Entergy Corporation · NYSE:ETR
Entergy — Investor Day (June 2024)
100 slides from Entergy's investor day presentation, Jun 7, 2024
Slide 1: Entergy analyst day
Entergy analyst day June 7, 2024 0
Slide 2: Caution regarding forward-looking statements and Regulation G compliance
Caution regarding forward-looking statements and Regulation G compliance In this presentation, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, am
Slide 3: Today's agenda
Today’s agenda Time Presentation Presenter 9 – 9:05 am Welcome Bill Abler 9:05 – 9:20 am Robust, unique growth story Drew Marsh 9:20 – 10 am Starting with the customer Rod West 10 – 10:40 am Expanding opportunities in Panel discussion Entergy's service area 10:40 – 11 am Break 11 – 11:15 am Financia
Slide 4: Entergy
5) entergy
Slide 5: Robust, unique growth story
Robust, unique growth story Drew Marsh – Chair of the Board and CEO 0 Analyst Day June 7, 2024
Slide 6: Customers Employees Communities Owners
Customers Employees Communities Owners 1
Slide 7: Entergy at intersection of major macro trends
Entergy at intersection of major macro trends Onshoring Clean energy Electrification Technology 2
Slide 8: Macro factors driving growth in Gulf region
Macro factors driving growth in Gulf region Onshoring NBP to Henry Hub spread; $/MMbtu Brent-to-Henry Hub ratio U.S. competitive advantage 16 18 20 22 24 26 16 18 20 22 24 26 28 NGL-to-Brent ratio WTI-to-Brent spread; $/bbl 16 18 20 22 24 26 16 18 20 22 24 26 28 3
Slide 9: Helping customers achieve clean energy goals
Helping customers achieve clean energy goals Clean energy Industrial scope 1 emissions by state; 2022 annual short tons of CO2 (millions) ~127 (estimated) TX LA ETR Industrials OH OK GA OR MN MO FL TN MD MT MA ME PA AL MI MS SC VA AR AZ SD VT CA IN IL IA KY KS AK WY WA ND CO NY NE WV NM NC NJ DE CT
Slide 10: Electric-enabled technology core to everyday life
Electric-enabled technology core to everyday life Electrification Online news Electric vehicles Computer textbooks Medical visits Work from home Gaming 5
Slide 11: Datacenters driving large increases in demand
Datacenters driving large increases in demand Technology U.S. datacenter capacity; GW Hyperscale 14 Colocation Enterprise 22 25E 27E 30E 6 Source: BCG
Slide 12: Meaningful progress on investor concerns
Meaningful progress on investor concerns Moving toward premier objectives Mitigating Improving Delivering Improving storm risk credit strong, regulatory consistent outcomes growth 7
Slide 13: Mitigating storm risk with resilience investment
Mitigating storm risk with resilience investment Estimated reduction in Gulf Coast restoration costs1 Illustrative 0% (10)% (20)% ~20% reduction by end of 28E (30)% (40)% (50)% Full plan (60)% 1. Based on multiple storm scenarios; actual restoration costs will vary depending on location, frequency,
Slide 14: Building a stronger, more resilient balance sheet
Building a stronger, more resilient balance sheet Recovered and de-risked, ready to support growth Entergy FFO to debt Downgrade threshold 20 21 22 23 24E 25E 26E 27E 28E 9
Slide 15: Strong and steady growth
Strong and steady growth Starts with consistent industrial growth ETR large industrial 5.1% Utility rate base2 ETR adjusted EPS sales vs. IPI1 CAGR ETR large industrial sales (12-month moving average) 1% IPI CAGR 10 24 20 28E 19 28E 1. Industrial Production Index measures levels of production and ca
Slide 16: Improving regulatory outcomes
Improving regulatory outcomes Solid plan to create value for all Customers Employees Communities Owners Timely new Competitive Economic Credit improvement service compensation development Impactful work ~$70B Value and customer project affordability capital investment Career growth Steady, predictab
Slide 17: Solid plan to create value for all
Solid plan to create value for all Customers Employees Communities Owners 12
Slide 18: Entergy
5) entergy
Slide 19: Starting with the customer
Starting with the customer Rod West – Group President, Utility Operations 0 Analyst Day June 7, 2024
Slide 20: Delivering customer-centric results
Delivering customer-centric results Investing for significant new growth that benefits stakeholders Starting with Plan to deliver Stakeholder Financial the customer value engagement strength 1
Slide 21: Considering each customer
Considering each customer Residential, commercial, and industrial 2
Slide 22: Delivering what customers want
Delivering what customers want Building off unique advantages in our region Natural advantages What Entergy brings to the table Infrastructure, Business Timely new Clean access to ports friendly service energy Available Proven Value and Customer sites workforce affordability partnership Ability to b
Slide 23: Entergy is attracting new customers
Entergy is attracting new customers Pipeline shows robust growth in all stages Industrial project studies increasing 1,200 Customer pipeline development 800 400 Project study 0 Potential FID ESA Customer 20 21 22 23 24E customer Reimbursement agreement Growing backlog of ESAs1; MW 4,000 Increasing p
Slide 24: Customers driving strong growth
Customers driving strong growth Size and diversity unique to Entergy Cumulative weather-adjusted total Cumulative large industrial retail sales retail sales growth vs 2023; TWh growth 2028E vs 2023; TWh 30 ~26 ~26 26 All other E-TX 19 ~8% – 9% Ag. chemicals E-MS 15 Industrial CAGR Other chemicals 28
Slide 25: Speed to market critical for datacenters
Speed to market critical for datacenters ~5–10 GW of potential hyperscale datacenters in pipeline, not in base plan Illustrative Integrated solutions Available Clean Timely Proven that leverage existing sites energy approval workforce portfolio processes Traditional large customer timeline (~60–90 m
Slide 26: Accelerating renewables deployment
Accelerating renewables deployment Multiple approaches to meet customer timelines Regulatory and legislative actions Solar joint development agreement with NextEra Energy Resources LPSC approved expedited • Facilitates development, process for up to 3,000 MW of construction, and Entergy renewables o
Slide 27: Customers value low rates
Customers value low rates Spending discipline contributes to advantage Scale advantage Creating incremental value Average industrial rates National average Continuous AI Entergy Utilities improvement Process automation Workforce training Capital Cross functional capital efficiency project re
Slide 28: A clean portfolio and getting cleaner
A clean portfolio and getting cleaner Serving growing customer base with renewables and optionality for H2, CCS CO2 emission rates of top 20 privately-owned / Planned resource capacity; GW investor-owned power producers; lbs per MWh ~38 ~33 ~26 ETR Utilities 677 1 1 Based on Benchmarking Air Emissio
Slide 29: Customers interested in CCS
Customers interested in CCS Not in base capital plan; could be viable as early as 2030 CCS process Illustrative CO2 capture Sequestration Power facility site generation plant CO2 pipeline system Gulf region advantages • Significant existing CO2 infrastructure to transport captured carbon • Large cus
Slide 30: Investing to deliver what customers want
Investing to deliver what customers want 2024E–2028E capital plan by outcomes Illustrative Other customer outcomes Growth $33B Clean energy Reliability and resilience 11
Slide 31: Improving stakeholder outcomes
Improving stakeholder outcomes How we’re measuring customer value Customer benefits by 28E Illustrative Community benefits1 Reliability (SAIFI) CO2 emission rate ~$70B ↓ 18% customer project ↓ 31% capital investment 23 28E 23 28E ~17,000 Storm cost reduction curve Net promoter score jobs2 BAU ~$175M
Slide 32: Residential value and affordability
Residential value and affordability Delivering desired outcomes; economic development supports relative affordability Illustrative Illustrative Wtd. avg. residential bill1; $ Unemployment rate by state; % Share of income spent on residential electricity2; % ~4% CAGR 28E vs 23 20 5 16 4 ~3% inflation
Slide 33: Employees critical to success
Employees critical to success Delivering value to employees is key Driving talent and culture Delivering value for employees Recruit and retain talent Competitive compensation Cultivate diverse talent Impactful work Build capabilities Career growth and and capacities development Advance a Realizatio
Slide 34: Broadening stakeholder engagement
Broadening stakeholder engagement Drives alignment and improved outcomes Customers Expected outcomes Elected Multiple stakeholders at the table Regulators officials Common goals Benefits for multiple stakeholders Owners Vendors (debt and equity) Understanding full impact for all stakeholders
Slide 35: Regulatory initiatives support growth, credit
Regulatory initiatives support growth, credit Using stakeholder engagement to drive alignment and outcomes Illustrative 24E 25E 26E 27E 28E Rate case FRP renewal w/ modifications E-AR Potential generation rider FRP renewal w/ modifications FRP renewal E-LA Resilience rider Cash on CWIP1 E-MS C
Slide 36: Successful execution supports financial objectives
Successful execution supports financial objectives Utilities growing and financially healthy Utility rate base outlook1, $B Utility adjusted ROE outlook ~9% CAGR ~9.5% ~9% 24E 25E 26E 27E 28E 24E 25E 26E 27E 28E 1. Internal estimates based on last-approved rate base adjusted for assumed changes in t
Slide 37: Delivering customer-centric results
Delivering customer-centric results Investing for significant new growth that benefits stakeholders Starting with Plan to deliver Stakeholder Financial the customer value engagement strength 18
Slide 38: Entergy
5) entergy
Slide 39: Expanding opportunities in Entergy's service area
Expanding opportunities in Entergy’s service area Economic development discussion Susan Gray Haley Phillip Bourgeois Swoope Fisackerly May Secretary, President and CEO, President and CEO, President and CEO, Louisiana Economic VisionFirst Advisors Entergy Mississippi Entergy Louisiana Development
Slide 40: Financial strength and resilience
Financial strength and resilience Kimberly Fontan – EVP and CFO 0 Analyst Day June 7, 2024
Slide 41: Demonstrating financial strength and resilience
Demonstrating financial strength and resilience Delivering value for all stakeholders Robust Financial Enhancing credit Steady, predictable customer-centric discipline and managing risk growth capital plan 1
Slide 42: Investing to deliver what customers want
Investing to deliver what customers want Illustrative 2024E–2028E capital plan by outcomes 2024E–2028E capital plan by function Other Other customer Growth 2 Distribution outcomes Generation baseline 5 11 $33B $33B Clean Other new 6 energy generation 2 8 Reliability and Renewables Transmission resil
Slide 43: Investment for customers drives growth
Investment for customers drives growth Investment plan and depreciation expense; Projected rate base1; $B cumulative $B 33 26 20 57 49 52 40 44 13 37 6 24E 25E 26E 27E 28E 23 24E 25E 26E 27E 28E Capital investment Depreciation expense 1. Internal estimates based on last-approved rate base adjusted f
Slide 44: Managing costs to help affordability
Managing costs to help affordability CI helps offset inflation and other cost pressures Utility other O&M target; $B Illustrative Continuous improvement Managing initiatives $2.7B annual target inflation and • AI technology at call centers to other cost improve first call resolution pressures • Tran
Slide 45: Driving efficiencies in our capital investments
Driving efficiencies in our capital investments Disciplined capital prioritization and review process drives customer value Customer value for capital investment Illustrative Greater value for Efficiencies identified customers for in cross-functional same investment Investment ($) project reviews Re
Slide 46: Timely recovery, moderate equity finance investment
Timely recovery, moderate equity finance investment Strong OCF supports growth and credit improvement Five-year sources of funds; $B Equity in five-year plan; $B 41 1.7 3.1 3 ~2 ~11 ~0.5 Expect to 1.4 use ATM to fill all Completed, ~24 equity not yet settled1 24E–28E 25E–26E 27E–28E Total OCF Tradit
Slide 47: Delivering strong credit
Delivering strong credit Building capacity for unexpected events, stronger growth Moody’s S&P CFO pre-working capital to debt outlook FFO to debt outlook 16 16 15 15 Capacity 14 14 Capacity Moody’s downgrade threshold 13 13 S&P downgrade threshold 12 12 24E 25E 26E 27E 28E 24E 25E 26E 27E 28E 7
Slide 48: Alternative financing accelerates customer benefits
Alternative financing accelerates customer benefits Supports credit, expands investment capacity Alternative financing illustration; Illustrative annual project cash outflow Entergy Delays cash needs on specific financing projects Allows acceleration of Off-balance sheet additional projects fina
Slide 49: Driving financial strength and resilience
Driving financial strength and resilience Results in lower costs and greater certainty Actions Supports credit Other risk reduction Timely recovery mechanisms MS legislation for AWS LA accelerated resilience New financing strategies Large G and T alternative financing JSNs DOE loans Othe
Slide 50: Growing balance sheet mitigates storm exposure
Growing balance sheet mitigates storm exposure Relative risk declining $1B as a % of rate base1; % Relative ~50% risk reduction ~3.6 ~2.5 ~1.8 20 24E 28E 1. Internal rate base estimates based on last-approved rate base adjusted for assumed changes in the major rate base components and includes CWIP;
Slide 51: Continuing our growth trajectory through 2028
Continuing our growth trajectory through 2028 Robust customer expansion and track record support 6% – 8% outlook Entergy adjusted EPS; $ 6% 19–23 CAGR 6% – 8% 23–28E CAGR1 9.25– 8.65– 9.65 7.50– 8.05– 9.05 7.05– 7.90 8.45 6.70 7.35 6.02 6.42 6.77 5.40 5.66 19 20 21 22 23 24E 25E 26E 27E 28E Original
Slide 52: Demonstrating financial strength and resilience
Demonstrating financial strength and resilience Delivering value for all stakeholders Robust Financial Enhancing credit Steady, predictable customer-centric discipline and managing risk growth capital plan 12
Slide 53: Entergy
5) entergy
Slide 54: Propelling long-term growth
Propelling long-term growth Drew Marsh – Chair of the Board and CEO 0 Analyst Day June 7, 2024
Slide 55: Macro trends propel Entergy's long-term growth
Macro trends propel Entergy’s long-term growth Onshoring Clean energy Electrification Technology 1
Slide 56: Robust, diverse pipeline for long-term growth
Robust, diverse pipeline for long-term growth Extending strong growth through next decade Illustrative Datacenters Material processing Chemical processing ~5–10 GW ~2–3 GW ~3–4 GW LNG H2 / ammonia ~1–2 GW ~4–6 GW 2
Slide 57: Strong story, getting stronger
Strong story, getting stronger Solid base for long-term 6% – 8% adjusted EPS growth, potentially more Illustrative Illustrative Cumulative retail sales growth vs. 2023 Potential capital investment Datacenters Amount and timing depend on financing options Traditional industrial and electrification Cu
Slide 58: Entergy has a unique and robust growth opportunity
At the intersection of macro themes Entergy has a unique and robust growth opportunity Delivering what Value creation customers demand for all stakeholders 4
Slide 59: Entergy
5) entergy
Slide 60: Appendix
Appendix 0 Analyst Day June 7, 2024
Slide 61: About Entergy
About Entergy Vertically integrated utility with five operating companies in four states – AR, LA, MS, and TX 3 million retail customers 23,879 MW owned and leased generating assets 16,100 circuit miles of interconnected high-voltage transmission lines 106,415 circuit miles of distribution lines 202
Slide 62: Sustainability
Sustainability BD) entergy
Slide 63: A focus on sustainability leadership
A focus on sustainability leadership Environmental Social Robust stewardship responsibility governance For a cleaner world Promoting safety, opportunity, Managing risks and and equity opportunities • Among the cleanest large-scale • Live safe all day, every day • Diverse board with an effective flee
Slide 64: Among the cleanest large-scale fleets in the U.S.
Among the cleanest large-scale fleets in the U.S. CO2 emission rates of top 20 privately-owned / investor-owned power producers; lbs per MWh Entergy Utility 677 Based on Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States, published Nov. 2023 (2021 data) 4
Slide 65: Planned exit from coal
Planned exit from coal Intend to retire all coal-fired capacity by the end of 2030 Coal generation of top 20 privately-owned / investor-owned power producers; TWh • Less than 3% of 2023 revenue from coal assets • ~1% of rate base comprised of coal assets Entergy Utility Based on Benchmarking Air Emi
Slide 66: Current plan supports interim emission rate goal
Current plan supports interim emission rate goal Stronger than planned growth could challenge timing of meeting interim goal Entergy Utility CO2 emission rates; lbs per MWh U.S. power sector avg. 1,130 Current supply plan 852 694 565 Net zero 1 2000 2010 2023 2030 2050 goal goal (50% reduction vs. 2
Slide 67: Progress against carbon-free capacity goal
Progress against carbon-free capacity goal Carbon-free capacity; % of total Making progress against interim carbon-free capacity goal; achieving 50% carbon-free capacity by 2030 delayed due to 50 sales growth that is stronger than ~40 Carbon-free originally expected 23 2023 2030 goal Current 2030 su
Slide 68: Clean energy transition technologies
Clean energy transition technologies Illustrative 2030 2040 Currently unknown Advanced gen, zero carbon resources1 Expected to be viable Small modular reactors (nuclear) H2 power generation Long duration storage Carbon capture and storage Known and proven Wind Gas with H2 capability Battery energy s
Slide 69: Diversity, inclusion, and belonging
Diversity, inclusion, and belonging Diversity • Attract, develop, grow and retain a diverse representation of high-performing talent • Encourage and celebrate our diversity of backgrounds, perspectives, skills and approaches Culture • Engage, enable, and empower employees in an inclusive culture of
Slide 70: Entergy's Board of Directors
Entergy’s Board of Directors Drew Marsh Stuart Blanche Since 2022 Levenick Lincoln Chair of the Board Since 2005 Since 2011 and CEO Lead Director Kirkland Philip Karen John Donald Frederickson Puckett Burbank Since 2013 Since 2015 Since 2015 Since 2018 Elise Brian Gina John Hyland Ellis Adams Black
Slide 71: Board diversity
Board diversity Effective mix of skills, experience, backgrounds, and perspectives Board skills Board demographics Number of Board members with specified skill Age (years) Tenure (years) Risk management 10 18% 27% 46% 0 to 5 27% 51 to 60 Finance / accounting 9 61 to 69 6 to 10 Technology / transform
Slide 72: Awards and recognition
Awards and recognition Edison Electric Institute U.S. Department of Labor Dow Jones Sustainability Black Enterprise National Key Accounts Gold HIRE Vets Index North America Magazine’s Best Outstanding Customer Medallion Award Companies for Diversity Engagement 2023 Global ERG Points of Light Women’s
Slide 73: Extensive and transparent sustainability reporting
Extensive and transparent sustainability reporting Visit entergy.com/sustainability Select disclosures EEI's ESG Quantitative Template Performance data table Sustainable Accounting Standards EEI's ESG Qualitative Template Global Reporting Initiative index Board disclosure Environmental Social Govern
Slide 74: Utility
14 Utility =) entergy
Slide 75: Utility overview
Utility overview E-AR E-LA1 E-MS E-NO1 E-TX • Electric utility – • Electric and gas utility • Electric utility – • Electric and gas utility • Electric utility – 730,000 customers – 1,105,000 electric 459,000 customers – 208,000 electric 512,000 customers • Authorized ROE: customers • Authorized ROE:
Slide 76: Jurisdictional base rate filing frameworks
Jurisdictional base rate filing frameworks E-AR E-LA1 E-MS E-NO E-TX2 SERI Latest filing 7/7/23 (FRP) 5/31/23 (FRP) 3/1/24 (FRP) 4/28/23 (FRP) 7/1/22 Monthly cost of date (rate case) service Rate effective Jan. following Sept. following filing April following Sept. following filing 35 days after Imm
Slide 77: Entergy Arkansas
Entergy Arkansas E-AR (currently in rates) Metric Detail Authorized ROE 9.15% – 10.15% Rate base $10.1B retail rate base (2024 test year) WACC (after-tax) 5.62% Equity ratio 38.7% (47.0% excluding $1.9B ADIT at 0% rate) Regulatory construct Forward test year FRP; result outside ROE band resets to mi
Slide 78: Entergy Louisiana
Entergy Louisiana E-LA (currently in rates) Metric Detail – electric1 Detail – gas2 Authorized ROE 9.0% – 10.0% 9.3% – 10.3% Rate base $15.7B (12/31/22 test year)3 $0.16B + $0.3B TRM rider + $0.2B DRM rider – $(0.4B) tax (9/30/23 test year) reform rider WACC (after-tax) 6.66% 7.08% Equity ratio 49.5
Slide 79: Entergy Mississippi
Entergy Mississippi E-MS (currently in rates)1 Metric Detail Authorized ROE 10.88% performance-adjusted midpoint (10.56% + 0.32% performance factor); 9.88% – 11.89% range (annual redetermination based on formula) Rate base $4.5B (2024 forward test year) WACC (after-tax) 7.50% Equity ratio 49.67% Reg
Slide 80: Entergy New Orleans
Entergy New Orleans E-NO (currently in rates) Metric Detail – electric Detail – gas1 Authorized ROE 8.85% – 9.85% (9.35% midpoint) Rate base $1.2B $0.2B (12/31/22 test year plus known and measurables through 12/31/23) WACC (after-tax) 6.86% Equity ratio 51% Regulatory FRP with forward-looking featur
Slide 81: Entergy Texas
Entergy Texas E-TX (currently in rates) Metric Detail Authorized ROE 9.57% Rate base $4.4B (12/31/21 test year) WACC (after-tax) 6.61% Equity ratio 51.2% Regulatory construct Historical test year rate case1; Interim rate base riders: TCRF, DCRF, and GCRR Key rate changes in $54M base rate change (6/
Slide 82: System Energy Resources
System Energy Resources Grand Gulf Nuclear Station Energy and capacity allocation1 SERI (most recent monthly bill) 2,3 Metric Detail E-NO 17% E-AR Principal asset An ownership and leasehold interest in Grand 36% Gulf Nuclear Station Authorized ROE 10.94% (E-NO, E-LA); 9.65% (E-AR, E-MS) Last calcula
Slide 83: Supplemental forecast information
Supplemental forecast information 23
Slide 84: Strong long-term sales growth
Strong long-term sales growth Driven by diverse industrial growth Five-year sales trends; MWh Large industrial sales by industry; MWh Residential 23 24E 25E 26E 27E 28E Commercial 23 24E 25E 26E 27E 28E ~8% – 9% Industrial CAGR 24E 25E 26E 27E 28E 23 24E 25E 26E 27E 28E Petroleum refining Chlor-alka
Slide 85: New generation additions
New generation additions New generation additions1; cumulative MW 24E 25E 26E 27E 28E 2 Renewables owned Renewable PPA H2 and carbon capture capable 1. Subject to integrated resource planning processes, economic evaluations, and regulatory approvals 25 2. For future selections, expect at least 50% o
Slide 86: Three-year Utility capital plan by OpCo
Three-year Utility capital plan by OpCo Capital plan by operating company; $M E-AR 2024E 2025E 2026E Total E-LA 2024E 2025E 2026E Total Distribution 395 495 435 1,325 Distribution1 785 1,120 860 2,765 Transmission 135 115 120 370 Transmission 615 955 1,230 2,800 Generation Generation Renewables 870
Slide 87: Three-year Utility capital plan by OpCo (continued)
Three-year Utility capital plan by OpCo (continued) Capital plan by operating company; $M E-TX 2024E 2025E 2026E Total SERI 2024E 2025E 2026E Total Distribution 470 415 360 1,245 Distribution - - - - Transmission 315 320 375 1,010 Transmission - - - - Generation Generation Renewables 10 300 180 490
Slide 88: Debt maturity schedule
Debt maturity schedule Debt maturity schedule as of 3/31/241; $M Company 2Q-4Q24E 2025E 2026E 2027E 2028E E-AR 375 - 600 - 350 E-LA 1,000 300 650 450 425 E-MS 100 - - 150 375 E-NO 85 78 85 - - E-TX - - 130 150 - SERI - 200 - - 325 Total Utility 1,560 578 1,465 750 1,475 ETR Corp. - 800 750 - 650 Tot
Slide 89: Equity needs
Equity needs Fulfilled through 2024E; 50% completed for 2025E–2026E 2021–2024E equity need; $B 2025E–2026E equity need; $B 2027E–2028E equity need; $B Not yet settled 0.7 1.7 1.2 1.2 1.4 0.7 Equity need Settled as of Equity need ATM Remainder Equity need 2021–2024 12/31/231 2025–2026 completed to be
Slide 90: Other key forecast assumptions
Other key forecast assumptions • Statutory tax rate1: ~23% – 24% • Natural gas price assumptions by year: $/MMbtu 24E 25E 26E 27E 28E 3.00 3.92 4.38 4.43 4.55 • Financing rate assumptions 24E 25E 26E 27E 28E Utility debt ~6.25% ~6.25% ~6.25% ~6.25% ~6% Parent revolver / ~6.25– ~5.75– ~5.25– ~4.5–5.5
Slide 91: Customer affordability an important focus
Customer affordability an important focus Percent of per capita income spent on residential electricity1; % E-AR E-LA 6 6 5 5 4 4 3 3 2 2 1 1 0 0 03 08 13 18 23 28E 03 08 13 18 23 28E E-MS E-NO E-TX 6 6 6 5 5 5 4 4 4 3 3 3 2 2 2 1 1 1 0 0 0 03 08 13 18 23 28E 03 08 13 18 23E 28E 03 08 13 18 23 28E 3
Slide 92: Agency-published credit metrics
Agency-published credit metrics Entergy Corp. and Utility operating company credit metrics Moody’s (LTM 12/31/23) ETR E-AR E-LA E-MS E-NO E-TX (CFO pre-W/C + interest) / 4.7x 5.7x 6.6x 4.8x 6.2x 5.8x interest expense (CFO pre-W/C) / debt 14.6% 18.0% 21.9% 15.8% 27.6% 17.6% (CFO pre-W/C – dividends)
Slide 93: Regulation G reconciliations and acronyms and abbreviations
Regulation G reconciliations and acronyms and abbreviations 33
Slide 94: Regulation G reconciliations
Regulation G reconciliations Table 1: ETR adjusted earnings Reconciliation of GAAP to Non-GAAP measures 2023 2022 2021 2020 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 2,357 1,103 1,118 1,388 Less adjustments: Customer-sharing of tax benefi
Slide 95: Regulation G reconciliations
Regulation G reconciliations Table 1: ETR adjusted earnings (continued) Reconciliation of GAAP to Non-GAAP measures 2023 2022 2021 2020 (After-tax, per share in $) Net income (loss) attributable to ETR Corp. 11.10 5.37 5.54 6.90 Less adjustments: Customer-sharing of tax benefits as a result of the 2
Slide 96: Regulation G reconciliations
Regulation G reconciliations Table 1: ETR adjusted earnings (continued) Reconciliation of GAAP to Non-GAAP measures 2019 2018 2017 2016 (Pre-tax except for income taxes and totals; $ in millions) Net income (loss) attributable to ETR Corp. 1,241 849 412 (584) Less adjustments: Gain on sale - - - - S
Slide 97: Regulation G reconciliations
Regulation G reconciliations Table 1: ETR adjusted earnings (continued) Reconciliation of GAAP to Non-GAAP measures 2019 2018 2017 2016 (After-tax, per share in $) Net income (loss) attributable to ETR Corp. 6.30 4.63 2.28 (3.26) Less adjustments: Gain on sale - - - - SERI regulatory liability for p
Slide 98: Acronyms and abbreviations
Acronyms and abbreviations ADIT Accumulated deferred income taxes DRM Distribution Recovery Mechanism (E-LA’s FRP) AI Artificial intelligence E-AR Entergy Arkansas, LLC AMI Advanced metering infrastructure EBITDA Earnings before interest, income taxes, and depreciation and amortization ANO Arkansas
Slide 99: Acronyms and abbreviations
Acronyms and abbreviations GAAP U.S. generally accepted accounting principles OCF Net cash flow provided by operating activities GCRR Generation Cost Recovery Rider OpCo Operating company HLBV Hypothetical liquidation at book value PMR Performance Management Rider IPI Industrial Production Index PPA
Slide 100: Entergy
5) entergy