道明尼資源 (D) 2025 Q2 法說會逐字稿

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

歡迎參加 Dominion Energy 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to David McFarland, Vice President of 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 second-quarter 2025 earnings call. Earnings materials including today's prepared remarks contain forward-looking statements and estimates that are subject to various risks and uncertainties.

早安，感謝您參加 Dominion Energy 2025 年第二季財報電話會議。包括今天的準備好的評論在內的收益材料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非公認會計準則 (Non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳表（我們可計算得出）。建議您造訪我們的投資者關係網站，查看網路直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 other members of the senior management. I will now turn the call over to Steven.

參加今天電話會議的有：董事長、總裁兼執行長鮑勃布魯 (Bob Blue)；執行副總裁兼財務長史蒂文里奇 (Steven Ridge)；以及其他高階管理層成員。現在，我將電話會議交給史蒂文。

Thank you, David, and good morning, everyone. Since the conclusion of the business review last year, we've focused on three principal priorities: first, consistent achievement of our financial commitments; second, continued on-time achievement of major construction milestones for the Coastal Virginia offshore wind project; and third, constructive achievement of regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders.

謝謝你，大衛，大家早安。自去年業務審查結束以來，我們一直專注於三個主要優先事項：第一，持續履行我們的財務承諾；第二，繼續按時實現弗吉尼亞海岸海上風電項目的主要建設里程碑；第三，建設性地實現監管成果，表明我們有能力與監管機構和利益相關者合作，以提供有利於客戶和股東的成果。

As we successfully execute against these priorities, we both empower our employees to provide the reliable, affordable, and increasingly clean energy that powers our customers every day, and we position ourselves to deliver on the commitments we made to our investors at the conclusion of the business review. We believe that consistent execution against these commitments will deliver compelling value for our shareholders. We had another strong quarter of execution across each of these priorities.

當我們成功執行這些優先事項時，我們既授權員工為客戶提供可靠、實惠且日益清潔的日常能源，又使我們能夠兌現業務審查結束時對投資者做出的承諾。我們相信，始終如一地履行這些承諾將為我們的股東帶來巨大的價值。我們在每一個優先事項上都又度過了一個強勁的季度。

I'll begin with our financial results, and then Bob will address CVOW and regulatory progress. As shown on slide 3, second quarter operating earnings were $0.75 per share, which includes $0.02 of RNG 45Z credits and $0.01 of better-than-normal weather. Relative to second quarter 2024, positive factors for the quarter included $0.07 from regulated investment growth, $0.07 from increased sales, and $0.05 from our DESC rate case settlement in 2024.

我將從我們的財務結果開始，然後鮑伯將討論 CVOW 和監管進展。如投影片 3 所示，第二季營業收益為每股 0.75 美元，其中包括 0.02 美元的 RNG 45Z 信用額度和 0.01 美元的優於正常天氣因素。相對於 2024 年第二季度，本季的正面因素包括受監管投資成長帶來的 0.07 美元、銷售額成長帶來的 0.07 美元以及 2024 年 DESC 利率案例結算帶來的 0.05 美元。

Second quarter results also included a $0.07 impact from the regular cadence refueling outage at Millstone Unit 3. Second quarter GAAP results were $0.88 per share. A summary of all adjustments between operating and GAAP results is included in Schedule 2 of the Earnings Release Kit and a summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the Earnings Release Kit.

第二季業績還包括 Millstone 3 號機組定期換料停機造成的 0.07 美元影響。第二季 GAAP 業績為每股 0.88 美元。收益發布工具包的附表 2 中包含了經營業績與 GAAP 業績之間所有調整的摘要，而收益發布工具包的附表 4 中包含了與去年同期相比所有收益驅動因素的摘要。

We're reaffirming existing financial guidance, including 2025 operating earnings per share of between $3.28 and $3.52 inclusive of RNG 45Z income with a midpoint of $3.40.

我們重申現有的財務指導，包括 2025 年每股營業收益在 3.28 美元至 3.52 美元之間（含 RNG 45Z 收入），中間值為 3.40 美元。

Turning to financing on slide 4, as highlighted on our last call, we've completed our 2025 ATM equity, and we've taken steps this quarter to also derisk our 2026 ATM program. 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 very focused on balance sheet conservatism, and there is no change to our previously communicated credit-related targets.

談到幻燈片 4 上的融資，正如我們上次電話會議所強調的那樣，我們已經完成了 2025 年 ATM 股權，並且我們在本季度已採取措施降低 2026 年 ATM 計劃的風險。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合適的，有助於將我們的合併信用指標保持在強勁信用評級類別的指導範圍內。我們仍然高度重視資產負債表的穩健性，先前公佈的信用相關目標保持不變。

Turning briefly to sales, we're continuing to see strong sales in our service areas, driven by continued data center expansion and economic growth. Notably, 9 of our top 10 all-time peak days in Virginia have occurred this year, including 6 in the last six weeks and our all-time peak in South Carolina, was set just a few days ago.

簡單談談銷售情況，受資料中心持續擴張和經濟成長的推動，我們服務領域的銷售持續強勁。值得注意的是，維吉尼亞州歷史上十大最高峰中有九天發生在今年，其中六週內有六天發生，而南卡羅來納州的歷史最高峰是在幾天前創下的。

With regard to data center activity, we will refresh our standard detailed disclosures later this year, which will highlight our growing contract backlog, but in the meantime, I'll just say that data center interest is as robust as we have ever seen it. We look forward to continuing to meet this demand as we always have in a timely and responsive way, that allows us to reliably and affordably serve all of our customers.

關於資料中心活動，我們將在今年稍後更新我們的標準詳細披露，這將突顯我們不斷增長的合約積壓，但與此同時，我只想說，資料中心的興趣比以往任何時候都更加強烈。我們期待繼續以及時、敏捷的方式滿足這項需求，使我們能夠可靠且經濟地為所有客戶提供服務。

In conclusion, I'll reiterate that I'm highly confident in our ability to deliver on our financial plan, including our 2025 operating EPS and credit targets. We've built our financial plan to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may come our way.

最後，我要重申，我對我們實現財務計畫的能力充滿信心，包括我們的 2025 年營運每股盈餘和信貸目標。我們制定了適當的但又不過分保守的財務計劃，以應對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. Before we move into business-specific updates, I just want to take a moment to acknowledge the outstanding work of our colleagues who have carried out our mission thus far this summer. In addition to operating the system reliably to meet the new peaks that Steven just mentioned, they have worked around the clock in consistently trying weather conditions to serve our customers and communities.

謝謝你，史蒂文。在我們進入業務特定的更新之前，我只想花一點時間來感謝今年夏天迄今為止執行我們任務的同事們所做的出色工作。除了可靠地運行系統以應對史蒂文剛才提到的新高峰之外，他們還在持續惡劣的天氣條件下夜以繼日地工作，為我們的客戶和社區提供服務。

I'm incredibly proud of our team members for their commitment and dedication to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.

我為我們的團隊成員感到無比自豪，他們致力於為客戶提供可靠、實惠且日益清潔的日常能源。

With that, I'll turn to slide 5 and address our safety performance. Our employee OSHA injury recordable rate for the first half of the year was 0.28, reflecting the continued positive trend from the last several years. This is a good start.

接下來，我將翻到第 5 張投影片來介紹我們的安全效能。我們員工上半年的 OSHA 傷害記錄率為 0.28，反映了過去幾年持續的正面趨勢。這是一個好的開始。

But as we were reminded in March, when we lost our colleague, Ryan Barwick in a railcar unloading accident, safety is much, much more than just a statistic. Safety is our first core value, and we're redoubling our efforts to drive to zero workplace injuries.

但正如我們在三月的一次火車卸貨事故中失去同事瑞安·巴維克 (Ryan Barwick) 時所意識到的那樣，安全遠不止是一個統計數字。安全是我們的首要核心價值，我們正在加倍努力，實現零工傷。

Turning now to the Coastal Virginia offshore wind project. We've made consistent and noteworthy progress across all aspects of the project since our last call. As summarized on slide 6, the project is now 60% complete, just months away from first delivery of electricity to customers in early 2026, and still on schedule for full completion at the end of 2026.

現在來談談維吉尼亞海岸離岸風電計畫。自上次通話以來，我們在專案的各個方面都取得了持續且顯著的進展。如投影片 6 所述，該專案目前已完成 60%，距離 2026 年初首次向客戶輸送電力僅剩幾個月的時間，並且仍按計劃於 2026 年底全面完工。

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, support US shipbuilding, including Huntington Ingalls, the largest naval 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.

它代表了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，以支援美國在全球最大資料中心市場中的人工智慧和網路優勢，支援美國造船業，包括美國最大的海軍造船公司和我們最大的客戶之一亨廷頓英格爾斯，並支援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 interest, the commercial marine industry, as well as civic educational, environmental, labor and community partners.

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。

It's created about 2,000 direct and indirect American jobs and generated $2 billion in American economic activity. And finally, it's supported by Virginia law, approved by the Virginia State Corporation Commission and fully permitted by federal agencies.

它為美國創造了約 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，並得到了弗吉尼亞州公司委員會的批准，並獲得了聯邦機構的完全許可。

Turning to slide 7, to date, we've installed 134 or 76% of the project's 176 monopiles as well as 100% of the project's 12 pin piles. Today's totals reflect the installation of 56 monopiles and 8 pin piles over the first half of the current installation season. In July, we set a new project record by successfully installing 26 monopiles in a month. Consider that performance relative to the fact that we have 42 monopile installations remaining and three full months of installation season left.

翻到投影片 7，到目前為止，我們已經安裝了該項目 176 個單樁中的 134 或 76%，以及該項目 12 個銷樁中的 100%。今天的總數反映了當前安裝季節前半段安裝了 56 根單樁和 8 根銷樁。7月份，我們創造了一個月內成功安裝26根單樁的工程新紀錄。考慮到我們還剩下 42 個單樁安裝，並且還有整整三個月的安裝季節，因此請考慮此性能。

Note that fabrication of the final monopile is now complete and over 90% of the project's monopiles have now been successfully delivered to Virginia. That effectively means we have just two barge loads left to deliver to Portsmouth.

請注意，最終單樁的製造現已完成，並且該項目 90% 以上的單樁現已成功交付至維吉尼亞州。這實際上意味著我們只剩下兩艘駁船需要運送到朴茨茅斯。

With regard to transition pieces, 148 or approximately 84% of the projects transition pieces have now been fabricated, including the 59 that we have already successfully installed. We continue to expect the final transition piece to be completed and delivered to Portsmouth in the fourth quarter. Commissioning of the first offshore substation, which was installed on March 10, is now complete.

關於過渡件，目前已製造了 148 個（約佔專案過渡件的 84%），其中包括已成功安裝的 59 個。我們繼續期待最後的過渡件能夠在第四季完成並交付朴茨茅斯。首座海上變電站於3月10日安裝，目前已完成調試。

The remaining two offshore substations are 99% and 70% complete, respectively, and on track to be delivered this fall with installation to be completed by Q1 2026 as planned.

其餘兩座海上變電站分別完工99%和70%，預計今年秋季交付，並按計畫於2026年第一季完成安裝。

With regard to turbines, Siemens Gamesa continues to make excellent and on-time progress in the fabrication of the project's turbines. The sections for 58 full towers have been completed with 12 delivered to Portsmouth. In addition, 97 cells or 55% are complete and 42 blades have been fully cast.

在渦輪機方面，西門子歌美颯在專案渦輪機製造方面繼續取得出色且準時的進展。58 座整塔的部分已經完工，其中 12 座運抵朴茨茅斯。此外，97 個艙室（55%）已經完工，42 個葉片已經完全鑄造完成。

On slide 8, you can see the start of turbine tower stacking onshore. All nine deepwater export cables have now been installed and enter array cabling and onshore work continues on track.

在第 8 張投影片上，您可以看到渦輪機塔開始在岸上堆疊。目前，所有九條深水輸出電纜均已安裝完畢，並進入陣列佈線階段，陸上工作繼續按計畫進行。

Now with regard to Charybdis, our Made in America Jones Act compliant installation vessel. Slide 9 is a great picture of the vessel with the full complement of C fasteners now installed. And if you'll turn to slide 10, I'll provide some additional detail regarding vessel status and next steps. We've completed testing of all major systems, including the crane, jacking system, normal and emergency generators, and all seven thrusters.

現在關於 Charybdis，這是我們的符合美國瓊斯法案的安裝船。幻燈片 9 是船隻的一張精美圖片，其中現已安裝了全套 C 型緊固件。如果您翻到第 10 張投影片，我將提供有關船舶狀況和後續步驟的更多詳細資訊。我們已經完成了所有主要係統的測試，包括起重機、頂升系統、正常和緊急發電機以及所有七個推進器。

In addition, we've successfully performed the blackout test, which confirms safe, integrated operations of all electrical and drive systems during emergency conditions. The remaining tests are commissioning of the final fire zone circuits and testing of the emergency lighting. That puts us confidently in the position to conclude commissioning next week and begin sea trials immediately thereafter.

此外，我們還成功進行了停電測試，證實了所有電氣和驅動系統在緊急情況下都能安全、整合地運作。其餘測試包括最終火災區域電路的調試和緊急照明的測試。這使我們有信心在下週完成調試並立即開始海上試驗。

The scheduled duration for sea trials is eight days, but we're giving ourselves a little cushion by providing a range of up to 14 days. During sea trials, the vessel will recertify many of the tests that were already successfully completed during commissioning. Upon successful completion of sea trials, the vessel will officially enter service and commence the charter with CVOW.

海上試驗的預定持續時間為八天，但我們提供了最多 14 天的時間，為自己留出了一點緩衝時間。在海上試驗期間，該船將重新認證許多在調試期間已經成功完成的測試。成功完成海上試航後，該船將正式投入使用並開始與 CVOW 簽訂租賃協議。

It then takes about 10 days to travel to Virginia. We will install our first turbine in September which is in line with our original schedule.

然後大約需要 10 天才能到達維吉尼亞。我們將於九月安裝第一台渦輪機，這符合我們原定的計劃。

We had expected the vessel to complete sea trials last month, which would have enabled us to begin turbine installation ahead of schedule. However, the electric cable terminations that connect much of the ship's internal communication technology simply took longer to complete than expected. That work has now been complete for several days.

我們原本預計該船將於上個月完成海上試航，這將使我們能夠提前開始渦輪機的安裝。然而，連接船舶內部大部分通訊技術的電纜終端的完成時間比預期的要長。這項工作已經完成了好幾天了。

I'm disappointed that Charybdis will be arriving later than expected. We don't take lightly missing our timing guidance on any project of this importance. But being this close to completion of the vessel is exciting and an important step toward project derisking.

我很失望 Charybdis 的到來會比預期的晚。對於任何如此重要的項目，我們都不會輕易錯過時間指導。但該船即將完工是令人興奮的，也是降低專案風險的重要一步。

The broader and more important takeaway is the critical value of having the right equipment for this regulated project. I'll provide a specific example. By securing access to the Orion, our monopile installation vessel and installing monopiles prior to scour protection, we eliminated the need to transfer monopiles from a barge to the installation vessel. This resulted in a significantly lower risk installation process, which has now translated into a meaningfully positive impact on our monopile installation schedule.

更廣泛和更重要的收穫是，對於這個受監管的項目來說，擁有合適的設備至關重要。我來舉一個具體的例子。確保進入我們的單樁安裝船 Orion 並在沖刷防護之前安裝單樁，我們無需將單樁從駁船轉移到安裝船上。這使得安裝過程的風險大大降低，現在已對我們的單樁安裝進度產生了有意義的積極影響。

In fact, we're well ahead of plan, installing monopiles at a pace that exceeds any other US offshore wind project to date. That underscores why I'm so enthusiastic about Charybdis despite a slight delay in delivery. It's purpose-built for this work and eliminates the need for barges, which will be instrumental in helping us stay on track with turbine installation. One final note on Charybdis, there's no change to the project cost of $715 million.

事實上，我們已遠遠超出計劃，單樁安裝速度超過了迄今為止任何其他美國離岸風電項目。這凸顯了為什麼儘管交貨稍有延遲，我仍然對 Charybdis 如此熱情。它是專門為這項工作而建造的，無需駁船，這將有助於我們按計劃完成渦輪機的安裝。關於 Charybdis 最後要說明的是，7.15 億美元的專案成本沒有改變。

Turning now to total CVOW project costs. The project's current unused contingency of $222 million is unchanged from our last update and now represents approximately 7% of remaining project costs. Excluding tariff impacts, cost for the project components have remained in line with the prior update.

現在來談談 CVOW 計畫總成本。該項目目前未使用的應急資金為 2.22 億美元，與我們上次更新的數據相比沒有變化，目前約佔剩餘項目成本的 7%。排除關稅影響，項目各部分的成本與先前的更新保持一致。

On slide 11, we provide an update to our potential tariff exposure across discrete tariff categories and illustrative durations. Let me touch on just two key takeaways. First, before adjusting for recent public commentary around potential EU and Mexico tariff increases, we estimate that the total impact of tariffs as they exist today through project completion at the end of 2026 would be $506 million.

在第 11 張投影片中，我們提供了跨離散關稅類別和說明性期限的潛在關稅風險的最新情況。讓我只談兩個關鍵要點。首先，在根據近期公眾對歐盟和墨西哥可能提高關稅的評論進行調整之前，我們估計，從目前的情況到 2026 年底項目完成，關稅的總影響將達到 5.06 億美元。

This is slightly lower relative to our disclosure last quarter despite a doubling of the steel tariff due to both working with vendors to identify cost-mitigation strategies, as well as completing our analysis of the final trade regulations and appendices.

儘管鋼鐵關稅翻了一番，但由於我們與供應商合作確定了成本緩解策略，並完成了對最終貿易法規和附錄的分析，因此相對於我們上個季度的披露，這一數字略低。

Second, while the details remain to be confirmed, if the EU and Mexico country tariffs are increased by 5% each as reported, we expect an incremental impact to the overall project of $134 million. Please note that this estimate is illustrative as we don't have final details of a trade framework with either trading partner and, in the case of Mexico, don't know if tariffs rates will increase at all. Please also note that changes to tariff policy could impact these estimates.

其次，雖然細節仍有待確認，但如果歐盟和墨西哥國家的關稅如報導的那樣分別增加 5%，我們預計整個計畫將受到 1.34 億美元的增量影響。請注意，這個估計只是說明性的，因為我們沒有與任何一個貿易夥伴達成的貿易框架的最終細節，就墨西哥而言，不知道關稅稅率是否會增加。另請注意，關稅政策的變化可能會影響這些估計。

This morning, we made our quarterly offshore wind construction update filing with the Virginia State Corporation Commission, in which we increased the total project budget to $10.9 billion, a quarter-over-quarter increase of about $70 million, consistent with our estimate of actual incurred tariff costs plus projected costs through the end of the third quarter, as you see in the table on slide 11.

今天上午，我們向弗吉尼亞州公司委員會提交了季度海上風電建設更新報告，其中我們將項目總預算增加到 109 億美元，比上一季度增加約 7000 萬美元，這與我們對實際發生的關稅成本加上第三季度末預計成本的估計一致，如您在第 11 張幻燈片中的表格中看到的那樣。

As a result, we recorded a modest charge this quarter, about $20 million after tax included on Schedule 2 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. These cost and risk-sharing arrangements continue to work as intended to protect customers and shareholders.

因此，我們在本季度記錄了一筆小額費用，約 2000 萬美元（稅後，包含在附表 2 中），用於支付根據與弗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% 成本分攤合作協議預計不會從客戶那裡收回的成本。這些成本和風險分擔安排繼續發揮預期作用，以保護客戶和股東。

The updated project cost of $10.9 billion is expected to increase residential customer bills by an average of $0.03 a month over the entire life of the project and the updated project LCOE of $63 per megawatt hour inclusive of RECs continues to benchmark very favorably with new generation alternatives, including solar, battery and gas-fired generation.

更新後的專案成本為 109 億美元，預計在整個專案生命週期內，居民客戶帳單每月平均增加 0.03 美元，而更新後的專案 LCOE 為每兆瓦時 63 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能源相比，仍具有非常有利的基準。

Finally, let me address transmission network upgrade costs, which we expected to receive from PJM in July. PJM indicated last week that the earliest they will complete the final decision point will be late September. We continue to await the finalization of those costs by PJM. But importantly, we still do not expect any change in assigned cost of the magnitude of the update we received in February. We'll provide further updates once available.

最後，讓我來談談輸電網路升級費用，我們預計將於 7​​ 月從 PJM 收到這筆費用。PJM 上週表示，他們最快將於 9 月底完成最終決策。我們仍在等待 PJM 最終確定這些費用。但重要的是，我們仍然不期望分配成本會發生與我們二月收到的更新幅度相同的任何變化。一旦有進一步的更新，我們將立即提供。

In summary, this project remains consistent with the goal of securing American energy dominance and as part of our comprehensive all of the above strategy to affordably meet growing energy needs. The project fabrication and installation are going very well and CVOW continues to be one of the most affordable sources of energy for our customers.

總而言之，該項目與確保美國能源主導地位的目標保持一致，並且是我們以可負擔的價格滿足日益增長的能源需求的綜合戰略的一部分。該專案的製造和安裝進展順利，CVOW 繼續成為我們客戶最實惠的能源之一。

Turning now to the regulatory landscape on slide 13. You see meaningful progress across a variety of fronts. Let me provide updates on just a couple of those efforts. We continue to work through the regulatory approval process to construct and operate the Chesterfield Energy Reliability Center, a 1-gigawatt natural gas-fired electric generating facility. The Attorney General's office has filed testimony supporting the project.

現在就來看看第 13 張投影片上的監管情勢。您會看到各個方面都取得了有意義的進展。讓我就其中幾項努力提供最新進展。我們繼續透過監管審批程序來建造和營運切斯特菲爾德能源可靠性中心，這是一座 1 千兆瓦的天然氣發電設施。總檢察長辦公室已提交支持該計畫的證詞。

Commission staff testimony is due on August 19, with a hearing scheduled for September 23. The Virginia biannual review proceeding remains on track. We're currently in the testimony phase with respondent testimony filed on July 16, and commissioned staff testimony submitted on July 30.

委員會工作人員將於 8 月 19 日作證，聽證會定於 9 月 23 日舉行。維吉尼亞州每兩年一次的審查程序仍在按計劃進行。我們目前處於證詞階段，被告證詞於 7 月 16 日提交，委託工作人員證詞於 7 月 30 日提交。

We're actively reviewing intervenor testimony, including submissions from the Attorney General's office and most recently, the commission staff, which proposed a 9.8% allowed return on equity. That's 10 basis points higher than our currently allowed ROE. To date, the positions presented aligned with expectations for standard regulatory proceeding.

我們正在積極審查介入者的證詞，包括來自總檢察長辦公室的陳述以及最近委員會工作人員的陳述，他們提議允許 9.8% 的股本回報率。這比我們目前允許的 ROE 高出 10 個基點。迄今為止，所提出的立場與標準監理程序的預期一致。

There's one nuance I want to be sure everyone is aware of as they compare company and intervener positions. About $200 million of the headline difference between the company and the parties proposed two-year revenue requirement is related to capacity expense and is really not a difference at all. We filed our case before the so-called Shapiro settlement was approved, and therefore, reflected a higher capacity expense for both years.

在比較公司和介入者立場時，我希望確保每個人都能意識到一個細微差別。該公司與各方提出的兩年收入要求之間的總體差額中約有 2 億美元與產能費用有關，實際上根本沒有差額。我們在所謂的 Shapiro 和解協議獲得批准之前提起了訴訟，因此這兩年的產能費用都更高。

Both AG and staff filed revenue requirements that reasonably use the Shapiro cap implied capacity expense, an adjustment of: one, we supplied and agreed with; and two, is profit neutral. That adjustment alone accounts for about 40% of the, as I mentioned, headline differences between the company and staff's position. We look forward to continued engagement of all parties and anticipate a final order in November.

AG 和員工都提出了合理使用 Shapiro 上限隱含容量費用的收入要求，即：第一，我們提供並同意；第二，利潤中立。正如我所提到的，光是這項調整就占公司與員工職位之間整體差異的 40% 左右。我們期待各方繼續參與，並預計11月將下達最終命令。

Turning to South Carolina. In May, policymakers in the House and Senate passed legislation that was then signed into law by Governor McMaster that takes meaningful steps to address future generation needs of the state including authorization for new joint gas resource development with Santee Cooper, permitting reform and regulated investment recovery, including an electric rate stabilization mechanism, similar to what already exists for gas utilities in the state.

轉向南卡羅來納州。五月，眾議院和參議院的政策制定者通過了一項法案，該法案隨後由州長麥克馬斯特簽署成為法律，採取了有意義的措施來解決該州未來的發電需求，包括授權與桑蒂庫珀公司聯合開發新的天然氣資源、允許改革和規範投資回收，包括類似於該州天然氣公用事業現有的電價穩定機制。

We're appreciative of the significant time spent by the legislature on this important bill, and we see these efforts as supportive of our stated aim to contribute to the success of South Carolina's robust and growing economy.

我們感謝立法機構在這項重要法案上花費的大量時間，我們認為這些努力支持了我們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。

Additionally, on June 30, the Nuclear Regulatory Commission approved Dominion Energy South Carolina's application to extend the operating license for the VC Summer Nuclear Station for an additional 20 years through 2062, ensuring supply of reliable carbon-free power for decades in South Carolina. Overall, we continue to achieve constructive outcomes in all of our regulated service areas.

此外，6月30日，核能管理委員會批准了南卡羅來納州道米尼恩能源公司的申請，將VC Summer核電廠的營運許可證延長20年至2062年，確保南卡羅來納州未來幾十年可靠無碳電力的供應。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。

Lastly, on the topic of governance, consistent with corporate best practice, we've maintained a regular cadence of Board refreshment. Effective June 25, Paul DeBarr stepped off our Board upon his confirmation as the US Deputy Secretary of Commerce. Paul was an exemplary Board member with deep insights across many relevant topics for our company, industry, and country. We thank Paul for his service, and we wish him well in his new role.

最後，關於治理問題，根據企業最佳實踐，我們保持了定期更新董事會的節奏。自 6 月 25 日起，保羅·德巴爾 (Paul DeBarr) 被任命為美國商務部副部長後將辭去我們董事會職務。保羅是一位傑出的董事會成員，他對我們公司、產業和國家的許多相關議題有著深刻的見解。我們感謝保羅的服務，並祝福他在新的崗位上一切順利。

Also effective June 25, our Board elected Jeff Lyash to serve as a new independent director. As former President and CEO of the Tennessee Valley Authority, Jeff brings more than four decades of experience in utility operations, power operations and generation construction, and public policy and regulatory matters, particularly in nuclear energy to the Board of Directors. We welcome Jeff to our Board and look forward to working with him.

此外，自 6 月 25 日起，我們的董事會也選出 Jeff Lyash 擔任新任獨立董事。作為田納西河谷管理局前總裁兼首席執行官，傑夫為董事會帶來了四十多年公用事業運營、電力運營和發電建設以及公共政策和監管事務（尤其是核能領域）的經驗。我們歡迎傑夫加入我們的董事會並期待與他合作。

With that, let me summarize our remarks on slide 14 with a focus on our three priorities: consistently achieving our financial commitments. We're off to a strong start in 2025. And 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.

最後，讓我總結第 14 張投影片上的發言，重點談談我們的三個優先事項：始終如一地履行我們的財務承諾。2025 年，我們將迎來一個強勁的開局。並繼續按時完成維吉尼亞海岸離岸風電專案的主要建設里程碑，並取得建設性的監管成果，這表明我們有能力與監管機構和利益相關者合作，以提供有利於客戶和股東的成果。

I was highly confident in the plan we announced early last year and I'm even more confident today as we continue to see opportunities for additional investments supporting customer growth across the value chain. We'll include those opportunities, which buys toward the back end of our plan and future updates.

我對我們去年年初宣布的計劃非常有信心，今天我更有信心，因為我們繼續看到支持整個價值鏈客戶成長的額外投資機會。我們將把這些機會納入我們計劃的後期和未來的更新中。

We're committed to delivering reliable, affordable, and increasingly clean energy to our customers. And as I've said repeatedly, we remain laser-focused on consistent execution. With that, we're ready to take your questions.

我們致力於為客戶提供可靠、實惠且日益清潔的能源。正如我反覆強調的，我們始終專注於持續執行。為此，我們隨時準備回答大家的問題。

(Operator Instructions) Nicholas Campanella, Barclays.

（操作員指示）巴克萊銀行的尼古拉斯·坎帕內拉 (Nicholas Campanella)。

So you went through a lot of detail on the offshore wind. I just wanted to confirm September COD for the ship now, monopiles are going better than planned. Can you just maybe talk about and expand on where you have slack in the timeline, I guess, if the ship does see further hiccups -- just how comfortable are you that you can make up that in the schedule.

您已經對離岸風電進行了非常詳細的介紹。我現在只是想確認一下這艘船 9 月的 COD，單樁基的運行情況比計劃的要好。您能否談談並詳細說明您在時間表上哪些地方存在不足，如果船舶確實出現進一步的故障——您是否覺得可以在時間表中彌補這些不足？

And to our understanding, there's no periods around turbine installation, so that could be done 24/7. Is that correct? And just overall confidence level there. Thanks.

據我們了解，渦輪機安裝期間沒有間隔時間，因此可以全天候進行。對嗎？並且整體信心水準也處於那裡。謝謝。

Yeah. Confidence level is very high, Nick. Let me just -- one modest correction in the question. We don't expect to ship in September. We expect it in August. We'll start sea trials next week. Those take 8 to 14 days. And then once the ship has done sea trials, then it moves to the CVOW project immediately. There will be a transit period, about 10 days to get up to Virginia.

是的。信心水平很高，尼克。請容許我針對這個問題作一點小小的糾正。我們預計九月不會出貨。我們預計在八月。我們將於下週開始海上試航。這些需要8到14天。一旦船舶完成海上試驗，它就會立即轉向 CVOW 計畫。需要經過一段運輸期，大約需要 10 天才能到達維吉尼亞州。

But fundamentally, we're highly confident in the schedule. You are correct. There are no time of year or time of day restrictions on installing turbines the way there have been with monopiles. But as we mentioned in the script, what really gives us confidence is the derisking associated with this kind of installation.

但從根本上來說，我們對時間表非常有信心。你是對的。與單樁式渦輪機不同，安裝渦輪機不受一年中或一天中的時間限制。但正如我們在腳本中提到的那樣，真正讓我們有信心的是這種安裝所帶來的風險降低。

It really has made such an extraordinary difference in monopile installation to not have to pick up monopoles onto a barge and then pick them up off the barge onto the installation vessel. So the same thing is going to happen with Charybdis.

它確實在單樁安裝中產生瞭如此巨大的變化，不需要將單樁安裝到駁船上，然後再將它們從駁船上搬到安裝船上。因此，同樣的事情也會發生在卡律布狄斯身上。

And you can see in the photos where we have equipment, the sea fasteners on the deck to take the nacelles, the monopiles and the blades, and they'll be picked up directly from Portsmouth, where we already have a supply waiting. Siemens is mobilized there, so we're in a very strong position to get installation on schedule and remain on track.

您可以在照片中看到我們的設備，甲板上的海上緊固件用於固定機艙、單樁和葉片，它們將直接從朴茨茅斯運來，我們已經在那裡準備好了補給。西門子已在那裡部署，因此我們有能力按時完成安裝並保持進度。

I appreciate that. And then just, I guess, on the financial execution, you've had a strong start so far year-to-date. Just where do you stand within the fiscal '25 range? And then are you trending at or above the midpoint at this point?

我很感激。然後，我想，就財務執行而言，今年到目前為止，你們已經有了一個好的開始。您在 25 財年處於什麼位置？那麼，您現在的趨勢是否處於中點或中點之上？

And I also just wanted to ask about your view longer term just since the business review. If you kind of take stock of what's happened outside of offshore wind between Carolinas legislation, New England prices. I know the RNG was extended as well. Just what's the offset that keeps you more towards the midpoint of your long-term EPS range at this point? Thank you.

我也想問一下，自從業務評估以來，您對長期前景有什麼看法。您可以看看除了卡羅萊納州的立法之外，新英格蘭地區離岸風電價格方面的情況。我知道 RNG 也延長了。那麼，此時，什麼樣的偏移量才能讓您更接近長期 EPS 範圍的中點呢？謝謝。

Good morning, Nick. We've had a strong start to the year, as you mentioned, we benefited from some tailwinds, both weather and sales. Typically, if you look at our cadence, we'll use the third quarter call to narrow our guidance range or bias our guidance range towards a top half, for instance, and I think we're going to stick with that because Q3 is our biggest quarter from a sales perspective.

早安，尼克。正如您所說，我們今年開局強勁，受益於天氣和銷售方面的一些利多因素。通常情況下，如果您專注於我們的節奏，我們會利用第三季財報電話會議來縮小業績預期範圍，或將預期範圍偏向上半年。我認為我們會堅持這個策略，因為從銷售角度來看，第三季是我們業績最好的一個季度。

I would just say that if we continue to benefit from those same tailwinds, we are biased to the top half of the range for the year. But we need to continue to see execution on sales and presumably persistence of the weather we've accrued year-to-date. So we feel really, really good about the year, but don't want to get ahead of ourselves just yet.

我只想說，如果我們繼續受益於同樣的順風，我們今年的業績將偏向上半部。但我們需要繼續觀察銷售情況，並大概觀察今年迄今所累積的天氣狀況是否持續。因此，我們對今年感到非常非常滿意，但還不想操之過急。

I want to make sure we get one more quarter of strong results under our belt and then we'll be in a position on the third quarter call to give more definitive guidance on that. With regard to the longer term, I'm going to let Bob take that, and I'll jump in with any other comments.

我希望確保我們再取得一個季度的強勁業績，然後我們將在第三季電話會議上就此提供更明確的指導。至於長期計劃，我將讓鮑勃來處理，然後我會提出其他評論。

Nick, great question. And you did mention some tailwinds that we find valuable. But if you think about where we've been, we announced a plan, the new plan in March of last year. And we said then and we said again just a few minutes ago, that we believe it's really important to demonstrate consistent execution against our financial targets. Our investors tell us, and we believe ourselves that that consistent performance over time is what is most important.

尼克，好問題。您確實提到了一些我們認為有價值的順風。但如果你想想我們過去的情況，我們去年三月宣布了一項計劃，新計劃。我們當時就說過，而且就在幾分鐘前我們又說過，我們認為始終如一地執行我們的財務目標非常重要。我們的投資人告訴我們，而且我們自己也相信，長期穩定的表現才是最重要的。

So we're going to continue to assess our plan. And if we think there are opportunities to improve, when we're confident when those opportunities meet our criteria of appropriately conservative assumptions, then we'll incorporate them.

因此我們將繼續評估我們的計劃。如果我們認為有改進的機會，當我們確信這些機會符合我們適當保守的假設標準時，我們就會將其納入其中。

But our focus -- and I say it often, I said it on the prepared remarks, I'll say it again now, is consistent execution on the plan we presented. And we are highly confident in our ability to do that.

但我們的重點──我常說，在準備好的發言稿中也說過，現在我再說一次──是持續執行我們提出的計畫。我們對做到這一點充滿信心。

And Nick, you mentioned the extension of the 45Z credit, which is, of course, positive. I think we're likely to head to the words, the approach we've taken thus far. We think investors have valued the transparency we've provided by putting it outside of our base operating earnings.

尼克，您提到了 45Z 信貸的延長，當然是積極的。我認為我們可能會繼續沿用我們迄今為止所採取的措詞和方法。我們認為，投資者重視我們透過將其置於基本營業收入之外所提供的透明度。

And that gives them an opportunity to independently value that without us lumping it together. So I think most likely, you'll continue to see us take that approach. We haven't made a final decision on that, but I think that's where we're biasing at this point.

這讓他們有機會獨立評估，而無需我們將其混為一談。因此我認為最有可能的是，你會繼續看到我們採取這種方法。我們尚未對此做出最終決定，但我認為這是我們目前的偏見。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Maybe just to start on CVOW, just any color on the reason for the PJM delay in terms of the cost update for network upgrades? And then I think the language on the slides was at the earliest September. Just is there any deadline that we should be thinking about in terms of when they have to provide that update to you? Thanks.

也許只是從 CVOW 開始，就網路升級成本更新而言，PJM 延遲的原因是什麼？然後我認為幻燈片上的語言最早是在九月。我們是否應該考慮他們何時必須向您提供更新資訊？謝謝。

Yeah. Thanks, Carly. Look, I don't think it's news to anyone listening in that PJM has got a lot going on these days. So I wouldn't read anything more into it than that. As we said in our prepared remarks, we don't expect any change that would be anywhere near the magnitude of what we experienced in February.

是的。謝謝，卡莉。聽著，我想對於任何聽眾來說，PJM 最近發生了很多事情都不是新聞。所以我不會對此做更多解讀。正如我們在準備好的演講中所說的那樣，我們預計不會出現任何與我們二月份經歷的程度相當的變化。

And there's no regulatory or statutory deadline for PJM. They just need to get through the work and do the modeling, and that's what they're doing right now.

而且 PJM 沒有監管或法定期限。他們只需要完成工作並進行建模，這就是他們現在正在做的事情。

Got it. Okay. Great. Thank you. And then maybe just shifting to the biannual, I guess, any views on staff recommendation? And any indication of what the issues will -- which is usual be in focus for Dominion as we head into company rebuttals in a couple of weeks here?

知道了。好的。偉大的。謝謝。然後也許只是改為每兩年一次，我想，對員工推薦有什麼看法？有沒有跡象表明，幾週後我們將進入公司反駁階段，而這通常是 Dominion 關注的焦點？

Yeah. Well, as we noted in the prepared remarks, the biggest headline number isn't a dispute, so that won't take very long to resolve. That's the capacity expense that changed after we filed the case. So we presented the impacts of what happens with the Shapiro settlement, which was then approved. So that's not going to be an issue.

是的。嗯，正如我們在準備好的評論中指出的那樣，最大的標題數字並不是一個爭議，所以解決起來不會花很長時間。這是我們提起訴訟後發生變化的容量費用。因此，我們介紹了夏皮羅和解協議的影響，該協議隨後獲得批准。所以這不是問題。

The rest is the normal course things that you would expect in a regulatory proceeding. What's the appropriate ROE. Our certain O&M costs appropriate or not. We have certainty on some of the capital spend, which we do. So it's -- I said before we filed the case that I didn't think there was going to be anything exotic.

其餘的事情都是監管程序中可以預料到的正常事情。合適的 ROE 是多少？我們的某些O&M成本是否合適。我們對部分資本支出有確定性，事實也確實如此。所以——我在提起訴訟之前就說過，我認為不會發生任何奇怪的事情。

There isn't anything exotic. So we'll have the hearing starting next month after we file our rebuttal testimony later this month, and we'll move through those issues. But nothing unusual.

沒有什麼奇特的東西。因此，我們將在本月稍後提交反駁證詞後於下個月開始聽證會，並討論這些問題。但沒什麼不尋常的。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is actually Diana on for Jeremy.

這實際上是戴安娜為傑里米 (Jeremy) 拍攝的。

Yeah, I was thinking you didn't sound exactly like Jeremy. So how are you?

是的，我認為你的聲音不太像傑里米。你好嗎？

Not quite. Doing well. I hope you are too. So I was wondering how you think about impacts from the OBB across Dominion? And then I'll have a follow-up, maybe.

不完全是。做得很好。我希望你也一樣。所以我想知道您如何看待 OBB 對 Dominion 的影響？然後我可能會進行跟進。

I'll take that one. We're quite pleased with where what we've come to refer to as OB3, which is a little bit of a Star Wars sounding name. We're quite pleased with how OB3 landed. If you think about -- when you think about legislators rewriting the tax code, there's a lot of things that could potentially move against you. And on the whole, I think it's been quite positive.

我要那個。我們對我們所稱的 OB3 感到非常滿意，這個名字聽起來有點像星球大戰。我們對 OB3 的成果非常滿意。如果你考慮一下——當你考慮立法者重寫稅法時，有很多事情可能會對你不利。總的來說，我認為這是相當積極的。

The area that we and I think others are very focused on, of course, is eligibility for tax credits. And we're confident we can preserve all of the credits that we've provided in our forecast to investors, either through safe harboring or under long-standing rules, I think as some of our peers have described or because they're simply not impacted.

當然，我認為我們和其他人非常關注的領域是稅收抵免資格。我們有信心，我們可以保留我們在預測中向投資者提供的所有信貸，無論是通過安全港還是根據長期規則，我認為正如我們的一些同行所描述的那樣，或者因為他們根本沒有受到影響。

So for instance, the Coastal Virginia offshore wind project is not impacted, many of our clean energy, solar filings are effectively not impacted. When you look at the total tax credits that we've provided in the Q4 disclosures there's really only about 20% to 25% that require some active mitigation. And as I mentioned, we expect to be able to achieve that and have plans to do that.

例如，維吉尼亞海岸離岸風電計畫並未受到影響，我們的許多清潔能源、太陽能申請實際上並未受到影響。當您查看我們在第四季度披露中提供的總稅收抵免時，實際上只有大約 20% 到 25% 需要採取一些主動緩解措施。正如我所提到的，我們希望能夠實現這一目標，並且有計劃去實現它。

And just keep in mind, these are regulated projects. So we actually have a requirement under Virginia State Law to build those projects. We're so very focused on customer affordability. We're going to leave no stone unturned to make sure that we take advantage of everything we possibly can to make sure that, that benefit passes through to our customers.

請記住，這些都是受監管的項目。因此，根據維吉尼亞州法律，我們實際上有建造這些項目的要求。我們非常注重客戶的承受能力。我們將竭盡全力，確保利用一切可能的優勢，確保我們的客戶能夠受益。

Got it. Thank you. And like as regards to those plans to safe harbor, would you pull forward any projects to potentially do that?

知道了。謝謝。至於那些安全港計劃，您是否會推進任何可能實現這一目標的項目？

We wouldn't likely pull forward the in-service dates, but as normal course goes with safe harboring, we're generally actively involved in working and spending capital on many of the projects that are through our projections of 2029. So it doesn't -- much of our mitigation doesn't require anything particularly out of the ordinary for us, and it wouldn't necessarily include bringing CODs up.

我們不太可能提前投入使用日期，但按照安全港的正常程序，我們通常會積極參與許多預計在 2029 年完成的項目上並投入資金。因此，我們的大部分緩解措施並不需要我們採取任何特別不尋常的措施，也不一定包括提高 COD。

(Operator Instructions)

（操作員指示）

Well, it doesn't appear we have other questions in the queue. So thanks, everyone, for taking the time to join our call today. Enjoy the rest of your day.

嗯，看起來我們隊列中沒有其他問題。所以，感謝大家今天抽空參加我們的電話會議。享受你剩餘的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。