PG&E Corp (PCG) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome you to the PG&E Corporation third quarter 2025 earnings conference call. (Operator Instructions) Please note, we have allotted 45 minutes for this conference call.

女士們、先生們，感謝你們的耐心等待。我叫克麗斯塔，今天我將擔任你們的會議接線生。此時此刻，我謹代表太平洋煤氣電力公司歡迎各位參加2025年第三季財報電話會議。（操作員說明）請注意，本次電話會議時間為 45 分鐘。

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

現在我將把電話交給投資者關係副總裁喬納森·阿諾德。喬納森，你可以開始了。

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

各位早安，感謝各位參加PG&E 2025年第三季財報電話會議。今天與我們在一起的是執行長帕蒂·波普；以及執行副總裁兼財務長卡羅琳·伯克。我們領導團隊的其他成員也和我們一起在奧克蘭總部。

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，我要提醒各位，今天的討論將包含有關我們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。今天發布的獲利報告第二頁描述了一些可能影響我們實際財務表現的重要因素。

The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides along with other relevant information can be found online at investor.pgecorp.com. We'd also encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30, 2025.

此簡報也包括非GAAP財務指標與GAAP財務指標之間的調節表。您可以在 investor.pgecorp.com 網站上找到幻燈片及其他相關資訊。我們也建議您查閱我們截至 2025 年 9 月 30 日的季度報告（10-Q 表格）。

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

接下來，我很高興將電話交給我們的執行長帕蒂·波普。

Thank you, Jonathan. Good morning, everyone. Our core earnings per share are $0.50 for the third quarter and $1.14 for the first nine months of 2025. Today, we're narrowing our full year guidance range. We've previously shared a range of $1.48 to $1.52.

謝謝你，喬納森。各位早安。我們第三季的核心每股收益為 0.50 美元，2025 年前九個月的核心每股收益為 1.14 美元。今天，我們將縮小全年業績預期範圍。我們之前曾透露過價格區間為 1.48 美元至 1.52 美元。

The new range is $1.49 to $1.51 and we're keeping our bias toward the midpoint which is up 10% over 2024. We're also introducing our 2026 EPS guidance range of $1.62 to $1.66. At the midpoint, this is up 9% from our 2025 midpoint.

新的價格區間為 1.49 美元至 1.51 美元，我們仍然傾向於中間值，該值比 2024 年上漲 10%。我們也公佈了 2026 年每股收益預期區間為 1.62 美元至 1.66 美元。其中數值比 2025 年的預期區間中位數高出 9%。

Last month, on our investor update call, we extended our five-year capital plan through 2030. Highlights included at least 9% EPS growth each year 2026 to 2030, a five-year capital plan of $73 billion through 2030, which supports average annual rate base growth of 9% and a financing plan, which does not require new equity also through 2030.

上個月，在投資者更新電話會議上，我們將五年資本計畫延長至 2030 年。亮點包括：2026 年至 2030 年每年至少 9% 的每股收益增長；到 2030 年的五年資本計劃，總額達 730 億美元，該計劃支持平均每年 9% 的利率基礎增長；以及一項融資計劃，該計劃到 2030 年也不需要新的股權。

With the 2025 California legislative session over and the enhanced protections of Senate Bill 254 in place, our team is focused on collaborating with key parties, advisers and state agencies as the Wildfire Fund administrator prepares their April 1 report and recommendations for how best to socialize and mitigate climate-driven wildfire risk in the state.

隨著 2025 年加州立法會議結束，以及參議院第 254 號法案加強保護措施的實施，我們的團隊正專注於與關鍵各方、顧問和州政府機構合作，因為野火基金管理人正在準備 4 月 1 日的報告和建議，以更好地在加州社會化和減輕氣候驅動的野火風險。

This report is expected to lay out a wide range of policy options that will inform potential legislative action to stabilize the utility sector in the 2026 session. We're feeling the positive momentum of this process with what Governor Newsom on issuing his recent executive order calls a whole of government response to protect Californians from Wildfire. We share the governor's sense of scale and urgency and are committed to supporting the state's efforts to meaningfully adapt California's policy construct to meet the moment.

預計該報告將提出一系列政策選項，為 2026 年立法會議期間穩定公用事業部門的潛在立法行動提供參考。我們正在感受到這一進程的積極勢頭，正如紐森州長最近發布的行政命令中所說的，這是政府為保護加州人民免受野火侵害而採取的全面應對措施。我們與州長一樣，對情勢的規模和緊迫性有著深刻的認識，並致力於支持加州政府為應對當前情況而對政策結構進行有意義的調整。

As this work continues, we know that there's no better protection for our customers and our investors than predicting and preventing catastrophic fires in the first place. PG&E's physical layers of protection are delivering.

隨著這項工作的不斷進行，我們知道，對我們的客戶和投資者來說，最好的保護莫過於預測和預防災難性火災。PG&E的物理防護措施正在發揮作用。

Through October 20, our total year-to-date CPUC reportable ignitions are down over 35% from 2024 levels and are running lower than any year since we started tracking these data in 2015. Despite this year having seen the second largest number of fires greater than 10 acres statewide since 2017, PG&E is on track for a third consecutive year of 0 structures destroyed due to CPUC reportable fires in high-risk areas under high-risk conditions. We are proud of that.

截至 10 月 20 日，我們今年迄今向 CPUC 報告的總點火量比 2024 年的水平下降了 35% 以上，並且是自 2015 年開始追蹤這些數據以來任何一年都低於目前的水平。儘管今年全州發生的面積超過 10 英畝的火災數量是自 2017 年以來第二多的，但 PG&E 有望連續第三年在高風險地區和高風險條件下，實現因加州公共事業委員會 (CPUC) 可報告的火災而造成的建築物損毀數量為零。我們為此感到自豪。

In spite of continued elevated climate-related risk, PG&E's layers of protection from ignition prevention to hazard awareness and response are proving effective. Contributing to this performance, we can point to several ongoing and new mitigations.

儘管氣候相關風險持續升高，但太平洋煤氣電力公司從預防點火到危險意識和應對等多層次的保護措施已被證明是有效的。為取得這一成績，我們可以指出一些正在進行和新推出的緩解措施。

About a month ago, we marked a significant milestone for our customers. PG&E has now constructed and energized 1,000 miles of power lines underground in the highest fire-risk areas. As we've consistently said, undergrounding remains the most affordable and effective way of delivering the safety and resilience our customers deserve. Customers should not have to choose between safety and having reliable electricity. Undergrounding is the only mitigation that delivers both.

大約一個月前，我們為客戶慶祝了一個重要的里程碑。太平洋煤氣電力公司（PG&E）目前已在火災風險最高的地區鋪設並通電了1000英里的地下輸電線路。正如我們一直以來所說的那樣，地下管線仍然是為我們的客戶提供他們應得的安全性和韌性的最經濟有效的方式。顧客不應該被迫在安全和可靠電力供應之間做出選擇。只有地下化才能同時實現這兩個目標。

This year, we cleared vegetation in a 50-foot radius at the base of nearly 4,000 transmission structures after our data showed this approach would have contained the majority of transmission-related ignitions that we have experienced over the last three years. And we're continuing to deploy advanced sensor capabilities. including installing another 8,500 sensor devices this year, which builds on the 10,000 we rolled out last year.

今年，我們的數據顯示，這種做法可以遏制過去三年中我們遇到的與輸電線路相關的絕大多數火災，因此我們清理了近 4000 個輸電線路結構底部 50 英尺半徑內的植被。我們正在繼續部署先進的感測器功能，包括今年再安裝 8500 個感測器設備，這建立在我們去年推出的 10,000 個感測器設備的基礎上。

These low-cost sensors, coupled with our existing smart meters and our newly deployed AI-enabled machine learning model are enabling secondary system-wide continuous monitoring. This capability allows us to detect potential faults on the system before they occur, including on the customer side of the distribution pool. We will continue to leverage data to drive our mitigations in the field, making the system and our customers safer each and every day.

這些低成本感測器，結合我們現有的智慧電錶和我們新部署的人工智慧機器學習模型，能夠實現二級系統範圍內的連續監測。這項功能使我們能夠在系統發生故障之前檢測到潛在的故障，包括配電池客戶側的故障。我們將繼續利用數據來推動現場的緩解措施，使系統和我們的客戶每天都更加安全。

In addition to executing on this important safety work, my coworkers have been leveraging our performance playbook to deliver consistent outcomes across the business for customers and investors. You can see our simple affordable model is working.

除了執行這項重要的安全工作外，我的同事還利用我們的績效手冊，為客戶和投資者在整個業務範圍內提供一致的成果。您可以看到我們這種簡單實惠的模式是行之有效的。

Our five-year plan contemplates $73 billion of customer beneficial capital investment through 2030. At the same time, building on lowered electric rates this year and planned even lower rates for bundled electric customers in 2026, we expect customer bills in 2027 to be flat to down to where they are this year.

我們的五年計畫設想到 2030 年投入 730 億美元用於惠及客戶的資本投資。同時，鑑於今年電價已經下調，並且計劃在 2026 年進一步降低捆綁式電力用戶的電價，我們預計 2027 年用戶的電費帳單將與今年持平或下降。

We are doing this by eliminating waste and delivering on our 2% O&M cost reduction goals, enabling rate reducing load growth by partnering with our large load customers and executing on a financial plan built with flexibility conservatism and credit metric targets supportive of investment-grade ratings, which will lead to interest expense savings for customers.

我們正在透過消除浪費和實現 2% 的營運維護成本降低目標來實現這一目標，透過與大客戶合作降低負荷增長速度，並執行一項兼具靈活性、保守性和支持投資級評級的信用指標目標的財務計劃，這將為客戶節省利息支出。

We know that performance is power. When we perform we will have the power to influence perceptions and outcomes. By putting customers at the heart of everything we do and by doing what we say, our brand trust is on the rise and has been since our 2027 GRC filing started to change the narrative on affordability. In fact, when compared to our US utility peers, the second quarter 2025 residential customer engagement study by Escalent showed, we had the highest annual increase in Brand Trust.

我們知道，性能就是力量。當我們有所作為時，我們將有能力影響人們的看法和結果。我們將客戶放在一切工作的核心位置，並且言行一致，自我們2027年GRC備案開始改變人們對可負擔性的看法以來，我們的品牌信任度一直在上升。事實上，與美國公用事業同業相比，Escalent 2025 年第二季住宅客戶參與度研究顯示，我們的品牌信任度年度成長率最高。

Our data center pipeline remains robust, at over 9.5 gigawatts. We've seen modest net attrition in our application and preliminary engineering phase since June. However, our projects in the final engineering stage continue to grow and advance.

我們的資料中心管道依然強勁，容量超過 9.5 吉瓦。自 6 月以來，我們在申請和初步工程階段的淨流失率並不高。然而，我們處於最後工程階段的專案仍在不斷發展和進步。

Most of the applications in our pipeline are for 100 megawatts or less. This is a function of existing California regulation but also assigned that data centers designed to support AI inference models have strong and compelling reasons to want to locate in PG&E service area, which includes Silicon Valley, the home of the technology sector.

我們目前正在申請的大部分專案容量都在 100 兆瓦或以下。這既是加州現行法規的體現，也是因為旨在支持人工智慧推理模型的資料中心有充分且令人信服的理由希望落戶於 PG&E 服務區，而該服務區包括科技產業中心矽谷。

Data centers of this size can be located in densely populated areas close to the end user and benefit from Northern California's extensive existing fiber network. This makes our service area a prime location for these customers who require real-time speed to ensure an optimal user experience.

這種規模的資料中心可以建在人口稠密的地區，靠近最終用戶，並受益於北加州廣泛的現有光纖網路。這使得我們的服務區域成為這些需要即時速度以確保最佳用戶體驗的客戶的理想地點。

We are laser-focused on making this a win-win-win for our cities, our customers and data center developers. For example, we partnered with the City of San Jose to identify more than 150 acres of land adjacent to our existing infrastructure and in the heart of Silicon Valley that will be power ready for the data center selected from the city's competitive RFP issued earlier this year.

我們全力以赴，力求實現城市、客戶和資料中心開發人員的三贏局面。例如，我們與聖荷西市合作，在矽谷中心地帶，毗鄰我們現有的基礎設施，確定了超過 150 英畝的土地，這些土地將為今年早些時候從該市發布的競爭性 RFP 中選定的數據中心提供電力保障。

Our robust pipeline with a diverse set of projects is a great opportunity for customer affordability and California's economic prosperity. Every gigawatt we bring online offers the opportunity to reduce electric bills by 1% to 2%.

我們擁有強大的項目儲備，涵蓋各種類型的項目，這為客戶帶來可負擔的價格優勢，也為加州的經濟繁榮創造了絕佳的機會。我們每增加1吉瓦的電力併網，就有機會降低1%到2%的電費。

I'll remind you that this is upside to our plan, both in terms of customer affordability and in terms of capital growth. Given our bias for conservative planning, our capital plan only includes about $300 million a year for this type of capital, much of which falls under our FERC formula rate.

我提醒各位，這對我們的計畫來說是一個優勢，無論從客戶承受能力或資本成長的角度來看都是如此。鑑於我們傾向於保守的規劃，我們的資本計畫每年僅包括約 3 億美元用於此類資本，其中大部分屬於我們的 FERC 公式費率範圍。

With that, I'll hand it over to Carolyn to discuss our financials.

接下來，我將把發言權交給卡洛琳，讓她來討論我們的財務狀況。

Thank you, Patti, and good morning, everyone. Here on Slide 8, we're showing you our earnings walk for the first nine months of 2025. Core earnings per share are $1.14 and we're on track to deliver on our 2025 non-GAAP core EPS guidance narrowed today.

謝謝你，帕蒂，大家早安。在第 8 張投影片中，我們將向您展示我們 2025 年前九個月的收益預測。核心每股收益為 1.14 美元，我們預計將實現今天縮小範圍的 2025 年非 GAAP 核心每股收益預期。

As you can see, we've made additional progress towards our O&M cost savings goal contributing $0.05 for the quarter and $0.08 year-to-date. We continue to see unit cost reductions in our inspection processes and savings through vendor contract renegotiations as two examples of our cost savings initiatives.

如您所見，我們在實現營運維護成本節約目標方面取得了進一步進展，本季貢獻了 0.05 美元，年初至今貢獻了 0.08 美元。我們持續看到檢驗流程中的單位成本降低，以及透過重新談判供應商合約節省成本，這是我們節省成本措施的兩個例子。

Another key driver is timing and other. This bucket is contributing $0.10 for the quarter and $0.04 year-to-date. Both the third quarter and nine months include benefits from smart tax planning. As a result of a method change, we're able to accelerate the deductibility of certain mark and recognize greater tax savings. We view this tailwind as upside available to redeploy for the benefit of our customers in addition to protecting future years.

另一個關鍵因素是時機和其他因素。該資金池本季貢獻了 0.10 美元，年初至今貢獻了 0.04 美元。第三季和前九個月都受益於合理的稅務規劃。由於方法變更，我們可以加快某些標記的扣除速度，並實現更大的稅收節省。我們認為這種順風可以轉化為可重新部署的上行收益，從而造福我們的客戶，並保障未來幾年的發展。

Turning to Slide 9. There's no change to the extended five-year capital plan, which we shared with you last month. Our planned customer beneficial investments support average annual rate base growth of approximately 9%, 2026 through 2030. Our rate base growth in turn, supports annual core EPS growth of at least 9% also through 2030. As a reminder, our rate base forecast excludes the $2.9 billion of CapEx to be securitized under SB 254.

翻到第9張投影片。我們上個月與大家分享的五年延長資本計畫沒有任何變化。我們計劃對客戶有利的投資將支持 2026 年至 2030 年平均每年利率基數成長約 9%。我們的費率基礎成長反過來又支撐了到 2030 年每年核心每股收益至少 9% 的成長。提醒一下，我們的利率基礎預測不包括根據 SB 254 法案進行證券化的 29 億美元資本支出。

Incrementally today, we're sharing more detail on our capital investment plan as shown here on Slide 10. This continues to be a no big bets plan. It includes many important projects over the course of the five years to improve safety, reliability and resiliency for our customers while enabling economic growth through capacity upgrades and new business connections.

今天，我們將逐步分享更多關於我們資本投資計畫的細節，如投影片 10 所示。這仍然是一項不孤單的計劃。該計劃包括在未來五年內開展許多重要項目，旨在提高客戶的安全、可靠性和韌性，同時透過產能升級和新的業務聯繫促進經濟成長。

To give you some examples, our plan includes a recently approved upgrade of our Helms hydro facility, enabling at least 150-megawatt increase in generating capacity. It also includes a substation upgrade, which more than doubles the electric capacity and improves reliability north of Sacramento. And it includes deployment of about 300,000 grid edge meters by 2030. These meters have distributed intelligence apps and advanced data processing, which support customer electrification as well as wildfire risk reduction.

舉例來說，我們的計畫包括最近批准的赫爾姆斯水力發電廠的升級改造，這將使發電能力增加至少 150 兆瓦。該項目還包括對變電站進行升級改造，使薩克拉門托北部地區的電力容量增加了一倍以上，並提高了供電可靠性。其中包括到 2030 年部署約 30 萬個電網邊緣電錶。這些電錶具有分散式智慧應用程式和先進的資料處理功能，既能支援客戶電氣化，又能降低野火風險。

Last month, I shared with you our financing guidepost, shown here again on Slide 11. Importantly, our plan is built not to require a new common equity through 2030, a key consideration given where we currently trade. I also emphasize that we are continuing to prioritize investment grade ratings including maintaining FFO to debt in the mid-teens. Again, IG is one of the most meaningful potential affordability enablers for our customers.

上個月，我向大家分享了我們的融資指南，這裡再次在第 11 張投影片中展示。重要的是，我們的計劃旨在到 2030 年之前無需發行新的普通股，考慮到我們目前的交易情況，這是一個關鍵的考慮因素。我還強調，我們將繼續優先考慮投資等級評級，包括將FFO與負債比率維持在15%左右。再次強調，IG 是我們客戶最有意義的潛在價格承受能力提升因素之一。

I'll remind you that we're targeting a dividend payout ratio of 20% by 2028 and maintaining that level through 2030. This offers financing flexibility over the course of our plan as well as implying near-term compound EPS growth well in excess of 50% over the next three years. Our planning also contemplates the possibility that the Wildfire Fund administrator calls for the contingent contributions authorized by SB 254.

我提醒各位，我們的目標是到 2028 年實現 20% 的股息支付率，並保持這一水平到 2030 年。這為我們在整個計劃過程中提供了融資靈活性，同時也意味著未來三年內近期複合每股收益成長將遠超 50%。我們的計劃還考慮到了野火基金管理人可能會要求根據 SB 254 法案授權的緊急捐款。

Regarding capital allocation, I'll remind you what both Patti and I shared on our September update call. Based on progress in the 2025 legislative session and encourage and signals that the state is serious about pursuing further reform in Phase 2, we see the investment plan we have shared with you as best delivering for our customers and investors now and for the long run.

關於資本配置，我提醒一下我和 Patti 在 9 月的更新電話會議上分享的內容。根據 2025 年立法會議的進展情況，以及該州認真對待第二階段進一步改革的鼓勵和信號，我們認為我們與您分享的投資計劃是目前和長遠來看最能為我們的客戶和投資者帶來利益的。

That being said, we'll continue to take a disciplined approach when it comes to capital allocation. If we were to reach a point where we aren't seeing clear indications of progress, we would certainly consider reallocating some capital towards more immediate shareholder return. Of course, always being mindful of our credit metrics. A key differentiator of the PG&E story is our performance playbook and focus on waste elimination to deliver better outcomes for our customers.

即便如此，我們在資本配置方面仍將採取嚴謹的態度。如果我們看不到明顯的進展跡象，我們當然會考慮將部分資金重新分配，以期獲得更直接的股東回報。當然，我們始終關注著我們的信用指標。PG&E 的關鍵優勢在於我們的績效管理系統和對消除浪費的重視，從而為我們的客戶帶來更好的結果。

To that end, we've achieved nonfuel O&M savings in excess of our target for three years running, and I'm confident that we will meet or exceed our 2% reduction target again this year. We're also on track to make meaningful improvements in our capital to expense ratio this year and beyond. In 2024, we invested $0.90 of capital for every dollar of expense.

為此，我們連續三年實現了非燃料營運和維護成本的節省目標，我有信心今年我們將再次達到或超過 2% 的減排目標。我們預計在今年及以後顯著改善資本支出比率。2024年，我們每支出1美元，就投入0.90美元的資本。

We forecast that this year, we'll invest $1.20 of capital for every dollar of expense. On the regulatory and policy front, we expect a proposed decision on our cost of capital application in November. And as Patti said, important milestones are coming up as stakeholders weigh into the second phase of SB 254.

我們預測今年每支出 1 美元，我們將投入 1.20 美元的資本。在監管和政策方面，我們預計將在 11 月收到關於我們資本成本申請的擬議決定。正如帕蒂所說，隨著利益相關者對 SB 254 第二階段進行權衡，重要的里程碑即將到來。

I'll end here on Slide 14, with a reminder of our value proposition enabled by our differentiated performance. We're executing on our simple affordable model by generating annual cost savings for the benefit of our customers, enabling load growth with our five-year capital investment plan and improving our balance sheet.

最後，我將在第 14 張投影片上再次強調我們透過差異化表現實現的價值主張。我們正在執行我們簡單實惠的模式，透過為客戶節省年度成本、透過五年資本投資計劃實現負載成長以及改善我們的資產負債表來造福客戶。

I'm pleased Fitch has taken the first move to return our parent company rating to investment grade. This is just the beginning. As we continue to prove out our philosophy that performance is power.

我很高興惠譽率先採取行動，將我們母公司的評級恢復到投資等級。這只是個開始。我們不斷用實際行動證明，我們的理念是：績效就是力量。

And now I'll hand it back to Patti.

現在我把它還給帕蒂。

Thank you, Carolyn. 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, rate reducing load growth serving customers and California's prosperity, improving credit ratings and balance sheet health and our differentiated rate case proposal as a critical proof point all of which provide a path for customer bills to be flat to down in 2027 from today. These performance fundamentals set the stage for constructive legislation but more importantly, a framework that creates prosperity for customers and investors.

謝謝你，卡洛琳。PG&E 策略的基本原則是毋庸置疑的。多層物理風險緩解措施每天都在改善。充足的資金可以繼續減少非燃料運營和維護成本，降低負載增長，服務客戶，促進加州繁榮，提高信用評級和資產負債表健康狀況，我們差異化的費率方案提案就是一個關鍵的證明點，所有這些都為客戶賬單在 2027 年與今天相比持平或下降提供了途徑。這些基本績效指標為建設性立法奠定了基礎，但更重要的是，它們為客戶和投資者創造了繁榮的框架。

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

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Hi, good morning thanks for the time and, so just on the SB 254 process, is there any better sense of in these steps, whether those would be made available that we can see? Or are we going to really more see things towards the end of the process?

您好，早安，感謝您抽出時間。關於 SB 254 流程，能否更清楚地了解這些步驟，以及這些步驟是否會公開給我們看？或者我們真的會在過程的後期看到更多東西？

Yeah, thanks, Steve on the process front, we do -- we aren't sure what the CEA is going to share publicly. We do know just process-wise, the stakeholder abstracts are due November 3, right around the corner, full submissions by December 12.

是的，謝謝你，史蒂夫。關於流程方面，我們確實——我們不確定CEA會公開分享什麼。我們知道，就流程而言，利害關係人摘要的截止日期是 11 月 3 日，就在眼前，完整提交的截止日期是 12 月 12 日。

State agencies will submit final recommendations by January 30 and then that final study from the CEA April 1. We don't know what of those will be public. We're waiting to see that ourselves but we do know those are the milestone dates.

各州機構將於 1 月 30 日前提交最終建議，而 CEA 的最終研究報告將於 4 月 1 日提交。我們不知道其中哪些會公開。我們自己也在等待見證，但我們知道這些是重要的里程碑日期。

Okay. Understood. And then maybe just on the -- just any -- at this point on the cost of capital case, are we just basically waiting for a proposed order the process is done otherwise?

好的。明白了。然後，也許只是在——只是任何——在資本成本案件的這一點上，我們是否基本上只是在等待一個擬議的命令，否則程序就結束了？

Yeah, Steve, this is Carolyn yes, no we are. We're -- as we've said in the past, we believe we put a really strong case forward, and the PD is expected in November 2025.

是的，史蒂夫，這是卡洛琳，沒錯，我們是。正如我們過去所說，我們相信我們提出了一個非常有力的理由，預計 PD 將於 2025 年 11 月發布。

Okay, I will stick to the rules and move on to the next question thank you.

好的，我會遵守規則，繼續回答下一個問題，謝謝。

All right thanks Steve.

好的，謝謝史蒂夫。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Oh hey, good morning.

哦，嗨，早安。

Good morning, David.

早安，大衛。

Morning. I guess would you expect the policy reform recommendations next April to be prescreened with like the legislature and kind of have buy in, in advance of then going into the session. Is this something that we should have gave you a little bit more confidence that it's kind of vetted and should have a good chance of making it through?

早晨。我想，您是否期望明年四月的政策改革建議在進入會期之前，先經過立法機構的預先審查並獲得他們的支持？我們應該讓你更有信心，讓它看起來已經過審核，很有可能通過？

So I guess, as we talk about this, David, let's just back up a little bit and talk about where we are and then we'll talk about where we're going. First and foremost, what we saw from the legislature this year is that they took action. Look, there was concerns certainly about the fund durability and the risk then that was to shareholders in the event that the fund were depleted and the disallowance cap was dissolved.

所以我想，大衛，在我們討論這個問題的時候，我們不妨先回顧一下我們現在所處的位置，然後再討論我們要去往何方。首先，我們從今年立法機構看到的是，他們採取了行動。你看，當時確實有人擔心基金的持久性，以及如果基金耗盡且不予批准上限被取消，股東將面臨的風險。

So I do want to just step back and remind everyone that this legislature and our governor took action very quickly, and we're thankful for the actions that they took. And there are some key benefits that I just want to reinforce that have been achieved already.

所以我想回顧一下，提醒大家，立法機構和州長迅速採取了行動，我們感謝他們採取的行動。我還要強調一些已經取得的關鍵成果。

I think there's a lot of, obviously, focus on Phase 2, but let me just remind us what happened in Phase 1. You know that protecting the fund and through the continuation account and our disallowance cap was a very important continuation of AB 1054, but there were several improvements to AB 1054 that I just want to hit really quickly, and I'll get to your process question.

顯然，大家的注意力都集中在第二階段，但讓我來提醒大家第一階段發生了什麼事。你知道，保護基金、通過延續帳戶和我們的不予批准上限是 AB 1054 的一個非常重要的延續，但 AB 1054 還有一些改進，我只想快速地提一下，然後我再回答你的流程問題。

Moving the disallowance cap date -- to the date of ignition, I'm going to call that the unsung hero of SB 254. A lot of people haven't talked about that, but moving that disallowance cap date to the date of ignition versus after the entire prudence determination process protects investors in the billions of dollars range of lower exposure through the disallowance cap and any dollars that the IOU would have to pay back to the fund. That reduces that exposure dramatically. That was a big improvement.

將禁止報銷上限日期改為點火日期，我認為這才是 SB 254 的無名英雄。很多人沒有談到這一點，但將禁止賠償上限日期提前到基金啟動日期，而不是在整個審慎性確定過程之後，可以保護投資者數十億美元的損失，降低通過禁止賠償上限和藉據必須償還給基金的任何款項的風險敞口。這樣可以大幅降低這種風險。那是一個很大的進步。

We also, of course, had no upfront contributions and with a significant portion of the contributions from the IOUs to the fund as a contingent call only in the event of a future large utility cost fire that jeopardizes the liquidity of the fund.

當然，我們也沒有任何預付款，而且大部分來自借款人的捐款只是作為或有款項，只有在未來發生重大公用事業成本火災危及基金流動性時才會追繳。

That was a much improved source of -- or method of refueling the fund versus how it was done the first time. And of course, all new IOU contributions to the fund act as credits against the future regulatory disallowance that again, was a big improvement. And individual utility funding has been rebalanced, reducing the amount that certainly PG&E is paying into the fund by about 25%.

與第一次那樣做相比，那是一種改進得多的資金來源——或者說是補充資金的方法。當然，所有新向該基金提供的 IOU 資金都可以作為抵扣未來監管不予批准金額的信用額度，這又是一項重大改進。各個公用事業公司的資金分配也進行了重新調整，PG&E 向該基金繳納的金額肯定減少了約 25%。

So I say all that, just a reminder to everyone that we have some significant improvements as a result of this Phase 1 process of SB 254. We were very thankful that the governor had leaned in so strongly though on Phase 2.

所以我說這些，只是想提醒大家，由於 SB 254 的第一階段流程，我們已經取得了一些重大改進。我們非常感謝州長在第二階段給予的大力支持。

He did not have to issue an executive order. The study bills are issued all the time. He wanted to make it clear. I think that the actions of the CEA and the report and the recommendations and then potential action by the legislature in 2026 was a top priority for him through that executive order.

他無需發布行政命令。學費帳單一直都在發放。他想把話說清楚。我認為，透過那項行政命令，CEA 的行動、報告和建議，以及立法機構在 2026 年可能採取的行動，是他最優先考慮的事情。

And his comments about a whole of government approach to wildfire is very important, I think, for California, for our citizens, for the -- all of our customers and for everyone who lives here, it's just a very important step to take.

我認為，他對政府採取全政府應對野火的措施的評論非常重要，這對加州、我們的公民、我們所有的客戶以及所有居住在這裡的人來說，都是非常重要的一步。

Now what we know is that the comprehensive language that he shared that was both in the actual legislation and in his executive order was good to see. I would suggest that just flat out too soon to say what the best answer is going to be.

現在我們知道，他在實際立法和行政命令中使用的全面措辭是件好事。我認為現在就斷言最佳答案是什麼還為時過早。

We're going to see this range of proposals. The dates I just reviewed with Steve are the dates that the process will work. Obviously, the governor and the legislative leaders will be having conversation as this process unfolds. And -- but I would expect that the CEA report should be providing some really good recommendations to the legislature on which to act.

我們將看到一系列提案。我剛才和史蒂夫確認的日期，就是這個流程能夠順利進行的日期。顯然，隨著這一進程的展開，州長和立法領導人將會進行對話。但我認為 CEA 的報告應該會向立法機構提供一些非常好的建議，供其採取行動。

Excellent. No I appreciate all that color in the context there for the entire process. And then maybe a bit of a separate question here. From what you can tell, is the undergrounding decision still on track for this year? And how should we think about that? Could that still lead to a future acceleration of your undergrounding activities in the future GRCs?

出色的。不，我很欣賞整個過程中所有這些色彩的運用。然後，這裡可能還有一個單獨的問題。據你所知，今年的地下化改造計畫是否仍按計畫進行？我們該如何看待這個問題？這是否仍會導致你們在未來的GRC加速地下化活動？

Yeah, Procedurally, currently on October 30, here just a couple of days, commission meeting. Currently, the final recommendations on the 10-year undergrounding procedure will be -- it currently is on the agenda. All that to say, we certainly have expressed concern with some of the requirements and some of the methodology associated with determining which miles should be undergrounded. And so we'll be watching closely as the commission provides that direction next week.

是的，照程序來說，目前是 10 月 30 日，再過幾天就要召開委員會會議了。目前，關於 10 年地下化改造程序的最終建議——目前已列入議程。總而言之，我們對確定哪些英里路段應該埋入地下的一些要求和方法確實表示了擔憂。因此，我們將密切關注委員會下週給出的指示。

I will say that -- and I shared this in our prepared remarks, we do believe that undergrounding remains the appropriate mitigation in some of our miles, not all miles. And I think that's important for people to understand.

我想說的是——我在事先準備好的演講稿中也提到過——我們認為，對於我們的一些線路來說，地下化仍然是合適的緩解措施，但並非所有線路都是如此。我認為這一點很重要，人們應該要理解。

The miles that we've been talking about are in our highest risk areas where today, customers are experiencing 10 or more outages as a result of our safety methods. Our safety methods with enhanced power line safety settings, certainly reduces the risk for customers and keeps customers safe.

我們一直在談論的這些里程位於我們風險最高的地區，由於我們的安全措施，目前這些地區的客戶正在經歷 10 次或更多次的停電。我們採取的安全措施，包括加強電力線路安全設置，確實可以降低客戶的風險，並保障客戶安全。

However, the outages that go with that safety choice are not acceptable. And so in these areas, we need to have a higher risk reduction through undergrounding and a better customer experience through a resilient energy system that can stand up for -- through all sorts of weather conditions. Both fire hazard conditions as well as extreme snow conditions et cetera.

然而，這種安全措施所帶來的停電是不可接受的。因此，在這些地區，我們需要透過地下化來降低風險，並透過能夠經受各種天氣條件考驗的彈性能源系統來提供更好的客戶體驗。包括火災隱患、極端降雪等情況。

So we are -- we continue to be bullish about undergrounding as the most affordable means of both reducing risk and providing resiliency in these highest-risk miles and will continue to advocate for that. We'll be obviously working with the commission on the time depending on their timing on our 10-year filing. And we obviously will need to meet the requirements that the commission outlines.

因此，我們仍然看好地下鐵路，認為它是降低風險和增強這些高風險線路韌性的最經濟實惠的方式，並將繼續倡導這種做法。我們顯然會根據委員會對我們 10 年申報的時間安排，與委員會協商確定時間。我們顯然需要滿足委員會提出的要求。

But just to remind everyone, as part of our 2027 GRC, we did include a bridging strategy in the event the 10-year plan were delayed in some way. We did propose a bridging strategy to continue our current level of undergrounding, which is about 300 miles a year.

但需要提醒大家的是，作為我們 2027 年全球風險評估計畫的一部分，我們確實制定了一項過渡策略，以防 10 年計畫在某些方面被推遲。我們確實提出了一項過渡策略，以繼續我們目前的地下化水平，即每年約 300 英里。

And I'm happy to report, as I mentioned in my prepared remarks, that we did hit a key milestone of 1,000 miles underground, and we've done that at a 25% lower cost than when we started. And so we continue to improve the cost for customers while we improve their safety and resilience.

正如我在準備好的演講稿中提到的，我很高興地報告，我們已經達到了地下1000英里的關鍵里程碑，而且我們的成本比開始時降低了25%。因此，我們在提高客戶安全性和韌性的同時，不斷降低客戶的成本。

Okay, great, that's helpful, thanks so much.

好的，太好了，這很有幫助，非常感謝。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hey, good morning, team thank you guys very much hey, thank you just wanted to follow-up, actually, if I can push a little bit more on the Phase 2 piece. How do you think about that conversation fitting into a broader, more comprehensive focus in the state on reform of insurance. Just want to understand what your understanding of the scope of the conversation is in the coming year as well as if there is any nuance to break apart as far as inverse condonation.

嘿，早上好，團隊，非常感謝大家。嘿，謝謝，我只是想跟進一下，實際上，我能否在第二階段的工作中再推進一點？您認為這場對話如何融入州內更廣泛、更全面的保險改革重點？我只是想了解您對來年對話範圍的理解，以及在反向縱容方面是否存在任何需要區分的細微差別。

I get that IC perhaps is maybe a bridge too far or at least it seems like a big ask. Are there other ways to dissect this that are relevant that folks should be thinking about? Again, I don't want to preempt the study per se that's coming out, but how do you think about strict liability conversation more broadly here as best you can tell? I get it's early.

我明白，IC或許有點太難了，或至少看起來是個很高的要求。有其他值得大家思考的分析方法嗎？再次聲明，我不想預先評論即將發布的研究本身，但就您所知，您如何更廣泛地看待這裡關於嚴格責任的討論？我知道現在還早。

Yeah, Julien, if I had a crystal ball, I would say that it's too soon to say the governor's comments in his executive order and in the actual legislation itself, we're clear that it's a whole of government approach to insurance and utilities.

是的，朱利安，如果我有水晶球，我會說現在斷言州長在其行政命令和實際立法中的言論還為時過早，但我們清楚地看到，這是政府對保險和公用事業採取的整體性措施。

Look, utilities are so important to California's future. We at PG&E power the tech industry. We power the future prosperity of our state. We think there's a big case to be made that our financial health and our customers' well-being our essential ingredients to California's future.

你看，公共事業對加州的未來至關重要。PG&E 為科技業提供動力。我們為本州的未來繁榮提供動力。我們認為，財務健康和客戶福祉是加州未來發展的關鍵要素，這一點毋庸置疑。

So we'll look forward to how the study plays out, and we'll look forward to fruitful discussions with many parties to determine the best way to protect customers, preventing catastrophic wildfire in the first place and then having the right response and a means of compensation for those people who are harmed. So I do look forward to the whole of government approach that the governor has outlined.

因此，我們將期待這項研究的結果，並期待與各方進行富有成效的討論，以確定保護客戶的最佳方式，首先防止災難性野火的發生，然後對那些受到傷害的人做出正確的應對和賠償。所以我非常期待州長提出的全政府應對方案。

Awesome. Excellent. And then just following up a little bit on the nuance of the data center pipeline. It was down slightly here, but again, if you can speak a little bit to what transpired there with the 500-megawatt reduction.

驚人的。出色的。然後，再稍微深入探討一下資料中心管道的細微差別。這裡略有下降，但是，如果您能稍微談談那邊500兆瓦減排事件的具體情況就更好了。

But more broadly, as you think about it's actually coming into fruition, would you anticipate being able to raise capital as you drive more bill headroom from data center realization? Or is that more about having a more of a linear read to bill reductions at large?

但更廣泛地說，當您思考它實際實現時，您是否預計隨著資料中心實現帶來的更多帳單空間，您能夠籌集更多資金？或者，這更多的是指對整體帳單削減情況進行更線性的解讀？

Yeah, So I would suggest -- and this is great news. The most important numbers to look are the ones that are getting closer and closer to construction. So the final engineering numbers went up, and we expect of that 1.6 gigawatts in final engineering, about 95% to be online by the end of 2030. So -- and some of that's on -- will be online as soon as next year. So all that to say that I would suggest that our pipeline is rich.

是的，所以我建議——這真是個好消息。最值得關注的數字是那些越來越接近建設階段的數字。因此，最終的工程量增加，我們預計最終工程量為 1.6 吉瓦，到 2030 年底，約 95% 將投入使用。所以——其中一些內容正在開發中——最快明年就會上線。綜上所述，我認為我們的人才儲備非常豐富。

There's a lot of -- that kind of opening of the funnel is a very fluid number. I had a call this week with another customer that's not reflected in those numbers. So trust me when I say those numbers move a lot. And that's -- I think that's good because we're really taking a stand here that any of this new large load that we add here in California is going to be beneficial to customers and investors.

有很多——這種漏斗開口的大小是一個非常靈活的數字。本週我與另一位客戶通了電話，這筆通話並未反映在這些數字中。所以請相信我，這些數字波動很大。我認為這很好，因為我們在這裡真正表明了我們的立場，即我們在加州新增的任何大型專案都將對客戶和投資者有利。

Because what that means is we'll be able to invest in the capital to deploy, particularly transmission to build out the -- and some of the distribution system to build out that new large load for those customers.

因為這意味著我們將能夠投資資金進行部署，特別是輸電系統，以建造——以及一些配電系統，以建造這些客戶的新大負載。

But the new revenue from that large load more than offsets the cost for customers to fund that CapEx, so we can grow our returns and yet reduce bills for customers. It's a really important win for California. And then you layer in the tax benefits, local property and sales tax to local communities.

但這項大額訂單帶來的新收入足以抵銷客戶為這項資本支出支付的費用，因此我們既可以提高收益，又能降低客戶的帳單。這對加州來說是一場非常重要的勝利。然後再加上稅收優惠、地方房產稅和銷售稅等對當地社區的貢獻。

I'm in continual conversation with community leaders, mayors, et cetera, who are very bullish about this as a source of growth and new revenue for our cities to provide new housing options to provide new public safety options. And so there's really a lot of momentum here across the state to make sure that we bring online this new load.

我一直在與社區領袖、市長等人士進行交流，他們對此非常樂觀，認為這將是城市成長和新收入的來源，可以提供新的住房選擇和新的公共安全選擇。因此，全州上下都積極行動起來，確保我們能夠順利完成這項新任務。

Yes. And maybe I'll just add to your second part of your question there, Julien, as we think about additional capital for these additional data centers, we think about it in three distinct possibilities. One could make the plan bigger. We could make the plan bigger. But perhaps that's the least likely given that -- given our current stock valuation.

是的。朱利安，或許我可以補充你問題的第二部分：當我們考慮為這些額外的資料中心增加資金時，我們考慮了三種截然不同的可能性。可以把計劃規模擴大。我們可以把計劃規模擴大。但考慮到我們目前的股票估值，這或許是最不可能發生的。

There's also the potential to make the plan better, as you indicated, right? In terms of affordability and driving affordability for our customers by bringing in this beneficial load from data centers. That's a strong possibility. And then we also could just simply make the plan longer in terms of extending our above-average growth runway. So that's the way we're thinking about it. And as I said, it's more likely the second or third and not the first part.

正如您所說，這個計劃還有改進的潛力，對吧？從經濟角度來看，透過引入資料中心的這種有益負載，可以為我們的客戶降低成本並提高經濟效益。很有可能。然後，我們還可以透過延長計劃時間來延長我們高於平均水平的增長期。這就是我們考慮的方式。正如我所說，更有可能是第二部分或第三部分，而不是第一部分。

Yeah, absolutely. Thanks.

是的，絕對的。謝謝。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Hey, good morning, thanks so much for taking the questions maybe just to start on some of the commentary on the credit side. You obviously highlighted the Fitch upgraded in your prepared remarks. Just curious if anything you can share on conversations with the other agencies and sort of how you're thinking about milestones on the path to potential upgrades there as well?

嘿，早上好，非常感謝您回答這些問題，也許我們可以先從信貸方面開始談談。您在事先準備好的發言稿中顯然重點提到了惠譽上調評級一事。我很好奇您是否可以分享一下與其他機構的溝通情況，以及您是如何考慮未來潛在升級過程中的各個里程碑的？

Yeah we continue to have good conversations with both Moody's and S&P. And as you know, Fitch just did the upgrade. I would say they're looking for what you're looking for, which is progress on Phase 2 and that would be a significant trigger for them as they think about our investment grade.

是的，我們與穆迪和標普都保持著良好的溝通。如你所知，惠譽剛剛上調了評級。我認為他們也在尋找你所尋找的東西，那就是第二階段的進展，這將是他們考慮我們是否達到投資等級的重要觸發因素。

They both indicated that our financial credit metrics meet their investment grade criteria to really looking at the regulatory environment. Moody's is on a typical cycle where we see action in the first quarter. But again, that's really up to their internal assessment of the regulatory environment as well.

他們都表示，我們的財務信用指標符合他們的投資等級標準，他們真正關注的是監管環境。穆迪的評級週期通常在第一季啟動。但話說回來，這其實也取決於他們對監管環境的內部評估。

Great. And then maybe just on the O&M front. You've executed really well there relative to your targets for a number of years now. I guess just help us frame out what it would take for you to have the confidence to potentially raise that target? Or just curious if that is a potential driver of upside as you think about the 2026 range that you've introduced here?

偉大的。然後或許只是營運維護方面的問題。多年來，你在那方面一直表現出色，完全達到了目標。我想請您幫我們梳理一下，您需要哪些條件才能有信心提升這個目標？或者，您只是好奇，當您考慮您在這裡提出的 2026 年價格區間時，這是否會成為潛在的上漲驅動因素？

Yeah, I'll just say that I just continue to be really odd and proud of my -- of our PG&E coworkers and their use of the lean playbook and driving waste out of the system. As you indicated, three years in a row running and we are on target to meet or exceed the 2% this year I have no lack of confidence that, that's going to continue. Just we may -- as we indicated, we're seeing significant progress on our capital expense ratio, but we're still fourth quarter. We still have lots of opportunity to go.

是的，我只想說，我仍然感到非常自豪——為我們的 PG&E 同事感到自豪，他們運用精實生產策略，消除系統中的浪費。正如您所指出的，我們已經連續三年實現了2%的目標，而且今年有望達到或超過2%，我對這一目標的持續充滿信心。我們或許可以——正如我們所指出的，我們的資本支出比率取得了顯著進展，但現在還是第四季。我們還有很多機會去。

So I would say that, that continues to be a driver of our simple affordable model. We are continuing to look at our numbers and where there's opportunity. We're not at the point where we're thinking about raising that -- we're not raising that 2% for this year, but it is definitely a driver for affordability and our earnings.

所以我認為，這仍然是我們簡單實惠的商業模式的驅動力。我們持續關注各項數據，並尋找發展機會。我們目前還沒有考慮提高利率——今年我們不會提高 2% 的利率，但這絕對是提高產品可負擔性和我們獲利能力的重要因素。

Great thank you for the.

非常感謝。

Aidan Kelly, JPMorgan.

艾丹凱利，摩根大通。

Hey, good morning just wondering how comfortable are you with 2026 EPS guidance before you have a resolution on the cost of capital proceeding, I guess just any detail on what outcome ranges are contemplated in this outlook would be great.

嗨，早安。我想問一下，在資本成本問題解決之前，您對 2026 年的每股盈餘預期有多大把握？我想，如果能提供一些關於此次展望中預期結果範圍的細節就太好了。

Yeah, I think you can rest assured that we plan conservatively. We think we filed a good cost of capital proceeding or filing. We think there's no lack of evidence that our actual cost of capital is up. All that to say, though, as we build out our plan, and I think you can start to really see the pattern year after year after year that despite a variety of circumstances, we ride that roller coaster so you don't have to, and we deliver what we say.

是的，我想您可以放心，我們的計劃非常保守。我們認為我們提交了一份良好的資本成本申報文件。我們認為，有大量證據表明，我們的實際資本成本正在上升。不過，總而言之，隨著我們計劃的不斷完善，我認為你們會開始真正看到，儘管面臨各種各樣的情況，我們依然能夠應對這些起伏，讓你們不必經歷這些，並且我們說到做到。

I think we could all agree it's a choppy year, and there's been a lot of conversation here in California, and yet, we continue to deliver. And that's what I want everyone just to get comfortable with that we will plan conservatively under a variety of scenarios and make sure that we're in a position to deliver for customers and investors very consistently.

我想我們都同意，今年是動盪的一年，加州也有很多討論，然而，我們仍然繼續取得成績。我希望大家都能明白，我們會根據各種情況制定保守的計劃，確保我們能夠始終如一地為客戶和投資者提供服務。

Got it. That's clear. And then on the storage front, I guess, it looks like some positive momentum here for commerciality with your completion of the CRC energy storage microgrid with Vault -- Energy Vault last month. Just curious to what extent do you see this project as like a blueprint for other high-risk communities as you kind of think about the reliability concerns during like safety shutoffs.

知道了。這一點很清楚。至於儲能方面，我認為，隨著你們上個月與 Vault（Energy Vault）合作完成 CRC 儲能微電網項目，商業化方面似乎取得了一些積極的進展。我只是好奇，您在多大程度上將這個專案視為其他高風險社群的藍圖，尤其是在考慮安全斷電等可靠性問題時。

Yeah, we're really excited about that project. And we definitely have other communities that we're preparing to do similar installations. We have -- every time we do these, we learn. This will be another opportunity for us to learn. Look, our ideal scenario is that, number one, we have less outages through infrastructure built for purpose, aka, undergrounding.

是的，我們對這個項目感到非常興奮。我們肯定還有其他社區正在準備類似的安裝工作。每次做這些事情，我們都會學到東西。這將是我們又一次學習的機會。你看，我們理想的情況是，第一，透過專門建設的基礎設施（即地下化）來減少停電。

And then in cases where public safety power shutoffs are a necessary part of our safety tool kit, which they are minimizing exposure by sectionalizing devices by some of these microgrids to harden -- to protect downtown so that they can have critical services during a public safety power shutoff, we want to make these outages invisible to our customers and keep them safe. So -- the whole suite of operational opportunities that we have, we're going to continue to pursue those.

然後，在公共安全斷電是我們安全工具包中必要的一部分的情況下，他們透過對一些微電網的設備進行分區加固來最大限度地減少風險——以保護市中心，以便在公共安全斷電期間能夠獲得關鍵服務，我們希望讓我們的客戶感覺不到這些停電，並確保他們的安全。所以，我們將繼續追求我們所擁有的所有營運機會。

Great thanks I'll leave it there.

非常感謝，我就先說到這裡吧。

Thanks Aidan.

謝謝艾丹。

Gregg Orrill, UBS.

瑞銀集團的格雷格·奧裡爾。

Morning, Greg.

早安，格雷格。

Thanks for taking the question how do you think about the direction of the payout ratio beyond 2028, if that's possible to know at this stage?

感謝您回答這個問題。您認為2028年以後的派息率走向如何？如果現在有可能知道的話。

Well, as we had indicated in our last call that we are growing the dividend to a 20% payout to '28 and then maintaining it through 2030 at 20%.

正如我們在上次電話會議中指出的那樣，我們將把股息提高到 2028 年的 20%，然後一直維持到 2030 年的 20%。

Got it, that's helpful, thank you.

明白了，很有幫助，謝謝。

And that concludes our question-and-answer session. I will now turn the conference back over to Patti Poppe, Chief Executive Officer, for closing comments.

我們的問答環節到此結束。現在我將把會議交還給執行長帕蒂·波普，請她作總結發言。

Thanks, Christa. Well, thank you, everyone. We appreciate you joining us. As I hope you hear today, we're on full speed here at PG&E. Our entire team is working to deliver for our customers and for you, our investors every day. You can expect nothing less. With that, we look forward to seeing you at EEI.

謝謝你，克麗斯塔。謝謝大家。感謝您的參與。正如我今天希望大家聽到的那樣，PG&E 目前正全力以赴。我們整個團隊每天都在努力為我們的客戶和你們——我們的投資者——提供優質服務。理應如此。最後，我們期待在EEI見到您。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。