Welcome to the Dominion Energy fourth quarter and full year 2021 earnings conference call. At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given for the procedure to follow if you would like to ask a question. I would now like to turn the call over to David McFarland, Director, Investor Relations. 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. 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. Joining today's call are Bob Blue, Chair, President, and Chief Executive Officer, Jim Chapman, Executive Vice President, Chief Financial Officer, and Treasurer, and other members of the executive management team. I will now turn the call over to Bob. Thank you, David, and good morning, everyone. I'll start by outlining Dominion Energy's compelling shareholder return proposition. We expect to grow our earnings per share by 6.5% per year through at least 2026, supported by our updated $37 billion five-year growth capital program, resulting in an approximately 10% total return. That's all underpinned by Dominion's industry-leading ESG profile, which includes the largest regulated decarbonization investment opportunity in the country, which, as you will hear in today's prepared remarks, is steadily transforming from opportunity to reality. Our strategy is anchored on a pure-play state-regulated utility operating profile that centers around five premier states, as shown on slide four. All share the philosophy that a common-sense approach to energy policy and regulation puts a priority on safety, reliability, affordability, and sustainability. Next, I want to highlight what a successful year 2021 was in the continuing execution of our strategy. For example, we continue to provide safe, reliable service to our customers, ensuring that safety remains our top priority when it comes to our employees, our customers, and our communities. We reported our 24th consecutive quarterly financial result that normalized for weather meets or exceeds the midpoint of our guidance range, a reflection of our focus on continuing to provide consistent and predictable financial results. We successfully concluded substantial rate cases in Virginia, South Carolina, and North Carolina, in each case demonstrating our ability to deliver constructive regulatory results for both our customers and our shareholders in these fast-growing premier and business-friendly states. We significantly advanced our clean energy growth plans on a number of fronts. For instance, we received our notice of intent from BOEM for our regulated offshore wind project in July as planned and filed our rider application with the Virginia State Corporation Commission on schedule in November. We proposed new solar and energy storage projects in our second annual clean energy filing in Virginia, the largest such group ever proposed. Looking ahead, we've rolled forward our five-year growth capital plan to capture the years 2022 through 2026. We now expect to invest $37 billion on behalf of our customers. The investment programs are highlighted on slide five, with over 85% focused on decarbonization. As meaningful as these near-term plans are, consider on slide six how they compare to the long-term scope and duration of our overall decarbonization opportunity. Our initiatives extend well beyond our five-year plan. We now project $73 billion of green investment opportunity through 2035, nearly all of which will qualify for regulated cost of service recovery. This is, as far as we can tell, the largest regulated decarbonization investment opportunity in the industry. With that, I'll turn it over to Jim to walk through our financial results and guidance before I provide further business updates on the execution of our plan. Thank you, Bob, and good morning. Our fourth quarter of 2021 operating earnings, as shown on slide seven, were $0.90 per share, which included a $0.03 hit from worse than normal weather in our utility service territories for the quarter. Weather normalized results were again above the midpoint of our quarterly guidance range. Positive factors as compared to last year include growth from regulated investment across electric and gas utility programs, higher electric sales due to increased usage from commercial and industrial segments, and higher margins at contracted assets. Other factors as compared to the prior year include a slight catch-up in COVID deferred O&M and weather. As Bob mentioned, this is our 24th consecutive quarter, so six years now, of delivering weather normal quarterly results that meet or exceed the midpoint of our guidance ranges. We believe this historic consistency across our results is worth highlighting and is a track record we are proud of and one which we are absolutely focused on extending. Full year 2021 operating earnings per share were $3.86 above the midpoint of our guidance range, even in the face of a $0.05 Hit from weather for the year. As is detailed in Schedule 2 of our earnings release kit, 2021 GAAP earnings of $3.98 per share were $0.12 higher than operating earnings for the year. Turning now to guidance on slide nine. As usual, we're providing an annual guidance range which is designed primarily to account for variations from normal weather. We're initiating 2022 operating EPS guidance of $3.95-$4.25 per share. The midpoint of this range is in line with prior annual EPS growth guidance of 6.5% in 2022 when measured midpoint to midpoint. As I think has been expected, as part of our roll forward to a new five-year forecast period, we are once again extending our long-term growth rate by one more year. We now expect operating EPS to grow at 6.5% per year through at least 2026. Finally, we expect first quarter 2022 operating earnings per share to be between $1.10 and $1.25. Positive drivers for the quarter as compared to last year are expected to be normal course regulated rider growth, continued modest strengthening of sales, and return to normal weather. Other drivers as compared to last year are expected to be O&M and tax timing. We expect our 2022 full year dividend to be $2.67, reflecting our target payout ratio of approximately 65%. We're also extending the long-term dividend per share growth rate of 6% per year through 2026. Slide 10 provides a breakdown of five-year growth capital plan, which Bob introduced. For more detail on all of this, I would point to the very comprehensive appendix materials. But just a couple of items I'll note here. We continue to forecast a total five-year rate base CAGR of 9% broken out here by segment and major driver. Over 75% of this planned growth CapEx is eligible for rider recovery. Of course, capital invested under riders allows for timely recovery of prudently incurred investments and costs. Turning to slide 11. We've updated our financing plan, which reflects a combination of internally generated cash flow and debt issuances to fund the majority of our growth and maintenance CapEx. Our plan assumes we issue programmatic equity of just 1%-1.5% of our current market cap annually through our existing DRIP and ATM equity programs in line with prior guidance. No change to our 2022 equity issuance plans, and no block or marketed equity is contemplated. We view this level of steady equity issuance under existing programs as prudent, EPS accretive, and in the context of our sizable growth capital spending program, appropriate to keep our consolidated credit metrics within the guidelines for our strong credit ratings category. To that point, as shown on slide 12, our consolidated credit metrics have remained steady and our pension plans have increased their funded status. We're very proud of these results. We continue to target high triple B range credit ratings for our parent company and single A range ratings for our regulated operating companies. Our long-standing focus on achieving and maintaining these ratings is important for our ability to continue to secure low-cost capital for our customers. As is the norm, our financing plan reflects our ongoing efforts to efficiently redeploy capital towards our robust regulated growth programs. As I've mentioned in the past, as part of our capital allocation process, we undertake constant analysis to find the most efficient sources of capital to fund our attractive utility growth programs in our key states, all while maintaining our operating EPS growth and credit profiles. Given that focus, as announced this morning, we've agreed to sell our West Virginia Natural Gas utility, Hope Gas, to Ullico for gross proceeds of approximately $690 million. The transaction is expected to close late this year, subject to customary closing conditions, including clearance under HSR and approval from the Public Service Commission of West Virginia. Proceeds will be used to reduce parent level debt. The transaction value achieved through a competitive sale process represents approximately 26 x 2021 net income and 2x rate base. As a reminder, Hope Gas operates only in West Virginia and serves about 110,000 customers. Bob will address this transaction a bit more in a moment. Turning now to electric sales trends. Fourth quarter weather normalized sales increased 1.4% year-over-year in Virginia and 2.3% in South Carolina. In both states, consistent with the trends seen last quarter, we've observed increased usage from commercial and industrial segments, overcoming declines among residential users as the stay-at-home impact of COVID wanes. Full year 2021 weather normalized sales increased 1.4% year-over-year in South Carolina. Looking ahead, we expect electric sales growth in our Virginia and South Carolina service territories to continue at a run rate of 1%, no changes from our prior communications. Next, let me discuss what we're seeing around input prices. As discussed on prior calls, we're continuing to monitor raw material costs. Across a number of industries right now, we're observing higher prices, although we've seen a moderation in the last few quarters. As it relates to our regulated offshore wind project, we remain confident in our ability to deliver the project in line with our budget as outlined in our filing to the SCC in November. Also, no changes here from prior communications. As was disclosed at that time in November, we've entered into five major fixed cost agreements, which collectively represent around $7 billion of the total capital budget. Within those contracts, only about $800 million remains subject to commodity indexing, most of it steel. This component of the budget already reflects commodity cost increases. Our capital budget, of course, includes contingency. On the solar side, we're seeing what others seem to be seeing. Supply is tight. Prices for certain components are up. Our 2021 projects were completed. Beyond 2022, we are contracting, etc. It's still early. Again, we're watching, but no material financial impacts to share at this time. To summarize. We reported fourth quarter and full year 2021 operating EPS, which, on a weather-normal basis, 2022 full year operating EPS guidance midpoint to midpoint. We affirmed the same 6.5% operating EPS growth guidance through 2026. We introduced a $37 billion organization-focused five-year growth CapEx plan, 9% rate-based growth. We continue to expect the vast majority of our spending across our segments to be in rider form. Finally, our balance sheet in very good health. With that, I'll turn it back over to you, Bob. Thanks, Jim. Starting with safety. The second-best performance ever. Additionally, the company was the top performer in the 2021. We take pride in our relentless focus on safety, and it's the first of our company's core values. While our safety performance relative to industry is very good, our goal has been and continues to be hurt-free ever. Our customers' highest priority is reliability. They expect their power will come on when they need it, period. In the past year, our customers in our electric service areas in Virginia, South Carolina, and North Carolina had power 99.9% of the time, excluding major storms. To be ready so crews can swing into action as we did for the first winter storm of 2022 that dumped northern, central, and western regions of Virginia, interrupting service to over 400,000 customers. Over 87% of those customers had service restored after two days, and 99% within four days. Our crews worked around the clock in frigid temperatures and treacherous icy travel conditions to safely restore service to our communities. Our gas distribution business knows that safe and reliable service is the priority, especially when exigent circumstances exist. When an emergency notification is received, we typically have a crew on-site twice as quickly as the industry expected response time. Last month, we had the highest ever flow of gas at our Utah system and the highest ever daily throughput across our Ohio system, higher even than the polar vortex of 2019. In both cases, our service never missed a beat, and our customers would never have known we were setting all-time records. I'm proud, though not surprised, at the way in which our Dominion Energy team members have responded on behalf of our customers. Now I'll turn to updates around the execution of our growth plan. In Virginia, the SCC approved the comprehensive settlement agreement for our first triennial review in November. We're very pleased to be extending our track record of constructive regulatory outcomes. On top of that, we are incredibly excited about what Dominion Energy is working on in a few minutes, nearly all of which will grow earnings under regulated rider mechanisms. Since the Virginia rider investment programs are reviewed and trued up annually, they are not included in the investment balance as a percentage of total Dominion Energy declines to about 13% by 2026 and is expected to continue to decline as a percentage. The country's only fully regulated offshore wind project is very much on track. As a nation, we're currently in the discovery phase, and to date, this process very much conforms with what we typically expect during a rider proceeding of this type. Major project milestones are listed on slide 15. We expect to receive a final order from the SCC in August this year. A few items to reiterate here. First, this project will provide a boost to Virginia's growing green economy by creating hundreds of jobs, hundreds of millions dollars of economic output, and millions of dollars of tax revenue for the state and localities. It 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 investment is 100% regulated and eligible for rider recovery in Virginia. Finally, the VCEA, which we are confident that we have already met. Our Jones Act-compliant wind turbine installation vessel is being constructed and is on track for delivery in late 2023 as originally scheduled. The project is currently about 43% complete. We expect the vessel will be an essential resource to DEV as with time to support the 2024 turbine installation season. Our other clean energy filings in Virginia are also progressing well. Last month, we were very pleased to see the SEC approve phase two of our grid transformation plan for projects that we plan to deploy in 2022 and 2023. These projects will facilitate the expected increase in distributed scale solar and expand electric vehicle infrastructure as well as enhance grid resiliency and security. Our clean energy and nuclear rider filings remain on track. Final orders are expected later this year as outlined on page 18. Through 2020, we have successfully reduced our enterprise-wide CO₂ equivalent emissions by 42%. That's great progress, but it's not enough. By 2035, we expect to improve that reduction to between 70% and 80% versus baseline. Our future means reduced reliance on coal-fired generation. Back in 2005, it was from coal-fired generation. By 2035, we project that to be less than 1%. We show our timeline for transitioning out of coal on slide 20. By the end of the decade, as part of our, we expect to be coal-free in South Carolina and have only two remaining facilities at Dominion Energy Virginia for reliability and energy security considerations. While our IRPs are informational filings and do not provide approval or disapproval, we look forward to continuing to work with stakeholders, including the commission, to drive towards an increasingly low carbon future. From an investment base, from an investment-based perspective, which is a rough approximation of earnings plays in our financial performance driven by facility retirements and non-coal investment. We're mindful that the shift has the potential to be disruptive to employees and communities, and we are being purposeful in our efforts to ameliorate any such negative consequences. We believe in a just transition. We have and will continue to consider the needs of impacted communities and our entire workforce during this clean energy transition. You'll also note that zero carbon generation grows significantly, such that by 2026, over 65% of our investment base will consist of electric wires and zero carbon generation. Moving on to South Carolina. As part of our ongoing resource planning, Dominion Energy South Carolina is planning to replace several of our older generation peaking turbines with modern, more efficient units. These peaking units, which often operate seasonally during certain times of day when the demand for energy is at its highest, play an important role in our generation fleet with their ability to go from idle to producing energy quickly. Modernizing this equipment will lower fuel costs to customers, improve environmental performance, and provide reliability and efficiency benefits. These will become even more important as South Carolina approved a settlement allowing those sites and will hold an RFP for a third. Turning to gas distribution. In North Carolina, the commission operations with rates based. As a reminder, the agreement included three new clean-energy pilots, a new option to allow our customers to purchase RNG attributes, and a new and expanded energy efficiency programs. This is a prime example of the role that supportive regulation can play in meeting our decarbonization objectives. Let me now address this morning's announcement regarding the sale of our West Virginia Natural Gas utility to Ullico. Hope Gas is a valuable business with tremendous people. At the same time, compared to the other larger state regulated utilities across our five premier states, Hope Gas is a relatively small standalone operation. Our talented employees have consistently delivered safe, reliable, and affordable energy to Hope's customers. We're pleased that these best-in-class employees are now joining another excellent organization in the form of Ullico, who has agreed to provide significant protections for employees and honor existing union commitments. Ullico's operating expertise and financial resources will ensure Hope Gas customers continue to receive the high level of service to which they have grown accustomed. Slide 24 provides a summary of several important steps we took in 2021 that enhanced our industry-leading ESG profile. Just a couple, we published our updated climate report, which included disclosure of Scope 1, 2, and 3 emissions, an important step as it relates to ESG, and our diversity and inclusion report, which highlights our progress towards building a more diverse and inclusive workforce. As part of that report, we also published our EEO1 data. This enhanced external reporting builds upon our commitment to increase our total workforce diversity by 1%. These and other ESG-oriented efforts have been recognized by leading third-party assessment services. By each measure, our performance exceeds the sector average. We've been recognized as part of the leadership band by CDP for our climate categorization for the fourth consecutive year by the CPA-Zicklin for transparency. Most recently, MSCI increased our rating from A to AA, which designates us a leader in the. I'm pleased to announce an expansion. In addition to our current commitment to achieve enterprise-wide net zero Scope 1 carbon and methane emissions by 2050, we now aim to achieve net zero Scope 2 emissions and Scope 3 emissions associated with three major sources: LDC, upstream fuel, and purchased power. These new commitments formalize our continued focus on helping our customers and suppliers decarbonize. Reducing emissions as fast as possible and achieving net zero emissions company-wide requires immediate and direct action. That's why the company continues to take meaningful steps to address Scope 3 emissions. We formalize our support for federal methane regulation, and we're working towards procurement practices that encourage enhanced disclosures by upstream counterparties on their emissions and methane reduction programs. Further, we encourage suppliers to adopt a net zero commitment, and we've started to receive quotes for responding with our reliability, service, and cost criteria for natural gas supply. For downstream emissions, we expect to increase our annual spend on energy efficiency over the next five years at our LDCs by nearly 50% and to provide our customers with access to a carbon calculator and carbon offsets. For example, in both Utah and North Carolina, we offer GreenTherm, a voluntary program that provides customers with access to renewable natural gas. While initially being offered on a voluntary basis, we are working with policymakers and regulators to increase access to RNG for our customers. Finally, we continue to pursue innovative hydrogen use cases, including our blending pilot in Utah, which based on early assessment, confirms the ability to blend at least 5% and potentially up to 10% without adverse impacts to appliance performance, leak survey, system safety, or secondary emissions. Over the long term and broader investments across the economy. This includes support for the tech support efforts to research and develop new technologies through collaborations such as the Low-Carbon Resources Initiative, of which we're a founding sponsor. We will never lose sight of our fundamental responsibility to customers, providing safe, reliable, affordable, and sustainable energy. With that, let me summarize our remarks on slide 27. Our safety performance was our second-best ever. We reported our 24th consecutive quarterly result that normalized for weather meets or exceeds the midpoint of our guidance range. We affirm the same 6.5% operating EPS growth guidance through 2020 and achieving regulatory outcomes that serve our customers well to be the most sustainable regulated. We're now ready to take your questions. Thank you, sir. At this time, we will open the floor for questions. If you would like to ask a question now. If at any time you would like to remove yourself from the questioning queue, please press star two. Again, to ask a question, please press star one now. Thank you. Our first question will come from Jeremy Tonet with JP Morgan. Just wanted to start off here. If you could walk us from the prior plan CapEx to today's and the impact on targeted equity, including the expected LDC sale proceeds. Just wondering, are there any other non-core assets in the portfolio you might look to sell an asset such as Millstone that for equity source? Hey, Jeremy. It's Bob. I'll start, and then I'll take the second part, turn it over to Jim to walk through the first part. You know, our announcement related to Hope, we think about, as we mentioned in our remarks, Hope great company, but in terms of customers, it's a quarter of the size. It made sense to us to think about divesting that great company. I think our colleagues who work there are also going to a great company. As to the sort of broader question, we like the mix of assets that we have, and we think they support our growth rate and allow us to continue to execute, which is what we're most focused on, is executing on that strategy, regulated pure play. Now, like every company, we obviously regularly evaluate assets to see what makes sense with respect to, you know, credit, earnings, accretion, all those kinds of things. But we're very comfortable that the asset mix that we have today supports the growth. Jeremy, good morning. As I mentioned in prepared remarks, we provided a lot of detail on our growth appendix, so wouldn't expect anyone to have digested all that yet. I would draw attention to page 34, growth plan to the new $32 billion-$37 billion. I tick through some of the changes. The most material single change is simply moving from one five-year period to the next. Drop 2021, check that. Also incidentally including the full timeframe for offshore wind spend. Changes for some of our capital programs. For example, the budget we discussed in November on offshore wind is actually fully neutralized in our five-year capital spend plan by postponement for further evaluation, as we talked about in November of further out in time outside the five-year period. So that nets to zero. You'll see some other drivers there, just true ups of our capital spending across gas distribution, RNG, and all of our other decarbonization investment programs. That's what bridges the prior plan to new. Jeremy, you asked a lot of subparts to that question. You also asked about equity. Lemme say a few things about that. I observe that we're one of few companies. There's no change in our equity guidance for 2022. There's some very modest tweaks, $100 million in some years, $200 million in others thereafter. Keeping in mind that spending is up, so equity is up, cash flow is up, debt's up a little bit. How could that change? If spending in our five-year plan as we move forward goes up, which would be good, these equity amounts, conversely, if it goes down, which we don't expect, they go down a little bit. We think this level of constant equity through our existing programs, as I mentioned in the chat, is, I mean, it's accretive. It's modest and appropriate to keep us in the right spot from a credit rating metric perspective. Got it. That's all very helpful there. Thank you for that. And Jeremy, additions in the net zero commitments, a big step forward there. What are the impacts, I guess, in the plan? Just wondering if any of the CapEx. Specifically, can you provide an update on your RNG plans in light of these commitments? Yeah. Let me start, and then I'll turn it over to Diane to talk a little bit more specifically about RNG. You know, as we described in our opening remarks, Jeremy, Scope 2 and 3 emissions reductions by 2050 are gonna require technology and supportive regulatory environment. A lot of this that we would be thinking about are sort of longer term. It's hard for us to put as much definition around it as we can. Virginia, particularly Virginia-regulated rider investments and some of the others that you're seeing in that 15-year chart. Obviously, nothing in the five-year plan would we think would move the needle there. Lots of opportunities we believe, and we think it's important. That's what our customers are looking for us to do. It's what our shareholders are looking for us to do. We'll have opportunities to flesh that out. There's, as we mentioned, we've already got a fair amount going, and a big chunk of that right now is our investment in RNG, and I'll ask Diane to talk a little bit more detail about that. Our RNG program, our capital program has really increased over this last year. We now have 10 projects under construction, and one in service. Two of those under construction, both dairy, will be in service in the coming days and weeks. We expect six projects to come into service this year, so we're really kind of ramping up even though it's very small right now. We see that pace continuing of new projects and during the construction stream and more coming online. We do see this, what we've said before, is about $2 billion of capital investment through 2035 through our main platforms w ith Align and Vanguard. That's on the development side. On the LDC side, specifically as it relates to Scope 3, we really see that program eventually moving towards a long-term strategy of having RNG directly into our regulated gas customers. We already have that on a voluntary basis in Utah, and it's been very well received there and just got approval in North Carolina and looking to work with stakeholders to increase the amount of RNG blending into our local gas distribution company. Whether we build it or not, whether it's part of our program or not, we're really looking to see more RNG access for our customers in our LDC program. Got it. That's all very helpful. Thank you. Thank you. Our next question comes from Steve Fleishman with Wolfe Research. Yeah. Hi, good morning. Hey, Steve. Hey. Bob, just, you know, there was a lot of focus late last year on the Virginia election and new governor and the like, and maybe you could just talk a little bit about how things have been going with administration and if there's any, you know, kind of maybe specifically the political support you're seeing or not for the offshore wind projects. Yeah, Steve. The things have been going well with the new administration and the General Assembly. Obviously, the session in Virginia is a little less than halfway over, but you know, the Virginia session moves pretty quickly. It's really energy just has not been a big focus. As we discussed, I think on the last call, the campaign was focused on education and taxes, and that's what the General Assembly has been focused on, not surprisingly. Energy has not been a huge part of the equation. We'll, you know, obviously, you make predictions about the legislative process at your peril, but we're participating and finding that we continue to work well with both Republicans and Democrats as we have for quite a long time. As regards offshore wind, there continues to be very strong support for offshore wind, as we discussed in our opening remarks. There is a great opportunity for Virginia with respect to new jobs and new industry and our project is recognized as one that can bring a lot of benefits to the state. Still seeing great support for offshore wind. Okay. One other of the things they specifically pointed to was vessel costs for like not the Jones Act vessels, but for other, you know, things like the foundations and the like. Could you just talk to whether that is part of the mix of what you have locked up already? Yes. In fact, Diane and I met with the executive DEME, who are handling, you know, we talk about these large packages there that transport and install. So they're doing the cable and installing the monopiles. We just met with them earlier this week, and things are very much on track. As regards our own vessel, the installation vessel, you know, the steel for that, for example. I think the premise where you started the question saying that you may have heard about our contract, we entered into these contracts late last year with counterparties who are very experienced. Every single one of them is very experienced in this industry. We still feel very good about that project, both in terms of schedule and budget. Great. One quick follow-up on Hope Gas. Just curious, given the debate about, you know, the future of LDCs. You know, it looks like you got a good price here for it. Just could you give us some sense of the competitive dynamic of that process and/or and just what you think it means for kind of thinking about the value of your remaining LDCs? We feel very good related to scale as it pertains to our LDC businesses. They are growing. They are in what we describe as premium states, very pro-business states, strong customer bases, very supportive of natural gas and with customers who want natural gas for cooking and heating their homes. This was not, from our perspective, a reflection on our thinking or interest, obviously, and we feel very good about the price, and equally important about the quality of the counterparty. I think it was a good outcome, and one that we think will be very well received. We expect to continue operating. Thank you. Our next question will come from Ross Fowler with UBS. Morning, Bob. Hope you and the team are well. I just wanted to. Morning. Wanted to walk through slide 11 one more time to make sure I understand very clearly what you said. We know the CapEx is up plan to plan, basically, as you're adding 26 and taking 21 away. What you're saying is there's no change here to 22 equity, a small increase to equity in twenty-three and that capacity turns around to be available for regulated CapEx. Did I frame that correctly? Is that what I heard you say on the call? That's exactly right. On the equity, sources and uses or the overall sources and uses, I should say. To simplify it a little bit, what are we doing here with the proceeds from the small sale? After-tax proceeds, we're paying down parent level debt. Then in coming years, we'll use that debt capacity, modest, as we invest in our spending programs across our key regulated states. That's perfect, Bob. Thank you. On your comments on solar on the call. You noted that costs are up and prices are tight here, but that you've done, you know, a lot of 2022 procurement already, so that stuff is on track. On 2023, you're on track, but you're watching it. How much of 2023 have you already procured, and how much is maybe still out there? Question. For 2023, as Bob talked about, we are seeing some shortages of panels and other items. We are actively in the stages now of working out the contracting for these projects. We are well along the way in that process, and project by project getting access to the modules we need. While I won't say it's simple and not without some additional cost, we'll say that we're well along the way. All right, great. Thank you very much. Thank you. Our next question comes from Durgesh Chopra with Evercore ISI. Hey, good morning, team. Thank you for taking my question. Morning. Good morning, Bob. Just, Jim, a quick clarification. You mentioned $800 million, if I heard that correctly, on the offshore CapEx that was indexed. Is that $800 million part of the $7 billion locked, or is that $800 million out of the total roughly $10 billion projected project cost? Yeah, Durgesh, morning. That $800 million is part of the $7 billion locked across those five project components that we announced in November. The remaining amounts, as you'll recall, is the onshore transmission and contingency. Got it. Perfect. $7 billion of the roughly $10 billion locked, and $800 million is a component of that. Just maybe, just quickly, Jim, I just want to understand the rate base growth disclosures. On slide 10 for Virginia, I would have expected the rate base CAGR to be higher given the higher spending versus the last year plan. Is that sort of a starting point issue? Because if I compare Q4 last year to Q4 this year, the rate base CAGR is actually lower with the spend actually materially higher. Yeah. Durgesh, we're happy to connect. We have, as I mentioned, a lot of detailed backup in the appendix. What you're mentioning there is just a timing issue from the starting point. There's not a material change to the programs or the overall pace. It's just timing quarter to quarter. Understood. Thank you. Really appreciate all the disclosure in the appendix. Thank you for continuing to provide that. Appreciate it. Thanks. Thank you. Thank you. This does conclude this morning's conference call. You may now disconnect your lines and enjoy your day.