Entergy, New Orleans, reported this week increased earnings in its nuclear power segment for the second quarter of 2022, which the utility company credited largely to the recent sale of one of its nuclear plants.
According to earnings documents published Wednesday, income for Entergy Wholesale Commodities, which manages the company’s nuclear fleet, was around $87 million, or $0.42 per share, in the second quarter of this year. That figure represents a nearly 130% increase from the $275 million loss, or a loss of around $1.35 a share, that the sector took during the same period last year.
A roughly $166 million payout from Holtec International’s June purchase of Palisades Nuclear Generating Station was a main driver for income growth in the second quarter, Entergy said. Those gains were partially offset by around $340 million in losses related to the utility’s April 2021 sale of Indian Point Energy Center.
Revenue from Entergy Wholesale Commodities was around $89 million in the second quarter, down year-over-year from $149 million or so in the previous fiscal year.
Company-wide, net income for the second quarter was roughly $160 million, or $0.78 per share, up significantly from the $6 million, or $0.03 per share, losses Entergy reported during the same period in 2021. Operating revenue for the full utility was around $135 million, an increase year-over-year from $14 million or so in losses.
“We had a productive second quarter with accomplishments that made meaningful progress toward our stakeholder objectives,” Entergy CEO Leo Denault said in a press release Wednesday. “Higher retail sales were driven by customer growth and hot temperatures across our region. As a result, we are implementing several initiatives to improve affordability and customer experience.”
