Entergy Corp., New Orleans, reported this week losses in its nuclear power segment during the third quarter of 2022, which it attributed in part to the recent closure of a Michigan nuclear power plant, according to a press release.
According to an earnings press release published Wednesday, losses at Entergy Wholesale Commodities (EWC), which manages Entergy’s nuclear fleet, stood at around $19 million, or $0.10 per share, in the third quarter ended Sep. 30. That figure is especially stark compared to the $26 million in income, around $0.13 a share, that the company reported for the EWC sector during the same period last year.
Entergy attributed the losses to the May 20 shutdown of Michigan’s Palisades Nuclear Generating Station, as well as income taxes as “other items associated with the wind-down of EWC.”
Revenue from EWC was around $62 million in the third quarter, down year-over-year from $162 million or so in the previous fiscal year.
“The shutdown and sale of our merchant nuclear plants continue to be the main drivers for [EWC],” Entergy chief financial officer Kimberly Fontan said during an earnings call with investors.
Entergy’s nuclear business is back in the red again after posting gains in the second quarter, which the company at the time credited to a $166 million payout from Holtec International, which purchased the Palisades plant in June.
Company-wide, net income for the third quarter was roughly $561 million, or $2.74 per share, up significantly from the $531 million, or $2.63 per share, that Entergy reported during the same period in 2021. In its earnings release, the company credited the increase to, among other things, higher retail sales volume due to weather effects.
Operating revenue for the company as a whole was around $4.1 billion, an increase year-over-year from $3.1 billion or so during the same quarter in 2021.
