NEW ORLEANS – Entergy announced the release of its 2024 Performance Report, “Energy for a better future,” which sets out the company's 2024 achievements, future plans, and strategies for continued success. The report provides information about Entergy's financial, economic, environmental, governance, and social performance. Due to strong growth in industries that require large amounts of energy to run, Entergy announced an investment through 2028 amounting to $37 billion.
“As we move forward from a strong 2024, Entergy is uniquely positioned to power life for our customers and communities, today and for future generations,” said Drew Marsh, Entergy chair and chief executive officer. “Our investments in customer-driven solutions like strengthening the energy grid and advancing cleaner energy reflect our commitment to adapting to changing needs. We’re also addressing unprecedented growth opportunities while maintaining low electric rates by engaging our stakeholders on this transformational journey.”
Regional growth
Entergy is benefiting from companies expanding or establishing new operations in the Gulf South. The largest of these is the $10 billion Meta data center being built in Richland Parish. Entergy will construct three combined-cycle combustion turbine (CCCT) plants to fuel the Meta’s largest data center in the world. The Entergy turbines will run on natural gas, a fossil fuel, plus “waste heat” with a total energy generation capacity equivalent to that required to run approximately 400 homes.
“Entergy Louisiana’s role is clear: to deliver the cutting-edge electric infrastructure required to power this facility, including building clean power generation, transmission lines and substations,” said Phillip May, president and CEO, Entergy Louisiana.
The turbines will have the ability to be thirty percent hydrogen co-fired to reduce emissions and Entergy has said the plants will someday transition to one hundred percent hydrogen fired through future upgrades.
Other large projects in the region will also require vast amounts of energy. CF Industries Holdings, Inc., the world’s largest producer of ammonia and its partners have announced an approximately $4 billion investment in a low-carbon ammonia facility on the West Bank of Ascension Parish. When complete, it will be the largest facility of its kind in the world.
“Entergy Louisiana is proud to power this transformative project, bringing one of the world’s first low-carbon ammonia production facilities to life in Louisiana," said Entergy Louisiana President and CEO Phillip May.
According to the Entergy Performance Report, this growth is attributable to the fact that Entergy's service area provides access to international markets with proximity to the Mississippi River and the ports along the Gulf Coast. As a result, Entergy has announced its customer-led plan will include significant investment through 2028 amounting to $37 billion.
Creating a cleaner energy future
According to Entergy's report, the company has achieved 26% toward its 2030 goal of 50% carbon-free capacity and 29.81% toward its 2030 goal of 50% emission rate reduction. However, Entergy also stated in its report that, due to stronger than initially expected sales growth which necessitated the development of new generation capacity that is not carbon-free, Entergy expects their 50% carbon-free goal to be delayed.
"We operate one of the cleanest large-scale power generation fleets in the United States. As we continue to transform our generation portfolio to cleaner resources, we are also responsibly delivering meaningful environmental, social and economic value to the communities we serve, now and in the future," Entergy reports. "We are continuing to expand our power generation fleet to meet the need of anticipated growth in our service area — including new data centers and other large customers — with cleaner technologies. This strategy supports Entergy’s long-term commitment to achieving net-zero emissions by 2050 and helps customers meet their own environmental goals through low-carbon and carbon-free power."
In 2024, Entergy shareholders contributed $1 million to partnering organizations through the
Environmental Initiatives Fund covering Entergy's service area of Arkansas, Louisiana, Mississippi, and Texas. This was the 24th consecutive year that owners provided support to the fund, with a total investment of $43.8 million since the program launched in 2001.
Regional Suppliers
Entergy manages an annual spend portfolio of $5 billion to $7 billion, with an emphasis on working
with local suppliers who are qualified to meet Entergy's standards. In 2024, they worked with over 1,100 suppliers which accounted for more than $1.2 billion, or nearly 23%, of Entergy's managed spend covering power generation and delivery, nuclear generation and indirect spend departments.
Affordability
Entergy stated it promotes energy efficiency initiatives like the “Entergy Solutions” and “Energy Smart” programs which provide rebates to residential customers for air conditioning tune-ups and replacements and free home energy assessments. There are also income-qualified weatherization services, including attic insulation and air sealing and instant discounts ENERGY STAR® appliances.
The Entergy "Bill Toolkit", launched in 2024, helps customers more easily manage their energy bills.
Community Work
The Entergy 2024 report indicates that the company provided $153.52 million community support across their Arkansas, Louisiana, Mississippi, and Texas service area with Entergy employees contributing more than 122,000 hours of volunteer service valued at more than $4 million.
Entergy also raised more than $2.8 million in funds from Entergy shareholders, employees and customers for The Power to Care program which provides emergency energy bill assistance to older adults and customers with disabilities. In addition, Entergy states it awarded more than $83,250 in grants to vulnerable customers to provide free resources like electric fans and energy efficiency kits to help beat the heat in summer.
Entergy’s "Power of Prosperity" program supports Historically Black Colleges and Universities (HBCU) and students through academic scholarships, facility grants and endowments, workforce development programming, and internships. Initially announced in 2023 in New Orleans, the "Power of Prosperity" program aims to "break down barriers to student success and equip students with the knowledge and tools to build multigenerational wealth," Entergy states in its report. "In 2024, we announced a 10-year, $20 million commitment to elevate and empower HBCUs and their students across our company’s service area in Arkansas, Louisiana, Mississippi and Texas."
Financial Performance
In its report, Entergy states that their 2024 adjusted earnings per share was $3.65, in the top half of the guidance range largely because their financial results are predictable.
About Entergy
Entergy (NYSE: ETR) produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable for our customers. We’re also investing in cleaner energy generation like modern natural gas, nuclear and renewable energy. A nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees.
