ETR - Earnings call transcript Q3 2021

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Entergy Corporation, Third Quarter 2021 Earnings Release and Teleconference. At this time, all participants are in listen-only mode. After the speakers presentation, there will be a question-and-answer session.

During the session will need to press star one on your telephone.

If you require any further assistance, please press star 0. to or call you Vice like host, to may now April Bill President would turn over the your begin. I Investor Relations

Bill Abler

And morning. thank for us. Good you joining

and release from Marsh, our that will today management not from with turn press accommodate results presentation, We effort forth found financial in our presentation, today's will In each the I CFO, will two on statements. in over Investor Renault, these which today's questions forward-looking filings. our measures everyone of forward-looking will SCC not be Drew Entergy's information, website. applicable materially who review begin make has will Relations the Chairman GAAP could to then included our and and forward-looking CEO, than our section Entergy of an questions. factors person comments discuss also more to to to results. reconciliations update William call, Leo request ask the earnings which due Actual now certain statements. differ Management can of slide a those statements (ph). In to non-GAAP slide and number assume release, set are are call we does any And obligation both

Leo Denault

to you, And our commitments. meet track keep financial everyone. good firmly Today, morning, us we're Thank on Bill. that reporting quarterly results

growth X% into guidance period. outlooks share the the Third quarter range of to visibility per through achieve continuing through Further, adjusted outlooks. with our earnings to our XXX our XXX X% to XXXX and include rest steady extending XXXX good percent see per line were we With to are and results $X.XX are year, our expect in XXXX of share. narrowing XXXX and predictable this we

earnings represents achieved This we commitment with met. communicated milestone by on and previously and our another of the happened dividend raising Additionally, our X% growth. we the schedule aligning

maintaining despite and revenue resilient third more to in a the due developed $XX financial business quarter losses are non-fuel million have We our we commitments. of Ida, Hurricane

valuable stakeholders, category of Eta, Baton destructive heavily our provide resiliency hurricane landfall customers New strong wins a bringing impacted stability owners. that is across quarter Our powerful Rouge, and and to was as by for Hurricane which The all made particularly beyond. Orleans,

successfully XX% weeks, time, Metro customers. close outages, mutual peak all destruction coastal Despite particularly and of to help help all impacted to Further many and by by a we and customers customers and In strong with put significant who our New communities They just hit restore IDAS to lives million commercial a and was states lose day force like process and of to sight away rapid lives to personally this be and recovery We a our and by XX,XXX businesses goes the first, Rouge a over restoration half had our customers answered our and with disrupted X the across restoration more who XX. wins come roughly scale our own the dedication and surge. effects ever. systems many lives pandemic. throughout were being restored. was at Baton crews, when there Our communities from like gathered contractors, country. largest us. Orleans critical like restoration XX centers easy needed Entergy I to again. the Entergy of and hard completed our by affected deploying they the running winds power and employees week, a community back gas -- in saw developing moment restoration both areas grid restored. generators assistance of would And thank customers the storm community to and in by customers of epitomize a employees, helped than to across Representing power dealing Ida essentially and I were Entergy communities customers also take help Within call, crews stations, who XXX power means effectiveness our our it employees pace. cooling restored. stores, grocery of the up the from amazed gratitude being worked for weeks restored customers team advance, infrastructure Ida. medical damaged that their municipal step power our accomplished what their their to get water creating it's cease livelihoods to restoration damage despite while never the workers the of our facilities, at of communities homes fact to

work, In $X.X shareholders $X restoration communities recover. to communities employees countless Entergy contributed addition their and to hours Entergy's help to and to rebuild million committed affected

has customers been safely to finished. While not restored is it, power who our can take job

of on bills. customers effects IDA We are the committed our to minimizing

customers officials securitization to including local work seek stakeholders, that is Commission, Public Louisiana Service Orleans, Edwards, Ida XXXX case a of support costs, amongst New cost obtain Council the federal and Governor are storms. alignment regulators of we We with Louisiana City to will Ida leaders has our support. Louisiana widespread Biden congressional coordinating and of louisiana federal on with administration key and Further, state compelling proven storm means low delegation of the that in could which and the recovery. the our There's offset for cost seek the

committed the the dollar. We federal Entergy be future the to are We're made customer Hurricane this clear obtain the as that Coast our landfall types intensity. X with the months damage performed XXXX. of hit with major Louisiana become significant transmission our investments those challenging force. has occurred utilities structures billion more that with last equal investments. To perspective. later, which weather hit funding dollar the Laura has Nearly strongest will reduce all exactly impacts Ida made And prior fully Then made occurring almost Wind under for clear, events system new Hurricane almost over standards. distribution aligned since storms mitigating also to most any XX We've example, obligation, resilient. $XX older frequently. seen and of conditions. more to transmission structures, It most years, for greater well to built has are exclusively Entergy storms.

Our resilient standards never continued static. And and we've them. I been to as as are asset working our programs And have investments designed. evolve mentioned,

quarter, of take multiple actively along and options in scale, achieve continued to highlight prior with we a This more it. uptick the cancel filed be is resilient, us can and our collaboratively the we to IXX area severity settlement a path look at the like proceedings. which significant agreed to several And including great strength materials the However, resiliency the the winds make fresh major labor. investment business to compelling progress to our rate affordability which regulators optimal settlement that service is of Coming and and particularly work will We've Commission scenarios. and in to and the our will with can done we as future forward. despite taking climate skilled would back Arkansas these which and Evaluating account missing filed pace for Even our options sufficiency storms needs customer-driven Hurricane a Arkansas exposure how customer stakeholders based dealing has well has take made EBITDA to at first, the of determine hearing to to plan, without south up I open resiliency storm, frequency testimony, run other into positive. unanimous a for beat. and deploying important on formula Ida. We're such under be flooding. of its system we're IXX, the considerations, greatest and the

implemented the recently will implemented be arkansas New at in in proposed rates In level advisors. We adjustments that rates counsels by reflected January. New the all Orleans.

there. proceedings So there are no further

went reached We key on also green settlement Entergy, with pleased sustainability tariff this promise that approved, to are we're to storm to power tariff demands on Entergy remains us open unopposed solar filed Arkansas enable other it's and Arkansas Orange rates solutions Entergy the Entergy securitization also offer the Texas green Entergy Memphis the an project. storm meet West Louisiana the And process of customers. its filing. XXXX progress growing our And reached on note station. And of settlement for will And County advanced effect. filing. FRP approval received proceedings. of into costs making If recovery Louisiana, for its customers track. approval Texas a XXXX

of our will We've of week fleet. continue progress gigawatts through X plan be and And announced a our on at renewables supply next goal XXXX We plan our EEI. to solar an in update with doing supply de more. make growth provided -carbonizing to

resources We'll relative more renewable ways the addition goals. and edge provide favorably. to sustainability help against meet helping I meet goals, conventional to important plans which quarter our industrial decarbonization Last provide their renewable around cost And customers in continues resource of natural resources volatile Entergy In discussed resources gas at latest prices. EEI. our an to can rising details trend

with transmission, electrification next regarding and sustainability of While in distribution. to will net help objectives Clean will for by is XXXX, have have pay electrification have we customer discuss provides many the industrial And great of centric expressed action for Clean our meet have help tools EEI. even their shorter-term investment will comes the we goals as The customers decade. growth. by of customers load - load require opportunity one interim a at end several investments. generation, that to more means significant We'll more long-term the week like electrification goals X to developed are incremental growth their objectives. capital that achieve important that require renewable opportunity

sure we I longer-term it very plan us. sight in solid important want to lose we have discuss growth based to don't investment While that is make the of front these of opportunities,

EEI to plan customer to constructs, the and very That's designed $XX beyond our at Financial throughout Over next capital regulatory the over reliability, cost and and of with benefits we and foundation, resilience our base will billion X% for years. the and clean paired serve environmental plan. When to that deliver extend plan you to three opportunities runway deliver adjusted rest conversation X% resilience, our decade. Conference. a improved to of have strong the look electrification, growth a our generation, the years, the this customers. acceleration forward a And We EPS well-defined owners efficiency these experience, next continuing other is growth renewable X with solid will

review the will quarterly Drew Now, results.

Andrew Marsh

everyone. with from slide ago. our earnings than higher Good on adjusted results Thank year Today per a slightly you, we're Summarized even morning, $X.XX, Hurricane reporting share was Ida. five, Leo. solid the challenges

and commitments. our our to continue strategy are We execute we meet on track to firmly

outlooks our of quarters year affirming three we period range to behind and and to we the adjusted our guidance align us, with outlook our extending XXXX. raised We're fact, our growth $X.XX. recently narrowing dividend EPS In the through to are with $X.XX rates. also

million investments increases world continue with saw and operating Turning to supply year metals, to industrial competitive. across and Other increases of $XX our function, investments, and and most we as was lower higher estimate lowers on costs, generation changes reliability partly Chlor Hurricane outcomes result were ago. That slide our stronger impact strong was O&M reaffirms segments associated and third of quarter gases, XXXX due growth. build Industrial Ida. businesses We higher were third prices, for higher This planned. And Hurricane with our our sales quarter Alkali. revenues sales quarter XX% customer as operations, health rate all chain primary Overall, strength classes, constraints is industrial benefit to Ida. energy transportation, remained distribution a that. a this drive a includes as to as petrochemicals, largest were of base. customer customers, strong power expenses that across approximately X, higher the new industrial in despite This costs well costs. half These recover improve in higher than including those approximately to expenses. in industrial

expenditures Indian lower on eight, on Point. shutdown Operating shown the results ago. than including you'll nine collections Slide Slide for key slightly is last than cash results the customers, credit and year. investments partially a flow offset from sale with driver EWC prices. quarter by The gas is related higher higher due and to to benefit This our to million as see was of the year quarter's and was natural Moving customers about increase largely Storm summarizes liquidity. The $XXX seven, associated were URI. Winter improve Slide to collections

We'll securitized to spending take We quick a storm-related expect is our sheet, Hurricane credit credit ratings maintain and update targeted on we storm restoration Ida to rating discuss achieve on current metrics and Slide our as expect XX. retire continue with minute we debt. balance agency to a beginning to

and $XXX to total $XX now refined billion. million of weeks, end cost several the also upper be loss, estimate previous off we've of estimates we've lower past the cost to The the $X.X our the updated to is to our Over $X.X the million revenue $XX our range. We've half range. of shaved non-fuel expected

net $X to timely billion, cost our avenues. strong working storm restoration ensure at including reserves remained with While also are starts recovery. liquidity, through storm effort and proceed two That the successful we

filing. settlement Entergy, First, is reached $X storm that billion costs. costs early filing before And for provide now Louisiana PUCT. a And XXXX additional the Texas, we liquidity Ida the its to an amended to in storm Hurricane request XXXX on

ultimately invoice complete and cost the storms and identify XXXX Ida to our reduce to of efficiency of we by processing early business next filings for to financing by end We isn't And improved Second, year. accelerate our our next risk. over, work to ways year the continue recovery. will the plan haven't storm further

As about we how Leo a best with accelerate customers, resilient forward conversation we're our to plan. a implement other retail highlighted, strong and regulators, stakeholders and looking

and We after weather the than the of implemented standards using Ida. higher have more half transmission Coast standards latest data. along bar and to move the current and structures to our Continue critical hard already reevaluating by Katrina distribution Gulf

quickly. resilience comprehensive assets to higher-risk strategic to a community recover placement to addition, needs more In allow of the include plan

critical certain aftermath storms The of generators For in deployment very example, supporting recover. of to they resources, and highlighted as could communities be customers. microgrids, helpful Leo distributed energy

to more this of conversations Going EEI. our on depth in

to companies addition they And recovery of as such put know support operating reserves In as securitization, to the a at our physical need. resilience, place customers. regulators that time-tested importance have storm to the healthy in mechanisms credit support cost

XXXX fortunate and that costs, the the storm looking with starting XXXX and in some country. We the are rates to of recover we're lowest

could that significant incremental electrification centric have customer growth We investments storm for and future potential help pay costs.

aligned of credit stakeholders a has a All will with support these plan. us key acceleration resilience around oupr and regulators strong

In and addition, our resulting through to and Those through risk. plan. our completing a future from fall recognized just remain execute on rating continue profile of S&P less risk were exit in to were improved our storm our and than improvements year the The thresholds. changes reflect changes EWC this by by we Moody's business quarter last past place ratings

is reduce As $X.X year. a the XXXX our with than to than result, were transactions, need. XX% our XXXX in we Combined to billion ATM equity able last Analyst our more future equity communicated Day lower need

XXXX adjusted Moving to the on of And also row, we adjusted outlooks and to EPS a to of to X% In the for a case $X.XX. extending slide line remainder XX, year we our the longer-term guidance. narrowing in sight our this clear $X.XX have XXXX. EPS third for to growth year. affirming X% of are We're

key the dividend. that that continues grow. our to confidence expression, in plan base confidence Our solid is

our several growth adjusted For EPS goal our discussed our align with last years to dividend we've growth. the

Directors a dividend. a now per Which of in Board recently share. increase as $X.XX is dividend, X% our Our planned. quarterly increase $X.XX That's declared common

have Today, a expect our going our In strategic key to X-year owe That's plan We needs. solid the owners expectation for continue customers' almost update person or positive this obviously our board first preliminary to renewables. we provide executing objectives. will earnings meet forward, to financial to news less next than you for will and imported meet including typical on good and who plan, growth years. needed meet evolving year's subject in two approval. updates I deliverables provide on we're exceed capital trend many our for base and for the to a a Rod capital expectations provide on considerations time week, we our be in with and of We'll our

of team We're the ahead significant also And and electrification, to at answer beyond it to resilience. renewables, talking - will now all the look outlooks excited to about system Entergy about is opportunities We clean and investments questions. customer EEI. from talk acceleration current forward these long-term about available you of centric our our

Operator

Ladies this instructions )on question comment please and at ( telephone. time, press a this or gentlemen, touchtone operators your

you If press questions. two pound key and leave the has to wish queue, yourself yourself ask also answered, from please question been with limit your that the we you

question next Our -- Guggenheim. sorry, first comes I'm question Pourreza our from with Shar

Shar Pourreza

Hey! Good doing? morning How guys. are you

Everyone

Good morning Shar.

Shar Pourreza

ultimate everything New Just to would -- to a authorizes address response or interconnection Orleans. or a on quick from at looking of to question assets there high maybe contrary, where by here. have how path regulatory city the It's and more this you for the okay, where council negotiated you Do their assets. wants the level point? outcome like you into envision input the a sense don't transmission complaints the spending Leo, if E&O ownership -- proceed own incremental Do from of an Obviously for the more it's they're starting operational concern? is funded customers, kind

Leo Denault

government all, what costs of on terms customer in with we got it's That's then I and council first through Shar. to Both had in really storm funds is going their as it want we the in Council those -- we've formula rate as In effect. aligned are are offsets do with the out the Thanks, relates those all relates to terms we from for the mentioned, logical structure it's were others instances, credit potentially As to relates what's to are it CDBG would the still what whether done obviously, where the recently, even below hear the terms still approaching co-operate there hardening we been on steps that future doing of you. been is, on how progression federal wanting all infrastructure. been them as support if the been or are we it in and plan. next as got say, they well I of and to those go as LPSC have recently what what's Council most through focus plan to do. we've as get items they what in really to to other vnO has forward. And of of to ownership the objectives in rates

them however will objectives us they will So the those are And began for fine it we out, works it extent that that needs. they work with out to think and processes meet have collaboratively work those that them. and to for

Shar Pourreza

LPS support. kind the you thinking the in continue and also macro X% headroom me investing -- maybe then we we in Just touched lastly, you your the having how Orleans incurred. of is been metric of Investors and you're and I talked obviously for Bill expenses are that off for But an Could potentially as other some and is and prepared obviously on that get little there's bit rooms. XX line I around head of the were Bill comments with about immediate growth and on mitigating to New but maybe customer doing obviously, with XX. know rolling other get sort there seeing storms a to backdrop, it's update guess, capex, we're the around charges work question in in And numbers especially about factors federal just growth the volume midpoint with your the

around the So, remain concerns build pressure escalating storm assume and near-term healthy this some of issues? could we despite run rate

Andrew Marsh

this you first and Could a couple I'll tackle then of Rod things. mention pitch I'll [Indiscernible] in. Leo and let is that Drew.

is Hex's off. includes there's the Louisiana Texas the is with of costs all, in also still moving rolling storms. of the ICC But that securitization and what a And with (ph) we're forward (ph). First associated bunch also securitization for and recent

and, think off maybe to to that next rolled and -- Same year. I similar off in Ike off even comes rolling roll off and going Louisiana costs are XXXX. goosed Isaac start

that been securitization There's the can off some discussion prices. of take those lot prices. natural pressure of about natural gas So relatively of the costs. near-term a on gas Also are

backwardated investments higher gas CCGTs we've experiencing for our a the the lot that some made fleet high natural at case curve get also it natural for highlights somewhat, diversification for people pretty are highlight forward the low. solar, prices you in as of but obviously, of You and stronger is prices know, efficiency nuclear, gas the business in

a years, what XXXX. nymex In would than the you time say to internal something are curve higher couple our you of fact, get like if out just go the by out forecasts

long-term So the challenge more problem. with of costs lieu in and recovered that price that's potential there, but our we the accelerating we've significant areas the would securitization offset associated -- a we already for capital, growth future place. Certainly then of we for in kind were we're Starting planning That's that's customers program. finally, we Winter resilience bikes that resilience forward. Starting resilience in our don't all highlight necessarily to then, can of view really moving the these Storm X of that what with a some it's investments. and put Yuri now. extent already right future those as then securitization And costs. with out And

portion been associated that's then the a And bill, And talk speak, in if we'll than costs, plan CCGTs of And So we of of our and the that. plan renewables, capital a states from generation our about normally future you look there's renewables. with this so rotation capital see. fuel with and would ONM to EEI. at to course, the different quite at bit

space his use. Lee. that bill planning provide finally, Leo taking sales. remarks, space incremental already for electrification so as incremental that we're that includes that And up the investment. then should that's in And clean And to mentioned

to we happen, we in should are for all even years. few go all believe So end next the these forward that that as -- accelerate there spaces of of

Shar Pourreza

it. Got

Thank it, appreciate I was I helpful. think that. that guys. you for

at it that. leave I'll So

Leo Denault

Shar Thanks.

Operator

markets. from Jeremy JP with comes Question Tonet

Jeremy Tonet

Hi, for me. for Thanks actually this Travis on having Brandon is Jeremy.

plan current in build have back follow-up on hydrogen I'll with just And form? of as renewables better particularly your First question, that implications to Entergy comment framework its nuclear the second one. the EEI. it on the then relates may just refresh ahead Can at and you

Leo Denault

as for support things like in Sure, of sure. and that. There's look certainly nuclear. all for support We existing a for They lot things hydrogen there. we view like

In -- I continued guess keep plan. for saying benefits infrastructure, future view cost the cautiously news a ability support that of towards low I'll -- with as that will It's associated really, bills addition every our terms there's profile capital be infrastructure all one really, an I'm We're I to be our the day, positive guess is we to way other renewables, start of there by will new passed. in or that optimistic how going. that's of

from. But You're know you space. pretty in well-positioned here we're as the hydrogen

have of We're new lot We deploying plants. renewables. significant fleet of existing a nuclear

credits, we're all of what that tax already of supportive really is view -- particularly tax on that planning the as So credits production we -- focus on. highly

And much for able with. utilize excited space. to at the to things in very capability, be there's devil come of today. as that details forward hydrogen Looking know, as you of a anticipate can about we're But the to least And when we're we customers. the as having interpreting of you the again, know benefit lot as I our

factor, say green, industrial service by And by storage, supported territory also our in That ability mentioned As the infrastructure net long-duration Orange the not to associated capable, get in us, blue, are exploring customers will us. around hydrogen only station, critical Texas gas that's be County well and utilize anyone's hydrogen fact very, we I'd we be for with advanced with very XXXX. hydrogen the the will important all as remarks, power we that look which -- factor I well. pink as that's approved in my all getting filing to for made the industry the but as X to in

think way I us ends up we nearly already where we so exactly accelerate as what everything a to to see it to see we're for do. it -- gets done. trying will a And specifically have But if

Jeremy Tonet

Thank on solar helpful. And we drove curious are Sunflower That's project. what the the on you. then delay

or anything you to maybe if was there's point could it Thanks. chain-related, else If say that that specific you supply there. can

Andrew Marsh

ran Yeah. with really that just next on wasn't be year. some supply expect challenges proceed then it. into. And It partner we onsite chain-related, is to it But early constructed we'll our

Jeremy Tonet

Got it. it. [Indiscernible] Appreciate Thanks

Leo Denault

Thank you.

Operator

Next with question comes America.. Bank from Julien of Dumoulin-Smith

Julien Dumoulin-Smith

Thanks Good morning team. time. the for

off, pay could leave just bigger ability. happens To So given direct but prospective acceleration the some here, you ya be? opportunities just this extent Especially renewables around details and EEI, the in just about meaningful talking the the of up the for first following here? all coming how with here I'll that on which reconciliation are

Andrew Marsh

You're about talking refundable PTC?

Rod West

your Yeah. The how credit and that metrics hopefully. that refundability improves

Andrew Marsh

ownership. we available that to it's And are XXX% Yeah. help are we're right moving we refundable today. that that the of towards change and profile our would think credit the also of that certainly investment for then more more some tax there PTCs transaction the potentially to Because That extent would tax and now be have. facilitate economic partners our assuming own equity customers -- for I all than investment

that XX% facility. so looks XX, like And something of each ownership

Julien Dumoulin-Smith

it right. Got

either. of equity updated credit and not capital the an it's saying you you're decisively opportunity metric So and yet or have component head it's because both enhancing credit the higher thing capital

Andrew Marsh

probably us for know more Yes. right it's it's -- if bit, would now. I think it's to don't going I a helped but It little neutral.

Julien Dumoulin-Smith

it. Got

Okay. That's sector separately, resolving Obviously, issues good bit. I Thank bit then that's we've in Any the in or been transmission a color. a -- afield Siri? thoughts? you. their And progress settling for Any on some got there out here. little the further others know here here.

Rod West

morning. Good Rod. is This

matters no. short The been we [Indiscernible] for litigation pending time as that timeline. some every have the answer shared On and before, is front, have specified any

of point. matter, this think is some the all but FERC's see resolution, ROE this of that we'll next the structure between answer XXXX, I to -- the year, are short material no We changes at first hopeful because it's beginning of begin with end domain starting in cap

Julien Dumoulin-Smith

customer excellent fall wildwood to All OCC. further, right, EEI guys, to

Andrew Marsh

you. Thank

Operator

Our question from Evercore with comes Durgesh ISI. next Chopra

Durgesh Chopra

it will to back I you. My questions cede someone answered. already and else. asked Thank have been

Leo Denault

Thank you.

Operator

from next question Research. Steve Fleishman with Our Wolfe comes

Steve Fleishman

morning. Good

Leo Denault

Morning, Steve.

Steve Fleishman

[Indiscernible] putting my way, Rod, the word for is good [Indiscernible] in By a forest. team comments

Steve Fleishman

graduates. got We've X

government. there bills? can federal Or going the this? And just from this how support is a just more learn a be of just bit about -- we'll about the on little little could just kind talk path to you bit -- Is talk first an executive? certain about just So the you to more

Leo Denault

Sure.

I'll jump let has to down Katrina for Rod path -- been post before Orleans. Rod as acquired relates this because have funds CDBG So the New and in it start we're actually

reported, As Hurricane you of storms, the in to utility he's our well as Edwards -- as appeal he's of support $X.X about $X.X, the requests And in reasons, has it in relates XXXX Ida. those for play for as funds governor to offsets an put government recovery restoration as variety for a administration, billion know, made for customers. put it to

with obviously through now. important. agency, right at and investor-owned We're housing A waiver actually to secretaries. other has for House. that work to the time a for congressional of government we're We've council, addition go. trying in LPSC, state have our They been then are utilities convince and us opportunity our those to through of the co-ops can HUD We're is the process us things working time to to delegations. spending the and would governor form spent federal vital development time delegations, effectively and go also So in In White that the allocate the to governor very process the grants. to HUD to, lot that the so with positioning And with appropriate state. for very, dollars dollars community the block what spend muni's

If have to costs that was this to anything with And request. of the try also which in toward to of XXXX would all offsetting not Rod, Governor's place and Ida, -- is only go So Hurricane to also you add back part associated but storms, work

Rod West

is thing I And guess Yeah. timing. remains that uncertain the the only

to made Just There's for things and I their timetable before. in request. the no to the on of administration Governor's It's hood FERC reference now like hands. act are some specific series congress the

our delegation the big alignment think customers governor the a that that's vantage significant and utility I express deal. our most point development for is we the amongst White the House. from have clear support from And

objective to lack the part customer a that that, that storms to dollar-for-dollar to regulatory think we bills. no able gap get offsetting Katrina, on during the while to basis, of on alignment As took the achieve of back around been There's of impact we've the close experiences desire That compact our alignment. it so

Andrew Marsh

on quicker events. storm than prior disaster in

so allocating process to uncertain, governor the industry, that could Steve. the funds of Now though. comes Timelines states decision-making the ultimate those

Steve Fleishman

alignment these And that. that how needed your better about held just a focusing the but on well placement Okay. same probably huge be to do polls then you of there's I two newer storms up amount think [Indiscernible] mean, to have talked talked I about you've could resiliency.

a is about end something we're done being that base type this, different As or through would kind rate that? likely thinking of something than up this mechanism

Rod West

of yes. if seek program, might were an to answer the is But have if affordability specific. renewal alignment would from regulators FRP to kind are resiliency we operate we remindful rider outside or -- You that we to adjustment type outside accelerate -- plans. resiliency some operate were and of Rick short existing the conversation. of this we assets this in capital of accelerating FRP, would If buildout might to of That type attack we some the with expect some the obviously are that a recovery

jurisdiction a you So -- basis, as think play yeah, your on on the rate as out It ratemaking. would basis -- of a by the but as question I But know. to jurisdiction accelerated on -- normal base play. answer is outside normal yes. it play But a

Steve Fleishman

a mentioned, helpful. the Okay. just lowered ago. you you then than you -- the financing on then as need half And that's more equity when update month X And did or -- the by

sense you still equity are to that? issuance better facilitate options straight than just at timing other and any looking on Just

Andrew Marsh

the said so haven't look program. except Yeah, out we also we've looking anything That what Those at several successfully we've But updated ATM and mean That's that the through XXXX or blocks preferreds. said Drew before. those is we all we aren't depending months. could through over with we've still of do the Steve, we And last ATM there. this this market conditions. are that doesn't accomplish been would opportunistically to executing on

to ATM going We with would -- quickly, can like complete be our and do just done I it along come should with our fairly block. an but otherwise continue and the continue execute we'll with to guess. unless, my will we said, we get that opportunistic

Steve Fleishman

Okay, great. Thank you very much.

Leo Denault

Thanks, Steve.

Operator

with Our question comes from Arnold, Vertical Research. last Jonathan

Jonathan Arnold

guys. morning, Good

Leo Denault

Good morning, Jonathan.

Jonathan Arnold

just outstanding good City beyond were decision that, the you comment the Leo, was is your rate of hear. From implementing that, Orleans or from -- were with knows week, I is couple you a beginning, New to the I saying? move they point there's the Just issue really one effectively for formula what Council, recall prevented at last -- you

Rod West

to with of FRP normal the on settled Yes. obviates Plan any Council. the we decision Yes. as push Rod. operation Rate conversation implement had The Formula the around the back the basically

net So in the continuing with the that is Council. discussions positive

Jonathan Arnold

Rob. you, Thank Great.

of the I any and of venue perspective mitre whether that more four. whether of Just Entergy's some might some of to of broadly, you feel membership jurisdictions. And as benefit around I'm any kind be what your -- have just in what sort noise curious see cost we changes, to started [Indiscernible]

Leo Denault

to participation been valuable about we've times we today the of And when obviously, period joined. XXXX. $X.XX customers over saved since billion in Jonathan, has the our MISO XXXX our normally very

there of a as just of projects regulators to actually certainly issue. benefit -- on been the people see actually we're any the ones sure the upgrades bear of to upgrades, we that we don't making where we're are who benefit as to people of sure who transmission taking It's And fair see transmission -- transmission the costs. we them. get that major would my cost our get get that done that major like So to supportive cost so major allocation And making correctly. has benefit

in world we're our South, need not with position way, time. the evolve any renewables a that as plans in seen cost and and make concept to exit we're We're where capital and So process North evolve, MISO the in [Indiscernible] sure we the differently, entered aligned transition because point evolve, that's We regulators continue to the MISO that, looking evolves, certainly thoughtful the all. just obviously benefits. we to those that as versus to in at we've theory. and But allocation in benefits, a of

Jonathan Arnold

Thank Great. there. you

Leo Denault

Thank you.

Operator

to over remarks. I'll back the Bill now closing for call turn

Bill Abler

thanks Kevin. Thank morning. this everyone you, to for participating And

to principles. statements as financial Investor would the a maintain Other on provides is Form key prior generally provides filing execution. quarterly Entergy's and on accounting as XX-Q reflected at details date statements. sheet due important that on accepted SEC of XX-Q website and we to the November a and conditions Relations disclosures Regulatory the events And existed regulatory that Information, webpage in part balance called, of updates on that more of our with report be occur our in financial milestones strategic of Our provide reminder, Also date accordance which about our proceedings our Xth the additional evidence

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

Operator

Ladies and gentlemen, today's presentation. conclude that

You may wonderful now and a day. disconnect have

Entergy (ETR) 3 Nov 212021 Q3 Earnings call transcript