Entergy Louisiana, LLC COLLATERAL TR MT

Entergy reported quarterly adjusted EPS of $1.03. Management said that was slightly lower than last year because weather was close to normal compared with warmer weather in 2025, and that excluding weather, retail sales growth was positive, driven by 10% industrial sales growth. The company said it remains firmly on track to meet its 2026 adjusted EPS guidance and reaffirmed outlooks through 2030. For the third quarter, it expects other O&M to be approximately $0.05 to $0.10 higher than the same quarter last year, and if weather is normal, it expects most of the year-over-year earnings increase to come in the fourth quarter.

Drew Marsh’s message centered on customer-led growth, especially from data centers and industrial demand, and on making sure that new load creates benefits for existing customers and communities. He emphasized the company’s “fair share plus” approach, citing $7 billion in customer bill benefits for agreements signed to date and saying Louisiana’s new executive order is aligned with Entergy’s framework. His tone was constructive and optimistic, but he repeatedly stressed that new nuclear and large-load growth must remain customer-led and risk-managed.

Kimberly Fontan said quarterly adjusted EPS was $1.03 and explained the year-over-year change mainly by normal weather versus warmer conditions last year. She pointed to 10% industrial sales growth, higher O&M, higher parent interest expense, a higher share count from settling equity forwards, and regulatory actions net of higher depreciation, taxes other than income taxes, and financing costs. On the balance sheet, she said credit metric outlooks remain better than rating-agency thresholds, that FFO-to-debt is expected to stay at or above 15% throughout the outlook period for Moody’s metric, and that liquidity is very strong. She also said the company completed a $2.175 billion equity forward offering in early May and settled 8.7 million equity-forward shares on June 22 for net proceeds of $672 million, with about 60% of the five-year equity plan contracted.

Analysts focused heavily on growth opportunities and regulatory structure around data centers, nuclear, and load growth. Marsh said Entergy is in conversations with the state about new nuclear, but there is no firm timeline and the company is not yet where it needs to be on risk allocation and customer protection. He also said the 7 to 12 gigawatt hyperscale number has not been changed because the funnel is very active but still early, and he said Louisiana likely can extend its formula rate plan based on prior experience. On Cottonwood, he said it remains the most economic option for serving coming load, though Entergy is working to mitigate upfront bill impact and timing risk.