What it does is it allows us to make sure that we can stay on track of that schedule. It gives us opportunities to begin installation when weather is most favorable. It will allow us without that first charter, we won’t need the time to reconfigure the vessels outfitting between charters to accommodate our project’s turbine size. So if you think about the vessel availability as on track, consistent with how we’ve thought about it in the past. To the extent we’re able to bring it forward, that’s great to the vessel, to the project. But I wouldn’t think of it as bringing the back end of the project in. It’s just another way that we can mitigate what will be. I’m sure things that happen along the way that we don’t currently foresee, but we want to build as much cushion as we possibly can, and that’s what this will accomplish for us.
Operator: We will take our next question from the line of Steve Fleishman with Wolfe Research.
Steven Fleishman: Just one quick question. Do you have a number for kind of where you stand on the ATM for this year as of now? How many shares you’ve issued?
Steven Ridge: Yes. We haven’t issued any shares of the ATM yet, Steven. And that’s a function of during the business review, our ATM shelf registration expired and so we actually didn’t have the registration statement available to us. So we will be implementing that here very, very shortly, and then that will allow us to begin that program.
Steven Fleishman: Okay. Great. And then just going back to the kind of tie in with the data center in IRP and the like. Bob, you mentioned dispatchable generation and then potentially gas storage. Could you just give a little — it sounds like maybe you’ve got like a winter tightness that maybe need to deal with? And just would you be investing in the storage? And just how we should think about those needs?
Robert Blue: Yes. Just to be clear, we’re looking potentially at — we’ve got a couple of big combined cycle plants not too far away from each other, being able to have some gas LNG storage that is available to those two. That’s the kind of thing that we’re talking about. More broadly, as we’ve discussed, we’re building a lot of renewables, which all of our customers are looking for, but we need to make sure that we can operate the system reliably. That’s why we’ve been talking about that storage I just described as well as some combustion turbines at our Chesterfield site.
Operator: Our next question this morning will come from Jeremy Tonet at JPMorgan.
Jeremy Tonet: It’s Jeremy Tonet from JPMorgan. Continuing, I guess, with the data center line of thought, if I could. And I appreciate that this is a sensitive topic overall. But just any thoughts that you could provide with regards to the uncontracted Millstone capacity and that could possibly supply power to data centers? And how have conversations with stakeholders evolved there?
Diane Leopold: Jeremy, this is Diane. Really nothing new to report from what we said before in February of ’23. We signed an MOU with NE Edge to work together on development of a data center on Millstone property. And they are continuing to work with the state agencies and legislators to gain approvals to move that project forward. If the permits are granted, then we remain ready to support the project, and that would include providing land and a long-term PPA for power from a portion of Millstone, which will be about a few hundred megawatts.
Steven Ridge: And Jeremy, I would just note, and I think we disclosed this earlier, we’ve not made any assumptions in our financial plan associated with a co-located data center at the Millstone Power facility. So…
Jeremy Tonet: Got it. That’s very helpful. And continuing with this line of thought, if I could. I believe there’s legislation passed in Virginia to possibly recover some cost of SMR development in the state. And just given how provides the 24/7 baseload that seems to match up well with data center needs. Just wondering any thoughts you see there on the potential over time? We see Ontario Power really moving forward swiftly on SMR development. And just wondering, any high-level thoughts you might be able to share there?
Robert Blue: Yes, Jeremy, first. I think that legislation confirms a continued commitment in Virginia among policymakers in support of nuclear power. We operate 4 units in Virginia and have well for many years. The Navy has a substantial nuclear fleet. Many of those vessels ported in Virginia. And there are other parts of the nuclear industry that are all represented in Virginia. So I think it was a very positive sign that, that legislation passed that continues to support nuclear power in Virginia. We included SMRs in our last IRP out toward the end of the plan. We continue to investigate the opportunity to be able to deploy SMRs on the behalf of our customers. But I would add, just like with every other investment that we think about, we need to make sure that it’s customer-friendly, that it fits within the parameters of our balance sheet and our business risk profile.
So we’re continuing to explore SMRs, as you point out, they are dispatchable and nonemitting, but we’ve got ways to go yet.
Operator: And next, we will also hear from Bill Appicelli at UBS.
William Appicelli: Most of my questions have been answered, but just piling on the data center, just a couple of comments that you made there. You commented the ramp times have been accelerating. Can you maybe just describe how that’s playing out? Like, for example, the 15 that you’re connecting this year, when would you expect them to be at full run rate?
Robert Blue: Yes, Bill, I don’t think we know specifically on those 15 how quickly they’re going to be at full run rate. It really is just a matter of the amount of time that some of them that we’ve seen in the past would take to ramp fully into the capacity they ask for. They’re expecting to ramp in quite a bit faster. But we don’t have specifics regarding those 15 that we expect to connect this year.
