Entergy Corporation

Entergy Corporation is an American integrated electric utility holding company that generates, transmits, and distributes electricity to approximately 3.1 million customers across Arkansas, Louisiana, Mississippi, and Texas, with $12.95 billion in operating revenue in fiscal 2025. The company operates approximately 25,000 megawatts of generating capacity — roughly one-fifth of it nuclear — and employs about 12,000 people across its five retail operating subsidiaries and a wholesale generation unit.

This is a story about load growth on a scale the American utility industry has not seen in a generation. Entergy's Gulf South service territory sits at the intersection of several secular forces — the reshoring of heavy industry, the build-out of American LNG export capacity, and the arrival of hyperscale data centers seeking cheap, reliable power — and the company has been quietly signing electric service agreements that will transform its balance sheet over the next decade. The numbers are almost hard to believe: a four-year capital plan that has grown from $43 billion to $57 billion in a single quarter, retail sales growth projected at 8.5% compounded annually, and a pipeline of 7 to 12 gigawatts of additional data center demand that is not yet in any forecast.

The file turns on a single question: whether Entergy can execute on this build cycle — constructing more than 13 gigawatts of new generation, hundreds of miles of transmission, and billions of dollars of distribution upgrades across five regulatory jurisdictions — without stumbling on cost overruns, regulatory pushback, or the very real risk that the data center demand that justifies the investment cools before the concrete sets.