Entergy Corporation is working closely with its customers across its entire service region, and recent announcements by major industrial companies have illustrated how clean and affordable electricity drives economic growth and increased investment in our communities.
“We are collaborating with our customers to meet their needs and help them achieve the outcomes they desire,” said Leo Denault, Entergy chairman and CEO. “They need energy solutions that are not only affordable and reliable, but increasingly clean, and we are delivering products to help them achieve their important environmental and sustainability objectives.”
Today, Sempra Infrastructure announced it has entered into a memorandum of understanding with Entergy Louisiana to supply roughly 300 megawatts of demand. This is the equivalent to the output of approximately 900 MW of new renewable energy capacity. This follows an announcement earlier in January by U.S. Steel that it selected Osceola, Arkansas as the location for its next-generation, highly sustainable advanced steel mill, which will be powered by increasingly renewable and clean electricity from Entergy Arkansas.
“The significant growth our customers are experiencing drives our investment portfolio on their behalf,” added Denault. “These customers have interim and long-term emissions reduction goals, and Entergy remains well-positioned to provide abundant amounts of clean, reliable, resilient and affordable power to achieve those goals.”
Located in the Gulf South, Entergy’s four-state service territory is home to the largest industrial base in the United States. The collective energy intensity of this group of customers is unique in comparison to other areas of the country. About 40% of Entergy’s electricity demand comes from industrial customers today, with significant growth potential as they look towards electrification from Entergy to help reduce their direct Scope 1 emissions.
Entergy’s utility operating companies provide power at rates well below the national average. Additionally, Entergy announced plans last year to triple its renewable energy portfolio over a three-year period, as well as achieve 11 gigawatts of renewable energy by 2030. This powerful combination of low rates and increasingly clean power is helping our customers grow their businesses and meet their sustainability goals.
Entergy also has its own emissions reduction goals, including cutting in half its baseline carbon emissions rate by 2030, which is expected to be achieved several years sooner than originally planned, and achieving net-zero emissions by 2050. The 2050 climate commitment includes all of Entergy’s businesses, all greenhouse gases and all scopes of greenhouse gas emissions.
One example of the investment in clean, renewable energy is Entergy Mississippi’s plan to replace some aging natural gas plants with 1,000 megawatts of renewable energy, such as solar power, over the next five years. The plan, announced in November, has the objectives of enabling Mississippi to gain an edge in recruiting industry while also safeguarding Entergy customers from volatile natural gas prices.
Entergy has also created new and innovative methods to help industrial customers meet their sustainability goals. While many of those customers have long-term net-zero carbon emissions goals, even more have developed shorter-term interim goals that require action by the next decade.
Clean electrification and green tariffs are two customer solutions opportunities Entergy is leveraging to help customers reduce their Scope 2 emissions.
For example, Entergy’s innovative Shore Power program enables marine vessels docked at the Gulf’s Port Fourchon, which plays a role in providing 20% of the nation’s oil supply, to replace their fossil fuel-generated ship power with clean electricity from Entergy’s grid while docked at port. The program facilitates significant reductions in carbon, sulfur oxides, and nitrogen oxides emissions when comparing emissions rates of marine diesel fuel to Entergy’s at-the-plug emissions rate.
Entergy is also seeking to facilitate the use of green tariffs for customers looking to meet energy and sustainability goals. More than 700 megawatts of combined new green tariff capacity have been proposed in Louisiana, Arkansas and Mississippi to help customers meet their own sustainability goals, and these tariffs will be scaled up based upon customers’ needs.
“The progress we’ve made reducing carbon emissions from our power generating portfolio is benefitting customers, communities and the environment now and in the future,” concluded Denault. “Working together with our customers, we will continue to power the economy of the Gulf region in a way that is cleaner than ever.”
About Entergy Corporation
Entergy Corporation (NYSE: ETR) is an integrated energy company engaged in electric power production, transmission and retail distribution operations. Entergy delivers electricity to 3 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy owns and operates one of the cleanest large-scale U.S. power generating fleets with approximately 30,000 megawatts of electric generating capacity, including 7,000 megawatts of nuclear power. Headquartered in New Orleans, Louisiana, Entergy has annual revenues of $10 billion and approximately 12,500 employees. Learn more at entergy.com and follow @Entergy on social media.
Caution Regarding Forward-Looking Statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s environmental goals beliefs and expectations, including statements regarding its greenhouse gas reduction goals and strategies and statements regarding the planned addition of renewable generation and other potential means of achieving its environmental goals; statements regarding opportunities to partner with customers to reduce their carbon emissions; and other statements of Entergy’s plans, beliefs, or expectations included in this presentation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) risks and uncertainties associated with execution on our business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (d) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (e) the effects of changes in commodity markets, capital markets, or economic conditions; (f) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (g) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (h) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.