Entergy Louisiana, LLC Q2 FY2026 Earnings Call

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Intergy Corporation second quarter earnings call and teleconference. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation. Liz, you have the floor.

Good morning. Thank you, Greg, and thanks to everyone for joining this morning. We will begin today with comments from Entergy's Chair and CEO, Drew Marsh, and then Kimberly Fontan, our CFO, will review results. In today's call, management will make certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to a number of factors which are set forth in our earnings release, our slide presentation, and our SEC filings. Intergy does not assume any obligation to update these forward-looking statements. Management will also discuss non-GAAP financial information. Reconciliations to the applicable gap measures are included in today's press release and slide presentation, both of which can be found on the Investor Relations section of our website. And now, I will turn the call over to Drew.

Thank you, Liz, and good morning, everyone. Today, we are reporting quarterly adjusted earnings per share of $1.03. We remain firmly on track to meet our 2026 adjusted eps guidance and longer-term outlooks kimberly will review our financial results in more detail last month we hosted our investor day in new york and i want to thank all of you who attended in person and listened online we provided a comprehensive update on our business strategy that defines how every decision starts with the customer to create long-term value for our key stakeholders our customers employees communities and owners you also heard directly from two of our customers aws and meta on how we're working together to benefit stakeholders our differentiated growth story driven by macro trends was a key theme while the technology sector is the largest demand growth contributor in our five-year plan we also have our traditional industrial set looking beyond our current outlooks We continue to have 7 to 12 gigawatts of hyperscale data center potential in our pipeline, as well as 3 to 5 gigawatts of interest from traditional industrial segments. Since Investor Day, interest in potential large-scale projects throughout our service area has continued to grow, and we remain excited about the opportunities before us. We've highlighted our Fair Share Plus pledge, which is our commitment to ensure that customers benefit from data center growth. Starting with our first data center agreement in 2024, we partnered with our elected leaders and our Hyperscale customers to ensure that data centers pay the full for agreements signed to date. We expect $7 billion in customer bill benefits. On top of that, these customers bring significant economic development, community support, and grid enhancements for the communities and states where they operate. Louisiana Governor Jeff Landry is also committed to protecting customers and communities in late june he signed an executive order ensuring that new data centers are committed to providing customer benefits an order that we see as consistent with our fair share plus pledge the requirements include protecting louisiana customers investing in grid resilience and long-term reliability providing meaningful community benefits including workforce development and maintaining transparency and accountability importantly this new executive order moves beyond setting an expectation to now setting a standard required to qualify for state. We are proud to say that the governor held out Metta's investment in Richland Parish as a positive example, providing significant customer and community benefits that meet the executive order's requirements. And now, any future data centers in Louisiana must also meet that standard. Last week, we attended the White House's Ratepayer Protection Pledge event with Governor Landry, Metta President Dena Powell-McCormick, and the Richland Parish School System Superintendent Sheldon Jones. We are honored to participate and highlight the work we all have done to benefit our existing customers and communities through data center investments. The White House's Ratepayer Protection Pledge, Governor Landry's recent executive order, and our Fair Share Plus Pledge are all aligned to ensure that we grow and support this transformational investment opportunity, and then we do it in a way that creates benefits. I have a few operational updates today, beginning with resilience and reliability. So far this year, we've had two minor tropical storms that impacted our service area. Restoration costs were nominal, and no special cost recovery is needed. We were fully prepared, even though it turned out they weren't major storms. Severe weather preparation and readiness is a year-round effort focused on training grid investments inventory management proactive maintenance such as vegetation management investor day we highlighted investments we're making in resilient infrastructure as a recent example intergy louisiana kicked off a project in saint bernard parish that is part of its phase one accelerated resilience program improvements include replacing or reinforcing approximately 640 distribution and transmission poles with infrastructure engineered to withstand wind speeds of up to 150 miles per hour. In another example, this quarter, our power delivery team reached an important reliability milestone for our customers. Our self-healing network program, which began installations in 2021, is improving reliability through more than 400 self-healing networks now in service. Since the program began just five years ago, we have avoided more than 700,000 customer in an estimated 80 million outage minutes. But we aren't done. We recently provided notice in Louisiana that we planned resilience investments in the calling our request Phase 1A, and it would bridge the end of the current program and the next Phase 1A will be a smaller, intermediate plan to help us continue resilience improvement and retain workforce continuity while managing customer affordability. In May, Louisiana implemented a rider to support an enhanced vegetation management program. This program provides for rider recovery of vegetation management expenses above the 2025 baseline spending level. And in June, Energy Texas closed on its $200 million Texas Energy Fund grant to strengthen electrical resilience and reliability at no cost to customers. This brings Entergy Texas' accelerated resilience plan to $337 million. Investments like these will improve storm readiness, harden the system, and ensure faster restoration following extreme weather events. These improvements are also part of our long-term planning and work to modernize the grid and reduce the number and length of outages our customers. Turning to nuclear, Riverbend Station was recently recognized for its 40 years of service and its importance to Louisiana's energy landscape, providing clean, reliable power during those four. Also, the Nuclear Energy Institute each year recognizes the nuclear industry's most innovative ideas with its top innovative practice awards. And this year's Energy's nuclear team is receiving four awards. Our customers will realize operational and affordability benefits as these innovations are implemented, and in some cases scale. One of the projects was a first-of-a-kind replacement of the reactor vessel head through the containment hatch. This work, which supports A&O's long-term operations, was part of the recent refueling outage, which successfully completed ahead of schedule. Moving to regulatory matters, putting our customers first remains a cornerstone of regulatory outcomes. Over the past quarter, we continue to move steadily through multiple proceedings. Intrigy Texas updated its Distribution Cost Recovery Factor, or DCRF, to include distribution assets that also received approval for its first-ever Capacity Cost Recovery Rider. This mechanism is the result of legislation passed in 2025 that modernizes MISO capacity cost recovery consistent with our other jurisdictions. Entergy Arkansas has new rates in effect for the Generating Arkansas Jobs Act rider. The rider supports Entergy Arkansas' ability to make large investments that benefit customers and provide economic development in the state. In July, Intergy Arkansas filed its 2025 FRP historical netting adjustment. This filing reflects a rate reduction for customers, which will partially offset the impact of the base rate case, which itself was already expected to be less than 1% for residential customers. In June, Intergy Mississippi's annual FRP filing was approved, resulting in no rate change. In addition, Intergy Louisiana and Intergy New Orleans filed their annual FRPs. We expect new rates to be in effect in September for those jurisdictions. Both jurisdictions also filed to extend their current FRPs, Louisiana for one year and New Orleans for four. We continue to make progress on our other regulatory proceedings, such as the EVES filing to support additional service to Meta, the Arkansas rate case, the Cottonwood acquisition. There's more information on these proceedings in the appendix to today's earnings call presentation. We engage our communities in many ways, but one of the most important is through our state Gulf South Corridor is benefiting from a massive construction and manufacturing boom that continues to expand. The strong economic growth in our states is having a positive effect, and the economic indicators are looking strong. For example, GDP and non-farm payrolls are at 20-year highs. Population is also growing after years of declines in Louisiana and Mississippi. A strong economy is good for business but it's also good for communities. For example, Northeast Arkansas is seeing new ancillary business investments to support the growing steel industry. This kind of complementary activity creates an industry hub that lowers costs for all local participants and enhances regional competitors. Teachers in Richland Parish, Louisiana are benefiting from bonuses of up to $50,000 as a result of a growing tax base supported by META's data center investments. An example of significant new opportunity in rural communities. In Mississippi, a circuit breaker manufacturing facility is expanding to serve local and regional data center and other electric infrastructure needs and bringing more jobs and property taxes. And in Southeast Texas, with multiple new and expanding LNG facilities, the region is benefiting from new college and workforce development programs designed to help local residents gain skills that will support decades-long careers in the LNG industry. Beyond economic development, our commitment to supporting our communities continues to be recognized. Entergy was once again named as an honoree of the Civic 50, which identifies the nation's most community-minded companies. Entergy was also recognized as the utilities sector leader, highlighting our ongoing commitment to employee, volunteerism, and community engagement. By continuing to put our customers first, we remain focused on delivering premium value to each of our key stakeholders. In 2026, we made steady progress across customer, operational, regulatory, and financial fronts, and we remain solidly on track to achieve our objectives for 2026 and beyond. I'll now turn the call over to Kimberly, who review our financial results for the quarter.

Thank you Drew. Good morning everyone. I'll now review our financial results and our outlooks as well as activity in the quarter. Our results for the quarter were straightforward. Our adjusted EPS was a dollar and three cents as shown on slide four. This was slightly lower than last year as weather was close to normal compared to warmer weather in 2025. Excluding weather, retail sales growth was positive, driven by 10 percent industrial sales growth as new and expansion projects continued to ramp up their operations. The effects of investments made for our customers was also a driver. This includes regulatory actions net of higher depreciation expense, taxes other than income taxes, and financing costs. Other drivers for the quarter included higher other O&M, higher interest expense in parent, and a higher share count from settling equity forwards. Slide 5 summarizes our credit ratings and affirms that our credit metric outlooks remain better than rating agency thresholds. Our plan reflects FFO to debt at or above 15% throughout the outlook period for Moody's metric, giving us capacity to manage events in the business as they occur. Drew mentioned our storm preparedness, and that includes financial readiness. We've continued to stay ahead of our financing needs, giving us very strong liquidity, including cash on hand, revolver capacity, and unsettled equity forwards. We are ready to respond in the event of a storm. We are constantly finding ways to strengthen our balance sheet and support our financial health to create benefits for customers. That includes structuring large agreements to protect existing customers and our credit, and working with regulators on mechanisms that support the best decisions for our customers. SMP Global Ratings recently published a report highlighting our commitment to our Fair Share Plus pledge to protect customers. They also noted that our credit profile appears positioned to benefit from data center expansion as a result of disciplined contracting and constructive regulatory tools to reduce associated risks. As you can see on slide six, our equity plan is unchanged from investor day. We continue to be proactive in addressing equity needs to provide certainty and flexibility, giving us ample time to raise capital. In early May, we completed a $2.175 billion offering for equity forwards. Approximately 60% of our five-year equity plan is contracted, satisfying needs into 2028. On June 22nd, we settled 8.7 million shares of equity forwards for net proceeds of 672 million dollars. The proceeds will support our customer-centric investment plan and our credit. As shown on slide seven, we are affirming our 2026 adjusted EPS guidance and our outlooks through 2030. This is the same five-year period that we showed at Investor Day. We expect our outlook period to continue to be through 2030 at EEI. For 2026, we're firmly on track and we remain confident that we will deliver on our guidance. Looking ahead to the third quarter, with other movements in our plan, we expect other O&M to be approximately five to ten cents higher than the same quarter last year, driven by increases in expenses that are recovered through riders offset elsewhere, as well as consideration for the LDC sale last year. Assuming normal weather in the third quarter, we expect the majority of our year-over-year earnings increase to come through in the fourth quarter due to flex spending toward the end of last year. At Investor Day, we laid out our differentiated growth strategy that is delivering strong, sustainable results. We are creating value for all our key stakeholders, including our owners. With that plan, we have clear line of sight to achieve our outlooks and we have significant opportunities before us. And now we're happy to take your questions.

All right. Thank you. And at this time, I would like to remind everyone in order to ask a question, press star and then the number one on your telephone keypad. Once again, star one. In the interest of time, we ask that you please limit your questions to one primary and one follow-up. Thank you. And we'll pause just a moment to compile the Q&A roster. All right. It looks like our first question comes from the line of Char Perez with Wells Fargo. Char, please go ahead. Hey, guys. Good morning.

Morning, Char.

Morning, Drew. Maybe just starting off on the recent federal and state announcements on sort of nuclear advancement. I mean, Governor Landry and the DOE are advancing negotiations on, you know, nuclear lifecycle innovation, which includes advanced reactor deployment. Is that something Entergy is actively participating in? And are you seeing any incremental movement on the three legs of support for new reactor deployment between state regulators, federal backing, and hyperscaler support, especially as we're thinking about the PAC-10 formation? Thanks.

Well, I appreciate the question, Char. So certainly we've been in conversations with the state about their interest in new nuclear, and we are excited to get the news that the DOE has moved them to the next phase. The work that they are doing with the DOE is for a lot of the components that would support new nuclear investment, and so we're excited about that. That clearly would bring new jobs and opportunity in the state if Louisiana could be successful in winning that work. And I think our perspective on new nuclear deployment remains where it was at Investor Day. We are working with several parties to try and work through the various components of risk. But making sure that our customers are protected and managed with that risk and that the balance sheets of our operating companies are managed and protected from new nuclear risk is still going to be very, very important. We're making progress on that, but I don't think we're near where we need to be just yet to be successful in launching. But we are continuing to have those conversations. is that a 26 update true or 27 update do you think in terms of when that might be available or when we might announce something um we don't have a firm timeline we don't we don't have a firm timeline we're we're working through it uh and i feel like we're making this progress but at the end of the day um as we said before it has to be customer-led um and so that customer-led component is what's going to determine the timeline got it okay perfect and then lastly just on the uh terms of the louisiana frp extension do you anticipate extension and what would be the alternatives i guess in lieu of the frpa how quickly are you able to propose an alternative filing so i guess what's your expectation on a full grc versus a new frp construct thanks Yeah, I think, you know, I think that we have a long history of extending formula rate plans within Louisiana, and so our expectation is that we would probably be able to extend. Of course, we have to work with the regulators and the staff and other folks that will be participating in the process to make sure that it works for everybody, but, you know, we've had success in the past, and so we would think that that's probably a good indicator for what we might be able to do going forward got it perfect fantastic guys appreciate it thank you thanks char and our next question comes from the line of jeremy tonay with jp morgan jeremy please go ahead all right good morning morning jeremy um just wanted to uh swing over to mississippi if we could we've had uh conversations recently with key stakeholders

in the state, and it's really highlighted a particularly positive tone towards incremental data center development, and this might be the most receptive conversation we've had in all of our conversations. I was just wondering if you could update us on the potential for incremental expansions in Mississippi and, you know, what size do you think that could reach?

Yeah, well, I mean, we continue to have very robust conversations in Mississippi. Of course, you all know that AWS has a significant investment there, and Avio is also looking to invest with us there. And there are other investments in other parts of the state. So I think, you know, the state is clearly embracing the opportunity and the benefits that come along with these investments for customers and communities, existing customers and communities. The Fair Share Plus pledge, you know, really kind of originated with our first customer in Mississippi with AWS. And so we've been pushing those guidelines the whole time. And so we believe that there still continues to be opportunity. I think it's beyond, you know, the customers that we have talked to historically. I think there's other customers that are out there who may be interested in Mississippi as well. But we don't have any specific updates or details that we can give you at this time.

Got it. That's very helpful. Thank you for that. Turning to Louisiana, again, conversations of the key stakeholders in Louisiana pointed to META possibly reaching 12 gigawatts in the state, and I was just wondering if you could provide any thoughts on how big the opportunity set is at UCLA and Louisiana.

Well, I can't speak to META's appetite specifically. Obviously, as we've said in the past, that all of the customers that we have been working with, every one of them has been interested in expanding beyond where they are. So, you know, we would continue to work with Meta to expand should that opportunity come about. There is a lot of interest. I mentioned earlier that, you know, the front end of our funnel continues to be very, very active. It's not yet to the spot where we are ready to change our 7 to 12 gigawatt number, but it is very, very active, and we're excited about what those opportunities could be.

Got it. Very helpful. I'll leave it there. Thank you.

All right. Thank you, Jeremy.

Thanks, Jeremy. And our next question comes from the line of Richard Sunderland with Truist Securities. Richard, please go ahead. Actually, one moment. Just had a technical difficulty. Richard, if you could queue back up, please. In the meantime, we will go to Paul Zimbardo with Jeffries for the next question.

Paul, please go ahead. Good afternoon. Hope you can hear me okay.

Hi, Paul. We can hear you great.

Good, good. Always ready in the on-deck circle. Just wanted to check in. I know you know that interest has grown since the investor day. Is there any flavor or quantification you can put on that, whether it's expansions from existing customers, specific jurisdiction, just anything that would be helpful. Thank you.

You know, it's in our existing, you know, the three jurisdictions primarily. And it is significant, I'll say that. But I mean, we, in sort of the 7 to 12, you know, we're already probability weighting those numbers because, you know, the actual queue size is much, much greater than that and and these this interest is potentially adding significantly to that but it's still you know very it's more like indications of interest i would say at this point rather than full-fledged proposals kind of ready to go so it's it's still early innings but it is it is a lot of volume that we are seeing come in um that is showing interest and so um we're excited about what that could turn into you know our existing portfolio of of signed uh electric service

agreements started as indications of interest as well so you know we think that there could be some opportunity here okay no that's great and then the other one i want to touch on just on cottonwood i know you're a creative team are there any other options potentially involving large load customers to come up with a different configuration or otherwise reduce the the bill impact on customers? Any color would be helpful.

Yeah, I appreciate that. I appreciate that question, Paul. You know, we are working with folks to think about how to mitigate the impact. I mean, the reality is that we know that cottonwood isn't the shiniest new plant out there, but it is the most economic opportunity for our existing customers and the non-data center industrial growth that we are seeing because that load is coming on over the next few years and the alternative is a new plant that won't be available for several years until the early part of the next decade is our expectation. So the cost of that would be much greater than picking up cottonwood and and you would also be at risk for the current market environment which is much tighter than it has been over the recent past so we think it's the best option to help with you know the steel mills and lng facilities and petrochem facilities are continuing to grow in louisiana having said all that we are working with uh stakeholders to come up with ways to mitigate Particularly the upfront, right? The biggest issue is a timing question because the full plant is what's available at the beginning of next year, and it's for sale now. It's not for sale at the ideal time when all these other customers are arriving that aren't data centers. And so we're working through that and figuring out ways that we can manage the risks. And we feel confident we'll come up with something. But, you know, it's a process. We're working through the normal regulatory process, and we'll figure out how to make it work.

Awesome. Thank you. Best of luck.

Thank you. Thanks, Paul. And we have Richard Sunderland back from Truist Securities. Richard, sorry about that. Please go ahead.

Hey, good morning. Can you hear me?

We can.

Great. Thank you. I'll pick it up with a few more regulatory items. I know that staff and intervener testimony is just about to hit in the META expansion docket, but I guess I'm curious how you're thinking about that process and maybe if settlements have to resolve that given the callout from the governor last month and all the work from META in the state.

Yeah, well, I mean, I think that the META project is bringing substantial benefits to the state of Louisiana. We've already seen a massive rise in tax collections, for example, in Richland Parish, but not only in Richland Parish and a lot of the surrounding parishes are seeing quite a bit of uplift as well. And so the benefits associated with this investment are already being seen and felt in the communities where it's happening. We continue to see a lot of support for data centers in Louisiana. We also see them in Mississippi and Arkansas, for that matter, as well. And so we continue to believe that we'll find a way to manage through the regulatory process. The principles associated with the Fair Share Plus pledge are the primary things that should help out a lot with that. They are paying their entire incremental costs during the life of the contract, and they are paying a tariff rate, which includes fixed costs and other things, over and above that, and that's all in the minimum bill. And that's what will be the conversation within the regulatory process, and we've got to work through it and allow the regulators to reach their decision. But we still see a lot of opportunity there.

Got it. I appreciate all the color there. And then could you speak a little bit more about that upcoming accelerated resilience filing and the goals of phase 1A versus phase 2? I guess, is this about staging some of the work to manage the totality of what is flowing through customer bills? Or are you thinking about the overall program in any different fashion?

No, it's the former rather than the latter. you know, we do need to make these investments long-term to support resilience for our customers. As we all know, you know, electricity becomes more important every day, and the critical nature of that means that we have to have a more reliable and resilient grid to support it. So that work is going to need to happen. This is more of a nod towards trying to make sure that we can manage the affordability questions that are out there today. And, you know, ultimately this will be highly economic for customers. But of course, near-term bills are always a challenge. And so we're working with regulators to help manage that. I'll leave it there. Thank you. Thank you.

Thanks, Richard. And our next question comes from the line of Andrew Weisel with Scotiabank. Andrew, please go ahead.

Thank you. Good morning, everybody. Good morning. First question is, you've obviously had a lot of success with data centers, and you've just emphasized how much support you do have from state and local politicians. But then there's obviously this unavoidable nationwide trend of pushback and nimbyism. Are you seeing much of that? And if so, where? How are you reacting? Is it alone or with hyperscalers and other stakeholders? And given how much support that you do have, do you think of the risk more in terms of delays or cancellations and relocations or just kind of holistically? You talk about a lot of the support you have, but how do you think about the opposition?

That's a great question. Yes, we see a lot of support in our jurisdictions, but there are pockets where there are concerns, and certainly those have popped up in various places. A great example of that is just here in New Orleans. You know, currently we're under a moratorium for data centers, and that's not unlike, you know, kind of pushback that we've seen for various technologies in the past, whether it's gas plants or solar facilities, batteries perhaps, and typically what we have done is work with stakeholders to make sure that everybody understands the need, we work with them to address concerns, and then we're able to move forward. And so, for example, in the case of New Orleans, we're under a current moratorium, but our hope is that we can work with the city to address the concerns that they have and lift the moratorium because there are significant benefits that could come to customers and communities when these investments occur. And so we see that working in a lot of communities. The, you know, most communities, particularly ones that are nearby where data centers are having the most positive impact, are asking how can they have a similar investment in their community. And so we are working across a lot of, I would say, you know, counties, parishes, to ensure that the benefits are spread as far and wide as we can make them.

Okay, great. Then in today's prepared remarks, you spent quite a bit of time emphasizing resilience investments and vegetation management, things like that. What role do the hyperscalers play in those efforts, if any? Are they treated just like any other C&I customers, or given things like the Fair Share Plus pledge, might there be opportunity for them to do more? I think in Louisiana, customers are paying lower storm charges on their bills, for example. Are data center investments directly tied to these resilience efforts, or could they be going forward? How do you think about that?

Yeah, they are definitely supporting the resilience efforts, albeit generally indirectly. You know, in the case of Meta in Louisiana, as you said, they are a full-tariff customer. They are just like every other customer. And so if you're a customer in Louisiana, you're going to be picking up some of the securitization charges. So they are picking up a cost of past storms. They'll be picking up a piece of, you know, any future costs for storms or resilience for storms. And that's lowering the burden on our existing customers. And also the infrastructure that they are supporting that's getting built. That is more resilient infrastructure. In some cases, it's looping existing infrastructure, and that's making our existing infrastructure more resilient just by that. So it's contributing in a number of ways, and they're very positive the way that they're supporting it. But it's coming through a number of different avenues.

Good stuff. Thank you, Drew.

Thank you, Andrew.

All right. Thank you, Andrew. Drew, and our final question today comes from the line of Steve D'Ambrisi with RBC Capital Steve, please go ahead.

Thanks very much for taking my question. I just had a quick one.

You know, at the analyst day, you updated that you had, well, at 1Q and the 10Q, you had updated that I think you had three additional Power Island equipment under contract with exclusivity. And then I think at the analyst day, you moved to six. I don't think your queue is out, but any additional, I guess, one near-term slot that you've secured, and then any thought to, you know, as you deal with this load potentially, you know, significantly increasing into the 2035 period, doing a very chunky additional exclusivity agreement that phases you further into the middle of the next decade?

Steve, it's Kimberly. Good morning. And we continue to say, look to stay ahead on what we see as opportunities. So while you won't see in the queue this quarter that we've added additional turbine sense or plant island equipment since Investor Day, that's something that we continue to watch and to monitor. As you pointed out, we have about 7.5 gigawatts of plant island equipment, which is on the low end of our 10 to 17 opportunity that we have out there. And as Drew mentioned, we're seeing a lot of interest on the front end of the funnel. So as we work through that, we'll certainly be making sure that we're staying ahead as it relates to the power to support that. So no change at this point, but certainly continuing to watch that and make sure that we're keeping ahead on that as we move through the year.

Okay, that's great. And then just another one unrelated, just, you know, on the MISO futures process, obviously Tranche 1 and Tranche 2.1 have kind of been focused on northern MISO and just, you know, there have been plenty of discussions about what needs to get done in MISO in the southeast. And so can you talk about where that process sits for you guys and how you expect Entergy to potentially participate in that?

Yeah, that's a great question. You know, we have been building so much transmission. We have over 1,000 miles of transmission that we are building right now to support new customers as well as resilience investment opportunities that are out there. That is, you know, that is changing the nature of our grid quite rapidly. And so, you know, I guess the original formulation of those processes within MISO for long-range transmission planning, we're assuming a more stable environment. Clearly, it's changed quite a bit over the last couple years. And so our work with MISO has been focusing more on load pockets within the southern part of our system, and so we're working with them on some of that. so changing perhaps some of the nature of what it means for some of the long-range transmission planning but we you know we are seeing a lot of transmission build already just to serve our customers as as the economic activity continues to grow great thanks to you appreciate the time thank you steve thanks steve and that does conclude our q a session today so at this time

I will now turn the call back over to Liz Hunter for closing comments. Liz?

Thank you, Greg, and thanks to everyone for participating this morning. Our quarterly report on Form 10-Q is due to the SEC on August 10th and provides more details and disclosures about our financial statements. Events that occur prior to the date of our 10-Q filing that provide additional evidence of conditions that existed at the date of the balance sheet would be reflected in our financial statements in accordance with generally accepted accounting principles. Also, as a reminder, we maintain a webpage as part of Entergy's Investor Relations website called Regulatory and Other Information, which provides key updates of regulatory proceedings and important milestones on our strategic execution. While some of this information may be considered material information you should not rely exclusively on this page for all relevant company information. And this concludes our call. Thank you very much.

Thanks Liz and ladies and gentlemen again that concludes today's call. Thank you all for joining and you may now disconnect. Have a great day everyone.