道明尼資源 (D) 2024 Q4 法說會逐字稿

Welcome to the Dominion Energy fourth-quarter 2024 earnings conference call.

歡迎參加 Dominion Energy 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

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

現在，我想將電話轉給投資者關係副總裁兼財務主管 David McFarland。

Good morning, and thank you for joining Dominion Energy's fourth-quarter 2024 earnings call.

早安，感謝您參加 Dominion Energy 2024 年第四季財報電話會議。

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（包括今天的準備好的評論）包含前瞻性陳述和估計，這些陳述和估計受各種風險和不確定性的影響。

Please refer to our SEC filings, including our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q for a discussion of factors that may cause results to differ from management's estimates and expectations.

請參閱我們的 SEC 文件，包括我們最近的 10-K 表年度報告和 10-Q 表格季度報告，以了解可能導致結果與管理層的估計和預期不同的因素。

This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP.

今天上午，我們將討論一些與 GAAP 認可的指標不同的公司業績衡量標準。

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.

我們將非公認會計準則 (GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 財務指標進行對賬，並將其計算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.

我鼓勵您訪問我們的投資者關係網站以查看網路廣播幻燈片以及收益發布工具包。

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

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

I will now turn the call over to Bob.

我現在將電話轉給鮑伯。

Thanks, David.

謝謝，大衛。

Good morning.

早安.

Almost a year ago, we concluded the comprehensive business review and described five key tenets upon which the repositioned Dominion Energy would be premised.

大約一年前，我們完成了全面的商業審查，並描述了重新定位後的 Dominion Energy 所遵循的五個關鍵原則。

Strategic simplicity, consistent long-term financial execution, balance sheet conservatism, dividend security, and the delivery of an exceptional customer experience that would enable us to advocate for and achieve balanced policy constructs and reasonable regulatory outcomes.

策略簡單性、一致的長期財務執行、資產負債表保守主義、股息安全以及卓越的客戶體驗使我們能夠倡導和實現平衡的政策建構和合理的監管結果。

You heard from me and directly from members of the Board that we would collectively be accountable for the company's future performance.

您從我和董事會成員那裡直接聽說，我們將共同對公司未來的業績負責。

Finally, we committed to being 100% focused on successfully executing against our updated plan.

最後，我們承諾100％專注於成功執行我們更新的計劃。

Now a year on, none of that has changed.

如今一年過去了，一切都沒有改變。

Those commitments are as equally fundamental to our company today as they were 12 months ago.

這些承諾對我們公司來說，今天和12個月前同樣重要。

We know that to rebuild your trust, we must deliver consistently over the long run.

我們深知，要重建您的信任，我們必須長期堅持不懈地履行承諾。

While we're still relatively early in this new chapter of our company, we're off to a positive start.

儘管我們公司的新篇章才剛開始，但我們已經有了一個積極的開始。

Looking back at 2024, we accomplished operating earnings per share in the top half of our guidance range despite weather headwinds.

回顧 2024 年，儘管面臨天氣不利因素，我們仍實現了每股營業收益達到指引範圍的上半部。

A remarkable storm restoration effort in South Carolina in the aftermath of Hurricane Helene, one of the region's most destructive storms ever.

南卡羅來納州在遭受有史以來最具破壞性的颶風海倫之後進行了出色的風暴恢復工作。

Regulatory outcomes in South Carolina and North Carolina base rate cases as well as a number of Virginia Rider cases that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders.

南卡羅來納州和北卡羅來納州基準利率案件以及一系列維吉尼亞州附加條款案件的監管結果表明，我們有能力與監管機構和利益相關者合作，以實現有利於客戶和股東的結果。

And significant derisking of the Coastal Virginia offshore wind project through both the continued on-time achievement of major milestones as well as the closing of a 50% non-controlling equity financing through which we've materially reduced project risk for our shareholders.

透過繼續按時實現主要里程碑以及完成 50% 非控股股權融資，我們大幅降低了維吉尼亞沿海離岸風電專案的風險，從而大大降低了股東的專案風險。

I'll share more perspectives on CVOW a little later in our prepared remarks.

稍後我將在準備好的演講中分享更多關於 CVOW 的觀點。

We did all of this while achieving a near record-setting employee safety performance and advancing our all of the above strategy to reliably and affordably meet our customers' rapidly expanding energy demand, which includes the largest data center cluster in the world.

我們在做到這一切的同時，實現了接近創紀錄的員工安全績效，並推進了上述所有策略，以可靠且經濟地滿足客戶快速增長的能源需求，其中包括世界上最大的數據中心集群。

Let me now turn it over to Steven to provide a financial update before I walk through additional updates on the execution of our plan.

現在，讓我將時間交給史蒂文，讓他提供財務更新信息，然後再介紹我們計劃執行情況的更多更新信息。

Thank you, Bob, and thanks to everyone for joining today's call.

謝謝你，鮑勃，也謝謝大家參加今天的電話會議。

As shown on slide 5, full-year 2024 operating earnings were $2.77 per share in the top half of our guidance range despite $0.03 of worse than normal weather.

如幻燈片 5 所示，儘管天氣比正常情況差 0.03 美元，但 2024 年全年營業利潤仍為每股 2.77 美元，處於我們指導範圍的上半部分。

Full year 2024 GAAP earnings were $2.44 per share.

2024 年全年 GAAP 收益為每股 2.44 美元。

Our fourth-quarter operating earnings were $0.58 per share, which for this quarter represented normal weather in our utility service areas.

我們第四季的營業利潤為每股 0.58 美元，這對本季而言代表了我們公用事業服務區域的正常天氣。

Fourth-quarter GAAP earnings were $0.15 per share.

第四季 GAAP 收益為每股 0.15 美元。

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

與往常一樣，收益發布工具包的附表 4 中包含了與上期相關的所有收益驅動因素的摘要，而附表 2 中包含了經營結果與 GAAP 結果之間所有調整的摘要。

Next on earnings guidance, we've narrowed 2025 operating earnings per share guidance to $3.28 to $3.52 per share, inclusive of RNG 45Z credit income while preserving the original midpoint of $3.40. We provide a range to primarily account for variation from normal weather.

接下來是獲利預測，我們將 2025 年每股營業收益預測縮小至每股 3.28 美元至 3.52 美元，其中包括 RNG 45Z 信貸收入，同時保留原來的中點 3.40 美元。我們提供一個範圍，主要考慮與正常天氣的變化。

We're reaffirming annual operating earnings growth guidance of 5% to 7% through 2029 up to 2025 midpoint of $3.30, which excludes the impact of RNG 45Z credit income due to the legislative sunset of that credit at the end of 2027.

我們重申 2029 年到 2025 年的年度營業收入成長預期為 5% 到 7%，最高可達 3.30 美元，這還不包括由於 2027 年底立法終止 RNG 45Z 信貸收入的影響。

As a reminder, we continue to expect to see variation within that range as a result of the Millstone refueling cadence, which requires a second planned outage once every third year.

提醒一下，由於 Millstone 的加油節奏，我們預計該範圍內仍會發生變化，該節奏要求每三年進行第二次計劃停駛。

We're also reaffirming our previous guidance related to the dividend.

我們也重申了先前有關股利的指導。

We expect to maintain the current dividend level of $2.67 per share annually until such time as we achieve a utility industry-aligned payout ratio.

我們預計每年每股 2.67 美元的當前股息水準將維持不變，直到我們實現與公用事業行業一致的股息率。

Turning now to capital investment.

現在來談談資本投資。

We've updated our five-year capital forecast from 2025 through 2029 to $50 billion, an increase of 16% from our prior guidance.

我們已將 2025 年至 2029 年的五年資本預測更新為 500 億美元，比先前預期的增加 16%。

We're seeing the need for incremental investment across distribution, transmission, and generation to ensure reliability amid continuing growing demand in our service areas.

我們發現，在我們的服務區域需求持續成長的情況下，需要在配電、輸電和發電方面進行增量投資以確保可靠性。

Consistent with our increased focus on transparency, we provided comprehensive and detailed disclosure in the appendix of today's materials.

隨著我們對透明度的日益關注，我們在今天的材料附錄中提供了全面而詳細的揭露。

So I'll just hit two takeaways here.

這裡我只想談兩點要點。

First, approximately 80% of the capital increase is at Dominion Energy Virginia driven by higher transmission, distribution and nuclear subsequent license renewal spend.

首先，約 80% 的資本增加來自 Dominion Energy Virginia，其推動力是輸電、配電和核後續許可證續約支出的增加。

And second, 60% of the updated capital spend will be eligible for recovery subject to regulatory approval under rider mechanisms.

其次，根據附加機制，經監管部門批准，60% 的更新資本支出將有資格收回。

This is an exciting update, and we're confident in our ability to execute for the benefit of our customers.

這是一個令人興奮的更新，我們有信心我們有能力為客戶謀福利。

Outside of today's forecast, we continue to see opportunities for additional investment across the value chain, biased towards the end of the decade and beyond.

除了今天的預測之外，我們繼續看到整個價值鏈中額外的投資機會，偏向於本世紀末及以後。

We'll include those opportunities in future updates as warranted by their development status.

根據其發展狀況，我們將在未來的更新中納入這些機會。

Before I discuss our financing plan update, I'll affirm our commitment to balance sheet conservatism as demonstrated on slide 7.

在我討論我們的融資計劃更新之前，我將確認我們對資產負債表保守主義的承諾，如投影片 7 所示。

Through the five-year plan, we expect our parent leverage to be consistently below 30% and our FFO to debt to be approximately 15%.

透過五年計劃，我們預計母公司槓桿率將持續低於 30%，FFO 與債務之比約為 15%。

Finally, we target mid BBB range credit ratings for our parent company and single A range ratings for our regulated operating companies.

最後，我們的目標是為我們的母公司獲得中等 BBB 範圍信用評級，為我們受監管的營運公司獲得單一 A 範圍評級。

No change there.

那裡沒有變化。

Our long-standing focus on achieving and maintaining these ratings is important for our ability to continue to secure a low cost of capital for our customers.

我們長期致力於獲得並維持這些評級，這對於我們繼續為客戶確保低資本成本的能力至關重要。

Now turning to the financing plan on slide 8.

現在來看第 8 頁的融資計畫。

We're providing a five-year look at sources and uses, meaningful operating cash flows, combined with a balanced mix of external financing, satisfy our capital investment and dividend forecasts.

我們對資金來源和用途進行了五年的審視，有意義的營運現金流，加上均衡的外部融資組合，滿足了我們的資本投資和股利預測。

Since the last update, we are modestly increasing external financing across debt, hybrid and equity issuance.

自上次更新以來，我們正在適度增加債務、混合和股票發行方面的外部融資。

Specifically on equity, you'll note on slide 9, an increase in 2025.

具體來說，在公平性方面，您會在第 9 張投影片上看到，到 2025 年將會增加。

As of today, we've already sold $600 million through forward-settled sales under our existing ATM program, expect to issue $200 million throughout the year through DRIP programs and expect to satisfy the balance of the approximately $300 million need through the ATM.

截至今天，我們已經透過現有 ATM 計畫下的遠期結算銷售售出了 6 億美元，預計全年將透過 DRIP 計畫發行 2 億美元，並預計透過 ATM 滿足約 3 億美元需求的餘額。

Beyond 2025, there have been no changes to our common equity issuance guidance.

2025 年以後，我們的普通股發行指引將不會改變。

We view this level of steady equity issuance under existing programs in the context of our sizable growth capital spending program as appropriate to keep our consolidated credit metrics within the guidelines for our strong credit ratings category.

我們認為，在我們大規模成長資本支出計畫的背景下，現有計畫下這種水準的穩定股權發行是適當的，以將我們的綜合信用指標保持在強勁信用評級類別的指導範圍內。

Before I hand it back to Bob, I'll note that we're pleased with our 2024 financial performance, but it's really all about how we execute going forward.

在我將其交還給鮑伯之前，我要指出的是，我們對 2024 年的財務表現感到滿意，但這實際上取決於我們未來的執行情況。

Since the March 1 meeting, we've seen tailwinds like increased regulated capital investment opportunities, and we've seen headwinds like higher interest rates.

自 3 月 1 日會議以來，我們看到了諸如受監管資本投資機會增加之類的順風，也看到了諸如利率上升之類的逆風。

But what hasn't changed is our confidence in the plan, which has been built to be appropriately but also not unreasonably conservative.

但我們對該計劃的信心沒有改變，該計劃的製定是適當但又不至於過分保守的。

And with that, I'll turn it back to Bob.

說完這些，我就把話題轉回給鮑伯。

Turning to safety performance and affordability on slide 10.

第 10 頁討論安全性能和可負擔性。

We achieved near-record setting safety performance in 2024 as measured by our employee OSHA injury recordable rate.

以員工 OSHA 傷害記錄率來衡量，我們在 2024 年實現了接近創紀錄的安全績效。

On affordability, our rates continue to be lower than national and regional averages.

在負擔能力方面，我們的費率仍然低於全國和地區的平均水平。

We're intently focused on ensuring our service isn't just reliable, but that it remains appropriately affordable as well.

我們全心全意地確保我們的服務不僅可靠，而且價格也相當合理。

Next on our Coastal Virginia offshore wind project.

接下來是我們維吉尼亞海岸的離岸風電計畫。

We provided several updates last week, but I'd like to start with a few project highlights on slide 11.

我們上週提供了一些更新，但我想從第 11 張投影片上的幾個專案亮點開始。

First, the project is 50% complete and on schedule for completion in 2026.

首先，該項目目前已完成50%，預計於2026年完工。

Second, CVOW is supported by Virginia law and approved by the State Corporation Commission and federal agencies.

其次，CVOW 受到維吉尼亞州法律的支持，並獲得州公司委員會和聯邦機構的批准。

Third, CVOW will provide much-needed new generation to support America's AI and cyber preeminence in the largest data center market in the world.

第三，CVOW 將提供急需的新一代技術，以支援美國在全球最大資料中心市場的人工智慧和網路優勢。

Additionally, the project represents the fastest and most economical way to deliver 2.6 gigawatts of supply to Virginia's Grid.

此外，該項目是向維吉尼亞電網輸送 2.6 千兆瓦電力的最快和最經濟的方式。

And finally, CVOW has created approximately 2,000 direct and indirect American jobs and generated $2 billion in American economic activity, in addition to having the robust bipartisan support of Virginia's state and federal elective leaders.

最後，CVOW 創造了約 2,000 個直接和間接的美國就業機會，並為美國經濟活動產生了 20 億美元的收入，此外還得到了維吉尼亞州和聯邦選舉領導人的大力支持。

In summary, this project is consistent with the goal of securing American energy dominance and is part of a comprehensive all-of-the-above energy strategy to affordably meet growing energy needs.

總之，該計畫與確保美國能源主導地位的目標一致，並且是全面的全方位能源策略的一部分，旨在以可承受的方式滿足日益增長的能源需求。

Next, on recent construction progress and milestones.

接下來，介紹最近的建設進度和里程碑。

In 2024, we completed a very successful first monopile installation season.

2024年，我們完成了非常成功的第一個單樁安裝季節。

And work has continued this winter on export cableway as well as transition pieces and in the coming days offshore substation installation.

今年冬天，出口索道和過渡件的安裝工作仍在繼續，未來幾天還將進行海上變電站的安裝。

As shown on slide 12, we began installation of transition pieces on December 31, and have since completed installation of 20 in total.

如投影片 12 所示，我們於 12 月 31 日開始安裝過渡件，迄今已完成總共 20 個的安裝。

The first offshore substation [jack] and topside were delivered to Portsmouth at the end of January and will begin installation later this month.

第一個海上變電站 [千斤頂] 和頂部於 1 月底運抵朴茨茅斯，並將於本月晚些時候開始安裝。

The remaining two offshore substations are on track to be delivered this summer and installed in the fall after completion of monopile season in October.

其餘兩座海上變電站預計將於今年夏天交付，並於十月單樁施工季節結束後於秋季安裝。

Our materials and equipment, thus far, 130 monopiles have been loaded out with 116 successfully delivered and 14 more in transit to Virginia presently.

到目前為止，我們的材料和設備共 130 根單樁已裝載完畢，其中 116 根成功運送，另有 14 根正在運往維吉尼亞州。

Approximately 75% of the projects monopiles are either installed or awaiting installation.

約75%的項目單樁已經安裝或等待安裝。

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

我們的合作夥伴 EEW 繼續取得長足進展，我們預計未來幾週交付將繼續穩定。

Out of the project's 176 transition pieces all have been rolled.

該計畫的 176 個過渡件已全部安裝完畢。

Of these 152 have been successfully steel-welded.

其中152個已成功實現鋼焊接。

And of these, 91 have been completed, representing over 50% of the total.

其中，已完成91個，佔總數的50%以上。

We expect the final transition piece to be completed in October.

我們預計最後的過渡部分將於十月完成。

Additionally, the schedule for the manufacturing of our turbines remains on track.

此外，我們渦輪機的製造進度仍在按計劃進行。

As a reminder, Siemens Gamesa, the project's wind turbine supplier is manufacturing the same turbine model for CVOW as has been successfully fabricated, installed and is now operating at the Moray West Offshore Wind project.

提醒一下，該專案的風力渦輪機供應商西門子歌美颯正在為 CVOW 製造相同的渦輪機模型，該模型已成功製造、安裝並正在 Moray West 離岸風電專案中運行。

Eight towers have been completed with an additional 31 in progress.

其中 8 座塔樓已竣工，另有 31 座正在興建中。

Blade fabrication is now underway and we expect sell production to begin next month.

葉片製造目前正在進行中，我們預計下個月將開始銷售生產。

Turning to regulatory.

轉向監管。

We made our quarterly offshore wind construction update filing on February 3, accompanied by a detailed explanation of the change in project costs from $9.8 billion to $10.7 billion.

我們於 2 月 3 日提交了季度海上風電建設更新文件，並詳細解釋了項目成本從 98 億美元增至 107 億美元的變化。

Let me share a few thoughts here.

我在此分享幾點想法。

First, as you would expect, the cost increase is disappointing.

首先，正如你所預料的，成本的增加令人失望。

We take great pride as an organization and delivering on time and on budget.

作為一個組織，我們為能夠按時、按預算交付而感到非常自豪。

Since the original cost submission 40 months ago, we've spared no effort institutionally to maintain fidelity to our original estimate.

自 40 個月前提交最初的成本以來，我們在機構上不遺餘力地保持對最初估算的忠誠。

Ultimately, despite having about $300 million budgeted for network upgrades, which was more than sufficient based on PJM's initial estimates, that estimate has proved too low.

最終，儘管為網路升級預算了約 3 億美元，而根據 PJM 的初步估計，這筆錢綽綽有餘，但事實證明，這一估計太低了。

New electric generation resources constructed within PJM regardless of their generation type, our signed cost by PJM that are deemed necessary to effectively integrate these resources and ensure the reliability and stability of the electric grid.

PJM 內部建設的新發電資源，無論其發電類型如何，均由 PJM 簽署成本，這些成本被認為是有效整合這些資源和確保電網的可靠性和穩定性所必需的。

Higher network upgrade cost estimates by PJM reflect the significant increase in demand growth that requires incremental generation transmission resources across the system.

PJM 估計的網路升級成本更高，這反映了需求成長的顯著增加，這需要整個系統的增量發電輸電資源。

I think it warrants noting that the aggregate cost for other project inputs, including offshore scope have remained in line with the original budget.

我認為值得注意的是，包括離岸範圍在內的其他專案投入的總成本與原始預算保持一致。

Second, network upgrades do not impact project construction or time line and represented the largest unfixed project cost by far.

其次，網路升級不會影響專案建設或時間表，並且是迄今為止最大的不固定專案成本。

We now have a much clearer though not final view of those costs.

我們現在對這些成本有了更清晰的認識，儘管這不是最終的認識。

Further, we've refreshed contingency to represent 5% of remaining project costs.

此外，我們已將應急資金更新為佔剩餘項目成本的 5%。

Third, cost sharing and risk sharing is working as intended to protect customers and shareholders.

第三，成本分攤和風險分擔正在發揮應有的作用，保護客戶和股東。

As a result of the cost-sharing settlement approved by Virginia regulators, the project cost update is expected to increase residential customer bills by an average of $0.43 per month over the life of the project.

由於維吉尼亞州監管機構批准了成本分攤協議，預計專案成本更新將導致住宅客戶在專案整個生命週期內每月帳單平均增加 0.43 美元。

And the updated LCOE continues to benchmark very favorably with new generation alternatives, including solar, battery, and gas-fired generation.

更新後的 LCOE 繼續與包括太陽能、電池和燃氣發電在內的新一代替代能源保持著非常有利的對比。

CVOW remains one of the most affordable sources of energy for our customers.

CVOW 仍然是我們客戶最實惠的能源之一。

Of the $900 million cost increase, 80% or $700 million is expected to be recovered via [rider] and added to rate base subject to regulatory approval. 50% of the nonrecoverable portion of the increase will be borne by Stonepeak rather than Dominion Energy shareholders.

在 9 億美元的成本增加中，預計 80% 即 7 億美元將透過[附加條款]收回，並在獲得監管部門批准後添加到費率基礎中。增幅中不可收回部分的 50% 將由 Stonepeak 而非 Dominion Energy 股東承擔。

Finally, I know investors are very focused on the probability of future cost increases.

最後，我知道投資人非常關注未來成本增加的可能性。

I recognize the critical importance of executing against any guidance offered.

我認識到按照所提供的任何指導進行執行至關重要。

The project is on time, and we're committed to delivering it in line with the now updated cost estimate.

專案正在按時完成，我們致力於按照現在更新的成本估算來交付專案。

We don't have perfect insight into the information that PJM will use to finalize costs by midyear, but we've done a significant amount of analysis around the most recent estimate, which informs our updated cost estimate.

我們並不完全了解 PJM 將用來在年中之前確定成本的信息，但我們對最新估算進行了大量分析，這為我們更新的成本估算提供了資訊。

I am confident in our updated estimate and believe that if there is a revision up or down, with respect to PJM network upgrades come July, it would not be of a similar magnitude.

我對我們更新後的估計很有信心，並且相信，如果對 7 月份 PJM 網路升級進行上調或下調，幅度不會相似。

Finally, a few updates on Charybdis, as shown on slide 16.

最後，關於 Charybdis 有一些更新，如幻燈片 16 所示。

The vessel is 96% complete, up from 93% as of our last earnings call, and sea trials are underway.

該船已完成 96%，高於我們上次收益電話會議的 93%，目前海上試航正在進行中。

What we're showing there is a picture of the 30,000-ton vessel fully jacked to its full height of almost 400 feet.

我們所展示的是這艘 30,000 噸重的船隻被完全頂起至近 400 英尺的高度的照片。

We continue to expect Charybdis to complete sea trials in early 2025, consistent with our previous schedule and be delivered to CVOW in the third quarter.

我們仍然預計 Charybdis 將在 2025 年初完成海上試驗，與我們先前的計劃一致，並在第三季交付給 CVOW。

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

該船的成本 7.15 億美元也沒有變化。

Turning now to data centers.

現在轉向資料中心。

We continue to see exciting developments here.

我們繼續看到這裡令人興奮的發展。

So let me share a few updates.

因此，讓我分享一些更新內容。

First, where things stand today.

首先，目前的情況是這樣的。

Virginia hosts the largest data center concentration in the world by far.

維吉尼亞州迄今為止擁有世界上最大的資料中心集中地。

Since we started tracking, we've connected approximately 450 data centers, representing nearly 9 gigawatts of capacity.

自從我們開始追蹤以來，我們已經連接了大約 450 個資料中心，容量接近 9 千兆瓦。

Data center sales today represent about 26% of total sales for DEV.

目前資料中心的銷售額約佔 DEV 總銷售額的 26%。

Data centers are attracted to Virginia by connections to world-class fiber networks, Virginia's attractive business climate, availability of a trained workforce, and access to our affordable, reliable, and increasingly clean energy.

維吉尼亞州之所以吸引資料中心，是因為這裡有世界一流的光纖網路、誘人的商業環境、訓練有素的勞動力，以及價格實惠、可靠且日益清潔的能源。

In recent years to address this demand, we've advanced electric transmission projects to bring both new and upgraded infrastructure to enable continued connection and expansion of data center customers in Eastern Laban County, Virginia.

近年來，為了滿足這一需求，我們推進了電力傳輸項目，帶來了新的和升級的基礎設施，使弗吉尼亞州東拉班縣的數據中心客戶能夠繼續連接和擴展。

This work has included reconducting lines, expanding substation infrastructure, as well as building a 500 kV transmission line that we expect to complete on schedule by the end of 2025.

這項工作包括重新鋪設線路、擴建變電站基礎設施以及建造一條 500 kV 輸電線路，我們預計將於 2025 年底按計劃完工。

Further, just last week, the SEC approved another 500 kV line in the Eastern Loudon County that we expect to be in service by year-end 2027, and that will allow us to stay ahead of the region's rapidly growing electricity needs.

此外，就在上週，美國證券交易委員會批准了東勞登縣的另一條 500 kV 線路，我們預計該線路將於 2027 年底投入使用，這將使我們能夠滿足該地區快速增長的電力需求。

Second, where do we go from here?

第二，我們下一步該怎麼做？

The PJM DOM zone is experiencing unprecedented load growth.

PJM DOM 區域正在經歷前所未有的負荷增長。

This growth is accelerating in orders of magnitude driven by: one, the number of data centers requesting to be connected on to our system; two, the size of each facility; and three, the acceleration of each facility's ramp schedule to reach full capacity.

這種成長正在以數量級的速度加速，其驅動力是：第一，請求連接到我們系統的資料中心數量增加；二、每個設施的規模；第三，加速各設施的投產進度，以達到滿載生產。

For some context, as shown on slide 17, PJM recently updated its DOM zone forecast, but now projects peak summer load growth of approximately 6.3% per year for the next 10 years.

作為背景訊息，如幻燈片 17 所示，PJM 最近更新了其 DOM 區域預測，但現在預測未來 10 年夏季尖峰負載成長率約為每年 6.3%。

To put that into perspective, the resulting peak load projected for 2034 has increased from 26.1 gigawatts as of the 2022 PJM estimate to 41.5 gigawatts as of this year's estimate, an increase of nearly 60%.

從這個角度來看，預計 2034 年的峰值負荷已從 2022 年 PJM 估計的 26.1 千兆瓦增加到今年估計的 41.5 千兆瓦，增幅近 60%。

Last year, we implemented changes to our process on how we handle new delivery point requests on our system.

去年，我們對系統處理新交貨點請求的流程進行了更改。

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

這項變更將使我們能夠將載入請求組織成批次並按照接收的順序提供服務。

Since we began communicating these changes, we've seen an increase in demand from customers.

自從我們開始傳達這些變化以來，我們看到客戶的需求增加。

As shown on slide 18, we've updated our data center contracted capacity.

如投影片 18 所示，我們更新了資料中心的合約容量。

We now have approximately 40 gigawatts in various stages of contracting as of December 2024, which compares to around 21 gigawatts as of July 2024, an increase of 19 gigawatts or 88%.

截至 2024 年 12 月，我們目前處於不同簽約階段的合約容量約為 40 吉瓦，而截至 2024 年 7 月，合約容量約為 21 吉瓦，增加了 19 吉瓦，增幅為 88%。

As a reminder, these contracts are broken into one substation engineering letters of authorization; two, construction letters of authorization; and three, electrical service agreements.

提醒一下，這些合約被分解為一份變電站工程授權書；二、施工授權書；三、電力服務協議。

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

隨著客戶從一家增加到三家，客戶的成本承諾和義務也隨之增加。

We're currently studying over 26 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 infrastructure required to serve the customer.

我們目前正在研究變電站工程授權書階段超過 26 千兆瓦的資料中心需求，這意味著客戶已要求公司開始為服務客戶所需的新基礎設施進行必要的工程。

This compares to approximately 8 gigawatts as of July 2024, and represents a remarkable 245% increase.

相比之下，截至 2024 年 7 月約為 8 吉瓦，成長了 245%。

We've analyzed the data several ways.

我們用多種方式分析了數據。

And certainly, we believe some of this growth is attributable to the new batch system, which naturally insists customers to get into the process early.

當然，我們相信這種成長有一部分歸功於新的批量系統，這自然會促使客戶儘早參與這個流程。

But what's undeniable is that data center growth in Virginia is not slowing down.

但不可否認的是，維吉尼亞州的資料中心成長並沒有放緩。

In fact, it's accelerating, and we're taking every step to meet this opportunity.

事實上，它正在加速，我們正在採取一切措施迎接這一機會。

There are also about 5 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.

另外，還有約 5 千兆瓦的資料中心需求已經執行了建設授權書，這些合約允許開始建造所需的配電和變電站電力基礎設施。

Should a customer in this stage elect to discontinue a project, they're obligated to reimburse the company for its investment to date.

如果此階段的客戶選擇停止項目，他們有義務向公司償還迄今為止的投資。

Finally, the nearly 9 gigawatts included in electrical service agreements, or ESA, represent contracts for electric service between Dominion Energy end customer.

最後，電力服務協議（ESA）中包含的近9千兆瓦代表Dominion Energy最終客戶之間的電力服務合約。

This has increased by nearly 1 gigawatt since July of 2024.

自 2024 年 7 月以來，這一數字增加了近 1 千兆瓦。

Each contract is structured for an individual account.

每份合約都是針對一個個人帳戶建構的。

By signing an ESA, the customer is committing to consume 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，並且通常會按照合約規定的用電量隨時間推移而增加的計劃進行。

As Steven mentioned, this is all evidence of opportunities for additional investment across the value chain for many years to come.

正如史蒂文所提到的，這一切都證明未來許多年整個價值鏈上將有額外的投資機會。

Turning to slide 19.

翻到第 19 張投影片。

Let me highlight a couple of additional business updates.

讓我重點介紹一些額外的業務更新。

First, an update on our transmission business and the joint planning agreement with AEP and FirstEnergy.

首先，介紹一下我們的輸電業務以及與 AEP 和 FirstEnergy 的共同規劃協議。

A package of our own and jointly proposed projects has been shortlisted by PJM in their open window process, which is ongoing with final approvals expected this month.

我們自己和共同提出的一系列項目已經入圍 PJM 的開放窗口流程，該流程正在進行中，預計本月將獲得最終批准。

Dominion share of the joint planning agreement will lead to approximately $1 billion of incremental capital spend in the five-year plan.

Dominion 在聯合規劃協議中的份額將帶來五年計劃中約 10 億美元的增量資本支出。

When combined with our other DEV transmission projects, this will result in annual transmission capital spend of greater than $2.8 billion beginning in 2027, above the $2.5 billion we previously forecasted.

與我們的其他 DEV 輸電項目結合，這將導致從 2027 年開始每年的輸電資本支出超過 28 億美元，高於我們先前預測的 25 億美元。

Next, in South Carolina, policymakers are in session and continue to evaluate potential energy legislation.

接下來，在南卡羅來納州，政策制定者正在開會並繼續評估潛在的能源立法。

We're appreciative of the significant time spent to date by the legislature on this important topic.

我們感謝立法機構迄今為止在這個重要議題上花費的大量時間。

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

正如我們過去所表明的那樣，我們致力於支持南卡羅來納州不斷發展的經濟。

However, as we've testified, the regulatory framework for DESC creates regulatory lag that makes it practically impossible to earn our lab return, especially as compared to neighboring southeastern regulated jurisdictions, including Virginia.

然而，正如我們所證明的，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實驗室回報，特別是與包括維吉尼亞州在內的鄰近東南部監管管轄區相比。

Finally, on Millstone.

最後，關於 Millstone。

The facility provides over 90% of Connecticut's carbon-free electricity and 55% of its output is under a fixed price contract through late 2029.

該工廠提供康乃狄克州 90% 以上的無碳電力，其中 55% 的產出將簽訂固定價格合同，有效期至 2029 年底。

The remaining output continues to be significantly derisked by our hedging program, which we've updated in the appendix of today's materials.

剩餘產出繼續透過我們的對沖計劃大幅降低風險，我們已在今天的材料附錄中對該計劃進行了更新。

During 2024, Millstone performed well and achieved a capacity factor of 92%, aligning with our expectations of exemplary performance and reflecting our unwavering commitment to safety and best-in-class operations.

2024 年，Millstone 表現良好，實現了 92% 的容量係數，符合我們對卓越表現的期望，並反映了我們對安全和一流營運的堅定承諾。

As many of you are aware, there's been recent legislative activity in New England and in Massachusetts specifically, aimed authorizing future additional procurements of nuclear power, and we've continued to engage with multiple parties there to find the best value for Millstone.

大家可能都知道，最近新英格蘭地區和馬薩諸塞州特別開展了立法活動，旨在授權未來額外採購核電，我們也一直與那裡的多方合作，為 Millstone 尋找最佳價值。

In addition to state sponsor procurement, we continue to evaluate the prospect of supporting incremental data center activity as well.

除了國家支持的採購之外，我們還繼續評估支持增量資料中心活動的前景。

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

我們強烈感覺到，任何資料中心的選擇都需要以與康乃狄克州的利益相關者合作的方式進行。

At this point, we don't have a time line for potential announcements.

目前，我們還沒有可能發佈公告的時間表。

We remain focused, and we'll continue to provide updates as things develop.

我們會繼續集中註意力，並隨著事態的發展持續提供更新資訊。

With that, let me summarize our remarks on slide 20.

至此，讓我總結第 20 張投影片上的發言。

We achieved near-record setting safety performance this year.

今年我們的安全業績接近創紀錄的水平。

We reaffirmed our long-term operating earnings per share growth rate, credit, and dividend guidance for March 1, and narrowed our 2025 operating earnings guidance range.

我們重申了 3 月 1 日的長期每股營業收益成長率、信貸和股息指引，並縮小了 2025 年營業收益指引範圍。

CVOW remains on schedule with robust cost sharing that protects customers and shareholders.

CVOW 仍按計劃進行，並有強有力的成本分攤來保護客戶和股東。

In collaboration with our policymakers, regulators and stakeholders, we continue to make the necessary investments to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.

透過與我們的政策制定者、監管機構和利害關係人的合作，我們將繼續進行必要的投資，為我們的客戶提供可靠、實惠且日益清潔的能源，每天為他們提供電力。

And we're 100% focused on execution.

我們百分之百專注於執行。

We know we must continue to deliver, and we will.

我們知道我們必須繼續履行這項職責，而且我們會這樣做。

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

現在，我們已準備好回答您的問題。

(Operator Instructions)

（操作員指令）

Shar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shar Pourreza。

Hey guys, good morning.

嘿，大家早安。

Just on CVOW, just I guess in light of the updates earlier this month, maybe can you just elaborate on the remaining variability in the projects, if there were delays in supplier component deliveries, how flexible the schedule, how would the standby cost be recovered with suppliers pay.

就在 CVOW 上，我猜根據本月早些時候的更新，也許您能詳細說明一下專案中剩餘的可變性，如果供應商組件交付延遲，時間表的靈活性如何，如何透過供應商付款收回待機成本。

And any new color on how you're thinking about incremental wind projects in light of your experience on CVOW one to date and the prospects for policy and tariff headwinds from DC.

您根據迄今為止在 CVOW 1 上的經驗以及來自 DC 的政策和關稅阻力前景，對增量風電專案有何新看法？

Yeah, Shar, you've got a lot in there, all in one question.

是的，Shar，你這個問題問得非常多。

So let me see if I can work my way through the various pieces.

所以，讓我看看我是否能解決各個部分的問題。

And I'll ask Diane to talk a little bit about where we are on the project and derisking.

我會請黛安稍微談談我們專案的進度和降低風險的情況。

So we're in a very good position with this project, and we feel very confident about the estimates that we just gave.

因此，我們在這個專案中處於非常有利的地位，我們對剛剛給出的估算非常有信心。

Understanding there's more data to come from PJM on network upgrades, but we've done a lot of work with the best data that we can.

我們了解到 PJM 將會提供更多關於網路升級的數據，但我們已經利用盡可能最好的數據做了很多工作。

So far, the data that we've used seems to be consistent with what PJM is looking at.

到目前為止，我們使用的數據似乎與 PJM 所關注的數據一致。

And we think it puts us in a pretty good position.

我們認為這使我們處於非常有利的地位。

Let me talk a little bit about tariffs because you mentioned that, and then I'll turn it over to Diane to just talk about overall derisking on the project.

因為您提到了關稅，所以我將稍微談論這個問題，然後我將把話題交給黛安，讓她來談談該專案的整體風險降低。

It's really too early to say how potential tariffs might affect this project.

現在判斷潛在的關稅將如何影響這個項目還為時過早。

I can tell you that remaining spend outside of the United States is about $2.5 billion, majority of that from Europe.

我可以告訴你，美國以外的剩餘支出約為 25 億美元，其中大部分來自歐洲。

Only a portion of that for components that would include steel or aluminum.

其中只有一部分是含有鋼或鋁的零件。

With respect to potential steel and aluminum tariffs, in particular, generally, these types of tariffs are not intended to apply to most finished products.

關於潛在的鋼鐵和鋁關稅，特別是一般而言，這些類型的關稅並不適用於大多數成品。

We would consider the CVOW components to be finished products.

我們認為 CVOW 組件是成品。

That said, we don't have the annexes to accompany the executive order.

話雖如此，我們並沒有行政命令的附件。

We can't know what if any of our remaining spend would be potentially subject to tariffs.

我們不知道我們的剩餘支出是否有可能被徵收關稅。

These are finished products that include some steel, some other materials.

這些是成品，包括一些鋼材和一些其他材料。

So it's not as simple as just taking a contract value and applying a percentage.

所以這並不像獲取合約價值並應用百分比那麼簡單。

For example, the cells have thousands of components in the blades.

例如，刀片電池中有數千個組件。

As most people know, don't have steel or aluminum in them.

大多數人都知道，它們裡面不含鋼或鋁。

If the steel and aluminum tariffs end up taking effect, it won't be before March 12, so we should get some better insight before then the past may not be a predictor of the future, but if these tariffs follow the form of those imposed in 2018, they largely wouldn't apply to CVOW at all.

如果鋼鐵和鋁關稅最終生效，那將不會早於 3 月 12 日，因此我們應該在此之前獲得更好的了解，過去可能無法預測未來，但如果這些關稅遵循 2018 年徵收的形式，它們基本上根本不適用於 CVOW。

And then finally, and Diane will talk about how we're doing on derisking the project, but it's worth remembering we have $200 million of contingency within the current project budget of $10.7 billion.

最後，黛安將談談我們如何降低專案風險，但值得記住的是，在目前 107 億美元的專案預算中，我們有 2 億美元的應急資金。

Up to $11.3 billion, 50% of costs are recoverable from customers and costs are shared 50-50 with Stonepeak.

最高可達 113 億美元，其中 50% 的成本可從客戶收回，其餘成本由公司與 Stonepeak 各承擔 50%。

Diane, you want to talk a little bit about where we are in the development?

黛安，你想談談我們目前的發展嗎？

Sure.

當然。

Shar.

莎爾。

So when I think about the risk, first, I look at where we are, all of our permits are in hand, all of the materials have been purchased.

因此，當我考慮風險時，首先，我會看我們的情況，我們所有的許可證都在我們手中，所有的材料都已購買。

We have fixed-price contracts for all the major equipment.

我們對所有主要設備都簽訂了固定價格合約。

Fabrication is going very well.

製造工作進展順利。

All the deliveries of that fabricated equipment is right on time, and the installation activities have been moving forward on track.

所有製造的設備都按時交付，安裝活動正在順利進行中。

So when I look at the performance of the suppliers, as we're progressing now that we're 50% complete, risks are naturally continuing to decrease.

因此，當我查看供應商的表現時，隨著我們目前已完成 50%，風險自然會持續降低。

So just take as an example, [Demeg] with the vessel and installation logistics as we saw in the first piling season, we got better and better and got to 25 monopiles a month as a run rate.

舉個例子，[Demeg] 憑藉我們在第一個打樁季節看到的船舶和安裝物流，我們的工作越來越好，每月的運行率達到了 25 根單樁。

And as we've seen this winter, the transition piece installation and the cable installation is just going right on track.

正如我們今年冬天看到的那樣，過渡件安裝和電纜安裝進展順利。

So when I look at what costs are still unfixed, we've talked about the final estimate that we're feeling good about on PJM.

因此，當我查看哪些成本仍未確定時，我們討論了對 PJM 感到滿意的最終估算。

There's fuel for all the vessels and there's project management.

所有船隻都有燃料，還有專案管理。

So we need to complete fabrication, that's going very well.

所以我們需要完成製造，進展非常順利。

We need normal weather.

我們需要正常的天氣。

And so we're feeling really comfortable where we are and where the suppliers have been performing.

因此，我們對自己目前的狀況以及供應商的表現感到非常滿意。

Shar, I'll jump back in.

莎爾，我會跳回來的。

You also mentioned future projects.

您還提到了未來的項目。

I don't think it will come as a surprise to you that we are very focused on this project and bringing it in consistent with the schedule and budget that we've been talking about.

我想，您不會感到驚訝，我們非常專注於這個項目，並按照我們一直在談論的時間表和預算進行。

We've got a couple of other leases.

我們還有其他幾份租約。

We have no capital in the plan associated with those leases and we'll just see where things go in the future.

我們在與這些租賃相關的計劃中沒有任何資本，我們只能看看未來的發展。

But our focus is on this project.

但我們的重點是這個項目。

Did we get all the pieces and parts you had in there, Shar, or is there anything we missed?

莎爾，我們是否得到了你那裡的所有零件和部件，或者我們是否遺漏了什麼？

No, that was fantastic.

不，那真是太棒了。

I'll actually -- I'll leave it at that with my two-part question.

實際上——我的問題分為兩部分，到此為止。

I appreciate it, guys.

我很感激你們。

Thank you.

謝謝。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

Good morning.

早安.

So I just -- the updated gigawatts on the data center side is just a really large number.

所以我只是——資料中心方面更新的千兆瓦是一個非常大的數字。

And I'm just curious -- I just want to first confirm, this is incremental to what PJM has put out here in the beginning of the year.

我只是很好奇——我只是想先確認一下，這是 PJM 在今年年初推出的增量。

And then secondly, just -- how do you think about the time line to wrap some of that into the plan in the current decade?

其次，您認為在當前十年內將其中一些內容納入計劃的時間表是什麼？

And is there like a sensitivity we should be thinking about for every gigawatt of new data center hook up?

對於每千兆瓦的新資料中心連接，我們是否應該考慮其敏感度？

Is there an amount whether it's transmission or generation that would be required for that?

為此，需要多少輸電或發電量？

Yeah.

是的。

Nick, on sort of is that in PJM, those gigawatts that are in the substation engineering phase.

尼克，在 PJM，那些千兆瓦正處於變電站工程階段。

Those are not in the PJM forecast.

這些並不在 PJM 的預測之中。

There is no rule of thumb on any particular amount of gigawatts and the capital plan and so forth.

對於具體金額的千兆瓦、資本計畫等，並沒有經驗法則。

I think it's just important for everyone to understand that the data center demand in Virginia, in Northern Virginia and in Loudon County continues to be very significant.

我認為每個人都應該明白，維吉尼亞州、北維吉尼亞州和勞登縣的資料中心需求仍然非常大。

You see that in the numbers there.

您可以在那裡的數字中看到這一點。

Just to give you a sense, I know there are some folks who may have some misunderstanding about Loudoun in particular, about how much more capacity is available there.

只是為了讓你了解一下，我知道有些人可能對勞登有一些誤解，特別是關於那裡有多少可用容量。

If you just look at the transmission projects that we're working on, including the two 500 KV lines that we mentioned in our prepared remarks, that's an additional 6 gigawatts of capacity in Eastern Loudoun alone.

如果你只看我們正在進行的輸電項目，包括我們在準備好的評論中提到的兩條 500 KV 線路，那麼僅在東勞登地區就有額外的 6 千兆瓦的容量。

So there's room in Eastern Loudoun on the system, and the data centers continue to expand as well outward from Loudon County, particularly into neighboring counties coming down Interstate 95.

因此，該系統在勞登縣東部還有空間，資料中心也繼續從勞登縣向外擴展，特別是向 95 號州際公路沿線的鄰近縣擴展。

There's also data center expansion happening in the Richmond Metro area pretty substantially.

里士滿大都會地區的資料中心也在大力擴建。

So that demand just keeps coming.

因此這種需求不斷湧現。

We're very focused on making sure we can serve it and we want to do that in a way that's consistent with our mission of reliable, affordable, increasingly clean energy.

我們非常專注於確保我們能夠為其提供服務，並且我們希望以符合我們可靠、實惠、日益清潔的能源使命的方式來做到這一點。

I appreciate that.

我很感激。

And then just kind of expanding on your comments from Millstone and the prospects for any type of incremental large customer for that remaining nonfixed portion?

然後，您能否擴展一下您對 Millstone 的評論，以及對於剩餘非固定部分的任何類型的增量大客戶的前景？

There seems to be a lot of focus on additionality if it comes with colocation in any form.

如果以任何形式伴隨主機託管出現，似乎都會非常關注附加性。

And just maybe you can comment on whether that's something that you think you would need to move forward with the contract opportunity there?

也許您可以評論一下，您是否認為需要以這樣的方式推進合約機會？

Or what's the next catalyst we should be watching for to know that this is potentially going in the right direction?

或者我們應該關注的下一個催化劑是什麼，以知道這可能朝著正確的方向發展？

Thanks.

謝謝。

I can't give you a catalyst for what you should be looking for.

我無法提供你所尋找的催化劑。

As we've said, there's not a time line on this.

正如我們所說，這件事沒有時間表。

From the potential large user customers we've talked to, additionality is not essential.

從我們交談過的潛在大用戶客戶來看，附加性並不是不可或缺的。

They certainly talk about it, but they don't -- that's not a gating item -- so we're going to keep talking to potential data center co-locator customers to the states of Massachusetts and Connecticut, others in New England.

他們當然談論過這個問題，但他們並沒有這麼做——這不是一個限制性項目——所以我們將繼續與馬薩諸塞州、康涅狄格州和新英格蘭其他地區的潛在數據中心共置客戶進行交談。

And we're going to continue to stick with what we said pretty clearly is we need to make sure we're taking into account the interests of stakeholders in Connecticut as we think about this very valuable asset.

我們將繼續堅持我們所說的非常明確的一點，我們需要確保在考慮這一非常寶貴的資產時考慮到康乃狄克州利益相關者的利益。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

I just wanted to dive into the Virginia data center opportunity a little bit more in quite the step-up as you outlined there.

我只是想更深入地了解弗吉尼亞資料中心的機會，正如您所概述的那樣。

Just wondering if you could touch a bit more on reactions from stakeholders and really just thinking about this low driving incremental build pressure and thoughts about, I guess, bill headroom in general here.

我只是想知道您是否可以多談談利益相關者的反應，並且真的只是考慮這種低驅動增量建設壓力以及關於賬單餘量的想法。

Yeah.

是的。

Great question, Jeremy.

很好的問題，傑瑞米。

Policymakers in Virginia are very focused on data center build out because they see the economic benefits of it.

維吉尼亞州的政策制定者非常關注資料中心的建設，因為他們看到了它的經濟效益。

And you can see it in localities where there already is a substantial amount of data center load.

您可以在已經有大量資料中心負載的地方看到這種情況。

The tax bills, property tax bills and say, Loudon County are substantially lower than they would have to be without the tax revenue that's coming in from data centers.

稅收、財產稅以及勞登縣的稅收都比沒有資料中心稅收時低得多。

And so that part of the economy and making Virginia a tech hub is really important to stakeholders in Virginia, particularly to Governor (technical difficulty) he talks about that quite a bit.

因此，經濟的這一部分以及將維吉尼亞州打造為科技中心對維吉尼亞州的利益相關者來說確實很重要，特別是對州長（技術難度）來說，他經常談論這一點。

So there is an interest in continuing to see data center expansion.

因此人們對繼續擴大資料中心很感興趣。

As there are more megawatt hours sold to data centers, then that spreads the total costs out over a larger group of customers and can actually help with customer bill headroom.

由於出售給資料中心的電量越來越多，因此總成本就會分攤到更大的客戶群中，實際上可以幫助客戶節省帳單空間。

And I know there's often a discussion about our data centers paying their fair share, our other customer classes subsidizing data centers.

我知道人們經常討論我們的資料中心應支付其應承擔的份額，而我們的其他客戶群體則對資料中心進行補貼。

These debates about one customer class subsidizing another customer class have been going on since the beginning of utility regulation.

關於一個客戶類別補貼另一個客戶類別的爭論自從公用事業監管開始以來就一直存在。

There are ways always to address that in Virginia, particularly with biennial reviews.

維吉尼亞州總有辦法解決這個問題，特別是每兩年進行一次審查。

So I suspect that in the biennial that we'll file in March that this issue will be considered by the commission.

因此，我推測我們將於三月提交的兩年報告中委員會將會考慮這個問題。

And I'm confident that they'll make a decision that ensures we can continue data center growth in Virginia in a way that works for all customers of Virginia.

我相信他們會做出決定，確保我們能夠以適合維吉尼亞州所有客戶的方式繼續在維吉尼亞州發展資料中心。

This is just good for the economy of Virginia, and it's important to keep it going.

這對維吉尼亞州的經濟來說是件好事，保持這種勢頭很重要。

Got it.

知道了。

That's helpful there.

這很有幫助。

And I want to continue with the biannual, if we could.

如果可以的話，我希望繼續每兩年舉行一次。

Just wondering on overall engagement with stakeholders there and besides affordability as you outlined there, any key issues to hash out here?

只是想知道那裡與利益相關者的整體參與情況，除了您所概述的可負擔性之外，還有什麼關鍵問題需要討論？

Just trying to think about how we should be thinking about Virginia regulatory sausage making at this point?

只是想問我們現在該如何看待維吉尼亞州的香腸監管？

We're going to focus on just filing a pretty straightforward rate case in Virginia.

我們將重點關注在維吉尼亞州提起一個相當簡單的費率案件。

As I expect many people know, in the last biennial, there were prescribed ROE.

我想很多人都知道，在過去的兩年中，我們規定了 ROE。

That is not the case in this one.

但這次的情況並非如此。

We've got a couple of new judges on the SCC, relatively new.

我們在 SCC 有幾位新法官，相對較新。

They're a little less than a year, they've been on the bench.

他們坐在板凳上不到一年。

But -- when we think about our positioning in a rate case, we start with our reliability and our affordability, and they're both incredibly strong in Virginia.

但是 - 當我們考慮我們的利率定位時，我們首先考慮我們的可靠性和可負擔性，而它們在維吉尼亞州都非常強大。

We are well recognized among stakeholders as being a very reliable provider of electricity.

我們被利害關係人公認為非常可靠的電力供應商。

And our rates, as we mentioned in our prepared remarks, continue to be below regional and national averages.

正如我們在準備好的演講中所提到的，我們的費率仍然低於地區和全國平均水平。

So we're in a strong position.

因此我們處於有利地位。

The general environment going into the case, I think, is very constructive and we'll have a result by the end of November.

我認為，審理此案的整體環境非常有利，我們將在 11 月底得到結果。

But I would not -- there's nothing particularly exotic in this upcoming biennial.

但我不會——即將到來的雙年展並沒有什麼特別新奇的東西。

Got it.

知道了。

Makes sense.

有道理。

Thank you for that.

謝謝你。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Thanks.

謝謝。

Good morning.

早安.

Good morning, David.

早安，大衛。

Let me see.

讓我看看。

I had a question on the offshore wind side of things.

我有一個關於海上風電的疑問。

With the earlier this year, the executive order around offshore wind and the Secretary of the Interior reviewing existing projects.

今年早些時候，美國內政部長發布了有關離岸風電的行政命令並審查了現有項目。

I was just wondering your interpretation and a few points on what that could mean for existing leases like CVOW?

我只是想知道您的解釋以及這對 CVOW 等現有租約意味著什麼？

Yeah, we don't think there's going to be impact to CVOW from the executive order.

是的，我們認為行政命令不會對 CVOW 產生影響。

If you think about it, it's got all the permits it needs, including all of its federal permits.

如果你仔細想想，它已經獲得了所需的所有許可證，包括所有聯邦許可證。

It's consistent with some very important energy objectives that the administration has articulated.

這與政府闡明的一些非常重要的能源目標是一致的。

It's an important part of an all-of-the-above strategy to deliver more power to a growing economy in Virginia.

這是為維吉尼亞州不斷增長的經濟提供更多電力的整體策略的重要組成部分。

It's certainly the fastest and most economical way to deliver 2.6 gigawatts to the grid stopping it would be the most inflationary action that could be taken with respect to Energy in Virginia.

這無疑是向電網輸送 2.6 千兆瓦電力的最快和最經濟的方式，但停止這種方式將是對維吉尼亞州能源而言最通膨的行動。

It's homegrown.

這是自產的。

It helps promote American energy dominance.

它有助於提升美國能源主導地位。

It's needed to power that growing data center market we've been talking about critical to continuing US superiority in AI and technology.

它需要為我們一直談論的不斷增長的資料中心市場提供動力，這對於美國繼續保持人工智慧和技術領域的優勢至關重要。

It's creating American Jobs -- 2,000 at last count.

它為美國創造了就業機會——最新統計顯示為 2,000 個。

It's specifically authorized by Virginia law.

這是維吉尼亞州法律明確授權的。

It has robust bipartisan support of leaders in Virginia.

它得到了弗吉尼亞州兩黨領導人的大力支持。

Worth noting that in his confirmation hearing, Secretary Bergum, said projects that make sense and are already in law will continue and CVOW definitely fits that bill.

值得注意的是，伯格姆部長在確認聽證會上表示，有意義且已納入法律的項目將繼續進行，而 CVOW 絕對符合這項要求。

Okay.

好的。

Excellent.

出色的。

I appreciate that commentary.

我很欣賞這一評論。

And then I was also curious on the data center side of things, just to dig in a little bit more -- obviously, your pipeline has grown a huge amount over the last six months.

然後，我也對資料中心方面的事情很好奇，只是想深入了解——顯然，在過去六個月裡，你的管道已經有了巨大的成長。

And then when we look at the PJM forecast for the 2034 forecast, they've only gone up a little bit.

然後，當我們查看 PJM 對 2034 年的預測時，它們僅略有上升。

Do those numbers have to rise from here?

這些數字以後還會上升嗎？

Or are there constraints in actually connecting all of these data centers or something else that's making you think that not all of these are actually going to crystallize and come to your system?

或者在實際連接所有這些資料中心時是否存在限制，或者其他因素讓您認為並非所有這些都會真正具體化並進入您的系統？

Well, I think if you look at what we're planning for, what we've got capital for, we're highly confident that the data centers are going to show up in our system.

嗯，我想如果你看看我們的計劃，看看我們的資金，我們非常有信心資料中心會出現在我們的系統中。

I mean if you think about it, we've been serving data center customers longer than anybody else.

我的意思是，如果你仔細想想，我們為資料中心客戶提供服務的時間比任何人都長。

We understand better than other companies, I believe, the way they build, the way they ramp up and we understand extremely well a confidence level in their arrival.

我相信，我們比其他公司更了解他們的建設方式、他們擴張的方式，也非常了解他們到來時的信心程度。

So the new batch system may have had some effect on the number of customers who have jumped into that substation engineering letters of authorization group.

因此，新的批量系統可能會對加入變電站工程授權書組的客戶數量產生一定的影響。

But the bottom line is, there is a lot of growth coming in data centers in Virginia, and we're building the infrastructure in order to serve them.

但最重要的是，維吉尼亞州的資料中心正在快速發展，我們正在建立基礎設施來為他們提供服務。

David, I'd just add -- back on slide 17, where you see that PGM forecast 2034, summer peak of 41.5%.

大衛，我只是想補充一下——回到第 17 張幻燈片，您可以看到 PGM 預測 2034 年夏季高峰將達到 41.5%。

We would suggest that the increase we've seen in our Q is not fully reflected in that PJM update that it's a little bit backward looking.

我們認為，我們在 Q 中看到的成長並未完全反映在 PJM 更新中，它有點回顧過去。

And to Bob's point, and to your question, will all of the amount that we're seeing in that first phase, ultimately convert.

對於鮑勃的觀點和您的問題，我們在第一階段看到的所有金額最終都會轉換嗎？

We don't know for sure.

我們並不確定。

Many of them do in the past.

過去有很多人確實這麼做過。

And as we've moved further from down the column, we've seen increasing conversion rates up to 100% from the second to the third bucket.

隨著我們從該列向下移動，我們看到從第二個到第三個儲存桶的轉換率增加到了 100％。

So again, I think it's a sign, a bullish sign.

因此，我再次認為這是一個訊號，一個看漲訊號。

Will all of it ultimately convert?

最終一切都會轉變嗎？

We don't know.

我們不知道。

We think a lot of it will, and that to us is a bullish sign of the ability to continue to invest across the value chain, in support of those customers in a low-risk regulated environment.

我們認為很多都會，對我們來說，這是一個樂觀的信號，表明我們有能力繼續在整個價值鏈上進行投資，以在低風險監管環境中為這些客戶提供支援。

Got it.

知道了。

Okay, great.

好的，太好了。

Yeah.

是的。

Thanks, very much.

非常感謝。

Appreciate it.

非常感謝。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good morning.

嘿，早安。

Just super quick one question following David.

大衛之後我只想快速問一個問題。

When I look at the column on page 18, is there just a rule of thumb of how long it takes a project to transition from one category to next as it works itself down the chain?

當我查看第 18 頁的專欄時，是否存在一個經驗法則，可以衡量一個項目在整個鏈條中從一個類別過渡到下一個類別需要多長時間？

Well, we gave some updated guidance to our customers.

嗯，我們向客戶提供了一些更新的指導。

As you recall, we've talked about, which was moving from a cereal to more of a cluster or a batch approach.

正如您所記得的，我們已經討論過，即從穀物生產轉向集群或大量生產。

And when we did that, we gave indications that from the time you started the process to the potential time where you're signing the ESA and taking delivery of power that, that period would be extended by somewhere between 12 and 36 months, which puts us at speed to market of between 4 to 7 years.

當我們這樣做的時候，我們表示，從你啟動這個過程的時間到你簽署 ESA 並接收電力的潛在時間，這個時間將延長 12 到 36 個月，這使我們能夠以 4 到 7 年的速度將產品推向市場。

26 gigawatts, that's all in very different phases and probably time lines, don't have specific guidance for you as to how to translate the 26 into the CLOA box or the ESA box.

26 千兆瓦，它們都處於非常不同的階段和時間線，沒有具體的指導告訴你如何將 26 轉換為 CLOA 框或 ESA 框。

But again, from the very beginning of the process typically to the very end of the process, think of four to seven years.

但是，通常從過程一開始到過程結束，需要四到七年的時間。

With this much demand, could that possibly pressure that?

需求這麼大，可能會帶來壓力嗎？

It's all going to sort of depend on where the specific project wants to be cited and where we have existing delivery points.

這一切都取決於具體項目希望被引用到哪裡以及我們現有的交付點在哪裡。

So not real -- I don't have a real specific guidance for you anything.

所以不是真的——我沒有給你任何真正的具體指導。

I apologize, but it's all pretty bespoke depending on where the need is.

我很抱歉，但這一切都是根據具體需求而定制的。

No, that's perfect.

不，那太完美了。

And thanks so much for the update.

非常感謝您的更新。

I appreciate it.

我很感激。

Thank you.

謝謝。

You bet.

當然。

Thanks.

謝謝。

David Paz, Wolfe.

戴維·帕茲，沃爾夫。

Hey, good morning.

嘿，早安。

Thanks for the time.

感謝您的時間。

Just quickly on your assumption for earned returns in your outlook.

只是快速地假設您在展望中得到的回報。

Are you projecting any lag over the period?

您預計該期間會出現任何延遲嗎？

And maybe how much lag.

以及可能存在多少滯後。

If you can break it down by Virginia and South Carolina, that would be great.

如果您能按弗吉尼亞州和南卡羅來納州進行細分，那就太好了。

Yeah, David, we haven't given that specific level of guidance as we go into periodic rate cases and we engage with stakeholders.

是的，大衛，在處理定期利率案例並與利益相關者接觸時，我們還沒有給出具體的指導。

But I think what we've said in the past has been that at DEV, in particular, where we've got a fairly significant amount of investment in riders, which generally earn at they're allowed.

但我認為，我們過去所說的是，特別是在 DEV，我們對乘客進行了相當多的投資，他們通常會在允許的範圍內賺錢。

We see pretty good ability to achieve allowed returns in 2023, our annual information filing, if you adjust for a handful of items, whether some amortization of fossil retirements that we needed to take, we are hitting on the base side of the business at pretty close to our allowed and expect that to continue.

我們認為 2023 年實現允許回報的能力相當不錯，在我們的年度資訊文件中，如果您調整一些項目，無論我們需要採取一些化石能源退役攤銷措施，我們業務的基礎方面都相當接近我們的允許水平，並且預計這種情況將繼續下去。

And then in South Carolina, I think what we've indicated in testimony is that under the existing rate case process that by the time new rates go into effect, given its backward-looking nature, we could be anywhere between 80 and 90 basis points, it is under earning immediately when rates go into effect.

然後在南卡羅來納州，我認為我們在證詞中表明，根據現有的利率案件程序，當新利率生效時，鑑於其回顧性，我們的利率可能在 80 到 90 個基點之間，當利率生效時，它的收益立即就會低於預期。

And we've quantified, I think, 100 to 200 basis points on average of under earning during the rate case cycle.

我認為，我們已經量化了利率週期內平均 100 到 200 個基點的收益不足。

And as Bob mentioned in his prepared remarks, we've made that a point of focus.

正如鮑伯在準備好的發言中提到的那樣，我們已經將這一點作為關注的重點。

And in our discussions with stakeholders in South Carolina.

以及我們與南卡羅來納州利益相關者的討論。

And our excitement about supporting the needs of the growth needs for growth in the state but also a discussion about the ability for us to earn a return that's closer to our allowed.

我們對支持國家成長需求感到興奮，同時也討論了我們獲得更接近我們允許的回報的能力。

So obviously, there's work being done on that now.

顯然，現在我們正在進行這方面的工作。

We have tried to be appropriately conservative in our assumptions in the plan as it relates to both where the allowed are set as well as where the earned are set. -- we certainly have assumed that we have the ability to do somewhat better than what we've done in the past through some mechanism, whether it's legislation or the potential for more frequent rate cases in South Carolina.

我們試圖在計劃中的假設中保持適當保守，因為它既涉及允許的設定，也涉及賺取的設定。 ——我們當然認為，我們有能力透過某種機製做得比過去更好，無論是立法還是南卡羅來納州出現更頻繁的利率案件的可能性。

But I'd rather not get into the specific assumption we've made.

但我不想深入討論我們所做的具體假設。

I think we'll try to be reasonably conservative, but appropriately so.

我認為我們會嘗試合理但適當地保守。

Okay.

好的。

No, that makes sense.

不，這很有道理。

And just maybe quickly, the $4 billion-plus of new CapEx.

也許很快就會有超過 40 億美元的新資本支出。

Does any of that include any incremental spend on your interest in Summer?

其中是否包括您對夏季興趣的增量支出？

Do you agree?

你同意？

No, it doesn't.

不，不是的。

We've indicated that we're not participating or interested in that project.

我們已表明我們不參與該項目或對該項目不感興趣。

And I think you meant -- I think you referred to $7 billion total capital increase.

我想你的意思是——我想你指的是 70 億美元的總資本增加。

But yeah, none of that's related to VC Summer.

但是，這些都與 VC Summer 無關。

This concludes our question-and-answer session.

我們的問答環節到此結束。

So I'll turn it back to Bob Blue for closing remarks.

因此我將把話題轉回給鮑勃布魯 (Bob Blue) 來做結束語。

Thanks, everyone, for taking the time to join the call today, and enjoy the rest of your day.

感謝大家今天抽空參加電話會議，並祝大家有個愉快的一天。

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。