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 Dominion Energy 第四季度和 2021 年全年收益電話會議。 （操作員說明）

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

我現在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，感謝您加入電話會議。收益材料，包括今天準備好的評論，可能包含受各種風險和不確定性影響的前瞻性陳述和估計。請參閱我們提交給美國證券交易委員會的文件，包括我們最近關於表格 10-K 的年度報告和我們關於表格 10-Q 的季度報告，以討論可能導致結果與管理層的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，我們將討論一些與公認會計原則不同的公司業績衡量標準。我們的非公認會計原則措施與我們可以計算的最直接可比的公認會計原則財務措施的對賬包含在收益發布工具包中。我鼓勵您訪問我們的投資者關係網站，查看網絡廣播幻燈片以及收益發布工具包。

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.

加入今天的電話會議的是主席、總裁兼首席執行官 Bob Blue； Jim Chapman，執行副總裁、首席財務官兼財務主管；和執行管理團隊的其他成員。

I will now turn the call over to Bob.

我現在將把電話轉給 Bob。

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.

謝謝你，大衛，大家早上好。我將首先概述 Dominion Energy 令人信服的股東回報主張。在我們更新的 370 億美元 5 年增長資本計劃的支持下，我們預計至少到 2026 年，我們的每股收益每年增長 6.5%，總回報率約為 10%。這一切都以 Dominion 行業領先的 ESG 概況為基礎，其中包括該國最大的受監管脫碳投資機會，正如您將在今天準備好的講話中聽到的那樣，它正在穩步從機會轉變為現實。

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.

我們的戰略基於以 5 個主要州為中心的純粹的、受州監管的公用事業運營概況，如幻燈片 4 所示。我將分享這樣一種理念，即能源政策和監管的常識方法將安全放在首位、可靠性、可負擔性和可持續性。

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 2021 年在繼續執行我們的戰略方面取得了怎樣的成功。例如，我們繼續為客戶提供安全、可靠的服務，確保安全始終是我們的員工、客戶和社區的首要任務。我們連續第 24 個季度報告了我們的財務業績，根據天氣情況標準化，達到或超過了我們指導範圍的中點，這反映了我們專注於繼續提供一致和可預測的財務業績。我們在弗吉尼亞州、南卡羅來納州和北卡羅來納州成功完成了大量的費率案件，每個案件都表明我們有能力在這些快速發展、首要和商業友好的州為我們的客戶和股東提供建設性的監管結果。

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增長計劃。例如，我們在 7 月按計劃收到了 BOEM 對我們受監管的海上風電項目的意向通知，並在 11 月按時向弗吉尼亞州公司委員會提交了我們的附加申請。我們在弗吉尼亞州的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，這是有史以來最大的此類團體。

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，我們已將 5 年增長資本計劃推進到 2022 年至 2026 年。我們現在預計將代表客戶投資 370 億美元。幻燈片 5 突出顯示了投資計劃，超過 85% 的投資計劃專注於脫碳。

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.

儘管這些近期計劃很有意義，但請在幻燈片 6 上考慮它們與我們整體脫碳機會的長期範圍和持續時間的比較。我們的舉措遠遠超出了我們的 5 年計劃。我們現在預計到 2035 年將有 730 億美元的綠色投資機會，幾乎所有這些機會都符合受監管的服務成本回收標準。據我們所知，這是該行業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.

有了這個，在我提供有關我們計劃執行的進一步業務更新之前，我將把它交給 Jim 來介紹我們的財務結果和指導。

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.

謝謝你，鮑勃，早上好。如幻燈片 7 所示，我們 2021 年第四季度的營業收益為每股 0.90 美元，其中包括本季度公用事業服務區域惡劣天氣造成的 0.03 美元損失。天氣標準化結果再次高於我們季度指導範圍的中點。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增長、商業和工業領域使用量增加導致電力銷售增加以及合同資產利潤率提高。與上一年相比，其他因素包括 COVID 推遲的 O&M 和天氣略有追趕。

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.

正如鮑勃所提到的，這是我們連續第 24 個季度，也就是現在 6 年，提供符合或超過我們指導範圍中點的天氣正常的季度業績。我們相信我們的結果中這種歷史性的一致性值得強調，這是我們引以為豪的記錄，也是我們絕對專注於擴展的記錄。

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，高於我們指導範圍的中點，即使面對今年天氣造成的 0.05 美元損失。正如我們收益發布工具包附表 2 中所詳述的那樣，2021 年 GAAP 每股收益為 3.98 美元，比當年的營業收益高 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.

現在轉向幻燈片 9 的指導。像往常一樣，我們提供了一個年度指導範圍，其主要目的是考慮到正常天氣的變化。我們正在啟動 2022 年每股 3.95 美元至 4.25 美元的運營每股收益指導。該範圍的中點與之前在中點到中點之間衡量的 2022 年每股收益增長 6.5% 的年度指導一致。正如我認為作為我們向新的 5 年預測期前滾的一部分所預期的那樣，我們再次將我們的長期增長率再延長 1 年。我們現在預計，至少到 2026 年，營業每股收益將以每年 6.5% 的速度增長。

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 年第一季度的每股運營收益將在 1.10 美元至 1.25 美元之間。與去年相比，本季度的積極驅動因素預計將是正常路線調節的騎手增長、銷售持續適度增長以及天氣恢復正常。與去年相比，其他驅動因素預計是運維和稅收時機。我們預計我們的 2022 年全年股息為 2.67 美元，反映了我們約 65% 的目標派息率。我們還將每年 6% 的長期每股股息增長率延長至 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 提供了 Bob 介紹的 5 年增長資本計劃的細目。有關所有這些的更多詳細信息，我會指出非常全面的附錄材料。但我會在這裡指出幾項。我們繼續預測 5 年利率基數複合年增長率為 9%，按細分市場和主要驅動因素細分。超過 75% 的計劃增長資本支出有資格獲得騎手恢復。當然，附加條款下的資本投資可以及時收回謹慎發生的投資和成本。

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.

轉到幻燈片 11。我們更新了我們的融資計劃，該計劃反映了內部產生的現金流和債務發行的結合，為我們的大部分增長和維護資本支出提供資金。我們的計劃假設我們根據之前的指導，通過現有的 DRIP 和 ATM 股權計劃每年僅發行佔當前市值 1% 至 1.5% 的計劃股權。我們的 2022 年股票發行計劃沒有變化，也沒有考慮整體或上市股票。我們認為，在現有計劃下這種穩定的股票發行水平是審慎的、可增加每股收益的，並且在我們大規模增長的資本支出計劃的背景下，適合將我們的綜合信用指標保持在我們強大的信用評級類別的指導方針內。

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.

至此，如幻燈片 12 所示，我們的綜合信用指標保持穩定，我們的養老金計劃的資金狀況有所提高。我們對這些結果感到非常自豪。我們繼續將母公司的高 BBB 級信用評級和受監管的運營公司的單一 A 級信用評級作為目標。我們長期以來一直專注於實現和維持這些評級，這對於我們繼續為客戶確保低成本資本的能力非常重要。

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.

按照慣例，我們的融資計劃反映了我們為有效地將資本重新部署到我們穩健的受監管增長計劃方面所做的持續努力。正如我過去提到的，作為我們資本分配過程的一部分，我們進行持續分析以找到最有效的資金來源，為我們在關鍵州的有吸引力的公用事業增長計劃提供資金，同時保持我們的運營每股收益增長和信用配置文件。

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.

鑑於這一重點，正如今天上午宣布的那樣，我們已同意將我們的西弗吉尼亞天然氣公用事業公司 Hope Gas 出售給 Ullico，總收益約為 6.9 億美元。該交易預計將在今年年底完成，但須符合慣例成交條件，包括高鐵許可和西弗吉尼亞州公共服務委員會的批准。所得款項將用於減少父級債務。通過競爭性銷售流程實現的交易價值約為 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 僅在西弗吉尼亞州運營，為大約 110,000 名客戶提供服務。 Bob 稍後將進一步處理此交易。

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.

現在轉向電力銷售趨勢。弗吉尼亞州第四季度天氣正常化銷售額同比增長 1.4%，南卡羅來納州增長 2.3%。在這兩個州，與上個季度看到的趨勢一致，我們觀察到商業和工業領域的使用量增加，克服了住宅用戶的下降，因為 COVID 的居家影響減弱。弗吉尼亞州 2021 年全年天氣正常化銷售額同比增長 1.4%，南卡羅來納州同比增長 1.6%。展望未來，我們預計弗吉尼亞州和南卡羅來納州服務地區的電力銷售增長將繼續以每年 1% 至 1.5% 的速度增長，與我們之前的溝通沒有變化。

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，讓我討論一下我們在投入價格方面看到的情況。正如之前電話會議所討論的，我們將繼續監控原材料成本。現在，許多行業似乎都是這種情況。儘管我們已經看到過去幾個季度的上行壓力有所緩和，但我們正在觀察更高的價格。正如我們在 11 月向美國證券交易委員會提交的文件中所述，由於它與我們受監管的海上風電項目有關，我們仍然相信我們有能力按照我們的預算交付該項目。與之前的通信相比，這裡也沒有任何變化。

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 月當時披露的那樣，我們已經簽訂了 5 項主要的固定成本協議，這些協議合計佔總資本預算的 70 億美元左右。在這些合同中，只有大約 8 億美元仍受商品指數影響，其中大部分是鋼鐵。預算的這一部分已經反映了我們在 2021 年觀察到的商品成本增加，直到我們 11 月的申請日。當然，我們的資本預算包括應急費用。

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，我們正在看到其他人似乎正在看到的東西。供應緊張，某些組件的價格上漲，但我們的 2021 年項目已完成，對成本或進度沒有重大影響，我們的 22 個項目仍在按計劃進行。在 22 年之後，我們在簽約等方面總體上是成功的，但現在還為時過早。因此，我們再次關注，但目前沒有重大財務影響可分享。

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，我們報告了第四季度和 2021 年全年的運營每股收益，高於我們指導範圍的中點，將我們的業績記錄延長至 6 年，在天氣正常的情況下達到或超過季度中點。我們啟動了 2022 年全年運營每股收益指引，即中點到中點每年增長 6.5%。我們確認到 2026 年運營每股收益增長為 6.5%。我們推出了 370 億美元的以脫碳為重點的高質量 5 年增長資本支出計劃，該計劃推動了約 9% 的基數增長。我們繼續預計我們在各個細分市場的大部分支出都將是騎手形式。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.

有了這個，我會把它還給你，鮑勃。

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。從安全開始，Dominion Energy 以有史以來第二好的表現結束了 2021 年。此外，該公司在 2021 年東南電力交易所排名中名列前茅。我們為我們對安全的不懈關注而感到自豪，這是我們公司的首要核心價值觀。雖然我們相對於行業的安全表現非常好，但我們的目標一直是並且將繼續是我們的任何同事都不會受到傷害。

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.

我們客戶的最高優先級是可靠性。他們希望他們的力量會在他們需要的時候出現，時期。在過去的一年裡，我們在弗吉尼亞州、南卡羅來納州和北卡羅來納州的電力服務區的客戶在 99.9% 的時間裡都有電，不包括大風暴。當大風暴臨近時，我們會安排設備和人員做好準備，以便工作人員可以在安全的情況下盡快採取行動。正如我們在 2022 年的第一場冬季風暴中所做的那樣，在弗吉尼亞州北部、中部和西部的大部分地區傾倒了潮濕的大雪，中斷了對超過 400,000 名客戶的服務。超過 87% 的客戶在 2 天后恢復了服務，96% 在 4 天內恢復了服務。我們的工作人員在寒冷的氣溫和危險的結冰旅行條件下夜以繼日地工作，以安全地恢復對我們社區的服務。

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.

我們的燃氣配送業務深知安全可靠的服務是重中之重，尤其是在緊急情況下。當收到緊急通知時，我們的現場工作人員通常比業界預期的響應時間快兩倍。上個月，我們的猶他州系統擁有有史以來最高的天然氣流量和俄亥俄州系統的最高日吞吐量，甚至高於 2019 年的極地渦旋。在這兩種情況下，我們的服務從未錯過任何一個節拍，並且我們的客戶永遠不會知道我們正在創造歷史記錄。我為我們的 Dominion Energy 團隊成員代表客戶做出回應的方式感到自豪，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.

現在我將轉向有關我們增長計劃執行情況的更新。在弗吉尼亞州，美國證券交易委員會於 11 月批准了我們第一次三年期審查的全面和解協議。我們很高興能夠擴展我們在建設性監管成果方面的記錄。最重要的是，我們對 Dominion Energy 正在努力完成的工作感到非常興奮，特別是代表我們在弗吉尼亞州的客戶的綠色資本投資計劃，我將在幾分鐘內談到，幾乎所有這些都將在以下情況下增加收益受監管的騎手機制。

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.

由於弗吉尼亞騎手投資計劃每年都會進行審查和調整，因此它們不包括在弗吉尼亞三年一次的審查過程中。基於這些趨勢，到 2026 年，弗吉尼亞州的基礎投資餘額佔 Dominion Energy 總額的百分比將下降至 13% 左右，預計未來將繼續下降。

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.

轉向海上風電。該國唯一一個完全受監管的海上風電項目正步入正軌。由於它與 SEC 騎手申請有關，我們目前處於發現階段。迄今為止，此過程非常符合我們在此類騎手程序中通常所期望的。主要項目里程碑列於幻燈片 15。我們預計將在今年 8 月收到美國證券交易委員會的最終訂單。

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.

這裡要重申幾項。首先，該項目將為弗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，從而推動弗吉尼亞州不斷增長的綠色經濟。它還將推動弗吉尼亞州更接近實現其目標，即成為該國東海岸上下新興海上風電價值鏈的主要樞紐。其次，與北美的任何其他此類項目不同，這項投資受到 100% 的監管，並且有資格在弗吉尼亞州獲得騎手恢復。最後，VCEA 對項目投資的審慎推定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，並有望按原計劃於 2023 年底交付。該項目目前已完成約43%。我們預計該船將成為 DEV 以及整個國內海上風電行業的核心資源，我們將投入大量時間投入服務，以支持 2024 年的渦輪機安裝季節。

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.

我們在弗吉尼亞州的其他清潔能源申請也進展順利。上個月，我們很高興看到美國證券交易委員會批准了我們計劃在 2022 年和 2023 年部署的項目的電網轉型計劃的第二階段。這些項目將促進小型太陽能和擴大電力等分佈式能源的預期增長車輛基礎設施以及增強電網彈性和安全性。我們的清潔能源和核騎士申請仍在進行中。如第 18 頁所述，最終訂單預計將在今年晚些時候發布。

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.

到 2020 年，我們已成功將企業範圍內的二氧化碳當量排放量減少了 42%。這是很大的進步，但還不夠。到 2035 年，我們預計將與基線相比減少 70% 到 80%，以實現到 2050 年實現淨零排放。

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%.

如幻燈片 19 右側所示，向清潔能源未來的過渡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.

我們在幻燈片 20 上展示了我們從煤炭過渡的時間表。到本世紀末，作為我們正在進行的資源規劃的一部分，我們預計南卡羅來納州將實現無煤化，並且在 Dominion Energy Virginia 僅剩下 2 個設施用於可靠性和能源安全考慮。雖然我們的 IRP 是信息性文件，不提供對任何特定資本項目的批准或不批准，但我們期待繼續與包括委員會在內的利益相關者合作，以推動日益低碳的未來。

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.

從投資基礎的角度來看，即收益貢獻的粗略近似值，您可以在幻燈片 21 上看到，在設施退役和非煤炭投資的推動下，燃煤發電在我們的財務業績中的作用正在減弱。我們注意到這種轉變有可能對員工和社區造成破壞，我們正在努力改善任何此類負面後果。我們相信公正的過渡。在這次清潔能源轉型期間，我們已經並將繼續考慮受影響社區和我們全體員工的需求。

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增長，因此到 2026 年，我們超過 65% 的投資基礎將包括電線和零碳發電量。

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.

繼續前往南卡羅來納州。作為我們正在進行的資源規劃的一部分，Dominion Energy South Carolina 計劃用更高效的現代機組替換我們的幾台老一代調峰渦輪機。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，它們在我們的發電機隊中發揮著重要作用，它們能夠從閒置快速發電。對該設備進行現代化改造將降低客戶的燃料成本，提高環境績效並提供可靠性和效率優勢。隨著太陽能等額外的間歇性波動資源被添加到我們的系統中，這些將變得更加重要。上個季度，南卡羅來納州公共服務委員會批准了一項和解協議，允許該公司推進其中 2 個擬議地點，我們將保留三分之一的 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.

轉向氣體分配。在北卡羅來納州，委員會上個月批准了一項基於 9.6% ROE 的天然氣業務綜合解決方案。提醒一下，該協議包括 3 個新的清潔能源計劃、一個新的氫混合試點、一個允許我們的客戶購買 RNG 屬性的新選項以及一個新的和擴展的能效計劃。這是支持性監管在實現我們的脫碳目標方面可以發揮作用的一個典型例子。

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.

現在讓我談談今天上午關於將我們的西弗吉尼亞天然氣公用事業出售給 Ullico 的公告。 Hope Gas 是一家擁有眾多人才的寶貴企業。同時，與我們 5 個主要州的其他大型國家監管公用事業公司相比，Hope Gas 是一家相對較小的獨立運營公司。我們才華橫溢的員工始終如一地為希望的客戶提供安全、可靠和負擔得起的能源。我們很高興這些一流的員工現在以 Ullico 的形式加入另一個優秀的組織，該組織已同意為員工提供重要保護並履行現有的工會承諾。 Ullico 的運營專業知識和財務資源也將確保 Hope 的客戶將繼續獲得他們已經習慣的高水平服務。

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.

幻燈片 24 總結了我們在 2021 年採取的幾個重要步驟，這些步驟增強了我們行業領先的 ESG 形象。我將在這裡重點介紹幾項。 7 月，我們發布了更新的氣候報告，其中包括披露範圍 1、2 和 3 排放量，這是與我們的淨零承諾相關的重要一步，我將在稍後詳述。 11 月，我們發布了首份多元化、公平和包容性報告，強調了我們在建設更加多元化和包容性勞動力方面取得的進展。作為該報告的一部分，我們還發布了 EEO-1 數據。這種增強的外部報告建立在我們承諾每年將我們的總勞動力多樣性增加 1% 的基礎上，目標是到 2026 年底至少達到 40%。我們正在朝著實現這一目標的方向前進。

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.

如幻燈片 25 所示，這些和其他以 ESG 為導向的努力已獲得領先的第三方評估服務的認可。在各項指標上，我們的表現都超過了行業平均水平。我們連續第二年被 CDP 認可為氣候和水資源披露領導團隊的一員。作為潮流引領者，CPA-Zicklin 連續第四年在政治問責制和透明度報告中獲得最高分類。最近，MSCI 將我們的評級從 A 提高到 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.

轉到幻燈片 26。我很高興地宣布擴大我們的淨零承諾。除了我們目前承諾到 2050 年在企業範圍內實現範圍 1 碳和甲烷排放的淨零外，我們現在的目標是到 2050 年實現所有範圍 2 排放和與 3 個主要來源相關的範圍 3 排放的淨零：LDC 客戶端-使用排放、上游燃料和購買力。這些新的承諾使我們繼續專注於幫助我們的客戶和供應商脫碳。

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.

盡快減少排放並在全公司範圍內實現淨零排放需要立即採取直接行動。這就是公司繼續採取有意義的措施來解決範圍 3 排放問題的原因。我們正式確定了對聯邦甲烷監管的支持，我們正在努力製定鼓勵上游交易方加強披露其排放和甲烷減排計劃的採購做法。此外，我們鼓勵供應商採用淨零承諾，我們開始收到負責任採購天然氣的報價，這些報價與我們的天然氣供應可靠性、服務和成本標準相一致。

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 5 年我們在最不發達國家的能源效率年度支出將增加近 50%，並為我們的客戶提供碳計算器和碳補償服務。例如，在猶他州和北卡羅來納州，我們都提供 GreenTherm，這是一項為客戶提供可再生天然氣的自願計劃。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，為我們的客戶增加對 RNG 的訪問。

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，我們繼續追求創新的氫用例，包括我們在猶他州的混合試點，根據早期評估，確認混合至少 5% 和可能高達 10% 的能力不會對設備性能產生不利影響，洩漏調查，系統安全或二次排放。從長遠來看，實現這些目標將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持。例如，我們支持通過低碳資源倡議等合作來研究和開發新技術，我們是該倡議的創始贊助商。我們永遠不會忘記我們對客戶的基本責任，即提供安全、可靠、負擔得起和可持續的能源。

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.

有了這個，讓我總結一下我們對幻燈片 27 的評論。我們的安全性能是我們有史以來第二好的。我們連續第 24 個季度報告了天氣正常化後的業績，達到或超過了我們指導範圍的中點。我們確認到 2026 年同樣 6.5% 的運營每股收益增長指導，並確認到 2026 年我們現有的股息增長指導。我們專注於執行項目建設和實現為客戶提供良好服務的監管成果，我們正在積極追求我們的願景：該國最可持續的監管能源公司。

We're now ready to take your questions.

我們現在準備回答您的問題。

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

（操作員說明）我們的第一個問題將來自摩根大通的 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?

只是想從這裡開始。如果您可以將我們從之前計劃的資本支出帶到今天，那麼對目標股權的影響包括預期的 LDC 銷售收益。只是想知道，您可能希望在投資組合中出售諸如 Millstone 之類的資產作為股權來源的任何其他非核心資產嗎？

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.

傑里米，我是鮑勃。我會開始，然後我會把它交給吉姆——我會拿第二部分，把它交給吉姆來完成第一部分。我們與希望相關的公告是關於規模的。正如我們在評論中提到的那樣，Hope Gas 是一家偉大的公司。但就客戶而言，它是我們下一個最小的 LDC 規模的 1/4。因此，當我們考慮資本配置時，考慮剝離那家偉大的公司對我們來說是有意義的，我認為在那里工作的權力同事也會去一家偉大的公司。

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，我們喜歡我們擁有的資產組合。我們認為他們支持我們的增長率並讓我們繼續執行，這是我們最關注的，是在策略監管的純遊戲上執行。現在，像每家公司一樣，我們顯然會定期評估資產，以了解在信貸、收益增長等所有方面的意義。但我們很高興我們今天擁有的資產組合支持我們概述的增長率，我們只是專注於執行這一點。我會讓吉姆談談如何將資本計劃和股權聯繫起來。

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，傑里米。正如我在準備好的評論中提到的，我們在附錄中提供了很多關於我們的增長計劃和資本支出的細節，所以不要指望任何人都能消化所有這些。但我會提請注意第 34 頁，它是從我們之前的 5 年資本增長計劃到新的 320 億美元至 370 億美元計劃的橋樑。讓我快速瀏覽一下其中的一些變化。最重要的單一變化只是從一個 5 年期轉移到下一個 5 年期，刪除 2021 年，選中該框，添加 2026 年。就在這樣做的過程中，您還順便包括了海上風電支出的全部時間框架。

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計劃的預算變化，例如，我們在 11 月討論的海上風電預算實際上在我們的 5 年資本支出計劃中被推遲以進行進一步評估，正如我們在 11 月討論的那樣，我們的抽水蓄能項目和我們的弗吉尼亞 CT，它們在 5 年期之外的時間更遠。所以淨值為零。

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.

然後你會在那裡看到其他一些驅動程序。只需將我們在天然氣分銷、研發和所有其他脫碳投資計劃中的一些資本支出真實化，這就是將先前計劃與新計劃聯繫起來的原因。

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，你問了很多關於這個問題的子部分。你還問到公平，所以讓我說幾句。我們 - 我觀察到我們是少數幾家實際上就股票發行提供詳細指導的公司之一，所以我很高興它被注意到了。我們對 22 年的股權指引沒有變化。有一些非常溫和的調整，有些年份是 1 億美元，之後是 2 億美元，請記住支出在增加。所以股權是上漲的。現金流上去了。負債有點高。

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.

那怎麼可能改變呢？如果我們前進的 5 年計劃中的支出增加，這將是一件好事，那麼這些股權金額也可能會略有上升。相反，如果它下降，這是我們沒有預料到的，它們會下降一點。但是我們認為通過我們現有的計劃可以實現這種水平的持續公平。正如我所提到的，我們當前市值的 1% 到 1.5% 是——它是增值的，它是適度的，從信用評級指標的角度來看，它適合讓我們處於正確的位置。

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?

知道了。這對那裡很有幫助。如果可以的話，還有一個。將範圍 2 和範圍 3 排放納入淨零承諾是向前邁出的一大步。我想，在計劃中推動您的長期資本支出的影響是什麼？只是想知道是否有任何資本支出計劃可歸因於此。然後具體來說，您能否根據這些承諾提供有關您的 RNG 計劃的更新？

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。讓我開始，然後我將把它交給 Diane 來更具體地談談 RNG。正如我們在開場白中所描述的，傑里米認為，到 2050 年，範圍 2 和 3 的減排將需要技術和支持性的監管環境。所以我們要考慮的很多都是長期的。我們很難對弗吉尼亞州——尤其是弗吉尼亞州監管的騎手投資以及你在 15 年圖表中看到的其他一些投資——做出盡可能多的定義。

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 5 年計劃中的任何內容都無法將針移到那裡。但是我們相信很多機會，而且我們認為這很重要。這就是我們的客戶希望我們做的事情。這是我們的股東希望我們做的事情。因此，我們將有機會充實這一點。有 - 正如我們所提到的，我們已經有相當多的資金投入，其中很大一部分是我們對 RNG 的投資。我會請黛安談談更多細節。

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。所以我們的 RNG 計劃，我們的資本計劃在去年確實增加了。因此，我們現在有 10 個在建項目和 1 個在用，但其中 2 個在建，都是乳製品，將在未來幾天和幾週內投入使用。我們預計今年將有 6 個項目投入使用。所以我們真的在加速增長，即使它現在非常小。但我們看到新項目和建設階段的步伐仍在繼續，未來幾年還會有更多項目上線。

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 年將通過我們與 Align 和 Vanguard 合作的主要乳品和豬平台進行大約 20 億美元的資本投資。所以這是在開發方面。

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，我們確實看到該計劃最終朝著將 RNG 直接引入我們受監管的天然氣客戶的長期戰略發展。所以我們已經在猶他州自願擁有它，它在那裡很受歡迎，剛剛在北卡羅來納州獲得批准，並希望與利益相關者合作，增加 RNG 混合到我們當地天然氣分銷公司的數量。因此，無論我們是否構建它，無論它是否是我們計劃的一部分，我們都希望在我們的 LDC 計劃中為我們的客戶看到更多的 RNG 訪問權限。

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.

所以鮑勃，去年年底有很多焦點集中在弗吉尼亞州的選舉、新州長等等。也許你可以談談註冊的進展情況，以及是否有任何形式的可能特別是你看到或沒有為海上風電項目提供的政治支持。

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。因此，新政府和大會進展順利。顯然，弗吉尼亞州的會議還不到 - 不到一半，但弗吉尼亞州的會議進展得非常快。真的 - 能源一直不是一個大焦點。正如我們所討論的，我認為，在上次電話會議上，該運動的重點是教育和稅收，這就是大會一直關注的問題，不足為奇。因此，能量並不是方程式的重要組成部分。

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，我們將 - 顯然，您對立法程序做出預測，後果自負，但我們正在參與並發現我們將繼續與共和黨人和民主黨人良好合作，就像我們在很長一段時間內所做的那樣。

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.

至於海上風電，正如我們在開場白中所討論的那樣，海上風電仍然得到非常強大的支持。在新工作和新產業方面，弗吉尼亞州有一個很好的機會。我們的項目被公認為可以為國家帶來很多好處的項目。所以仍然看到對海上風電的大力支持。

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。然後是關於海上風電的另一個問題。一兩週前剛剛Ørsted談到了成本壓力——我認為這聽起來像是你已經反映在預算中的事情。但你特別指出的一件事是船舶成本，不是瓊斯法案船舶，而是其他東西，如地基等。只是——你能不能談談——那是你已經鎖定的東西的一部分嗎？

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，Diane 和我會見了 Prysmian 和 DEME 的高管，他們正在處理，我們討論了在那裡運輸和安裝的這些大包。所以他們正在做電纜並安裝獨腳架。我們本週早些時候剛剛與他們會面，事情進展順利。

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.

因此，我們的 - 以及我們自己的容器、安裝容器、例如用於安裝的鋼材，已經在現場使用了相當長的一段時間。所以我認為你開始這個問題的前提是你可能聽說過的壓力被考慮到我們的 - 承包是完全正確的。去年年底，我們與經驗豐富的交易對手簽訂了這些合同。他們每個人在這個行業都非常有經驗。因此，無論是在時間安排還是預算方面，我們仍然對該項目感到非常滿意。

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?

偉大的。以及對 Hope Gas 的快速跟進。只是對關於最不發達國家未來的辯論感到好奇，看起來你在這裡得到了一個不錯的價格。您能否讓我們了解一下該過程的競爭動態以及您的類型——您認為這對於思考剩餘的最不發達國家的價值意味著什麼？

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.

一段時間以來，我們對剩餘的最不發達國家的價值感到非常滿意。正如我所提到的，這是我們做出的與規模相關的決定。由於它與我們的最不發達國家業務有關，它們在我們所說的優質州、非常親商業的州、強大的客戶群、非常支持天然氣以及需要天然氣做飯和取暖的客戶那裡發展壯大。

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.

因此，從我們的角度來看，這並不是對我們對 LDC 業務未來發展的思考。話雖如此，顯然我們對這個過程很感興趣，我們對價格感覺很好，對交易對手的質量也同樣重要。所以我認為這是一個很好的結果，我們認為它會很受歡迎。但我們也希望繼續運營我們的 LDC。

Our next question will come from Ross Fowler with UBS.

我們的下一個問題將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?

希望你和團隊一切都好。所以我只是想再看一遍幻燈片 11，並確保我非常清楚你所說的內容。因此，我們知道，隨著您添加 '26 並取消 '21，CapEx 基本上是按計劃進行的。你的意思是，22 年的股權沒有變化，23 年的股權有小幅增加，希望所得收益將真正用於償還債務，並且產能轉為可用於受監管資本支出。我正確地構圖了嗎？這是我在電話裡聽到你說的嗎？

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.

我應該說，這在股權來源和用途或整體來源緩解方面是完全正確的。所以為了簡化一點，我們在這裡用小額銷售的收益做什麼？稅後收益，我們正在償還父母層面的債務。然後在未來幾年，我們將利用適度的債務能力投資於我們在主要受監管州的支出計劃。

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?

太完美了，鮑勃。然後關於你在電話會議上對太陽能的評論，所以你注意到這裡的成本上升而且價格緊張，但是你已經完成了很多 22 年的採購，所以事情正在走上正軌。在 23 年，你走上了正軌，但你正在看著它。你已經採購了多少'23？還有多少可能是推動項目到 24 年的搖擺因素？

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。這就是黛安·利奧波德。謝謝你的問題。因此，正如鮑勃所說，對於 2023 年，我們看到面板和其他物品出現一些短缺。但我們現在正積極地為這些項目制定合同。我們在這個過程中進展順利，並且逐個項目地訪問我們需要的模塊。因此，雖然我不會說這很簡單，也不是沒有一些額外的成本，但我們正在管理它，我只想說我們一路走好。

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?

只是吉姆，一個快速的澄清。如果我沒聽錯的話，你提到了 8 億美元，用於被索引的離岸資本支出。這 8 億美元是鎖定的 70 億美元中的一部分嗎？還是說，在大約 100 億美元的預計項目總成本中，有 8 億美元？

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，德奇什。這 8 億美元是我們在 11 月宣布的 5 個項目組成部分鎖定的 70 億美元的一部分。您還記得，剩餘的金額是陸上傳輸和應急費用。

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。因此，鎖定的大約 100 億美元中的 70 億美元和 8 億美元是其中的一部分。那麼也許，很快，吉姆，我只是想了解利率基礎增長披露。然後在弗吉尼亞州的幻燈片 10 上，考慮到與去年計劃相比更高的支出，我預計基數複合年增長率會更高。這是一個起點問題嗎？因為如果我將去年第四季度與今年第四季度進行比較，基本複合年增長率實際上更低，而支出實際上更高。

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，Durgesh，我們很高興與您聯繫。正如我所提到的，我們在附錄中有很多詳細的備份。但是你提到的只是從起點開始的時間問題。節目或整體節奏沒有重大變化。這只是按季度計算。

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

明白了。並且非常感謝附錄中的所有披露。感謝您繼續提供。欣賞它。

Thank you.

謝謝你。

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

謝謝你。這確實結束了今天上午的電話會議。您現在可以斷開線路，享受您的一天。