道明尼資源 (D) 2023 Q1 法說會逐字稿

Welcome to the Dominion Energy First Quarter Earnings Conference Call.

歡迎來到 Dominion Energy 第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給投資者關係副總裁大衛麥克法蘭。

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.

早上好，感謝您參加今天的電話會議。收益材料，包括今天準備好的評論，包含受各種風險和不確定性影響的前瞻性陳述和估計。請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 表格年度報告和我們的 10-Q 表格季度報告，以討論可能導致結果與管理層估計和預期不同的因素。

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

今天上午，我們將討論一些與 GAAP 認可的不同的公司業績指標。我們的非 GAAP 措施與最直接可比的 GAAP 財務措施的對賬，我們可以計算這些措施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和收益發布工具包。加入今天電話會議的有主席、總裁兼首席執行官 Bob Blue； Steven Ridge，高級副總裁兼首席財務官；執行副總裁兼首席運營官黛安·利奧波德 (Diane Leopold)。我現在將把電話轉給鮑勃。

Thank you, David. Good morning, everyone. During the first quarter, we delivered financial results consistent with our guidance range and made meaningful progress on regulated investment programs that decarbonize and add resiliency to our systems. We'll cover those topics in more detail, but let me begin with safety performance and then address the status of the business review.

謝謝你，大衛。大家，早安。在第一季度，我們交付了符合我們指導範圍的財務業績，並在受監管的投資計劃上取得了有意義的進展，這些計劃使我們的系統脫碳並增加了彈性。我們將更詳細地介紹這些主題，但讓我先從安全性能開始，然後再討論業務審查的狀態。

Our employee OSHA injury recordable rate for the first quarter was 0.21, a significant improvement relative to historical performance, including record-setting results in 2020 and 2021. We have several months left in 2023 to demonstrate our ability to drive injuries toward the only acceptable outcome, which is 0. I thank my colleagues for this remarkably strong start to the year.

我們第一季度的員工 OSHA 傷害可記錄率為 0.21，相對於歷史表現有顯著改善，包括 2020 年和 2021 年創紀錄的結果。到 2023 年，我們還有幾個月的時間來證明我們有能力使傷害達到唯一可接受的結果，即 0。我感謝我的同事們今年開局非常強勁。

Now I'd like to address the business review. Our guiding commitments and priorities are unchanged and replicated identically on Slide 3. We continue to receive valuable feedback from investors, which has affirmed our focus on these principles. We'll continue to be deliberate and making ourselves available for input from the company's current and prospective capital providers.

現在我想談談業務審查。我們的指導承諾和優先事項沒有改變，並在幻燈片 3 上以相同方式複制。我們繼續收到投資者的寶貴反饋，這證實了我們對這些原則的關注。我們將繼續深思熟慮，讓我們自己可以從公司當前和潛在的資本提供者那裡獲得投入。

The review timeline shown on Slide 4 is also unchanged. We plan to host an Investor Day in the third quarter during which we'll provide an updated strategic and financial outlook based on the results of the business review, which is still underway. We're working expeditiously but conscientiously in recognition of the vital importance of achieving an optimal result.

幻燈片 4 上顯示的審核時間表也沒有變化。我們計劃在第三季度舉辦投資者日，屆時我們將根據仍在進行中的業務審查結果提供最新的戰略和財務展望。我們正在迅速而認真地工作，認識到實現最佳結果的至關重要性。

I'm pleased with the progress we're making towards delivering a compelling repositioning of our company to create maximum long-term value for shareholders, employees, customers and other stakeholders. We have great people and great assets, and I'm as excited as ever for the future of our company.

我很高興我們在實現令人信服的公司重新定位，為股東、員工、客戶和其他利益相關者創造最大長期價值方面取得的進展。我們擁有優秀的人才和優秀的資產，我對公司的未來一如既往地感到興奮。

Turning now to several noteworthy developments in Virginia, our largest service area. In November, I discussed the need to ensure that near-term economic and customer bill pressures didn't preclude the full realization of the benefits of the long-term resiliency and decarbonization capital investment opportunity before us. And in February, I discussed the need for a durable regulatory construct that provides for a competitive and fair return on utility investments to attract low-cost capital and support of our customer-focused programs.

現在轉向我們最大的服務區域弗吉尼亞州的幾個值得注意的開發項目。 11 月，我討論了確保近期經濟和客戶賬單壓力不會妨礙充分實現擺在我們面前的長期彈性和脫碳資本投資機會的好處的必要性。在 2 月，我討論了建立持久監管結構的必要性，該結構為公用事業投資提供具有競爭力和公平的回報，以吸引低成本資本和支持我們以客戶為中心的計劃。

New Virginia law enacted in April and effective July 1, comprehensively addresses both of those needs. It provides significant bill relief for our customers and supports the long-term stability of our utility with nearly unanimous bipartisan support, the legislation provides the certainty we need to fund and execute critical energy investments in support of the Commonwealth's robust electric demand growth long-term energy security and reliability, leading decarbonization goals and impressive economic growth.

新弗吉尼亞州法律於 4 月頒布並於 7 月 1 日生效，全面解決了這兩個需求。它為我們的客戶提供了顯著的賬單減免，並在兩黨幾乎一致的支持下支持我們公用事業的長期穩定，該立法為我們提供資金和執行關鍵能源投資所需的確定性，以支持英聯邦強勁的電力需求長期增長能源安全和可靠性、領先的脫碳目標和令人印象深刻的經濟增長。

Highlights of the law are shown on Slide 5. First, it provides meaningful rate relief for customers. Beginning July 1, it reduces the monthly bill for a typical residential customer by nearly $7 through the combination of certain existing riders that represent approximately $350 million of annual revenue, and it allows for the commission to approve the securitization of deferred fuel costs, which could provide up to $7 a month in additional near-term savings.

幻燈片 5 顯示了法律的要點。首先，它為客戶提供了有意義的費率減免。從 7 月 1 日開始，它通過結合代表年收入約 3.5 億美元的某些現有騎手，將典型住宅客戶的每月賬單減少近 7 美元，並允許委員會批准遞延燃料成本的證券化，這可能每月提供高達 7 美元的額外近期儲蓄。

If approved, fuel securitization would reduce the stand-alone fuel charge on customers' monthly bills by allowing the company to spread fuel cost over a multiyear period. Taken together, these savings, if approved, would equate to a 10% reduction to the current typical residential customer bill and position us to be around 21% below the national average.

如果獲得批准，燃料證券化將允許公司在多年期間分攤燃料成本，從而減少客戶每月賬單上的獨立燃料費用。總而言之，如果獲得批准，這些節省將相當於當前典型住宅客戶賬單減少 10%，使我們比全國平均水平低 21% 左右。

Second, the law simplifies the ratemaking process around our base business, which now represents about 1/3 of DEV's total rate base. Specifically the law reinstates base rate reviews on a biannual schedule as compared to the current triennial cadence, improving the timeliness of operating expense and investment recovery.

其次，法律簡化了圍繞我們基礎業務的費率制定過程，該業務現在約佔 DEV 總費率基礎的 1/3。具體而言，與目前的三年一次節奏相比，法律恢復了每半年一次的基準利率審查，從而提高了運營費用和投資回收的及時性。

It's worth noting here, no change to the use of a forward-looking mechanism for purposes of establishing base rate revenues as part of the now biennial reviews. And it retains a modified customer sharing mechanism for base rate earnings that allows both customers and shareholders to benefit from positive financial drivers like improved cost efficiency.

這裡值得注意的是，作為現在兩年一次的審查的一部分，為建立基本費率收入而使用前瞻性機制沒有改變。它還保留了修改後的基本利率收益的客戶共享機制，使客戶和股東都能從積極的財務驅動因素中受益，例如提高成本效率。

Finally, the law prescribes certain regulatory parameters for use in rate setting for the next few years. It establishes an authorized ROE of 9.7%, up from 9.35% currently for purposes of the 2023 biennial review, which will determine base rates and rider returns through the next biennial period.

最後，法律規定了未來幾年用於利率設定的某些監管參數。它建立了 9.7% 的授權股本回報率，高於目前用於 2023 年兩年期審查的 9.35%，這將確定下一個兩年期的基本費率和騎手回報率。

It directs DEV to undertake reasonable efforts to maintain a common equity ratio of 52.1% through 2024, and it preserves the use of the rider recovery construct. As a reminder, riders are filed and trued up annually in single issue proceedings that utilize forward-looking test periods and allow for timely recovery of construction work in progress.

它指示 DEV 做出合理努力，以在 2024 年之前保持 52.1% 的普通股本比率，並保留使用騎手恢復結構。提醒一下，每年都會在單一問題程序中對附加條款進行歸檔和調整，這些程序利用前瞻性測試期並允許及時恢復正在進行的施工工作。

The law complements precedent energy legislation, including the Virginia Clean Economy Act of 2020, the Grid Transformation & Security Act of 2018 and the Reregulation Act of 2007 to create a regulated utility framework that has delivered exemplary reliability and resiliency as well as exceptional customer value as evidenced by customer rates that are significantly below national and regional averages as shown on Slide 6.

該法律補充了先例能源立法，包括 2020 年的弗吉尼亞清潔經濟法案、2018 年的電網轉型與安全法案和 2007 年的再監管法案，以創建一個受監管的公用事業框架，該框架提供了模範的可靠性和彈性以及卓越的客戶價值如幻燈片 6 所示，顯著低於國家和地區平均水平的客戶費率證明了這一點。

I believe this broadly supported bipartisan legislation strikes an appropriate balance between customer benefit, regulatory oversight, and the critical need to position the company to compete for capital to support the significant investment required in Virginia for decades to come.

我相信這項得到廣泛支持的兩黨立法在客戶利益、監管監督和公司定位競爭資本以支持弗吉尼亞未來幾十年所需的重大投資的關鍵需求之間取得了適當的平衡。

In the words of the state's House of Delegates leadership, this resolution gives Dominion Energy Virginia, the certainty and stability to make investments needed to ensure stable, reliable service long into the future. That stability and certainty is especially critical now as we ramp into the very substantial and growing multi-decade utility investment required to address resiliency and decarbonization public policy goals plus recently updated independent electric load projections that reflect the very robust demand growth we're observing in real time across our system.

用該州眾議院領導的話來說，該決議為 Dominion Energy Virginia 提供了確定性和穩定性，可以進行必要的投資，以確保在未來很長一段時間內提供穩定、可靠的服務。現在，這種穩定性和確定性尤為重要，因為我們正在投入大量且不斷增長的數十年公用事業投資，以解決彈性和脫碳公共政策目標，加上最近更新的獨立電力負荷預測，反映了我們在美國觀察到的非常強勁的需求增長在我們的系統中是實時的。

I'm referring to PJM's 2023 forecast. That is shown on Slide 7, projects peak summer load growth in the DOM zone of approximately 5% per year for the next 10 years. To put that into perspective, the resulting peak load projected for 2033 has increased from 25.8 gigawatts as of the 2022 PJM estimate to 35.8 gigawatts as of this year's estimate, an increase of nearly 40%.

我指的是 PJM 的 2023 年預測。如幻燈片 7 所示，預計在未來 10 年內，DOM 區域的夏季峰值負荷增長約為每年 5%。從這個角度來看，預計 2033 年的峰值負載已從 2022 年 PJM 估計的 25.8 吉瓦增加到今年估計的 35.8 吉瓦，增幅近 40%。

DEV weather normal sales growth over the last 12 months was 6.1%. For full year 2023, we expect the growth rate to moderate somewhat to around 5%. So this isn't a hypothetical growth. It's demand we're seeing and investing to serve every day.

DEV 過去 12 個月的正常銷售增長率為 6.1%。對於 2023 年全年，我們預計增長率將有所放緩至 5% 左右。所以這不是假設的增長。這是我們每天看到並投資服務的需求。

On Monday, we filed an updated integrated resource plan with the Virginia Commission that outlines a variety of paths to satisfy these growing service obligations. The plan calls for an acceleration of and long-term increase in our distribution, transmission and generation investment. We look forward to engaging with all stakeholders in the planning process and we'll provide a refreshed long-term capital investment plan as part of our third quarter Investor Day.

週一，我們向弗吉尼亞委員會提交了一份更新的綜合資源計劃，其中概述了滿足這些不斷增長的服務義務的各種途徑。該計劃要求加速並長期增加我們的配電、輸電和發電投資。我們期待在規劃過程中與所有利益相關者合作，我們將提供更新的長期資本投資計劃，作為我們第三季度投資者日的一部分。

This unique intersection of industry-leading demand growth and strong policy support for resiliency, decarbonization, affordability and economic growth, combined with the durability of the Virginia regulatory construct represents an unprecedented opportunity for our company, our customers and our shareholders.

這種行業領先的需求增長與對彈性、脫碳、負擔能力和經濟增長的強有力政策支持的獨特交叉，再加上弗吉尼亞監管結構的持久性，為我們的公司、我們的客戶和我們的股東提供了前所未有的機會。

It will drive growth for many years to come, require prudent capital allocation and rely on a healthy financial foundation which is one of the reasons we've repeatedly highlighted balance sheet improvement as a key priority of the business review. With that, I'll turn it over to Steven to address the financial matters before I provide additional business updates.

它將推動未來多年的增長，需要審慎的資本配置並依賴健康的財務基礎，這是我們反復強調資產負債表改善作為業務審查重點的原因之一。有了這個，在我提供額外的業務更新之前，我會把它交給史蒂文來解決財務問題。

Thank you, Bob, and good morning. Our first quarter 2023 operating earnings, as shown on Slide 8 were $0.99 per share, which included $0.10 of hurt from worse than normal weather in our utility service areas. I'll note that this was one of the warmest first quarters on record for our electric utility service areas.

謝謝你，鮑勃，早上好。如幻燈片 8 所示，我們 2023 年第一季度的營業收入為每股 0.99 美元，其中包括我們公用事業服務領域因惡劣天氣造成的 0.10 美元損失。我會注意到，這是我們的電力公用事業服務區有記錄以來最熱的第一季度之一。

Positive factors as compared to last year were normal course regulated growth, higher sales and higher Millstone margins. Other factors in addition to weather include higher interest expense, lower DEV margins for certain utility customer contracts with market-based rates, the absence of solar investment tax credits and O&M timing.

與去年相比，積極因素包括正常的過程調節增長、更高的銷售額和更高的 Millstone 利潤率。除天氣因素外，其他因素還包括更高的利息支出、某些具有市場利率的公用事業客戶合同的較低 DEV 利潤率、缺乏太陽能投資稅收抵免和 O&M 時機。

Normalized for the negative impact of weather, our results would have been $1.09 per share, above the midpoint of our weather normal guidance range by $0.04 as a result of a combination of several small drivers including Millstone margins, depreciation and taxes.

由於天氣的負面影響標準化，我們的結果將是每股 1.09 美元，比我們的天氣正常指導範圍的中點高出 0.04 美元，這是由於包括 Millstone 利潤率、折舊和稅收在內的幾個小驅動因素的組合。

First quarter GAAP results reflect a net income of $1.17 per share, which includes the positive noncash mark-to-market impact of economic hedging activities and unrealized gains in the value of our nuclear decommissioning trust funds. A summary of all adjustments between operating and reported results is included in Schedule 2 of the earnings release kit.

第一季度 GAAP 結果反映了每股 1.17 美元的淨收入，其中包括經濟對沖活動的積極非現金市值影響以及我們核退役信託基金價值的未實現收益。收益發布工具包的附表 2 中包含運營結果和報告結果之間所有調整的摘要。

Moving now to guidance on Slide 9. Given the pending business review, we are not providing full year 2023 earnings guidance. For the second quarter of 2023, we expect operating earnings to be between $0.58 and $0.68 per share. Last year's second quarter operating earnings were $0.77 and included $0.01 hurt from worse than normal weather.

現在轉到幻燈片 9 的指引。鑑於待定的業務審查，我們不提供 2023 年全年收益指引。對於 2023 年第二季度，我們預計營業收入將在每股 0.58 美元至 0.68 美元之間。去年第二季度的營業收入為 0.77 美元，其中 0.01 美元因惡劣天氣而受損。

The second quarter 2023 guidance midpoint of $0.63 per share represents a decline of $0.14 as compared to last year but is in line with our expectations since the beginning of the year.

2023 年第二季度每股 0.63 美元的指導中點與去年相比下降了 0.14 美元，但符合我們年初以來的預期。

Let me spend a minute on the key drivers for the quarter as compared to last year. Positive drivers include higher sales, lower Millstone planned outage impacts, normal weather and modest O&M timing. Other drivers are primarily and as previously highlighted, higher interest rates, lower DEV margins for certain utility customer contracts with market-based rates and the lack of solar ITCs.

與去年相比，讓我花一分鐘時間談談本季度的主要驅動因素。積極的驅動因素包括更高的銷售額、更低的 Millstone 計劃停機影響、正常天氣和適度的 O&M 時間。正如之前強調的那樣，其他驅動因素主要是更高的利率，某些具有市場利率的公用事業客戶合同的 DEV 利潤率較低以及缺乏太陽能 ITC。

Turning now to credit. For the avoidance of Dow, there have been no changes to our business review commitments and priorities, including with regard to credit. As we've discussed, despite meaningful qualitative improvement over the last several years, our credit metrics need strengthening.

現在轉向信貸。為了避免陶氏，我們的業務審查承諾和優先事項沒有改變，包括在信貸方面。正如我們所討論的那樣，儘管在過去幾年中有了有意義的質量改進，但我們的信用指標仍需要加強。

This was highlighted by S&P, who recently revised its outlook from stable to negative for the Dominion family of issuers. Recall that the outlook designation typically signifies a 1/3 probability of change in rating over the next 12 to 24 months.

標準普爾強調了這一點，該標準普爾最近將其對 Dominion 發行人家族的展望從穩定調整為負面。回想一下，展望指定通常表示在未來 12 到 24 個月內評級發生變化的可能性為 1/3。

I'd note that S&P maintained its stand-alone credit profile for VEPCO at A and maintain Dominion's business risk profile as excellent, but suggested that counter measures were likely needed to strengthen the company's future credit metrics. As we've said before, we desire 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.

我注意到標準普爾將 VEPCO 的獨立信用狀況維持在 A，並將 Dominion 的業務風險狀況維持在優秀水平，但建議可能需要採取應對措施來加強公司未來的信用指標。正如我們之前所說，我們希望能夠隨著時間的推移從審查中脫穎而出，即使在臨時的成本或監管壓力期間也能始終如一地達到並超過我們的降級閾值。

As part of the review, we're analyzing the most efficient sources of capital to improve our balance sheet and fund our robust capital investments while seeking to minimize any amount of external equity financing need. No change on either of these 2 points from prior investor communications.

作為審查的一部分，我們正在分析最有效的資本來源，以改善我們的資產負債表並為我們穩健的資本投資提供資金，同時尋求將任何數量的外部股權融資需求降至最低。之前的投資者溝通中，這兩點中的任何一點都沒有變化。

Turning to Slide 10 and briefly on O&M management. We know it's our responsibility to constantly look for ways to optimize the efficiency of our operations without losing sight on the absolute necessity of meeting high customer service standards.

轉到幻燈片 10 並簡要介紹 O&M 管理。我們知道，我們有責任不斷尋找優化運營效率的方法，同時又不忽視滿足高客戶服務標準的絕對必要性。

Based on the most recent data published by FERC last month, we've updated our electric O&M management relative to peers. As you can see, we have a track record of operating efficiently for our customers and shareholders, which is clearly reflected, as Bob described on Slide 6 in our competitive rates as compared to national and regional averages.

根據 FERC 上個月發布的最新數據，我們更新了相對於同行的電力 O&M 管理。正如您所看到的，我們擁有為客戶和股東高效運營的記錄，正如鮑勃在幻燈片 6 中所描述的那樣，我們與國家和地區平均水平相比具有競爭力的價格清楚地反映了這一點。

We've driven down costs through improved processes, innovative use of technology and other best practice initiatives. 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 achieved over the years.

我們通過改進流程、創新使用技術和其他最佳實踐舉措降低了成本。作為審查的一部分，我們正在評估在我們多年來取得的顯著運營和成本效率的背景下，我們還可以在成本方面做些什麼。

Before turning it back over to Bob, let me echo his enthusiasm for the future of our company. I, too, am encouraged by the progress of the review and look forward to sharing the results during our investor meeting later this year. I'll now turn the call back over to Bob.

在將其轉交給 Bob 之前，讓我重複一下他對我們公司未來的熱情。我也對審查的進展感到鼓舞，並期待在今年晚些時候的投資者會議上分享結果。我現在將電話轉回給鮑勃。

Thanks, Steven. I'll now turn to other business updates on the execution of our growth program. Turning to offshore wind on Slide 11. The project remains on track and on budget. We continue to work closely with the Bureau of Ocean Energy Management and other stakeholders to support the project's time line.

謝謝，史蒂文。我現在將轉向有關執行我們的增長計劃的其他業務更新。轉向幻燈片 11 上的海上風電。該項目仍在按計劃進行並符合預算。我們將繼續與海洋能源管理局和其他利益相關者密切合作，以支持該項目的時間表。

The draft EIS received late last year was thorough and contained no surprises. Public hearings have already taken place, and we continue to work collaboratively with BOEM and all of the cooperating agencies. We expect the EIS record of decision later this year. We've advanced engineering and design work, which has allowed us to release major equipment for fabrication, and we made progress on procurement and other preconstruction activities for the onshore scope of work.

去年底收到的 EIS 草案非常詳盡，沒有任何意外之處。公開聽證會已經舉行，我們將繼續與 BOEM 和所有合作機構合作。我們預計今年晚些時候 EIS 的決定記錄。我們推進了工程和設計工作，這使我們能夠發布用於製造的主要設備，並且我們在陸上工作範圍的採購和其他施工前活動方面取得了進展。

Consistent with prior guidance, project costs, excluding contingency, are about 90% fixed, further derisking the project in its budget. Project to date, we've invested approximately $1.5 billion, which we expect to grow to $3.3 billion by year-end.

與之前的指導一致，項目成本（不包括應急費用）約 90% 是固定的，進一步降低了項目預算的風險。迄今為止，我們已投資約 15 億美元，預計到年底將增至 33 億美元。

In our most recent regulatory filing, we updated our expected LCOE to the low end of the $80 to $90 per megawatt range to account for PTC value based on the Inflation Reduction Act. In March, legislation was enacted that authorizes DEV to establish an offshore wind affiliate subject to commission approval. And for the purpose of securing a noncontrolling equity financing partner in our offshore wind project.

在我們最近的監管文件中，我們將預期的 LCOE 更新為每兆瓦 80 至 90 美元範圍的低端，以根據《通貨膨脹減少法案》計算 PTC 價值。 3 月，頒布了一項立法，授權 DEV 建立一家海上風電子公司，但須經委員會批准。並為了在我們的海上風電項目中獲得非控股股權融資合作夥伴。

We intend to evaluate this option as part of the business review. Our Jones Act-compliant turbine installation vessel is currently 70% complete. No change to our expectation of the completion well in advance of the need to support the current Coastal Virginia offshore wind construction schedule and timely completion by the end of 2026.

我們打算將此選項作為業務審查的一部分進行評估。我們符合瓊斯法案的渦輪機安裝船目前已完成 70%。我們對提前完工的預期沒有改變，因為需要支持當前的弗吉尼亞沿海海上風電建設計劃，並在 2026 年底前及時完工。

On data centers, we're advancing a series of infrastructure upgrade projects that will enable incremental increases in power for data center customers in Eastern Loudoun County. The first 3 projects are ahead of schedule and will be completed by the end of this month.

在數據中心方面，我們正在推進一系列基礎設施升級項目，這些項目將使東勞登縣的數據中心客戶的電力逐步增加。前3個項目提前完成，將於本月底完成。

A second tranche of projects are on schedule to be completed by the end of 2023. Additionally, we recently received SEC approval for a new 500 kV transmission line with an expected in-service date of late 2025. This submission included around $700 million of capital investment.

第二批項目按計劃將於 2023 年底完成。此外，我們最近獲得了美國證券交易委員會批准的一條新的 500 kV 輸電線路，預計投入使用日期為 2025 年底。此次提交的資金包括約 7 億美元投資。

Turning to Slide 13. I'm very pleased that the SEC in April approved our most recent Clean Energy filing, which included nearly 800 megawatts of solar and energy storage capacity, our sixth consecutive such approval. These projects will bring jobs and economic opportunity to our communities, and they will deliver more than $250 million in fuel savings for our customers during their first 10 years in operation.

轉到幻燈片 13。我很高興 SEC 在 4 月份批准了我們最近的清潔能源申請，其中包括近 800 兆瓦的太陽能和儲能容量，這是我們連續第六次獲得此類批准。這些項目將為我們的社區帶來就業機會和經濟機會，並在運營的前 10 年內為我們的客戶節省超過 2.5 億美元的燃料。

Our next clean energy filing will take place later this year. Next, we're advancing our electric grid transformation plans to create a more resilient grid, improve reliability and offer faster recovery after major storms. We filed Phase III of our grid transformation plan in March, seeking approval for the continuation of existing and new projects through 2026.

我們的下一次清潔能源申報將於今年晚些時候進行。接下來，我們正在推進我們的電網轉型計劃，以創建更具彈性的電網、提高可靠性並在大風暴過後提供更快的恢復。我們在 3 月提交了電網改造計劃的第三階段，尋求批准在 2026 年之前繼續現有和新項目。

Our customers have already observed the benefits from prior investments as we've seen fewer outages and less significant damage on impacted facilities during major storms. The filing represented over $1 billion of rider eligible investment. We expect an order from the SEC by the end of the third quarter of 2023.

我們的客戶已經觀察到先前投資的好處，因為我們發現在大風暴期間，受影響設施的停電和損壞都減少了。該申請代表了超過 10 億美元的騎手合格投資。我們預計美國證券交易委員會將在 2023 年第三季度末發出命令。

Turning to South Carolina. On March 31, we filed a natural gas general rate case in South Carolina in accordance with its 2020 RSA settlement agreement with the South Carolina Office of Regulatory Staff. We asked in the case for an ROE of 10.38% and a revenue requirement increase of $19 million, which represents around a 6% increase to a typical residential customer bill. We expect new rates based on a typical procedural schedule to be effective in October.

轉向南卡羅來納州。 3 月 31 日，我們根據與南卡羅來納州監管人員辦公室簽訂的 2020 RSA 和解協議，在南卡羅來納州提起了天然氣總費率訴訟。我們在案例中要求 ROE 為 10.38%，收入要求增加 1900 萬美元，這意味著典型住宅客戶賬單增加約 6%。我們預計基於典型程序時間表的新利率將於 10 月生效。

On April 25, the commission approved our stipulation in the electric fuel proceeding. The stipulation was prepared through the joint efforts of DESC, the South Carolina Office of Regulatory Staff and the South Carolina Energy Users Committee. The stipulation supports an increase of just under 4% for an average residential customer bill. We now expect to recover all previous under collections during the next fuel year.

4 月 25 日，委員會批准了我們在電動燃料程序中的規定。該規定是通過 DESC、南卡羅來納州監管人員辦公室和南卡羅來納州能源用戶委員會的共同努力製定的。該規定支持平均住宅客戶賬單增加略低於 4%。我們現在希望在下一個燃料年度恢復所有以前的欠收。

I'd note that this is the second electric fuel adjustment settlement in the past 6 months. Another example of the improved regulatory and stakeholder relationships that will benefit our customers in the state.

我要指出，這是過去 6 個月內的第二次電動燃料調整和解。改善監管和利益相關者關係的另一個例子將使我們在該州的客戶受益。

Lastly, at our gas distribution business. The Utah system delivered 7 of the top 20 throughput days in history including the 2 highest ever during a record setting winter. Also in Utah, we've launched the next phase of our hydrogen blending pilot, and we've achieved up to 5% blending levels in Delta serving about 1,800 customers.

最後，在我們的天然氣分銷業務。猶他州系統交付了歷史上吞吐量前 20 名中的 7 天，其中 2 天是創紀錄的冬季。同樣在猶他州，我們啟動了氫氣混合試驗的下一階段，我們在達美航空實現了高達 5% 的混合水平，為大約 1,800 名客戶提供服務。

On RNG, we have 6 RNG projects currently injecting gas with 15 projects under various stages of development. With that, let me summarize our remarks on Slide 14.

在 RNG 方面，我們目前有 6 個 RNG 項目注入天然氣，15 個項目處於不同的開發階段。至此，讓我總結一下我們對幻燈片 14 的評論。

Our safety performance this quarter was outstanding, but more work to do to drive injuries to 0. We delivered financial results that were within our guidance range and above the midpoint of our guidance range on a weather-normal basis. We continue to execute on our decarbonization and resiliency investment programs to meet our customers' needs while creating jobs and spurring new business growth.

我們本季度的安全表現非常出色，但要將傷害降至 0，還有更多工作要做。我們的財務業績在我們的指導範圍內，並且在天氣正常的基礎上高於我們指導範圍的中點。我們繼續執行我們的脫碳和彈性投資計劃，以滿足客戶的需求，同時創造就業機會並刺激新的業務增長。

Our offshore wind project continues to move forward on schedule and on budget. And the top to bottom business review is proceeding with pace and purpose. I'm focused on ensuring that Dominion Energy is best positioned to create significant long-term value for our shareholders.

我們的海上風電項目繼續按計劃和預算向前推進。從上到下的業務審查正在按速度和目的進行。我專注於確保 Dominion Energy 處於最佳位置，能夠為我們的股東創造重要的長期價值。

With that, we're ready to take your questions.

這樣，我們就可以回答您的問題了。

(Operator Instructions)

（操作員說明）

We'll take our first question from Shar Pourreza with Guggenheim Partners.

我們將從 Shar Pourreza 和 Guggenheim Partners 那裡回答我們的第一個問題。

Maybe just, Bob, if we could start with a kind of a sequencing question regarding the Investor Day as it kind of draws closer. Should we be expecting kind of a turnkey Investor Day reset? Or could it still be contingent on potential ongoing sale processes? And the origin of the question is that the wind stake sales seems to be taking a while right now. You have that option now. So just trying to get a feel for what level of closure you're targeting for the rollout.

也許只是，鮑勃，如果我們可以從一個關於投資者日的排序問題開始，因為它有點接近了。我們是否應該期待一種交鑰匙投資者日重置？或者它是否仍然取決於潛在的正在進行的銷售流程？而問題的根源在於，wind 股份的出售現在似乎還需要一段時間。你現在有那個選擇。因此，只是想了解一下您針對推出的目標關閉級別。

Yes, Shar, we're targeting, as we have said from the beginning being able to give a very good sense of the long term for our company. So no change from what we expected when we started or when we most recently updated.

是的，Shar，我們的目標是，正如我們從一開始就說過的那樣，能夠很好地了解我們公司的長期發展。因此，與我們開始或最近更新時的預期沒有任何變化。

Got it. Perfect. And then Steven, you mentioned in the prepared that you continue to look at cost efficiencies, albeit within the context of all the work you've done to date. I guess how should we think about the opportunities here? Any color on scale or timing as we look ahead to the review and beyond?

知道了。完美的。然後史蒂文，你在準備中提到你繼續關注成本效率，儘管是在你迄今為止所做的所有工作的背景下。我想我們應該如何考慮這裡的機會？在我們展望審查及以後的過程中，規模或時間上有任何顏色嗎？

Yes. Thanks, Shar. I think on the third quarter call of 2022, when we announced the business review, we did make some commentary on our focus on continuing our track record of being a very efficient operator. And I think what we said at that time, which I think was well put by Jim Chapman was that while we believe there's opportunity and we're constantly focused on looking at that. We don't view it in the -- through a lens of a game changer amount of incremental savings to what we've consistently accomplished. So as we're working through the business review, we continue to expect to find incremental efficiencies, but we've been driving a lot of those efficiencies -- inefficiencies out of the business for a number of years as reflected in our O&M efficiency metrics and our rates. .

是的。謝謝，莎爾。我認為在 2022 年第三季度的電話會議上，當我們宣佈業務審查時，我們確實對我們專注於繼續成為一個非常高效的運營商的記錄發表了一些評論。而且我認為我們當時所說的，我認為吉姆查普曼說得很好是，雖然我們相信有機會，但我們一直專注於尋找機會。我們不會從改變遊戲規則的角度來看待它，即我們一貫取得的成就所帶來的增量儲蓄。因此，在我們進行業務審查時，我們繼續期望找到增量效率，但我們一直在推動這些效率的提高——多年以來，業務中的低效率已反映在我們的 O&M 效率指標中和我們的費率。 .

Perfect. I think just one last one, I guess, just on the SEC. I guess what are your kind of expectations for lawmakers, I guess, to fill the 2 vacant seats at this point? It sounds like there's been little progress in Richmond. I guess what are the pathways forward here?

完美的。我想只有最後一個，我想，就在 SEC 上。我猜你對立法者有什麼樣的期望，我想，在這一點上填補 2 個空缺席位？聽起來里士滿幾乎沒有什麼進展。我想這裡的前進道路是什麼？

Yes, Shar. I think it's important to start off by noting that the commission is functioning effectively as evidenced by orders just within the last few weeks that I mentioned in our opening remarks on our Clean Energy III filing, 800 megawatts of solar and storage. And on the transmission line, that's important for us to be able to serve data center customers in Northern Virginia. So the commission is functioning well in its current configuration. I can tell you that the process and the constitution of Virginia is that when there are vacancies, the general assembly can elect judges to fill commissioners to fill those vacancies.

是的，莎爾。我認為重要的是首先要注意委員會正在有效運作，正如我在清潔能源 III 申請的開場白中提到的過去幾週內的訂單所證明的那樣，800 兆瓦的太陽能和存儲。在傳輸線上，這對我們能夠為北弗吉尼亞州的數據中心客戶提供服務非常重要。因此，該委員會在其當前配置中運作良好。我可以告訴你，弗吉尼亞州的程序和憲法是，當有空缺時，大會可以選舉法官來填補委員來填補這些空缺。

If they're not in session, the governor could make an appointment for a term that would last until 30 days after the start of the next regular session. So that's the process. But I think it's important if you sort of step back and think about the regulatory construct in Virginia. If you look just at where we sit in Virginia, we've got low rates. We've got strong reliability. We've got a clear mandate from policymakers for energy security within an energy transition and as our IRP indicates, we've got very strong load growth. So we're sitting in a very good spot moving forward in the Virginia regulatory process. So the commission is functioning now. There is a process for adding 2 new commissioners. But sort of in the big picture, we're very well positioned in Virginia for strong regulatory outcomes in the future.

如果他們不在會議上，州長可以預約一個任期，該任期將持續到下一次例會開始後 30 天。這就是過程。但我認為，如果你退後一步並考慮弗吉尼亞州的監管結構，這一點很重要。如果你看看我們在弗吉尼亞州的位置，我們的利率很低。我們有很強的可靠性。我們已經從政策制定者那裡獲得了能源轉型中能源安全的明確授權，正如我們的 IRP 所表明的那樣，我們的負荷增長非常強勁。因此，我們在弗吉尼亞州的監管過程中處於一個非常好的位置。所以委員會現在正在運作。有一個添加 2 個新專員的過程。但從大局來看，我們在弗吉尼亞州處於有利地位，可以在未來取得強有力的監管成果。

And we'll take our next question from Steve Fleishman with Wolfe Research.

我們將從 Wolfe Research 的 Steve Fleishman 那裡回答下一個問題。

So just on the framing of the Investor Day, the -- a lot of the balance sheet fix at least seems like it could come from asset sales and the like and markets kind of keep moving around and the like. So just as we go to the Investor Day, should we assume that asset sales, if you're going to do any are actually kind of announced by then or that this process would kind of kick off by then.

因此，就在投資者日的框架內，很多資產負債表的修復至少看起來可能來自資產出售等，市場也在不斷波動等。因此，就像我們去投資者日一樣，我們是否應該假設資產出售，如果你打算做任何事情，到那時實際上已經宣布了，或者這個過程將在那時開始。

Steve, this is Steve. I'll take a shot at that as well. I think as we think about the Investor Day, the goal is to have isolated as many variables of the review as possible at the time that we address the market with the repositioning of the company for the long term. And obviously, given the business review is underway, it's a little bit difficult to provide sort of more specific guidance than that. But we are well down the path on the review. As Bob mentioned, we're pleased with the progress that we're making and we look to use the Investor Day to provide a refreshed strategic and financial outlook that will cover earnings and credit and financing and capital investment. And I think based on the progress we've seen to date, we will be well positioned to do that.

史蒂夫，這是史蒂夫。我也會嘗試一下。我認為，當我們考慮投資者日時，目標是在我們通過長期重新定位公司來應對市場時，盡可能多地隔離審查變量。顯然，鑑於正在進行業務審查，提供比這更具體的指導有點困難。但我們在審查的道路上進展順利。正如 Bob 所提到的，我們對我們正在取得的進展感到滿意，我們希望利用投資者日提供更新的戰略和財務前景，涵蓋收益、信貸、融資和資本投資。而且我認為，根據我們迄今為止所取得的進展，我們將做好準備來做到這一點。

Okay. Makes sense. And just on the performance provision and the ROE in Virginia, can you just talk to kind of is there any clear barometer for how they're supposed to judge performance upside or downside?

好的。說得通。就弗吉尼亞州的業績規定和 ROE 而言，您能否談談是否有任何明確的晴雨表來判斷他們應該如何判斷業績的上行或下行？

I think there'll need to be some work done within the commission on how that will work. It's -- there was a similar provision in the law really starting back in 2007. And -- so we see it as an opportunity to demonstrate our excellent performance when we're in front of the commission. But I think it's a little early to establish exactly how that will play out.

我認為委員會需要就其運作方式開展一些工作。早在 2007 年，法律中就有類似的規定。而且，我們認為這是一個機會，可以在委員會面前展示我們的出色表現。但我認為現在確定結果如何還為時過早。

Okay. And then lastly, just on the data centers. The -- is there any better clarity on who's really supposed to be servicing this data center load and planning for it? Like is that your obligation as part of PJM and the commission or because they have choice, is it not? Could you just give us some sense on how to think about that aspect of the low growth?

好的。最後，就數據中心而言。關於誰真正應該為該數據中心負載提供服務並為其進行規劃，是否有更好的清晰度？比如你作為 PJM 和佣金的一部分的義務，或者因為他們有選擇，不是嗎？您能否告訴我們如何看待低增長的這一方面？

We have an obligation to serve customers in Virginia. It's our obligation and we build generation, transmission and distribution as necessary to serve that load. So that's the way that it has worked. That's the way it's going to keep working in the future. So we've got investments to make as you see from the IRP.

我們有義務為弗吉尼亞州的客戶提供服務。這是我們的義務，我們會根據需要建造發電、輸電和配電服務該負載。這就是它的工作方式。這就是它將在未來繼續工作的方式。因此，正如您從 IRP 中看到的那樣，我們需要進行投資。

Yes. I mean even the ones that maybe if they do have on-site generation, they're typically connecting to you as well and using Dominion at least for wires and backdrop and the like. Is that correct?

是的。我的意思是，即使是那些可能如果他們確實有現場生成，他們通常也會連接到你並且至少使用 Dominion 用於電線和背景等等。那是對的嗎？

Absolutely. Yes. These are large loads, 24/7, they need the grid.

絕對地。是的。這些都是大負載，24/7，他們需要電網。

And we'll take our next question from Jeremy Tonet with JPMorgan.

我們將從 JPMorgan 的 Jeremy Tonet 那裡回答下一個問題。

Just wanted to touch on the IRP scenarios a bit and just see what factors are, I guess, in play between the different scenarios. Just wondering if you would note any notable highlights on resource mix considerations across these scenarios and how that would impact be?

只是想稍微談談 IRP 場景，看看有哪些因素在不同場景之間發揮作用。只是想知道您是否會注意到這些場景中資源組合考慮因素的任何顯著亮點以及這將如何影響？

Sure. Jeremy, as you know, we laid out in the plan 5 different scenarios. Some of them required by the commission from decisions in earlier proceedings. We have plans that as they should comply with the Virginia Clean Economy Act. Others, as I noted, required by the commission that don't necessarily comply with the Clean Economy Act but the commission asked for those scenarios as well.

當然。傑里米，如你所知，我們在計劃中列出了 5 個不同的場景。其中一些是委員會在早期程序中的決定中要求的。我們有計劃，因為他們應該遵守弗吉尼亞清潔經濟法案。正如我所指出的，委員會要求的其他人不一定符合《清潔經濟法》，但委員會也要求這些情況。

Across all of them, what we look for is the appropriate balance between investing to serve our customers reliably and the cost of that service. And compliance with all the rules and regulations that govern us, including the Clean Economy Act. This is -- the IRP is a snapshot in time. It's what -- when we look out 15 and with certain parameters, 25 years, what we think our demand will be as projected by PJM and then the investments that we need to make in order to serve that load.

在所有這些方面，我們尋求的是在為可靠地為客戶服務而進行的投資與該服務的成本之間取得適當的平衡。並遵守適用於我們的所有規章制度，包括《清潔經濟法》。這是——IRP 是一個時間快照。這就是——當我們展望 15 年並使用某些參數時，25 年，我們認為我們的需求將如 PJM 所預測的那樣，然後是我們需要進行的投資以服務於該負載。

This changes, as you know, over time, when we have further proceedings, it will be adjusted, I'm sure. But we, as of the time of this filing, thinks that -- believe that this document lays out a pretty clear road map for different ways that we'd be able to serve what is very robust demand growth coming over the course of the next 1.5 decade or more.

正如你所知，隨著時間的推移，這會發生變化，當我們有進一步的程序時，它會進行調整，我敢肯定。但是，截至提交本文件時，我們認為 - 相信本文件為不同的方式製定了一個非常清晰的路線圖，我們將能夠為下一個過程中非常強勁的需求增長提供服務1.5 十年或更長時間。

Got it. That's very helpful. And small point I just wanted to pivot for Millstone. Just wondering if there's any updated thoughts that you could provide there given, I guess, changes in the market?

知道了。這很有幫助。小點我只是想轉向 Millstone。只是想知道鑑於市場的變化，您是否可以提供任何更新的想法？

Yes. As we've said in prior calls, Jeremy, we think Millstone is an incredibly valuable asset to New England, both for reliability and decarbonization purposes. Our team operates that plant extraordinarily well. And as we think about the future of Millstone, we just see that it's very well positioned.

是的。正如我們在之前的電話中所說，傑里米，我們認為磨石對新英格蘭來說是一項非常寶貴的資產，無論是出於可靠性還是為了脫碳目的。我們的團隊將該工廠經營得非常好。當我們考慮 Millstone 的未來時，我們只看到它的定位非常好。

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

謝謝。這確實結束了今天上午的電話會議。您可以斷開線路，享受您的一天。