Entergy is a regulated electric utility that generates, transmits, distributes, and sells electricity to roughly 3.1 million retail customers across Arkansas, Louisiana, Mississippi, and Texas. Entergy operates as a regulated monopoly through five retail subsidiaries — Entergy Louisiana, Entergy Arkansas, Entergy Texas, Entergy Mississippi, and Entergy New Orleans — each holding an exclusive franchise in its service territory. Customers include residential, commercial, and industrial users, with industrial customers (concentrated in petroleum refining and chemicals) accounting for about 43% of sales volume. Entergy earns regulated returns set by state utility commissions, and its primary earnings driver is rate base — the invested capital on which regulators allow a return, with authorized ROEs ranging from roughly 8.85% to 12.26%. Growing rate base through new generation and transmission investment is Entergy's core lever for earnings growth. Fuel costs are largely passed through to customers via adjustment mechanisms, keeping earnings insulated from commodity swings. Entergy also sells wholesale power into the MISO market, though this is secondary to retail delivery. A key near-term growth driver is serving large data center customers — including Amazon Web Services, Meta, and Google — which are driving new generation and transmission investment across the footprint. Entergy is also transitioning its generation mix away from coal by 2030, replacing that capacity with natural gas combined cycle plants and solar.