道明尼資源 (D) 2024 Q2 法說會逐字稿

Welcome to the Dominion Energy second-quarter earning conference call. (Operator Instructions)

歡迎參加 Dominion Energy 第二季財報電話會議。（操作員說明）

I would now like to turn the call over to David McFarland, Vice President, Investor Relations and Treasurer. Please go ahead.

我現在想將電話轉給投資者關係副總裁兼財務主管 David McFarland。請繼續。

Good morning and thank you for joining today's call. Earnings materials, including today's prepared remarks contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual report 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。我們的非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳（我們可以計算）包含在收益發布工具包中。我鼓勵您造訪我們的投資者關係網站，查看網路廣播幻燈片以及收益發布工具包。

Joining today's call are Bob Blue, Chair, President and Chief Executive Officer; Steven Ridge, Executive Vice President and Chief Financial Officer; and Diane Leopold, Executive Vice President and Chief Operating Officer.

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；以及執行副總裁兼營運長黛安·利奧波德 (Diane Leopold)。

I will now turn the call over to Steven.

我現在會把電話轉給史蒂文。

Thank you, David, and good morning, everyone. I'll start with quarterly results on Slide 3. Second quarter operating earnings were $0.65 per share, which included $0.03 of help from better than normal weather in our utility service areas. Weather-normal operating EPS was $0.62.

謝謝大衛，大家早安。我將從幻燈片 3 上的季度業績開始。第二季營運收益為每股 0.65 美元，其中包括我們公用事業服務區優於正常天氣的 0.03 美元收益。天氣正常時每股收益為 0.62 美元。

Relative to Q2 last year. Positive factors for the quarter included $0.11 from improved weather, $0.10 from regulated investment growth and $0.17 related to Millstone, including $0.13 from the absence of extended duration outages and $0.04 due to higher realized power prices.

相對於去年第二季。本季的正面因素包括天氣改善帶來的0.11 美元、受監管投資成長帶來的0.10 美元以及與Millstone 相關的0.17 美元，其中包括因沒有長時間停電而帶來的0.13 美元以及由於實現電價上漲而帶來的0.04 美元。

Recall that during the second quarter last year, we experienced both planned and unplanned outages at Millstone. The other material factor for the quarter was an $0.08 year over year hurt, associated with the revenue reduction at DEV related to moving certain riders into base rates as a result of legislation that became effective in July of last year. A summary of all drivers for earnings relative to the prior year period is included in Schedule four of the earnings release kit.

回想一下，去年第二季度，我們在 Millstone 經歷了計劃內和計劃外的停電。該季度的另一個重要因素是同比損失 0.08 美元，這與 DEV 的收入減少有關，該減少與去年 7 月生效的立法將某些乘客轉為基本費率有關。收益發布工具包的附表四中包含了與上一年同期相比的所有收益驅動因素的摘要。

Second quarter GAAP results were also $0.65 per share. Adjustments between operating and reported results include the net benefit from discontinued operations, primarily associated with the sale of the gas distribution operations as well as unrealized and noncash market-driven changes in the value of nuclear decommissioning trust funds and economic hedging derivatives. A summary of all adjustments is included in Schedule 2 of the earnings release kit.

第二季 GAAP 業績也為每股 0.65 美元。營運績效與報告績效之間的調整包括已終止營運的淨收益，主要與出售天然氣分銷業務相關，以及核退役信託基金和經濟對沖衍生性商品價值的未實現和非現金市場驅動的變化。所有調整的摘要均包含在收益發布工具包的附表 2 中。

Turning to guidance on slide 4. We're reaffirming all of the financial guidance we provided at our March first investor meeting first, 2024. We continue to expect 2024 operating earnings per share to be between $2.62 and $2.87 with a midpoint of $2.75.

轉向幻燈片 4 上的指示。我們重申我們在 2024 年 3 月第一次投資者會議上提供的所有財務指引。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，中點為 2.75 美元。

Year to date, operating earnings are consistent with the illustrative quarterly earnings cadence ranges that we provided on March first. Looking ahead, we expect that better than normal weather during the first half of July, combined with the $0.03 of weather help in the second quarter will nearly offset the $0.06 of weather hurt we experienced in the first quarter.

年初至今，營業收入與我們 3 月 1 日提供的說明性季度獲利節奏範圍一致。展望未來，我們預計 7 月上半月的天氣會好於正常水平，加上第二季 0.03 美元的天氣幫助，將幾乎抵消我們在第一季度經歷的 0.06 美元的天氣傷害。

During the second half of the year, we expect to see some headwinds from higher than budgeted short-term interest rates and backloaded O&M expense, which puts us on track for the midpoint of our guidance range. A summary of the year-over-year drivers and illustrative EPS cadence for the third and fourth quarters is replicated from our March first meeting in today's appendix.

今年下半年，我們預計會看到高於預算的短期利率和積壓的營運和維護費用帶來的一些阻力，這使我們有望達到指導範圍的中點。第三季和第四季的同比驅動因素和說明性每股盈餘節奏的摘要複製自我們今天附錄中的 3 月第一次會議。

Turning to 2025 through 2029, we are reaffirming our guidance for 2025 operating earnings per share of between $3.25 and $3.54, inclusive of approximately $0.10 of RNG 45Z credit income with a midpoint of $3.40. We also continue to forecast operating earnings annual growth rate range of 5% to 7% through 2029 of a midpoint of $3.30, which excludes the impact of the RNG 45Z credits.

展望 2025 年至 2029 年，我們重申 2025 年每股營業收益在 3.25 美元至 3.54 美元之間的指導，其中包括約 0.10 美元的 RNG 45Z 信貸收入，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，中點為 3.30 美元，其中不包括 RNG 45Z 積分的影響。

As a reminder, we continue to expect to see variation within our annual 5% to 7% growth range as a result of the Millstone refueling cadence, which requires a second plant outage once every third year. As it relates to 2025 specifically, earlier this week, PJM published the clearing prices in the 2025, 2026, planning your base residual auction. Elevated capacity prices at the RTO and DOM zone affirm what we've been saying for the last several years, that robust investment in an all of the above generation resources and new transmission infrastructure is critical to reliably serve the growing needs of our customers in Virginia.

提醒一下，由於 Millstone 加油節奏（要求每三年進行一次第二次工廠停駛），我們仍然預計年增長率將在 5% 至 7% 之間。由於與 2025 年特別相關，本週早些時候，PJM 公佈了 2025 年、2026 年的清算價格，規劃了您的基本剩餘拍賣。RTO 和 DOM 區域容量價格的上漲證實了我們過去幾年一直在說的，即對上述所有發電資源和新輸電基礎設施的大力投資對於可靠地滿足弗吉尼亞州客戶不斷增長的需求至關重要。

As a vertically integrated utility, we have a natural hedge in that the capacity purchases to serve our load are mostly offset by the capacity revenue our own generation receives. As a result, customers do not have material exposure to the outcome of the capacity market and therefore higher prices do not automatically translate into higher customer costs.

作為一家垂直整合的公用事業公司，我們有一個天然的對沖手段，即為滿足我們的負載而購買的容量大部分被我們自己發電所獲得的容量收入所抵消。因此，客戶對容量市場的結果沒有重大影響，因此更高的價格不會自動轉化為更高的客戶成本。

At the time of our most recent biannual rate review, net capacity expense represented only about 1% of customer bills. Since then, we've seen a variety of actual and potential bill drivers like the elimination of the [RGGI] rider that have the potential to significantly mitigate any net effect of higher capacity expense on customer bills.

在我們最近一次一年兩次的費率審查時，淨容量費用僅佔客戶帳單的 1% 左右。從那時起，我們看到了各種實際和潛在的帳單驅動因素，例如消除 [RGGI] 附加條款，有可能大幅減輕更高容量費用對客戶帳單的淨影響。

And remember, currently, these rates are approximately 22% below the national average. We'll have a holistic view of customer bill impacts when we file our next biennial case next March with rates effective by the end of the year. Until those new rates become effective and as a result of a small, short generation position, we expect the impact from higher capacity prices in the second half of 2025 relative to our prior assumptions to be about a $0.04 headwind in 2025, which we fully expect to overcome.

請記住，目前這些比率比全國平均值低約 22%。當我們明年三月提交下一個兩年一次的案例時，我們將全面了解客戶帳單的影響，費率將於年底生效。在這些新費率生效之前，並且由於發電頭寸較小且短期，我們預計 2025 年下半年容量價格上漲相對於我們先前的假設的影響將在 2025 年產生約 0.04 美元的逆風，我們完全預期這一點去克服。

That's a temporary impact. But big picture, this is a clear and forceful signal of the continued need for robust levels and investment in our system for many years to come. Finally, and for the avoidance of doubt, no changes to any of the financial guidance we provided on March first, including earnings, credit and dividend guidance.

這只是暫時的影響。但從大局來看，這是一個明確而有力的信號，表明我們的系統在未來許多年仍需要強勁的水平和投資。最後，為避免疑義，我們在 3 月 1 日提供的任何財務指引均沒有變化，包括收益、信用和股利指引。

Turning now to a status update on our business reviewed debt reduction 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, East Ohio Gas, Quest Star Gas and Wexpro sale and completion of the DEV fuel securitization. We've now achieved 72% of our business review target.

現在轉向我們業務審查的債務削減舉措的最新狀態，如幻燈片 5 所示。在審查期間，隨著 Cove Point、East Ohio Gas、Quest Star Gas 和 Wexpro 的出售以及 DEV 燃料證券化的完成，我們宣布了相當於減少約 210 億美元債務的交易。我們現在已經實現了 72% 的業務審查目標。

We're making excellent progress towards timely closing of the two remaining debt reduction initiatives, the sale of public service company in North Carolina to Enbridge and the non-controlling equity financing by Stonepeak in the Coastal Virginia offshore wind project.

我們在及時完成剩餘兩項債務削減計劃方面取得了巨大進展，即向 Enbridge 出售北卡羅來納州公共服務公司，以及 Stonepeak 在弗吉尼亞海岸海上風電項目中的非控股股權融資。

Let me provide a little more color about what to expect here, as it relates to PSNC, all parties reached a comprehensive settlement in late May, followed by an evidentiary hearing on June 11, on July 24, the joint proposed order was filed with the Commission representing the final procedural step. We expect a final commission order during the third quarter with closing to follow shortly thereafter.

讓我提供更多關於這裡的預期的信息，因為它與PSNC 有關，各方在5 月底達成了全面和解，隨後於6 月11 日舉行了證據聽證會，7 月24 日，聯合提議的命令已提交給代表最後程序步驟的委員會。我們預計最終的佣金訂單將在第三季完成，隨後不久將完成交割。

And as it relates to CVOW, we received Affiliates Act approval, representing the first of two required Virginia approvals from the State Corporation Commission on June 26. Last week, SEC staff filed their comments on the Transfer's Act and financing partner petition, the second of two required Virginia approvals. No other parties filed comments, and we consider the staff comments to be constructive. A hearing is scheduled for August 27, and we expect the final order later this year.

就 CVOW 而言，我們獲得了《附屬機構法》批准，這是 6 月 26 日獲得弗吉尼亞州公司委員會所需的兩項批准中的第一項。上週，美國證券交易委員會工作人員就《轉讓法案》和融資合作夥伴請願書提交了評論，這是維吉尼亞州需要批准的兩項申請中的第二項。沒有其他方提出評論，我們認為工作人員的評論是建設性的。聽證會定於 8 月 27 日舉行，我們預計最終命令將在今年稍後發布。

In North Carolina, the financing requires affiliates agreement approval. This week, the NCUC public staff were the only party to file comments and we consider their comments to be constructive. Next steps will be commissioned hearings, if requested, followed by a commission order. We continue to expect the CVOW financing partnership to be completed by the end of the year, and we look forward to continuing to work with all parties involved.

在北卡羅來納州，融資需要附屬公司協議的批准。本週，NCUC 公共工作人員是唯一提出評論的一方，我們認為他們的評論是建設性的。下一步將根據要求進行委託聽證會，然後發布委託令。我們仍然預計 CVOW 融資合作夥伴關係將在今年年底前完成，並期待繼續與所有相關方合作。

Turning to financing on Slide 6. Since our last call, we successfully issued $2 billion in enhanced junior subordinated notes. These tax-deductible securities received 50% equity credit from the credit rating agencies. We've also issued approximately $400 million of equity under our ATM program, representing 80% of the midpoint of our annual guidance, as well as roughly $100 million under our DRIP programs.

轉向投影片 6 上的融資。自上次電話會議以來，我們成功發行了 20 億美元的增強型初級次級票據。這些免稅證券從信用評級機構獲得了50%的股權信用。我們還根據 ATM 計劃發行了約 4 億美元的股票，占我們年度指導中位數的 80%，並根據 DRIP 計劃發行了約 1 億美元。

Consistent with our prior guidance during the remainder of the year, we'll complete ATM and DRIP issuance, complete a final long-term debt issuance at DEV, and utilized proceeds from the closings of the PSNC sale and the CVOW partnership financing to further reduce debt and lower interest expense.

根據我們在今年剩餘時間內的先前指導，我們將完成 ATM 和 DRIP 發行，完成 DEV 的最終長期債務發行，並利用 PSNC 銷售和 CVOW 合作夥伴融資完成的收益來進一步減少債務和較低的利息支出。

In conclusion, I'll reiterate that I am 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。

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

然後，我會將電話轉給鮑伯。

Thank you, 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 half of the year was 0.38, reflecting the continued positive trend from the last two years. That's a good start, but safety is much more than just a number on a page. It's our first core value and represents the well-being of our people. Our focus continues to be on driving workplace injuries to zero.

謝謝你，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，上半年我們的員工 OSHA 傷害可記錄率為 0.38，反映出過去兩年持續的正面趨勢。這是一個好的開始，但安全不僅僅是頁面上的數字。這是我們的首要核心價值觀，代表著我們員工的福祉。我們的重點仍然是推動工作場所傷害為零。

Moving now to CVOW, the project is proceeding on time and on budget, consistent with the time lines and estimates previously provided. Let me start by highlighting the exciting progress we've made on monopile installation.

現在轉向 CVOW，該專案正在按時、按預算進行，與先前提供的時間表和估算一致。首先讓我強調一下我們在單樁安裝方面取得的令人興奮的進展。

Thus far, we've taken receipt of 72 monopiles at the Portsmouth Marine terminal, representing 40% of the project total. Our partner, EEW continues to make excellent progress, and we expect deliveries to continue steadily in coming weeks. As shown on Slide 8, we began monopile installation using DEME's heavy crane vessel the ORION on May 22. As of yesterday, we successfully installed 42 monopiles.

到目前為止，我們已在朴茨茅斯海運碼頭收到 72 個單樁，佔項目總數的 40%。我們的合作夥伴 EEW 繼續取得出色進展，我們預計未來幾週交付將繼續穩定。如投影片 8 所示，我們於 5 月 22 日開始使用 DEME 的重型起重船 ORION 進行單樁安裝。截至昨天，我們已成功安裝了 42 個單樁。

After a start-up period, during which we successfully calibrated our sound verification process in accordance with our permits, we've been able to ramp the installation rate markedly including achieving two monopile installations in a single day on July 21 and again on July 28.

經過啟動期後，我們根據許可證成功校準了聲音驗證流程，從而顯著提高了安裝率，包括在 7 月 21 日和 7 月 28 日的一天內完成了兩個單樁安裝。

Last week, the project welcomed a second bubble curtain vessel, an important ancillary installation vessel. A bubble curtain is deployed around the pile driving site during every monopile installation as depicted on Slide 9. The second vessel will effectively reduce time between installations.

上週，該計畫迎來了第二艘氣泡幕船，這是一輛重要的配套安裝船。在每次單樁安裝期間，在打樁現場周圍部署氣泡幕，如投影片 9 所示。第二艘船將有效減少安裝之間的時間。

In summary, we're confidently on our way to achieving our goal of 70 to 100 monopiles installed during the first of two planned installation seasons. In another important milestone, installation of scour protection for the monopiles began in June. We've started work on 23 monopiles to date, which is consistent with the final project schedule.

總之，我們有信心實現在兩個計劃安裝季節的第一個安裝 70 至 100 個單樁的目標。另一個重要的里程碑是，單樁的沖刷防護裝置於六月開始安裝。迄今為止，我們已開始建造 23 個單樁，這與最終的專案進度一致。

Turning now to Slide 10 for a few additional updates. On permits, we have received all federal permits, this is unchanged. On materials and equipment, we're on track and making excellent progress. Two of three offshore substation topside structures have been completed and delivered to Semco and Denmark for outfitting, 33 Transition pieces have been fully fabricated and 15 have been delivered to the Portsmouth Marine Terminal.

現在轉向投影片 10，了解一些其他更新。在許可證方面，我們已獲得所有聯邦許可證，這一點沒有變化。在材料和設備方面，我們步入正軌並取得了巨大進展。三個海上變電站上部結構中的兩個已完工並交付給 Semco 和丹麥進行舾裝，33 個過渡件已完全製造完畢，15 個已交付給朴茨茅斯海運碼頭。

All 161 miles of onshore underground cable has been manufactured and about half of the 600 miles of offshore cable has been produced. In fact, we expect to begin installing the export cable later this quarter. Scheduled for the manufacturing of our turbines remains on track. Fabrication of the towers for our turbines began in June. It's worth noting that even though we won't begin turbine installation until 2025 per our schedule.

161 英里的陸上地下電纜已全部生產完畢，600 英里海上電纜的約一半也已生產。事實上，我們預計將在本季稍後開始安裝出口電纜。我們渦輪機的製造計劃仍在按計劃進行。我們的渦輪機塔架於六月開始製造。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。

DMA recently finished supporting a monopile installation campaign for Moore West. A project off the coast of Scotland that has now successfully installed the same Siemens Gamesa wind turbine model that CVOW will use. Roughly half of the turbines have been installed and the first turbines are already producing power. The lessons learned from that project will benefit our project installation in the future.

DMA 最近完成了對 Moore West 的單樁安裝活動的支援。蘇格蘭海岸附近的一個專案現已成功安裝了 CVOW 將使用的相同西門子歌美颯風力渦輪機型號。大約一半的渦輪機已經安裝完畢，第一批渦輪機已經開始發電。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 to support overhead lines, horizontal directional drills, and duct bank to support the underground work and boards where the export cables come ashore. On regulatory, last November, we made our 2023 rider filing, representing $486 million of annual revenue and the final order was received on July 25, approving our revenue request.

搬上岸。施工活動仍在按計劃進行，包括支援架空線路的土木工程、水平定向鑽、以及支援地下工程和輸出電纜上岸的板的管道組。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，最終訂單於 7 月 25 日收到，批准了我們的收入請求。

Turning to Slide 11. The project's expected LCOE is unchanged at $73 per megawatt hour. Project to date, we've invested approximately $4.5 billion and remain on target to spend approximately $6 billion by year-end 2024. Per the quarterly update filing today, current unused contingency is $143 million compared to $284 million last quarter. Use of this contingency is as expected. I'd just note that the current unused contingency as a percentage of the remaining project costs at 3% is equal to the same percentage at the time of the original filing in November 2021, despite being some 33 months further along with the project.

轉到投影片 11。該專案的預期 LCOE 保持在每兆瓦時 73 美元不變。迄今為止，我們已投資約 45 億美元，並繼續實現 2024 年底支出約 60 億美元的目標。根據今天提交的季度更新文件，目前未使用的緊急費用為 1.43 億美元，而上季為 2.84 億美元。這種應急措施的使用正如預期的那樣。我只是想指出，目前未使用的應急費用佔剩餘項目成本的 3%，與 2021 年 11 月最初提交時的百分比相同，儘管該項目已經進行了大約 33 個月。

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.

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 33% complete, and we've highlighted the remaining major milestones on Slide 12. Let me now provide a few updates on Charybdis. Since May, we've installed the main crane structures and the Helideck structure as shown on Slide 13. And the upper leg construction continues on track. We've commenced the main engine load testing, which is on track. In the coming weeks, we will perform main crane load testing.

最後，該專案目前已完成 33%，我們在幻燈片 12 上強調了剩餘的主要里程碑。現在讓我提供一些關於卡律布狄斯的最新情況。自 5 月以來，我們已經安裝了主要起重機結構和直升機甲板結構，如幻燈片 13 所示。大腿建設繼續按計劃進行。我們已經開始了主機負載測試，一切都很順利。在接下來的幾週內，我們將進行主起重機負載測試。

Turning to Slide 14. The vessel is currently 89% complete, up from 85% as of our last update. There's no change to the expected delivery time frame of late 2024 or early 2025, which will be marked by the successful completion of sea trials, after which the vessel will return to port for additional work that will allow it to hold the turbine towers, blades and the cells. There's no change to the vessel's expected availability to support the current CVOW construction schedule, which we anticipate will start in the third quarter next year.

轉到投影片 14。該船目前已完成 89%，高於我們上次更新時的 85%。預計 2024 年底或 2025 年初的交付時間沒有變化，這將以成功完成海上試驗為標誌，之後該船將返回港口進行額外工作，以使其能夠容納渦輪機塔架、葉片和細胞。該船支援當前 CVOW 建造計劃的預期可用性沒有變化，我們預計建造計劃將於明年第三季開始。

As reflected in today's materials, we've updated the project's current estimated costs, including financing costs to $715 million, compared to $625 million last quarter. The drivers for the increased costs are modifications to accommodate project-specific turbine loads based on final certified weights and dimensions of the equipment and additional financing costs. The modifications will enable Charybdis to handle the latest technology turbine design.

正如今天的材料所反映的，我們已將該項目當前的估計成本（包括融資成本）更新為 7.15 億美元，而上季度為 6.25 億美元。成本增加的驅動因素是根據最終認證的設備重量和尺寸以及額外的融資成本進行修改，以適應專案特定的渦輪機負載。這些修改將使 Charybdis 能夠處理最新技術的渦輪機設計。

Charybdis is vital not only to CVOW, but also to the growth of the offshore wind industry along the US 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 in use of the vessel after the CVOW commercial project is complete.

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，成為國內供應鏈持續發展的關鍵。CVOW 商業項目完成後，我們繼續看到對船的使用產生濃厚興趣。

Let's turn to South Carolina on Slide 15. On July 12, we along with the office of regulatory staff and other interveners submitted a comprehensive settlement agreement in our pending electric rate case for approval by the Public Service Commission of South Carolina. The settlement includes all parties signing on or not opposing and reflects the strong collaboration throughout the process.

讓我們轉向幻燈片 15 上的南卡羅來納州。7 月 12 日，我們與監管人員辦公室和其他幹預者就我們懸而未決的電費案件提交了一份全面和解協議，以供南卡羅來納州公共服務委員會批准。和解協議包括所有各方簽署或不反對的協議，體現了整個過程中的強有力的合作。

The settlement is premised on a 9.94% allowed ROE and a 52.51% equity capital structure, compared to rates at the time of our original request in March and offset by the fuel reduction and other factors, the settlement's rate request would represent a net 1% increase for residential customers' electric rate. If approved, new rates will go into effect September first. We look forward to further collaboration with stakeholders in South Carolina.

和解的前提是允許的ROE 為9.94%，股權資本結構為52.51%，與我們3 月份最初請求時的費率相比，並被燃油減少和其他因素所抵消，和解的費率請求將代表淨1%提高住宅用戶的電價。如果獲得批准，新費率將於 9 月 1 日生效。我們期待與南卡羅來納州的利益相關者進一步合作。

Moving now to data centers on Slide 16. As I've said before, 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. This growth has been recognized by third parties.

現在轉到投影片 16 上的資料中心。正如我之前所說，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。這一增長得到了第三方的認可。

As just one example, Virginia was recently named America's top state for business in 2024. This was Virginia's record sixth time at the top of CNBC's rankings and its third win in five years, a record unmatched by any other state since the study began in 2007.

舉一個例子，維吉尼亞州最近被評為 2024 年美國商業最佳州。這是維吉尼亞州第六次登上 CNBC 排行榜榜首，也是五年內第三次奪冠，這是自 2007 年開始這項研究以來任何其他州都無法比擬的記錄。

For full-year 2024, we expect DEV sales growth to be between 4.5% to 5.5%, driven by economic growth, electrification and accelerating data center expansion. It's worth noting that in July, we registered six new all-time peak demand records and just as we expect, our customers likely had no idea of these demanding load conditions given the high-quality operational performance delivered by our colleagues.

2024 年全年，在經濟成長、電氣化和資料中心加速擴張的推動下，我們預計 DEV 銷售成長將在 4.5% 至 5.5% 之間。值得注意的是，7 月份，我們創下了六項新的歷史高峰需求記錄，正如我們所預期的那樣，鑑於我們同事提供的高品質營運效能，我們的客戶可能不知道這些苛刻的負載條件。

The data center industry continues to grow in Virginia. We've connected nine new data centers year-to-date through July, consistent with our expectations to connect 15 data centers in 2024. Since 2013, we've averaged around 15 data center connections per year. However, growth is accelerating in orders of magnitude, driven by the number of requests, the size of each facility and the acceleration of each facility's ramp schedule to reach full capacity.

維吉尼亞州的資料中心產業持續成長。今年迄今為止，截至 7 月，我們已經連接了 9 個新資料中心，這與我們在 2024 年連接 15 個資料中心的預期一致。自 2013 年以來，我們平均每年有大約 15 個資料中心連線。然而，在請求數量、每個設施的規模以及每個設施達到滿載的斜坡計劃加速的推動下，增長正在以數量級加速。

We're taking the steps necessary to ensure our system remains resilient and reliable. We had accelerated plans for new 500kv transmission lines and other infrastructure in Northern Virginia, and that remains on track. We were awarded over 150 electric transmission projects totaling $2.5 billion during the PJM open window last December.

我們正在採取必要的措施來確保我們的系統保持彈性和可靠性。我們加快了在北維吉尼亞州新建 500kv 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，我們獲得了超過 150 個電力傳輸項目，總價值達 25 億美元。

PJM's latest open window, which commenced on July 15 is anticipated to be equal to or greater in investment needs as the RTO looks to accommodate data center growth both in Northern Virginia and beyond with additional transmission upgrades.

PJM 於 7 月 15 日開始的最新開放窗口預計將等於或大於投資需求，因為 RTO 希望透過額外的傳輸升級來適應維吉尼亞州北部及其他地區的資料中心成長。

We're working expeditiously with PJM, the SCC, local officials and other stakeholders to fast-track 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.

我們正在與 PJM、SCC、當地官員和其他利益相關者迅速合作，以快速推進關鍵項目。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。

To that end, in June, we filed a petition with the SEC to construct and operate a backup fuel source for Brunswick and Greensville power stations to support operations and improve system reliability.

為此，我們在 6 月向 SEC 提交了一份請願書，要求為不倫瑞克和格林斯維爾發電站建造和運營備用燃料源，以支持運營並提高系統可靠性。

Additionally, in July, we announced the acquisition of an additional offshore wind leasehold in North Carolina from Avangrid, which we view as an attractive option for future regulated offshore wind development, as well as a request for proposals to evaluate feasibility of development of small modular reactors at our North Anna site. These projects reflect an all-of-the-above approach to meet growing demand.

此外，7月，我們宣布從Avangrid 收購北卡羅來納州的額外離岸風電租賃權，我們認為這是未來受監管的離岸風電開發的一個有吸引力的選擇，並徵求建議書來評估小型模組化開發的可行性我們北安娜工廠的反應爐。這些項目反映了滿足不斷增長的需求的所有上述方法。

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. Given these drivers, we continue to believe there may be opportunities for incremental regulated capital investment toward the back end of our plan and beyond.

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礎成長。考慮到這些驅動因素，我們仍然相信，在我們的計畫後期及以後，可能存在增量監管資本投資的機會。

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. Looking forward, we'll file a new IRP in October. Last year's 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 annual growth in the customer bill below 3%.

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。展望未來，我們將在 10 月提交新的 IRP。去年的 IRP 考慮了未來 15 年負載的顯著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年增長率保持在 3% 以下。

The most recent PJM DOM zone load projections as shown on Slide 17, which were only modestly different than last year's, along with our work to optimize the best ways to meet this load will be factored into our planning for this year's IRP.

最新的 PJM DOM 區域負載預測（如幻燈片 17 所示）與去年的略有不同，以及我們優化滿足此負載的最佳方法的工作將納入我們今年的 IRP 規劃中。

Before I summarize our remarks, let me touch on data center cost allocation on Slide 18, which has been a topic of investor interest. We routinely examine cost allocations and the corresponding rate designs to ensure they're fair and reasonable. Distribution and generation rates are reviewed by the SCC every two years and with our next biennial review in 2025. Transmission rates on the other hand are reviewed by the SCC every year during our rider T1 proceeding.

在總結我們的發言之前，讓我先談談投影片 18 上的資料中心成本分配，這一直是投資人感興趣的話題。我們定期檢查成本分配和相應的費率設計，以確保其公平合理。SCC 每兩年審查一次配電和發電率，下一次審查將於 2025 年進行。另一方面，SCC 每年在我們的車手 T1 程序中都會審查傳輸率。

In both proceedings, if the cost of serving one or more customer classes has changed over time, then costs are reallocated to ensure each customer class is paying their fair share. If the cost of serving one customer class has increased, for example, then their cost allocation will increase and the cost allocation for all other customers will decrease.

在這兩個程序中，如果服務一個或多個客戶類別的成本隨著時間的推移而變化，則重新分配成本以確保每個客戶類別支付其公平份額。例如，如果服務某一類客戶的成本增加，那麼他們的成本分配將會增加，而所有其他客戶的成本分配將會減少。

The most important example in recent years has been the significant reallocation of transmission costs from residential customers on to larger energy users such as data centers. Since 2020, residential customers' allocation of transmission cost has declined by 10%. While GS4, our largest energy usage customer class has increased by 9%. This reflects the growing share of our system that is made up of data centers, along with a shift in how we allocate transmission costs among the classes.

近年來最重要的例子是傳輸成本從住宅客戶到資料中心等大型能源用戶的大幅重新分配。自2020年以來，居民用戶分配的傳輸成本下降了10%。而我們最大的能源使用客戶類別 GS4 則增加了 9%。這反映出我們的系統中由資料中心組成的份額越來越大，以及我們在各個類別之間分配傳輸成本的方式的轉變。

We've also adopted other rate mechanisms in recent years that combined with regular and routine assessment of cost allocation and rate design ensure costs are shared equitably across rate classes. We have a long and exciting history of working with data center customers, and we look forward to supporting all of our customers going forward.

近年來，我們也採用了其他費率機制，結合定期和例行的成本分配評估和費率設計，確保成本在費率類別之間公平分攤。我們與資料中心客戶有著悠久而令人興奮的合作歷史，我們期待為所有客戶提供支援。

With that, let me summarize our remarks on Slide 19. Our safety performance this quarter was outstanding, but there's more work to do to drive injuries to zero. We reaffirmed our 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，讓我總結一下我們對投影片 19 的評論。我們本季的安全表現非常出色，但要讓傷害為零，還有更多工作要做。我們重申了我們的財務指引。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。我們 100% 專注於執行。我們知道我們必須交付，而且我們會的。

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)

（操作員說明）

Constantine Lednev, Guggenheim Partners.

康斯坦丁·萊德涅夫，古根漢合夥人。

Yes, hi, good morning team. Thanks for taking my questions.

是的，嗨，早安，團隊。感謝您回答我的問題。

Good morning.

早安.

Starting off on the offshore progress, it's definitely been the strong progress there on the pile driving season. It looks like you've been able to hit that two monopiles per day target. Could we see you exceed the top end of the 70 to 100 target range for the year and maybe any remaining hurdles that we should think about?

從海上進展開始，打樁季節的進展絕對是強勁的。看起來您已經能夠實現每天兩個單樁的目標。我們能否看到您超出了今年 70 至 100 目標範圍的上限，以及我們應該考慮的任何剩餘障礙？

Hi, good morning. This is Diane Leopold. Yes, we are excited that we've been able to hit the two and the second vessel that we have will keep us in production mode for longer into this season. We're kind of right in peak season right now as the weather starts to change a little bit.

嗨，早安。這是黛安·利奧波德。是的，我們很高興我們能夠擊中這兩艘船，我們擁有的第二艘船將使我們在本賽季更長時間地處於生產模式。我們現在正處於旺季，天氣開始發生一些變化。

We may not be able to keep hitting to quite as often. So we feel really confident in the 70 to 100 and just also keep in mind that during this season, we want to put in at least enough pin piles to be able to set one of the offshore substations.

我們可能無法保持那麼頻繁的打擊。因此，我們對 70 到 100 個非常有信心，並且還要記住，在這個季節，我們希望至少放置足夠的針樁，以便能夠設置一個海上變電站。

So we have to take that into account. So overall, I would say the team, both our own internal team and the DEME team is doing a fantastic job and that 70 to 100 is a great range. We're very confident in it.

所以我們必須考慮到這一點。總的來說，我想說我們的內部團隊和 DEME 團隊都做得非常出色，70 到 100 是一個很大的範圍。我們對此非常有信心。

Okay. Thanks for that. And you touched on this on the resource adequacy side. We obviously saw the Dominion zone breakout significantly earlier this week. Can you speak to how your capacity plans are evolving as it relates to the forthcoming IRP? And maybe are you looking for more Chesterfield style gas projects at this point?

好的。謝謝你。您談到了資源充足性方面的問題。本週早些時候，我們顯然看到了統治區域的顯著突破。您能否談談您的產能計劃與即將到來的 IRP 相關的進展如何？也許您現在正在尋找更多切斯特菲爾德風格的天然氣項目？

Yeah, Constantine. When we think about our plans going forward, we gave our five-year capital plan at the investor day in March, and we'll update that annually. That's our expectation. And then, we'll file our IRP in the fall. We update that annually as well. And that takes a longer-term view.

是的，康斯坦丁。當我們考慮未來的計劃時，我們在三月的投資者日給出了五年資本計劃，我們將每年更新一次。這是我們的期望。然後，我們將在秋季提交 IRP。我們也每年更新一次。這需要更長遠的眼光。

But when we think about demand growth, we saw a big jump as the slide demonstrates with PJM between their '22 and '23 forecast, a little more modest, much more modest increase from '23 to '24. So as we described in the prepared remarks, sure there may be some opportunities toward the back end of the plan to increase capex and lots of data points indicating that we need generation in which we've been saying for some time, both renewable and dispatchable in our service territory here in Virginia.

但當我們考慮需求成長時，我們看到了一個巨大的跳躍，正如幻燈片所示，PJM 在 22 年和 23 年的預測之間，從 23 年到 24 年的增長幅度要小得多。因此，正如我們在準備好的評論中所描述的那樣，當然，計劃的後端可能有一些機會增加資本支出，並且大量數據點表明我們需要一段時間以來我們一直在說的可再生和可調度的發電。

So we'll update the capital plan next year. We'll have an updated IRP based upon the PJM forecast, which was not hugely different than last year's, and we'll remain very focused on making sure that we're able to meet demand for our customers. This is a really exciting time has been in Virginia. We're very excited to help keep the state number one for business going forward and that will require investment in distribution, transmission and generation as outlined in the plans we've put forward.

所以我們明年將更新資本計畫。我們將根據 PJM 預測更新 IRP，這與去年沒有太大不同，我們將繼續非常專注於確保能夠滿足客戶的需求。這是弗吉尼亞州非常激動人心的時刻。我們非常高興能夠幫助該州保持第一的商業發展，這將需要對配電、輸電和發電進行投資，正如我們提出的計劃中概述的那樣。

Excellent. Really appreciate the details there. I'll be jumping back in queue. Thanks so much.

出色的。真的很欣賞那裡的細節。我會插回隊列。非常感謝。

Nick Campanella, Barclay.

尼克·坎帕內拉，巴克萊。

Hey, thanks for taking the time. And hope you having a good summer. I just wanted to follow-up on the auction comments just because I know you went through those pretty quickly. So your short generation for next year, that's a $0.04 impact. What does that look like as you get into '26? Like do you have additional generation coming online?

嘿，謝謝您抽出時間。希望你有個愉快的夏天。我只是想跟進拍賣評論，因為我知道您很快就瀏覽了這些評論。因此，明年的短期發電會產生 0.04 美元的影響。當你進入 26 年後，情況會是什麼樣子？就像你有更多的一代上線嗎？

I'm just kind of trying to think that if things continue to be really kind of tight here for '26, '27, does that $0.04 continue? And can you just kind of expand on like the mechanism and what differs the VIU vertically integrated model versus T&Ds and why you have this kind of dynamic going on? Thank you.

我只是想，如果 26 年、27 年情況繼續非常緊張，那麼 0.04 美元還會繼續嗎？您能否詳細介紹一下這種機制，以及 VIU 垂直整合模型與 T&D 有何不同，以及為什麼會出現這種動態？謝謝。

Yeah. Nick, I'll take it. So as I mentioned, we've got a natural hedge, which is the generation we own is bidding into the capacity market and receiving the elevated price or we'll receive the elevated price you saw clear. So that revenue credits to customers. Simultaneously, we have an obligation as a load serving entity to also go out and procure enough capacity to sort of satisfy our load and that we'll be paying that high price as well.

是的。尼克，我會接受的。正如我所提到的，我們有一個自然對沖，即我們擁有的一代正在競價進入容量市場並獲得更高的價格，否則我們將獲得您清楚看到的高價。使收入歸入客戶。同時，作為負載服務實體，我們有義務出去購買足夠的容量來滿足我們的負載，我們也將支付如此高的價格。

So naturally, we have the hedge of effectively receiving revenue at the same time as we're outlaying expense. The reason we have a small hurt in the second half of '25 related to this is because we do have a short position between the organic generation that we own and bid into the market versus the load and we typically satisfy that through imports from PJM, and that's not news. And that short positions anywhere between 2,000 and 3,000 megawatts.

因此，很自然地，我們可以在支出費用的同時有效地獲得收入。我們在 25 年下半年受到與此相關的小傷害的原因是，我們擁有並競標進入市場的有機發電與負荷之間確實存在空頭頭寸，我們通常通過從 PJM 進口來滿足這一點，這不是什麼新聞了。空頭部位在 2,000 到 3,000 兆瓦之間。

Going forward, the reason it's leakage, so to speak is because we're in between rate cases. And we weren't able to, because of the timing of this auction, in particular, we weren't able to include the expected cost in the cost of service that we filed as part of the last biennial, and we can't change rates until the end of 2025. So for six months, or it's I guess seven months starts in June.

展望未來，可以說，洩漏的原因是因為我們處於兩種情況之間。我們無法做到這一點，特別是由於這次拍賣的時間安排，我們無法將預期成本納入我們作為上一兩年期的一部分提交的服務成本中，而且我們無法更改費率直至 2025 年底。所以六個月，或者我猜是七個月，從六月開始。

For seven months, we will bear the cost effectively of that leakage. But then it will go into rates and rates will be effective. Capacity is part of base rates. It's a prudently incurred cost. It's recoverable from customers, and that's why we shared some comments on the potential impact on customers.

在七個月內，我們將有效地承擔洩漏的成本。但隨後它將進入費率，並且費率將有效。容量是基本費率的一部分。這是一個謹慎產生的成本。它可以從客戶那裡恢復，這就是為什麼我們分享了一些關於對客戶的潛在影響的評論。

So this is a very, very temporary. It's driven partly by the fact that we were not in a position to increase rates as part of the most recent biennial settlement. It has to do with the timing of this particular auction. And going forward, we fully expect to be able to recover 100% of this leakage in our rates from customers.

所以這是一個非常非常暫時的情況。造成這種情況的部分原因是，作為最近兩年期結算的一部分，我們無法提高利率。這與這次特定拍賣的時間有關。展望未來，我們完全期望能夠從客戶那裡 100% 彌補我們的費率洩漏。

So that's why it's temporary. And that's why we kind of said we wanted to be transparent with folks to say, Hey, here's the math. Here's out works. Here's what it is. But also point to that being temporary bigger picture, as was alluded to in the last question, this is a consistent signal of what we've been saying of the need for incremental regulated investment will help elongate our growth rate over a longer period of time as we put more and more capital to work on our system.

所以這就是為什麼它是暫時的。這就是為什麼我們說我們希望對人們保持透明，說，嘿，這是數學。這是作品。這就是它是什麼。但也要指出，正如上一個問題所提到的，這是暫時的更大的圖景，這是我們一直在說的需要增量監管投資的一致信號，這將有助於在更長的時間內延長我們的成長率隨著我們投入越來越多的資金來開發我們的系統。

So that's why we've got this natural hedge, that's what's different between the vertically integrated and to the extent that the short position persists, which it will for some period of time, we'll have offshore wind come in, we'll have the Chesterfield CTs come in. But demand is growing. So as that persists, we'll think about ways to become effectively self-sufficient as we have been in the past as we catch up on demand. But from a financial impact, it truly is just a temporary item.

這就是為什麼我們有這種自然對沖，這就是垂直整合和空頭頭寸持續存在之間的不同之處，這將持續一段時間，我們將有海上風電進來，我們將有切斯特菲爾德 CT 登場。但需求正在成長。因此，隨著這種情況持續存在，我們將考慮如何像過去一樣，在滿足需求的同時實現有效的自給自足。但從財務影響來看，這確實只是一個臨時專案。

Okay. That's super helpful. I really appreciate it. Thanks for that color. On the Charybdis shift, you're 90% complete or 89% complete, costs are up $90 million. Can you just quickly speak to what's driving that and why this is really should be the last revision there? Thank you.

好的。這非常有幫助。我真的很感激。謝謝那個顏色。Charybdis 班次已完成 90% 或 89%，成本增加了 9,000 萬美元。您能否快速談談是什麼推動了這一點，以及為什麼這確實應該是最後一次修訂？謝謝。

Sure. Good morning. Diane again. So as Bob talked about, these modifications, it really wasn't any change to the base ship, those costs did not increase. But these types of modifications just aren't unusual or not unusual. We had to order the ship long before the final turbine design was complete for our project.

當然。早安.又是黛安。正如鮑伯所說，這些修改實際上並沒有對母艦進行任何改變，這些成本並沒有增加。但這些類型的修改並不罕見或並不罕見。早在我們專案的最終渦輪機設計完成之前，我們就必須訂購這艘船。

So based on the final loadings, there's some additional DESC destining and hell reinforcement for the towers and to support the cantilever blade rocks. So that's really what's driving it. It's not any kind of scope change in the ship. It's just some of these normal modifications. So we're doing a lot of those.

因此，根據最終載荷，需要對塔進行一些額外的 DESC 目的地和地獄加固，並支撐懸臂葉片岩石。所以這才是真正的推手。這不是船上任何類型的範圍變化。這只是一些正常的修改。所以我們正在做很多這樣的事情。

That work is already starting and a lot of it will happen, while we're completing kind of the internals of the ship, finishing the piping, the electrical work, the crane loading. We'll go for sea trials and then we'll bring it back and finish the last of that work to make sure that we can get the sea fasteners on to support our specific towers, blades, and the nacelles.

這項工作已經開始，許多工作將會發生，同時我們正在完成船舶的內部結構，完成管道、電氣工作、起重機裝載。我們將進行海上試驗，然後將其帶回來並完成最後的工作，以確保我們能夠安裝海上緊固件來支撐我們特定的塔架、葉片和機艙。

And Nick, I'd just add that of that increase, about $55 million of its pure capex, the rest of it is associated financing costs. And the way we financed this vessel is through a lease arrangement with the consortium of banks. And we're working with them and they've been great partners along this way. And we don't expect there to be any other increases. I'll say that. We're very confident in that.

尼克，我只想補充一下，在這一增長中，大約有 5500 萬美元的純資本支出，其餘部分是相關的融資成本。我們為這艘船提供融資的方式是透過與銀行財團的租賃安排。我們正在與他們合作，他們一直是很好的合作夥伴。我們預計不會有任何其他增長。我會這麼說。我們對此非常有信心。

And by working with this consortium, we've been able to ameliorate the potential cost increase from a financing cost perspective. So we view this as being less than [1p] in terms, I think it's about [0.5p] in terms of 2025 costs as a result of this increase. So it's not a big financial thing, but again, I wanted to be transparent.

透過與該聯盟合作，我們已經能夠從融資成本的角度改善潛在的成本增加。因此，我們認為，就 2025 年成本而言，這一增長的結果是低於 [1p]，我認為大約是 [0.5p]。所以這不是什麼大的財務問題，但我還是想保持透明。

Really helpful. Thanks for all the answers. Have a good day.

真的很有幫助。感謝所有的答案。祝你有美好的一天。

Thanks Nick.

謝謝尼克。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning.

嗨，早安。

Morning Jeremy.

早上好，傑里米。

Morning Jeremy.

早上好，傑里米。

Just wanted to pivot conversation, if I could, towards Millstone and possibility for data center co-location there. If you could just provide any incremental thoughts on the outlook there? And I guess, maybe navigating and stakeholder sensitivity?

如果可以的話，我只是想將話題轉向 Millstone 以及那裡資料中心共置的可能性。您能否就那裡的前景提供一些增量想法？我想，也許是導航和利害關係人的敏感度？

Sure. As we've discussed before, Jeremy, Millstone is a great asset for us for New England. It provides 90% plus of Connecticut's carbon-free electricity. And as you know, 55% of its output is under a fixed price contract through late 2029, the remaining output significantly de-risked by our hedging program.

當然。正如我們之前討論過的，傑里米，米爾斯通對我們新英格蘭隊來說是一筆巨大的財富。它提供康乃狄克州 90% 以上的無碳電力。如您所知，到 2029 年末，其 55% 的產量均簽訂固定價格合同，其餘產量透過我們的對沖計劃顯著降低了風險。

So we're actively working with multiple parties to find the best value for Millstone beyond that current PPA. We're certainly opened some longer type of PPA, there's been over the last year, some legislative activity up in New England aimed at authorizing future further procurements. We'll have to see where all of that lands.

因此，我們正在積極與多方合作，為 Millstone 尋找除當前購電協議之外的最佳價值。我們當然開啟了一些較長類型的購電協議，去年新英格蘭地區開展了一些立法活動，旨在授權未來的進一步採購。我們必須看看所有這些都落在哪裡。

We're certainly open to the idea of a co-located data center. We continue to explore that option. We do clearly realize any colocation options going to have make sense for us. Our potential counterparty and stake holders in Connecticut. So not any new news there. We continue to look for options for Millstone, but it remains a tremendous asset for us.

我們當然對共置資料中心的想法持開放態度。我們將繼續探索該選項。我們確實清楚地意識到任何託管選項對我們來說都是有意義的。我們在康乃狄克州的潛在交易對手和利害關係人。所以沒有任何新消息。我們繼續尋找 Millstone 的選擇，但它對我們來說仍然是一筆巨大的資產。

Got it. Makes sense. And just wanted to dive in a little bit more, if you could kind of touch just on other angles here. But as far as the ISA protest in front of FERC, where we might hear some news tomorrow. Just wondering any thoughts on the subject that you might be willing to share?

知道了。有道理。我只是想更深入地探討一下，如果你能從其他角度談的話。但就 ISA 在 FERC 面前的抗議而言，我們明天可能會聽到一些消息。只是想知道您對這個主題有什麼想法願意分享嗎？

We're not a party to that proceeding, Jeremy. So my thoughts would not be appropriately educated. So we'll let FERC and others decide that.

我們不是該訴訟的當事人，傑瑞米。所以我的思想不會受到適當的教育。因此，我們將讓 FERC 和其他機構做出決定。

Fair enough. And I think you mentioned that net capacity expenses were previously only about 1% of customer bills. And just any thoughts on the range of what that could look like now after this auction?

很公平。我想您提到過，淨容量費用以前僅佔客戶帳單的 1% 左右。對這次拍賣後現在可能出現的情況有什麼想法嗎？

It's still going to be very small, Jeremy. And we try not to think about customer bill impacts driven by isolated drivers. We try and think about all the different parts and pieces that go into that. So I mentioned in my prepared remarks that, we've seen the elimination of the RGGI rider. That was $3 or $4 a month.

它仍然會很小，傑里米。我們盡量不考慮孤立的驅動因素對客戶帳單的影響。我們嘗試並思考其中涉及的所有不同部分。所以我在準備好的發言中提到，我們已經看到 RGGI 騎手被淘汰了。那是每月 3 或 4 美元。

So when we come back to the commission in March with a holistic approach, we're very, very focused on making sure customer bills are a high priority for us and making the best possible offer to our customers. So I can't give you any specific information about this, but it's not going to be a big number.

因此，當我們在三月以整體方法回到委員會時，我們非常非常專注於確保客戶帳單是我們的重中之重，並為客戶提供盡可能最好的報價。所以我不能給你任何關於這方面的具體信息，但它不會是一個很大的數字。

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

知道了。這很有幫助。我會把它留在那裡。謝謝。

Thank you.

謝謝。

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。