桑普拉能源 (SRE) 2025 Q1 法說會逐字稿

Good day, and welcome to Sempra's First Quarter Earnings Call. Today's conference is being recorded.

大家好，歡迎參加 Sempra 第一季財報電話會議。今天的會議正在錄製中。

At this time, I'd like to turn it over to Glen Donovan. Please go ahead.

現在，我想把發言權交給格倫多諾萬 (Glen Donovan)。請繼續。

Good morning, and welcome to Sempra's First Quarter 2025 Earnings Call. A live webcast of this teleconference and slide presentation are available on our website under our Events and Presentations section.

早安，歡迎參加 Sempra 2025 年第一季財報電話會議。本次電話會議的現場網路直播和投影片簡報可在我們網站的「活動和簡報」部分找到。

We have several members of our management team with us today, including Jeff Martin, Chairman and Chief Executive Officer; Karen Sedgwick, Executive Vice President and Chief Financial Officer; Justin Bird, Executive Vice President and Chief Executive Officer of Sempra Infrastructure; Allen Nye, Chief Executive Officer of Oncor; Don Clevenger, Chief Financial Officer of Oncor, Caroline Winn, Chief Executive Officer of SDG&E; Peter Wall, Senior Vice President, Controller and Chief Accounting Officer; and other members of our senior management team.

今天我們有幾位管理團隊成員與我們在一起，包括董事長兼首席執行官傑夫·馬丁 (Jeff Martin)； Karen Sedgwick，執行副總裁兼首席財務官； Sempra Infrastructure 執行副總裁兼首席執行官賈斯汀·伯德 (Justin Bird)；艾倫·奈 (Allen Nye)，Oncor Caroline； Oncor 首席財務首席執行官 Don Clevenger、SDGn Caroline Clevenger 首席執行官彼得·沃爾官 (Peter Clevenger)； Wall)，資深副總裁、財務主管兼首席會計官；以及我們高階管理團隊的其他成員。

Before starting, I'd like to remind everyone that we'll be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in any forward-looking statements we make today. The factors that could cause our actual results to differ materially are discussed in the company's most recent 10-K and 10-Q filed with the SEC.

在開始之前，我想提醒大家，我們將討論 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。實際結果可能與我們今天所做的任何前瞻性陳述中預測的結果有重大差異。本公司向美國證券交易委員會提交的最新 10-K 和 10-Q 報告中討論了可能導致我們的實際結果出現重大差異的因素。

Earnings per common share amounts in our presentation are shown on a diluted basis, and we'll be discussing certain non-GAAP financial measures. Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We also encourage you to review our 10-Q for the quarter ended March 31, 2025.

我們報告中的每股普通股收益是按稀釋後的基礎顯示的，我們將討論某些非公認會計準則財務指標。請參閱此呼籲中附帶的簡報幻燈片，以了解與 GAAP 指標的協調情況。我們也鼓勵您查看截至 2025 年 3 月 31 日的季度 10-Q。

I'd also like to mention that forward-looking statements contained in this presentation speak only of today, May 8, 2025 and it's important to note that the company does not assume any obligation to update or revise any of these forward-looking statements in the future.

我還想提一下，本簡報中包含的前瞻性陳述僅代表今天，即 2025 年 5 月 8 日，值得注意的是，本公司不承擔將來更新或修改任何這些前瞻性陳述的義務。

With that, please turn to slide 3, let me hand the call over to Jeff.

說完這些，請翻到投影片 3，讓我把電話交給 Jeff。

Thank you all for joining us today. Earlier this morning, we reported first quarter 2025 adjusted EPS of $1.44, which compares favorably to the prior period's results of $1.34. In addition, we're pleased to affirm our full year 2025 adjusted EPS guidance range of $4.30 to $4.70 and we're also affirming our 2026 EPS guidance of $4.80 to $5.30. You'll also recall that we've issued a projected long-term EPS CAGR of 7% to 9% for 2025 through 2029 and have guided to the high end or above that range.

感謝大家今天的參與。今天早些時候，我們報告了 2025 年第一季調整後的每股收益為 1.44 美元，與上一季的 1.34 美元相比表現良好。此外，我們很高興地確認 2025 年全年調整後每股收益指引範圍為 4.30 美元至 4.70 美元，我們也確認 2026 年每股收益指引範圍為 4.80 美元至 5.30 美元。您還會記得，我們​​已發布了 2025 年至 2029 年長期每股收益複合年增長率預測，為 7% 至 9%，並已引導至該範圍的高端或更高。

As we've discussed, this projection is a compound annual growth rate for the five-year planning period and does not imply linear growth year-to-year. Now let's turn to our plan of execution for the remainder of the year. Today, our first quarter results reflect a positive step toward the execution of five value creation initiatives. First, we plan to invest roughly $13 billion this year in energy infrastructure with over $10 billion targeted for our US utilities. Just as important, we have initiatives underway that are intended to improve the regulatory compact in both Texas and California.

正如我們所討論的，這個預測是五年規劃期內的複合年增長率，並不意味著逐年線性成長。現在讓我們來談談今年剩餘時間的執行計畫。今天，我們的第一季業績反映出我們朝著實施五項價值創造計畫邁出了積極的一步。首先，我們計劃今年在能源基礎設施方面投資約 130 億美元，其中超過 100 億美元將用於美國公用事業。同樣重要的是，我們正在採取旨在改善德州和加州監管契約的措施。

Second, we continue to review opportunities to realign our portfolio to support the growth and expansion of our Texas and California utilities, while also maintaining a strong balance sheet. As a result, we’ve announced our intention to sell a minority interest in Sempra Infrastructure Partners. Given the robust demand today for energy infrastructure assets, we expect to complete a transaction that highlights the continued growth in the value of that business. Third, we’re continuing our strategy of selling non-core assets and recycling capital to finance our future growth. That’s why we recently announced our plans to divest Ecogas, a regulated natural gas distribution utility in Northern Mexico. In combination, these actions are designed to advance our company's broader effort to simplify the business and reduce reliance on future issuances of common equity to fund the company's five-year capital plan. With the close of these transactions, and the anticipated growth of our utilities, we expect our regulated businesses will account for a much larger percentage of Sempra’s earnings on an annualized basis. It’s also important to note that we expect these combined transactions to be accretive to the company's earnings per share forecast and credit enhancing. We also continue to execute on our Fit for 2025 campaign that we launched in the summer of 2024. The goal of this initiative is to reduce the company's cost structure to align with our future business needs. These efforts are also focused on new technology adoption, including the use of artificial intelligence to improve productivity and customer service.

其次，我們繼續審查重新調整投資組合的機會，以支持德州和加州公用事業的成長和擴張，同時保持強勁的資產負債表。因此，我們宣布了出售 Sempra Infrastructure Partners 少數股權的意向。鑑於目前對能源基礎設施資產的強勁需求，我們期望完成一項突顯該業務價值持續成長的交易。第三，我們將繼續執行出售非核心資產和回收資本的策略，為未來的成長提供資金。這就是我們最近宣布剝離墨西哥北部受監管的天然氣分銷公司 Ecogas 的計劃的原因。綜合起來，這些舉措旨在推動公司簡化業務的更廣泛努力，並減少對未來發行普通股來資助公司五年資本計劃的依賴。隨著這些交易的完成以及我們公用事業的預期成長，我們預計受監管的業務將在 Sempra 的年度收益中占到更大的比例。值得注意的是，我們預計這些合併交易將增加公司的每股盈餘預測並增強信用。我們也將繼續執行於 2024 年夏季啟動的「適合 2025」活動。該計劃的目標是降低公司的成本結構，以滿足我們未來的業務需求。這些努力也著重於採用新技術，包括使用人工智慧來提高生產力和客戶服務。

Taken together, these efforts are expected to help support improvements in the affordability of our services and our financial performance. And finally, we'll continue our foundational work of delivering safe and reliable energy for our customers through operational excellence. We're an established leader today in wildfire science and mitigation, and we'll look to build on those competitive advantages here in California as well as at Oncor.

總的來說，這些努力有望幫助提高我們服務的可負擔性和財務表現。最後，我們將繼續透過卓越的營運為客戶提供安全可靠的能源的基礎工作。如今，我們已成為野火科學和緩解領域公認的領導者，我們將努力在加州和 Oncor 鞏固這些競爭優勢。

The key takeaway is we have an exceptional opportunity to grow and competitively differentiate our company through the end of the decade. To deliver on that opportunity, we understand the importance of executing well in the near term. Our first quarter financial results are an important first step. And as a management team, we have a plan of execution in place for the balance of 2025 that we believe will make our company stronger and more valuable.

關鍵在於，我們擁有一個絕佳的機會，能夠在未來十年內實現公司的成長和競爭優勢。為了把握這個機會，我們了解短期內良好執行的重要性。我們第一季的財務表現是重要的第一步。作為管理團隊，我們已經制定了 2025 年剩餘時間的執行計劃，我們相信這將使我們的公司更加強大、更有價值。

With that, please turn to slide 4, where Karen will walk through business and financial updates.

請翻到投影片 4，Karen 將在這裡介紹業務和財務最新情況。

Thank you, Jeff. Let me start by saying our three growth platforms are off to a solid start for the year. Let's start with Texas. Last year, ERCOT projected peak load growth to increase to 150 gigawatts by 2030. To meet this demand, ERCOT is proposing a regional transmission plan, that would overlay a new high-voltage backbone across the state's transmission grid.

謝謝你，傑夫。首先我要說的是，我們的三個成長平台今年都取得了一個好的開始。讓我們從德克薩斯州開始。去年，ERCOT 預測 2030 年尖峰負載成長將增加至 150 吉瓦。為了滿足這一需求，ERCOT 提出了一項區域輸電計劃，該計劃將覆蓋整個州的輸電網，建立一條新的高壓主幹線。

Both the 345 kV and the 765 kV investments are under consideration. Together with the Permian plan, ERCOT estimates these investments will total between $32 billion and $35 billion. That includes approximately $14 billion to $15 billion for the Permian plan with the import transmission paths being constructed at the 765 kV level and $18 billion to $20 billion for the remaining transmission build-out.

345 kV 和 765 kV 的投資均在考慮之中。加上二疊紀計劃，ERCOT 估計這些投資總額將在 320 億美元至 350 億美元之間。其中包括用於二疊紀計劃的約 140 億至 150 億美元，用於建設 765 kV 級別的進口輸電路徑，以及用於剩餘輸電建設的 180 億至 200 億美元。

I would refer you to slide 9 in the appendix for a graphic that provides additional details on this. As a major owner of existing endpoints across Texas, we believe Oncor is well positioned to construct a significant portion of the required transmission infrastructure that's been identified by ERCOT. Oncor is still assessing the impact of these developments and expects to have a better sense of the projected investment opportunity once the associated CCNs are filed.

請您參閱附錄中的第 9 張投影片，其中的圖表提供了更多詳細資訊。作為德州現有端點的主要所有者，我們相信 Oncor 完全有能力建造 ERCOT 確定的大部分所需傳輸基礎設施。Oncor 仍在評估這些發展的影響，並希望在提交相關 CCN 後能夠更好地了解預計的投資機會。

Oncor has begun seeking approvals for the remainder of the Permian plan and expects to continue making the required CCN filings, including for the import paths, through 2026. We're also currently monitoring the legislative session in Texas, including potential legislation that if passed, might have beneficial impacts on the regulatory framework supporting T&D investments in Texas.

Oncor 已開始尋求二疊紀計畫剩餘部分的批准，並預計在 2026 年之前繼續進行所需的 CCN 備案，包括進口路徑。我們目前也正在關注德州的立法會議，包括可能通過的立法，這些立法可能會對支持德州輸配電投資的監管框架產生有益的影響。

In the meantime, Oncor is continuing to prepare to file its comprehensive base rate review and currently anticipates filing it in the second quarter. Moving to Sempra California, I'd like to start by discussing an update on the regulatory front. Every three years, California Utilities submit a new cost of capital application to the CPUC which sets authorized rates of return for their investments in critical infrastructure.

同時，Oncor 正在繼續準備提交其綜合基準利率審查報告，目前預計將在第二季提交。轉到加州桑普拉，我想先討論一下監管方面的最新情況。每三年，加州公用事業公司都會向加州公共事業委員會提交新的資本成本申請，以確定其對關鍵基礎設施投資的授權報酬率。

In March, SDG&E and SoCalGas, along with other large California IOUs, filed their respective cost of capital applications. The current cost of capital filings are for the year 2026 through 2028 and seek to update SDG&E’s and SoCalGas’ respective rates of return to align with current market conditions. SDG&E requested a 54% common equity layer and 11.25% return on equity.

3 月份，聖地牙哥天然氣電力公司 (SDG&E) 和南加州天然氣公司 (SoCalGas) 以及加州其他大型 IOU 提交了各自的資本成本申請。目前的資本成本申報針對的是 2026 年至 2028 年，旨在更新 SDG&E 和 SoCalGas 各自的回報率，以符合當前的市場狀況。SDG&E 要求 54% 的普通股股權和 11.25% 的股本回報率。

At SoCalGas, the company requested a 52% common equity layer and an 11% return on equity. Please see slide 11 in the appendix for a breakout of additional details. We expect a decision from the CPUC by the end of the year with the newly authorized rates of return effective at the start of 2026. As a reminder, this will be subject to the cost of capital adjustment mechanism, otherwise known as the CCM, which would apply in the year's 27 and 2028. As it relates to the FERC TO6 filing, SDG&E's current authorized rate is 10.1%.

在 SoCalGas，該公司要求 52% 的普通股股權層和 11% 的股本回報率。請參閱附錄中的第 11 張投影片以了解更多詳細資訊。我們預計 CPUC 將在今年年底前做出決定，新授權的回報率將於 2026 年初生效。提醒一下，這將受制於資本成本調整機制（也稱為 CCM），該機制將於 2027 年和 2028 年適用。與 FERC TO6 檔案相關，SDG&E 目前的授權利率為 10.1%。

And you'll recall that SDG&E requested a base ROE of 11.75%, which excludes the 50-basis point CAISO adder currently in the appeals process. New interim rates are scheduled to be implemented June 1st subject to refund. The settlement process is ongoing and expected to be resolved in the second half of this year. Also in the first quarter, the CPUC approved an expansion of Westside Canal Battery Energy Storage, adding 100 megawatts of energy storage capacity to the existing 131 megawatts facility.

您可能還記得，SDG&E 要求的基本 ROE 為 11.75%，其中不包括目前正在上訴過程中的 50 個基點 CAISO 加法器。新的臨時費率將於 6 月 1 日實施，但須退款。解決過程正在進行中，預計將在今年下半年解決。此外，在第一季度，加州公用事業委員會 (CPUC) 批准了西區運河電池儲能專案的擴建，在現有的 131 兆瓦設施基礎上增加 100 兆瓦的儲能容量。

This expansion should be fully operational this summer and represents a significant investment in the region’s energy infrastructure: supporting local communities by providing more reliable and clean power, and positioning the region as a leader in sustainable energy solutions. Moving to affordability initiatives, Jeff discussed our Fit for 2025 campaign earlier but I also want to mention that SDG&E and SoCal gas customers received a onetime California climate credit lowering bills last month by as much as $136 at SDG&E and $87 at SoCalGas.

此次擴建工程將於今年夏天全面投入運營，這是對該地區能源基礎設施的一項重大投資：透過提供更可靠、更清潔的電力來支持當地社區，並使該地區成為可持續能源解決方案的領導者。談到可負擔性舉措，傑夫之前討論了我們的「適應 2025」活動，但我還想提一下，聖地亞哥燃氣電力公司和南加州的天然氣客戶上個月獲得了一次性加州氣候信貸，使聖地亞哥燃氣電力公司的賬單降低了 136 美元，南加州燃氣公司的賬單降低了 87 美元。

Also, there will be a second credit applied to the bills of SDG&E customers in October, bringing the total expected bill credit up to $217 in 2025. Also in March, an amended memorandum and ruling was issued establishing the scope and schedule for Track 3 of the 2024 GRC. Testimony was filed to review the reasonableness of: SoCalGas' pipeline safety enhancement costs for 2015 to 2020, SDG&E's pipeline safety enhancement costs from 2014 to 2019 and SDG&E's wildfire mitigation costs in 2023. A proposed decision is anticipated in the first half of 2026. On the tariff front, we are closely monitoring potential impacts at Sempra California. We've been proactive in taking action to manage rising prices to reduce impacts to our rate payers. Since the pandemic, we analyzed where more supply chain risk exists and added additional sources of supply.

此外，10 月份 SDG&E 客戶的帳單將獲得第二次抵免，使 2025 年的預期帳單總額達到 217 美元。同樣在 3 月份，政府發布了一份經修訂的備忘錄和裁決，確定了 2024 年 GRC 第 3 軌道的範圍和時間表。提交的證詞是為了審查以下成本的合理性：SoCalGas 2015 年至 2020 年的管道安全增強成本、SDG&E 2014 年至 2019 年的管道安全增強成本以及 SDG&E 2023 年的野火緩解成本。預計 2026 年上半年做出決定。在關稅方面，我們正在密切關注 Sempra California 的潛在影響。我們一直積極採取行動來控制價格上漲，以減少對納稅人的影響。自疫情爆發以來，我們分析了供應鏈風險較大的領域，並增加了額外的供應來源。

We expect those diversified sources to help us better manage and mitigate tariff risks. We've also engaged with suppliers in an effort to source more domestically produced equipment and materials where possible, stocking inventory of critical materials and exploring new sources of supply that help reduce tariff exposure. These activities form a part of our larger program of improving the affordability of our utility services.

我們希望這些多元化的來源能幫助我們更好地管理和降低關稅風險。我們也與供應商合作，盡可能採購更多國產設備和材料，儲備關鍵材料庫存，並探索有助於降低關稅風險的新供應來源。這些活動是我們提高公用事業服務可負擔性的更大計劃的一部分。

Moving to Sempra Infrastructure, in March, we announced our plan to sell certain noncore energy infrastructure assets in Mexico as well as a minority interest in Sempra Infrastructure Partners. Jeff discussed both earlier, but I would add that initial interest around these assets has been robust. On the minority interest sale process at Sempra Infrastructure Partners, you'll recall that KKR and ADIA have certain rights of first offer followed by Sempra's right to respond.

談到 Sempra Infrastructure，我們在 3 月宣布了出售墨西哥某些非核心能源基礎設施資產以及 Sempra Infrastructure Partners 少數股權的計劃。傑夫之前討論過這兩者，但我想補充一點，人們對這些資產的最初興趣一直很濃厚。在 Sempra Infrastructure Partners 的少數股權出售過程中，您會記得 KKR 和 ADIA 擁有一定的優先購買權，隨後 Sempra 有權回應。

Also, as is customary, if we are unable to reach an agreement with our current partners, we're prepared to pursue third-party bids in an open and competitive process to help increase the value for Sempra shareholders. As outlined, we believe it will take a reasonable amount of time for both transactions to unfold and expect to provide our next update on the second quarter call in August.

此外，按照慣例，如果我們無法與現有合作夥伴達成協議，我們準備透過公開和競爭的方式尋求第三方競標，以幫助提高 Sempra 股東的價值。如上所述，我們認為這兩筆交易都需要合理的時間來展開，並預計將在 8 月的第二季電話會議上提供下一次更新。

Moving to operational updates, Cameron LNG Phase 1 loaded 55 cargoes and achieved a 98% plant reliability in Q1 2025. Together with our partners, we're very pleased with the high-quality operations from this critical infrastructure asset. And as it relates to tariff impacts, we're actively monitoring the evolving situation and assessing its potential impact on our businesses.

談到營運更新，卡梅倫液化天然氣第一階段裝載了 55 批貨物，並在 2025 年第一季實現了 98% 的工廠可靠性。我們和合作夥伴對這項關鍵基礎設施資產的高品質營運感到非常滿意。就關稅影響而言，我們正在積極監測情況發展並評估其對我們業務的潛在影響。

Our current understanding is that energy, as defined as cross-border electric and natural gas deliveries, is a USMCA compliant good and is therefore unaffected by tariffs. As a result, we do not currently anticipate significant impacts from cross-border energy transactions. We also continue to advance major construction projects at Cimarron Wind, ECA LNG Phase 1 and Port Arthur LNG Phase 1. Cimarron Wind is progressing key construction activities, including turbine installations and continues to target power generation in late 2025, with COD planned for the first half of 2026.

我們目前的理解是，能源（定義為跨境電力和天然氣交付）是符合 USMCA 的商品，因此不受關稅的影響。因此，我們目前預期跨境能源交易不會產生重大影響。我們也持續推動西馬龍風電、ECA LNG 第一期和亞瑟港 LNG 第一期等重大建設項目。Cimarron Wind 正在推動關鍵建設活動，包括渦輪機安裝，並繼續瞄準 2025 年底發電，計劃於 2026 年上半年實現 COD。

At ECA LNG Phase 1, we have over 5,200 workers on site, and construction is currently focused on pipe testing, electrical activities, instrumentation and insulation with the project around 92% complete. Additionally, we're excited to share that ECA LNG Phase 1 has achieved mechanical completion of various subsystems which allows for the start of pre-commissioning activities.

在 ECA LNG 第一期專案中，我們有超過 5,200 名現場工人，目前的施工重點是管道測試、電氣活動、儀器和絕緣，專案已完成約 92%。此外，我們很高興告訴大家，ECA LNG 第一階段已完成各個子系統的機械完工，可以開始預調試活動。

These developments are consistent with the expectation of commercial operations in the spring of 2026. Moreover, I would note that at ECA LNG Phase 1, our EPC contractor has completed its engineering and procurement activities, so we're not anticipating any significant impacts from increases in material costs. Moving to Port Arthur LNG Phase 1, I'd like to take a moment to acknowledge the safety incident that occurred last week at the Port Arthur facility, which has resulted in the loss of three Bechtel employees. Our deepest condolences go out to the families and colleagues affected by this incident Port Arthur construction has progressed, including the foundations, steel and pipe installation, dredging activities, major equipment setting and other key milestones. Also on the tariff front, Port Arthur LNG began admitting all items in the designated foreign trade zones into the United States as a preemptive action back in February to avoid higher costs being levied on these items.

這些發展與 2026 年春季商業營運的預期一致。此外，我要指出的是，在 ECA LNG 第一階段，我們的 EPC 承包商已經完成了其工程和採購活動，因此我們預計材料成本上漲不會帶來任何重大影響。談到亞瑟港液化天然氣一期項目，我想花點時間來了解上週在亞瑟港設施發生的安全事故，該事故導致三名貝克特爾員工喪生。我們向在此次事件中受到影響的家人和同事表示最深切的哀悼。亞瑟港的建設已經取得進展，包括地基、鋼筋和管道安裝、疏浚活動、主要設備設置和其他關鍵里程碑。此外，在關稅方面，亞瑟港液化天然氣公司早在二月就採取了先發製人的措施，開始允許指定對外貿易區內的所有產品進入美國，以避免對這些產品徵收更高的成本。

Earlier this year, we announced that we expected to take FID on Port Arthur LNG Phase 2 by the end of 2025. That remains our target as we're continuing to field strong commercial interest in the project. With that said, uncertainty in the macroeconomic environment may affect the timing of product development. As we have done in the past, we'll continue to exercise patience as we seek to mitigate cost risk and lock in favorable long-term economics.

今年早些時候，我們宣布預計將在 2025 年底前對亞瑟港液化天然氣計畫第二階段做出最終投資決定。這仍然是我們的目標，因為我們將繼續對該項目表達強烈的商業興趣。話雖如此，宏觀經濟環境的不確定性可能會影響產品開發的時機。正如我們過去所做的那樣，我們將繼續保持耐心，尋求降低成本風險並鎖定有利的長期經濟效益。

To wrap up, energy infrastructure remains a crucial component to economic growth and development, and allies in Europe and Asia are looking to American leadership to improve their energy security. That's why we continue to believe Sempra Infrastructure is well positioned to create value for its owners as we look to complete a series of important construction projects and capture new opportunities by extending the scale and reach of our platform.

總而言之，能源基礎設施仍然是經濟成長和發展的關鍵組成部分，歐洲和亞洲的盟友正在尋求美國的領導來改善他們的能源安全。這就是為什麼我們繼續相信 Sempra Infrastructure 能夠為其所有者創造價值，因為我們希望完成一系列重要的建設項目，並透過擴大我們平台的規模和覆蓋範圍來抓住新的機會。

Now please turn to the next slide, where I'll walk through an update on our financial performance. Earlier today, Sempra reported first quarter 2025 GAAP earnings of $906 million or $1.39 per share. This compares to first quarter 2024 GAAP earnings of $801 million or $1.26 per share. On an adjusted basis, first quarter 2025 earnings were $942 million or $1.44 per share.

現在請翻到下一張投影片，我將在其中介紹我們的財務表現的最新情況。今天早些時候，Sempra 公佈 2025 年第一季 GAAP 收益為 9.06 億美元，即每股 1.39 美元。相比之下，2024 年第一季的 GAAP 收益為 8.01 億美元，即每股 1.26 美元。經調整後，2025 年第一季收益為 9.42 億美元，即每股 1.44 美元。

This compares to our first quarter 2024 earnings of $854 million or $1.34 per share. We're pleased with these financial results and believe they represent a solid start to the year. Please turn to the next slide. Variances in the first quarter 2025 adjusted earnings as compared to the same period last year can be summarized as follows: at Sempra California, we had $88 million from higher CPUC base operating margin, net of operating expenses and lower authorized cost of capital. Sempra California also had $54 million of higher income tax benefits, partially offset by higher net interest expense and other.

相比之下，我們 2024 年第一季的收益為 8.54 億美元，即每股 1.34 美元。我們對這些財務結果感到滿意，並相信這代表今年的一個好開始。請翻到下一張投影片。2025 年第一季調整後收益與去年同期相比的差異可以概括如下：在 Sempra California，我們因 CPUC 基本營業利潤率提高（扣除營業費用和授權資本成本降低）而獲得了 8800 萬美元。Sempra California 也獲得了 5,400 萬美元的更高所得稅優惠，但部分被更高的淨利息支出和其他費用所抵消。

As a reminder, in the first 3 quarters of 2024, Sempra California recorded revenues and taxes in accordance with 2023 CPUC authorized levels. Turning to Sempra Texas, we had $37 million of lower equity earnings, primarily from higher interest and operating expenses, partially offset by higher revenues from invested capital and higher consumption attributable to weather and customer growth.

提醒一下，2024 年前三個季度，Sempra California 按照 2023 年 CPUC 授權水準記錄了收入和稅收。談到 Sempra Texas，我們的股權收益減少了 3,700 萬美元，主要是因為利息和營運費用增加，但被投資資本收入增加以及天氣和客戶成長帶來的消費增加部分抵消。

At Sempra Infrastructure, we largely reported in-line to the prior period, with $2 million of decrease driven by lower asset optimization, partially offset by lower O&M and higher interest income. And at Parent, the $15 million decrease is primarily due to higher net interest expense, partially offset by other expenses. Please turn to the next slide.

在 Sempra Infrastructure，我們的報告與上期基本一致，其中 200 萬美元的減少是由於資產優化減少，但被營運和維護費用減少和利息收入增加部分抵消。而母公司方面，1500萬美元的減少主要是由於淨利息支出增加，但部分被其他支出所抵銷。請翻到下一張投影片。

To conclude our prepared remarks, we're off to a solid start for the year. We understand the importance of our planned execution for 2025 and across our management team, we're focused on delivering the strategic initiatives that Jeff outlined on today's call.

總結我們的準備好的發言，我們今年已經有了一個好的開始。我們了解 2025 年計畫執行的重要性，並且在整個管理團隊中，我們專注於實現 Jeff 在今天的電話會議上概述的策略性舉措。

Taken together, these initiatives are designed to divest noncore assets in support of recycling proceeds into new investments in our Texas and California utilities, strengthen the company's balance sheet while efficiently funding growth and improving the quality and affordability of our services, and reward Sempra's owners with improved visibility to consistent growth in earnings and cash flows and long-term value creation. Our first quarter results represent an important first step in our growth plans.

綜合起來，這些舉措旨在剝離非核心資產，支持將收益回收用於對我們在德克薩斯州和加利福尼亞州公用事業的新投資，加強公司的資產負債表，同時有效地為增長提供資金並提高我們服務的質量和可負擔性，並通過提高盈利和現金流持續增長以及長期價值創造的可見性來回報 Sempra 的所有者。我們的第一季業績代表了我們成長計畫的重要第一步。

With that, we'll now take a moment to open the line and answer your questions.

現在，我們將花一點時間來開通熱線並回答您的問題。

(Operator Instructions). Ross Fowler, Bank of America.

（操作員指令）。美國銀行的羅斯‧福勒。

So just a couple of questions to touch on and maybe I'm just tired because I’m 42 earnings releases deep, but just to walk through the SIP process from here I think KKR would be due on May 12. And then we've got, if I've got it right, 10 business days for ADIA, and then you would have 30 days to respond to either one of those, which would kind of put us late June, early July. And that's the sort of contextualization for why you're talking about an update on the second quarter call. Am I thinking about that correctly?

所以我只想問幾個問題，也許我只是累了，因為我已經發布了 42 份收益報告，但只是為了從現在開始走一遍 SIP 流程，我認為 KKR 將於 5 月 12 日到期。如果我沒記錯的話，ADIA 有 10 個工作日，然後你有 30 天的時間來回應其中任何一個，這意味著我們會在 6 月底或 7 月初回應。這就是您談論第二季電話會議更新的背景。我這樣想對嗎？

Yes. The only thing I would clarify is to think about that sequentially. So once KKR provides their written offer if they were to bid, then Sempra has a 30-day process to deliberate that and or respond after that process, then ADIA would have their 10 days followed by Sempra's 30 days to respond to that. So I think we feel comfortable that Q2 call will be the appropriate time to update it. And look, we certainly realize that people like more details.

是的。我唯一要澄清的是按順序思考這個問題。因此，一旦 KKR 提出書面報價（如果他們願意競標），Sempra 就有 30 天的時間來審議該報價，或在該過程之後做出回應，然後 ADIA 有 10 天的時間，隨後 Sempra 有 30 天的時間做出回應。因此，我認為我們認為第二季電話會議將是更新它的適當時機。而且，我們當然意識到人們喜歡更多細節。

So I think for us the best thing to do is just let the process play itself out. I think Q2 will be the appropriate time for an update.

所以我認為對我們來說最好的方法就是讓這個過程自然發展。我認為第二季是進行更新的適當時機。

Perfect, Jeff. And then, Allen, maybe one for you, just as we sort of contextualize what you've referred to, I think, in our conversations in the past is the Texas miracle and the Texas growth. We've seen the 765 kV network, as I look at slide 9 into the Permian, and then there is this other 765 stuff off to the east, what would be the advantages or disadvantages of doing the rest of that 765 or 345? And then just contextualize what you're seeing on the growth front in Texas right now.

太好了，傑夫。然後，艾倫，也許有一個問題適合您，正如我們在過去的談話中提到的那樣，我認為，就是德克薩斯奇蹟和德克薩斯增長。我們已經看到了 765 kV 網絡，當我查看幻燈片 9 中的 Permian 時，然後東部還有其他 765 的東西，那麼完成其餘的 765 或 345 的優點和缺點是什麼？然後將您目前在德克薩斯州看到的增長具體化。

Sure. Please go ahead, Allen.

當然。請繼續，艾倫。

Thanks, Ross. Yes, the Texas miracle, as I've said before, continues. Just from a general high-level perspective, things I generally talked about when I'm talking about growth, premise growth up again, 3%, over quarter 1 last year, 19,000 new premises. Transmission POIs new requests up 66% year-to-date first quarter versus last year first quarter, total active requests up 35%.

謝謝，羅斯。是的，正如我之前所說，德克薩斯奇蹟仍在繼續。僅從整體高層次的角度來看，當我談論成長時，我通常會談論的是前提成長率再次上升，與去年第一季相比成長了 3%，新增了 19,000 個前提。今年第一季度，傳輸 POI 新請求較去年第一季成長 66%，總活躍請求成長 35%。

Our LC&I large customer queue continues to grow at a record pace. Now up 30% of where we were last quarter of the 152, I think, is what we announced last time. West Texas, for West Texas weather zone, up 3%, new peak, Culberson transmission loop up 41% over last year's peak and Stanton transmission loop up about 9%, 8.8% over last year's peak. So those are the kind of the metrics I generally talk about on these calls around growth.

我們的 LC&I 大客戶隊列繼續以創紀錄的速度成長。我認為，現在我們比上一季的 152 家公司成長了 30%，這是我們上次宣布的數字。西德州，對於西德州氣候區來說，上漲 3%，達到新峰值，卡爾伯森輸電迴路比去年的峰值上漲 41%，史丹頓輸電迴路上漲約 9%，比去年的峰值上漲 8.8%。這些就是我在有關成長的電話會議上通常談論的指標。

Obviously, we've got a lot of other things going on that you mentioned. There's the Permian plan, obviously, with the latest announcement that we're going to be doing, the import paths with 765 kV, that's a big one. And then the remainder of the STEP program, the 765 plan that ERCOT and the PUC are looking at. We've said before, we were kind of -- we were agnostic from a financial perspective on 765 versus 345 because if you don't build the 765, you have to build a lot more 345.

顯然，我們還有很多您提到的其他事情要做。顯然，我們有二疊紀計劃，我們最新宣布的計劃是建造 765 kV 的進口路徑，這是一個很大的計劃。然後是 STEP 計劃的剩餘部分，即 ERCOT 和 PUC 正在研究的 765 計劃。我們之前說過，從財務角度來看，我們對 765 與 345 持不可知論，因為如果不生產 765，就必須生產更多的 345。

So we're going to be good either way. However, from an operational perspective, we've been very adamant that operationally, 765 makes a lot more sense for a state that's growing like ours. Obviously, if you build bigger capacity now on less right of ways, you have increased ability to operate your system differently and more effectively. It provides for the allowance of generation siding at pretty much anywhere you can connect to the 765 as opposed to having to build 345 directly to locations where generation is coming online.

所以無論哪種方式我們都會表現得很好。然而，從營運角度來看，我們堅信，對於我們這樣一個正在發展的州來說，765 在營運上更有意義。顯然，如果您現在在較少的通行權上建立更大的容量，那麼您將能夠以不同的方式更有效地運作您的系統。它允許在幾乎任何可以連接到 765 的地方建立發電側線，而不必將 345 直接建在發電上線的位置。

So we think there are operational benefits to 765. That's what we said at the legislature what you said at the PUC, and we were pleased with that announcement. Now we'll have to see what happens with kind of the eastern half of the 765 plan. Again, there's a decision to be made there as to how and when that will take place if PUC and legislature goes forward.

因此我們認為 765 具有營運優勢。這就是我們在立法機關所說的，也是你們在公共事業委員會所說的，我們對這項聲明感到高興。現在我們必須看看 765 計劃東半部分會發生什麼。再次，如果公共事業委員會和立法機構繼續推進，就需要決定如何以及何時實現這一目標。

But obviously, as we've said before, and I think as Jeff alluded to, we have opportunities on both those plans, given the number of end points that we own, which is around, I think, over 1,300 now and the application of the 1938 bill which formalized the ERCOT criteria using endpoints to determine the ownership of transmission lines. So we feel very good about the growth in Texas. We feel very good about where ERCOT and PUC are headed with these two major transmission plans and we think will be a major participant in both.

但顯然，正如我們之前所說的，我想正如傑夫所提到的，考慮到我們擁有的端點數量（我認為現在大約有 1,300 多個），以及 1938 年法案的應用，我們在這兩個計劃上都有機會，該法案正式規定了 ERCOT 標準，使用端點來確定輸電線路的所有權。因此，我們對德克薩斯州的發展感到非常滿意。我們對 ERCOT 和 PUC 在這兩項主要輸電計劃中的發展方向感到非常滿意，並且我們認為我們將在這兩個計劃中成為主要參與者。

Well, the only thing I would add is it's obviously a very ambitious plan. We think it's critical to support the state's future growth. And I think given the endpoints that Allen just identified we certainly expect to be in a position to build over half of the proposed investment.

嗯，我唯一想補充的是，這顯然是一個非常雄心勃勃的計劃。我們認為支持州的未來發展至關重要。我認為，考慮到艾倫剛剛確定的終點，我們當然有望完成擬議投資的一半以上。

Just one last one for me. Jeff, you highlighted in your opening comments the fit for 2025 program. Can you maybe talk about something in that program a little bit more specific, like what you've achieved so far and what you might have sightline to just to give a little bit of flavor of what you're seeing there and what those programs actually entail?

對我來說，這只是最後一個。傑夫，你在開場白中強調了適合 2025 年的計畫。您能否更具體地談談該計劃中的一些內容，例如您迄今為止取得的成就以及您可能看到的景象，以便稍微介紹一下您在那裡看到的內容以及這些計劃實際上包含的內容？

Yes, sure. Last year, Ross, we kicked off our fit for 2025 campaign to improve the competitive cost structure of our company. This isn't something that's new at Sempra for those of you who have followed our company for a long period of time. We routinely go back and look for ways to reduce costs and improve productivity. And what we're fundamentally trying to do Ross is find new and better ways to serve customers.

是的，當然。羅斯，去年我們啟動了「適應 2025」活動，以改善公司的競爭成本結構。對於長期關注我們公司的人來說，這並不是 Sempra 的新鮮事。我們經常回顧並尋找降低成本和提高生產力的方法。而我們所做的根本目的就是找到新的、更好的方式來服務客戶。

So we're looking at opportunities to reduce headcount through voluntary retirement programs. We're making new investments in technology. SDG&E is targeting using Artificial Intelligence, for example, in over 40% of its customer interactions in its call center. We're continuing to look at ways to basically outsource costs where we think it can be done on a cheaper basis. But look, I think part of serving customers better is working hard to improve the affordability of their services.

因此，我們正在尋找透過自願退休計劃來減少員工人數的機會。我們正在對科技進行新的投資。例如，SDG&E 的目標是在其呼叫中心超過 40% 的客戶互動中使用人工智慧。我們將繼續尋找基本外包成本的方法，我們認為這樣做可以更便宜。但我認為，更好地服務客戶的一部分就是努力提高服務的經濟實惠性。

And let me just give you a quick recap of where we think we're at. In Texas today, Oncor, for example, has the lowest rates among investor-owned utilities and notwithstanding their current $36 billion capital plan Ross, they expect to remain the lowest across the five-year plan. Similarly, at SoCal Gas, you recall, that's the largest natural gas utility platform in the United States. Their bills today are in the bottom quartile nationally. And similarly, at SDG&E, Ross, we have the lowest average bills amongst the investor-owned utilities in the state. So as you think about our five value creation initiatives, part of creating a more competitive cost structure is about finding better ways to be responsive to the needs of our customers.

讓我簡單回顧一下我們現在的處境。例如，在今天的德克薩斯州，Oncor 是投資者擁有的公用事業公司中費率最低的，儘管他們目前有 360 億美元的資本計劃羅斯，但他們預計在整個五年計劃中仍將保持最低水平。同樣，您還記得，南加州天然氣公司 (SoCal Gas) 是美國最大的天然氣公用事業平台。他們今天的賬單在全國範圍內處於最低四分之一。同樣，在羅斯的 SDG&E，我們擁有該州投資者擁有的公用事業公司中最低的平均帳單。因此，當您考慮我們的五項價值創造措施時，創建更具競爭力的成本結構的一部分就是找到更好的方法來滿足客戶的需求。

And maybe before I wrap up, Caroline, you could add a few specifics that you're taking at SDG&E to give a little more color to Ross.

在我結束之前，卡洛琳，你可以補充一些你在聖地牙哥天然氣電力公司 (SDG&E) 的具體情況，讓羅斯的情況更加清晰一些。

Sure. Happy to do so. We remain laser focused on affordability for customers, and we're proud that SDG&E's monthly electric delivery bills are lower for the second year in a row. But we have more work to do there. Through our fit for '25 initiative, we're driving down operating costs and improving efficiencies.

當然。很高興這麼做。我們始終專注於客戶的可負擔性，並且我們為 SDG&E 的每月電力傳輸費用連續第二年降低而感到自豪。但我們還有很多工作要做。透過我們的「適應 25 年」計劃，我們正在降低營運成本並提高效率。

We're securing non-ratepayer sources of funding like tax credits for batteries and advocating for policy changes. We applaud the Governor of California issuing the executive order last year, which focuses on improving electric affordability that's highly constructive. And the order is largely focused on pass-through programs that have become less cost-effective and does not appear to impact equity or capital deployment.

我們正在確保非納稅人的資金來源，例如電池稅收抵免，並倡導政策變革。我們讚揚加州州長去年發布的行政命令，該命令旨在提高電力可負擔性，並且具有極強的建設性。該命令主要集中於成本效益較低的直通計劃，並且似乎不會影響股權或資本配置。

SDG&E recently filed to reduce costs associated with certain energy efficiency programs that are no longer cost effective. And if approved, it could save customers $300 million. And we're really happy about the use of climate credits that Karen mentioned to lower energy bills by $217 this year. Customer affordability is a top priority, and we're doing everything possible to make sure that our bills are transparent, they're stable, and they're affordable.

SDG&E 最近申請降低某些不再具有成本效益的能源效率計劃的相關成本。如果獲得批准，可以為客戶節省 3 億美元。我們非常高興看到卡倫提到的氣候信用額度的使用，今年我們的能源費用減少了 217 美元。客戶的承受能力是重中之重，我們正在盡一切可能確保我們的帳單透明、穩定且負擔得起。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe to start on the LNG front, just to follow up on some of the comments in the prepared remarks. You talked about some of the macro uncertainty potentially impacting project development on Port Arthur 2. Could you just help us frame that potential impacts. Is that more just a potential kind of slippage? Or is that anything we should think about from a structural shift in views on that project?

也許從液化天然氣方面開始，只是為了跟進準備好的評論中的一些評論。您談到了一些可能影響亞瑟港二號專案開發的宏觀不確定性。您能否幫助我們概括一下潛在的影響？這是否只是一種潛在的失誤？或者我們應該從對該專案的看法的結構性轉變來考慮這一點嗎？

No. I would just clarify, Carly, I think we're in great shape on Port Arthur Phase 2. And Justin, maybe you can walk through how you're thinking about that project moving forward this year.

不。卡莉，我只是想澄清一下，我認為亞瑟港第二階段的進展非常順利。賈斯汀，也許您可以談談您今年對該專案進展的看法。

Yes. Thanks, Jeff. Hi, Carly. As Karen said in the prepared remarks, we are continuing to target FID in 2025. We're very pleased with the strong commercial interest in that project and the progress we're making on the development front. Those include commercial negotiations, receiving our final permits and financing the projects. Karen mentioned some of the recent macroeconomic uncertainties.

是的。謝謝，傑夫。你好，卡莉。正如凱倫在準備好的演講中所說，我們將繼續以 2025 年實現 FID 為目標。我們對該專案所獲得的強烈商業興趣以及我們在開發方面取得的進展感到非常高興。其中包括商業談判、獲得最終許可和專案融資。凱倫提到了近期的一些宏觀經濟不確定性。

And I think for us, it's important to emphasize, we're committed to managing cost risks and maintaining discipline to achieve our targeted returns. And that, Carly, will take precedent over the timing of any announcements. I also just want to remind folks of the point Karen and Jeff have made the priorities reflected in Sempra's capital program are focused on growing regulated utilities. And that means we'll only take FID on a project like Port Arthur Phase 2 when we're comfortable it will deliver strong shareholder value.

我認為對我們來說，需要強調的是，我們致力於管理成本風險並保持紀律，以實現我們的目標回報。卡莉，這將優先於任何公告的發佈時間。我還想提醒大家，卡倫和傑夫已經提出的觀點是，Sempra 的資本計劃所反映的優先事項是集中在發展受監管的公用事業。這意味著，只有當我們確信亞瑟港二期這樣的項目能帶來巨大的股東價值時，我們才會接受最終投資決定。

Great. That was really helpful. And then maybe just a clarification on some of the comments in the prepared remarks around the tariffs exposure. I recognize there's still a degree of kind of movement there, but could you just help us frame out the potential earnings exposure on a Sempra consolidated basis as well as just as you think about the broader capital plan over the next five years? How you think about the exposure there?

偉大的。這真的很有幫助。然後也許只是對準備好的評論中有關關稅風險的一些評論進行澄清。我認識到那裡仍然存在一定程度的變動，但您能否幫助我們在 Sempra 合併的基礎上確定潛在的盈利風險，以及您對未來五年更廣泛的資本計劃的看法？您覺得那裡的曝光度如何？

Yes. I would say right from the top, I think this remains a fluid environment for all industries, but I think we're in good shape here and any type of impact from tariffs, I think, falls well within our established guidance. Let me go through a couple of things that might be helpful. At our utilities, Carly, we remain focused on minimizing tariff exposure for our customers.

是的。我想說，從一開始，我認為這對所有行業來說仍然是一個不穩定的環境，但我認為我們現在的狀況良好，而且我認為關稅的任何影響都在我們既定的指導範圍內。讓我講幾件可能有幫助的事情。卡莉，在我們的公用事業部門，我們仍然致力於最大限度地降低客戶的關稅風險。

The majority of our equipment is sourced domestically, and that limits the direct impact on planned capital expenditures to around 2% or 3%. To reduce that impact even further, our utilities are taking steps to diversify supplier pool and are exploring new supply sources with reduced exposure. Second, they're adding higher levels of domestically produced equipment and materials.

我們的設備大部分都是國內採購的，因此對計劃資本支出的直接影響限制在 2% 或 3% 左右。為了進一步減少這種影響，我們的公用事業公司正在採取措施實現供應商池多樣化，並正在探索減少風險的新供應來源。二是加大國產設備和材料的使用力度。

And finally, they're continuing to stock higher levels of inventory for critical materials, I think Karen talked about that in her prepared remarks. Turning to Sempra Infrastructure, I think it's also a very positive story there. At ECA LNG, procurement is complete and not impacted by tariffs. At Port Arthur LNG, approximately 90% of our spend is with US suppliers and contractors. Karen noted this, but we're also currently using foreign trade zones to mitigate tariff impacts and train one still was fully sourced domestically.

最後，他們正在繼續為關鍵材料儲備更多庫存，我想卡倫在她準備好的演講中談到了這一點。談到 Sempra Infrastructure，我認為這也是一個非常正面的故事。在 ECA LNG，採購已經完成，並且不受關稅影響。在亞瑟港液化天然氣項目，我們約 90% 的支出來自美國供應商和承包商。凱倫注意到了這一點，但我們目前也在使用對外貿易區來減輕關稅的影響，而且一列火車仍然完全在國內採購。

And I would just mention that the remaining tariff exposure for Phase I is estimated to be about 1% of CapEx. On our other development projects, we would only take FID after securing firm pricing and also mitigating any cost risk to achieve our target returns. And we'll be very disciplined about that. So as we've looked at this back in March and April and May, we feel like we're in very good shape relative to tariffs.

我只想說，第一階段剩餘的關稅風險估計約為資本支出的 1%。對於我們的其他開發項目，我們只會在確保確定價格並降低任何成本風險以實現目標回報後才會接受 FID。我們將對此採取非常嚴謹的態度。因此，正如我們在三月、四月和五月回顧的那樣，我們感覺相對於關稅而言，我們的狀況非常好。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So I wanted to maybe focus for a minute on Texas and just the pending unified tracker bill? And maybe you could talk a little bit about how that would interact if at all, with your rate case filing and kind of what the kind of benefits of the bill would be relative to status quo?

所以我想花一點時間討論一下德州和即將出台的統一追蹤法案？也許您可以稍微談談這將如何與您的費率案例產生相互作用，以及該法案相對於現狀將帶來哪些好處？

Sure. Let me provide a couple of broader comments, and then we'll come back and talk about the legislative session and specifically UTM. I would think about the rate case separately. I mean, the way to think about it is, they've got an authorized ROE today, Steve, of 9.7%. And there's two things that can impact lower earned ROEs.

當然。讓我提供一些更廣泛的評論，然後我們再回過頭來討論立法會議，特別是 UTM。我會單獨考慮利率狀況。我的意思是，這樣想的話，史蒂夫，他們今天獲得的授權 ROE 為 9.7%。有兩件事可能會影響較低的淨值收益率。

One is when you've got a higher cost structure that can be resolved in the base rate review. And secondly, just ordinary regulatory lag based on how their capital tracker mechanisms work. So I think what Allen and team will try to focus on is continuing to strengthen their balance sheet by addressing both sides of that. But I'll make a quick comment and then I'll pass it over to Allen which is I talked about early on our value creation initiatives. And the first one, Steve, is this idea of invested about $13 billion this year. The second component of that is we're committed to actually improving our financial returns. And that means whether it's legislative sessions in Texas or California or base rate reviews or regulatory filings.

一種情況是，當你的成本結構較高時，可以透過基本費率審查來解決。其次，根據資本追蹤機制的運作方式，這只是普通的監管落後。因此我認為艾倫和他的團隊將重點關注的是繼續透過解決這兩個問題來加強他們的資產負債表。但我會做一個簡短的評論，然後我會把它交給艾倫，這是我早些時候談到的我們的價值創造計劃。第一個，史蒂夫，這個想法是今年投資約 130 億美元。第二點是我們致力於實際提高我們的財務回報。這意味著無論是德克薩斯州還是加利福尼亞州的立法會議、基準利率審查還是監管備案。

We're very, very focused on improving our regulatory compacts. So that's kind of the framing as you think about what we might be able to accomplish in Texas legislative session, as well as the base rate review. But Allen, if you could maybe provide some additional color on the legislative session, specifically UTM.

我們非常非常注重改善我們的監管契約。這就是我們在德州立法會議上可能完成的任務以及基準利率審查的框架。但是艾倫，你是否可以提供一些有關立法會議的更多信息，特別是 UTM。

Sure. Yes. Thanks for the question, Steve. There's a number of bills that continue to make progress through the legislature and we're obviously tracking everything from UTM to interim rates to wildfire and capital structures. And there's still a lot of time left even though it's only a month, and there's still a lot of time for material changes to be made to all these bills.

當然。是的。謝謝你的提問，史蒂夫。有許多法案正在立法機構中不斷取得進展，我們顯然正在追蹤從 UTM 到臨時利率到野火和資本結構的所有事項。儘管只有一個月的時間，但仍然有很多時間，仍然有許多時間對所有這些法案進行實質修改。

But we'll continue monitoring closely, working with all the constituents and we'll have a better update on what actually gets through on the Q2 call. Specifically, with regards to House Bill 5247 or the UTM bill. It's the most impactful potential bill for us given our large and growing capital plan. It gives us a way to moderate the impacts of regulatory lag and improve our credit quality.

但我們將繼續密切關注，與所有成員合作，並將更好地了解第二季電話會議上的實際情況。具體來說，關於眾議院第 5247 號法案或 UTM 法案。考慮到我們龐大且不斷增長的資本計劃，這是對我們來說最具影響力的潛在法案。它為我們提供了一種緩解監管滯後影響和提高信貸品質的方法。

We've had broad support from stakeholders, and we really are appreciative of those parties who have worked with us on this bill. And while there are other bills that are out there that we'll continue to monitor work on this one is potentially the most important to us. Generally, what it would do is it would provide a one-stop kind of streamlined mechanism in lieu of the existing trackers or TCOS and TCRF trackers that are just -- that we make our adjustments with today.

我們得到了利益相關者的廣泛支持，我們非常感謝那些與我們一起制定這項法案的各方。雖然還有其他法案，但我們會繼續監督其進展，但這項法案對我們來說可能是最重要的。一般來說，它的作用是提供一種一站式簡化機制，以取代現有的追蹤器或 TCOS 和 TCRF 追蹤器——我們今天使用這些追蹤器進行調整。

So there's benefits to it. We still need approval by the Senate, and it still needs to be signed by the governor. But we'll keep working on it. And hopefully, it also would decrease the workload of PUC staff. So there's benefits to this bill. The rate case, as Jeff said, we're still planning on filing something in the second quarter. So I would think of those two separately right now for the reasons that Jeff described. And that's kind of where we are in UTM in the rate case.

所以這是有好處的。我們仍需要參議院的批准，並且仍需要州長的簽署。但我們會繼續努力。並且希望這也能減輕 PUC 員工的工作量。所以這項法案是有好處的。正如傑夫所說，對於利率案例，我們仍計劃在第二季提交一些文件。因此，我現在會根據 Jeff 描述的原因分別考慮這兩個問題。這就是我們在 UTM 中的費率情況。

If you don't mind on the same kind of thematic, Jeff, one other question, California, and I think on the last call, you were pretty optimistic on something -- maybe this year on the wildfire fund changes. Could you maybe give us your latest thoughts on any potential changes on AB 1054?

傑夫，如果您不介意討論同樣的主題，那麼還有一個問題，加利福尼亞州，我認為在上次通話中，您對某件事非常樂觀——也許是今年的野火基金變化。您能否向我們介紹一下您對 AB 1054 可能產生的變化的最新想法？

Yes. And I think this is a good follow-on question because very similar to Texas, they got a House Bill 145 in Texas, which we also think is important, which really attempts to move the standard there from a simple negligent standard to gross negligence standard. So as you think about opportunities, whether it's through legislation or regulation, anything we can do to take risk out of the operating environment or shore up our balance sheet is obviously very, very positive for the growth story that we have underway in Texas. To your point, in California, it's very similar. Obviously, Wall Street is following the developments up and down the state relative to wildfire risk. I remain quite constructive that here in California, the leadership is focused on the right things and let me highlight a couple of points that you might find helpful.

是的。我認為這是一個很好的後續問題，因為與德克薩斯州非常相似，他們在德克薩斯州獲得了第 145 號眾議院法案，我們也認為這很重要，該法案確實試圖將那裡的標準從簡單的疏忽標準轉變為重大疏忽標準。因此，當您考慮機會時，無論是透過立法還是監管，我們可以採取的任何措施來消除經營環境中的風險或鞏固我們的資產負債表，顯然對我們在德克薩斯州正在進行的成長故事非常非常有利。正如您所說，加利福尼亞州的情況非常相似。顯然，華爾街正在關注該州各地野火風險的發展。我仍然非常有建設性地認為，在加州，領導層專注於正確的事情，讓我強調幾點你可能會覺得有幫助的。

First off, I've long said that wildfire in the state of California is a societal issue. People tend to think of it narrowly as a utility issue, but it's much more important to the state from a statewide standpoint in terms of how folks go about their day-to-day lives here. And I would applaud the governor's work. He has his team, Steve focused on three key areas, the first of which is the size and durability of the wildfire fund under AB 1054.

首先，我早就說過，加州的野火是個社會問題。人們傾向於狹隘地認為這是一個實用問題，但從全州的角度來看，就這裡的人們如何進行日常生活而言，它對州來說更為重要。我對州長的工作表示讚賞。他的團隊史蒂夫專注於三個關鍵領域，其中第一個是 AB 1054 下的野火基金的規模和持久性。

And second is opportunities to continue to improve the insurance environment, particularly for residential homeowners. And finally, there's a continued interest in looking for opportunities for regulatory reform. I would mention when we talk about wildfire, I think it's always important to differentiate SDG&E, Steve. We think that they have demonstratively lower wildfire risk for three reasons. Obviously, it's a significantly smaller service territory.

第二是繼續改善保險環境的機會，特別是對於住宅業主而言。最後，人們繼續關注尋找監管改革的機會。我想說，當我們談論野火時，我認為區分 SDG&E 總是很重要的，史蒂夫。我們認為，它們明顯降低了野火風險，原因有三。顯然，這是一個明顯較小的服務區域。

Second it is a semi-arid desert topography. So there's not that much fuel content relative to other parts of the state. And obviously, since 2007, there have been significant amounts of funding in the neighborhood of $6 billion to $7 billion around our leadership position in wildfire science and mitigation. But if I could, Steve, I've got Caroline Winn here as the CEO of SDG&E.

二是半乾旱沙漠地形。因此，與該州其他地區相比，這裡的燃料含量並不多。顯然，自 2007 年以來，我們已經獲得了約 60 億至 70 億美元的大量資金，用於我們在野火科學和緩解領域的領導地位。但如果可以的話，史蒂夫，我請卡洛琳‧溫恩擔任聖地牙哥天然氣電力公司的執行長。

And Caroline, perhaps you could also share your perspective from your company.

卡洛琳，也許您也可以從貴公司的角度分享您的觀點。

Sure. Hi, Steve. Yes, we're proud of the significant strides that we've made in mitigating wildfire risk and our strong track record, which includes 17 years without a utility-related catastrophic wildfire. Much of our recent work was facilitated in part by the passage of AB 1054 and the stability that the wildfire fund has provided to the market.

當然。你好，史蒂夫。是的，我們為在減輕野火風險方面取得的重大進展和良好的業績記錄感到自豪，其中包括 17 年來沒有發生過與公用事業相關的災難性野火。我們最近的大部分工作都得益於 AB 1054 的通過以及野火基金為市場帶來的穩定性。

So it seems clear to us that we need to build on the successful foundation of AB 1054 to extend its framework and durability. As Jeff said, the conversations that we've had up and down the state leave us confident that stakeholders understand the criticality of addressing the issue and the important role that investor-owned utilities play in supporting California's growth economic development and the safety of the communities we serve.

因此，我們顯然需要在 AB 1054 的成功基礎上擴展其框架和耐用性。正如傑夫所說，我們在加州各地進行的對話讓我們相信，利益相關者理解解決這個問題的重要性，以及投資者所有的公用事業在支持加州經濟成長和我們所服務社區的安全方面發揮的重要作用。

So yes, I absolutely agree with Jeff. I feel constructive about getting something done this year.

是的，我完全同意傑夫的觀點。我對於今年能完成一些事情感到很有建設性。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

So just really quick on the EPS CAGR commentary, you kind of talked about it in the prepared remarks, as not being linear, understand that Oncor is working through a rate case, you're working through these asset sales, but I guess just what year do you kind of think that you'd be above that 7% to 9% range?

因此，關於 EPS CAGR 的評論，您已經在準備好的評論中談到了它，因為它不是線性的，請理解 Oncor 正在處理利率案例，您正在處理這些資產銷售，但我想您認為哪一年您的增長率會超過 7% 到 9% 的範圍？

Look, I think we haven’t given that level of guidance. I think one of the things we realized that we got a lot of feedback from our Q4 call was there's probably an opportunity to be more clear and less ambiguous about our expectations. And obviously, it was a very challenging call for us. It's something that we take very seriously. And I think what we wanted to do is make sure we were very clear-eyed about what the opportunity was through 2029.

看，我認為我們還沒有給出那種程度的指導。我認為，我們從第四季度電話會議上收到了很多回饋，其中之一就是我們可能有機會更清晰、更明確地表達我們的期望。顯然，這對我們來說是一個非常具有挑戰性的決定。我們對此非常重視。我認為我們想要做的是確保我們非常清楚 2029 年的機會是什麼。

So we took the opportunity to clarify for everyone that we expect to be at the high end or above that range. I think some of the things Nick on today's call provides a little bit more visibility into our confidence there. You'll recall that we had a $36 billion capital plan that we discussed in February for Oncor. And now that you see the 765 decision now that you've seen not just the import paths, not just the local paths but the import paths at the Permian being moved back to 2030.

因此，我們藉此機會向大家澄清，我們預計會處於該範圍的高端或更高。我認為尼克在今天的電話會議上談到的一些事情讓我們更有信心。您可能還記得，我們​​在二月為 Oncor 討論了一項 360 億美元的資本計劃。現在您看到了 765 號決定，您看到的不僅僅是進口路徑，不僅僅是本地路徑，而且二疊紀的進口路徑也被推遲到了 2030 年。

Obviously, we feel quite confident that a lot of that $12 billion will come into the plan and that's currently not in our forecast of 7% to 9%. So I hope that's helpful.

顯然，我們非常有信心，這 120 億美元中的大部分將用於該計劃，而這目前不在我們預測的 7% 到 9% 的範圍內。我希望這會有所幫助。

That is. Just a follow-up on SIP and the transaction you're pursuing here. Is there any scenario in which you think you can kind of go beyond the 30%? And then you mentioned it's accretive, which is great. So clearly, the multiple should still be robust. But maybe you can kind of talk about your confidence level and just the current outlook over interest rates and tariffs and economic uncertainty potentially impacting this valuation versus where you've successfully transacted on it in the past.

那是。只是對 SIP 和您在此處追求的交易的跟進。您認為在什麼情況下可以超越 30% 呢？然後你提到它具有增值性，這很好。因此顯然，該倍數仍應保持穩健。但也許您可以談談您的信心水平，以及當前對利率和關稅的展望，以及經濟不確定性可能對此次估值產生的影響，以及您過去成功交易的情況。

Yes. I would start, Nick, by some conversations you and I have had before. But I think over long periods of time, Sempra has an established track record, both in acquiring assets and also in divesting assets. This is something we've been very thoughtful about with our Board of Directors. We tend to look at these types of opportunities to unlock value almost at every board meeting.

是的。尼克，我想從我們之前進行過的一些對話開始。但我認為，長期以來，Sempra 在收購資產和剝離資產方面都擁有良好的業績記錄。我們董事會已經對此進行了深思熟慮。我們幾乎在每次董事會會議上都會尋找這些類型的機會來釋放價值。

So we're always open to new ideas. I think what we've tried to do is be very thoughtful about picking a scope of transaction, a transaction boundary between 15% and 30%. It meets the needs of our capital program. But really, a comment that's true of our entire portfolio is we're always open to new ideas, right? So I think we've got this thing sized correctly.

因此我們始終對新想法持開放態度。我認為我們嘗試做的是認真考慮選擇交易範圍，將交易邊界設定在 15% 到 30% 之間。它滿足了我們資本計劃的需求。但實際上，對於我們整個投資組合來說，我們始終對新想法持開放態度，對嗎？所以我認為我們已經正確地確定了這個東西的尺寸。

But if we happen to take both conforming bid and a nonconforming bid, we would always look at that through the lens of what creates the most value for our owners.

但如果我們碰巧同時接受符合要求的出價和不符合要求的出價，我們總是會從為我們的所有者創造最大價值的角度來看待這個問題。

Shahriar Pourreza, Guggenheim Partners.

Shahriar Pourreza，古根漢合夥人。

Maybe coming back to Texas for a second, the Oncor CCN applications are already being filed for the 7 projects that you highlighted and -- do those enable the visibility on any of the upside? Or are there potentially larger pull forward into the plan with the 765 kV standard, how does that flow versus the $12 billion of upside CapEx?

也許回到德州，您強調的 7 個項目已經提交了 Oncor CCN 申請 - 這些申請是否能夠讓任何好處變得可見？或者，765 kV 標準是否可能對計劃產生更大的推動作用，與 120 億美元的上行資本支出相比，這一進程如何？

Yes. Let me make a couple of comments here, and I'll pass it to Don or Allen to answer some follow-on questions. But remember, I think that Oncor and its discussions with its Board of Directors had really circled about a $48 billion opportunity between 2025 and 2029. And what we, at Sempra, do is, remember, we're always trying to be very disciplined about capital. The Oncor team shares that same view.

是的。讓我在這裡發表幾點評論，然後我會將其轉交給唐或艾倫來回答一些後續問題。但請記住，我認為 Oncor 及其與董事會的討論實際上圍繞著 2025 年至 2029 年之間的 480 億美元機會。請記住，在 Sempra，我們所做的就是始終嚴格控制資本。Oncor 團隊也持有同樣的觀點。

And what we elected to do was divide that planned capital spending into two categories, a category where there was high confidence of the capital spend, and they were reasonably far along in securing all the required permits or CCNs for those projects to be built. That $12 billion category, which we've always referred to as incremental was where we thought that some additional work needed to be done, to make sure we firmed up our ability to commence construction permits would be an example, CCNs would be an example.

我們選擇將計劃的資本支出分為兩類，一類是對資本支出有很高信心的，並且在獲得這些項目建設所需的所有許可證或 CCN 方面已經取得了相當進展。我們一直將 120 億美元的類別稱為增量，我們認為需要做一些額外的工作，以確保我們鞏固開始發放建築許可證的能力，CCN 就是一個例子。

So they made a lot of progress in Q1 on CCNs. And the two big things that have changed was originally the Permian plan, which is going to cost $15 billion to $17 billion had two components. There was a local component that the regulator asked to be completed by 2030. And then there was this import component, which was expected to stretch into the next decade.

因此他們在第一季在 CCN 方面取得了很大進展。改變的兩件大事是，二疊紀計畫最初將耗資 150 億至 170 億美元，包含兩個部分。監管機構要求在 2030 年前完成一個本地部分。然後還有進口部分，預計這將持續到下一個十年。

The two things have happened is the regulator has determined that relative to that import opportunity they're going to use the 765 kV level of infrastructure. And number two, they now move that timeline forward so both the local projects and the import projects have to be done by 2030. So that really firms up the need for Oncor to move forward with much of that $12 billion incremental plan.

發生的兩件事是，監管機構已確定，相對於該進口機會，他們將使用 765 kV 級別的基礎設施。第二，他們現在將時間表提前，因此本地專案和進口專案都必須在 2030 年之前完成。因此，這確實堅定了 Oncor 推進 120 億美元增量計劃的必要性。

And Allen, if you could provide a little bit more color, I know your team has been very busy in terms of filing permits and CCNs. But if you could offer some that would be helpful.

艾倫，如果你能提供更多細節，我知道你的團隊在申請許可證和 CCN 方面非常忙碌。但如果你能提供一些，那將會很有幫助。

Now Jeff, I think you really covered it. And as you mentioned with regards to CCNs, I think we've already filed 7. I think we're planning on filing in the mid-20s this year. Just to give a little color, I did this work as outside counsel for 17 years. I think I did 40 or 50 total in 17 years, and we're filing 24 this year. So that's somewhat of an indication of how busy we are on the regulatory front. Otherwise, I think you've addressed it.

傑夫，我想你確實講到了這一點。正如您所提到的 CCN，我想我們已經提交了 7 份。我認為我們計劃今年在 1920 年代中期提交申請。簡單說一下，我作為外部法律顧問從事這項工作已有 17 年了。我想我在 17 年內總共提交了 40 或 50 份申請，今年我們提交了 24 份。這在某種程度上顯示了我們在監管方面有多忙碌。否則，我認為你已經解決了這個問題。

I mean I think the key takeaway there is of the 24 CCNs that have been filed, we filed roughly 1/3 of them. There's more work to be done.

我的意思是，我認為關鍵的一點是，在已提交的 24 份 CCN 中，我們提交了其中大約 1/3。還有更多工作要做。

And as you mentioned, I think this would be accretive to the $12 billion that you highlighted because $12 billion was based on a longer time frame, right?

正如您所提到的，我認為這將增加您強調的 120 億美元，因為 120 億美元是基於更長的時間範圍，對嗎？

Yes. I would mention two things here. One is in that $12 billion, what we've talked about is that the import piece, now is going to have some acceleration to the 2030 time frame. So I think if anything, it validates the need for the $12 billion, and it may, in fact, and this is in Oncor’s press release, require them to go beyond the $12 billion in the 5-year planning period through 2029.

是的。我想在這裡提到兩件事。一是，在這 120 億美元中，我們討論的是進口部分，現在到 2030 年將會加速成長。所以我認為，如果有的話，它證實了 120 億美元的必要性，事實上，正如 Oncor 的新聞稿所述，它可能要求他們在 2029 年之前的 5 年規劃期內投入超過 120 億美元。

Excellent. And maybe shifting to California. You started some of the filings around the incremental approvals versus the GRC decision, like the Track 3 and SB 410, and some others, is upside to the base plan around the 2026-time frame? And how is the cost of capital kind of layered into plan, just to clarify the moving pieces on the respective upside for California?

出色的。或許會搬到加州。您開始提交一些有關增量批准與 GRC 決定的文件，例如 Track 3 和 SB 410 以及其他一些文件，這對 2026 年左右的基本計劃有好處嗎？資本成本是如何分層納入計劃的，只是為了闡明加州各自優勢的變動因素？

Yes. I would mention a couple of things here. One is we certainly think there's opportunities outside the GRC. In terms of cost of capital, we have a really good appendix slide that you can refer to there in terms of what our filing is. But let's stick to your first topic, which is opportunities outside the GRC. There's some of these that are in our plan, and some of these are outside the plan, but it might be good just to go through kind of a listing of some of the things or categories that Caroline and her team are focused on.

是的。我想在這裡提到幾件事。一是我們確實認為 GRC 之外也有機會。就資本成本而言，我們有一個非常好的附錄投影片，您可以參考其中的內容來了解我們的文件。但讓我們堅持你的第一個主題，即 GRC 以外的機會。其中一些在我們的計劃中，而另一些則不在計劃之內，但最好只是列出 Caroline 和她的團隊所關注的一些事項或類別。

And Caroline, perhaps you could walk us through those.

卡羅琳，也許你可以帶我們去了解這些。

Sure, Jeff. Yes. Some of those items include modernization of some of our really important compressor stations. We have those electrification investments that are supported by Senate Bill 410 that you mentioned. We also have GRC Track 2 and Track 3, which includes costs related to our pipeline system enhancement programs and wildfire investments.

當然，傑夫。是的。其中一些項目包括對我們一些非常重要的壓縮機站進行現代化改造。我們有您提到的參議院第 410 號法案支持的電氣化投資。我們還有 GRC Track 2 和 Track 3，其中包括與我們的管道系統增強計劃和野火投資相關的成本。

But we're also looking at increasing modernization of our systems. We're looking at high-voltage transmission in our northern and eastern portions of our service territory as well as additional battery storage resources supporting not only overall grid reliability but also increasingly clean energy. I think the takeaway here is we're closely working with parties on outcomes beneficial to our customers that will continue. And we'll continue to make investments for safety and reliability.

但我們也在考慮提高系統的現代化程度。我們正在研究在服務區域的北部和東部地區建立高壓輸電系統，以及額外的電池儲存資源，不僅支援整體電網可靠性，而且還支援日益增長的清潔能源。我認為這裡的要點是，我們正在與各方密切合作，以取得對我們的客戶有利的成果。我們將繼續為安全性和可靠性進行投資。

And I know Constantine, you raise the cost of capital. And I think we have a good slide on slide 11 in the appendix that outlines what we're currently operating under versus what we've requested.

我知道康斯坦丁，你提高了資本成本。我認為附錄中的第 11 張投影片很好，概述了我們目前的營運情況以及我們的要求。

Excellent. And just a quick clarification on the next question. And obviously, there are some sequencing for the SIP transaction, but would a constructive ROFO indication potentially shorten that 12- to 18-month process?

出色的。我只是想快速澄清一下下一個問題。顯然，SIP 交易有一些排序，但建設性的 ROFO 指示是否有可能縮短這個 12 到 18 個月的過程？

Yes, it would. And I would just mention that if you go back and look at the transactions that we completed in 2021 and 2022, each of those transactions following the date of an announcement of a definitive agreement took approximately six months.

是的，會的。我只想說，如果回顧我們在 2021 年和 2022 年完成的交易，你會發現，從宣布最終協議之日起，每筆交易大約需要六個月的時間。

Julien Dumoulin- Smith, Jefferies.

朱利安杜穆林史密斯，傑富瑞集團。

Appreciate it. Just maybe to follow up on that last question a little bit further and talk about the potential transaction here. Can you guys elaborate a little bit on how you would set expectations? I mean, whether it's the KKR or ADIA team or someone else. To what extent would you say like on the valuation front, at least the level that was implied from the last transaction.

非常感謝。也許只是進一步跟進最後一個問題並討論這裡的潛在交易。你們能詳細說明一下你們如何設定期望嗎？我的意思是，無論是 KKR 還是 ADIA 團隊還是其他人。您認為估值方面的情況如何，至少是上次交易中隱含的水平。

Is that kind of a fair baseline here that you're thinking about the extent which they may or may not want to participate. So be it, they'll indicate. But just in a sense to establish like a baseline on value that you'd be willing to transact at. I mean -- is that a fair statement?

您考慮的是他們是否願意參與的程度，這是一個公平的基準嗎？他們會表示，就這樣吧。但從某種意義上來說，這只是建立一個你願意進行交易的價值基準。我的意思是──這是一個公平的說法嗎？

No. I might approach it a little bit differently. You'll recall that on our March 31 press release, we outlined the implied equity transaction values both for KKR and for ADIA. And the way to think about it, Julien, is since that time period, several things have happened. We've been able to successfully grow our EBITDA, number one.

不。我可能會採取稍微不同的方式來處理這個問題。您可能還記得，在我們 3 月 31 日的新聞稿中，我們概述了 KKR 和 ADIA 的隱含股權交易價值。朱利安，我們可以這麼想：自那段時間以來，發生了幾件事。首先，我們已經成功實現了 EBITDA 的成長。

Number two, the amount of construction we have in progress or in flight leads to an increase in near-term EBITDA. And then I think there's been a significant change in the overall breadth and scope of our long-term pipeline. So we have a fair amount of confidence that the business is of more value today than it has been in the past. And that's why you've seen us use language even in our value creation initiatives that we see this as an opportunity to highlight value and the implication being there is value that's not currently in our stock price.

第二，我們正在建造和建造的工程數量將導致近期 EBITDA 的增加。然後我認為我們的長期管道的整體廣度和範圍發生了重大變化。因此，我們非常有信心，今天的業務價值比過去更高。這就是為什麼你會看到我們甚至在價值創造計劃中使用語言，我們認為這是一個突出價值的機會，其含義是我們的股價目前還沒有體現出價值。

Got it. From a multiple perspective, hard to say given both the prospects improvement but also a significant uptick in EBITDA, but nonetheless, feel confident about it.

知道了。從多個角度來看，鑑於前景改善以及 EBITDA 大幅上升，很難說，但儘管如此，對此充滿信心。

Yes. I think that's a good point. I would say, obviously, this is a slightly higher interest rate environment, which goes into that. But I think one of the things that sometimes people miss, Julian is on the multiple itself. A lot of times, you get to that higher multiple based upon how the acquiring party values the depth and scope of the pipeline of development projects that are out there.

是的。我認為這是一個很好的觀點。我想說，顯然這是一個略高的利率環境，這也是原因之一。但我認為人們有時會忽略的一件事是，朱利安本身就在多重之中。很多時候，你會根據收購方對現有開發案管道的深度和範圍的評價來獲得更高的倍數。

So you can start off with some type of market multiple. But I think the big issue is this is a significant franchise. This is not a development company. It's not a series of projects. This is a franchise that has been built over the last 25 years. It's one that cannot be replicated. And I think the construction that's in flight and the scale and scope of the development pipeline is significant.

因此，您可以從某種類型的市場倍數開始。但我認為最大的問題是這是一個重要的特許經營權。這不是一家開發公司。這不是一系列項目。這是過去 25 年來建立的特許經營權。這是無法複製的。我認為正在進行的建設以及開發管道的規模和範圍是巨大的。

Excellent. And if I could just follow-up real quickly on that. I mean, where do you stand on FFO to debt? I mean, where do we end the quarter or what have you on a kind of a trailing basis and also where do you stand with respect to Moody's today?

出色的。如果我可以快速跟進這一點的話。我的意思是，您對 FFO 與債務的關係持什麼態度？我的意思是，我們在本季結束時的業績如何，或者您的業績在過去的基礎上如何，以及您對穆迪目前的評價如何？

I mean, obviously, they made their actions in the last couple of months here, but how do you think about the conversation in the 15% to 30% reconciling against the needs that they've laid out for you to get back to a stable outlook?

我的意思是，顯然，他們在過去幾個月採取了行動，但您如何看待 15% 到 30% 的對話與他們為您提出的恢復穩定前景的需求相協調？

Yes. I think Julien, as you would imagine, I think we feel like we're in pretty good shape on our credit ratings, and we continue to be very committed to maintaining our credit ratings. I would also note that we have a lot of confidence in the plan that we've put in front of the agencies. And they understand that we expect to complete the transactions that you and I have been discussing over the next 12 to 18 months.

是的。我認為朱利安，正如你所想像的那樣，我認為我們的信用評級狀況相當良好，並且我們將繼續致力於維持我們的信用評級。我還要指出的是，我們對向各機構提出的計劃非常有信心。他們也知道，我們預計在未來 12 到 18 個月內完成您和我一直在討論的交易。

As part of that plan, our use of proceeds is expected to fund our capital plan in a much more efficient way than we originally proposed. I think the benefit to our shareholders is that we'll be able to reduce future common equity needs and also help to improve our credit profile. And with respect to our current credit metrics, the roll forward 12-month view on that is very consistent with where it was at the end of the year.

作為該計劃的一部分，我們預期所得款項將以比最初提議更有效的方式為我們的資本計劃提供資金。我認為對我們的股東來說，好處是我們將能夠減少未來的普通股需求，同時也有助於改善我們的信用狀況。就我們目前的信貸指標而言，未來 12 個月的滾動觀點與年底的水平非常一致。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Jeff, I just wanted to quickly follow up on Julien's question regarding Moody's. Is it your understanding or at least in your conversations with the team, both Moody's and S&P, who have you on negative outlook that they'll be patient here. I'm just double checking. Usually, their process is 12 to 18 months. But just in your conversation that they'll be patient here and see through your asset sale process, if it goes, the full distance in 18 months.

傑夫，我只是想快速跟進朱利安關於穆迪的問題。您是否認為，或至少在您與穆迪和標準普爾團隊的對話中，他們都對您持消極態度，認為他們會保持耐心。我只是再確認一下。通常，他們的流程為 12 到 18 個月。但正如你們的談話中所說，他們會耐心等待，並完成你們的資產出售過程，如果可以的話，整個過程將在 18 個月內完成。

The reason why I'm asking that question is obviously, if they're not, you may decide to issue equity sooner than this process plays out? So maybe just your thoughts on that.

我問這個問題的原因顯然是，如果不是這樣，你可能會決定在這個過程結束之前發行股票？所以也許只是你對此的想法。

Yes. I'll be very clear. We think we're in great shape here. And maybe, Karen, you can provide additional color.

是的。我會說得很清楚。我們認為我們現在的狀態很好。也許，凱倫，你可以提供更多色彩。

Yes. We've had great conversations with the rating agencies. We have laid out the plan, and I think they understand the 12 to 18-month time frame we've talked about. So we're committed to our ratings, and we've had good conversations with them on this front. So we think we have the time to complete these transactions. And as Jeff mentioned, our time frame could be shorter than that.

是的。我們與評級機構進行了很好的對話。我們已經制定了計劃，我認為他們理解我們所談論的 12 到 18 個月的時間框架。因此，我們致力於提高我們的收視率，並且我們在這方面與他們進行了良好的對話。所以我們認為我們有時間完成這些交易。正如傑夫所提到的，我們的時間框架可能比這更短。

Got it. Yes, I just wanted to be crystal clear. Okay. That's very helpful. And just really quickly, hopefully, this is a quick one. At least the way we're modeling the transaction is very little to no tax leakage. Is that a fair way to think about transaction proceeds?

知道了。是的，我只是想弄清楚。好的。這非常有幫助。真的很快，希望這是一個很快的過程。至少，我們建模交易的方式幾乎不會出現稅務流失。這是考慮交易收益的公平方式嗎？

No, I think the way that we focus on this is making sure that we focus on three key variables. Our first obligation is to either work with our partners or run a process, Durgesh, that solves for the highest possible equity value. Secondly, we've had a team of folks working on the tax side. And our goal is to minimize leakage. Obviously, you're going to pay taxes as part of a transaction like this, but our goal is to minimize that.

不，我認為我們關注這個問題的方式是確保我們專注於三個關鍵變數。我們的首要義務是與我們的合作夥伴合作或運行一個流程，Durgesh，以解決最高的股權價值。其次，我們有一個專門負責稅務方面的團隊。我們的目標是盡量減少洩漏。顯然，作為此類交易的一部分，您需要繳納稅款，但我們的目標是盡量減少這種費用。

That certainly has a big impact on your after-tax usable proceeds. And then it's very important when you look at all the different possibilities of how you can use those proceeds to maximize your accretion. And that's work that we spend a lot of time on. It's been well briefed with the credit rating agencies and we're comfortable through a range of outcomes that we can deliver a set of transactions that are accretive to our EPS forecast and is accretive to credit.

這肯定會對您的稅後可用收益產生重大影響。然後，當您考慮如何使用這些收益來最大化您的增值的所有不同可能性時，這一點非常重要。我們在這項工作上花費了大量的時間。我們已經向信用評級機構進行了充分的匯報，並且透過一系列結果，我們確信我們可以提供一系列對我們的每股收益預測和信用都有增值作用的交易。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Jeff, just one quick one. I think it may follow up on Nick Campanella’s train of thought. When you look out towards the end of your forecast period, four or five years, we have the Oncor CapEx spending. You've sold down the piece of SIP, you keep talking about the growth is going to be mainly focused on the regulated utility side of Sempra. What's the mix of regulated utility earnings to, say, your infrastructure earnings towards the end of your plan?

傑夫，我只想問一個問題。我認為它可能延續了 Nick Campanella 的思維。當您展望預測期的末期（四到五年）時，我們就會得到 Oncor 的資本支出。您已經賣掉了 SIP 的部分股份，您一直在說成長將主要集中在 Sempra 的受監管公用事業方面。在您的計劃結束時，受監管的公用事業收入和基礎設施收入的比例是怎樣的？

Yes. I really appreciate the opportunity to clarify this. Look, I think we have been very clear over a long period of time that we're continuing to build this business with a view towards taking risk away from the portfolio and allocating capital disproportionately to our regulated investments. What we've done too with our Board of Directors is target a mix where our regulated earnings and cash flows will be at the level of 90% or greater. And that you'll see us have a lower ownership inside of SI accordingly.

是的。我非常感謝有機會澄清這一點。聽著，我認為我們在很長一段時間內都非常清楚，我們將繼續發展這項業務，以期消除投資組合中的風險，並將資本不成比例地分配給我們的受監管投資。我們與董事會一起採取的目標是，將受監管的收益和現金流控制在 90% 或更高的水平。並且你會發現我們在 SI 內部的所有權相應較低。

This transaction really just accelerates our movement to that. So at some point in our five-year plan, we're quite confident that we'll be at 90% or better in terms of an earnings mix from our regulated utilities.

這項交易實際上加速了我們實現這一目標的進程。因此，在我們的五年計畫的某個階段，我們非常有信心，我們所監管的公用事業的獲利組合將達到 90% 或更高。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Apologies if I didn't quite catch it, but I was wondering in Oncor, just what are the gigawatts of the LC&I pipeline currently? And how much of that is data centers. And I'd also just be curious, your current view on what you would consider advanced stage more realistic to hit the market. We've just heard skepticism just around how much load that might actually show up, just curious your plan?

抱歉，我沒聽清楚，但我想知道 Oncor 中 LC&I 管道目前的千兆瓦是多少？其中有多少是資料中心？我也很好奇，您目前認為哪種晚期產品比較適合進入市場？我們剛剛聽到一些關於實際可能出現的負載的懷疑，只是好奇您的計劃？

Yes. Look, I think this is a great question. Obviously, you've seen ERCOT's forecasts have increased. A year ago, they were forecasting something closer to 152 gigawatts by the end of the decade. That's now gone up. And I think that's led to a lot of questions and concerns about how much of that might be real I think from Oncor's standpoint, they've had historically a peak load in their territory of around 31 or 32 gigawatts, and they have had significant interconnection requests.

是的。瞧，我認為這是一個很好的問題。顯然，您已經看到 ERCOT 的預測有所增加。一年前，他們預測2020年發電量將接近152千兆瓦。現在已經上漲了。我認為這引發了很多疑問和擔憂，關於其中有多少可能是真實的，我認為從 Oncor 的角度來看，他們境內的歷史峰值負荷約為 31 或 32 千兆瓦，並且他們有大量的互連請求。

And Allen, perhaps you or Don could just kind of highlight for us what the changes in that has been and the part that you feel very confident in.

艾倫，也許你或唐可以為我們重點介紹其中發生的變化以及你感到非常有信心的部分。

You bet. Thanks, David. The direct answer to your question is we presently have 156 gigawatts of data centers in the queue. And another 22 gigawatts of load from kind of more traditional diverse industrial sectors. So that is, whatever, 178 total of large C&I in the queue, of which 156 is data centers.

當然。謝謝，大衛。對你的問題的直接回答是，我們目前有 156 千兆瓦的資料中心在排隊。另外還有 22 千兆瓦的負荷來自更傳統的多元化工業部門。無論如何，隊列中總共有 178 個大型 C&I，其中 156 個是資料中心。

Did you want to comment on how you think about the more certainty of that and ones you're holding.

您是否想評論一下您如何看待這一點以及您所持有的更多確定性？

Sure. I mean yes, I apologize, Jeff, absolutely. I mean so what we submitted to ERCOT was about 29.5 gigawatts in our officer letter that we think we have high confidence in and high confidence comes from a number of things, including two or more of the following: execution and securitization of an agreement for things like engineering or procurement, delivery of technical information, proof of site control, completed site-related studies, a testation of nonduplicative load requests, verification of financial capabilities and a payment of study fees.

當然。是的，我向傑夫表示歉意，絕對的歉意。我的意思是，我們在官員信中向 ERCOT 提交了大約 29.5 千兆瓦的容量，我們認為我們對此非常有信心，而這種信心來自許多方面，包括以下兩項或多項：執行和證券化工程或採購等方面的協議、提供技術信息、現場控制證明、完成現場相關研究、非重複請求證明、財務能力驗證和支付研究費用。

So things like that is how we get to the high confidence level. So 29.5 gigawatts of that. And then we have another 9 gigawatts or so of signed interconnection agreements. And the 29.5 gigawatts, I should have said, is by 2031. So that's, again, as you said, Jeff, that's additional gigawatts on top of what is presently a 31-gigawatt peak.

諸如此類的事情就是我們如何達到高度信心水準。其中有 29.5 千兆瓦。然後我們又簽署了約9千兆瓦的互連協議。我應該說的是，29.5 千兆瓦是到 2031 年才實現的。所以，正如你所說，傑夫，這是在目前 31 千兆瓦峰值的基礎上增加的千兆瓦。

Yes. So think about that, David, just to kind of put that in context is their high confidence level of interconnections more than doubles their existing peak load. And they've got actually a backlog that's 5x of their current peak load. So I think the goal here really is to make sure that we are building the critical infrastructure that continues to support the economic growth in the state and I feel quite confident that the growth around the Oncor service territory will lead the state in terms of what needs to be done from an infrastructure standpoint.

是的。所以，大衛，想想看，只是為了把這個放在背景中，他們對互連的高度信任水平是他們現有峰值負載的兩倍多。而他們實際上的積壓訂單是其當前尖峰負載的 5 倍。因此，我認為這裡的目標實際上是確保我們正在建立關鍵的基礎設施，以繼續支持該州的經濟成長，而且我非常有信心，Oncor 服務區周圍的成長將在基礎設施建設方面引領該州的發展。

Thank you. That concludes today's question-and-answer session. At this time, I'd like to turn the conference back to Jeff Martin for any additional closing remarks.

謝謝。今天的問答環節到此結束。現在，我想將會議交還給傑夫馬丁 (Jeff Martin)，請他發表最後的總結發言。

I want to take a moment to thank everyone for joining us today. I know there are a lot of competing calls. We certainly appreciate everyone making the time to join us. If there are any follow-up items, please reach out to our IR team with your questions. I would also mention that Glen and I are headed up to Los Angeles to meet with investors today.

我想藉此機會感謝大家今天的出席。我知道有很多競爭的呼聲。我們非常感謝大家抽出時間來加入我們。如果有任何後續事項，請聯絡我們的 IR 團隊並提出您的問題。我還要提到，格倫和我今天將前往洛杉磯與投資者會面。

And Karen and the team will be looking forward to seeing many of you in Florida at the upcoming AGA event later this month. This concludes our call.

Karen 和團隊期待在本月晚些時候即將在佛羅裡達舉行的 AGA 活動中見到你們。我們的通話到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。