Pacific Gas & Electric Co.

If you would like to ask a question at that time, please press star, then the number one on your telephone keypad. And if you would like to withdraw your question, again, press star one. And please note, we have allotted 45 minutes for this conference call. I would now like to turn the call over to Jonathan Arnold, Vice President of Investor Relations. Jonathan, you may begin.

Good morning, everyone, and thank you for joining us for PG&E's third quarter 2025 earnings call. With us today are Patty Poppe, Chief Executive Officer, and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters. First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors which could affect our actual financial results are described on the second page of today's earnings presentation. The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides, along with other relevant information, can be found online at investor.pgecorp.com. We'd also encourage you to review our quarterly report on Form 10-Q for the quarter-ended September 30, 2025. And with that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

Thank you, Jonathan. Good morning, everyone. Our core earnings per share are $0.50 for the third quarter and $1.14 for the first nine months of 2025. Today, we're narrowing our full-year guidance range. We've previously shared a range of $1.48 to $1.52. The new range is $1.49 to $1.51, and we're keeping our bias toward the midpoint which is up 10% over 2024. We're also introducing our 2026 EPS guidance range of $1.62 to $1.66. At the midpoint, this is up 9% from our 2025 midpoint. Last month on our investor update call, we extended our five-year capital plan through 2030. Highlights included at least 9% EPS growth each year 2026 to 2030, a five-year capital plan of $73 billion through 2030, which supports average annual rate-based growth of 9%, and a financing plan which does not require new equity also through 2030. With the 2025 California legislative session over and the enhanced protections of Senate Bill 254 in place, our team is focused on collaborating with key parties, advisors, and state agencies as the Wildfire Fund Administrator prepares their April 1st report and recommendations for how best to socialize and mitigate climate driven wildfire risk in the state. This report is expected to lay out a wide range of policy options that will inform potential legislative action to stabilize the utility sector in the 2026 session. We're feeling the positive momentum of this process. with what Governor Newsom on issuing his recent executive order called a whole of government response to protect Californians from wildfire. We share the governor's sense of scale and urgency and are committed to supporting the state's efforts to meaningfully adapt California's policy construct to meet the moment. As this work continues, we know that there's no better protection for our customers and our investors than predicting and preventing catastrophic fires in the first place. PG&E's physical layers of protection are delivering. Through October 20th, our total year-to-date CPUC reportable ignitions are down over 35% from 2024 levels and are running lower than any year since we started tracking these data in 2015. Despite this year having seen the second largest number of fires greater than 10 acres statewide since 2017, PG&E is on track for a third consecutive year of zero structures destroyed due to CPUC reportable fires in high-risk areas under high-risk conditions. We're proud of that. In spite of continued elevated climate-related risk, PG&E's layers of protection from ignition prevention to hazard awareness and response are proving effective. Contributing to this performance, we can point to several ongoing and new mitigations. About a month ago, we marked a significant milestone for our customers. PG&E has now constructed and energized 1,000 miles of power lines underground in the highest fire risk areas. As we've consistently said, undergrounding remains the most affordable and effective way of delivering the safety and resilience our customers deserve. Customers should not have to choose between safety and having reliable electricity. Undergrounding is the only mitigation that delivers both. This year we cleared vegetation in a 50-foot radius at the base of nearly 4,000 transmission structures after our data showed this approach would have contained the majority of transmission-related ignitions that we have experienced over the last three years. And we're continuing to deploy advanced sensor capabilities, including installing another 8,500 sensor devices this year, which builds on the 10,000 we rolled out last year. These low-cost sensors, coupled with our existing smart meters and our newly deployed AI-enabled machine learning model, are enabling secondary system-wide continuous monitoring. This capability allows us to detect potential faults on the system before they occur, including on the customer side of the distribution pole. We will continue to leverage data to drive our mitigations in the field, making the system and our customers safer each and every day. In addition to executing on this important safety work, my coworkers have been leveraging our performance playbook to deliver consistent outcomes across the business for customers and investors. You can see our simple affordable model is working. Our five-year plan contemplates $73 billion of customer beneficial capital investment through 2030. At the same time, building on lowered electric rates this year and planned even lower rates for bundled electric customers in 2026, we expect customer bills in 2027 to be flat to down to where they are this year. We are doing this by eliminating waste and delivering on our 2% O&M cost reduction goal, enabling rate reducing load growth by partnering with our large load customers, and executing on a financial plan built with flexibility, conservatism, and credit metric targets supportive of investment grade ratings, which will lead to interest expense savings for customers. We know that performance is power. When we perform, we will have the power to influence perceptions and outcomes. By putting customers at the heart of everything we do and by doing what we say, our brand trust is on the rise and has been since our 2027 GRC filing started to change the narrative on affordability. In fact, when compared to our U.S. utility peers, The second quarter 2025 residential customer engagement study by Escalant showed we had the highest annual increase in brand trust. Our data center pipeline remains robust at over 9.5 gigawatts. We've seen modest net attrition in our application and preliminary engineering phase since June. However, our projects in the final engineering stage continue to grow and advance. Most of the applications in our pipeline are for 100 megawatts or less. This is a function of existing California regulation, but also a sign that data centers designed to support AI inference models have strong and compelling reasons to want to locate in PG&E's service area, which includes Silicon Valley, the home of the technology sector. Data centers of this size can be located in densely populated areas. close to the end user and benefit from Northern California's extensive existing fiber network. This makes our service area a prime location for these customers who require real-time speed to ensure an optimal user experience. We're laser focused on making this a win-win-win for our cities, our customers, and data center developers. For example, we partnered with the City of San Jose to identify more than 150 acres of land adjacent to our existing infrastructure. and in the heart of Silicon Valley that will be power ready for the data center selected from the city's competitive RFP issued earlier this year. Our robust pipeline with a diverse set of projects is a great opportunity for customer affordability and California's economic prosperity. Every gigawatt we bring online offers the opportunity to reduce electric bills by 1 to 2%. I'll remind you that this is upside to our plan, both in terms of customer affordability and in terms of capital growth. Given our bias for conservative planning, our capital plan only includes about $300 million a year for this type of capital, much of which falls under our FERC formula rate. With that, I'll hand it over to Carolyn to discuss our financials.