PG&E Corp (PCG) 2024 Q3 法說會逐字稿

Hello, and welcome to the PG&E Corporation third-quarter 2024 earnings release conference call. Please note that this call is being recorded. (Operator Instructions)

您好，歡迎參加 PG&E 公司 2024 年第三季財報發布電話會議。請注意，此通話正在錄音。 （操作員說明）

Thank you. I'd now like to turn the call over to Jonathan Arnold. You may now begin.

謝謝。我現在想把電話轉給喬納森·阿諾德。你現在可以開始了。

Good morning, everyone, and thank you for joining us for PG&E's third quarter 2024 earnings call. With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer.

大家早安，感謝您參加 PG&E 2024 年第三季財報電話會議。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。

We also have other members of the leadership team here with us in our Oakland headquarters. First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management.

我們在奧克蘭總部還有領導團隊的其他成員。首先，我應該提醒您，今天的討論將包括有關我們未來財務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。

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

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 2024 年 9 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, 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. We've seen another quarter of solid progress, and I'm pleased to share our third quarter results and some updates to our guidance and financial plan. Our core earnings per share for the third quarter were $0.37, bringing up to $1.06 for the first nine months. We're narrowing our 2024 guidance range, lifting the low end by $0.01 and firming up our 10% growth over 2023 at the midpoint.

謝謝你，喬納森。大家早安。我們又看到了一個季度的紮實進展，我很高興分享我們第三季的業績以及我們的指導和財務計劃的一些更新。我們第三季的核心每股收益為 0.37 美元，前 9 個月的每股核心收益為 1.06 美元。我們正在縮小 2024 年指導範圍，將下限上調 0.01 美元，並將 2023 年增長 10% 的中位數確定下來。

Our 2024 range is now $1.34 to $1.37. Reflecting growth in current customer demand, we're also adding $1 billion to our five-year capital plan, which is now $63 billion through 2028. Previously, we said we'd grow earnings per share at least 9% in 2025. With this additional capital, we're now raising 2025 guidance from 9% to 10%. And we're initiating our formal 2025 EPS guidance range of $1.47 to $1.51.

我們 2024 年的價格範圍目前為 1.34 美元至 1.37 美元。為了反映當前客戶需求的成長，我們還在五年資本計畫中增加了 10 億美元，到 2028 年資本計畫目前為 630 億美元。資本，我們現在將2025 年指導值從9% 提高到10%。我們正在啟動 2025 年每股收益 1.47 美元至 1.51 美元的正式指引範圍。

In addition, we're reaffirming our longer-term earnings per share growth of at least 9% in 2026, 2027 and 2028, and that's now from our new 2025 guidance midpoint. We remain firm in our commitment to no new equity in 2024. Our equity guidance of $3 billion from 2025 through 2028 is also unchanged. We still expect this to be issued ratably over the period, likely through a routine utility at the market or ATM program.

此外，我們重申 2026 年、2027 年和 2028 年的長期每股收益將成長至少 9%，這是我們新的 2025 年指導中點的數據。我們仍然堅定地承諾在 2024 年不再新增股權。我們仍然預計，這將在這段時間內按比例發行，可能是透過市場上的常規公用事業或 ATM 程序。

What you're seeing in these numbers is growing customer demand for electrification in California, from housing developments to electric vehicle charging stations, data centers, commercial projects and local infrastructure. Much of this is beneficial load growth, meaning it will help us achieve our affordability goals once completed.

從這些數字中您可以看到，加州客戶對電氣化的需求不斷增長，從住房開發到電動車充電站、資料中心、商業項目和當地基礎設施。其中大部分是有益的負載成長，這意味著一旦完成，它將幫助我們實現我們的負擔能力目標。

Consistent with what we've told you, we're able to add this new capital to the plan because it meets our criteria. One, it's been approved by regulators. Two, it's affordable for customers. Three, it's beneficial for investors, meaning accretive to EPS. And four, we were able to finance it efficiently with our recent holdco offering of junior subordinated notes. This is the same disciplined approach you can expect from us going forward.

與我們告訴您的一致，我們能夠將這筆新資本添加到計劃中，因為它符合我們的標準。一是得到了監管機構的批准。第二，消費者買得起。第三，這對投資者有利，意味著可以增加每股收益。第四，我們能夠透過最近控股公司發行的初級次級票據有效地為其融資。這與我們今後所期望的同樣嚴格的方法是一樣的。

Moving to slide 4 and our power pyramid. Let me reiterate that it all starts with safety. Our layers of physical and financial protections are working as intended. Our simple, affordable model is how we can make critical infrastructure investments affordable for our customers. And building on these first two layers, we intend to deliver a growing and decarbonized energy future in California.

轉到幻燈片 4 和我們的權力金字塔。讓我重申，一切都始於安全。我們的實體和財務保護層正在按預期發揮作用。我們簡單、經濟實惠的模式讓我們的客戶負擔得起關鍵基礎設施投資。在前兩層的基礎上，我們打算在加州提供一個不斷成長和脫碳的能源未來。

As you know, our stand here at PG&E is that catastrophic wildfires shall stop. We are laser focused on doing just that every day. And days like tomorrow, which is the anniversary of the 2018 Camp Fire further reinforce what's at stake. Our strategy starts with understanding the risk each and every day. We innovate and implement layers of operational protection.

如您所知，我們 PG&E 的立場是災難性的野火將會停止。我們每天都專注於這樣做。像明天這樣的日子，即 2018 年營火週年紀念日，進一步加劇了危險。我們的策略始於了解每天的風險。我們創新並實施層層營運保護。

We operate with a mindset of continuous improvement, keeping safety at the heart of every decision. We leverage our technology to partner with first responders to speed up and improve response to ignition from any source. And we advocate for climate resilience, long-term infrastructure solutions such as undergrounding the highest-risk miles on our system, all of which create a fundamentally safer California for citizens and investors.

我們以持續改善的心態開展業務，將安全置於每個決策的核心。我們利用我們的技術與急救人員合作，加快和改善對任何來源的點火的回應。我們倡導氣候適應能力和長期基礎設施解決方案，例如將我們系統中風險最高的里程埋入地下，所有這些都為公民和投資者創造了一個從根本上更安全的加州。

Wildfire risk was elevated this year, and the ignition count is up as a result. As shown here on slide 5, the ignition rate in high fire-threat areas under [R3 plus] conditions is standing at 1.44 for the rolling 12 months through November 4. This is notably lower than 2017 and 2018, demonstrating that even under higher risk conditions, California is safer. Incidents affecting 10 acres or more for California, predominantly nonutility cost ignitions, have also increased more than threefold this year versus 2023, given the more challenging weather conditions.

今年野火風險升高，起火次數也因此增加。如幻燈片5 所示，截至11 月4 日的連續12 個月內，[R3+] 條件下高火災威脅區域的著火率一直保持在1.44。較高風險下條件的話，加州比較安全。鑑於氣候條件更具挑戰性，今年影響加州 10 英畝或以上面積的事故（主要是非公用事業成本點火）也比 2023 年增加了三倍多。

Despite this backdrop, here's the metric that matters: a multiyear trend of no major fires due to PG&E equipment. While we're never satisfied, this summer was one more proof point that our physical risk mitigations are working. While our operational mitigations have proven effective, they do come with a reliability trade-off. That's why we continue to believe that strategic undergrounding in the highest risk locations is the right solution for our service territory.

儘管存在這種背景，但重要的指標是：多年來 PG&E 設備沒有重大火災的趨勢。雖然我們永遠不會滿足，但今年夏天又有一個證據證明我們的物理風險緩解措施正在發揮作用。雖然我們的營運緩解措施已被證明是有效的，但它們確實會帶來可靠性權衡。這就是為什麼我們仍然相信，在最高風險地點進行戰略地下埋設是我們服務區域的正確解決方案。

Turning to slide 6. Related to the Dixie Fire. We were pleased to share last month that the state Wildfire Fund has paid our first set of claims for $39 million. Our second monthly request for $34 million was paid out on October 28, and we intend to continue submitting our claims on a monthly cadence going forward. This is another proof point of Assembly Bill 1054 working as designed.

轉到幻燈片 6。上個月，我們很高興地宣布，州野火基金會已支付我們的第一批索賠 3,900 萬美元。我們第二個月申請的 3,400 萬美元已於 10 月 28 日支付，我們打算繼續按月提交索賠。這是第 1054 號議會法案按設計發揮作用的另一個證據。

As you know, we're also working every day to execute on our simple, affordable model shown here on Slide 7. The simple affordable model is how we plan to keep customer build growth at or below assumed inflation as we continue to invest in critical infrastructure.

如您所知，我們每天都在努力執行幻燈片7 中所示的簡單、負擔得起的模型。保持在或低於假設的通貨膨脹水準。

This is a proven winning model supported by our lean operating system and bolstered by California's leadership in the transition to clean energy. We have a strong existing plan, as shown here on the left. And as we announced today, we're pulling some additional capital into the plan to better serve our customers while maintaining balance sheet health.

這是一個經過驗證的成功模式，得到我們精益操作系統的支持，並得到加州在清潔能源轉型方面的領導地位的支持。我們有一個強大的現有計劃，如左圖所示。正如我們今天所宣布的，我們將向該計劃注入一些額外資本，以更好地服務我們的客戶，同時保持資產負債表的健康。

We continue to see opportunities for further amplification through incremental O&M reductions and electric load growth. We're working each element of this model every day with no big bets approach, as Carolyn will discuss. But first, let's dive deeper into the PG&E performance playbook in action as we turn to slide 8 and my story of the month.

我們繼續看到透過逐步減少營運和維護以及增加電力負荷來進一步擴大規模的機會。正如卡羅琳將討論的那樣，我們每天都在研究這個模型的每個元素，沒有大賭注的方法。但首先，讓我們更深入地了解 PG&E 的實際表現手冊，然後轉向幻燈片 8 和我本月的故事。

Our Dublin Innovation Center was created to drive better outcomes for our customers. Last quarter, I shared how one team was reinventing the inspection process, identifying the right work, completing it 50% faster than our previous standard and delivering cost savings, which we look forward to passing along to customers in our next rate case.

我們創建都柏林創新中心的目的是為客戶帶來更好的成果。上個季度，我分享了一個團隊如何重塑檢查流程、確定正確的工作、比之前的標準快 50% 地完成檢查並實現成本節約，我們期待在下一個費率案例中將這些成果傳遞給客戶。

With the incremental energization capital spend top of mind, I thought I'd share how our service planning and design team is using our performance playbook to rapidly implement regulatory decisions and deliver for our customers. Following the CPUC approval of our initial SB 410 energization filing and an incremental $1 billion of funding, the team immediately mobilized.

考慮到增量能源資本支出，我想分享我們的服務規劃和設計團隊如何使用我們的績效手冊來快速實施監管決策並為我們的客戶提供服務。在 CPUC 批准我們最初的 SB 410 通電申請並追加 10 億美元資金後，團隊立即動員起來。

Looking across a number of factors, including customer readiness, permitting agency timelines and materials availability, the team quickly identified over 3,000 incremental customer requests that can be completed this year. The team is also implementing process improvements that lead to labor and cost savings to our customers. For example, we reimagined the application process, which we estimate will reduce our customer cancellation rate by 70%.

考慮了包括客戶準備、許可機構時間表和材料可用性在內的多個因素，該團隊很快就確定了今年可以完成的 3,000 多個增量客戶請求。該團隊還實施流程改進，為客戶節省勞動力和成本。例如，我們重新設計了申請流程，我們估計這將使我們的客戶取消率降低 70%。

And we updated the job package preparation and estimating standards, cutting processing time for electric design work by 40%. These are classic examples of waste and rework that we're eliminating to the benefit of customers. I could not be prouder of this and all the other examples I see of coworkers using the tools of our performance playbook to cause better outcomes for our customers and predictable growth for our investors.

我們也更新了工作包準備和估算標準，將電氣設計工作的處理時間縮短了 40%。這些都是浪費和返工的典型例子，我們為了客戶的利益正在消除這些浪費和重工。我對此以及我看到的所有其他例子感到無比自豪，同事們使用我們的績效手冊中的工具為我們的客戶帶來更好的結果，並為我們的投資者帶來可預測的成長。

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 looking forward to covering three main topics with you. First, our results for the first nine months of 2024. Second, our growing capital plan and strong financing plan. And third, how we continue to execute against our simple, affordable model.

謝謝你，帕蒂，大家早安。今天，我期待與大家討論三個主要主題。首先是我們 2024 年前 9 個月的業績。第三，我們如何繼續執行我們簡單、實惠的模式。

As you know, performance is power, and our path to investment-grade and constructive regulatory outcomes depends on consistently delivering against our targets.

如您所知，績效就是力量，我們獲得投資等級和建設性監管成果的道路取決於持續實現我們的目標。

Starting here on slide 9, we are showing you our earnings [drop]. For the first nine months through September, our core earnings of $1.06 are up $0.30 over the same period last year. Remember that last year, our general rate case was not approved until the fourth quarter, and that is when we broke revenue catch-up for all of 2023.

從投影片 9 開始，我們將向您展示我們的收入 [drop]。截至 9 月的前 9 個月，我們的核心收益為 1.06 美元，比去年同期增長了 0.30 美元。請記住，去年我們的一般費率方案直到第四季度才獲得批准，那時我們打破了 2023 年全年的收入追趕。

Adjusting the first nine months of 2023 for the [Junersey] timing, our results were up $0.19 year-over-year. The main driver of our year-over-year increase continues to be higher customer capital investment, including the change in ROE from 10% in 2023 to 10.7% for 2024.

根據 [Junersey] 時間調整 2023 年前 9 個月，我們的業績年增了 0.19 美元。我們年成長的主要驅動力仍然是客戶資本投資的增加，包括淨資產收益率從 2023 年的 10% 變化到 2024 年的 10.7%。

We continue to drive nonfuel O&M savings throughout the business. This performance is contributing $0.04 to our results and includes savings achieved for various programs, such as profit improvement per inspection as well as lower contract spend new strategic sourcing.

我們繼續推動整個企業的非燃料營運和維護成本節約。這一業績為我們的業績貢獻了 0.04 美元，其中包括各種計劃實現的節省，例如每次檢查的利潤提高以及新戰略採購的合約支出降低。

We also remain committed to reinvesting new savings and the orderly upside back into the business to support incremental customer investment. This drove $0.07 of redeployment, including into programs which support risk mitigation, such as conversion maintenance and emergency preparedness and response. As a reminder, we redeploy as a way to derisk future years and deliver consistent performance year-end and year out.

我們也仍然致力於將新的節省和有序的上升空間重新投資到業務中，以支援增量客戶投資。這推動了 0.07 美元的重新部署，包括支援風險緩解的計劃，例如轉換維護以及緊急準備和響應。提醒一下，我們進行重新部署，以消除未來幾年的風險，並在年末和年末提供一致的業績。

Turning to slide 10. As you saw earlier, these pulled an incremental $1 billion of CapEx into our five-year plan as a result of the SB 410 funding for new energization projects approved during the third quarter. This increases the five-year compound growth in our rate base from 9.5% to 10%. Our share of rate base already authorized picks up to 93% in 2026, including the additional $1 billion for energization spend and $900 million accrued for our Open General Office.

轉向投影片 10。這使得我們利率基數的五年複合成長率從 9.5% 提高到 10%。到 2026 年，我們已授權的費率基礎份額將上升至 93%，其中包括額外的 10 億美元用於激勵支出和我們的開放綜合辦公室應計的 9 億美元。

Also, we are still signaling an incremental at least $5 billion of additional customer investment opportunities. There is no shortage for customer beneficial work on our transmission and distribution systems. And even after pulling in $8 billion of capital, we still see at least $5 billion in potential. I'll remind you that incremental transmission work would fall under our FERC formula rate.

此外，我們仍表示將增加至少 50 億美元的額外客戶投資機會。我們的輸配電系統上不乏對客戶有利的工作。即使吸引了 80 億美元的資本，我們仍然看到至少 50 億美元的潛力。我會提醒您，增量輸電工作將屬於我們的 FERC 公式費率範圍。

Back in July, the CPUC issued a decision in the second phase of our general rate case, implementing provisions of Senate Bill 410. The commission encouraged us to request incremental funding for 2025 and 2026 if necessary to address customer energization needs.

早在7 月，CPUC 就我們的一般費率案例第二階段發布了一項決定，實施參議院第410 號法案的規定。客戶的通電需求。

In response to the demand we're seeing from customers, we filed a supplemental request on October 4, proposing to add $3.1 billion of work to 2025 and 2026. Including timing adjustments, this would amount to a further net addition of $2.8 billion. This represents another proof point of the growing revenue demand we see in California, and we stand ready to serve this demand.

為了回應客戶的需求，我們於 10 月 4 日提交了補充請求，提議在 2025 年和 2026 年增加 31 億美元的工作量。這是我們在加州看到的收入需求不斷增長的另一個證據，我們隨時準備滿足這項需求。

The commissions amended scoping memo and ruling calls for a proposed decision in the first quarter of 2025. Once we have the final decision, we will expect implications both for our workplace and for our financing. As I discussed last quarter, we'll make this devaluation in context of our financial guide posts, namely the incremental capital investments must be beneficial and affordable for customers, accretive to earnings per share and also helpful to our balance sheet.

委員會修訂了範圍界定備忘錄，並要求在 2025 年第一季做出擬議決定。正如我上個季度所討論的，我們將在財務指南的背景下進行這種貶值，即增量資本投資必須對客戶有利且負擔得起，增加每股收益，也有助於我們的資產負債表。

Here on slide 11, you can see that our updated five-year financial plan now reflects [$63 billion] of CapEx over the period. Of note, no change to our dividend and equity component, no change to our commitment to reduce $2 billion of corporate debt by the end of 2026 and no change to flexibility that we built into this plan. Our updated financing plan continues our commitment to achieving investment-grade ratings and prioritizing customer capital investment.

在投影片 11 上，您可以看到我們更新的五年財務計畫現在反映了該期間的 [630 億美元] 資本支出。值得注意的是，我們的股利和股權部分沒有改變，我們到 2026 年底減少 20 億美元公司債務的承諾沒有改變，我們在該計畫中建立的靈活性也沒有改變。我們更新的融資計劃繼續我們對實現投資級評級和優先考慮客戶資本投資的承諾。

On the slide, you'll see the comparisons plan that we shared with you on our second quarter earnings call. We've increased utility long-term debt issuance and the corporate debt hybrid and other bucket, each by $0.5 billion. These changes reflect the impact of the $1 billion in junior subordinated notes issued in September.

在投影片上，您將看到我們在第二季財報電話會議上與您分享的比較計劃。我們增加了公用事業長期債務、企業混合債務和其他債券的發行，各增加了 5 億美元。這些變化反映了 9 月發行的 10 億美元初級次級票據的影響。

I'll remind you that the [JSM] received 50% equity credit from S&P and Fitch and are an example of our commitment to pursue the most efficient financing possible. Proceeds to mid hybrid instruments were used in part to pay down $500 million on our term loan base, resulting in a transaction that is neutral to credit rate metrics. The remaining $500 million of JSM proceeds will fund the equity portion of the capital addition to this plan.

我要提醒您的是，[JSM] 從標準普爾和惠譽獲得了 50% 的股權信貸，這是我們致力於追求盡可能最高效融資的一個例子。中期混合工具的收益部分用於償還我們定期貸款基礎上的 5 億美元，導致交易對信用利率指標呈中性。 JSM 收益的剩餘 5 億美元將為該計劃增資的股權部分提供資金。

Lastly, our plan still calls for $3 billion of equity from 2025 to 2028, which we expect to issue on a ratable basis under a normal utility ATM program. This amount is easily achievable for a utility of our size and is in line with many of our industry peers who also utilize ATM program. As we've indicated before, this equity need is already factored into our multiyear earnings per share guidance of at least 10%, now extended through 2025, and at least 9% each year in 2026 and 2027 to 2028.

最後，我們的計劃仍然要求從 2025 年到 2028 年發行 30 億美元的股權，我們預計將在正常公用事業 ATM 計劃下按比例發行。對於我們這樣規模的公用事業公司來說，這個金額很容易實現，並且與我們許多也使用 ATM 計劃的業內同行一致。正如我們先前指出的，這種股權需求已計入我們的多年每股收益指引中，該指引至少佔10%，現已延長至2025 年，並​​且在2026 年和2027 年至2028 年每年至少佔9 %。

Turning to Slide 12. As Patti mentioned, our simple affordable model assumes a no big bets approach and we are laser focused on executing it every day to make our industry-leading capital growth affordable for all our customers. Here's why I consider this a no big bets model and why we see further opportunities for amplification. First, in terms of O&M cost savings. We are currently working nearly 200 initiatives to reduce material contracts and other costs to more efficiently plan, execute and automate our work.

轉向幻燈片12。是負擔得起的。這就是為什麼我認為這是一個無需大賭注的模型，以及為什麼我們看到了進一步放大的機會。首先，在維運成本節省方面。目前，我們正在實施近 200 項舉措，以減少材料合約和其他成本，從而更有效地規劃、執行和自動化我們的工作。

Our statements are not dependent on any one initiative, as we are reducing waste across the enterprise. We have ample runway to improve our capital to expense ratio, such as reducing annual repairs or ongoing trim turning and replacing these activities with durable, long-lasting capital improvement, which also benefit customer rates.

我們的聲明不依賴任何一項舉措，因為我們正在減少整個企業的浪費。我們有充足的途徑來提高我們的資本支出比率，例如減少年度維修或持續的修整車削，並用持久、持久的資本改進取代這些活動，這也有利於客戶率。

And we exceeded our O&M reduction goal two years in a row, reducing operating and maintenance expense by 3% in 2022 and 5.5% in 2023. These projects fuel the excitement and momentum you can feel, whether you're out in the field, at our Dublin Innovation Center, or in one of our command centers here in Oakland.

我們連續兩年超額完成了O&M 削減目標，在2022 年將營運和維護費用減少了3%，在2023 年減少了5.5%。和動力。

[Lean] is a way of thinking that is grounded and improving customer experiences at a lower cost. We're proving out the philosophy that this philosophy is well placed at PG&E and is delivering meaningful results. With year-end in sight, I'm confident that in 2024, we will meet or exceed our 2% target.

【精實】是一種腳踏實地、以更低的成本改善顧客體驗的思維方式。我們正在證明這一理念，即這一理念在 PG&E 中得到了很好的體現，並且正在帶來有意義的成果。年底在即，我有信心在 2024 年實現或超過 2% 的目標。

Second, load growth. Our load growth will come from electric vehicles, data centers and building electrification. It's not dependent on 1 mega customer or a project. And state policy and decarbonization goals are driving increased electrification. I'm also excited about the innovations taking place that will help us leverage new load in ways beneficial to the grid.

二是負荷增長。我們的負荷成長將來自電動車、資料中心和建築電氣化。它不依賴一個大客戶或一個專案。國家政策和脫碳目標正在推動電氣化程度的提高。我也對正在發生的創新感到興奮，這些創新將幫助我們以有利於電網的方式利用新的負載。

Take, for example, our partnership with the Oakland School District and Boone. to deploy the nation's the largest bidirectional electric school bus fleet. This EV fleet is equipped with groundbreaking vehicle-to-grid technology, enabling the buses to return annually but the 2 or more gigawatt hours of energy back to the grid when not in use.

以我們與奧克蘭學區和布恩的合作夥伴關係為例。部署全國最大的雙向電動校車車隊。該電動車隊配備了突破性的車輛到電網技術，使公車能夠每年返回，但在不使用時將 2 吉瓦時或更多的能量送回電網。

Lastly, efficient financing. In addition to our recent convertible and JSM financing, Future opportunities could include other hybrids, DOE loan and grant programs, working capital improvement and credit rating upgrades.

最後，高效率融資。除了我們最近的可轉換和 JSM 融資之外，未來的機會還可能包括其他混合融資、能源部貸款和贈款計劃、營運資本改善和信用評級升級。

Turning to slide 14. In terms of credit rating, I'll remind you that we're just one notch below investment grade at both Moody's and Fitch and on positive outlook at both. With our strong performance especially through this challenging fire season, we continue to demonstrate the effectiveness of our layers of physical risk mitigation. Coupled with improving financial metrics and maintained strong governance, we see a near-term path to achieving investment-grade credit at the parent company.

轉向投影片 14。憑藉我們的強勁表現，尤其是在這個充滿挑戰的火災季節，我們繼續證明物理風險緩解層的有效性。再加上不斷改善的財務指標和維持強有力的治理，我們看到了母公司實現投資等級信用的近期途徑。

Growing cash flows drive balance sheet health, supports our credit rating improvement and in turn, will help to make our critical customer investment affordable. As you can see here on slide 15, we grew our operating cash flow by $1.8 billion in the first nine months of 2024 compared to the first nine months of 2023.

現金流的成長推動了資產負債表的健康，支持我們信用評級的提高，反過來也將有助於使我們的關鍵客戶投資變得負擔得起。正如您在投影片 15 中看到的，與 2023 年前 9 個月相比，2024 年前 9 個月我們的營運現金流增加了 18 億美元。

And we're in course to deliver over $3 billion more operating cash flow for the full year, consistent with prior forecasts. Of course, the GRC is a key driver of this improvement, as well as the interim rate release we've seen from the CPUC in our 2022 [WMSI] and the 2023 WGSD applications.

我們預計全年營運現金流將增加超過 30 億美元，與先前的預測一致。當然，GRC 以及我們在 2022 年 [WMSI] 和 2023 年 WGSD 申請中從 CPUC 看到的臨時費率發布是這項改進的關鍵驅動因素。

Turning to Slide 16. We continue to work well with policymakers and stakeholders. We saw constructive final decisions in our first SB 410, our open headquarter purchase and our request for interim rate relief for our 2023 ramping, all in the third quarter.

轉向幻燈片 16。我們在第一個 SB 410 中看到了建設性的最終決定、我們的開放總部採購以及我們為 2023 年產能擴張而提出的臨時利率減免請求，所有這些都發生在第三季。

All in here on slide 17 is a reminder of our value proposition. It's one fueled by differentiated performance, a constructive operating environment and placing the customer at the heart of everything we do. And it's allowing us to deliver 10% rate-based growth through 2028, at least 10% core EPS growth in 2024 and now through 2025 and at least 9% core EPS growth each year from 2026 to 2028.

第 17 張投影片上的所有內容都在提醒我們的價值主張。這是一種由差異化的性能、建設性的營運環境以及將客戶置於我們所做的一切工作的核心所推動的動力。它使我們能夠在2028 年實現10% 的基於利率的增長，在2024 年和現在到2025 年實現至少10% 的核心每股收益增長，並從2026 年到2028 年每年至少實現9% 的核心每股收益增長。

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

說完，我會把它交還給帕蒂。

Thank you, Carolyn. I'm excited about our differentiated story here at PG&E. Our power pyramid is the path forward. It starts with the foundation of physical and financial safety. That foundation gives us permission to focus on our simple, affordable model.

謝謝你，卡洛琳。我對 PG&E 的與眾不同的故事感到興奮。我們的權力金字塔是前進的道路。它始於人身和財務安全的基礎。這個基礎使我們能夠專注於我們簡單、實惠的模型。

When we saw you in New York in June, we talked about our model and how it can be amplified. Today is another step toward that being realized. Ultimately, we share California's aspiration for growth in the decarbonized economy at a lower societal cost. We are proud to be leading the way and delivering results for our customers and for you, our investors. We're looking forward to seeing you in just a couple of days at EEI.

當我們在六月在紐約見到您時，我們討論了我們的模型以及如何放大它。今天是實現這一目標的另一步。最終，我們與加州一樣渴望以更低的社會成本實現脫碳經濟的成長。我們很自豪能夠引領潮流並為我們的客戶和您（我們的投資者）帶來成果。我們期待幾天後在 EEI 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) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Obviously, congrats on the quarter. Just starting on the incremental CapEx, $1 billion is obviously accretive to plan. Was that the core driver of the 10% EPS growth as implied by the '25 guidance? And how should we think about the level of CapEx upside in the context of the approved customer connection cost caps? Is there more to come as you fully utilize that construct?

顯然，恭喜本季。就增量資本支出而言，10 億美元顯然是可以增加計畫的。這是 25 年指導方針所暗示的 10% 每股收益成長的核心驅動力嗎？在核准的客戶連線成本上限的背景下，我們應該如何考慮資本支出的上升水準？當你充分利用這個結構時，還會有更多的事情發生嗎？

Yes, Shar. Great question. The $1 billion definitely was the key driver for our increase to 10%. This is the disciplined approach we're talking about to make sure that we get this the CapEx approved, it's affordable for customers. It's accretive to EPS, and then we can finance it efficiently.

是的，莎爾。很好的問題。 10 億美元無疑是我們成長至 10% 的關鍵驅動力。這是我們正在討論的嚴格方法，以確保我們獲得資本支出批准，並且客戶可以負擔得起。它可以增加每股收益，然後我們可以有效地為其融資。

So we were able to meet all of our criteria in this case. And so as we look at the next phase of our filing, the supplemental SB 410, we see that we're going to need additional funding to keep up with customer demand. And so that's great news, I think, for California. I think it's great news for our customers. And so that's why we filed the supplemental.

因此，在這種情況下，我們能夠滿足我們的所有標準。因此，當我們查看下一階段的申請（補充 SB 410）時，我們發現我們將需要額外的資金來滿足客戶的需求。我認為這對加州來說是個好消息。我認為這對我們的客戶來說是個好消息。這就是我們提交補充資料的原因。

We won't build that into the plan until we know we meet our criteria of our disciplined approach, however, but I do think that bodes well for both customers and investors.

然而，在我們知道我們符合嚴格方法的標準之前，我們不會將其納入計劃，但我確實認為這對客戶和投資者來說都是好兆頭。

Got it. Perfect. And then you noted there's no incremental equity needs from the new CapEx in part due to your subordinated funded. Are there any other embedded assumptions around timing of future equity or dividend that helps you absorb the $1 billion of new CapEx? And how do you offset the $1 billion of CapEx with no equity? And does it sort of -- does it do anything to the IG timing? I don't get a sense it does, but just curious.

知道了。完美的。然後您指出，新的資本支出沒有增量股本需求，部分原因是您的次級資金。關於未來股本或股利的時間安排是否還有其他嵌入假設可以幫助您吸收 10 億美元的新資本支出？在沒有股權的情況下如何抵銷 10 億美元的資本支出？這對 IG 的時機有什麼影響嗎？我不明白它有什麼作用，但只是好奇。

No, it doesn't. So the $1 billion of additional CapEx was funded. That was funded by the junior subordinated notes. That was a $1 billion issue. And so -- it's a very efficient financing.

不，事實並非如此。因此，10 億美元的額外資本支出已經到位。這是由初級次級票據提供資金的。那是一個價值10億美元的問題。因此，這是一種非常有效的融資。

It had 50% equity content. We were pleased to the response to that. I will say -- I'll just remind you, yes, we had no change -- no further changes to our equity plan in our financing plan. We're still looking at issuing a routine ATM program next year and over the five-year plan, it's in total of $3 billion. And again, no new equity in 2024.

它擁有50%的股權。我們對對此的回應感到高興。我會說 - 我只是提醒你，是的，我們沒有改變 - 我們的融資計劃中的股權計劃沒有進一步改變。我們仍在考慮明年發布常規 ATM 計劃，在五年計劃中，總計 30 億美元。再說一次，2024 年沒有新股本。

Fantastic, guys. Congrats, and see you in a couple of days. I appreciate it.

太棒了，夥計們。恭喜你，幾天後再見。我很感激。

Steve Fleishman, Wolfe.

史蒂夫·弗萊什曼，沃爾夫。

Yes. Just -- Governor Newsom's, I guess, executive order on affordability initiatives. Just -- could you talk to, I guess, your thoughts on that? And the things I know you've got the simple affordable model, so you're obviously addressing it, but just maybe some perspective related to your plan?

是的。我猜，只是紐森州長關於負擔能力計畫的行政命令。只是——我猜你能談談你對此的看法嗎？我知道你有簡單的負擔得起的模型，所以你顯然正在解決這個問題，但也許只是與你的計劃相關的一些觀點？

Yes. Steve, we definitely want what the Governor wants and what our policymakers want, and that's affordable energy for the people of California. And really, you answered the question for me by mentioning our simple affordable model. That is the pathway.

是的。史蒂夫，我們絕對想要州長想要的和我們的政策制定者想要的，這對加州人民來說是負擔得起的能源。事實上，您透過提到我們簡單實惠的模型為我回答了這個問題。這就是途徑。

And I think as the state starts to see us truly implementing and delivering those savings, especially when we talk about our rate case that we'll be filing next year for 2027, we'll be able to show the impact of the simple affordable model through that filing.

我認為，隨著州政府開始看到我們真正實施和實現這些節省，特別是當我們談論明年將提交的 2027 年費率案例時，我們將能夠展示簡單實惠模式的影響通過該備案。

And so we do look forward to helping earn the -- well, to earn the trust of the regulators and our policymakers in this process, but also give them good ideas about what can really drive affordability here in California. I think the idea that we can continue to reduce our cost and grow load. I think the growing load is something that is a big change here.

因此，我們確實期待在這個過程中幫助贏得監管機構和政策制定者的信任，同時也為他們提供關於什麼可以真正提高加州負擔能力的好主意。我認為我們可以繼續降低成本並增加負載。我認為不斷增長的負載是這裡的一個巨大變化。

And I think that's going to be exciting and welcome news to our policymakers when they truly understand what the implications are for customer affordability as we invest in the infrastructure to grow load here in California.

我認為，當我們的政策制定者真正了解我們投資基礎設施以增加加州的負荷時，這對客戶負擔能力的影響時，這對他們來說將是令人興奮和受歡迎的消息。

Okay. And then one other question. You mentioned one source of funding being DOE loans potentially. Just any thoughts on how the election outcome might impact that, if at all?

好的。然後還有一個問題。您提到資金來源之一可能是能源部貸款。對於選舉結果可能會如何影響這一點（如果有的話）有什麼想法嗎？

Yes. Unfortunately, it's a very confidential process. So I can't say much about it, Steve. But obviously, there's still time before the year-end for a resolution on the DOE funding and DOE loan. The thing that we like about the DOE loan is it's just net-net savings for customers. However, we've not built our financial plan assuming anything associated with that. That would be upside and accretive to the plan.

是的。不幸的是，這是一個非常保密的過程。所以我不能說太多，史蒂夫。但顯然，年底前仍有時間就能源部的資金和貸款問題達成決議。我們喜歡能源部貸款的一點是，它只是為客戶帶來淨儲蓄。然而，我們的財務計劃並未假設與此相關的任何事情。這對計劃來說是有好處的，並且會起到增值作用。

Jeremy Tonet, JPMorgan Securities LLC.

傑瑞米‧託內特 (Jeremy Tonet)，摩根大通證券有限責任公司。

It's actually Rich Sunderland on for Jeremy. Can you hear me?

實際上是里奇·桑德蘭（Rich Sunderland）替補傑里米（Jeremy）。你聽得到我嗎？

Yes.

是的。

I'm curious, where things stand on the undergrounding guidelines, you're approach to finalization. What are the next steps there after for harmonizing your plan to those guidelines once that process is completed?

我很好奇，按照地下指導方針，事情進展順利，你就快要最終確定了。過程完成後，接下來的步驟是什麼，以使您的計劃與這些指導方針協調一致？

Yes, great question. We continue to work with OEIS to understand and establish what those filing requirements will be. To date, they've been more extensive than we expected. And so our filing will -- if the current guidelines as published are the final guidelines, that could very much delay our filing, but we are hopeful to make that undergrounding filing by mid-next year. We continue to stand that in our highest risk areas, undergrounding is the right solution.

是的，很好的問題。我們將繼續與 OEIS 合作，了解並確定這些備案要求。迄今為止，它們的範圍比我們預期的要廣泛。因此，我們的文件將 - 如果目前發布的指南是最終指南，這可能會大大推遲我們的文件提交，但我們希望在明年中期之前進行地下文件提交。我們始終認為，在風險最高的地區，地下化是正確的解決方案。

It's not all our miles, but it is definitely our highest risk miles. And so we do believe that, as directed by the legislature that this undergrounding filing will be able to demonstrate the longer-term cost benefit savings for customers.

這不是我們的全部里程，但絕對是我們風險最高的里程。因此，我們確實相信，按照立法機關的指示，這項地下備案將能夠證明為客戶節省了長期的成本效益。

We know that it is the most affordable way to make our customers safe and to have them not have to choose between having reliability and being safe. And so we look forward to making that filing. We'll continue to work with the OEIS, but I expect our filing will be mid-2025 likely at the earliest.

我們知道，這是確保客戶安全的最實惠的方式，讓他們不必在可靠性和安全之間做出選擇。因此，我們期待提交該文件。我們將繼續與 OEIS 合作，但我預計我們的文件最早可能會在 2025 年中期提交。

Great. Very helpful. And then picking up the energization conversation, how are you thinking about ramping that work and clearing the backlog? Curious if it simply comes down to, I guess, what the CPUC authorizes in your supplemental request? Any other thoughts there?

偉大的。非常有幫助。然後開始討論激勵問題，您如何考慮加大工作力度並清理積壓的工作？我想知道這是否簡單地歸結為 CPUC 在您的補充請求中授權了什麼？還有其他想法嗎？

Yes, that obviously is a big driver. It does cost something to do the work. It's not free. And so the proposal -- the filing that we made reflects actual customer demand to both clear any kind of backlog but also to maintain the growth rate that we're seeing. We're seeing about a 10% year-over-year growth rate in new customer connection requests, which is exciting news.

是的，這顯然是一個很大的驅動力。完成這項工作確實需要一些費用。它不是免費的。因此，我們提交的提案反映了客戶的實際需求，既要清除任何類型的積壓，又要保持我們所看到的成長率。我們看到新客戶連線請求的年成長率約為 10%，這是一個令人興奮的消息。

I mean, I just think it really bodes well for California. And so we want to fulfill that demand. And the good news is much of that demand can be fulfilled at a continually improving unit cost, which we'll be driving for by improving how we do our work, the way we contract for that work, the way we schedule and bundle that work.

我的意思是，我只是認為這對加州來說確實是個好兆頭。因此我們希望滿足這項需求。好消息是，大部分需求可以透過不斷提高的單位成本來滿足，我們將透過改進我們的工作方式、我們簽訂工作合約的方式、我們安排和捆綁工作的方式來推動這一目標。

All of those process improvements we've been making will be beneficial to customers, but that's fully reflected in the filing that we made, and we look forward to being able to continue to fulfill our customers' expectations as the commission has their role to play in going ahead and approving that important investment in our customers' expectations.

我們一直在進行的所有這些流程改進都將對客戶有利，但這充分反映在我們所做的備案中，我們期待能夠繼續滿足客戶的期望，因為委員會發揮了作用繼續推進並批准這項符合客戶期望的重要投資。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Just moving back to where -- how Rich was a second to go here on the OEIS side. I mean, we saw SDG&E get fairly, at least in a proposed decision, get a fairly de minimis number. Can you speak to that a little bit? I mean, what do you read out of that? I mean, obviously, your service starts a little different here, but anything to note out of that, again, as you plan towards mid next year's filing here, if you will?

回到剛才的話題——Rich 是如何第二次來到 OEIS 這邊的。我的意思是，我們看到 SDG&E 得到了公平的對待，至少在擬議的決定中獲得了相當低的數字。能稍微談一下嗎？我的意思是，你從中讀到了什麼？我的意思是，顯然，你們的服務在這裡開始有點不同，但是當你們計劃明年年中在這裡提交文件時，有什麼需要注意的嗎？

Yes. Keep in mind, that was their GRC. We're talking about our undergrounding filing, which is based on the new legislation that was passed about a 10-year filing. So two different things. I will say, at a minimum, we have the undergrounding that's been approved in our GRC, which was a total of 1,200 miles, and we are on track to continue to build those miles through 2026. So we have undergrounding in our plan through 2026. The OEIS filing that we'll be making will be supplemental, obviously, to that and longer term.

是的。請記住，那是他們的 GRC。我們談論的是我們的地下歸檔，它基於通過的關於 10 年歸檔的新立法。所以是兩件不同的事情。我想說，至少，我們的 GRC 已經批准了地下工程，總共 1,200 英里，而且我們預計在 2026 年之前繼續建造這些里程。 OEIS 備案將是對此和長期的補充。

So I do think that here in California, we do need to understand -- and I do think there's a lot of misinformation that's being spread about the cost effectiveness of undergrounding. And we very much believe in the certain conditions, it is the right mitigation. And it is the most cost-effective mitigation.

因此，我確實認為在加利福尼亞州，我們確實需要了解 - 而且我確實認為存在許多關於地下工程成本效益的錯誤資訊。我們非常相信在某些條件下，這是正確的緩解措施。這是最具成本效益的緩解措施。

People are forgetting how much we spend on tree trimming and overhead inspections year after year after year. So for example, in customers' bills today, in our customers' bills, we spend about $1 a month on undergrounding. And we spend $20 a month for vegetation management and inspections. Customers don't understand that.

人們忘記了我們年復一年在樹木修剪和高空檢查上花了多少錢。例如，在今天的客戶帳單中，在我們客戶的帳單中，我們每月在地下工程上花費約 1 美元。我們每個月花費 20 美元進行植被管理和檢查。顧客不明白這一點。

And honestly, I think some of the policy decision makers -- and certainly, the interveners clearly do not understand the actual math. And so we're going to continue to try and make that math clear that it is in the best interest of customers, not just for safety and reliability, but affordability for undergrounding in our highest risk miles. So we continue to advocate and we will continue to do that and try and make the case.

老實說，我認為一些政策決策者——當然，幹預者顯然不理解實際的數學。因此，我們將繼續努力闡明這一點，這符合客戶的最大利益，不僅是為了安全性和可靠性，也是為了在我們最高風險里程中進行地下開採的經濟性。因此，我們將繼續倡導，並將繼續這樣做，並努力證明這一點。

Yes. No, I thought SDG&E got like 6% of the miles in the PD. But actually adjacent here, just last quarter, we talked about this 3.5 gigawatt data center pipeline, right? And you spoke about potentially a sizable chunk of that being related to one counterparty here. Where are you on that pipeline and moving forward and maybe diversifying it out, if you will?

是的。不，我認為 SDG&E 獲得了 PD 里程的 6%。但實際上在這裡附近，就在上個季度，我們談到了這個 3.5 吉瓦的數據中心管道，對吧？您談到其中很大一部分可能與這裡的一個交易對手有關。如果你願意的話，你在這條管道上處於什麼位置並繼續前進，也許可以使其多元化？

Yes. Let me clarify that, Julien. We definitely -- we're completing our first cluster study. We should be communicating with those customers here by December, and it was a much more efficient way to study the interconnection of all of this new demand. And it was multiple customers and multiple projects adding up to an initial request of 3.5 gigawatts.

是的。讓我澄清一下，朱利安。我們肯定——我們正在完成我們的第一個集群研究。我們應該在 12 月之前與這些客戶進行溝通，這是研究所有這些新需求之間的互連的更有效的方法。多個客戶和多個項目加起來，最初的需求為 3.5 吉瓦。

Keeping in mind, we only had a couple of hundred megawatts in our plan to begin with. So the 3.5 gigawatts was a nice increase, but that's not been our last request, to be clear. That was just what was in this cluster study. And I feel like the most popular girl in school these days, that I get a call every week about some other projects, somebody wants us to squeeze into our plan and our study.

請記住，我們的計劃一開始只有幾百兆瓦。因此，3.5 吉瓦是一個不錯的成長，但需要明確的是，這並不是我們最後的要求。這正是本次集群研究的內容。我感覺自己是這些天學校裡最受歡迎的女孩，我每週都會接到關於其他項目的電話，有人希望我們擠進我們的計劃和學習中。

And so 1 of the things, Julien, that I think about for California and for PG&E specifically, being here in the Bay Area, the demand for being -- having access to this fiber network that's here in the hub that's in the Bay Area and Silicon Valley, the demand is real. They thought that we were out of power. And we have been able to confirm that we actually have significant capacity available on our system. We've added both generation and transmission capacity here in California.

Julien，我為加州和 PG&E 特別考慮的一件事是，在灣區，需要能夠訪問位於灣區樞紐的光纖網絡，並且矽谷的需求是真實的。他們認為我們沒電了。我們已經能夠確認我們的系統實際上擁有大量可用容量。我們增加了加州的發電和輸電能力。

On the generation side, we added just last year, 9.5 gigawatts of new supply. In California, 10 gigawatts of supply now is battery storage. That really is a great complement to our excess solar that we have midday. So we are open for business in California. I kind of think of -- think of us as like the perfect mix, like you can have too much demand that's too expensive to supply, and you can have too little so you don't get the benefit of load growth.

在發電方面，去年我們新增了 9.5 吉瓦的供電量。在加州，目前有 10 吉瓦的供應量是電池儲存。這確實是我們中午多餘的太陽能的一個很好的補充。因此，我們在加州開展業務。我認為——將我們視為完美的組合，就像你可能有太多的需求而供應成本太高，而你的需求可能太少，所以你無法從負載成長中受益。

I put us right there in the sweet spot. Kind of the Goldilocks of load growth is here at PG&E. We have just the right amount that we can fund that's affordable for customers. And I'm excited to build that and we're excited to be able to deliver for these customers who are more and more interested by the day.

我把我們放在了最佳位置。 PG&E 的負載成長堪稱金髮女孩。我們可以提供適當的資金，讓客戶能夠負擔得起。我很高興能夠實現這一點，我們很高興能夠為這些日益感興趣的客戶提供服務。

Excellent. I like the Goldilocks. Good luck, we'll see you shortly.

出色的。我喜歡金鳳花女孩。祝你好運，我們很快就會見到你。

Gregg Orrill, UBS.

格雷格·奧裡爾，瑞銀集團。

Could you just update us on where you stand with FFO to debt and how that positions you with the agencies?

您能否向我們介紹一下您在 FFO 債務方面的最新情況以及您與這些機構的關係如何？

Sure. So we don't normally give intra year updates, but there is no change to our outlook, which is the mid-teens. What I'll point you to is our operating cash flow, which is absolutely on track to increase $3 billion over 2023 to $8 billion in 2024. And we still see it growing after 2024. Sitting here on November 7, I'm feeling confident that by year-end, we'll be at or very close to that mid-teens guidance that we've put out there, showing significant improvements over 2023.

當然。因此，我們通常不會提供年內更新，但我們的前景沒有變化，即十幾歲左右。我要向您指出的是我們的營運現金流，絕對有望在2023 年增加30 億美元，到2024 年增加到80 億美元。在這裡，我感到很有信心到年底，我們將達到或非常接近我們發布的 15 歲左右的指導值，顯示出比 2023 年有顯著改善。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Maybe just a quick follow-up to the prior question. Just -- as you think about moving through another wildfire season here, are there any updates you can share in terms of your recent conversations with the agencies on what they're focusing on with that kind of risk aspect?

也許只是對前一個問題的快速跟進。只是—當您考慮在這裡度過另一個野火季節時，您最近與各機構就此類風險方面關注的重點進行的對話是否有任何最新消息可以分享？

Well, I think the real focus is just what do we need to do to make the system safer, faster. I think we have shown that our current mitigations are working. And this is the case that we really want to make sure is clear. There is no doubt that the conditions here in California are at a heightened risk level this year. And we're seeing that in the number of 10-acre fires caused by any number of things, predominantly non-utility caused fires.

嗯，我認為真正的焦點是我們需要做什麼來使系統更安全、更快。我認為我們已經表明我們目前的緩解措施正在發揮作用。這就是我們真正想要確保清楚的情況。毫無疑問，今年加州的情況處於較高的風險水平。我們發現，在由多種原因引起的 10 英畝火災中，主要是非公用事業引起的火災。

But 10-acre fires across California are way up this year. And understanding that and looking at how effective our mitigations have been is a real conversation that we're having, and people are really starting to see that. The disadvantage of these mitigations -- so when I'm talking about these mitigations, I'm talking about our Enhanced Powerline Safety Settings, and I'm talking about the Public Safety Power Shutoffs, which we are continuing to shrink their scope and get them very targeted and restore customers as quickly, as safely possible.

但今年加州10英畝的火災數量大幅增加。了解這一點並了解我們的緩解措施的有效性是我們正在進行的真正對話，人們確實開始看到這一點。這些緩解措施的缺點 - 因此，當我談論這些緩解措施時，我談論的是我們的增強型電力線安全設置，我談論的是公共安全電源切斷，我們正在繼續縮小其範圍並獲得他們非常有針對性，並儘可能快速、安全地恢復客戶。

And all of that is good, but it's still an outage. And so I think the conversation is what is an acceptable amount of outage given the risk. So we know that there's only one mitigation that eliminates the risk of both a Public Safety Power Shutoff and a wildfire, and that's undergrounding, which is why we're so bullish on that.

所有這些都很好，但仍然是中斷。因此，我認為討論的問題是考慮到風險，可接受的中斷量是多少。因此，我們知道，只有一種緩解措施可以消除公共安全斷電和野火的風險，那就是地下工程，這就是我們如此看好這一點的原因。

However, I think we're also seeing that there are certainly miles and miles. And we've done 1,000 miles already of covered conductor. We think that's important in certain areas that aren't so tree-dense and making sure that we do the right inspections and the right evaluations of the safety of our equipment.

然而，我認為我們也看到了肯定還有很長的路要走。我們已經完成了 1,000 英里的覆蓋導體行駛。我們認為這對於某些樹木不那麼密集的區域很重要，並確保我們對設備的安全性進行正確的檢查和正確的評估。

So I would say our discussions with our safety regulators and our financial regulators are very constructive. And they are very complementary of the progress we've made. And there's no doubt that across the state, people feel the change.

所以我想說，我們與安全監理機構和金融監理機構的討論非常有建設性。它們與我們所取得的進展非常互補。毫無疑問，全州的人們都感受到了這種改變。

And we're very proud of our multiyear trend here of no major fires and two years specifically with limited to no structural damage. That's the real test of our system and our safety measures. So just real progress. And I think people feel that.

我們對這裡多年來未發生重大火災的趨勢感到非常自豪，特別是兩年內沒有發生結構性損壞。這是對我們的系統和安全措施的真正考驗。所以只是真正的進步。我認為人們也有這種感覺。

I think the healthy debate about what's the right mitigation for the long run, what's the right infrastructure, fit for purpose for the long run, that conversation continues, and we need to keep educating and advocating for the right work for our customers.

我認為關於什麼是長期正確的緩解措施、什麼是正確的基礎設施、適合長期目標的健康辯論仍在繼續，我們需要繼續教育和倡導為我們的客戶提供正確的工作。

Yes. And Carly, I'll just -- to be clear, we remain absolutely intently focused on improving our credit quality, and we have ongoing conversations with the rating agencies. As we've noted, we're just one notch below investment grade at Moody's. They've been pretty clear that we are already meeting their financial metrics, and we're looking at our performance through another wildfire season.

是的。卡莉，我要明確的是，我們仍然絕對專注於提高我們的信用質量，並且我們正在與評級機構進行持續對話。正如我們所指出的，我們的評級僅比穆迪的投資評級低一級。他們非常清楚，我們已經達到了他們的財務指標，我們正在審視另一個野火季節的表現。

This season was particularly challenging. And as we've noted on the call today, our performance was -- I don't want to say stellar --

這個賽季尤其具有挑戰性。正如我們在今天的電話會議上指出的，我們的表現是——我不想說出色——

It was good.

很好。

Very strong. And I think Moody's is going to see that. We're on an annual cycle with Moody's. We're on positive outlook with them, and we're looking forward to having conversations with them and we're optimistic.

非常強。我認為穆迪會看到這一點。我們與穆迪處於年度週期。我們對他們抱持正面的態度，我們期待與他們對話，我們對此持樂觀態度。

That's super helpful. And then maybe shifting gears a little bit. Just as we think about the $5 billion of incremental investments you've highlighted in the context of the changes you've announced today related to the $1 billion of capital. Just how would you frame out the potential around rate base and earnings growth over that 26 plus '26 to '28 kind of time frame?

這非常有幫助。然後也許會稍微改一下。正如我們在您今天宣布的與 10 億美元資本相關的變化的背景下考慮您強調的 50 億美元增量投資。您將如何規劃 26 加 26 至 28 年間利率基礎和獲利成長的潛力？

When we're looking at the -- your question around the timing, but around the $5 billion and when we would expect to bring that in. So maybe I'll just start with the latter point. As we did say, we do have an additional $5 billion of incremental capital that we could bring into our plan.

當我們考慮你關於時間的問題時，但大約是 50 億美元，以及我們預計何時投入。正如我們所說，我們確實還有 50 億美元的增量資本可以納入我們的計劃。

As Patti indicated, it needs to be authorized. I call it the four As for everybody. This way, you'll remember it. It has to be authorized. It has to be affordable for our customers, has to be accretive to our earnings and we have to be able to finance it efficiently for our balance sheet.

正如帕蒂指出的那樣，它需要獲得授權。我將其稱為“四個至於每個人”。這樣，你就會記住它。它必須得到授權。它必須是我們的客戶負擔得起的，必須能夠增加我們的收入，並且我們必須能夠為我們的資產負債表有效地融資。

So when we think about that, we've already talked about seeing an outcome of the SB 410 supplemental sometime in the first half of 2025. And so we would -- as long as we see a positive outcome then, we would look at it to ensure the guidelines and roll that in.

因此，當我們考慮這一點時，我們已經討論過在 2025 年上半年的某個時候看到 SB 410 補充的結果。 。

There's additional -- in the pipeline, as we look at that $5 billion, there's additional transmission capacity build out. We talked about the data centers, and we're seeing more requests there. We have some IT improvements that we're looking at.

當我們看到這 50 億美元時，還有額外的管道正在建設中，還有額外的傳輸能力建設。我們討論了資料中心，我們在那裡看到了更多的請求。我們正在考慮進行一些 IT 改進。

And then there's just the additional work in both generation and our hydros and EV-related capital. So all of that would be brought in. And as we said, over the course of 5-year plan as it meets our criteria. But we have a very robust pipeline. I'll just note, we brought in $1 billion this quarter, and yet we didn't change the $5 billion. We didn't put that $5 billion of potential down to $4 billion. We kept it at $5 billion. We have a very robust pipeline.

然後還有發電以及水力發電和電動車相關資本的額外工作。所以所有這些都會被引入。但我們有一個非常強大的管道。我只想指出，本季我們帶來了 10 億美元，但我們沒有改變 50 億美元。我們並沒有將 50 億美元的潛力降低到 40 億美元。我們將其保持在 50 億美元。我們擁有非常強大的管道。

(Operator Instructions) David Arcaro, Morgan Stanley.

（操作員指示）David Arcaro，摩根士丹利。

Good morning. Thanks so much. I had a follow-up on a prior question, just on the executive order related to affordability. One of the maybe topics that was mentioned or called out was wildfire safety programs. And I'm just wondering how you -- you've mentioned a lot about -- especially how effective they've been so far for sure.

早安.非常感謝。我對先前的問題進行了跟進，只是關於與負擔能力相關的行政命令。提到或提出的可能主題之一是野火安全計畫。我只是想知道你——你已經提到了很多——尤其是到目前為止它們的效果如何。

But is there an approach there that you might consider fat to cut in certain programs or any kind of affordability perspectives that you add to that program?

但是，是否存在一種您可能會認為削減某些計劃或添加到該計劃中的任何負擔能力觀點的方法？

I think the bigger question is, do we have alignment between the safety regulator and the financial regulator on scope and cost and what's most effective. And I think that's really what's being discussed, is how do we streamline the process of getting a safety regulation signed off on and then how does that feed into the financial approvals. And so I think it's more processed than specific mitigations that are being discussed.

我認為更大的問題是，安全監管機構和金融監管機構之間是否在範圍和成本以及最有效的方面保持一致。我認為這確實是我們正在討論的問題，我們如何簡化安全法規簽署的流程，然後如何將其納入財務批准。因此，我認為它比正在討論的具體緩解措施更經過處理。

Got it. Okay. Understood. Then on the financial side, I was wondering, would you expect the plan going forward to be rebasing EPS off of actual numbers as you finish up years?

知道了。好的。明白了。然後在財務方面，我想知道，您是否希望未來的計劃在您完成幾年後根據實際數字重新調整每股收益？

Absolutely.

絕對地。

Michael Lonegan, Evercore ISI.

羅根 (Michael Lonegan)，Evercore ISI。

You spoke about sources of efficient financing, highlighted various categories. I think you said other hybrid, DOE loan and grant programs, working capital improvements and credit rating upgrades. So you left out potential asset sales. Just wondering if that's something you've ruled out for now? And if not, what you could monetize? And given that PacGen was rejected, what would give you confidence in approvals going forward?

您談到了高效融資的來源，並強調了各個類別。我想你說的是其他混合、能源部貸款和撥款計劃、營運資本改善和信用評級升級。所以你忽略了潛在的資產出售。只是想知道您現在是否已經排除了這種可能性？如果沒有，你可以用什麼貨幣化？鑑於 PacGen 被拒絕，什麼會讓您對未來的批准充滿信心？

Yes, Michael, asset sales has not been on the list. It's not -- we've seen -- we've done the sale of the towers in the past. PacGen is definitely not something we're moving forward with. So we don't really see that as a primary source of efficient financing in the future.

是的，邁克爾，資產出售並沒有在名單上。我們過去沒有出售過這些塔樓，我們已經看到了。 PacGen 絕對不是我們正在推進的東西。因此，我們並不真正認為這是未來高效率融資的主要來源。

Got it. Great. And then secondly, you continue to highlight the opportunities that in months and years to come that you reiterated today for the higher nonfuel O&M reductions, increased load growth, lower customer bills. Just wondering if you could share your latest thoughts on the time line when we could expect some of that to roll into your formal plan?

知道了。偉大的。其次，您繼續強調了您今天重申的未來幾個月和數年的機會，即更高的非燃料運營和維護削減、增加的負載增長、更低的客戶帳單。只是想知道您是否可以分享您對時間表的最新想法，我們預計其中一些將納入您的正式計劃？

Well, we just rolled in $1 billion of it. So we'll be looking forward then to the next -- over the next year when the right time to meet Carolyn's four As, as she called them. That four As is good disciplined business. And that's -- I think this is just such an important takeaway for this call today. So thanks for reiterating it.

嗯，我們剛剛投入了 10 億美元。因此，我們將期待明年——明年是與卡羅琳（Carolyn）所謂的“四個 A”見面的最佳時機。這四個 A 是良好的紀律性業務。我認為這就是今天這次電話會議的一個重要內容。感謝您的重申。

PG&E is in a position where we have demand, and we have a disciplined path forward. We have the ability to finance our work. We have the ability to grow our business. We have the ability to better serve our customers. And given a variety of conditions all around us, I'm so proud of the progress that the team has made to truly move forward with growth, industry-leading.

PG&E 處於有需求的位置，我們有一條有紀律的前進道路。我們有能力資助我們的工作。我們有能力發展我們的業務。我們有能力更好地服務我們的客戶。考慮到我們周圍的各種條件，我對團隊在真正實現成長、行業領先方面所取得的進步感到非常自豪。

We're going to continue to do that, and we're going to continue to be disciplined in how we do that for the benefit of customers and consistent financial results for you.

我們將繼續這樣做，並且為了客戶的利益和為您帶來一致的財務業績，我們將繼續嚴格遵守我們的做法。

I was referring to the -- like the O&M reduction, like the one to three to the two to four. And then the electric load growth going up and the customer bill is going down. That opportunity versus the formal plan. I was wondering when we could expect to see that potentially enter your formal plan?

我指的是──例如營運和維護的減少，例如從一到三到二到四。然後電力負荷成長上升，客戶帳單下降。這個機會與正式計劃。我想知道我們什麼時候可以看到這可能進入您的正式計劃？

Yes. So you're seeing some of that -- as we speak now, the O&M reductions will be reflected in our GRC filing because that's how we pass those through to customers directly. So you'll see that then. We definitely are trying to signal here today that we see that amplified simple affordable model materializing. So we started with the capital rate base growth that we've grown here.

是的。所以你看到了其中的一些——正如我們現在所說，營運和維護的減少將反映在我們的 GRC 備案中，因為這就是我們將這些直接傳遞給客戶的方式。那麼你就會看到這一點。我們今天確實想在這裡發出這樣的訊號：我們看到放大的、簡單的、經濟實惠的模型正在實現。因此，我們從我們在這裡發展的資本利率基礎增長開始。

We're seeing the O&M savings internally. In fact, just yesterday -- or earlier this week, I was in our Waste Elimination Center. And I have to tell you, if I could bottle up that enthusiasm that our team is demonstrating actual joy at work and improving how our business is operated.

我們看到了內部營運和維護的節省。事實上，就在昨天——或者本週早些時候，我在我們的廢物消除中心。我必須告訴你，如果我能抑制住我們團隊在工作中表現出真正的快樂並改善我們業務運作方式的熱情。

Carolyn mentioned over 200 projects that are being implemented. There was a total of 500 projects that were also really looked at across all different types of improvements, some of them directly related to O&M, some related to other things.

卡羅琳提到了 200 多個正在實施的項目。總共有 500 個項目，這些項目也涉及所有不同類型的改進，其中一些與維運直接相關，有些與其他事物相關。

But the team is learning how to transform this business. So we definitely see the amplified simple, affordable model being realized in the next -- near term as we're able to pass along those savings and reflect then this load growth in our forecast for our next GRC as well. So that's really the mechanism that we have to pass those along to customers.

但團隊正在學習如何改變這項業務。因此，我們肯定會看到在接下來的短期內實現放大的簡單、負擔得起的模型，因為我們能夠將這些節省下來的資金傳遞出去，並在我們對下一個GRC 的預測中反映這種負載增長。這確實是我們必須將這些傳遞給客戶的機制。

We've reached the end of our time. I'd now like to hand back over to Patti Poppe for further remarks.

我們已經到了時代的盡頭。現在我想請 Patti Poppe 進一步發表評論。

Thank you, Eli. Well, everyone, we appreciate you joining us today. And we appreciate your ongoing support. We really feel the momentum. PG&E is delivering the right kind of progress at the right time, and we hope you feel that, too. And we look forward to seeing you at EEI. Have a great day.

謝謝你，伊萊。好的，大家，我們感謝您今天加入我們。我們感謝您持續的支持。我們確實感受到了這種勢頭。 PG&E 在正確的時間取得了正確的進展，我們希望您也能感受到這一點。我們期待在 EEI 見到您。祝你有美好的一天。

Thank you for attending today's call. You may now disconnect. Have a wonderful day.

感謝您參加今天的電話會議。您現在可以斷開連線。祝你有美好的一天。