PG&E Corp (PCG) 2022 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Second Quarter Earnings Conference Call.

您好，感謝您的支持。我的名字是 Regina，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 PG&E 第二季度收益電話會議。

(Operator Instructions) I would now like to turn the conference over to Matt Fallon, Senior Director of Investor Relations. Please go ahead.

（操作員說明）我現在想將會議轉交給投資者關係高級總監 Matt Fallon。請繼續。

Good morning, everyone. Thank you for joining us for PG&E's second quarter earnings call. With us today are Patti Poppe, Chief Executive Officer; and Chris Foster, Executive Vice President and Chief Financial Officer.

大家，早安。感謝您參加 PG&E 第二季度財報電話會議。今天和我們在一起的是首席執行官 Patti Poppe；以及執行副總裁兼首席財務官 Chris Foster。

I want to remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on assumptions, forecasts, expectations and information currently available to management.

我想提醒您，今天的討論將包括關於我們對未來財務業績前景的前瞻性陳述。這些陳述基於管理層目前可獲得的假設、預測、預期和信息。

Some of the important factors that could affect the company's actual financial results are described in the second page of today's second quarter earnings call presentation. The presentation also includes a reconciliation between non-GAAP and GAAP measures. The presentation can be found online, along with other information, at investor.pgecorp.com.

今天第二季度財報電話會議的第二頁描述了一些可能影響公司實際財務業績的重要因素。該演示文稿還包括非公認會計原則和公認會計原則措施之間的協調。該演示文稿以及其他信息可在investor.pgecorp.com 上在線找到。

We also encourage you to review our quarterly report on Form 10-Q for the quarter ended June 30, 2022. With that, I'll hand it over to Patti.

我們還鼓勵您查看我們截至 2022 年 6 月 30 日的季度的 10-Q 表格季度報告。有了這個，我會把它交給帕蒂。

Thank you, Matt. Good morning, everyone. Thanks for joining us. I'll focus on 3 key areas today. First, our financial results; second, our continued work to build trust with policymakers and play our role as an enabler for California's prosperity; and third, I'll provide an update on our wildfire mitigation progress.

謝謝你，馬特。大家，早安。感謝您加入我們。今天我將重點關註三個關鍵領域。首先，我們的財務業績；其次，我們繼續努力與政策制定者建立信任，並發揮我們作為加州繁榮推動者的作用；第三，我將提供我們減輕野火進展的最新情況。

Our results through the first half keep us on track to deliver our full-year 2022 non-GAAP core EPS guidance of $1.07 to $1.13. We've got the system in place to manage the inevitable pluses and minuses. The system provides confidence that we'll deliver our commitment of at least 10% non-GAAP core EPS growth through 2024 and at least 9% in 2025 and 2026.

我們上半年的業績使我們有望實現 2022 年全年非 GAAP 核心每股收益指引 1.07 美元至 1.13 美元。我們已經建立了管理不可避免的優點和缺點的系統。該系統使我們有信心實現我們的承諾，即到 2024 年非 GAAP 核心每股收益增長至少 10%，到 2025 年和 2026 年至少增長 9%。

As a result of further progress on legacy items, our rate neutral securitization and good cash management, we are lowering and narrowing our equity guidance. We are projecting a need of $0 to $250 million for the remainder of the year.

由於遺留項目的進一步進展、我們的利率中性證券化和良好的現金管理，我們正在降低和縮小我們的股票指引。我們預計今年剩餘時間需要 0 到 2.5 億美元。

We're on the right path to mitigate financial risk and deliver the consistent results you can expect from PG&E. We're continuing to build trusting relationships with policymakers and work with them on outcomes that are good for our customers and allow us to deliver the energy they want safely and reliably.

我們正走在降低財務風險並提供您可以從 PG&E 獲得的一致結果的正確道路上。我們將繼續與政策制定者建立信任關係，並與他們合作取得有利於我們客戶的成果，讓我們能夠安全可靠地提供他們想要的能源。

Earlier this year, Governor Newsom reached out to ask us to evaluate keeping Diablo Canyon open beyond its scheduled retirement in 2024 and 2025 to support the capacity and reliability of the state's electric supply system. We're exploring the possibility of keeping this plant open for California's benefit.

今年早些時候，紐森州長聯繫我們，要求我們評估在 2024 年和 2025 年計劃退役後保持暗黑破壞神峽谷開放，以支持該州電力供應系統的容量和可靠性。我們正在探索為加州的利益保持該工廠開放的可能性。

It is not an easy option, and it will require much coordination between the state, multiple regulatory bodies and PG&E as well as many others impacted by the outcome of this decision.

這不是一個簡單的選擇，需要州政府、多個監管機構和 PG&E 以及受該決定結果影響的許多其他人之間進行大量協調。

We, of course, are motivated to be of service to the people of California and our policymakers, and we'll continue to work with the state regarding the future of Diablo Canyon and to ensure reliability.

當然，我們有動力為加利福尼亞人民和我們的政策制定者服務，我們將繼續與該州就暗黑破壞神峽谷的未來合作並確保可靠性。

I am very thankful to our team at the plant for continuing to remain focused on safe and excellent operations as the conversation and decisions move forward. We're also continuing to work with legislators on Senate Bill 884.

我非常感謝我們工廠的團隊，隨著對話和決策的推進，他們繼續專注於安全和卓越的運營。我們還將繼續與立法者就參議院第 884 號法案進行合作。

The amended language in the undergrounding bill provides a supportive framework for PG&E to follow long-term undergrounding plan, which is good for customers and investors because it allows us to build a more robust plan for labor, the lowest cost contracts and provide the fastest path to eliminating the highest risk and improving reliability at the same time on our power lines.

地下開採法案中修改後的語言為 PG&E 遵循長期地下開採計劃提供了一個支持框架，這對客戶和投資者都有好處，因為它使我們能夠建立更強大的勞動力計劃、最低成本的合同並提供最快的路徑消除最高風險並同時提高我們輸電線的可靠性。

I'm pleased with the relationships we're building with these key policymakers in California. We're proud to be recognized as essential to California's safety and clean energy goals. Our ability to continue to demonstrate the turnaround of PG&E enables long-term relationships built on mutual benefit and prosperity.

我對我們與加州這些關鍵決策者建立的關係感到滿意。我們很自豪能夠被公認為對加州的安全和清潔能源目標至關重要。我們繼續展示 PG&E 扭虧為盈的能力使我們能夠在互惠互利和繁榮的基礎上建立長期合作關係。

Just this week, we filed our final responses in the review of our 2022 Wildfire Mitigation Plan. We welcome the healthy dialogue with the Office of Energy Infrastructure Safety, and we believe our responses address their concerns, make our plans stronger and make our communities safer. We look forward to a draft decision on our Wildfire Mitigation Plan by the end of September.

就在本週，我們在 2022 年野火緩解計劃的審查中提交了最終答复。我們歡迎與能源基礎設施安全辦公室的健康對話，我們相信我們的回應解決了他們的擔憂，使我們的計劃更強大，讓我們的社區更安全。我們期待在 9 月底之前就我們的野火緩解計劃做出決定草案。

Given the dry conditions we've seen in our service area in 2022, I thought I'd spend some time discussing our wildfire mitigation tools described on Slide 5.

鑑於我們在 2022 年在我們的服務區域看到的干燥條件，我想我會花一些時間討論幻燈片 5 中描述的我們的野火緩解工具。

As a result of the significant work that we've completed since 2019, combined with the protocols we've implemented for our EPSS and PSPS programs, we estimate that we've mitigated more than 90% of the wildfire risk in our service area.

由於我們自 2019 年以來完成的重要工作，再加上我們為 EPSS 和 PSPS 計劃實施的協議，我們估計我們已經減輕了服務區 90% 以上的野火風險。

Our approach to catastrophic wildfire mitigation is driven by multiple layers of protection, starting with vegetation management, enhanced inspection and our longer-term system hardening work, anchored by our undergrounding plans. While we continue to make progress on our longer-term mitigations, we layer in EPSS and PSPS to mitigate risk today.

我們減輕災難性野火的方法是由多層保護驅動的，從植被管理、加強檢查和我們的長期系統加固工作開始，以我們的地下計劃為基礎。在我們繼續在長期緩解方面取得進展的同時，我們將 EPSS 和 PSPS 分層以降低今天的風險。

Our situational awareness capability, which we've built over the past 3 years, including installation of our high-definition cameras, the use of enhanced technology in our hazard awareness and warning center and the expertise of our safety and infrastructure protection team allow for better coordination and faster response should an ignition occur, providing our final layer of protection.

我們在過去 3 年中建立的態勢感知能力，包括安裝我們的高清攝像頭、在我們的危險意識和預警中心使用增強型技術以及我們的安全和基礎設施保護團隊的專業知識，可以更好地如果發生點火，協調和更快的響應，為我們提供最後一層保護。

The 90% risk mitigation today is informed by the results we're seeing in operations. For example, on the circuits where we've implemented our EPSS program, we've observed significant reductions in reportable ignitions. And the acres impacted per ignition this year are significantly lower despite very dry conditions.

今天 90% 的風險緩解是基於我們在運營中看到的結果。例如，在我們實施 EPSS 計劃的電路上，我們觀察到可報告的點火次數顯著減少。儘管條件非常乾燥，但今年每次點火影響的英畝數明顯減少。

We're continuing to pursue opportunities to improve beyond the 90% risk mitigation with additional innovative technology solutions such as partial voltage [smart meter] alarms and downed conductor capability.

我們將繼續尋求機會，通過額外的創新技術解決方案（例如部分電壓 [智能電錶] 警報和倒線能力）提高 90% 的風險緩解率。

We anticipate that additional opportunities, including undergrounding, will provide us with greater long-term protection while reducing the customer impact.

我們預計，包括地下開採在內的其他機會將為我們提供更大的長期保護，同時減少對客戶的影響。

As you can see on Slide 6, the Fire Potential Index guides our wildfire mitigation efforts. Most of the damage in recent years have occurred under R3 and higher conditions. In recent years, we've experienced more acres and structures damaged due to fire spread driven by fuels and terrain.

正如您在幻燈片 6 中看到的那樣，火災潛力指數指導著我們的野火緩解工作。近幾年的損壞大多發生在R3及更高的條件下。近年來，由於燃料和地形造成的火災蔓延，我們經歷了更多的土地和建築物受損。

To mitigate the fuels and terrain driven risk, in 2022, we've enabled EPSS for all fire potential conditions across all our high fire risk areas, except under conditions of heavy fog, high humidity and precipitation.

為了減輕燃料和地形驅動的風險，我們在 2022 年為所有高火災風險區域的所有火災潛在條件啟用了 EPSS，但大霧、高濕度和降水條件除外。

Historically, nearly all of the acres and structures burned during extreme wind events. For these conditions, categorized as R5 and higher, we rely on our PSPS program. I've talked a lot about mitigating physical risk today. As I know, this is a key area of concern, given the impact of climate change across California and the rest of the world.

從歷史上看，幾乎所有的土地和建築物都在極端風事件中被燒毀。對於這些條件，歸類為 R5 或更高，我們依靠我們的 PSPS 程序。我今天談了很多關於減輕身體風險的問題。據我所知，鑑於氣候變化對加州和世界其他地區的影響，這是一個值得關注的關鍵領域。

As you've heard, we have the right system in place to keep our coworkers and our customers safe from physical risk and a mindset that has us continuously improving that system every day. Please be assured that the team and I are also continually focusing on mitigating financial risk.

正如您所聽到的，我們擁有正確的系統來保護我們的同事和客戶免受人身風險的影響，並且我們每天都在不斷改進該系統的心態。請放心，我和我的團隊也一直致力於降低財務風險。

We know our customers are experiencing major inflationary impacts outside of utility bills. And at PG&E, we're planning to keep costs down even as we invest in our system by utilizing our simple and affordable model. I'm going to focus on the nonfuel O&M cost reduction line you see here on Slide 7.

我們知道我們的客戶正在經歷水電費之外的重大通貨膨脹影響。在 PG&E，我們計劃通過使用我們簡單且經濟實惠的模型來降低成本，即使我們投資於我們的系統。我將重點關注您在幻燈片 7 上看到的非燃料 O&M 成本降低線。

I'm never short on stories and this quarter is no different. Here's a simple example of an opportunity we came across in our inspection work. People often think it will cost more to do high-quality work. I beg to differ.

我從不缺乏故事，本季度也不例外。這是我們在檢查工作中遇到的一個機會的簡單示例。人們通常認為做高質量的工作會花費更多。我不敢苟同。

Last year, due to multiple verification methodologies between our vegetation management pre-inspectors and our work verification team, we had a 40% rejection rate on tree inspections, resulting in a crew coming back out to correct the miss.

去年，由於我們的植被管理預檢查員和我們的工作驗證團隊之間的多種驗證方法，我們的樹木檢查拒絕率為 40%，導致工作人員回來糾正失誤。

We cut that rejection rate by half already this year by adopting a uniform technology-driven inspection process, saving almost $100 million. Better first-time quality is more affordable. One example of many such opportunities. We are just getting started here, and there's a long runway of opportunities across the entire enterprise that the team is learning to uncover.

通過採用統一的技術驅動的檢驗流程，我們今年已經將拒收率降低了一半，節省了近 1 億美元。更好的首次質量更實惠。許多此類機會的一個例子。我們才剛剛開始，整個企業都有很長的機會，團隊正在學習發現。

On the financing front, we successfully completed our rate-neutral securitization bond issuance in July, using the proceeds to pay down temporary utility debt to strengthen our balance sheet. Importantly, S&P moved our outlook to Stable after the rate-neutral issuance.

在融資方面，我們在 7 月成功完成了利率中性證券化債券的發行，利用所得款項償還臨時公用事業債務以加強我們的資產負債表。重要的是，在利率中性發行後，標準普爾將我們的展望調至穩定。

We're following through on our commitment to you, our investors, to delever our balance sheet and reduce financing costs for our customers, a real-time demonstration of our simple and affordable model in action.

我們正在履行我們對您（我們的投資者）的承諾，為我們的客戶去槓桿化我們的資產負債表並降低融資成本，這是我們簡單且負擔得起的模型的實時演示。

Finally, let's turn to our report card, which you can see here on Slide 8. We chose these metrics to show you where our focus is, delivering consistent outcomes through 2022 and beyond by building on our culture and our capabilities. One metric I want to highlight is our CPUC reportable emissions greater than or equal to 100 acres in high fire-threat areas.

最後，讓我們看看我們的成績單，您可以在幻燈片 8 上看到。我們選擇這些指標是為了向您展示我們的重點，通過建立我們的文化和能力，在 2022 年及以後提供一致的結果。我想強調的一個指標是我們在高火災威脅地區的 CPUC 可報告排放量大於或等於 100 英畝。

Fires this size are a small percentage of ignitions but account for more than 90% of the acres burned and more than 95% of the structures damaged from 2015 to 2021 in our service area. We have zero CPUC reportable ignitions over 100 acres so far in 2022.

從 2015 年到 2021 年，在我們的服務區域內，這種規模的火災只佔點火的一小部分，但佔燃燒面積的 90% 以上和損壞的結構的 95% 以上。到目前為止，到 2022 年，我們在 100 英畝的土地上的 CPUC 可報告點火次數為零。

You'll recall that in early June, PG&E filed an electric incident report on the old fire, which was 570 acres with no reported serious injuries, fatalities or structural damage.

您會記得 6 月初，PG&E 就舊火災提交了一份電氣事故報告，該火災佔地 570 英畝，沒有報告嚴重受傷、死亡或結構損壞。

We filed the EIR as required because CAL FIRE collected our equipment, and there was media attention. However, we are not recording this as a CPUC reportable ignition at this time as we are not aware of any damage to our equipment at CAL FIRE's suspected ignition point.

我們按要求提交了 EIR，因為 CAL FIRE 收集了我們的設備，並且受到了媒體的關注。但是，我們目前並未將此記錄為 CPUC 可報告的點火，因為我們不知道在 CAL FIRE 的可疑點火點對我們的設備有任何損壞。

CAL FIRE is continuing their investigation on the cause of the fire, and we'll review the final report when it's available and the associated recordability accordingly.

CAL FIRE 正在繼續調查火災原因，我們將在最終報告可用時對其進行審查，並相應地審查相關的可記錄性。

In addition, last week, the Oak Fire started in Mariposa County. After the time of the reported ignition, we de-energized lines for firefighter safety at the request of CAL FIRE. Based on our review of our data, we are not aware of any information suggesting our facilities were involved in the ignition.

此外，上週，馬里波薩縣的橡樹大火開始了。在報告的點火時間之後，我們應 CAL FIRE 的要求為消防員安全斷電。根據我們對數據的審查，我們不知道有任何信息表明我們的設施涉及點火。

We have not filed an EIR, and CAL FIRE continues their investigation into the cause of the fire.

我們尚未提交 EIR，CAL FIRE 將繼續調查起火原因。

We do want to take this opportunity to thank our firefighters in the broader first-responder community for working so hard to keep our communities safe.

我們確實想藉此機會感謝我們在更廣泛的急救人員社區中的消防員，他們為確保我們的社區安全而努力工作。

Physical and financial risk reduction are the building blocks that enable predictable results for customers and investors. I feel good about progress to date. With that, I'll hand it over to Chris to provide a deeper dive into our financial and regulatory items.

降低物理和財務風險是為客戶和投資者提供可預測結果的基石。我對迄今為止的進展感覺良好。有了這個，我將把它交給克里斯，以更深入地了解我們的財務和監管項目。

Thank you, Patti. We are on track to deliver our financial commitments this year. In addition, we are reaffirming our 2022 to 2026 earnings per share CAGR of 10%, and reaffirming EPS growth of at least 10% each year in 2022 to 2024 and at least 9% in 2025 and 2026.

謝謝你，帕蒂。我們有望在今年兌現我們的財務承諾。此外，我們重申 2022 年至 2026 年每股收益複合年增長率為 10%，並重申 2022 年至 2024 年每股收益每年至少增長 10%，2025 年和 2026 年每股收益至少增長 9%。

As Patti mentioned, I'm pleased to share that we just issued $3.9 billion of our [rate-neutral] securitization bond at a weighted average rate of 5.05%.

正如帕蒂所說，我很高興地分享我們剛剛以 5.05% 的加權平均利率發行了 39 億美元的 [利率中性] 證券化債券。

Our transaction completes a critical element of our reorganization financing plan with a total of $7.5 billion of securitization bonds now issued. This contributes to our focus on near-term efficient financing.

我們的交易完成了我們重組融資計劃的一個關鍵要素，現已發行總額為 75 億美元的證券化債券。這有助於我們專注於近期有效的融資。

The recent actions by both S&P and Fitch on our credit ratings reflect increasing confidence in our plans to make the investment in our customers need and affordably finance our system enhancement.

標準普爾和惠譽最近對我們的信用評級採取的行動反映了我們對我們的計劃越來越有信心，即對客戶進行投資並為我們的系統增強提供負擔得起的資金。

This morning, I want to cover 3 key areas where we are laser-focused on mitigating financial risk and delivering predictable outcomes for you, our investors.

今天上午，我想介紹 3 個關鍵領域，我們專注於降低財務風險並為您，我們的投資者提供可預測的結果。

First, a recap of our second quarter and first half financial results and a reiteration of our full-year guidance; second, a deeper dive into our results ownership center and how we're using that to execute from a simple and affordable model; and finally, a few highlights an important regulatory and legal matters.

首先，回顧我們第二季度和上半年的財務業績，並重申我們的全年指導；其次，深入了解我們的結果所有權中心，以及我們如何使用它從一個簡單且負擔得起的模型中執行；最後，強調了一些重要的監管和法律問題。

Slide 9 shows our second quarter and first half results. Non-GAAP core earnings per share for the quarter came in at $0.25 and at $0.55 for the first half of the year. We recorded non-GAAP core income of $536 million for the second quarter of 2022. This income keeps us on pace to hit the common stock dividend reinstatement eligibility criteria by mid-2023.

幻燈片 9 顯示了我們第二季度和上半年的結果。本季度非 GAAP 核心每股收益為 0.25 美元，上半年為 0.55 美元。我們在 2022 年第二季度記錄了 5.36 億美元的非 GAAP 核心收入。這一收入使我們能夠在 2023 年年中達到普通股股息恢復資格標準。

Moving to Slide 10. Our first-half EPS growth is on target at $0.55, up $0.05 or 10% from last year. You can see our rate base growth of $0.03 per share in the first half and another $0.04 projected for the second half, a clear reflection of our investments in customer priorities.

轉到幻燈片 10。我們上半年的每股收益增長目標為 0.55 美元，比去年增長 0.05 美元或 10%。您可以看到我們上半年的費率基礎增長為每股 0.03 美元，預計下半年還有 0.04 美元，這清楚地反映了我們對客戶優先事項的投資。

Please also note our favorable cost performance of $0.04 so far and another $0.02 to $0.04 planned for the second half. Combined, this tracks nicely to our roughly $200 million or 2% nonfuel O&M reduction plan.

另請注意，到目前為止，我們有利的成本績效為 0.04 美元，下半年計劃再增加 0.02 至 0.04 美元。結合起來，這很好地符合我們大約 2 億美元或 2% 的非燃料 O&M 削減計劃。

But what you do not see here in our yearly forecast are risks due to pension costs that we manage on behalf of our coworkers.

但是，您在我們的年度預測中沒有看到的是我們代表同事管理的養老金成本帶來的風險。

Due to our long-standing [section] recovery mechanism approved by the CPUC, we do not see an impact to earnings, even with the current market volatility. There are other changes, including our regulatory agenda as well as tax and other items.

由於我們由 CPUC 批准的長期 [section] 恢復機制，即使在當前市場波動的情況下，我們也沒有看到對收益的影響。還有其他變化，包括我們的監管議程以及稅收和其他項目。

And combined, this shows how we are delivering on our at least 10% EPS growth this year, consistent progress to deliver for our customers and investors. As shown next on Slide 11, we're reaffirming our non-GAAP core EPS of $1.07 to $1.13.

結合起來，這表明我們今年如何實現至少 10% 的每股收益增長，為我們的客戶和投資者提供持續的進展。如幻燈片 11 所示，我們重申我們的非 GAAP 核心每股收益為 1.07 美元至 1.13 美元。

We are also narrowing and lowering our equity range for 2022 and are now forecasting $0 to $250 million in equity needs for the year. As we resolve legacy claims, which I'll talk about a bit later, we maintain our confidence that our equity needs will be limited this year.

我們還在縮小和降低 2022 年的股權範圍，現在預測今年的股權需求為 0 至 2.5 億美元。當我們解決遺留索賠時（我稍後會談到），我們仍然相信今年我們的股權需求將受到限制。

Let's move to our simple and affordable model. We adopted this model to help produce medium- and long-term financial risk for both our customers and you, our investors. The model allows us to reduce risk for our customers, holding down bill increases over time.

讓我們轉向我們簡單且負擔得起的模型。我們採用這種模型來幫助為我們的客戶和我們的投資者產生中長期財務風險。該模型使我們能夠降低客戶的風險，抑制賬單隨著時間的推移而增加。

And we'll deliver on this model by using the lean operating system, which allows us to actively manage variability. It's about evaluating and executing against opportunities like putting lasting fixes instead of temporary repairs in the system, which helps avoid expense in costs that would otherwise flow through right away to our customers.

我們將通過使用精益操作系統來實現這個模型，這使我們能夠主動管理可變性。它是關於評估和執行機會，例如在系統中進行持久修復而不是臨時修復，這有助於避免成本費用，否則這些費用會立即流向我們的客戶。

Our efforts on this front give us greater confidence in our financial targets for the long term. It starts with [leaning]how my coworkers are using these proven techniques to manage performance, reducing medium- and long-term financial risk.

我們在這方面的努力使我們對我們的長期財務目標更有信心。首先是[學習]我的同事如何使用這些經過驗證的技術來管理績效，降低中長期財務風險。

Turning to Slide 13. For the past 8 months, we've been maturing our process to bring improved visibility and control to executing our work plans affordably in a room we fondly refer to as the [ROC], short for the results ownership center.

轉到幻燈片 13。在過去的 8 個月中，我們一直在完善我們的流程，以便在我們親切地稱為 [ROC]（結果所有權中心的縮寫）的房間中以經濟實惠的方式執行我們的工作計劃。

On the left-hand side of the slide, you can see the elements of visibility and control. In the ROC , we hold a weekly cross-functional operating review, focused on our plan and performance against our financial targets.

在幻燈片的左側，您可以看到可見性和控制的元素。在中華民國，我們每週舉行一次跨職能運營審查，重點關注我們的計劃和績效與我們的財務目標。

This is the same method we've used to consistently deliver on our operational goals for our Wildfire Mitigation Plan over the last year. You've heard Patti say, "We split the details, so you don't have to." The ROC is where that statement comes to life.

這與我們在過去一年中始終如一地實現野火緩解計劃的運營目標所採用的方法相同。你聽過帕蒂說，“我們分開了細節，所以你不必這樣做。” ROC 是該聲明得以實現的地方。

Additionally, we leveraged the 1-3-10 concept of visual management. Using consistently refreshed data, all attendees can tell within 1 second if our performance is on track; within 3 seconds, which way the metric is trending; and within 10 seconds, the recovery plan for any metric that is not on track.

此外，我們利用了可視化管理的 1-3-10 概念。使用持續更新的數據，所有與會者都可以在 1 秒內判斷我們的表現是否正常；在 3 秒內，指標的趨勢方向；並在 10 秒內針對任何未按計劃執行的指標制定恢復計劃。

Managing all aspects of variability, as shown on the right-hand side of the slide, is how we deliver predictable results. When a key financial metric is off track or trending off track, we identify it almost immediately, using current data, not month old or quarter old data.

管理可變性的所有方面，如幻燈片右側所示，是我們提供可預測結果的方式。當關鍵財務指標偏離軌道或趨勢偏離軌道時，我們幾乎可以立即識別它，使用當前數據，而不是一個月或四分之一的數據。

The conversation always includes who is doing what by when. And the resulting cash back plan will include a combination of short-term containment and long-term countermeasures.

談話總是包括誰在什麼時候做什麼。由此產生的現金返還計劃將包括短期遏制和長期對策相結合。

In addition to O&M and capital cost performance, our focus in the ROC this year has been on efficiencies in our contracted spending, evaluating productive time, expense to capital optimization that create lasting system enhancements for our customers, and internal staffing levels.

除了 O&M 和資本成本績效之外，我們今年在 ROC 的重點是合同支出的效率、評估生產時間、資本優化費用，從而為我們的客戶創造持久的系統改進以及內部人員配置水平。

Take in productive time, for example. In addition to the training rationalization Adam Wright discussed at Investor Day, we've also improved our time reporting this year, based on an idea [surfaced] at the ROC .

以生產時間為例。除了 Adam Wright 在投資者日討論的培訓合理化之外，我們還根據 ROC [浮出水面] 的一個想法改進了今年的時間報告。

Our coworkers in the field now explicitly report hours lost due to no work or work delays when they are not able to charge to a specific job. Having this data now readily available allows us to problem solve.

我們在該領域的同事現在明確報告由於沒有工作或工作延誤而造成的工時損失，因為他們無法為特定工作收費。現在可以隨時獲得這些數據使我們能夠解決問題。

Work delays can occur when a crew cannot access the customer's property, for example. But with good planning, we can enable that crew with a backup job. This simple change to our time reporting has uncovered a huge opportunity to increase productive hours.

例如，當工作人員無法訪問客戶的財產時，可能會出現工作延誤。但是通過良好的計劃，我們可以為該機組人員提供後備工作。對我們的時間報告的這一簡單更改發現了增加工作時間的巨大機會。

And just a 1% improvement translates to approximately 30,000 more productive hours per month. You can imagine we're excited about how this can translate into better outcomes for the hometowns we serve.

僅 1% 的改進就意味著每月增加約 30,000 小時的生產效率。您可以想像我們對這如何為我們服務的家鄉轉化為更好的結果感到興奮。

This example, along with our focus on first-time quality that Patti spoke to, and many others, is how through the ROC , our entire enterprise owns our financial results and not just members of the finance team.

這個例子，連同我們對 Patti 和許多其他人談到的首次質量的關注，是如何通過 ROC，我們的整個企業擁有我們的財務結果，而不僅僅是財務團隊的成員。

Again, visibility and control provide predictable results. Our focus is on delivering that for you, our customers and our investors. Now I'll cover the key regulatory, legislative and legal updates for the quarter.

同樣，可見性和控制提供可預測的結果。我們的重點是為您、我們的客戶和我們的投資者提供這些服務。現在我將介紹本季度的主要監管、立法和法律更新。

Turning to Slide 14, at the top. As I mentioned in opening, we've now issued a full $7.5 billion in rate-neutral securitization bonds. We used those proceeds to pay off $5 billion of utility temporary debt and will pay off the remaining $1 billion in the first quarter of 2023 as that debt becomes callable.

轉到頂部的幻燈片 14。正如我在開場時提到的，我們現在已經發行了 75 億美元的利率中性證券化債券。我們用這些收益償還了 50 億美元的公用事業臨時債務，並將在 2023 年第一季度償還剩餘的 10 億美元，因為這些債務變得可贖回。

The remaining proceeds will go towards paying down short-term borrowings at the utility. Completion of this securitization was a key aspect of improving our balance sheet. And as a result, last week, S&P moved us to Stable outlook.

剩餘收益將用於償還公用事業公司的短期借款。完成本次證券化是我們改善資產負債表的一個關鍵方面。因此，上週，標準普爾將我們的展望調至穩定。

And in June, Fitch Ratings revised their outlook, moving us from Stable to Positive. Keeping with the theme of securitization, as expected, on June 29, the CPUC issued a favorable proposed decision, granting our request to securitize up to approximately $1.4 billion of eligible AB 1054 capital expenditures, previously found [reasonable] in the 2020 GRC.

6 月，惠譽評級修改了他們的展望，將我們從穩定轉為正面。正如預期的那樣，與證券化的主題保持一致，CPUC 於 6 月 29 日發布了一項有利的提議決定，批准了我們將高達約 14 億美元的符合條件的 AB 1054 資本支出證券化的請求，這些支出之前在 2020 年 GRC 中發現 [合理]。

We expect a final vote on this proceeding on August 4, which -- that timing keeps us on plan to proceed with a bond issuance later this year or early 2023. These securitizations are an important aspect of our financing plan, a stronger balance sheet, improved credit ratings and reduced borrowing spreads.

我們預計在 8 月 4 日對該程序進行最終投票，屆時我們將繼續計劃在今年晚些時候或 2023 年初發行債券。這些證券化是我們融資計劃的一個重要方面，一個更強大的資產負債表，改善信用評級並降低借貸利差。

Moving down the slide. We've made substantial progress resolving legacy securities' legal claims. The net impact we're reflecting this quarter is $145 million. We believe this is a constructive outcome within our forecasted equity needs.

滑下滑梯。我們在解決遺留證券的法律索賠方面取得了實質性進展。我們本季度反映的淨影響為 1.45 億美元。我們認為，在我們預測的股權需求範圍內，這是一個建設性的結果。

Additionally, in connection with the 2019 Kincade Fire and based on the status of discussions with certain subrogation entities and individual claimants, during this quarter, we recorded an incremental charge of $150 million for additional potential losses above available insurance.

此外，與 2019 年 Kincade 火災有關，並根據與某些代位求償實體和個人索賠人的討論情況，在本季度，我們記錄了 1.5 億美元的增量費用，用於超出可用保險的額外潛在損失。

The movement you're seeing in this bucket of legacy claims demonstrates our commitment to putting these litigation matters in the rearview mirror. And we're making progress on these key legal matters while maintaining our focus on financing.

您在這一系列遺留索賠中看到的動向表明我們致力於將這些訴訟事項置於後視鏡中。我們在這些關鍵法律問題上取得進展，同時保持對融資的關注。

As a reminder, we have now reduced and narrowed our 2022 equity needs range from $100 million to $400 million, down to a range of $0 to $250 million.

提醒一下，我們現在已經將 2022 年的股權需求範圍從 1 億美元到 4 億美元減少並縮小到了 0 到 2.5 億美元的範圍。

Next on the slide, we summarize the status of our yet-to-be-recovered wildfire-related spend. As you can see, we have approximately $5.2 billion outstanding at the end of the quarter. Of this amount, approximately $1 billion is approved for cost recovery in 2022 and 2023.

接下來在幻燈片上，我們總結了尚未恢復的野火相關支出的狀態。如您所見，截至本季度末，我們有大約 52 億美元的未償債務。其中，約 10 億美元被批准用於 2022 年和 2023 年的成本回收。

Clearly, we still have more work to do, but just around the quarter in September, we plan to file our next WMCE application. And as a reminder, based on the CPUC schedule, we expect proposed decisions on both our 2020 and 2021 WMCE filings during Q4 this year.

顯然，我們還有更多工作要做，但就在 9 月這個季度左右，我們計劃提交下一個 WMCE 申請。提醒一下，根據 CPUC 時間表，我們預計在今年第四季度就我們的 2020 年和 2021 年 WMCE 文件提出的決定。

Together, these represent the majority of the $2.2 billion shown here as pending a final decision. And finally, at the bottom of this slide, we're highlighting our 2 outstanding cost of capital applications.

這些合計佔此處顯示的等待最終決定的 22 億美元的大部分。最後，在這張幻燈片的底部，我們重點介紹了我們的 2 項突出的資本應用成本。

The CPUC held oral arguments in the 2022 case last Friday, where we had a chance to reiterate our position that the cost of capital components should remain at pre-2022 levels for 2022.

CPUC 上週五在 2022 年的案件中進行了口頭辯論，我們有機會重申我們的立場，即 2022 年資本組成部分的成本應保持在 2022 年之前的水平。

This month, the CPUC also issued a scoping [angle] in our 2023 cost of capital application. The commission accepted our request to include an updated cost of debt in September, which we think is constructive, given where rates have moved.

本月，CPUC 還在我們的 2023 年資本成本申請中發布了範圍[角度]。委員會接受了我們在 9 月份更新債務成本的請求，鑑於利率的變動，我們認為這是建設性的。

The schedule provides for a possible final decision of the CPUC last business meeting of the year on December 15. Before I move from key regulatory cases, just a brief update on the 2023 GRC for which we've requested a test year revenue requirement of $15.34 billion.

該時間表為 12 月 15 日 CPUC 年度最後一次業務會議提供了可能的最終決定。在我從關鍵監管案例移開之前，只是簡要介紹一下 2023 GRC，我們要求測試年收入要求為 15.34 美元十億。

On July 11, we submitted our rebuttal testimony responding to GRC proceeding stakeholders' comments and recommendations. We continue to defend our request and is the next step for evidentiary hearing, starting on August 15.

7 月 11 日，我們提交了反駁證詞，以回應 GRC 訴訟利益相關者的意見和建議。我們將繼續為我們的請求辯護，並且是證據聽證會的下一步，從 8 月 15 日開始。

We expect a final decision in the third quarter of 2023. I'll close by reiterating that we're on track to deliver our 2022 financial targets, using proven tools and techniques to lean to deliver predictable results, mitigating financial risk. Our commitment is worth repeating again. Non-GAAP core EPS growth of at least 10% each year in 2022 to 2024 and at least 9% in 2025 and 2026. With that, I'll hand it back to Patti.

我們預計將在 2023 年第三季度做出最終決定。最後，我將重申，我們有望實現 2022 年的財務目標，使用經過驗證的工具和技術來實現可預測的結果，降低財務風險。我們的承諾值得再次重申。非 GAAP 核心每股收益在 2022 年至 2024 年每年至少增長 10%，在 2025 年和 2026 年至少增長 9%。有了這個，我會把它交還給帕蒂。

Thank you, Chris. As we move through 2022, we're focused on minimizing physical and financial risk. Our layers of protection start with system inspections, repairs, vegetation management, overhead hardening and our 10,000-mile undergrounding program, which provide long-term sustainable climate-resilient infrastructure.

謝謝你，克里斯。隨著我們進入 2022 年，我們的重點是最大限度地降低身體和財務風險。我們的保護層從系統檢查、維修、植被管理、架空硬化和我們的 10,000 英里地下計劃開始，這些計劃提供了長期可持續的氣候適應基礎設施。

In the near term, additional layers of protection are provided by engineered enhanced power line safety settings when fuel risk is high and our Public Safety Power Shutoff program during high wind events.

在短期內，當燃料風險高時，工程增強的電力線安全設置和我們在強風事件期間的公共安全電源關閉計劃提供了額外的保護層。

Our coordination with local and statewide agencies and situational awareness and fast response continues to strengthen and reduce our physical risk and provide a final and essential layer of protection. To mitigate financial risk for customers and investors, we will continue to fully deploy our simple and affordable model.

我們與地方和全州機構的協調以及態勢感知和快速響應繼續加強和降低我們的人身風險，並提供最後和必要的保護層。為了減輕客戶和投資者的財務風險，我們將繼續全面部署我們簡單且負擔得起的模型。

I'm pleased with the progress as I see our relationships and trust growing with policymakers and stakeholders here in California. PG&E is an essential contributor to California's prosperity.

我很高興看到我們與加州政策制定者和利益相關者之間的關係和信任不斷增長。 PG&E 是加州繁榮的重要貢獻者。

We'll keep an eye on the horizon and ensure we're making the right investments to deliver California's clean energy future. Something really exciting is blossoming here at PG&E. We feel the momentum, and we hope you do too. Operator, please open the line for Q&A.

我們將密切關注地平線，確保我們做出正確的投資，以實現加州的清潔能源未來。在 PG&E，真正令人興奮的事情正在蓬勃發展。我們感受到了這種勢頭，我們希望你也這樣做。接線員，請打開問答線路。

(Operator Instructions) Our first question will come from the line of Jonathan Arnold with Vertical Research.

（操作員說明）我們的第一個問題將來自 Vertical Research 的 Jonathan Arnold。

Yes. Could I ask as just a -- could we get an update on the EPSS effectiveness you're experiencing in '22? I know you spoke to the overall 90% risk mitigation, but are we still seeing that kind of 80% reduction that you talked about at the Analyst Day? Or is that -- has that evolved somewhere?

是的。我可以問一下 - 我們能否獲得有關您在 22 年體驗到的 EPSS 有效性的最新信息？我知道您談到了整體 90% 的風險緩解，但我們是否仍然看到您在分析師日談到的那種 80% 的降低？或者是——它在某個地方進化了嗎？

Yes. Jonathan, first of all, as we talk about EPSS, let's just step back for a second and remember that the objective was to end catastrophic wildfire. That's the objective of the program.

是的。喬納森，首先，當我們談論 EPSS 時，讓我們退後一步，記住目標是結束災難性的野火。這就是該計劃的目標。

And for that, we have layers of protection, EPSS being one of them. So on EPSS effectiveness, we're in the 70-plus range right now as we've gotten a larger sample size, and obviously, conditions are very challenging here in California. We feel good about that 70% because in concert with the 70% plus ignition reduction, the acres burned per ignition is dramatically lower in the plus 65% range.

為此，我們有多層保護，EPSS 就是其中之一。因此，在 EPSS 有效性方面，我們現在處於 70 多個範圍內，因為我們已經獲得了更大的樣本量，顯然，加利福尼亞的條件非常具有挑戰性。我們對這 70% 感覺良好，因為與 70% 以上的點火減少相一致，每次點火燃燒的英畝數在 65% 以上的範圍內顯著降低。

And so we feel like that is a really important sign of progress. And in fact, we're working on a new metric, Jonathan. It's not ready for prime time, but what we're looking at is sort of an ignition times acres burned.

所以我們覺得這是進步的一個非常重要的標誌。事實上，我們正在研究一個新的指標，喬納森。它還沒有準備好迎接黃金時段，但我們正在研究的是燃燒英畝數的點火時間。

And as we look back on previous years, we've seen significant improvement when we look at that, all of that driving towards the elimination of catastrophic wildfire. The other thing I'll share on EPSS effectiveness that we feel good about is the duration of those outages has dropped dramatically year-over-year.

當我們回顧前幾年時，我們看到了顯著的進步，所有這些都在推動消除災難性的野火。我將分享的關於 EPSS 有效性的另一件事是，這些中斷的持續時間同比大幅下降。

In fact, we set a target for ourselves of 240 minutes, and we are well under that, year-to-date. And so our operations team has done an extraordinary job responding to this new configuration of a system that, frankly, no one else in the industry at this scope and scale has this sort of safety measure in place.

事實上，我們為自己設定了 240 分鐘的目標，今年迄今為止，我們都在這個目標之下。因此，我們的運營團隊在應對系統的這種新配置方面做得非常出色，坦率地說，在這個範圍和規模的行業中，沒有其他人具備這種安全措施。

And we continue to have successful conversations with communities, who are most impacted by EPSS. In fact, Pismo Beach is a good example, a community down by San Luis Obispo was experiencing multiple outages.

我們繼續與受 EPSS 影響最大的社區進行成功的對話。事實上，皮斯莫海灘就是一個很好的例子，聖路易斯奧比斯波附近的一個社區正在經歷多次停電。

Our engineering team went and studied that circuit, was able to make repairs and modifications and engineering improvements to significantly reduce the outages.

我們的工程團隊去研究了該電路，能夠進行維修、修改和工程改進，以顯著減少中斷。

And so we held webinars with the community, and the local leaders gave us very positive feedback about our responsiveness. And so we just continue to be focused on our hometowns and making sure that we're keeping everybody safe.

因此，我們與社區舉行了網絡研討會，當地領導人對我們的響應能力給予了非常積極的反饋。因此，我們只是繼續專注於我們的家鄉，並確保我們確保每個人的安全。

Our next question will come from the line of Shar Pourreza with Guggenheim Partners.

我們的下一個問題將來自古根海姆合夥人的 Shar Pourreza。

Patti, I just wanted to maybe start off with the progress that's being made on kind of multiple fronts in terms of physical derisking, in particular, kind of how the undergrounding plans are evolving and just the general sensitivity of the CPUC around affordability.

帕蒂，我只是想從物理去風險方面在多個方面取得的進展開始，特別是地下開採計劃的發展方式以及 CPUC 對可負擔性的一般敏感性。

And just as a quick follow-up, understanding, like, the regulatory process is still ongoing, but what are the current expectations from potential moves with legislation? And any updates around the RFP process? Where that stands from Jacobs on implementing the program?

就像快速跟進、理解一樣，監管過程仍在進行中，但目前對立法潛在舉措的期望是什麼？以及有關 RFP 流程的任何更新？雅各布斯在實施該計劃方面的立場是什麼？

Yes. Thanks, Shar. Well, it's great because undergrounding and affordability go hand-in-hand. Undergrounding is a great example of our simple and affordable model at work, where we're going to be able to transition from a highly expense-intensive vegetation management program to more permanent corrective action, which is undergrounding the lines.

是的。謝謝，夏爾。嗯，這很棒，因為地下化和可負擔性齊頭並進。地下工程是我們工作中簡單且負擔得起的模型的一個很好的例子，我們將能夠從費用高昂的植被管理計劃過渡到更永久的糾正措施，即地下管線。

As you may remember, when we filed our modification to the GRC, we added $7 billion of capital for the first couple of years of the undergrounding plan, and offset with $1 billion of expense reduction, resulting in a flat -- no modification essentially to the rate increases of that ask.

您可能還記得，當我們向 GRC 提交修改時，我們在地下開採計劃的頭幾年增加了 70 億美元的資本，並通過減少 10 億美元的費用來抵消，結果是持平——基本上沒有修改該請求的速率增加。

And so -- we think it's an important combination. I'll just say, we're really pleased with the progress on the undergrounding bill. I think it shows a couple of things. Number one, our customers have been demanding that we invest in our infrastructure. I've seen so many quotes and headlines about PG&E underinvested in its infrastructure.

所以——我們認為這是一個重要的組合。我只想說，我們對地下開採法案的進展感到非常滿意。我認為它表明了幾件事。第一，我們的客戶一直要求我們投資於我們的基礎設施。我已經看到很多關於 PG&E 對其基礎設施投資不足的引述和頭條新聞。

This is our pathway to investing in the infrastructure to keep our people safe and have a climate-resilient energy system. Our legislators see the same thing. And they are working with us.

這是我們投資基礎設施以確保我們的人民安全並擁有適應氣候變化的能源系統的途徑。我們的立法者看到了同樣的事情。他們正在與我們合作。

Senate Bill 884 is making progress. We like the current draft. There's still -- it's still a live ball, I would say. There's still modifications that can be made, and so we're continuing to work closely.

參議院第 884 號法案正在取得進展。我們喜歡目前的草案。還有——我想說，它仍然是一個活球。仍然可以進行修改，因此我們將繼續密切合作。

But we like the idea that there's clarity to a long-term plan and clarity that the legislature expects us and will hold us accountable to completing this undergrounding plan.

但我們喜歡這樣的想法，即長期計劃的明確性和立法機關期望我們的明確性，並將要求我們對完成這個地下計劃負責。

We want that, too. And so that accountability then translates into a 10-year plan. And the OEIS and the CPUC are directed to review and approve that in a timely fashion, which allows us to save the most dollars for our customers. It allows us to do that massive infrastructure project at the most affordable price.

我們也想要那個。這樣，問責制就會轉化為 10 年計劃。 OEIS 和 CPUC 被指示及時審查和批准，這使我們能夠為我們的客戶節省最多的錢。它使我們能夠以最實惠的價格完成大型基礎設施項目。

It gives us the opportunity on better long-term contracts, better access to equipment at a lower cost, staffing up a labor workforce to deliver that incredible infrastructure project. And so I just feel like undergrounding is such a perfect example of the simple affordable model at work and making the system safe.

它使我們有機會簽訂更好的長期合同，以更低的成本更好地獲得設備，配備勞動力來交付這個令人難以置信的基礎設施項目。所以我只是覺得地下是一個簡單的負擔得起的工作模式和使系統安全的完美例子。

Got it. And just one last quick one in terms of the guidance, the reduction in equity needs is certainly really appreciated there. You have securitizations getting debt off the balance sheet. Does that open some opportunity to maybe simplify financing means, going forward?

知道了。就指導而言，只是最後一個快速的指導，股權需求的減少肯定在那裡受到讚賞。你有資產負債表上的債務證券化。這是否會帶來一些機會來簡化融資方式，繼續前進？

Shar, it does. I think if you look at equity, what we've said is that really looking forward to getting some of these important legacy items behind us, which we were able to make progress on, including this quarter.

夏爾，確實如此。我認為，如果您看一下股權，我們所說的是，我們真的很期待將其中一些重要的遺留項目拋在身後，我們能夠在這些項目上取得進展，包括本季度。

That helped us refine and really narrow our equity guide for the year. And that's really, ultimately, about a good financing plan that's looking a couple of years out at any point.

這幫助我們完善並真正縮小了今年的股票指南。歸根結底，這實際上是關於一個在任何時候都需要幾年時間的良好融資計劃。

We also got, as you mentioned, the rate-neutral securitization completely done here by midyear, which was nice because, ultimately -- we're initially [unsure] if we could get it all done at this point or if it was going to take us to the end of the year.

正如你所提到的，我們還完成了利率中性證券化，在年中之前完全完成，這很好，因為最終我們最初[不確定]我們是否可以在這一點上完成這一切，或者是否會帶我們到年底。

And then on the debt side, ultimately, you've got a couple of things there, right? They're going to help us further simplify. First, we've got an [80 10 54] securitization. That's really our next one coming up that we're hoping to execute later this year or early next.

然後在債務方面，最終，你有幾件事，對吧？他們將幫助我們進一步簡化。首先，我們進行了 [80 10 54] 證券化。這確實是我們希望在今年晚些時候或明年初執行的下一個計劃。

And then along the same time frame, we're probably going to be looking at ongoing needs for long-term debt, which really just finance our rate base growth, and that's consistent with our base financing plan.

然後在同一時間範圍內，我們可能會關注長期債務的持續需求，這實際上只是為我們的利率基礎增長提供資金，這與我們的基礎融資計劃是一致的。

Your next question comes from the line of Julien Dumoulin-Smith with Bank of America.

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

And congrats again on another quarter with a zero 100-acre-plus fire. So good stuff. Absolutely. I want to recognize it. Maybe just more of a -- two questions. Your equity issuance, can we talk about the reduced needs here and how to think about that in the long term, obviously, moving things in the right direction here?

並再次祝賀另一個季度的 100 英畝以上的火災為零。這麼好的東西。絕對地。我想認出它。也許只是更多 - 兩個問題。您的股票發行，我們能否談談這裡的需求減少以及如何從長遠來看，顯然，在這裡朝著正確的方向發展？

Can you talk about just what drove that in part, but also more specifically, how we can think about longer-term needs as well here, especially if you want to avoid them, considering where the stock is? So I appreciate the continued hustle.

你能談談是什麼推動了這一點，更具體地說，我們如何在這裡考慮長期需求，特別是如果你想避免它們，考慮到庫存在哪裡？所以我很欣賞持續的忙碌。

Absolutely, Julien. And I think you said it that ultimately, our focus is going to be uncertainly where we're trading at this point to have to make the best economic decision we can.

絕對的，朱利安。而且我認為你說過，最終我們的重點將是不確定我們目前的交易地點，以便我們必須做出最好的經濟決策。

And so obviously, looking at the 5-year plan at this stage, and really the focus is consistently on making sure that we're putting these legacy items front and center because they are a driver for us. Specifically, you saw us resolve or make substantial progress and able to bound the securities claims right at $145 million.

很明顯，在這個階段查看 5 年計劃，真正的重點始終是確保我們將這些遺留項目放在首位和中心，因為它們是我們的驅動力。具體來說，您看到我們解決或取得了實質性進展，並能夠將證券索賠限制在 1.45 億美元。

We're making progress on the Kincade-related claims. And so we've got a much better focus now with the increase we had there quarter-over-quarter on where that will land as well. And as you can imagine, those are 2 key drivers.

我們正在就與 Kincade 相關的索賠取得進展。因此，我們現在有了更好的關注點，我們在那裡的季度環比增長也將落在哪裡。您可以想像，這是兩個關鍵驅動因素。

As you look in future years, we're going to have fewer implications on that front. We're going to have -- obviously, the Zogg Fire is completely covered by insurance at this stage. So you can imagine, Julien, that really our folks is going to be on making it right with these communities, where we need to. That's going to be the core focus of the company.

正如您在未來幾年中所看到的那樣，我們在這方面的影響將會減少。我們將擁有 - 顯然，Zogg Fire 在這個階段完全由保險承保。所以你可以想像，朱利安，我們的人真的會在我們需要的地方與這些社區合作。這將是公司的核心焦點。

At the same time, we've got to actively manage our financing needs, which is I think what you're seeing in the results of this year and bringing down the range from $1 million to $400 million down to $0 to $250 million this quarter.

同時，我們必須積極管理我們的融資需求，我認為您在今年的業績中看到了這一點，並將本季度的融資範圍從 100 萬美元到 4 億美元降至 0 到 2.5 億美元.

Yes, absolutely. Let me pivot here to Diablo super quickly. How is the new [AB 205] and 180 impact you guys as well as the federal efforts here? I mean, is that new bill potentially able to help defray costs from the state back to the Fed in terms of paying for Diablo?

是的，一點沒錯。讓我快速轉向暗黑破壞神。新的 [AB 205] 和 180 對你們以及這裡的聯邦工作有何影響？我的意思是，在支付暗黑破壞神方面，新法案是否有可能幫助從國家支付給美聯儲的成本？

And ultimately, I suppose the bottom line is also, what does it mean financially for you all, considering that you were going to have a fully appreciated asset in a couple of years there?

最終，我認為底線也是，考慮到您將在幾年內擁有完全升值的資產，這對你們所有人來說在財務上意味著什麼？

So Julien, obviously, Diablo Canyon is very much on our minds. And so if we step back and just think about what is being discussed here and what the path forward is, first of all, it's -- we continue to remind all engaged parties that the clock is ticking here.

所以朱利安，很明顯，暗黑破壞神峽谷在我們的腦海中是非常重要的。因此，如果我們退後一步，想想這裡正在討論什麼以及前進的道路是什麼，首先，我們會繼續提醒所有參與方，時鍾正在滴答作響。

We've got a real sense of urgency in order to transition from being in a decommissioning posture to a life extension posture. So the most important thing to us right now is that we get certainty on the decision making. We have to secure tasks. We have to order fuel.

我們有一種真正的緊迫感，以便從退役姿勢過渡到延長生命的姿勢。所以現在對我們來說最重要的是我們對決策有確定性。我們必須確保任務。我們必須訂購燃料。

There's some very near-term items that -- actions that we would need to take if, in fact, we change the posture of the plant. And so with that, we're working very closely with the state first to understand what are the needs and what do we need to do to move forward. This is not an easy option.

有一些非常近期的項目——如果我們實際上改變了植物的姿勢，我們需要採取的行動。因此，我們首先與州政府密切合作，以了解需求是什麼，以及我們需要做些什麼才能繼續前進。這不是一個簡單的選擇。

Legislation will have to be passed. The permitting and relicensing of the facility is complex. And so there's a lot of hurdles to be overcome in order to move forward.

必須通過立法。設施的許可和再許可是複雜的。因此，要繼續前進，需要克服許多障礙。

However, we like the fact that, that plant's value is being recognized by the state, that there seems to be kind of a shift in the attitude about the role that nuclear can play in a GHG-free economy.

然而，我們喜歡這樣一個事實，即該工廠的價值正在得到國家的認可，對於核能在無溫室氣體經濟中發揮的作用的態度似乎發生了某種轉變。

And so obviously, our team at Diablo continues to do great work and earn the respect of the citizens of California and the policymakers as well.

很明顯，我們在暗黑破壞神的團隊繼續做著出色的工作，並贏得了加州公民和政策制定者的尊重。

We do think that the DOE funding is a possibility. And certainly, the state has expressed interest in maximizing that and making sure that Diablo Canyon gets included in the DOE's program to extend the life of nuclear.

我們確實認為 DOE 資助是一種可能性。當然，該州已表示有興趣最大限度地提高這一點，並確保暗黑破壞神峽谷被納入美國能源部延長核能壽命的計劃中。

Again, nationally, I think there's been a real shift in attitude about the value of these baseload nuclear facilities. And so given that, we're just going to continue to work through the financials, and that will be second to making sure that the plant is ready and safe and able to operate for the state.

同樣，在全國范圍內，我認為對這些基荷核設施價值的態度發生了真正的轉變。因此，鑑於此，我們將繼續處理財務問題，這將僅次於確保工廠準備就緒、安全並能夠為該州運營。

Got it. And just financially for you guys, again, it's a depreciated asset by about [25] here, right? I mean, we shouldn't think about that earnings impact beyond any differently?

知道了。再一次，對你們來說，這只是財務上的折舊資產，大約 [25] 在這裡，對吧？我的意思是，我們不應該以任何不同的方式考慮對收益的影響嗎？

That's accurate, Julien. At this stage, that was part of our prior agreement...

沒錯，朱利安。在這個階段，這是我們之前協議的一部分……

Over the period...

期間...

That was part of our prior agreement with the CPUC to fully depreciate the assets and by the end of retirement life of the second unit in 2025.

這是我們之前與 CPUC 達成的協議的一部分，即在 2025 年第二個單元的退休壽命結束時完全折舊資產。

We are also watching certainly the different pieces that are moving on the state level. Patti did well that we're looking at the federal level. The state also has a resiliency fund that they're looking at.

當然，我們也在關注州一級的不同部分。帕蒂做得很好，我們正在關注聯邦層面。該州還有一個他們正在考慮的彈性基金。

And additionally, you mentioned the specific piece of the legislation, including customer [reurges]. And certainly, I think that that's a good example of the legislature acting on behalf of our customers and helping to lower cost. And so certainly, there's a financing advantage for -- in that for us as well.

此外，您提到了立法的具體部分，包括客戶 [reurges]。當然，我認為這是立法機構代表我們的客戶行事並幫助降低成本的一個很好的例子。當然，這對我們來說也有融資優勢。

Your next question comes from the line of Richard Sunderland with JPMorgan.

您的下一個問題來自摩根大通的 Richard Sunderland。

Maybe a quick follow-up on Diablo Canyon. You spoke to some of the hurdles there, but could you speak to the timing at all in terms of if there's a red line when you need to address a few of those items in switching from decommissioning to life extension?

也許是對暗黑破壞神峽谷的快速跟進。你談到了那裡的一些障礙，但你能否談談時機，如果你需要解決從退役到延長壽命的轉變中的一些問題時是否存在紅線？

Yes. So legislation -- we believe legislation -- and it's pretty well agreed that the legislation is required in order to change the permitting and relicensing timeline. And so the legislature is -- needs to pass any new laws by the end of April, April 30, and then they're signed by the governor in September.

是的。因此，立法——我們相信立法——並且大家一致認為需要立法來改變許可和重新許可的時間表。因此，立法機關需要在 4 月底 4 月 30 日之前通過任何新法律，然後在 9 月由州長簽署。

And so that really drives an important deadline for us. And -- in addition to the fact that we need to order cast and the fuel. And so given that the combination of that timing really does drive the decision making.

因此，這確實為我們帶來了重要的最後期限。而且——除了我們需要訂購鑄件和燃料這一事實之外。因此，考慮到這一時機的結合確實推動了決策制定。

Got it. And then switching gears here, do you think you could stick to that timeline and achievability of addressing the residual wildfire risk that's on top of the 90% estimated mitigation today? Are these items that you're focused on in the near term or sort of longer-term aspirations as technology evolves?

知道了。然後在這裡換檔，你認為你可以堅持這個時間表和可實現的解決剩餘野火風險的可能性，這是目前估計的 90% 緩解措施之上的嗎？這些項目是您近期關注的還是隨著技術的發展而產生的長期願望？

Yes. We're implementing new technologies as we speak, literally. In fact, when we look at the utilization of our smart meter technology to its full potential, it can identify risks and faults on the system, and we're already implementing that system-wide. So that's an additional layer of protection. Another layer of protection is on our secondary lines or downed conductors.

是的。從字面上看，我們正在實施新技術。事實上，當我們充分利用智能電錶技術的潛力時，它可以識別系統上的風險和故障，我們已經在整個系統範圍內實施該技術。所以這是一個額外的保護層。另一層保護是在我們的輔助線路或倒下的導體上。

We have new settings that we can utilize and some new technology in a controller box that we're deploying out to the system as we speak. So what I can tell you is, every single day, we have a technology team who is focused on ending catastrophic wildfire.

我們有可以利用的新設置和控制箱中的一些新技術，我們正在將其部署到系統中。所以我可以告訴你的是，每一天，我們都有一個專注於結束災難性野火的技術團隊。

Our team at our advanced technology center, [ATS], they are working night and day to come up with new and better technologies to deploy. So we're not waiting, you can rest assured. And as the quarters progress, we'll continue to share progress on those additional layers of protection that we're putting in.

我們在先進技術中心 [ATS] 的團隊日以繼夜地工作，以提出新的、更好的技術來部署。所以我們不等，您可以放心。隨著季度的進展，我們將繼續分享我們正在實施的額外保護層的進展。

Your next question will come from the line of Michael Lapides with Goldman Sachs.

您的下一個問題將來自高盛的 Michael Lapides。

Congrats on a good first half of the year. Real quickly, how are you thinking about Dixie, the Dixie Wildfire, and the potential for this to be the test case to kind of -- I don't know, see how AB 1054 actually gets put to work when it comes to a wildfire that may have over $1 billion in cost?

恭喜上半年取得好成績。很快，您如何看待 Dixie，Dixie Wildfire，以及這可能成為測試用例的可能性——我不知道，看看 AB 1054 在野火時如何實際投入使用成本可能超過 10 億美元？

Just kind of walk us through where that stands potentially? And is this going to be, in your view, the potential trial run to see how this all plays out?

只是引導我們了解潛在的位置嗎？在您看來，這是否會成為潛在的試運行，看看這一切是如何進行的？

Michael, happy to take it. I think that there is that potential. At this stage, as you know, we recorded a $1.15 billion total impact. And so that would imply that the $150 million here could interact with the wildfire fund itself.

邁克爾，很高興接受它。我認為有這種潛力。如您所知，在這個階段，我們記錄了 11.5 億美元的總影響。因此，這意味著這裡的 1.5 億美元可以與野火基金本身互動。

I just have to emphasize, this could take some time. I think, in the interim, what we're very focused on, including with an accelerated claims process in the community, is making sure that we have impacted families paid quickly. So at this point, we've got over 100 claims that have come forward in that way, and that have allowed us to compensate impacted local communities quickly.

我只需要強調，這可能需要一些時間。我認為，在此期間，我們非常關注的是，包括加快社區索賠程序，確保我們已經影響到快速支付的家庭。因此，在這一點上，我們已經收到了 100 多項以這種方式提出的索賠，這使我們能夠迅速補償受影響的當地社區。

So that's the near term. Over time, there's really the way to think about this is we've got our insurance layer itself, CPUC recoveries above that of roughly $360 million. You've got then FERC-related recoveries of roughly $100 million.

所以這是近期的。隨著時間的推移，確實有辦法考慮這一點，因為我們已經有了自己的保險層，CPUC 的回收率超過了大約 3.6 億美元。你已經獲得了大約 1 億美元的與 FERC 相關的回收。

And then ultimately, the remainder will be tapping the wildfire fund. So there could be could be time here before we really get to the stage of tapping the fund because the statute actually requires that you're substantially completed with your claims themselves before you move forward to the fund.

然後最終，其餘的將動用野火基金。因此，在我們真正進入利用基金的階段之前可能需要一段時間，因為法規實際上要求您在繼續使用基金之前基本上完成了您的索賠。

I think in terms of the fact pattern and our operational prudency as it's related to Dixie Fire, I think we've been quite clear that in terms of vegetation management, in terms of the management of our assets and the appropriate response, I think all of those things position us well for the recovery themselves at the various jurisdictions, including at the wildfire fund.

我認為就與 Dixie Fire 相關的事實模式和我們的操作謹慎性而言，我認為我們已經非常清楚，在植被管理、資產管理和適當響應方面，我認為所有在這些事情中，我們有利於在包括野火基金在內的各個司法管轄區進行自我恢復。

Got it. And just one quick one. Can you remind me when is the last date or the deadline for when either property or other claims have to be filed for Dixie?

知道了。只有一個快速的。您能否提醒我必須向 Dixie 提出財產或其他索賠的最後日期或截止日期是什麼時候？

Sure thing. So there's 2 to keep in mind. The first would be personal injury statute of limitations, which runs from 2 years from the incident. And then property damage, which is 3 years. Those are the 2 primary drivers of claims and claims timing.

肯定的事。所以要記住2個。第一個是人身傷害訴訟時效，從事件發生後 2 年開始。然後是財產損失，也就是3年。這些是索賠和索賠時間的兩個主要驅動因素。

Your next question will come from the line of Nick Campanella with Credit Suisse.

您的下一個問題將來自瑞士信貸的 Nick Campanella。

I wanted to just ask about the pending wildfire legislation in the Senate here. I understand we're kind of in recess and this will go through August, but I believe there have been some amendments.

我只想在這裡詢問參議院未決的野火立法。我知道我們處於休會期，這將持續到 8 月，但我相信已經進行了一些修改。

And I'm just curious, current bill as it stands today, if it was passed, how would that affect your plan? Is it acceptable in current form? And what should we kind of expect here as we get to the end of August?

我只是好奇，目前的法案，如果它通過了，這將如何影響你的計劃？以目前的形式可以接受嗎？到八月底，我們應該期待什麼？

Yes. We feel good about the current draft. Some of the things that we did not like about the previous drafts have been removed. I think it was important for our legislatures -- legislators and the authors of the bill to understand how important it was that the financial mechanisms be in place so we can attract the high-value capital to fund the program.

是的。我們對目前的草案感覺良好。之前的草稿中我們不喜歡的一些內容已被刪除。我認為對於我們的立法機構——立法者和法案的起草者來說，了解金融機製到位的重要性是很重要的，這樣我們才能吸引高價值的資本來資助這個項目。

We know it's important to you to have certainty for your clients to make sure that those moms and pops, who invest their money in a utility, can count on a predictable return. And so I think that was a really good understanding that we formed there.

我們知道為您的客戶確定確定性以確保那些將資金投資於公用事業的媽媽和爸爸可以指望可預測的回報對您來說很重要。所以我認為這是我們在那裡形成的一個非常好的理解。

So the language is good about cost recovery, the permitting assistance as well as especially the legislative direction to OEIS and the CPUC to support a 10-year plan, which would be outside the general rate case.

因此，關於成本回收、許可援助以及特別是對 OEIS 和 CPUC 的立法方向，以支持 10 年計劃，這將超出一般費率情況，措辭很好。

An infrastructure project of this scope and scale is so important that it'd be longer term. So we can get the labor force ready, we can get the equipment ready, we can get the long-term contracts. That will save our customers the most money. We can do the program at the lowest total cost when we have that longer-term plan.

這種範圍和規模的基礎設施項目非常重要，以至於它是長期的。所以我們可以準備好勞動力，我們可以準備好設備，我們可以獲得長期合同。這將為我們的客戶節省最多的錢。當我們有長期計劃時，我們可以以最低的總成本進行該計劃。

And so having visibility,, transparency and, frankly, accountability to -- for us to do what we said we're going to do and to get the unit cost where we want the unit cost. I think it's in the best interest of everyone to have this kind of legislative direction to provide the certainty that we need.

因此，具有可見性、透明度和坦率地說，對我們負責 - 讓我們按照我們所說的去做，並將單位成本放在我們想要的單位成本的地方。我認為擁有這種立法方向以提供我們需要的確定性符合每個人的最佳利益。

And just to remind you on timing, August 31 is the deadline for bills to be passed and sent to the governor. And then September 30 is the last day the governor can sign a bill. And so that will be the timing of that legislative activity.

提醒您時間，8 月 31 日是通過並發送給州長的法案的最後期限。然後 9 月 30 日是州長可以簽署法案的最後一天。因此，這將是該立法活動的時機。

Great. Appreciate that. And I know it's just happened yesterday, but just Inflation Protection Act and the AMT specifically, if there is an alternative minimum tax, how does that affect the company? I mean, just looking at the [BBB] example, maybe you've done some work there already?

偉大的。感謝。我知道這只是昨天發生的，但只是通貨膨脹保護法和特別是 AMT，如果有替代的最低稅，這對公司有什麼影響？我的意思是，看看 [BBB] 的例子，也許你已經在那裡做了一些工作？

Yes. In fact, Nick, I was in Washington, D.C. 2 days ago, in fact, with a small group of CEOs, focused on this climate package, encouraging its inclusion in this new program. And it's amazing to me how much can happen in 2 days. And so we're excited about clean energy components of the package.

是的。事實上，尼克，兩天前我在華盛頓特區，事實上，與一小群 CEO 一起，專注於這個氣候方案，鼓勵將其納入這個新項目。令我驚訝的是，兩天內會發生多少事情。因此，我們對包裝中的清潔能源組件感到興奮。

We think that it will allow us to continue to grow the clean energy assets here in California by a variety of owners, not just the utility, but making sure that we've got that clean energy transition at the most economic and lowest societal cost.

我們認為，這將使我們能夠繼續在加利福尼亞州由各種所有者發展清潔能源資產，而不僅僅是公用事業，而是確保我們以最經濟和最低的社會成本實現清潔能源轉型。

We're excited about the inclusion of hydrogen and the stand-alone storage credits. We're studying the implications for the EV credits, but it looks like the cap is being proposed to be lifted, which would be good and important here in California because EVs are such an important part of our future.

我們對氫氣和獨立存儲積分的加入感到興奮。我們正在研究對電動汽車積分的影響，但似乎正在提議取消上限，這在加利福尼亞州將是一件好事和重要的事情，因為電動汽車是我們未來如此重要的一部分。

Of course, like I would suppose most businesses, we don't love the corporate minimum tax. For us, it is a pass-through, which is why we don't like it. It puts affordability pressure directly on our customers.

當然，就像我認為大多數企業一樣，我們不喜歡企業最低稅。對我們來說，這是一種傳遞，這就是我們不喜歡它的原因。它直接給我們的客戶帶來負擔能力壓力。

And so there's obviously a lot of discussion about that. We'll continue to work our simple and affordable model, however, and we'll ride that rollercoaster so you don't have to.

所以顯然有很多關於這個的討論。但是，我們將繼續使用我們簡單且價格合理的模型，並且我們將乘坐過山車，因此您不必這樣做。

We'll make the necessary adjustments to continue to build our funding, our infrastructure for our customers as they would wish and lower costs in a variety of areas, if, in fact, that additional cost gets borne by our customers.

我們將進行必要的調整，以繼續為客戶建立我們的資金和基礎設施，並在各個領域降低成本，如果事實上，額外的成本由我們的客戶承擔的話。

Got it. I appreciate that. Just one more follow-up, if I can, just on the Victim Trust, I think we've seen some turnover in the folks that are running the trust.

知道了。我很感激。如果可以的話，再進行一次後續行動，就受害者信託基金而言，我認為我們已經看到經營該信託基金的人員出現了一些人員流動。

And just kind of curious on, what the conversations have been of late, if you could provide any kind of color on the relationship or just in general, your ability to align yourself even more than before there?

只是有點好奇，最近的對話是什麼，如果你可以為這段關係提供任何顏色，或者只是一般來說，你比以前更能調整自己的能力嗎？

Yes, Nick, thanks for asking the question. I had a very productive conversation with the new administrator, Cathy Yanni. She is a professional. She has been in this business for many -- well, her whole career, and she was very impressive to me.

是的，尼克，謝謝你提出這個問題。我與新任管理員 Cathy Yanni 進行了非常富有成效的對話。她是專業人士。她從事這個行業已經很多年了——嗯，她的整個職業生涯，她給我留下了非常深刻的印象。

I was happy to have a chance to talk with her. We clarify -- I clarified for her that we want what they want. We want to maximize the value of this agreement that was made on behalf of victims. And obviously, our stock price has an impact on that and their actions with the volume of shares that they own have an impact on the stock price.

我很高興有機會與她交談。我們澄清——我向她澄清，我們想要他們想要的。我們希望最大限度地發揮代表受害者達成的協議的價值。顯然，我們的股價會對此產生影響，而他們所擁有的股票數量的行為也會對股價產生影響。

And so we talked about that, and we talked about how working together could be very beneficial to the victims and that's our sole focus. And again, we want what they want, to make it right.

所以我們談到了這一點，我們談到了合作如何對受害者非常有益，這是我們唯一的關注點。再一次，我們想要他們想要的，把它做好。

And we obviously think working together with them is more productive than working independently. However, they've been clear that they want to make sure that they get certainty around the dollars that they will have available to distribute to victims. And if you check their website, you can see they've made a significant progress in disbursing funds.

我們顯然認為與他們一起工作比獨立工作更有效率。然而，他們已經明確表示，他們希望確保他們能夠確定他們可以分配給受害者的資金。如果您查看他們的網站，您會發現他們在支付資金方面取得了重大進展。

She's very focused on doing that efficiently and effectively, and so certainty helps them. Bottom line, we want what they want, and we'll look forward to continuing to work with them.

她非常專注於有效地做到這一點，因此確定性可以幫助他們。最重要的是，我們想要他們想要的，我們期待繼續與他們合作。

Your next question will come from the line of Gregg Orrill with UBS.

您的下一個問題將來自瑞銀的 Gregg Orrill。

So maybe following up on Nick's question. Are you looking at additional ways to provide certainty to the fire victims?

所以也許跟進尼克的問題。您是否正在尋找其他方法來為火災受害者提供確定性？

I -- the ball is really in their court. They own the stock, and it's up to them how they want to disperse it.

我——球真的在他們的球場上。他們擁有股票，如何分散股票取決於他們。

Okay. Got it. And then just on the wildfire-related cost recovery, the $5.2 billion, could you tie that back to recoveries timeline? And how that sort of quantify the improvement in FFO to debt? Would it tie back to the credit measures?

好的。知道了。然後就與野火相關的成本回收（52 億美元）而言，您能否將其與回收時間表聯繫起來？以及如何量化 FFO 對債務的改善？它會與信貸措施掛鉤嗎？

Sure thing, Gregg. I think that this is going to be a key for the company over the next, really, 2 years, primarily with the majority of the funds coming in 2023 and 2024 and then help us from a cash flow perspective.

當然，格雷格。我認為這將成為公司在接下來的兩年內的關鍵，主要是在 2023 年和 2024 年獲得大部分資金，然後從現金流的角度幫助我們。

The things to keep in mind are really two. First, quarter-over-quarter, the overall increase that you saw, a move of roughly $0.5 billion, was directly related to prior vegetation management work that was critical for the system.

要記住的事情實際上是兩個。首先，環比增長，您看到的總體增長約為 5 億美元，這與之前對系統至關重要的植被管理工作直接相關。

Second thing to keep in mind is that we do have 2 important data points here that are expected in Q4, which is the resolution of both the 2020 Wildfire Mitigation and Catastrophic Event or WMCE-related account as well as the 2021.

要記住的第二件事是，我們確實有 2 個重要數據點預計在第四季度出現，即 2020 年野火緩解和災難性事件或 WMCE 相關帳戶以及 2021 年的解決方案。

When you look at those two together, that's roughly the $2.2 billion that we've talked about. So those are going to be key in terms of getting resolution there and then keeping us on track for our FFO guidance.

當你把這兩者放在一起看時，這大約是我們所說的 22 億美元。因此，這些將成為解決問題的關鍵，然後讓我們走上 FFO 指導的軌道。

Our next question will come from the line of David Arcaro with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 David Arcaro。

Wanted to check in on load growth and what you're seeing this year. I know, longer term, you've got targets and it's an important component to reduce the customer bill impact from your rate base growth over time. And that's driven by longer-term programs around electrification and EVs. But I guess I'm curious what you're seeing currently this year and expectations for the year in terms of load growth.

想要檢查負載增長以及您今年看到的情況。我知道，從長遠來看，您已經有了目標，這是減少您的費率基礎增長對客戶賬單影響的重要組成部分。這是由圍繞電氣化和電動汽車的長期計劃推動的。但我想我很好奇你今年目前看到的情況以及對今年負載增長的預期。

Yes. So we're continuing to look at that. We definitely see continued load growth. It's lower at this early part of our 5-year plan. At the latter part of the 5-year plan and then going into the 10-year plan, we see significantly more forecast.

是的。因此，我們將繼續關注這一點。我們肯定會看到負載持續增長。在我們 5 年計劃的早期階段，這個數字較低。在 5 年計劃的後期，然後進入 10 年計劃，我們看到了更多的預測。

It will be interesting to see if the additional incentives on EVs accelerate adoption here in California. But as we've said, 1% to 3% is in our long-term forecast.

看看電動汽車的額外激勵措施是否會加速加州的採用將會很有趣。但正如我們所說，1% 到 3% 是我們的長期預測。

Okay. Great. And then, Patti, you mentioned a couple of technology aspects, the partial voltage detection, downed conductor programs just to kind of attack that last 10% of the risk. When will we see maybe programs like that get officially rolled out or target set in place and kind of quantified?

好的。偉大的。然後，Patti，你提到了幾個技術方面，部分電壓檢測，被擊落的導體程序，只是為了那種持續 10% 風險的攻擊。我們什麼時候才能看到這樣的計劃正式推出或目標設定到位並進行量化？

Well, the partial voltage detection through our smart meters is deployed. That is deployed as we speak. And so we're learning a lot as we get the partial voltage alarms. We have a 60-minute response time. We're trying to narrow that into even less than that, so we can get out and observe the situation and find out if it is, in fact, unsafe.

好吧，通過我們的智能電錶進行部分電壓檢測已部署。正如我們所說的那樣部署。因此，當我們收到部分電壓警報時，我們學到了很多東西。我們有 60 分鐘的響應時間。我們正試圖將其縮小到甚至更少，這樣我們就可以出去觀察情況，看看它是否實際上是不安全的。

And so in the coming months, you'll get more -- we'll share more insights with you on what we're learning there. Again, that's an infrequent occurrence, but it is an occurrence. And then the downed conductor, I think, has a ton of potential.

所以在接下來的幾個月裡，你會得到更多——我們將與你分享更多關於我們在那裡學習的見解。同樣，這是一種罕見的情況，但它是一種情況。然後，我認為被擊落的指揮家有很大的潛力。

It does require new hardware. Some of the hardware that we have on the system can be reprogrammed, and so we're doing that as we speak. But there's new hardware that needs to be deployed, and some of that is caught up in the supply chain constraints, globally.

它確實需要新的硬件。我們在系統上擁有的一些硬件可以重新編程，所以我們正在這樣做。但是需要部署新的硬件，其中一些在全球範圍內受到供應鏈限制。

And so we're continuing to work to accelerate the implementation of these particular controller boxes. And we look forward to sharing news on progress on that as well.

因此，我們將繼續努力加速這些特定控制器盒的實施。我們也期待分享有關這方面進展的消息。

We definitely have already experienced downed conductors that have been identified by this equipment and deenergized automatically. We're seeing the benefits of it, but it's on a smaller scale than EPSS, where we have it 100% deployed. So in the coming months, we'll share more about the deployment and the completion of the installation of that hardware.

我們肯定已經經歷過被該設備識別並自動斷電的倒地導體。我們看到了它的好處，但它的規模比 EPSS 小，我們已經 100% 部署了它。因此，在接下來的幾個月中，我們將分享更多有關該硬件的部署和安裝完成的信息。

Your next question will come from the line of Ryan Levine with Citi.

您的下一個問題將來自花旗銀行的 Ryan Levine。

Throughout the call, you highlighted that the [AB 1054] and the August 31 deadline for pending legislation within the state. Given that we're nearing the deadline, are there any other processes or legislation -- legislative bills that could be introduced at the last minute here as we work towards the deadline?

在整個電話會議中，您強調了 [AB 1054] 和 8 月 31 日州內未決立法的最後期限。鑑於我們已接近最後期限，是否有任何其他流程或立法——在我們努力爭取最後期限時可以在最後一刻提出的立法法案？

We're -- I'm happy to report that our team is very engaged in Sacramento, has a good pulse on what's coming. And at this stage, bills have had to have been introduced. There's procedurally -- it's -- now an [abandonment] can be added to an existing package, and so we have to be on the lookout for that. But we don't have any alarm bells on the horizon at this stage.

我們 - 我很高興地報告我們的團隊非常投入薩克拉門托，對即將發生的事情有很好的把握。在這個階段，必須提出法案。在程序上——它是——現在可以將[放棄]添加到現有包中，因此我們必須注意這一點。但現階段我們沒有任何警鐘。

Okay. And then on the undergrounding effort, what progress has the company made on RFPs and other contracting efforts for undergrounding packages over the last few months?

好的。然後在地下工作方面，過去幾個月公司在 RFP 和其他地下工程承包工作方面取得了哪些進展？

Yes. We're not complete on the selection of our final partners that we'll be selecting, but we'll definitely make that public when we do. I'm happy to report we've already underground more miles of line year than we did in the entire year, last year.

是的。我們還沒有完成我們將要選擇的最終合作夥伴的選擇，但我們肯定會在這樣做時公開。我很高興地報告說，我們已經比去年全年地下了更多英里的線路。

So we've accelerated our capabilities and the team is just continuing to make great progress.

因此，我們加快了我們的能力，團隊正在繼續取得巨大進步。

And then last question for me. In terms of the engagement with Victims Trust, you highlighted your recent meeting. But in terms of the overall cadence or pace of engagement, has it started to pick up with the change in leadership of the organization? Or have things been relatively consistent over the last 6 to 9 months?

然後是我的最後一個問題。關於與 Victims Trust 的合作，您強調了您最近的會議。但就參與的整體節奏或步伐而言，它是否開始隨著組織領導層的變化而有所回升？還是在過去的 6 到 9 個月內情況相對一致？

I would say, it's been consistent but maybe over the last 6 months, where I would suggest that we've had a lot of conversations in the last 6 months, helping the Trust to understand what's happening with the equity price, why it is, what it is and what we can do together to really serve the victims best.

我想說，這一直是一致的，但也許在過去 6 個月裡，我建議我們在過去 6 個月裡進行了很多對話，幫助信託了解股票價格發生了什麼，為什麼會這樣，它是什麼以及我們可以一起做些什麼來真正為受害者提供最好的服務。

At this time, I'll turn the conference back over to Patti for any closing remarks.

在這個時候，我會把會議轉回帕蒂來做任何閉幕詞。

Thank you, Regina. Well, thanks, everyone. We know it's a busy day for you. And as I said in my prepared remarks, something special is happening here at PG&E, and we can feel the momentum. And I really hope you're feeling it, too. Have a great afternoon. Be safe out there.

謝謝你，里賈納。嗯，謝謝大家。我們知道這對您來說是忙碌的一天。正如我在準備好的講話中所說，PG&E 正在發生一些特別的事情，我們可以感受到這種勢頭。我真的希望你也能感覺到。有一個美好的下午。在外面要安全。

Ladies and gentlemen, that will conclude 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。謝謝大家的加入。您現在可以斷開連接。