ETR - Earnings call transcript Q2 2019

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Operator

Good day, ladies and gentlemen, and welcome to the Entergy Corporation Second Quarter 2019 Earnings 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, this conference maybe recorded.

I would now like to turn the conference over to David Borde, Vice President of Investor Relations. begin. may you Sir,

David Borde

thank joining and you morning, us. for Good

not and discuss today's press comments release, Chairman measures Drew obligation SEC which in forward-looking Investor and will Instructions] Reconciliations our assume our begin our these of Leo statements. section factors, Entergy's does statements statements. also with today In any in release our [Operator update Entergy will differ to results. earnings then presentation both the our We Actual CEO, presentation, results make materially non-GAAP of from Relations Denault; of forth due which forward-looking will these today's to slide review are slide are included GAAP management number to could be filings. can on set information. call, will CFO, website. from certain and the Marsh, Management applicable financial forward-looking and found a

to And now I'll turn over the Leo. call

Leo Denault

customers. and good guidance. XXXX three-year investment will go had forward, adjusted plan the $X.XX us past strong Drew in share. you, results we these our a our per we that increasing our firmly earnings I'm that the are of that Thank our details, to reporting is today and achieve strategy pleased and for morning, our bottom on track benefit our over but success the going years are over David, With three confidence to are quarter a productive We of line keep everyone. announce the

providing by efforts. optimize earnings guidance operating the expectation XXXX This are costs and and automation our dividend with align and our rate growth of an to we improvement narrowing because midpoints through the clarity growth we XXXX. outlook dividend our other our were finding raising in ways our end with possible continuous result, is a rate also on As outlook ranges and to XXXX, earnings

with effects enhance to we're and we creates bills. this to lower are O&M expect execution, plan, proven will room investors With earnings utility growth our our and investing dividend a head the that that utility. class and the service premier Today, a deliver level plan, record new world solid of on manage customer's a their of an investment of track us outlook a help successful

we customers Beyond growth and our shortage aspirations three-year our into future. opportunities benefit horizon, the see to maintain investment our no well of

example, and infrastructure, we anticipate the to efficient This megawatts For through be this solar achieve plan generation generation growth, gas to would XXXX. of being balance necessary currently from half renewables, serve primarily environmental X,XXX is load our commitments. to new our generation. with of modernize to add XXXX to up We X,XXX new highly continue that

regulators determine work reliability and bills our While change goals. course and economics and our as the the sustainability specifics could we'll to evolve, affordable strategy customer while other meet with stakeholders best to of technology needs for achieving

integrate future also will connect system and continue infrastructure transmission enable technology, in and new customers, reliability, to resiliency. efficiency, enhanced new to economic We generation development invest

is growth for distribution. our in We believe long-term that largest opportunity

systems. systems, We and distribution in distribution management management are workforce systems, investments a and already outage systems, enterprise making systems and portal, automation, customer management customer major geospatial management engagement asset improved AMI, new information relationship

decisions generators, utility will our Beyond vehicle expectations. is This electric storage, informed these distributed of initiatives, we final the like and resource backup technologies including factors, many and resources expect battery our today, preferences micro but optimization scale to enable ultimately and our solar, be grids, by invest to and customer's harden in our grid expectation residential evolving infrastructure.

or specific solution, best agnostic distribution, we generation, as whether are utility, long solution. As it's a vertically as the transmission integrated to the

beyond develop growth to us solutions assets to continue us needs. sufficient innovation we only our see things to to rate opportunities an result, We've achieve customer evolving hub enable to investment base in created and also us aren't We're employees. help that address matter. Physical help and customer investing a XXXX. lead our the centric industry rapidly As current a

our employees employees the the organizations programs Organizational ensure belonging also our tools and training success. grows. in as our efforts also through to grow the that We're to leadership give their are to enhancing integral diversity health ahead. lead Company will changes our These will

earnings With dividend growth prospects growth. continued and on clarity our our outlooks, increased excellent for

been. future journey. achieve time our our a success ever our We step this continuation as we are and quarter as at of one We excited a about have is

service Station. Charles This customers Power May, energy into schedule we to clean experiencing. is reliable, the completed It the and to growth will went support the of help supply CCGT modern ahead In state St. budget. on Louisiana's

we plan wrapping identified up Choctaw Mississippi, due In to diligence transaction next acquisition. this issue close and We're we to the a path mechanical year early resolve by year-end on are or year. for earlier the the

monthly solar several a low local the we've front, Orleans, from and rooftop proposed. install them will the with homes. had is we system that to a previously bills on customer's we panels piloting council solar give proceed income new puts renewables portfolio approval no received city customers at vendors, program with a solar credit to Through cost XX partnerships New Orleans megawatt also on the In New the developments. Entergy On

goals. industrial with customers Arkansas, energy to their partnering and sustainability commercial meet and In we're

a subscribe are We community offering to to allow tariff of blocks resources. solar to solar them

implementing is we to renewable renewable a having customers, energy of to innovative without capital way to are energy goals effective this investment. meet them cost deliver some an their upfront These just solutions. make programs our are For the

renewables with system, a that build the of stakeholders to to we use and our will balancing most engage framework, regulators under and the price economic ensures sustainability. which expand We reliability, continue

transmission the Entergy These Phase years support next large two help into line over investments Texas, will I with western in economic We're the of new and were In area. of transmission making placed also significant three technologies. region distribution service. that projects assets Texas including growth the emergence

meters one meters XXXX. for install to in new million plans continue with the We advanced

We a relationship mobile build new larger also to experience. part our management the customer a with voice system of customer This salesforce first of is response interactive and effort call website deployed our to release capabilities centers. transform to a functionality,

benefited give from benefits. to relationships us with the regulatory regulators collaborative with constructs. the our constructive cost and our opportunity progressive receive They recovery align We when customers

regulatory our Our our plan in to commitments. clarity give provide frameworks us confidence and financial

area. We continue strides this make in to

recovery us will value Texas the create economically right to stakeholders the More ensure remain return. investments. earn legislation our In May, in public generation closer direction to for and help of empowering we our legislation Texas allow serve is us This in faster a and allowed for the step commission will competitive. utility and help that timely recovery acted communities

formula its of annual Also quarter, Entergy in FRP we in and Louisiana submitted Mississippi rate and received filing plan the Arkansas. filings approval annual

million, of Our service placing of This total the below revenue than assets of our $XXX request in the in approximately includes X% benefit XXXX rate Arkansas well X% million was $XX less change into for customers. for a cap. new of

were up. activated issues, of The you for know, Hurricane the our prepared we always Barry landfall storm damage accessibility we to event system. plans We and see our many did this our area not widespread flooding As made as and extensive fully emergency response and and month. significant service employees thankfully in stepped created but our earlier

online to assistance us help our our quickly to like as get utilities thank back and assistance provided possible. a hallmark industry. that mutual also as customers of neighboring is our We'd safely Mutual

restoration again, We are efforts. the award assistance that has outstanding Institute power with once proud Company's Electric Entergy awarded the for Edison emergency its

systematically pieces the of all continue to place fully are business EWC, At merchant exit to now risks. reduce the and we in

We to has approved that the agreements sell a have in last three nuclear similar already to a transaction. commercial the assets counterparty NRC

timeline. strategy sell that led non-operating fully decommissioning nuclear proud the in new the owners, liability unprecedented while are to We transfers assets. strategy to industry the have accelerating the plants to the The decommissioning

short we predicted, of in time. this grown market As a has period

operators have three announced with three As different buyers. plans

X% We're our plan. growth. growth supported to off our XXXX increase align and better, adjusted by We're strong of our for earnings a creating The of becoming EPS fundamentals our the with X% stronger robust of guidance. reflected XXXX to value a the all premier dividend by business capital in a end regulated our our we rate as stakeholders. expecting increase to are And by earnings outlooks of utility company growth sustainable expect

operate We have among a region in growth. we benefits the that in from lowest industrial strong country; the retail rates

We an are industry leader critical sustainability. of in

with in evolving their significant benefit We aspirations aligned as are investments our regulators. of to the well our culture our and for our goals system as are customers making expectations and our customers

tomorrow. on profile and to the a the These Entergy why expand continue are we is today. just reasons investment investment our which compelling This deliver on commitments long-term of to foundation grow innovate will some our is

future. our about excited are We

XXXX I our over outlooks. for provide will our detail on now turn the Drew and our to to call results, updated more expectations

Andrew Marsh

Good Thank you, morning, Leo. everyone.

another As capital profile productive XXXX with and guidance. our meet outlook good XXXX. you in With and are we updated to full-year heard firmly expectations, our midpoints on earnings quarter cost our had are investment track from Leo, raising we and we results

in our to In But the first, turn these addition, details guidance outlook quarter. let's ranges. we are provide on changes narrowing more. I'll and

basis, effects on see Slide $X.XX XXXX, Entergy were lower quarter X, adjusted than second the a per on can dilution. share earnings You of including $X.XX,

lower of benefits results and the utility rate year-ago. compared offsetting effects the increases the included the positively to last charges Louisiana Also, federal and actions the were to return which in quarter’s the Texas X, period Arkansas, of favorable the tax was customers. into sales to weather these rate and lower this on Partially quarter unbilled one Turning year's contributed to regulatory Slide volume less results.

then weather leading that our industrial unplanned region strong higher sales industrial The to Regarding outages and our wet the customers. in customers customer industrial outlook customer fundamentals remains agriculture fewer intact. sales remains and and low sales, to Arkansas long-term experienced support cogent outages, we usually

St. customer non-fuel quarters largely related higher spending the Other for information the year and expense May. quarter's products results included online basis. operations, results depreciation the end this Charles technology at to to initiatives appreciating on higher new count growth lastly, plans services. Drivers share of drivers which higher a to nuclear the hired due as such affected Station, explore our came per Power and O&M on including And

Looking on results X. Slide EWC at quarter second

quarter plants $X.XX Pilgrim drivers of charges market XXXX. EWC key due performance trust in were well lower prior at to funds. tax the higher revenue the year. in than The as was increase earnings lower of reported for Partially decommissioning nuclear as the strong were As benefit the the quarter offsetting nuclear merchant second and shutdown impairment

the and complete Looking At forward, are any not continue risk we through as as of to from point reduce slightly net does Leo mentioned decommissioning still sales systematically exit expect hedged. EWC XXXX require we XX% cash from XXXX. condition agreement positive to level our to funding trust nuclear EWC. parent minimum close. a to our that provide we Entergy sale

end only non-operating transaction. cash. our plant's to X% has nuclear liability shutdown had a have to to equity any to not strategy close May essentially it's decommissioning expect owners. and fully should XX% Pilgrim sell now is at the the the Trust to of investment a in return transfers contributions as we and assets trust finally, And reminder, the new make

and As risk reduced EWC our revenue they associated that finalize for decommissioning activities we result, as significantly a market exit from business. with operating our capital

Partially a a fueling Moving spending and customers. of quarter was driven ADIT and to increase excess to unprotected were EWC. Lower a at EWC. cash by was from ARO amount the The outage X, payments lower on $XX change retention at costs year-ago. flow higher $XXX for severance Slide operating returned offsetting million million, lower

and on results outlook Today, coming Slide midpoint around to continue we XXXX. see for guidance X. our the to Turning in

outlook million the for is outlook In raising midpoints through The customer engagement. addition, investments driven improve $XXX XXXX of financial updated and that XXXX by and are we incremental XXXX. reliability

improved are as transmission well centered updating customers. and discussed, for products new investments drive our infrastructure reliability to and that we services themes These namely have generation on as distribution,

goal important as investor remain far owned the However the for among in utilities. our lowest rates nation

processes. innovation, by To technologies other that grid modernization, end, we're leveraging our new in efficiency costs and and part drive productivity and to our automation, business working operating to optimize

level XXXX, or be an basis. on to to build our to inflation. of growth incremental XXXX, in customers and service billion to O&M about discipline will expect business inflation offset cost investments our $X.XX combination of We the below our in goal while manage improve the at The continuing ongoing

of customers. these not limited efforts benefits The our are to just

productively. opportunity the broaden their and skills, have develop will technology employees new expertise work Our more professional leverage to to

improved communities per we'll from Our development And benefit and see we'll see and our in expectations. improved reliability. our share service and economic investors improved will growth confidence earnings better

expectation. our at off growth that We EPS adjusted X% to remains previously communicated X% rate XXXX and new midpoints our growth The our a X% targeted of midpoint. reflect

our narrowed as continue and by to further our outlook future and our years on execute have strategy $X.XX guidance in could we on ranges them and commitments. we narrow Additionally, we deliver

growth and fundamental steady our Providing this is predictable to strategy includes our dividends.

growth to our of goal capital our is variable key growth the rate determine rate align Our with EPS And to dividend X% that X%. plan. our is to

Given in our our capital of plan, achieve plan we dividend timing. board our to and and goal XXXX. this our they objective We’ve updated with expect quarter the support fourth alignment discussed

our strategy in on As you know, made had premier business evolution The by gives updates made dividends reflect collective three regulated to quarterly at the deliver our ability success one confidence utility. plan. These the this be the over of and ongoing executing us that our decisions are time. to board past years our will in our we've

parents X, the the FFO due settlement total equity excess returning debt at Turning includes of to May, on the improved This ADIT XX.X%. credit to remainder the XX.X%. is of customers. ford our the unprotected $XXX million has to Slide further debt Largely of to approximately our effect in of in

debt items and FFO this to exit EWC XX.X%. to certain our be related would Excluding back give of

on things critical plan that several changed, credit not. have While have our some elements

of amount flows cash to quarter ADIT to expect of of declined. the remainder the beginning And to and We unprotected unprotected the customers to amount return improve continue the year. as returns customers ADIT excess next excess throughout

to and of profile. our Our or grade parent investment our and well add debt remain XXXX it FFO to remains at XX% year above as equity last financing per targets debt below as Day committed the debt by we total framework XX% same maintaining was for our Analyst as to

in with The natural today through our productive ranges making and investment. quarter continuation of execute dividends and are the path alignment investment are and customer earnings to the improvements We centric customer of a time. development results predictable to some underway growth and deliver toward had plan evolution we for outlook outcomes, are on on another steady new good They continue updated and tighter earnings customer we bill, our reflected opportunities, focus dividend outlook, clarity.

value strong our are and the As positioned creation. of mentioned, Leo well fundamentals business continued we're for

to are for utility working questions. And benefit the answer of our now We key is world-class four all the stakeholders. of team available Entergy

Operator

from comes Instructions] of Our [Operator Mehta Citi. question first Praful

now Your open. line is

Praful Mehta

Thanks so much. Hi guys.

Leo Denault

Praful. Good morning,

Praful Mehta

really call and Great morning. Good going the at Entergy. sounds like everything's well

terms Leo, the So incremental I significant guidance, increased you still this with you guess including first the see you XXXX, the could side? you see other are beyond talked X increase, sounds that the potentially in the X,XXX my not levers that are it investment within like megawatts question through you maintaining the you talked as about. of opportunities to X, opportunity see about but at but if utility growth What

Leo Denault

do last of generation we Analysts only can not Praful, the from the an that back can significant about we resources, transmission can technology were generating talking also technology pride, investment that distribution number energy to standpoint our upgrade advancements fleet amount load, go Day things of if new new you even to attach a but we and the our associated make. signup with technological

and about Those things of looking been for company. talking plan that at. Nothing the of that for of we're with are that the types longer you, the things time with still the certainly balance talking that on internally of Nothing sorts the enters we've even about all are we're outside today. to some working

customers, decision service has every because to that that the to we at it outcomes is always one two, for As we we our level to three we've that need and balancing them improve said, it always do make have we their it, of what provide day, manage every as we looked we're pronged bills.

and upgrading That governor as our the the terms system. you all much customers that. end on then managing the in We've bills we how the to we got reliability is objectives of sustainability of the balance that can investors of spend have. And obviously

of of in a megawatts that X,XXX looking is been is emissions same improve new year lower The upgrade and with lower we've to look doing have more that's system. terms to and generation, at what it to the of do XX what O&M we to continuation of to X,XXX So be fuel board replaced old units capacity. the as to fleet that modernizing the deactivate XX cost, we across them and

what So system, have spending still if we of older out our of of fleet. our units the at you money used some put age right on We look to the that histogram we're some now.

those into dollars reliably replaced go legacy to actually operate get the those gas continue new to they sure to by of of while to make Some into be stuff. some newer units are queue they

new. really balance sure those it's three about that nothing It's just that It's been the So objectives. talking nothing making before. we on we focus haven't

some sure the in want we below them that's very our bills, improve our we customer's mentioned, the level to that level them We to keep as sustainability make inflation maintain rates on importantly, of footprint. improve of But continue lowest of I while country, to service, important customers the sustainability well. as the work the the

Praful Mehta

going Well outage. side, to back be understand just It the that's on ANO for thank maybe on wanted when the And color online that quickly super seems to be to be just helpful. helpful? any then Leo, more Nuclear that. any to there? delayed Operations would color I you on And switching what's would

Rod West

It's ANO I to is We're sync on customers to fact grid, Praful. the Monday. pleased report and that morning, online Rod. in Good for back our beginning believe

moving that's for us. progress so that's that forward, so And

Praful Mehta

Rod, increased delay? specific Anything Gotcha. the that

Rod West

end have buy can't XXXX off and the all the specialized significance that failed the that it's passed that and shelf. but the and that long promoter and tests for on cooling of anomalous it reactor the more. nothing that fact that of a day, during was motor, us, in to The delay we the And the equipment and replace you equipment tested time it that the was and repair cause it was takes failed outage highly at that a the

we're that back so online. it's happy And

Praful Mehta

Rod, All and right. Thanks, you, guys. thank

Leo Denault

Thank you, Praful.

Operator

question And comes next of our from Thank you. of Dumoulin-Smith Julien Bank America.

Your line is now open.

Julien Dumoulin-Smith

morning. good Hey,

Leo Denault

morning, Julien. Good

Andrew Marsh

Good Julien. morning,

Julien Dumoulin-Smith

Hey.

of how just flowing customers? just So about bit FRP cost little you Arkansas, to back elaborate perhaps a this question. thinking to already filed limit some inflation of an kind the as past reductions for reflected this on years benefits prospective Obviously, rate in more Arkansas FRP years. less is you the the cost well? should back come inflation to Is O&M Can place that for and your which that or in here in next you're

is And simultaneously Or annualized then all pretty the these maybe expect customers? nuance we given back here, should nature transient going benefits? this just to to the largely flow some of filings

Andrew Marsh

Drew. this is Julien,

course than So faster would of float are that's would some by because I expect reliability. time doing back our you're of In we to creating critical customers. that, back the in are overall incremental we customers, for investment to terms the capital we that much others. And to we of to strategy of jurisdiction, as back depending And improve bills. the on space the here actually think the piece aiming noting, pretty flow customer's flow all it, manage bill to a in customers

while there's Slide our that it's earnings have XX I a it And about like change happens. are we think an – it's talks don't or slide, main so in expected a the slides, to but how I there's appendix think

net really creating O&M – that move line us. line doesn't revenue all much. space that's for that notice You'll that is And

not, this moving of customers, would expect back as capital. that their really not result would all that we're incremental bills we to So at we're because anticipating flow a

I and is some the yes. In answer that progress O&M, of we've the made, terms of think the

confidence we We of get That's this us will can And have progress of that it made is know But today. year. into this what part execute on if don't rates all rates it going in very forward. some quickly. gives I

using I've that need it are plus to expectations weather we're the to remarks, But a quarter, offset it know, in in be was the managing of little long-term, negative our expectations industrial sales year-to-date. first for you as my bit but this to we make some we meantime year fine mentioned that we would sure in growth our had hit year. below the This

that gives rates. it So happening is going part of some and of should into us confidence as all forward what back flow now

Julien Dumoulin-Smith

Excellent.

further perspective well? does Just as as And little distribution elaboration, CapEx like mean of is the you CapEx with just and reflected on seems the that budget, it what a then some from guys more also well. for Texas bit legislation a

Andrew Marsh

we Well, to his yes, Rob in noted. I'll I'll and it. Leo capital lot chunk a regulation answer as of remarks distribution, it been you of a question, is let piece good mentioned have it's his From capital take doing. answer the and perspective, then the in as And of a Praful's what

network. – all updated, that need of is lot of frankly, that's like distribution Not that smart the in front. and transformers communicate that replacing of putting are just cross is and to a just arms be need equipment new can and it stuff that But so our and on some is it poles with it –

On we quite Rouge. developments of That beginning the prompting planning mainly is year, frankly transmission side corridor along new a and side, the opportunities along That's the reliability Baton front weren't the at us perspective. economic there River. between from Mississippi of for investment west bit of the the a Orleans New transmission

have customer of Leo alluded we making to then that his products lot in And and we're services a as investment script.

we're the of kinds those looking that incremental I'll of are capital. in over at question. Rod main of the regulatory So that for near-term investment turn opportunities And this to some terms

Rod West

Texas. legislation reducing that Yes. the is the in plan generation rider the And lag Texas have the really of of for purposes in we for CapEx benefit

enabling Commission, Drew opportunity it's to Texas predominantly efficient regulatory gives more remember the reference generation provide made investments recovery, to. it's the an legislation that those a but that So for

to of lag to and I his a as the benefits the for customers. align risk with the reduction recovery Drew, reduction it's and opportunity mechanisms our statement us timing in believe stated investments So Leo and

Julien Dumoulin-Smith

you Thank much. very

Leo Denault

Thank Julien. you,

Andrew Marsh

Julien. Thanks

Operator

you. Thank

with question from Sophie KeyBanc. Karp next comes Our

open. now line is Your

Sophie Karp

Hi, morning. taking for you my Thank questions. good

Leo Denault

morning. Good

Sophie Karp

follow-up Just maybe on the Texas.

alliance actual your Is further moves potential commission on of intent Texas? mechanisms? legislative the in any as with So and plans recovery there CapEx sort the upside to

Rod Wes

the potential Andrew that think earlier think The mentioned set. have as associated pulling upside Leo closer little straight capital to lag I a the forward manage service to our pretty Texas has with is But do ability to plan with we we for cost delivery. and for I an and us levers well. us to provides and to mentioned the Texas tools the opportunity move Commission just aloud as help reduce our having

You have that well. the do opportunity to as

Sophie Karp

Right. time what of then With the range happens Thank you. with FERC And the I I it's But to your Siri? on all activity know some docket. is there? respect guess expectations what

Leo Denault

And I'll tackle That's one. that true.

there now. our in and are of whatever to have our expectations, and we various It So right reflected the said then at there, the that And we FERC. a through on reserve today. they're expectations for in of outlook ROE a put the as for outcome material updates complaints in other process the terms the we be while, elements going based then maybe out on our continues

fourth that have reflected there's – So outlook. all outcomes are our the are of in expectations no in we reflected series

Sophie Karp

Thank you.

Leo Denault

you. Thank

Operator

from Thank of And our MorningStar comes Charles Fishman last Research. you. question

open. now is line Your

Charles Fishman

the one under Thank that X,XXX morning. and about to your comments Choctaw? construction include megawatts four in Good the plants XXXX, you. in Leo, the does

Leo Denault

be It X,XXX roughly half half about XXXX. renewables is gas. does we're mentioned, XXXX talking megawatts probably And to that I The and not. X,XXX as through

to that subject construction happens at to facilities. X,XXX of wise As cost what X,XXX we the technologically those it and obviously look megawatts. new But to again, today, different

Charles Fishman

Okay.

that realize So I not the it's time, but driven still being industrial long is a load? by

Leo Denault

system. It's need the improve still being technologically to the driven by

levels, years the of the efficiency, overtakes what given that of portfolio older fact So new they're starting with through the maintenance and vintage but if going brand really levels, us started facilities transformation they those obviously age, age emission O&M those we've you well, generation of fleet, plants been Charles, served that the would this remember, our life new pushing which when be. plants the and then the XX-plus

our $X.X what's example, associated for a vis-a-vis costs billion and to system the over our plant, the that's production that today the plant Charles life So by plant in benefit with lower the St. going given of customers market. on

So does price that's important, The really obviously down load large is our point the keeps in is as the well. what that customers growth part but continuation. for

Charles Fishman

to be will dividend this And increase, last going review increases stick schedule as I'm like since Are that then? of be it's fourth saying Okay. asking more. the the going well the my the I X% increases year fourth X% to reviewed later Do assuming to XXXX weren't fourth I'm by you at correct? Is you the liberty take On going similar in XXXX. anticipate quarter until to as assumption it's to questioner, understood no board I until quarter one quarter? XXXX?

Leo Denault

not We increase were saying it would no be that you're correct.

that we've year We we've growth. to stated were our that objective we does. earnings years, to lagging as put a of for have earnings it's been dividend our And just earnings our in you last had with believe out by this fourth We XXXX the line will growth. of while for expectation it because signaling, match in every that the dividend time point we'll up a few point always want be take We quarter at those the growth. as growth

Charles Fishman

Okay. I Appreciate Thanks it. all the for had. That's clarification.

Leo Denault

Thank you, Charles.

Operator

we a Kalton Neil have of Wells Fargo question And you. Thank Securities. from do

line now is open. Your

Neil Kalton

in last question jumped but I I've and sorry. missed apologize this. I'm minute, if guys. quick Hi, I

the few think you equity should over about With we the CapEx or new in, that next flowing incremental needs years? how of sort discussed have

Andrew Marsh

This is Neil. Drew. Yes,

I in are my as remarks, they were expectations So equity that Day. our exactly mentioned at Analyst

our X% until need after around we And XXXX, So sometime before. for won't to equity expectation that – have is that or it's XXXX needs any capital not overall until – XX% beyond. of

Neil Kalton

Yes.

what likely Okay, on and as well holding we XXXX seeing that XXXX rule thumb that true of think should in you're based now? being about right and that

Andrew Marsh

looking kind think Yes, long-term a out of yes. basis, on I

Neil Kalton

right, Thank perfect. you All

Andrew Marsh

Neil. you, Thank

Operator

Thank does David Borde this call remarks. to to you. would any like back And for Ladies and gentlemen, closing the question-and-answer I turn session. over conclude our now

David Borde

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

that due occur to is filing conditions at XX-Q financial X XX-Q balance of and date and the that principles. accepted our date of the that statements. reflected provide to our Form would on Report our on be sheet more in of disclosures the financial accounting provides Events additional existed evidence accordance the in about with generally Annual prior details statements Our August SEC

on as webpage on part as Also Relations updates, execution. website other we Investor of a which provides regulatory important proceedings and Entergy's reminder, and a strategic maintain key milestones our information, in regulatory

material page relevant on all considered some of may very call. concludes this our for company While exclusively information, should information. And Thank this be information you you this much. not rely

Operator

thank for participating in and program. today's conference. today's Ladies This concludes gentlemen, you

You disconnect. may a Everyone great have day. all

Entergy (ETR) 31 Jul 192019 Q2 Earnings call transcript