Entergy Corporation
Utilities · Electric Utilities
Structural: Gulf South regulated electric utility ($ETR) emerging as the load-growth standout among US regulated names - Entergy Louisiana and Entergy Mississippi anchor the largest concentration of announced hyperscaler campuses in the Southeast.
- Meta Richland Parish LA campus (~2 GW commitment, multi-phase) is the single largest announced datacenter PPA in the regulated utility space
- AWS Mississippi $10B+ buildout adds a second hyperscaler anchor on $ETR territory
- Hyundai Metaplant + LNG export + petrochem reshoring stack non-AI industrial load on top
- Capex plan rebased upward (>$30B 5y) with LPSC/MPSC constructive on rider mechanisms for large-load customers
- Nuclear fleet (Grand Gulf, Arkansas Nuclear, River Bend, Waterford) gives clean-firm baseload other Southeast peers lack
- Louisiana regulatory risk: LPSC approval pace and cost-allocation for hyperscaler load could compress returns
- Capex execution at this scale strains balance sheet - equity issuance and rate-base growth funding pressure ROE
- Hurricane exposure (Ida, Laura) remains a recurring earnings drag; storm cost recovery lags
- Nuclear refueling and aging-plant capex risk on the Grand Gulf/ANO fleet
- If hyperscaler datacenter capex cycle peaks, load-growth multiple compresses back to peer utility range
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