PG&E Corp (PCG) 2018 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Chris, and I will be your conference operator today.

我叫克里斯，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to PG&E Corporation's Third Quarter 2018 Earnings Conference Call.

在這個時候，歡迎大家參加 PG&E Corporation 2018 年第三季度收益電話會議。

(Operator Instructions) At this time, I would like to pass the conference over to your host, Chris Foster, with PG&E.

（操作員說明）此時，我想將會議轉交給你們的主持人 Chris Foster 和 PG&E。

Chris, you may begin your conference.

克里斯，你可以開始你的會議了。

Thank you, Chris, and thanks to those of you on the phone for joining us.

謝謝克里斯，也感謝電話中的你們加入我們。

Here with me today in the room are: Geisha Williams; Jason Wells; John Simon; Steve Mallard and Pat Hogan.

今天和我一起在房間裡的有：Geisha Williams；傑森·威爾斯；約翰·西蒙；史蒂夫·馬拉德和帕特·霍根。

Before I turn it over to Geisha, I will remind you that our discussion today will include forward-looking statements, which are based on assumptions, forecasts, expectations and information currently available to management.

在我將其轉交給 Geisha 之前，我會提醒您，我們今天的討論將包括前瞻性陳述，這些陳述基於假設、預測、預期和管理層目前可獲得的信息。

Some of the important factors that could affect the company's actual financial results are described on the second page of today's Third Quarter Earnings Call Presentation.

可能影響公司實際財務業績的一些重要因素在今天的第三季度收益電話會議演示文稿的第二頁中進行了描述。

The presentation also includes a reconciliation between non-GAAP earnings from operation and GAAP measures.

該演示文稿還包括非 GAAP 運營收益與 GAAP 措施之間的對賬。

We also encourage you to review our quarterly report on the Form 10-Q that will be filed with the SEC later today and the discussion of risk factors that appears there and in the 2017 Annual Report.

我們還鼓勵您查看我們將於今天晚些時候向美國證券交易委員會提交的 10-Q 表格季度報告，以及其中和 2017 年年度報告中出現的風險因素討論。

With that, I'll hand it over to Geisha.

有了這個，我會把它交給藝妓。

Thank you, Chris, and good morning, everyone.

謝謝克里斯，大家早上好。

Before we dive in, I first want to acknowledge the 1-year anniversary of last fall's devastating wildfires.

在深入探討之前，我首先要感謝去年秋天毀滅性野火的一周年紀念日。

The efforts by members of the impacted communities to rebuild and improve emergency planning and preparedness for potential future fires continue.

受影響社區的成員繼續努力重建和改進應急計劃，並為未來可能發生的火災做好準備。

We are deeply involved in all of this work, as we collectively adapt to the new normal.

我們深入參與所有這些工作，共同適應新常態。

I also want to take a moment to thank our employees who have worked tirelessly throughout the peak wildfire season to keep our customers and communities safe, including the recent activities associated with our decision to proactively shut off power for safety in parts of our service territory.

我還想花點時間感謝我們的員工，他們在整個野火高峰季節不知疲倦地工作，以確保我們的客戶和社區安全，包括最近與我們決定主動關閉部分服務區域的電源以確保安全相關的活動。

Following extensive outreach to key third-party agencies and our customers, in mid-October, we shutoff power in certain communities in the North Bay and Sierra Foothills in response to a forecast for extreme high-fire risk weather conditions.

在與主要第三方機構和我們的客戶進行廣泛聯繫後，我們於 10 月中旬關閉了北灣和 Sierra Foothills 某些社區的電力，以應對極端高火災風險天氣狀況的預測。

When the weather improved, our crews conducted patrols across the entire 3400 impacted miles of our power lines by helicopter, vehicle and on foot, identifying multiple lines that had sustained damage.

當天氣好轉時，我們的工作人員通過直升機、車輛和步行對整個 3400 英里受影響的電力線進行了巡邏，確定了多條遭受持續損壞的線路。

Service was restored to nearly all customers within about 2 days, and I would personally like to thank our impacted customers and communities for their patience, while we work to turn their lights safely back on.

大約 2 天內，幾乎所有客戶都恢復了服務，我個人要感謝受影響的客戶和社區的耐心等待，同時我們正在努力安全地重新打開他們的燈。

This morning, I'll touch on Senate Bill 901.

今天早上，我將談談參議院法案 901。

And then I'll walk you through our Community Wildfire Safety Program proposal, the multi-year effort targeted at wildfire risk mitigation that continues to evolve and expand.

然後，我將向您介紹我們的社區野火安全計劃提案，這是一項針對野火風險緩解的多年努力，該計劃不斷發展和擴展。

I'll reference some of the near-term progress we're making on enhanced programs and also highlight our plans for the coming years.

我將提及我們在增強計劃方面取得的一些近期進展，並強調我們未來幾年的計劃。

Finally, we have a number of regulatory proceedings that are underway or will be filed in the near term, and I'll touch on a few of them today.

最後，我們有一些正在進行或將在短期內提交的監管程序，我今天將談及其中的一些。

These proceedings are a key area of focus over the coming months.

這些程序是未來幾個月的重點關注領域。

Now as you'll all know, in September, the Governor signed Senate Bill 901, which addresses a set of very complex wildfire-related issues.

眾所周知，9 月，總督簽署了參議院法案 901，該法案解決了一系列非常複雜的與野火相關的問題。

While we believe this bill represents a constructive initial step, more important work remains.

雖然我們認為該法案代表了建設性的第一步，但還有更重要的工作要做。

This law provides for improved financial stability for the investor-owned utilities in the state.

該法律規定改善該州投資者擁有的公用事業的財務穩定性。

However, it did not address inverse condemnation, and it remains our firm view that this must be resolved through legislative reforms or legal challenges.

但是，它沒有解決反向譴責，我們仍然堅信這必須通過立法改革或法律挑戰來解決。

So while we're pleased with the progress made, we will continue our focus on reforming inverse condemnation, including as part of the Blue Ribbon Commission's work as it comes together during the upcoming legislative session.

因此，儘管我們對取得的進展感到滿意，但我們將繼續專注於改革反向譴責，包括作為藍絲帶委員會在即將舉行的立法會議期間開展的工作的一部分。

Also coming out of the legislative session was the passage of Senate Bill 100, which sets a 60% renewable portfolio standard target by 2030.

立法會議還通過了參議院第 100 號法案，該法案設定了到 2030 年 60% 的可再生能源組合標準目標。

It also requires that 100% of all retail electricity sales come from RPS-eligible or carbon-free resources by 2045.

它還要求到 2045 年所有零售電力銷售的 100% 來自符合 RPS 條件或無碳資源。

California's investor-owned utilities are critical to meeting these clean energy goals, and we will require access to affordable capital in order to help the State meet these bold targets.

加州投資者擁有的公用事業公司對於實現這些清潔能源目標至關重要，我們將需要獲得負擔得起的資金，以幫助該州實現這些大膽的目標。

As these policy reforms and legal engagements continue, we are actively tackling this new normal on a variety of fronts.

隨著這些政策改革和法律事務的繼續進行，我們正在各個方面積極應對這一新常態。

Our operational approach and focus must evolve with the growing threat posed by extreme weather conditions, and with nearly a twofold increase in the number of acres burned this year as compared to last, we are continuing to further ramp up the work that we began prior to the start of this year's wildfire season.

我們的運營方法和重點必須隨著極端天氣條件帶來的日益嚴重的威脅而發展，並且今年燃燒的面積比去年增加了近兩倍，我們將繼續進一步加強我們之前開始的工作今年野火季節的開始。

Our expanded Community Wildfire Safety Program was established after the 2017 wildfires to implement additional precautionary measures intended to reduce or further reduce wildfire risks.

我們擴大的社區野火安全計劃是在 2017 年野火之後製定的，旨在實施旨在減少或進一步減少野火風險的額外預防措施。

It consists of 3 core elements that collectively target reducing risk in the high fire-threat areas across our system: We'll improve situational awareness in the near term, execute targeted infrastructure hardening in the highest risk areas, and further enhance our operational practices.

它由 3 個核心要素組成，共同致力於降低我們系統中高火災威脅區域的風險：我們將在短期內提高態勢感知，在風險最高的區域執行有針對性的基礎設施強化，並進一步加強我們的運營實踐。

These plans will be further detailed in the 2020 General Rate Case that will be filed later this year.

這些計劃將在今年晚些時候提交的 2020 年一般費率案例中進一步詳細說明。

We believe that our proposal sets forth an appropriate level of risk reduction, while balancing the cost to our customers, recognizing that we must strike a balance between the two.

我們認為，我們的提案規定了適當的風險降低水平，同時平衡了客戶的成本，認識到我們必須在兩者之間取得平衡。

At a high level, we'll use a mix of the tools I'll describe and apply them in different parts of our service area to efficiently and effectively mitigate risk.

在高層次上，我們將混合使用我將描述的工具，並將它們應用到我們服務領域的不同部分，以高效且有效地降低風險。

First, we're enhancing our situational awareness, which improves our ability to track detailed weather conditions, detect fires more rapidly, communicate more effectively with local, state and federal agencies and respond to potential fires that are underway.

首先，我們正在增強我們的態勢感知能力，這提高了我們跟踪詳細天氣狀況、更快速地探測火災、更有效地與地方、州和聯邦機構溝通以及對正在發生的潛在火災做出反應的能力。

By their nature, some of these program investments can be executed in a relatively shorter time frame and intentionally target our highest risk areas.

就其性質而言，其中一些項目投資可以在相對較短的時間內執行，並有意針對我們風險最高的領域。

Our teams are refining advanced fire modeling and detection systems, which we'll utilize in our Wildfire Safety Operation Center that was opened earlier this year.

我們的團隊正在完善先進的火災建模和檢測系統，我們將在今年早些時候開放的野火安全運營中心使用這些系統。

The daily aerial patrols we're conducting will feed the captured information to this team of experts.

我們正在進行的日常空中巡邏會將捕獲的信息提供給這個專家團隊。

And additionally, over the next 4 years, we plan to deploy more than 600 high-definition cameras, establish a coverage across these high fire-risk areas to roughly 90% by 2022.

此外，在未來 4 年內，我們計劃部署 600 多個高清攝像機，到 2022 年將這些高火災風險區域的覆蓋率提高到大約 90%。

Over the same time frame, we're proposing to add approximately 1,300 weather stations, a density of 1 station roughly every 20 miles in the highest risk areas.

在同一時間段內，我們提議增加大約 1,300 個氣象站，在風險最高的地區大約每 20 英里有 1 個氣象站。

When combined with existing weather stations, they will provide a significant level of awareness of localized weather differences experienced on the ground.

當與現有氣象站相結合時，它們將提供對地面上經歷的局部天氣差異的重要認識。

As an example, one benefit over time becomes the ability to very narrowly enact targeted outages on specific circuits to minimize impacts to our customers during extreme fire conditions as a last resort option that is part of our Public Safety Power Shutoff program.

例如，隨著時間的推移，一個好處是能夠非常狹窄地在特定電路上實施有針對性的斷電，以最大限度地減少極端火災條件下對我們客戶的影響，這是我們公共安全斷電計劃的最後選擇。

These enhancements will give us additional information that we need to refine our risk assessment, pursue smarter-system investments and make timely decisions across the identified high fire-threat districts.

這些增強功能將為我們提供更多信息，我們需要這些信息來改進我們的風險評估、追求更智能的系統投資以及在已確定的高火災威脅地區及時做出決策。

Our second area of focus is on hardening our system to further enable an even safer, stronger and more resilient grid for our customers.

我們的第二個重點領域是加強我們的系統，以進一步為我們的客戶提供更安全、更強大和更有彈性的電網。

In the next 10 years, we intend to upgrade our system across a targeted roughly 7,000 miles of our highest risk areas with stronger and more weather resistant poles and insulated tree wire.

在接下來的 10 年裡，我們打算在我們最高風險區域的大約 7,000 英里的目標區域升級我們的系統，使用更堅固、更耐候的電線桿和絕緣樹線。

We're also proposing to replace other equipment, such as fuses and transformers to further reduce the risk to our system.

我們還提議更換其他設備，例如保險絲和變壓器，以進一步降低我們系統的風險。

We'll tailor our upgrades to match the terrain and conditions we expect to face based on a more granular analysis of these fire-prone regions.

我們將根據對這些火災多發地區的更精細分析，調整我們的升級以匹配我們預期面臨的地形和條件。

Finally, we're enhancing our operational practices to further align with the changing conditions we're facing daily.

最後，我們正在加強我們的運營實踐，以進一步適應我們每天面臨的不斷變化的情況。

This is consistent with what you've seen us do over the last few years, including when we significantly increased the vegetation management work we began in 2014 as a result of the historic drought and bark beetle infestation.

這與您在過去幾年看到的我們所做的一致，包括由於歷史性乾旱和樹皮甲蟲侵擾，我們在 2014 年開始大幅增加植被管理工作。

We'll be focused on an enhanced vegetation management program across our high fire-threat areas in the coming years.

未來幾年，我們將專注於在我們的高火災威脅地區加強植被管理計劃。

Part of this plan includes risk-informed, targeted tree removal beyond the dead, diseased and dying trees that may be within in the fall zone of our overhead wires and that are part of our ongoing tree management efforts.

該計劃的一部分包括了解風險、有針對性地清除可能位於我們架空電線墜落區內的死亡、患病和垂死樹木之外的樹木，這些樹木是我們正在進行的樹木管理工作的一部分。

Our risk reduction strategy also includes 12-foot radio clearances in high fire-threat areas, consistent with the provisions of a fire prevention OIR issued by the CPUC at the end of last year, and we also plan to clear all vegetation that hangs above our wires.

我們的風險降低策略還包括在高火災威脅區域設置 12 英尺無線電間隙，符合 CPUC 去年年底發布的防火 OIR 的規定，我們還計劃清除懸掛在我們上方的所有植被電線。

That represents enhanced vegetation management work on over 25,000 miles of our overhead distribution lines in high fire-threat areas that we're targeting to complete over the next 8 years.

這代表在我們計劃在未來 8 年內完成的高火災威脅地區超過 25,000 英里的架空配電線路上加強了植被管理工作。

We also have our Public Safety Power Shutoff program that I mentioned earlier, and we'll of course, only utilize this as a last resort in the most extreme forecasted weather conditions.

我們也有我之前提到的公共安全斷電計劃，當然，我們只會在預測的最極端天氣條件下將其用作最後的手段。

All of these efforts are in addition to our ongoing pole maintenance and visual infrared inspections of our assets.

所有這些努力都是對我們正在進行的電線桿維護和資產紅外目視檢查的補充。

We plan to continue patrolling our poles at frequencies within high fire-threat areas beyond the compliance requirements in place in California.

我們計劃繼續在高火災威脅區域內巡邏我們的電線桿，頻率超出加利福尼亞州的合規要求。

Collectively, this is an integrated, comprehensive program to further reduce risk across our high fire-threat areas.

總的來說，這是一項綜合性綜合計劃，旨在進一步降低我們高火災威脅地區的風險。

Jason will cover in more detail the financial impacts of these important programs, but I would offer that they create substantial incremental investment opportunities that we'll be presenting to the commission for approval.

Jason 將更詳細地介紹這些重要計劃的財務影響，但我會提出，它們會創造大量增量投資機會，我們將把這些機會提交給委員會批准。

Finally, I'll now walk through what is a very full regulatory calendar over the course of the next year.

最後，我現在將介紹明年非常完整的監管日曆。

Starting with one of our core rate cases, last month, we filed our Transmission Owner Case with the Federal Energy Regulatory Commission, which included a 12.5% return on equity.

從我們的一個核心費率案例開始，上個月，我們向聯邦能源監管委員會提交了傳輸所有者案例，其中包括 12.5% 的股本回報率。

In December, we'll be filing our nuclear decommissioning cost tri-annual proceeding, which includes our request for cost recovery associated with the eventual decommissioning of our nuclear units.

12 月，我們將提交每三年一次的核退役成本程序，其中包括我們要求回收與核裝置最終退役相關的成本。

Next April, we intend to file our 2020 cost of capital application.

明年 4 月，我們打算提交 2020 年的資本成本申請。

While we evaluate the operating environment at the time of our filing, we believe our cost of capital is higher than the 10.25% currently authorized, given the increased risk of extreme weather events, the continued application of inverse condemnations at investor-owned utilities and the state's bold clean energy targets.

雖然我們在提交申請時評估運營環境，但我們認為我們的資本成本高於目前授權的 10.25%，因為極端天氣事件的風險增加，投資者擁有的公用事業公司繼續應用反向譴責以及國家大膽的清潔能源目標。

In mid-December, we'll be filing our 2020 general rate case, which will include the system hardening work that I just mentioned as well as a continued focus on modernizing our gas and electric systems to meet the evolving needs of our customers and communities.

12 月中旬，我們將提交 2020 年一般費率案例，其中將包括我剛才提到的系統強化工作，以及繼續關注我們的燃氣和電力系統的現代化，以滿足客戶和社區不斷變化的需求.

With the substantial investments I referenced this morning, you can appreciate the top of mind with all of our proceedings is a balance between risk reduction and affordable service for our customers.

通過我今天早上提到的大量投資，您可以理解我們所有程序的首要考慮是在降低風險和為客戶提供負擔得起的服務之間取得平衡。

The CPUC's shared emphasis on customer affordability was clear in its final decision in the Power Charge Indifference Adjustment rulemaking.

CPUC 在電費無差異調整規則制定中的最終決定清楚地表明了對客戶負擔能力的共同重視。

This ruling was a positive outcome and allows for equitable allocation of cost amongst all our customers.

這一裁決是一個積極的結果，並允許在我們所有的客戶之間公平分配成本。

We look forward to working with the commission on future proceedings that also address cost allocation issues for our customers, including net energy metering.

我們期待與委員會就未來的程序進行合作，這些程序還可以為我們的客戶解決成本分配問題，包括淨能源計量。

Alongside these cases, we'll continue our path toward gaining efficiencies in our business.

除了這些案例，我們將繼續提高業務效率。

The CPUC recently indicated that in February, we will need to file the first annual Wildfire Mitigation Plan as required by SB 901.

CPUC 最近表示，在 2 月份，我們將需要按照 SB 901 的要求提交第一份年度野火緩解計劃。

And the commission, 2 weeks ago, held its first meeting to cover some of the initial thinking on the scope of this work in their Order Instituting Rulemaking.

兩週前，該委員會召開了第一次會議，討論了在他們的規則制定命令中對這項工作範圍的一些初步思考。

We expect the vast majority of the work that we present will be captured in existing proceedings, such as the 2020 GRC, and recognize that the commission has expressed its desire to move expeditiously on these wildfire plans, which we support.

我們預計我們展示的絕大多數工作將在現有程序中進行，例如 2020 GRC，並認識到委員會已表示希望迅速推進這些我們支持的野火計劃。

But we will also evolve these plans, as we continue to further strengthen for risk mitigation technologies and practices, which is why the annual plans and reviews mandated by SB 901 are a sensible approach.

但隨著我們繼續進一步加強風險緩解技術和實踐，我們也將改進這些計劃，這就是為什麼 SB 901 規定的年度計劃和審查是一種明智的方法。

Jason will walk you through our capital plan next, but I just wanted to emphasize, we're highly focused on tackling the need for greater policy and financing certainty, executing on a series of necessary system investments and continuing to prioritize affordability for our customers.

Jason 接下來將向您介紹我們的資本計劃，但我只想強調，我們高度專注於解決對更大政策和融資確定性的需求，執行一系列必要的系統投資，並繼續優先考慮客戶的負擔能力。

As I look back over the last quarter, we've made solid progress on a number of fronts, including our community Wildfire Safety Program and the passage of SB 901.

回顧上個季度，我們在許多方面取得了堅實的進展，包括我們的社區野火安全計劃和 SB 901 的通過。

And we're prepared to aggressively execute on additional work, as we seek to further mitigate risk in the communities that we have the privilege to serve.

我們準備積極執行額外的工作，因為我們尋求進一步降低我們有幸服務的社區的風險。

Finally, we're committed to keeping you updated as we walk through our various regulatory proceedings over the course of the next year.

最後，我們致力於在明年的各種監管程序中為您提供最新信息。

With that, I'll turn it over to Jason.

有了這個，我會把它交給傑森。

Thank you, Geisha, and good morning, everyone.

謝謝你，藝伎，大家早上好。

Today, I'll walk through the results for the quarter.

今天，我將介紹本季度的結果。

We will also provide CapEx and rate base guidance through 2023.

我們還將提供到 2023 年的資本支出和費率基礎指導。

Before we dive in, I want to address the customer harm threshold, or disallowance cap, which will establish a cap on the amount that shareholders will contribute to cost associated with the 2017 fires.

在我們深入探討之前，我想解決客戶傷害閾值或不允許上限，這將設定股東為 2017 年火災相關成本貢獻的金額上限。

We're beginning to work constructively with the commission on a process to objectively review this unique charge on the legislature, but I want to acknowledge that we're still in early stages.

我們正開始與委員會建設性地合作，以客觀地審查對立法機關的這項獨特指控，但我想承認我們仍處於早期階段。

We recognize there's great interest in better understanding this figure and believe that it is critical to establish this threshold timely.

我們認識到人們對更好地理解這個數字很感興趣，並認為及時建立這個閾值至關重要。

As new material information becomes available, we will continue to keep you apprised.

隨著新材料信息的出現，我們將繼續通知您。

Also, I'll reiterate that given the continued uncertainty we're facing, particularly around the amount and timing of any potential future financings, we're not providing earnings per share guidance on today's call.

此外，我要重申，鑑於我們面臨的持續不確定性，特別是圍繞任何潛在未來融資的數量和時間，我們不會在今天的電話會議上提供每股收益指導。

With that, let's move now to the financial results for the quarter starting on Slide 6.

有了這個，讓我們現在從幻燈片 6 開始看本季度的財務業績。

Earnings from operations came in at $1.13 per share.

運營收益為每股 1.13 美元。

GAAP earnings, including the items impacting comparability are also shown here.

此處還顯示了 GAAP 收益，包括影響可比性的項目。

Legal and other costs associated with the Northern California wildfires net of insurance recoveries totaled $43 million pretax.

與北加州野火相關的法律和其他費用（扣除保險賠付後）總計 4300 萬美元（稅前）。

Pipeline related expenses were $13 million pretax.

管道相關費用為稅前 1300 萬美元。

We recorded $9 million pretax for legal costs related to the Butte Fire.

我們為與 Butte Fire 相關的法律費用記錄了 900 萬美元的稅前費用。

Lastly, we reduced the previously recorded charge for capital costs that we anticipated would be disallowed based on previous Gas Transmission rate case decisions.

最後，我們減少了先前記錄的資本成本費用，我們預計根據之前的輸氣率案例決定，這些費用將被禁止。

This is driving a $38 million pretax gain this quarter.

這推動了本季度 3800 萬美元的稅前收益。

Moving onto Slide 7, which shows the quarter-over-quarter comparison of earnings from operations of $1.12 in the third quarter of last year compared to $1.13 this quarter.

轉到幻燈片 7，它顯示了去年第三季度運營收益為 1.12 美元，而本季度為 1.13 美元的季度環比比較。

We were $0.06 favorable due to the growth in rate base earnings.

由於利率基礎收益的增長，我們獲得了 0.06 美元的優惠。

We expect rate base growth to drive an increase in earnings of $0.25 for the full year.

我們預計利率基礎增長將推動全年收益增加 0.25 美元。

Timing of taxes, which fluctuates with earnings throughout the year, was $0.02 favorable for the quarter.

稅收時間隨全年收益波動，對本季度有利 0.02 美元。

On a full-year basis, we expect this item to net to 0. Anticipated recovery of insurance premiums was $0.01.

在全年的基礎上，我們預計該項目淨值為 0。保險費的預期回收為 0.01 美元。

Following the approval of our Wildfire Expense Memorandum Account in June, we expect to record roughly $0.09 in insurance recoveries in 2018.

在 6 月批准我們的 Wildfire 費用備忘賬戶後，我們預計 2018 年的保險回收金額將達到約 0.09 美元。

We were $0.06 unfavorable quarter-over-quarter due to the timing of our operational spend in 2017.

由於我們在 2017 年運營支出的時間安排，我們環比下降 0.06 美元。

We've bundled some of our work to allow for more efficient execution in the second half of 2017, resulting in a delay in some spend from Q3 to Q4.

我們將一些工作捆綁在一起，以便在 2017 年下半年更有效地執行，從而導致一些支出從第三季度延遲到第四季度。

This year, our spend reflects a more typical pattern.

今年，我們的支出反映了一種更典型的模式。

We were $0.01 unfavorable due to the lower authorized return on equity in 2018 as compared to 2017.

由於與 2017 年相比，2018 年的授權股本回報率較低，我們不利 0.01 美元。

We expect this to be approximately $0.05 on an annualized basis.

我們預計這在年化基礎上約為 0.05 美元。

Miscellaneous items were also $0.01 unfavorable this quarter.

本季度雜項也為 0.01 美元。

There were several offsetting items here, including increment wildfire risk mitigation spend associated with our Community Wildfire Safety program.

這裡有幾個抵消項目，包括增加與我們的社區野火安全計劃相關的野火風險緩解支出。

While we have several mechanisms in place to recover cost associated with this program, we believe there is some cost recovery risk as the expanded program ramps up.

雖然我們有多種機制來回收與該計劃相關的成本，但我們認為隨著擴展計劃的增加，存在一些成本回收風險。

Transitioning now to Slide 8 and our assumptions for 2018.

現在過渡到幻燈片 8 和我們對 2018 年的假設。

Our capital expenditure forecast for 2018 has increased by $200 million, with the forecasted total spend at roughly $6.5 billion.

我們對 2018 年的資本支出預測增加了 2 億美元，預計總支出約為 65 億美元。

This is primarily driven by incremental spend on our electric distribution substations, reflecting our continued focus on improved reliability for our customers.

這主要是由我們的配電變電站的增量支出推動的，反映出我們持續關注提高客戶的可靠性。

Partially offsetting this increase is a reduction in our electric transmission spend, mainly driven by project work moving from this year to future periods.

部分抵消了這一增長的是我們電力傳輸支出的減少，這主要是由於項目工作從今年轉移到了未來時期。

In the lower right quadrant, we've also updated our other factors affecting earnings from operations.

在右下象限，我們還更新了影響運營收益的其他因素。

As I highlighted last quarter, the regulatory asset we are recording this year to recover a portion of our incremental insurance premium costs is expected to have a favorable impact on earnings.

正如我在上個季度強調的那樣，我們今年記錄的用於收回部分增量保險費成本的監管資產預計將對收益產生有利影響。

However, the incremental cost associated with our wildfire risk mitigation work will likely offset much of this favorability.

但是，與我們的野火風險緩解工作相關的增量成本可能會抵消大部分這種優惠。

We don't anticipate these costs will have an impact on our earnings from operations in 2019.

我們預計這些成本不會對我們 2019 年的運營收益產生影響。

It remains our objective to earn our authorized return on equity on earnings from an operations basis in 2018.

我們的目標仍然是在 2018 年從運營基礎上獲得授權的股本回報率。

Slide 9 shows our forecasted items impacting comparability.

幻燈片 9 顯示了我們預測的影響可比性的項目。

We've narrowed the range for pipeline-related expenses to $40 million to $50 million pretax.

我們已將與管道相關的費用範圍縮小至稅前 4000 萬至 5000 萬美元。

While a small portion of this work will carry over into 2019, we will discontinue reporting these costs as an item impacting comparability after 2019.

雖然這項工作的一小部分將延續到 2019 年，但我們將在 2019 年後停止將這些成本作為影響可比性的項目進行報告。

We've also narrowed the range for legal cost associated with the Butte Fire, resulting in a revised range of $35 million to $45 million.

我們還縮小了與 Butte Fire 相關的法律費用範圍，修訂後的範圍為 3500 萬美元至 4500 萬美元。

The high end of the range for the Butte Fire also includes $200 million for third-party claims cost consistent with last quarter.

Butte Fire 的高端費用還包括與上一季度一致的 2 億美元第三方索賠費用。

Estimated legal and other costs associated with Northern California wildfires reflect a narrowed range of $150 million to $160 million.

與北加州野火相關的估計法律和其他成本反映了 1.5 億美元至 1.6 億美元的縮小範圍。

We've also reduced the expected insurance recoveries associated with the Northern California wildfires to roughly $400 million.

我們還將與北加州野火相關的預期保險賠償減少至大約 4 億美元。

While we ultimately expect to recover up to the full amount of our insurance policy, the timing of this recovery has shifted out a bit.

雖然我們最終希望能夠全額收回我們的保單金額，但這種複甦的時間已經發生了一些變化。

The reduction in anticipated gas-related capital disallowances of $38 million pretax reflects the partial reversal of the previous disallowances of capital cost that I mentioned earlier.

與天然氣相關的預期資本免稅額減少 3800 萬美元，反映了我之前提到的先前資本成本免稅額的部分逆轉。

Finally, anticipated 2017 insurance premium cost recoveries were consistent with last quarter.

最後，預計 2017 年保費成本回收與上一季度一致。

Slide 10 shows our forecasted capital expenditures from 2018 through 2023.

幻燈片 10 顯示了我們從 2018 年到 2023 年的預測資本支出。

For 2019, we expect our CapEx to be roughly $6.4 billion compared to our forecast of approximately $6 billion last quarter.

對於 2019 年，我們預計我們的資本支出約為 64 億美元，而我們上季度的預測約為 60 億美元。

This increase is primarily driven by roughly $300 million in system hardening work associated with our Community Wildfire Safety program.

這一增長主要是由與我們的社區野火安全計劃相關的大約 3 億美元的系統強化工作推動的。

We're providing an annual range for CapEx beginning in 2020 and continuing through 2023, with a low end of $5.7 billion, reflecting amounts currently authorized in our rate cases and the high end of the roughly $7 billion based on amounts we have filed or expect to file in future rate case proceedings.

我們提供了從 2020 年開始一直持續到 2023 年的資本支出年度範圍，下限為 57 億美元，反映了我們費率案例中目前授權的金額，以及基於我們已提交或預期的金額的大約 70 億美元的上限在未來的費率案件訴訟中提交。

The high end also reflects the capital we're proposing to spend as part of our Community Wildfire Safety Program at roughly $700 million annually from 2020 through 2023.

高端還反映了我們提議從 2020 年到 2023 年每年大約 7 億美元用於社區野火安全計劃的資金。

These amounts will be reflected in our upcoming 2020 GRC request, with similar levels anticipated in future GRC requests.

這些金額將反映在我們即將到來的 2020 年 GRC 請求中，預計未來的 GRC 請求中也會有類似的水平。

Slide 11 provides our rate base growth with a compound annual growth rate of approximately 7% to 8.5% from 2018 through 2023.

幻燈片 11 為我們的利率基礎增長提供了從 2018 年到 2023 年的複合年增長率約為 7% 至 8.5% 的數據。

As Geisha mentioned, the passage of Senate Bill 901 represents progress, and we look forward to executing on this robust capital plan in the coming years.

正如 Geisha 所提到的，參議院第 901 號法案的通過代表著進步，我們期待在未來幾年執行這一強有力的資本計劃。

California's bold, clean energy goals continue to foster an environment of growth, which only increased with the recent passage of Senate Bill 100.

加利福尼亞州大膽的清潔能源目標繼續營造增長環境，隨著最近參議院第 100 號法案的通過，這種增長環境只會得到加強。

Attracting capital to execute on these goals is more important than ever, and we look forward to partnering with the state on continuing to drive this positive change for California's environment.

吸引資金來實現這些目標比以往任何時候都更加重要，我們期待與該州合作，繼續推動加州環境的積極變化。

Of course, our shareholders require a fair return for their investment needed to make these transformational changes.

當然，我們的股東需要為他們進行這些轉型變革所需的投資獲得公平的回報。

As Geisha noted, we'll be considering the factors that drive incremental risk in California when we file our cost of capital allocation next spring.

正如 Geisha 指出的那樣，我們將在明年春季提交資本配置成本時考慮推動加利福尼亞增加風險的因素。

Moving now to equity.

現在轉向股權。

We issued approximately $140 million through our internal programs through the third quarter.

截至第三季度，我們通過內部計劃發行了約 1.4 億美元。

While participation in these plans can vary throughout the year, I expect that they will generate roughly $200 million for the full year.

雖然全年參與這些計劃的情況可能有所不同，但我預計它們全年將產生大約 2 億美元的收入。

As of September 30, 2018, our equity ratio was 51.5% at the Utility, resulting in a pretax cushion of roughly $500 million, relative to the 51% minimum that would require a capital structure waiver.

截至 2018 年 9 月 30 日，我們在公用事業公司的股權比率為 51.5%，因此稅前緩衝約為 5 億美元，而需要資本結構豁免的最低 51% 是相對的。

Looking ahead, given the continued uncertainty regarding our financing plans, we are not issuing equity guidance today for 2019 and for future years.

展望未來，鑑於我們融資計劃的持續不確定性，我們今天不會發布 2019 年和未來幾年的股權指導。

However, we do expect to continue to utilize our internal programs in future periods.

但是，我們確實希望在未來期間繼續使用我們的內部程序。

On Slide 13, we've summarized the key factors that will influence future equity issuances.

在幻燈片 13 中，我們總結了影響未來股票發行的關鍵因素。

In closing, I want to reinforce that we are laser-focused on working through the items that will ultimately provide the investment community greater clarity.

最後，我想強調的是，我們正專注於研究最終將為投資界提供更大清晰度的項目。

We have a strong growth plan in front of us, and we are well positioned to execute on it.

我們面前有一個強大的增長計劃，我們已經準備好執行它。

At the same time, we continue to drive efficiencies in our business, as we look for ways to keep our service affordable for all of our customers, a key focus in coming years particularly as we ramp-up on system hardening to continue to keep our communities we serve safe.

與此同時，我們繼續提高我們的業務效率，因為我們正在尋找方法讓我們的所有客戶都能負擔得起我們的服務，這是未來幾年的一個重點，特別是當我們加強系統強化以繼續保持我們的我們服務的社區安全。

While this year has proved challenging, our priority remains on solutions that result in favorable outcomes for both our customers and shareholders.

儘管事實證明今年充滿挑戰，但我們的首要任務仍然是為我們的客戶和股東帶來有利結果的解決方案。

And the same priority will guide our efforts associated with our wildfire mitigation strategy and how we approach the customer harm threshold process.

同樣的優先事項將指導我們與我們的野火緩解策略相關的工作，以及我們如何處理客戶傷害閾值流程。

With that, let's open up the line for questions.

有了這個，讓我們打開問題熱線。

(Operator Instructions) Your first question comes from Jonathan Arnold with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Jonathan Arnold。

Quick question on -- I'm just curious, on previous occasions you've given sort of a 3-year GRC-type outlook, and this is the 2023, if I'm not wrong, would be after the to-be filed 2020 GRC.

快速提問——我只是好奇，在以前的情況下，你給出了 3 年 GRC 類型的展望，而這是 2023 年，如果我沒記錯的話，將在待提交之後2020 集選區。

Or is it you're, perhaps, signaling that you could look for a 4-year year GRC here?

還是您是在暗示您可以在這裡尋找 4 年的 GRC？

Jonathan, our intention with providing a 5-year forecast was to reflect our confidence in long-term spending programs that we're proposing.

喬納森，我們提供 5 年預測的目的是反映我們對我們提出的長期支出計劃的信心。

We anticipate the 2020 GRC will cover the period of 2020 through 2022.

我們預計 2020 GRC 將涵蓋 2020 年至 2022 年期間。

But we have line of sight to the long-term spending plans, which gave us confidence to provide the 5-year forecast.

但我們對長期支出計劃有一定的了解，這讓我們有信心提供 5 年預測。

Okay, that's helpful.

好的，這很有幫助。

And then you also -- I think, the details you gave on the Community Wildfire Safety Program.

然後你也——我想，你提供了關於社區野火安全計劃的細節。

I just -- you're you showing us a 5-year look, but is -- what's the kind of real longevity on this?

我只是 - 你是在向我們展示 5 年的外觀，但是 - 真正長壽的是什麼樣的？

And you mentioned spending at similar levels in future GRCs, plural, if I heard you correctly.

如果我沒聽錯的話，你提到了未來 GRC 中類似水平的支出，複數形式。

Jonathan, this is Geisha.

喬納森，這是藝伎。

Our view is, Community Welfare Safety Program has different elements.

我們的觀點是，社區福利安全計劃具有不同的要素。

The veg management work that I described, our intention is to really address that 25,000 miles over an 8-year period.

我描述的蔬菜管理工作，我們的目的是在 8 年內真正解決 25,000 英里的問題。

On the system hardening, we're looking at a 10-year focus on roughly the 7,000 miles.

在系統強化方面，我們正在關注大約 7,000 英里的 10 年重點。

And this is a long-term approach to frankly, derisking our assets in these high-fire prone areas.

坦率地說，這是一種長期方法，可以降低我們在這些易發生火災的地區的資產的風險。

Okay.

好的。

And then I just had one other thing.

然後我還有另一件事。

When I look at the rate base for 2019, it's obviously higher than what you had approved in the prior GRC year.

當我查看 2019 年的費率基數時，它顯然高於您在前一個 GRC 年度批准的費率基數。

Is the difference there pretty much all to do with this community planned spending?

差異是否幾乎與這個社區計劃支出有關？

Or are there some other -- can you unpack any other differences, Jason, there?

或者還有其他一些——傑森，你能解開任何其他差異嗎？

Because we're trying to sort of translate that into sort of probability of getting approved at that level, et cetera?

因為我們正試圖將其轉化為在該級別獲得批准的概率，等等？

I do think that there's low-cost recovery risk.

我確實認為存在低成本恢復風險。

In 2019, the higher level of CapEx and rate base associated with the Community Wildfire Safety program is roughly $300 million.

2019 年，與社區野火安全計劃相關的更高水平的資本支出和費率基數約為 3 億美元。

The remaining difference is essentially the timing of spend associated with our General Rate Case and Gas Transmission & Storage Rate Case decisions with a small amount coming from CapEx.

剩下的差異本質上是與我們的一般費率案例和天然氣傳輸和存儲費率案例決策相關的支出時間，其中少量來自資本支出。

Essentially, we have been spending more in the later years of those rate cases than we did in their earlier years but the spend overall during those rate case periods is generally consistent with what has been authorized in those cases.

從本質上講，我們在這些利率案例的後期支出比我們在早期的支出更多，但在這些利率案例期間的總體支出通常與這些案例中授權的支出一致。

So you would isolate the amount by which '19 rate base exceeds currently approved amounts to the piece related to the wildfire programs.

因此，您可以將 19 年利率基礎超出當前批准金額的金額與與野火計劃相關的部分隔離開來。

Is that fair?

這公平嗎？

To roughly, that $300 million that we intend to spend for the Community Wildfire Safety Program.

粗略地說，我們打算為社區野火安全計劃花費的 3 億美元。

Yes.

是的。

Your next question is from Stephen Byrd with Morgan Stanley.

你的下一個問題來自摩根士丹利的斯蒂芬伯德。

It was helpful disclosure you provided in terms of the CapEx, and I'm just sort of thinking through that CapEx that you laid out on Slide 10.

您提供的有關資本支出的披露很有幫助，我只是在考慮您在幻燈片 10 上列出的資本支出。

And at the higher end of that range, at the $7 billion, kind of the far-right bar, how should we think about how you would fund that?

在這個範圍的較高端，即 70 億美元，有點像極右翼的標準，我們應該如何考慮如何為它提供資金？

Would you be able to rely solely on your programs?

你能完全依賴你的程序嗎？

And I'm kind of thinking steady state.

我有點想穩態。

I know there are a number of moving parts in the near term.

我知道短期內有許多活動部件。

But longer term at that higher end, could you rely on your equity programs?

但從長遠來看，在高端，你能依靠你的股權計劃嗎？

Would you need to go out and seek larger amounts of equity in an offering?

您是否需要出去尋求更多的股權？

How should we think about sort of financing that $7 billion number you lay out?

我們應該如何考慮您提出的 70 億美元的融資方式？

Stephen, I think at the $7 billion level the required equity contribution, that would exceed what we anticipate to recover through our internal programs, both kind of the amount that we're seeing this year as well as sort of the amounts that were generated prior to the 2017 fires.

斯蒂芬，我認為在 70 億美元的水平上，所需的股權出資將超過我們預期通過內部計劃收回的金額，包括我們今年看到的金額以及之前產生的金額到 2017 年的火災。

And so, I really think there's a number of factors that are going to be impacting our financing plans most largely associated with the 2017 wildfires.

因此，我真的認為有很多因素會影響我們的融資計劃，這些計劃在很大程度上與 2017 年的野火有關。

As we think about dividend reinstatement down the road, we are going to have to balance the growth that we see in our business with a competitive payout ratio of our dividend.

當我們考慮在未來恢復股息時，我們將不得不平衡我們在業務中看到的增長與具有競爭力的股息支付率。

So we will balance all those factors.

因此，我們將平衡所有這些因素。

So I think it's too early to really be specific with how we will raise that incremental equity that will be needed to fund that higher level of CapEx.

因此，我認為現在就具體說明我們將如何籌集為更高水平的資本支出提供資金所需的增量股本還為時過早。

Yes, I respect that.

是的，我尊重這一點。

There are a lot of factors.

有很多因素。

Actually -- and just -- you had mentioned dividend, which was another area I just wanted to touch on.

實際上——而且只是——你提到了股息，這是我想談的另一個領域。

When you think about both the factors that are really driving your thought about potential dividend reinstatement but also, I think importantly about the policy, the payout level, et cetera, would you mind just giving us your latest thoughts around the key drivers there, both of timing to reinstitute as well as sort of philosophically, does -- obviously, we have much higher wildfire risk than we used to.

當您考慮真正推動您對潛在股息恢復的想法的兩個因素時，而且，我認為重要的是政策、支付水平等，您介意向我們提供您對那裡的關鍵驅動因素的最新想法嗎？重新制定的時機以及某種哲學上，確實 - 顯然，我們的野火風險比過去高得多。

Does that factor into your decision about payout ratio?

這是否會影響您對支付率的決定？

Any color on the dividend will be helpful.

股息的任何顏色都會有所幫助。

Yes, thanks for that question, Stephen.

是的，謝謝你提出這個問題，斯蒂芬。

I can tell you, we couldn't be more cognizant of the importance of dividends and the role that dividends play to our Utility investors.

我可以告訴你，我們非常清楚股息的重要性以及股息對我們的公用事業投資者的作用。

So as we think about this, I would also tell you that our Board is very engaged and is continuously evaluating both the timing of the dividend reinstatements, as well as to what level it should consider.

因此，當我們考慮這個問題時，我還要告訴你，我們的董事會非常投入，並且正在不斷評估恢復股息的時間以及它應該考慮的水平。

But it has to look at a number of factors that are impacting our environment.

但它必須考慮影響我們環境的許多因素。

So for example, we've got to take a look at what are the ultimate determination of the cause of the Tubbs Fire from CAL FIRE.

因此，例如，我們必須看看 CAL FIRE 對 Tubbs Fire 的最終確定原因是什麼。

What is the Safety and Enforcement Division's report in terms of our operating practices in regard to those -- to the fires that we had in '17.

就我們在 17 年發生的火災的操作實踐而言，安全和執法部門的報告是什麼？

And we're also looking at what of the potential decisions of local DAs in terms of bringing charges against the company.

我們還在研究當地 DA 在對公司提出指控方面的潛在決定。

Now all of these factors, we believe, could impact the determination of the customer harm threshold process that is going to be kicking off at the CPUC.

我們認為，現在所有這些因素都可能影響將在 CPUC 啟動的客戶傷害閾值流程的確定。

What I would tell you is that while we're not looking at any of these specific items or milestones of the triggering event, we do need to acknowledge that there are a number of uncertainties that could impact the longer-term value of the company.

我要告訴你的是，雖然我們沒有考慮觸發事件的任何這些具體項目或里程碑，但我們確實需要承認存在許多可能影響公司長期價值的不確定性。

So all that said, the focus is on -- and our Board anyway, is really to consistently evaluate all of these relevant factors.

因此，綜上所述，重點在於——無論如何，我們的董事會實際上是在持續評估所有這些相關因素。

It's a pretty fluid situation, and our goal is to provide you with clarity in terms of the dividend reinstatement when it's appropriate.

這是一個非常不穩定的情況，我們的目標是在適當的時候為您提供清晰的股息恢復信息。

But we're just not in a position to do that today.

但我們今天無法做到這一點。

Your next question is from Steve Fleishman with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Steve Fleishman。

Just on the affordability, could you maybe give a little more color on this capital plan when you see all the different factors, costs cuts and PPAs that roll off, kind of what do your rate levels look like over the 5-year plan?

就負擔能力而言，當你看到所有不同的因素、成本削減和 PPA 下降時，你能否給這個資本計劃多一點色彩，你的利率水平在 5 年計劃中是什麼樣子的？

Well, I think I'll talk about it pretty broadly.

好吧，我想我會非常廣泛地談論它。

I mean, we are absolutely focused on cost, and we understand how important the issue of affordability is for our customers, particularly at a time when we're proposing additional wildfire-related spend and there's also [right] the potential for the securitization of third-party liability in the years ahead.

我的意思是，我們絕對專注於成本，並且我們了解負擔能力問題對我們的客戶有多重要，特別是在我們提議增加與野火相關的支出並且還有 [正確] 證券化的潛力的時候未來幾年的第三方責任。

So we understand we've got to take a look back and figure out, how do we expand the necessary work to derisk our system while at the same time, focus on doing that in the most cost-effective way possible.

因此，我們明白我們必須回顧並弄清楚，我們如何擴大必要的工作來降低我們系統的風險，同時專注於以最具成本效益的方式做到這一點。

So as you know, Steve, we've been really focused on our affordability initiatives for several years and those initiatives, as we look at our costs and our efficiencies, will apply as well for all of the hardening effort that we have planned.

所以，正如你所知，史蒂夫，我們多年來一直專注於我們的負擔能力計劃，而這些計劃，當我們審視我們的成本和效率時，也將適用於我們計劃的所有強化工作。

So we're also, frankly, looking at our own costs, our own programs, and at the same time, looking at broader policies that are designed to relieve cost pressure.

因此，坦率地說，我們也在研究我們自己的成本、我們自己的計劃，同時也在研究旨在緩解成本壓力的更廣泛的政策。

So for example, and I mentioned this in my opening remarks, we advocated really aggressively for changes to the PCIA, and we're gratified to see the substantial progress that we've made on correcting that cost shift from CCA customers to a broader-bundled customer.

因此，例如，我在開場白中提到了這一點，我們非常積極地倡導對 PCIA 進行更改，我們很高興看到我們在糾正成本從 CCA 客戶轉移到更廣泛的客戶方面取得了實質性進展 -捆綁客戶。

Next year, we've got another opportunity to take a look at those cost shifts, as we start thinking about net energy metering and how to reduce those cost shifts as well.

明年，隨著我們開始考慮淨能源計量以及如何減少這些成本轉移，我們將有另一個機會來研究這些成本轉移。

So our view is to look at the work we can do on our own in terms of our own programs, our own efficiencies, while also looking more holistically at the policy area to see if there's opportunities to reduce cost further for our customers.

因此，我們的觀點是根據我們自己的計劃、我們自己的效率來審視我們自己可以做的工作，同時更全面地審視政策領域，看看是否有機會為我們的客戶進一步降低成本。

And then, you probably noticed that Edison gave the -- their view of their, I guess, fault on the Thomas Fire prior to CAL FIRE, actually, issuing a report.

然後，你可能注意到愛迪生給出了——我猜，他們對在 CAL FIRE 之前 Thomas Fire 的錯誤的看法，實際上是發布了一份報告。

Do you see any chance that you would do that on Tubbs or you're definitely going to wait until CAL FIRE issues a report?

您是否有機會在 Tubbs 上這樣做，或者您肯定會等到 CAL FIRE 發布報告？

I think that we're, at this point in the game, we are really very much waiting on CAL FIRE to complete its work.

我認為，在遊戲的這個階段，我們真的非常期待 CAL FIRE 完成它的工作。

We're looking forward to seeing them complete their work.

我們期待看到他們完成他們的工作。

And we obviously don't have access to all the information, all the evidence, all the various things that they're considering.

我們顯然無法獲得所有信息、所有證據以及他們正在考慮的所有各種事情。

So it's our belief that, at this point given what we know, that will be prudent to allow CAL FIRE to complete its work.

因此，我們相信，在這一點上，鑑於我們所知道的，允許 CAL FIRE 完成其工作是謹慎的做法。

Okay, that makes sense.

好的，這是有道理的。

One last question on the customer threshold filing.

關於客戶門檻備案的最後一個問題。

When you do make a filing, is it going to be more of here's what the procedure we think should be or will it actually be, here's what we actually think the customer threshold should be?

當您提交申請時，是否更多的是我們認為應該是這樣的程序還是實際上是這樣，這是我們實際認為客戶門檻應該是什麼？

Well, I think that when you look at SB 901, it left a lot of room for interpretation in terms of how to answer that question, which I think, adds a lot of complexity, and frankly, likely adds a lot of stakeholders into the process who might be really interested in the outcome.

嗯，我認為當你看 SB 901 時，它在如何回答這個問題方面留下了很大的解釋空間，我認為這增加了很多複雜性，坦率地說，可能會增加很多利益相關者可能真正對結果感興趣的過程。

Our point of view is, and what we've been advocating, is that the process, whatever that process is, needs to move forward soon, and we've been expressing that view throughout this last quarter.

我們的觀點是，我們一直提倡的是，這個過程，無論那個過程是什麼，都需要盡快向前推進，我們在上個季度一直在表達這種觀點。

So not exactly sure the bottom line, Steve.

所以不太確定底線，史蒂夫。

We're working expeditiously with the CPUC.

我們正在與 CPUC 迅速合作。

We're asking them to take up this important question.

我們要求他們解決這個重要問題。

What I would tell you is, we are working urgently.

我要告訴你的是，我們正在緊急工作。

This is a high priority.

這是一個高優先級。

We want to bring clarity to both the process, as well as what the final threshold amount is going to be as soon as possible.

我們希望盡快明確流程以及最終門檻金額。

We understand how important that number, that process is to the various stakeholders.

我們了解這個數字和流程對各個利益相關者的重要性。

Your next question is from Greg Gordon of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Greg Gordon。

Has there been a formal process that's even been started in terms of engagement between the different utilities who will be affected by the stress test or, as we're calling it now, the other customer threshold?

在受壓力測試或我們現在所說的其他客戶門檻影響的不同公用事業之間的參與方面，是否已經啟動了正式流程？

And the CPUC that, that we'll have a sense of when that -- there will be an official sort of starting date for that?

CPUC 說，我們會知道什麼時候——會有一個正式的開始日期嗎？

Well, first of all I think in terms of the stress test, the customer harm threshold for 2017, it's really a PG&E issue primarily.

好吧，首先我認為就壓力測試而言，2017 年的客戶傷害閾值，這實際上主要是一個 PG&E 問題。

And so we've been, as I mentioned earlier to Steve, engaged in dialogue with the CPUC on the importance of getting started, getting started quickly.

因此，正如我之前對史蒂夫提到的那樣，我們一直在與 CPUC 就開始、快速開始的重要性進行對話。

We've recognized that there likely will be other stakeholders that will have an interest in the proceeding, whatever that may look like.

我們已經認識到，可能會有其他利益相關方對程序感興趣，無論程序是什麼樣子。

And so it's in process, but there isn't an official date or timing that I can give you at this time.

所以它正在進行中，但我目前無法提供正式日期或時間。

Got you.

明白了

And how does the wildfire mitigation plan filings sort of dovetail with the GRC?

野火緩解計劃文件如何與 GRC 相吻合？

Are they sort of operating in parallel but relate to each other as it pertains to the $7 billion spend you've requested?

它們是否並行運作但又相互關聯，因為這涉及到您要求的 70 億美元支出？

Yes, that's a good way of thinking about it.

是的，這是一個很好的思考方式。

We're using the vehicle that's available to us, which is I think, appropriately the GRC, the 2020 GRC, to propose our wildfire mitigation activity, our wildfire mitigation plans.

我們正在使用我們可用的工具，我認為，適當的 GRC，2020 GRC，來提出我們的野火緩解活動，我們的野火緩解計劃。

Having said that, on an annual basis, the CPUC will take a look at what the wildfire management plans are.

話雖如此，CPUC 每年都會查看野火管理計劃。

And so, they've kicked off through that OIR process there.

因此，他們在那裡開始了 OIR 流程。

But we're using GRC as a funding mechanism and then we'll have a separate proceeding to approve those plans through the SB 901 annual review process.

但我們使用 GRC 作為資助機制，然後我們將有一個單獨的程序通過 SB 901 年度審查流程批准這些計劃。

Got you.

明白了

And the Safety and Enforcement Division is conducting a review of the fires as well.

安全和執法部門也在對火災進行審查。

If my memory serves me correct -- correctly, I don't see that on timeline of key regulatory cases here.

如果我沒記錯的話——沒錯，我沒有在關鍵監管案例的時間表上看到這一點。

But when we last spoke, your lead director indicated that was something that you were keenly watching.

但是當我們上次談話時，您的首席主管表示您正在密切關注這一點。

So can you explain why?

那你能解釋一下為什麼嗎？

And when the expected timing is of its release?

預計發佈時間是什麼時候？

So this is Steve Malnight.

這就是史蒂夫·馬爾奈特。

Greg, thanks for the question.

格雷格，謝謝你的提問。

The SED has said that they are investigating, working alongside with CAL FIRE and others.

SED 表示他們正在調查，並與 CAL FIRE 和其他機構合作。

We expect that they will issue a report once all of the CAL FIRE reports are out.

我們預計，一旦所有 CAL FIRE 報告出來，他們就會發布一份報告。

We don't really yet know the timing, and we don't know what would result from that.

我們還不知道具體時間，也不知道這樣做會產生什麼結果。

Obviously, as you know that PUC has wide discretion to consider potential penalties if they found something as a result of that investigation or also could launch an OII.

顯然，如您所知，如果 PUC 在調查中發現某些問題，或者也可以啟動 OII，則他們有廣泛的自由裁量權來考慮潛在的處罰。

I think at this point, we don't know yet where that proceeding will go but we've mentioned that, that is a factor that's out there as well.

我認為在這一點上，我們還不知道該程序將走向何方，但我們已經提到過，這也是一個因素。

Okay.

好的。

Final one, really quick.

最後一個，真的很快。

The safety culture investigation that came out of the San Bruno fire is still open.

聖布魯諾火災引發的安全文化調查仍在進行中。

What are our expectations there in terms of whether that will ever be resolved?

我們對這個問題是否會得到解決有何期望？

So this is Steve Malnight again.

這又是史蒂夫·馬爾奈特。

Thanks.

謝謝。

The -- recently, the PUC actually issued a proposed decision in the safety culture OII.

-- 最近，PUC 實際上在安全文化 OII 中發布了一項提議的決定。

That proposed decision effectively agrees with the recommendations from North Star that North Star originally reported, and requires PG need to implement them by July 2019, with quarterly reports to the commission.

該擬議決定實際上與 North Star 最初報告的 North Star 建議一致，並要求 PG 需要在 2019 年 7 月之前實施這些建議，並向委員會提交季度報告。

So we're actively engaged in implementing those recommendations and moving forward, and we expect that the commission could vote on their proposed decision, I think the earliest is that they'll -- second meeting in November.

因此，我們正在積極參與實施這些建議並向前推進，我們希望委員會能夠對他們提議的決定進行投票，我認為最早是他們將在 11 月舉行第二次會議。

And there is no ROE penalty proposed in that PD?

該 PD 中沒有提出 ROE 處罰？

No, that proposal was -- that proceeding was just to look at those recommendations and where they go.

不，該提案是-- 該程序只是查看這些建議及其去向。

They rejected other recommendations from other parties.

他們拒絕了其他各方的其他建議。

So it's just about implementing the existing recommendations from North Star.

所以這只是關於實施 North Star 的現有建議。

Your next question is from Praful Mehta with Citigroup.

你的下一個問題來自花旗集團的 Praful Mehta。

So there's obviously a lot going on and the legislative legal side related to wildfires and waiting for the customer threshold as well.

因此，顯然有很多事情正在發生，與野火相關的立法法律方面也在等待客戶門檻。

How should we think about the financing and the plan for like the '19, '20 time frame given all of these uncertainties?

考慮到所有這些不確定性，我們應該如何考慮像'19、'20這樣的時間框架的融資和計劃？

Is there any near-term equity, I guess, related to the current fires that you already know about?

我猜，是否有任何與您已經知道的當前火災相關的短期股權？

Or how should we think about all of this playing out against for the '19, '20 time frame?

或者我們應該如何考慮所有這些在 19 年、20 年的時間框架內發揮作用？

Praful, I think it's just too early to be definitive there.

Praful，我認為現在下定論還為時過早。

With the suspension of the dividend, there is not a near-term equity need.

隨著股息的暫停，短期內沒有股權需求。

I think the clarity around the longer-term equity needs for 2019 and 2020 are really largely going to be driven by the timing of the customer harm threshold process.

我認為 2019 年和 2020 年長期股權需求的清晰度實際上在很大程度上取決於客戶傷害閾值流程的時間安排。

And so it's just too early to put a date to that time.

因此，現在確定那個時間還為時過早。

Got you.

明白了

So in the near term, any financing need will be more funded through holding company debt or revolver borrowings?

那麼在短期內，任何融資需求都將通過控股公司債務或循環借款獲得更多資金嗎？

You know currently, we don't have any discrete equity needs.

你知道目前，我們沒有任何離散的股權需求。

We're going to continue to issue equity through our internal program, as I mentioned my prepared remarks, and we will continue to raise long-term debt consistent with our rate base growth, as we periodically need that as we have in the past.

我們將繼續通過我們的內部計劃發行股票，正如我提到的我準備好的發言，我們將繼續籌集與我們的利率基礎增長一致的長期債務，因為我們像過去一樣定期需要這樣做。

Understood.

明白了。

And then in terms of the customer threshold again, just to get back to that given the importance, I wanted to understand, is there any -- when do you expect, I guess, somebody to get appointed to do that process?

然後再次就客戶門檻而言，考慮到重要性，我想了解一下，是否有任何 - 我想你預計什麼時候有人被任命來執行該流程？

You said you're already working with the CPUC on it.

你說你已經在與 CPUC 合作了。

So is that directly with the CPUC or do you expect somebody to be appointed by the CPUC?

那麼是直接與 CPUC 聯繫還是您希望 CPUC 任命某人？

And what is the timing for that?

那是什麼時候？

Let me start, Praful.

讓我開始吧，Praful。

It's a very fluid situation without specific sort of milestones that have to be achieved by a particular time.

這是一個非常不穩定的情況，沒有必須在特定時間達到的特定類型的里程碑。

So it's a difficult question to ask in terms of how the CPUC is looking at it at this point.

因此，就 CPUC 目前如何看待它而言，這是一個很難問的問題。

We're continuing to advocate for timely -- starting the process, whatever that process may look like.

我們將繼續提倡及時啟動流程，無論該流程是什麼樣子。

We understand that other stakeholders will have a point of view on that as well as will we.

我們知道，其他利益相關者將對此有自己的看法，我們也會如此。

But there is not a specific series of actions that are -- need to be taken in order to provide that customer harm threshold analysis to be completed.

但是，不需要採取一系列特定的行動來提供要完成的客戶傷害閾值分析。

As I mentioned earlier, SB 901 provided pretty broad discretion to the CPUC and how it handles something like that.

正如我之前提到的，SB 901 為 CPUC 提供了相當廣泛的自由裁量權以及它如何處理類似的事情。

Understood.

明白了。

And you expect the Overland report to be any kind of framework or guidepost to that process?

您希望 Overland 報告成為該過程的任何類型的框架或路標嗎？

Or do you see this is completely different?

還是您認為這是完全不同的？

It could.

它可以。

Again, it's -- I think it possibly could be something that acts as an overarching framework, but we certainly don't know what the CPUC's intentions are or what they're thinking in terms of how or if to use the Overland report.

同樣，我認為它可能是一個總體框架，但我們當然不知道 CPUC 的意圖是什麼，或者他們在如何或是否使用 Overland 報告方面有什麼想法。

Your next question is from Julien Dumoulin-Smith with Bank of America Merrill Lynch.

你的下一個問題來自美國銀行美林的 Julien Dumoulin-Smith。

So I wanted to go back to the projected rate base figures you provide out through '23.

所以我想回到你在 23 年之前提供的預計費率基礎數字。

I wanted to understand just reconciling the CapEx ranges, the $5.7 billion to $7 billion relative to the rate base.

我只想了解協調資本支出範圍，即相對於利率基礎的 57 億至 70 億美元。

When you think about the lower and upper ends, does that necessarily reconcile with the $5.7 billion to $7 billion or are there other moving factors that we should be aware of when it comes to whether it's tax reform or perhaps other items that you may be accruing to rate base?

當你考慮低端和高端時，這是否一定與 57 億至 70 億美元相一致，或者在涉及稅制改革或你可能積累的其他項目時，是否還有其他我們應該注意的變化因素評價基地？

I just want to make -- be extra clear about this, particularly given the wide range of the rate base.

我只想說——對此要格外清楚，特別是考慮到利率基數的範圍很廣。

Julien, this is Jason.

朱利安，這是傑森。

It largely is a reflection of the CapEx.

這在很大程度上反映了資本支出。

Obviously, the rate base figures have assumptions around depreciation, deferred taxes, but none of those things are unusual in nature.

顯然，利率基礎數據有關於折舊、遞延稅款的假設，但這些事情在本質上都不是不尋常的。

They're just sort of byproducts of the CapEx spending plans.

它們只是資本支出支出計劃的副產品。

Got it.

知道了。

So said differently to be clear, if you got the $7 billion number through that 2020 to '23 period, that would be consistent with the upper end of that range, to be sure.

所以換句話說要清楚，如果你在 2020 年到 23 年期間得到 70 億美元的數字，那肯定與該範圍的上限一致。

Yes, that's right.

恩，那就對了。

If the reason for the wide range is not a reflection of some other factor, it's simply a reflection of the range of the CapEx itself.

如果寬範圍的原因不是某些其他因素的反映，那麼它只是資本支出本身範圍的反映。

In a compounding nature of that -- of the wide range of CapEx over that period of time, yes.

在那段時間的資本支出範圍廣泛的情況下，是的。

Great.

偉大的。

Excellent.

出色的。

I wanted to come back to Steve's earlier question around the customer threshold process.

我想回到史蒂夫之前關於客戶門檻流程的問題。

How do you -- in light of the commentary around the Overland report, what other methodologies are you thinking about?

你如何 - 根據對 Overland 報告的評論，你還在考慮哪些其他方法？

Again, I know it's early days in the process, but how would you frame it outside of the Overland report given how relevant or lack of relevant data points there might be within that?

再一次，我知道這個過程還處於早期階段，但考慮到其中可能存在相關或缺乏相關數據點，你將如何在 Overland 報告之外構建它？

This is Steve Malnight, Julien.

我是史蒂夫·馬爾奈特，朱利安。

And I think, as Geisha was saying, really look, there are a lot of different processes and pathways that this proceeding could go.

我認為，正如 Geisha 所說，真的，這個程序可以通過很多不同的流程和途徑。

I think we're engaging in conversations with the commission about different potential pathways, different processes they could be engaged in.

我認為我們正在與委員會就不同的潛在途徑、他們可能參與的不同流程進行對話。

Other interveners will have -- they will have their point of view as well.

其他干預者也會——他們也會有自己的觀點。

I appreciate the desire to know more.

我很欣賞想要了解更多的渴望。

I wish -- we just don't have more to really tell you about that today.

我希望 - 我們今天沒有更多可以真正告訴你的了。

I think there are, as you can imagine, many different ways they could go, and we're going to continue those conversations.

我認為，正如您可以想像的那樣，他們可以採取許多不同的方式，我們將繼續這些對話。

As Geisha said, obviously, this is an urgent focus for us.

正如藝妓所說，顯然，這對我們來說是一個緊迫的重點。

It is something we are focused on driving clarity on not only process, but obviously, getting to a clarity on the amount as well, and we'll continue to keep you updated as we go.

這是我們專注於推動清晰度的事情，不僅是流程，而且顯然，也要明確數量，我們將繼續為您提供最新信息。

Right.

正確的。

And sorry, just a quick clarification on the rate base, given that a lot of the wildfire mitigation seems to be running through the GRC process as well as, I suppose in parallel, the Wildfire Mitigation Plan.

抱歉，我想快速澄清一下費率基礎，因為很多野火緩解措施似乎都在 GRC 流程中運行，我想同時還有野火緩解計劃。

Do you expect to get definitive kind of CapEx-related updates more in the mid-part of next year?

您是否希望在明年年中獲得更多與資本支出相關的明確更新？

Or are we really waiting for a GRC outcome before getting real comfort on where you are in this range?

還是我們真的在等待 GRC 結果，然後才能真正了解您在這個範圍內的位置？

Just to be clear.

只是為了清楚。

Be incremental over time, obviously.

顯然，隨著時間的推移是漸進的。

I think the incremental CapEx spending associated with the wildfire mitigation effort is roughly $700 million a year in that 2020 to 2022 period.

我認為在 2020 年至 2022 年期間，與野火緩解工作相關的增量資本支出約為每年 7 億美元。

I think we'll get a stronger signal next year, as we go through the wildfire safety action plan at the commission.

我認為明年我們將在委員會通過野火安全行動計劃時收到更強烈的信號。

Obviously, we're going to have to wait for the GRC decision to finalize that overall spending level.

顯然，我們將不得不等待 GRC 決定最終確定總體支出水平。

But next year, we should get a good indication of the support for the program that we're proposing.

但明年，我們應該會很好地了解對我們提議的計劃的支持。

Your next question is from Michael Lapides with Goldman Sachs.

你的下一個問題來自高盛的 Michael Lapides。

Real quick on interpreting Senate Bill 901 and what costs are essentially recoverable via securitization and what are not, I get it that anything that would be inverse condemnation-related would be recoverable via at least some portion of that if not all, would be recoverable via securitization.

真正快速地解釋參議院 901 號法案，以及哪些成本基本上可以通過證券化收回，哪些不能，我明白任何與反向譴責相關的東西都可以通過至少一部分（如果不是全部）通過以下方式收回證券化。

What about private liability or if there are any negligence-related costs that come out of various lawsuits that are underway?

私人責任怎麼樣，或者是否有任何正在進行的各種訴訟產生的與疏忽相關的費用？

Is that covered under 901 or is that covered separately?

這是在 901 下承保還是單獨承保？

Michael, this is Steve Malnight.

邁克爾，這是史蒂夫馬爾奈特。

So under Senate Bill 901, what it really did was establish the customer harm threshold to apply against all costs that the Utility could bare as a result of the wildfires.

因此，根據參議院第 901 號法案，它真正做的是建立客戶傷害閾值，以適用於公用事業因野火而可能承擔的所有成本。

So it really is indifferent to the drivers.

所以對司機來說真的是無動於衷。

It's just the point that beyond a certain threshold, customers would be broadly harmed, and therefore, the better alternative past that point is securitization.

這只是超過某個閾值的點，客戶將受到廣泛傷害，因此，超過該點的更好選擇是證券化。

So really, it doesn't speak specifically about different aspects of the cost.

所以真的，它並沒有具體談到成本的不同方面。

Okay.

好的。

And is there -- at this point, meaning -- or at least, until you have the docket next year, there's no real way of, kind of, knowing or defining what is that kind of the harm to all ratepayers' number or level.

並且 - 在這一點上，意思是 - 或者至少，直到你明年有了案卷，沒有真正的方法，知道或定義對所有納稅人的數量或水平造成什麼樣的傷害.

You've got to literally go through that, and have you and the commission and others kind of analyzed that and come up with whatever the best estimate is for any number of years?

你必須從字面上看一遍，你和委員會以及其他人是否對它進行了分析，並提出了任何年份的最佳估計？

Yes, that's correct.

對，那是正確的。

The Senate Bill 901 really doesn't spell that out, beyond the general direction for the commission to consider customer harm and the inability for us to continue investing in the safety and reliability of the system.

參議院 901 號法案並沒有明確說明這一點，除了委員會考慮客戶傷害的總體方向以及我們無法繼續投資於系統的安全性和可靠性之外。

So that -- they left it to the commission to decide the best process and pathway and that's what the commission will be doing.

因此，他們讓委員會決定最佳流程和途徑，這就是委員會要做的事情。

Your next question is from Christopher Turnure with JPMorgan.

你的下一個問題來自摩根大通的 Christopher Turnure。

I wanted to follow up on the fire safety or fire mitigation plans that you're going to be filing shortly with the commission.

我想跟進您即將向委員會提交的消防安全或火災緩解計劃。

How specific do you think the plans should be or how specific do you think the CPUC would want those plans in terms of milestones to achieve, the exact timelines, cost buckets, et cetera, as opposed to just 1 or 2 big numbers over the 12 or 18-month time frame?

你認為計劃應該有多具體，或者你認為 CPUC 希望這些計劃在里程碑、確切的時間表、成本桶等方面有多具體，而不是 12 個中的 1 個或 2 個大數字或 18 個月的時間範圍？

Yes, Christopher, this is Steve Malnight again.

是的，克里斯托弗，我又是史蒂夫馬爾奈特。

So I think that, that is the process that the commission will lay out in their scoping memo, which will be coming soon.

所以我認為，這就是委員會將在其範圍界定備忘錄中列出的流程，該備忘錄將很快推出。

As they've laid out this process, they'll issue scoping memo.

在他們制定此流程後，他們將發布範圍界定備忘錄。

We'll have the discussion in November.

我們將在 11 月進行討論。

We'll be filing those plans in February, and they will be deciding on those plans 3 months after.

我們將在 2 月提交這些計劃，他們將在 3 個月後決定這些計劃。

So they've set out an aggressive timeline here.

所以他們在這裡制定了一個積極的時間表。

I think this will be the first time through so a big part of it will be the specifics.

我認為這將是第一次通過，所以其中很大一部分將是具體細節。

I should say that, as Geisha and Jason laid out in the comments, we have a very specific plan in mind in terms of what we want to go deploy and we'll be advocating for that through this proceeding as well as through the GRC.

我應該說，正如 Geisha 和 Jason 在評論中所闡述的那樣，關於我們想要部署的內容，我們心中有一個非常具體的計劃，我們將通過這個程序和 GRC 來倡導這一點。

Those will align in our initial filing and in the GRC filing.

這些將在我們的初始文件和 GRC 文件中保持一致。

So the commission will accept that really soon.

所以委員會很快就會接受。

We'll see more on what they're going to propose.

我們將更多地了解他們將要提出的建議。

Okay, got it.

好，知道了。

And then my second question is on your overall capital plan and funding requirements.

然後我的第二個問題是關於你的整體資本計劃和資金需求。

There has been a couple of questions on this already, obviously, but I think it's probably fair to assume that you view your cost of equity as being above your authorized cost of equity right now.

顯然，已經有幾個問題，但我認為假設您現在認為您的股本成本高於您的授權股本成本可能是公平的。

How reasonable a source of funding is equity overall for your 5-year plan, given the current numbers authorized to you by the commission in your current -- an estimate of your own cost of capital?

鑑於委員會授權給您的當前數字，您的 5 年計劃的整體資金來源有多合理 - 對您自己的資本成本的估計？

Yes, we've clearly seen an increase in our cost of capital, Chris.

是的，我們已經清楚地看到我們的資本成本增加了，克里斯。

And I think the recent transmission on the rate case that we filed with FERC reflects our current thinking about that elevated cost of capital.

而且我認為我們最近向 FERC 提交的利率案件的傳輸反映了我們目前對資本成本升高的想法。

When we think broadly about sort of funding CapEx over this 5-year time horizon, I think what -- an important element of that is going to be the timely resolution of the customer harm threshold as well as the securitization of costs above that threshold.

當我們廣泛考慮在這 5 年的時間範圍內為資本支出提供資金時，我認為其中一個重要因素是及時解決客戶傷害閾值以及高於該閾值的成本證券化。

It's our focus right now, is working constructively to bring clarity to those items, to lower our cost of capital so that our customers don't have to pay that elevated cost for an extended period of time.

這是我們現在的重點，正在建設性地努力使這些項目變得清晰，以降低我們的資本成本，以便我們的客戶不必在很長一段時間內支付增加的成本。

I think it's really too early to be specific or any more specific than that.

我認為現在說具體或比這更具體還為時過早。

Your next question is from Shahriar Pourreza with Guggenheim Securities.

你的下一個問題來自古根海姆證券公司的 Shahriar Pourreza。

So I know you touched a little bit on the ultimate cost to the consumer.

所以我知道你稍微談到了消費者的最終成本。

But maybe specifically honed in on O&M, obviously, it's a healthy amount of O&M that you guys requested in the current wildfire plan.

但也許是專門針對 O&M 進行磨練，顯然，這是你們在當前的野火計劃中要求的大量 O&M。

So how should we, sort of, think about your O&M growth on a go-forward basis, especially as we think about at the rate impact, given sort of the sizable capital program you presented today?

那麼，考慮到您今天提出的規模龐大的資本計劃，我們應該如何在未來的基礎上考慮您的 O&M 增長，尤其是當我們考慮利率影響時？

I mean, knowing the plans you know and, obviously, they'll somewhat change through time.

我的意思是，知道你所知道的計劃，顯然，它們會隨著時間的推移而有所改變。

Is there a way we should be thinking about your O&M growth profile?

有沒有一種方法我們應該考慮您的 O&M 增長情況？

Sure.

當然。

This is Jason.

這是傑森。

I think it's too early to give a specific O&M trajectory.

我認為現在給出具體的運維軌跡還為時過早。

What I will say is, as Geisha has mentioned in her comments, we are laser-focused on continuing to drive efficiencies in our core work.

我要說的是，正如 Geisha 在她的評論中提到的那樣，我們專注於繼續提高我們核心工作的效率。

We have lowered the cost of our base O&M over the last couple of years.

在過去的幾年裡，我們降低了基地 O&M 的成本。

However, those reductions have been largely offset by cost increases we're seeing with insurance costs, as well as the elevated levels of vegetation management that we're proposing here.

然而，這些減少在很大程度上被我們看到的保險成本增加以及我們在此提議的更高水平的植被管理所抵消。

So while we've made good progress, there's more to do, and we're laser-focused on continuing to execute on those long-term affordability programs for the company.

因此，儘管我們取得了良好的進展，但還有更多工作要做，我們將專注於繼續為公司執行這些長期負擔能力計劃。

Got it, Got it.

明白了，明白了。

And then just real quick from a legality standpoint, the Power Shutoff program is leading some ratepayers suing for the disruptions.

然後，從合法性的角度來看，停電計劃很快就導致一些納稅人起訴中斷。

Is there sort of any merit to these cases?

這些案例有什麼優點嗎？

Shar, this is Geisha.

莎爾，這是藝妓。

I'll tell you, actually initiating that Public Safety Power Shutoff program a couple of weeks ago was a very, very difficult decision, but from our point of view, it was the right one, given the forecast that we had for extreme weather conditions, the real-time weather modeling that our team was doing and frankly, field observations from our employees.

我會告訴你，幾週前啟動公共安全斷電計劃實際上是一個非常非常困難的決定，但從我們的角度來看，考慮到我們對極端天氣條件的預測，這是正確的決定，我們團隊正在做的實時天氣建模，坦率地說，是我們員工的實地觀察。

So as we took a look at all that, there was no doubt in our mind that we had to initiate it.

因此，當我們審視所有這些時，我們毫不懷疑我們必須啟動它。

And I would tell you, if we're faced with similar conditions in the future, similar forecasts, we're going to do it again.

我會告訴你，如果我們在未來面臨類似的情況，類似的預測，我們會再做一次。

It's, as we've talked about this in the past, it's not a free play when you do a Public Safety Power Shutoff.

正如我們過去談到的那樣，當您執行公共安全電源關閉時，這不是免費的。

There are clearly implications associated with doing, right, that.

這樣做有明顯的含義，對，那個。

But as we look at the potential implications of another ignition associated with these extreme wildfire conditions, we've got to take the broader public safety sort of considerations in mind and that's what we've done.

但是，當我們審視與這些極端野火條件相關的另一次點火的潛在影響時，我們必須考慮更廣泛的公共安全考慮，這就是我們所做的。

As far as litigation and whether it has merits, I'm not sure.

至於訴訟及其是否有法律依據，我不確定。

I mean, that's something that will have to play out over time, but we would do it again.

我的意思是，隨著時間的推移，這是必須完成的事情，但我們會再做一次。

We would absolutely do it again.

我們絕對會再做一次。

I don't know, John, if you want to comment on that?

約翰，我不知道你是否想對此發表評論？

Well, we haven't seen any claims from it yet, and the CPUC will evaluate the reasonableness of our actions.

好吧，我們還沒有看到任何索賠，CPUC 將評估我們行動的合理性。

We filed a fairly detailed report on what that was, so we're pretty hopeful, confident that they're going to see what we saw when they read that and not overly fixated on claims at this point.

我們提交了一份關於那是什麼的相當詳細的報告，所以我們很有希望，有信心他們會看到我們在閱讀時看到的內容，並且此時不會過分關注聲明。

Got it.

知道了。

And then -- and Geisha, you've been pretty visible as far as the -- somewhat of the shortcomings of 901, I know it's, obviously, a very good start.

然後——藝伎，你已經很明顯地看到了——901 的一些缺點，我知道這顯然是一個很好的開始。

Are you going to sit out next year as far as looking for a fix around inverse and let the state kind of digest 901 and reasonableness?

明年你是否打算坐下來尋找圍繞逆的解決方案，讓國家消化 901 和合理性？

Or are you going to pursue a fix next year?

還是您打算明年進行修復？

Well, I think that it's -- not that-- inverse condemnation is flawed and it needs to be addressed as I've been, as you said, very vocal about that.

好吧，我認為它 - 不是那個 - 反向譴責是有缺陷的，它需要像我一直以來的那樣解決，正如你所說的那樣，非常直言不諱。

As we look at the next legislative session, I think one of the most important drivers or one of the most important activities in that will be the Blue Ribbon Commission's work, looking at wildfire issues broadly, including whether and how to socialize those costs.

在我們審視下一屆立法會議時，我認為最重要的驅動因素之一或其中最重要的活動之一將是藍絲帶委員會的工作，廣泛研究野火問題，包括是否以及如何將這些成本社會化。

So we think the Blue Ribbon Commission's work will be important, and we will be engaged in that to the extent that we can be, and that work is supposed to be completed in July.

所以我們認為藍絲帶委員會的工作很重要，我們將盡我們所能參與其中，這項工作應該在 7 月完成。

So will it be too late for the next legislative session?

那麼下屆立法會議是否為時已晚？

I'm not sure.

我不知道。

It depends on how much work they've done, how much they've socialized, how much they've been able to engage with stakeholders and legislators in particular.

這取決於他們做了多少工作，他們進行了多少社交活動，以及他們能夠與利益相關者和立法者進行多少互動。

But we're certainly going to continue to advocate for a change whether that, that be through the legal court sort of system or through continued legislative process.

但我們肯定會繼續倡導改變，無論是通過法庭系統還是通過持續的立法程序。

We're going to continue to look for opportunities to change what we believe is a flawed doctrine, not really appropriately applied to investor-owned utilities.

我們將繼續尋找機會來改變我們認為有缺陷的學說，這些學說並不真正適用於投資者擁有的公用事業。

Your next question is from Paul Patterson with Glenrock Associates.

您的下一個問題來自 Glenrock Associates 的 Paul Patterson。

Just a follow-up on the cost of capital.

只是跟進資本成本。

Did I hear you correctly to say that it was kind of in the ballpark of what you filed for transmission that you're kind of thinking?

我沒聽錯你說你在想什麼？

I know there's going to be some fine tuning, et cetera but that's kind of a proxy we should be thinking about?

我知道會有一些微調，等等，但這是我們應該考慮的代理嗎？

Or could there be a change in equity ratio or ROE from there?

或者股權比率或淨資產收益率是否會因此發生變化？

I think it's too early to be definitive.

我認為現在下定論還為時過早。

But clearly that filing with the FERC represents our current thinking on our current cost of capital and how we'll approach.

但很明顯，向 FERC 提交文件代表了我們目前對當前資本成本以及我們將如何處理的想法。

The cost of capital proceeding with the CPUC next spring.

明年春天 CPUC 的資金成本。

But it is early and there are going to be a number of factors that may influence that filing.

但現在還為時過早，並且有許多因素可能會影響該申請。

Okay.

好的。

And then just finally, following up on the affordability question that's been asked.

最後，跟進提出的負擔能力問題。

Is there a metric or a particular class of customer that we should be thinking about as being particularly sensitive?

是否有我們應該考慮特別敏感的指標或特定類別的客戶？

Just how should we think about that?

我們應該如何考慮呢？

I mean if it's -- if there's any sort of direction we have yet in terms of what we're talking about?

我的意思是，就我們正在談論的內容而言，是否有任何方向？

I assume it's not just average rates across the system, or is it?

我認為這不僅僅是整個系統的平均利率，是嗎？

Can you give us just a little bit more of a feeling for what we should be thinking about as sort of the threshold that might be really key?

對於我們應該考慮的可能真正關鍵的門檻，您能否給我們更多的感覺？

Yes, thank you for the question.

是的，謝謝你的提問。

And we look at customer affordability through a number of different lenses.

我們通過多種不同的視角來審視客戶的承受能力。

At its sort of highest view, we consider our sort of rate increases in line with inflation, but we also do look at share of wallet or share disposable income for the different communities we serve.

從最高的角度來看，我們認為我們的加息幅度與通貨膨脹一致，但我們也會考慮我們所服務的不同社區的錢包份額或可支配收入份額。

And I think really where the pressure point largely lies is more in the Central Valley.

而且我認為真正的壓力點主要位於中央山谷。

Those customers who are higher users of electricity feel more of the burden of cost increases, and so that's why we're trying to work very diligently and with a lot of rigor on continuing to drive not just affordability and efficiency in our spend, but also focusing on working with the commission on the policies that may impact those communities as well.

那些用電量較高的客戶感受到更多的成本增加負擔，這就是為什麼我們正在努力工作，非常嚴格地繼續推動我們的支出的負擔能力和效率，而且專注於與委員會合作制定可能影響這些社區的政策。

So could a rate design change perhaps augment some of the issues?

那麼利率設計的變化是否會加劇一些問題？

Or is it -- how should we think about the potential for rate design particularly alleviating some of the affordability issues versus actual cost cutting and what have you?

或者是——我們應該如何考慮費率設計的潛力，特別是減輕一些負擔能力問題與實際成本削減的關係，你有什麼？

I think that's it.

我想就是這樣。

We look at these issues holistically.

我們從整體上看待這些問題。

It's not just spend, it's the policies associated with that.

這不僅僅是支出，還有與之相關的政策。

I think the recent proposed decision on PCIA was a -- or decision rather on PCIA was a good step in terms of minimizing the impact on some of those communities that are sort of most sensitive to rate increases, and I think as the commission looks at net energy metering, I think that's another opportunity for us to update our rate design to take more pressure off some of those communities that face the most direct pressure from rate increases.

我認為最近提議的關於 PCIA 的決定是——或者說關於 PCIA 的決定是一個很好的步驟，可以最大限度地減少對利率上漲最敏感的一些社區的影響，我認為委員會正在考慮淨能源計量，我認為這是我們更新費率設計的另一個機會，以減輕一些面臨費率上漲最直接壓力的社區的壓力。

This concludes the Q&A portion of the call.

電話的問答部分到此結束。

I'll now turn it back over to Chris Foster.

我現在將其轉回給 Chris Foster。

Thank you, Chris.

謝謝你，克里斯。

I'll just wrap this up.

我會總結一下。

Thanks, everyone, for joining us this morning on the call, and please have a safe day.

感謝大家今天早上加入我們的電話會議，祝您度過安全的一天。

Thanks very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。