Q2 2024 Entergy Corp Earnings Call Transcript
Key Points
- Entergy Corp (ETR) reported strong quarterly adjusted earnings per share of $1.92, keeping them on track to meet their 2024 guidance.
- Entergy Louisiana reached an agreement in principle with the LPSC staff and other parties on its FRP extension, resolving several open matters.
- System Energy Resources (SERI) reached an agreement in principle with the LPSC staff on long-standing litigation at FERC, removing an ongoing challenge.
- Entergy Texas submitted its future-ready resiliency plan, requesting approval for a three-year first phase estimated to cost $335 million.
- Entergy Corp (ETR) continues to make progress in expanding its clean energy capacity, including a joint development agreement to accelerate the development of up to 4.5 gigawatts of new solar generation and energy storage projects.
- Entergy Corp (ETR) will provide $184 million of customer credits as part of the settlement with Entergy Louisiana, impacting financials.
- Hurricane Beryl caused significant damage, affecting about half of Entergy Texas customers and resulting in an estimated cost of $75 million to $85 million for restoration.
- Higher interest expense due to increased interest rates and higher debt balances to finance investments.
- The pension plan lift-out resulted in a $1.17 settlement charge, although it reduced the remaining pension liability to 96% funded.
- The regulatory and litigation processes, including the SERI settlement, are still subject to approvals, indicating ongoing regulatory risks.
Good morning. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's second quarter 2024 earnings conference call. (Operator Instructions) '
I'd now like to turn the call over to Bill Abler, Vice President of Investor Relations for Entergy Corporation. Bill, the floor is yours.
Good morning, and thank you for joining us. We will begin today with comments from Entergy's Chair and CEO, Drew Marsh, and then Kimberly Fontan, our CFO, will review results.
In an effort to accommodate everyone who has questions, we request that each person ask no more than two questions.
In today's call, management will make certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to a number of factors, which are set forth in our earnings release, our slide presentation, and our SEC filings. Entergy does not assume any obligation to update these forward-looking
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