PG&E Corp (PCG) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation second quarter 2026 earnings release. (Operator Instructions)

各位女士、先生，感謝您稍候。我叫 Krista，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 PG&E Corporation 2026 年第二季財報發布電話會議。(接線員指示)

Thank you. I would now like to turn the conference over to Jonathan Arnold, Vice President of Investor Relations.

謝謝。接下來我想將電話會議交給投資人關係副總裁 Jonathan Arnold。

Jonathan, please go ahead.

Jonathan，請開始。

Good morning, everyone, and thank you for joining us for PG&E's second 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 年第二季財報電話會議。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一同參與。

First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results and other matters. These statements are based on management's current expectations, assumptions, and estimates. Some of the important factors, which could cause our actual results to differ materially 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結果展望及其他事項的前瞻性陳述。這些陳述係基於管理層目前的預期、假設與估計。若干可能導致實際結果與前述陳述存在重大差異的重要因素，已於今日財報簡報的第二頁中說明。

Today's discussion will also contain non-GAAP financial measures. The slides provide important information regarding these measures, including reconciliations between non-GAAP and GAAP. They can be found online at investor.pgecorp.com along with other relevant information.

今天的討論也將包含非 GAAP 財務衡量指標。投影片提供了關於這些指標的重要資訊，包括非 GAAP 與 GAAP 之間的調節表。相關資料可於 investor.pgecorp.com 線上查閱，並可同時取得其他相關資訊。

We also encourage you to review our quarterly report on Form 10-Q for the quarter ended June 30, 2026. And with that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

我們也鼓勵各位查閱我們截至 2026 年 6 月 30 日季度的 Form 10-Q 季度報告。接下來，我很高興把電話交給我們的執行長 Patti Poppe。

Thank you, Jonathan, and good morning, everyone. Our core earnings per share are $0.40 for the second quarter and $0.83 for the first half of 2026. These results reflect consistent, disciplined execution enhanced by our lean operating system and the durability of our simple affordable model.

謝謝你，Jonathan，各位早安。我們第二季核心每股盈餘為 0.40 美元，2026 年上半年為 0.83 美元。這些結果反映了我們一貫且嚴謹的執行力，並受益於精實營運系統以及我們「簡單且可負擔」模式的韌性。

Halfway through 2026, we're well on our way to extending our run of double-digit earnings growth for a fifth year, which supports my confidence in reaffirming our financial plan today, including our full year core EPS guidance of $1.64 to $1.66, which at the midpoint is up 10% over 2025.

2026 年已過半，我們正穩步邁向連續第五年維持雙位數盈餘成長，這也支持我今天有信心重申我們的財務計畫，包括全年核心 EPS 指引 1.64 至 1.66 美元；以中位數計算，較 2025 年成長 10%。

Our 9% plus annual EPS growth from 2027 through 2030. Our $73 billion capital plan through 2030, which does not require additional equity financing, and our target of reaching a 20% dividend payout by 2028 versus an implied 12% in 2026.

以及 2027 至 2030 年每年 9% 以上的 EPS 成長。我們至 2030 年的 730 億美元資本計畫，無需額外股權融資；並且我們的目標是在 2028 年將股利支付率提升至 20%，相較之下 2026 年的隱含水準約為 12%。

At the same time, we remain intensely focused on customer affordability for Californians we serve every day. We're committed to achieving our path to flat, targeting zero to 3% annual customer bill growth. A key enabler is electric load growth and one of the most exciting opportunities in front of us is large load demand coming from our data center pipeline.

同時，我們仍高度聚焦於我們每天服務的加州客戶之可負擔性。我們致力於實現「走向持平」的路徑，目標是客戶帳單年增率維持在 0% 至 3%。其中一項關鍵推動因素是用電負載成長，而我們面前最令人振奮的機會之一，是來自資料中心管線的大型負載需求。

As you'll see in a few minutes, we've updated our pipeline this quarter, folding in new projects from our 2026 cluster study. We continue to see our current plan as the best plan for our customers and for California. As we like to say, performance is power, and I am proud of the improvements we're delivering for our customers across multiple dimensions.

如各位稍後將看到的，本季我們已更新管線，納入 2026 年叢集研究（cluster study）中的新專案。我們仍認為目前的計畫是對客戶與加州而言最好的計畫。正如我們常說的，績效就是力量（performance is power），我也為我們在多個面向為客戶帶來的改善感到自豪。

We've extended our safety performance on serious injuries and fatalities, and have had zero public safety incidents from asset failures. On affordability, our residential bundled electric rates are down 23% since January 2024 for our most vulnerable customers. On wildfire safety, we are in our fourth year of no major fires linked to PG&E equipment and no structures destroyed. On reliability, our performance has improved 23% year-to-date versus the same period last year driven by fewer outages along with faster restoration time.

我們在嚴重傷害與死亡事故方面的安全表現持續改善，且因資產故障造成的公共安全事件為零。在可負擔性方面，自 2024 年 1 月以來，我們對最弱勢客群的住宅綜合電價已下降 23%。在野火安全方面，我們已連續第四年未發生與 PG&E 設備相關的重大火災，且無建築物被燒毀。在供電可靠度方面，受停電影響次數減少及復電時間加快所帶動，我們年初至今的表現較去年同期改善 23%。

And as I'll discuss shortly, we're continuing to see significant load growth opportunities associated with data centers looking to locate in our service area, which includes Silicon Valley, home to the world's technology sector.

此外，如我稍後將討論的，我們持續看到與資料中心相關的顯著負載成長機會，這些資料中心正尋求落腳於我們的服務區域；該區域包含矽谷——全球科技產業的重鎮。

Turning to slide 4. We know that California wildfire liability reform is top of mind for investors as it is for us. While important work remains, we're encouraged that California's leading policymakers have made it clear they recognize the need for a durable solution. This is a critical moment for California. And as the CEA emphasized clearly in their April report, the cost of inaction is too high to ignore.

請看第 4 張投影片。我們知道，加州野火責任改革是投資人最關切的議題之一，對我們亦然。儘管仍有重要工作待完成，我們仍感到鼓舞，因為加州主要政策制定者已明確表示，他們認知到需要一個具持久性的解決方案。這是加州的關鍵時刻。正如 CEA 在其 4 月報告中清楚強調的，不作為的代價高到不容忽視。

We couldn't agree more. A constructive outcome would accelerate our path to investment grade and lower financing costs for customers. Conversely, in action would slow that progress and ultimately make the system more expensive to finance. That's why getting this right and getting it done this year matters so much for the long-term affordability of the California energy system for the customers we serve and for our investors.

我們完全同意。若能達成具建設性的結果，將加速我們邁向投資級評等的進程，並降低客戶的融資成本。相反地，若不採取行動，將放慢該進程，並最終使整體系統的融資成本更高。因此，為我們所服務的客戶、以及我們的投資人而言，將此事做對並在今年完成，對加州能源系統的長期可負擔性至關重要。

Our 5-year plan assumes that California will follow through on the commitment made in SB 254 to strengthen the wildfire liability framework. For us, this means a durable and financeable framework that provides greater predictability and one that supports access to low-cost utility capital, thereby protecting customer affordability.

我們的五年計畫假設加州將落實 SB 254 中所作出的承諾，以強化野火責任架構。對我們而言，這意味著一個具持久性且可融資的架構，能提供更高的可預測性，並支持取得低成本的公用事業資本，從而保障客戶的可負擔性。

While our preferred path is to continue executing the plan we've laid out, we have a responsibility to investors and customers alike to ensure capital is allocated appropriately under whatever framework ultimately emerges. If the framework remains unresolved or insufficient, then we would need to reevaluate our capital allocation priorities and long-term investment plans.

雖然我們偏好的路徑是持續執行既定計畫，但我們也有責任同時對投資人與客戶負責，確保在最終形成的任何架構下，資本配置都能適切。若該架構仍未解決或不足以支撐，我們將需要重新評估資本配置優先順序與長期投資計畫。

Our objectives would remain unchanged. Safely serve our customers, preserve affordability, and attract the low-cost capital necessary for any regulated utility to deliver the expectations of policymakers, regulators, customers, and, of course, fulfill the expectations of those of you who have entrusted your capital to us.

我們的目標將維持不變。安全地服務客戶、維持可負擔性，並吸引任何受監管公用事業為滿足政策制定者、監管機構與客戶的期待所必需的低成本資本；當然，也要履行各位將資本託付給我們的期待。

Turning to slide 5. Our continuous monitoring capabilities are a key driver of wildfire safety reliability and affordability. We are on track for a fourth consecutive year with zero structures destroyed. More broadly, our mitigation investments and disciplined execution continue to reduce risk and strengthen safety outcomes. Continuous monitoring is also delivering tangible operational benefits for the Californians and communities we serve. In fact, I was just at our command center on Monday. It is amazing.

請看第 5 張投影片。我們的持續監測能力是推動野火安全、供電可靠度與可負擔性的關鍵驅動因素。我們正朝連續第四年零建築物被燒毀的目標邁進。更廣泛而言，我們的緩解投資與嚴謹執行持續降低風險並強化安全成果。持續監測也為我們所服務的加州民眾與社區帶來具體的營運效益。事實上，我週一才剛到我們的指揮中心。真的令人驚嘆。

Since January 2025, our team has helped avoid nearly 20 million outage minutes, 28 ignitions in high fire risk areas and over 5,000 emergency response hours while saving more than $11 million through lower cost repairs. We are in pursuit of the first completely predictive electric grid, no more waiting to see what breaks Continuous monitoring is enabling our next level of extraordinary operational performance at PG&E.

自 2025 年 1 月以來，我們的團隊已協助避免近 2,000 萬分鐘的停電時間、在高野火風險區域避免 28 起引燃事件，並減少超過 5,000 小時的緊急應變工時，同時透過較低成本的維修節省逾 1,100 萬美元。我們正追求打造第一個完全可預測的電網，不再只是等待看看哪裡會壞。持續監測正使 PG&E 的卓越營運表現邁向下一個層級。

On slide 6, we're showing once again our simple affordable model, which continues to give us line of sight to our path to flat, keeping annual customer build growth at zero to 3%. we're delivering results through disciplined execution across each of the levers in the model. We've built a strong track record of exceeding our annual O&M cost reduction targets, and that focus continues.

在第 6 張投影片中，我們再次展示我們「簡單且可負擔」的模式；該模式持續讓我們清楚掌握「走向持平」的路徑，將客戶帳單年增率維持在 0% 至 3%。我們透過在模式中各項槓桿上的嚴謹執行來交付成果。我們在超越年度 O&M 成本削減目標方面建立了強勁的實績，而這項聚焦仍將持續。

For example, we've saved more than $40 million already this year through targeted sourcing and procurement initiatives, and we aren't stopping there. At the same time, we're laying the groundwork for future load growth by advancing our data center pipeline and enabling new business connections. We're also continuing to pursue efficient financing, building on progress we've made towards restoring investment-grade credit which will lower the cost for our customers of financing the needed long-term investments we're making on their behalf.

例如，透過有針對性的採購與採購管理（procurement）措施，我們今年迄今已節省超過 4,000 萬美元，而且我們不會就此止步。同時，我們也透過推進資料中心管線並促成新的企業用戶接入，為未來負載成長奠定基礎。我們也將持續追求更有效率的融資，並在我們朝恢復投資級信用評等所取得的進展上再接再厲，這將降低客戶為我們代表其進行之必要長期投資所需承擔的融資成本。

We're working every day to bring this model to life for Californians, delivering better service to our customers at a lower cost, and demonstrating that affordability is enabled by investing in the right infrastructure. Looking forward, we remain confident in our ability to deliver affordable service for customers alongside consistent high-quality results.

我們每天都在努力讓這個模式在加州落地，為客戶以更低成本提供更好的服務，並證明只要投資於正確的基礎設施，就能實現可負擔性。展望未來，我們仍對自身有信心，能在提供可負擔服務的同時，持續交付一貫的高品質成果。

Turning to our data center pipeline on slide 7. We shared last quarter that we had over 10 gigawatts of additional pre-application interest coming out of our 2026 cluster study illustrating the strength and breadth of demand across our service area.

接著看投影片 7 的資料中心管線。我們在上季分享，2026 年叢集研究帶來超過 10 吉瓦的額外申請前意向，顯示我們服務區域內需求的強度與廣度。

This quarter, that demand is coming into focus with new projects moving into our pipeline, which now stands at over 12 gigawatts. As we continue to build our pipeline, we're focusing not on size but on quality. To that end, with today's update, we refined how we categorize our projects, raising the threshold for inclusion in both the preliminary and final engineering stages.

本季，隨著新專案進入我們的管線，需求變得更清晰，目前管線規模已超過 12 吉瓦。在持續建立管線的同時，我們關注的不是規模，而是品質。因此，隨著今天的更新，我們也精煉了專案分類方式，提高了納入初步工程與最終工程階段的門檻。

A signed work performance agreement and the associated financial commitment, typically around 10% of overall project costs, are now for requisites to be included in final engineering. We've also restated our March numbers, so they are shown on a comparable basis.

要納入最終工程階段，現在必須具備已簽署的工作履約協議及相應的財務承諾，通常約為整體專案成本的 10%。我們也重述了 3 月的數據，使其以可比較的基礎呈現。

At the same time, we remain very focused on pricing this load correctly, attractive to data center customers, but still rate reducing for our other customers. We support efforts to achieve this on a national level and believe that FERC's recent order to show cause is a positive step.

同時，我們仍非常專注於為這些負載正確定價：對資料中心客戶具吸引力，但也能為其他客戶降低費率。我們支持在全國層級推動達成此目標的努力，並認為 FERC 近期發布的「要求說明原因」命令是正向的一步。

We're collaborating with external stakeholders, including CISO, to respond by next month's deadline. On the state level, we continue to engage with stakeholders and the CPUC on both Rule 30 and the commission's advanced rate design rulemaking.

我們正與外部利害關係人（包括 CISO）合作，並將在下個月截止日前提交回應。在州層級，我們持續與利害關係人及 CPUC 就 Rule 30 以及委員會的先進費率設計規則制定進行互動。

Our focus across all venues is simple, create clear, transparent, and durable frameworks for new large load customers while improving affordability for the customers we already serve. Done right, these efforts can help build a high confidence pipeline that lowers electric bills, drives economic growth, and keeps California at the forefront of technology and innovation.

我們在所有場合的重點很簡單：為新的大型負載客戶建立清晰、透明且可長期維持的框架，同時提升我們既有客戶的可負擔性。若能妥善推動，這些努力可協助建立高信心的管線，降低電費、帶動經濟成長，並讓加州持續站在科技與創新的最前沿。

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

接下來我把時間交給 Carolyn。

Thank you, Patty, and good morning, everyone. Here on slide 8, we're showing our earnings [block] for the first six months of 2026. Our core EPS of $0.83 is $0.19 higher than midpoint last year. As a reminder, prior year results through the first half were impacted by dilution from our December 2024 equity financing as well as the CPUC cost of capital Phase 2 decision from October 2024.

謝謝你，Patty，各位早安。在投影片 8，我們呈現 2026 年前六個月的盈餘[block]。我們的核心每股盈餘（core EPS）為 0.83 美元，較去年中點高出 0.19 美元。提醒一下，去年上半年結果受到 2024 年 12 月股權融資造成的稀釋，以及 2024 年 10 月 CPUC 資本成本第二階段（Phase 2）決議的影響。

The core drivers of this year's earnings growth are coming in as expected, with customer capital investment contributing $0.09 year over year and O&M savings and redeployment contributing a net $0.03, while some of the remaining growth reflects timing-related items that we expect to reverse over the remainder of the year, this quarter's performance reflects consistent underlying execution you've come to expect from our team and positions us well for the year.

今年盈餘成長的核心驅動因素如預期到位：客戶資本投資年增貢獻 0.09 美元，營運與維護（O&M）節省及資源再部署合計淨貢獻 0.03 美元；其餘部分成長則反映我們預期在今年剩餘期間會回轉的時點性項目。本季表現反映了各位對我們團隊一貫的穩健執行力期待，也讓我們在今年的進展上處於有利位置。

As we look forward, we remain confident in delivering our 2026 core EPS guidance of $1.64 to $1.66. We continue to see opportunities across the business to drive efficiency and manage costs, supported by the same disciplined execution and an operational vigor you heard Patti discuss earlier.

展望未來，我們仍有信心達成 2026 年核心 EPS 指引 1.64 至 1.66 美元。

On slide 9, there is no change to our 5-year $73 billion capital plan through 2030. We continue to see at least $5 billion of customer beneficial investment opportunity that sit outside the plan. These opportunities, largely for capital, have the potential to improve the plan by facilitating incremental rate reducing load, which is consistent with our current preference, namely making our plan better in terms of affordability or longer in terms of duration rather than making it bigger.

在投影片 9，我們的 5 年 730 億美元資本計畫（至 2030 年）沒有變動。我們仍看到至少 50 億美元、位於計畫之外、對客戶有利的投資機會。這些機會多屬資本性質，可能透過促成額外的「降費率」負載來改善計畫，這也符合我們目前的偏好：也就是讓計畫在可負擔性上更好或在期間上更長，而不是讓它在規模上更大。

Moving to slide 10. Our 5-year financing plan remains unchanged from our prior costs, and that includes reaffirming that our equity needs are fully satisfied through 2030. Additionally, our current dividend payout ratio enables us to grow earnings in line with rate base without the need for additional equity financing. This is allowing us to award as much as $10 billion of financing over the planning period versus if we had a typical utility payout ratio.

接著看投影片 10。我們的 5 年融資計畫與先前公布的成本假設相比維持不變，其中也再次確認我們至 2030 年的股權需求已完全滿足。此外，我們目前的股利支付率使我們能在不需要額外股權融資的情況下，讓盈餘成長與費率基礎（rate base）同步。相較於典型公用事業的支付率，這使我們在規劃期間內可多安排高達 100 億美元的融資。

Our combination of a disciplined capital allocation program, a focus on affordability, and a self-funded growth profile position PG&E to deliver premium results for both our customers and our investors well into the future.

我們結合嚴謹的資本配置計畫、對可負擔性的聚焦，以及自籌資金的成長模式，使 PG&E 能在未來很長一段時間內，為客戶與投資人交付優異成果。

In June, we completed a $2.2 billion utility bond issuance, bringing our total utility debt financing to $4.4 billion for the year and covering the annual financing needs that we previously shared with you. As we look ahead, our financing priorities remain unchanged. We continue to focus on achieving investment-grade ratings, sustaining FFO to debt in the mid-teens, and targeting a dividend payout ratio of 20% by 2028 and holding on that level through 2030. We believe our plan is the right plan for California and for our customers. That said, our plan is premised on achieving a constructive legislative outcome.

6 月，我們完成 22 億美元的公用事業債券發行，使今年迄今公用事業債務融資總額達到 44 億美元，並涵蓋我們先前與各位分享的年度融資需求。展望未來，我們的融資優先事項維持不變。我們將持續聚焦於達成投資級評等、將 FFO 對債務比率維持在 10% 多的中段水準，並以 2028 年股利支付率達到 20% 為目標，並在 2030 年前維持該水準。我們相信我們的計畫對加州與我們的客戶而言都是正確的計畫。不過，我們的計畫是以達成具建設性的立法結果為前提。

On slide 11, we continue to make progress toward investment-grade credit ratings. As shown, following our first quarter call, S&P upgraded our rating, bringing us to just one notch below investment grade. Importantly, S&P cited the progress we've made reducing wildfire risk through our mitigation efforts and operational execution. They noted that the improvements we've made in the last seven years like PSPS, EPSS, system hardening, vegetation management, and the continuous monitoring that Patti talked about, all are meaningfully reducing the likelihood of utility-caused wildfires. That recognition reinforces an important point that safety and financial performance go hand in hand, benefiting both customers and investors over the long term.

在投影片 11，我們持續朝投資級信用評等邁進。如圖所示，在第一季電話會議後，S&P 上調了我們的評等，使我們距離投資級僅差一個級距。重要的是，S&P 引用了我們透過緩解措施與營運執行在降低野火風險方面取得的進展。他們指出，我們在過去七年所做的改善，例如 PSPS、EPSS、系統強化、植被管理，以及 Patti 提到的持續監測，都在實質降低公用事業引發野火的可能性。這項肯定再次強化一個重要觀點：安全與財務表現相輔相成，長期而言同時讓客戶與投資人受益。

Additionally, our underlying credit metrics continue to be at levels consistent with investment-grade ratings. Achieving investment grade remains a critical milestone because it enables more efficient access to capital, which, in turn, translates directly into lower borrowing costs and lower bills for our customers. Both S&P and Moody's also continue to highlight the importance of a durable legislative solution to wildfire liability as the catalyst for additional upgrades.

此外，我們的基本信用指標仍維持在與投資級評等一致的水準。達成投資級仍是關鍵里程碑，因為它能讓我們更有效率地取得資本，進而直接轉化為更低的借款成本與更低的客戶帳單。S&P 與 Moody's 也持續強調，建立可長期維持的野火責任立法解決方案，是促成進一步升評的催化劑。

On slide 12, we remain on track to deliver 2% to 4% annual reductions in nonfuel O&M. As our history shows, reducing costs while improving safety, reliability, and customer outcomes has become a repeatable capability at PG&E.

在投影片 12，我們仍按計畫推進，目標是非燃料 O&M 每年降低 2% 至 4%。如同我們的歷史所示，在提升安全、可靠性與客戶成果的同時降低成本，已成為 PG&E 可重複實現的能力。

Over the last several years, we've consistently exceeded our cost reduction targets, and we continue to see opportunities across the business by taking a systematic approach to eliminating waste, improving productivity, and finding ways to better serve our customers.

過去幾年，我們持續超越成本降低目標；透過系統性方法消除浪費、提升生產力，並找出更好服務客戶的方式，我們仍在各項業務中看到機會。

While no single initiative drives the outcome, literally thousands of improvements, large and small, all across the company give us confidence in our ability to continue delivering both operational excellence and customer affordability.

雖然沒有任何單一措施能驅動整體成果，但公司各處、成千上萬項大大小小的改善，讓我們對持續交付營運卓越與客戶可負擔性充滿信心。

On slide 13, we're showing major regulatory and legislative milestones. In our 2027 GRC, we're making steady progress with hearings and opening briefs taking place this quarter. We also filed for interim rate recovery effective January 2027, which, if approved, would help smooth customer rates.

在投影片 13，我們列示主要的監管與立法里程碑。在 2027 年 GRC 方面，我們隨著本季進行聽證與提交開案陳述（opening briefs），正穩步推進。我們也已申請自 2027 年 1 月起生效的臨時費率回收；若獲核准，將有助於平滑客戶費率。

This request is consistent with our broader approach of pursuing every available lever to support affordability for our customers, while making the investments needed to operate the system safely and reliably.

這項申請符合我們更廣泛的做法：在進行必要投資以安全、可靠地運作系統的同時，運用所有可用的槓桿來支持客戶的可負擔性。

On Kincade and Dixie, we continue to expect a proposed decision in November. As a reminder, this is the first wildfire recovery rate case, where a utility had a balanced safety certificate and a corresponding prevention of prudency.

關於 Kincade 與 Dixie，我們仍預期將於 11 月出具擬議決定（PD）。提醒一下，這是第一宗野火成本回收費率案件，公用事業公司具備平衡的安全證書，以及相對應的預防審慎性（prudency）認定。

I'll close here on slide 14 by reiterating that our simple affordable model is working. Our focus on affordability keeps customers at the center of our decision-making. Our capital plan is designed to deliver the right customer outcomes while offering premium growth and avoiding the need for equity.

我在第 14 張投影片這裡做個結語，再次強調我們簡單、可負擔的模式正在奏效。我們對可負擔性的聚焦，讓客戶始終位於我們決策的核心。我們的資本計畫旨在交付正確的客戶成果，同時提供優質成長並避免需要發行股權。

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

接下來我把時間交回給 Patti。

Thank you, Carolyn. As you've heard this morning, we are continuing to deliver on our simple, affordable model. We're driving disciplined execution today while further advancing customer affordability building on the five rate reductions we've already implemented in the past two years. That performance is showing up in our business.

謝謝你，Carolyn。如同各位今天早上所聽到的，我們持續落實我們簡單、可負擔的模式。我們在推動當前的紀律執行，同時在過去兩年已實施的五次降費率基礎上，進一步提升客戶可負擔性。這樣的表現正反映在我們的業務上。

We've maintained a strong safety culture, improved reliability, and improved customer satisfaction across a wide spectrum of experiences, all while reducing rates. While we deliver continued execution and operational performance, we're encouraged to see the state continuing to do their part by working toward a constructive solution on SB 254 Phase 2.

我們維持強健的安全文化、提升可靠度，並在廣泛的體驗面向上提升客戶滿意度，同時還降低費率。在我們持續交付執行力與營運表現之際，我們也很欣慰看到州政府持續盡其所能，朝著 SB 254 第二階段的建設性解決方案努力。

I'm confident that we have the right team with the right plan at the right time to deliver for the millions of Californians we serve. With the right wildfire liability framework, we can fully realize the benefits of that plan for our customers and for our investors.

我有信心，我們在正確的時間擁有正確的團隊與正確的計畫，能為我們服務的數百萬加州居民交付成果。在適當的野火責任架構下，我們可以為客戶與投資人充分實現該計畫的效益。

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

那麼，接線員，請開放電話線供提問。

(Operator Instructions)

（接線員指示）

Shahriar Pourreza, Wells Fargo.

Shahriar Pourreza，Wells Fargo。

Just Patti on legislation, I mean, you've been clear if you don't get what is needed from a legislative process, you'll rethink capital allocation priorities. I mean key message today that you've repeated. I guess what are you looking for from legislation as you're approaching the tail end of this process? Like what's a fair outcome for you? And then how quickly can you pivot capital should the outcome not be adequate at the end of August?

Patti，關於立法，我的意思是，你一直很清楚地表示，如果立法程序沒有提供所需內容，你們會重新思考資本配置優先順序。這也是你今天重複的關鍵訊息。我想問的是，在這個流程接近尾聲時，你們希望立法帶來什麼？對你們而言，什麼樣的結果才算公平？另外，如果到 8 月底結果仍不充分，你們能多快調整資本配置？

Yes, it's a great question, Shar. Obviously, top of mind. We've been pretty clear that we need a durable, financeable, predictable, and affordable legislative framework for how to deal with wildfire liability. So obviously, that's a pro affordability message at a time where that's top topic and Sacramento. We think it needs to be affordable for customers, and we think attracting low-cost capital from the equity and debt markets as an essential ingredient to affordability for customers.

是的，這是個很好的問題，Shar。顯然這是我們最關注的議題。我們一直相當清楚：我們需要一個具持久性、可融資、可預測且可負擔的立法架構，來處理野火責任問題。因此，這是一個支持可負擔性的訊息，尤其在可負擔性是沙加緬度最熱門議題的時候。我們認為它必須對客戶可負擔；同時，我們也認為，從股權與債務市場吸引低成本資本，是客戶可負擔性的關鍵要素。

So whatever the final proposal is and legislative action is, it needs to make it attractive to the capital markets and affordable for customers.

因此，無論最終提案與立法行動為何，都必須讓資本市場覺得具吸引力，同時對客戶可負擔。

Now pivoting on the capital plan, I think there's one thing for people to really understand. Look, there's no case for no action. In other words, if the legislature does not act or if they act and don't actually solve the problem, then we're going to have to take action. And we've been very clear about that. And we'll look at, obviously, reallocating our capital plan.

至於資本計畫的調整，我認為大家需要真正理解一件事。你看，不存在「不採取行動」的選項。換言之，如果立法機關不作為，或是即便作為但並未真正解決問題，那我們就必須採取行動。我們對此一直非常清楚。而我們也會考慮，當然，包括重新配置我們的資本計畫。

And as I've said and I continue, this is not the right time for me to go into detail about what that looks like on this call. I have no intention of racking and stacking what we would do with that capital and how we would reallocate it. But I want you to know that there will be action in the event of inaction on part of the legislature.

而且如我所說、也會持續強調，現在並不是我在這通電話會議上詳述那會是什麼樣子的適當時機。我無意在此把我們會如何運用那筆資本、以及如何重新配置，逐一排序比較。但我希望你知道：若立法機關不作為，我們就會採取行動。

Got it. Perfect.

了解。很好。

And I think you just hear from us shortly after the legislative session about that.

我想你們會在立法會期結束後不久就聽到我們的說法。

Appreciate that, Patti. And then just on Dixie and Kincade cost recovery, I mean, the ALJ just set a settlement conference for July 31. And evidence you hearings are set for August 17 through the 20th. I guess, anything to read into this? Can you settle?

謝謝你，Patti。另外關於 Dixie 與 Kincade 的成本回收，我的意思是，ALJ 剛安排了 7 月 31 日的和解會議。而證據聽證會排在 8 月 17 日到 20 日。我想問，這裡面有什麼可以解讀的嗎？你們能和解嗎？

What could the settlement look like?

和解可能會是什麼樣子？

Shar, it's Carolyn. Yes, the settlement conference date has been part of the schedule that's just really standard in almost every case. As we've shared previously, we're always open to settlement, but at this point in time, like we're just very focused that we presented a very strong case. And the next steps in the hearing, as you just talked about -- the hearings are in August, briefer in September, and then we still expect a PD in November.

Shar，我是 Carolyn。是的，和解會議日期是時程的一部分，幾乎每個案件都很標準。如同我們先前分享的，我們一向對和解持開放態度，但就目前而言，我們非常專注於：我們已提出一個非常強而有力的案子。而接下來的聽證程序，如你剛提到的——8 月開庭、9 月提交書狀（briefing），然後我們仍預期 11 月會有擬議決定（PD）。

Steve Fleishman, Wolfe Research.

Steve Fleishman，Wolfe Research。

So I think you made a pretty good case of how things are going well across the spectrum of kind of shareholders, customer rates coming down improvement in operation performance and the like. Do you feel like the policymakers are like seeing this and understanding that these improvements are here and that they're subject to big changes? I mean I don't know what [PMB] would be, but some of these things could have to be changed if they don't do anything.

我認為你已經很清楚地說明，各方面的情況都在改善：股東面、客戶費率下降、營運表現提升等等。你覺得政策制定者是否看到了、也理解這些改善已經出現，而且可能會因為重大變化而受到影響？我的意思是，我不知道 [PMB] 會是什麼，但如果他們什麼都不做，其中一些事情可能就必須改變。

Well, Steve, we've worked hard to make the case that our simple affordable model works. I think the proof has definitely been realized, but perceptions lag actual performance. And so when we say performance is power, we know that it takes time for people to believe and see the consistency of that performance.

Steve，我們一直努力證明我們簡單、可負擔的模式是有效的。我認為成果確實已經展現，但外界觀感往往落後於實際表現。因此，當我們說「績效就是力量」時，我們也知道，人們需要時間去相信並看到這種表現的一致性。

So I can appreciate that my legislature still gets pressure from customers that they want more from PG&E. And they have higher expectations of us, and we believe that we can live up to those expectations best with our current plan.

所以我能理解，立法機關仍會承受來自客戶的壓力，他們希望 PG&E 做得更多。他們對我們有更高的期待，而我們相信，依照我們目前的計畫，我們最能達成這些期待。

We think our capital plan and our simple affordable model absolutely is the right plan. We love our plan. And so we hope that they are noticing. We're certainly making a case. I was with a legislator to be left on name, but I said, are you aware that we have reduced our rates 5 times, and he said, I am aware, I have gotten the message. So I do think our communications have been breaking through the fog, all that to say, I think it's -- I think wildfire legislation is a complex subject, and I don't envy the amount of work that our legislature has on their table.

我們認為，我們的資本計畫與簡單、可負擔的模式絕對是正確的計畫。我們很喜歡我們的計畫。因此我們希望他們有注意到。我們當然也在努力提出論述。我曾與一位不便指名的立法者會面，我說，你知道我們已經降費率 5 次了嗎？他說，我知道，我已經收到這個訊息。所以我確實認為，我們的溝通正在穿透迷霧；總之，我認為——野火立法是一個複雜的議題，我不羨慕立法機關桌上需要處理的工作量。

But they've given good signals that they obviously think that they need to find a path to that works for customers.

但他們已釋出良好訊號，顯然他們認為需要找到一條對客戶有效的路徑。

Look, the case for action is clear. The CEA study shared that wildfire-related charges now account for approximately $20 to $40 per month as much as 14% to 19% of monthly bills. That's a legitimate cost of inaction, and so I do believe that's why we're seeing discussions happening, and we're very supportive in working close in Resolute that a good outcome is absolutely possible. But we're prepared in the event that it doesn't occur.

你看，採取行動的理由很明確。CEA 的研究指出，與野火相關的費用如今約占每月帳單的 14% 到 19%，相當於每月約 20 到 40 美元。這是不作為的真實成本，因此我確實相信這就是為什麼我們看到相關討論正在進行；我們也非常支持以務實的態度密切合作，因為良好的結果絕對有可能。但若最終未能發生，我們也已做好準備。

Okay. And I guess two other questions. First, just on the there are a number of different things that were mentioned, the CEA report and obviously, we know what some of the utility and cost of capital access issues are that need to be resolved. But how about some of the other issues were mentioned on things like [tort] reforms and insurance reforms, things like that. Just any sense on progress in some of those kind of other areas.

好的。我想還有另外兩個問題。首先，剛才提到有很多不同的事項，包括 CEA 報告，當然我們也知道在公用事業與資本成本取得方面，有一些需要解決的效用與資本成本取得問題。但其他被提到的議題呢，例如[侵權]改革與保險改革之類的。對於這些其他領域的進展，您是否有任何看法？

And then the last question is just on maybe you could give us any takeaways from the investor letters that you sent in to the commission the other night.

然後最後一個問題是，您是否可以跟我們分享一下，前幾天晚上您提交給委員會的投資人來函，有哪些重點結論？

Yes. Great question. First of all, I think the tort reform and the insurance reforms, all of it is still on the table. There's nothing is off the table yet. I believe that there's certainly conversations.

是的。問得很好。首先，我認為侵權改革與保險改革，所有這些議題仍然都在討論範圍內。目前沒有任何事情被排除在外。我相信確實有相關的對話在進行。

I think what's important to us, to be clear, is what is an acceptable outcome for utility customers and utility investors, which when the governor did his executive order specifically pointed to financial health of the utilities. So investment grade at the utilities is very important for customers, is very important for California and particularly in this growth era that we're entering, we need to have access to -- the state needs us to have low cost -- access to low-cost capital.

我認為對我們而言，重要的是要講清楚：對公用事業用戶與公用事業投資人而言，什麼樣的結果才是可接受的；而州長在其行政命令中特別指出公用事業的財務健全。因此，公用事業維持投資級非常重要，對客戶很重要，對加州也很重要，尤其在我們即將進入的這個成長時代，我們需要能夠取得——州也需要我們能以低成本——取得低成本資本。

So I would say nothing is off the table, but we've been really clear about the fix for attracting capital doesn't necessarily require the whole of society approach. There's very specific things that make it more durable, predictable, and affordable for investors. And so we're not losing sight of that.

所以我會說，沒有任何事情被排除在外，但我們也非常清楚：為了吸引資本所需的修正，不一定需要「全社會」的做法。有一些非常具體的事項，能讓投資人面對的環境更具持久性、可預測性與可負擔性。因此，我們不會忽略這一點。

As it relates to the investor letters, I really appreciate our investors speaking clearly directly to us about what they see, and we felt it was important that the CPUC hear from them as well. I think the CPUC has been interested in hearing from the capital markets to understand what is the necessary steps to attract capital here in California. And so those letters were a means of us being able to share what investors are saying directly to us with the CPUC.

至於投資人來函，我非常感謝投資人清楚且直接地向我們表達他們的觀察，我們也認為 CPUC 同樣有必要聽到他們的聲音。我認為 CPUC 一直有興趣聽取資本市場的意見，以了解在加州吸引資本所需的必要步驟。因此，這些信函就是我們把投資人直接對我們所說的內容，分享給 CPUC 的一種方式。

Nicholas Campanella, Barclays.

Nicholas Campanella，巴克萊。

Just on the comments on reevaluating the plan, just understanding you have this GRC that's been filed, how does it intertwine with that? And would you have to kind of -- if you were to go to a plan B, would you kind of come and materially update that? Are you too far along in that process? And would we expect that to kind of get pushed to the right? Can you kind of comment on that?

關於重新評估計畫的評論，我想了解一下：你們已經提交了這份 GRC，它與此之間如何交織？如果你們要轉向 B 計畫，是否需要回來對該案做重大更新？你們在這個流程中是否已經走得太遠了？我們是否應該預期時程會往後延？你能談談這點嗎？

Yes. Nick, that's a great question. As we look at the GRC and our filing and any kind of shift to the capital plan, obviously, we'd have to integrate that. We don't know that it would require any kind of additional filing or filing modifications. But certainly, we would make sure that the capital that we're looking at still enables us to meet our first order obligations and our obligation to serve safety and reliability are key obligations and compliance obligations we would certainly fulfill.

是的。Nick，這是個很好的問題。當我們檢視 GRC、我們的申報，以及資本計畫的任何調整時，顯然我們必須把它整合進去。我們不確定是否需要任何額外的申報或申報修改。但我們一定會確保，我們所考量的資本仍能讓我們履行最優先的義務；而我們提供安全與可靠服務的義務是關鍵義務，合規義務我們也一定會履行。

So that's the balance that we would have to seek. But we don't think it necessarily would require any kind of change in our GRC filing, and we certainly wouldn't want it to affect GRC timing.

因此，這就是我們必須取得的平衡。但我們不認為這必然需要對 GRC 申報做任何變更，而且我們當然不希望它影響 GRC 的時程。

Yes. And I'll just remind you, Nick, two things. One, we always plan conservatively. So our filing does not necessarily represent what's fully -- what's in our plan because of our assumptions there.

是的。我也提醒你，Nick，有兩點。第一，我們一向以保守方式規劃。因此，我們的申報不一定完全代表——不一定完全呈現我們計畫中的所有內容，因為其中有我們的假設。

And then two, just remember, our FERC represents $20 billion of our $73 billion plan. It's not all CPUC capital.

第二，請記得，我們的 FERC 部分占我們 730 億美元計畫中的 200 億美元。並非全部都是 CPUC 的資本。

That's great. And then in that spirit, on the $73 billion, you have this big portion that's FERC. Is there just anything that you could offer on how much of the $73 billion is really on reliability and resilience versus, say, things that are more kind of growth-oriented to facilitate economic development for the state or otherwise programs that could be looked at?

很好。延續這個思路，關於 730 億美元，其中有很大一部分是 FERC。你是否能提供一些資訊：這 730 億美元中，有多少是真正用於可靠性與韌性（resilience），相較於例如較偏成長導向、用來促進州內經濟發展或其他可能被檢視的方案？

Yes. If you look in the appendix, we have a chart. There's about $16 billion related to resiliency, which is our system hardening, and then there's another $23 billion related to capacity and new business.

是的。如果你看附錄，我們有一張圖表。大約有 160 億美元與韌性相關，也就是我們的系統強化（system hardening）；另外還有 230 億美元與容量以及新業務相關。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Just two on the data center pipeline updates that you guys provided. First, just how do you think about the potential of this cluster studied load to move through the pipeline versus prior studies? I guess just kind of trying to get at the characterization of the quality of the projects and these applications.

關於你們提供的資料中心管線更新，我有兩個問題。第一，你們如何看待這些在叢集研究（cluster study）中被研究的負載，相較於先前研究，進入管線並往前推進的可能性？我想更了解的是，這些專案與申請的品質如何界定。

Yes, Carly, we -- it's a great question. We learn every day further about which of these projects are the highest quality. And I think there's a couple of factors that will drive the quality. I don't think we can predict today which of them will flow all the way through. We know they won't all, but our number one criteria is they must be rate reducing.

是的，Carly，我們——這是個很好的問題。我們每天都在進一步了解，哪些專案的品質最高。我認為有幾個因素會驅動品質。我不認為我們今天就能預測哪些會一路走完整個流程。我們知道不會全部都走完，但我們的第一項標準是：它們必須能降低費率（rate reducing）。

And therefore, we have to price it right. It's actually quite simple. I know there's a lot of conversation about all of these matters. But the bottom line is you get the pricing right, then that can convert into the 1% per gigawatt of new load, a 1% rate reduction. So or more.

因此，我們必須把價格訂對。其實相當簡單。我知道大家對這些議題有很多討論。但歸根結底，只要定價正確，就能把每新增 1 吉瓦的新負載帶來約 1% 的費率下降。甚至更多。

But so we assess all of them first, and that's why the cluster study process is powerful. It allows us to provide them adequate pricing visibility. Then we've added in the final engineering this WPA, which allows for more significant capital upfront.

因此，我們會先評估所有專案，這也是叢集研究流程強大的原因。它讓我們能提供他們足夠的定價可視性。接著我們在最終工程階段加入了這個 WPA，使得前期可以投入更顯著的資本。

It's about 10% fee that they pay. And so we have more and more confidence as the projects flow through this pipeline. And so when you see them in final engineering, they have higher probability, obviously, than pre-engineering. What we know right now and what we've been clear about is we expect about 1.8 gigawatts to be online by 2030 of this pipeline.

他們支付約 10% 的費用。因此，隨著專案在這條管線中往前推進，我們的信心也越來越高。所以當你看到它們進入最終工程階段時，顯然其成功機率會高於前期工程階段。我們目前所知道、也一直講得很清楚的是：我們預期到 2030 年，這條管線中約有 1.8 吉瓦會上線。

Now some of these earlier projects have faster speed to power or have direct connect, for example, to our 500 kV in the Central Valley, things like that, that may enable us to increase that number by 2030. But right now, our real important planning assumption is about a 1.8 gigawatt addition of load by 2030.

現在，其中一些較早期的專案可能有更快的供電速度（speed to power），或例如直接連接到我們中央谷地的 500 kV 系統之類，這些可能讓我們在 2030 年前把這個數字提高。但目前我們非常重要的規劃假設是：到 2030 年負載增加約 1.8 吉瓦。

Great. That's super helpful. And then just a follow-up. As you think about the interconnection process, do you see any potential changes coming from CISO's response to the FERC show cause order relative to what has been ongoing with the Rule 30 process?

很好。這非常有幫助。接著追問一下。當你們思考併網（interconnection）流程時，針對 CISO 對 FERC「說明理由」（show cause）命令的回應，相較於 Rule 30 流程目前的進行狀況，你們是否看到任何可能的變化？

Yes, it could be. It could be. I think our process has improved a lot here in California in the last several years. And so that is becoming less of a deterrent. I would say it's not necessarily -- it doesn't slow us down so much.

是的，有可能。有可能。我認為過去幾年我們在加州的流程已經改善很多。因此，這正逐漸不再是阻礙因素。我會說，它不一定——不會那麼拖慢我們的進度。

But I would say that we're looking forward to continuing to collaborate with CISO on and see what they file back to FERC. If there are improvements, that would be helpful. We can't help but think that AI can help us do more simultaneous engineering faster. And so I am hopeful that we could have some improvement to that interconnection process just in the engineering portion. That's just the portion that we own. So we're looking forward to continuing to collaborate on that.

但我會說，我們期待能持續與 CISO 合作，並看看他們回覆給 FERC 的申報內容。如果有改善，那會很有幫助。我們不禁認為，AI 能幫助我們更快地進行更多同步工程作業。因此我希望在併網流程中、至少在工程這一部分能有所改善。那只是我們負責的部分。所以我們期待能在這方面持續合作。

Anything that we can do to reduce cost and improve speed in order to get that load growth, that rate reducing load growth online faster feels great to us. So we're very much dialed in on that objective.

任何我們能做的、用以降低成本並提升速度，讓那個負載成長、也就是能降低費率的負載成長更快上線的事情，對我們來說都非常好。所以我們非常聚焦在這個目標上。

Richard Sunderland, Truist Securities.

Richard Sunderland，Truist Securities。

I'll stick with the data center topic. And just some of these newer disclosures, it looks like the number of projects for preliminary versus final engineering in the pipeline implies a much larger average size out of the latest cluster study. Can you speak a little bit more to the type of projects you're seeing now, if this is changing or if this is more reflective of where projects sit in the pipeline overall?

我會繼續談資料中心這個主題。就一些較新的揭露來看，管線中初步工程相較於最終工程的專案數量，似乎意味著相較於最新的叢集研究，平均規模大得多。你能否再多談一點你們現在看到的專案類型？這是否正在改變，或這更反映了專案在整體管線中的所處階段？

Yes. We've started to get some interest on some of the larger projects. Until now, we've had a lot of, as I affectionately call them Goldilocks projects, lots of smaller expansion of existing facilities, facilities that are concentrated in the Bay Area and so constrained in geography and size and scope. And as the cluster study process has become more visible and as people realized that we have more capacity in California than they thought and that we've been adding capacity and we have transmission capacity, we've had more applications for these larger projects in the mix. But we continue to be at the 1.5 gigawatt or smaller size of projects.

是的。我們開始收到一些對較大型專案的興趣。到目前為止，我們有很多——我親切地稱之為「剛剛好（Goldilocks）」的專案——多為既有設施的小型擴建，且設施集中在灣區，因此在地理位置、規模與範疇上都受限。隨著叢集研究流程變得更透明、而且大家意識到我們在加州的容量比他們原先想的更大，並且我們一直在增加容量、也具備輸電容量，我們在申請案組合中就看到更多這類較大型專案。但我們仍然以 1.5 吉瓦或更小規模的專案為主。

And the bulk of them, however, are the sub-gigawatt projects.

不過其中大多數仍是低於 1 吉瓦的專案。

Got it. That's helpful context there. And then we touched on a few of these themes over the course of the Q&A, but circling back to, I guess, the rate case and your comments on perception, lagging, performance. I'm curious how you're seeing the rate case process itself play out in this light. Any thoughts on sort of the -- where you stand to date and particularly in light of the rate reductions versus affordability attention overall, how that's factoring into the GRC?

了解。這樣的背景很有幫助。另外，我們在問答過程中觸及了幾個主題，但回到——我想是——費率案件以及你對外界觀感、落後、績效的評論。我很好奇你們如何看待費率案件流程在這樣的情境下會如何發展。你對目前進展有何看法？尤其是在降費率與整體可負擔性關注之下，這些因素如何影響 GRC（一般費率案件）？

Yes. I think the GRC was well received. Look, it's the lowest general rate case we filed in over a decade. If fully implemented with our full ask rates would be flat from '25 to 2027. That's a marked departure from this last decade of significant increases.

是的。我認為這次 GRC 的反應很好。你看，這是我們十多年來提出的最低的一次一般費率案件。如果完全依照我們的完整請求實施，費率在 2025 到 2027 年將會持平。這與過去十年顯著上升的情況相比，是一個明顯的轉變。

And then combined with our implementation of the simple affordable model, it's enabling a much more -- well, as you know, we're pursuing our path to flat, which is the zero to 3% annual increase, so obviously below inflation. So I would say the case was well received. We're in the process as we speak. And we've got upcoming dates. We've got replied briefs will be due tomorrow. And we've got a proposed decision expected in March of '27 and a final decision in May of '27.

再加上我們推動「簡單可負擔」模式的落地，這讓我們更能——如你所知，我們正在推進「走向持平」的路徑，也就是每年 0% 到 3% 的調升，顯然低於通膨。所以我會說這個案件獲得了良好回應。我們目前正在進行中。接下來也有一些重要時程。回覆狀（replied briefs）明天到期。預計在 2027 年 3 月會有擬議決定（proposed decision），並在 2027 年 5 月做出最終決定。

As you know, we've implied for interim rate relief so that we could have a better customer experience, smooth those rates out because the implementation really should start in January versus midyear of next year. We'd like to prevent the customers from having that price spike they experienced in the implementation of our last GRC. So we're hopeful that the interim rate recovery will be considered and implemented.

如你所知，我們已申請臨時費率救濟（interim rate relief），以便提供更好的客戶體驗、讓費率更平順，因為理想上應該從 1 月開始實施，而不是等到明年年中。我們希望避免客戶在上一次 GRC 實施時所經歷的那種價格跳升。因此我們希望臨時費率回收能被納入考量並獲得實施。

David Arcaro, Morgan Stanley.

David Arcaro，Morgan Stanley。

Let's see, as you iterate on O&M cost reduction efforts, I was wondering how do you see the sustainability of the 2% to 4% savings? And any potential areas of upside that you see emerging there?

我想問一下，隨著你們持續推進 O&M（營運與維護）成本降低的工作，你們如何看待 2% 到 4% 節省的可持續性？另外，你們是否看到任何可能的上行空間正在浮現？

Yes. David, it's Carolyn. I love this question. As I've said before, when I think about the numbers that we've put out there in terms of guidance, the O&M savings of 2% to 4% is one that does not keep me up at night. We still have plenty of room for savings.

是的。David，我是 Carolyn。我很喜歡這個問題。我之前說過，當我想到我們對外提供的指引數字時，O&M 節省 2% 到 4% 這一項並不會讓我夜不能寐。我們仍然有很大的節省空間。

If you look at our capital to expense ratio, we are -- we hit 1.0 last year, which was an improvement, and we're really proud of that, and we're looking to improve it further. But our peers are at -- well over 2.

如果你看我們的資本化對費用比（capital to expense ratio），我們——去年達到 1.0，這是一項改善，我們也為此感到非常自豪，而且我們希望進一步提升。但同業的水準是——遠高於 2。

And so we have some room for improvement and our O&M continues to be an area of high focus places where we see real potential are, in particular, strategic sourcing. We're really beginning to see some savings there, but there's still plenty of room to do in terms of how we source our significant materials and external services. And then two is AI. We've really only just really started to scratch the surface of being able to implement some AI solutions to the way we do work that we're excited about.

因此我們還有改善空間，而 O&M 仍是高度聚焦的領域；我們看到真正潛力的地方，特別是在策略性採購（strategic sourcing）。我們確實開始看到一些節省，但在重大材料與外部服務的採購方式上，仍有很大的優化空間。第二個是 AI。我們其實才剛開始初步探索，能把一些 AI 解決方案導入我們的工作方式，這讓我們很興奮。

Got it. Yes, absolutely. Okay. Great. I was also wondering if you could touch on just the current fire season, how it's shaping up so far in your service territory, what it looks like maybe through the rest of the year from where you sit today?

了解。是的，完全同意。好。很好。我也想請你談談目前的火災季：到目前為止在你們服務區域的情況如何？從你們現在的角度看，今年剩下的時間可能會是什麼樣子？

Yes. We would say that this year's conditions are -- and actual ignitions and acreages have been similar to last year. But as we look at it, we just -- we don't think about it that way. We think about it as being ready every day. We don't prepare, we are prepared.

是的。我們會說，今年的狀況——實際起火次數與燃燒面積——與去年相近。但我們看待它的方式是——我們不會用那種方式去想。我們把重點放在每天都要準備就緒。我們不是在準備，我們是已經準備好了。

We are prepared 365 days a year regardless of the conditions. And as I shared, our continuous monitoring has -- like it just has continued to improve our visibility to our system and all of the potential faults and failures. That continuous monitoring already this year, we've had 1,076 good catches of potential outages. 13 of those could have been potential ignitions -- we just see technology and innovation every single day from our wildfire team and our continuous monitoring center. I was just there this week, so excited about what it foretells both on a wildfire prevention, ignition prevention seeing -- the way it works is these sensors tell us when something is going to fail before it fails. That prevents the ignition. In fact, while I was standing in the continuous monitoring center, there was a fault alert that a pole was leaning.

無論條件如何，我們一年 365 天都保持準備就緒。而且如我分享的，我們的持續監測——它確實持續提升我們對系統以及所有潛在故障與失效的可視性。光是今年，這套持續監測就已經成功攔截了 1,076 次可能的停電事件；其中有 13 次可能會成為潛在起火點——我們每天都從野火團隊與持續監測中心看到科技與創新。我這週才剛去那裡，對它在野火預防、起火預防方面所預示的成果感到非常振奮——它的運作方式是，這些感測器會在某個東西故障前就告訴我們它將要故障。那就能防止起火。事實上，就在我站在持續監測中心時，系統發出一個故障警示：有一根電線桿正在傾斜。

Now come on, guys, we used to walk past a pole once a year. Now we have daily continuous monitoring of our poles with these sensors. I cannot overstate the safety enhancements and reliability and cost because now we can plan to address that pole on planned work, bundle it with other work, and lower the cost to resolve that issue before there ever is an issue. So I can't overstate the value of that -- so I guess to your point, the fire conditions are what the fire conditions are, we're ready.

拜託，各位，我們以前一年才走過一根電線桿一次。現在我們透過這些感測器，對電線桿進行每日的持續監測。我無法誇大這在安全性、可靠性與成本上的提升，因為現在我們可以把處理那根電線桿納入計畫性工作，與其他工作一起打包安排，並在問題發生之前就以更低成本解決。所以我無法誇大它的價值——因此回到你的問題，火災條件就是火災條件，我們已經準備好了。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗。

Jonathan, I thought we were going to say congrats for the big win, but it didn't work out as well. Sorry.

Jonathan，我原本以為我們要說恭喜你們大勝，但結果沒有那麼順利。抱歉。

Too soon, Anthony --

太早了，Anthony。--

You asked it any better. Just two cleanup questions. And I know you're not looking to talk about Plan B, what that may exist. But just on slide 24, I think a follow-up from Nick's question. You do identify the buckets of your future capital plan.

你問得再好不過了。我只有兩個補充問題。我知道你不想談 Plan B，以及它可能會是什麼。但就第24頁投影片而言，我想接續 Nick 的問題。你們確實辨識了未來資本計畫的各個類別（bucket）。

Would you be willing to tell us maybe what bucket of spending would be most at risk on a Plan B?

你是否願意告訴我們，在 Plan B 的情境下，哪一個支出類別最可能面臨風險？

I think the only thing we're willing to say about that is we have to evaluate all of it. But we're never going to sacrifice safety or compliance or obligation to serve. And so obviously, our customers' well-being is number one. But then number two, recognition of the capital that has come from the equity markets. It's your capital, and we need to think about how best to treat that.

我想我們唯一願意說的是，我們必須評估全部項目。但我們絕不會犧牲安全、法規遵循或我們的服務義務。因此，顧客的福祉顯然是第一優先。第二點，是要認知到來自股權市場的資本。那是你們的資本，我們需要思考如何以最佳方式對待它。

Great. And then one follow-up to David's question. Carolyn, you talked about where the company is on a capital to expense ratio, where maybe the target of getting to 2 times or 3 times. I'm just wondering if you want to highlight maybe or talk about the timing that you think may require to get to that level.

很好。接著追問 David 的問題。Carolyn，你談到公司在資本對費用比率（capital to expense ratio）上的位置，以及可能的目標是達到 2 倍或 3 倍。我想請你強調或談談，你認為達到那個水準可能需要的時間。

Yes. In our capital plan, if you look at our 5-year plan, we get to 1.7 by 2030. That's -- I'd hope to beat that, to be honest. And the teams -- we're using our lean playbook. As I mentioned on our call, we have thousands of improvements coming from employees from our coworkers that are working every day on behalf of our customers to become more efficient.

好的。在我們的資本計畫中，如果你看我們的五年計畫，到 2030 年我們會達到 1.7。老實說，我希望能超越那個數字。而且團隊——我們正在使用精實（lean）作業手冊。如我在電話會議上提到的，我們有數千項改善提案來自員工、來自每天代表客戶工作、致力提升效率的同仁。

And they're exceeding our expectations every year. So right now, it's 1.7 by 2030, but I'm hoping that we exceed that.

而且他們每年都超出我們的預期。所以目前是 2030 年達到 1.7，但我希望我們能超越這個目標。

Gregg Orrill, UBS.

Gregg Orrill，瑞銀。

Regarding the rate case and the request for interim rates, what is your case there? And how does that affect the financial plan, whether you get it or not?

關於費率案件（rate case）以及申請臨時費率（interim rates），你們的理由是什麼？以及不論是否獲准，這會如何影響財務計畫？

Yes. It doesn't affect the financial plan. It just affects the customers' experience. And so the way -- given our rate-making construct here in California, whenever we get the final decision, we get to allocate those earnings that year. So no earnings impact.

是的。這不會影響財務計畫。它只會影響客戶的體驗。因此——鑑於我們在加州的費率制定架構，無論何時我們拿到最終裁決，我們都可以在該年度分配那些收益。所以對盈餘沒有影響。

But what it does impact is customers would be paying both for the rate increase plus that which hadn't been collected yet. And so you can have a pancaking effect -- and that happened in our last GRC, and it was very notable for customers. And so in this affordability environment, we would prefer to see that rate collection spread throughout the year. And so we've made a proposal at 55%, 75%, and 85% of the total revenue as requested. And we're hopeful that the commission will see the value in doing an interim rate recovery.

但它會影響的是，客戶將同時支付費率上調，以及先前尚未收取的部分。因此可能出現「疊加效應（pancaking effect）」——這在我們上一個一般費率案件（GRC）中就發生過，對客戶而言非常明顯。所以在目前這個可負擔性（affordability）的環境下，我們更希望把費率收取分散在全年。因此我們提出了 55%、75% 與 85% 的方案，按所申請的總收入比例來收取。我們希望委員會能看見採行臨時費率回收的價值。

And then what happens is if they -- if we overcollected, then we would do a return. But again, the total revenues are captured in the calendar year as per our regulatory accounting standards.

接著，如果——如果我們超收了，那麼我們會退還。但同樣地，依照我們的監管會計準則，總收入會在曆年內認列。

Ryan Levine, Citi.

Ryan Levine，花旗。

A couple of follow-ups. Are you seeing any unlocks in any of the new AI models in reducing wildfire risk? And should we expect a meaningful update in the data center outlook as Rule 30 outcome becomes determined?

兩個追問。你們是否看到任何新的 AI 模型在降低野火風險方面帶來突破（unlock）？以及隨著 Rule 30 的結果逐步明朗，我們是否應預期資料中心展望會有顯著更新？

Yes. So a couple of things. On the Rule 30, we were allowed to have interim implementation of that rule. So that, I would say, is reflected in our current pipeline. It will be great when we can have certainty about that.

是的。所以有幾點。關於 Rule 30，我們被允許先行進行該規則的臨時實施。因此我會說，這已反映在我們目前的案源（pipeline）中。當我們能對此有確定性時，會更好。

And I do think the FERC order to show cause may cause us to spend some time making sure that whatever we implement meets the needs of both of those. And Ryan, sorry, what was your first question?

而且我確實認為，FERC 的「要求說明原因（order to show cause）」可能會讓我們花一些時間，確保我們所實施的任何措施同時符合這兩者的需求。Ryan，抱歉，你的第一個問題是什麼？

Just around models.

就是關於模型。

Yes. I would say we definitely are using AI for wildfire and have been. The new models per se, we're always continually improving our technology adoption. Our biggest utilization of AI is certainly in meteorology in predicting our fire conditions and the fire situations. We use machine learning with our smart meters, which has been a big enhancement as of late.

是的。我會說，我們確實一直在使用 AI 來應對野火，而且已經使用一段時間了。至於新的模型本身，我們一直持續改進技術採用。我們對 AI 最大的運用，肯定是在氣象領域，用於預測火災條件與火災態勢。我們也用機器學習搭配智慧電表，這最近帶來了很大的提升。

We take signals from our meters that previously were unutilized, and we can now triangulate those with some of the sensor technology as well as just the smart meters themselves and go ahead and see faults on the service lines to homes, which is a whole new advancement. So that's been a very important adoption of AI for wildfire.

我們從過去未被利用的電表訊號中擷取資訊，現在可以把這些訊號與部分感測器技術以及智慧電表本身進行三角定位，進而在通往住家的服務線上偵測故障，這是一項全新的進展。因此，這一直是 AI 在野火防控方面非常重要的採用。

Yes. In addition to that, like we have over 650 high-definition cameras out in our service territory, and that's allowed us to be 18 minutes faster in response versus our traditional methods.

是的。此外，我們在服務範圍內部署了超過 650 台高解析度攝影機，這使我們的反應速度相較於傳統方法快了 18 分鐘。

Yes, those cameras send automatic notifications to our wildfire responders across the state, and we can -- oftentimes, fires -- well, in the past, they required somebody noticing and having the wherewithal to pick up the phone and call someone. Now these cameras automatically notify first responders. So as Carolyn mentioned, 18-minute faster response can be the matter of a catastrophic fire to a very containable fire.

是的，這些攝影機會向全州的野火應變人員自動發送通知，而我們可以——很多時候，火災——嗯，在過去需要有人先注意到，並且有意識地拿起電話打給相關人員。現在這些攝影機會自動通知第一線應變人員。因此如 Carolyn 所提到的，快 18 分鐘的反應時間，可能就是災難性大火與可有效控制火災之間的差別。

And ladies and gentlemen, that does conclude our question-and-answer session. I will now turn the conference back over to Patti Poppe for closing comments.

各位女士、先生，我們的問答環節到此結束。接下來我將把會議交回 Patti Poppe 作結語。

Thank you, Krista. Well, thank you, everyone, for calling in today. We remain encouraged by the progress on SB254 Phase 2 and the continued focus on a durable solution for California. In the meantime, our team is focused on delivering safe, affordable and reliable service every day. This is the team for the time, and we have a plan to serve.

謝謝你，Krista。也謝謝各位今天來電參與。我們對 SB254 第二階段的進展，以及持續聚焦於為加州提供一個可長期維持的解決方案，仍感到鼓舞。同時，我們的團隊每天都專注於提供安全、可負擔且可靠的服務。這是一支適逢其時的團隊，而我們也有一個服務的計畫。

Thank you for joining us, and please stay safe out there.

感謝各位加入我們，也請大家在外務必注意安全。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。