道明尼資源 (D) 2025 Q1 法說會逐字稿

Welcome to the Dominion Energy first-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 Dominion Energy 2025 年第一季財報電話會議。（操作員指示）

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 first-quarter 2025 earnings call.

早安，感謝您參加 Dominion Energy 2025 年第一季財報電話會議。

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

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

This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures which we can calculate are contained in the earnings release kit. I encourage you to visit our Investor Relations website to review webcast slides as well as the earnings release kit.

今天上午，我們將討論一些與 GAAP 不同的公司業績衡量標準。收益發布工具包中包含了我們的非 GAAP 指標與我們能夠計算出的最直接可比較的 GAAP 財務指標之間的對帳。我鼓勵您造訪我們的投資者關係網站，查看網路廣播幻燈片以及收益發布工具包。

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

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 Steven.

現在我將電話轉給史蒂文。

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早安。

Since the conclusion of the business review, we've communicated three priorities: one, consistently achieving our financial commitments; two, continued on-time achievement of major construction milestones for the Coastal Virginia Offshore Wind project; and three, achieving constructive regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders. By fulfilling 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.

自業務審查結束以來，我們已傳達了三個優先事項：一是始終如一地履行我們的財務承諾；二、繼續按時完成弗吉尼亞海岸海上風電項目主要建設里程碑；第三，取得建設性的監管成果，表明我們有能力與監管機構和利益相關者合作，創造有利於客戶和股東的成果。透過實現這些目標，我們授權員工完成我們的關鍵使命，即為我們的客戶提供可靠、實惠且日益清潔的日常能源。

On today's call, we'll address each of these areas, starting with achieving our financial commitments. As shown on slide 3, we're off to a strong start to the year, with first-quarter operating earnings of $0.93 per share, which includes $0.03 of better-than-normal weather, $0.02 of RNG 45Z income, $0.02 of better-than-expected sales, strong rider investment growth, and a combination of O&M and tax timing helps that we expect to normalize through the rest of the year. First-quarter GAAP results were $0.75 per share.

在今天的電話會議上，我們將討論上述每個領域，首先是履行我們的財務承諾。如幻燈片 3 所示，我們今年開局強勁，第一季每股營業收益為 0.93 美元，其中包括 0.03 美元的好於正常天氣、0.02 美元的 RNG 45Z 收入、0.02 美元的好於預期的銷售額、強勁的騎手投資增長以及 O&M 和稅收時機的結合幫助，我們預計這些因素將在今年剩餘時間內恢復正常。第一季 GAAP 業績為每股 0.75 美元。

We are affirming all financial guidance provided on our fourth-quarter earnings call, including 2025 operating earnings per share of $3.28 to $3.52 per share, inclusive of RNG 45Z income, with a midpoint of $3.40. As a reminder, a summary of all adjustments between operating and GAAP results is included in Schedule 2 of the earnings release kit. Additionally, a summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the earnings release kit.

我們確認第四季度收益電話會議上提供的所有財務指導，包括 2025 年每股營業收益 3.28 美元至 3.52 美元（包含 RNG 45Z 收入），中間值為 3.40 美元。提醒一下，收益發布工具包的附表 2 中包含了營運結果和 GAAP 結果之間所有調整的摘要。此外，收益發布工具包的附表 4 中還包含與去年同期相比的所有收益驅動因素的摘要。

Turning to our financing plan, as shown on slide 4. We've sold approximately $1 billion of forward settled common equity under our existing ATM program at a weighted average price of approximately $57 and expect to complete $200 million of DRIP-related equity issuance by year-end. This is consistent with our 2025 common equity guidance. 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. We remain focused on balance sheet conservatism, and there is no change to our previously communicated credit-related targets.

談到我們的融資計劃，如投影片 4 所示。我們已根據現有的 ATM 計劃以約 57 美元的加權平均價格出售了約 10 億美元的遠期結算普通股，並預計到年底將完成 2 億美元的 DRIP 相關股票發行。這與我們 2025 年的普通股指導一致。我們認為，在我們規模可觀的成長資本支出計畫的背景下，現有計畫下的這種穩定股權發行水準是適當的，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。我們仍然注重資產負債表的保守性，我們先前傳達的信貸相關目標並沒有改變。

Turning briefly to data centers. As a reminder from our fourth-quarter update, we have approximately 40 gigawatts of data center capacity in various stages of contracting, including what is now approximately 10 gigawatts of capacity contracted under electric service agreements. Since our last call, we have not observed any evidence of slowing demand from data center customers across our service area.

簡要談談資料中心。根據我們第四季的更新，我們有大約 40 千兆瓦的資料中心容量處於不同的簽約階段，其中包括目前根據電力服務協議簽約的約 10 千兆瓦的容量。自上次通話以來，我們尚未發現服務區域內資料中心客戶需求放緩的任何跡象。

In conclusion, I'll reiterate that I'm highly confident in our ability to deliver on our financial plan. The financial guidance has been built to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may come our way.

最後，我要重申，我對我們實現財務計畫的能力非常有信心。制定財務指導是適當的，但也不是過度保守的，以應對我們可能遇到的不可預見的挑戰。

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

說完這些，我會把電話轉給鮑伯。

Thank you, Steven.

謝謝你，史蒂文。

Turning to safety performance. Our Dominion Energy family experienced tragedy on March 31, when Ryan Barwick, a material fuel handler at Wateree Station in Eastover, South Carolina, died after being severely injured while unloading a railcar. We are deeply saddened by the loss of our dedicated colleague, and our thoughts and prayers continue to be with his family, friends, coworkers, and community. Safety is our first core value. It's at the heart of our corporate culture, and we will continue to improve until we achieve the only acceptable safety statistic: zero injuries.

談到安全性能。3 月 31 日，我們 Dominion Energy 大家庭經歷了一場悲劇，南卡羅來納州伊斯特奧弗 Wateree 站的燃料處理員 Ryan Barwick 在卸載火車車廂時受重傷後不治身亡。我們對失去這位敬業的同事深感悲痛，我們的思念和祈禱將持續與他的家人、朋友、同事和社區同在。安全是我們的首要核心價值。這是我們企業文化的核心，我們將繼續改進，直到實現唯一可接受的安全統計數據：零傷害。

Next, on our Coastal Virginia Offshore Wind project, I'd like to start with a few project highlights on slide 5. The project is 55% complete, months away from first delivery of electricity to customers in early 2026 and on schedule for full completion at the end of next year. It represents the fastest and most economical way to deliver almost 3 gigawatts of electricity to Virginia's grid to support America's AI and cyber preeminence in the largest data center market in the world, to support US shipbuilding at customers like Huntington Ingalls, the largest military shipbuilding company in the United States and one of our largest customers, and support some of the country's largest and most important military and defense installations.

接下來，關於我們的弗吉尼亞海岸海上風電項目，我想從第 5 張幻燈片上的幾個項目亮點開始。該項目已完成 55%，距離 2026 年初首次向客戶供電還有幾個月的時間，並計劃於明年年底全面竣工。它代表著向維吉尼亞電網輸送近 3 千兆瓦電力的最快和最經濟的方式，以支持美國在全球最大數據中心市場中的人工智慧和網路優勢，支持美國在亨廷頓英格爾斯（美國最大的軍用造船公司和我們最大的客戶之一）等客戶的造船業，並支持該國一些最大和最重要的軍事和防禦設施。

It has robust bipartisan support from Virginia government and congressional leaders, local communities, military and defense interests, the commercial marine industry, as well as civic, educational, environmental, labor and community partners. It's created approximately 2,000 direct and indirect American jobs and generated $2 billion in American economic activity. And finally, it's supported by Virginia law and approved by the State Corporation Commission and federal agencies. In summary, this project is consistent with the goal of securing American energy dominance and as part of our comprehensive all-of-the-above energy strategy to affordably meet growing energy needs.

它得到了維吉尼亞州政府和國會領導人、當地社區、軍事和國防利益集團、商業海洋產業以及公民、教育、環境、勞工和社區合作夥伴的大力支持。它為美國創造了大約 2,000 個直接和間接就業機會，並為美國帶來了 20 億美元的經濟活動。最後，它受到弗吉尼亞州法律的支持，並得到了州公司委員會和聯邦機構的批准。總之，該計畫與確保美國能源主導地位的目標一致，並且是我們全面的全方位能源策略的一部分，旨在以可承受的價格滿足日益增長的能源需求。

Since our last update, work has continued to pace. As shown on slide 6, 100% of the project's 176 transition pieces have been rolled. 86% have been successfully steel welded and 50% are now complete, including the 59 that we have successfully installed since we began that work on December 31. We expect the final transition piece to be completed in October. More than 80% of the project's 176 monopiles have been completed and successfully delivered to Virginia, including the 78 that were installed during the last installation season. We expect deliveries of the final 32 monopiles to continue steadily in the coming weeks.

自從我們上次更新以來，工作一直持續進行。如投影片 6 所示，該項目的 176 個過渡件已 100% 滾動完成。 86% 的鋼焊接已成功完成，50% 現已完成，其中包括自 12 月 31 日開始工作以來已成功安裝的 59 根。我們預計最後的過渡部分將於十月完成。該項目 176 根單樁中，超過 80% 已經完工並成功交付至維吉尼亞州，其中包括上個安裝季節安裝的 78 根。我們預計，最後 32 根單樁將在未來幾週內繼續穩定地交付。

The first offshore substation was installed on March 10, with the remaining two offshore substations on track to be delivered this summer and installed in the fall. Siemens Gamesa is making excellent and on-time progress in the fabrication of the project's 176 wind turbines. The sections for 28 full towers have been completed, with 45 additional towers currently in production. In addition, 36 nacelles are complete or awaiting final testing and 28 blades have been fully cast.

第一座海上變電站於3月10日安裝完畢，其餘兩座海上變電站預計將於今年夏天交付，並於秋季安裝。西門子歌美颯在該專案 176 颱風力渦輪機的製造過程中取得了出色且準時的進展。28 座整塔的部分已經完工，另外 45 座塔目前正處於生產階段。此外，36 個機艙已完工或等待最終測試，28 個葉片已完全鑄造完成。

Finally, as shown on slide 10, Charybdis, our made-in-America, Jones Act-compliant installation vessel, is expected to enter service and begin making its way to Virginia in the next four to eight weeks, on schedule to support turbine installation this summer as planned.

最後，如幻燈片 10 所示，我們在美國製造的符合《瓊斯法案》的安裝船 Charybdis 預計將在未來四到八週內投入使用並開始前往弗吉尼亞州，按計劃支持今年夏天的渦輪機安裝。

Before I turn to tariff exposure, I'd like to highlight that the cost for project components, excluding tariff impacts, have remained in line with the prior update. The project's current unused contingency is unchanged from our last update at $222 million, which now represents about 6% of remaining project costs.

在討論關稅風險之前，我想強調的是，專案組件的成本（不包括關稅影響）與先前的更新保持一致。該項目目前未使用的應急資金與我們上次更新時的數據相同，為 2.22 億美元，約佔剩餘項目成本的 6%。

Now, let me address tariff exposure. It's difficult to fully assess the impact tariffs may have to the project's final cost as actual costs incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component. As a result of this ongoing uncertainty, we've provided potential tariff exposure across discrete tariff categories and illustrative durations on slide 11.

現在，讓我來談談關稅風險。很難全面評估關稅對專案最終成本的影響，因為實際發生的成本取決於特定零件交付時的關稅要求和費率（如果有）。由於這種持續的不確定性，我們在第 11 張投影片中提供了不同關稅類別和說明性期限的潛在關稅風險。

First, through the end of the first quarter, the project had incurred actual tariff costs of $4 million. Second, if current tariff policy were to continue through the end of the second quarter, that number would increase to about $120 million. Finally, if current tariff policy were to continue through the end of 2026, when the project is expected to fully enter service, cumulative tariff impact would be expected to be approximately $500 million. For the avoidance of doubt, the corresponding amount borne by Dominion Energy would be about $130 million. Of course, changes to future tariff policy could affect these estimates.

首先，截至第一季末，該項目已發生實際關稅成本400萬美元。其次，如果現行關稅政策持續到第二季​​末，這一數字將增加到約 1.2 億美元。最後，如果現行關稅政策持續到 2026 年底，即該計畫預計全面投入使用時，累計關稅影響預計約為 5 億美元。為避免疑問，Dominion Energy 承擔的相應金額約為 1.3 億美元。當然，未來關稅政策的變化可能會影響這些估計。

We made our quarterly offshore wind construction update filing with the Virginia State Corporation Commission today, in which we increased total project cost by about $120 million, which aligns with our estimate of actual incurred plus projected tariff costs through the end of the second quarter, as you see in the table in today's materials. As a result, we recorded a modest charge this quarter for costs not expected to be recovered from customers in accordance with the cost sharing settlement with Virginia regulators and our 50% cost sharing partnership agreement with Stonepeak.

我們今天向弗吉尼亞州公司委員會提交了季度海上風電建設更新文件，其中我們將項目總成本增加了約 1.2 億美元，這與我們對第二季度末實際發生成本加上預計關稅成本的估計相一致，正如您在今天的材料表格中所看到的那樣。因此，根據與維吉尼亞州監管機構達成的成本分攤協議以及與 Stonepeak 達成的 50% 成本分攤合作協議，我們本季記錄了一筆預計不會從客戶那裡收回的成本的小額費用。

The cost sharing and risk sharing continues to work as intended to protect customers and shareholders. As a result of the cost sharing settlement approved by Virginia regulators, the updated project cost of $10.8 billion is expected to increase residential customer bills by an average of $0.04 a month over the life of the project. And the updated project LCOE of $62 per megawatt hour, inclusive of RECs, continues to benchmark very favorably with new-generation alternatives, including solar, battery, and gas-fired generation. Let me be clear. CVOW remains one of the most affordable sources of energy for our customers.

成本分攤和風險分攤繼續按預期發揮作用，以保護客戶和股東。由於維吉尼亞州監管機構批准了成本分攤協議，更新後的專案成本為 108 億美元，預計在專案整個生命週期內，住宅客戶帳單每月平均增加 0.04 美元。更新後的專案 LCOE 為每兆瓦時 62 美元（包括 REC），與包括太陽能、電池和燃氣發電在內的新一代替代方案相比，仍具有非常有利的基準。讓我說清楚。CVOW 仍然是我們客戶最實惠的能源之一。

Turning to the regulatory landscape. Let me provide a brief update on our Virginia biennial review filing, which we submitted at the end of March. The filing highlights Dominion Energy Virginia's reliable and affordable service. If approved, this would be the company's first base rate increase since 1992. Additionally, over the past decade, the company's residential rates have increased at a rate approximately 40% lower than the rate of inflation.

轉向監管環境。讓我簡要介紹一下我們在三月底提交的弗吉尼亞州兩年期審查文件的最新情況。該文件強調了 Dominion Energy Virginia 的可靠且實惠的服務。如果獲得批准，這將是該公司自 1992 年以來首次提高基本費率。此外，過去十年來，該公司的住宅費率成長率比通貨膨脹率低約 40%。

Our filing also reflects a new proposed rate class for high energy users, including data centers, as well as new customer protections to ensure those customers continue to pay their full cost of service and that other customer classes are protected from stranded cost. Protections include a 14-year contract commitment to pay for their requested power even if they use less than requested. This is consistent with the concerns and recommendations expressed in the JLARC report last year and in line with proposals in other jurisdictions nationwide. The commission's procedural schedule is shown on slide 13.

我們的文件還反映了針對高能耗用戶（包括資料中心）的新提議費率等級，以及新的客戶保護措施，以確保這些客戶繼續支付全部服務費用，並確保其他客戶類別免受擱淺成本的影響。保護措施包括為期 14 年的合約承諾，即使他們使用的電力少於要求的量，也要支付他們要求的電力費用。這與去年 JLARC 報告中表達的擔憂和建議一致，也與全國其他司法管轄區的提議一致。委員會的程序時間表如第 13 頁投影片所示。

Separately, on March 3, Dominion Energy Virginia filed with the State Corporation Commission for a certificate of public convenience and necessity to construct and operate the Chesterfield Energy Reliability Center, a gas-fired electric generating facility, as part of our all-of-the-above approach to energy supply. The roughly 1-gigawatt project, if approved, is expected to cost approximately $1.5 billion and be placed into service in 2029. The capital for this project was included in our most recent capital update.

另外，3 月 3 日，Dominion Energy Virginia 向州公司委員會提交了一份公共便利和必要性證書，用於建造和運營切斯特菲爾德能源可靠性中心（一座燃氣發電廠），這是我們全方位能源供應方案的一部分。該項目發電量約為 1 千兆瓦，如果獲得批准，預計耗資約 15 億美元，並於 2029 年投入使用。該項目的資本已包含在我們最近的資本更新中。

Turning to South Carolina, where policymakers in the House and Senate continue to evaluate potential energy legislation that addresses future generation needs of the state, permitting reform, and regulated investment recovery. We're appreciative of the significant time spent to date by the legislature on this important topic. We see these efforts as supportive of our stated aim to contribute to the success of South Carolina's robust and growing economy. Overall, we continue to achieve constructive outcomes in all of our regulated service areas.

談到南卡羅來納州，眾議院和參議院的政策制定者繼續評估潛在的能源立法，以解決該州未來的發電需求、允許改革和規範投資復甦。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。我們認為這些努力有助於我們實現為南卡羅來納州強勁增長的經濟的成功做出貢獻的既定目標。總體而言，我們在所有受監管的服務領域中持續取得建設性成果。

Next, on Millstone. The facility continues to perform well and provide over 90% of Connecticut's carbon-free electricity, and 55% of its output is under a fixed price contract through late 2029. The remaining output continues to be significantly derisked by our hedging program. As many of you are aware, there's been recent legislative activity in New England, Rhode Island 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.

接下來，是 Millstone。該發電廠持續表現良好，為康乃狄克州提供 90% 以上的無碳電力，其中 55% 的產量將按照固定價格合約運作至 2029 年底。透過我們的對沖計劃，剩餘的產出繼續大幅降低風險。你們許多人都知道，新英格蘭地區，特別是羅德島州最近正在進行立法活動，旨在授權未來額外採購核電。我們繼續與多方合作，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. We feel strongly that any data center options need to be pursued in a collaborative fashion with stakeholders in Connecticut. We'll provide updates as things develop.

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。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合作進行。我們將隨著事態發展提供最新消息。

Before I conclude my remarks, I'd like to take a moment to recognize Diane Leopold. As she announced late last year, Diane is retiring on June 1. Today will be her last earnings call.

在結束我的演講之前，我想花一點時間來認識黛安·利奧波德。正如她去年年底宣布的那樣，黛安將於 6 月 1 日退休。今天將是她最後一次的財報電話會議。

Diane is one of the brightest, most dedicated, and most capable people in our company and in our industry. Over her 36 years in the utility business, she's demonstrated best-in-class performance in virtually all areas of operations, business development, financial planning and corporate strategy, as well as the construction of several multibillion-dollar energy infrastructure projects.

黛安是我們公司和行業中最聰明、最敬業、最有能力的人之一。在她從事公用事業行業的 36 年裡，她在幾乎所有營運、業務發展、財務規劃和公司策略領域以及多個價值數十億美元的能源基礎設施項目的建設中都表現出了一流的業績。

Fortunately, Diane has trained a deep and talented bench to follow in her footsteps. It's been my honor and privilege to work with her for the last 20 years. And I know I speak for Steve and David and the entire Dominion Energy team in thanking her and wishing her well in retirement.

幸運的是，黛安已經培養了一批經驗豐富的、才華橫溢的球員來追隨她的腳步。過去 20 年來，我很榮幸能夠與她共事。我知道我代表史蒂夫、大衛和整個 Dominion Energy 團隊向她表示感謝，並祝她退休後一切順利。

With that, let me summarize our remarks on slide 15 by reiterating where Steven began the call with a focus on our three priorities: consistently achieving our financial commitments, continued on-time achievement of major construction milestones for the Coastal Virginia Offshore Wind project, and achieving constructive regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders. We're 100% focused on execution. We remain committed to delivering reliable and affordable power for our customers.

最後，讓我總結一下我們在第 15 張幻燈片上的發言，重申史蒂文在電話會議上提出的三個優先事項：持續履行我們的財務承諾、繼續按時完成弗吉尼亞海岸海上風電項目的主要建設里程碑，以及取得建設性的監管成果，證明我們有能力與監管機構和利益相關者合作，從而實現有利於客戶和股東的成果。我們百分之百專注於執行。我們始終致力於為客戶提供可靠且價格合理的電力。

And with that, we're ready to take your questions.

現在，我們準備好回答您的問題了。

(Operator Instructions) Nick Campanella, Barclays.

（操作員指示）巴克萊銀行的 Nick Campanella。

Appreciate all the disclosures. So I appreciate all the disclosure you kind of gave on the CVOW project, especially as it kind of relates to tariffs.

感謝所有披露的資訊。因此，我很感謝您就 CVOW 專案所做的所有揭露，特別是與關稅相關的部分。

As it relates to the turbines and your suppliers, is there anything that you can kind of shed light on in terms of your conversation with them that this tariff backdrop is not going to impact their ability to kind of deliver for you, whether it's in your own conversations or just the delivery dates? I know that you kind of highlighted that Siemens is making a lot of progress, but maybe you can kind of just expand on your overall confidence level there. Thanks.

就渦輪機和您的供應商而言，在與他們的談話中，您能否透露一下，這種關稅背景不會影響他們為您提供服務的能力，無論是在您自己的談話中還是在交貨日期中？我知道您強調了西門子正在取得很大進展，但也許您可以進一步闡述您的整體信心水平。謝謝。

Yeah. I'll offer a couple thoughts, and if Diane wants to add in, she should. She was over there just recently, and she promised she would actually answer all the questions today on our last earnings call.

是的。我會提供一些想法，如果黛安想補充的話，她應該補充。她最近剛去過那裡，並承諾會在我們今天的上次收益電話會議上回答所有問題。

But our conversations with our suppliers are that they're all performing extremely well. And the ones who are most recently started -- the one who has most recently started is Siemens Gamesa, and they are hitting their marks. They started on time. They're producing at the pace that we expected. And so we feel very, very confident about our ability to get the materials, the components that we need, and we've disclosed what the tariff impacts would be based on current tariff policy. So really no change to anything in terms of delivery schedules or ability.

但我們與供應商的對話表明，他們的表現都非常出色。最近開始行動的是西門子歌美颯，他們正在達到自己的目標。他們準時出發。他們的生產速度符合我們的預期。因此，我們對獲得所需材料和零件的能力非常有信心，並且我們已經根據當前的關稅政策披露了關稅的影響。因此，就交付時間表或能力而言，實際上沒有任何變化。

The only thing that I would add, all of the raw materials are already purchased. Everything is in fabrication right now. And as Bob talked about, the Siemens Gamesa, which is the most recent equipment that's entering into fabrication, is actually a little bit ahead of schedule. The team, including myself, were in all of those facilities -- the nacelles, the blades, all of them two weeks ago -- and everything is heading either on track or a little bit ahead of schedule. And deliveries are going to proceed in the coming weeks.

我唯一要補充的是，所有原料都已經購買了。現在一切都在虛構之中。正如鮑伯所說，西門子歌美颯是最新投入製造的設備，實際上比計畫提前了一點。包括我在內的整個團隊兩週前就去過所有這些設施——機艙、葉片等等——一切都在按計劃進行，或者說比計劃提前了一點。並且交付將在未來幾週內進行。

Okay, great. That's helpful. And just in terms of the monopiles, my understanding is that the season starts today. So just any update on whether you would be kind of kicking that off immediately and what type of run rate you would expect through the next few months here for monopile installations?

好的，太好了。這很有幫助。就單樁而言，我的理解是賽季今天開始。那麼，您是否會立即啟動這項項目，以及您預計未來幾個月單樁安裝的運作率是多少？

Yeah. Today's the beginning of monopile installation season, and we're starting today. Just to offer a little context, if you think about the last four months, we've installed 60 transition pieces, an offshore substation, and a jacket that supports a deepwater export cable. So restarting monopile installation today is simply a continuation of the steady offshore progress we've been making since the project began.

是的。今天是單樁安裝季節的開始，我們今天就開始工作。只提供一點背景信息，如果你想想過去四個月，我們已經安裝了 60 個過渡件、一個海上變電站和一個支撐深水輸出電纜的套管。因此，今天重新開始單樁安裝只是我們自工程開始以來在海上穩步推進的延續。

And in terms of run rate, I think we've talked before about the fact that we hit a pace once we sort of got the initial work done last monopile season. We hit a pace of about 25 a month. That's a pace we ought to be able to continue. Everything's weather dependent, obviously, but that pace is quite achievable.

就運行率而言，我想我們之前已經討論過這樣一個事實：在上個單樁施工季節完成初步工作後，我們就達到了一定的速度。我們達到了每月約 25 件的速度。我們應該能夠保持這樣的步伐。顯然，一切都取決於天氣，但這種速度是可以實現的。

Okay. Great. And Diane, congrats on your retirement. Thanks so much.

好的。偉大的。黛安，恭喜你退休。非常感謝。

James Kennedy, Guggenheim Partners.

詹姆斯‧甘迺迪，古根漢合夥人。

Just kind of continuing with the CVOW, I just wanted to ask more specifically maybe on the permitting backdrop. I guess, have you had any conversations or interactions at the state or federal level that give you a little bit more incremental comfort following the Empire Wind order? Just any more color on the permitting side. Thank you.

繼續討論 CVOW，我只是想更具體地詢問許可背景。我想，在遵守帝國風力發電命令之後，您是否在州或聯邦層級進行過任何對話或互動，讓您感到更安心？許可證方面還有更多顏色。謝謝。

Yeah. I mean, James, our interactions with the agencies have continued the same way they have been for months. We're fully permitted, as you know, but with a project of this size, we check in regularly with agencies. We've continued those conversations with them. And for the reasons that we outlined in our prepared remarks, we feel very comfortable that this project is going to continue moving forward.

是的。我的意思是，詹姆斯，我們與各機構的互動幾個月來一直保持相同的方式。如您所知，我們完全獲得許可，但對於這種規模的項目，我們會定期與代理商進行核對。我們一直在與他們進行這些對話。並且由於我們在準備好的發言中概述的原因，我們非常有信心這個項目將繼續向前推進。

Okay. If there were a stop work order, can you give us like a general rule of thumb on like a daily standby or demobilization cost?

好的。如果有停工令，您能否給我們提供關於每日待命或復員費用的一般經驗法則？

Yeah. I think that's a very important question. Appreciate you asking. We'd have to evaluate the specific facts and circumstances at the time, and I can't speak to those because I don't know what they are. But if it happened, we would be very transparent in addressing them.

是的。我認為這是一個非常重要的問題。感謝您的詢問。我們必須評估當時的具體事實和情況，我無法談論這些，因為我不知道它們是什麼。但如果發生了這種情況，我們會非常透明地解決它們。

But we don't think it's going to be paused for all the reasons I gave in the prepared remarks. It's the fastest way to get 2.6 gigawatts on the grid to serve tech companies, defense and security installations, important American industries like shipbuilding. It's employing 2,000 people. Stopping it would cause energy inflation, specifically authorized by Virginia law. It has bipartisan support in Virginia, particularly the Hampton Roads Congressional Delegation.

但我們認為，由於我在準備好的發言中給出的所有原因，它不會暫停。這是將 2.6 千兆瓦電力輸送到電網的最快方式，為科技公司、國防和安全設施以及造船業等重要的美國產業提供服務。該公司僱用了 2,000 名員工。停止這項舉措將導致能源通膨，這是維吉尼亞州法律明確授權的。該法案得到了維吉尼亞州兩黨的支持，尤其是漢普頓路國會代表團的支持。

So it really doesn't make sense to talk about numbers for a pause or delay. That said, these are prudently made investments. Utilities are entitled to recover prudently incurred costs. And that's certainly true here, subject to the cost sharing SEC order, obviously.

因此，談論暫停或延遲的數字確實沒有意義。儘管如此，這些都是謹慎的投資。公用事業單位有權收回審慎產生的成本。這當然是正確的，但顯然要遵守美國證券交易委員會的成本分攤命令。

Okay, perfect. And then just on the tariff scheme itself, the plan has some solar and storage spend as well. I guess just any kind of color as you're thinking about the tariff impacts there and spend profile, any changes? Thanks.

好的，完美。就關稅方案本身而言，該計劃也包含一些太陽能和儲能支出。我想，當您考慮關稅對支出的影響和情況時，任何顏色都會有變化嗎？謝謝。

Yeah. I mean, as we think about tariffs across our business, the impacts we're seeing are manageable. We've worked on our supply chain for some time. We have most of our suppliers are -- the vast majority of the materials that we procure are directly from US suppliers. That is certainly true with our solar procurement.

是的。我的意思是，當我們考慮整個業務的關稅時，我們看到的影響是可控的。我們已經在供應鏈上工作了一段時間。我們的大多數供應商—我們採購的絕大多數材料都直接來自美國供應商。對於我們的太陽能採購來說，這確實是正確的。

We've had, for some time, an effort to diversify our supply chain and drive supply chain resilience. A chunk of that would have come out of COVID as we started thinking about that. So we think about increasing inventory and ordering thresholds to address longer lead times, ensure that we have multiple sources of supply where it's appropriate. We have been placing some orders ahead of tariff-effective dates to mitigate cost increases where it's possible.

一段時間以來，我們一直致力於實現供應鏈多元化，並提高供應鏈的彈性。當我們開始思考這個問題時，其中很大一部分可能來自於 COVID。因此，我們考慮增加庫存和訂購門檻，以解決更長的交貨時間，確保我們在適當的情況下擁有多個供應來源。我們一直在關稅生效日期之前下一些訂單，以盡可能減輕成本增加。

So those actions have enabled us to avoid some of the impacts. And obviously, our first objective is to avoid impact and keep our costs for customers low. So we find tariff costs generally across the business to be manageable.

這些行動使我們能夠避免一些影響。顯然，我們的首要目標是避免影響並降低客戶成本。因此，我們發現整個企業的關稅成本總體上是可控的。

Excellent. Thanks, guys. And congrats to Diane as well.

出色的。謝謝大家。也祝賀黛安。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yeah, sure. Thanks. And I'll echo congrats to Diane. Job really well done. And Tom, sorry, no more sneaking junk food during the day. So I guess, first on the tariffs, the -- just so we know in case they change, is the contracts basically shifting most of the tariff basically to you? So if they go higher, they go lower, we can kind of try to gauge the impact. Is that kind of how generally the contracts work?

是的，當然。謝謝。我也要向黛安表示祝賀。工作確實做得很好。還有湯姆，對不起，白天不能再偷偷吃垃圾食物了。所以我想，首先關於關稅，只是為了讓我們知道，如果關稅發生變化，合約基本上是否會將大部分關稅轉移給您？因此，如果它們走高，或走低，我們可以嘗試衡量其影響。契約一般都是這樣運作的嗎？

Yeah. That's a fair characterization, Steve.

是的。這是一個公正的描述，史蒂夫。

Okay. And then maybe just also -- I know it's kind of governor election year. Has any electric topics kind of, including CVOW, been in the political spectrum at all from either side as part of that?

好的。然後也許只是——我知道今年是州長選舉年。包括 CVOW 在內的任何電氣話題是否都出現在雙方的政治視野中？

No. No, there has not been, in the gubernatorial race thus far, a discussion of CVOW or wind. Generally, I will say that the Lieutenant Governor, who is the Republican nominee, was at our event, I don't know, 1.5, 2 years ago, when the first monopile arrived in in Tidewater at the port. The Democratic nominee, former Congresswoman Abigail Spanberger, has been supportive of offshore wind as well, but it hasn't been a topic in the conversation.

不。不，到目前為止，在州長競選中還沒有討論過 CVOW 或風能。一般來說，我會說，共和黨候選人副州長參加了我們的活動，我不知道，1.5 或 2 年前，當第一座單樁基抵達港口的潮水區時。民主黨候選人、前國會女議員阿比蓋爾·斯潘伯格 (Abigail Spanberger) 也支持離岸風電，但這並未成為討論的話題。

Okay. And then I noticed on Chesterfield, the approval of the gas plant, that's $1.5 billion for a gigawatt plant, which is starting to look quite cheap right now. I just want to make sure that's a good number.

好的。然後我注意到，在切斯特菲爾德，天然氣廠的批准是，建造一座千兆瓦發電廠需要 15 億美元，現在看起來相當便宜。我只是想確保這是一個好的數字。

Yes, that's a good number.

是的，這是一個好數字。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

I'm wondering if you could just give maybe a little bit more color on what you're seeing in terms of data center demand. You mentioned that it has kind of continued from last quarter, but just what is the interest level from hyperscalers? Any sense of just the scale? And how far out, I guess, are these customers planning and looking to locate in your service territory?

我想知道您是否可以更詳細地介紹一下您所看到的資料中心需求情況。您提到這種情況從上個季度開始就一直持續，但超大規模企業的興趣程度究竟如何？有任何規模感嗎？我猜這些客戶計劃並希望在您的服務區域內找到多遠的地方？

Yeah. The demand remains very high, David. I would say that really no change from what we talked about on the last call. We've got a real focus in our service territory on sort of traditional cloud and inference demand from data centers, and there's no letup in their interest.

是的。需求仍然很高，大衛。我想說的是，這與我們上次通話時討論的內容沒有什麼變化。在我們的服務領域，我們真正關注的是資料中心的傳統雲端和推理需求，而且他們的興趣絲毫沒有減弱。

And I guess the way I would characterize the timing is, as has been the case really since we started working with data center customers over a decade ago, giving us the most experience with those customers of anybody in the industry, they want to go fast. They always want to go fast. That's their business. It's always been their business. We've been effective at serving them thus far. Don't see any reason why that's going to change in the future.

我想，我對時機的描述是，自從十多年前我們開始與資料中心客戶合作以來，情況一直如此，我們與業內任何客戶打交道的經驗都最多，他們希望快速發展。他們總是想走得快一點。那是他們的事。這一直是他們的事。到目前為止，我們一直在有效地為他們提供服務。看不出未來這種情況會有什麼改變。

Yeah, got it. And these are -- and they're, I guess, planning out well into the 2030s at this point, too, just in terms of the megawatts that they're planning and the expansions over time?

是的，明白了。而且，我想，他們現在也在為 2030 年代做規劃，就他們計劃的兆瓦數以及未來的擴張而言？

Yeah, absolutely. I mean, if you look at just what they'd be ramping into from what they've already committed to, it takes you to that timeframe.

是的，絕對是如此。我的意思是，如果你看看他們已經承諾要做的事情，你就會知道這個時間範圍。

Yeah, absolutely. And then separately, just was curious, is there any progress or any further clarity around Millstone and the potential contracting opportunities there?

是的，絕對是如此。另外，我很好奇，Millstone 和那裡的潛在承包機會是否有任何進展或進一步的明確訊息？

Yeah. No real news on Millstone, as we mentioned in the prepared remarks. Rhode Island, there's been legislative activity in Rhode Island, so there's interest. But we don't have an update on timing of when we might take some action with respect to Millstone. As you know, the current contract for 55% of the output goes through August of 2029. So we'll continue to work through that, but no news to report today.

是的。正如我們在準備好的演講中提到的那樣，Millstone 沒有真正的新聞。羅德島，羅德島一直有立法活動，所以人們很感興趣。但我們還沒有關於何時針對 Millstone 採取行動的最新消息。如您所知，目前 55% 產量的合約有效期至 2029 年 8 月。因此我們會繼續努力解決這個問題，但今天沒有新聞可報告。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just a quick one on the biennial filing. You referenced before the special rate structure proposed for high energy users. Can you just talk a little bit about that structure? And just sort of based on your conversations with data center customers over time on the terms of an agreement, if you feel like that sort of reflects customer appetite in terms of the term length and some of the other specifics?

也許只是關於兩年一次的備案的簡要介紹。您之前提到過針對高能耗用戶提出的特殊費率結構。您能稍微談談這個結構嗎？根據您與資料中心客戶長期以來就協議條款進行的對話，您是否覺得這反映了客戶對期限長度和其他一些細節的興趣？

Yeah. So you're talking about the 14-year contract term?

是的。所以您說的是 14 年的合約期限嗎？

Yeah, exactly.

是的，確實如此。

Yeah. So just broadly, what the filing does is it creates a new rate class for customers with either measured or contracted demand of 25 megawatts or greater and either a measured or expected load factor of at least 75%. That's about 100 -- and this is on a contiguous site, that's about 139 customers, about 131 data centers within that.

是的。因此，從廣義上講，該文件的作用是為測量或合約需求為 25 兆瓦或更大且測量或預期負載係數至少為 75% 的客戶創建一個新的費率等級。大約有 100 個 - 這是在一個相鄰的站點上，大約有 139 個客戶，其中大約有 131 個資料中心。

And the sort of focus of that class is on minimum demand charges. So the higher of either contracted or actual usage, the minimum demand charge would be 80% for transmission distribution, 60% for generation. And then for new customers, that would be the 14-year contract period. It's a four-year ramp schedule into that.

該課程的重點是最低需求費用。因此，無論合約用量或實際用量較高，最低需求費用為輸配電的 80%，發電的 60%。對於新客戶來說，合約為期 14 年。這是一個為期四年的爬坡計劃。

This is just to provide transparency and clarity around those customers, ensuring that sort of addressing the thoughts around ensuring that they're paying their fair share and to reduce the risks of stranded assets. We've already had provisions in place for a lot of that, but this enhances them.

這只是為了向這些客戶提供透明度和清晰度，確保解決他們支付公平份額的想法並降低擱淺資產的風險。我們已經針對很多方面製定了規定，但這將進一步增強這些規定。

We've talked with the data center customers. We talked with them in preparing this proposed new tariff. I'm sure there will be further conversations during the case, but I think I can say confidently they understand what we're looking to accomplish here, and the conversations have been very constructive.

我們已經與資料中心客戶進行了交談。我們在準備這項新關稅提案時與他們進行了交談。我確信在案件審理期間還會有進一步的對話，但我認為我可以自信地說，他們理解我們在這裡想要實現的目標，而且對話非常有建設性。

Great. Appreciate that color. And then maybe just a quick follow-up on the earlier question, just on your conversations with data center customers. Are you seeing any change in tone or concern just around the broader economic uncertainty that we've seen and any sort of pause, perhaps, in some of the new projects that you're expecting to move forward?

偉大的。欣賞那種顏色。然後也許只是對先前的問題做一個快速的跟進，只是關於您與資料中心客戶的對話。您是否看到人們對我們所看到的更廣泛的經濟不確定性的語氣或擔憂有任何變化，或者您預計將推進的一些新項目可能會出現暫停？

The short answer to that question is no. We're seeing continued appetite for additional data center capacity in our service territory.

這個問題的簡短回答是「不」。我們發現，在我們的服務區域內，對額外資料中心容量的需求持續成長。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Just two quick questions. One, I think slide 20, residential sales, looks soft this first quarter. I just don't know if you could provide some clarity around that, and then I have a follow-up.

只要問兩個簡單的問題。首先，我認為第 20 張投影片上的住宅銷售在第一季看起來很疲軟。我只是不知道您是否可以對此做出一些澄清，然後我再進行跟進。

Hey, Anthony. It's Steve. Yeah. Overall, our LTM Q1 sales actually have been very good for us. It's trending slightly higher than our annual guidance, largely driven by really strong sales across the commercial segment, which includes data centers but also other commercial customers.

嘿，安東尼。我是史蒂夫。是的。總體而言，我們的 LTM Q1 銷售實際上非常好。它的趨勢略高於我們的年度指導，這主要得益於商業領域的強勁銷售，其中包括資料中心和其他商業客戶。

We don't think that the slight weakness in residential is going to continue for the rest of the year. We'll watch that pretty carefully. But overall, I think we're actually really happy with what direction sales are going, and we'll provide additional information on that as we get through more quarters. But overall, I think the sales picture for our service territories continues to look really strong.

我們認為，住宅市場的輕微疲軟態勢不會在今​​年剩餘時間內持續下去。我們會非常仔細地觀察這一點。但總的來說，我認為我們對銷售的走向感到非常滿意，並且我們將在接下來的幾季中提供更多資訊。但總體而言，我認為我們服務區域的銷售前景仍然非常強勁。

Great. And if I could follow up on Carly's question on the biennial review, particularly with the request of the new tariff for the large load customers, you guys have clearly gone through multiple biennial reviews. Is this making approval of this maybe more complicated by introducing a new tariff, or from all your meetings prior to filing and talking to the parties that may be even helping it out getting the tariff approved?

偉大的。如果我可以跟進卡莉關於兩年審查的問題，特別是針對大負荷客戶的新關稅要求，你們顯然已經經歷了多次兩年期審查。引入新的關稅是否會使審批變得更加複雜，或者在提交申請之前與各方舉行所有會議並交談，甚至可能幫助獲得關稅批准？

Yeah. I think it would be hard to say it's either helping it out or making it more complicated. The focus on rate classes and cross-subsidies among rate classes is something that has happened since the beginning of rate cases, so not a surprise. I don't think that it would be in this case. So I wouldn't say that it really affects the nature of the ability to resolve this case one way or the other.

是的。我認為很難說它是在幫助解決問題還是使問題變得更加複雜。自費率案件開始以來，人們就一直關注費率等級和費率等級之間的交叉補貼，因此這並不奇怪。我認為在這種情況下不會出現這種情況。所以我不會說它確實會影響以某種方式解決此案的能力。

Durgesh Chopra, Evercore ISI.

Durgesh Chopra，Evercore ISI。

Thank you for giving me time. And my prayers also to Ryan's family. Very, very sad to hear about that incident. Just quickly, Steve, 2025 first-quarter EPS came in materially above our expectations. You mentioned some commentary around enough conservatism in the guidance. Just kind of thinking through how the first-quarter earnings track versus your own expectations for the rest of the year.

謝謝你給我時間。我也向瑞安的家人祈禱。聽到這個消息我感到非常非常難過。史蒂夫，很快，2025 年第一季的每股收益大大超出了我們的預期。您提到了有關指南中足夠保守的一些評論。只是思考一下第一季的收益走勢與您對今年剩餘時間的預期如何。

Yeah. That's a really good question. I'd say very modestly above where we were expecting. Certainly, we didn't have $0.03 of weather baked in. We also didn't have $0.02 of better-than-expected sales baked in, which gets back a little bit to Anthony's question about overall trending for sales growth.

是的。這真是一個好問題。我可以非常謙虛地說，這超出了我們的預期。當然，我們並沒有考慮到 0.03 美元的天氣因素。我們也沒有將 0.02 美元的銷售額納入考慮，這有點回到安東尼關於銷售成長整體趨勢的問題。

But I'd point folks to Schedule 4 where we give a quarter-over-quarter growth reconciliation. Let me spend just a second walking through sort of the key drivers. We were at $0.55 in Q1 2024. Obviously, that was before we'd completed the entire business review, but a lot of it was clean. Since then, relative to that quarter, we had about $0.08 of weather help, so I mentioned $0.03 of better than normal. We also significantly underperformed weather during the first quarter of 2024, so that's on the schedule.

但我想請大家看一下附表 4，其中我們提供了季度環比增長情況的對帳。讓我花一點時間來介紹關鍵驅動因素。2024 年第一季我們的股價為 0.55 美元。顯然，那是在我們完成整個業務審查之前，但其中許多都是乾淨的。自那時起，相對於那個季度，我們獲得了約 0.08 美元的天氣幫助，所以我提到了比正常情況好 0.03 美元。我們在 2024 年第一季的天氣表現也明顯不佳，所以這是在計劃之中的。

I mentioned sales. We've done about $0.04 better on sales. We had about $0.05 of help this quarter from rate cases that occurred later in the year of 2024, so it wouldn't have been captured in the first quarter. Net net net, we had about $0.08 of regulatory rider investment growth, and the reason I say net net is because it'll show up as 16, but we sold half of that growth under the non-controlling interest on CVOW to Stonepeak, so net is $0.08 help there.

我提到了銷售。我們的銷售額增加了約 0.04 美元。本季度，我們從 2024 年下半年發生的利率案例中獲得了約 0.05 美元的幫助，因此第一季無法獲得這筆幫助。淨淨淨，我們有大約 0.08 美元的監管附加投資增長，我說淨淨的原因是它會顯示為 16，但我們以 CVOW 非控股權益的形式將一半的增長出售給了 Stonepeak，所以淨額是 0.08 美元。

We had about $0.08 of interest expense help. That's largely the impact of debt repayment, the full sort of force of the debt repayment from the majority of the business review asset sales. There's about $0.06 of tax help quarter over quarter, so $0.02 of that has to do with the production tax credit for our nuclear sales. That's just shaping. $0.02 of it had to do with RNG 45Z, which we didn't have last year. $0.02 of it had to do with a small South Carolina tax matter. There was a resolution in a court case that we ultimately hadn't budgeted, so that was a little bit of an unanticipated help as well. And then there's sort of you net all that, and there's about negative $0.01 of miscellaneous items in there.

我們獲得了約 0.08 美元的利息支出幫助。這很大程度上是債務償還的影響，債務償還的全部力量來自於大部分業務審查資產出售。每個季度的稅收補助約為 0.06 美元，其中 0.02 美元與我們的核銷售生產稅收抵免有關。那隻是塑造而已。其中 0.02 美元與 RNG 45Z 有關，而去年我們還沒有 RNG 45Z。其中 0.02 美元與南卡羅來納州的一件小稅務問題有關。我們最後沒有在預算內解決一宗法庭案件，所以這也是一點意想不到的幫助。然後你就可以把所有這些淨值計算出來，其中大約有負 0.01 美元的雜項。

So I'd say, again, weather, sales, a little better than we expected. We've gotten some timing on tax and O&M that I think we'll normalize through the rest of the year. So we're sticking right now with our original guidance range, targeting that midpoint of $3.40. And if we get to the point in the future where we feel like we should revise that, we'll go ahead and do that.

所以我想說，天氣、銷售情況都比我們預期的要好一些。我們在稅收和營運與維護方面已經有了一些時間安排，我認為我們將在今年剩餘時間內實現正常化。因此，我們現在堅持我們最初的指導範圍，目標是 3.40 美元的中點。如果將來我們覺得應該修改這一點，我們就會繼續這樣做。

But for now, early in the year, off to a good start. We're very focused on hitting those numbers. And to the extent we have an opportunity to de-risk future years as a result of strong 2025 performance, we would think about doing that as well. So we'll have more information as we work through the year, but feeling really good about the plan.

但就目前而言，今年年初已經有了一個好的開始。我們非常注重實現這些數字。如果我們有機會透過 2025 年的強勁表現來降低未來幾年的風險，我們也會考慮這樣做。因此，隨著我們全年的工作，我們將獲得更多信息，但對該計劃感到非常滿意。

Thanks, Steve. That was very thorough. Sounds like modestly ahead of your expectations. Okay. Diane, we'll miss you on the field trips, Diane, and good luck to you. Thanks.

謝謝，史蒂夫。那非常徹底。聽起來稍微超出了你的預期。好的。黛安，我們會在實地考察中想念你的，黛安，祝你好運。謝謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

And Diane, echo the comments before me. I wish you well in retirement here. Maybe just starting off, if you could provide any updates on the outlook for PGM finalizing network cost upgrades. And just wondering if there's any thoughts whether tariffs or general inflation might drive upward cost pressures here?

黛安，請附和一下我之前的評論。我祝福您退休後生活一切順利。也許剛開始，如果您可以提供有關 PGM 最終網路成本升級前景的任何更新。我只是想知道是否有人認為關稅或普遍通膨可能會推高這裡的成本壓力？

Yeah. On the PGM network upgrades, that specific you're asking, I wouldn't expect to see that. And we don't have additional information beyond what we provided on the last call. As we said then, we had better information than we did before, but not perfect, and that continues to be true now. We'll get the final number in July, and we certainly don't expect it to be either up or down on the magnitude that the shift was the last time. But we'll know more in July.

是的。關於您所問的 PGM 網路升級具體內容，我不希望看到這一點。除了上次通話中提供的資訊外，我們沒有其他資訊。正如我們當時所說，我們擁有的資訊比以前更好，但並不完美，現在仍然如此。我們將在七月得到最終數字，我們當然不希望它比上次的變化幅度有所上升或下降。但我們將在七月份獲悉更多資訊。

Got it. Thank you for that. And transferability has been a big focus in the market, whether it's repealed and has impact on plans. Is there any thoughts that you could share there?

知道了。謝謝你。可轉讓性一直是市場關注的焦點，無論其是否被廢除以及是否會對計劃產生影響。有什麼想法可以分享嗎？

Yeah. Jeremy, at the risk of being too thorough in my response, let me give a little color there. So our plan has, on average, from 2025 through 2029, about $175 million of transferred tax credits each year.

是的。傑里米，儘管我的回答可能太過詳細，但我還是想稍微解釋一下。因此，我們的計劃從 2025 年到 2029 年平均每年轉移約 1.75 億美元的稅收抵免。

But what really tips us into transferability are the PTCs generated by our share of the offshore wind project. I guess the silver lining with that is that to the extent there were a change in transferability, that makes tax equity a reasonably efficient way of replacing sort of the time value of those tax credits. So we feel pretty good about where we're positioned on that. I feel like if there were a change, we'd have a pretty effective mitigant, but something we're watching pretty carefully, too.

但真正讓我們實現可轉移性的是我們在離岸風電專案中所佔份額所產生的 PTC。我想，其中的一線希望是，在可轉移性變化的範圍內，稅收公平成為一種合理有效的方式來替代這些稅收抵免的時間價值。因此，我們對自己在這方面的定位感到非常滿意。我覺得如果有所改變，我們就會有非常有效的緩解措施，但我們也會非常密切地註意。

Got it. Thank you very much. And one last one, if I could, just with regards to thinking about the ATM with regards to derisking '26 equity needs, possibly earlier in '25?

知道了。非常感謝。最後一個問題，如果可以的話，我想問一下關於 ATM 的思考，關於降低 26 年股權需求的風險，可能早在 25 年？

Yeah. We've been aggressive with our financing plan in '25 to take capital raising off the table in a pretty significant way. You can see that from the financing plan. That was the philosophy behind the ATM, is getting in front of it at a pretty attractive price.

是的。我們在 25 年積極推行融資計劃，以相當顯著的方式解決融資問題。你可以從融資計劃中看到這一點。這就是 ATM 背後的理念，即以相當誘人的價格獲得它。

Without giving sort of specific guidance, it's absolutely something we would continue to think about, is opportunistically finding ways to derisk future financing. That could include getting to the market for ATM that would be settled at the end of '26, for instance. Sooner rather than later, that's an option available to us. It's nice.

在沒有給出具體指導的情況下，我們絕對會繼續思考這個問題，即抓住機會尋找降低未來融資風險的方法。例如，這可能包括進入 ATM 市場，並在 26 年底完成結算。遲早，這都是我們可以選擇的。很好。

And so yeah, your point's well taken. We'll take those steps opportunistically as the market warrants.

是的，你的觀點很正確。我們將根據市場需求適時採取這些措施。

And this concludes our question-and-answer session. So I'll turn the call back to Bob Blue for closing remarks.

我們的問答環節到此結束。因此我將把電話轉回給鮑勃布魯 (Bob Blue) 來做結束語。

Thanks, everybody, 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，祝福大家享受剩餘的一天。

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

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。