ETR - Earnings call 3 2023 | Entergy Corporation

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Operator

Good morning. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Entergy Third Quarter 2023 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Bill Abler, Vice President of Investor Relations for Entergy Corporation.

William Abler

Good morning, and thank you for joining us.

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

turn And now call I Drew. will the over to

Andrew Marsh

you, Today, to with with sell [ Public Service strong as very Thank agreement a few good SERI and the business. as the Arkansas litigation well Bill, including morning, principle a we are quarter in on for an results everyone. our Commission recent reporting and progress distribution ], important gas announcements, financial settlement

quarterly our with financial Starting results.

to $X.XX. of us with share results benefit and temperatures We our areas biggest raising well growth positioned per to record behind long-term to With earnings that results. our our X% to by opportunity are deliver the X% customers, invest the which adjusted the $X.XX, plans in flex outlook. us, our key XXXX goal support was Our share. our to date we experienced guidance and of We remain predictable spending impact quarter has bottom range steady, per our $X.XX derisk to estimated an achieve given

dividend to per annually. dividend. Directors again our of $X.XX deliver to once X% Consistent includes steady, $X.XX quarterly with our goal predictable expectations, or our Our growth share raised Board by

to business Turning the update.

through record we and August. heat, extreme faced saw July demand and system Our

challenging demand surpassed there XX customers' weather, expectations. were high Despite the In that previous system met our our fact, peak days records.

service have storms June withstood most our of turned dry the team summer well performed delivery power territory. hot and as for Our

online fleet and reserve covered operated Our throughout XX%. a fleet well we our nuclear generation our portfolio with our within the capability of was customer margins, quarter factor and demand,

to We continue of and planned to planned invest reliably well drive plant in in Waterford our extended our that goal refueling these the outages to currently to Two includes outage along nuclear into plants significant is are an X in with longevity. operate safely the work complete lines. investments assets future.

River addition, to minor In forward. reliability [indiscernible] outage Bend to repairs complete improve going

we delivery distribution We economic to quarters new benefit Through X transmission resilience. power poles, improve new XX,XXX investments and region. year, service first our are development nearly These investing completed also approximately not customers, and X,XXX placed reliability substations. in the but replaced also to existing XX new only this of attract and structures

modern, us helped and Our units, efficient meet our our past generation power investments this nuclear in delivery demand. summer's fleet system

spreading helps by fixed continue growth We over of base. customer larger strong see that affordability customer signs cost a to

the battery projects electric $XXX For coming support plans clean expectation is example, manufacturing solar in invest facility. to low-carbon the Solar production These a of Corra [ ] that billion For to chain up the Industry projects. just investment a announced an proposing $X to is are growth proposing and X build vehicle our few $X.X strong million facility for in supply CF ammonia years. billion

credit customer outcomes. We've matters, improved required important meaningful supports growing drive to regulatory which needs made on the meet progress and to customers'

SERI to funded by in was settlement which will SERI System received with the some be current Mississippi, principle has consistent Service First, Arkansas all Entergy Arkansas $XXX [ amount with CRE reached a agreement settlement funds resolve remaining FERC approves is by claims FERC. settlement. approved Commission once the Energy Public the already and ]. This million global with

sale leaseback with FERC's its sale tax calculations agreed depreciation litigation on certain leaseback August system the the latest and energy order refund SERI uncertain nearly settlement case. and follows settlement, arguments FERC this uncertain tax on recorded position has the positions. for X/X and quarter, With that denied The In with now consistent resolved renewal rehearing requests rehearing reserve also on year. the of is SERI It last risk.

remaining submitted to Accordingly, report the additional compliance FERC SERI Orleans by and recouped LPSC operation to and and Shortly paid amount uncertainty, it of A provide leaseback has the for constructive law million our meaningful clarification. August Entergy quarter, which matter. the we near term that this on of the Arkansas further reasonable rehearing the the eliminate August itself denied customers refunds issue on provides to and litigation sale filed help and New We benefits an Entergy indicated important to with customers. Louisiana. discussions and intends and believe matters. previously to in rehearing brings FERC's $XX after fair settlement will order guide order SERI resolve that can clarity settlement the

last went the retail is to change in current were City into Orleans' and Turning E-NO's matters. This formula Entergy the September. New FRP. Council new approved under rate effect by rates

addition, request will clarity outcome the includes regulatory years. for customers. enhancements the company's extension, support Council credit approved its In important investments for Entergy its Orleans provides extend another New FRP make Entergy its New X The ability that to for and also and by to Orleans

alternatively an also had change September, that on critical case In is filed provide likewise, formula its Louisiana earn fair rate in to rate the to its and some its third FRP. opportunity last return quarter, the Louisiana Entergy to improve under Louisiana investment support new FRP a revisions proposed to with and its extend Entergy current affected growth. rates

need. to support and customer also proposal The new those in programs includes community

that are next maintain to rates as the goal our supports better the proposed path, growth it case is the renewal is Louisiana. strong the important We with cadence to of September. rate new Regardless further current to FRP effective

and up to progressing. with enhancing is in regulators we settlement, work represents afternoon, path also forward. to certain that X,XXX will to our that In This settlement we plan supportive XXXX our on energy [indiscernible] provide formula filings. LPSC the XXXX Louisiana for hopeful early to late-breaking news, for certifications a is testimony process, to are stakeholders will of customers. perspective. Staff of process streamlined outstanding constructive still consistent Separately, requires ultimately continued it to process bring review our a with the the new implement which and clarity relatively XXXX of we incorporate is outlook, filed issues of our It and collaboratively the with part efforts work our solar rate reach them and unopposed solutions clean ongoing their our filings is yesterday an as LPSC resolved at we XXXX stipulated with settlement work to and in megawatts

rate the Texas, our settlement. case approved In PUCT

unanimous New well and for December also settlement allows amortizations, new to rate FRP that rates Arkansas of as annual with XXXX. And Entergy its as depreciation X% change retroactive our yesterday, a filed just cap. a effective

in matter agreed take be cost year-end the incidents rates in effective the Entergy We expect Arkansas to new the and Last to forgo XXXX. before commission will January. week, up recovery from [indiscernible]

result, resolution long-standing moving Entergy off This replacement on provides costs plants a quarter, issue has this been wrote through forward. undepreciated clarity power and a and its As Arkansas this balance sheet.

resilience. regarding Finally,

benefit All agree answer we questions. meetings received to New Orleans, parties to customer staff move review to They staff varying In and the we that as would and together their decision much are, targeting the interveners. how our right opinions affordability. are as hall manage engineer from by customers. as we resilience should now resilience We're input accelerated City stakeholders' proposals. input continue town a work we listen holding processes In forward to well Louisiana, pursue and Council however, our on accelerated timing We and year-end. to

on maintaining value Our focus the of bringing to customers remains we can as the as much credit business. while

our clean that source for we capital we pursuing end, significant meet to have To opportunities that customers' needs and resilience $XXX lower energy. growing million. at capital announced On an gas distribution We to for to demand agreement business cost. are Monday, our sell reliable

use debt will to and to to the earnings. We expected is capital The support needs. our proceeds essentially neutral sale be reduce

with important small Entergy's business culture. part utility of than gas XXX and While of our a employees community piece is business relatively that overall an the are in business, more

As they years. over XXX have been for

have gas stakeholders understand are because We agreement Bernhard part with employees they in the these critical Partners, reached a group, Louisiana-based business. in Capital that

receive In of to level around regulatory have the quarter third is continue XXXX. to contingent expect. customers anticipate the addition, come The on service high of that they transaction will approvals, closing our and we

Federal programs capital. another cost-effective are source to way

We pursuing are both brands loans various through programs. and

the grid resilience our innovative under example, each For operating program, or submitted GRIP companies of and applications. partnerships

selected proposal Entergy million. be and from project pleased Orleans the was the of to New system hardening that $XXX federal are $XX ] will million microgrid battery share in [ the report We

are we did X encouragement reply our for future were selected, and of rounds. While they funding receive projects able to not letters,

for Energy federal apply program. XX to financing DOE's We through are preparing Title also loans Clean the

already and include battery will Our including renewable transmission application are we generation, planning, projects projects. that storage

our community example helping Louisiana's million working attract other our A more Entergy customers, are from region. federal Louisiana HERO Louisiana both $XXX energy investment clean in the good and Beyond award. in threats. residents for with that and federal reliable we affordable, critical philanthropic accelerate climate to secure financing project directly public, members change is and our partners protect sectors Louisiana for private to unites support team of New Entergy were Orleans to

green energy result. $X.X economic could This by load Entergy the funding help was in and jobs blue award. a Entergy Texas participation additional as see activity additional communities. selected the from our end-use create clean high will and hydrogen in which transportation in production, and opportunities, turn example is velocity jump-start Another hub, customers for which DOE billion will hydrogen Texas

is including boots Most local, of work developments. on ground, our community the economic

business, Our local new teams governments base and service our tax alongside attract to and area. work our to state jobs

as has for honored utility recognized once Selection a again Site are that Entergy We top economic development. Magazine

have also help customers our need. programs in directly to We

heat on customers efficiency, this systems, payment stepped provide we for bill past plans encourage provide for and our transition to to education billing. range the levelized With a resources to extreme efforts up quarter, energy

create first our and These hosted tremendous employment workforce area examples Power from utility day. the individuals a partners stakeholder work also to communities. education Future service our and underrepresented community Summit. pathways put every companies for few of just toward employees for to We Year across our are With

EEI growth remains for each The just of creation couple our and fundamentals Financial away. a key of value Conference underpinning The weeks intact. our is stakeholders

bolstered Our long-term the sales outlook robust, is growth IRA. by

the level pursuing other resilience reliability, expand growth to to to includes skills continuous plan clean And remains affordability artificial and trajectory automation, manage capital to of plan equity and meets intelligence we support technologies plan are within capital us customer improvement maintain investment same investments. our Analyst help robotic generally using that Day. Customer priority, despite objectives and and including a out objectives, and energy current our environment have process laid is the flat the our environment a and and a at we we employee Our inflationary with investments. our while O&M efforts incremental like credit capabilities increasing, incremental actively the financing

With of EEI the a steady, are continuing Conference track steadily with to earnings deliver this predictable premier couple forward we the you and at of that, build weeks. dividend look utility. conversation We to on growth working to all in and Financial

Now financial I'll review results Kimberly, quarter. for the call our will the turn over to who

Kimberly Fontan

Thank you, Drew, and good morning, everyone.

strong keep had meet with As very track us to on Drew financial a we've our to said, commitments. results quarter

our X, on share. per are to narrowing were Slide range. our $X.XX guidance date, With adjusted Summarized earnings we results

adjusted XXXX. to We X% EPS affirming our X% also growth through are

the Slide X, variances by quarter's line details item.

quarter weather the this mentioned, was of hottest one Drew record. on As

X%. Excluding weather, roughly retail declined sales volume

in new to gases lower and to mainly quarter. metals, customers were the cogent sales Industrial, in petrochemical expansion Sales and primary customers increased, sectors. the For industrial

agricultural You large the largely elevated in [indiscernible] due sectors, primarily last to chemical also timing. were and petrochemicals, year. customers industrial to existing may declined that cogent and recall sales paper outage Sales

X%. expansion We the from were MISO ancillary the year. were new nuclear last continue affected the bring to industrial rates base investments, Drivers in and compared lower our and assets. revenues. positively growth rates service operating costs costs higher results. and customer-centric Texas benefits quarter companies. compensation drivers lower result also from sales offset O&M generator and year lower will effect largely was generator by decrease Regulatory and results lower. new industrial in close implemented primarily $X.XX strong to on to were costs. formula including depreciation the expense new increases interest This full was customers, included for Other Entergy expense, expect at new outage which cost ancillary the to actions quarter fourth other that for

depreciation Entergy Texas for also New rates contributed.

and Operating Slide and severance and $XXX customer results and fuel pension shown lower purchase revenue to X. the the quarter's payments. spending by last due than The cash year. power of EWC timing on payments, offset which of utility Key flow fuel $X.X O&M million is retention is timing lower These is contributions. year's lower drivers higher included were last billion, partially receipts

X. at and to this Turning in squarely credit above quarter we fourth strong XXXX. target ranges to FFO liquidity less Slide by debt left, drivers or fourth roll-off quarter remained quarter With items Net of credit liquidity a and achieve on $X.X on of the from than metrics remain billion. include track the Key year. repayments end at

Looking equity our unchanged. at X, through Slide needs XXXX,

We have a our period that amount remaining ATM that the within of well program. for small is capacity

adjusted outlook. EPS Slide X, summarizes our

mentioned through again and narrowing our X% growth X% once to affirming our I earlier, outlook we range As are long-term guidance XXXX.

ability year. the Higher-than-planned I'd to a into up like and from move to benefit updates highlight our spending the gives the areas balance in for flex weather future the we customers of quarter us derisk periods. of revenue that few As the year, last

O&M levers. estimate impacts these of ] reflects spending year [ full the flex Our

example, a need reliability, it. to help generating improve running now expense of For maintenance at distribution and for to our units who to and supplemental includes management additional assistance transmission reliability, spending incremental result maintenance vegetation improve customers XXXX bill high as assets capacity, our very

Flex EPS helps predictable us program deliver adjusted that ensure we out. year year and in Our steady, growth

we in weeks, we've plans. The made provide the will strategy financing Entergy in long-term than progress where on be Phoenix X capital will X-year and growth preliminary management team less and our discuss

Additionally, earnings we high-level provide XXXX's consideration will for expectations.

customer growing objectives strong base a that our have consistent our support base. with strategic We plan

the us you about talking and EEI. to excited to forward opportunities are We before look at

is Entergy to And available now answer team the questions.

Operator

Your line Pourreza from the comes Guggenheim. Instructions] [Operator of question first of Shahriar

Shahriar Pourreza

now maybe embedding moving O&M is benefits about range, How $X.XX year-over-year? what bottom carryforward talked obviously, your benefit to Just offsets the guess, 'XX of lever of I other 'XX? the for are 'XX you you commenting of now by quarter-over-quarter up, impact, the in you guidance? difference a the And and from assumption of positive earnings year, going see 'XX? $X.XX for $X.XX Specifically, the any up do you question the 'XX on on building much the is normal have which assumptions which to end $X.XX. for reinvestment

Kimberly Fontan

for Thanks the Sure, Shar. question.

you have we did O&M weather to pull spending. As forward noted, us enables significant some that

distribution vegetation maintenance the in into related There's spending of that Some is, that additional space coming as also around that on assets. management noted, been I to 'XX. spending is those transmission and

into does help derisk And to that of ran just continue in a we higher and that as to support that volumes. 'XX we then quarter have did it XXXX. so will spending mentioned All fourth maintain higher bit units Drew in the third the well those flow the

that contributed and have periods. O&M space then those of all to So derisk in change future help the

Shahriar Pourreza

'XX? keep on thinking does step-up And require EEI? I equity just just, announcement heading Okay. of guess, Got incremental to I in equity then light side, sale we're as it. CapEx 'XX And as into why guys the you did guess, asset we're especially there about the gas the needs, reiterated a

Kimberly Fontan

at does Drew the EEI sales Sure. financing 'XX equity not X help and details and for that go the mentioned weeks. support by support couple and into our through in that, those supported period items, sale have plan outlook, more to The we have that on 'XX a that do capital that we incremental of strong going incremental we'll also gas in

Shahriar Pourreza

as And repeatable just [indiscernible] the confrontational, I about Louisiana. jurisdictions? do you we're settlement with for mean, it's lastly on What somewhat the the sort in the settlement was Okay. has in think the other Perfect. been noted the And Arkansas? guys obviously, of you debate thinking but then Arkansas, complaint proceedings. principle SERI especially

Roderick West

stem the The refunds the the August risk of Rod. further sale-leaseback. the FERC for of ruling and the think, settlement, lowered impetus it's timing Well, in I view, due from that, tax position uncertain our from around uncertainty

decision. So it for negotiations revisit was opportunity an the the August from clarity to us given

Shahriar Pourreza

how guess, do Rod, And Louisiana I the, guess, think through, then read it. sure? the Got just, for to you I

Roderick West

or work From active under under Louisiana a with we're align view as we New we terms specific and about seeing it in that's pursuit the we and remains. with obviously, we remain able that's a progress settlements We timing constructive the Orleans, comment constructive. or we Yes. Obviously, talk on and similar to But -- in with that vantage of point, with counterparties point certainly the reach way long settlement are which as Arkansas our won't reasonable have we as and being, to the comfortable Mississippi. fair we consistent but fair shot. the approached need us, think obviously,

Operator

Morgan the from of next comes question Our of line Arcaro David Stanley.

David Arcaro

Wondering if terms sales that seeing working a sales and in seeing of just elaborate on seeing what around major activity in you this you're on? for down industrial quarter? the normal bit are backdrop, [indiscernible] could been expansions What projects you industrial the customer they've

Kimberly Fontan

are Yes, talk and and noted, big more I we a new expansion -- those around picture, to continue pipeline can David, on strong see specifically. Rod as customers, seeing we

we For but that results drove the are continues our pipeline outages to existing our our some what had customers to year-to-date, be quarter, in strong.

Roderick West

little Yes. short pipeline of of is Entergy. that there prospects into your our service to at the territory. customers projects growth grow. has projects of actual But that in our The provide to insight question, growing coming story number confidence are continued more the around reflecting We'll a the

word robust So there. the operative is

David Arcaro

in And to industrial end what expecting going change the had growth at sales forward? of of been the no terms day, your projections so to you like look

Roderick West

change. No correct. is That

David Arcaro

opportunity potential in just renewable I on gigawatts. X you competitiveness and to Thinking RFP, renewable progress enhanced any RFPs if could the Louisiana, wondering And just was your the then, in Kim, ahead comment there. with

situated as you closer? comes are how Just that

Kimberly Fontan

our self-development from well. continues our continues to pipeline on perspective the develop solar Yes,

are to they and competitive plan space. our to space, and be as customer and to other the that want. continuing But that competitive as we ramp in be capabilities the clean energy support continuing quite up team space developed is energy to in well continuing for desire have in We may cleaner growth renewable to

growth. to see that excited support customers' see and we're our So that

Operator

comes from the line Tonet Our question JPMorgan. Jeremy next of of

Jeremy Tonet

U.S. Just I want if could. to follow up industrial Coast Gulf on the activity,

market gas much I up given oil the conversations, has on oil to Just where as U.S. [ a relative for basis investor advantage as the material there well versus and for what gas and your underpin? the fully the both growth is feedstock How spread ] you industry for byproducts a the do trend Gulf in, of costs of curious, gas that versus byproducts. guess, moved WTI businesses I long multiyear Coast, feel in power for is guess, BTU that, could and natural a down appreciates petchem as industrial that very

Andrew Marsh

economic Jeremy, we are those track things Yes, indicators that closely.

mentioned, oil of as widened everybody and up month out some European natural important they're both prices spread you gas knows. gas as Those of our point the and -- products. in or as very has some be the have last so, particularly As here, out, Coast to customers, Gulf industrial of between gone the the that, you supportive

the case, chains, So Gulf at that to, has and made led the Coast. -- big that they lot continue they look know U.S. a look around geopolitical some macro to it's brings be uncertainty, U.S. that as continuing the as broken of what global we you when to at investment supply global and and the and already trends has

very are in So service spreads growth strongly very, Gulf supporting customers the industrial our and our Coast the or all talking territory. industrial spreads, particular you're and they whether in commodity along about geographic

Jeremy Tonet

comments. just clear filing of following there remarks Very prepared us. with up Orleans, it. Maybe Got on your to New resiliency Louisiana some

now. how resiliency in to You affordability that to and sense here see opinions how right there concerns? are mentioned variability these the outcomes other varying moving are big involved how discussions? are as resiliency Any of to -- the other much could do in What pieces of these filings that kind options you much than as

Roderick West

It's Rod.

need engineer were we you alignment where resilience. for staff. We commission areas on primary X the recall, strong a and there One staff feedback. the other got If initial was had the was

transparency something So dynamics were There retired share ultimately the on and X we on a ought instructive. recovery the staff resolution assets. to the scope. around lot arguing we align to sure is to support to I back we we're recovery [indiscernible] objective was our When testimony we will sort be but But for also debate once and I really That looking outcome, comfort gave doing. features. that the whether this of be is and a the that us their the pace continue making for rightfully referenced accountability access settled the end [indiscernible], about for sort going what decide credit ultimately capital. could come or to where think us the be constructive could affordability of think And be lion's a they scope, lanes decide of [indiscernible] work mechanism not those is to continues of is around support is for they cost. that our not are resilience around to One But the customers. to commission answer going recommended as

Jeremy Tonet

makes Got sense us. lot it. a That to of

Just one, I if one last could.

similar reaffirmed Investor assume impact you through continue resiliency your CAGR also to in a Day to that X% 'XX? EPS How base the X% CAGR it through 'XX reasonable is to line will just other as X% rate growth see X% accelerate On trying at you commentary, against this? would rate this with higher see such this as do Similarly, how FRP this? coin, side to inflation as of win out. is you the both impact concerned, renewables sides far playing pressures the see caps Given

Kimberly Fontan

that we Sure. capital capital to around perspective, The grow continue and with From for the there are pressure them. opportunities to consistent we base, to investment have support a expect our are to growing investments rate certainly, as those customers support resilience. objectives made would additional

it could If is we've level assumed we've for faster example, in about be sure as making but growth base would customers supporting be is previously, our at spending resilience additional customers' them that accelerated the provide and that we a the then well. placed power with certainly that that are that mechanisms, to example, in. we and there reliable renewables of are as discussed capital services resilience And pace, continuing additional For more really offer. could drive interested

Andrew Marsh

just we additional already have. that EEI, that to potential above as increase disclosures plan add I'll we around we And some capital get what

Jeremy Tonet

Got it.

FRPs, inflation as quick, should as are that caps any the issues against be that far real Just something we about? thinking

Kimberly Fontan

Jeremy, staying we customer attention the are have affordability, sure that that within we but to for our making and pay certainly affordability investments to caps monitor we we make customers.

So we've had constructive as regulatory mechanisms in all expect of our forward. have to jurisdictions go and continue that to we

Andrew Marsh

believe work that all can as which we're the inflation also can And that line, But the continuous talking things and bear capital last my really are manage about we help things our it's drives improvement of cost do efforts. us mentioned a are other inflation. in I in the couple against remarks, that cost always against years. or to been like as And we putting hold the Those tough we well. drive

objective. our that's So

investment the see our all don't is. impacting rates incremental we So it as much as really just

Operator

next question Zimbardo Paul Our of America. of line comes Bank of from the

Paul Zimbardo

Very Well the the kind the the quantum of SERI's combine. across there's helpful. just would a kind and be kind done relative efforts help outlook, nice renewables opportunity the numbers incremental I been of the capital hardening programs? lot to Jeremy's I know could if and to that as set frame, you well hoping resiliency was of time as progress. and And frame merge way of question I of and on could see. David What's settlement opportunities the

Kimberly Fontan

assuming -- Yes. incremental I of million resilience of resilience we the into Paul, in all if a of we'll and get the and we get don't specifics around details takes talked base in think top front historically is in of That's when EEI. have the on and accelerated weeks. that. get I on capital there into recovery, we'll me, or all but couple and the but $XXX about get then the available specifics puts at we've

Paul Zimbardo

the We're a to just extension, is the really with kind fully be think the settlement anticipating this other one, a Great. that good opportunity Louisiana then of update. be Or will EEI. more FRP And it and rate you case/the proceeding there? needs litigated? major on Okay. is It

Roderick West

around a the vantage this one, settlement both for continuing customers an and is, us Yes. Louisiana. And regime like growth of to the recovery with putting FRP to From favor given our settlement investment work to be promote pick in in certainly, a we smoother as desired. and But two, needs capital transition point, and fund specific, on begin up provides growth. both the growing a certainty certainly to the clarity opportunity; support on for resiliency to

to a us flexibility expense for something from customers our litigating litigation our so vantage stakeholders that outcome chosen avoid having optimal the an point, regulators and provides avoiding Louisiana. And FRP there our the both and in and case in of the rate is have and to certainly is we other stakeholders

that towards. path the definitely yes, working FRP the we're So is

Paul Zimbardo

faster quickly, And I potentially just on we Or about Understood. setting year? we than think, March think XX timing, could the potentials settlement after should clarify then testimony, to in next of something that? expectations Okay. intervenor see

Roderick West

Discovery point great little be deem to think the Yes. we at to feedback It's the But week us a of year. has around timing next because gotten had it's think August this hearing for meaningful procedural order that really that set for and was underway, I question. a a early said I just last

helpful might as procedural January February. schedule conferences be think coming in A and set about things couple milestones December, months. you that The the of forth technical in

positioning will us the daylight parties the as the give as initial insight give path to technical I and conferences think potential to those framework, some some then settlement. of that forward around

Operator

Evercore. Michael of from the comes Lonegan question next Our of line

Michael Lonegan

highlight derisk temperatures the and O&M Presumably work forward on reliability crews spending for spend for going the the stress to pay you talked given about to O&M maintain on utility outlook also, more So to category? peak and the you of additional demand, grid. Can some the given year, had XXXX. you overtime record the

wondering grid? to Just derisk on if of to versus was out that how maintain you amount pulled spending much reliability the your could break forward

Kimberly Fontan

Thanks, Michael.

well But been reliability hot and summer space the specifically did that significant as the the and as breakout power have have have forward. team the spending to pull around able gen piece transmission performed in pull right, support You're to as well. distribution well. to between don't I certainly, the we the we volumes forward the in vegetation and spend space really more and

Operator

next line Our of Crowdell Mizuho. -- sorry, from comes question of Mizuno Anthony the

Anthony Crowdell

I years. closed. 'XX goods. like I quick guidance X XQ system sale, think It's Mizuno sells think sporting your the of two almost is ones. Approval gas I guess a

curious way Just important out an the on for? we along eye length, long closure? any the what should causes milestones And keep that

Roderick West

Yes. months we stakeholders Orleans process, advice of [indiscernible] This then sort XX expectation. singular Service working both of that do of sets suggest It's partner not be us And Metro the and gives and an experience City getting XX our of a just to process to time frame. we'd -- that we're that all the the is something XX jurisdiction. able achieve those any to objective. that's It's sooner, And really clearly, approvals. what Rod. Louisiana have a Commission, fact outlook The Council, process Public Council the certainly having have you New given that that, initial if

Andrew Marsh

good and longer to strategic to be little buyer, normally new right and to some particular was all need work it would up the this. of do set to And going that And a over. with that everything buyer might example. back-office transfer this for bit it pieces if is all the take to I'll than them a of we're business. operations go just add while They And our -- is

Anthony Crowdell

weekend... outcome, if you you time [indiscernible] Got Orleans just if value know given venture. when a that the with be would they the and the think earlier maybe until just of Orleans. period management to and could guys like curious I we But then New want at struggle gauge the just what the I look this liability -- trying negative up and just maybe it. the you SERI long And the have Louisiana progress to if versus hold management maybe Louisiana made on how really at that company look I'm given we've there clarity like the Is out, tried continued but and ending book hard that would as just don't maybe to appreciate New SERI on week. of view just

Andrew Marsh

mean, I potential always options. and mean every is at -- I I'll Well, we're Yes. I outcome say looking

point, that with Mississippi made the think Arkansas, progress settlement then settlement is in we the there. of But of derisks now at roughly So we've in the good calculation. and always overall part this [indiscernible] exposure the X/X

we're progress various we're this to paying that down good time. making at and don't path looking like attention that at feel really need But that is always options. go we that and we particular something to close So

something keep that's we so could the considering in future. And

Operator

of Our comes of Barclays. the from next line Campanella question Nick

Nicholas Campanella

months, appropriate required point? Can the year-end nothing of that's and regulatory standpoint else and the approvals confirm within you lapping minimums. you just more Just you're been X today, me one XX% think a obviously and XX trailing XX.X% lot off this But roll get from credit, the to I items signaling the by answered. doing has you're on at there's just back of can and

Kimberly Fontan

the that off of Sure, Nick. of the with roll in roll debt then quarter was the Large the off is That's securitization that And some paid Mississippi will in fourth XX including earlier significant there right. amount Louisiana settlement There year. November in related that ended SERI XXXX. part quarter. are months fourth will items to from from out in a XXXX,

Operator

from Citi. the Ryan line Our Levine comes question of of next

Ryan Levine

already have call? highlighted see on you some current the for do of biggest incremental jurisdictions opportunity resilience for the spending? the buffer does What built-in upside this equity issuance And having plan CapEx

Kimberly Fontan

Thanks, Ryan.

we have does. open X in Orleans Orleans filings those more and New much Louisiana than New know, you spending Louisiana. has As in between

Texas anticipate legislature. writes the out in of also coming in commission a We as the the XXXX filing rules

level amount the investment. how our far We've depending equity And of base to assumed have and a resilience. amount looking investments capital in we associated with on of a of base the approved of investments. be but that, including as that is at we'll finance As plan, of that level what out significant

jurisdictions. the come those out to more So come of as decisions

Operator

the comes Glenrock line Patterson question of of next Paul Our from Associates.

Paul Patterson

leaseback Louisiana? on -- this there But isn't have perspective, closure litigation, with answered. a fully when this respect the Louisiana we -- my Just guess, if SERI been get wondering most settlement will to I'm stuff. the I is, a if settlement, litigated of congratulations on But finally, in I questions from with guess

Roderick West

settlement understanding issues I'm the sure make the Louisiana to question, want get on the I remaining Is that... question. in we likely when would

Paul Patterson

not guess that. asking I predict I'm to you

I question that. a I long settlement how [indiscernible]? isn't come you would does my guess sort think there you've of answered if litigation was, when litigation -- the expect the to

Roderick West

long Yes, it's [indiscernible].

take than to well to around we it years. the and of provide settlement If with this X-plus you opportunity uncertainty customers before to comes and suggesting Orleans, goes or were those the process provides that back both settlement benefits issues so any resolution. to potentially Louisiana why And later. rather and pursue addressing you And now us what to FERC versus couple do years continuing a we're -- sooner about a think opportunity there's could the remaining that and value New the

Andrew Marsh

any And full resolution because say, just not we... to resolution,

Roderick West

right. That's

Operator

call no now appears time. I question comes line next the there turn of Travis questions you. from Our of further Mr. It this the over are will Abler, back Miller Morningstar. to at

William Abler

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

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which strategic website updates execution. Information, we reminder, milestones regulatory Relations Entergy's a key provides as proceedings and called of page web on as Also part a Regulatory and maintain Investor Other our of important

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

Entergy (ETR) 1 Nov 232023 Q3 Earnings call transcript