道明尼資源 (D) 2024 Q3 法說會逐字稿

Welcome to the Dominion Energy third quarter earnings conference call.

歡迎參加 Dominion Energy 第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to David McFarland, Vice President, Investor Relations and Treasurer.

（操作員說明）我現在想將電話轉給投資者關係副總裁兼財務主管 David McFarland。

Good morning, and thank you for joining today's call.

早安，感謝您參加今天的電話會議。

Earnings materials, including today's prepared remarks contain forward-looking statements and estimates that are subject to various risks and uncertainties.

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。

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.

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.

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。

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.

我們的非公認會計準則衡量指標與我們可以計算的最直接可比較的公認會計準則財務衡量指標的對帳包含在收益發布工具包中。

I encourage you to visit our Investor Relations website to review webcast slides as well as the earnings release kit.

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.

謝謝大衛，大家早安。

Now that the final transaction associated with the business review is complete, let me start by saying that we have repositioned Dominion Energy to provide compelling long-term value for shareholders, customers, and employees.

現在與業務審查相關的最終交易已經完成，首先我要說的是，我們已經重新定位 Dominion Energy，為股東、客戶和員工提供令人信服的長期價值。

Since our March 1 investor meeting, we've consistently communicated the three following priorities, one, hitting our financial plan; two, delivering offshore wind on time and on budget; and three, achieving constructive regulatory outcomes.

自 3 月 1 日投資者會議以來，我們一直在傳達以下三個優先事項：一是實現我們的財務計劃；二是按時、按預算交付離岸風電；三是取得建設性監管成果。

By achieving these goals, we empower our employees to deliver on our critical mission to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.

透過實現這些目標，我們使員工能夠完成我們的關鍵使命，即提供可靠、經濟實惠且日益清潔的能源，為我們的客戶每天提供動力。

On today's call, we'll address each of these areas of focus.

在今天的電話會議上，我們將討論每個重點領域。

First, hitting our financial plan.

首先，實現我們的財務計劃。

Third quarter operating earnings, as shown on slide 3, were $0.98 per share, which for this quarter represented normal weather in our utility service areas.

如投影片 3 所示，第三季營業利潤為每股 0.98 美元，這代表了本季我們公用事業服務領域的正常天氣。

Third quarter GAAP results were $1.12 per share.

第三季 GAAP 業績為每股 1.12 美元。

As always, a summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the earnings release kit, and a summary of all adjustments between operating and reported results are included in Schedule 2.

與往常一樣，收益發布工具包的附表 4 中包含了相對於上一年期間收益的所有驅動因素的摘要，附表 2 中包含了營運結果與報告結果之間的所有調整的摘要。

With nine months of 2024 financial results reported, we're narrowing our full year guidance range to $2.68 to $2.83 per share while preserving the original guidance midpoint of $2.75. As we highlighted on the last call, fourth quarter earnings are expected to be impacted by higher-than-expected financing costs and normal course movement of operating and maintenance expense from the first half to the second half of the year.

在公佈 2024 年 9 個月的財務表現後，我們將全年指引縮小至每股 2.68 美元至 2.83 美元，同時保留原來的指導中點 2.75 美元。正如我們在上次電話會議中所強調的那樣，第四季度的盈利預計將受到高於預期的融資成本以及上半年至下半年營運和維護費用正常變化的影響。

Fourth quarter earnings will also be negatively impacted by the earlier-than-planned closing of the CVOW partnership because the associated non-controlling interest hurt, net of debt reduction, is beginning earlier than we expected.

第四季收益也將受到 CVOW 合作夥伴關係提前結束的負面影響，因為相關的非控制權益損失（扣除債務削減）開始得早於我們的預期。

Honestly, that's an assumption I'm happy to have been too conservative about as early closing of the transaction represents a meaningful de-risking of our plan.

老實說，我很高興對這個假設過於保守，因為提前結束交易代表了我們計劃的有意義的去風險化。

Quickly turning to 2025 through 2029, where there are no changes to our prior guidance, we are reaffirming all guidance, including 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.

快速轉向2025 年至2029 年，我們先前的指導意見沒有變化，我們重申所有指導意見，包括2025 年每股營業收益在3.25 美元至3.54 美元之間，其中包括約0.10 美元的RNG 45Z 信貸收入，中點為3.40 美元。

We continue to forecast an operating earnings annual growth rate range of 5% to 7% through 2029, off a 2025 midpoint of $3.30, which excludes the impact of the RNG 45Z credits due to the legislative sunset of that credit at the end of 2027.

我們繼續預測，到2029 年，營業利潤年增長率將在5% 至7% 之間，較2025 年3.30 美元的中點為基礎，其中不包括由於2027 年底該信貸立法取消而導致的RNG 45Z 信貸的影響。

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 planned outage once every third year.

提醒一下，我們仍然預計，由於 Millstone 加油節奏，我們的年度增長範圍將在 5% 至 7% 之間，這需要每三年進行一次第二次計劃停電。

Finally, we'll provide a comprehensive capital investment forecast update through 2029 on our fourth quarter earnings call, which will take place as usual in early 2025.

最後，我們將在 2025 年初照常舉行的第四季財報電話會議上提供截至 2029 年的全面資本投資預測更新。

Turning now to slide 4.

現在轉到投影片 4。

As I mentioned earlier, I'm delighted to report that we have now closed on 100% of the debt reduction initiatives that we announced during the business review.

正如我之前提到的，我很高興地向大家報告，我們在業務審查期間宣布的債務削減計劃現已 100% 完成。

Since our last update, we've successfully closed on the sale of the public service company of North Carolina to Enbridge and the CVOW partnership with Stonepeak.

自上次更新以來，我們已成功完成將北卡羅來納州公共服務公司出售給 Enbridge 以及與 Stonepeak 建立 CVOW 合作關係。

Combined with previous closings, this effort represented approximately $21 billion in debt reduction across six separate transactions requiring multiple federal and state regulatory approvals, all of which were completed in line with or ahead of our publicly announced timeline.

與先前的交割相結合，這項工作相當於透過六項單獨的交易減少了約210 億美元的債務，這些交易需要多次聯邦和州監管機構的批准，所有這些交易都是在我們公開宣布的時間表內或之前完成的。

We view this as a significant achievement made possible by the collaboration of our counterparties and hard work of our employees.

我們認為這是透過我們的合作夥伴的合作和我們的員工的辛勤工作而取得的重大成就。

We appreciate the thorough and comprehensive reviews performed by our regulators.

我們感謝監管機構進行徹底、全面的審查。

I'll finish my remarks on our financing plan as shown on slide 5.

我將結束對我們融資計劃的評論，如幻燈片 5 所示。

With the completion of our third quarter financing activities, including our $1.2 billion VEPCO debt issuance and $200 million of ATM issuance, we have fully achieved our 2024 financing plan.

隨著第三季融資活動的完成，包括 12 億美元的 VEPCO 債務發行和 2 億美元的 ATM 發行，我們已經完全實現了 2024 年的融資計劃。

We'll continue to monitor ways to de-risk the company's 2025 financing needs by opportunistically accessing the market through the remainder of the year if and when conditions warrant.

如果條件允許，我們將繼續關注如何在今年剩餘時間內抓住機會進入市場，以降低公司 2025 年融資需求的風險。

For instance, as you'll see in the 10-Q filing, we've gotten a head start on 2025 guided ATM issuance, selling approximately $200 million of shares under the traditional forward sales structure that we expect to settle at the end of 2025.

例如，正如您將在10-Q 文件中看到的那樣，我們在2025 年指導性ATM 發行方面取得了先機，在傳統的遠期銷售結構下出售了約2 億美元的股票，我們預計將於2025 年底結算。

In conclusion, I'll reiterate that I am highly confident in our ability to deliver on our financial plan.

最後，我要重申，我對我們實現財務計畫的能力充滿信心。

The post-review guidance has been built to be appropriately, but also not unreasonably conservative to weather unforeseen challenges that may come our way.

審查後指南的製定是適當的，但也不是不合理的保守，以應對我們可能遇到的不可預見的挑戰。

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

這樣，我會將電話轉給鮑伯。

Thank you, Steven, and good morning.

謝謝你，史蒂文，早安。

I'll start my remarks by highlighting our safety performance.

我將首先強調我們的安全表現。

As shown on slide 6, our employee OSHA injury recordable rate for the first nine months of the year was 0.44, in line with the continued positive trend from the last two years.

如投影片 6 所示，今年前 9 個月我們的員工 OSHA 傷害可記錄率為 0.44，與過去兩年持續的正面趨勢一致。

I commend my colleagues for their consistent focus on employee safety, which is our first core value.

我讚揚我的同事對員工安全的一貫關注，這是我們的首要核心價值。

In late September, Hurricane Helene caused historic devastation to many communities, including within our South Carolina service area.

九月下旬，颶風海倫對許多社區造成了歷史性的破壞，包括我們南卡羅來納州服務區內的社區。

As a result, we saw significant destruction of our infrastructure, which caused nearly 450,000 service disruptions.

結果，我們的基礎設施遭到嚴重破壞，導致近 45 萬次服務中斷。

At its peak, Helene left nearly half of our South Carolina electric customers without power.

在高峰期，海倫使我們南卡羅來納州近一半的電力客戶斷電。

This was the largest storm to hit our South Carolina system since Hurricane Hugo 35 years ago.

這是自 35 年前的颶風雨果以來襲擊南卡羅來納州系統的最大風暴。

Our employees, many of whom didn't have power or water themselves, worked around the clock in challenging conditions to quickly and safely restore power to our customers.

在我們的員工中，許多人自己沒有電或水，他們在充滿挑戰的條件下晝夜不停地工作，以快速、安全地為客戶恢復供電。

They were joined by over 1,000 of our Virginia team members and partners who traveled south to lend their assistance.

我們的 1,000 多名維吉尼亞團隊成員和合作夥伴也加入了他們的行列，他們南下提供協助。

The restoration involved replacing over 1,000 transformers, 2,300 poles, and 7,000 spans of wire.

修復工作涉及更換 1,000 多個變壓器、2,300 根電線桿和 7,000 跨導線。

Although we've not completed our final accounting, our preliminary estimate of restoration costs, including capital expenditures, is in the range of $100 million to $200 million.

儘管我們尚未完成最終核算，但我們對修復成本（包括資本支出）的初步估計在 1 億至 2 億美元之間。

Given that costs are expected to be in excess of $100 million, we intend to work with the Office of Regulatory Staff and key stakeholders to evaluate a potential securitization of those deferred costs.

鑑於成本預計將超過 1 億美元，我們打算與監管人員辦公室和主要利害關係人合作，評估這些遞延成本的潛在證券化。

We know that this storm impacted the lives of many, including our employees, and our thoughts continue to be with the families and communities that are rebuilding.

我們知道這場風暴影響了許多人的生活，包括我們的員工，我們的思念仍然與正在重建的家庭和社區同在。

I'm incredibly proud of our employees and commend all involved for their commitment to serving our customers.

我為我們的員工感到無比自豪，並讚揚所有參與人員對服務客戶的承諾。

We've provided direct financial aid to over 20 different local organizations and the communities impacted by the storm to support disaster recovery and response, including meals, shelter, emergency services, and supplies.

我們已向 20 多個不同的當地組織和受風暴影響的社區提供直接財政援助，以支持災難復原和回應，包括膳食、住所、緊急服務和物資。

And we will continue to look for ways to support our customers, employees, and communities.

我們將繼續尋找支持我們的客戶、員工和社區的方法。

With that, let me provide a few updates on the execution of our plan, beginning with CVOW.

接下來，讓我從 CVOW 開始，提供有關我們計劃執行情況的一些最新情況。

The project is proceeding on time and on budget, consistent with the time lines and estimates previously provided.

該項目正在按時、按預算進行，與先前提供的時間表和估計一致。

We just completed a very successful first monopile installation season.

我們剛剛非常成功地完成了第一個單樁安裝季。

As shown on slide 7, we've installed 78 monopiles as well as 4 pen piles that support the first of 3 planned offshore substations.

如投影片 7 所示，我們安裝了 78 個單樁和 4 個筆樁，用於支撐 3 個規劃的海上變電站中的第一個。

Additionally, we've laid the first two of nine marine deep water export cables ahead of schedule.

此外，我們也提前鋪設了九條海洋深水輸出電纜中的前兩條。

I'm very pleased with our progress during this first season.

我對我們在第一個賽季的進步感到非常滿意。

Not only did we achieve our installations target, we also gained invaluable experience and process expertise that will make the next installation season even more productive.

我們不僅實現了安裝目標，還獲得了寶貴的經驗和流程專業知識，這將使下一個安裝季節更有效率。

I also want to thank our partners at DEME for the high-quality work they delivered.

我還要感謝 DEME 的合作夥伴所做的高品質工作。

Additional CVOW project updates can be found on slide 8, but a few items to highlight.

其他 CVOW 項目更新可以在投影片 8 上找到，但有幾項需要強調。

On materials and equipment, thus far, we've taken receipt of 96 monopiles at the Portsmouth Marine Terminal, representing 55% of the project total.

在材料和設備方面，到目前為止，我們已在朴茨茅斯海運碼頭收到 96 個單樁，佔項目總數的 55%。

Our partner, EEW, continues to make strong progress, and we expect deliveries to continue steadily in coming weeks.

我們的合作夥伴 EEW 繼續取得強勁進展，我們預計未來幾週交付將繼續穩定。

All three offshore substations remain on track, with the first substation and final commissioning and expected to be completed and shipped to Virginia for installation before the next monopile season begins.

所有三個海上變電站均保持正常運行，第一個變電站和最終調試預計將在下一個單樁季節開始之前完成並運往維吉尼亞州進行安裝。

82 transition pieces have completed final assembly, of which 33 have been delivered to the Portsmouth Marine Terminal.

82 個過渡件已完成組裝，其中 33 個已交付至朴茨茅斯海運碼頭。

Additionally, with fabrication of towers commencing last June, the schedule for the manufacturing of our turbines remains on track.

此外，隨著去年六月開始製造塔架，我們的渦輪機製造進度仍按計劃進行。

We anticipate the nacelle and blade production will begin in the first quarter of 2025.

我們預計機艙和葉片生產將於 2025 年第一季開始。

On regulatory, as you may have seen, we made our 2024 offshore wind rider filing this morning, representing $640 million of annual revenue.

在監管方面，正如您可能已經看到的，我們今天早上提交了 2024 年海上風騎手備案，相當於年收入 6.4 億美元。

Turning to slide 9.

轉到投影片 9。

The project's expected LCOE has improved to approximately $56 per megawatt hour, the primary driver being forecasted REC prices, which have increased in value considerably.

該專案的預期 LCOE 已提高至每兆瓦時約 56 美元，主要驅動因素是預計 REC 價格，該價格已大幅上漲。

Keep in mind that higher REC prices are credited against the levelized cost of energy as value delivered to customers.

請記住，較高的 REC 價格將計入平準化能源成本中，作為交付給客戶的價值。

Project to date, as of September 30, we've invested approximately $5.3 billion and remain on target to spend approximately $6 billion by year-end 2024.

截至 9 月 30 日，該項目迄今已投資約 53 億美元，並繼續實現 2024 年底支出約 60 億美元的目標。

Also per the quarterly filing update today, current unused contingency is $121 million compared to $143 million last quarter.

另外，根據今天的季度備案更新，目前未使用的應急費用為 1.21 億美元，而上季為 1.43 億美元。

The current contingency level continues to benchmark competitively as a percentage of total budgeted costs remaining when compared to other large infrastructure projects we've studied and ones that we've completed in the past.

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剩餘總預算成本的百分比為基準進行競爭。

We have been very clear with our team and with our suppliers and partners that delivery of an on-budget project is the expectation.

我們已經向我們的團隊、供應商和合作夥伴明確表示，交付預算內的專案是我們的期望。

Lastly, the project is currently 43% complete, and we've highlighted the remaining major milestones on slide 10.

最後，該專案目前已完成 43%，我們在幻燈片 10 上強調了剩餘的主要里程碑。

Turning to slide 11, let me now provide a few updates on Charybdis.

轉到幻燈片 11，現在讓我提供有關 Charybdis 的一些最新情況。

Since August, we've completed engine load testing to support crane operations with parallel engine testing underway.

自八月以來，我們已經完成了引擎負載測試，以支援起重機操作，並正在進行並行引擎測試。

In the coming weeks, the final sections of the legs will be set by the crane as well as overall electrical work to allow for commissioning activities.

在接下來的幾週內，起重機和整體電氣工作將完成支架的最後部分，以便進行調試活動。

The vessel is currently 93% complete, up from 89% as of our last update.

該船目前已完成 93%，高於我們上次更新的 89%。

We expect completion of Charybdis in early 2025, consistent with our previous guidance range of late '24, early '25.

我們預計 Charybdis 將於 2025 年初完成，這與我們之前 24 年末、25 年初的指導範圍一致。

The vessel will complete sea trials and then return to port for additional work that will allow it to hold the turbine towers, blades, and nacelles.

該船將完成海上試驗，然後返回港口進行額外的工作，以使其能夠支撐渦輪塔、葉片和機艙。

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.

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。

There's also no change to the vessel's cost of $715 million.

該船的成本為 7.15 億美元，也沒有變化。

Moving now to slide 12.

現在轉到投影片 12。

We continue to see strong data center growth in Virginia and have already connected 14 new data centers year-to-date.

我們繼續看到維吉尼亞州資料中心的強勁成長，今年迄今已連接了 14 個新資料中心。

We now expect to connect 16 data centers in 2024, up from 15 as of our last update.

我們現在預計到 2024 年將連接 16 個資料中心，而我們上次更新時的資料中心數量為 15 個。

Since 2013, we've averaged around 15 data center connections per year.

自 2013 年以來，我們平均每年有大約 15 個資料中心連線。

Turning to data center demand on slide 13, these contracts are broken into, one, substation engineering letters of authorization; two, construction letters of authorization; and three, electrical service agreements.

轉向投影片 13 上的資料中心需求，這些合約分為：一是變電站工程授權書；二是變電站工程授權書；三是變電站工程授權書。二、施工授權書；三是電力服務協議。

As customers move from one to three, the cost commitment and obligation by the customer increases.

隨著客戶從 1 個增加到 3 個，客戶的成本承諾和義務也會增加。

We're currently studying approximately 8 gigawatts of data center demand within the substation engineering letters of authorization stage, which means that customers requested the company to begin the necessary engineering for new distribution and substation infrastructure required to serve the customer.

我們目前正在研究變電站工程授權書階段約 8 吉瓦的資料中心需求，這意味著客戶要求公司開始為客戶服務所需的新配電和變電站基礎設施進行必要的工程。

There are also about 6 gigawatts of data center demand that have executed construction letters of authorization, which are contracts that enable construction of the required distribution and substation electric infrastructure to begin.

還有約 6 吉瓦的資料中心需求已簽署施工授權書，這些合約使所需的配電和變電站電力基礎設施的建設得以開始。

Should customers in this stage elect to discontinue projects, they're obligated to reimburse the company for our investment to date.

如果在此階段的客戶選擇終止項目，他們有義務向公司償還我們迄今為止的投資。

Finally, the 8 gigawatts included in electrical service agreements, or ESA, represent contracts for electric service between Dominion Energy and a customer.

最後，電力服務協議 (ESA) 中包含的 8 吉瓦代表 Dominion Energy 與客戶之間的電力服務合約。

Each contract is structured for an individual account.

每份合約都是針對個人帳戶建構的。

By signing an ESA, the customer is committing to consuming a certain level of electricity annually, often with ramp schedules where the contracted usage grows over time.

透過簽署 ESA，客戶承諾每年消耗一定程度的電力，通常會制定增量計劃，合約用量會隨著時間的推移而增長。

In aggregate, we have data center demand of over 21 gigawatts as of July 2024, which compares to around 16 gigawatts as of July 2023.

總的來說，截至 2024 年 7 月，我們的資料中心需求超過 21 吉瓦，而截至 2023 年 7 月，資料中心需求約為 16 吉瓦。

These contracted amounts do not contemplate the many data center projects that are in development phase and have not yet reached a point in the service connection process where a contract is executed.

這些合約金額並未考慮許多處於開發階段且尚未達到執行合約的服務連接過程的資料中心項目。

Turning to slide 14, let me update you on our transmission system planning.

前往投影片 14，讓我向您介紹我們傳輸系統規劃的最新情況。

As I've shared previously, the PJM DOM zone is experiencing unprecedented load growth, this has resulted in a similarly unprecedented increase in both the quantity and size of delivery point requests for transmission service on our system.

正如我之前所分享的，PJM DOM 區域正在經歷前所未有的負載增長，這導致我們系統上傳輸服務的交付點請求的數量和大小也出現了類似的前所未有的增長。

For context, we've received 63 construction delivery point requests year-to-date September, representing nearly 13 gigawatts of capacity.

就背景而言，今年 9 月至今，我們已收到 63 個施工交付點請求，相當於近 13 吉瓦的容量。

Since 2020, we've received 280 construction delivery point requests, representing nearly 40 gigawatts of capacity.

自2020年以來，我們已收到280個施工交付點請求，相當於近40吉瓦的容量。

We've recently begun implementing changes to our process that will only affect new delivery point requests.

我們最近開始對流程進行更改，這些更改只會影響新的交付點請求。

This will allow us to organize load requests into batches and serve them in the order they're received.

這將使我們能夠將載入請求組織成批次，並按照收到的順序提供服務。

Importantly, this will ensure our customers can continue to count on high system reliability even as demand increases materially.

重要的是，這將確保我們的客戶即使在需求大幅增加的情況下也可以繼續依賴高系統可靠性。

Since we began communicating these changes, we've continued to see robust demand from customers.

自從我們開始傳達這些變化以來，我們不斷看到客戶的強勁需求。

Turning to slide 15, let me share a few additional business updates.

轉向投影片 15，讓我分享一些其他業務更新。

First, on the transmission side, we submitted project proposals in September in PJM's latest open window process for our own transmission portfolio and as part of a joint planning agreement along with AEP and FirstEnergy.

首先，在輸電方面，我們於 9 月在 PJM 最新的開放窗口流程中為我們自己的輸電投資組合提交了專案建議書，並作為與 AEP 和 FirstEnergy 聯合規劃協議的一部分。

We believe this regional collaborative approach allows our companies to offer better solutions to customers than what we could offer alone.

我們相信，這種區域合作方式使我們的公司能夠為客戶提供比我們單獨提供的解決方案更好的解決方案。

While final project selections by PJM won't be made until early 2025, there's a robust need for new transmission across the region, and we expect this open window to reflect that.

雖然 PJM 的最終項目選擇要到 2025 年初才會做出，但該地區對新輸電的需求強勁，我們預計這一開放窗口將反映出這一點。

Recall that last year, we were awarded over 150 transmission projects totaling $2.5 billion.

回想一下，去年我們獲得了 150 多個輸電項目，總價值達 25 億美元。

On the generation front, we've announced a number of updates in recent weeks.

在生成方面，我們最近幾週宣布了許多更新。

First, on October 1, we filed our annual update in the subsequent license renewal proceeding for our nuclear units at Surry and North Anna, seeking recovery of costs incurred for the North Anna extension and cost for Phase 2 of the overall nuclear life extension program, consisting of investments during calendar years 2025 through 2027.

首先，10 月1 日，我們在隨後的薩里和北安納核電站許可證更新程序中提交了年度更新，尋求收回北安納核電站延期所產生的費用以及整個核壽命延長計劃第二階段的費用，包括 2025 年至 2027 年期間的投資。

On October 15, we filed our next set of utility-scale solar projects with the Virginia SEC, representing approximately $600 million of investment.

10 月 15 日，我們向維吉尼亞州 SEC 提交了下一組公用事業規模太陽能項目，投資金額約 6 億美元。

Also on October 15, we filed our 2024 Virginia Integrated Resource Plan, which presented several possible generation build portfolios with additional resource capacity across both renewable and dispatchable generation technologies in response to continued robust load growth and changes in PJM's resource adequacy values.

同樣在10 月15 日，我們提交了2024 年維吉尼亞州綜合資源計劃，其中提出了幾種可能的發電建設組合，其中包括可再生和可調度發電技術的額外資源容量，以應對持續強勁的負載增長和PJM 資源充足性值的變化。

The IRP calls for more of every resource, including more solar, more storage, more wind, more gas, and even more nuclear.

IRP 呼籲更多地利用各種資源，包括更多的太陽能、更多的儲存、更多的風能、更多的天然氣，甚至更多的核能。

On that note, turning to slide 16, on October 16, we announced an MOU with Amazon to further explore the feasibility of developing SMR technology at North Anna.

關於這一點，請參閱投影片 16，10 月 16 日，我們宣布與亞馬遜簽署諒解備忘錄，以進一步探討在北安娜開發 SMR 技術的可行性。

To be clear, our interest is in supporting customer power needs and advancing next-generation nuclear in a way that protects our customers, our capital providers, our business risk profile, and balance sheet from development risks including first-of-a-kind risk.

需要明確的是，我們的利益是支持客戶的電力需求並推進下一代核能，以保護我們的客戶、資本提供者、我們的業務風險狀況和資產負債表免受開發風險（包括首次風險）的影響。

We're in early stages here, so I'm going to be limited in what I can share on potential structures and the like.

我們還處於早期階段，所以我能分享的關於潛在結構等的內容將受到限制。

But I've explained the factors we'll consider in evaluating any final agreement and we'll provide more details in the future as we're able.

但我已經解釋了我們在評估任何最終協議時將考慮的因素，並且我們將在將來盡可能提供更多細節。

I will say that it's very encouraging to see large power users, including technology companies, express a willingness to invest, partner, and collaborate to bring this exciting baseload carbon-free technology into fruition.

我想說的是，看到包括科技公司在內的大型電力用戶表示願意投資、合作和協作，以實現這項令人興奮的基本負載無碳技術，這是非常令人鼓舞的。

Finally, I'd note that we're actively involved in discussions with other potential partners that are very interested in pursuing similar arrangements.

最後，我要指出的是，我們正在積極參與與其他對尋求類似安排非常感興趣的潛在合作夥伴的討論。

On October 24, we closed on the acquisition of an approximately 40,000-acre offshore wind lease from Avangrid, representing approximately 800 megawatts of additional possible regulated offshore wind generation.

10 月 24 日，我們完成了從 Avangrid 收購約 40,000 英畝離岸風電租賃合同，這意味著可能新增約 800 兆瓦的受監管海上風力發電。

This is in addition to the lease area we secured adjacent to CVOW, which could support even more regulated offshore wind in the future.

這是我們在 CVOW 附近獲得的租賃區域的補充，該租賃區域可以支援未來更規範的離岸風電。

No timelines on how or when or how much it will cost to advance these options further.

沒有關於進一步推進這些選項的方式、時間或成本的時間表。

Our unique expertise and proprietary knowledge associated with offshore wind developed through our CVOW project gives our customers a competitive advantage.

我們透過 CVOW 專案開發的與離岸風電相關的獨特專業知識和專有知識為我們的客戶提供了競爭優勢。

These announcements altogether reflect an all of-the-above approach to meeting growing demand, and we look forward to working constructively with all stakeholders on these projects.

這些公告共同反映了滿足不斷增長的需求的上述所有方法，我們期待與所有利害關係人就這些專案進行建設性合作。

As we've said before, when we consider 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.

正如我們之前所說，當我們考慮需求成長時，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。

Given these drivers, we expect there to be opportunities for incremental regulated capital investment towards the back end of our plan and beyond.

考慮到這些驅動因素，我們預計在我們的計劃後期及以後將有機會進行增量監管資本投資。

As noted, we plan to update our capital guidance on our fourth quarter earnings call in early 2025.

如前所述，我們計劃在 2025 年初的第四季財報電話會議上更新資本指引。

As always, we will look at incremental capital through the lenses of customer affordability, system reliability, balance sheet conservatism, and our low-risk profile.

一如既往，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看待增量資本。

On customer affordability, as shown on slide 17, our current residential electric rates at DEV and DESC are 14% and 11% below US average, respectively.

在客戶負擔能力方面，如幻燈片 17 所示，我們目前 DEV 和 DESC 的住宅電費分別比美國平均低 14% 和 11%。

And based on the build plans proposed in both states' latest IRPs, both will maintain customer bill growth rates through the forecast periods below current electricity inflation levels.

根據兩個州最新 IRP 中提出的建設計劃，兩個州都將在預測期內將客戶電費成長率維持在低於當前電力通膨水準的水準。

Turning to regulatory updates in South Carolina and North Carolina on slide 18.

轉向幻燈片 18 中南卡羅來納州和北卡羅來納州的監管更新。

As mentioned last quarter, we agreed to a settlement with the Office of Regulatory Staff and other interveners in South Carolina in our electric rate case proceeding, which was approved by the South Carolina Public Service Commission in August with rates becoming effective on September 1.

正如上個季度所提到的，我們同意與南卡羅來納州監管人員辦公室和其他幹預機構就我們的電費案件程序達成和解，該協議於8 月獲得南卡羅來納州公共服務委員會批准，費率於9 月1日生效。

In addition, policymakers continue to evaluate potential energy legislation, and we're appreciative of the significant time spent to date by the legislature on this important topic.

此外，政策制定者繼續評估潛在的能源立法，我們對立法機構迄今為止在這一重要主題上花費的大量時間表示讚賞。

As we've indicated in the past, we're committed to supporting South Carolina's growing economy.

正如我們過去所表示的，我們致力於支持南卡羅來納州不斷增長的經濟。

However, as we've testified, the regulatory framework for DESC creates regulatory lag that makes it practically impossible to earn our allowed return, especially as compared to other regulated jurisdictions and the surrounding Southeast regulatory jurisdictions as well.

然而，正如我們所證明的那樣，DESC 的監管框架造成了監管滯後，這使得我們幾乎不可能獲得允許的回報，特別是與其他受監管的司法管轄區和周邊東南部監管司法管轄區相比。

In North Carolina, we reached a settlement with the public staff and other interveners in our base rate proceeding on October 1, providing approximately $37 million increase in revenue requirement premised upon a 9.95% ROE and a 52.5% equity layer.

在北卡羅來納州，我們於 10 月 1 日在基本利率程序中與公職人員和其他幹預者達成和解，以 9.95% 的 ROE 和 52.5% 的股權層為前提，增加了約 3700 萬美元的收入要求。

The agreement also stipulates that $9 million in annual ongoing CCR costs be removed from base rates and placed in a stand-alone rider, subject to approval.

該協議還規定，每年 900 萬美元的持續 CCR 成本將從基本費率中刪除，並置於獨立的附加條款中，但須經批准。

Interim rates become effective today in North Carolina, pending the commission's final order.

臨時費率今天在北卡羅來納州生效，等待委員會的最終命令。

Overall, we continue to achieve constructive outcomes in all of our regulated service territories.

總體而言，我們繼續在所有受監管的服務領域取得建設性成果。

Before I conclude my remarks, let me provide a few comments on Millstone.

在我結束發言之前，讓我對 Millstone 發表一些評論。

As we've said in the past, we view Millstone as a very valuable asset.

正如我們過去所說，我們將 Millstone 視為一項非常寶貴的資產。

It provides more than 90% of Connecticut's carbon-free electricity, and 55% of its output is under a fixed price contract through late 2029.

它提供了康乃狄克州 90% 以上的無碳電力，並且到 2029 年底其 55% 的發電量均採用固定價格合約。

The remaining output is significantly de-risked by our hedging program.

我們的對沖計劃大大降低了剩餘產出的風險。

As many of you are aware, there has been recent legislative activity in New England and in Massachusetts specifically, aimed at authorizing future additional procurements of nuclear power.

正如你們許多人所知，新英格蘭和馬薩諸塞州最近開展了立法活動，旨在授權未來額外購買核電。

And we've continued to engage with multiple parties there to find the best value for Millstone.

我們繼續與多方合作，為 Millstone 尋找最佳價值。

In addition to state-sponsored procurement, we're exploring the idea of supporting incremental data center activity as well.

除了國家資助的採購之外，我們還在探索支持增量資料中心活動的想法。

We feel strongly that any data center option needs to be pursued in a collaborative fashion with stakeholders in Connecticut.

我們強烈認為，任何資料中心選擇都需要與康乃狄克州的利益相關者以協作的方式進行。

At this point, we don't have a timeline for any potential announcements, but this remains top of mind for us.

目前，我們還沒有任何潛在公告的時間表，但這仍然是我們的首要考慮因素。

With that, let me summarize our remarks on slide 19.

接下來，讓我總結一下我們在投影片 19 上的發言。

Our safety performance this quarter remains strong, but there's more work to do to drive injuries to zero.

本季我們的安全表現仍然強勁，但要讓傷害為零，還有更多工作要做。

We reaffirmed all financial guidance from March 1 and narrowed our 2024 earnings guidance range.

我們重申了 3 月 1 日起的所有財務指引，並縮小了 2024 年獲利指引範圍。

Our offshore wind project remains on time and on budget.

我們的離岸風電專案仍然按時、按預算進行。

We continue to make the necessary investments to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.

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。

And we are 100% focused on execution.

我們 100% 專注於執行。

We know we must continue to deliver and we will.

我們知道我們必須繼續交付，我們也會這樣做。

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) Shar Pourreza, Guggenheim Partners.

（操作員說明）Shar Pourreza，Guggenheim Partners。

Bob, just coming back to your comments around the Amazon deal and other potential partners, and can you just give us a bit more color on what these other conversations are?

鮑勃，回到你對亞馬遜交易和其他潛在合作夥伴的評論，你能給我們更多關於這些其他對話的資訊嗎？

What's the timeline?

時間表是什麼？

Is it the same technology, different types of SMRs?

是相同的技術，不同類型的SMR嗎？

And have you had any kind of hyperscale or interest in the OSW?

您對 OSW 有任何超大規模的興趣嗎？

Yeah, Shar, great question.

是的，莎爾，好問題。

Our conversations with Amazon and others have really focused around this new technology of SMR.

我們與亞馬遜和其他公司的對話主要圍繞著 SMR 新技術。

Let me talk a little bit about that if I could.

如果可以的話，讓我談談這個問題。

If you think about why SMRs have become prominent in the national conversation recently, it's really three reasons, one is significant demand growth, driven in large part by large users like data centers; second, a continued focus on around-the-clock carbon-free generation to meet reliability and carbon reduction goals; and the third, a view that US leadership and nuclear technology is important to national security.

如果你想一想為什麼中小型模組化反應器最近在全國性的討論中變得突出，這實際上是三個原因，一是需求的顯著增長，這在很大程度上是由數據中心等大型用戶推動的；二是需求的顯著成長。其次，持續關注全天候無碳發電，以實現可靠性和碳減排目標；第三，認為美國的領導力和核子技術對國家安全很重要。

And if you think about it, our Virginia utility is right at the intersection of all three of those.

如果你仔細想想，我們的維吉尼亞公用事業公司就位於這三者的交叉點。

We're obviously continuing to see significant load growth in Virginia.

顯然，我們繼續看到弗吉尼亞州的負載顯著增長。

Our power demand forecasted to double by 2039.

預計到 2039 年，我們的電力需求將翻倍。

We have a state law in Virginia, the Virginia Clean Economy Act, that calls for a carbon-free grid by 2045 with off-ramps for reliability.

維吉尼亞州有一項州法律，即《維吉尼亞清潔經濟法案》，要求在 2045 年建立無碳電網，並設有出口匝道以確保可靠性。

And then we serve some of the most important national security and defense installations in the country, like the Pentagon, the CIA, Fort Belvoir, the Norfolk naval base.

然後我們為該國一些最重要的國家安全和國防設施提供服務，例如五角大廈、中央情報局、貝爾沃堡、諾福克海軍基地。

And then I might add, Virginia is arguably the most nuclear-friendly state in the United States with strong bipartisan support for next-generation nuclear initiatives.

然後我想補充一點，維吉尼亞州可以說是美國對核武最友善的州，兩黨都對下一代核子計畫給予大力支持。

Governor Youngkin, Senators Warner and Kaine have all endorsed these efforts.

揚金州長、華納參議員和凱恩參議員都支持這些努力。

They were at our Amazon announcement recently.

他們最近出席了我們的亞馬遜發表會。

The Virginia legislature on a very bipartisan and overwhelming basis passed legislation that allows companies to petition for cost recovery related to certain SMR project development.

維吉尼亞州立法機關在兩黨一致和壓倒性的基礎上通過了立法，允許公司申請與某些 SMR 項目開發相關的成本回收。

And then if you think about it, our state is home to significant nuclear operations, Huntington Ingalls, Newport News, BWXT, and Framatome in Lynchburg and then, of course, our long operating units at North Anna and Surry.

如果你想一想，我們州是重要核電廠的所在地，包括亨廷頓英格斯核電廠、紐波特紐斯核電廠、BWXT 核電廠和林奇堡的法馬通核電廠，當然還有我們在北安娜和薩裡的長期運轉核電廠。

So if you think about that context, it's not surprising that our large customers would be interested as they think about us as a good operator of nuclear to work together on maybe advancing those kinds of technologies.

因此，如果您考慮到這一背景，我們的大客戶會對我們感興趣就不足為奇了，因為他們認為我們是一家優秀的核能運營商，可以共同努力推進此類技術。

So we've been talking with Amazon obviously and others.

所以我們顯然一直在與亞馬遜和其他公司進行談判。

Now all that said, we've got to be very clear headed in the way we go about this, and we've got to make sure we mitigate potential cost and development risk for our customers and our provider of capital.

話雖如此，我們必須非常清醒地處理這件事，我們必須確保為我們的客戶和資本提供者減輕潛在的成本和開發風險。

So we're going to think very clearly and evaluate the feasibility of SMR technology to support our customers' needs.

因此，我們將非常清晰地思考並評估 SMR 技術支援客戶需求的可行性。

They can play a role in our all-of-the-above approach, along with offshore wind and battery storage.

它們可以在我們上述所有方法中發揮作用，以及離岸風電和電池儲存。

They're going to potentially be an important part of Virginia's growing clean energy mix.

它們將有可能成為維吉尼亞州不斷增長的清潔能源結構的重要組成部分。

So we issued an RFP last summer to evaluate technologies.

因此，我們在去年夏天發布了一份 RFP 來評估技術。

But beyond technology, we also need to be smart about financing.

但除了科技之外，我們還需要在融資方面保持聰明。

And as I mentioned in the prepared remarks, I can't really talk about the specifics of our positioning with Amazon or these other interested parties.

正如我在準備好的演講中提到的，我無法真正談論我們與亞馬遜或其他相關方的定位細節。

But I can tell you, it builds on -- these are customers, particularly Amazon we have a long standing relationship with.

但我可以告訴你，它建立在這些客戶的基礎上，特別是與我們有著長期合作關係的亞馬遜。

And they've indicated a willingness and interest to participate in funding.

他們表示願意並有興趣參與資助。

So structure could be something like a build-on transfer.

因此，結構可能類似於構建轉移。

But fundamentally, in any structure we agree on with Amazon or other parties who have expressed interest in this, that structure needs to address first-of-a-kind risk.

但從根本上來說，在我們與亞馬遜或對此表示感興趣的其他方達成一致的任何結構中，該結構都需要解決前所未有的風險。

It needs to address cost overrun risk, so that our customers and Dominion Energy don't bear that burden.

它需要解決成本超支風險，這樣我們的客戶和 Dominion Energy 就不會承受這種負擔。

And we need to protect our balance sheet and our business risk profile.

我們需要保護我們的資產負債表和業務風險狀況。

So we're very excited and optimistic about our agreement with Amazon and our conversations with other parties around small modular reactors.

因此，我們對與亞馬遜達成的協議以及與其他各方圍繞小型模組化反應器的對話感到非常興奮和樂觀。

And we're going to be unyielding on those principles that I just identified.

我們將堅定不移地遵守我剛剛確定的那些原則。

Do any of the hyperscalers have interest in offshore wind?

是否有超大型企業對離岸風電有興趣？

We've talked a little bit about them, but the focus of our conversations recently with them has been on SMRs.

我們已經對它們進行了一些討論，但最近我們與他們對話的重點是 SMR。

Remember, we've got the contracted -- I mean, the regulated CVOW that we're building now that's already -- its cost recovery is already well-identified.

請記住，我們已經簽訂了合約——我的意思是，我們現在正在建造的受監管的 CVOW——其成本回收已經明確。

And as we said in the prepared remarks, Shar, we've got these other two options, but we're not at a point now where we have any decisions or time lines.

正如我們在準備好的演講中所說，莎爾，我們還有另外兩個選擇，但我們現在還沒有做出任何決定或時間表。

We're very focused in bringing CVOW in on time and on budget.

我們非常注重按時、按預算實現 CVOW。

So it really would be premature to be having conversations with them about future offshore wind.

因此，與他們討論未來離岸風電的問題確實為時過早。

And we've got the offshore wind project underway today under standard regulatory construct.

今天，我們在標準監管框架下啟動了離岸風電計畫。

Got it.

知道了。

And then just lastly on the IRP filed a few weeks ago.

最後是幾週前提交的 IRP。

The portfolio scenarios seem to indicate you would be somewhat of a short position in the state from a capacity standpoint.

投資組合情境似乎表明，從容量的角度來看，您在該州將處於某種空頭位置。

Why not add more generation to the plan at this point?

為什麼此時不在計畫中增加更多的發電量？

Too much political sensitivity to gas in the state?

該州對天然氣的政治敏感度太高？

Why lean on PJM so much in the plan?

為什麼計劃中如此依賴PJM？

Yeah, sure.

是的，當然。

That's a great question.

這是一個很好的問題。

We've got a lot of growth in our Virginia jurisdiction, which is really exciting.

我們的維吉尼亞州管轄區有了很大的成長，這確實令人興奮。

And we're -- if you look at the IRP, we're building a heck of a lot and it's across all facets of the generation portfolio.

如果你看一下 IRP，我們正在建立大量的產品，並且涉及發電組合的各個方面。

It's potentially doubling the amount of offshore wind.

這可能會使離岸風力發電量增加一倍。

It's adding a substantial amount more natural gas than last year's IRP.

與去年的 IRP 相比，它增加了大量的天然氣。

It's adding additional solar even beyond what the Clean Economy Act calls for and also large amounts of battery storage.

它增加了額外的太陽能，甚至超出了《清潔經濟法案》的要求，還增加了大量的電池儲存。

So I think it would be fair to say that while we're certainly mindful of what PJM's capabilities are, we're building a heck of a lot in this plan.

因此，我認為可以公平地說，雖然我們確實關注 PJM 的功能，但我們正在該計劃中建立大量內容。

We'll always look for opportunities when it makes sense from a reliability and a customer affordability point of view to do more.

當從可靠性和客戶承受能力的角度來看有意義時，我們將始終尋找機會做更多的事情。

But we feel like it's a pretty aggressive plan as it is based on a very substantial demand forecast.

但我們覺得這是一個相當激進的計劃，因為它是基於非常可觀的需求預測。

Congrats, guys, on the results, really.

恭喜各位，真的取得了這樣的結果。

See you in a week.

一周後見。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

I wanted to check in on the Millstone commentary just continue on the nuclear side.

我想看 Millstone 的評論，繼續討論核子方面的內容。

You're kind of talking about finding the best value for it.

你是在談論尋找它的最佳價值。

It does seem like the opportunity set has expanded versus what maybe you were kind of contemplating at the Analyst Day offset there.

與您在分析師日抵消時可能考慮的情況相比，機會集似乎確實擴大了。

And maybe can you just talk about like if there was to be a data center there?

也許您可以談論那裡是否有一個資料中心？

I believe you've already done an uprate there, but are there any options for additionality to contemplate?

我相信您已經在那裡進行了升級，但是是否有任何額外的選項可供考慮？

And how could this all come together?

這一切是如何結合在一起的？

Yeah.

是的。

Nick, we're studying whether there is a possibility of uprates at Millstone, particularly Unit 2 there, which is the smaller of the two units.

尼克，我們正在研究 Millstone 是否有可能漲價，特別是那裡的 2 號單元，它是兩個單元中較小的一個。

But as we said in our prepared remarks, there are potential options for contracted procurement in New England.

但正如我們在準備好的發言中所說，在新英格蘭有合約採購的潛在選擇。

There are potential options for a data center location if it can be done in a way that works for all stakeholders in Connecticut.

如果資料中心位置能夠以適合康乃狄克州所有利害關係人的方式完成，那麼資料中心位置就有潛在的選擇。

But it's early days in terms of those conversations, so we don't have more to report to you today than what we've already identified.

但就這些對話而言，現在還處於早期階段，因此除了我們已經確定的內容外，我們今天沒有更多的資訊可以向您報告。

Okay, I appreciate that.

好的，我很欣賞。

And then just thinking through what's kind of incremental since you've outlined the Analyst Day, you filed this IRP.

然後考慮一下自您概述分析師日以來的增量是什麼，您提交了此 IRP。

You've highlighted this RTEP process, which I'm sure we'll get clarity on by the fourth quarter call.

您已經強調了這個 RTEP 流程，我相信我們會在第四季度的電話會議上弄清楚這一點。

And obviously, CapEx is going up, but just when you consider the balance sheet and the financing outlook and also considering that maybe some of this capital is going to be more formulaic than it has been in the past, just where do you think you can really bring rate base growth from where it stands today?

顯然，資本支出正在上升，但當你考慮資產負債表和融資前景，並考慮到其中一些資本可能會比過去更加公式化時，你認為你可以在哪裡真的能讓利率基數增長到目前的水平嗎？

Does it extend the current rate base growth or is it really kind of more additive?

它會延長當前的利率基礎增長還是真的更具附加性？

And I'll leave it there.

我會把它留在那裡。

Yeah, Nick, that's a great question.

是的，尼克，這是一個很好的問題。

And we think about that a lot.

我們對此思考了很多。

So at our March 1 Analyst Day, we were very clear that we were providing a high-quality durable operational and financial plan with targets that we expect to achieve consistently, and I put emphasis on that word, consistently.

因此，在 3 月 1 日的分析師日，我們非常清楚，我們正在提供高品質、持久的營運和財務計劃，以及我們期望持續實現的目標，我強調「持續」這個詞。

So the plan is built on appropriately conservative assumptions.

因此，該計劃是建立在適當保守的假設之上的。

Now we operate in premium markets in the Southeast, in Virginia and South Carolina, so we see additional opportunities that can further strengthen our position.

現在，我們在東南部、維吉尼亞州和南卡羅來納州的高端市場開展業務，因此我們看到了更多可以進一​​步鞏固我們地位的機會。

And as you alluded to, potentially even extend the long-term growth rate.

正如您所提到的，甚至有可能延長長期成長率。

That's going to be in the later part of the plan.

這將是計劃的後半部分。

But we're focused on an approach that positions us to deliver predictable year-over-year results and strong performance for the long term.

但我們專注於一種使我們能夠提供可預測的同比業績和長期強勁業績的方法。

So we'll, as you noted, provide an update on our CapEx plan on the fourth quarter call just three months from now.

因此，正如您所指出的，我們將在三個月後的第四季度電話會議上提供資本支出計劃的最新資訊。

And there, we will underscore our commitment to disciplined growth and operational excellence.

在那裡，我們將強調我們對規範成長和卓越營運的承諾。

But the investor feedback that I have received agrees with an approach of consistent execution against the targets that we already laid out on the first of March.

但我收到的投資人回饋與我們在 3 月 1 日制定的目標一致執行的做法一致。

And Nick, I would just add, we've said, I think, in several venues and here on this call again today is I think we believe if there is bias around our capital plan, it is upward.

尼克，我想補充一點，我認為，我們在多個場合都說過，今天在這次電話會議上，我認為我們相信，如果我們的資本計劃存在偏差，那麼它是向上的。

We think that, that opportunity would probably present itself, given how long it takes to get projects planned and capital invested and deployed, it would be towards the back end of that framework of '25 through 2029.

我們認為，考慮到專案規劃、資本投資和部署需要多長時間，這個機會可能會出現，它將在 25 年到 2029 年框架的後端出現。

And you mentioned balance sheet.

你提到了資產負債表。

We've worked really hard during the review to establish a balance sheet with an appropriate amount of cushion.

我們在審查期間非常努力地建立了具有適當緩衝量的資產負債表。

And as new capital comes into our plan, we'll be thoughtful about how we finance that.

隨著新資本進入我們的計劃，我們將仔細考慮如何融資。

Not all capital projects are equal.

並非所有資本項目都是平等的。

We spend a lot of time internally thinking about the speed of cash conversion.

我們花了很多時間在內部思考現金轉換的速度。

Some projects turn investment into cash flow more quickly than other projects.

有些項目比其他項目更快地將投資轉化為現金流。

And we'll need a mix of those characteristics as we build our plan, but we will be very mindful about how we make sure we finance it in a way that preserves that cushion that we've worked so hard to achieve and we'll continue to have.

在製定計劃時，我們需要將這些特徵結合起來，但我們將非常注意如何確保我們以一種能夠保留我們努力實現的緩衝的方式為其提供資金，我們將繼續有。

Ross Fowler, Bank of America.

羅斯‧福勒，美國銀行。

So just maybe talking about South Carolina a little bit.

所以也許只是談論一下南卡羅來納州。

You've obviously got the electric settlement there and the approval.

顯然你已經獲得了電力和解協議並獲得批准。

How do you think about the schedule from here around legislation moving forward potentially next year?

您如何看待明年可能推進的立法時間表？

And is that sort of thoughts around economic development on one side, but also sort of, as you said kind of in your comments, Bob, there's got to be something there to sort of address regulatory lag in the state as well?

一方面是圍繞經濟發展的這種想法，另一方面，正如你在評論中所說，鮑勃，也必須有一些東西來解決該州的監管滯後問題？

And then the corollary is there, is there also a new nuclear opportunity there, an opportunity around nuclear?

那麼推論就在那裡，是否也存在著一個新的核子機會，一個圍繞著核子的機會？

I mean, how do we contextualize the experience with V.C. Summer that we've been through versus there is space on that site to maybe do SMRs or something else?

我的意思是，我們如何將這段經歷與 VC 連結起來？我們經歷過的夏天，那個網站上是否有空間可以做 SMR 或其他事情？

Yeah.

是的。

So let me start with the second part first.

那麼讓我先從第二部分開始。

I think as we said publicly, we're not pursuing a restart of V.C. Summer on that -- of the new units on that site.

我認為正如我們公開所說，我們並不尋求重啟創投公司。那個夏天——那個網站上的新單位。

So more broadly though, on your question, as you know, as you referenced, the Senate Select Energy Committee is still meeting regularly to produce a companion bill to the one that the House sent over at the end of the '24 session.

但更廣泛地說，關於你的問題，正如你所知，正如你所提到的，參議院特別能源委員會仍在定期舉行會議，以製定眾議院在 24 屆會議結束時提交的法案的配套法案。

Those discussions, as you know, have continued to center on authorization for us to partner with Sandy Cooper on a combined cycle plant there.

如您所知，這些討論繼續集中在授權我們與桑迪·庫珀合作在那裡建立聯合循環工廠。

They focus on permitting reform.

他們專注於允許改革。

And also, there have been a lot of conversations recently on regulatory lag.

此外，最近有很多關於監管滯後的討論。

The original legislation talked about the financial health of the utility.

最初的立法討論了公用事業公司的財務健康狀況。

And as we think about the financial health of utility, addressing regulatory lag is very important and that conversation has, I think, its focus has sharpened recently.

當我們考慮公用事業的財務健康狀況時，解決監管滯後問題非常重要，我認為這種對話最近的焦點變得更加尖銳。

So we're very supportive of the work that they're doing.

所以我們非常支持他們正在做的工作。

It's a great -- South Carolina's a great place to do business.

南卡羅來納州是一個做生意的好地方。

It's the fastest-growing state in the country or certainly among them.

它是該國增長最快的州，或者肯定是其中之一。

It's a great state for business.

這對於商業來說是一個很好的狀態。

And I think we've got great opportunities to invest there.

我認為我們在那裡有很好的投資機會。

We're going to work with policymakers to address this lag issue.

我們將與政策制定者合作解決這個滯後問題。

It's top of mind for us.

這是我們最關心的事。

It appears to be on the minds of legislators down there, which is good.

那裡的立法者似乎也考慮到了這一點，這很好。

And we'll have a session coming up at the beginning of next year and see how it all sorts itself out.

我們將在明年初召開一次會議，看看結果如何。

And then maybe moving to storm recovery.

然後也許會轉向風暴恢復。

Obviously, I think you guys did a phenomenal job on getting everybody back up on power that can take power after the hurricane, so congratulations to you on that.

顯然，我認為你們在讓每個人恢復颶風後恢復供電方面做得非常出色，所以恭喜你們。

But how do I think about the schedule from here around getting cost estimates finalized, thinking about how much of that is capital versus O&M?

但是，我如何考慮最終確定成本估算的時間表，考慮其中資本與維運的比例？

And then remind us how the recovery mechanisms for those costs kind of work.

然後提醒我們這些成本的回收機制是如何運作的。

Yeah.

是的。

Before Steven answers that, I was able to spend some time down in South Carolina right after the storm, particularly in Aiken County, which was the most damaged.

在史蒂文回答這個問題之前，我在風暴剛結束後就在南卡羅來納州待了一段時間，特別是在受災最嚴重的艾肯縣。

And it was -- the damage there was significant.

那裡的損失是巨大的。

And I was just so proud of our team for how hard they were working and continue to work to get the lights back on for folks.

我為我們的團隊感到非常自豪，因為他們正在努力工作，並繼續努力為人們恢復光明。

And as we think about it, that's the most important part of this discussion.

當我們思考時，這是本次討論中最重要的部分。

But I'll turn it to Steven to talk a little bit about the timing of recovery.

但我會請史蒂文談談恢復的時間。

In South Carolina, we defer these to the balance sheet.

在南卡羅來納州，我們將這些推遲到資產負債表中。

Given the nature of the storm, the bias of that estimated cost is actually more towards capital than O&M.

考慮到風暴的性質，估計成本實際上更偏向資本而非維運。

That's a little bit unusual for like large outage events we have in South Carolina and in Virginia.

對於南卡羅來納州和維吉尼亞州發生的大型停電事件來說，這有點不尋常。

As part of our most recent settlement on the electric, we agreed with the staff that in good faith pursue potential securitization for storm costs that exceed $100 million.

作為我們最近的電力和解協議的一部分，我們同意工作人員的意見，真誠地尋求將超過 1 億美元的風暴成本進行潛在的證券化。

So we'll have those discussions with them.

所以我們將與他們進行這些討論。

And I don't have specific timing for you but we would expect this to be a constructive recovery outcome.

我沒有給你具體的時間安排，但我們預計這將是一個建設性的復甦結果。

Okay.

好的。

And maybe one last one for me back to the MOU with Amazon and I appreciate you can't give us any details here.

也許我要回顧一下與亞馬遜的諒解備忘錄，感謝您不能在這裡向我們提供任何細節。

But just remind us, there's rate structures in Virginia like we have had under the offshore wind where other non-utilities can put capital in.

但請提醒我們，維吉尼亞州的費率結構就像我們在離岸風電下的費率結構一樣，其他非公用事業公司可以投入資本。

And I believe it's up to 80% of the capital for a project.

我相信這是一個專案資本的 80%。

And is that something that you're kind of referencing with your build-on transfer potential comments?

您在轉會潛在評論中是否提到了這一點？

Yeah, I'm not exactly sure what you're talking to on the 80%.

是的，我不太確定你在 80% 上談論的是什麼。

And the investment in offshore or offshore wind project was specifically authorized by legislation in 2023.

2023年，立法特別授權投資海上或離岸風電計畫。

But there are certainly opportunities for special contract rates with customers or special tariffs.

但肯定有機會與客戶簽訂特殊合約費率或特殊關稅。

So that may be a possibility here.

所以這可能是一種可能性。

But really beyond that and beyond the principles that I talked about earlier, there's not a lot more I can add at this stage.

但除此之外，除了我之前談到的原則之外，現階段我無法添加更多內容。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

This is Jeremy Tonet from JPMorgan.

我是摩根大通的傑瑞米·託內特。

Just quick ones, if you could.

如果可以的話，就快點吧。

A lot of good detail here.

這裡有很多很好的細節。

For the latest REC value in CVOW's LCOE here, can you walk through the factors driving the revision and how that -- how sensitive that assumption is to load growth and renewable additions in the future?

對於此處 CVOW LCOE 中的最新 REC 值，您能否詳細介紹一下推動修正的因素以及該假設對未來負載成長和再生能源增量的敏感度如何？

Just wanted to see, I guess, what we should be thinking here.

我想只是想看看我們應該在這裡思考什麼。

Yeah, Jeremy, that's a really good question.

是的，傑里米，這是一個非常好的問題。

So obviously, we saw a very substantial move in the LCOE for CVOW.

顯然，我們看到 CVOW 的 LCOE 發生了非常重大的變化。

And we highlighted the driver for that, which is higher expected REC pricing.

我們強調了其驅動因素，即較高的預期 REC 定價。

And when you think about the LCOE calculation, we created that metric to be able to compare it to the reference legislative cap, which is a combustion turbine, which in

當您考慮 LCOE 計算時，我們創建了該指標，以便能夠將其與參考立法上限進行比較，參考立法上限是燃氣渦輪機，

[2017 dollars is $125 per megawatt hour].

[2017 年美元為每兆瓦時 125 美元]。

And so let me walk through the three components in that calc so you can think about how that number may move.

讓我逐步介紹一下該計算中的三個組成部分，以便您可以思考該數字可能如何變化。

So the first is a sort of fairly straightforward revenue requirement associated with cost of service buildup, so it's depreciation, maintenance, property taxes as applicable.

因此，第一個是與服務成本增加相關的相當簡單的收入要求，即折舊、維護、適用的財產稅。

It's return on capital, both the financing for the debt as well as the return on equity.

它是資本回報率，包括債務融資和股本回報率。

So that's pretty straightforward.

這非常簡單。

And we've given sensitivity to say, hey, if interest rates are financing up or down, here's how the LCOE would change.

我們已經給出了敏感性，嘿，如果融資利率上升或下降，那麼 LCOE 將如何變化。

We've given sensitivities if capital goes up or down.

如果資本上漲或下跌，我們會給予敏感度。

So that would all impact that.

所以這都會影響到這一點。

That's all pretty straightforward.

這一切都非常簡單。

The next is PTCs or ITCs.

接下來是 PTC 或 ITC。

It's PTCs because that's the best for customers.

它是 PTC，因為這對客戶來說是最好的。

But we credit against that cost of service, the PTC value, which I think makes sense and we don't anticipate huge changes there.

但我們將服務成本（即 PTC 價值）歸功於此，我認為這是有道理的，而且我們預計不會出現巨大變化。

We do have a sensitivity for capacity factor, which would affect the denominator and also the amount of PTC, and we've shared that sensitivity as well.

我們確實對容量係數有敏感性，這會影響分母以及 PTC 的量，我們也分享了這種敏感性。

The last item is this REC value.

最後一項就是這個REC值。

So under a renewable portfolio standard, which the Virginia Clean Economy Act established in Virginia, just like RPS standards in other states, that legislation effectively gives credit to a renewable generation resource to put it closer to being on level playing field with a non-renewable resource.

因此，根據《維吉尼亞清潔經濟法案》在維吉尼亞州制定的可再生能源組合標準，就像其他州的RPS 標準一樣，該立法有效地給予再生發電資源信用，使其更接近與不可再生能源的公平競爭環境。

And so in the absence of this project, the CVOW project, our customers would need to procure that REC value.

因此，如果沒有這個項目，即 CVOW 項目，我們的客戶將需要取得該 REC 值。

And it's a phased approach so a percentage of our overall load with an adjustment for nuclear megawatt hours, and that steps up through 2045, so it sort of gradually moves up.

這是一種分階段的方法，因此我們的總負荷的百分比會根據核兆瓦時進行調整，並且會逐步增加到 2045 年，因此它會逐漸上升。

A percentage of that load has to be met with RECs.

此負載的一定比例必須由 REC 來滿足。

And that allows us to say, hey, relative to this reference resource of the combustion, you really need to give credit to CVOW for the production of these RECs.

這讓我們可以說，嘿，相對於燃燒的參考資源，您確實需要將這些 REC 的生產歸功於 CVOW。

And as the market value of RECs go up, the value of the CVOW project with the RECs that it creates becomes more valuable for customers.

隨著 REC 市場價值的上升，CVOW 專案及其創建的 REC 的價值對客戶來說變得更有價值。

So that gets netted as well.

所以這也被捕獲了。

We don't have perfect clarity as to where market REC prices will go.

對於市場 REC 價格的走向，我們並沒有完全清楚的了解。

We know there's been upward pressure on it as a result of two things.

我們知道，由於兩件事，它面臨上行壓力。

One is the ratcheting up of the demand for which we have to procure up specific percentage, like capacity in that respect, as well as the need for us to achieve a growing percentage of that demand.

一是我們必須獲得特定百分比的需求不斷增加，例如這方面的產能，以及我們需要實現不斷增長的需求百分比。

So it steps up from '23.

所以它從'23開始。

And then in 2025, the law stipulates that 75% of those RECs need to be procured from Virginia-based resources, which is a change.

然後到 2025 年，法律規定 75% 的 REC 需要從維吉尼亞州的資源中採購，這是一個變化。

In previous, it could be procured from anywhere in PJM.

以前，它可以從 PJM 的任何地方購買。

Now it needs to be 75%.

現在需要是75%。

So put all that together and the market is reflecting a supply-demand balance, which is favoring a higher REC price.

因此，將所有這些放在一起，市場反映了供需平衡，這有利於更高的 REC 價格。

So where will it go?

那麼它會去哪裡呢？

We don't know.

我們不知道。

We provide you the table with both with and without REC so you can sort of see with this impact and without this impact.

我們為您提供了包含 REC 和不包含 REC 的表格，以便您可以了解有此影響和沒有此影響的情況。

That's how we've presented it to our regulators.

這就是我們向監管機構提交的方式。

I suspect those values will still be -- they'll stay strong, given the dynamics I just described, but we'll just watch it and we'll be transparent with folks.

我懷疑這些價值觀仍然會——考慮到我剛才描述的動態，它們將保持強勁，但我們只會觀察它，我們會對人們保持透明。

But bottom line is that we feel like the regulated construct that our policymakers created for offshore wind has resulted in a very good outcome for our customers, and we're very, very focused on making sure we deliver on that promise.

但最重要的是，我們認為我們的政策制定者為離岸風電創建的監管結構為我們的客戶帶來了非常好的結果，我們非常非常專注於確保我們兌現這一承諾。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And maybe going back to transmission for a little bit more if I could.

如果可以的話，也許會再回到傳輸領域。

For PJM's open window, can you expand a bit more on the opportunity through your joint projects with AEP and FirstEnergy there.

對於 PJM 的開放窗口，您能否透過與 AEP 和 FirstEnergy 的聯合專案進一步擴大這一機會。

Just really how these projects fit within PJ's transmission system today as it stands and as load growth continues here.

這些項目實際上如何融入 PJ 的輸電系統，就其現狀以及負載的持續成長而言。

Thinking about also as well, I guess, further route, you mentioned opportunities in the back half of the plan.

我想，也考慮進一步的路線，您在計劃的後半部分提到了機會。

Any additional thoughts on the cadence of when that could come to fruition?

關於何時實現這一目標的節奏還有什麼其他想法嗎？

Yeah, Jeremy.

是的，傑瑞米。

As we described in our remarks, we submitted these proposals in early October in PJM's latest open window process.

正如我們在發言中所述，我們於 10 月初在 PJM 最新的開放窗口流程中提交了這些提案。

And there's growth happening throughout PJM and the opportunity to do something innovative like this with AEP and FirstEnergy, we believe really we're leveraging the expertise of our incredible transmission group, AEP's incredible transmission group, and FE's incredible transmission group, to get the most cost-effective solutions as demand is growing.

整個PJM 正在不斷增長，並且有機會與AEP 和FirstEnergy 進行類似的創新，我們相信我們確實正在利用我們令人難以置信的傳輸團隊、AEP 令人難以置信的傳輸團隊和FE 令人難以置信的傳輸團隊的專業知識，以獲得最大的收益隨著需求的增長，提供具有成本效益的解決方案。

And we've been talking about this for a while, need additional transmission in order to remain reliable to be able to work with those companies to do something a little bit different, we think, makes a lot of sense.

我們已經討論這個問題有一段時間了，需要額外的傳輸以保持可靠，以便能夠與這些公司合作做一些有點不同的事情，我們認為這很有意義。

It could represent additional CapEx above the March 1 plan if the projects are ultimately awarded by PJM, but those projects are currently under review.

如果這些項目最終由 PJM 授予，那麼這可能代表著高於 3 月 1 日計劃的額外資本支出，但這些項目目前正在接受審查。

They're in the early stages of development.

它們正處於開發的早期階段。

We don't anticipate selection by PJM until the first quarter of next year.

我們預計 PJM 要到明年第一季才會進行選擇。

So it is hard for us at this stage to tell you what the cadence of CapEx or the amount of CapEx would be, given we're waiting more from PJM.

因此，鑑於我們正在等待 PJM 的更多信息，現階段我們很難告訴您資本支出的節奏或資本支出的金額。

But I would just leave you with that we expect this open window could be as big, if not even bigger than last year's, which was, as I mentioned, 150 for us, 150 transmission projects totaling $2.5 billion.

但我想告訴你們的是，我們預計這個開放的窗口可能會和去年一樣大，甚至更大，正如我提到的，去年我們有 150 個，150 個輸電項目，總金額為 25 億美元。

Got it, fair enough.

明白了，夠公平的。

I shouldn't get too ahead of myself here.

我不應該在這裡太過超前。

Real quick last one, if I could.

如果可以的話，最後一張真的很快。

Just as far as it relates to the call on generation today, given all this load growth, if you could provide any updated thoughts on how this could or maybe doesn't impact coal plant retirement time lines in general.

就目前的發電量而言，考慮到所有這些負載增長，您是否可以提供任何最新的想法，說明這可能會或可能不會影響燃煤電廠的整體退役時間線。

And at the same time, these EPA regs as it relates to CCS for natural gas plants.

同時，這些 EPA 法規與天然氣工廠的 CCS 相關。

Just wondering, any thoughts there on how that impacts your thought process?

只是想知道，這對您的思考過程有何影響？

Yeah.

是的。

Jeremy, first, I'm impressed that you asked us many questions when you aren't the only person in the queue, well done.

傑里米，首先，我印象深刻的是，當你不是隊列中唯一的人時，你問了我們很多問題，做得很好。

But let me say on the question of EPA regulations and fossil retirements.

但讓我談談美國環保署法規和化石燃料退役的問題。

First of all, you can -- both those questions are really addressed in the IRP that we just filed.

首先，您可以——這兩個問題都在我們剛剛提交的 IRP 中得到了真正的解決。

So it's a 15-year look and you can see there's no fossil retirements in the IRP planning horizon precisely because of the load growth we've been talking about and the load growth that's identified in the IRP.

因此，從 15 年的角度來看，您可以看到 IRP 規劃範圍內沒有化石燃料退役，這正是因為我們一直在討論的負載成長以及 IRP 中確定的負載成長。

So no expectation, as that document exists today, as everything that we see today, that we would be retiring any fossil units in the next 1.5 decades.

因此，正如今天存在的這份文件，以及我們今天看到的一切，我們不會期望在未來 1.5 十年內淘汰任何化石燃料單位。

And then as to the new EPA regulations, we actually ran scenarios in the IRP with and without those EPA regulations and it did not swing that much what we're building.

至於新的 EPA 法規，我們實際上在 IRP 中運行了有或沒有這些 EPA 法規的場景，並且它並沒有對我們正在構建的內容產生太大影響。

So we're going to sort of keep working through the regulations.

因此，我們將繼續按照規定開展工作。

They're obviously being litigated.

他們顯然正在被訴訟。

But when we ran the models for the IRP, not a huge change between with and without those new EPA regs.

但當我們運行 IRP 模型時，發現有和沒有這些新 EPA 法規之間並沒有發生巨大變化。

Got it.

知道了。

I'll have to think of more questions for next time.

下次我得想更多的問題。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Unlike Jeremy, I just have one question.

與傑里米不同，我只有一個問題。

And kind of off of Nick's question, so honestly, if you say we answered it with Nick's question, that's fine.

有點偏離尼克的問題，所以說實話，如果你說我們用尼克的問題回答了它，那很好。

Nick, I thought, was focused more on the rate base growth story and maybe updating that.

我認為，尼克更關注利率基礎成長的故事，也許還更新了它。

Obviously, new you saw utilities revising earnings growth rates.

顯然，公用事業公司正在修改獲利成長率。

I'm just curious on what's the calculus, sort of what do you guys look at when you evaluate your financial plan?

我只是好奇什麼是微積分，你們在評估財務計畫時會看什麼？

Whether it's something like sustainable or not, like about whether it's your visions on rate base growth, and I'm actually leaning more towards like an earnings growth number.

無論它是否是可持續的，就像你對利率基礎成長的願景是否一樣，我實際上更傾向於收益成長數字。

And again, feel free to say you answered it in Nick's question.

再次，請隨意說您在尼克的問題中回答了它。

We largely answered it in Nick's question, but we'll let Steven offer up a little bit more.

我們在尼克的問題中基本上回答了這個問題，但我們會讓史蒂文提供更多一點。

Anthony, I think it's a very good question.

安東尼，我認為這是一個非常好的問題。

It's very topical, given calls this season.

鑑於本賽季的電話，這是一個非常熱門的話題。

And I guess the way I would describe it is we put out -- as Bob mentioned, we put out a financial plan on March 1 that we feel very confident in our ability to consistently meet.

我想我描述它的方式是我們推出了 - 正如鮑勃所提到的，我們在 3 月 1 日推出了一項財務計劃，我們對我們持續滿足的能力非常有信心。

To the extent that we see continued tailwinds in this -- among the various drivers we've talked about, which is very, very strong loan growth and more opportunities to deploy capital and strong regulatory regimes.

就我們所討論的各種驅動因素​​而言，我們看到了持續的有利因素，其中包括非常非常強勁的貸款成長以及更多部署資本的機會和強有力的監管制度。

Every year we put out an update, we're going to be thinking about what the right plan looks like.

每年我們都會發布更新，我們都會考慮正確的計劃是什麼樣的。

For us, we think achieving consistently high-quality, predictable, low-risk earnings is the number one objective of our financial plan.

對我們來說，我們認為實現持續高品質、可預測、低風險的收益是我們財務計畫的首要目標。

And to the extent that we are in a position to do something better, either from a rate base growth perspective or from an earnings growth perspective, we'll consider that very carefully, making sure we're not doing something that's going to jeopardize our ability to deliver on that consistent, predictable, high-quality, low-risk earnings trajectory.

如果我們能夠做得更好，無論是從利率基礎增長的角度還是從盈利增長的角度來看，我們都會非常仔細地考慮，確保我們不會做一些會危及我們利益的事情。可預測、高品質、低風險的獲利軌跡。

And we'll make sure we finance it in a way that preserves that framework as well.

我們將確保以保留該框架的方式為其提供資金。

So it's kind of a little bit of a nonanswer, which is sort of -- we'll evaluate that every year when we come out with our updated plan or revised, refreshed capital outlook.

所以這有點沒有答案，這就是——每年當我們推出更新的計劃或修訂、更新的資本前景時，我們都會對此進行評估。

We obviously have some tailwinds like a number of folks in the industry, but we feel really good about the plan we put out on March 1.

與業內許多人一樣，我們顯然也有一些順風車，但我們對 3 月 1 日推出的計劃感覺非常好。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Just wanted to ask a follow-up on Jeremy's question on the IRP and the EPA regulations.

只是想問 Jeremy 關於 IRP 和 EPA 法規的問題的後續情況。

So it looks like there's still a fair bit of gas, including combined cycle units in that plan.

因此，看起來仍然有相當多的天然氣，包括該計劃中的聯合循環機組。

So just to confirm based on your comments, that does take into account the cost of potentially fitting those assets with CCS technology?

因此，根據您的評論確認一下，這是否考慮了使用 CCS 技術安裝這些資產的潛在成本？

No, it doesn't take into account the cost of fitting them with CCS, but it does take into account the capacity factor limits within those regulations.

不，它沒有考慮為它們安裝 CCS 的成本，但它確實考慮了這些法規內的容量係數限制。

So as we've said, we don't think that CCS is adequately demonstrated.

正如我們所說，我們認為 CCS 尚未得到充分論證。

That's obviously going to be a subject of litigation with EPA.

這顯然將成為美國環保署訴訟的主題。

But the plan that we put out takes into account the regulations by just adjusting for the capacity factor.

但我們提出的計劃僅透過調整容量係數來考慮法規。

Got it, okay.

明白了，好吧。

I appreciate the clarification.

我很感謝您的澄清。

That's super helpful.

這非常有幫助。

And then maybe just one quick follow-up, a high-level question as you think about the opportunities surrounding SMRs.

然後，當您思考圍繞 SMR 的機會時，可能只是一個快速跟進，一個高級問題。

As you think about potential timing to commercialization of that technology, I know you've got the 2034 kind of starting date in the IRP.

當您考慮技術商業化的潛在時機時，我知道 IRP 中的起始日期是 2034 年。

Is that sort of indicative of your views on when you think you could see sort of scaled commercialization of SMRs?

這是否表明了您對於何時能夠看到中小型反應器大規模商業化的看法？

Or just any broad views on kind of the timing from that perspective would be helpful.

或者從這個角度對時間安排的任何廣泛看法都會有所幫助。

Yes, the IRP does reflect our view on timing.

是的，IRP 確實反映了我們對時間安排的看法。

So again, we're going to stick with the principles I outlined.

再說一次，我們將堅持我概述的原則。

But assuming that we achieve those, what we think is feasible would be and the timelines that we put in the IRP.

但假設我們實現了這些目標，我們認為可行的是我們在 IRP 中設定的時間表。

This concludes our question-and-answer session, so I'll turn it back to Bob Blue for closing remarks.

我們的問答環節到此結束，所以我將把它轉回給鮑勃·布魯（Bob Blue）做結束語。

Thanks, everyone, for taking time to join the call today.

感謝大家今天抽空參加電話會議。

Everybody, enjoy the rest of your day, your weekend, and we'll see you at EEI.

各位，祝大家有個愉快的一天和週末，我們 EEI 見。

Thanks very much.

非常感謝。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。