Release Date: February 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you elaborate on the remaining variability in the Coastal Virginia Offshore Wind (CVOW) project, potential delays in supplier component deliveries, and thoughts on future wind projects? A: Robert Blue, CEO, explained that they are confident in their estimates despite awaiting more data from PJM on network upgrades. Potential tariffs on steel and aluminum are not expected to significantly impact the project. Diane Leopold, COO, added that all permits are in hand, materials purchased, and major equipment contracts are fixed-price. The project is 50% complete, with risks decreasing as it progresses. Future projects are not currently in the capital plan, with focus remaining on CVOW.
Q: Regarding the updated gigawatts on the data center side, is this incremental to PJM's forecast, and how does it affect the timeline and capital requirements? A: Robert Blue, CEO, confirmed that the gigawatts in the substation engineering phase are not included in PJM's forecast. There is no specific rule of thumb for capital requirements per gigawatt, but the demand in Virginia, especially in Loudoun County, is significant. The company is focused on ensuring they can serve this demand with reliable, affordable, and clean energy.
Q: What are the prospects for incremental large customers for Millstone, and is additionality a requirement for contracts? A: Robert Blue, CEO, stated that additionality is not essential for potential large user customers. They continue to engage with stakeholders in Connecticut and other New England states, emphasizing the importance of considering Connecticut's interests in any potential agreements.
Q: How are stakeholders reacting to the Virginia data center opportunity, and what are the implications for bill headroom? A: Robert Blue, CEO, noted that Virginia policymakers are supportive of data center expansion due to economic benefits. The increased megawatt hours sold to data centers can help with customer bill headroom. The issue of data centers paying their fair share will likely be addressed in the upcoming biennial review.
Q: What is the impact of the executive order on offshore wind on existing projects like CVOW? A: Robert Blue, CEO, believes there will be no impact on CVOW from the executive order. The project has all necessary permits and aligns with the administration's energy objectives. It is crucial for delivering power to Virginia's growing economy and has strong bipartisan support.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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