Entergy is a regulated electric utility serving approximately 3.1 million customers across Arkansas, Louisiana, Mississippi, and Texas. Entergy generates, transmits, and distributes electricity to residential, commercial, and industrial customers, with industrial users — primarily in petrochemical refining and manufacturing along the Gulf Coast — accounting for roughly 43% of electricity sales volume. Entergy owns roughly 25,000 MW of generating capacity, with natural gas (~46% of generation) and nuclear (~28%) as the primary sources. Coal (~5%) is being phased out by 2030, with renewables and purchased power making up the remainder. As a regulated monopoly, Entergy earns a return on capital invested in approved generation, transmission, and distribution assets, with state regulators setting rates designed to recover operating costs plus an allowed return on equity across a ~$39B combined rate base. Most subsidiaries use formula rate plans that allow annual rate adjustments, reducing regulatory lag. Fuel costs are passed through to customers, insulating margins from commodity price swings. The primary earnings growth lever is rate base expansion — Entergy is actively investing in new combined cycle gas plants, solar, transmission upgrades, and battery storage. A key near-term growth driver is serving large-scale data center customers, including Amazon Web Services, Meta, and Google, which require sustained, large loads and are underpinned by long-term service agreements with minimum bill obligations to mitigate stranded cost risk.