道明尼資源 (D) 2021 Q4 法說會逐字稿

Welcome to the Dominion Energy Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions)

歡迎參加道明能源2021年第四季及全年業績電話會議。 （操作員指示）

I would now like to turn the call over to David McFarland, Director, Investor Relations.

現在我想將電話轉給投資者關係總監 David McFarland。

Good morning, and thank you for joining the call. Earnings materials, including today's prepared remarks, may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual reports on Form 10-K and our quarterly reports on Form 10-Q for a discussion of factors that may cause results to differ from management's estimates and expectations.

早上好，感謝您參加電話會議。收益資料（包括今天的準備好的發言稿）可能包含前瞻性陳述和估計，這些陳述和估計受各種風險和不確定性的影響。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告，以了解可能導致業績與管理層估計和預期不同的因素。

This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, which we can calculate, are contained in the earnings release kit. I encourage you to visit our Investor Relations website to review webcast slides as well as the earnings release kit.

今天上午，我們將討論一些與 GAAP 指標不同的公司績效指標。非 GAAP 指標與我們能夠計算的最直接可比較 GAAP 財務指標的對帳表已包含在收益發布資料包中。建議您造訪我們的投資者關係網站，查看網路直播幻燈片以及收益發布資料包。

Joining today's call are Bob Blue, Chair, President and Chief Executive Officer; Jim Chapman, Executive Vice President, Chief Financial Officer and Treasurer; and other members of the executive management team.

參加今天電話會議的有董事長、總裁兼執行長鮑勃布魯 (Bob Blue)、執行副總裁、財務長兼財務主管吉姆查普曼 (Jim Chapman) 以及其他執行管理團隊成員。

I will now turn the call over to Bob.

我現在將電話轉給鮑伯。

Thank you, David, and good morning, everyone. I'll start by outlining Dominion Energy's compelling shareholder return proposition. We expect to grow our earnings per share by 6.5% per year through at least 2026, supported by our updated $37 billion 5-year growth capital program, resulting in an approximately 10% total return. That's all underpinned by Dominion's industry-leading ESG profile, which includes the largest regulated decarbonization investment opportunity in the country, which, as you will hear in today's prepared remarks, is steadily transforming from opportunity to reality.

謝謝大衛，大家早安。首先，我想概述道明尼恩能源公司極具吸引力的股東回報方案。我們預計至少到2026年，每股盈餘每年將成長6.5%，這得益於我們最新的370億美元五年期成長資本計劃，最終將帶來約10%的總回報率。這一切都得益於道明尼恩能源產業領先的ESG（環境、社會和治理）優勢，其中包括美國最大的受監管脫碳投資機會。正如各位在今天的準備好的發言中將聽到的那樣，這一機會正在穩步轉化為現實。

Our strategy is anchored on a pure-play, state-regulated utility operating profile that centers around 5 premier states, as shown on Slide 4. I'll share the philosophy that a common sense approach to energy policy and regulation puts a priority on safety, reliability, affordability and sustainability.

我們的策略以純粹的、受國家監管的公用事業營運模式為基礎，圍繞著 5 個主要州，如投影片 4 所示。我將分享這樣的理念：能源政策和監管的常識性方法優先考慮安全性、可靠性、可負擔性和永續性。

Next, I want to highlight what a successful year 2021 was in the continuing execution of our strategy. For example, we continue to provide safe, reliable service to our customers, ensuring that safety remains our top priority when it comes to our employees, our customers and our communities. We reported our 24th consecutive quarterly financial result that, normalized for weather, meets or exceeds the midpoint of our guidance range, a reflection of our focus on continuing to provide consistent and predictable financial results. We successfully concluded substantial rate cases in Virginia, South Carolina and North Carolina in each case demonstrating our ability to deliver constructive regulatory results for both our customers and our shareholders in these fast-growing, premier and business-friendly states.

接下來，我想強調一下，2021年在我們持續執行策略方面取得了多麼成功的一年。例如，我們持續為客戶提供安全可靠的服務，確保安全始終是我們對員工、客戶和社區的首要任務。我們報告了連續24個季度的財務業績，經天氣因素調整後，達到或超過了我們預期範圍的中點，這體現了我們致力於繼續提供一致且可預測的財務業績。我們在維吉尼亞州、南卡羅來納州和北卡羅來納州分別成功結案，這展現了我們有能力在這些快速發展、優質且營商便利的州為客戶和股東帶來建設性的監管成果。

And we significantly advanced our clean energy growth plans on a number of fronts. For instance, we received our notice of intent from BOEM for our regulated offshore wind project in July as planned and filed our rider application with the Virginia State Corporation Commission on schedule in November. And we proposed new solar and energy storage projects in our second annual clean energy filing in Virginia, the largest such group ever proposed.

我們在多個方面顯著推進了清潔能源成長計劃。例如，我們按計劃於7月收到了BOEM對我們受監管海上風電項目的意向通知，並於11月按計劃向弗吉尼亞州公司委員會提交了附加申請。此外，我們在維吉尼亞州第二次年度清潔能源申報中提出了新的太陽能和儲能項目，這是迄今為止最大的此類項目申報。

Looking ahead, we've rolled forward our 5-year growth capital plan to capture the years 2022 through 2026. We now expect to invest $37 billion on behalf of our customers. The investment programs are highlighted on Slide 5, with over 85% focused on decarbonization.

展望未來，我們已推動五年成長資本計劃，涵蓋2022年至2026年。目前，我們預計將為客戶投資370億美元。第5張投影片重點介紹了這些投資項目，其中超過85%的資金將用於脫碳。

As meaningful as these near-term plans are, consider on Slide 6 how they compare to the long-term scope and duration of our overall decarbonization opportunity. Our initiatives extend well beyond our 5-year plan. We now project $73 billion of green investment opportunity through 2035, nearly all of which will qualify for regulated cost of service recovery. This is, as far as we can tell, the largest regulated decarbonization investment opportunity in the industry.

這些短期計畫意義重大，但請看第6張投影片，看看它們與我們整體脫碳機會的長期範圍和持續時間如何比較。我們的舉措遠遠超出了五年計畫。我們目前預計，到2035年，綠色投資機會將達到730億美元，其中幾乎所有投資都將符合受監管的服務成本回收標準。據我們所知，這是業界最大的受監管脫碳投資機會。

With that, I'll turn it over to Jim to walk through our financial results and guidance before I provide further business updates on the execution of our plan.

接下來，我將把時間交給吉姆來介紹我們的財務表現和指導，然後我將提供有關我們計劃執行情況的進一步業務更新。

Thank you, Bob, and good morning. Our fourth quarter 2021 operating earnings, as shown on Slide 7, were $0.90 per share, which included a $0.03 hurt from worse-than-normal weather in our utility service territories for the quarter. Weather-normalized results were again above the midpoint of our quarterly guidance range. Positive factors as compared to last year include growth from regulated investment across electric and gas utility programs, higher electric sales due to increased usage from commercial and industrial segments and higher margins at contracted assets. Other factors as compared to the prior year include a slight catch-up in COVID-deferred O&M and weather.

謝謝，鮑勃，早安。如投影片7所示，我們2021年第四季的營業利潤為每股0.90美元，其中包括本季公用事業服務區域天氣狀況較正常情況較差造成的0.03美元損失。天氣正常化後的業績再次高於我們季度預期區間的中點。與去年相比，積極因素包括電力和天然氣公用事業項目受監管投資的成長、商業和工業部門用電量增加帶來的電力銷售成長以及合約資產利潤率的提高。與前一年相比，其他正面因素包括新冠疫情延後的維運和天氣狀況略有改善。

As Bob mentioned, this is our 24th consecutive quarter, so 6 years now, of delivering weather-normal quarterly results that meet or exceed the midpoint of our guidance ranges. We believe this historic consistency across our results is worth highlighting and is a track record we're proud of and one which we are absolutely focused on extending.

正如Bob所說，這是我們連續第24個季度，也就是六年來，在天氣正常的情況下，季度業績達到或超過了我們預期範圍的中點。我們認為，這種歷史性的業績一致性值得強調，這是我們引以為傲的業績記錄，我們絕對致力於延續這份記錄。

Full year 2021 operating earnings per share were $3.86, above the midpoint of our guidance range even in the face of a $0.05 hurt from weather for the year. As is detailed on Schedule 2 of our earnings release kit, 2021 GAAP earnings of $3.98 per share were $0.12 higher than operating earnings for the year.

2021年全年每股營業收益為3.86美元，高於我們預期區間的中點，即便全年受天氣因素影響達0.05美元。如我們收益發布包附表2所示，2021年GAAP每股收益為3.98美元，比全年營業收益高出0.12美元。

Turning now to guidance on Slide 9. As usual, we're providing an annual guidance range, which is designed primarily to account for variations from normal weather. We're initiating 2022 operating EPS guidance of $3.95 to $4.25 per share. The midpoint of this range is in line with prior annual EPS growth guidance of 6.5% in 2022 when measured midpoint to midpoint. As I think has been expected as part of our roll-forward to a new 5-year forecast period, we are once again extending our long-term growth rate by 1 more year. We now expect operating EPS to grow at 6.5% per year through at least 2026.

現在就來看看幻燈片9上的業績指引。像往常一樣，我們提供年度指引區間，主要是為了應對正常天氣帶來的變化。我們初步設定的2022年每股營運收益指引為3.95美元至4.25美元。此區間的中點與先前2022年的每股營運收益成長指引（以中點到中點計算）6.5%的中點數值一致。正如我所料，作為我們向新的5年預測期推進的一部分，我們再次將長期成長率延長了一年。我們現在預計，至少到2026年，每股營運收益將以每年6.5%的速度成長。

Finally, we expect first quarter 2022 operating earnings per share to be between $1.10 and $1.25. Positive drivers for the quarter as compared to last year are expected to be normal course regulated rider growth, continued modest strengthening of sales and a return to normal weather. Other drivers as compared to last year are expected to be O&M and tax timing. We expect our 2022 full year dividend to be $2.67, reflecting our target payout ratio of approximately 65%. We're also extending the long-term dividend per share growth rate of 6% per year through 2026.

最後，我們預計2022年第一季每股營業收益將在1.10美元至1.25美元之間。與去年相比，本季的積極驅動因素預計將包括正常的受監管乘客成長、銷售額持續溫和成長以及天氣狀況的恢復。與去年相比，其他驅動因素預計將包括營運維護和納稅時機。我們預計2022年全年股利為2.67美元，反映出我們約65%的目標股利支付率。我們也將把每年6%的長期每股股息成長率延長至2026年。

Slide 10 provides a breakdown of 5-year growth capital plan, which Bob introduced. For more detail on all of this, I would point to the very comprehensive appendix materials. But just a couple of items I'll note here. We continue to forecast a total 5-year rate base CAGR of 9%, broken out here by segment and major driver. And over 75% of this planned growth CapEx is eligible for rider recovery. Of course, capital investment under riders allows for timely recovery of prudently incurred investments and costs.

幻燈片10列出了Bob介紹的五年成長資本計畫的細目。欲了解更多詳情，請參閱非常全面的附錄資料。但我只想在此列出幾項。我們持續預測五年期基準複合年增長率為9%，並按細分市場和主要驅動因素進行細分。超過75%的計畫成長資本支出符合附加條款的回收條件。當然，附加條款下的資本投資可以及時回收謹慎產生的投資和成本。

Turning to Slide 11. We've updated our financing plan, which reflects a combination of internally generated cash flow and debt issuances to fund the majority of our growth and maintenance CapEx. Our plan assumes we issue programmatic equity of just 1% to 1.5% of our current market cap annually through our existing DRIP and ATM equity programs, in line with prior guidance. No change to our 2022 equity issuance plans and no block or marketed equity is contemplated. We view this level of steady equity issuance under existing programs as prudent, EPS-accretive and in the context of our sizable growth capital spending program, appropriate to keep our consolidated credit metrics within the guidelines for our strong credit ratings category.

翻到第11張幻燈片。我們更新了融資計劃，該計劃反映了內部產生的現金流量和債務發行的組合，以資助我們大部分的成長和維護資本支出。我們的計劃假設我們每年透過現有的直接投資計劃（DRIP）和自動售股計劃（ATM）發行佔當前市值1%至1.5%的程序性股權，這與先前的指導方針一致。我們2022年的股權發行計畫維持不變，也不考慮大宗或市場化股權發行。我們認為，在現有計劃下保持這種穩定的股權發行水平是審慎的，能夠增值每股收益，並且在我們規模可觀的增長資本支出計劃的背景下，也有利於將我們的合併信用指標保持在強勁信用評級類別的指導範圍內。

To that point, as shown on Slide 12, our consolidated credit metrics have remained steady and our pension plans have increased their funded status. We're very proud of these results. We continue to target high BBB range credit ratings for our parent company and single A range ratings for our regulated operating companies. Our long-standing focus on achieving and maintaining these ratings is important for our ability to continue to secure low-cost capital for our customers.

截至目前，如投影片12所示，我們的綜合信用指標保持穩定，退休金計畫的資金狀況也得到了提升。我們對此感到非常自豪。我們將繼續致力於為母公司爭取BBB級高信用評級，並為受監管的營運公司爭取A級評級。我們長期以來致力於獲得並維持這些評級，這對於我們繼續為客戶提供低成本資金至關重要。

As is the norm, our financing plan reflects our ongoing efforts to efficiently redeploy capital towards our robust regulated growth programs. As I've mentioned in the past, as part of our capital allocation process, we undertake constant analysis to find the most efficient sources of capital to fund our attractive utility growth programs in our key states, all while maintaining our operating EPS growth and credit profiles.

像往常一樣，我們的融資計劃反映了我們持續努力有效地將資本重新部署到我們穩健且受監管的成長項目上。正如我過去提到的，作為資本配置流程的一部分，我們將不斷進行分析，以找到最有效的資本來源，為我們在關鍵州開展的富有吸引力的公用事業增長項目提供資金，同時保持我們的運營每股收益增長和信用狀況。

Given that focus, as announced this morning, we have agreed to sell our West Virginia Natural Gas utility, Hope Gas, to Ullico for gross proceeds of approximately $690 million. The transaction is expected to close late this year, subject to customary closing conditions, including clearance under HSR and approval from the West Virginia Public Service Commission. Proceeds will be used to reduce parent-level debt. The transaction value, achieved through a competitive sale process, represents approximately 26x 2021 net income and 2x rate base.

有鑑於此，正如我們今天早上所宣布的，我們已同意將旗下位於西維吉尼亞州的天然氣公司 Hope Gas 出售給 Ullico，總收益約為 6.9 億美元。該交易預計將於今年稍後完成，但需滿足慣例成交條件，包括獲得 HSR 的批准以及西維吉尼亞州公共服務委員會的批准。所得將用於減少母公司層面的債務。該交易價格透過競爭性出售程序達成，約為 2021 年淨收入的 26 倍和利率基數的 2 倍。

As a reminder, Hope Gas operates only in West Virginia and serves about 110,000 customers. Bob will address this transaction a bit more in a moment.

提醒一下，Hope Gas 僅在西維吉尼亞州運營，服務約 11 萬名客戶。 Bob 稍後會詳細介紹這筆交易。

Turning now to electric sales trends. Fourth quarter weather-normalized sales increased 1.4% year-over-year in Virginia and 2.3% in South Carolina. In both states, consistent with the trends seen last quarter, we've observed increased usage from commercial and industrial segment overcoming declines among residential users as the stay-at-home impact of COVID waned. Full year 2021 weather-normalized sales increased 1.4% year-over-year in Virginia and 1.6% year-over-year in South Carolina. Looking ahead, we expect electric sales growth in our Virginia and South Carolina service territories to continue at a run rate of 1% to 1.5% per year, no changes from our prior communications.

現在來看看電力銷售趨勢。第四季度，維吉尼亞州（天氣正常化後）的電力銷售額年增1.4%，南卡羅來納州（南卡羅來納州）年增2.3%。與上季的趨勢一致，隨著新冠疫情居家隔離的影響逐漸消退，我們觀察到商業和工業部門用電量的增長超過了居民用戶用電量的下降。 2021年全年，維吉尼亞州（天氣正常化後）的電力銷售額年增1.4%，南卡羅來納州（南卡羅來納州）年增1.6%。展望未來，我們預計維吉尼亞州和南卡羅來納州服務區域的電力銷售額將繼續以每年1%至1.5%的運行率成長，與我們先前的溝通結果一致。

Next, let me discuss what we're seeing around input prices. As discussed on prior calls, we're continuing to monitor raw material costs. And it seems to be the case across a number of industries right now. We're observing higher prices although we've seen a moderation in the upward pressure over the last few quarters. As it relates to our regulated offshore wind project, we remain confident in our ability to deliver the project in line with our budget, as outlined in our filing to the SEC in November. Also no changes here from prior communications.

接下來，讓我來談談我們目前看到的投入價格狀況。正如之前的電話會議中所討論的，我們將繼續監控原材料成本。目前看來，許多行業的情況都是如此。我們觀察到價格上漲，儘管過去幾季上漲壓力有所緩和。就我們受監管的離岸風電項目而言，我們仍然有信心能夠按照預算完成該項目，正如我們11月提交給美國證券交易委員會（SEC）的文件中所述。與之前的溝通相比，這些方面沒有變化。

As was disclosed at that time in November, we've entered into 5 major fixed cost agreements, which collectively represent around $7 billion of the total capital budget. Within those contracts, only about $800 million remains subject to commodity indexing, most of it steel. And this component of the budget already reflects commodity cost increases we all observed in 2021, leading up to our filing date in November. And our capital budget, of course, includes contingency.

正如11月當時所披露的那樣，我們已簽訂了五項主要固定成本協議，總計約佔總資本預算的70億美元。在這些合約中，只有約8億美元仍需遵守大宗商品指數，其中大部分是鋼鐵。這部分預算已經反映了我們在2021年（截至11月提交申請日期）觀察到的大宗商品成本上漲。當然，我們的資本預算包含應急費用。

On the solar side, we're seeing what others seem to be seeing. Supply is tight, prices for certain components are up, but our 2021 projects were completed with no material impacts to cost or schedule and our '22 projects remain on track. Beyond '22, we've been generally successful in contracting, et cetera, but it's still early. So again, we're watching but no material financial impacts to share at this time.

在太陽能方面，我們看到的和其他人似乎看到的一樣。供應緊張，某些組件的價格上漲，但我們2021年的項目已經完工，對成本或進度沒有重大影響，我們2022年的項目也仍在按計劃進行。 2022年之後，我們在簽約等方面總體上取得了成功，但現在還為時過早。所以，我們仍在觀察，但目前沒有重大的財務影響可以分享。

So to summarize, we reported fourth quarter and full year 2021 operating EPS, which is above the midpoint of our guidance ranges, extending our track record to 6 years of meeting or exceeding the quarterly midpoint on a weather-normal basis. We initiated 2022 full year operating EPS guidance that represents a 6.5% annual increase midpoint to midpoint. We affirmed the same 6.5% operating EPS growth guidance through 2026. We introduced a $37 billion high-quality decarbonization-focused 5-year growth CapEx plan that drives approximately 9% rate base growth. We continue to expect the vast majority of our spending across our segments to be in rider form. And finally, our balance sheet and credit profile remain in very good health.

總而言之，我們報告了2021年第四季和全年的營運每股收益，高於我們指引區間的中點，這延續了我們六年來在天氣正常的情況下達到或超過季度中點的業績記錄。我們啟動了2022年全年營運每股收益指引，這意味著年增率將達到中點到中點的6.5%。我們確認了2026年營運每股收益成長指引，維持相同的6.5%。我們推出了一項370億美元的高品質脫碳五年期成長資本支出計劃，該計劃將推動約9%的費率基準成長。我們預計，我們各部門的絕大部分支出仍將以附加條款的形式支付。最後，我們的資產負債表和信用狀況仍然非常健康。

And with that, I'll turn it back over to you, Bob.

說完這些，我就把話題還給你，鮑伯。

Thanks, Jim. Starting with safety, Dominion Energy finished 2021 with its second-best performance ever. Additionally, the company was the top performer in the 2021 Southeastern Electric Exchange ranking. We take pride in our relentless focus on safety, and it's the first of our company's core values. While our safety performance relative to industry is very good, our goal has been and continues to be that none of our colleagues get hurt ever.

謝謝，吉姆。首先從安全角度來說，道明尼恩能源公司在2021年取得了史上第二好的表現。此外，該公司在2021年東南電力交易所的排名中名列前茅。我們以對安全的不懈關注為榮，這是我們公司的核心價值之一。雖然我們的安全表現相對於業界而言非常出色，但我們的目標一直是，並將繼續是，確保我們的同事永遠不會受傷。

Our customers' highest priority is reliability. They expect their power will come on when they need it, period. In the past year, our customers in our electric service areas in Virginia, South Carolina and North Carolina had power 99.9% of the time, excluding major storms. When major storms approach, we stage equipment and people to be ready so crews can swing into action as soon as it is safe to do so. As we did for the first winter storm of 2022 that dumped wet, heavy snow on most of the northern, central and western regions of Virginia, interrupting service to over 400,000 customers. Over 87% of those customers had service restored after 2 days of restoration and 96% within 4 days. Our crews worked around the clock in frigid temperatures and treacherous icy travel conditions to safely restore service to our communities.

可靠性是客戶最優先考慮的因素。他們期望電力在需要時能夠及時供應，就是這樣。在過去的一年裡，除重大風暴外，我們在維吉尼亞州、南卡羅來納州和北卡羅來納州電力服務區的客戶99.9%的時間都有電力。當重大風暴來臨時，我們會安排設備和人員做好準備，以便工作人員在安全的情況下盡快投入工作。正如我們在應對2022年第一場冬季風暴時所做的那樣，這場風暴為弗吉尼亞州北部、中部和西部大部分地區帶來了濕潤厚重的積雪，導致超過40萬客戶的服務中斷。超過87%的客戶在恢復服務2天後恢復服務，96%的客戶在恢復服務4天內恢復服務。我們的工作人員在嚴寒和危險的冰雪條件下日以繼夜地工作，安全地恢復了我們社區的服務。

Our gas distribution business knows that safe and reliable service is the priority, especially when exigent circumstances exist. When an emergency notification is received, we typically have a crew on site twice as quickly as the industry expected response time. Last month, we had the highest-ever flow of gas at our Utah system and the highest-ever daily throughput across our Ohio system, higher even than the polar vortex of 2019. And in both cases, our service never missed a beat, and our customers would never have known we were setting all-time records. I'm proud, though not surprised, at the way in which our Dominion Energy team members have responded on behalf of our customers.

我們的天然氣分銷業務深知，安全可靠的服務至關重要，尤其是在緊急情況下。收到緊急通知後，我們通常會以比產業預期反應時間快兩倍的速度派遣工作人員到達現場。上個月，猶他州系統的天然氣流量創歷史新高，俄亥俄州系統的日輸送量也創歷史新高，甚至超過了2019年的極地渦旋。在這兩種情況下，我們的服務都保持著良好的狀態，客戶甚至不知道我們正在創造歷史紀錄。我對道明尼恩能源團隊成員代表客戶的回應感到自豪，但並不感到驚訝。

Now I'll turn to updates around the execution of our growth plan. In Virginia, the SEC approved the comprehensive settlement agreement for our first triennial review in November. We're very pleased to be extending our track record of constructive regulatory outcomes. On top of that, we are incredibly excited about what Dominion Energy is working to accomplish, specifically our green capital investment programs on behalf of our customers in Virginia, which I will touch on in a few minutes, nearly all of which will grow earnings under regulated rider mechanisms.

現在，我將介紹我們成長計畫執行的最新進展。在維吉尼亞州，美國證券交易委員會 (SEC) 於 11 月批准了我們首次三年期審查的全面和解協議。我們非常高興能夠延續我們在建設性監管成果方面的良好記錄。此外，我們對 Dominion Energy 正在努力實現的目標感到無比興奮，特別是我們代表維吉尼亞州客戶開展的綠色資本投資項目（我將在幾分鐘後詳細介紹），幾乎所有這些項目都將在受監管的附加條款機制下實現盈利增長。

Since the Virginia rider investment programs are reviewed and trued up annually, they are not included in the Virginia triennial review process. Based on these trends, the Virginia base investment balance as a percentage of total Dominion Energy declines to about 13% by 2026 and is expected to continue to decline as a percentage in the future.

由於維吉尼亞州的附加投資計畫每年都會進行審核和調整，因此它們不包含在維吉尼亞州的三年一次的審核流程中。基於這些趨勢，維吉尼亞州基礎投資餘額佔道明尼恩能源公司總投資餘額的比例到2026年將下降至約13%，預計未來該比例將持續下降。

Turning to offshore wind. The country's only fully regulated offshore wind project is very much on track. As it relates to the SEC rider application, we're currently in the discovery phase. And to date, this process very much conforms with what we typically expect during a rider proceeding of this type. Major project milestones are listed on Slide 15. We expect to receive a final order from the SEC in August this year.

談到離岸風電。美國唯一一個完全受監管的離岸風電項目進展順利。就美國證券交易委員會（SEC）附加條款申請而言，我們目前正處於調查階段。到目前為止，這項流程與我們在此類附加條款程序中通常的預期非常一致。主要的項目里程碑列於第15張投影片。我們預計今年8月收到SEC的最終命令。

A few items to reiterate here. First, this project will provide a boost to Virginia's growing green economy by creating hundreds of jobs, hundreds of millions of dollars of economic output and millions of dollars of tax revenue for the state and localities. It will also propel Virginia closer to achieving its goal to become a major hub for the burgeoning offshore wind value chain up and down the country's East Coast. Second, unlike any other such project in North America, this investment is 100% regulated and eligible for rider recovery in Virginia. Finally, the VCEA provides very specific requirements on the presumption of prudency for investment in the project, which we are confident that we have already met.

這裡需要重申幾點。首先，該計畫將為維吉尼亞州和地方創造數百個就業機會、數億美元的經濟產出和數百萬美元的稅收，從而促進維吉尼亞州日益增長的綠色經濟。它還將推動維吉尼亞州更接近實現其目標，即成為美國東海岸蓬勃發展的離岸風電價值鏈的主要樞紐。其次，與北美其他同類項目不同，這項投資在維吉尼亞州受到100%的監管，並有資格獲得附加條款補償。最後，《維吉尼亞州風電投資法》（VCEA）對專案投資的審慎性假設提出了非常具體的要求，我們相信我們已經滿足了這些要求。

Our Jones Act-compliant wind turbine installation vessel is being constructed and is on track for delivery in late 2023 as originally scheduled. The project is currently about 43% complete. We expect the vessel will be in a central resource to DEV as well as to the overall domestic offshore wind industry, and we'll be entering service with plenty of time to support the 2024 turbine installation season.

我們符合《瓊斯法案》的風力渦輪機安裝船正在建造中，預計在2023年底將按原計劃交付。該項目目前已完成約43%。我們預計該船將成為DEV以及整個國內離岸風電產業的核心資源，並將有充足的時間投入使用，以支援2024年的渦輪機安裝季。

Our other clean energy filings in Virginia are also progressing well. Last month, we were very pleased to see the SEC approved Phase 2 of our grid transformation plan for projects that we plan to deploy in 2022 and 2023. These projects will facilitate the expected increase in distributed energy resources like small-scale solar and expand electric vehicle infrastructure as well as enhance grid resiliency and security. Our clean energy and nuclear rider filings remain on track. Final orders are expected later this year as outlined on Page 18.

我們在維吉尼亞州的其他清潔能源申請也進展順利。上個月，我們非常高興地看到美國證券交易委員會批准了我們電網轉型計劃的第二階段，該計劃涵蓋了我們計劃於2022年和2023年部署的項目。這些項目將促進小型太陽能等分散式能源資源的預期成長，擴大電動車基礎設施，並增強電網的彈性和安全性。我們的清潔能源和核子附加條款申請仍在順利進行中。最終訂單預計將於今年稍晚發布，詳情請參閱第18頁。

Through 2020, we have successfully reduced our enterprise-wide CO2 equivalent emissions by 42%. That's great progress, but it's not enough. By 2035, we expect to improve that reduction to between 70% and 80% versus baseline on our way to meet net zero by 2050.

截至2020年，我們已成功將全公司二氧化碳當量排放量減少了42%。這是一個巨大的進步，但這還不夠。到2035年，我們預計減排量將達到基準的70%至80%，並最終在2050年達到淨零排放。

As shown on the right side of Slide 19, the transition to a clean energy future means reduced reliance on coal-fired generation. Back in 2005, more than half of our company's power production was from coal-fired generation. By 2035, we project that to be less than 1%.

如第19張投影片右側所示，向清潔能源轉型意味著減少對燃煤發電的依賴。早在2005年，我們公司一半以上的電力生產來自燃煤發電。到2035年，我們預計這一比例將低於1%。

We show our time line for transitioning out of coal on Slide 20. By the end of the decade, as part of our ongoing resource planning, we expect to be coal-free in South Carolina and have only 2 remaining facilities at Dominion Energy Virginia for reliability and energy security considerations. While our IRPs are informational filings and do not provide approval or disapproval for any specific capital project, we look forward to continuing to work with stakeholders, including the commission, to drive towards an increasingly low-carbon future.

我們在第20張投影片上展示了我們逐步淘汰煤炭的時間表。作為我們持續進行的資源規劃的一部分，我們預計到2020年，南卡羅來納州將實現無煤化，並且出於可靠性和能源安全的考慮，Dominion Energy Virginia 僅剩下兩座設施。雖然我們的IRP文件僅供參考，並不代表對任何特定資本項目的批准或否決，但我們期待繼續與包括委員會在內的利益相關方合作，共同邁向低碳的未來。

From an investment base perspective, which is a rough approximation of earnings contribution, you can see on Slide 21 the diminished role coal-fired generation plays in our financial performance, driven by facility retirements and non-coal investment. We're mindful that this shift has the potential to be disruptive to employees and communities, and we are being purposeful in our efforts to ameliorate any such negative consequences. We believe in a just transition. We have and will continue to consider the needs of impacted communities and our entire workforce during this clean energy transition.

從投資基數（粗略估算獲利貢獻）的角度來看，您可以在第21張投影片中看到，受設施退役和非煤投資的影響，燃煤發電在我們財務表現中所佔的比重正在下降。我們深知，這種轉變可能會對員工和社區造成乾擾，我們正在有針對性地努力減輕任何此類負面影響。我們相信公平的過渡。在清潔能源轉型期間，我們一直並將繼續考慮受影響社區和全體員工的需求。

You'll also note that zero carbon generation grows significantly, such that by 2026, over 65% of our investment base will consist of electric wires and zero carbon generation.

您還會注意到，零碳發電量顯著成長，到 2026 年，我們投資基礎的 65% 以上將由電線和零碳發電組成。

Moving on to South Carolina. As part of our ongoing resource planning, Dominion Energy South Carolina is planning to replace several of our older generation peaking turbines with modern, more efficient units. These peaking units, which often operate seasonally during certain times of day when the demand for energy is at its highest, play an important role in our generation fleet with their ability to go from idle to producing energy quickly. Modernizing this equipment will lower fuel cost to customers, improve environmental performance and provide reliability and efficiency benefits. These will become even more important as additional intermittent fluctuating resources such as solar are added to our system. Last quarter, the Public Service Commission of South Carolina approved a settlement allowing the company to move forward with 2 of the proposed sites, and we'll hold an RFP for a third.

接下來是南卡羅來納州。作為我們正在進行的資源規劃的一部分，Dominion Energy South Carolina 計劃用更有效率的現代化機組取代幾個老一代調峰機組。這些調峰機組通常在一天中能源需求最高的特定時段季節性運行，憑藉其快速從閒置狀態轉為發電的能力，在我們的發電設備群中發揮著重要作用。對這些設備進行現代化改造將降低客戶的燃料成本，改善環境績效，並帶來可靠性和效率優勢。隨著太陽能等其他間歇性波動性能源加入我們的系統，這些優勢將變得更加重要。上個季度，南卡羅來納州公共服務委員會批准了一項和解方案，允許該公司推進其中兩個擬建站點的建設，我們將為第三個站點發布招標書 (RFP)。

Turning to gas distribution. In North Carolina, the commission approved a comprehensive settlement last month for our gas operations with rates based on a 9.6% ROE. As a reminder, the agreement included 3 new clean energy programs, a new hydrogen blending pilot, a new option to allow our customers to purchase RNG attributes and a new and expanded energy efficiency programs. This is a prime example of the role that supportive regulation can play in meeting our decarbonization objectives.

談到天然氣分銷。在北卡羅來納州，委員會上個月批准了一項針對我們天然氣業務的全面解決方案，其費率基於9.6%的股本回報率。需要提醒的是，該協議包括三個新的清潔能源項目、一個新的氫氣混合試點項目、一個允許客戶購買再生天然氣（RNG）屬性的新選項，以及一個全新且擴展的能源效率項目。這充分體現了支持性監管在實現我們脫碳目標方面所扮演的角色。

Let me now address this morning's announcement regarding the sale of our West Virginia natural gas utility to Ullico. Hope Gas is a valuable business with tremendous people. At the same time, compared to the other larger state-regulated utilities across our 5 premier states, Hope Gas is relatively a small stand-alone operation. Our talented employees have consistently delivered safe, reliable and affordable energy to Hope's customers. We're pleased that these best-in-class employees are now joining another excellent organization in the form of Ullico, who has agreed to provide significant protections for employees and honor existing union commitments. Ullico's operating expertise and financial resources will also ensure that Hope's customers will continue to receive the high level of service to which they have grown accustomed.

現在，讓我來談談今天早上關於將我們位於西維吉尼亞州的天然氣公用事業公司出售給Ullico的公告。 Hope Gas是一家價值不斐的企業，擁有許多人才。同時，與我們五個主要州內其他受州政府監管的大型公用事業公司相比，Hope Gas的獨立營運規模相對較小。我們優秀的員工始終如一地為Hope Gas的客戶提供安全、可靠且價格合理的能源。我們很高興這些優秀的員工現在加入了Ullico這個優秀的組織，Ullico已同意為員工提供重要的保障，並履行現有的工會承諾。 Ullico的營運專長和財務資源也將確保Hope Gas的客戶繼續享受他們習以為常的高水準服務。

Slide 24 provides a summary of several important steps we took in 2021 that enhanced our industry-leading ESG profile. Just a couple of items I'll highlight here. In July, we published our updated climate report, which included disclosure of Scope 1, 2 and 3 emissions, an important step as it relates to our net zero commitment as I will expand on in a minute. In November, we issued our inaugural Diversity, Equity and Inclusion report, which highlights our progress towards building a more diverse and inclusive workforce. As part of that report, we also published our EEO-1 data. This enhanced external reporting builds upon our commitment to increase our total workforce diversity by 1% each year, with a goal of reaching at least 40% by year-end 2026. We're very much on track to meet that goal.

投影片 24 總結了我們在 2021 年採取的幾個重要舉措，這些舉措提升了我們業界領先的 ESG 形象。我在這裡只重點介紹其中幾項。 7 月，我們發布了更新的氣候報告，其中包括範圍 1、2 和 3 排放的揭露，這是與我們的淨零承諾相關的重要一步，我稍後將詳細說明。 11 月，我們發布了首份《多元化、公平和包容性》報告，重點介紹了我們在建立更多元化和包容性的員工隊伍方面取得的進展。作為該報告的一部分，我們也發布了 EEO-1 數據。此次增強的外部報告建立在我們每年將員工隊伍整體多元化提高 1% 的承諾之上，目標是到 2026 年底達到至少 40%。我們非常有望實現這一目標。

These and other ESG-oriented efforts have been recognized by leading third-party assessment services, as shown on Slide 25. By each measure, our performance exceeds the sector average. We've been recognized as part of the leadership band by CDP for our climate and water disclosure for the second year in a row. As trendsetters, the highest categorization for the fourth consecutive year by the CPA-Zicklin report on political accountability and transparency. And most recently, MSCI increased our rating from A to AA, which designates us a leader in the field.

如投影片25所示，這些以及其他以ESG為導向的努力已獲得領先的第三方評估機構的認可。從各項指標來看，我們的表現都超過產業平均。我們連續第二年被CDP評為氣候和水資源資訊揭露領域的領導者。作為潮流引領者，我們連續第四年獲得CPA-Zicklin政治問責和透明度報告的最高評級。最近，MSCI將我們的評級從A提升至AA，這表明我們在該領域處於領先地位。

Turning to Slide 26. I'm pleased to announce an expansion of our net zero commitments. In addition to our current commitment to achieve enterprise-wide net zero Scope 1 carbon and methane emissions by 2050, we now aim to achieve net zero by 2050 for all Scope 2 emissions and for Scope 3 emissions associated with 3 major sources: LDC customer end-use emissions, upstream fuel and purchase power. These new commitments formalize our continued focus on helping our customers and suppliers decarbonize.

翻到第26張幻燈片。我很高興地宣布，我們將進一步擴大淨零排放承諾。除了目前承諾在2050年實現全企業範圍一碳和甲烷淨零排放之外，我們現在的目標是到2050年實現所有範圍二排放以及與三大主要排放源相關的範圍三排放的淨零排放：最不發達國家 (LDC) 客戶終端使用排放、上游燃料排放和購買電力。這些新的承諾正式確立了我們持續致力於幫助客戶和供應商實現脫碳的決心。

Reducing emissions as fast as possible and achieving net zero emissions company-wide requires immediate and direct action. That's why the company continues to take meaningful steps to address Scope 3 emissions. We formalized our support for federal methane regulation, and we're working towards procurement practices that encourage enhanced disclosures by upstream counter-parties on their emissions and methane reduction programs. Further, we encourage suppliers to adopt a net zero commitment, and we started to receive quotes for responsibly sourced gas, which are evaluated consistent with our reliability, service and cost criteria for natural gas supply.

盡快減少排放並實現全公司淨零排放需要立即採取直接行動。正因如此，公司持續採取有效措施應對範圍三排放。我們正式支持聯邦甲烷法規，並致力於改善採購實踐，鼓勵上游交易對手加強揭露其排放和甲烷減排計畫。此外，我們鼓勵供應商做出淨零承諾，並已開始接收負責任採購天然氣的報價，這些報價將根據我們天然氣供應的可靠性、服務和成本標準進行評估。

For downstream emissions, we expect to increase our annual spend on energy efficiency over the next 5 years at our LDCs by nearly 50% and to provide our customers with access to a carbon calculator and carbon offsets. For example, in both Utah and North Carolina, we offer GreenTherm, a voluntary program that provides customers with access to renewable natural gas. While initially being offered on a voluntary basis, we are working with policymakers and regulators to increase access to RNG for our customers.

對於下游排放，我們預計未來五年內，在最不發達國家 (LDC) 的能源效率年度支出將增加近 50%，並為客戶提供碳排放計算器和碳補償。例如，在猶他州和北卡羅來納州，我們提供 GreenTherm，這是一項自願性項目，為客戶提供再生天然氣 (RNG)。雖然最初是自願提供的，但我們正在與政策制定者和監管機構合作，以增加客戶使用 RNG 的機會。

And finally, we continue to pursue innovative hydrogen use cases, including our blending pilot in Utah, which, based on early assessment, confirms the ability to blend at least 5% and potentially up to 10% without adverse impacts to appliance performance, leak survey, system safety or secondary emissions. Over the long term, achieving these goals will require supportive legislative and regulatory policies and broader investments across the economy. This includes support for the testing and deployment of technologies. For example, we support efforts to research and develop new technologies through collaborations such as the Low-Carbon Resource Initiative, of which we're a founding sponsor. And we will never lose sight of our fundamental responsibility to customers, providing safe, reliable, affordable and sustainable energy.

最後，我們將繼續探索創新的氫能應用案例，包括我們在猶他州進行的混合氫能試點計畫。根據早期評估，該計畫確認能夠混合至少5%、最高可達10%的氫能，且不會對設備性能、洩漏檢測、系統安全或二次排放產生不利影響。從長遠來看，實現這些目標需要支持性的立法和監管政策，以及更廣泛的經濟投資。這包括對技術測試和部署的支援。例如，我們透過低碳資源倡議等合作項目支持新技術的研發工作，我們是該倡議的創始贊助商之一。我們始終牢記對客戶的基本責任，即提供安全、可靠、經濟實惠且可持續的能源。

With that, let me summarize our remarks on Slide 27. Our safety performance was our second best ever. We reported our 24th consecutive quarterly result that, normalized for weather, meets or exceeds the midpoint of our guidance range. We affirmed the same 6.5% operating EPS growth guidance through 2026 and affirmed our existing dividend growth guidance through 2026. We're focused on executing project construction and achieving regulatory outcomes that serve our customers well, and we're aggressively pursuing our vision to be the most sustainable regulated energy company in the country.

至此，讓我總結我們在第27張投影片上的發言。我們的安全表現創歷史新高。我們報告了連續第24個季度的業績，在天氣因素正常化後，達到或超過了我們預期範圍的中點。我們確認了2026年6.5%的營運每股收益成長預期，並確認了我們現有的到2026年的股息成長預期。我們專注於執行專案建設，並取得能夠更好地服務客戶的監管成果，同時，我們正在積極追求我們的願景，成為美國最具永續性的受監管能源公司。

We're now ready to take your questions.

我們現在準備好回答您的問題。

(Operator Instructions) Our first question will come from Jeremy Tonet with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to start off here. If you could walk us from the prior planned CapEx to today's and the impact on targeted equity included the expected LDC sale proceeds. Just wondering, are there any other non-core assets in the portfolio you might look to sell an asset such as Millstone for equity source?

我想從這裡開始。您能否介紹一下從先前的計劃資本支出到今天的支出，以及對目標股權的影響，包括預期的LDC出售收益？我想知道，投資組合中是否還有其他非核心資產，您可能會考慮出售Millstone等資產來換取股權？

Jeremy, it's Bob. I'll start and then I'll turn it over to Jim to -- I'll take the second part, turn it over to Jim to walk through the first part. Our announcement related to Hope was about scale. As we think about, as we mentioned in our remarks, Hope Gas, a great company. But in terms of customers, it's 1/4 of the size of our next smallest LDC. And so as we thought about capital allocation, it made sense to us to think about divesting that great company, and I think the power colleagues who work there are also going to a great company.

傑瑞米，我是鮑伯。我先開始，然後交給吉姆──我先講第二部分，再交給吉姆講第一部分。我們關於Hope Gas的公告是關於規模的。正如我們在演講中提到的，Hope Gas是一家很棒的公司。但就客戶數量而言，它只有我們第二小的LDC規模的四分之一。因此，當我們考慮資本配置時，剝離這家很棒的公司對我們來說是合理的，我認為在那裡工作的優秀同事也會加入這家很棒的公司。

As to the sort of broader question, we like the mix of assets that we have. And we think they support our growth rate and allow us to continue to execute, which is what we're most focused on, is executing on that strategy-regulated pure play. Now like every company, we obviously regularly evaluate assets to see what makes sense with respect to credit, earnings accretion, all those kinds of things. But we're very comfortable that the asset mix that we have today supports the growth rate that we've outlined, and we're just focused on executing on that. And I'll get Jim to talk a little bit about sort of tying that capital plans and equity.

至於更廣泛的問題，我們看好我們現有的資產組合。我們認為它們支撐著我們的成長率，並使我們能夠繼續執行，而這正是我們最關注的，即執行我們受策略監管的純粹業務。現在，像所有公司一樣，我們顯然會定期評估資產，以了解哪些資產組合在信貸、獲利成長等方面是合理的。但我們非常確信，我們目前的資產組合能夠支撐我們規劃的成長率，而我們只是專注於執行這一目標。我稍後會請吉姆談談如何將資本計畫與股權掛鉤。

Yes, Jeremy. As I mentioned in prepared remarks, we provided a lot of detail on our growth plans and capital spending in the appendix, so wouldn't expect anyone to digest all that yet. But I would draw attention to Page 34, which is a bridge from our prior 5-year capital growth plan to the new one, $32 billion to $37 billion. And let me just quickly tick through some of the changes. The most material single change is simply moving from one 5-year period to the next, drop 2021, check that box, add 2026. And just in doing that, you're also incidentally including the full time frame for offshore wind spend.

是的，傑瑞米。正如我在準備好的演講稿中提到的，我們在附錄中提供了大量有關成長計畫和資本支出的細節，所以目前還不指望大家能夠消化所有這些內容。但我想提請大家注意第34頁，它銜接了我們之前的5年資本增長計劃和新的計劃，即320億美元到370億美元。讓我快速介紹一下其中的一些變化。最重要的改變就是從一個5年期過渡到下一個5年期，去掉2021年，勾選那個方框，加上2026年。這樣做也順便把離岸風電支出的完整時間範圍也納入了進去。

Then if you look at budget changes for some of our capital programs, for example, the budget we discussed in November on offshore wind is actually fully neutralized in our 5-year capital spend plan by postponement for further evaluation, as we talked about in November, of our pump storage project and our Virginia CTs, which are further out in time outside the 5-year period. So that nets to zero.

然後，如果您查看我們一些資本項目的預算變化，例如，我們11月討論的海上風電預算實際上已完全被我們5年資本支出計劃抵消，因為我們的抽水蓄能項目和弗吉尼亞輸電線路（CT）項目被推遲進行進一步評估，正如我們在11月討論的那樣，這些項目的時間跨度比5年期更長。因此，淨額為零。

And then you'll see some other drivers there. Just true up some of our capital spending across gas distribution, R&D and all of our other decarbonization investment programs, so that's what bridges the prior plan to new.

然後你會看到一些其他的驅動因素。只需在天然氣分銷、研發和所有其他脫碳投資項目上落實一些資本支出，這就是將先前的計劃與新的計劃銜接起來的因素。

And then, Jeremy, you asked a lot of subparts to that question. You also asked about equity, so let me say a few things about that. We -- I observed that we're one of few companies that actually give detailed guidance on equity issuance, so I'm happy it's noticed. There's no change in our equity guidance for '22. There's some very modest tweaks, $100 million in some years, $200 million in others thereafter, keeping in mind that spending is up. So equity is up. Cash flow is up. Debt's up a little bit.

然後，傑里米，你問了這個問題的許多細節。你還問到了股權，所以我想就此談幾點。我注意到，我們是少數幾家真正提供股權發行詳細指導的公司之一，所以我很高興大家注意到了這一點。我們對2022年的股權指導沒有改變。有一些非常小的調整，有些年份是1億美元，之後是2億美元，考慮到支出增加了，所以股權增加了。現金流增加了。債務也略有增加。

So how could that change? If spending in our 5-year plan as we move forward goes up, which would be good, these equity amounts could trend up slightly as well. Conversely, if it goes down, which we don't expect, they go down a little bit. But we think this level of constant equity through our existing programs. As I mentioned, 1% to 1.5% of our current market cap is -- it's accretive, it's modest and it's appropriate to keep us in the right spot from a credit rating metric perspective.

那麼，這種情況會如何改變呢？如果我們五年計劃的支出隨著我們前進而增加，這當然是好事，這些股權金額也可能會略有上升。相反，如果下降（我們預計不會），這些金額也會略有下降。但我們認為，透過現有項目，這種股權水準是可以維持的。正如我之前提到的，我們目前市值的1%到1.5%是可以增值的，這個比例適中，從信用評級指標的角度來看，它足以讓我們保持在正確的位置。

Got it. That's all very helpful there. And just another one, if I could here. The inclusion of Scope 2 and 3 emissions in the net zero commitment is a big step forward there. What are the impacts, I guess, that, that drives in your long-term CapEx in the plan? Just wondering if any of the CapEx plan is attributable to that. And then specifically, can you provide an update on your RNG plans in light of these commitments?

明白了。這些都很有幫助。如果可以的話，我再問一個問題。將範圍二和範圍三的排放納入淨零排放承諾是向前邁出的一大步。我想，這會對您計劃中的長期資本支出產生什麼影響？我想知道您的資本支出計劃中是否有任何部分與此相關。具體來說，您能否根據這些承諾，提供您的再生天然氣（RNG）計畫的最新情況？

Yes. Let me start and then I'll turn it over to Diane to talk a little bit more specifically about RNG. As we described in our opening remarks, Jeremy, Scope 2 and 3 emissions reductions by 2050 are going to require technology and supportive regulatory environment. So a lot of this that we would be thinking about are sort of longer term. It's hard for us to put as much definition around it as we can, the Virginia -- particularly Virginia-regulated rider investments and some of the others that you're seeing in that 15-year chart.

是的。我先開始，然後我會把時間交給黛安，讓她更具體地談談再生天然氣 (RNG)。正如我們在開場白中提到的，傑里米，到2050年實現範圍2和範圍3的減排需要技術和支持性的監管環境。所以我們考慮的很多問題都是比較長期的。我們很難盡可能詳細地定義維吉尼亞州——特別是維吉尼亞州監管的附加投資，以及你在這張15年圖表中看到的其他一些投資。

Obviously, nothing in the 5-year plan when we think would move the needle there. But lots of opportunities, we believe, and we think it's important. That's what our customers are looking for us to do. It's what our shareholders are looking for us to do. So we'll have opportunities to flesh that out. There's -- as we mentioned, we've already got a fair amount going, and a big chunk of that right now is our investment in RNG. And I'll ask Diane to talk a little bit more detail about that.

顯然，我們認為五年計畫中沒有任何內容可以推動這項進程。但我們相信，其中有很多機會，而且我們認為這很重要。這正是我們的客戶希望我們做的事情。這也是我們的股東希望我們做的事情。所以我們有機會充實這些計劃。正如我們所提到的，我們已經有相當多的投入，其中很大一部分目前是我們對 RNG 的投資。我會請黛安更詳細地談談這一點。

Okay. So our RNG program, our capital program has really increased over this last year. So we now have 10 projects under construction and 1 in service, but 2 of those under construction, both dairy, will be in service in the coming days and weeks. We expect 6 projects to come into service this year. So we're really kind of ramping up, even though it's very small right now. But we see that pace continuing of new projects and during the construction stream and more coming online in these next few years.

好的。我們的 RNG 項目，也就是我們的資本項目，比去年確實有所成長。目前我們有 10 個項目在建，1 個項目已投入運營，其中兩個在建項目（均為乳製品項目）將在未來幾天或幾週內投入運營。我們預計今年將有 6 個項目投入營運。所以，儘管目前規模很小，但我們確實在加速推進。但我們看到，新項目和在建項目將繼續保持這種成長速度，未來幾年將有更多項目上線。

So we do see this. What we've said before is about $2 billion of capital investment through 2035, through our main platforms of the dairy and the swine with our partnerships with Align and Vanguard. So that's on the development side.

所以我們確實看到了這一點。我們之前說過，到2035年，我們將透過與Align和Vanguard合作，透過我們主要的乳製品和生豬平台，投入約20億美元的資本。所以，這是在發展方面。

On the LDC side, specifically as it relates to Scope 3, we really see that program eventually moving towards a long-term strategy of having RNG directly into our regulated gas customers. So we already have that on a voluntary basis in Utah, and it's been very well received there and just got approval in North Carolina and looking to work with stakeholders to increase the amount of RNG blending into our local gas distribution company. So whether we build it or not, whether it's part of our program or not, we're really looking to see more RNG access for our customers in our LDC program.

在LDC方面，特別是與範圍3相關的方面，我們確實看到該專案最終朝著長期策略邁進，即將RNG直接輸送到我們受監管的天然氣客戶手中。我們已經在猶他州自願推行了這項計劃，並且在那裡獲得了廣泛好評，北卡羅來納州也剛剛獲得批准，我們正在尋求與利益相關者合作，增加我們當地天然氣分銷公司的RNG混合量。因此，無論我們是否建造該項目，無論它是否是我們項目的一部分，我們都真誠地希望看到LDC項目中的客戶能夠獲得更多的RNG使用權。

Our next question comes from Steve Fleishman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steve Fleishman。

So Bob, just there was a lot of focus late last year on the Virginia election, a new governor and the like. And maybe you could just talk a little bit about how things have been going with registration and if there's any kind of maybe specifically the political support you're seeing or not for the offshore wind projects.

鮑勃，去年年底，維吉尼亞州的選舉、新州長的選拔等議題備受關注。您能否談談註冊的進度，以及您是否看到離岸風電計畫獲得了哪些具體的政治支持？

Yes, Steve. So things have been going well with the new administration and the general assembly. Obviously, the session in Virginia is less than -- a little less than halfway over, but Virginia session moves pretty quickly. It's really -- energy just has not been a big focus. As we discussed, I think, on the last call, that campaign was focused on education and taxes, and that's what the general assembly has been focused on, not surprisingly. And so energy has not been a huge part of the equation.

是的，史蒂夫。所以新政府和大會的進展都很好。顯然，維吉尼亞州的會議還不到一半，但進展相當快。能源問題其實一直不是重點。正如我們上次電話會議討論的那樣，我認為那場競選活動的重點是教育和稅收，而大會也毫不意外地關注了這些。所以，能源問題並沒有成為主要議題。

So we'll -- obviously, you make predictions about the legislative process at your peril, but we're participating and finding that we continue to work well with both Republicans and Democrats as we have for quite a long time.

因此，我們——顯然，對立法程序做出預測是危險的，但我們正在參與並發現，我們繼續與共和黨和民主黨保持良好的合作，就像我們長期以來所做的那樣。

As regards offshore wind, there continues to be very strong support for offshore wind as we discussed, on -- in our opening remarks. There is a great opportunity for Virginia with respect to new jobs and new industry. And our project is recognized as one that can bring a lot of benefits to the state. So still seeing great support for offshore wind.

關於離岸風電，正如我們在開場白中所討論的那樣，離岸風電仍然得到了強有力的支持。這為維吉尼亞州帶來了巨大的新就業和新產業機會。我們的計畫被認為能夠為該州帶來許多益處。因此，離岸風電仍受到大力支持。

Okay. And then one other question on offshore wind. Just Ørsted a week or two ago talked to cost pressures that -- I think it sounds like things that you had already maybe reflected in your budget. But one of the things that you specifically pointed to was vessel costs for like not the Jones Act vessels but for other things like the foundations and the like. Just -- could you just talk to -- is that part of the mix of what you have locked up already?

好的。還有一個關於離岸風電的問題。一兩週前，Ørsted 剛剛談到成本壓力——我想這些聽起來像是你們預算中已經反映出來的東西。但您特別提到的一點是船舶成本，不是《瓊斯法案》規定的船舶成本，而是其他成本，例如基礎等等。您能否談談—這是否是您已經確定的預算組合的一部分？

Yes. In fact, Diane and I met with the executives at Prysmian and DEME, who are handling, we talked about these large packages there that transport and install. So they're doing the cable and installing the monopods. We just met with them earlier this week, and things are very much on track with them.

是的。事實上，我和黛安已經和普睿司曼以及DEME的高層見面了，他們負責處理這些大型包裹的運輸和安裝。他們正在負責電纜和單腳架的安裝。我們本週早些時候剛和他們見過面，目前一切進展順利。

So our -- and as regards our own vessel, the installation vessel, the steel for that, for example, has been on site for quite some time. So I think the premise where you started the question saying that the pressures that you may have heard about were factored into our -- contracting is exactly right. We entered into these contracts late last year with counter-parties who are very experienced. Every single one of them is very experienced in this industry. So we still feel very good about that project both in terms of schedule and budget.

所以，就我們自己的船，也就是安裝船而言，其鋼材已經在現場使用了相當長一段時間。所以，我認為你一開始提出的問題，即你可能聽說過的壓力已經考慮到了我們的承包合約中，這個前提完全正確。我們在去年年底與經驗豐富的合作方簽訂了這些合約。他們每個人都在這個行業中經驗豐富。因此，我們對專案的進度和預算仍然非常滿意。

Great. And one quick follow-up on Hope Gas. Just curious in the debate about the future of LDCs, it looks like you got a good price here for it. Just could you give us some sense of the competitive dynamic of that process and just what your kind of -- what do you think it means for kind of thinking about the value of your remaining LDCs?

太好了。關於Hope Gas，我簡單跟進。我對關於最不發達國家（LDC）未來的討論感到好奇，看起來你們似乎得到了一個不錯的價格。您能否為我們介紹一下這個過程的競爭動態，以及您認為這對您考慮剩餘LDC的價值意味著什麼？

We feel very good about the value of our remaining LDCs as we have for some time. As I mentioned, this was a decision that we made related to scale. As it pertains to our LDC businesses, they are growing there in what we describe as premium states, very pro-business states, strong customer bases, very supportive of natural gas and with customers who want natural gas for cooking and heating their homes.

我們對剩餘的最不發達國家（LDC）地區的價值非常看好，就像我們一直以來那樣。正如我之前提到的，這是我們基於規模所做的決定。就我們的最不發達國家（LDC）業務而言，它們在我們所謂的優質州（這些州非常支持商業發展，擁有強大的客戶群，大力支持天然氣，並且客戶需要天然氣用於烹飪和取暖）中不斷發展。

So this was not, from our perspective, a reflection on our thinking about the LDC business going forward. And that being said, we had a lot of interest, obviously, in this process, and we feel very good about the price and equally important about the quality of the counter-party. So I think it was a good outcome and one that we think will be very well received. But we expect to continue operating our LDC as well.

所以，從我們的角度來看，這並非我們對LDC業務未來發展規劃的反映。話雖如此，我們顯然對這一過程非常感興趣，我們對價格非常滿意，並且同樣重視交易對手的品質。所以我認為這是一個不錯的結果，我們相信它會受到熱烈歡迎。但我們預計LDC業務仍將繼續營運。

Our next question will come from Ross Fowler with UBS.

我們的下一個問題來自瑞銀的羅斯·福勒。

Hope you and the team are well. So I just wanted to walk through Slide 11 one more time and make sure I understand very clearly what you said. So we know that CapEx is up plan to plan basically as you're adding '26 and taking '21 away. And what you're saying is there's no change here to '22 equity, a small increase to equity in '23 forward and that the Hope proceeds are really going to be used to repay debt, and that capacity turns around to be available for regulated CapEx. Did I frame that correctly? Is that what I heard you say on the call?

希望您和團隊一切安好。所以我想再看一下第11張投影片，確保我清楚地了解您所說的內容。我們知道，資本支出基本上是按計劃增加的，因為您增加了26年，減少了21年。您說的是，22年的股權沒有變化，23年後股權略有增加，Hope的收益實際上將用於償還債務，而這些產能將轉而用於受監管的資本支出。我這樣表述對嗎？這是我在電話會議上聽到的您說的話嗎？

That's exactly right on the equity sources and uses or the overall sources eases, I should say. So to simplify it a little bit, what are we doing here with the proceeds from the small sale? After-tax proceeds, we're paying down parent-level debt. And then in coming years, we'll use that debt capacity modest as we invest in our spending programs across our key regulated states.

關於股權來源和用途，或者說整體來源，我的觀點完全正確。簡單來說，我們用這筆小額出售的收益做什麼？稅後收益用於償還母公司層面的債務。未來幾年，我們將適度使用這些債務能力，投資於我們主要受監管州的支出項目。

That's perfect, Bob. And then on your comments on solar on the call, so you noted that costs are up and prices are tight here, but then you've done a lot of '22 procurement already so that stuff is on track. And on '23, you're on track, but you're watching it. How much of '23 have you already procured? And how much is maybe still out there that may be a swing factor for maybe pushing projects to '24?

鮑勃，太好了。然後，關於您在電話會議上對太陽能的評論，您提到成本上漲，價格緊張，但您已經完成了很多2022年的採購，所以一切進展順利。 2023年的採購也進展順利，但您仍在關注。您已經採購了多少2023年的採購項目？還有多少項目可能成為將項目推遲到2024年的關鍵因素？

All right. So this is Diane Leopold. Thanks for that question. So for 2023, as Bob talked about, we are seeing some shortages of panels and other items. But we are actively in the stages now of working out the contracting for these projects. We are well along the way in that process and, project by project, getting access to the modules we need. So while I won't say it's simple and not without some additional costs, we're managing it and I'd just say that we're well along the way.

好的。我是黛安·利奧波德。謝謝你的提問。正如鮑伯所說，2023年，我們遇到了一些太陽能電池板和其他設備的短缺。但我們目前正積極地為這些項目制定合約。我們的進展順利，並且正在一個接一個地獲得所需的組件。所以，雖然我不能說這很簡單，也有一些額外的成本，但我們正在管理它，我只能說，我們進展順利。

Our next question comes from Durgesh Chopra with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Durgesh Chopra。

Just Jim, a quick clarification. You mentioned $800 million, if I heard that correctly, on the offshore CapEx that was indexed. Is that $800 million part of the $7 billion locked? Or is that $800 million out of the total roughly $10 billion projected project costs?

吉姆，簡單澄清一下。如果我沒聽錯的話，您提到了8億美元，這筆被納入指數的離岸資本支出。這8億美元是鎖定的70億美元的一部分嗎？還是說，這8億美元是預計總成本約100億美元中的部分？

Yes, Durgesh. That $800 million is part of the $7 billion locked across those 5 project components that we announced in November. The remaining amounts, as you'll recall, is the onshore transmission and contingency.

是的，杜爾格甚。這8億美元是我們11月宣布的5個項目組成部分鎖定的70億美元資金的一部分。剩下的部分，大家應該還記得，是陸上輸電和緊急資金。

Got it, perfect. So $7 billion of the roughly $10 billion locked and $800 million is a component of that. Then just maybe, just quickly, Jim, I just want to understand the rate base growth disclosures. And then on Slide 10 for Virginia, I would have expected the rate base CAGR to be higher, given the higher spending versus the last year plan. Is that sort of a starting point issue? Because if I compare Q4 last year to Q4 this year, the rate base CAGR is actually lower with the spend actually materially higher.

明白了，完美。所以，大約100億美元鎖定資金中的70億美元和8億美元是其中的一部分。那麼，吉姆，我想快速了解一下利率基數成長的揭露。然後，在第10張幻燈片中，關於維吉尼亞州，我預計利率基數的複合年增長率會更高，因為支出比去年的計劃更高。這算不算一個起點問題？因為如果我將去年第四季與今年第四季進行比較，利率基數的複合年增長率實際上更低，而支出實際上卻大幅增加。

Yes, Durgesh, we're happy to connect. We have, as I mentioned, a lot of detailed backup in the appendix. But what you mentioned there is just a timing issue from the starting point. There's not a material change to the programs or the overall pace. That's just timing quarter-to-quarter.

是的，杜爾格甚，我們很高興能聯絡你。正如我所提到的，附錄裡有許多詳細的備份。但你提到的只是從一開始的時間安排問題。專案或整體進度並沒有實質變化。這只是按季度調整時間而已。

Understood. And really appreciate all the disclosure in the appendix. Thank you for continuing to provide that. Appreciate it.

明白了。非常感謝附錄中披露的所有資訊。感謝您持續提供這些資訊。非常感謝。

Thank you.

謝謝。

Thank you. This does conclude this morning's conference call. You may now disconnect your lines, and enjoy your day.

謝謝。今天上午的電話會議到此結束。現在您可以掛斷電話，享受美好的一天了。