PG&E Corp (PCG) 2022 Q1 法說會逐字稿

Thank you for standing by. My name is Cheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pacific Gas & Electric Corporation First Quarter Earnings Release Conference Call.

謝謝你的支持。我叫 Cheryl，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加太平洋天然氣和電力公司第一季度收益發布電話會議。

(Operator Instructions)

（操作員說明）

Matt Fallon, Senior Director of Investor Relations. You may begin your conference.

投資者關係高級總監馬特·法倫。你可以開始你的會議了。

Good morning, everyone. Thank you for joining us for PG&E's first quarter earnings call. With us today are Patti Poppe, Chief Executive Officer; and Chris Foster, Executive Vice President and Chief Financial Officer. I want to remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on assumptions, forecasts, expectations and information currently available to management.

大家，早安。感謝您參加 PG&E 第一季度財報電話會議。今天和我們在一起的是首席執行官 Patti Poppe；以及執行副總裁兼首席財務官 Chris Foster。我想提醒您，今天的討論將包括關於我們對未來財務業績前景的前瞻性陳述。這些陳述基於管理層目前可獲得的假設、預測、預期和信息。

Some of the important factors that could affect the company's actual financial results are described on the second page of today's first quarter earnings call presentation. The presentation also includes a reconciliation between non-GAAP and GAAP measures. The presentation can be found online, along with other information at investor.pgcorp.com. We also encourage you to review our quarterly report on Form 10-Q for the quarter ended March 31, 2022. With that, I'll hand it over to Patti.

今天第一季度財報電話會議的第二頁描述了一些可能影響公司實際財務業績的重要因素。該演示文稿還包括非公認會計原則和公認會計原則措施之間的協調。該演示文稿以及其他信息可在investor.pgcorp.com 上在線找到。我們還鼓勵您查看我們截至 2022 年 3 月 31 日的季度的 10-Q 表格季度報告。有了這個，我將把它交給帕蒂。

Thanks, Matt, and good morning, everyone. Thanks for joining us today. I'm happy to report that we earned $0.30 in non-GAAP core EPS in the first quarter, and we're on track to deliver our 2022 non-GAAP core EPS guidance of $1.07 to $1.13. We believe in delivering at least 10% EPS growth for you as investors, this year, next year and the following year and at least 9% in 2025 and 2026, putting any annual surplus performance to work for important customer needs, a win for customers and investors.

謝謝，馬特，大家早上好。感謝您今天加入我們。我很高興地報告，我們第一季度的非 GAAP 核心每股收益為 0.30 美元，我們有望實現 2022 年非 GAAP 核心每股收益 1.07 美元至 1.13 美元的指導。我們相信，作為投資者，今年、明年和次年的每股收益增長至少 10%，2025 年和 2026 年至少增長 9%，將任何年度盈餘業績用於滿足重要的客戶需求，為客戶贏得勝利和投資者。

We're underway on my second year here at PG&E with a world-class purpose-driven team focused every day on the triple bottom line, serving people, the planet and California's prosperity. We'll deliver on our triple bottom line by mitigating physical risk and by mitigating financial risk as seen here on Slide 4.

我在 PG&E 的第二個年頭正在與一支世界級的目標驅動型團隊一起每天專注於三重底線，為人類、地球和加州的繁榮服務。我們將通過降低物理風險和財務風險來實現我們的三重底線，如幻燈片 4 所示。

We're changing the culture and building new capabilities at PG&E. Our culture is shifting to one of service and performance. We're rebuilding our team's confidence that we will deliver for our hometown. We will serve our planet, and we will lead with love. We've been enabling our leaders to challenge assumptions they have about how and why we do the work that we do. Our culture is an important ingredient in our turnaround here at PG&E. I'm very pleased with the progress that I'm seeing. For our customers and you, our investors, to believe that things have changed here at PG&E, my coworkers have to believe and experience the change themselves. One way to help people experience a new and improved PG&E on the inside is through building the capabilities of our team through our lean operating system. I learned long ago that the customer experience can be improved while we are reducing the cost to deliver.

我們正在改變 PG&E 的文化並建立新的能力。我們的文化正在轉變為服務和績效之一。我們正在重建我們團隊的信心，我們將為家鄉提供服務。我們將為我們的星球服務，我們將以愛引領。我們一直在讓我們的領導者挑戰他們對我們如何以及為什麼做我們所做的工作的假設。我們的文化是我們在 PG&E 轉型的重要因素。我對我所看到的進展感到非常高興。為了讓我們的客戶和我們的投資者相信 PG&E 發生了變化，我的同事們必須自己相信並體驗這種變化。幫助人們在內部體驗新的和改進的 PG&E 的一種方法是通過我們的精益操作系統來建立我們團隊的能力。我很久以前就了解到，在我們降低交付成本的同時可以改善客戶體驗。

In fact, they often go hand in hand. Improving our work processes takes all of us every day using our visual management tools and our daily, weekly and monthly operating review cadence to manage our performance. We can then identify our gaps and deploy problem solving to address them and set new standards to prevent reoccurrence of the problems. By changing our culture and building our lean capabilities, we're enabling the mitigation of physical risk and financial risk. On wildfire, we're confident that we have the right tools in place to mitigate this risk through EPSS and PSPS as well as making our system safer every day with our extensive inspection program and vegetation management work.

事實上，它們經常齊頭並進。改進我們的工作流程需要我們所有人每天都使用我們的可視化管理工具以及我們的每日、每周和每月運營審查節奏來管理我們的績效。然後，我們可以確定我們的差距並部署問題解決方案來解決這些問題，並製定新的標準以防止問題再次發生。通過改變我們的文化和建立我們的精益能力，我們能夠減輕物理風險和財務風險。在野火方面，我們相信我們擁有合適的工具來通過 EPSS 和 PSPS 降低這種風險，並通過我們廣泛的檢查計劃和植被管理工作使我們的系統每天更安全。

And we're ramping up our ultimate solution, our undergrounding program which is designed to permanently reduce physical risk on our highest risk miles. To mitigate financial risk, we're planning to keep customer costs down even as we invest in our system by utilizing our simple and affordable model. And to further mitigate financial risk, we're also focused on paying down debt and delivering on our 5-year non-GAAP core EPS CAGR of 10%. This premium return is driven by our simple and affordable model being on Slide 5. There are many opportunities for us in 2022 and beyond that allow us to invest in necessary and high-value improvements to our electric and gas energy system while reducing the cost to deliver.

我們正在加強我們的最終解決方案，即我們的地下開採計劃，該計劃旨在永久降低我們最高風險里程的物理風險。為了降低財務風險，我們計劃通過使用我們簡單且負擔得起的模型來降低客戶成本，即使我們投資於我們的系統。為了進一步降低財務風險，我們還專注於償還債務並實現 10% 的 5 年非 GAAP 核心每股收益複合年增長率。這種溢價回報是由我們在幻燈片 5 上的簡單且負擔得起的模型推動的。在 2022 年及以後，我們有很多機會可以投資於對我們的電力和天然氣能源系統進行必要和高價值的改進，同時降低成本遞送。

Let me share an example of the simple affordable model in action. At the end of February, we filed an update to our 2023 general rate case. In the update, we've included the additional $7 billion of capital for our undergrounding plan through 2026 and an offsetting $1 billion in expense, resulting in a similar revenue level to what we filed in our initial application last summer. We have confidence in our ability to execute these efficiencies due to the use of our lean operating system. For example, as a result of the first year of using lean to drive our vegetation management work we achieved a roughly 16% reduction in program unit costs.

讓我分享一個簡單的負擔得起的模型的例子。 2 月底，我們提交了 2023 年一般費率案例的更新。在更新中，我們為到 2026 年的地下開採計劃增加了 70 億美元的資本，並抵消了 10 億美元的費用，從而使收入水平與我們去年夏天在最初申請中提交的收入水平相似。由於使用了我們的精益操作系統，我們對我們執行這些效率的能力充滿信心。例如，由於第一年使用精益來推動我們的植被管理工作，我們實現了大約 16% 的計劃單位成本降低。

This is a big deal. We can make our systems safe with the right investments and keep customer bills affordable that benefits both customers and investors. It is not complicated. In addition to mitigating financial risk with our simple and affordable model, we're mitigating physical risks for our customers. As I mentioned, we plan to make enhanced power line safety settings capable on all circuits in our high fire risk areas this year. As a reminder, on the circuits where we enable these settings in 2021, we saw an 80% reduction in CPUC reportable ignitions. This is the first time we have seen any material reduction in ignition since we have been tracking them.

這是一個大問題。我們可以通過正確的投資使我們的系統安全，並使客戶的賬單負擔得起，這對客戶和投資者都有好處。這並不復雜。除了通過我們簡單且負擔得起的模型降低財務風險外，我們還在為客戶降低物理風險。正如我所提到的，我們計劃今年在我們的高火災風險區域的所有電路上進行增強的電力線安全設置。提醒一下，在我們在 2021 年啟用這些設置的電路上，我們看到 CPUC 可報告的點火次數減少了 80%。這是自從我們一直在跟踪它們以來，我們第一次看到任何材料的點火減少。

Also, we'll continue to utilize public safety power shutoffs when we encounter dangerous and extreme weather conditions, building on improvements we made in 2021. When we backcast our power shutoff protocols, our analysis shows that we would have prevented 96% of the structures damaged from 2012 through 2020 from catastrophic wildfires. To inform our PSPS protocols, we use billions of data points including PG&E's 31-year weather climatology study to forecast hourly probability of large and catastrophic fires. In addition, we leveraged hundreds of millions of fire spread simulations each day to help inform our PSPS protocols. Our PSPS algorithms use state-of-the-art machine learning models to increase predictive capability. The technology and data science that underpins our PSPS capabilities is extraordinary.

此外，當我們遇到危險和極端天氣條件時，我們將繼續利用公共安全電源關閉，以我們在 2021 年所做的改進為基礎。當我們推翻我們的電源關閉協議時，我們的分析表明，我們將阻止 96% 的結構從 2012 年到 2020 年，由於災難性的野火而受損。為了告知我們的 PSPS 協議，我們使用了數十億個數據點，包括 PG&E 的 31 年天氣氣候學研究來預測每小時發生大火和災難性火災的概率。此外，我們每天利用數以億計的火災蔓延模擬來幫助告知我們的 PSPS 協議。我們的 PSPS 算法使用最先進的機器學習模型來提高預測能力。支撐我們 PSPS 能力的技術和數據科學是非凡的。

We know shutting off power cannot be a permanent solution; therefore, 2022 is an important and exciting year for us to learn from our experience in the field on undergrounding our lines. There's a lot of support and interest in our undergrounding plans. In fact, both the California State Senate and State Assembly have legislation focused on utility undergrounding this session. Senate Bill 884 and Assembly Bill 2889 were recently passed out of their respective legislative energy and utilities committees. This is good progress. We're optimistic that the legislature will work toward a solid solution that's good for customers and attract the investor capital needed to vary the risk. We actually have a new saying around here, how do you rebuild PG&E? From the underground up. And we are on our way.

我們知道關閉電源不是永久的解決方案；因此，2022 年對於我們來說是重要且令人興奮的一年，可以從我們在地下管線領域的經驗中學習。我們的地下開採計劃得到了很多人的支持和興趣。事實上，加利福尼亞州參議院和州議會都針對本次會議的地下公用事業製定了立法。參議院第 884 號法案和議會第 2889 號法案最近在各自的立法能源和公用事業委員會中獲得通過。這是一個很好的進展。我們樂觀地認為，立法機構將努力製定一個有利於客戶的可靠解決方案，並吸引投資者所需的資金來改變風險。我們這裡實際上有一個新說法，你如何重建 PG&E？從地下向上。我們正在路上。

Turning to Slide 7. You and my coworkers have heard me talk about leading with love. Many people wonder what is that? Leading with love. Let me give you an example. At PG&E, my coworkers are responsible for keeping themselves and each other safe on the job. While we improved our DART performance, which is a measurement of injuries on the job in 2020, we knew we could be even safer in 2021. I'd like to say, even after best-ever performance, we are still dissatisfied. We found that by utilizing the simple plays from our clear sky lean playbook, we were able to problem solve and prevent injuries with simple and effective action plans every day. We reduced our DART rate by 25% in 2021 relative to 2020. And as you can see here on Slide 7, we continue to improve this year, which reflects a 75% injury rate reduction since 2019.

轉到幻燈片 7。你和我的同事都聽過我談論用愛來領導。很多人想知道那是什麼？以愛引領。讓我給你舉個例子。在 PG&E，我的同事有責任確保自己和彼此在工作中的安全。雖然我們提高了 DART 性能，這是衡量 2020 年工作傷害的指標，但我們知道我們在 2021 年可能會更加安全。我想說，即使在取得了有史以來最好的表現之後，我們仍然不滿意。我們發現，通過使用我們的晴空瘦劇本中的簡單玩法，我們能夠每天通過簡單有效的行動計劃解決問題並預防傷害。相對於 2020 年，我們在 2021 年將 DART 率降低了 25%。正如您在幻燈片 7 中看到的那樣，我們今年繼續改進，這反映了自 2019 年以來受傷率降低了 75%。

Coworker safety is where a culture change must start. Teaching people how to deliver and enabling them to believe in their own capability that is leading with love. Another example of the culture shift we are causing here involves our permitting team. I will never forget about a year ago at our first undergrounding planning session, we asked our permitting team what would have to be true to bury 10,000 miles of line. Everyone kept saying that permitting would be impossible. Our permits team stood up and declared. We are not going to be the problem, give us a solid long-term plan and we can get the permits. Come to us a day or a couple of weeks before you need the permit and then we have a problem. It is so true. Everything hinges on solid, long-term plans and well-designed workflow. We all know great plans deliver predictable outcomes.

同事安全是文化變革必須開始的地方。教人們如何交付，讓他們相信自己的能力是用愛來領導的。我們在這裡引起的文化轉變的另一個例子涉及我們的許可團隊。我永遠不會忘記大約一年前，在我們的第一次地下規劃會議上，我們詢問了我們的許可團隊，埋設 10,000 英里的線路必須滿足什麼條件。每個人都在說許可是不可能的。我們的許可團隊站起來宣布。我們不會成為問題，給我們一個可靠的長期計劃，我們可以獲得許可證。在您需要許可證前一天或幾週來找我們，然後我們就會遇到問題。這是真的。一切都取決於可靠的長期計劃和精心設計的工作流程。我們都知道偉大的計劃會帶來可預測的結果。

As we've started to scale the underground program, we've already seen improvements in our permitting process cycle times, something that will set us up for success as we double the miles every year in the next couple of years. Specifically, we've seen an almost 50% reduction in the time it takes to produce and receive approval for detailed design drawings. Our first major underground project took 13 months to design and receive subsequent approval from local agencies, 13 months. Through a focus on implementing standard repeatable processes inside of PG&E based on agency feedback and by building associated skills, we've reduced the review and approval time there to 5 months. That is real progress. We are making it right and making it safe at PG&E. I can't think of a better way to lead with love than that.

隨著我們開始擴大地下項目的規模，我們已經看到許可流程週期時間的改進，這將使我們在接下來的幾年中每年將里程翻一番，從而為我們取得成功做好準備。具體來說，我們已經看到製作和獲得詳細設計圖紙批准所需的時間減少了近 50%。我們的第一個大型地下項目花了 13 個月的時間來設計並獲得當地機構的後續批准，耗時 13 個月。通過專注於根據機構反饋在 PG&E 內部實施標準的可重複流程並培養相關技能，我們將那裡的審查和批准時間縮短到了 5 個月。這是真正的進步。在 PG&E，我們正在使其正確並確保其安全。我想不出比這更好的用愛來領導的方式了。

Before I hand it over to Chris, I'll end with our report card, which you can see here on Slide 8. We chose these metrics to show you where our focus is, culture and capability delivering consistent, predictable outcomes through 2022 and beyond. One metric I want to highlight is our annual CPUC reportable ignitions in our high fire risk areas. The reason this metric is important is because fires over 100 acres accounted for 97% of the structures damaged in our service area from 2015 to 2021. We have our eyes and our efforts focused on this one. Moving on in the report card, as you can see, as of quarter end, we're on track to hit our annual 2022 targets. Specifically, we're happy to report that we're on track with our miles underground to date target. We buried 41 miles against a plan of 34 year-to-date and are picking up speed.

在我把它交給克里斯之前，我將以我們的成績單結束，您可以在幻燈片 8 上看到。我們選擇這些指標是為了向您展示我們的重點在哪裡，文化和能力在 2022 年及以後提供一致、可預測的結果.我想強調的一個指標是我們在高火災風險地區的年度 CPUC 可報告點火。這個指標之所以重要，是因為 100 英畝以上的火災佔 2015 年至 2021 年我們服務區受損結構的 97%。我們的眼睛和努力都集中在這一點上。如您所見，在報告卡中繼續前進，截至季度末，我們有望實現 2022 年的年度目標。具體來說，我們很高興地報告說，我們目前的地下里程目標正在步入正軌。我們按照今年迄今 34 英里的計劃埋了 41 英里，並且正在加快速度。

Now I'll hand it over to Chris to cover our financial and regulatory items.

現在我將把它交給 Chris 來介紹我們的財務和監管項目。

Thank you, Patti. As Patti referenced on the report card slide, we are on track to deliver our 2022 financial commitments. Today, we're reaffirming our 2022 to 2026 earnings per share CAGR of 10% and also reaffirming EPS growth of at least 10% each year in 2022 to 2024 and at least 9% in 2025 and 2026. This morning, I'll cover 3 areas which tie directly to our focus on mitigating financial risk. First, our positive financial results. Second, how we're putting the simple, affordable model Patti mentioned into practice with a few key examples. And finally, our progress on key regulatory and legal matters. Even with the financial impact from the legal items, our 2022 equity guidance remains the same at $100 million to $400 million.

謝謝你，帕蒂。正如帕蒂在成績單幻燈片中提到的那樣，我們有望兌現 2022 年的財務承諾。今天，我們重申 2022 年至 2026 年每股收益的複合年增長率為 10%，並重申 2022 年至 2024 年每股收益每年至少增長 10%，2025 年和 2026 年每股收益至少增長 9%。今天上午，我將介紹3 個領域與我們對降低金融風險的關注直接相關。首先，我們積極的財務業績。其次，我們如何通過幾個關鍵示例將帕蒂提到的簡單、負擔得起的模型付諸實踐。最後，我們在關鍵監管和法律事務上取得的進展。即使考慮到法律項目的財務影響，我們 2022 年的股權指引仍保持在 1 億至 4 億美元之間。

Slide 9 shows the results for the first quarter. Non-GAAP core earnings per share for the quarter came in at $0.30. We recorded GAAP income of $475 million, including noncore items for the first quarter of 2022. This means we've recorded cumulative positive GAAP earnings of $253 million for the most recent 4 consecutive quarters, which means we have met the eligibility requirements for S&P 500 Index inclusion.

幻燈片 9 顯示了第一季度的結果。本季度非 GAAP 核心每股收益為 0.30 美元。我們記錄了 4.75 億美元的 GAAP 收入，包括 2022 年第一季度的非核心項目。這意味著我們在最近連續 4 個季度記錄了 2.53 億美元的累計正 GAAP 收入，這意味著我們滿足了標準普爾 500 指數的資格要求索引包含。

On Slide 10, we show the quarter-over-quarter comparison for non-GAAP core earnings of $0.23 per share for Q1 2021 versus $0.30 per share for Q1 2022. EPS increased by $0.03 due to cost reductions in the first quarter, $0.02 of benefit were derived from rate base growth and timing of taxes contributed $0.02 quarter-over-quarter. As we experienced some timing benefit in the quarter, overall results were in line with our expectations, and our first quarter results put us on track to hit our full year 2022 guidance.

在幻燈片 10 上，我們展示了 2021 年第一季度非 GAAP 核心收益每股 0.23 美元與 2022 年第一季度每股 0.30 美元的季度環比比較。由於第一季度成本降低，每股收益增加了 0.03 美元，收益為 0.02 美元來自利率基數增長和稅收時間貢獻了 0.02 美元的季度環比。由於我們在本季度獲得了一些時機優勢，因此總體業績符合我們的預期，我們的第一季度業績使我們有望實現 2022 年全年的指導。

Moving to Slide 11. We're reaffirming our non-GAAP core EPS of $1.07 to $1.13. As you can see here, our 2022 equity guidance remains $100 million to $400 million. As Patti mentioned in late February, we filed updated testimony in our 2023 generate case and our 2022 Wildfire Mitigation Plan. In the update, we included the capital for roughly 1/3 of our undergoing program as well as the additional expense from the expansion of our EPSS program, offset by a reduction in vegetation management and other expense across the business. The impact of the increase in undergrounding miles is included here on Slide 12 and reflected in our approximately 9% rate base CAGR. Next, I'll cover some specific examples of the simple affordable model we've adopted that will help reduce financial risk for customers and you, our investors, for the medium and long term.

轉到幻燈片 11。我們重申我們的非 GAAP 核心每股收益為 1.07 美元至 1.13 美元。正如您在此處看到的，我們 2022 年的股權指引仍為 1 億至 4 億美元。正如帕蒂在 2 月下旬提到的，我們在 2023 年生成案例和 2022 年野火緩解計劃中提交了更新的證詞。在更新中，我們包括了大約 1/3 正在進行的計劃的資本，以及我們 EPSS 計劃擴展的額外費用，被植被管理和整個業務的其他費用的減少所抵消。地下里程增加的影響包含在幻燈片 12 中，並反映在我們大約 9% 的基本複合年增長率中。接下來，我將介紹一些我們採用的簡單負擔得起的模型的具體示例，這些示例將有助於降低客戶和您（我們的投資者）的中長期財務風險。

Here on Slide 13, we're providing a purely illustrative view of how our targeted 2% nonfuel O&M reduction can be achieved. For example, we are reducing costs from our suppliers as shown in the indicative $150 million here. We will externally source nearly $11 billion this year to execute our core work. But our focus is on efficient purchasing of materials and support, employing solid industry practices rather than unnecessarily unique standard and stabilizing our requirements with longer-term contracts. We value our supplier partners, and they are an important part of our team and they'll benefit for more certainty to produce more efficient outcomes. We are also reducing O&M costs this year and in the coming years through modifying our work to shift from quick repairs to more permanent improvements. This means moving O&M to customer's experience all at once to capital work with cost recovery over a longer period.

在幻燈片 13 中，我們提供了一個純粹的說明性視圖，說明如何實現 2% 的非燃料 O&M 減少目標。例如，我們正在降低供應商的成本，如此處指示性的 1.5 億美元所示。今年我們將外部採購近 110 億美元來執行我們的核心工作。但我們的重點是有效採購材料和支持，採用可靠的行業慣例，而不是不必要的獨特標準，並通過長期合同穩定我們的要求。我們重視我們的供應商合作夥伴，他們是我們團隊的重要組成部分，他們將受益於更多確定性以產生更有效的結果。我們還在今年和未來幾年通過修改我們的工作以從快速維修轉向更永久的改進來降低 O&M 成本。這意味著將 O&M 立即轉移到客戶的體驗中，從而在更長的時間內實現成本回收的資本工作。

To give you a sense of the long-term opportunity, our 2020 CapEx to O&M ratio was roughly $0.90 compared to the industry average closer to $1.40. You can bet that we have our eye on that benchmark. We're already using our leading capabilities to stabilize and improve our work planning to drive meaningful improvement. Examples I just covered are important for us for over the next 10 years, but I want to emphasize that incremental improvements are happening now. This year, we are implementing a new scheduling and dispatch platform and some functionality is already being deployed to frontline supervisors and it's allowing for daily visibility for work assignments.

為了讓您了解長期機會，我們 2020 年資本支出與 O&M 的比率約為 0.90 美元，而行業平均水平接近 1.40 美元。您可以打賭，我們關注該基準。我們已經在利用我們的領先能力來穩定和改進我們的工作計劃，以推動有意義的改進。我剛剛介紹的示例在接下來的 10 年中對我們很重要，但我想強調的是，現在正在發生漸進式改進。今年，我們正在實施一個新的調度和調度平台，一些功能已經部署到一線主管，它允許日常工作任務的可見性。

Supervisors confirm what work is going out each morning, and what is getting completed by the end of the day. Automated reports will be leveraged to show crew productive time and the related mix of capital versus expense. You've heard us talk about visual management as part of our lean operating system. This is putting it to work to manage a portfolio of over $3 billion a year. Already this year, we've seen quantifiable improvements in our work execution. While our gas maintenance and construction crews have historically performed mostly expense work, they are now averaging approximately 40% in capital. We have a number of smart ways to do our work better, more affordably. You'll hear more about these cost reduction programs at our Investor Day this June.

主管確認每天早上要完成哪些工作，以及在一天結束時完成哪些工作。將利用自動化報告來顯示船員的生產時間以及相關的資本與費用組合。您聽說過我們將可視化管理作為我們精益操作系統的一部分。這使它能夠管理每年超過 30 億美元的投資組合。今年，我們已經在工作執行方面看到了可量化的改進。雖然我們的天然氣維護和施工人員歷來主要從事費用性工作，但他們現在平均擁有約 40% 的資本。我們有許多聰明的方法可以更好、更經濟地完成我們的工作。您將在今年 6 月的投資者日聽到更多關於這些成本削減計劃的信息。

Before moving off this slide, I want to point out that there's also a big cost increase shown here. Costs go up every year. And as we enter a period of high inflation, we're planning on it. The cost savings we're focused on are large enough to offset these increases and deliver a net savings of 2%.

在離開這張幻燈片之前，我想指出這裡顯示的成本也有很大的增加。費用每年都在上漲。當我們進入高通脹時期時，我們正在計劃。我們所關注的成本節約足以抵消這些增長並帶來 2% 的淨節約。

Now I'll transition to a few key regulatory and legal updates. Earlier, I referenced our equity needs are unchanged. On the debt side, we're focused on meeting our debt paydown commitments. To that end, I'm pleased to share that the final legal steps have been resolved on our rate neutral securitization request, and we are on track.

現在我將過渡到一些關鍵的監管和法律更新。早些時候，我提到我們的股權需求沒有改變。在債務方面，我們專注於履行我們的債務償還承諾。為此，我很高興地與大家分享，我們的利率中性證券化請求已經解決了最終的法律步驟，我們正在走上正軌。

We intend to price a first series in the next few days. As a reminder, we have CPUC authorization to issue a full $7.5 billion program in up to 3 series. The proceeds of these bonds will primarily go towards paying down $6 billion of temporary utility debt. This transaction was designed to improve PG&E's credit metrics, and we look forward to fully executing this important piece of the financial plan. We've also filed an application to issue our second series of AB 1054 authorized wildfire mitigation capital expenditure securitization. We expect a decision in that proceeding later this year. This is an important opportunity to finance critical wildfire risk mitigation work at affordable rates for customers. Along with our deleveraging efforts, our focus on balance sheet health also includes timely recovery of wildfire-related spend.

我們打算在接下來的幾天內為第一個系列定價。提醒一下，我們已獲得 CPUC 授權，可以發行多達 3 個系列的 75 億美元的完整計劃。這些債券的收益將主要用於償還 60 億美元的臨時公用事業債務。此項交易旨在改善 PG&E 的信用指標，我們期待全面執行財務計劃的這一重要部分。我們還提交了申請，以發行我們的第二系列 AB 1054 授權的野火緩解資本支出證券化。我們預計今年晚些時候會在該程序中做出決定。這是一個重要的機會，可以為客戶以負擔得起的價格資助關鍵的野火風險緩解工作。除了我們的去槓桿工作，我們對資產負債表健康的關注還包括及時恢復與野火相關的支出。

Turning to Slide 14. In the first quarter, the CPUC issued a final decision on our 2018 CEMA case, and we anticipate collecting that outstanding balance over a 12-month period for the terms of the settlement agreement. Cost recovery of another approximately $2 billion of previously incurred wildfire-related spend is pending a final decision from the CPUC. We are expecting proposed decisions in both of our outstanding WMCE cases in the fourth quarter of this year. In terms of historical wildfire impacts, we continue to make good progress on important legacy legal matters. Earlier this month, we announced that we reached settlement agreements to resolve legal proceedings around the 2019 Kincade Fire and the 2021 Dixie Fire.

轉到幻燈片 14。在第一季度，CPUC 就我們的 2018 年 CEMA 案發布了最終決定，我們預計在 12 個月內根據和解協議的條款收取未結餘額。先前發生的與野火相關的另外大約 20 億美元的成本回收正在等待 CPUC 的最終決定。我們期待在今年第四季度對我們兩個未決的 WMCE 案件作出決定。在歷史野火影響方面，我們在重要的遺留法律問題上繼續取得良好進展。本月早些時候，我們宣布達成和解協議，以解決圍繞 2019 年 Kincade 火災和 2021 年 Dixie 火災的法律訴訟。

As a result of these agreements, criminal charges for the Kincade Fire are dismissed and the relevant district attorneys will not pursue criminal charges for the Dixie Fire. While we have long stated, we do not believe these fires were the result of criminal conduct, this is a constructive outcome that enables us to continue to invest in making our systems safer every day. As I mentioned earlier, these settlements have not changed our equity guidance for 2022. Additionally, our previously recorded liabilities for estimated third-party claims for the 2018 Zogg fire, the 2019 Kincade Fire and the 2020 Dixie Fire have not changed during the first quarter. And we are also engaged in settlement efforts to resolve the securities claims that rode through the Chapter 11 process.

由於這些協議，對 Kincade Fire 的刑事指控被駁回，相關地區檢察官不會對 Dixie Fire 提出刑事指控。雖然我們早就說過，我們不認為這些火災是犯罪行為的結果，但這是一個建設性的結果，使我們能夠繼續投資以使我們的系統每天更安全。正如我之前提到的，這些和解並沒有改變我們對 2022 年的股權指引。此外，我們之前記錄的 2018 年 Zogg 火災、2019 年 Kincade 火災和 2020 年 Dixie 火災的估計第三方索賠的負債在第一季度沒有改變.我們還參與了和解工作，以解決通過第 11 章程序提出的證券索賠。

Next, I'll cover a brief update on our cost of capital applications pending at the CPUC. In our outstanding 2022 application, we demonstrated extraordinary events warning a departure from the cost of capital mechanism and argue that the cost of capital components should remain at the pre-2022 level. Separately, on April 20, we filed our 2023 cost of capital application. We are requesting an 11% return on equity. Consistent with the details in our application, we believe this ROE is fair and necessary. We've made the case that this reflects an appropriate return on equity for PG&E which reflects a higher risk premium, driven by our current credit rating and the substantial stock discount we trade at relative to our peers.

接下來，我將簡要介紹我們在 CPUC 未決的資本申請成本的最新情況。在我們出色的 2022 年申請中，我們展示了警告資本成本機制偏離的異常事件，並認為資本成分的成本應保持在 2022 年之前的水平。另外，4 月 20 日，我們提交了 2023 年的資本成本申請。我們要求 11% 的股本回報率。與我們申請中的細節一致，我們認為這個 ROE 是公平和必要的。我們已經證明這反映了 PG&E 適當的股本回報率，這反映了更高的風險溢價，這是由我們當前的信用評級和我們相對於同行交易的大幅股票折扣驅動的。

On the FERC side, in mid-March, we received a decision on our TO 2018 filing, as well as a favorable Ninth Circuit Court decision, providing support for our 50 basis point California-specific adder. We have filed for rehearing on the TO 2018 case. These outcomes only impact prior periods. As a reminder, our FERC-approved current return on equity through 2023 is 10.45%.

在 FERC 方面，3 月中旬，我們收到了關於 TO 2018 申請的決定，以及第九巡迴法院的有利決定，為我們的 50 個基點加州特定加法器提供支持。我們已申請重新審理 TO 2018 案件。這些結果僅影響前期。提醒一下，我們 FERC 批准的到 2023 年的當前股本回報率為 10.45%。

I'll close by reiterating that we're mitigating financial risk by delivering stable financial results. Non-GAAP core EPS growth of at least 10% per year in 2022 to 2024 and at least 9% in 2025 and 2026. We're on track to deliver our 2022 financial targets while also running the business with a focus on the long term. We'll continue to make the right investments for our customers, both in terms of risk mitigation and affordability. And with that, I'll hand it back to Patti.

最後，我將重申我們通過提供穩定的財務業績來降低財務風險。非 GAAP 核心每股收益在 2022 年至 2024 年每年至少增長 10%，在 2025 年和 2026 年每年至少增長 9%。我們有望實現 2022 年的財務目標，同時專注於長期經營業務.我們將繼續為我們的客戶做出正確的投資，無論是在風險緩解還是在可負擔性方面。有了這個，我會把它交還給帕蒂。

Thank you, Chris. As we move through 2022, you can see how we are squarely focused on minimizing physical risk and financial risk. System resiliency, including our 10,000-mile undergrounding program provides long-term sustainable wildfire risk mitigation. In the near term, we continue with our engineered enhanced power line safety settings where fuel risk is high and our public safety power shutoff program during high wind events. Ultimately, we are investing in a hardened system that is resilient to the effects of climate change. To mitigate financial risk for our customers and our investors, we will continue to make the right investments affordably. We're focused on creating the culture and the capability we need, allowing us to execute on these operational and financial imperatives.

謝謝你，克里斯。隨著我們邁入 2022 年，您可以看到我們如何完全專注於將身體風險和財務風險降至最低。系統彈性，包括我們的 10,000 英里地下開採計劃，可提供長期可持續的野火風險緩解。在短期內，我們將繼續在燃料風險高的地方實施我們設計的增強型電力線安全設置，並在強風事件期間繼續實施我們的公共安全電源關閉計劃。最終，我們正在投資建立一個能夠抵御氣候變化影響的強化系統。為了減輕我們的客戶和投資者的財務風險，我們將繼續以經濟實惠的方式進行正確的投資。我們專注於創造我們需要的文化和能力，使我們能夠執行這些運營和財務要求。

We'll keep an eye on the horizon and ensure we're making the right investments to deliver California's safe, reliable, resilient and clean energy future. That's the way we serve customers and you, our investors. On a final note, many of you came to see us last August in California; this June, we're coming to see you. We hope you can join us at our Investor Day on Friday, June 10, in New York City. We look forward to seeing you there.

我們將密切關注地平線，確保我們做出正確的投資，以實現加州安全、可靠、有彈性和清潔能源的未來。這就是我們為客戶和您，我們的投資者服務的方式。最後一點，你們中的許多人去年八月在加利福尼亞來看我們。這個六月，我們來看你。我們希望您能參加 6 月 10 日星期五在紐約市舉行的投資者日活動。我們期待在那裡見到您。

With that, operator, please open the line for Q&A.

有了這個，接線員，請打開問答線路。

The first question is from Shahriar Pourreza of Guggenheim Partners.

第一個問題來自 Guggenheim Partners 的 Shahriar Pourreza。

Patti, just a question on undergrounding. I know you obviously highlighted some of the legislative initiatives that are out there. Zeroing in particular to 884, there's obviously some -- no questionable constructs proposed like a 60-month earnings deferral. I mean, we appreciate that it's kind of early in the session. But do you see a need for legislative improvement? And is this Senate bill even palatable? Would you even spend capital with this bill? And if the bill makes it out of the chamber at all, do you see that as a setting sort of a bid-ask for negotiations or some sort of a construct later on? So just maybe more specific thoughts there.

帕蒂，只是一個關於地下的問題。我知道您顯然強調了一些現有的立法舉措。特別是歸零到 884，顯然有一些 - 沒有像 60 個月的收益延期這樣的可疑結構。我的意思是，我們很欣賞它在會議的早期階段。但是您認為有必要改進立法嗎？這份參議院法案是否可以接受？你甚至會花這筆錢嗎？如果該法案最終通過了議事廳，您是否認為這是對談判的一種設定或某種構想？所以也許有更具體的想法。

Yes. Obviously, it's top of mind, Shahriar, and we appreciate the question. And you said it, it is early, that's the bottom line on this. I'm learning about the California legislative process, but I am assured that there's lots of opportunity for us to find a great outcome. The good news is people love undergrounding. So we're happy that the customers and our communities are responding very favorably to our proposals, and we're happy to see the progress that the team is delivering.

是的。顯然，這是最重要的，Shahriar，我們很欣賞這個問題。你說過，現在還早，這就是底線。我正在了解加利福尼亞的立法程序，但我確信我們有很多機會找到一個很好的結果。好消息是人們喜歡地下化。因此，我們很高興客戶和我們的社區對我們的提議做出了非常積極的回應，我們很高興看到團隊正在取得進展。

And so I'm very confident, very confident they're going to find a pathway to a really good outcome. And I'll say that even in Senate Bill 884, there are some good elements there about permitting and partnership with telecom. There's a lot that could really be assisted legislatively. But I will also add that our plan doesn't contemplate legislation. Our plan stands on its own, and we certainly can make good progress without any legislation. And so we'll be working closely with key policymakers to make sure it's a great outcome for customers and investors.

所以我非常有信心，非常有信心他們會找到一條通往真正好的結果的途徑。我要說的是，即使在參議院第 884 號法案中，也有一些關於許可和與電信合作的好元素。有很多可以真正得到立法幫助的地方。但我還要補充一點，我們的計劃不考慮立法。我們的計劃是獨立的，我們當然可以在沒有任何立法的情況下取得良好的進展。因此，我們將與主要政策制定者密切合作，以確保這對客戶和投資者來說是一個很好的結果。

Okay. Perfect. And then just one last one on the wildfire victims fund. I mean, obviously, we saw the fund going to market with shares twice this year. There were some perceptions of need for maybe improved alignment after the first tranche was sold, which obviously didn't happen. Do you get a sense that the fund doesn't see a need to align to coal market with PG&E may be from a political standpoint after these 2 deals. I mean, at this point, do you think it's fair to assume continued selling when we see positive news from PCG post lockup periods. And have there been any like opportunities for refreshed conversation or feedback with the fund?

好的。完美的。然後是野火受害者基金的最後一項。我的意思是，很明顯，我們看到該基金今年兩次以股票上市。在第一批售出後，有些人認為可能需要改進對齊方式，但這顯然沒有發生。在這兩項交易之後，從政治的角度來看，您是否覺得該基金不需要與 PG&E 與煤炭市場保持一致。我的意思是，在這一點上，當我們看到 PCG 鎖定期後的積極消息時，您認為繼續拋售是否公平。是否有任何類似的機會與基金進行更新的對話或反饋？

Shahriar, it's Chris. There's a lot there. Let me just kind of try to tackle the different pieces there. So just in terms of where we are at this point. So from the company standpoint, PG&E completed all the cash payments to the trust of about $6.75 billion. The total so far, the trust has sold about 100 million shares. So call that roughly another $1.2 billion. And at this stage, we certainly think it could be advantageous if the company has the opportunity to co-market alongside them for a public offering. And so there's very open communication lines there. And I know there's a lot of interest here in the selling patterns of the trust. I'd just say the trust really has its own fiduciary interests.

Shahriar，是克里斯。那裡有很多。讓我嘗試解決那裡的不同部分。所以就我們目前所處的位置而言。因此，從公司的角度來看，PG&E 完成了向信託基金支付的所有現金約 67.5 億美元。迄今為止，該信託總共已售出約1億股。因此，這大約是另外 12 億美元。在這個階段，我們當然認為如果公司有機會與他們一起共同營銷以進行公開募股，這可能是有利的。所以那裡有非常開放的溝通渠道。我知道這裡對信託的銷售模式很感興趣。我只想說信託確實有自己的信託利益。

And they're going to independently make those decisions on whether and when and how they're going to sell the stock. But I do want to emphasize, Shahriar, we've had that dialogue and provided the trust advisers really with some of the investor feedback following the recent sale, and we're absolutely ready to cooperate under the terms of the registration rights agreement that we've got. Because ultimately, the focus here, as you can imagine, is on -- for them and for our investors is to continue to focus on physical and financial risk mitigation, and that's going to provide clear value to really all parties here. So we've got a lot of alignment at its core.

他們將獨立決定是否、何時以及如何出售股票。但我確實想強調，Shahriar，我們已經進行了對話，並在最近的出售後向信託顧問提供了一些投資者的反饋，我們絕對準備好根據我們的註冊權協議條款進行合作有。因為最終，正如您可以想像的那樣，這裡的重點是——對於他們和我們的投資者來說，繼續關注物理和金融風險的緩解，這將為這裡的所有各方提供明確的價值。因此，我們的核心有很多一致性。

Your next question is from Steve Fleishman of Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Steve Fleishman。

So just on the -- sorry to ask on the same topics, and it tends to be a popular one. The -- there was these stories the last week or 2 about a potential involvement of the trust seeking like a loan from the California government, I guess, to deal with getting cash instead of directly selling shares. Is there any update in that process? And is that something that you're involved in at all? Or -- yes.

所以就-- 很抱歉就同樣的話題提出問題，而且它往往是一個受歡迎的話題。 - 上週或兩周有這些故事是關於信託可能參與尋求加州政府的貸款，我猜，以處理獲得現金而不是直接出售股票。在這個過程中是否有任何更新？那是你參與的事情嗎？或者——是的。

Sure. Steve, I'm happy to take it. It's tough to speculate, as you can imagine on where some of that would eventually land. I think there's kind of 2 different concepts at high levels that have been discussed that we've certainly seen in the media. The first would be this concept of would there be the potential to tap the wildfire fund itself. We've obviously got concerns about that, as you can imagine, for purposes of the importance of the fund being there as a backstop for all the California utilities. The second alternative more recently that was referenced in terms of a potential loan from the state in order to provide more time and more growth for the company's underlying stock value.

當然。史蒂夫，我很樂意接受。很難推測，你可以想像其中一些最終會落在哪裡。我認為我們已經在媒體上看到了高層討論過的兩種不同的概念。首先是這個概念，是否有可能利用野火基金本身。正如你可以想像的那樣，我們顯然對此感到擔憂，因為該基金作為所有加州公用事業公司的後盾的重要性。第二種選擇最近被引用為來自國家的潛在貸款，以便為公司的基礎股票價值提供更多時間和更多增長。

Again, tough to note there's explicit traction there. Again, I would say, certainly, our state is in a budget surplus position but just tough to know where that will land specifically. I think our focus has been more on educating and ensuring that there's alignment on the fact that the wildfire fund itself, it's important to protect that as a foundational tool for downside risk for all California utilities.

同樣，很難注意到那裡有明顯的吸引力。同樣，我會說，當然，我們的州處於預算盈餘狀態，但很難知道具體會落在哪裡。我認為我們的重點更多地放在教育和確保與野火基金本身的事實保持一致，重要的是要保護它作為所有加州公用事業公司下行風險的基礎工具。

Great. Other question is just the new -- we've had the 2 new commissioners now in place for, I guess, 4 months now, and it's been very quiet, which is, I guess, kind of nice in California. But just maybe curious, any sense you're getting from the commission on priorities for the year? And they have a lot of different things on their plate just ranging from cost of capital to net metering to obviously, electrification and clean energy? So just any better sense of priorities of the new President and Commissioner?

偉大的。另一個問題只是新問題——我想，我們現在已經有 2 位新委員就位了 4 個月，而且一直非常安靜，我想這在加利福尼亞還不錯。但也許只是好奇，你從委員會對今年的優先事項有什麼感覺嗎？他們有很多不同的事情要做，從資本成本到淨計量，再到電氣化和清潔能源？那麼對新總統和專員的優先事項有更好的了解嗎？

Yes. Well, as we've said before, Steve, we are very grateful to have talented and capable commissioners. And Alice and John were two great additions to the commission based on their experience and their knowledge of California energy and energy challenges. And so what we expect is their priorities are very much aligned with our own. Affordability is obviously an important topic here in California. And I think nationally as inflation is starting to pressure families, affordability is an impure topic, which is what makes our simple and affordable model so important.

是的。好吧，正如我們之前所說，史蒂夫，我們非常感謝有才華橫溢的委員。愛麗絲和約翰是委員會的兩個重要補充，基於他們的經驗和他們對加州能源和能源挑戰的了解。因此，我們期望他們的優先事項與我們的優先事項非常一致。負擔能力顯然是加州的一個重要話題。而且我認為在全國范圍內，隨著通貨膨脹開始給家庭帶來壓力，負擔能力是一個不純粹的話題，這就是我們簡單且負擔得起的模型如此重要的原因。

And it will be great for us to be able to build trust with the commission when they start to see the simple and affordable model in action as they were able to see in this GRC update that we made that showed that we could invest in undergrounding, reduce expense and keep the request about the same. That was the first sort of, I would say, public example of that simple and affordable model in action. And so we do look forward to working with the commission on making sure that our energy is affordable, safe, reliable and resilient. And so as you said, there's a lot of priorities and I'm convinced that the commission is very capable to deal with those priorities as is the team here at PG&E.

當他們開始看到簡單且負擔得起的模型在運作時，我們能夠與委員會建立信任將是非常棒的，正如他們在我們所做的 GRC 更新中看到的那樣，表明我們可以投資於地下，減少費用並保持請求大致相同。我會說，這是這種簡單且負擔得起的模型在行動中的第一種公開示例。因此，我們確實期待與委員會合作，確保我們的能源價格合理、安全、可靠和有彈性。正如你所說，有很多優先事項，我相信委員會非常有能力處理這些優先事項，PG&E 的團隊也是如此。

Your next question is from Jonathan Arnold of Vertical Research Partners.

您的下一個問題來自 Vertical Research Partners 的 Jonathan Arnold。

A quick one on undergrounding, could you maybe give us an update on efforts to secure sort of federal and/or other funding outside of your customers? Just -- and then just how you think about that as part of the plan? Is it a way to get more safety for the same bill impact or accelerate? Just how we should think about that as you contemplate that?

關於地下化的快速消息，您能否向我們提供有關在您的客戶之外獲得某種聯邦和/或其他資金的最新努力？只是 - 然後你如何看待作為計劃的一部分？這是一種為相同的賬單影響或加速獲得更多安全性的方法嗎？當您考慮這一點時，我們應該如何考慮？

Yes, Jonathan, great to hear your voice. We are -- we think that it's quite reasonable to expect that we'll be able to attract the capital to fund the undergrounding efforts. This filing that we made, the update to the GRC cannot be understated what we -- the message we were able to send in numbers, in dollars and cents. In fact, we can invest in undergrounding with our new capability that we're building to reduce cost here at the company. So there's a real opportunity for us to continue to demonstrate that external funding sources are not required to deliver this. Now that's not to say that we would object if somebody wanted to help contribute to things related to other parts of the wildfire expenses. For example, if there was external funding for vegetation management or some of the expense-related issues associated with our wildfire plans, I think that would be something that we would be very interested in talking to people about.

是的，喬納森，很高興聽到你的聲音。我們是 - 我們認為我們能夠吸引資金為地下工作提供資金是非常合理的。我們提交的這份文件，對 GRC 的更新不能低估我們 - 我們能夠以數字、美元和美分發送的信息。事實上，我們可以利用我們正在建設的新能力投資於地下開採，以降低公司的成本。因此，我們有一個真正的機會來繼續證明不需要外部資金來源來實現這一目標。現在這並不是說如果有人想幫助與野火費用的其他部分相關的事情，我們會反對。例如，如果有外部資金用於植被管理或與我們的野火計劃相關的一些與費用相關的問題，我認為這將是我們非常有興趣與人們討論的事情。

But we think the undergrounding investment is the right investment for customers and we can offset the cost through the expense reductions. The other thing I'll point to is something Chris talked about in his prepared remarks, this ratio of capital to expense and what opportunity there is here at PG&E to get that ratio more in line with benchmarks. When we're at a capital to O&M ratio of 0.9, that means that we don't have the ratio right compared to benchmarks at 1.4. So we really think that undergrounding is a good example of how you can shift from the expense-laden spending that we've been doing, shift to a more permanent fix that is good for customers, a safer solution, a longer-term permanent solution investing that capital. We think you, the investment community and others will appreciate the value of that, and that's an important message for us to continue to send here in California and demonstrate the value of getting that ratio right.

但我們認為地下投資對客戶來說是正確的投資，我們可以通過降低費用來抵消成本。我要指出的另一件事是克里斯在他準備好的講話中談到的，資本與費用的比率，以及 PG&E 有什麼機會讓這個比率更符合基準。當我們的資本與 O&M 比率為 0.9 時，這意味著與 1.4 的基準相比，我們沒有正確的比率。因此，我們真的認為地下化是一個很好的例子，說明您可以如何從我們一直在做的高昂支出轉變為對客戶有益的更永久的解決方案，更安全的解決方案，更長期的永久解決方案投資該資本。我們認為您、投資界和其他人會欣賞它的價值，這對我們來說是一個重要的信息，我們將繼續在加利福尼亞發送並展示正確設置該比率的價值。

Great. And could I also ask on just thoughts around the timing for getting into parent debt reduction. I think you have a commitment that runs out through the end of '23, but should we think of that as being something that gets going once securitization starts to get going? Or is it kind of more out towards the end of the window?

偉大的。我還可以問一下關於減少母公司債務的時機的想法嗎？我認為您的承諾將持續到 23 年底，但我們是否應該將其視為一旦證券化開始進行的事情？還是在窗口的盡頭更遠一些？

Jonathan, it's Chris. I think ultimately, we're definitely focused on the $2 billion reduction by the end of 2023. Haven't been too specific beyond that, but I would just generically consider the rate neutral component an important milestone as we go. And again, as I mentioned, we're actually really in parallel today in the market on that rate neutral securitization as well.

喬納森，是克里斯。我認為最終，我們肯定會專注於到 2023 年底減少 20 億美元。除此之外沒有太具體，但我一般認為利率中性部分是我們前進的一個重要里程碑。再說一次，正如我所提到的，我們今天在市場上的利率中性證券化實際上也是平行的。

Okay. Perfect. And did I see a number of $3 billion that you're out with now or...?

好的。完美的。我有沒有看到你現在用的 30 億美元，還是……？

Yes. I would think about in terms of that filing, I think about that as a floor, Jonathan. Ultimately, what we're trying to do there and what I mentioned on the call, the prepared remarks is that we're substantially oversubscribed. Really what we're trying to do, as you can imagine, is find that balance between the fact that we've got the flexibility to do these 3 series and also make sure that we keep in mind knowing the market backdrop that it's volatile, to get a good amount in, in this first series but also balance customer affordability, which is just going to be key.

是的。我會考慮那個文件，我認為這是一個地板，喬納森。最終，我們在那裡嘗試做的以及我在電話會議上提到的，準備好的評論是我們大大超額認購。正如您可以想像的那樣，我們真正想要做的是在我們擁有執行這 3 個系列的靈活性這一事實之間找到平衡，同時確保我們牢記了解市場背景波動，在第一個系列中獲得大量資金，還要平衡客戶的承受能力，這將是關鍵。

Your next question is from Julien Dumoulin-Smith of Bank of America.

您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Just following up here on the cost of capital, I saw the prepared remarks, but just curious if you can talk a little bit more on the equity ratio side. One of your peers has talked about asking for an increase there. Just did you guys talk about risks, whether that's CCA or on ongoing wildfire concerns, et cetera. Why not touch both variables here, not just the ROE component but also the equity ratio here?

剛剛在資本成本上跟進，我看到了準備好的評論，但只是想知道您是否可以在股權比率方面多談一點。你的一位同行談到了在那裡要求增加。你們剛才有沒有談到風險，無論是 CCA 還是持續的野火問題等等。為什麼不在這裡觸及兩個變量，不僅是 ROE 部分，還有股權比率？

Sure, Julien. And as you can imagine, we've got both the 2022 cost of capital adjustment mechanism being contemplated but also 2023. You're specific, I think, pointing to the 2023 filing, we did maintain the consistent capital structure there. And ultimately, what you saw in terms of our 11% ROE request, it was directly reflective of what we had filed even last year as we contemplated the update to the 2022 case. So what we're expressing there is consistency across cases of what we're seeing in terms of ongoing risk to the enterprise, necessitating both 11% ROE, but also maintaining the cap structure itself. As you probably also thought a moderate increase to long-term debt to 4.27%, which we think is reasonable as well.

當然，朱利安。正如你可以想像的那樣，我們既考慮了 2022 年的資本調整機製成本，也考慮了 2023 年的成本。我認為，你具體來說，指的是 2023 年的備案，我們確實在那裡保持了一致的資本結構。最終，您在我們 11% 的 ROE 請求中看到的內容，直接反映了我們甚至在去年考慮更新 2022 年案例時提交的內容。因此，我們所表達的情況是，我們在企業持續風險方面所看到的情況是一致的，既需要 11% 的 ROE，又需要維持上限結構本身。您可能還認為長期債務適度增加至 4.27%，我們認為這也是合理的。

Got it. All right. Fair enough. And then just -- can we talk a little bit about the upcoming wildfire season and the risk profile there? Obviously, we've seen some comments about water availability in the state of late. But given the mix of your system improvements that you already identified in the prepared remarks and these projections for water, can you talk about sort of the net and how you guys would frame your assessment for the summer?

知道了。好的。很公平。然後——我們能談談即將到來的野火季節和那裡的風險狀況嗎？顯然，我們最近看到了一些關於水供應情況的評論。但是考慮到你在準備好的評論中已經確定的系統改進和這些水的預測，你能談談網絡的種類以及你們將如何構建你對夏天的評估嗎？

Julien, it's such an important question and something that I really am thankful for our team and particularly a shout-out to all our engineers here at PG&E for the incredible work they've done. I can't overstate the progress that has been made through the implementation of these engineered enhanced power line safety settings. As we filed in our updated GRC and our Wildfire Mitigation Plan, we've shown a dramatic risk reduction, a quantifiable risk reduction over 90% and that is a huge progress in 1 year. And so let me just hit a couple of high points about why that's true. One, these engineered settings, as we shared last year in the areas where we implemented them, we had an 80% reduction in ignitions. While this season, I'm so excited to report that we have already deployed and enabled those enhanced power line safety settings in our entire high-fire threat area.

Julien，這是一個非常重要的問題，我真的很感謝我們的團隊，尤其要感謝 PG&E 的所有工程師，感謝他們所做的令人難以置信的工作。我不能誇大通過實施這些工程增強的電力線安全設置所取得的進展。正如我們在更新的 GRC 和野火緩解計劃中提交的那樣，我們已經顯示出顯著的風險降低，可量化的風險降低了 90% 以上，這是 1 年內的巨大進步。所以讓我來談談為什麼這是真的。第一，這些工程設置，正如我們去年在我們實施它們的區域中分享的那樣，我們的點火次數減少了 80%。在本賽季，我很高興地報告我們已經在整個高火威脅區域部署並啟用了這些增強的電力線安全設置。

We'll be done by early next week. We did a review this week in our Wildfire Command Center and the engineers were very excited to share the progress they've made. But we're not stopping there. We're doing it in adjacent areas as well. And so we committed in our Wildfire Mitigation Plan to have those adjacent areas done by August, but I'm happy to report, we're going to have that done in a matter of weeks, not months. And that is a very important safety backstop for our customers and being able to de-energize those lines with the contact of an animal, a tree, anything less than 1/10 of a second puts us on a new plane of safety and I just can't overstate the benefit of that to the system. So for example, this year, we're utilizing all of these millions of simulations and data extracts that we have every day to determine, does the circuit need to be turned on today.

我們將在下周初完成。本週我們在 Wildfire 指揮中心進行了審查，工程師們非常高興地分享他們取得的進展。但我們不會止步於此。我們也在鄰近地區這樣做。因此，我們在野火緩解計劃中承諾在 8 月之前完成這些鄰近區域，但我很高興地報告，我們將在幾週內完成，而不是幾個月。這對我們的客戶來說是一個非常重要的安全保障，能夠通過與動物、一棵樹的接觸來切斷這些線路的能量，任何小於 1/10 秒的東西都讓我們處於一個新的安全平面上，我只是不能誇大這對系統的好處。因此，例如，今年，我們每天都在利用所有這些數以百萬計的模擬和數據提取來確定，今天是否需要打開電路。

We're thinking of this that there's no longer that we have to prepare for a wildfire season. We're going to be prepared every day, Julien. This team is going to be ready to go and we have information and data at already that allows us to make those decisions. So for example, this year, we've already initiated EPSS on certain circuits under certain conditions, and we've had 27 outages on an EPSS-enabled circuit. In other words, we had enabled EPSS and something did, in fact, make contact with the line and it did impact the energized, and we had zero ignitions in all of those EPSS-enabled circuits. That is a safe risk-reduced system that is in play today. Couldn't be more proud of my engineers for the incredible work they've been doing night and day to make sure that our customers are safe, no matter the conditions.

我們正在考慮這一點，我們不再需要為野火季節做準備。朱利安，我們每天都要做好準備。這個團隊將準備好出發，我們已經擁有信息和數據，可以讓我們做出這些決定。例如，今年，我們已經在某些條件下在某些電路上啟動了 EPSS，並且我們在啟用 EPSS 的電路上發生了 27 次中斷。換句話說，我們啟用了 EPSS，事實上，確實有一些東西與線路接觸，它確實影響了通電，我們在所有這些啟用 EPSS 的電路中實現了零點火。這是一個安全的降低風險的系統，目前正在發揮作用。我的工程師們日以繼夜地為確保我們的客戶在任何條件下的安全所做的令人難以置信的工作，我感到無比自豪。

And then, Julien, if I could just build on that. I think Patti hit it really well. And what we're focusing on today, as you've heard, is both physical risk reduction of the system as well as financial risk. And the other key thing to think about there is that we've also now just last month completed the update to our wildfire-related insurance. So for the period of, again -- basically, think about it as April this year to April of next year, we've got $940 million of wildfire-related insurance, too. So good protection there on really both sides, physical risk reduction and financial risk reduction.

然後，朱利安，如果我能在此基礎上再接再厲。我認為帕蒂打得很好。正如您所聽到的，我們今天關注的是降低系統的物理風險和財務風險。另一個需要考慮的關鍵問題是，我們現在也剛剛在上個月完成了對野火相關保險的更新。因此，在這期間——基本上，想想今年 4 月到明年 4 月，我們也有 9.4 億美元的野火相關保險。雙方都提供瞭如此良好的保護，即降低物理風險和降低財務風險。

Yes, that's our belt and suspenders.

是的，那是我們的腰帶和吊帶。

Your next question is from Michael Lapides of Goldman Sachs.

您的下一個問題來自高盛的邁克爾·拉皮德斯。

Patti, Chris, have a system reliability and renewable question for you, which is you're very active as are your California peers in buying incremental solar and storage to meet summer peak demands. But there's a lot of solar and storage projects around the country that are facing delays, whether it's supply chain, whether it's part of the circumvention-related case. How are you thinking about it? First of all, are some of the projects or many of the projects that you've contracted for already off schedule that you're aware of? That's question one. Question two is if you have projects where you're the buyer of the power and it looks like they're going to be delayed, how do you backfill that for reliability purposes?

Patti, Chris 有一個系統可靠性和可再生能源問題要問您，您和您的加利福尼亞同行一樣非常積極地購買增量太陽能和存儲以滿足夏季高峰需求。但全國有很多太陽能和儲能項目都面臨延誤，無論是供應鏈，還是規避相關案件的一部分。你是怎麼想的？首先，您所知道的某些項目或您已簽約的許多項目是否已經超出計劃？那是問題一。問題二是，如果您有項目，您是電力的買家，並且看起來他們將被推遲，您如何為可靠性目的回填？

Yes. Great questions, Michael. Nice to hear your voice. We -- first of all, we're very comfortable about our supply situation for this summer for 2022 even if no additional storage comes online. And so we are already planned prepared. Our Moss Landing facility came online. That's 182 megawatts of storage that we're very excited about, utility-owned storage. We are prepared for this summer. But all that being said, you're right, there are supply chain deficiencies. And thankfully, we plan conservatively and are prepared -- we're prepared for that. But I don't think those supply chain issues are permanent. There's such market demand, the market will figure this out. Again, we're prepared for this summer. But as the coming years evolve, we know that storage is a critical complement to the renewable and clean energy ambitions of California, which is what made us so excited about our announcement with General Motors and Ford and our continued relationship with BMW on bidirectional charging vehicles.

是的。很好的問題，邁克爾。很高興聽到你的聲音。我們——首先，我們對 2022 年夏天的供應情況感到非常滿意，即使沒有額外的存儲上線。所以我們已經計劃好了。我們的 Moss Landing 設施上線。這是 182 兆瓦的存儲，我們非常興奮，公用事業擁有的存儲。我們為這個夏天做好了準備。但話雖如此，你是對的，存在供應鏈缺陷。值得慶幸的是，我們保守地計劃並做好了準備——我們為此做好了準備。但我不認為這些供應鏈問題是永久性的。有這樣的市場需求，市場會自己判斷的。同樣，我們為這個夏天做好了準備。但隨著未來幾年的發展，我們知道存儲是加州可再生能源和清潔能源雄心的重要補充，這讓我們對與通用汽車和福特的聲明以及與寶馬在雙向充電汽車方面的持續合作感到非常興奮.

We have 6,600 megawatts of capacity driving on the roads of PG&E service area today in the form of electric vehicles. Not a single kilowatt of those cars are powering back to the grid. That's a huge opportunity for us. In fact, that's 3 large power plants of capacity driving around the roads of California, specifically our service area. That, we think, is a really long-term ambition that we can optimize supply and demand and have a much smarter energy system, and our team is fortunate to be here in the Bay Area with the incredible commitment to clean energy, we can actually get back into a leadership position, leading the world in this clean energy transformation. And it's not going to be, I would say, the system of old, big bulk power delivering on large transmission. I think we're going to have a lot more distributed resources that we're going to be able to enable and optimize demand. So we're pretty excited about what the future holds for us here.

今天，我們以電動汽車的形式在 PG&E 服務區的道路上行駛了 6,600 兆瓦的容量。這些汽車中沒有一千瓦的電力返回電網。這對我們來說是一個巨大的機會。事實上，那是 3 座大型發電廠在加利福尼亞州的道路上行駛，特別是我們的服務區。我們認為，這是一個真正長期的雄心壯志，我們可以優化供需並擁有更智能的能源系統，我們的團隊很幸運能夠來到灣區，對清潔能源做出了令人難以置信的承諾，我們實際上可以重回領導地位，引領世界清潔能源轉型。我會說，它不會是舊的、大容量電力傳輸的系統。我認為我們將擁有更多的分佈式資源，我們將能夠啟用和優化需求。因此，我們對這裡的未來感到非常興奮。

Okay. And then a follow up in a little bit of a regulatory question. Now that all 3 of the utilities in the state have filed their cost of capital proceedings for 2023, do you think there's a potential scenario where you and the various intervenors could potentially come to a settlement between now and the year-end? Or do you think this has to go the fully litigated process?

好的。然後跟進一些監管問題。既然該州的所有 3 家公用事業公司都已提交了 2023 年的資本成本訴訟，您是否認為您和各種干預者可能會在從現在到年底之間達成和解？還是您認為這必須經過完全訴訟程序？

Michael, it's Chris. Good question. I think it's a little premature to know exactly how it would play out. Ultimately, we've had a good track record in the state. I just have to say in terms of the timing. I think the commission recognizes the importance of the case is just for certainty purposes. And so certainly on the 2022 cost of capital adjustment mechanism piece, that one is a little bit less clear in terms of the calendar. But in terms of the 2023 to 2025 consideration, we have asked for a December final 2022 decision. And I do think the commission has got a good track record of kind of generally keeping it around that time frame or early the subsequent year, just so that we know what we're heading into. But tough for me to speculate, as you can imagine, specifically on settlement posture just where we are right now because we've really just filed, what, last week.

邁克爾，我是克里斯。好問題。我認為現在確切知道它會如何發展還為時過早。最終，我們在該州取得了良好的業績記錄。我只能說時間方面。我認為委員會認識到案件的重要性只是為了確定性目的。當然，關於 2022 年資本成本調整機制部分，就日曆而言，這一點不太清楚。但就 2023 年至 2025 年的考慮而言，我們要求在 2022 年 12 月做出最終決定。而且我確實認為該委員會有良好的記錄，通常將其保持在該時間範圍內或次年年初，這樣我們就知道我們將進入什麼領域。但我很難推測，正如你可以想像的那樣，特別是關於我們現在所處的解決狀態，因為我們真的剛剛提交了，什麼，上週。

Your next question is from Nicholas Campanella of Credit Suisse.

您的下一個問題來自瑞士信貸的 Nicholas Campanella。

So I guess a lot of things have been answered, but as it relates to just maybe the agencies, I'm sure you kind of met with them like everyone else this past quarter. If you just kind of maybe update us on some of the discussions you're having with them? What are they looking for in terms of just getting you back to IG? If you kind of have any outlook in the plan here at this point? I know that there's going to be some material holdco debt paydown in '23, but maybe you can just talk to that a little?

所以我想很多事情都已經得到了解答，但由於它可能與代理機構有關，我相信你在上個季度像其他人一樣會見了他們。如果您只是可能向我們更新您與他們進行的一些討論？就讓你回到 IG 而言，他們在尋找什麼？如果您現在對這裡的計劃有任何展望？我知道在 23 年會有一些實質性的控股公司債務償還，但也許你可以稍微談談？

Sure. Happy to Nick. I think there's really 3 factors that they're looking at closely when we talk often. I think the first is certainly its highest order. Just how are we doing toward operational-oriented risk reduction and progress there? And I really mean that broadly across the enterprise, not necessarily just around wildfire risk. I think the second piece really relates to what's the level of alignment with both the state and our customers. How are we making -- how are we looking in terms of progress on key regulatory cases, outcomes there? As well as ensuring that, frankly, some of the volume lessons around impacts that we're having to customers. And that's why we've got a tighter plan this year as it relates to our EPSS program.

當然。為尼克高興。我認為當我們經常交談時，他們確實會密切關注 3 個因素。我認為第一個肯定是它的最高級別。我們在以運營為導向的風險降低和進展方面做得如何？我的意思是在整個企業中廣泛使用，不一定只是圍繞野火風險。我認為第二部分真正涉及到與州和我們的客戶的一致性水平。我們做得如何——我們如何看待關鍵監管案例的進展和結果？坦率地說，除了確保一些關於我們對客戶的影響的大量課程。這就是為什麼我們今年制定了更嚴格的計劃，因為它與我們的 EPSS 計劃有關。

And then finally, it's hitting our core financials. I think ultimately, there are focuses on the balance that you mean, and we've talked about consistently in terms of heading back to the FFO to debt guide that we've given of mid- to high teens in 2024 as well as starting down this path, right? I mean this is what's so key about our rate neutral securitization. Again, we're expecting to close this in May. We're in the middle of pricing here over the next few days. And that really starts that path, right? We're able to take out $6 billion of temporary operating company debt and really get back to here our regulated capital structure, so when you pull them together, it really is that combination. They want to see progress on the operational plan. We're going to be showing you and then that every quarter.

最後，它打擊了我們的核心財務。我認為最終，重點是你所說的平衡，我們一直在談論回到 FFO 到我們在 2024 年為中高青少年提供的債務指南以及開始這條路，對吧？我的意思是這就是我們利率中性證券化的關鍵所在。同樣，我們預計將在 5 月關閉它。在接下來的幾天裡，我們正在這裡定價。這真的開始了這條路，對吧？我們能夠承擔 60 億美元的臨時運營公司債務，並真正回到我們受監管的資本結構，所以當你把它們放在一起時，它確實是這樣的組合。他們希望看到運營計劃的進展。我們將向您展示，然後每個季度都會展示。

Two, regulatory outcomes. We've got some key components up here in front of us, right, of our Wildfire Mitigation Plan approval that's up here in front of us. How does the enhanced oversight process turned out and the progress we're making there in our vegetation management program. And then finally, like I said, hitting our core financial program, and we're definitely on track there as well.

二是監管成果。我們面前有一些關鍵組成部分，對，我們面前的野火緩解計劃批准。加強監督過程的結果如何，以及我們在植被管理計劃中取得的進展。最後，就像我說的那樣，達到我們的核心財務計劃，我們肯定也走上了正軌。

Your next question is from Gregg Orrill of UBS.

您的下一個問題來自瑞銀的 Gregg Orrill。

Just in terms of proving out the liability improvements for maybe 1054, can you talk about how you're thinking about the $2 billion of Wildfire Mitigation Spend that you have pending and maybe also the regulatory asset around Dixie that you have? And if those are milestones or if there are other ones you're thinking about?

就證明可能對 1054 的責任改進而言，您能否談談您如何看待您等待的 20 億美元的野火緩解支出以及您擁有的圍繞 Dixie 的監管資產？如果這些是里程碑，還是您正在考慮其他里程碑？

Sure, Gregg. Let me try to take both of those. They're definitely related in one way. I think one, if I'm hearing you right, it's specific to how we've been able to continue recoveries on prior wildfire investments. I do think you saw our disclosures today and the update is, we continue to work our way, that $4 billion-plus down really quarter-over-quarter. Indicated this time that we've actually seen $1.25 billion come through in rates. So there's key progress already underway there. With regard to the Dixie related progress itself, again, headline there is no explicit change to the charge itself. What I would offer is in terms of thinking about when AB 1054-related considerations would come about.

當然，格雷格。讓我試著把這兩個都拿走。它們肯定以一種方式相關。我認為，如果我沒聽錯的話，這與我們如何能夠繼續恢復先前的野火投資有關。我確實認為您今天看到了我們的披露，最新消息是，我們繼續按照自己的方式工作，環比下降了 40 億美元以上。這一次表明我們實際上已經看到了 12.5 億美元的利率。因此，那裡已經取得了重大進展。關於 Dixie 相關的進展本身，再次，標題沒有明確改變收費本身。我要提供的是考慮何時會出現與 AB 1054 相關的考慮。

We have put forward a fast claims process as part of the settlement that we recently announced which would allow for a resolution of claims that come forward within 75 days. The only reason I'm offering that as an example is you could see us in one scenario start to accelerate some claims. Keep in mind that we do have over $560 million of insurance to apply against that. But I'm just offering that to you, Gregg, as a little bit of color for -- there could be a scenario here where we're able to accelerate some of these considerations to call the eventual question of recoveries in terms of FERC, the CPUC and eventually the wildfire fund itself.

作為我們最近宣布的解決方案的一部分，我們提出了快速索賠流程，這將允許在 75 天內解決提出的索賠。我提供該示例的唯一原因是您可以看到我們在一種情況下開始加速某些索賠。請記住，我們確實有超過 5.6 億美元的保險可以申請。但我只是提供給你，格雷格，作為一點顏色 - 這裡可能有一種情況，我們能夠加速其中一些考慮，以 FERC 的形式調用最終的恢復問題， CPUC 以及最終的野火基金本身。

Next question is from Ryan Levine of Citi.

下一個問題來自花旗銀行的 Ryan Levine。

Congrats on the S&P inclusion qualification, with income. I guess one follow-up on that. Are there any near-term onetime items related to the legal cost securitization or trust sales that could impact the GAAP requirement in the upcoming quarters. There was, I guess, Footnote 6 in your release had some data that suggested maybe.

恭喜獲得 S&P 納入資格，有收入。我想有一個後續行動。是否有任何與法律成本證券化或信託銷售相關的近期一次性項目可能會影響未來幾個季度的 GAAP 要求。我猜想，你發布的腳註 6 有一些數據可能暗示了這一點。

Sure, Ryan. I think in terms of looking forward, I think the example that would be there in terms of what we've consistently described as legacy legal claims would be explicit to the securities related items that rode through the Chapter 11 process. We did indicate that we are in discussions there. And so I think that is an item that they're currently evaluating.. What I want to emphasize there, though, Ryan, is that we've certainly come forward with our best information today in terms of where those discussions lie and those have not impacted our equity guide of $100 million to $400 million. So I just wanted to offer to you that we've got that level of insight there and this does not impact the financing guide that we've given for 2022. Hopefully, that helps in terms of a way to think about it, thought we need to be specific on the negotiation.

當然，瑞恩。我認為就展望而言，我認為就我們一直描述為遺留法律索賠的例子而言，對於通過第 11 章流程的證券相關項目將是明確的。我們確實表明我們正在那裡進行討論。所以我認為這是他們目前正在評估的一個項目。不過，瑞安，我想在這裡強調的是，我們今天肯定已經提出了我們今天最好的信息，關於這些討論的位置和那些有不影響我們 1 億至 4 億美元的股本指引。因此，我只想向您提供，我們在那裡擁有這種洞察力，這不會影響我們為 2022 年提供的融資指南。希望這有助於我們思考問題的方式需要具體協商。

With the rate neutral securitization or Fire Victims Trust sale, given the grantor trust decision from last year impact the GAAP income profile in the coming quarter?

隨著利率中性證券化或 Fire Victims Trust 出售，鑑於去年的設保人信託決定會影響下一季度的 GAAP 收入狀況嗎？

I mean it'd be tough to -- again, that would depend on whether the trust itself is selling. What we did disclose today is that there is a tax benefit that comes through this noncore. Thus far on the trust sales, I think we disclosed it at $135 million in terms of the 100 million shares that have been disposed so far.

我的意思是很難 - 再次，這將取決於信託本身是否在銷售。我們今天確實披露的是，這種非核心項目帶來了稅收優惠。到目前為止，關於信託銷售，我認為我們以 1.35 億美元的價格披露了迄今為止已處置的 1 億股股票。

Okay. And then in terms of the Analyst Day in June, is there any color you could provide around what you're intending to communicate at that event?

好的。然後就 6 月的分析師日而言，您是否可以圍繞您打算在該活動中傳達的內容提供任何顏色？

Yes, you bet, Ryan. You're not going to want to miss it. We have the opportunity to showcase this all-star team. I know you had a chance to meet him when he came out in August last year. It's an extraordinary team leading PCG, and we want to make sure that everyone gets a chance to hear from them on things like our business process improvement, the wildfire technology that's underpinning our risk reduction here, our undergrounding plan, and certainly our simple and affordable model in more detail and any then regulatory implications and benefits as a result of that deployment of our simple and affordable model. So really going deep on this physical and financial risk mitigation that we really want people to understand firsthand from our top leadership team here at the company.

是的，你打賭，瑞恩。你不會想錯過的。我們有機會展示這支全明星陣容。我知道你有機會見到他去年八月他出來的時候。這是一個領導 PCG 的非凡團隊，我們希望確保每個人都有機會聽取他們的意見，例如我們的業務流程改進、支持我們降低風險的野火技術、我們的地下計劃，當然還有我們簡單且負擔得起的更詳細的模型以及由於部署我們簡單且負擔得起的模型而產生的任何監管影響和好處。因此，我們真的希望人們從我們公司的最高領導團隊那裡直接了解這種物理和財務風險緩解措施。

We have completed the allotted time for questions. I will now turn the call over to Patti Poppe for closing remarks.

我們已經完成了分配的提問時間。我現在將把電話轉給 Patti Poppe 來做閉幕詞。

Thank you, Cheryl, and thanks, everyone, for joining us today. It's always a great opportunity for us to share with you the progress that we're making in the transformation of PG&E. The physical and financial risks continue to be reduced in meaningful ways, and we look forward to again sharing more with you about that at our June 10 Investor Day. Again, I'll be joined by this all-star team, and I know you'll enjoy hearing from them directly about how all the things Chris and I have talked about today are coming to life. The culture and capabilities that we are building at PG&E create a sustainable, winning business model for this company, and we couldn't be more excited to be able to share that with you in June. We'll see you in New York.

謝謝你，謝麗爾，也謝謝大家今天加入我們。對我們來說，這是一個與您分享我們在 PG&E 轉型方面取得的進展的絕佳機會。實物和金融風險繼續以有意義的方式降低，我們期待在 6 月 10 日的投資者日再次與您分享更多信息。再一次，我將加入這支全明星隊，我知道你會喜歡直接從他們那裡聽到克里斯和我今天談論的所有事情是如何變成現實的。我們在 PG&E 建立的文化和能力為這家公司創造了一個可持續的、成功的商業模式，我們非常高興能夠在 6 月份與您分享這一點。我們紐約見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。