Entergy is a vertically-integrated electric utility with five operating companies in four states: Arkansas, Louisiana, Mississippi and Texas. Its weather-adjusted retail sales rose 4.4% compared to last year. Profit increased from $645 million in the third quarter of 2024 to $694 million in the third quarter of 2025. In 2024, commercial and industrial customers made up 69% of Entergy’s sales, which were concentrated in Louisiana. 

The company has agreements for several notable large load projects with Google and Meta. In general, it expects substantial load growth from commercial and industrial customers through 2029, though not the breakneck pace utilities like Dominion Energy expect in data center hotspots such as northern Virginia.

In its third-quarter investor update, Entergy said its data center customer pipeline increased 2 GW from the previous quarter to land in the 7 GW to 12 GW range. Also in the quarter, Energy secured 4.5 GW of power generation equipment to serve new load expected to come online this decade.

In August, the Louisiana Public Service Commission approved the generation and transmission resources needed to support Meta’s planned 2-GW campus in northeastern Louisiana. Those include three combined-cycle gas plants with combined nameplate capacity of about 2.2 GW.

As part of the same proceeding, the commission also authorized Entergy to procure up to 1.5 GW of solar resources for the project.

Entergy executives said Wednesday that the Meta agreement and additional expected load growth are reflected in the utility’s five-year capital plan, which lays out $41 billion in estimated spending through 2029.

Entergy has also submitted an application to the Arkansas Public Service Commission for the Cypress Solar project, a 600-MW solar / 350-MW battery energy storage project backed by Google.

The Cypress Solar project would power a 1,000-acre Google data center campus in West Memphis, Arkansas. Google will cover the “full energy costs” of the campus, the Arkansas Economic Development Corporation said on Oct. 2.

Gas continues to dominate Entergy’s energy mix

In December 2024, renewables made up just 3% of Entergy’s 24-GW portfolio of owned and leased generation. Gas-, coal- and oil-fired resources make up more than 75% of its existing generation capacity and around 75% of capacity approved or under consideration by utility commissions across its four-state footprint, according to its third-quarter earnings presentation.

In September, the PUCT approved two gas-fired power projects, the 754-MW Legend combined-cycle power station and the 454-MW Lone Star combustion-turbine plant, but with a $2.4 billion “hard cap” to protect ratepayers due to regulator concerns that the utility did not take steps to ensure the projects were cost effective.

In addition to gas-powered generation, executives said they also see long-term opportunity in clean energy development and electrification.

Including the Cypress Solar project, which is pending regulator approval, Entergy has more than 2 GW of clean energy projects — mostly standalone solar — approved or under consideration. Entergy itself will own about 1.5 GW of that capacity while procuring 570 MW through power purchase agreements.

Marsh said large customers’ sustainability goals could support future carbon capture investments.

“We are building this gas generation, but we have expectations that we will also do carbon capture at some point, and we are working on that actively,” he said, citing requests for proposals for projects in Mississippi and Texas.

Cautious optimism on new nuclear

Marsh said he was “excited” by recent nuclear-related developments nationally and in Entergy territory, such as the creation of the Texas Advanced Nuclear Energy Office. All four Entergy states have a formal, state-led process or body to explore new nuclear generation, he said. 

He said Entergy “applauds” the $80 billion deal between Brookfield Asset Management, Cameco, Westinghouse Electric and the U.S. government to deploy multiple gigawatt-scale reactors. The utility will keep close tabs on the partnership as more details come out, Marsh said.

“We’re excited to see someone moving forward,” he said.

Marsh did not announce any new-build nuclear projects on the call, but Entergy has filed for a $69 million, 45-MW capacity uprate of its Waterford 3 nuclear plant in Louisiana. It expects to complete that project by 2029.

Transmission and grid hardening investments

In addition to large load growth, Entergy is planning to grade and expand its transmission and distribution network. 

In October, the Public Utilities Commission of Texas approved the company’s 145-mile, 500-kV SETEX transmission project in Entergy’s Southeast Texas territory. Entergy expects the Texas commission to approve its approximately 45-mile, 500-kV Cypress to Legend line later this year.

Separately, the company was awarded a $200 million grant from the Texas Energy Fund that Entergy CEO Drew Marsh said would harden 16 transmission lines and more than 8,000 distribution poles.

Executives expressed optimism about recent legislative changes in Arkansas, where the general assembly this year passed a series of laws supporting strategic utility investments. According to the Arkansas Economic Development Commission, the changes will cut energy project permitting times in half.