Power company Entergy on Tuesday reported $797.3 million in consolidated earnings for the first half of 2016, a 78 percent increase from the $446.9 million earnings reported in the same period for 2015. The utility recorded $567.3 million in as-reported earnings for the second quarter, compared to $148.8 million for the same period of 2015.
The company’s Utility, Parent and Other segment recorded $1.77 in earnings per share on an as-reported basis for the second quarter, compared to $0.85 for 2015. The utility’s announcement said the results reflect growth in the utility business, “including effects of new rate actions that recover investments and improve returns, as well as income tax items recorded during the quarter.”
Entergy Wholesale Commodities earned $1.39 per share on an as-reported basis for the quarter, compared to a $0.02 per share loss in second-quarter 2015. The EWC year-over-year increase was due largely to income tax items recorded in the latest quarter, according to Entergy.
“We delivered solid results through the first half of the year, and we continue to make progress toward meeting our objective of steady, predictable growth at the Utility while reducing our EWC footprint,” Entergy Chairman and CEO Leo Denault said in the statement. “As-reported earnings for both businesses were higher than expected, with Utility, Parent & Other Adjusted earnings substantially higher than last year and in line with our growth expectations for our core business. We are confident we can deliver on our 2016 commitments, as well as our Utility, Parent & Other long-term outlook.”
The utility owns the Vermont Yankee, Pilgrim, and James A. FitzPatrick nuclear power plants, in addition to other assets. The plants all fall under Entergy’s Wholesale Commodities division.
Entergy shuttered Vermont Yankee in 2014 and has plans to close Pilgrim by 2019. The company also plans to close FitzPatrick, but Exelon is in talks to buy the facility and maintain operation.
