PG&E Corp (PCG) 2023 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation First Quarter 2023 Earnings Release Conference Call. Today's conference is being recorded. (Operator Instructions)

早上好。我叫 Audra，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 PG&E Corporation 2023 年第一季度收益發布電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the conference over to Jonathan Arnold, Vice President, Investor Relations. Please go ahead.

此時，我想將會議轉交給投資者關係副總裁 Jonathan Arnold。請繼續。

Good morning, everyone, and thank you for joining us for PG&E's First Quarter 2023 Earnings Call. With us today are Patti Poppe, Chief Executive Officer; Chris Foster, our Executive Vice President and Chief Financial Officer; and Carolyn Burke, our Executive Vice President of Finance, who will step into the CFO role later today. 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 2023 年第一季度財報電話會議。今天和我們在一起的是首席執行官 Patti Poppe；我們的執行副總裁兼首席財務官 Chris Foster；以及我們的財務執行副總裁 Carolyn Burke，她將於今天晚些時候接任首席財務官一職。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, which could affect our actual financial results, are described on the second page of today's first quarter 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。今天第一季度財報電話會議的第二頁介紹了一些可能影響我們實際財務業績的重要因素。

The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides, along with other relevant information, can be found online at investor.pgecorp.com. We would also encourage you to review our quarterly report on Form 10-Q for the quarter ended March 31, 2023, which was released earlier today.

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在 investor.pgecorp.com 在線找到。我們還鼓勵您查看我們今天早些時候發布的截至 2023 年 3 月 31 日止季度的 10-Q 表季度報告。

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, and good morning, everyone. I'd like to begin by noting that this will be Chris Foster's last earnings call with PG&E. Thank you, Chris, for your commitment and service to our company over the past 11 years.

謝謝你，喬納森，大家早上好。首先，我想指出這將是克里斯福斯特與 PG&E 的最後一次財報電話會議。克里斯，感謝您在過去 11 年中對我們公司的承諾和服務。

Since we announced our CFO transition in March, Chris has worked tirelessly to ensure an orderly transition to Carolyn Burke, who will formally take over as our CFO later today. So thank you, Chris, for your friendship, your leadership and your dedication to serving our customers and investors.

自從我們在 3 月份宣布 CFO 交接以來，Chris 一直孜孜不倦地工作，以確保向 Carolyn Burke 有序交接，Carolyn Burke 將於今天晚些時候正式接任我們的 CFO。因此，克里斯，謝謝你的友誼、你的領導以及你為我們的客戶和投資者服務的奉獻精神。

And a formal welcome to Carolyn, who brings a wealth of financial experience to PG&E as we continue on our journey remaking the company as a top-performing regulated utility. You'll all have opportunities to get to know Carolyn at upcoming events, including at our Investor Day in California later this month.

並正式歡迎 Carolyn，她為 PG&E 帶來了豐富的財務經驗，我們將繼續努力將公司重塑為一家表現最佳的受監管公用事業公司。你們都有機會在即將舉行的活動中認識 Carolyn，包括本月晚些時候在加利福尼亞舉行的投資者日活動。

We know you have a lot of calls occurring today. And since we've had a strong quarter, and we'll be seeing many of you in just a couple of weeks, we'll be crisp and to the point. Let's get started.

我們知道您今天接到了很多電話。由於我們有一個強勁的季度，而且我們將在短短幾週內見到你們中的許多人，我們將直截了當。讓我們開始吧。

Turning to our results on Slide 3. You'll see we reported first quarter 2023 non-GAAP core earnings of $0.29 per share. This result keeps us on track with our plan for the year. One timing item to consider is our 2023 general rate case. As is common with California GRCs, we have a memo account in place, which will allow for new rates to be implemented retroactive to January 1, meaning that after the final decision is reached, we'd expect to begin recognizing the GRC outcome along with the prior quarter's catch-up.

轉到我們在幻燈片 3 上的結果。您會看到我們報告的 2023 年第一季度非 GAAP 核心收益為每股 0.29 美元。這一結果使我們能夠按計劃執行今年的計劃。要考慮的一個時間項目是我們的 2023 年一般利率案例。與加州 GRC 一樣，我們有一個備忘賬戶，這將允許追溯至 1 月 1 日實施新費率，這意味著在達成最終決定後，我們預計將開始確認 GRC 結果以及上一季度的追趕。

The case schedule calls for a proposed decision in the second quarter and a final decision in the third quarter. We continue to communicate with all stakeholders how important it is to have a timely decision in order to have the resources we need to deliver for our customers.

案件時間表要求在第二季度做出擬議決定，在第三季度做出最終決定。我們繼續與所有利益相關者溝通，及時做出決定對於我們為客戶提供所需資源的重要性。

Also today, we reaffirm our full year 2023 core EPS guidance of $1.19 to $1.23, which at the midpoint represents an increase of 10% over 2022. We also reaffirm our previously stated longer-term targets of at least 10% core EPS growth in 2024 and at least 9% for 2025 and 2026. Also unchanged is our plan for no new equity issuance through 2024.

同樣在今天，我們重申我們的 2023 年全年核心每股收益指引為 1.19 美元至 1.23 美元，中點表示比 2022 年增長 10%。我們還重申我們之前設定的長期目標，即 2024 年核心每股收益至少增長 10% 2025 年和 2026 年至少為 9%。同樣保持不變的是我們到 2024 年不發行新股的計劃。

As we've said before, we'll work to manage the business through ups and downs like weather, regulatory timing, interest rates and inflation, while delivering the safety and reliability investments that our customers need and the consistent financial results our investors expect.

正如我們之前所說，我們將努力在天氣、監管時機、利率和通貨膨脹等起伏不定的情況下管理業務，同時提供客戶需要的安全性和可靠性投資以及投資者期望的一致財務結果。

Here on Slide 4, I'll review some of the highlights and proof points as we continue to make progress on mitigating risk, both physical and financial. On wildfire risk mitigation, we filed our 2023 wildfire mitigation plan at the end of March, which further builds on the layers of protection approach from our 2022 plan.

在幻燈片 4 上，隨著我們在降低物理和財務風險方面繼續取得進展，我將回顧一些亮點和證明點。在緩解野火風險方面，我們在 3 月底提交了 2023 年野火緩解計劃，該計劃進一步建立在我們 2022 年計劃的多層保護方法的基礎上。

Record winter rains and snowfall have left our hydro assets in a stronger position than they've been in for some years.

創紀錄的冬季降雨和降雪使我們的水電資產處於比幾年前更強大的位置。

CEMA, our catastrophic event memorandum account is one of the constructive features of the California regulatory model. It enables us to focus on serving customers when they need us the most, while we track and defer for future recovery much of the costs associated with these historic weather events. We recorded several hundred million dollars of repair and restoration work to the CEMA account between December and March.

CEMA，我們的災難性事件備忘賬戶是加州監管模式的建設性特徵之一。它使我們能夠在客戶最需要我們的時候專注於為他們提供服務，同時我們跟踪並推遲與這些歷史性天氣事件相關的大部分成本以供未來恢復。我們在 12 月至 3 月期間向 CEMA 賬戶記錄了數億美元的維修和恢復工作。

Meanwhile, our customer restoration efforts and storm response have been well received in our communities, and our performance benefited from the investments we have made in technology, situational awareness and emergency response coordination.

同時，我們的客戶恢復工作和風暴響應在我們的社區中得到了好評，我們的業績得益於我們在技術、態勢感知和應急響應協調方面的投資。

We've also continued to see more constructive policy outcomes, building on last year's passage of legislation supporting our establishment of a 10-year undergrounding plan as well as the state's decision to extend the life of the Diablo Canyon nuclear plant.

我們還繼續看到更具建設性的政策成果，建立在去年通過立法支持我們制定 10 年地下計劃以及國家決定延長 Diablo Canyon 核電站壽命的基礎上。

Highlights in the first quarter include our wildfire self-insurance plan, which enjoyed unusually strong support from interveners.

第一季度的亮點包括我們的野火自我保險計劃，該計劃得到了乾預者異常強大的支持。

We were also pleased to receive the Nuclear Regulatory Commission waiver, allowing our 2 Diablo Canyon nuclear units to continue operating beyond their current license expiration dates, while the NRC is considering the renewal applications. We expect to file our applications with the NRC by year-end.

我們也很高興獲得核管理委員會的豁免，允許我們的 2 個 Diablo Canyon 核裝置在其當前許可證到期日期之後繼續運行，同時 NRC 正在考慮更新申請。我們希望在年底前向 NRC 提交申請。

And most recently, in the past week, we were encouraged by the proposed decision issued in our 2022 WMCE proceeding. This would grant our full request for $1.1 billion of interim rate relief while allowing for collection over 12 months, also as requested.

最近，在過去一周，我們對 2022 年 WMCE 程序中發布的擬議決定感到鼓舞。這將滿足我們對 11 億美元的臨時利率減免的全部請求，同時允許在 12 個月內收款，這也符合要求。

The PD could be voted out by the CPUC as soon as the June 8 meeting, and we will be advocating for a timely adoption so that customer benefits can be realized. These benefits include millions of dollars in customer financing savings as well as providing cash funding to accelerate investment. This will facilitate us delivering needed safety, reliability and customer connections work.

該 PD 最早可能在 6 月 8 日的會議上被 CPUC 投票否決，我們將提倡及時採納，以實現客戶利益。這些好處包括數百萬美元的客戶融資節省以及提供現金資金以加速投資。這將有助於我們提供所需的安全性、可靠性和客戶聯繫工作。

I'm also happy to report on continued progress mitigating financial risk. Our simple, affordable model and deployment of waste elimination, the fifth play of our lean operating system, enables improving the customer experience while keeping us on track to deliver our 2% annual O&M savings in spite of weather and inflation.

我也很高興報告在減輕財務風險方面的持續進展。我們簡單、負擔得起的模型和消除浪費的部署是我們精益操作系統的第五個作用，它可以改善客戶體驗，同時使我們能夠在不受天氣和通貨膨脹影響的情況下實現每年 2% 的 O&M 節省。

Also, in support of customer affordability, we worked with the state to offset commodity price increases on winter bills with an acceleration of the annual California Climate Credit. Overall, during the winter gas commodity price run-ups, our procurement team was able to save customers 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.

此外，為了支持客戶的負擔能力，我們與州政府合作，通過加速每年的加州氣候信貸來抵消冬季賬單的商品價格上漲。總體而言，在冬季天然氣商品價格上漲期間，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，其中包括直達供應盆地的州際管道容量、天然氣儲存和金融服務。對沖。

Turning to Slide 5. we continue to estimate that our layers of protection have mitigated over 90% of wildfire risk through the combination of inspections, physical hardening, our Enhanced Powerline Safety Settings, Public Safety Power Shutoffs and improved situational awareness and response.

轉到幻燈片 5。我們繼續估計，通過結合檢查、物理加固、增強的電力線安全設置、公共安全斷電以及改進的態勢感知和響應，我們的保護層已經減輕了 90% 以上的野火風險。

While 2022 did not bring the typical high-wind events that would trigger PSPS, we did see an increase of over 30% in high fire risk base given the significant drought conditions. Despite this increased risk, our EPSS program resulted in a reduction of 69% in CPUC reportable admissions, along with 99% fewer acres impacted for EPSS-enabled mines versus the pre-EPSS baseline for 2018 to 2020 average.

雖然 2022 年沒有出現會觸發 PSPS 的典型強風事件，但鑑於嚴重的干旱條件，我們確實看到高火災風險基數增加了 30% 以上。儘管風險增加，但我們的 EPSS 計劃導致 CPUC 可報告入場人數減少了 69%，與 2018 年至 2020 年平均水平相比，啟用 EPSS 的礦山受影響的英畝數減少了 99%。

Our 2023 wildfire mitigation plan builds on these core elements and will also see us deploy additional operational mitigations such as partial voltage detection, which leverages our existing smart meters and our down conductor detection with a plan to install over 1,100 new enabled devices on the system by the end of 2023, translating to over 75% coverage of high fire risk areas.

我們的 2023 年野火緩解計劃建立在這些核心要素的基礎上，還將看到我們部署額外的操作緩解措施，例如分壓檢測，它利用我們現有的智能電錶和引下線檢測，併計劃在到 2023 年底，意味著高火災風險區域的覆蓋率將超過 75%。

Other programs being expanded for 2023 include our transmission pole clearing, our transmission operational controls, and further measures, including EPSS sectionalizing to reduce customer impact.

為 2023 年擴展的其他計劃包括我們的傳輸桿清理、我們的傳輸操作控制以及進一步的措施，包括 EPSS 分段以減少對客戶的影響。

We expect to be sharing more with you on the incremental risk reduction associated with these programs at our Investor Day later in the month.

我們希望在本月晚些時候的投資者日與您分享更多關於與這些計劃相關的增量風險降低的信息。

Slide 6 is a reminder of our simple, affordable model, which continues to sit at the heart of our customer value proposition. We remain on track to deliver on at least 2% annual non-fuel O&M reduction with our wildfire self-insurance and incremental vegetation management savings, providing line of sight on continuing to offset inflationary pressures this year.

Slide 6 提醒我們簡單、實惠的模型，它仍然是我們客戶價值主張的核心。我們仍然有望通過我們的野火自我保險和增量植被管理儲蓄實現至少 2% 的年度非燃料 O&M 減少，為今年繼續抵消通脹壓力提供了視線。

That's a good moment to bring up my story of the month, which has to do with revisiting the way we approach our work, and in this case, in our undergrounding program and how we're eliminating waste in our process. Historically, hitting these internal standards had required our underground electric lines to have at least 36 inches of cover.

現在是提出我這個月的故事的好時機，它與重新審視我們處理工作的方式有關，在這種情況下，在我們的地下計劃中，以及我們如何消除我們過程中的浪費。從歷史上看，達到這些內部標準要求我們的地下電線至少有 36 英寸的覆蓋層。

Upon revisiting this approach and reviewing regulations and the practices of other undergrounding utilities, we determined that 36 inches of cover is not required in most places, and there's little evidence that incrementally deeper conduits are meaningfully safer or more reliable than slightly shallower conduits.

在重新審視這種方法並審查其他地下設施的法規和實踐後，我們確定在大多數地方不需要 36 英寸的覆蓋層，並且幾乎沒有證據表明逐漸加深的管道比稍淺的管道更安全或更可靠。

Therefore, in Q4 of last year, we revised our standard to only require 30 inches of cover, unless, of course, otherwise directed by permitting authority. While these may not seem like much, this 6-inch change in depth reduces the labor hours required to install our underground conduits and reduces the amount of spoils created during our trenching activities by approximately 17%. We're estimating that this change of 6 inches will save at least $25 million in 2023 alone. That's lower cost for our customers for the same ultimate value, getting our electric distribution lines underground and permanently reducing the risk.

因此，在去年第四季度，我們將標準修改為只需要 30 英寸的覆蓋物，當然，除非許可當局另有指示。雖然這些看起來並不多，但這種 6 英寸的深度變化減少了安裝地下管道所需的工時，並將我們在挖溝活動中產生的棄土量減少了大約 17%。我們估計，僅在 2023 年，這種 6 英寸的變化將至少節省 2500 萬美元。對於我們的客戶來說，對於相同的最終價值來說成本更低，將我們的配電線路置於地下並永久降低風險。

This is just the beginning of our waste elimination efforts. We're benchmarking with peers and reviewing where it's appropriate to put the conduits 24 inches deep, another 6 inches of potential savings, and we're analyzing the entire undergrounding delivery process through a value stream mapping exercise to identify further opportunities for efficiency, better customer and coworker engagement and even more waste elimination.

這只是我們消除廢物工作的開始。我們正在與同行進行基準測試，並審查在何處放置 24 英寸深的管道是合適的，這可能會節省另外 6 英寸，並且我們正在通過價值流圖分析來分析整個地下輸送過程，以確定進一步提高效率的機會，更好客戶和同事的參與，甚至更多的浪費消除。

So many practices in large organizations like ours get memorialized and standardized into waste. Our (inaudible) play and our focus on it will unlock value for customers in large and small ways for decades to come.

像我們這樣的大型組織中的許多實踐都被紀念和標準化變成了浪費。我們（聽不清）的遊戲和我們對它的關注將在未來幾十年以大大小小的方式為客戶釋放價值。

Slide 7 recaps some of the key regulatory and policy catalysts we have in front of us for 2023. The one minor change is for Pacific Generation, where the ALJ recently added about a month to the schedule in response to request for additional time from the interveners. This will likely push the proposed decision from late 2023 into early 2024. And the sooner we get a final decision, the sooner we can bring the expected benefits to our customers.

幻燈片 7 回顧了 2023 年我們面前的一些關鍵監管和政策催化劑。一個小的變化是太平洋發電，ALJ 最近將時間表增加了大約一個月，以響應干預者的額外時間請求.這可能會將提議的決定從 2023 年底推遲到 2024 年初。我們越早做出最終決定，我們就能越早為客戶帶來預期的利益。

We know there is a lot on the plate at the CPUC at this time. We also know that we want what they want, a safer and more reliable system, which has enabled with timely approval of necessary infrastructure investments. In the meantime, we're improving our processes to make every dollar go further and building the case for the right investments to meet customers' expectations.

我們知道此時 CPUC 有很多事情要做。我們也知道我們想要他們想要的，一個更安全、更可靠的系統，這使得必要的基礎設施投資得到及時批准。與此同時，我們正在改進我們的流程，讓每一分錢都花得更遠，並為滿足客戶期望的正確投資打造案例。

I'll end here on Slide 8, with our report card reflecting on track status for all of our operational and financial targets. I'm pleased to say we're on track to deliver on our commitments to both our customers and our investors despite the early challenges from winter storms.

我將在幻燈片 8 上結束，我們的成績單反映了我們所有運營和財務目標的跟踪狀態。我很高興地說，儘管冬季風暴帶來了早期挑戰，但我們仍有望兌現對客戶和投資者的承諾。

We are confident we have built a resilient conservative plan, which is designed to absorb the ups and downs of the business and the markets. As I like to say, we'll ride that roller coaster so you don't have to.

我們相信我們已經制定了一個有彈性的保守計劃，該計劃旨在吸收業務和市場的起伏。正如我想說的，我們會坐過山車，所以你不必。

And before I hand this over to Chris and Carolyn, I'll leave you with 2 additional notes on the financial front.

在我將其交給 Chris 和 Carolyn 之前，我將在財務方面為您提供 2 個附加說明。

First, we look forward to being eligible to reinstate our common dividend later this year, which we view as a key step in our return to financial health and essential for attracting the capital we need to deliver for our customers. As we announced on the year-end call, we expect to hit the required earnings level in the third quarter.

首先，我們期待有資格在今年晚些時候恢復我們的共同股息，我們認為這是我們恢復財務健康的關鍵一步，對於吸引我們為客戶提供所需的資本至關重要。正如我們在年終電話會議上宣布的那樣，我們預計將在第三季度達到所需的盈利水平。

Second, we've been encouraged to see the Fire Victim Trust continuing to monetize their stockholding and at growing values. The trust now owns around 6% of our stock, and as of last week, had distributed over $9 billion to their beneficiaries.

其次，我們很高興看到 Fire Victim Trust 繼續將其持股貨幣化並不斷增加價值。該信託目前擁有我們約 6% 的股票，截至上週，已向其受益人分配了超過 90 億美元。

And now I'll hand it over to Chris for some financial highlights.

現在，我將把它交給克里斯，讓他了解一些財務亮點。

Thank you, Patti, and good morning, everyone. Today, we are reaffirming EPS growth of at least 10% each year in 2023 and 2024 and at least 9% in 2025 and 2026. We're also reaffirming our commitment to no equity in 2023 or 2024. As Patti mentioned, we are on track to deliver our 2023 financial commitments.

謝謝你，帕蒂，大家早上好。今天，我們重申 EPS 在 2023 年和 2024 年每年至少增長 10%，在 2025 年和 2026 年至少增長 9%。我們還重申我們在 2023 年或 2024 年實現零股權的承諾。正如 Patti 提到的，我們正在跟踪實現我們 2023 年的財務承諾。

This morning, I'm pleased to have Carolyn Burke joining me for the financial update. We plan to cover 3 main topics with you.

今天早上，我很高興 Carolyn Burke 加入我的財務更新。我們計劃與您討論 3 個主要主題。

To start, I'll review the drivers of our Q1 2023 financial results and review the key performance factors that we expect to see in the remaining 9 months to deliver our full year 10% EPS growth. Carolyn and I will next provide a few highlights on regulatory, legal and legislative items. And Carolyn will then close this out with the reiteration of our value proposition.

首先，我將回顧我們 2023 年第一季度財務業績的驅動因素，並回顧我們預計在剩餘 9 個月內實現全年 10% 每股收益增長的關鍵績效因素。 Carolyn 和我接下來將重點介紹監管、法律和立法項目。然後 Carolyn 將通過重申我們的價值主張來結束這一切。

Let's start on Slide 9. On this slide, we're showing our results for the quarter and drivers we're forecasting for the next 9 months as we walk to our full year guidance of $1.19 to $1.23. For the first quarter, our results came in at $0.29. Versus first quarter last year, you see $0.02 of benefit from lower operating and maintenance costs, partially offset by $0.01 of redeployment.

讓我們從幻燈片 9 開始。在這張幻燈片上，我們展示了本季度的結果以及我們預測未來 9 個月的驅動因素，因為我們將走向 1.19 美元至 1.23 美元的全年指導。第一季度，我們的業績為 0.29 美元。與去年第一季度相比，運營和維護成本降低帶來的收益為 0.02 美元，部分被 0.01 美元的重新部署所抵消。

The lower OEM spend is a result of the storms Patti spoke about earlier. With many of our coworkers activated on storm duty, less planned core work was completed during the first quarter of this year. This allowed us to redeploy funds to operational and enterprise programs. This nimble shift in priorities and execution is made possible by the capabilities we're building here at PG&E, enabled by our lean operating system.

較低的 OEM 支出是帕蒂之前談到的風暴的結果。由於我們的許多同事因暴風雨任務而被激活，因此在今年第一季度完成的核心工作計劃較少。這使我們能夠將資金重新部署到運營和企業計劃中。我們在 PG&E 建立的能力，以及我們的精益操作系統使這種優先級和執行力的靈活轉變成為可能。

Finally, you'll see we're calling out $0.02 of other, including some timing items. What you don't see is a meaningful impact directly from the storms. That is because of our long-established CEMA mechanism, which is an important constructive component of California utility regulation.

最後，您會看到我們正在調出 0.02 美元的其他費用，包括一些計時項目。你看不到的是風暴直接產生的有意義的影響。這是因為我們建立已久的 CEMA 機制是加州公用事業監管的重要建設性組成部分。

Another driver not reflected explicitly, but to keep in mind, is a benefit from customer capital investment or rate base growth. As you know, a final decision in our 2023 general rate case is expected in the third quarter of this year. Consistent with past cases that Patti described, we will be allowed to record those catch-up revenues for prior quarters once the final decision is received.

另一個沒有明確反映但要記住的驅動因素是客戶資本投資或利率基礎增長帶來的好處。如您所知，我們預計將在今年第三季度對我們的 2023 年一般利率案做出最終決定。與 Patti 描述的過去案例一致，一旦收到最終決定，我們將被允許記錄前幾個季度的追趕收入。

We're also reiterating our commitment and consistent focus on executing annual 2% non-fuel O&M reductions. I'll remind you that we're planning conservatively and plan to deliver on target, no more, no less, redeploying any excess back into the business for the benefit of our customers.

我們還重申了我們的承諾，並始終專注於執行每年 2% 的非燃料 O&M 削減。我會提醒您，我們正在保守地計劃併計劃按目標交付，不多也不少，為了我們客戶的利益將任何多餘的重新部署到業務中。

On Slide 10, our customer capital investments have not changed from year-end. We have tremendous opportunities to invest capital into our system for the benefit of customers to advance California's ambitious climate goals and support growing customer demand with the adoption of electric vehicles. This growth benefits our customers and our investors while providing additional cash flow from operations. And our simple, affordable model is how we plan to make this manageable for customers.

在幻燈片 10 中，我們的客戶資本投資與年底相比沒有變化。為了客戶的利益，我們有巨大的機會向我們的系統投資，以推進加州雄心勃勃的氣候目標，並通過採用電動汽車來支持不斷增長的客戶需求。這種增長有利於我們的客戶和投資者，同時提供額外的運營現金流。我們簡單、實惠的模型是我們計劃如何讓客戶可以管理的。

Moving to Slide 11. In 2022, we exceeded our non-fuel O&M cost reduction target, taking 3% out of the business despite inflation. We use those savings to serve customers and derisk the 2023 plan, which assumes continued inflationary cost pressures.

轉到幻燈片 11。2022 年，我們超出了我們的非燃料 O&M 成本削減目標，儘管通貨膨脹，我們仍將業務減少了 3%。我們將這些節省下來的資金用於為客戶提供服務，並降低 2023 年計劃的風險，該計劃假定持續的通脹成本壓力。

As I mentioned on the year-end call, we see more opportunities for customers ahead, and the team is just getting started in terms of finding cost savings and eliminating waste.

正如我在年終電話會議上提到的那樣，我們看到未來為客戶提供更多機會，而團隊在尋找成本節約和消除浪費方面才剛剛起步。

Let's move to Slide 12. We believe performance is power. So we intend to continue to deliver on operational commitments serving our customers better and making our systems safer every day. We expect that delivering these results will help us achieve better regulatory and financial outcomes, and California has the regulatory structure in place to help us do just that.

讓我們轉到幻燈片 12。我們相信性能就是力量。因此，我們打算繼續履行運營承諾，更好地為我們的客戶服務，讓我們的系統每天都更加安全。我們期望交付這些結果將幫助我們實現更好的監管和財務成果，而加利福尼亞州擁有適當的監管結構來幫助我們做到這一點。

Starting at the top of this slide, our 2023 cost of capital is final at 10%. This decision covers the 3-year period through 2025, providing certainty for our investors. The cost of capital decision also continues to provide for a trigger mechanism. Should interest rates remain where they are and the mechanism trigger, we would intend to file with the commission for an upward adjustment consistent with the mechanism.

從這張幻燈片的頂部開始，我們 2023 年的資本成本最終為 10%。該決定涵蓋到 2025 年的 3 年期間，為我們的投資者提供了確定性。資本成本決策也繼續提供觸發機制。如果利率保持不變並且該機制被觸發，我們打算向委員會提交與該機制一致的向上調整。

Next is our pending 2023 general rate case. As a reminder, we've already reached resolution on our wildfire self-insurance settlement, saving customers up to $1.8 billion through 2026. Worth noting is that over 85% of our requested revenue requirement increase seeks to mitigate risk in our gas and electric operations and deliver a level of safety that our customers expect and deserve.

接下來是我們懸而未決的 2023 年一般利率案。提醒一下，我們已經就野火自保和解達成決議，到 2026 年可為客戶節省高達 18 億美元。值得注意的是，我們要求增加的收入要求中有 85% 以上是為了降低我們的天然氣和電力業務的風險並提供客戶期望和應得的安全水平。

Our Pacific Generation allocation continues to move through the CPUC process. A final decision is now expected in early 2024 based on the schedule update from the ALJ. We are gearing up to launch the marketing on a parallel path, and we expect to do so this quarter.

我們的 Pacific Generation 分配繼續通過 CPUC 流程進行。根據 ALJ 更新的時間表，現在預計將在 2024 年初做出最終決定。我們正準備在並行路徑上啟動營銷，我們預計將在本季度這樣做。

I'll next cover our pending wildfire-related cost recovery applications. With our 2020 WMCE costs now in rates, the net unresolved balance at the end of the first quarter is approximately $4.8 billion. As a reminder, We've settled our 2021 WMCE, resolving all elements apart from the cost in our vegetation management balancing account.

接下來我將介紹我們未決的與野火相關的成本回收申請。考慮到我們 2020 年 WMCE 成本現在以費率表示，第一季度末未解決的淨餘額約為 48 億美元。提醒一下，我們已經解決了 2021 WMCE，解決了植被管理平衡賬戶中除成本之外的所有要素。

As Patti mentioned in the past week, we were pleased to receive a proposed decision recommending that we be granted 100% of the interim rate relief we had requested in our 2022 WMCE application. This amounts to some $1.1 billion over 12 months. This will be a constructive recognition of the importance of timely cash recovery, a key focus for the company. Not only would this outcome reduce financing costs for customers, it would also result in tangible work being executed sooner than would otherwise have been the case, including in the current year.

正如 Patti 在上週提到的那樣，我們很高興收到一項提議的決定，建議我們獲得 2022 年 WMCE 申請中要求的 100% 的臨時利率減免。這在 12 個月內總計約 11 億美元。這將是對及時回收現金的重要性的建設性認識，這是公司的一個重點。這一結果不僅會降低客戶的融資成本，還會導致比其他情況更快地執行有形工作，包括在本年度。

The recently published schedule calls for a final decision in the overall 2022 WMCE application as soon as Q1 of next year. We're advocating for timely resolution in all of our WMCE cases. Resulting cash flow will allow us to accelerate our progress toward improved balance sheet health, improving FFO to debt and providing resources to enable us to meet customer growth demands on the system faster.

最近公佈的時間表要求最快在明年第一季度就 2022 年 WMCE 的整體申請做出最終決定。我們提倡及時解決所有 WMCE 案例。由此產生的現金流將使我們能夠加快改善資產負債表健康狀況、改善 FFO 對債務的進展，並提供資源，使我們能夠更快地滿足客戶對系統的增長需求。

It's my pleasure to now hand it over to Carolyn Burke.

我很高興現在將它交給 Carolyn Burke。

Thank you, Chris, and good morning, everybody. At the bottom of this slide, we're highlighting some milestones and next steps of the 2 key pieces of state legislation passed last year.

謝謝克里斯，大家早上好。在這張幻燈片的底部，我們重點介紹了去年通過的兩項關鍵州立法的一些里程碑和後續步驟。

In addition to the DOE confirmation that Diablo Canyon is eligible for federal funding through the Civil Nuclear Credit Program, we were also granted a waiver by the Nuclear Regulatory Commission to continue operating the units beyond their current license expiration date, while we work through the full relicensing process.

除了 DOE 確認 Diablo Canyon 有資格通過民用核信貸計劃獲得聯邦資助外，我們還獲得了核管理委員會的豁免，可以在其當前許可證到期日期之後繼續運營這些裝置，同時我們將努力完成整個再許可過程。

Also during the first quarter, the California Energy Commission in consultation with the CAISO and CPUC issued a need determination, supporting extended operations at Diablo Canyon to provide electric system reliability in the state.

同樣在第一季度，加州能源委員會與 CAISO 和 CPUC 協商後發布了一項需求決定，支持 Diablo Canyon 的擴展運營，以提供該州電力系統的可靠性。

Finally, in terms of the undergrounding, I'll remind you that the pending 2023 general rate case includes our request through 2026, as does our recently filed 2023 wildfire mitigation plan. We will be prepared to file our 10-year plan later this year, dependent on the guidance from the Office of Energy Infrastructure Safety. Once we file, OEIS will have 9 months to review before going to the CPUC, who will also have 9 months for their review.

最後，就地下工程而言，我要提醒您，待決的 2023 年一般費率案例包括我們到 2026 年的請求，以及我們最近提交的 2023 年野火緩解計劃。我們將準備在今年晚些時候提交我們的 10 年計劃，具體取決於能源基礎設施安全辦公室的指導。一旦我們提交，OEIS 將有 9 個月的時間進行審查，然後再進入 CPUC，CPUC 也將有 9 個月的時間進行審查。

Now as many of you know, California is my new home. As shown here on Slide 13, I'm quickly and happily learning that California's regulatory construct makes this a great place to do business.

現在你們很多人都知道，加利福尼亞是我的新家。如幻燈片 13 所示，我很快而高興地了解到加利福尼亞的監管結構使這裡成為開展業務的好地方。

In addition to the protections provided for under Assembly Bill 1054 and the CEMA tracker Patti and Chris discussed earlier, PG&E also benefits from decoupled rates and a 3-year cost of capital set independently from a 4-year forward-looking rate case. And this is just to name a few.

除了 1054 號議會法案和帕蒂和克里斯之前討論的 CEMA 跟踪器提供的保護外，PG&E 還受益於脫鉤利率和獨立於 4 年前瞻性利率案例設定的 3 年資本成本。這只是僅舉幾例。

Our strong regulatory environment is an advantage that we will never take for granted. As Chris mentioned, performance is power, and we know we must perform. We understand that affordable customer bills help us not only mitigate financial and regulatory risk, but also importantly, help us as we continue to build trust with our customers, our regulators and our policymakers.

我們強大的監管環境是我們永遠不會認為理所當然的優勢。正如克里斯提到的，性能就是力量，我們知道我們必須執行。我們知道，負擔得起的客戶賬單不僅有助於我們降低財務和監管風險，而且重要的是，有助於我們繼續與客戶、監管機構和政策制定者建立信任。

As the incoming CFO, I intend to continue to build upon the sector-differentiating simple, affordable model that Patti and Chris put in place. The implementation of our lean operating system is helping PG&E improve the customer experience, reduce O&M, enhance capital work plan throughput and quite simply, making PG&E a more enjoyable place to work for and with.

作為即將上任的首席財務官，我打算繼續在 Patti 和 Chris 建立的具有行業差異化的簡單、負擔得起的模型的基礎上繼續發展。我們精益操作系統的實施正在幫助 PG&E 改善客戶體驗，減少 O&M，提高資本工作計劃的吞吐量，很簡單，使 PG&E 成為一個更愉快的工作場所。

This year, as part of engaging our coworkers on a lean method of waste elimination, we've established our waste elimination center. We are already tracking over 200 projects across the enterprise, and we're finding common themes throughout the business. First, there's a whole lot of overprocessing. And second, there's a whole lot of defects requiring rework. That means a whole lot of opportunity.

今年，作為讓我們的同事採用精益消除廢物方法的一部分，我們建立了我們的廢物消除中心。我們已經跟踪了整個企業的 200 多個項目，並且我們正在尋找整個企業的共同主題。首先，有很多過度處理。其次，有很多缺陷需要返工。這意味著很多機會。

My coworkers are excited about tackling these issues and projects and driving improvements for the benefit of our customers. We're going after big and small opportunities, some simple and some complex.

我的同事們很高興能夠解決這些問題和項目，並為我們的客戶的利益推動改進。我們正在尋找大大小小的機會，有的簡單，有的複雜。

Take this simple example of customer mailings. U.S. postage rates are expected to increase about 7% this year. While we have no control over these mailing rates, we do control what we send to our customers. This waste elimination project is looking at what communications we can digitize or eliminate altogether. If we just eliminated 1 mailing per household per year, that's approximately $4 million in saved postage. As you can imagine, we're not stopping with just 1 mailing, and this elimination project saves more than just postage.

以客戶郵件的這個簡單示例為例。今年美國郵費預計將上漲 7% 左右。雖然我們無法控制這些郵寄費率，但我們可以控制發送給客戶的內容。這個廢物消除項目正在研究我們可以數字化或完全消除哪些通信。如果我們每年只為每個家庭減少 1 次郵寄，那將節省大約 400 萬美元的郵資。正如您想像的那樣，我們不會只發送 1 封郵件就停下來，而且這個消除項目節省的不僅僅是郵資。

As Patti mentioned earlier, we're going after large waste elimination projects, too, including in our undergrounding program. The team is excited to show you more examples out in the yard during our Investor Day in May, where we'll demonstrate waste elimination driving real unit cost savings and making permanent risk reduction affordable for our customers.

正如帕蒂之前提到的，我們也在進行大型廢物消除項目，包括我們的地下工程。該團隊很高興在 5 月的投資者日期間在院子裡向您展示更多示例，屆時我們將展示消除浪費推動實際單位成本節約並使我們的客戶能夠負擔得起的永久性風險降低。

I'll end here on Slide 14 by saying that our value proposition is strong, and it's improving every day. We are progressing towards meeting the common stock dividend eligibility threshold later this year.

在幻燈片 14 的結尾，我會說我們的價值主張很強大，而且每天都在進步。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。

As a reminder, before declaring a dividend, we will first need to recognize a cumulative $6.2 billion in non-GAAP core earnings since our emergence from Chapter 11, starting from the third quarter of 2020.

提醒一下，在宣布派息之前，我們首先需要確認自 2020 年第三季度起我們從第 11 章中出現以來累計 62 億美元的非 GAAP 核心收益。

For this purpose, non-GAAP core earnings means GAAP earnings adjusted for certain noncore items as described in our plan of reorganization. Our plan currently shows us reaching eligibility during the third quarter, although this remains subject to assumptions, including the timing of regulatory decisions.

為此，非 GAAP 核心收益是指根據我們的重組計劃中所述的某些非核心項目調整後的 GAAP 收益。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。

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.

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 leave you with this. We're on track for 2023 EPS growth target of at least 10%, at least 10% in 2024, at least 9% in 2025 and at least 9% in 2026.

我會把這個留給你。我們有望實現 2023 年每股收益增長至少 10%、2024 年至少 10%、2025 年至少 9% 和 2026 年至少 9% 的目標。

I'm looking forward to getting the chance to meet many of you in person during our upcoming Investor Day in California later this month.

我期待著在本月晚些時候即將在加利福尼亞舉行的投資者日期間有機會與你們中的許多人見面。

And lastly, I'd like to thank Chris for his generous support and advice during this transition period. I can't say enough about the incredibly strong team he has built here. Thank you, Chris.

最後，我要感謝克里斯在此過渡期間給予的慷慨支持和建議。關於他在這裡建立的令人難以置信的強大團隊，我怎麼說都不為過。謝謝你，克里斯。

Thanks, Carolyn. I'd like to say it's been my privilege to serve as CFO here at PG&E and my time in prior roles over the last 11.5 years. I'm really proud of what we've accomplished, and we've built very strong 5- and 10-year plans. The emphasis now shifts to sound execution, which I have the utmost confidence this team can achieve. I'm also very confident that I'm handing the baton over to a very talented leader who we have shortly come to know as the perfect choice to take PG&E's finance organization through its next chapter.

謝謝，卡羅琳。我想說，我有幸在 PG&E 擔任首席財務官，並且在過去的 11.5 年裡擔任過其他職務。我為我們所取得的成就感到非常自豪，我們制定了非常強大的 5 年和 10 年計劃。現在的重點轉移到良好的執行上，我非常有信心這個團隊能夠做到這一點。我也非常有信心，我會將接力棒交給一位非常有才華的領導者，我們很快就知道他是帶領 PG&E 的財務組織翻開新篇章的完美人選。

With that, I'll hand it back to Patti to wrap.

有了這個，我會把它交還給帕蒂包裝。

Thank you again, Chris, and welcome, Carol.

再次感謝你，克里斯，歡迎卡羅爾。

In closing, we are solidly on track for another year of consistent performance in 2023. We look forward to sharing more details with you on our progress and our confidence in the outlook at our California Investor Day on May 24 and May 25. While we do have a virtual option for the main slide presentation, for those of you wondering whether to make the trip. There will be a lot more for you to see and experience outside of that webcast window.

最後，我們堅定地走上了 2023 年又一年穩定表現的軌道。我們期待在 5 月 24 日和 5 月 25 日的加州投資者日與您分享更多關於我們進展和我們對前景的信心的細節。雖然我們這樣做對於那些想知道是否要去旅行的人來說，主幻燈片演示有一個虛擬選項。在該網絡廣播窗口之外，您將看到和體驗更多內容。

We'll be showcasing some of our key technology, including wildfire risk reduction, EPSS and undergrounding. We also want to give you a better understanding of why we're confident we can execute our plan, including our 10,000-mile undergrounding program.

我們將展示我們的一些關鍵技術，包括降低野火風險、EPSS 和地下工程。我們還想讓您更好地了解我們為何有信心執行我們的計劃，包括我們的 10,000 英里地下工程。

At our in-person event, you'll also get to hear directly from key California stakeholders, including policymakers, customers and other critical partners as we continue writing the next chapter of the PG&E story. We really hope to see you here in this great state of California at the end of the month.

在我們的現場活動中，您還將直接聽到加州主要利益相關者的聲音，包括政策制定者、客戶和其他重要合作夥伴，因為我們將繼續書寫 PG&E 故事的新篇章。我們真的希望月底能在這個偉大的加利福尼亞州見到您。

With that, operator, please open the line for questions.

有了這個，接線員，請打開問題線路。

(Operator Instructions) We'll take our first question from Steve Fleishman at Wolfe.

（操作員說明）我們將從 Wolfe 的 Steve Fleishman 那裡回答我們的第一個問題。

Congrats to both Chris and Carolyn.

恭喜克里斯和卡羅琳。

Thanks, Steve.

謝謝，史蒂夫。

So -- you bet, Patti. So just first, any color in thinking on the situation going into this fire season just with all the rains and et cetera, just how you're thinking about how things stand versus the last few years?

所以 - 你打賭，帕蒂。所以首先，在考慮進入這個火災季節的情況時，所有的顏色都會有降雨等等，你是如何考慮與過去幾年相比的情況的？

Yes. It's a great question, Steve. I know a lot of people have been wondering this. So I'll share a couple of things. One, we know that in some ways, the storms were beneficial from the perspective that trees -- aged and dying trees came down and at a time when fire was not a risk. So certainly, that was an advantage. But we also know that the fuels -- the grasses have a rich crop this year.

是的。這是一個很好的問題，史蒂夫。我知道很多人一直在想這個問題。所以我會分享一些事情。第一，我們知道，在某些方面，從樹木的角度來看，風暴是有益的——年老和垂死的樹木在沒有火災風險的時候倒下了。當然，這是一個優勢。但我們也知道，今年的燃料——草類作物豐收。

But here's the thing that I want investors to really understand is the mitigations that we've put in place and the technology that we have deployed with EPSS gives us the ability to know in 2-kilometer blocks across our entire service area, what the conditions are real time, whether that's fuel moisture levels, wind conditions, temperatures, et cetera, grass levels, we know our system. And so EPSS puts us in a position to, regardless of weather and regardless of conditions, be prepared and derisk the system. It gives me a lot of confidence heading into wildfire season that we are prepared.

但我希望投資者真正了解的是，我們已經實施的緩解措施以及我們與 EPSS 一起部署的技術使我們能夠了解整個服務區域 2 公里範圍內的情況，情況如何是實時的，無論是燃料水分含量、風力條件、溫度等等、草坪高度，我們都知道我們的系統。因此，EPSS 使我們能夠無論天氣和條件如何，都做好準備並降低系統風險。我們已經做好準備，這讓我對進入野火季節充滿信心。

Okay. Good. And then second question, just I have to ask again on the Fire Victim Trust, any sense on their kind of strategy or timing from here? In theory, I guess, you're close to the end? Any sense on that?

好的。好的。然後是第二個問題，我不得不再次詢問火災受害者信託基金，他們從這裡開始的戰略或時機有什麼意義嗎？從理論上講，我想，你接近尾聲了嗎？有什麼意義嗎？

Well, I would suggest we are close to the end, Steve. They're less -- well, there are just over a 6% holder today. And in their annual report, they've described their intentions. And we know that it's just less and less of a factor for us, and we're gratified. And I think the agreement worked out well for the beneficiaries as we've been -- as they've been able to sell their shares at an increasing value. So we feel like we've done our part to make it right, which has been a big priority for us.

好吧，我建議我們接近尾聲了，史蒂夫。他們更少——好吧，今天只有超過 6% 的持有人。在他們的年度報告中，他們描述了他們的意圖。我們知道這對我們來說越來越不重要了，我們很高興。而且我認為該協議對我們一直以來的受益人來說效果很好——因為他們能夠以不斷增加的價值出售他們的股份。所以我們覺得我們已經盡了自己的一份力量來把事情做好，這對我們來說是當務之急。

Makes sense. Great. And then just lastly on the GRC and the proposed decision. Just are you getting any sense of the timing within the second quarter and just the likelihood that it will actually come out in the second quarter and not get delayed?

說得通。偉大的。最後是關於 GRC 和提議的決定。您是否對第二季度的時間有任何了解，以及它實際上會在第二季度出現並且不會延遲的可能性？

Well, I think we've been really clear with our stakeholders, and I do appreciate that the commission has a lot on their plate, but we all understand, and they want what we want, which is a safe system, which requires investment in the infrastructure. We just continue to reinforce the timely outcome on the GRC is really important, and we expect that they'll keep to the timing that they've published.

好吧，我認為我們已經與我們的利益相關者非常清楚，我很欣賞委員會有很多事情要做，但我們都明白，他們想要我們想要的，這是一個安全的系統，需要投資基礎設施。我們只是繼續強調 GRC 的及時結果非常重要，我們希望他們能遵守他們發布的時間。

We'll move next to Shar Pourreza at Guggenheim.

我們將搬到古根海姆的 Shar Pourreza 旁邊。

And I'll echo Steve's comments around Carolyn and Chris. Congrats, guys, on phase 2, much, much.

我會附和史蒂夫對卡洛琳和克里斯的評論。恭喜，伙計們，在第 2 階段，非常非常。

Thank you.

謝謝。

Just wanted to -- Patti, if it's okay, just start off on the dividend, especially as we're getting closer to that eligibility threshold. I guess, what adjustments should we be thinking about beyond non-GAAP to get to that $6.4 billion net income threshold? And then more importantly, just in terms of timing, how long do you kind of anticipate it would take after meeting the threshold to actually kind of initiate the dividend? So if you meet the threshold in 3Q, would you have a tentative plan in place for framework, Board approval, et cetera? Or is there more back and forth that you anticipate as we think about the actual payment date?

只是想——帕蒂，如果可以的話，就開始分紅吧，尤其是當我們越來越接近資格門檻的時候。我想，我們應該考慮在非 GAAP 之外進行哪些調整以達到 64 億美元的淨收入門檻？然後更重要的是，就時間而言，您預計在達到實際啟動股息的門檻後需要多長時間？因此，如果您在 3 季度達到門檻，您是否會為框架、董事會批准等製定暫定計劃？還是在我們考慮實際付款日期時，您預計會有更多的來回？

Yes. Shar. This is Carolyn. I'll take that question. So we've been pretty consistent, as you know, that we would -- we do expect to meet that eligibility in the third quarter. Our current plan suggests -- continues to suggest that. On the adjustments, so our plan of reorganization has a very specific calculation for the dividend-eligible earnings. And it is different from what we report as non-GAAP core earnings. There are some very specific line item adjustments. And our IR team would be happy to walk through that methodology with you separately. But I just want to make sure that you know that it is separate. It is different.

是的。沙爾。這是卡羅琳。我會回答這個問題。所以我們一直非常一致，正如你所知，我們會 - 我們確實希望在第三季度達到這個資格。我們目前的計劃表明——繼續表明這一點。在調整方面，我們的重組計劃對符合股息條件的收益進行了非常具體的計算。這與我們報告的非 GAAP 核心收益不同。有一些非常具體的訂單項調整。我們的 IR 團隊很樂意與您單獨介紹該方法。但我只是想確保你知道它是分開的。他們有區別。

On a practical matter, we want to have our audited financial statements to be able to support the eligibility of that calculation. So the earliest our Board would have the opportunity to declare a dividend would be with our third quarter earnings call. So that's the expectation at this point in time. Of course, it is subject, I will just say, to the GRC decision, some various -- the regulatory decisions that we're expecting in the third quarter.

在實際問題上，我們希望我們的經審計財務報表能夠支持該計算的合格性。因此，我們的董事會最早有機會宣布派發股息是在我們第三季度的財報電話會議上。這就是此時的期望。當然，我只想說，這取決於 GRC 的決定，有些是我們預計在第三季度做出的監管決定。

Yes. And Shar, this is Patti. I'll just pile on here with Carolyn, our capital allocation decisions are always about investing in the system, making sure that our priority is to make the system safer, faster, meet the needs of our customers. And so we're going to continue to balance that as we factor in the decision about size and pacing of growth.

是的。莎爾，這是帕蒂。我將與 Carolyn 在這裡繼續討論，我們的資本分配決策始終是關於投資系統，確保我們的首要任務是讓系統更安全、更快，滿足客戶的需求。因此，我們將繼續平衡這一點，因為我們會考慮有關規模和增長速度的決定。

Got it. And then just on the -- now that the undergrounding program is in place, PMO is engaged. I guess, how are your thoughts evolving around longer-term undergrounding plan? Any expectations for that filing? And do you see any constructive variances versus the last update in the GRC.

知道了。然後就在 - 現在地下計劃已經到位，PMO 參與了。我想，你的想法是如何圍繞長期地下計劃發展的？對該申請有何期望？與 GRC 中的上次更新相比，您是否看到任何建設性差異。

Yes. We're getting excited as we continue to make progress and build out this program. It's such an exciting part of the company, and the team leading it is just doing an incredible job learning new things and getting best practices from across other utilities and getting started. And so we're excited to file that 10-year plan.

是的。隨著我們繼續取得進展並構建該計劃，我們感到非常興奮。這是公司如此令人興奮的部分，領導它的團隊正在做一項令人難以置信的工作，學習新事物並從其他公用事業公司獲得最佳實踐並開始工作。因此，我們很高興提交該 10 年計劃。

We expect that the 10-year plan will very much reflect our GRC and the 4 years that were included in our GRC. And just to remind that, that pending filing shows us doubling our mileage here in 2023 getting to 350 miles, ramping up to 450 miles in 2024, 550 miles in 2026 and then 750 miles in 2026 -- 550 miles, sorry, in 2025 and 750 miles in 2026. That ramp will be consistent with what we filed in our 10-year plan.

我們預計 10 年計劃將在很大程度上反映我們的 GRC 以及我們 GRC 中包含的 4 年。提醒一下，待處理的文件顯示我們在 2023 年將里程數翻了一番，達到 350 英里，在 2024 年增加到 450 英里，在 2026 年增加到 550 英里，然後在 2026 年增加到 750 英里——對不起，2025 年增加到 550 英里，然後2026 年 750 英里。該坡道將與我們在 10 年計劃中提交的內容一致。

And so based on the timing of that 10-year plan, we are waiting on feedback from OEIS on when they will receive that plan. We're ready to file that when they are ready to receive it. They're staffing up so that they can receive it. But I do think it's important for people to know that the first 4 years, including this year -- or the next 4 years, including this year, are reflected already in our GRC, including, obviously, the cost recovery associated with that. And so depending on the timing of the OEIS' availability to receive our 10-year plan has little bearing on the initial years of our undergrounding program.

因此，根據該 10 年計劃的時間安排，我們正在等待 OEIS 關於他們何時會收到該計劃的反饋。我們準備好在他們準備好接收時提交。他們正在配備人員，以便他們可以接收它。但我確實認為讓人們知道前 4 年（包括今年）或接下來的 4 年（包括今年）已經反映在我們的 GRC 中很重要，顯然包括與之相關的成本回收。因此，取決於 OEIS 接收我們 10 年計劃的時間，對我們地下項目的最初幾年影響不大。

Perfect. That was very clear. Congrats, guys. We'll see you soon. Appreciate it.

完美的。這很清楚。恭喜，伙計們。我們很快就會見到你。欣賞它。

And we'll go next to Julien Dumoulin-Smith at Bank of America.

接下來我們將去美國銀行的 Julien Dumoulin-Smith。

Again, congrats to Carolyn here. I remember your days at Dynegy well, and welcome aboard.

再次祝賀卡羅琳。我清楚地記得你在 Dynegy 的日子，歡迎加入。

Thank you.

謝謝。

Thanks, Julien.

謝謝，朱利安。

Let me start off with this. I mean, you guys have this Analyst Day coming up, and I want to call out, you have your earnings growth rate through '26, and you guys have been very careful to acknowledge the specific discrete growth rates in each year. You have your rate base growth through '27, how are you thinking about addressing if at all, some of the earnings considerations at the upcoming Analyst Day? I know that you've really placed an emphasis here on understanding the core of what you guys are doing, specifically in undergrounding at this Analyst Day. But I just wanted to call out that discrepancy between RAB and earnings growth, for instance, heading into this Analyst Day, if there were any expectations to set.

讓我從這個開始。我的意思是，你們即將迎來這個分析師日，我想大聲說一下，你們的盈利增長率一直到 26 年，你們一直非常小心地承認每年具體的離散增長率。你的利率基礎增長到 27 年為止，你如何考慮在即將到來的分析師日解決一些盈利問題？我知道你們真的在這裡強調理解你們所做工作的核心，特別是在這個分析師日的地下工作中。但我只是想指出 RAB 與盈利增長之間的差異，例如，進入這個分析師日，如果有任何預期要設定的話。

Well, Julien, we take great pride in giving you multiple years forward expectations on earnings. I would suggest that there are some -- especially with the GRC coming out late after Investor Day that it's unlikely that we'll forecast any further than 2026, but we're pretty proud of the fact that we're giving you guidance through 2026.

好吧，朱利安，我們很自豪能為您提供多年的收益預期。我建議有一些 - 特別是在投資者日之後晚些時候發布 GRC，我們不太可能預測 2026 年之後的任何時間，但我們為我們為您提供到 2026 年的指導感到非常自豪.

No. I hear you. I just wanted to test that. I appreciate it though. I very much appreciate the considerations they're in.

不，我聽到了。我只是想測試一下。不過我很感激。我非常感謝他們的考慮。

Separately and related here, can we talk about the Pacific Gen sale, and I understand and saw in your prepared remarks here some of the tweaks and timing with the ALJ, et cetera. But can you specifically address a little bit more your expectations today, where the conversations are with potential buyers and any of the consternation that might be coming up through the process as well from the regulatory side?

在這裡單獨和相關，我們能談談 Pacific Gen 銷售嗎，我理解並在你準備好的評論中看到了 ALJ 等的一些調整和時機等。但是，您能否具體說明您今天的期望，即與潛在買家的對話，以及監管方面可能在整個過程中出現的任何恐慌？

Yes. No, I'll take that. This is Carolyn. We've actually seen pretty robust inbound interest in the asset. And so we do expect a fairly competitive process. I will say that the opportunity seems to be most interesting to those long-term infrastructure investors, but we have seen a wide range of interest.

是的。不，我會接受的。這是卡羅琳。我們實際上已經看到對該資產的相當強勁的入境興趣。所以我們確實期待一個相當有競爭力的過程。我要說的是，對於那些長期基礎設施投資者來說，這個機會似乎是最有趣的，但我們已經看到了廣泛的興趣。

The portfolio, obviously, is pretty unique in that. It offers exposure to the full cost of service, regulated clean generation in California and without the direct risk of wildfires. So it's pretty attractive.

顯然，投資組合在這方面非常獨特。它提供了服務的全部成本，加利福尼亞州受監管的清潔發電，並且沒有野火的直接風險。所以它非常有吸引力。

And timing, as we've already mentioned, I mean it's really -- we do -- we've updated that. We're going to be going to market with investor -- with our process coming up in June is the expectation, so early summer. And then we would still expect that process to go forward through the balance of the year, simultaneous with the regulatory process and wouldn't expect to be closing until the first half of 2024.

正如我們已經提到的那樣，我的意思是它真的 - 我們確實 - 我們已經更新了它。我們將與投資者一起上市——預計我們的流程將在 6 月進行，所以是初夏。然後我們仍然希望這一過程在今年餘下時間與監管過程同時進行，並且預計要到 2024 年上半年才會結束。

We'll go next to Anthony Crowdell at Mizuho Securities.

接下來我們將介紹瑞穗證券的 Anthony Crowdell。

Just hopefully 2 quick questions. One on the cost of capital triggering mechanism. I believe that utility is going to file if rates stay where they are for an increase in cost of capital for 2024. Do you expect parties to file for a waiver, similar to, I think, what the utility filed for a waiver for in 2022 for the mechanism not to get reset lower? Is there an expectation that you do get parties also filing for a waiver?

希望有 2 個快速問題。一是資本成本觸發機制。我認為，如果費率保持在 2024 年資本成本增加的水平，公用事業公司將提交申請。你希望各方申請豁免嗎，我認為類似於公用事業公司在 2022 年申請豁免的情況機制不會被重置得更低？是否期望您確實讓各方也申請豁免？

Anthony, I think it's really a couple of considerations. First, there's a Phase 2 piece of this to keep in mind. So the commission is examining both the trigger itself and its treatment as well as an issue rerate, which is the yield spread adjustment in particular. So those are 2 that will be considered in the Phase 2. There's not actually a specific time frame around it.

安東尼，我認為這真的有幾個考慮因素。首先，要記住其中的第 2 階段內容。因此，委員會正在審查觸發器本身及其處理方式以及問題重估，特別是收益率利差調整。所以那些是將在第 2 階段考慮的 2 個問題。實際上並沒有具體的時間框架。

Stepping back and looking at the core of your question, I think you should assume from our standpoint that we would be filing for the upward adjustment, really consistent with that mechanism, Hard for me to predict where other interveners would come in. But at this stage, that would be our intention.

退後一步，看看你問題的核心，我認為你應該從我們的立場假設我們將申請上調，這確實與該機制一致，我很難預測其他干預者會從哪裡進來。但在這個階段，那將是我們的意圖。

From a planning standpoint, you can imagine if there is the potential for that trigger to trigger to the upside, that could actually just strengthen our plan further and provide us more capability to put more into the system.

從規劃的角度來看，您可以想像，如果該觸發器有可能觸發上行，那實際上只會進一步加強我們的計劃，並為我們提供更多的能力來向系統投入更多資金。

Great. And then lastly, Patti, it's on your, I guess, story of the month, I think you framed it as or savings a month of the undergrounding. And I understand the savings that you get by not having to bury the conduit, whatever, 36 inches and now you're at 26, but if I think of the -- probably a large component of the cost of undergrounding, maybe labor. And if I think of PG&E is probably, on their gas side, has been burying gas pipe for 100 years. Like I don't -- can I expect any efficiencies in the digging trenches and putting a conduit down that (inaudible) considering you've been -- you probably have mastered the trenching of a conduit from the gas side of the business?

偉大的。最後，帕蒂，我想這是你本月的故事，我想你把它框定為或節省了一個月的地下工程。而且我知道你不必埋葬管道，不管怎樣，36 英寸，現在你是 26 英寸，但如果我想到 - 可能是地下成本的很大一部分，也許是勞動力。如果我想到 PG&E，在他們的天然氣方面，可能已經埋設了 100 年的天然氣管道。就像我不知道的那樣——考慮到你已經——你可能已經掌握了從企業的天然氣方面挖掘管道的能力，我能期望在挖溝和鋪設管道方面有任何效率嗎？

Anthony, that's a great question. And first of all, I do remind people that all the time that we've been burying pipe for a long time. However, I would say the synergies that exist are that we can deploy our workforce. We actually have a program called [G2E], gas to electric, where we're enabling our gas workforce to do a lot of the civil work.

安東尼，這是一個很好的問題。首先，我確實提醒人們，我們一直在埋管很長時間。但是，我想說存在的協同作用是我們可以部署我們的員工隊伍。我們實際上有一個名為 [G2E] 的計劃，從天然氣到電力，我們讓我們的天然氣員工能夠完成大量的土木工作。

All that to say, this undergrounding of electric lines has new technologies that we can deploy today that we're pretty excited about. And you'll get a chance to see those at our Investor Day, the actual equipment, whether it's a rock wheel or a plow-type piece of equipment or even at grade conduit in what's something called k-rail, which we'll be able to show you all these things at Investor Day.

綜上所述，這種電線地下化擁有我們今天可以部署的新技術，我們對此感到非常興奮。你將有機會在我們的投資者日看到這些，實際設備，無論是岩石輪還是犁式設備，甚至是在所謂的 k-rail 中的等級管道，我們將能夠在投資者日向您展示所有這些東西。

There's still much, much efficiency that we can gain, and we're really excited about all of the progress and the ideas that we're getting both from our partners as well as from our own work team in our gas division. So there's definitely a great synergy there to leverage.

我們仍然可以獲得很多很多效率，我們對我們從我們的合作夥伴以及我們自己的天然氣部門的工作團隊那裡獲得的所有進展和想法感到非常興奮。因此，那里肯定有很大的協同作用。

And we'll take the next question from Ryan Levine at Citi.

我們將從花旗的 Ryan Levine 那裡回答下一個問題。

I guess to follow up on the waste elimination center comments, can you expand what type of projects or initiatives you're tracking beyond mail postage? I mean how material are some of these opportunities? Or any way to frame the scale?

我想跟進廢物消除中心的評論，你能否將你正在跟踪的項目或計劃擴展到郵件郵資之外？我的意思是其中一些機會有多重要？或任何方式來構建規模？

Yes. Well, the scale is really massive, Ryan. It starts -- I think the book ends of the mailing, which is $4 million of potential savings with just 1 mailing, all the way up to the story that I shared about the undergrounding, that's all borne out of waste elimination. Some other important focus areas for us in the waste elimination center are things like our new customer connection process improvement. I know that's an area of interest for a lot of people, and we've been making significant progress there in identifying waste in that process that we can eliminate and make a better outcome, a faster outcome for customers at a lower cost as well as other things like just bundling work.

是的。好吧，瑞安，規模真的很大。它開始——我認為這本書結束了郵寄，僅通過 1 次郵寄就可以節省 400 萬美元，一直到我分享的關於地下埋藏的故事，這一切都源於消除浪費。我們在廢物消除中心的其他一些重要重點領域是我們的新客戶連接流程改進。我知道這是很多人感興趣的領域，我們在識別該過程中的浪費方面取得了重大進展，我們可以消除這些浪費並取得更好的結果，以更低的成本更快地為客戶提供結果以及其他事情，比如捆綁工作。

We have work often done in silos. So on 1 week, a crew might go out and change a cross arm and 2 weeks later, they might go out and change that very same pole. And so bundling work so that we get out there once and do it at the lowest cost possible and least disruptive for customers.

我們經常在孤島中完成工作。因此，在 1 週內，工作人員可能會出去更換橫臂，2 週後，他們可能會出去更換同一根桿子。所以捆綁工作，這樣我們就可以以盡可能低的成本和對客戶最少的干擾進行一次。

The potential here, Ryan, I cannot describe is almost infinite. And when we get 26,000 of my coworkers all being proficient in being able to see waste for what it is and then eliminate it on a daily basis, this thing just runs itself. That's a -- it's a great future that lies ahead for this team and therefore, our customers.

這裡的潛力，瑞安，我無法描述幾乎是無限的。當我們讓我的 26,000 名同事都精通能夠看到浪費的本質，然後每天消除它時，這件事就會自動運行。這是一個——對於這個團隊以及我們的客戶來說，這是一個美好的未來。

Good to hear. In terms of the CEMA exposure in the early part of the quarter, where is the balance for that as of the end of the quarter? And any time line for recovery through the regulatory process?

很高興聽到。就本季度初的CEMA敞口而言，截至本季度末的餘額在哪裡？通過監管程序恢復的任何時間表？

Sure. Just to help give you a feel for that. What we had filed earlier, Ryan, was a little over $300 million in impact so far. I will offer to you that's early. That number is going to go up. I would assume we're going to be in total -- if you look at all the storm impacts, we're talking about 13 (inaudible) rivers of impacts here, this is probably going to be over $500 million in impact.

當然。只是為了幫助您感受一下。瑞安，我們早些時候提交的文件到目前為止產生了超過 3 億美元的影響。我會提早給你。這個數字還會上升。我假設我們將全部——如果你看看所有的風暴影響，我們在這裡談論的是 13 條（聽不清的）影響河流，這可能會造成超過 5 億美元的影響。

The CEMA related account, though, is a very consistent recovery mechanism. But as you go forward, we would typically complete the work, audit to work, make that filing, and you typically get around an 18-month to 2-year time line for resolution but been used really here in California for many years.

不過，與 CEMA 相關的帳戶是一種非常一致的恢復機制。但是隨著你的前進，我們通常會完成工作，審計工作，提交文件，你通常會在 18 個月到 2 年的時間內解決問題，但在加利福尼亞州已經使用了很多年。

And that does conclude our question-and-answer session. At this time, I would like to turn the conference back over to Patti Poppe for closing remarks.

這確實結束了我們的問答環節。此時，我想將會議轉回給 Patti Poppe 作閉幕詞。

Thanks, Audra. And we really wanted to be mindful of everyone's time today and keeping this call short. So I'll just wrap with one -- couple of thoughts.

謝謝，奧德拉。我們真的很想注意今天每個人的時間，並保持這個電話簡短。所以我只總結一個 - 幾個想法。

One, our best wishes to Chris as he embarks on his next professional step. We're going to miss him, but we're excited and proud of everything that he's achieved and what he's going to achieve next.

第一，我們對克里斯踏上職業生涯的下一步表示最良好的祝愿。我們會想念他，但我們為他所取得的一切成就以及他接下來將要取得的成就感到興奮和自豪。

And thank you, everyone, for joining us today. We look forward to seeing you at our Investor Days on May 24 and 25. We're excited to see that many of you have already registered, high demand for this event. So we're excited about that. There will be much for you to see live. It will not be possible on the webcast. And so we still have room, if you'd just like to join us, just make sure you register.

感謝大家今天加入我們。我們期待在 5 月 24 日和 25 日的投資者日與您見面。我們很高興看到你們中的許多人已經註冊，對此活動的需求量很大。所以我們對此感到興奮。您將有很多現場直播。這將無法在網絡廣播中進行。所以我們還有名額，如果您想加入我們，請務必註冊。

We are definitely seeing progress here at PG&E. And we want to be able to share that with you at our Investor Day. We want you to know that an investment in PCG is an investment in serving people, the planet and prosperity of many millions. And we're very proud of the progress that the team is making here. I want to share that with you at Investor Day. So we look forward to seeing you there. Please be safe out there, everyone. Have a great day.

我們肯定在 PG&E 看到了進步。我們希望能夠在我們的投資者日與您分享。我們想讓您知道，對 PCG 的投資是對服務於人類、地球和數百萬人的繁榮的投資。我們為團隊在這裡取得的進步感到非常自豪。我想在投資者日與您分享。所以我們期待在那裡見到你。請大家在外面注意安全。祝你有美好的一天。

And that concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。