Gregg Orrill

Moss did not split timing from normalized upside, redirecting to the reaffirmed full-year range and noting the strong start creates room to invest and derisk future periods.

CEO provided scale context: 1,500 offers, 3,100+ claims filed, but 30,000 plaintiffs and 18,000 eligible properties. Very early stage but cannot forecast ultimate participation.

CFO reaffirmed 5-7% without specifying positioning within range. Emphasized three key takeaways: reaffirmation, significantly more clarity around forecast, and stronger balance sheet.

CFO argued equity issuance would increase cost of capital, and fund doesn't need cash upfront given claims process timeline. Fund already has $22B capacity.

CEO distinguished two tracks: LA County Fire official investigation (12-18 month typical timeline) and SCE's own collaborative investigation with stakeholders including plaintiff attorneys.

CFO clearly decomposed: $0.30 one-time TKM prior-period true-up plus $0.14 annualized ongoing benefit starting Q2.

CFO was emphatic that no limitations exist on types of claims the fund can pay. Safety certificate provides liability cap benefit.

Poppe said interim rate relief has no earnings impact but would smooth customer rates and avoid a pancaking effect seen in the last GRC.

CEO said open to settlement but CPUC prefers fully adjudicated GRC. Filed strong case with demonstrated affordability track record. Hearings throughout May.

CFO detailed recovery request: over $1B wildfire fund claims ($674M), $1.6B WEMA costs (donut hole between insurance and fund threshold), $314M CEMA costs. Valid safety certificate supports presumption of prudency.

CFO confirmed 20% payout target by 2028 maintained through 2030. Offers financing flexibility and implies compound EPS growth well in excess of 50% over next 3 years.

CFO confirmed 11.3% ROE filing assumed AB 1054 resolution. Off-cycle application possible if needed. Evidentiary hearings in September, PD expected November, final decision before year-end.

CEO said current growth rate is the right rate, preference is to extend duration rather than raise rate. Balance customer affordability and regulatory alignment.

Cheryl Norton confirmed 5 Nexus approvals remaining with normal progress. PFAS settlement proceeds partially received, being passed to customers per regulatory processes, with future payments structured over multiple years.

John Griffith confirmed all major permits are in place and AWK expects to break ground on the desalination project this year, handled as a separate docket from the rate case.

Cheryl Norton said declining usage is plateauing but still slightly negative; nothing troubling with plenty of capacity available.

David Bowler declined to share specifics. Cheryl Norton described the military services group as aligned with regulated business with potential for future utility privatization bids.

Cheryl Norton confirmed no supply disruptions, highlighted Calgon Carbon contract for PFAS vessels and carbon regeneration.

Rejji walked through the full waterfall: $100M storm = 25 cents impact, $50M pretax net after countermeasures, split between Q1 actuals and year-to-go estimates.