PG&E Corp (PCG) 2021 Q3 法說會逐字稿

Greetings. Thank you for standing by, and welcome to the PG&E Corporation Third Quarter 2021 Earnings Call. I would now like to turn the conference over to Matt Fallon, Senior Director of Investor Relations. Please go ahead.

問候。感謝您的支持，歡迎參加 PG&E Corporation 2021 年第三季度財報電話會議。我現在想將會議轉交給投資者關係高級總監 Matt Fallon。請繼續。

Thanks, Jenny. Good morning, everyone, and thank you for participating in PG&E's Third Quarter Earnings Call. Joining us today are Patti Poppe, our Chief Executive Officer; and Chris Foster, Executive Vice President and Chief Financial Officer.

謝謝，珍妮。大家早上好，感謝您參加 PG&E 的第三季度財報電話會議。今天加入我們的是我們的首席執行官 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. Some of the important factors that could affect the company's actual financial results are described in the second page of today's third quarter earnings call presentation.

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。今天第三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。

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. We also encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30, 2021.

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。我們還鼓勵您查看我們截至 2021 年 9 月 30 日的季度的 10-Q 表格季度報告。

Before I hand it over to Patti, I would like to thank all of you who attended Investor Day, either in person or virtually, and we look forward to seeing you again at EEI.

在我把它交給帕蒂之前，我要感謝所有親自或虛擬參加投資者日的人，我們期待在 EEI 再次見到你。

Thanks, Matt. Hello, everybody. Thank you for joining us today.

謝謝，馬特。大家好。感謝您今天加入我們。

This quarter, we delivered non-GAAP core earnings of $0.24 per share. We're reaffirming our 2021 non-GAAP core earnings per share guidance of $0.95 to $1.05, and we no longer expect to issue equity in 2021. We continue to see rate-based growth of 8.5% and longer-term earnings per share growth of 10%. Chris will provide more details on the financials in just a bit.

本季度，我們實現了每股 0.24 美元的非 GAAP 核心收益。我們重申 2021 年非 GAAP 核心每股收益指引為 0.95 美元至 1.05 美元，並且我們不再期望在 2021 年發行股票。我們繼續看到基於利率的增長 8.5% 和長期每股收益增長10%。克里斯將在稍後提供有關財務狀況的更多詳細信息。

As you saw at Investor Day, our experienced team is driven and focused on delivering clean energy safely every day. We have a very sophisticated and continually improving PSPS algorithm year-over-year. In fact, when we backcast our current model to the previous utility-caused fires between 2012 and 2020, we would have prevented 96% of the structure damage had the current model been in place.

正如您在投資者日看到的那樣，我們經驗豐富的團隊每天都致力於安全地提供清潔能源。我們有一個非常複雜且逐年不斷改進的 PSPS 算法。事實上，當我們將當前模型回溯到 2012 年至 2020 年之間由公用事業引起的火災時，如果當前模型到位，我們將防止 96% 的結構損壞。

This year, we also implemented Enhanced Powerline Safety Settings to address wildfire risk we face from extreme drought conditions. In fact, since the end of July through mid-October, we saw a 46% decrease in CPUC reportable ignitions in high-fire threat districts and an 80% reduction in ignitions on enabled circuits. These enhanced safety settings make our systems and our customers safer.

今年，我們還實施了增強的電力線安全設置，以解決我們在極端乾旱條件下面臨的野火風險。事實上，從 7 月底到 10 月中旬，我們看到高火災威脅地區的 CPUC 可報告點火減少了 46%，啟用電路的點火減少了 80%。這些增強的安全設置使我們的系統和客戶更安全。

We're delivering on the 2021 Wildfire Mitigation Plan with our lean operating system and deploying it across the entire company to deliver predictable outcomes for customers and investors. In addition to quarterly operational, financial and regulatory updates, I'd like to spend some time on the work done and the changes made since 2019 that make our system safer and more resilient.

我們正在使用我們的精益操作系統實施 2021 年野火緩解計劃，並將其部署到整個公司，以便為客戶和投資者提供可預測的結果。除了季度運營、財務和監管更新之外，我還想花一些時間來了解自 2019 年以來已完成的工作和所做的更改，以使我們的系統更安全、更有彈性。

Let's start on Slide 4, with how we've improved our PSPS program since 2019. In 2019, we had 7 events that impacted over 2 million customers. Since then, we've installed approximately 1,300 weather stations, 500 high-definition cameras and over 1,100 sectionalizing devices to better pinpoint exactly where we need to initiate PSPS. Our 2021 PSPS algorithms are informing -- are informed by more granular weather forecasting. And we're using Technosylva's software to incorporate machine learning into our fire spread modeling so we can better predict where the risk is on our system in real time.

讓我們從幻燈片 4 開始，介紹自 2019 年以來我們如何改進 PSPS 計劃。2019 年，我們舉辦了 7 場活動，影響了超過 200 萬客戶。從那時起，我們已經安裝了大約 1,300 個氣象站、500 個高清攝像機和 1,100 多個分段設備，以更好地準確定位我們需要啟動 PSPS 的位置。我們的 2021 PSPS 算法正在提供信息——由更精細的天氣預報提供信息。我們正在使用 Technosylva 的軟件將機器學習整合到我們的火勢蔓延模型中，這樣我們就可以更好地實時預測我們系統上的風險所在。

Our continuous improvement approach applies to addressing safety risks while minimizing disruption to our customers. As you can see on Slide 5, our model shows that by backcasting our new 2021 PSPS algorithm onto 2012 through 2020, we would have prevented 96% of the structured damage from fires caused by overhead electrical equipment in our service area.

我們的持續改進方法適用於解決安全風險，同時最大限度地減少對客戶的干擾。正如您在幻燈片 5 中看到的那樣，我們的模型表明，通過將我們新的 2021 PSPS 算法倒推到 2012 年到 2020 年，我們可以防止 96% 的結構性損壞由我們服務區域的架空電氣設備引起的火災造成。

As you know, this year, we experienced extreme drought conditions in our service area. Due to these conditions, we saw fire spread on non-red flag warning days. We assessed these risks and identified where we needed to focus. Guided by former CAL FIRE and local fire authority personnel who now work for PG&E, we implemented additional wildfire mitigation in our high-fire threat areas. You can see the results of our safety focus on Slide 6.

如您所知，今年我們的服務區經歷了極端乾旱。由於這些情況，我們看到火勢在非紅旗警告日蔓延。我們評估了這些風險並確定了我們需要關注的地方。在前 CAL FIRE 和現在為 PG&E 工作的當地消防部門人員的指導下，我們在高火災威脅區域實施了額外的野火緩解措施。您可以在幻燈片 6 上看到我們安全重點的結果。

We've compared the data since we implemented our Enhanced Powerline Safety Setting against the most recent 3-year averages. What we've seen is a 46% reduction in CPUC reportable emissions in our high-fire threat districts from the end of July through mid-October. On the specific circuits where we first implemented the Enhanced Powerline Safety Settings, we've seen an 80% decrease in ignitions over the same time period. We're working hard to reduce the customer impact from these new necessary protocols. We've optimized our protective device settings on all circuits that have Enhanced Powerline Safety Settings, and we've adjusted our circuit restoration procedures. These enhancements are making outages smaller and faster to restore while still removing the ignition risk. We're communicating transparently our commitment to preventing fires of consequence to communities where Enhanced Powerline Safety Settings are in place.

我們將實施增強型電力線安全設置後的數據與最近 3 年的平均值進行了比較。我們看到的是，從 7 月底到 10 月中旬，我們的高火災威脅地區的 CPUC 可報告排放量減少了 46%。在我們首次實施增強型電力線安全設置的特定電路上，我們發現在同一時間段內點火次數減少了 80%。我們正在努力減少這些新的必要協議對客戶的影響。我們已經優化了所有具有增強型電力線安全設置的電路上的保護設備設置，並且我們已經調整了我們的電路恢復程序。這些增強功能使停電更小、恢復更快，同時仍然消除了點火風險。我們正在透明地傳達我們對防止對實施了增強型電力線安全設置的社區造成嚴重火災的承諾。

Let me make it real with one story. On Monday, October 11, we initiated a PSPS event that affected about 20,000 people. The winds came in as forecasted, and in 33 instances outside of the PSPS zone and the highest wind areas, our lines automatically deenergized due to the unpredictable disturbances, and potential risk was mitigated.

讓我用一個故事把它變成現實。 10 月 11 日星期一，我們發起了一項影響約 20,000 人的 PSPS 活動。風如預測的那樣進來，在 PSPS 區域和最高風區之外的 33 次實例中，由於不可預測的干擾，我們的線路自動斷電，潛在風險得到緩解。

We know our protocols are working. We will continue to work around the clock to make these solutions less disruptive to customers and know that we are keeping them safe while we do that. Our experience since implementing these settings in late July will serve as an important guide for our 2022 planning.

我們知道我們的協議是有效的。我們將繼續夜以繼日地工作，以減少這些解決方案對客戶的破壞性，並知道我們在這樣做的同時會確保他們的安全。自 7 月下旬實施這些設置以來，我們的經驗將作為我們 2022 年規劃的重要指南。

As we continue to keep people safe each day, I want to talk a bit about the risk-reduction work we've completed since 2019. Let's start on Slide 7, with our enhanced inspections. As you can see, we're on track to complete our enhanced inspections on 0.5 million assets in 2021 in our high-fire threat areas. These inspections are scheduled to be conducted every year on all assets in Tier 3 and every 3 years for all assets in Tier 2.

隨著我們每天繼續確保人們的安全，我想談談我們自 2019 年以來完成的降低風險工作。讓我們從幻燈片 7 開始，加強檢查。如您所見，我們有望在 2021 年完成對高火威脅地區 50 萬件資產的強化檢查。這些檢查計劃每年對第 3 級的所有資產進行一次，每 3 年對第 2 級的所有資產進行一次。

At the bottom of this slide, you'll see a couple points on our routine inspection program, which gets a lot of attention internally but really isn't well known outside of PG&E. As you can see in the green box, we conduct vegetation management inspections across our entire system annually. And in high-fire threat areas, we patrol those conductors twice a year. In 2021, we plan to complete 1,800 miles of enhanced vegetation management work. Combined with what we completed in 2019 and 2020, adds up to over 6,000 miles by the end of this year.

在這張幻燈片的底部，您會看到我們的例行檢查計劃中的幾個要點，這在內部引起了很多關注，但在 PG&E 之外實際上並不為人所知。正如您在綠色框中看到的，我們每年對整個系統進行植被管理檢查。在高火威脅地區，我們每年兩次巡邏這些售票員。 2021年，我們計劃完成1800英里的強化植被管理工作。再加上我們在 2019 年和 2020 年完成的工作，到今年年底，總里程將超過 6,000 英里。

While we're focused on keeping people safe with inspections and vegetation management, we're also focused on the longer-term hardening of our system. In the last 3 months, we've made great progress against our multiyear 10,000-mile undergrounding program. Our engineering team is scoping out the work as you'll begin to see in our 2022 Wildfire Mitigation Plan. Our goal is to engage the entire community around the imperative of undergrounding, and we are succeeding. We are engaging stakeholders through our undergrounding advisory group with representatives from environmental groups, labor, telecom, consumer advocacy groups, counties, tribes, among others. And we're gathering ideas on innovations in engineering, equipment and construction from the world's best through our RFI process. We're continuing to work on system hardening, as you can see here, and we'll provide an update on how we're thinking about that work as we further develop our undergrounding program.

雖然我們專注於通過檢查和植被管理來確保人們的安全，但我們也專注於我們系統的長期強化。在過去的 3 個月中，我們的多年 10,000 英里地下開採計劃取得了巨大進展。正如您將在我們的 2022 年野火緩解計劃中看到的那樣，我們的工程團隊正在確定工作範圍。我們的目標是讓整個社區圍繞地下化的必要性進行互動，我們正在取得成功。我們正在通過我們的地下諮詢小組與來自環保組織、勞工、電信、消費者權益保護組織、縣、部落等的代表接觸利益相關者。我們正在通過我們的 RFI 流程收集來自世界上最好的工程、設備和建築創新的想法。正如您在此處所見，我們將繼續致力於系統強化，我們將在進一步開發地下計劃時提供有關我們如何考慮這項工作的更新。

As a sneak peak, I'll share one project we completed this year. In September, we completed undergrounding power lines in Santa Rosa, which resulted in 11,000 customers who will no longer be impacted by PSPS. This is one of many projects. This is the right solution for our customers in that area, and that's why we did it. Simple solutions based on customer needs. As I mentioned, more to come on our undergrounding plans as we move into early 2022.

作為一個潛行高峰，我將分享我們今年完成的一個項目。 9 月，我們在聖羅莎完成了地下輸電線路，使 11,000 名客戶不再受到 PSPS 的影響。這是眾多項目之一。對於我們在該領域的客戶來說，這是正確的解決方案，這就是我們這樣做的原因。基於客戶需求的簡單解決方案。正如我所提到的，隨著我們進入 2022 年初，我們將有更多的地下開採計劃。

At PG&E, effective implementation of our Wildfire Mitigation Plan is enabled by our lean operating system, which we're deploying across the entire company. Every day, we have over 1,200 daily operating reviews, beginning with our crews closest to the work first thing in the morning and cascading to our executive operating review. These brief 15-minute huddles provide daily visibility on the metrics that matter most: help us identify gaps and quickly develop plans to support our teams closest to our customers, giving us control and predictability of our operations.

在 PG&E，我們正在整個公司部署的精益操作系統使我們的野火緩解計劃得以有效實施。每天，我們有超過 1,200 次日常運營審查，從早上最接近工作的工作人員開始，到我們的執行運營審查。這些 15 分鐘的簡短會議提供了對最重要指標的每日可見性：幫助我們發現差距并快速制定計劃以支持我們最接近客戶的團隊，使我們能夠控制和預測我們的運營。

As you know, this summer, we were challenged by the Dixie fire and the impact the fire had on all of our customers. I'll repeat what we said since Investor Day. Our actions around Dixie were those of a reasonable operator. And we're confident in the framework created by AB 1054. AB 1054 resulted in a wildfire fund to provide liquidity for resolved claims, a maximum liability cap for reimbursement by investor-owned utilities, and enhanced prudency standards when determining that reimbursement amount. We're reflecting that view in our financial statements, which show a gross charge of $1.15 billion. We've booked an offsetting $1.15 billion receivable to reflect our confidence to recover costs.

如您所知，今年夏天，我們受到了 Dixie 火災的挑戰以及火災對我們所有客戶的影響。我將重複我們自投資者日以來所說的話。我們圍繞 Dixie 採取的行動是一個合理的運營商。我們對 AB 1054 創建的框架充滿信心。AB 1054 產生了一個野火基金，為已解決的索賠提供流動性，為投資者擁有的公用事業公司的報銷設定了最大責任上限，並在確定報銷金額時提高了審慎標準。我們在財務報表中反映了這一觀點，該報表顯示總費用為 11.5 億美元。我們已經預訂了抵消的 11.5 億美元應收賬款，以反映我們收回成本的信心。

As I highlighted, PG&E is working hard every day to deliver clean energy safely. We're building on the mitigation programs we started in 2019. We're staying nimble to respond to current conditions, and we are improving our performance enterprise-wide.

正如我所強調的，PG&E 每天都在努力安全地提供清潔能源。我們正在以 2019 年開始的緩解計劃為基礎。我們正在靈活應對當前狀況，我們正在提高整個企業的績效。

For example, our team just last week, responded to an atmospheric river weather event. That included among the highest rainfall totals observed in a 48-hour time frame, ranging from 16 inches at Mount Tam to 5 inches in downtown Sacramento. The strongest wind gust recorded was 92 miles per hour from Mines Tower in Alameda County, with at least a dozen other locations experiencing gusts greater than 69 miles per hour. Even in the face of these difficult conditions, we completed our work without any serious safety incidents while returning service to 632,000 of the 851,000 customers impacted within 12 hours. I am very proud of the safe and rapid response of our team.

例如，我們的團隊上周剛剛響應了大氣河流天氣事件。這包括在 48 小時時間內觀察到的最高降雨量，從譚山的 16 英寸到薩克拉門托市中心的 5 英寸不等。記錄的最強陣風來自阿拉米達縣的 Mines Tower 每小時 92 英里，至少有十幾個其他地方的陣風超過每小時 69 英里。即使面對這些困難的條件，我們在沒有發生任何嚴重安全事故的情況下完成了工作，同時在 12 小時內為受影響的 851,000 名客戶中的 632,000 名恢復了服務。我為我們團隊的安全和快速反應感到非常自豪。

Now I'll hand it over to Chris to cover financial and regulatory items.

現在，我將把它交給 Chris，以涵蓋財務和監管項目。

Thank you, Patti. As Patti referenced earlier, our financial plan remains on track and is supported by our regulatory construct. I'll cover the highlights first, then go into more detail.

謝謝你，帕蒂。正如 Patti 之前提到的，我們的財務計劃仍在進行中，並得到我們監管結構的支持。我將首先介紹重點，然後再詳細介紹。

Today, we're announcing that we no longer see a need for equity in 2021. We're reaffirming our non-GAAP core EPS guidance for this year, and we anticipate issuing our 2022 guidance on our Q4 earnings call. Additionally, we're seeing progress on recoveries related to prior wildfire risk-reduction investments to help the balance sheet.

今天，我們宣佈在 2021 年不再需要股權。我們重申今年的非公認會計原則核心每股收益指引，並預計在第四季度財報電話會議上發布 2022 年指引。此外，我們看到與先前的野火風險降低投資相關的恢復進展，以幫助資產負債表。

Let's start with the share count used for Q3 2021 and year-to-date GAAP and non-GAAP core earnings per share. We're in a GAAP loss position for both Q3 2021 as well as year-to-date 2021 due to our grantor trust election this quarter. As a result, we're required to use basic shares outstanding to calculate both GAAP EPS and non-GAAP core EPS for Q3 and year-to-date.

讓我們從用於 2021 年第三季度的股票數量以及年初至今的 GAAP 和非 GAAP 核心每股收益開始。由於本季度我們的設保人信託選舉，我們在 2021 年第三季度和 2021 年年初至今都處於 GAAP 虧損狀態。因此，我們需要使用基本流通股來計算第三季度和年初至今的 GAAP 每股收益和非 GAAP 核心每股收益。

Our full year guidance has always assumed a GAAP-positive year and our full year non-GAAP core EPS of $0.95 to $1.05 per share reflects our fully diluted share count, so there's no impact there.

我們的全年指引始終假設 GAAP 為正，我們全年非 GAAP 核心每股收益為 0.95 美元至 1.05 美元反映了我們完全攤薄的股票數量，因此沒有影響。

I'll start with our Q3 results. We continue to be on track for the 2021 non-GAAP operating EPS of $0.95 to $1.05. This is calculated using our fully diluted share count I just mentioned, consistent with our assumption when we initiated guidance. Slide 9 shows our results for the third quarter. Non-GAAP core earnings per share for the quarter came in at $0.24. We recorded a GAAP loss of $0.55, including noncore items. This quarter, we recorded a $1.3 billion charge we've previously guided to as a result of our grantor trust election. As you recall, this charge is expected to reverse over time as the Fire Victim Trust sells shares.

我將從我們的第三季度結果開始。我們繼續朝著 0.95 美元至 1.05 美元的 2021 年非公認會計原則營業每股收益走上正軌。這是使用我剛剛提到的完全稀釋的股票數量計算得出的，這與我們在啟動指導時的假設一致。幻燈片 9 顯示了我們第三季度的業績。本季度非 GAAP 核心每股收益為 0.24 美元。我們記錄了 0.55 美元的 GAAP 虧損，包括非核心項目。本季度，我們記錄了 13 億美元的費用，這是由於我們的設保人信託選舉而導致的。正如你所記得的，隨著火災受害者信託基金出售股票，這種收費預計會隨著時間的推移而逆轉。

Moving to Slide 10. As Patti mentioned, we took a $1.15 billion charge this quarter for the Dixie fire. We also recorded a $1.15 billion of offsetting receivables. And the receivables reflect our confidence to recover costs based on the facts and information available to us today. And as a reminder, we recognize a receivable if we believe recovery is probable under the applicable accounting standard. And due to the facts currently available, were not [as probable] for recovery of amounts exceeding insurance for the 2019 contained in 2020 Zogg Fires. Therefore, we haven't recorded offsetting receivables for either of those fires.

轉到幻燈片 10。正如帕蒂所說，我們本季度為 Dixie 火災收取了 11.5 億美元的費用。我們還記錄了 11.5 億美元的抵消應收賬款。應收賬款反映了我們根據今天可用的事實和信息收回成本的信心。提醒一下，如果我們認為根據適用的會計準則很可能收回，我們會確認應收款項。並且由於目前可獲得的事實，對於 2020 年佐格火災中包含的 2019 年超過保險的金額，[不太可能] 收回。因此，我們沒有記錄任何一場火災的抵消應收賬款。

On Slide 11, we show the quarter-over-quarter comparison for non-GAAP core earnings of $0.24 per share for Q3 2021 versus $0.22 per share for Q3 2020. EPS increased due to $0.03 of growth in rate-based earnings, $0.02 from using basic share count as a result of the GAAP loss I mentioned earlier, and a $0.01 from lower wildfire mitigation costs, partially offset by a $0.01 decrease due to timing of taxes that will net to 0 over the year. We expect a stronger fourth quarter due to timing of the regulatory revenue and efficient work execution.

在幻燈片 11 上，我們展示了 2021 年第三季度非 GAAP 核心收益每股 0.24 美元與 2020 年第三季度每股 0.22 美元的季度環比比較。每股收益增加是由於基於利率的收益增長了 0.03 美元，使用了 0.02 美元由於我之前提到的 GAAP 損失導致的基本份額計數，以及由於野火緩解成本降低而導致的 0.01 美元，部分被由於全年稅收時間淨額為 0 而減少的 0.01 美元所抵消。由於監管收入的時機和高效的工作執行，我們預計第四季度會更強勁。

Moving to Slide 12. We're reaffirming our non-GAAP core EPS of $0.95 to $1.05. On the debt side, we expect to complete an initial AB 1054 securitization transaction this month for $860 million. Our separate rate neutral securitization has also been approved by the CPC. And once we resolve the final legal steps, we anticipate we'll start issuing bonds early next year.

轉到幻燈片 12。我們重申我們的非 GAAP 核心每股收益為 0.95 美元至 1.05 美元。在債務方面，我們預計本月將以 8.6 億美元完成初始 AB 1054 證券化交易。我們單獨的利率中性證券化也獲得了中國共產黨的批准。一旦我們解決了最後的法律步驟，我們預計我們將在明年初開始發行債券。

Now some updates on regulatory matters. I'll specifically highlight important filings reflecting both our focus on timely cost recovery for historical spend and our focus on the planet, supporting California's clean energy future.

現在有一些關於監管事項的更新。我將特別強調重要的文件，這些文件反映了我們對及時回收歷史支出的關注以及我們對地球的關注，支持加州的清潔能源未來。

Turning to Slide 13. At the end of the third quarter, we've requested cost recovery for approximately 80% of the unrecovered wildfire-related costs on our balance sheet. And we already have final decision, settlement agreements or interim rates for roughly 60%.

轉到幻燈片 13。在第三季度末，我們已要求對資產負債表上大約 80% 的未收回野火相關成本進行成本回收。我們已經有了大約 60% 的最終決定、和解協議或臨時利率。

In September, we filed a settlement agreement for our 2020 wildfire mitigation and catastrophic event application. Our request was $1.28 billion, comprised of prior wildfire expense, including costs that were incurred in 2018. Given some of these costs predate the Wildfire Mitigation Plan construct, we feel the settlement of $1.04 billion is a reasonable outcome.

9 月，我們為 2020 年野火緩解和災難性事件申請提交了和解協議。我們的要求是 12.8 億美元，其中包括之前的野火費用，包括 2018 年發生的費用。鑑於其中一些費用早於野火緩解計劃構建，我們認為 10.4 億美元的和解是一個合理的結果。

Most recently on this front, in September, we filed a recovery of $1.4 billion of additional wildfire mitigation and catastrophic event costs. Most of the costs were incurred last year, and under our proposal, most of the revenue would be recovered in 2023 and 2024. You should expect to see similar filings in the coming years as we seek timely recovery of any incremental spend in these areas.

最近在這方面，在 9 月，我們提出了 14 億美元的額外野火緩解和災難性事件成本的回收。大部分成本發生在去年，根據我們的提議，大部分收入將在 2023 年和 2024 年收回。隨著我們尋求及時收回這些領域的任何增量支出，您應該期望在未來幾年看到類似的申請。

Next, I'll cover a brief update on our cost of capital application. In late August, we filed the cost of capital application for rates starting in January of 2022. The request was filed off-cycle as a result of the disconnect between lower interest rates and the increase in cost of capital for California Utilities as seen from higher interest costs and equity issuance costs.

接下來，我將簡要介紹一下我們的資本應用成本。 8 月下旬，我們提交了從 2022 年 1 月開始的費率的資本成本申請。由於較低的利率與加州公用事業公司的資本成本增加之間的脫節，該請求是非週期提交的，從較高的利率可以看出利息成本和股權發行成本。

At this stage, we'll follow the recent direction by the administrative law judge and file materials that would have been included in the cost of capital adjustment mechanism advice letter by next Monday. The filing will include calculations of the ROE, cost of debt, and the resulting overall return on rate base from the operation of the adjustment mechanism. The ALJ's order asked us to submit the relevant information into the cost of capital proceeding rather than requesting us to file an advice letter.

現階段，我們將按照行政法官最近的指示，在下週一之前將本應包含在資本調整機製成本建議函中的材料歸檔。備案將包括計算淨資產收益率、債務成本以及調整機制運行所產生的總體利率基礎。 ALJ 的命令要求我們將相關信息提交到資本訴訟成本中，而不是要求我們提交建議函。

Our focus on the triple bottom line of people, planet and prosperity is also not slowing down. Just last week, we filed for key transportation electrification investment that will accelerate technology adoption for underserved communities and, of course, support California's greenhouse gas reduction goals. EV Charge 2 is an extension of our fully subscribed and successful EV charge network program and ongoing EV fast charge program. We're requesting a total revenue requirement of roughly $225 million from 2023 through 2030. This phase of the program will provide the infrastructure to support 16,000 new charging ports, which is just scratching the surface to meet the demands of our customers, who today are driving nearly 20% of the electric vehicles in the country. We are proud to serve the largest base of customers owning and purchasing EVs in the U.S.

我們對人、地球和繁榮三重底線的關注也沒有放緩。就在上週，我們申請了關鍵的交通電氣化投資，這將加速服務欠缺社區的技術採用，當然還有支持加州的溫室氣體減排目標。 EV Charge 2 是我們完全訂閱且成功的 EV 充電網絡計劃和正在進行的 EV 快速充電計劃的擴展。我們要求從 2023 年到 2030 年的總收入要求約為 2.25 億美元。該計劃的這一階段將提供支持 16,000 個新充電端口的基礎設施，這只是為了滿足我們客戶的需求，而這些客戶今天是駕駛著全國近 20% 的電動汽車。我們很自豪能為美國擁有和購買電動汽車的最大客戶群提供服務。

I'll close by reiterating that we're delivering against the financial plan for 2021. Our focus continues to be on addressing the critical need to reduce wildfire risk in the near term while running the business effectively for the long term. We're investing in needed wildfire mitigation and we've eliminated our 2021 equity need. We'll continue to focus on improving our balance sheet while making the right investments to deliver clean energy safely to our customers. And with that, I'll hand it back to Patti.

最後，我將重申，我們正在根據 2021 年的財務計劃交付成果。我們的重點仍然是解決在短期內降低野火風險的關鍵需求，同時長期有效地運營業務。我們正在投資於必要的野火緩解措施，並且我們已經消除了 2021 年的股權需求。我們將繼續專注於改善我們的資產負債表，同時進行正確的投資，為我們的客戶安全地提供清潔能源。有了這個，我會把它交還給帕蒂。

Thanks, Chris. Every day, we are more and more excited about the future we're creating here at PG&E. We can see the difference that's being made and the value to be unlocked. We continue to reduce wildfire risk, and we're encouraged by the protections we have in place for our investors and the hometowns where we live and operate. Our 2021 PSPS protocols are the right solution on high wind days, and our Enhanced Powerline Safety Settings are necessary and effective in reducing ignitions and the resulting damage given our current drought conditions.

謝謝，克里斯。每一天，我們都對我們在 PG&E 創造的未來感到越來越興奮。我們可以看到正在產生的差異以及要解鎖的價值。我們繼續降低野火風險，我們為投資者和我們生活和經營的家鄉提供的保護令我們感到鼓舞。我們的 2021 PSPS 協議是大風天的正確解決方案，鑑於我們目前的干旱條件，我們的增強型電力線安全設置對於減少點火和由此造成的損害是必要且有效的。

We're focusing our work to make our system safer every day. We're adapting based on what we learned so we can best serve our customers and you, our investors. We'll deliver on the financials, and we'll continue to implement the necessary processes to run a high-performing utility. Jenny, please open the line for Q&A.

我們的工作重點是讓我們的系統每天都更加安全。我們正在根據我們學到的知識進行調整，以便我們能夠最好地為我們的客戶和您，我們的投資者服務。我們將提供財務數據，我們將繼續實施必要的流程來運行高性能的公用事業。珍妮，請打開問答線。

(Operator Instructions) Your first question is from Jonathan Arnold with Vertical Research.

（操作員說明）您的第一個問題來自 Vertical Research 的 Jonathan Arnold。

A couple of questions. Just, Chris, picking up on your comment on cost of capital. Does the fact that the ALJ didn't require the actual advice letters suggest that rates might stay where they are pending resolution of the applications? Or is it a little early to tell, and we need to wait for the scoping memo or some other directive on that?

幾個問題。只是，克里斯，接聽你對資本成本的評論。 ALJ 不需要實際的建議書這一事實是否表明費率可能會保持在等待解決申請的水平？還是說現在有點早，我們需要等待範圍界定備忘錄或其他一些指令？

Sure, Jonathan. And again, just as a reminder for everyone, the trigger mechanism itself would have implied a 60 basis point ROE reduction, which for us is roughly $0.06 of EPS. In terms of the current state of affairs, we'll be filing this next set of information next Monday, but it is true, Jonathan, that our position is that the rates are not adjusted January 1, 2022 by the ALJ's ruling, and so that's definitely our position at this point. Tough to know until, to your point, we see a little bit more in terms of the scoping memo, but we do think that was a good development in terms of how the judge is treating that next step.

當然，喬納森。再次提醒大家，觸發機製本身意味著 ROE 降低 60 個基點，對我們而言，這大約是每股 0.06 美元。就目前的事態而言，我們將在下週一提交下一組信息，但喬納森，我們的立場是真實的，即 2022 年 1 月 1 日，行政法官的裁決並未調整費率，因此這絕對是我們目前的立場。很難知道，直到你的觀點，我們在範圍備忘錄方面看到了更多，但我們確實認為，就法官如何處理下一步而言，這是一個很好的發展。

Okay. Great. And then just, I guess, sort of stepping back a little bit and considering the -- taking out the equity out of this year and then the securitization you're about to do. At what point in the -- in your forward outlook does the utility arrive at a point where it can start paying a dividend to the parent, and then we can sort of start to think about some delevering?

好的。偉大的。然後，我想，有點退後一步，考慮 - 從今年取出股權，然後你即將進行的證券化。在您的前瞻性展望中，公用事業公司會在什麼時候開始向母公司支付股息，然後我們可以開始考慮去槓桿化？

Absolutely. We're looking forward to that, Jonathan. Again, our commitment is really twofold, right? First is ensuring that we take out roughly $2 billion of holding company debt by the end of 2023. Still on track there. Second, our focus is certainly on that period in which we would have non-GAAP core earnings exceeding a cumulative $6.2 billion.

絕對地。我們很期待，喬納森。同樣，我們的承諾真的是雙重的，對吧？首先是確保我們在 2023 年底前償還大約 20 億美元的控股公司債務。仍然在軌道上。其次，我們的重點當然是非公認會計準則核心收益累計超過 62 億美元的時期。

That would put us at roughly midyear in 2023 when we'd be in a position to reinstate the dividend. And certainly we'll be partnering -- Patti, myself, partnering with our Board to really evaluate what makes sense in terms of reinstatement level and growth rate at that stage.

這將使我們大約在 2023 年年中能夠恢復股息。當然，我們將合作——Patti，我自己，與我們的董事會合作，真正評估在那個階段在恢復水平和增長率方面什麼是有意義的。

That just kind of like -- that restriction is on the common -- the parent company dividend, right, but does the -- can the utility start dividending to the parent before that? Or is it also...

這有點像——這種限制是對共同的——母公司的股息，對，但是——公用事業公司能在此之前開始向母公司派息嗎？還是它也...

At this stage, you may have seen that we have disclosed this quarter actually an intercompany loan. So I think at this point, we've got the path to make sure that we're feeding the holding company for any needs that it has, Jonathan. We would still be of the view that the holdco reinstate will be midyear 2023.

在這個階段，您可能已經看到我們在本季度披露的實際上是一筆公司間貸款。所以我認為在這一點上，我們有辦法確保我們為控股公司提供任何需求，喬納森。我們仍然認為，控股公司將在 2023 年年中恢復。

Your next question is from Steve Fleishman with Wolfe Research.

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

Curious on the -- last week, we got the proposals from the Democrats in this -- in their infrastructure bill, or whatever you want to call it. And one of the proposals is this minimum effective tax rate. And I know it's early on. I know it's not passed, but is there any risk that, that could kind of impact the ability to get all your NOL and also the securitization tied to the NOL?

好奇——上週，我們從民主黨人那裡得到了提案——在他們的基礎設施法案中，或者你想怎麼稱呼它。其中一項建議是最低有效稅率。我知道現在還早。我知道它沒有通過，但是否存在任何風險，這可能會影響獲得所有 NOL 的能力以及與 NOL 相關的證券化？

Sure, Steve. Thanks for the question. I think at its highest level, it's definitely a little bit early. In terms of our initial read of this just given the draft was provided, I believe, last Thursday, there's really a couple of things going on. First is that the tax NOLs that are derived separately are not impacted by book minimum tax and the proposal really is focused on book NOLs. And then second, as you can imagine, just kind of going forward, very traditionally, these costs are considered cost -- part of cost of service and are passed through to customers.

當然，史蒂夫。謝謝你的問題。我認為在它的最高水平上，它肯定有點早。鑑於我們剛剛提供了草稿，就我們對本文的初步閱讀而言，我相信，上週四確實發生了一些事情。首先是單獨得出的稅收 NOL 不受賬面最低稅的影響，並且該提案確實側重於賬面 NOL。其次，正如您可以想像的那樣，只是向前發展，非常傳統，這些成本被認為是成本——服務成本的一部分，並傳遞給客戶。

So it's a bit early to know exactly how this will play out. And certainly, the draft again in D.C. could change again. But at this stage, I don't see an immediate impact coming through from the alternative minimum tax.

因此，現在確切知道這將如何發展還為時過早。當然，華盛頓特區的選秀可能會再次改變。但在現階段，我認為替代性最低稅不會立即產生影響。

Okay. Great. And then a question just on the 0 equity this year. It does also look like the contribution -- the $1 billion contribution to put the securitization was moved to next year. Does that mean the equity could have been moved to next year then, or not clear?

好的。偉大的。然後是關於今年 0 股本的問題。它看起來也確實像捐款 - 將證券化的 10 億美元捐款移至明年。這是否意味著股權可能已經轉移到明年，還是不清楚？

Not necessarily, Steve. We've consistently articulated that our focus has been on resolving really prior legacy legal issues and that has driven some of the equity need. And as we disclosed today, we've made some progress, in particular on the Zogg fire.

不一定，史蒂夫。我們一直明確表示，我們的重點一直是解決真正以前的遺留法律問題，這推動了一些公平需求。正如我們今天所披露的，我們已經取得了一些進展，尤其是在 Zogg 火災方面。

What I would say is, it is true, and we've been signaled pretty clearly here that the -- any additional impact there as it relates specifically to the customer credit trust would be something that would move into 2022, meaning that, that first $1 billion payment, right, would be only occurring after we have completed the securitization itself. So don't see a risk there.

我要說的是，這是真的，而且我們在這裡已經非常清楚地表明，任何與客戶信用信任特別相關的額外影響都將在 2022 年發生，這意味著，首先10 億美元的付款，對，只有在我們完成證券化本身之後才會發生。所以不要在那裡看到風險。

Okay. That's great. And then just lastly on the Dixie fire cost. I know that was obviously a large fire in terms of the acreage, but the impact in terms of structures seem to be relatively small. And so I'm a little surprised that the size of cost relative to just structures. Could you just maybe give us a better sense of what might explain that?

好的。那太棒了。最後是 Dixie 火災成本。我知道這顯然是一場大火，就面積而言，但在結構方面的影響似乎相對較小。所以我對相對於結構的成本大小感到有點驚訝。你能不能讓我們更好地理解什麼可以解釋這一點？

Sure. And traditionally, what we'll do, Steve, every quarter is we'll consistently update this. And at this stage, when you look at the totality of structures impacted, what's going on there is you have a mix of a few things. First, it's the roughly 1,400 structures that were damaged or destroyed. Two, there's also an element of a commercial area or a downtown area that was impacted. So there's some focus on business interruption in that specific vicinity.

當然。傳統上，史蒂夫，我們會做的是，每個季度我們都會不斷更新這個。在這個階段，當您查看所有受影響的結構時，您會發現其中混合了一些東西。首先，大約有 1,400 座建築物遭到破壞或摧毀。第二，還有一個商業區或市區的元素受到影響。因此，有些人關注該特定區域的業務中斷。

And then third, there are some areas where we have to contemplate the potential for private timber operations, which would have a potential impact there as well. So when you stack those all on top of each other, you get to the point where we get in terms of those private claims recoveries and the charge we disclosed today of $1.15 billion.

第三，在某些領域，我們必須考慮私營木材經營的潛力，這也會產生潛在的影響。因此，當您將所有這些疊加在一起時，您就可以得出我們今天披露的 11.5 億美元的私人索賠追償金額和費用。

Okay. And your ability -- the AB 1054 is what allows you to be able to offset the write-off which shows, I guess, some conviction on being prudent?

好的。而你的能力——AB 1054 是什麼讓你能夠抵消註銷，我猜這表明了一些謹慎的信念？

Yes. And Steve, just to add, acting as a reasonable operator, one of the interesting things about this fire as we look at the fact pattern, we've disclosed much of the information through Judge Alsup's questions, many of -- a lot of the information we have is now public through his questions. And the fact pattern is very much supportive of a reasonable operator. And with the AB 1054 new prudency standard that is presumed, that does, we feel, give us confidence and -- gives us confidence in the accounting treatment.

是的。史蒂夫，作為一個合理的操作員，作為一個合理的操作員，當我們看到事實模式時，關於這場火災的有趣事情之一，我們已經通過法官 Alsup 的問題披露了很多信息，其中很多 - 很多我們擁有的信息現在通過他的問題公開。而事實模式非常支持一個合理的算子。並且根據假定的 AB 1054 新審慎標準，我們認為，這確實給了我們信心，並且 - 讓我們對會計處理充滿信心。

Great. Thank you so much for all those answers.

偉大的。非常感謝所有這些答案。

Sure, Steve. Thanks for those questions. And again, what we did in terms of the materials this morning for everyone is if you go to Slide 10, we give a pretty defined breakout of the different components of potential recovery mechanisms there. Certainly, AB 1054 and its key protections are there, but there are a few other recovery components there that we broke out for everyone this morning. Thanks for that question, Steve.

當然，史蒂夫。謝謝這些問題。再說一次，我們今天早上為每個人所做的材料是，如果你去幻燈片 10，我們會非常明確地突破潛在恢復機制的不同組成部分。當然，AB 1054 及其關鍵保護措施已經存在，但我們今天早上為大家介紹了一些其他恢復組件。謝謝你的問題，史蒂夫。

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

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

So maybe to follow up on Steve's question there briefly. Can you talk through a little bit more of the process just in terms of seeing that affirmed through the AB 1054 process, at least for the initial $150 million? But also speak to the process on effectively truing it up with the $600 million plus of suppression costs or what have you. When do we get that affirmation that the process under the AB 1054 Wildfire Fund [critical] works, if you will? And I know it is at times protracted here, but how do you practically see it from here given now that you've established a receivable?

所以也許可以簡單地跟進史蒂夫的問題。您能否就通過 AB 1054 流程確認這一點，至少對最初的 1.5 億美元，多談談該流程？但也要談談用 6 億美元以上的壓製成本或你有什麼來有效地糾正它的過程。如果您願意，我們什麼時候可以確認 AB 1054 Wildfire Fund [critical] 下的流程有效？而且我知道它有時會在這裡拖延，但是既然您已經建立了應收賬款，那麼您實際上如何看待它？

Sure thing. Julien, and I think we touched a little bit about this -- a little bit on this at our Investor Day actually earlier this year. And ultimately, what would be happening here is we have to -- first things first, work our way through the claims themselves. It's very early in terms of any kind of claims interface we're having at this stage. And you traditionally had a time period that passes in terms of the first couple of years before the initial statute of limitations hit. At that stage, once we resolve the claims and as we resolve the claims, we only then would we be bringing things forward to the Wildfire Fund Administrator, really the Wildfire Fund, to seek potential recoveries. So if history is any guide, Julien, this could be a few years before we're having that explicit interaction.

肯定的事。 Julien，我認為我們在今年早些時候的投資者日上對此進行了一些探討。最終，這裡將發生的事情是我們必須 - 首先，通過聲明本身來解決問題。就我們現階段所擁有的任何類型的索賠界面而言，這還為時過早。傳統上，在最初的訴訟時效生效之前的前幾年，您會經歷一段時期。在那個階段，一旦我們解決了索賠，並且當我們解決了索賠時，我們才會將事情提交給野火基金管理員，實際上是野火基金，以尋求潛在的追償。因此，如果歷史可以作為指導，Julien，這可能是在我們進行明確互動之前的幾年。

In terms of any implications related to fire-suppression costs, other additional acreage impacted in national and state forest land, those are things we provided in the disclosures certainly today, and we'll continue to take a look at, and that's just something that every single quarter, we consistently review all these different elements and update as we see necessary. But at this stage, where we are today is the 1.15, and the recovery sources would be pretty limited in terms of the Wildfire Fund impact here, as you can imagine, right? It's just that amount over $1 billion, so roughly $150 million.

關於與滅火成本相關的任何影響，以及影響國家和州林地的其他額外面積，這些都是我們今天在披露中提供的內容，我們將繼續研究，這只是一些每個季度，我們都會不斷審查所有這些不同的元素，並在我們認為必要時進行更新。但是在這個階段，我們今天所處的位置是 1.15，就野火基金的影響而言，恢復來源將非常有限，正如您可以想像的那樣，對吧？這只是超過 10 億美元的數額，因此大約是 1.5 億美元。

Right. Indeed, excellent. And then if I can move to a slightly different subject here, if you don't mind. On the resource adequacy front, certainly, we made it through the summer relatively unscathed, one would argue. Curious to see where you stand, where the state stands, against whether process-oriented towards improving its reserve margins and/or just execution, right? I imagine that supply chain, just ability to procure new resources, has somewhat impeded the state's progress. Curious on your state of affairs after the summer.

對。確實，優秀。然後，如果您不介意，我可以在這裡轉移到一個稍微不同的主題。當然，在資源充足方面，我們相對毫髮無損地度過了這個夏天，有人會說。很想知道你的立場，國家的立場，反對是否以流程為導向來提高其儲備利潤率和/或只是執行，對嗎？我想供應鏈，只是採購新資源的能力，在某種程度上阻礙了國家的進步。好奇你夏天過後的狀況。

Yes, great question. It's definitely top of mind. We did see some delays in supply chain, procurement, particularly of battery storage. However, we expect to have over 900 megawatts added to the system by the end of this year. And so that's all valuable for next year. In total, our plan is to have a total of 1,740 megawatts by the end of 2023. And we're working hard to get those procurement plans in place so that we can make up for the delays that continue to plague the supply chain.

是的，很好的問題。這絕對是最重要的。我們確實看到供應鏈、採購，尤其是電池存儲方面出現了一些延遲。然而，我們預計到今年年底將有超過 900 兆瓦的電力添加到系統中。所以這對明年來說都是有價值的。總的來說，我們的計劃是到 2023 年底總共擁有 1,740 兆瓦。我們正在努力製定這些採購計劃，以便我們能夠彌補繼續困擾供應鏈的延誤。

I'll also just say that as we're thinking about our path forward, the -- I think the state of California is actually doing a good job of looking statewide at who's responsible for procuring what. We've developed a strong working relationship with CAL ISO. CAL ISO has some new leadership there, and we're working together to make sure that we have the kind of transparency and visibility into what is required by when. And so lots of, I would say, positive momentum and working together as a state to make sure we have adequate resources.

我還要說的是，當我們考慮前進的道路時，我認為加利福尼亞州實際上在全州範圍內很好地審視了誰負責採購什麼。我們與 CAL ISO 建立了牢固的工作關係。 CAL ISO 在那裡有了一些新的領導，我們正在共同努力，以確保我們對何時需要的內容具有透明度和可見性。我想說，有很多積極的勢頭，並作為一個州共同努力確保我們有足夠的資源。

We do think it's very important, and we see the potential of distributed resources and clean energy resources in this unique time, this kind of unique moment in time, a generational opportunity to clean the energy resources as we transition and provide more resource adequacy for the state. So I would say very positive signals moving forward.

我們確實認為這非常重要，並且我們看到了分佈式資源和清潔能源資源在這個獨特的時代的潛力，這種獨特的時刻，在我們過渡期間清潔能源資源的世代機會，並為我們提供更多的資源充足性狀態。所以我想說非常積極的信號向前發展。

Excellent. Just quick further elaboration here. What types of documents were requested by the October 7 subpoena from the federal investigators? If you can just quickly throw that it in there.

優秀的。在這裡快速進一步闡述。 10 月 7 日的傳票要求聯邦調查人員提供哪些類型的文件？如果你能快速把它扔進去。

Julien, it's Chris. There's not much more detail we can provide there. They do relate, broadly speaking, to the Dixie fire. What I would offer as well is that you can imagine we have an enormous amount of information in the public domain at this stage through -- primarily due to the requests that have come through from Judge Alsup and the Federal monitor. So quite a bit of information already out. We've shared certainly what we've seen at this stage, and at this point, we'd certainly be complying with any request from the U.S. attorney.

朱利安，是克里斯。我們無法提供更多細節。從廣義上講，它們確實與迪克西大火有關。我還要提供的是，您可以想像在這個階段我們在公共領域擁有大量信息——主要是由於 Alsup 法官和聯邦監察員提出的要求。所以已經有相當多的信息了。我們當然已經分享了我們在這個階段所看到的，在這一點上，我們肯定會遵守美國律師的任何要求。

And at the end of the day, we continue to say that the fact pattern reinforces that we are a reasonable operator, and we'll continue to cooperate.

歸根結底，我們繼續說事實模式強化了我們是一個合理的運營商，我們將繼續合作。

The next question is from Michael Lapides with Goldman Sachs.

下一個問題來自高盛的 Michael Lapides。

Just a high-level one. Commodity prices have moved a lot. That's just everybody can look every day of the week and yet they've come down in the last couple of days a little bit. How are you thinking about the bill? Because you've got a pretty sizable general rate case request out there. You've got all the various cost recovery related to wildfire spends that are starting to flow through the bill, maybe not on the income statement, but on the cash flow statement and on the customer's bill. And then you've got the move-in gas and purchase power costs, which have been pretty material lately. How do you think about things that can help offset that to mitigate significant bill creep for your customer base?

只是高級別的。商品價格波動很大。這只是每個人都可以看一周中的每一天，但他們在過去幾天有所下降。你怎麼看賬單？因為你有一個相當大的一般費率案例請求。您已經獲得了與野火支出相關的所有各種成本回收，這些成本開始流經賬單，可能不是在損益表上，而是在現金流量表和客戶賬單上。然後你得到了搬入天然氣和購買電力的成本，這些成本最近相當可觀。您如何看待可以幫助抵消這一點以減輕您的客戶群的重大賬單蠕變的事情？

Michael, great question. This is obviously top of mind. Affordability is always very important to us. And there's lots of things that we can do at PG&E to protect customers from bill increases. But just a couple facts for you. Our average monthly gas bill is at around $50. So a 10% increase in gas prices would increase the bill about 2%. The commodity portion of the bill is about 25% of the bill. So the impact is muted. But more importantly, I would say that because we have pipeline access to many gas production basins and we're able to -- that allows us to get the lowest cost gas as it's available. And then we use our gas storage to them, be able to protect customers from these unusual upticks in price and protect our customers in that way. So that's an important thing.

邁克爾，好問題。這顯然是最重要的。負擔能力對我們來說始終非常重要。我們可以在 PG&E 做很多事情來保護客戶免受賬單增加的影響。但對你來說只是幾個事實。我們平均每月的煤氣費約為 50 美元。因此，汽油價格上漲 10% 將使賬單增加約 2%。賬單的商品部分約為賬單的 25%。所以影響很小。但更重要的是，我想說的是，因為我們有通往許多天然氣生產盆地的管道，我們能夠——這使我們能夠獲得成本最低的天然氣。然後我們為他們使用我們的儲氣庫，能夠保護客戶免受價格異常上漲的影響，並以這種方式保護我們的客戶。所以這是很重要的事情。

And I would also say that as gas fuels electric prices, a 50% increase in electric power prices would have less than a 10% increase on our customers' overall bills. So again, because we have limited exposure to natural gas, for our customers' electric usage. So I would say of many jurisdictions, our customers are well positioned given the commodity prices.

我還要說，由於天然氣燃料電價，電價上漲 50% 對我們客戶的整體賬單增加不到 10%。再說一次，因為我們對天然氣的接觸有限，以供我們客戶的電力使用。所以我會說許多司法管轄區，鑑於商品價格，我們的客戶處於有利地位。

But more importantly, I would suggest that we, PG&E, will develop a much stronger muscle with our lean operating system in place to protect customers bills, making great investments in infrastructure that they need, trading, operating expense, band-aid replacements for permanent long-term higher-value capital replacements that serve customers very well and better than deliver for investors. So that's definitely our game plan and our path forward.

但更重要的是，我建議我們，PG&E，將通過我們的精益操作系統來發展更強大的力量，以保護客戶的賬單，在他們需要的基礎設施、交易、運營費用、創可貼更換永久長期的高價值資本置換，為客戶提供非常好的服務，比為投資者提供的服務更好。所以這絕對是我們的遊戲計劃和我們前進的道路。

Do you believe there's material [Millenium] cost decrease potential in the company in the next couple years? Or do you think it's more beyond that?

您是否認為公司在未來幾年內有降低材料 [Millenium] 成本的潛力？還是你認為它不止於此？

Well, I think we're seeing cost improvements today by all -- already some of our well -- the visibility that we have with our daily operating review cadence, the management that we have in place today who are experienced executives, who are accustomed to finding cost savings on a routine annual basis, I suggest those cost savings will materialize. And they are materializing now and they will materialize for years and years and years to come. I will just share with you, every moment that I spend observing our operations, which is a lot of moments, I see great opportunities for waste elimination and cost savings for our customers.

好吧，我認為我們今天看到了所有人的成本改善 - 已經是我們的一部分 - 我們在日常運營審查節奏中的可見性，我們今天擁有的管理人員是經驗豐富的高管，他們已經習慣了為了在例行的年度基礎上找到成本節約，我建議這些成本節約將成為現實。它們現在正在實現，它們將在未來幾年、幾年和幾年裡實現。我將與您分享，我花在觀察我們運營的每一刻，這是很多時刻，我看到了為我們的客戶消除浪費和節省成本的絕佳機會。

Your next question is from Stephen Byrd with Morgan Stanley.

您的下一個問題來自摩根士丹利的斯蒂芬·伯德。

I wanted to step back on federal draft legislation, again, building on Steve's question. Just thinking about other provisions that you all are thinking about that could be relevant. I was certainly thinking about sort of quite a bit of capital put aside for sort of mitigating climate change impacts, what that might be able to do from both a PG&E specific factor as well as just more broadly reducing fire risk?

基於史蒂夫的問題，我想再次退出聯邦立法草案。想想你們都在考慮的其他條款可能是相關的。我當然在考慮為減輕氣候變化影響留出相當多的資金，這可能從 PG&E 的特定因素以及更廣泛地降低火災風險方面起到什麼作用？

And then maybe just the second part of the question is just very broad, which is just other impacts from federal legislation that you're thinking about beyond sort of what I've been thinking about on the sort of climate side of things?

然後也許只是問題的第二部分非常廣泛，這只是您正在考慮的聯邦立法的其他影響，超出了我一直在考慮的氣候方面？

Great question, Stephen. We have been actively engaged very early on in the grid resilience, the climate adaptation components of much of the infrastructure package. And we wanted to make sure that there were a couple things that were recognized in that federal package. One is making sure that we can have support for our customers on vegetation management, which is a high expense item for us, as well as other grid hardening solutions, micro grids, or even undergrounding. So we -- and we see those elements in the package today. Now your guess is as good as mine of what's actually going to get passed, but they continue to be in the revisions that we see coming forward. So we think that's a good sign.

好問題，斯蒂芬。我們很早就積極參與電網彈性，即大部分基礎設施包的氣候適應組件。我們希望確保該聯邦一攬子計劃中承認了幾件事。一是確保我們能夠在植被管理方面為客戶提供支持，這對我們來說是一項高昂的費用項目，以及其他電網加固解決方案、微電網甚至地下工程。所以我們 - 我們今天在包中看到了這些元素。現在你的猜測和我的猜測一樣好，實際上會通過什麼，但它們繼續出現在我們看到的未來修訂中。所以我們認為這是一個好兆頭。

We also are very supportive of additional funding for the Federal Forest Service. The U.S. Forest Service has a very important role to play here in California, and we're working in partnership with them on fire prevention and fire mitigation efforts and making sure they have appropriate staffing so that in the event of fires, they are able to adequately respond. And so we're very supportive of additional funding for the U.S. Forest Service.

我們也非常支持為聯邦林務局提供額外資金。美國林務局在加州發揮著非常重要的作用，我們正在與他們合作開展防火和緩解火災工作，並確保他們配備適當的人員，以便在發生火災時能夠充分回應。因此，我們非常支持為美國林務局提供額外資金。

And then ultimately, obviously, this clean energy transition, we've been leaders in that. PG&E, today, we have an 85% greenhouse gas-free generation mix, and we're proud of that, and we're proud of the leadership position we've shown nationally on that front. We want to make sure that the infrastructure package continues to reflect early movers, if you will, people who have advanced in clean energy early, we want to make sure that the package definitely recognizes that. So we've been working closely with our DC office and EEI and others to make sure that the clean energy components of any of the legislation is favorable.

然後最終，顯然，這種清潔能源轉型，我們一直是其中的領導者。 PG&E，今天，我們擁有 85% 的無溫室氣體發電組合，我們為此感到自豪，也為我們在全國范圍內展現的領導地位感到自豪。我們希望確保基礎設施一攬子計劃繼續反映先行者，如果您願意的話，那些在清潔能源方面較早取得進展的人，我們希望確保一攬子計劃明確承認這一點。因此，我們一直與我們的 DC 辦公室和 EEI 以及其他機構密切合作，以確保任何立法中的清潔能源部分都是有利的。

That's really helpful, Patti. Maybe just building on the point about fire risk cost mitigation. I guess I'm thinking a lot about that magical 8:1 ratio of CapEx to O&M, and to the extent that O&M costs can be defrayed by federal support, could that potentially allow you to sort of accelerate the undergrounding effort in a way that does not harm customer bills because of that federal support? Or is it kind of unclear at this point?

這真的很有幫助，帕蒂。也許只是建立在降低火災風險成本的基礎上。我想我在想很多關於資本支出與 O&M 的神奇 8:1 比率，並且在某種程度上，O&M 成本可以由聯邦支持支付，這是否可能讓你以某種方式加速地下工作不會因為聯邦政府的支持而損害客戶的賬單嗎？還是目前還不清楚？

Well, I would say there's lots of reasons why our customers will not be harmed economically by our undergrounding program. First and foremost, even without federal assistance, your point about the trade-off between OpEx to capital is a key enabler to funding that undergrounding program. We know that the ongoing enhanced vegetation management and even our routine vegetation management program has a large expense to customers.

好吧，我想說，我們的客戶不會因我們的地下開採計劃而在經濟上受到損害的原因有很多。首先，即使沒有聯邦援助，您關於運營支出與資本之間權衡的觀點也是為地下項目提供資金的關鍵推動力。我們知道，持續加強的植被管理，甚至我們的常規植被管理計劃都會給客戶帶來很大的開支。

We spend $1.4 billion a year on vegetation management, being able to trade off some of that for capital investments in hardening the system or even so for undergrounding for sure, but also for microgrids and other hardening solutions depending on the circumstances, that trade-off is very good for customers. And we think there's a very -- and we'll start to demonstrate some of that in our longer-term financial plans and our Wildfire Mitigation Plan that you'll see at the early part of 2022. We don't think that there's an economic trade-off for customers to safety. We think they can both -- we can both have affordable energy and safe, resilient energy. And that's our path forward.

我們每年在植被管理上花費 14 億美元，可以將其中的一部分用於加強系統的資本投資，甚至可以肯定地用於地下，但也可以根據具體情況用於微電網和其他硬化解決方案，這種權衡對客戶來說非常好。我們認為有一個非常 - 我們將開始在我們的長期財務計劃和我們的野火緩解計劃中展示其中一些，您將在 2022 年初看到。我們認為沒有客戶安全的經濟權衡。我們認為他們都可以——我們都可以擁有負擔得起的能源和安全、有彈性的能源。這就是我們前進的道路。

Understood. But I was thinking as well that, that could get accelerated even further if you could get federal support that could lower your cost structure. But I guess we'll stay tuned to see how the specifics shape up for that.

明白了。但我也在想，如果你能獲得可以降低成本結構的聯邦支持，這可能會進一步加速。但我想我們會繼續關注具體情況如何形成。

Yes. No, your intuition is right on that, Stephen. Of course, it is. There's -- certainly any support from this package will be good for customers. And we've got ample capital to deploy that if we can defray some of the costs through federal support, we're all for it. There's definitely lots to be done out here in California.

是的。不，你的直覺是對的，斯蒂芬。當然是。有——當然，這個包的任何支持都會對客戶有好處。而且我們有足夠的資金來部署，如果我們可以通過聯邦支持支付一些費用，我們全力以赴。在加利福尼亞肯定有很多事情要做。

The next question is from Shar Pourreza with Guggenheim Partners.

下一個問題來自 Guggenheim Partners 的 Shar Pourreza。

Just real quick on the equity. Obviously, you guys removed it for this year. But I'd love to get a little bit of a sense on sort of the moving pieces as you're thinking about financing, which seems to be a relatively ambitious CapEx plan, right? So as you're thinking about undergrounding, distributed generation micro grids, would sort of any of those programs push you to issue equity? I guess the broader question is, what would push you from 0? Or do you think sort of, Patti, with the amount of levers that you have at your disposal, like on the O&M side, that you can leverage that opportunity versus having to mitigate -- versus having to actually raise future equity?

在股權上真的很快。顯然，你們今年將其刪除。但是，當您考慮融資時，我很想對一些動態的部分有所了解，這似乎是一個相對雄心勃勃的資本支出計劃，對嗎？所以當你在考慮地下分佈式發電微電網時，這些項目中的任何一個會推動你發行股票嗎？我想更廣泛的問題是，什麼會讓你從 0 開始？或者，Patti，您是否認為您可以使用大量槓桿，例如在運維方面，您可以利用這個機會而不是不得不減輕——而不是必須實際籌集未來的股權？

Shar, it's Chris. I'll go ahead and take this. So I think there's a couple factors. First, we'll be growing into our undergrounding plan a bit. That's the way I would think about it, as we start to reduce operating expense and work into that undergrounding plan, it will occur over time. We'll really start to disclose more details there as part of our 2022 Wildfire Mitigation Plan in February. We haven't guided toward 2022 equity needs at this stage specifically, but we would intend to do so again at Q4 and provide more color at that stage.

夏爾，我是克里斯。我會繼續接受這個。所以我認為有幾個因素。首先，我們將逐漸進入我們的地下計劃。我就是這麼想的，隨著我們開始減少運營費用並製定地下開採計劃，它會隨著時間的推移而發生。作為 2 月份 2022 年野火緩解計劃的一部分，我們將真正開始在那裡披露更多細節。在這個階段，我們還沒有具體指導 2022 年的股票需求，但我們打算在第四季度再次這樣做，並在那個階段提供更多的色彩。

I wouldn't necessarily just offhand consider though, what I'm getting at here, undergrounding, or for that matter, kind of DER-related investments driving an immediate equity need. This is going to be something we're really growing into this plan over time.

不過，我不一定會隨便考慮一下，我在這裡得到了什麼，地下化，或者就此而言，某種與 DER 相關的投資推動了直接的股權需求。隨著時間的推移，這將是我們真正融入這個計劃的東西。

And then just on undergrounding, I'm curious, right? And I know you kind of mentioned it, but I'd love to get a little bit more of an early indication on sort of the cost and scaling up that 10,000-mile program, right? I mean, obviously, the slides reiterate the plan through '26, with undergrounding remaining "a potential opportunities bucket".

然後就在地下，我很好奇，對吧？我知道你提到了它，但我很想得到更多關於成本和擴大 10,000 英里計劃的早期跡象，對嗎？我的意思是，很明顯，幻燈片重申了 26 年的計劃，地下開採仍然是“一個潛在的機會桶”。

Are there -- I guess, Patti, are there any changes to the scope or timing that you're contemplating for such an undertaking from your prior messaging as the CPUC is starting to more actively inquire about your plan? So net-net, I guess, can you do more cheaper and faster?

有沒有 - 我猜，Patti，隨著 CPUC 開始更積極地詢問你的計劃，你正在考慮的範圍或時間是否有任何變化？所以net-net，我猜，你能不能做得更便宜、更快？

I would say we're very bullish on that, Shar. We have started to have -- we did a global RFI of construction and engineering firms, and we received about 25 responses. They were very elaborate. We're doing face-to-face discussions with 7 of the firms, and they're very affirming. It's very exciting. We can't wait to share more details and we will, but I'll just tell you that we feel more convicted than ever that this is an important part of the solution.

我想說我們非常看好這一點，Shar。我們已經開始 - 我們對建築和工程公司進行了全球 RFI，我們收到了大約 25 份回复。他們非常精緻。我們正在與7家公司進行面對面的討論，他們非常肯定。這是非常令人興奮。我們迫不及待地想分享更多細節，我們會的，但我只想告訴你，我們比以往任何時候都更加確信這是解決方案的重要組成部分。

And I will reiterate that our capital program is very expansive and undergrounding is a portion of it. We do think that it's an important portion of it. But I can tell you, I heard about just one example of a job last week where we're undergrounding as we speak. And as we observe the work, we see tremendous opportunity to reduce the cost of doing that work and when we're at scale. And so -- and in fact, that project was in about the $2.5 million to $2.7 million a mile range. And that's a current active project that is not what I would describe at scale.

我將重申，我們的資本計劃非常廣泛，地下化是其中的一部分。我們確實認為這是其中的重要部分。但我可以告訴你，我上週只聽說過一個工作的例子，我們說話的時候正在地下。當我們觀察這項工作時，我們看到了降低工作成本以及規模化的巨大機會。所以——事實上，這個項目的價格在每英里 250 萬到 270 萬美元之間。這是一個當前活躍的項目，我不會大規模描述。

We will be at scale, and when we are, the costs are inherently lower. And so we are very, very bullish. And all of the feedback we're getting from people is they do want more information, and I'm -- we have to respect the CPUC's role to affirm that, that's the right plan. But knowing what we know and what we can see moving forward, we're very confident that as people see the numbers and the plan, they'll feel very excited just like we do.

我們將擴大規模，當我們擴大規模時，成本本質上會降低。所以我們非常非常看好。我們從人們那裡得到的所有反饋都是他們確實想要更多信息，我 - 我們必須尊重 CPUC 的角色，以確認這是正確的計劃。但是知道我們所知道的以及我們可以看到的未來，我們非常有信心，當人們看到數字和計劃時，他們會像我們一樣感到非常興奮。

No, that's helpful, and I think investors would like to see that 10,000-mile target triple, but thank you for that. And then just last, and I apologize, I had to hop on and off the call, but can you just maybe comment on the recent Wildfire Safety Division resolution ratifying actions from the '21 WMP update, especially as the resolution would require the '22 WMP update to be included in the GRC proceeding, including sort of an explanation of the undergrounding plans. Does it kind of complicate the proceeding? Or is it in line with sort of your GRC strategy?

不，這很有幫助，我認為投資者希望看到 10,000 英里目標的三倍，但謝謝你。最後，我很抱歉，我不得不接聽電話，但是您能否評論一下最近野火安全部門的決議批准 '21 WMP 更新中的行動，特別是因為該決議需要 '22 WMP 更新將包含在 GRC 程序中，包括對地下計劃的解釋。這會使程序複雜化嗎？或者它是否符合您的 GRC 策略？

Yes. Well, just a couple things just to touch on. So the good news is, as you all remember, the Wildfire Mitigation Plan was approved by OEIS. The CPUC ratified that safety certificate -- ratified our plan on April 21, 2021. And then we'll shortly file for our safety certificate. We do have a required safety meeting on Wednesday, November 10, with the CPUC and OEIS. We look forward to that opportunity to continue to talk about our plans. And so then shortly thereafter, we'll file our 2022 wildfire safety certificate for OEIS.

是的。好吧，只是想談談幾件事。好消息是，大家都記得，野火緩解計劃已獲得 OEIS 的批准。 CPUC 批准了該安全證書 - 於 2021 年 4 月 21 日批准了我們的計劃。然後我們將很快提交我們的安全證書。我們確實在 11 月 10 日星期三與 CPUC 和 OEIS 舉行了必要的安全會議。我們期待有機會繼續談論我們的計劃。因此不久之後，我們將為 OEIS 提交 2022 年野火安全證書。

Now currently, that wildfire safety certificate that we currently have is in place until the following proceeding happens. So we feel very -- the process is happening as discussed. We think it's a great opportunity to talk more about our undergrounding plans in our 2022 Wildfire Mitigation Plan, but we'll file that in February of next year. So no red flags as far as we're concerned. We feel good about how it's progressing.

現在，我們目前擁有的野火安全證書已經到位，直到接下來的程序發生。所以我們感覺非常-- 過程正在如所討論的那樣發生。我們認為這是一個很好的機會，可以在我們的 2022 年野火緩解計劃中更多地討論我們的地下開採計劃，但我們將在明年 2 月提交該計劃。因此，就我們而言，沒有危險信號。我們對它的進展感覺很好。

(Operator Instructions) Your next question is from Jeremy Tonet with JPMorgan.

（操作員說明）您的下一個問題來自摩根大通的 Jeremy Tonet。

I think outside of Dixie, I think it's pretty clear that wildfire season has been much less active versus recent years. And just wondering if you had any thoughts you could share with us as how much of this might be a factor of weather conditions and how much might be evidence of any mitigation that investments you've been doing so far are really starting to turn the corner.

我認為在迪克西之外，我認為很明顯野火季節與近年來相比不那麼活躍了。只是想知道您是否有任何想法可以與我們分享，因為其中有多少可能是天氣條件的一個因素，有多少可能是您迄今為止所做的投資真正開始轉機的任何緩解措施的證據.

Well, Jeremy, I appreciate you asking the question because it's a good opportunity for us to reiterate that we believe that our safety measures that we've put in place, the investments that we've made, the vegetation management, the inspections, and the Enhanced Powerline Safety Settings combined with PSPS, has made our system safer. And our customers are safer, and therefore, our investors are as well as a result.

好吧，傑里米，我感謝你提出這個問題，因為這是一個很好的機會讓我們重申我們相信我們已經採取的安全措施、我們所做的投資、植被管理、檢查以及增強型電力線安全設置與 PSPS 相結合，使我們的系統更安全。我們的客戶更安全，因此，我們的投資者也是如此。

Certainly, we were not disappointed to have a little early rain. And rain is forecast today and later this week, and that all makes us feel good. But as we look at our ignition rates, that is the most compelling statistic, in my opinion, and I encourage everyone to look closely at it. In the areas where we implemented our EPSS, we've had an 80% reduction in ignitions. I attribute that to that measure.

當然，我們對早點下雨並不感到失望。預計今天和本週晚些時候會下雨，這一切都讓我們感覺良好。但是當我們查看我們的點火率時，在我看來，這是最引人注目的統計數據，我鼓勵每個人都仔細研究它。在我們實施 EPSS 的區域，點火次數減少了 80%。我將其歸因於該措施。

I'll also say that given the drought conditions that we experienced this year, historic extreme drought, we have fared extraordinarily well. And again, I attribute that to the safety measures that we've put in place and the amount of investment that we have made in hardening our system and managing the vegetation and doing those inspections.

我還要說，鑑於我們今年經歷的干旱條件，歷史性的極端乾旱，我們的表現非常好。再次，我將其歸因於我們採取的安全措施以及我們在加強系統、管理植被和進行這些檢查方面所做的投資。

Got it. That makes sense. And maybe just kind of picking up on your point there. Given the success of these enhanced safety settings, what percentage of the high-risk circuits can you expand these to? And how long might that take?

知道了。這就說得通了。也許只是在那裡接受你的觀點。鑑於這些增強的安全設置的成功，您可以將它們擴展到多大比例的高風險電路？這可能需要多長時間？

Well, again, we can be very targeted about this. We know where we have drought conditions, and it's a very dynamic tool that we can use. This year, we did around 50%. Next year, we could do 100%, and we -- but it doesn't have to -- it's not like an on/off. We turn it on and we leave it on for the season. We can turn it on when we can see the conditions warrant, we can be very, very targeted.

好吧，再一次，我們可以對此非常有針對性。我們知道我們在哪裡有乾旱條件，這是我們可以使用的一個非常動態的工具。今年，我們做了大約 50%。明年，我們可以做到 100%，而且我們——但不是必須——這不像是開/關。我們打開它，然後在整個賽季中保持打開狀態。當我們看到條件允許時，我們可以打開它，我們可以非常非常有針對性。

And we've done some work to really optimize the device settings to shrink the impact. The time to restore now is much closer to what the time to restore was before we put in the settings because we've shrunk the impact of each of the disturbances, and our patrols have become more effective and more targeted. So I would just suggest that our -- the degree of improvement for our team's response this year has been extraordinary, particularly given the conditions, and we know it's an important tool to have in our toolkit.

我們已經做了一些工作來真正優化設備設置以縮小影響。現在恢復的時間比我們投入設置之前的恢復時間更接近了，因為我們已經縮小了每次干擾的影響，我們的巡邏變得更有效率和更有針對性。因此，我只想建議我們 - 今年我們團隊響應的改進程度非同尋常，特別是考慮到條件，我們知道這是我們工具包中的一個重要工具。

Long term, we know the ultimate solution is a hardened system that is designed and built to be resilient to wildfire. And that's why our undergrounding and all of our other mitigations are a very important path forward. But in the meantime, today, every day, customers on our system are safer because of the measures that we have taken.

從長遠來看，我們知道最終的解決方案是一個經過精心設計和構建的強化系統，能夠抵禦野火。這就是為什麼我們的地下化和我們所有其他的緩解措施是一條非常重要的前進道路。但與此同時，今天，每一天，由於我們採取的措施，我們系統上的客戶更加安全。

Got it. That's helpful. And just one last one, if I could here. And understanding that undergrounding announcements is most topical in some of the stuff we just discussed here, but do you have anything other that's top priorities into the Wildfire Mitigation Plan filing?

知道了。這很有幫助。如果可以的話，就最後一個。並且了解地下公告在我們剛剛討論的一些內容中是最熱門的，但是您還有其他什麼是野火緩解計劃文件中的首要任務嗎？

Yes. I think it's really continuing to streamline our vegetation management and our hardening plans. I do think that you'll see more of these remote grid applications. There's a lot of circumstances where we have a long radial running through a forest that we could just eliminate and don't even underground it, just equip those people at the end of that line with the distributed energy resource that is both clean and resilient to wildfire and lower cost. And so we do think there's a variety of solutions that you'll see more of in our Wildfire Mitigation Plan for 2022 and beyond.

是的。我認為它確實在繼續簡化我們的植被管理和硬化計劃。我確實認為您會看到更多這些遠程網格應用程序。在很多情況下，我們有一條長長的輻射線穿過森林，我們可以將其消除，甚至不將其埋入地下，只需為這條線末端的那些人配備既清潔又具有彈性的分佈式能源資源野火和更低的成本。因此，我們確實認為您會在我們的 2022 年及以後的野火緩解計劃中看到更多的解決方案。

The next question is from Ryan Levine with Citi.

下一個問題來自花旗的 Ryan Levine。

What portion of the gas and the gas utility is hedged into the winter?

天然氣和天然氣公用事業的哪一部分被對沖到冬天？

Ryan, it's Chris. You can imagine we don't disclose at that level of specificity just because it's commercial decision-making for us. But I would just offer again to reiterate what Patti had mentioned, is when you combine the gas storage, we've got -- when you combine the availability from the basins that we have, you combine the hedging to limit volatility and the fact that we have costs trued up annually, it really is, combined, a really good solution for customers and clarity for investors.

瑞恩，是克里斯。您可以想像，我們不會僅僅因為這對我們來說是商業決策而在該級別進行披露。但我想再次重申一下帕蒂所說的，當你結合儲氣庫時，我們得到了——當你結合我們擁有的盆地的可用性時，你結合了對沖限制波動性和事實我們每年都會對成本進行校正，這確實是對客戶和對投資者的清晰解決方案。

Okay. But just to be clear, the 10% increase in gas and 2% impact on customer bill is on a hedge basis. And so that -- just to confirm that. And then does that assume about $3 as base price for gas?

好的。但需要明確的是，天然氣 10% 的增長和對客戶賬單的 2% 影響是基於對沖的。所以——只是為了證實這一點。那麼這是否假設大約 3 美元作為汽油的基本價格？

I wouldn't think about that, Ryan, as netting a hedging impact. I would think about that just as a basic rule of thumb.

瑞恩，我不會認為這會產生對沖影響。我認為這只是一個基本的經驗法則。

Okay. And then there have been several mentions around undergrounding. To date or year-to-date, how much undergrounding has been completed? And how much more is possible this year under the current regulatory construct?

好的。然後有幾個關於地下的提及。迄今為止或年初至今，已經完成了多少地下工程？在當前的監管結構下，今年還有多少可能？

Well, that's what we're excited to share at the beginning of next year. We'll start to show what the path is. This year, we're going to only do about 100 miles and we're so excited about. That's why when I talk about our cost per mile, we're at a very project-by-project basis now. And so we can't wait to be able to share with everyone what the ramp-up plan looks like and how we can then get the economies of scale with that ramp.

嗯，這就是我們很高興在明年年初分享的內容。我們將開始展示路徑是什麼。今年，我們只會跑大約 100 英里，我們對此感到非常興奮。這就是為什麼當我談到我們的每英里成本時，我們現在處於逐個項目的基礎上。因此，我們迫不及待地想與大家分享升級計劃的樣子，以及我們如何才能通過該升級實現規模經濟。

Appreciate that. And then there was mention of 7 parties in the more face-to-face conversation. Is the intention for one party to emerge or more than one to the extent you're able to comment?

感謝。然後在更面對面的對話中提到了 7 方。在您能夠發表評論的範圍內，是打算出現一個政黨還是不止一個政黨？

Yes. We're looking at -- it could be multiple. It could be one. We're not sure. That's the benefit of having these conversations with these folks. We'll see. That's why it was a request for information, not a request for proposal. We're really working together to learn what is the best path forward.

是的。我們正在研究 - 它可能是多個。它可能是一個。我們不確定。這就是與這些人進行這些對話的好處。走著瞧。這就是為什麼它是信息請求，而不是提案請求。我們真的在共同努力，以了解什麼是最好的前進道路。

And just to add there, I think, Ryan, for us, it's exciting, right? Because the beauty of this is a program at this scale, it's natural to have a couple of large providers so you can create good competitive tension in there to get the best outcome possible for customers. We're definitely excited about what we're seeing so far, couple dozen initial entrants and we're whittling that list down to some really good potential partners.

再補充一點，我認為，瑞恩，對我們來說，這很令人興奮，對吧？因為這是一個如此規模的項目的美妙之處，所以擁有幾個大型供應商是很自然的，這樣您就可以在那裡創造良好的競爭壓力，從而為客戶獲得最好的結果。到目前為止，我們對我們所看到的情況感到非常興奮，有幾十個初始進入者，我們正在將名單縮減為一些非常好的潛在合作夥伴。

At this time, there are no questions. Do you have any closing remarks?

此時，沒有任何問題。你有什麼結束語嗎？

Yes. Thanks, Jenny. Everyone, thank you for joining us today. Our system is safer every day, and we want you to know that. It's both safer for our customers and for you, our investors. We look forward to sharing more details with you and having more conversations with you at EEI next week. It's right around the corner. Be safe, everybody.

是的。謝謝，珍妮。大家，謝謝你們今天加入我們。我們的系統每天都更加安全，我們希望您知道這一點。這對我們的客戶和您，我們的投資者來說都更安全。我們期待與您分享更多細節，並期待下週在 EEI 與您進行更多對話。它就在拐角處。大家注意安全。

Thank you for attending today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。