Entergy said the summer’s record-setting temperatures led to “very strong” financial results during the third quarter, providing an opportunity for the company to flex its investment plans.

CEO Drew Marsh told financial analysts during the company’s quarterly earnings call Nov. 1 that the system surpassed previous peak demand records on 13 days during July and August.

“Our generation portfolio covered our customer demand and we operated well within our reserve margins,” Marsh said, adding that Entergy’s nuclear fleet operated with a 99% capacity factor.

The call came two days after the New Orleans-based company reached an agreement to sell its natural gas distribution business for $484 million to Bernhard Capital Partners, a Baton Rouge, La., private equity firm. Marsh said Entergy will use the proceeds to reduce debt and support its capital needs.

Marsh also discussed a recent $142 million settlement in principle between Entergy subsidiary System Energy Resources Inc. (SERI) and Arkansas regulators that resolves several pending cases. The agreement will result in SERI refunding Entergy Arkansas the settlement’s total, inclusive of about $50 million already received by the operating company from another Entergy affiliate.

SERI generates and sells nuclear power, primarily through its 90% ownership and leasehold interest in Grand Gulf. Regulators in Entergy’s four-state footprint have long complained about SERI’s practice of billing ratepayers for the costs of Grand Gulf’s sale-leaseback renewals under a unit-power sales agreement between the subsidiary and Entergy’s operating companies.

Entergy reported third-quarter earnings of $667 million ($3.14/share), an improvement from the same period a year ago, when earnings came in at $561 million ($2.74/share).

The company’s share price closed at $97.74 Wednesday, a gain of $2.15.