Apart from inviting bids for the proposed CCGT near the city of Orange, Texas, Entergy Louisiana issued an RFP for 250MW of solar resources. The bidding process for the Texan project includes a market test for a self-build option. Bidders are asked to submit proposals for power purchase agreements, spanning for ten to 20 years, starting no earlier than June 1, 2025.
To help finance new generating capacity, Entergy Texas filed for an increase in its distribution cost recovery factor. To curb Entergy Group‘s overall operating costs, the Indian Point Unit 2 was permanently shutdown. Business highlights in the first quarter was the commissioning and operational start of the Lake Charles Power Station on budget and ahead of schedule, as well as approval for the Sunflow solar project in Mississippi and the Searcy solar project in Arkansas.
For the first quarter of 2020, Entergy reported earnings of 59 cents per share and affirmed its 2020 adjusted EPS guidance of $5.45 to $5.75. The New-Orleans based company delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. To this end, it owns and operates power plants with approximately 30 GW and generates annual revenues of $11 billion.
Entergy Entergy Chairman and CEO, Leo Denault, said first quarter results were “solid,” in the face of the energy demand destruction during the current pandemic. “The past few months have presented extraordinary circumstances,” he said, stressing “providing safe, reliable power is essential [and] recent events have not changed our objective to be the premier utility that delivers sustainable value for our stakeholders."