Financial Data and Key Metrics Changes - Core earnings per share for Q2 2025 were $0.31, with a year-to-date total of $0.64, down from the previous year, but consistent with internal plans [5][23] - The full-year guidance range for EPS is reaffirmed at $1.48 to $1.52, representing a 10% increase over 2024 [5][10] Business Line Data and Key Metrics Changes - The company is focused on a simple affordable model that aims to stabilize customer bills while allowing for necessary capital investments [11][15] - The 2027 general rate case proposal reflects the lowest percentage increase in ten years, with a path for residential bills to decrease compared to current levels [24][25] Market Data and Key Metrics Changes - The data center pipeline has grown to 10 gigawatts, a nearly threefold increase from the previous year, indicating strong demand and beneficial load growth [17][21] - The company is actively working on over 50 projects, including a significant project for Microsoft in San Jose [18][20] Company Strategy and Development Direction - The company is advocating for legislative changes to improve wildfire fund durability and affordability for customers, emphasizing a comprehensive approach to wildfire risk management [6][8] - The focus remains on maintaining a balance between customer affordability and investor returns, with a commitment to sustainable growth through capital investments [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth under various legislative outcomes, emphasizing the importance of a durable wildfire fund and effective affordability solutions [39][40] - The company is optimistic about the potential for rate reductions and legislative support for affordability measures in the near term [76][77] Other Important Information - The company has implemented over 100 initiatives aimed at operational savings, with a target to exceed a 2% reduction in non-fuel O&M costs [23][25] - The capital investment plan through 2028 is set at $63 billion, with no additional equity issuance planned [27][31] Q&A Session Summary Question: Concerns about legislative outcomes affecting growth - Management reassured that they have modeled various legislative scenarios and remain confident in their guidance through 2028, emphasizing that securitization proposals would not be beneficial for customers [39][40] Question: Thoughts on upfront funding for wildfire solutions - Management indicated that there is no expectation for a large upfront payment for the wildfire fund, as claims typically take years to pay out [46][47] Question: Update on data center pipeline and load growth benefits - Management highlighted that construction for data center projects in San Jose is expected to start in late 2026 or early 2027, with load benefits materializing predominantly in 2027 [71][72] Question: Potential for combining legislative proposals - Management expressed optimism about the possibility of combining affordability and wildfire fund proposals into a cohesive package this legislative session [82][85] Question: Confidence in achieving targeted earnings growth - Management stated that their confidence is underpinned by various options for capital redeployment and a strong demand for capital investments to serve new load growth [117][119]