道明尼資源 (D) 2024 Q1 法說會逐字稿

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

女士們、先生們，歡迎參加 Dominion Energy 第一季財報電話會議。 （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，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 Steven.

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)。我現在會把電話轉給史蒂文。

Thank you, David, and good morning, everyone. Our first quarter 2024 operating earnings, as shown on Slide 3, were $0.55 per share, which included $0.06 of headwind from worse-than-normal weather in our utility service areas. Offsets to weather included modest interest savings driven by an earlier-than-budgeted close of the East Ohio Gas Company sale as well as O&M timing. Relative to last year, positive factors for the quarter were higher sales, regulated investment growth and better weather. Recall that we experienced a $0.10 weather headwind in the first quarter last year. So by comparison, a $0.06 weather headwind this quarter is actually a positive year-over-year driver.

謝謝大衛，大家早安。如投影片 3 所示，我們 2024 年第一季的營業利潤為每股 0.55 美元，其中包括因公用事業服務區域比正常天氣更糟糕而帶來的 0.06 美元的逆風。天氣因素的抵銷包括東俄亥俄州天然氣公司銷售提前結束以及營運和維護時間表所帶來的適度利息節省。與去年相比，本季的正面因素包括銷售額增加、投資成長受監管和天氣好轉。回想一下，去年第一季我們經歷了 0.10 美元的天氣逆風。因此，相比之下，本季 0.06 美元的天氣逆風實際上是同比的積極推動因素。

Other factors include higher interest expense and the revenue reduction at Dominion Energy Virginia related to moving certain riders to base rates. A summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the earnings release kit.

其他因素包括更高的利息支出以及弗吉尼亞州 Dominion Energy 因將某些乘客轉為基本費率而導致的收入減少。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。

First quarter GAAP results were $0.78 per share, which includes the net benefit from discontinued operations, primarily associated with the sale of gas distribution operations, unrealized noncash net gains on nuclear decommissioning trust funds, and the unrealized noncash mark-to-market impact of economic hedging activities. A summary of all adjustments between operating and reported results is included in Schedule 2 of the earnings release kit.

第一季GAAP 業績為每股0.78 美元，其中包括已終止業務的淨收益（主要與出售天然氣分銷業務相關）、核退役信託基金的未實現非現金淨收益以及經濟的未實現非現金以市價影響。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。

Turning to guidance on Page 4. We are affirming all of the financial guidance we provided at our March 1 Investor Meeting. As such, we continue to expect 2024 operating earnings per share to be between $2.62 and $2.87 with a midpoint of $2.75. As discussed with the March investor meeting, we're no longer providing quarterly earnings guidance. We are, however, replicating in the appendix of today's materials, the expected cadence of earnings across 2024, including anticipated year-over-year drivers by quarter. There haven't been any changes to that guidance from the investor meeting.

轉向第 4 頁的指導。因此，我們繼續預計 2024 年每股營業利潤將在 2.62 美元至 2.87 美元之間，中位數為 2.75 美元。正如三月投資者會議所討論的，我們不再提供季度獲利指引。然而，我們將在今天資料的附錄中複製 2024 年獲利的預期節奏，包括按季度預期的同比驅動因素。投資者會議的指導意見沒有任何變化。

We continue to expect 2025 operating earnings per share to be between $3.25 and $3.54, inclusive of the impact of RNG 45Z credits with a midpoint of $3.40. We also continue to forecast an operating earnings annual growth rate range of 5% to 7% through 2029, up a midpoint of $3.30, which excludes the impact of the RNG 45Z credits. As a reminder, authorizing legislation applies to produce RNG volumes in 2025, 2026 and 2027, but sunsets thereafter. For the avoidance of doubt, no changes to any of the other financial guidance we provided on March 1, including credit, dividend and financing guidance.

我們繼續預計 2025 年每股營業利潤將在 3.25 美元至 3.54 美元之間，其中包括 RNG 45Z 積分的影響，中點為 3.40 美元。我們也持續預測，到 2029 年，營業利潤年增率將在 5% 至 7% 之間，中點上漲 3.30 美元，其中不包括 RNG 45Z 積分的影響。提醒一下，授權立法適用於 2025 年、2026 年和 2027 年的 RNG 產量，但此後停止生產。為避免疑義，我們 3 月 1 日提供的任何其他財務指導均沒有變化，包括信貸、股息和融資指導。

Turning now to a status update on our business review initiatives as shown on Slide 5. During the review, we announced transactions that represent approximately $21 billion of debt reduction. With the closings of the Cove Point and East Ohio gas sales and completion of the DEV fuel securitization, we've now achieved 53% of the targeted debt reduction, representing over $11 billion. With regard to the remaining 47%, we're working methodically towards timely closings for the sales of Questar Gas, Wexpro and Public Service of North Carolina as well as the noncontrolling equity financing for the Coastal Virginia offshore wind project. In all cases, no changes to our original timing expectations. We look forward to continuing to work with involved parties and expect regulatory proceedings to conclude and transaction closings to occur during 2024.

現在轉向我們的業務審查計劃的狀態更新，如幻燈片 5 所示。隨著 Cove Point 和 East Ohio 天然氣銷售的結束以及 DEV 燃料證券化的完成，我們現在實現了債務削減目標的 53%，相當於超過 110 億美元。對於剩餘的 47%，我們正在有條不紊地努力及時完成 Questar Gas、Wexpro 和北卡羅來納州公共服務公司的出售，以及弗吉尼亞海岸海上風電項目的非控股股權融資。在所有情況下，我們最初的時間預期都沒有改變。我們期待繼續與相關各方合作，並預計監管程序將在 2024 年結束並完成交易。

For a little more color, in Utah, parties to the merger proceeding agreed to a comprehensive settlement in late March, which was followed by an evidentiary hearing in front of the commission on April 11. In Wyoming, a commission hearing is currently scheduled for May 23. And in North Carolina, a commission hearing is currently scheduled for June 11. As it relates to our announced offshore wind partnership, the transaction requires approvals from the Virginia State Corporation Commission and North Carolina Utilities Commission as well as certain consents from the BOEM and other regulatory agencies. All regulatory filings have now been submitted and procedural schedules have been published in both Virginia and North Carolina.

更引人注目的是，在猶他州，合併程序的各方同意在3 月底達成全面和解，隨後於4 月11 日在委員會面前舉行了證據聽證會。月舉行23. 在北卡羅來納州，委員會聽證會目前定於6 月11 日舉行。的某些同意和其他監管機構。維吉尼亞州和北卡羅來納州的所有監管文件現已提交，程序時間表也已公佈。

We are excited to have a well-capitalized and experienced financing partner on terms that significantly derisked the project for Dominion Energy customers and shareholders.

我們很高興能擁有一個資本充足、經驗豐富的融資合作夥伴，其條款大大降低了 Dominion Energy 客戶和股東的專案風險。

On credit, the business review resulted in significant quantitative and qualitative improvement to our credit profile. Recent comments by the rating agencies with whom we maintain frequent engagement highlighted the credit positive nature of the business review results. As a result of the review, we have strengthened the company's credit position with an existing consolidated rating categories at each of our 3 rating agencies.

在信用方面，業務審查使我們的信用狀況在數量和品質上得到了顯著改善。我們經常與之合作的評級機構最近發表的評論凸顯了業務審查結果的信用積極性。根據審查結果，我們透過 3 家評級機構的現有綜合評級類別加強了該公司的信用狀況。

Turning to financing on Slide 6. No changes to the financing plans that we shared at the investor meeting. Specific to 2024, we have normal course long-term debt issuance at DEV in the plan for later this year. We expect to issue between $600 million and $800 million of common equity during 2024, including $200 million through our DRIP program and between $400 million and $600 million via ATM. We view this level of steady common equity issuance as prudent, EPS accretive and in the context of our sizable growth capital spending program, appropriate to keep our consolidated credit metrics within the guidelines for our strong credit ratings category.

轉向投影片 6 上的融資。具體到2024年，我們將在今年稍後的計畫中在DEV發行正常的長期債券。我們預計在 2024 年期間發行 6 億至 8 億美元的普通股，其中透過 DRIP 計畫發行 2 億美元，透過 ATM 發行 4 億至 6 億美元。我們認為這種穩定的普通股發行水平是審慎的，可以增加每股收益，並且在我們大規模增長資本支出計劃的背景下，適合將我們的綜合信用指標保持在我們強大信用評級類別的指導方針內。

Our plan includes the ongoing utilization of hybrid securities in our capital structure. We have $700 million of junior subordinated notes that will mature in August. And as a reminder, we expect to issue between $700 million and $1.5 billion of hybrids this year. We expect to structure any new hybrids to qualify for 50% equity treatment from the credit rating agencies.

我們的計劃包括在我們的資本結構中持續利用混合證券。我們有 7 億美元的初級次級票據將於 8 月到期。提醒一下，我們預計今年將發行 7 億至 15 億美元的混合動力車。我們期望建構任何新的混合體，以獲得信用評級機構 50% 的股權待遇。

In conclusion, I'll reiterate that I'm highly confident in our ability to deliver on our financial plan. The post review guidance has been built to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may come our way.

最後，我要重申，我對我們實現財務計畫的能力充滿信心。審查後指南的製定是適當的，但也不是不合理的保守，以應對我們可能遇到的不可預見的挑戰。

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

這樣，我會將電話轉給鮑伯。

Thanks, Steven, and good morning. I'll begin my remarks by highlighting our safety performance. As shown on Slide 7, our employee OSHA injury recordable rate for the first 3 months of the year was 0.32, 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，史蒂文，早安。我將首先強調我們的安全表現。如投影片 7 所示，我們的員工今年前 3 個月的 OSHA 傷害可記錄率為 0.32，相對於本已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。

On March 1, we announced the results of our comprehensive business review. We thank all those who were able to participate and provide feedback following the event. Please note that those meeting materials and including the webcast replay, continue to be available on our website, and we encourage all to review thoroughly. Throughout the review, I met extensively and directly with many of our shareholders to better understand their perspectives on our company's fundamental opportunities and challenges as well as changes they wanted to see affected as a result of the review. Since the conclusion of the review, I've continued that deliberate campaign of investor engagement, and I'd like to share what I believe represents by and large, the consensus among those shareholders.

3月1日，我們公佈了全面業務審查的結果。我們感謝所有能夠參與活動並在活動結束後提供回饋的人。請注意，這些會議資料（包括網路廣播重播）將繼續在我們的網站上提供，我們鼓勵所有人仔細查看。在整個審查過程中，我與許多股東進行了廣泛而直接的會面，以更好地了解他們對我們公司的基本機會和挑戰的看法，以及他們希望看到因審查而受到影響的變化。自審查結束以來，我一直在繼續進行深思熟慮的投資者參與活動，我想分享我認為總體上代表了這些股東的共識的內容。

First, we delivered a truly comprehensive result. This was not a partway review. Instead, we fully addressed head on, the challenges that our company has faced in the past. Second, recognition that we've taken significant steps to enhance transparency, and that we have developed a financial plan that is more durable and more appropriately conservative than in the past. Third, acknowledgment of material changes to my compensation structure, full details of which are now available in our proxy statement, into our governance more generally, that demonstrate a strong commitment to shareholder alignment.

首先，我們提供了真正全面的結果。這不是半途而廢的評論。相反，我們完全正面應對了我們公司過去面臨的挑戰。其次，認識到我們已經採取了重大措施來提高透明度，並且我們制定了比過去更持久、更適當保守的財務計劃。第三，承認我的薪酬結構發生了重大變化，其完整細節現已在我們的委託書中提供，更廣泛地體現在我們的治理中，這表明了對股東聯盟的堅定承諾。

And finally, and perhaps most importantly, a clear expectation that the company must be 100% committed to executing and delivering on the operational and financial guidance we have provided. On that last point, we are unwavering. Let me repeat what I have said before. I am accountable for and my entire leadership team has embraced our commitment to execute and deliver. I am very excited for the next chapter of our company.

最後，也許也是最重要的一點是，我們明確期望公司必須 100% 致力於執行和交付我們提供的營運和財務指導。最後一點，我們毫不動搖。讓我重複一下我之前說過的話。我負責，我的整個領導團隊都接受了我們執行和交付的承諾。我對我們公司的下一個篇章感到非常興奮。

With that, let me provide a few updates on the execution of our plan. Turning to offshore wind, I'd like to start with a few remarks related to inaccurate news releases circulating yesterday regarding the status of our project. There has been no delay ordered. Our construction schedule has not been altered. We expect to begin monopile installation between May 6 and May 8. On April 29, a motion was filed in the U.S. District Court for the D.C. circuit, requesting a preliminary injunction in connection with a complaint filed related to the administrative process for certain permits and approvals received. The judge has not ruled on the preliminary injunction motion and in fact, has issued no orders other than the following schedule. We'll file a status report tomorrow regarding the various mitigation plans being finalized with BOEM and other agencies prior to beginning monopile installation and provide the estimated date for such installation work to begin.

接下來，讓我提供一些有關我們計劃執行情況的最新資訊。談到離岸風電，我想先就昨天流傳的有關我們專案狀況的不準確新聞發布幾句話。沒有任何延遲命令。我們的施工進度沒有改變。我們預計在5 月6 日至8 日之間開始單樁安裝。 。法官尚未就初步禁令動議做出裁決，事實上，除了以下時間表之外，沒有發布任何命令。我們將於明天提交一份狀態報告，內容涉及在開始單樁安裝之前與 BOEM 和其他機構最終確定的各種緩解計劃，並提供此類安裝工作開始的預計日期。

We and the government will file our brief in response to plaintiff's motion on Monday. Plaintiff's have until May 9 to file any reply. The biological opinion was thorough and complied with all legal requirements, which is true of all other permitting actions for this project. Similar arguments to those made by the plaintiff's in this case, have been rejected by courts when raised with respect to other projects. Most recently by the U.S. Court of Appeals for the first circuit just last week and the challenge brought against the permit for Vineyard Wind. We believe this lawsuit has no merit and we expect the court to deny the plaintiff's request for a preliminary injunction.

我們和政府將於週一提交簡報以回應原告的動議。原告必須在 5 月 9 日之前提交答覆。生物學意見是徹底的，符合所有法律要求，該計畫的所有其他許可行動也是如此。與原告在本案中提出的類似論點在針對其他項目提出時已被法院駁回。最近，美國上訴法院上週就第一輪巡迴賽以及對 Vineyard Wind 許可證提出的質疑提出了質疑。我們認為該訴訟沒有法律依據，我們希望法院駁回原告的初步禁制令請求。

Let me just reiterate. The project is proceeding on time and on budget, consistent with the timelines and estimates previously provided.

讓我重申一下。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。

As shown on Slide 8, last month, the project received its 11th and final federal permit. Our materials and equipment were on track and making excellent progress. We've received 36 monopiles from our supplier, EEW at the Portsmouth Marine Terminal representing 20% of the total. We expect deliveries to continue steadily in coming weeks. These monopiles will begin to be installed next week. DEME will use their heavy lift crane vessel, Orion, which is currently at the Portsmouth Marine Terminal in Virginia. 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.

如投影片 8 所示，上個月，該計畫獲得了第 11 份也是最後一份聯邦許可。我們的材料和設備已步入正軌並取得了巨大進展。我們已從朴茨茅斯海運碼頭的供應商 EEW 收到 36 個單樁，佔總數的 20%。我們預計未來幾週交付將繼續穩定。這些單樁將於下週開始安裝。 DEME 將使用他們的重型起重起重船 Orion，該船目前位於維吉尼亞州朴茨茅斯海運碼頭。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 have been completed and delivered to CSWind/SEMco to be outfitted. The first 6 transition pieces have been loaded and are on their way to Virginia and expected to arrive in late May. All 161 miles of onshore underground cable has been manufactured, and over 1/3 of the 600 miles of offshore cable has been produced. Scheduled 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 recently finished supporting an installation campaign for Moray West, a project off the coast of Scotland that has now successfully installed 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.

3 個海上變電站上部結構中的第一個已完成並交付給 CWind/SEMco 進行裝備。前 6 個過渡件已裝載，正在前往維吉尼亞州的途中，預計將於 5 月底抵達。 161英里的陸上地下電纜已全部生產完畢，600英里海上電纜的1/3以上也已生產。我們渦輪機的製造計劃仍在按計劃進行。值得注意的是，儘管我們按照計劃要到2025 年才會開始渦輪機安裝，但DEME 最近完成了對Moray West 安裝活動的支持，該項目位於蘇格蘭海岸，現已成功安裝了與西門子歌美颯相同的風力渦輪機型號CVOW會使用。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 remain on track, including civil work, horizontal directional drills and the boards where the export cables come ashore. On regulatory, last November, we made our 2023 rider filing, representing $486 million of annual revenue. The hearing is scheduled for later this month, and we expect the final order by August.

搬上岸。建築活動仍在按計劃進行，包括土木工程、水平定向鑽探以及輸出電纜上岸的木板。在監管方面，去年 11 月，我們提交了 2023 年騎手備案，相當於年收入 4.86 億美元。聽證會定於本月稍後舉行，我們預計最終命令將在八月做出。

Turning to Slide 9. As reflected in our standard status report filed with the SEC yesterday, we've updated the project's expected LCOE to be $73 per megawatt hour, down modestly relative to our last update. The drivers for the lower LCOE include about $1.5 related to an updated REC price forecast which produces a larger project benefit for customers as well as other factors. There have been no changes to the capital cost, capacity factor or interest rates. We've again provided sensitivities to show how the average lifetime cost to our customers is affected by these key assumptions. We remain well below the legislative prudency cap on this metric, and I would point out well below the PPA prices being considered in other parts of the country. Project to date, we've invested approximately $3.5 billion and remain on target to spend approximately $6 billion by year-end 2024. 93% of project costs are now fixed. We'll gradually increase that percentage over the remainder of the project construction timeline.

轉向幻燈片 9。 LCOE 較低的驅動因素包括與更新的 REC 價格預測相關的約 1.5 美元，該預測為客戶帶來了更大的專案效益以及其他因素。資本成本、產能係數或利率沒有變動。我們再次提供了敏感性，以顯示這些關鍵假設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，我想指出的是遠低於該國其他地區正在考慮的購電協議價格。迄今為止，我們已對該項目投資了約 35 億美元，並繼續實現到 2024 年底支出約 60 億美元的目標。我們將在專案建置時間表的剩餘時間內逐步增加該百分比。

I'm very pleased that per the filing, current unused contingency of $284 million is equal to the original contingency filed in November 2021, despite being some 30 months further along with the project. Slightly lower contingency relative to our prior update is not unexpected, and changes of this kind are considered normal as we move further towards project completion. The current contingency level continues to benchmark competitively as a percentage of total budgeted costs when compared to other large infrastructure projects we've studied and ones that we've completed in the past. We've been very clear with our team and with our suppliers and partners the delivery of an on-budget project is the expectation.

我很高興地看到，根據提交的文件，目前未使用的應急費用為 2.84 億美元，與 2021 年 11 月提交的原始應急費用相等，儘管該項目已經拖延了大約 30 個月。與我們先前的更新相比，意外事件稍低並不意外，並且隨著我們進一步完成項目，這種變化被認為是正常的。與我們研究過的其他大型基礎設施項目以及我們過去完成的項目相比，目前的應急水準繼續以佔總預算成本的百分比為基準進行競爭。我們已經向我們的團隊、供應商和合作夥伴明確表示，我們期望交付一個符合預算的專案。

Lastly, the project is currently 28% complete and we've highlighted remaining project major milestones on Slide 10.

最後，該專案目前已完成 28%，我們在幻燈片 10 上強調了剩餘的專案主要里程碑。

Let me now provide a few updates on Charybdis, as shown on Slide 11. The vessel is currently 85% complete, up from 82% as of our last update. Last month, we announced that Charybdis was successfully launched from land to water, marking a major milestone in the vessel's construction. To achieve this milestone, welding of the ship's haul and commissioning of vessels 4 legs and related jacking system were successfully completed. I encourage you to access the short video of this successful launch included in today's materials. There's no change to the expected delivery timeframe of late 2024 or early 2025, which will be marked by the successful completion of sea trials. There's also no change to the vessel's expected availability to support the current CVOW construction schedule.

現在讓我提供有關 Charybdis 的一些更新，如幻燈片 11 所示。上個月，我們宣布「Charybdis」號成功從陸地下水至水中，標誌著該船建造的一個重要里程碑。為了實現這一里程碑，該船的牽引焊接以及船舶4條腿和相關頂升系統的調試都已成功完成。我鼓勵您觀看今天材料中包含的這次成功發布的短視頻。預計 2024 年底或 2025 年初的交付時間沒有變化，這將以成功完成海試為標誌。該船支援當前 CVOW 建造計劃的預期可用性也沒有變化。

In April, we agreed to terminate a charter agreement under which Charybdis would have serviced a third party until returning to CVOW in the second half of 2025 to begin turbine installation. As a result of the mutually agreed termination, CVOW currently has sold an exclusive access to the vessel in 2025, and we're exploring options to further derisk the project's timeline by potentially accelerating its deployment to CVOW. The termination does not have a meaningful impact on our financial plan, earnings, cash or credit, and there's no change to our financial guidance as a result.

今年 4 月，我們同意終止一項包機協議，根據該協議，Charybdis 將向第三方提供服務，直到 2025 年下半年返回 CVOW 開始渦輪機安裝。由於雙方同意終止，CVOW 目前已出售 2025 年該船的獨家使用權，我們正在探索透過可能加快其在 CVOW 的部署來進一步降低專案時間表風險的方案。終止不會對我們的財務計畫、收入、現金或信貸產生有意義的影響，因此我們的財務指引不會改變。

Finally, there is no change to the project's current estimated cost of $625 million. Charybdis is vital, not only to CVOW, but also to the growth of the offshore wind industry along the U.S. East Coast, and is key to the continued development of a domestic supply chain by providing a homegrown solution for the installation of offshore wind turbines. We continue to see strong interest and use of the vessel after the CVOW project is complete.

最後，該項目目前的預計成本為 6.25 億美元，沒有變化。 Charybdis 不僅對 CVOW 至關重要，而且對美國東海岸離岸風電產業的發展也至關重要，並且透過為離岸風機安裝提供本土解決方案，對於國內供應鏈的持續發展至關重要。 CVOW 計畫完成後，我們繼續看到對船的濃厚興趣和使用。

Turning to Slide 13, let me address affordability as well as provide a few regulatory updates. At DEV, current rates are approximately 14% below the national average. Yesterday, we made several filings related to fuel and transmission riders that would result in a net bill reduction for a typical residential customer of roughly 3%. At DESC, our recently approved fuel cost settlement related filings reduced customer bills by over $13 a month. Current residential rates are now approximately 18% below the national average. And in March, we initiated an electric general rate case representing the first filing in the past 4 years, during which time, we've invested $1.6 billion in our system to the benefit of our customers. We expect new rates based on a typical procedural schedule to be effective in September. Being very focused on affordability allows us to ensure customers are getting compelling value, coupled with high reliability.

轉向投影片 13，讓我談談負擔能力並提供一些監管更新。 DEV 目前的費率比全國平均低約 14%。昨天，我們提交了幾份與燃油和變速箱乘客相關的文件，這將使典型住宅客戶的淨帳單減少約 3%。在 DESC，我們最近批准的與燃料成本結算相關的文件使客戶每月的帳單減少了超過 13 美元。目前的住宅價格比全國平均低約 18%。今年 3 月，我們發起了一項電力一般費率案件，這是過去 4 年來的首次備案，在此期間，我們已在我們的系統中投資了 16 億美元，以造福我們的客戶。我們預計基於典型程序時間表的新費率將於 9 月生效。非常注重負擔能力使我們能夠確保客戶獲得令人信服的價值以及高可靠性。

Turning to Slide 14 and the growth outlook in Virginia. Let me share a few thoughts on, first, our customers' needs; second, what's being done to support them; and third, the impact to our long-term financial plan.

轉向幻燈片 14 和弗吉尼亞州的增長前景。讓我分享一些想法，第一，我們客戶的需求；第二，我們的客戶需求。其次，正在採取哪些措施來支持他們；第三，對我們長期財務計劃的影響。

First, customers' needs. We're ramping into the very substantial and growing multi-decade utility investment required to address resiliency and decarbonization public policy goals, plus the very robust demand growth we're observing in real time across our system. DEV's weather-normal year-over-year sales growth rate through March was 4.8%, precisely in line with our full year 2024 growth rate expectation of 4.5% to 5.5%, driven by economic growth, electrification and accelerating data center expansion. The data center industry has grown substantially in Northern Virginia in recent years. In aggregate, we've connected 94 data centers with over 4 gigawatts of capacity over the last approximately 5 years. We expect to connect an additional 15 data centers in 2024. Northern Virginia leads the world in data center markets.

第一，客戶的需求。我們正在增加數十年來不斷增長的公用事業投資，以實現彈性和脫碳公共政策目標，以及我們在整個系統中即時觀察到的非常強勁的需求成長。在經濟成長、電氣化和資料中心加速擴張的推動下，DEV 截至 3 月份的天氣正常情況下銷售額年增率為 4.8%，與我們 2024 年全年 4.5% 至 5.5% 的成長率預期完全一致。近年來，北維吉尼亞州的資料中心產業大幅成長。在過去大約 5 年裡，我們總共連接了 94 個資料中心，容量超過 4 吉瓦。我們預計到 2024 年將再連接 15 個資料中心。

In recent years, this growth has accelerated in orders of magnitude, driven by one, number of data centers requesting to be connected to our system; 2, the size of each facility; and 3, the acceleration of each facility's ramp schedule to reach full capacity.

近年來，在請求連接到我們系統的資料中心數量的推動下，這種增長呈現數量級加速； 2、各設施的規模； 3、加速每個設施的斜坡計畫以達到滿載。

For some context, historically, a single data center typically had a demand of 30 megawatts or greater. However, we're now receiving individual requests for demand of 60 to 90 megawatts or greater and it hasn't stopped there. We get regular requests to support larger data center campuses that include multiple buildings and require total capacity ranging from 300 megawatts to as many as several gigawatts. Last month, PJM released its capacity auction planning parameters. The results align with our analysis of load growth and the need for requisite dispatchable supply resources included in our 2023 IRP. This independent modeling also validates the need to expediently progress the recurring local and PJM regional transmission planning and expansion process and our decision to expedite numerous projects over the last 2 years.

在某些情況下，從歷史上看，單一資料中心的電力需求通常為 30 兆瓦或更高。然而，我們現在收到了 60 至 90 兆瓦或更大需求的個人請求，而且這還沒有停止。我們經常收到支援大型資料中心園區的請求，這些資料中心園區包括多棟建築，需要的總容量從 300 兆瓦到多達數千兆瓦不等。上個月，PJM 發布了產能拍賣計畫參數。結果與我們對負載成長的分析以及 2023 年 IRP 中包含的必要可調度供應資源的需求一致。這種獨立建模也驗證了快速推進本地和 PJM 區域輸電規劃和擴建流程的必要性，以及我們在過去兩年中加快眾多專案的決定。

Second, what are we doing today? We will take the steps necessary to ensure our system remains resilient and reliable. We had already accelerated plans for new 500 kV transmission lines and other infrastructure in Northern Virginia, and that remains on track. We've been awarded over 150 electric transmission projects totaling $2.5 billion during the PJM open window last December. We're working expeditiously with PJM, the SCC, local officials and other stakeholders to fast track these along with several other critical projects. We're committed to pursuing solutions that support our customers and the continued growth of the region. This includes assessing dispatchable generation needs, especially during winter and on-site backup fuel storage.

第二，我們今天在做什麼？我們將採取必要措施，確保我們的系統保持彈性和可靠性。我們已經加快了在北維吉尼亞州新建 500 kV 輸電線路和其他基礎設施的計劃，並且該計劃仍在按計劃進行。去年 12 月 PJM 開放窗口期間，我們已獲得超過 150 個電力傳輸項目，總金額達 25 億美元。我們正在與 PJM、SCC、當地官員和其他利益相關者迅速合作，以快速追蹤這些項目以及其他幾個關鍵項目。我們致力於尋求支持我們的客戶和該地區持續成長的解決方案。這包括評估可調度的發電需求，特別是在冬季和現場備用燃料儲存期間。

Finally, what's the impact to our financial plan. Our capital plan is driven by demand, reliability and customer needs. When we consider this demand growth, we think about the full value chain: transmission, distribution and generation infrastructure investment that has and will continue to drive utility rate base growth. We believe there may be opportunities for incremental regulated capital investment toward the back end of our plan and beyond. As I've said before, we will look at incremental capital through the lenses of customer affordability, system reliability, balance sheet conservatism and our low-risk profile.

最後，對我們的財務計畫有何影響。我們的資本計畫由需求、可靠性和客戶需求驅動。當我們考慮這種需求成長時，我們會考慮整個價值鏈：輸電、配電和發電基礎設施投資已經並將繼續推動公用事業費率基礎成長。我們相信，在我們計劃的後期及以後，可能存在增量監管資本投資的機會。正如我之前所說，我們將透過客戶承受能力、系統可靠性、資產負債表保守性和我們的低風險狀況來審視增量資本。

Our IRPs take a longer-term view. The 2023 IRP factored in significant load growth and investment in generation and transmission over the next 15 years to meet that load growth, while keeping the cumulative average growth in customer bill below 3%. The most recent PJM load projections, along with our work to optimize the best ways to meet this load will be factored into our planning for this year's IRP. The 2024 IRP will be submitted to the SEC and NCUC in October 2024. We will continue to provide updates as things develop. We remain focused on our core responsibility of safely providing reliable energy to our customers.

我們的 IRP 著眼長遠。 2023 年 IRP 考慮了未來 15 年的顯著負載成長以及發電和輸電投資，以滿足負載成長，同時將客戶帳單的累積平均成長率保持在 3% 以下。最新的 PJM 負載預測以及我們為優化滿足此負載的最佳方法所做的工作將納入我們今年的 IRP 規劃中。 2024 年 IRP 將於 2024 年 10 月提交給 SEC 和 NCUC。我們仍然專注於為客戶安全提供可靠能源的核心責任。

With that, let me summarize our remarks on Slide 15. Our safety performance this quarter was outstanding, but there's more work to do to drive injuries to 0. We affirmed all financial guidance. Our offshore wind project is on time and on budget. We continue to make the necessary investments to provide the reliable, affordable and increasingly clean energy that powers our customers every day, and we are 100% focused on execution. We know we must deliver and we will.

接下來，讓我總結一下我們在投影片 15 上的評論。我們的離岸風電專案按時且符合預算。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，並且我們 100% 專注於執行。我們知道我們必須交付，而且我們一定會交付。

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

這樣，我們就準備好回答您的問題了。

(Operator Instructions) We'll take our first question today from Shar Pourreza at Guggenheim Partners.

（操作員說明）今天我們將回答 Guggenheim Partners 的 Shar Pourreza 提出的第一個問題。

Maybe I can start with a two-part question on data centers. Bob, I know you made prior comments in media around self-generation and self-supply. What are you seeing within the pipeline you just discussed as it relates to these 2 items, which can obviously mitigate some of the load growth you highlight? And secondly, how are you sort of thinking about rate design and tariff changes to make sure Virginia customers benefit or at least held harmless on things like interconnection costs?

也許我可以從有關資料中心的兩部分問題開始。鮑勃，我知道您之前在媒體上發表過有關自我生成和自我供應的評論。您在剛剛討論的與這兩項相關的管道中看到了什麼，這顯然可以減輕您強調的一些負載增長？其次，您如何考慮費率設計和資費變化，以確保維吉尼亞州客戶受益或至少在互連成本等問題上免受損害？

Yes, Shar, both really good questions. I may take them a little bit in reverse order. We've worked with data centers for many years, and we have very strong relationships with them. As you know, Loudoun County is home to the largest data center market in the world. And we have had an opportunity to work with our data center customers for 15 or more years. So with those relationships, we're certainly looking into alternative rate designs and discussing potential structures with them. Obviously, anything that we would do there would need to be approved by the SCC. So nothing specific to offer, but we certainly continue conversations with these customers that we've worked with so well for so long. As behind-the-meter solutions or some sort of self-supply, I suppose there could be some specific situations where that might make sense for some customers.

是的，莎爾，兩個問題都很好。我可能會以相反的順序來理解它們。我們與資料中心合作多年，並且與他們有著非常牢固的關係。如您所知，勞登縣是世界上最大的資料中心市場的所在地。我們有機會與我們的資料中心客戶合作 15 年或更長時間。因此，透過這些關係，我們當然正在研究替代利率設計並與他們討論潛在的結構。顯然，我們在那裡做的任何事情都需要 SCC 的批准。因此，沒有什麼具體可提供的，但我們肯定會繼續與這些長期合作良好的客戶進行對話。作為用戶側解決方案或某種自供電，我認為在某些特定情況下這可能對某些客戶有意義。

But we think given their need for reliability and affordability, we think the majority of those solutions are going to want to access the broader network of system resources that are in front of the meter. And I think it's really important to keep in mind, regardless of the source of generation, substantial transmission investment, which we've noted before. So fundamentally, given our long history with data center customers, we're quite confident in our ability to find solutions that work for them, for other customers and for our shareholders.

但我們認為，考慮到他們對可靠性和可負擔性的需求，我們認為這些解決方案中的大多數都希望存取儀表前更廣泛的系統資源網路。我認為，無論發電來源如何，記住大量的輸電投資非常重要，這一點我們之前已經注意到。因此，從根本上來說，鑑於我們與資料中心客戶的悠久歷史，我們對找到適合他們、其他客戶和股東的解決方案的能力充滿信心。

Got it. Perfect. And then maybe just touch on resource adequacy for a second and kind of your plans as it relates to the upcoming capacity auction. Are you electing the FRR, which is due by the 17th of this month? And more importantly, just elaborate a bit more on the IRP update and incremental generation spend. Could this kind of be accretive to the plan?

知道了。完美的。然後也許只是談談資源充足性和你的計劃，因為它與即將到來的容量拍賣有關。您是否選擇將於本月 17 日到期的 FRR？更重要的是，稍微詳細說明一下 IRP 更新和增量發電支出。這樣對計劃有好處嗎？

Yes. Again, I'll take the second part first. So as to potential incremental capital, as we said in our prepared remarks, toward the end of the plan, we could certainly see some additional capacity. We described the way data centers are ramping in faster than they have before that their requests are bigger than they've been before. We don't forecast demand based on engineering assessments. We do that based on signed contracts. And then in the later years, customer intelligence, we're pretty confident in our ability to do that. So there may be potentially some upside there as we go out. As I said in our prepared remarks, our investments are going to be driven by policy and customer needs. We'll be very thoughtful about our balance sheet and our business risk profile as we make additional investment decisions. Fundamentally, it's just a very exciting time for the industry, particularly for us, given our experience with data centers.

是的。再說一次，我將首先討論第二部分。至於潛在的增量資本，正如我們在準備好的演講中所說，在計劃結束時，我們肯定會看到一些額外的產能。我們描述了資料中心的發展速度比以前更快，他們的請求也比以前更大。我們不會根據工程評估來預測需求。我們根據簽署的合約來做到這一點。在接下來的幾年裡，我們對客戶智慧的能力非常有信心。因此，當我們走出去時，可能會有一些潛在的好處。正如我在準備好的演講中所說，我們的投資將由政策和客戶需求所驅動。當我們做出額外的投資決策時，我們將非常仔細地考慮我們的資產負債表和業務風險狀況。從根本上說，鑑於我們在資料中心方面的經驗，這對整個產業來說是一個非常令人興奮的時刻，尤其是對我們來說。

As to PJM as I expect you know, Shar, from 2007 to 2022, we participated in the PJM capacity market through the reliability pricing model. In 2021, we announced we were going to elect FRR because that made the most sense for our customers. Now with PJM's most recent capacity market reforms and assumptions, it makes sense for us to return to the capacity auction starting with the '25, '26 auction. Returned us to the way we did business for many years. It doesn't change guidance. It doesn't change the way we operate our system or the way we think about the world. In fact, all the auction planning parameters released by PJM in April, are quite consistent with our view. We're going to see substantial load growth driven by electrification data centers for the foreseeable future.

至於 PJM，Shar，我希望你知道，從 2007 年到 2022 年，我們透過可靠性定價模型參與了 PJM 容量市場。 2021 年，我們宣布將選擇 FRR，因為這對我們的客戶來說最有意義。現在，根據 PJM 最近的容量市場改革和假設，我們從 25 年、26 年拍賣開始重返容量拍賣是有意義的。讓我們恢復了多年來的經營方式。它不會改變指導。它不會改變我們作業系統的方式或我們思考世界的方式。事實上，PJM 4 月公佈的所有拍賣計畫參數，都與我們的看法相當一致。在可預見的未來，我們將看到電氣化資料中心推動的負載大幅成長。

We will take our next question from the line of Nick Campanella at 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。

I wanted to ask on South Carolina. I think HB 5118 has been kind of progressing through and it's our understanding that can maybe kind of change a few things on the regulatory footprint there. Can you just kind of talk through if that affects your capital plans or your assumptions at all and how we should kind of think about that?

我想問一下南卡羅來納州的情況。我認為 HB 5118 已經取得了一些進展，我們的理解可能會改變那裡監管足跡的一些事情。您能否談談這是否會影響您的資本計劃或您的假設，以及我們應該如何考慮這一點？

Yes. Nick, I appreciate that question. The legislature is scheduled to adjourn next week in keeping with our standard practice, I'm not going to talk about pending legislation today. We'll know where everything lands next week. I can tell you what we're very focused on in South Carolina. First, a constructive outcome in our electric base rate case that's pending right now. As we mentioned in our opening remarks, we've invested $1.6 billion on behalf of our customers since the last case. Our rates in South Carolina are low. Our reliability is outstanding. So we think we're in a very good place with respect to that case.

是的。尼克，我很欣賞這個問題。按照我們的標準慣例，立法機關定於下週休會，今天我不打算談論懸而未決的立法。下週我們就會知道所有東西都會落在哪裡。我可以告訴你我們在南卡羅來納州非常關注的事情。首先，我們目前懸而未決的電力基本費率案件取得了建設性的結果。正如我們在開場白中提到的，自上一個案例以來，我們已代表客戶投資了 16 億美元。我們在南卡羅來納州的費率很低。我們的可靠性非常出色。所以我們認為我們在這個案子上處於非常有利的位置。

And then beyond that, we're very focused on continuing to serve our customers well, and getting closer to earning our authorized return in South Carolina. If you just sort of look big picture, South Carolina is a great state to do business. We want to be in a position to continue to invest in growth capital as the state grows. So that's what we're focused on, and we'll see how the legislature lands here in a week or so.

除此之外，我們非常專注於繼續為我們的客戶提供良好的服務，並且越來越接近在南卡羅來納州獲得我們的授權退貨。如果你從大局出發，南卡羅來納州是一個非常適合做生意的州。隨著國家的發展，我們希望能夠繼續投資於成長資本。這就是我們關注的重點，我們將在一周左右的時間內看到立法機構如何落地。

I appreciate that. And then I guess just on the ship, these ship to be certain, you kind of talked about derisking the project timeline and you seem ahead of schedule. Is that versus the ISD, the '24 to early '25? Or is that more relative to where it falls in your kind of current offshore wind construction schedule. And then maybe you can kind of remind us what's in the plan today for future contracting opportunities for that ship after you're done with Virginia Offshore win?

我很感激。然後我想就在船上，這些船是肯定的，你談到了降低專案時間表的風險，而且你似乎提前了。這是與 ISD（24 世紀 25 年代初）相對的嗎？或者這與您目前的離岸風電建設計劃中的位置更相關。然後也許您可以提醒我們，在您贏得弗吉尼亞離岸公司勝利後，該船未來的合約機會有哪些計劃？

Nick, I'll take the second part first with regard to what we've assumed. So we've made some assumptions of the ability to contract the vessel to third parties at the conclusion of the work it does for CVOW, and we continue to see robust interest in that vessel, given sort of the unique nature of what it provides. So we feel like we've made reasonably conservative, not unduly conservative assumptions on that, and that's included in the guidance that we provided with regard to the Dominion Energy contracted energy segment at the Investor Day materials. With regard to the timeline and sort of what it all means, no change to the expectation that the vessel will complete its sea trials in late '24, early 2025. And with the termination of the charter that we discussed in the call, that doesn't change the broader expectation for timeline for the project. What it does is it allows us to make sure that we can stay on track of that schedule. It gives us opportunities to begin installation when weather is most favorable.

尼克，我將首先討論第二部分，關於我們的假設。因此，我們對在為CVOW 所做的工作結束時將船舶承包給第三方的能力做出了一些假設，並且考慮到它所提供的產品的獨特性，我們繼續看到人們對該船的濃厚興趣。因此，我們認為我們對此做出了相當保守的假設，而不是過度保守的假設，這包含在我們在投資者日材料中提供的 Dominion Energy 合約能源部門的指導中。關於時間表和這一切的含義，該船將在 24 世紀末、2025 年初完成海上試驗的預期沒有改變。表的更廣泛期望。它的作用是讓我們確保能夠按計劃進行。它使我們有機會在天氣最有利的時候開始安裝。

It will allow us without that first charter, we won't need the time to reconfigure the vessels outfitting between charters to accommodate our project's turbine size. So if you think about the vessel availability as on track, consistent with how we've thought about it in the past. To the extent we're able to bring it forward, that's great to the vessel, to the project. But I wouldn't think of it as bringing the back end of the project in. It's just another way that we can mitigate what will be. I'm sure things that happen along the way that we don't currently foresee, but we want to build as much cushion as we possibly can, and that's what this will accomplish for us.

這將使我們無需第一次包機，就不需要時間在兩次包機之間重新配置船舶舾裝，以適應我們專案的渦輪機尺寸。因此，如果您認為船舶的可用性已步入正軌，這與我們過去的想法是一致的。我們能夠將其推進到一定程度，這對船舶和項目來說都是很好的。但我不認為這是將專案的後端引入。我確信一路上會發生一些我們目前無法預見的事情，但我們希望盡可能地建立緩衝，這就是這將為我們實現的目標。

Steve Fleishman with Wolfe Research.

沃爾夫研究公司的史蒂夫‧弗萊什曼。

Just one quick question. Do you have a number for kind of where you stand on the ATM for this year as of now? How many shares you've issued?

只是一個簡單的問題。您是否知道今年 ATM 機的具體位置？你發行了多少股？

Yes. We haven't issued any shares of the ATM yet, Steven. And that's a function of during the business review, our ATM shelf registration expired and so we actually didn't have the registration statement available to us. So we will be implementing that here very, very shortly, and then that will allow us to begin that program.

是的。史蒂文，我們還沒有發行任何 ATM 股票。這是因為在業務審查期間，我們的 ATM 貨架註冊已過期，因此我們實際上沒有可用的註冊聲明。因此，我們將很快在這裡實施該計劃，然後我們就可以開始該計劃。

Okay. Great. And then just going back to the kind of tie in with the data center in IRP and the like. Bob, you mentioned dispatchable generation and then potentially gas storage. Could you just give a little -- it sounds like maybe you've got like a winter tightness that maybe need to deal with? And just would you be investing in the storage? And just how we should think about those needs?

好的。偉大的。然後回到 IRP 等與資料中心的聯繫。鮑勃，您提到了可調度發電以及潛在的天然氣儲存。你能透露一點嗎——聽起來你可能需要應對冬天的緊張感？您會投資儲存嗎？我們該如何考慮這些需求？

Yes. Just to be clear, we're looking potentially at -- we've got a couple of big combined cycle plants not too far away from each other, being able to have some gas LNG storage that is available to those two. That's the kind of thing that we're talking about. More broadly, as we've discussed, we're building a lot of renewables, which all of our customers are looking for, but we need to make sure that we can operate the system reliably. That's why we've been talking about that storage I just described as well as some combustion turbines at our Chesterfield site.

是的。需要明確的是，我們正在考慮——我們有幾個大型聯合循環工廠，彼此距離不太遠，能夠擁有一些可供這兩個工廠使用的天然氣液化天然氣儲存設施。這就是我們正在談論的事情。更廣泛地說，正如我們所討論的，我們正在建立大量可再生能源，這是我們所有客戶都在尋找的，但我們需要確保我們能夠可靠地操作系統。這就是為什麼我們一直在談論我剛才描述的存儲以及我們切斯特菲爾德工廠的一些燃氣渦輪機。

Our next question this morning will come from Jeremy Tonet at JPMorgan.

今天早上我們的下一個問題將來自摩根大通的傑里米·託內特。

It's Jeremy Tonet from JPMorgan. Continuing, I guess, with the data center line of thought, if I could. And I appreciate that this is a sensitive topic overall. But just any thoughts that you could provide with regards to the uncontracted Millstone capacity and that could possibly supply power to data centers? And how have conversations with stakeholders evolved there?

我是摩根大通的傑瑞米·託內特。我想，如果可以的話，我會繼續資料中心的思路。我意識到這總體上是一個敏感話題。但對於未簽約的磨石容量以及可能為資料中心供電的情況，您有什麼想法嗎？與利害關係人的對話是如何演變的？

Jeremy, this is Diane. Really nothing new to report from what we said before in February of '23. We signed an MOU with NE Edge to work together on development of a data center on Millstone property. And they are continuing to work with the state agencies and legislators to gain approvals to move that project forward. If the permits are granted, then we remain ready to support the project, and that would include providing land and a long-term PPA for power from a portion of Millstone, which will be about a few hundred megawatts.

傑里米，這是黛安。與我們之前在 23 年 2 月所說的內容相比，確實沒有什麼新內容可報告。我們與 NE Edge 簽署了一份諒解備忘錄，共同開發 Millstone 地產上的資料中心。他們正在繼續與州機構和立法者合作，以獲得批准以推進該項目。如果許可證獲得批准，那麼我們仍準備支持該項目，其中包括提供土地和一份長期購電協議，用於從磨石的一部分發電，發電量約為數百兆瓦。

And Jeremy, I would just note, and I think we disclosed this earlier, we've not made any assumptions in our financial plan associated with a co-located data center at the Millstone Power facility. So...

傑里米，我想指出的是，我想我們之前已經披露過這一點，我們沒有在與 Millstone Power 設施共置資料中心相關的財務計劃中做出任何假設。所以...

Got it. That's very helpful. And continuing with this line of thought, if I could. I believe there's legislation passed in Virginia to possibly recover some cost of SMR development in the state. And just given how [Nicor] provides the 24/7 baseload that seems to match up well with data center needs. Just wondering any thoughts you see there on the potential over time? We see Ontario Power really moving forward swiftly on SMR development. And just wondering, any high-level thoughts you might be able to share there?

知道了。這非常有幫助。如果可以的話，繼續這個思路。我相信維吉尼亞州通過的立法可能會收回該州 SMR 開發的部分成本。剛剛考慮到 [Nicor] 如何提供似乎很好地滿足資料中心需求的 24/7 基本負載。只是想知道您對隨著時間的推移的潛力有什麼想法嗎？我們看到安大略電力公司在 SMR 開發方面確實取得了迅速進展。只是想知道，您可以在那裡分享任何高層次的想法嗎？

Yes, Jeremy, first. I think that legislation confirms a continued commitment in Virginia among policymakers in support of nuclear power. We operate 4 units in Virginia and have well for many years. The Navy has a substantial nuclear fleet. Many of those vessels ported in Virginia. And there are other parts of the nuclear industry that are all represented in Virginia. So I think it was a very positive sign that, that legislation passed that continues to support nuclear power in Virginia. We included SMRs in our last IRP out toward the end of the plan. We continue to investigate the opportunity to be able to deploy SMRs on the behalf of our customers. But I would add, just like with every other investment that we think about, we need to make sure that it's customer-friendly, that it fits within the parameters of our balance sheet and our business risk profile. So we're continuing to explore SMRs, as you point out, they are dispatchable and nonemitting, but we've got ways to go yet.

是的，傑里米，首先。我認為這項立法確認了維吉尼亞州政策制定者對支持核電的持續承諾。我們在維吉尼亞州經營 4 個單位，多年來一直保持良好狀態。海軍擁有龐大的核艦隊。其中許多船隻在弗吉尼亞州港口。核工業的其他部分也都在維吉尼亞州有代表。因此，我認為這是一個非常積極的跡象，表明立法的通過繼續支持維吉尼亞州的核電。我們在計劃即將結束時將 SMR 納入了最後一個 IRP。我們將繼續研究能夠代表客戶部署 SMR 的機會。但我想補充一點，就像我們考慮的所有其他投資一樣，我們需要確保它對客戶友好，並且符合我們的資產負債表和業務風險狀況的參數。因此，我們正在繼續探索 SMR，正如您所指出的，它們是可調度且不排放的，但我們還有很長的路要走。

And next, we will also hear from Bill Appicelli at UBS.

接下來，我們也將聽取瑞銀集團 (UBS) 比爾‧阿皮切利 (Bill Appicelli) 的演講。

Most of my questions have been answered, but just piling on the data center, just a couple of comments that you made there. You commented the ramp times have been accelerating. Can you maybe just describe how that's playing out? Like, for example, the 15 that you're connecting this year, when would you expect them to be at full run rate?

我的大部分問題都已得到解答，但只是堆積在資料中心上，只是您在那裡發表的一些評論。您評論說斜坡時間一直在加快。您能簡單描述一下這是如何進行的嗎？例如，您今年要連接的 15 個設備，您預計它們何時能夠滿載運作？

Yes, Bill, I don't think we know specifically on those 15 how quickly they're going to be at full run rate. It really is just a matter of the amount of time that some of them that we've seen in the past would take to ramp fully into the capacity they ask for. They're expecting to ramp in quite a bit faster. But we don't have specifics regarding those 15 that we expect to connect this year.

是的，比爾，我認為我們並不具體知道這 15 個項目將多快達到滿載運行。這實際上只是我們過去看到的一些技術需要多長時間才能完全達到其要求的容量的問題。他們預計速度會更快。但我們沒有關於今年預計連接的 15 個連接的具體資訊。

Okay. I mean is there, I guess, a historical precedent of how long it's taken on prior data centers?

好的。我的意思是，我想，在以前的資料中心上是否有需要多長時間的歷史先例？

This is Diane Leopold again. So typically, when they had capacity, they might ramp into that capacity over like a 4- to 5-year type of period. And now that same capacity that we're interconnecting could be closer to a 2- to 3-year period.

這又是黛安·利奧波德。因此，通常情況下，當他們擁有產能時，他們可能會在 4 到 5 年的時間內逐步提高產能。現在，我們互連的相同容量可能需要更接近 2 到 3 年的時間。

Okay. That's helpful. And then I guess just more broadly, again, on the same topic. Can you just share a little bit about the process of evaluation with the data center developers and how you structure the contracts and their commitments in terms of having the load show up and so that you're restructuring the cost profile appropriately to protect ratepayers?

好的。這很有幫助。然後我再次就同一主題進行更廣泛的猜測。您能否與資料中心開發人員分享一些有關評估過程的信息，以及您如何建立合約及其在顯示負載方面的承諾，以便您適當地重組成本概況以保護納稅人？

Yes, Bill, great question. They -- our data centers are on the rate schedule that applies to all our large customers. And that's been that way for some time. And the State Corporation Commission would have to make any changes if we were talking about -- approve any changes if we're talking about any changes to that, which not on the table at the moment. The sort of thinking about the way we structure contracts, they have contract minimum demands that they are obligated to achieve in order to cover the incremental cost of the infrastructure that we're building for them. And that has been in place for us for some time.

是的，比爾，好問題。他們－我們的資料中心採用適用於我們所有大客戶的費率表。這種情況已經有一段時間了。如果我們談論任何改變，國家公司委員會將必須做出任何改變——如果我們談論對此進行任何改變，則批准任何改變，而目前這還沒有擺在桌面上。關於我們建構合約的方式的思考，他們有義務實現的合約最低要求，以涵蓋我們為他們建造的基礎設施的增量成本。這對我們來說已經存在了一段時間了。

Ladies and gentlemen, thank you. This does conclude this morning's conference call. You may disconnect your lines, and we hope that you enjoy the rest of your day.

女士們、先生們，謝謝。今天上午的電話會議到此結束。您可以斷開線路，我們希望您度過愉快的一天。