道明尼資源 (D) 2022 Q1 法說會逐字稿

Welcome to the Dominion Energy First Quarter Earnings Conference Call. (Operator Instructions) I would now like to turn the conference call over to David McFarland, Director, Investor Relations.

歡迎參加 Dominion Energy 第一季度收益電話會議。 （操作員說明）我現在想將電話會議轉交給投資者關係總監 David McFarland。

Good morning, and thank you for joining today's call. Earnings materials, including today's prepared remarks, may 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 reports 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.

早上好，感謝您加入今天的電話會議。收益材料，包括今天準備好的評論，可能包含受各種風險和不確定性影響的前瞻性陳述和估計。請參閱我們提交給美國證券交易委員會的文件，包括我們最近關於表格 10-K 的年度報告和我們關於表格 10-Q 的季度報告，以討論可能導致結果與管理層的估計和預期不同的因素。

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

今天上午，我們將討論一些與公認會計原則不同的公司業績衡量標準。我們的非 GAAP 指標與最直接可比的 GAAP 財務指標的對賬，我們可以計算這些指標包含在收益發布工具包中。我鼓勵您訪問我們的投資者關係網站，查看網絡廣播幻燈片以及收益發布工具包。

Joining today's call are Bob Blue, Chair, President and Chief Executive Officer; Jim Chapman, Executive Vice President, Chief Financial Officer; and Diane Leopold, Executive Vice President and Chief Operating Officer. I will now turn the call over to Jim.

加入今天的電話會議的是主席、總裁兼首席執行官 Bob Blue； Jim Chapman，執行副總裁兼首席財務官；和執行副總裁兼首席運營官 Diane Leopold。我現在將把電話轉給吉姆。

Thank you, David, and good morning. Before I begin, I'll remind everyone of the extensive disclosure package and growth capital roll forward we shared on last quarter's call. We're very focused on overall execution of those plans, including extending our track record of delivering results in line with our financial guidance as we did again this quarter.

謝謝你，大衛，早上好。在我開始之前，我會提醒大家我們在上個季度的電話會議上分享的廣泛的披露方案和增長資本滾動。我們非常專注於這些計劃的整體執行，包括擴大我們根據我們的財務指導交付業績的跟踪記錄，就像我們在本季度再次所做的那樣。

I'll begin with a recap of our compelling investment proposition and again, highlight our focus on the consistent execution of our strategy. We expect to grow our earnings per share by 6.5% per year through at least 2026, based largely on our continued execution of our $37 billion 5-year growth capital program, as shown on Slide 3. As a reminder, over 85% of that capital investment is emissions reduction enabling and over 75% is rider recovery eligible. The resulting approximately 10% total shareholder return proposition is combined with an attractive pure-play, state-regulated utility profile and an industry-leading ESG profile.

我將首先回顧一下我們引人注目的投資主張，並再次強調我們對戰略的一致執行的關注。我們預計至少到 2026 年，我們的每股收益將每年增長 6.5%，這主要基於我們繼續執行 370 億美元的 5 年增長資本計劃，如幻燈片 3 所示。提醒一下，其中超過 85%資本投資可實現減排，超過 75% 的騎手符合恢復條件。由此產生的大約 10% 的總股東回報提議與有吸引力的純遊戲、受國家監管的公用事業概況和行業領先的 ESG 概況相結合。

This utility profile is centered around five premier states, as shown on Slide 4. All of these states share the philosophy that a common sense approach to energy policy and regulation puts a priority on safety, reliability, affordability and sustainability, as Bob will touch on in his remarks in just a moment.

該公用事業概況以五個主要州為中心，如幻燈片 4 所示。所有這些州都有這樣的理念，即能源政策和監管的常識方法優先考慮安全性、可靠性、可負擔性和可持續性，正如 Bob 將談到的那樣在他的講話中。

Turning to Slide 5. We see up to $73 billion of green investment opportunity across our entire footprint through 2035, nearly all of which will qualify for regulated rider recovery. We believe we offer the largest, broadest in scope, longest in duration and most visible regulated decarbonization opportunity among U.S. utilities, which, as you will hear in today's prepared remarks, is continuing to steadily transform into reality. The successful execution of this plan is already benefiting our customers, communities, the environment and our investors.

轉到幻燈片 5。到 2035 年，我們在整個足跡中看到高達 730 億美元的綠色投資機會，幾乎所有這些都將有資格獲得受監管的騎手恢復。我們相信，我們提供了美國公用事業公司中規模最大、範圍最廣、持續時間最長和最明顯的受監管脫碳機會，正如您將在今天準備好的講話中聽到的那樣，這些機會正在繼續穩步轉變為現實。該計劃的成功執行已經使我們的客戶、社區、環境和我們的投資者受益。

Before handing it to Bob for his business update, I'll discuss our first quarter results and related financial topics.

在將其交給 Bob 進行業務更新之前，我將討論我們的第一季度業績和相關財務主題。

Our first quarter 2022 operating earnings, as shown on Slide 6, were $1.18 per share, which included $0.01 of help from better-than-normal weather in our utility service territories. Weather-normalized results were at the midpoint of our quarterly guidance range, extending to 25 consecutive quarters, our track record of delivering on our financial commitments to our investors. Positive factors as compared to last year include growth from regulated investment across electric and gas utility programs, interest expense and modest margin help. Other factors as compared to the prior year include capacity expense and share dilution.

如幻燈片 6 所示，我們 2022 年第一季度的營業收益為每股 1.18 美元，其中包括來自公用事業服務領域好於正常天氣的 0.01 美元的幫助。天氣標準化結果處於我們季度指導範圍的中點，連續 25 個季度達到我們向投資者兌現財務承諾的記錄。與去年相比，積極因素包括電力和天然氣公用事業項目監管投資的增長、利息支出和適度的利潤率幫助。與上一年相比，其他因素包括產能費用和股份稀釋。

First quarter GAAP earnings were $0.83 per share and reflect a noncash mark-to-market impact of economic hedging activities, unrealized changes in the value of our nuclear decommissioning trust fund and other adjustments. A summary of all adjustments between operating and reported results is, as usual, included in Schedule 2 of the earnings release kit.

第一季度 GAAP 收益為每股 0.83 美元，反映了經濟對沖活動的非現金按市值計價的影響、我們的核退役信託基金價值的未實現變化和其他調整。與往常一樣，運營和報告結果之間的所有調整的摘要包含在收益發布工具包的附表 2 中。

Turning now to guidance on Slide 7. As usual, we are providing a quarterly guidance range, which is designed primarily to account for variations from normal weather. For the second quarter of 2022, we expect operating earnings to be between $0.70 and $0.80 per share. Positive factors as compared to last year are expected to be normal course regulated rider growth, sales growth and a return to normal weather. Other factors as compared to last year are expected to be a millstone planned outage and some tax timing. We are affirming our existing full year and long-term operating earnings and dividend guidance as well, no changes here from prior guidance.

現在轉向幻燈片 7 的指導。像往常一樣，我們提供季度指導範圍，主要是為了說明與正常天氣的變化。對於 2022 年第二季度，我們預計營業收入將在每股 0.70 美元至 0.80 美元之間。與去年相比，積極因素預計將是正常路線調節的騎手增長、銷售增長和恢復正常天氣。與去年相比，其他因素預計將是重大計劃的停電和一些稅收時機。我們也確認我們現有的全年和長期運營收益和股息指引，與之前的指引相比沒有變化。

Turning to Slide 8. Let me take a minute to recap our O&M management and highlight our strong performance relative to our guidance of keeping O&M flat normalized for riders. Since our 2019 Investor Day, when we spent some time describing our flat normalized O&M target, we created a material value for our customers and shareholders by removing about $250 million in costs, a reduction over 8% during that 4-year period, something we view as quite an accomplishment.

轉到幻燈片 8。讓我花一點時間回顧一下我們的 O&M 管理，並強調我們相對於我們為車手保持 O&M 正常化的指導的強勁表現。自 2019 年投資者日以來，當我們花了一些時間描述我們統一的標準化 O&M 目標時，我們通過消除約 2.5 億美元的成本為我們的客戶和股東創造了重大價值，在這 4 年期間減少了 8% 以上，這是我們視為相當的成就。

Looking forward, we're focused on keeping normalized O&M flat by driving down costs through improved processes, innovative use of technology and other best practices or cost-cutting initiatives. It's a dynamic process. We very intentionally go through each of our segments, each of our assets, each of our locations to find opportunities to lean into technology to improve business processes and to improve in areas like smart buying across our platform. Finally, consistent with our current guidance, we expect to achieve flat normalized O&M through 2026, no changes here also from prior communications.

展望未來，我們專注於通過改進流程、創新使用技術和其他最佳實踐或削減成本舉措來降低成本，從而保持正常化的運維平穩。這是一個動態的過程。我們非常有意識地檢查我們的每個細分市場、我們的每一項資產、我們的每個地點，以尋找機會利用技術來改進業務流程，並在我們平台上的智能購買等領域進行改進。最後，根據我們目前的指導，我們預計到 2026 年將實現平穩的正常化運維，與之前的溝通也沒有變化。

Next, I'll touch on inflation, one of the more prevalent themes for this earnings season, it seems. While we don't have a crystal ball on where inflation rates are heading, how high and for how long, let me share some color on the way we think about the impact of inflation on our business. As I mentioned, a substantial portion of our existing rate base and over 75% of our growth capital is rider eligible which allows for timely annual true-ups, including recovery of any changes to cost and interest rates without the need to wait for less frequent base rate proceedings.

接下來，我將談到通脹，這似乎是本財報季更普遍的主題之一。雖然我們對通貨膨脹率的走向、多高和持續多長時間沒有一個水晶球，但讓我分享一下我們對通貨膨脹對我們業務的影響的看法。正如我所提到的，我們現有利率基數的很大一部分和超過 75% 的增長資本都符合附加條件，這允許及時進行年度調整，包括恢復成本和利率的任何變化，而無需等待不那麼頻繁基準利率訴訟。

So how about inflationary impacts on our largest single rider project, regulated offshore wind? As discussed on our fourth quarter call, that project has been largely derisked from inflationary impacts at this point. Our five major fixed cost agreements collectively represent about $7 billion of the total capital budget. Within those contracts, only about $800 million remains subject to steel and metals commodity indexing, and this component of the budget already reflects commodity cost increases observed in 2021, leading up to our filing date.

那麼，通貨膨脹對我們最大的單一騎手項目（受監管的海上風電）的影響如何？正如我們在第四季度電話會議上所討論的那樣，該項目目前已在很大程度上受到通脹影響的影響。我們的五項主要固定成本協議合計約佔總資本預算的 70 億美元。在這些合同中，只有約 8 億美元仍受制於鋼鐵和金屬商品索引，預算的這一部分已經反映了 2021 年觀察到的商品成本增加，直至我們的申請日。

So what about interest rates? Inflation is, of course, generally accompanied by a rise in rates. And we reflect market expectations, so increases in our planning process and in guidance. We, of course, don't just model flat rates. About 80% of our balance sheet is fixed rate and is long in duration, over 13 years in average tenure. Looking ahead the future issuances of long-term debt, we manage that interest rate exposure through a variety of hedging and treasury activities including through what is currently about $10 billion notional of pre-issuance interest rate hedges, which will help us keep future costs low.

那麼利率呢？當然，通貨膨脹通常伴隨著利率的上升。我們反映了市場預期，因此增加了我們的規劃過程和指導。當然，我們不只是為統一費率建模。我們的資產負債表中約有 80% 是固定利率且期限較長，平均期限超過 13 年。展望未來長期債券的發行，我們通過各種對沖和資金活動來管理利率風險，包括目前名義上約 100 億美元的發行前利率對沖，這將有助於我們保持較低的未來成本.

So what does that mean? That portfolio allows us to lock in treasury rates for issuances between now and 2026 at rates as low as almost 1%. This year, we've already issued $1 billion of long-term debt at Dominion Energy Virginia at a weighted average cost of 2.6%, consistent with our 2022 financing plan guidance. As it relates to additional fixed income issuances remaining for the year, we will continue to monitor market conditions and look for opportunities to further derisk our plan and create shareholder value.

那是什麼意思？該投資組合使我們能夠鎖定從現在到 2026 年之間發行的國債利率，利率低至近 1%。今年，我們已經在 Dominion Energy Virginia 發行了 10 億美元的長期債務，加權平均成本為 2.6%，與我們的 2022 年融資計劃指導一致。由於它與今年剩餘的額外固定收益發行有關，我們將繼續監控市場狀況並尋找機會進一步降低我們的計劃並創造股東價值。

Finally, a reminder that economic growth, inflation and higher interest rates are all part of the mix when it comes to determining authorized ROEs across our utility businesses in our periodic rate proceedings.

最後，提醒一下，在我們的定期利率程序中確定我們公用事業業務的授權 ROE 時，經濟增長、通貨膨脹和更高的利率都是其中的一部分。

So in summary, the current inflation environment is, of course, dynamic, and we are monitoring it closely. At present, however, due in part of the factors I've just described, we're not currently forecasting a material earnings impact associated with inflation. I would also note the impact that the current inflation environment can have on our customer bill. We, of course, prioritize customer affordability and implement various mitigation strategies as Bob will discuss in a moment.

總而言之，當前的通脹環境當然是動態的，我們正在密切關注它。然而，目前，由於我剛才描述的部分因素，我們目前並未預測與通脹相關的重大收益影響。我還要注意當前的通貨膨脹環境可能對我們的客戶賬單產生的影響。當然，我們會優先考慮客戶的負擔能力並實施各種緩解策略，正如 Bob 稍後將討論的那樣。

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

有了這個，我會把電話轉給鮑勃。

Thank you, Jim. I'll begin with safety. As shown on Slide 9, through April of 2022, our OSHA recordable rate was 0.52. While overall results are tracking slightly higher than a year ago, they remain low relative to historical levels and substantially below industry averages. Our safety performance matters immensely to our more than 17,000 employees to their families and to the communities we serve, which is why it matters so much to me and why it is our first core value.

謝謝你，吉姆。我將從安全開始。如幻燈片 9 所示，截至 2022 年 4 月，我們的 OSHA 可記錄率為 0.52。雖然總體業績略高於一年前，但相對於歷史水平仍然較低，遠低於行業平均水平。我們的安全績效對我們 17,000 多名員工、他們的家人和我們所服務的社區都非常重要，這就是為什麼它對我如此重要以及為什麼它是我們的首要核心價值。

Now I'll turn to updates around the execution of our growth plan. Our regulated offshore wind project continues to be on schedule and on budget. Major project milestones are listed on Slide 10. As we reported earlier and as Jim mentioned, contracts for major offshore equipment suppliers were completed and signed in late 2021. These include contracts for foundations, transition pieces, substations, transportation, installation and subsea cabling and turbine supply and long-term service agreements. We've been pleased with the progress of the state rider approval review with intervener and staff testimony received, rebuttal testimony filed and a hearing scheduled to commence later this month. The final order is expected from the SEC in early August.

現在我將轉向有關我們增長計劃執行情況的更新。我們受監管的海上風電項目繼續按時按預算進行。主要項目里程碑在幻燈片 10 中列出。正如我們之前報導和 Jim 提到的，主要海上設備供應商的合同已於 2021 年底完成並簽署。這些合同包括基礎、過渡件、變電站、運輸、安裝和海底電纜以及渦輪機供應和長期服務協議。我們對州騎手批准審查的進展感到滿意，收到了乾預者和工作人員的證詞，提交了反駁證詞以及計劃於本月晚些時候開始的聽證會。預計美國證券交易委員會將在 8 月初發布最終命令。

The federal permitting process also continues and the next major milestone is receipt of the draft environmental impact statement expected in the second half of this year. A few items to reiterate here. First, offshore wind, zero fuel cost and transformational economic development and jobs benefits are needed now more than ever. The project will also propel Virginia closer to achieving its goal to become a major hub for the burgeoning offshore wind value chain up and down the country's East Coast. Second, unlike any other such project in North America, this proposed investment is 100% regulated and eligible for rider recovery in Virginia. Finally, the VCEA provides very specific requirements on the presumption of prudency for investment in the project, which we are confident that we have already met.

聯邦許可程序也在繼續，下一個重要里程碑是預計在今年下半年收到環境影響報告草案。這裡要重申幾項。首先，現在比以往任何時候都更需要海上風電、零燃料成本以及轉型經濟發展和就業機會。該項目還將推動弗吉尼亞州更接近實現其目標，即成為該國東海岸上下新興海上風電價值鏈的主要樞紐。其次，與北美的任何其他此類項目不同，這項擬議的投資受到 100% 的監管，並且有資格在弗吉尼亞州恢復騎手。最後，VCEA 對項目投資的審慎推定提出了非常具體的要求，我們相信我們已經滿足了這些要求。

Turning to our Jones-Act vessel. The SEC in March approved our affiliates act application for DEV's contract. The vessel remains on track for delivery in late 2023, and we expected to be entering service with plenty of time to support the 2024 turbine installation season.

轉向我們的瓊斯法案船。 SEC 在 3 月批准了我們的關聯公司對 DEV 合同的申請。該船仍有望在 2023 年底交付，我們預計將有足夠的時間投入使用，以支持 2024 年的渦輪機安裝季節。

Turning to other notable clean energy investment updates. On April 23, we filed with the support of the SEC staff and consumer council, a settlement in the pending nuclear subsequent license renewal rider filing. Nuclear life extension represents nearly $4 billion in capital investment through 2035. And this settlement agreement includes the first phase, which represents about $1 billion of that total. This agreement is very good news, and if approved by the SEC, resolves all issues in that case.

轉向其他值得注意的清潔能源投資更新。 4 月 23 日，我們在 SEC 工作人員和消費者委員會的支持下，就未決的核後續許可證更新附加條款提交了和解。到 2035 年，延長核壽命意味著近 40 億美元的資本投資。該和解協議包括第一階段，約佔總投資的 10 億美元。該協議是一個非常好的消息，如果獲得 SEC 的批准，將解決該案中的所有問題。

In our estimation, the success of greenhouse gas emissions reduction targets requires the ongoing viability of existing nuclear facilities. These Virginia units have performed exceptionally well for years, providing over 30% of our customers' energy needs and providing that energy at low cost and carbon free.

我們估計，溫室氣體減排目標的成功需要現有核設施的持續生存能力。多年來，這些弗吉尼亞單位的表現異常出色，滿足了我們客戶 30% 以上的能源需求，並以低成本和無碳的方式提供了這些能源。

Based on PJM's carbon intensity rate, just in the last year, Surry and North Anna avoided approximately 14 million tons of regional CO2 emissions. To provide some context, this is equivalent to a reduction of more than 3 million nonelectric cars for the entire year. Successful nuclear life extension is a win for customers and the environment, and we want to thank the parties to this proposed settlement for their efforts.

根據 PJM 的碳強度率，僅在去年，Surry 和 North Anna 就避免了大約 1400 萬噸的區域二氧化碳排放。提供一些背景信息，這相當於全年減少超過 300 萬輛非電動汽車。成功延長核壽命是客戶和環境的雙贏，我們要感謝本擬議解決方案的各方所付出的努力。

On solar, I'm very pleased that the SEC in March approved our most recent clean energy filing, which included nearly 1,000 megawatts of solar and energy storage capacity, our fifth consecutive such approval. We also recently issued an RFP for an additional 1,200 megawatts of solar capacity and 125 megawatts of energy storage. Our next clean energy filing will take place later this year.

在太陽能方面，我很高興 SEC 在 3 月份批准了我們最近的清潔能源申請，其中包括近 1,000 兆瓦的太陽能和儲能容量，這是我們連續第五次獲得此類批准。我們最近還發布了額外 1,200 兆瓦太陽能容量和 125 兆瓦儲能的 RFP。我們的下一次清潔能源申報將於今年晚些時候進行。

Our current portfolio of utility-scale projects, which are under various stages of development, represent over 7 gigawatts of capacity. This pipeline goes a long way towards fulfilling our plan to meet the approximately 10 gigawatts of utility-owned solar by 2035 as called for by the VCEA.

我們目前處於不同開發階段的公用事業規模項目組合的容量超過 7 吉瓦。按照 VCEA 的要求，這條管道對於實現我們到 2035 年滿足公用事業擁有的大約 10 吉瓦太陽能的計劃大有幫助。

Turning to the solar supply chain. As we discussed on prior calls, there continue to be challenges, supply is still tight and prices for certain components are still up. Recently, there's been a lot of focus on the potential impacts from the Department of Commerce's anti-circumvention review. Let me share a few thoughts on: one, our expectations for that review; two, the degree to which we have already substantially derisked our development activities; and three, our view of what the impacts could be if there are delays and what we might do to mitigate them.

轉向太陽能供應鏈。正如我們在之前的電話會議中所討論的那樣，挑戰仍然存在，供應仍然緊張，某些組件的價格仍在上漲。最近，商務部反規避審查的潛在影響備受關注。讓我分享一些想法：一，我們對該審查的期望；第二，我們已經在多大程度上放棄了我們的發展活動；第三，我們對如果出現延誤可能產生的影響以及我們可以採取哪些措施來緩解這些影響的看法。

First, what do we expect in relation to the review? We expect that preliminary findings will be known by as early as late August. And at that time, we should have a better informed view of whether tariffs apply to panels being imported from the four Southeast Asian countries included in the review. To clarify, our view is that panels are currently physically available as this review is not about prohibiting imports. What is not clear is whether or not tariffs will apply to panels from the countries included in this review. I'd also note that we're encouraged by the Department of Commerce announcement earlier this week, which further narrowed the focus of this proceeding.

首先，我們對審查有何期望？我們預計，初步調查結果最早將於 8 月下旬公佈。屆時，我們應該更清楚地了解關稅是否適用於從審查中的四個東南亞國家進口的面板。澄清一下，我們的觀點是，由於本次審查不是關於禁止進口，因此面板目前是實際可用的。尚不清楚關稅是否將適用於本次審查中包含的國家的面板。我還要指出，我們對本週早些時候商務部的公告感到鼓舞，這進一步縮小了該程序的重點。

Second, how have we derisked our development program? For 2022, our projects are not impacted by the review as the panels needed for those projects are already in the country. These projects remain very much on track. This holds true for our regulated solar project in Virginia and the more modest amount of unregulated solar we're developing on behalf of key customers. For 2023, our portfolio of projects is also largely derisked and on track.

其次，我們如何取消我們的發展計劃？ 2022 年，我們的項目不受審查的影響，因為這些項目所需的小組已經在該國。這些項目仍然非常順利。這適用於我們在弗吉尼亞州的受監管太陽能項目以及我們代表主要客戶開發的數量較少的不受監管的太陽能。對於 2023 年，我們的項目組合在很大程度上也被降低了風險併步入正軌。

All projects in this portfolio, which totaled some 1,100 megawatts across 16 regulated and unregulated projects are fully contracted with 60% of the panels being installed within this portfolio not expected to be impacted by the review, including panels that have been domestically sourced. For the remaining 40%, we expect the timing to be such that there is adequate time to resolve all potential tariff cost issues, if any, following the resolution of at least the first stages of the review.

該投資組合中的所有項目（在 16 個受監管和不受監管的項目中總計約 1,100 兆瓦）已完全簽約，該投資組合中安裝的 60% 的面板預計不會受到審查的影響，包括國內採購的面板。對於剩餘的 40%，我們預計時機將使得在至少第一階段的審查解決之後有足夠的時間來解決所有潛在的關稅成本問題（如果有的話）。

Now what would be the impact if tariffs are applicable at the end of the day? Given our competitive advantages, including the strength of our supplier relations and contracts, we work to minimize the cost impact. Keep in mind that while a tariff could be a material percentage of an individual panels cost, it may not be as major a cost driver of an overall utility scale solar installation. To provide some context, panels typically account for 30% of a project's total cost. So a 50% tariff on panels would increase the total cost of the project by 15%.

現在，如果關稅在一天結束時適用，會有什麼影響？鑑於我們的競爭優勢，包括我們的供應商關係和合同的實力，我們努力將成本影響降至最低。請記住，雖然關稅可能是單個面板成本的重要百分比，但它可能不是整個公用事業規模太陽能裝置的主要成本驅動因素。為了提供一些背景信息，面板通常佔項目總成本的 30%。因此，對面板徵收 50% 的關稅將使項目的總成本增加 15%。

So what does that mean for our 2023 portfolio? For the up to 40% potentially subject to review, which represents $800 million in planned capital investment, a hypothetical 50% tariff, if applied to every module, represents only about $120 million of incremental capital or less than 1% of our total capital budget for that year.

那麼這對我們 2023 年的投資組合意味著什麼呢？對於高達 40% 的潛在審查，即 8 億美元的計劃資本投資，假設對每個模塊徵收 50% 的關稅，僅代表約 1.2 億美元的增量資本或不到我們總資本預算的 1%那一年。

For our regulated solar projects, these additional costs will become part of our rider approved solar project in Virginia and be subject to approval during the normal annual true-up for approved projects. For our nonregulated solar projects, which are being done on behalf of our key customers, typically very large C&I and data center customers, we expect to work with these customers to minimize the impacts of the tariffs. And given the time line for development as well as the relative importance of these projects to those customers who have their own clean energy goals, we remain comfortable with our current development expectations.

對於我們受監管的太陽能項目，這些額外費用將成為我們在弗吉尼亞州的騎手批准的太陽能項目的一部分，並在批准項目的正常年度調整期間受到批准。對於我們代表我們的主要客戶（通常是非常大的 C&I 和數據中心客戶）進行的不受監管的太陽能項目，我們希望與這些客戶合作，以盡量減少關稅的影響。鑑於開發時間表以及這些項目對那些有自己清潔能源目標的客戶的相對重要性，我們仍然對我們目前的發展期望感到滿意。

For 2024 and beyond, our view is that there's more than adequate time for us to see where all this goes. If tariffs apply, costs become part of our rider process for our regulated projects and PPA pricing would adjust for our unregulated projects.

對於 2024 年及以後，我們的觀點是，我們有足夠的時間來了解這一切的發展方向。如果適用關稅，成本將成為我們受監管項目的附加流程的一部分，PPA 定價將針對我們不受監管的項目進行調整。

In the meantime, we're not standing idly by. We're actively engaged with the Biden administration, both through trade groups and directly through our federal delegation. This outreach is intended to remind the administration that in order to meet its longer-term climate goals, there has to be stability. We remain focused on the customer impact and advocate for energy policy that provides for an affordable clean energy transition.

與此同時，我們並沒有袖手旁觀。我們通過貿易團體和直接通過我們的聯邦代表團與拜登政府積極接觸。這一外展活動旨在提醒政府，為了實現其長期氣候目標，必須保持穩定。我們仍然專注於對客戶的影響，並倡導提供負擔得起的清潔能源轉型的能源政策。

Finally, purely hypothetically, if there are delays related to this tariff review, what would the financial impacts be and what might we do to mitigate them? First, we look to accelerate other capital to maintain the same financial profile while maintaining affordable customer rates. We've already noted the very substantial programs we're working on. These customer beneficial programs are focused on resiliency and decarbonization. On the other hand, if there are delays and were unable to accelerate capital, there'd be a slight help as lower capital needs would reduce financing needs. Lastly, we also would look to additional O&M control initiatives as we have successfully demonstrated our ability to manage controllable costs, as Jim mentioned earlier.

最後，純粹假設，如果這次關稅審查出現延誤，財務影響會是什麼，我們可以做些什麼來減輕這些影響？首先，我們希望加速其他資本以保持相同的財務狀況，同時保持可承受的客戶利率。我們已經註意到我們正在開展的非常重要的計劃。這些客戶受益計劃側重於彈性和脫碳。另一方面，如果出現延遲並且無法加速資本，則會有輕微的幫助，因為較低的資本需求會減少融資需求。最後，正如 Jim 前面提到的，我們已經成功證明了我們管理可控成本的能力，因此我們還將尋求額外的 O&M 控制計劃。

In summary, it's still early and we'll have to work through these issues. We're working closely with policymakers and other industry participants, and we'll continue to provide updates as things develop, but we simply do not see any material financial impacts at this time.

總之，現在還為時尚早，我們必須解決這些問題。我們正在與政策制定者和其他行業參與者密切合作，隨著事情的發展，我們將繼續提供更新，但我們目前根本看不到任何實質性的財務影響。

Shifting gears, let me now address RGGI. In anticipation of the withdrawal of Virginia from RGGI, we filed this morning with the SEC to suspend our rider RGGI that was approved to recover the pass-through costs related to required purchases of allowances through the RGGI market-based trading program for carbon dioxide emissions. We also requested that RGGI compliance costs incurred through July 31 and not yet recovered totaling approximately $178 million be alternatively recovered through DEV's base rates currently in effect. If approved, this proposal will provide a meaningful reduction to customer bills in a way that allows us to continue the rapid decarbonization of our system in Virginia.

換檔，現在讓我談談 RGGI。由於預計弗吉尼亞州將從 RGGI 撤出，我們今天早上向美國證券交易委員會申請暫停我們的附加條款 RGGI，該附加條款已獲准通過 RGGI 基於市場的二氧化碳排放交易計劃收回與所需購買配額相關的轉嫁成本.我們還要求，截至 7 月 31 日發生但尚未收回的 RGGI 合規成本總計約 1.78 億美元，可通過 DEV 目前有效的基準費率收回。如果獲得批准，該提案將顯著減少客戶賬單，使我們能夠繼續在弗吉尼亞州的系統快速脫碳。

Our view on RGGI is unchanged from the comments we made to the Virginia DEQ in 2018. While we are committed to the ongoing transition to cleaner and lower carbon emitting resources, we're concerned that Virginia's linkage to the RGGI program through the Virginia carbon proposal would result in a financial burden on customers with no real mitigation of greenhouse gas emissions regionally.

我們對 RGGI 的看法與我們在 2018 年對弗吉尼亞 DEQ 的評論保持一致。雖然我們致力於持續向更清潔和更低碳排放的資源過渡，但我們擔心弗吉尼亞通過弗吉尼亞碳提案與 RGGI 計劃建立聯繫將給客戶帶來財務負擔，而不會真正減少區域溫室氣體排放。

Next is our gas distribution business. As we've discussed in the past, our gas utility operations are enhancing sustainability and working to reduce Scope 1 and 3 emissions with focused efforts around energy efficiency, renewable natural gas and hydrogen blending, operational modifications, potential changes around procurement practices and unique customer product offerings. For example, in March, we launched the CarbonRight program in Utah, which allows customers to offset 100% of their carbon emissions from natural gas usage for $5 a month.

接下來是我們的燃氣分銷業務。正如我們過去所討論的，我們的天然氣公用事業運營正在提高可持續性，並致力於減少範圍 1 和 3 的排放，重點圍繞能源效率、可再生天然氣和氫氣混合、運營修改、採購實踐和獨特客戶的潛在變化產品供應。例如，3 月份，我們在猶他州啟動了 CarbonRight 計劃，該計劃允許客戶以每月 5 美元的價格抵消 100% 的天然氣使用碳排放。

On the regulatory front, we continue to see strong support for timely recovery on prudently incurred investment to provide safe, reliable, affordable and increasingly sustainable service, including pipeline replacement efforts and expansion of service to rural communities.

在監管方面，我們繼續看到對及時恢復審慎投資的大力支持，以提供安全、可靠、負擔得起和越來越可持續的服務，包括管道更換工作和擴大對農村社區的服務。

Earlier this week, we filed a general rate case in Utah, which is required every 3 years. We asked in the case for an ROE of 10.3% and a revenue requirement increase of $70 million, which represents around a 6% increase to a typical customer bill. We expect new rates based on a typical procedural schedule to be effective in January of next year.

本週早些時候，我們在猶他州提交了一個一般費率案例，每 3 年需要一次。在此案例中，我們要求 ROE 為 10.3%，收入要求增加 7000 萬美元，這相當於典型客戶賬單增加約 6%。我們預計基於典型程序時間表的新費率將於明年 1 月生效。

On RNG, we remain the largest agriculture-based RNG developer in the country. We've recently commenced operations at our second RNG project and expect five additional projects to come online this year for a total of seven projects producing RNG-based natural gas. In addition to these seven projects, we have a portfolio of projects in various stages of development.

在 RNG 方面，我們仍然是該國最大的農業 RNG 開發商。我們最近開始運營我們的第二個 RNG 項目，預計今年還有五個項目上線，總共有七個項目生產基於 RNG 的天然氣。除了這七個項目之外，我們還有一個處於不同發展階段的項目組合。

At Dominion Energy South Carolina, I'd first like to highlight that business's excellent operating performance. Our employees completed the quarter with zero injuries, a goal that remains the top priority for our entire company. In addition, our commitment to the customer is unwavering. During the quarter, the average annual customer outage minutes, or SAIDI, was reduced by 20% relative to the same period last year, placing us again in the top quartile among all utilities in the Southeast. This commitment to our customers was recently validated when Dominion Energy South Carolina was recognized as the easiest utility to do business with by Escalent, a top human behavior and analytics advisory firm.

在 Dominion Energy South Carolina，我首先要強調該公司出色的運營業績。我們的員工在本季度完成了零傷害，這一目標仍然是我們整個公司的首要任務。此外，我們對客戶的承諾是堅定不移的。在本季度，平均年度客戶停機時間（SAIDI）與去年同期相比減少了 20%，使我們再次位居東南部所有公用事業公司的前四分之一。最近，當 Dominion Energy South Carolina 被頂級人類行為和分析諮詢公司 Escalent 認定為最容易開展業務的公用事業公司時，這一對客戶的承諾得到了驗證。

As it relates to our generation modernization program in South Carolina, we're on track. As a reminder, we're placing several of our older generation peaking turbines with modern, more efficient units. Modernizing this equipment will lower fuel cost to customers, improve environmental performance and provide reliability and efficiency benefits to accommodate the large and growing intermittent solar generation in South Carolina. We're moving forward with two of the proposed sites, and we'll hold an RFP for a third later this year.

由於它與我們在南卡羅來納州的一代現代化計劃有關，我們正在走上正軌。提醒一下，我們正在為我們的幾台老一代調峰渦輪機配備現代、更高效的機組。對該設備進行現代化改造將降低客戶的燃料成本，提高環境績效並提供可靠性和效率優勢，以適應南卡羅來納州大規模且不斷增長的間歇性太陽能發電。我們正在推進兩個提議的站點，我們將在今年晚些時候舉行第三個 RFP。

Turning to Slide 13. Let me recap where we are on customer rates in Virginia, our largest service territory. Again, we are dedicated to the delivery of safe and reliable energy to our customers, which is also affordable. Over the past 10 years, our rates, including fuel recovery, have increased on average by less than 1% per year, which is much lower than the average annual inflation rate over that period. Meanwhile, the share of our customers' wallet attributable to DEV's customer bill has declined over that time period, a testament to the fact that DEV's rates have remained relatively stable despite an overall increase in household income during that time. We also have rates that remain below the national and various regional averages. Based on EIA data, our typical customer rate is 13% lower than the national average.

轉到幻燈片 13。讓我回顧一下我們在弗吉尼亞州的客戶費率，這是我們最大的服務領域。同樣，我們致力於為我們的客戶提供安全可靠的能源，這也是負擔得起的。在過去 10 年中，我們的費率（包括燃料回收率）平均每年增長不到 1%，遠低於同期的年平均通貨膨脹率。與此同時，DEV 的客戶賬單占我們客戶錢包的份額在此期間有所下降，這證明了儘管在此期間家庭收入整體增加，DEV 的費率仍保持相對穩定。我們的費率也低於全國和各個地區的平均水平。根據 EIA 數據，我們的典型客戶率比全國平均水平低 13%。

Looking ahead, we expect to continue to offer a compelling value proposition to our customers with the addition of zero fuel resources to support sales growth driven by very robust data center demand, the ramp-up in electric vehicle adoption in our service territory and continued customer growth.

展望未來，我們預計將繼續為我們的客戶提供令人信服的價值主張，增加零燃料資源，以支持由非常強勁的數據中心需求推動的銷售增長、我們服務領域內電動汽車採用率的上升以及持續的客戶生長。

In summary, we continue to be on an unwavering path to meet Virginia's clean energy goals by 2045. And it's incumbent upon us to deliver energy that is safe, reliable, affordable and increasingly sustainable.

總之，我們將繼續堅定不移地在 2045 年之前實現弗吉尼亞州的清潔能源目標。我們有責任提供安全、可靠、負擔得起且越來越可持續的能源。

Finally, let me highlight noteworthy developments in the legislative landscape for our company in Virginia. The General Assembly passed and the Governor signed House Bill 894, which tasks the SCC with setting up a site readiness program to encourage utility infrastructure investment in industrial sites designated as high demand. It also directs the Virginia Department of Energy to convene a work group to identify strategies for promotion of advanced small modular nuclear reactors. This bill exemplifies Virginia's pro-business, common sense approach to energy policy and regulation that puts a priority on reliability, affordability and sustainability.

最後，讓我強調一下我們在弗吉尼亞州的公司在立法方面的顯著發展。大會通過，州長簽署了第 894 號眾議院法案，該法案責成 SCC 制定場地準備計劃，以鼓勵對指定為高需求的工業場地進行公用事業基礎設施投資。它還指示弗吉尼亞能源部召集一個工作組，以確定促進先進小型模塊化核反應堆的戰略。該法案體現了弗吉尼亞州對能源政策和監管採取的親商業、常識性方法，優先考慮可靠性、可負擔性和可持續性。

While still early, we applaud efforts to support research and development of technologies that will allow the utility industry to drive further carbon emissions reductions. I see all this is consistent with the common sense approach to energy policy regulation that we typically see across our premier state jurisdictions.

雖然還為時過早，但我們對支持技術研發的努力表示讚賞，這些技術將使公用事業行業能夠進一步推動碳減排。我認為這一切都與我們通常在主要州轄區看到的能源政策監管常識方法一致。

With that, let me summarize our remarks on Slide 14. Safety remains our top priority for the entire company. We extended our track record of reporting results in line with our financial guidance. We affirmed our existing annual and long-term earnings guidance and our dividend growth guidance. We're focused on executing across project construction and achieving regulatory outcomes that serve our customers well, and we're aggressively pursuing our vision to be the most sustainable regulated energy company in America.

有了這個，讓我總結一下我們對幻燈片 14 的評論。安全仍然是我們整個公司的首要任務。我們根據我們的財務指導擴展了報告結果的跟踪記錄。我們確認了我們現有的年度和長期收益指引以及我們的股息增長指引。我們專注於執行整個項目建設並實現為客戶提供良好服務的監管成果，我們正在積極追求成為美國最可持續的受監管能源公司的願景。

We're now ready to take your questions.

我們現在準備回答您的問題。

(Operator Instructions) Our first question will come from Shahriar Pourreza with Guggenheim Partners.

（操作員說明）我們的第一個問題將來自與 Guggenheim Partners 的 Shahriar Pourreza。

That was quite a comprehensive update there. Bob, I guess if we could start with offshore wind. There's obviously been some back and forth in the docket and the testimonies, which I think was to be expected, but maybe start there. And I'm also curious if there are any updates on the remainder of the pricing that was indexed to commodities?

那是一個相當全面的更新。鮑勃，我想我們是否可以從海上風電開始。案捲和證詞顯然有一些來回，我認為這是意料之中的，但也許從那裡開始。我也很好奇是否有關於商品索引的其餘定價的任何更新？

Yes. So Shar, you're right. The back and forth was expected. It's a regulatory proceeding. There's always a bid/ask there.

是的。所以夏爾，你是對的。來回是意料之中的。這是一個監管程序。那裡總是有出價/要價。

What I would say though is if you look at our rebuttal testimony and we were of this view when we filed the case, but I feel even stronger as now all the testimony is in, we have a very strong case on offshore wind. The legislation, the Virginia Clean Economy Act lays out the parameters for spending that is presumed prudent and we've clearly met all of those. And we showed in our rebuttal testimony under a variety of scenarios that this project is customer beneficial, particularly when you think about the updated PJM load forecast, which shows increased sales in Virginia.

不過，我想說的是，如果你看看我們的反駁證詞，我們在提起訴訟時也持這種觀點，但我感覺更強大，因為現在所有證詞都在，我們在海上風電方面有一個非常有力的案例。立法，弗吉尼亞清潔經濟法案列出了被認為是謹慎的支出參數，我們顯然已經滿足了所有這些要求。我們在各種情況下的反駁證詞中表明，該項目對客戶有利，特別是當您考慮更新的 PJM 負載預測時，該預測顯示弗吉尼亞州的銷售額有所增加。

So this project will help us meet that need. It will provide incredible economic benefits for the state. It is strongly supported, and we feel very comfortable with where we are on this as you recognize fully regulated offshore wind project.

所以這個項目將幫助我們滿足這一需求。它將為國家帶來難以置信的經濟效益。它得到了大力支持，我們對我們在這方面的地位感到非常滿意，因為您認識到完全受監管的海上風電項目。

On pricing. Yes, as you point out, there are portions of our contracts that have some indexes. They sort of move around but we contracted late last year, as you know, on these projects. And as we said in our prepared remarks, there's no change or update to budget or schedule on offshore wind. So we're still in what we believe was a very strong position we were in when we filed the case.

關於定價。是的，正如您所指出的，我們的部分合同有一些索引。他們有點四處走動，但我們去年年底就這些項目簽訂了合同。正如我們在準備好的評論中所說，海上風電的預算或時間表沒有變化或更新。因此，我們仍然處於我們認為在提起訴訟時所處的非常強大的地位。

Got it. And then just obviously, separately, we just saw one of your peers in the Northeast put their wind business on the block. Just -- I just want to confirm your level of interest with any offshore wind opportunities outside of your current construct.

知道了。然後很明顯，另外，我們剛剛看到您在東北的一個同行將他們的風電業務擱置了。只是 - 我只是想確認您對當前構造之外的任何海上風電機會的興趣程度。

We're a state-regulated pure-play utility, and we're interested in state-regulated projects like the one that we're doing in Virginia. That's our interest in offshore wind.

我們是一家受州監管的純公用事業公司，我們對州監管的項目感興趣，比如我們在弗吉尼亞州開展的項目。這就是我們對海上風電的興趣。

Got it. And then just real quick classic for me. Just in light of, obviously, the rising financing costs, I mean, at the parent and obviously, an extremely favorable commodity backdrop. I hate to sound like a broken record, but the backdrop for assets kind of remains really hot at this kind of a gas price environment. So any updated thoughts on Millstone in light of the current paradigm? And even co-point, just given the value of LNG assets given what we're seeing overseas. You clearly have incremental spending needs. I mean your capital growth is extremely healthy and eventually, you may need some sort of financing. So just curious on maybe the other parts of the business that may be seen as not a base or core, right?

知道了。然後對我來說就是真正的快速經典。顯然，鑑於融資成本上升，我的意思是，在母公司，顯然是非常有利的商品背景。我討厭聽起來像破紀錄，但在這種汽油價格環境下，資產的背景仍然很熱。那麼根據當前的範式，對 Millstone 有什麼更新的想法嗎？甚至是共同點，考慮到我們在海外看到的液化天然氣資產的價值。您顯然有增量支出需求。我的意思是你的資本增長非常健康，最終你可能需要某種融資。所以只是對可能被視為不是基礎或核心的業務的其他部分感到好奇，對吧？

Yes, Shar. I appreciate the fact that you -- every time we get a chance to see you, you ask us about this. So that's good and I admire your consistency. And we'll give the same answer and try to be consistent as well, which is we like the assets that we have to deliver on the performance that we've laid out. We're very focused on execution.

是的，夏爾。我很感激你——每次我們有機會見到你時，你都會問我們這個問題。所以這很好，我很欣賞你的一致性。我們將給出相同的答案並嘗試保持一致，這就是我們喜歡我們必須提供的資產，以實現我們已經佈置的性能。我們非常注重執行。

I will note specifically with Millstone, as we've been saying for some time, there's -- we think Millstone is critical to Connecticut and the region achieving its decarbonization goals. And the Connecticut legislature just overwhelmingly passed a bill proposed by Governor Lamont for -- based on his executive order for zero carbon by 2040. And as you'll recall last year, the DEEP, the Department of Energy and the Environment in Connecticut did a study on meeting that 2040 goal when it was executive order and showed that cases that keep Millstone in are hugely customer beneficial. So we think that Millstone is a really solid asset that has operated very well. But overall, we like the asset mix that we've got to achieve the goals that we've set out.

正如我們一段時間以來一直在說的那樣，我將特別指出 Millstone，我們認為 Millstone 對於康涅狄格州和該地區實現其脫碳目標至關重要。康涅狄格州立法機構剛剛以壓倒性多數通過了州長拉蒙特提出的一項法案，該法案基於他的到 2040 年實現零碳排放的行政命令。你會記得去年，康涅狄格州的 DEEP、能源和環境部做了一項對實現 2040 年目標的研究，當時它是行政命令，並表明讓 Millstone 保留的案例對客戶非常有利。因此，我們認為 Millstone 是一項運行良好的非常可靠的資產。但總的來說，我們喜歡我們必須實現我們設定的目標的資產組合。

Perfect. And Bob, yes, that was consistent from a couple of weeks ago.

完美的。 Bob，是的，這與幾週前的情況一致。

Absolutely. Wouldn't expect anything less.

絕對地。不會期望更少。

(Operator Instructions) Our next question will come from Steve Fleishman with Wolfe Research.

（操作員說明）我們的下一個問題將來自 Wolfe Research 的 Steve Fleishman。

Just on the offshore wind, the -- should we assume this just goes to a litigated outcome in August? Or is there any chance to settle with the parties?

就海上風電而言，我們是否應該假設這只是在 8 月份的訴訟結果？還是有機會與當事人和解？

Yes, Steve, as you know from our approach that we've taken on regulatory issues, if there's a way to find a constructive settlement, we're all in favor of that. This project has a litigated time line or a litigation time line that has a hearing set for a couple of weeks from now and then an order in early August. And that's obviously, the presumption on any regulated proceeding.

是的，史蒂夫，正如你從我們在監管問題上採取的方法中知道的那樣，如果有辦法找到建設性的解決方案，我們都讚成。這個項目有一個訴訟時間線或訴訟時間線，從現在起幾週內舉行聽證會，然後在 8 月初下達命令。這顯然是對任何受監管程序的推定。

If there were an opportunity to settle in a constructive way, we'd obviously do that. I expect you to hear that from every party to every litigated matter. But we've got a schedule and that's what we're following.

如果有機會以建設性的方式解決問題，我們顯然會這樣做。我希望你能從每一方的每一件訴訟案件中聽到這一點。但是我們有一個時間表，這就是我們要遵循的。

Okay. And just going to the -- that was a very helpful update on the solar project situation for the company. Just on -- do you think when you get a preliminary decision in August, either way, would that be enough information likely to be able to kind of move forward with project decisions just because kind of likely be the rough range of outcome?

好的。只是去 - 這是關於公司太陽能項目情況的非常有用的更新。就在——你認為當你在 8 月份做出初步決定時，無論哪種方式，這是否足夠的信息可能會僅僅因為可能是粗略的結果範圍而能夠推進項目決策？

Yes. We would think that would give us a very good sense.

是的。我們會認為這會給我們一個很好的感覺。

Okay. And I'm also just curious how the C&I, the data center, those types of customers are? As you mentioned, a lot of them have ESG-type requirements and the like. Like do they seem to kind of get -- if it is a little more expensive, it just is like in terms of flexibility on that? Obviously, gas price is a lot higher, too, since this all started.

好的。我也很好奇 C&I，數據中心，這些類型的客戶是怎樣的？正如您所提到的，其中很多都有 ESG 類型的要求等。就像他們似乎有點得到 - 如果它更貴一點，它就像在靈活性方面一樣？顯然，汽油價格也高得多，因為這一切都開始了。

Yes, Steve. Our data center customers are very sophisticated energy buyers. They understand market dynamics. So none of this. They're obviously -- given their own clean energy goals, given the sophistication of their operations, they certainly understand what's going on in the market here.

是的，史蒂夫。我們的數據中心客戶是非常成熟的能源買家。他們了解市場動態。所以這些都沒有。他們顯然 - 考慮到他們自己的清潔能源目標，考慮到他們運營的複雜性，他們當然了解這裡的市場正在發生什麼。

Our next question will come from Durgesh Chopra with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Durgesh Chopra。

I want to second Steve's comment there on the crisp solar disclosures. I have two questions, both on that solar front. Bob, you mentioned narrowing the scope of the investigation last week. Maybe just elaborate on that as to sort of why do you think that's a positive update? And how does that impact you and others in the industry?

我想支持史蒂夫關於清晰的太陽能披露的評論。我有兩個問題，都是關於太陽前沿的。鮑勃，你上週提到縮小調查範圍。也許只是詳細說明一下為什麼你認為這是一個積極的更新？這對您和業內其他人有何影響？

Yes. I mean I can't -- there's not a lot of specifics that I would say, but it just gives us more confidence as you're sort of narrowing what they're looking at. I think there was some lack of clarity on that at first and that helps. So directionally positive. I can't identify that there's a particular specific number that it changes for us.

是的。我的意思是我不能 - 我不會說很多細節，但這只是讓我們更有信心，因為你正在縮小他們正在查看的內容。我認為起初對此有些不明確，這有幫助。所以方向積極。我無法確定它為我們改變了一個特定的特定數字。

Got it. I guess it sounds like they narrowed the scope and it seems like you feel like the items to be debated are somewhat less. Is that like...

知道了。我想這聽起來像是他們縮小了範圍，而且您似乎覺得要辯論的項目少了一些。是這樣嗎...

You got it.

你說對了。

Got it. Okay. Understood. And then just the 2023 1-plus gigawatt sort of plan, 60% secured. How are you getting to that 60% secured? Is that because it is sort of -- the procurement there is from domestic entities? Or -- because we're hearing from some of your peers that there's a tremendous amount of tightness in the market on solar panels. And given the tariff uncertainty, it's kind of hard to procure. So I'm just kind of curious as to how you get to that 60%? How do you get comfortable with that 60% number in 2023?

知道了。好的。明白了。然後只是 2023 年 1 多吉瓦的計劃，60% 有保障。您是如何獲得 60% 的安全保障的？那是因為它有點——那裡的採購來自國內實體嗎？或者——因為我們從一些同行那裡聽說太陽能電池板市場非常緊張。鑑於關稅的不確定性，採購起來有點困難。所以我只是有點好奇你是如何達到這 60% 的？您對 2023 年 60% 的數字感到滿意嗎？

This is Diane Leopold. So our 2023 projects are really all under contract. And for 60% of them, we know where our panels are coming from and we know definitively that 60% are not subject to this particular review given the four countries that are under review. So it doesn't mean that the 40% definitely are affected by it, but we do have contracts for our 2023 projects and 60% of them are secured from areas not in this investigation.

這是黛安·利奧波德。所以我們2023年的項目真的都在簽約中。對於其中的 60%，我們知道我們的小組來自哪裡，並且我們明確地知道，鑑於正在接受審查的四個國家/地區，60% 的人不受此特定審查的約束。所以這並不意味著 40% 的人肯定會受到它的影響，但我們確實有 2023 年項目的合同，其中 60% 的項目來自本次調查之外的地區。

Our next question will come from Jeremy Tonet with JPMorgan.

我們的下一個問題將來自摩根大通的 Jeremy Tonet。

Just want to keep going with the solar a little bit here. And I know you guys provide a lot of great details, so thank you for that. But just picking up, I guess, in your conversations with key stakeholders here, especially the commission. Since the start of the DOC investigation just wondering if you could provide a bit more color on how that's going? And do you anticipate the next clean energy filing in 2022? Or are those following in 2023 to differ from the latest clean energy filing? And really, how is the commission viewing the higher solar costs relative to other means of generation at this point?

只是想在這裡繼續使用太陽能。我知道你們提供了很多很棒的細節，所以謝謝你們。但我想，只是在你與這裡的主要利益相關者的對話中，尤其是委員會。自 DOC 調查開始以來，您只是想知道您是否可以提供更多關於進展情況的信息？您是否預計 2022 年將提交下一個清潔能源文件？還是那些在 2023 年跟進的人與最新的清潔能源備案有所不同？真的，委員會如何看待目前相對於其他發電方式更高的太陽能成本？

Yes, Jeremy, I'll start and Diane could add any color, if necessary. But if you look, our CE2, Clean Energy II filing that was just approved was slightly higher prices than our Clean Energy I filing that had been approved a year before. And we'll file again for our third round later this year. And that was approved. The commission looked at the cost inputs associated with that and approved that filing.

是的，傑里米，我會開始，如果需要，黛安可以添加任何顏色。但是，如果您看一下，我們剛剛批准的 CE2、清潔能源 II 申請的價格比一年前批准的清潔能源 I 申請的價格略高。我們將在今年晚些時候再次申請第三輪。這被批准了。委員會研究了與此相關的成本投入並批准了該文件。

So we're not -- we have not had specific conversations with the commission about this, but we'll -- we file the next round of solar, it will be on a similar kind of scale as what we filed before. And to the extent that there are some additional cost pressures, we'll show why they're there.

所以我們沒有 - 我們沒有與委員會就此進行具體對話，但我們將 - 我們提交下一輪太陽能，它將與我們之前提交的類似規模。如果存在一些額外的成本壓力，我們將說明它們存在的原因。

I do think it's important to understand that we've got a statute in Virginia, the Clean Economy Act, that calls for us to file for solar every year and hit those targets that are set out in the statute. And I think there's an understanding by all the parties there. And we still see solar as a very good value for our customers as we think about the overall clean energy transition.

我確實認為了解我們在弗吉尼亞州制定的《清潔經濟法》法規很重要，該法規要求我們每年申請太陽能並達到法規中規定的目標。我認為那裡的所有各方都達成了諒解。當我們考慮整體清潔能源轉型時，我們仍然認為太陽能對我們的客戶來說是一個非常好的價值。

So we'll do the next filing. We're obviously well underway with working through the pieces of that. We'll have that filing done later this year, but we're still very much on track.

所以我們將進行下一次歸檔。我們顯然正在順利完成這些工作。我們將在今年晚些時候完成該文件，但我們仍然非常順利。

Got it. That's very helpful there. And then just pivoting here towards the Hope Gas. Just want to see if there's any updates that you could provide us there in the process or any expectations, if anything's changed or just on track at this point?

知道了。這對那裡很有幫助。然後只是在這裡轉向希望氣體。只是想看看您是否可以在此過程中向我們提供任何更新或任何期望，是否有任何變化或目前是否正常？

Jeremy, that process is very much on track. It's going well. We cleared the HSR hurdle already. We are in the process of discussing that and doing a [load] of filings with the Western commission. So far, that seems to be progressing well, and we very much expect closing by the end of the year.

傑里米，這個過程非常順利。進行得順利。我們已經清除了高鐵的障礙。我們正在討論這個問題，並向西方委員會提交大量文件。到目前為止，這似乎進展順利，我們非常期待在年底前完成。

Our next question will come from Paul Zimbardo with Bank of America.

我們的下一個問題將來自美國銀行的 Paul Zimbardo。

I definitely can pass on the solar question. Thanks for the details there. On your commentary about O&M, I was curious, what does the pension performance been year-to-date? And are you thinking there could be a benefit or a headwind for '23 when you factor in the asset performance and also changes to the discount rate?

我絕對可以傳遞太陽能問題。感謝那裡的詳細信息。關於您對 O&M 的評論，我很好奇，今年迄今為止的養老金表現如何？當您考慮資產表現以及貼現率的變化時，您是否認為 23 年可能會有好處或不利因素？

Well, good question. We've heard that come up from a few of our peers this earnings season. It's interesting because our take -- our view is that it's too early to tell. Here we are at the end of Q1, yes, assets are down. So discount rates are up. So we just don't think it's meaningful to make a determination on what that's going to mean for the 12/31 remeasurement date for all that.

嗯，好問題。我們已經從本財報季的一些同行那裡聽到了這一點。這很有趣，因為我們的看法是——我們認為現在下結論還為時過早。我們在第一季度末，是的，資產下降了。所以折扣率上去了。因此，我們只是認為確定這對 12/31 重新測量日期意味著什麼是沒有意義的。

A little more color though. We -- at year-end, we're at about 110% funded status. And based on rough math, mark-to-market today, assets are down a little bit, returns are down, discount rates are up, we still think it's in that same 110% range.

不過顏色多一點。我們 - 在年底，我們處於大約 110% 的資助狀態。根據今天的粗略計算，按市值計算，資產略有下降，回報率下降，貼現率上升，我們仍然認為它在同樣的 110% 範圍內。

But of course, for the natural pension expense for next year and beyond, first of all, it's only really mark-to-market at one time, which is 12/31, so some time to go in the year before we get there. And then both those elements, of course, factor in. If assets are down, of course, that's a hurt to pension expense, more pension expense. And the corollary is that if discount rates and interest rates are up, it's a help.

但是，當然，對於明年及以後的自然養老金支出，首先，它只是一次真正的按市值計價，即 12/31，所以在我們到達那里之前的一年還有一些時間。當然，這兩個因素都會考慮在內。如果資產下降，當然會損害養老金支出，增加養老金支出。推論是，如果貼現率和利率上升，這是一種幫助。

So we've seen those two things really offset so far on the rough mark-to-market through the first 4 months -- 3 or 4 months. But really, it's just too early to be able to tell much. What really matters where we are at the end of the year.

因此，到目前為止，我們已經看到這兩件事在前 4 個月（3 或 4 個月）的粗略市值上確實抵消了。但實際上，現在說太多還為時過早。真正重要的是我們在年底的位置。

Okay. Great. And then a bigger picture, longer-term question, if I could? I noticed there's a fair amount of storm damage in the quarter and also last year as well. Are there any kind of initiatives, whether capital or O&M that you can take to kind of preemptively mitigate some of this like more strategic undergrounding or other avenues such as that?

好的。偉大的。然後是更大的圖景，更長期的問題，如果可以的話？我注意到本季度和去年都有相當多的風暴破壞。是否有任何類型的舉措，無論是資本還是 O&M，您都可以採取先發製人的方式來緩解其中的一些問題，比如更具戰略性的地下開採或其他類似途徑？

Yes. Certainly, things that we look at. Obviously, we have a grid transformation program underway. That'll be a decade long. Strategic undergrounding is an important part of that, being able to sectionalize lines more quickly and isolate faults and restore service without as much human intervention will be part of it. Some of the just basics of bigger poles, stronger conductor will also help. So yes, we've got programs underway that we will continue and always look for ways that we can cost effectively strengthen our system for customers.

是的。當然，我們看的東西。顯然，我們正在進行網格轉換計劃。那將是十年之久。戰略地下化是其中的重要組成部分，能夠更快地劃分線路並隔離故障並恢復服務，而無需太多人為乾預將是其中的一部分。更大的電線桿、更強的導體的一些基本知識也會有所幫助。所以，是的，我們正在進行一些計劃，我們將繼續並始終尋找我們可以經濟有效地加強我們的客戶系統的方法。

Thank you, ladies and gentlemen. This concludes today's event. Thank you for joining us. You may now disconnect.

謝謝你們，女士們，先生們。今天的活動到此結束。感謝您加入我們。您現在可以斷開連接。