Entergy is a vertically integrated electric utility serving approximately 3.1 million retail customers across Arkansas, Louisiana, Mississippi, and Texas. Vertical integration means Entergy generates, transmits, distributes, and sells electricity — rather than simply delivering power from third-party generators. Entergy serves customers through five regulated subsidiary utilities, each overseen by its respective state commission or city council. Customers span residential, commercial, and industrial users, with industrial customers accounting for roughly 43% of sales volume, including petroleum refiners, chemical companies, LNG exporters, and data centers. Entergy owns approximately 25,000 MW of generating capacity, with natural gas (~46%), legacy gas/oil (~25%), nuclear (~21%), and coal (~8%) making up the bulk of the fleet. Nuclear generation is particularly valuable, providing low-cost baseload power and generating nuclear production tax credits under the Inflation Reduction Act. As a regulated utility, state commissions and FERC set Entergy's rates to allow cost recovery plus an authorized return on equity. Earnings grow primarily through expanding rate base — every dollar invested in approved infrastructure earns a regulated return. Entergy is executing a $43B capital plan through 2029, targeting ~13 GW of new capacity (gas, solar, and storage) and ~$17B in transmission investment. Growth is driven by large industrial and data center load additions, with signed agreements with AWS, Meta, and Google, and an active pipeline of 7–12 GW in data center conversations. Management targets 8% retail sales CAGR through 2029.