Entergy 2023
statistical report and investor guide
We have assembled the statistics and facts in this report to support your review and analysis of Entergy's results over the last three years. Please note that calculations may differ due to rounding.
Our vision: We power life
Our mission: We exist to grow a world-class energy business that
creates sustainable value for our customers, employees,
communities and owners.
Entergy is a Fortune 500 company that powers life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi, and Texas. We're investing in the reliability and resilience of the energy system while helping our region transition to cleaner, more efficient energy solutions. With roots in our communities for more than 100 years, Entergy is a nationally recognized leader in sustainability and corporate citizenship. Since 2018, we have delivered more than $100 million in economic benefits each year to local communities through philanthropy, volunteerism, and advocacy. Entergy is headquartered in New Orleans, Louisiana, and has approximately 12,000 employees.
TABLE OF CONTENTS | |||
Excel tab | Excel tab | ||
About this publication | 2 | Utility securities detail | 32-35 |
Forward-looking information | 2 | Utility long-term debt and preferred stock | 32 |
Regulation G compliance | 2 | Entergy Utility Holding Company, LLC | 32 |
Entergy at a glance | 3-4 | Entergy Arkansas, LLC | 32 |
Entergy Louisiana, LLC | 33 | ||
ENTERGY CORPORATION AND SUBSIDIARIES | Entergy Mississippi, LLC | 34 | |
Selected financial and operating data | 5 | Entergy New Orleans, LLC | 34 |
Selected financial data | 5 | Entergy Texas, Inc. | 35 |
Utility electric operating data | 5 | System Energy Resources, Inc. | 35 |
Owned and leased capability | 5 | Utility statistical information | 36-49 |
Consolidated quarterly financial metrics | 6 | Utility total capability | 36 |
Consolidated annual financial metrics | 6 | Utility selected operating data | 36 |
Financial results | 7 | Utility electric statistical information | 37 |
GAAP to Non-GAAP reconciliations: | 7 | Entergy Arkansas, LLC | 38-39 |
Consolidated quarterly results | 7 | Entergy Louisiana, LLC | 40-41 |
Consolidated quarterly adjustments | 8-9 | Entergy Mississippi, LLC | 42-43 |
Consolidated annual results | 10 | Entergy New Orleans, LLC | 44-45 |
Consolidated annual adjustments | 11-12 | System Energy Resources, Inc. | 45 |
Consolidated income statements | 13 | Entergy Texas, Inc. | 46-47 |
Consolidating income statements | 14 | Total utility | 48 |
Consolidated balance sheets | 15-16 | Total utility (continued) | 49 |
Consolidating balance sheet | 17-18 | Utility nuclear plant statistics | 50 |
Consolidated cash flow statements | 19-20 | Utility regulatory information | 51 |
Cash flow information by business | 20 | State regulatory commissions | 51 |
Consolidated statements of changes in equity | 21 | Commission/council members | 51 |
Consolidated statements of comprehensive | 22 | ||
Income (loss) | PARENT AND OTHER | ||
Consolidated capital expenditures | 23 | Non-utility generation | 52 |
Historical capital expenditures | 23 | Non-utility operational metrics | 52 |
Entergy Corporation securities detail | 23 | Non-utility total capacity | 52 |
Entergy Corporation long-term debt | 23 | Parent & Other debt and preferred stock | 52 |
Securities ratings (outlook) | 23 | Vermont Yankee credit facility | 52 |
Preferred member interests | 23 | Preferred stock | 52 |
UTILITY | |||
Utility quarterly financial metrics | 24 | ||
Utility annual financial metrics | 24 | ||
Utility securities ratings (outlook) | 24 | Definitions of operational measures and | |
Utility historical capital expenditures | 24 | GAAP and non-GAAP financial measures | 53 |
Utility financial results | 25-30 | ||
Utility consolidating income statements | 25 | Reg G reconciliations | |
Utility consolidating balance sheets | 26-27 | Financial measures | 54-66 |
Utility selected annual financial metrics | 28-29 | ||
Utility weather analysis | 30-31 | Investor information | 67 |
Note: The Excel Tab labels correspond to the numbers in the PDF version of the 2023 report.
1
ABOUT THIS PUBLICATION
This publication is unaudited and should be used in conjunction with Entergy's 2023 Annual Report to Shareholders and Form 10-K filed with the Securities and Exchange Commission. It has been prepared for information purposes and is not intended for use in connection with any sale or purchase of, or any offer to buy, any securities of Entergy Corporation or its subsidiaries.
FORWARD-LOOKING INFORMATION
In this report and from time to time, Entergy Corporation makes statements concerning its expectations, beliefs, plans, objectives, goals, projections, strategies, and future events or performance. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "project," "believe," "anticipate," "intend," "goal," "commitment," "expect," "estimate," "continue," "potential," "plan," "predict," "forecast," and other similar words or expressions are intended to identify forward-looking statements but are not the only means to identify these statements. Although Entergy believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct. Any forward-looking statement is based on information current as of the date of this report and speaks only as of the date on which such statement is made. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed or incorporated by reference in Item 1A. Risk Factors contained in the Form 10-K for the year ended Dec. 31, 2023, (b) those factors discussed or incorporated by reference in Management's Financial Discussion and Analysis contained in the Form 10-K for the year ended Dec. 31, 2023, and (c) the following factors (in addition to others described elsewhere in this report and in subsequent securities filings):
- resolution of pending and future rate cases and related litigation, formula rate proceedings and related negotiations, including various performance-based rate discussions, Entergy's utility supply plan, and recovery of fuel and purchased power costs, as well as delays in cost recovery resulting from these proceedings;
- regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies' participation in MISO, including the benefits of continued MISO participation, the effect of current or projected MISO market rules, market design and market and system conditions in the MISO markets, the absence of a minimum capacity obligation for load serving entities in MISO and the consequent ability of some load serving entities to "free ride" on the energy market without paying appropriate compensation for the capacity needed to produce that energy, the allocation of MISO system transmission upgrade costs, delays in developing or interconnecting new generation or other resources or other adverse effects arising from the volume of requests in the MISO transmission interconnection queue,the MISO-wide base rate of return on equity allowed or any MISO-related charges and credits required by the FERC, and the effect of planning decisions that MISO makes with respect to future transmission investments by the Utility operating companies;
- changes in utility regulation, including with respect to retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, and the application of more stringent return on equity criteria, transmission reliability requirements or market power criteria by the FERC or the U.S. Department of Justice;
- changes in the regulation or regulatory oversight of Entergy's owned or operated nuclear generating facilities,nuclear materials and fuel, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and fuel;
- resolution of pending or future applications, and related regulatory proceedings and litigation, for license modifications or other authorizations required of nuclear generating facilities and the effect of public and political opposition on these applications, regulatory proceedings, and litigation;
- the performance of and deliverability of power from Entergy's generation resources, including the capacity factors at Entergy's nuclear generating facilities;
- increases in costs and capital expenditures that could result from changing regulatory requirements, changing economic conditions, and emerging operating and industry issues, and the risks related to recovery of these costs and capital expenditures from Entergy's customers (especially in an increasing cost environment);
- the commitment of substantial human and capital resources required for the safe and reliable operation and maintenance of Entergy's nuclear generating facilities;
- Entergy's ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities;
- the prices and availability of fuel and power Entergy must purchase for its Utility customers, particularly given the recent and ongoing significant growth in liquified natural gas exports and the associated significantly increased demand for natural gas and resulting increase in natural gas prices, and Entergy's ability to meet credit support requirements for fuel and power supply contracts;
- volatility and changes in markets for electricity, natural gas, uranium, emissions allowances, and other energy-related commodities, and the effect of those changes on Entergy and its customers;
- changes in law resulting from federal or state energy legislation or legislation
subjecting energy derivatives used in hedging and risk management transactions to governmental regulation;
- changes in environmental laws and regulations, agency positions or associated litigation, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, particulate matter and other regulated air emissions, heat and other regulated discharges to water, waste management and disposal, remediation of contaminated sites, wetlands protection and permitting, and reporting and changes in costs of compliance with environmental laws and regulations;
- changes in laws and regulations, agency positions, or associated litigation related to protected species and associated critical habitat designations;
- the effects of changes in federal, state, or local laws and regulations, and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, trade/tariff, domestic purchase requirements, or energy policies and related laws, regulations, and other governmental actions, including as a result of prolonged litigation over proposed legislation or regulatory actions;
- the effects of full or partial shutdowns of the federal government or delays in obtaining government or regulatory actions or decisions;
- uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal and the level of spent fuel and nuclear waste disposal fees charged by the U.S. government or other providers related to such sites;
- variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes, ice storms, wildfires, or other weather events and the recovery of costs associated with restoration, including the ability to access funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance, as well as any related unplanned outages;
- effects of climate change, including the potential for increases in extreme weather events, such as hurricanes, drought or wildfires, and sea levels or coastal land and wetland loss;
- the risk that an incident at any nuclear generation facility in the U.S. could lead to the assessment of significant retrospective assessments and/or retrospective insurance premiums as a result of Entergy's participation in a secondary financial protection system and a utility industry mutual insurance company;
- changes in the quality and availability of water supplies and the related regulation of water use and diversion;
- Entergy's ability to manage its capital projects, including by completing projects timely and within budget, to obtain the anticipated performance or other benefits, of such capital projects, and to manage its capital and operation and maintenance costs;
- the effects of supply chain disruptions, including those driven by geopolitical developments or trade-related governmental actions, on Entergy's ability to complete its capital projects in a timely and cost-effective manner;
- Entergy's ability to purchase and sell assets at attractive prices and on other attractive terms;
- the economic climate, and particularly economic conditions in Entergy's Utility service area and events and circumstances that could influence economic conditions in those areas, including power prices and inflation, and the risk that anticipated load growth may not materialize;
- changes to federal income tax laws, regulations, and interpretive guidance, including the Inflation Reduction Act of 2022, and the continued impact of the Tax Cuts and Jobs Act of 2017, and any related intended or unintended consequences on financial results and future cash flows;
- the effects of Entergy's strategies to reduce tax payments;
- the effect of increased interest rates and other changes in the financial markets and regulatory requirements for the issuance of securities, particularly as they affect access to and cost of capital and Entergy's ability to refinance existing securities, and fund investments and acquisitions;
- actions of rating agencies, including changes in the ratings of debt and preferred
stock, changes in general corporate ratings, and changes in the rating agencies' ratings criteria;
- changes in inflation and interest rates and the impacts of inflation or a recession on our customers;
- the effects of litigation, including the outcome and resolution of the proceedings involving System Energy currently before the FERC and any appeals of FERC decisions in those proceedings;
- the effects of government investigations, proceedings or audits;
-
changes in technology, including (i) Entergy's ability to effectively assess, implement, and manage new or emerging technologies, including its ability to maintain and protect personally identifiable information while doing so, (ii) the emergence of artificial intelligence (including machine learning), which may present ethical, security, legal, operational, or regulatory challenges, (iii) the impact of changes relating to new, developing, or alternative sources of generation such as distributed energy and energy storage, renewable energy, energy efficiency, demand side management and other measures that reduce load and government policies incentivizing development or utilization of the foregoing, and
(iv) competition from other companies offering products and services to Entergy's customers based on new or emerging technologies or alternative sources of generation; - Entergy's ability to effectively formulate and implement plans to increase its carbon-free energy capacity and to reduce its carbon emission rate and aggregate carbon emissions, including its commitment to achieve net-zero carbon emissions by 2050 and the related increasing investment in renewable power generation sources, and the potential impact on its business and financial condition of attempting to achieve such objectives;
- the effects, including increased security costs, of threatened or actual terrorism,
cyber-attacks or data security breaches, physical attacks on or other interference with facilities or infrastructure, natural or man-made electromagnetic pulses that affect transmission or generation infrastructure, accidents, and war or a catastrophic event such as a nuclear accident or a natural gas pipeline explosion;
- impacts of perceived or actual cybersecurity or data security threats or events on Entergy and its subsidiaries, its vendors, suppliers or other third parties interconnected through the grid, which could, among other things, result in disruptions to its operations, including but not limited to, the loss of operational control, temporary or extended outages, or loss of data, including but not limited to, sensitive customer, employee, financial or operations data;
- the effects of a catastrophe, pandemic (or other health-related event), or a global or geopolitical event such as the military activities between Russia and Ukraine, or Israel and Hamas, including resultant economic and societal disruptions; fuel procurement disruptions; volatility in the capital markets (and any related increased cost of capital or any inability to access the capital markets or draw on available bank credit facilities); reduced demand for electricity, particularly from commercial and industrial customers; increased or unrecoverable costs; supply chain, vendor, and contractor disruptions, including as a result of trade-related sanctions; delays in completion of capital or other construction projects, maintenance, and other operations activities, including prolonged or delayed outages; impacts to Entergy's workforce availability, health, or safety; increased cybersecurity risks as a result of many employees telecommuting; increased late or uncollectible customer payments; regulatory delays; executive orders affecting, or increased regulation of, Entergy's business; changes in credit ratings or outlooks as a result of any of the foregoing; or other adverse impacts on Entergy's ability to execute on its business strategies and initiatives or, more generally, on Entergy's results of operations, financial condition, and liquidity;
- Entergy's ability to attract and retain talented management, directors, and employees
with specialized skills;
- Entergy's ability to attract, retain and manage an appropriately qualified workforce;
- changes in accounting standards and corporate governance best practices;
- declines in the market prices of marketable securities and resulting funding requirements and the effects on benefits costs for Entergy's defined benefit pension and other postretirement benefits plans;
- future wage and employee benefits costs, including changes in discount rates and returns on benefit plan assets;
- changes in decommissioning trust fund values or earnings or in the timing of, requirements for, or cost to decommission Entergy's nuclear plant sites and the implementation of decommissioning of such sites following shutdown;
- the effectiveness of Entergy's risk management policies and procedures and the ability and willingness of its counterparties to satisfy their financial and performance commitments; and
- Entergy and its subsidiaries' ability to successfully execute on their business strategies, including their ability to complete strategic transactions that they may undertake.
REGULATION G COMPLIANCE
Financial performance measures shown in this report include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures. This report includes non-GAAP measures of adjusted earnings; adjusted EPS; adjustments; adjusted common dividend payout ratio; adjusted ROE; gross liquidity; adjusted return on average member's equity; net liquidity; net liquidity including storm escrows; total debt, excluding securitization debt; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO;FFO to debt, excluding securitization debt. We have prepared reconciliations of these measures to the most directly comparable GAAP measures. Reconciliations can be found on pages 7, 10, and 54 - 66.
2
ENTERGY AT A GLANCE
STAKEHOLDER OBJECTIVES
Entergy's mission: We exist to grow a world-class energy business that creates sustainable value for our four key stakeholders - our customers, our employees, our communities, and our owners.
- For our customers, we create value by delivering top-quartile customer experiences. We work directly with customers to understand their needs and exceed their expectations while keeping rates affordable.
- For our employees, we create value by advocating for our employees to live safe, all day, every day. We strive to earn top-quartile organizational health scores. We provide a rewarding, engaging, diverse, and inclusive work environment with fair compensation and benefits while also providing opportunities for career advancement.
- For our communities, we create value by achieving top-quartile social responsibility performance. We are active in economic development, philanthropy, volunteerism, and advocacy, and we operate our business safely, resiliently, and in a socially and environmentally responsible way.
- For our owners, we create value by delivering top-quartile total shareholder returns. We are relentless in our pursuit of opportunities to optimize our business.
ENTERGY BY THE NUMBERS | |
GAAP revenues | $12.1 billion |
GAAP net Income | $2.4 billion |
Total assets | $59.7 billion |
Utility electric customers | 3.0 million |
Interconnected high-voltage transmission lines | 16,100 circuit miles |
Distribution lines across the utility's 91,018-square-mile service area | 106,415 circuit miles |
Utility billed retail electric energy sales | 119,858 GWh |
Employees at year-end | 12,177 |
Utility owned and leased generating capability by fuel source in MW: | |
Modern gas | 10,511 |
Nuclear | 5,207 |
Legacy gas | 5,884 |
Coal | 1,975 |
Renewables | 302 |
3
ENTERGY AT A GLANCE
UTILITY OPERATIONS
The Utility business segment includes the generation, transmission, distribution, and sale of electric power, and operation of a small natural gas distribution business. E-LA and E-NO entered into separate purchase and sale agreements to sell their natural gas LDC businesses.
- Five retail electric utilities with 3 million customers
- Four states - Arkansas, Louisiana, Mississippi, and Texas
- 23,879 MW generating capability
- Two gas utilities with 204,000 customers
ENTERGY ARKANSAS, LLC (E-AR)
Entergy Arkansas generates, transmits, distributes, and sells electric power to 730,000 retail customers in Arkansas.
ENTERGY LOUISIANA, LLC (E-LA)
Entergy Louisiana generates, transmits, distributes, and sells electric power to 1,105,000 retail customers in Louisiana. Entergy Louisiana also provides natural gas utility service to 96,000 customers in the Baton Rouge, Louisiana area.
ENTERGY MISSISSIPPI, LLC (E-MS)
Entergy Mississippi generates, transmits, distributes, and sells electric power to 459,000 retail customers in Mississippi.
ENTERGY NEW ORLEANS, LLC (E-NO)
Entergy New Orleans generates, transmits, distributes, and sells electric power to 208,000 retail customers in New Orleans, Louisiana. Entergy New Orleans also provides natural gas utility service to 108,000 customers in the city of New Orleans.
ENTERGY TEXAS, INC. (E-TX)
Entergy Texas generates, transmits, distributes, and sells electric power to 512,000 retail customers in Texas.
SYSTEM ENERGY RESOURCES, INC. (SERI)
System Energy owns or leases 90% of the Grand Gulf 1 nuclear generating facility. System Energy sells its power and capacity from Grand Gulf 1 at wholesale to Entergy Arkansas (36%), Entergy Louisiana (14%), Entergy Mississippi (33%) and Entergy New Orleans (17%).
UTILITY NUCLEAR PLANTS
Entergy owns and operates five nuclear units at four plant sites to serve its regulated utility business: Arkansas Nuclear One (ANO) Units 1 and 2 near Russellville, Arkansas; Grand Gulf Nuclear Station Unit 1 in Port Gibson, Mississippi; River Bend Station in St. Francisville, Louisiana and Waterford Steam Electric Station Unit 3 in Killona, Louisiana.
4
SELECTED FINANCIAL AND OPERATING DATA | |||
SELECTED FINANCIAL DATA | |||
2023 | 2022 | 2021 | |
GAAP MEASURES | |||
Operating revenues ($ millions) | 12,147 | 13,764 | 11,743 |
As-reported net income (loss) attributable to Entergy Corporation ($ millions) | 2,357 | 1,103 | 1,118 |
As-reported earnings per share ($) | 11.10 | 5.37 | 5.54 |
Common dividend paid per share ($) | 4.34 | 4.10 | 3.86 |
Common dividend payout ratio - as-reported (%) | 39 | 76 | 70 |
NON-GAAP MEASURES | |||
Adjusted earnings ($ millions) | 1,438 | 1,320 | 1,215 |
Adjusted earnings per share ($) | 6.77 | 6.42 | 6.02 |
Adjustments ($ millions) | 919 | (217) | (97) |
Adjustments per share ($) | 4.33 | (1.05) | (0.48) |
Common dividend payout ratio - adjusted (%) | 64 | 64 | 64 |
UTILITY ELECTRIC OPERATING DATA | |||
2023 | 2022 | 2021 | |
Retail kilowatt-hour sales (millions) | 119,858 | 120,129 | 114,744 |
Peak demand (megawatts) | 23,319 | 22,301 | 22,051 |
Retail customers - year end (thousands) | 3,014 | 3,002 | 2,984 |
OWNED AND LEASED CAPABILITY (MW)(a)
AS OF DECEMBER 31, 2023
E-AR | E-LA | E-MS | E-NO | E-TX | SERI | Total | |
Legacy gas/oil | 521 | 2,728 | 641 | - | 1,994 | - | 5,884 |
CT / CCGT(b) | 1,548 | 5,594 | 1,744 | 635 | 990 | - | 10,511 |
Coal | 969 | 339 | 417 | - | 250 | - | 1,975 |
Nuclear | 1,825 | 2,137 | - | - | - | 1,245 | 5,207 |
Hydro | 73 | - | - | - | - | - | 73 |
Solar | 100 | - | 102 | 27 | - | - | 229 |
Total | 5,036 | 10,798 | 2,904 | 662 | 1,245 | 23,879 |
- Owned and leased capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.
- Represents simple cycle combustion turbine units and combined cycle gas turbine units.
5
CONSOLIDATED ENTERGY CORPORATION AND SUBSIDIARIES DATA | |||||||||||
CONSOLIDATED QUARTERLY FINANCIAL METRICS | |||||||||||
2023 | 2022 | FY | |||||||||
1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | CHANGE | |
GAAP MEASURES | |||||||||||
ROE - as-reported (%)(a) | 9.2 | 11.0 | 11.4 | 17.1 | 17.1 | 9.3 | 10.8 | 10.8 | 9.0 | 9.0 | 8.1 |
Cash and cash equivalents ($ millions) | 1,971 | 1,194 | 1,520 | 133 | 133 | 702 | 580 | 1,003 | 224 | 224 | (91) |
Available revolver capacity ($ millions) | 4,191 | 4,216 | 4,346 | 4,346 | 4,346 | 4,129 | 4,191 | 4,191 | 4,241 | 4,241 | 105 |
Commercial paper ($ millions) | 866 | 1,108 | 1,351 | 1,138 | 1,138 | 1,343 | 1,398 | 1,386 | 828 | 828 | 310 |
Total debt ($ millions) | 27,658 | 27,362 | 27,619 | 26,335 | 26,335 | 28,630 | 26,923 | 27,677 | 26,829 | 26,829 | (494) |
Securitization debt ($ millions) | 293 | 278 | 278 | 263 | 263 | 55 | 336 | 311 | 293 | 293 | (30) |
Debt to capital (%) | 67.4 | 66.8 | 66.3 | 63.8 | 63.8 | 70.5 | 69.1 | 69.0 | 66.9 | 66.9 | (3.1) |
Off-balance sheet liabilities ($ millions) | |||||||||||
Debt of joint ventures - Entergy's share | - | - | - | - | - | 5 | 3 | - | - | - | - |
Total off-balance sheet liabilities | - | - | - | - | - | 5 | 3 | - | - | - | - |
NON-GAAP MEASURES | |||||||||||
ROE - adjusted (%)(a) | 10.4 | 10.6 | 11.1 | 10.4 | 10.4 | 10.4 | 11.3 | 11.7 | 10.7 | 10.7 | (0.3) |
Gross liquidity ($ millions) | 6,161 | 5,410 | 5,865 | 4,478 | 4,478 | 4,830 | 4,771 | 5,195 | 4,465 | 4,465 | 13 |
Net liquidity ($ millions) | 5,295 | 4,302 | 4,514 | 3,340 | 3,340 | 3,487 | 3,373 | 3,809 | 3,638 | 3,638 | (298) |
Net liquidity, including storm escrows ($ millions) | 5,702 | 4,713 | 4,930 | 3,663 | 3,663 | 3,521 | 3,697 | 4,133 | 4,040 | 4,040 | (377) |
Debt to capital, excluding securitization debt (%) | 67.2 | 66.6 | 66.1 | 63.5 | 63.5 | 70.4 | 68.8 | 68.8 | 66.6 | 66.6 | (3.1) |
Net debt to net capital, excluding securitization debt (%) | 65.5 | 65.6 | 64.8 | 63.4 | 63.4 | 69.9 | 68.4 | 68.0 | 66.5 | 66.5 | (3.1) |
Parent debt to total debt, excluding securitization debt (%) | 18.4 | 19.5 | 19.6 | 19.8 | 19.8 | 21.5 | 20.9 | 20.3 | 18.8 | 18.8 | 1.0 |
FFO to debt, excluding securitization debt (%) | 11.4 | 11.7 | 12.4 | 14.3 | 14.3 | 9.3 | 10.9 | 12.2 | 12.4 | 12.4 | 1.9 |
(a) Rolling twelve months | |||||||||||
CONSOLIDATED ANNUAL FINANCIAL METRICS | |||||||||||
2023 | 2022 | 2021 | |||||||||
GAAP MEASURES | |||||||||||
ROE - as-reported (%) | 17.1 | 9.0 | 9.9 | ||||||||
Cash and cash equivalents ($ millions) | 133 | 224 | 443 | ||||||||
Available revolver capacity ($ millions) | 4,346 | 4,241 | 3,985 | ||||||||
Commercial paper ($ millions) | 1,138 | 828 | 1,201 | ||||||||
Total debt ($ millions) | 26,335 | 26,829 | 27,154 | ||||||||
Securitization debt ($ millions) | 263 | 293 | 84 | ||||||||
Debt to capital (%) | 63.8 | 66.9 | 69.5 | ||||||||
Off-balance sheet liabilities ($ millions) | |||||||||||
Debt of joint ventures - Entergy's share | - | - | 7 | ||||||||
Total off-balance sheet liabilities | - | - | 7 | ||||||||
NON-GAAP MEASURES | |||||||||||
ROE - adjusted (%) | 10.4 | 10.7 | 10.8 | ||||||||
Gross liquidity ($ millions) | 4,478 | 4,465 | 4,428 | ||||||||
Net liquidity ($ millions) | 3,340 | 3,638 | 3,227 | ||||||||
Net liquidity, including storm escrows ($ millions) | 3,663 | 4,040 | 3,260 | ||||||||
Debt to capital, excluding securitization debt (%) | 63.5 | 66.6 | 69.4 | ||||||||
Net debt to net capital, excluding securitization debt (%) | 63.4 | 66.5 | 69.1 | ||||||||
Parent debt to total debt, excluding securitization debt (%) | 19.8 | 18.8 | 22.2 | ||||||||
FFO to debt, excluding securitization debt (%) | 14.3 | 12.4 | 9.4 |
6
FINANCIAL RESULTS | |||||||||||
CONSOLIDATED QUARTERLY RESULTS - GAAP TO NON-GAAP RECONCILIATION | |||||||||||
2023 | 2022 | FY | |||||||||
(After-tax, $ in millions) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | CHANGE |
AS-REPORTED EARNINGS (LOSS) | |||||||||||
Utility | 397 | 514 | 752 | 844 | 2,507 | 340 | 153 | 672 | 241 | 1,407 | 1,101 |
Parent & Other | |||||||||||
2022 EWC (a) | - | - | - | - | - | 7 | 87 | (19) | (12) | 63 | (63) |
All other | (86) | (123) | (85) | 144 | (151) | (71) | (80) | (92) | (122) | (366) | 215 |
Total Parent & Other | (86) | (123) | (85) | 144 | (151) | (64) | 7 | (112) | (135) | (303) | 153 |
CONSOLIDATED | 311 | 391 | 667 | 988 | 2,357 | 276 | 160 | 561 | 106 | 1,103 | 1,253 |
LESS ADJUSTMENTS | |||||||||||
Utility | 69 | - | (59) | 602 | 611 | - | (291) | - | 12 | (280) | 891 |
Parent & Other | |||||||||||
2022 EWC (a) | - | - | - | - | - | 7 | 87 | (19) | (12) | 63 | (63) |
All other | - | - | 32 | 275 | 307 | - | - | - | - | - | 307 |
Total Parent & Other | - | - | 32 | 275 | 307 | 7 | 87 | (19) | (12) | 63 | 245 |
TOTAL ADJUSTMENTS | 69 | - | (27) | 877 | 919 | 7 | (204) | (19) | (1) | (217) | 1,136 |
ADJUSTED EARNINGS (LOSS) (NON-GAAP) | |||||||||||
Utility | 329 | 514 | 810 | 242 | 1,896 | 340 | 444 | 672 | 229 | 1,686 | 209 |
Parent & Other | |||||||||||
2022 EWC (a) | - | - | - | - | - | - | - | - | - | - | - |
All other | (86) | (123) | (117) | (132) | (458) | (71) | (80) | (92) | (122) | (366) | (92) |
Total Parent & Other | (86) | (123) | (117) | (132) | (458) | (71) | (80) | (92) | (122) | (366) | (92) |
CONSOLIDATED | 242 | 391 | 694 | 111 | 1,438 | 269 | 364 | 580 | 107 | 1,320 | 118 |
Estimated weather impact | (47) | 15 | 135 | (12) | 91 | 16 | 50 | 21 | (1) | 86 | 5 |
Diluted average number of common shares outstanding (in millions) | 212 | 212 | 212 | 213 | 212 | 204 | 205 | 205 | 209 | 206 | 7 |
2023 | 2022 | FY | |||||||||
(After-tax, per share in $) (b) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | CHANGE |
AS-REPORTED EARNINGS (LOSS) | |||||||||||
Utility | 1.87 | 2.42 | 3.54 | 3.96 | 1.67 | 0.75 | 3.29 | 1.15 | 6.84 | 4.96 | |
Parent & Other | |||||||||||
2022 EWC (a) | - | - | - | - | - | 0.04 | 0.42 | (0.10) | (0.06) | 0.31 | (0.31) |
All other | (0.41) | (0.58) | (0.40) | 0.67 | (0.71) | (0.35) | (0.39) | (0.45) | (0.58) | (1.78) | 1.07 |
Total Parent & Other | (0.41) | (0.58) | (0.40) | 0.67 | (0.71) | (0.31) | 0.03 | (0.55) | (0.64) | (1.48) | 0.77 |
CONSOLIDATED | 1.47 | 1.84 | 3.14 | 4.64 | 11.10 | 1.36 | 0.78 | 2.74 | 0.51 | 5.37 | 5.73 |
LESS ADJUSTMENTS | |||||||||||
Utility | 0.32 | - | (0.28) | 2.82 | 2.88 | - | (1.42) | - | 0.06 | (1.36) | 4.24 |
Parent & Other | |||||||||||
2022 EWC (a) | - | - | - | - | - | 0.04 | 0.42 | (0.10) | (0.06) | 0.31 | (0.31) |
All other | - | - | 0.15 | 1.29 | 1.45 | - | - | - | - | - | 1.45 |
Total Parent & Other | - | - | 0.15 | 1.29 | 1.45 | 0.04 | 0.42 | (0.10) | (0.06) | 0.31 | 1.14 |
TOTAL ADJUSTMENTS | 0.32 | - | (0.13) | 4.12 | 4.33 | 0.04 | (1.00) | (0.10) | - | (1.05) | 5.38 |
ADJUSTED EARNINGS (LOSS) (NON-GAAP) | |||||||||||
Utility | 1.55 | 2.42 | 3.82 | 1.14 | 8.93 | 1.67 | 2.17 | 3.29 | 1.09 | 8.20 | 0.72 |
Parent & Other | |||||||||||
2022 EWC (a) | - | - | - | - | - | - | - | - | - | - | - |
All other | (0.41) | (0.58) | (0.55) | (0.62) | (2.16) | (0.35) | (0.39) | (0.45) | (0.58) | (1.78) | (0.38) |
Total Parent & Other | (0.41) | (0.58) | (0.55) | (0.62) | (2.16) | (0.35) | (0.39) | (0.45) | (0.58) | (1.78) | (0.38) |
CONSOLIDATED | 1.14 | 1.84 | 3.27 | 0.52 | 6.77 | 1.32 | 1.78 | 2.84 | 0.51 | 6.42 | 0.35 |
Estimated weather impact | (0.22) | 0.07 | 0.64 | (0.06) | 0.43 | 0.08 | 0.24 | 0.10 | - | 0.42 | 0.01 |
- In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other.
- Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
7
FINANCIAL RESULTS | |||||||||||
CONSOLIDATED QUARTERLY ADJUSTMENTS - BY DRIVER | |||||||||||
Shown as positive/(negative) impact on earnings or EPS | |||||||||||
2023 | 2022 | FY | |||||||||
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ millions) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | CHANGE |
UTILITY | |||||||||||
Customer sharing of tax benefits as a result of the 2016-2018 IRS audit resolution | - | - | - | (98) | (98) | - | - | - | - | - | (98) |
E-ARwrite-off of assets related to the ANO stator incident | - | - | (78) | - | (78) | - | - | - | - | - | (78) |
Impacts from storm cost approvals and securitizations, including customer sharing | |||||||||||
(excluding income tax items below) | (87) | - | - | - | (87) | - | (215) | - | - | (215) | 128 |
SERI regulatory charge resulting from partial settlement and offer of settlement for | |||||||||||
pending litigation | - | - | - | - | - | - | (551) | - | - | (551) | 551 |
Impacts from FERC's December 2022 SERI order on the sale-leaseback complaint | - | - | - | - | - | - | - | - | 20 | 20 | (20) |
Income tax effect on Utility adjustments above | 27 | - | 20 | 26 | 73 | - | 192 | - | (8) | 183 | (110) |
2016-2018 IRS audit resolution | - | - | - | 568 | 568 | - | - | - | - | - | 568 |
E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, | |||||||||||
initially recorded in 2017 as a result of the TCJA | - | - | - | 106 | 106 | - | - | - | - | - | 106 |
E-LA income tax benefit resulting from securitization | 129 | - | - | - | 129 | - | 283 | - | - | 283 | (154) |
Total Utility | 69 | - | (59) | 602 | 611 | - | (291) | - | 12 | (280) | 891 |
PARENT & OTHER | |||||||||||
2022 EWC(a) | |||||||||||
Income before income taxes | - | - | - | - | - | 11 | 113 | - | (4) | 119 | (119) |
Income taxes | - | - | - | - | - | (3) | (25) | (18) | (8) | (54) | 54 |
Preferred dividend requirement | - | - | - | - | - | (1) | (1) | (1) | (1) | (2) | 2 |
Total 2022 EWC | - | - | - | - | - | 7 | 87 | (19) | (12) | 63 | (63) |
All other | |||||||||||
2016-2018 IRS audit resolution | - | - | - | 275 | 275 | - | - | - | - | - | 275 |
DOE spent nuclear fuel litigation settlement (IPEC) | - | - | 40 | - | 40 | - | - | - | - | - | 40 |
Income tax effect on adjustments above | - | - | (9) | - | (9) | - | - | - | - | - | (9) |
Total Parent & Other | - | - | 32 | 275 | 307 | 7 | 87 | (19) | (12) | 63 | 245 |
TOTAL ADJUSTMENTS | 69 | - | (27) | 877 | 919 | 7 | (204) | (19) | (1) | (217) | 1,136 |
2023 | 2022 | FY | |||||||||
(After-tax, per share in $) (b) | 1Q | 2Q | 3Q | 4Q | FY | 1Q | 2Q | 3Q | 4Q | FY | CHANGE |
UTILITY | |||||||||||
Customer sharing of tax benefits as a result of the 2016-2018 IRS audit resolution | - | - | - | (0.34) | (0.34) | - | - | - | - | - | (0.34) |
E-ARwrite-off of assets related to the ANO stator incident | - | - | (0.28) | - | (0.28) | - | - | - | - | - | (0.28) |
Impacts from storm cost approvals and securitizations, including customer sharing | |||||||||||
(excluding income tax items below) | (0.29) | - | - | - | (0.29) | - | (0.78) | - | - | (0.79) | 0.51 |
SERI regulatory charge resulting from partial settlement and offer of settlement for | |||||||||||
pending litigation | - | - | - | - | - | (2.02) | - | - | (2.01) | 2.01 | |
Impacts from FERC's December 2022 SERI order on the sale-leaseback complaint | - | - | - | - | - | - | - | - | 0.06 | 0.06 | (0.06) |
2016-2018 IRS audit resolution | - | - | - | 2.67 | 2.67 | - | - | - | - | - | 2.67 |
E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, | |||||||||||
initially recorded in 2017 as a result of the TCJA | - | - | - | 0.50 | 0.50 | - | - | - | - | - | 0.50 |
E-LA income tax benefit resulting from securitization | 0.61 | - | - | - | 0.61 | - | 1.38 | - | - | 1.38 | (0.77) |
Total Utility | 0.32 | - | (0.28) | 2.82 | 2.88 | - | (1.42) | - | 0.06 | (1.36) | 4.24 |
PARENT & OTHER | |||||||||||
Total 2022 EWC(a) | - | - | - | - | - | 0.04 | 0.42 | (0.10) | (0.06) | 0.31 | (0.31) |
2016-2018 IRS audit resolution | - | - | - | 1.29 | 1.30 | - | - | - | - | - | 1.30 |
DOE spent nuclear fuel litigation settlement (IPEC) | - | - | 0.15 | - | 0.15 | - | - | - | - | - | 0.15 |
Total Parent & Other | - | - | 0.15 | 1.29 | 1.45 | 0.04 | 0.42 | (0.10) | (0.06) | 0.31 | 1.14 |
TOTAL ADJUSTMENTS | 0.32 | - | (0.13) | 4.12 | 4.33 | 0.04 | (1.00) | (0.10) | - | (1.05) | 5.38 |
- In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other.
- Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.
8
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Entergy Corporation published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 22:32:29 UTC.