道明尼資源 (D) 2023 Q4 法說會逐字稿

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

歡迎參加 Dominion Energy 第四季財報電話會議。 （操作員說明）。我現在想將電話轉給投資者關係副總裁兼財務主管 David McFarland。

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，這些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。

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

今天早上，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。我們可以計算的非公認會計準則衡量指標與最直接可比較的公認會計準則財務衡量指標的對帳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, Executive Vice President and Chief Financial Officer; and Diane Leopold, Executive Vice President and Chief Operating Officer. I will now turn the call over to Bob.

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

Thank you, David. Good morning, everyone. As always, let me begin with safety, as shown on Slide 3. In 2023, our employee OSHA recordable incident rate was 0.45, a significant improvement to already strong historical performance. We also achieved a record low lost time restricted duty injury rate. We're pleased but not satisfied with these results. I strongly believe that exemplary safety performance unlocks our ability to execute optimally across the 3 pillars of our mission, as shown on Slide 4.

謝謝你，大衛。大家，早安。像往常一樣，讓我從安全開始，如幻燈片 3 所示。2023 年，我們的員工 OSHA 可記錄事故率為 0.45，比本已強勁的歷史績效有了顯著改善。我們也實現了創紀錄的低損失工時限制工傷率。我們對這些結果感到高興但並不滿意。我堅信，堪稱典範的安全績效能夠讓我們更好地執行我們使命的三大支柱，如投影片 4 所示。

We maintained outstanding reliability in 2023 as our electric customers in Virginia and South Carolina had power 99.9% of the time, excluding major storms. Our residential rates continue to be well below the national and regional averages. From 2005 through 2022, we've reduced Scope 1 carbon emissions from our electric operations by nearly 50%, even as annual energy generated over that period has increased 9%. Going forward, you'll continue to hear how we're executing against our mission because an exceptional customer experience positions our company to deliver the best results for our shareholders.

我們在 2023 年保持了出色的可靠性，因為弗吉尼亞州和南卡羅來納州的電力客戶在 99.9% 的時間內都通電（大風暴除外）。我們的住宅價格仍然遠低於全國和地區平均水平。從 2005 年到 2022 年，我們將電力營運中的範圍 1 碳排放量減少了近 50%，儘管在此期間每年產生的能源增加了 9%。展望未來，您將繼續聽到我們如何執行我們的使命，因為卓越的客戶體驗使我們的公司能夠為股東提供最佳結果。

I'm very pleased to share several important updates with you this morning as it relates to our business review in the Coastal Virginia Offshore Wind Project. Let me begin by reiterating my previous commentary regarding the review. Our guiding priorities and commitments are unchanged, as is my conviction around both the decision to undertake the review and the quality of the result I expect us to deliver. The review will comprehensively and finally address foundational concerns that have eroded investor confidence in our company over the last several years.

我很高興今天早上與您分享一些重要的最新消息，因為它與我們對弗吉尼亞沿海海上風電項目的業務審查有關。首先讓我重申我之前關於審查的評論。我們的指導重點和承諾沒有改變，我對進行審查的決定和我期望我們提供的結果品質的信念也沒有改變。此次審查將全面並最終解決過去幾年削弱投資者對我們公司信心的基本問題。

We will not pursue a series of partial solutions that leave key elements and risks unaddressed. Instead, we'll deliver a comprehensive result that will provide a durable and high-quality strategic and financial profile that optimally positions Dominion Energy to provide compelling long-term value for shareholders, customers and employees.

我們不會尋求一系列未解決關鍵要素和風險的局部解決方案。相反，我們將提供全面的結果，提供持久且高品質的策略和財務狀況，使 Dominion Energy 處於最佳位置，為股東、客戶和員工提供令人信服的長期價值。

This morning, we announced a key part of that result with the execution of an agreement to add a noncontrolling equity partner in the Coastal Virginia Offshore Wind project. This arrangement with Stonepeak, a global leader in infrastructure investing, represents the final strategic step in the business review and delivers an exciting result for our customers and our shareholders.

今天早上，我們宣布了這一結果的關鍵部分，即簽署了一項協議，在弗吉尼亞海岸海上風電項目中增加一個非控股股權合作夥伴。與全球基礎設施投資領導者 Stonepeak 的這項安排代表了業務審查的最後策略步驟，並為我們的客戶和股東帶來了令人興奮的結果。

Before I walk through the transaction specifics, let me update you on the continued successful development of the project across all phases. The project is proceeding on time and on budget, consistent with the time lines and estimates previously provided. We continue to achieve significant project milestones, as shown on Slide 5.

在詳細介紹交易細節之前，讓我先向您介紹該專案在所有階段的持續成功開發的最新情況。該項目正在按時、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專案里程碑，如幻燈片 5 所示。

On permitting. Last month, BOEM provided final approval of our construction and operation plan, which allows us to begin offshore construction in the second quarter. And the Army Corps of Engineers issued its permit, which has allowed us to ramp up onshore construction.

在允許的情況下。上個月，BOEM最終批准了我們的建設和營運計劃，這使我們能夠在第二季開始海上建設。陸軍工程兵團頒發了許可證，使我們能夠加大陸上建立力度。

On materials and equipment. We're on track and making excellent progress. One of the keys to our success has been that from the beginning of the project, we insisted that our equipment be sourced from mature facilities under dedicated production allocations that are specific to our components.

關於材料和設備。我們已步入正軌並取得了巨大進展。我們成功的關鍵之一是，從專案一開始，我們就堅持從成熟的設施採購我們的設備，並根據我們的組件進行專門的生產分配。

We've received 24 monopiles from our supplier, EEW, at the Portsmouth Marine Terminal, with more on the way in the coming weeks. These monopiles will begin to be installed by DEME during the second quarter. Recall that we've scheduled monopile installation across 2 seasons, 2024 and 2025, which allows us to better mitigate any potential delays or disruptions without impacting final schedule.

我們已經從朴茨茅斯海運碼頭的供應商 EEW 收到了 24 個單樁，未來幾週還將收到更多單樁。 DEME 將在第二季開始安裝這些單樁。回想一下，我們已經安排了 2024 年和 2025 年兩個季節的單樁安裝，這使我們能夠更好地減少任何潛在的延誤或中斷，而不影響最終的時間表。

The first of 3 offshore substation topside structures is complete and has been delivered to Bladt/SEMco to be outfitted. We expect first delivery of transition pieces to Virginia during the second quarter. All 161 miles of onshore underground cable has been manufactured, and approximately 200 out of 600 miles of offshore cable has been produced.

3 個海上變電站上部結構中的第一個已完成，並已交付 Bladt/SEMco 進行裝備。我們預計第二季將首次向維吉尼亞州交付過渡件。 161 英里的陸上地下電纜已全部生產完畢，600 英里的海上電纜中約有 200 英里已生產。

Schedule for the manufacturing of our turbines remains on track. It's worth noting that even though we won't begin turbine installation until 2025, per our schedule, DEME is currently supporting an installation campaign for a project off the coast of Scotland that's using the same Siemens Gamesa wind turbine model that CVOW will use. The lessons learned from that project will benefit our project installation in the future.

我們渦輪機的製造進度仍在按計劃進行。值得注意的是，儘管我們要到2025 年才會開始渦輪機安裝，但按照我們的計劃，DEME 目前正在支持蘇格蘭海岸的一個項目的安裝活動，該項目使用與CVOW 將使用的相同的西門子歌美颯風力渦輪機模型。從該專案中學到的經驗教訓將有利於我們今後的專案安裝。

Moving onshore. Construction activities have begun, including civil work, horizontal directional drills and the bores where the export cables come ashore. On regulatory. Last November, we made our 2023 rider filing, representing $486 million of annual revenue. We're currently in the testimony phase and expect the final order by August.

搬上岸。施工活動已經開始，包括土木工程、水平定向鑽探以及輸出電纜上岸的鑽孔。關於監管。去年 11 月，我們提交了 2023 年騎士報告，年收入為 4.86 億美元。我們目前正處於證詞階段，預計八月會收到最終訂單。

Turning to Slide 6. There have been no changes to the project's expected LCOE of $77 per megawatt hour. We've again 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.

轉向幻燈片 6。該專案的預期 LCOE 為每兆瓦時 77 美元，沒有變化。我們再次提供了敏感性，以顯示資本成本、容量係數和利率如何影響客戶的平均生命週期成本。我們仍然遠低於該指標的立法審慎上限。

Project-to-date, we've invested approximately $3 billion, and we expect to spend an additional $3 billion by year-end 2024. A little more than 92% of project costs are now fixed. We'll gradually increase that percentage over the remainder of the project construction time line.

迄今為止，我們已為該專案投資了約 30 億美元，預計到 2024 年底將再支出 30 億美元。目前，超過 92% 的專案成本已固定。我們將在專案建造時間線的剩餘時間內逐步增加該百分比。

At this stage of project completion, the current unused contingency at $351 million benchmarks competitively as a percentage of total budgeted costs when compared to other large infrastructure projects we've studied. It also compares favorably to the current level of unfixed costs. We've been very clear with our team and with our suppliers and partners that delivery of an on-budget project is the expectation.

在專案完成的現階段，與我們研究過的其他大型基礎設施專案相比，目前未使用的緊急費用佔總預算成本的百分比為 3.51 億美元，具有競爭力。與目前的未固定成本水準相比，它也具有優勢。我們已經向我們的團隊、供應商和合作夥伴明確表示，交付預算內的專案是我們的期望。

Along those lines, this morning, we posted an important video update to our Investor Relations website that features representatives from the senior executive management teams of all of our primary CVOW commercial partners, including Siemens Gamesa Renewable Energy, EEW, Bladt Industries, Semco Maritime, DEME and Prysmian, as well as the CEO of Seatrium, the constructor of our Jones Act-compliant installation vessel.

沿著這些思路，今天早上，我們在投資者關係網站上發布了一個重要的視頻更新，其中包括來自我們所有主要CVOW 商業合作夥伴的高級執行管理團隊的代表，包括西門子歌美颯可再生能源公司、 EEW、Bladt Industries、Semco Maritime、 DEME 和普睿司曼，以及 Seatrium 的首席執行官，Seatrium 是我們符合瓊斯法案的安裝船的建造商。

I strongly encourage our investors, government and regulatory partners, employees and other stakeholders to watch the short video. You'll hear, in their own words, a course of unwavering enthusiasm for and commitment to an on-time and on-budget in-service for the project. We're fortunate to enjoy such extraordinary support from our key suppliers and, together, we will deliver this exciting project.

我強烈鼓勵我們的投資者、政府和監管合作夥伴、員工和其他利害關係人觀看這段短片。用他們自己的話來說，您將聽到對專案按時、按預算投入使用的堅定不移的熱情和承諾。我們很幸運能夠得到主要供應商的如此非凡的支持，我們將共同交付這個令人興奮的項目。

Moving to Slide 8, a couple of final points here on Charybdis. The vessel is currently 82% complete, up from 77% as of our last update. No change to our expected delivery time frame of late 2024 or early 2025.

轉到幻燈片 8，這是關於卡律布狄斯的最後幾點。該船目前已完成 82%，高於我們上次更新時的 77%。我們預計 2024 年底或 2025 年初的交貨時間沒有改變。

A few highlights. Labor levels have increased to over 1,200 and are continuing to be augmented as compared to approximately 1,000 last October and 800 last August. Recent construction milestones have been met, including installation of the remaining jack-up legs. Jack-up system commissioning is underway. All major subcomponents are on-site and awaiting installation. We expect the vessel to be floated in coming weeks. And there's been no change to project costs of $625 million, including financing costs.

幾個亮點。勞動力人數已增至 1,200 多人，與去年 10 月的約 1,000 人和去年 8 月的約 800 人相比，仍在繼續增加。最近的施工里程碑已經實現，包括安裝剩餘的自升式支架。自升式系統調試正在進行中。所有主要子組件均已在現場並等待安裝。我們預計該船將在未來幾週內浮出水面。 6.25 億美元的專案成本（包括融資成本）沒有變動。

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. As you can see, we feel very good about the progress we're making with the support of our project partners towards an on-time and on-budget completion of this very important project.

總而言之，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。如您所見，我們對所取得的進展感到非常滿意在我們專案合作夥伴的支持下，我們將按時、按預算完成這項非常重要的項目。

Throughout our robust and competitive offshore wind process, we had multiple high-quality strategic and financial potential partners deploy significant operational, regulatory, commercial, financial and legal resources to thoroughly diligence every aspect of the project. And the consensus independent feedback was that the Coastal Virginia Offshore Wind Project is optimally positioned to be delivered on time and on budget and is supported by enthusiastic and committed suppliers and partners.

在我們強大且具競爭力的離岸風電流程中，我們擁有多個高品質的策略和財務潛力合作夥伴，部署了大量的營運、監管、商業、財務和法律資源，以徹底調查專案的各個方面。一致的獨立回饋是，維吉尼亞沿海離岸風電專案處於最佳位置，可以按時、按預算交付，並得到熱情和忠誠的供應商和合作夥伴的支持。

With that, let me walk through the CVOW transaction, starting with Slide 9. We're excited to be partnering with Stonepeak, one of the world's largest energy infrastructure investors with over $61 billion in assets under management. Stonepeak has a track record of investment in large and complex energy infrastructure projects, including offshore wind. Their significant financial participation will benefit both our project and our customers.

接下來，讓我從投影片 9 開始介紹 CVOW 交易。我們很高興與 Stonepeak 合作，Stonepeak 是全球最大的能源基礎設施投資者之一，管理超過 610 億美元的資產。 Stonepeak 在大型複雜能源基礎設施項目（包括離岸風電）方面擁有投資記錄。他們的大量財務參與將使我們的專案和我們的客戶受益。

On transaction structure. Stonepeak will invest in a newly formed subsidiary of Dominion Energy Virginia. It will be a public utility in Virginia and be entitled to recover its prudently incurred cost of constructing and operating the project under the existing offshore wind rider in Virginia. Dominion Energy will retain full operational control of the construction and operations of CVOW. And as a result, we expect to consolidate the partnership for accounting purposes. Stonepeak will own a noncontrolling equity interest and will have customary minority interest rights.

關於交易結構。 Stonepeak 將投資維吉尼亞州 Dominion Energy 的新成立的子公司。它將成為弗吉尼亞州的一家公用事業公司，有權收回在弗吉尼亞州現有海上風力發電設施下謹慎建設和運營該項目所產生的成本。 Dominion Energy 將保留對 CVOW 建設和營運的全面營運控制權。因此，我們希望出於會計目的鞏固合作關係。 Stonepeak 將擁有非控股股權，並將擁有慣例少數股權。

On cost sharing. The agreement provides for robust cost sharing that significantly improves the company's credit profile and provides meaningful protection from any unforeseen project cost increases. Mandatory capital contributions, including an initial reimbursement, will be used to fund expenditures up to $11.3 billion on a 50-50 pro rata basis. This represents 50-50 cost sharing up to 15% or nearly $1.5 billion higher than the project's current budget, including unused contingency, and up to 20% or nearly $2 billion higher than the project's current pre-contingency budget.

關於成本分攤。該協議提供了強有力的成本分攤，可顯著改善公司的信用狀況，並為任何不可預見的專案成本增加提供有意義的保護。強制性資本捐助（包括初始償還）將以 50-50 的比例用於資助高達 113 億美元的支出。這意味著 50-50 的成本分攤比專案當前預算高出高達 15% 或近 15 億美元（包括未使用的應急費用），比專案目前的應急前預算高出高達 20% 或近 20 億美元。

The agreement also provides for additional sharing of project costs, if any, between $11.3 billion and $13.7 billion. In that hypothetical case, Stonepeak would continue to share in project costs through a gradually increasing spectrum of dilution to Dominion's share of project ownership. Slide 10 shows how Dominion and Stonepeak will share project funding and ownership under a variety of hypothetical cost scenarios, and I stress hypothetical because we fully expect to deliver this project on time and on budget.

該協議還規定額外分攤項目成本（如有），金額為 113 億至 137 億美元。在這種假設的情況下，Stonepeak 將透過逐漸增加 Dominion 專案所有權份額的稀釋程度，繼續分攤專案成本。投影片 10 顯示了 Dominion 和 Stonepeak 將如何在各種假設成本情境下分享專案資金和所有權，我強調假設是因為我們完全希望按時、按預算交付專案。

Turning to Slide 11. At closing, Stonepeak will make a cash payment to Dominion to reimburse 50% of the capital spent to date, less $145 million. This nearly $3 billion project cost reimbursement will be used to reduce parent-level debt. Thereafter, Stonepeak will fund their pro rata share of capital calls during construction, consistent with the schedule included in the appendix of today's materials.

轉向投影片 11。交易完成時，Stonepeak 將向 Dominion 支付現金，償還迄今已支出資本的 50%，減去 1.45 億美元。這筆近 30 億美元的專案成本補償將用於減少母公司層面的債務。此後，Stonepeak 將按照今天材料附錄中包含的時間表，在施工期間按比例提供資金需求。

At commercial operation, Stonepeak will make a payment to Dominion Energy, the amount of which will depend on the final construction cost, as shown on the slide. The transaction requires approvals from the Virginia SEC and North Carolina Utilities Commission as well as certain consents from BOEM and other regulatory agencies regarding the assignment of certain contracts and permits needed for the partnership post closing. We expect to obtain all necessary approvals and consents by the end of 2024.

在商業營運中，Stonepeak 將向 Dominion Energy 付款，金額將取決於最終的建造成本，如幻燈片所示。該交易需要獲得維吉尼亞州 SEC 和北卡羅來納州公用事業委員會的批准，以及 BOEM 和其他監管機構關於轉讓合作夥伴關係結束後所需的某些合約和許可的某些同意。我們預計在 2024 年底前獲得所有必要的批准和同意。

Continuing to Slide 12. I'm confident that this partnership is in the long-term best interest of our customers and our shareholders. The transaction achieved several key objectives. First, it adds an attractive, well-capitalized and high-quality partner who brings a track record of investment in large and complex infrastructure projects, including offshore wind, that will further derisk what is already a significantly derisked and well-developed project.

繼續投影片 12。我相信這種合作關係符合我們的客戶和股東的長期最佳利益。該交易實現了幾個關鍵目標。首先，它增加了一個有吸引力的、資本充足的高品質合作夥伴，該合作夥伴在大型複雜基礎設施項目（包括離岸風電）的投資方面擁有良好的記錄，這將進一步降低已經顯著降低風險且開發良好的專案的風險。

Second, it provides for robust cost sharing and provides meaningful protection from any unforeseen project cost increases. And third, it improves our quantitative and qualitative business risk profile via a highly credit-positive partnership. The transaction will improve our credit profile, reduce project concentration risk, and lower our financing needs during construction.

其次，它提供了強大的成本分攤，並為任何不可預見的專案成本增加提供了有意義的保護。第三，它透過高度信用積極的合作關係改善了我們定量和定性的業務風險狀況。此交易將改善我們的信用狀況，降低專案集中風險，並降低我們建設期間的融資需求。

Further, the transaction is expected to improve our estimated 2024 consolidated FFO to debt by approximately 1%. Importantly, we reviewed the transaction with our credit rating agencies in advance of signing. And based on their feedback, we expect the transaction to be viewed as unambiguously credit positive, and that is a very key benefit for our customers.

此外，預計該交易將使我們預計的 2024 年合併 FFO 債務比提高約 1%。重要的是，我們在簽署之前與我們的信用評級機構審查了交易。根據他們的回饋，我們預計該交易將被視為明確的信用正面訊息，這對我們的客戶來說是一個非常重要的好處。

A financially healthy utility with a strong balance sheet is optimally positioned to attract the capital it needs to provide an exceptional customer experience and support the state's economic and environmental goals. In other words, this partnership will reduce our company's business and financial risk profile, which benefits our customers. Let me provide a few final updates on the business review to conclude my prepared remarks.

財務狀況良好、資產負債表穩健的公用事業公司處於最佳位置，能夠吸引所需的資本，以提供卓越的客戶體驗並支持該州的經濟和環境目標。換句話說，這種夥伴關係將降低我們公司的業務和財務風險狀況，這對我們的客戶有利。讓我提供一些有關業務審查的最後更新，以結束我準備好的演講。

Turning to Slide 13. We're working methodically towards regulatory approvals and timely closings for the sale of our gas utilities. No changes to our original expectations in any of these cases. We look forward to continuing to work with involved parties and expect regulatory proceedings to conclude and staggered transaction closings to occur during 2024. We intend to apply 100% of the estimated after-tax proceeds of nearly $9 billion to reduce parent-level debt, which, based on current rates, will result in a reduction of around $500 million of pretax interest expense annually.

轉向幻燈片 13。我們正在有條不紊地爭取監管部門的批准並及時完成天然氣公用事業的銷售。在這些情況下，我們最初的期望都沒有改變。我們期待繼續與相關各方合作，並預計監管程序將在 2024 年結束，並分階段完成交易。我們打算將估計近 90 億美元的稅後收益的 100% 用於減少母公司層面的債務，根據目前的利率，每年將減少約5 億美元的稅前利息支出。

Next, Virginia regulation. As part of the business review, we supported reasonable regulatory reform that positions Dominion Energy Virginia to serve customers, support the state's goals and compete for investor capital in support of our customer beneficial investments. Last November, Dominion Energy Virginia, State Corporation Commission staff, the Office of the Attorney General and other key parties reached a comprehensive settlement in the current biennial review. No parties to the case opposed the settlement.

接下來是維吉尼亞州的監管。作為業務審查的一部分，我們支持合理的監管改革，使 Dominion Energy Virginia 能夠為客戶服務、支持該州的目標並爭取投資者資本，以支持我們的客戶受益投資。去年11月，Dominion Energy Virginia、州公司委員會工作人員、總檢察長辦公室和其他主要各方在當前的兩年審查中達成了全面和解。本案各方均不反對和解。

And last month, these same key parties reiterated their support to the original comprehensive agreement. We expect the final order in early March. On a related topic, last month, the General Assembly unanimously elected Sam Towell and Kelsey Bagot to serve as members of the State Corporation Commission, filling the two outstanding vacancies on the commission. They have extensive experience in both government and the private sector, and we look forward to working cooperatively with these well-qualified new members.

上個月，這些關鍵各方重申了對最初全面協議的支持。我們預計最終訂單將在三月初收到。在一個相關主題上，上個月，大會一致選舉薩姆·托威爾和凱爾西·巴戈特擔任國家公司委員會成員，填補了該委員會的兩個懸而未決的空缺。他們在政府和私營部門擁有豐富的經驗，我們期待與這些高素質的新成員合作。

Turning now to Slide 14. There have been no changes to our original business review commitments and priorities. First, for the avoidance of doubt, we have 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.

現在轉向投影片 14。我們最初的業務審查承諾和優先事項沒有變化。首先，為避免疑義，我們一直並將繼續 100% 致力於我們當前的股息。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適當的範圍。

Second, last year, the Board, in 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 was performance-based. Last month, the Board approved my 2024 long-term compensation plan, but like last year, it is 100% performance-based. 65% is premised solely on 3-year relative total shareholder return, with a 65th percentile relative performance required to achieve a 100% payout.

其次，去年，董事會直接回應投資人的回饋，修改了我 2023 年的薪酬結構，讓我的經濟誘因與股東的經濟利益更加緊密地結合。結果，我 2023 年的長期激勵薪酬 100% 是基於績效的。上個月，董事會批准了我的2024年長期薪酬計劃，但和去年一樣，100%是基於績效。 65% 僅以 3 年相對總股東回報為前提，需要達到 65% 的相對表現才能達到 100% 的股利。

This represents a high bar relative to industry practice, but I believe it appropriately aligns my financial interest with those of our shareholders. Additional details around the increasing alignment of my compensation with our owners' interest will be available in our proxy statement, which will be published in March. Certainly, this has been a difficult time for our investors, and I want them to understand how seriously I take that.

這相對於行業慣例來說是一個很高的標準，但我相信它適當地使我的經濟利益與股東的經濟利益保持一致。關於我的薪酬與所有者利益日益一致的更多細節將在我們的委託書中提供，該委託書將於三月發布。當然，這對我們的投資人來說是一段艱難的時期，我希望他們能理解我對此的重視程度。

Third, we continue to focus on costs and identify incremental 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, we've been focused on evaluating investor feedback around perceived earnings quality and plan risks. In his prepared remarks, Steven will provide an update on our treatment of unregulated investment tax credits and assumptions around our retirement benefit plans.

第三，我們繼續關注成本並確定增量節約，特別是在企業管理費用方面。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，我們一直專注於評估投資者對獲利品質和計劃風險的回饋。在他準備好的演講中，史蒂文將提供有關我們對不受監管的投資稅收抵免的處理以及圍繞我們的退休福利計劃的假設的最新資訊。

Turning to Slide 15. Today's announcement of an offshore wind partner marks the final strategic step of the business review. We're in the process of finalizing our financial plan, which will allow us to conclude the review. We've scheduled an investor meeting on March 1, at which time we will provide a comprehensive strategic and financial update for the company and participate in a question-and-answer session.

轉向幻燈片 15。今天宣布的離岸風電合作夥伴標誌著業務審查的最後戰略步驟。我們正在敲定我們的財務計劃，這將使我們能夠完成審查。我們計劃於 3 月 1 日召開投資者會議，屆時我們將為公司提供全面的策略和財務最新信息，並參加問答環節。

We encourage our investors and other stakeholders to participate virtually as their schedule allows. Following the event, we plan to initiate a comprehensive investor engagement effort to meet with our existing and prospective investors.

我們鼓勵投資者和其他利害關係人在日程允許的情況下以虛擬方式參與。活動結束後，我們計劃啟動全面的投資者參與活動，以與我們現有和潛在的投資者會面。

As we prepare to conclude the review, I am more optimistic than I have ever been about the future of our company. 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.

當我們準備結束審查時，我對我們公司的未來比以往任何時候都更加樂觀。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。

With that, I'll turn the call over to Steven.

這樣，我會將電話轉給史蒂文。

Thank you, Bob, and good morning. Our fourth quarter 2023 operating earnings were $0.29 per share. Full year 2023 operating earnings were $1.99 per share. Full year GAAP net income was $2.29 per share. A summary of all adjustments between operating and reported results is included in Schedule 2 of the earnings release kit.

謝謝你，鮑勃，早安。我們 2023 年第四季的營業利潤為每股 0.29 美元。 2023 年全年營業利潤為每股 1.99 美元。全年 GAAP 淨利潤為每股 2.29 美元。收益發布工具包的附表 2 中包含了營運結果與報告結果之間的所有調整的摘要。

As shown on Slide 16, we've provided a reconciliation of actual operating earnings relative to the guidance we provided on the last earnings call. There were 3 key drivers for the variance to guidance.

如投影片 16 所示，我們提供了與上次財報電話會議上提供的指導相關的實際營業收益的調節表。與指導意見的差異有 3 個關鍵驅動因素。

First, during the fourth quarter, we experienced $0.02 of worse-than-normal weather in our utility service territories. Second, we incurred $0.03 of hurt related to certain outages at Millstone. Third, as part of the business review, and after we had given earnings guidance in November, we elected to change our accounting methodology for the way we recognize investment tax credits and earnings. This resulted in a $0.02 quarterly and $0.07 annual negative variance to guidance.

首先，在第四季度，我們的公用事業服務區域的天氣比正常情況差了 0.02 美元。其次，我們因 Millstone 的某些停電而遭受了 0.03 美元的損失。第三，作為業務審查的一部分，在我們 11 月給出獲​​利指引後，我們選擇改變我們承認投資稅收抵免和盈利的會計方法。這導致季度指引值和年度指引值出現 0.02 美元和 0.07 美元的負偏差。

I'll expand more on this accounting methodology change in a moment. A summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the earnings release kit.

稍後我將詳細介紹這項會計方法的變更。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。

As we mentioned on our last earnings call, 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. With that in mind, let me refresh our housekeeping around 2023 results.

正如我們在上次財報電話會議上提到的，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。考慮到這一點，讓我回顧一下 2023 年左右的內務管理結果。

In 2023, our operating earnings per share were $1.99. Similar to last quarter, we believe it warrants highlighting many of the same adjustments that investors may consider to more accurately assess 2023 results.

2023 年，我們的每股營業利潤為 1.99 美元。與上一季類似，我們認為有必要強調投資者可能考慮的許多相同調整，以便更準確地評估 2023 年業績。

First, we experienced historically mild weather during 2023, representing $0.18 of full year earnings headwinds, including $0.02 in the fourth quarter. Recall that the second quarter 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.

首先，我們在 2023 年經歷了歷史上溫和的天氣，全年獲利阻力為 0.18 美元，其中第四季為 0.02 美元。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。

Second, we continue to expect approximately $0.50 of annualized interest savings from parent-level debt repayment, driven by the sales of Cove Point and the gas utilities. Remember, the way discontinued operations is reflected in our 2023 results, 100% of the earnings from these assets are removed, but the benefit from use of sale proceeds is not captured.

其次，我們繼續預計，在 Cove Point 和天然氣公用事業公司出售的推動下，母公司層面的債務償還可節省約 0.50 美元的年化利息。請記住，我們 2023 年業績中反映已終止業務的方式是，這些資產 100% 的收益被剔除，但未捕獲使用銷售收益的收益。

Third, 2023 results include approximately $0.11 of unexpected and unlikely-to-repeat hurt from extended planned or unplanned outages at Millstone, including $0.03 in the fourth quarter. We've continued to follow through on the steps discussed in previous earnings calls to ensure the plant performs consistent with its strong operating history. Note also that 2023 was a standard double-fueling outage year, 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.

第三，2023 年業績包括 Millstone 因延長計劃內或計劃外停電而造成的約 0.11 美元的意外且不太可能重複的損失，其中包括第四季度的 0.03 美元。我們繼續遵循先前的財報電話會議中討論的步驟，以確保該工廠的業績與其強勁的營運歷史保持一致。另請注意，2023 年是標準的雙燃料停運年，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，因為每3 年就會發生一次雙重計劃停電。

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 financed with short-term debt during 2023. We closed on the fuel securitization transaction last week. The transaction was met with very strong demand, which allowed us to deliver a great result for our customers.

第四，由於預期將某些客戶的基於市場的收入納入年度燃料係數中，以及由於我們用短期融資的13 億美元遞延燃料餘額證券化而降低了利息支出，我們預計將改善約0.15 美元. 2023 年期間的定期債務。我們上週完成了燃料證券化交易。此次交易滿足了非常強勁的需求，這使我們能夠為客戶提供良好的結果。

Finally, and in the opposite direction, we expect approximately $0.18 of additional hurt related to the $350 million annual Virginia rider revenue reduction at DEV, given that rate reduction did not impact first half 2023 results. Taken together, these adjustments would result in an illustrative 2023 operating earnings per share of around $2.85.

最後，在相反的方向上，我們預計 DEV 每年弗吉尼亞州乘客收入減少 3.5 億美元會造成約 0.18 美元的額外損失，因為費率降低不會影響 2023 年上半年的業績。總而言之，這些調整將導致 2023 年每股營業收益約為 2.85 美元。

As we said last quarter, some of the transition we experienced 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. As part of the investor meeting, we will provide a comprehensive strategic and financial outlook that will run through 2029 and include operating earnings per share, EPS growth, credit, dividend, CapEx and financing guidance as well as other relevant financial information.

正如我們上季度所說，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。作為投資者會議的一部分，我們將提供截至 2029 年的全面策略和財務展望，包括每股營業收益、每股盈餘成長、信貸、股息、資本支出和融資指導以及其他相關財務資訊。

We 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. By way of reminder, the comments I made in the last call about drivers of 2025 earnings are unchanged and replicated on Slide 17.

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。提醒一下，我在上次電話會議中發表的關於 2025 年盈利驅動因素的評論沒有改變，並在幻燈片 17 中重複。

I'll turn now to the reference Bob made in his prepared remarks regarding our evaluation of investor feedback around perceived earnings quality and planned risks. By way of background, over the last several months, we've engaged directly and extensively with our shareholders and received valuable feedback, much of which has affirmed our business review commitments and priorities.

我現在將轉向鮑勃在他準備好的評論中提到的關於我們對投資者關於感知盈利質量和計劃風險的反饋的評估。作為背景，在過去的幾個月裡，我們與股東進行了直接、廣泛的接觸，並收到了寶貴的回饋，其中大部分肯定了我們的業務審查承諾和優先事項。

One consistent theme we have heard is dissatisfaction with past earnings quality and plan assumption risk levels, and we've taken that feedback seriously. We've made specific commitments around not pursuing unregulated solar investments for the purposes of generating upfront operating earnings from tax credits or reflecting gains from certain asset sales and operating earnings. Those commitments are unchanged.

我們聽到的一個一致的主題是對過去盈利品質和計劃假設風險水平的不滿，我們認真對待了這一反饋。我們做出了具體承諾，不會為了透過稅收抵免產生前期營業收入或反映某些資產銷售和營業收入的收益而進行不受監管的太陽能投資。這些承諾沒有改變。

Today, we're taking two additional steps. First, in December, we formally elected to change our accounting methodology for the way we recognize investment tax credits and earnings. Let me walk through the background and rationale for this accounting methodology change.

今天，我們將採取另外兩個步驟。首先，我們在 12 月正式選擇改變我們承認投資稅收抵免和收益的會計方法。讓我來介紹一下這次會計方法變更的背景和理由。

Historically, Dominion Energy used what's called the flow-through accounting method, under which 100% of the income associated with nonregulated investment tax credit was recognized immediately upon the project entering service. Our past use of the flow-through method led to some very substantial operating earnings volatility associated with credits generated by unregulated solar investments.

從歷史上看，Dominion Energy 使用的是所謂的流通會計方法，根據該方法，與非監管投資稅收抵免相關的 100% 收入在項目投入使用後立即得到確認。我們過去使用的流通法導致了與不受監管的太陽能投資產生的信貸相關的一些非常大的營業收入波動。

As a result of the Inflation Reduction Act, our previously committed investments in dairy and swine renewable natural gas projects are now eligible for investment tax credits. Absent a change in accounting method, these RNG credits would create operating earnings volatility identical to past unregulated solar credits. Therefore, we've made a change from the flow-through method to the deferral method.

由於《通貨膨脹減少法案》的實施，我們先前承諾的乳製品和養豬可再生天然氣項目投資現在有資格獲得投資稅收抵免。如果不改變會計方法，這些 RNG 信貸將產生與過去不受監管的太陽能信貸相同的營業收入波動。因此，我們從流通法改為延期法。

Under the deferral method, investment tax credit income is recognized over the expected life of the asset, which, in the case of renewable natural gas projects, is 30 years. Switching to the deferral method reduces ITC-related earnings volatility. In addition, the deferral method is considered the preferred method under GAAP and is the predominant practice amongst peer utility companies. This change in accounting method also aligns the treatment of our nonregulated ITCs with the treatment of our regulated ITCs, thereby creating additional consistency.

根據遞延法，投資稅收抵免收入在資產的預期壽命內確認，對於再生天然氣項目，該壽命為 30 年。改用遞延方法可降低與 ITC 相關的收益波動性。此外，延期方法被認為是公認會計準則下的首選方法，也是同業公用事業公司的主要做法。會計方法的這種變化也使我們對不受監管的 ITC 的處理與對受監管 ITC 的處理保持一致，從而創造了額外的一致性。

So what does this change to a more preferable accounting method means for past, present and future results? Dominion Energy will recast, as reflected in the earnings materials released today, its financial results to apply the deferral method to ITC income that was historically recognized under the flow-through method. A summary of the affected line items will be presented in our upcoming Form 10-K, which we expect to file tomorrow.

那麼，這種更佳會計方法的改變對過去、現在和未來的結果又意味著什麼呢？正如今天發布的盈利材料所反映的那樣，Dominion Energy 將重新調整其財務業績，對歷史上根據流通法確認的 ITC 收入應用遞延法。受影響的項目摘要將在我們即將提交的 10-K 表格中提供，預計明天提交。

I've explained the impact on 2023 results. Our November guidance was based on the flow-through methodology. The adoption of the deferral method, combined with changes in RNG project completion dates, impacted actual results versus guidance. A number of projects that were originally expected to be completed in 2023 are now expected to achieve substantial completion in 2024. ITC income from those projects will now be recognized gradually over their estimated 30-year useful lives.

我已經解釋了對 2023 年業績的影響。我們 11 月的指導是基於流通方法。延期方法的採用，加上 RNG 專案完成日期的變化，影響了實際結果與指導。一些原定於 2023 年完工的項目現已預計將於 2024 年基本完工。這些項目的 ITC 收入現已在其預計 30 年使用壽命內逐步確認。

As we look forward through 2029, we expect ITC income, including renewable natural gas generated credits, to account on average for approximately $0.03 to $0.04 of annual operating earnings per share. For the avoidance of doubt, there is no change to the underlying economics of RNG &D investments because there is no change in the underlying cash flows. While this change in accounting methodology impacts when an investment tax credit is recognized in book income, the cash value of the tax credits are the same under either methodology.

展望 2029 年，我們預計 ITC 收入（包括再生天然氣產生的信用額）將平均佔每股年度營運收益約 0.03 至 0.04 美元。為避免疑義，RNG 和 D 投資的基本經濟學沒有變化，因為基本現金流沒有改變。雖然會計方法的這種變化會影響在帳面收入中確認投資稅收抵免的時間，但稅收抵免的現金價值在兩種方法下都是相同的。

Now let me share a few comments on our retirement benefit plans, as shown on Slide 19. We are evaluating a rebalancing of plan assets from return-seeking toward lower-risk classes. This is expected to reduce future funding risk and overall plan asset variability. This evaluation will take place during 2024, with the final reallocation of assets occurring in early 2025.

現在讓我分享一些關於我們的退休福利計劃的評論，如幻燈片 19 所示。我們正在評估計劃資產從尋求回報轉向低風險類別的重新平衡。預計這將降低未來的融資風險和整體計劃資產的可變性。該評估將於 2024 年進行，最終資產重新分配將於 2025 年初進行。

Let me address what I expect maybe some questions related to this decision. First, the background. Dominion Energy was later than many other companies to move away from offering traditional defined benefit pension plans to new employees, and as a result, still has several thousand employees that are accruing final average pay retirement benefits under traditional pension plans.

讓我回答一下我所期望的與此決定相關的一些問題。首先，背景。 Dominion Energy 比許多其他公司更晚停止向新員工提供傳統的固定福利退休金計劃，因此，仍有數千名員工根據傳統退休金計劃累積最終平均薪資退休福利。

This results in a relatively long liability duration, which we estimate to be in the 75th percentile relative to a large sample of corporate plan sponsors. Dominion Energy's current expected return on assets or EROA assumption is based on an asset allocation, which reflects the long-dated nature of our liabilities.

這導致責任期限相對較長，我們估計相對於大量企業計畫發起人樣本而言，責任期限處於第 75 個百分點。 Dominion Energy 目前的預期資產回報率或 EROA 假設是基於資產配置，這反映了我們負債的長期性質。

Next, why now? Given the robust funding levels across our retirement benefit plans, specifically 117% in aggregate at year-end, we believe that now is the time to evaluate ways to derisk plan assets by rebalancing toward lower-risk asset classes that reduce volatility and increase the portfolio's implied hedge ratio.

接下來，為什麼是現在？鑑於我們退休福利計畫的強勁資金水平，特別是年底總計 117%，我們認為現在是時候評估如何透過重新平衡到低風險資產類別來降低計畫資產風險，從而減少波動性並提高投資組合的收益。隱含對沖比率。

Finally, what's the impact to our financial plan? The determination of EROA is subject to many factors, including equity returns and interest rates, and we cannot, at this time, predict precisely what our future assumptions will be. However, for illustrative purposes, we believe a rebalancing could result in a 100 basis point reduction in our EROA, which would put our assumption roughly in line with peers. Such a reduction in EROA would reduce operating earnings each year by $0.08 to $0.10 per share.

最後，對我們的財務計畫有何影響？ EROA 的確定受到許多因素的影響，包括股權回報和利率，目前我們無法準確預測未來的假設。然而，出於說明目的，我們認為重新平衡可能會導致我們的 EROA 減少 100 個基點，這將使我們的假設與同行大致一致。 EROA 的減少將導致每年每股營業利潤減少 0.08 至 0.10 美元。

Further, under a 100 basis point EROA reduction scenario, we expect retirement plan-related operating earnings per share to account, on average, between 2025 and 2029 for around $0.20 per share. With that, let me summarize our remarks on Slide 20.

此外，在 EROA 降低 100 個基點的情況下，我們預計 2025 年至 2029 年間與退休計畫相關的每股營業收益平均約為每股 0.20 美元。接下來，讓我總結一下我們對投影片 20 的評論。

Our annual safety performance was the second best in our company's history. We continue to make the necessary investments to provide the reliable, affordable and increasingly clean energy that powers our customers every day.

我們的年度安全績效是公司史上第二好的。我們繼續進行必要的投資，以提供可靠、實惠且日益清潔的能源，為我們的客戶每天提供動力。

Our offshore wind project is on time and on budget. We've taken significant steps to achieve the objectives of the business review, including adding a noncontrolling equity financing partner for CVOW. We are moving with urgency and care to complete the review. We recognize the importance of delivering a compelling result and executing flawlessly thereafter. And we look forward to concluding the review and discussing our strategic and financial update at our March 1 Investor Meeting.

我們的離岸風電專案按時且符合預算。我們已採取重大措施來實現業務審查的目標，包括為 CVOW 增加非控股股權融資合作夥伴。我們正在緊急而謹慎地完成審查。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。我們期待在 3 月 1 日的投資者會議上完成審查並討論我們的策略和財務更新。

With that, we are ready for your questions.

至此，我們已經準備好回答您的問題了。

(Operator Instructions) And we'll take our first question from the line of Shar Pourreza with Guggenheim Partners.

（操作員說明）我們將從 Shar Pourreza 與 Guggenheim Partners 的電話中回答我們的第一個問題。

Can you hear me, Bob?

你聽得到我說話嗎，鮑伯？

Yes.

是的。

Excellent. Excellent. Just, obviously, congrats on the sale and getting the review to this point. Just on the process itself, can you just maybe speak a little bit more in depth of the bidding interest and why you settled on this sharing structure in the agreement?

出色的。出色的。顯然，恭喜您的銷售並獲得如此評價。就流程本身而言，您能否更深入地談論投標興趣以及為什麼您在協議中選擇了這種共享結構？

And just to confirm, this is a true sort of 50-50 pro rata sharing through the $11.3 billion, right? So the 1% difference in Slide 10, this is just tied to the potential movement of the withholding amount. Is that correct?

只是為了確認一下，這確實是 50-50 按比例分享 113 億美元，對吧？因此投影片 10 中 1% 的差異僅與預扣金額的潛在變動相關。那是對的嗎？

You have that exactly right, Shar. So it is 50-50 through $11.3 billion, and then there's the adjustment that we described. So on the process, we attracted quite a bit of interest from financial and strategic counterparties. We talked a little bit about that on the last call that we were in late stages with several attractive parties. And they diligenced this project extensively. They came in with their own experts in offshore wind, obviously, teams related to regulation, finance and so forth.

你說得完全正確，莎爾。所以是 50-50 到 113 億美元，然後就是我們描述的調整。所以在這個過程中，我們吸引了金融和戰略對手方相當多的興趣。我們在上次電話會議上談到了我們正處於與幾個有吸引力的派對的後期階段。他們對這個項目進行了廣泛的調查。他們帶著自己的離岸風電專家進來，顯然，還有與監管、金融等相關的團隊。

And what was really encouraging to me was to hear unanimously from parties who participated how well this project is going. So it was -- there was nobody who got in diligence who was concerned about the project at all, and that was really helpful.

真正讓我感到鼓舞的是，聽到參與者一致表示這個專案進展順利。事實就是這樣——沒有人真正關心這個項目，這真的很有幫助。

So then as we thought about how we were going to choose a partner, if you refer back to some of the things that we've said before, on the last call, we noted the importance of having pro rata sharing of costs. And we've achieved that here, and we feel very good about that. We said that we needed a transaction that made sense for our customers and our shareholders, and that was in keeping with the objectives that we set out in terms of the business review. And we believe this transaction with Stonepeak meets that extremely well.

因此，當我們考慮如何選擇合作夥伴時，如果你回顧一下我們之前在上次電話會議上說過的一些事情，我們注意到按比例分攤成本的重要性。我們在這裡實現了這一目標，我們對此感覺非常好。我們說，我們需要一項對我們的客戶和股東有意義的交易，並且符合我們在業務審查中設定的目標。我們相信與 Stonepeak 的這筆交易非常符合這一點。

The cost sharing, with protection from any hypothetical or unforeseen project cost increases, but having a well-capitalized partner to help us there was critical. And improving our credit profile means that this is going to be extraordinarily beneficial for our customers and our capital providers, so this is a very good deal. We're very pleased with it. We're pleased with the way the process worked.

成本分攤，可以防止任何假設或不可預見的專案成本增加，但擁有一個資本充足的合作夥伴來幫助我們至關重要。改善我們的信用狀況意味著這將對我們的客戶和資本提供者非常有利，所以這是一筆非常好的交易。我們對此非常滿意。我們對流程的運作方式感到滿意。

Got it. And then sorry, Bob, do you have an option to farm down a stake again in any sort of succeeding offshore wind projects, let's say, CVOW 2?

知道了。抱歉，鮑勃，您是否可以選擇在任何類型的成功離岸風電項目（例如 CVOW 2）中再次持有股份？

This legislation that permitted this partnership structure, I think, was designed for this project. And so we're focused very heavily on on-time, on-budget on offshore wind right now, and we've got a very good partner to work with to do that.

我認為，允許這種夥伴關係結構的立法是為這個項目設計的。因此，我們現在非常注重按時、按預算開發離岸風電，並且我們有一個非常好的合作夥伴可以與之合作來做到這一點。

Got it. And then just lastly, not to get too far ahead of next week, I mean, you've obviously sought to minimize external equity through this whole process. I guess, how does this announcement today inform your views around this, especially as we're thinking about an ATM versus a block? And are there sort of any other efficient sources remaining we should be aware of, thinking particularly around the vessel here with RNG may be off the table?

知道了。最後，不要在下週之前走得太遠，我的意思是，你顯然在整個過程中尋求最大限度地減少外部股權。我想，今天的公告如何傳達您對此的看法，特別是當我們正在考慮 ATM 與區塊時？還有我們應該注意的其他有效來源嗎？尤其是考慮到 RNG 可能不考慮這艘船了？

Thanks, Shar. Steve. I'll take it. So what we've said is that the offshore wind is the final strategic step in our process. And that next week, we look forward to sharing our comprehensive strategic and financial plan. We're not going to comment today on any specifics with regard to financing plan.

謝謝，莎爾。史蒂夫.我要買它。所以我們所說的是，離岸風電是我們進程中的最後一個戰略步驟。下週，我們期待分享我們全面的策略和財務計劃。我們今天不會就融資計劃的任何細節發表評論。

I'd reiterate what we've shared since the beginning of the review that we're seeking to meet and exceed our downgrade thresholds, while seeking also to minimize the amount of external equity need. We think that the transactions we've announced to date have been very supportive of our objective. But we'll provide a fulsome plan next week, and I think we're going to hold off on giving pieces and parts until we get there.

我想重申自審查開始以來我們所分享的內容，即我們正在尋求達到並超過我們的降級閾值，同時尋求最大限度地減少外部股權需求的數量。我們認為迄今為止我們宣布的交易非常支持我們的目標。但我們將在下週提供一個完整的計劃，我認為我們將推遲提供零件和零件，直到我們到達那裡。

Fantastic, guys. Congrats, and we'll chat next week.

太棒了，夥計們。恭喜你，我們下週再聊。

Thanks, sir.

謝謝先生。

And we'll take our next question from the line of Nick Campanella with Barclays.

我們將從巴克萊銀行的尼克坎帕內拉回答我們的下一個問題。

So yes, congrats. So I guess, just -- you had this view in the slide out on 2025 considerations on the third quarter call, and the drivers are largely the same. But you've also kind of introduced this pension and ITC disclosure. So I guess, just as you kind of think through the $0.08 to $0.10 of detriment and then from pension and then the $0.03 to $0.04 of ITC, is that kind of incremental to that 2025 view?

所以是的，恭喜。所以我想，您在第三季電話會議上關於 2025 年考慮因素的幻燈片中也有這樣的觀點，而且驅動因素基本上是相同的。但您也介紹了這項退休金和 ITC 揭露。所以我想，就像你考慮 0.08 到 0.10 美元的損失，然後是退休金，然後是 0.03 到 0.04 美元的 ITC，這是否是 2025 年觀點的增量？

Yes. Nick, this is Steve. So just to be clear, we have never given 2025 guidance, and we've been very careful not to do that. On the last call, we talked about sharing that list to emphasize the fact that, in order to create a view on 2025 as an external party, you need to be thoughtful about a variety of factors, many of which we haven't given any information on. And we went through that list just to highlight what some of those could be.

是的。尼克，這是史蒂夫。需要明確的是，我們從未給過 2025 年的指導，而且我們一直非常小心地不這樣做。在上次電話會議上，我們討論了共享該列表，以強調這樣一個事實：為了作為外部方形成對 2025 年的看法，您需要考慮各種因素，其中許多因素我們尚未給出任何信息的信息。我們瀏覽了這個清單只是為了強調其中一些可能是什麼。

We don't have insight into what folks have assumed around ITC or EROA in any of their internal models or estimates. So it's very difficult for us to be in a position to sort of describe how they ought to consider our updated information on those topics today in their view. And we're going to hold off from sort of providing anything like that.

我們無法深入了解人們在任何內部模型或估計中對 ITC 或 EROA 的假設。因此，我們很難描述他們認為他們應該如何考慮我們今天關於這些主題的最新資訊。我們將推遲提供類似的東西。

What I can say is, we look forward again to sharing what we think will be a very compelling result next week. And we've tried to be thorough in helping folks understand, again, what some of those drivers that they ought to be considering should be.

我能說的是，我們期待下週再次分享我們認為非常引人注目的結果。我們再次嘗試徹底幫助人們理解他們應該考慮的一些驅動因素應該是什麼。

Okay. I appreciate that. And I guess, just -- it's great to hear the agency feedback does seem like it was positive, and you're highlighting 100 basis points increase to FFO to debt from this transaction. I guess, just from a numeric perspective versus where the agencies want you to be out of this review, where does that kind of put you holistically?

好的。我很感激。我想，只是——很高興聽到機構的反饋看起來確實是積極的，而且您強調了此次交易的 FFO 債務增加了 100 個基點。我想，僅從數字角度來看，與各機構希望您排除在本次審查之外的情況相比，這對您的整體影響如何？

Yes. Nick, again, we're not going to disclose kind of where our pro forma credit metrics are going to be. We'll provide that next week. Certainly, from a qualitative and quantitative perspective, the agencies have been publicly forthcoming with regard to their support of the steps we've been taking in the review. And so we'll -- again, we'll -- not trying to be coy, but trying to be consistent with how we've approached the review for the last 15 months, we're not going to give you our sort of pro forma credit view. We'll provide that next week.

是的。尼克，再次強調，我們不會透露我們的預期信用指標。我們將在下週提供。當然，從定性和定量的角度來看，這些機構已經公開表示支持我們在審查中採取的步驟。因此，我們將——再次強調，我們將——不是試圖含糊其辭，而是努力與我們過去 15 個月的審查方式保持一致，我們不會向您提供我們的那種備考信用觀點。我們將在下週提供。

Understood. Understood. Looking forward to next week. And congrats again. Thank you.

明白了。明白了。期待下週。再次恭喜。謝謝。

Thanks, Nick.

謝謝，尼克。

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

我們將從摩根大通的 Jeremy Tonet 那裡回答下一個問題。

Just wanted to kind of follow up on that last line of questioning a bit. And I appreciate there's some things that won't be said today be said next week. But some of the agency communications that we had seen said that current FFO to debt with this type of arrangement would look very strong. But then over the construction cycle, that would soften and put pressure there.

只是想稍微跟進一下最後一行的問題。我很感激有些事情今天不會說，下週就會說。但我們看到的一些機構通訊表示，目前採用這種安排的 FFO 債務比看起來非常強勁。但在建設週期中，這種情況會減弱並施加壓力。

And was just wondering if you have any -- anything you can share there as far as thoughts on how that stacks up, if the agencies have previewed this transaction? Or just any other thoughts in general, I guess, over the time period, the pressures, that cash drag this project had.

我只是想知道，如果各機構已經預覽了這筆交易，您是否有什麼可以分享的，關於如何疊加的想法？或者只是一般的任何其他想法，我想，在一段時間內，壓力，該項目的現金拖累。

Yes. Thanks, Jeremy. So what I would say on that topic is, generally, I think we agree with effectively how the agencies were describing it, which was some prefunding of some very heavy capital plans that we have in our plan, which we've talked about in previous calls. We haven't given specific numbers.

是的。謝謝，傑里米。因此，我想說的是，總的來說，我認為我們實際上同意各機構的描述方式，即為我們計劃中的一些非常重的資本計劃提供一些預先融資，我們在之前的討論中已經討論過來電。我們沒有給出具體數字。

Tomorrow, when the K comes out, you'll see our capital investment this year is $10 billion, which is relative to an average of $6 billion for our company. And so there was some -- effectively, some prefunding from asset sales, and I think that's what they were signaling. Just generally on our relationship with the agencies, we just -- we don't speak for them.

明天，當 K 出來時，你會看到我們今年的資本投資是 100 億美元，相對於我們公司的平均 60 億美元。因此，實際上，有一些來自資產出售的預籌資金，我認為這就是他們所發出的信號。總的來說，就我們與各機構的關係而言，我們只是──我們不代表他們說話。

And I will say that we have been very deliberate throughout the process and making sure that they understood, in some detail, some confidential detail, how we were thinking about the review and gathering their perspectives as it related to how they think about our company. And that has extended some -- I can share, it's extended to some formal engagements with rating agencies that have allowed us to make sure that we have a good sense of where they are relative to how we're thinking about our plan and our business risk profile.

我想說的是，我們在整個過程中都經過深思熟慮，確保他們在一定程度上了解一些機密細節，了解我們如何考慮審查並收集他們的觀點，因為這與他們對我們公司的看法有關。這已經延伸到了一些——我可以分享，它延伸到了與評級機構的一些正式合作，這使我們能夠確保我們很好地了解它們相對於我們如何考慮我們的計劃和業務的位置風險狀況。

And with regard to this transaction, specifically, as I mentioned, and as we typically will do, we walked them through in some fairly detailed manner the terms of the offshore wind partnership transaction before we signed and made sure that we were comfortable indicating in our script today that we think that they'll view it as unambiguously credit positive.

關於這筆交易，具體來說，正如我所提到的，正如我們通常會做的那樣，我們在簽署之前以相當詳細的方式向他們介紹了海上風電合作夥伴關係交易的條款，並確保我們願意在我們的協議中表明這一點。今天的腳本，我們認為他們會認為它是明確的正面信用。

Got it. That's very helpful. And I just wanted to pivot a little bit. Maybe I might have missed it here, but language around the dividend, dividend outlook here, is there any new messaging that we should take away? Or should we just be waiting for next week?

知道了。這非常有幫助。我只是想稍微調整一下。也許我可能在這裡錯過了，但這裡關於股息、股息前景的語言，有什麼我們應該帶走的新資訊嗎？或者我們應該等待下週？

There is no new messaging. It's the same as it has been since we started, which is we are 100% committed to the current dividend.

沒有新消息。這與我們成立以來的情況一樣，即我們 100% 致力於派發當前股息。

And Jeremy, I'll go out on a limb and suggest that you won't hear something different next week, either on the dividend, sort of beat that like a drum this whole time period. So I don't want people to think that we're saying that today, and we'll change our tune next week. We're obviously aware of trends in the space around payout ratios. We're aware of that, but no change. And you shouldn't expect a change next week from what we've said publicly around our dividend and where we see the dividend going over time.

傑里米（Jeremy），我會冒險建議你下週不會聽到任何不同的消息，無論是在股息方面，還是在整個時間段內都像鼓一樣敲擊。所以我不希望人們認為我們今天這麼說，下週就會改變態度。我們顯然意識到了派息率領域的趨勢。我們知道這一點，但沒有改變。你不應該期望下週我們關於股息的公開言論以及我們認為股息隨著時間的推移而發生的變化會發生變化。

Got it. That's very helpful. I'll leave it there.

知道了。這非常有幫助。我會把它留在那裡。

Thanks, Jeremy.

謝謝，傑里米。

(Operator Instructions)

（操作員說明）

Operator, it sounds like there's a technical issue. I know there were some other folks in the queue before that. We apologize, of course.

接線員，聽起來好像有技術問題。我知道在此之前還有其他人在排隊。當然，我們道歉。

We are getting people requeued now.

我們現在正在讓人們重新排隊。

Okay. All right. Thanks.

好的。好的。謝謝。

Okay. We'll take the question from Jeremy Tonet next.

好的。接下來我們將回答 Jeremy Tonet 的問題。

I figured I would take another shot here, if there was room. And just realizing all the news today is very fresh, but maybe if you could provide any more color with regards to stakeholder feedback at this point or from the regulators, I guess, just how you're expecting this transaction to move forward?

我想如果還有空間的話我會在這裡再拍一次。剛剛意識到今天的所有消息都非常新鮮，但也許您可以就利益相關者或監管機構的反饋提供更多信息，我想，您對這筆交易的進展有何期望？

Yes. Jeremy, we just talked to the regulatory staff this morning after the announcement went out. But let me just talk sort of generally about how we expect this to be received. So just to start with the process. We need to get approval from the State Corporation Commission in Virginia, the North Carolina Utilities Commission. We need some administrative approvals from BOEM, but the primary approvals are at the state level.

是的。傑里米，今天早上公告發布後，我們剛剛與監管人員進行了交談。但讓我籠統地談談我們希望人們如何接受這一點。那就從這個過程開始吧。我們需要獲得維吉尼亞州公司委員會和北卡羅來納州公用事業委員會的批准。我們需要 BOEM 的一些行政批准，但主要批准是在州一級。

And as I mentioned earlier, and as I believe you know, legislation that was passed unanimously in Virginia last year enabled this partnership structure that we've put together. So it has to be approved by the SEC under the Utility Affiliates and Transfers Act. And the standard there is adequate service at reasonable rates have to be maintained and that the arrangements are otherwise in the public interest.

正如我之前提到的，我相信您也知道，去年維吉尼亞州一致通過的立法使我們建立的這種夥伴關係結構成為可能。因此，它必須根據《公用事業附屬機構和轉讓法》獲得美國證券交易委員會的批准。必須維持以合理價格提供充足服務的標準，並且這些安排符合公共利益。

And then we need Affiliates Act approval in North Carolina as well. In Virginia, that Affiliates Act approval has a statutory time line of 90 days. The other regulatory approvals don't have particular time lines on them, but we think it's reasonable to assume we'd get approval by the end of the year. So that's the process.

然後我們還需要北卡羅來納州批准《附屬機構法》。在維吉尼亞州，《附屬公司法》批准的法定期限為 90 天。其他監管部門的批准沒有具體的時間表，但我們認為可以合理地假設我們會在今年年底前獲得批准。這就是過程。

But if you sort of step back for a moment, both Virginia and North Carolina policymakers both understand the value of a strong balance sheet. If you look at Virginia's general obligation bonds, they've been rated AAA by Moody's since 1938, by S&P since 1962 and by Fitch since 1991. And I can tell you that when you talk to policymakers in Virginia about the AAA bond rating, they usually use the adjective coveted. And that's because they realized that a strong balance sheet for the state allows them to provide the best service to their constituents.

但如果你退後一步，維吉尼亞州和北卡羅來納州的政策制定者都明白強大的資產負債表的價值。如果你看看維吉尼亞州的一般義務債券，你會發現它們自1938 年以來一直被穆迪評為AAA，自1962 年以來一直被標準普爾評為AAA，自1991 年以來一直被惠譽評為AAA 。我可以告訴你，當你與弗吉尼亞州的政策制定者談論AAA 債券評級時，他們的評級是AAA。通常使用形容詞令人垂涎。這是因為他們意識到，國家強大的資產負債表使他們能夠為選民提供最好的服務。

And the same is true for our company. If we have a healthy balance sheet, we're going to provide the best customer experience. We're going to be able to invest to meet the state's goals. That is a very compelling reason for regulators to approve this transaction, and I'm highly confident that they'll see the benefits and approve it.

我們公司也是如此。如果我們擁有健康的資產負債表，我們將提供最佳的客戶體驗。我們將能夠進行投資來實現國家的目標。這是監管機構批准這項交易的一個非常令人信服的理由，我非常有信心他們會看到好處並批准它。

Got it. That's very helpful there. And maybe if you might be able to talk a little bit more, I guess, on the emerging PJM transmission opportunity, with PJM recently increasing the 10-year low-growth CAGR and Domain's ability to capitalize the (inaudible).

知道了。這非常有幫助。也許您可以多談談新興的 PJM 傳輸機會，PJM 最近提高了 10 年低成長複合年增長率和 Domain 資本化的能力（聽不清楚）。

Diane will talk a little bit about that. And Jeremy, we're quite impressed with your ability to navigate the technical issues here. So...

黛安將對此進行一些討論。 Jeremy，您解決技術問題的能力給我們留下了深刻的印象。所以...

Yes. Jeremy, so yes, you're absolutely right. The latest PJM forecast was somewhat higher than last year. So we're at about 5.5% a year in Dom's zone. Some of that is with our neighboring co-ops that are within our zone. We continue to see a lot of transmission investment opportunities. In the last PJM open window, there were about $2.5 billion of additional projects that were awarded to us. Much of that supports growth in the data centers, and we fully expect there will be additional projects in future years to keep pace with that demand growth.

是的。傑里米，所以是的，你是完全正確的。最新的 PJM 預測略高於去年。所以我們在 Dom 區域的年增長率約為 5.5%。其中一些是與我們區域內鄰近的合作社合作的。我們繼續看到很多輸電投資機會。在 PJM 的最後一個開放窗口中，我們獲得了約 25 億美元的額外項目。其中大部分支持資料中心的成長，我們完全預計未來幾年將會有更多項目來跟上需求成長的步伐。

Got it. That's helpful. I'll leave it there.

知道了。這很有幫助。我會把它留在那裡。

Thanks, Jeremy.

謝謝，傑里米。

And our next question, please state your name and company name before asking your questions.

我們的下一個問題，請在提問之前說出您的姓名和公司名稱。

This is Steve Fleishman -- is that me?

這是史蒂夫·弗萊什曼——是我嗎？

Steve, we can hear you. Thank you for hanging in there.

史蒂夫，我們聽得到你的聲音。謝謝你堅持在那裡。

Yes. That was interesting. The -- I guess, just -- I assume, can you -- you can't really comment on where the FFO to debt is laying out overall, but should we assume, based on kind of the downgrade threshold that we've seen in the past are likely to stay the same by the agencies from this review?

是的。這很有趣。 - 我想，只是 - 我假設，你可以 - 你不能真正評論 FFO 債務總體佈局，但我們是否應該根據我們所看到的降級閾值進行假設從這次審查來看，過去的機構可能會保持不變嗎？

Yes.

是的。

Okay. That's helpful. And also, just a side question on -- it was a quiet legislative session this year, as far as I can tell. I just want to make sure there was nothing going on in the legislative session that we should be aware of.

好的。這很有幫助。另外，還有一個附帶問題——據我所知，今年的立法會議非常安靜。我只是想確保立法會議上沒有發生任何我們應該知道的事情。

Steve, your characterization is accurate. Major issues that General Assembly was dealing with didn't have much to do with energy. They obviously elected the SEC judges. And there were legislative proposals related to energy, but they're none that are still active in the General Assembly at this point.

史蒂夫，你的描述是準確的。大會正在處理的主要問題與能源沒有太大關係。顯然他們選舉了 SEC 法官。還有一些與能源相關的立法提案，但目前這些提案還沒有在大會上活躍。

And we'll take our next question from the line of Ross Fowler with UBS.

我們將從瑞銀集團的 Ross Fowler 那裡回答我們的下一個問題。

So a couple of questions. Commercial load growth was up almost 9% in 2023. And I think you guys talked a little bit about data centers. But if I remember correctly, there were a lot of constraints in sort of putting data centers into Northern Virginia because of transmission. How do you think about that growth going forward into 2024, is there a constraint that limits that in 2024? Or should I be thinking about something of the same scale over the coming year?

有幾個問題。 2023 年商業負載成長近 9%。我想你們談了一些關於資料中心的話題。但如果我沒記錯的話，由於傳輸的原因，將資料中心放在維吉尼亞州北部有許多限制。您如何看待 2024 年的成長？2024 年是否有限制因素？或者我應該在來年考慮同樣規模的事情？

So when you say Northern Virginia, it was one area of Loudoun County, Virginia, which is where there are a heavy concentration of data centers, and we did have some transmission constraints. We've undertaken several shorter-term projects that were -- we've either completed or about to complete. And then we have, ultimately, 2 transmission line -- 500 kV transmission line projects, one of which is underway. The other is in the regulatory process.

所以當你說北維吉尼亞州時，它是維吉尼亞州勞登縣的一個地區，那裡是資料中心高度集中的地方，我們確實有一些傳輸限制。我們已經開展了幾個短期項目，這些項目已經完成或即將完成。最終，我們有 2 條輸電線路——500 kV 輸電線路項目，其中一條正在進行中。另一個是在監管過程中。

Those, frankly, that first one of those 2 500 lines will relieve the constraint in Loudoun. And we've been able to start up connects on data centers. We had a brief period where we took a pause to make sure we understood exactly what we were doing, but we've restarted.

坦白說，這 2500 條線路中的第一條線路將緩解勞登的限制。我們已經能夠在資料中心上啟動連線。我們有一個短暫的暫停時間，以確保我們準確地理解我們在做什麼，但我們已經重新開始。

But I think the broader question is we will absolutely be able to serve the data center growth that we expect is coming. It will require investment in transmission. Diane just talked about that, out of the most recent PJM open window. We've had a lot of data center growth in our company, in our service territory for some years. We have very good relationships with the data centers. And we expect to see that growth continue, and we expect to be able to serve it.

但我認為更廣泛的問題是我們絕對能夠滿足我們預期的資料中心成長需求。這將需要對傳輸進行投資。黛安剛剛在最近的 PJM 開放窗口中談到了這一點。多年來，我們公司的資料中心在我們的服務領域有了很大的成長。我們與資料中心有著非常良好的關係。我們期望看到這種增長繼續下去，並且我們期望能夠為其提供服務。

That's great, Bob. Thank you for that update. and then one more, if I may. I appreciate you can't answer a lot of questions around a lot of things today until we get to the Analyst Day next week. But hopefully, when you can discuss, fixed costs are now, I think, at 92 -- just north of 92% on this, and there's about 700 -- just south of $750 million on fixed costs. How are you thinking about your capabilities and time line to lock more of that on fixed costs in -- on this project?

太棒了，鮑伯。感謝您的更新。如果可以的話，然後再來一張。感謝您今天無法回答有關很多事情的許多問題，直到下週的分析師日。但希望，當你可以討論時，我認為固定成本現在為 92——略高於 92%，還有大約 700——略高於 7.5 億美元的固定成本。您如何考慮您的能力和時間表，以將更多的固定成本鎖定在這個項目上？

Yes. It will come in sort of gradually as we move closer to the end of the project. The way it worked earlier, we would lock in a contract and you might get a pretty big chunk at one time or another. From here on out, it's some onshore transmission, it's fuel for vessels that will be doing the offshore construction. And that's just going to sort of come down over time.

是的。當我們接近專案結束時，它會逐漸出現。按照之前的運作方式，我們會鎖定一份合同，你可能會在某個時候得到一大筆錢。從現在開始，它是一些陸上傳輸，它是進行海上施工的船隻的燃料。隨著時間的推移，這種情況會下降。

And the only other is miscellaneous project management cost, just our own project management through time. So those are the largest factors.

唯一的另一個是雜項專案管理成本，只是我們自己的專案管理時間。所以這些都是最大的因素。

And we'll take our last question from the line of Durgesh Chopra with Evercore ISI.

我們將回答來自 Evercore ISI 的 Durgesh Chopra 的最後一個問題。

Two quick questions. Sorry, I just want to be absolutely clear. The -- with the announced offshore sale, this is the last asset sale that we should be expecting? Or are there portfolio optimizations we should be expecting heading into the Investor Day next week?

兩個簡單的問題。抱歉，我只是想絕對清楚。隨著宣布的離岸出售，這是我們應該期待的最後一次資產出售嗎？或者我們應該期待下週的投資者日會出現哪些投資組合優化？

You're correct. That's the last one. As we signaled on the last call, the potential for an offshore wind equity partner was the last strategic step. We've taken that step.

你是對的。這是最後一張。正如我們在上次電話會議中所表示的那樣，離岸風電股權合作夥伴的潛力是最後的策略步驟。我們已經踏出了這一步。

Got it. And then just one small net, maybe this is for Steve. When we talk about the ITC accounting change and then the pension accounting change, Steve, can you just remind us what is embedded in your '23 representative number there, EPS number there? What is kind of baked into that number?

知道了。然後只有一張小網，也許這是給史蒂夫的。當我們談論 ITC 會計變更和退休金會計變更時，Steve，您能否提醒我們您的 23 代表號碼、EPS 號碼中嵌入了什麼？這個數字包含了什麼？

Yes. In 2023 -- you'll see in Footnote 22 of the 10-K tomorrow, you can actually calculate it. We disclose all this. You'll see that in 2023, we'll have generated about $0.40 of earnings associated with pension-related income. And so going forward, we've talked a little bit about EROA. There's another driver that I'll talk just briefly about that would bring us from $0.40 closer to that average of $0.20.

是的。到 2023 年——明天你會在 10-K 的註腳 22 中看到，你可以實際計算它。我們披露了這一切。您會發現，到 2023 年，我們將產生約 0.40 美元的與退休金相關收入相關的收入。展望未來，我們已經討論了一些關於 EROA 的問題。我將簡要討論另一個驅動因素，它將使我們從 0.40 美元更接近平均 0.20 美元。

We -- like the majority of corporate sponsors of pension plans, we calculate one of those key numbers, our expected return, which like interest cost and service cost, as a component of the net income or expense for pension. We effectively smooth the actual asset returns over a 4-year period and apply our expected return on asset to that sort of smooth asset value.

像大多數退休金計畫的企業發起人一樣，我們計算這些關鍵數字之一，即我們的預期回報，就像利息成本和服務成本一樣，作為退休金淨收入或支出的一部分。我們有效地平滑了四年期間的實際資產回報，並將我們的預期資產回報應用於這種平滑的資產價值。

And that's not only permissible, that's standard. Some people smooth, I think, over 5 years. We smooth over 4 years. Again, that's pretty standard. And because of 2022's performance, at least in our portfolio, where we experienced a very significant loss to value across, to be honest, both the equity and fixed income portions of our portfolio, which, again, I don't think is unusual for folks. What you'll see between '23,'24,'25 and '26 is you see that smoothing occur such that the impact of that loss is fully recognized by 2026.

這不僅是允許的，而且是標準的。我認為有些人能順利度過五年。我們平滑了 4 年。再說一遍，這是相當標準的。由於 2022 年的表現，至少在我們的投資組合中，說實話，我們投資組合的股票和固定收益部分都經歷了非常重大的價值損失，我認為這對於各位。您將在「23」、「24」、「25」和「26」之間看到平滑的發生，以便在 2026 年充分認識到該損失的影響。

Now it's not just as simple as saying '22 was down, and I'm going to take a portion of that each year. Every year, we do that. So you effectively have the stacked Excel spreadsheet, where each year, you're adding a little more of that -- the prior year and some years are dropping off that schedule. So it kind of it's a net look of your asset value with this smoothing construct. Hopefully, I haven't just confused you.

現在，這不僅僅是說『22』已經結束了那麼簡單，我每年都會拿走其中的一部分。每年，我們都會這樣做。因此，您實際上擁有堆疊的 Excel 電子表格，每年您都會添加更多內容 - 前一年和某些年份會從該計劃中刪除。因此，這可以說是透過這種平滑結構對您的資產價值的淨觀。希望我沒有讓你感到困惑。

But as a result of 2022's hurt flowing through, that will be a driver. If you're asking -- if you're at $0.40 today and you're telling it needs to be closer to $0.20, and you've given us a sensitivity around 100 basis points, how would you get to the next? That's a big driver of that remaining amount.

但由於 2022 年的傷痛將持續，這將成為一個驅動因素。如果你問——如果你今天的價格為 0.40 美元，並且你告訴它需要接近 0.20 美元，並且你給了我們大約 100 個基點的敏感度，那麼你會如何進入下一個基點？這是剩餘金額的一個重要驅動因素。

For ITC, in 2023 as a result of the switch to deferral method, I think we'll end up with something like $0.03 in our 2023 results. And again, what that's from is the recast of historical results. We go back and we say, hey, if we had not accounted for this as a flow-through, if we accounted for it as deferral, some of that value is over that 30-year period. So as I mentioned, $0.03 to $0.04 of expected operating EPS from ITC credit going forward, and that's about where we would be in 2023 as well.

對於 ITC 來說，由於改用延期方法，我認為 2023 年我們的 2023 年業績最終會達到 0.03 美元左右。再說一遍，這是對歷史結果的重鑄。我們回過頭來說，嘿，如果我們沒有將其視為流量，如果我們將其視為延期，那麼其中一些價值就超過了 30 年。正如我所提到的，未來 ITC 信貸預計營運每股收益將達到 0.03 至 0.04 美元，這也是我們 2023 年的情況。

Perfect. And Steve, just to be clear, I apologize, this is under the weeds. But -- so if I'm thinking about prospective EPS, net-net, we should be -- versus '23, [$2.85] in '23, we should be $0.20 lower net-net, right, ITC being just kind of the same and the pension being $0.20 lower.

完美的。史蒂夫，澄清一下，我很抱歉，這是在雜草下。但是 - 所以如果我考慮預期的每股收益，淨額，我們應該 - 與 23 年相比，23 年的 [2.85 美元]，我們的淨額應該低 0.20 美元，對吧，ITC 只是一種同樣，退休金低0.20 美元。

Yes, it's not probably quite so precise. We're using -- we're giving you $0.20 as the average over '25 to '29, and there is some fluctuation in that. But generically, versus 2023, $0.40 would be moving something to closer $0.20 over the '25 to '29 period.

是的，它可能不是那麼精確。我們使用的是 0.20 美元作為 25 至 29 年間的平均值，其中存在一些波動。但一般來說，與 2023 年相比，25 年至 29 年期間 0.40 美元將接近 0.20 美元。

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

謝謝。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。謝謝。