PG&E Corp (PCG) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the PG&E Corporation fourth-quarter 2024 earnings release.

女士們、先生們，感謝大家的支持，歡迎閱讀 PG&E 公司 2024 年第四季財報。

(Operator Instructions)

（操作員指令）

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

I will now hand today's call over to Jonathan Arnold, Vice President of Investor Relations. Please go ahead, sir.

現在，我將今天的電話會議交給投資者關係副總裁喬納森·阿諾德 (Jonathan Arnold)。先生，請繼續。

Good morning, everyone, and thank you for joining us for PG&E's fourth-quarter 2024 earnings call.

大家早安，感謝您參加 PG&E 2024 年第四季財報電話會議。

With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer.

今天和我們在一起的有執行長 Patti Poppe；以及執行副總裁兼財務長 Carolyn Burke。

We also have other members of the leadership team here with us in our Oakland headquarters.

我們奧克蘭總部還有其他領導成員。

First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors which could affect our actual financial results are described on the second page of today's earnings presentation. The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides along with other relevant information can be found online at investor.pgecorp.com. We'd also encourage you to review our annual report on Form 10-K for the year ended December 31, 2024.

首先，我應該提醒您，今天的討論將包括有關我們對未來財務表現展望的前瞻性陳述。這些聲明是基於管理層目前掌握的資訊。今天的收益報告的第二頁描述了一些可能影響我們實際財務結果的重要因素。該報告還包括非公認會計準則 (GAAP) 與公認會計準則 (GAAP) 財務指標之間的對帳。這張投影片及其他相關資訊可在 investor.pgecorp.com 上找到。我們也鼓勵您查看截至 2024 年 12 月 31 日的 10-K 表年度報告。

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

現在，我很高興將電話交給我們的執行長 Patti Poppe。

Thank you, Jonathan. Good morning, everyone.

謝謝你，喬納森。大家早安。

I know last month's heartbreaking fires in Southern California are on your mind, and we will address your concerns about them today. But first, please allow me to cover our fourth quarter and full year results.

我知道你們對上個月南加州發生的令人心碎的大火十分關心，今天我們將解決你們對此的擔憂。但首先，請容許我介紹一下我們的第四季和全年業績。

As we like to say, performance is power, and in 2024 was another year of powerful performance at PG&E.

正如我們所說，業績就是力量，2024 年是 PG&E 業績強勁的另一年。

On slide 3 are some of our 2024 highlights. Our core earnings per share for the fourth quarter were $0.31, bringing us to $1.36 for the year, and 11% growth over 2023. We've updated our 2025 guidance range with the midpoint up 10% from our actual 2024 result. This bumps our 2025 range by $0.01 to $1.48 to $1.52.

幻燈片 3 列出了我們 2024 年的一些亮點。我們第四季的每股核心收益為 0.31 美元，全年每股收益達到 1.36 美元，比 2023 年成長 11%。我們已更新 2025 年指引範圍，中間值比 2024 年實際結果上漲 10%。這使得我們的 2025 年範圍增加 0.01 美元至 1.48 美元至 1.52 美元。

There's no change to our EPS growth guidance for 2026 to 2028, which remains at least 9% each year. As you saw from us in both 2023 and 2024, future year growth will continue to be based off our actual results. With our December issuance, the equity need to fund our $63 billion capital investment plan through 2028 is fully behind us.

我們對 2026 年至 2028 年每股盈餘成長預期沒有變化，每年仍維持至少 9%。正如您在 2023 年和 2024 年看到的那樣，未來幾年的成長將繼續基於我們的實際表現。隨著我們 12 月的發行，到 2028 年我們 630 億美元資本投資計畫所需的股權資金已經完全滿足。

In December, we also provided you with clarity on our dividend plans. Our annual dividend rate for 2025 is $0.10, up from $0.04 in 2024. We also shared our intent to reach a dividend payout ratio of 20% of our core earnings per share by 2028 with consistent annual increases. Clearly, this implies a growth rate well in excess of our earnings.

12月份，我們也向您提供了清晰的股息計劃。我們的 2025 年年度股息率為 0.10 美元，高於 2024 年的 0.04 美元。我們也表示，我們的目標是在 2028 年實現股息支付率達到每股核心收益的 20%，並且每年持續增加。顯然，這意味著成長率遠超過我們的收益。

We continue to build our cost reduction muscle, saving 4% in non-fuel O&M costs in 2024 on top of savings achieved in 2022 and 2023. And we're delivering on our affordability commitments. In fact, assuming similar usage, combined residential gas and electric bills remain flat for January 2025 compared to January 2024.

我們將繼續增強成本削減力度，在 2022 年和 2023 年節省的基礎上，到 2024 年再節省 4% 的非燃料運作和維護成本。我們正在履行我們可負擔性的承諾。事實上，假設使用情況相似，2025 年 1 月的居民燃氣和電費總額與 2024 年 1 月相比將保持持平。

Moving to slide 4. This should start to look familiar to you. 2024 is now our fourth consecutive year of delivering predictable premium results for you, our investors while we are also delivering more for our customers through our simple affordable model.

移至幻燈片 4。這對你來說應該看起來很熟悉。 2024 年是我們連續第四年為您（我們的投資者）提供可預測的保費業績，同時我們也透過簡單實惠的模式為客戶提供更多服務。

As you've seen, we've achieved or beaten our earnings guidance each year, and we're building a track record of consistently rebasing future years off our actual results. The key to our delivery is the PG&E performance playbook coupled with conservative planning.

正如您所看到的，我們每年都實現或超過了我們的盈利預期，並且我們正在建立一個根據實際業績不斷調整未來幾年盈利預測的記錄。我們交付的關鍵是 PG&E 績效手冊與保守規劃的結合。

Of course, there will always be ups and downs within a given year, storms, regulatory outcomes, economic factors. Our core capability is to weather these ups and downs, delivering consistent, predictable premium results year in and year out.

當然，一年之中總會有起伏，風暴、監管結果、經濟因素。我們的核心能力就是經得起這些起伏，年復一年地提供一致、可預測的優質成果。

As Carolyn will discuss in a minute, in 2024, we were able to redeploy $0.16 for the benefit of our customers and deliver 11% earnings growth for our investors. Even though the recent devastating fires have been outside our service area and our equipment was not involved, they reinforced the importance of our stand that catastrophic wildfires shall stop.

正如卡羅琳稍後將討論的那樣，到 2024 年，我們能夠重新部署 0.16 美元以造福我們的客戶，並為我們的投資者帶來 11% 的收益成長。儘管最近發生的毀滅性火災發生在我們的服務區域之外，而且我們的設備也未受到影響，但它們仍然更加堅定了我們停止災難性野火的立場的重要性。

Based on the physical protections we have in place today, our system has never been safer. And we are working to make it even safer as we continue to implement our wildfire mitigation plan and learn from every ignition.

根據我們今天實施的實體保護措施，我們的系統從未如此安全。我們正在努力使森林火災更加安全，同時繼續實施我們的野火緩解計劃，並從每次火災中學習。

Turning to slide 6. In addition to physical safety, we understand that you need to feel safe committing your client's money to California. We know that they, PG&E shareholders and bondholders, are often Californians, including pension holders, teachers, firefighters and police.

翻到幻燈片 6。除了人身安全之外，我們還了解您需要放心地將客戶的錢交給加州。我們知道，PG&E 的股東和債券持有人往往都是加州人，包括退休金持有人、教師、消防員和警察。

We want them to feel that their money is safe when invested in a California utility. While the utilities have made significant strides in risk mitigation, it seems clear that timely reforms are needed to extend the AB 1054 framework given evolving views of a worst case fire.

我們希望他們感到，當他們投資加州公用事業公司時，他們的錢是安全的。雖然公用事業公司在風險緩解方面取得了重大進展，但考慮到對最壞火災情況的看法不斷變化，顯然需要及時進行改革以擴展 AB 1054 框架。

We hear loud and clear the market's concern about risk exposure beyond the $21 billion wildfire fund, as well as implications for the utility liability cap under the current statute. You can be assured that building and improving upon the core AB 1054 protections already in place is a critical priority for our team.

我們清楚地聽到了市場對 210 億美元野火基金以外的風險敞口的擔憂，以及對現行法規下公用事業責任上限的影響。您可以放心，建立和改進現有的核心 AB 1054 保護措施是我們團隊的首要任務。

At the same time, it's important to acknowledge that California's policymakers have established an industry-leading model to meet the needs of investors and victims of catastrophic wildfires. In 2019, the legislature passed Assembly Bill 1054, which builds upon 2018 Senate Bill 901, and the state continues to prove its resilience and ability to adapt.

同時，必須承認，加州的政策制定者已經建立了領先業界的模式，以滿足投資者和災難性山火受害者的需求。2019 年，立法機關通過了第 1054 號議會法案，該法案以 2018 年第 901 號參議院法案為基礎，該州繼續證明其韌性和適應能力。

As CPUC President, Alice Reynolds said in reference to the Southern California fires at a recent commission meeting, "I expect the state to move forward on further solutions as these ever dynamic challenges continue."

正如加州公用事業委員會主席愛麗絲·雷諾茲在最近的委員會會議上談到南加州火災時所說，“隨著這些不斷變化的挑戰持續存在，我預計該州將在進一步的解決方案方面取得進展。”

Our model today was created first and foremost to provide important protections for the victims of catastrophic wildfires. The state wildfire fund assures compensation for victims of utility-caused fires while helping to ensure that utilities can continue to raise capital efficiently and affordably, enabling needed investment in safety and climate resiliency.

我們今天的模型的創建首先是為了為災難性野火的受害者提供重要保護。州野火基金確保為公用事業引起的火災的受害者提供賠償，同時幫助確保公用事業能夠繼續高效且經濟地籌集資金，從而實現對安全和氣候適應力所需的投資。

For those newer to the story are looking for a refresher, the AB 1054 framework is based around an enhanced prudency standard which supports the recovery of socialized wildfire losses incurred by utilities under California's no fault inverse condemnation strict liability construct.

對於那些剛接觸該故事並希望複習一下的人來說，AB 1054 框架是基於增強的審慎標準，該標準支持在加州無過失逆向徵收嚴格責任結構下恢復公用事業公司遭受的社會化野火損失。

AB 1054 also provides a cap on utility reimbursements back to the wildfire fund in the unusual event that the utility is found to have been imprudent. A key statutory requirement for issuance of an annual safety certificate is having an approved wildfire mitigation plan.

AB 1054 也規定了在出現公用事業公司被發現不謹慎行為的特殊情況下，公用事業公司向野火基金返還的金額上限。頒發年度安全證書的一項關鍵法定要求是擁有經批准的野火緩解計劃。

These WMPs are subject to approval by the Office of Energy Infrastructure Safety, our dedicated safety regulator. They're extremely comprehensive and subject to an intense and very public regulatory process. Getting one approved is no small undertaking and rightly so, since they provide utilities with clarity on what's required of them to establish prudency up front and also a yardstick to measure prudency if later challenged.

這些 WMP 須經我們專門的安全監管機構能源基礎設施安全辦公室的批准。它們極為全面，並且受到嚴格且公開的監管程序。獲得批准並非易事，這是理所當然的，因為它們為公用事業公司提供了明確的訊息，說明他們需要如何預先建立審慎性，以及在之後受到挑戰時衡量審慎性​​的標準。

This is a 180 degree change from the pre-AB 1054 world where the onus was fully on the utility to establish prudency after the fact. Importantly, California's prudent manager standard is not a perfection standard. The model gives the utilities clear alignment with the safety regulator to continually improve upon mitigation strategies, exactly what the industry-leading meteorology and operations teams at PG&E strive to do each and every day.

這與 AB 1054 之前的世界相比發生了 180 度的大轉變，在那個時代，事後建立審慎性的責任完全落在公用事業單位身上。重要的是，加州的審慎經理標準並不是完美的標準。該模型使公用事業公司與安全監管機構明確保持一致，以不斷改進緩解策略，這正是 PG&E 行業領先的氣象和營運團隊每天都在努力做的事情。

This model provides clarity around what constitutes prudent operations and a clearly defined framework for quantifying the consequences of failing to perform as required. You can see the proof points. Working as intended is the multi-year wildfire mitigation plan process, the issuance of annual safety certificates, and our monthly Dixie liquidity draws from the wildfire fund facilitated through the California Earthquake Authority.

該模型明確了什麼是審慎操作，並提供了一個明確的框架來量化未能按要求履行的後果。你可以看到證明點。多年期野火緩解計畫流程、年度安全證書的頒發以及我們每月從加州地震管理局提供的野火基金中提取的迪克西流動資金均按預期進行。

In fact, our latest safety certificate was issued in December and came ahead of schedule. No other state has such a structure in place today, and California's approach has allowed our utilities to become industry leaders in wildfire mitigation.

事實上，我們最新的安全證書是在12月頒發的，而且提前完成了。目前，沒有其他州擁有這樣的架構，而加州的做法使我們的公用事業公司成為野火緩解領域的行業領導者。

At the same time, I appreciate that the financial community is asking important and urgent questions about the resiliency of the California model in light of recent events in Southern California. I know that our state leaders are hearing your concerns, and we'll keep advocating that key tenets of AB 1054 be upheld and enhanced.

同時，我意識到，鑑於南加州最近發生的事件，金融界正在對加州模式的彈性提出重要且緊迫的問題。我知道我們的州領導人聽到了您的擔憂，我們將繼續倡導維護和加強 AB 1054 的主要原則。

Ultimately, our construct is designed to serve the people of California in the event of loss, and it is this which gives me confidence that we will make the necessary timely improvements to ensure that our utilities remain in a strong position to efficiently finance continued investment in safety, growth, and other key state priorities.

歸根結底，我們的架構是為了在發生損失時為加州人民提供服務，這讓我有信心，我們將及時做出必要的改進，以確保我們的公用事業繼續處於強勢地位，有效地為安全、增長和其他關鍵的州優先事項的持續投資提供資金。

California policymakers have a track record of taking constructive action, especially when Californians benefit, as evidenced through SB 901 in 2018, AB 1054 in 2019, bills to extend operations at Diablo Canyon and support for undergrounding in 2022, and SB 410 supporting accelerated cost recovery for energizations in 2023.

加州政策制定者一貫採取建設性行動，特別是當加州人民受益時，這一點從 2018 年的 SB 901 法案、2019 年的 AB 1054 法案、2022 年延長 Diablo Canyon 運營和支持地下化的法案，以及 2023 年支持加速回收通電成本的 SB 410 法案就可以看出。

These actions acknowledge the legislature's understanding of the instrumental role that California's investor-owned utilities play in enabling our state's growth and prosperity. Meanwhile, we are building trust in our communities by continuing to operate the electrical system safely and develop the necessary infrastructure to meet changing climate conditions.

這些舉措表明立法機構認識到加州投資者所有的公用事業在促進我們州的發展和繁榮方面發揮著重要作用。同時，我們透過繼續安全運行電力系統和開發必要的基礎設施來應對不斷變化的氣候條件，建立了社區的信任。

As shown here on slide 7, our foundations of physical safety starts by understanding the risk each and every day. This situational awareness is propelled by data and experience. It informs our wildfire mitigation plans and our layers of protection, which importantly cover both our local distribution grid as well as our high voltage transmission system.

如投影片 7 所示，我們人身安全的基礎始於了解每天的風險。這種態勢感知是由數據和經驗所推動的。它為我們的野火緩解計劃和我們的保護層提供信息，重要的是涵蓋我們的本地配電網以及高壓輸電系統。

I used to call public safety power shutoffs or PSPS, our mitigation of last resort. In fact, PSPS is our first layer of protection when weather and fuel conditions demand a proactive de-energization of our power system to keep customers safe.

我過去常常將公共安全斷電或 PSPS 稱為我們的最後緩解手段。事實上，當天氣和燃料條件要求我們主動切斷電力系統電源以確保客戶安全時，PSPS 是我們的第一層保護。

In 2024, PG&E called 6 PSPS events, all of them executed without safety incidents, and four of which included some of our transmission system. Thanks to our efforts to sectionalize the system, only approximately 50,000 customers were impacted over the course of these events.

2024 年，PG&E 組織了 6 次 PSPS 活動，所有活動均未發生安全事故，其中 4 次涉及我們的部分輸電系統。由於我們努力將系統分段，因此在這些事件期間只有大約 50,000 名客戶受到影響。

We also just completed our third full year of EPSS deployment. This advanced technology is now in place on 100% of our distribution circuits in high fire threat districts and in select adjacent areas. As I said, it's upon this foundation of safety that we move forward.

我們也剛完成了 EPSS 部署的第三個完整年。目前，這項先進技術已在高火災威脅區和部分鄰近區域 100% 的配電線路上應用。正如我所說，我們是在安全的基礎上前進的。

Ultimately, we are here to serve the residents of Northern and Central California, providing safe and reliable power to our customers, both big and small. As you know, it's not just a bread and butter new energization request we're seeing. Like others, we're also seeing increasing demand to power data centers and perhaps surprisingly, other large load like warehouses, electric fleet depots, and manufacturing growth in our service area, including in and around Silicon Valley.

最終，我們在這裡為北加州和中加州的居民提供服務，為我們的大小客戶提供安全可靠的電力。正如您所知，我們看到的不僅僅是基本的新能源需求。與其他人一樣，我們也看到對資料中心電力的需求不斷增加，也許令人驚訝的是，我們服務區域（包括矽谷及其周邊地區）內的其他大負載（如倉庫、電動車隊倉庫和製造業）的增長也在增加。

Last June in New York City, we discussed beneficial load and said that we expected to provide an update on this call. Today, we're sharing our progress.

去年六月在紐約，我們討論了有益負荷，並表示我們希望在這次電話會議上提供最新資訊。今天，我們將分享我們的進展。

This leads me to my story of the month here on slide 9. Many of you have asked how much of this demand is real. As of now, we have formal applications representing 5.5 gigawatts of new potential data center load moving through our pipeline. This is just the data center load.

這讓我想到了第 9 張幻燈片上這個月的故事。你們中許多人問過這種需求有多少是真的。截至目前，我們已有正式申請，代表 5.5 千兆瓦的新潛在資料中心負載正在通過我們的管道。這只是資料中心的負載。

As I've said before, there's no one silver shovel. Ours is a no big bets load growth story. It's a thoughtful, deliberate process of pursuing load growth, what I call the Goldilocks approach. Not so little that it doesn't matter and not so much that it results in cost shifts to residential customers.

正如我之前所說，沒有一把銀鏟子。我們的故事是一個無需大賭注就能實現的成長故事。這是一個深思熟慮、刻意追求負荷成長的過程，我稱之為「金髮姑娘方法」。這既不至於說它沒有影響，也不至於說它會導致成本轉嫁給住宅客戶。

And we see a clear path to lowering customer bills as a result of adding what we call beneficial load. We're getting more calls every day as customers learn California and PG&E specifically are open for business. We too are learning a lot from this process.

透過增加所謂的有益負荷，我們看到了降低客戶帳單的明確途徑。隨著客戶了解到加州和 PG&E 已恢復營業，我們每天都會接到越來越多的電話。我們也從這個過程中學到了很多。

As of last week, of the 5.5 gigawatts in our pipeline, 1.4 gigawatts has passed through the preliminary engineering study phase, meaning these potential customers now have preliminary cost estimates and proposed time to power and have agreed to advance to the next phase.

截至上週，在我們計劃的 5.5 千兆瓦發電量中，有 1.4 千兆瓦已經通過了初步工程研究階段，這意味著這些潛在客戶現在有了初步的成本估算和預計的發電時間，並同意進入下一階段。

These 1.4 gigawatts come from 15 customers, including hyperscalers and developers, and represent 27 unique sites. This beneficial load is projected to come online as early as 2026, and we forecast that over 90% will be online before the end of 2030, driven by customer requested time to power and PG&E's responsiveness.

這 1.4 千兆瓦來自 15 個客戶，包括超大規模企業和開發商，代表 27 個獨特站點。預計這一有利負載最早將於 2026 年上線，並且我們預測，受客戶要求的供電時間和 PG&E 的響應能力的推動，超過 90% 的負載將在 2030 年底之前上線。

In order to more efficiently and uniformly address these electric service requests and improve our ability to meet customers requested in service dates, last November, we proactively filed an application with the CPUC for approval of Electric Rule 30.

為了更有效、更統一地處理這些電力服務請求，並提高我們滿足客戶按服務日期提出要求的能力，去年 11 月，我們主動向 CPUC 提交了《電力規則 30》的批准申請。

Importantly, in this filing, we have proposed upfront funding from large load customers, something which they also support in the name of accelerating our ability to serve them. The premise is that the large customer takes the risk if their forecast load does not materialize over an initial 10 year period, protecting our existing customers from having funded a stranded asset.

重要的是，在這份文件中，我們提議從大負荷客戶提供前期資金，他們也以加快我們為他們服務的能力的名義支持這一點。前提是，如果大客戶的預測負載在最初的 10 年內沒有實現，那麼大客戶將承擔風險，從而保護我們現有的客戶免於為擱淺資產提供資金。

We estimate that for every 1,000 megawatts of new electric demand from data centers, customers may save between 1% to 2% of their electricity bill, creating the headroom to make our grid safer and more resilient at a lower cost.

我們估計，資料中心每增加 1,000 兆瓦的新增電力需求，客戶就可以節省 1% 到 2% 的電費，從而有足夠的空間讓我們的電網以更低的成本變得更安全、更有彈性。

This turns my story of the month into our story of the next decade of growth. We are excited to be partnering with these customers, serving the innovation capital of the world, and doing so in a way that positively impacts the people of California.

這將我這個月的故事變成了我們未來十年成長的故事。我們很高興能與這些客戶合作，為世界創新之都提供服務，並以積極的方式影響加州人民。

This is a simple, affordable model picking up speed.

這是一個簡單、價格實惠且正在加速發展的模式。

With that, let me turn it over to Carolyn.

現在，讓我把話題交給卡洛琳。

Thank you, Patti, and good morning, everyone.

謝謝你，帕蒂，大家早安。

Today, I am pleased to cover three main topics with you. First, our full year 2024 results. Second, a reiteration of our five year capital and financing plans. And third, how we continue to build upon our foundation of financial safety and execute against our simple, affordable model.

今天我很高興和大家一起討論三個主要主題。首先，我們的 2024 年全年業績。第二，重申我們的五年資本和融資計劃。第三，我們如何繼續鞏固我們的金融安全基礎並執行我們簡單、實惠的模式。

Starting here on slide 10. We're showing you our 2024 earnings walk. Our core earnings of $1.36 are up 11% or $0.13 over 2023. The main driver was higher customer capital investment, which contributed $0.26. This includes the benefit of the higher 2024 ROE of 10.7%, which we previously told you we would redeploy, and we did.

從第 10 張投影片開始。我們將向您展示我們的 2024 年獲利預測。我們的核心收益為 1.36 美元，比 2023 年增長 11% 或 0.13 美元。主要驅動因素是客戶資本投資增加，貢獻了 0.26 美元。這包括 2024 年更高的 ROE（10.7%）的好處，我們之前曾告訴您我們會重新部署，而我們也確實這樣做了。

Non-fuel O&M savings contributed $0.07 to our results and included savings achieved for various programs such as improving our inspections, as well as lower contract spend enabled by strategic sourcing. We are all about the ends here at PG&E, and you can see that with our 2024 results.

非燃料營運和維護節省為我們的業績貢獻了 0.07 美元，其中包括透過改進檢查等各種計劃實現的節省，以及透過策略採購實現的降低合約支出。在 PG&E，我們只關心最終結果，您可以從我們的 2024 年業績中看到這一點。

We've been very clear about our commitment to share any upside with customers and investors. Our redeployment for the full year was $0.16 and went towards programs that support risk mitigation, such as inspections, gas line corrosion and mitigation, and distribution maintenance.

我們非常明確地承諾與客戶和投資者分享任何好處。我們全年的重新部署金額為 0.16 美元，用於支援風險緩解的計劃，例如檢查、天然氣管道腐蝕和緩解以及配送維護。

Redeployment also results in de-risk in future years, helping us deliver consistent and predictable results for customers and investors.

重新部署還可以降低未來幾年的風險，幫助我們為客戶和投資者提供一致且可預測的結果。

Turning to slide 11. There is no change to our five year $63 billion capital plan through 2028, and we still see an incremental at least $5 billion of additional customer investment needs. As we've discussed before, there's no shortage of customer beneficial work on our transmission and distribution systems.

翻到第 11 張投影片。我們到 2028 年的五年 630 億美元資本計畫沒有變化，而且我們仍然看到至少 50 億美元的額外客戶投資需求增量。正如我們之前所討論的，我們的輸電和配電系統並不缺乏對客戶有益的工作。

The second phase of our SB 410 application is still pending, and as Patti discussed, large load demand applications are growing. Here's how we're thinking about this incremental demand. First, we could simply add to the $63 billion plan.

我們的 SB 410 申請的第二階段仍在審理中，正如 Patti 所討論的，大負載需求申請正在成長。以下是我們對此增量需求的看法。首先，我們可以簡單地增加 630 億美元的計劃。

Second, we could high grade or prioritize investment tied to new load, which can also improve customer affordability. And third, we could extend the duration of our sector leading rate-based growth story. As we get approval for incremental capital, including in 2025 and 2026 through our pending SB 410 filing, you can expect us to revisit the work plan and to carefully weigh up the merits of these three distinct options or a combination thereof.

其次，我們可以對與新負荷相關的投資進行高等級或優先考慮，這也可以提高客戶的承受能力。第三，我們可以延長我們行業領先的基於利率的成長故事的持續時間。隨著我們獲得增量資本的批准，包括透過待決的 SB 410 文件在 2025 年和 2026 年獲得的增量資本，您可以期待我們重新審視工作計劃並仔細權衡這三個不同選項或其組合的優點。

All three of them offer pathways to make an already strong plan even stronger. We have also not changed our five year financing plan as shown here on slide 12. I am pleased to remind you that in November and early December, we took advantage of favorable market conditions to complete a $2.75 billion equity offering as well as equity content junior subordinated notes.

這三者都提供了使原本就很強大的計劃變得更加強大的途徑。我們也沒有改變我們的五年融資計劃，如第 12 頁投影片所示。我很高興地提醒您，11 月和 12 月初，我們利用有利的市場條件完成了 27.5 億美元的股票發行以及股權內容次級債券。

These combined completed the $3 billion equity funding shown here. With our equity needs through 2028 de-risked, we can focus on providing affordable and resilient power to Northern and Central California. Our financing plan was built to support achieving investment grade ratings and prioritizing customer capital investment.

這些加起來完成了這裡顯示的 30 億美元股權融資。由於我們的 2028 年股權需求風險已降低，我們可以專注於為北加州和中加州提供經濟實惠且有彈性的電力。我們的融資計劃旨在支援獲得投資等級評級並優先考慮客戶資本投資。

Our brand of thoughtful conservatism is also built into this plan. We maintain flexibility both with our low dividend and our commitment, not obligation, to pay down $2 billion of parent debt. In terms of financial safety, we've been laser focused on building a healthy balance sheet and reaching investment grade.

我們的深思熟慮的保守主義品牌也融入了該計劃。我們保持較低的股息以及償還 20 億美元母公司債務的承諾（而非義務）的靈活性。在財務安全方面，我們一直專注於建立健康的資產負債表並達到投資等級。

Our December equity issuance put us back in compliance with our authorized regulatory capital structure ahead of schedule. We also benefit from our differentiated dividend payout. We believe 20% by 2028 is an appropriate sustainable level for us, given our near term balance sheet priorities and need for customer capital investment on our system.

我們12月份的股票發行使我們提前重新符合授權監理資本結構。我們也受益於差異化的股利支付。考慮到我們近期的資產負債表優先事項以及客戶對我們系統的資本投資需求，我們相信到 2028 年實現 20% 的可持續水準。

Our robust capital plan contributes to cash from operations, which in turn drives balance sheet health and investment grades supportive credit metrics.

我們強勁的資本計畫為經營活動現金流做出了貢獻，進而推動了資產負債表的健康和投資等級支持性信用指標。

As you can see here on slide 13, we more than doubled operating cash flow from 2022. The GRC has been a key driver of this improvement as well as the interim rate relief we've seen from the CPUC. We also reached our target of mid-teens FFO to debt during 2024, and our forecast shows continuing cash flow growth in 2025, consistent with our strong rate-based growth.

正如您在第 13 張投影片上看到的，我們的營運現金流比 2022 年增加了一倍以上。GRC 是這項改善以及 CPUC 所採取的臨時稅率減免的關鍵推動因素。我們還在 2024 年實現了 FFO 與債務比率達到中等水平的目標，我們的預測顯示 2025 年現金流將繼續增長，這與我們強勁的基於利率的增長一致。

Turning to slide 14. As you know, we're actively pursuing investment grade ratings and expect the recent and continuing improvements in our balance sheet and cash flow just discussed, ultimately to be reflected in actions by rating agencies.

翻到第 14 張投影片。如您所知，我們正在積極追求投資等級評級，並期望我們剛才討論的資產負債表和現金流的近期和持續改善最終將反映在評級機構的行動中。

As we consider ways to strengthen the AB 1054 construct, we continue to reinforce with policymakers the role state policy can play in ensuring the financial health of the state's investor-owned utilities, with customers being key beneficiaries.

當我們考慮加強 AB 1054 結構的方法時，我們繼續向政策制定者強調州政策在確保州投資者所有的公用事業的財務健康方面可以發揮的作用，而客戶是主要受益者。

Our simple affordable model shown here on slide 15 continues to deliver results for customers. It's how we make our industry-leading capital growth affordable. As I've said before, it's a no big bets approach. We work each element, each and every day, O&M savings, where we continue to exceed our annual target, beneficial load growth approached with a competitive mindset and efficient financing opportunities aggressively pursued, all on the behalf of our customers.

在第 15 張投影片上展示的我們的簡單且經濟實惠的模型繼續為客戶帶來成果。這就是我們如何以可負擔的價格實現領先業界的資本成長。正如我之前所說，這是一種不下大賭注的方法。我們每天都在努力做好每個環節，節省營運和維護成本，不斷超越年度目標，以競爭心態對待有利的負載成長，積極尋求高效的融資機會，這一切都是為了我們的客戶。

You already heard from Patti how we're enabling beneficial load growth, the second element here. On the efficient financing element, lower interest expense from improving credit quality and other financing opportunities help make our critical customer investments more affordable.

您已經從帕蒂那裡聽說了我們如何實現有益的負載成長，這是這裡的第二個要素。在高效融資要素方面，信貸品質的提高和其他融資機會帶來的利息支出的降低有助於讓我們的關鍵客戶投資變得更實惠。

I'll remind you, our five year plan does not assume the savings from the DOE loan nor achieving investment grade.

我要提醒你，我們的五年計畫並不假設從能源部貸款中節省開支，也不假設達到投資等級。

Turning to slide 16. I am very pleased to share with you that our 2024 non-fuel O&M savings are a 4% reduction over 2023, again exceeding our 2% target. We've now saved over $200 million in O&M expense in each of the past three years, including saving over $500 million in 2023 and nearly another $350 million in 2024.

翻到第 16 張投影片。我很高興與大家分享，我們 2024 年的非燃料營運和維護節省量比 2023 年減少了 4%，再次超過了我們 2% 的目標。過去三年，我們每年都節省了超過 2 億美元的營運和維護費用，其中 2023 年節省了超過 5 億美元，2024 年節省了近 3.5 億美元。

I am now confidently calling this a trend. In 2024, we achieved savings in our inspection program by utilizing a risk informed checklist to focus on conditions that lead to asset failure. We also found savings through contract rationalization and optimization, and we continue to save on insurance premiums.

我現在有信心將此稱為一種趨勢。2024 年，我們利用風險知情清單重點關注導致資產故障的情況，從而在檢查項目中節省了開支。我們也透過合約合理化和優化實現了節約，並且繼續節省保險費。

This is a core capability that we've built here at PG&E which can deliver future savings year after year. I continue to see abundant opportunities in 2025 and beyond. We will file our General Rate Case application in May this year, and I look forward to reflecting new savings in our forecast and passing future benefits on to our customers.

這是我們在 PG&E 建立的核心能力，可以年復一年地實現未來的節約。我繼續看到 2025 年及以後的大量機會。我們將於今年 5 月提交一般費率案例申請，我期待在我們的預測中反映新的節省並將未來的利益轉嫁給我們的客戶。

I see this upcoming filing as another opportunity to do what we say. By delivering on stabilizing bills, we continue to build trust with our regulators. Again, performance is power. In the meantime, customers are starting to see the impacts of our continued efforts to stabilize bills this year.

我認為即將提交的這份文件是另一個兌現我們承諾的機會。透過提供穩定法案，我們繼續與監管機構建立信任。再次強調，性能就是力量。同時，客戶開始看到我們今年持續努力穩定帳單的效果。

Assuming similar usage, combined residential gas and electric bills remained flat January 2025 compared to January 2024.

假設使用情況相似，2025 年 1 月的住宅瓦斯和電費總額與 2024 年 1 月相比將保持持平。

Turning to slide 17. We have an active filing year on the regulatory front. In addition to our GRC, this year, we also plan to file our 2026 cost of capital application as well as our 10-year undergrounding plan.

翻到第 17 張投影片。我們在監管方面的備案工作已經進入了一個活躍的年度。除了 GRC 之外，今年我們還計劃提交 2026 年資本成本申請以及 10 年地下化計畫。

Lastly, here on slide 18 is a reminder of our value proposition, consistent, predictable performance, serving our customers and delivering for our investors. 10% rate-based growth through 2028, 10% core EPS growth in 2025, and at least 9% core EPS growth each year from 2026 through 2028.

最後，第 18 張投影片提醒我們我們的價值主張：一致、可預測的表現，服務我們的客戶並為我們的投資者帶來回報。到 2028 年，基於利率的成長率為 10%，2025 年核心每股盈餘成長率為 10%，2026 年至 2028 年，每年核心每股盈餘成長率至少為 9%。

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

說完這些，我就把它交還給帕蒂。

Thank you, Carolyn.

謝謝你，卡洛琳。

I am confident about this next phase in our story here at PG&E.

我對 PG&E 未來故事的下一個階段充滿信心。

What was true about PG&E as we entered 2025 is still true today. We're building a culture of performance built on solid foundation of physical and financial safety.

進入 2025 年時 PG&E 的情況今天依然如此。我們正在建立一種建立在身體和財務安全堅實基礎上的績效文化。

In a recent message to my co-workers, I reminded them that the most important thing for us to do today is keep doing our work really well and improving it every day. Given the previous actions taken by policymakers, affirmative statements from the CPUC Chair, and recognition that utility infrastructure investment is essential for California's future and safety of her people.

在最近給同事們的訊息中，我提醒他們，我們今天要做的最重要的事情就是繼續做好我們的工作，並且每天不斷進步。鑑於政策制定者先前採取的行動、加州公用事業委員會主席的肯定聲明以及對公用事業基礎設施投資對於加州的未來和人民安全至關重要的認識。

I am confident that we, as a state, will reward your trust in California. We know that when you trust the California regulatory construct and the people who oversee it like I do, you will see that there is no other utility in the sector offering our customer focus, our growth, our operational capability, and our valuation upside potential.

我相信，作為一個州，我們將回報您對加州的信任。我們知道，當你像我一樣信任加州的監管結構和監管它的人時，你會發現該行業沒有其他公用事業公司能像我們一樣提供我們的客戶關注度、我們的成長、我們的營運能力和我們的估值上行潛力。

We are a vital piece of California's infrastructure story, and there is no one better positioned to serve our hometowns at this scale than this team.

我們是加州基礎建設的重要組成部分，沒有人比這支團隊更適合為我們的家鄉提供如此大規模的服務。

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

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指令）

Shar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shar Pourreza。

Patti, so just starting off on the California wildfire construct. I mean the fires in the South have created a potential stress for 1054. Is there a recognition of the wildfire funding problem, or do you think we need to see more progress on investigations and wild fund like payouts to start to get clarity if there's any constructs that need to be changed?

帕蒂，我們剛開始討論加州野火問題。我的意思是南部的火災給 1054 帶來了潛在的壓力。您是否認識到了山火資金問題，或者您是否認為我們需要看到調查和山火基金等支出方面取得更多進展，才能開始明確是否存在需要改變的結構？

So is the state currently working on any improvements, regulatory or legislatively, or are they taking a wait and see approach?

那麼，州政府目前是否正在努力進行任何監管或立法的改進，還是採取觀望態度？

Yeah. Shar, thanks for the question.

是的。Shar，謝謝你的提問。

This definitely has hit the radar of our policymakers and leaders here in the state. I think we all agree that first of all, AB 1054 fundamentally is a very good construct and it's industry leading and the only state in the nation who has this kind of comprehensive construct.

這肯定引起了我們州決策者和領導人的關注。我想我們都同意，首先，AB 1054 從根本上來說是一個非常好的構造，它在業界處於領先地位，並且是全國唯一一個擁有這種全面構造的州。

However, the question about the fund and the longevity of the fund given this new potential of an extreme case fire has gotten the attention of all of us. And so we're in good discussions with people about that. I'm not sure. Maybe you've heard the news, but Ann Patterson has a new role beginning March 3.

然而，在這種極端情況下發生火災的可能性下，該基金以及該基金的壽命問題已引起我們所有人的注意。我們正在與人們就此進行良好的討論。我不知道。也許您已經聽說了這個消息，但安·帕特森將於 3 月 3 日開始擔任新職位。

Ann's going to be the senior counsel to the governor on wildfire issues. I think that's a sign that the state recognizes there's importance and has been involved with AB 1054 from the beginning. We have a lot of confidence in her. She's a very pragmatic problem solver, and we're grateful for the state's recognition that this issue needs a real leadership.

安將擔任州長在野火問題上的高級顧問。我認為這表明州政府認識到了它的重要性，並從一開始就參與了 AB 1054。我們對她很有信心。她是一個非常務實的問題解決者，我們很感激國家認識到這個問題需要真正的領導力。

And then just and you noted on the load expectations for data centers stepping up to 5.5 gigs, but some of that ramp time is in the current decade. I guess what's driving that? Is there more investment needed on the grid side to accommodate the load?

然後您剛才注意到資料中心的負載預期將上升到 5.5GigB，但其中一些上升時間是在當前十年。我猜是什麼導致了這樣的結果？電網側是否需要更多投資來容納負載？

And is there any regulatory constructs that could help accelerate some of that interconnection like SB 410 did for distribution?

是否存在一些監管結構可以幫助加速部分互連，就像 SB 410 對配電所做的那樣？

Yeah. Great. This is something obviously we're pretty excited about.

是的。偉大的。顯然我們對此感到非常興奮。

When we talked in June, we had input or interest of 3.5 gigawatts. We're now up to 5.5 gigawatts. And that's just the data centers. We have incremental interest from other types of customers, non-data center related. The stage that we're at, we've talked about our cluster study we've been doing.

當我們在六月進行談判時，我們的投入或興趣為 3.5 千兆瓦。現在我們已經達到 5.5 千兆瓦。這只是數據中心。我們對其他類型的客戶（非資料中心相關）的興趣日益濃厚。我們現在所處的階段已經討論了我們一直在進行的集群研究。

Of the 1.4 gigawatts, 740 megawatts within that are from that cluster study. Our ability to simultaneously engineer these demands and requests -- the demand and requests allows us to better give indicative pricing, which we've had very positive response from the applicants.

在1.4千兆瓦中，740兆瓦來自該集群研究。我們能夠同時設計這些需求和請求——這些需求和請求使我們能夠更好地給出指示性定價，我們已經得到了申請人的非常積極的回應。

And so as the -- as we continue to fill that request and those -- complete the study, we have moved forward and we're continuing to move forward. So the only limiting factor right now, particularly on the demand side, is the ability to build up the transmission infrastructure.

因此，隨著我們繼續滿足該請求並完成研究，我們已經取得了進展，並將繼續前進。因此，目前唯一的限制因素，特別是在需求方面，是建立傳輸基礎設施的能力。

We don't see a need for new generation for the first about 4 gigawatts of demand. We'll be building out that infrastructure. We have agreed upon timing with the customers. And so it's really strictly driven by customer demand and their timing and our timing, and it's matching up really well.

我們認為，對於前 4 千兆瓦的需求，不需要新一代。我們將建設該基礎設施。我們已經和客戶就時間達成協議。因此，它實際上嚴格地由客戶需求、他們的時間和我們的時間驅動，而且匹配得很好。

So as we complete final engineering, then we move into construction. We'll have -- a key milestone will be interconnection requests that are signed, but we have signed agreements getting us into this final engineering phase. And so we're very optimistic and hopeful.

因此，當我們完成最終的工程後，我們就會進入施工階段。我們將擁有一個關鍵的里程碑，那就是簽署的互連請求，但我們已經簽署了協議，讓我們進入最後的工程階段。因此我們非常樂觀，充滿希望。

I think it's been a big change for PG&E. I think customers thought we weren't able to serve this kind of large load and our ability to complete the engineering studies and show our customers what we can do and have good indicative pricing that they like has been a real windfall, I'd say.

我認為這對 PG&E 來說是一個巨大的變化。我認為客戶認為我們無法滿足如此大的負載，而我們能夠完成工程研究，向客戶展示我們能做什麼，並且給出他們喜歡的良好指示性定價，這真是一筆意外之財。

And I think we're excited about what it means both for what's in the pipeline today and additional load that will come. And as we said, we expect about 90% of that 1.4 gigawatts to be online by 2030.

我認為我們對它對當前管道和即將到來的額外負載的意義感到興奮。正如我們所說，我們預計到 2030 年，這 1.4 千兆瓦中約 90% 將投入使用。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So I guess just following up first on it's great to hear Ann and in that new role. Obviously, it'd be helpful to get more certainty on dealing with maybe any changes on AB 1054 by the fall. And I guess the session goes usually till like August.

因此，我想首先要說的是，很高興聽到安 (Ann) 擔任新角色的消息。顯然，在秋季之前對處理 AB 1054 的任何變化獲得更多確定性將會很有幫助。我想會議通常會持續到八月。

Can you just talk about legislative process and timing and sense of urgency?

能談談立法程序、時機和緊迫感嗎？

Yeah. Steve, I -- we are definitely not ruling out improvements before year end. We know that there are urgent assurances that need to be made. The reason why I'm optimistic that we can find a forward action here in the state is that the fund specifically benefits those harmed by wildfire.

是的。史蒂夫，我——我們絕對不會排除年底前改進的可能性。我們知道需要做出緊急保證。我之所以對我們能夠在州內採取向前邁進的行動感到樂觀，是因為該基金專門惠及那些受到野火傷害的人們。

And so it's important to our policymakers that those who are harmed have access to funds. I think that is an important piece of the logic. And the state really clearly understands and demonstrated it by implementing AB 1054 in the first place, that we need to attract a capital to build out the infrastructure.

因此，對於我們的政策制定者來說，讓那些受到傷害的人能夠獲得資金非常重要。我認為這是邏輯的一個重要部分。而且，透過首先實施 AB 1054，州政府確實清楚地理解並表明了這一點，我們需要吸引資本來建立基礎設施。

And so the idea that we would just let it be feels very unreasonable to me. I think that the idea that furthering and making the necessary adjustments to what's already a strong construct is in the best interest of California.

因此，我認為我們就此放任不管的想法非常不合理。我認為，對已經很強大的結構進行進一步的改進和必要的調整最符合加州的利益。

That's how we attract the infrastructure capital. So that we can make the system safer. That is the whole point. And again, I point to the track record here in the state of all the legislative activity over the several years starting in -- with SB 901 and then AB 1054 and then all the incremental legislative activity that's happened in the last couple of years supporting growth and energization and an extension of Diablo.

這就是我們吸引基礎設施資本的方式。這樣我們就可以讓系統更安全。這就是關鍵所在。我再次指出，過去幾年該州的所有立法活動都有記錄，從 SB 901 到 AB 1054，再到過去幾年來為支持增長、活力和 Diablo 項目的延伸而開展的所有漸進式立法活動。

These are all things that point to the state's recognition, our policymakers's recognition that the investor owned utilities are an important piece of attracting capital for necessary infrastructure here in California.

所有這些都表明了加州的認可，我們的政策制定者也認識到投資者擁有的公用事業是吸引資本用於加州必要基礎設施建設的重要組成部分。

Just one other question just related to the Eaton fire. I mean the circumstances that have occurred seemed to be kind of a bit abnormal set of circumstances if they did happen. And I guess first of all, it is related to transmission. It does seem to maybe be also related to an idle line that hadn't been used in a long time.

還有一個問題與伊頓火災有關。我的意思是，如果確實發生了這些情況，那麼它們似乎有點不正常。我想首先，這與傳播有關。這似乎也可能與長時間未使用的空閒線路有關。

Maybe you could just -- since we're always so focused on distribution and undergrounding and things like that, just talk about anything that you see related to what you've been doing in your wildfire mitigation that's kind of relevant to know given these circumstances we've seen so far and anything you might change in terms of what you're doing?

也許您可以——因為我們一直非常關注分銷和地下化以及諸如此類的事情，所以只談論您看到的與您在野火緩解方面所做的任何相關的事情，考慮到我們目前看到的情況，了解這些事情是否有意義，以及您可能會對您正在做的事情做出什麼改變？

Yeah. Transmission has always been a part of our wildfire mitigation plans and our public safety power shutoffs. I shouldn't say always, but in the recent years, we've obviously focused on transmission. We don't know what happened on the Eaton fire yet and we're really not going to speculate about that.

是的。輸電一直是我們野火緩解計畫和公共安全斷電計畫的一部分。我不應該說總是如此，但近年來，我們顯然一直專注於傳輸。我們還不知道伊頓火災到底發生了什麼，我們也不會對此進行猜測。

We know what everybody knows, and that's what's in the public domain. But what we know is that we have transmission safety protocols that we exercise. We know that in 2024, we had six PSPS events and four of them included transmission. We know already in 2025, we've had three PSPS events, and they all included transmission.

我們知道每個人都知道的事情，這就是公共領域的事。但我們知道的是，我們已經實施了傳輸安全協定。我們知道，2024 年發生了六起 PSPS 事件，其中四起涉及傳播。我們已經知道，2025 年已經發生了三次 PSPS 事件，它們都涉及傳輸。

These are safety protocols that we have had in place and we utilize routinely and we are not afraid to use transmission PSPS as a first line of defense when the conditions warrant. So for example, in 2025 here, we had 70 kV line and a threshold wind speed of 55 miles per hour. That's our threshold.

這些是我們已經制定並經常使用的安全協議，並且在條件需要時我們並不害怕使用傳輸 PSPS 作為第一道防線。例如，到 2025 年，我們的線路為 70 kV，閾值風速為 55 英里/小時。這就是我們的門檻。

We exercised that PSPS for that reason. So I think what's important to know is as we look at our systems, our practices, our processes, we do look at idle lines. We've done extensive grounding of retired or transmission lines. So we use all of those practices as part of our holistic suite in our layers of protection.

基於這個原因，我們行使了 PSPS。因此我認為，重要的是要知道，當我們審視我們的系統、我們的實踐、我們的流程時，我們確實會專注於閒置線路。我們對已退役的線路或輸電線路進行了大面積接地。因此，我們將所有這些做法作為我們層層保護中整體措施的一部分。

And we have a lot of confidence in that. All that to say, we are never satisfied and we will not stop being curious about what else we can learn. And when the investigation is complete, we will learn everything we can from that and implement those.

我們對此非常有信心。總而言之，我們永遠不會滿足，我們也不會停止對還能學到什麼的好奇。調查完成後，我們將從中了解一切可能的資訊並付諸實施。

I'll just close with this point. AB 1054 is established because it recognizes we can't take risk to zero and we can't take risk to zero overnight. So in the event of a catastrophic event, that's when the protections of AB 1054 kick in. AB 1054 is working.

我只想以此觀點作為結束。AB 1054 的製定是因為它認識到我們不可能將風險降至零，也不可能在一夜之間將風險降至零。因此，一旦發生災難性事件，AB 1054 的保護措施就會生效。AB 1054 正在發揮作用。

If you point to the Dixie fire, you can see that we had, in 2021, the second largest fire in the state's history, and AB 1054 is working as it's supposed to. We've had offsetting receivables for every liability. We've been able to draw from the wildfire fund very routinely.

如果你指出迪克西大火，你會發現，2021 年，我們經歷了該州歷史上第二大火災，而 AB 1054 正在發揮應有的作用。我們已經用應收帳款抵銷了每項負債。我們能夠定期從野火基金中提取資金。

The construct is working. And I do want to reinforce that. I also want to be clear that we understand that investors are concerned about a catastrophic event like Eaton, and we'll learn and we'll make necessary changes to make our existing construct even stronger.

該構造正在運行。我確實想強調這一點。我還想明確表示，我們理解投資者對像伊頓這樣的災難性事件的擔憂，我們將吸取教訓，並做出必要的改變，使我們現有的結構更加強大。

That's really what our focus is, Steve, in addition to all of our layers of physical protection that we continue to implement to keep our stand that catastrophic wildfires shall stop.

史蒂夫，這確實是我們關注的重點，除了我們繼續實施的所有層層物理保護之外，我們還將堅持我們的立場，即制止災難性的野火。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

So I just wanted to kind of clarify and follow up on Steve's question there. Just it does seem like there's some competing interest from the insurance industry which is also suffering losses. And there is a protracted nature of wildfire drawdowns here.

所以我只是想澄清並跟進史蒂夫的問題。只是看起來保險業確實存在一些競爭利益，而且保險業也遭受了損失。這裡的野火減少具有長期性。

You mentioned in the meantime, AB 1054 is working exactly how it's intended to. Just what's the risk of this being like a multi-year legislative effort rather than something that gets done at the end of August? Could you just kind of frame your confidence level there?

您同時提到，AB 1054 正在按照預期方式運作。那麼，如果這項法案需要多年的立法努力而不是在八月底完成，那麼風險是什麼呢？您能否就此闡述一下您的信心程度？

Yeah. Thanks, Nick.

是的。謝謝，尼克。

We're not ruling out. At least think of it as a stage one resolution here yet this year. We agree there are bigger issues that I think the state will be grappling with in response to, for example, the Palisades fire, that not all catastrophic wildfires relate to utility equipment.

我們不排除這種可能。至少可以將其視為今年第一階段的決議。我們一致認為，存在更大的問題，我認為州政府在應對例如帕利塞茲大火時將要努力解決，但並非所有災難性的野火都與公用設施設備有關。

And so what is the state's posture for people who are harmed in the event of these extreme weather condition driven events? How do we have a construct that works in California? And I do believe that's why the state is looking to Ann to think about wildfire -- Ann Patterson to look at wildfire issues broadly.

那麼，對於因這些極端天氣事件而受到傷害的人們，國家採取了什麼態度呢？我們如何建構一個在加州行之有效的體系？我確實相信這就是為什麼州政府希望安·帕特森能夠廣泛地看待野火問題。

But I don't think that necessarily -- a bigger issue being reviewed does not necessarily mean that we cannot get an incremental fix here in this calendar year because we know it's important to attract investors in capital.

但我並不認為這必然——正在審查的更大問題並不一定意味著我們不能在今年得到逐步的解決，因為我們知道吸引投資者很重要。

We know it's important to regain the confidence of those who have concerns about the California construct. So that's certainly the position we'll be taking and really encouraging our policymakers to have a timely response.

我們知道，重新獲得那些對加州建設心存疑慮的人的信心非常重要。所以，這肯定是我們會採取的立場，並且確實鼓勵我們的政策制定者及時回應。

And clearly, just the cost of capital in the state has changed in the last month and I'm just wondering if you can kind of talk about how that impacts your upcoming filing that's expected. And is there any scenario where that would maybe get pushed out, or do you see yourself still coming in at this point?

顯然，上個月該州的資本成本發生了變化，我只是想知道您是否可以談談這對您即將提交的預期文件有何影響。是否存在某種情況會導致這種情況被推遲，或者您認為自己目前仍會參與其中？

Yeah. Our plan is to continue to file a strong case here in March, and we'll be in line with our other IOUs. The state has indicated they don't want to have a wildfire adder. But there's no disputing that interest rates are up and the actual cost of capital is up.

是的。我們的計劃是在三月繼續在此提起強有力的訴訟，並且我們將與其他 IOU 保持一致。該州已表示不希望有野火災害。但無可爭議的是，利率上升了，實際資本成本也上升了。

And so we'll be making a strong case. Obviously, cost of capital is an important proceeding, and we feel like we'll be making a strong and effective case when we make that filing.

因此，我們會提出有力的論點。顯然，資本成本是一項重要的程序，我們覺得當我們提交該文件時，我們將提出強而有力的、有效的案例。

Richard Sunderland, JPMorgan.

摩根大通的理查桑德蘭。

Thinking more broadly about the fire issues, do you think the firefighting capabilities in the region are sufficient for growing wildfire risks, and are there ways you could invest capital in support of those efforts?

更廣泛地考慮火災問題，您是否認為該地區的消防能力足以應對日益增加的野火風險？

Wildfire fighting is in the same, I would say category with our always commitment to continue to learn. Our firefighters here in the state are the best in the world. Our fleet is the best in the world. And where we fall short, we're going to continue to learn as a state.

我想說，撲滅野火與我們始終致力於繼續學習是同一回事。我們州的消防員是世界上最好的。我們的船隊是世界上最好的。對於我們存在的不足，我們作為一個國家將繼續學習。

I don't think that we need to as a utility invest in wildfire fighting resources, but I do think that continuing to help our communities fire hardened is an important priority. And you've got -- the risk of ignition is one thing. The risk of spread is a wholly different thing.

我認為，作為公用事業公司，我們不需要投資於野火撲滅資源，但我認為繼續幫助我們的社區加強防火能力是一項重要任務。而且你已經知道——點火的風險是一回事。而蔓延的風險則完全是另一回事。

And the risk of spread needs to be mitigated certainly by our situational awareness because we give our AI cameras and our weather stations give early notification to those firefighting resources so they can get on it earlier, which is always an advantage.

而且，我們的態勢感知能力肯定需要減輕病毒蔓延的風險，因為我們的人工智慧攝影機和氣象站會提前通知消防資源，以便他們能夠儘早採取行動，這始終是一個優勢。

But our communities need to be hardened. Our homes need to be built to codes that are fire prevented. We need to eliminate the hazards that surround our homes, whether it's vegetation, whether it's fencing, whether it's the roof structure.

但我們的社區需要更加堅強。我們的房屋需要按照防火規範建造。我們需要消除我們家園周圍的危險，無論是植被、圍欄或屋頂結構。

I think we here in California need to come to terms that our citizens have an obligation to make their structure safe so that our firefighters can do what they do and do it better. So we're all in this together and we stand for California being a place where families can prosper and be safe and not be worried about wildfire risk.

我認為，我們加州人需要達成這樣的共識：我們的公民有義務確保建築物的安全，以便我們的消防員可以做好他們的工作，並且做得更好。因此，我們同舟共濟，致力於讓加州成為一個家庭可以繁榮、安全、無需擔心野火風險的地方。

And then turning to the data center pipeline update. Does the $0.5 billion to $1.6 billion of investment per gigawatt framework still hold? And is that the way to think about the 1.4 gigawatts identified in final engineering? I guess more broadly, just when do you think you'll have final clarity on the investment needed to support that?

然後轉向資料中心管道更新。每千兆瓦5億至16億美元的投資框架仍然有效嗎？那麼，這就是最終工程中確定的 1.4 千兆瓦的思考方式嗎？我想更廣泛地說，您認為什麼時候才能最終明確支持這一目標所需的投資？

Yeah. We do think that construct holds. And let me just remind the rest of the listeners that the $0.5 billion to $1.6 billion is what we've said we could invest and still deliver than residential. The remaining customer cost savings in the 1% to 2% range, which is what makes us so excited about this as it fits into our simple affordable model.

是的。我們確實認為這個構想成立。我只想提醒其他聽眾，我們說過我們可以投資 5 億到 16 億美元，並且仍然可以實現住宅項目的目標。其餘客戶成本節省在 1% 到 2% 的範圍內，這讓我們感到非常興奮，因為它符合我們簡單的經濟實惠模式。

We can deliver this new large load beneficially for all customers and reduce rates for all. Now in that construct, we'll have each project gets reviewed to make sure that the costs are appropriately borne by the large load.

我們可以為所有客戶提供有利的這項新的大宗貨物，並為所有客戶降低費率。現在，在該結構中，我們將對每個項目進行審查，以確保成本由大負荷適當承擔。

And so our Rule 30 filing establishes -- our proposal is to establish and it was supported by the large load customers that large load customers bear the risk of any kind of stranded asset in the first 10 years. So the load needs to materialize. They put the money up front now.

因此，我們的第 30 條規定－我們的提議是建立，並且得到大額負荷客戶的支持，即大額負荷客戶在前 10 年承擔任何類型擱淺資產的風險。因此負載需要實現。他們現在就把錢預付了。

Now as it relates to our capital plan, I'll let Carolyn hit on how we're going to fit that new additional capital into our plan.

現在，由於它與我們的資本計劃有關，我將讓卡羅琳談談我們如何將新的額外資本納入我們的計劃。

Yeah. As we look at these new projects from data centers and the impact on our capital plan, and it's very similar to how we're thinking about any funding that might get approved from SB 410. One thing to note, as we said this in our earlier remarks, you should not assume that we would just add to our capital plan of $63 billion. We have options.

是的。當我們審視這些資料中心的新項目及其對我們的資本計劃的影響時，我們發現，這與我們對 SB 410 可能批准的任何資金的看法非常相似。需要注意的一點是，正如我們在之前的評論中所說的那樣，您不應認為我們只會增加 630 億美元的資本計劃。我們還有其他選擇。

That is one option, but we have other options. And these other options include just thinking about how we would might reprioritize what we call high grade the plan and look at particularly the data center projects. If they are impacting affordability, we might bring those in instead and replace another project or we could extend the duration of our sector leading rate-based growth plan of 9% to 10%.

這是一個選擇，但我們還有其他選擇。這些其他選擇包括思考如何重新確定所謂高級計劃的優先順序，並特別關注資料中心專案。如果它們影響到負擔能力，我們可能會引入它們並替換另一個項目，或者我們可以延長我們行業領先的 9% 至 10% 的基於利率的增長計劃的期限。

So those are the three options. And then I'll just remind you, on top of that, we have flexibility in our plan because we still have the $2 billion holdco debt pay down in there, which is again not an obligation but just a commitment.

這就是三個選項。然後我只想提醒你，最重要的是，我們的計劃具有靈活性，因為我們仍然需要償還 20 億美元的控股公司債務，這也不是一項義務，而只是一項承諾。

So we've got plenty of flexibility and options.

因此我們擁有充足的靈活性和選擇。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Maybe to follow up and build off of -- maybe building up off of what's been said thus far, do you want to speak to the prospects of a new fund or recontributing to the fund? It seems like a very difficult prospect to see, i.e., stand up a new fund anew here.

也許是為了跟進和鞏固——也許是為了鞏固迄今為止所說的內容，您想談談新基金或向該基金重新註資的前景嗎？在這裡重新建立一個新基金似乎是一個非常困難的前景。

Can you speak to what other avenues might exist or how you see this coming together? I mean municipals were not part of the initial conversation. I'm curious how that fits into the calculus today, especially given the more urban nature of what's just transpired.

您能否談談可能存在的其他途徑或您如何看待這些途徑的實現？我的意思是市政當局並不是最初談話的一部分。我很好奇這在今天的計算中如何適用，特別是考慮到剛剛發生的事情更具城市性質。

But I would love to like tailor in and fixate for a quick second on the fund, and then I got a quick follow up on that.

但我很願意對該基金進行快速調整和關注，然後對其進行快速跟進。

Yeah. I think there's lots of options that we'll be looking at on the fund. I think one thing to remember, and we will continue to advocate strongly, we do not think there's a good case that shareholders should contribute to that fund because it's contrary to the key principles of inverse condemnation that a utility -- when a utility is prudent, these are recoverable costs.

是的。我認為我們會考慮很多關於該基金的選擇。我認為有一件事需要記住，而且我們將繼續強烈提倡，我們認為股東沒有理由向基金捐款，因為這違背了公用事業逆向徵用的關鍵原則——當公用事業是謹慎的，這些都是可收回的成本。

In fact, Alice Reynolds reiterated that at a recent commission meeting. So I think it's important that is a principle that underpins and the AB 1054 objective was to attract capital to the state. And so we would argue that having more burden on shareholders will not attract additional capital to the state.

事實上，愛麗絲·雷諾茲在最近的委員會會議上重申了這一點。因此我認為重要的是，AB 1054 的基本原則是吸引資本進入該州。因此我們認為，增加股東負擔並不會吸引更多資本流入國家。

So we'll be taking a pretty strong point of view on that as we consider what happens to the fund. There are simple things that can be done to the fund as simple as extending the customer payment over a longer period of time.

因此，當我們考慮如何處理該基金時，我們會對此採取非常堅定的觀點。可以對基金進行一些簡單的事情，例如延長客戶付款期限。

It's a more complex thing that includes other parties, but all of those things will be considered and we'll be standing for the best outcome for those who have suffered loss because that's what the fund is serves as well as what's in the best interest of investors because we need to attract that necessary capital to build our system.

這是一件更為複雜的事情，涉及到其他各方，但所有這些因素都會被考慮，我們會為遭受損失的人爭取最好的結果，因為這就是基金的服務宗旨，也是符合投資者最佳利益的，因為我們需要吸引必要的資本來建立我們的系統。

And don't forget the most important thing that that capital goes to is to make our system safe. And so when we invest in infrastructure with those capital dollars that our investment community contributes, that's the most -- that's the best use of investors' dollars to make our system safe.

不要忘記，這些資金最重要的用途就是確保我們的系統安全。因此，當我們利用投資界捐贈的資本來投資基礎設施時，這就是對投資者資金的最佳利用，可以確保我們的系統安全。

Yeah. I hear you loud and clear on those points.

是的。我清楚地聽到了你對這些觀點的看法。

Maybe just a quick follow up. I mean how do you think about your own filings and efforts? I get that OEIS is involved here too, but how do you think about the totality of the wildfire undergrounding efforts today?

也許只是快速跟進一下。我的意思是您如何看待自己的文件和努力？我知道 OEIS 也參與其中，但您如何看待今天整個野火地下滅火工作？

And then in parallel, how do you think about de-risking, shall we say, more urbanized or quasi-urbanized environments, given maybe the nature of this last fire and rethinking your investment plan here? I get that it's already in play.

同時，考慮到上次火災的性質，您如何看待降低風險，可以說，更加城市化或準城市化的環境，並重新考慮您的投資計劃？我知道它已經投入使用了。

Yeah. The focus of our wildfire mitigation plan is to reduce ignition risk. We then have situational awareness that helps us identify and support the firefighting resources to get to where an ignition occurs as fast as possible, again, our weather stations and our cameras.

是的。我們的野火緩解計畫的重點是降低點火風險。然後，我們有了態勢感知能力，可以幫助我們識別和支持消防資源，以便盡快到達起火地點，再次強調，還有我們的氣象站和攝影機。

But our primary objective is to prevent the ignition risk. We've had dramatic improvements in that. I would argue that we have one of the most industry leading wildfire mitigation plans and execution of that plan. But we're not finished, and we're going to continue to be curious about how to make it better every single day.

但我們的首要目標是防止點火風險。我們在這方面取得了顯著的進步。我想說，我們擁有業界最領先的野火緩解計畫之一，而該計畫的執行也處於領先地位。但我們還沒完成，我們會繼續好奇如何每天讓它變得更好。

And again, remember, the AB 1054 is not a perfection standard. It is an expectation that we complete our work as we said and that our practices are in line with standard best practices of a prudent utility operator. And we stand very firmly that we extend well beyond being prudent.

再次提醒，AB 1054 並不是一個完美的標準。我們期望我們能按照所說的完成工作，並且我們的做法符合審慎公用事業運營商的標準最佳實踐。我們堅定地認為，我們的做法遠遠超出了謹慎的範疇。

We would consider ourselves industry leaders in helping to keep our customers safe and reducing ignition risk. And we'll continue to be curious and implement new technologies. We've implemented the down conductor device technology and over 1,500 new devices in the system.

我們將自己視為行業領導者，幫助保護客戶安全並降低點火風險。我們將繼續保持好奇心並實施新技術。我們在系統中實施了引下線裝置技術，並安裝了 1,500 多個新設備。

We've got additional technology that enables us to see faults even before they happen and failures of our equipment before they happen. This is industry leading technology we're deploying to keep our customers safe. And that's a very important part of our wildfire mitigation plan. And we continue to learn about how best to prevent those ignitions.

我們擁有額外的技術，使我們能夠在故障發生之前發現故障，並在設備故障之前發現故障。這是我們為確保客戶安全而部署的業界領先技術。這是我們野火緩解計畫中非常重要的一環。我們將繼續學習如何最好地防止這些點火。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Just one quick one and then a follow up. I guess on the IG rating, well, we thought, Moody's typically puts it on a year review and I think it was positive outlook last February. I'm wondering if you could share any conversations you've had with Moody's following the events in Southern California.

只需快速執行一遍，然後再跟進。我想，就 IG 評級而言，我們認為，穆迪通常會對其進行年度回顧，我認為去年 2 月的展望是積極的。我想知道您是否可以分享一下南加州事件發生後您與穆迪進行過哪些對話。

Yeah. Thanks, Anthony, for the question. That's one that's top of mind for us, as you can imagine maybe just purely on the merits as we think about our position.

是的。謝謝安東尼提出這個問題。這是我們最關心的問題，你可以想像，當我們思考我們的立場時，也許只是純粹基於優點。

We've seen our credit metrics obviously improve, and we're really proud of our performance and our FFO to debt has also improved. We did our December equity issuance. We've made progress on the wildfire risk mitigation. We have strong growing cash flow. We have the conservative dividend policy, all extremely supportive of investment grade ratings.

我們看到我們的信用指標明顯改善，我們對我們的表現感到非常自豪，我們的 FFO 與債務的比率也有所提高。我們於 12 月進行了股票發行。我們在降低野火風險方面取得了進展。我們的現金流強勁成長。我們採取保守的股利政策，對投資等級評等極具支持作用。

We've had these conversations with the rating agencies. We've talked about our progress. And they seem to be taking a very measured approach and don't seem inclined to rush to action, which we appreciate given the circumstances.

我們已經與評級機構進行了這些對話。我們已經討論了我們的進展。他們似乎採取了非常謹慎的態度，似乎不傾向於倉促採取行動，考慮到目前的情況，我們對此表示讚賞。

They have a lot of the same questions that US investors have and are looking for signals from a policy maker support. And we still remain confident and after all those conversations that the rating agencies will recognize our progress in time.

他們與美國投資者有許多相同的疑問，並在尋求政策制定者支持的訊號。我們依然堅信，經過所有這些對話之後，評級機構將會及時認可我們的進步。

We were hoping maybe even for a two notch of grade. We think that's absolutely off the table, but we do believe that we will be recognized for our performance and the conversations have been productive.

我們甚至希望能提高兩個等級。我們認為這絕對是不可能的，但我們確實相信我們的表現將得到認可，而且對話也是富有成效的。

Would it be fair to say that I think of all the questions earlier today are more on the wildfire fund, whether it's a size or a replenishment mechanism that may have to be resolved prior to a credit agency action or I'm really jumping the gun with that?

是否可以這樣說：我認為今天早些時候提出的所有問題都更多地是關於山火基金的，無論是基金規模還是補充機制，這些都可能必須在信貸機構採取行動之前得到解決，或者我真的是操之過急？

Yeah. I'm not sure. I think we'd need to talk to the rating agencies as to what their signal. I think they're looking for signals like we are and like you are from the policymakers, not necessarily, I think an end solution.

是的。我不知道。我認為我們需要與評級機構溝通他們的訊號。我認為他們正在尋找像我們和您一樣來自政策制定者的信號，但不一定是最終的解決方案。

And we don't want -- this is Patti, Anthony, we wouldn't want to forget though that equity issuance that we executed at the end of last year had significant beneficial impact on our credit metrics. And so even that, as Carolyn said, stands on its own separate from the wildfire risk.

我們不想——這是帕蒂，安東尼，我們不想忘記，我們去年年底執行的股票發行對我們的信用指標產生了重大的有利影響。正如卡羅琳所說，這一點與野火風險是不同的。

We continue to be a few notches below other IOUs here in the state. And so we can close the gap on our financial metrics as the state gets determined -- as the state resolves the issue with the wildfire fund, I think our credit improvement, our balance sheet, health, and our other aspects of performance are being noted by the credit agencies.

我們的水平仍然比該州其他 IOU 低幾個檔次。因此，隨著州政府下定決心，我們可以縮小財務指標上的差距——隨著州政府解決野火基金問題，我認為我們的信用改善、資產負債表、健康狀況和其他方面的績效都會受到信用機構的關注。

Carly Davenport, Goldman Sachs.

高盛的卡莉‧達文波特 (Carly Davenport)。

Maybe just two quick ones for me. First just on the O&M reductions. Those came in again strong north of the 2% that you have embedded in both the long term plan and the 2025 plan. I guess how would you just think about cadence of potentially revisiting that assumption?

對我來說可能只需要兩個。首先談談 O&M 的減少。這些數字再次強勁上漲，超過了長期計劃和 2025 計劃中所嵌入的 2% 的目標。我想您會如何考慮重新審視這個假設的節奏呢？

Is that catalyst to GRC filing or anything else that you should be looking out for there?

這是 GRC 備案的催化劑嗎？

Yeah. We expect to update our plans after the GRC filing. You're absolutely right.

是的。我們預計在 GRC 備案後更新我們的計劃。你完全正確。

And we expect to continue delivering O&M savings for years and years and years to come, Carly. And this we hope becomes part of the signature at PG&E. This is how the simple affordable model works. We create room in the plan by being more efficient and making sure that we're investing in infrastructure, reducing costs for customers.

卡莉，我們希望在未來的許多年裡繼續實現營運和維護方面的節省。我們希望這能成為 PG&E 簽名的一部分。這就是簡單實惠模型的運作方式。我們透過提高效率並確保對基礎設施進行投資、降低客戶成本來為計劃騰出空間。

Our O&M track record, I would say, is picking up speed because we're getting more and more of our co-workers trained and experienced in seeing. I'll tell you just a quick story. We're recognizing a co-worker tomorrow at an all co-worker meeting.

我想說，我們的 O&M 業績記錄正在加速提升，因為我們越來越多的同事接受了培訓並積累了豐富的經驗。我只給你講一個簡單的故事。我們將在明天的全體同事會議上表揚一位同事。

We call her a progress maker because she identified an idea that when we're out doing paving improvements that our team can do the touch up paint on the missed dig marks much cheaper and faster than a contractor.

我們稱她為進步者，因為她提出了一個想法：當我們在進行鋪路改進時，我們的團隊可以比承包商更便宜、更快地對錯過的挖掘痕跡進行修補。

We saved in her case, just in her service area, $50,000 by doing some work that we were already there on the site and able to do. When we have 28,000 PG&E co-workers, each coming up with an idea like that, that's when we're really going to be at full speed.

在她的案例中，僅在她的服務區內，我們透過做一些我們已經在現場並且能夠完成的工作，就節省了 50,000 美元。當我們有 28,000 名 PG&E 員工，每個人都提出這樣的想法時，我們才會真正全速前進。

We've got a couple of years before we get into a case where all of our co-workers have that kind of capability. And that's going to be a key part of how we can serve customers the infrastructure they need at the lowest cost possible.

我們還需要幾年的時間來處理所有同事都具備這種能力的案件。這將是我們如何以盡可能低的成本為客戶提供所需基礎設施的關鍵部分。

And we can't wait to reflect that in our GRC filing, which we'll be making here in just a couple of months.

我們迫不及待地想在幾個月後提交的 GRC 文件中反映這一點。

And then maybe just one on the DOE loan. I know that you got that closed in January, but just kind of how are you thinking about the cadence of disbursements and any potential impacts from some of the aims to sort of pause some of this IRA funding.

然後可能只有一項是關於能源部貸款的。我知道你們在一月份就結束了，但你們如何看待支付的節奏，以及暫停部分 IRA 資金可能帶來的影響。

Yeah. We did close that in January. I'll just remind you that the DOE loan is not in our plans. We would simply finance with any normal course for first mortgage bond issuance, another option and flexibility that's built into our plan.

是的。我們確實在一月結束了這件事。我只是想提醒你，能源部貸款不在我們的計畫中。我們將透過任何正常的首筆抵押債券發行方式進行融資，這是我們計劃中的另一種選擇和靈活性。

Right now, we would expect 2025, we have not -- just to be clear, we have not yet requested or received any advances from the loan. We do expect 2025 to be fairly slow and really just to pick up later in the later 2026 through 2030 time frame.

目前，我們預計到 2025 年，我們還沒有——需要明確的是，我們還沒有要求或收到任何貸款預付款。我們確實預期 2025 年的成長速度會相當緩慢，但在 2026 年末到 2030 年這段時間內才會真正加快速度。

But again, it's not included in our plan.

但再說一遍，它不包含在我們的計劃中。

Gregg Orrill, UBS.

瑞銀的格雷格·奧裡爾（Gregg Orrill）。

Just you talked about the potential to bring CapEx into the plan from SB 410 and related to the load growth that you're seeing. And sort of the implications around that, extending the runway of growth and high grading the company.

您剛才談到了將資本支出納入 SB 410 計劃的可能性，以及與您所看到的負載增長之間的關係。其意義在於延長成長空間並提高公司評級。

How do you think about that as a possibility of raising the growth rate? I know it's already industry-leading.

您認為這是否可能提高成長率？我知道它已經是業界領先的了。

Yeah. I mean Gregg, I think that's the question. We think that our current industry-leading growth rate is the right growth rate. And we -- as Carolyn mentioned, as we include or consider pulling in new CapEx, it would be to extend that for a longer period of time to make it more durable.

是的。我的意思是格雷格，我認為這就是問題所在。我們認為我們目前領先業界的成長率是正確的成長率。正如卡羅琳所提到的，當我們包括或考慮引入新的資本支出時，我們會將其延長更長的時間以使其更加持久。

We really want to always balance though to make the key criteria that it's affordable for customers and that we've got alignment with our regulators is really essential as we look at growing even further. And so we're excited about what the growth means to us today, especially the large beneficial load and even EV loads, EV sales people.

我們確實希望始終保持平衡，制定關鍵標準，即客戶能夠負擔得起，並且與監管機構保持一致，這對我們進一步發展來說確實至關重要。因此，我們對今天的成長對我們意味著什麼感到非常興奮，尤其是巨大的受益負荷，甚至電動車負荷、電動車銷售人員。

I know people are worried about EV sales. They've been flat year over year and -- but still 28% of the state's vehicle purchases. That new electric demand enables us to lower costs for customers and helps fund making a grid that is safe and resilient.

我知道人們擔心電動車的銷量。與去年同期相比，這一數字持平，但仍佔該州汽車購買量的 28%。新的電力需求使我們能夠降低客戶成本，並有助於資助建立安全且有彈性的電網。

And I think we really do look forward to our GRC filing later this year where you'll be able to see that in action. You'll be able to see our capital plan as well as O&M reductions that enable a real interruption into what has been double digit rate increases for the last several years and requests.

我認為我們確實期待今年稍後提交的 GRC 文件，屆時您將能夠看到它的實際效果。您將能夠看到我們的資本計劃以及 O&M 削減，從而真正中斷過去幾年和幾年來兩位數的費率增長和請求。

We are very focused on interrupting that pattern and demonstrating how the simple affordable model serves our customers, serves our state, and enables this industry-leading growth rate for investors.

我們非常注重打破這種模式，並展示簡單實惠的模式如何服務我們的客戶、服務我們的國家，並為投資者實現領先業界的成長率。

So we'll -- more to come on that.

因此，我們將會對此進行更多探討。

I will now hand today's call back over to Patti Poppe for any closing remarks.

現在，我將今天的電話轉交給帕蒂·波普 (Patti Poppe)，請她做結束語。

Thank you, Tamika.

謝謝你，塔米卡。

Well, thank you, everyone for joining us today. We know you have a lot on your minds and it's a busy day, but we do want you to hear that we are very confident in our progress and our momentum. What was true about PG&E as we entered this year is still true today.

好吧，感謝大家今天的參加。我們知道你們有很多事情要考慮，而且這是忙碌的一天，但我們確實想讓你們聽見，我們對我們的進展和勢頭非常有信心。今年初 PG&E 的情況依然如此。

We've got a real catalyst to our growth story, real catalyst to our ability to best serve the people of California with the safest, most reliable system that meets our clean energy goals. That's our ambition. And we're here to serve the people of California and we don't think there's another team who can deliver at scale like this team at this time.

我們的成長故事有了真正的催化劑，這真正促使我們能夠以最安全、最可靠的系統為加州人民提供最好的服務，從而實現我們的清潔能源目標。這就是我們的抱負。我們來這裡是為了為加州人民服務，我們認為目前沒有其他團隊能夠像這支團隊一樣大規模地提供服務。

So we hope to be in touch soon. I know the team's looking forward to seeing many of you in upcoming events in the coming week and month or weeks and months, and we'll look forward to talking more as we continue our progress and our journey here at PG&E.

因此我們希望能夠很快取得聯繫。我知道團隊期待在未來一周或一個月或幾週或幾個月的即將舉行的活動中見到你們中的許多人，我們也期待在 PG&E 繼續進步和旅程的過程中進行更多交流。

This does conclude today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。