道明尼資源 (D) 2024 Q3 法說會逐字稿

Welcome to the Dominion Energy third quarter earnings conference call. At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions, instructions will be given for the procedure to follow. If you would like to ask a question, I would now like to turn the call over to David McFarland, Vice President, Investor Relations and Treasurer.

歡迎參加 Dominion Energy 第三季財報電話會議。此時，您的每條線路都處於只聽模式。在今天的演講結束時，我們將開始提問，並將給出後續程序的說明。如果您想問問題，我現在想將電話轉給投資者關係副總裁兼財務主管 David McFarland。

Good morning. And thank you for joining today's call, earnings materials including today's prepared remarks, contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our sec filings including our most recent annual reports on form 10-K and our quarterly reports on form 10-Q for a discussion of factors that may cause results to differ from management's estimates and expectations.

早安.感謝您參加今天的電話會議，包括今天準備的言論在內的收益資料包含前瞻性陳述和估計，這些陳述和估計受到各種風險和不確定性的影響。請參閱我們的 sec 文件，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告，以了解可能導致結果與管理層的估計和預期不同的因素的討論。

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. Joining today's call are Bob Blue, Chair, President, and Chief Executive Officer, Steven Ridge, executive Vice President and Chief Financial Officer; and Diane Leopold, Executive Vice President and Chief Operating Officer. I will now turn the call over to Steven.

今天早上，我們將討論一些衡量我們公司績效的指標，這些指標不同於我們的非公認會計原則指標與我們可以計算的最直接可比較的公認會計原則財務指標的公認會計原則調節所認可的指標，這些指標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。參加今天電話會議的包括董事長、總裁兼執行長鮑勃布魯 (Bob Blue)、執行副總裁兼財務長史蒂文里奇 (Steven Ridge)；執行副總裁兼營運長黛安‧利奧波德 (Diane Leopold)。我現在會把電話轉給史蒂文。

Thank you, David and good morning, everyone.

謝謝大衛，大家早安。

Now that the final transaction associated with the business review is complete.

現在與業務審查相關的最終交易已經完成。

Let me start by saying that we have repositioned Dominion energy to provide compelling long term value for shareholders, customers and employees. Since our March 1 investor meeting, we've consistently communicated the three following priorities.

首先我要說的是，我們已經重新定位了 Dominion 能源，為股市、客戶和員工提供令人信服的長期價值。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。

One hitting our financial plan, two, delivering offshore wind on time and on budget and three achieving constructive regulatory outcomes.

一是實現我們的財務計劃，二是按時、按預算交付離岸風電，三是實現建設性的監管成果。

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

透過實現這些目標。我們授權員工履行我們的關鍵使命，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。

First hitting our financial plan.

首先實現我們的財務計劃。

Third quarter, operating earnings is shown on slide. Three were 98¢ per share which for this quarter represented normal weather in our utility service areas. Third quarter, GAAP results were a dollar 12 per share as always a summary of all drivers for earnings relative to the prior year period is included in schedule four of the earnings release kit and a summary of all adjustments between operating and reported results are included in schedule two 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.

第三季的營業利潤顯示在投影片上。其中三個每股價格為 98 美分，這代表本季我們公用事業服務的正常天氣。第三季度，GAAP 業績為每股12 美元，一如既往，收益發布工具包的附表四中包含了相對於上年同期的所有收益驅動因素的摘要，運營和報告結果之間的所有調整的摘要都包含在收益發布工具包的附表四中。美元。

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.

正如我們在上次電話會議中所強調的那樣。第四季的獲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動的影響。

Fourth quarter earnings will also be negatively impacted by the earlier than planned closing of the CVA partnership because the associated non controlling interest hurt net of debt reduction is beginning earlier than we expected. H1stly, that's an assumption. I'm happy to have been too conservative about as early closing of the transaction represents a meaningful derisking of our plan.

第四季收益也將受到 CVA 合作夥伴關係提前結束的負面影響，因為扣除債務削減後相關的非控制權益損失開始得早於我們的預期。首先，這是一個假設。我很高興自己過於保守，因為提前完成交易代表著我們計劃的有意義的降低風險。

Quickly turning to 2025 through 2029 where there are no changes to our prior guidance. We are reaffirming, reaffirming all guidance including 2025 operating earnings per share of between $3.25 and $3.54 inclusive of approximately 10¢ of R&G 45 Z credit income with a midpoint of $3.40.

快速轉向 2025 年至 2029 年，我們之前的指導不會有任何變化。我們重申所有指導，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 10 美分的 R&G 45 Z 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 R&G 45 Z 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 2025 年中點 3.30 美元的基礎上增長 5% 至 7%，其中不包括由於 R&G 45 Z 信貸將於 2027 年底立法取消而產生的影響。

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 3rd year.

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

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 turning now to slide 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.

最後，我們將在第四季度財報電話會議上提供截至2029 年的全面資本投資預測更新，該電話會議將於2025 年初照常舉行，現在轉向幻燈片4，正如我之前提到的，我很高興地報告說，我們已經現在已完成我們在業務審查期間宣布的 100% 債務削減措施。

Since our last update, we've successfully closed on the sale of the public Service Company of North Carolina to Enbridge and the Sval 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 Sval 與 Stonepeak 的合作。

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 it, all of which were completed in line with or ahead of our publicly announced timeline.

與之前的關閉相結合。這項工作意味著透過六項單獨的交易減少了約 210 億美元的債務，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. We appreciate the thorough and comprehensive reviews performed by our regulators.

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。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 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.

我將在完成第三季融資活動（包括 12 億美元的 Vepco 債務發行和 2 億美元的 ATM 發行）後，結束我對幻燈片 5 所示融資計劃的評論。我們已經全面實現了 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, for instance, as you'll see in the 10-Q filing, we've gotten a head start on 2025 guided ATM ISSUANT selling approximately $200 million of shares under the traditional forward sales structure that we expect to settle at the end of 2025.

我們將繼續關注透過在今年剩餘時間機會性地進入市場來降低公司 2025 年融資需求風險的方法。例如，如果條件允許，正如您將在10-Q 文件中看到的那樣，我們已經在2025 年引導ATM 發行方面取得了先機，根據我們預計將解決的傳統遠期銷售結構出售了約2 億美元的股票2025年底。

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

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。我會把電話轉給鮑伯。

Thank you, Steven and Good morning. I'll start my remarks by highlighting our safety performance 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. I commend my colleagues for their consistent focus on employee safety, which is our first core value in late September hurricane Helene caused historic devastation to many communities including within our South Carolina service area. As a result, we saw significant destruction of our infrastructure which caused nearly 450,000 service disruptions at its peak. Heleen left nearly half of our South Carolina electric customers without power. This was the largest storm to hit our South Carolina system since hurricane Hugo. 35 years ago, 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. They were joined by over 1,000 of our Virginia team members and partners who traveled South to lend their assistance. The restoration involved replacing over 1,000 transformers, 2,300 poles and 7,000 spans of wire. 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. 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. 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. I'm incredibly proud of our employees and commend all involved for their commitment to serving our customers. We've provided direct financial aid to over 20 different local organizations in the communities impacted by the storm to support disaster recovery response, including meals, shelter, emergency services and supplies and we will continue to look for ways to support our customers, employees and communities with that. Let me provide a few updates on the execution of our plan beginning with C out. The project is proceeding on time and on budget consistent with the timelines and estimates previously provided. We just completed a very successful first monopole installation season. As shown on slide 7, we've installed 78 mono P as well as pen4 piles that support the first of three planned offshore substations. Additionally, we've laid the first two of nine marine Deepwater export cables ahead of schedule. I'm very pleased with our progress during this first season. Not only did we achieve our installations target, we also gain invaluable experience and process expertise that will make the next installation season even more productive. I also want to thank our partners at Deme for the high quality work. They delivered additional C val project updates can be found on slide 8 but a few items to highlight on materials and equipment. Thus far, we've taken receipt of 96 monopiles at the Portsmouth Marine Terminal representing 55% of the project total. Our partner eew continues to make strong progress and we expect deliveries to continue steadily in coming weeks. 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 plan. A pile season begins, 82 transition pieces have completed final assembly of which 33 have been delivered to the Portsmouth Marine Terminal.

謝謝你，史蒂文，早安。我將首先強調我們的安全績效，如幻燈片 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。我讚揚我的同事對員工安全的一貫關注，這是我們在9 月底的颶風海倫(Helene) 中的第一個核心價值觀，對包括我們南卡羅來納州服務區在內的許多社區造成了歷史性的破壞。結果，我們的基礎設施遭到嚴重破壞，在高峰期造成近 45 萬次服務中斷。海琳讓我們南卡羅來納州近一半的電力客戶斷電。這是自颶風雨果以來襲擊南卡羅來納州系統的最大風暴。 35 年前，我們的員工（其中許多人自己沒有電或水）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。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，他們前往南方提供協助。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。雖然我們尚未完成最終核算，但我們對包括資本支出在內的修復成本的初步估計在 1 億至 2 億美元之間。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。我們知道這場風暴影響了包括我們員工在內的許多人的生活，我們的思念仍然與正在重建的家庭和社區同在。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。我們已向受風暴影響的社區中的20 多個不同的當地組織提供了直接財政援助，以支持災難復原響應，包括膳食、住所、緊急服務和用品​​，我們將繼續尋找方法來支持我們的客戶、員工和與此相關的社區。讓我提供一些有關我們從 C 開始的計劃執行情況的最新資訊。該項目正在按照先前提供的時間表和預算按時、按預算進行。我們剛剛完成了非常成功的第一個單極安裝季節。如幻燈片 7 所示，我們安裝了 78 個 mono P 樁以及 pen4 樁，用於支撐三個計劃的海上變電站中的第一個。此外，我們也提前鋪設了九條海洋深水出口電纜中的前兩條。我對我們在第一個賽季的進步感到非常滿意。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。我還要感謝 Deme 的合作夥伴所做的高品質工作。他們提供了額外的 C val 項目更新，可以在幻燈片 8 中找到，但有一些項目需要強調材料和設備。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%。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。所有三個海上變電站均處於第一個變電站和最終調試的軌道上，預計將在下一個計劃之前完成並運往維吉尼亞州進行安裝。打樁季節開始，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. We anticipate that the sell and blade production will begin in the first quarter of 2025.

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。我們預計銷售和葉片生產將於 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 Turning to slide 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. Keep in mind that higher rec prices are credit against the levelized cost of energy as value delivered to customers project to date. As of September 30th, we've invested approximately $5.3 billion and remain on target to spend approximately $6 billion by year end 2024. Also per the quarterly filing update today. Current unused contingency is $121 million compared to $143 million last quarter. 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, we have been very clear with our team and with our suppliers and partners that delivery of an on budget project is the expectation.

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 年海上風電公司備案，年收入為6.4 億美元。 56 美元。預測的主要驅動因素是價格大幅上漲。請記住，較高的再生能源價格是根據迄今為止交付給客戶的價值而計入的能源平準化成本。截至 9 月 30 日，我們已投資約 53 億美元，並繼續實現到 2024 年底支出約 60 億美元的目標。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。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，當前的應急水平繼續以佔剩餘總預算成本的百分比為基準，具有競爭力，我們對我們的團隊和供應商非常清楚和合作夥伴認為，以預算交付項目是我們的期望。

Lastly, the project is currently 43% complete and we've highlighted the remaining major milestones on slide. 10 turning to slide 11. Let me now provide a few updates on Cyti. Since August, we've completed engine load testing to support crane operations with parallel engine testing underway 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. The vessel is currently 93% complete up from 89%. As of our last update, we expect completion of crib this in early 2025. Consistent with our previous guidance range of late '24 early '25 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 the cells. There's no change to the vessel's expected availability to support the current c out construction schedule which we anticipate will start in the third quarter next year. There's also no change to the vessel's cost of $715 million.

最後，該專案目前已完成 43%，我們在幻燈片上突出顯示了剩餘的主要里程碑。 10 轉到投影片 11。自八月份以來，我們已經完成了引擎負載測試，以支援起重機操作，並在未來幾週內進行並行引擎測試，支架的最後部分將由起重機以及整體電氣工作進行設置，以便進行調試活動。該船目前已完成 93%，高於 89%。截至我們上次更新，我們預計在 2025 年初完成此工作。葉片和單元。該船的預期可用性沒有變化，無法支援當前的建造計劃，我們預計該建造計劃將於明年第三季開始。該船的成本為 7.15 億美元，也沒有變化。

Moving out of slide. 12, we continue to see strong data center growth in Virginia and have already connected 14 new data centers a year-to-date. We now expect to connect 16 data centers in 2024. Up from 15. As of our last update since 2013, we've averaged around 15 data center connections per year.

移出幻燈片。 12 月 12 日，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。我們現在預計到 2024 年將連接 16 個資料中心。

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 as customers move from 1 to 3 the cost commitment and obligation by the customer increases. We're currently studying approximately eight gigawatts of data center demand within the substation engineering letters of authorization stage which means a customer has requested the company to begin the necessary engineering for new distribution and substation infrastructure required to serve the customer.

轉向投影片13 上的資料中心需求，這些合約分為一份變電站工程授權書、兩份施工授權書和三份電力服務協議，隨著客戶從1 變為3，客戶的成本承諾和義務也隨之增加。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，這意味著客戶已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 six 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執行施工授權書，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.

此階段的客戶是否應該選擇停止專案？他們有義務向公司償還我們迄今為止的投資。

Finally, the eight gigawatts included in electrical service agreements or ES A represent contracts for electric service between Dominion Energy and a customer. Each contract is structured for an individual account by signing an ES A. The customer is committing to consuming a certain level of electricity annually often with ramp schedules where the contracted usage grows over time.

最後，電力服務協議或 ES A 中包含的 8 吉瓦代表 Dominion Energy 與客戶之間的電力服務合約。每份合約都是透過簽署 ES A 為個人帳戶構建的。

In aggregate, we have data center demand of over 21 gigawatts as of July 2024 which compares around to around 16 gigawatts as of July 2023. 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, turning to slide 14. Let me update you on our transmission system planning. 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. For context. We've received 63 construction delivery point requests year-to-date September representing nearly 13 gigawatts of capacity since 2020. We've received 280 construction delivery point requests representing nearly 40 gigawatts of capacity.

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，我們的資料中心需求約為16 吉瓦。 這些合約金額並未考慮許多處於開發階段且尚未達到預期目標的資料中心專案。正如我之前分享的，PJM DOM 區域正在經歷前所未有的負載成長。這導致我們系統上傳輸服務的交付點請求的數量和規模同樣出現了前所未有的成長。為了上下文。今年 9 月至今，我們已收到 63 個施工交付點請求，相當於 2020 年以來的近 13 吉瓦容量。

We've recently begun implementing changes to our process that will only affect new delivery point requests. This will allow us to organize load requests into batches and serve them in the order they're received. Importantly, this will ensure our customers can continue to count on high system reliability even as demand increases materially. Since we began communicating these changes, we've continued to see robust demand from customers turning to slide 15. Let me share a few additional business updates. First on the transmission side, we submitted project proposals in September in PJ M's latest open window process for our own transmission portfolio and as part of a joint planning agreement along with a EP and first energy, we believe this regional collaborative approach allows our companies to offer better solutions to customers than what we could offer alone.

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。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。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。自從我們開始傳達這些變化以來，我們不斷看到客戶轉向幻燈片 15 的強勁需求。首先在輸電方面，我們於9 月在PJ M 最新的開放窗口流程中為我們自己的輸電組合提交了專案建議書，作為與EP 和第一能源聯合規劃協議的一部分，我們相信這種區域合作方法使我們的公司能夠為客戶提供比我們單獨提供的更好的解決方案。

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 recall. That last year we were awarded over 150 transmission projects totaling $2.5 billion on the generation front. We've announced a number of updates in recent weeks. First, on October 1st, we filed our annual update and the subsequent license renewal proceeding for our nuclear units at Surrey and North Anna seeking recovery of costs incurred for the North an extension and cost for phase two of the overall nuclear life extension program consisting of investments during calendar year 2025 through 2027. On October 15th, we filed our next set of utility scale solar projects with the Virginia SCC representing approximately $600 million of investment. Also on October 15th, 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.

雖然 PJM 的最終專案選擇要到 2025 年初才會做出。去年，我們在發電方面獲得了 150 多個輸電項目，總金額達 25 億美元。最近幾週我們宣布了許多更新。首先，10 月1 日，我們為薩里和北安納的核機組提交了年度更新和隨後的許可證續簽程序，尋求收回北方所產生的費用以及整個核壽命延長計劃第二階段的費用，其中包括： 2025 年至 2027 年期間的投資。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，以及跨可再生和可調度發電技術的額外資源容量。為了因應持續強勁的負載成長和 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. On that note, turning to slide 16 on October 16th, we announced an mou with Amazon to further explore the feasibility of developing SMR technology at North Anna.

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。關於這一點，請參閱 10 月 16 日的幻燈片 16，我們宣布與亞馬遜簽署一份諒解備忘錄，以進一步探索在北安娜開發 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. We're in early stages here. So I'm going to be limited in what I can share on potential structures and the like. 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, 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. Finally, I'd note that we're actively involved in discussions with other potential partners that are very interested in pursuing similar arrangements. On October 24th, 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. This is in addition to the lease area we secured adjacent to Sval, which could support even more regulated offshore wind in the future. No time lines on how or when or how much it will cost to advance these options further our unique expertise and proprietary knowledge associated with offshore wind developed through our Sval project gives our customers a competitive advantage.

需要明確的是，我們的興趣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、我們的資本提供者、我們的業務風險狀況和資產負債表免受開發風險（包括第一類風險）的影響。我們還處於早期階段。因此，我能分享的關於潛在結構等的內容將受到限制。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，我們將在未來盡可能提供更多細節，我想說的是，看到包括科技公司在內的大型電力用戶表達了願意投資合作夥伴並進行合作，以實現這項令人興奮的基載無碳技術。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。 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，這意味著可能額外提供約 800 兆瓦的受監管海上風力發電。這是我們在斯瓦爾附近獲得的租賃區域的補充，該租賃區域可以支持未來更規範的離岸風電。沒有時間表說明如何、何時或需要多少費用來推進這些選項，進一步推進我們透過 Sval 專案開發的與離岸風電相關的獨特專業知識和專有知識，為我們的客戶提供競爭優勢。

These announcements all together reflect in 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上述滿足不斷增長的需求的所有方法，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 based growth. Given these drivers, we expect there to be opportunities for incremental regulated capital investment towards the back end of our plan and beyond. As noted, we plan to update our capital guidance on our fourth quarter earnings call in early 2025. As always, we will look at incremental capital through the lenses of customer affordability system, reliability, balance sheet, conservatism and our low risk profile on customer affordability. As shown on slide 17, our current residential electric rates at DE and DESC are 14% and 11% below us average respectively. And based on the build plans pro proposed in both states, latest IRPS both will maintain customer bill growth rates through the forecast periods below current electricity inflation levels.

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的輸配電和發電基礎設施投資，這些投資已經並將繼續推動基於公用事業費率的成長。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。如前所述，我們計劃在2025 年初更新第四季度財報電話會議的資本指引。來審視增量資本負擔能力。如投影片 17 所示，我們目前 DE 和 DESC 的住宅電價分別比我們的平均值低 14% 和 11%。根據這兩個州提出的建設計劃，最新的 IRPS 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. 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 1st. 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 as we've indicated in the past, we're committed to supporting South Carolina's growing economy. 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, regulated regulatory jurisdictions as well.

轉向幻燈片18 上南卡羅來納州和北卡羅來納州的監管更新。得到了南卡羅來納州的批准公共服務委員會於 8 月生效，費率於 9 月 1 日生效。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，正如我們過去所表示的那樣，我們致力於支持南卡羅來納州不斷增長的經濟。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以及週邊東南部受監管的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 1st providing approximately $37 million increase in revenue requirement. Premised upon a 9.95% ROE and a 52.5% equity layer. The agreement also stipulates that $9 million in annual ongoing CCR costs be removed from base rates and placed in a standalone rider subject to approval. Interim rates become effective today in North Carolina pending the commission's final order. Overall, we continue to achieve constructive outcomes in all of our regulated service territories.

在北卡羅來納州，我們與公共工作人員和其他幹預者按照我們的基本費率達成了和解。 10 月 1 日進行，收入要求增加約 3,700 萬美元。前提是 9.95% 的 ROE 和 52.5% 的股權層。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，並置於經批准的獨立附加條款中。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。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, as we've said in the past, we view Millstone as a very valuable asset. 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. The remaining output is significantly de risked by our hedging program.

在我結束演講之前，讓我對 Millstone 發表一些評論，正如我們過去所說，我們認為 Millstone 是一項非常寶貴的資產。它提供了康乃狄克州 90% 以上的無碳電力，並且到 2029 年底，其產量的 55% 根據固定價格合約。

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

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，專門旨在授權未來額外採購核電，我們繼續與當地多方接觸，為 Millstone 找到最佳價值。

In addition to state sponsored procurement, we're exploring the idea of supporting incremental data center activity as well. We feel strongly that any data center option needs to be pursued in a collaborative fashion with stakeholders in Connecticut. At this point, we don't have a timeline for any potential announcements but this remains top of mind for us with that. Let me summarize our remarks on slide 19. Our safety performance this quarter remains strong but there's more work to do to drive injuries to zero. We reaffirmed all financial guidance from March 1 and narrowed our 2024 earnings guidance range. Our offshore wind project remains 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 continue to deliver and we will with that, we're ready to take your questions.

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。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。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。讓我總結一下我們在投影片 19 上的發言。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。我們的離岸風電專案仍然按時、按預算進行。我們繼續進行必要的投資，以提供可靠、實惠且日益清潔的能源，為我們的客戶每天提供動力，並且我們 100% 專注於執行。我們知道我們必須繼續交付，我們將準備好回答您的問題。

(Operator Instructions) Shar Pourreza, Guggenheim Partners. Please go ahead.

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

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? What's the time line? Is it the same technology, different types of SMRS? And have you had any kind of hyper scale or interest in the Os W Thanks?

鮑伯.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？時間線是怎樣的？是相同的技術，不同類型的 SMRS 嗎？您對 Os W 謝謝有任何超大規模或興趣嗎？

Yeah, sure, great question. You know, our conversations with Amazon and others have really focused around this new technology of Smr. Let me, let me talk a little bit about that. If I could, you know, 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 in nuclear technology is important to national security. And if you think about it, our Virginia utility is right at the intersection of all three of those, we're obviously continuing to see significant low growth in Virginia. Our power demand forecasted to double by 2039. 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. 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.

是的，當然，很好的問題。您知道，我們與亞馬遜和其他公司的對話實際上主要圍繞著 Smr 的這項新技術。讓我，讓我談談這個。如果我可以的話，你知道，如果你想想為什麼 SMRS 最近在全國性對話中變得突出，這實際上是三個原因。一是需求的顯著成長，很大程度上是由資料中心等大型用戶推動的。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，認為美國在核子技術的領導地位對國家安全很重要。如果你想一想，我們的弗吉尼亞公用事業公司正好處於這三個方面的交叉點，我們顯然會繼續看到弗吉尼亞州的顯著低增長。預計到 2039 年，我們的電力需求將增加一倍。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和諾福克海軍基地。

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. Governor Ykn Senators Warner and Kine have all endorsed these efforts. They were at our Amazon announcement recently, the Virginia legislature on a very bipartisan and overwhelming basis, pass legislation that allows companies to petition for cost recovery related to certain SMR project development. And then if you think about it, our state is home to significant nuclear operations, Huntington Angles, Newport News, BWXT and Framo and Lynchburg. And then of course, our long operating units at North Anna and Surrey. 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. So we've been talking with with Amazon, obviously and others. 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. So we're going to think very clearly and evaluate the feasibility of SMR technology to support our customers needs. They, they can play a role in our all of the above approach along with offshore wind and battery storage. They're going to potentially be an important part of Virginia's growing clean energy mix. So we issued an RFP last summer to evaluate technologies but beyond technology, we also need to be smart about financing. 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. But I can tell you it builds on the, you know, these are customers, particularly Amazon, we have a long standing relationship with and they've indicated, you know, a willingness and interest to participate in funding. So, you know, a structure could be something like a build own transfer. 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, it needs to address cost overrun risk so that our customers and Dominion energy don't bear that burden and we need to protect our balance sheet and our business risk profile. So we're very excited and optimistic about our agreement with Amazon and our conversations with other parties around small modular reactors. And we're going to be unyielding on those principles that I just identified.

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。州長 Ykn、參議員華納和凱恩都支持這些努力。他們最近在我們的亞馬遜公告中表示，維吉尼亞州立法機構在兩黨一致和壓倒性的基礎上通過了一項立法，允許公司申請與某些 SMR 項目開發相關的成本回收。如果你想一想，我們的州是重要核設施、亨廷頓角、紐波特紐斯、BWXT 以及弗拉莫和林奇堡的所在地。當然，還有我們在北安娜和薩裡的長期營運單位。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。因此，我們一直在與亞馬遜以及其他公司進行談判。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。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。它們可以在我們上述所有方法以及離岸風電和電池儲存中發揮作用。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。因此，我們在去年夏天發布了一份 RFP 來評估技術，但除了技術之外，我們還需要在融資方面保持明智。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。但我可以告訴你，它建立在這些客戶的基礎上，特別是亞馬遜，我們與我們有著長期的合作關係，他們已經表示願意和有興趣參與融資。所以，你知道，結構可能類似於建構自己的傳輸。但從根本上講，我們與亞馬遜或對此表示興趣的其他各方都同意任何結構。這個結構首先需要解決某種風險，需要解決成本超支風險，以便我們的客戶和 Dominion 能源不會承受這種負擔，我們需要保護我們的資產負債表和業務風險狀況。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。我們將堅定不移地遵守我剛剛確定的那些原則。

Do any of the hyper scrs have interest in offshore wind?

有超級 scr 對離岸風電有興趣嗎？

You know, we've talked a little bit about them, but the focus of our conversations recently with them has been on on SMRS remember we've got the contracted, I mean, the regulated CVA that we're building now that's already, it's cost recovery is already well identified. And as we said in the prepared remarks are, we've got these other two options, but we're, we're not at a point now where we have any decisions or time lines, we're very focused in bringing CVA in on time and on budget. So it really would be premature to be having conversations with them about future offshore wind. And we've got the offshore wind project underway today under a standard regulatory construct.

你知道，我們已經談論了一些關於它們的事情，但是我們最近與他們對話的重點是 SMRS，記住我們已經簽訂了合同，我的意思是，我們現在正在構建的受監管的 CVA，它的成本回收已經明確。正如我們在準備好的演講中所說，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，我們非常專注於將 CVA 引入按時、按預算。因此，與他們討論未來離岸風電的問題確實為時過早。今天，我們在標準監管架構下啟動了離岸風電專案。

Got it. And then just lastly on, on the IRP filed a few weeks ago, the portfolio scenarios seem to indicate you would be somewhat of a short position in the state from a capacity standpoint. Why not add more generation to the plan at this point? Too much political sensitivity to gas in the state. Why lean on PJM so much in the plan? Thanks guys.

知道了。最後，在幾週前提交的 IRP 上，投資組合情景似乎表明，從容量的角度來看，您在該州將處於某種空頭位置。為什麼此時不在計畫中增加更多的發電量？該州對天然氣的政治敏感度太高。為什麼計劃中如此依賴PJM？謝謝你們。

Yeah, sure. That's a great question. You know, we, we've got a lot of low growth in our Virginia jurisdiction, which is really exciting 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. It's, you know, potentially doubling the amount of offshore wind. It's adding a substantial amount more natural gas than last year's IRP. It's adding additional solar even beyond what the Clean Economy Act calls for and also large amounts of battery storage. So I think it would be fair to say. That while we're certainly mindful of what PJ M's capabilities are, We're building a heck of a lot in this plan. We'll always look for opportunities when it makes sense from a reliability and a customer affordability point of view to do more. But we feel like it's a pretty aggressive plan as it is based on a very substantial demand forecast.

是的，當然。這是一個很好的問題。你知道，我們在維吉尼亞州管轄區有很多低成長，這真的很令人興奮，如果你看看 IRP，我們正在建造很多。它涵蓋了一代產品組合的各個方面。你知道，這可能會使離岸風力發電量增加一倍。與去年的 IRP 相比，它增加了大量的天然氣。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。所以我認為這樣說是公平的。雖然我們當然很關注 PJ M 的能力，但我們在這個計劃中建立了很多東西。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。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。

Perfect congrats guys on the results really see you in a week.

完美的恭喜大家，一週後我們就能見到結果了。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

Hey, thanks for taking my questions morning morning. So I wanted to check in on the Millstone commentary. Just continue on the nuclear side. You know, you're kind of talking about finding the best value for it. It does seem like the opportunity set has expanded versus what maybe you were kind of contemplating at the analyst day offset there.

嘿，謝謝你早上回答我的問題。所以我想查看 Millstone 的評論。繼續核方面。你知道，你是在談論尋找它的最大價值。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? I believe you've already done and operate there. But are there any options for additionality to contemplate and you know, how could this all come together? Thanks.

也許您可以談論那裡是否有一個資料中心？我相信你已經在那裡完成並操作了。但是，是否有任何額外性可供考慮的選擇，並且您知道，這一切如何結合在一起？謝謝。

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

是的，尼克，我們正在研究米爾斯通是否有可能漲價，特別是那裡的第二個單元，這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. 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.

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。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情況外，我們今天沒有更多的資訊要向您報告。

Okay, I appreciate that. And then just you know, thinking through what kind of incremental since you've outlined, you know, the Analyst day you filed this IRP, you've highlighted this our tech process which you know, I'm sure we'll get clarity on by the fourth quarter call 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, where it stands today? Is it, does it extend the current rate based growth or is it really kind of more additive? And I'll leave it there?

好的，我很欣賞。然後你就知道，考慮一下什麼樣的增量，因為你概述了，你知道，在你提交此 IRP 的分析師日，你強調了我們的技術流程，你知道，我相信我們會弄清楚到第四季電話會議時，顯然資本支出正在上升，但就在你考慮資產負債表和融資前景時，並考慮到其中一些資本可能會比過去更加公式化。您認為從目前的情況來看，您能真正實現利率基礎成長嗎？是的，它會延長目前基於利率的成長還是真的更具附加性？我會把它留在那裡嗎？

Yeah, Nick, that's a great question. And we think about that a lot. So at our March 1 Analyst day, we're 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. So the plan is built on appropriately conservative assumptions. Now we operate in premium markets in the southeast, in Virginia and South Carolina. So we, we see additional opportunities that can further strengthen our position. And as you alluded to potentially even extend the long term growth rate, that's going to be in the later part of the plan.

是的，尼克，這是一個很好的問題。我們對此思考了很多。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。我一直強調這個詞。因此，該計劃是建立在適當保守的假設之上的。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，我們看到了可以進一步鞏固我們地位的更多機會。正如您所提到的，甚至有可能延長長期成長率，這將是該計劃的後半部分。

But we're focused on a, an approach that positions us to deliver predictable year over year results and strong performance for the long term. So we'll, as you noted, provide an update on our CapEx plan on the fourth quarter call just three months from now and there we will underscore our commitment to discipline growth and operational excellence.

但我們專注於一種使我們能夠提供可預測的逐年業績和長期強勁業績的方法。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信息，並強調我們對紀律增長和卓越運營的承諾。

But I the investor feedback that I have received agrees with an approach of consistent execution against the targets that we already laid out on the 1st of March.

但我收到的投資人回饋同意我們在 3 月 1 日制定的目標上持續執行的做法。

And Nick, I would just add, we've said, I think in several venues in here on this call again today is I think we believe if there is bias around our capital plan, it is upward, we think that that opportunity would probably present itself given how long it takes to get projects planned and in the and capital invested in and deployed. It would be towards the back end of that framework of 25 through 2029. And you mentioned balance sheet, we we worked really hard during the review to establish a balance sheet with an appropriate amount of cushion. And as, as new capital comes into our plan. We'll be thoughtful about how we finance that. Not all capital projects are equal. We spend a lot of time internally thinking about the speed of cash conversion. Some projects turn investment into cash flow more quickly than other projects. 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, we've worked so hard to achieve and we'll continue to have.

尼克，我想補充一點，我們已經說過，我認為在今天再次召開的電話會議上，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，我們認為這個機會可能會考慮到專案規劃、投資和部署需要多長時間。這將是在 25 至 2029 年框架的後端。隨著新資本進入我們的計劃。我們將仔細考慮如何為其提供資金。並非所有資本項目都是平等的。我們花了很多時間在內部思考現金轉換的速度。有些項目比其他項目更快地將投資轉化為現金流。在製定計劃時，我們需要結合這些特徵。但我們將非常注意如何確保我們的融資方式能夠保留我們已經、我們已經努力實現並將繼續擁有的緩衝。

Ross Fowler, Bank of America.

羅斯‧福勒，美國銀行。

Morning. So just maybe, maybe talking about South Carolina a little bit, you've always got the electric settlement there. And the approval. How do you think about the schedule from here around legislation moving forward potentially next year? And that sort of thoughts around economic development on one side. But also sort of, as you said, it's kind of in your comments, Bob You, there's gotta be something there to sort of address regulatory wag in the state as well.

早晨。所以也許，也許談論一下南卡羅來納州，你總是在那裡得到電力解決方案。以及批准。您如何看待明年可能推進的立法時間表？一方面是圍繞著經濟發展的這種想法。但正如你所說，在你的評論中，鮑勃尤，也必須有一些東西來解決州的監管問題。

And then the corollary is there, is there also a new nuclear opportunity there and an opportunity around nuclear? I mean, how do we contextualize the experience of VC summer that, that we've been through versus, you know, there is space on that site to maybe do SMRS or or something else.

那麼推論就在那裡，那裡是否也存在新的核子機會以及圍繞核的機會？我的意思是，我們如何將我們經歷過的 VC 夏季經歷與你知道的網站上可能有空間進行 SMRS 或其他東西的經歷結合起來。

Yeah. So let me start with the second part first, I think, as we said publicly, we're not pursuing a restart of VC summer on that of the new units on that site. So more broadly though, on your question, as you know, as you referenced, the, the Senate Select Energy Committee is, is, still meeting regularly, to produce a companion bill to the one that the house sent over at the end of the 24 session.

是的。因此，讓我先從第二部分開始，我認為，正如我們公開所說，我們不會在該網站上的新單位上重啟創投夏季。但更廣泛地說，關於你的問題，正如你所知，正如你所提到的，參議院能源特別委員會仍然定期開會，以製定一項與眾議院在本次會議結束時發送的法案相配套的法案。

Those discussions, as you know, continue to center on authorization for us to partner with Sandy Cooper on a combined cycle plan there. They focus on permitting reform and also there have been a lot of conversations recently on regulatory lag. The original legislation talked about the financial health of the utility and as we think about the financial health of the utility, addressing regulatory lag is very important and that conversation has, I think its focus has sharpened recently.

如您所知，這些討論繼續集中在授權我們與桑迪·庫珀合作制定聯合循環計劃。他們的重點是允許改革，最近也有很多關於監管滯後的討論。最初的立法討論了公用事業公司的財務健康狀況，當我們考慮公用事業公司的財務健康狀況時，解決監管滯後問題非常重要，而且我認為這種討論的焦點最近已經變得更加尖銳。

So we're very supportive of the work that they're doing. It's a great South Carolina is a great place to do. Business is fastest growing state in the country or certainly among them, it's a great state for business and I think we've got great opportunities to invest there. We're going to work with policymakers to address this lag issue. It's top of mind for us, it appears to be on the minds of legislators down there, which is good and we'll have a session coming up at the beginning next year and see how it all sorts itself out.

所以我們非常支持他們正在做的工作。南卡羅來納州是一個很棒的地方。商業是全國成長最快的州，或肯定是其中之一，這是一個非常適合商業的州，我認為我們在那裡有很好的投資機會。我們將與政策制定者合作解決這個滯後問題。這是我們最關心的問題，似乎也是當地立法者的考慮因素，這很好，我們將在明年初召開一次會議，看看事情如何解決。

Okay. Well, thank you for that and then maybe, maybe moving to, to storm recovery. Obviously, you know, I think you guys did a phenomenal job on, on getting everybody back up, on power that could take power after the, after the hurricane. So, congratulations to you on that. But, how do I think about the, the schedule from here around, you know, getting cost estimates finalized, thinking about how much of that is capital versus O&M and then remind us how the recovery mechanisms for those, those costs kind of work.

好的。好吧，謝謝你，然後也許，也許轉向風暴恢復。顯然，我認為你們在讓每個人恢復活力、在颶風過後恢復供電方面做得非常出色。所以，恭喜你。但是，我如何考慮從這裡開始的時間表，你知道，最終確定成本估算，考慮其中資本與營運和維護的比例，然後提醒我們這些成本的回收機制如何運作。

Yeah, before, before Steven answers that, you know, I was able to spend some time down in South Carolina right after the storm, particularly in Aiken County, which was the most damage and it, it was the damage there was significant. 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. And as we think about it, that's the most important part of this discussion, but I'll turn it to Steven to talk a little bit about the timing of recovery.

是的，在史蒂文回答之前，你知道，風暴過後我就在南卡羅來納州待了一段時間，特別是在艾肯縣，那裡的損失最嚴重，而且那裡的損失非常嚴重。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。正如我們所思考的，這是本次討論中最重要的部分，但我將把它交給史蒂文，讓他談談恢復的時間。

In South Carolina. We defer these to the balance sheet, given the nature of the storm, the bias of that estimated cost is actually more towards capital than O&M, that's a little bit unusual for out like large outage events we have in North Carolina in South Carolina and in Virginia.

在南卡羅來納州。我們將這些推遲到資產負債表中，考慮到風暴的性質，估計成本實際上更偏向資本而不是營運和維護，這對於我們在北卡羅來納州、南卡羅來納州和美國發生的大型停電事件來說有點不尋常。

As part of our most recent settlement on the electric, we agreed with the staff to in good faith pursue potential securitization for storm cost that exceeded $100 million. So we'll, we'll have those discussions with them and I don't have specific timing for you, but we would expect this to be a constructive recovery outcome.

作為我們最近的電力和解協議的一部分，我們與工作人員達成一致，真誠地尋求對超過 1 億美元的風暴成本進行潛在的證券化。因此，我們將與他們進行討論，我沒有具體的時間安排，但我們預計這將是一個建設性的復甦結果。

Okay, thanks David. And then maybe one last one for me back, back to the momou with, with Amazon. And I appreciate you can't give us any details here, but just remind us this, there's rate structures in Virginia like we have had under the offshore wind where other non utilities can put capital in. And I believe it's up to 80% of the capital for a project. And is that something that, you know, you're kind of referencing with your build on transfer potential comments?

好的，謝謝大衛。然後也許是我的最後一件事，回到莫莫，與亞馬遜。我很感激你不能在這裡給我們任何細節，但請提醒我們這一點，弗吉尼亞州的費率結構就像我們在海上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。高達80%一個項目的資本。你知道，你在轉會潛在評論中提到了這一點嗎？

Yeah, I'm not exactly sure what you're talking to on the 80%. And the investment in offshore our offshore wind project was specifically authorized by legislation in 2023. But there are certainly opportunities for special contract rates with customers or special tariffs. So that may be a possibility here, 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.

是的，我不太確定你在 80% 上談論的是什麼。我們的離岸風電專案的投資在 2023 年獲得了立法的特別授權。所以這可能是一種可能性，但實際上超出了這種可​​能性。除了我之前談到的原則之外，我在這個階段沒有什麼可以補充的了。

Okay, understood. Thank you.

好的，明白了。謝謝。

Thanks RF.

謝謝射頻。

Thank you. And we will take our next question from Jeremy with JP Morgan. Please go ahead.

謝謝。我們將回答傑瑞米和摩根大通提出的下一個問題。請繼續。

This is Jeremy Tonet from JP Morgan. Just quick ones, if you could a lot of good detail here for the latest rec value in CV Lcoe here. Can you walk through the factors driving the revision and how that, how sensitive that assumption is to low growth and renewable additions in the future? Just wanted to see, I guess what we should be thinking here.

我是摩根大通的傑瑞米·託內特。只是快速的，如果您可以在這裡了解 CV Lcoe 中最新記錄值的詳細資訊。您能否介紹一下推動修訂的因素以及這項假設對未來低成長和再生能源增量的敏感度如何？只是想看看，我想我們應該在這裡思考什麼。

Yeah, Jeremy, that's a really good question. So obviously, we saw a very substantial move on the Lcoe for CVA and we highlighted the driver for that which is higher expected rec pricing.

是的，傑里米，這是一個非常好的問題。顯然，我們看到 CVA 的 Lcoe 發生了非常重大的變化，我們強調了更高的預期推薦定價的驅動因素。

And when you think about the Lcoe calculation, we, we created that metric to be able to compare it to the reference a legislative cap which is a combustion turbine which in 20 $17 is $125 per megawatt hour. And so let me walk through those the three components in that in that CALC. So you can think about how that number may move. So it's the first, it's the first is a sort of fairly straightforward revenue requirement associated with cost of service build up. So it's depreciation, maintenance, property taxes is applicable, it's return on capital, but the financing for the debt as well as the return on equity. So that's pretty straightforward. And we've given sensitivities to say, hey, if interest rates or financing costs go up or down, here's how the LCLCO would change. We've given sensitivities if capital goes up or down. So that would all impact that. That's all pretty straightforward. The next is PT CS or it CS, it's PT CS because that's the best for customers. But we credit against that cost of service. The PTC value, which I think makes sense and we don't anticipate huge changes there. 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. The last item is this rec value.

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，該立法上限是燃氣渦輪機，20 美元 17 相當於每兆瓦時 125 美元。讓我來詳細介紹一下 CALC 中的三個組成部分。所以你可以考慮這個數字會如何改變。所以這是第一個，第一個是與服務成本增加相關的相當簡單的收入要求。因此，它是折舊、維護、適用的財產稅，它是資本回報率，但債務融資以及股本回報率。這非常簡單。我們已經給出了敏感性，嘿，如果利率或融資成本上升或下降，LCLCO 將發生以下變化。如果資本上漲或下跌，我們會給予敏感度。所以這都會影響到這一點。這一切都非常簡單。下一個是 PT CS 或 it CS，它是 PT CS，因為這對客戶來說是最好的。但我們會根據服務成本進行抵扣。 PTC 值，我認為這是有道理的，我們預計不會發生巨大變化。我們確實對容量係數很敏感，它會影響分母以及 PTC 的量。我們也有同樣的敏感度。最後一項是這個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. And so in the absence of this project, the CVA project, our customers would need to procure that rec value and it's, 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, a percentage of that load has to be met with us with rex. And, and so, and that allows us to say, hey, relative to this reference resource of the combustion. T you really need to give credit to cow for the production of these RS. And as the market value of RECS go up the value of the cow project with the RS that it creates becomes more valuable for customers. So that gets netted as well. We don't have perfect clarity as to where market prices will go. We know there's been upward pressure on it as a result of the of two things. One is a ratcheting up of the demand for which we have to procure a specific percentage. It's a lot like capacity in that perspect.

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資源的公平競爭環境。因此，在沒有這個專案（CVA 專案）的情況下，我們的客戶將需要獲得該記錄值，這是一個分階段的方法。因此，根據核兆瓦時的調整，我們總負荷的百分比將逐步增加到 2045 年。等等，這讓我們可以說，嘿，相對於燃燒的參考資源。你真的需要將這些 RS 的生產歸功於乳牛。隨著 RECS 市場價值的上升，cow 專案及其創建的 RS 對客戶來說變得更有價值。所以這也被捕獲了。對於市場價格的走向，我們還沒有完全清楚的了解。我們知道，由於兩件事，它面臨上行壓力。一是需求的增加，我們必須採購特定百分比的產品。從這個角度來看，這很像容量。

As well as the the need for us to achieve a growing percentage of that demand. So it steps up from 23 and then in 2025 the law stipulates that 75% of those recs need to be procured from Virginia based resources, which is a change and previous it could be procured from anywhere in PJM. Now it needs to be 75%. So put all that together and the market is reflecting a supply demand balance is favoring a higher rec price. So where will it go? We don't know, we provide you the table with both with and without r so you can sort of see with this impact and without this impact, that's how we presented it to our regulators. I suspect those values will still be, they'll, they'll stay strong given the dynamics I just described, but we'll just watch it. We'll be transparent with folks, but we 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.

以及我們需要滿足不斷增長的需求比例。因此，它從 23 個增加到 2025 年，法律規定 75% 的資源需要從維吉尼亞州的資源中採購，這是一個變化，以前可以從 PJM 的任何地方採購。現在需要是75%。因此，將所有這些放在一起，市場反映出供需平衡有利於更高的回收價格。那麼它會去哪裡呢？我們不知道，我們為您提供了帶有和不帶有 r 的表格，以便您可以看到有這種影響和沒有這種影響，這就是我們向監管機構提供的方式。我懷疑這些價值觀仍然會，他們會，他們會保持強勁，考慮到我剛才描述的動態，但我們只會觀察它。我們將對人們保持透明，但我們的底線是，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。我們非常非常注重確保兌現這項承諾。

Got it. That's very helpful. Thank you for that. And maybe going back to transmission for a little bit more if I could for P GM S open window, can you expand a bit more on the opportunity through your joint projects with AP and first energy there? Just really how these projects fit within PG transmission system today as it stands and as global growth continues here, thinking about also as well, I guess further out, you mentioned opportunities in the back half of the plan. Any additional thoughts on the cadence of when that could come to fruition?

知道了。這非常有幫助。謝謝你。如果我可以為 P GM S 打開窗口，也許會回到傳輸更多一點，您能否透過與 AP 和第一能源的聯合專案擴大更多機會？這些項目實際上如何適應當今的 PG 傳輸系統，隨著全球增長的繼續，我想進一步考慮一下，您在計劃的後半部分提到了機會。關於何時實現這一目標的節奏還有什麼其他想法嗎？

Yeah, Jeremy, as we described in our remarks, we submitted these proposals in early October in P GM S latest open window process. And there's growth happening throughout PJM. And the opportunity to, to do something innovative like this with A EP and first energy we believe. Really, we're leveraging the expertise of our incredible transmission group. AP S incredible transmission group and fes incredible transmission group to get the most cost effective solutions as demand is growing. And we're going to you know, 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. 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. They're in the early stages of development. We don't anticipate selection by PJM until the first quarter of next year. 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, but I would just leave you with that. You know, 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.

是的，傑里米，正如我們在發言中所述，我們於 10 月初在 P GM S 最新的開放窗口流程中提交了這些提案。整個 PJM 都在不斷增長。還有機會，用我們相信的 EP 和第一個能量來做這樣的創新事情。事實上，我們正​​在利用我們令人難以置信的傳輸團隊的專業知識。隨著需求的成長，AP S 難以置信的傳輸組和 fe 難以置信的傳輸組可以獲得最具成本效益的解決方案。我們要告訴你的是，我們已經討論這個問題有一段時間了，需要額外的傳輸才能保持可靠性，以便能夠與這些公司合作做一些不同的事情。我們認為很有道理。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。它們正處於開發的早期階段。我們預計 PJM 要到明年第一季才會進行選擇。因此，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。我們還在等待 PJM 的更多信息，但我只想留給你。你知道，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，去年對我們來說有 150 個，150 個輸電項目，總金額為 25 億美元。

Got it fair enough. I shouldn't get too ahead of myself here. Real quick. Last one, if I could just as far as it relates to the call on generation today, given all this low growth. If you could provide any update, thoughts on how this could or maybe doesn't impact coal plant retirement timelines in, in general. And at the same time, you know, this EPA Regs as it relates to CCS for natural gas plants. Just wondering any thoughts there on how that impacts your, your thought process.

很公平。我不應該在這裡太過超前。真快。最後一個問題，鑑於目前的低成長，我想談談今天對一代人的呼籲。如果您可以提供任何最新信息，請思考這可能會或可能不會影響燃煤電廠的退役時間表。同時，您知道，這項 EPA 法規與天然氣工廠的 CCS 有關。只是想知道這會如何影響你的思考過程。

Yeah. Jeremy first, I'm impressed that you asked us many questions when you aren't the only person in the queue well done. But, but let me, let me say on the question of EPA regulations and fossil retirements. First of all, you can both, both those questions are really addressed in the IRP that we just filed. 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. 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, a decade and a half. 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 the, what we're building. So we're going to sort of keep working through the regulations. They're obviously being litigated, but when we ran the models for the IRP, not a huge change between with and without those new EPA regs.

是的。首先，傑里米（Jeremy），令我印象深刻的是，當你不是隊列中唯一做得很好的人時，你卻問了我們很多問題。但是，但是讓我談談美國環保署法規和化石燃料退役的問題。首先，這兩個問題都可以在我們剛提交的 IRP 中解決。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。因此，我們今天所看到的一切都不像今天存在的文件那樣期望我們將在未來十五年淘汰任何化石燃料單位。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，並且它並沒有像我們正在構建的那樣搖擺那麼多。因此，我們將繼續遵守法規。他們顯然正在受到訴訟，但當我們運行 IRP 模型時，有或沒有這些新 EPA 法規之間並沒有發生巨大變化。

Got it. Thank you for that. I'll have to think of more questions for next time. Thank you.

知道了。謝謝你。下次我得想更多的問題。謝謝。

Thanks Jeremy.

謝謝傑里米。

Anthony Crowdell, Mizuho.

安東尼克勞德爾，瑞穗。

Hey, good morning team. Unlike Jeremy, I just have one question. And, and it's kind of off of Nick's question. So I H1stly, if you say we answered it with Nick's question, that's fine. Nick I thought was focused more on the rate based growth story and maybe updating that obviously news yesterday, we saw utilities revising earnings growth rates. I'm just curious on what's the calculus or what do you guys look at when you evaluate your financial plan, whether there's something like sustainable or not? Like about whether it's revisions on rate based growth. And I'm actually leaning more towards like an earnings growth number and again, feel free to say, answer the next question.

嘿，早上好，團隊。與傑里米不同，我只有一個問題。而且，這有點偏離尼克的問題。所以我首先，如果你說我們用尼克的問題回答了它，那很好。尼克，我認為更多地關注基於利率的成長故事，也許昨天更新了這條明顯的消息，我們看到公用事業公司修改了獲利成長率。我只是好奇什麼是微積分，或者你們在評估財務計劃時會看什麼，是否有可持續的東西？例如是否對基於利率的成長進行修正。事實上，我更傾向於獲利成長數字，請隨意回答下一個問題。

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

我們基本上回答了尼克的問題，但我們會讓史蒂文提供更多的資訊。

Anthony. I think it's a very good question. It's very topical given, calls this season.

安東尼.我認為這是一個非常好的問題。這是非常熱門的話題，本季的電話。

And I guess the way I would describe it is, we put out as, as Bob mentioned, we put out a financial plan on March 1st that we feel very confident in our ability to consistently meet to the extent that we see continued tailwinds in this among the various drivers we've talked about, which is very, very strong, low growth and more opportunities to deploy capital and strong regulatory regimes. Every year we put out an update, we're going to be thinking about what the right plan looks like. For us, we think achieving consistently high quality, predictable, low risk earnings is the number one objective of our financial plan. And to the extent that we are in a position to do something better, either from a rate based 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. And we'll make sure we finance it in a way that preserves that, that framework as well. So it's kind of a little bit of a non answer, which is sort of we'll evaluate that every year when we come out with our updated plan or revised refreshed capital outlook. We obviously have some tailwinds like like a number of folks in the industry, but we feel really good about the plan we put out on March 1st.

我想我會這樣描述它，正如鮑勃提到的那樣，我們在3 月1 日制定了一項財務計劃，我們對我們持續滿足要求的能力非常有信心，因為我們看到了這一領域持續的順風順水。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。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。無論是從基於成長率的角度還是從獲利成長的角度來看，我們都能夠做得更好。我們將非常仔細地考慮這一點，確保我們不會做一些會危及我們實現一致、可預測、高品質低風險收益軌蹟的能力的事情。我們將確保以保留該框架的方式為其提供資金。所以這有點沒有答案，我們每年都會在推出更新的計劃或修訂後的資本前景時對此進行評估。與業內許多人一樣，我們顯然有一些順風車，但我們對 3 月 1 日推出的計劃感覺非常好。

Great. Thanks for taking my.

偉大的。謝謝你帶走我的。

Question. That's all.

問題。就這樣。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛。

Hey, good morning. Thanks so much for taking my question. Just wanted to ask a follow up on Jeremy's question on the IRP and EPA regulations. So it looks like there's still a fair bit of, of gassing including combined cycle units in that plan. So just to confirm based on your comments that does take into account the cost of potentially fitting those assets with CCS technology.

嘿，早安。非常感謝您提出我的問題。只是想跟進 Jeremy 關於 IRP 和 EPA 法規的問題。因此，該計劃中似乎仍有相當多的氣體排放，包括聯合循環機組。因此，根據您的意見進行確認，確實考慮了使用 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. So, as we've said, we don't think that CCS is adequately demonstrated that's obviously going to be subject of litigation with EPA but the plan that we put out takes into account the regulations by just adjusting for the capacity factor.

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。因此，正如我們所說，我們認為 CCS 沒有得到充分證明，這顯然會成為 EPA 訴訟的主題，但我們提出的計劃通過僅調整容量係數來考慮法規。

Got it. Okay, appreciate the clarification there. That's super helpful and then maybe just one quick follow up a high level question as you think about the opportunities surrounding SMRS. As you think about potential timing to commercialization of that technology, I know you've got the 2034 kind of starting date in, in the IRP. Is that sort of indicative of your views on, on when you think you could see sort of scaled commercialization of SMRS or just any broad views on, on kind of the timing from that perspective would be helpful.

知道了。好的，感謝您的澄清。這非常有幫助，當您思考有關 SMRS 的機會時，也許只需快速跟進一個高級問題。當您考慮該技術商業化的潛在時機時，我知道您已經在 IRP 中找到了 2034 年的起始日期。這是否表明了您對何時可以看到 SMRS 大規模商業化的看法，或者只是從這個角度來看，對時機的任何廣泛看法都會有所幫助。

Yes, the IRP does reflect our view on timing. So again, we're going to stick with the principles I outlined.

是的，IRP 確實反映了我們對時間安排的看法。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 in the timelines that we put in the Irp.

但假設我們實現了這些目標，我們認為可行的將在我們放入 IRP 的時間表中。

Great. Thank you so much for the color.

偉大的。非常感謝你的顏色。

Thank you. This concludes our question and answer session. So I'll turn it back to Bob Blue for closing remarks.

謝謝。我們的問答環節到此結束。因此，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. Everybody enjoy the rest of your day, your weekend and we'll see you at EE I, thanks very much.

感謝大家抽出時間。今天就加入通話。大家都很享受今天剩下的時間和週末，我們將在 EE I 見，非常感謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。