Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

Selling, General, and Administrative Expenses (SG&A) (USD, thousands)

Research and Development (R&D) (USD, thousands)

Depreciation and Amortization (D&A) (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

cf6e96ebbe1dd8806306326bbdc854a861721c4d86ba8aa5f4b2c0833d127143

1. Given that 90% of your remaining O&M savings for 2024 are expected to be achieved in the fourth quarter, what risks do you face if these savings are not realized as planned, and how confident are you in meeting your earnings guidance under this back-end loaded cost savings schedule?
2. With the $184 million in customer credits included in the Entergy Louisiana settlement, what impact do you anticipate this will have on your future earnings and credit metrics, and what steps are you taking to mitigate any potential negative effects?
3. Regarding your Entergy Texas resiliency plan, since $200 million of the $335 million investment is contingent upon receiving a grant from the Texas Energy Fund, what are your contingency plans if the grant is not approved, and how will this affect your ability to enhance grid resilience in Texas?
4. Your $2.2 billion investment in new hydrogen-capable generation resources depends on customer interest in purchasing clean attributes from carbon capture; how confident are you in securing enough customer commitment to justify these projects, and what risks could delay or impede their completion by 2028?
5. With higher interest expenses due to increased debt balances and rising interest rates, how do you plan to manage your financing to ensure your significant capital investments, including the proposed renewables and resilience projects, do not adversely impact your financial health and shareholder returns?

0ed5fa0eecd8791cda0b77085bb23d8f138a9bd7264ebb8b42c79c4b63a61f22

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS Guidance for 2024**: $7.05 to $7.35, with a midpoint of $7.20  **[ETR_3374559_6]** .
  2. **Annual Adjusted EPS Growth**: 6% to 8%  **[ETR_3374559_6]** .
  3. **Retail Sales Volumes**: Expected to be 4% higher than in 2023  **[ETR_3374559_6]** .
  4. **Industrial Sales Growth**: Expected to be 8%  **[ETR_3374559_6]** .
  5. **Residential Sales Growth**: Expected to be roughly 1%  **[ETR_3374559_6]** .
  6. **Utility O&M Spending**: Expected to be approximately $2.7 billion  **[ETR_3374559_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: Reported first quarter adjusted EPS of $1.08  **[ETR_3380419_3]** **[ETR_3380419_4]** .
  2. **Growth Outlook**: Long-term 6% to 8% growth outlook  **[ETR_3380419_3]** .
  3. **Operating and Maintenance (O&M) Expenses**: Expected to balance out over the year  **[ETR_3380419_3]** **[ETR_3380419_4]** .
  4. **Equity Needs**: Locked in more than 30% of equity need for 2025 and 2026  **[ETR_3380419_4]** .
  5. **Capital Expenditure (CapEx)**: $1.9 billion over five years, with about $1.5 billion in the same three-year period  **[ETR_3380419_2]** **[ETR_3380419_5]** .
  6. **Industrial Sales**: Expected to benefit from additional industrial customers  **[ETR_3380419_4]** .
  7. **Credit Metrics**: Aim for an FFO-to-debt ratio of 14% or better  **[ETR_3380419_14]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: Reported strong quarterly adjusted EPS of $1.92  **[ETR_3395685_4]** **[ETR_3395685_1]** .
  2. **Industrial Sales Growth**: Expected to be about 4% for the full year  **[ETR_3395685_16]** .
  3. **Operating and Maintenance (O&M) Savings**: As much as 90% of remaining savings expected in Q4 2024  **[ETR_3395685_4]** .
  4. **Equity Needs**: Completed approximately 60% of projected equity needs through 2026  **[ETR_3395685_4]** .
  5. **Sales Growth**: Expected to be largely weighted to Q4 2024  **[ETR_3395685_4]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information from the Q3 2024 earnings call for Entergy Corporation (ETR), so I cannot provide the guidance metrics from that specific earnings call.

4141472a227a67ee6b76ab63cc454473dbfa18bb69ed521f5d85c0f48c70b886

9a203a5013f859f8c6ad9ad18a7a13c3f05d012d20ffaa455b0ebf13d0f725bc

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from Debt (USD, thousands)

Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

6217c9e0f86bac6bae69b3284c570cf2a4e3a33b3fb57206297b93dc2bbcaebc

**Annual guidance for FY 2024:**
- **Industrial Sales Growth**: Expected to be about 4% for the full year  **[ETR_3395685_16]**  (no prior guidance)  
- **Operating and Maintenance (O&M) Savings**: As much as 90% of remaining savings expected in Q4 2024  **[ETR_3395685_4]**  (no prior guidance)  
- **Equity Needs**: Completed approximately 60% of projected equity needs through 2026  **[ETR_3395685_4]**  (no prior guidance)  
- **Sales Growth**: Expected to be largely weighted to Q4 2024  **[ETR_3395685_4]**  (no prior guidance)

35596651747ef85919e69e411378fed4715c3ed83fc2cb185da2b54a58746028

| Name                | Position                                           | Start Date          | Short Bio                                                                                                                                                                                                 |
|---------------------|----------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Andrew S. Marsh     | Chair of the Board and Chief Executive Officer     | November 2022       | Andrew S. Marsh is the **Chair of the Board and Chief Executive Officer** of Entergy Corporation. He has been serving as the CEO since **November 2022** and became the Chair of the Board in **February 2023**. He was previously the Executive Vice President and Chief Financial Officer from **2013 to 2022**  **[0000065984-24-000029_etr-20240322.htm:11]** **[0000065984-24-000029_etr-20240322.htm:7]** **[0001140361-23-013592_ny20006006x501_def14a.htm:16]** . |
| Kimberly A. Fontan  | Executive Vice President and Chief Financial Officer | November 1, 2022    | Kimberly A. Fontan is the Executive Vice President and Chief Financial Officer at Entergy Corporation. She assumed the role of Chief Financial Officer on **November 1, 2022**, succeeding Andrew S. Marsh  **[0001140361-23-013592_ny20006006x501_def14a.htm:8]** **[0000065984-22-000181_etr-20220812.htm:1]** .                              |
| Marcus V. Brown     | Executive Vice President and General Counsel       | N/A                 | Marcus V. Brown serves as the **Executive Vice President and General Counsel** at Entergy Corporation. He has been involved in signing various documents on behalf of the company, including a Post-Effective Amendment to a Registration Statement on January 2, 2024  **[0000065984-24-000002_a00124.htm:1]** **[0000065984-24-000123_a03124exhibit31.htm:0]** **[0000065984-24-000119_etr-20241206.htm:2]** **[0000065984-24-000123_etr-20241212.htm:2]** **[0000065984-23-000097_s-81123.htm:2]** **[0000065984-24-000105_etr-20241023.htm:0]** **[0000065984-24-000029_etr-20240322.htm:70]** **[0001140361-23-013592_ny20006006x501_def14a.htm:72]** **[0001140361-23-011417_ny20006006x500_pre14a.htm:72]** **[0000065984-24-000029_etr-20240322.htm:3]** **[0000065984-24-000029_etr-20240322.htm:44]** **[0000065984-24-000029_etr-20240322.htm:77]** **[0000065984-24-000029_etr-20240322.htm:75]** **[0000065984-24-000119_etr-20241206.htm:0]** **[0000065984-24-000123_etr-20241212.htm:0]** **[0000065984-24-000029_etr-20240322.htm:76]** . However, the documents do not provide specific information on his start date with the company. |
| Peter S. Norgeot, Jr.| Executive Vice President and Chief Operating Officer | 2023                | Peter S. Norgeot, Jr. serves as the **Executive Vice President and Chief Operating Officer** at Entergy Corporation. He was promoted to this position in 2023, and in connection with his promotion, he received relocation benefits as per the company's policy  **[0000065984-24-000029_etr-20240322.htm:70]** **[0000065984-24-000029_etr-20240322.htm:65]** . |
| Roderick K. West    | Group President, Utility Operations                | N/A                 | Roderick K. West serves as the **Group President, Utility Operations** at Entergy Corporation. However, the documents do not provide specific details regarding his start date in this position or his tenure with the company.                   |

b81a764ae773a50e193de951c867d96bfa521714f8e3c12e6362a601c2d8acfd

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2001  **[0000065984-24-000012_etr-20231231.htm:525]**  | Present  | Current auditor   |

fe38a7fc1495f94a68941216f9187d7da844e25c38fba5cca39edf8a4519b2f5

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $2,953.62 million (+4% YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   
- Electric Segment: $2,906.05 million (+4% YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   
- Natural Gas Segment: $35.36 million (**+6%** YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   
- Other Segment: $12.22 million (**-55%** YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   
- Entergy Louisiana: $1,276.12 million (**+6%** YoY)  **[0000065984-23-000073_etr-20230630.htm:111]** **[0000065984-24-000095_etr-20240630.htm:131]**   
- Entergy New Orleans: $199.34 million (**+6%** YoY)  **[0000065984-23-000073_etr-20230630.htm:111]** **[0000065984-24-000095_etr-20240630.htm:131]**   
- Entergy Texas: $519.08 million (**+12%** YoY)  **[0000065984-23-000073_etr-20230630.htm:111]** **[0000065984-24-000095_etr-20240630.htm:131]**   
- Operating Income (EBIT): $617.63 million (-18% YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   
- Net Income: $51.73 million (**-87%** YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   
- EPS (Diluted): $0.23 (-88% YoY)  **[0000065984-23-000073_etr-20230630.htm:36]** **[0000065984-24-000095_etr-20240630.htm:30]**   

000fae9f0ad420c1a89eae8d2813415bb043376fa3ad5030609ae16ae78cea30

Current Assets [USD, Thousands]

Cash and Cash Equivalents [USD, Thousands]

Accounts Receivable [USD, Thousands]

Inventory [USD, Thousands]

Non-Current Assets [USD, Thousands]

PP&E [USD, Thousands]

Goodwill [USD, Thousands]

Intangible Assets [USD, Thousands]

Current Liabilities [USD, Thousands]

Accounts Payable [USD, Thousands]

Short-term Debt [USD, Thousands]

Accrued Expenses [USD, Thousands]

Non-Current Liabilities [USD, Thousands]

Long-term Debt [USD, Thousands]

Lease Liabilities [USD, Thousands]

Deferred Tax Liabilities [USD, Thousands]

Shareholders' Equity [USD, Thousands]

Retained Earnings [USD, Thousands]

Common Stock [USD, Thousands]

Additional Paid-in Capital [USD, Thousands]

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

658a4baf31b59e7adc1390fc52b16ed21cc3add9f4a88e6f2e8828ce36bf56fe

1861e9c7c542a58bb1e630dd0a3c91a73349a38436fd9fc0d4e4015992ce6c8a

1. **Industrial Sales Growth**  
   **Q:** What's driving the stronger industrial sales outlook?  
   **A:** We see significant growth from our traditional industrial customers along the Gulf Coast, who are online and taking power currently.  **[ETR_3380419_8]**  Additionally, we have strong interest from data centers, metals, blue ammonia, and carbon capture sectors across Arkansas, Louisiana, and Mississippi.  **[ETR_3380419_8]** 

2. **Data Center Investments Impact**  
   **Q:** How will data center investments affect earnings?  
   **A:** The Mississippi data center ramps up over time, so its impact will be outside the three-year outlook period.  **[ETR_3380419_13]**  While it will contribute about **$150 million** of new gross margin from **1.1 gigawatts** of load, the associated infrastructure investments and financing costs will offset some of that on the bottom line.  **[ETR_3380419_13]** 

3. **CapEx Plan Updates**  
   **Q:** Any updates on the CapEx plan given resiliency projects?  
   **A:** We received **$1.9 billion** approved, with about **$1.5 billion** in the next three years, adding an incremental **$700 million** for Louisiana.  **[ETR_3380419_5]**  We'll update the capital plan at Analyst Day, including effects of the rider and financing plan.  **[ETR_3380419_5]** 

4. **SIRI Settlements Progress**  
   **Q:** What's the progress on SIRI settlements?  
   **A:** Approximately **85%** of the SIRI risk has been addressed through settlement.  **[ETR_3380419_10]**  We're pursuing settlements with Louisiana stakeholders to resolve the remaining issues, aiming to avoid litigation.  **[ETR_3380419_10]** **[ETR_3380419_15]** 

5. **Credit Ratings Outlook**  
   **Q:** Can you update on credit ratings and FFO-to-debt ratios?  
   **A:** Our FFO-to-debt remains strong, above the **14%** target.  **[ETR_3380419_14]**  We're in constructive discussions with rating agencies, and hitting our thresholds is important as we work towards **15%**.  **[ETR_3380419_14]** 

6. **Resiliency Filings in Texas**  
   **Q:** How is the Texas resiliency filing shaping up?  
   **A:** We'll file in the second quarter, considering contributions from state grants and impact on affordability and credit.  **[ETR_3380419_11]**  The investment amount may adjust due to growth in our service territory and upcoming legislative sessions.  **[ETR_3380419_11]** **[ETR_3380419_22]** 

7. **Data Centers and Customer Rates**  
   **Q:** Are there tariff changes for data centers to protect residential customers?  
   **A:** We're ensuring data center pricing supports the needed infrastructure while protecting other customers.  **[ETR_3380419_19]**  In Mississippi, we worked closely with the legislature to achieve this balance, and we'll apply similar principles elsewhere.  **[ETR_3380419_19]** **[ETR_3380419_21]** 

8. **Waterford Plant Transformer**  
   **Q:** What's the status of the Waterford plant transformer?  
   **A:** A new transformer won't be ready by summer due to backlog.  **[ETR_3380419_17]**  We have an interim transformer that will restore about **90%** capacity by summertime.  **[ETR_3380419_17]** 

9. **MISO Transmission Planning**  
   **Q:** When will MISO address transmission in Entergy’s zone?  
   **A:** MISO is expected to release plans for our area later this year, focusing on long-term planning.  **[ETR_3380419_17]** 

10. **Grand Gulf Nuclear Plant Utilization**  
    **Q:** Could Grand Gulf serve data centers to reduce disputes?  
    **A:** Currently, the plant's output is contracted to operating companies for the life of the unit.  **[ETR_3380419_20]**  We're exploring alternatives to mitigate litigation risk but have nothing to discuss now.  **[ETR_3380419_20]** 

11. **Cogent Sales Margin Impact**  
    **Q:** Are low-margin Cogent sales affecting growth expectations?  
    **A:** Cogent sales are low margin and were down this quarter, but incremental industrial sales support achieving our year-end objectives.  **[ETR_3380419_18]** 

12. **Gas LDC Sale Update**  
    **Q:** Any update on the gas LDC sale timing?  
    **A:** The sale is on schedule, with regulatory approvals progressing.  **[ETR_3380419_16]**  We expect completion by third quarter of **2025**.  **[ETR_3380419_16]** 

13. **CapEx Split for Industrial Growth**  
    **Q:** What's the CapEx split between T&D and generation for new industrial customers?  
    **A:** Both transmission and generation investments are needed.  **[ETR_3380419_23]**  Data centers are likely heavier on generation and transmission, and planning principles are similar across all customer types.  **[ETR_3380419_23]** 

a44e4fbf256401f1757d93d6249848e2029d7180cb32ee6f72febc0bde1f9ea6

- **Entergy faces regulatory uncertainty** regarding approval and recovery mechanisms for its **$1 billion resilience spending**, particularly in **Louisiana and New Orleans**, which could impact capital expenditures and financial recovery.  **[ETR_3374559_14]** ,  **[ETR_3374559_11]** ,  **[ETR_3374559_12]**
- The company experienced **lower than expected sales in 2023** due to **customers having unplanned outages and slower ramp rates**, affecting their outlook for the year.  **[ETR_3374559_9]**
- There is **no set timeline** for resolving the **SERI regulatory issues** in **Louisiana and New Orleans**, creating potential regulatory and financial risks for Entergy.  **[ETR_3374559_12]**

7e14a83bc11d714b499c3640d985efee27eaed10d0963408085681d8d393e0cf

- **Strong industrial sales growth and robust customer pipeline support future earnings growth.** The company continues to see a **strong pipeline** of new and expanding industrial customers, with **no change** to their projections for industrial sales growth going forward.  **[ETR_3363236_10]** ,  **[ETR_3363236_11]**
- **Affirmation of 6%-8% EPS growth through 2026, with expectations of continued rate base growth.** Entergy reaffirms its **6%-8% EPS CAGR** through 2026, and expects rate base to grow consistently with capital investments to support customers.  **[ETR_3363236_15]**
- **Competitiveness in renewable energy development positions the company well for future opportunities.** The company has developed capabilities to be **competitive** in renewable RFPs, particularly in **solar self-development**, and is planning to support customer growth and demand for **clean energy**.  **[ETR_3363236_12]**

0447a0a75f7f927bb8fbfb0fc878a1d0e2a00aaeb1a48f0a30190b5680c17a2c

1. **Regulatory Progress and CapEx Plans**  
   **Q:** Updates on Louisiana and FERC; impact on capital allocation and CapEx?  
   **A:** Management reported progress in Louisiana and FERC processes, emphasizing that while work remains, they are pleased with the settlements coming together.  **[ETR_3395685_7]**  These developments may set the stage for revisiting capital allocation and CapEx plans, with a full update expected at EEI in November.  **[ETR_3395685_7]** **[ETR_3395685_8]** 

2. **FRP and SERI Settlements Impact**  
   **Q:** How do FRP and SERI settlements affect earnings and cash flow forecasts?  
   **A:** The settlements address the formula rate plan extension and resolve prior issues, effectively "clearing the deck" of major litigation.  **[ETR_3395685_9]**  Management affirmed that these settlements are considered in their EPS and cash flow outlooks, which remain on track.  **[ETR_3395685_13]** 

3. **Industrial Sales Growth Outlook**  
   **Q:** Status of industrial sales growth and long-term outlook?  
   **A:** The company is on track to achieve about **4% industrial sales growth** for the full year, with most growth coming late in Q4.  **[ETR_3395685_15]**  A strong pipeline supports the long-term growth trajectory, and contracts with new customers provide bottom-line protection even if there are delays.  **[ETR_3395685_15]** 

4. **Data Center Opportunities**  
   **Q:** Updates on data center opportunities and potential acceleration?  
   **A:** Management is optimistic about data center growth beyond the existing AWS agreement, with a pipeline of **5 to 10 gigawatts** under discussion with prospective customers.  **[ETR_3395685_11]**  They highlight structural advantages like low energy rates and supportive regulatory environments, expecting to provide details when ready.  **[ETR_3395685_11]** 

5. **Renewables RFP and Utility-Owned Assets**  
   **Q:** Could we see more utility-owned assets in renewables RFPs?  
   **A:** The company plans for owned renewables as shared in their recent capital view.  **[ETR_3395685_14]**  They will provide updates as RFPs progress, with a large RFP expected in the fall for Louisiana.  **[ETR_3395685_14]** 

6. **Hardening Plans Post-Beryl**  
   **Q:** Any amendments to Texas hardening plans after storm Beryl?  
   **A:** Post-Beryl, management is engaging stakeholders to potentially adjust the resiliency plan in Texas.  **[ETR_3395685_14]**  There's an opportunity to revisit plans and possibly address items not included in previous legislation, with discussions open and a legislative session upcoming.  **[ETR_3395685_14]** 

7. **Pension Lift Out Impact**  
   **Q:** How does the pension lift out reduce volatility; any more planned?  
   **A:** The pension plan is now funded at **96%**, reducing volatility.  **[ETR_3395685_16]**  While another lift out is possible if conditions are favorable, management believes they are in a good place currently.  **[ETR_3395685_16]** 

8. **AWS Facility Regulatory Approvals**  
   **Q:** What approvals are needed for the AWS facility; any CapEx details?  
   **A:** The Mississippi Commission, supported by the legislature, has preapproved the CCN process, allowing rapid progress on the AWS facility.  **[ETR_3395685_20]** **[ETR_3395685_21]**  CapEx specifics have not been disclosed, but updates will be provided as projects are announced.  **[ETR_3395685_21]** 

9. **Addressing Vegetation and Right-of-Ways**  
   **Q:** How to address vegetation issues affecting lines; expansion of right-of-ways?  
   **A:** Management emphasizes proactive communication and investment to accelerate resiliency.  **[ETR_3395685_17]**  Expanding right-of-ways would require commission approvals and is being discussed on a jurisdiction-by-jurisdiction basis.  **[ETR_3395685_18]** **[ETR_3395685_19]** 

6be8fb817aca8f9ae0396ebd4531e02cb070dd2b1374e1fee860a50ac2ebc3c3

1. **2026 EPS Growth Drivers**  
   **Q:** What's driving the 8%-9% EPS growth in 2026?  
   **A:** Management explained that the step-up in 2026 EPS growth to **8%-9%** is supported by incremental capital investments that support significant customer growth.  **[ETR_3405079_7]**  They have a significant amount of growth already baked into their plan, including new customer deals and expected energy sales agreements.  **[ETR_3405079_7]**  The investments are expected to be fully recoverable under existing rate mechanisms.  **[ETR_3405079_7]** 

2. **Sustainability of EPS Growth Post-2026**  
   **Q:** Is the 8%-9% EPS growth sustainable after 2026?  
   **A:** Management believes that the 8%-9% EPS growth rate is sustainable beyond 2026.  **[ETR_3405079_10]**  Long-term drivers include onshoring, clean energy initiatives, electrification, and technology advancements.  **[ETR_3405079_10]**  They expect increased demand from customers seeking to decarbonize, and they are having ongoing conversations with large potential high-load-factor customers in various industries.  **[ETR_3405079_10]** 

3. **CapEx and Sales Guidance Changes**  
   **Q:** Is the CapEx and sales guidance change due to one customer?  
   **A:** The CapEx and sales guidance increase is not solely due to one customer.  **[ETR_3405079_16]**  While a significant portion is related to a large new customer, there is also substantial additional solar investment and incremental transmission investment to support customer growth.  **[ETR_3405079_16]**  The capital investments reflect a blend of supporting new and existing customer needs.  **[ETR_3405079_16]** 

4. **Balance Sheet and Equity Needs**  
   **Q:** How will the increased CapEx impact equity needs?  
   **A:** The incremental equity needed to fund the increased CapEx is relatively modest.  **[ETR_3405079_18]**  The structure of customer additions and funding of capital, including renewable projects under green tariffs, enables incremental cash flow that supports financing.  **[ETR_3405079_18]**  This approach helps to moderate the amount of additional equity required.  **[ETR_3405079_18]** 

5. **Advanced Nuclear Initiatives**  
   **Q:** Are there plans for ownership in advanced nuclear projects?  
   **A:** Management is exploring various structures for advanced nuclear projects, including ownership.  **[ETR_3405079_12]**  They recognize the size and risk of nuclear projects relative to their operating companies.  **[ETR_3405079_12]**  Ownership is an expectation, as they are experienced in this area and want to manage credit implications.  **[ETR_3405079_12]** 

6. **Attracting Large Customers**  
   **Q:** Will you continue attracting large transformational customers?  
   **A:** Management does not believe recent large customer additions are isolated events.  **[ETR_3405079_13]**  They have ongoing conversations with potential customers and foresee opportunities amounting to multiple gigawatts across several sectors.  **[ETR_3405079_13]**  These discussions are based on actual customer interest, not just internal projections.  **[ETR_3405079_13]** 

7. **Replicability of Tariff Framework**  
   **Q:** Is the tariff framework for the new customer replicable?  
   **A:** The framework ensuring new customers support their fair share is replicable.  **[ETR_3405079_22]**  Management emphasizes that this approach works well with stakeholder engagement and can be applied to future customer arrangements.  **[ETR_3405079_22]** 

8. **Impact on Customer Bills**  
   **Q:** How will new investments affect customer bills?  
   **A:** The bill trajectory has actually improved, decreasing to about **3.5%** from the previous **4%** outlook.  **[ETR_3405079_23]**  The addition of sales growth spreads fixed costs over more sales, helping to moderate bill impacts.  **[ETR_3405079_23]** 

9. **Nuclear Uprates Evaluation**  
   **Q:** How long will nuclear uprate evaluations take?  
   **A:** The timeline for nuclear uprates depends on the plant and the specific upgrade.  **[ETR_3405079_21]**  Some upgrades are straightforward and already underway, while others are more complex and expensive, requiring additional customer support.  **[ETR_3405079_21]** 

10. **Transfer of SERI Share**  
    **Q:** Does Mississippi need to approve the SERI transfer?  
    **A:** Yes, Mississippi must approve the transfer of the Louisiana share of SERI to Mississippi, along with approval from FERC.  **[ETR_3405079_26]**  Management expects both approvals by the end of the year.  **[ETR_3405079_26]** 

c7e086386cbb8638eeabacdc40974ae402c2f9d6bd29adee043e5fb58d2145dc

- Entergy expects **6% to 7% compound annual growth rate (CAGR)** in industrial sales through the **2026** outlook period, indicating robust demand from industrial customers.  **[ETR_3374559_13]**
- Sales expectations for **2024** have increased across customer classes, driven by strong industrial growth and a significant new customer in **Mississippi** contributing to economic opportunities.  **[ETR_3374559_11]**
- The company is increasing its capital expenditure plan to support customer growth, including additional investments in transmission and clean energy projects, and will present a **5-year capital plan** at the upcoming Analyst Day.  **[ETR_3374559_3]**

c26bb700151ab32c0f901516b1a3434174b4c610422cd2ffea5c905f9134deb5

- *Bear case for Entergy Corporation (ETR):**
- **Prolonged uncertainty due to unresolved SERI litigation**: The settlement with Louisiana and New Orleans remains unresolved. If no settlement is reached, the fully litigated process at FERC could take **over 2 years**, leading to extended uncertainty and potential financial exposure for Entergy.  **[ETR_3363236_25]** **[ETR_3363236_24]**
- **Delayed proceeds from gas distribution business sale**: The sale of Entergy's gas distribution business is expected to close in **Q3 2025**, approximately **two years away**, due to lengthy regulatory approval processes involving multiple jurisdictions and the buyer's need to establish back-office operations. This delay could postpone the realization of strategic benefits and proceeds.  **[ETR_3363236_20]**

60d92c58c1195e0ca7dfd3f7368fef9d6d337ae3178de05c36f49b63390a2097

- **Entergy received approval for $1.9 billion in resiliency investments**, with **$1.5 billion** to be spent in the next three years, including an **incremental $700 million for Louisiana**, which could increase near-term capital expenditures and drive growth.  **[ETR_3380419_5]**
- **Entergy is adding large industrial customers, including data centers**, and ensuring these customers support infrastructure investments, benefiting both the company and other customers, thus driving load growth and revenue.  **[ETR_3380419_19]**
- **Entergy is maintaining strong credit metrics**, achieving the **14% FFO-to-debt target** and working towards **15%**, aligning with rating agency expectations, which supports potential rating upgrades and financial flexibility.  **[ETR_3380419_14]**

4714e128840733ac31438d775d8feefe9f774365be9c280bb0899cb0431a2fc8

1. **Increased Sales Expectations for 2024**  
   **Q:** Why have sales expectations for 2024 increased?  
   **A:** Sales expectations for **2024** have increased across customer classes due to expected strong performance from industrial customers, notably a significant new customer in Mississippi driving economic opportunities. The company continues to refine forecasts as it moves from the preliminary EEI plan into quarter end. Additionally, unplanned outages and slower ramp rates in **2023** mean the uplift in **2024** is partly a catch-up.  **[ETR_3374559_9]** 

2. **Industrial Load Growth Outlook**  
   **Q:** What's the expected industrial load growth ahead?  
   **A:** The company anticipates an industrial load growth of **6% to 7% CAGR** through **2026**. The projected **8%** growth in **2024** stems from a lower base in **2023** due to unplanned outages and slower ramp rates. Growth may be uneven but is expected to remain strong over the outlook period.  **[ETR_3374559_13]** 

3. **Capital Expenditure Plans**  
   **Q:** Will higher load growth lead to increased CapEx?  
   **A:** The capital plan is similar to what was presented at EEI, with an addition of a couple hundred million dollars. The company is refining and prioritizing capital investments around customer needs, including potential additions in transmission and clean energy. By Analyst Day, they plan to present a five-year capital outlook and discuss managing all capital requirements.  **[ETR_3374559_11]** 

4. **SERI Settlement Discussions**  
   **Q:** Is there a timeline for resolving SERI issues?  
   **A:** There is no set timeline for resolving SERI issues in Louisiana and New Orleans, but discussions are ongoing. The company is exploring how a SERI settlement might benefit customers, potentially enhancing their ability to fund resiliency investments, similar to settlements reached in Mississippi and Arkansas.  **[ETR_3374559_12]** 

5. **Resilience CapEx and Recovery Mechanisms**  
   **Q:** Is new resilience CapEx part of existing plans?  
   **A:** The capital plan includes close to **$1 billion** in resilience spending over the period. The filings in Louisiana and New Orleans request more than what's currently included. The company has sought accelerated recovery mechanisms to potentially increase spending, which could provide additional capital opportunities depending on approval.  **[ETR_3374559_14]** 

6. **Infrastructure for Mississippi Customer**  
   **Q:** Any estimates for infrastructure needs in Mississippi?  
   **A:** While no specific estimates have been provided, the company has added capital in Mississippi to support the significant new customer and ensure the provision of clean energy. The capital plan continues to be refined to support customer requirements.  **[ETR_3374559_10]** 

7. **Solar Investments and RFP Breakdown**  
   **Q:** How much of the $2B solar is through current RFPs?  
   **A:** The precise breakdown isn’t available, but a substantial portion of the **$2 billion** solar investment isn’t necessarily going through current RFPs, especially in Arkansas and Mississippi. A significant amount is involved, but exact figures are not specified.  **[ETR_3374559_15]** 

8. **Tax Item from Audit Resolution**  
   **Q:** How does the tax audit resolution impact finances?  
   **A:** The tax item relates to the resolution of the **2016 to 2018** audit. Effects were adjusted out of earnings per share, and there is no significant cash impact, as net operating losses and tax deposits covered it. Therefore, there’s no real cash benefit to shareholders or ratepayers.  **[ETR_3374559_8]** 

95509ea846d5054f91ee1c8e56438a9b3fd952f1ba76ab0b16ccdc3b20507b44

- Moody's continues to maintain a **negative outlook** on Entergy despite the company's efforts to improve credit metrics.  **[ETR_3380419_14]**
- Regulatory uncertainty in Louisiana regarding the **Formula Rate Plan (FRP)** process and rate cases may impact Entergy's financial performance, as settlement discussions are still ongoing.  **[ETR_3380419_7]**
- The **Waterford nuclear plant** will operate at **reduced capacity (90%)** during the summer due to a transformer failure, impacting generation output until a new transformer can be installed.  **[ETR_3380419_17]**

45ec2387ea35b3e010c811f0d0cee294d6a47ea83c69682b0175fa91c529807a

- Entergy faces regulatory challenges in expanding right-of-ways for vegetation management, which could hamper efforts to improve grid resilience and reliability, especially in storm-prone areas.  **[ETR_3395685_19]** **[ETR_3395685_18]**
- Legislative hurdles may delay or limit necessary investments in resiliency projects, impacting Entergy's ability to enhance its infrastructure.  **[ETR_3395685_22]** **[ETR_3395685_18]**
- Significant storm restoration costs, such as the estimated $75 million to $85 million from Hurricane Beryl, could impact financial performance if cost recovery through normal mechanisms is not assured.  **[ETR_3395685_5]** **[ETR_3395685_4]**

1fca984776259c7875d3ee7d347fb4eb6dfecf777b66b63790968ac4fb0a1a45

Entergy Corp (ETR)

Financials