道明尼資源 (D) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Dominion Energy Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

大家好，歡迎參加道明尼恩能源2022年第四季業績電話會議。 （操作員指示）

I would now like to turn the call over to David McFarland, Vice President, Investor Relations. Please go ahead.

現在我想把電話轉給投資人關係副總裁David McFarland。請講。

Good morning, and thank you for joining today's call. Earnings materials, including today's prepared remarks 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. 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.

早安，感謝您參加今天的電話會議。收益資料（包括今天的準備好的發言稿）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。請參閱我們提交給美國證券交易委員會 (SEC) 的文件，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告，以了解可能導致業績與管理層估計和預期不同的因素。今天上午，我們將討論一些與 GAAP 指標不同的公司績效指標。我們的非 GAAP 指標與我們可以計算的最直接可比較的 GAAP 財務指標的對帳表包含在收益發布工具包中。我鼓勵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工具包。

Joining today's call are Bob Blue, Chair, President and Chief Executive Officer; Steven Ridge, Senior Vice President, Chief Financial Officer; and Diane Leopold, Executive Vice President, Chief Operating Officer.

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)、高級副總裁兼財務長史蒂文里奇 (Steven Ridge) 和執行副總裁兼營運長黛安利奧波德 (Diane Leopold)。

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. During 2022, we delivered earnings and dividend growth in line with our guidance, provided safe, reliable and affordable energy while demonstrating careful environmental stewardship, served our customers and invested in our communities, and made meaningful progress on our regulated investment programs focused on decarbonization and resiliency.

謝謝大衛，大家早安。 2022年，我們的獲利和股息成長符合預期，提供了安全、可靠且價格合理的能源，同時展現了謹慎的環境管理，服務了我們的客戶並投資了我們的社區，並且在專注於脫碳和韌性的受監管投資項目上取得了有意義的進展。

I'll begin by highlighting our annual safety performance. As shown on Slide 3, our employee OSHA injury recordable rate continues to compare favorably with the company's long-term historical results as well as national industry and regional electric utility averages. However, our ultimate goal has been and continues to be that none of our colleagues get hurt ever.

首先，我想重點介紹一下我們的年度安全績效。如幻燈片3所示，我們員工的職業安全與健康管理局（OSHA）記錄工傷率與公司長期歷史業績以及全國、行業和地區電力公司的平均水平相比仍然保持良好。然而，我們的最終目標一直是，並將繼續是，我們的同事永遠不會受傷。

Next, on reliability, which our customers consistently indicate is their highest priority. In the past year, customers in our electric service areas in Virginia, South Carolina and North Carolina had power 99.9% of the time, excluding major storms. And it's worth noting that Virginia reached record summer peak demand in August, an all-time peak demand in December. As they do time and time again, our colleagues rose to the challenge and kept our system delivering without major or extended interruption during these demanding load conditions. The scale of our team and resiliency of our system were never more evident than during the December winter storm, when we also did not experience any major or extended service disruptions.

其次，可靠性是我們的客戶始終關注的重點。過去一年，除重大風暴外，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。值得注意的是，維吉尼亞州8月的夏季用電高峰創下了歷史新高，12月的用電高峰也創下了歷史新高。正如我們一次又一次的成功經驗一樣，我們的同事們迎難而上，在如此嚴苛的負載條件下，確保系統持續供電，沒有出現重大或長時間的中斷。我們團隊的規模和系統的韌性在12月的冬季風暴中得到了淋漓盡致的體現，當時我們也沒有遭遇任何重大或長時間的服務中斷。

Finally, affordability. Our rates continue to be lower than national and regional averages. As we discussed later, we're very focused on ensuring that our customers are not priced out of the significant long-term benefits that will result from our decarbonization and resiliency investment programs. On that same theme, 2022 was a significant year in terms of advancing our regulated decarbonization and resiliency strategy. In Virginia, the State Corporation Commission approved several rider-eligible investment programs including our offshore wind project, subsequent license renewals of our 4 nuclear units, our second clean energy filing of new solar and energy storage projects and Phase 2 of our grid transformation program.

最後，價格可負擔。我們的費率持續低於全國和地區平均。正如我們稍後將討論的那樣，我們非常注重確保客戶不會因價格過高而無法享受我們脫碳和彈性投資項目帶來的顯著長期效益。同樣，2022年對於推動我們受監管的脫碳和彈性策略而言是意義非凡的一年。在維吉尼亞州，州公司委員會批准了多項符合附加條件的投資項目，包括我們的離岸風電項目、我們四台核電機組的後續許可證續約、我們第二次提交的清潔能源申請，包括新的太陽能和儲能項目，以及我們電網轉型項目的第二階段。

Additional rider eligible investments currently under SEC review include new solar and energy storage projects and our third annual clean energy filing and high-voltage electric transmission necessary to continue to serve growing customer demand and data center load. In South Carolina, we achieved our second best year ever for service reliability. In December, Moody's upgraded Dominion Energy South Carolina's credit rating citing evidence of the company's improved regulatory and stakeholder relationships.

目前正在接受美國證券交易委員會 (SEC) 審查的其他符合附加條款的投資包括新的太陽能和儲能項目、我們第三次年度清潔能源備案，以及為繼續滿足不斷增長的客戶需求和數據中心負載所需的高壓輸電項目。在南卡羅來納州，我們的服務可靠性創下了史上第二佳的成績。 12月，穆迪上調了 Dominion Energy South Carolina 的信用評級，理由是該公司與監管部門和利害關係人的關係有所改善。

In our Gas Distribution segment, we invested over $300 million, modernizing infrastructure that is safer, more reliable and better for the environment. We completed our LNG peaking supply facility in Utah, and we increased the number of our renewable natural gas projects in operation or under construction to '21. All told, our nuclear units produced about 50 million-megawatt hours of low-cost zero-carbon baseload power. That's roughly 40% of our total generation production as a company. Our fleet's performance continues to be exemplary, especially in periods of extreme weather, during which our stations provide vital stabilizing support to the grid and price stability in their respective regions.

在天然氣配送領域，我們投資超過3億美元，用於升級改造更安全、更可靠、更環保的基礎建設。我們完成了位於猶他州的液化天然氣調峰供應設施的建設，並將營運和正在建造的可再生天然氣項目數量增加到21個。總計，我們的核電機組生產了約5000萬兆瓦時的低成本零碳基荷電力，約占我們公司總發電量的40%。我們的核電廠持續表現卓越，尤其是在極端天氣期間，我們的電站為各自地區的電網和價格穩定提供了至關重要的支撐。

Our power purchase agreement in Connecticut saved customers nearly $300 million. In summary, the regulated decarbonization and resiliency investment opportunity that we've outlined on previous earnings calls will continue to play a key role in driving the long-term growth of the company for years to come. Before transitioning to comments on the business review, let me also highlight progress around our sustainability goals. I'm pleased to report that through 2021, we've reduced Scope 1 carbon emissions from our electric operations by 46% since 2005 and Scope 1 methane emissions from our gas operations by 38% since 2010.

我們在康乃狄克州的購電協議為客戶節省了近3億美元。總而言之，我們在先前的財報電話會議上概述的受監管的脫碳和彈性投資機會將繼續在未來幾年推動公司的長期成長中發揮關鍵作用。在轉入業務回顧的評論之前，我還要強調我們在永續發展目標方面取得的進展。我很高興地報告，到2021年，我們電力運營的範圍1碳排放量自2005年以來減少了46%，天然氣運營的範圍1甲烷排放量自2010年以來減少了38%。

Notwithstanding the strong performance, we recognize the need to look holistically at our company's footprint, which is why during 2022, we expanded our net 0 commitment to include all Scope 2 emissions and the material categories of Scope 3 emissions. These new commitments align with our focus on helping our customers and suppliers decarbonize.

儘管業績表現強勁，我們仍意識到需要全面審視公司的碳足跡，因此在2022年，我們擴大了淨零排放承諾，涵蓋所有範圍二排放和範圍三排放的物質類別。這些新的承諾與我們幫助客戶和供應商實現脫碳的重點一致。

Finally, we increased the diversity of our workforce to 37%, an increase of nearly 4 percentage points since 2019, while also increasing our procurement spend with diverse suppliers to over $1.3 billion, representing 17% of our supplier spend, an increase of 4 percentage points since 2019. Now let me turn to the top-to-bottom business review. I'm leading the effort with support from the full management team and in frequent consultation with our Board. We're devoting all necessary resources to ensure that we thoroughly and methodically review every aspect of our business. When we announced the review in November, I indicated that we would be guided by the following principles as shown on Slide 5.

最後，我們將員工多元化比例提升至37%，較2019年成長近4個百分點，同時將多元化供應商的採購支出提升至超過13億美元，占我們供應商支出的17%，較2019年成長4個百分點。現在，我來談談自上而下的商業審查。我將在全體管理團隊的支持下領導這項工作，並與董事會保持密切磋商。我們正在投入所有必要資源，確保全面、有系統地審查我們業務的各個方面。我們在11月宣布審查時，我曾表示，我們將遵循幻燈片5所示的以下原則。

A commitment to our state-regulated utility profile with an industry-leading investment opportunity focused on decarbonization and resiliency, a commitment to our current dividend, a commitment to our current credit profile, and a commitment to shareholder value enhancement and to transparency. None of those principles have changed. We are proceeding with pace and purpose. And as a result, we're able to provide additional commentary on how we believe we should optimally position Dominion Energy at the conclusion of the review to create maximum long-term value for our shareholders. First, a focus on delivering durable, high-quality and predictable long-term earnings growth profile.

我們致力於維護受國家監管的公用事業形象，並致力於提供專注於脫碳和韌性的行業領先投資機會；我們致力於維持現有股息；我們致力於維護現有信用狀況；我們致力於提升股東價值並保持透明度。這些原則均未改變。我們正穩步推進，目標明確。因此，在評估結束時，我們能夠就如何優化 Dominion Energy 的定位，為股東創造最大的長期價值提供補充意見。首先，我們專注於實現持久、高品質且可預測的長期獲利成長。

We recognize the importance of executing consistently against any earnings guidance offered post review. Second, we believe it is critical to position our regulated utilities to earn a fair and competitive return on investment. We know that investors have choices about where they can confidently allocate long-term capital. Third, we know it is our responsibility to constantly look for ways to optimize the efficiency of our operations without losing sight of the absolute necessity of meeting high customer service standards. In recent years, we've driven down cost through improved processes, innovative use of technology and other best practice initiatives. We've included our O&M performance metrics in the appendix of today's materials.

我們認識到始終如一地執行審核後提供的任何獲利指引的重要性。其次，我們認為，至關重要的是要讓我們受監管的公用事業公司獲得公平且有競爭力的投資回報。我們知道，投資者可以選擇將長期資本自信地配置到何處。第三，我們深知，我們有責任不斷尋找優化營運效率的方法，同時又不忽視滿足高客戶服務標準的絕對必要性。近年來，我們透過改進流程、創新技術應用和其他最佳實踐措施來降低成本。我們已將我們的運維績效指標納入今天資料的附錄中。

As part of the review, we are evaluating what we can additionally do on costs within the context of the significant operational and cost efficiency we have achieved over the years. Fourth, we believe that our financial credit metric performance needs strengthening. We want to emerge from the review with the ability over time to consistently meet and exceed our downgrade thresholds even during temporary periods of cost or regulatory pressure. As part of the review, we're analyzing the most efficient sources of capital to fund our growth programs while seeking to minimize any amount of ongoing external equity financing need. Finally, we believe it is important to affirm our commitment to the dividend. I'll note here our announcement this morning that the 2023 dividend subject to Board approval, will be equal to the 2022 dividend.

作為審查的一部分，我們正在評估在過去幾年顯著提升營運效率和成本效率的背景下，我們還能採取哪些額外的成本控制措施。第四，我們認為我們的財務信用指標表現需要加強。我們希望在審查結束後，能夠隨著時間的推移，即使在成本或監管壓力暫時加大的情況下，也能持續達到並超過我們的降級門檻。作為審查的一部分，我們正在分析最有效的資金來源，以資助我們的成長項目，同時努力最大限度地減少任何持續的外部股權融資需求。最後，我們認為，重申我們對股利的承諾至關重要。我在此指出，我們今天上午宣布，經董事會批准，2023 年的股息將與 2022 年的股息持平。

We believe that it is important to achieve potentially over time and without reducing the dividend, a payout ratio consistent with our current 65% ratio. Since the announcement, we've spoken with hundreds of equity and fixed income investors and received valuable and direct feedback, much of which has affirmed our focus on these priorities.

我們認為，在不降低股利的情況下，實現與目前65%的股息率保持一致，並在未來實現這一目標至關重要。自從宣布這一消息以來，我們已與數百名股票和固定收益投資者進行了溝通，並收到了寶貴的直接反饋，其中許多反饋肯定了我們對這些優先事項的關注。

Investors have also understandably been focused on the go-forward earnings potential of the company. Given that the review is still underway, we have and will continue to refrain from providing that guidance until the review is complete. I will say that the outcome will be informed by the principles and priorities I just outlined.

投資者也理所當然地關注著公司未來的獲利潛力。鑑於審查仍在進行中，我們目前並將繼續避免提供此類指引，直至審查完成。我想說，最終結果將取決於我剛才概述的原則和優先事項。

We will continue to be deliberate in making ourselves available for input from the company's current and prospective capital providers. Let me now turn to address the Virginia legislative session. There is legislation pending that revises our regulatory model. In addition, there is legislation that would subject to commission approval provide for a passive equity partner in our offshore wind project. It is too early to predict the outcome of any legislation. We remain engaged with stakeholders in the process. In terms of timing, as shown on Slide 6, the Virginia General Assembly is scheduled to adjourn on February 25.

我們將繼續謹慎地聽取公司現有和潛在資本提供者的意見。現在，請允許我向維吉尼亞州立法會議發表演說。目前有一項修訂我們監管模式的立法正在審議中。此外，還有一項立法，需要經委員會批准，規定在我們的離岸風電專案中設立一個被動股權合作夥伴。現在預測任何立法的結果還為時過早。我們將繼續與利害關係人保持溝通。就時間安排而言，如幻燈片6所示，維吉尼亞州議會計劃於2月25日休會。

The governor then has until March 27 to sign, amend or veto legislation that has passed both chambers. In the case of the Governor amends or veto's bill, the legislation returns to the general assembly for what is typically a 1-day reconvene session on April 12. At that time, the General Assembly may vote to override of veto or accept or reject amendments proposed by the Governor. The Governor then has approximately 30 days to act on legislation that has been addressed in the reconvened session. Having a clear and definitive understanding of the future Virginia regulatory contract is a key input for the business review. Therefore, legislation timing will influence the cadence at which we're able to share more details about the business review in the future.

州長必須在3月27日之前簽署、修改或否決已在兩院通過的法案。如果州長修改或否決了法案，該法案將返回州議會，通常在4月12日舉行為期一天的複會。屆時，州議會可以投票推翻否決，或接受或否決州長提出的修正案。州長隨後有大約30天的時間對復會上已討論的法案採取行動。對未來維吉尼亞州監管合約的清晰明確理解是業務審查的關鍵要素。因此，立法時機將影響我們未來分享更多業務審查細節的節奏。

Steven will share some additional thoughts on investor communication in his prepared remarks. I know the business review is of paramount importance to our stakeholders. Let me reiterate my confidence that we're executing a thorough expeditious and comprehensive review with the goal of ensuring that Dominion Energy is best positioned to create significant long-term value for our shareholders, our customers and our employees.

史蒂文將在準備好的發言中分享一些關於投資者溝通的額外想法。我知道業務審查對我們的利害關係人至關重要。我再次重申，我相信我們正在進行全面、迅速且全面的審查，以確保道明尼恩能源能夠以最佳狀態為我們的股東、客戶和員工創造巨大的長期價值。

With that, I'll turn it over to Steven to address financial matters before I provide further business updates on the execution of our plan.

有了這些，我將把財務問題交給史蒂文，然後再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, everyone. Our fourth quarter 2022 operating earnings as shown on Slide 7 were $1.06 per share, which for this quarter, represented normal weather in our utility service areas. These results were at the midpoint of our quarterly guidance range.

謝謝鮑勃，大家早安。如投影片7所示，我們2022年第四季的營業利潤為每股1.06美元，反映出我們公用事業服務區域本季的正常天氣狀況。這些業績處於我們季度預期區間的中點。

Positive factors as compared to last year were weather, normal course regulated growth, the absence of a millstone planned outage, absence of last year's COVID deferred O&M and tax timing. Other factors as compared to last year were interest expense and share dilution. Full year 2022 operating earnings per share were $4.11 per share, slightly above the midpoint of our guidance range for the year.

與去年相比，積極因素包括天氣、正常的受監管增長、沒有重大計劃停運、沒有去年的新冠疫情延期運營維護以及納稅時機。其他與去年相比的正面因素包括利息支出和股份稀釋。 2022年全年每股營業收益為4.11美元，略高於我們今年指引區間的中點。

2022 GAAP results were $1.09 per share. Here, I'd highlight one adjustment, which is described in Schedule 2 of the earnings release kit. In connection with the business review, management has reviewed the unregulated solar portfolio that reports to our contracted assets segment.

2022年GAAP業績為每股1.09美元。在此，我想重點介紹一項調整，該調整詳見收益發布資料包附表2。在業務審核方面，管理層已審核了報告給合約資產部門的非監管太陽能投資組合。

These approximately 30 solar facilities, representing around 1,000 megawatts operate primarily under long-term power purchase agreements with third parties. Consistent with prior commentary, the company no longer intends to invest in unregulated solar projects for purposes of generating investment tax credits or ITCs. As a result, the company impaired the portfolio in the fourth quarter and recognized a noncash charge of $1.5 billion.

這約30個太陽能設施，總裝置容量約1000兆瓦，主要根據與第三方簽訂的長期購電協議營運。與先前的評論一致，公司不再打算為獲得投資稅收抵免或投資稅收抵免（ITC）而投資不受監管的太陽能專案。因此，該公司在第四季度對該投資組合進行了減值，並確認了15億美元的非現金費用。

Moving now to guidance on Slide 8. Given the pending business review, we are not providing full year 2023 earnings guidance nor are we refreshing our long-term capital investment plans at this time. For the first quarter 2023, we expect operating earnings to be between $0.97 and $1.12 per share. Last year's first quarter operating earnings were $1.18 and included $0.01 of benefit from weather. Positive year-over-year changes include growth in regulated investment, higher sales and higher Millstone margins.

現在轉到第8張投影片上的業績指引。鑑於即將進行的業務評估，我們目前不提供2023年全年獲利指引，也不更新我們的長期資本投資計畫。我們預計2023年第一季的營業利潤將在每股0.97美元至1.12美元之間。去年第一季的營業利潤為1.18美元，其中包括0.01美元的天氣效益。年比來看，積極的成長包括受監管投資的成長、銷售額的成長以及Millstone利潤率的提高。

Negative changes include higher interest expense as a result of higher rates, as I will touch on more in a moment, lower DEV margins for certain utility customer contracts with market-based rates are hurt from pension and OPEB as a result of 2022 asset performance, higher depreciation, the absence of solar investment tax credits and O&M and tax timing.

負面變化包括由於利率上升導致的利息支出增加（稍後我會詳細討論），由於 2022 年資產表現、折舊增加、缺乏太陽能投資稅收抵免以及 O&M 和稅收時機，某些採用市場利率的公用事業客戶合約的 DEV 利潤率較低，並受到養老金和 OPEB 的影響。

And just briefly as it relates to pension, I'd note that our pension funded status at year-end was 108%. Turning to Slide 9. Let me address electric sales trends. Weather-normalized sales increased 3.4% in 2022 as compared to 2021, components of this growth include a slight decline for residential, as you would expect, with continued back to the office trend and higher growth for the Commercial segment driven by data center customers in Virginia.

關於退休金，我想簡單說一下，我們年底的退休金到位率為108%。翻到第9張投影片，我來談談電力銷售趨勢。 2022年，天氣標準化後的銷售額與2021年相比增長了3.4%，其中住宅用電略有下降（正如您所預料），辦公用電繼續回暖，商業用電則在弗吉尼亞州數據中心客戶的推動下實現了更高的增長。

For 2023, we expect to remain above our long-term demand growth assumption of 1% to 1.5% per year, as Bob will touch on more in a moment. Briefly on financing. Since our last call, we've bolstered our liquidity at DEI with an opportunistic long-term debt issuance of $850 million late last year and a 364-day of term loan facility of $2.5 billion, which we closed last month. These financings provide incremental flexibility, including to address first quarter maturities, which are described in the appendix of today's materials. We'll refresh our financing plans pending the outcome of the business review. Let me share some color on 2 macro topics. First, higher interest rates.

2023年，我們預期需求成長仍將高於我們長期需求成長假設的1%至1.5%，Bob稍後會詳細介紹。簡單談談融資。自上次電話會議以來，我們透過在去年年底發行8.5億美元的長期債券和上個月完成的25億美元364天定期貸款，增強了DEI的流動性。這些融資提供了增量靈活性，包括用於處理第一季到期債務，這些債務已在今天資料的附錄中進行了描述。我們將根據業務審查的結果更新融資計劃。讓我來談談兩個宏觀話題。首先，利率上升。

We maintain a level of floating rate, typically short-term debt at our holding company and operating segments primarily to fund working capital as well as more permanent capital needs between long-term fixed rate issuances. This floating rate portfolio represents around 20% of our total debt or $8 billion. Since this time a year ago, we've seen our borrowing costs on this part of our capital structure increased by about 400 basis points. We will provide an update on rate assumptions, interest expense, hedging strategies and other mitigants when we conclude our business review.

我們在控股公司和營運部門維持一定程度的浮動利率債務，通常是短期債務，主要用於補充營運資本，以及在長期固定利率債務發行期間滿足更持久的資本需求。這些浮動利率債務組合約占我們總債務的20%，即80億美元。自去年同期以來，我們資本結構中這部分的借貸成本已上升約400個基點。我們將在完成業務審查後，提供關於利率假設、利息支出、對沖策略和其他緩解措施的最新資訊。

Another macro headwind is fuel costs. We have very clearcut pass-through mechanisms for fuel costs across all our utilities. We employ prudent hedging and mitigation strategies to keep fuel costs low while ensuring security of supply. In aggregate, as of December 31, we have an under-collected balance of approximately $2.5 billion in fuel costs across the company. We've included a slide in the appendix with these details.

另一個宏觀不利因素是燃料成本。我們所有公用事業的燃料成本都有非常明確的轉嫁機制。我們採用審慎的避險和風險緩解策略，在確保供應安全的同時，維持燃料成本低位。截至12月31日，我們全公司燃料成本累計未收回餘額約25億美元。我們在附錄中附上了一張幻燈片，其中包含這些詳細資訊。

As we've discussed previously, we don't want our customers to miss out on the significant long-term benefits of our decarbonization and resiliency investment programs as a result of temporary cost pressures such as fuel. We will continue proactively working with regulators to employ mitigation measures to keep any increase to customer bills as muted as possible. Turning now to credit, which Bob highlighted as one of our business review priorities. We continue to target high BBB range credit ratings for our parent company and single-A range ratings for our regulated operating companies.

正如我們之前所討論的，我們不希望客戶因為燃料等暫時的成本壓力而錯失我們脫碳和彈性投資計畫帶來的重大長期效益。我們將繼續積極與監管機構合作，採取緩解措施，盡可能抑制客戶帳單的成長。現在談談信用，Bob 強調這是我們業務審核的重點之一。我們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。

Over the last several years, we have taken steps to position Dominion Energy as an increasingly pure-play, state-regulated utility with a differentiated clean energy transition profile. And as a result, we've improved our business risk profile. Despite this meaningful qualitative improvement, our Moody's published CFO preworking capital debt, one of the primary quantitative metrics used to determine our credit rating has underperformed our downgrade threshold for the last several periods.

過去幾年，我們已採取措施，將道明尼恩能源定位為一家業務日益單一、受州政府監管的公用事業公司，並打造差異化的清潔能源轉型方案。因此，我們的業務風險狀況也得到了改善。儘管取得了顯著的質的提升，但穆迪公佈的財務長預營業資本負債（用於確定我們信用評級的主要量化指標之一）在過去幾個時期的表現均低於我們的降級門檻。

Moody's has indicated publicly that under the status quo, they expect that underperformance to persist. Living consistently below our downgrade threshold is not a place we want to be. As Bob mentioned, we want to emerge from the review with the ability over time to consistently meet and exceed our downgrade threshold even during temporary periods of cost or regulatory pressure. Achieving and maintaining that will require a meaningful credit repair considering both the size of our balance sheet as well as the substantially elevated regulated capital investment over the next few years.

穆迪已公開表示，在現狀下，他們預期業績不佳的情況將持續下去。我們不希望評級持續低於下調門檻。正如鮑伯所說，我們希望在評估結束後，即使在成本或監管壓力暫時上升的情況下，也能持續達到甚至超過下調門檻。考慮到我們資產負債表的規模以及未來幾年受監管資本投資的大幅增加，實現並維持這一目標需要進行實際的信用修復。

Finally, as shown on Slide 10, we intend to provide a business review update this spring with final timing to consider the status of the Virginia legislative process. We would expect to use that update to discuss any changes to the Virginia regulatory model as well as next steps as it relates to the business review. That meeting would be followed with an Investor Day in the third quarter that would include a comprehensive update of the business plan.

最後，如投影片 10 所示，我們計劃在今年春季提供一份業務審查更新報告，並最終評估維吉尼亞州立法程序的進展。我們預計將利用這份更新報告討論維吉尼亞州監管模式的任何變化，以及與業務審查相關的後續步驟。該會議結束後，我們將在第三季舉辦投資者日活動，屆時將全面更新業務計畫。

I will now turn the call back over to Bob. Let me turn to other business updates and the execution of our growth program. As I've discussed in previous earnings calls, the strength of our Virginia service area economy supports our robust capital investment programs at DEV. Two recent announcements have confirmed Virginia's economic strength. First, PJM recently published its annual forecast of demand growth. The Dominion zone continues to be the highest growth rate among all zones within PJM, covering 13 states in the District of Columbia.

現在我將電話轉回給鮑伯。我來談談其他業務更新和我們成長計劃的執行情況。正如我在先前的財報電話會議上所討論的，維吉尼亞州服務區經濟的強勁成長支撐了我們在DEV的強勁資本投資計畫。最近的兩項公告證實了維吉尼亞州的經濟實力。首先，PJM最近發布了其年度需求成長預測。 Dominion地區仍然是PJM所有地區中成長率最高的，涵蓋哥倫比亞特區的13個州。

PJM projects the 10-year summer peak load to grow at a 5% annual rate. This growth primarily driven by data center loads, which have been increasing at an unprecedented rate, will require significant new capital investment. Second, last month, Amazon announced its plans to invest $35 billion by 2040 to establish multiple data center campuses across Virginia. These new campuses will combine expandable capacity to position Amazon for long-term growth in Virginia and create an estimated 1,000 jobs.

PJM 預計未來十年夏季尖峰負荷將以每年 5% 的速度成長。這一成長主要由資料中心負荷驅動，而資料中心負荷正以前所未有的速度成長，這將需要大量新的資本投資。其次，上個月，亞馬遜宣布計畫在 2040 年投資 350 億美元，在維吉尼亞州各地建立多個資料中心園區。這些新園區將整合可擴展的容量，為亞馬遜在維吉尼亞州的長期成長奠定基礎，並創造約 1,000 個就業機會。

Data centers currently represent about 20% of our total sales in Virginia, and have provided strong sales growth to date. A trend supported by these 2 announcements, we certainly expect to continue. Our work continues to advance projects to bring both new and upgraded infrastructure to enable the continued connection and expansion of data center customers. For example, we filed for a new 500 kV transmission line with the SEC with an expected in-service date of late 2025. The submission included around $700 million of capital investment.

資料中心目前約占我們在維吉尼亞州總銷售額的20%，迄今實現了強勁的銷售成長。這兩項公告印證了這個趨勢，我們當然希望它能持續下去。我們將繼續推進專案建設，引入全新和升級的基礎設施，以支援資料中心客戶的持續連接和擴展。例如，我們向美國證券交易委員會（SEC）提交了一條新的500千伏輸電線路的申請，預計於2025年底投入使用。該申請包含約7億美元的資本投資。

Turning to offshore wind on Slide 12. In December, the FCC approved the cost-sharing settlement agreement developed in collaboration with key stakeholders, including the Office of the Attorney General and other parties. We're very pleased to be extending our track record of constructive regulatory outcomes. As it relates to the project's execution, it's very much on track and on budget. We have continued to work closely with the Bureau of Ocean Energy Management and other stakeholders to support the project's time line.

再來談第12張幻燈片上的離岸風電。去年12月，美國聯邦通訊委員會（FCC）批准了與包括總檢察長辦公室和其他各方在內的主要利害關係人合作制定的成本分攤和解協議。我們非常高興能夠延續我們建設性監管成果的良好記錄。就專案執行而言，目前進展非常順利，且完全符合預算。我們一直與海洋能源管理局和其他利益相關者密切合作，以支持專案的進度。

In particular, we received the draft environmental impact statement, which started the 36-day public comment period that will close later this month. The draft EIS was thorough and contained no surprises. Public hearings have already taken place, and we continue to work collaboratively with BOM and all of the cooperating agencies. Advanced engineering and design work, which has allowed us to release major equipment for fabrication and advance procurement and other preconstruction activities for the onshore scope of work. Project costs, excluding contingency, are currently 80% fixed and we continue to expect about 90% of the project costs, excluding contingency, will be fixed by the end of the first quarter.

特別是，我們收到了環境影響聲明草案，該草案啟動了為期36天的公眾意見徵詢期，該徵詢期將於本月晚些時候結束。環境影響聲明草案內容詳盡，沒有任何意外情況。公眾聽證會已經舉行，我們將繼續與氣象局和所有合作機構合作。先進的工程和設計工作使我們能夠為陸上作業範圍的製造、前期採購和其他施工前活動發放主要設備。專案成本（不含應急費用）目前已確定80%，我們預計約90%的專案成本（不包括應急費用）將在第一季末確定。

We remain on schedule to complete construction of the project by the end of 2026. We expect the EIS record of decision in late October of this year, slightly later than expected because of the DEIS timing, but still in support of our current project schedule. Next, our Jones Act-compliant turbine installation vessel is currently 65% complete. We continue to expect it to be in service for the 2024 turbine installation season.

我們仍按計劃在2026年底前完成工程建設。我們預期環境影響報告書（EIS）的最終決定將於今年10月下旬公佈，由於環境影響報告書（DEIS）的時間安排，比預期略晚，但仍支持我們目前的專案進度。此外，我們符合《瓊斯法案》的風力渦輪機安裝船目前已完工65%。我們預計該船將在2024年風力渦輪機安裝季投入使用。

Turning to other business updates on Slide 14. As part of our ongoing resource planning, Dominion Energy South Carolina is replacing 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.

幻燈片 14 上的其他業務更新。作為我們正在進行的資源規劃的一部分，南卡羅來納州道米尼恩能源公司正在用更有效率的現代化機組替換幾台老一代調峰機組。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，在我們的發電機組中發揮重要作用。

Modernizing this equipment will lower fuel cost to customers, improve environmental performance and provide reliability and efficiency benefits. These important resources are also critical to support the grid as solar continues to be added to our system. Construction activities will begin later this year for 2 of the facilities and the all-source RFP for a third facility is on track.

對這些設備進行現代化改造將降低客戶的燃料成本，提升環保性能，並帶來可靠性和效率優勢。隨著太陽能發電系統不斷加入，這些重要資源對於支撐電網也至關重要。其中兩座發電設施的建設工作將於今年稍後啟動，第三座發電設施的全源招標（RFP）工作也正在按計畫進行。

On the regulatory front, we filed our 2023 IRP last month. Our preferred plan continues to be indicative of the potential for accelerated decarbonization and assumes all coal-only units are retired by the end of the decade. We look forward to engaging with all stakeholders on this planning process. Next at our Gas Distribution business. We continue to see strong support for timely recovery on prudently incurred investment that provide safe, reliable, affordable and increasingly sustainable service including pipeline replacement efforts and expansion of service to rural communities. For example, in December, the Public Service Commission of Utah approved a general rate increase of $48 million and allowed ROE of 9.6%.

在監管方面，我們上個月提交了2023年綜合資源規劃（IRP）。我們的首選方案繼續體現出加速脫碳的潛力，並假設所有純燃煤機組在2020年底退役。我們期待與所有利害關係人就此規劃流程展開合作。接下來是我們的天然氣經銷業務。我們繼續看到強有力的支持，以期及時收回審慎投資，這些投資旨在提供安全、可靠、經濟實惠且日益可持續的服務，包括管道更換工作和向農村社區擴展服務。例如，猶他州公共服務委員會在12月批准了4,800萬美元的一般費率上調，並允許股本回報率達到9.6%。

In this constructive outcome, they also approved the continuation of the infrastructure replacement tracker programs and the costs related to our natural gas storage project in Utah, Magna LNG, which was placed in service at the end of last year and will be used to meet system reliability for customers' gas supply in the Salt Lake City area.

在這項建設性成果中，他們還批准繼續實施基礎設施更換追蹤計畫以及與我們在猶他州的天然氣儲存計畫 Magna LNG 相關的成本，該計畫於去年年底投入使用，將用於滿足鹽湖城地區客戶天然氣供應的系統可靠性。

On RNG, we remain one of the largest agriculture-based RNG developers in the country. We have 6 projects producing negative carbon renewable natural gas and 15 additional projects in various stages of development. We're also reviewing potential tax benefits available to RNG through the Inflation Reduction Act. When we launched this business, we did so on the strength of the underlying project economics and the very robust decarbonization benefit of agricultural renewable natural gas.

在再生天然氣 (RNG) 領域，我們仍然是美國最大的農業再生天然氣 (RNG) 開發商之一。我們擁有 6 個生產負碳再生天然氣的項目，另有 15 個項目處於不同的開發階段。我們也正在評估《通膨削減法案》為 RNG 提供的潛在稅收優惠。我們啟動這項業務時，正是看中了其潛在的專案經濟效益以及農業再生天然氣的強大脫碳效益。

Those investment criteria have not changed. If the projects are deemed eligible for tax incentives, we would expect to capture that value on behalf of our shareholders. With that, let me summarize our remarks on Slide 15. Safety remains our top priority as our first core value. We delivered 2022 financial results that were in line with our guidance range. We continue to aggressively execute on our decarbonization and resiliency investment programs to meet our customers' needs while creating jobs and spurring new business growth. Our offshore wind cost-sharing settlement agreement was approved, which allows the project to continue moving forward on schedule and on budget, and the top to bottom business review is proceeding with pace and purpose.

這些投資標準並沒有改變。如果這些項目被認為有資格享受稅收優惠，我們期望代表股東獲得該價值。至此，我來總結第15張投影片上的發言。安全仍然是我們的首要任務，也是我們的首要核心價值。我們2022年的財務表現符合預期範圍。我們繼續積極執行脫碳和彈性投資計劃，以滿足客戶需求，同時創造就業機會並刺激新的業務成長。我們的離岸風電成本分攤和解協議已獲批准，這使得該項目能夠繼續按計劃和預算推進，自上而下的業務審查正在有節奏、有目標地進行。

I am focused on ensuring that Dominion Energy is best positioned to create significant long-term value for our shareholders. With that, we're ready to take your questions.

我致力於確保Dominion Energy處於最佳位置，為股東創造顯著的長期價值。為此，我們隨時準備好回答您的問題。

(Operator Instructions)

（操作員指示）

Our first question comes from Shahriar Pourreza with Guggenheim Partners.

我們的第一個問題來自古根漢合夥人公司的 Shahriar Pourreza。

So just starting with the business review priorities you kind of discussed in the prepared remarks and you kind of laid out on Slide 5. Specifically, kind of on the dividend comment, could we maybe try to parse through the awards here a little more closely?

因此，就從您在準備好的發言中討論過的並在幻燈片 5 中列出的業務審查重點開始。具體來說，關於股息評論，我們能否嘗試更仔細地分析這裡的獎項？

I mean, obviously, we understand that you guys are holding the dividend at the current level for obvious reasons and that's obviously consistent with your support for the dividend. But I guess, what is the language around "potentially" over time mean as we think about the payout ratio bounds in the near term. I guess, what do you mean by potentially, could this mean a faster or slower trajectory to get to the 60% range? I mean, we've received a lot of inbounds on these 3 words. So any sort of visibility you could provide would probably be a helpful?

我的意思是，我們顯然理解你們出於顯而易見的原因將股息維持在當前水平，這顯然與你們對股息的支持一致。但是，我想，當我們考慮短期派息率的上限時，「潛在」一詞隨著時間的推移意味著什麼？您所說的「潛在」是指達到60%左右的軌跡更快還是更慢？我的意思是，我們收到了很多關於這三個字的諮詢。所以，您能提供任何形式的資訊或許會有所幫助？

Yes. Sure, Shahriar. I appreciate that. As we said in our prepared remarks, slightly more detailed than on the slide. Our current payout ratio of 65% to the extent that, that were to go up, our expectation and plan would be to return to 65% without cutting the dividend. That's consistent with what we said when we announced the review. We're doing a business review right now. So I can't answer exactly what the payout ratio might end up. But if it is above 65%, our expectation is to get it back to 65% without cutting the dividend.

是的，當然，Shahriar。我很感激。正如我們在準備好的演講稿中所說，比投影片上的內容更詳細一些。我們目前的派息率為65%，如果該比率上升，我們的預期和計劃是在不削減股息的情況下恢復到65%。這與我們宣布評估時所說的一致。我們現在正在進行業務評估。所以我無法確切地回答最終的派息率是多少。但如果超過65%，我們預期在不削減股利的情況下將其恢復到65%。

Got it. Okay. I guess we'll wait for additional color there. And then, Bob, you took a large impairment on the solar projects. I understand the test was triggered by the decision to not stay on the investment ITC recognition hamster wheel.

明白了。好的。我想我們得等後續消息了。然後，鮑勃，你在太陽能專案上承受了巨額減值。我理解，這項測試是因為你決定不再繼續進行投資ITC認可的「倉鼠輪」測試。

But what part of the impairment test did you actually fail?

但是您實際上沒有通過損傷測試的哪一部分呢？

Shahriar, it's Steve. I can take that. So just to be specific, this has to do with our contracted assets solar portfolio. And there were really 2 primary purposes for the development of the portfolio.

我是史蒂夫，Shahriar。我可以接聽。具體來說，這與我們的合約資產太陽能投資組合有關。開發該投資組合主要有兩個目的。

The first was to develop expertise in developing solar so we could employ that expertise credibly across our regulated footprint, which is what we're doing right now. So in effect, that task has been completed. The second was to generate investment tax credits, we believe, given the attractiveness of our decarbonization and resiliency capital investment opportunity.

第一個目標是發展太陽能開發方面的專業知識，以便我們能夠在受監管的範圍內可靠地運用這些專業知識，而這正是我們目前正在做的事情。因此，實際上，這項任務已經完成。第二個目標是創造投資稅收抵免，我們相信，鑑於我們對脫碳和彈性資本投資機會的吸引力。

The capital we've used in the past to generate those ITCs can be employed elsewhere to greater long-term shareholder benefit. So the first sort of gating decision was, are we going to continue to invest in that portfolio for purposes of generating ITC? And the answer we've said is no. That led to a subsequent impairment test where we looked at the carrying value or book value and we compared it to a series of discounted and non-discounted cash flows consistent with accounting guidance and ultimately determined that the fair market value was lower than the carrying value, and that led to the impairment.

我們過去用於產生投資收益稅（ITC）的資本可以用於其他用途，從而為股東帶來更大的長期利益。因此，第一個門檻決策是，我們是否要繼續投資該投資組合以產生投資收益稅（ITC）？我們的答案是否定的。這導致了後續的減損測試，我們查看了帳面價值，並將其與一系列符合會計準則的折現和非折現現金流進行比較，最終確定公平市場價值低於帳面價值，從而導致了減損。

Okay. Got it. Got it. That's helpful. And then just really quick lastly from me. Just from a legislative process standpoint, I guess, how should we think about the likelihood of slippage into a reconvened session? I mean, put differently, if you had firm clarity on March 27, could we see the schedule accelerate?

好的。明白了，明白了。這很有幫助。最後，我想快速說一下。我想，僅從立法程序的角度來看，我們該如何看待延後到續會的可能性？換句話說，如果您在3月27日就明確了，我們能看到議程加快嗎？

Shahriar, it's Bob. It's way too early to predict what the timing of Virginia General Assembly and any action on any particular bill, including ones that relate to us maybe. As we laid out in our prepared remarks, the general assembly is scheduled to adjourn on the 25th of February. And then the Governor -- bills go to the Governor at that point or earlier once they've passed and bills that arrive on the Governor's desk with fewer than 7 days left in the legislative session, the Governor has 30 days to act on those bills.

沙裡亞爾，我是鮑伯。現在預測維吉尼亞州議會的會議時間以及對任何特定法案（包括可能與我們相關的法案）的行動還為時過早。正如我們在準備好的演講稿中所述，議會計劃於2月25日休會。屆時，法案將在2月25日或之前提交給州長。如果法案在立法會議期剩餘時間不足7天時送達州長，州長將有30天的時間對這些法案採取行動。

If he chooses to propose an amendment or veto a bill, then general assembly, as you noted, comes back for a 1-day reconvened session, and then they address those gubernatorial actions. So I can't give you any more clarity because we don't know what the timeframe on the general assembly may be. Once we do know something, that will allow us to address our own schedule.

如果他選擇提出修正案或否決法案，那麼正如你所說，州議會將重新召開為期一天的會議，然後討論州長的行動。因此，我無法向你提供更多信息，因為我們不知道州議會的具體時間表。一旦我們了解了一些情況，我們就可以自行安排時間。

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 just first on the credit comment. Could you -- you say you're kind of both targeting high BBB, but then also seem to imply kind of targeting above current thresholds, which I think your ratings are mid-BBB at the parent. So could you just clarify, are you targeting the mid-BBB and above that? Are you targeting high-BBB because that's a big difference?

首先談談信用評級。您說你們的目標既是高 BBB 評級，又似乎暗示目標高於當前閾值，我認為你們的母公司評級處於 BBB 中段。所以，您能否澄清一下，你們的目標是 BBB 中段及以上嗎？你們的目標是 BBB 中段嗎？因為兩者之間存在很大差異。

Yes. Steve, this is Steve. I'll take that one. So on an issuer rating, we're actually high-BBB and 2 of the 3 rating agencies at Moody were mid-BBB. Our objective is to maintain those targeted rating categories. And the downgrade thresholds, at least at Moody's associated with that is 14% on the down and 17% on the up.

是的。史蒂夫，我是史蒂夫。我接這個。就發行人評級而言，我們實際上是BBB高評級，而穆迪的三家評級機構中有兩家是BBB中評級。我們的目標是維持這些目標評級類別。至少在穆迪，相關的降級門檻是：下調14%，上調17%。

As we mentioned in the call script, we intend to meet and exceed that downgrade threshold even in times of temporary pressures from cost like fuel costs and regulatory adjustments. And that has been one of the drivers of our underperformance historically relative to our downgrade threshold. So we're still targeting high-BBB. It's where we are in 2 of the 3 agencies from an issuer rating perspective and the appropriate downgrade threshold, at least from the Moody's perspective is 14%.

正如我們在評級腳本中提到的，即使在燃料成本和監管調整等成本暫時面臨壓力的情況下，我們也打算達到並超過該下調門檻。這也是我們過去業績低於下調門檻的原因之一。因此，我們仍然以高BBB評級為目標。從發行人評級的角度來看，我們在三家評級機構中的兩家都處於這一水平，而合適的下調門檻，至少從穆迪的角度來看，是14%。

Okay. So for the senior unsecured rating which we typically use, that would be mid- BBB?

好的。那麼，我們通常使用的高級無抵押評級應該是BBB中級嗎？

Depending on the specific methodology, but yes.

取決於具體的方法，但是是的。

Okay. So you're basically targeting the ratings you're currently at, not a higher rating than your current rating?

好的。所以你基本上是瞄準你目前的評分，而不是比現在更高的評分？

That's right.

這是正確的。

Okay. And then just on the payout comment, just to maybe clarify that a little better, which I know at this point in the process is purposely probably -- purposely vague. Is it fair to say you're saying that in the likely outcome your payout ratio will be above the 65% for a period of time? And then you'll obviously get back in target to that?

好的。然後關於派息率的評論，我只是想更清楚地解釋一下，我知道目前這個階段，我可能故意含糊其辭。您說的意思是，在可能的情況下，您的派息率會在一段時間內保持在 65% 以上，然後您顯然會回到這個目標，這樣說公平嗎？

Yes, Steve, it's -- I apologize for not giving you a specific answer. But what we're saying is, to the extent that the payout ratio changes as a result of the review that if they're -- an obvious point, if our EPS changes as a result of the review and the dividend remains constant as we have said it will, that changes the payout ratio.

是的，史蒂夫，很抱歉沒有給你一個具體的答案。但我們想說的是，如果股息支付率因審查而發生變化，那麼很明顯，如果我們的每股收益因審查而發生變化，而股息像我們所說的那樣保持不變，那麼股息支付率就會發生變化。

And what we're indicating is if there is a change in the payout ratio, we're going to get back to it. But without reducing the dividend, that's the point that we're attempting to make here.

我們要指出的是，如果股利支付率發生變化，我們將恢復原狀。但我們不會降低股息，這正是我們試圖強調的。

Okay. But that's more still kind of hypothetical or theoretical for now, it's not the likely outcome of...

好的。但目前這仍然只是假設或理論，不太可能發生…

Correct. We're in a business review. And as we have indicated in prior calls and this call as well, we don't yet know what the outcome of that business review will be. So yes, it's hypothetical as a good way of describing it.

沒錯。我們正在進行業務評估。正如我們在之前的電話會議以及這次電話會議中提到的，我們還不知道業務評估的結果會是什麼。所以，用「假設」來描述它，確實不錯。

And then just lastly, the time line, the over time, is there any like time line for the overtime?

最後，時間線，加班時間，有沒有類似的時間線？

Again, we can't set that until we're finished with the review. So not yet.

再說一遍，審核完成前我們無法設定。所以現在還不行。

Our next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

I just want to pivot a little bit, if I could, towards Millstone here, interesting backdrop here. Just wondering if you could provide us updated thoughts with what's the status of state regional discussions around Millstone? How you're thinking about locking in more of this market upside to the asset?

如果可以的話，我想稍微談談Millstone項目，這是一個有趣的背景。您能否提供一些最新信息，關於Millstone計畫的州級和地區性討論進展如何？您如何考慮鎖定該資產的更多市場上漲空間？

Yes. Jeremy, as we've talked about before, we believe Millstone is a great asset, and we believe the policymakers in New England are recognizing increasingly its value for them to meet reliability and any chance to meet the kinds of decarbonization targets that they may have. Our focus is thinking about ways that we can ensure the long-term viability of Millstone. And we're happy to have conversations with policymakers about opportunities to do that.

是的。傑里米，正如我們之前談到的，我們認為Millstone是一筆寶貴的資產，我們也相信新英格蘭地區的政策制定者越來越認識到它對他們實現可靠性以及任何可能實現的脫碳目標的價值。我們的重點是思考如何確保Millstone的長期可行性。我們很樂意與政策制定者就實現這一目標的機會進行對話。

As we noted in our opening comments, the existing Millstone contract has been very good for customers in Connecticut in recent months and over the last year. We see the possibility of being able to take action with policymakers to give us the certainty we would need in order to extend the life of Millstone and have that valuable resource for New England for some time to come. We don't have as yet a specific approach to that. But we're certainly interested in engaging with policymakers on that.

正如我們在開場白中提到的，現有的Millstone合約在最近幾個月以及過去一年對康乃狄克州的客戶來說非常有利。我們認為有可能與政策制定者採取行動，以確保我們能夠延長Millstone的使用壽命，並在未來一段時間內為新英格蘭地區提供這項寶貴資源。我們目前還沒有具體的方案。但我們非常樂意與政策制定者就此溝通。

Got it. That's helpful. And then kind of switching gears and realize I'm at risk of putting the horse ahead of the cart here. But as it relates to potential asset sales, was just wondering, does the solar impairment kind of -- a tip that you might look to sell this asset as part of the business review. And I guess, we're at with news out of Black Hill this morning with regards to their thoughts on LDC sales. And so was just wondering if you had any thoughts on what could potentially be or what could be prioritized in the sale process if you chose to do that?

明白了。這很有幫助。然後我換個話題，意識到我可能本末倒置了。但就潛在的資產出售而言，我只是想知道，太陽能減損是否意味著您可能會考慮將出售該資產作為業務評估的一部分。我想，我們今天早上聽到了來自Black Hill的消息，關於他們對LDC出售的看法。所以，如果您選擇出售LDC，您是否考慮過在出售過程中哪些方面可能會被優先考慮？

Jeremy, I would say that as part of the review, we're looking at each and every one of our assets and consistent with the priorities and principles that we've laid out on today's call and supplement to what we provided on the third quarter call. That's what will inform our ultimate steps as it relates to the business review to the extent that there is changes to business mix, which is, again, something we're evaluating as part of review, but no decisions have been made. So we'll look at everything dispassionately to position the company to provide the greatest long-term value to shareholders.

傑里米，我想說，作為審查的一部分，我們正在審視每一項資產，並遵循我們在今天的電話會議上提出的優先事項和原則，以及我們在第三季度電話會議上提供的補充。這將決定我們最終採取哪些措施，因為業務審查涉及業務組合的變更。同樣，我們正在評估業務組合的變化，但尚未做出任何決定。因此，我們將冷靜地審視一切，使公司能夠為股東提供最大的長期價值。

Got it. That's helpful. And just a real quick last one, if I could. If you might be able to kind of parse more finally what we might expect on 2Q business review update versus the 3Q Investor Day? Is the 2Q update really just an outcome of the Virginia legislation or potentially more updates on other elements of the plan?

明白了。這很有幫助。如果可以的話，我最後再快速問一下。您能否最後更詳細地分析一下，第二季業務回顧更新與第三季投資者日相比，我們預期會有什麼變化？第二季業務回顧更新真的只是弗吉尼亞州立法的結果，還是可能包含該計劃其他內容的更多更新？

Let me do it from the reverse perspective, which is the Investor Day, we intend to provide a comprehensive business and financial update. It will effectively be at the conclusion of the review process. The spring update, which is going to coincide with timing around the Virginia legislative session, will give us an opportunity to comment on what, if any, changes occurred during the session that would impact Virginia, what are our perspective is on that and how that informs the appropriate next steps of the business review.

讓我從相反的角度來談談，也就是投資者日，我們打算提供全面的業務和財務更新。這實際上將在審查過程結束時進行。春季更新將與弗吉尼亞州立法會議的時間相吻合，這將使我們有機會評論會議期間發生的可能對弗吉尼亞州產生影響的變化（如果有的話），我們對此的看法，以及如何為業務審查的後續步驟提供參考。

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 Steve, I think this may be in your wheelhouse. I just wanted some clarification on the impairment. And then how does it impact your base earnings? So I know like that could impact your future earnings if you decide not to invest, I guess, that's what you're suggesting. But when I look at the Q1 '23 to Q1 2022 bridge on Slide 8, there is a down arrow because of solar ITC. So I'm just -- is there -- does the impairment impact your ongoing base business earnings?

史蒂夫，我想這可能在你的掌控範圍內。我只是想澄清一下減損損失。它會如何影響你的基本收入？我知道，如果你決定不投資，這可能會影響你未來的收入，我想這就是你的建議。但是，當我看到第8張投影片上2023年第一季到2022年第一季的過渡期時，有一個向下的箭頭，這是因為太陽能投資稅收抵免（ITC）。所以我想問—減損損失會影響你持續的基本業務收入嗎？

No. So the impairment doesn't change the revenue we generate under those existing PPAs. The impairment does have a slight impact on the depreciable life or the depreciation rather than the depreciable life because the carrying value is now lower than previously assumed. The bridge is something different. The bridge, when we refer to that ITC, solar ITC, it's effectively the lack of solar ITCs consistent with the comments we've made on this call and previously with regard to pivoting that capital allocation elsewhere in our business. So it's effectively simply saying that a year ago, we would have had some solar ITC and earnings. This quarter this year, we do not have that. So the impairment is different. It doesn't have any impact on that bridge.

不會。所以減損不會改變我們根據現有購電協議所產生的收入。減損確實會對折舊年限或折舊（而非折舊年限）產生輕微影響，因為現在的帳面價值低於先前的假設。過橋部分則有所不同。我們所說的過橋部分，也就是投資稅收抵免（ITC），太陽能投資稅收抵免（ITC），實際上是指缺乏太陽能投資稅收抵免（ITC），這與我們在本次電話會議上以及之前關於將資本配置轉移到其他業務的評論一致。所以，這實際上只是說，一年前我們會有一些太陽能投資稅收抵免（ITC）和收益。但今年這個季度，我們沒有。所以減值是不同的。它對過橋部分沒有任何影響。

Got it. So basically, Q1 '23 over Q1 '22 is really lack of new solar ITCs, right?

明白了。所以基本上，2023年第一季相比2022年第一季確實缺少新的太陽能投資信託基金（ITC），對嗎？

That's right. It's about $0.04.

沒錯。大約是0.04美元。

And then just one quick bookkeeping question. The Q2 time line that you mentioned for the business review update, is that the Q1 call? Or like are you going to do another meeting or 8-K, just any thoughts around that?

然後還有一個快速的記帳問題。您提到的第二季業務回顧更新時間表，是在第一季的電話會議上嗎？或者您打算再開一次會議或進行一次8-K會議，對此您有什麼想法嗎？

It will depend a little bit on the timing, Durgesh. We do typically have our first quarter call in early May. It may coincide, it may not. That won't keep us from sort of advancing the discussion around the business review when we have the information necessary to actually have that discussion.

這多少取決於時間安排，杜爾格甚。我們通常在五月初舉行第一季電話會議。時間可能一致，也可能不一致。但這不會妨礙我們在掌握必要資訊後，推進有關業務評估的討論。

Our next question comes from Ross Fowler with UBS.

我們的下一個問題來自瑞銀的羅斯福。

Just a couple of things to clean a couple of things up, and I apologize the call cut out, if this is already answered. But the cap -- the go-forward CapEx that you had associated with sort of that competitive solar adjustment. Can you sort of scale that for us and sort of the cash that you wouldn't be spending into that going forward?

我只是想澄清幾件事，如果這個問題已經有人回答了，我很抱歉電話被打斷了。但是，關於您與競爭性太陽能調整相關的未來資本支出上限，您能否為我們估算這部分支出，以及您未來不會投入的資金？

Yes. Ross, that's on the order of about $800 million.

是的。羅斯，大約是8億美元。

Okay. Okay. And then sort of a bigger picture question following on to Jeremy's question, and I appreciate the fact that you're in a strategic review at the moment. But just maybe even anecdotally, Bob, as you look at this, you -- I think Steve made some comments around the need for significant balance sheet repair if we're going to get above that 14% -- meaningfully above that 14% FFO to debt ratio. I think giving cut is clearly off the table, given your comments, but could you maybe prioritize other options, even just anecdotally in your mind at this point as to how you sort of get back to that level?

好的。好的。接下來是Jeremy的問題，我想問一個更宏觀的問題。我很感謝你目前正在進行戰略評估。不過，Bob，或許只是傳聞，當你看到這個的時候，你——我記得Steve說過，如果我們要超過14%——顯著高於14%的FFO與債務比率，就需要大幅修復資產負債表。考慮到你的評論，我認為降息顯然是不可能的，但你能否優先考慮其他方案，哪怕只是傳聞，看看你目前如何回到那個水平？

Yes. The best priority I could give you is that our objective, as we have already described, is to strengthen the balance sheet with the goal of using the most efficient sources of capital without -- with the ability to minimize external equity needs.

是的。我能給出的首要目標是，正如我們已經描述的那樣，我們的目標是加強資產負債表，以利用最有效的資本來源，同時盡量減少外部股權需求。

Beyond that, Ross, we're doing a review of every line of business. And once we're finished with that, we'll be able to outline the ways that we will go about addressing the balance sheet.

除此之外，羅斯，我們正在對每條業務線進行審查。審查完成後，我們將能夠概述解決資產負債表問題的方案。

Okay. I appreciate that, Bob. And then 2023 guidance, I think your comments were that you're just -- you're not going to provide it sort of for the full year given the strategic review. So is that just -- should we expect sort of quarterly guidance going forward as we walk through the year? And can we kind of use Q1 guidance where we're at as sort of a starting point status quo guidepost, and then make our own assumptions around where the strategic review lands to sort of get ourselves to a 2023 or 2024 number? Or how should we think about that going forward?

好的。鮑勃，我很感激。然後是2023年的業績指引，我認為你的評論是——考慮到策略評估，你不會提供全年的業績指引。那麼，我們是否應該在全年規劃中預期季度業績指引？我們能否以目前的第一季業績指引作為起點，並根據策略評估的結果做出自己的假設，從而得出2023年或2024年的業績指引？或者我們該如何規劃未來？

Ross, I anticipate we'll be providing quarterly guidance as we go through the year. With regard to using our first quarter guidance as a guide, I would just say, there's a couple of things. On our third quarter call, we provided a pathway to our 6.5% growth in 2023, much of that's not changed. There's a couple of changes that you'll -- that have impacted the first quarter.

羅斯，我預計我們會在今年全年提供季度業績指引。關於以第一季業績指引作為參考，我想說的是，有幾件事要注意。在第三季的電話會議上，我們提供了2023年6.5%的成長路徑，其中大部分內容都沒有改變。但有一些變化會影響第一季的業績。

One is we walked through as much as $0.30 of ITCs. We've obviously made a comment about that. And it's the lack of -- the run rate as well as the lack of the incremental is reflected in the first quarter. The other major change -- really the only other big change besides a little bit of tax timing in the first quarter that we wouldn't -- we'd expect to balance out through the remainder of the year is interest rates, which effectively in the guide we gave on the third quarter call, suggested that interest rates up 2% to 3%.

一是，我們經歷了高達0.30美元的ITC。我們顯然已經對此發表了評論。而且，第一季反映出了運行率和增量的不足。另一個重大變化——實際上，除了第一季的一點稅收時機之外，我們預計今年剩餘時間內不會出現平衡的重大變化是利率。實際上，我們在第三季電話會議上給出的指引表明，利率將上漲2%至3%。

That was a $0.13 to $0.19 hurt or about $0.15 at the midpoint. Those rates have now gone about 4%, which takes that sort of 15-ish midpoint to more like $0.30. So the combination of the lack of solar plus the incremental headwind with interest rate is what informs the first quarter. I would note that over time, we expect that interest rate headwind to ameliorate as I think most people do, unsure exactly what the timing of that will be. But that should be somewhat temporary.

這造成了0.13美元到0.19美元的損失，或以中間價計算約0.15美元。這些利率現在已經上漲了約4%，這使得15美元左右的中間價跌至0.30美元左右。因此，太陽能供應不足加上利率上升帶來的不利因素共同影響了第一季的走勢。我想指出，隨著時間的推移，我們預計利率逆風會有所緩解，我想大多數人也是這麼認為的，雖然不確定具體時間會是什麼時候。但這應該只是暫時的。

Thank you. That will conclude our question-and-answer session. I'll turn the call back over to management for any additional or closing remarks.

謝謝。我們的問答環節到此結束。我會將電話轉回給管理階層，請他們補充發言或做總結發言。

Thanks very much. We appreciate it, and we'll talk to you at our next call.

非常感謝！我們非常感激，下次通話時我們會再聯絡您。

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

謝謝。今天上午的電話會議到此結束。各位可以掛斷電話了，祝大家有美好的一天。