Earnings call transcript Q1 2023

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Operator

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation First Quarter 2023 Earnings Release Conference Call. Today's conference is being recorded. [Operator Instructions]

would Vice turn President, I to conference time, Arnold, Jonathan Investor this like the to over At Relations. Please go ahead.

Jonathan Arnold

Good role joining Executive of step us Chief Financial Earnings thank Vice Foster, our you President First Officer; and later President Chief and the today into XXXX and Vice Poppe, us Call. morning, Quarter will With Carolyn Chris Finance, Patti Executive Officer; today. who Executive for CFO everyone, PG&E's are for Burke, our

leadership the Oakland of here members with our other have also in team headquarters. us We

First, forward-looking I are to for results. should will remind available you that statements statements future today's discussion These based include currently outlook on information about our management. financial

could Some quarter today's financial our first actual described call page of factors, results, presentation. of the earnings which affect on important are the second

also encourage Form report relevant be information, The which between GAAP non-GAAP The a XX, today. March investor.pgecorp.com. to can also was quarterly the you reconciliation review other released XXXX, and on We slides, earlier with presentation XX-Q financial includes for would quarter along ended at found online measures. our

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

Patricia Poppe

Burke, Chris over later the Carolyn past formally Jonathan, as worked and by that will last tirelessly has CFO March, everyone. our to ensure will XX I'd announced good like noting Chris, Foster's to PG&E. to orderly today. in we earnings commitment be our begin years. Chris Thank with to service and who morning, this call you, you, Since your take Thank transition for an transition company our CFO over

serving dedication leadership your friendship, our your your for Chris, you, customers investors. and thank to So and

the wealth journey Carolyn, experience to financial we PG&E as utility. top-performing welcome formal regulated remaking a continue to of on a brings as who a our company And

upcoming You'll opportunities know later in Day get California all at including this Carolyn month. to our events, at Investor to have

you in lot be to had and weeks, of be just we've of we'll have a point. of today. a occurring crisp you we'll know seeing strong quarter, a couple many We calls and And since the

Let's get started.

X. Slide on results our to Turning

quarter $X.XX case. track reported core our rate year. This timing XXXX see our of general non-GAAP us is on the plan result One for consider XXXX You'll item earnings with we to share. first per keeps

As the is begin second in calls outcome account with memo schedule decision decision final to new expect allow in the quarter's proposed have to a California for which the reached, retroactive recognizing we'd prior quarter the X, GRCs, after we be with common a meaning for the GRC catch-up. The place, implemented to third January rates that is a quarter. decision in and along final will case

We need we with timely is to continue communicate to to a decision it have order how our have to in deliver to important the for stakeholders all customers. resources

$X.XX represents year we which midpoint to the increase of EPS reaffirm XXXX. at today, of our guidance an core Also XX% over XXXX full $X.XX,

We XXXX. targets core through least plan least is also equity reaffirm our issuance and unchanged X% no of new Also for XXXX XXXX. XX% at our at XXXX in EPS for previously and stated longer-term growth

and downs results financial ups weather, rates the our before, delivering inflation, and to like and customers through investments our reliability while manage the investors said and the timing, we've As regulatory expect. work consistent that business need we'll interest safety

some On the review Wildfire rains our XXXX years. our builds they've which of risk, have mitigating of on Record highlights been from continue points the in assets stronger position left approach in filed physical we XXXX on risk X, snowfall on winter end and plan. a protection March, the than layers hydro at Here both further Plan Slide I'll of wildfire our for to we progress Mitigation some financial. make and as mitigation, proof and

serving defer several model. and Account repair Event between million CEMA, weather It recorded when customers events. for the need associated We regulatory the costs these features the they CEMA March. constructive we historic of most, much account track recovery focus California of on and dollars December while of restoration hundred the with future Memorandum and of the us work to one is Catastrophic enables our to us

efforts response the our received we well continued supporting restoration awareness policy constructive customer to the state's decision of and last establishment have legislation in emergency the undergrounding our and response building plan more plant. see We've a Canyon Diablo our passage of made coordination. extend have to on Meanwhile, well life as performance year's our XX-year storm as of benefited and been situational communities, from also in investments technology, nuclear outcomes, the

unusually the self-insurance our in from interveners. include first strong wildfire Highlights enjoyed quarter plan, support which

also were Canyon considering waiver, nuclear Commission beyond units while current two allowing the Regulatory applications. the receive is Diablo to license operating continue We expiration our pleased NRC to date, the their Nuclear renewal

file with We year-end. expect NRC by to our applications the

dollars providing we proceeding. in The facilitate accelerate as would customer soon be This week, past billion could connections encouraged $X.X reliability delivering XX advocating requested. timely in voted benefits for and for out full customer recently, X our over most PD rate so to adoption as while safety, also June in And will issued will customer relief the of us as the our the by grant These allowing and we collection include investment. as cash proposed financing as can were benefits be a funding well by be interim months, WMCE needed millions for request XXXX decision realized. work. that savings the CPUC meeting, This of

I'm to report mitigating on continued also happy financial progress risk.

our improving spite of operating play of on simple, O&M deployment lean the track system, to model savings in and Our X% weather and keeping affordable elimination, experience of annual deliver us inflation. waste enables while the customer fifth our

the customer Credit. of price the gas worked of price winter we commodity the run-ups, pipeline state affordability, acceleration in gas storage including measures that Also, winter diversified supply series bills commodity interstate California offset thoughtful able team during to hedging. of portfolio support to on to $X with natural the Climate over financial through Overall, annual a was includes our billion procurement an basins, with increases back and reaching save customers a capacity

Turning X. to Slide

over our hardening, estimate of Power awareness protection wildfire layers Enhanced that combination improved to through We the XX% inspection, Shutoffs and risk Safety response. our Public have and mitigated Settings, continue Powerline situational physical Safety of of

admissions, program a along resulted pre-EPSS EPSS-enabled of high-wind the mines not While events would PSPS, risk, trigger high increased in our XXXX the bring XXXX fire this Despite average. XX% or XXXX see acres the XX% with impacted CPUC drought over did to fewer in typical that in XX% given conditions. EPSS reportable of versus for we increase risk reduction did base an significant baseline

XX% our devices on mitigation core partial down sectionalizing our and mitigations detection smart elements see voltage a measures, Other also and fire XXXX these plan us to builds over X,XXX leverages the deploy additional translating expanded risk reduce conductor impact. XXXX plan pole install which of will on customer meters existing operational transmission include being system detection, programs wildfire by over areas. our controls, Our including to clearing, coverage EPS such to with operational the new as high transmission of further end enabled XXXX, for our and

Investor more reduction associated Day with We risk you these our the month. incremental expect at programs later with be on the in to sharing

X% the continues to to wildfire simple, at sit on sight incremental our annual is our providing Slide track of our to which inflationary savings, pressures model, vegetation remain self-insurance a reduction on at on affordable reminder non-fuel this least deliver with management of line proposition. customer continuing heart X of O&M and We offset value year.

shallower determined we the in not other that practices cover in there's we're incrementally more do cover. of approach underground places, has waste directed reviewing good are my work, lines standard only Upon in inches we slightly hitting authority. or to to by revisiting with course, revisiting QX undergrounding XX conduits which this these our of the in how month, story is revised bring of this unless, XX and of meaningfully most process. regulations and That's otherwise we required case, required conduits. to year, and last had approach of our safer in in evidence Therefore, program up electric moment than inches the permitting at standards have cover, that of XX undergrounding our eliminating way a to little require inches and least Historically, our internal our and reliable deeper utilities,

That's While much, inches these this change reduces in our lines conduits least underground change lower cost by $XX in amount not reduces approximately install to this required that save like getting permanently ultimate the X-inch spoils customers seem electric and hours may created distribution XX%. alone. value, XXXX estimating our same risk. depth for the reducing of underground trenching for the the X activities labor We're our during of and our million will at

deep, conduits analyzing entire We're opportunities benchmarking efforts. elimination. to our is reviewing another waste and just even of identify the it's the savings, peers value efficiency, to co-worker engagement beginning exercise the more potential delivery This inches and for where a X put we're and better appropriate further waste elimination stream through inches mapping process of with customer and undergrounding XX

So ours and waste. many practices in standardized memorialized into large like organizations get

Our on to ways in for large small will come. focus fifth decades and value it play and our unlock customers for

to from late our interveners. the regulatory in change push recaps Pacific the front we and where benefits XXXX likely added we for The the month minor bring ALJ we early XXXX. the XXXX. This Generation, expected of from the X decision time sooner a additional can for into have recently us of key policy decision, customers. for some request a Slide catalysts schedule proposed is will get the to in the sooner one response about final the And to

We this at CPUC know time. there the the lot on is a at plate

safer infrastructure investments system, the the building what that processes meet approval In the We expectations. they case improving with dollar want reliable also further we and which our for of we're to right and go more make has timely customers' every necessary enabled a meantime, want, investments. to know

track operational winter our here on Slide both from our status end to of card on commitments despite our all with X, our early to challenges customers deliver for on-track and on say reflecting report storms. and the targets. financial we're I'm investors pleased to our I'll

confident resilient conservative and have we the is ups absorb the are of plan, designed downs a which and built markets. We business the to

roller have to. As we'll you that say, don't so ride I coaster like to

additional hand financial I the to this Chris Carolyn, two before And leave I'll front. over on you with notes and

this and being a to capital reinstate eligible the dividend to essential our forward return as we deliver to look financial we for key customers. step later our which in to we common our need year, First, attracting for view health

level announced call, we earnings the in quarter. we to hit As third the required on expect the year-end

and values. stock, our of distributed The and the Second, we've beneficiaries. over stockholding been had Fire billion at encouraged to of around to as trust continuing Victim week, X% monetize owns Trust to see growing their $X now their last

some for highlights. Chris to over it hand financial I'll now And

Chris Foster

everyone. at Thank you, morning, least EPS each and reaffirming and XXXX. at year XX% X% XXXX also in or in no Patti, good our growth and XXXX of we Today, reaffirming We're commitment equity in to least and are XXXX XXXX. XXXX

As deliver to mentioned, our on commitment. we Patti are XXXX track financial

regulatory, We pleased factors update. see And This of the topics three value joining review close highlights me growth. legislative proposition. to morning, start, with plan a Burke year deliver reiteration results drivers this out items. our have EPS you. nine review then to I financial QX to performance expect for will To financial Carolyn months I'll in will legal cover and our I'm next XXXX the key of that the we Carolyn on with and our Carolyn the remaining to provide main XX% the full few and

on slide, $X.XX as we're of we locked drivers to the this showing Slide our for results year X. our and nine next the for full guidance On forecasting quarter months $X.XX. start Let's we're

redeployment. our came partially benefit at see year, $X.XX first For of quarter of by from quarter, lower and the first offset maintenance results Versus $X.XX last operating $X.XX. in you costs,

at the The this many of storms first spoke co-workers year. activated With capabilities operating the earlier. operational and planned our is lean enterprise was This quarter system. in completed core This building lower work execution O&M spend about to priorities enabled here shift is allowed and our Patti by PG&E, of made redeploy possible a duty, to of less nimble we're funds by programs. on storm result us the during

including of is storms. Finally, is component long-established What some an a of $X.XX you'll you the because which important regulation. see items. of don't see impact from other, we're California calling meaningful timing CEMA our utility That directly mechanism, constructive is out

in keep rate from mind, not Another driver base or to reflected but benefit explicitly, customer investment a growth. is capital

be cases rate allowed with As final to we past in XXXX prior received. quarter know, final that decision you in a Consistent year. the catch-up expected decision is our of revenues this case described, general once record Patti will for third is the quarters those

reductions. our redeploying and benefit X% reiterating commitment target, for no you on no excess non-fuel focus I'll of back our annual any on to executing business more, the We're into conservatively O&M remind and deliver that consistent plan planning we're also less, the customers.

On changed Slide not investments year-end. from capital have our customer XX,

We our support benefit affordable electric manageable into have how to we growing ambitious flow adoption for And the our operations. customer to our advance is benefits system capital growth with tremendous opportunities for to of of customers. invest model vehicles. the customers climate simple, additional make our goals investors while providing and cash California's customers this and This demand plan from

serve savings target, plan, assumes X% XX. Slide cost out Moving business of and taking derisk exceeded non-fuel the XXXX cost to O&M those inflation. to we continued In reduction the inflationary which pressures. despite use XXXX, customers We our

on and the waste. cost customers savings opportunities is getting year-end of I in mentioned see we ahead, just terms As for and call, team started the more finding eliminating

Slide move power. is to We believe Let's XX. performance

So and we systems making intend to our to customers operational on every continue commitments day. safer better serving deliver our

will achieve place in regulatory has just us outcomes, to help better us regulatory help and We and do delivering these structure that California expect financial that. the results

through for of of top our cost file upward to adjustment, the provide Starting XX%. capital This for three-year the decision at we the of the commission with they trigger is XXXX, a to are intend decision where capital trigger, at rates interest investors. our period the slide, mechanism. cost covers the The an with for Should certainty mechanism. consistent and would also continues providing XXXX mechanism final remain

Next our general XXXX pending is case. rate

customers customers to our expect settlement, and increase in reminder, XXXX. $X.X operations billion already deliver electric to saving of noting gas safety self-insurance risk that level is a of requirement we've and revenue seeks As XX% through deserve. on requested our reached our wildfire resolution our over a mitigate up and Worth that

continues allocation from on now the update Generation is the Pacific CPUC based XXXX expected decision Our to A schedule final through in early process. ALJ. move the

are gearing marketing path, expect We a quarter. so up to on launch and parallel do this to the we

wildfire-related in at billion. WMCE from recovery rates, all resolving of XXXX I'll cost balance now elements our applications. net cover next pending quarter Vegetation Management WMCE, our approximately end With We've $X.X costs the apart in the the XXXX the our is cost Account. first unresolved settled our Balancing

proposed Resulting overall including timely case, the in in we QX been This in for requested debt rate toward mentioned, a decision pleased that cases. sheet the Patti in improving our XXX% on soon resolution past As were to of the WMCE customer receive over next improved tangible advocating be recommending for cash to granted application. This accelerate WMCE XXXX allow have constructive a recently of recovery, focus calls us a otherwise FFO decision providing the enable the the we faster. week, would to some this outcome $X.X of resources health, schedule final interim balance for in billion as published progress executed and We're amounts customers, had WMCE all would as of would relief growth system flow meet year. to year. timely current XXXX for months. result sooner recognition XX cash the Not will our costs we than to the it financing only us importance of to also be The demands being will a company. in work our key reduce application

to It's to it my over hand Carolyn pleasure now Burke.

Carolyn Burke

this state key the last At and everybody. of pieces highlighting morning, milestones legislation good two we're bottom passed and Chris, steps year. of next slide, the you, of some Thank

Canyon were confirmation federal Nuclear Program, DOE the Diablo their CPUC through beyond the while through Civil state. expiration that electric for California by process. issued to In granted we addition the at CAISO consultation Canyon during full provide to we Commission Also continue the determination, first the Diablo a is reliability the waiver system with to current operating work the supporting relicensing funding dates, also Commission extended in eligible license needs the Credit a Regulatory quarter, units the and operations in Energy Nuclear

Finally, of case includes Mitigation the remind does pending in our Wildfire you as general through Plan. the XXXX XXXX, I'll that undergrounding, terms request recently filed rate our XXXX

will our months prepared of later guidance nine Office file, We review. the going for to from review year, CPUC, be this Energy dependent their file will also nine Safety. plan have the Once the we XX-year will on Infrastructure to who months to OEIS have before

many is as you of know, Now my home. California new

do regulatory to As learning XX, I'm happily makes place quickly shown great construct here and California's business. on a this that Slide

and provided of tracker cost to rate Chris a protections under discussed a earlier, from decoupled addition is benefits independently the And case. to set three-year In forward-looking XXXX a and for PG&E four-year from few. CEMA Patti and also just Bill this Assembly the capital rates name

Our will strong granted. we that advantage regulatory environment is for never an take

performance As importantly, financial not is customer we also power, risk, understand and perform. with help We our to must regulators help our bills know Chris trust mitigate policymakers. our continue build customers, we affordable regulatory mentioned, that only us as we and us and but

As enjoyable continue in Patti work work to simple, affordable lean of the the simply, CFO, PG&E PG&E Chris our reduce a and to improve intend build more and plan throughput O&M, operating model helping system the place. for that The I enhance quite incoming capital is with. place customer put upon making implementation experience, and to sector-differentiating

waste our elimination, a co-workers of our elimination engaging of we've waste lean on part established as year, method This center.

XXX We finding themes the and are tracking common throughout enterprise, business. the we're across over already projects

My means That and a projects tackling improvements a of of and First, after are customers. requiring whole And We're going driving a lot second, over-processing. big benefit whole opportunities, the lot and simple some and there's our of complex. issues small about opportunity. for rework. excited of some there's co-workers defects lot these whole

Take this this U.S. simple expected postage about to are rates example of X% mailings. customer year. increase

control rates, This we year, approximately do million mailing looking control our just waste postage. we at what mailing in these to have altogether. eliminate household what we no communications digitize $X that's While eliminated over If we can or customers. per elimination per project saved we send is one

with imagine, this more and just As saves not stopping postage. we're mailing, can just elimination than you one project

out show too, demonstrate excited cost risk we'll where elimination As our large waste elimination and The projects, team Patti May, more Day you mentioned examples waste customers. earlier, going Investor our to our real permanent undergrounding for the in we're in program. driving yard after including is making during savings in reduction affordable unit

end on strong, XX Slide and it's that proposition here I'll by improving day. our saying every value is

towards meeting eligibility later progressing the stock are threshold We common year. dividend this

As a from a will declaring XX, before billion in core quarter first starting cumulative Chapter reminder, we the our a XXXX. non-GAAP to recognize earnings since emergence need $X.X dividend, from third

for adjusted For in as purpose, earnings reorganization. this earnings plan means core noncore items of certain non-GAAP described GAAP our

eligibility us currently remains the timing subject regulatory decisions. Our of quarter, plan shows reaching third to this the assumptions, during including although

regardless initially, to dividend with start you timing, in feathering that a that small remind the to time. we plan I'll Board of we recommend growth over

during in X% track XXXX, least Day I'll of looking leave chance to California later the least at We're you XX% Investor meet and in on with to in this least at in our forward XXXX growth X% in you month. least at XXXX EPS of this: upcoming person many target XXXX. getting I'm at for XX%,

during support Thank And Chris. thank the this transition team I can't strong you, has advice period. he enough and Chris about lastly, here. his say generous I'd built for incredibly like to

Chris Foster

through I to very choice organization know my who which proud PG&E very here privilege my in accomplished, strong last to to confidence to very the I'm that sound the can we've XX.X the over PG&E's shortly built leader say finance Thanks, its take of XX-year what we the at I'd The I'm been to years. like come achieve. we've over really utmost to baton now time five perfect roles Carolyn. as execution, talented CFO and and confident I'm have next this and shifts team as also emphasis plans. chapter. have prior serve handing it's a

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

Patricia Poppe

Chris, on progress are more to California XX In another We in XX. year sharing look details XXXX. you the you and May with in on Thank on for and again, we closing, and our welcome, our consistent forward outlook May our Carol. solidly track confidence Investor at of Day performance

for option including some we slide We'll wondering you risk main you undergrounding. of virtual for and see key those reduction, showcasing window. presentation, outside that webcast be there wildfire and have a of our do a be the the EPSS whether will more trip, for of to While experience make technology, to lot

our We also we you want confident our undergrounding XX,XXX-mile better understanding program. including to give a we're plan, why execute can of

policymakers, we our At customers to stakeholders, the the in month. from chapter critical in-person of key of and next get also event, We state this see you'll continue here PG&E California the directly really the hear California at partners of writing end you hope other including story. to as great

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

Operator

We'll Instructions] Wolfe. at Steve first Fleishman question our take from [Operator

Steven Fleishman

color any versus season just few years? going and first, just fire just things about the situation So into rains cetera, all how et with how stand thinking you're on this last the thinking the in

Patricia Poppe

know wondering people been Yes. It's Steve. of great this. a question, lot a I have

in at were a and from a came risk. a beneficial not couple -- things. know fire storms time was we One, trees and down some that aged the So of when the I'll dying ways, share trees that perspective

have the So a certainly, year. rich advantage. an know was that crop also grasses -- that fuels But the this we

But mitigations want us really here's with the understand that EPSS the in and gives the technology place investors I put have thing ability the is deployed we've that we to that whether know that's conditions, cetera, entire what conditions are moisture know we our temperatures, blocks in to fuel levels, grass system. time, et our X-kilometer wind service levels, area, the across real

into to, a gives of wildfire derisk regardless of It we be regardless weather are season the us that prepared puts system. in EPSS conditions, so And and confidence a of heading prepared. position me and lot

Steven Fleishman

you're the that? Fire on Victim timing sense again I sense or here? just kind on question, second then to end? of And theory, I their Trust, have on In to guess, Good. from strategy the close any ask Any Okay.

Patricia Poppe

we to are And the Well, I less And know we I the are for over out annual their X% just They're and today. their they've it's would just at beneficiaries of -- described factor that they've -- close well, in and value. worked less less an there suggest agreement intentions. end, us, holder their a think well we've Steve. the been And a sell increasing gratified. as for shares to we're been report, as able

So a right, like feel we we've which us. done our has part it to make for priority been big

Steven Fleishman

And just lastly on Makes sense. decision. the proposed the GRC Great. then and

getting within Just and just quarter the of the quarter actually out timing are you any sense will second that in delayed? second not likelihood come it the the get and

Patricia Poppe

I keep that timely safe has on really we appreciate the and timing we've is clear and a do what the commission we think been just understand, the reinforce, our that plate, but outcome to they with published. on GRC that the Well, and stakeholders, requires they'll which want, lot We investment want in a all continue which really infrastructure. I important, the to expect their is system, they've we

Operator

Pourreza We'll move at next Guggenheim. to Shar

Shahriar Pourreza

about of we're thinking get income beyond to anticipate do wanted closer initiate dividend? especially in take that And okay, importantly, more of start kind XQ, threshold back the framework, Just how So eligibility think if just you about date? long tentative $X.X threshold. of kind if guess, we you threshold terms et timing, to I payment place there after in non-GAAP and should we what cetera? getting dividend, approval, anticipate meet actual the you to be just threshold? forth you Patti, is the that net actually -- on would billion Board to Or meeting off as for that more it have a it's in to the as plan the adjustments would then

Carolyn Burke

Yes. Carolyn. I'll is Sure. question. that take This

that you the would -- So pretty that we've eligibility meet to been consistent, third we know, we expect do as quarter. in

plan -- to that. current suggest continues suggests Our

would separately. as has is earnings. And is to separate. dividend through specific And specific want plan you is we a are very that earnings. our some from it sure But you There I so adjustments. be reorganization different. calculation IR adjustments, walk the item core line the very report it know On different for of what eligible just methodology happy our with team It to that that make non-GAAP

be calculation. matter, able we eligibility that want to of support practical our audited to a have the to statements On financial

our dividend the declare would opportunity a call. So Board quarter would with have our the earliest third to be earnings

So the in that's this at time. expectation point

course, will subject, I it that GRC regulatory some quarter. the third decision, Of is the in we're various say, to decisions expecting just

Patricia Poppe

on is make Patti. this is system, are Yes. And making Carolyn, that allocation with I'll the the meet Shar, faster, sure capital pile safer, the investing just priority needs in of here about our decisions always system our to customers. our

growth. factor in about size of we're and so And that the we going to continue pacing as decision to balance

Shahriar Pourreza

-- just And longer-term constructive your place, that guess, update that in are do PMO the for then the program how GRC. on is expectations undergrounding plan? thoughts engaged. is the undergrounding last And the you Any any around now filing? it. I Got versus in variances see evolving

Patricia Poppe

continue we part utilities excited incredible make out build best from getting job leading across it progress getting program. It's such the other things this of started. and to We're just an is exciting and learning team the getting and as Yes. doing new practices an company, and

that XX-year to file so we're plan. excited And

That miles filed consistent in XXXX in XXX shows in expect doubling much GRC. our miles that XX-year filing to plan ramp were mileage and our included four ramping XX-year to XXXX miles, the reflect up to XXX we XXX then remind that, pending in what in -- here GRC us XXXX. in miles, miles our And with and in that in miles XXXX our just the We XXXX, sorry, and getting XXX will XXX years will be XXXX plan. that XXX very

we for And important next it's people plan, the will they ready to four that with think We're year, so from receive file ready OEIS They're that obviously, based can up of in that. when plan. so including when are on waiting are staffing first to years, that XX-year on years, that are our this it. the this feedback do four on the timing to including, I -- they the they But including it. receive receive associated or reflected recovery already cost GRC, year that know

the And receive initial has to of plan our the XX-year little so program. on OEIS' bearing our of availability years the depending on undergrounding timing

Operator

go Julien of we'll at Bank Dumoulin-Smith America. And next to

Julien Dumoulin-Smith

you 'XX, Let want I coming have year. careful I this you each and have acknowledge to this. to guys been and me Day Analyst you out, off discrete in have with mean, specific the guys rate call rates start growth through growth your up, very earnings

growth You through Day? base know you placed the of have in wanted to any the what an Analyst you undergrounding that to this your were Day. core here specifically at heading call instance, how growth, are earnings guys if 'XX, earnings I for just between at understanding that out all, emphasis are Analyst into about on upcoming at some doing, you've addressing I discrepancy set. if RAB really Analyst the expectations of there considerations and thinking But this Day, rate

Patricia Poppe

any through after pretty the suggest you that we expectations GRC that that earnings. Julien, take Well, fact than we're guidance the would unlikely Day multiple coming forward -- you late there Investor forecast great I that are we're XXXX, some XXXX. pride giving out it's especially we'll giving with of years' in on but proud further

Julien Dumoulin-Smith

some it to I the expectations your here, the test and talk related though. very Pacific I in. about hear et up saw remarks in the process through you. sale, that. separately ALJ, the But regulatory address much I any prepared and little understand that the coming and and more potential appreciate I might of today, No. from considerations we side? can I the be with timing the where cetera. are Gen your buyers just and bit well conversations appreciate can here they're consternation specifically with wanted a you as tweaks the of

Carolyn Burke

that. the inbound in No, seen This asset. Yes. is We've take pretty Carolyn. I'll interest robust actually

wide those competitive range so infrastructure to say but to And opportunity a process. the I we interest. of we fairly seems most be do interesting will have seen expect long-term that investors, a

it without exposure wildfires. generation California that full of offers to direct the in The and cost in portfolio, service, the obviously, is of pretty risk regulated unique clean

we've expectation, through it's is the process And -- early go process coming we the updated of to half regulatory we mean be to and with closing -- investor in that. that with be going And attractive. simultaneous wouldn't would We're expect really summer. mentioned, I then forward to going the expect we've up market -- still so So as it's the of process XXXX. to pretty June timing, first until our balance do already the with year,

Operator

Crowdell Securities. Anthony to Mizuho at go We'll next

Anthony Crowdell

a a Is what I also utility XXXX reset similar a the expectation that filing lower? the waiver, an parties do waiver? for to quick for follow of Do mechanism is two increase of hopefully think, in get expect rates waiver sale to, there One in for believe for for to cost mechanism. XXXX. are going that for capital they I questions. the utility cost stay for triggering to Just capital on parties an if file where you get you not

Chris Foster

No, couple Anthony, considerations. really I a it's of think

First, there's in piece this to X a mind. keep of phase

trigger issue an treatment and commission as as which its well both rerate, So in is spread yield the examining itself is adjustment the the particular.

those a not phase will actually in There's around So X. considered be it. the specific that two frame time are

stage, back our core this upward consistent and adjustment, assume be your in. that But question, me would our the other be mechanism, for for really with filing I you interveners of that looking we that predict from intention. where the think Hard come to at would would should Stepping at standpoint

to From for system. the could more upside, and more trigger our the if into can put further plan just a that capability to you to provide strengthen that us actually potential there is planning imagine trigger standpoint, the

Anthony Crowdell

think of I if XXX burying PG&E don't -- of lastly, gas I is inches efficiencies you by bury can Great. undergrounding, And the I now the on guess, years. you're it's gas has having labor. expect in their Like think Patti, and XX, understand maybe month, whatever, side I your, any of pipe the savings I probably been I for that I gas considering the story -- not framed a probably of trenches -- conduit and cost large then great a savings side you've on have you at if as conduit, a that undergrounding. down, a -- the And you to month of the conduit the And probably trenching component been from it business? the get XX think but putting the of of mastered the digging of or

Patricia Poppe

a that's burying been Anthony, great remind long question. people we've of And all, a for time. do I that first the that all pipe time

have can show grade a we really about this are our what's that the today Investor of progress would well we're or as those gas our excited chance gain, a able we're to to gas where equipment, see the called I our we're workforce. the Investor has rail, even do from to that be We new lines GTE, actual of our workforce efficiency of piece K program exist All things to and can enabling we actually and much, gas that rock deploy work. say, of at something a However, lot wheel conduit still we much in ideas Day. whether team technologies deploy civil can or work you the a plow-type synergies at partners in about. called the get we're which to electric, our our excited say And Day, as at equipment that own both it's There's electric getting a we'll you'll that all division. these undergrounding that that pretty from all

leverage. So to great synergy a there's definitely there

Operator

Citi. take at we'll from question the And next Levine Ryan

Ryan Levine

the mean to beyond the I postage? some center scale? any follow frame mail on initiatives how way of up expand Or material waste guess tracking these to or opportunities? comments, you of I are what type you're elimination projects can

Patricia Poppe

It of waste undergrounding, is which I the up Yes. that $X Well, all potential way story the elimination. of the ends massive, is that's X scale starts shared the just the book to about mailing, out I really -- think all the mailing, borne with Ryan. million savings of

waste people, for in for interest like make significant faster just a center a of and of a as cost as I waste process things that's lower focus other Some we've been important a for better elimination process areas in the an that progress work. well making outcome eliminate improvement. outcome, are that identifying and lot can us know other our area connection new bundling customer at things we there like customers in

in We silos. have work often done

So on out a week, weeks two they arm a go that same later, and crew and one might change go change out and pole. very might cross

then the for bundling XX,XXX possible cost get least co-workers when The and potential that what once being great waste there for for it work that so lowest eliminate we -- just a a disruptive runs daily here, cannot customers. lies ahead and a is and able at we customers. I itself. it proficient almost do it's so this in and this therefore, Ryan, on see being of basis, That's thing is out my our And And team get infinite. future describe it to all

Ryan Levine

Good to hear.

line is the the of the the exposure part process? CEMA end that terms for the any early recovery of In the time through of of the quarter? in for quarter, where regulatory as balance And

Chris Foster

Sure.

had offer total The audit work, but up. you give mechanism. be at is though, XX-month in help earlier, filing, over go $XXX you time the atmospheric used this two-year a about look recovery many that impact for that's CEMA you work, typically in to the an to will forward, and you you really million all But related to as filed typically over is What so a to I we here, to little here make was get resolution far. going is been assume rivers California I the line Just to for million complete around would years. impacts, that. talking we're going would in go very impacts for probably number in account, be going of impact. $XXX XX consistent if early. we we're a -- That storm Ryan, feel

Operator

conclude that back And closing At this to question-and-answer conference over to does like would remarks. I our for the time, Patti session. turn Poppe

Patricia Poppe

Thanks, keeping this mindful call time wanted Audra. short. to we everyone's be of really And and today

couple with I'll So thoughts. -- just wrap of one

he's wishes We're achieved going to next. and what our next on we're excited proud to as him, miss of to professional step. he's achieve going best Chris everything that he One, embarks his and but

And at you this already thank you, for demand our everyone, to forward many XX you to for of Investor today. us XX. joining excited seeing see high that and on We're May registered, look event. Days have We

It see about to that. the There will be much possible excited we're not on will So live. be for webcast. you

like make to just you still we so us, you'd join And just sure register. have room, if

Day. investment be investment we PG&E. to you want We are Investor an And We proud is that progress PCG definitely here in in the that share we're you progress serving very people, to able team share I of at that an you at to the is many to millions. planet that and with making of the prosperity Investor want at our Day. want And here. seeing know with

So day. we safe look be Have a out forward to seeing great Please there, you there. everyone.

Operator

today's for conference participation. your And call. you that concludes Thank

may disconnect. You now

PG&E (PCG) 4 May 232023 Q1 Earnings call transcript