PG&E Corp (PCG) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the PG&E Corporation first quarter 2026 earnings release. (Operator Instructions)

感謝您耐心等候。此時，我想歡迎各位參加 PG&E Corporation 2026 年第一季財報發布電話會議。(接線員指示)

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

現在我想將電話會議交給投資人關係副總裁 Jonathan Arnold。您可以開始。

Good morning, everyone, and thank you for joining us for PG&E's first quarter 2026 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 2026 年第一季財報電話會議。今天與我們一同出席的有執行長 Patti Poppe，以及執行副總裁兼財務長 Carolyn Burke。我們也有其他領導團隊成員在奧克蘭總部與我們同在。

First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors which could affect our actual financial results are described on the second page of today's earnings presentation. The presentation also includes a reconciliation between non-GAAP and GAAP financial measures.

首先，我要提醒各位，今天的討論將包含關於我們未來財務結果展望的前瞻性陳述。這些陳述係基於管理階層目前可取得的資訊。可能影響我們實際財務結果的一些重要因素，已在今日財報簡報的第二頁中說明。該簡報亦包含非 GAAP 與 GAAP 財務衡量指標之間的調節表。

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 March 31, 2026.

投影片及其他相關資訊可於 investor.pgecorp.com 線上取得。我們也鼓勵各位查閱截至 2026 年 3 月 31 日季度的 Form 10-Q 季度報告。

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

接下來，我很高興將電話會議交給我們的執行長 Patti Poppe。

Thank you, Jonathan. Good morning, everyone. I'm pleased to be with you this morning to report another quarter of strong progress on multiple fronts. Today, we announced core earnings per share for the first quarter of $0.43. This strong start puts us solidly on track to deliver again and reaffirm our full year 2026 core EPS guidance of $1.64 to $1.66.

謝謝你，Jonathan。各位早安。我很高興今天早上與各位一同分享，我們在多個面向又交出一季強勁的進展。今天我們公布第一季核心每股盈餘為 0.43 美元。這個強勁的開局使我們穩健地朝向再次達成目標邁進，並重申我們 2026 全年核心 EPS 指引為 1.64 至 1.66 美元。

At the midpoint, our guidance implies 10% growth over 2025 and would mark our fifth consecutive year of double-digit core earnings growth. Looking forward, we're reaffirming our EPS growth guidance for 2027 through 2030, which is unchanged at 9% plus annually. We're also reaffirming our five-year capital and financing plans, including 0 new equity issuance needs through 2030.

以中位數來看，我們的指引意味著較 2025 年成長 10%，並將是我們連續第五年達成核心盈餘雙位數成長。展望未來，我們重申 2027 至 2030 年的 EPS 成長指引，維持不變，為每年 9% 以上。我們也重申五年期資本與融資計畫，包括至 2030 年不需要新增股權發行。

We continue to deliver for our customers on affordability. On March 1, we lowered electric rates for the fifth time since January 2024. For our most vulnerable residential customers, bundled rates are now down 23%. For other residential customers, rates are down 13% over that same period. In February, our Diablo Canyon nuclear power plant received the final state permit approvals needed to support extended operations through 2030.

我們持續在可負擔性方面為客戶交付成果。3 月 1 日，我們自 2024 年 1 月以來第五次調降電價。對我們最脆弱的住宅用戶而言，綜合費率目前已下調 23%。對其他住宅用戶而言，同期費率下調 13%。2 月，我們的 Diablo Canyon 核能電廠取得支持延長營運至 2030 年所需的最後一項州級許可核准。

And in early April, the Nuclear Regulatory Commission granted Diablo Canyon, a 20-year license extension. These actions underscore Diablo Canyon's critical role in supporting California's reliability and clean energy goals, although further action by the state is required in order to operate beyond 2030.

而在 4 月初，美國核能管理委員會（Nuclear Regulatory Commission）核准 Diablo Canyon 延長 20 年的執照。這些行動凸顯 Diablo Canyon 在支持加州供電可靠性與潔淨能源目標方面的關鍵角色，儘管若要在 2030 年之後繼續運轉，仍需州政府採取進一步行動。

Turning to slide 4. We remain focused on helping California build a durable, long-term wildfire solution. The CEA's report and recommendations provide a strong foundation as the legislature begins the next phase of this important work. We were encouraged to see the CEA emphasize the cost of inaction, noting that, and I quote, inaction perpetuates unaffordability for consumers and hinders the ability to attract the capital required to maintain safe, clean and reliable infrastructure. This is a strong call to act for California policymakers.

接著看第 4 張投影片。我們仍專注於協助加州建立一個可長可久、長期的野火解決方案。CEA 的報告與建議，為立法機關進入這項重要工作的下一階段提供了堅實基礎。我們很受鼓舞地看到 CEA 強調不作為的成本，並指出（我引用）不作為會使消費者持續面臨不可負擔性，並阻礙吸引維持安全、潔淨且可靠基礎設施所需資本的能力。這是對加州政策制定者採取行動的強烈呼籲。

As we said last quarter, the CEA report marks the beginning of the legislative phase. With the session running through August, policymakers now have the opportunity to evaluate a menu of options across multiple pathways. We remain encouraged by the progress toward meeting the commitment made by the legislature last year, to find and implement a long-term (inaudible) society solutions. That commitment began with last year's SB 254, followed by the Governor's executive order, the CPUC submission to the CEA and now the CEA's report.

如同我們上季所說，CEA 報告標誌著立法階段的開始。由於會期將持續至 8 月，政策制定者如今有機會在多條路徑上評估一系列選項。我們仍對朝向履行立法機關去年所作承諾的進展感到鼓舞，即尋找並落實一項長期（聽不清）社會解決方案。該承諾始於去年的 SB 254，接著是州長的行政命令、CPUC 向 CEA 的提交文件，以及如今的 CEA 報告。

As I said last quarter, the status quo is neither sustainable nor affordable, and California needs a model that works for all stakeholders, whether they are those affected by wildfires utility and insurance customers, communities, the state and the capital providers needed to support a safe, reliable, and clean energy system.

如同我上季所說，維持現狀既不可持續也不可負擔；加州需要一個能讓所有利害關係人運作的模式，無論是受野火影響者、公用事業與保險客戶、社區、州政府，以及支持安全、可靠且潔淨能源系統所需的資本提供者。

Turning to slide 5. Our focus on wildfire mitigation remains clear and unwavering. We know this work is never finished, which is why we continuously look for better and more effective ways to strengthen our mitigation. Our operational mitigations, including PSPS, EPSS, and continuous monitoring, are making us safer every day and position us to respond effectively whatever the weather conditions.

接著看第 5 張投影片。我們對野火緩解的專注依然清晰且堅定不移。我們知道這項工作永無止境，因此我們持續尋找更好、更有效的方法來強化我們的緩解措施。我們的營運緩解措施，包括 PSPS、EPSS 與持續監測，讓我們每天都更安全，並使我們能在任何天候條件下有效應對。

Looking forward, our long-term infrastructure hardening plans will combine safety and improved reliability and lower maintenance costs. Undergrounding is an important driver of customer affordability too, reducing the need for and expense of annual inspections and vegetation management. As you heard on our last call, the CPUC has now provided a clear path for us to request additional undergrounding through a 10-year plan.

展望未來，我們的長期基礎設施強化計畫將結合安全性、提升可靠性以及降低維護成本。地下化也是提升客戶可負擔性的重要推動力，因其可降低每年檢查與植被管理的需求與費用。如同各位在上次電話會議中所聽到的，CPUC 現已為我們透過一項 10 年計畫申請額外地下化提供了明確途徑。

We're still on track to make this filing with the OEIS in the third quarter, including our next approximately 5,000 miles and covering years 2028 through 2037. Combined with the 1,900 miles of undergrounding we expect to have completed by the end of 2027, plus an additional 4,000 miles of overhead hardening, this would result in nearly 11,000 miles of planned system hardening through 2037 or more than 3/4 of the high-fire threat miles we plan to harden based on our current risk modeling.

我們仍按計畫在第三季向 OEIS 提交此申請，內容將包含下一批約 5,000 英里的地下化，涵蓋 2028 至 2037 年。若再加上我們預期在 2027 年底前完成的 1,900 英里地下化，以及額外 4,000 英里的架空線路強化，將使我們至 2037 年的系統強化規劃里程接近 11,000 英里，或超過我們依目前風險模型計畫強化之高野火威脅里程的四分之三。

We'll provide more detail in our 10-year filing. But in the meantime, we calculate that our undergrounding to date, over 1,200 miles has already allowed us to avoid more than $100 million of maintenance spend, which otherwise would have been paid by customers. That is exactly the kind of durable affordability we're working hard every day to deliver for our customers.

我們將在 10 年期申請文件中提供更多細節。但在此同時，我們估算，截至目前我們已完成超過 1,200 英里的地下化，已使我們得以避免超過 1 億美元的維護支出，而這些支出原本將由客戶負擔。這正是我們每天努力為客戶實現的那種可長可久的可負擔性。

Looking at slide 6, you'll see our simple affordable model as amplified last quarter, giving us line of sight to customer bill growth of 0% to 3%. We call that our path to [flat], a destination our customers would love. As noted earlier, in March, we implemented our fifth reduction in electric rates in two years. That's real progress on affordability, and this progress matters most for customers who need it most.

看第 6 張投影片，您會看到我們簡單的可負擔性模型，如同上季所強調的，讓我們能清楚掌握客戶帳單成長率為 0% 至 3%。我們稱之為通往 [flat] 的路徑，這是客戶會很喜歡的目標。如前所述，3 月我們在兩年內第五次下調電價。這是在可負擔性方面的實質進展，而這項進展對最需要的客戶而言最為重要。

Since January 2024, electric rates for our most vulnerable customers are down 23%. For our other residential customers, rates are now down 13%, about $300 less per year. That is real money.

自 2024 年 1 月以來，我們最脆弱客戶的電價已下調 23%。對其他住宅用戶而言，費率目前下調 13%，每年約少 300 美元。這是真金白銀。

Turning to slide 7. You can see the progress we're making in enabling rate reducing load growth. Projects are moving through our development pipeline with our final engineering stage increasing to 4.6 gigawatts since our year-end update. This progression from application to preliminary engineering and on to final engineering is a natural and expected part of the project cycle and reflects healthy forward momentum.

接著看第 7 張投影片。您可以看到我們在推動「可降低費率」的負載成長方面所取得的進展。各項專案正持續通過我們的開發管線，自年終更新以來，已進入最終工程階段的規模提升至 4.6 吉瓦。從申請、初步工程到最終工程的推進，是專案週期中自然且符合預期的一部分，也反映出健康的前進動能。

We also recently initiated our third cluster study, and the results reinforce that there's strong interest across our service area. In total, customer interest exceeded an additional 10 gigawatts, spanning multiple regions, including Silicon Valley and the Central Valley.

我們最近也啟動了第三次叢集研究，其結果再次證實我們服務區域內的興趣相當強勁。整體而言，客戶意向超過額外 10 吉瓦，涵蓋多個地區，包括矽谷與中央谷地。

Importantly, this demand remains diversified. There's no single project driving these totals. We're committed to only adding load that is definitively rate reducing. We simply need to get the pricing right. Projects from this latest cluster study, which meet the rate-reducing threshold will move through preliminary engineering over the next six months, refilling the pipeline funnel from the top as earlier projects mature.

重要的是，這些需求仍然相當多元分散。並非由任何單一專案推動這些總量。我們承諾只新增確定能降低費率的負載。我們只需要把定價訂對。在這次最新叢集研究中，符合降低費率門檻的專案，將在未來六個月進入初步工程階段；隨著較早期專案逐步成熟，也將從上端補充管線漏斗。

Importantly, this growth is occurring alongside significant resource additions across California. Since 2020, CAISO load-serving entities have added more than 33 gigawatts of new resources to the grid, including over 7 gigawatts in 2025 alone. In addition, the CPUC is continuing their practice of issuing new build procurement orders, which have resulted in 22 gigawatts under contract through 2029. This kind of growth is good for customers and good for California's economy.

同樣重要的是，這項成長是在加州全州大量新增資源的同時發生的。自 2020 年以來，CAISO 的負載服務實體已為電網新增超過 33 吉瓦的新資源，其中僅 2025 年就超過 7 吉瓦。此外，CPUC 仍持續發布新建採購命令，已促成截至 2029 年共有 22 吉瓦簽約在案。這類成長對客戶有利，也有利於加州經濟。

Every gigawatt of new data center load can contribute to affordability by reducing electric bills by 1% or more, while also supporting thousands of construction jobs and generating hundreds of millions of dollars in additional tax revenue.

每新增 1 吉瓦的資料中心負載，都可能透過降低電費 1% 或以上來提升可負擔性，同時也能支持數千個營建工作機會，並帶來數億美元的額外稅收。

Before I hand it over to Carolyn, I'd like to tie all of this together with my story of the month. This quarter, that story is about continuous monitoring and how we are shifting from reactive maintenance to proactive, data-driven risk management. Continuous monitoring uses sensors, our smart meters, analytics and machine learning models to identify emerging issues on the system before they turn into outages, ignitions or safety events.

在我把時間交給 Carolyn 之前，我想用我本月的故事把這些內容串起來。本季的故事主題是「持續監測」，以及我們如何從被動維修轉向主動、以數據驅動的風險管理。持續監測運用感測器、智慧電表、分析工具與機器學習模型，在問題演變成停電、起火點燃或安全事件之前，就先在系統上辨識出正在浮現的風險。

It's allowing us to see developing conditions in real time and intervene earlier, often before there's any customer impact. We're seeing tangible operational benefits from this approach. Continuous monitoring helped us avoid approximately 12 million unplanned customer outage minutes in 2025 and another 4 million minutes in the first quarter of 2026. In many cases, these interventions occurred before customers were even aware there was a problem.

這讓我們能即時看見正在形成的狀況並更早介入，往往在對客戶造成任何影響之前就處理。我們已從這種做法看到具體的營運效益。持續監測在 2025 年幫助我們避免約 1,200 萬分鐘的非計畫性客戶停電時間，而在 2026 年第一季又避免了另外 400 萬分鐘。在許多情況下，這些介入發生時，客戶甚至還不知道有問題。

Since the beginning of last year, we've had 1,484 good catches where sensor data flagged developing weaknesses or active events on the grid. 23 of these could have become ignitions but didn't. Identifying stressed equipment early also allows us to fix issues at a lower cost and avoid more expensive emergency repairs down the road. In fact, over that same five-quarter period, early detection of stressed equipment helped us save an estimated $8 million of capital spend through lower cost repairs and over $1 million in expense by reducing time spent responding to emergency asset failures.

自去年年初以來，我們已出現 1,484 次「成功攔截」，也就是感測器數據標示出電網上正在發展的弱點或正在發生的事件；其中有 23 起原本可能演變成點燃事件，但最終沒有發生。及早辨識受壓設備也讓我們能以較低成本修復問題，並避免日後更昂貴的緊急搶修。事實上，在同樣這五個季度期間，對受壓設備的早期偵測，透過較低成本的修復，協助我們估計節省約 800 萬美元的資本支出，並因減少處理緊急資產故障的時間而節省超過 100 萬美元的費用支出。

Continuous monitoring is also improving how our teams work in the field. More precise diagnostics mean our troubleshooter spend less time searching for problems and more time fixing them, improving both productivity and safety. Taken together, our continuous monitoring program is an important step forward and an example of how we manage risk, control costs and deliver reliable service.

持續監測也正在改善我們團隊的現場作業方式。更精準的診斷意味著我們的故障排除人員花更少時間尋找問題、花更多時間修復問題，進而提升生產力與安全性。綜合而言，我們的持續監測計畫是重要的進展，也展現了我們如何管理風險、控制成本並提供可靠服務。

With that, I'll turn it over to Caroline.

接下來，我把時間交給 Caroline。

Thank you, Patty, and good morning, everyone. Turning to slide 9. You can see our first quarter 2026 earnings walk. Core earnings for the quarter were $0.43, up $0.10 from the first quarter last year, putting us in position to once again deliver on our plan.

謝謝你，Patty，各位早安。接著看第 9 張投影片。您可以看到我們 2026 年第一季的盈餘橋接。本季核心盈餘為 0.43 美元，較去年第一季增加 0.10 美元，使我們再次處於可按計畫達成目標的位置。

Customer capital investments contributed $0.06. Of that, $0.02 reflects ongoing execution of our capital plan and the associated return on rate base, including CPUC ROE. We also have a $0.04 benefit related to February's final commission decision in our 2023 (inaudible) application.

客戶資本投資貢獻了 0.06 美元。其中 0.02 美元反映我們持續執行資本計畫及其對費率基礎的報酬（包括 CPUC 核准的 ROE）。此外，我們也有 0.04 美元的正面效益，與 2 月份委員會就我們 2023 年（聽不清）申請所作出的最終決議相關。

Nonfuel O&M savings contributed an additional $0.02, partially offset by our decision to redeploy $0.01 back into business. Timing and other was a $0.03 tailwind in the quarter compared to the prior year. As we look forward to the balance of 2026, you can count on us to remain focused on disciplined execution and delivering our guidance while taking a thoughtful approach to redeploying savings in ways that benefit customers and help to derisk 2027 and beyond.

非燃料 O&M 節省另外貢獻了 0.02 美元，但部分被我們決定將 0.01 美元重新投入業務所抵銷。與前一年相比，時點因素及其他項目在本季帶來 0.03 美元的順風。展望 2026 年剩餘期間，您可以期待我們持續專注於嚴謹執行並達成指引，同時以審慎方式將節省重新配置到能讓客戶受益、並有助於降低 2027 年及其後風險的領域。

On slide 10, there is no change to our five-year $73 billion capital plan through 2030. We continue to see strong demand for customer beneficial investment across the transmission and distribution systems, and we still see at least $5 billion of incremental customer investment opportunity outside the current plan. We have flexibility in how and when we may pursue these additional opportunities to ensure we're making the right decisions for customers and investors.

在第 10 張投影片，我們截至 2030 年的五年 730 億美元資本計畫沒有變動。我們持續看到輸電與配電系統中，對「有利於客戶」的投資需求強勁；此外，在現行計畫之外，我們仍看到至少 50 億美元的增量客戶投資機會。我們在追求這些額外機會的方式與時點上具有彈性，以確保我們為客戶與投資人做出正確決策。

Our preference today remains making the plans better by prioritizing bringing in investments, which enable new beneficial load and help lower rates for our core customers over time, or we could make the plan longer by extending the duration of our top-tier rate base growth. A third option, though not one we're considering right now is to make the plan bigger by adding to our current $73 billion plan envelope.

我們目前的偏好仍是把計畫做得更好，優先導入能促成新的有利負載、並隨時間推進協助降低核心客戶費率的投資；或者，我們也可以把計畫做得更長，透過延長我們頂級費率基礎成長的期間。第三個選項是把計畫做得更大，也就是在現有 730 億美元計畫框架上再增加規模，不過這不是我們目前正在考慮的方向。

Taken together, these options give us confidence that we have flexibility in the plan and that we can continue to deploy growth capital in a disciplined way while at the same time, supporting affordability, growth and long-term value creation for owners.

綜合而言，這些選項讓我們有信心：計畫具備彈性，我們能以嚴謹的方式持續部署成長資本，同時支持可負擔性、成長，以及為股東創造長期價值。

Turning to slide 11. Our five-year financing plan is also unchanged from our prior call. The plan continues to be built on conservative assumptions, which align with the guideposts I've previously shared. First, our plan is built to require no new common equity through 2030. Second, we remain focused on achieving investment-grade ratings, including sustaining FFO to debt in the mid-teens. And third, we continue to target ramping up to a 20% dividend payout ratio by 2028, then maintaining that level through 2030.

接著看第 11 張投影片。我們的五年融資計畫也與上次電話會議相比沒有變動。該計畫仍建立在保守假設之上，並與我先前分享的指引原則一致。第一，我們的計畫設計為在 2030 年前不需要新增普通股權。第二，我們仍專注於達成投資級評等，包括將 FFO 對負債比維持在十幾%的中段水準。第三，我們持續以在 2028 年提升至 20% 股利支付率為目標，並在 2030 年前維持該水準。

In February, we took advantage of favorable market conditions to execute two financings. We issued $1 billion of parent-level junior subordinated notes opportunistically starting to address 2027 parent funding needs. There is no change to our guidance for a net $2 billion of financing from parent debt and other through 2030. At the utility, we issued $2.2 billion of first mortgage bonds covering roughly half of our 2026 utility debt needs, which remain unchanged.

在 2 月，我們把握有利的市場條件完成兩項融資。我們以機會性方式發行 10 億美元母公司層級的次順位永續次級票據，開始因應 2027 年母公司資金需求。我們對於截至 2030 年由母公司債務及其他來源取得淨額 20 億美元融資的指引沒有變動。在公用事業端，我們發行 22 億美元的第一抵押債券，涵蓋約一半的 2026 年公用事業債務需求，而該需求亦維持不變。

From a capital allocation perspective, and in light of encouraging indications that the state is serious about pursuing additional wildfire reform, we continue to see our current plan as the right one for both customers and investors. However, I'll reiterate that if we stop seeing progress towards reforming the wildfire risk model, you can be sure that we will actively reevaluate all aspects of our capital allocation plan.

從資本配置的角度來看，並且鑑於州政府似乎正認真推動進一步的野火改革所釋出的令人鼓舞訊號，我們仍然認為目前的計畫對客戶與投資人而言都是正確的。不過，我要再次強調，如果我們不再看到朝向改革野火風險模型的進展，你們可以確信，我們將會積極重新評估資本配置計畫的各個面向。

On slide 12, we continue to make steady progress toward investment-grade credit ratings, and I'm encouraged by the momentum we're seeing. Following our fourth quarter call, Moody's revised their outlook to positive, reflecting continued improvement in our credit trajectory. Our focus on strong financial ratios, discipline to hold the company leverage and continued progress on wildfire mitigation directly supports the criteria for potential upgrades.

在第12頁投影片上，我們持續穩健推進，朝向投資等級信用評等邁進，我也對我們所看到的動能感到振奮。在我們第四季電話會議之後，穆迪（Moody's）將其展望調整為正向，反映我們信用走勢持續改善。我們專注於強健的財務比率、維持公司槓桿的紀律，以及在野火緩解方面的持續進展，直接支持潛在升評的相關標準。

As I've noted before, achieving investment grade is a key milestone for us. It will lower our borrowing costs and translate into hundreds of millions of dollars in customer savings over the life of the debt we issue, creating a durable affordability driver for customers, not currently assumed in our plan.

如我先前所提到，達成投資等級對我們而言是一個關鍵里程碑。這將降低我們的借款成本，並在我們所發行債務的存續期間，為客戶帶來數億美元的節省，為客戶創造一個持久的可負擔性推動因素，而這在我們的計畫中目前尚未納入假設。

On slide 13, we're reinforcing that we continue to see a path to deliver 2% to 4% long-term reductions in nonfuel O&M even after absorbing inflation and other cost pressures. Executing against our simple, affordable model is how we keep our capital program affordable for customers and sustained reductions in nonfuel O&M are a key element allowing us to grow our plan and fund the investments our system needs while also protecting customer bills.

在第13頁投影片上，我們再次強調，即使吸收通膨與其他成本壓力之後，我們仍然看到一條可實現非燃料營運與維護（O&M）長期降低2%至4%的路徑。落實我們簡單、可負擔的模式，是我們讓資本計畫對客戶保持可負擔的方式；而非燃料O&M的持續下降，是讓我們能擴大計畫、為系統所需投資提供資金，同時也保護客戶帳單的關鍵要素。

In addition to the great example of continuous monitoring Patti mentioned, we continue to innovate and drive efficiencies in our field operations by applying technology. By leveraging satellite and LiDAR, we're improving the quality and consistency of inspections while reducing the volume of patrols, lowering contractor reliance and enhancing safety in the field.

除了Patti提到的持續監測這個很好的例子之外，我們也持續透過導入科技，在現場作業中創新並提升效率。藉由運用衛星與LiDAR（光達），我們在降低巡檢次數的同時，提升檢查品質與一致性，減少對承包商的依賴，並強化現場安全。

Taken together, these changes are expected to deliver $24 million in annual O&M savings this year alone. This is another tangible example of how targeted technology investments support our long-term nonfuel O&M trajectory.

綜合而言，預期僅在今年，這些變革就可帶來每年2,400萬美元的O&M節省。這是另一個具體例子，說明有針對性的科技投資如何支持我們非燃料O&M的長期走勢。

Slide 14 highlights major regulatory and legislative milestones we're monitoring this year. On the regulatory front, following our fourth quarter call, we received our 2025 safety certificate from the CPUC, which is valid for 12 months through early March 2027. Additionally, as Patti mentioned, we're on track to file our 10-year undergrounding plan with the OEIS in the third quarter.

第14頁投影片重點列出我們今年正在關注的主要監管與立法里程碑。在監管方面，在我們第四季電話會議之後，我們已收到加州公用事業委員會（CPUC）核發的2025年安全證書，有效期12個月，至2027年3月初止。此外，如Patti所提到，我們也按計畫在第三季向OEIS提交我們的10年地下化計畫。

I'll end here on slide 15 by pointing out our differentiated story. We're proud of what we've accomplished, and we know there's still plenty of opportunity in front of us to continue delivering for our customers and our investors. We're focused on doing just that day in and day out. With that, I'll hand it back to Patti.

我在第15頁投影片作結，指出我們差異化的故事。我們為已完成的成果感到自豪，也知道前方仍有許多機會，能持續為客戶與投資人創造交付。我們專注於日復一日地做到這一點。接下來我把時間交還給Patti。

Thank you, Carolyn. Before we take your questions, I'd like to recap where we stand as we are building California's energy future. We delivered a strong first quarter, putting us firmly on track for another year of double-digit earnings growth. Safety remains our highest priority. We continue to strengthen our wildfire layers of protection.

謝謝你，Carolyn。在我們開始回答各位問題之前，我想先回顧一下，在我們打造加州能源未來的過程中，目前所處的位置。我們第一季表現強勁，使我們穩健地朝向再度實現兩位數盈餘成長的一年邁進。安全仍然是我們的最高優先事項。我們持續強化我們的野火多層防護。

We continue to make real progress on affordability with a 23% reduction for our most vulnerable customers since January 2024. At the same time, we're seeing good progression of our rate-reducing large load pipeline, and we're encouraged by California's focus on constructive wildfire reform.

自2024年1月以來，我們最脆弱客群的費率已降低23%，在可負擔性方面持續取得實質進展。同時，我們也看到可降低費率的大型負載管線（pipeline）有良好進展，並對加州聚焦於具建設性的野火改革感到鼓舞。

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

那麼，接線員，請開放提問線路。

(Operator Instructions) Shar Pourreza, Wells Fargo Securities.

（接線員指示）Shar Pourreza，富國銀行證券（Wells Fargo Securities）。

Patti, you've been vocal about not wanting to see the can kick down the road on legislation. I mean, obviously, that would be a bad outcome in your view. I guess, how should we think about capital allocation, like the buybacks in case some aspects of the CEA report get passed, but we don't get something that is all encompassing. So step in the right direction, but not the Goldilocks scenario. Is some progress about outcome (inaudible) key aspects get pushed into '27, it's obviously a tight window and California is dealing with a lot. Just get a sense there.

Patti，你一直很直言不希望在立法上把問題一拖再拖。我的意思是，很明顯，那在你看來會是個不好的結果。我想問的是，如果CEA報告中的某些部分獲得通過，但我們沒有得到一個包羅萬象的方案，那麼我們應該如何看待資本配置，例如庫藏股回購？也就是說，方向是對的，但不是最理想的「剛剛好」情境。如果有一些進展，但（聽不清）關鍵部分被推遲到2027年，時間窗口顯然很緊，而且加州要處理的事情很多。想請你談談你的看法。

Yes. Thanks, Shar. First and foremost, I would just reiterate that we're encouraged by the progress to date. We do think the right conversations are happening with the right folks, and we feel good and encouraged about that. I'll just offer that there's obviously minimum outcome to prevent additional costs being born by shareholders and this tail risk being able to be measured and understood.

是的。謝謝你，Shar。首先我想重申，我們對目前為止的進展感到鼓舞。我們確實認為，正確的人正在與正確的對象進行正確的對話，我們對此感到良好並受到鼓舞。我也想補充，顯然存在一個最低限度的結果，必須避免額外成本由股東承擔，並讓這個尾端風險能被衡量與理解。

We know that that's a very important floor for an outcome here. And as we've been very clear, we've been reiterating wide and far the value of the investor-owned utility model. We've been advocating for the importance of the capital that we are able to attain from the capital markets from our investors and how important that is to making our infrastructure investments affordable for California that as we spread out the cost of infrastructure over time because of the great capital that is deployed by our important owners, that is good for customers.

我們知道，這是此處結果的一個非常重要的底線。而且如我們一直非常清楚地表達，我們已在各種場合反覆強調投資人持有型公用事業（investor-owned utility）模式的價值。我們一直倡議我們能從資本市場、從投資人取得資金的重要性，以及這對於讓加州的基礎設施投資保持可負擔有多重要；因為在重要股東所投入的優質資本支持下，我們能把基礎設施成本分攤到更長時間，這對客戶是有利的。

And so an important outcome of SB 254 is that we can attract low-cost capital to invest in that infrastructure to help California grow and make our energy cost more affordable for customers here. So I'll say all that backdrop to say that we feel like our capital allocation and our model is working. We're lowering rates while we're deploying our capital today. We think right now is not the time to change that plan, we know that the simple affordable model is the best plan for customers and investors.

因此，SB 254的一個重要成果是，我們能吸引低成本資本來投資這些基礎設施，協助加州成長，並讓這裡客戶的能源成本更可負擔。在這樣的背景之下，我要說的是，我們覺得我們的資本配置與我們的模式正在發揮作用。我們在部署資本的同時也在降低費率。我們認為現在不是改變該計畫的時候；我們知道，簡單且可負擔的模式是對客戶與投資人最好的計畫。

And so we're very bullish on that. Now to the ultimate heart of your question, if that doesn't occur, if we don't get a minimum outcome that's essential, then obviously, we'll have to look at and we will not avoid looking at our entire capital allocation plan, the whole financial plan. I'm not going to rack and stack how we would think about that here on this call, but I will just say that all aspects of the plan will have to be on the table, and we'll take a look at doing what's best in totality.

因此我們對此非常有信心。至於你問題的核心，如果那沒有發生、如果我們沒有得到必要的最低限度結果，那麼很顯然，我們就必須檢視——而且我們也不會迴避檢視——我們整體的資本配置計畫與整個財務計畫。我不會在這通電話會議上逐項排序我們會如何思考，但我會說，計畫的所有面向都必須納入考量，我們會全面評估，做出整體而言最好的決定。

But for now, we are encouraged by the progress that's being made and the level of attention to the issue.

但就目前而言，我們對正在取得的進展以及對此議題的關注程度感到鼓舞。

Got it. Perfect. I appreciate that. And good luck there. Patti, just lastly, I mean, I know obviously, you keep highlighting the data center opportunity in the context of savings and kind of bill reductions, probably that's the right messaging in this environment. But is there kind of a point you can convert that into sort of like an earnings impact like some of your peers. I mean, 4.6 gig in final engineering is somewhat material. I guess at what point does large load growth drive significant new transmission investments.

了解。很好。謝謝你的說明。也祝你們那邊順利。Patti，最後一個問題，我知道你一直在強調資料中心機會，並把它放在節省與某種程度的帳單降低的脈絡下，這在目前環境下大概是正確的訊息傳達。但是否有一個時間點，你可以把它轉換成像你一些同業那樣的盈餘影響？我的意思是，最終工程設計（final engineering）達到4.6 GW其實相當具規模。我想問的是，大型負載成長在什麼時候會驅動顯著的新輸電投資？

Well, I would say that it is. We are and we shared at the -- on our Q4 call that we've added more CapEx for transmission into our $73 billion capital plan. Given all of our circumstances, we think our $73 billion plan is the right plan. The idea that we would make that bigger would take some other changes, I would say, over time.

嗯，我會說是的。我們已經在第四季電話會議上分享過，我們在730億美元的資本計畫中，為輸電新增了更多資本支出（CapEx）。綜合我們所有情況來看，我們認為這個730億美元計畫是正確的計畫。至於要把它做得更大，我會說，隨著時間推移，還需要一些其他變化才行。

And so right now, as Carolyn has been very consistent in sharing that we want to make the plan better. And when we say better, what we mean by that is by pulling in that transmission and data center load growth, if it makes it more affordable for customers, that's better. And so we've been very disciplined about our cluster study work. And when we talk about final engineering, we're sharing real costs with our potential large load customers and they're signing on for them that are absolutely not just from a a sound bite or a marketing perspective but an absolute rate reducing new CapEx investment.

所以就目前而言，正如Carolyn一直很一致地分享的，我們希望把這個計畫做得更好。我們所說的「更好」，指的是如果把輸電與資料中心負載成長提前納入，能讓客戶更負擔得起，那就是更好。因此，我們在叢集研究（cluster study）工作上一直非常自律。當我們談到最終工程時，我們是在與潛在的大型負載客戶分享真實成本，而他們也在簽署承擔這些成本；這絕對不只是為了口號或行銷，而是一項確實能降低費率的新增資本支出投資。

And so that makes our capital plan even better. There will come a time, I think, particularly after SB 254 Phase II resolution at the end of the legislative session that we should look at if the conditions are such that we could make the plan bigger, but that's just not now.

因此，這讓我們的資本計畫變得更好。我認為，會有一個時點——特別是在立法會期結束時完成SB 254第二階段決議之後——我們應該檢視，若條件允許，是否能把計畫做得更大，但現在還不是時候。

Nicholas Campanella, Barclays.

Nicholas Campanella，巴克萊。

I just wanted to ask a follow-up on just the legislation and just there was a lot put forward by the CEA, like three separate phases. It's a big menu of things. And I guess just -- where are you kind of drawing the line? And what is sufficient? Is it more about having some type of permanent cap if I'm reading your response correctly?

我想就立法再追問一下；CEA提出了很多內容，像是三個不同階段。這是一份很大的「菜單」。我想問的是——你們大概是在哪裡劃界線？什麼才算足夠？如果我正確理解你的回應，是否更關鍵的是要有某種永久性的上限？

And then I just in the last legislative session, shareholders did have to kind of participate in some instances there. So how are you kind of thinking about that for Phase 2?

另外，在上一個立法會期，股東在某些情況下確實需要參與（出資）。那你們對第二階段在這方面是怎麼思考的？

Yes. Nick, the most important thing, we think, is the whole of society approach. We think the governor was clear and the CEA report reflects that there are multiple aspects of wildfire liability reform that would be important for all California because remember, all fires in California are not caused by utilities. Insurance access in California is a real challenge to homeownership.

是的。Nick，我們認為最重要的是「全社會」的方法。我們認為州長已經說得很清楚，而CEA報告也反映出，野火責任改革有多個面向，對整個加州都很重要，因為請記住，加州的火災並非全部都是由公用事業造成的。加州的保險可得性，對於擁有房屋而言是一個真正的挑戰。

We have a housing crisis in California, making sure that we have an insurable housing market is very essential for the state. So well beyond utility concerns the CEA report reflects a whole of society approach. We think that's smart because we're Californians too. And we care about what happens here and what happens to all Californians, not just those impacted by a utility wildfire.

加州正面臨住房危機，確保我們有一個可投保的住宅市場，對州政府非常關鍵。因此，遠遠不只是公用事業的議題，CEA報告反映的是一種全社會的方法。我們認為這很明智，因為我們也是加州人。我們關心這裡發生的事，以及所有加州人會面臨什麼，而不只是那些受到公用事業野火影響的人。

Now that being said, I am the CEO of the utility. So I do have a point of view that we need to make sure that the tail risk of wildfire liability is one that shareholders and investors can model can predict and know how great the risk is so that you can feel comfortable investing your clients' pension funds and retirement funds into our infrastructure here in California. So our minimum is very important that we have an ability to see and model and quantify what that tail risk is.

話雖如此，我是這家公用事業公司的執行長。所以我確實有一個觀點：我們需要確保野火責任的尾端風險（tail risk）是股東與投資人可以建模、可以預測、也能知道風險有多大的，這樣你們才會放心把客戶的退休金與養老基金投資到我們在加州的基礎設施上。因此，我們的最低要求非常重要：我們必須有能力看見、建模並量化這個尾端風險到底是什麼。

Now on shareholder contributions, as were required in the 254 Phase I, that is a question that's part of a total look of the value of the fix, the totality of the legislative action will determine whether there's any reason to make additional contributions. And so the package would have to be looked at as a package. And if it doesn't improve the status quo then contributions would be unacceptable. But if there's a dramatic improvement to the status quo, we obviously would be in dialogue with policymakers.

至於股東出資——如同在254第一階段所要求的——這個問題要放在對「修法價值」的整體評估中來看；立法行動的整體內容將決定是否有任何理由需要額外出資。因此，必須把整個方案當作一個整體來檢視。如果它沒有改善現狀，那麼出資就是不可接受的。但如果相較現狀有顯著改善，我們當然會與政策制定者進行對話。

That's very clear. I appreciate that. And then I just had another question because it's kind of come up to the foray recently. Just the governor election in the state for various reasons has been more of a focus for folks. And I know that there's been some calls from various candidates on returns and affordability and maybe even notably a rate freeze.

這非常清楚。謝謝你。我還有另一個問題，因為最近這個議題有點浮上檯面。由於各種原因，州長選舉成了大家更關注的焦點。我知道有些候選人對報酬率與可負擔性提出了一些主張，甚至特別提到凍結費率。

But I do recognize on slides and in the simple affordable model, you're showing that you're pretty well positioned against that. So just what's the strategy here to kind of make that resonate with new policymakers? And then, I guess, just how high grade is the plan if we were to kind of go that way with some of the more draconian things that are being piched right now?

不過我也注意到，在投影片以及你們的簡化可負擔模型中，你們顯示自己在這方面的定位相當不錯。所以，你們的策略是什麼，來讓新的政策制定者也能認同這一點？另外，如果真的朝某些目前被提出、較為嚴厲的作法走，你們的計畫抗壓性有多高？

Yes. Look, the good news is this. Number one, whomever is elected governor of the state of California, we're going to want what they want, and that's affordable utility rates. The even better news is performance is power, and we are performing. As I mentioned, we've reduced rates five times in the last two years. Our most vulnerable customers' bills and rates are down 23%. That is meaningful progress that we can point to.

是的。你看，好消息是這樣。第一，不管誰當選加州州長，我們都會想要他們想要的——也就是可負擔的公用事業費率。更好的消息是，績效就是力量，而我們正在交出成績。如我提到的，我們在過去兩年已經降價五次。我們最脆弱客群的帳單與費率下降了23%。這是我們可以指出的、很有意義的進展。

And so politicians have to say what they have to say, I guess, to get elected. But when it comes down to brass tacks, and we actually have to do what's promised, I think our performance is a key enabler to our ability to work with whomever is elected to do exactly what these politicians want. We want the same thing. We want a healthy, vibrant California powered by PG&E and the IOU model is essential to the growth and prosperity of California.

所以政治人物為了當選，可能必須說他們必須說的話。但當回到務實層面、我們真的要兌現承諾時，我認為我們的績效是關鍵推動力，使我們能與任何當選者合作，去做這些政治人物想要做的事。我們想要的是同一件事。我們希望有一個健康、有活力的加州，由PG&E提供能源，而投資人持有公用事業（IOU）模式對加州的成長與繁榮至關重要。

(Operator Instructions) Steve Fleishman, Wolfe Research.

（接線員指示）Steve Fleishman，Wolfe Research。

Just I think your comments are pretty clear on what you kind of want out of a law. Just when you look at the different proposals or structures that were in the wildfire report, are there any of the ones that best met what you want and you think other parties stakeholders as well.

我覺得你對於希望法律包含什麼的評論已經很清楚了。只是當你看野火報告裡不同的提案或架構時，有沒有哪一個最符合你們想要的，也同時符合其他利害關係人想要的？

Yes. I think Steve -- I think this whole of society look is super important. So the three pillars, the looking at hardening our communities from spread is so important. It's one thing to prevent an ignition. But when the 100-mile per hour winds are here, we need to make sure that our communities are ready and that they are built purpose, just like in hurricane zones, making sure that we get those building codes and implementation of those codes, that would be very important to derisking our communities.

有的。我想Steve——這種「全社會」的檢視非常重要。所以三大支柱之一：強化社區以降低延燒風險，這非常重要。預防起火是一回事。但當每小時100英里的強風來襲時，我們必須確保社區已經準備好，並且是為此而建，就像颶風帶一樣，確保我們制定建築法規並落實執行，這對降低社區風險非常重要。

So obviously, that's a good thing. The liability limits and liability reform is something that we feel strongly should be looked at, particularly when a utility can demonstrate prudence and can demonstrate that through their wildfire mitigation plan, they are prudent. And then finally, any kind of state, backstop obviously helps to manage that tail risk. But what I'll tell you is there's lots of paths to odds here. There are all sorts of vehicles and methods and mechanisms.

所以很明顯，這是好事。責任上限與責任改革也是我們強烈認為應該檢視的事項，特別是在公用事業能夠證明其審慎性（prudence），並能透過其野火緩解計畫證明其審慎作為時。最後，任何形式的州政府後盾（backstop）顯然都有助於管理那個尾端風險。但我要說的是，達成目標有很多條路。有各式各樣的工具、方法與機制。

And so the report, I thought did a good job of outlining multiple paths, not -- we don't need everything in that. In fact, some of them were intentionally this or that. And so I think now is the heavy lifting for the legislature to really consider what's the totality package. What is the state's ambition to truly create a wildfire liability construct that works for everyone and works best. And we're, as I've said, encouraged by the conversations that have ensued so far.

因此我認為這份報告在勾勒多條路徑方面做得很好，但——我們不需要把所有內容都納入其中。事實上，其中一些是刻意設計成這樣或那樣的選項。所以我認為，現在真正需要立法機關做大量工作，去認真思考整體方案的全貌是什麼。州政府的企圖心是什麼，才能真正建立一套對所有人都有效、且效果最佳的野火責任架構。而且如我先前所說，我們對迄今為止所引發的對話感到鼓舞。

And then I guess one related question. Just somebody brought up the governor election and obviously, we had this shake up occur. Is there any way to interpret whether that actually adds more impetus to address this wildfire law this year or the other way around? Is it disruptive to it? Just any thoughts there?

接著我想問一個相關問題。有人提到州長選舉，而顯然我們也經歷了這次變動。有沒有可能解讀為，這反而會讓今年更有動力去處理這項野火法律，或是相反？它會不會對此造成干擾？想聽聽你的看法。

I would say the Governor Newsom has done incredible work over his time as Governor to address these major fundamental issues with wildfire risk in the state. I think he's probably the leading governor in the nation who has taken and led his legislative bodies through major reform in this area on his watch. . So as he indicated, and we're just -- from the reports and the executive order that he issued, I think he expressed interest in having a real fix but he can't act alone. He's got to have the legislature with him.

我會說，紐森州長在其任內為處理本州野火風險這些重大且根本性的議題，做了非常出色的工作。我認為他可能是全美在任內推動並帶領立法機構在此領域進行重大改革的領先州長。.因此如他所表示的，從相關報告以及他發布的行政命令來看，我認為他表達了希望能有真正解方的意願，但他無法單獨行動。他必須要有立法機關與他同行。

And so it's been good to see legislative leadership describing a desire to really get into this issue. And so I look forward to them being able to do their job. And I think unrelated as much to the governor's election, but for the fact that it's Governor Newsom's last year in office here in California, I think he's made it clear that he'd really like to see action on this.

因此看到立法領導層描述出想要真正深入處理這個議題的意願，是件好事。我也期待他們能夠完成他們的工作。而且我認為這與州長選舉本身關聯不大，但考量到這是紐森州長在加州任內的最後一年，我想他已經很清楚表明，他非常希望看到在此議題上有所行動。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

I was wondering on the data center side of things. When might you expect to refill that bucket of application and preliminary engineering within a pipeline? And maybe more broadly, just what has been the pace of data center demand and conversations that you've been seeing?

我想請教資料中心這一塊。你們預期何時會在管線中補回申請與初步工程（preliminary engineering）的那一桶量？以及更廣泛地說，你們看到的資料中心需求與對話的節奏大概是怎樣？

Yes. I would say, first of all, the cluster study that we've initiated, we call it Cluster '26, our third cluster study has initiated -- has shown significant demand as we look at how we do the engineering, we do that over the next six to eight months. We do parallel engineering of all the projects. This has been a real enabler to minimizing costs for any one project maximizing shared infrastructure investment and really getting a clear eye of where the capacity needs to be either added or leveraged where we have existing capacity.

是的。我會先說，我們已啟動的叢集研究（cluster study），我們稱之為 Cluster '26，也就是我們第三個叢集研究——顯示出顯著的需求；在接下來六到八個月我們進行工程作業時，就能看得更清楚。我們會對所有專案進行平行工程設計。這一直是能夠把單一專案成本降到最低、把共享基礎設施投資效益最大化的關鍵推動力，也能讓我們清楚掌握容量需求應該在哪裡新增，或在哪裡運用既有容量。

And so one of the, I would say, the big developments we're seeing lately is more interest outside of just the Bay Area. And so that's exciting. I'll just tell you, I was at a conference in EEI Key Accounts Conference with all our large customers, and I was on a panel with, I'll just call a Class A data center developer. And as he and I were talking before we went on stage, he -- and this is a major data center developer was unaware, we had additional capacity here in California.

因此，我會說，我們最近看到的一個重大發展，是除了灣區之外的地區也出現更多興趣。這令人振奮。我可以分享，我在 EEI Key Accounts Conference 的一場會議上，與我們所有大型客戶一起參與，我在一個座談上與一位——我就稱他為 A 級（Class A）資料中心開發商——同台。在他和我上台前交談時，他——而且這是一家大型資料中心開發商——竟然不知道我們在加州還有額外的容量。

And so I think we still have a job to get the word out that California is open for business. We've added 33 gigawatts of capacity to the California grid, and we've got 22 gigawatts more under contract for the next four years. That is significant capacity being added on a grid that is underutilized because of our low air conditioning demand. So we really have an opportunity to serve these large load customers and I think word's getting out. And our third cluster, cluster 26 really has demonstrated that.

所以我認為，我們仍有工作要做，讓大家知道加州歡迎企業投資。我們已為加州電網新增了 33 吉瓦的容量，並且未來四年還有 22 吉瓦已簽約。在一個因為空調需求偏低而使用率不足的電網上，這是非常可觀的新增容量。因此我們確實有機會服務這些大型負載客戶，而且我認為消息正在傳開。而我們第三個叢集——Cluster 26——確實已經展現了這一點。

So I would say, as you can see, as we indicated, 10-plus gigawatts showing interest. That's in the early phases of that cluster study. And as we do the engineering, obviously, some of that will fall out. We don't -- we've seen that over time.

所以我會說，正如你所看到、我們也提到的，有 10+ 吉瓦顯示出興趣。那是在該叢集研究的早期階段。而當我們進行工程設計時，顯然其中一些會退出。我們——過去一直都有看到這種情況。

But as you can see, we continue to move closer and closer to actual construction and being online. We still expect to have about 1.8 gigawatts online by 2030. And again, these are multiple projects, no one silver shovel, as I like to say. So this is, I'd just say all good for California, for California's tech industries, for the customers who leverage technology and for all of the people who use the grid in California, this is a big win-win.

但如你所見，我們持續一步步更接近實際動工並上線。我們仍預期到 2030 年會有約 1.8 吉瓦上線。而且再次強調，這是多個專案，不是單一一把銀色鏟子（one silver shovel），如我常說的。所以我會說，這對加州、對加州的科技產業、對運用科技的客戶，以及對所有使用加州電網的人而言，都是一個很大的雙贏。

Great. Yes, that's helpful. And I guess, I think you kind of alluded to this also in that response. But I was just curious, I mean, you've got significant electric bill reduction coming as you start to bring this online. So could you just help with a sense of when those data centers are coming online and when customers would end up seeing some of that bill reduction to kind of add on top of what you've been highlighting and achieving on the affordability side of things.

很好。是的，這很有幫助。我想你在剛才的回答中也有稍微提到。但我只是好奇，你們在這些上線後，電費將會有顯著下降。所以你能否協助說明一下，這些資料中心大概何時上線，以及客戶何時會開始看到部分電費下降，作為你們一直強調並在可負擔性方面達成成果的補充。

Yes. So the 1.8 gigawatts will be online by 2030. We forecast that to be about a 1% to 2% rate reduction for that time period. And so when you add that into our simple affordable model, remember, this is the way that we've been reducing rates already. There's very limited large load that's contributed to the 23% rate reduction for our most vulnerable customers and 13% rate reduction to date.

是的。所以這 1.8 吉瓦將在 2030 年前上線。我們預估在那段期間可帶來約 1% 到 2% 的費率下調。因此當你把這納入我們簡單、可負擔的模型時，請記得，這就是我們已經在降低費率的方式。大型負載對於我們最弱勢客戶 23% 的費率下調，以及迄今 13% 的費率下調，貢獻其實非常有限。

That's been delivered through a simple, affordable model. Converting our capital O&M ratio to a more capital less O&M, reducing our maintenance costs through more efficient operations.

這些成果是透過一個簡單、可負擔的模型所實現。把我們的資本支出與營運維護（O&M）比率，轉向更偏資本、較少 O&M，並透過更有效率的營運來降低維護成本。

And as Carolyn mentioned, $26 million of savings by transforming how we do inspections. Those inspections are all O&M. So one of the secret sauces here at PG&E is our O&M reduction capacity and that is the most beneficial, quickest way to lower rates for customers. Of course, investment-grade credit metrics would also help lower bills for customers and large load as we transition forward is in the future years, our pathway, as we like to say, our path to flat. That is being driven by all of those factors.

而如 Carolyn 提到的，透過改造我們進行檢查的方式，節省了 2,600 萬美元。那些檢查全部都屬於 O&M。所以 PG&E 的一個關鍵祕訣，就是我們降低 O&M 的能力，而這是對客戶最有利、也最快能降低費率的方法。當然，投資等級的信用指標也會有助於降低客戶帳單；而隨著我們往前推進，大型負載在未來年度的轉換，將是我們所說的未來路徑——我們的「走向持平」之路。這是由所有這些因素所驅動的。

O&M reductions, more efficient financing and large load and the large load in the latter half of the plan.

O&M 的降低、更有效率的融資，以及大型負載——而大型負載主要是在計畫後半段發揮作用。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗。

Follow-up to David's question on the -- I'm curious on the conversion from final engineering to construction, just your confidence in obviously, you've had an increase there, up to 140, just as that 4,600 now is in final engineering. Confidence of converting it to the construction mode. And then I have a follow-up.

延續 David 關於——的問題，我想了解從最終工程（final engineering）到施工（construction）的轉換；你們的信心如何？顯然你們那邊已經增加到 140，而現在 4,600 已進入最終工程階段。對於把它轉換到施工模式的信心如何？然後我還有一個追問。

Yes. So first of all, one thing to remember about how this large load gets approved and financed here in California. Our generation capacity is driven through the California Energy Commission, CAISO and the CPUC. And that's why we've added 33 gigawatts that process is working really well. I know that some of the ISOs across the country are struggling to get new large load built. We're getting capacity added to the grid.

是的。所以首先，要記住在加州這裡，這種大型負載是如何獲得核准並取得融資的。我們的發電容量是透過加州能源委員會（California Energy Commission）、CAISO 以及 CPUC 來推動。這也是為什麼我們已新增了 33 吉瓦；這個流程運作得非常好。我知道全國有些 ISO 在推動新的大型負載建置方面遇到困難。我們正在把容量加到電網上。

So in order to get one of these large load customers, they can leverage that capacity that's been added to the grid without having to do one-on-one contracts per se. So when we talk about final engineering, we're predominantly talking about transmission and the transmission engineering that's required because in a lot of cases, we're able to just do a direct connect, dual feed with a backup online on-site in order to deliver the reliability that these large data centers require.

因此，為了取得其中一位大型負載客戶，他們可以運用已新增到電網的容量，而不必逐一簽訂一對一合約。所以當我們談到最終工程時，我們主要談的是輸電，以及所需的輸電工程，因為在很多情況下，我們能夠直接接入、雙路供電，並在現場配置可線上啟用的備援，以提供這些大型資料中心所要求的可靠度。

So to answer your question specifically, Anthony, we think there's a high conversion, but we've not been at this stage with this volume before. And so we're buttoning up all the final details with our counterparties. But the fact that they're moving forward, they're putting money on the table, these aren't final agreements, but they're awfully close, and they're putting real forecasted expectations for bringing load online that -- and so we'd say that process is working, but these will be important tests here, these final -- these 4 gigawatts to see how much of that actually goes to construction, but we're pretty optimistic than a lot of it will.

所以具體回答你的問題，Anthony，我們認為轉換率很高，但我們以前從未在這樣的量體下走到這個階段。因此我們正在與交易對手把所有最終細節敲定。但他們正在推進、把資金拿到桌面上；這些還不是最終協議，但已非常接近，而且他們也提出了讓負載上線的實際預測期望——因此我們會說這個流程正在運作。不過，這些將是重要的測試：這最後的——這 4 吉瓦，將用來檢驗其中有多少會真正進入施工，但我們相當樂觀，很多都會。

And so that's why we forecasted 1.8 gigawatts by 2030. Right now, that's -- you can use that as simple math, but those numbers could change here in the coming months.

也因此我們預測到 2030 年為 1.8 吉瓦。目前——你可以把它當作簡單的數學推算，但這些數字在未來幾個月可能會改變。

Great. And then a follow-up on the $5 billion of incremental investment opportunities. And I know I think third quarter, you're going to file an undergrounding plan, and the miles are kind of subject to approval, how much of the $5 billion of incremental opportunities is dependent on the approval for the undergrounding plan or the undergrounding plan would be incremental to this $5 billion?

很好。接著追問關於 50 億美元的增量投資機會。我知道我想第三季你們會提交地下化計畫，而里程數某種程度上取決於核准；這 50 億美元的增量機會中，有多少是取決於地下化計畫的核准？還是地下化計畫會是在這 50 億美元之外的增量？

Unrelated. We built in a level of undergrounding and around $1 billion a year in our $73 billion plan, and that's what's built into our assumptions. So when we talk about the $5 billion, we talk more about accelerating reliability improvements, accelerating new business connections, accelerating these large loads, including more and more transmission infrastructure investment in our plan because right now, we're making trades between where best to deploy capital.

不相關。我們在 730 億美元計畫中已納入一定程度的地下化，約每年 10 億美元，這已反映在我們的假設中。所以當我們談到這 50 億美元時，我們更多是在談加速可靠度改善、加速新業務接電、加速這些大型負載，以及在我們的計畫中納入更多輸電基礎設施投資，因為目前我們正在權衡資本應該部署在哪裡最合適。

We have plenty of capital to deploy, and we're really working from an affordability and our balance sheet are key drivers to how much capital we deploy, which is why we love our plan. We think it's the best. It really threads the needle for customers and investors. And so anything we add to the plan at this juncture means something else is coming out. And so that's why we would say that the $73 billion incorporates all of those things.

我們有充足的資本可以部署，而我們真正的出發點是可負擔性與資產負債表，這兩者是我們部署多少資本的關鍵驅動因素，這也是為什麼我們喜歡我們的計畫。我們認為它是最好的。它確實在客戶與投資人之間取得了很好的平衡。因此，在此時點我們若把任何東西加進計畫，就代表會有其他東西被拿掉。所以我們才會說，這 730 億美元已把所有這些都納入其中。

Gregg Orrill, UBS.

Gregg Orrill，瑞銀（UBS）。

I was wondering about settlement discussions in the rate case, if you've had any and just your general thoughts on how that's going and settlement is at all likely?

我想請教費率案件中的和解討論，你們是否已經有進行？以及你對目前進展的整體看法，和解是否有可能？

Yes. I would say, first of all, evidentiary hearings will be here throughout May, and I think that's an important step in the process. That may create an opportunity for settlement. And so we would never rule out settlement. Obviously, we've settled cases in the past.

是的。我會說，首先，證據聽證會將在整個 5 月期間進行，我認為這是流程中重要的一步。這可能會創造和解的機會。因此我們從不排除和解。顯然，我們過去也曾就案件達成和解。

But we've also gotten pretty strong indications from the CPUC that they like to do a fully adjudicated GRC. So we're open to both. We think we filed a great case. We think given our commitment to affordability and our follow-through on what we promised the commission, we would be doing with rates, and they're watching it happen. I think we enter those discussions as a real, trusted counterparty, and we look forward to the hearings throughout May.

但我們也從 CPUC 得到相當強烈的訊號，他們偏好進行完整裁決的 GRC（一般費率案件）。所以兩者我們都開放。我們認為我們提交的是一個很好的案件。我們認為，鑑於我們對可負擔性的承諾，以及我們對委員會所承諾的費率作為的落實，而且他們也正在看到這些發生，我想我們以一個真正、值得信賴的交易對手身分進入這些討論，也期待 5 月期間的聽證會。

Ryan Levine, Citi.

Ryan Levine，花旗（Citi）。

Two questions. One, just in general, how does the summer look for weather into wildfire season? And then secondly, as you continue to look to optimize capital allocation into potential scenarios around CapEx, whether it's growth or something else. How do you look at what credit metrics to maintain on your holding company leverage?

兩個問題。第一，整體而言，進入野火季的夏季天氣看起來如何？第二，當你們持續在資本配置上尋求最佳化、評估可能的資本支出（CapEx）情境（不論是成長或其他）時，你們如何看待要在控股公司槓桿上維持哪些信用指標？

Well, I'll take a weather question, and then I'll pass off to Carolyn on the credit metrics. On the forecast for weather, look, one thing I've learned, we have incredible scientists here at PG&E who are extraordinary weather predictors. But our strategy is not to count on weather prediction, we count on being ready every day.

好，我先回答天氣問題，然後把信用指標的問題交給 Carolyn。關於天氣預測，你看，我學到的一件事是，我們 PG&E 這裡有非常出色的科學家，是卓越的天氣預測者。但我們的策略不是依賴天氣預測，我們依賴的是每天都做好準備。

And so regardless of the conditions, we are in a position and a posture to respond and to be prepared and to prevent. As I shared in my prepared remarks, this continuous monitoring application to our grid is extraordinary. I cannot overstate how exciting it is to us here at the company to look at the potential of being able to move from a reactive grid operations to proactive grid operations with visibility, knowledge and forethought before conditions materialize. And before a branch grows into a tree, before a line has any kind of degradation, we can see it. Before a transformer might have early signals of failure, we are moving into a fully predictive grid posture.

因此不論條件如何，我們都處於能夠回應、能夠準備、也能夠預防的狀態與姿態。正如我在事先準備的發言中分享的，這種對電網的持續監測應用非常了不起。我無法過度強調，對我們公司而言，看到能夠從被動的電網運轉轉向主動的電網運轉的潛力有多令人振奮——在狀況形成之前就具備可視性、知識與前瞻性。在樹枝長成樹之前、在線路出現任何形式的劣化之前，我們就能看見。在變壓器可能出現早期故障訊號之前，我們正朝向完全可預測的電網姿態邁進。

We're not there yet, but boy o boy, are we making progress and this continuous monitoring gives us a lot of confidence heading into this wildfire season that we have the posture required to prevent catastrophic wildfires. And so we're just -- we're working hard to make sure that we deploy those sensors and leverage that technology as quickly and as affordably as possible because it is so beneficial. I'll go ahead and kick it over to Carolyn for the credit metrics question.

我們還沒到那一步，但我們確實取得了很大進展；而這種持續監測讓我們在進入這個野火季時很有信心，因為我們具備預防災難性野火所需的姿態。因此我們就是——我們正努力確保以最快、最可負擔的方式部署這些感測器並運用該技術，因為它的效益非常大。我接著把信用指標的問題交給 Carolyn。

Yes. Just on -- so just -- as a reminder, stepping back, like our current plan is certainly built around 3 things, as we've said. No equity, particularly at today's low valuation. We want maintain the common dividend, which provides us with flexibility. And then we do have some modest debt levels at parent level, sorry, debt financing in the plan at the end, but we are maintaining that 10%, and that's all built around maintaining our IG-level credit metrics today. Post SB 254, I think that what you're getting at and looking at a different capital allocation if we said everything is on the table at that point in time.

是的。就——所以——提醒一下，退一步看，我們目前的計畫確實是圍繞著三件事建立的，正如我們所說。不發行股權，特別是在今天這樣的低估值之下。我們希望維持普通股股利，這能提供我們彈性。然後在母公司層級，我們確實有一些適度的債務水準，抱歉，是在計畫後段的債務融資，但我們維持在 10%，而這一切都是為了維持我們目前投資等級（IG）水準的信用指標。在 SB 254 之後，我想你所指的是：若到了那個時間點，我們在資本配置上採取不同作法，那麼屆時我們會說一切都可以放到桌面上討論。

And so all elements of that plan that I just went through, will be on the table to be considered at that point in time. And what I will say is that you can just really count on us to look at market conditions. We're going to be looking at what's going on with our stock price, what's going on with interest rates, what is the overall environment, and we'll come to that conclusion at that time.

因此，我剛才所談到的該計畫所有要素，屆時都會擺在桌面上供評估。我要說的是，你們可以確實相信我們會審視市場狀況。我們會關注我們股價的走勢、利率的變化、整體環境如何，並在那個時間點做出結論。

Okay. And I appreciate the maybe sensitivity, but is there any color you could share around whether special dividends or ratable dividends or buybacks that we should consider in those type of scenarios?

好的。我理解可能有些敏感，但在那類情境下，關於特別股利、按比例（定期）股利或庫藏股回購，你能否分享一些看法，讓我們知道是否需要把這些納入考量？

Ryan, it's Patty. Yes, as I've said, we're just not going to rack and stack the alternatives here today. We're going to make sure that we do first things first, and that's to get a solid SB 254 outcome.

Ryan，我是Patty。是的，如我所說，我們今天不會在這裡把各種替代方案逐一排序比較。我們會確保先把最重要的事做好，也就是取得一個穩健的SB 254結果。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

Just one for me. Given the transparency in the SB 254 Phase 2 process, recent CEA report, do you expect any new look to the legislative process this summer, like in earlier bill introduction or more debate on public text or I guess anything else that offers more external insight into where the process stands.

我這邊只有一個問題。鑑於SB 254第二階段流程的透明度、以及近期的CEA報告，你是否預期今年夏天立法流程會有任何新的進展，例如更早提出法案、對公開文本有更多辯論，或我想任何其他能讓外界更了解流程目前進度的事項？

Well, we don't know exactly what -- how the legislature is going to approach this, but we do know that the Assembly Energy Committee Chair, Cottie Petrie-Norris had indicated that she had hoped to hold hearing sometime in May, which would be -- she said that in public statements.

嗯，我們不確定立法機關究竟會如何推進這件事，但我們知道眾議院能源委員會主席Cottie Petrie-Norris曾表示，她希望能在5月某個時間舉行聽證會——她是在公開聲明中這麼說的。

And so we're hoping that, that gets followed through on. We do think hearings will be important because it's a complex subject, and we think the more are legislators and these important committees both the insurance and the energy committees and the Senate and the assembly understand the alternatives. They'll see what the CEA report really was conveying that in action is not a good path forward. In action would be really just not an option. It's unaffordable.

因此我們希望這件事能夠落實。我們確實認為聽證會會很重要，因為這是一個複雜的議題；我們也認為，越多立法者以及這些重要委員會——包括保險委員會與能源委員會、參議院與眾議院——理解各種替代方案，他們就越能看出CEA報告真正傳達的是：不採取行動不是一條好的前進道路。不採取行動實際上根本不是選項。那是負擔不起的。

It's too expensive and too regressive. And we know our policymakers when they understand that we'll want to take the appropriate actions. And the good news is the CEA report provides multiple alternatives for consideration that would dramatically improve the status quo. So we look forward to those hearings and look forward to the discussion how it transpires here over the legislative session between now and the end of August.

成本太高，而且過於累退。我們也知道，當政策制定者理解這一點時，就會希望採取適當的行動。好消息是，CEA報告提供了多種可供考量的替代方案，能夠大幅改善現狀。因此我們期待這些聽證會，也期待在從現在到8月底的立法會期中，相關討論將如何展開。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

This is (inaudible) on for Carly. I had a question on the CAISO transmission project. Could you give us a sense of where things stand in terms of getting to a final approved status? Are there any projects that you're more optimistic could clear the final iteration this year? And then how should we think about the financing strategy for these projects?

我是（聽不清）代Carly提問。我想問關於CAISO輸電專案的問題。你能否說明一下目前在取得最終核准狀態方面進展到哪裡？是否有任何專案讓你更樂觀，可能在今年通過最終版本？另外，我們應該如何看待這些專案的融資策略？

Yes. Thanks. Great questions. We're excited to report the transmission planning process from CAISO is has completed, and they've awarded 25 projects for '25 '26 planning, totaling $4.16 billion of projects for PG&E. This is a big improvement for PG&E.

好的。謝謝。問題很好。我們很高興報告，CAISO的輸電規劃流程已經完成，他們在'25、'26規劃中核配了25個專案，PG&E的專案總額為41.6億美元。這對PG&E來說是很大的改善。

I think there was a period of time where the CISO was not sure that PG&E could follow through and do these transmission projects at this scale. And their determination certainly has shown that they have confidence that of 26 projects, 25 were awarded to PG&E. And we're proud of that. And all of those projects are currently built into our $73 billion capital plan. So no change to the capital plan there, just our ability to go ahead and execute those.

我認為曾有一段時間，CISO不確定PG&E是否能以這樣的規模落實這些輸電專案。而他們的決定清楚顯示其信心：26個專案中有25個核配給PG&E。我們對此感到自豪。而且這些專案都已納入我們730億美元的資本計畫中。因此資本計畫沒有變動，只是我們能夠繼續往前執行這些專案。

That's great. And then a quick follow-up on Diablo Canyon. Now that you got the license renewal, how are you thinking about appetite from the state to keep the plant on longer term?

太好了。接著快速追問一下Diablo Canyon。既然你們已取得執照更新，你們如何看待州政府在更長期讓電廠持續運轉方面的意願？

Yes. Well, thank you for asking this question. I always love to talk about Diablo Canyon. Look, we're very happy with the NRC's 20-year license renewal, and that was a big milestone for the team. I think they've earned that with their performance, their continued delivery of clean energy for the state of California, one of the best operated nuclear plants in the country, proud of their performance, and we think that performance was essential in that license renewal.

是的。謝謝你問這個問題。我一直很喜歡談Diablo Canyon。你看，我們對NRC核發的20年期執照更新非常滿意，這對團隊而言是一個重大里程碑。我認為他們以其表現贏得了這個成果：持續為加州提供潔淨能源，是全國營運表現最好的核電廠之一；我們為他們的表現感到自豪，也認為這樣的表現對於取得執照更新至關重要。

Now it is up to the legislature on whether the plant would be extended beyond 2030. I think the CPUC has been very clear that there's a real cost benefit and the billions of dollars of savings for customers by having Diablo remain online. And there's a recent study by MIT that confirmed and validated CPUC's understanding -- or CPUC's forecast. So I think with affordability top of mind, I leave it in the hands of the legislature to take the necessary actions to extend the life beyond 2030. But the economics certainly work.

至於電廠是否會延長運轉至2030年之後，則取決於立法機關。我認為CPUC已非常清楚地指出，讓Diablo持續併網運轉，對客戶而言具有實質的成本效益，並可帶來數十億美元的節省。近期MIT的一項研究也確認並驗證了CPUC的理解——或CPUC的預測。因此，在可負擔性是首要考量的情況下，我把這件事交由立法機關採取必要行動，以將壽命延長至2030年之後。但從經濟性來看，確實是可行的。

This concludes the question-and-answer session. I will now turn the call back over to Patti Poppe for closing remarks.

問答環節到此結束。我現在把電話交回給Patti Poppe作結語。

Thank you, Jeannie. Well, thanks, everyone, for tuning in today. We know a lot of eyes, including ours, are on Sacramento and wildfire liability reform, and you can rest assured that our eyes are also on running a great utility. The PG&E transformation is on track. We have never been stronger or better positioned to serve, and it is our honor to do so. Thank you for joining us today.

謝謝你，Jeannie。好的，謝謝各位今天收聽。我們知道很多目光——包括我們自己的——都聚焦在沙加緬度以及野火責任改革上；你們也可以放心，我們同樣把重點放在把公用事業經營好。PG&E的轉型正按計畫推進。我們從未如此強大，也從未如此具備服務的有利位置，能夠為大家服務是我們的榮幸。感謝各位今天加入。

Stay safe out there.

請大家在外注意安全。

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

各位女士、先生，今天的電話會議到此結束。再次感謝各位參與。您現在可以掛線。