Entergy

Capital is directed to regulated rate base growth with an emphasis on new CCGTs, renewables/storage, transmission and resilience, consistent with long-term customer demand and decarbonization.

Recent actions align strategy with focus: sale of gas LDCs closed July 1, 2025; customer-backed infrastructure for Meta’s Richland Parish data center includes three new CCGTs and up to 1.5 GW of solar via expedited procurement; and major projects such as OCAPS (Texas) and Delta Blues (Mississippi) are underway with clear in-service targets.

Management is proactively using equity forwards/ATM to fund about 10%–15% of the 2026–2029 capex program while maintaining credit metrics, and dividends continue to grow at a prudent pace. The trade-off is dilution and sustained negative FCF during the buildout, which we deem acceptable given regulated returns and visibility.