ETR - Earnings call transcript Q3 2017

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Operator

Good day, ladies and gentlemen. And welcome to the Entergy's Corporation Third Quarter 2017 Earnings Release and Teleconference. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, today's program is being recorded. like Vice your President, would program for I Borde, David Investor now to host introduce today's And Relations. Please go ahead.

David Borde

Good us. you for thank morning and joining

and just scheduled is statements. questions then, call XX today's than one are begin Leo the away, cause days an only will to no materially effort will risks will today more forward-looking everyone comments one EEI today's actual a that In In certain Entergy's We subject follow who of each differ in accommodate has ask management forward-looking could from with These for statements. review call, results. and Denault; uncertainties number with request up. Marsh, Drew minutes. Chairman and reminder, statements to our that we those And CFO, and results question implied to from expressed CEO, make a forward-looking person or

the of to can press release call over both concerning slide also in obligation our applicable be these GAAP uncertainties today's And Reconciliations slide financial these of assume presentation, found will measures included and any our statements. is section to Additional turn the and Entergy the information. not non-GAAP the in filings. will Management and SEC presentation, are forward-looking included risks does Investor information on website. our I discuss Relations which now update release, to earnings company's Leo.

Leo Denault

range. of now power our behind our we the we're good achieve we per XXXX. shown and reporting growth the other we've successfully accomplishments earnings made half per achieve an X quarter exit Significant of our Today, business predictable other strong strategy adjusted coming over most parent We growth well and several quarters continue of three the aspiration. managing of to to operational expect completed us, earnings utility, that our we've merchant top on in financial David, utility, utility, parent share year to at to the morning. $X.XX. steady risk and in execute share finish you with and of and Thank Furthermore, earnings our guidance orderly the a with support $X.XX Slide third for the key past deliverables us dividend which set as outlooks while long-term years position years, on adjusted

today are and we As our utility, our for result, guidance outlooks a longer XXXX affirming parent and term other.

days focused key conference With EEI away, our results today's as quarterly as deliverables. the keeping on well on are call progress, updates we

strategy formal will We EEI, defer presentation. questions giving I long-term to be while a on will business update

since moving call. developments Now earnings business onto for last our our

would Entergy settlement we other in filings. Arkansas' the the XXXX an the year rate with pair members the unopposed advocates. challenges resolve the general XXXX costs to the rate If and formula all reached proceeding, prudence of approved, attorney of plan and test joint agreement the nuclear settlement First, included

associated in We agreed or NRC. to the review placement state to by incident and a the with costs column also ANO's X process

year test were agreement As with of a filing The FRPs. the was week. Service last procedural Public XXXX reminder Arkansas XXXX these costs in part and included Commission a not settlement the

rate its mentioned August, years the costs filed I nuclear settlement Commission to starting only. with plan file be November X, all We the XXXX of that Entergy By reaching will just approval. extend the a a FRP comprehensive with and request settlement the formula with or of presented on with review of are goal the comprehensive for the parties the three for Public Service Louisiana still engaging APSE filing. may FRP we a settlement the In either to

provide greater timing did request believe the will of of FRP investments to current framework, the flexibility further which the limited of part financial some filing, and to support improve As the we our we recovery needs modifications customers. of

Commission Specifically, test points expansion allow And planning current the increase XXX December the A midpoint forward-looking rate certain XXXX mechanism for we consider rates for DCRF related Louisiana to the rider that Entergy the Texas, basis points settlement a base finally, more the projects. and maintain request $XX agreement of approved would X. by the recovery implementing MISO The total effective to September ROE in of infrastructure XX We've the related a one-time increase of a authorized of critical narrowing was protection requested Texas' Public million. adjustments. we're basis reset costs by ROE to the and year. this to cycle Commission namely that Utility requesting are ban from recovery transmission approximately timely to transmission the XXXX

nearing Regarding XXXX. in the end we for will for five of evaluating are $X operations, final MTEP years December. our transmission Board projects MISO is and approval selections billion our to next give it The and the the process nearly make plan

additional over September of in for of the and stakeholders we addition, MISO course work process projects selection year. the 'XX those million over $XXX for in next submitted proposals we the will In and with MTEP on

needed provide reliable We to are is customers. constructed committed service our to to transmission ensuring that

and in On we for make progress Texas Arkansas Entergy outcomes the similar respective year schedule settlement procedural their enable after in in distribution are end agreement suspended approvals remains jurisdictions, both receiving in jurisdictions in Orleans, jurisdictions, expect And we of business, settlement the continue end. approval deployment the advanced our discussions. waiting Mississippi towards of and to we Louisiana, a which New Entergy meters and regulatory other filed to by each

technology Charles site meters the Charles on Charles With and and underway and large approval positive St. receive are from on them jurisdictions are to continue we project the project. light to we've is progress our generation this projects, feedback pleased have the customers. in we St. our made to Construction ongoing stakeholders, at especially and commenced of Montgomery will the in benefits on are the We complete power with on Lake advanced our on Lake County to our of of each Charles, and the target provide the we stations time budget. work respect

Montgomery issue notice proceed to County to the on are on full target We project.

to our you XXXX current Energy. as the to now purchase to continue spring with plan operate power merchant under operations, Consumers Turning know Palisades agreement nuclear until we

terminating to for early, the business unchanged. extending clear decision, merits play pure and certainly that While from merchant a must the nuclear for contract. by In become year. any to me strategy the a this we light the plant This business of be the our let exit the while only of appropriately our market termination exit merchant of value utility remains continue above PPA our appreciate preserve compensate will decision us to the owners, value operate

torrential possible This their rains X,XXX our always customers we people recover conditions. service state our I agencies our approximately which of a worked historic I quarter, storm customers possible. and power our category employees safely from assistant mutual from More to together as amazed for Texas. our quickly and as as return well as and without to Harvey, the in own made efforts. applaud those territories restore of XXX,XXX as I this for power. to as endured local of partners customers their as Rockford, and left well toughest Texas as than flooding and am to our also ranks power near produced event. the as in and contractors support workers as landfall thank by worked quickly were Hurricane four utilities Louisiana Harvey's dedication tireless other

consider put when goes Yet addition you their of circumstances. their above they their jobs, to responding the sacrifices dedication their to needs employees well and the make In significant sustained communities our that homes. before beyond to damage first to do their many own own

also recognized Of beyond outages. we of endured power our course that hardships many customers

Harvey, assistance and many we in as are Southeast we tremendous who best. we communities Hurricane to of employees such of country. Hundreds ways, industry as and are restore after the Our back unique a across continues get empowering who the our In out and our provided is service important The utilities mutual communities Harvey reminders making are serve help of what and Shortly rebuild their communities lights $XXX,XXX hurricanes lives we Irma employees by Texas. Irma take made pride do landfall customers. to Entergy other commitment across to the Florida. headed to contribution help on after

Leadership during a awards quarter, August, the through to Disability of the our also our and people success the work Equality that as with Index, inclusion one Entergy of were places and Association In diversity classified we communities development. number Finally, People commitment a Network Disabilities and of recognized to of initiative economic between of exemplify best the with Business education the our the U.S. for values disabilities. through joint and American

been is company in development Selection our XXXX. is resulted also Entergy are and of is top consecutive recognition that that as and Also and know this region creation We we've the the of of across and are that service billion the practices. our utilities proud than one in territories. from named has in list economic our cornerstones for tenth good Magazine integral practices our culture jobs economic year the in investment inclusion more recognizing ten important We Site these the business. it's role in named of as customers nation's capital $XX development for This our of our stronger

our In our financial the local list, across territories. climate year maintaining communities And has Entergy to We thriving in XXth that growth significant providing work the earned named to highly excellent agencies will of be Index workforce. indicators, labor practice strategy, operated this deliver to risks. us responsibly in water year. service We finally, the state customers been to and to XXXX planning Jones Dow honor and included an perfect stakeholders another which accomplishments related future biodiversity for and signals Sustainability position our continue our It's service and was commitment. that the with for on consecutive has our of already to scores building our promote a company to conclusion, areas regarded

our our a our reduce forming invest outlooks. the power our our progress As and utility risk we including good and business customers business. benefit of on our core continue and for down we both merchant in strategy, With to make orderly of execute significant clarity result wind are to guidance the successfully

that our the also we Investor an plan hope results you'll Drew overview detail to on from presentation. the to over our financial We'll and will business our We be more if at by we our person, outset questions presentation the I'll conference will hope you of mentioned a available EEI, giving webcast. but make be many can't formal who to update turn and call get provide strategy you a listen disclosures defer to at in will I the materials provide Relations on it the to at the website As see of of and now long-term webcast EEI.

Drew Marsh

I'd with Thank everyone. you the quarter's takeaways this on key Slide Leo, good financial morning review to like start X.

utility, XXXX operational are utility, As you by operational last quarter adjusted from third consolidated system, We're parent which summarized customers. than our and earnings rates higher sales EWC the offset a weather. partially accounts current to weather. higher year positive operational for of base our view, the normal other revenue EPS. investment Entergy's can quarter XXXX see last by utility, earnings than sales an effects for build In compared X of and EPS cooling Slide build ago were in to higher negative higher retail $X.XX our can year. On affirming guidance and was lower other adjusted also benefit Across the earnings. higher and compared parent in XX% driven you ranges and reflected positive EPS earnings [ph] reflected in other negative by XX% to productive on new adjusted up see, and recover degree year growth excluding for swing results driven the weather This year days this net $X.XX parent to were riders $X.XX operational

O&M, solid offsetting and depreciation For which the and Partially Last the expenses also were taxes. customers, award metals DOE well revenue taxes industrial in including a as chloro-alkali expenses income other we from from as was higher year's than net group, operating growth new sales largely primary saw non-fuel that driver. benefit period reduced sectors. expansion existing and

increased small had items $X.XX on quarter Turning Fitzpatrick to EWC's XXXX. line a variance. earnings third results The sale variances multiple X, on operational affected from the impact but for overall of Slide

income proceeds trusts. X, at refueling these contributed plants increased and ran from prices. ago. Nuclear to were higher last partly to than this positive EWC's $XXX decline operating adjusted outage is approximately on And the were revenue offset as due quarter nuclear previous DOE nuclear Fitzpatrick decommissioning capacity growth. higher litigation quarter year. capacity cash flow from expenses million On due on decline, factor. earnings were fleet was This EWC $XXX Excluding recorded the year XX% from realized of lower the largely weather Slide to impairments. also strong a also to drivers $XX lower due million, weather utility also third by a Effective million partially sales sales but received fuel

the leave toward the summarized financial Hurricane still to Slide touch on I'd bulk of the today early to X. $XXX, I Harvey being process. briefly points in lower of the the Before on of end our range preliminary We're $XX in Texas. quarter, like of that Progress implications

determine to our to path the best of We with will work regulators dollars. recovery those

the statement, balance affect confident recovery are You restoration in should our collect because that the on signatures mechanisms, storm for not rather but sheet. storm did note income we

customer experience half did is of around $X this million, million those we revenue $X lost we outages, to in which due quarter. estimate However, about revenue to unbilled some

Slide we operational Now range. are our affirming Turning guidance to consolidated X,

parent As growth was benefit de-commissioning expectations we adjusted I the affirming the are expected higher enough end weather realized on year-to-date $X.XX of range, adjusted Palisades also our Year-to-date weather, no noted the other earnings but effects utility, year-in its strong had This consolidated impaired. We're than small our O&M on be of us given for performance longer negative near earnings in EWC top earlier operational at weather EPS from the strong as utility. to also would and of the expect earnings we the results. position in expectations sales guidance. trust being of in But ahead of lower quarter. range. our

of adjusted income Just taxes. and adjusted this a strong half guidance reminder sales With this EPS the the now top within weather UP&O quarter, metric fall range. weather to we expect growth normalizes full-year

growth little Our now assumption sit our expectations beginning the above a of or year. full-year sales the near at

up Moving earnings our and our XXXX where expectations rate, as continue extending on flat expectations our constant to deliverables discount industrial firm to the we execute year one XX long-term growth including XX, a while basis which last were XXXX. than outlook UPO quarter. view on X.XX% key Slide pension sales remain points we sales is adjusted conservative despite estimates through lower

we're commercial sales at through in anticipate industrial sales flat up Our outlook and see be in outlook as to future. XX We're operations. XXXX will Day. EBITDA of continue merchant XXXX, last unchanged our do EWC through to end you negative Analyst in outlook XXXX residential is foreseeable on to same June that XXXX, that We our extending pick presented again the and and also updating nuclear is the we expect of our year the now but to Slide

also fuel fuel under will due But fashion. to depreciated useful increase can the and perspective. to will affect starting spending and operational lives next costs remaining we will be until their change we and means depreciation from with affect put but balance considered that items that outage decrease to the EBITDA and plans over its from reported remaining This normal in estimates forward EBITDA, This life. sheet in Capital on to You previously GAAP impairments and late will of expected. last increased the which not outage will what new useful reviewing expensed see balance sheet quarter expenditures a special also are impaired earnings. plant our XXXX over future expense more have operational it expense going be operate our since Therefore not Palisades do that XXXX existing spring be a PPA. expect outage refueling the

appendix These XX understand results in the you will the this affect We reflect our to help these also summarized changes future. how estimates hedging Slide have in on updated profile.

terawatt Excluding increase. away our upside some hours exit four position since flow takes as next have X.X years. the contracted potential Palisades XX also practice reduces This June increased business. the we cash But over should by approximately risk we

decision, including the cash towards including to trust. for with any progress our any - good Finally, neutral EWC goal our Palisades contributions decommissioning made contributions we've

by path approximately work our hundred to XXXX goal. and our of We goal only contributions $XXX are our continue decommissioning exceed we through assumptions which includes currently to trust for a preliminary short down

and metrics XX. slide cash on Our credit shown are

ratio to debt debt XX.X%. parent currently total is Our

As to in and of to the positive slightly debt. we million be for be flow and EBITDA second debt in of metric large plant. previously of outages And are receive be above quarters. positive customers. will payment the debt been of decision will operating while the the including Palisades Debt an cash target, to PPA the incurred timing the effect construction remaining run cash termination look and year year drivers and operations has of FFO our ahead, differences, quarter ultimately affected this we third unusually is cash parent there considering from spread incurred will to nuclear expenditures out by over $XXX negative through advance flow our But discussed, our the weather first next recovery flow won't number refueling

to expect well range. our within stronger, finish We year the targeted

noted business slide views, will XX, XXXX Conference, we and discussion on longer we will our Financial details topics. continue where important the other have As drivers additional term EEI strategy, the of at

capital the many look forward guidance anticipate been Entergy plan now our we'll we available answer earnings questions. conference quarter provide our on the is to detailed and has team that at you call. our for to earnings practice, three of fourth As XXXX seeing year I and

Operator

from Julien of question America. Instructions] comes from Our first [Operator of line Bank the Dumoulin-Smith

Your please. question

Julien Dumoulin-Smith

about are again, ROE now, were conversation, longer there. the your trajectory some to could there stays. you Arkansas. to EEI, status you still, is your your expectations. earning term but earning but settlement at first towards if assuming delay wanted some Obviously, to see of just I thoughts wanted thinking latest congratulations what strategic want least thinking on follow until just the current what Obviously, shift your be the off, So right - up, quo ROE

Rod West

Julien, morning. this is Rod. Good

I cap of is, and that changed Arkansas, such true - settlements by approach in the both the in rate stated Arkansas. the the what operation we've of FRP ROE of and that expect think up past terms to point mechanisms, in view both we've hasn't the in we allowed our the 'XX, reflected and our case

our in that And reflected outlooks. so all of is existing

Julien Dumoulin-Smith

still something 'XX Absolutely. year. is Right. a But of transition

Rod West

I think fair. that's

Julien Dumoulin-Smith

Excellent. shortly. Can meaningful for I'm about on to about is to talk scheme the impact And pretty would talking you points? looking the there tracker earn how in action and turning across transmission then there, the Louisiana, talking mean what here the what your obviously, that within of ability Okay. terms of what various that specific about you're you're

Rod West

front think of Yeah. we're sight that the recognition spend FRP transmission a the us When seeking a us - share the you the in the about us what is likelihood of really is sustain the we our expectation line ROEs and mechanism is have that that that of in allow lion's on our transmission forward-looking for and that reduce period. renewal, of earn to us for a and over would lag tracker would

that And so, negotiations approach. same our that have they middle in the to and the the and of capital we're parties we're hopeful outlook they'll sight of with Louisiana in the do respond favorably on we line

Julien Dumoulin-Smith

get decommissioning timeline it's in you the that? on clearly apologies shall necessary, arrangement bigger kind that, of the thinking of to terms could summarize you kind opportunity, true-up extent the could any if you or this quickly the remarks. that didn't say, if nearer it I what's hear to do in resolved term actually of that, very about Is And deal we with Excellent. trust think

Drew Marsh

in more with out think put to Julien. is to Hey, specific gives and finalize timeline I room don't I lot Dew. movement a that. the the This Palisades XXXX, it of remarks there a

parts piece Indian longer. Pilgrim might We next progress of on doesn't But are finalized won't Palisades and little on take we bit That a moving make forward hopefully Point that the on be it though. Vermont so year. will other mean, Yankee, it

that. year. objective. something longer those up could and are of about our around to, to strategies going our make the continuing we're making things, next a that own to early But longer as it go it plant things around can sort alone progress I'm We talking for be, like de-fuel nature. we well, as are things Expectations continue transaction We progress and could overall we firm of or other how on on

Operator

Thank you.

Our Deutsche next line question comes Bank. the of Jonathan Arnold from from

Your question please.

Jonathan Arnold

you number $X.XX the I XX% look that. the you gave than cooling degrees data, right, and versus across think cooling at $X.XX degree territory just you the normal. looks closer when sort have a much if said to question, question about service and of the we normal My weather I negative raw positive heard below the I it was for

curious, that are factors showing other are what I'm missing humility So you or there. we just or includes index an

Leo Denault

weighted That's humidity our cooling not specific on No. than degree territory, we're data, there in raw or Jonathan. It other service - things our at point. city factoring this different is just

Jonathan Arnold

That's helpful Okay. know. to

pure my question. CDD. was just That So

Leo Denault

the by our area. in weighted of is loads it But those jurisdiction and relative size various cities the Yeah. in

Operator

Thank you.

Our from of the Praful Citigroup. next line comes question from Mehta

question please. Your

Praful Mehta

had So level, firstly the just improvement. at growth clearly have you some on sales utility

XXXX through a sales. Is that that that or So XXXX be retail the to flow Does that? terms you're you impact of now going benefited as will wanted do to by to that benefit above in tracking more as well mean understand plan. that see XXXX

Rod West

negative. positive this end in negative day, we Rod. At of changes seeing, Good growth we're still be volatility point the it of driven of earlier, that morning. see, Praf, being Drew to or our flat, flat with I our is whether don't residential believe by as industrials sort to 'XX alluded the view. the

short that changing think our see view. answer We point is no. as I of don't the So

Praful Mehta

that up, purely has on of is but side, price then because that's on right? slide the assuming obviously I'm of the EWC XX, And hedging Palisades, the gone PPA

Rod West

That's correct, Praful.

Praful Mehta

as perspective, Palisades range, also EWC, in also from or quite So a also impacts are million the there that - and that guidance XXX is EWC? has substantial you up there just the impacted EBITDA which other guidance from looked mentioned for well your that increased that gone impact

Rod West

by are plants, other No. that That's Palisades. what is seeing seeing, but going effect primarily at There the you're on other driven minor the you're things Palisades.

Praful Mehta

And mentioned XXXX, goal side through to you clarifying on side, be on on decommissioning. neutral still wind that some the just finally the through contributions incorporating that is down EWC you just your cash decommissioning the expect

Just wanted and to about understand, what whole contributing to have you into that? talked be at expect is point you you for to decommissioning this expect what be the

Rod West

disclosed yet, on So Praful, discussions with those we parties haven't that since we're facilities. in ongoing decommissioning third potential of commercial the

haven't we you where out change gave time of given So we before a more this XXX we've general we million number and our were you we the of had we those, number, out. disclosed just about to this goal a that but sort specific put relative did we we're time, slightly idea -

financials And sight are that the able work when to reduce utility be of do debt And line think just available in or the I should haven't that yet. close of to we be be just to so be and we reinvested we we business. to been do some we to continuing that, the parent down that probably in to gap, are progress that and have our able and the will parent cash making do

Operator

Thank you.

Byrd Stephen from comes the from Stanley. of next Morgan line Our question

question Your please.

Stephen Byrd

the of bit, prepared clear settlement. I to progress on remarks, completely the you just bit talked speak scope in you know a new in could on wondered wasn't in exact further. scope a costs you Arkansas. if little I but terms that Congratulations speak Could just particularly? about the of recent this I Leo, little

Rod West

about NSP costs. was AG with reached on, the Sure. settlement we settlement, It's the When Rod. Good other around interveners and what think morning. the the a solely you

you subject think represented million about test about XX it forward-looking the year, XXX 'XX so 'XX was a the cost the of million filing nuclear that If that. or our of with

settlement staff. on also just APSC we the so with spend the and from testimony related resolved nuclear And the got of the the NSP or the parties we

the at way, the least outstanding of is And the so in the formula as resolved to that also resolved of rest rate. FRP, the it with the remains non-nuclear component relates with that portion By was parties interveners issues. plan. the is settlement spend of the already rate What no year's prior we

incremental that's that since recovering So prior already not spend were really anything rates. we in

for And aspects and issues rate to inquiries November non-nuclear our used and is debates would timing in X, of consider assets useful, what so now expected formula and end all known and that cap. in between but and issues of the those be cap, year, be next to it's be true-up that those between objective we measurable day, extent will purposes normal at to resolved of ultimately are resolve X the the now and of the certain and of the the around remaining resolved the being above mechanism X% plan spend, November

spend basic we blocking the and be significant with resolution is what consider everything the of tackling closing of a out ordinary. so, and else out is FRP. nothing the nuclear And This the to

Stephen Byrd

understand Well, you the but their was progress, party intersection Rod. the so between staff understand settlement. testimony, if just And the, I the me and it staff constructive, help that's I view settlement, as great can can this for

Rod West

a to Sure. point course, their of of was specific party representing this The to Staff, not staff the view settlement. commission.

settlement the both interveners. that AG so And reached I JRA, we've as the with and them know the the

Arkansas So the and of be hospitals industrials, who Public arbiter all presented ultimate that to settlements. the will Service the the of AG Commission in all the is

that with commission, to the identifying pretty testimony any point confidence outstanding strong remain. we for our interveners, And the of the gets staff from one a presented point From significant support issues us so settlement certainly the to vantage our and the resolution from one gives voice is may that essentially with that staff APSC. provide the case a of view,

Operator

Thank you.

of next Fleishman Wolfe question comes Steve Research. from the Our from line

Steve Fleishman

flat sales overall assumptions, assumes are and sales. So think conservative being or overall they'll be you conservative just just a you that there flat including mentioned forecast you your sales. on the that Is that flat XXXX, reason is

Drew Marsh

that of all haven't couple We Hey, seen One industrial Drew. A kind much. is, our sales things changed there. of we is out. XXXX Steve. for move really previously This had outlook

So terms in we anticipating industrial of much sales. weren't

we're of a anticipating our it kind back beginning But caught where and as previously the the were up of that's has overall commercial tracking, changed. hasn't bit well. we 'XX So flat we been really - It's and little flat anticipating residential at said, year. so it's as and

So our point changed commercial in are now same, for starting residential XXXX the that 'XX. and but from sales has

basically it's industrial total. residential, and flat, So commercial,

Operator

you. Thank

Our next Goldman of Michael from question line comes Lapides from the Sachs.

Your please. question

Michael Lapides

plan still no you're is rates in it reset XXXX? be Entergy September kind filing rate it and effect, would would new the formula that for before or of go timeframe Louisiana, Just on the when those

Rod West

Rod. it's Mike,

You're just It's Commission and go could resolved reason the settlement. and 'XX. quarter September review, his staff their get ability the Leo that to December, has path of rate into we're seeking in normal making Service rates so effect and that's reference a the comments. going by on, I by to to That's the reach September 'XX, approve issue If to that that that get early the the comment think so we're to Public first settlement right. why 'XX made

Michael Lapides

XXXX you I'm at to are sizable a you change, you or And rate current would you when aren't close where to about filing of Entergy FRP that's the band. your then Louisiana? think the needing get ROE didn't within midpoint expectations kind think to to there trying to about increase just whether because the request already you it anticipate

Rod West

getting the are an point. request of do point interveners the public. working midpoint. certainly a on But midpoint. public the number That we we for is to Michael, this Well, not increase at view it's that have to But a not have through

Operator

Thank you.

line Our final Shar Pourezza of question Partners. the Guggenheim from from comes

question Your please.

Shar Pourezza

questions Most answered. of were my

you've any of the since benchmark with you a on JV. not sale got can sales the of somewhat one causing sort trust on Yankee? there already the of then sort what's complexity a out there to especially is if follow funds, driving Drew, the confirm is that's And thing other up sort Vermont out, of NorthStar outside clear buyers pushed just of the Just, deal get is I'm decommissioning

Drew Marsh

Yeah.

good So, are questions. Shar, those

kind. are is of couple a of driving first timeline. So, things the it's One a

going is of of longer. to a market a take here. any But second, you first - it creating transaction so we're on working And kind kind little a

and access buyers But And them There NorthStar it's that give make and are taken everybody and while outside sure to few. accomplish they to have alluded to them to a the get access a so to forth. to yes. plants of up other yeah, give any so of sense the answer materials, you they're trying is to speed a JV what good

And this going a we're into. us for transaction, kind so, build market of a as to to trying we first are sell through

and we bit But said taking buyers interest. that some there's mean looking XX So people there X not interests have saying us are there, longer we a that, we it's capabilities little out X anticipated. that I serious finding than serious I'm robust at. all having or but is are

while along, taking the all it coming so, is together. us market is to but a And it little get

Operator

you. conclude program. to does like the I'd any session to remarks. Borde Thank hand back program This the further today's David for question-and-answer of

David Borde

for to everyone participating thanks you, morning. Jonathan this Thank and

our to safe and refer to you Regulation remind we harbor statements. close, compliance release website we and Before G for

the Our about due annual date XX-Q the additional more statements. date accepted existed the our November you financial XX-Q to Form principles. that in that to of and be the see The Thank and details evidence would accordance provide of report disclosures on filing provides concludes call. with at all our our reflected sheet SEC we'll balance our events that is you occur financial EEI. at and X in statements prior accounting of on generally conditions This

Operator

conclude participation This today's your gentlemen in Thank for does the you, ladies conference. and program.

You may day. disconnect. Good now

Entergy (ETR) 24 Oct 172017 Q3 Earnings call transcript