Entergy is a regulated electric utility that generates, transmits, distributes, and sells electricity to approximately 3.1 million retail customers across Arkansas, Louisiana, Mississippi, and Texas. Customers include residential, commercial, and industrial users — with industrial customers, primarily petroleum refining and chemical facilities, representing the largest share of electricity sales by volume. Entergy also sells electricity at wholesale to other utilities. Entergy operates through five state-level subsidiaries, with Entergy Louisiana being the largest. Entergy's generation portfolio is approximately 25,000 MW of capacity, with natural gas as the largest source, supplemented by nuclear, coal, hydro, and solar. As a regulated utility, Entergy earns a return on capital invested in generation, transmission, and distribution assets, with rates set by state commissions and FERC. Earnings grow primarily by expanding the rate base through new capital investment, which is then recovered through customer rates. Most fuel costs are passed through to customers via adjustment riders, limiting Entergy's commodity price exposure. Entergy uses formula rate plans in most jurisdictions, allowing annual base rate adjustments without full rate case proceedings. Entergy's primary growth driver is capital investment to serve rising electricity demand, particularly from large data centers. Entergy has secured agreements with hyperscalers including AWS, Meta, and Google to serve major data center campuses, and is investing in solar, combined cycle gas plants, and battery storage to meet this demand.