Operator: 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 Entergy Corporation Second Quarter Earnings Call and Teleconference. All lines have been placed on mute to prevent any noise. After the speakers' 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 1 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.
Liz Hunter: 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 A. 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. 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 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.
Andrew S. Marsh: 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. 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 2 of our customers, AWS and Meta, on how we are 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 5-year plan, We also have robust demand from our traditional industrial segments. Looking beyond our current outlooks, we continue to have 7 to 12 gigawatts of hyperscale 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 have 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 cost to serve them and their fair share of fixed costs. 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 sales tax exemptions. We are proud to say that the governor held out Meta'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 Rate Payer Protection Pledge event. With Governor Landry, Meta President Dina 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 Rate Payer 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 that we do it in a way that creates benefits for all stakeholders. I have a few operational updates today. Beginning with resilience and reliability. So far this year, we have had 2 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 were not 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, and other activities. At Investor Day, we highlighted investments we are making in resilient infrastructure. As a recent example, Entergy Louisiana kicked off a project in Saint Bernard, that is part of its Phase 1Accelerated resilience program. Improvements include replacing or reinforcing approximately 640 distribution and transmission poles with in infrastructure engineered to withstand wind speeds of up to 150 miles per hour. And another example, this quarter, our power delivery team reached an important reliability milestone for our customer. Our self healing network program, which began installations in 2021, is improving reliability for more than a half a million customers through more than 400 self-healing networks now in service. Since the program began just 5 years ago, we have avoided more than 700 thousand+ customer interruptions and an estimated 80 million outage minutes. But we are not done. Recently provided notice in Louisiana that we plan to file for additional accelerated resilience investment in the third quarter of this year. We are calling our request Phase 1A, and it would bridge the end of the current program and the next phase. 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, Entergy Texas closed on its $200 million Texas Energy Fund grant to strengthen electric 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, pardon me, 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 experience. 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 4 decades. Also, the nuclear in Energy Institute each year recognizes the nuclear industry's most innovative ideas with its top innovative practice awards. And this year's Entergy's nuclear team is receiving 4 awards. Our customers will realize operational and affordability benefits as these innovations are implemented. And in some cases, scaled across our fleet. 1 of the projects was a first-of-a-kind replacement of the reactor vessel head through the containment hatch. This work, supports ANO's long term operations, was part of the recent refueling outage, which successfully completed ahead of schedule on April 30. Moving to regulatory matters, Putting our customers first remains a cornerstone of regulatory outcomes that benefit all stakeholders. Over the past quarter, we continue to move steadily through multiple proceedings. Entergy Texas updated its distribution cost recovery factor or DCRF, to include distribution assets that benefit customers and were placed in service since our last filing. Entergy Texas 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's ability to make large investments to benefit customers and provide economic development in the state. In July, Entergy 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 for residential customers. In June, Entergy Mississippi's annual FRP filing was approved resulting in no rate change. In addition, Entergy Louisiana and Entergy 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 1 year and New Orleans for 4. We continue to make progress on our other regulatory proceedings such as the EVEST filing to support additional service to Meta, the Arkansas rate case, the Cottonwood acquisition, and other investments. there is more information on these proceedings in the appendix to today's earnings call presentation. We engage our communities in many ways. But 1 of the most important is through economic development. Our 4-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 is also good for communities. For example, Northeast Arkansas is seeing new ancillary investments to support the growing steel industry. This kind of complementary activity creates an industry hub that lowers cost for all local participants and enhances regional competitiveness. Teachers in Richland Parish, Louisiana are benefiting from bonuses of up to $50 thousand 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 along with it. 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 the first half of 2024, 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 will now turn the call over to Kimberly who will review our financial results for the quarter.
Kimberly A. Fontan: Thank you, Drew. Good morning, everyone. I will now review our financial results and our outlook as well as activity in the quarter. Our results for the quarter were straightforward. Our adjusted EPS was $1.03 as shown on Slide 4. 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% industrial sales growth, as new and expansion projects continue 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 at 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 have 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 the 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 contracting associated risks. As you can see on slide 6, 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 5-year equity plan is contracted, satisfying needs into 2028. On June 22, we settled 8.7 million shares of equity forwards for net proceeds of $672 million The proceeds will support our customer centric investment plan and our credit. As shown on slide 7, we are affirming our 2026 adjusted EPS guidance and our outlooks through 2030. This is the same 5-year period that we showed at Investor Day. We expect our outlook period to continue to be through 2030 at EEI. For 2026, we are 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 $0.05 to $0.10 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 LDCC 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 the year. 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 are happy to take your questions.
Operator: Alright. Thank you. And at this time, I would like to remind everyone, in order to ask a question, press star and then the number 1 on your telephone keypad. In the interest of time, we ask that you please limit your questions to 1 primary and 1 follow-up. Thank you. And we will pause just a moment to compile the Q&A roster. Alright. It looks like our first question comes from the line of Shar Pourreza with Wells Fargo. Shar, please go ahead.
Shar Pourreza: Hey, guys. Good morning.
Andrew S. Marsh: Morning, Shar.
Shar Pourreza: Morning, Drew. 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, nuclear life cycle innovation, which includes dense reactor deployment. Is that something Entergy is actively participating in? And are you seeing any incremental movement on the 3 legs of support for new reactor deployment between state regulators federal backing, and hyperscaler support, especially as we are thinking about the Pac-10 formation. Thanks.
Andrew S. Marsh: Well, I appreciate the question, Shar. So, certainly, we have 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. You know, the work that they are doing with the DOE is for a lot of the, components that would support new nuclear investments. And so we are excited about that. That clearly would bring new jobs and opportunity in the state if Louisiana could to be successful in winning that work. You know? And I think you know, our perspective on new nuclear deployment remains where it was at investor day. We are working with several parties try and work through the various components of risk. But making sure that our customers are protected and managed with that risk and that our balance sheets of our operating companies are managed and protected from new nuclear risk is still going to be very, very important. We are making progress on that, but I do not think we are near where we need to be just yet, to be successful in launching, but we are continuing to have those conversations.
Shar Pourreza: Is that a 2026 update, Drew, or 27 update, do you think?
Andrew S. Marsh: In terms of when that might be available or when we might announce something, we do not have a firm timeline. We do not have a firm timeline. We are working through it, and I feel like we are making progress. But at the end of the day, as we said before, it has to be customer led. And so that customer led component is what is going to determine the timeline.
Shar Pourreza: Got it. Okay. Perfect. And then lastly, just on the, terms of the Louisiana FRP extension, Do you anticipate extension, and what would be the alternatives, I guess, in lieu of the FRPA?
Andrew S. Marsh: How quickly are you able propose an alternative filing? So I guess, what is your expectation on a full GRC versus a new FRP construct?
Shar Pourreza: Thanks.
Andrew S. Marsh: 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 we have had success in the past and so we would think that is probably a good indicator for what we might be able to do going forward.
Shar Pourreza: Got it. Perfect. Fantastic, guys. Appreciate it. Thank you.
Andrew S. Marsh: Thanks, Shar.
Operator: And our next question comes from the line of Jeremy Tonet with JPMorgan. Jeremy, please go ahead.
Jeremy Tonet: Hi, good morning.
Andrew S. Marsh: Morning, Jeremy.
Jeremy Tonet: Just wanted to sway over to Mississippi if we could. We have had conversations recently with key stakeholders in the state, and it is really highlighted particularly positive tone towards incremental data center development. And this might be the most receptive conversation you have had in all of our conversations. I was just wondering if you could update us on the potential for incremental expansions in Mississippi and what size you think that could reach.
Andrew S. Marsh: 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 AVAIO is also looking to invest with us there. And there are other investments in other parts of the state. So I think 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 have been pushing those guidelines the whole time. And so we believe that there still continues to be opportunity. I think it is beyond the customers that we have talked to historically. I think there is other customers that are out there, who may be interested in Mississippi as well. But we do not have any specific updates or details that we could give you at this time.
Jeremy Tonet: Got it. that is very helpful. Thank you for turning to Louisiana again, conversations with key stakeholders in Louisiana have pointed to Meta possibly reaching 12 gigawatts in the state.
Andrew S. Marsh: And I just wondering if you could provide thoughts on how big the opportunity set is, you see in Louisiana. Well, I cannot speak to Meta's appetite specifically. Obviously, as we have said in the past that all of the customers that we have been working with, every 1 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 the front end of our funnel continues to be very, very active. it is not yet at the spot where we are ready to change our 7 to 12 gigawatt number. But it is very, very active, and we are excited about what those opportunities could be.
Jeremy Tonet: Got it. Very helpful. I will leave it there. Thank you.
Andrew S. Marsh: Alright.
Operator: Thank you, Jeremy.
Andrew S. Marsh: Thanks, Jeremy.
Operator: And our next question comes from the line of Richard Sunderland with Truist Securities. Richard, please go ahead. Actually, 1 moment. Just had a technical difficulty. Richard, if you could queue back up, please. In the meantime, we will go to Paul Zimbardo with Jefferies for the next question. Paul, please go ahead.
Paul Zimbardo: Hi. Afternoon. Hope you can hear me okay.
Andrew S. Marsh: Hey, Paul. We can hear you great.
Paul Zimbardo: Good. Good. Always ready in the on deck circle. Just wanted to check-in. I know you noticed that interest has grown since the Investor Day. Is there any flavor or quantification you can put on that, whether it is extensions from existing customers, specific jurisdiction, just anything there would be helpful. Thank you.
Andrew S. Marsh: You know, it is it is in our existing jurisdiction. You know, the 3 jurisdictions primarily. And it is significant. I will say that. But, I mean, we in sort of the 7 to 12, you know, we are already probability waiting those numbers because, you know, the queue size is much greater than that. And these this interest is potentially adding significantly to that, but it is still you know, very it is more like indications of interest, I would say, at this point rather than full fledged proposals that are kind of ready to go. So it is it is still early innings, but it is a lot of volume that we are seeing come in, that is showing interest. And so we are excited about what that could turn into. You know? Our existing portfolio of signed electric service agreements started as indications of interest as well. So, you know, we think that there could be some opportunity here.
Paul Zimbardo: Okay. No. that is great. Then the other 1 I want to touch on, just on Cottonwood, I know you are a creative team. Are there any other options potentially involving large load customers to come up with a different configuration or otherwise reduce the bill impact on customers? Any color would be helpful.
Andrew S. Marsh: Yeah. I appreciate that. I appreciate that question. Paul. You know, the, we are working with folks to think about how to mitigate the impact I mean, the reality is that, you know, Cottonwood is not 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. And because that big load is coming on over the next few years, and the alternative is a new plant that will not be available for several years until the early part of the next decade is our expectation. So, you know, the cost of that would be much greater than picking up cottonwood 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, I think it is the best option to help with, you know, the steel mills, and LNG facilities and petrochemical facilities that are continuing to grow. in Louisiana. Having said all that, we are working with stakeholders to come up with ways to mitigate some of the particularly the upfront. Right? The biggest issue is a timing question. Because a full plant is what is available at the beginning of next year. And it is for sale now. it is not for sale at the ideal time when all these other customers are arriving that are not data centers. And so we are working through that and figuring out ways that we can manage the risks And we feel confident we will come up with something, but it is a process. We are working through the normal regulatory process and we will figure out how to make it work.
Paul Zimbardo: Awesome. No. Thank you. Best of luck.
Andrew S. Marsh: Thank you.
Operator: Thanks, Paul. And we have Richard Sunderland back from Truist Securities. Richard, sorry about that. Please go ahead.
Analyst: Hey. Good morning. Can you hear me?
Andrew S. Marsh: We can. Yes. We can. Great. Thank you. I will I will pick it up with a few more regulatory items. I know that staff and intervenor testimony is just about to hit in the meta expansion docket, but I guess I am curious how you are thinking about that process and maybe a settlement path to resolve that given that fallout 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 benefit to the state of Louisiana. We have already seen a massive rise in tax collection 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 is 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 will 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 cost and other things over and above that, and that is all in the minimum bill. And that is what will be the conversation within the regulatory process. And we gotta 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 bills? Or are you thinking about the overall program in any different fashion? No. it is 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, 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 are working with regulators to help manage that. Great. Leave it there. Thank you. Thank you. Thanks, Richard.
Operator: And our next question comes from the line of Andrew Weisel with Scotiabank. Andrew, please go ahead.
Andrew Weisel: Thank you. Good morning, everybody.
Andrew S. Marsh: Good morning.
Andrew Weisel: First question is you have obviously had a lot of success with data centers, and you have just emphasized how much support you do have from state and local politicians. Then there is 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, you think of the risk more in terms of delays or cancellations and relocations or just kind of holistically? You have talked about a lot of the support you have, but how do you think about the opposition?
Andrew S. Marsh: that is 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. And great example of that is just here in New Orleans. You know, currently, we are under a moratorium for data centers. And that is not unlike, kind of pushback that we have seen for various technologies in the past, whether it is 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 are able to move forward. And so, for example, in the case of New Orleans, we are 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 that is been our typical approach and so we see that working in a lot of communities. 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 legal areas, I would say, counties, parishes, the states, to ensure that the benefits are spread as far and wide as we can make them.
Andrew Weisel: Okay. Great. Thank you. Then in today's prepared remarks, you spent quite a bit of time emphasizing resilience and that and vegetation management, things like that. What role do the hyperscalers play in those efforts, if any? Are they treated just like any other CNI customers, or given things like the fair share plus pledge, might there be opportunity for them to do more? I think in Louisiana, customers paying lower storm charges on their bills, for example. Are there data center are data center investments directly tied to these resilience efforts, could they be going forward? How do you think about that?
Andrew S. Marsh: Yeah, they are definitely supporting the resilience efforts, albeit generally indirectly, 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 are a customer in Louisiana, is going to be picking up some of the securitization charges, so they are picking up a cost of past storms. They will be picking up a piece of any future costs for storms or resilience for storms. And that is lowering the burden on our existing customers. And also the infrastructure that they are supporting that is getting built. That is helping-- that is more resilient infrastructure. In some cases, it is looping existing infrastructure, and that is making our existing infrastructure more resilient just by that. So it is contributing in a number of ways, and they are very positive the way that they are supporting it. But it is coming through a number of different avenues.
Andrew Weisel: that is great. Thank you, Drew.
Andrew S. Marsh: Thank you, Andrew.
Operator: Alright. Thank you, Andrew. And our final question today comes from the line of Stephen D’Ambrisi with RBC Capital Markets. Stephen, please go ahead.
Stephen D’Ambrisi: Andrew, thanks very much for taking my question. I just had a quick 1. You know, at the Analyst Day, you updated that you had I think, well, at 1Q in the 10-Q, you had updated that I think you had 3 additional Power Island equipment contract, with exclusivity. And then I think at the Analyst Day, you moved to 6. I do not think your queue is out, but any additional any additional, I guess, 1 near-term slot that you have 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?
Kimberly A. Fontan: Steven, it is Kimberly. Good morning. And we continue to look to stay ahead on what we see as opportunities. So while you will not see in the queue this quarter that we have added turbines since or plant island equipment since Investor Day, that is 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 in the low end of our 10 to 17 gigawatt opportunity that we have out there. And as Drew mentioned, we are seeing a lot of interest on the front end of the funnel. So as we work through that, we will certainly be making sure that we are 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 are keeping ahead on that as we move through the year.
Stephen D’Ambrisi: Okay. that is great. Thanks, Kimberly. And then just another 1. Unrelated. just on the MISO futures process, obviously, Tranche 1 and Tranche 2.1 have kind of been focused on northern MISO and, 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?
Andrew S. Marsh: Yeah. that is a great question. You know, we have been we have not we have been building so much transition. We have over 1 thousand 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-- changing the nature of our grid quite rapidly. And so yeah, the I guess, the original formulation of those processes within MISO for long range transmission planning. We are assuming a more stable environment. Clearly, it is 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 are 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 are seeing a lot of transmission build already just to serve our customers as the economic activity continues to grow.
Stephen D’Ambrisi: Great. Great. Thanks, Drew. Appreciate the time.
Andrew S. Marsh: Thank you, Steven. Thanks, Steven.
Operator: 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.
Liz Hunter: 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 web page 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 information. And this concludes our call. Thank you very much.
Operator: 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.