道明尼資源 (D) 2026 Q2 法說會逐字稿

Welcome to the Dominion Energy's second quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the call over to David McFarland, Senior Vice President, Investor Relations and Treasurer.

歡迎參加 Dominion Energy 2026 年第二季財報電話會議。(接線員指示) 現在我想把電話交給投資人關係與財務長（Treasurer）資深副總裁 David McFarland。

Good morning, and thank you for joining Dominion Energy's second quarter 2026 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.

各位早安，感謝您參加 Dominion Energy 2026 年第二季財報電話會議。財報資料（包括今天的事先準備講稿）包含前瞻性陳述與估計，可能受到各種風險與不確定性影響。請參閱我們向 SEC 提交的文件，包括最近一期的 Form 10-K 年報與 Form 10-Q 季報，以了解可能導致實際結果與管理層估計與預期不同的因素。

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

今天上午，我們將討論一些與 GAAP 認列不同的公司績效衡量指標。我們可計算之非 GAAP 指標與最直接可比的 GAAP 財務指標之調節表，已收錄於財報新聞稿資料包中。我鼓勵各位造訪我們的投資人關係網站，查閱網路直播簡報投影片以及財報新聞稿資料包。

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.

參加今天電話會議的有董事長、總裁兼執行長 Bob Blue；執行副總裁兼財務長 Steven Ridge；以及其他高階管理團隊成員。

I will now turn the call over to Stephen.

現在我把電話交給 Stephen。

Thank you, David, and good morning, everyone. Since the conclusion of the business review almost 2.5 years ago, we've remained steadfastly focused on three top 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，David，各位早安。自約 2.5 年前完成業務檢視以來，我們始終堅定聚焦三大優先事項：第一，持續達成我們的財務承諾；第二，持續達成 Coastal Virginia 離岸風電（CVOW）專案的重要施工里程碑；第三，以建設性的方式取得監管結果，展現我們能與監管機關及利害關係人合作，讓客戶與股東同受其益。

As we'll discuss today, we continue to demonstrate success against these priorities, extending our track record of high-quality and consistent execution. I'll cover financial results and demand trends in my remarks, then Bob will provide updates on the NextEra Energy combination, CVOW, regulatory results and other business items.

如同我們今天將討論的，我們持續在這些優先事項上展現成果，延續我們高品質且穩健執行的紀錄。我將在發言中說明財務結果與需求趨勢，接著 Bob 會就與 NextEra Energy 的合併、CVOW、監管結果及其他業務事項提供最新進展。

Turning first to second quarter results, as shown on slide 3. Second quarter operating earnings were $0.79 per share, which includes $0.03 of RNG 45Z credits. A summary of earnings drivers relative to the prior year period is included in Schedule 4 of the earnings release kit. Second quarter GAAP results were $0.37 per share. A summary of all adjustments between operating and GAAP results is included in Schedule 2 of the earnings release kit.

先看第二季業績，如投影片 3 所示。第二季營運每股盈餘為 0.79 美元，其中包含 0.03 美元的 RNG 45Z 抵免。相較去年同期的獲利驅動因素摘要，載於財報新聞稿資料包的附表 4。第二季 GAAP 每股盈餘為 0.37 美元。營運結果與 GAAP 結果之間所有調整項目的摘要，載於財報新聞稿資料包的附表 2。

Similar to last year, we've had a strong first half, which positions us well to deliver strong full year results. Additionally, we are reaffirming all financial guidance provided on our fourth quarter earnings call, including operating earnings, credit, dividend and long-term growth guidance.

與去年類似，我們上半年表現強勁，使我們有良好基礎交出全年強勁的成果。此外，我們重申在第四季財報電話會議所提供的所有財務指引，包括營運盈餘、信用、股利以及長期成長指引。

Turning to financing on slide 4. We've now completed our common equity program for 2026, consistent with our ATM guidance on the fourth quarter call. Full year 2025 and Q2 LTM FFO to debt metrics are both above 15%, demonstrating our continuing commitment to our previously communicated credit-related targets.

接著看投影片 4 的融資情況。我們現已完成 2026 年普通股權計畫，與第四季電話會議中對 ATM（隨市發行）計畫的指引一致。2025 全年以及第二季過去十二個月（LTM）的 FFO 對負債比率皆高於 15%，顯示我們持續致力於先前已對外溝通的信用相關目標。

Turning briefly to sales. We're continuing to see strong sales in our service areas, driven by continued economic growth and data center expansion. Notably, 9 of the Dom zones top 10 all-time peak days have occurred this year, including the 8 highest summer peak days, which have all occurred in the last 2 months.

簡要談一下銷售。我們服務區域的銷售持續強勁，主要受持續的經濟成長與資料中心擴張所帶動。值得注意的是，Dom 區域歷史前 10 大尖峰日中，今年就出現了 9 天，其中夏季尖峰最高的 8 天都發生在最近兩個月。

We want to take a moment to acknowledge the outstanding work of our colleagues who have maintained exemplary system reliability in the face of record-setting demand and difficult weather conditions. Their commitment and dedication on behalf of our customers and communities is worthy of special recognition even if most of them would tell you they were simply doing their job.

我們也想花點時間肯定同仁們的傑出表現：在創紀錄的需求與艱困天候條件下，他們仍維持了卓越的系統可靠度。他們為客戶與社區所展現的承諾與投入，值得特別表揚，即使多數人可能會說他們只是盡本分。

Turning to data centers on slide 5. We now have over 53 gigawatts of data center capacity in various stages of contracting, including approximately 12 gigawatts of capacity contracted under electric service agreements. To put that in context, we've added over 5 gigawatts of contracts or roughly 11% since the end of last year.

接著看投影片 5 的資料中心。目前我們有超過 53 吉瓦的資料中心容量處於不同階段的簽約流程中，其中約 12 吉瓦已透過電力服務協議完成簽約。作為對照，自去年底以來，我們新增了超過 5 吉瓦的合約，約增加 11%。

Since our last update, we continue to see robust and durable demand from our differentiated, high-quality, low-risk data center customers. Importantly, these customers consistently tell us that many of their highest value workloads need to be built and need to stay in Virginia because of the unique network density, connectivity and ecosystem advantages that have made Virginia the world's leading data center market. And we're bringing those customers onto our system in the right way, protecting existing customers from cost shifts while mitigating stranded cost risk by utilizing a large load framework that ensures these customers pay their fair share of the investments required to support their growth.

自上次更新以來，我們持續看到來自具差異化、高品質、低風險的資料中心客戶之強勁且持久的需求。重要的是，這些客戶一再告訴我們，他們許多最高價值的工作負載需要在維吉尼亞建置並留在維吉尼亞，因為當地獨特的網路密度、連線能力與生態系優勢，使維吉尼亞成為全球領先的資料中心市場。而我們也以正確方式將這些客戶納入系統：在降低擱淺成本風險的同時，透過大型負載框架確保這些客戶為支持其成長所需的投資支付其公平份額，從而保護既有客戶免於成本轉嫁。

In closing, we've had a strong first half of the year, and I am highly confident in our ability to deliver on our financial commitments, including our 2026 operating EPS and credit targets. Our financial plan strikes the right balance of appropriately conservative, but not unreasonably so.

總結而言，我們上半年表現強勁，我對我們達成財務承諾的能力高度有信心，包括 2026 年營運每股盈餘與信用目標。我們的財務計畫在適度保守與不過度保守之間取得了恰當平衡。

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

接下來我把電話交給 Bob。

Thank you, Stephen. I'll begin with safety on slide 6. Our employee OSHA injury recordable rate for the first half of the year was 0.36, which remains well below industry average. Safety is our first core value, and we must continue to focus relentlessly on improving our safety performance.

謝謝你，Stephen。我先從投影片 6 的安全議題談起。我們員工在上半年 OSHA 可記錄傷害率為 0.36，仍遠低於產業平均。安全是我們的第一核心價值，我們必須持續不懈地專注於提升安全表現。

Turning next to our announced combination with NextEra Energy. As we detailed in May, this transaction represents a truly transformational opportunity to bring together two world-class utilities with 238 years of collective industry experience to even better serve millions of regulated customers across four states. Looking ahead, we believe we can accomplish far more together than we can apart. Under the proposed terms of the merger, Dominion Energy customers would receive $2.25 billion in shareholder-funded bill credits, representing meaningful customer value.

接著談我們已宣布與 NextEra Energy 的合併案。如同我們在 5 月所詳述，這筆交易是一個真正具變革性的機會，將兩家世界級公用事業公司結合起來，合計擁有 238 年的產業經驗，得以在四個州更好地服務數百萬名受監管客戶。展望未來，我們相信攜手合作能完成的事情，遠超過各自單獨行動。依擬議的合併條款，Dominion Energy 的客戶將獲得 22.5 億美元由股東出資的帳單抵免，為客戶帶來具實質意義的價值。

Over the longer term, customers and communities would benefit from a stronger company with the scale and capabilities to buy, build, finance and operate critical energy infrastructure more efficiently, helping support reliability, affordability and economic growth. Earlier this month, we filed our joint proxy statement on Form S-4 as well as our state and federal regulatory applications with the Virginia State Corporation Commission, the North Carolina Utilities Commission and the Public Service Commission of South Carolina as well as the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission.

從更長期來看，客戶與社區將受益於一家更強大的公司，具備規模與能力，能更有效率地採購、建置、融資並營運關鍵能源基礎設施，進而支持可靠性、可負擔性與經濟成長。本月稍早，我們已提交聯合委託書聲明（Form S-4），並向維吉尼亞州公司委員會、北卡羅來納州公用事業委員會、南卡羅來納州公共服務委員會，以及聯邦能源管理委員會與核能管理委員會提交州與聯邦層級的監管申請。

The Virginia State Corporation Commission has now issued a procedural schedule, including evidentiary hearings beginning on November 17. In South Carolina, the proposed scheduling order would set a hearing date of December 8, with the final order by January 29, 2027. The South Carolina Senate, House and Office of Regulatory Staff have indicated they do not object to the company's proposed schedule.

維吉尼亞州公司委員會現已發布程序時程，包括自 11 月 17 日起開始的證據聽證會。在南卡羅來納州，擬議的排程命令將聽證日期訂於 12 月 8 日，並於 2027 年 1 月 29 日前作出最終命令。南卡羅來納州參議院、眾議院及監管人員辦公室已表示不反對公司所提議的時程。

We expect the commission to rule on the proposed timeline next week. The timelines for each of the proceedings are shown on slide 7. I could not be more excited about the combination of these two companies. We'll continue to share updates as we progress through shareholder and regulatory processes.

我們預期委員會將於下週就所提時間表作出裁決。各項程序的時間表已列示於第7頁投影片。我對這兩家公司結合感到無比振奮。在我們推進股東及監管程序的過程中，我們將持續分享最新進展。

Turning next to offshore wind. As illustrated on slide 8, CVOW continues to achieve significant derisking milestones as evidenced by its 81% completion status. Let me highlight a few factors that give me great confidence in the successful completion of this project.

接下來談離岸風電。如第8頁投影片所示，CVOW 目前完成度達81%，持續達成顯著的去風險里程碑。我想強調幾項因素，使我對本專案順利完工充滿信心。

First, supply chain. We're making excellent progress toward completing all remaining equipment, a key project milestone. 100% of nacelles, 99% of towers and 85% of blades have now been fabricated. Towers will be completed in the coming days, followed by final blades in October.

第一，供應鏈。我們在完成所有剩餘設備方面進展極佳，這是專案的一項關鍵里程碑。目前機艙已100%製造完成、塔筒99%、葉片85%。塔筒將在未來幾天內完成，接著於10月完成最後一批葉片。

Second, installation. As of today, we've successfully installed 31 turbines with the installation of the 32nd currently in progress, averaging approximately two days of operations per installation from jack up to jack down in line with our prior assumptions. It's worth noting that the 31 turbines installed to date have a capacity of more than 450 megawatts, rivaling the magnitude of some of our fossil units. We expect the third and final offshore substation to be energized by year-end, which is especially meaningful because it will signify that approximately half of project investment adjusted for network upgrade costs has achieved in-service status. That's a meaningful milestone toward project derisking.

第二，安裝。截至今日，我們已成功安裝31座風機，第32座正在安裝中；從升樁到降樁，每次安裝平均約需兩天作業時間，與我們先前假設一致。值得注意的是，迄今已安裝的31座風機總容量超過450兆瓦，規模可與我們部分化石燃料機組相媲美。我們預期第三座也是最後一座離岸變電站將於年底前送電啟用，這點特別重要，因為這將意味著在扣除電網升級成本後，約一半的專案投資已達到投運狀態。這是專案去風險的一項重要里程碑。

And third, proof of concept. We've now successfully completed every major fabrication, construction, commissioning and operation evolution multiple times. This is noteworthy because we've clearly and affirmatively answered the question, will this work? Every type of component is in service and functioning as expected.

第三，概念驗證。我們現在已多次成功完成每一項主要的製造、施工、試運轉與營運演進。這點值得關注，因為我們已清楚且明確地回答了「這能運作嗎？」這個問題。各類型的組件均已投運，並如預期運作。

Turbines, inter-array cables, substations, export cables and onshore transmission and distribution infrastructure are all working together to provide much needed power to our customers. In fact, in recent weeks, as we've set new demand peaks, we've done everything possible at the request of system operators to deliver the maximum possible amount of power from CVOW.

風機、陣列間電纜、變電站、輸出電纜以及陸上輸配電基礎設施正協同運作，為客戶提供迫切需要的電力。事實上，近幾週在我們創下新的用電尖峰之際，依系統營運商要求，我們已盡一切可能自 CVOW 輸送最大可行的電力。

In my mind, it's critical to note that CVOW is significantly different from a traditional power plant, and we're not waiting for a final switch to be flipped to confirm proof of concept or to qualify investment for regulatory recovery. Rather, CVOW is effectively 176 individual power plants, each entering service upon completion. This allows the project to clearly demonstrate technical feasibility and deliver energy to the grid well before the final turbine begins to spin. That's why for CVOW, it's important to note the project's derisking is heavily front-end loaded, and, in our view, mostly behind us.

在我看來，必須指出 CVOW 與傳統電廠有顯著差異；我們不需要等到最後一個開關被切換，才來確認概念驗證或使投資符合監管回收資格。相反地，CVOW 實際上等同於176座獨立電廠，每一座在完成後即投入服務。這使專案能在最後一座風機開始轉動之前，就清楚展現技術可行性並向電網供電。因此，就 CVOW 而言，專案去風險高度集中在前期，而在我們看來，大部分已經完成。

Turning to slide 9. Let me update you on expected timing of installation of the project's final turbine, which we're adjusting by six months to reflect three updated assumptions. First, given previously reported delays with Cardus and BOM suspension order, weather and vessel maintenance contingency had been significantly reduced. Today, we're adding incremental weather and vessel maintenance schedule contingency to the plan, which assumes somewhat better than normal weather consistent with our overall weather experience thus far as well as the continued optimization of our installation iterations.

接著看第9頁投影片。我向各位更新專案最後一座風機的預計安裝時點；我們將其調整延後六個月，以反映三項更新假設。第一，鑑於先前通報的 Cardus 延誤以及 BOM 停工令，天候與船舶維修的備援時間已大幅縮減。目前我們在計畫中新增額外的天候與船舶維修時程備援，假設天候略優於常態，與我們迄今的整體天候經驗一致，同時也假設我們將持續優化安裝作業的迭代。

Second, we're adjusting the schedule to account for additional time required for our loadouts at PMT based on observed performance times to date relative to our prior assumption.

第二，我們調整時程，以反映在 PMT 進行裝載作業所需的額外時間；此係依據迄今觀察到的作業時間表現，相較於我們先前的假設。

Finally, based on continued data gathering, we're adjusting the schedule to account for what we expect will be longer duration jacking operations for certain remaining turbine locations. Relative to the other approximately 80% of turbine locations, we expect based on subsea geotechnical analysis, this subgroup to require additional time for jacking operations.

最後，基於持續蒐集的數據，我們調整時程，以反映我們預期在部分剩餘風機位置將需要更長的升樁作業時間。相較於約80%的其他風機位置，根據海床地工分析，我們預期這一子群組的升樁作業將需要額外時間。

Moving now to capital investment. As shown on slide 10, we're updating the project cost estimate by a little less than $250 million. Our most recent budget was $11.4 billion, inclusive of $123 million of unused contingency.

現在談資本投資。如第10頁投影片所示，我們將專案成本估計更新，調整幅度略低於2.5億美元。我們最近一次的預算為114億美元，其中包含1.23億美元尚未動用的備援金。

As highlighted on our last call, we've added $228 million for additional tariff costs associated with revisions to the prior steel and aluminum guidance, and we've subtracted $502 million to account for the reallocation of certain PJM-assigned network upgrade costs. We've also added about $234 million of miscellaneous costs that primarily reflect additional cable protection to account for faster underwater currents, fuel costs, mitigation costs for the more difficult jacking locations and final onshore construction costs.

如我們上次電話會議所強調，我們因先前鋼鐵與鋁指引修訂所帶來的額外關稅成本增加了2.28億美元，同時扣除5.02億美元，以反映部分由 PJM 指派的電網升級成本重新分攤。我們也新增約2.34億美元的雜項成本，主要反映為因應較快的水下流速而增加的電纜防護、燃料成本、較困難升樁位置的緩解成本，以及最後的陸上施工成本。

The total of all these adjustments is a net reduction to project costs of around $40 million, so essentially a wash. From there, we've added about $288 million to account for the incremental two quarters to complete the final turbine installation. You'll note that this averages out to about $144 million per additional quarter, which is below the low end of our prior rule of thumb guidance of $150 million to $200 million per quarter. As a result, we're increasing our project cost estimate by approximately 2% to $11.65 billion, which continues to include $123 million of unused contingency.

上述所有調整合計後，專案成本淨額約減少4,000萬美元，基本上相互抵銷。接著，我們新增約2.88億美元，以反映完成最後一座風機安裝所需增加的兩個季度。各位會注意到，這相當於每增加一個季度約1.44億美元，低於我們先前經驗法則所提供的每季1.5億至2億美元區間的下緣。因此，我們將專案成本估計提高約2%至116.5億美元，其中仍包含1.23億美元尚未動用的備援金。

Turning to slide 11. The project's cost sharing and risk sharing continue to work as intended to protect customers and shareholders with minimal changes to LCOE or customer bill impacts. We anticipate that approximately one-third of the most recent cost increase will be shared with our financing partner.

接著看第11頁投影片。本專案的成本分攤與風險分攤機制仍如預期運作，在 LCOE 或客戶帳單影響僅有極小變動的情況下，保護客戶與股東。我們預期最近一次成本增加中約三分之一將由我們的融資夥伴分攤。

CVOW remains one of the most affordable sources of energy for our customers. Our analysis indicates that the project is expected to generate fuel savings of approximately $5 billion for customers during the project's first 10 years of operation. On regulatory, we received a final order in our 2025 rider filing proceeding on July 29, approving 100% of our revenue request.

CVOW 仍是我們客戶最具成本效益的能源來源之一。我們的分析顯示，該專案在投運後前10年預計可為客戶帶來約50億美元的燃料節省。在監管方面，我們於7月29日收到2025年附加費（rider）申報程序的最終命令，核准我們營收申請的100%。

As I mentioned last quarter, and all of the above approach to energy supply, including CVOW is critical to ensuring continued reliability amidst real-time growing demand in our service areas as evidenced by new demand peaks that Stephen mentioned earlier. Building new energy generation is a core competency of ours as demonstrated in recent years with our successful development of thousands of megawatts of renewable generation as well as combined cycle plants at Greenville, Brunswick and Warren County.

如我上季所提，以上所有能源供應作法（包括 CVOW）對於在我們服務區域即時成長的需求下確保持續可靠性至關重要，正如 Stephen 先前提到的新用電尖峰所證明。建置新的發電資產是我們的核心能力；近年來我們成功開發數千兆瓦的再生能源發電，以及在 Greenville、Brunswick 與 Warren County 的複循環電廠，皆可為證。

We continue to advance the development of new generation capacity consistent with our update last quarter. We recently filed the air permits for two new natural gas fired combined cycle plants, Kennady station in South Carolina and at Mount Storm in West Virginia, representing nearly 5 gigawatts of new capacity. In addition to producing much needed energy for our customers, these projects will be an economic benefit for the states in which they operate, generating thousands of new jobs, billions of dollars of economic investment and meaningful local tax revenue.

我們持續推進新發電容量的開發，與上季更新一致。我們近期已為兩座新的天然氣燃燒複循環電廠提交空氣許可申請，分別為南卡羅來納州的 Kennady 電站，以及西維吉尼亞州的 Mount Storm，合計代表近5吉瓦的新容量。除為客戶提供迫切需要的能源外，這些專案也將為其營運所在州帶來經濟效益，創造數千個新工作機會、數十億美元的經濟投資，以及可觀的地方稅收。

Now I'll turn to other business updates as shown on slide 12. In South Carolina, the comprehensive settlement agreement and DESC's electric rate case were unanimously approved by the Public Service Commission of South Carolina in June with rates becoming effective at the beginning of July. We appreciate the engagement of all parties. We now achieved successful settlements in each of our last four South Carolina base rate cases across our electric and gas businesses.

現在我將轉到第12頁投影片所示的其他業務更新。在南卡羅來納州，全面和解協議以及 DESC 的電價案件已於6月獲南卡羅來納州公共服務委員會一致通過，並於7月初開始生效。我們感謝各方的參與。我們現已在南卡羅來納州最近四次的基礎費率案件中（涵蓋電力與天然氣業務）皆成功達成和解。

Finally, on Millstone. We've heard recently from the regulators in Connecticut, and we expect a solicitation decision from the Connecticut Department of Energy and Environmental Protection regarding the facilities bid in the zero-carbon energy request for proposals in the near term. Consistent with the process laid out previously, we anticipate negotiations with local state utilities will begin thereafter, and contracts will then be submitted to the Connecticut Public Utilities Regulatory Authority for approval, the timeline for which reaches up to 180 days.

最後，談到 Millstone。我們最近已收到康乃狄克州監管機構的回饋，並預期康乃狄克州能源與環境保護署（Connecticut Department of Energy and Environmental Protection）將在近期就零碳能源徵求提案（RFP）中投標的設施作出徵求（solicitation）決定。依照先前所說明的流程，我們預期其後將開始與當地州屬公用事業公司進行協商，並將合約提交康乃狄克州公用事業監管局（Connecticut Public Utilities Regulatory Authority）核准，該核准時程最長可達 180 天。

The facility's existing PPA has delivered tremendous value to customers, lower costs and significantly dampen volatility. Despite being priced at the time in 2019 above prevailing price outlooks, the contract is expected to save customers over $300 million this year including $190 million year-to-date in addition to the $200 million in savings to customers last year.

該設施現行的購電協議（PPA）已為客戶帶來極大的價值、降低成本並顯著抑制波動。儘管該合約在 2019 年訂價時高於當時的主流價格展望，但預期今年將為客戶節省超過 3 億美元，其中包含年初至今已節省的 1.9 億美元，另加上去年為客戶節省的 2 億美元。

Based on current forward curves, the contract is expected to save customers in Connecticut over $900 million over the 10-year life. We remain focused on achieving a constructive outcome for the facility which has delivered tremendous value and produced bill reductions for customers in Connecticut through its existing contract. We will continue to provide updates as things develop.

根據目前的遠期曲線，預期該合約在 10 年合約期間內將為康乃狄克州客戶節省超過 9 億美元。我們仍專注於為該設施達成具建設性的結果；該設施透過既有合約已創造極大價值，並為康乃狄克州客戶帶來帳單減免。隨著進展，我們將持續提供最新資訊。

With that, let me summarize our remarks on slide 13 by reiterating our focus on our three top priorities: consistently achieving our financial commitments, continued achievement of major construction milestones for the Coastal Virginia offshore wind project and achieving constructive regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders.

接下來，讓我在第 13 頁投影片重申我們的三大優先事項以總結：持續達成我們的財務承諾、持續達成 Coastal Virginia 離岸風電專案的重大施工里程碑，以及取得具建設性的監管結果，展現我們與監管機構及利害關係人合作以交付同時有利於客戶與股東之成果的能力。

(Operator Instructions) Nick Campanella, Barclays.

（接線員指示）Nick Campanella，巴克萊。

Maybe just on the offshore wind timeline, just part of this seems to be getting a better sense of your sequencing and installing the turbines, which you're just kind of repeating now. But just how would you kind of frame risk of further slippage? Are there any ongoing activities, I guess, that you're going to get new data on that should be monitored? And just what kind of informs confidence that year-end '27 is the right date now?

也許就離岸風電時程而言，其中一部分似乎是更清楚了解你們在排序與安裝風機方面的節奏，而你們現在也在重申這點。但你們會如何界定進一步延宕的風險？是否有任何正在進行的活動，會產生你們需要取得並應加以監測的新數據？以及，是什麼因素支撐你們有信心認為 2027 年底是目前正確的日期？

Yes, that's a great question, Nick. And the short answer is I'm confident in the updated timeline. But let me take a step back. The strategic value of CVOW hasn't changed. It's remains one of the fastest ways to bring a lot of power to our customers. And it also remains one of the most affordable sources of energy for customers. And the financial plan, as we outlined, remains durable and resilient as we finish construction.

是的，Nick，這是個很好的問題。簡短的回答是：我對更新後的時程有信心。不過讓我先退一步說明。CVOW 的策略價值並未改變。它仍是為客戶快速帶來大量電力的最快方式之一。同時，它也仍是對客戶而言最具成本效益的能源來源之一。而如我們所概述，隨著我們完成建設，財務計畫仍然穩健且具韌性。

But there are really sort of two ways to think about progress in derisking (technical difficulty) and are largely the same. [You don't have] final completion, you don't have power. But CVOW is different. As I mentioned, we already have more than 450 megawatts on the grid. That's comparable to a sizable generating unit (technical difficulty)

但在降低風險的進展上，大致可以從兩個面向來看（技術性困難），而兩者在很大程度上是相同的。[你沒有]最終完工，就沒有電力。但 CVOW 不同。如我提到的，我們已經有超過 450 兆瓦併網。這相當於一個相當規模的發電機組（技術性困難）

It's also different from a regulatory recovery perspective. This isn't a project where the entire asset waits on one final COD event. We expect approximately half of project investment adjusted for network upgrade costs to be in service by the end of the year. So that's also a very meaningful derisking milestone.

從監管回收的角度來看也不同。這不是一個必須等到單一最終商轉日（COD）事件才讓整體資產開始計入的專案。我們預期在年底前，約一半的專案投資（經網路升級成本調整後）將投入使用。因此，這也是一個非常重要的降低風險里程碑。

And so as we think about the schedule on remaining work, we continue to get better. Our most recent reload of towers and cells and blades at the Portsmouth Marine terminal was our fastest we've had so far. We're continuing to refine our jack up times, our sequencing, our installation, our execution. Once we're jacked up, the installation process continues to get better. That's the same learning curve we've seen elsewhere on the project, whether it was monopiles or transition pieces.

因此，當我們思考剩餘工作的時程時，我們持續在改善。我們最近一次在 Portsmouth 海運碼頭裝載塔筒、機艙與葉片的速度，是迄今最快的一次。我們持續精進自升式平台（jack-up）作業時間、排序、安裝與執行。一旦完成頂升，安裝流程就持續變得更好。這與我們在專案其他部分看到的學習曲線一致，不論是單樁（monopiles）或過渡段（transition pieces）。

Now at the same time, the updated schedule reflects what we have learned based on actual load out timing in Portsmouth. We've added cushion for weather and vessel maintenance contingency, and we now have added some longer jacking durations at certain and more challenging locations. So it's not a theoretical schedule. It's based on experience, which is what we said we would base it on, on prior calls.

同時，更新後的時程也反映了我們根據 Portsmouth 實際裝載時間所學到的經驗。我們增加了天候與船舶維護的緩衝與備援，並在某些更具挑戰性的地點加入較長的頂升作業時間。因此這不是一個理論上的時程。它是以經驗為基礎，正如我們在先前的電話會議中所說，我們會以經驗作為依據。

So the way I would summarize it is this way. The final turbine date has moved but the project has been substantially derisked. CVOW is already producing power. It's already benefiting customers. It's already supporting regulatory recovery. We don't have to wait until the last turbine is installed at the end of 2027 to see the value of this project; we can see it now.

所以我會這樣總結。最終風機完工日期雖然往後移，但專案的風險已大幅降低。CVOW 已經在發電。它已經在讓客戶受益。它也已經在支持監管回收。我們不必等到 2027 年底最後一支風機安裝完成，才能看到這個專案的價值；我們現在就看得到。

All fair points. Appreciate that. And then maybe just moving to the merger. It's great to see documents got filed at the respective regulators. I know there have been some headlines in Virginia that they like certain folks would like to see a more extended time period for review. But to your point, in the prepares the procedural schedule has been set. So just your expectation that the procedural schedule stays as is and just any data points you would highlight there?

都很有道理。感謝說明。接著也許談談併購案。很高興看到文件已向各自的監管機構提交。我知道維吉尼亞有一些新聞標題提到，他們似乎有些人希望審查期能更長。但如你所說，在（準備）程序時程已經訂定。所以你們是否預期程序時程會維持不變？以及有沒有任何你會特別強調的觀察點？

I mean, I would echo what John said on Nexera's call. The conversations that we've had with stakeholders thus far have gone well. As to the specific timeline and the discussion that you mentioned, worth noting that at a June meeting of the Energy Commission of Virginia, the SEC staff indicated the SEC is used to working with statutory deadlines and they did not directly asked, didn't indicate they needed more time or more resources.

我的意思是，我會呼應 John 在 Nexera 電話會議上所說的。到目前為止，我們與利害關係人的對話進展良好。至於你提到的具體時程與相關討論，值得注意的是，在 6 月維吉尼亞能源委員會的一次會議上，州公司委員會（SEC）工作人員表示，SEC 習慣在法定期限下工作，他們並未直接提出要求，也未表示需要更多時間或更多資源。

We also happen to believe the current timeframe is sufficient, particularly when you look at the level of expertise on the Virginia Commission and the Virginia staff, they've done mergers before. They're used to working in these kind of timelines. They handle rate cases of great complexity with statutory timelines all the time. So when we look at it that way, we think that the schedule that has been set forward makes a lot of sense, and we don't think it makes a lot of sense to change the rules in the middle of the game.

我們也認為目前的時間框架是足夠的，特別是考量維吉尼亞委員會與其工作人員的專業程度；他們以前處理過併購案。他們習慣在這類時程下工作。他們經常在法定時程內處理高度複雜的費率案件。因此從這個角度來看，我們認為已訂定的時程安排非常合理，而且我們不認為在比賽進行到一半改變規則是合理的。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

The first I was going to ask that there was another report in Virginia just around grid disruption, some of the data centers turning on their backups both or otherwise on the transmission line. Do you see a need to kind of incrementally strengthen the system with a transmission storage or elsewhere, [just as here] ever very critical -- the most critical infrastructure in the US in your service trajectory? Any change you see coming out of these events?

我第一個想問的是，維吉尼亞又有一則報導提到電網擾動，部分資料中心啟動了備援電源，無論是因為輸電線路上的狀況或其他原因。在你們的服務區域被視為美國最關鍵的基礎設施之一的情況下，你們是否認為需要透過輸電、儲能或其他方式逐步強化系統？你們是否看到這些事件會帶來任何改變？

Paul, it's a great question. At a high level, I'll answer that and then turn it over to Ed Bain, who is our EVP of Utilities. The high level is that this event is one that our planners handled very well. Our system operators handled very well, worked with PJM, but we can always learn.

Paul，這是個很好的問題。我先從高層次回答，然後交給我們的公用事業執行副總裁 Ed Bain。從高層次來看，這次事件我們的規劃人員處理得非常好。我們的系統操作人員也處理得非常好，並與 PJM 協同合作，但我們永遠都可以從中學習。

And to the sort of broader question that you asked before Ed gets into a little more of the specifics, we've been working very hard to upgrade the transmission system for some time. We feel like we're as good as anyone at operating a transmission system with these kinds of large loads.

至於你先前提出的較宏觀問題，在 Ed 再深入一些細節之前，我們一段時間以來一直非常努力地升級輸電系統。我們認為，在運行具備這類大型負載的輸電系統方面，我們的能力不輸任何人。

We have more experience than anyone else. We've been investing heavily as you are aware in the transmission system over the years, including some very specific projects in that part of our territory in the last few years. So we'll keep that up. We'll keep learning from this event.

我們的經驗比任何人都多。如你所知，這些年來我們一直在輸電系統上大力投資，包括過去幾年在我們服務區域那一帶的一些非常具體的專案。所以我們會持續投入。我們也會從這次事件中持續學習。

But Ed, is there anything you want to sort of talk about specifically on that?

不過 Ed，你有沒有什麼想就這點特別談談的？

So Paul, you're right. We did have a transmission line that experienced a [fall] last week that did go out of service. And these are rare on our reliable grid, but they do occasionally occur. And we do expect typically the data centers would ride through these momentary events without shifting the backup power, but they didn't in this case.

所以 Paul，你說得對。我們確實有一條輸電線路上週發生了[倒塌]，因此退出運行。在我們可靠的電網上這類情況很少見，但偶爾確實會發生。一般而言，我們預期資料中心能在這種短暫事件中維持運行而不切換到備援電力，但這次並沒有。

And as Bob mentioned, we have and will continue to collaborate closely with these customers to identify other mitigation opportunities. We've been sharing information and we'll continue to do so and implement lessons learned. We don't feel like there is significant investments that need to be made because we've been doing that in the grid, but we do believe there will continue to be other mitigating items that we'll implement.

正如 Bob 提到的，我們已經並將持續與這些客戶密切合作，以找出其他緩解機會。我們一直在分享資訊，未來也會持續並落實汲取的經驗教訓。我們不認為需要進行重大的新增投資，因為我們一直在電網上投入，但我們確實相信仍會有其他緩解措施會持續推動落地。

Okay. Great. And then somewhat related, just on the battery investment, the mandate by legislature this year, any timeline or incremental color that you can give on when we should start seeing more proposals to meet those needs?

好的。很好。然後有點相關的是，關於電池投資，今年立法機關的強制要求，你能否提供一些時間表或更多補充說明，讓我們了解何時會開始看到更多為滿足這些需求而提出的提案？

Yes, Paul. Similar to what we shared on the last call, the legislation calls for an acceleration and an increase in the target, and we're in the process now of ramping up. As I mentioned, we have $2 billion in the current five-year forecast, represents about 3% of the total five-year capital plan. The two sort of milestones I'd point you to you to think about is there will be a technical conference this fall, where we'll go through. It will be sponsored by the commission permitting and feasibility technical analyses around the ability for us to deploy battery more quickly. And then in the IRP that will come out, we'll incorporate our latest perspectives and views on our ability to accelerate on the battery side.

可以，Paul。如同我們在上次電話會議分享的，該法案要求加速並提高目標，我們目前正在加速推進。如我提到的，我們在目前五年期預測中規劃了20億美元，約占五年資本計畫總額的3%。我想指出兩個里程碑供你參考：今年秋天會有一場技術研討會，我們會在其中進行說明。該研討會將由委員會主辦，聚焦於許可、可行性與技術分析，探討我們更快速部署電池的能力。接著，在即將發布的 IRP 中，我們會納入我們對電池端加速能力的最新觀點與看法。

But I think as we mentioned in the last call, we would expect given the policy that that's going to require that we're going to need to ramp up more quickly. And that means developing additional development expertise and building the pipeline for supply chain as well as building sort of a pipeline of developers much the same way we did on the solar side when we ramped up after the Virginia Clean Economy Act was passed.

不過我想如同我們在上次電話會議提到的，基於該政策要求，我們預期必須更快地拉升進度。這意味著要培養更多開發專業能力，並建立供應鏈的管線，同時也要建立一個開發商的管線，這與《維吉尼亞清潔經濟法案》通過後我們在太陽能端加速擴張時所做的方式很類似。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Just sort of follow-up on the turbine installations. Are you able to expand a bit more on where you see the most opportunity for efficiency in the timeline just with the reduction in the days per turbine that's sort of embedded in the new target relative to where you've trended over the last couple of earnings calls?

我想追問一下渦輪機安裝。你能否再多談一些，你認為在時程效率方面最大的機會在哪裡？特別是相較於過去幾次財報電話會議的趨勢，新目標中隱含的「每座渦輪機所需天數」下降，主要可從哪些環節實現？

I mean, I think we laid it out, but the areas that we would be looking for would be quicker turnarounds at Portsmouth when we're in reloading. And as I mentioned, the turnaround this past weekend was the fastest one that we've had so far. And then the ability to jack the vessel up and jack the vessel down faster as we get into the more challenging locations. Those would be probably the two places that we would look the most to try to continue to pick up pace. And as we've experienced throughout the project as we do these iterations more times, we tend to get faster and more efficient.

我的意思是，我們已經說明過了，但我們會著力的領域，會是我們在朴茨茅斯（Portsmouth）進行補給/裝載時能更快周轉。如我提到的，上週末的周轉是迄今最快的一次。另外，隨著我們進入更具挑戰性的地點，能否更快地把船體頂升（jack up）以及更快地把船體降下（jack down）。大概就是這兩個地方，我們最希望能持續加快節奏。而且就像我們在整個專案中所經歷的，隨著我們反覆迭代次數增加，通常會變得更快、更有效率。

Great. Okay. That's helpful. And then the follow-up, you had mentioned the proposed Mount Storm combined cycle plant. Just to confirm, that would be incremental to the base capital plan. I just want to make sure that's accurate. And then, it seems like there's growing focus on West Virginia with the state's focus on building out incremental data center capacity there. So just anything you could share on other opportunities you might see there and just how we should think about the timing and path to regulatory filings.

很好。好的。這很有幫助。接著追問，你提到擬議的 Mount Storm 天然氣複循環電廠。我想確認一下，那會是在基礎資本計畫之外的增量投資。我只是想確保這點正確。另外，隨著該州聚焦在西維吉尼亞擴建新增資料中心容量，市場對西維吉尼亞的關注似乎正在升高。所以你能否分享一下你們在那裡可能看到的其他機會，以及我們應如何看待監管申報的時點與路徑？

Carly, I'll take the first half, and Bob, you can speak to the second. But Carly, this is an incremental project to the current capital plan. We had outlined an acceleration of capital towards the back end of our plan, driven by some of these natural gas investments. And if you look at the most recent IRP, it actually sort of continues into the early 30s as well where we project a continued build-out of these resources to support the reliable service to our customers.

Carly，我先回答前半段，然後 Bob 你可以談後半段。不過 Carly，這確實是相對於目前資本計畫的增量專案。我們先前已概述過，計畫後段的資本支出會加速，主要由部分天然氣投資所帶動。如果你看最新的 IRP，其實也延伸到 2030 年代初期，我們預期將持續建置這些資源，以支撐對客戶提供可靠服務。

And Carly, as to the second part, the focus on West Virginia is certainly not new for us. We've been operating the Mount Storm power station there for decades. That's been a really important workhorse of our fleet and continues to be. But we saw the opportunity to support our regulated footprint and the generation needed to serve growing demand that we've been describing for some time. We have the available property there. We can get gas there. And so it's a great opportunity for us to help our build program that we need to serve our regulated customers, which is our focus.

Carly，至於第二部分，我們對西維吉尼亞的關注對我們而言當然不是新鮮事。我們在那裡營運 Mount Storm 發電站已經數十年。它一直是我們機組組合中非常重要的主力，現在也仍然是。但我們看到了機會，能支持我們的受監管服務範圍，以及滿足我們一段時間以來所描述的需求成長所需的發電量。我們在那裡有可用土地。我們也能把天然氣送到那裡。因此，這對我們而言是很好的機會，能協助我們推進為服務受監管客戶所需的建置計畫，而這正是我們的重點。

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

感謝你的提問。我們的問答環節到此結束。接下來我把時間交回給 Bob Blue 作結語。

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

謝謝各位今天撥冗參加電話會議，祝各位今天剩下的時間愉快。

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

本次會議現在結束。感謝各位出席今天的簡報。您現在可以掛線。