Dive Brief:
- Entergy Corp. third quarter 2014 net income was $230, and $1.27 per share, down from Q3 2013’s $239 million, and $1.34 per share. Q3 2014 operating earnings, which exclude one-time profit and loss factors, were $1.68 per share, almost matching the company’s recent forecast of $1.67 per share. Q3 2014 revenue was $3.46 billion, up from Q3 2013’s $3.35 billion.
- Q3 2014 income was reduced $0.23 per share when state regulators required Entergy Mississippi to reduce its rate increase request by $35 million and denied a requested $57 million reimbursement from customers for spending on the now-shelved Grand Gulf nuclear plant expansion.
- Entergy affirmed earlier per share operational earnings forecasts of $5.55 to $6.75 but now believes that will be toward the lower end of the forecast due to the Mississippi regulators’ decisions, according to the Times-Picayune.
Dive Insight:
Entergy owns and operates 30,000 megawatts of electricity generating power plants. It has 2.8 million electric utility customers in Arkansas, Louisiana, Mississippi, and Texas, and has annual revenues of $11+ billion.
Entergy Wholesale Commodities owns and operates 6 nuclear facilities with 10,000+ megawatts of capacity in Massachusetts, Vermont, Michigan, Iowa, Arkansas, Louisiana, and Texas, which it sells into wholesale electricity markets.
Entergy had “its fifth straight quarter-over-quarter of industrial sales growth,” said CEO/Chair Leo Denault. “Our nuclear plants also operated well—we posted a 90% capacity factor…and had fewer unplanned outage days.”
Entergy was recently rated among the lowest five U.S. utilities for clean energy, with only 0.64% of its 2012 electricity sourced in renewables.
