道明尼資源 (D) 2023 Q3 法說會逐字稿

Welcome to the Dominion Energy Third Quarter Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to David McFarland, Vice President, Investor Relations. Please go ahead.

歡迎參加 Dominion Energy 第三季財報電話會議。 （操作員說明）我現在想將電話轉給投資者關係副總裁 David McFarland。請繼續。

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，包括今天準備的言論，包含前瞻性陳述和估計，受到各種風險和不確定性的影響。請參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表年度報告和 10-Q 表季度報告，以了解可能導致結果與管理層的估計和預期不同的因素的討論。今天早上，我們將討論一些與公認會計準則認可的公司績效不同的衡量標準。我們的非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳（我們可以計算）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; Steven Ridge, Senior Vice President, Chief Financial Officer; and Diane Leopold, Executive Vice President and Chief Operating Officer. I will now turn the call to Bob.

董事長、總裁兼執行長 Bob Blue 參加了今天的電話會議； Steven Ridge，資深副總裁兼財務長；執行副總裁兼營運長黛安‧利奧波德 (Diane Leopold)。我現在將電話轉給鮑伯。

Thank you, David. Good morning, everyone. I'll begin my remarks by highlighting our safety performance. As shown on Slide 3, our OSHA injury recordable rate for the first 9 months of the year was 0.43 a significant improvement relative to already strong historical performance. I commend my colleagues for their consistent focus on employee safety, which is our first core value.

謝謝你，大衛。大家，早安。我將首先強調我們的安全表現。如幻燈片 3 所示，我們今年前 9 個月的 OSHA 傷害可記錄率為 0.43，相對於已經強勁的歷史表現而言，這是一個顯著的進步。我讚揚我的同事對員工安全的一貫關注，這是我們的首要核心價值。

Moving now to the business review. It's been a year since we announced the review. These last 12 months have been a challenging environment for utility investors generally and even more so for Dominion Energy shareholders. As stewards of investor capital, we take that very seriously. That said, my conviction around the decision to launch and execute the review has not wavered. It is the right course of action for Dominion Energy, and we are seeing it through to its successful completion with urgency and with care. Let me take a step back and share some of the most common themes I heard from our investors in the months leading up to the announcement of the review. Dissatisfaction with our track record of inconsistent earnings growth, and an earnings mix, which too often had what some investors consider to be lower quality earnings.

現在轉向業務審查。距離我們宣布審查已經一年了。過去 12 個月對於公用事業投資者來說是一個充滿挑戰的環境，對於 Dominion Energy 股東來說更是如此。作為投資者資本的管理者，我們非常重視這一點。儘管如此，我對啟動和執行審查決定的信念並未動搖。對於 Dominion Energy 來說，這是正確的行動方針，我們正在緊急而謹慎地確保其成功完成。讓我退後一步，分享一下我在宣布審查之前的幾個月裡從投資者那裡聽到的一些最常見的主題。對我們獲利成長不一致的記錄以及獲利組合的不滿，一些投資者經常認為獲利組合品質較低。

Questions about the complexity and durability of the Virginia regulatory model and concerns around the balance sheet which included never fully addressing the impact of the failure of our master limited partnership financing model as well as leaning on our balance sheet to remedy short-term earnings pressures at the potential cost of longer-term credit quality both of which contributed to our living below our downgrade thresholds even in a low interest rate environment, all of which led to inquiries around whether a new approach was needed to deliver results that were consistent with shareholder expectations.

關於維吉尼亞州監管模式的複雜性和持久性的問題以及對資產負債表的擔憂，其中包括從未完全解決我們的主要有限合夥融資模式失敗的影響，以及依靠我們的資產負債表來緩解短期盈利壓力長期信貸品質的潛在成本，即使在低利率環境下，這兩者都導致我們的生活低於降級門檻，所有這些都導致​​人們詢問是否需要採取新方法來提供符合股東期望的結果。

Since announcing the review, I've had the opportunity to engage directly with many of our shareholders. While opinions around the exact path and desired outcome of the review have varied, the common direction I receive and with which I strongly agree is that the review must comprehensively and finally address the foundational concerns that have eroded investor confidence over the last several years. This can't be a series of partial solutions that lead key elements and risks unaddressed. That's how we've approached this top to bottom review and we've strived to leave no stone unturned in our effort to deliver a result that will provide a durable, transparent, credible and achievable strategic and financial profile that puts Dominion Energy on a path to compelling long-term value for shareholders, customers, and employees.

自從宣布審查以來，我有機會直接與我們的許多股東接觸。雖然圍繞審查的具體路徑和預期結果的意見各不相同，但我收到並強烈同意的共同方向是，審查必須全面、最終解決過去幾年削弱投資者信心的基本問題。這不能是一系列導致關鍵要素和風險無法解決的局部解決方案。這就是我們進行自上而下審查的方式，我們竭盡全力提供持久、透明、可信和可實現的策略和財務狀況，使 Dominion Energy 走上正軌。為股東、客戶和員工帶來令人信服的長期價值。

We've taken several meaningful steps over the last 12 months in furtherance of our objectives and are rapidly nearing a conclusion to this comprehensive review. With that context, let me recap our progress before turning to what's left to conclude the review. Again, we're moving with urgency but also with great care, and our guiding priorities and commitments are unchanged. As shown on Slide 4, we supported bipartisan legislation in Virginia that puts our largest utility on solid and durable footing which will enable our delivery of the reliable, affordable and increasingly clean energy that powers our customers every day for decades to come while also playing a vital role in supporting Virginia job creation, tax revenue and economic growth. This legislation supports our compelling value proposition to customers. If you're a residential customer in Virginia, you pay approximately 16% less per kilowatt hour for your electricity than the average U.S. utility customer. and your power is on 99.99% of the time outside of a major storm event.

在過去 12 個月中，我們採取了一些有意義的步驟來推進我們的目標，並且正在迅速接近這次全面審查的結論。在此背景下，讓我回顧一下我們的進展，然後再討論剩下的內容以結束審查。再次強調，我們的行動既緊迫又謹慎，我們的指導重點和承諾沒有改變。如幻燈片4 所示，我們支持維吉尼亞州的兩黨立法，該立法使我們最大的公用事業公司建立了堅實而持久的基礎，這將使我們能夠提供可靠、負擔得起且日益清潔的能源，為我們的客戶在未來幾十年裡每天提供電力，同時也發揮作用在支持維吉尼亞州創造就業機會、稅收和經濟成長方面發揮著至關重要的作用。這項立法支持我們向客戶提供令人信服的價值主張。如果您是維吉尼亞州的住宅客戶，則每千瓦時的電費比美國普通公用事業客戶低約 16%。在重大風暴事件之外，您的電源供應器在 99.99% 的時間內都處於開啟狀態。

Furthermore, we're taking an all-of-the-above approach to ensure a highly reliable grid while we work to decarbonize and meet unprecedented demand growth. We're making billions of dollars of investment and low to 0 carbon generation resources as well as transmission and distribution infrastructure that will work together to maintain critical grid reliability. And for investors, we compete for your capital in support of our customers by enhancing timeliness of recovery for prudently incurred investment by the preservation of riders and the establishment of regular base rate case reviews. Meanwhile, we will be positioned to deliver constructive regulatory outcomes that appropriately balance customer needs with investor demands for strong capital structure and a competitive return on equity against an industry-leading demand growth backdrop.

此外，我們正在採取上述所有方法來確保電網高度可靠，同時努力脫碳並滿足前所未有的需求成長。我們正在投入數十億美元的投資和低至零碳發電資源以及輸電和配電基礎設施，這些基礎設施將共同維持關鍵的電網可靠性。對於投資者來說，我們透過保護乘客和建立定期基本費率案例審查來提高審慎投資的回收及時性，從而爭取您的資金以支持我們的客戶。同時，我們將致力於提供建設性的監管成果，在產業領先的需求成長背景下，適當平衡客戶需求與投資者對強大資本結構和有競爭力的股本回報的需求。

Two, we've been and continue to be 100% committed to our current dividend. Earnings growth, combined with a period of low to no dividend growth will restore our payout ratio to a peer appropriate range over time. Three, we indicated that we are eliminating future operating earnings from sources that investors have told us they consider to be of low quality. That includes the upfront recognition of unregulated solar investment tax credits and certain gains from asset sales.

第二，我們一直並將繼續 100% 致力於當前的股息。隨著時間的推移，獲利成長，加上股息成長較低甚至沒有成長的時期，將使我們的派息率恢復到同業的適當範圍。第三，我們表示我們正在消除投資者告訴我們他們認為品質低劣的來源的未來營業收入。這包括預先承認不受監管的太陽能投資稅收抵免以及資產出售的某些收益。

Four, on the strategic front, we announced and closed on the sale of our remaining interest in Cove Point. We applied the $3.3 billion of after-tax proceeds to reducing debt. This was a significantly credit-accretive transaction done with a high-quality counterparty after a robust competitive process. Five, we announced the sale of our gas utilities to Enbridge, one of North America's largest energy infrastructure companies. We ran broad and competitive processes for each of the individual utilities and we are delighted to have found a partner that not only shares our ideals around safety, reliability, customer service, employee treatment and community investment but that was also the most competitive option on value across each of the 3 utilities.

第四，在策略方面，我們宣布並完成了出售 Cove Point 剩餘權益的交易。我們將 33 億美元的稅後收益用於減少債務。經過激烈的競爭過程，與高品質的交易對手完成了一筆顯著的信用增值交易。五，我們宣布將天然氣公用事業出售給北美最大的能源基礎設施公司之一安橋公司。我們為每個公用事業公司運行了廣泛且具有競爭力的流程，我們很高興找到了一個合作夥伴，它不僅在安全性、可靠性、客戶服務、員工待遇和社區投資方面與我們有著共同的理想，而且在價值方面也是最具競爭力的選擇跨越 3 個公用事業中的每一個。

We intend to apply 100% of the estimated after-tax proceeds of nearly $9 billion to reducing parent-level debt which, based on current rates, will result in the reduction of around $500 million of pretax interest expense annually. Like Cove, these are significantly credit accretive transactions. By way of update, all state regulatory HSR and the initial CFIUS filings have now been submitted and the HSR waiting period expired on November 1. We're pleased though not surprised with the positive reception the Enbridge team has gotten from employees, regulators and policymakers.

我們打算將預計近 90 億美元的稅後收益 100% 用於減少母公司層面的債務，根據當前利率，這將導致每年減少約 5 億美元的稅前利息支出。與 Cove 一樣，這些都是可顯著增加信用的交易。更新一下，所有州監管HSR 和最初的CFIUS 備案均已提交，HSR 等待期已於11 月1 日到期。我們對Enbridge 團隊從員工、監管機構和政策制定者那裡獲得的積極反應感到高興，但並不感到驚訝。

Further, Enbridge has already taken steps to materially prefund the acquisition. We expect a staggered close for each of the LDCs and with all 3 transactions closing in 2024. Moving to Slide 5. On O&M, we've continued to focus on and identify incremental cost savings, particularly in the area of corporate overhead. We are, have been and will continue to be one of the most efficient and most reliable electric utility companies in the country. Finally, on governance. The Board and direct response to investor feedback modified my compensation structure for 2023 to align my economic incentives more closely with the financial interests of our shareholders. As a result, 100% of my 2023 long-term incentive compensation is now performance-based, 70% is premised solely on 3-year relative total shareholder return with the 65th percentile relative performance required to achieve a 100% payout, which is well above the medium threshold of industry peers.

此外，安橋已採取措施為此次收購提供大量預籌資金。我們預計每個最不發達國家將錯開交割，所有3 筆交易將於2024 年完成。轉向幻燈片5。在營運和維護方面，我們繼續關注並確定增量成本節約，特別是在企業管理費用領域。我們現在、過去和將來都是全國最高效、最可靠的電力公司之一。最後，關於治理。董事會和對投資者回饋的直接回應修改了我 2023 年的薪酬結構，使我的經濟激勵措施與股東的經濟利益更加緊密地結合起來。因此，我的 2023 年長期激勵薪酬中 100% 現在是基於績效的，70% 僅以 3 年相對總股東回報為前提，其中 65% 的相對績效需要實現 100% 的支付，這很好高於同行業中等門檻。

Staying with the topic of governance and consistent with corporate best practice, we've maintained a regular cadence of Board refreshment. Earlier today, we announced that Mike Szymanczyk and Ron Jibson will not stand for reelection next year. I want to thank Mike whose departure is a result of our age-based mandatory retirement policy and Ron for their faithful and dedicated service to our company over the last several years. And I welcome Paul Dabbar and Vanessa Sutherland to the Board effective December 1. Their biographical information was included in today's press release but suffice to say they are both uniquely qualified to continue the strong legacy of governance that Mike and Ron are leaving behind. As part of our ongoing Board refreshment process, we've now added 6 new directors since 2019, bringing the average tenure of our 11 directors to 6 years.

圍繞治理主題並與公司最佳實踐保持一致，我們保持了董事會更新的定期節奏。今天早些時候，我們宣布邁克·西曼奇克 (Mike Szymanczyk) 和羅恩·吉布森 (Ron Jibson) 明年將不再競選連任。我要感謝麥克，他的離職是我們基於年齡的強制退休政策的結果，感謝羅恩在過去幾年為我們公司忠實而奉獻的服務。我歡迎 Paul Dabbar 和 Vanessa Sutherland 加入董事會，自 12 月 1 日起生效。他們的傳記資訊已包含在今天的新聞稿中，但足以說明他們都有資格繼承 Mike 和 Ron 留下的強大治理遺產。作為我們正在進行的董事會更新流程的一部分，自 2019 年以來，我們現已增加了 6 名新董事，使 11 名董事的平均任期達到 6 年。

The Board will continue to work to ensure our shareholders' interests are properly represented via robust governance. Each of these steps serve a valuable purpose in achieving the guiding principles of the review. They enhance the durability of our Virginia regulatory model. They address concerns around earnings quality. They strengthen the balance sheet, they emphasize our commitment to good governance, including a disciplined approach to O&M expense. However, our work isn't complete. Our offshore wind project is a significant focus of our investors. The project, which is fully regulated, is on time and on budget. Let me just repeat that. Our project is progressing in alignment with our unchanged cost estimate and our unchanged in-service target date.

董事會將繼續努力，確保透過健全的治理適當地代表股東的利益。這些步驟中的每一個步驟對於實現審查的指導原則都有著重要的作用。它們增強了我們維吉尼亞監管模式的持久性。他們解決了對獲利品質的擔憂。它們強化了資產負債表，強調了我們對良好治理的承諾，包括對營運和維護費用採取嚴格的方法。然而，我們的工作還沒有完成。我們的離岸風電專案是投資者關注的重點。該項目受到全面監管，按時、按預算進行。讓我重複一遍。我們的專案正在按照我們不變的成本估算和不變的投入使用目標日期進行進度。

Earlier this year, in recognition of the potential value for customers and shareholders, we supported legislation that allows us to petition the Virginia State Corporation Commission to take a controlling equity financing partner in the project, a noncontrolling equity financing partner in the project. As part of the business review, we're in advanced stages of a process to transact with a partner with a focus on pro rata sharing of project costs. The process has driven considerable interest from attractive and high-quality potential counterparties. Their interest is driven by the attractive characteristic of our project, including our priority position in the offshore wind supply chain, our successful track record of on-time permitting with the strong support of federal agencies.

今年早些時候，考慮到對客戶和股東的潛在價值，我們支持立法，允許我們向維吉尼亞州公司委員會請願，在該專案中擔任控股股權融資合作夥伴，成為該專案的非控股股權融資合作夥伴。作為業務審查的一部分，我們正處於與合作夥伴進行交易的高級階段，重點是按比例分攤專案成本。這個過程引起了有吸引力且高品質的潛在交易對手的極大興趣。他們的興趣是由我們計畫的吸引力特徵所驅動的，包括我們在離岸風電供應鏈中的優先地位，我們在聯邦機構的大力支持下按時獲得許可的成功記錄。

The bipartisan and public support of Virginia political business and community leadership, a differentiated legislative and regulatory construct that is delivering on behalf of our customers and significant derisking, which I'll highlight further later in my prepared remarks, driven by both the advanced stage of development as well as a high percentage of fixed costs. Combined with the prospect of deploying a significant amount of capital into a high-quality, long-term regulated investment, it's no surprise to me that the process has generated strong interest. We will conclude the business review when we've made a final decision on an offshore wind project partner. That's the final strategic step outstanding in the business review and it's in the long-term best interest of our customers and shareholders that we make the right, not just the expedient decision.

弗吉尼亞州政治商業和社區領導力的兩黨和公眾支持，代表我們的客戶提供的差異化立法和監管結構以及顯著的去風險化，我將在稍後準備的演講中進一步強調這一點，這是由高階階段所推動的開發以及高比例的固定成本。結合將大量資金投入高品質、長期受監管投資的前景，這一過程引起了強烈興趣，我對此並不感到驚訝。當我們對離岸風電專案合作夥伴做出最終決定時，我們將結束業務審查。這是業務審查中突出的最後一個策略步驟，我們做出正確的決定，而不僅僅是權宜之計，這符合我們客戶和股東的長期最佳利益。

A properly structured partnership with the optimal counterparty is an attractive option but only if the terms of a potential transaction makes sense for our customers and shareholders. We expect a decision by year-end or in early 2024. As we near the review's conclusion, I'm more optimistic than I have ever been about the future of our company. We've always owned great assets and operated at best-in-class levels with an industry-leading workforce of dedicated employees who are devoted to our fundamental mission, to provide reliable, affordable and increasingly clean energy that powers our customers every day. I'm confident that upon concluding the review, we will have a solid long-term financial foundation that matches the remarkable quality of our assets and people.

與最佳交易對手建立適當結構的合作夥伴關係是一個有吸引力的選擇，但前提是潛在交易的條款對我們的客戶和股東有意義。我們預計將在年底或 2024 年初做出決定。隨著審查結論的臨近，我對公司的未來比以往任何時候都更加樂觀。我們一直擁有大量資產，並以一流的水平運營，擁有行業領先的敬業員工隊伍，他們致力於我們的基本使命，即提供可靠、實惠且日益清潔的能源，為我們的客戶每天提供動力。我相信，審查結束後，我們將擁有與我們卓越的資產和人員素質相匹配的堅實的長期財務基礎。

Let me also be clear, we recognize that we must consistently execute against the financial targets we provided at the conclusion of the review. As is always the case, I am accountable for and my entire leadership team has embraced our commitment to consistently deliver high-quality earnings growth that meets that plan. We'll continue to announce updates as events warrant. Upon completion of the review, we expect to host an investor meeting to discuss the company's repositioned strategic and financial outlook. Steven will share some additional thoughts on investor communication in his prepared remarks. Let me now touch on a handful of key business updates, starting with the offshore wind project.

我還需要明確一點，我們認識到，我們必須始終如一地執行審查結束時提出的財務目標。一如既往，我有責任，我的整個領導團隊都信守我們的承諾，持續實現符合該計劃的高品質獲利成長。我們將根據事件的需要繼續宣布更新。審查完成後，我們預計將召開投資者會議，討論公司重新定位的策略和財務前景。史蒂文將在他準備好的演講中分享一些關於投資者溝通的額外想法。現在讓我談談一些關鍵的業務更新，首先是離岸風電專案。

As I mentioned, the project is proceeding on time and on budget, consistent with the time lines and estimates previously provided. We continue to achieve significant milestones. On Materials and Equipment, as shown on Slide 7. Last week, we celebrated the arrival of the first 8 monopiles from our supplier, EEW at the Portsmouth Marine Terminal with the Virginia Governor, Lieutenant Governor, Attorney General, General assembly leaders from both parties, representatives from Virginia's congressional delegation, leaders from the Bureau of Ocean Energy Management and other local military, civic, educational, environmental, labor and community partners. We're fortunate to have the remarkable support of these national, state and local leaders. The offloading of these monopiles onto the newly upgraded port facilities went exceptionally smoothly. The next transport ship for monopiles is expected to be loaded at the factory later this month and delivered to the port in December.

正如我所提到的，該專案正在按時、按預算進行，與先前提供的時間表和估計一致。我們繼續實現重要的里程碑。關於材料和設備，如幻燈片7 所示。上週，我們與弗吉尼亞州州長、副州長、總檢察長、兩黨大會領導人一起慶祝了供應商EEW 的首批8 個單樁抵達樸茨茅斯海運碼頭、維吉尼亞州國會代表團代表、海洋能源管理局領導人以及其他當地軍事、公民、教育、環境、勞工和社區合作夥伴。我們很幸運能夠得到這些國家、州和地方領導人的大力支持。將這些單樁卸載到新升級的港口設施上的過程異常順利。下一艘單樁運輸船預計將於本月稍後在工廠裝載，並於 12 月交付港口。

Also worth noting that turbine blades and the cells remain on track with a fixed production schedule and mature existing manufacturing facilities. Turning to Slide 8. We continue to expect the project to be completed by the end of 2026. On permitting, the final environmental impact statement was issued on September 29, and the record of decision was signed on October 30 which allows us to begin onshore construction. In fact, we began construction mobilization this week. On regulatory, as a reminder, our 2022 rider filing for the project was approved in July, representing $271 million of annual revenue. Earlier this week, we made our 2023 rider filing, representing $486 million of annual revenue. We expect the final order by August of 2024.

另外值得注意的是，渦輪葉片和電池仍保持在固定的生產計劃和成熟的現有製造設施的軌道上。轉向幻燈片 8。我們仍然預計該項目將在 2026 年底前完成。經許可，最終環境影響報告書於 9 月 29 日發布，決定記錄於 10 月 30 日簽署，這使我們能夠開始陸上建設建造。事實上，我們本週就開始了施工動員。在監管方面，提醒一下，我們該項目的 2022 年騎手申報已於 7 月獲得批准，相當於年收入 2.71 億美元。本週早些時候，我們提交了 2023 年騎手報告，年收入為 4.86 億美元。我們預計最終訂單將於 2024 年 8 月收到。

On project management, there are over 100 personnel dedicated to this project and growing. Many of our offshore wind project leaders and personnel have also managed our most complex construction projects including thousands of megawatts of large gas-fired generation, the Cove Point liquefaction facility and the offshore wind test turbines. While each of those projects presented unique complexities and risks, they all required sophisticated management of contracts, vendor relationship, scheduling, engineering, procurement, construction and oversight. Skills, expertise and lessons learned, which are now being applied to full effect to the offshore wind project. In addition, we also have numerous offshore wind industry experts from around the globe supporting the team.

在專案管理方面，有超過100名人員專門致力於此項目，並且還在持續壯大中。我們的許多離岸風電項目領導和人員也管理過我們最複雜的建設項目，包括數千兆瓦的大型燃氣發電、Cove Point 液化設施和離岸風電測試渦輪機。雖然每個專案都具有獨特的複雜性和風險，但它們都需要對合約、供應商關係、日程安排、工程、採購、施工和監督進行複雜的管理。技能、專業知識和經驗教訓現在正在充分應用於離岸風電專案。此外，我們還有來自全球的眾多離岸風電產業專家為團隊提供支援。

On principal suppliers and vendors, as you might expect, Diane, Mark Mitchell, who's our Senior Vice President of Project Construction and I interact frequently, including regular in-person meetings with the CEOs and leadership teams of each of our primary vendors. We perform regular site visits during which we inspect the manufacturing facilities and interact with boots on the ground project managers and members of the workforce. We maintain near constant dialogue with our key project partners at a variety of levels. Based on this ongoing monitoring and diligence, we fully expect that our vendors without exception, will continue their support of the project's timely completion.

關於主要供應商和銷售商，正如您所期望的那樣，黛安、我們專案建立高級副總裁馬克米切爾和我經常互動，包括定期與我們每個主要供應商的執行長和領導團隊進行面對面的會議。我們定期進行現場考察，檢查生產設施並與現場專案經理和員工互動。我們與各個層面的主要專案夥伴保持著近乎持續的對話。基於這種持續的監控和盡職調查，我們完全期望我們的供應商無一例外地繼續支持該專案的及時完成。

On the performance of our test turbines, our 2 adjacent test turbines have delivered an average net capacity factor over the last 3 years of approximately 46%, with a 97% availability factor. The high reliability and strong operating performance of our test turbines provide further confidence in the capacity factor of the larger commercial project. Turning to costs on Slide 9. I draw your attention to the key metrics we've included in the slide, much of which is by way, a reminder. First, we updated the project's expected LCOE in our filing earlier this week to approximately $77 per megawatt hour as compared to our previous range of $80 to $90. The decrease reflects updated and refined estimates around production tax credit, cost of capital and rec values.

就我們測試渦輪機的性能而言，我們的 2 台相鄰測試渦輪機在過去 3 年中的平均淨容量係數約為 46%，可用性係數為 97%。我們的測試渦輪機的高可靠性和強大的運作性能為大型商業專案的容量係數提供了進一步的信心。轉向投影片 9 上的成本。我提請您注意我們在幻燈片中包含的關鍵指標，其中大部分只是順便提醒一下。首先，我們在本週稍早提交的文件中將該專案的預期 LCOE 更新為每兆瓦時約 77 美元，而先前的範圍為 80 至 90 美元。這一下降反映了生產稅收抵免、資本成本和回收價值的更新和完善的估計。

We've provided sensitivities to show how the average lifetime cost to our customers is impacted by capital costs, capacity factor and interest rates. We remain well below the legislative prudency cap on this metric. Next, the project total cost remains $9.8 billion. Project to date, we've invested approximately $2.3 billion, which we expect to grow to around $3 billion by year-end. I'm pleased to update that our current project costs, excluding contingency, have improved to 92% fixed. The remaining cost to be fixed include finalizing the construction for the above-ground onshore electrical work. Certain commodities consisting mainly of the fuel which will be used for transportation and installation and other project oversight costs. Our current contingency estimate, which is included in the $9.8 billion budget, has increased modestly relative to our initial filing position despite being at a much more advanced phase of project completion and having fixed a significant portion of costs.

我們提供了敏感度來顯示客戶的平均生命週期成本如何受到資本成本、容量因素和利率的影響。我們仍然遠低於該指標的立法審慎上限。接下來，該項目總成本仍為98億美元。迄今為止，我們已對該項目投資了約 23 億美元，預計到年底將增至約 30 億美元。我很高興地宣布，我們目前的專案成本（不包括意外費用）已提高到固定成本的 92%。剩餘的待修復成本包括完成上陸上電力工程的施工。某些商品主要由燃料組成，將用於運輸和安裝以及其他項目監督費用。我們目前的緊急預算包含在 98 億美元的預算中，儘管處於專案完成的更高級階段並且已經固定了很大一部分成本，但相對於我們最初提交的情況略有增加。

At $370 million, the current contingency as a percentage of total budgeted costs and in the context of this stage of completion, benchmarks competitively when compared to other large infrastructure projects we've studied. With 92% of project costs now fixed, our current contingency is about half of our remaining unfixed costs. We've been very clear with our team and with our vendors that delivery of an on-budget project is the expectation. Moving to Slide 10. A couple of final points here on Charybdis, our Jones Act compliant installation vessel being constructed in Brownsville, Texas, by Seatrium, formerly known as Keppel. The vessel is currently 77% complete.

當前緊急費用佔總預算成本的百分比為 3.7 億美元，在現階段完成的背景下，與我們研究過的其他大型基礎設施項目相比，具有競爭力。由於 92% 的專案成本現已固定，我們目前的緊急費用約為剩餘未固定成本的一半。我們已經向我們的團隊和供應商明確表示，交付預算內的項目是我們的期望。轉到幻燈片 10。關於 Charybdis，我們的符合瓊斯法案的安裝船由 Seatrium（以前稱為 Keppel）在德克薩斯州布朗斯維爾建造，最後有幾點。該船目前已完成 77%。

We continue to expect it to be delivered late 2024 or early 2025, which is later than we originally planned, but still supportive of our construction time line. I personally visited the site earlier this week, met with management and reviewed progress. A few highlights. Seatrium has extensive relevant experience in constructing vessels similar to Charybdis. The project is considered strategically important to their management team, and they are committed to timely completion of the project. They've dedicated some of their most experienced management and supervision from Singapore to support the efforts in response to project delays. Labor, which was an initial constraint has increased from 800 to over 1,000 and is continuing to be augmented. Recent construction milestones including a major milestone of first leg installation in late August are being met, and the vessel is on track for engine start up later this year.

我們仍然預計它將於 2024 年底或 2025 年初交付，這比我們最初計劃的要晚，但仍然支持我們的施工時間表。本週早些時候，我親自訪問了該網站，會見了管理層並審查了進展。幾個亮點。 Seatrium 在建造類似 Charybdis 的船隻​​方面擁有豐富的相關經驗。該專案對於他們的管理團隊來說具有戰略重要性，他們致力於按時完成該專案。他們從新加坡派遣了一些最有經驗的管理和監督人員來支持應對專案延誤的工作。最初的限制勞動力已從 800 人增加到 1,000 多人，並且還在繼續增加。最近的建造里程碑，包括八月下旬首段安裝的一個重要里程碑，正在實現，並且該船預計將在今年稍後啟動引擎。

All major subcomponents are on-site and awaiting installation. Supply chain is not a cause of concern. On costs, there's been no change to the underlying construction cost estimate for Dominion Energy. Last quarter's $75 million increase in total project costs to $650 million, including financing costs, is largely attributable to higher financing costs related to higher rates and a longer construction time line, with the remainder being attributable to small increases to some ancillary costs, such as crude training and capital spares. In summary, there is no change to the vessel's expected availability to support the current CVOW construction schedule, including its availability to support any third-party charter agreements in 2025.

所有主要子組件均已在現場並等待安裝。供應鏈並不是一個令人擔憂的問題。在成本方面，Dominion Energy 的基本建設成本估算沒有變動。上季專案總成本增加了 7,500 萬美元，達到 6.5 億美元（包括融資成本），這主要是由於費率較高和建設工期較長導致融資成本增加，其餘部分是由於一些輔助成本小幅增加，例如粗略的培訓和資本備件。總之，該船支援當前 CVOW 建造計劃的預期可用性沒有變化，包括支援 2025 年任何第三方包機協議的可用性。

We've provided supplemental information related to our offshore wind project that can be found in materials included on our Investor Relations website. Transitioning now to the Virginia Biennial review, which is currently in the testimony phase. As a reminder, DEV submitted its biennial filing on July 3, initiating a review of base rates, which represents about 1/3 of DEV's total rate base. Virginia Rider investments like offshore wind, solar, battery storage, nuclear life extension and electric transmission, which are outside the scope of the proceeding represent the vast majority of the growth at DEV. We look forward to engaging with parties to the case and would expect a final order by March 3 of next year.

我們提供了與我們的離岸風電項目相關的補充信息，這些信息可以在我們的投資者關係網站上包含的材料中找到。現在過渡到維吉尼亞雙年展審查，目前正處於證詞階段。提醒一下，DEV 於 7 月 3 日提交了兩年一次的文件，啟動了對基本費率的審查，該費率約佔 DEV 總費率基數的 1/3。 Virginia Rider 的離岸風電、太陽能、電池儲存、核壽命延長和電力傳輸等投資不屬於本訴訟的範圍，但代表了 DEV 成長的絕大部分。我們期待與案件各方進行接觸，並預計在明年 3 月 3 日之前發出最終命令。

Turning to other notable DEV updates. We made our fourth clean energy rider submission in October. The filing included new solar projects and represented nearly $900 million of utility-owned solar and rider eligible investment. We expect to receive an order from the SEC in the second quarter of 2024. On data centers, we continue to advance a series of infrastructure upgrade projects that will enable incremental increases in power for data center customers in Eastern Loudoun County. 4 projects have been completed ahead of schedule. An additional project is currently under construction and on schedule to be completed by the end of 2023. We continue to develop a new 500 kv transmission line with an expected in-service date of late 2025.

轉向其他值得注意的 DEV 更新。我們在 10 月提交了第四次清潔能源騎士提交意見。該文件包括新的太陽能項目，代表了近 9 億美元的公用事業擁有的太陽能和附加資格投資。我們預計將在 2024 年第二季收到 SEC 的訂單。在資料中心方面，我們將繼續推動一系列基礎設施升級項目，為東勞登縣的資料中心客戶逐步增加電力。 4個項目已提前完成。另一個項目目前正在建設中，預計將於 2023 年底完工。我們繼續開發一條新的 500 kv 輸電線路，預計於 2025 年底投入使用。

Given the unprecedented growth in areas served by our electric transmission, we continue to see an acceleration of and long-term increase in electric transmission investment opportunity throughout our service area. As part of PJM's transmission planning process, we submitted numerous new projects that we believe are needed to ensure the electric grid in Virginia is reliable, resilient and able to adapt to increasing energy demand while also transitioning to cleaner energy resources. PJM recently advanced the majority of these projects for further evaluation. We've also included updates on our latest grid transformation filing as well as our fuel securitization proceeding.

鑑於我們的電力傳輸服務領域出現了前所未有的成長，我們繼續看到整個服務區域電力傳輸投資機會的加速和長期成長。作為 PJM 輸電規劃流程的一部分，我們提交了許多我們認為需要的新項目，以確保維吉尼亞州的電網可靠、有彈性，能夠適應不斷增長的能源需求，同時過渡到更清潔的能源。 PJM 最近推進了其中大部分項目的進一步評估。我們也更新了最新的電網改造備案以及燃料證券化程序。

Turning to Dominion Energy South Carolina. In addition to delivering safe and reliable energy DESC's electric rates for residential customers are 8% below the national average. This represents an improvement of 21% relative to the national average since the time of the merger announcement, when rates were 13% higher than the national average. We're meeting the expanding energy needs resulting from robust economic development and population growth in South Carolina. On the regulatory front, we reached a settlement in our natural gas general rate case, which the Public Service Commission unanimously approved on September 20. The settlement will result in a $9 million increase with new rates effective in October. Since the merger, we now achieved rate settlements in both electric and gas base rate cases which is a testament to the company's improved regulatory and stakeholder relationships in the state. With that, I'll turn the call over to Steven.

轉向南卡羅來納州多米尼恩能源公司。除了提供安全可靠的能源外，DESC 為住宅客戶提供的電費比全國平均低 8%。自合併宣布以來，這比全國平均水平提高了 21%，當時的比率比全國平均水平高出 13%。我們正在滿足南卡羅來納州經濟強勁發展和人口成長帶來的不斷擴大的能源需求。在監管方面，我們就天然氣一般費率案件達成了和解，公共服務委員會於 9 月 20 日一致批准了和解。和解將導致增加 900 萬美元，新費率將於 10 月生效。自合併以來，我們現在在電力和天然氣基本費率案件中都實現了費率和解，這證明了公司在該州的監管和利益相關者關係得到了改善。這樣，我會將電話轉給史蒂文。

Thank you, Bob, and good morning. Our third quarter 2023 operating earnings, as shown on Slide 13, were $0.77 per share, which included $0.02 of help from better-than-normal weather in our utility service territories. Results with and without this weather help were above our updated guidance range midpoint of $0.74. A summary of all drivers for earnings relative to the prior year periods is included in Schedule 4 of this morning's earnings release kit. Third quarter GAAP net income was $0.17 per share, and a summary of all adjustments between operating and reported results is included in Schedule 2 of the Earnings Release Kit. The sale of Cove Point, which closed in September and the announcement of the sale of the gas utilities also in September, require changes to our financial reporting structure and recasting of our financial results in accordance with accounting rules.

謝謝你，鮑勃，早安。如投影片 13 所示，我們 2023 年第三季的營業利潤為每股 0.77 美元，其中包括我們公用事業服務區域優於正常天氣的 0.02 美元幫助。有或沒有天氣幫助的結果均高於我們更新的指導範圍中點 0.74 美元。今天早上的收益發布工具包的附表 4 中包含了與去年同期相比所有收益驅動因素的摘要。第三季 GAAP 淨利潤為每股 0.17 美元，營運業績與報告業績之間的所有調整摘要均包含在收益發布工具包的附表 2 中。 Cove Point 的出售已於 9 月完成，天然氣公用事業公司的出售也於 9 月宣布，這要求我們改變財務報告結構，並根據會計規則重新調整我們的財務表現。

First, for GAAP purposes, Cove and the gas utilities have been reclassified as discontinued operations on the income statement and held for sale on the balance sheet and are reported in the Corp and Other segment. As a result, earnings from these assets have been removed from operating earnings. We have recast year-to-date results and their comparative periods to reflect these changes. As I'll explain in a moment, the full impact of expected interest savings from parent level debt repayment as a result of these transactions is not included in 2023 results even though the full year earnings contributions from those businesses are now excluded from operating earnings. Due to the dissolution of the Gas Distribution reporting segment, our renewable natural gas business is now reported with our contracted energy segment, formerly known as contracted assets, which consists of Millstone, existing long-term contracted solar and the offshore wind installation vessel Charybdis.

首先，出於公認會計原則的目的，Cove和天然氣公用事業公司已在損益表中重新分類為已終止經營業務，並在資產負債表中持有待售，並在公司和其他部門中報告。因此，這些資產的收益已從營業收益中扣除。我們重新計算了年初至今的表現及其比較期間，以反映這些變化。正如我稍後將解釋的那樣，這些交易導致的母公司層面債務償還預期利息節省的全部影響並未包含在 2023 年業績中，儘管這些業務的全年盈利貢獻現已不包括在營業收益中。由於天然氣分銷報告部門的解散，我們的再生天然氣業務現在與我們的合約能源部門一起報告，該部門以前稱為合約資產，包括Millstone、現有的長期合約太陽能和離岸風電安裝船Charybdis。

Again, this change is applied retroactively to prior periods, including year-to-date results. We've included a slide in the appendix with this information for your reference. Turning to Slide 14. We view 2023 as a transition year for the company due to the pending results of actions we've taken as part of the business review to support our long-term objectives. The retroactive reclassification of assets that are being sold as discontinued operations, the noninclusion of expected interest savings from the redeployment of asset sale proceeds, the partial year impact of the 2023 Virginia legislation and other nonrecurring items combined to make 2023 difficult to model as reflected in the disparity we observed in sell-side estimates for the year.

同樣，這一變化追溯適用於以前的時期，包括年初至今的結果。我們在附錄中包含了一張包含此資訊的投影片，供您參考。轉向投影片 14。我們將 2023 年視為公司的過渡年，因為作為業務審查的一部分，我們為支持我們的長期目標而採取的行動的結果尚未確定。對作為已終止經營業務出售的資產進行追溯性重新分類、不包括資產出售收益重新部署帶來的預期利息節省、2023 年弗吉尼亞立法的部分年度影響以及其他非經常性項目，這些因素綜合在一起使得2023 年難以建模，如我們在今年賣方估計中觀察到的差異。

With that in mind, let me provide hopefully helpful housekeeping around 2023 results. Recast year-to-date operating earnings per share through September 30 totaled $1.75. The recasting simply removes the contributions from Cove Point and the gas utilities. For the fourth quarter, we expect operating earnings to be approximately $0.35 per share, which assumes normal weather. We've shown here the primary drivers of year-over-year changes to fourth quarter operating earnings, most of which we've identified on prior earnings calls. Taken together, year-to-date actuals plus fourth quarter guidance would result in 2023 operating earnings of $2.10 per share. However, it warrants highlighting a few adjustments that investors may consider to more accurately assess 2023 results. First, we experienced historically mild weather for the first 2 quarters of the year, representing $0.16 of year-to-date earnings headwinds.

考慮到這一點，讓我提供 2023 年左右的整理結果，希望對您有所幫助。截至 9 月 30 日，年初至今每股營業收益重算為 1.75 美元。重鑄只是刪除了 Cove Point 和天然氣公用事業公司的貢獻。在天氣正常的情況下，我們預計第四季的營業利潤約為每股 0.35 美元。我們在這裡展示了第四季度營業利潤同比變化的主要驅動因素，其中大部分是我們在先前的財報電話會議上確定的。總而言之，年初至今的實際值加上第四季的指引，2023 年的營運收益將為每股 2.10 美元。然而，值得強調的是，投資者可能會考慮進行一些調整，以便更準確地評估 2023 年的表現。首先，今年前兩季我們經歷了歷史上溫和的天氣，對今年迄今的獲利造成了 0.16 美元的不利影響。

Recall that Q2 was the mildest quarter relative to 15-year normal in the last 50 years. We don't expect weather to deviate from historical normal in this manner going forward. Second, we expect approximately $0.50 of additional interest savings based on the current rate outlook from parent debt repayment driven by the sales of Cove Point and the gas utilities. Again, the way discontinued operations is reflected in our 2023 results, 100% of the earnings from these assets are removed, but the full benefit of use of sale proceeds is not captured. Third, 2023 results include approximately $0.08 of hurt related to what we consider a nonreoccurring extended unplanned outage at Millstone Units 2 and 3 this spring, we discussed this in the last earnings call and have continued to follow through on the steps we described then to ensure the plant performs consistent with its strong operating history.

回想一下，第二季度是過去 50 年來與 15 年正常水平相比最溫和的季度。我們預計未來天氣不會以這種方式偏離歷史正常狀態。其次，根據當前的利率前景，我們預計因出售 Cove Point 和天然氣公用事業而推動母公司債務償還，可額外節省約 0.50 美元的利息。同樣，我們 2023 年業績中反映的已終止業務的方式是，這些資產 100% 的收益被剔除，但並未捕獲使用銷售收益的全部收益。第三，2023 年的業績包括約0.08 美元的損失，我們認為今年春天Millstone 2 號和3 號機組非重複性延長非計劃停電，我們在上次財報電話會議中討論了這一點，並繼續遵循我們當時描述的步驟，以確保工廠的表現與其強大的營運歷史一致。

Also note that 2023 is a double planned outage year for Millstone, which is an additional around $0.10 hurt in 2023 that we won't see in the next 2 years as double planned outages occur once every 3 years. Fourth, we expect approximately $0.15 of improvement as a result of the anticipated inclusion of market-based revenues from certain customers in the annual fuel factor as well as lower interest expense due to the securitization of $1.3 billion of deferred fuel balances that we've been financing with short-term debt during 2023. By way of reminder, the hearing examiner in the fuel filing case recommended adoption of the company's position on both of these topics given their beneficial impact on our customers. Finally, and in the opposite direction, we expect approximately $0.18 of additional hurt related to the $350 million rider revenue reduction, given that rate reduction did not impact first half results.

另請注意，2023 年是 Millstone 的雙重計劃停電年，這將導致 2023 年額外損失約 0.10 美元，但我們在未來 2 年內不會看到這種情況，因為雙重計劃停電每 3 年發生一次。第四，由於預計將來自某些客戶的基於市場的收入納入年度燃料係數，我們預計將改善約 0.15 美元，並且由於我們已將 13 億美元的遞延燃料餘額證券化，利息支出降低。2023 年期間透過短期債務融資。作為提醒，燃料備案案件的聽證審查員建議採納公司在這兩個主題上的立場，因為它們對我們的客戶產生了有益的影響。最後，在相反的方向上，鑑於費率降低並未影響上半年業績，我們預計與 3.5 億美元的乘客收入減少相關的額外損失約為 0.18 美元。

Taken together, these adjustments would result in 2023 operating earnings per share of around $2.90. Turning now to Slide 15 and continuing on this theme. Some of the transition we're experiencing in 2023 will continue into 2024, which is why we continue to view 2025 as the foundational year for the company's post-review financial performance. But because the top-to-bottom business review is not complete, we're not providing 2025 earnings guidance at this time. I'd like to share some thoughts on that topic. We know that this review has been in process for a year, which has created uncertainty. However, investors will not have to wait much longer to get the company's comprehensive post-review financial outlook, including our 2025 earnings expectations, long-term earnings growth rate, credit metric and dividend growth rate targets, CapEx forecast and financing plans and other relevant financial schedules.

總而言之，這些調整將使 2023 年每股營運收益約為 2.90 美元。現在轉到投影片 15，繼續討論這個主題。我們在 2023 年經歷的一些轉變將持續到 2024 年，這就是為什麼我們繼續將 2025 年視為公司審查後財務業績的基礎年。但由於自上而下的業務審查尚未完成，我們目前不提供 2025 年獲利指引。我想分享一些關於這個主題的想法。我們知道這項審查已經進行了一年，這帶來了不確定性。然而，投資者無需等待太久即可獲得該公司全面的審後財務前景，包括我們的2025年盈利預期、長期盈利增長率、信用指標和股息增長率目標、資本支出預測和融資計劃以及其他相關資訊。財務時間表。

As Bob mentioned, we expect to conclude the review in coming months with an investor event to follow shortly thereafter. As part of that event, we are committed to enhancing transparency and simplifying the financial presentation of our results so that investors can confidently model and sensitize our company's earnings and credit profile. I'd caution against applying a growth rate assumption based off an illustrative 2023 operating earnings to determine an estimate for 2025. That approach would ignore critical inputs, which Dominion Energy hasn't yet disclosed due to the ongoing business review that will have a significant impact on our future earnings power, such as: one, a historic level of near-term regulated rate base investment, driven by a combination of unparalleled demand growth, policy directives around 0 carbon energy resources, and reliability investments in grid transformation, electric transmission and nuclear relicense renewals among other programs.

正如鮑勃所提到的，我們預計將在未來幾個月內結束審查，並隨後不久舉行投資者活動。作為活動的一部分，我們致力於提高透明度並簡化我們業績的財務表述，以便投資者能夠自信地建模並了解我們公司的盈利和信用狀況。我警告不要應用基於說明性 2023 年營業收入的增長率假設來確定 2025 年的估計。這種方法將忽略關鍵投入，而 Dominion Energy 尚未披露這些投入，因為正在進行的業務審查將產生重大影響。對我們未來獲利能力的影響，例如：一，在無與倫比的需求成長、圍繞零碳能源的政策指令以及電網改造、電力傳輸的可靠性投資的共同推動下，近期監管利率基礎投資達到歷史水平以及核重新許可證續約等方案。

Starting with 2023, we expect our annual capital investment budget over the next few years to be significantly higher than any in our history, which will drive meaningful regulated earnings growth; two, the full results of our evaluation of efficient sources of capital to solidly position our balance sheet for the long term while seeking to minimize any amount of external equity financing need. Three, O&M initiatives that are the result of our continued focus on being 1 of the most reliable and efficient utility operators in the country. Four, the impact of potentially higher for longer interest rates in the context of our portfolio of interest rate derivatives that on a mark-to-market basis as of earlier this week, were approaching $1 billion in value. Five, optimization of the company's growing tax attributes, including the use of tax transferability, driven by increased generation of production tax and related credits from our businesses; and six, earnings and free cash flow growth from our contracted energy segment.

從 2023 年開始，我們預計未來幾年的年度資本投資預算將顯著高於我們歷史上的任何一年，這將推動有意義的監管獲利成長；第二，我們對有效資本來源進行評估的全面結果，以穩固我們的長期資產負債表，同時尋求最大限度地減少外部股權融資需求。第三，營運和維護計劃是我們持續致力於成為全國最可靠、最高效的公用事業營運商之一的結果。第四，在我們的利率衍生性投資組合的背景下，長期利率可能上升的影響，截至本週稍早按市值計算，其價值已接近 10 億美元。五、優化公司不斷成長的稅收屬性，包括利用稅收可轉移性，由我們業務產生的生產稅和相關抵免增加所推動；第六，我們合約能源部門的獲利和自由現金流成長。

During the investor event, we will comprehensively review our updated strategy, provide multiyear financial and capital investment guidance and participate in Q&A. We would believe that this presentation will provide reference information and insights that will help investors to better understand Dominion Energy's updated profile as well as the key value drivers of each of our business segments. Turning to credit. Our commitments and priorities with regard to credit are unchanged. As Bob mentioned, the sale of our remaining interest in Cove Point and the announced sales of our natural gas distribution companies are strongly credit accretive. Post-sale comments by the rating agencies with whom we maintain regular engagement, highlighted the credit positive nature of the transactions.

在投資者活動期間，我們將全面審視我們的最新策略，提供多年的財務和資本投資指導並參與問答。我們相信，本次演示將提供參考資訊和見解，幫助投資者更了解 Dominion Energy 的最新概況以及我們每個業務部門的關鍵價值驅動因素。轉向信用。我們在信貸方面的承諾和優先事項並沒有改變。正如鮑勃所提到的，出售我們在 Cove Point 的剩餘權益以及宣佈出售我們的天然氣分銷公司可以極大地增加信用。我們與之保持定期合作的評級機構的售後評論強調了交易的信用積極性質。

For example, adjusting for the announced transactions, Moody's published, they would expect Dominion Energy's consolidated FFO to debt to be in the high teens percent range, exceeding our current downgrade threshold of 14%. But as the agencies pointed out, we expect the financing of our significant near-term customer-driven growth to put downward pressure on that metric. We want to emerge from the review with a sustainable credit foundation that over time, will consistently meet and exceed our downgrade thresholds even during temporary periods of cost, regulatory or interest rate pressure. Lastly, on interest rates. On Slide 16, adjusting for the announced transactions, we have shown how our floating rate debt and all fixed rate debt maturities over the next 3 years compares to peers. As you can see, our repricing exposure in this time frame on this basis benchmarks well.

例如，穆迪發布的報告顯示，根據已公佈的交易進行調整後，他們預計 Dominion Energy 的合併 FFO 債務比率將在百分之十幾的範圍內，超過我們目前 14% 的降級門檻。但正如這些機構指出的那樣，我們預計近期客戶驅動型成長的融資將為該指標帶來下行壓力。我們希望在審查後擁有可持續的信用基礎，隨著時間的推移，即使在暫時的成本、監管或利率壓力期間，也將始終達到並超過我們的降級閾值。最後，關於利率。在投影片 16 上，根據已公佈的交易進行調整，我們展示了未來 3 年我們的浮動利率債務和所有固定利率債務期限與同業的比較。正如您所看到的，我們在此時間範圍內的重新定價敞口在此基礎上進行了良好的基準測試。

We also continue to manage our interest rate exposure on future issuances of long-term debt through a variety of treasury activities, including through what is nearly $8 billion notional of preissuance interest rate hedges. These hedges which can mitigate movement and the benchmark underlying our long-term debt issuances served to dampen volatility for our DEV customers and for our shareholders. We will provide an update on our planning assumption for rates, interest expense and hedging strategies when we host our investor event.

我們也繼續透過各種財務活動（包括近 80 億美元的名目發行前利率對沖）來管理未來長期債券發行的利率風險。這些對沖可以減輕我們長期債務發行的波動和基準，有助於抑制我們的 DEV 客戶和股東的波動性。當我們舉辦投資者活動時，我們將提供有關利率、利息支出和對沖策略的規劃假設的最新資訊。

With that, let me summarize our remarks on Slide 17. Our safety performance this year is commendable. We've taken significant steps to achieve the objectives of the business review. We are moving with urgency and care as we near the conclusion. We recognize the importance of delivering a compelling result and executing flawlessly thereafter. Our offshore wind project is on time and on budget. We are in advanced stages of a robust offshore wind partnership process that has generated considerable interest and we continue to make the necessary investments to provide the reliable, affordable and increasingly clean energy that powers our customers every day. We look forward to seeing many of you in person at the EEI Financial Conference next week and with that, we're ready for your questions.

接下來，讓我總結一下我們在投影片 17 上的發言。我們今年的安全表現值得稱讚。我們已採取重大步驟來實現業務審查的目標。當我們接近結論時，我們正在緊急而謹慎地行動。我們認識到交付令人信服的結果並在此後完美執行的重要性。我們的離岸風電專案按時且符合預算。我們正處於強大的離岸風電合作夥伴關係進程的後期階段，該進程引起了人們的極大興趣，我們將繼續進行必要的投資，以提供可靠、負擔得起且日益清潔的能源，為我們的客戶每天提供動力。我們期待在下週的 EEI 金融會議上見到你們中的許多人，我們已準備好回答你們的問題。

(Operator Instructions) And we have our first question from Shahriar Pourreza with Guggenheim Partners.

（操作員說明）我們有古根漢合作夥伴 Shahriar Pourreza 提出的第一個問題。

Just a little bit to unpack here. I guess can you just maybe drill down a bit further on 14 and 15 slides and kind of the messaging around bridging ahead. You clearly trying to tell investors to now put a growth rate on $2.90 to get to '25 seems to be that you're pointing to more tailwinds than risks. Can you just maybe elaborate a bit more on the drivers like some of the balance sheet moving as it relates to the hedge portfolio, transferability and even potential free cash flow growth at Millstone, right? And a follow-up, should we assume the pending growth rate guide will be off that much higher base in '25?

這裡只需要稍微解壓縮一下。我想您能否進一步深入了解第 14 和第 15 張幻燈片以及有關未來橋接的資訊。您顯然試圖告訴投資者，現在將 25 年的成長率定為 2.90 美元，這似乎是您指出的順風因素多於風險。您能否詳細說明一些驅動因素，例如與對沖投資組合、可轉讓性甚至 Millstone 潛在自由現金流成長相關的一些資產負債表變動，對嗎？接下來，我們是否應該假設懸而未決的成長率指南將在 25 年脫離那麼高的基數？

Sure. I'll take that one. So on the second question, again, we view '25 as the foundational year for our post review earnings growth. So when we do our investor meeting, we'll provide our forecast for '25 and a growth rate off of that 2025 number, a multiyear growth rate off of that 2025 number. And with regard to Slides 14 and 15, look, we felt it was important, given the uncertainty that's been created as a result of the review to try and be clear about what we think is an accurate assessment of what 2023 earnings are, not because it's going to be the foundational year, but because it's important that investors feel confident about our ability to deliver good results. And the language we've provided on Slide 15 is simply an indication that given a host of very important input variables, which are not public at this time, we would simply caution against taking a simplified approach of applying a growth rate to the $2.90.

當然。我會接受那個。因此，關於第二個問題，我們再次將 25 年視為我們回顧後獲利成長的基礎年。因此，當我們召開投資者會議時，我們將提供 25 年的預測以及 2025 年數字的成長率，即 2025 年數字的多年增長率。關於投影片 14 和 15，我們認為這一點很重要，因為審查產生了不確定性，試圖明確我們認為對 2023 年收益的準確評估，而不是因為這將是基礎年，但重要的是讓投資者對我們實現良好業績的能力充滿信心。我們在投影片 15 上提供的語言只是表明，考慮到許多非常重要的輸入變數（目前尚未公開），我們只是警告不要採取將成長率應用於 2.90 美元的簡化方法。

Okay. We'll wait for more detail there. And see, the deck is so detailed around offshore wind sale process, and it's clearly implying that nothing else is for sale like SCANA, which is good. There is sort of a big concern for investors, I have to ask, and I apologize for asking, but would Dominion be willing to accept a portion of their partners construction in the sale or will the risk sharing have to be basically 100% symmetric in order for the sale process to proceed. So basically, asking how comfortable would you be absorbing your partners' downside cost risk, especially as we're thinking about balancing that risk for ratepayers and shareholders.

好的。我們將在那裡等待更多細節。看，甲板上關於離岸風電銷售流程的細節非常詳細，這顯然意味著沒有其他東西可以像 SCANA 那樣出售，這很好。我必須問，投資者有一個很大的擔憂，我很抱歉問這個問題，但是 Dominion 是否願意在出售中接受其合作夥伴建設的一部分，或者風險分擔必須基本上 100% 對稱訂單以繼續銷售流程。因此，基本上，要問的是您是否願意承擔合作夥伴的下行成本風險，特別是當我們正在考慮平衡納稅人和股東的風險時。

Yes, Shahriar. Let's take a step back for a moment in this process. When we announced the top to bottom business review last fall, we didn't even have legislative authorization to take an equity partner in offshore wind. Now we do. Thanks to our proposal and our work with the legislature earlier this year. We didn't have an EIS, a record of decision for the project. And now we do on the schedule that we expected. We hadn't started manufacturing equipment. Now our first shipment of monopiles has arrived on time. When we started, we had about 75% of project costs fixed. Now we're at 92%. So I could go on with how well the project is going. So we feel very good about what we've done so far. We've got multiple parties who are engaged with us and our objective is a true equity partner with pro rata sharing of project costs, that's what we're after.

是的，沙赫里亞爾。讓我們在這個過程中退後一步。當我們去年秋天宣布自上而下的業務審查時，我們甚至沒有獲得離岸風電股權合作夥伴的立法授權。現在我們做到了。感謝我們的提議以及我們今年早些時候與立法機構的合作。我們沒有 EIS，即專案決策記錄。現在我們按照我們預期的時間表進行。我們還沒有開始製造設備。現在我們的第一批單樁已準時到達。當我們開始時，我們大約 75% 的專案成本是固定的。現在我們已經完成了 92%。這樣我就可以繼續了解該專案的進度。因此，我們對迄今為止所做的事情感到非常滿意。我們有多方與我們合作，我們的目標是成為真正的股權合作夥伴，按比例分攤專案成本，這就是我們所追求的。

Our next question comes from Nick Campanella with Barclays.

我們的下一個問題來自巴克萊銀行的尼克·坎帕內拉。

I just wanted to ask, I know there's a lot of scenarios on the sell-down out there, but even up to like a 50% sell-down on the offshore wind, would you still kind of expect common equity needs to fund growth going forward? You're just calling out some items here, contracted energy cash flow, tax credit transferability. Can you just help us kind of think about what the pro forma entity financing needs were if you were to sell down?

我只是想問，我知道有很多拋售的情況，但即使海上風電拋售 50%，您是否仍然預計普通股需要為增長提供資金向前？您只是在這裡提出了一些項目，合約能源現金流、稅收抵免可轉讓性。您能否幫我們考慮一下，如果您要出售，預計實體融資需求是什麼？

Yes. We're not giving that guidance, Nick. The language we continue to use is that we're very specific on what we're attempting to achieve for credit, and we're also very specific on what we're attempting to achieve with regard to evaluating efficient sources of capital seeking to minimize any amount of external financing need. When we have our investor meeting, we will provide a full outlook on what our financing plan is. And so we're just not in a position to give that guidance because the review is not complete yet.

是的。我們不會提供這種指導，尼克。我們繼續使用的語言是，我們非常具體地說明了我們試圖實現的信貸目標，我們也非常具體地說明了我們在評估有效資本來源方面試圖實現的目標，以盡量減少風險。任何數量的外部融資需求。當我們召開投資者會議時，我們將對我們的融資計劃進行全面展望。因此，我們無法提供該指導，因為審查尚未完成。

Understood. Understood. And then, Steve, I think in your remarks, you said the capital budget will be significantly higher than any in your history. And I went back to your slide, I think you had like a $37 billion capital plan before you announced this strategic review. So should we take your comments to say that you should be higher than that number? Or is that even net of LDC sales in the offshore wind sell down? How should we think about that?

明白了。明白了。然後，史蒂夫，我認為在您的演講中，您說過資本預算將大大高於您歷史上的任何一次。我回到你的幻燈片，我認為在宣布這項戰略審查之前，你有一個 370 億美元的資本計劃。那麼我們是否應該根據您的意見說您應該高於這個數字？或者說，扣除路易達孚離岸風電銷售額後的淨銷售量是否也下降了？我們該如何思考這個問題？

Yes, Nick. Let me provide a little guidance on that. So from 2018 through 2022, our company had a capital budget on average of about $6 billion per year. When we last provided our long-term growth guidance, which is the fourth quarter of 2021, net of gas distribution, so taking gas distribution capital out and you can go back and look at our Q4 2021 earnings deck for this. We averaged in '23, '24 and '25 at the time, about $9 billion of capital investment each year over '23 '24, '25. We haven't, at this time, get any update to that. But we've talked a lot about some of the drivers that would potentially increase those numbers. Another anecdotal piece of information is that year-to-date through 2023, our CapEx has been $7.2 billion.

是的，尼克。讓我對此提供一些指導。因此，從 2018 年到 2022 年，我們公司的資本預算平均每年約為 60 億美元。當我們上次提供長期成長指引時，即 2021 年第四季度，扣除天然氣分銷後，因此除去天然氣分銷資本，您可以回去查看我們的 2021 年第四季度收益表。當時，我們在 23 年、24 年和 25 年平均每年的資本投資比 23 年、24 年、25 年約為 90 億美元。目前我們還沒有得到任何更新。但我們已經討論了很多可能增加這些數字的驅動因素。另一個軼事資訊是，截至 2023 年，我們的資本支出為 72 億美元。

A year ago through 9/30, it was $5.2 billion. And for the full year 2022, it was $7.6 billion. So you can see even in the results year-to-date, how significantly increased our capital budget is. And I want to be clear about what's driving that. What's driving that is demand growth, policy directives and reliability investments, many of which are already underway under rider programs at DEV as well as growth at our South Carolina utility. So more to come on that, Nick, but we have a very strong demand growth driving a very robust amount of capital investment in our regulated businesses.

一年前截至 9 月 30 日，這一數字為 52 億美元。 2022 年全年為 76 億美元。因此，即使在今年迄今為止的結果中，您也可以看到我們的資本預算有多顯著增加。我想弄清楚是什麼推動了這一點。推動這一趨勢的是需求成長、政策指令和可靠性投資，其中許多投資已經在 DEV 的乘客計劃以及我們南卡羅來納州公用事業的成長中進行。尼克，還有更多的事情要做，但我們的需求成長非常強勁，推動了我們受監管業務的大量資本投資。

And our next question comes from Steve Fleishman with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的史蒂夫‧弗萊什曼。

Yes. So first, just to repeat Shahriar's question a little bit on the offshore wind sale. And Bob, I think you said your objective is to find a partner that will have pro rata sharing. Do you get the sense that the people looking at it are willing to do that?

是的。首先，重複一下沙赫里亞爾關於離岸風電銷售的問題。鮑勃，我想你說過你的目標是找到一個按比例分享的合作夥伴。您是否感覺到看到它的人願意這樣做？

Yes. Steve, we're going to look at the total picture on any deal. So I'm not going to tell you what any specific pieces of it may be while we sit here today. We're going to judge any deal against the commitments and priorities that we set out the beginning of the process, does it help improve our credit metrics, does it solidify our credit profile? Does it enhance shareholder value? Does it reduce the company's concentration in this 1 project. Is it consistent with our goal of reliable performance. Those are the things we're going to look at. And again, our objective is to get a true equity partner with pro rata sharing and project costs. I can't tell you today what the specific pieces of any deal may be because it's not done yet. That's what we're after.

是的。史蒂夫，我們將全面了解任何交易的情況。因此，當我們今天坐在這裡時，我不會告訴你們其中的具體內容。我們將根據我們在流程開始時所製定的承諾和優先事項來判斷任何交易，它是否有助於改善我們的信用指標，是否鞏固我們的信用狀況？它能提高股東價值嗎？是否會降低公司對該1項目的集中度？是否符合我們可靠性能的目標？這些就是我們要關注的事情。再說一次，我們的目標是找到一個真正的股權合作夥伴，並按比例分享和專案成本。今天我無法告訴你任何交易的具體內容，因為它還沒有完成。這就是我們所追求的。

Okay. And just another question on the offshore wind. The 92% fixed cost, that's great, and we've made a lot of progress I think 1 of the things, if you look at issues of big projects over time is the suppliers end up having issues and can't meet the obligation they came to either financially or they're just delayed or whatever. So could you just talk to that issue since that's often been an issue with big projects that have been problem to the suppliers end up not coming to term.

好的。還有一個關於離岸風電的問題。 92% 的固定成本，這很好，我們已經取得了很多進展，我認為其中一件事，如果你隨著時間的推移審視大型項目的問題，那就是供應商最終會遇到問題並且無法履行他們的義務要不是財務上的問題，就是只是被推遲了或是其他什麼原因。那麼您能否談談這個問題，因為這通常是大型專案的問題，而這些專案對供應商來說是個問題，但最終無法按期交付。

Yes. We communicate regularly with them -- with our suppliers. And if you look at the deck that we posted on the website on offshore wind, we walk through each 1 of them and the status of the contracts with each of them and you can see they're all performing and they're all performing on time. Now I know that Siemens in particular, is 1 that's been in the news recently and they are turbine provider, I communicate regularly with the CEO of Siemens Gamesa Renewable Energy. And I most recently heard from him after the news on some of the challenges that they're facing, mostly with their onshore business and the sort of project potential that they have, but they need to be able to post guarantees on those.

是的。我們定期與他們—與我們的供應商溝通。如果你看一下我們在離岸風電網站上發布的平台，我們會瀏覽每一個平台以及與每個平台的合約狀態，你可以看到它們都在執行，並且都在執行時間。現在我知道西門子是最近出現在新聞中的一家公司，他們是渦輪機供應商，我定期與西門子歌美颯可再生能源公司的執行長進行溝通。最近，在有關他們面臨的一些挑戰的消息傳出後，我收到了他的來信，主要是他們的陸上業務和他們擁有的專案潛力，但他們需要能夠對這些挑戰做出保證。

So they've got a lot of growth opportunities, but that's causing them some challenges that have been in the news. He assured me they're committed to their contractual obligations and he said nothing will change the close and successful partnership we have from their side. So we're very focused on this. We communicate regularly with all of those providers. And as we outlined earlier and as you can see in the deck, those projects are going very well. They're all performing. They're all on time.

因此，他們有很多成長機會，但這也給他們帶來了一些新聞報導中的挑戰。他向我保證，他們會履行合約義務，並表示任何事情都不會改變我們與他們之間密切而成功的合作關係。所以我們非常關注這一點。我們定期與所有這些提供者進行溝通。正如我們之前概述的那樣，正如您在簡報中所看到的，這些專案進展順利。他們都在表演。他們都準時。

Okay. One last quick 1 for Steve. Just the -- I guess just a simple one, the slide that talked about the $2.90 for '23 and don't just use a normal utility growth rate to '25. And you go through those factors, it looks like pretty much almost all of them were positive factors. So I mean, my interpretation of that is it should be better than that? I just want to make sure if that's correct.

好的。史蒂夫的最後一擊。只是 - 我想這只是一個簡單的幻燈片，該幻燈片談到了 23 年的 2.90 美元，並且不只是使用到 25 年的正常公用事業增長率。當你仔細考慮這些因素時，看起來幾乎所有這些因素都是正面因素。所以我的意思是，我對此的解釋是它應該比那更好？我只是想確定這是否正確。

Well, we're not giving guidance. So I'll start with that. I think we provided this list to try and be comprehensive and holistic so that we're not suspected of trying to cherry pick or give half guidance. We talked a lot internally in advance of this call about staying true to what we've done thus far, which has been disciplined about not providing partial guidance until the review is complete, and this is in the spirit of that. Now I would just say on individual items. Some of these are certainly tailwinds, higher rates, of course. That's -- I probably wouldn't describe that as a tailwind, but we talk about the in the money portfolio of rates. So I don't want to get into a box given that we're not giving guidance on any of these particular items, except where we felt it was important to highlight the various inputs that we have not disclosed that we think will be important to analyzing accurately what our 2025 earnings will be.

好吧，我們不提供指導。那我就從這個開始吧。我認為我們提供這份清單是為了嘗試做到全面和整體，這樣我們就不會被懷疑試圖挑選或提供半途指導。在這次電話會議之前，我們在內部討論了很多關於堅持我們迄今為止所做的事情的內容，我們一直遵守紀律，在審查完成之前不提供部分指導，這就是本著這一精神。現在我只想說個別項目。其中一些肯定是有利的，當然是更高的利率。我可能不會將其描述為順風，但我們談論的是貨幣利率組合。因此，鑑於我們沒有就這些特定項目中的任何一個提供指導，我不想陷入困境，除非我們認為有必要強調我們尚未披露但我們認為對這些項目很重要的各種投入。準確分析我們2025 年的盈利情況。

We have our next question from Jeremy Tonet with JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet) 向我們提出了下一個問題。

Appreciate the commentary just played out there with regards to how you're talking about the review, but just wanted to go to the dividend, if I could. And just wanted to see if the dividend policy remains intact, even if for some reason you keep all of wind, is there any scenario where keeping the dividend at these levels just wouldn't make sense?

感謝剛剛發表的有關您如何談論評論的評論，但如果可以的話，我只想談談股息。只是想看看股息政策是否保持不變，即使由於某種原因你保持所有風聲，是否有任何情況下將股息保持在這些水平是沒有意義的？

We're committed to the dividend, Jeremy. As we said, we're 100% committed to the dividend, trying to talk about scenarios that people could imagine, I don't think is terribly productive. We've been committed to the dividend since the beginning. We haven't wavered in that. We're not wavering on it today.

我們致力於股息，傑里米。正如我們所說，我們100%致力於股息，試圖談論人們可以想像的場景，我認為這並不是很有成效。我們從一開始就致力於股息。我們對此沒有動搖。今天我們對此毫不動搖。

And we have our next question from Carly Davenport with Goldman Sachs.

我們的下一個問題是來自高盛的卡莉·達文波特。

Maybe just 1 quick one on the business review. I guess, can you just help us frame the risk around the time line here? Are there any factors in particular that you're watching that could potentially push that beyond the late '23 to early 2024 time line that you've lined out?

也許只是一篇關於業務回顧的快速評論。我想，你能幫我們確定一下時間範圍內的風險嗎？您正在關注的是否有任何因素可能會超出您所製定的 23 世紀末至 2024 年初的時間表？

No. We, I think, laid it out pretty clearly we're in the last stage here on evaluating an offshore wind equity partner. But no, there's nothing else out there.

不。我認為，我們已經非常清楚地表明，我們正處於評估離岸風電股權合作夥伴的最後階段。但不，那裡沒有其他東西。

Great. And then I appreciate the disclosure on the interest rate exposure. Just on the $8 billion in the interest rate derivatives that you highlighted, is there anything you can provide in terms of the tenure on those contracts? Just as we think about the moving pieces on financing costs in the coming years relative to that I think it was the sub 3% average coupon that you highlighted?

偉大的。然後我很欣賞利率風險的揭露。就您強調的 80 億美元利率衍生品而言，您在這些合約的期限方面有什麼可以提供的嗎？正如我們思考未來幾年融資成本的變化一樣，我認為您強調的平均票面利率低於 3%？

Yes. So we've got derivatives at both VEPCO as well as at the holding company and more at the holding company than at VEPCO. VEPCO is because we use hedge accounting, we're a little more restricted on when we utilize those hedges. So those are '24, '25 style hedges at DEI, we're able to use any time in advance of the future settlement date. So we've got some flexibility and timing of use of that anywhere between now and 2028 based on the current notional. So we've got some flexibility there. And as part of the Investor Day, we'll, of course, provide some incremental disclosure around how we intend to utilize that portfolio.

是的。因此，我們在 VEPCO 和控股公司都有衍生性商品，而且控股公司的衍生性商品比 VEPCO 的衍生性商品更多。 VEPCO 是因為我們使用對沖會計，所以我們在使用這些對沖時受到更多限制。因此，這些是 DEI 的 '24、'25 風格對沖，我們可以在未來結算日期之前的任何時間使用。因此，根據當前的概念，我們在現在到 2028 年之間的任何地方都具有一定的靈活性和使用時間。所以我們在那裡有一些靈活性。作為投資者日的一部分，我們當然會圍繞我們打算如何利用該投資組合提供一些增量披露。

And we have reached our allotted time for our question-and-answer session. This does conclude this morning's conference call. You may disconnect your lines, and enjoy your day.

我們已經達到了問答環節的指定時間。今天上午的電話會議到此結束。您可以斷開線路，享受美好的一天。