Entergy is a regulated electric utility serving approximately 3.1 million captive customers across Arkansas, Louisiana, Mississippi, and Texas. Entergy generates, transmits, and distributes electricity through five retail utility subsidiaries, each operating within a defined geographic franchise where customers have no choice of provider. The customer base skews heavily industrial — roughly 43% of sales volume — primarily petroleum refining and chemical companies concentrated in Louisiana and Texas, though residential customers generate a larger share of revenue due to higher per-unit rates. Entergy's generation mix includes natural gas (~46%), nuclear (~28%), coal (~5%), renewables (~3%), and purchased/market power (~18%). As a regulated utility, Entergy earns an authorized return on equity — ranging from roughly 8.85% to 12.26% across subsidiaries — on the capital it invests in generation, transmission, and distribution infrastructure. Earnings grow as Entergy invests more capital into approved infrastructure (rate base). Most subsidiaries use formula rate plans, allowing annual base rate adjustments without full rate cases, providing more predictable cost recovery. Entergy's primary growth driver is rising electricity demand, particularly from large data center customers — including AWS, Meta, and Google — which run near 100% capacity and require dedicated generation builds. To serve this demand, Entergy is pursuing new combined cycle gas plants and a 3 GW solar RFP in Louisiana. Entergy has also committed to exiting coal by 2030, and has retired roughly 4,000 MW of older generation over the past decade while adding approximately 9,430 MW of newer gas, nuclear, and renewable capacity.