you, begin highlighting Thank David. remarks Good I'll morning, performance. my safety everyone. our by
strong on Slide my colleagues performance. their shown year rate of core I consistent injury recordable for the safety, employee focus first for already the was our X.XX As improvement which historical our X value. significant is months X, commend first a on OSHA to relative
we These a now the so year business review. It's even and Energy for have for been a been months more Dominion review. shareholders. announced since challenging investors generally XX Moving the utility environment to last
we course that Dominion and As has investor its to capital, urgency we with wavered. seeing with review execute and to the my launch the for care. take stewards and the said, very seriously. is not it through It of conviction of action around right That decision are Energy, successful completion
what and heard consider back from a an growth, satisfaction too take of leading to earnings. step record our This share lower of themes announcement and in investors had our to quality which mix, investors inconsistent with be some most the I review. me often the Let the the earnings some up of common earnings track months
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energy and our to legislation also Virginia decades in in delivery revenue we that As Virginia on shown value economic of that and supporting footing job to on legislation for supported affordable customers. increasingly growth. the bipartisan puts durable playing utility every solid our This proposition X, customers which will our creation, and largest a tax our Slide role powers clean enable come day while vital compelling reliable, supports
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pleased infrastructure and the of Five, period the we surprised to the announced rates, the all around on accretive state on HSR waiting proceeds option each ideals to team filings intend and submitted $XXX value the of million customer positive not We X. shares that investment of competitive reliability, service, utilities billion nearly pretax expense safety, delighted current By We most individual been way for employee after-tax was Like around with competitive community only have across regulators found are from and our and reception X though the and Cove, Enbridge ran update, not sale North each transactions. which, HSR has debt the and regulatory utilities. of estimated [ policymakers. on our result initial that gas have XXX% utilities companies. now treatment based to CFIUS of processes expired one partner We're employees, energy also of of November apply Enbridge annually. America's largest will the to the but gotten a we ] are broad the credit interest reducing $X reduction in significantly these of parent-level of
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each with in staggered all closing X of a for the transactions expect close LDCs XXXX. and We
to to corporate Moving we've O&M, Slide particularly On focus X. the identify area and on of continued savings, incremental overhead. in cost
will have and be one companies continue are, most country. efficient been reliable to We most the of and utility in electric the
shareholders. my governance. my The with investor financial XXXX closely feedback modified incentives to compensation economic on for of response structure the direct more our to interests align Board Finally, and
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last uniquely And effective say welcome bar and December release and reelection suffice a governance Staying Board for Vanessa De leaving and topic a will announced to to our best consistent service stand with both of want next not thank Jibson, the that the press mandatory Mike information included strong and of of Paul dedicated that X. in departure several our policy result we maintained Sutherland over faithful and Ron but to age-based Semantic company legacy Mike Ron corporate as practice, Earlier behind. continue to Board retirement for and biographical regular they the qualified their Their to of I with Ron are are governance we've whose today, today's cadence I was refreshment. years. Mike year. the
average As process, our X now years. new to ongoing XXXX, added directors since we've part of XX bringing X tenure of Board the refreshment directors our
Virginia model. address our commitment O&M work purpose our interests via regulatory to steps earnings strengthen of concerns properly the The including They expense. of these approach durability a They are robust Each review. they represented the to sheet, and around to a governance, shareholders' disciplined achieving valuable the quality. Board They ensure the our continue guiding serve to enhance governance. will emphasize balance of good principles
However, isn't our complete. work
is our focus Our significant is time offshore and which a regulated, on wind fully project, The investors. project on budget. is of
that. Let me repeat just
unchanged our unchanged progressing Our our cost date. estimate project with in-service and is target in alignment
Virginia to partner the a potential value the that of year, to State Corporation shareholders, this take Commission partner supported in us a customers in financing the legislation financing allows equity we project. Earlier recognition in equity the for noncontrolling and petition project, controlling
of part the supply a on-time support permitting potential on position attractive including offshore considerable a agencies. counterparties. driven record our rata pro strong sharing Their the successful stages The a in transact process project, of wind to in process interest project is priority with characteristic chain, federal attractive review, interest advanced of focus business As and has of we're partner with with from high-quality costs. driven by of the our of our track the
development deploying fixed amount construct to business support into significant is by community of regulated investment, interest. of high a and further a public in on that our legislative both and the the behalf political of process generated The regulatory delivering a later customers which has the remarks, stage a bipartisan Combined significant strong and that as surprise leadership, of no of prepared percentage of it's and advanced long-term my with Virginia highlight high-quality, I'll derisking, me well prospect as driven costs. capital differentiated
offshore will best review a an outstanding we've right, expedient project decision. on make step review We in shareholders just business the we partner. the the it's the the in business interest long-term and strategic of not the that final wind final conclude and when decision customers made our That's
the for but a the of customers our partnership structured and makes properly attractive only is an shareholders. terms transaction A potential sense with optimal counterparty option if
in We by XXXX. year-end or expect early a decision
fundamental mission, have financial with employees the long-term our future near powers company. always been about owned review, affordable will optimistic that every dedicated assets have operated levels clean matches who industry-leading a that people. to are our provide As the at concluding energy best-in-class workforce the more to quality we and our reviews We've day. of conclusion, of and of I'm customers than foundation upon confident assets I'm we devoted reliable, the our that I and solid an increasingly great remarkable ever
we provided the financial the review. conclusion Let against me execute consistently we also be of targets clear, the we must recognize that at
Upon and investor leadership we entire prepared has the continue commitment to host my As discuss additional accountable to completion repositioned embraced meeting outlook. thoughts in meets Stephen remarks. review, earnings an plan. is team that will warrant. financial to I the that as always and of expect events company's high-quality updates announce case, on am share investor strategic for growth some consistently deliver his our We'll the communication to
now offshore touch of wind me updates, project. key the handful a with on Let starting business
I As the consistent previously time budget, lines on project mentioned, with and provided. is and estimates time proceeding the on
expected loaded national, educational, leaders. The and Attorney and offloading on leaders our Bureau continue Governor, significant week, ] delegation, community Portsmouth other military, have December. the onto the labor parties, state later monopiles and Equipment, We're shown the representatives at terminal of factory the to the from with On fortunate Virginia the local X upgraded from exceptionally at both The we to environmental, support and the Virginia's be from Slide Energy assembly Marine arrival remarkable first EEW next celebrated monopiles port General, Ocean ship is We and the Management the leaders for Materials of X. achieve [ from of to went Last facilities local congressional port monopiles Governor, smoothly. milestones. month Lieutenant General these supplier, these delivered transport in of this partners. as civic, newly to
and production the track cells facilities. mature and schedule worth that turbine noting remain manufacturing Also fixed with a blades on existing
Turning to X. Slide
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the In annual project week. this revenue. million On XXXX this in reminder, July, of regulatory, for XXXX annual made rider representing a as fact, revenue. week, we began approved mobilization Earlier we $XXX of million rider filing construction our filing, was our $XXX representing
by order XXXX. final the August expect We of
dedicated to our project gas-fired facility personnel also projects there test wind managed personnel megawatts the of most over project large our On and construction are of complex turbines. this of wind and offshore project and Point Cove offshore management, including liquefaction XXX thousands have generation, growing. the Many leaders
complexities and lessons now While scheduling, being all each sophisticated contracts, of offshore engineering, to they those full and construction projects management procurement, and Skills, presented expertise of unique vendor require learned, project. to risks, applied oversight. wind are effect which relationship, the
offshore the have the team. wind also industry from globe numerous we around supporting addition, In experts
of inspect and suppliers Mark Diane, our principal Senior teams CEOs of vendors. ongoing of of we diligence, regular We including we the manufacturing as each leadership the partners our the variety facilities We who's On vendors completion. with vendors, key the site might exception, project's that of will expect, without visits Project fully with with primary Based support perform interact ground and regular Construction of expect President on and and near you interact dialogue on our boots project I members managers Vice in-person and a and constant workforce. their which Mitchell, levels. at this continue timely monitoring meetings maintain the frequently, during project our
years the confidence adjacent operating XX% test larger average an our of in X factor. turbines, of and delivered On test have strong of high performance test the net over The the turbines capacity project. a turbines our reliability factor further with performance provide factor availability approximately capacity X our the commercial XX%, of last
your much Slide which included metrics the is attention way, X. to of key we've by slide, Turning costs the reminder. draw in a on I to
this decrease capital and values. as refined updated we The megawatt tax of the our to hour expected rec around approximately previous week credit, $XX reflects and project's our estimates LCOE earlier First, range of filing to per cost to in production compared updated $XX. $XX
average capacity We customers lifetime We've the costs, cap impacted to by this metric. well factor our is prudency interest on show and how provided below legislative sensitivities to capital rates. remain cost the
cost cost total by to above-ground billion, year-end. billion consisting transportation improved project construction be onshore costs. $X.X Project the pleased to grow oversight the other to commodities the finalizing fixed work. update our to which fixed. approximately Next, remains contingency, excluding XX% remaining will project The used that current costs, we've of include and $X have for invested for project electrical fuel the mainly and billion. we expect date, I'm $X.X around be to which Certain to installation
at in current project portion $X.X of costs. the budget, relative phase estimate, much billion contingency initial increased more filing Our having is modestly included completion our has which significant fixed to a position despite and a advanced being of
expectation. is team costs. fixed, on-budget now half of and With At in our very context about as our our budgeted a We've remaining this compared contingency of with stage costs completion, the infrastructure percentage an costs vendors project project we've when large to of benchmarks other total million, current the the contingency projects of with delivery clear that current is unfixed of of and studied. XX% our been $XXX competitively
of known XX. on Cetrium final A ] Brownsville, ], ], compliant GenZ couple as ]. points Karibtus by our being in Texas here to [ constructed vessel [ [ [ Moving installation Slide Keppel formerly
is The complete. XX% vessel currently
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related and rates installation. largely of higher On costs higher costs, attributable there's financing construction construction total and there concern. major XXXX. change expected cost to its $XX million, line, current subcomponents chain a to spares. to any attributable the estimate summary, costs, to and construction support to capital agreements vessel's change awaiting no is on-site cause is in are a for Last in the some support to CVOW to including quarter's ancillary Supply Dominion is financing costs, All longer availability crude increases charter with third-party not underlying increase small to the been In availability as project the costs time Energy. to including million such training being $XXX no remainder schedule,
We've on provided to in in Transitioning which that to testimony currently phase. can review, Relations our our offshore Biennial information now materials project included Investor found the Virginia be wind supplemental related website. is the
vast As transmission, DEV rates, order Virginia and X, review the case by to scope Rider which about submitted base and nuclear battery life are biennial to investments of year. of of rate extension storage, the final the proceeding of on X next at majority a March outside DEV's the expect which the parties a engaging like with We forward would DEV. of reminder, filing growth represent its base. a solar, look electric wind, initiating offshore represents X/X total July
$XXX new included investment. solar and Turning in DEV of fourth projects The energy our and clean We updates. other made solar eligible notable nearly represented utility-owned filing October. million to rider submission rider
ahead of continue XXXX. the receive order enable of projects An the in centers, SEC customers to additional XXXX. of and from on power center Loudon have completed X end quarter County. infrastructure schedule. advance for a upgrade project to data Eastern will increases second On [ of expect schedule we is be been projects data construction to under that an series in by completed incremental in ] We currently the
a We of expected an transmission continue to date late with XXX new kv XXXX. in-service line develop
served an by electric we to opportunity and transmission, of unprecedented long-term in increase acceleration Given transmission investment continue growth in service electric see our area. throughout the areas our
are reliable, new believe adapt to numerous of of transitioning Virginia majority we as resources. As energy PJM's to grid also PJM and able also resilient securitization on needed we is to that part further increasing while advanced process, in proceeding. cleaner evaluation. submitted electric We've the transmission the updates to planning energy latest well fuel ensure as recently projects projects these grid transformation included for our demand our filing
Turning to Dominion Energy South Carolina.
the to are national residential average X% delivering electric reliable time and energy This for announcement, needs than national We're DESC's below safe the addition of when improvement South of the population growth and average. merger the since development rates meeting an XX% rates higher customers in relative average. to resulting the robust XX% national the Carolina. from represents economic were energy expanding In
the $X and new testament the merger, case, unanimously the front, we in approved regulatory a our in the Commission base regulatory The call will XX. October. September to now improved On Steven. rate to reached and company's which With result a in turn in Public Since rate effective gas rate general that, million is Service stakeholder increase relationships I'll both in a over settlement with cases achieved state. electric we natural rates the settlements the which on gas settlement
