Entergy said Wednesday it is expanding its clean energy portfolio by adding 6 GW of renewable capacity through 2026.
CEO Drew Marsh said the company has almost 2.4 GW of renewable capacity either in construction, permitted, under regulatory review or in negotiations.
“We’ve been limited by a smaller development pipeline,” Marsh told financial analysts during Entergy’s second-quarter conference call. “We have been successful with the projects we’ve been able to put forward. We are finding success in building out our portfolio somewhere in the neighborhood of 4 GW in the pipeline.
“We expect the growth to continue to be very strong, given where we are competitively,” he added.
Entergy reported earnings of $391 million ($1.84/share), more than double last year’s second quarter of $160 million ($0.78/share). Last year’s second quarter included operating and shutdown costs for the Palisades nuclear plant, which was sold during the same period a year ago.
Zacks Investment Research analysts had expected earnings of $1.69/share.
“We had a successful second quarter with meaningful progress on key regulatory and legislative fronts,” Marsh said in the New Orleans company’s press release.
Entergy plans to take advantage of the Texas Resiliency Act, which allows utilities to submit resiliency plans and defines cost recovery options. It plans to file once the Public Utility Commission’s rulemaking is complete.
Entergy’s Texas subsidiary has filed for approval to increase its annual nonfuel retail base-rate revenue requirement to $1.2 billion — an increase of about $131.4 million (11.2%). Management was hopeful the Texas commission will approve an order during Thursday’s open meeting.
The company’s share price gained more than a dollar during the day’s trading before closing at $101.40, a gain of 23 cents.
