PG&E Corp (PCG) 2022 Q4 法說會逐字稿

Good day, and welcome to the PG&E Corporation Fourth Quarter 2022 Earnings Release. Today's call is being recorded. (Operator Instructions) I would now like to turn the call over to Jonathan Arnold. Please go ahead.

美好的一天，歡迎來到 PG&E Corporation 2022 年第四季度收益發布。今天的通話正在錄音中。 （操作員說明）我現在想把電話轉給 Jonathan Arnold。請繼續。

Good morning, everyone, and thank you for joining us for PG&E's Fourth Quarter and Year-end 2022 Earnings Call. With us today are Patti Poppe, Chief Executive Officer; and Chris Foster, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.

大家早上好，感謝您加入我們的 PG&E 2022 年第四季度和年終財報電話會議。今天和我們在一起的是首席執行官 Patti Poppe；執行副總裁兼首席財務官 Chris Foster。我們的奧克蘭總部也有領導團隊的其他成員。

First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors that could affect the company's actual financial results are described on the second page of today's fourth quarter and full year earnings call presentation.

首先，我要提醒您，今天的討論將包括有關我們未來財務業績展望的前瞻性陳述。這些陳述基於管理層目前可獲得的信息。今天第四季度和全年收益電話會議的第二頁介紹了一些可能影響公司實際財務業績的重要因素。

The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. And the slides, along with other relevant information, can be found online at investor.pgecorp.com. We would also encourage you to review our annual report on Form 10-K for the year ended December 31, 2022, which was released earlier this morning.

該演示文稿還包括非 GAAP 和 GAAP 財務指標之間的對賬。這些幻燈片以及其他相關信息可以在 investor.pgecorp.com 上在線找到。我們還鼓勵您查看我們今天上午早些時候發布的截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告。

And with that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

因此，我很高興將電話轉交給我們的首席執行官 Patti Poppe。

Thank you, Jonathan. Good morning, everyone, and thank you for joining us on what I know is a busy earnings morning.

謝謝你，喬納森。大家早上好，感謝您加入我們，我知道這是一個忙碌的收益早晨。

As you'll see on Slide 3, this morning, we reported full year 2022 core earnings of $1.10 per share, right on guidance. This was my second year with PG&E with results delivered on plan. No more, no less. As I like to say, we sweat the details so you don't have to.

正如您將在幻燈片 3 中看到的那樣，今天早上，我們報告了 2022 年全年核心每股收益 1.10 美元，符合指導。這是我在 PG&E 工作的第二年，結果按計劃交付。不多也不少。正如我想說的，我們會處理細節，因此您不必擔心。

Our simple, affordable model is designed to maximize work for our customers and deliver on our commitment to you, our investors, each and every year. Our $1.10 EPS for 2022 was up 10% from 2021 as planned. We're also reaffirming our 2023 core EPS guidance range of $1.19 to $1.23, up 10% at the midpoint, along with our previously stated longer-term targets of at least 10% EPS growth in 2024 and at least 9% for '25 and '26.

我們簡單、實惠的模式旨在最大限度地為我們的客戶工作，並兌現我們每年對您、我們的投資者的承諾。我們 2022 年 1.10 美元的每股收益按計劃比 2021 年增長了 10%。我們還重申我們 2023 年的核心每股收益指導範圍為 1.19 美元至 1.23 美元，中點上漲 10%，以及我們之前設定的長期目標，即 2024 年每股收益增長至少 10%，25 年和 2020 年至少增長 9% '26。

Also unchanged is our plan for no new equity through 2024. As you know, our sector-leading EPS growth is supported by robust capital investment and ongoing efficiency gains for the benefit of the 16 million Californians we serve. In fact, in 2022, we invested $9.6 billion of capital into our system for the benefit of our customers.

我們在 2024 年之前沒有新股權的計劃也沒有改變。如您所知，我們行業領先的 EPS 增長得到了強勁的資本投資和持續的效率提升的支持，這有利於我們服務的 1600 萬加利福尼亞人。事實上，在 2022 年，我們為了客戶的利益向我們的系統投入了 96 億美元的資金。

Our system has never been safer, and we continue to make it safer every day. I want to thank you, our investors, for your part in making that possible. The simple, affordable model underpins our confidence in reiterating our financial outlook today despite the very real challenges faced by most businesses in today's inflationary and uncertain economic environment.

我們的系統從未像現在這樣安全，而且我們每天都在繼續讓它變得更安全。我要感謝您，我們的投資者，感謝您為實現這一目標所做的貢獻。儘管大多數企業在當今通貨膨脹和不確定的經濟環境中面臨著非常現實的挑戰，但簡單、負擔得起的模型增強了我們今天重申我們的財務前景的信心。

Turning to Slide 4. We've made strong progress mitigating physical and financial risk. So here are some high points. On wildfire mitigation, we saw a 99% reduction in acres burned in 2022 relative to the average of the 3 years directly before implementation of Enhanced Powerline Safety Setting.

轉到幻燈片 4。我們在降低物理和財務風險方面取得了重大進展。所以這裡有一些要點。在緩解野火方面，我們發現與實施增強型電力線安全設置之前的 3 年平均水平相比，2022 年的燒毀面積減少了 99%。

As we reported last quarter, we were able to successfully navigate extreme summer heat conditions. And in January, our system was put to the test again with an unprecedented series of winter storms, which were met with truly historic levels of performance from the PG&E team.

正如我們上個季度報告的那樣，我們能夠成功度過夏季極端炎熱的天氣。 1 月，我們的系統再次經受了一系列前所未有的冬季風暴的考驗，而 PG&E 團隊的表現達到了真正的歷史水平。

In addition to addressing physical risks, 2022 was a big year for our financial risk mitigation. We delivered our earnings guidance as well as non-fuel O&M cost reductions of 3% net of inflation. This was ahead of our 2% plan and was achieved in the face of the most challenging inflationary backdrop many of us have seen in our careers.

除了應對實體風險，2022 年也是我們緩解金融風險的重要一年。我們發布了收益指引以及扣除通貨膨脹後 3% 的非燃料 O&M 成本削減。這領先於我們 2% 的計劃，並且是在我們許多人職業生涯中遇到的最具挑戰性的通脹背景下實現的。

In our GRC, we added undergrounding while removing vegetation management expense, delivering long-term safety while keeping cost neutral for customers. We closed our $7.5 billion rate-neutral securitization and worked with California policymakers over the summer as they passed constructive legislation supporting our 10-year undergrounding plans and to extend the life of our Diablo Canyon nuclear power plant. We view both as beneficial to customers and evidence of the greater trust we are building day in and day out with our stakeholders.

在我們的 GRC 中，我們在減少植被管理費用的同時增加了地下設施，在為客戶保持成本中立的同時提供了長期安全性。我們結束了 75 億美元的利率中性證券化，並在今年夏天與加州決策者合作，因為他們通過了建設性的立法，支持我們的 10 年地下化計劃，並延長了我們 Diablo Canyon 核電站的壽命。我們認為這既有利於客戶，也證明我們日復一日地與利益相關者建立更大的信任。

On the regulatory front, we appreciate the CPUC resolving both the 2022 and 2023 cost of capital proceedings last year. And in terms of customer savings, the Net Energy Metering 3.0 decision was a win for customers. We estimate it removes about $1 billion of cost shift through 2030 relative to NEM 2.0.

在監管方面，我們讚賞 CPUC 去年解決了 2022 年和 2023 年的資本訴訟成本。就客戶節省而言，Net Energy Metering 3.0 決策對客戶來說是一個勝利。我們估計，到 2030 年，相對於 NEM 2.0，它可以消除大約 10 億美元的成本轉移。

On Slide 5, we show some highlights on our historic January storm response. I want to emphasize that this story is about more than numbers on a page. This was us delivering for our hometowns, and our coworkers are at their best when put to the test.

在幻燈片 5 上，我們展示了我們歷史性的 1 月風暴響應的一些亮點。我想強調的是，這個故事不僅僅是一頁紙上的數字。這是我們為家鄉送貨，我們的同事在考驗中處於最佳狀態。

During the first 2 weeks of 2023, hit by historic back-to-back to back-to-back atmospheric river storms, our electric team restored over 2.8 million customers through multiple waves of outages, and we had 95% back online within 24 hours during each of those events. January ranked as the top 5 storm in PG&E history and involved the largest contingent of resources we have ever mobilized, including around 7,200 dedicated personnel from 10 states.

在 2023 年的前 2 週內，我們的電力團隊遭受了歷史性的背靠背背靠背大氣河流風暴的襲擊，通過多波停電恢復了超過 280 萬客戶，我們在 24 小時內恢復了 95% 的在線在每一個事件中。 1 月是 PG&E 歷史上排名前 5 的風暴，涉及我們動員的最大資源隊伍，包括來自 10 個州的約 7,200 名專職人員。

The strength and speed of our response also resulted in us seeing improved customer satisfaction scores compared to prior storm-related outages. We've also adopted the standardized emergency management system and Internet command system. And with the support from California's Office of Emergency Services, we've been aligning training of our emergency center staff with our first responder public safety partners. When the time came, our team and an army of partners acted with skill and tenacity, protecting and serving each other and our hometown, and we couldn't be prouder of them.

與之前與風暴相關的中斷相比，我們的響應力度和速度也使我們看到客戶滿意度得分有所提高。我們還採用了標準化的應急管理系統和互聯網指揮系統。在加州緊急服務辦公室的支持下，我們一直在將對急救中心工作人員的培訓與我們的急救人員公共安全合作夥伴進行協調。時機成熟時，我們的團隊和一大批合作夥伴以技巧和堅韌的方式行動，保護和服務彼此和我們的家鄉，我們為他們感到無比自豪。

On Slide 6, I'll recap our layers of protection against wildfire risk, which start with our core system hardening, vegetation management, inspections and repairs. When conditions warned, we supplement these with our Enhanced Powerline Safety Settings and our Public Safety Power Shutoffs.

在幻燈片 6 中，我將回顧我們針對野火風險的保護層，從我們的核心系統強化、植被管理、檢查和維修開始。當出現警告時，我們會通過增強的電力線安全設置和公共安全電源關閉來補充這些設置。

We calculate these layers of protection, including improved situational awareness and coordination with first responders, as delivering over 90% overall wildfire risk reduction. We've already hardened more than 1,200 miles since 2019, and we expect our overall risk reduction to further increase as we pursue our 10,000-mile undergrounding program. In the meantime, we continue to look for innovative new technology solutions such as partial voltage detection and down conductor technology to keep reducing that remaining 10%.

我們計算出這些保護層，包括提高態勢感知和與急救人員的協調，可以減少 90% 以上的總體野火風險。自 2019 年以來，我們已經加固了 1,200 多英里，我們預計隨著我們實施 10,000 英里地下工程，我們的總體風險降低將進一步增加。與此同時，我們繼續尋找創新的新技術解決方案，例如分壓檢測和引下線技術，以不斷減少剩餘的 10%。

On Slide 7, we take a closer look at our 2022 wildfire risk mitigation performance. Historical data show that from 2012 to 2020, that's before we implemented EPSS, 95% of the acres and 100% of the structures burned were related to ignitions at times when conditions were at R3 or higher. While we were fortunate that 2022 didn't bring significant wind events for the year, there were still 31% more R3 or higher days than in 2018 to 2020. Despite this significant increase, we saw a reduction of 99% in the number of acres impacted by utility ignitions in 2022 over the same time period.

在幻燈片 7 上，我們仔細研究了 2022 年野火風險緩解績效。歷史數據顯示，從 2012 年到 2020 年，也就是我們實施 EPSS 之前，95% 的英畝土地和 100% 被燒毀的建築物與條件為 R3 或更高時的點火有關。雖然我們很幸運，2022 年沒有帶來當年的重大風力事件，但與 2018 年至 2020 年相比，R3 或更高天數仍然增加了 31%。儘管有這一顯著增加，但我們看到英畝數減少了 99%受 2022 年同期公用事業點火的影響。

Slide 8 illustrates our simple, affordable model, which includes driving efficiency to make room for customer investment. You've heard us talk a lot about the lean operating system and our 4 basic plays.

幻燈片 8 展示了我們簡單、實惠的模型，其中包括提高效率以為客戶投資騰出空間。您已經聽到我們談論了很多關於精益操作系統和我們的 4 個基本策略的話題。

In 2023, we're rolling out a fifth play, my personal favorite, waste elimination. And we see this as key to continuing to deliver our plans for both customers and investors.

2023 年，我們將推出第五部劇集，我個人最喜歡的，即消除浪費。我們認為這是繼續為客戶和投資者提供我們計劃的關鍵。

Our primary constraint is customer affordability, on which we are laser-focused through our newly established bill ownership center led by Carla Peterman. The entire team is looking at the whole customer bill for savings, including energy supply costs, which we know are top of mind.

我們的主要限制是客戶的負擔能力，我們通過由 Carla Peterman 領導的新成立的票據所有權中心專注於此。整個團隊正在研究整個客戶賬單以節省開支，包括能源供應成本，我們知道這是最重要的。

We have a lot of opportunity to eliminate waste, improve our customers' experience, make our system cleaner and more resilient all the while reducing cost. We can do more for less.

我們有很多機會消除浪費，改善客戶體驗，使我們的系統更清潔、更有彈性，同時降低成本。我們可以事半功倍。

The examples keep piling up. So I felt I needed to bring back my story of the month. So here we go. This month's story is about work we are doing to improve efficiency in our new business area.

例子不斷堆積。所以我覺得我需要帶回我這個月的故事。所以我們開始吧。本月的故事是關於我們為提高新業務領域的效率所做的工作。

Presently, our new customer connections take too long from start to finish. As I recently told a group of California builders, we can, and we will do better. In fact, it's another perfect application for our lean operating system, and specifically, waste elimination.

目前，我們的新客戶連接從開始到結束花費的時間太長。正如我最近告訴一群加利福尼亞建築商的那樣，我們可以，而且我們會做得更好。事實上，這是我們精益操作系統的另一個完美應用，特別是消除浪費。

The team invited our developers and builders to come in and work with us to redesign our processes and share their pain points. We conducted a design thinking workshop. And through rapid prototyping, we can see the path to taking the cycle time down dramatically, improving our ability to both do the hook up on time and in less time. Imagine the rework, the waste, the frustration, the delays we can eliminate.

該團隊邀請我們的開發人員和建設者加入並與我們一起重新設計我們的流程並分享他們的痛點。我們舉辦了一個設計思維研討會。通過快速原型製作，我們可以看到顯著縮短週期時間的途徑，提高我們按時並在更短時間內完成連接的能力。想像一下我們可以消除的返工、浪費、挫折和延誤。

One challenge is that 64% of the new connection requests we receive today end up being canceled for a variety of reasons. We do too much engineering before we are sure it will even be used. This wastes both time and money, and it also is demoralizing for our talented engineers when much of their work never sees the light of day.

一個挑戰是，我們今天收到的新連接請求中有 64% 最終因各種原因被取消。在我們確定它甚至會被使用之前，我們做了太多工程。這既浪費時間又浪費金錢，而且當他們的大部分工作從未見諸天日時，這也讓我們才華橫溢的工程師士氣低落。

We can dramatically improve how we show up for our new customers. And by doing that, we can free up more time and resources to reinvest back into the system. This is just one of the areas where we are delivering more for customers with every dollar spent. Now that's what I call enabling California's prosperity.

我們可以顯著改善我們為新客戶展示的方式。通過這樣做，我們可以騰出更多的時間和資源來重新投資到系統中。這只是我們花的每一美元為客戶提供更多服務的領域之一。現在，這就是我所說的促成加利福尼亞的繁榮。

Turning to Slide 9. You may recognize this chart, which shows how we executed in 2021 and 2022. In 2021, we faced headwinds early in the year. Our recovery work then put us ahead of plan. This is all part of the playbook we're running now at PG&E.

轉到幻燈片 9。您可能認識這張圖表，它顯示了我們在 2021 年和 2022 年的執行情況。在 2021 年，我們在年初遇到了不利因素。我們的恢復工作使我們提前完成了計劃。這是我們現在在 PG&E 上運行的劇本的全部內容。

We plan conservatively, and we remain nimble, protecting investors from the downside. And when there's upside, we will redeploy it for the benefit of customers, which, in many cases, means pulling work forward and protecting future years. Consistency is the name of the game.

我們保守地計劃，我們保持靈活，保護投資者免受下行風險。當有好處時，我們會為了客戶的利益而重新部署它，在許多情況下，這意味著推動工作並保護未來幾年。一致性是遊戲的名稱。

You can see it play out again in 2022. We faced headwinds, including a possible cost of capital reset. We have planned conservatively, though, and we're able to more than offset this and other pressures, allowing us to redeploy again on behalf of our customers and still deliver 10% EPS growth.

你可以看到它在 2022 年再次上演。我們面臨逆風，包括可能的資本成本重置。不過，我們的計劃很保守，我們能夠抵消這種壓力和其他壓力，使我們能夠代表我們的客戶再次重新部署，並且仍然實現 10% 的每股收益增長。

Employing the simple, affordable model, we plan to consistently manage the work and deliver our earnings targets, no more and no less. And when we can, we will redeploy favorability in the business on behalf of customers and look to derisk future years with a view to delivering our consistent growth trajectory.

採用簡單、負擔得起的模式，我們計劃始終如一地管理工作並實現我們的收入目標，不多也不少。在可能的情況下，我們將代表客戶重新部署業務的好感度，並著眼於降低未來幾年的風險，以實現我們一致的增長軌跡。

Lots of people say to me, "Patti, what if this happens or what if that happens?" This is what we manage at PG&E. Come what may, we have the capability to be nimble and adapt to those challenging and changing conditions. It's a capability that can be taught and learned. As I've said many times, we ride the roller coaster so you don't have to. You can expect to see more of this in 2023 and beyond.

很多人對我說，“帕蒂，如果發生這種情況或那種情況怎麼辦？”這就是我們在 PG&E 管理的內容。無論發生什麼，我們都有能力靈活地適應那些充滿挑戰和不斷變化的條件。這是一種可以傳授和學習的能力。正如我多次說過的，我們坐過山車，所以你不必坐過山車。您可以期待在 2023 年及以後看到更多這樣的情況。

Moving to Slide 10. You can see the progress we made in 2022 as we continue on our journey to build trust with policymakers while creating the stability necessary to attract capital to invest on behalf of customers.

轉到幻燈片 10。您可以看到我們在 2022 年取得的進展，因為我們繼續與政策制定者建立信任，同時創造必要的穩定性以吸引資本代表客戶進行投資。

Already, in 2023, we're pleased with the expedited resolution of our self-insurance settlement reached as part of our General Rate Case. This innovative approach enjoys intervenous support and most importantly, can result in up to $1.8 billion of savings for customers over the 4-year GRC period with as much as $300 million expected in 2023.

我們已經在 2023 年對我們作為一般費率案例的一部分達成的自我保險和解的快速解決方案感到高興。這種創新方法得到了乾預支持，最重要的是，在 4 年 GRC 期間可為客戶節省高達 18 億美元，預計到 2023 年將節省多達 3 億美元。

We also have a number of important catalysts on the horizon. Each of the 4 items you'll see here in blue contain important benefits for our customers and for California. We'll continue to work every day toward timely and constructive outcomes, but we don't do big bets here at PG&E. And I want to remind you that we continue to plan conservatively even as I look forward to seeing more green check marks on this slide.

我們還有一些即將出現的重要催化劑。您在這裡看到的 4 個藍色項目中的每一個都包含對我們的客戶和加利福尼亞州的重要好處。我們將繼續每天努力爭取及時和建設性的成果，但我們不會在 PG&E 下大賭注。我想提醒大家，即使我期待在這張幻燈片上看到更多綠色複選標記，我們仍會繼續保守地計劃。

Turning to Slide 11. Let's take a look at our 2022 report card. While the material fire did not result in any serious injuries and the estimated liability is well within our available insurance, it did cause us to miss our goal of 0 CPUC reportable admissions of 100 acres or more.

轉到幻燈片 11。讓我們看一下 2022 年的成績單。雖然材料火災沒有造成任何嚴重傷害，而且估計的責任完全在我們可用的保險範圍內，但它確實導致我們錯過了 0 CPUC 可報告入場 100 英畝或更多的目標。

We put 180 miles of lines underground last year, exceeding our 175-mile target. And we chose to redirect capital investment to maximize risk reduction during the year, which changed our plans for gas main replacements.

去年我們在地下舖設了 180 英里的線路，超過了我們 175 英里的目標。我們選擇重新調整資本投資以最大限度地降低年內的風險，這改變了我們更換天然氣總管的計劃。

We exceeded our 2% annual O&M cost reduction, offsetting inflation and delivering net savings of 3%. Yes, that is net of inflationary pressure. We see plenty of potential to continue 2% net O&M reduction for many years ahead by working smarter and maximizing value for our customers and investors.

我們超過了 2% 的年度 O&M 成本削減，抵消了通貨膨脹並實現了 3% 的淨節省。是的，這是扣除通脹壓力後的結果。我們認為，通過更智能地工作並為我們的客戶和投資者實現價值最大化，在未來許多年內繼續將淨 O&M 減少 2% 的潛力很大。

Core EPS came in right on plan at 10%, while we delivered 6% rate base growth in what was the final year of our GRC cycle. Lastly, we were pleased that Moody's recognized our significant progress on mitigating risk and improving relationships in the state when they revised our credit outlook to positive earlier this month.

核心 EPS 達到 10% 的計劃，而我們在 GRC 週期的最後一年實現了 6% 的基本增長率。最後，我們很高興穆迪在本月早些時候將我們的信用展望修改為正面時，認識到我們在降低風險和改善該州關係方面取得的重大進展。

On Slide 12, we introduced our 2023 report card. One key change is to our headline wildfire metric, where we're sticking with a target of 0 and resulting a new OEIS metric for catastrophic wildfires. This measure lines up with our future wildfire mitigation plans, and we think it's a better one for capturing events that are of real significance from both a customer and investor perspective.

在幻燈片 12 上，我們介紹了 2023 年的成績單。一個關鍵變化是我們的標題野火指標，我們堅持 0 的目標，並為災難性野火生成了一個新的 OEIS 指標。這一措施符合我們未來的野火緩解計劃，我們認為它更適合捕捉從客戶和投資者的角度來看具有真正意義的事件。

We remain committed to our 10,000-mile undergrounding goal and to achieving our unit cost targets. We'll be filing our 10-year plan later this year with more details.

我們仍然致力於我們的 10,000 英里地下工程目標和實現我們的單位成本目標。我們將在今年晚些時候提交包含更多詳細信息的 10 年計劃。

Our 2% O&M reduction plan shouldn't be a surprise either, and there are no changes to any of our previous financial targets through 2026. We're excited to be adding another year, 2027, to our rate base and CapEx as we look to give you more visibility into our long-term plan.

我們 2% 的 O&M 削減計劃也不應令人感到意外，並且到 2026 年我們之前的任何財務目標都沒有變化。我們很高興能在我們的費率基礎和資本支出中再增加一年，即 2027 年讓您更清楚地了解我們的長期計劃。

Our headline 5-year rate base CAGR of 9.5% remains the same, but it's now based off 2022 actuals and runs through 2027. We're feeling really good about what we accomplished in 2022, and we look forward to delivering for you again in 2023.

我們 9.5% 的標題 5 年期基本複合年增長率保持不變，但它現在基於 2022 年的實際情況並持續到 2027 年。我們對我們在 2022 年取得的成就感到非常滿意，我們期待再次為您提供服務2023.

With that, I'll hand over to Chris, who will discuss our financial and regulatory items in more detail.

有了這個，我將交給克里斯，他將更詳細地討論我們的財務和監管項目。

Thank you, Patti, and good morning, everyone. As Patti mentioned, we delivered our financial commitments this year, landing at $1.10 in EPS for the full year 2022 and completed the year without issuing equity. We're also reaffirming our 2023 to 2026 earnings growth guidance and our commitment to no equity in 2023 or 2024.

謝謝你，帕蒂，大家早上好。正如 Patti 提到的，我們今年實現了財務承諾，2022 年全年每股收益為 1.10 美元，並且在沒有發行股票的情況下完成了這一年。我們還重申了 2023 年至 2026 年的盈利增長指引以及我們在 2023 年或 2024 年不提供股權的承諾。

This morning, I have a few updates to share with you. To start, I'll recap the drivers of our 2022 financial results and review our 2023 guidance drivers. I'll now provide some updates on how we're delivering against our simple, affordable model. Lastly, I'll provide a few highlights on regulatory, legal and legislative items.

今天早上，我有一些更新要與您分享。首先，我將回顧我們 2022 年財務業績的驅動因素，並回顧我們 2023 年的指導驅動因素。我現在將提供一些關於我們如何根據我們簡單、負擔得起的模型進行交付的更新。最後，我將提供一些關於監管、法律和立法項目的重點。

Let's start on Slide 13. As you can see in our full year walk, non-GAAP core earnings were $1.10 per diluted share for the year. We earned $0.07 from our customer capital investments and achieved $0.08 in savings from cost reductions. This allowed us to navigate the ups and downs during the year and deploy resources in our system for customers by pulling forward some work in future years and making other sound financial decisions to deliver right on target for the year.

讓我們從幻燈片 13 開始。正如您在我們的全年步行中看到的那樣，全年非 GAAP 核心收益為每股攤薄收益 1.10 美元。我們從客戶的資本投資中賺取了 0.07 美元，並通過降低成本節省了 0.08 美元。這使我們能夠在這一年中度過起伏，並通過在未來幾年推進一些工作並做出其他合理的財務決策來為客戶部署我們系統中的資源，以實現當年的目標。

On Slide 14, as we showed you last quarter, we have planned for substantial customer investment in our 5-year plan, about 1/3 higher than the prior 5 years. We rolled this forward to include 2027. And as shown in orange, we're planning to spend almost 1/2 of our capital in the next 5 years on risk reduction across the enterprise.

在幻燈片 14 上，正如我們上個季度向您展示的那樣，我們計劃在我們的 5 年計劃中進行大量客戶投資，比前 5 年高出約 1/3。我們將其向前推進到 2027 年。如橙色所示，我們計劃在未來 5 年內將近 1/2 的資本用於降低整個企業的風險。

This includes system hardening, pipeline replacement and other work critical to reducing risk. We use a risk-based approach to prioritize our capital spend, addressing the highest risk and customer-centric work first.

這包括系統強化、管道更換和其他對降低風險至關重要的工作。我們使用基於風險的方法來優先考慮我們的資本支出，首先解決最高風險和以客戶為中心的工作。

We are also focused on improving our capital to expense ratio over time. When we were able to do permanent repairs instead of temporary fixes, we improve that ratio and create headroom in the customer bill. This important work in our system also drives earnings per share growth and improves our cash flow from operations.

隨著時間的推移，我們還專注於提高我們的資本費用比率。當我們能夠進行永久性維修而不是臨時修復時，我們會提高該比率並在客戶賬單中留出空間。我們系統中的這項重要工作也推動了每股收益的增長，並改善了我們的運營現金流。

And as you can see on the right-hand side of the slide, we've identified over $5 billion of incremental investment opportunity not yet in the plan. We would intend to bring some of this customer-focused spending into the plan as we work to create headroom on the customer bill.

正如您在幻燈片右側看到的那樣，我們已經確定了超過 50 億美元的增量投資機會尚未列入計劃。我們打算在我們努力為客戶賬單創造空間時，將一些以客戶為中心的支出納入計劃。

And using our simple, affordable model, we can deliver more risk reduction for every customer dollar spent because of our focus on lean, including waste elimination. Given the substantial capital opportunities in our plan, our pending 2023 General Rate Case and our focus on a return to investment-grade ratings, we intend to continue to show progress on our FFO to debt metric as you've seen on our report card slide. We landed at about 12.5% in 2022, showed some good progress there over where we ended 2021 at 10.9%.

使用我們簡單、負擔得起的模型，由於我們專注於精益，包括消除浪費，我們可以為客戶花費的每一美元提供更多的風險降低。鑑於我們計劃中的大量資本機會、我們懸而未決的 2023 年一般利率案例以及我們對恢復投資級評級的關注，我們打算繼續展示我們的 FFO 與債務指標的進展，正如您在我們的成績單幻燈片上看到的那樣.我們在 2022 年達到了 12.5% 左右，與 2021 年底的 10.9% 相比取得了一些良好進展。

Moving to Slide 15. 2022 came with own set of challenges that we overcame. We saw inflation, rising interest rates, extreme heat, targeted supply chain shortages, natural gas price spikes, an unprecedented range. And yet, we found ways to stay on plan. And as Patti mentioned, the work of the teams to respond to the historic storms late last year and early this year was incredible.

轉到幻燈片 15。2022 年我們克服了自己的一系列挑戰。我們看到了通貨膨脹、利率上升、極端高溫、有針對性的供應鏈短缺、天然氣價格飆升，範圍前所未有。然而，我們找到了保持計劃的方法。正如帕蒂所提到的，團隊為應對去年底和今年年初的歷史性風暴所做的工作令人難以置信。

That's why we're so proud of what we are delivering for customers and for you, our investors, using our simple, affordable model. We are laser-focused on affordability and know you are, too. So let's dig a little further into the model.

這就是為什麼我們為使用我們簡單、負擔得起的模型為客戶和您，我們的投資者提供的服務而感到自豪。我們非常關注可負擔性，並且知道您也是。因此，讓我們進一步深入研究該模型。

Through a series of good business decisions and the lean capabilities we're building, we were able to exceed our targeted 2% non-fuel O&M reduction in 2022, delivering a 3% reduction despite inflation. And we use those savings to serve customers and derisk 2023.

通過一系列良好的業務決策和我們正在構建的精益能力，我們能夠在 2022 年超額完成 2% 的非燃料 O&M 減少目標，儘管通貨膨脹，仍實現了 3% 的減少。我們用這些節省下來的錢來服務客戶並降低 2023 年的風險。

We saw significant savings for customers in vegetation management driven by improvements in unit costs due to a few strategic changes. First, we implemented a new accountability model and a consistent pricing structure that supports the integration of work while improving contractor oversight and warranties for rework.

由於一些戰略變化導致單位成本的改善，我們看到客戶在植被管理方面節省了大量資金。首先，我們實施了新的問責制模型和一致的定價結構，支持工作整合，同時改進承包商對返工的監督和保證。

Then we also reduced our contractor counts from 24 to 14, implemented new subcontracting controls and regionalized work to build a stable and predictable plan. This should result in a better customer experience. There were repeat visits and lower cost to deliver for our hometowns while still meeting all our commitments.

然後，我們還將承包商數量從 24 人減少到 14 人，實施了新的分包控制和區域化工作，以製定穩定且可預測的計劃。這應該會帶來更好的客戶體驗。在履行我們所有承諾的同時，有重複訪問和更低的成本為我們的家鄉提供服務。

Through these efforts, we've saved around $200 million in vegetation management costs in 2022 relative to budget. And we expect to realize over $300 million in cost savings this year while still delivering the units in the base work plan with improved safety and quality.

通過這些努力，我們在 2022 年相對於預算節省了大約 2 億美元的植被管理成本。我們預計今年將實現超過 3 億美元的成本節約，同時仍以改進的安全性和質量交付基礎工作計劃中的裝置。

Also in 2022, we achieved an undergrounding average unit cost per mile, well below the $3.75 million target shared at Investor Day and the baseline of over $4 million from just a few years ago. And there's more opportunity for customers ahead.

同樣在 2022 年，我們實現了每英里地下平均單位成本，遠低於投資者日分享的 375 萬美元目標和幾年前超過 400 萬美元的基線。未來客戶有更多機會。

As you saw in our report card, our 2% non-fuel O&M savings remains our annual target. We're just getting started finding cost savings for our customers, whether it be through improving our capital to expense ratio, eliminating waste from our processes or working with stakeholders to find better solutions for customers such as our self-insurance settlement.

正如您在我們的成績單中看到的那樣，我們的年度目標仍然是 2% 的非燃料 O&M 節省。我們才剛剛開始為我們的客戶尋找成本節約的途徑，無論是通過提高我們的資本費用比、消除我們流程中的浪費，還是與利益相關者合作為客戶尋找更好的解決方案，例如我們的自我保險結算。

And as you can see in the 2023 plan column, we are continuing to aggressively pursue efficiencies to deliver our annual 2% non-fuel O&M reduction, which similar to 2022 assumes continued inflationary cost pressures. While our 2% O&M reduction target excludes fuel, I want to take a moment to reflect on the higher bills our customers have been experiencing this winter compared to last winter, largely as a result of higher natural gas prices experienced across the West Coast.

正如您在 2023 年計劃專欄中看到的那樣，我們將繼續積極追求效率，以實現我們每年 2% 的非燃料 O&M 減少，這與 2022 年類似，假設持續的通脹成本壓力。雖然我們 2% 的 O&M 減少目標不包括燃料，但我想花點時間回顧一下我們的客戶今年冬天比去年冬天經歷的更高的賬單，這主要是由於整個西海岸的天然氣價格上漲。

Collectively, during the gas price run-ups in the winter, our procurement team was able to save customers well over $1 billion through a series of thoughtful measures, including a diversified portfolio that includes interstate pipeline capacity reaching back to the supply basins, natural gas storage and financial hedging. To further support our customers, we've been going after bill relief strategies in partnership with federal and state regulators and policymakers.

總的來說，在冬季天然氣價格上漲期間，我們的採購團隊通過一系列深思熟慮的措施為客戶節省了超過 10 億美元，其中包括多元化的產品組合，其中包括回到供應盆地的州際管道容量、天然氣存儲和金融對沖。為了進一步支持我們的客戶，我們一直在與聯邦和州監管機構和政策制定者合作，尋求法案減免策略。

One example would be supporting the accelerated timing of the annual climate credit, which should put over $90 back in the pockets of our average combination electric and gas customer.

一個例子是支持加快年度氣候信貸的時間安排，這應該會使我們的普通電力和天然氣組合客戶的口袋重新回到 90 多美元。

Let's move to the top of Slide 16. As you saw through 2022, we're getting better regulatory and financial outcomes because we're delivering on our operational commitments and serving our customers better every day. Performance is power, and we own our performance.

讓我們轉到幻燈片 16 的頂部。正如您在 2022 年看到的那樣，我們正在取得更好的監管和財務成果，因為我們每天都在履行我們的運營承諾並更好地為我們的客戶提供服務。性能就是力量，我們擁有自己的性能。

Our 2022 cost of capital was decided by the CPUC in Q4, leaving our 2022 ROE unchanged. We also received a final decision in our 2023 cost of capital as scheduled, providing further certainty as the 10% ROE approved applies through 2025.

我們 2022 年的資本成本由 CPUC 在第四季度決定，我們的 2022 年股本回報率保持不變。我們還如期收到了關於 2023 年資本成本的最終決定，這提供了進一步的確定性，因為批准的 10% 股本回報率適用於 2025 年。

Last month, as requested, the CPUC approved our self-insurance settlement. We appreciate this decision as it allows us to avoid procuring costly wildlife insurance from the commercial insurance markets over at least the next 3 years, saving customers up to $1.8 billion through 2026. We also filed a Track 2 settlement in the GRC, which should help streamline the case procedurally with the schedule calling for a final decision in the third quarter.

上個月，應要求，CPUC 批准了我們的自我保險結算。我們讚賞這一決定，因為它使我們至少在未來 3 年內避免從商業保險市場購買昂貴的野生動物保險，到 2026 年可為客戶節省高達 18 億美元。我們還在 GRC 提交了 Track 2 和解，這應該有助於通過要求在第三季度做出最終決定的時間表在程序上簡化案件。

Our Pacific Generation application is moving through the CPUC process with a schedule that was released calling for a proposed decision no later than the end of November. While this could mean we don't get a final decision until 2024, we don't see the schedule set forth in the scoping memo, resulting in a meaningful change to our financial plan. We continue to view the sale as an opportunity to efficiently raise needed equity and a solution that benefit customers through realized tax benefits, which accelerate contributions to the customer credit trust.

我們的 Pacific Generation 申請正在通過 CPUC 流程，發布的時間表要求不遲於 11 月底做出擬議決定。雖然這可能意味著我們要到 2024 年才能做出最終決定，但我們沒有看到範圍界定備忘錄中列出的時間表，從而導致我們的財務計劃發生有意義的變化。我們繼續將此次出售視為有效籌集所需股權的機會，以及通過實現的稅收優惠使客戶受益的解決方案，從而加速對客戶信用信託的貢獻。

Moving to wildfire-related cost recovery. In 2022, we were authorized to collect $2.3 billion. The net unresolved balance is now approximately $4.7 billion, and I'm pleased to report additional progress on several cost recovery proceedings.

轉向與野火相關的成本回收。 2022 年，我們獲准徵收 23 億美元。未解決的淨餘額現在約為 47 億美元，我很高興地報告幾項成本回收程序的額外進展。

First, our 2020 WMCE is now final, with those costs moving into rates. Second, we settled our 2021 WMCE resolving all elements apart from the cost in our vegetation management balancing account. Additionally, we filed our 2022 WMCE application and a motion requesting interim rate relief.

首先，我們的 2020 WMCE 現在已經結束，這些成本將計入費率。其次，我們在 2021 年 WMCE 解決了植被管理平衡賬戶中除成本之外的所有要素。此外，我們還提交了 2022 WMCE 申請和要求臨時減免利率的動議。

Finally, on this slide, we are progressing through the next steps of 2 key pieces of legislation passed in 2022. In November, the Department of Energy confirmed Diablo Canyon is eligible for federal funding through the Civil Nuclear Credit Program and conditionally awarded a total of $1.1 billion.

最後，在這張幻燈片上，我們正在推進 2022 年通過的 2 項關鍵立法的後續步驟。11 月，能源部確認 Diablo Canyon 有資格通過民用核信用計劃獲得聯邦資助，並有條件地授予總計11 億美元。

We view the NRC staff decision last month to require a new application as procedural. And I note that our team has been working on a parallel approach from the outset. NRC staff expect to respond in March to our waiver request, which will allow for continued operation of the units beyond the current operating license expiration date. We're planning to file our new applications with the NRC before the end of this year.

我們認為 NRC 工作人員上個月的決定要求新的程序申請。我注意到我們的團隊從一開始就一直在研究並行方法。 NRC 工作人員預計將在 3 月份對我們的豁免請求作出回應，這將允許這些裝置在當前運行許可證到期日之後繼續運行。我們計劃在今年年底前向 NRC 提交新申請。

Lastly, 2 notes on our progress on resolving legacy legal claims. First, this week, we filed a joint motion for approval of a settlement reached with the SED resolving their investigation into the Zogg fire. We continue to assert, we were a prudent operator, and we've agreed to forgo cost recovery on $140 million, which will be invested over 3 to 5 years primarily in future system enhancements with a $10 million penalty going to the state general fund.

最後，2 說明我們在解決遺留法律索賠方面取得的進展。首先，本週，我們提交了一項聯合動議，要求批准與 SED 達成的和解協議，以解決他們對 Zogg 火災的調查。我們繼續斷言，我們是一個謹慎的運營商，我們已經同意放棄 1.4 億美元的成本回收，這將在 3 到 5 年內投資，主要用於未來的系統增強，其中 1000 萬美元的罰款將用於國家普通基金。

Second, we've made some modest increases to our wildfire loss accruals for third-party claims this quarter, including $75 million for the Kincade fire, $25 million for the Zogg fire and $25 million for the Dixie fire. I'll remind you that our accrual for the Zogg fire is well within our available insurance. And we continue to book offsetting receivables for the accrual associated with the Dixie fire.

其次，本季度我們對第三方索賠的野火損失應計費用進行了一些適度增加，包括 Kincade 火災的 7500 萬美元、Zogg 火災的 2500 萬美元和 Dixie 火災的 2500 萬美元。我會提醒您，我們對 Zogg 大火的應計費用完全在我們可用的保險範圍內。我們繼續為與 Dixie 大火相關的應計費用登記抵消應收賬款。

For the Dixie fire, we've reached agreements to settle claims, including with the cities and counties. And we continue to work to fairly resolve individual claims through our fast claims process and mediation.

對於 Dixie 大火，我們已經達成協議來解決索賠，包括與市縣達成協議。我們將繼續努力通過快速索賠流程和調解公平解決個人索賠。

In all of these cases, we remain committed to continuing to make it right for the communities and customers we serve. California has established legislative and regulatory processes to allow for constructive outcomes where we perform well. We recognize that we have a busy regulatory agenda with the CPUC, and we appreciate the commission's thoughtful consideration as we work relentlessly to achieve our safety and reliability goals as well as advancing California's climate leadership.

在所有這些情況下，我們仍然致力於繼續為我們所服務的社區和客戶提供正確的服務。加州已經建立了立法和監管程序，以便在我們表現良好的地方取得建設性成果。我們認識到我們與 CPUC 有一個繁忙的監管議程，我們感謝委員會在我們不懈努力以實現我們的安全和可靠性目標以及提升加州氣候領導地位時的深思熟慮。

Here on Slide 17, I want to take a moment to remind you that we have relatively limited sensitivity to some key variables outside of our control. Part of this is due to constructive California regulation, including decoupling for both gas and electric.

在幻燈片 17 上，我想花點時間提醒您，我們對一些我們無法控制的關鍵變量的敏感性相對有限。部分原因是加州的建設性監管，包括天然氣和電力的脫鉤。

Four elements provide for formulaic commodity recovery with timely cash collection, a 4-year General Rate Case cycle and a 3-year cost of capital cycle. Additionally, we're taking the initiative through our simple, affordable model and our focus on the bill, which we expect to further mitigate financial and regulatory risk as we continue to build trust with our customers, regulators and policymakers.

四個要素為公式化的商品回收提供了及時的現金回收、4 年的一般利率案例週期和 3 年的資本成本週期。此外，我們正在通過我們簡單、負擔得起的模式和我們對法案的關注採取主動，我們希望隨著我們繼續與客戶、監管機構和政策制定者建立信任，進一步降低財務和監管風險。

Moving to Slide 18. We are progressing towards meeting the common stock dividend eligibility threshold later this year. As a reminder, before declaring a dividend, we will first need to report a cumulative $6.2 billion in non-GAAP core earnings since our emergence from Chapter 11, so starting from the third quarter of 2020.

轉到幻燈片 18。我們正在朝著今年晚些時候達到普通股股息資格門檻的目標邁進。提醒一下，在宣布股息之前，我們首先需要報告自我們從第 11 章中出現以來累計 62 億美元的非 GAAP 核心收益，因此從 2020 年第三季度開始。

For this purpose, non-GAAP core earnings means GAAP earnings adjusted for certain non-core items specified in our plan of reorganization. And as we step into 2023, we still expect to reach eligibility around midyear. Our plan currently shows us reaching eligibility during the third quarter, although this remains subject to assumptions, including the timing of regulatory decisions. Regarding our eventual policy, I'll remind you that regardless of timing, we plan to recommend to the Board that we start with a small dividend initially, feathering in growth over time.

為此，非 GAAP 核心收益是指針對我們重組計劃中指定的某些非核心項目調整的 GAAP 收益。隨著我們步入 2023 年，我們仍然希望在年中左右達到資格。我們的計劃目前顯示我們在第三季度達到資格，儘管這仍然取決於假設，包括監管決定的時間安排。關於我們的最終政策，我會提醒您，無論時間如何，我們都計劃向董事會建議，我們最初會從小額股息開始，隨著時間的推移逐漸增長。

I'll wrap here by emphasizing that we met our 10% EPS growth target in 2022, no more and no less. And going forward, we continue to reiterate at least 10, 10, 9, 9.

最後，我要強調我們在 2022 年實現了 10% 的每股收益增長目標，不多也不少。展望未來，我們將繼續重申至少 10、10、9、9。

And with that, I'll hand it back to Patti.

有了這個，我會把它交還給帕蒂。

Thank you, Chris. Let me close by emphasizing we've made a lot of progress in 2022. And yet, we are long away from being done. We have plenty more for you to look forward to in 2023 and beyond as we continue to write the next chapter in the PG&E story.

謝謝你，克里斯。最後，我要強調我們在 2022 年取得了很多進展。然而，我們離完成還有很長的路要走。隨著我們繼續譜寫 PG&E 故事的新篇章，我們在 2023 年及以後還有更多值得您期待的內容。

For our current investors and for those of you still taking a look, we hope you'll consider joining us in California for our 2023 Investor Day on May 24 in the Bay Area followed by undergrounding site visits in and around Napa County on May 25. We're excited to share more details of our longer-term financial plan and our investment opportunities.

對於我們目前的投資者和那些仍在關注的投資者，我們希望您能考慮加入我們於 5 月 24 日在加利福尼亞州灣區舉行的 2023 年投資者日，然後於 5 月 25 日參觀納帕縣及其周邊地區的地下工程。我們很高興分享我們的長期財務計劃和投資機會的更多細節。

We'll roll up our sleeves to show some of our risk reduction tools and technology with you. And we'll also give you the chance to hear about our progress from some of our key California stakeholders. We can't wait to see you.

我們將捲起袖子向您展示我們的一些降低風險的工具和技術。我們還將讓您有機會從加州的一些主要利益相關者那裡了解我們的進展。我們迫不及待地想見到你。

And with that, operator, please open the lines for questions.

那麼，接線員，請打開問題熱線。

(Operator Instructions) We'll take our first question from Shar Pourreza with Guggenheim.

（操作員說明）我們將從古根海姆的 Shar Pourreza 那裡回答我們的第一個問題。

Just real quick, Patti. In terms of the process and maybe establishing some framework around the Pac Gen equity sale, I mean, obviously, there's been some early stakeholder comments, and the CPUC narrowed down and issues list this year. I guess do you feel there could be an expedited resolution via some form of a settlement, partial settlement to move this process along faster?

真快，帕蒂。就流程和可能圍繞 Pac Gen 股權出售建立一些框架而言，我的意思是，很明顯，有一些早期的利益相關者評論，CPUC 今年縮小了範圍並列出了問題清單。我想您是否認為可以通過某種形式的和解、部分和解來加快解決速度以加快此過程？

Yes, Shar, we -- again, as we've been pretty clear about this, feel like the Pac Gen sale is a really good option for customers. It's a very efficient financing solution.

是的，Shar，我們——再一次，我們已經非常清楚這一點，覺得 Pac Gen 銷售對客戶來說是一個非常好的選擇。這是一個非常有效的融資解決方案。

Expedited might be a little overly ambitious. We know that the commission has a lot of input to take in from stakeholders, and we want to give them the appropriate time to do that review. Though we feel like we've made a really great case, and we feel good about the potential.

加急可能有點過於雄心勃勃。我們知道委員會有很多利益相關者的意見，我們希望給他們適當的時間來進行審查。雖然我們覺得我們已經做了一個非常好的案例，並且我們對潛力感到滿意。

And then obviously, you guys put out a mid- to high teens credit metric target. Is that -- just remind us, is that inclusive of the Pac Gen equity sale or not?

然後很明顯，你們提出了一個中高青少年信用指標目標。那是 - 只是提醒我們，這是否包括 Pac Gen 股權出售？

Shar, that's true. The base plan does include the proceeds from Pac Gen. And as you can imagine, as we kind of more broadly look at the consistent view we've had on mid- to high teens by 2024 on FFO to debt, the real drivers there are probably going to be the GRC.

莎爾，這是真的。基本計劃確實包括 Pac Gen 的收益。正如您可以想像的那樣，隨著我們更廣泛地審視我們對 2024 年中高青少年對 FFO 債務的一致看法，真正的驅動因素是可能會成為 GRC。

You've got the wildfire recoveries that we touched on a little bit ago, and obviously, then just underlying CapEx profile as well. So I would think about those as really the drivers behind what we're looking at there for mid- to high teens.

您已經獲得了我們之前提到的野火復甦，顯然，這也只是潛在的資本支出概況。因此，我認為這些確實是我們正在為中高齡青少年尋找的背後的驅動因素。

Got it. And then just lastly, Patti, I mean, obviously, one of the key messages for you on this call is like the bill impact is going to be sort of modest, let's just say, right? But some of the offsets and levers that you guys have been able to utilize and plan, which is a really good message. But there's still like, for instance, over $800 million in deferrals that are pending approval right now. I guess how does that kind of play into the equation?

知道了。最後，帕蒂，我的意思是，很明顯，在這次電話會議上要傳達給你的關鍵信息之一就是法案的影響將是適度的，我們只是說，對吧？但是你們已經能夠利用和計劃的一些抵消和槓桿，這是一個非常好的信息。但是，例如，目前仍有超過 8 億美元的延期資金正在等待批准。我想這對方程式有何影響？

Yes. Thanks, Shar. I would say a couple of things. First, there's near-term bill pressure as I think people across the country are feeling with the commodity cost impact and what we're doing there. As Chris mentioned on the call, the state did a really good job, and kudos to the commission for pulling ahead the California climate credit for customers to, in the near term, offset the commodity impact. And we've obviously seen, like others, the commodity cost is back down into more normal range. And that bodes well for customers, and we feel good about that.

是的。謝謝，莎爾。我會說幾件事。首先，近期的賬單壓力很大，因為我認為全國人民都對大宗商品成本的影響和我們正在做的事情感到滿意。正如克里斯在電話中提到的那樣，該州做得非常好，並感謝委員會提前為客戶提供加州氣候信貸，以在短期內抵消大宗商品的影響。和其他人一樣，我們顯然已經看到，商品成本已經回落到更正常的範圍內。這對客戶來說是個好兆頭，我們對此感覺很好。

But longer term, I think as we think about all of the necessary work for customers, this is why the simple, affordable model here at PG&E is so important. For a long time, we were doing Band-Aid replacements and not doing the permanent corrective climate-resilient infrastructure investments our customers have been asking for.

但從長遠來看，我認為當我們為客戶考慮所有必要的工作時，這就是為什麼 PG&E 的簡單、負擔得起的模型如此重要的原因。很長一段時間以來，我們一直在進行創可貼更換，而沒有進行客戶一直要求的永久性糾正性氣候適應性基礎設施投資。

That's why undergrounding is so important. That's why our capital plan, we've given so much visibility to the capital plan because those investments in our infrastructure enable us to reduce our expense, improve that capital to expense ratio.

這就是地下化如此重要的原因。這就是為什麼我們的資本計劃，我們對資本計劃給予瞭如此多的關注，因為對我們基礎設施的投資使我們能夠減少開支，提高資本與費用比率。

Our 3% delivery of our O&M savings this year, that's after inflation that factored in inflation, and then we still deliver 3% on top of that. That's just the beginnings of this team's capability to offset and reduce expenses to make the headroom for the necessary investments in truly climate-resilient infrastructure.

我們今年交付了 3% 的 O&M 儲蓄，這是在考慮通貨膨脹因素的通貨膨脹之後，然後我們仍然交付 3%。這只是該團隊抵消和減少開支的能力的開始，以便為真正具有氣候適應能力的基礎設施的必要投資騰出空間。

This is a model that is really starting to play out here at PG&E that will benefit customers from both their affordability. And as we layer in those legacy costs then they too will be offset by these cost savings that we're delivering. And so waste elimination is our theme this year, teaching people how to do more for less and really actually making the customer experience better at a lower cost is what the simple, affordable model delivers. And we're excited to be employing it here at PG&E.

這是一種真正開始在 PG&E 發揮作用的模型，它將使客戶從他們的負擔能力中受益。當我們將這些遺留成本分層時，它們也將被我們正在提供的這些成本節約所抵消。因此，消除浪費是我們今年的主題，教人們如何用更少的錢做更多的事，真正以更低的成本讓客戶體驗更好，這就是簡單、負擔得起的模型所提供的。我們很高興能在 PG&E 使用它。

We'll take our next question from Steve Fleishman with Wolfe.

我們將與 Wolfe 一起接受 Steve Fleishman 的下一個問題。

So I think you just answered my first question, Patti, which is that the -- when you talk about the O&M costs, net of inflation, you're basically saying those are absolute costs. So even though inflation was up 6%, 7%, 8% last year, your costs were -- your O&M was down 3%.

所以我想你剛剛回答了我的第一個問題，帕蒂，當你談到運營和維護成本時，扣除通貨膨脹，你基本上是在說這些是絕對成本。因此，儘管去年通貨膨脹率上升了 6%、7%、8%，但您的成本——您的 O&M 下降了 3%。

Yes, Steve. And we're proud of that, and I'm proud of the team for the hard work that they did, and we're just getting started, Steve. That's what's so exciting about this waste elimination and our story of the month about the new business.

是的，史蒂夫。我們為此感到自豪，我為團隊所做的辛勤工作感到自豪，我們才剛剛開始，史蒂夫。這就是消除浪費和我們本月關於新業務的故事的令人興奮之處。

There is so much opportunity here, and the team is so hungry to learn. I'm so proud of them. I actually was in our waste -- our new business center just the other day where we're highlighting our waste elimination efforts. And that team was smiling for the first time in a long time, because they're realizing that they can, in fact, have the tools. People need to learn these techniques to actually reduce cost while they're doing more work, and people are really learning fast. I'm super proud of the team.

這裡有很多機會，團隊非常渴望學習。我為他們感到驕傲。我實際上在我們的廢物中——就在前幾天我們的新商業中心，我們正在強調我們的廢物消除工作。那個團隊很長一段時間以來第一次微笑，因為他們意識到他們實際上可以擁有這些工具。人們需要學習這些技術，以便在做更多工作的同時真正降低成本，而且人們真的學得很快。我為團隊感到超級自豪。

Should we think of the waste elimination is like incremental to the O&M costs of 2%? Or that's just part of -- or that's part of achieving the 2%?

我們是否應該將消除浪費視為 2% 的 O&M 成本的增量？或者這只是一部分——或者這只是實現 2% 的一部分？

Well, it definitely enables us to deliver that 2% and all the inflationary pressures. So we call it 2%, but it's inflation plus 2%. And so that's what waste elimination delivers. And that, again, as we have ups and downs that come at us, that roller coaster I talk about, this is the capability that we can build into the team to turn on that capacity to reduce waste and absorb inflation and still deliver the 2% plus.

好吧，它絕對使我們能夠提供 2% 和所有的通脹壓力。所以我們稱之為 2%，但它是通貨膨脹加 2%。這就是消除浪費所帶來的效果。而且，再一次，當我們遇到起伏時，我談到的過山車，這是我們可以在團隊中建立的能力，以開啟減少浪費和吸收通貨膨脹的能力，同時仍然提供 2 ％加上。

Okay. And then on the GRC, could you maybe just talk to the schedule for that? And is there likely to be any opportunities to settle either partial provisions of that further like the insurance or the case overall?

好的。然後在 GRC 上，你能不能談談它的時間表？是否有可能解決保險或整個案件的部分條款？

Yes. So we've hit the stage where settlement is not really an option at this juncture. We've settled pieces and parts like the insurance because it was so valuable for customers to get that settled early and deploy those savings here in '23.

是的。所以我們已經到了在這個關頭和解並不是真正的選擇的階段。我們已經解決了諸如保險之類的零碎問題，因為對於客戶而言，儘早解決問題並在 23 年在這裡部署這些儲蓄非常有價值。

And so as we follow the timetable that the commission has laid out, we're looking for a proposed decision and final decision in the third quarter. And we know that the commission has a lot on their plate, but we also know that this rate case is really important to customers and our ability to deploy all of the infrastructure investment that we've been talking about for the benefit of customers. So we expect timing to maintain the schedule that the commission has laid out.

因此，當我們遵循委員會制定的時間表時，我們正在尋找第三季度的擬議決定和最終決定。我們知道委員會有很多事情要做，但我們也知道這個費率案例對客戶和我們部署我們一直在為客戶利益而討論的所有基礎設施投資的能力非常重要。因此，我們希望時間能夠維持委員會制定的時間表。

Okay. Great. And then lastly, I just have to ask again, just any color -- new color from the fire victim trustee on just their kind of pace of payments and timing of remaining stock sales?

好的。偉大的。最後，我只需要再問一次，任何顏色——火災受害者受託人關於他們的付款速度和剩餘庫存銷售時間的新顏色？

Yes. No, we haven't really heard anything new. We know that the fire victim's trust is aligned with our interest of delivering safety for customers. As the company succeeds, it enables them to provide for the victims that are included in that trust. And so -- but no new information on timing on that front.

是的。不，我們還沒有真正聽到任何新消息。我們知道火災受害者的信任與我們為客戶提供安全的利益是一致的。隨著公司的成功，它使他們能夠為該信託中包含的受害者提供服務。所以 - 但沒有關於這方面時間安排的新信息。

We'll take our next question from Julien Dumoulin-Smith with Bank of America.

我們將接受來自美國銀行的 Julien Dumoulin-Smith 的下一個問題。

Listen, I wanted to kick it up first on a question related to '27. I know you guys rolled forward the 9.5% rate base CAGR at 2027, held back on commenting on EPS. I know you had this conversation about 10% or 9% in the past. You bifurcated that very clearly. I also appreciate the timeline of the current GRC and what that means for '27. But just asking the question, how do you think about '27 EPS growth and rolling forward the EPS CAGR as well, if you will?

聽著，我想先討論一個與 27 年相關的問題。我知道你們在 2027 年提前了 9.5% 的基本複合年增長率，對 EPS 發表了評論。我知道你過去有大約 10% 或 9% 的人有過這樣的談話。你把它分得很清楚。我也很欣賞當前 GRC 的時間表及其對 27 年的意義。但只是問這個問題，如果你願意的話，你如何看待 '27 每股收益增長和推進每股收益複合年增長率？

Yes. Julien, I think -- how I think about 2027 is the abundant investment opportunity that we have for the benefit of customers. So we've been pretty transparent with our at least 10, at least 10, at least 9, at least 9.

是的。朱利安，我認為——我對 2027 年的看法是我們為客戶的利益而擁有的豐富投資機會。所以我們對至少 10 個、至少 10 個、至少 9 個、至少 9 個非常透明。

We're going to continue on that EPS growth trajectory, but we need to -- our focus is on developing the best long-term capital investment plan that enables customers to have the infrastructure they've been waiting for and the cost mix by our cost savings that we continue to do that enable that investment without burdening customers too much on that affordability. So our eyes are definitely on a long-term infrastructure investment plan at the lowest cost possible for our customers.

我們將繼續保持 EPS 增長軌跡，但我們需要 - 我們的重點是製定最佳的長期資本投資計劃，使客戶能夠擁有他們一直在等待的基礎設施和我們的成本組合我們繼續進行的成本節約使這項投資不會給客戶帶來太多負擔。因此，我們的目光肯定是以盡可能低的成本為我們的客戶制定長期基礎設施投資計劃。

Right. I would imagine, given the GRC and also, over time, kind of a normalization of the growth trajectories between rate base and EPS, perhaps the bias seems closer to 9 than 10?

正確的。我想，考慮到 GRC 以及隨著時間的推移，利率基礎和 EPS 之間的增長軌蹟的某種正常化，也許偏差似乎更接近 9 而不是 10？

Well, we're just going to have to see, Julien.

好吧，我們只需要看看，朱利安。

Fair enough. Fair enough.

很公平。很公平。

We're obviously thinking a lot mostly about derisking our system physically and making those necessary investments for customers.

顯然，我們考慮了很多，主要是關於從物理上降低我們系統的風險，並為客戶進行必要的投資。

Absolutely. Understood. Listen, Patti, actually, since you mentioned this in the prepared remarks on the interconnections and your story, I thought it was very relevant given some of the feedback we're hearing. I'm curious to get your perspectives on what kind of load growth you're seeing. Where are you trending within that 1% to 3%? And can you comment maybe on some pent-up load growth that maybe because of those interconnection delays may not have been realized yet, if you will. But I also appreciate that the transportation electrification figures into that 1% to 3%. But overall, where are you trending against that prospectively, given some of these tailwinds?

絕對地。明白了。聽著，帕蒂，實際上，因為你在準備好的關於互連和你的故事的評論中提到了這一點，鑑於我們聽到的一些反饋，我認為它非常相關。我很想知道您對所看到的負載增長類型的看法。在這 1% 到 3% 中，您的趨勢是什麼？如果你願意的話，你能否評論一些被壓抑的負載增長，這可能是因為那些互連延遲可能尚未實現。但我也很欣賞交通電氣化佔 1% 到 3%。但總的來說，考慮到其中的一些順風，你的前瞻性趨勢在哪裡？

Yes. As we've said, we're looking at 1% to 3% load growth over time, more toward the back end of our plan than the front end, but we are seeing low growth. In fact, cut off the presses, Julien, we had 23% of all new vehicle sales in our service area in 2022 were EVs, 23%. I think that's a surprising number. That's up from 16% in 2021. So the EV evolution is definitely happening in California and definitely happening in our service area. In fact, the state was 20% EV penetration. We were 23% in 2022. So all that to say, we are very bullish on the EV role in load growth.

是的。正如我們所說，隨著時間的推移，我們預計負載會增長 1% 到 3%，更多地是在我們計劃的後端而不是前端，但我們看到的增長很低。事實上，Julien 停止發表評論，2022 年我們服務區域的所有新車銷量中有 23% 是電動汽車，23%。我認為這是一個令人驚訝的數字。這比 2021 年的 16% 有所上升。因此，電動汽車的發展肯定發生在加利福尼亞，也肯定發生在我們的服務區域。事實上，該州的電動汽車普及率為 20%。我們在 2022 年為 23%。綜上所述，我們非常看好電動汽車在負荷增長中的作用。

Every EV is like half a house. So in other words, 2 EVs equals a new household in our service area. There is definitely load growth potential. Our forecasts reflect that. And you're right, we have to get really good at building out this capacity for our industrial and residential customers as more fleets electrify, big -- a school bus.

每輛電動汽車就像半個房子。所以換句話說，在我們的服務範圍內，2 輛 EV 等於一個新家庭。肯定有負載增長的潛力。我們的預測反映了這一點。你是對的，隨著越來越多的車隊電氣化，我們必須非常擅長為我們的工業和住宅客戶建立這種能力——一輛校車。

So I was just -- in fact, we just were in one of the electric school buses last week. And that school bus is a megawatt, and Oakland Public Schools is planning to include electric school buses in their fleet. So here we are in our hometown, making sure that they're going to be ready, that's all opportunity for us.

所以我只是 - 事實上，上週我們只是在一輛電動校車上。那輛校車是一兆瓦，奧克蘭公立學校正計劃在他們的車隊中加入電動校車。所以我們在家鄉，確保他們做好準備，這對我們來說都是機會。

And so as we work with our regulators, making sure that we have a dynamic regulatory environment where we can, in fact, prepare for that capacity investment, be ahead of it is pretty exciting for customers. And so the interconnection, we're continuing to track with that investment, but we see real forecasted growth in the coming years, and that's exciting for us.

因此，當我們與監管機構合作時，確保我們擁有一個動態的監管環境，事實上，我們可以為產能投資做好準備，領先於客戶，這對客戶來說是非常令人興奮的。因此，互連，我們將繼續跟踪這項投資，但我們看到未來幾年真正的預測增長，這對我們來說是令人興奮的。

We'll take our next question from Nicholas Campanella with Credit Suisse.

我們將接受瑞士信貸的 Nicholas Campanella 的下一個問題。

I wanted to hit the undergrounding. So you've done about 300 miles now. You have this 10-year plan that's going to be filed soon, but you also kind of changed the GRC. I think there was an intra-quarter update, which might have removed some of the underground in capital.

我想打地下。所以你現在已經完成了大約 300 英里。您有即將提交的 10 年計劃，但您也對 GRC 進行了某種程度的更改。我認為有一個季度內更新，這可能已經刪除了首都的一些地下。

So I guess, first, can you just kind of comment on -- since you've progressed through this program, are you seeing pressures higher in cost? Or are you seeing efficiencies more from lessons learned? And then second, just how do we kind of think about your ability to hit the goal for roughly 2,000 miles with the shift in the GRC?

所以我想，首先，你能不能評論一下——既然你已經完成了這個項目，你是否看到了更高的成本壓力？還是您從吸取的教訓中看到了更多的效率？其次，我們如何看待您通過 GRC 的轉變達到大約 2,000 英里目標的能力？

Great question. Of course, we're very excited about our undergrounding plan. And just a couple of good important clarifications for everyone.

很好的問題。當然，我們對我們的地下計劃感到非常興奮。對每個人來說，只有幾個很好的重要說明。

Number one, we reduced our mileage as a result of conversations with our key stakeholders. We have to earn the right to do that underground. We have to prove that we can, in fact, do it at the unit cost that we've described.

第一，由於與主要利益相關者的對話，我們減少了里程。我們必須贏得在地下進行這項工作的權利。事實上，我們必須證明我們能夠以我們所描述的單位成本來做到這一點。

Happy to report in 2022, the 180 miles we delivered was at a unit cost lower than we had forecasted. So the team is definitely improving on efficiency. And I feel like we're just getting started and really having the scope and scale of program that will consistently deliver the unit costs that we're forecasting.

很高興在 2022 年報告，我們交付的 180 英里的單位成本低於我們的預測。所以團隊肯定在提高效率。而且我覺得我們才剛剛開始，真正擁有的項目範圍和規模將始終如一地提供我們預測的單位成本。

Our 10-year plan comes out later this year, and that will clarify mileage and unit cost targets. And I also want to remind everyone that, look, this undergrounding program is very important from a risk reduction and a customer satisfaction, but it's not a big bet. The undergrounding program is less than 20% of our total capital plan. It is flexible and dynamic in nature. We're going to be working with our regulators and those stakeholders to make sure that we do undergrounding at a pace that they support.

我們的 10 年計劃將於今年晚些時候出台，這將明確里程和單位成本目標。而且我還想提醒大家，看，這個地下計劃從降低風險和客戶滿意度來說是非常重要的，但它不是一個大賭注。地下工程不到我們總資本計劃的 20%。它本質上是靈活和動態的。我們將與我們的監管機構和那些利益相關者合作，以確保我們以他們支持的速度進行地下開採。

I remind myself, the Golden Gate Bridge wasn't built in a year. It was built over time, and it's beloved, and that's what our undergrounding program is going to be. It's going to be built over time, and it's going to be beloved. And we have to earn the right to grow those miles year after year after year. And so we're very focused on doing that well. We've got a program structure set up that's delivered real savings in our wildfire mitigation through vegetation management inspections.

我提醒自己，金門大橋不是一年建成的。它是隨著時間的推移而建造的，它很受歡迎，這就是我們的地下計劃將要做的。它會隨著時間的推移而建立起來，並且會受到人們的喜愛。我們必須獲得年復一年地增加這些里程的權利。所以我們非常專注於做好這件事。我們已經建立了一個計劃結構，通過植被管理檢查為我們的野火緩解工作帶來了真正的節省。

The same leadership team is leading the undergrounding program. So we're expecting big things from Peter and the team as they build out our undergrounding program to the benefit of customers. I hope that helps.

同一個領導團隊正在領導地下計劃。因此，我們對彼得和團隊寄予厚望，因為他們正在構建我們的地下項目以造福於客戶。我希望這有幫助。

Absolutely. I'm excited to see the plan as it comes together here. So just a quick question on the credit side. Congrats on getting the positive outlook, I guess, from Moody's. What is your understanding, I guess, of what the agencies are looking for now? Is it more time, another fire season to get back to IG here or is it more metrics-based because it does seem like the metrics are going in the right direction.

絕對地。我很高興看到這個計劃在這裡匯集在一起。所以只是一個關於信用方面的快速問題。我猜，祝賀你從穆迪那裡得到了積極的展望。我想，您對這些機構現在正在尋找的東西有何理解？是更多的時間，另一個火災季節回到這裡回到 IG，還是它更基於指標，因為看起來指標確實朝著正確的方向發展。

Sure thing. Nick, I think it's -- in Moody's really reaffirmed this too that our financial metrics as we look at them are really already in that investment-grade territory. So I think really across the agencies, their emphasis is really shared on the physical risk reduction progress we're making.

當然可以。尼克，我認為它是——穆迪也確實重申了這一點，我們看到的財務指標確實已經處於投資級領域。因此，我認為實際上在所有機構中，他們的重點實際上都集中在我們正在取得的物理風險降低進展上。

Patti hit the year-over-year improvements in our Enhanced Powerline Safety Settings and just the clear results of that delivers. And then I think also it's the desire to see continued progress and data points with our policymakers.

Patti 對我們的增強型電力線安全設置進行了逐年改進，並取得了明顯的成果。然後我認為也是希望看到我們的政策制定者的持續進展和數據點。

Last year, we clearly made progress on some key customer-friendly programs, both the undergrounding program and the Diablo Canyon operating life extension in terms of new policy. And I think we just want to continue that progress this year. And that could be across wildfire-related recoveries at the CPUC, certainly our General Rate Case as well as the Pacific Generation filing there at the CPUC as well.

去年，我們在一些關鍵的客戶友好計劃方面取得了明顯進展，包括地下計劃和新政策方面的 Diablo Canyon 運營壽命延長。我認為我們只想在今年繼續取得進展。這可能涉及 CPUC 的與野火相關的恢復，當然還有我們的一般費率案例以及在 CPUC 那裡提交的 Pacific Generation 申請。

(Operator Instructions) We'll take our next question from David Arcaro with Morgan Stanley.

（操作員說明）我們將與摩根士丹利一起接受 David Arcaro 的下一個問題。

I was wondering if you could speak a little bit to the upside CapEx opportunities, the $5 billion that you laid out in terms of the transmission investment distribution. What could be kind of the timing of getting more concrete numbers around that? When -- could it hit the 5-year plan? Is it potentially kind of elongating the CapEx runway from here? And are there any like milestones that we might track as you evaluate some of those upside opportunities?

我想知道你是否可以談談資本支出的上行機會，即你在輸電投資分配方面安排的 50 億美元。什麼時候可以獲得更具體的數字？什麼時候——它能達到 5 年計劃？它是否有可能從這裡延長資本支出跑道？在您評估其中一些上行機會時，我們是否可以追踪任何類似的里程碑？

Yes. Thanks, David. The point in sharing that potential upside is just to share that we have abundant capital infrastructure demand on the system. And so it is truly on us to find ways to offset costs.

是的。謝謝，大衛。分享這一潛在優勢的重點只是分享我們對系統有豐富的資本基礎設施需求。因此，我們確實有責任找到抵消成本的方法。

Everything that's in the bill that is unrelated to capital investment are areas of the bill that we can reduce in order to enable potential headroom then for that necessary customer benefiting infrastructure investment. So for example, we talked about this insurance settlement. That's a big savings for customers over time.

法案中與資本投資無關的所有內容都是我們可以減少的法案領域，以便為必要的客戶提供潛在的空間，讓基礎設施投資受益。例如，我們談到了這個保險結算。隨著時間的推移，這對客戶來說是一筆巨大的節省。

That would be the sort of thing that creates headroom that we can enable additional capital without pressuring customers' bills. Now we filed a General Rate Case. It's important. That will be an important outcome later this year. That will provide more visibility to exactly what capital we have support from our commission to invest.

這將是創造淨空的事情，我們可以在不給客戶賬單帶來壓力的情況下啟用額外的資本。現在我們提交了一般費率案。這一點很重要。這將是今年晚些時候的一項重要成果。這將使我們更清楚地了解我們從佣金中獲得了哪些資金支持進行投資。

And then we're going to continue to demonstrate this waste elimination capacity. So if we start to deliver greater than 2% O&M savings or other savings that enable headroom, that creates the room for capital investment that doesn't pressure customer bills. This is the simple, affordable model in action. And it's dynamic in that way that if we additional -- find additional customer savings, then we'll work with our regulators to approve additional capital to deploy to the benefit of customers.

然後我們將繼續展示這種廢物消除能力。因此，如果我們開始提供超過 2% 的 O&M 節省或其他節省空間的節省，就會為不會給客戶賬單帶來壓力的資本投資創造空間。這是實際中的簡單、負擔得起的模型。它是動態的，如果我們額外 - 找到額外的客戶節省，那麼我們將與我們的監管機構合作，批准額外的資本部署以造福於客戶。

Okay. Understood. That's helpful. And then I was wondering your fire risk mitigation strategies, they're broad. There are a lot of different components of that. I was wondering if you could speak to innovation that you're working on with regard to fire risk reduction in terms of technologies or new applications that you're exploring right now that could be layered on to the current risk mitigation programs?

好的。明白了。這很有幫助。然後我想知道你們的火災風險緩解策略，它們很廣泛。其中有很多不同的組成部分。我想知道您是否可以談談您目前正在探索的技術或新應用的火災風險降低方面的創新，這些創新可以疊加到當前的風險緩解計劃中？

Well, I'm so glad you asked because we're going to be highlighting that at our Investor Day in May, May 24 and 25. We'd love to have you out, and everyone on the call is welcome to join us.

好吧，我很高興你提出這個問題，因為我們將在 5 月、5 月 24 日和 25 日的投資者日強調這一點。我們很樂意邀請你，歡迎所有電話會議的成員加入我們。

Some of the things that are pretty exciting are our partial voltage detection, which utilizes our smart meter technology for service line risk. We've got our down conductor technology. We're expanding the development of that program. Our teams have had some great breakthroughs in the last year. Kudos to our advanced technology team and all the hard work they've been doing.

一些非常令人興奮的事情是我們的部分電壓檢測，它利用我們的智能電錶技術來檢測服務線路風險。我們擁有引下線技術。我們正在擴大該計劃的發展。我們的團隊在去年取得了一些重大突破。感謝我們先進的技術團隊以及他們所做的所有辛勤工作。

And you'll get to see a firsthand when you come out. So lots of innovation and technology, of course, all the data science that underpins our EPSS and our PSPS is really incredible to understand in more detail. And it's what gives us confidence heading throughout the year, whatever the environmental conditions around us, whether it's dry, it's wet, it's hot, it's cold, we're building infrastructure and the capability to adapt to those changing conditions and keep people safe.

當你出來時，你會親眼看到。如此多的創新和技術，當然，支持我們的 EPSS 和 PSPS 的所有數據科學真的令人難以置信，無法更詳細地理解。這讓我們充滿信心地全年前進，無論我們周圍的環境條件如何，無論是乾燥、潮濕、炎熱還是寒冷，我們都在建設基礎設施和適應這些不斷變化的條件並確保人們安全的能力。

And I couldn't be more proud of the team and the progress we've made. We continue to make that progress, and we'll have it on display at our Investor Day here in May. Come on out and see us.

我為團隊和我們取得的進步感到無比自豪。我們繼續取得進展，我們將在 5 月份的投資者日上展示它。出來看看我們吧。

We'll take our next question from Jeremy Tonet with JPMorgan Securities.

我們將接受 JPMorgan Securities 的 Jeremy Tonet 的下一個問題。

It's actually Rich Sunderland on for Jeremy. Just one quick follow-up on the $5 billion CapEx upside. Curious a little bit more around those opportunities and what the total bucket of possibilities are. Just really the $5 billion, is it sized for what you think you may be able to fold in over the near to medium term? And is there a larger opportunity set that you're still working through?

實際上是 Rich Sunderland 代替了 Jeremy。只是對 50 億美元資本支出的快速跟進。對這些機會以及可能性的總數更加好奇。真的是 50 億美元，它的規模是否適合你認為你可以在中短期內投入的資金？是否有更大的機會集您仍在努力？

Rich, happy to take it. I would take the second part first and say there is a larger opportunity set. But again, as Patti mentioned, keep in mind, our focus is absolutely on that overall simple, affordable model, which includes that affordability constraint for customers, right? So we've always got to keep that in mind as we go.

有錢，樂於接受。我會先看第二部分，並說有更大的機會集。但是，正如 Patti 提到的，請記住，我們的重點絕對是整體簡單、負擔得起的模型，其中包括客戶的負擔能力限制，對嗎？因此，我們必須始終牢記這一點。

As we look at the opportunities themselves, I really think that what we were mentioning earlier about the electrification growth is very unique for us. And so as we look at that, the EV penetration opportunity you explicitly see us call out in that $5 billion opportunity capacity-based investments.

當我們審視機遇本身時，我真的認為我們之前提到的電氣化增長對我們來說是非常獨特的。因此，當我們看到這一點時，您明確地看到我們在 50 億美元的機會容量投資中呼籲電動汽車滲透機會。

And that's really where we see targeted investments that we can make that will benefit the areas where you're seeing not just need for wildfire risk reduction, but also in some of those suburban communities where we're seeing a pretty dramatic EV uptake. So the opportunity there, I would say, do start to come in the medium term and only increase as we go further out.

這確實是我們看到有針對性的投資可以進行的地方，這些投資將有利於您看到的不僅需要降低野火風險的地區，而且還有一些我們看到電動汽車使用率非常高的郊區社區。所以我想說，從中期來看，那裡的機會確實會開始出現，而且只會隨著我們走得更遠而增加。

Understood. That's very clear. And then just one last one at the risk of, I guess, front running the Analyst Day update. Would that be the forum to address the EPS growth through 2027? I know this was asked earlier.

明白了。這很清楚。然後是最後一個，我猜，有可能搶先運行分析師日更新。那會是解決 2027 年每股收益增長問題的論壇嗎？我知道這是早些時候被問到的。

Sure. I think I'll have to offer this to you. Come on out and see us. We do certainly plan on intending to give you more insight into that longer-term capital plan. But come on out, and we'll be able to share more at that time.

當然。我想我必須把這個提供給你。出來看看我們吧。我們確實計劃讓您更深入地了解該長期資本計劃。但是出來吧，到時候我們可以分享更多。

We'll take our next question from Gregg Orrill with UBS.

我們將從瑞銀集團的 Gregg Orrill 那裡回答下一個問題。

What in the Diablo Canyon extension process should we be watching for in the NRC and state levels?

我們應該在 NRC 和州級別關注 Diablo Canyon 擴展過程中的哪些內容？

Well, first of all, we should be continuing to look for progress because we continue to make progress on that front. The NRC really does have an important job to do, and we don't want them to take any shortcuts. Their focus is on safety and making sure that Diablo Canyon will meet the safety expectations and standards. And so we'll work with them. We have a great relationship with the NRC, and we look forward to working with them on the relicensing process. That's an important part of the process.

好吧，首先，我們應該繼續尋求進展，因為我們在這方面繼續取得進展。 NRC 確實有一項重要的工作要做，我們不希望他們走任何捷徑。他們的重點是安全並確保 Diablo Canyon 符合安全期望和標準。因此，我們將與他們合作。我們與 NRC 有著良好的關係，我們期待與他們在重新許可過程中合作。這是該過程的重要組成部分。

There's other several state-based regulatory proceedings that will be occurring. And I will remind everyone, we're -- we want to just send some gratitude and recognition to our state and to our state legislature and our governor for having the wisdom to suggest we extend the life of Diablo Canyon power plant.

還有其他幾個基於州的監管程序將會發生。我會提醒大家，我們 - 我們只想向我們的州、我們的州立法機構和我們的州長表示感謝和認可，因為他們有智慧建議我們延長 Diablo Canyon 發電廠的壽命。

That is a high-performing nuclear facility, GHG-free baseload energy to the benefit of all of California. And so we definitely will be working closely with all of the different regulators to make sure that we make positive progress on that. And so that continues throughout the rest of the year.

這是一個高性能的核設施，無溫室氣體的基荷能源造福於整個加利福尼亞州。因此，我們肯定會與所有不同的監管機構密切合作，以確保我們在這方面取得積極進展。因此，這種情況會持續到今年餘下的時間。

We'll take our next question from Ryan Levine with Citi.

我們將從花旗的 Ryan Levine 那裡回答下一個問題。

A couple of questions for Patti. How has the hookup cancellation rate changed in the past year? How do you determine which interconnects to prioritize, given limited resources? And then, like in the comments around a new play to the playbook, are you looking at any changes to this process?

有幾個問題要問 Patti。在過去的一年中，轉播取消率有何變化？在資源有限的情況下，您如何確定優先考慮哪些互連？然後，就像在劇本的新劇本評論中一樣，您是否正在關注此流程的任何變化？

Yes, we're looking at changes every day to the process. Look, we've got to be easier to do business with. And I've had a couple of different sessions with our builders here in California. They are a key to California's prosperity. And therefore, we power them and they power California with new housing.

是的，我們每天都在關注流程的變化。看，我們必須更容易做生意。我在加利福尼亞與我們的建築商進行了幾次不同的會議。它們是加州繁榮的關鍵。因此，我們為他們提供動力，他們為加州提供新住房。

And we're very much aligned with them. We're working with them to find accelerated tools and methods. And it's really amazing to see our new business process map and simple changes that can be made right away so that we don't have to make choices about who we're going to energize and who we're not. The question is about how do we energize people faster and streamline that process.

我們與他們非常一致。我們正在與他們合作尋找加速工具和方法。看到我們的新業務流程圖和可以立即進行的簡單更改真是太棒了，這樣我們就不必就我們要激勵誰和不激勵誰做出選擇。問題在於我們如何更快地激勵人們並簡化該過程。

And so as I shared, that example of these jobs, they get canceled for a variety of reasons, maybe the customer decides they're not going to do their project after all, having nothing to do with us. And we've done the full engineering. So we're looking at ways of doing a lighter engineering touch upfront just to give people the estimate that they need and making sure that we're only doing the engineering on the jobs that are going to get finished.

因此，正如我分享的那樣，這些工作的例子，他們由於各種原因被取消，也許客戶決定他們畢竟不打算做他們的項目，與我們無關。我們已經完成了完整的工程設計。因此，我們正在尋找預先進行更輕鬆的工程設計的方法，以便為人們提供他們需要的估計，並確保我們只對將要完成的工作進行工程設計。

That's a huge cost savings in hours and dollars. And it enables us to get the work done on time for the builders that are going to finish their projects. And so both capacity and new business are really exciting load growth opportunities for us, and the progress that we've made in a very short order is pretty impressive. We look forward to demonstrating that progress this year and continuing forward.

這在時間和金錢方面節省了大量成本。它使我們能夠為即將完成項目的建築商按時完成工作。因此，容量和新業務對我們來說都是真正令人興奮的負載增長機會，我們在很短的時間內取得的進展令人印象深刻。我們期待著在今年展示這一進展並繼續前進。

Appreciate the comments. I guess I'm trying to get a sense in terms of quantifying the materiality of some of these delays between when you assumed your currency -- I mean, have you noticed any material changes in how customers have been interconnected or any color you could share around the progress that may be made on a go-forward basis?

感謝評論。我想我正試圖從量化這些延遲的實質性的角度來理解，在你假設你的貨幣之間 - 我的意思是，你是否注意到客戶相互聯繫的方式或你可以分享的任何顏色的任何重大變化圍繞在前進的基礎上可能取得的進展？

Yes. I mean, I think we're seeing increased demand, which is great. There's building happening in California. People are talking about the exodus of California. I can tell you, I'm not feeling it. We're seeing a lot of growth here in customers and capacity. So the -- obviously, the additional electric vehicles that I pointed to is -- requires capacity investments at a substation level, but we also have transmission forecast of additional load. And we're continuing to see the opportunity to build more homes in broader spaces in California.

是的。我的意思是，我認為我們看到需求增加了，這很好。加利福尼亞正在建設。人們正在談論加利福尼亞州的人口外流。我可以告訴你，我沒有感覺。我們看到這裡的客戶和產能有了很大的增長。所以 - 顯然，我指出的額外電動汽車 - 需要在變電站級別進行容量投資，但我們也有額外負載的傳輸預測。我們將繼續看到在加州更廣闊的空間建造更多房屋的機會。

And we're going to keep up with our building and our progress here at PG&E. And that's what this lean operating system provides for us, the foundation to have visibility into our demand and our ability to eliminate the waste so that we can meet that demand. It's pretty exciting times here at PG&E.

我們將跟上我們在 PG&E 的建設和進展。這就是這個精益操作系統為我們提供的，是了解我們需求的基礎以及我們消除浪費的能力，以便我們能夠滿足該需求。這是 PG&E 非常激動人心的時刻。

We'll take our next question from [Paul Fremont] with Ladenburg Dolman.

我們將與 Ladenburg Dolman 一起接受 [Paul Fremont] 的下一個問題。

Great. To start with, I was hoping to maybe get a little bit of an update on the Zogg trial. I guess the trial's due to begin in June. How long should we sort of expect before there would be a final decision reached in that proceeding? And in the past, I think you've indicated that the liability estimates could triple. Is that still sort of your view in terms of how much the liability could go up if you were found liable?

偉大的。首先，我希望能得到一些關於 Zogg 試驗的最新消息。我想審判將於 6 月開始。在該程序中達成最終決定之前，我們應該期待多長時間？在過去，我認為你已經表示責任估計可能會增加三倍。如果您被發現有責任，您是否仍然認為責任會增加多少？

Thank you, Paul. First of all, on that subject, I just want to reiterate that our heart goes out to the victims of the Zogg fire and all of the wildfires. These environmental disasters are extraordinarily painful, and we don't take them lightly. And we're doing everything we can to make our system safer and faster.

謝謝你，保羅。首先，關於這個問題，我只想重申，我們對佐格大火和所有野火的受害者表示同情。這些環境災難異常慘痛，我們不能掉以輕心。我們正在竭盡所能使我們的系統更安全、更快。

At the same time, I know that my coworkers are not criminals, and we don't believe that these are criminal matters. All that to say, we do -- the trial date has been set for June 6. We expect it to take about 6 weeks. And we don't expect additional liabilities because we actually plan to win.

同時，我知道我的同事不是罪犯，我們也不認為這些是犯罪的事情。話雖如此，我們確實做到了——試用日期已定為 6 月 6 日。我們預計大約需要 6 週時間。而且我們不期望額外的負債，因為我們實際上計劃獲勝。

I think it's important to know that our coworkers, our vegetation management team works day in and day out to make the system safer and faster. And they have no other ambition than to do just that. So we plan to defend our position vigorously.

我認為重要的是要知道我們的同事，我們的植被管理團隊日復一日地工作，以使系統更安全、更快。他們除了這樣做之外沒有別的野心。所以我們計劃大力捍衛我們的立場。

So the trial would take 6 weeks, but the judge issuing a decision could take up to a year after that or...

所以審判需要 6 週時間，但做出決定的法官可能需要長達一年的時間，或者...

Yes, Paul, it's hard to say. We'll obviously keep people posted as that goes.

是的，保羅，這很難說。我們顯然會及時通知人們。

In terms of disallowed interest, can you sort of break out the liabilities or the disallowed rate base items that -- at the utility that go into that calculation?

就不允許的利息而言，您能否在進入該計算的公用事業中分解負債或不允許的利率基礎項目？

Paul, it's Chris. I'm happy to work on that with you offline. I can actually give you the bill. As you know, we do a roll-up that's in the appendices of our materials, and I'm happy to spend time with you breaking that out. The undercoverable interest expense, as we noted today, ranges from $370 million to $430 million.

保羅，是克里斯。我很高興離線與您合作。其實我可以給你賬單。如您所知，我們在材料的附錄中進行了匯總，我很樂意花時間與您一起進行匯總。正如我們今天所指出的，不可彌補的利息支出在 3.7 億美元至 4.3 億美元之間。

And that concludes the question-and-answer session. I'd now like to turn the call back over to Patti Poppe for any additional or closing remarks.

問答環節到此結束。我現在想將電話轉回給 Patti Poppe，以徵求任何補充意見或結束意見。

Thank you, Lisa, and thank you, everyone, for your questions and your support. I just want to remind you all that your investment in PG&E is an investment in California's safety and prosperity, and we thank you for that.

謝謝麗莎，也謝謝大家的提問和支持。我只想提醒大家，你們對 PG&E 的投資是對加州安全與繁榮的投資，我們為此感謝你們。

We really appreciate your support. And we are definitely feeling the momentum here at PG&E. We're proud of our performance in 2022, and we're writing the next chapter of our redemption story, and we hope you'll be along for the ride. We look forward to seeing you in California in May, please be safe out there.

我們非常感謝您的支持。我們絕對感受到了 PG&E 的發展勢頭。我們為我們在 2022 年的表現感到自豪，我們正在譜寫救贖故事的新篇章，希望您能一路相伴。我們期待 5 月在加利福尼亞見到您，請注意安全。

And that concludes today's presentation. Thank you for your participation, and you may now disconnect.

今天的演講到此結束。感謝您的參與，您現在可以斷開連接。