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。 （操作員指示）現在，我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（包括今天的準備好的評論）包含前瞻性陳述和估計，這些陳述和估計受各種風險和不確定性的影響。請參閱我們的 SEC 文件，包括我們最近的 10-K 表年度報告和 10-Q 表格季度報告，以了解可能導致結果與管理層的估計和預期不同的因素。

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.

今天上午，我們將討論一些與 GAAP 認可的指標不同的公司業績衡量標準。收益發布工具包中包含了我們的非 GAAP 指標與我們可以計算出的最直接可比較的 GAAP 財務指標的對帳表。我鼓勵您訪問我們的投資者關係網站以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.

參加今天電話會議的有董事長、總裁兼執行長 Bob Blue；史蒂文‧里奇 (Steven Ridge)，執行副總裁兼財務長；以及執行副總裁兼營運長黛安·利奧波德（Diane Leopold）。現在我將電話轉給史蒂文。

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.

謝謝你，大衛，大家早安。如投影片 3 所示，我們的 2024 年第一季營業收入為每股 0.55 美元，其中包括公用事業服務區域天氣比正常情況更差造成的 0.06 美元逆風。天氣因素的抵銷作用包括因東俄亥俄天然氣公司銷售及營運與維護時間提前完成而節省的適度利息。與去年相比，本季的正面因素包括銷售額增加、投資成長穩定以及天氣轉好。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一個積極推動力。

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.

其他因素包括利息支出增加，以及因將某些附加條款轉為基準利率而導致 Dominion Energy Virginia 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.

第一季的 GAAP 業績為每股 0.78 美元，其中包括來自停止營運的淨收益（主要與出售天然氣分銷業務有關）、核退役信託基金的未實現非現金淨收益以及經濟對沖活動的未實現非現金按市價計算的影響。收益發布工具包的附表 2 中包含了營運結果和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.

轉到第 4 頁的指導。因此，我們繼續預期 2024 年每股營業收益在 2.62 美元至 2.87 美元之間，中間值為 2.75 美元。正如三月份投資者會議上討論的那樣，我們不再提供季度獲利預測。然而，我們在今天的材料附錄中複製了 2024 年預期的獲利節奏，包括預計按季度計算的同比驅動因素。投資者會議對該指導意見沒有任何改變。

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.

我們繼續預期 2025 年每股營業收益將在 3.25 美元至 3.54 美元之間，其中包括 RNG 45Z 信貸的影響，中間值為 3.40 美元。我們也持續預測，到 2029 年，營業收入年增率將在 5% 至 7% 之間，中位數為上漲 3.30 美元，不包括 RNG 45Z 信貸的影響。提醒一下，授權立法適用於 2025 年、2026 年和 2027 年的 RNG 生產，但此後將失效。為避免疑問，我們在 3 月 1 日提供的任何其他財務指導（包括信貸、股息和融資指導）均保持不變。

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.

現在轉到幻燈片 5 上所示的我們業務審查舉措的狀態更新。隨著科夫角和東俄亥俄天然氣銷售的結束以及 DEV 燃料證券化的完成，我們現在實現了目標債務減免的 53%，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銷售以及弗吉尼亞沿海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方合作，並預計監管程序將於 2024 年完成，交易將於 2024 年完成。

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.

更詳細的情況是，在猶他州，合併程序的各方在 3 月底達成了一項全面和解，隨後於 4 月 11 日在委員會面前舉行了一次證據聽證會。以及 BOEM 和其他監管機構的某些同意。目前，所有監管文件均已提交，維吉尼亞州和北卡羅來納州的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家資金雄厚、經驗豐富的融資合作夥伴，這將大大降低 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.

在信貸方面，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。與我們保持頻繁接觸的評級機構最近的評論強調了業務審查結果對信用的正面影響。審查的結果是，我們透過 3 家評級機構現有的綜合評級類別，加強了該公司的信用地位。

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，我們計劃在今年稍後在 DEV 正常發行長期債務。我們預計在 2024 年發行 6 億至 8 億美元的普通股，其中 2 億美元透過我們的 DRIP 計畫發行，4 億至 6 億美元透過 ATM 發行。我們認為，這種水平的穩定普通股發行是審慎的，有利於每股收益增值，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強勁信用評級類別的指導範圍內。

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繼續使用混合證券。我們有價值 7 億美元的次級債券將於八月到期。提醒一下，我們預計今年將發行 7 億至 15 億美元的混合債券。我們希望建立任何新的混合債券，使其符合信用評級機構的 50% 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非常有信心。審查後的指導方針已經制定得恰當但又不過分保守，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.

說完這些，我會把電話轉給鮑伯。

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。首先我想介紹一下我們的安全表現。如投影片 7 所示，今年前 3 個月我們員工的 OSHA 傷害記錄率為 0.32，相對於已經強勁的歷史表現而言，這是一個顯著的改善。我讚揚我的同事們始終關注員工安全，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加並在活動後提供回饋的人。請注意，這些會議資料（包括網路直播重播）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，以便更好地了解他們對公司根本機會和挑戰的看法，以及他們希望在審查後看到的變化。自從審查結束以來，我一直在持續進行有意的投資人參與活動，我想分享我認為代表股東們大體共識的內容。

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，我們交付了真正全面的成果。這並非是一次部分審查。相反，我們全力應對公司過去面臨的挑戰。第二，認識到我們已經採取重大措施提高透明度，並且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，這些變化的全部細節現在可以在我們的代理聲明中找到，並更廣泛地融入到我們的治理中，這表明了我們對股東一致的堅定承諾。

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，也許是最重要的一點，我們明確地期望公司必須 100% 致力於執行和兌現我們提供的營運和財務指導。對於最後一點，我們堅定不移。讓我重複一下之前說過的話。我負責並且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進展。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稿發表幾點評論。尚未下令延期。我們的施工進度計畫沒有改變。我們預計將於 5 月 6 日至 5 月 8 日之間開始單樁安裝。法官尚未對初步禁令動議作出裁決，事實上，除了下列安排外，沒有發布任何命令。我們將於明天提交一份狀態報告，介紹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的預計開始日期。

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針對原告動議的簡報。原告必須在 5 月 9 日之前提交答辯書。生物學意見非常全面，符合所有法律要求，該計畫的所有其他許可行動也是如此。與本案原告提出的類似論點，在其他項目提出時均被法院駁回。最近一次是由美國第一巡迴上訴法院上週對 Vineyard Wind 許可證提出質疑。我們認為該訴訟毫無根據，並預期法院將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算一致。

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 個也是最後一個聯邦許可。我們的材料和設備進展順利，並且取得了良好的進展。我們從朴茨茅斯海運碼頭的供應商 EEW 處收到了 36 根單樁，佔總數的 20%。我們預計未來幾週的交付將繼續穩定。這些單樁將於下週開始安裝。 DEME 將使用其重型起重船 Orion，該船目前位於維吉尼亞州朴茨茅斯海運碼頭。回想一下，我們已計劃在 2024 年和 2025 年兩個季節進行單樁安裝，這使我們能夠更好地減輕任何潛在的延誤或中斷，而不會影響最終計劃。

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 個海上變電站頂部結構中的第一個已經完成並交付給 CSWind/SEMco 進行組裝。首批 6 件過渡件已裝載完畢並正在運往維吉尼亞州，預計將於 5 月底抵達。 161英里的陸上地下電纜已全部製造完畢，600英里的海上電纜已生產了超過三分之一。我們的渦輪機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 年才開始安裝渦輪機，但 DEME 最近完成了對 Moray West 安裝活動的支持，Moray West 是蘇格蘭沿海的一個項目，現已成功安裝了 CVOW 將使用的相同西門子歌美颯風力渦輪機模型。此專案的經驗教訓將有利於我們未來的工程安裝。

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.

移至岸上。建設活動仍在按計劃進行，包括土木工程、水平定向鑽和出口電纜上岸的木板。在監管方面，去年 11 月，我們提交了 2023 年附加條款申請，這意味著年收入為 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於八月下達。

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.

轉到幻燈片 9。降低 LCOE 的驅動因素包括與更新的 REC 價格預測相關的約 1.5 美元，這將為客戶帶來更大的專案效益以及其他因素。資本成本、容量係數或利率沒有變動。我們再次提供了敏感度因素來顯示這些關鍵假設如何影響客戶的平均終身成本。我們在這項指標上仍遠低於立法審慎上限，而且我想指出的是，這遠低於該國其他地區正在考慮的 PPA 價格。迄今為止，我們已為該項目投資約 35 億美元，並計劃在 2024 年底投資約 60 億美元。我們將在工程剩餘的建設時間內逐步提高該百分比。

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，根據文件，儘管專案還剩下 30 個月，但目前未使用的 2.84 億美元應急資金與 2021 年 11 月提交的原始應急資金相同。與我們先前的更新相比，意外情況略有降低並不意外，隨著我們進一步接近專案完成，這種變化被視為正常現象。與我們研究過的其他大型基礎設施項目以及過去完成的項目相比，目前的應急水準佔預算總成本的百分比仍然具有競爭力。我們已經向我們的團隊、供應商和合作夥伴明確表示，我們期望在預算內完成專案。

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%，我們在第 10 張投影片上重點介紹了專案剩餘的主要里程碑。

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.

現在讓我提供一些有關 Charybdis 的最新消息，如幻燈片 11 所示。上個月，我們宣布 Charybdis 成功從陸地發射至水中，這標誌著該船建造過程中的一個重要里程碑。為了實現這一里程碑，船舶拖帶的焊接和船舶4條腿及相關頂升系統的調試均已成功完成。我鼓勵您觀看今天的材料中包含的這次成功發射的短片。預計交付時間為 2024 年底或 2025 年初，沒有變化，以成功完成海上試驗為標誌。為了支援目前的 CVOW 建造計劃，該船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，我們同意終止一項租船協議，根據該協議，Charybdis 將為第三方提供服務，直到 2025 年下半年返回 CVOW 開始安裝渦輪機。由於雙方同意終止，CVOW 目前已出售了 2025 年該船的獨家使用權，我們正在探索透過潛在加速向 CVOW 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劃、收益、現金或信貸產生重大影響，因此我們的財務指導也不會發生任何變化。

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，該項目目前預計 6.25 億美元的成本沒有變化。 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，並且透過為離岸風力渦輪機的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，我們繼續看到人們對船隻的濃厚興趣和使用。

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.

轉到第 13 張投影片，讓我談談可負擔性並提供一些監管更新。 在 DEV，當前費率比全國平均低約 14%。昨天，我們提交了幾項與燃料和輸電附加條款相關的文件，這將使典型住宅客戶的淨帳單減少約 3%。在 DESC，我們最近批准的燃料成本結算相關文件使客戶每月的帳單減少了 13 美元以上。目前的住宅費率比全國平均低約 18%。今年 3 月，我們發起了一項電力通用費率案件，這是過去 4 年來的首起立案，在此期間，我們已為我們的系統投資了 16 億美元，使我們的客戶受益。我們預計基於典型程序安排的新費率將於 9 月生效。透過高度關注可負擔性，我們可以確保客戶獲得極具吸引力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.

前往第 14 張投影片，了解維吉尼亞州的成長前景。讓我分享一些想法，首先是我們客戶的需求；第二，正在採取哪些措施來支持他們；第三，對我們的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，顧客的需求。我們正在增加對實現彈性和脫碳公共政策目標所需的非常可觀且不斷增長的數十年公用事業投資，同時還滿足我們在整個系統中實時觀察到的非常強勁的需求增長。截至 3 月份，在天氣正常的情況下，DEV 的年比銷售成長率為 4.8%，與我們對 2024 年全年成長率 4.5% 至 5.5% 的預期完全一致，這得益於經濟成長、電氣化和資料中心加速擴張。近年來，北維吉尼亞州的資料中心產業發展迅速。總體而言，在過去約 5 年的時間裡，我們連接了 94 個資料中心，容量超過 4 千兆瓦。我們預計到 2024 年將連接另外 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，這種成長速度呈現數量級加速，原因如下：一是越來越多的資料中心請求連接到我們的系統； 2、各設施的規模； 3.加速各設施的投產進度，以達到滿載生產能力。

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.

從歷史上看，單一資料中心的需求通常為 30 兆瓦或更大。然而，我們現在收到的個人請求需求達到 60 至 90 兆瓦或更大，而且還沒有停止。我們經常收到支援更大型資料中心園區的請求，這些園區包括多棟建築，需要的總容量從 300 兆瓦到數千兆瓦不等。上個月，PJM 發布了其容量拍賣規劃參數。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加速推進本地和 PJM 區域輸電規劃和擴建進程的必要性，以及我們在過去兩年內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建設新的500千伏輸電線路和其他基礎設施的計劃，並且該計劃仍在順利進行中。去年 12 月，在 PJM 開放窗口期間，我們獲得了超過 150 個電力傳輸項目，總額達 25 億美元。我們正在與 PJM、SCC、當地官員和其他利益相關者密切合作，以加快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，這對我們的財務計劃有什麼影響。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，這些投資已經並將繼續推動公用事業費率基準的成長。我們相信，在我們的計劃後期及以後可能會有增量受監管資本投資的機會。正如我之前所說，我們將從客戶承受能力、系統可靠性、資產負債表保守性和低風險狀況的角度來看待增量資本。

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 具有較長的眼光。 2023 年 IRP 考慮了未來 15 年內負載的大幅成長以及發電和輸電方面的投資，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滿足此負載而進行的最佳最佳化工作都將納入我們今年的 IRP 規劃中。 2024 年 IRP 將於 2024 年 10 月提交給 SEC 和 NCUC。我們始終專注於我們的核心責任，即安全地向客戶提供可靠的能源。

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.

至此，讓我總結第 15 張投影片上的發言。我們的離岸風電專案按時、按預算完成。我們將繼續進行必要的投資，為客戶提供可靠、實惠且日益清潔的日常能源，並且我們 100% 專注於執行。我們知道我們必須實現這一目標，而且我們一定會實現。

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

現在，我們已準備好回答您的問題。

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

（操作員指示）今天我們將回答古根漢合夥人公司 (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對自發電和自供發表了評論。您在剛才討論的與這 2 個項目相關的管道中看到了什麼，哪些可以明顯緩解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，以確保維吉尼亞州的客戶受益，或至少在互連成本等方面免受損害？

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，Shar，這兩個問題都問得很好。我可能會稍微按相反的順序來做。我們與資料中心合作多年，與他們保持著非常牢固的關係。眾所周知，勞登縣是世界上最大的資料中心市場所在地。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，我們肯定會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。因此沒有什麼具體的內容可以提供，但我們肯定會繼續與這些我們長期合作良好的客戶進行對話。作為電錶後解決方案或某種自助供電，我想在某些特定情況下這對某些客戶來說可能是有意義的。

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，我們認為大多數解決方案都希望存取電錶前的更廣泛的系統資源網路。我認為有一點非常重要，無論發電來源如何，都要牢記大量的輸電投資，這一點我們之前已經提到過。因此，從根本上來說，鑑於我們與資料中心客戶的長期合作歷史，我們非常有信心找到適合他們、其他客戶和我們的股東的解決方案。

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。然後也許您只是稍微談談資源充足性以及與即將到來的容量拍賣相關的計劃。您是否正在選舉本月 17 日到期的 FRR？更重要的是，進一步詳細說明 IRP 更新和增量生成支出。這能對計劃有幫助嗎？

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。再次強調，我先講第二部分。至於潛在的增量資本，正如我們在準備好的評論中所說的那樣，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以比以前更快的速度發展，它們的請求比以前更大。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此事。在後來的幾年裡，對於我們實現客戶情報的能力，我們非常有信心。因此，當我們走出去時，可能會有一些好處。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。在做出其他投資決策時，我們會非常仔細地考慮我們的資產負債表和業務風險狀況。從根本上來說，這對產業來說是一個非常令人興奮的時刻，特別是對我們來說，因為我們在資料中心方面擁有豐富的經驗。

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，如我所料，Shar，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 最新的容量市場改革和假設，我們有必要從 25 年、26 年的拍賣開始，重新回到容量拍賣。讓我們回到多年來經營業務的方式。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 在4月發布的所有拍賣計畫參數都與我們的觀點較為一致。在可預見的未來，我們將看到由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.

下一個問題來自巴克萊銀行的尼克‧坎帕內拉 (Nick Campanella)。

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 已經取得了進展，據我們了解，它可能會改變那裡的監管足跡的一些方面。您能否談談這是否會影響您的資本計劃或假設，以及我們應該如何考慮這個問題？

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，我很感謝這個問題。按照慣例，立法機關定於下週休會，今天我不會談論未決立法。下週我們就會知道一切結果。我可以告訴你我們在南卡羅來納州最關注的是什麼。首先，我們目前正在等待電力基準利率案的建設性結果。正如我們在開場白中提到的，自從上一起案件以來，我們已經代表客戶投資了 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。因此我們認為，就此案而言，我們處於非常有利的地位。

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，我們非常注重繼續為客戶提供良好的服務，並更接近獲得在南卡羅來納州的授權回報。如果從總體來看，南卡羅來納州是一個開展業務的好地方。我們希望能夠隨著國家的發展繼續投資成長資本。所以這就是我們所關注的重點，我們將在一周左右的時間內觀察立法機構如何做出決定。

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，而且你似乎提前完成了計劃。這與 ISD、24 年至 25 年初相比嗎？或者這是否與您目前的離岸風電建設計劃有關。然後，也許您可以提醒我們，在贏得弗吉尼亞近海合約後，今天計劃為該船的未來承包機會做些什麼？

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，根據我們的假設，我將首先討論第二部分。因此，我們對該船在為 CVOW 完成工作後與第三方簽訂合約的能力做出了一些假設，並且考慮到該船所提供的服務的獨特性，我們繼續看到人們對該船的濃厚興趣。因此，我們覺得我們對此做出了合理保守的、而不是過度保守的假設，而這包含在我們在投資者日材料中針對 Dominion Energy 合約能源部門提供的指導中。至於時間表以及這一切意味著什麼，預計該船將在 2024 年末至 2025 年初完成海上試驗，這一點沒有改變。 而且，正如我們在電話會議中討論的那樣，租船合約的終止並不會改變人們對該項目時間表的更廣泛預期。它的作用是讓我們確保能夠按照計劃進行。這使我們有機會在天氣最有利時開始安裝。

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.

這樣我們就不需要第一份租船合同，也不需要花時間在租船之間重新配置船舶裝備以適應我們專案的渦輪機尺寸。因此，如果您認為船舶可用性處於正軌上，這與我們過去的想法一致。只要我們能夠推動這項進程，這對船隻和項目來說都是一件大好事。但我不認為這會將專案的後端引入。我確信在這個過程中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?

只需一個簡單的問題。您是否知道截至目前今年 ATM 機的情況？你們發行了多少股？

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，我們很快就會在這裡實施這項計劃，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 與資料中心之間的聯繫等等。鮑勃，您提到了可調度發電以及潛在的天然氣儲存。您能否稍微說一下—聽起來您可能需要處理一下冬季的緊張症狀？您會投資儲存嗎？那麼我們究竟該如何考慮這些需求呢？

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——我們有幾個相距不遠的大型聯合循環電廠，能夠為這兩個電廠提供一些天然氣液化天然氣儲存。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運作該系統。這就是為什麼我們一直在談論我剛剛描述的儲存以及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.

我們今天早上的下一個問題來自摩根大通的傑里米·託內特 (Jeremy Tonet)。

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?

我是摩根大通的傑里米·托內特 (Jeremy Tonet)。如果可以的話，我想繼續沿著資料中心的思路走下去。我知道這是一個敏感話題。但是，您能否就未簽約的 Millstone 容量以及可能為資料中心供電的情況提供一些看法？與利害關係人的對話進展如何？

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。從我們在 23 年 2 月之前所說的內容來看，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，共同合作在 Millstone 房地產上開發資料中心。他們正在繼續與州政府機構和立法者合作，以獲得推動該計畫進展的批准。如果許可證獲得批准，我們隨時準備好支持該項目，包括提供土地和米爾斯通部分地區電力的長期購電協議（約幾百兆瓦）。

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，我只想指出，我想我們之前已經披露過這一點，我們在財務計劃中沒有對 Millstone Power 設施共置資料中心做出任何假設。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，我會繼續這個思路。我相信維吉尼亞州已經通過了一項立法，可能會收回該州 SMR 開發的一些成本。鑑於[Nicor]提供的全天候基本負載似乎與資料中心的需求非常匹配。只是想知道您對長期潛力有何看法？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。我只是想知道，您可以分享什麼高層次的想法嗎？

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。我認為這項立法證實了維吉尼亞州決策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，多年來經營狀況良好。海軍擁有龐大的核艦隊。許多船隻停靠在維吉尼亞州。核工業的其他部分也在維吉尼亞州設有代表處。因此，我認為這是一個非常積極的信號，該法案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 納入了最後的 IRP 中。我們將繼續探索為客戶部署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，我們需要確保它是客戶友好的，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，正如你所指出的，它們是可調度且無排放的，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的 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，但只是堆砌在資料中心上，只是您在那裡提出的幾條評論。您評論說上升時間一直在加快。能否描述一下事情進展？例如，您今年要連接的 15 個，您預計它們什麼時候能夠達到滿載運行？

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，我認為我們並不清楚這 15 台機器具體要花多長時間才能達到全速運轉。這其實只是一個時間問題，我們過去看到一些企業需要花多少時間才能完全達到他們要求的產能。他們期望能夠以更快的速度發展。但我們還沒有關於今年預計連接的 15 個國家的具體資訊。

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，是否有先例表明以前的資料中心需要多長時間？

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.

我是黛安‧利奧波德 (Diane Leopold)。因此通常情況下，當他們擁有產能時，他們可能會在大約 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更接近 2 至 3 年的週期。

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。然後我想，再更廣泛地討論一下同一個話題。您能否與大家分享一些與資料中心開發商進行評估的過程，以及如何建立合約及其承諾以顯示負載，以及如何適當地重組成本狀況以保護納稅人？

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，這個問題問得很好。我們的資料中心遵循適用於所有大客戶的費率表。這種情況已經持續了一段時間了。如果我們談論對此進行任何變更，則州公司委員會必須做出任何變更——如果我們談論對此進行任何變更，則州公司委員會必須批准任何變更，但目前這還沒有被提出。我們在設計合約結構時，考慮到客戶對合約有最低要求，他們有義務滿足這些要求以彌補我們為他們建造的基礎設施的增量成本。我們已經實施這項措施有一段時間了。

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，謝謝大家。今天上午的電話會議到此結束。您可以斷開您的線路，我們希望您享受剩餘的一天。