PG&E Corp (PCG) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation Second Quarter 2023 Earnings Release Call. (Operator Instructions) It is now my pleasure to turn today's call over to Mr. Jonathan Arnold, Vice President of Investor Relations. Please go ahead.

女士們先生們，感謝你們的支持。我叫布倫特，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 PG&E 公司 2023 年第二季度收益發布電話會議。 （操作員說明） 現在我很高興將今天的電話轉給投資者關係副總裁喬納森·阿諾德先生。請繼續。

Good morning, everyone, and thank you for joining us for PG&E's Second Quarter 2023 Earnings Call. With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters. 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.

大家早上好，感謝您參加 PG&E 2023 年第二季度財報電話會議。今天與我們在一起的有首席執行官 Patti Poppe；和卡羅琳·伯克，執行副總裁兼首席財務官。我們在奧克蘭總部還有領導團隊的其他成員。首先，我應該提醒您，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當前可獲得的信息。

Some of the important factors which could affect our actual financial results are described on the second page of today's second quarter earnings call presentation. 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 June 30, 2023.

今天第二季度財報電話會議的第二頁描述了一些可能影響我們實際財務業績的重要因素。演示文稿還包括非公認會計原則和公認會計原則財務指標之間的調節。這些幻燈片以及其他相關信息可以在 Investor.pgecorp.com 上在線找到。我們還鼓勵您查看我們截至 2023 年 6 月 30 日的季度的 10-Q 表格季度報告。

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

至此，我很高興將電話轉交給我們的首席執行官帕蒂·波普 (Patti Poppe)。

Thank you, Jonathan. And good morning, everyone. Thanks for joining us on what we know is a very busy earnings morning. We continue to make progress here at PG&E and this quarter is no different. Our core earnings per share of $0.23 for the second quarter bring us to $0.52 for the first half of 2023. While our first half earnings are down $0.03 versus 2022, we have not yet recognized the benefit of our general rate case.

謝謝你，喬納森。大家早上好。感謝您加入我們，我們知道這是一個非常繁忙的財報早晨。 PG&E 繼續取得進展，本季度也不例外。我們第二季度的核心每股收益為 0.23 美元，2023 年上半年的每股核心收益為 0.52 美元。雖然我們上半年的收益比 2022 年下降了 0.03 美元，但我們尚未認識到一般利率方案的好處。

As a reminder, we have a memo account in place, which will allow us to book catch-up revenues from the January 1, 2023 effective date once we receive a final CPUC decision. We still expect a final decision in the third quarter, and we were encouraged that the CPUC affirmed this timing earlier this month. As we shared at our Investor Day in May, 86% of our incremental revenue request is for core safety, reliability and maintenance work, all areas where there is strong alignment with state policy goals and stakeholder priorities. While the GRC decision will be an important driver, halfway through the year, we remain on track to plan and laser-focused on delivering our annual guidance which we are reaffirming today.

提醒一下，我們有一個備忘賬戶，一旦我們收到 CPUC 的最終決定，我們就可以從 2023 年 1 月 1 日生效之日起記入追補收入。我們仍然預計第三季度會做出最終決定，並且 CPUC 本月早些時候確認了這一時間安排，這讓我們感到鼓舞。正如我們在 5 月份的投資者日分享的那樣，我們增量收入需求的 86% 用於核心安全性、可靠性和維護工作，所有這些領域都與國家政策目標和利益相關者的優先事項高度一致。雖然 GRC 的決定將是一個重要的推動因素，但在今年過半時，我們仍將繼續按計劃進行計劃，並集中精力提供我們今天重申的年度指導。

We are also reaffirming earnings growth rates of at least 10% in 2024 and at least 9% in 2025 and 2026, along with our commitment to no new equity issuance through 2024. Turning to Slide 4. We've continued to make progress in mitigating physical and financial risk. On the physical front, we continue to focus on system resilience by reducing wildfire risk and preparing for the grid of the future. We continue to make progress on the regulatory front as well. For example, in the second quarter, the CPUC approved over $1 billion of interim rate relief in our 2022 WMCE proceeding.

我們還重申 2024 年的盈利增長率至少為 10%，2025 年和 2026 年的盈利增長率至少為 9%，並承諾到 2024 年不再發行新股。轉向幻燈片 4。我們在緩解疫情影響方面繼續取得進展。身體和財務風險。在物理方面，我們繼續通過降低野火風險並為未來的電網做好準備來關注系統彈性。我們在監管方面也繼續取得進展。例如，第二季度，CPUC 在我們的 2022 年 WMCE 程序中批准了超過 10 億美元的臨時利率減免。

This accelerates the time line for recovering our legacy wildfire mitigation spend, improves our financial metrics and allows us to deliver on needed safety, reliability and customer connections work, benefiting both our customers and our investors. On the legal front, at the end of May, we were pleased to settle with the Shasta County District Attorney's Office, resolving the criminal charges related to the 2020 Zogg Fire. The settlement includes commitments by PG&E to contribute $45 million to various local organizations as part of our ongoing efforts to make it right and make it safe.

這加快了恢復我們遺留的野火緩解支出的時間，改善了我們的財務指標，並使我們能夠提供所需的安全性、可靠性和客戶聯繫工作，使我們的客戶和投資者都受益。在法律方面，5 月底，我們很高興與沙斯塔縣地方檢察官辦公室達成和解，解決了與 2020 年佐格火災相關的刑事指控。該和解協議包括 PG&E 承諾向各個當地組織捐贈 4500 萬美元，作為我們持續努力使其正確和安全的一部分。

Our settlement followed rulings by the Superior Court, which upheld our long-standing position that there was no evidence showing PG&E's inspections fell below the required standard of care, nor was there any evidence that the risk related to the tree was visible prior to the fire. The court's ruling from April is available on our Investor Relations website.

我們的和解遵循高等法院的裁決，該裁決維持了我們長期以來的立場，即沒有證據表明 PG&E 的檢查低於所需的護理標準，也沒有任何證據表明與樹木相關的風險在火災之前是可見的。法院四月份的裁決可在我們的投資者關係網站上查看。

Turning to financial risk mitigation. Our strategy continues to hinge around the simple, affordable model, which delivers consistently improving value for customers and investors. Regarding the Fire Victim Trust, we are encouraged that the trust has now monetized over 85% of its initial holding and at steadily higher values for its beneficiaries. After the [$60 million] share sale earlier this month, the trust now holds just over 3% of our stock. As of the end of June, determination notices have been issued for 97% of all claims, with the trustee having indicated a goal to reach 100% and monetize the remaining shares by year-end.

轉向緩解金融風險。我們的戰略繼續圍繞簡單、實惠的模式，為客戶和投資者提供不斷提高的價值。關於火災受害者信託基金，我們感到鼓舞的是，該信託基金現已將其初始持有量的 85% 以上貨幣化，並且為其受益人提供了穩定較高的價值。本月早些時候出售 [6,000 萬美元] 股票後，該信託基金目前持有我們略多於 3% 的股票。截至 6 月底，97% 的索賠已發出裁決通知，受託人表示目標是在年底前達到 100%，並將剩餘股份貨幣化。

Turning to Slide 5. We highlight our layers of protection strategy, along with our anticipated step-up in risk reduction from 90% to 94% as we roll out our new and expanded programs under our 2023 Wildfire Mitigation Plan. One example is downed conductor detection technology, which involves installing new hardware in the field, supplementing our enhanced power line safety settings. We filed our WMP with the Office of Energy Infrastructure Safety in late March, and the OEIS came out with its revision notice towards the end of June.

轉向幻燈片 5。我們重點介紹了我們的多層保護策略，以及隨著我們根據 2023 年野火緩解計劃推出新的和擴展的計劃，我們預計將風險從 90% 降低到 94%。一個例子是倒下導體檢測技術，該技術涉及在現場安裝新硬件，補充我們增強的電力線安全設置。我們於 3 月底向能源基礎設施安全辦公室提交了 WMP，OEIS 於 6 月底發布了修訂通知。

We view this feedback as a constructive part of the WMP process, and we embrace the opportunity to drive further alignment with our regulators. OEIS identified 8 critical issues, and we will file our response by August 7 deadline with the draft decision from OEIS expected at the end of September. The revision notice process will not preclude us from filing our annual safety certificate application by the due date of September 13 with OEIS approval due 90 days later.

我們將這種反饋視為理財產品流程的建設性部分，並且我們抓住機會推動與監管機構進一步協調。 OEIS 確定了 8 個關鍵問題，我們將在 8 月 7 日截止日期之前提交回應，OEIS 預計將在 9 月底提出決定草案。修訂通知流程並不妨礙我們在 9 月 13 日截止日期之前提交年度安全證書申請，並在 90 天后提交 OEIS 批准。

As a reminder, our existing safety certificate remains in effect, pending an OEIS decision on our timely filed new application. Earlier this month, at the Annual Board level safety briefing with the CPUC, our Utility Board Chair, Cheryl Campbell; and our Chief Operating Officer, Sumeet Singh discussed our safety culture, performance and details of our enterprise safety management system. These meetings are an element of our AB 1054 compliance and provide an opportunity to engage with regulators on our improvement strategies.

請注意，我們現有的安全證書仍然有效，等待 OEIS 對我們及時提交的新申請做出決定。本月早些時候，在與 CPUC 舉行的年度董事會級安全簡報會上，我們的公用事業董事會主席謝麗爾·坎貝爾 (Cheryl Campbell) 表示：我們的首席運營官 Sumeet Singh 討論了我們的安全文化、績效和企業安全管理體系的細節。這些會議是我們遵守 AB 1054 的一部分，並提供了與監管機構就我們的改進策略進行互動的機會。

We were encouraged to hear commissioners recognize our significant progress, while acknowledging our challenges, including changing climate conditions. It's in moments like this that we step back and reflect on the progress being made. In fact, at a recent meeting with all of our top leaders, Mark Quinlan, our SVP of Wildfire and Emergency Operations stood up to address the elephant in the room when he said, "I bet you're all watching the weather and thinking back to 2017. But let me remind you just how much we've done since then." He went on to remind us all that we have an entirely different readiness posture and physical risk mitigation regime in place.

我們很高興聽到委員們認識到我們取得的重大進展，同時也承認我們面臨的挑戰，包括不斷變化的氣候條件。正是在這樣的時刻，我們才會退後一步，反思所取得的進展。事實上，在最近與我們所有高層領導人舉行的一次會議上，我們的野火和緊急行動高級副總裁馬克·昆蘭（Mark Quinlan）站起來對房間裡的大象講話，他說：“我打賭你們都在關注天氣並回想到 2017 年。但讓我提醒您，自那時以來我們已經做了多少事情。”他接著提醒我們所有人，我們有完全不同的準備狀態和物理風險緩解制度。

Back in 2017, we were reacting and responding to hazard. The investments we've made since then have enabled a dramatic shift to predicting and preventing. Slide 6 illustrates the mitigations now in place, thanks to these important investments in innovation. To name just a few. Since 2017, we have installed over 600 high-definition cameras now with AI capabilities, more than 1,400 weather stations and almost 1,400 sectionalizing devices.

早在 2017 年，我們就對危險做出了反應和響應。從那時起，我們所做的投資使預測和預防發生了巨大轉變。幻燈片 6 說明了由於這些對創新的重要投資，目前採取的緩解措施。僅舉幾例。自2017年以來，我們已經安裝了600多個具有人工智能功能的高清攝像機、1,400多個氣象站和近1,400個分區設備。

We've hardened over 1,300 miles of line and undergrounded over 300 more. We've removed 3.3 million trees. We've staffed a hazard awareness warning center, 24 hours a day, 7 days a week, 365 days a year, and we've hired 130 fire prevention professionals who are on our PG&E team and making us safer every day. We've implemented a host of operational mitigations, including enhanced power line safety settings on 44,000 miles of line in and adjacent to our high fire risk areas.

我們已經加固了 1,300 多英里的線路，並將 300 多英里的線路埋入地下。我們已經砍伐了 330 萬棵樹。我們配備了危險意識警報中心，每天 24 小時、每週 7 天、每年 365 天，我們還聘請了 130 名消防專業人員，他們屬於 PG&E 團隊，讓我們每天都更安全。我們實施了一系列運營緩解措施，包括在高火災風險區域內和鄰近地區 44,000 英里的線路上增強了電力線路安全設置。

We've enabled public safety power shutoffs when conditions warrant them and new for 2023, we've deployed partial voltage force out and down conductor detection. Our system has never been safer, and yet, it will be even safer still tomorrow and every day after that. As we shared with the CPUC during the safety briefing, we are making progress, and we have more work to do. Safety permeates through everything we do and the presence of controls, including our layers of protection, leads to manageable and predictable outcomes.

我們已經在條件允許的情況下啟用了公共安全電源關閉功能，並且在 2023 年推出了新功能，我們部署了部分電壓強制輸出和引下線檢測。我們的系統從未如此安全，但明天和之後的每一天都會更加安全。正如我們在安全簡報中與 CPUC 分享的那樣，我們正在取得進展，並且還有更多工作要做。安全滲透到我們所做的每一件事中，控制措施的存在，包括我們的保護層，可以帶來可管理和可預測的結果。

I'm confident that we and our key partners, including the state, are doing everything we can to cause our stance catastrophic wildfires shall stop. The data tell the story. Through mid-July, reportable ignitions in our high fire threat district have decreased 53% from the equivalent date in 2017. Last year, we saw a 68% reduction in ignitions on EPSS-enabled circuits and a 99% reduction in acres burned. The data so far suggests we are on track to see further improvement in 2023. Our hard work over the past 5 years has dramatically changed our risk exposure and the fundamental safety of our system, and we aren't stopping there.

我相信，我們和我們的主要合作夥伴，包括國家，正在盡一切努力使我們的立場使災難性的野火停止。數據講述故事。截至 7 月中旬，我們的高火災威脅地區的可報告火災比 2017 年同期減少了 53%。去年，啟用 EPSS 的電路上的火災減少了 68%，燒毀面積減少了 99%。迄今為止的數據表明，我們有望在 2023 年看到進一步的改善。過去 5 年的努力已經極大地改變了我們的風險暴露和系統的基本安全，而且我們不會就此止步。

Moving to Slide 7. We also see profound changes in financial risk mitigation due to the framework put in place by SB 901 and AB 1054. At our Investor Day, you heard Ann Patterson, Governor and Newsom's Cabinet Secretary talk about how the state Wildfire Fund is working as planned. The AB 1054 construct is designed to give utilities and capital providers the financial assurance they need while deploying the investments required to bring down wildfire risk on the system over time.

轉到幻燈片 7。由於 SB 901 和 AB 1054 制定的框架，我們還看到金融風險緩解方面發生了深刻的變化。在我們的投資者日，您聽到州長和紐瑟姆內閣秘書安·帕特森 (Ann Patterson) 談論州野火基金如何正在按計劃進行。 AB 1054 結構旨在為公用事業和資本提供商提供所需的財務保證，同時部署所需的投資，以隨著時間的推移降低系統的野火風險。

Let me quickly revisit the key features for those looking for a refresher or who may be newer to our story. For wildfire claims exceeding $1 billion in a calendar year, we have access to the State Wildfire Fund. This provides $21 billion of claim-paying capacity protecting investors from the risk of a liquidity event. Our annual wildfire mitigation plan is a requirement for receiving our annual safety certificate.

讓我快速回顧一下主要功能，供那些想複習一下或對我們的故事不太熟悉的人使用。對於一年內超過 10 億美元的山火索賠，我們可以使用州山火基金。這提供了 210 億美元的索賠支付能力，保護投資者免受流動性事件的風險。我們的年度野火緩解計劃是獲得年度安全證書的必要條件。

So long as we have a valid safety certificate, we have access to 2 additional key features of AB 1054. First, the utility's conduct is presumed to have been prudent upfront when it comes to seeking cost recovery at the CPUC, along with the prudency standard modeled on the constructive FERC precedent. Second, in the unlikely event of the utility being found to have acted imprudently, any resulting obligation to reimburse the wildfire fund would be capped at 20% of electric T&D equity rate base on a 3-year rolling basis.

只要我們擁有有效的安全證書，我們就可以使用 AB 1054 的另外 2 個關鍵功能。首先，在向 CPUC 尋求成本回收時，公用事業公司的行為被認為是預先審慎的，同時符合審慎標準以 FERC 的建設性先例為藍本。其次，萬一發現公用事業公司行為不審慎，由此產生的任何償還野火基金的義務將被限制在 3 年滾動基礎上電力 T&D 股本利率的 20%。

This cap is currently around $3 billion for PG&E. This is a much better construct than what was in place prior to SB 901 and AB 1054 that enables the attraction of the necessary capital to build and operate a safe and climate resilient energy system.

目前 PG&E 的上限約為 30 億美元。這是一個比 SB 901 和 AB 1054 之前的結構要好得多的結構，能夠吸引必要的資金來建設和運營安全且具有氣候適應性的能源系統。

Turning to Slide 8. Let's review our regulatory and legislative time line. We've made progress on multiple fronts in the first half of the year, including approval of our wildfire self-insurance settlement, the Zogg Fire litigation settlement and 2022 Wednesday WMCE Interim Rate release. Looking forward, we have several catalysts on the horizon, starting with a GRC final decision expected in the current quarter; the ongoing legislative session in Sacramento, where we have seen constructive engagement on energization which you've heard us previously refer to as new customer connections, showing the legislature's commitment to California's clean energy transition and then on our 2023 wildfire mitigation plan and safety certification processes.

轉向幻燈片 8。讓我們回顧一下我們的監管和立法時間表。今年上半年，我們在多個方面取得了進展，包括批准我們的野火自我保險和解協議、Zogg 火災訴訟和解協議以及 2022 年周三 WMCE 臨時費率發布。展望未來，我們有幾個催化劑即將出現，首先是預計在本季度做出的 GRC 最終決定；薩克拉門托正在進行的立法會議，我們在會上看到了有關能源的建設性參與，您之前聽到我們將其稱為新客戶聯繫，這表明了立法機構對加州清潔能源轉型以及我們的 2023 年野火緩解計劃和安全認證流程的承諾。

Looking a little further out, at the end of this year, we will file our nuclear operating license extension application for Diablo Canyon with NRC, and we remain ready to submit our 10-year undergrounding plan once the OEIS and the CPUC complete their scoping process.

展望更遠一些，今年年底，我們將向 NRC 提交 Diablo Canyon 核運營許可證延期申請，一旦 OEIS 和 CPUC 完成其範圍界定過程，我們仍準備提交我們的 10 年地下計劃。

On Slide 9, you have our 2023 report card, where we're showing on track for each of our 2023 and long-term targets. This includes our plan to underground 350 miles in 2023, double last year's target and our 2024 FFO to debt target of mid-teens. As you can see, we're also projecting on track for our 2% nonfuel O&M reduction target, which brings me to my story of the month. This month's story illustrates how our regional service model, together with our performance playbook and lean operating system is helping improve the customer experience while we eliminate waste and cost in our work processes.

在幻燈片 9 上，您可以看到我們的 2023 年成績單，其中顯示了我們每個 2023 年目標和長期目標的進展情況。這包括我們計劃在 2023 年地下 350 英里，是去年目標的兩倍，以及我們的 2024 年 FFO 債務目標為 10 左右。正如您所看到的，我們還預計將實現 2% 的非燃料 O&M 削減目標，這就是我本月的故事。本月的故事說明了我們的區域服務模式以及我們的績效手冊和精益操作系統如何幫助改善客戶體驗，同時消除工作流程中的浪費和成本。

In the North Coast region, field operations teams are improving upon a commonsense approach that has worked in a lot of our programs, bundling work. What's different now is that the teams are working across various branches of electric, gas, systems inspections and vegetation management to coordinate many types of work, not just bundling similar work in siloed programs as we've done in the past. Cross-functional work bundling allows crews to do more work under the same planned outage line clearance, reducing the cost of switching and grid operations and improving overall reliability.

在北海岸地區，現場運營團隊正在改進一種常識性方法，這種方法在我們的許多項目中都發揮了作用，即捆綁工作。現在的不同之處在於，這些團隊正在電力、天然氣、系統檢查和植被管理等各個部門開展工作，以協調多種類型的工作，而不是像我們過去那樣將類似的工作捆綁在孤立的項目中。跨職能工作捆綁允許工作人員在相同的計劃停電線路清理下完成更多工作，降低切換和電網運營成本並提高整體可靠性。

During Q2, my coworkers planned and executed 12 jobs under just one planned outage near the town of Willits. Rather than impacting 100-plus customers multiple times over the year, we did it all in just one go. That's 1 outage, 1 day of traffic lane closures, 1 batch of notifications and only 1 visit. This goes to show you what's possible when we put the customer at the center of our operations. So far this year, we estimate savings of $0.5 million and 800-plus hours when we did not have to deenergize our customers. This is just the tip of the iceberg and something we are working actively to scale up across all regions, proving we can deliver an improved customer experience while cutting costs all at the same time. This is all part of the momentum we're building here at PG&E.

在第二季度，我的同事僅在威利茨鎮附近的一次計劃停電中就計劃並執行了 12 項工作。我們沒有在一年內多次影響 100 多名客戶，而是一次性完成了這一切。即 1 次斷電、1 天的車道關閉、1 批通知和 1 次訪問。這向您展示了當我們將客戶置於運營中心時可以實現什麼。今年到目前為止，我們預計在不必切斷客戶電源的情況下可節省 50 萬美元並節省 800 多個小時。這只是冰山一角，我們正在積極努力在所有地區擴大規模，證明我們可以在降低成本的同時提供更好的客戶體驗。這都是我們在 PG&E 打造的動力的一部分。

And with that, I'll turn it over to Carolyn.

有了這個，我會把它交給卡羅琳。

Thank you, Patti, and good morning, everybody. As Patti mentioned, we are on track to deliver our 2023 financial commitments. 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 new equity in 2023 or 2024. This morning, I'll cover 3 main topics with you: our 2023 results, the simple affordable model and our value proposition.

謝謝你，帕蒂，大家早上好。正如 Patti 提到的，我們有望兌現 2023 年的財務承諾。今天，我們重申 2023 年和 2024 年每股收益每年至少增長 10%，2025 年和 2026 年至少增長 9%。我們還重申我們在 2023 年或 2024 年不增發新股本的承諾。今天早上，我將與您討論 3 個主要主題：我們 2023 年的業績、簡單實惠的模式和我們的價值主張。

Let's start on Slide 10. We are on track to meet our 2023 EPS guidance of $1.19 to $1.23. Our first half results and drivers of our forecast for the second half of 2023 are presented here. On a year-to-date basis, our result is $0.52 per share, including $0.23 in the second quarter. Our first half EPS is on plan. And as Patti mentioned, our plan to reduce nonfuel O&M by 2% is also on track. So far this year, we've realized $0.04 of favorability from our cost-saving efforts, and we've redeployed $0.02 right back into the business.

讓我們從幻燈片 10 開始。我們有望實現 2023 年 EPS 指導值 1.19 美元至 1.23 美元。這裡介紹了我們上半年的業績以及我們對 2023 年下半年的預測的驅動因素。年初至今，我們的業績為每股 0.52 美元，其中第二季度為 0.23 美元。我們上半年的每股收益已按計劃進行。正如帕蒂提到的，我們將非燃料 O&M 減少 2% 的計劃也在按計劃進行。今年到目前為止，我們已經從節省成本的努力中獲得了 0.04 美元的優惠，並且我們已將 0.02 美元重新部署回業務中。

Although our year-to-date result is down $0.03 compared to 2022, a key driver for the second half of 2023 will be a final decision in our GRC. As a reminder, the CPUC has approved a standard memo account, which allows us to record catch-up revenues back to January 1 once the final decision is received. This explains the $0.01 of timing as shown here and also why you don't see customer capital investment as a growth driver in our first half results.

儘管我們今年迄今為止的業績比 2022 年下降了 0.03 美元，但 2023 年下半年的一個關鍵驅動因素將是我們 GRC 的最終決定。提醒一下，CPUC 已經批准了一個標準備忘賬戶，這使我們能夠在收到最終決定後將追趕收入記錄回溯至 1 月 1 日。這解釋了此處顯示的 0.01 美元的時間安排，也解釋了為什麼您沒有將客戶資本投資視為我們上半年業績的增長動力。

Finally, we're showing $0.04 of other. This is a combination of many smaller items over the first and second quarters, including higher property taxes, reflecting our increased customer capital investment. On Slide 11, our capital investment plans have not changed from Investor Day when we provided insight into our 10-year plan. Our 9.5% rate-based CAGR reflects the abundant opportunities to invest capital into our system for the benefit of customers. Please recall, this is a no big bets approach focused on safety and reliability with growth benefiting both our customers and our investors. Just as our earnings grow with capital growth, it's worth repeating that this capital investment growth above depreciation also provides additional cash flow to help internally fund the investment.

最後，我們展示了 0.04 美元的其他。這是第一季度和第二季度許多較小項目的組合，包括更高的財產稅，反映了我們增加的客戶資本投資。在幻燈片 11 上，我們的資本投資計劃自投資者日以來我們沒有改變，當時我們深入了解了我們的 10 年計劃。我們基於利率的 9.5% 複合年增長率反映了為客戶利益而向我們的系統投資資本的大量機會。請記住，這是一種專注於安全性和可靠性的無大賭注的方法，其增長使我們的客戶和投資者都受益。正如我們的收益隨著資本增長而增長一樣，值得重複的是，這種高於折舊的資本投資增長也提供了額外的現金流，以幫助內部為投資提供資金。

Moving to Slide 12. We continue to see ample opportunities to expand customer investment beyond the $52 billion planned through 2027. We are fortunate to have substantial needs for investment in our electric distribution and transmission systems, as well as opportunities to further improve quality and reduce cost. Our simple, affordable model is at the heart of our plan. It is how we plan to keep bills affordable for our customers, which takes us to Slide 13. As you've seen, we revisit this slide with you each quarter providing proof points on our execution. Patti already provided an update on our O&M cost reduction progress. And now I'm excited to share some recent efficient financing developments.

轉到幻燈片 12。我們繼續看到充足的機會將客戶投資擴大到 2027 年計劃的 520 億美元之外。我們很幸運，對我們的配電和輸電系統有大量投資需求，以及進一步提高質量和減少電力消耗的機會。成本。我們簡單、實惠的模型是我們計劃的核心。這就是我們計劃如何讓客戶負擔得起賬單的方式，這將我們帶到幻燈片 13。正如您所看到的，我們每個季度都會與您一起重新審視這張幻燈片，提供我們執行情況的證據。帕蒂已經提供了我們降低運維成本進展的最新信息。現在我很高興與大家分享一些近期高效的融資進展。

Our minority sale of nonnuclear generating assets or Pacific Gen continues to move through the regulatory process. We launched the marketing for the proposed sale last month. We expect these attractive and differentiated assets to draw strong investor interest as they are fully regulated with a favorable ratemaking framework. And with California's environmental policies in place, we see a very supportive backdrop for growth opportunities. As a reminder, the Pac Gen regulatory and sales processes will progress unparallel time lines.

我們對非核發電資產或太平洋發電的少數股權出售繼續通過監管程序。我們上個月啟動了擬議銷售的營銷活動。我們預計這些有吸引力且差異化的資產將吸引投資者的強烈興趣，因為它們受到有利的利率制定框架的全面監管。隨著加州環境政策的到位，我們看到了增長機會的非常有利的背景。需要提醒的是，Pac Gen 的監管和銷售流程將在前所未有的時間內取得進展。

Additionally, last month, we submitted a loan application to the Department of Energy under the Energy Infrastructure reinvestment program. Our application is all about enabling California's Clean Energy transition. If our application is approved, we would expect to draw down these funds starting in 2024 and through 2026 to align with spending in our GRC cycle. This is another example of how we're pursuing efficient financing to deliver for our customers and our communities at a lower cost.

此外，上個月，我們根據能源基礎設施再投資計劃向能源部提交了貸款申請。我們的應用程序旨在實現加州的清潔能源轉型。如果我們的申請獲得批准，我們預計將從 2024 年開始一直到 2026 年提取這些資金，以與 GRC 週期的支出保持一致。這是我們如何追求高效融資，以更低的成本為我們的客戶和社區提供服務的另一個例子。

In addition to providing a diversified funding source for our large capital program, lower cost DOE loans could result in hundreds of millions of dollars in interest expense savings for our customers over the life of the loans. This means that our planned rate base growth could come at a lower cost for our customers, creating more capacity for investment in customer benefiting infrastructure, definitely a win-win.

除了為我們的大型資本計劃提供多元化的資金來源外，能源部較低的貸款成本還可以在貸款期限內為我們的客戶節省數億美元的利息費用。這意味著我們計劃的費率基礎增長可以為客戶帶來更低的成本，從而為客戶受益的基礎設施創造更多的投資能力，這絕對是雙贏。

We plan to submit part 2 of our application in the coming months, in which we will work with the loan program office on the technical and financial evaluation of our application. I'll end here on Slide 14, with a reiteration of dividend timing. Specifically, we expect to reach a cumulative $6.2 billion in non-GAAP core earnings since our emergence from Chapter 11 during the third quarter. As we have said before, this timing remains subject to assumptions, including the timing of major regulatory decisions. In practice, this means that our Board could have the opportunity to declare a dividend as soon as our third quarter earnings call.

我們計劃在未來幾個月內提交申請的第二部分，其中我們將與貸款計劃辦公室合作對我們的申請進行技術和財務評估。我將在幻燈片 14 上重申股息時間安排。具體來說，自第三季度擺脫美國破產法第 11 章以來，我們預計非 GAAP 核心收益將累計達到 62 億美元。正如我們之前所說，這一時間安排仍然受到假設的影響，包括重大監管決策的時間安排。實際上，這意味著我們的董事會有機會在第三季度財報電話會議上宣布派發股息。

We are committed to restoring a dividend and recognize its importance to traditional utility investors. But let me be clear, we plan to recommend to the Board that we start out with a small dividend, likely lower than some published estimates. This will allow us to continue prioritizing needed capital investment, including safety and physical risk reduction on behalf of our customers. While we would expect to grow our dividend at least in line with earnings per share, our initial bias will be towards premium EPS growth versus higher yield, consistent with our capital investment priority. Our physical and financial risks are being mitigated. Our capital investment need and growth forecast benefits customers and investors. Our EPS growth is among the very best as our stock price recovers from a deep discount. And our value proposition is strong and improving every quarter. And with that, I'll hand it back to Patti.

我們致力於恢復股息，並認識到它對傳統公用事業投資者的重要性。但讓我明確一點，我們計劃向董事會建議，我們一開始就派發小額股息，可能低於一些公佈的估計。這將使我們能夠繼續優先考慮所需的資本投資，包括代表客戶降低安全和物理風險。雖然我們預計股息的增長至少與每股收益一致，但我們最初的偏見將是溢價每股收益增長而不是更高的收益率，這與我們的資本投資優先事項一致。我們的實體和財務風險正在減輕。我們的資本投資需求和增長預測有利於客戶和投資者。隨著我們的股價從大幅折扣中恢復過來，我們的每股收益增長名列前茅。我們的價值主張很強大，並且每個季度都在進步。說完，我會把它交還給帕蒂。

Thank you, Carolyn. Before we take your questions, I wanted to take a quick moment to highlight 2 other pieces of news from PG&E this week. Yesterday, we issued our annual corporate sustainability report, which outlines major strides we've made towards the triple bottom line of serving people, the planet and California's prosperity.

謝謝你，卡羅琳。在回答大家的問題之前，我想花點時間重點介紹一下 PG&E 本週發布的另外 2 條新聞。昨天，我們發布了年度企業可持續發展報告，概述了我們在服務人民、地球和加州繁榮的三重底線方面取得的重大進展。

Using statistics and stories, the report details meaningful action we took last year in service of our hometowns throughout Northern and Central California. Second, as highlighted here on Slide 15, we hosted our inaugural Innovation Summit earlier this week, drawing over 2,000 in-person and virtual participants from venture capital, technology, academic and financial world. Risk mitigation, in particular, wildfire has rightly been job one and our main priority. At the same time, our California service area is at the very forefront of the energy transition given our state's bold vision for the future. With this in mind, we created our innovation research and development team to capitalize on breakthrough opportunities, drawing on the external innovation ecosystem to inspire bold new ideas for safety and our operations.

該報告利用統計數據和故事，詳細介紹了我們去年為服務加州北部和中部的家鄉而採取的有意義的行動。其次，正如幻燈片 15 所強調的那樣，我們於本週早些時候舉辦了首屆創新峰會，吸引了來自風險投資、技術、學術和金融界的 2,000 多名現場和虛擬參與者。緩解風險，特別是野火風險，理所當然地成為我們的首要任務和首要任務。與此同時，鑑於我們州對未來的大膽願景，我們的加州服務區處於能源轉型的最前沿。考慮到這一點，我們組建了創新研發團隊，以利用突破性機遇，利用外部創新生態系統，為安全和運營激發大膽的新想法。

For example, during the Innovation Summit, we featured a first-of-its-kind version of Schneider's electric distribution energy management system operating on the Microsoft Cloud. On the topic of innovation, I'm also pleased to announce that the XPRIZE competition featured at our Investor Day has already received interest from 120 individual teams out of 32 different countries.

例如，在創新峰會期間，我們展示了在微軟雲上運行的施耐德配電能源管理系統的首個版本。關於創新主題，我還很高興地宣布，投資者日舉辦的 XPRIZE 競賽已經引起了來自 32 個不同國家/地區的 120 個團隊的興趣。

Talk about breakthrough opportunities. The objective of this competition is to be able to pinpoint ignitions from space within 60 seconds or less and autonomously suppress wildfires within 10 minutes. I'm excited to see what these brilliant minds produce. I'll wrap up on Slide 16 by saying we feel good about the progress we are making mitigating physical and financial risk.

談論突破機會。本次競賽的目標是能夠在 60 秒或更短的時間內從太空精確定位起火點，並在 10 分鐘內自主撲滅野火。我很高興看到這些聰明才智的成果。我將在幻燈片 16 的結尾說，我們對減輕實體和財務風險所取得的進展感到滿意。

We're confident in the protections we have in place for this wildfire season. And we see several catalysts ahead for investors, including restoration of our common stock dividend and a final decision in our 2023 GRC. We see the progress and feel the momentum. We hope you do too. With that, operator, please open up the line for questions.

我們對本次野火季節採取的保護措施充滿信心。我們看到投資者面臨的幾個催化劑，包括恢復普通股股息以及 2023 年 GRC 的最終決定。我們看到了進展並感受到了動力。我們希望您也這樣做。那麼，接線員，請開通提問線路。

(Operator Instructions) Your first question is from the line of Shahriar Pourreza with Guggenheim.

（操作員說明）您的第一個問題來自 Shahriar Pourreza 和古根海姆的線路。

Patti, I just wanted to start off with a question on the GRC timing. It seems there's obviously some filing still happening. They're coming through and the PD still isn't issued as you kind of highlighted there. I guess what's your level of confidence here in getting a PD and what is a potential delay in the PD due as we're thinking about disclosures and when you recognize earnings and update guidance, including obviously enactment of official dividend policy?

Patti，我只想先問一個關於 GRC 時間的問題。看來顯然還有一些歸檔工作仍在進行。他們正在通過，但正如你所強調的那樣，PD 仍然沒有發布。我想您對獲得 PD 的信心程度如何？當我們考慮披露時，當您確認收益並更新指導（顯然包括頒布官方股息政策）時，PD 的潛在延遲是什麼？

Okay, Shahriar. Thank you. That's a very robust question. I'm going to get right at it. First, let me remind you that our GRC is 85% safety, reliability, resilience work. Our customers are demanding this work of us and our stakeholders are really supportive of us doing this work. So I think that bodes very well for our GRC and its outcome.

好的，沙赫里亞爾。謝謝。這是一個非常有力的問題。我要馬上開始。首先，讓我提醒您，我們的GRC 85%是安全性、可靠性、彈性工作。我們的客戶要求我們開展這項工作，我們的利益相關者也非常支持我們開展這項工作。因此，我認為這對我們的 GRC 及其成果來說是個好兆頭。

It's important that we remain aligned with our regulators to deliver on a very important regulatory outcome that is so important and so good for customers. So I'll just start with that. But just -- I'll just back up and remind you about the timing. So the CPUC voted to extend the GRC deadline from June 30 to December 30. They needed that calendar so that the final decision could be issued still in Q3, which they have been pretty clear that it was going to be issued in Q3.

重要的是，我們必須與監管機構保持一致，以實現非常重要的監管成果，這對客戶來說非常重要且有益。所以我就從這個開始吧。但只是——我會提醒你時間安排。因此，CPUC 投票決定將 GRC 截止日期從 6 月 30 日延長至 12 月 30 日。他們需要這個日曆，以便最終決定仍然可以在第三季度發布，他們已經非常明確地將在第三季度發布。

So while the CPUC hasn't issued their proposed decision, the July 13 order included language that reinforced the timing. The commission -- in fact, the quote is that the commission still anticipates consideration of this matter on a commission agenda in the third quarter of 2023. We were very grateful for that reiteration of the importance of the timing. I think it's been really clear. We've been working closely with our stakeholders here in the state, how important it is that we get a timely GRC so that we can do this very important necessary work for our customers.

因此，雖然 CPUC 尚未發布其提議的決定，但 7 月 13 日的命令包含了強調時間安排的語言。事實上，該委員會仍預計在 2023 年第三季度在委員會議程上審議這一事項。我們非常感謝重申時機的重要性。我認為這已經非常清楚了。我們一直與該州的利益相關者密切合作，及時獲得 GRC 非常重要，這樣我們才能為客戶完成這項非常重要的必要工作。

So all that to say, obviously, we plan conservatively on the expected outcomes, and we've got a plan that we think is defendable and is going to be welcomed by the commission, but we're also putting in our contingency planning to make sure we're ready. Now I'll just close out with your final question about the implications for the dividend. I think Carolyn was very clear in our prepared remarks about the importance of the dividend, why we know that it's important to establish a dividend. But what's most important is that we're doing the right work for customers, and we've got the GRC, obviously the most important is that we have a good GRC outcome. Now we're in the final stages of that GRC process. We've said that the dividend is dependent on regulatory timing, and I don't want to get ahead of ourselves at all here. We're going to watch how that plays out, and then we'll give an update and let you know the status on the third quarter call.

綜上所述，顯然，我們對預期結果進行了保守的計劃，並且我們已經制定了一個我們認為可以辯護並且會受到委員會歡迎的計劃，但我們也制定了應急計劃，以確保當然我們已經準備好了。現在我將結束你關於股息影響的最後一個問題。我認為卡羅琳在我們準備好的發言中非常清楚地說明了股息的重要性，以及為什麼我們知道設立股息很重要。但最重要的是，我們正在為客戶做正確的工作，並且我們已經獲得了 GRC，顯然最重要的是我們擁有良好的 GRC 結果。現在我們正處於 GRC 流程的最後階段。我們已經說過，股息取決於監管時機，我不想在這裡說得太過分。我們將觀察結果如何，然後我們將提供最新情況並讓您了解第三季度電話會議的狀態。

Perfect. Fantastic. And then just lastly from me, Patti. Just maybe briefly touching on sort of your expectations for safety certification and the WMP approvals. I mean, OEIS and the stakeholders still kind of scrutinize the details of the plan. Are there concerns that cause you to engage remediating action? Or is that already in plan? And how is the time line shifting as the WMP moves towards PD and you plan to file the 23 certification in September?

完美的。極好的。最後是我，帕蒂。只是簡單地談談您對安全認證和 WMP 批准的期望。我的意思是，OEIS 和利益相關者仍在仔細審查該計劃的細節。是否有一些顧慮促使您採取補救措施？或者這已經在計劃中了嗎？隨著 WMP 轉向 PD，您計劃在 9 月提交 23 認證，時間線有何變化？

Yes. Well, one of the things I'm really going to appreciate is this WMP process. It's an open and transparent proceeding. It allows us to align with our regulator and frankly, to get the best ideas on the table. We welcome that alignment, and we welcome the feedback because that will make us better. And anything we can do to make the system safer, faster is important to us. Now in the revision notice that the OEIS issued, it identified 8 critical issues, and we have until August 7, we'll be filing our revision -- our response to that revision notice.

是的。嗯，我真正欣賞的一件事就是這個 WMP 流程。這是一個公開透明的程序。坦率地說，它使我們能夠與監管機構保持一致，以獲得最好的想法。我們歡迎這種一致性，也歡迎反饋，因為這將使我們變得更好。我們能做的一切讓系統更安全、更快對我們來說都很重要。現在，在 OEIS 發布的修訂通知中，它確定了 8 個關鍵問題，我們將在 8 月 7 日之前提交我們的修訂版本——我們對該修訂通知的回應。

It had some -- about 3 main themes I would suggest in their feedback. They're asking for additional granularity, like, for example, quarterly data through 2024 on vegetation management targets. That's a reasonable request, and we can provide that feedback. Additional information on proposals and alternatives considered like, for example, the changing in our underground mile timing when we might make those revisions and more insights to understand our objectives in both the 3-year filing but also the 10-year look, which all of that is -- they're good questions, and we can have good healthy dialogue with the safety regulators here in the state to make sure that we've got alignment there.

我會在他們的反饋中建議一些大約 3 個主題。他們要求提供額外的粒度，例如截至 2024 年植被管理目標的季度數據。這是一個合理的請求，我們可以提供反饋。有關提案和替代方案的其他信息，例如，我們可能會進行這些修改和更多見解以了解我們在 3 年歸檔和 10 年展望中的目標，例如，我們地下里程時間的變化，所有這些也就是說，它們是很好的問題，我們可以與該州的安全監管機構進行良好健康的對話，以確保我們在那裡保持一致。

So we'll submit that revision on August 7, and we expect a draft decision from OEIS at the end of September. Now the safety certificate filing date is set as prior to September 13, 2023. So we'll make that filing, even if we don't have a final decision on the WMP and then the OEIS has 90 days to review our safety certificate application.

因此，我們將在 8 月 7 日提交修訂版，預計 OEIS 將在 9 月底給出決定草案。現在，安全證書提交日期定為 2023 年 9 月 13 日之前。因此，即使我們對 WMP 沒有最終決定，我們也會進行提交，然後 OEIS 有 90 天的時間來審查我們的安全證書申請。

Perfect. Big congrats, Patti, on the execution. It's pretty -- it's very noticeable.

完美的。非常祝賀帕蒂被處決。它很漂亮——非常引人注目。

Your next question is from the line of David Arcaro with Morgan Stanley.

你的下一個問題來自摩根士丹利的大衛·阿卡羅。

I was just wondering if you could give an update on how the -- I guess, the environmental backdrop is shaping up so far during the summer and into fire season. Just is the expectation still -- or are the -- have the conditions changed at all in terms of expectations when you're looking at fuel out there, moisture content, just outlook into the rest of the summer and how this year's kind of fire season is shaping up right now?

我只是想知道您是否可以提供最新信息——我猜，到目前為止，夏季和火災季節的環境背景是如何形成的。只是當你觀察燃料、水分含量、展望夏季剩餘時間以及今年的火災情況時，預期是否仍然存在——或者說——在預期方面，條件是否發生了變化？季節現在正在形成嗎？

Yes. So a couple of things. One, of course, all of that moisture that we got in the first quarter of this year certainly has, I would say, delayed the start of fire season. We had a good moisture. But as you've indicated, David, it also provides for additional fuel in the form of grasses and grasses to be managed. The important thing to know and what we're really trying to convey in our report today and really making the distinction about how far we've come since 2017, we are ready no matter what. We are ready no matter the conditions.

是的。有幾件事。當然，我想說，今年第一季度的所有潮濕天氣肯定推遲了火災季節的開始。我們的水分很好。但正如你所指出的，大衛，它還以草和要管理的草的形式提供額外的燃料。需要了解的重要一點以及我們在今天的報告中真正想要傳達的內容以及真正區分我們自 2017 年以來所取得的進展的內容，無論發生什麼，我們都做好了準備。無論條件如何，我們都已做好準備。

Our Hawk 24/7/365 is utilizing all of those cameras and weather stations, we know precisely the conditions and our enhanced power line safety settings went into automatic mode on July 1. We deactivate those when conditions warrant. So there are certain cases where we do know we have high moisture and in particular polygon in our service area. And so we deactivate the EPSS but we have EPSS ready and able every single day of the year.

我們的 Hawk 24/7/365 正在利用所有這些攝像頭和氣象站，我們準確地了解情況，並且我們的增強型電源線安全設置已於 7 月 1 日進入自動模式。當條件允許時，我們會停用這些攝像頭和氣象站。因此，在某些情況下，我們確實知道我們的服務區域濕度很高，特別是多邊形。因此，我們停用了 EPSS，但我們一年中的每一天都準備好 EPSS。

And so for us, we're just using this as an opportunity to be wildfire ready no matter the conditions. All that being said, we're having great performance. Our EPSS settings continue to be an extraordinary risk mitigation tool for us. In fact, this year, our ignitions year-to-date are 50% less than what they were last year. And last year was an extraordinary year of performance as well. So we're feeling very good about our posture, and we're ready.

所以對我們來說，我們只是利用這個機會，無論條件如何，都做好野火準備。話雖如此，我們的表現非常出色。我們的 EPSS 設置仍然是我們非凡的風險緩解工具。事實上，今年我們的點火次數比去年減少了 50%。去年也是表現非凡的一年。所以我們對自己的姿勢感覺非常好，我們已經準備好了。

That's clear. And then separately, looking at the $5 billion bucket of potential incremental upside CapEx opportunities, you've added a bit more tail around where some of those opportunities could come from. I'm wondering, if you could give us a sense of if there are any near-term opportunities to pull any of those programs into the CapEx plan or just a little bit of color around the cadence and the timing for when those opportunities start to crystallize? .

很清楚。然後，分別考慮 50 億美元的潛在增量資本支出上昇機會，您對其中一些機會可能來自的地方添加了更多線索。我想知道，您能否讓我們了解是否有任何近期機會將這些計劃納入資本支出計劃，或者只是圍繞這些機會開始出現的節奏和時間提供一點色彩。結晶？ 。

Yes, David, I'll take that question. So I would say, the 2 areas that we see the most potential in terms of working our model to see that they're going to be affordable is in the transmission area and new customer connections. So we are looking at partnerships. We are looking at additional new customer. We've made significant progress in terms of looking at our overall process of bringing those connections online sooner. And so there's -- I would say, those are the 2 areas that you could expect more insight over the coming earnings calls.

是的，大衛，我會回答這個問題。所以我想說，我們認為在運行我們的模型方面最有潛力的兩個領域是傳輸領域和新客戶連接，以確保它們能夠負擔得起。所以我們正在尋找合作夥伴關係。我們正在尋找更多新客戶。我們在審視更快地將這些連接上線的整體流程方面取得了重大進展。因此，我想說，在即將到來的財報電話會議上，您可以期待在這兩個領域獲得更多見解。

And David, I'll add that all of that is contingent upon affordability for our customers and do we, in fact, have headroom to go ahead and add additional capital. And so all of our waste elimination work, all of our cost savings work, some of our big strategic efforts to reduce cost and get more streamlined and then the little itty-bitty ideas that all add up, give us an opportunity to then deploy that more -- that capital for the benefit of customers when we can be sure that they can afford it. So that's always the equation that we're running.

大衛，我要補充一點，所有這一切都取決於我們客戶的承受能力，事實上，我們是否有空間繼續增加額外的資本。因此，我們所有消除浪費的工作，所有節省成本的工作，我們為降低成本和變得更加精簡而做出的一些重大戰略努力，然後所有的小想法加起來，讓我們有機會部署這些想法更多的是——當我們確信客戶有能力支付時，為客戶的利益提供資本。所以這始終是我們運行的方程式。

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

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just following up on the last one, actually, I'll pivot to this direction. The DOE headlines here. Maybe we could talk a little bit about how you think about -- is that incremental or not? How do you think about that in terms of the projects that you already have underway versus being incremental? Does that displace some other projects? Just kind of think about the financial impacts of pulling down on that DOE money, obviously, clearly beneficial in any regard for customers?

實際上，緊接著最後一個，我將轉向這個方向。美國能源部的頭條新聞在這裡。也許我們可以談談你的想法——這是增量還是非增量？您如何看待已經進行的項目與漸進項目的關係？這會取代其他一些項目嗎？想一想減少能源部資金的財務影響，顯然，對客戶來說顯然是有利的？

Julien, this is Carolyn. Thank you for the question. So it is not incremental. We believe that we're going to use this financing to fund the programs that we have already in place. We have a very well laid out plan. We have more than enough to invest into our system. And so this financing is simply going to allow it to be more efficiently financed. .

朱利安，這是卡羅琳。感謝你的提問。所以它不是增量的。我們相信我們將利用這筆資金來資助我們已經實施的計劃。我們有一個非常周密的計劃。我們有足夠的資金來投資我們的系統。因此，這筆融資只會使其能夠更有效地融資。 。

Okay. All right. Fair enough. I'll leave that there. Maybe just tipping to another subject real quickly here. How do you think just the capital structure. Again, this is more a financing -- do you no longer need or expect to need the capital structure waivers? Do you think about kind of a normalization? We talk about dividend today, do you think about capital structure tomorrow, et cetera?

好的。好的。很公平。我會把它留在那裡。也許只是在這裡快速轉向另一個主題。您認為資本結構如何？再說一遍，這更像是一種融資——您是否不再需要或期望需要資本結構豁免？您是否考慮過某種形式的正常化？我們今天討論股息，明天您會考慮資本結構等等嗎？

Yes. I think -- 2 things just to recall, I mean, I'll reiterate the no new equity in '23 and '24. And we have a commitment to pay down the parent debt of about $2 billion plus by 2026. So in terms of that waiver, we're monitoring that. We're on track. We've made improvements over the last couple of years, and we continue to foresee those improvements. And we don't -- if the waiver is in place until -- we'll be able to make that waiver until June '25, yes, I thought it was '25, sorry. Couldn't it remember it was June or March?

是的。我想——有兩件事需要提醒一下，我的意思是，我會重申 23 年和 24 年沒有新的股權。我們承諾到 2026 年償還約 20 億美元以上的母公司債務。因此，就豁免而言，我們正在監控這一情況。我們步入正軌。過去幾年我們已經做出了改進，並且我們將繼續預見這些改進。而且我們不會 - 如果豁免到位，直到 - 我們將能夠在 25 年 6 月之前做出豁免，是的，我以為是 25 年，抱歉。它不記得那是六月或三月嗎？

(Operator Instructions) Your next question is from the line of Ryan Levine with Citi.

（操作員說明）您的下一個問題來自花旗銀行的 Ryan Levine。

In terms of the dividend, are there any other regulatory items outside of the GRC that could impact the timing of reinstating the dividend with the third quarter call or some footnotes in your prepared comments? Just wanted to clarify what was being intended with that statement?

就股息而言，GRC 之外是否還有任何其他監管項目可能會影響第三季度電話會議或您準備的評論中的一些腳註恢復股息的時間？只是想澄清該聲明的意圖是什麼？

Yes. No, it's primarily the GRC, Ryan.

是的。不，主要是 GRC，Ryan。

Okay, great. And then on the heels of the Innovation Summit, curious your latest thinking about how artificial intelligence could impact your business, both from a cost, capital or risk standpoint going forward and what work streams do you have to incorporate that?

好的，太好了。緊隨創新峰會之後，想知道您對人工智能如何影響您的業務的最新想法，無論是從成本、資本還是風險的角度來看，以及您必須將其納入哪些工作流程？

Yes. Ryan, that Innovation Summit was just spectacular. We opened the doors to the future with thousands of people participated in that event from all across the globe. We had people signed in from Australia and Israel and U.K. and all across the country, here in the U.S. as well. (inaudible) only here in California. It was very fun to see the appetite to support our True North strategy and the key enablers to a pathway to the clean energy transition and a robust gas system. It was really exciting to imagine how all those partnerships might emerge from that date. And I'm glad so many investors signed on for that day as well.

是的。瑞安，那次創新峰會非常精彩。我們打開了未來的大門，來自世界各地的數千人參加了這次活動。我們的用戶來自澳大利亞、以色列、英國以及全國各地，包括美國。 （聽不清）僅在加利福尼亞州。看到人們對我們的“真北”戰略的支持以及通往清潔能源轉型和強大的天然氣系統的關鍵推動因素，這是非常有趣的。想像從那天起所有這些合作夥伴關係將如何出現真是令人興奮。我很高興當天也有這麼多投資者簽約。

But back to your question about AI. First of all, I'll remind you that we've been using artificial intelligence already. And in fact, in 2019, we introduced our wildfire spread model. That's the [Tecno Silver] platform that helps us forecast where our highest risks are and what a wildfire spread might look like. We operationalized that artificial intelligence in 2021. And we've been utilizing that routinely. And that's just the tip of the iceberg.

回到你關於人工智能的問題。首先，我要提醒您，我們已經在使用人工智能了。事實上，我們在 2019 年推出了野火蔓延模型。這就是 [Tecno Silver] 平台，可以幫助我們預測風險最高的地方以及野火蔓延的情況。我們於 2021 年投入使用了人工智能。而且我們一直在定期使用它。這只是冰山一角。

We're also using AI for asset health as we do our inspections and then coordinating between drone inspections and data collection. It's very hard for humans to review photos. We take all of these images and humans can make an error, it's a judgment. But an artificial intelligence platform that can review all of those visual images can truly automate our response and then build into our asset health plan, what next might fail and be predictive in that way.

我們還在進行檢查時使用人工智能來保證資產健康，然後在無人機檢查和數據收集之間進行協調。人類審查照片非常困難。我們拍攝所有這些圖像，人類可能會犯錯誤，這是一種判斷。但是，一個可以審查所有這些視覺圖像的人工智能平台可以真正自動化我們的響應，然後將其納入我們的資產健康計劃中，接下來可能會失敗並以這種方式進行預測。

And so we're pretty excited about the application of AI to continue our system safety efforts and our asset health. But then there are simple things, like just automating simple back office processes and administrative tasks. So we're playing with that. And then things like customer service. And so we're really excited about the applications of artificial intelligence. We know there's things to be cautious about and we're working to make sure that any platform that we use protects our customers' data and any kind of company secret data. We make sure that, that safety exists for our data as well as our physical assets. So much more to come in AI for PG&E for sure.

因此，我們對人工智能的應用來繼續我們的系統安全工作和資產健康感到非常興奮。但也有一些簡單的事情，比如自動化簡單的後台流程和管理任務。所以我們正在玩這個。然後是客戶服務之類的事情。因此，我們對人工智能的應用感到非常興奮。我們知道有些事情需要謹慎，我們正在努力確保我們使用的任何平台都能保護客戶的數據和任何類型的公司機密數據。我們確保我們的數據和實物資產的安全。 PG&E 的人工智能領域肯定還有更多的內容。

Great. Look forward to it. I guess in terms of the DOE loan, congratulations on receiving that subsidized capital. Outside of federal dollars, are there any state programs that you're looking to tap into to help mitigate bill impact through different California initiatives?

偉大的。對此期待。我想就能源部貸款而言，恭喜您獲得補貼資金。除了聯邦資金之外，您是否希望利用任何州計劃來通過加州的不同舉措來幫助減輕賬單影響？

Yes. We have several California initiatives. So things like the California Climate Credit. We accelerated that earlier this year, so that it was during the heating season to offset some of those gas charges that were so high at the beginning of the year. We have our income-qualified customer assistance programs. We call that CARE. It's a very robust income-qualified program to help customers who don't have the ability to always afford their utility bill. We make sure that they're cared for and have the energy that they need.

是的。我們在加州有幾項倡議。比如加州氣候信貸。今年早些時候，我們加快了這一進程，以便在供暖季節期間抵消一些年初如此高的天然氣費用。我們有符合收入要求的客戶援助計劃。我們稱之為“關懷”。這是一個非常強大的收入合格計劃，旨在幫助那些沒有能力始終負擔水電費的客戶。我們確保他們得到照顧並擁有他們所需的能量。

There's a California Arrearage Payment Program where, for example, more than 300,000 customers who were experiencing financial hardships during the pandemic received an automatic onetime build credit in February of 2023. And then back to your innovation point, earlier, Ryan, the $83 million Epic program is a source of funding so that we can invest in doing new technologies that make it safer and more affordable for customers in the future. So that's a really exciting part of our portfolio, too, that benefits customers.

例如，加州有一個欠款支付計劃，超過 300,000 名在大流行期間遇到財務困難的客戶在 2023 年 2 月獲得了自動一次性構建信用。然後回到你的創新點，瑞安，早些時候，價值 8300 萬美元的 Epic該計劃是一個資金來源，以便我們可以投資於新技術，使未來的客戶更安全、更實惠。因此，這也是我們產品組合中非常令人興奮的一部分，可以讓客戶受益。

There are no further questions at this time. I will now turn the call back over to the CEO, Ms. Patti Poppe.

目前沒有其他問題。現在我將把電話轉回給首席執行官帕蒂·波普女士。

Well, thank you, everyone, for joining us today. I know you've got a busy calendar, and we're grateful for your time, and we look forward to seeing you soon. Be safe out there. .

好的，謝謝大家今天加入我們。我知道您的日程很忙，我們感謝您抽出寶貴的時間，期待很快見到您。出去要注意安全。 。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連接。