David. Good Thank everyone. morning, you,
let In me with always, to shown employee significant as historical rate X.XX, already safety, incident our strong improvement performance. recordable a XXXX, As was Slide X. begin on OSHA
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annual emissions the our energy as be period below we've From to national continue nearly Scope through rates increased well by X%. that over XX%, electric reduced from regional residential carbon has and XXXX, Our generated XXXX operations X even averages.
deliver we're exceptional company experience customer positions our because for forward, mission to continue results against Going executing best shareholders. to our how our you'll hear the an
this very Virginia to updates in business our several Wind review pleased you Offshore as the with Coastal share relates morning it Project. to important I'm
begin by regarding the review. commentary me Let previous reiterating my
deliver. the both in foundational conviction I over and The will the the company unchanged, concerns several finally decision and the review years. review as commitments confidence to around guiding eroded is the are priorities and quality us investor our to comprehensively Our result my have of undertake last that expect address
that series not Instead, employees. a will provide provide pursue a Dominion partial a to financial result and optimally and solutions value and customers unaddressed. positions of that and Energy key comprehensive we'll risks elements for shareholders, leave durable profile deliver high-quality strategic compelling long-term that We will
the a announced strategic part the and final result partner equity morning, in Stonepeak, a Offshore investing, our infrastructure Wind a an of project. arrangement This result noncontrolling exciting key shareholders. our that delivers of Coastal with to agreement the business the execution review for leader and This represents Virginia add customers we an in in global step with
the through let lines The walk proceeding the phases. Before and on I time you estimates me the on successful transaction project is development update project continued on of the consistent specifics, provided. with all budget, previously and time across
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which plan, provided to us begin has Last And of up the quarter. us which allows our offshore construction. ramp its of issued second onshore Corps operation permitting. allowed Army construction month, BOEM in approval and construction Engineers On permit, final to the
track on and and On progress. materials equipment. We're excellent making
that our dedicated facilities of our beginning One our allocations project, mature that that to specific under from equipment of the to the from been components. be the production has sourced keys are success insisted we
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and remainder line. we've by little XX% of than A an now construction expect Project-to-date, increase We'll more gradually costs fixed. project billion, spend percentage over of XXXX. $X we to year-end time approximately invested the that are the billion additional project $X
level when projects current a of with compares very suppliers our We've unused budgeted of At million competitively benchmarks contingency other percentage studied. to favorably costs. is delivery with our clear the partners that of current unfixed an on-budget project been and at we've as of the to and expectation. team also project the stage It large this compared costs total completion, $XXX infrastructure
features those EEW, CVOW the Renewable update teams of all the Investor CEO well Prysmian, our Seatrium, an this Act-compliant of as that to video representatives the commercial constructor we our of Maritime, our senior website of DEME as Relations from Along Siemens including installation Semco vessel. primary management Bladt important Gamesa executive Industries, and lines, partners, Jones posted morning, Energy,
the regulatory and government watch our encourage employees short to stakeholders partners, investors, and other strongly video. I
course suppliers and, own on-budget together, of hear, and commitment support to fortunate You'll deliver their for key our to and extraordinary on-time project. an such for enthusiasm we a unwavering will enjoy from this in-service exciting We're project. the in words,
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continuing October All is A major installation. have installation construction have jack-up Labor met, approximately last of Recent increased subcomponents are XXX levels been and to August. remaining are on-site over few highlights. to milestones X,XXX including underway. system as X,XXX be last compared commissioning the augmented awaiting and Jack-up legs. and to
floated coming weeks. there's $XXX of been to including be We to project no And million, change vessel in expect the costs. costs financing
CVOW to there no construction summary, to In change support agreements schedule, is vessel's including to third-party support availability its in XXXX. charter the expected current any availability the
making As progress of partners of on-budget you can good on-time our very the this completion an about towards see, we're project important with we support the feel very and project.
supported on optimally Offshore Throughout aspect we had our that and the and deploy process, partners on feedback positioned and by committed consensus commercial, is and enthusiastic and high-quality be of partners. potential Wind is competitive Project Virginia and robust thoroughly financial regulatory, time independent significant and multiple suppliers offshore the the was legal wind operational, financial diligence to budget every project. to strategic delivered Coastal resources And
benefit Stonepeak, X. investors excited We're through participation track in assets wind. of will management. let record large me largest Their to CVOW under in walk with has financial offshore a the projects, Slide starting energy including complex over $XX transaction, with that, one partnering billion significant the and investment with be With customers. project and world's both Stonepeak of our energy infrastructure infrastructure our
Stonepeak operations operational full as be retain a CVOW. equity will utility incurred a entitled rights. and On the transaction Virginia. of And will expect control cost Stonepeak to will we have Virginia of and interest constructing operating existing purposes. and customary wind a offshore project invest Energy noncontrolling of newly Energy accounting formed under Dominion recover structure. its Dominion will It of interest own Virginia. in and partnership consolidate the in the be result, to the for minority public a will subsidiary prudently rider construction in
the that any to meaningful and On cost including sharing. contributions, will on robust XX-XX increases. XX-XX rata Mandatory represents reimbursement, billion than capital sharing significantly agreement project's XX% the billion pre-contingency for to $X credit cost to to higher current or up from cost contingency, initial fund cost nearly provides expenditures be used budget. or unused sharing higher basis. project profile budget, nearly an improves $X.X The unforeseen up up protection current XX% including This provides a company's pro the billion $XX.X project's and than
share $XX.X hypothetical increasing dilution and of in a for under provides how hypothetical fully hypothetical between Slide Stonepeak Dominion ownership billion. variety this The a shows any, stress we share funding on and case, through would that continue deliver costs project Stonepeak and of Dominion's to of and In expect project on because cost spectrum additional I ownership. XX agreement to and $XX.X time budget. project sharing costs, also project of scenarios, share will to project gradually if billion
date, of XX. At reduce capital to to cash reimbursement debt. be project billion less a to spent parent-level payment $XXX This to Turning to reimburse Dominion cost million. Slide $X Stonepeak nearly will the XX% closing, will used make
included appendix consistent with fund materials. of of the during rata pro construction, Thereafter, today's Stonepeak share will their calls schedule capital the in
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consents and end to obtain necessary expect of all We the approvals by XXXX.
several interest Continuing confident the customers The shareholders. objectives. that partnership in best long-term is I'm and transaction our of key this achieved to Slide our XX.
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consolidated approximately transaction by Further, to our FFO debt XXXX is X%. the to estimated expected improve
signing. credit with we transaction a rating our is advance benefit positive, to the be feedback, on for viewed reviewed as we and expect the of agencies based transaction credit very in customers. key And Importantly, that our their unambiguously
and utility our A partnership company's which customer the with it state's experience In business support sheet optimally profile, to provide healthy this and goals. financially reduce a capital benefits economic will positioned the needs risk is customers. and to other attract our balance environmental an strong exceptional words, financial
the business prepared remarks. to on updates provide final me review conclude Let a few my
the Turning continuing cases. any XXXX. to timely of of transaction $X sale of look methodically closings and Slide closings for expectations which, utilities. We our staggered to XX. proceedings regulatory parent-level estimated to a of towards on working No and We to of annually. XXX% to will after-tax the regulatory million our forward these of expense to apply changes reduce in debt, approvals proceeds to intend conclude and result in based We're $XXX with current pretax occur expect to interest during work billion involved reduction parties gas rates, around nearly original
Virginia regulation. Next,
capital we Virginia, staff, biennial key opposed to supported comprehensive investor the parties the the in support November, General reform case the the customer reached State in other Energy compete Commission No beneficial serve positions of settlement Attorney of Last state's and that a our and current Dominion goals of regulatory review. review, customers, Dominion parties the Office settlement. business support part the to for Energy Virginia As investments. reasonable Corporation
parties last the agreement. reiterated these month, support original same And key their comprehensive to
we government two cooperatively the outstanding well-qualified to Commission, Assembly last have look General these Corporation the the on final Kelsey serve working sector, private both in We experience and March. topic, new expect State and Towell filling and a as in vacancies with order the forward extensive unanimously the elected members. commission. They related members of On Bagot Sam to early month, the
There Slide to changes now been XX. have commitments to and priorities. original Turning our business no review
will XXX% range committed peer-appropriate First, doubt, be low a to dividend period current a growth, avoidance to Earnings restore payout growth, for no our our been to time. the we ratio of have of combined over to dividend. continue and with
structure compensation year, align response last shareholders. in the for investor my with Second, more incentives direct the interests to Board, closely financial modified of my to XXXX our feedback, economic
year, As required shareholder long-term a XXXX solely is with the it XXX% relative to a achieve result, my like a is XXX% incentive percentile Last premised on XXth was XXXX return, approved compensation of but relative total my performance payout. X-year Board last long-term plan, XX% XXX% month, compensation performance-based. performance-based.
a our my but represents practice, with aligns high interest industry shareholders. appropriately to This financial believe bar I relative it those of
Additional published understand in our to I owners' increasing time how of the take been my compensation be that. investors, be which this them difficult details available interest will for around has I our our proxy want a in alignment March. seriously with will and statement, Certainly,
Third, focus continue to costs area overhead. incremental in we savings, identify on corporate and the of particularly
We most electric the utility been efficient be and companies to are, one have country. the will in continue reliable and most of
assumptions plan update his our remarks, we've quality been on earnings Finally, evaluating will investment credits benefit treatment investor unregulated and on retirement risks. In and our of plans. feedback focused around an provide perceived around prepared Steven tax
conclude X, and we provide scheduled on which announcement to strategic finalizing in a a Today's the wind business the process the will session. We're which participate plan, financial an the for our investor question-and-answer We've financial of at offshore review. of us meeting XX. update Slide the to company step an partner review. of allow will final marks strategic March and in time Turning comprehensive
and We stakeholders participate encourage other to their schedule virtually as investors our allows.
plan to Following event, our existing and we investors. engagement the to effort with investor a initiate prospective comprehensive meet
financial review, prepare We consistently to at future against ever conclude I must the that the more recognize we provided conclusion review. we of I the our we optimistic than of execute been As the about am have company. targets the
the deliver accountable for consistently always my that am meets case, and our plan. earnings team embraced growth I commitment high-quality has leadership is to that entire As
With that, call I'll over to turn the Steven.
