道明尼資源 (D) 2025 Q4 法說會逐字稿

(Operator Instructions) Welcome to the Dominion Energy fourth-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to David McFarland, Vice President, Investor Relations, and Treasurer.

（操作員說明）歡迎參加 Dominion Energy 2025 年第四季財報電話會議。（操作員指示）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。

Good morning, and thank you for joining Dominion Energy's fourth-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 年第四季財報電話會議。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 resort 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，我們將討論本公司業績與 GAAP 認可的業績不同的部分。我們將非GAAP指標與最直接可比較的GAAP財務指標進行核對，並可計算得出，核對結果已包含在獲利發布資料包中。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. I will now turn the call over to Steven.

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。現在我將把通話轉給史蒂文。

Thank you, David, and good morning, everyone. Over the last 24 months since the conclusion of our business review, we've consistently reiterated our focus on three principal priorities: first, consistent achievement of our financial commitments. Second, continued 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 benefit both customers and shareholders.

謝謝你，大衛，大家早安。自從我們完成業務審查以來的過去 24 個月裡，我們始終堅持三個主要優先事項：首先，持續履行我們的財務承諾。第二，繼續實現維吉尼亞沿海離岸風電專案的主要建設里程碑；第三，建設性地取得監管成果，證明我們有能力與監管機構和利害關係人合作，從而使客戶和股東受益。

Looking back on 2025, we successfully executed against these guiding priorities and our focus for 2026 is unchanged. As we execute, we empower our employees to provide the reliable, affordable, and increasingly clean energy that powers our customers every day. And we position ourselves to continue to deliver on the commitments we made at the conclusion of the business review.

回顧 2025 年，我們成功地執行了這些指導性優先事項，而我們 2026 年的重點也保持不變。在執行過程中，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所需的能源。我們將做好準備，並繼續履行我們在業務審查結束時所做的承諾。

Turning first to 2025 results, as shown on slide 5. As the first full year post-business review, 2025 was a critical year for demonstrating our ability to produce high-quality earnings and robust credit results consistent with our original guidance. Therefore, I'm pleased to report that we successfully delivered with full-year 2025 operating earnings of $3.42 per share and operating earnings excluding RNG 45Z credits of $3.33 per share, both above the midpoint of our guidance. I'd also note that full-year 2025 GAAP earnings of $3.45 per share were higher than operating EPS. As always, please refer to schedules 2 and 4 of the earnings release kit for more details.

首先來看 2025 年的結果，如投影片 5 所示。作為業務審查後的第一個完整年度，2025 年是證明我們有能力產生高品質收益和穩健信貸業績的關鍵一年，這與我們最初的指導一致。因此，我很高興地報告，我們成功實現了 2025 年全年營運收益為每股 3.42 美元，不計入 RNG 45Z 信用額的營運收益為每股 3.33 美元，均高於我們預期的中點。我還想指出，2025 年全年 GAAP 每股收益為 3.45 美元，高於營運每股收益。一如既往，更多詳情請參閱盈利發布資料包中的附表 2 和附表 4。

Continuing that theme, we delivered equally strong credit results. Of particular note is our estimate of Moody's full-year CFO pre-working capital to debt, which is both nearly 100 basis points above our downgrade threshold and the highest result we've reported for this metric since 2012, 13 years ago. Balance sheet strength is critical given the substantial need for regulated capital investment across our system to meet our customers' growth over the next several years and our robust 2025 credit results position us well for that future.

延續這一主題，我們的信貸業績同樣表現強勁。尤其值得注意的是，我們對穆迪全年財務長營運資本與債務比率的估計，不僅比我們的降級門檻高出近 100 個基點，而且是我們自 2012 年以來（13 年前）報告的該指標的最高結果。鑑於未來幾年我們整個系統都需要大量的受監管資本投資來滿足客戶的成長需求，資產負債表的穩健性至關重要，而我們強勁的 2025 年信貸業績使我們為未來做好了充分準備。

Turning now to 2026 guidance on slide 6. We expect 2026 operating earnings per share, excluding RNG 45Z credit income, to be between $3.40 and $3.60 per share with a midpoint of $3.50. As is our standard practice, we're using a range to variations from normal weather in our utility service territories. The midpoint represents a 6.1% increase relative to our comparable 2025 guidance midpoint of $3.30 despite 2026 being a double outage year at Millstone driven by continued strength in sales and higher regulated investment.

現在來看第 6 頁關於 2026 年的指引。我們預計2026年每股營運收益（不計RNG 45Z信貸收入）將介於3.40美元至3.60美元之間，中位數為3.50美元。依照慣例，我們採用區間預測來應對公用事業服務區域內天氣狀況的波動。儘管 2026 年 Millstone 礦山因銷售持續強勁和監管投資增加而停產兩次，但該中點值仍比我們 2025 年的 3.30 美元指導中點值增長了 6.1%。

Our expectations for RNG 45Z income, which we continue to report separately, reflect updated credit scoring and lower production assumptions, which we've been highlighting for a while now. We continue to await final 45Z regulations, but we believe that the guidance incorporates the range of likely outcomes. We'll, of course, update our disclosures if and as needed.

我們對 RNG 45Z 收入的預期（我們將繼續單獨報告）反映了更新的信用評分和較低的產量假設，我們先前已多次強調這一點。我們仍在等待 45Z 的最終規定，但我們相信該指導涵蓋了各種可能的結果。當然，我們會根據需要更新我們的揭露資訊。

Taken together, total operating earnings guidance at the midpoint is $3.57 per share. We're also showing credit and dividend guidance for 2026, which are consistent with our previous long-term guidance. As a reminder, we'll revisit our dividend per share growth rate when we achieve a peer aligned payout ratio.

綜合來看，營運收益預期中位數為每股 3.57 美元。我們也公佈了 2026 年的信貸和股息指引，這與我們先前的長期指引一致。再次提醒大家，當我們的派息率達到同業水準時，我們將重新評估每股股利成長率。

Before turning it over to Bob, let me hit on a few final related topics from our long-term financial outlook. First, electric demand growth, which for Virginia is illustrated on slide 7 and Bob will cover specific drivers in his prepared remarks, including the differentiated high-quality and low-risk nature of our data center pipeline. We are continuing to observe tangible dual points that underscore the real-time nature of this accelerating demand trend.

在把發言權交給鮑伯之前，我想先就我們的長期財務展望談談最後幾個相關主題。首先是電力需求成長，維吉尼亞州的電力需求成長情況已在第 7 張投影片中說明，鮑伯將在他準備好的發言中介紹具體的驅動因素，包括我們資料中心管道的差異化高品質和低風險特性。我們持續觀察到一些明顯的雙重特徵，這些特徵凸顯了這種加速成長的需求趨勢的即時性。

For instance, in 2025, weather normal sales in the Dominion Energy Virginia LSE increased 5.4% and all of the top 20 peak demand days in the Dominion zone have occurred in the last 14 months. As a result, we're seeing the need for incremental investment across our system to ensure continued reliability amid continually growing demand in our service areas, which leads me to our updated capital investment forecast as shown on slide 8.

例如，2025 年，維吉尼亞州 Dominion Energy LSE 的正常天氣銷售額成長了 5.4%，而 Dominion 區域內所有前 20 個需求高峰日都出現在過去 14 個月中。因此，我們看到需要對整個系統進行逐步投資，以確保在服務區域需求不斷增長的情況下，系統的可靠性能夠持續。這也引出了我們更新後的資本投資預測，如投影片 8 所示。

As we roll forward our outlook, we're increasing our five-year total capital estimate from $50 billion to approximately $65 billion, representing a 30% increase. We're providing comprehensive and detailed disclosures in the appendix of today's material. So I'll summarize a few key points here. First, much of this increase, over 90% is happening at Dominion Energy Virginia, our largest utility operating company and home to the large data center market in the world.

隨著我們展望未來，我們將五年總資本估算從 500 億美元上調至約 650 億美元，增幅達 30%。我們在今天這份資料的附錄中提供了全面詳細的揭露資訊。所以，我在這裡總結幾個要點。首先，超過 90% 的成長發生在 Dominion Energy Virginia，這是我們最大的公用事業營運公司，也是全球大型資料中心市場的所在地。

Second, nearly two-thirds of the updated capital spend will be eligible for recovery subject to regulatory approval, underwriter mechanisms. And third, we've updated the compounded annual growth rate of our investment base to approximately 10%. This capital investment growth is happening across a diverse portfolio of well-developed projects as shown on slide 9.

其次，近三分之二的更新資本支出將有資格獲得回收，但需獲得監管部門的批准和承銷商的機制。第三，我們將投資基礎的複合年增長率更新為約 10%。如投影片 9 所示，這種資本投資成長發生在各種成熟項目的多元化組合中。

We're seeing continued strength in electric transmission and distribution and a notable increase in generation, consistent with our most recent integrated resource plans on gas generation, which includes two CTs and three CCGTs. We have secured our turbine slots for each project, and we'll provide updates on development and permitting as they progress.

我們看到電力傳輸和分配持續強勁，發電量也顯著增加，這與我們最新的天然氣發電綜合資源計劃相一致，該計劃包括兩座燃氣渦輪機和三座燃氣聯合循環發電廠。我們已經為每個專案預留了渦輪機安裝位置，我們將隨著專案的進展提供開發和許可方面的最新資訊。

The CCGT projects have projected in-service dates of 2032 through 2034. I'd also note that our share of the remaining spend on CVOW represents less than 2% of the updated capital plan. Outside of today's update, we continue to see opportunities for additional investment across the value chain biased towards the early 2030s and beyond. We'll include those opportunities and future updates as warranted by their development status.

CCGT計畫的預計投入使用日期為2032年至2034年。我還要指出，我們在 CVOW 剩餘支出中所佔的份額不到更新後的資本計畫的 2%。除了今天的更新之外，我們仍然看到價值鏈上有額外的投資機會，這些機會主要集中在 2030 年代初期及以後。我們將根據發展狀況，酌情納入這些機會和未來的更新資訊。

A capital update of this size requires a thoughtful approach to both customer affordability and financing. Bob will review our efforts around the former in his prepared remarks. I'll address financing presently.

如此規模的資本更新需要周全地考慮客戶的承受能力和融資問題。鮑伯將在事先準備好的演講稿中回顧我們圍繞前者所做的努力。我稍後會談到融資問題。

As shown on slide 10, nearly 60% of our five-year investing cash flows and projected dividends will be satisfied by internally generated operating cash flows. About 10% will come from net hybrid issuance, which keeps us well below the credit agency prescribed maximum. 10% or so will come from common equity issued via our standing DRIP and ATM programs.

如投影片 10 所示，我們五年投資現金流和預計股利的近 60% 將由內部產生的經營現金流來滿足。約10%的資金將來自混合債券淨發行，這將使我們遠低於信用評等機構規定的最高限額。另約10%的資金將來自透過我們現有的股息再投資計畫（DRIP）和自動櫃員機計畫（ATM）發行的普通股。

We view this level of programmatic equity as appropriate given our sizable investment plan and our commitment to strong investment-grade ratings. And the final roughly 20% will come from long and short-term debt. I should note that this financing plan will support our robust credit expectations and credit rating targets, consistent with our buyer guidance, as shown on slide 11.

鑑於我們龐大的投資計畫和對維持強勁投資等級評級的承諾，我們認為這種程度的程序化股權是合適的。最後約 20% 將來自長期和短期債務。我應該指出，這項融資計畫將支持我們穩健的信貸預期和信用評級目標，這與我們的買方指導一致，如投影片 11 所示。

Finally, the combination of updated sales growth, capital investment, rate base growth, and financing lands leads to our long-term operating earnings per share guidance, as shown on slide 12. Please recall that given the existing legislative sunset for 45Z credits at the end of 2029, we've always broken RNG 45Z credits out separately, a practice we continue here.

最後，更新後的銷售成長、資本投資、利率基礎成長和融資土地的結合，得出了我們的長期每股營運收益指引，如投影片 12 所示。請注意，鑑於 45Z 積分的現行立法日落條款將於 2029 年底到期，我們一直將 RNG 45Z 積分單獨列出，我們在這裡也繼續沿用這一做法。

As a result, we continue to provide long-term earnings growth guidance on an ex 45Z basis. With all that said, we are reaffirming our existing long-term operating earnings per share guidance of 5% to 7% annually off of the original 2025 guidance midpoint of $3.30 per share.

因此，我們持續提供不計入 45Z 因素的長期獲利成長指引。綜上所述，我們重申現有的長期每股營運收益預期，即在原 2025 年預期中位數 3.30 美元的基礎上，每年增長 5% 至 7%。

As we've highlighted before, no change to our expectation of variation within that range year-to-year to account for years in which our Millstone Nuclear Power Station experiences refueling outages at both units. This occurs once every three years and normally reduces operating EPS by between $0.08 and $0.10 due to lower sales and higher O&M expenses.

正如我們之前強調的那樣，考慮到米爾斯通核電廠兩個機組都會經歷換料停工的年份，我們對每年波動範圍的預期沒有改變。這種情況每三年發生一次，通常會因銷售額下降和營運維護費用增加而使每股收益減少 0.08 至 0.10 美元。

We've previously communicated that through our five-year outlook, we expect annual growth to average around the midpoint of the growth rate range or 6%. However, given improved business fundamentals, which includes more regulated investment, partially offset by headwinds, including lower RNG production, lower future day rate assumptions for our Jones Act-compliant wind turbine installation vessel, Charybdis, and higher financing costs, we now expect to achieve the upper half of the 5% to 7% growth rate range starting in 2028.

我們之前已經通過五年展望表明，我們預計年增長率平均將達到增長率範圍的中點，即 6%。然而，鑑於業務基本面有所改善（包括更多受監管的投資），但部分被不利因素所抵消，包括可再生天然氣產量下降、符合《瓊斯法案》的風力渦輪機安裝船「卡律布狄斯號」的未來日租金預期降低以及融資成本上升，我們現在預計從 2028 年開始，增長率將達到 5% 至 7% 區間的上半部分。

Executing on this updated growth bias will require successful regulatory and construction execution, stable financing markets, and a thoughtful approach to customer affordability, among other drivers for which we feel well positioned.

要實現這一更新後的成長目標，需要成功的監管和建設執行、穩定的融資市場以及對客戶承受能力的周全考慮，而我們認為自己在這方面已經做好了充分準備。

In anticipation of the question, let me explain the drivers of the difference between 3% to 4% between our updated rate base and long-term earnings growth guidance. First, approximately 250 basis points is caused by equity dilution. Even with attractive regulatory recovery mechanisms in place, the scale of our capital program requires us to issue, on average, roughly 2.5% of our market app annually to fund growth.

為了回答這個問題，讓我解釋一下我們更新後的利率基礎與長期獲利成長預期之間 3% 到 4% 的差異的驅動因素。首先，約有 250 個基點是由股權稀釋造成的。即使有有吸引力的監管恢復機制，我們的資本計畫規模也要求我們平均每年發行約佔市場申請量 2.5% 的債券來為成長提供資金。

We view this level of steady equity issuance under existing programs as prudent and EPS accretive, and given the magnitude of our capital spending, appropriate to keep our consolidated credit metrics well within the guidelines for our strong credit ratings category. Another driver is increased parent-level interest-related expense, which reflects today's interest rate outlook and increased financing in support of the higher capital plan.

我們認為，在現有計劃下保持這種穩定的股權發行水平是審慎的，能夠提高每股收益，並且考慮到我們資本支出的規模，這種發行水平是合適的，可以使我們的綜合信用指標保持在我們強勁信用評級類別的指導方針之內。另一個驅動因素是母公司層面利息相關支出的增加，這反映了當前的利率前景以及為支持更高的資本計劃而增加的融資。

And finally, we've reflected the impact of long lead projects, primarily gas generation, in the rate base growth through 2030. Though we don't get the full cash flow of those projects until they enter service in the early 2030s, which is when we begin to collect depreciation in rates, thus stepping up cash flow and actualizing the project's full earnings potential.

最後，我們也反映了長期項目（主要是天然氣發電項目）對 2030 年費率基礎成長的影響。雖然這些項目要到 2030 年代初投入使用後才能獲得全部現金流，屆時我們將開始收取折舊費，從而提高現金流並實現項目的全部盈利潛力。

Before I hand it back to Bob, I'll note that while we are pleased with our 2025 financial performance, it's really all about how we execute going forward. Since the business review, we've seen tailwinds and we've seen some headwinds, but what hasn't changed is our confidence in the plan, which has been built to be appropriately but also not unreasonably conservative.

在把稿子交還給鮑伯之前，我想指出，雖然我們對 2025 年的財務表現感到滿意，但關鍵在於我們未來的執行情況。自從業務審查以來，我們遇到了一些順風，也遇到了一些逆風，但不變的是我們對該計劃的信心，該計劃的製定既適當又不會過於保守。

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, Steven. I'll begin with safety on slide 14. Our OSHA recordable rate of 0.26 in 2025 was a record for the company, continuing the positive trend from the last three years. We also broke a record with our company's lowest lost day restricted duty rate, which is a safety metric that tends to reflect more serious injuries.

謝謝你，史蒂文。我將從第 14 張投影片上的安全問題開始。2025 年，我公司 OSHA 可記錄事故率為 0.26，創公司紀錄，延續了過去三年來的正面趨勢。我們也打破了公司最低的誤工天數限制性工作率記錄，這是一項安全指標，往往反映出更嚴重的工傷事故。

But we know that safety is ultimately about people, not numbers. Continuing to focus relentlessly on improving our safety performance is one way we can honor the memory of our colleague, Ryan Barwick, who we lost in an accident last year.

但我們知道，安全歸根結底是關於人，而不是關於數字。繼續不懈地專注於提高我們的安全績效，是我們緬懷去年在事故中喪生的同事 Ryan Barwick 的一種方式。

I'll start our business update with the Coastal Virginia Offshore Wind Project. Notably, we're now over 70% complete. We continue to be on track for the delivery of first power to the grid by the end of March, that will represent a remarkable project milestone. General fabrication and installation have gone exceptionally well. Let me provide a few quick examples.

我們將首先介紹維吉尼亞海岸離岸風電項目，作為我們業務更新的第一部分。值得一提的是，我們目前已經完成了70%以上。我們仍按計畫推進，將於3月底前實現首次併網發電，這將是該計畫的重要里程碑。整體製造和安裝工作進展得非常順利。我舉幾個簡單的例子。

We completed installation of the 176 monopiles more quickly than expected. We're ahead of schedule on transition pieces as well with over 70% installed and the remainder at the Portsmouth Marine Terminal. The third and final offshore substation was installed this past Saturday, commissioning is proceeding as planned. Deepwater export cables are now installed and inter-array cable installation is on track. All of the remaining cabling is now fabricated, the majority is landed in Virginia. And onshore work to accept first power is complete.

我們比預期更快完成了176根單樁的安裝。過渡部件的進度也提前了，超過 70% 的零件已經安裝完畢，剩餘部分正在朴茨茅斯海運碼頭進行安裝。第三座也是最後一座離岸變電站已於上週六安裝完畢，調試工作正按計畫進行。深水出口電纜現已安裝完畢，陣列間電纜安裝工作正在按計畫進行。剩餘的電纜全部已製造完成，大部分已運抵弗吉尼亞州。陸上接收首批電力所需的工作已經完成。

The project budget stands at $11.5 billion, including unused contingency of $155 million. On January 30, we filed our quarterly status report with the State Corporation Commission as well as provided a comprehensive and detailed update on the project's cost and timeline on our Investor Relations website. No change to those materials, which we've included in the appendix of today's material.

該項目預算為 115 億美元，其中包括 1.55 億美元的未動用緊急資金。1月30日，我們向州企業委員會提交了季度狀況報告，並在我們的投資者關係網站上提供了有關該專案成本和時間表的全面詳細更新。這些材料沒有變化，我們已將其包含在今天材料的附錄中。

We have 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 March 2026 and the impact of steel tariffs through completion of project construction in early 2027. Please note, we're reviewing Friday Supreme Court tariff ruling, and we'll update the budget in the future as appropriate.

我們持續更新了我們在各個關稅類別和示例性期限內可能面臨的關稅風險敞口。我們將展示截至 2026 年 3 月各國特定關稅的影響，以及截至 2027 年初項目建設完成時鋼鐵關稅的影響。請注意，我們正在審查週五最高法院關於關稅的裁決，並將在適當的時候更新預算。

Finally, let me talk about wind turbine generator progress and timing. We're making excellent progress on fabrication. Around 70% of towers in the cells and 30% of blades have been fabricated. This progress tracks well relative to our schedule.

最後，我想談談風力發電機組的進度和時間安排。我們在製造方面取得了非常好的進展。小區中約 70% 的塔架和 30% 的葉片已經製造完成。這項進展與我們的計劃相符。

With regard to installation, a few comments. First, successful completion of the first turbine in January marked a major milestone for CVOW as we demonstrated our ability to safely complete each of the major elements of the overall project.

關於安裝方面，有幾點需要說明。首先，1 月第一台渦輪機的成功完工標誌著 CVOW 的一個重要里程碑，因為它證明了我們有能力安全地完成整個專案的每個主要部分。

Second, during the first few iterations we're deliberately moving more slowly in order to ensure we figuratively measure twice and cut once. We view this as prudent construction management, aligned with the lessons we've learned over years of large project construction. Third, since we recommenced turbine installation upon receipt of the preliminary injunction on January 16, we've been navigating winter weather, which has accounted for over a week of downtime.

其次，在最初的幾次迭代中，我們故意放慢速度，以確保我們能做到「三思而後行」。我們認為這是審慎的施工管理，符合我們多年來在大型專案建設中汲取的經驗教訓。第三，自 1 月 16 日收到初步禁令後我們重新開始安裝渦輪機以來，我們一直在應對冬季天氣，這導致停工超過一周。

Fourth, we needed to pause installation occasionally to refine procedures and equipment as is typical during first-time stages of any construction project. Let me provide one meaningful example. After successfully installing the third blade of the first turbine, a human performance error, which was unrelated to Charybdis operations, resulted in damage to the affixed blade. That required us to assess the damage, remove the blade, replace it with a new blade and immediately return to port to offload the damaged blade and reload a new one. That iteration took almost two weeks. We'll, of course, learn from this experience and don't expect to see this type of the repeat itself.

第四，我們需要不時暫停安裝，以改進程序和設備，這在任何建設項目的第一階段都是很常見的。讓我舉一個有意義的例子。在成功安裝第一台渦輪機的第三片葉片後，由於與 Charybdis 操作無關的人為操作失誤，導致已安裝的葉片受損。這需要我們評估損壞情況，卸下刀片，換上新刀片，然後立即返回港口卸下損壞的刀片，重新裝上新刀片。那次迭代耗時近兩週。我們當然會從這次經驗中學到教訓，並不希望這類事件再次發生。

Therefore, I'd certainly caution against making any conclusive predictions on the project's expected timeline solely based on the first iterations of this process. Please note that current project budget includes turbine installation schedule contingency for weather delays through July 2027 as needed, including Charybdis charter costs.

因此，我強烈建議不要僅憑該過程的最初幾次迭代就對專案的預期時間表做出任何確切的預測。請注意，目前專案預算包括渦輪機安裝進度應急費用，以應對 2027 年 7 月之前因天氣原因造成的延誤，包括 Charybdis 包機費用。

As a general rule of thumb, if the project extends beyond that for some reason, and we don't expect it will, we estimate that each additional quarter to complete turbine installation would add between $150 million and $200 million to the project cost, a portion of which would be acuate to our financing partner. We will include data from additional installation iterations in future quarterly updates.

一般來說，如果專案因某種原因超出了預期工期（我們預計不會超出），我們估計，每增加一個季度完成渦輪機安裝，專案成本將增加 1.5 億美元至 2 億美元，其中一部分將歸我們的融資夥伴所有。我們將在未來的季度更新中納入更多安裝迭代的資料。

Turning to slide 16. As Steven previewed, we view customer affordability as central to our public service obligation, and accordingly, we have a long record of maintaining competitive rates, which compare favorably to the national average. Our current customer rates of both DEV and DESC continue to be lower than the national average, 4% and 12%, respectively. And going forward, we expect to see typical residential rates increasing by a compound annual growth rate of around 2.6% and 2.8% at DEV and DESC, respectively.

翻到第16張幻燈片。正如史蒂文之前預告的那樣，我們認為客戶的承受能力是我們公共服務義務的核心，因此，我們長期以來一直保持著具有競爭力的價格，與全國平均水平相比，我們的價格很有優勢。我們目前的客戶發展率和下降率分別低於全國平均 4% 和 12%。展望未來，我們預計典型住宅價格將分別以約 2.6% 和 2.8% 的複合年增長率在 DEV 和 DESC 地區上漲。

Additionally, as shown on slide 17, DEV and DESC's average residential electric customer bills as a percentage of median household income, have improved by 7% and 29%, more than the national electric utility average, respectively, since 2014. We recognize though the customers are feeling the pressure higher costs for housing, groceries, and other essentials, including their electric bill. We have a number of programs designed to help our customers manage their electric bills, including budget billing, energy savings programs, and financial assistance programs such as energy share.

此外，如投影片 17 所示，自 2014 年以來，DEV 和 DESC 的平均住宅用電客戶帳單佔家庭收入中位數的百分比分別提高了 7% 和 29%，高於全國電力公司的平均水平。我們也意識到，客戶正感受到住房、食品雜貨和其他必需品（包括電費）上漲所帶來的壓力。我們有多個專案旨在幫助客戶管理電費，包括預算計費、節能計劃和能源共享等財政援助計劃。

Late last year, we also won new online platform to put all of our programs in one place so customers can more easily find the best options to meet their needs. Furthermore, our recently approved large load provisions endure that our smaller customers aren't at risk of subsidizing our largest customer classes. We also work continuously to improve the efficiency of our operations while meeting high customer service standards and reliability needs.

去年底，我們還贏得了一個新的線上平台，將我們所有的專案集中在一個地方，以便客戶可以更輕鬆地找到滿足他們需求的最佳選擇。此外，我們最近批准的大額負荷條款規定，我們的小型客戶不會面臨補貼我們最大客戶群的風險。我們不斷努力提高營運效率，同時滿足高標準的客戶服務和可靠性要求。

In recent years, we've driven out costs through improved processes, innovative use of technology, and other best practice initiatives. As shown on slide 18, based on the most recent data file with FERC, we have a proven track record of being one of the most efficient companies for the benefit of our customers in the industry. We're focused on continuing to drive down O&M costs across all of our segments. Looking ahead, we're intently focused on ensuring our service isn't just reliable, but that it remains affordable as well.

近年來，我們透過改進流程、創新地使用技術以及其他最佳實踐措施來降低成本。如投影片 18 所示，根據 FERC 的最新資料文件，我們已證明自己是業內最高效的公司之一，為我們的客戶帶來了益處。我們致力於持續降低所有業務部門的營運和維護成本。展望未來，我們將全力確保我們的服務不僅可靠，而且價格實惠。

Now I'll turn to business updates. Steven provided a brief overview of sales growth trends. Let me offer some specific comments on our data center customers. On slide 19, we've updated our typical disclosure around the data center pipeline. We now have over 48 gigawatts in various stages of contracting as of December 2025, which compares to around 47 gigawatts as of September, an increase of approximately 1.4 gigawatts or 3%.

接下來我將介紹一下業務進展。史蒂文簡要概述了銷售成長趨勢。我想就我們的資料中心客戶提出一些具體意見。在第 19 張投影片中，我們更新了有關資料中心管道的典型揭露資訊。截至 2025 年 12 月，我們目前有超過 48 吉瓦的電力項目處於不同的合約簽訂階段，而截至 9 月，這一數字約為 47 吉瓦，增加了約 1.4 吉瓦，即 3%。

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. Starting in January 2027, large load customers with demand of 25 megawatts or greater will be subject to minimum demand charges and a customer that signs a new ESA will also be subject to contract terms with exit fees and enhanced collateral requirements.

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。從 2027 年 1 月起，需求量為 25 兆瓦或以上的大負荷客戶將需繳納最低需求費用，簽署新的電力供應協議 (ESA) 的客戶還將需遵守合約條款，包括退出費和更高的抵押品要求。

We believe that we have a differentiated opportunity around our data center customers. Our projected demand growth is high quality, as shown on slide 20, because the forecast that drive our planned capital spend are based on insights gained from over a decade of meter level historical data, long-term working relationships with some of the largest and most sophisticated technology companies in the world, and validation from 20-plus gigawatts of signed ESA and CLOA contracts.

我們相信，我們在資料中心客戶方面擁有獨特的機會。如幻燈片 20 所示，我們預測的需求增長質量很高，因為推動我們計劃資本支出的預測是基於從十多年來的計量級歷史數據中獲得的洞察、與世界上一些最大、最先進的技術公司建立的長期合作關係，以及從 20 多吉瓦已簽署的 ESA 和 CLOA 合約中獲得的驗證。

The vast majority of our demand growth is driven by steady and consistent batches of cloud inference data center modules, which we view as lower risk and produces consistent results over time. This strategy has worked well for us for years and helps limit our reliance on any single project or customer.

我們的大部分需求成長是由穩定且持續的雲端推理資料中心模組批次驅動的，我們認為這些模組風險較低，並且隨著時間的推移能夠產生穩定的結果。多年來，這項策略對我們非常有效，有助於減少我們對任何單一專案或客戶的依賴。

Let me spend a few minutes on slide 21 because I want to make sure everyone understands its significance. As the slide shows, our forecasted data center demand through 2045 is more than covered by existing signed ESAs and CLOAs. That means we do not forecast demand based on SCLOAs. That also means that by working diligently through the existing backlog and connect existing projects under construction, we'd achieve our demand forecast for the next approximately 20 years. Again, we believe this makes our data center market less risky, and highly realistic.

我想花幾分鐘時間講解第 21 張投影片，因為我想確保每個人都理解它的重要性。如投影片所示，我們預測到 2045 年的資料中心需求完全可以透過已簽署的 ESA 和 CLOA 來滿足。這意味著我們不根據SCLOA來預測需求。這也意味著，透過努力解決現有的積壓項目，並將正在建設中的現有項目連接起來，我們將實現未來約 20 年的需求預測。我們再次認為，這使得我們的資料中心市場風險更低，也更現實。

All that said, we're, of course, working as quickly as possible to work through our queue because we know these investments are of vital importance to our data center customers. We welcome them to our system and recognize the important contribution they make to national state and community success. 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.

儘管如此，我們當然會盡最大努力盡快處理待辦事項，因為我們知道這些投資對我們的資料中心客戶至關重要。我們歡迎他們加入我們的體系，並認可他們為國家、社區的成功所做的重要貢獻。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。

In Virginia, specifically, credential rates have averaged 9% below the national average, even as data center load has grown at a 20% CAGR since 2016, as shown on slide 22. Data center demand should and can be a win-win for our state, our customers, and our company.

具體來說，在維吉尼亞州，儘管自 2016 年以來資料中心負載以 20% 的複合年增長率增長（如幻燈片 22 所示），但證書持有率平均比全國平均低 9%。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。

And while just it's one data point, it's worth noting that for the ninth consecutive year, our economic development team has been recognized as a top utility for economic development. Two projects were highlighted, including Eli Lilly and Hampton Lumber. In September 2025, Eli Lilly & Company announced plans for a $5 billion state-of-the-art manufacturing facility that will generate 650 highway jobs and 1,800 construction jobs in Virginia.

雖然這只是一個數據點，但值得注意的是，我們的經濟發展團隊連續第九年被公認為經濟發展領域的頂級公用事業機構。重點介紹了兩個項目，分別是禮來公司和漢普頓木材公司。2025 年 9 月，禮來公司宣布計劃投資 50 億美元在維吉尼亞州建造一座最先進的製造工廠，該工廠將創造 650 個公路建設工作和 1800 個建築工作。

In addition, Allendale, South Carolina welcomed Hampton Lumber in July when the company established its first East Coast sawmill, bringing more than 125 new jobs to the region. We're proud to contribute to these outcomes. Projects we supported in the last year alone will create more than 3,600 jobs and attract $7.4 billion in new capital investment, delivering lasting value and strong community growth across our service territory.

此外，7 月份，漢普頓木材公司在南卡羅來納州阿倫代爾建立了其在東海岸的第一家鋸木廠，為該地區帶來了 125 多個新的工作機會。我們很榮幸能為這些成果做出貢獻。光是去年，我們支持的計畫就將創造超過 3,600 個就業崗位，並吸引 74 億美元的新資本投資，為我們的服務區域帶來持久價值和強勁的社區發展。

Finally, let me share a few additional business updates as shown on slide 23. First, on November 25, the Virginia State Corporation Commission published its final order in the 2025 biennial review proceeding. The Commission's order approved the large load provisions I discussed earlier, designed to ensure continued fair allocation of costs among customers and to mitigate the risk of stranded assets.

最後，讓我分享一些其他業務更新，如第 23 頁所示。首先，11 月 25 日，維吉尼亞州企業委員會發布了 2025 年雙年度審查程序的最終命令。委員會的命令批准了我之前討論過的大負荷條款，旨在確保在客戶之間繼續公平地分配成本，並降低資產擱淺的風險。

Also on November 25, the Virginia SEC approved the Certificate of Public Convenience and Necessity and Rider for the Chesterfield Energy Reliability Center, an approximately 1-gigawatt gas-fired electric generating facility expected to cost approximately $1.5 billion and be placed in service in 2029. In its order, the commission highlighted that the project addresses an imminent reliability threat in accordance with the public interest. On February 12, the Commission affirmed their order and denied a petition for reconciliation.

11 月 25 日，維吉尼亞州證券交易委員會批准了切斯特菲爾德能源可靠性中心的公共便利和必要性證書及附加條款。該中心是一個裝置容量約 1 吉瓦的燃氣發電設施，預計耗資約 15 億美元，將於 2029 年投入使用。委員會在裁決中強調，該項目符合公共利益，旨在解決迫在眉睫的可靠性威脅。2月12日，委員會確認了他們的命令，並駁回了和解申請。

On February 13, PJM announced its final selections in the latest transmission open window process, awarding us a portfolio of projects totaling over $5 billion with various in-service dates through 2032. This represents the largest proposed investment by Dominion Entry Virginia since PJM began its open window process.

2 月 13 日，PJM 公佈了最新輸電項目公開招標流程的最終結果，授予我們一系列總價值超過 50 億美元的項目，這些項目將在 2032 年前陸續投入使用。這是自 PJM 啟動開放視窗流程以來，Dominion Entry Virginia 提出的最大一項投資。

Next, in South Carolina, the ESC filed an electric rate case application and testimony with the Public Service Commission of South Carolina on January to support the $1.4 billion invested in the South Carolina electric system since 2023 and ensure that we can continue meeting customer demand safely, reliably, and efficiently. We expect the decision in June with rates effective in July.

接下來，在南卡羅來納州，ESC 於 1 月向南卡羅來納州公共服務委員會提交了一份電力費率案件申請和證詞，以支持自 2023 年以來對南卡羅來納州電力系統投資的 14 億美元，並確保我們能夠繼續安全、可靠、高效地滿足客戶需求。我們預計在6月做出決定，利率將於7月生效。

Finally, on Millstone. The facility continues to provide over 90% of Connecticut's carbon-free electricity, and 55% of its output is under a fixed price contract through late 2029. The remaining output continues to be significantly derisked by our hedging program, which we've updated in the appendix of today's materials. During 2025, Millstone performed well and achieved a capacity factor of over 91%, aligning with our expectations of exemplary performance and reflecting our unwavering commitment to safety and best-in-class operations.

最後，在米爾斯通。該設施繼續提供康乃狄克州 90% 以上的無碳電力，其 55% 的產量已簽訂固定價格合同，有效期至 2029 年底。剩餘產量繼續透過我們的避險計劃大幅降低風險，我們在今天材料的附錄中更新了該計劃。2025 年，米爾斯通電廠表現出色，產能利用率超過 91%，符合我們對卓越表現的預期，體現了我們對安全和一流營運的堅定承諾。

In January, the Connecticut Department of Energy and Environmental Protection issued a zero carbon energy request for proposals for which Millstone is eligible. Bids are due in the RFP in March. The Connecticut RFP process also intends to coordinate bid evaluation in conjunction with other New England states.

今年一月，康乃狄克州能源與環境保護部發布了零碳能源專案提案徵集書，米爾斯通公司符合參與資格。投標截止日期為三月的招標公告期間。康乃狄克州的招標流程也計劃與其他新英格蘭州協調投標評估工作。

In addition to state-sponsor procurement, we continue to evaluate the prospect of supporting incremental data center activity as well. We feel strongly that any data center option needs to be pursued in a collaborative fashion with stakeholders in Connecticut. We remain focused on achieving a constructive outcome for the facility, and we'll continue to provide updates as things develop.

除了國家贊助採購外，我們還將繼續評估支持增量資料中心活動的前景。我們強烈認為，任何資料中心方案都需要與康乃狄克州的利害關係人進行合作。我們將繼續致力於為該設施爭取建設性的結果，並將隨著事態發展繼續提供最新消息。

With that, let me summarize our remarks on slide 24. We achieved record-setting safety performance as measured by both OSHA and LDRD rates last year. We achieved 2025 operating earnings above the midpoint of our guidance and delivered our strongest credit results in the last several years.

接下來，讓我總結一下我們在第 24 張投影片上的討論內容。去年，我們在 OSHA 和 LDRD 指標上都取得了創紀錄的安全績效。我們實現了 2025 年營業利潤高於預期中位數的水平，並取得了近幾年來最強勁的信貸業績。

We initiated our 2026 operating earnings guidance range and reaffirmed our existing long-term operating earnings per share growth rate of 5% to 7%, with a bias to the upper half of that range, 2028 to 2030. We reaffirmed our credit and dividend guidance.

我們發布了 2026 年營業利潤預期範圍，並重申了我們現有的長期每股營業利潤增長率為 5% 至 7%，並傾向於該範圍的上半部分（2028 年至 2030 年）。我們重申了信貸和股利指引。

In collaboration with our policymakers, regulators, and stakeholders, we continue to make the necessary investments to provide the reliable, affordable, and increasingly clean energy that ours our customers every day, which has resulted in an approximately 30% increase in our five-year capital plan. And CVOW continues to progress well in construction with robust cautioning that protects customers and shareholders. We're 100% focused on execution. We know we must continue to deliver, and we will.

我們與政策制定者、監管機構和利益相關者合作，繼續進行必要的投資，以提供我們每天為客戶提供的可靠、價格合理且日益清潔的能源，這使得我們的五年資本計劃增加了約 30%。CVOW 在建築領域持續穩定發展，並採取強有力的警示措施來保護客戶和股東。我們百分之百專注於執行。我們知道我們必須繼續履行職責，而且我們一定會做到。

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

那麼，我們就可以回答你們的問題了。

(Operator Instructions) Shahriar Pourreza, Wells Fargo.

（操作員說明）Shahriar Pourreza，富國銀行。

Just quickly, just a quick question on the '26 and '27 EPS. Just -- the CapEx is up about $3 billion in those years versus the previous guide and rate-based Virginia is considerably higher. Can you just maybe talk about some of the puts and takes that get you to a 6% growth rate in those years versus the upper half of the range?

我快速問一下關於 2026 年和 2027 年 EPS 的問題。僅——與先前的指導相比，這些年的資本支出增加了約 30 億美元，而維吉尼亞州的費率則要高得多。您能否談談，在那些年份裡，有哪些買賣策略能讓您達到 6% 的成長率，而不是達到區間的上半部？

I mean the updated trajectory is modestly below consensus. I guess, where is there conservatism in plan? Anything to call out? I think Millstone comes to mind there, but just a little bit more detail.

我的意思是，更新後的軌跡略低於普遍預期。我想問，這個計劃哪裡體現了保守主義？有什麼需要特別指出的嗎？我想到的是米爾斯通，但還需要一些更詳細的資訊。

Yeah, Shar. There's a couple of things there. So let me hit on them and if I miss anything, let me know. You mentioned a little bit about consensus, aware of that thought. Keep in mind, prior consensus would have included $0.10 for 45Z credit. We've reduced that to $0.07, which I think on 2028 basis, accounts for about half of the [$0.06 delta].

是的，莎爾。那裡有兩件事。所以讓我來跟他們聊聊，如果我漏掉了什麼，請告訴我。你剛才稍微提到了共識，也意識到了這一點。請注意，先前的普遍預期是 45Z 信用額度為 0.10 美元。我們已將其降至 0.07 美元，我認為以 2028 年的基準計算，這大約佔總成本的一半。[差價 0.06 美元]。

We've always broken 45Z out. If you look at the sum of the parts, folks are generally ascribing fairly insignificant amount of value to that. And the reason we've done that since the beginning of the review is because we view it, A, as having a legislative sunset; and, B, not truly indicative of the core operating earnings power of the base utility business. So today, we announced a 6% increase year-over-year on that base business. We increased the longer-term guidance to the upper half in '28 through '30. I think it should be interpreted very much as a bullish message.

我們一直都開著45Z。如果只看各個部分的總和，人們通常認為它的價值微乎其微。我們從一開始就這樣做的原因是，我們認為，A，它有立法日落條款；B，它不能真正反映基礎公用事業業務的核心營運獲利能力。所以今天，我們宣布該基礎業務年增 6%。我們將 2028 年至 2030 年的長期業績指引上調至上半部。我認為這應該被解讀為一條看漲信號。

And with regard to Millstone, we won't today, be giving any specific color around what we've assumed in that upper half guidance as it relates to the pricing on Millstone post expiration of the PPA in August '29. But as we have always approached our financial planning subsequent to the business review, I would just say we've been appropriately conservative.

至於 Millstone 項目，我們今天不會就我們在上半部分指導意見中對 Millstone 項目在 2029 年 8 月 PPA 到期後的定價所做的假設給出任何具體說明。但是，由於我們一直以來都是在業務審查之後才進行財務規劃，所以我只能說我們一直都採取了適當的保守做法。

And we expect to have some clarity around the outcome of the RFP towards the back half end of this year. And at that point, we can give people a little bit more information around the ultimate trajectory of Millstone and if and whether that will change the trajectory towards the back half of our plan.

我們預計在今年下半年左右，RFP 的結果會比較明朗。到那時，我們可以向人們提供更多關於米爾斯通最終發展軌蹟的信息，以及這是否會改變我們計劃後半段的發展軌跡。

And then I think finally, starting with -- or ending with what you started, which is the trajectory. Look, we see most of these tailwinds, assessing most strongly towards the back end of our plan. That's been the consistent message we've delivered to investors for the last several months. That hasn't changed.

最後，我認為，從你開始的地方開始——或者說從你開始的地方結束，那就是軌跡。你看，我們看到這些順風大多在計畫的後期階段最為強勁。在過去的幾個月裡，我們一直向投資人傳達同樣的訊息。這一點沒有改變。

We see rate base investment, certainly, in capital over the five-year plan, but we get the strong value for that towards the back end. And so I would just say, we're very comfortable with maintaining original guidance, '26, '27. Our motto is to under promise and over deliver, and that's what we anticipate to continue to do going forward.

我們當然可以看到，在五年計畫期間，利率基礎投資將用於資本，但我們將在後期獲得強勁的價值。因此，我只想說，我們非常樂意維持原有的指導方針，即 '26'、'27'。我們的座右銘是少承諾，多兌現，這也是我們未來將繼續秉持的原則。

Got it. That's actually super helpful. I appreciate that.

知道了。這真的很有幫助。我很感激。

And then just lastly, as we're thinking about the data center ramp the updated slides like on 21. With the ESAs and the higher CapEx outlook, are you assuming minimum take or pays in the current plants of the data center customer ramps slicker and consumes more than the minimum over time? Would that be accretive to the current plan? Just want to get a sense there, too.

最後，當我們考慮資料中心擴容時，請參考 21 日更新的幻燈片。考慮到環境服務協議 (ESA) 和更高的資本支出預期，您是否假設當前資料中心客戶的最低照付不議協議會隨著時間的推移而更順利地實施，並且消耗量會超過最低要求？這樣做對現有計畫會有好處嗎？我也想了解那邊的狀況。

Yeah, Shar. I mean, we -- our data center expectations are based on years of experience. I think as we have described, we're not forecasting based on load letters or inquiries, we're actually showing precisely what we expect coincident demand to be. And as we made clear in our opening remarks, that's being driven by our current ESAs out for a decade and then you start getting the CLOAs, get you above our current projections by at 2045.

是的，莎爾。我的意思是，我們——我們對資料中心的期望是基於多年的經驗。我認為正如我們所描述的，我們並非根據貨運函或詢價進行預測，而是準確地顯示我們預期同期需求的情況。正如我們在開場白中明確指出的那樣，這是由我們目前的 ESA 推動的，未來十年將持續，然後隨著 CLOA 的推出，到 2045 年，這將使我們的產量超過目前的預測。

If they ramp faster, then we'll address that, obviously. But we've got a lot of experience with the rate at which these companies ramp and we think it's smart to make our forecast based on what we're confident of rather than projecting some capital allocation based on the letter that we got that may or may not show up.

如果他們的成長速度更快，那我們當然會採取措施。但是，我們對這些公司的發展速度有很多經驗，我們認為，根據我們有信心的事情來做出預測是明智的，而不是根據我們收到的、可能出現也可能不出現的信件來預測一些資本配置。

And Shar, I'd just to add that the name of the game for us is sales, yes. That's very positive. But really, it's the investment across the low-risk regulated business that supports that sales, which ultimately is going to be driving the long-term earnings growth and credit strength in the name.

Shar，我還要補充一點，對我們來說，最重要的就是銷售，沒錯。這是非常正面的訊號。但實際上，支撐這些銷售額的是低風險監管業務的投資，而這最終將推動公司長期獲利成長和信用實力。

As you know, we forecast forward in our base Biennial in Virginia that includes sales volumes. We do it in our riders as well. So for us, we assume they're going to ramp based on historical performance that's largely above the minimums, of course. But for us, the big picture driver is the ability to deploy capital on behalf of our customers, which ultimately will drive the long-term financial performance.

如您所知，我們在維吉尼亞州的基本兩年期預測中會包含銷售量。我們的騎手們也會這樣做。因此，我們假設他們會根據歷史績效逐步提高產量，當然，歷史績效大多高於最低水準。但對我們來說，從長遠來看，關鍵在於能夠代表客戶部署資金，最終將推動長期的財務表現。

Nicholas Campanella, Barclays.

尼古拉斯·坎帕內拉，巴克萊銀行。

I just wanted -- I just want to follow up on the CvOW update. I appreciate all the updates you gave there, especially on the turbine installation progress. Just -- you gave this per quarter sensitivity on cost, I believe, if it goes past this July '27 timeline that you brought up.

我只是想——我只是想跟進一下 CvOW 的更新情況。我非常感謝您提供的所有最新消息，特別是關於渦輪機安裝進度的最新消息。只是——我相信，你給出了每季度對成本的敏感性，如果超過你提到的 2027 年 7 月的時間表的話。

Just how many -- maybe you could clearly delineate how many turbines per quarter you're trying to install here to make that? And then my follow-up question on that is if you do have upside risk to the budget, did your financing partners already indicate that they'd participate alongside you?

究竟有多少台？或許您可以明確說明一下，為了達到這個目標，您打算每季安裝多少台渦輪機？那麼我的後續問題是，如果預算有上行風險，您的融資夥伴是否已經表示他們會與您一起參與？

Yeah. I'm sorry, Nick, I missed the first part of the question. It had to do with turbine installation cadence, but I wasn't exactly -- a word blurred out for me there.

是的。對不起，尼克，我沒聽清楚問題的第一部分。這和渦輪機的安裝節奏有關，但我不太清楚──我當時腦子裡一片空白。

How many turbines do you need to install per quarter to make the July 2027 timeline that you laid out?

為了實現您所製定的 2027 年 7 月時間表，您每季需要安裝多少渦輪機？

Yeah. I'd answer it this way, I mean, our expectation is we get the majority in 2026 and then some into 2027. And as we think about it, we're looking at a 2.25 days per installation. That's over a period of time when the weather is worse, like in the winter, it's going to be slower than that. But that's what we would look at in order to hit the schedule that we've laid out.

是的。我的回答是，我們預計在 2026 年獲得多數席位，然後在 2027 年再添一些席位。我們仔細考慮了一下，平均每次安裝需要 2.25 天。那是指在一段時間內，當天氣惡劣時，例如在冬天，速度會比這慢。但為了按計劃完成任務，我們會考慮這些因素。

And then on the second part of the question, Stonepeak has been a great partner with us. And we've got the contractual provisions on how we would move forward if it extends into that longer period, which as I mentioned, we don't expect.

至於問題的第二部分，Stonepeak 一直是我們非常棒的合作夥伴。我們有合約條款規定，如果這種情況持續更長時間，我們將如何應對，但正如我所提到的，我們預計這種情況不會發生。

Okay. And then one last one there. If the timeline is going past July '27, is the overall COD you think still intact then? And then I know that you bring these on insuring, so the earnings cadence is less material to that COD. Could you just remind folks of how that works?

好的。然後，還有一個。如果時間軸延續到 2027 年 7 月之後，你認為屆時整個 COD 還能保持完整嗎？而且我知道你把這些都納入了保險範圍，所以收入節奏對 COD 的影響就沒那麼大了。能否提醒大家具體操作方法？

Yeah. Nick, I think you're hitting on absolutely the right point, which is, given the way the regulatory recovery works, amount of capital to be recovered in rate basis, at this point, effectively fixed. It's at the cap of what was allowed to be socialized customers. And so changes in installation will largely be EPS neutral in the form of deferrals as we over or under recover in a certain rate year.

是的。尼克，我認為你完全說對了，鑑於監管回收機制的運作方式，目前以利率計算的資本回收額實際上是固定的。這已經達到了社會化顧客人數的上限。因此，由於我們在某個費率年度的回收率過高或過低，安裝量的變化將在很大程度上對 EPS 保持中性，表現為延期支付。

There could be some cash impacts associated with that, but that's exactly why we maintain, in our internal models, a very robust cushion to our existing credit downgrade thresholds so that in the event something like that happens, and this is just one example, we're well positioned to absorb it and still stay above the downgrade threshold.

這可能會對現金流造成一些影響，但這正是我們在內部模型中保持現有信用評級下調閾值非常穩健的緩衝機制的原因，這樣，即使發生類似的事情（這只是一個例子），我們也能很好地吸收影響，並保持在下調閾值之上。

And then I think with regard to your first question, was that with regard to Stonepeak? Did I understand the first part of your question correctly?

那麼，關於你的第一個問題，我想問的是石峰嗎？我是否正確理解了您問題的第一部分？

Just this project COD slipping to the right if you're moving installation past July '27?

如果安裝日期延後到 2027 年 7 月之後，那麼 COD 專案就會順延嗎？

Yeah, like what impact that has on our arrangement with Stonepeak? Or something totally not related to Stonepeak and I've told totally missed it.

是啊，這會對我們與Stonepeak的合作產生什麼影響？或是發生了一些與石峰完全無關的事情，而我卻完全錯過了。

I think the way to think about COD is just as the turbines come on -- this is not like a combined cycle where there's a COD date for the end. We bring -- as you said in the question, we bring turbos on in strings and they go in that way.

我認為理解 COD 的方式就是從渦輪啟動開始——這與聯合循環不同，聯合循環有一個結束的 COD 日期。正如你在問題中所說，我們成串地運送渦輪增壓器，它們就是這樣進去的。

Sorry about that, Nick. I tried to make that an even more complicated question than I think you were actually asking.

抱歉啊，尼克。我試著把這個問題說得比你實際想問的更複雜一些。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

So just on the utility capital plan, is the PJM transmission that you noted, the open season, is that -- I assume that's -- is that in the plan?

那麼，就公用事業資本計劃而言，您提到的 PJM 輸電項目，也就是開放招標期，我假設那是——那是否在計劃之中？

Yes. Yeah. A lot of. Some of it extends beyond 2030, Steve. It's a portfolio approach. So we have a number of those awarded projects that ultimately are seven or eight years in duration. So we've captured all of what's been awarded in the -- through 2030 in the updated plan.

是的。是的。很多。史蒂夫，其中一些影響將延續到2030年後。這是一種投資組合策略。因此，我們有許多已得標的項目，最終持續時間長達七、八年。因此，我們在更新後的計劃中記錄了截至 2030 年的所有撥款。

Okay. Is there any projects you've identified that are not in the plan during -- that would be in the period and you're just waiting for some approvals? Or it's pretty much everything that's planned right now for the five years in there?

好的。您是否發現有任何項目不在計劃之內，但在這個時期內，只是在等待一些審批？或者說，這基本上就是未來五年所有計畫的內容？

Yeah. I mean, everything that we feel confident in executing through the five years in the plan. As we've noted in today's script and in prior scripts, we continue to see opportunities for incremental capital to support the customer growth across our systems. And so will reflect that as appropriate in future updates. But this is a good snapshot of where we see it today.

是的。我的意思是，計劃中所有我們有信心在五年內執行的項目。正如我們在今天的腳本和之前的腳本中提到的那樣，我們繼續看到透過增加資本來支持我們系統中客戶成長的機會。因此，我們將在未來的更新中酌情反映這一點。但這很好地反映了它目前的狀況。

Okay. And then just on two other questions. Just -- you mentioned the dividend payout and considering it as you look relative to peers. I think peers have been generally been reducing their payout targets in recent quarters and the like. Is that something that -- thus we apply to your thinking on the timing of resuming dividend growth?

好的。然後還有另外兩個問題。剛才你提到了股息支付，並考慮將其與同行進行比較。我認為近幾個季度以來，同行們普遍都在降低派息目標等等。因此，我們是否可以將此因素應用到您對恢復股息成長時機的思考中？

Yeah. We haven't made a final financial decision as it relates to the payout ratio. We're certainly aware of the trend you're describing, which is folks bringing the payout ratio as a source of funding for their enlarged capital plan. And that's something certainly we'll take into consideration when we to that point.

是的。關於派息率，我們尚未做出最終的財務決定。我們當然注意到了您所描述的這種趨勢，即人們將派息率作為擴大資本計劃的資金來源。這一點，我們到那時一定會考慮在內。

You can do the math around the EPS growth rate and the current dividend and probably get a sense that we might be a little bit -- we have a little bit of time to make a final determination as to when and how much we start growing the dividend.

您可以根據每股盈餘成長率和當前股息進行計算，這可能會感覺到我們還有一些時間來最終決定何時以及以多大幅度提高股息。

Okay. And then lastly going back, you were talking about making a decision on new nuclear technology preference maybe by the end of last year. Is there any update on that? And then just how much is in the plan over the five years for a new nuclear?

好的。最後，回到正題，您之前提到過，可能會在去年年底之前決定新的核子技術選擇。請問這方面有進展嗎？那麼，未來五年內，新建核電廠的計畫規模究竟有多大？

Yeah. Steve, we're still in final stages of evaluating technology. We've got, I believe, as you know, authorization in Virginia through a rider to recover costs for small modular reactor development up to a certain point. And we don't have capital to the plan, this five-year plan for an SMR.

是的。史蒂夫，我們仍在對技術進行最終評估。我相信，如您所知，我們已經透過一項附加條款在維吉尼亞州獲得了授權，可以收回小型模組化反應器開發到一定程度的成本。我們沒有資金來實施這項為期五年的小型模組化反應器（SMR）計劃。

If you look at our integrated resource plan, we're still a ways away from when we would expect to be deploying SMR. As we've discussed before, Virginia is a very pro-nuclear state. We want to make sure that we support that, but we also want to make sure we do it in a way that is respectful of our customers and our balance sheet.

從我們的綜合資源計劃來看，距離我們預期部署小型模組化反應器 (SMR) 的時間還有很長一段時間。正如我們之前討論過的，維吉尼亞州是一個非常支持核能的州。我們希望確保我們能夠支持這一點，但我們也希望確保我們以尊重客戶和公司財務狀況的方式來做到這一點。

Steve D’Ambrisi, RBC Capital Markets.

Steve DâtreAmbrisi，RBC Capital Markets。

Just had a quick one or maybe two. Just -- in terms of 2026 and following on Shar's question, you're able to guide to 6% EPS growth on the operating business for '26 with the inclusion of Millstone double outage. And so can you just talk a little bit about like effectively what are the positives that are enabling you to grow 6%? And then just like -- effectively why maybe those don't recur in '27? Or why it takes a little bit longer to get there?

就喝了一兩杯，就一杯。關於 2026 年，以及 Shar 提出的問題，您能否預測 2026 年營運業務的每股收益成長 6%，其中包括 Millstone 兩次停產的影響？那麼，您能否簡單談談，究竟有哪些正面因素促成了您6%的成長？然後就像是——為什麼這些事情在 2027 年沒有再次發生？或者，為什麼到達那裡需要更長的時間？

Yeah. Steve, let me try that again and see if I can be more responsive. In '26, we're getting the benefit of a couple of helpful items. One is the full impact of the Biennial rate increase in Virginia. And second is a half-year impact associated with the South Carolina rate case. So think of it as '26 as a catch-up year because in those jurisdictions prior to going in for those rate relief, we would have been under earning.

是的。史蒂夫，讓我再試一次，看看能不能反應更迅速一些。2026年，我們受惠於一些有用的物品。一是維吉尼亞州兩年一次的費率上漲的全面影響。其次，南卡羅來納州的費率案件會帶來半年的影響。所以，不妨把 2026 年看成是追趕之年，因為在那些地區實施利率減免之前，我們的收入會低於預期。

And then because we don't typically go in the next year for additional rate relief, you can see that lag catching up with us a little bit. And it's less pronounced in Virginia, of course, because of the forward-looking rates, but we have that in South Carolina. So that's why you see that cadence between '26 and '27.

然後，由於我們通常不會在第二年尋求額外的利率減免，你可以看到這種滯後效應開始對我們產生一些影響。當然，由於維吉尼亞州的利率是前瞻性的，所以這種情況不太明顯，但南卡羅來納州的情況就不同了。所以你才會看到 2026 年和 2027 年之間的這種節奏。

'27, even though you have $0.08 to $0.10 from the lack of a double outage year, you're gearing up for that next rate case and you'd see the potentially the impacts of that later in '28. Does that help?

2027 年，即使因為沒有雙倍停電年份而節省了 0.08 到 0.10 美元，你也正在為下一個費率調整做準備，你可能會在 2028 年晚些時候看到它的影響。這樣有幫助嗎？

Yeah, that's perfect. That's what I figured. I just wanted to clarify. And then just -- on the 45Z credits, I totally understand changing the assumptions and being more conservative, I guess. But just -- you did book $0.09 in '25. Is there a reason why it falls into like outer years? Is that just like changes in, I don't know, I guess, CI scores or something? Or what's driving that?

對，那就太好了。我猜也是這樣。我只是想澄清一下。至於 45Z 積分，我完全理解改變假設並採取更保守的做法。但是——你在 2025 年確實預訂了 0.09 美元。它為何歸入外層年份？有什麼原因嗎？那是不是就像CI分數之類的變化一樣？或者說，是什麼原因導致了這種情況？

It's exactly that. It's a change in CI score. So one of the changes that happened is that a new GREET model was published in '26. The ultimate RNG 45Z model for '26 and beyond will be based on that. That initial GREET model suggests to us a little bit of degradation in CI relative to what we booked. Now that doesn't mean that '25 is at risk. It's not a backward-looking model in our view.

正是如此。這是CI評分的變化。其中一項變更是，2026 年發布了新的 GREET 模型。2026 年及以後的終極 RNG 45Z 車型將以此為基礎。最初的 GREET 模型顯示，與我們預訂的相比，CI 略有下降。但這並不代表25號就有風險。在我們看來，這不是一種倒退的模式。

We had the rules for '25. We booked as according to the rules that were in place in '25 but because of the view we have now based on the most recent model in '26 and beyond, we've effectively adjusted our CI scoring to reflect that, which is why we put a $0.05 to $0.09 range around that $0.07. We see the outcome of that ultimate CI score somewhere in that $0.05 to $0.09.

我們有 25 年的規則。我們按照2025年的規則進行預訂，但由於我們現在基於2026年及以後的最新模型有了新的看法，因此我們有效地調整了CI評分以反映這一點，這就是為什麼我們將0.07美元的區間設定在0.05美元到0.09美元之間。我們認為最終的CI評分結果將在0.05美元到0.09美元之間。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Just two quick ones. On a follow-up from Steve's question, what's the lag you're assuming in your Virginia and South Carolina jurisdictions? I know you said there's a catch-up in the rate -- the timing of the rate case benefit this year. But could you tell us maybe what you're assuming in '26 for lag and in '27?

就兩個簡單的問題。針對史蒂夫提出的問題，您假設維吉尼亞州和南卡羅來納州轄區內的延遲時間是多少？我知道您說過利率方面會有追趕——今年的利率調整優惠政策生效時間比較合適。但您能否告訴我們您對 2026 年和 2027 年的延遲有何假設？

Yeah. That's a great question, Anthony. So the majority of the lag we see in the composite Virginia earned ROE is related to our North Carolina segment of the business, which is quite small but it is much more -- we don't go in this frequently for rate cases, and it's more traditionally backward looking for us.

是的。安東尼，你問得好。因此，我們在弗吉尼亞州綜合已實現 ROE 中看到的大部分滯後都與我們在北卡羅來納州的業務有關，雖然該業務規模很小，但影響更大——我們不會經常介入費率案件，而且對我們來說，這更符合我們傳統的回顧性做法。

So that is a driver of, call it, the majority of the driver of something like a 30- to 40-basis-point lower than the 10.4% or so weighted average allowed that we have in -- And then we have other non-jurisdictional customer that follows that exact same trend. So those are the drivers of it in Virginia.

所以，這可以說是導致比我們允許的 10.4% 左右的加權平均值低 30 到 40 個基點的主要原因——然後我們還有其他非管轄區客戶也遵循同樣的趨勢。所以這些就是維吉尼亞州的驅動因素。

And in South Carolina, obviously, before we get rate relief, we've talked about, at the lowest under-earning part of the South Carolina cycle, we underearn is by much as 150 to 200 basis points. And so I would expect us to be on that in the front half of the year. And then by the end of the year, once we get relief, we'll start closing the gap on that.

顯然，在南卡羅來納州，在我們獲得利率減免之前，我們已經討論過，在南卡羅來納州經濟週期中收益最低的低點，我們的收益會比預期低 150 到 200 個基點。因此，我預計我們會在今年上半年著手處理這件事。然後到年底，一旦我們獲得緩解，我們將開始縮小差距。

And then as we look forward, we're encouraged by legislative activity like the RSA that would potentially allow us to be in for frequent formulaic rate case. Still backward looking, but more frequent, which will allow us to, as we've said in the past, trying to about have that run rate of 150 to 200 basis points to something closer to 75 to 100 on a go-forward basis.

展望未來，我們受到 RSA 等立法活動的鼓舞，這些活動可能會讓我們有機會頻繁地參與公式化費率案件。雖然仍是回顧過去，但頻率更高，這將使我們能夠像過去所說的那樣，努力將 150 到 200 個基點的運行率降低到更接近 75 到 100 個基點。

Great. And then just one follow-up. You had mentioned legislative, I'm thinking about in Virginia. And I don't know if it was proposed yesterday. I don't know if you'd comment on it. There's a, I guess, proposal in the Senate of maybe eliminating a data center tax benefit or tax shield going on. Just thoughts if you could comment on that? Thoughts of maybe that impacting your forecast or load growth, and that's it.

偉大的。然後只有一次後續跟進。你剛才提到了立法方面的事情，我想到的是維吉尼亞州的情況。我不知道昨天是否有人提出這個提議。我不知道你是否會對此發表評論。我聽說參議院正在討論一項提案，可能要取消資料中心的稅收優惠或稅收保護。您能否就此發表一下看法？只是覺得這可能會影響你的預測或負載成長，僅此而已。

Yeah. As is always the case on our fourth-quarter call, the Virginia General Assembly is ongoing. And so it's difficult to predict any kind of an outcome. I just say that, in our view, data centers are very beneficial to the state and local economies. We look forward to continuing to serve them for some time. And you can see the growth we're expecting off of them. We expect that to continue.

是的。與往常第四季電話會議的情況一樣，維吉尼亞州議會仍在進行中。因此，很難預測任何結果。我只想說，在我們看來，資料中心對州和地方經濟非常有益。我們期待在未來一段時間內繼續為他們服務。你可以看到我們預期它們會帶來的成長。我們預計這種情況會持續下去。

Carly Davenport, Goldman Sachs.

卡莉·達文波特，高盛集團。

Maybe just as we think about the equity plans, you have the explicit guidance for '26. Just any color you can provide on how to think about the cadence of the remainder of the common equity issuance? And then -- are there any other levers on the funding side you might consider outside of the hybrids like minority interest sales?

或許就在我們考慮股權計畫的時候，你們已經有了 2026 年的明確指導方針。您能否就剩餘普通股發行的節奏提供一些建議？那麼──除了混合融資方式之外，在融資方面還有其他可以考慮的手段嗎，例如出售少數股權？

Yeah. Great question. So we think about the cadence of equity, about one-third of that total five-year equity, we expect between '26, '27, and '28, and about two-thirds in '29 and '30, which is when we see the most substantial capital increases in the business, particularly around some of that gas generation spend; which, as I mentioned before, is less cash converting at least initially relative to some of the other portfolios like distribution and transmission that we've got.

是的。問得好。因此，我們考慮股權融資的節奏，預計五年股權融資總額的三分之一將在 2026 年、2027 年和 2028 年之間完成，三分之二將在 2029 年和 2030 年完成，屆時我們將看到業務中資本增值最為顯著天然氣，尤其是在一些分銷率的成本，正如我之前提到的，與我們至少擁有的其他投資組合，

And then with regard to alternative funding sources, we think the hybrid is such a really -- it's a really good product. I mean, the market for that has been super strong, the 6%-ish, plus 6%-ish or so we can get for 50% equity credit is very attractive. As I mentioned, we're well below the prescribed maximum at both Moody's and S&P as it relates to that even with what we have in our current plan.

至於其他融資來源，我們認為混合融資真的是非常好的產品。我的意思是，這方面的市場非常強勁，50%的股權信貸可以獲得約6%的收益，再加上大約6%的收益，這非常有吸引力。正如我之前提到的，即使按照我們目前的計劃，我們的表現也遠低於穆迪和標普規定的最高限額。

We'll always, as you know, consider alternative sources of financing to the extent that they're more attractive than what we've laid out. So we'll maintain any optionality, but right now, we feel really good about the plan we've laid out. I think it's balanced, it's achievable, and it's appropriate for our credit metrics.

如您所知，我們總是會考慮其他融資來源，只要它們比我們已製定的方案更具吸引力。所以我們會保留所有選擇餘地，但目前我們對制定的計劃感到非常滿意。我認為這個方案是平衡的、可實現的，並且符合我們的信用指標。

Great. Okay. That's super helpful. And then maybe just -- there have been a couple of comments in the last few weeks from the administration on appealing the preliminary injunctions that were granted for a number of offer wind projects, including CVOW. Just curious if you do see any incremental litigation risk or headline risk on execution on the project from external involvement?

偉大的。好的。這太有幫助了。然後，或許只是——在過去幾周里，政府就對包括 CVOW 在內的多個風電項目授予的初步禁令提出上訴發表了一些評論。我只是好奇，您是否認為外部人員的參與會為專案執行帶來任何額外的訴訟風險或輿論風險？

Carly, we continue to see CVOW as the fastest way to get a significant amount of electricity at a low-cost way on for our customers who are leading the AI race, who are building ships for the navy. And so we continue to believe it just makes sense for this project to be allowed to continue slowing it down as was demonstrated with the last stop work order adds costs and adding costs and delays in the data center capital of the world. We think that doesn't make sense.

卡莉，我們仍然認為 CVOW 是為那些引領人工智慧競賽、為海軍建造船隻的客戶以低成本快速獲取大量電力的最佳方式。因此，我們仍然認為，允許該專案繼續放慢進度是合理的，正如上次停工令所表明的那樣，停工令會增加成本，並導致世界資料中心之都的工期延誤。我們認為這說不通。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just wanted to come back, I guess, to some of the earlier points with the turbine installation duty. I just want to make sure it's clear. When you say early '27, does that mean like a Jan or does it mean a first quarter? Could you just walk through the differences between the early 2027, how that's different than the July '27 that you're referencing before? I just wanted to make sure we're clear.

我想回到之前提到的渦輪機安裝任務的一些要點。我只是想確認一下是否清楚。你說的“2027年初”，是指1月份還是指第一季？您能否詳細說明一下 2027 年初與您之前提到的 2027 年 7 月之間的差異？我只是想確認一下我們是否理解一致。

Jeremy, early means early. It's -- we didn't put a specific date around it and so what we wanted to do was just give some guideposts for people who can think about the way this goes going forward. So if weather delays us out to July, that's all in the current budget of [$11.5 billion]. And then if for some reason, we're delayed beyond that, we've given you that benchmark of $150 million to $200 million a quarter.

傑里米，早就早。我們沒有設定具體的日期，所以我們想做的只是為那些能夠思考此事未來發展方向的人們提供一些指導方針。所以如果天氣原因導致工期延誤到七月，那也都在目前的預算之內。[115億美元]如果由於某種原因，我們耽擱的時間超過了這個期限，那麼我們已經設定了每季 1.5 億美元到 2 億美元的基準目標。

The reason we're talking this way is we're early in the installation process. And if you had asked me two weeks into monopiles, I would have said, we're not tracking with what we expect in order to hit our schedule. And by the way, remember, with monopiles, we had a season -- we had seasonal restrictions. So it was really important to be able to hit your day. And then, of course, as we went along, we end up finishing a month or a couple of months early.

我們現在這樣交流的原因是，我們還處於安裝過程的早期階段。如果你在單樁治療兩週後問我，我會說，我們的進度沒有達到預期，無法按計畫完成治療。順便提一句，記住，使用單樁樁時，我們有季節限制——我們有季節性限制。所以，能夠準時完成當天的工作非常重要。當然，隨著專案的推進，我們最終往往提前一個月或兩個月就完成了。

Similarly with transition pieces, we started slower and then we picked up. And so we'll update on the cadence of turbine installation. But given early stages, given that it's the worst weather time of the year, it just doesn't make sense to be drawing any conclusions. We still feel good about the schedule.

同樣，過渡部分也是先慢後快。因此，我們將及時更新渦輪機安裝進度。但鑑於目前還處於早期階段，而且正值一年中天氣最惡劣的時期，現在下任何結論都毫無意義。我們對目前的日程安排仍然感到滿意。

Got it. And if I could just pivot a little bit here. If you'd be able to update us on how CVOW potentially faces -- potentially facing reduced energy deliverability until the PJM identified transmission upgrades iht completion there. Just wondering impacts on Dominion? If you could just update us your latest thoughts there.

知道了。如果我能稍微轉換一下話題的話。如果您能向我們介紹一下 CVOW 可能面臨的情況——在 PJM 確定的輸電升級工程完成之前，CVOW 可能面臨能源輸送能力下降的問題。想知道這會對 Dominion 造成什麼影響？如果您能把您最近的想法告訴我們就太好了。

Yeah. Look, it's -- CVOW is a really important project. It's just a few months away from delivering electricity to our customers. We asked PJM to do an interim deliverability study to determine if there are going to be any limits on the project's ability to deliver its full output. We'll do that study every year.

是的。你看，CVOW 是一個非常重要的計畫。距離我們向客戶供電僅剩幾個月的時間了。我們要求 PJM 進行中期交付能力研究，以確定該專案交付全部成果的能力是否會受到任何限制。我們將每年進行這項研究。

And so we've been saying that some network upgrades that may not be done when CVOW is finished. But we'll continue to work through making sure the project can deliver as safely as possible. So we've assumed 50% deliverability for this rider, and we'll update it if that assumption turns out to be -- needed to be adjusted.

因此，我們一直表示，CVOW 完成後，一些網路升級可能不會進行。但我們會繼續努力，確保專案能夠盡可能安全地交付。因此，我們假設該騎士的送達率為 50%，如果這一假設需要調整，我們將更新它。

Got it. One last one, if I could. Just 7% of the capital plan that's focused on nuclear. I see the relicensing in there. I was just wondering if you could help us unpack a little bit more about what that might be is in that bucket?

知道了。如果可以的話，我想再說最後一個問題。只有 7% 的資本計畫用於核能。我看到裡面有重新授權的內容。我只是想問您能否幫我們更詳細地解釋一下，那個桶子裡裝的到底是什麼？

Yeah, Jeremy, the lion's share or a good chunk of that is fuel. We categorize nuclear fuel as capital. So it's SLR and it's fuel and then some maintenance.

是的，傑里米，其中絕大部分都是燃料。我們將核燃料歸類為資本。所以，它包括單眼相機、燃料和一些維護費用。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was -- let's see, I was wondering, another positive update here on the data center activity and contracting front. But I was wondering, are you seeing data center requests to interconnect? Is that crowding out any other customer activity, whether it be large industrial or commercial projects? How do those interact? And is there still room on your system for other large customers to connect in?

我當時在想──嗯，我在想，資料中心活動和合約方面又有新的好消息嗎？但我很好奇，您是否收到資料中心互聯互通的請求？這是否會擠佔其他客戶活動，無論是大型工業專案還是商業專案？它們之間如何相互作用？您的系統是否還有空間供其他大型客戶接觸？

The answer is there's absolutely room for other large customers to connect in and they're not being crowded out. A good example, we mentioned it actually in the prepared remarks is that Eli Lilly facility just west of Richmond. Large load, lots of jobs, aggressive time schedule, which we were able to meet.

答案是，絕對還有空間容納其他大型客戶，他們不會被擠出去。一個很好的例子，我們在準備好的演講稿中也提到過，就是里士滿西邊的禮來公司工廠。工作量大，任務多，時間安排緊迫，但我們都準時完成了。

So we're able to meet the needs of our customers. As we mentioned in the prepared remarks, we have a great economic development team. We continue to see exciting possibilities outside of data centers as well.

因此，我們能夠滿足客戶的需求。正如我們在準備好的演講稿中所提到的，我們擁有一支優秀的經濟發展團隊。我們也持續看到資料中心之外的令人興奮的可能性。

Yeah. Good. Got it. And then just one other quick one. I was just curious, when might the next iteration be of your generation outlook in Virginia in terms of the next slice at the IRP and when you might reassess the generation needs?

是的。好的。知道了。然後再快速地問一個問題。我只是好奇，您認為弗吉尼亞州的發電展望何時會進行下一次迭代（以IRP的下一個階段為準），以及您何時會重新評估發電需求？

I mean, we do our IRPs every two years with an update in between. So you can see it. We'll continue to update the IRP annually.

我的意思是，我們每兩年進行一次 IRP 計劃，中間會進行一次更新。這樣你就能看到了。我們將繼續每年更新IRP。

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

我們的問答環節到此結束。那麼，我將把發言權交還給鮑伯布魯，讓他做總結發言。

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

感謝各位今天抽空參加電話會議。祝您今天餘下的時間愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。