PG&E Corp (PCG) 2024 Q2 法說會逐字稿

(audio in progress) (Operator Instructions) Thank you. I'll now turn the call over to Jonathan Arnold, Vice President of Investor Relations. Please go ahead.

（音訊正在進行中）（操作員說明）謝謝。我現在將把電話轉給投資者關係副總裁喬納森·阿諾德 (Jonathan Arnold)。請繼續。

Good morning, everyone, and thank you for joining us for PG&E's second-quarter 2024 earnings call. With us today are Patty 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 2024 年第二季財報電話會議。今天與我們在一起的有執行長 Patty 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.

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。

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 quarterly report on Form 10-Q for the quarter ended June 30, 2024.

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 2024 年 6 月 30 日的季度的 10-Q 表格季度報告。

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

至此，我很高興將電話轉交給我們的執行長 Patty Poppe。

Thanks, Jonathan. Good morning, everyone. I'm pleased to report another quarter of solid progress. Our core earnings per share for the second quarter came in at $0.31, bringing us to $0.69 for the first half. We are reaffirming our 2024 guidance range of $1.33 to $1.37, up at least 10% from 2023. And we're also reaffirming our longer-term earnings per share growth of at least 9% each year starting in 2025 and continuing through 2028.

謝謝，喬納森。大家，早安。我很高興地報告又一個季度取得了紮實進展。第二季核心每股收益為 0.31 美元，上半年每股核心收益為 0.69 美元。我們重申 2024 年指引範圍為 1.33 美元至 1.37 美元，比 2023 年至少成長 10%。

In addition, we remain firm in our commitment to no new equity in 2024. And there have been no changes to our five-year financing plan, which we shared with you during our first-quarter call.

此外，我們仍然堅定地承諾在 2024 年不會新增股權。

Moving to slide 4. We were excited to see so many of you in June at our investor event in New York City. Our message in New York was that with our layers of physical and financial protections as the foundation, and with our simple, affordable model making critical infrastructure investments affordable for our customers, we see a pathway where electrification can deliver a decarbonized energy future at a lower societal cost.

轉到幻燈片 4。我們在紐約傳達的訊息是，以我們的實體和財務保護層為基礎，並透過我們簡單、負擔得起的模型使我們的客戶能夠負擔得起關鍵基礎設施投資，我們看到了一條電氣化可以以更低的成本實現脫碳能源未來的途徑。

As we discussed in New York, new load is actually a key enabler to lowering the unit cost of electricity, eliminating the green premium, and enabling a low carbon future. This potential for a cleaner, more resilient energy future at a lower cost to consumers is why we refer to our graphic on this slide as the power pyramid. It's what motivates our team every day here at PG&E. It's our mandate and also our mission. It's beneficial for our customers and it's also good for our investors.

正如我們在紐約討論的那樣，新負載實際上是降低單位電力成本、消除綠色溢價和實現低碳未來的關鍵推動因素。這種以更低的成本為消費者帶來更清潔、更具彈性的能源未來的潛力，就是我們將這張投影片上的圖表稱為電力金字塔的原因。這就是我們 PG&E 團隊每天的動力。這是我們的使命，也是我們的使命。這對我們的客戶有利，對我們的投資者也有利。

Just this month, in fact, the CPUC voted out phase two of our general rate case, authorizing an incremental $2.3 billion of capital investment for energization with an opportunity to go back in and request more if customers need it. We were encouraged by comments from the commissioners, which supported the thesis that connecting new load can be beneficial for broader customer affordability.

事實上，就在本月，CPUC 投票否決了我們一般費率方案的第二階段，授權增加 23 億美元的資本投資用於激勵，並有機會在客戶需要時返回並要求更多。我們對委員們的評論感到鼓舞，這些評論支持了這樣的論點：連接新負載有利於更廣泛的客戶負擔能力。

At the same meeting, the CPUC approved staff's resolution affirming increasing our return on equity to 10.7%. California's regulatory environment is strong, forward looking, and delivers real value for customers and investors.

在同一次會議上，CPUC 批准了員工決議，確認將我們的股本回報率提高到 10.7%。加州的監管環境強大、具有前瞻性，為客戶和投資者帶來真正的價值。

Using the power pyramid as our framework, and turning to slide 5, a brief update on our performance mitigating physical risk. The bottom line is that our layers of protection strategy has reduced wildfire risk significantly across our service area. I'm sure you've seen plenty of news coverage of recent heat and wind events we've been experiencing in California. And I could not be prouder of our team for their continued tenacity with consistent execution, day in and day out.

使用權力金字塔作為我們的框架，然後轉向幻燈片 5，這是關於我們減輕身體風險的績效的簡要更新。最重要的是，我們的多層保護策略顯著降低了整個服務區域的野火風險。我相信您已經看過很多關於加州最近經歷的高溫和大風事件的新聞報道。我為我們的團隊感到無比自豪，他們日復一日地堅持不懈，始終如一地執行。

Take, for example, the 8.5-day stretch over the July 4 holiday week. This was the longest-duration excessive heat warning ever issued by the National Weather Service Bay Area Office. And it brought in increased system reliability risk as well as elevated wildfire risk. What's important is our readiness posture no matter the conditions on the ground, and the results speak for themselves. No flex alerts and no serious safety incidents.

以 7 月 4 日假期週的 8.5 天為例。這是國家氣象局灣區辦公室有史以來發布的持續時間最長的高溫警告。它還增加了系統可靠性風險以及野火風險。重要的是，無論實地條件如何，我們都做好準備，結果不言而喻。無彈性警報，無嚴重安全事故。

On the reliability front, California has added over 9 gigawatts of capacity in just the last year, and it did the job. The state now also has 10 gigawatts of battery storage that are providing significant benefits in terms of additional flexible supply to the grid, and this is more than double the battery capacity from this same time last year.

在可靠性方面，加州僅去年就增加了超過 9 吉瓦的裝置容量，並且確實做到了這一點。該州現在還擁有 10 吉瓦的電池存儲，這在向電網提供額外的靈活供電方面提供了顯著的好處，這是去年同期電池容量的兩倍多。

Overall, our system performed well in the early July heat wave and benefited from numerous proactive steps taken ahead of time. For example, when looking at San Jose data and comparing July performance to the September 2022 heat wave, unplanned and sustained outages were down more than 50%, with the total cumulative duration of those outages down more than 85%, and the Bay Area region overall saw a 22% reduction in outages. This is climate resilient infrastructure in action for new extreme weather norms.

總體而言，我們的系統在七月初的熱浪中表現良好，並受益於提前採取的眾多積極措施。例如，在查看聖荷西數據並將7 月的表現與2022 年9 月的熱浪進行比較時，計劃外和持續的停電下降了50% 以上，這些停電的總累計持續時間下降了85% 以上，並且灣區地區整體而言，停電次數減少了 22%。這是適應新的極端天氣規範的氣候適應基礎設施。

On the wildfire front, the key takeaway is that while we've certainly seen a more active start to this year's wildfire season, as of today, we've had no fires of consequence linked to PG&E. We are pleased with this performance given the increased wildfire activity being seen across California. So far this season, we've planned and prepared for three PSPS events and executed two with about 2,000 customers affected in the largest one.

在野火方面，關鍵的一點是，雖然我們肯定看到今年野火季節的開始更加活躍，但截至今天，我們還沒有發生與 PG&E 相關的嚴重火災。鑑於加州各地野火活動的增加，我們對此表現感到滿意。本季到目前為止，我們已經規劃和準備了三場 PSPS 活動，並執行了兩場，最大的一場影響了約 2,000 名客戶。

Risk is certainly up versus 2023 with our circuit mile days under high-risk conditions increasing 48% year to date and our CPUC reportable ignitions under R3 or higher conditions running at 20 year to date versus 6 at this time last year. These dynamic conditions require a dynamic response. To prevent ignitions, we have layers of protection as listed on slide 5, all of which have been improved year over year, including another year of inspections and repairs, more vegetation management, and more system hardening, both undergrounding and covered conductor.

與2023 年相比，風險肯定有所上升，今年迄今為止，我們在高風險條件下的賽道里程天數增加了48%，而我們在R3 或更高條件下的CPUC 可報告點火今年迄今已運行20 個，去年同期為6 個。這些動態條件需要動態響應。為了防止起火，我們有幻燈片 5 中列出的多層​​保護，所有這些都逐年改進，包括另一年的檢查和維修、更多的植被管理以及更多的系統強化，包括地下和覆蓋導體。

Finally, when conditions warrant, we can turn to public safety power shutoffs. Where we do have ignitions, thanks to EPSS and improved situational awareness tools, including our weather stations, advanced meteorology, and fire science models, we have less energy released and faster reaction times as our post-ignition mitigations come into play.

最後，當條件允許時，我們可以求助於公共安全電源關閉。在我們確實有點火的地方，得益於EPSS 和改進的態勢感知工具，包括我們的氣象站、先進的氣象學和火災科學模型，當我們的點火後緩解措施發揮作用時，我們釋放的能量更少，反應時間更快。

These include our safety infrastructure protection teams made up of 90 former firefighters who protect our assets every day. Our 32 public safety specialists, most of whom are former CAL FIRE or US Forest Service Chief Officers with at least 30 years of agency leadership experience. Our 24/7, 365 hazard awareness warning center.

其中包括由 90 名前消防員組成的安全基礎設施保護團隊，他們每天保護我們的資產。我們的 32 位公共安全專家，其中大多數是前 CAL FIRE 或美國林務局首席官員，擁有至少 30 年的機構領導經驗。我們的 24/7、365 危險意識預警中心。

Over 600 wildfire cameras with AI smoke detection automatically notifying first responders. Plus, rapid response capabilities, including Blackhawk helicopters equipped to drop water on fire retardants, which we are making available to county fire agencies to supplement the significant state-level resources deployed through CAL FIRE.

超過 600 個具有 AI 煙霧偵測功能的野火攝影機會自動通知急救人員。此外，快速反應能力，包括配備向阻燃劑噴水的黑鷹直升機，我們正在向縣消防機構提供這些能力，以補充透過 CAL FIRE 部署的重要州級資源。

One point I would like to note is that we recently completed a third-party risk assessment by Moody's. Analysis using the Moody's RMS wildfire model estimates that our mitigations have reduced the risk of economic loss to PG&E from wildfires by 93%. Going forward, you should expect us to refer to this third-party benchmark, which it is based on a model widely used by the insurance industry to price risk, takes into account a wider range of conditions than the CPUC methodology we referred to in the past, and provides for better comparability across other utilities. The key message is, no matter the conditions, our physical risk mitigations are making our system safer every day.

我想指出的一點是，我們最近完成了穆迪的第三方風險評估。使用穆迪 RMS 野火模型進行的分析估計，我們的緩解措施已將 PG&E 因野火造成的經濟損失風險降低了 93%。展望未來，您應該期望我們參考這個第三方基準，該基準基於保險業廣泛使用的風險定價模型，考慮到比我們在本文中提到的 CPUC 方法更廣泛的條件。之間更好的可比性。關鍵訊息是，無論情況如何，我們的實體風險緩解措施都使我們的系統每天都更加安全。

Turning to slide 6, financial risk mitigations are also in place through Assembly Bill 1054. These include access to liquidity, an improved prudence standard, and a cap on shareholder exposure. With our customer-funded self-insurance in place since 2023, our near-term financial exposure is limited to $50 million deductibles, while our customers benefit from the significant savings compared to commercial insurance.

轉向投影片 6，第 1054 號議會法案也制定了金融風險緩解措施。自 2023 年起，我們開始實施客戶資助的自我保險，我們的近期財務風險限額為 5000 萬美元的免賠額，而與商業保險相比，我們的客戶可以從節省大量資金中受益。

While the benefits of AB 1054 are in place and working as designed, I know that some of you are keen to see the wildfire fund reimbursement process in action. Well, during the second quarter, we passed the $1 billion threshold for settled claims related to the 2021 Dixie Fire. This means that we are now eligible to access liquidity from the fund. Our accrual for the Dixie Fire remains $1.6 billion, and the fund previously took a $600 million reserve in anticipation of funding our claims.

雖然 AB 1054 的好處已經到位並按設計工作，但我知道你們中的一些人渴望看到野火基金報銷流程的實際實施。嗯，在第二季度，我們突破了 2021 年迪克西火災相關索賠的 10 億美元門檻。這意味著我們現在有資格從該基金獲得流動性。我們對迪克西火災的應計費用仍然是 16 億美元，該基金之前提取了 6 億美元的儲備金，以期為我們的索賠提供資金。

We've been working closely with the administrator to ensure an orderly reimbursement process beginning as soon as the third quarter, with requests for payment to be submitted monthly. We made our first such request earlier in July, and the fund has a statutory requirement to reimburse us within 45 days of claim adjudication. Given that timeline, we anticipate having an update on progress with our next quarterly call. California, both physically and financially, has an entirely differentiated safety posture for our citizens and our investors. Wildfire has become a well-understood risk with well-understood mitigations and controls.

我們一直在與管理員密切合作，以確保從第三季開始有序的報銷流程，每月提交付款請求。我們於 7 月初首次提出此類請求，並且該基金有法定要求在索賠裁決後 45 天內向我們提供補償。考慮到這一時間表，我們預計會在下一次季度電話會議中通報最新進展。加州無論在物質上或經濟上，都為我們的公民和投資者提供了完全不同的安全態勢。野火已成為一種眾所周知的風險，並且有眾所周知的緩解和控制措施。

Moving up our power pyramid, here on slide 7 is our simple affordable model with our strong existing plan on the left and the opportunity we see for amplification on the right. Execution against this model is how we make needed safety, reliability, and resiliency investments while keeping bills at or below inflation for our customers. Think of this as our runway for additional value for customers and investors, an enduring winning model with no big bets.

向上移動我們的權力金字塔，幻燈片 7 上是我們簡單的經濟型模型，左邊是我們強大的現有計劃，右邊是我們看到的放大機會。根據此模型執行，我們可以進行所需的安全性、可靠性和彈性投資，同時將客戶的帳單保持在通貨膨脹或低於通貨膨脹的水平。將此視為我們為客戶和投資者提供附加價值的跑道，這是一種無需大賭注的持久獲勝模式。

Now, let's turn to slide 8 and my story of the month. I wanted to share an update from the team working on reinventing our inspections. As a reminder, in June, we shared that using our performance playbook, we're avoiding costs by doing the right work through changes to our inspection strategy.

現在，讓我們轉向幻燈片 8 和我這個月的故事。我想分享致力於重塑我們的檢查的團隊的最新動態。提醒一下，我們在 6 月分享了我們的績效手冊，我們透過改變檢查策略來完成正確的工作，從而避免了成本。

You heard from our team at our Dublin Innovation Center that they expect to save over $100 million this year. And that's roughly 50% of our O&M reduction target. Our reinvented process is resulting in less false positives, and the team has already realized $15 million of O&M savings through standard work, aerial inspections, and bundling.

您從我們都柏林創新中心的團隊那裡聽說，他們預計今年將節省超過 1 億美元。這大約是我們減少營運和維護目標的 50%。我們重新設計的流程減少了誤報，團隊已經透過標準工作、空中檢查和捆綁節省了 1500 萬美元的營運和維護成本。

Most importantly, we are identifying the right work and completing it 50% faster than our previous standard. This is the power of our performance playbook, and it's just one example of the culture of performance that we are shaping at PG&E.

最重要的是，我們正在確定正確的工作，並比之前的標準快 50% 完成它。這就是我們績效手冊的力量，這只是我們在 PG&E 塑造的績效文化的一個例子。

With that, let me turn it over to Carolyn.

那麼，讓我把它交給卡羅琳。

Thank you, Patty, and good morning, everyone. Today, I'm looking forward to covering three topics with you: first, our results of the first half of 2024; second, our continued execution against our simple affordable model; and third, an update on our regulatory progress.

謝謝你，帕蒂，大家早安。今天想跟大家講三個話題：一是我們2024年上半年的業績；二是我們2024年上半年的業績。其次，我們繼續執行我們簡單實惠的模式；第三，我們的監管進展的最新情況。

Starting here on slide 9, we are showing you our walk for our first half results. Through June, our quarter earnings of $0.69 are up $0.17 over the first half of last year. Remember that our general rate case was approved in the fourth quarter when we booked the catch-up revenues for all of 2023. Adjusting the first half of 2023 for the GRC timing, our results are up $0.10 year over year. The uplift is mainly driven by higher customer capital investments.

從幻燈片 9 開始，我們將向您展示我們上半年的結果。截至 6 月份，我們的季度收益為 0.69 美元，比去年上半年增加了 0.17 美元。請記住，我們的一般費率案例在第四季度獲得批准，當時我們預訂了 2023 年全年的追趕收入。這一成長主要是由客戶資本投資增加所推動的。

Non-fuel O&M savings of $0.03 reflect savings realized by our team reinventing inspections as well as improvements to our contract spend. This is offset by $0.05 reinvested back into the business to fund our emergency response and preparedness programs and incremental corrosion maintenance, just as two examples.

非燃料 O&M 節省 0.03 美元反映了我們的團隊透過重新設計檢查以及改善合約支出而實現的節省。這被再投資回業務的 0.05 美元所抵消，以資助我們的緊急應變和準備計劃以及增量腐蝕維護（僅舉兩個例子）。

Turning to slide 10, we have not changed our CapEx or rate-based guidance this quarter. However, the recent GRC phase two energization decision has further improved our confidence in the potential for upside. Our base plan continues to include $62 billion of customer capital investment over the next five years with a focus on distribution and transmission.

轉向投影片 10，我們沒有改變本季的資本支出或基於費率的指引。然而，最近GRC二期通電決策進一步增強了我們對上漲潛力的信心。我們的基本計劃繼續包括未來五年 620 億美元的客戶資本投資，重點是配電和輸電。

In terms of customer benefits, our capital plan is balanced, providing safety, enabling new business, supporting the clean energy transition, and improving reliability and resiliency. And we can make it more affordable as we amplify our simple affordable model. As we reaffirmed in June, we have line of sight into at least another $5 billion of incremental T&D investment, and we intend to bring some of this into our plan once we make it affordable for both our customers and our balance sheet.

在客戶利益方面，我們的資本計畫是平衡的，提供安全性，實現新業務，支持清潔能源轉型，並提高可靠性和彈性。當我們擴大我們簡單的實惠模型時，我們可以使其更實惠。正如我們在 6 月重申的那樣，我們計劃至少再增加 50 億美元的增量 T&D 投資，一旦我們的客戶和資產負債表都能負擔得起，我們打算將其中一些納入我們的計劃。

We were pleased to see the commission approve their proposed decision in our GRC phase two, implementing provisions of Senate Bill 410 earlier this month. The decision authorizes incremental spend of up to $2.3 billion to fund new energization projects through 2026, with the potential for additional increases in 2025 and 2026, which we were encouraged to request.

我們很高興看到委員會在 GRC 第二階段批准了他們提出的決定，實施本月早些時候參議院第 410 號法案的條款。該決定授權在 2026 年之前增加最多 23 億美元的支出，為新的能源項目提供資金，並有可能在 2025 年和 2026 年進一步增加支出，我們鼓勵這樣做。

This decision has increased our percentage of rate base already authorized and, in our view, is a positive proof point of how we can work constructively with the commission to balance customer needs with affordability and support California's clean energy transition, leveraging the opportunity presented by beneficial load growth. As you know, we plan conservatively and have not yet folded in the full authorized amount to our plan.

這項決定增加了我們已授權費率基數的百分比，我們認為，這是我們如何與委員會建設性地合作，平衡客戶需求與負擔能力並支持加州清潔能源轉型的積極證據，利用有利的機會負載增長。如您所知，我們計劃保守，尚未將全部授權金額納入我們的計劃。

Finally, I'll remind you, approval for our Oakland General Office, which was moved out of our 2023 GRC into a separate filing, is on the CPUC's consent agenda for August 1. This is another $900 million of rate base.

最後，我要提醒您的是，我們奧克蘭總辦公室的批准已從 2023 年 GRC 移出並單獨提交，已列入 CPUC 8 月 1 日的同意議程。

As we shared with you on our first-quarter call, we have a strong and balanced financing plan in place to support this capital growth. As shown here on slide 11, there's no change from what we shared with you last quarter. Overall, our plan prioritizes customer capital investment and our commitment to investment-grade ratings while also layering in dividend growth over the next five years and meeting our commitment to parent debt paydown.

正如我們在第一季電話會議上與您分享的那樣，我們制定了強大而平衡的融資計劃來支持資本增長。如投影片 11 所示，我們上季與您分享的內容沒有變更。總體而言，我們的計劃優先考慮客戶資本投資和我們對投資等級評級的承諾，同時也考慮未來五年的股息成長並履行我們對母公司債務償還的承諾。

I also want to reinforce that we've built flexibility into our plan and the equity is already contemplated in our earnings guidance of at least 10% this year and at least 9% each and every year through 2028. With our capital and financing plans in place, we are focused on executing against our simple affordable model to ensure this growth is affordable for customers.

我還想強調的是，我們已經在計劃中建立了靈活性，並且我們的盈利指導中已經考慮了股本，今年至少為 10%，到 2028 年每年至少為 9%。我們簡單的負擔得起的模型，以確保客戶能夠負擔得起這種增長。

Moving to slide 12, reducing operating and maintenance costs. As shown, we beat our 2% reduction target in both 2022 and 2023. I believe three years would be a trend and I'm pleased to report that we are making good progress against our target again in 2024 and I am confident that we will meet or exceed our 2% goal.

轉到投影片 12，降低營運和維護成本。如圖所示，我們在2022 年和2023 年均實現了2% 的減排目標。良好進展，我相信我們將達到或超過我們 2% 的目標。

And let me tell you why. In '22 and 2023, large enterprise-level programs helped us come in better than target. Going forward, we can see planning, execution, and automation ramping up as our team is trained and executes against our performance playbook, including our lean operating systems and breakthrough thinking. You can also expect to see improvements in our capital to expense ratio.

讓我告訴你原因。在 22 年和 2023 年，大型企業級計畫幫助我們比目標取得了更好的成績。展望未來，隨著我們的團隊根據我們的績效手冊（包括精益作業系統和突破性思維）進行培訓和執行，我們可以看到規劃、執行和自動化不斷提高。您還可以期待看到我們的資本支出比率的改善。

This is important for customers because we can afford costly annual repairs with long-term durable capital. For every dollar of ongoing expense saved, we can invest roughly $7 of capital while holding customer bills flat. Our capital to expense ratio is currently 0.8, meaning we spend $0.80 of capital for every dollar of expense. Our peers averaged 1.4 in 2022 and improved to 1.6 in 2023.

這對客戶來說很重要，因為我們可以用長期耐用的資本承擔昂貴的年度維修費用。每節省一美元的持續開支，我們就可以投資約 7 美元的資本，同時保持客戶帳單不變。我們的資本與費用比率目前為 0.8，這意味著我們每花費 1 美元的費用就花費 0.80 美元的資本。我們的同業 2022 年平均為 1.4，2023 年提高到 1.6。

Our five-year plan would bring us nearly on par with the peer average. And as you can imagine though, we don't plan on for average. And the best-in-class utilities currently have capital to expense ratios well above 2.

我們的五年計劃將使我們幾乎達到同行平均水平。但正如你可以想像的那樣，我們的計劃並不是平均水平。目前，一流的公用事業公司的資本支出比率遠高於 2。

The next element of our simple affordable model is load growth. Overall, we're in a differentiated position when it comes to beneficial load growth. Specifically, we are the hometown utility to Silicon Valley, home of AI and innovation and headquarters to major cloud service providers.

我們簡單的負擔得起的模型的下一個要素是負載成長。整體而言，在有益的負載成長方面，我們處於差異化的地位。具體來說，我們是矽谷的家鄉公用事業公司、人工智慧和創新之鄉以及主要雲端服務供應商的總部。

As Jason Glickman, our Head of Engineering detailed in June, the Bay Area has the best fiber network and connects to a grid that is majority powered by renewables, making it 1 of 8 primary data center markets in the US. We also have one of the largest overlapping electric and gas distribution service areas. And finally, our state and local policies are driving the need for electrification.

正如我們的工程主管 Jason Glickman 在 6 月詳細介紹的那樣，灣區擁有最好的光纖網絡，並連接到主要由可再生能源供電的電網，使其成為美國 8 個主要數據中心市場之一。我們還擁有最大的重疊電力和天然氣分配服務區之一。最後，我們的州和地方政策正在推動電氣化的需求。

I want to emphasize that beneficial load growth is new load that helps to reduce monthly electric bills for our existing customers. It allows us to deliver industry-leading rate-based growth and deliver on our plan to keep customer bill growth at or below inflation.

我想強調的是，有益的負載成長是新負載，有助於減少我們現有客戶的每月電費。它使我們能夠實現業界領先的基於利率的成長，並實現我們的計劃，將客戶帳單成長保持在或低於通膨水平。

We shared the map here on slide 13 with you in June. Specifically, how data centers, and even to a larger extent, electric vehicles can improve customer affordability. Specifically, incremental revenue from this new load without a need to modify our tariff is projected to more than offset the cost of our additional capital needed. This final element of our simple affordable model is efficient financing.

我們在 6 月與您分享了幻燈片 13 上的地圖。具體來說，資料中心，甚至在更大程度上，電動車如何提高客戶的承受能力。具體而言，預計無需修改我們的關稅即可從此新負載中獲得的增量收入將足以抵消我們所需的額外資本成本。我們簡單的負擔得起的模型的最後一個要素是高效率的融資。

I am pleased to provide you with an update that we expect to close our final securitization issuance under AB 1054 next week. In aggregate, the three AB 1054 issuances support $3.2 billion of safety spend while delivering meaningful financing savings to our customers.

我很高興向您提供最新消息，我們預計將於下週根據 AB 1054 完成最終的證券化發行。總的來說，三筆 AB 1054 發行支援了 32 億美元的安全支出，同時為我們的客戶帶來了有意義的融資節省。

As we continue to deliver on our simple affordable model and meet our commitments, we also see continued progress working with policymakers and stakeholders as shown on slide 14. We already discussed the Commission's final decision on our GRC capacity phase and their affirmation of our increase to an ROE of 10.7% under the cost of capital adjustment mechanism.

隨著我們繼續實現簡單的負擔得起的模式並履行我們的承諾，我們也看到與政策制定者和利益相關者的合作不斷取得進展，如幻燈片14 所示。產能階段的最終決定以及他們對我們增加到資本成本調整機制下的ROE為10.7%。

Additionally, we continue to work towards final guidelines with our safety regulator, OEIS, for our 10-year undergrounding filing. As we like to say, performance is power. And we're pleased to see our performance reflected in steadily improving credit ratings as shown here on slide 15.

此外，我們將繼續與安全監管機構 OEIS 共同努力製定 10 年地下歸檔的最終指南。正如我們常說的，性能就是力量。我們很高興看到我們的業績反映在信用評級的穩定提高上，如幻燈片 15 所示。

We're now just one notch below investment grade at both Moody's and Fitch and on positive outlook of both. We will continue to build upon the progress we've made reducing physical risk, improving financial metrics, and maintaining strong governance as we remain steadfast in our goal to achieve investment-grade credit at the parent company.

目前，我們的評級僅比穆迪和惠譽的投資評級低一級，而且兩者的前景都保持樂觀。我們將繼續鞏固我們在降低實體風險、改善財務指標和維持強有力的治理方面取得的進展，同時堅定不移地實現母公司投資等級信用的目標。

Finally, here on slide 16, I'd like to end by leaving you with a reminder of our value proposition. It's one fueled by differentiated performance, placing the customer at the heart of everything we do and delivering 9.5% rate-based growth through 2028 and at least 10% core earnings per share growth in 2024 and at least 9% 2025 through 2028.

最後，在投影片 16 中，我想提醒您我們的價值主張。這是一種由差異化業績推動的動力，將客戶置於我們所做一切的核心，並在2028 年實現9.5% 的基於利率的增長，在2024 年實現至少10% 的核心每股收益增長，在2025 年到2028 年實現至少9% 的每股核心收益成長。

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

說完，我會把它交還給帕蒂。

Thank you, Carolyn. Our power pyramid is our differentiated path forward, built on the foundation of safety with well-understood and well-managed wildfire-related physical and financial risk. Our simple affordable model delivers for customers and investors with room to grow.

謝謝你，卡洛琳。我們的權力金字塔是我們差異化的前進道路，建立在安全的基礎上，以及對野火相關的物理和財務風險的充分理解和管理。我們簡單實惠的模式為客戶和投資者提供了成長空間。

Ultimately, California's aspiration for an electrified economy at a lower societal cost is our destination and we are well on our way. This is a winning proposition for our customers, for the state of California, and for you, our investors.

最終，加州對以較低社會成本實現電氣化經濟的渴望是我們的目的地，我們正在路上。對於我們的客戶、加州以及您，我們的投資者來說，這都是一個成功的主張。

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

那麼，接線員，請開通提問線路。

(Operator Instructions)

（操作員說明）

Shar Pourreza, Guggenheim.

沙爾·普雷扎，古根漢。

Hey, guys. Good morning. Patty, obviously you guys have talked about this in the prepared comments, but it's obviously been a pretty active fire season. So starting off kind of on the plan for undergrounding. I mean obviously we appreciate that you're waiting for the final go-ahead for filing, but I guess how have your assumptions and plan evolved over the past few quarters? Any thoughts on maybe layering in incremental miles versus the GRC-approved levels?

大家好。早安.帕蒂，顯然你們已經在準備好的評論中談到了這一點，但這顯然是一個非常活躍的火災季節。因此，我們開始製定地下工程計劃。我的意思是，顯然我們很感激您正在等待最終的申請批准，但我猜您的假設和計劃在過去幾個季度中發生了怎樣的變化？對於以增量里程與 GRC 批准的等級進行分層有什麼想法嗎？

Well, that's a great question. Obviously, undergrounding is top of mind. And I'll open by saying we continue to see undergrounding as a critical element of our total layers of protection. It's one of the layers and one of the most important layers in our highest risk, most vegetation dense areas. So we definitely stand by our commitment to underground our highest risk miles.

嗯，這是一個很好的問題。顯然，地下化是首要考慮的問題。我首先要說的是，我們仍然將地下視為整體保護層的關鍵要素。它是我們風險最高、植被最密集地區的其中一層，也是最重要的一層。因此，我們絕對信守對地下最高風險里程的承諾。

As we work through the application process of our 10-year filing, look, we're still working through with OEIS. In fact, there's a public workshop scheduled for today to continue to look at the necessities related to the filing. And so as we look at the timing of that filing, it's going to be wholly dependent on what those requirements are and what the expectations of OEIS require.

當我們完成 10 年申請的申請流程時，看，我們仍在與 OEIS 合作。事實上，今天安排了一個公共研討會，繼續研究與申請相關的必要性。因此，當我們考慮提交申請的時間時，它將完全取決於這些要求是什麼以及 OEIS 的期望。

So given that, we have 1,230 miles approved in the GRC through 2026. And we intend to -- obviously, we're on track this year to meet the mileage requirements. I don't see us filing a different kind of filing between here and the filing of the 10-year plan. And so I don't think there will be incremental mileage added outside of either our next GRC or the undergrounding 10-year plan. Those are two good mechanisms. And given the direction of our regulators, we'll use the appropriate one to file for the next range of miles.

因此，到 2026 年，我們在 GRC 中批准了 1,230 英里。我不認為我們在這裡提交的文件與十年計劃的文件不同。因此，我認為除了我們的下一個 GRC 或地下 10 年計劃之外，不會增加里程。這是兩個很好的機制。根據監管機構的指示，我們將使用適當的文件來申請下一里程範圍。

Got it. Okay, that's perfect. Thank you. And then just lastly, any comments on sort of the Park Fire in Butte County? I mean, is there any kind of early indications on the cause or any kind of presence of PG&E's equipment?

知道了。好吧，那就完美了。謝謝。最後，對巴特縣公園火災有什麼評論嗎？我的意思是，是否有任何關於原因的早期跡像或 PG&E 設備的任何存在？

I guess, how are you executing on PSPS preparedness and response in that area? I mean, it's such a new event. There's no data on it, no EIRs, and we're getting a lot of questions. It'd be great if you can maybe just provide a little bit of elaboration. Thanks.

我想，您在該領域的 PSPS 準備和回應執行情況如何？我的意思是，這是一個新事件。沒有相關數據，沒有 EIR，我們收到了很多問題。如果您能提供一些詳細說明，那就太好了。謝謝。

Yes. Well, first of all, our hearts go out to the folks near and around Chico, and we pray for their safety and the safety of our firefighters who are out there doing valiant work. Right now, there are no indications of our equipment being involved or contributing at this time. And there are no anomalies detected on our system at the reported time of the fire start.

是的。好吧，首先，我們的心與奇科附近和周圍的人們同在，我們為他們的安全以及在外面英勇工作的消防隊員的安全祈禱。目前，沒有跡象表明我們的設備參與其中或做出貢獻。在報告的火災發生時，我們的系統沒有偵測到異常情況。

And one of the things, Shar, that I'll share with you that gives me great comfort, and I would hope that it would give investors great comfort, is we know. We can see our situational awareness with our 24/7, 365 Hazard Awareness Center. We're on the job and we can see; we know what's happening. We can have boots on the ground immediately.

莎爾，我將與您分享的一件事給了我很大的安慰，我希望它能給投資者帶來很大的安慰，那就是我們知道的。我們可以透過我們的 24/7、365 危險意識中心來了解我們的態勢感知。我們在工作中，我們可以看到；我們知道發生了什麼事。我們可以立即上路。

And I'm just so thankful for our partnership with CAL FIRE, as well as our own safety crews that I mentioned in our prepared remarks, and our public safety specialists. They give us a level of awareness and understanding that just didn't exist just a handful of years ago. And I'm so thankful for our team being so ready and on the job at all times.

我非常感謝我們與 CAL FIRE 的合作，以及我在準備好的演講中提到的我們自己的安全人員，以及我們的公共安全專家。它們給了我們一定程度的認識和理解，這是幾年前還不存在的。我非常感謝我們的團隊隨時做好準備並投入工作。

I will offer -- you mentioned PSPS. You know, here it is July. We haven't done PSPSs in July before, but we did this year. That's our readiness posture. We've done two small ones. The first one was about 2,000 people. Look, these are -- we've sectionalized our system. We've enabled the ability to very targetedly respond to changing conditions and be prepared.

我會提供——你提到了 PSPS。你知道，現在是七月。我們之前沒有在 7 月做過 PSPS，但今年做了。這就是我們的準備姿勢。我們做了兩個小的。第一個大約有2000人。看，這些是——我們已經對我們的系統進行了分區。我們已經能夠非常有針對性地應對不斷變化的情況並做好準備。

I just can't overly emphasize how important it is that that daily readiness should be reinforced for folks. We have a totally differentiated safety posture here in California, and specifically my team here at PG&E is ready and on the job and partnered with CAL FIRE hand in glove.

我只是不能過度強調加強人們的日常準備有多重要。我們在加州採取了完全不同的安全態勢，特別是我在 PG&E 的團隊已做好準備並投入工作，並與 CAL FIRE 密切合作。

Got it. Thank you. And I know it's been a very difficult season this year. And congrats on the execution so far around. It's pretty obvious. Appreciate it.

知道了。謝謝。我知道今年是一個非常困難的賽季。並對迄今為止的執行表示祝賀。這很明顯。欣賞它。

Thank you, Shar.

謝謝你，莎爾。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究中心。

Yes. Good morning. Thanks. I would agree, a lot of success in managing that risk this year. So just on the -- I guess a couple questions. First, to a degree, it sounds like you're getting closer to potentially being in a position to invest some of the incremental capital beyond the plan. And just any framework to think about the financing part of that once you get there?

是的。早安.謝謝。我同意，今年在管理這項風險方面取得了很大成功。我想有幾個問題。首先，在某種程度上，聽起來您似乎越來越有可能投資超出計劃的部分增量資本。一旦你到達那裡，是否有任何框架來考慮融資部分？

Thanks, Steve. Yes. So I think what's very important is that, and we've communicated this before, that we do have a framework. We have certain guideposts when we consider financing any new capital. One, it needs to be affordable for customers, and then we define that as being within the 2% to 4% of bill growth that we've talked about over the course of our plan. It must be accretive to EPS.

謝謝，史蒂夫。是的。所以我認為非常重要的是，我們之前已經傳達過這一點，我們確實有一個框架。當我們考慮為任何新資本融資時，我們有一定的指導方針。第一，它需要讓客戶負擔得起，然後我們將其定義為我們在計劃過程中討論過的帳單增長在 2% 到 4% 以內。它必須能夠增加每股收益。

And again, I'll just remind you that our current financing plan assumes issuance of equity and still meets the 10% growth this year and 9% in '25 to '28. And, finally, it needs to be helpful to our balance sheet. So those are our goalposts.

我再次提醒大家，我們目前的融資計畫假設發行股票，仍然滿足今年10%的成長和25年至28年9%的成長。最後，它需要對我們的資產負債表有所幫助。這些就是我們的目標。

And when you look at our current financing plan, two key elements that we've maintained. It's balanced, and it provides flexibility. And that flexibility, again, is in the ramp-up of the dividend and then the parent debt pay-down of $2 billion by the end of 2026. So when we think about new capital, we just think about our current financing plan and using that same approach.

當你看看我們目前的融資計劃時，我們保留了兩個關鍵要素。它是平衡的，並且提供靈活性。這種靈活性再次體現在股息增加以及 2026 年底償還母公司 20 億美元債務。

We're going to be balanced and we're going to try to maintain flexibility. And so you can assume -- one way to think about this is that you can assume that we're going to follow our authorized regulatory structure at the utility and always find ways to make it as efficient as possible by using the parent debt -- on the parent level. So we'll always be mindful of market conditions. We're very aware of where our stock is trading. And we're going to maintain, as I said, that balance and that flexibility.

我們將保持平衡，並努力保持靈活性。所以你可以假設——思考這個問題的一種方法是，你可以假設我們將遵循我們在公用事業公司的授權監管結構，並始終找到通過使用母公司債務使其盡可能高效的方法——在家長層面上。因此，我們將始終關注市場狀況。我們非常清楚我們的股票在哪裡交易。正如我所說，我們將保持這種平衡和靈活性。

Okay. That's helpful. Thank you. And then one other question, just I know you've been highlighting the data center growth in your region, and then also in the past the -- I think been the leader in electric vehicle adoption. Could you -- be curious to get some of the data. I know you're decoupled, but it'd still be good to get some of the data on how those things are tracking this year.

好的。這很有幫助。謝謝。還有一個問題，據我所知，您一直在強調您所在地區的資料中心成長，而且在過去，我認為一直是電動車採用的領導者。您能否好奇地取得一些數據？我知道你已經脫鉤了，但獲得一些有關今年這些事情如何追蹤的數據仍然是一件好事。

Yes. Thanks, Steve. This is an exciting part of our story. And as we mentioned in New York, and some people may remember this, right now in our plan, we only have a couple hundred megawatts of data center load growth built into our capital plan. So the cluster study that's underway where we're looking at our pipeline of data center demand that we shared in New York, we're going to make sure that any of that we would add in would be incrementally beneficial for customers, both on cost savings for customers, most specifically. We don't want our residential customers subsidizing the big data center load growth.

是的。謝謝，史蒂夫。這是我們故事中令人興奮的部分。正如我們在紐約提到的，有些人可能還記得這一點，目前在我們的計劃中，我們的資本計劃中只有幾百兆瓦的資料中心負載增長。因此，正在進行的集群研究，我們正在研究我們在紐約共享的資料中心需求管道，我們將確保我們添加的任何內容都將在成本上逐漸為客戶帶來好處尤其是為客戶節省開支。我們不希望我們的住宅客戶補貼大數據中心負載的成長。

And so this year that study is underway. We have a lot of demand, as we mentioned. And, in fact, by offering up the opportunity to participate in this cluster study, we've gotten much better visibility to what the real forecasted expectations should be. And so when we complete that study, we'll share those results. But obviously, that's not materializing in terms of load this year because that's the plan for coming years.

今年這項研究正在進行中。正如我們所提到的，我們有很多需求。事實上，透過提供參與這項集群研究的機會，我們已經更了解了真正的預測期望應該是什麼。因此，當我們完成這項研究時，我們將分享這些結果。但顯然，就今年的負荷而言，這並沒有實現，因為這是未來幾年的計劃。

On the EV front, EVs continue to sell well here. We're up to now 610,000 EVs on the road in California, in fact, in our service area, up from 580 that we reported in New York. So we're tracking at about 25% of new vehicles sold continue to be electric. And given the CARB Regulation, the executive order here in California for banning internal combustion engines by 2035, we are actively benefiting from the transition.

在電動車方面，電動車在這裡繼續暢銷。事實上，在我們的服務區域內，到目前為止，我們在加州道路上行駛的電動車數量為 610,000 輛，而我們在紐約報導的電動車數量為 580 輛。因此，我們追蹤銷售的新車中約有 25% 仍然是電動車。鑑於 CARB 法規，即加州在 2035 年之前禁止使用內燃機的行政命令，我們正在從這項過渡中積極受益。

And it's interesting because I know I spend time in other parts of the country, and when I'm there, I don't see what I see here in California, which is an active adoption of electric vehicles and the infrastructure being built out to serve them. So we continue to see EV load growth. And that's, again, beneficial as we shared to customers from a cost perspective.

這很有趣，因為我知道我在這個國家的其他地方呆過一段時間，當我在那裡時，我看不到我在加利福尼亞州看到的情況，即積極採用電動汽車和正在建設的基礎設施為他們服務。因此，我們繼續看到電動車負載成長。這又是有益的，因為我們從成本角度與客戶分享。

Both that customer who bought the EV saves about 20% of their household energy costs. Because the switch from gasoline to electricity is cheaper, as well as all customers benefit because that's the kind of beneficial load that we love the most.

購買電動車的客戶都節省了約 20% 的家庭能源成本。因為從汽油轉向電力更便宜，而且所有客戶都會受益，因為這是我們最喜歡的有益負載。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Yes. Thanks, Steve.

是的。謝謝，史蒂夫。

Jeremy Tonet, JPMorgan Securities.

傑里米·託內特，摩根大通證券。

Hi, good morning. I was just wondering if you could walk through the energization order in process going forward to secure more of the CapEx at this point?

早安.我只是想知道您是否可以逐步完成正在進行的通電訂單，以確保此時獲得更多的資本支出？

So are you asking, Jeremy, about the regulatory procedures? Or are you asking about the actual CapEx?

傑瑞米，你是在問監理程序嗎？或者您是在詢問實際的資本支出嗎？

The procedures.

程式.

Yes. Okay. So first of all, the Commission's order to include $2.3 billion of incremental funding is a cap. And so what we do then is we'll make filings that reflect what we actually were completing and up to that cap.

是的。好的。因此，首先，委員會要求納入 23 億美元增量資金的命令是一個上限。因此，我們接下來要做的就是提交文件，反映我們實際完成的工作並達到上限。

So what was really good was that the commission made it clear that if there were incremental demand beyond that cap, which frankly we see, then we can make additional applications. And we'll consider doing that even yet this year to show that when we have real demand that we can serve, we'll file for that and that should give the commission then more visibility into what the actual customer need is. And therefore, that could go above and beyond that $2.3 billion cap.

因此，真正好的一點是，委員會明確表示，如果增量需求超出了上限（坦白說，我們看到了這一點），那麼我們可以提出額外的申請。即使今年我們也會考慮這樣做，以表明當我們有真正可以服務的需求時，我們會提出申請，這應該會讓委員會更清楚地了解客戶的實際需求。因此，這可能會超出 23 億美元的上限。

Got it.

知道了。

Does that answer your question, Jeremy?

這能回答你的問題嗎，傑里米？

Yes, that's very helpful. Thank you for that. And then just continuing on, unpacking a bit more of your discussion on ground conditions, can you walk through what you're seeing on the ground and how to think about factors contributing to the uptick in ignition rate as discussed?

是的，這非常有幫助。謝謝你。然後繼續，展開更多有關地面條件的討論，您能否詳細介紹一下您在地面上看到的情況以及如何考慮導致所討論的點火率上升的因素？

Yes. Because of the moisture that we received early in the year, the fuel levels are very high. So there's a lot of grasses and then it got really hot. So those excessive fuels got very dry. So the fuel moisture levels are very low. And that means that there is a risk of even a small spark can quickly move.

是的。由於年初天氣潮濕，燃油含量非常高。所以有很多草，然後天氣變得非常熱。所以那些過量的燃料變得非常乾燥。因此燃料的水分含量非常低。這意味著即使是很小的火花也有可能迅速移動的風險。

But let me give a shout out to a couple of things. You know, we talked a little bit in our prepared remarks about our layers of protection post-ignition. And this is really important. We talked about this in New York as well. And I think it's probably a part of our layers of protection that are least understood.

但讓我對幾件事大聲疾呼。您知道，我們在準備好的評論中談到了點火後的保護層。這非常重要。我們在紐約也討論過這個問題。我認為這可能是我們最不了解的保護層的一部分。

We have, first of all, visibility to real-time information about an ignition occurring. And so our AI-enabled cameras can directly alert a first responder. In the past, it took some good citizen noticing there was smoke somewhere and calling someone. If you can imagine, that's a very unpredictable response. Our AI cameras now enable very predictable response. Our Hazard Awareness Center is monitoring those cameras. They see it. They confirm that first responders have been notified.

首先，我們可以看到有關發生點火的即時資訊。因此，我們的人工智慧攝影機可以直接向急救人員發出警報。過去，需要一些好公民注意到某處有煙霧並打電話給某人。如果你能想的話，這是一個非常不可預測的反應。我們的人工智慧攝影機現在可以實現非常可預測的響應。我們的危險意識中心正在監控這些攝影機。他們看到了。他們確認已通知急救人員。

And then our safety infrastructure preparedness teams are out there, protection teams are out there, often on the site nearly as quickly as our first responders. We are our own first responders protecting our assets. So then you combine that with CAL FIRE.

然後我們的安全基礎設施準備團隊就在那裡，保護團隊就在那裡，通常幾乎與我們的急救人員一樣快地到達現場。我們是保護我們資產的第一反應者。然後你將其與 CAL FIRE 結合。

And there's a couple stats I'd love to share about CAL FIRE that might surprise you. First of all, kudos to California and California policymakers and our governor for continuing to fund the importance of these first responders. So CAL FIRE's budget has tripled since 2015. It was $1 billion. It is now $3 billion annually. And there were no cuts this year, even though there was budget constraints here in the state. Their staffing is up 80%. We have 12,000 CAL FIRE professional firefighters on the job every day, and we couldn't be more grateful for their great work.

我想分享一些關於 CAL FIRE 的統計數據，這些統計數據可能會讓您感到驚訝。首先，向加州和加州的政策制定者以及我們的州長表示敬意，感謝他們繼續為這些急救人員的重要性提供資金。因此，CAL FIRE 的預算自 2015 年以來增加了兩倍。現在每年價值 30 億美元。儘管該州存在預算限制，但今年沒有削減開支。他們的人員配備增加了 80%。我們每天有 12,000 名 CAL FIRE 專業消防員在工作，我們對他們的出色工作深表感謝。

And then finally, the CAL FIRE aircraft system, it is the largest civil aerial firefighting fleet in the world. We have 60 aircraft that are armed and ready to go. And, in fact, our CAL FIRE aerial fleet can get anywhere that they serve in under 20 minutes when there's sign of trouble.

最後是 CAL FIRE 飛機系統，它是世界上最大的民用空中消防機隊。我們有 60 架飛機已武裝準備起飛。事實上，當出現問題跡象時，我們的 CAL FIRE 空中機隊可以在 20 分鐘內到達他們服務的任何地方。

Listen, California's posture is dramatically improved from previous years. This is a statewide effort. PG&E's posture is dramatically changed, but so has the states and our neighborhoods, our communities. And I couldn't be more thankful for the partnerships across the state for all the good work that's happening.

聽著，加州的狀況比前幾年有了顯著改善。這是全州範圍內的努力。 PG&E 的態度發生了巨大的變化，各州、我們的鄰裡、我們的社區也發生了巨大的變化。我非常感謝全州範圍內的合作夥伴所做的所有出色工作。

So I just want people to understand that when we say California's safety posture is differentiated, we've got lots of evidence to validate that we have: the financial protections with AB 1054, but we have massive physical protections that make a catastrophic wildfire very unlikely.

因此，我只是想讓人們明白，當我們說加州的安全狀況有所不同時，我們有大量證據來驗證我們擁有：AB 1054 的財務保護，但我們擁有大規模的物理保護，使災難性野火發生的可能性很小。

Got it. That's very helpful. Clearly very differentiated today, so that's great to hear. And I just want to kind of come back to a question I've asked in the past and you had commentary on before. And just as far as national policy is concerned as it relates to wildfires, just wondering if you're seeing anything incremental there as far as more alignment on a potential national solution or at least the attention level getting received right now.

知道了。這非常有幫助。今天顯然非常與眾不同，所以很高興聽到這一點。我只是想回到我過去問過的一個問題，你之前也對此發表過評論。就與野火相關的國家政策而言，我想知道您是否看到任何增量，就潛在的國家解決方案更加一致，或者至少現在受到的關注程度而言。

We're actively involved in those discussions, mainly providing insight and experience. Our lawyers and the federal affairs teams are very engaged across the utilities to understand what are the benefits of AB 1054, how could something be structured like that federally. And I would say there's definitely lots of interest from the western states.

我們積極參與這些討論，主要提供見解和經驗。我們的律師和聯邦事務團隊積極參與各公用事業公司的工作，以了解 AB 1054 的好處是什麼，以及聯邦如何建構這樣的結構。我想說，西部各州肯定對此很感興趣。

I do think it's a long put from some of the other states who are not as affected by wildfire to want to support a national solution. But we keep making the case that this is just another climate resilience infrastructure standard that needs to be established and where some states have risk of hurricanes or tornadoes or flooding. Those states that have risk of wildfire need to have a preparedness plan.

我確實認為，其他一些沒有受到野火影響的州想要支持全國性解決方案是很困難的。但我們不斷證明，這只是另一個需要建立的氣候調適基礎設施標準，一些州面臨颶風、龍捲風或洪水的風險。那些有野火風險的州需要製定防備計劃。

And if there's a federal backstop, I think that really helps serve the smaller states that don't have the paying capacity and the volume and scale that California has that can deal with a problem like this.

如果有聯邦支持，我認為這確實有助於為那些沒有支付能力的小州提供服務，也沒有加州能夠處理此類問題的數量和規模。

That makes sense. That's helpful. Thank you.

這就說得通了。這很有幫助。謝謝。

Thanks, Jeremy.

謝謝，傑里米。

Julien Dumoulin Smith, Jefferies.

朱利安·杜穆蘭·史密斯，杰弗里斯。

Hi, Julien.

嗨，朱利安。

Hey, Julien. Welcome back. Nice to hear your voice.

嘿，朱利安。歡迎回來。很高興聽到你的聲音。

Yes. Likewise. Absolutely. Sorry I missed you guys last month. Well, look, Patty, let me ask you this. Again, apologies about missing you last month, but you've had a great run. I mean, I was thinking about this in the context of the IC and bringing it all together. And I'm curious as you reflect here on four years of the company or almost four years, I think, how do you think about committing to another contract extension?

是的。同樣地。絕對地。抱歉上個月我錯過了你們。好吧，帕蒂，讓我問你這個問題。再次對上個月錯過你表示歉意，但你跑得很好。我的意思是，我在 IC 的背景下思考這個問題並將其整合在一起。我很好奇，當你回顧公司四年或近四年的時間時，我想，你如何看待再次延長合約？

I'm thinking big picture here. You've got a five-year deal. It's been a great run. You've built out a robust team around you here. How would you just set expectations on a contract extension? I think there's like a one-year possibility here, what have you, formally written in there? But just how would you set as we come in on one year left under the contract here? And having resolved a lot of -- well, having resolved or at least on track to resolve a lot of the bigger questions here.

我在這裡思考大局。你已經簽了一份為期五年的合約。這是一次很棒的跑步。您在這裡建立了一支強大的團隊。您如何設定續約合約的期望？我認為這裡有一年的可能性，你在那裡正式寫了什麼？但當我們的合約還剩一年時，你會如何安排呢？並且已經解決了很多——嗯，已經解決了或至少有望解決這裡的許多更大的問題。

So, Julien, a couple things. Number one is my honor to lead the people at PG&E. And this has been the greatest challenge of my professional career. And I'm so happy to be part of the team. On the contract front, there's a lot of work to do. I definitely don't think we're done and nor will we be done in a year from now. We'll work through the contract.

朱利安，有幾件事。第一是我很榮幸能夠領導 PG&E 的員工。這是我職業生涯中最大的挑戰。我很高興能成為團隊的一員。在合約方面，還有很多工作要做。我絕對不認為我們已經完成，一年後也不會完成。我們將按照合約進行工作。

But what's most important and the thing that I remind my team all the time is that we're building a system. We've got a performance playbook here at PG&E. We're building a bench. We're building a talent machine. So we don't have to rely on one person that is the linchpin to the whole program.

但最重要的也是我一直提醒我的團隊的事情是我們正在建立一個系統。我們 PG&E 有一本績效手冊。我們正在搭建一個長凳。我們正在建造一台人才機器。因此，我們不必依賴一個人來作為整個計劃的關鍵。

This isn't a charismatic CEO turnaround that when she goes, all of a sudden, the thing falls apart. My job is to build a system that lasts and stands the test of time. And that's what we're up to. And when I go off into the sunset, it's going to be when I know that that performance playbook is solid and my team is equipped and able to execute the continued service to the people of California at the standards that I expect.

這並不是一位富有魅力的執行長的轉變，當她離開時，一切都會突然崩潰。我的工作是建立一個持久且經得起時間考驗的系統。這就是我們要做的。當我走向夕陽時，我就會知道績效手冊是可靠的，我的團隊有能力按照我期望的標準為加州人民提供持續的服務。

Got it. Excellent. I'm looking forward to it. And kudos, indeed, on building out a really robust team here. It's been impressive.

知道了。出色的。我對此很期待。確實，值得讚揚的是，我們在這裡建立了一支非常強大的團隊。這令人印象深刻。

Carolyn, just to pivot back to some of the earlier conversation here on financing, and I know there's been a lot of commentary here. How do you think about the timeline here on kind of addressing credit improvement? Right now, I think there's been some discussion about the $2 billion of corporate debt reduction getting extended to 2028 versus maybe '26 previously.

卡羅琳，我想回到之前關於融資的一些對話，我知道這裡有很多評論。您如何看待解決信用改善問題的時間表？目前，我認為有人正在討論將 20 億美元的企業債務削減計劃延長至 2028 年，而之前可能是 26 年。

So how do you think about the timeline here at the same time some of the challenges faced to get the financing that you guys had previously been pushing for? Is there parent debt capacity at this point? How do you think about that against the wider target? And ultimately, is there an ability to increase CapEx in this environment? Or is it more about shifting things around prior to addressing the financing backdrop?

那麼，在獲得你們之前一直在推動的融資方面面臨的一些挑戰的同時，您如何看待這裡的時間表？目前母公司是否有償債能力？針對更廣泛的目標，您如何看待這一點？最終，在這種環境下是否有能力增加資本支出？或者更多的是在解決融資背景之前改變事情？

Yes, there's a lot there, Julien. Thank you for the question. So let me just start with in terms of timeline and improving our overall financial health. I'm very pleased with the progress that we've made. You can just look to our credit ratings and that's sort of proof in the pudding that we've had a number of upgrades recently. We're just one notch below investment grade at Moody's and on positive outlook there, similar with Fitch, and even S&P upgraded us in the last year.

是的，有很多東西，朱利安。感謝你的提問。因此，讓我先從時間表和改善我們的整體財務狀況開始。我對我們所取得的進展感到非常滿意。您可以查看我們的信用評級，這就是我們最近進行了多次升級的證據。我們的評級僅比穆迪的投資評級低一級，並且前景樂觀，與惠譽類似，甚至標準普爾去年也升級了我們的評級。

So we have those continued conversations, and we're continuing to see positive momentum there. We're on target for our capital investment this year. We have SB410 right in front of us now, and that's particularly constructive and helpful for our outlook there.

因此，我們進行了持續的對話，並且我們繼續看到積極的動力。我們今年的資本投資目標已實現。現在 SB410 就擺在我們面前，這對我們的前景特別有建設性和幫助。

We're on target for our O&M savings of at least 2%, and we're on target for our EPS growth. And particularly important, if you look at our operating cash flow, we are on target to increase from $5 billion in 2023 to $8 billion in 2024. So all of those are very positive signs in terms of and keeping us on track towards our investment grade and improving our balance sheet.

我們的目標是實現至少 2% 的營運和維護節省，並且我們的目標是實現每股收益成長。尤其重要的是，如果你看看我們的營運現金流，我們的目標是從2023 年的50 億美元增加到2024 年的80 億美元。著投資等級邁進。

When we think about new capital, I mentioned that earlier in terms of bringing it into the plan, I will say our current financing plan, again, we've built it to be balanced and to have flexibility. So when we think about that parent debt, which we have a commitment to pay down by the end of 2026 in the amount of $2 billion, that remains at this point in time.

當我們考慮新資本時，我之前提到將其納入計劃，我會說我們目前的融資計劃，再次，我們已經將其構建為平衡且具有靈活性。因此，當我們考慮到我們承諾在 2026 年底之前償還 20 億美元的母公司債務時，目前仍然存在這筆債務。

But there is flexibility there in terms of both the timing and the amount of that pay down. So that's how we're thinking about it. And so that provides us flexibility to bring in new capital into the plan.

但就付款時間和金額而言，存在彈性。這就是我們的想法。因此，這為我們提供了將新資本引入該計劃的靈活性。

Again, I'll just repeat, is the dividend and the ramp up of that dividend. Right now, as we've communicated, we see it going slower in the front end and then increasing in the back end. But that is our choice as well. And that's what differentiates us is that we have a choice about how we ramp up that dividend to facilitate additional capital.

我再次重複一遍，是股息和股息的增加。現在，正如我們所交流的，我們看到它在前端變慢，然後在後端增加。但這也是我們的選擇。這就是我們的與眾不同之處在於，我們可以選擇如何增加股利以促進額外資本。

And you know what, I'll add a couple of points, Julien, on what it means to add that additional capital. Let's get concrete here on the SB410. First of all, a great recognition that there is such a thing as beneficial load for the people of California. So our CPC reflected that. We had about $1 billion of energizations in our current plan. So the incremental $1.3 billion is a perfect example of what Carolyn's talking about.

你知道嗎，朱利安，我將補充幾點關於增加額外資本的含義。讓我們具體了解 SB410。首先，我們要充分認識到，對於加州人民來說，存在著有益的負擔。所以我們的中國共產黨反映了這一點。我們目前的計劃中有大約 10 億美元的激勵資金。因此，增加的 13 億美元就是卡洛琳所說的完美例子。

In order to fold that additional $1.3 billion into the plan, there's a couple things that have to happen. Number one, we need to plan the work. We need to be ready to do the work. We need to be able to do that work at the lowest cost. We need to see that simple affordable model actually materialize.

為了將額外的 13 億美元納入該計劃，需要做一些事情。第一，我們需要計劃工作。我們需要做好準備。我們需要能夠以最低的成本完成這項工作。我們需要看到這種簡單、實惠的模式真正實現。

We need to see those O&M savings. We need to be able to see efficient financing pathways. And then we can enable that load growth, which is enabled by this very good CPUC directive. So given that, you'll see in time we'll build out that work plan first and foremost, the most important step. And then we'll figure out how to then get that financing and make sure this is affordable both for the balance sheet and for customers.

我們需要看到這些營運和維護節省。我們需要能夠找到有效的融資途徑。然後我們可以實現負載增長，這是由這個非常好的 CPUC 指令實現的。因此，有鑑於此，您很快就會看到，我們將首先制定工作計劃，這是最重要的一步。然後我們將弄清楚如何獲得融資，並確保資產負債表和客戶都能負擔得起。

And this is just another example. I can't tell you how optimistic I am about the regulatory constructs here in California, the enthusiasm we have from policymakers and legislators about the potential prosperity enablement that PG&E has for the state of California. This is a perfect example of how that's coming to fruition in the numbers.

這只是另一個例子。我無法告訴你我對加州的監管結構有多樂觀，政策制定者和立法者對 PG&E 為加州帶來的潛在繁榮所抱有的熱情。這是如何在數字上實現這一目標的完美例子。

Yes, indeed. I hear you on this, B410. Thank you guys very much. I'll see you soon, all right. Appreciate it.

確實是的。我聽到你的意見了，B410。非常感謝你們。我很快就會見到你，好吧。欣賞它。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey, good morning. Thanks so much for taking my question. I wanted to just start on the O&M target. I guess how should we think about the path or catalyst there to maybe shift towards the opportunity level that you highlighted at the investor event versus that 2% target?

嗨，早安。非常感謝您提出我的問題。我想從維運目標開始。我想我們應該如何考慮可能轉向您在投資者活動中強調的機會水平而不是 2% 目標的路徑或催化劑？

I think, Carolyn, you had referenced three years being a trend. So just curious of sort of getting through this year at or above target could be what you need to see to get comfortable there.

我想，卡洛琳，你提到三年是一種趨勢。因此，你只是想知道今年是否能達到或超過目標，這可能是你需要看到的，以便在那裡感到舒適。

No, that's exactly right. I think of three years as real proof that, as Patty said, the performance playbook is being executed upon across the company. And as I mentioned in my remarks, we're on target for at least 2% or exceeding the 2% this year. So we're halfway through. We are seeing both smaller initiatives come through with savings and larger initiatives come through with savings. And so I'm very comfortable with where we are at this point in the year, the 2%.

不，完全正確。我認為三年是真正的證據，正如帕蒂所說，績效手冊正在整個公司執行。正如我在演講中提到的，我們今年的目標是至少 2% 或超過 2%。所以我們已經完成一半了。我們看到較小的舉措都透過節省來實現，而較大的舉措也透過節省來實現。因此，我對今年這個時候的 2% 水平感到非常滿意。

Yes, Carly, and I'll just add it. This is Patty. I'll add a little bit of layering on to that. Because how does this work? How do you make it real? We have a waste elimination as our play five in our lean playbook. We've taught thousands of our co-workers about how to see and identify waste.

是的，卡莉，我就補充一下。這是帕蒂。我會在上面添加一點層次。因為這是如何運作的？你如何讓它成為現實？在我們的精實手冊中，我們將消除浪費作為我們的第五個策略。我們已經教會了數千名同事如何查看和識別浪費。

We then have a weekly operating review where we are reviewing people's ideas, a funnel of ideas, thousands of ideas coming through that funnel to determine which ones have the most viability and how do we convert them from an idea into execution. These are bottoms-up ideas coming from our people all across the organization, because we can see that ratio of capital to O&M.

然後，我們每週進行一次營運審查，審查人們的想法、想法的漏斗、通過該漏斗的數千個想法，以確定哪些想法最具可行性，以及我們如何將它們從想法轉化為執行。這些是來自整個組織的員工自下而上的想法，因為我們可以看到資本與營運和維護的比率。

They experience the ratio of capital to O&M of 0.8 to 1 in how we do our work, in how work comes to them, in the waiting that they might experience, in inefficient paper processes that could be automated and digitized. So our people are really getting enthusiastic about our waste elimination targets. In fact, our IT department has a waste can award that they present.

在我們如何工作、工作如何交給他們、他們可能經歷的等待、可以自動化和數位化的低效紙質流程中，他們經歷了 0.8 比 1 的資本與營運和維護的比率。因此，我們的員工對我們消除廢物的目標非常熱情。事實上，我們的 IT 部門頒發了廢棄物罐獎。

We're having a good time with this because making your work easier to do, and I think all of us, every one of us at all of our companies, can imagine doing our work more efficiently in some of the laborious processes and steps we have can be eliminated and work can be more fun. You can do higher value work for a lower cost for customers. That's what we're teaching people how to do and systematically teaching it.

我們對此感到很高興，因為讓您的工作更容易完成，我認為我們所有人，我們所有公司的每個人，都可以想像在我們的一些費力的流程和步驟中更有效地完成我們的工作。有的可以消除，工作可以更有樂趣。您可以為客戶以更低的成本完成更高價值的工作。這就是我們正在教導人們如何做並系統地教導它。

As Carolyn said, we have some big ticket items, and those are great. We love those as a kind of a priming of the pump, but what we really love is when all of our co-workers are learning to see waste and eliminate it on a daily basis. And that's the culture of performance that we're shaping here. That's what we want to really communicate here on the call.

正如卡羅琳所說，我們有一些大件商品，而且非常棒。我們喜歡這些，因為它們是一種啟動泵，但我們真正喜歡的是我們所有的同事每天都在學習如何發現浪費並消除它。這就是我們在這裡塑造的表演文化。這就是我們想要在電話會議中真正傳達的內容。

Very clear. Appreciate that color. And then just one quick follow-up. Apologies if I missed this in response to Jeremy's question earlier, but did you have any thoughts from a timing perspective on when you might look to file incremental requests around SB410 to sort of address the backlog of new connection requests?

非常清楚。欣賞那個顏色。然後只是一個快速跟進。如果我之前在回答Jeremy 的問題時錯過了這一點，我深表歉意，但是從時間角度來看，您是否對何時可能考慮在SB410 周圍提交增量請求以解決新連接請求的積壓問題有任何想法？

Yes, we haven't determined when we would file, but what will drive that is customer demand. And so as we fill out our work plan, now that we have this decision, we're working our work plan for '24. We're already building our '25 and '26 work plan and where we see we've got deficiencies, where we've got more demand than the decision allows, then that's what we'll file for that incremental funding.

是的，我們還沒有確定何時提交文件，但推動這項進程的是客戶需求。因此，當我們填寫我們的工作計劃時，既然我們已經做出了這個決定，我們正在製定 24 年的工作計劃。我們已經在製定 '25 和 '26 工作計劃，如果我們發現有缺陷，如果我們的需求超出了決策允許的範圍，那麼我們將申請增量資金。

What I can tell you is that we see that demand is outstripping that $2.3 billion, which, again, is another signal of the growth here in California, of our potential for growth. We just need to build a work plan so that when we make that filing, we've got the real bottoms-up demand numbers for the commission to make a good decision.

我可以告訴你的是，我們看到需求超過了 23 億美元，這又是加州經濟成長和我們的成長潛力的另一個訊號。我們只需要製定一個工作計劃，這樣當我們提交文件時，我們就能得到真正的自下而上的需求數據，以便委員會做出正確的決定。

Great. Thanks so much for the time.

偉大的。非常感謝您抽出時間。

Gregg Orrill, UBS.

格雷格·奧裡爾，瑞銀集團。

Yes. Thank you. Good morning. Patty, I was wondering if you could comment again on what you're seeing in terms of the path of bill increases. I guess some of the interveners have been out there talking about double-digit percent change increases over the next several years, namely Cal Advocates. Just what do you think the disconnect is there?

是的。謝謝。早安.帕蒂，我想知道您是否可以再次評論您所看到的賬單增長路徑。我猜一些幹預者已經在談論未來幾年兩位數的百分比變化，即加州倡導者。您認為其中的脫節是什麼？

Well, I think, Greg, that Cal Advocates does not yet understand the simple affordable model. This is new for California. This is new for PG&E. And so we will prove out that we can maintain rate increases below the rate of inflation with the simple affordable model.

嗯，格雷格，我認為加州倡導者還不了解簡單的負擔得起的模式。這對加州來說是新鮮事。這對 PG&E 來說是新鮮事。因此，我們將證明，透過簡單的負擔得起的模型，我們可以將利率增幅維持在低於通貨膨脹率的水平。

We have all the key components. That's why we're so excited about the amplification of that simple affordable model with more O&M savings, more efficient financing, more load growth. Being able to demonstrate that for our customers is going to take some time.

我們擁有所有關鍵組件。這就是為什麼我們對這種簡單的經濟型模型的擴大感到如此興奮，它具有更多的營運和維護節省、更有效率的融資、更多的負載成長。向我們的客戶證明這一點需要一些時間。

They're going to have to learn to trust that what we say is what we'll do. And so that's just -- I just think it's a matter of time. They're forecasting based on previous experience, not based on what we know that we are doing here at PG&E.

他們必須學會相信我們所說的就是我們要做的。所以這只是——我認為這只是時間問題。他們的預測是基於以往的經驗，而不是基於我們所知的 PG&E 所做的事情。

Got it. Thanks.

知道了。謝謝。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Hey, good morning team. Just, I guess, two quick ones, maybe a segment of PG&E that we kind of forget or we don't talk about enough is the gas system. I'm just wondering -- I know you're decoupled, but the throughputs of the gas system year over year, have you seen increases, decreases in the electrification -- electrification really impacting the throughputs of that system?

嘿，早上好，團隊。我想，兩個快速的問題，也許是 PG&E 的一部分，我們有點忘記了，或者我們談論得不夠多，那就是天然氣系統。我只是想知道 - 我知道你是脫鉤的，但是天然氣系統的吞吐量逐年增加，你是否看到電氣化的增加或減少 - 電氣化真的影響了該系統的吞吐量嗎？

So far, Anthony, again, heavily weather dependent, our throughput, but pretty flat, pretty flat. I wouldn't say we've seen notable decrease in throughput as a result of electrification, though we've seen it in targeted locations, where we make a decision, for example, I do think PG&E is uniquely positioned because of our overlapping gas and electric service areas. So we're really well equipped to answer these questions, Anthony.

到目前為止，安東尼，再次，嚴重依賴天氣，我們的吞吐量，但非常平穩，非常平穩。我不會說我們已經看到電氣化導致吞吐量顯著下降，儘管我們已經在目標地點看到了這種情況，我們在那裡做出了決定，例如，我確實認為PG&E 由於我們的天然氣業務重疊而處於獨特的地位和電力服務區。所以我們真的有能力回答這些問題，安東尼。

But where we see a specific case, for example, we have a mobile home program where if we were scheduled to replace the service lines for that mobile home, we've determined that per mobile home it's cheaper to electrify those mobile homes than it is to actually change those gas service lines.

但是，在我們看到特定情況的情況下，例如，我們有一個移動房屋計劃，如果我們計劃更換該移動房屋的服務線路，我們確定每個移動房屋的電氣化成本比實際情況要便宜真正改變這些天然氣服務線路。

And so in those cases, we're doing what we call targeted electrification. We're doing some other projects where we want to start to show that electrification is viable for homes and economic. And so that's where we're really working to prove out those theories. And so I see this gas throughput change probably in the latter half of our 10-year plan versus so much here in the first next five years.

因此，在這些情況下，我們正在做所謂的有針對性的電氣化。我們正在做一些其他項目，我們希望開始證明電氣化對於家庭和經濟是可行的。這就是我們真正努力證明這些理論的地方。因此，我認為天然氣吞吐量可能會在我們十年計劃的後半段發生變化，而在未來的前五年中變化幅度會很大。

And just to follow up, I love the capital to expense ratio. Is that number similar for the gas and electric segments of PG&E or it's less? I'll leave it there.

跟進一下，我喜歡資本費用比。 PG&E 的天然氣和電力部門的這個數字是相似還是更少？我會把它留在那裡。

Yes, they're similar across the enterprise. And we can get into some of those details and get you some more of those specifics, Anthony, after the call. But, yeah, they're pretty similar enterprise-wise.

是的，它們在整個企業中都是相似的。安東尼，我們可以在電話會議後了解其中一些細節，並為您提供更多細節。但是，是的，它們在企業方面非常相似。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Ryan Levine, Citi.

瑞安‧萊文，花旗銀行。

Good morning. Notice you made progress on the percentage of rate base authorized on slide 10 across '24 to 2028. What are the drivers besides SB410 cap spending, particularly for 2027 and 2028 up to the period end?

早安.請注意，從 2024 年到 2028 年，您在投影片 10 上授權的利率基數百分比方面取得了進展。

It's predominantly, Ryan, SB410, as well as the OGO approval that we received affected in. Go ahead, Carol.

主要是 Ryan、SB410 以及我們受到影響的 OGO 批准。

So it is -- the increase that we saw on that, on the authorized, is all SB410. So we had assumed some of the $2.3 billion in our plan, but we hadn't assumed the full $2.3 billion. So the percentage increase is reflected there.

所以，我們在授權方面看到的成長都是 SB410。因此，我們假設了計劃中 23 億美元的一部分，但我們沒有假設全部 23 億美元。所以百分比的成長就反映在那裡。

We'll just remind you that there are two other things. OGO is on the docket to be approved on August 1. So that's another $900 billion. And so that would then further secure or push that percentage up higher.

我們只是提醒您還有另外兩件事。 OGO 計劃於 8 月 1 日獲得批准。因此，這將進一步確保或推高該百分比。

And then we've also filed back in March our gas AMI application, which is another $500 million. That's not on the docket yet, but that's been filed. So we continue to make progress in terms of things that were kicked out of the GRC. We're making those filings and we're seeing those things come to fruition.

然後我們也在三月提交了天然氣 AMI 申請，又是 5 億美元。這還沒有列在案卷上，但已經提交了。因此，我們在那些被踢出GRC的事情上繼續取得進展。我們正在提交這些文件，並且正在看到這些事情取得成果。

And just to clarify the OGO. Yes, sorry. The OGO is $900 million.

只是為了澄清 OGO。是的，抱歉。 OGO 為 9 億美元。

Oh, I'm sorry. What did I say?

哦，對不起。我說了什麼？

Okay. So you're assuming the SB410 CapEx continues beyond '26. Is that what I'm hearing?

好的。因此，您假設 SB410 資本支出將持續到 26 年後。這就是我聽到的嗎？

The rate base continues. Yes, of course.

利率基礎繼續。是的當然。

Okay. And then in terms of the fire protection index that you had highlighted in a previous Analyst Day, any sense on what the outlook is for the remaining portion of this year compared to prior years on that internal PG&E Fire Protection Index?

好的。然後，就您在先前的分析師日中強調的消防指數而言，與往年相比，內部 PG&E 消防指數今年剩餘時間的前景如何？

Yes. Our FPI, we're showing more days in higher risk conditions, for sure. The R3 and above days are up. Yes. And so our forecasts are showing because of the fuel moisture levels, until we get more moisture in the atmosphere. We're going to continue to see those high risk days.

是的。當然，我們的 FPI 表現出更高風險條件下的天數更長。 R3以上天數已到。是的。因此，我們的預測是由於燃料濕度水平而顯示的，直到我們在大氣中獲得更多水分為止。我們將繼續看到那些高風險的日子。

But thankfully, we are well positioned and continue to have the necessary layers of protection that both predict and prevent as well as respond. And I'm very proud of the team for the progress made.

但值得慶幸的是，我們處於有利地位，並繼續擁有必要的保護層，既能預測、預防又能做出反應。我為團隊所取得的進步感到非常自豪。

Okay. And then one just clarifying question, Carolyn, I think you mentioned that next week you're planning to issue the third AB1054 fund issuance? Just wanted to clarify if that was the correct message.

好的。然後有一個只是澄清的問題，卡羅琳，我想您提到下週您計劃發行第三次 AB1054 基金？只是想澄清這是否是正確的訊息。

That's right. We're going to close it next week.

這是正確的。我們將於下週關閉它。

Appreciate it. Thank you.

欣賞它。謝謝。

Thanks, Ryan.

謝謝，瑞安。

Michael Lonegan, Evercore ISI.

羅根 (Michael Lonegan)，Evercore ISI。

Hi. Thanks for taking my question. So going back to O&M, you talked about meeting or exceeding the 2% non-fuel reduction this year. I saw your savings year to date is $52 million versus the targeted $200 million, about 25% of your target halfway through the year.

你好。感謝您提出我的問題。回到 O&M，您談到今年要實現或超過 2% 的非燃料削減。我看到您今年迄今為止的節省額為 5,200 萬美元，而目標為 2 億美元，約為您年中目標的 25%。

I was just wondering: are savings currently behind due to summer conditions this year? Or was there a planned acceleration for the second half the whole time? And how much do we expect in terms of savings in Q3 versus Q4?

我只是想知道：由於今年夏天的情況，目前的節省是否落後？還是下半場一直有計畫加速？我們預計第三季與第四季相比可以節省多少？

Yes, typically you're going to get -- some of those ideas rolling in the beginning of the year and they materialize in the second half of the year. So that's not unusual. We would expect to see that kind of trend.

是的，通常你會得到——其中一些想法在年初出現，並在下半年實現。所以這並不罕見。我們預計會看到這種趨勢。

And that's just a reminder that O&M is full O&M reduction.

這只是提醒我們，維運是全面的維運減少。

Okay, great. Thank you. And then you reaffirmed your undergrounding target of 250 miles this year. With this quarter, you installed 46 miles underground and energized 15 miles in the first quarter. I know first quarter is typically low because of snow conditions in some of your territory. But implying an acceleration and undergrounding the balance of the year, just wondering if summer conditions have presented a risk to the full year target, given a potential diversion of workforce to unplanned work?

好的，太好了。謝謝。然後您重申了今年 250 英里的地下目標。本季度，您在地下安裝了 46 英里，並在第一季為 15 英里通電。我知道第一季的氣溫通常較低，因為您所在地區的一些地區有雪。但這意味著今年剩餘時間的加速和地下化，只是想知道，考慮到勞動力可能轉移到計劃外工作，夏季條件是否對全年目標構成風險？

No, not at all. In fact, let me just remind you. Last year, we did 364 miles. This year's target is 250. We still have our -- our same process improvements are in place. We've completed 61 miles through the end of June, but let me clarify what that means.

一點都不。事實上，我只是提醒你。去年，我們行駛了 364 英里。今年的目標是 250。到 6 月底，我們已經完成了 61 英里，但讓我澄清一下這意味著什麼。

We've energized 61 miles. The civil work for those 250 miles as well underway. And that's all the -- that's the heaviest lifting that has to get done and the energization quickly catches up the mileage in the second half of the year. That's a very similar pattern to previous years. And we are right on track.

我們已經充滿電行駛了 61 英里。 250 英里的土木工程正在進行中。這就是全部——這是必須完成的最繁重的工作，而且在下半年，通電很快就能趕上里程。這與前幾年的模式非常相似。我們正步入正軌。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Yeah. Thanks, Michael.

是的。謝謝，麥可。

There are no further questions at this time. I will now turn the call back over to Patty for any closing remarks.

目前沒有其他問題。我現在將把電話轉回給帕蒂，讓其發表結束語。

Thanks, Breanna. Well, thank you, everyone, for joining our call. And I hope you will see what we see: continued progress on a path to differentiated safe, affordable, and a growing company. We're delivering for our customers, and then in turn for you, our investors. Thanks for tuning in today and please stay safe out there.

謝謝，布里安娜。好的，謝謝大家加入我們的電話會議。我希望您能看到我們所看到的：在成為差異化、安全、實惠和成長型公司的道路上不斷取得進展。我們為客戶提供服務，然後為您（我們的投資者）提供服務。感謝您今天收看，請注意安全。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。