Constantine Lednev

Constantine Lednev inquired about the updated capital expenditure plan, specifically the 4.5 GW power island equipment, its direct association with current visible load, potential incremental CapEx needs, and overall upside to the 2029 plan. He also asked about the long-term EPS growth outlook beyond 2030 and customer preferences regarding resource mix, including renewables and SMRs.

Answer

Kimberly Fontan, CFO, clarified that the $41 billion CapEx plan supports existing load, while the 4.5 GW equipment is for additional customers in the 7-12 GW data center pipeline, requiring supplemental capital upon agreement. She noted good visibility through 2029 with long-term opportunities. Drew Marsh, Chair and CEO, and Kimberly Fontan, CFO, explained that Entergy discusses all supply options with customers, including gas and renewables, and is actively exploring carbon capture for gas generation, supported by data center customers.

Constantine Lednev inquired about the integration timeline for the new $250 million CapEx update, the pre-approval settlement, and the 800 megawatts from the Integrated Resource Plan (IRP) into OGE Energy's capital plan. He also asked if the RFP process would accelerate and how new regulatory constructs might impact ROE lag, specifically if these benefits would be included in 2026 planning assumptions. Finally, he questioned if 2026 load growth, driven by CNI ramp schedules, is expected to exceed current planning assumptions.

Answer

Sean Trauschke, Chairman, President, and CEO, described the CapEx updates as a 'continuous flow,' anticipating pre-approval in weeks, followed by additional filings from the last RFP and new RFPs. Jason Bailey, VP of Investor Relations, confirmed a normal Q4 update plus generation additions upon approval. Charles Walworth, CFO, stated that new regulatory constructs are accretive to minimizing ROE lag, with benefits to be detailed in next year's guidance. For 2026 load growth, Mr. Walworth indicated a full update in February, noting no fundamental changes driving current results.