Welcome to our dedicated page for Entergy Corporation news (Ticker: ETR), a resource for investors and traders seeking the latest updates and insights on Entergy Corporation stock.
Entergy Corporation (NYSE: ETR) is a leading integrated energy company primarily engaged in electric power production and retail distribution operations. With its headquarters in New Orleans, Louisiana, Entergy owns and operates power plants with a total capacity of approximately 30,000 megawatts, including over 10,000 megawatts of nuclear power, making it one of the largest nuclear generators in the United States. The company provides electricity to about 3 million customers across Arkansas, Louisiana, Mississippi, and Texas through its five regulated utilities.
Entergy is dedicated to delivering reliable and affordable energy while maintaining a strong focus on sustainability and corporate citizenship. The company is committed to transitioning to cleaner, more efficient energy solutions, as demonstrated by its significant investments in renewable energy and grid resilience. Entergy is also known for its economic contributions, providing over $100 million annually in benefits to local communities through philanthropy, volunteerism, and advocacy.
In 2023, Entergy reported annual revenues exceeding $11 billion and employed approximately 15,000 people. The company's financial performance was highlighted by fourth-quarter earnings of $988 million on an as-reported basis and $111 million on an adjusted basis. For the full year, Entergy's earnings were $2,357 million on an as-reported basis and $1,438 million on an adjusted basis. These results underscore Entergy's focus on operational excellence and customer satisfaction.
Recent achievements include the resolution of the 2016-2018 IRS audit, which resulted in a $568 million income tax benefit, and the successful execution of clean energy projects to support a growing customer base. Entergy's strategic initiatives also encompass partnerships with organizations like Feed the Second Line's Get Lit, Stay Lit clean energy initiative, and its sponsorship of the Bayou Regional FIRST Robotics Competition, which underscores its commitment to STEM education and community development.
Looking forward, Entergy has initiated its 2024 adjusted EPS guidance range from $7.05 to $7.35, projecting a stable financial outlook. The company remains focused on delivering meaningful value to its stakeholders while advancing its goals of sustainability and reliability in the energy sector.
Entergy Mississippi has launched its first direct current fast charging station pilot project in Ridgeland, costing $200,000, to support the growing electric vehicle (EV) market. This station will serve EV drivers along I-55 and I-20 and enable Entergy to study the impact of EVs on the power grid. Equipped with two chargers providing up to 120 kilowatts, it aims to gather data on EV usage patterns. As EV ownership rises, with an estimated 26 million vehicles projected by 2030, this initiative is crucial for planning future infrastructure needs. The project also contributes to bridging the 'charging gap' on Mississippi highways, enhancing tourism and economic activity.
Entergy has announced a contribution of $1 million in shareholder-funded grants to 19 local community partners through its Environmental Initiatives Fund. This marks the 22nd consecutive year of such funding, aimed at supporting projects that reduce environmental risks and enhance community sustainability. Notable recipients include Ducks Unlimited, Feed the Second Line, and The Nature Conservancy. Since 2001, Entergy has invested nearly $42 million in environmentally beneficial projects, aligning with the United Nations Sustainable Development Goals.
Blue Cross and Blue Shield of Louisiana, Healthy Blue, and Entergy are partnering to sponsor 200,000 meals for Louisiana food banks, commemorating Martin Luther King Jr. Day. Volunteers will pack meals from January 16-21 as part of a National Day of Service. Last year, the group donated over 170,000 meals. Entergy aims to provide 2.6 million meals by 2025 as part of its commitment to combat food insecurity. This initiative highlights ongoing community support amid rising food costs, addressing recent research indicating over 50% of Louisiana households struggle to afford essential needs.
Entergy has affirmed its adjusted EPS guidance and outlooks following recent Federal Energy Regulatory Commission (FERC) orders regarding customer rates related to the Grand Gulf Nuclear Station. SERI, which operates the station, reported no additional refunds due to customers beyond those provided in 2021. The orders facilitate a $69 million ongoing rate base credit and a one-time credit of $25 million. However, SERI is required to refund approximately $149 million arising from a lease disallowance and will seek a rehearing on this ruling, impacting its financial outlook. Entergy remains committed to regulatory collaboration for customer benefits.
Entergy Louisiana filed its Phase I Future Ready resilience plan with the Louisiana Public Service Commission, seeking approval for a 10-year initiative to enhance grid resilience following major storms. The plan involves $9.6 billion in investments over ten years, with the first phase costing approximately $5 billion. It aims to reduce power restoration costs and customer interruptions by over 34 billion minutes over the next 50 years. The proposal includes grid-hardening measures and advanced vegetation management to combat increasing storm intensity and frequency.
Entergy Texas, Inc. has declared a quarterly dividend of $0.3359375 per share on its Series A Preferred Stock. The dividend distribution will be made on January 15, 2023, to shareholders who are on record as of January 3, 2023. Entergy Texas, a subsidiary of Entergy Corporation, serves over 486,000 customers across 27 counties, emphasizing its commitment to a cleaner energy future with a diverse portfolio that includes carbon-free sources.
Cameron LNG has signed a memorandum of understanding (MOU) with Entergy Louisiana to negotiate a new electric service agreement aimed at reducing Scope 2 emissions from electricity usage. The MOU lays the groundwork for a potential 20-year agreement focused on renewable power, crucial for Cameron LNG's sustainability goals. This initiative is expected to support the expansion of Cameron LNG, which includes a new liquefaction train. Entergy Louisiana aims to meet rising demand for carbon-reduction options, demonstrating its commitment to a cleaner energy future.
Entergy CEO Drew Marsh and the executive team will engage in investor meetings at the 57th Edison Electric Institute Financial Conference from November 13 to November 15, 2022. Relevant materials will be accessible on Entergy's Investor Relations website starting November 11. Entergy, a Fortune 500 company based in New Orleans, serves 3 million customers across Arkansas, Louisiana, Mississippi, and Texas. The company is committed to a sustainable energy future, contributing over $100 million annually to local communities through philanthropic efforts.
Entergy Corporation (NYSE: ETR) reported Q3 2022 earnings of $2.74 per share, an increase from $2.63 in Q3 2021, and adjusted EPS of $2.84 compared to $2.45. The company narrowed its adjusted EPS guidance for 2022 to $6.25 - $6.45. Key achievements included approvals for multiple solar projects totaling 725 MW and a $206 million securitization for Hurricane Ida recovery. A quarterly dividend was declared at $1.07, a 6% increase. Entergy aims to enhance customer affordability and support clean energy initiatives while advancing reliability.
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