Entergy is a regulated electric utility that generates, transmits, distributes, and sells electricity to roughly 3.1 million customers across Arkansas, Louisiana, Mississippi, and Texas. Entergy operates through five regulated subsidiaries — Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas — each holding exclusive or near-exclusive franchises in their service territories. Industrial customers (primarily petroleum refining and chemicals) account for the largest share of electricity sold by volume, though residential customers contribute the most revenue. Entergy owns roughly 25,000 MW of generating capacity, with nuclear and natural gas making up the majority of its fuel mix. As a rate-regulated utility, Entergy earns a regulated return on its invested capital, with authorized returns on equity set by state commissions. Earnings growth is primarily driven by rate base expansion: as Entergy invests in new generation, transmission, and distribution assets, its allowed revenues increase. A key growth driver is securing long-term service agreements with large data center customers — including AWS, Meta, and Google — which require significant new generation and transmission investment. Entergy structures these contracts with minimum bill commitments and long durations to protect existing customers from stranded cost risk. Entergy also uses formula rate plans for most subsidiaries, allowing annual base rate adjustments between full rate cases for more predictable cost recovery. Entergy does not bear direct commodity risk, as fuel and purchased power costs are passed through to customers via regulatory adjustment clauses.