PG&E Corp (PCG) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation second quarter 2025 earnings release. (Operator Instructions) I would now like to turn the call over to Jonathan Arnold, Vice President, Investor Relations. Please go ahead.

感謝您的支持。我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 PG&E 公司 2025 年第二季財報發表會。（操作員指示）現在我想將電話轉給投資者關係副總裁喬納森·阿諾德。請繼續。

Good morning, everyone, and thank you for joining us for PG&E's second quarter 2025 earnings call. With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.

大家早安，感謝您參加 PG&E 2025 年第二季財報電話會議。今天和我們在一起的有執行長 Patti Poppe 和執行副總裁兼財務長 Carolyn Burke。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.

首先，我要提醒大家，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。

The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides, along with other relevant information, can be found online at investor.pgecorp.com. We'd also encourage you to review our quarterly report on Form 10-Q for the quarter ended June 30, 2025. And with that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

該報告還包括非公認會計準則 (non-GAAP) 和公認會計準則 (GAAP) 財務指標之間的對帳。幻燈片及其他相關資訊可在 investor.pgecorp.com 線上取得。我們也建議您查看我們截至 2025 年 6 月 30 日的 10-Q 表格季度報告。現在，我很高興將電話交給我們的執行長 Patti Poppe。

Thank you, Jonathan. I am pleased to be with you this morning to share another solid quarter of execution. Our core earnings per share are $0.31 for the second quarter and $0.54 for the first half of 2025. Like last quarter, this is light relative to a full year run rate due to timing factors. It is, however, consistent with our internal plan, and I remain confident in reaffirming our full year guidance range of $1.48 to $1.52 with a bias toward the midpoint, which is up 10% over 2024.

謝謝你，喬納森。我很高興今天早上能與大家分享另一個堅實的執行季度。我們第二季的每股核心收益為 0.31 美元，2025 年上半年的每股核心收益為 0.54 美元。與上一季一樣，由於時間因素，這一數字相對於全年運行率而言較低。然而，這與我們的內部計劃一致，我仍然有信心重申我們全年的指導範圍，即 1.48 美元至 1.52 美元，偏向中點，即比 2024 年上漲 10%。

Top of mind for us and likely for you too, are matters before the California state legislature, specifically improving upon the AB 1054 wildfire construct and landing sensible affordability legislation. I'll start with AB 1054. Key decision-makers are currently focused on ensuring there is a mechanism to protect the Wildfire Fund's durability. I'm confident that meaningful measures will be enacted this session, sufficient to address downside risk and improve upon the status quo.

我們最關心的，也可能是您最關心的，是加州立法機構面臨的問題，特別是改善 AB 1054 野火建設和製定合理的可負擔性立法。我將從 AB 1054 開始。目前，主要決策者正致力於確保有一種機制來保護野火基金的持久性。我相信本屆會議將推出有意義的措施，足以應對下行風險並改善現狀。

It's also becoming increasingly clear that the state, just as it has done before with earthquake risk, really needs a longer-term comprehensive societal approach to catastrophic wildfire risk in the context of our changing climate conditions. This will take longer than the next 6 weeks, but a constructive step forward this session will need to provide the necessary protections in the interim and give clear direction for substantive next steps.

越來越明顯的是，正如以前應對地震風險一樣，在不斷變化的氣候條件下，該州確實需要採取更長期、更全面的社會方法來應對災難性的野火風險。這將花費比接下來的六週更長的時間，但本屆會議要向前邁出建設性的一步，就需要在此期間提供必要的保護，並為實質性的後續步驟提供明確的方向。

Keep in mind, as with AB 1054, the IOUs would need to opt in to any additional wildfire fund contributions. As such, any replenishment framework would need to be part of a package, which improves upon what we have today and also sets the stage for comprehensive reform.

請記住，與 AB 1054 一樣，IOU 需要選擇加入任何額外的野火基金捐款。因此，任何補充框架都需要成為一攬子計劃的一部分，以改善我們現有的狀況，並為全面改革奠定基礎。

Next, regarding legislative proposals to address affordability, we are 100% aligned with our legislature on the goal of affordable service for our customers while not compromising on safety or reliability. Where we differ is on the most effective means to achieve our shared goal. There are some elements in the proposals, which we firmly support, for example, moving funding for public purpose programs off the utility bills.

接下來，關於解決可負擔性的立法提案，我們 100% 贊同立法機構的目標，即為客戶提供可負擔的服務，同時不影響安全性或可靠性。我們的分歧在於如何以最有效的方式實現我們的共同目標。我們堅決支持提案中的一些內容，例如將公共目的項目的資金從水電費中轉移出來。

As we've seen in many prior sessions, initial language tends to evolve significantly by session end, resulting in better long-term outcomes for customers and investment in California. I'm confident that this can happen again in 2025. There is simply too much at stake for the state to not push forward to make the most constructive policy choices possible.

正如我們在許多先前的會議中所看到的那樣，初始語言往往會在會議結束時發生重大變化，從而為加州的客戶和投資帶來更好的長期結果。我相信 2025 年這種情況還會再發生。對國家來說，如果不努力做出最具建設性的政策選擇，那麼風險實在太大了。

As evidenced by our 2027 general rate case proposal, our business fundamentals and core execution have never been stronger, and our simple, affordable model is providing the framework to continue funding needed investment while holding customer bills at or below the rate of inflation. As a reminder, the legislature is out on recess through August 18, after which they return for what is typically the busiest part of the session, wrapping up on September 12.

正如我們的 2027 年一般費率案例提案所證明的那樣，我們的業務基礎和核心執行力從未如此強大，而我們簡單、實惠的模式提供了繼續為所需投資提供資金的框架，同時將客戶帳單保持在通貨膨脹率或以下。提醒一下，立法機關將休會至 8 月 18 日，之後將返回參加會議，這是會議中最繁忙的部分，並於 9 月 12 日結束。

Based on what we see today and having modeled a range of potential outcomes, we're pleased to reaffirm our current 5-year financial plan through 2028. For EPS growth, 10% this year and at least 9% each year 2026 through 2028. $63 billion in capital investments, no change to our financing plan to fund this capital growth, including no further equity through 2028 and continuing to target reaching a 20% dividend payout by 2028.

根據我們今天看到的情況以及一系列潛在結果的模擬，我們很高興重申我們目前到 2028 年的 5 年財務計畫。對於每股收益成長，今年為 10%，從 2026 年到 2028 年每年至少增長 9%。 630 億美元的資本投資，我們的融資計劃沒有變化，為這一資本增長提供資金，包括到 2028 年不再增加股權，並繼續以到 2028 年實現 20% 的股息支付率為目標。

While we're not providing specific details beyond 2028 on this call, we remain confident that the simple affordable model can continue to drive sustainable savings for customers and earnings growth for investors for years to come. Once we have legislative clarity, we look forward to sharing more of the details with you and rolling forward our plan. Also unchanged is our focus on physical and financial safety, our prioritization of customer affordability and our firm commitment to enabling California's growth and clean energy ambitions.

雖然我們在本次電話會議上沒有提供 2028 年以後的具體細節，但我們仍然相信，簡單實惠的模式可以在未來幾年繼續為客戶帶來可持續的儲蓄，並為投資者帶來收益成長。一旦立法明確，我們期待與您分享更多細節並推進我們的計劃。同樣不變的是，我們對人身和財務安全的關注、我們對客戶承受能力的優先考慮以及我們對實現加州發展和清潔能源目標的堅定承諾。

Turning here to Slide 5. Our improving layers of physical protection ensure our hometowns are safer today and will be safer still tomorrow. We have a substantial suite of wildfire mitigations currently in place aimed at both ignition prevention and post-ignition response, and we continue to learn and improve upon existing mitigations year-over-year.

翻到幻燈片 5。我們不斷加強的物質防護層級確保了我們的家鄉今天更加安全，明天將更加安全。我們目前已實施了一系列旨在預防火災和火災後反應的野火緩解措施，並且我們逐年不斷學習和改進現有的緩解措施。

For example, I'm particularly excited about our deployment of more than 10,000 sensors throughout our high-risk areas. These sensors attached to our poles with 4 screws can be installed in about 5 minutes and provide data with very tangible results for customers, including detecting potential failures before they occur, preventing ignitions and shortening outage durations.

例如，我對我們在高風險地區部署超過 10,000 個感測器感到特別興奮。這些感測器用 4 個螺絲固定在我們的電線桿上，大約 5 分鐘即可安裝完畢，並為客戶提供非常切實的數據，包括在故障發生之前檢測到潛在故障、防止點火和縮短停電時間。

In addition, we've expanded our PSPS model to assess fuel risk beyond the traditional high-risk boundaries. And when conditions warrant, we won't hesitate to include such areas in a proactive power shutoff. We've executed 4 PSPS events already in 2025, all of which included transmission lines. In fact, as part of our June PSPS event, a total of 22 transmission lines were deenergized for safety.

此外，我們擴展了 PSPS 模型，以評估超越傳統高風險界限的燃料風險。當條件允許時，我們會毫不猶豫地將這些地區納入主動斷電範圍。我們已經在 2025 年執行了 4 項 PSPS 活動，所有活動都包含輸電線路。事實上，作為我們 6 月 PSPS 活動的一部分，共有 22 條輸電線路因安全性原因而斷電。

Given the potential impact of the Eaton fire on wildfire fund durability, some of you have asked, what happens if there's another big fire this year before new legislation goes into effect. As a reminder, for any fire in 2025, we would first turn to our customer-funded self-insurance, which addresses claims up to $1 billion. We're also able to request cost recovery from the FERC under our formula rate.

鑑於伊頓火災對野火基金持久性的潛在影響，有些人問，如果今年在新立法生效之前發生另一場大火災，會發生什麼情況。提醒一下，對於 2025 年發生的任何火災，我們首先會求助於客戶資助的自保，該保險可解決高達 10 億美元的索賠。我們也可以根據我們的公式費率向聯邦能源管理委員會申請成本回收。

Beyond the $1 billion threshold, we would turn to the wildfire fund. And beyond the fund, we would seek recovery from the CPUC under the enhanced prudency standard. Importantly, PG&E has an annual safety certificate in place today. And clarifying one common misconception, if there are multiple events within a single coverage year, which together exceed the fund's resources, then available funds would be paid out by the administrator pro rata and not on a first event first paid basis.

超過 10 億美元的門檻，我們就會求助於野火基金。除了基金之外，我們還將根據加強審慎標準向 CPUC 尋求補償。重要的是，PG&E 現已擁有年度安全證書。澄清一個常見的誤解，如果在單一覆蓋年度內發生多起事件，且加起來超過了基金的資源，那麼可用資金將由管理員按比例支付，而不是按照先發生事件先支付的原則。

Moving to Slide 6. I want to reiterate that we share our state's desire to address customer affordability. In fact, we've been at it for a number of years, and we are on our way to delivering on that key priority. Our bills went down this year, and our forecast show residential combined bills to be essentially flat for the remainder of 2025 and going down again in 2026. We also see a pathway for 2027 bills to be lower than they are today.

移至幻燈片 6。我想重申，我們和我們州一樣希望解決消費者的負擔能力問題。事實上，我們已經為此努力了很多年，並且正在努力實現這一關鍵優先事項。我們的帳單今年下降了，我們的預測顯示，2025 年剩餘時間內住宅綜合帳單將基本持平，並在 2026 年再次下降。我們也認為 2027 年的帳單金額將低於現在的金額。

Our rate case, as proposed, would result in customer bills being flat compared to current bills as GRC revenue increases are offset by reductions in other items. This is a darn good proposal. And yet we're taking additional actions to lower rates even further. For example, our flat projection does not include savings from the DOE loan facility, reduced borrowing costs when we achieve investment grade and beneficial load growth, allowing us to spread our fixed costs over more units of energy.

根據我們的提議，由於 GRC 收入的增加被其他項目的減少所抵消，我們的費率方案將導致客戶帳單與當前帳單持平。這是一個非常好的提議。然而，我們正在採取進一步措施進一步降低利率。例如，我們的持平預測不包括能源部貸款工具節省的資金、達到投資等級時降低的借貸成本以及有益的負載成長，這使我們能夠將固定成本分攤到更多的能源單位上。

We forecast the energy we provide will continue to be more and more affordable through the deployment of the simple affordable model. Over time, our customers will experience savings and notice the trend. Also, with electric bills expected to be on the rise nationally, affordability can become a positive differentiator for us, and we're looking forward to turning around the prevailing narrative with California regulators and policymakers.

我們預測，透過部署簡單的經濟實惠的模型，我們提供的能源將變得越來越便宜。隨著時間的推移，我們的客戶將會感受到節省並注意到這一趨勢。此外，由於全國電費預計會上漲，可負擔性可以成為我們的一個積極差異化因素，我們期待與加州監管機構和政策制定者一起扭轉當前普遍的看法。

Another driver of affordability will be beneficial load growth. As you see here on Slide 7, our data center pipeline continues to grow. Last quarter, our pipeline reflected demand of 8.7 gigawatts. Now adding interest from our second cluster study, offset by some attrition, we are actively working 10 gigawatts through various stages. That's healthy growth since last quarter and a nearly 3x increase since this time last year.

負擔能力的另一個驅動因素是有利的負荷成長。正如您在幻燈片 7 上看到的，我們的資料中心管道不斷增長。上個季度，我們的管道需求為 8.7 千兆瓦。現在，隨著我們第二次集群研究的興趣增加，並抵消了一些人員流失，我們正在透過各個階段積極進行 10 千兆瓦的工作。這是自上個季度以來的健康成長，自去年同期以來成長了近 3 倍。

The 10 gigawatts represent more than 50 different projects, many on the smaller side, consistent with the inference market. We recently filed for approval to serve Microsoft's planned 90-megawatt data center project in San Jose. This is just one of many smaller projects in our pipeline. I'd like to call our data center growth Goldilocks load, not so much to be a problem and yet enough to be beneficial for all of our customers. This is because our demand is differentiated by having a diverse set of projects, ensuring that our development pipeline remains robust and not reliant on a single location, counterparty or approval.

10 千兆瓦代表 50 多個不同的項目，其中許多項目規模較小，與推理市場一致。我們最近申請為微軟在聖荷西計畫的 90 兆瓦資料中心專案提供服務。這只是我們正在籌備的眾多小型專案之一。我想將我們的資料中心成長稱為金髮姑娘負載，這不會造成太大的問題，但足以讓我們所有的客戶受益。這是因為我們的需求因擁有多樣化的項目而有所差異，從而確保我們的開發管道保持強勁，並且不依賴單一的地點、交易對手或批准。

While we value this diversification, we're also excited to be seeing data center operators express interest in some larger-sized projects as well as locating beyond the Bay Area into other prime locations within our service area. The market has gotten the message, PG&E is ready to serve. This is good news for Californians who stand to benefit from this unprecedented growth. Our civic leaders recognize this opportunity, too.

在我們重視這種多樣化的同時，我們也很高興看到資料中心營運商對一些大型專案表現出興趣，並將其擴展到灣區以外的我們服務區域內的其他黃金地段。市場已經收到訊息，PG&E 已準備好提供服務。對於將從這一前所未有的增長中受益的加州人來說，這是一個好消息。我們的民間領袖也認識到了這個機會。

Just last week, I had the pleasure of standing with San Jose Mayor, Matt Mahan to formally announce nearly 2 gigawatts of projects in the city of San Jose, powered by PG&E. Our 10-gigawatt pipeline enables California to create thousands of new construction and permanent jobs in the state, secure the future of AI and tech in California for decades to come and generate billions of dollars in annual revenue for the state through increased property taxes and additional sales tax revenue.

就在上週，我很高興與聖荷西市長馬特馬漢 (Matt Mahan) 一起正式宣布聖荷西市將啟動由 PG&E 供電的近 2 千兆瓦的計畫。我們的 10 千兆瓦管道使加州能夠在該州創造數千個新的建築和永久性工作崗位，確保未來幾十年加州人工智慧和科技的未來，並透過增加財產稅和額外的銷售稅收入為該州創造數十億美元的年收入。

We're particularly excited by beneficial load because every gigawatt we bring online offers the opportunity to reduce electric bills by 1% to 2%. The fundamentals of the PG&E operational story are strong and getting stronger. The proof is in our results. Improving and building upon our physical layers of protection year-over-year, submitting a general rate case, which delivers on our commitment to stabilize customer rates and seizing the tremendous opportunity for customer affordability from data center load growth in our service area. With that, I'll turn it over to Carolyn.

我們對有益負載感到特別興奮，因為我們上線的每一千兆瓦都提供了減少 1% 到 2% 電費的機會。PG&E 的營運基本面強勁且不斷增強。我們的結果就是證據。我們逐年改進和加強實體保護層，提交一般費率案例，履行我們穩定客戶費率的承諾，並抓住服務區域內資料中心負載成長為客戶帶來的巨大負擔能力機會。說完這些，我就把麥克風交給卡洛琳。

Thank you, Patti, and good morning, everyone. Here on Slide 8, we're showing your earnings walk for the first 6 months of 2025. Although core earnings of $0.64 are down from this point last year, as Patti mentioned, we're on track with our internal plan and confident in delivering on our 2025 non-core EPS guidance of $1.48 to $1.52 with a bias to the midpoint.

謝謝你，帕蒂，大家早安。在第 8 張投影片上，我們展示了您 2025 年前 6 個月的收入狀況。儘管核心收益 0.64 美元較去年同期有所下降，但正如帕蒂所提到的，我們的內部計劃正在按計劃進行，並且有信心實現 2025 年非核心每股收益 1.48 美元至 1.52 美元的預期，並偏向中間值。

First half results were impacted by the dilution from our December equity financings in addition to the CPUC cost of capital phase 2 decision last October. Over the second half, timing items are expected to fully reverse, and we have line of sight of additional O&M savings. We have nearly 100 different initiatives, big and small, that are yielding savings and will continue to yield more savings this year.

上半年業績受到我們 12 月股權融資稀釋以及去年 10 月 CPUC 第二階段資本成本決策的影響。預計下半年，時間安排專案將完全逆轉，我們將看到額外的營運和維護節省。我們有近 100 個大大小小的舉措，這些舉措正在產生節約效果，並且今年將繼續產生更多的節約效果。

Turning to Slide 9. Our 2027 general rate case is the lowest GRC percentage increase we've requested in 10 years and reflects our commitment to stabilize customer bills by deploying our simple, affordable model. With only a modest increase in base GRC revenues and an expected reduction in other items, we see a path for residential bills to be down in 2027 compared to today. This is the result of an intentional continuous effort to eliminate waste on behalf of our customers.

翻到幻燈片 9。我們的 2027 年一般費率方案是我們 10 年來要求的最低 GRC 百分比增幅，反映了我們致力於透過部署簡單、實惠的模式來穩定客戶帳單的承諾。由於基本 GRC 收入僅小幅增加且其他項目預計減少，我們預計 2027 年居民帳單將比現在下降。這是我們為客戶有意持續努力消除浪費的結果。

In fact, in this filing, we highlight $2.5 billion in capital and expense saved across the enterprise from 2022 to 2024. These savings are being delivered across PG&E. We've rebalanced our use of subcontractors in gas operations. In electric operations, we've deployed tools to enhance our work bundling strategy and improved our new service application process to accelerate connections.

事實上，在這份文件中，我們強調了 2022 年至 2024 年期間整個企業節省了 25 億美元的資本和費用。這些節省正在 PG&E 各部門實現。我們重新平衡了天然氣業務中分包商的使用。在電力營運方面，我們部署了工具來增強我們的工作捆綁策略，並改善了我們的新服務應用流程以加快連接速度。

And as we've talked about before, we continue to find opportunities to reduce the cost per mile of undergrounding, including piloting new installation equipment. Our simple, affordable model is enabled in part by annual nonfuel O&M cost reductions. Annual savings exceeded $200 million in 2022, 2023 and 2024. And I'm increasingly confident we are on track to continue beating our 2% target this year and beyond.

正如我們之前所討論的，我們將繼續尋找機會降低每英里地下管線的成本，包括試用新的安裝設備。我們的簡單、經濟的模式部分得益於年度非燃料營運和維護成本的降低。2022 年、2023 年和 2024 年每年節省的金額將超過 2 億美元。我越來越有信心，我們今年及以後將繼續實現 2% 的目標。

With continued strong execution in this area, coupled with efficient financing and beneficial load growth, we see a path to holding build growth to 1% to 3% while continuing to make needed capital investments on behalf of our customers.

透過在該領域持續強有力的執行，加上高效的融資和有利的負載成長，我們看到了將建設成長率保持在 1% 至 3% 的途徑，同時繼續代表我們的客戶進行必要的資本投資。

Here on Slide 11, we're reaffirming our $63 billion capital plan through 2028. Not included in the plan is an incremental at least $5 billion of customer beneficial work, much of which is FERC transmission. As we think about this $5 billion, I should emphasize, we will be very mindful of our valuation discount to utility peers. And I can assure you that we have no intention of issuing additional equity at these levels.

在第 11 張投影片上，我們重申了到 2028 年的 630 億美元資本計畫。該計劃不包括至少 50 億美元的增量客戶受益工作，其中大部分是 FERC 傳輸。當我們考慮這 50 億美元時，我應該強調，我們會非常注意我們相對於公用事業同業的估值折扣。我可以向你們保證，我們無意以這樣的水平發行額外的股權。

As you know, we have already issued the equity needed to fund our existing $63 billion investment plan through 2028, and we have achieved compliance with our authorized regulated capital structure. This gives us considerable flexibility moving forward.

如您所知，我們已經發行了所需的股權，為我們現有的 630 億美元投資計劃提供資金，直至 2028 年，並且我們已經達到了授權監管資本結構的合規性。這為我們今後的發展提供了相當大的彈性。

When it comes to capital allocation, I want you to know, first, we plan conservatively. Second, we have a number of options and have built a plan with several points of flexibility. Third, we think and plan long term with our customers in the state's best interest at heart. Fourth, we will always be mindful of market conditions as they relate to funding the plan. Finally, to be clear, if the state did implement policy choices, which significantly constrain our longer-term ability to deploy needed growth capital accretively, we would carefully consider whether it might be more efficient to return some capital to shareholders.

談到資本配置，我想讓你知道，首先，我們的計畫是保守的。其次，我們有很多選擇，並制定了一個具有多個靈活點的計劃。第三，我們與客戶一起進行長遠思考和規劃，並始終將國家的最大利益放在心上。第四，我們將始終關注與該計劃的融資相關的市場狀況。最後，需要明確的是，如果國家確實實施了政策選擇，這將嚴重限制我們長期部署所需成長資本的能力，我們會仔細考慮將部分資本回饋給股東是否更有效率。

Focusing on proposals to securitize some of our capital investment, we strongly believe that this is not the right policy choice for our customers. Not only is it ineffective at delivering meaningful near-term customer savings, it also risks increasing our actual cost of capital, thereby driving up customer costs on the balance of our rate base, a significant unintended consequence. That said, we strongly support the goal of passing affordability legislation this session, and we're advocating in the legislature for policy choices that more effectively deliver on our shared goal of affordability.

針對將部分資本投資證券化的提議，我們堅信這對我們的客戶來說不是正確的政策選擇。它不僅無法在短期內為客戶帶來有意義的節省，而且還有可能增加我們的實際資本成本，從而推高客戶成本，造成嚴重的意外後果。話雖如此，我們堅決支持本屆會議通過可負擔性立法的目標，並且我們在立法機構中倡導更有效地實現我們共同的可負擔性目標的政策選擇。

As Patti mentioned earlier, we've modeled a range of potential legislative outcomes for our current 5-year plan, and we remain confident that we have sufficient financial flexibility built in to deliver on our earnings guidance. Our 5-year financing plan shown here on Slide 12 remains unchanged. The plan is built to support our customer beneficial capital investments while also sustaining investment-grade credit metrics. As we've said in the past, the $2 billion parent debt paydown by 2026 in our plan was not an obligation.

正如帕蒂之前提到的，我們已經為當前的五年計劃模擬了一系列潛在的立法結果，並且我們仍然相信我們擁有足夠的財務靈活性來實現我們的盈利預期。投影片 12 上顯示的我們的 5 年融資計畫保持不變。該計劃旨在支持我們的客戶有益的資本投資，同時維持投資等級信用指標。正如我們過去所說的那樣，我們計劃中到 2026 年償還 20 億美元母公司債務並不是一項義務。

We're reevaluating this element of our plan and will likely maintain the current level of parent debt through 2026. This decision gives us flexibility in our 2026 plans, and we're still forecasting mid-teens FFO to debt. Second, we have created flexibility to defer some long-term financing to 2026, depending on conditions later this year. We're continuing to indicate $5 billion of estimated utility long- term debt issuance in 2025.

我們正在重新評估計劃的這一要素，並可能將母公司債務的當前水準維持到 2026 年。這項決定為我們的 2026 年計畫提供了靈活性，我們仍然預測 FFO 與債務的比例將達到十幾歲。其次，我們創造了靈活性，將一些長期融資推遲到 2026 年，具體取決於今年稍後的情況。我們繼續預測 2025 年公用事業長期債務發行將達到 50 億美元。

We've raised $3 billion of this so far. And following the extension of our revolving credit facility that closed in June, we have flexibility to manage the remaining 2025 maturities without returning to the market until 2026. Reaching investment grade at the parent company will be a big win for our customers and continues to be a key focus for us.

到目前為止我們已經籌集了 30 億美元。繼 6 月結束的循環信貸額度延期之後，我們可以靈活地管理剩餘的 2025 年到期債務，而無需在 2026 年之前重返市場。在母公司達到投資等級對我們的客戶來說是一個巨大的勝利，並且仍然是我們關注的重點。

With the resulting lower future borrowing costs, investment grade is one of the most impactful and fast-acting affordability enablers, a point we will continue to emphasize in the context of the ongoing policy discussions. Last quarter, I mentioned that this was a big year for us in terms of regulatory filings. Two of those filings are behind us and moving through the process.

由於未來借貸成本降低，投資等級債券成為最具影響力和最快見效的負擔能力推動因素之一，我們將在正在進行的政策討論中繼續強調這一點。上個季度，我提到，就監管備案而言，今年對我們來說是重要的一年。其中兩份申請已提交並正在審理中。

First, the cost of capital application, which will set our CPUC return on equity for 2026. We believe we've made a strong case and look forward to a final decision before the end of this year. As a reminder, our filing is premised on the state delivering a constructive legislative fix for wildfire liability policy this year. Second, the 2027 GRC proposal, which I've already addressed; and third, our 10- year undergrounding plan, which we intend to file by year-end.

首先，資本應用成本將決定我們 2026 年的 CPUC 股本報酬率。我們相信我們已經提出了有力的論據，並期待在今年年底之前做出最終決定。提醒一下，我們提交申請的前提是該州今年要對野火責任保險採取建設性的立法措施。第二，2027 年 GRC 提案，我已經討論過了；第三，我們的 10 年地下化計劃，我們打算在年底前提交。

I'll end here on Slide 15 with a reminder of our value proposition, which we've reaffirmed again today. We're focused on execution, including on the policy front, serving our customers and also delivering for our investors. I firmly believe that these commitments are not mutually exclusive. Today, we're standing for stabilizing customer bills and delivering consistent, predictable outcomes for all.

我將在第 15 張投影片上結束演講，回顧我們的價值主張，今天我們再次重申了這一點。我們專注於執行，包括政策方面、服務我們的客戶以及為我們的投資者提供服務。我堅信這些承諾並不互相排斥。今天，我們致力於穩定客戶帳單並為所有人提供一致、可預測的結果。

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. While I acknowledge the questions prompted by the current legislative session, the fundamentals of the PG&E playbook are undeniable. Strong layers of physical risk mitigation improving every day, ample runway to continue reducing nonfuel O&M, beneficial load growth serving customers in California's prosperity, improving credit ratings and balance sheet health, our differentiated rate case proposal, all providing a path for customer bills to be flat to down in 2027 from today.

謝謝你，卡洛琳。雖然我承認本屆立法會議提出了一些問題，但 PG&E 策略的基本原則是不可否認的。強大的實體風險緩解措施每天都在改善，充足的跑道可以繼續減少非燃料運營和維護，有益的負荷增長為加州繁榮的客戶提供服務，提高信用評級和資產負債表健康狀況，我們提出差異化費率案例建議，所有這些都為客戶賬單從今天起在 2027 年持平或下降提供了途徑。

As I like to say, performance is power. It is our responsibility to continue to demonstrate performance and earn the trust and cooperation of our legislative leaders so that we can follow through on our promise to perform.

正如我喜歡說的，績效就是力量。我們的責任是繼續展示績效並贏得立法領導人的信任和合作，以便我們能夠履行履行承諾。

When we do what we say and continue to improve our performance, we have the power to influence perceptions and outcomes. I've never felt more certain about the PG&E team and our ability to deliver both for our customers and our investors. With that, operator, please open the lines for questions.

當我們言行一致並不斷提高績效時，我們就有能力影響人們的看法和結果。我從未對 PG&E 團隊以及我們為客戶和投資者提供服務的能力如此有信心。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Steve Fleishman with Wolfe.

史蒂夫·弗萊什曼和沃爾夫。

Yeah, hi Patty, Caroline, good morning. So just appreciated the comment on the confidence in achieving the growth under various legislative outcomes. Maybe just to be more specific there. So I think concerns that we hear are things like the securitization proposals on the affordability bills and then potential equity needs to fund a new wildfire fund. Could you maybe be more specific on those issues? And just again, kind of if those were to pass, just your confidence in hitting the growth rate?

是的，嗨，帕蒂，卡羅琳，早安。因此，我很欣賞您對在各種立法結果下實現增長的信心的評論。也許只是為了更具體一點。所以我認為我們聽到的擔憂是諸如可負擔性法案的證券化提案以及為新的野火基金提供資金的潛在股權需求。您能否更具體地談談這些問題？再說一次，如果這些都通過了，您對達到成長率有信心嗎？

Yeah, thanks, Steve. I'm very happy to clarify these questions. First, as we said, we've done a variety of assessments against a lot of legislative scenarios, and we are reaffirming our guidance through 2028. We feel very strongly that we've got the flexibility required. What I will say is we continue to advocate on the affordability front that securitization is not more affordable for customers. In fact, it would result in bills going up, not down. So we are definitely not supporting the securitization proposals. And there are some good proposals though, and we'd be disappointed if good affordability legislation didn't get passed this year.

是的，謝謝，史蒂夫。我很高興澄清這些問題。首先，正如我們所說，我們針對許多立法情境進行了各種評估，我們重申了我們對 2028 年的指導。我們強烈感覺到我們已經具備了所需的靈活性。我想說的是，我們繼續從可負擔性角度主張，證券化對客戶來說並不會更便宜。事實上，這會導致帳單金額上升，而不是下降。所以我們絕對不支持證券化提案。儘管也有一些不錯的提議，但如果今年不能通過良好的可負擔性立法，我們會感到失望。

I think there's just -- our business model is a little complex. And for our policymakers, it takes a minute to understand how that sort of decision could actually negatively affect customers. And so we just continue to advocate and educate and yet still make sure that we have a financial plan that can deal with any outcomes that might come through the legislative session.

我認為我們的商業模式有點複雜。對於我們的政策制定者來說，需要花一點時間來理解這種決定實際上會對客戶產生負面影響。因此，我們只是繼續倡導和教育，同時仍然確保我們有一個財務計劃，可以應對立法會議可能產生的任何結果。

There are some things on affordability we do love that in the package, the public purpose programs could save $12 a month on a customer's bill. That's a big deal. And we think that some of the other things like DOE like debt financing for the transmission, that could be a really good outcome for customers. So we're going to continue to work together like we always do to make sure that we've done a good job advocating for the right affordability solutions.

我們確實喜歡這個方案中一些關於可負擔性的東西，其中公共目的項目可以讓客戶每月節省 12 美元的賬單。這可是件大事。我們認為，能源部等其他一些舉措，例如輸電債務融資，對客戶來說可能是一個非常好的結果。因此，我們將一如既往地繼續共同努力，確保我們在倡導正確的可負擔性解決方案方面做得很好。

Now on the equity needs for the wildfire fund, I'll just tell you, there's no reason to assume that an upfront payment would be required. And we definitely would not be supportive of issuing equity, particularly at our current valuations to fund the wildfire fund. And so when we say we have to opt in, we want to make sure that what we're opting in is better than the status quo.

現在關於野火基金的股權需求，我只想告訴你，沒有理由認為需要預付款。我們絕對不會支持發行股票，特別是以我們目前的估值來資助野火基金。因此，當我們說我們必須選擇加入時，我們希望確保我們選擇的東西比現狀更好。

And the state has a pattern of doing the right thing. Our legislative process is a little noisy. We do it out loud here in California, and it definitely is public. But the good news is that means it's transparent, and we'll get to the right end just like we have year after year after year after year.

而國家有做正確事情的模式。我們的立法過程有點吵雜。我們在加州大聲地這樣做，而且這絕對是公開的。但好消息是，這意味著它是透明的，我們會像年復一年一樣到達正確的結果。

Okay, I'll leave it there for others.

好的，我就把它留給其他人了。

Thank you. Awesome. Thanks, Steve.

謝謝。驚人的。謝謝，史蒂夫。

Nicholas Campanella with Barclays.

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

Hey, thanks.

嘿，謝謝。

I really appreciate the time. Good morning. Good morning. I just wanted to pick it up from there. Not supportive of issuing equity to fund a wildfire fund solution. But just how are you thinking about the palatability to fund anything upfront at this point? I acknowledge that you also have, I think, some holdco debt capacity that Carolyn alluded to, but maybe I could just ask how you're thinking about that.

我真的很感激你們給我的時間。早安.早安.我只是想從那裡開始。不支持發行股票來資助野火基金解決方案。但是，您現在如何看待預先資助任何事項的可行性呢？我承認，我認為您也擁有卡羅琳提到的一些控股公司債務能力，但也許我可以問一下您是如何考慮這一點的。

Yeah, thanks, Nick. I just think there's no reason to think that there would need to be a large upfront contribution. The fund doesn't need cash today. Claims typically take years to pay out. And it's important that we have the most affordable ways of supporting the wildfire fund. And so the fund has an important role. It provides the basis for a liability cap for investors. The durability of the fund matters. The liquidity of the fund, however, does not happen quickly. The claims don't pay out quickly. So it doesn't put us in a position. And so I don't think there's a strong reason to assume that a big upfront payment would be required.

是的，謝謝，尼克。我只是認為沒有理由認為需要大量的前期投入。該基金今天不需要現金。索賠通常需要數年時間才能支付。重要的是我們要以最經濟的方式支持野火基金。因此該基金發揮重要作用。它為投資者的責任上限提供了基礎。基金的持久性很重要。然而，基金的流動性並不會很快實現。索賠不會很快得到賠償。所以它不會讓我們陷入困境。因此，我認為沒有充分的理由認為需要支付大筆預付款。

Okay. And then just you gave a lot of details on how you're thinking about end of year and then 2026 financing. Can you just kind of remind us on where you kind of stand today on balance sheet capacity if we were to just look at it simplistically, like I think after you did the equity late last year, you kind of talked about having a $2 billion of holdco debt capacity. But can you just remind us on where you stand now?

好的。然後您詳細說明了您對年底和 2026 年融資的看法。如果我們只是簡單地看一下，您能否提醒我們您目前在資產負債表容量方面的立場，就像我認為在您去年年底進行股權交易後，您談到了擁有 20 億美元的控股公司債務容量。但您能提醒我們一下您現在的立場嗎？

Thanks. Yeah, So Nick, it's Carolyn. So as you're right, we did do the equity in December, and our $63 billion plan is fully funded at this point in time. Now what we updated today is the timing of that $2 billion parent paydown of our debt. We do not intend to pay it down by the end of 2026, and this is what's giving us added flexibility in our 2026 plans. But it does remain an element of flexibility in our plan.

謝謝。是的，尼克，我是卡洛琳。正如您所說，我們確實在 12 月進行了股權投資，目前我們的 630 億美元計劃已獲得全額資助。今天我們要更新的是母公司償還我們 20 億美元債務的時間。我們不打算在 2026 年底前還清債務，這為我們的 2026 年計畫提供了更大的靈活性。但它確實仍然是我們計劃中的一個靈活性因素。

It's still -- we still have it as being paydown through -- by 2028. We're still targeting mid-teens FFO to debt. I mean -- and we're there already. So we plan and intend to maintain mid-teens FFO to debt through 2028. The percentage of that parent debt is relatively low versus our peers, and so that continues to be an element of flexibility for us.

我們仍需在 2028 年之前償還債務。我們的目標仍然是將 FFO 與負債比率控制在十五六成左右。我的意思是──我們已經到了那裡。因此，我們計劃並打算在 2028 年之前將 FFO 與負債比率維持在 15% 左右。與同行相比，母公司債務的比例相對較低，因此這對我們來說仍然是一個靈活性因素。

I appreciate that. I'm sorry to make you repeat yourself.

我很感激。很抱歉讓你重複一遍。

Thank you.

謝謝。

Julien Dumoulin-Smith with Jefferies.

傑富瑞 (Jefferies) 的 Julien Dumoulin-Smith。

Hey, good morning, Patty team. Thank you very much for the time, I appreciate it. To follow up a little bit on what was being discussed earlier. And obviously, the upfront acute needs of the balance sheet would be clearly unpalatable in the current environment. How do you think about a ratable or delayed contribution here?

嘿，早上好，Patty 團隊。非常感謝您抽出時間，我非常感激。稍微跟進一下之前討論的內容。顯然，在當前環境下，資產負債表的前期迫切需求顯然是難以接受的。您如何看待這裡的比例或延遲捐款？

I mean, how do you think about the concept at all, right, notwithstanding even the idea that it would be front-end loaded. I just wanted to try to expand a little bit on the degrees of freedom that might exist here as you think about how to resolve the demands or tensions from the state as well as any other possible directions that perhaps might not be obvious or visible here, if you will?

我的意思是，您怎麼看待這個概念呢，對吧，儘管認為它是前端加載的。我只是想嘗試稍微擴展一下這裡可能存在的自由度，因為您考慮如何解決來自國家的要求或緊張局勢，以及任何其他可能的方向，這些方向可能在這裡並不明顯或可見，您願意嗎？

Yeah, I think that it's important to remember what is the purpose of the wildfire fund. The wildfire fund is intended to be -- provide smoothing for rate -- for our customers -- smoothing rates for our customers to fund that fund because under the inverse condemnation doctrine for a prudent operator, the claims are collectible from customers. Now we don't think in the long run, that's the right affordability picture for California given the wildfire risk that exists here in the state.

是的，我認為記住野火基金的用途很重要。野火基金的目的是為我們的客戶提供平滑的費率——為我們的客戶提供平滑的費率來資助該基金，因為根據謹慎運營商的逆向徵用原則，可以從客戶那裡收取索賠。現在，我們認為，從長遠來看，考慮到加州存在的野火風險，這並不是加州正確的負擔能力狀況。

But in the near term, we want to support that wildfire fund's durability because that wildfire fund also provides liability exposure protections for investors and for the IOUs so that we can continue to be financially attractive and viable to deliver on California's clean energy ambitions and our AI leadership and making our system safer. And so the fund plays an important role for both customers and investors.

但在短期內，我們希望支持野火基金的持久性，因為野火基金也為投資者和 IOU 提供責任風險保護，以便我們能夠繼續具有財務吸引力和可行性，以實現加州的清潔能源目標和我們的人工智慧領導地位，並使我們的系統更安全。因此，該基金對於客戶和投資者都發揮著重要作用。

How to maintain the durability of that fund could take a lot of different forms, we do think that longer-term payments and spreading out the costs matches the kind of pace at which the liquidity of that fund is required. We've seen that the funds and the claims get paid over a long period of time. So what's important to do here is make sure we spread out the costs over the longest period of time in a way that are still -- that there's enough value to be provided to those who are harmed by the effects of wildfire.

如何保持該基金的持久性可以採取許多不同的形式，我們確實認為長期支付和分攤成本與該基金所需的流動性速度相符。我們已經看到資金和索賠在很長一段時間內都得到了支付。因此，這裡重要的是確保我們以仍然有效的方式在最長的時間內分攤成本——為那些受到野火影響的人們提供足夠的價值。

And a quick follow-up here. I mean it's not necessarily obvious, but how do you think about inverse condemnation as being part of the reform conversation? We've seen it somewhat in adjacent states. But I want to ask in the context of tackling tort reform and IC specifically. Is that part of the conversation here?

這裡有一個快速的後續行動。我的意思是，這不一定是顯而易見的，但您如何看待逆向譴責作為改革對話的一部分？我們在鄰近的州已經看到過這種情況。但我想在解決侵權行為改革和 IC 問題的具體背景下提出這個問題。這是這裡談話的一部分嗎？

I would say the path toward a more holistic solution certainly needs to go beyond utilities. California needs a holistic wildfire solution. Look, we need a functioning insurance market for customers. The spread of wildfire is what is the most expensive portion, and that needs to be modernized through defensible spaces, building codes, better forest management. There's a holistic solution. Claims limitations definitely should be on the table.

我想說，走向更全面的解決方案的道路肯定需要超越實用性。加州需要一個全面的野火解決方案。瞧，我們需要一個為客戶正常運作的保險市場。野火的蔓延是最昂貴的部分，需要透過防禦空間、建築規範和更好的森林管理來現代化。有一個整體的解決方案。索賠限制絕對應該被考慮。

And so I think that the state has a real existential challenge here. And thankfully, we have a history of working well together here in California. The best solution will come when we stand together and find the path that protects and provides protections for those harmed by wildfire, but also prevents wildfire. We spend billions of dollars a year preventing an ignition. And I'd say that the equal amount is not being spent to prevent spread. And I think that's a state role that we need to play together to make our communities hardened just like we did for earthquake, we think there's other solutions that should be on the table and that we should look at.

所以我認為國家在這裡面臨真正的生存挑戰。值得慶幸的是，我們在加州有著良好的合作歷史。當我們團結一致，找到一條既能保護受野火危害的人們，又能防止野火發生的道路時，就會找到最好的解決方案。我們每年花費數十億美元來防止火災。我想說的是，我們並沒有花費同等的金額來防止疫情蔓延。我認為這是我們國家需要共同發揮的作用，讓我們的社區更加堅強，就像我們為地震所做的那樣，我們認為還有其他解決方案應該擺在桌面上，我們應該研究。

So I would just suggest that inverse condemnation in its strict and most current form only fixes part of the problem. We need a bigger solution for California, and we're standing with California. We live here, too. We want to make sure it's a safe and vibrant place that can continue the California dream. We need to make sure that we've got wildfire legislation over time that reflects that and enables it.

因此，我只是建議，嚴格且最新形式的逆向譴責只能解決部分問題。我們需要為加州提供更大的解決方案，我們與加州站在一起。我們也住在這裡。我們希望確保它是一個安全而充滿活力的地方，可以繼續實現加州夢。我們需要確保我們制定的野火立法能夠反映這一點並實現這一點。

Thank you, guys, very much. Thank. You.

非常感謝你們。感謝。你。

Patty. Best of luck here this fall.

帕蒂。祝今年秋天好運。

Thank you, Julian.

謝謝你，朱利安。

Richard Sunderland with JPMorgan Securities.

摩根大通證券的理查德桑德蘭 (Richard Sunderland)。

Hey, good morning. Thank you for the time today. Some. Turning to the data center pipeline and your San Jose announcements. Can you expand on the San Jose update a little bit and particularly the path and timing to capturing some of those load growth benefits for customers? I guess I'm thinking back to the 1 gigawatt and 1% to 2% math there and when that might be an opportunity to add it to your outlook.

嘿，早安。感謝您今天抽出時間。一些。轉向資料中心管道和聖何塞公告。您能否稍微詳細地介紹一下聖荷西的更新情況，特別是為客戶取得部分負載成長優勢的途徑和時間？我想我正在回想一下 1 千兆瓦和 1% 到 2% 的數學計算，以及何時這可能是將其添加到您的展望中的機會。

Yeah, We're so excited about this. We want to earn the right to serve our communities. And San Jose, obviously, as I like to say, the smartest city in America, we're proud to serve San Jose. And we've worked hard with the city to make sure that they can both accelerate permitting and the ability to do construction of data centers in San Jose and that we have the power to keep them on time.

是的，我們對此感到非常興奮。我們希望獲得為社區服務的權利。正如我所說，聖荷西顯然是美國最聰明的城市，我們很自豪能夠為聖荷西服務。我們與市政府密切合作，確保他們能夠加快審批速度，並有能力在聖荷西建立資料中心，我們有能力確保他們按時完成建造。

And so we see construction for most of those projects starting at late '26, early '27 -- or construction starting soon, but the actual load materializing in 2027 predominantly, construction preparations will take most of 2026. And so then we'll see that -- we see that pipeline both in San Jose then across the rest of the service area, taking shape '27, '28, '29. It's very exciting.

因此，我們看到大多數項目的建設將於 2026 年末或 2027 年初開始，或即將開始建設，但實際負荷主要在 2027 年實現，建設準備將佔用 2026 年的大部分時間。然後我們會看到——我們看到這條管道不僅位於聖何塞，還穿過服務區的其餘部分，並在 27、28、29 年成形。這非常令人興奮。

Once people found out that PG&E was ready to serve, the applications came rolling in. And so our cluster study process has been very effective. And again, working with the City of San Jose has been a great catalyst for the state because the Mayor Matt Mahan in San Jose is a real leader who really saw the benefits of this load growth for tax revenue and an ability to take advantage of believe it or not, there is land and space in San Jose to build, and we are taking advantage of that.

當人們發現 PG&E 已準備好提供服務時，申請就紛至沓來。因此我們的集群研究過程非常有效。再次，與聖荷西市的合作對於該州來說是一個巨大的催化劑，因為聖荷西市長馬特·馬漢是一位真正的領導者，他真正看到了這種負荷增長對稅收的好處，並能夠利用這種優勢，不管你信不信，聖何塞有土地和空間可以建設，我們正在利用這一點。

So the partnership was really important to us to accelerate the progress and to building out that construction and getting that load online, we would see the rate benefits probably starting in 2027.

因此，這種合作關係對於我們加快進度、完成建設並實現線上負荷非常重要，我們可能會在 2027 年開始看到費率優勢。

Got it. That's very helpful. And then expanding on those benefits, how are you thinking about tackling the affordability conversation in the legislature, given your outlook for '26 and '27 bills and then the points you just hit on the load pickup thereafter.

知道了。這非常有幫助。然後擴大這些好處，考慮到您對 26 年和 27 年法案的展望以及您剛才談到的關於此後負擔能力提升的觀點，您如何考慮在立法機構中解決可負擔性對話問題。

Obviously, people are focused on the pressure right now, but you've also charted a path that could be different over the next few years. Do you see this affordability conversation as something that you can get to outcomes in this session? Or do you expect a multi-session effort here?

顯然，人們現在關注的是壓力，但你也規劃了一條未來幾年可能會有所不同的道路。您是否認為本次會議能夠就可負擔性問題展開對話並取得成果？還是您希望在這裡進行多場會議的努力？

Yeah, I think we can get to -- I would be disappointed if we didn't get to affordability solutions here this session. There are good ideas on the table that we like a lot. And that, combined with our simple, affordable model. In defense of our legislature, our rates have gone down and flattened this year, but that's the first they're seeing it. And so that's a big change in trajectory here in California.

是的，我認為我們可以——如果我們在本次會議上沒有討論到可負擔性解決方案，我會很失望。我們非常喜歡這些好的想法。並且，結合我們簡單、實惠的模型。為了維護我們的立法機構，我們的稅率今年已經下降並趨於平穩，但這是他們第一次看到這種情況。這是加州發展軌跡的巨大變化。

Our rates forecast to go down would be a big change here in California. So I think getting the timing right with our legislature, earning their trust is important. And as I say, performance is power, we have to perform, we have to deliver those rate reductions. And as we do, then they can be more confident.

我們預測利率將會下降，這對加州來說將是一個巨大的變化。因此我認為，把握好與立法機構溝通的時機，贏得他們的信任非常重要。正如我所說，績效就是力量，我們必須履行職責，必須實現這些降息。當我們這樣做時，他們就會更有自信。

But in the near term, there is work that the legislature could do to make bills more affordable in California, 30% to 40% of our bills are policy driven. And so the legislature has a role and an opportunity to play a role in making energy more affordable here in California.

但在短期內，立法機構可以做一些工作，使加州的法案更實惠，我們的法案中有 30% 到 40% 是由政策驅動的。因此，立法機構有責任、也有機會在使加州的能源變得更便宜方面發揮作用。

And so things like the public purpose programs coming off the bill, that's $12 a month for customers. There's other things further NEM Reform that would be important. The way we finance transmission on the debt side of that equation, we could do state-driven loans, much like the DOE does and much like our DOE loan program office that could do the debt financing for transmission. That would save customers and be a revenue raiser for the state.

因此，諸如公共目的計劃之類的費用不包含在帳單中，客戶每月需支付 12 美元。NEM 改革中還有其他重要的事情。我們在債務方面為輸電提供資金的方式是，我們可以進行國家驅動的貸款，就像美國能源部所做的那樣，也像我們的能源部貸款專案辦公室可以為輸電提供債務融資一樣。這不僅可以挽留顧客，還能為州政府增加收入。

So I think there's some really innovative solutions, and we appreciate the opportunity to work with the legislature to find the right solutions that actually benefit customers, both in the near term and longer term. But I'd like to see that get buttoned up this session to your point, Rich.

所以我認為這確實有一些創新的解決方案，我們很高興有機會與立法機構合作，找到真正使客戶受益的正確解決方案，無論是在短期還是長期。但我希望看到這次會議能夠按照你的觀點進行，Rich。

Very clear. Thank you.

非常清楚。謝謝。

Thanks.

謝謝。

Anthony Crowdell with Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good. Morning team. Thanks so much for taking the.

嘿，很好。早安團隊。非常感謝您接受。

Question. Anthony.

問題。安東尼。

Hey, I wanted to jump on Rich's question. And I appreciate it's transparent, the legislative process in California, and it's very fluid. But any thoughts on if we could see the solutions for AB 1054 combine and morph into also the affordability bills that are out there and we get one big package?

嘿，我想回答一下 Rich 的問題。我很欣賞加州立法程序的透明度和靈活性。但是，如果我們能看到 AB 1054 的解決方案結合起來並轉變為現有的可負擔性法案，我們就能得到一個大方案，對此您有什麼想法嗎？

Well, it's a great question, Anthony. Look, we've got 6 weeks left. So a lot of things will get combined. And I do think it's good to look at the holistic impact, both for customers and for the IOUs, make sure that we've got a package of solutions that work together this year.

嗯，這是一個很好的問題，安東尼。瞧，我們還剩下六週的時間。所以很多東西都會結合在一起。我確實認為，最好考慮對客戶和 IOU 的整體影響，確保我們今年能拿出一套可以協同工作的解決方案。

And then this is maybe a harder question to answer, and I understand if you don't want to answer it. You highlight that whatever comes out of the legislature related to the AB 1054 modifications, it's voluntarily for all the utilities they want to opt in.

這可能是一個更難回答的問題，如果你不想回答，我理解。您強調，無論立法機構推出與 AB 1054 修改相關的任何決議，對於所有他們希望加入的公用事業公司來說，這都是自願的。

So, like obviously, questions earlier about maybe equity upfront or something is just something that you really would not sign up for. Are there any other items that you kind of want to see or don't want to see that would really cause you to think you might want to really volunteer to sign up on this legislation?

因此，顯然，之前關於預付股權或類似的東西的問題是你真的不會簽署的。還有其他您想看到或不想看到的事情讓您覺得您可能真的想自願簽署這項立法嗎？

I think it's the totality of the package, Anthony. It has to net-net be better. It has to be better for customers. It has to be better for our IOUs, for our cost of capital. We want to make sure that it's net better than the current construct. And I have confidence that we can find a net better path. The wildfire fund is important to investors and customers, its durability matters and how it gets funded matters.

我認為這就是全部內容，安東尼。它必須變得更好。它必須為顧客提供更好的服務。這對我們的借據和資本成本來說必須更好。我們希望確保它比當前構造更好。我相信我們能夠找到一條更好的路。野火基金對投資者和客戶來說很重要，它的持久性很重要，如何獲得資金也很重要。

And so I -- what I'm confident about is that we have the right policymakers who have the right mindset about how best to serve the people of California. And so we're going to work together to find the right outcome.

因此，我相信，我們擁有合適的決策者，他們有正確的思維方式，知道如何最好地服務加州人民。因此我們將共同努力尋找正確的結果。

We have confidence that they'll do the right thing in the end, and we're doing a lot of advocacy to make sure that the fund is durable and that, that pathway to a longer-term fix, the real substantive changes in the legislative arena and here in California are meaningful, and we follow through on those. That's going to be an important part of what matters to us for agreeing to opt in.

我們相信他們最終會做出正確的選擇，我們正在進行大量的宣傳，以確保該基金的持久性，並確保通往長期解決方案的途徑、立法領域和加利福尼亞州的真正實質性變化是有意義的，並且我們會堅持執行這些變化。這將成為我們同意加入的重要部分。

Great, thanks for taking my questions.

太好了，謝謝你回答我的問題。

David Arcaro with Morgan Stanley.

摩根士丹利的 David Arcaro。

Hey, David. Good morning. A let's see -- Edison had an ALJ proposed decision that had recommended lower wildfire mitigation CapEx. I was just wondering if you think that has any read across to you with your GRC? Could that influence how you prioritize different CapEx programs at all?

嘿，大衛。早安.讓我們看看——愛迪生有一個 ALJ 提出的決定，建議降低野火緩解資本支出。我只是想知道您是否認為這對您的 GRC 有任何幫助？這會影響您對不同資本支出計劃的優先順序嗎？

Well, so as you know, that Edison's proposed decision just came out, and we'll look forward to hearing their take on it. What I'll tell you about our wildfire mitigation plans, we continue to file our wildfire mitigation plans and our GRC reflects it. We still intend to file our undergrounding plan later this year. I do think it's really important for the state of California that they see the value in undergrounding.

嗯，正如你所知，愛迪生提出的決定剛剛出台，我們期待聽到他們對此的看法。我要告訴你們的是，我們將繼續提交我們的野火緩解計劃，而我們的 GRC 也會反映該計劃。我們仍打算在今年稍後提交我們的地下化計劃。我確實認為讓加州認識到地下化的價值非常重要。

Today in our customers' bills, we spend $20 a month on vegetation management, our customers do, and they only spend $1 a month on undergrounding. Undergrounding is the right permanent solution in our highest risk areas, not everywhere, but our highest risk areas.

今天，在我們客戶的帳單中，我們每月在植被管理上花費 20 美元，而我們的客戶則每月只花費 1 美元用於地下化。在我們風險最高的地區，地下化是正確的永久解決方案，雖然不是所有地方，但絕對是我們風險最高的地區。

And so I think it is important that we continue to show we can do it more affordably, that we can do it efficiently.

因此我認為重要的是我們要繼續證明我們可以更經濟、更有效率地做到這一點。

We are showing that. We're showing our unit costs going down and our ability to deliver for customers improving, and it is more affordable than our current construct of inspections and vegetation management year after year after year on those highest risk miles, and we know it reduces the most risk for the lowest cost. So we're going to continue to advocate for undergrounding as a key part of the wildfire mitigation solutions here in California.

我們正在展示這一點。我們的單位成本正在下降，我們為客戶提供服務的能力正在提高，而且這比我們目前在風險最高的里程上逐年進行的檢查和植被管理更經濟實惠，我們知道這能以最低的成本降低最大的風險。因此，我們將繼續倡導地下化作為加州野火緩解解決方案的重要組成部分。

Okay, great, thanks so much I'll leave it there.

好的，太好了，非常感謝，我就不多說了。

Thanks David.

謝謝大衛。

Carly Davenport with Goldman Sachs.

高盛的卡莉·達文波特。

Hey Carlin morning thanks so much thanks so much for taking the questions. I wanted to follow up on the data center pipeline. Just any thoughts on how we should think about your expectations on the conversion rate from early stage to final engineering to construction? And then could that pipeline conversion shift if ultimately there are securitization provisions around energization spend?

嘿，卡林，早上好，非常感謝你回答這些問題。我想跟進資料中心管道。您認為我們應該如何看待您對從早期階段到最終工程再到施工的轉換率的期望？那麼，如果最終有圍繞能源支出的證券化條款，那麼管道轉換是否會改變？

So I would say, first of all, through our -- what we've seen in our Cluster 1 and Cluster 2 from the very first application to moving into construction, we're showing about a 50% attrition rate. So that, I think, could carry through or perhaps as we start to build more and get better at it, maybe we are able to convert more of that into real beneficial load.

所以我想說，首先，透過我們的觀察——從最初的應用到進入建設階段，我們在集群 1 和集群 2 中看到，流失率約為 50%。因此，我認為，這可以貫徹下去，或者也許隨著我們開始建造更多並做得更好，也許我們能夠將更多的負載轉化為真正的有益負載。

So I would say that it's early days to really have a strong prediction on attrition rate, but probably in about that 50% zone. I think as the legislative agenda comes to completion, we're going to want to make sure that we can serve that large load. We're going to want to make sure because that's the best kind of CapEx. That CapEx reduces builds.

因此我想說，現在對員工流動率做出準確的預測還為時過早，但大概是 50% 左右。我認為，隨著立法議程的完成，我們將希望確保能夠承擔如此巨大的負擔。我們要確保這一點，因為這是最好的資本支出。資本支出減少了建設。

And so I think we're going to want to make sure that we have means of including and the ability to finance that new CapEx and serve that large data center load. So we're going to be advocating strongly for that.

因此，我認為我們要確保我們有能力和手段來資助新的資本支出並滿足大型資料中心的負載。因此我們將大力提倡這一點。

Maybe I'll just add -- maybe I'll just add that a lot of that is, remember, transmission, so FERC funded, not necessarily CPUC or.

也許我只是想補充一下——也許我只是想補充一下，記住，其中很多是傳輸，所以由 FERC 資助，不一定是 CPUC 或。

Got it. Okay. Great. I appreciate that color. And then I wanted to just ask quickly on the O&M reduction target, just given the commentary in the prepared about potential upside relative to what you have kind of baked into the plan there. I guess just any specific opportunities that you'd highlight driving that potential upside?

知道了。好的。偉大的。我很欣賞那個顏色。然後，我想快速詢問一下 O&M 減少目標，只是給出了準備好的評論，關於相對於您在計劃中已經考慮到的潛在優勢。我想您會強調哪些具體機會可以推動這一潛在的上升趨勢？

I'm sorry, can you repeat that question, Carly?

抱歉，卡莉，你能重複這個問題嗎？

It's the potential, yeah, I'll take it, Carly on the O&M. Yes, I'll take it, Carly. Sorry, this is Patti. On the O&M, we see lots of potential for upside. One of the areas that we're excited about is AI, of course, being able to deploy it, we've been able to dramatically improve our inspection process and reduce the cost to deliver that. We've got some new technologies we're deploying in our vegetation management area, where we're able to really streamline how we use technology to get a better vegetation read at a lower cost.

是的，這是有潛力的，我會接受的，Carly 負責 O&M。是的，我會接受的，卡莉。抱歉，我是帕蒂。在 O&M 方面，我們看到了很大的上升潛力。我們感到興奮的領域之一是人工智慧，當然，能夠部署它，我們就能夠顯著改善我們的檢查流程並降低實現這一目標的成本。我們在植被管理領域部署了一些新技術，我們能夠真正簡化使用技術的方式，以更低的成本獲得更好的植被讀取效果。

And there's hundreds of projects. Carolyn mentioned hundreds of projects across the enterprise where people are deploying what we call waste elimination. It's the fifth play in our playbook, and we have all sorts of small ideas and then large ideas. Self-insurance has been a continual benefit to customers, things like that, both on the big size and the small size. So I would say our O&M engine is just getting revved up, and you can count on us to be working hard to exceed that 2% target every year.

還有數百個項目。卡羅琳提到了整個企業中數百個項目，人們正在部署我們所謂的「消除浪費」措施。這是我們劇本中的第五個劇本，我們有各種各樣的小想法和大想法。自我保險一直為客戶帶來諸如此類的益處，無論金額大小。所以我想說我們的 O&M 引擎才剛啟動，你可以相信我們每年都會努力超越 2% 的目標。

Great thank you for all the details.

非常感謝您提供的所有詳細資訊。

Yes, you got it, Carly.

是的，你明白了，卡莉。

Ryan Levine with Citi.

花旗銀行的 Ryan Levine。

Good morning. IIn your prepared remarks, there was mention of an interim study of a more holistic solution related to AB 1054, which was also referenced by several other stakeholders recently. How do you envision this process? And any sense of what actually would be studied between now and presumably the end of the governor's term?

早安.在您準備好的發言中，提到了與 AB 1054 相關的更全面的解決方案的中期研究，最近其他幾個利益相關者也提到了這一點。您如何設想這個過程？從現在到州長任期結束之間，實際上要研究什麼內容？

Yeah, We're looking forward to really partnering with the state to look at things like the insurance market, how is it -- do we have a viable insurance market for customers in California? Do we have the right building codes? Do we have the right community hardening programs, forest clearing. And then we want to look at things like claims limitations. Other states are taking those actions to make sure that what is paid out in claims really goes to victims and not necessarily other participants in the process.

是的，我們期待與州政府真正合作，研究保險市場等問題，我們是否為加州客戶提供可行的保險市場？我們有正確的建築規範嗎？我們是否有正確的社區強化計畫、森林清理計畫。然後我們要看看索賠限制之類的事情。其他州採取這些行動是為了確保索賠金額真正流向受害者，而不一定是過程中的其他參與者。

We want to make sure that the California system is holistic, much like earthquake. Earthquake is an environmental hazard in California yet. Building codes make it safer. We've got response plans. We do drills. It's a collective California approach to earthquake.

我們希望確保加州的體係是全面性的，就像地震一樣。地震仍然是加州的一個環境危害。建築規範使其更加安全。我們已經制定了應對計劃。我們進行演習。這是加州應對地震的集體措施。

We need the same collective California approach to wildfire. And we definitely want to be a key part in that study, that work and put meaningful legislative actions and measures in place so that Californians can continue to experience the quality of life and certainty and affordability here that they're expecting.

我們需要加州採取同樣的集體措施來應對野火。我們當然希望成為這項研究的關鍵部分，開展工作並制定有意義的立法行動和措施，以便加州人能夠繼續體驗他們所期望的生活品質、確定性和可負擔性。

Great. And then one follow-up on the financing plan. How do you view the proposed decision we get to SB 410 capital would be funded relative to plan? Any color as to how that interplays with some of the other drivers of your outlook?

偉大的。然後跟進融資計劃。您如何看待我們對 SB 410 資金將按照計劃得到資助的提議決定？您能解釋一下這與您展望中的其他一些驅動因素如何相互作用嗎？

Yeah Ryan, it's Carolyn. A couple of things. Just remember, that is just a PD, so we still have to wait for the final decision, which could be voted out as soon as the end of August. But another important thing to remember is that the PD allows for additional funding up to $2.4 billion for '25 and '26.

是的，瑞安，我是卡洛琳。有幾件事。請記住，這只是一個 PD，所以我們仍然需要等待最終決定，該決定最早可能在 8 月底投票通過。但要記住的另一件重要的事情是，PD 允許為 25 年和 26 年額外提供高達 24 億美元的資金。

Thanks to the SB 410 funding we received last year, we're actually on target to work through the backlog, and we continue to drive meaningful unit cost savings. But as we've been saying, any new capital approvals would not necessarily be additive to our plan.

感謝我們去年收到的 SB 410 資金，我們實際上正在按計劃處理積壓的工作，並且我們將繼續推動有意義的單位成本節約。但正如我們一直所說的那樣，任何新的資本批准並不一定會對我們的計劃有所補充。

While we could make the plan bigger, we could add to our capital plan, we would also may look just to simply make it better by prioritizing projects that benefit customer affordability like energization or we could simply make our 9% growth plan longer in duration. So those are the choices that we have as we think about adding to the capital plan.

雖然我們可以將計劃擴大，但我們可以增加資本計劃，我們也可以考慮透過優先考慮有利於客戶負擔能力的項目（如通電）來使其變得更好，或者我們可以簡單地延長 9% 的成長計劃的持續時間。所以這些就是我們在考慮增加資本計畫時所擁有的選擇。

Great, thanks for taking my questions.

太好了，感謝您回答我的問題。

Gregg Orrill with UBS.

瑞銀的 Gregg Orrill。

Good morning. Morning, Greg.

早安.早安，格雷格。

Yeah, good morning. Thank you. Just around the cost of capital proceeding, would you consider modifying your cost of capital position based on certain legislative outcomes? How much latitude is there within that proceeding in order to do that? Does the schedule allow for it?

是的，早安。謝謝。圍繞資本成本程序，您是否會考慮根據某些立法結果修改您的資本成本狀況？為了做到這一點，該程式中有多少自由度？時間安排允許嗎？

Thank you.

謝謝。

Yeah, so our filing that we made, we think we've made a very strong case with an ROE request of 11.3%. The filing did assume resolution on AB 1054. There is the possibility to have -- there is the ability to file an off-cycle application. But at this point in time, we -- as we've said, we're confident there'll be a resolution that there will be constructive resolution on AB 1054.

是的，我們認為我們提交的文件已經提出了非常有力的論點，即 11.3% 的 ROE 請求。該文件確實假定 AB 1054 已解決。有可能－有能力提交非週期申請。但此時此刻，正如我們所說的，我們相信 AB 1054 將會得到建設性的解決方案。

And so we believe that the right fix is a legislative fix. The schedule right now, we're pleased to see that there will be a final decision before year-end, evidentiary hearings are at the beginning of September, and we expect a PD in November.

因此，我們認為正確的解決方案是透過立法手段。根據目前的安排，我們很高興看到年底前將會做出最終決定，證據聽證會將於 9 月初舉行，我們預計 11 月將有 PD。

Okay, thank you.

好的，謝謝。

David Frank with Zimmer Partners.

Zimmer Partners 的 David Frank。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Hey, good morning.

嘿，早安。

Morning, Patti, could you tell me, is your confidence of hitting the targeted earnings growth rate under different legislative scenarios underpinned by options for capital redeployment such as regulated FERC transmission investments or stock buybacks, which at 7x earnings today is obviously accretive to investing in a rate base.

早安，帕蒂，您能否告訴我，在不同的立法情景下，您是否有信心達到目標盈利增長率，這些情景由資本重新部署的選擇所支撐，例如受監管的聯邦能源管理委員會輸電投資或股票回購，而今天的 7 倍收益顯然對投資利率基礎具有增值作用。

Our plan and what our confidence is, is that we have optionality. We have a lot of options. We have a deep demand for capital for our customers and capital investment to serve this new data center load to do energization, to connect new businesses, to make the system safer, to make it more reliable, to continue to operate a safe gas system here in California to operate our generating assets.

我們的計劃和信心是，我們有選擇權。我們有很多選擇。我們對客戶的資金和資本投資有強烈的需求，以便為這個新的資料中心負載提供電力，連接新的業務，使系統更安全，更可靠，繼續在加州運營安全的天然氣系統來運營我們的發電資產。

We've got lots of demand for capital on our system, and we're going to make sure that we balance the needs of customers and the expectations of investors. Look, the IOU model is critically important for California. It's important for the safety of Californians. It's important for AI leadership in California. It's important for our clean energy ambitions. The IOU model is essential and that IOU equity capital is essential.

我們的系統對資本的需求很大，我們將確保平衡客戶的需求和投資者的期望。瞧，IOU 模式對於加州來說至關重要。這對加州人的安全至關重要。這對於加州的人工智慧領導地位來說非常重要。這對我們的清潔能源目標至關重要。IOU模型不可或缺，IOU股權資本不可或缺。

And so our job is to make sure that policymakers, decision-makers understand that and value that like we do and make sure that we have appropriate returns for investors. And being attractive to investors can take different forms, and we'll take those forms if necessary, but our primary confidence is borne on a really effective legislative outcome this year, and that will drive our ability to further implement simple affordable model, which delivers capital and earnings growth while reducing cost for customers. And we think that model is the winning solution for California.

因此，我們的工作是確保政策制定者、決策者理解這一點並像我們一樣重視這一點，並確保我們為投資者帶來適當的回報。吸引投資者可以採取不同的形式，如有必要，我們將採取這些形式，但我們的主要信心取決於今年真正有效的立法結果，這將推動我們進一步實施簡單可負擔的模式，在降低客戶成本的同時實現資本和收益增長。我們認為該模式是加州的成功解決方案。

Got it. Sounds like a good plan.

知道了。聽起來是個不錯的計畫。

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

Paul Fremont with Ladenburg Thalmann.

保羅‧弗里蒙特 (Paul Fremont) 與拉登堡‧塔爾曼 (Ladenburg Thalmann)。

Thank you very much. Good morning. I guess my first question is we've seen in the press about a Newsom plan for an $18 billion replenishment. Is that the entire plan that you're expecting out of the governor's office? Or is that just a part of something larger in your view?

非常感謝。早安.我想我的第一個問題是，我們在媒體上看到了紐瑟姆提出的 180 億美元補充計畫。這就是您所期待的州長辦公室的全部計劃嗎？或者在您看來這只是更大事物的一部分？

Yeah, Paul, it's -- look, the devil is in the details. I certainly would not be relying on a press article to tell the whole story in this case. Let's let the process work. Again, like I said, sometimes the legislative process here in California can be a little bit of a bumpy ride, but we get to the right end in the end, and I have confidence that we'll do that here.

是的，保羅，你看，魔鬼就在細節裡。在這種情況下，我當然不會依賴新聞文章來講述整個故事。讓我們讓這個過程順利進行。再說一次，就像我說的，有時加州的立法過程可能會有點坎坷，但我們最終會找到正確的結果，我有信心我們會做到這一點。

And so as part of a holistic package, as we've said, what's really important to us is, number one, there's durability to the fund, affordability for customers and attractiveness for investors as well as a longer-term solution that really gets at the systemic environmental hazard that wildfire is causing here for the Californians that we serve.

因此，作為整體方案的一部分，正如我們所說，對我們來說真正重要的是，首先，基金要具有持久性，客戶要能夠負擔得起，對投資者要有吸引力，同時還要有一個長期解決方案，真正解決野火給我們服務的加州人民造成的系統性環境危害。

Great. And then there's obviously not a lot of detail, but is there anything that you can share in terms of how the portion allocated to the IOUs would be allocated?

偉大的。然後顯然沒有太多細節，但是關於如何分配 IOU 的部分，您能分享一下嗎？

Yeah, we're really just not in a position to speak for the legislature on this. Those are decisions that they'll be making, and we'll be working to advocate for obviously, proper cost allocation.

是的，我們確實沒有資格代表立法機構就此事發言。這些都是他們將要做出的決定，我們將努力倡導適當的成本分配。

Great. Thank you very much. That's all for me.

偉大的。非常感謝。對我來說就這些了。

Okay, great. Thanks, Paul.

好的，太好了。謝謝，保羅。

I will now turn the call back over to Patti Poppe, CEO, for closing remarks. Please go ahead.

現在我將把電話轉回給執行長 Patti Poppe，請她做最後發言。請繼續。

Thank you so much for joining us today, everyone. We know it's been a little bit of a bumpy ride, and we are in it for the long haul, and we want you to know. And I just want to remind you that we've looked at a range of scenarios and feel comfortable reaffirming our financial guidance through 2028 against this backdrop of a variety of outcomes.

非常感謝大家今天加入我們。我們知道這是一段有點坎坷的旅程，我們會堅持下去，我們想讓你們知道。我只是想提醒您，我們已經研究了一系列情景，並且在各種結果的背景下，我們很樂意重申我們對 2028 年的財務指導。

And we just look forward to keeping you updated as the legislative activity takes shape in the coming weeks. We're standing for California, we're standing for our customers, and we're standing for you. Thanks so much. Stay safe out there.

我們期待在未來幾週內隨著立法活動的進展向您通報最新情況。我們代表加州，我們代表我們的客戶，我們代表您。非常感謝。在外面要注意安全。

Ladies and gentlemen, this concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。