Operator
My name is Jael and I will be your conference operator today.
Operator
At this time, I would like to welcome everyone to the Entergy's third quarter 2026 earnings conference call. 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 would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. We'll now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation. Please go ahead.
Good morning. Thank you, JL, 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 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. Entergy does not assume any obligation to update these forward-looking statements. Management will also discuss non-GAAP financial information. Reconciliations to the applicable GAAP measures are included in today's press release and Thank you, Liz, and good morning, everyone.
Today, we are reporting very strong progress for the quarter. That includes not only financial results, but also business and regulatory accomplishments. Our adjusted earnings per share was $1.98, driven by growth in a hot summer. With results to date and our biggest quarter behind us, we are narrowing our Our 2026 adjusted EPS guidance range, raising the bottom by $0.10. In addition, the hot summer allows us to reinvest in reliability and resilience for the benefit of our customers and communities. We also remain very confident in our longer-term outlooks. Kimberly will review our financial results and outlooks in more detail. Turning to our customer update, I'll start with Entergy Arkansas' recently announced service agreement amendment with Google for the expansion of its West Memphis campus. Consistent with our Fair Share Plus pledge and the Ratepayer Protection Pledge, this agreement ensures that Google will cover its fair share, which includes the cost of the new investments as well as their share of system costs. The expansion will create incremental bill benefits for our Arkansas customers, increasing Entergy Arkansas's expected Fair Share Plus customer bill savings by at least $500 million, and bringing the total to at least $7.5 billion across Entergy's utility companies. We anticipate that Google's expansion will generate new jobs, new tax revenues, and economic activity, which will significantly benefit the West Memphis community. In connection with the agreement, Intergy Arkansas filed requests for approval of its contract with Google, $600 million of investment for battery storage systems, and a purchase power agreement for Big Island Solar to provide clean attributes. Pending commission approval, targeted for the first half of 2027, the expansion is expected to begin ramping in 2028. Beyond Arkansas, we continue to see several positive indicators which will support further growth. For example, Intergy states rank among the top ten nationwide for growth in new business applications. GDP has risen significantly across all of Intergy's regions since the pandemic, reflecting sustained economic expansion, and a study by the Louisiana Economic Forecast Group projects that the state will add more than 55,000 jobs over the next two years. Intergy's advantages, including the one-stop shop of our vertically integrated business, This solid strategy for operational success and commitment to our customers continues to drive customer interest in our service area. And we are putting in the legwork to attract new businesses to our states. To that end, we were named a top utility in economic development by Site Selection Magazine for the 19th straight year. All of this is why we have a strong pipeline of projects in varying stages that are not in our base plan. Data center interest remains strong and in the range of 7 to 12 gigawatts. Our traditional industrial segments continue with discussions for 3 to 5 gigawatts. We see these projects as having the potential to convert into signed agreements within the next 24 months, and we don't include every call that we receive, which would be significantly larger. I'm also proud to note that Intergy is one of five recipients of EEI's 2026 National Key Accounts Award for outstanding customer engagement. Importantly, this award is determined by corporate customers themselves. This is a validating milestone for our ongoing efforts to put our customers at the forefront of every decision we make. At the same time, we remain excited about the opportunities still ahead to do even more. As our work to meet our customers' and communities' expectations has ramped higher over the last few years, our employees have transformed every corner of our company, in some cases, multiple times. While our work has expanded, our number of employees has not increased significantly. That's because our employees are working smarter and developing innovative solutions that leverage our execution strategy of scale, strategic partnerships, and standardization to manage risk, schedule, and cost efficiency and help us create better outcomes for our customers' communities. I am profoundly grateful for their innovation as well as their hard work and dedication. I mentioned the hot summer earlier. We also had strong industrial sales growth, and we saw new records for peak demand. In August, our system experienced more than 24,000 megawatt hours of coincident peak demand, up 2% from the previous peak. The largest change came from Intergy, Mississippi, which was 11% higher as a result of data center ramping. Through it all, our employees performed very well, maintaining system reliability and managing costs. The Orange County Advanced Power Station, or OCAPS, is complete and operational, delivering 1,200 megawatts of power to our Texas customers at a cost far less than a similar plant would require if starting construction today. This plant is an important addition for Entragy Texas, where we are experiencing strong population growth and industrial expansion. In addition to much-needed capacity, the plant is among the most efficient in the world and will support reliability for all customers of Entragy Texas. OCAPS is the first of many new power plant projects, and our employees and contractors are taking lessons learned from this plant and applying those innovations to other projects. In fact, a significant portion of our workforce from OCAPS is now at other project sites, bringing our expectations on continuous improvement as well as health and safety culture. At the same time, employees from our other sites participated in the commissioning and startup of OCAS to lower risk ahead of their own commissioning. In addition, our standardized design has allowed us to improve efficiency and schedule through a roughly 50% reduction in a time required for engineering, which helps mitigate exposure to rising labor costs. Similarly, the standardized design combined with our scale has allowed us to perform We will perform batch purchases of construction materials and create access to construction heavy equipment to improve outcomes on cost and schedule versus market benchmarks today. Finally, we are deploying technology in the form of drones to inspect equipment, pipes, and the site overall as well as robotic welding technologies to improve quality and speed of outcomes. All of this allows us to remain very competitive in the construction of combined cycles. With the completion of OCAPs, we now have 23 gigawatts or 31 natural gas plants in the queue. Ten plants are in various stages of construction. We also have nine plants in regulatory review in Louisiana with schedules to support decisions later this year. We have an additional four plants that are in our supply plan, but later in the cycle. That leaves eight units that are available for new growth opportunities. For transmission, we have more than 1,000 miles of lines planned, primarily in Louisiana and Texas, and 85% of which are 500 kV lines. Approximately 70% of the investment is already approved, with two projects currently under regulatory review expected to conclude this year. And about a third of the line miles are already under construction. These projects will support growth from our traditional industrial customer base as well as from data centers. The work will also create efficiency and resilience benefits for all our customers. Similar to our generation projects, these transmission projects demonstrate our employees' capability to execute at scale with innovation. Much of the terrain for these new lines is remote and difficult to access. Our teams have responded with innovations in foundations and pole design that make more cost-effective equipment available to do the work. You may recall the video from Investor Day that demonstrated an innovative design that allows hands-free setting of cross arms using helicopters. And today, the team is making pioneering use of drone technology to string the high-voltage power lines in a fraction of the time. The combination of these innovations significantly reduces the risk of injury, the number of workers, and the time required for construction. In addition, these innovations are helping mitigate much of the material and labor cost pressure we are seeing across the industry. Originally deployed on the Commodore to Waterford project, we can replicate these gains across our other projects as we continue to seek more innovation to drive even better outcomes for our customers and communities. To fuel this growth, and in this case, quite literally, in the third quarter, we signed natural gas firm transportation agreements with large midstream and pipeline companies for 1.325 billion cubic feet of natural gas per day. That's enough for InterG2 to supply fuel to 10 new combined cycles in Louisiana. This supports our generation growth and also helps build new pipeline capacity that benefits our industrial customers' growth. We continue to make progress on resilience to better serve our customers with our $2 billion Phase I Accelerated Resilience programs. For example, Intergy Louisiana is now working on a $270 million grid resilience project just outside New Orleans that will replace more than 500 poles and other electrical infrastructure, enhancing resilience and reliability for our customers. Grants are also a way to support resilience with affordability, delivering benefits to customers at a much lower cost. Energy New Orleans broke ground on a grant-funded grid-hardening project that will upgrade 94 poles and directly benefit more than 1,900 customers. In addition, the Department of Energy's SPARC program recently awarded our utilities $14 million to deploy advanced dynamic line rating technology across more than 1,000 miles of existing transmission lines in Arkansas, Louisiana, and Mississippi. This investment will boost the amount of power we can safely move using the infrastructure we already have. Ultimately, our grid will be stronger and more reliable to support the region's economic growth. We appreciate the DOE's partnership and its commitment to strengthening energy resilience in our region through innovation. Moving to regulatory matters, putting our Our customers first remains a cornerstone of outcomes that benefit all stakeholders. Over the past quarter, we continued to move steadily through multiple proceedings. Beginning with the rate case in Arkansas, customer growth as well as disciplined capital and operational management allowed Intergy Arkansas to settle with staff on terms that result in essentially no rate change. Important components include a 9.7% ROE and a 47.5% equity capital structure after adjusting for deferred taxes. We anticipate a commission decision before the end of the year. We appreciate the staff's effort to get to a settlement that supports credit, which is a piece of the puzzle that enables benefits for our stakeholders, especially customers, by keeping financing Working together, we are able to bring new businesses to the state, new jobs for our service area, more revenues for our local economies, and significant business benefits to our existing customers through FairShare+. Our stakeholders in Arkansas remain aligned to do this work together, and we can do our part to support economic development and protect our customers when we have a strong balance sheet. In Louisiana, In Louisiana, we filed a settlement agreement with staff and Walmart in our E-Vest docket, which covered the majority of key issues. The hearing was held in early October, and we expect the Commission to take up the matter at its December business and executive meeting. Louisiana Public Service Commission also approved the $1.2 billion Babel to Weber transmission project at its October meeting. This enables us to support the strong growth in the state, also providing reliability and resilience benefits for all our customers. We've requested approval for additional resilience and reliability investment in Louisiana, and Intergy Louisiana and also requested to extend its formula rate plan for one year. We are targeting a decision in that docket by the end of the year. Finally, Inter-G New Orleans received approval to extend its formula rate plan for four more years into 2030. As you know, it's been a busy regulatory year, and we still have much to go before the end. We're continuing to work constructively with our stakeholders to resolve concerns and create value for our customers and communities. We'll see many of you at the EEI Financial Conference, where we'll continue to share our differentiated growth story. It is anchored in what I just said, a firm commitment to create value for our stakeholders, starting with our customers. We are delivering generational growth for our region and economic development that benefits the customers' communities we serve. Kimberly Fontan and I will be there along with our operating company CEOs, including David Bord in his new role as Entergy Texas President and CEO. Many of you may remember David from his days in investor relations. We look forward to continuing this conversation with you at the conference. And now I'll turn the call over to Kimberly, who will review our financial results and outlooks.
Thank you, Drew. Good morning, everyone. We had another very productive quarter. I'll walk through our financial results as well as our guidance and outlooks, and I'll provide a look ahead to EEI. Our adjusted EPS was strong at $1.98, as shown on slide four. This was higher than last year due to several drivers. As Drew mentioned, it was warmer this year. Even after normalizing for weather, we saw strong sales growth in both the residential and industrial sectors. Industrial growth included data center and primary metals ramping, consistent with our expectations. We also saw the effects of investments made for our customers, including regulatory actions, as well as higher depreciation expense, taxes other than income taxes, and financing costs. Other drivers, consistent with last quarter's progress against guidance comments included, hire other O&M as we deploy dollars in vegetation management and other maintenance in support of reliability for our customers, hire interest expense at parents, and a higher share count from settling equity forwards. Slide five summarizes our credit ratings and affirms that our credit metric outlooks remain better than rating agency thresholds. For financings in the quarter, we settled equity forwards totaling just over $900 million in September. We issued junior subordinated notes totaling $1.5 billion, which received 50% equity treatment, supporting balance sheet health and managing equity needs for our growth. And Intergy Louisiana issued a billion dollars in bonds, the majority of which will finance new growth. We split the notes between 10 and 30-year tenures with an average rate of less than 6%. Our plan financings for the year are now complete. We will provide credit outlooks at EEI, but I'll give you a preview. We continue to expect We expect strong FFO to debt throughout the outlook period, and we expect Moody's FFO to debt metric to be at 15% or better in all years. As we roll forward a year, our outlook will shift from the five-year view we provided at Investor Day to four years of 2027 through 2030. Our equity plan is summarized on slide 6. We have been proactive in addressing our equity needs. We've taken significant price risks off the table, and we have ample time to raise capital. For our 2027 through 2030 need, more than 40% is already contracted, which takes us well into 2028. Our equity needs for the four-year outlook period are just below our We have a targeted range of 10 to 15% of our total capital plan, supported by a number of elements, including strong operating cash flows from the business backed by our disciplined capital prioritization and constructive regulatory mechanisms. Production tax credits and investment tax credits are credit-supported in the near term and provide customer benefit over the longer term. In October, we received $256 million in cash from the sale of our 2025 production tax credits. As a reminder, we only include nuclear production tax credits in our forecast once they are earned. We've accessed traditional sources of capital, including through our ATM program and junior subordinated notes. We've also expanded our tools in our approach to customer We've been innovative in expanding our investment capacity by accessing less traditional markets. For example, in October, we closed on our second build-to-suit lease, this one for Intergy Louisiana's Waterford 6 plant. These structures are competitive with traditional financing, supporting our credit, and managing our equity needs during the And we are listening to our customers as we continue to advance additional growth opportunities. We're exploring other non-traditional financing tools which will continue to support more growth and our credit and expand our investment capacity while ensuring large customers pay their fair share. This work is in the early stages and is expected to support longer-term projects that would close beyond our four-year outlook period, further extending our growth rate past 2030. Our adjusted EPS guidance and outlooks are shown on slide 7. As Drew mentioned, we are narrowing our 2026 guidance range, raising the bottom by 10 cents. Higher-than-planned retail The new sales sales year to date enable us to manage the business and flex spending in areas that benefit our customers. Looking beyond 2026, our outlooks remain unchanged as we continue to expect strong sales to support our greater than 8% trajectory. Drew discussed Entergy Arkansas's contract expansion with Google. We added approximately $600 million to our plan as a result of this development. In total, we increased capital approximately $1.5 billion for 2027 through 2030, inclusive of the investments to support the Google expansion. The incremental spend also includes transmission investments and updates that come out of our annual planning cycle. The expected earnings impact from this increase moves us into the upper end of our outlook ranges. Drew and I, along with our operating company leaders, will be in Phoenix in less than a week, where we will talk about our strong customer growth story, as well as our plans to invest in reliability to better serve our customers. We have a solid-based plan, consistent with our strategic objectives. We'll also talk about upside opportunities from the potential for higher sales growth, as well as other investments. Today, we have provided our adjusted earnings per share outlook and a high-level view of our preliminary capital and equity plans through 2030. At EEI, we will provide more details on these outlooks. 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.
Operator
Thank you. The floor is now open for questions. At this time, I would like to remind everyone, in order to ask a question, to press star and then the number one on your telephone keypad. Once again, that is star one. In the interest of time, we ask that you please limit yourself to one question, to one primary and one follow-up question. And we'll pause just a moment to tally up our Q&A roster. Your first question comes from the line of Char-Pereza of Wells Fargo. Your line is open.
Hi, good morning, team. It's actually Constantine here for Char. Congrats on a great quarter.
Thanks, Constantine. Good morning.
Maybe starting off on the moving pieces with the new four-year CapEx plan looks like a modest step-up versus the prior plan. Does that fully account for the data center deals, including the transition into clean gen options that were mentioned before? Or maybe another way to ask, is there any other moving pieces that would contribute to potential upsides kind of beyond what the four-year plan currently indicates?
Sure. Good morning, Constantine. The billion and a half that was added was the $600 million for the Arkansas Google expansion, which was primarily the two batteries, And then just general puts and takes in the normal capital process. You'll see that in transmission and generation. What's not there is you may recall there's about a billion four of transmission related to the Intergy Louisiana transaction that's pending before the Louisiana Commission. We have not added that. We're waiting for that decision to come out of the regulatory environment. And then certainly there's still the clean opportunity that you referenced. So, to the extent that our customers have asked for incremental clean in many of their contracts, as those get selected out of RFPs or through self-bill processes, those will get added as well. So, opportunity to add capital in the plan, but this is really just those few things that I mentioned at this point.
And just to clarify, that wouldn't kind of be rolling into the rate-based EPS outlook at EEI, correct?
Yeah, I wouldn't expect that to come in at EEI, no. Okay, perfect.
And then maybe shifting to the regulatory outcomes with Arkansas and flat revenue, obviously a great outcome. Is flat base rates something that you would anticipate to occur kind of more often going forward? And given the revenue sufficiency, does that imply narrowing of the ROE lag, maybe just any area of the focus for 27, like the Texas GRC or FRPs?
Well, I think this is true, David. So I think that the other jurisdictions will depend more upon what the investment requirements are relative to the customers themselves. So in Louisiana and Texas, for example, we have significant resilience investment ongoing, and we also have just traditional sales growth that is requiring generation ads and transmission. So those do not have data centers covering all their costs. Now, in the case of Louisiana, there is obviously a large data center there, and that is helping contribute to offset some of those costs. But not necessarily to make it go back to flat like we were in Arkansas. I think overall, our build trajectory is still around 4%. So we're still continuing to work on that and find ways to make it even lower. But that is reflecting growth in our traditional customer base.
Excellent. Understood. Thanks for the time this morning, and a separate congratulations from the team to David Borden. All right. See you guys soon.
Awesome. Thanks, Constantine.
Operator
Your next question comes from the line of Jeremy Toney of JPMorgan. Your line is open.
At the Investor Day and earlier in commentary on the call, you spoke to Energy's ability to, you know, enhance self-build capabilities. And where do you see, you know, this progress, I guess, so far in specifically helping competitiveness in RFPs? And when we think about the renewables there, just wondering, you know, how you think progress has been made and enhances your competitive positioning there?
That's a good question. So we are continuing to work on that in both the solar area and the CCS space. We are making good progress, but we don't have any specific announcements to make right now. I'll continue to work on it. We are finding real progress in the CCS space, in particular, with innovations to try and bring the overall construction costs down and make that technology much more competitive and hopefully to fit within the frameworks of the incentives that are available today. But we're not at the point yet where we can announce success or a commercial transaction. And we are having conversations with customers about these things and trying to find our way through. So we remain optimistic, but we don't have an opportunity to announce anything right now.
Got it. That's helpful. Maybe continuing just a little bit more here. I think you talk about 2.5 gigawatts renewables, investment to serve Meadows project, and part of the upside potential there. And so how should we think about, I guess, you know, timing, your competitiveness here? What could possibly fall into plan over time?
Good morning, Jeremy. It's Kimberly. As we've talked about, I would expect the solar investments for that could certainly come in in the back end of the current forecast period and then extend beyond our 2030 period. That process, many of those go through our RFP processes. Drew talked about expanding our own build to build capability, but certainly we could We would see some upside in this period and then beyond that as well.
Got it. That's helpful. And then just a quick last one for me. Resilience Plan Phase 1A file for an investment in the plan period. Can you remind us of expected timing of Phase 2 and beyond? Could there be any overlap in timing of the plans here, or is this kind of like beyond the plan period?
We haven't given a whole lot of thought to phase two at this point, although we certainly would expect that there would be one. We're working right now on 1A. Phase two would, I think, be near the end of the outlook period at the earliest.
Got it. Thank you. I'll leave it there.
All right. Thank you, Jeremy.
Operator
Your next question comes from the line of Paul Zimbardo of Jeffries. Your line is open.
You know, thank you for the time. The first, just a clarification, I think for Kimberly, on the upper half of the range, does that apply for the 27 through 2030 range, or is that later in the plan? I just wasn't clear if that's for every year of the plan.
Yeah, that's a look at just the four-year period, the reference to the full four-year period.
Okay. Okay, great. And then the other more big-picture question, I know you've talked about in the past, could you provide an update on any efforts on exploring some more speed-to-market generation options, whether reciprocating engines or something else for those customers looking for more speed-to-market?
Yeah, sure, Paul. This is Drew. We are looking at some of that stuff. It can be very, very expensive. You know, we are looking for things that can extend the assets that we already have, so, you know, primarily as a shorter term and more cost-effective option for customers. So that includes things like we announced with Google, you know, some batteries to help with peaks because Arkansas is long on baseload energy, and so getting some more peaking capacity in Arkansas is helpful. We're looking at up rates of power plants, whether it's nuclear or gas units, to help out. And we're also looking at some solar, which we think can get in fairly quickly. Those are the primary mechanisms, but we are looking at some of these other options and having conversations with customers about them. We haven't seen a whole lot of interest from that because of the price challenges. challenges, but it's certainly a piece of the conversation.
Okay, great. Now, thank you for that call. I appreciate it.
Absolutely. Thanks, Paul.
Operator
Your next question comes from Ryan Levine of Citigroup. Your line is open.
Good morning. Is there any upside in the 7 to 12 gigawatts or the 3 to 5 gigawatts of load that you identified potentially within 24 months that could be associated with the recent Venture Global announcement? I didn't realize it was announced behind the meter, but do you anticipate any opportunity either on the generation or on the T&D side associated with that opportunity?
Yeah, Ryan, this is true. We're not in a position to talk specifically about that kind of thing with Venture Global, but certainly we are open to partnerships with anybody that is interested and are always willing to have those kinds of conversations. And there is a tremendous amount of growth opportunity in our service territory. So we continue, you know, right now we're talking still about the 7 to 12 and the 3 to 5. That is enough to sustain our growth at current rates well into the future. So I don't, I wouldn't comment on any potential expansions at this point other than to say, just sort of repeat what we've already said. And again, in regards to the venture global piece, we're excited. They are a customer of ours, and so we are excited for them to be interested in further investment in our service territory. That will certainly benefit our local communities and our local economies. But at the same time, we have a lot of generation-building capability ourselves, and we're competing to do that on our own. So, we've had a lot of success, as you know. So, we'll see where that goes. But we are very confident that we can continue to compete in our service territory.
Operator
And again, if you have a question, please press star 1 on your telephone keypad to join the queue. Our next question comes from the line of Sharon Wang of Evercore ISI. Your line is open.
Hey, Tim. Good morning. Thanks for taking my question.
So, on the industrial demand, I saw that growth was about 5% this quarter versus roughly 10% in Q2. Could you please help us understand any change in the underlying activity there? How should we think about that trajectory into 2017?
Yes, Sharon, it's Kimberly. There's no underlying change from what we expected there. You're starting to get comparisons year over year to where you saw ramping last year. So it's just, as you continue to go through the quarters, you're continuing to see increases, but the year over year may be different on a quarter basis, depending on when things ramped last year. You may recall from our investor day, we talked about a 16% growth rate in the sales for industrial from 26 through 30, and we don't see anything moving us from that. We announced the Google expansion today, which is certainly continuing to support increased sales there. So structurally, nothing has changed. What you're just seeing is some typical quarter-over-quarter differences based on what was in last year versus this year.
Got it. That's very helpful. And then on the extended Google agreement in Arkansas, could you help us understand how much is already reflected in your capital or earnings outlook versus incremental upstates?
Sure. The $600 million, which is for the two batteries, was added in this quarter. You'll see that at EEI as well. So that's the investment that was added, and then you'll see incremental sales as a result of that agreement. But that's the primary investment change that you'll see associated with that.
Got it. It's very helpful. I leave it there. Thank you.
Operator
Our next question is from the line of David Paz of Wolf Research. Your line is open.
Hey, good morning. Actually, just a clarification. I think you were asked about the upper half of the outlooks, but I believe Kimberly said the upper end of the growth outlooks. Can you prepare the marks? Is that correct?
David, I said upper half. So, the upper half from 27 through 30, that's consistent with, you know, I think you'll find that in my comments, but just to clarify, that's what that was.
Thank you for clarifying that. Just on the 7 to 12 and 3 to 5 that you expect to convert to ESAs within the next 24 months, could that start to ramp up in your current plan? So, I guess, through 2030, or would that essentially be post-2030, is your expectation?
Yes, I think the answer is both, David. You could certainly see some ramping in the current period and then certainly to get full assets like the CCCTs that are in our turbine queue that are available, those are going to come online afterwards. So, it's an extension really of the growth rate that we've seen today well beyond 2030. But you could see some opportunity Okay.
Great. Thank you for that. Just on the alternative financing that you discussed, I believe you said those would be mostly post-2030, or at least for CapEx beyond that. Can you give us any more examples of what those could look like?
Sure. We, as I mentioned, we just closed on the bill to suit lease. That's the second one. That's the first of the kind in the utility sector, and we've used that effectively here. So this is a continuation of that process around accessing markets that perhaps are less traditional. So it could be private credit or other tools that help us expand our investment capacity. Again, much of that would likely show up outside our current outlook period, and I would fully expect to own those This is just helping us get our customers on faster, expand the capacity, support the balance sheet, help, and really extend that outlook beyond 2030.
Operator
And our last question comes from the line of Andrew Weisel of Scotiabank. Your line is open.
Hey, good morning, everyone. Great updates. Just one quick clarifying one. On equity, you mentioned that the updated needs today are below the target.
Good morning, Andrew. I would expect to continue to target that 10 to 15 percent for a total capital plan. That's going to vary based on specific incremental assets. But what you're seeing right now, which is in the 9 to, you know, 9.5 percent range, is just a function of timing around the capital adds. But I would still expect to target that 10 to 15 percent. We will be waiting for you to see a little bit more than 15% over the total capital plan.
Okay, so as you add more capital, you know, near term or over time, 10 to 15 is the number that we should be expecting to go forward?
Over the whole capital plan, yes.
Okay, great. That's all I have. Thank you.
Operator
With no further questions, that concludes our Q&A session. But now, I would like to turn the call back over to Liz for some final remarks. Please go ahead.
Thank you, J.L., and thanks to everyone for participating this morning. Our quarterly report on Form 10-Q is due to the SEC on November 9th 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.
Operator
This concludes today's conference call. You may now disconnect.
