Entergy Seeks To Capture Growth Opportunities for Its Customers, CEO Tells Shareholders
Entergy seeks to capture the growth opportunities for the benefit of our customers, CEO tells shareholders at annual meeting
NEW ORLEANS, May 25, 2023 /3BL Media/ – Entergy continues to see significant business and industrial growth across its region over the next several years, said Chairman and CEO Drew Marsh, during the company’s 74th annual shareholders meeting that was held virtually today.
“We’re seeing significant business and industrial growth across our region over the next several years, which reflects the many competitive advantages of the Gulf region, recent geopolitical dynamics and supportive commodity trends,” said Marsh. “We also see an unprecedented growth opportunity in helping our customers achieve their own emission reduction goals, which begins with us reducing our customers’ indirect emissions and continues through electrification of industrial operations to reduce their direct emissions. This unique growth opportunity is starting to materialize now and will drive Entergy’s growth in the years and decades to come.”
To help foster industrial customers’ continued investment in the Entergy region and ensure prosperity for its customers and communities, the company continues to engage with its regulators and other key stakeholders to accelerate investments in resilience and strengthened infrastructure.
“These investments will reduce future storm restoration costs, help our customers and communities recover faster, and give our customers the confidence to make investments that help our communities thrive,” he said.
Marsh cited several milestones Entergy achieved in 2022:
- “We continued to invest in renewable energy and other clean technology solutions. We issued requests for proposals for 5,500 megawatts of renewable projects, brought three solar facilities online and received approval for four new solar resources totaling 475 megawatts.”
- “We also issued an updated TCFD-aligned climate report and set a new interim climate goal to achieve 50% carbon-free energy capacity by 2030.”
- “Financially, we delivered with adjusted earnings per share in the top half of our guidance range for the seventh consecutive year.”
- “Our efforts to strengthen diversity, inclusion and belonging continued to yield positive results. We concluded 2022, as we did in 2021, with gains in both female and diverse representation toward the goal of reflecting the rich diversity of the communities we have the privilege to serve.”
Focused on the customer, leading on electrification
In 2022, Entergy actively worked to keep energy rates affordable for customers and communities.
Higher than usual temperatures last summer drove record energy usage, and this combined with higher natural gas prices and storm recovery costs produced higher electric bills. To help ease the burden, we worked closely with our regulators on a series of measures including applying shareholder donations to all Entergy operating companies for bill payment assistance programs. Those donations and our ongoing The Power to Care program accounted for $10 million in customer assistance.
We set up flexible payment arrangements and waived late payment fees for eligible residential customers. In addition to these direct financial actions, our employees conducted volunteer energy efficiency and weatherization events in several neighborhoods.
In partnership with nonprofit organizations, we’ve been working on additional ways to help customers who are facing ongoing challenges receive financial assistance from federal and state programs. In 2022, those initiatives translated into 41% more financial assistance received by our customers compared with the previous year.
We will continue making investments to reduce fuels costs through more efficient generation and renewable resources. By expanding our clean energy capacity, we will reduce our customers’ indirect emissions and continue through electrification of industrial operations to reduce their direct emissions.
“I am excited about Entergy’s future. Our employees have proven they are highly motivated to help power the lives of our stakeholders today, tomorrow and for future generations. They have demonstrated they are working for everyone and ready for anything. That is what our communities and customers expect from us, and that is what it takes to be the premier utility,” said Marsh.
“Fundamentally, we believe all our stakeholders have a very bright future ahead, and Entergy is championing a better electric future through lower carbon generation, reliable transmission and expanded customer use,” Marsh concluded.
Additional business conducted during today’s shareholder meeting:
- Shareholders elected all 12 nominees to the company’s board of directors.
- Five management proposals related to the appointment of the company’s independent public accountants and executive compensation, among other items, were voted on and approved by shareholders.
- Marsh responded to several shareholder questions on a range of topics.
A replay of the meeting and responses to questions will be posted on Entergy’s Investor Relations website next week.
Read about Entergy’s growth opportunities ahead and view additional milestones from last year in our 2022 Integrated Report.
Entergy (NYSE: ETR) 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. Learn more at entergy.com and follow @Entergy on social media. #WePowerLife
Cautionary note regarding forward-looking statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s current financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. 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 are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) impacts from terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (i) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (j) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (2) the effects of changes in commodity markets, capital markets, or economic conditions; and (3) the effects of technological change, including the costs, pace of development, and commercialization of new and emerging technologies.