道明尼資源 (D) 2026 Q3 法說會逐字稿

Welcome to the Dominion Energy third-quarter 2026 earnings conference call. (Operator Instructions)

歡迎參加 Dominion Energy 2026 年第三季財報電話會議。（接線員指示）

I would now like to turn the call over to David McFarland, Senior Vice President, Investor Relations, and Treasurer.

現在我想把電話交給投資人關係與財務主管資深副總裁 David McFarland。

Good morning, and thank you for joining Dominion Energy's third 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，感謝各位參加 Dominion Energy 2026 年第三季財報電話會議。財報資料（包括今天的預先準備講稿）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 Form 10-K 年報與 Form 10-Q 季報，其中討論了可能導致實際結果與管理階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。

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.

今天與會者包括董事長、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。現在我把電話交給 Steven。

Thank you, David, and good morning, everyone. We continue to be 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。我們持續聚焦三項最優先事項：第一，持續一致地達成我們的財務承諾；第二，持續達成 Coastal Virginia Offshore Wind（CVOW）專案的重大施工里程碑；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，共同為客戶與股東創造利益。

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 in my remarks. Bob will provide updates on the NextEra Energy combination, CVOW and other business items in his remarks.

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一致的執行紀錄。我將在我的發言中說明財務結果。Bob 將在他的發言中提供與 NextEra Energy 的合併案、CVOW 以及其他業務事項的最新進展。

Turning first to third quarter results, as shown on slide 3. Third quarter operating earnings were $1.28 per share, including $0.05 from RNG 45Z credits and $0.05 from better-than-normal weather. Third quarter GAAP results were $1.30 per share. A summary of earnings drivers relative to the prior year period is included in Schedule 4 of the Earnings Release Kit, and a summary of all adjustments between operating and GAAP results is included in Schedule 2 of the Earnings Release Kit.

先看第三季業績，如投影片 3 所示。第三季營運每股盈餘為 1.28 美元，其中包含來自 RNG 45Z 抵減額 0.05 美元，以及優於常態天候帶來的 0.05 美元。第三季 GAAP 每股盈餘為 1.30 美元。相較去年同期的獲利驅動因素摘要載於《財報發布資料包》的附表 4，而營運結果與 GAAP 結果之間所有調整項目的摘要載於附表 2。

Turning now to guidance. Year-to-date operating EPS has benefited from better-than-budgeted sales, better-than-normal weather and higher-than-expected 45Z credit income, combined with strong overall financial and operational execution. Inclusive of conservatism for balance of year weather as well as potential opportunities to derisk future financial performance, we now expect full year results to be in the top half of our original guidance range.

接著談展望。年初至今的營運 EPS 受惠於銷售優於預算、天候優於常態，以及 45Z 抵減額收入高於預期，再加上整體強勁的財務與營運執行。在納入對全年剩餘期間天候的保守假設，以及降低未來財務表現風險的潛在機會後，我們目前預期全年結果將落在原先指引區間的上半部。

We've provided year-over-year drivers for the fourth quarter in the appendix of today's materials for your reference. Additionally, we are reaffirming all other existing financial guidance provided on our fourth quarter earnings call, including credit, dividend and long-term growth guidance.

我們已在今日資料的附錄中提供第四季的年對年驅動因素，供各位參考。此外，我們重申在第四季財報電話會議中提供的其他所有既有財務指引，包括信用、股利以及長期成長指引。

Turning to financing on slide 4. We made significant progress on our financing plan during the quarter, successfully executing several planned transactions while continuing to manage the balance sheet, consistent with our robust credit guidance. In September, the Virginia State Corporation Commission approved our fuel securitization financing petition, representing the balance of approximately $900 million, helping mitigate near-term fuel-related impacts on customer bills.

接著看投影片 4 的融資進展。本季我們在融資計畫上取得顯著進展，成功執行多項既定交易，同時持續管理資產負債表，並與我們穩健的信用指引一致。9 月，維吉尼亞州公司委員會（Virginia State Corporation Commission）核准我們的燃料證券化融資請願案，涵蓋約 9 億美元的餘額，有助於緩解短期燃料相關因素對客戶帳單的影響。

Turning briefly to sales. We're continuing to see strong sales in our service areas with LTM weather normal electric sales growth of 3.4% across DEV and DESC. In addition, all 10 of the DOM zone's summer peak demand days have occurred in 2026. And in August, DESC set a new all-time electric peak.

簡要談一下銷售。我們在服務區域持續看到強勁銷售表現，DEV 與 DESC 的 LTM（過去 12 個月）按常態天候調整後用電銷售成長率為 3.4%。此外，DOM 區域夏季尖峰需求日的 10 天全都發生在 2026 年。而在 8 月，DESC 創下歷史新高的用電尖峰。

Turning to slide 5. Since our last update, we continue to see robust and durable demand from our differentiated, high-quality, low-risk data center customers across multiple localities in Virginia. And we're bringing these 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 approved by the Virginia State Corporation Commission in our most recent biennial review that ensures these customers continue to pay their fair share of the investments required to support their growth.

接著看投影片 5。自上次更新以來，我們持續在維吉尼亞多個地區看到來自我們具差異化、高品質、低風險資料中心客戶的強勁且持久需求。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，透過維吉尼亞州公司委員會在最近一次兩年期審查中核准的大負載框架，確保這些客戶持續支付其公平份額，以支應支持其成長所需的投資，從而保護既有客戶免於成本轉嫁。

We now have over 54 gigawatts of data center capacity in various stages of contracting, including over 12 gigawatts of capacity contracted under electric service agreements.

目前我們在不同簽約階段的資料中心容量已超過 54 吉瓦，其中超過 12 吉瓦的容量已透過電力服務協議完成簽約。

To put that in context, we've added over 6 gigawatts of contracts or 13% since the end of last year. In conclusion, I'm highly confident in our ability to deliver on our financial plan. We've built our plan to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may occur.

作為對照，自去年底以來，我們新增的合約容量已超過 6 吉瓦，或增加 13%。總結而言，我對我們達成財務計畫的能力非常有信心。我們在制定計畫時保持適度、但不過度的保守，以因應可能出現的不可預見挑戰。

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

接下來我把電話交給 Bob。

Thank you, Steven. I'll begin with safety on slide 6. Through September, our employee OSHA injury recordable rate was 0.41, which remains well below industry average. Safety is our first core value, and we're always focused on driving workplace injuries to zero.

謝謝你，Steven。我先從投影片 6 的安全議題談起。截至 9 月，我們員工的 OSHA 可記錄傷害率為 0.41，仍遠低於產業平均。安全是我們的第一核心價值，我們始終專注於將職場傷害降至零。

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.

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，得以更好地服務四個州數以百萬計的受監管客戶。

Looking ahead, we believe we can accomplish far more on behalf of our customers together than we can apart. In mid-September, NextEra and Dominion announced an enhanced Virginia benefits package that puts customers first and positions the Commonwealth as a global energy leader.

展望未來，我們相信雙方攜手能為客戶達成的成果，將遠超過各自單獨行動所能達成。9 月中旬，NextEra 與 Dominion 宣布一項加強版的維吉尼亞客戶利益方案，以客戶為優先，並使本州成為全球能源領導者。

That proposal doubled the duration of residential bill credits, expanded energy bill assistance by $100 million, included a $100 million workforce development fund, committed to creating at least 1,000 new jobs in the Commonwealth, building a new shareholder-funded co-headquarters tower in Richmond and supporting Virginia companies through a $1 billion annual five-year Virginia supplier program.

該提案將住宅用戶帳單抵減的期間加倍，將能源帳單補助擴增 1 億美元，納入 1 億美元的人才培育基金，承諾在本州至少創造 1,000 個新工作機會，在里奇蒙興建一棟由股東出資的共同總部大樓，並透過每年 10 億美元、為期五年的維吉尼亞供應商計畫來支持維吉尼亞企業。

Over the longer term, customers and communities will 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.

從更長期來看，客戶與社區將受惠於一家更強大的公司，具備規模與能力，以更高效率採購、建置、融資並營運關鍵能源基礎設施，進而支持供電可靠性、可負擔性與經濟成長。

In Virginia, we've received testimony from parties which we will address through rebuttal testimony due November 2. Evidentiary hearings begin on November 17, and the final order is due by January 11 of next year. Ultimately, the State Corporation Commission will decide the case based on the record presented to it and on the legal standard, whether adequate service to the public at just and reasonable rates will not be impaired or jeopardized by the proposed transaction.

在維吉尼亞，我們已收到各方提交的證詞，我們將在 11 月 2 日前以反駁證詞回應。證據聽證會將於 11 月 17 日開始，最終命令預計於明年 1 月 11 日前作出。最終，州公司委員會將依據提交給其的紀錄以及法律標準作出裁決，也就是擬議交易是否不會損害或危及以公正合理費率向公眾提供充分服務。

Another way of thinking about this is whether the transaction will do no harm to customers. We're confident that we have met that standard. In fact, we've exceeded the standard by proposing significant benefits in terms of customer affordability, jobs in our service area and development of needed energy resources.

另一種思考方式是，這筆交易是否不會對客戶造成任何傷害。我們有信心已達到該標準。事實上，我們提出在客戶可負擔性、我們服務區域的就業，以及所需能源資源的開發等方面帶來重大效益，已超越該標準。

In South Carolina, we've received testimony from parties which we will address through rebuttal testimony due November 18. Hearings begin on December 8, with a final order by January 29, 2027. In North Carolina, hearings begin on February 23, 2027. The time lines for each of the proceedings are shown on slide 7.

在南卡羅來納州，我們已收到各方的證詞，我們將透過於11月18日到期的反駁證詞加以回應。聽證會將於12月8日開始，最終命令預計於2027年1月29日前作出。在北卡羅來納州，聽證會將於2027年2月23日開始。各項程序的時間表如投影片7所示。

Required federal approvals have all been filed and continue to progress. We continue to expect the transaction to close in the second half of 2027. I could not be more excited about the combination of these two companies. We'll continue to share updates as we progress through the regulatory process.

所需的聯邦核准均已提交，並持續推進。我們仍預期交易將於2027年下半年完成交割。我對這兩家公司結合感到無比振奮。在我們推進監管程序的過程中，將持續分享最新進展。

Turning next to offshore wind on slide 8. CVOW continues to make significant progress, with the project approximately 85% complete and the fabrication of all nacelles, towers and blades now complete. We've installed 44 turbines representing more than 640 megawatts of generating capacity, with the installation of the 45th turbine happening now. Installation continues to average approximately two days from jack up to jack down, consistent with our assumptions.

接著看投影片8的離岸風電。CVOW持續取得重大進展，專案約完成85%，且所有機艙（nacelles）、塔筒與葉片的製造現已完成。我們已安裝44座風機，代表超過640兆瓦的發電容量，目前正在安裝第45座風機。安裝作業平均從頂升（jack up）到落座（jack down）約兩天，與我們的假設一致。

July and August turbine installation cadence was in line with expectations, while September and October were below due to a combination of weather and Charybdis maintenance activities, which were completed earlier this month. Importantly, these impacts were within the types of risks contemplated when we added scheduled contingency last quarter. While we utilized a portion of that contingency, our outlook has not changed. We continue to expect project completion by the end of 2027 and energization of the third and final offshore substation by year-end 2026.

7月與8月的風機安裝節奏符合預期，而9月與10月因天候與Charybdis維護作業的組合影響而低於預期；該維護作業已於本月稍早完成。重要的是，這些影響屬於我們在上季加入排程備援（scheduled contingency）時所考量的風險類型之內。雖然我們動用了一部分備援，但我們的展望並未改變。我們仍預期專案於2027年底完工，並於2026年底前完成第三座也是最後一座離岸變電站的送電（energization）。

From a cost perspective, our current budget remains $11.65 billion, including $123 million of unused contingency. We also continue to see strong customer value. The project's LCOE remains well below the statutory threshold, as well as the range contemplated in our original filing, and we estimate CVOW will generate approximately $5 billion of fuel savings for customers during its first 10 years of operation.

就成本而言，我們目前的預算仍為116.5億美元，其中包含1.23億美元尚未動用的備援。我們也持續看到強勁的客戶價值。該專案的平準化度電成本（LCOE）仍遠低於法定門檻，也低於我們原始申報所設想的區間；我們估計CVOW在營運的前10年將為客戶帶來約50億美元的燃料節省。

Our overall view of the project remains unchanged. CVOW installation has been significantly derisked and continues to make progress against its schedule and cost objectives while delivering significant long-term customer value.

我們對該專案的整體看法維持不變。CVOW的安裝作業已大幅去風險化，並持續依其進度與成本目標推進，同時為客戶帶來顯著的長期價值。

Now I'll turn to other business updates, as shown on slide 10. In mid-October, we filed our Virginia Integrated Resource Plan update, which included several possible generation build portfolios designed to meet robust customer demand growth. Relative to last year's company preferred plan, we've added and accelerated 4 gigawatts of solar and 2 gigawatts of battery storage. Importantly, under the company's preferred plan, we're meeting our customer needs, protecting system reliability, maintaining affordability with monthly residential electric bills forecasted to increase on average by about 2.3% annually.

接下來我將轉到其他業務更新，如投影片10所示。10月中旬，我們提交了維吉尼亞州整合資源規劃（IRP）更新，其中包含數個可能的發電建置組合，以滿足強勁的客戶需求成長。相較於去年公司偏好的方案，我們新增並加速了4吉瓦的太陽能與2吉瓦的電池儲能。重要的是，在公司偏好的方案下，我們能滿足客戶需求、保障系統可靠性，並維持可負擔性；預測住宅用電月帳單平均每年約增加2.3%。

We continue to see a growing role for energy storage in Virginia. Our recently filed IRP is an update and represents a snapshot in time, but it already reflects a meaningful increase in storage relative to our prior plan. Importantly, Virginia also enacted significant energy storage legislation this year that establishes substantially higher targets for both short- and long-duration storage. We expect storage to play an increasingly important role as use cases continue to broaden and the technology continues to advance.

我們持續看到儲能在維吉尼亞州扮演日益重要的角色。我們近期提交的IRP屬於更新，代表某一時間點的快照，但已反映相較於先前方案顯著增加的儲能配置。重要的是，維吉尼亞州今年也通過了重要的儲能立法，為短時與長時儲能都設定了大幅更高的目標。隨著應用情境持續擴大、技術持續進步，我們預期儲能將扮演愈來愈重要的角色。

We're actively evaluating both short-duration battery storage and emerging long-duration technologies through the lens of reliability, affordability and customer need. And looking longer term, the proposed combination with NextEra Energy would bring together significant capabilities and experience in energy storage. We believe that positions the combined company exceptionally well to deploy storage at scale as the technology matures and system needs evolve.

我們正從可靠性、可負擔性與客戶需求的角度，積極評估短時電池儲能與新興的長時技術。從更長期來看，與NextEra Energy擬議的結合將匯聚在儲能方面的重要能力與經驗。我們相信，這將使合併後公司在技術成熟、系統需求演變之際，具備以規模化部署儲能的卓越優勢。

Finally, on Millstone. In September, the Connecticut Department of Energy and Environmental Protection provided an update on the zero carbon energy request for proposals, indicating that it intends to announce a decision later this year. The facility's existing PPA has delivered tremendous value to customers, lower costs and significantly reduced volatility.

最後談Millstone。9月，康乃狄克州能源與環境保護部就零碳能源徵求提案（RFP）提供了更新，表示其打算在今年稍晚宣布決定。該設施現有的購電協議（PPA）已為客戶帶來巨大的價值、降低成本並顯著降低波動性。

Despite being priced at the time in 2019 above prevailing price outlooks, the contract is expected to save customers over $245 million this year, including $200 million year-to-date, in addition to the over $200 million in savings to customers last year. Based on current forward curves, the contract is expected to save customers in Connecticut over $900 million over the 10-year life, driven by lower energy pricing.

儘管該合約在2019年定價時高於當時主流的價格展望，預期今年仍可為客戶節省超過2.45億美元，其中年初至今已節省2億美元；此外，去年也為客戶節省了超過2億美元。根據目前的遠期曲線，受較低能源價格帶動，該合約在10年期間預期可為康乃狄克州客戶節省超過9億美元。

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.

我們仍專注於為該設施達成具建設性的結果；該設施透過現有合約已創造巨大價值，並為康乃狄克州客戶帶來帳單降低。隨著事態發展，我們將持續提供更新。

With that, let me summarize our remarks on slide 11 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. We remain committed to delivering reliable, affordable and increasingly clean power for our customers.

接下來，讓我在投影片11總結我們的發言，重申我們對三大優先事項的聚焦：持續達成我們的財務承諾；持續達成Coastal Virginia Offshore Wind專案的重大施工里程碑；以及取得具建設性的監管結果，展現我們能與監管機關與利害關係人合作，交付同時有利於客戶與股東的成果。我們仍致力於為客戶提供可靠、可負擔且日益潔淨的電力。

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

接下來，我們準備回答各位的問題。

(Operator Instructions)

（接線員指示）

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Hey, guys, good morning. So Bob, just on -- just as we're thinking about the deal and sort of the staff, I mean, 57 conditions. I guess, can you highlight where you and the staff are kind of furthest apart? What's the deal breaker? Is it, like, the ring-fencing? Is it the dividend restrictions? Can you close any of these gaps before the hearings next month? And then maybe just lastly, comment on the governor's intervention, which kind of seems a little bit excessive to us. How is that dialogue going?

各位早安。Bob，關於這筆交易以及工作人員的看法——我是說，有57項條件。我想問，你們與工作人員之間分歧最大的是哪些部分？交易的「破局點」是什麼？例如，是資產隔離（ring-fencing）嗎？是股利限制嗎？你們能否在下個月聽證會前縮小其中一些差距？最後也請評論一下州長的介入；在我們看來似乎有點過度。目前對話進展如何？

Yes, Shar, great question. 57 conditions, a chunk of them are conditions that were ones that we had already voluntarily proposed. So I think it's important to keep that in mind. But fundamentally, as you heard from John on NextEra's call a week or so ago, we're still focused on the statutory standard, which is no harm.

是的，Shar，問得很好。57項條件中，有一部分其實是我們先前已自願提出的條件。所以我認為把這點放在心上很重要。但從根本上來說，正如你大約一週前在NextEra的電話會議上聽到John所說，我們仍聚焦於法定標準，也就是「不造成傷害」。

That's what the judges are going to follow. We'll file our rebuttal testimony on Monday. Look forward to the hearing beginning on the 17th of November. And we remain confident that our position goes beyond the statutory standard, will deliver benefits, not just no harm to Virginia customers, to employees and communities.

這就是法官將會依循的原則。我們將於週一提交我們的反駁證詞。期待聽證會於11月17日開始。我們仍然有信心，我們的立場不僅符合、且超越法定標準，將帶來效益——不只是對維吉尼亞州客戶不造成傷害——也將惠及員工與社區。

It's going to keep our company locally led, still regulated by the SEC, fully accountable to them. John said it on their call, the judges of the SCC are going to follow the law. That's the best that we could possibly ask for. And we look forward to presenting our rebuttal testimony on Monday.

這將使我們公司維持在地領導，仍受美國證券交易委員會（SEC）監管，並對其完全負責。John在他們的電話會議上也說了，SCC的法官將會依法行事。這是我們所能期望的最佳結果。我們也期待於週一提出我們的反駁證詞。

Got it. And then just the governor, how is that dialogue going? Just, I guess, I don't want to say behind closed doors, but is what we're seeing publicly different than what conversations you're having privately?

了解。那麼再談州長，對話進展如何？我想，我不想說是私下密談，但你們私下的對話，是否與我們在公開場合看到的有所不同？

Well, the governor is participating as an intervenor in the case as she is obviously entitled to do, and we welcomed her intervention. We're participating in the case through the filings that we make in the case. We obviously talk to parties as makes sense. But really, our focus right now is the testimony that we're filing on Monday, making sure that we're all very focused on the no harm legal standard.

嗯，州長以介入方身分參與此案，這是她顯然有權這麼做的，我們也歡迎她的介入。我們則透過在案件中所提交的文件來參與程序。我們當然也會在合理情況下與各方溝通。但目前我們的重點確實是週一要提交的證詞，確保大家都非常聚焦於「不造成傷害」的法律標準。

Got it. Perfect. And then just lastly, on CVOW, I mean, obviously, we saw a little bit of a healthy drop in the LCOE to $62. Obviously, a lot of that was driven by RECs going to $38. I guess, what are you seeing in the RECs market that drive that? And is sort of $38 kind of sustainable in your view?

了解。很好。最後再問一下CVOW，我是說，很明顯我們看到LCOE健康地下滑到62美元。顯然其中很大一部分是由RECs降到38美元所帶動。我想問，你們在RECs市場看到哪些因素促成這個變化？以及以你們的看法，38美元這個水準是否具有可持續性？

Sure. It's Steve. It's hard to predict the price. We obviously reflect it quarterly when we update the filing, and very transparent about it. What we're seeing is a tightening of supply and demand, sort of unsurprisingly. And remember that a large portion of those RECs need to be generated by Virginia resources.

當然。我是Steve。價格很難預測。我們在每季更新申報時都會反映，且非常透明。我們看到的是供需正在收緊，這並不令人意外。另外請記得，其中很大一部分RECs必須由維吉尼亞州的資源來產生。

And so that obviously adds an additional constraint, which pushes prices up. And remember, the way that math works is that we credit the revenue from those REC-generated sales by CVOW against the LCOE. That's why you see that price come down.

因此這顯然增加了一道額外限制，推升價格。也請記得，數學關係是這樣運作的：我們會將CVOW透過REC所產生銷售的收入，抵減到LCOE上。這就是你看到該價格下降的原因。

But we've seen it kind of go up and down. It was a little higher. Now it's back down a little lower in terms of the LCOE. I think the most important thing is we continue to believe CVOW will provide significant value to our customers.

但我們也看到它有時上上下下。之前稍微高一些。現在就LCOE而言又回落一些。我認為最重要的是，我們仍然相信CVOW將為客戶帶來顯著價值。

Got it. Fantastic. Thank you, guys. We'll see you in about a week. Appreciate it.

了解。太好了。謝謝各位。大約一週後見。感謝。

Nicholas Campanella, Barclays.

Nicholas Campanella，巴克萊。

Hey, good morning. Maybe just sticking with the merger, similar question just on South Carolina. Any reactions to testimony there that recently came in? Is there a path forward to settle South Carolina? And any thoughts on just the bill credit, four years versus two years?

嗨，早安。或許還是聚焦在合併案，類似的問題，想問南卡羅來納州的情況。對於那邊最近提交的證詞，有什麼回應嗎？南卡羅來納州是否有達成和解的前進路徑？以及對於帳單抵減（bill credit）四年對比兩年的看法？

Yes. I'll give a similar answer, Nick, to the question I gave on Virginia. We're in the process, in the regulatory process there. We continue to work our way through. You all have the procedural time lines in front of you. Next step for us is for us to file our rebuttal testimony and then go into the hearing.

是的。Nick，我會給出與我回答維吉尼亞州問題相近的答案。我們正在那邊的監管程序中推進。我們會持續按部就班地走完流程。你們手上都有程序時程表。我們的下一步是提交反駁證詞，然後進入聽證程序。

We continue to believe that we've presented a very strong package in South Carolina the same way we did in Virginia, and we look forward to an opportunity to demonstrate that to the commission. Obviously, we work with parties in all the states and all the regulatory proceedings that we're involved in to try to find a good outcome.

我們仍然相信，我們在南卡羅來納州提出了一套非常強而有力的方案，就像在維吉尼亞州一樣，並期待有機會向委員會證明這一點。當然，我們會在所有州、所有我們參與的監管程序中與各方合作，努力尋求良好的結果。

Okay. And then maybe moving to Millstone. I know you're saying there's a decision here potentially by year-end. Can you just remind folks of the general time line? Do you get term and price by then? Or is that just that Millstone could have been selected as part of this wider process? Maybe just a little mark-to-market on those discussions.

好的。那接著談Millstone。我知道你們說可能在年底前會有決定。能否提醒大家大致的時間表？到那時會拿到合約期限與價格嗎？還是只是指Millstone可能會在這個更廣泛的流程中被選中？能否就這些討論做一點最新進展（mark-to-market）？

Nick, we're encouraged and constructively engaged with the parties in that process. A little difficult to say with certainty as to sort of what would be public at the end of the year. We don't -- certainly don't want to speak for or get ahead of the regulators in this case. But I do think we'll feel like we've got a little bit better sense of where that process is going by the end of the year. And then of course, as we have announcements to make, we'll be excited to make that public to folks.

Nick，我們對該流程中的各方互動感到鼓舞，並以建設性方式參與。但要非常確定年底時哪些資訊會公開，稍微有點難說。我們當然不希望替監管機關發言，或在此案中搶先於監管機關之前表態。不過我確實認為，到年底我們會對流程走向有更清楚一些的掌握。當然，一旦我們有可宣布的事項，我們也會很樂意對外公開。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗。

How about now? Can you hear me? Sorry, has that worked?

現在呢？聽得到我嗎？抱歉，這樣可以嗎？

Yes, it works. We were starting to get a little worried there.

可以，沒問題。我們剛剛開始有點擔心了。

I know. I think Paul is out trick or treating. So he's just probably getting his last candy.

我知道。我想Paul出去玩「不給糖就搗蛋」了。所以他大概正在拿最後幾顆糖。

We're glad to know you waited until the call was over.

很高興知道你等到電話會議結束才去。

I just have one quick question. You guys gave great clarity on CVOW, continuing to derisk it, I think you're 85% complete. I think maybe it's more of a sector-wide question. The sector is now approaching some large generating project construction. You guys have clearly plowed through this project, which is maybe one of the bigger ones going across the country.

我只有一個很快的問題。你們對CVOW提供了很清楚的說明，並持續降低風險，我想你們已完成85%。我想這可能更像是整個產業的問題。目前整個產業正逐步進入一些大型發電專案的建造階段。你們顯然已經推進並完成了這個專案的許多工作，這可能也是全國規模較大的專案之一。

I guess, how should investors think about execution risk across the sector as we're starting to see utilities pursue like larger generating units? You guys have plowed through it, you continue to derisk it. But I don't know if it's lessons learned or something, or what would you tell us we should focus on as you guys are successful with CVOW and we're seeing now other utilities go down this path?

我想，當我們開始看到公用事業公司追求更大型的發電機組時，投資人應該如何看待整個產業的執行風險？你們已經一路推進，並持續降低風險。但我不確定是經驗教訓或其他因素；當你們在CVOW上取得成功、而我們也看到其他公用事業公司走上這條路時，你們會建議我們應該聚焦哪些重點？

Yes, that's a great question, Anthony. And I wouldn't limit our experience just to CVOW. It hasn't been that long since we finished some sizable combined cycles here in Virginia. And our focus is having an experienced project construction team that is working with contractors that we have familiarity with.

是的，這是個很好的問題，Anthony。而且我不會把我們的經驗只侷限在CVOW。距離我們在維吉尼亞州完成一些相當大型的複循環機組也沒有太久。我們的重點在於擁有一支經驗豐富的專案施工團隊，並與我們熟悉的承包商合作。

They know the risks to look at. Our Board has become quite comfortable asking us questions about the risks that we should be focused on. Not surprisingly, those line up often around what are your potential labor constraints, how does the supply chain look, and having familiarity with all of that is really valuable.

他們知道需要關注哪些風險。我們的董事會已相當習慣就我們應該聚焦的風險向我們提問。不意外地，這些往往會集中在：你們潛在的勞動力限制是什麼、供應鏈狀況如何，而對這一切都很熟悉確實非常有價值。

So at least in our case, we're comforted by the fact that we have an experienced team that has handled big projects. Not just on the gen side, by the way, but on the transmission side of the house as well because we've done an awful lot of that work over the last few years to put that experienced team, combined with strong counterparties where we have confidence in the supply chain.

因此，至少就我們的情況而言，我們感到安心，因為我們有一支處理過大型專案的資深團隊。順帶一提，不僅是在發電端，在輸電端也是如此，因為過去幾年我們做了大量相關工作，建立了這支有經驗的團隊，並結合我們有信心的強勁交易對手與供應鏈。

And then finally, familiarity with the permitting process. I mean, I think we all know that there could be challenges in these projects when permits get off track. And so having the relationships necessary in order to work your way through the permitting process is critical as well.

最後是對許可（核准）流程的熟悉。我的意思是，我想我們都知道，當許可進度偏離軌道時，這些專案可能會遇到挑戰。因此，具備必要的人脈關係以便推進並完成許可流程同樣至關重要。

That's all I had. Thanks so much, guys. I'll see you at EEI.

我就講到這裡。非常感謝，各位。我們在 EEI 見。

Thanks, Anthony.

謝謝你，Anthony。

Carly Davenport, Goldman Sachs.

Carly Davenport，高盛。

Hey, good morning. Thanks so much for taking the questions. Maybe just to go back to CVOW. I appreciate the time from jack up to jack down is tracking in line with your expectations. I guess, could you just help us think about the other items that can impact the overall timing and how you expect those to trend as we look over the next few months just as we think about weather, et cetera, moving towards the end of the year?

嗨，早安。非常感謝讓我提問。或許回到 CVOW 的話題。我很感謝你們說明從 jack up 到 jack down 的時間符合你們的預期。我想請你們協助我們思考，還有哪些事項會影響整體時程，以及未來幾個月在天候等因素、接近年底時，你們預期這些因素會如何變化？

Yes. I mean, beyond the jack up to jack down time, other factors that we think about that we've identified are weather, maintenance, transit and loadout time. We've made assumptions regarding weather. We don't have the ability to control that, obviously. And then on the other items, our loadout times continue to improve.

是的。我的意思是，除了 jack up 到 jack down 的時間之外，我們考量且已辨識的其他因素包括天候、維護、航行（運輸）以及裝載（loadout）時間。我們已對天候做出假設。顯然我們無法控制天候。至於其他項目，我們的裝載時間持續改善。

Our transit times are defined by where we're going on the project. And I think the team has put together a very good schedule to minimize those transit times so that we are putting turbines up close to each other rather than crisscrossing across the project. And maintenance is a factor that we put in, and everything gets a little bit better as we move along.

我們的航行時間取決於我們在專案中要前往的位置。我認為團隊制定了一個非常好的排程來把航行時間降到最低，也就是讓我們把風機安裝在彼此相近的位置，而不是在整個專案範圍內來回穿梭。維護也是我們納入的因素之一，而隨著進度推進，一切都會逐步變得更好。

So if you think about, Carly, when everything we've done on this project, we get quite a bit faster as we go along. Just give you a few statistics on the installation time. So our first 10 turbines took an average of 69 hours each to install. The next 25 took an average of 45 hours, so that's a 35% improvement. And then the most recent 9 averaged 38 hours, which is a 45% improvement to the first 10.

所以 Carly，如果你回顧我們在這個專案上所做的一切，我們會在過程中變得更快。我給你一些安裝時間的統計數據。我們前 10 座風機平均每座安裝需要 69 小時。接下來 25 座平均 45 小時，提升了 35%。而最近的 9 座平均 38 小時，相較於前 10 座提升了 45%。

So we're improving on the installations of turbines the same way we improved our timing on monopiles, the same way we improved our timing on transition pieces. As I mentioned, we continue to get faster on the turns at port. Obviously, we don't do as many of those because we're loading four turbines each time. But we're getting faster with that as well. I think our plan is good on transit time. And any maintenance we have to do, if we've done it before, it will be faster the next time we do it, as we found going along.

因此，我們在風機安裝上的改善，與我們在單樁（monopiles）工期上的改善、以及在過渡段（transition pieces）工期上的改善是一樣的。如我提到的，我們在港口周轉（turns at port）的速度也持續加快。當然，我們不會做那麼多次，因為每次會裝載四座風機。但我們在這方面也變得更快。我認為我們在航行時間上的規劃是好的。而任何我們必須做的維護，如果以前做過，下次再做就會更快——我們一路走來也確實如此。

Carly, I think it's a really fair question. If I can put some numbers around what I think you're asking about, in addition to the great answer Bob just provided. If you think about the last three months, we had about 91 days in that period. 14 were impacted by weather and about 36 by the vessel maintenance we've described, which means we installed about 13 turbines over about 41 available days, which equates to about 3.2 calendar days per turbine, which again is a little higher than the two because that doesn't include transit.

Carly，我覺得這是個非常合理的問題。在 Bob 剛才提供的精彩回答之外，如果我可以用一些數字來補充你所問的內容。回想過去三個月，那段期間大約 91 天。其中 14 天受天候影響，約 36 天受我們所描述的船舶維護影響，這表示我們在約 41 個可用天數內安裝了約 13 座風機，換算下來每座風機約 3.2 個日曆天；這個數字又略高於 2 天，因為其中不包含航行時間。

And looking forward, we have about 425 calendar days left through the end of '27 to install the remaining 132 turbines, which, by coincidence, is also 3.2 days per turbine. And I think what's important to note, as Bob just mentioned, is the timing for the jack up and jack down, even though our base assumption is two days, as he just mentioned, our most recent 9 have been closer to 1.5 days. If you were at 1.5 days, you'd be able to do the remaining turbine installations in about 200 days.

往前看，從現在到 27 年底我們大約還有 425 個日曆天來安裝剩餘的 132 座風機；巧合的是，這同樣是每座風機 3.2 天。我認為需要注意的重要點是，如 Bob 剛才提到的，jack up 和 jack down 的時間，即使我們的基準假設是 2 天，但他也提到最近的 9 座更接近 1.5 天。如果是 1.5 天，你就能在大約 200 天內完成剩餘風機的安裝。

If you stayed that two days per turbine, you'd be 265. And we expect about 33 of those loadouts at the port, each take about four days or 130 days in total. So if you put all that together, 427 days, 200 to 265 days for turbine installation, 130 days for port turns, that leaves somewhere between 30 and 95 days for weather, maintenance and if you need more time for some of the more difficult locations for turbine installation.

如果維持每座風機 2 天，那就是 265 天。而我們預期在港口大約有 33 次裝載作業，每次約 4 天，合計約 130 天。所以把這些加總起來：427 天、風機安裝 200 到 265 天、港口周轉 130 天，剩下大約 30 到 95 天可用於天候、維護，以及若某些較困難的安裝位置需要更多時間。

So I think that gives folks a little bit of a sense of sort of how much contingency is in the plan from a timing perspective, and that's what gives us that confidence. In addition to what Bob described, which is as we go through the various iterations of construction, it gets faster every single time.

所以我認為這能讓大家從時程角度大致了解計畫中有多少緩衝（contingency），而這也是我們有信心的原因。此外，正如 Bob 所描述的，隨著我們經歷各個施工迭代，每一次都會變得更快。

Great. That's incredibly helpful context. And then the follow-up is just a housekeeping item. It looks like just for the 4Q drivers, O&M has shifted from being a drag to a help. Anything in particular that you flag as driving that? And is there any read-through on that into 2027 O&M trends with that in mind?

很好。這些背景資訊非常有幫助。接著追問一個例行問題。看起來就第四季（4Q）的驅動因素而言，O&M 已從拖累變成助力。有沒有什麼特別因素是你們認為促成這個變化的？另外，考量這點，對 2027 年 O&M 走勢是否有任何可延伸解讀？

No, Carly, nothing specific. We obviously reevaluate those drivers quarter-by-quarter to reflect the latest perspective on the forecast. I would say we gave our guidance to be in the top half, and I think I put in my prepared remarks that, that includes some conservatism around November and December weather, as well as potential opportunities to derisk financial performance.

沒有，Carly，沒有特別的因素。我們顯然會逐季重新評估這些驅動因素，以反映對最新預測的觀點。我會說，我們給出的指引是落在上半區間，而我在事先準備的發言中也提到，這其中包含對 11 月與 12 月天候的一些保守假設，以及降低財務表現風險的潛在機會。

So we're going to have that lever available to us as we go out to the last two months of the year to make sure we land solidly where our guidance is, updated guidance, but also take steps necessary to derisk future years.

因此，在今年最後兩個月，我們會保留這個槓桿可供運用，以確保我們能穩健落在指引水準——更新後的指引——同時也採取必要措施來降低未來年度的風險。

Very clear. Thank you so much for the time.

非常清楚。非常感謝您撥冗。

Paul Zimbardo, Jefferies.

Paul Zimbardo，Jefferies。

I'm back. I think Anthony was ringing my doorbell, trick or treating.

我回來了。我想 Anthony 剛才在按我家門鈴，來要糖果、搞惡作劇。

Good to hear from you, Paul.

很高興聽到你的聲音，Paul。

Thank you very much. And I appreciate there's a lot of math in that last answer. So hopefully, an easier one. Could you describe the nuclear upgrade opportunities, more so the regulated fleet, but also the unregulated asset? And just kind of where you are in exploring some of these potential expansions?

非常感謝。我也理解你上一個回答裡有很多數學。所以希望這題簡單一點。你能否描述一下核電升級的機會，主要是受監管的機組群，但也包括不受監管的資產？以及你們在探索這些潛在擴建方面目前進展到哪一步？

Yes. Paul, good question. We've got some limited opportunities, we think, at Millstone, as we've discussed before. The regulated fleet, we've done a lot of upgrade work over the years. Our focus at the regulated fleet is the investments necessary for subsequent license renewal.

是的。Paul，問得好。我們認為在 Millstone 有一些有限的機會，正如我們之前討論過的。受監管的機組群方面，我們多年來已做了大量升級工作。我們在受監管機組群的重點，是為後續延長執照（subsequent license renewal）所需的投資。

We're extending the lives of those plants for another 20 years. So that's really where the work is going on right now. We always look for opportunities for updates where it makes sense we can do it safely within the appropriate safety margin.

我們正把這些電廠的壽命再延長 20 年。所以目前的工作主要集中在這裡。我們也一直在尋找更新升級的機會；在合理且能在適當的安全裕度內安全執行的前提下，我們就會去做。

Okay. Understand that. And then one last on kind of Virginia and the new IRP. I think you mentioned the 4 gigawatts and 2 gigawatts of incremental pull forward. Just -- if you could frame like what could that do to the capital plan, the rate base growth? Any kind of color you could provide there would be helpful.

好的。我理解。最後一題，關於維吉尼亞以及新的 IRP。我想你提到 4 吉瓦與 2 吉瓦的增量提前拉動。能否說明一下，這可能會如何影響資本計畫、費率基礎（rate base）成長？你能提供的任何補充說明都會很有幫助。

Absolutely, Paul. So if you look at 2025's IRP relative to the latest IRP, it effectively through 2034 increases the battery on the system by about 4x. So for instance, in the 2025 IRP, 2030 through '34, battery was 850 megawatts. In the 2026 update, it's 3.3 gigawatts. And think about the capital cycle around that is about a two-year time frame where you're spending that capital leading up to the actual COD.

當然可以，Paul。所以如果你把 2025 年的 IRP 與最新的 IRP 相比，實際上到 2034 年為止，系統上的電池配置大約增加到原來的 4 倍。例如，在 2025 年 IRP 中，2030 到 2034 年的電池是 850 兆瓦。在 2026 年更新版中，則是 3.3 吉瓦。而圍繞這些的資本投入週期，大約是兩年的時間，也就是在實際 COD（商轉日）之前投入資本。

So obviously, as we roll forward and pick up '31 in our five-year plan, we'll be picking up one additional year of not just what the existing battery capital opportunity was, but actually this enhanced battery capital opportunity. And we framed that as every gigawatt being sort of $2.5 billion to $3 billion of opportunity.

所以很明顯，隨著我們往前推進，並在五年計畫中納入 2031 年，我們將會新增一年，不僅是既有的電池資本機會，還包括這個加碼後的電池資本機會。我們也將其量化為：每 1 吉瓦大約代表 25 億到 30 億美元的機會。

Now keep in mind, some of the IRP would be under a PPA structure. Obviously, we don't -- wouldn't include that in our rate base, but the majority of it is under self-build, consistent with the Virginia Clean Economy Act. So I think as we think about roll forward, there's a very meaningful opportunity for capital enhancement in order to comply with the legislative and policy intent of the state.

不過請記住，部分 IRP 會採用 PPA（購電協議）架構。很顯然，我們不會——也不會把那部分納入我們的費率基礎（rate base），但其中大多數是自建（self-build），這與《維吉尼亞清潔經濟法案》（Virginia Clean Economy Act）一致。因此我認為，隨著我們往前推進，為了符合該州立法與政策意圖，資本增量提升的機會非常可觀。

Okay, thank you. That's very clear and comprehensive. Thank you.

好的，謝謝。這非常清楚且全面。謝謝。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Hey, good morning, guys. Sorry, I did want to just kind of revert back to the merger quickly, if I could. There was one point of contention just within the SCC's staff testimony there. And I just wanted to kind of clarify it to understand it, I guess.

各位早安。抱歉，我想如果可以的話，先快速回到合併案。在 SCC 工作人員的證詞中，有一點爭議。我只是想釐清一下，以便理解。

Just as we think about the ring-fencing and the bankruptcy remote special purpose vehicle, I guess, what are they really looking for there? Like, I understand kind of like the protection for Dominion. But just, I guess, how would -- how does that structure kind of -- like what should -- how should we think about that structure?

就我們在思考 ring-fencing（隔離保護）以及破產隔離（bankruptcy remote）的特殊目的載體（SPV）時，我想問，他們在那裡究竟想要的是什麼？我理解這有點像是對 Dominion 的保護。但我想問的是——這個架構到底是如何運作的——我們應該如何看待這個架構？

Yes. Totally understand why you'd ask that question. But as I mentioned, we're working our way through the regulatory process now, which involves filing a rebuttal testimony on Monday and then a hearing just a few weeks away. So we're going to continue to present what we think is a very strong package through that regulatory process. But I can hope you understand why I wouldn't want to be getting into the details of that on the Friday before we file our rebuttal testimony.

是的。我完全理解你為什麼會問這個問題。但如我提到的，我們目前正在推進監管程序，其中包括在週一提交反駁證詞（rebuttal testimony），以及幾週後就要舉行聽證會。因此，我們會持續在該監管程序中提出我們認為非常有力的一整套方案。但我想你也能理解，為什麼我不希望在我們提交反駁證詞前的這個週五，深入討論細節。

Very fair. Very fair. And then just wanted to think through to just the funding requirement. Like as we think about that as we move into 2027, just how much flexibility exists if we have some load kind of acceleration and a potential, like, delay in any closing?

非常合理。非常合理。另外我也想再推演一下資金需求。當我們邁入 2027 年時，如果負載有些加速，以及任何交割可能延後的情況下，彈性有多大？

Are you asking, Nick, about our -- sort of where our 2027 financing needs might be and how that could be impacted?

Nick，你是在問我們——也就是我們 2027 年的融資需求大概會落在哪裡，以及可能會如何受到影響嗎？

Yes. If you think about it specifically on the equity issuance side.

是的，特別是從發行股權（equity issuance）的角度來看。

Yes. So when we did our call in the fourth quarter, we gave a five-year look. And we indicated that from -- at least from an equity perspective, it was very back-end loaded in sort of the last couple of years of our plan. I don't want to get out ahead of our sort of updates to the forecast. But generally speaking, we were seeing '27 and '28 as relatively lighter equity years. And I haven't seen anything that suggests that would be necessarily different.

是的。所以在我們第四季的電話會議中，我們提供了五年的展望。我們指出，至少從股權的角度來看，需求主要集中在我們計畫後段的最後幾年。我不想在我們更新預測之前就先行透露太多。但一般而言，我們認為 2027 與 2028 年會是相對較輕的股權年度。而我目前沒有看到任何跡象顯示這點會必然不同。

Great. Thanks.

很好。謝謝。

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

謝謝。問答環節到此結束，我將把時間交回給 Bob Blue 作結語。

Thanks, everybody, for taking the time to join the call today. Enjoy the rest of the day. Thanks.

謝謝各位今天撥冗參加這通電話會議。祝各位今天剩下的時間愉快。謝謝。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。