Hawaiian Electric Industries Inc (HE) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to Hawaiian Electric Industries Q3 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表夏威夷電力工業公司歡迎各位參加2025年第三季業績電話會議。（操作說明）

I would now like to turn the call over to Matteo Garcia, Director of Investor Relations. Sir, please go ahead.

現在我將把電話交給投資者關係總監馬特奧·加西亞。先生，請繼續。

Welcome everyone to HEI's third 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.

歡迎大家參加 HEI 2025 年第三季財報電話會議。今天與我一同出席的有：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.

我們的獲利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查閱。再次提醒各位，今天的電話會議將發表一些前瞻性聲明。可能導致實際結果與預期結果有重大差異的因素，請參閱我們的簡報、提交給美國證券交易委員會的文件以及我們網站的投資者關係部分。

Today's presentation also includes references to non-GAAP financial measures, including those referred to as core items. 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 measure. We will take questions from institutional investors at the end of this call. Individual investors and others can reach out to Investor Relations.

今天的簡報還包括對非GAAP財務指標的引用，包括那些被稱為核心專案的指標。有關定義資訊以及歷史非GAAP指標與最接近的GAAP財務指標的調節表，請參閱今天簡報附帶的幻燈片中的資訊。我們將在本次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士可以聯繫投資者關係部門。

Now Scott Seu will begin with his remarks.

現在史考特·蘇將開始發言。

(spoken in foreign language) Welcome everyone. For today's call, I'll start with an update on our continued progress on initiatives to improving our company's financial strength and resilience. I'll also touch on the ongoing implementation of our wildfire safety strategy and update you on the tort litigation settlement.

（用外語說）歡迎大家。在今天的電話會議上，我將首先報告我們在提高公司財務實力和韌性方面所取得的持續進展。我也會談談我們正在實施的野火安全策略，並向大家報告侵權訴訟和解的最新進展。

Scott DeGhetto will then walk through our financial results, and then we'll open it up for questions. In the third quarter, we continue to take actions to ensure that we're best positioned to serve the communities in which we operate for the long-term.

接下來，Scott DeGhetto 將詳細介紹我們的財務業績，然後我們將開放提問環節。第三季度，我們將繼續採取措施，確保我們能夠更好地為我們營運所在的社區提供長期服務。

We had a successful quarter progressing the initiatives we've talked about for much of the last two years. Implementing wildfire safety improvements, advancing the Maui Wildfire Tort Litigation toward final court approval, and laying the groundwork for a successful second multi-year rate period under our performance-based regulation or PBR framework.

本季我們成功地推進了過去兩年來一直在討論的各項舉措。實施野火安全改進措施，推動毛伊島野火侵權訴訟，爭取獲得法院最終批准，並為根據我們的績效監管或 PBR 框架成功實施第二個多年費率期奠定基礎。

We also improved our liquidity and financial flexibility through a (technical difficulty) revolving credit facilities which Scott DeGhetto will discuss. In February, and as we had requested, the PUC issued an order establishing that Hawaiian Electric's target revenues should be re-based ahead of the second PBR multi-year rate period set to begin on January 1, 2027. And that a general rate case type proceeding is the most efficient means for doing so.

我們也透過（技術難題）循環信貸安排提高了流動性和財務靈活性，Scott DeGhetto 將對此進行討論。今年 2 月，正如我們所要求的，公共事業委員會發布了一項命令，規定夏威夷電力公司的目標收入應在第二個 PBR 多年費率期（定於 2027 年 1 月 1 日開始）之前重新確定。而一般費率案件類型的程序是實現這一目標的最有效途徑。

In August, we requested PUC approval to pursue an alternative non-rate case process to rebase rates. The innovative process would involve collaboration with the existing PBR working group parties to develop a rebasing proposal for the PUC's review and approval, and it would avoid the time, cost, and resource burden typically required for a formal rate case proceeding.

8 月份，我們請求 PUC 批准我們採取替代性的非費率案件程序來重新確定費率。這項創新流程將涉及與現有的 PBR 工作小組各方合作，制定重新基準提案，供 PUC 審查和批准，從而避免正式費率案件程序通常所需的時間、成本和資源負擔。

If successful, the process could result in rebased rates before the next multi-year rate period begins. We also made this proposal in recognition of the multiple resource intensive processes that the PUC and other interested parties are and will be undertaking related to the newly enacted [Act 25B].

如果成功，該過程可能會導致在下一個多年利率週期開始之前重新確定利率。我們提出這項建議也是考慮到公共事業委員會和其他相關方正在並將繼續進行與新頒布的法律相關的多項資源密集型工作。[第25B條]

These include a wildfire recovery fund study due by the end of 2025. Securitization financing and a rulemaking process to determine utility liability limits for catastrophic wildfire claims. In late September, the PUC granted our request, directing us to collaborate with the PBR working group parties to develop a rebasing proposal by January 7, 2026.

其中包括一項將於 2025 年底完成的野火恢復基金研究。證券化融資和製定規則的程序，以確定公用事業公司對災難性野火索賠的責任限額。9 月下旬，公共事業委員會批准了我們的請求，指示我們與 PBR 工作小組合作，在 2026 年 1 月 7 日之前製定重新基準提案。

If this process does not result in an approved rebasing proposal, Hawaiian Electric will file a 2027 test year rate case sometime in the second half of 2026. In that scenario, the PUC will determine whether the start of the next multi-year rate period will be pushed out beyond January 2027.

如果此流程未能產生核准的重新基準提案，夏威夷電力公司將在 2026 年下半年提交 2027 年測試年度費率申請。在這種情況下，公共事業委員會將決定下一個多年費率期的開始時間是否會推遲到 2027 年 1 月之後。

Turning to slide 4. We continue to see progress toward implementation of the Maui Wildfire tort litigation settlement agreement. The process to obtain final court approval is advancing, with the parties working through remaining administrative steps required for the settlement to take effect. These include final approval of the Class settlement agreement and a formal dismissal of the subrogation insurer claims.

翻到第4張投影片。我們持續看到毛伊島野火侵權訴訟和解協議的實施取得進展。獲得法院最終批准的程序正在推進，各方正在完成和解生效所需的剩餘行政步驟。其中包括對集體訴訟和解協議的最終批准，以及對代位求償保險公司索賠的正式駁回。

We expect the court to hold a hearing on January 8, 2026, to consider final approval of the Class settlement agreement. And last week we filed a summary judgment request to dismiss the subrogation insurer claims. In sum, the settlement is on track and progressing as expected. And we still anticipate that our first payment will be due no sooner than early 2026.

我們預計法院將於 2026 年 1 月 8 日舉行聽證會，審議是否最終批准集體訴訟和解協議。上週，我們提交了一份簡易判決申請，要求駁回代位求償保險公司的索賠。總之，和解工作進展順利，符合預期。我們仍預期第一筆款項最快也要到 2026 年初才會到期。

Turning to slide 5. We continue strengthening our utility operational risk profile, which we believe has greatly improved since the 2023 Maui Wildfires. In the third quarter, we advanced implementation of the enhanced wildfire safety measures outlined in our wildfire safety strategy. We fully deployed all weather stations and AI-assisted high-definition video cameras outlined in our strategy ahead of schedule.

翻到第5張投影片。我們持續加強公用事業營運風險狀況，我們認為自 2023 年毛伊島野火以來，該狀況已大大改善。第三季度，我們推進了野火安全戰略中概述的加強型野火安全措施的實施。我們已提前全面部署了戰略中概述的所有氣象站和人工智慧輔助高清攝影機。

For the first time, the utility now has its own in-house meteorologist, part of the utility's newly created watch office that will help us better predict and prepare for potential dangers from severe weather events. These are just a few examples of the many advancements we've made to help ensure the safety of our communities.

該公司首次擁有了自己的內部氣象學家，這是該公司新成立的氣象觀測辦公室的一部分，該辦公室將幫助我們更好地預測和應對極端天氣事件可能帶來的潛在危險。以上僅是我們為確保社區安全而取得的眾多進步中的幾個例子。

We'll continue to make these kinds of critical investments as laid out in our wildfire safety strategy. Which is currently under review by the PUC. As we discussed last quarter, recently enacted legislation allows for securitization to finance these investments, ensuring these safety improvements can be implemented at a lower cost to customers. In summary, we continue making significant progress toward resolving the wildfire tort litigation, improving our operational risk profile, and laying the foundation for a strong long-term outlook.

我們將繼續按照野火安全戰略中的規定，進行此類關鍵投資。目前該事項正在接受公共事業委員會的審查。正如我們上個季度討論的那樣，最近頒布的法律允許透過證券化為這些投資提供資金，從而確保這些安全改進措施能夠以更低的成本為客戶實施。總而言之，我們在解決野火侵權訴訟、改善營運風險狀況以及為強勁的長期前景奠定基礎方面繼續取得重大進展。

I'll now turn the call over to Scott DeGhetto.

現在我將把電話交給斯科特·德蓋托。

Thank you, Scott. I'll start with our financial results for the quarter on slide 6. In the third quarter we generated net income of $30.7 million or $0.18 per share. Quarter's results include $4.5 million for pre-tax Maui Wildfire related expenses, net of insurance recoveries and deferrals. Approximately $3.6 million of these expenses was recorded at the utility.

謝謝你，斯科特。我將在第6張投影片上開始介紹我們本季的財務表現。第三季度，我們實現淨利潤 3,070 萬美元，即每股 0.18 美元。本季業績包括 450 萬美元的稅前毛伊島野火相關支出，扣除保險賠償和遞延款項。其中約有 360 萬美元的費用已記入公用事業帳目。

Excluding these items, which we refer to as non-core, consolidated core net income was $32.8 million for the quarter or $0.19 per share. This compares to core income from continuing operations of $32.7 million or $0.29 per share in the third quarter of 2024. Utility core net income for the quarter was $39.6 million compared to the $43.7 million in the third quarter of 2024. The decrease was driven by lower tax benefits from R&D tax credits, higher legal and consulting costs, which were deferred in 2024, and higher wildfire mitigation program expenses.

在剔除這些我們稱之為非核心的項目後，該季度合併核心淨收入為 3,280 萬美元，即每股 0.19 美元。相比之下，2024 年第三季持續經營業務的核心收入為 3,270 萬美元，即每股 0.29 美元。該季度公用事業核心淨收入為 3,960 萬美元，而 2024 年第三季為 4,370 萬美元。下降的原因是研發稅收抵免帶來的稅收優惠減少、法律和諮詢費用增加（這些費用在 2024 年被推遲），以及野火緩解計劃支出增加。

Holding company core net loss was $6.8 million compared to $10.9 million in the third quarter of 2024. The lower core net loss was driven by lower interest expense, due to the lower debt balance following the April debt retirement, and 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 680 萬美元，而 2024 年第三季為 1,090 萬美元。核心淨虧損減少是由於利息支出減少（這是因為4月份償還債務後債務餘額減少），以及控股公司現金留在資產負債表上帶來的利息收入增加（主要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 liquidity and settlement financing plans. As of the end of the third quarter, the holding company and the utility had approximately $40 million and $504 million of unrestricted cash on hand respectively.

接下來，我將在下一張投影片中介紹我們的流動性和結算融資計畫的一些重要最新進展。截至第三季末，控股公司和公用事業公司分別擁有約 4,000 萬美元和 5.04 億美元的非限制性現金。

In addition, the holding company has approximately $519 million in combined liquidity available under its ATM program and credit facility capacity. The utility also has approximately $544 million of liquidity available under its accounts receivable facility and credit facility capacity. In September, we completed a successful $500 million unsecured debt offering at Hawaiian Electric, while also increasing our credit facility capacity at HEI and Hawaiian Electric by a combined $225 million.

此外，該控股公司在其 ATM 計劃和信貸額度下擁有約 5.19 億美元的可用流動資金。該公用事業公司在其應收帳款融資和信貸融資能力下還有約 5.44 億美元的可用流動資金。9 月，我們成功完成了 Hawaiian Electric 的 5 億美元無擔保債務發行，同時將 HEI 和 Hawaiian Electric 的信貸額度合計增加了 2.25 億美元。

Proceeds from the Hawaiian Electric debt issuance will be used to finance CapEx and pay down debt. Both September transactions not only enhance enterprise-wide liquidity but also show a readily available access to capital markets. Consistent with last quarter, the Hawaiian Electric's Board of Directors approved a $10 million quarterly dividend at HEI for the third quarter of 2025.

夏威夷電力公司發行債券所得款項將用於資本支出和償還債務。9 月的這兩筆交易不僅增強了企業整體流動性，也顯示了企業能夠便捷地進入資本市場。與上個季度一致，夏威夷電力公司董事會批准向 HEI 支付 2025 年第三季 1,000 萬美元的季度股息。

Turning to our funding expectations for the Tort Litigation settlement. $479 million continues to be held in a subsidiary created for addressing the first payment. This is included in restricted cash on the balance sheet until we make the first payment, still expected not sooner than early 2026. We expect to fund the second settlement payment with debt and or convertible debt and expect that payments thereafter will be funded with a mix of debt and equity depending on market conditions.

接下來談談我們對侵權訴訟和解金的資金預期。目前，已有4.79億美元存放在一家為支付首筆款項而設立的子公司中。在支付第一筆款項之前，這筆款項將計入資產負債表上的受限現金，預計最早也要到 2026 年初才能支付。我們預計將以債務或可轉換債券為第二筆和解款項提供資金，並預計此後的款項將根據市場情況，以債務和股權相結合的方式提供資金。

Turning to the next slide. CapEx is projected to increase significantly in the coming years compared to historical levels. The higher CapEx will support key strategic objectives of reducing wildfire risk, increasing reliability and resilience, and repowering firm generation. We expect to fund the higher spend primarily with retained earnings and proceeds from our recent debt issuance.

翻到下一張投影片。預計未來幾年資本支出將比歷史水準大幅成長。更高的資本支出將支持降低野火風險、提高可靠性和韌性以及改造現有發電設施等關鍵戰略目標。我們預計將主要透過留存收益和近期債務發行所得款項來為增加的支出提供資金。

As Scott Seu mentioned, we are working through the rate rebasing process with the PUC and PBR working group parties. We're also awaiting PUC approval of our utility wildfire safety strategy. In October, we filed an application to increase the total cost for the [Waiau] repowering project, and the application remains subject to PUC approval. The results of these regulatory proceedings will impact our capital expenditure forecast.

正如 Scott Seu 所提到的，我們正在與 PUC 和 PBR 工作小組一起推進費率重新基準化流程。我們還在等待公共事業委員會批准我們的公用事業野火安全策略。10 月份，我們提交了一份申請，要求增加 [Waiau] 改造項目的總成本，該申請仍需獲得 PUC 的批准。這些監管程序的結果將影響我們的資本支出預測。

With those caveats, we are expecting 2025 CapEx to be approximately $400 million. We expect 2026 CapEx of $550 million to $700 million. Of this total, CapEx recovered under the annual revenue adjustment mechanism or ARA is expected to be $350 million to $400 million. EPRM recovered CapEx is expected to add roughly $150 million to $200 million.

考慮到這些限制，我們預計 2025 年資本支出約為 4 億美元。我們預計 2026 年資本支出為 5.5 億美元至 7 億美元。其中，根據年度收入調整機制（ARA）收回的資本支出預計將達到 3.5 億美元至 4 億美元。EPRM 收回的資本支出預計將增加約 1.5 億美元至 2 億美元。

Wildfire and resilience CapEx, which we are planning to finance via securitization, is expected to be approximately $50million to $100 million. We expect 2027 and 2028 CapEx to increase further, driven by the Waiau repowering, the wildfire safety strategy, and the army privatization project.

我們計劃透過證券化融資來支付野火和復原能力建設的資本支出，預計約 5,000 萬美元至 1 億美元。我們預計 2027 年和 2028 年的資本支出將進一步增加，這主要得益於 Waiau 核電廠改造、野火安全戰略和軍隊私有化計畫。

Roughly $1.8 billion to $2.4 billion in total CapEx is expected over the next three years from 2026 to 2028. This level of spend is subject to additional PUC approvals and further resource adequacy initiatives and analysis. With that, let's open up the call to questions.

預計從 2026 年到 2028 年，未來三年總資本支出約為 18 億美元至 24 億美元。此支出水準還需獲得公共事業委員會的進一步批准，以及進一步的資源充足性評估和分析。接下來，我們開始接受提問。

(Operator Instructions)

（操作說明）

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hi guys, it's [James Warden] on actually for Julian. How are you?

大家好，我是[James Warden]，今天替 Julian 上線。你好嗎？

Good. Hi James.

好的。嗨，詹姆斯。

Hi, how should we think about the revenue requirement and timing under the alternative rebasing and filing the Gen 7 filing? What are the key elements that you're looking to align with the PBR Phase 6 modifications and so on? So just to that revenue requirement and timing.

您好，在採用替代性重新基準計算方法並提交 Gen 7 申報表的情況下，我們應該如何考慮收入要求和時間安排？您希望將哪些關鍵要素與 PBR 第 6 階段的修改等內容保持一致？所以，就看收入需求和時間安排了。

Well, let me address the timing first and then I'll perhaps ask either Scott or one of our utility team to comment on some of our goals for the rebasing process. So as I mentioned, we are now -- we requested the PUC approval to enter into this alternative rebasing process. So the discussions with the PBR parties are underway.

好的，首先讓我談談時間安排，然後我可能會請 Scott 或我們公用事業團隊的某位成員就我們重新基準化過程的一些目標發表意見。正如我之前提到的，我們現在——我們已經請求公共事業委員會批准進入這項替代性重新定基程序。因此，與PBR各方的討論正在進行中。

The proposal for rebasing is due to the PUC on January 7 of 2026. And should that be successful, then we would go from there. If the proposal is not successful, then at that point later on in the year, we would consider filing for a 2027 test year rate case. So that's just a high level in terms of what the timing is.

重新定基的提案應於 2026 年 1 月 7 日提交給公共事業委員會。如果成功，我們再從那裡開始。如果該提案未獲成功，那麼到今年晚些時候，我們將考慮申請 2027 年測試年費率案。以上只是時間安排的一個大致狀況。

And maybe I can defer to perhaps Joe Viola, who is our Senior Vice President at Hawaiian Electric Company, Head of overseeing Regulatory Affairs.

或許我可以請教夏威夷電力公司的高級副總裁、監理事務主管喬‧維奧拉。

James, again, yes, Joe Viola here. In terms of what we're shooting for, for the rebasing process, really the way I think to think about that is we're setting a new starting point for the second multiyear rate plan. So we want to put ourselves in a position that we have new target revenues that would allow us with efficient performance to begin to earn our authorized ROE.

詹姆斯，是的，我是喬·維奧拉。就我們重新調整基準利率的過程而言，我認為思考這個問題的方式是，我們正在為第二個多年利率計畫設定一個新的起點。因此，我們希望讓自己處於這樣的位置：我們擁有新的目標收入，這將使我們能夠透過高效的業績開始獲得我們授權的淨資產收益率。

At the same time, we'll be developing potential changes to the next multi-area plane we call that MRP2 scheduled currently to begin in 2027. So working on setting a new starting point and then at the same time, have changes to the PBR framework that can make it successful during MRP2.

同時，我們將對下一代多區域飛機（我們稱之為 MRP2）進行潛在的改進，該飛機目前計劃於 2027 年開始飛行。因此，我們正在努力設定一個新的起點，同時對 PBR 框架進行修改，使其在 MRP2 期間取得成功。

Got you. Thank you for that. Both very much appreciated. Given that utility dividends have resumed, albeit in a small amount, but what's the sustainable cadence, utility, the holdco dividends through the settlement years? And what are the gating criteria?

抓到你了。謝謝。非常感謝。鑑於公用事業分紅已經恢復，儘管數額較小，但公用事業公司和控股公司在結算年期間的可持續分紅節奏是什麼？那麼，准入標準是什麼？

So it's Scott DeGhetto. So what we have been doing, and I think you're aware of this, is the utility dividend to the holding company. At least over the past year or two has been set based on what the needs are at the holding company. I don't see that changing for the foreseeable future.

原來是斯科特·德蓋托。所以我們一直在做的，我想你們也知道，就是付錢給控股公司。至少在過去一兩年裡，定價是根據控股公司的需要而定的。我認為在可預見的未來，這種情況不會改變。

Got you. Okay. Just checking. That's very helpful. And the last one for me. I really appreciate the CapEx guidance, which obviously mentioned was a goal for you guys on the Q2 call so well done. As we look forward, how do you think about earnings guidance and ultimately, of course, EPS, which will have to include the financing element there. Could we see EPS guidance in the Q4 call? Or is that not something we should put expectations on.

抓到你了。好的。只是確認一下。那很有幫助。這是我最後一個。我非常感謝你們提供的資本支出指導意見，這顯然是你們在第二季財報電話會議上提到的目標，做得非常好。展望未來，您如何看待獲利預期，以及最終的每股盈餘（EPS），其中當然必須包含融資因素。我們能在第四季財報電話會議上看到每股收益預期嗎？或者說，我們不應該對此抱持期望？

Too soon to say. Again, we really have been looking at reinstituting earnings guidance, but we really don't want to do that until we get through the final settlement approval process and put that behind us. And so there was a possibility that it could be at that particular point, but I wouldn't count on it. It just all depends on when the final settlement will be approved, and then we'll take a look at how the business is performing on a steady-state basis and get back to you.

現在下結論還為時過早。我們確實一直在考慮恢復獲利預期，但我們真的不想在最終和解審批流程完成並解決這個問題之前這樣做。所以，在那個特定時刻，確實有可能發生這種情況，但我不會抱太大希望。這一切都取決於最終結算何時獲得批准，之後我們會檢視企業的穩定營運情況，然後再回覆您。

Now keep in mind, going into the rate rebasing process, right? It's going to be hard for us to give guidance. We might be able to do it for a few quarters. But again, going into that process, we won't know the outcome of that process. And so what we don't want to do is give you guys guidance and then have to go back on that guidance or change it dramatically.

請記住，接下來要進行利率重新基準化過程，對吧？我們很難給出指導。我們或許可以堅持幾個季度。但是，在進入這個過程之前，我們並不知道這個過程的結果。所以，我們不想給你們指導，然後又不得不推翻這些指導或做出重大改變。

Got it. That totally makes sense. Thank you for clarifying. Thanks.

知道了。完全說得通。謝謝你的澄清。謝謝。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

This is Michael Brown on for Nicolas Campanella. Can you provide an update on the sale of the remaining portion of the bank?

這是麥可布朗替尼古拉斯坎帕內拉解說。能否提供一下出售該銀行剩餘股份的最新進展？

You're talking about the remaining or 9.9% ownership of American Savings?

您指的是美國儲蓄銀行剩餘的9.9%的股份嗎？

Yes.

是的。

Yes. So we're always looking at what's going on in the market. And as we've said on previous calls, we do intend to monetize that stake. We haven't really given a time frame on it. I would say certainly -- I should wouldn't say certainly, but probably in the next six months or so, we'd probably look again pretty hard at that and see what it looks like. But we're not committing to a specific timeline at this point.

是的。所以我們一直在關注市場動態。正如我們在先前的電話會議中所說，我們確實打算將該股份變現。我們還沒有給出具體的時間表。我本來不該說肯定，但可能在接下來的六個月左右，我們會再次認真審視這個問題，看看結果如何。但目前我們還沒有確定具體的時間表。

Next question from me. What are the expectations of the commission's report on the wildfire fund going into the new legislative window?

我下一個問題。人們對委員會關於野火基金的報告在新一輪立法會議前有何期待？

Yes. So the Public Utilities Commission, they have been working on the study that is due to be submitted to the (inaudible) legislature 20 days before the next legislative session starts. So that is on track. They have been working on information gathering, collecting stakeholder input. And there are -- as far as we know, they are on track to submit that report.

是的。因此，公共事業委員會一直在進行這項研究，該研究將於下屆立法會議開始前 20 天提交給（聽不清楚）立法機構。所以一切都在按計劃進行。他們一直在進行資訊收集工作，收集利害關係人的意見。據我們所知，他們正在按計劃提交這份報告。

With the report, do you anticipate movement in 2026 in any key legislation?

根據這份報告，您預計 2026 年會有任何關鍵立法的進展嗎？

It's -- I don't want to get ahead of the PUC. I'm not quite sure what will be in that report and whether they will recommend that legislation is needed next year. So too soon to say.

我不想搶在公共事業委員會之前做決定。我不太確定那份報告會包含哪些內容，也不知道他們是否會建議明年需要立法。現在下結論還為時過早。

Okay. I appreciate that. That's the end of my question. All right, thanks much.

好的。我很感激。我的提問到此結束。好的，非常感謝。

That concludes our question-and-answer session. I will now turn the call back over to Scott Seu for closing remarks.

我們的問答環節到此結束。現在我將把電話交還給Scott Seu，請他作總結發言。

I just want to thank all of our shareholders, and a lot of our shareholders are our neighbors here in Hawaii. So again, thank you, (spoken in foreign language), for your continued investment in HEI. We're also very thankful to those of you who supported our successful debt issuance in September.

我只想感謝我們所有的股東，其中許多股東都是我們在夏威夷的鄰居。再次感謝您（用外語）對高等教育機構的持續投入。我們也要非常感謝各位在9月支持我們成功發行債券。

Again, we just really greatly appreciate your support as we continue to help our communities move forward to a sustainable future. So thank you, (spoken in foreign language) everybody.

再次衷心感謝您的支持，我們將繼續幫助我們的社區邁向永續的未來。所以，謝謝大家（用外語說）。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。