Entergy Corp (NYSE: ETR) is a regulated electric utility company that generates, transmits, and distributes electricity to retail and wholesale customers across its service territories in the southern United States. Revenue is earned primarily through state-regulated retail electric rates set by public utility commissions, with wholesale transmission and generation revenues as secondary streams. Entergy operates through subsidiary utilities including Entergy Texas, which is regulated by the Public Utility Commission of Texas (PUCT) and participates in the Midcontinent Independent System Operator (MISO) market. The company is capital-intensive by structure, with large infrastructure investments requiring prior regulatory approval for both debt and equity issuances. Recent capital commitments include the Legend Power Station (cost cap of $1.6 billion) and Lone Star Power Station (cost cap of $771.5 million), both approved by the PUCT as of December 2025, as well as a 230 kV transmission line project approved at $87.6 million and expected in service by second quarter 2027.

Revenue model

Regulated retail electric rates approved by state utility commissions, supplemented by FERC-regulated wholesale transmission revenues. Debt and equity issuances require prior regulatory approval, reflecting the rate-of-return utility model.

Products and services

Retail electric generation, transmission, and distribution service. New generation assets under development include the Legend Power Station and Lone Star Power Station. Transmission infrastructure includes a new single-circuit 230 kV transmission line approved by the PUCT at an estimated cost of $87.6 million (as of September 2025).

Customers and end markets

Retail electric customers within regulated service territories, including residential, commercial, and industrial end markets. Entergy Texas also participates in MISO wholesale power markets, posting collateral via letter of credit facilities totaling $59.6 million outstanding as of December 31, 2025.

Value-chain role

Vertically integrated regulated electric utility: generation, transmission, and distribution. Operates as a regulated monopoly within state-approved service territories.

Geographic exposure

Southern United States, with Entergy Texas operating in Texas under PUCT jurisdiction and within the MISO regional transmission organization footprint.

Source: SEC 10-K, filed 2026-02-19

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