Patti Poppe: Yes. Our plan is dynamic enough that in 2025 and 2026, we can adjust the miles and make sure that they’re mutually agreeable, if you will. I will say that as we designed the sequencing of the miles, we picked — well — and let me just start with every mile in the 10,000 miles is high risk. So if you do mile 8,000 or mile 2000, you’re still tackling a high-risk mile. So we’ll start with that. But as we sequence those 10,000 miles, we did include the adjacent miles that also will be underground for an efficiency. That’s how we get to the lower unit cost. But if there’s certain miles that the regulators instruct us to do sooner as we work with OEIS on our risk reduction plan will definitely be prioritized.
We definitely are focused on making sure that the system is safe today because of our mechanisms like EPSS and public safety power shutoffs but those cause outages. The public safety power shutoffs and the EPSS mechanisms are working. We showed that with our ignition reduction. And so we know customers are safe today, but we want them to be resilient. We don’t want customers to have to choose between having safety or having power. We want them to have both and undergrounding as the lowest cost path to that future.
Ryan Levine: I appreciate the response. And then one other unrelated. In terms of the details on SB 410 impact, what is the nature of the 300-plus projects highlighted in the prepared remarks, any color you could share there?
Patti Poppe: Yes. So we have demands every day on capacity increases, EV charging infrastructure. And so that’s just — and that demands some of that we can’t — we don’t know the project request yet because it will come in a very — it happens all the time. And so that’s the point about SB 410. We can’t perfectly predict what those 300 projects would be. Otherwise, we wouldn’t need the mechanism. Because it comes in as EV penetration increases to meet the state’s direction as EV charging infrastructure gets built out. That will vary year after year. And so that’s the beauty of SB 410, whatever the demand is, we can meet it. And we won’t recover more than we install, we’ll just have good timely true-up of that work that gets demanded by customers. And so that’s more of a calculated 300 than actual specific 300 projects. .
Ryan Levine: Great. Thanks for taking my question.
Patti Poppe: Thanks, Ryan.
Operator: The next question is from Jeremy Tonet with JPMorgan. Your line is open.
Richard Sunderland: Hi, good morning. Richard Sunderland on for Jeremy. Can you hear me?
Patti Poppe: We sure can. Good morning.
Richard Sunderland: Great. Thank you. Slide 7, I know we’ve parsed this from a couple of different angles, but I just wanted to circle back to those categories broadly under customer investments. Could you speak a little bit more to, I guess, timing and dollar of those? I don’t know if it’s best if they’ve gone sort of a cash basis or a CapEx basis. But when you might have clarity on some of those should the PD or APD stand as it is today?
Patti Poppe: Yes. Well, we’ll be working that. First and foremost, we think a revision to the PD will be good and enable us to do more faster, so number one. Number two, though, as we look at the SB 410, that’s going to be driven by customer demand, and that’s good work to be done. Our whimsy proceedings, we’ll continue to file those on a timely basis. Those certainly help with cash flow. It’s a good example of a delayed recovery that doesn’t affect earnings, but it certainly affects our credit metrics and our balance sheet. And so WIMS [Ph] will be important to be resolved in a timely manner. But the 10-year undergrounding plan just provides the pathway to the lowest cost safest infrastructure. And then certainly, FERC transmission, as you saw, we filed our TO filing earlier in October.
We’ll continue to leverage the ability to do that at those transmission projects as well as key components of the whole picture. One of the things that is really important to understand is I rattle off all those things, there is so much work to be done here. Work that customers deserve work that customers will greatly value and benefit from work that customers have been asking us to do for some time. And so what’s important to recognize is we always self-regulate the volume of work we do on customers’ ability to afford. That is the simple affordable model. That we can invest in this capital infrastructure as indicated in — on Slide 7, but we offset it with cost savings for customers every single day. And so those cost savings is what makes it possible to grow rate base like that without putting an undue burden on customers and their ability to pay.
So it’s value for customers and cost savings that make up that simple, affordable model, good for customers, good for investors.
Richard Sunderland: Understood. Very helpful. And maybe since you referenced the 21 application, curious if there are any notable request in that beyond ROE and cap structure? Any other potential areas you’re focused on with that?
Patti Poppe: No, it’s good bread and butter transmission investment, stuff that helps enable the clean energy transition that’s happening here in California and work that improves both reliability and access to that clean energy.
Richard Sunderland: Great. Thanks very much for the time.
Patti Poppe: Thank you.
Operator: That will conclude our question-and-answer session. I’ll turn it back over to Patti Poppe, Chief Executive Officer of PG&E for any closing remarks.
Patti Poppe: Thank you, Chris. Well, thanks, everyone, for joining us. We definitely enjoy this time together, but we appreciate certainly your patience on this GRC. It has a long-term impact. And it is worth the way to get it right and to make sure that we are aligned with our regulators. We all want the same thing. We want the safest system as fast as possible that customers can afford. And so we’re working together to get to a good outcome and we appreciate your patience. We will hold a special call once we have a final decision to review the details and share more of our insights when we get to a final resolution. We look forward to seeing you at EEI and please be safe out there.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.
