are going to be going through this preparation for the filing. And once the filing is made, there's going to be an ongoing process focused on the target revenue rebasing but also looking at what other modifications might be appropriate to the overall PBR framework. So there's going to be a number of moving parts happening in parallel there.

所以現在還為時過早。我們將進行歸檔準備。一旦提交申請，就會有一個持續的過程，重點是目標收入重新調整，同時也會考慮哪些其他修改可能適合整體 PBR 框架。因此，將會有許多活動部件同時發生。

I would just add one thing that I think that -- Scott did a really good job describing it. I think the one question you asked was the test year. So we're looking at a 2026 test year.

我只想補充一點，我認為——斯科特對此的描述非常好。我認為您問的一個問題是考試年份。因此，我們正在考慮 2026 年的測試。

Jonathan Reeder, Wells Fargo.

富國銀行的喬納森·里德。

I just wanted to follow up quickly on that last topic. You said a 2026 test year. Is it safe to say that the 9.5% allowed ROE and 57% I believe it is equity ratio, that those items will be scrutinized and readdressed?

我只是想快速跟進最後一個話題。你說的是 2026 年測試年。是否可以肯定地說，9.5% 的 ROE 和 57%（我相信是股權比率）這些項目將受到審查和重新處理？

So we're going to take another look at that given our current environment and our current context. And so that is something that we'll be evaluating and proposing in our filing later this year.

因此，我們將根據當前的環境和當前的背景重新審視這個問題。因此，我們將在今年稍後的文件中對此進行評估和提出建議。

Okay. But it will be an item that, I guess, could potentially change positively.

好的。但我猜想，這將是一個可能帶來正面改變的事物。

Yes.

是的。

Scott, I want to go back to Senate Bill 897. Just interesting after months of debate around the issues, why do you think the legislature ultimately just deferred these very important decisions around the liability cap and then potentially creation of the fund to the PUC, just kind of punt it on them.

史考特，我想回到參議院第 897 號法案。有趣的是，在圍繞這些問題進行了數月的辯論之後，您認為為什麼立法機構最終只是推遲了有關責任上限的這些非常重要的決定，然後可能將基金的設立推遲到公共事業委員會，只是將其推給他們。

Yes. The legislature, I mean, they really spent quite a bit of time digging into what things to consider, how would you establish a methodology, what should be -- what are some other examples, what's happening with other states and so on ?

是的。我的意思是，立法機構確實花了相當多的時間來研究需要考慮哪些事情，如何建立方法論，應該是什麼——還有哪些其他例子，其他州的情況如何等等？

At the end of the day, it was felt that the PUC would be able to use a more robust, more in-depth process to really dive into the details of all these different considerations, many of which are very technical in nature. And that's why they ended up deciding that rather than trying to just throw out a number and put it into law, have the PUC work through a very thoughtful rule-making process.

最終，大家認為公共事業委員會 (PUC) 能夠採用更強大、更深入的流程來真正深入了解所有這些不同考慮因素的細節，其中許多因素本質上都是非常技術性的。這就是為什麼他們最終決定，不是簡單地提出一個數字並將其寫入法律，而是讓公共事業委員會通過一個非常深思熟慮的規則制定程序來製定。

So it wasn't meant to be -- I don't think it would -- it's fair to consider that -- consider this as a, let's just punt it to the PUC. It was a very thoughtful and very deliberative discussion that they came to this.

所以它不應該是——我不認為它會是——公平地考慮這一點——把它看作是，讓我們把它交給 PUC。他們經過深思熟慮並慎重討論後才得出這個結論。

Okay. Curious, what is your understanding of what the governor's position is on the liability cap since ultimately, he has to sign off on what the PUC rules are.

好的。好奇的是，您對州長對責任上限的立場有何理解，因為最終他必須簽署 PUC 規則。

Well, again, I can't speak for the governor. But the governor's office was they always play a very active role in any legislative session. They did provide testimony on various stages of this bill as it worked through the legislative process. Ultimately, having the governor have that say, once the PUC completes the rule-making, it provides the governor his opportunity to weigh in and have any other thoughts considered by the PUC, if necessary.

好吧，我再說一遍，我不能代表州長發言。但州長辦公室在任何立法會議上總是發揮非常積極的作用。他們確實在該法案的立法過程中的各個階段提供了證詞。最終，一旦公共事業委員會 (PUC) 完成規則制定，州長就有發言權，這為州長提供了參與的機會，並在必要時讓 PUC 考慮任何其他想法。

So I think overall, again, the outcome of the bill provides for appropriate process and input from many stakeholders, including the Governor.

因此我認為總體而言，該法案的結果提供了適當的程序和包括州長在內的許多利益相關者的意見。

That will conclude our question-and-answer session. I'll hand the call back over to Scott Seu for closing remarks.

我們的問答環節到此結束。我將把電話轉回給 Scott Seu 做最後發言。

All right. Well, I just want to thank everybody again for joining us today. In closing, I want to reiterate that we are in a stronger position today than at any point since the 2023 Maui wildfires. Our position is a direct result of the actions that we've taken to regain our financial strength and emerge a stronger, more resilient company.

好的。好吧，我只想再次感謝大家今天的參加。最後，我想重申，我們今天的處境比 2023 年毛伊島山火以來的任何時候都更加強大。我們的地位直接源自於我們為恢復財務實力和成為更強大、更有韌性的公司所採取的行動。

With resolution of the wildfire tort litigation expected over the next year, our simpler business model focused solely on regulated operations, our strong and improving safety profile and earnings improvement opportunities on the horizon, we're very optimistic about our future. So thank you again everybody.

隨著明年野火侵權訴訟的解決，我們更簡單的商業模式將完全專注於受監管的運營，我們強大且不斷改善的安全狀況以及即將到來的盈利改善機會，我們對我們的未來非常樂觀。再次感謝大家。

This will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。