道明尼資源 (D) 2025 Q3 法說會逐字稿

Good morning, everyone. Welcome to the Dominion Energy third-quarter 2025 earnings conference call. (Operator Instructions)

各位早安。歡迎參加 Dominion Energy 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Mr. David McFarland, Vice President, Investor Relations and Treasurer. Please go ahead, sir.

現在我將把電話交給投資者關係副總裁兼財務主管大衛‧麥克法蘭先生。請繼續，先生。

Good morning and thank you for joining Dominion Energy's third-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. 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.

早安，感謝各位參加 Dominion Energy 2025 年第三季財報電話會議。包括今天準備好的發言稿在內的獲利資料包含前瞻性陳述和估計，這些陳述和估計受到各種風險和不確定性的影響。請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告，以了解可能導致結果與管理層估計和預期存在差異的因素。

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認可的衡量公司績效的指標不同的指標。我們將非GAAP指標與最直接可比較的GAAP財務指標進行核對，併計算得出相關數據，這些核對數據包含在盈利發布資料包中。我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獲利發布資料包。

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 senior management.

今天參加電話會議的有董事長、總裁兼執行長鮑勃布魯；執行副總裁兼財務長史蒂文里奇；以及其他高階主管。

I will now turn the call over to Steven.

現在我將把通話轉給史蒂文。

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。自去年完成業務審查以來，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，繼續按時完成弗吉尼亞沿海海上風電項目的主要建設里程碑；第三，建設性地取得監管成果，以證明我們有能力與監管機構和利益相關者合作，為客戶和股東帶來利益。

As we successfully execute against these priorities, we 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 continued execution against these commitments will deliver compelling value for our shareholders. I'll address our financial results, and then Bob will address CVOW and regulatory progress.

隨著我們成功執行這些優先事項，我們賦予員工權力，讓他們能夠提供可靠、價格合理且日益清潔的能源，為我們的客戶提供日常動力，並且我們能夠履行在業務審查結束時對投資者作出的承諾。我們相信，持續履行這些承諾將為我們的股東帶來巨大的價值。我將介紹我們的財務業績，然後鮑伯將介紹 CVOW 和監管進展。

As shown on slide 3, third-quarter operating earnings were $1.06 per share, which includes $0.03 of RNG 45Z credits and $0.06 of worse than normal weather. Relative to third-quarter 2024, positive factors for the quarter included $0.06 from regulated investment growth, $0.08 from increased sales, $0.05 from our DESC rate case settlement in 2024 and $0.03 from higher margins at Contracted Energy. Third-quarter results also included worse weather, higher DD&A and higher financing costs. A summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the Earnings Release Kit.

如幻燈片 3 所示，第三季營業收入為每股 1.06 美元，其中包括 0.03 美元的 RNG 45Z 信用額度和 0.06 美元的惡劣天氣收益。與 2024 年第三季相比，本季的正面因素包括：受監管投資成長帶來的 0.06 美元，銷售額成長帶來的 0.08 美元，2024 年 DESC 費率案件結算帶來的 0.05 美元，以及 Contracted Energy 利潤率提高帶來的 0.03 美元。第三季業績也受到惡劣天氣、更高的折舊和攤提以及更高的融資成本的影響。收益發布資料包附表 4 中包含了與上一年同期相比所有收益驅動因素的總結資訊。

Third-quarter GAAP results were $1.16 per share, a summary of all adjustments between operating and GAAP results is included in Schedule 2 of the Earnings Release Kit.

第三季 GAAP 業績為每股 1.16 美元，營運表現與 GAAP 業績之間的所有調整摘要包含在收益發布資料包的附表 2 中。

Turning now to guidance. With nine months of 2025 financial results reported, we're narrowing our full-year guidance range to $3.33 to $3.48 per share, inclusive of RNG 45Z earnings while preserving the original guidance midpoint of $3.40.

現在進入指導環節。2025 年頭九個月的財務業績已經公佈，我們將全年業績指引範圍縮小至每股 3.33 美元至 3.48 美元，其中包括 RNG 45Z 的收益，同時保持原先指引中點 3.40 美元不變。

On last quarter's call, I highlighted sales and weather as noteworthy tailwinds through six months of the year. Over the last four months, we've seen weather reverse. And through 10 months of the year, now represents a small headwind of approximately $0.02.

在上個季度的電話會議上，我重點提到了銷售額和天氣是今年前六個月值得關注的利多因素。過去四個月裡，天氣出現了逆轉。一年中的 10 個月，現在都意味著大約 0.02 美元的小幅不利因素。

Continued strength from commercial and residential sales combined with other initiatives gives us confidence in our ability to deliver full-year results at or above the midpoint of our guidance, assuming normal weather for the last two months of the year. We've provided year-over-year drivers for the fourth quarter in the appendix of today's materials for your reference. Finally, we are reaffirming all other existing financial guidance.

商業和住宅銷售的持續強勁增長，加上其他舉措，使我們有信心實現全年業績達到或超過預期中點，前提是今年最後兩個月天氣正常。我們已在今天資料的附錄中提供了第四季度同比驅動因素，供您參考。最後，我們重申所有其他現有的財務指引。

Turning to slide 4. We've completed our 2025 financing plan. And as mentioned on prior calls, taking steps to further derisk future ATM equity. We remain focused on balance sheet conservatism, and there is no change to our previously communicated credit-related targets.

翻到第4張投影片。我們已經完成了2025年的融資計畫。如同先前電話會議中所提到的，我們將採取措施進一步降低未來 ATM 股權的風險。我們將繼續專注於資產負債表的穩健性，先前公佈的信貸相關目標沒有任何改變。

Finally, we'll provide a comprehensive capital investment forecast update through 2030 on our fourth-quarter earnings call, which will take place in early 2026. We expect incremental opportunities to deploy regulated capital on behalf of our customers, with a timing bias towards the back end of the plan.

最後，我們將在 2026 年初舉行的第四季財報電話會議上，提供截至 2030 年的全面資本投資預測更新。我們預計會有更多機會代表客戶部署受監管的資本，但時間安排會偏向計劃的後期。

As always, we will look at incremental capital through the lenses of customer affordability, system reliability, balance sheet conservatism and our low-risk profile. In conclusion, I am highly confident in our ability to deliver on our financial plan. We've built our plan to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may occur.

一如既往，我們將從客戶承受能力、系統可靠性、資產負債表穩健性和我們低風險狀況的角度來審視新增資本。總之，我對我們實現財務計畫的能力充滿信心。我們所製定的計劃既要適當保守，又不能過於不合理，以應對可能出現的意外挑戰。

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

那麼，我就把電話交給鮑伯了。

Thank you, Steve, and good morning, everyone. I'll begin with safety on slide 5. Through September, our OSHA recordable rate was 0.28%, continuing the positive trend from the last three years. Continuing to reduce workplace injuries is one way we can honor the memory of our colleague, Ryan Barwick, who we lost in an accident earlier this year. We must continue to focus relentlessly on improving our safety performance.

謝謝你，史蒂夫，大家早安。我先從投影片5上的安全問題開始。截至 9 月，我們的 OSHA 可記錄事故率為 0.28%，延續了過去三年來的正面趨勢。繼續減少工作場所傷害是我們緬懷今年早些時候因事故去世的同事瑞安·巴威克的一種方式。我們必須繼續不懈努力，集中精力提升安全績效。

Now I'll turn to updates around the execution of our growth plan. I'll start with the Coastal Virginia Offshore Wind project. Slide 6 highlights what makes CVOW such an important and unique generation resource. The project is now two-thirds complete, and just a few months away from delivering much-needed electricity to our customers.

接下來，我將報告我們成長計畫的執行情況。我先從維吉尼亞海岸離岸風電計畫說起。投影片 6 重點介紹了 CVOW 為何如此重要和獨特，成為一代人的寶貴資源。該專案目前已完成三分之二，距離為我們的客戶提供急需的電力僅剩幾個月的時間。

Slide 7 shows our major equipment progress. We successfully completed 100% of monopile installation one month prior to the conclusion of the piling season, very pleased with this tremendous milestone for the project. We've installed 63 transition pieces to date with all 176 transition pieces now fabricated. Turbine fabrication remains on schedule. Earlier this week, we installed the second offshore substation jacket and will place the accompanying topside shortly. The third and final offshore substation is nearly complete and will be installed in the first quarter of next year.

幻燈片 7 展示了我們的主要設備進度。我們在打樁季結束前一個月就成功完成了 100% 的單樁安裝，對該項目取得的巨大里程碑感到非常高興。截至目前，我們已經安裝了 63 個過渡件，而總共 176 個過渡件都已製造完成。渦輪機製造工作仍在按計劃進行。本週早些時候，我們安裝了第二個海上變電站導管架，並將很快安裝配套的上部模組。第三座也是最後一座海上變電站已接近完工，將於明年第一季安裝完畢。

Turning to timing on slide 10. We now expect first turbine installation to occur late next month and continue to expect first power to be delivered to our customers in late first quarter of next year, approximately five months from now.

接下來討論投影片 10 的時間安排。我們現在預計第一台渦輪機將於下個月底安裝完畢，並繼續預計第一波電力將於明年第一季末交付給我們的客戶，大約在五個月後。

As a reminder, we'll be energizing strings of turbines throughout 2026. No change to our current expectation of project completion by the end of '26. But given delays with Charybdis, we have significantly reduced the schedules weather and vessel maintenance contingency, which could push a few of the final turbines into early 2027. We'll continue to refine and update this assumption as we observe actual turbine installation cadence similar to what occurred with monopiles, which went more quickly than expected.

再次提醒大家，我們將於 2026 年全年陸續啟動多組渦輪機。我們對專案於 2026 年底完成的預期沒有改變。但由於卡律布狄斯號的延誤，我們大幅減少了因天氣和船舶維護應急措施而導致的進度延誤，這可能會將最後幾台渦輪機的交付推遲到 2027 年初。我們將繼續完善和更新這一假設，同時觀察實際的渦輪機安裝節奏，類似於單樁安裝的情況，其速度比預期的要快。

Project costs now stands at $11.2 billion, which includes unused contingency of $206 million, down about $15 million from last quarter. Excluding tariff impacts, costs for project components have remained in line with the prior update. The updated cost this quarter reflect the accelerated recognition of steel tariffs through the end of 2026, whereas we were previously recognizing all tariff costs on a quarter-by-quarter basis. Through September, the project has invested approximately $8.2 billion. The remaining project costs attributable to Dominion are expected to be approximately $1.5 billion.

專案總成本目前為 112 億美元，其中包括 2.06 億美元的未使用應急資金，比上一季減少了約 1,500 萬美元。除關稅影響外，專案各組成部分的成本與先前的更新保持一致。本季更新後的成本反映了到 2026 年底鋼鐵關稅的加速確認，而此前我們一直按季度確認所有關稅成本。截至9月份，該項目已投資約82億美元。預計 Dominion 公司應承擔的剩餘項目成本約為 15 億美元。

On slide 11, we've continued to provide an update to our potential tariff exposure across discrete tariff categories and illustrative durations. We're showing the impact of country-specific tariffs through project construction at the end of 2026. Please note that changes to tariff policy could impact these estimates.

在第 11 張投影片中，我們繼續更新了我們在各個關稅類別和示例性期限內的潛在關稅風險敞口。我們將透過 2026 年底的項目建設來展示特定國家關稅的影響。請注意，關稅政策的變化可能會影響這些估算值。

Unfixed costs include project management costs, fuel for vessels and changes to tariffs and network upgrades, if any. Estimated network upgrade costs assigned by PJM to CVOW in the most recent decision point came down modestly. We expect this inaugural process to conclude by year-end and do not expect a material change to network upgrade costs. We'll then execute and submit our generator interconnection agreement at PJM and FERC under the very standard finalization protocol, as is in place for all new generating sources. We expect the process to conclude in March, which will be the final step to first power.

非固定成本包括專案管理成本、船舶燃料以及關稅變更和網路升級（如有）。在最近一次決策中，PJM 分配給 CVOW 的網路升級成本估算略有下降。我們預計這一初始過程將在年底前完成，並且預計網路升級成本不會發生實質變化。然後，我們將按照適用於所有新電源的標準最終確定協議，在 PJM 和 FERC 執行並提交我們的發電機互聯協議。我們預計該過程將於 3 月完成，這將是邁向首個政權的最後一步。

As a result of this project cost increase, we recorded a modest charge this quarter, about $50 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. Further on costs, we'll file with our quarterly status report and our 2026 CVOW writer filing with the State Corporation Commission today.

由於該專案成本增加，我們本季提列了一筆適度的費用，稅後約 5000 萬美元，列入附表 2，用於支付根據與弗吉尼亞州監管機構的成本分攤協議以及我們與 Stonepeak 的 50% 成本分攤合作協議預計無法從客戶處收回的成本。這些成本和風險分擔安排繼續按預期發揮作用，保護客戶和股東的利益。關於成本方面，我們將在今天向州企業委員會提交季度狀況報告和 2026 年 CVOW 撰稿人備案文件中予以說明。

As shown on slide 12, the project's LCOE has been updated to $84, up from last quarter, driven primarily by lower forecasted REC prices. Keep in mind that REC sales are credited against the levelized cost of energy as value delivered to customers and the value of RECs will change year-to-year based on market dynamics at the time.

如投影片 12 所示，該專案的 LCOE 已更新為 84 美元，比上一季增加，主要原因是 REC 價格預測下降。請記住，REC 銷售額將作為交付給客戶的價值計入平準化能源成本，REC 的價值將根據當時的市場動態逐年變化。

However, importantly, the LCOE compares favorably to other generation resources and is well below the statutory amount. It's also in line with the LCOE range provided at the time of the original filing in November 2021. The project is now forecasted to represent an average residential customer monthly bill credit of $0.63 over the life of the project.

然而，重要的是，此平準化能源成本與其他發電資源相比具有優勢，並且遠低於法定金額。這也與 2021 年 11 月首次提交申請時提供的 LCOE 範圍一致。預計該項目將在專案週期內為普通居民用戶每月節省 0.63 美元的帳單費用。

Under the writer proposal filed today, we're forecasting a revenue requirement for the 2026 rate year, which begins in September '26 of $665 million. This customer beneficial real-time cash recovery provides important financial support for this regulated investment during construction. If approved, the writer proposal filed today would result in residential customers seeing a decline in their monthly bill in September, as the project begins to generate electricity in early 2026. Progress on CVOW continues to go very well, and there's every reason for our customers and policymakers to be excited by the timely delivery of much-needed low-cost electricity from this critical generating resource.

根據今天提交的提案，我們預測 2026 年費率年度（從 2026 年 9 月開始）的收入需求為 6.65 億美元。這種對客戶有利的即時現金回收機制，為施工期間的這項受監管投資提供了重要的財務支援。如果獲得批准，今天提交的提案將使居民用戶在 9 月看到他們的月度帳單下降，因為該項目將於 2026 年初開始發電。CVOW 專案的進展非常順利，我們的客戶和政策制定者完全有理由對這項關鍵發電資源及時提供急需的低成本電力感到興奮。

Let me pivot to discuss Charybdis, our American Made Jones Act-compliant wind turbine installation vessel which has been a challenge. I'm extremely disappointed that Charybdis has again not met expectations. I recognize the importance of executing consistently against any commitment, and we failed to deliver regarding Charybdis.

讓我轉而談談 Charybdis，我們這艘符合美國《瓊斯法案》規定的美國製造的風力渦輪機安裝船，它給我們帶來了挑戰。我對《卡律布狄斯》再次未能達到預期感到非常失望。我認識到始終如一地履行任何承諾的重要性，而我們在卡律布狄斯事件上未能兌現承諾。

We built Charybdis to derisk our installation process. We continue to believe that it will represent a strategic advantage, providing enhanced schedule certainty, which ultimately translates into cost certainty. The vessel successfully completed sea trials, received signoffs and arrived in Portsmouth, Virginia in September. Upon arrival, Siemens Gamesa successfully completed all necessary modifications for turbine handling and installation.

我們建置 Charybdis 是為了降低安裝流程的風險。我們仍然相信這將代表著一種策略優勢，提供更高的進度確定性，最終轉化為成本確定性。該船順利完成海上試航，獲得驗收合格，並於9月抵達維吉尼亞州朴茨茅斯。西門子歌美颯抵達後，順利完成了渦輪機搬運和安裝所需的所有必要改造。

Simultaneously, punch list items were identified that require remediation prior to the vessel being cleared to begin turbine load-out and installation. While all major systems are operating well, there are a variety of quality assurance level items that require addressing and those tasks are currently underway to ensure that the vessel can commence work as quickly as it is safely able to do so.

同時，也確定了一些需要整改的缺陷清單項目，這些項目需要在船舶獲準開始渦輪機裝載和安裝之前進行整改。雖然所有主要係統運作良好，但仍有各種品質保證等級的項目需要解決，這些任務目前正在進行中，以確保船舶能夠在安全的情況下盡快開始工作。

It's become clear that while the ship's design and construction methods are consistent with global best practices, we didn't properly account in our timing estimate for the risk inherent in being the first Jones Act-compliant wind turbine installation vessel to be built and regulated in the United States. The vessel is expected to be cleared to load and install turbines in November.

很明顯，雖然該船的設計和建造方法符合全球最佳實踐，但我們在時間估算中沒有充分考慮到作為第一艘在美國建造和監管的符合《瓊斯法案》的風力渦輪機安裝船所固有的風險。預計該船將於11月獲準裝載和安裝渦輪機。

As a reminder, unlike monopile installations, there are no time of year or time of day restrictions on installing turbines. Finally, any modest delay beyond November won't impact first power timing in late first quarter of 2026. One final note on Charybdis. Project costs continue to be approximately $715 million.

需要提醒的是，與單樁安裝不同，安裝渦輪機沒有季節或時間限制。最後，11 月之後的任何小幅延遲都不會影響 2026 年第一季末的首次供電時間。關於卡律布狄斯，還有最後一點要補充。項目成本仍約為7.15億美元。

Moving now to data centers on slide 14. We continue to see robust demand from data centers. We now have approximately 47 gigawatts in various stages of contracting as of September 2025, which compares to around 40 gigawatts as of December 2024, an increase of 7 gigawatts or 17%.

接下來，請看第 14 張投影片，了解資料中心。我們持續看到來自資料中心的強勁需求。截至 2025 年 9 月，我們目前有大約 47 吉瓦處於不同的合約簽訂階段，而截至 2024 年 12 月，這一數字約為 40 吉瓦，增加了 7 吉瓦，增幅達 17%。

As a reminder, these contracts are broken into substation engineering letters of authorization, construction letters of authorization and electrical service agreements. As customers move from the first to the last, the cost commitment and obligation by the customer increase. We're currently studying over 28 gigawatts of data center demand within the substation engineering letters of authorization stage, which means the customer has requested the company to begin the necessary engineering review for new infrastructure required for service. This compares to approximately 26 gigawatts as of December 2024 and represents a roughly 7% increase.

提醒一下，這些合約分為變電站工程授權書、施工授權書和電力服務協議。隨著客戶從第一個階段到最後一個階段的推進，客戶的成本承諾和義務也會增加。我們目前正在研究超過 28 吉瓦的資料中心需求，該需求處於變電站工程授權函階段，這意味著客戶已要求公司開始對提供服務所需的新基礎設施進行必要的工程審查。截至 2024 年 12 月，這一數字約為 26 吉瓦，增幅約為 7%。

There are also now about 9 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. This compares to just over 5 gigawatts in December 2024 and represents an approximately 73% increase. Should a customer in this stage elect to discontinue a project, they're obligated to reimburse the company for its investment to date.

目前，約有 9 吉瓦的資料中心需求已簽署了施工授權書，這些合約使得所需的配電和變電站電力基礎設施的建設得以開始。相較之下，2024 年 12 月的發電量略高於 5 吉瓦，增幅約 73%。如果客戶在此階段選擇終止項目，則有義務向公司償還迄今為止的投資。

Finally, we now have nearly 10 gigawatts in electric service agreements or ESA, representing contracts for electric service between Dominion Energy and a customer. This has increased by nearly a gigawatt or 12% since December 2024 as well. 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. We welcome these customers to our system and recognize the vital contribution data centers make to national state and community success.

最後，我們現在擁有近 10 吉瓦的電力服務協議 (ESA)，代表 Dominion Energy 與客戶之間的電力服務合約。自 2024 年 12 月以來，這一數字也增加了近 1 吉瓦，增幅達 12%。透過簽署能源服務協議 (ESA)，客戶承諾每年消耗一定量的電力，通常會採用遞增式用電量計劃，合約規定的用電量會隨著時間的推移而增長。我們歡迎這些客戶加入我們的系統，並認識到資料中心對國家、州和社區的成功所做的重要貢獻。

We're developing resources across distribution, transmission and generation to ensure we meet this critical need on a timely basis, while also taking active steps to safeguard all of our customers from the risk of paying more than their fair share for reliable and affordable electric service. Data center demand should and can be a win-win for our state, our customers and our company.

我們正在開發配電、輸電和發電方面的資源，以確保及時滿足這一關鍵需求，同時採取積極措施，保障所有客戶免受支付超出其應得份額的可靠且價格合理的電力服務費用的風險。資料中心的需求應該而且能夠成為我們州、我們的客戶和我們公司的三贏局面。

Turning to slide 15, let me share a few additional business updates. First, on the biannual review proceeding and the proposed large load tariff, post-hearing briefs were filed last week. We anticipate a final order by the end of November. Next, on the transmission side. We submitted project proposals in the latest PJM open window process that closed in August.

接下來請看第 15 頁投影片，讓我分享一些其他的業務更新。首先，關於半年一次的審查程序和擬議的大負載電價，聽證會後的簡報已於上週提交。我們預計在11月底前下達最終訂單。接下來，我們來看傳動系統方面。我們在8月結束的最新一輪PJM開放窗口期內提交了專案提案。

This year's reliability open window represents the largest proposed investment by Dominion Energy since PJM began its open window process. While final project selections by PJM won't be made until Q1 2026, there is a robust need for new transmission across the region, and we expect this open window to reflect that. Recall that in last year's open window, Dominion was awarded around 100 projects, totaling nearly $3 billion.

今年的可靠性開放窗口期是 Dominion Energy 自 PJM 啟動開放窗口期流程以來提出的最大投資。雖然 PJM 的最終專案選擇要到 2026 年第一季才會做出，但該地區對新的輸電線路有著強烈的需求，我們預計此次開放窗口將反映出這一點。回想一下，在去年的開放招標期內，Dominion 公司獲得了約 100 個項目，總金額近 30 億美元。

On the generation front, we've announced a number of updates in recent weeks. SCC hearings for the Chesterfield Energy Reliability Center, an approximately 1 gigawatt natural gas-fired electric generating facility, concluded in September, and post-hearing briefs were filed this week in line with previous testimony. We expect an order in December.

在產品開發方面，我們最近幾週宣布了一系列更新。針對切斯特菲爾德能源可靠性中心（一座裝置容量約 1 吉瓦的天然氣發電廠）的 SCC 聽證會於 9 月結束，本週提交了聽證會後的簡報，與先前的證詞一致。我們預計12月會收到訂單。

On October 15, we filed our next set of utility scale solar and storage projects with the SCC, representing about $2.9 billion of new investment. The filing included approximately 845 megawatts of utility scale solar and 155 megawatts of storage projects, which will further derisk our growth program.

10 月 15 日，我們向 SCC 提交了下一批公用事業規模的太陽能和儲能項目，代表約 29 億美元的新投資。此次提交的文件包括約 845 兆瓦的公用事業規模太陽能項目和 155 兆瓦的儲能項目，這將進一步降低我們成長計畫的風險。

Also on October 15, we filed our 2025 Virginia Integrated Resource Plan, which presented several possible generation build portfolios with additional resource capacity across both renewable and dispatchable generation technologies in response to continued robust load growth in our service territory. The IRP update demonstrates a continuation of our focus on an all-of-the-above approach to ensuring reliability, affordability and increasingly clean generation.

10 月 15 日，我們還提交了 2025 年弗吉尼亞州綜合資源計劃，其中提出了幾個可能的發電建設方案，在可再生能源和可調度發電技術方面增加了資源容量，以應對我們服務區域內持續強勁的負載增長。IRP 更新表明我們將繼續致力於採取「全方位」方法，以確保可靠性、可負擔性和日益清潔的發電。

On customer affordability, as shown on slide 16, our current residential electric rates at DEV and DESC are 9% and 11% below the US average, respectively. And based on the build plans proposed in both states' latest IRPs, both will maintain customer bill growth rates through the forecast periods below current electricity inflation levels.

關於客戶負擔能力，如投影片 16 所示，我們目前在 DEV 和 DESC 的居民用電價格分別比美國平均低 9% 和 11%。根據這兩個州最新綜合資源規劃中提出的建設方案，在預測期內，兩州都將維持客戶帳單成長率低於目前的電力通膨水準。

In conclusion, we've summarized key highlights from today's call on slide 17. We realize how important it is to meet the commitments we provided at the conclusion of the business review. We are 100% execution focused. We will deliver for our customers, our employees and our shareholders.

總之，我們在第 17 頁投影片中總結了今天電話會議的主要亮點。我們意識到履行在業務審查結束時所做出的承諾是多麼重要。我們百分之百專注於執行。我們將不辜負客戶、員工和股東的期望。

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

那麼，我們現在可以回答您的問題了。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

It's good to be back. So Bob, just on the elections, I mean, there seems -- any source you're looking at, there's obviously a strong possibility the gubernatorial process may flip parties. Governor Youngkin has obviously been really supportive of CVOW, the biannual process. I guess, how do we price in any risk on the construct should we see this flip? I mean, are we going to wake up one day and the Trump administration now blocks this project, just given the lack of connection with the Republican governor? Have you spoken to Spanberger? Just any thoughts around the political backdrop would be great.

很高興回來。所以鮑勃，就選舉而言，我的意思是，無論你查看哪個消息來源，州長選舉顯然很有可能出現政黨易手的情況。州長楊金顯然非常支持每兩年一次的CVOW流程。我想，如果這種情況逆轉，我們該如何將這種結構帶來的風險納入定價？我的意思是，會不會有一天我們醒來發現，僅僅因為與共和黨州長缺乏聯繫，川普政府就叫停了這個計畫？你和斯潘伯格談過嗎？任何關於政治背景的想法都歡迎。

Yes, Shar, thanks a lot for that question. Let's start with the fact that every statewide candidate running regardless of party supports CVOW and that's consistent with the bipartisan support that this project has gotten at every level, federal, state, local government, including congressional leadership.

是的，莎爾，非常感謝你的提問。首先，所有參加全州競選的候選人，無論黨派，都支持 CVOW，這與該計畫在聯邦、州、地方政府（包括國會領導層）各級政府中獲得的跨黨派支持是一致的。

And if you think about it, there are really good reasons for that. It's the fastest way to get 2.6 gigawatts on the grid that's going to serve AI and technology companies, defense security installations. It's critical to important infrastructure upgrades at the Oceana Naval Air Station. And if you stop it now, it causes energy inflation. So it's not surprising that we're seeing bipartisan support at all levels of government and we expect that to continue after the election.

仔細想想，這其中確實有很好的理由。這是將 2.6 吉瓦電力輸送到電網的最快方法，這些電力將用於服務人工智慧和科技公司以及國防安全設施。這對於奧希阿納海軍航空站的重要基礎設施升級至關重要。如果現在停止這種做法，就會造成能源通膨。因此，我們看到各級政府都給予兩黨支持，這並不令人意外，我們預計這種情況在選舉後仍將持續。

Got it. Okay. Perfect. And then just lastly on Charybdis. Can you just give us a little bit of a sense, if you can, on just the nature of the punch list for the project? And when do you kind of expect the quality assurance items that you obviously highlighted to be completed, which are underway?

知道了。好的。完美的。最後，還有卡律布狄斯。能否請您簡單介紹一下該項目待辦事項清單的性質？那麼，您預計您剛才重點提到的那些正在進行中的品質保證專案何時能夠完成呢？

Yes. That's a great question. Let me give you a little context, walk you through where we are. As you know, this is the first Jones Act-compliant wind turbine installation vessel to be built in the US and subject to US regulatory oversight. It's a big ship. It's 472 feet long. It's 184 feet wide, weighs 27,000 tons. It's got some complex systems on it. It's got a 2,200-ton capacity crane. It's got a jacking system that's capable of creating a 40-meter air gap under the hall when the ship is jacked up. And those systems, the crane, the jacking system, the dynamic positioning system, they are all operating very well.

是的。這是一個很好的問題。讓我先簡單介紹一下背景，帶你來了解我們目前的處境。如您所知，這是美國建造的第一艘符合《瓊斯法案》規定的風力渦輪機安裝船，並將接受美國監管機構的監督。這是一艘大船。它長472英尺。它寬 184 英尺，重 27,000 噸。它上面有一些複雜的系統。它配備了一台2200噸級的起重機。它配備了一個千斤頂系統，當船舶被頂起時，該系統能夠在大廳下方形成 40 公尺的空氣間隙。這些系統，包括起重機、千斤頂系統、動態定位系統，都運作良好。

So earlier this month, local regulators when it arrived in Portsmouth conducted a standard new to zone inspection. And that identified two primary areas of concern. The first was the material condition of certain components, primarily within the ships electrical systems. And then second, the need for documentation that confirmed that the systems we built, as built, met US-approved codes and standards. So that created this punch list of about 200 items that have to be addressed before we can begin loading turbines.

因此，本月初，當地監管機構在它抵達朴茨茅斯時對其進行了標準的新區域檢查。由此確定了兩個主要關注領域。首先是某些部件的物質狀況，主要是船舶電氣系統中的部件。其次，需要提供文件證明我們建造的系統符合美國批准的規範和標準。因此，在開始裝載渦輪機之前，我們需要解決大約 200 個問題，這就形成了待辦事項清單。

So let me talk a little bit about what we're doing. Ships divided into 63 zones. Our crews, including qualified marine electricians, are doing detailed surveys, and they're either documenting or immediately mitigating discrepancy. So to date, we've done over 4,000 inspections across 69 electrical systems, including 1,400 cable inspections. We've got 200 people working around the clock. Of that original 200 punch list items, we've closed out about 120.

那麼，讓我簡單談談我們正在做的事情。船舶分為63個區域。我們的船員，包括合格的船舶電工，正在進行詳細的調查，他們要么記錄差異，要么立即消除差異。到目前為止，我們已經對 69 個電氣系統進行了 4000 多次檢查，其中包括 1400 次電纜檢查。我們有200人日夜不停地工作。在最初的 200 項待辦事項中，我們已經完成了大約 120 項。

So it's important to know not all those items are created equal. Some punch list items are a little more complex and will take longer to resolve. But the progress has been really good. And so based on the pace of work, the commitment of the team we've got there, highly confident that we'll work our way through all the punch list items and be ready to start operating in November.

所以，了解並非所有這些物品都具有相同的品質很重要。有些待辦事項比較複雜，需要更長時間才能解決。但進展確實非常順利。因此，根據目前的工作進度和我們團隊的投入程度，我們非常有信心完成所有待辦事項，並準備好在 11 月開始營運。

Nick Campanella, Barclays.

尼克·坎帕內拉，巴克萊銀行。

One follow-up on the ship, just after you get this punch list done, I just wanted to confirm, there's no other approvals needed across offshore wind supply chain, the boat or with federal government that would allow you to install turbines that's just really getting past this punch list?

關於這艘船，在你完成這份待辦事項清單之後，我還有一個後續問題想確認一下，是否還需要離岸風電供應鏈、船舶或聯邦政府的其他批准，才能讓你安裝渦輪機，也就是真正完成這份待辦事項清單？

Yes, once we get through the punch list, we're ready to go.

是的，一旦我們完成待辦事項清單，就可以開始了。

Great. Can I just ask about the capital plan comments then? I know you're going to be updating things in the fourth quarter. I think you talked a little bit about the bias of that capital plan update being more back-end weighted, if I heard you correctly. But on the funding, you did derisk equity for '26 and '27 here. What's the balance sheet capacity to kind of absorb higher CapEx at this point? And should we still expect equity in '26 and '27 on the [next] pro forma plan?

偉大的。可以問一下關於資本計畫的意見嗎？我知道你們會在第四季進行一些更新。如果我沒聽錯的話，你剛才好像提到那次資本計畫更新存在偏向後端發展的傾向。但在融資方面，你們確實降低了 2026 年和 2027 年的股權風險。目前公司的資產負債表是否有足夠的能力來吸收較高的資本支出？那麼，我們是否仍應期待在[下一個]預測計畫中，2026 年和 2027 年獲得股權？

Nick, it's Steve. I'll take that. Yes, we talked a little bit about the update we'll provide on the fourth quarter call in probably February of '26. And I fully expect at that time, we're going to see upward revisions to our capital plan across distribution, transmission and generation that effectively reflect what we filed in the IRP, which is some significant increases in the amount of generation.

尼克，我是史蒂夫。我接受。是的，我們稍微談到了我們將在2026年2月左右的第四季度電話會議上提供的最新進展。我完全預期，屆時我們將對配電、輸電和發電方面的資本計劃進行向上修訂，以有效反映我們在綜合資源規劃 (IRP) 中提交的內容，即大幅增加發電量。

One example is the South Carolina CCGT that we're now authorized and seeking approval to build with our partners, Santee Cooper. None of that capital, for instance, was included in the most recent capital update. And we've identified opportunity for additional generation in Virginia, and much of that's not been included.

例如，我們目前已獲得授權，並正在與我們的合作夥伴 Santee Cooper 一起尋求批准，以在南卡羅來納州建造 CCGT。例如，這些資本均未計入最近一次資本更新。我們已經發現維吉尼亞州還有增加發電的機會，但其中許多機會還沒有被納入考慮範圍。

So we've talked about transmission and the opportunity with the PJM open window. So we're in a fortunate position to have a lot of really high-quality opportunities to deploy regulated capital to the benefit of our customers which will provide sort of a full update early next year.

我們已經討論了輸電以及PJM開放窗口帶來的機會。因此，我們很幸運地擁有許多高品質的機會，可以部署受監管的資本，從而造福我們的客戶，我們將在明年初提供全面的更新資訊。

With regard to our balance sheet, I'm really pleased with where our balance sheet is. When we came out of the business review, we talked about being at 15% FFO to debt starting in 2025, that's still where we're tracking. That's about 100 basis point cushion relative to our downgrade threshold at Moody's, 200 basis points at S&P.

關於我們的資產負債表，我對目前的狀況非常滿意。在商業回顧中，我們談到從 2025 年開始實現 FFO 與債務之比達到 15%，我們目前仍朝著這個目標努力。這比穆迪的降級閾值高出約 100 個基點，比標普的降級閾值高出約 200 個基點。

We mentioned the time Moody's is going to be slightly lower than that 15% just given the methodology they deploy relative to sort of our more simplified metric for FFO to debt. But we're in a very good position, and we've taken steps, as you noted, to do a lot of derisking for our planned ATM.

我們之前提到過，穆迪給出的估值會略低於 15%，這是因為他們採用的估值方法與我們更簡化的 FFO 與負債比率指標有所不同。但我們現在處境非常好，而且正如您所指出的，我們已經採取了許多措施來降低我們計劃中的 ATM 的風險。

When we update the capital plan come early next year, we'll, at the same time, give you an updated perspective on our financing needs. We've been very effective at deploying ATM and hybrid equity, very cost competitive. And we'll look at all the tools available to us.

明年年初我們更新資本計畫時，同時也會提供您我們融資需求的最新情況。我們在部署 ATM 和混合股權方面非常有效，而且成本極具競爭力。我們將研究所有可用的工具。

As we've always said, we'll look at all the available tools available to us to source capital from the most attractive source. And so I don't want to get out in front of that, but you can assume we're going to finance the growth of our business in a way that maintains that balance sheet conservatism. But in so doing, it should also provide for value to our shareholders.

正如我們一直所說，我們將研究所有可用的工具，從最具吸引力的來源籌集資金。所以我不想搶先一步，但你可以假設我們將以保持資產負債表穩健的方式來為業務成長提供資金。但這樣做也應該為我們的股東創造價值。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yes. Just one other question on the Charybdis. Just want to confirm there's nothing related to the government shutdown or any political stuff that's affecting the timing, it's just this punch list?

是的。關於卡律布狄斯，我還有一個問題。我只是想確認一下，這跟政府停擺或任何政治因素無關，影響不了進度，只是這份待辦事項清單嗎？

That's it, Steve. There is nothing related to the government shutdown or anything else.

就這樣，史蒂夫。這與政府停擺或其他任何事情都無關。

And then once we start seeing turbines come in, can you give us a sense of like cadence there? My recollection is maybe the first set a little slower, but then it gets into a cadence. So can you maybe talk a little bit about what we should be looking for on turbine cadence?

然後，一旦我們開始看到渦輪機投入使用，您能為我們描述一下大概的進度嗎？我的記憶是，第一組節奏可能稍微慢一些，但之後就進入了一種節奏狀態。那麼，您能否談談我們應該關注渦輪機轉速的哪些方面？

I think exactly what you just described. If you think about monopiles, for example, we, at the beginning, we're a little bit slower and then got into a rhythm. So we'll update the installation cadence as we go along. But you should expect that the first few are going to be slower, and then we'll pick up the pace as we move through. But we'll be able to give regular updates on how we're doing on turbine installation cadence.

我的想法和你剛才描述的一模一樣。例如，想想單樁遊戲，我們一開始速度比較慢，然後就找到了節奏。因此，我們將根據進度調整安裝進度。但你應該預料到，前幾個環節速度會比較慢，然後隨著我們繼續進行，速度會逐漸加快。但我們將能夠定期更新渦輪機安裝進度的進度。

And then off topic, when we get these PJM open window wins or not, like how should we think about how much of that might already be in your plan or additive? Is it all additive? How should we think about that?

離題一下，當我們獲得這些 PJM 開放窗口的勝利時，或者沒有獲得，我們應該如何考慮其中有多少可能已經包含在您的計劃或附加計劃中？都是添加物嗎？我們該如何看待這個問題？

Steve, I'd say we've made a reasonably conservative assumptions in our forward capital plan with regard to wins across PJM open window as well as opportunities to deploy capital that don't go through that PJM wind with sort of organic maintenance capital and growth capital within our -- and what we've seen historically and more recently is upside to what we've assumed. I can't tell you sort of specifically what that will look like. But I'd say there's about -- we run rate in our forward projection $2.5 billion or so a year for electric transmission, that's up pretty significantly from what it was just four or five years ago. To the extent we continue to see opportunities, there could be continued upside to that.

史蒂夫，我認為我們在未來的資本計劃中做出了相當保守的假設，包括透過 PJM 開放窗口贏得的股份，以及部署那些不經過 PJM 市場機會的資本，例如我們內部的有機維護資本和增長資本——而我們從歷史和最近的情況來看，我們的假設是有上升空間的。我無法具體告訴你那會是什麼樣子。但我認為，根據我們的未來預測，電力傳輸的年均投入約為 25 億美元，這比四、五年前有了相當大的成長。只要我們繼續看到機會，就可能有持續的上漲空間。

Yes. And then last quick one. Just the IRP was interesting on the nuclear, where it looked like at least for now, you actually delayed the SMR new nuclear by five years. Could you just like talk to what is driving that?

是的。最後還有一個簡短的。就核能方面而言，IRP 很有意思，至少目前看來，你們實際上將小型模組化反應器（SMR）新核電廠的建設推遲了五年。您能不能談談是什麼原因導致這種情況？

Yes, Steve. I mean, it's a variety of circumstances. We're taking a look at financing and technology. We're also taking a look at how it fits within everything else that we're projecting to construct. So I mean, we're talking about pretty far out in the first place and now a little farther out with the update. I wouldn't read too much into that.

是的，史蒂夫。我的意思是，這是多種情況共同作用的結果。我們正在研究融資和技術。我們還要看看它如何融入我們計劃建造的其他所有項目。我的意思是，我們一開始就討論的是相當長遠的未來，而現在透過這次更新，未來又會更加遙遠一些。我不會對此過度解讀。

Paul Zimbardo, Jefferies.

保羅‧津巴多，傑富瑞集團。

To follow up on CVOW a little bit. To the extent that some of those final turbines do slip into the following year, are there any supply chain, labor or other kind of constraints to be mindful of? And is there any way to think about what a financial impact of that could be?

稍微跟進一下 CVOW 的情況。如果其中一些最終的渦輪機確實要等到第二年才能交付，那麼在供應鏈、勞動力或其他方面是否存在任何需要注意的限制？那麼，我們該如何評估這可能造成的經濟影響呢？

There are no supply chain or other issues. And as to financial impact, we're talking about a small number of turbines. So it's not a meaningful financial impact.

沒有供應鏈或其他方面的問題。至於財務影響，我們談論的是少量的渦輪機。所以這不會造成實質的經濟影響。

I would just add, as you might suspect, years ago, when we put this plan together, which had us completing all the turbines at the end of 2026, which is actually where we still intend to do, we obviously gave ourselves a little bit of latitude as it relates to what the ultimate timing would be.

我還要補充一點，正如你可能猜到的那樣，幾年前，當我們制定這個計劃時，計劃在 2026 年底完成所有渦輪機的建設，而這實際上也是我們仍然打算做的，顯然，我們在最終時間安排方面給自己留了一些餘地。

And in fact, I think we're very pleased that here we are, some years after that original timeline was produced, and we're effectively on target for these dates. And so we've made accommodations in advance that gave us some cushion to the extent that anything caused us to go anywhere beyond that end of '26 timeframe. So I think we're very well buttoned up on that, quite frankly, with regard to suppliers and vendors and so forth.

事實上，我認為我們非常高興的是，在最初的時間表制定幾年之後，我們現在已經基本按計劃完成了這些日期。因此，我們事先做了一些安排，給我們留了一些緩衝空間，以避免任何導致我們超出 2026 年底時間範圍的事情發生。所以坦白說，我認為我們在供應商等方面已經做得非常周全了。

And as Bob mentioned, I think in the prepared remarks, I think one thing that's really important for our stakeholders to recognize is we'll be energizing these turbines throughout 2026 and deploying that rate base effectively and beginning to collect depreciation and in our revenue requirement throughout the time period that we're installing through 2026.

正如鮑伯所提到的，我認為在準備好的發言稿中，有一點非常重要，那就是我們的利益相關者需要認識到，我們將在 2026 年全年為這些渦輪機供電，並有效地部署該費率基礎，開始收取折舊，並在我們 2026 年安裝期間的收入需求中實現這一目標。

So the actual impact of a couple of turbines slipping into 2027 is pretty de minimis all things considered, which makes it a little bit different, I think, from something that's a bit more chunky. By doing it on a stream, we've effectively [dechunkified] that revenue stream. And so I think that acts as a fairly significant de-risker or mitigant to the type of risk you might see from standard power plant where you can't collect anything until everything is ready to go. This is 176 individual power plants that we'll be able to collect on in real time through 2026 as we deploy strings of turbines.

因此，考慮到所有因素，幾台渦輪機推遲到 2027 年投入使用所造成的實際影響微乎其微，我認為這與一些影響更大的事情略有不同。透過以串流媒體形式進行操作，我們有效地[打破了]收入來源的碎片化。因此，我認為這可以起到相當大的降低風險的作用，或者說可以減輕標準發電廠可能存在的風險，因為在標準發電廠中，只有在一切準備就緒後才能收集任何東西。我們將能夠即時收集 176 個獨立發電廠的數據，直到 2026 年，因為我們將部署一系列渦輪機。

I like that phrase, dechunkified. One other I had, just, you called out that you've had some weather and other headwinds year-to-date, but you still expect to be midpoint or better. Could you just go through what some of the -- those are kind of the positive offsets looks like sales are coming in stronger. If you go through that, it would be helpful.

我喜歡「去塊化」這個說法。我還有另一個問題，你提到今年以來你遇到了一些天氣和其他不利因素，但你仍然預計能達到年中或更好。您能否簡要介紹其中一些——這些算是正面的抵銷因素，看起來銷售額正在走強。如果你能這樣做，那將會很有幫助。

Sure, Paul. Yes, I'm really pleased with 2025 financial performance year-to-date. We are now in a weather deficit, a $0.02 weather deficit. And really, the biggest driver of that has been sales across two primary sources. One is faster and more ramping on our data center customers. That's been pretty consistent through the year.

當然可以，保羅。是的，我對2025年迄今的財務表現非常滿意。我們現在處於天氣虧損狀態，虧損金額為 0.02 美元。而實際上，最大的驅動因素是來自兩個主要通路的銷售額。一個是速度更快、更適合我們資料中心客戶的。今年以來情況一直相當穩定。

And then over the summer, we saw increased usage per customer on our residential class, which was something we're trying to understand better, but it was a departure from what we've seen in the past. So the two of those combined have been a tailwind, as I've mentioned in the past, that's been the most positive driver that gives us that confidence. And we've seen some true-ups on our writers, which allow us as we deploy capital to the extent we deploy it faster. We get some true-ups there. That's been a little bit of a help as well. But primarily, it's been sales.

然後，在夏季，我們發現住宅用戶的使用量有所增加，我們正在努力更好地了解這種情況，但這與我們過去看到的情況有所不同。正如我之前提到的，這兩件事結合起來對我們有利，也是帶給我們信心的最正面因素。我們看到一些作家的業績有所提升，這使我們能夠更快地部署資金。我們在那裡得到了一些修正值。那也起到了一定的作用。但最主要的還是銷售額。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just on the data center update, just any color that you're able to share on the sort of timing to in-service for the 9.8 gigawatts of load that's now under ESA and just how to think about that cadence looking forward?

或許可以就資料中心更新方面，您能否透露一下目前 ESA 負責的 9.8 吉瓦負載的投入使用時間安排，以及展望未來該如何安排進度？

Yes. Carly, our data center load just continues to grow and the demand continues to grow, which is something considering that we've connected 450 data centers already and we've got more than 25% of our sales going to data centers in Virginia. So we're not seeing any decrease.

是的。卡莉，我們的資料中心負載持續成長，需求也持續成長，考慮到我們已經連接了 450 個資料中心，而且我們超過 25% 的銷售額都流向了維吉尼亞州的資料中心，這確實令人擔憂。所以我們沒有看到任何下降。

We're actually seeing the opposite and that's the whole PJM DOM zone is seeing quite a bit of new capacity requests. And they continue to choose us because we've got really good fundamentals. We've got great connectivity to global fiber networks. We've got a very business-friendly environment in Virginia. We've got the largest data center workforce in the US and then we've got reliable and affordable electricity, thanks to us. So we've gotten 370 delivery point requests since 2020, which is over 58 gigawatts of capacity, 17 gigawatts of that just in 2025. That's across our service territory and also the co-ops that we serve from a transmission point of view.

實際上我們看到的情況恰恰相反，整個 PJM DOM 區域都出現了相當多的新增運力需求。他們之所以繼續選擇我們，是因為我們擁有非常紮實的基本面。我們與全球光纖網路的連線非常方便。維吉尼亞州的營商環境非常友善。我們擁有美國最大的資料中心員工隊伍，而且由於我們自身努力，我們也擁有可靠且價格合理的電力供應。自 2020 年以來，我們已經收到 370 個交付點請求，容量超過 58 吉瓦，其中 17 吉瓦僅在 2025 年就會實現。這涵蓋了我們的服務區域以及我們從輸電角度服務的合作社。

So we've now communicated firm dates for over 100 delivery point requests, which represents over 25 gigawatts of capacity in the DOM zone. And those energization dates stretch through 2031. So sort of match up with everything that we've been saying already. So typically, from the time of a delivery point request until we've got a customer hooked with the meters about four to seven years and then they ramp in over time from the date. So we've got sales growth off that 10 gigawatts of ESAs as they ramp in the current 4 gigs of meter demand just continues to increase steadily just off those ESAs over the coming years.

因此，我們現在已經確定了 100 多個交付點請求的具體日期，這代表了 DOM 區域超過 25 吉瓦的容量。這些通電日期一直延續到 2031 年。所以這和我們之前說的所有內容都吻合。因此，通常情況下，從收到送貨點請求到客戶安裝電錶，大約需要四到七年時間，然後他們會從安裝之日起逐步增加用電量。因此，隨著 10 吉瓦 ESA 的逐步投入使用，銷售額將實現成長；而目前 4 吉瓦的電錶需求在未來幾年將繼續穩定成長，這主要得益於這些 ESA 的投入使用。

Great. That's really helpful. And then maybe just a clarification question on slide 11. To the extent that costs through the end of '26 on CVOW do trend above that $11.3 billion level and recognize what you're outlining here is not materially at that level, are you still assuming that Stonepeak will continue to contribute incremental capital there? And if so, just what is your sort of confidence level there?

偉大的。這真的很有幫助。然後可能還需要對第 11 張投影片提出一個澄清問題。如果 CVOW 到 2026 年底的成本確實超過 113 億美元，並且考慮到您在這裡概述的內容實際上並沒有達到這個水平，您是否仍然認為 Stonepeak 將繼續在那裡投入增量資本？如果是這樣，你對此有多大的信心？

Yes. So under the agreement we have with Stonepeak capital between $11.3 billion and $11.8 billion is shared about two-thirds with Dominion and a third with Stonepeak that agreement without getting into too many details, provides incentives for them effectively to do that, to fund that. So that's what we've assumed. And as you mentioned, it's only a very small amount. I think in rounding terms, it's even less than the $400 million that we're over through 12/31/26 on slide 11.

是的。因此，根據我們與 Stonepeak 達成的協議，113 億美元至 118 億美元的資金中，約三分之二歸 Dominion，三分之一歸 Stonepeak。該協議（不贅述太多細節）有效地激勵他們這樣做，為該項目提供資金。所以，這就是我們之前的假設。正如你所說，這只是很小的一部分。我認為，以四捨五入的計算，這甚至比我們在第 11 張投影片上顯示的截至 2026 年 12 月 31 日的 4 億美元還要少。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just one last one, if I could, on CVOW here and recognize a lot of progress and a lot of fronts here. But just wanted to turn to the inter-array cable fabrication not as much progress on that side quarter-over-quarter. I'm just wondering if you could touch on that a little bit, the drivers.

如果可以的話，我想最後再補充一點關於 CVOW 的內容，並肯定這裡取得了許多進展，也看到了許多方面。但我想談談陣列間電纜的製造，這方面與上一季相比進展並不大。我只是想問您能否稍微談談司機這方面的情況。

It's not necessarily a linear production, Jeremy, but we are totally on track on inter-array cable manufacturing and installation. So I would read nothing into if you're sort of doing the math on how much per month or quarter, anything like that, we are right on track.

傑里米，這不一定是一個線性生產過程，但我們在陣列間電纜的製造和安裝方面完全按計劃進行。所以，如果你在計算每個月或每季要花多少錢，或者諸如此類的事情，我完全理解你的意思，我們一切都在按計劃進行。

Got it. And I just want to come back to the question on nuclear, if I could. And granted, as you said it pretty far off at this point. But we have seen the federal government kind of step up with new efforts to support development here. And just wondering if there's anything out there that you would be looking for that you think could materially, I guess, change views on the potential for nuclear's role going forward?

知道了。如果可以的話，我想再回到核能這個問題。當然，正如你所說，現在看來還相當遙遠。但我們已經看到聯邦政府加強了力度，採取了新的措施來支持這裡的發展。我想知道，您是否在尋找某種東西，您認為它可能會實質地改變人們對核能未來潛在作用的看法？

Well, I mean, our view is we're in the most in Virginia, at least the most nuclear-friendly state in the country. And the policy support here is very strong, the public and policymaker support, whether it's the Nuclear Navy or the big parts of the supply chain or the reactors that we've been operating safely here in Virginia since the '70s.

嗯，我的意思是，我們的觀點是，我們維吉尼亞州，至少是全國最支持核武的州。而且這裡的政策支持非常強，公眾和政策制定者都給予了大力支持，無論是核動力海軍，還是供應鏈的各個重要環節，亦或是自 70 年代以來我們在弗吉尼亞州安全運行的反應器。

But I think as we've described before, as we think about new nuclear cost overrun risk being borne by our customers and our shareholders is a concern. First-of-a-kind costs being borne by our customers as a concern, and the balance sheet that we've worked very hard to get in shape and our business risk profile can't change. So there are ways to work through that. That's the MOU that we entered into with Amazon. They've expressed some interest in helping finance an SMR at North Anna 3. We continue to work our way through that. But fundamentally, as we think about new nuclear, which could be very beneficial for the state, we need to think about first-of-a-kind cost, cost overrun risk and our business risk profile.

但我認為，正如我們之前所描述的那樣，考慮到新的核電成本超支風險最終由我們的客戶和股東承擔，這是一個令人擔憂的問題。前所未有的成本由我們的客戶承擔，而我們辛苦調整的資產負債表和業務風險狀況不能改變。所以，這個問題是有辦法解決的。這是我們與亞馬遜簽署的諒解備忘錄。他們表示有興趣幫助資助北安娜3號小型模組化反應爐的建造。我們仍在努力解決這個問題。但從根本上講，當我們考慮建立對國家非常有利的新核能時，我們需要考慮首創成本、成本超支風險以及我們的業務風險狀況。

Got it. So it sounds like backstops on catastrophic risk and just cost overrun risk would be the key things to pull forward, I guess, the timeline at this point?

知道了。所以聽起來，目前來看，應對災難性風險和成本超支風險的保障措施，應該是推動專案進度的關鍵？

They would be incredibly valuable, yes.

是的，它們會非常有價值。

Got it. That's very helpful. Last one, if I could. And then as we think about data center development here and clearly, there's been a focus for you, you guys well ahead of others here. But equipment availability that stands right now, transformers, transmission, equipment, everything for CCGT. Just wondering how long the queues at this point? And how do you think about, I guess, winding that up with more data centers, just given how [timelines] are on both sides at this point for demand?

知道了。那很有幫助。如果可以的話，最後一個問題。然後，當我們思考資料中心的發展時，很明顯，你們一直很關注這一點，你們在這方面遠遠領先於其他人。但就目前而言，CCGT所需的變壓器、輸電設備等一切設備的供應情況都存在問題。想知道現在排隊的人有多少？那麼，考慮到目前雙方的需求時間表，您認為透過建造更多資料中心來最終解決這個問題應該如何安排呢？

Well, if you think about the sort of timeline on components for generation, our IRP that we just filed with the dates that we've got for new gen line up with what we expect timelines for the supply chain. And then more broadly, I think everyone is experiencing there's more demand for transformers and other equipment. I think we're advantaged because of our size, because of the long relationships that we have with suppliers. We've been doing a lot of transmission work at this company for quite a while. And so I think that puts us in a good place as we try to connect the data center load that we've got. It's a big lift, but we're very much up to the task.

嗯，如果你考慮一下新一代產品的零件時間表，我們剛剛提交的 IRP 中列出了新一代產品線的日期，以及我們對供應鏈時間表的預期。而且更廣泛地說，我認為每個人都感受到對變壓器和其他設備的需求增加了。我認為我們的優勢在於我們的規模，以及我們與供應商建立的長期合作關係。我們公司從事變速箱相關工作已經有一段時間了。所以我認為這讓我們在連接現有資料中心負載方面處於有利地位。這的確是一項艱鉅的任務，但我們完全有能力勝任。

Got it. And just one last one, if I could. Speaking about timeline, if anything for CVOW, if anything flips into '27 here, do you think that there would -- that would impact, I guess, the '26 guide at this point? Or is that kind of just small at this point and wouldn't really think of it as much of a headwind when it comes to the '26 guide?

知道了。如果可以的話，我再補充最後一個問題。說到時間線，如果 CVOW 有任何變動，例如有什麼東西提前到 2027 年，你認為這會對 2026 年的指南產生影響嗎？或者說，就目前而言，這只是一個很小的因素，對於 2026 年的指南來說，這算不上什麼大的阻力？

Jeremy, I feel very, very good about our financial plan. We've constructed it to be appropriately though not unreasonably conservative. So if something like that were to occur, I feel very good about our ability to maintain our ability to hit the commitments we made to our investors at the conclusion of the business review.

傑里米，我對我們的財務計劃感到非常非常滿意。我們將其設計得既保守又合理，但又不至於過於保守。所以，如果發生類似的事情，我對我們能夠履行在業務審查結束時對投資者的承諾感到非常有信心。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

This is my last one three times. Just quickly, is there a cadence of generation needs that you guys look at in two to three years, whether it's like a gig a year? Like how much generation will you be bringing on to the grid as we look out towards the back end of your plan?

這是我最後一次三次了。簡單問一下，你們是否會以兩到三年為週期來關註一代人的需求變化，例如每年專注於一個專案？例如，從計畫的後期來看，你們將向電網輸送多少電力？

Well, I mean, the best way to look at it, Jeremy, is we outlined it in the IRP. So I'm not going to walk through sort of what comes on each year. But I will say we've got 2.6 gigawatts coming on in offshore wind by end of next year. Chesterfield Energy Reliability Center, which is in front of the commission right now, that's 1 gig of natural gas peaking that would come on '29. And then we've got a cadence roughly of 1 gig of solar a year, I mean, between us and PPAs coming online. Plus we've got another, I guess, 0.5 gig-ish, 500 megawatts of uprates on our existing gas fleet in Virginia. So it's all in the IRP sort of by year, which is probably the best way to look at it.

嗯，我的意思是，傑里米，最好的看待這個問題的方式是，我們在 IRP 中已經概述了這一點。所以我就不一一介紹每年都會有哪些節目了。但我可以肯定的是，到明年年底，我們將有 2.6 吉瓦的離岸風電專案投入運作。切斯特菲爾德能源可靠性中心目前正在向委員會匯報，該中心表示，2029 年將有 1 吉巴的天然氣達到尖峰發電量。然後，我們每年大約能新增 1 吉瓦的太陽能發電量，我的意思是，這包括我們本身以及即將上線的購電協議 (PPA)。此外，我們在維吉尼亞州現有的天然氣發電廠還將進行約 0.5 吉瓦（500 兆瓦）的升級。所以所有資訊都按年份列在 IRP 中，這可能是查看它的最佳方式。

Great. No, that's perfect. And then just one follow-up. When Charybdis finally clears to, I guess, begin installation, does the company issue a press release or an 8-K? Just how best can we track that?

偉大的。不，這正合適。然後只有一次後續跟進。我想，當一切塵埃落定，可以開始安裝的時候，公司會發布新聞稿還是 8-K 表格呢？我們怎樣才能最好地追蹤這些資訊？

Well, we've noticed a lot of people track where Charybdis is on the web, on one of these vessel finder sites. So you'll see it. It won't be at the dock anymore. It will be out at a turbine. I would not anticipate us issuing an 8-K or a press release when it's done because it's another step in the project, a project that is going extremely well. We didn't issue a press release when we started installing other components. We just moved through this efficiently and effectively as we've been doing throughout our offshore wind project.

我們注意到很多人會在網路上，透過一些船舶查找網站來追蹤 Charybdis 的位置。所以你會看到的。它不會再停泊在碼頭了。它會被送到渦輪機那裡。我預計專案完成後我們不會發布 8-K 表格或新聞稿，因為這是專案的另一個階段，而這個專案進展得非常順利。我們在開始安裝其他組件時並沒有發布新聞稿。我們像在整個離岸風電專案中一樣，有效率、有效地完成了這項工作。

And ladies and gentlemen, this will conclude our question-and-answer session for today. Mr. Blue, I'd like to turn the conference back to you, sir, for any closing comments.

女士們、先生們，今天的問答環節到此結束。布魯先生，我想把會議交還給您，請您作總結發言。

Thanks, everybody, for taking the time to join the call today. I hope you enjoy the rest of the day and your Halloween.

感謝各位今天抽空參加電話會議。祝你今天餘下的時間和萬聖節都過得愉快。

Thank you very much, Mr. Blue. Ladies and gentlemen, that will conclude today's Dominion Energy third-quarter earnings call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

非常感謝您，布魯先生。女士們、先生們，今天的 Dominion Energy 第三季財報電話會議到此結束。再次感謝各位的參與，祝福大家今天過得愉快。再見。