Entergy (NYSE:ETR) told financial analysts Wednesday that it is investing to improve reliability and resilience and “significantly” expand its clean energy footprint.

“We’re working to improve operational and regulatory outcomes, support our customers’ industrial growth and economic development in our region, invest in renewable clean energy and resilience,” CEO Drew Marsh said during the company’s first quarter earnings call.

On Monday, Entergy’s leadership joined Texas Gov. Greg Abbott and four of the state’s five regulatory commissioners to break ground on the Orange County Advanced Power Station, which will use turbine technology and a plant layout that can support dual fuel capability for hydrogen in the future.

“That facility will ensure that we have moderate and reliable infrastructure to support existing customers and the rapidly growing customer base in our Southeast Texas region,” Marsh said. “The optionality helps ensure the plant’s long-term viability and creates improved energy security and operational flexibility for our customers.”

The 1.22-GW combined-cycle plant’s construction is expected to be complete in 2026. Texas regulators approved the plant last year.

Entergy reported earnings of $311 million ($1.47/share), compared to $276 million ($1.36/share) for the same period a year ago. The adjusted earnings were short of Zacks Investment Research’s projection of $1.36/share.

Entergy’s share price closed at $105.50 Wednesday, a loss of $2.26 for the day.

NextEra Beats Expectations

NextEra Energy (NYSE:NEE) reported better-than-expected results Tuesday of $2.09 billion ($1.04/share), up from 2022’s first-quarter net loss of $451 million (-$0.23/share).

The Florida-based company’s adjusted earnings of $0.84/share beat the Zacks consensus estimate of $0.75/share, the fourth straight quarter it has exceeded EPS expectations.

NextEra attributed the financial performance to a clean energy investment push that has protected it from natural gas price swings. The company says it is the first in history committed to moving past net zero to “real zero” — using only wind, solar, battery storage, nuclear, green hydrogen and other emissions-free sources.

Its NextEra Energy Resources subsidiary added more than 2 GW of new renewables and storage projects to its backlog during the first quarter, bringing the total to more than 20 GW. The company said its Florida Power & Light subsidiary increased its solar portfolio to 4.6 GW during the quarter, more than any other utility.

FPL’s recently filed 10-year site plan proposes to build nearly 20 GW of solar over the next decade.

“We believe the expansion of cost-effective solar and storage will provide a valuable hedge for our customers against volatile natural gas prices,” NextEra CFO Kirk Crews told investors.

NextEra’s stock price closed at $74.076 Wednesday after trading after hours on Monday at $79.10. The price is down 11.6% since the year began.