Entergy (ETR) 1 Aug 242024 Q2 Earnings call transcript

Good morning. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's Second Quarter 2024 Earnings Conference Call. [Operator Instructions]. I'd now like to turn the call over to Bill Abler, Vice President of Investor Relations for Entergy Corporation. Bill, the floor is yours.

you us. thank and morning, for joining Good

certain accommodate from We of and Kimberly CEO, today ask make with these due a more number forward-looking our slide which found management effort earnings Fontan, request website. And no over filings. results obligation questions, forth our are Actual can of statements. Entergy's non-GAAP measures Chair are comments GAAP from person in to an our release, X these presentation Drew the questions. In will In to CFO, included both statements statements. on of review our each Investor update does will slide in Management any who call, that be will has Relations we begin our results. presentation now everyone section could I factors, Marsh, set assume Drew. and today's information. Reconciliations than and will forward-looking also differ materially to discuss call applicable turn and financial SEC not will which to forward-looking then today's Entergy the the to release press

day. macro provided you energy, who our the attended us our story, update I behind and comprehensive a We Thank all June, joining our and and then and on strategy electrification earnings listened thank well. morning, in onshoring, discuss all on to want drivers Analyst person unique as hosted In technology. business and online clean call this thank good for we Day in Disney Orleans. you everyone, you, Bill, New of growth

value all our that the our that our drive stakeholders, about also approach owners. significant employees, customers talked communities our and is also course, our cornerstone and for We first of achieving outcomes for our long-term customer

us near The XXXX the Kimberly track share are is Today, guidance. bottom We adjusted our that continue we long-term these go strong meet our with on over results. details. remain reporting will progress per our of achieve and $X.XX. we objectives. Starting financial firmly outcomes, helping quarterly make towards to earnings line to

also to has in I parties with subject and pleased turning FRP report business an to prior agreement including XXXX these staff resolved matters, matters, proceedings. the all Entergy year. but Louisiana other all LPSC to base other FRPs By settlement, The approval test to its Louisiana rate-making extension. Now several principle am open on Entergy the updates. that will resolve LPSC outstanding its reached settling

focusing and we the tax our We're principle increase staff will customer As litigation SERI, System agreement million XXXX provide Resources, from on includes or this at the to with plan community agreement, appreciate Texas to the the renewables FERC. to which on submit to August their challenge part announce in us. credits, landfall allows stakeholders of settlement about other XX. Hurricane XXXX benefits leaders agreements this more Entergy during settlement anticipate work storm agreement growth resulting next as point before as want half customers all provide I IRS to understanding focus our We to SERI settlement, litigation to in together. We'll days. The executive earlier which the at provide commission Entergy take Energy July. process plan to file when the its customers. income made that this Texas and information full in long-standing up many the to capturing Southeast restoration. we accelerate and including the first to settlement understand we and our the for reached the the parties opportunities early business of on get look an on sharing of stakeholders our this the all approval, to pleased on the and the audit. affected of $XXX both stakeholders LPSC and the major customer coming for significant also well removes We year, clarity of in other resilience for matters approvals to and future resolved ongoing at Louisiana, Beryl development support an substantially of commission Pending and important and of hard Louisiana value. These commission thank meeting our forward

outside them. brought damage event. Beryl a communities to by trees safe the from coming and are which many into timely, once serve and We we distribution effort, trees, inspired an winds our tall face and of number of of lessons experience fell damaged uprooted caused together our that of the a sustained customer are honored grid this past transmission and in This into and again outages. to storms restoration. high And lot power significant right of such cost-effective which ways We included led lines. learned most

time Our past accurate, outages lines. learnings restoration also and facilitated plan. our regarding timely and communication trusted updates providing

with We up as well local date list. officials of all the stakeholders and customers are state keeping on to at the focused top as

elevated investment as a XXX quickly resilience, of safely and a storm of everyday monitor growth As new coupled delivers multiple our of installed power to communities we across operational discussed our customers working keep out, well-prepared power a The structures than standards. we Peninsula the at before Analyst dimensions. diligently of how are substation as response, Ball firsthand benefits and Day, storm distribution tirelessly possible. Beryl the is support our of employees to to and with communication to prepare I'm clear we of interrupted. To and proud reminded to than us and after importance the built activities more good customers example. This top is support important very is mind, learn our more built when the saw restore new ever. is the growth, why

benefits commission on a Texas decision $XXX for plan, contingent these The improved is council within Phase growth expected, and further future-ready the assets and year-end. Entergy's Separately, Orleans approval conference legislation unique story a robust Entergy the which making further its easily $XXX held first As from growth a timely key businesses. Energy estimated requesting of new efforts, restoration. To customers, we Fund. to ] for decision to grant our during X-year New while important a maximize highlighted calls Beryl, days of submitted our and its roughly before technical are Entergy are supported filing. storm phase, was costs [ performance Day, a million support we targeting theme million. for X withstood plan, last To resilience Texas Analyst XXX progress cost week resiliency we to minimizing at a across and

Southeast the turbine plan, with which attributes for collaborative will located and built carbon interest together new additional leaders viability We're plant Port Texas generation hydrogen feature the resources. in Energy brought CCN be XXX Legend approaches technology. submitted Texas assessing be to customers than Summit, we capable capacity. Advancing industry Power our will Southeast Arthur, cycle hosted growing Entergy and its against we filing step the includes ensure their the plan, community X request to generation capture. capture combined clean and sustainability be Station, a XXX-megawatt Texas in from carbon serve working more enabled energy example, Plan, combustion a political long-term purchasing as or outlined At summit, to Leadership region's that which needs. For to discuss ahead

stages, strong. to early While interest are appears customer discussions in in be our CCS

well includes as Power terminals our furthering proposed and capacity of will also total Both out transmission than XXX-megawatt located additions also is combustion to approximately XXXX. totals as Our the includes costs Star Cleveland, ahead Texas X request be which megawatts. in construction. Entergy The for Lone costs be interconnection estimated RFPs. Texas. during The projects are more be at plants billion, summer Station, to Also XXX filed hydrogen-capable. That investment $X.X expected solar that step came of plan, owned for online approval of financing

renewable signed second clean energy remain expected the of green to come broadly, X.X XXXX. The energy. More storage service our and clean quickly, and our and in those macro to our energy new To electrification solar approved generation hyperscale customer projects. of are which help gigawatts will helps service our much energy goals, demands accelerate customers to energy renewable capacity X renewables to we discussions. that we the will as of expanding gigawatts end, we XXXX and joint streamline key our will agreement customer data process is customers is that identified to growth. drivers of bring resources The our area. Technology June, At Day, This XX online Entergy I for to Also across enable Analyst businesses. Energy-owned the expansion, a plants RFP capacity. clean Louisiana development clean large our the to Many macro for objectives. these new early to up informed and growth from megawatts was of in another meet potential our online which center have attributes new supporting in first referenced X,XXX support renewable PSC behind in development to add more driver by up Louisiana enhance attract areas, earlier,

stakeholders. We our regulatory and driver all benefit from growth this potential to regulatory to excuse path our that the remains stakeholders that our -- front outcomes active our customers very stakeholder for putting and continue customer achieve forward me, forward all benefit remains this to have first strong. Putting our achieve other first, customers on outcomes engagement path

move discussed. In approved. in and continue proceedings. filings filing to Mississippi's evident principle through the was the in that Louisiana steadily regulatory I are June, Texas Entergy We in this of FRP annual Results in agreement already

all achieve We company's a the continue to additional puts benefits support good the our credit, which to to which stakeholders. Mississippi position that work in and Mississippi Entergy bring growth to state with Commission outcomes strong the well customers operating

Orleans FRP. Entergy addition, Arkansas annual In filed their New and Entergy

gas continues new move Orleans expect September rates be sale for to for along. in New effect our finally, and LDC Arkansas. in We And January to

believe filed and be conditions. Louisiana, the report business meeting. taken up and stating customary interest believe staff the August subject Tuesday Entergy recommendation week, at transaction its by this of was in the to on will executive the XX matter staff public the We on is that LPSC For

track hearing New of by a we to in the from is remain third transaction decision scheduled the Council quarter on on and Entergy September XXXX. Orleans, close to the early expect begin For XXXX. the We X, City

to Our commitment quarter. past evident communities our continue to supporting this be

to value to was solidly showcases light as Entergy we moving key of and objectives over achieve as we continuing longer-term are served delivering outlook. to our across how as were fronts. standard for to a business. In XXXX, each well for the financial made The to now Civic remain community the corporate will citizenship of points leading quarter. our recognized half customer our core XX the [indiscernible]. regulatory key as customers has national of again once We're social of Civic operational, focused progress Kimberly, our turn the call first impact efforts steady on XX companies their on to Our XXXX financial premium results first, By our track for the review who put stakeholders. I'll and

Good Thank morning, you, everyone. Drew.

quarter we steady, the adjusted Shown earnings track growth. EPS year. firmly on the achieve As Slide our for reporting Drew $X.XX were predictable for consistent with for and that results said, per is result keep objective guidance are share. our the us adjusted today, of strong our on quarter earnings This to X,

that For adjusted from had considered were excluded earnings. items the and quarter, X we adjustments

XX% end recorded funded a the out, of the out. we as lift First, With pension our is this settlement quarter. plan result lift the pension remaining as of of $X.XX liability charge

risk. Analyst As at I reducing is our another mentioned this step in Day,

our in EPS by discussed, serve to also due expense contributed depreciation. primarily retail classes. biggest the these sharing Second, X of we staff which X.X%, growth rate actions million and was Industrial our and an quarter's net hotter Drew debt Cost weather-adjusted for To Regulatory to also customer the earnings with totaling to normal include settlement finance includes the formula credits, investments credit. the weather. related sales retail Interest with O&M other sales expenses agreement variances. reflect LPSC growth Part million to that Entergy customer growth our balances higher drivers than reached all growth. higher providing basis, IRS contributor. increased interest reported across recorded extension plan fueled details customer-centric customers support as audit $XXX Louisiana adjusted of to On Key increased, filing. tax $XX the investments. is rates to a $X.XX previously resolve resolution. Slide increased

X. X. on flow than Slide Credit Key higher Moving quarter to Operating second timing of Slide shown are were last drivers year. cash higher and liquidity payments the customer was and receipts.

regulatory the remain the settlements Our fully healthy. outlooks, credit effects metric reflect which of very

but Our we equity already $XXX in net approximately $X.X are liquidity is billion. settled. This have that not locked yet strong of includes at forwards million

until they plan cash if are these While a next forward settle to needed. of we don't source year,

quarter, junior We of also $X.X are the billion supportive. which including issued term credit debt in subordinated very notes,

Hurricane our normal million We're Drew to response mentioned, early mechanisms. our these and to but We cost-effective. estimate Beryl restoration As was safe details, cost to still is through million. the $XX timely, costs plan $XX refining recover

Turning Slide to X.

make You can needs. see continued progress through equity of completed To our projected we've to through good needs date, our to XX% that we've XXXX. equity XXXX approximately XXXX

adjusted Slide guidance on shown are outlook. As X, EPS and affirming our we

we've as firmly we're XXXX, said, track. For on

our which I guidance flex last headroom higher operational outcomes. from mentioned a quarter. spending contribution be is EPS to than this better us industrial hotter quarter, Our for customers including than our little O&M to was achieve volume new expected Weather plans to created assumption, the normal

customers XXXX, considerations for savings new year that For much year. as in like note. be quarterly the largely growth remaining last our of spending XX% the the expect the as later be quarter the fourth quarter remainder couple to to timing to the quarter to expected flex O&M a fourth year. given come achieved sales balance fourth weighted is of of still expected in there significant as large additional are to I'd in And the increases The we the online are of

As we weather flex plans. normal, outside experience our further spending we you know, additional if of may

with quarterly the long-term supports made, that we've Public webcast We're and outlook. considerations the We with especially our Commission settlements progress our the have presentation. Louisiana the additional pleased of appendix provided Service solidifies in

unique we laid clarity Entergy story available at is in important the With questions. Louisiana, for for growth is we the now Day. And the to set now have out stage that capture team Analyst us the

first Guggenheim the it [Operator Instructions]. with of question Shar Partners. from line like our looks comes today Pourreza And

there Starting more as progress new generation of mechanism? Louisiana the to new that with CapEx plans, sort at the schedule. deployment the potential off a FRP regulatory look especially updates on updated allocation capital the and and X-gigawatt under revisit And FERC. settle would catalyst in be maybe Any further importantly, the and you

X part your question repeat just cut Shar, the of could you first you out second. for

concluding kind just that Yes. No. on further we're part. and then thinking as or process? whatever. That's And of in deployment. the processes, updates generation there's depending FRP the new the part -- catalyst capital CapEx a that kind of Any that in as global revisit Louisiana allocation plans, first and and settlement FERC second about look sort the is the in to you those Is especially if at of settle

Yes.

part. Rod let the I'll about and about I'll the Kimberly first let talk So second part, talk

It's Rod.

series, FERC, -- prior In Can as settlement. FERC in terms have the file Shar? settlements, of to me we you the we series the now, hear actually did

Much better.

deal. Good

there'll to SERI with case the with the regard. the As FERC FERC in still proposed it subject will will approval, be settlement was that settlements, LPSC. with prior subsequent be file the And nevertheless, SERI filings we

do. work So we have still to

we've subject it for what be to begin the but still consideration will shared on LPSC with process, is will methodical XX. a and of the what their it submit we approvals, All to

results add of I'll -- that came these second, that and talk that goes nature to to the a And is that, and... about think just pleased what about it the we're in way Kimberly the I thing will together

that point, in with capturing stakeholder sets to talked the execute an together far mentioned us our and put Drew this more this stakeholders And on stakeholder continues Analyst have to simply stakeholders earlier growth we clarity. as our more while it a to stage in engagement engagement discrete process conversation. And comments, work to in weigh in to about But because the to able greater driven is his Yes. get opportunity what's that the function this are that of out states. able with of this beginning a be far possible Day, far customers has on deliberate was our excited the we position same and we at this terms to we playing of we're the earlier in us Shar, strategy strategy pleased really is that far on a the The settlement. in now interested are having about process where each and And outcome clarity was includes we're just certainly our the includes other had policymakers. regulators, at that Louisiana for brought

So we the can now growth focus on story.

And we'll then November as would point, play perspective, Shar, process EEI the from capital we're we And ] out. to this be at pleased in a full to expect give typically we do. in Certainly, update [ a let

Great.

the And 'XX then lastly, to picked just that. assumptions obviously, Looking forward up.

growth about sounds to like O&M is I read-through the benefits got we're in kind back of kind XQ, the to talked end. you've 'XX 'XX bridging in the don't thinking lead also low 'XX. You about schedule 'XX, witness, kicking ahead of to for more want from but in, you're coming of as It there any

outlook ago, place just Yes. think weeks and best our point. shared few at is Day I Analyst the a We that to

We track setting a last our Rod as weeks on and continue said, in on ago. be ourselves we're for we few to continue what up to update provided year this to deliver

the from And with Jeremy question of our next line comes JPMorgan. Tonet

this come outline you point? either more Louisiana. else addressed to of matter leave to wanted and your be anything Could FRP scope Just this the settlements. on here to critical at back for Does SERI

terms the settlement and so As different posture, the its litigation them SERI issues. it the proceedings. of of but is SERI and cleaned And essentially, construct, administrative also X with historical commission the are rate the major Entergy a that stakeholders. clears it the addresses dealing deck settlement of go-forward prior between general settlement, resolves or related conditions dockets settlement up, regulatory matter, formula and the much extension and a plan the are There

it. the do just or discuss Got latter, to LPSC hear. XX just great the on moving vote think when that both to on they here you if vote? Clears expect deck, might for settlements And commission the or meeting, the do August you details

lime we is a Drew also consideration. all that settlement and all his forward on the and their issued the the Public put XXth, again, related would I'll reference that this on, associated least the proposed expect other that is LDC seek additional with of the that -- up. And commission's the were a recommending the would for to portion the on It -- settlement report Louisiana made the in them its our and remarks of other, that but commission to the able staff FRP So the up take commission SERI sale, the them, and that the dockets to subject dockets take let's call consideration we Service approved the had gas the LPSC already staff Commission's sale. at expectation

as XXth very taken may that the up So well well. be on

So docket commission we will pretty XX. expect comprehensive the the on take that up

guess, that opportunities any just if updates accelerating? I Very And before data to to that's you it. you, real guess, as, sits I one there guess, center color the just quick Just what opportunity helpful. would see far potential as great. be pace Got revisit, set provide set, as any of, I opportunity the

opportunity regions. that development terms the actual that's Gulf constructive we we provide, the It's who, included customers X other nothing supportive environment as out in than laid were growth out, the speculating energy laid regard, the that the Coast, we're in alluded something certainly, rates of Analyst AWS. anything pipeline prospective economic We in that outlook And a and with to because was regulatory presented lot Drew Day at Yes. XX low having had of gigawatt advantages of our we're of not around. as that been of taking in our advantage structural we to, we our conversations

able of Analyst and we details. because specific process on out we But be public we're any And stakeholders customer go Day the about that advantages and both the that our that prepared as with in so case appropriate about laid giving and -- is where right quite making or strategy, the stakeholder the prior that sure prospects expect to to in in early we are customer such until they time that, we're table bullish are our not top out But was at at the at all time, we'll all give process. engagement talking the the something. again, the of additions,

line And question the comes David Stanley. with from Arcaro our next Morgan of

I Is of on I proportional settlement. terms was like the making just all congratulations consistent was the commission that split the proceedings. progress the -- with or maybe the on wondering well, settlements the other allocational you're on with in in -- others that Louisiana? curious these to SERI

with answer the New that's short settlement the proposed is The The Arkansas the settlement constructs consistent with in jurisdictions, series and is Mississippi, Orleans, yes. other yes.

or going was And Understood. the do within wondering, you you are how this projections flow flow expected Louisiana against what up I the just the of that cash then considering with where cash Okay. range? And also your those line consistent that Does terms in forecast FRP, on solidify is things, here? Great. of in settlement shift would earnings side the forward? then have

-- our The Thanks, today. both EPS Yes. we're settlements and that considered cash our settlements -- in in for our flow are all outlooks both David. the affirming

from that would I about perspective. think So that

line Paul of next from the our comes with Jefferies. Zimbardo And question

the was out while all on the hard be great very beach. settlement I productive see No, knew to Yes. at talks. you'd I hanging work

So guess unrelated those I good one totally see to X for X. that questions.

plan kind assets on there. we about versus to good I know you. progress as there that's plan? The go could kind upside first update, of priority a of much the a way see is forward think is on these about you and utility-owned more been like renewables the embedded in measure RFPs for how the RFP the Is to

then a shared believe the view ago, gave a renewables there. slide was I our there also you and few that owned of We which weeks breakout capital Yes. sort showed

announced through places performing. what are updates and as go we comes about as so we'll how at provide RFP, other those periodic see through and And we'll they EEI to the be there, able

expect large RFP And the fall have we'd a in Louisiana. we for -- to

And potential I I been years if the for that. I'll say for kind see you've to in whether thoughts your tuned in Okay. Phase or X to vocal there, an the know I other for was Phase philosophy Texas for I of you just pull it's on of II. want any know have very amendment changes just plan then Phase hardening. there's about amendment hardening. forward

Just any you could perspective provide?

Yes. good a That's question.

have about, assets being in, And around get we've able things that priorities. it see credit included years been up you previously were we and thinking terms current to that by whenever weren't are in sort try there Pre-Beryl, and couple a get this legislation in the those accelerate. we've our reflect couple ability of post-Beryl. and it storm that we have where replacement there you what plan return namely you So it's about ago, in then harming doing are on those was the we have to of talked return that transmission reflects -- submitted based where on of getting our and and as legislation and we kind Certainly, plan, we also to and so of to the don't existing introduced pre-Beryl it's wanted Texas a if a we are accelerate the of a we things. resiliency if on and what on you're rules that of

out a and figure we our or to a and to go plan is engage now to this we us stakeholders filing different with. there So have the that the are made want that, plan a if we've post-Beryl the is we if we with pace. Having stick that to for want more measured opportunity said is now

we'll that about go. we open might weren't I'll up have address opportunity over last excited to to see legislative able well the that address for of what another Ron the with and we're of it potentially in to now course, pass it's as else So to time. And that, coming you to... conversation where And things session some have

been now conversations, some of Houston. and its the resiliency attention close backdrop Louisiana the at paid late are much efficacy Orleans paying because just of point revisits in our learned to capital conference is in our conversation attention a opportunity to as and recency very just technical Beryl And state revisit well certainly well. Texas other ongoing well not its empirically the while were to Beryl as Yes. has we the lessons Texas, And the provides on And they end the scale, with the I'll resiliency the plans. that as policy much only there an paying so for plan public an middle with New ongoing revisit the year counsel scope still the conversations And of but is of between experiences us the of it reference to attention the its know of to season. both as in way and storm opportunity jurisdictions the we're in a with where to as reiterate

Beryl. storm unfortunate information revisit with for provides standpoint, customer an from other the the the stakeholders whatever So new the lessons from resilient to opportunity a conversation and states learned

line our Michael next And comes ISI. question Evercore with Lonegan of from the

you tracking you growth new growth expect sales these your X% all for know are the On wondering get And outlook. in on customers where just track? customers stand I to long-term the just trying of fourth to year. industrial X% versus the sales are where industrial specifically, you a quarter, sense

But build year. track expect through industrials do couple the are the that that minimum end on how X% provided growth we coming for a referenced. supports year are most that large have still are on There perspective you because late on line of of still we about throughout delayed, continue what that some if that and protection trajectory a come contracts in a We're track, have they pipeline that strong then the period we've of year still bottom on. believe the see We forecast to type we of contracted to we're full the we with customers from they're Yes. for in. those

plan, you pension much just then lift versus more on pension par, the if the me, your and secondly reducing And outs? do the wondering Great. pricing opportunity to out, you're of lift see you got how for volatility

with Yes. We lift outcome of out. pleased the were that

I continue those reduce We to at regulated As reduce said, volatility the help are jurisdictions ways side funded volatility. through rates. recovered plan now pension that find to use costs XX%, the is to and mechanisms net in we our as on regulatory smoothing

that As would where are but good work, what could another plans. we we our weather, to place the out, on we've with we derisk currently the do to think that that to pension would that ability on pension done lift far obviously, to a math and we execute as are have have and in

which appendix, Kimberly's And is basis plus this pension, it a what XX $X.XX point, lot I'll points than or where be minus is a points at of for lower sensitivity every basis to used our sensitivity point. add, which is XX is kind to chart there's for

And with Levine our Ryan of next Citi. question comes from the line

to service Texas Regarding the the in learned to from think lines outside potential address broadly do how around Barry, territory? what the issues lessons aways way is Any your best problem? or you electric hitting more thoughts that your color right in vegetation and around initial of address

to but customers. our how is that stakeholders plan, are includes making capital capital conversation been reliability investments exactly only clear Rod. our proactive benefiting has way to engagement in address and It's us of for part resiliency embedded be plan. the those communicate. the It's stakeholder the The around it not it our also And capital also jurisdictions. It's to Yes. across best plan to

us to of perspective, long areas both comments, I really different opportunity right trees our problem I and in located extending of when where in many facilities the those a way. to Texas, attention and conversation service alluded vegetation the further for Drew of gets think vegetation area the resiliency. That that the created certainly I And think of the serve vegetation South but this we been as What an facilities where for margin were processes more the you'll exist? we and capacity -- to Do in situated the customers mean than surrounding disrupt where think and construct our to do be. regulatory have in accelerate way. and what's a from has of think component how Southeast come our asset a ways, our are the or here opportunity particularly of regulatory right case around where the hear paying from we Louisiana is facilities conversation, trees for are greater we've beyond, trim allowing the trees by those normal those challenge is been of into I right and wins may Texas you're and reliability when a That's customers. you us. And outside Hurricane his in what Barrel, to outside area the trim other in area facilities for Louisiana have provide what's of we to the I think feet

like said, because to trees perfect the to that you you got right you if not And that. It's pretty with go that and ] of frame many the those when little tall transmission standards, does trees trim, go capital may there right have But Rod were need just feet outside modern don't widen or design potential [ of go age those ways lot in transmission it bit areas ways widen the you deal we of with -- and of out from resilience the the a is the investment. that to to our lot vertical structure But statements, area a mitigated of back service and trees come territory able can in a structure a right from in to reduce of some the tall way. to build particular, of we there. acceleration pine be for target are an

require be right-of-ways, that expansion is Or On of to solution? a legislative that stated to mechanisms there other able would the effectuate objective?

And of way. That's permission to conditions operate the we'd under the that have terms right our commissions get sets to of basically and rulemaking which sort extend under we franchise. from the

the that seek of But commission the of so And an expansion state-by-state is to go ways. commission to conversation. commission would yes, existing right a by we

combination. We And to to each back way even may go right then a renegotiating. right of maybe right individual by of way have way and

And just Okay. last X this. then on

geographically you're an of I right of barring think Is number length the high-risk your away? terms certain XX-inch that for in you locations? distance your is the terms average see have of Do citing, in In you the peers. one there that of that

better feet But sure in better And from going by the that's the not withstanding trees just job more what but a the facilities. about That's facilities. themselves. do in could I'm jurisdiction conversation on around facilities But But that a usually of articulated it's it's trimming up is tree jurisdiction. hold resilient jurisdiction-by-jurisdiction conversation. about resiliency more win, of usually Yes. just numbers of a existing feed top not that poles away to themselves is and be wind, yes, remember that resilient

I Right? tight versus Orleans, in unlike requirements, some other pretty New elements tree urban right-of-way not the some Right. city environments. we And trimming have urban and mean of rural?

familiar So with some we're challenges. very of those

today And the Morningstar. from comes with of Travis our final question line Miller

what approvals are ground. anything or to facility, before On that or else necessary or shovels filings type in the regulatory AWS related continued the of to get

Yes.

we one at One the their was Day about allowed of talked what to Analyst at and of advantages getting that move speed this -- us pre-approval. the big before, expectations of

reapproved begin So in to the ground, of put legislature order the us us design Mississippi the Mississippi for in in the out have support with to order serve CCN the the shovels build to for already AWS. process Commission

a associated was CapEx And rate with Okay. base that? there or number a

with that a haven't specific given We customer. associated number

we energy but additional and update Mississippi that support haven't there's specific out that to associated that can the example, at clean broken year-end for specific the You a CapEx see customer. with renewables, for for customer,

of CCN. part wasn't that And Okay. the

No.

with as peak from was [indiscernible] the the state CCN a through that handled in working Search well. or said, Mississippi perspective, the As Commission Ron with

it. Got

answer potential quick, Beryl earlier about thinking Okay. did other And What you Or then there? session mentioned and outcomes real to misinterpret are possible around legislative about that? some I you an question what legislatively the in storm-related are issues.

Texas, like odd years to we, correctly, in ability No, along of session legislative facilitate the also to of other the Texas made the year last with XX couple the Texas, or for and us rule ideal. addressed headway to Texas would go which we the replacement to the the back stakeholders would it's in spend resiliency I state of have think do the is of -- on in to way have as done in in commission lot and point resiliency Drew get in resiliency facilities given accelerated some were of legislative that would part it which the that resiliency already the session plan Texas you thought revisit the alluded us in it spend. to the items by opportunity commission for XX heard has facilitate that facilitate making with add legislative But been Texas allowing around didn't an the was every in made complement what transmission in to session, And been support stakeholders other utilities. of that spend. And which of a session, accelerated that Drew the been there legislation last

Okay. Got it.

So it legislative. about terms just of Texas in comment the was

correct. That's

over the now to Abler, And I there are Mr. no further back will turn you. call questions this time. Bill? at

everyone Thank for and you, participating to Greg, morning. thanks this

a details accordance to provides of is proceedings that Other principles. Also, of reminder, filing of Our that important more about additional accounting date and Events website page Entergy's we and as balance our on updates regulatory SEC Relations disclosures milestones sheet and that Information, called the the the web prior Regulatory a which accepted report reflected our statements. occur on at of would Form key existed conditions generally XX-Q with XX-Q in August provide our date due X our be financial strategic quarterly provides and the evidence as Investor execution. financial of maintain part statements to in on

rely should all you you concludes our page And this information. information this call. on be may Thank of this some for much. company While exclusively relevant considered material not very information,