Entergy Arkansas, LLC reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. The utility segment net income for Q3 2024 was $786.5 million, an increase from $751.6 million in Q3 2023. However, the Parent & Other segment experienced a net loss of $141.6 million, worsening from a loss of $84.8 million in the prior year. Overall, total net income attributable to Entergy Corporation decreased to $644.9 million in Q3 2024 from $666.8 million in Q3 2023.
Operating revenues for Q3 2024 were $3.37 billion, down from $3.56 billion in Q3 2023, primarily due to less favorable weather impacting residential and commercial sales, despite increased industrial usage driven by demand from large customers in the petroleum refining and chlor-alkali sectors. The decrease in revenues was partially offset by a retail one-time bill credit provided to customers in August 2024, which did not affect net income.
For the nine months ended September 30, 2024, total net income attributable to Entergy Corporation was $769.1 million, a significant decline from $1.37 billion in the same period of 2023. This decline was attributed to a $317 million settlement charge related to pension liabilities and regulatory charges totaling $151 million due to an agreement to renew Entergy Louisiana’s formula rate plan. Operating revenues for the nine-month period also decreased to $9.14 billion from $9.42 billion in 2023.
The company reported a 10% increase in total electric energy sales for the utility segment in Q3 2024, totaling 15,150 GWh, compared to 13,781 GWh in Q3 2023. Other operation and maintenance expenses decreased from $743 million in Q3 2023 to $714 million in Q3 2024, attributed to lower power delivery and compensation costs.
Interest expenses rose due to multiple bond issuances, including $300 million of 5.30% Series mortgage bonds in August 2023 and $1.2 billion of junior subordinated debentures in May 2024. The effective income tax rate for Q3 2024 was 25%, slightly lower than 25.3% in Q3 2023.
Strategically, Entergy Arkansas is focusing on significant capital investments, with plans to invest approximately $2.5 billion from 2025 to 2027, primarily in generation projects and distribution improvements. The company is also advancing its sustainability initiatives, including the acquisition of solar facilities, with commercial operations expected to commence for several projects by the end of 2024.
About ENTERGY ARKANSAS, LLC
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