PG&E Corp (PCG) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the PG&E Corporation Fourth Quarter 2023 Earnings Release Call.

感謝您的耐心等待，歡迎參加 PG&E 公司 2023 年第四季財報發布電話會議。

I would now like to welcome Jonathan Arnold, Vice President of Investor Relations, to begin the call. Jonathan, over to you.

現在我歡迎投資者關係副總裁喬納森·阿諾德 (Jonathan Arnold) 開始通話。喬納森，交給你了。

Good morning, everyone, and thank you for joining us for PG&E's Fourth 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.

大家早安，感謝您參加 PG&E 2023 年第四季財報電話會議。今天與我們在一起的有執行長 Patti Poppe；和卡羅琳·伯克，執行副總裁兼財務長。我們在奧克蘭總部還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 earnings presentation. 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'd also encourage you to review our annual report on Form 10-K for the year ended December 31, 2023.

首先，我應該提醒您，今天的討論將包括有關我們未來財務表現展望的前瞻性陳述。這些陳述是基於管理層目前可獲得的資訊。今天收益報告的第二頁描述了一些可能影響我們實際財務表現的重要因素。該簡報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資訊可以在 Investor.pgecorp.com 上在線找到。我們也鼓勵您查看我們截至 2023 年 12 月 31 日的年度 10-K 表格年度報告。

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執行長 Patti Poppe。

Thank you, Jonathan. Good morning, everyone. This morning, we reported full year core earnings of $1.23, delivering at the high end of our annual guidance range. This result represents growth of 12% over our 2022 results of $1.10.

謝謝你，喬納森。大家，早安。今天早上，我們報告全年核心收益為 1.23 美元，達到我們年度指導範圍的上限。這一結果比我們 2022 年 1.10 美元的結果增長了 12%。

In the fourth quarter, we recognized the full year benefit of our 2023 general rate case as expected. I'm also pleased to announce that we exceeded our 2% annual nonfuel O&M savings target for the second consecutive year with savings coming in at 5.5% and pushing our EPS to the high end of the range. Because these savings were predominantly generated by reducing waste and improving service, they benefit customers today and benefit investors for years to come.

在第四季度，我們如預期確認了 2023 年一般利率方案的全年效益。我還很高興地宣布，我們連續第二年超額完成了 2% 的年度非燃料運營與維護節省目標，節省量達到 5.5%，並將我們的每股收益推至該範圍的高端。由於這些節省主要是透過減少浪費和改善服務來實現的，因此它們現在使客戶受益，並在未來幾年使投資者受益。

Looking to 2024, we're reaffirming our at least 10% growth target, which is now based on our actual 2023 result of $1.23. This results in an increase to our 2024 core earnings guidance range with a new higher midpoint of $1.35 versus our previous guidance of $1.33. We also reaffirm our commitment to at least 9% core EPS growth for both 2025 and 2026, rebased off our actual 2023 results and our new 2024 range.

展望 2024 年，我們重申至少 10% 的成長目標，目前基於 2023 年 1.23 美元的實際表現。這導致我們的 2024 年核心獲利指導範圍上調，新的中點為 1.35 美元，而先前的指導為 1.33 美元。我們也重申我們對 2025 年和 2026 年核心每股收益成長至少 9% 的承諾，這是根據 2023 年實際業績和新的 2024 年業績範圍重新確定的。

In addition, I'm pleased to share that we're extending our core EPS growth guidance of at least 9% for an additional 2 years through 2028. Our needed customer investment leads to strong rate base growth, which continues to be the primary driver of our future earnings growth. We are providing you with updated 5-year forecast for both rate base and CapEx in today's slides. These numbers now extend to 2028 and show a consistent compound annual growth rate of 9.5%, using the new base year of 2023.

此外，我很高興與大家分享，我們將把至少9% 的核心每股收益成長指引再延長兩年，直至2028 年。我們所需的客戶投資將帶來強勁的利率基礎成長，這仍然是主要驅動力我們未來的獲利成長。我們在今天的幻燈片中為您提供了最新的 5 年費率基礎和資本支出預測。這些數字現在延續到 2028 年，並以 2023 年為新基準年，顯示 9.5% 的持續複合年增長率。

Finally, we reaffirm our commitment to no new equity in 2024 and remain committed to pursuing the most efficient forms of financing available for 2025 and beyond, which Carolyn will discuss in her remarks.

最後，我們重申 2024 年不再新增股權的承諾，並繼續致力於在 2025 年及以後尋求最有效的融資形式，卡羅琳將在發言中討論這一點。

On Slide 4, we've added 23 actuals, illustrating our high end of guidance results and the rebasing of forward year growth rates now through 2028. This is our simple, affordable model in action. The lift in 2023 reflects our 5.5% nonfuel O&M reduction, well above our 2% plan.

在投影片 4 上，我們增加了 23 個實際值，說明了我們的高端指導結果以及從現在到 2028 年的未來年度成長率的重新基準。這是我們簡單、實惠的實際模型。 2023 年的提升反映了我們非燃料營運和維護減少 5.5%，遠高於我們 2% 的計畫。

Slide 5 is a reminder of the key elements of our simple affordable model, which allows us to continue growing customer capital investment at 9% or more, while containing customer bill increases at or below assumed inflation in the 2% to 4% range. Key enablers in the model are ongoing annual nonfuel O&M reductions of 2%, efficient financing and electric load growth in the 1% to 3% range. The proof is in the numbers. The simple, affordable model works.

投影片5 提醒我們簡單的負擔得起的模型的關鍵要素，該模型使我們能夠繼續以9% 或更高的速度成長客戶資本投資，同時將客戶帳單的成長控制在或低於2% 至4 % 範圍內的假設通膨率。該模型的關鍵推動因素包括每年 2% 的非燃料 O&M 削減、高效融資以及 1% 至 3% 範圍內的電力負載成長。證據就在數字中。這種簡單、實惠的模式很有效。

You first saw Slide 6 during our November business update call. This version has been updated for a few additional known items such as the 2024 cost of capital trigger. Our new ROE of 10.7% took effect on January 1 this year with collections beginning this month in gas rates and next month for electric. Delivering on this projected 2% to 4% bill growth trajectory is an essential element of the PG&E plan, and one which will be important for building trust with our customers over the long run.

您第一次看到投影片 6 是在我們 11 月的業務更新電話會議上。此版本已針對一些其他已知項目進行了更新，例如 2024 年資本成本觸發器。我們的新 ROE 為 10.7%，於今年 1 月 1 日生效，本月開始徵收天然氣費，下個月將徵收電力費。實現預計的 2% 至 4% 帳單成長軌跡是 PG&E 計畫的重要組成部分，從長遠來看，這對於與客戶建立信任非常重要。

For our average gas and electric residential customer, average monthly bill increases are limited to the 2% to 4% range from 2023 through 2026. I wanted to be clear that this includes the step-up in 2024 as we implement the GRC and other deferred cost recoveries. Our plan shows average build stepping down beginning later this year and further in both 2025 and 2026, keeping the average annual increase in the lower half of the 2% to 4% range as catch-up recoveries roll off.

對於我們的普通燃氣和電力住宅客戶來說，從2023 年到2026 年，平均每月電費增幅僅限於2% 至4% 的範圍內。我想澄清的是，這包括2024 年我們實施GRC 和其他遞延法案時的加價。成本回收。我們的計劃顯示，平均成長從今年稍後開始下降，並在 2025 年和 2026 年進一步下降，隨著追趕性復甦的逐漸結束，年均成長率保持在 2% 至 4% 範圍的下半部分。

Two of the larger items are around $1 billion of 2022 WMCE interim rate relief, which comes off builds in mid-2024 and the 24-month collection of our first year GRC revenues, which come off at the start of 2026. Let me say that again. Based on what we know today, our bills will rise at the lower half of the range, around 2.5% per year, on average, over the duration of this rate case from 2023 through 2026.

其中兩個較大的項目是2022 年WMCE 臨時利率減免的約10 億美元，該減免將於2024 年中期完成，以及我們第一年GRC 收入的24 個月收款，該收入將於2026 年初完成。再次。根據我們今天所知，在 2023 年至 2026 年期間，我們的帳單將在該範圍的下半部分上漲，平均每年約 2.5%。

Let's shift gears to the significant progress the team has made on risk mitigation. Slide 7 updates our 2023 emission data for the full year. Total CPUC reportable admissions came in at 65% for 2023, down 68% from the 2017 baseline and 29% down from 2022. On the right side of the slide, we're showing our weather-normalized ignition rate, which is a metric from our wildfire mitigation plan. This year's number of 0.93 was a reduction of 71% from 2017, and our lowest annual number since we began calculating this metric.

讓我們專注於團隊在風險緩解方面取得的重大進展。投影片 7 更新了我們的 2023 年全年排放數據。 2023 年 CPUC 可報告入學人數總數為 65%，比 2017 年基線下降 68%，比 2022 年下降 29%。在幻燈片的右側，我們顯示了天氣標準化點火率，該指標來自我們的野火緩解計劃。今年的數字為 0.93，比 2017 年減少了 71%，是我們開始計算該指標以來的最低年度數字。

The metric demonstrates that we continue to drive down wildfire risk in 2023, even after adjusting for fewer circuit mile days under R3 or higher conditions when the risk of catastrophic wildfire are highest. While we're extremely pleased with these results, our team certainly isn't stopping here. We see further opportunities to drive overall wildfire risk reduction beyond the 94% achieved in 2023 as we continue with additional system hardening and deployment of new technologies. In addition to the physical risk reduction, financial risks are also lower, including key protections under AB 1054, which were reaffirmed with the issuance of our annual safety certificate last month.

該指標表明，即使在災難性野火風險最高的 R3 或更高條件下調整了更少的賽道里程天數後，我們仍將在 2023 年繼續降低野火風險。雖然我們對這些結果非常滿意，但我們的團隊當然不會就此止步。隨著我們繼續加強系統強化和部署新技術，我們看到了進一步推動整體野火風險降低到 2023 年 94% 以上的機會。除了物理風險降低外，財務風險也降低了，包括 AB 1054 下的關鍵保護，上個月我們頒發年度安全證書時重申了這一點。

Looking forward, here on Slide 8, we want to take a moment to highlight how we see PG&E offering investors a truly differentiated, high-quality utility growth story. This starts with premium rate base growth and industry-leading 9.5%, what sets us apart is our commitment to make this investment affordable for our customers. The key enabler is our ability to drive consistent nonfuel O&M savings as we deploy our lane operating system in a utility, which previously saw costs compound at an annual 10% rate over the prior 5 years.

展望未來，在幻燈片 8 上，我們想花點時間強調我們如何看待 PG&E 為投資者提供真正差異化、高品質的公用事業成長故事。首先是溢價基數成長和業界領先的 9.5%，讓我們與眾不同的是我們致力於讓客戶負擔得起這項投資。關鍵推動因素是我們在公用事業公司部署車道操作系統時持續推動非燃料運營和維護成本節省的能力，此前該公用事業公司的成本在過去 5 年中以每年 10% 的速度複合。

As a reminder, several years of doing whatever was necessary to respond to back-to-back crisis pushed our capital to expense ratio far below the industry average. This is where we have a wealth of opportunity and a long runway to drive efficiencies with sustainable savings benefiting both our customers and our investors.

提醒一下，多年來我們採取了一切必要措施來應對連續不斷的危機，這使得我們的資本支出比率遠低於行業平均水平。在這裡，我們擁有豐富的機會和漫長的道路，可以透過可持續的節約來提高效率，使我們的客戶和投資者受益。

We expect future load growth related to California's leadership in electrification to be a further differentiator and one which will help keep customer build growth within our 2% to 4% forecast. In addition to continued adoption of electric vehicles throughout our service territory, we have seen a threefold increase in data center applications in 2023 versus the prior 4 years. We plan to speak more about these load growth trends over the course of this year, including at an investor meeting, which we are planning for June 12 in New York. So please mark your calendars for that.

我們預計，與加州在電氣化領域的領先地位相關的未來負載成長將成為進一步的差異化因素，這將有助於將客戶的成長保持在我們 2% 至 4% 的預測範圍內。除了在整個服務領域繼續採用電動車之外，我們還發現 2023 年資料中心應用量比前 4 年增加了三倍。我們計劃在今年更多地討論這些負載成長趨勢，包括在我們計劃於 6 月 12 日在紐約舉行的投資者會議上。因此，請在您的日曆上標記這一點。

The fundamental differentiators of rate base growth, O&M savings and load growth, we would add our constructive state regulatory and policy environment in California. Key elements of the California regulatory model includes 4 years of revenue certainty under the GRC, returns, which are set separately from the GRC, including a formulaic adjustment mechanism, and timely recovery for pass-through of important cost categories, including fuel and pension.

費率基數成長、營運與維護節省和負載成長的根本區別在於，我們將在加州添加建設性的州監管和政策環境。加州監管模式的關鍵要素包括GRC下4年的收入確定性、與GRC分開設定的回報，包括公式化的調整機制，以及及時回收重要成本類別（包括燃料和退休金）的轉嫁。

With our GRC results, we now have revenue certainty extended through 2026, giving us the best level of regulatory visibility we've had since I joined PG&E and something which any regulated utility would love. This brings me to our performance playbook, including our lean operating system, which is becoming a critical differentiator for PG&E as we continue building a sustainable culture based on continuous improvement and what we refer to as breakthrough thinking.

憑藉我們的 GRC 結果，我們現在的收入確定性延長至 2026 年，這為我們提供了自我加入 PG&E 以來最好的監管透明度，也是任何受監管公用事業公司都會喜歡的。這讓我想到了我們的績效手冊，包括我們的精益作業系統，隨著我們繼續建立基於持續改進和我們所說的突破性思維的可持續文化，該系統正在成為 PG&E 的關鍵差異化因素。

And so on Slide 9 to my story of the month or in this case, the story of the year. Let me first take you back to the beginning of 2023. We had a goal to underground 350 miles of electric lines at a unit cost of $3.3 million per mile. We started 2023 with only about 5 miles of civil construction fully complete. At that point, we had hundreds of miles still to design, thousands of individual easements to negotiate, 345 miles of trenches to dig and 350 miles of cable to pull. And then the winter storm hit. This team's atmospheric rivers to be exact, which brought civil work to a near standstill through April.

投影片 9 是我的本月故事，或是在本例中是年度故事。首先讓我帶您回到 2023 年初。我們的目標是以每英里 330 萬美元的單位成本鋪設 350 英里的地下電線。 2023 年伊始，我們僅完成了約 5 英里的土木工程。那時，我們還有數百英里的路程需要設計，數千個單獨的地役權需要協商，345 英里的戰壕需要挖掘，350 英里的電纜需要拉動。然後冬季風暴襲來。確切地說，這支隊伍的大氣河流使土木工程在四月幾乎陷入停滯。

So how did we deliver on 2023 undergrounding plan, as scoped, on time and at better-than-targeted unit cost performance? Well, during a visit with our Board of Directors in December, I watch proudly as the undergrounding team described how they use the PG&E performance playbook every day and at every level. What they shared wasn't one silver bullet, not just a breakthrough idea or a value stream map or waste elimination, rather it was this team's commitment to living the culture, using the tools and building the capabilities that enabled our results and which will cause future success.

那麼，我們是如何按時、以優於目標的單位成本績效交付 2023 年地下工程的呢？好吧，在 12 月拜訪我們的董事會期間，我很自豪地看到地下團隊描述了他們每天如何在各個層面使用 PG&E 績效手冊。他們分享的不是一個靈丹妙藥，不僅僅是一個突破性的想法或價值流圖或消除浪費，而是這個團隊對實踐文化、使用工具和構建能力的承諾，這些文化使我們的成果得以實現，並將導致未來的成功。

In 2023 alone, the undergrounding team eliminated $68 million in waste for the benefit of our customers. They did this by updating our standards, deploying optimal construction methods and better managing spoils. With additional improvements, average unit costs came in below our target of $3.3 million to just under $3 million per mile and the average construction cycle time improved from 5.5 months back in February 2023 to 3.5 months today. This was a total game changer in meeting and exceeding our 350-mile goals.

光是 2023 年，地下團隊就為客戶的利益消除了 6,800 萬美元的浪費。他們透過更新我們的標準、部署最佳施工方法和更好地管理廢土來做到這一點。經過進一步的改進，平均單位成本低於我們每英里 330 萬美元的目標，降至略低於 300 萬美元，平均施工週期時間從 2023 年 2 月的 5.5 個月縮短到如今的 3.5 個月。這徹底改變了我們實現並超越 350 英里目標的過程。

Thanks to our 2023 undergrounding efforts, we can avoid proactively turning off power to about 15,000 households during dangerous high wind events. These customers who live in our highest risk areas can now sleep at night knowing they do not have to trade safety for reliability or worry that a tree might land on the power line in their backyard. This is climate resilient infrastructure for all weather conditions and for generations to come.

由於我們 2023 年的地下埋藏工作，我們可以避免在危險的大風天氣期間主動關閉約 15,000 個家庭的電源。這些居住在我們風險最高地區的客戶現在可以在晚上睡覺，因為他們知道他們不必為了可靠性而犧牲安全性，也不必擔心一棵樹可能會落在後院的電線上。這是適合所有天氣條件和子孫後代的氣候適應基礎設施。

The team reminded us that before lean, we would have managed the undergrounding effort through spreadsheets and phone calls. That was the old PG&E way. Undergrounding team is showing us the new PG&E. Imagine the impact our performance playbook can have enterprise-wide. It's great that we achieved our 2023 goal. What's even better is that we've created a playbook enabling consistent premium performance year-end and year out. As I like to say, performance is power. This means delivering safe, affordable and reliable service to our hometowns, along with consistent, predictable financial results.

團隊提醒我們，在精實之前，我們會透過電子表格和電話來管理地下工作。這是 PG&E 的舊方式。地下團隊正在向我們展示新的 PG&E。想像一下我們的績效手冊可以對整個企業產生的影響。很高興我們實現了 2023 年的目標。更好的是，我們創建了一個手冊，可實現年終一致的優質性能。正如我常說的，性能就是力量。這意味著為我們的家鄉提供安全、負擔得起和可靠的服務，以及一致、可預測的財務表現。

With that, let me turn it over to Carolyn.

那麼，讓我把它交給卡羅琳。

Thank you, Patti, and good morning, everyone. Today, I'm excited to cover 3 topics with you. First, a recap of our 2023 results; second, our differentiated growth opportunities; and third, how are we making this growth affordable for our customers by executing on our simple, affordable model.

謝謝你，帕蒂，大家早安。今天，我很高興能與您討論 3 個主題。首先，回顧一下我們 2023 年的表現；第二，我們差異化的成長機會；第三，我們如何透過執行我們簡單、負擔得起的模型，使我們的客戶能夠負擔得起這種成長。

Starting here on Slide 10, I'm pleased to report that we met or exceeded all of our 2023 goals, both operational and financial, and we're on track for each of our longer-term commitments. Our 2023 report card is another proof point that our performance playbook is working. The culture and capabilities we are building here at PG&E are enabling our delivery of consistent, predictable results. It's a virtuous cycle, setting industry-leading targets, using our lean operating system to manage the day-to-day work and then delivering on our promises, building trust with our customers and our investors. This is how we've made our system safer, faster. It's how we delivered on our 2022 and 2023 EPS guidance and it's how we can further strengthen our balance sheet while keeping bills affordable for our customers.

從投影片 10 開始，我很高興地向大家報告，我們已經達到或超過了 2023 年的所有營運目標和財務目標，並且我們正在按計劃實現每項長期承諾。我們的 2023 年成績單再次證明我們的績效手冊正在發揮作用。我們在 PG&E 建立的文化和能力使我們能夠交付一致、可預測的結果。這是一個良性循環，設定業界領先的目標，使用我們的精益作業系統來管理日常工作，然後兌現我們的承諾，與我們的客戶和投資者建立信任。這就是我們讓我們的系統更安全、更快速的方法。這是我們實現 2022 年和 2023 年 EPS 指引的方式，也是我們如何進一步強化資產負債表，同時維持顧客負擔得起的帳單的方式。

I'm especially proud that we reduced nonfuel operating and maintenance costs by 5.5% in 2023. That's in addition to fully absorbing inflation and on top of the 3% we achieved in 2022. Looking forward, we see no shortage of opportunities to continue delivering better outcomes for customers at a lower cost all across the business. I'd note that not all of the 2023 reduction hit the bottom line, with the majority directly benefiting customers, including our self-insurance solution and substantial efficiencies in our vegetation management work.

我感到特別自豪的是，我們在2023 年將非燃料運營和維護成本降低了5.5%。這是在完全吸收通貨膨脹以及我們在2022 年實現的3% 的基礎上實現的。展望未來，我們認為不乏繼續交付的機會整個企業以更低的成本為客戶帶來更好的成果。我要指出的是，並非所有 2023 年的減排量都達到了底線，大多數直接使客戶受益，包括我們的自我保險解決方案和植被管理工作的顯著效率。

Our mid-teens by 2024 FFO-to-debt target is on track, and there is no change to our plan to reduce parent company debt by at least $2 billion by the end of 2026. We remain firmly committed to achieving solid investment-grade ratings. In December, we were pleased to see S&P revised its rating outlook from stable to positive, indicating the potential for an upgrade in the next 12 months. And earlier this week, I'm delighted to say that Moody's upgraded our rating by one notch, also leaving us some positive outlook. This puts us one notch away from investment grade and one step closer to our goal.

到 2024 年，我們的 FFO 債務比目標已步入正軌，我們的計劃沒有改變，即到 2026 年底將母公司債務減少至少 20 億美元。我們仍然堅定地致力於實現穩健的投資級評級。 12 月，我們很高興看到標準普爾將評級展望從穩定調整為正面，表明未來 12 個月有可能升級。本週早些時候，我很高興地說穆迪將我們的評級上調了一級，這也給我們留下了一些積極的前景。這使我們距離投資評級更近了一步，離我們的目標更近了一步。

We value the support we received from our regulators, helping us strengthen our balance sheet while we execute our plan to affordably serve customers and investors. For example, on February 1, the commission issued a proposed decision authorizing interim rate relief in the amount of $560 million, while our wildfire and gas safety cost application is pending. The interim relief may be voted on as early as March 7 and would provide for collection to start as soon as practical over a 12-month period.

我們重視監管機構的支持，幫助我們加強資產負債表，同時執行我們的計劃，以經濟實惠的方式為客戶和投資者提供服務。例如，2 月 1 日，委員會發布了一項擬議決定，授權臨時減免 5.6 億美元的費率，而我們的野火和天然氣安全費用申請正在等待審理。臨時救濟最快可能在 3 月 7 日進行投票，並規定在 12 個月內盡快開始徵收。

Moving to Slide 11. As you can see here, and as expected, the largest discrete driver of fourth quarter and full year results was the approval of our 2023 general rate case, which added $0.15. We also saw a benefit of $0.03, partly attributed to our nonfuel O&M savings, including better resource management and improved planning and execution.

轉到投影片 11。正如您在此處所看到的，正如預期的那樣，第四季度和全年業績的最大離散驅動因素是我們 2023 年一般利率方案的批准，該方案增加了 0.15 美元。我們還獲得了 0.03 美元的收益，部分歸功於我們的非燃料運營和維護節省，包括更好的資源管理以及改進的規劃和執行。

Please recall that our O&M savings are part of our simple, affordable model, which allows us to complete more work for the benefit of our customers while delivering affordability. That's exactly what you see here with $0.05 of redeployment. Our savings allowed us to stand up 10 additional model yards designed to improve frontline productivity with more efficient processes, minimizing rework and eliminating waste as we deliver for our customers. We also provided additional training resources for our coworkers, and we accelerated inspections going forward work to protect 2024 and ensuring we're doing the highest priority work for our customers.

請記住，我們的營運和維護成本節省是我們簡單、經濟實惠的模式的一部分，它使我們能夠完成更多的工作，為客戶帶來利益，同時提供經濟實惠的服務。這正是您在此處看到的 0.05 美元重新部署的結果。我們節省的資金使我們能夠建立 10 個額外的模型堆場，旨在透過更有效率的流程提高一線生產力，最大限度地減少返工並消除我們為客戶交付產品時的浪費。我們還為同事提供了額外的培訓資源，並加快了檢查工作，以保護 2024 年，並確保我們為客戶做最優先的工作。

We use every extra resource to better serve our customers and achieve our commitments to you, our investors. We weathered the ups and downs to deliver consistent, predictable results. As Patti highlighted, we ended 2023 at the top of our EPS guidance range. although our core philosophy remains to redeploy excess earnings back into the system, benefiting customers while derisking and extending premium growth on behalf of investors.

我們利用一切額外資源來更好地服務我們的客戶並實現我們對您（我們的投資者）的承諾。我們經歷了風風雨雨，取得了一致、可預測的結果。正如 Patti 所強調的那樣，我們在 2023 年結束時處於 EPS 指導範圍的頂部。儘管我們的核心理念仍然是將超額收益重新部署回系統，使客戶受益，同時代表投資者降低風險並擴大保費成長。

On Slide 12. We are extending our CapEx and rate base growth projections another year to include 2028, showing a 5-year annual rate base growth of 9.5%. Our new 5-year capital plan represents an increase of over $10 billion or approximately 20% over the 2023 to 2027 plans. This also is over 45% higher than the previous 5-year period from 2019 to 2023. The amounts shown on this slide reflect our base capital plan, including how much our rate base is already approved by regulators. The vast majority or 93% of our rate base for this year is already authorized as is 90% of our 2026 forecast.

在投影片 12 上。我們將資本支出和利率基數成長預測延長一年，包括 2028 年，顯示 5 年年利率基數成長率為 9.5%。我們新的 5 年資本計畫比 2023 年至 2027 年的計畫增加了超過 100 億美元，約 20%。這也比 2019 年至 2023 年的前 5 年期高出 45% 以上。這張投影片中顯示的金額反映了我們的基本資本計劃，包括監管機構已批准的利率基礎金額。我們今年費率基數的絕大多數（93%）已經獲得授權，我們 2026 年預測的 90% 也已獲得授權。

In addition to our plan, there are substantial needs to do more. Specifically, we have at least an incremental $5 billion of CapEx opportunities, which we will seek to fold into our plan while still meeting our affordability commitments. These include capacity investments and transmission upgrades to support continued system-wide growth. As we work to drive affordability under our simple, affordable model and ongoing deployment of lean, we will look for opportunities to add this important work.

除了我們的計劃之外，還需要做更多的事情。具體來說，我們至少有 50 億美元的增量資本支出機會，我們將尋求將其納入我們的計劃，同時仍履行我們的負擔能力承諾。其中包括容量投資和輸電升級，以支持整個系統的持續成長。當我們努力在簡單、實惠的模式下提高可負擔性並持續部署精實時，我們將尋找機會增加這項重要的工作。

As you know, this capital investment fuels both earnings growth and improves our operating cash flow, as illustrated on Slide 13, which we have updated and extended since we first showed it at last year's Investor Day. As shown, we're projecting substantial improvement in our operating cash flow in 2024, partly as a result of the final GRC decision. Operating cash flow grows from $5 billion in 2023 to $11 billion by 2028, providing resources to grow our capital investment for customers from $9.8 billion in 2023 to $14 billion in 2028 and substantially improving our cash flow before dividends.

如您所知，這種資本投資既推動了盈利增長，又改善了我們的營運現金流，如幻燈片 13 所示，自去年投資者日首次展示以來，我們對其進行了更新和擴展。如圖所示，我們預計 2024 年營運現金流量將大幅改善，部分原因是 GRC 最終決定的結果。營運現金流從2023 年的50 億美元增長到2028 年的110 億美元，為我們為客戶提供的資本投資從2023 年的98 億美元增長到2028 年的140 億美元提供了資源，並大幅改善了我們的股利前現金流。

As Patti mentioned, our guidance includes no new equity in 2024. As we look forward, we have many good efficient financing choices, including close to $2.5 billion of annual retained earnings today and rising from there at our present low level of dividend payout, half of our funding provided from normal utility debt, substantial levels of prior cost recovery, favorable tax conditions, for working capital improvements, the sale of a minority interest in our nonnuclear generation assets and potentially reintroducing an at the market, or ATM, equity program in 2025. While we are not giving the final mix of our 2025 financing plan today, rest assured that our plan only includes choices, which are accretive to our guidance. In light of this, we are extending our core EPS growth rate of at least 9% through 2027 and 2028.

正如帕蒂所提到的，我們的指導包括2024 年不會新增股本。展望未來，我們有許多良好高效的融資選擇，包括目前接近25 億美元的年度留存收益，並在我們目前較低的股息支付水準下繼續上升，半數我們的資金來自正常公用事業債務、大量的前期成本回收、優惠的稅收條件、用於改善營運資本、出售我們非核發電資產的少數股權以及可能在市場上重新引入股權計劃（ATM） 2025 年。雖然我們今天沒有給出 2025 年融資計劃的最終組合，但請放心，我們的計劃僅包括選擇，這些選擇會增加我們的指導。有鑑於此，我們將至少 9% 的核心每股盈餘成長率延長至 2027 年和 2028 年。

Moving to Slide 14. This is our simple affordable model and a breakdown of the 5.5% O&M savings last year. Patti shared details about our undergrounding achievements in 2023, and there are many more similar stories throughout the business. I'll share just one more with you today. At our Investor Day, you heard about improvements we were making to the new customer connections process by leveraging our performance playbook. Now here's how we ended the year. The team was able to save $24 million while decreasing average end-to-end lead time by 13%. That's a 50-day reduction.

轉向投影片 14。這是我們簡單的經濟型模型，也是去年 5.5% 營運維護成本節省的細項。 Patti 分享了我們在 2023 年地下工作中取得的成就的詳細信息，整個行業還有更多類似的故事。今天我再跟大家分享一個。在我們的投資者日，您聽說了我們利用我們的績效手冊對新客戶聯繫流程進行的改進。現在我們是這樣結束這一年的。該團隊節省了 2,400 萬美元，同時將平均端到端交付時間縮短了 13%。這是 50 天的減少。

We also reduced engineering design time by 33%, a 37-day reduction. As a result, customer on-time delivery improved by 25 percentage points. I shared this example to make an important point. This is not a cost-cutting program at PG&E, rather this is about good business decisions, which are sustainable for the long term and it's about using the performance playbook, including the lean operating system to improve how we do our work every day. Our actions are improving the customer experience and making capital and safety investments affordable.

我們也將工程設計時間縮短了 33%，即 37 天。結果，客戶準時交貨率提高了 25 個百分點。我分享這個例子是為了強調一個重要的觀點。這不是 PG&E 的成本削減計劃，而是關於良好的業務決策，這些決策是長期可持續的，並且是關於使用績效手冊（包括精益作業系統）來改善我們每天的工作方式。我們的行動是改善客戶體驗並使資本和安全投資負擔得起。

I'll end here on Slide 15 with regulatory catalysts on the horizon in 2024. As you can see, they are still plentiful and include resolution of our proposed Pac Gen sale, a proposed decision in Phase 2 of our GRC implementing Senate Bill 410 and unlocking our potential to meet the new customer demands here in California, filing of our 10-year undergrounding plan and bring in our $5 billion of incremental capital opportunities into the plan while still meeting our affordability goals.

我將在幻燈片 15 上結束 2024 年即將到來的監管催化劑。如您所見，它們仍然很多，包括我們擬議的 Pac Gen 出售決議、GRC 實施參議院第 410 號法案第二階段的擬議決定以及釋放我們的潛力，滿足加州的新客戶需求，提交我們的10 年地下計劃，並將50 億美元的增量資本機會納入該計劃，同時仍滿足我們的負擔能力目標。

Finally, I'll comment on our cost of capital adjustment advice letter, which was approved by commission staff in December, raising our allowed ROE from 10% to 10.7% and truing up our cost of debt. While this adjustment is already approved and in customer rates starting this month, in January, a joint intervenor group filed a late request for a review of SaaS approval. While we recognize this creates some uncertainty for investors, we were pleased that the commission staff upheld operation of the adjustment mechanism in December as intended. Intervenors offered no new fundamental arguments in their request for review, and we look forward to this issue being resolved expeditiously.

最後，我將評論我們的資本成本調整建議函，該函於 12 月獲得委員會工作人員的批准，將我們允許的股本回報率從 10% 提高到 10.7%，並調整了我們的債務成本。雖然這項調整已獲得批准，並從本月開始納入客戶費率，但在 1 月份，一個聯合幹預小組提交了一份遲來的 SaaS 審批審查請求。雖然我們認識到這給投資者帶來了一些不確定性，但我們很高興證監會工作人員在 12 月維持了調整機制的預期運作。介入者在其審查請求中沒有提出新的基本論點，我們期待這個問題能迅速解決。

In the meantime, as we have said consistently, our EPS growth guidance is not dependent on the outcome and we value the opportunity to redeploy the revenue uplift for the benefit of customers while delivering consistent, predictable results for investors. There's a lot to look forward to in 2024 and beyond, including our 10% core EPS growth guidance and our at least 9% growth rate now extended through 2028.

同時，正如我們一貫所說，我們的每股盈餘成長指引並不取決於結果，我們重視重新部署收入成長以造福客戶的機會，同時為投資者提供一致、可預測的結果。 2024 年及以後有很多值得期待的事情，包括我們 10% 的核心每股收益成長指引以及我們現在延長到 2028 年的至少 9% 的成長率。

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

說完，我會把它交還給帕蒂。

Thank you, Carolyn. Before we take your questions, let me introduce our new report card here on Slide 16, against which you'll be able to track our record of differentiated performance. We're showing our results for 2022 and 2023 along with our goals for 2024 and beyond.

謝謝你，卡洛琳。在回答您的問題之前，讓我在投影片 16 上介紹我們的新成績單，您可以根據該成績單追蹤我們差異化績效的記錄。我們將展示 2022 年和 2023 年的成果以及 2024 年及以後的目標。

We believe we have a differentiated plan and the right team in place to deliver on these objectives. As I said earlier, performance is power, and we have significant operational momentum with a healthy set of catalysts in front of us. The PG&E turnaround is on track. We trust you feel the momentum as we do. We look forward to seeing you at upcoming investor conferences as well as our investor meeting scheduled for June 12 in New York.

我們相信，我們擁有差異化的計劃和合適的團隊來實現這些目標。正如我之前所說，業績就是力量，我們擁有強大的營運動力，並擁有一系列健康的催化劑。 PG&E 的扭虧為盈已步入正軌。我們相信您會像我們一樣感受到這種勢頭。我們期待在即將舉行的投資者會議以及定於 6 月 12 日在紐約舉行的投資者會議上見到您。

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

那麼，接線員，請打開提問線路。

(Operator Instructions) Our first question comes from the line of Shar Pourreza with Guggenheim Partners.

（操作員說明）我們的第一個問題來自 Shar Pourreza 與 Guggenheim Partners 的線路。

Just Patti, on the Pac Gen process, I mean, have you received sort of any feedback after the last round of communications with the commission? Any sort of thoughts on hurdles and deliberation? And as you guys are sort of planning around the scenarios, does the delay potentially move your equity needs, especially as you return OpCo cap structure to authorized levels?

帕蒂，關於 Pac Gen 流程，我的意思是，在與委員會進行上一輪溝通後，您收到過任何反饋嗎？關於障礙和深思熟慮有什麼想法嗎？當你們正在圍繞這些場景進行規劃時，延遲是否可能會改變你們的股權需求，特別是當你們將 OpCo 上限結構恢復到授權水準時？

Yes. Thanks for the question, Shar. I'd say our communications with the commission have been very constructive regarding Pac Gen. We know that Pac Gen is a good transaction for customers. California has very long-term clean energy ambitions. And this is a beautiful fleet of clean energy resources that need investment over the coming years and to be able to share that with an investment partner is good for California's clean energy ambitions and good for customers.

是的。謝謝你的提問，莎爾。我想說，我們與委員會就 Pac Gen 的溝通非常有建設性。我們知道 Pac Gen 對客戶來說是一筆很好的交易。加州有著非常長期的清潔能源野心。這是一個美麗的清潔能源資源群，需要在未來幾年進行投資，並且能夠與投資合作夥伴分享這些資源，有利於加州的清潔能源雄心，也有利於客戶。

And so our extended time with the commission on these topics have been good. That helps us truly make the case. And frankly, the commission's had a lot on its plate. And so I can understand why they want a little more time. They know this is an important transaction. They want to give it a full look and our conversations have been very constructive with them regarding that.

因此，我們在這些主題上與委員會的長期合作非常順利。這有助於我們真正證明這一點。坦白說，委員會有很多工作要做。所以我可以理解為什麼他們需要更多時間。他們知道這是一筆重要的交易。他們想全面了解一下，我們與他們的對話對此非常有建設性。

I'll hand it over to Carolyn and let her discuss about our financing plans, both with and without Pac Gen because we know Pac Gen isn't the only thing. Carolyn referenced an important set of choices that we have. Pac Gen is one of our choices for financing, but I'll let Carolyn go ahead and take that.

我會將其交給 Carolyn，讓她討論我們的融資計劃，無論是否有 Pac Gen，因為我們知道 Pac Gen 並不是唯一的事情。卡羅琳提到了我們擁有的一組重要選擇。 Pac Gen 是我們融資的選擇之一，但我會讓卡羅琳繼續接受。

Yes. Thanks, Shar, for the question. Yes, if you don't mind, I covered a lot of this in the call, but I do recognize it's been a busy morning for many of you. So let me just cover a couple of points there. First, as you know, we raised and extended our core EPS guidance today. That's 12% in 2023 and at least 10% in '24 and at least 9% now through 2028.

是的。謝謝莎爾的提問。是的，如果您不介意的話，我在電話中介紹了很多內容，但我確實認識到對於你們中的許多人來說這是一個忙碌的早晨。讓我簡單介紹幾點。首先，如您所知，我們今天提出並擴展了我們的核心每股盈餘指引。 2023 年這一比例為 12%，24 年至少為 10%，從現在到 2028 年至少為 9%。

Our refreshed 5-year plan includes improvement in our operating cash flows, rising from about $5 billion in 2023 to $11 billion in 2026. And that's providing the resources to grow our capital investment and further improve our cash flow.

我們更新的五年計畫包括改善我們的營運現金流，從 2023 年的約 50 億美元增加到 2026 年的 110 億美元。這為增加我們的資本投資和進一步改善我們的現金流提供了資源。

Three, can you point here, our guidance includes no new equity in '24 with or without Pac Gen. And then as we look forward beyond 2024, as we said on the call, we have many good financing choices and they include close to $2.5 billion of annual retained earnings today, which is rising at our present load level of dividend. We have half of our funding provided from normal utility debt. We talked about substantial levers of prior cost recovery, favorable tax conditions. We are constantly working our working capital improvements. And of course, we are potentially reintroducing an aftermarket or ATM equity program in 2025. We're not giving you all the final mix of that 2025 financing plan today, but one thing that you can count on is that our plan will include choices which are accretive to our guidance.

第三，你能在這裡指出，我們的指導包括在有或沒有Pac Gen 的情況下24 年都沒有新股本。然後，正如我們在電話會議上所說，當我們展望2024 年之後，我們有很多好的融資選擇，其中包括接近2.5 美元今天的年度留存收益為 10 億美元，按照我們目前的股息負擔水平正在上升。我們一半的資金來自正常的公用事業債務。我們討論了前期成本回收的實質槓桿和優惠的稅收條件。我們不斷致力於改善營運資金。當然，我們有可能在2025 年重新推出售後市場或ATM 股權計劃。今天我們不會向您提供2025 年融資計劃的所有最終組合，但您可以信賴的一件事是，我們的計劃將包括以下選擇：有助於我們的指導。

Perfect.

完美的。

We think it's just simply -- perfect. Okay. Well, if I -- just one thing on -- because I do know -- and I just know I'm going to get lots of questions on the ATM. And so I just want to close that. I think it's -- I just want to say very clearly to everyone that's just simply too soon to size the potential ATM. As we've said on this call, we have a number of other good financing choices available to us, and we have other things that we need to consider, which include our growing lean capability and O&M savings, the pace at which we introduce the additional $5 billion of CapEx and then our own advocacy and timely regulatory outcomes and, of course, the pace of our dividend growth. So just -- there's a lot there, and I just thought maybe because it's been a busy morning, I want to just restate all of that for you all.

我們認為這簡直就是──完美。好的。好吧，如果我——只做一件事——因為我確實知道——而且我知道我會在自動櫃員機上收到很多問題。所以我只想結束它。我想，我只是想非常清楚地對大家說，現在確定潛在 ATM 機的規模還為時過早。正如我們在這次電話會議上所說的那樣，我們還有許多其他良好的融資選擇可供選擇，並且我們還有其他需要考慮的事情，其中​​包括我們不斷增長的精益能力和運營和維護節省，我們引入額外的 50 億美元資本支出，然後是我們自己的倡議和及時的監管結果，當然還有我們的股息成長速度。所以只是——那裡有很多東西，我只是想也許因為這是一個忙碌的早晨，我想為你們所有人重申所有這些。

Yes. And Shar, just to close out this subject, you asked a very fulsome question. So we gave you a fulsome answer. Just to close out, we ride the roller culture. This is what we do. There are ins and outs, ups and downs. We write that so that we can deliver this consistent earnings growth profile that we've described and we've committed to. We intend and we plan and are very confident that we can stand by our EPS growth guidance through 2028, even with the range of equity assumptions.

是的。 Shar，為了結束這個主題，你問了一個非常豐富的問題。所以我們給了你一個完整的答案。最後，我們乘坐輪滑文化。這就是我們所做的。有前有後，有起有落。我們寫下這些內容是為了實現我們所描述和承諾的持續獲利成長狀況。我們打算、我們計劃並且非常有信心，即使在股權假設的範圍內，我們也能堅持我們的每股收益成長指引到 2028 年。

Got it. And Carolyn, this is super helpful. And just to make sure we confirm this, it sounds like your -- I don't want to say shifting, but some of your prior messaging with the stock price kind of dictating your equity timing to now being a little bit more focused around a more systematic approach to raising equity through the trajectory, like the rest of this industry is transitioning towards. Is that a fair statement?

知道了。卡羅琳，這非常有幫助。為了確保我們確認這一點，這聽起來像是你的——我不想說轉變，但你之前與股價有關的一些信息在某種程度上決定了你的股權時機，現在更加關注於就像該行業的其他公司正在轉向的那樣，透過更有系統的方法來籌集股權。這是一個公平的說法嗎？

Well, I think what's important is that we stand by our commitment to you that we will find the most efficient financing available to us. And at this point in time, as we look at our stock, it is not the most efficient financing.

嗯，我認為重要的是我們信守對您的承諾，我們將找到最有效的融資方式。目前，當我們審視我們的股票時，這並不是最有效的融資方式。

Our next question comes from the line of Steve Fleishman with Wolfe Research.

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

You picked the wrong data report with NVIDIA blowing out. But -- so...

您選擇了錯誤的數據報告，導致 NVIDIA 崩潰。但是——所以…

It's a long game, Steve. It's a long game. We know it's going to be all right.

這是一場漫長的比賽，史蒂夫。這是一場漫長的比賽。我們知道一切都會好起來的。

Yes, yes. No, you bet, you bet. So the -- just the -- on the -- in the past, when you've talked about the growth rate, you also kind of talked to total return as part of that. And I know now that you've actually reinstated the dividend. Just any kind of reason that you didn't talk to that and just -- and how are you thinking about the dividend aspect as we stand today?

是的是的。不，你打賭，你打賭。因此，過去，當你談論成長率時，你也談到了總回報作為其中的一部分。我現在知道你們實際上已經恢復了股息。只是您沒有談論這一點的任何原因 - 您如何看待我們今天的股息方面？

Yes. Thanks, Steve, for that question. And we know that this -- obviously, our dividend is low today and the growth rate of our dividend is an area of interest for a lot of people. So I'm glad you asked.

是的。謝謝史蒂夫提出這個問題。我們知道，顯然，我們今天的股息很低，而我們股息的成長率是許多人感興趣的領域。所以我很高興你問了。

Our intent truly is to have a competitive payout ratio. And we intend to show meaningful progress during this 5-year period. And so I'm happy to be able to share more about this 5-year planning horizon. So as we think about it, this catch-up growth rate will be significant, dramatically different from peers, given our starting point. So how quickly we move within these 5 years is obviously driven by our differentiating and differentiated financing choices that Carolyn just described.

我們的真正目的是擁有有競爭力的支付率。我們打算在這五年期間取得有意義的進展。因此，我很高興能夠分享更多有關這個 5 年規劃範圍的資訊。因此，當我們思考時，考慮到我們的起點，這種追趕成長率將是顯著的，與同行顯著不同。因此，我們在這 5 年內的行動速度顯然是由卡洛琳剛才所描述的差異化和差異化融資選擇所驅動的。

And so, in this near term, I do think it's important for people to remember that we are prioritizing a healthy balance sheet, affordable investment for customers, our premium EPS growth and then we will feather in that dividend over time. But it will obviously, as I said, have a dramatically different growth rate from peers given our starting point.

因此，在短期內，我確實認為人們必須記住，我們優先考慮的是健康的資產負債表、客戶負擔得起的投資、我們的溢價每股收益增長，然後我們將隨著時間的推移增加股息。但正如我所說，鑑於我們的起點，它的成長率顯然將與同行顯著不同。

Okay. No, that makes sense. And I guess it's better to be starting from disposition and choices and the opposite. And then just on the commission and just on the Pac Gen again, there's nothing to -- I mean, they don't -- we saw delays in a lot of things over time. This is just kind of the normal process there on that or is something else going on with respect to the Pac Gen approvals?

好的。不，這是有道理的。我想最好從性格和選擇開始，反之亦然。然後就在委員會和 Pac Gen 上，沒有什麼可以——我的意思是，他們沒有——隨著時間的推移，我們看到很多事情都出現了延誤。這只是正常流程，還是 Pac Gen 批准方面還有其他情況？

Yes. No, I think a couple of things just in terms of context. I do believe the adjudication of our rate case provide a lot of good visibility and discussion about cash flow, its importance. So I do think we definitely have better alignment with the commission on that subject for us, which is why we would be pursuing a Pac Gen transaction. I think they value the resources. And they want to make sure, on behalf of the customers of California that it's a good transaction for customers, we believe that it is a great transaction for customers. It sets us up to have a partnership over time to invest in these clean energy resources.

是的。不，我認為僅就上下文而言有幾件事。我確實相信我們的費率案例的裁決提供了很多關於現金流及其重要性的良好可見性和討論。所以我確實認為我們在這個問題上肯定能更好地與委員會保持一致，這就是我們尋求 Pac Gen 交易的原因。我認為他們重視資源。他們希望代表加州的客戶確保這對客戶來說是一筆很好的交易，我們相信這對客戶來說是一筆很好的交易。它使我們能夠隨著時間的推移建立夥伴關係，投資這些清潔能源。

We see growing load growth in California. We see need for new generation. This allows us to have a partner in that journey. And we know that, that will be the lowest cost of financing then for customers. And so we stand by the transaction. We know that additional time with the commission only allows us to better communicate and align with them on that.

我們看到加州的負載增長不斷增長。我們看到需要新一代。這使我們能夠在這段旅程中擁有一個合作夥伴。我們知道，這對客戶來說將是最低的融資成本。所以我們支持這筆交易。我們知道，與委員會共事的額外時間只能讓我們在這方面更好地與他們溝通和協調。

Okay. Great. And then one more question, just on the cash flow slide, which -- that was a very helpful slide. The -- and thinking about the, I guess, the deficits that's there, each year. I mean it's relatively modest. I mean can a lot of that just be met with the utility debt? Because I assume utility debt is not included in that yet.

好的。偉大的。然後還有一個問題，就現金流量幻燈片而言，這是一張非常有幫助的幻燈片。我想，想想每年存在的赤字。我的意思是它相對溫和。我的意思是，其中大部分可以透過公用事業債務來解決嗎？因為我認為公用事業債務尚未包含在其中。

No. I think that's the way you're thinking. I think that's right the way you're thinking about it. I'll just remind you that there is an additional $5 billion of incremental CapEx that we're looking at financing as well. And we would, again, consider that -- ensure that we are financing that so that it's accretive to earnings.

不，我想你就是這麼想的。我認為你的想法是對的。我只是提醒您，我們還在考慮融資另外 50 億美元的增量資本支出。我們會再次考慮這一點——確保我們為此提供融資，以便它能增加收益。

Our next question comes from the line of Nicholas Campanella with Barclays.

我們的下一個問題來自巴克萊銀行的尼古拉斯·坎帕內拉（Nicholas Campanella）。

So I apologize, it's been a little all over the place, hopefully not repeating another question. But just the positive outlook, BAA1 and then, obviously, good to see the FFO to debt moved back to green here on the report card. Just what's your milestone -- what's your understanding of the milestones and just kind of the time line to get to investment grade now?

所以我很抱歉，有點亂，希望不要重複另一個問題。但只是積極的前景，BAA1，然後，顯然，很高興看到 FFO 債務在成績單上回到綠色。您的里程碑是什麼？您對里程碑的理解是什麼？現在達到投資等級的時間表是什麼？

Yes. Thanks for the question, Nick. We've been having good conversations with both Moody's and S&P. We remain intently focused on improving the credit quality, and we're laser-focused on achieving investment grade. We continue to make good progress on improving our credit metrics every year, and we're continuing to target mid-teens FFO to debt to 2024.

是的。謝謝你的提問，尼克。我們一直與穆迪和標準普爾進行良好的對話。我們仍然專注於提高信貸品質，並專注於實現投資等級。我們每年都在改善信用指標方面繼續取得良好進展，並且我們繼續將 FFO 債務目標定為 2024 年。

Our 5-year plan shows the significant progress in '24 and '25 with sustained high levels of cash generation, as you mentioned, and the rating agencies, obviously, are looking beyond just the credit metrics and beyond just our cash flow. They're also looking at improvements in our risk mitigation as it relates to wildfires, one more season perhaps for S&P. Moody's is laser focused as well on the wildfire mitigation, governance and management and improvement in our credit metrics.

正如您所提到的，我們的 5 年計劃顯示了 24 和 25 年的重大進展，現金生成水平持續較高，顯然，評級機構不僅僅關注信用指標，也不僅僅關注我們的現金流。他們也正在考慮改進我們與野火有關的風險緩解措施，這對標準普爾來說可能又是另一個季節。穆迪也專注於野火緩解、治理和管理以及信用指標的改進。

I think that's the most important gauge for you to look at when you consider milestones is the rating agencies and their reports themselves. We were very happy to see the recent upgrade and that we're -- we continue to be on positive outlook with both Moody's and S&P. So we're going to continue to execute on our plan, continue to execute on our risk mitigation, continue to execute on our O&M savings and continue to execute on ensuring that we see those improvements in our credit metrics for our rating agencies.

我認為，當您考慮里程碑時，最重要的衡量標準是評級機構及其報告本身。我們很高興看到最近的升級，並且我們繼續對穆迪和標準普爾保持積極的前景。因此，我們將繼續執行我們的計劃，繼續執行我們的風險緩解措施，繼續執行我們的營運和維護節省，並繼續確保我們看到評級機構信用指標的改善。

All right. And then I guess just the June 12 Investor Day in New York, just given you've extended the plan out to 28, which is great to see, by the way. But just how do we kind of think about what that Investor Day would bring? Is this kind of more of a financing update, just given the moving pieces in the strategic financing right now? Is that fair? Or how would you characterize it?

好的。然後我猜是 6 月 12 日在紐約舉行的投資者日，因為您已將計劃延長至 28 日，順便說一句，這真是太好了。但我們如何看待投資者日會帶來什麼？考慮到目前策略融資的進展，這更像是一次融資更新嗎？這樣公平嗎？或者你會如何描述它？

I'd say one of the things that we want to make sure people know is the California context and the California backdrop for the clean energy transition. This, I would say, is going to be a very differentiated part of our story relative to peers. We see the transition here in full swing, and we are a key player in that transition. So we look forward to sharing more about our load growth forecast, what that means, what does electrification really hold for both PG&E, our shareholders, our investors as well as our customers and our hometowns. So we look forward to really giving a better long-term business outlook and, of course, further refinement of our financial plan.

我想說，我們想要確保人們了解的一件事是加州的背景和​​加州清潔能源轉型的背景。我想說，相對於同行，這將是我們故事中非常不同的部分。我們看到這裡的轉型正在如火如荼地進行，我們是這項轉型的關鍵參與者。因此，我們期待更多地分享我們的負載成長預測，這意味著什麼，電氣化對 PG&E、我們的股東、投資者以及我們的客戶和我們的家鄉到底意味著什麼。因此，我們期待真正提供更好的長期業務前景，當然還有進一步完善我們的財務計劃。

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

我們的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Hey team, can you guys hear me okay?

嘿，團隊，你們聽得到我說話嗎？

We can hear you, Julien.

我們能聽到你的聲音，朱利安。

Wonderful. So look, I just wanted to follow up on a couple of things that were said thus far. In terms of updates around this ATM, I know you said you're expecting a lot of questions, but just to frame it out really. In terms of the time line here, I mean, a, you've got to know what happens with Pac Gen by middle part of the year. But b, I suspect you're going to continue to evaluate asset sales. You said that would be something incremental to what Pac Gen would materialize that. And then by the end of the year, if there was nothing else that would materialize, then you would kind of go back to that sort of "last resort ATM." I mean given the success in cost cuts, et cetera, I mean, you could kind of interpret that as effectively saying, look, there's a lot of other levers we'll probably pull in the interim and a successful outcome at least at this stage with this equity price would be not necessarily pursuing an ATM. Is that kind of a fair way to frame it?

精彩的。所以看，我只是想跟進到目前為止所說的幾件事。就有關該 ATM 的更新而言，我知道您說您期待很多問題，但只是將其真正列出來。就時間線而言，我的意思是，a，你必須知道到今年中期 Pac Gen 會發生什麼。但是，我懷疑您將繼續評估資產銷售。你說過這將是 Pac Gen 實現這一目標的增量。然後到年底，如果沒有其他事情發生，那麼你就會回到那種「最後手段 ATM」。我的意思是，考慮到成本削減等方面的成功，我的意思是，你可以將其解釋為有效地說，看，我們可能會在過渡期間採取很多其他手段，並至少在現階段取得成功的結果有了這個股價，就不一定會追求 ATM 機。這是一種公平的框架方式嗎？

The way I would frame it is more that it's -- one, it's really, as I said, just too soon to size a potential ATM in 2025. But we have a lot of good options to consider. And so -- and we're looking, in particular, as you just mentioned, our growing lean capability and those O&M savings, you see -- you saw that we achieved 3% in 2022 and last year 5.5%. So we're very excited about the success there and think that could be a factor.

我的框架方式更多的是——一，正如我所說，在 2025 年確定潛在 ATM 的規模確實為時過早。但我們有很多好的選擇可供考慮。因此，正如您剛才提到的，我們特別關注我們不斷增長的精益能力以及營運和維護節省，您會發現我們在 2022 年實現了 3%，去年實現了 5.5%。因此，我們對那裡的成功感到非常興奮，並認為這可能是一個因素。

We talked about the additional $5 billion in new CapEx. We're going to make sure that, that's affordable to bring in to our plan and that we can finance it with one of these -- all of these options. So what's the timing that we introduced that $5 billion of new CapEx? And as you know, we do have a number of in-flight regulatory outcomes that we've been advocating for. And so the timing of those will really depend on how we're thinking about the ATM, a potential ATM in 2025. And of course, as Patti just covered, the timing of our dividend growth, we'll have more clarity on that and as we go into 2025 as well. So all of those are what really will drive a potential size of an ATM.

我們討論了額外 50 億美元的新資本支出。我們將確保將其納入我們的計劃是負擔得起的，並且我們可以透過其中之一（所有這些選項）為其提供資金。那我們什麼時候推出 50 億美元的新資本支出呢？如您所知，我們確實有一些我們一直倡導的飛行中監管成果。因此，這些時間安排實際上取決於我們如何看待 ATM，這是 2025 年潛在的 ATM。當然，正如帕蒂剛剛談到的，我們股息增長的時間，我們對此會有更清晰的了解，當我們進入2025 年時。因此，所有這些都將真正推動 ATM 的潛在規模。

I appreciate you entertaining another question on this. And maybe just coming back, speaking of investment and successes, right, I appreciate your story, Patti. Can you talk a little bit to -- in light of those successes, how do you think about the cadence of undergrounding as you think about this year and further years? I mean has that sort of unlocked an ability to actually accelerate what you were doing earlier and really remain on track in a more structural way? And what would be the regulatory considerations around that, b, to the extent to which that was an avenue that you now see increasingly as possible?

感謝您就此提出另一個問題。也許剛回來，談到投資和成功，對吧，我很欣賞你的故事，帕蒂。鑑於這些成功，您能否談談今年和未來幾年地下活動的節奏？我的意思是，這種能力是否能夠真正加速你之前所做的事情，並以更具結構性的方式真正保持在正軌上？圍繞這個問題的監管考慮是什麼，b，在多大程度上這是您現在認為越來越可能的途徑？

Yes. I do think last year was an important proof point for everybody, ourselves included, that it can be done and we can do undergrounding at scale and in an affordable way for customers, fundamentally changing the health and well-being of the customers who live near those lines. So that's our first point.

是的。我確實認為去年對每個人（包括我們自己）來說都是一個重要的證據，證明這是可以做到的，我們可以以客戶負擔得起的方式大規模進行地下工程，從根本上改變居住在附近的客戶的健康和福祉。那些行。這是我們的第一點。

But remember, the general rate case did reduce our mileage from what we had filed. So this year, we're actually probably going to do about 250 miles of undergrounding in line with the rate case. We will be filing our 10-year undergrounding plan as required by SB 884 and that will then give us a window into -- and hopefully, an approval by the end of '25, early '26 that we can see then in 2026 and beyond a 10-year plan for undergrounding as an important part of the climate resilient infrastructure of California.

但請記住，一般費率案例確實減少了我們提交的里程數。因此，今年，我們實際上可能會根據費率情況進行約 250 英里的地下工程。我們將按照 SB 884 的要求提交 10 年地下計劃，這將為我們提供一個窗口，希望在 25 年底、26 年初獲得批准，我們可以在 2026 年及以後看到批准將地下工程作為加州氣候適應基礎設施的重要組成部分的十年計劃。

And again, I'll remind you, our undergrounding plan is not a big bet. It's about 8% of our total line miles, but it's 8% in the highest risk areas. So it eliminates this choice between reliability and safety for customers. They can have both and they can have that affordably. So we'll be able to make that case very well in our filing and our 10-year filing and show the total long-term net present value benefit to customers of doing that kind of infrastructure in those places. But our capital plan is very fulsome with a variety of capital investments, and it doesn't hinge on the undergrounding plan, though we stand by that important infrastructure again as climate resilient infrastructure for the people in California of the future, not the climate of the past, but the climate that's becoming more and more real, we need to have infrastructure that is up to the challenge.

我再次提醒你，我們的地下計畫並不是一個大賭注。這大約占我們總線路里程的 8%，但 8% 位於風險最高的地區。因此，它消除了客戶在可靠性和安全性之間的選擇。他們可以兩者兼得，而且可以負擔得起。因此，我們將能夠在我們的備案和 10 年備案中很好地說明這一點，並向客戶展示在這些地方建設此類基礎設施所帶來的長期淨現值總效益。但我們的資本計劃非常豐富，包括各種資本投資，而且它並不取決於地下計劃，儘管我們再次支持這一重要的基礎設施，作為未來加州人民的氣候適應基礎設施，而不是氣候過去，但氣候變得越來越真實，我們需要擁有能夠應對挑戰的基礎設施。

Our next question comes from the line of Gregg Orrill with UBS.

我們的下一個問題來自瑞銀集團的 Gregg Orrill。

Just coming back to the cash flow slide, I was wondering if you could help fill in some of the drivers between '24 and '25. '25, the dot looks to be around $10 billion in cash flow versus the $8 billion in '24, but you've got the wildfire recoveries coming down. So obviously, depreciation is a driver of growth. Just struggling to connect the dots a little bit.

回到現金流幻燈片，我想知道您是否可以幫助填寫 24 至 25 年間的一些驅動因素。 25 年的現金流量看起來約為 100 億美元，而 24 年為 80 億美元，但野火恢復情況有所下降。顯然，貶值是成長的驅動力。只是努力將這些點連接起來。

So the $5 billion to the $8 billion from '23 to '24 is your question. What's driving that? Just making sure I'm...

因此，從 23 年到 24 年，50 億美元到 80 億美元是你的問題。是什麼推動了這一點？只是要確保我...

Well, really to '25 because you've got the wildfire recoveries ramping down, but you've got the cash flow going up.

嗯，確實到了 25 年，因為野火的恢復速度正在下降，但現金流卻在增加。

Yes. Well, primarily, that is our GRC from '24 to '24, the additional revenues from there. In addition to that, just remember, we have our 2% savings being compounded. And so we see that.

是的。嗯，主要是我們從 24 年到 24 年的 GRC，也就是來自那裡的額外收入。除此之外，請記住，我們的 2% 儲蓄是複利的。所以我們看到了這一點。

The other key part of '24 versus '25 is we see a decrease in litigation as it relates to our wildfires, has been part of our puzzle. And then as we -- our outlook on commodity prices, we have lower collateral postings as well. So there's a lot of moving parts, but the primary driver of the increase really is our rate base growth recovery from our GRC. That is the main part of the story, but there's a lot of other moving parts.

「24 年」與「25 年」相比的另一個關鍵部分是，我們看到與野火相關的訴訟有所減少，這也是我們困惑的一部分。然後，正如我們對大宗商品價格的展望一樣，我們的抵押品數量也較低。因此，有許多變化因素，但成長的主要驅動力實際上是我們的 GRC 的利率基礎成長恢復。這是故事的主要部分，但還有很多其他活動部分。

Our next question comes from the line of Ryan Levine with Citi.

我們的下一個問題來自花旗集團的 Ryan Levine。

What would be the rate payer impact of a year delay to potential Pac Gen sale as you see it?

您認為，Pac Gen 潛在銷售延後一年會對納稅人產生什麼影響？

Just the savings from Pac Gen sale, is that in terms of the benefits from that -- I'm sorry, I'm just making sure...

就 Pac Gen 銷售帶來的節省而言，就是從中獲得的好處 - 抱歉，我只是要確保...

Yes. I mean you've articulated publicly or it means that there is rate benefit in this transaction. So I'm just trying to get a sense of why you see a delay of a year?

是的。我的意思是你已經公開表示或這意味著這筆交易有利率優惠。所以我只是想了解為什麼你會看到延遲一年？

Yes. We think this is a great transaction for customers, right? It provides customer affordability primarily through financing cost at Pac Gen as well as because it's improving our balance sheet, we expect to be able to -- we expect to lower financing costs for our customers at PG&E as well. But as Patti mentioned, we also see significant benefits for customers because these assets are so key to the clean energy goals. And having a partner that is bringing both the resources and the interest and expertise in supporting these future capital growth needs of this very important portfolio, we think that's where it's particularly going to benefit customers. So they are the two things I would point to.

是的。我們認為這對客戶來說是一筆很棒的交易，對嗎？它主要透過 Pac Gen 的融資成本為客戶提供負擔能力，並且因為它正在改善我們的資產負債表，我們希望能夠 - 我們希望能夠降低 PG&E 客戶的融資成本。但正如帕蒂所提到的，我們也看到了客戶的顯著利益，因為這些資產對於清潔能源目標至關重要。我們認為，擁有一個能夠帶來資源、興趣和專業知識來支持這項非常重要的投資組合未來資本成長需求的合作夥伴，我們認為這將特別有利於客戶。所以它們是我要指出的兩件事。

Okay. And what is the enterprise lean maturity percentages in your scorecard measuring? It seems very specific around 44% for the recent year.

好的。您的記分卡所衡量的企業精實成熟度百分比是多少？最近一年的 44% 左右似乎非常具體。

Yes. We do an assessment of all of our leaders and what their maturity is of the adoption and implementation of our 5 basic place, and it's a self-assessment. So the team reviews what's the standard and how are they performing to the standard of these 5 plays. And the point of the 44% score is that, that means that we have lots of room to grow our maturity. And so if you can imagine, delivering 5.5% nonfuel O&M savings, at a maturity level in the 40s, just think of the potential benefit for customers and our processes and our O&M savings over time when we grow that maturity enterprise-wide.

是的。我們對所有領導者以及他們對我們 5 個基本點的採納和實施的成熟度進行了評估，這是一個自我評估。因此，團隊會審查這 5 場比賽的標準是什麼，以及他們的表現如何。 44% 的分數意味著，這意味著我們還有很大的成長空間。因此，如果您可以想像，在40 多歲的成熟度水平上實現5.5% 的非燃料O&M 節省，只要想想當我們在整個企業範圍內提高成熟度時，隨著時間的推移，客戶和我們的流程以及我們的O&M 節省的潛在好處。

Okay. And then what are the practical implications of bills going out for gas in February and in March for electric, if the cost of capital trigger doesn't hold?

好的。那麼，如果資本成本觸發因素不成立，二月的天然氣帳單和三月的電力帳單會有什麼實際影響？

So if the cost of capital trigger does not hold with the implications, it's very minor in terms of the monthly bill rate for the cost of capital adjustment. It was a couple of bucks.

因此，如果資本成本觸發因素不具有影響，那麼就資本成本調整的每月帳單利率而言，其影響非常小。這是幾塊錢。

Would that get reimbursed or in future years? Or mechanically, how does that work?

這筆費用會在未來幾年內得到報銷嗎？或者從機械角度來說，它是如何運作的？

I think it would depend on the determination and how that determination is implemented.

我認為這將取決於決心以及如何執行該決定。

Our next question comes from the line of Anthony Crowdell with Mizuho Securities.

我們的下一個問題來自瑞穗證券的安東尼克勞德爾。

Just I wanted to have a quick follow-up to one of Nick's questions, I guess, on the credit rating. Curious, Carolyn, on S&P, I think you had stated there waiting for one more season. Do you know what they want to see in the one season prior to an upgrade?

我只是想快速跟進尼克提出的一個關於信用評級的問題。很好奇，卡洛琳，關於標準普爾，我想你曾說過要再等一季。您知道他們想在升級前的一個賽季看到什麼嗎？

I think it's another season of performance by our team. I think there are some folks, and we've heard this from even in analyst calls that the last 2 winters have been not significantly in terms of a wildfire season. But we've proven with our numbers when you even adjust for the weather that we are continuing to reduce wildfire risk. And I know Patti has a...

我認為這是我們球隊表現出色的另一個賽季。我認為有些人甚至在分析師的電話會議中也聽說過，過去兩個冬天的野火季節並不明顯。但我們已經用我們的數據證明，即使根據天氣進行調整，我們仍在繼續降低野火風險。我知道帕蒂有一個...

Yes, and I would just say, in our conversations with S&P, they focus on 3 main things. I would say, first, it's management and governance post bankruptcy. So I do believe that's what they're looking at first, and then they want to see additional wildfire performance, which we feel very confident about. And then finally, obviously, the financial metrics. And so, we do -- we're -- we've been on positive outlook with them. They put us on positive outlook at the end of the year. So we look forward to them moving on that sometime in 2024.

是的，我只想說，在我們與標準普爾的對話中，他們專注於三個主要問題。我想說，首先是破產後的管理與治理。所以我確實相信這就是他們首先關注的，然後他們希望看到更多的野火表演，我們對此非常有信心。最後，顯然是財務指標。所以，我們確實——我們——我們一直對他們抱持正面的看法。他們讓我們對年底的前景充滿樂觀。因此，我們期待他們在 2024 年的某個時候繼續推進這項計劃。

Great. And then just one follow-up on the cost of capital challenge. Is there a date where -- I don't know if the right term is the challenge gets dismissed or I know it's already in rates. I know it's not going to impact the company's '24 guidance. But just is there a date where the commission denies the challenge?

偉大的。然後是關於資本成本挑戰的後續行動。是否有一個日期——我不知道是否正確的術語是挑戰被駁回，或者我知道它已經在費率中。我知道這不會影響公司的 '24 指導方針。但委員會是否會在某個日期拒絕挑戰呢？

There is nothing firm or definitive about that. But you're right, your thoughts are correct, though, that it isn't rates and it doesn't have a bearing on our '24 earnings other than to say that we have planned conservatively for either outcome.

對此沒有任何確定或明確的說法。但你是對的，你的想法是正確的，不過，這不是利率，它對我們 24 年的收益沒有影響，除了說我們對這兩種結果都做了保守的計劃。

Our final question comes from the line of David Arcaro with Morgan Stanley.

我們的最後一個問題來自大衛·阿卡羅（David Arcaro）與摩根士丹利（Morgan Stanley）的對話。

Great to see you're extending the EPS growth rate here. I was just wondering kind of what gave you the confidence now to provide those EPS growth assumptions through '28 given that there's another cost of capital, proceeding another in the midst of that planning period?

很高興看到您在這裡提高每股收益成長率。我只是想知道，鑑於存在另一種資本成本，在該計劃期間進行另一種資本成本，是什麼讓您現在有信心提供截至 28 年的每股收益增長假設？

We have a great plan, and it's anchored in our simple, affordable model. We have ample capital demand. And this is the thing that I want to just acknowledge for our customers who are feeling the catch-up in our bills right now. We know that we can deliver this capital infrastructure, which they have been demanding and requesting and asking for us to deliver in an affordable way.

我們有一個偉大的計劃，它以我們簡單、實惠的模式為基礎。我們有充足的資金需求。這就是我想向我們的客戶承認的事情，他們現在感覺到我們的帳單正在追趕。我們知道我們可以提供這種資本基礎設施，這是他們一直要求並要求我們以負擔得起的方式提供的。

So as we look forward, we have a conservative plan. We ride that roller coaster so we can deliver a consistent outcome for investors and better service every single year for customers. And frankly, we look forward to a time in the not-too-distant horizon where we're going to be lowering bills for customers as we do that. The simple affordable model will work here in California.

因此，展望未來，我們有一個保守的計劃。我們乘坐過山車，這樣我們就能為投資者提供一致的結果，並每年為客戶提供更好的服務。坦白說，我們期待在不久的將來，我們將降低客戶的帳單。這種簡單實惠的模式將在加州發揮作用。

We are in the early days. But as we look forward, we see the capital demand matched by our cost savings, load growth and efficient financing, which allows for affordable bills for customers. That's a formula that can work for a long time forward. It gives us a lot of confidence as we give forecasted EPS growth guidance in the next 5-year plan.

我們還處於早期階段。但展望未來，我們看到資本需求與我們的成本節約、負載成長和高效融資相匹配，從而為客戶提供負擔得起的帳單。這是一個可以長期發揮作用的公式。當我們在下一個五年計畫中給出預測的每股盈餘成長指引時，這給了我們很大的信心。

And David, I'll just remind you, we always plan conservatively. And so that's what gives us also lots of confidence.

大衛，我只是提醒你，我們總是保守地計劃。這也給了我們很大的信心。

Okay. Excellent. And then maybe on load growth, it's the data center backdrop seems to have changed quite a bit maybe since you've given that 1% to 3% load growth figure. And it sounds like you might address that in upcoming Analyst Day. I was just wondering if that's reflective of what you've seen in your service territory in terms of that data center demand. Is that accelerating ramping up from what your prior expectations had been?

好的。出色的。然後也許在負載成長方面，資料中心的背景似乎已經發生了很大的變化，也許自從您給出了 1% 到 3% 的負載增長數字以來。聽起來您可能會在即將到來的分析師日中討論這個問題。我只是想知道這是否反映了您在服務領域所看到的資料中心需求。這是否比您之前的預期加速成長？

Yes. Well, I can share that just in 2023, we had a 3x increase in data center applications versus the prior 4 years. So as we look at the 5-year forward load growth forecast, the back end of that forecast will reflect then the additional data center demand. And look, I think we all can agree that the only thing that's happening with data centers is they need more of them. And so part of the deal here is we need to make ourselves available and accessible and show that we can in fact serve that load here in California, which is what we're doing. And we'll look forward to sharing more about that in June.

是的。好吧，我可以分享的是，就在 2023 年，我們的資料中心應用程式比前 4 年增加了 3 倍。因此，當我們查看 5 年遠期負載成長預測時，該預測的後端將反映額外的資料中心需求。看，我想我們都同意資料中心發生的唯一事情是他們需要更多的資料中心。因此，這裡的部分內容是，我們需要讓自己變得可用且易於訪問，並表明我們實際上可以在加利福尼亞州為該負載提供服務，這就是我們正在做的事情。我們期待在六月分享更多相關資訊。

I would now like to turn the call over to Patti Poppe for closing remarks.

現在我想將電話轉交給 Patti Poppe 致閉幕詞。

Thank you, Mandeep. Well, thank you, everyone, for joining us today. I know it was a busy one, and we appreciate your time and attention. We look forward to staying in touch with you.

謝謝你，曼迪普。好的，謝謝大家今天加入我們。我知道這很忙，我們感謝您的時間和關注。我們期待與您保持聯繫。

I just want to give a final remark and thank the entire PG&E team for delivering an outstanding 2023 for customers. They deliver for our hometowns. We're serving our planet, and we're leading with love at PG&E, and I couldn't be more proud to stand alongside with the men and women of PG&E to do just that. So we feel really great about our turnaround. We know that, that turnaround is on track. Thanks to all those great people here at the company, and we look forward to seeing all of you in the coming months and definitely in June, on June 12 in New York. Thanks so much. Have a safe day.

我只想做最後的發言，並感謝整個 PG&E 團隊為客戶帶來了出色的 2023 年。他們為我們的家鄉送貨。我們正在為我們的星球服務，我們在 PG&E 中以愛為引領，能夠與 PG&E 的男女員工並肩做到這一點，我感到非常自豪。所以我們對我們的轉變感到非常高興。我們知道，這一轉變正在步入正軌。感謝公司所有優秀的員工，我們期待在未來幾個月，尤其是 6 月，即 6 月 12 日在紐約見到你們所有人。非常感謝。祝你有個安全的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。