NEW ORLEANS, Sept. 24, 2020 /PRNewswire/ -- Entergy Corporation (NYSE: ETR), a national leader in sustainability and environmental stewardship, announced today it is accelerating its climate action goals with a commitment to achieving net-zero carbon emissions by 2050. The company also reaffirmed its continued commitments to grid reliability and affordability for customers.
"Entergy remains focused on helping our stakeholders achieve their most ambitious aspirations in a reliable, affordable and sustainable way through new technologies and innovative solutions. In 2001, we were the first utility in the nation to voluntarily limit carbon emissions and today's 2050 climate commitment is another major step forward in enabling customers to achieve their desired outcomes while consuming the least amount of resources," said Leo Denault, Entergy's chairman of the board and CEO. "As we deliver on our promises to customers, regulators and all key stakeholders, it's critical that we do so in a manner that promotes a cleaner, more sustainable future."
Key actions by Entergy include:
Ongoing integration of renewable energy resources, storage, and innovative applications of conventional generation into the company's long-term generation portfolio transformation. Also, continuing investment in existing zero-carbon nuclear power and in modern, efficient natural gas generating units, while retiring our coal and older, less efficient gas-powered units.
Evaluating and enhancing the company's portfolio transformation with emerging technologies, such as distributed resources, alternative fuels likes renewable natural gas and green hydrogen, carbon capture and sequestration, and advanced nuclear.
Collaborating with customers, key suppliers and industry partners to advance the technologies and strategies necessary to reduce carbon emissions.
Continuing to engage with partners and gain experience enhancing natural systems such as wetlands and forests that absorb carbon.
Working across and between sectors, such as transportation and industry, on beneficial electrification and net-emission reduction initiatives.
Additionally, new agreements with Invenergy for renewable energy development and Mitsubishi Power for fuel supply emissions reduction solutions are advancing the company's sustainability objectives. Entergy and Invenergy have agreed to co-develop renewable energy facilities in the Gulf South region. Entergy's collaboration with Mitsubishi Power propels the technologies and expertise to co-fire hydrogen produced from renewable energy. Initial actions include demonstrating the technology, producing hydrogen from renewables or nuclear power and exploring hydrogen storage options. A longer-term strategy includes investing in the infrastructure necessary to create regional opportunities for hydrogen technologies.
The commitment to achieve net-zero emissions by 2050 builds on Entergy's 20-year history of climate action and positions the company for five decades of leadership toward advancing a cleaner and more sustainable future for all stakeholders. In 2001, Entergy became the first U.S. utility to limit its carbon dioxide emissions voluntarily. Since then, the company has renewed and strengthened its goals:
2020: The company is currently outperforming by 8% its commitment to maintain carbon emissions through 2020 to 20% below year 2000 levels.
2030: In 2019, Entergy announced in its 2019 Climate Report a goal to reduce by half the carbon emissions rate (pounds per megawatt hour) in 2030 compared to year 2000 levels.
2050: An overview of a potential path the company could take to net-zero emissions is available here. The company will publish additional information about the commitment later this fall.
Entergy already is one of the cleanest large-scale electric utilities in the country, as noted in the 2020 Benchmarking Air Emissions report conducted by energy and environmental advisory firm M. J. Bradley & Associates, an ERM Group company. MJB&A is an advisor to Entergy on its climate and net-zero strategy.
"Entergy's net-zero commitment breaks ground with important near-term investments in clean energy technologies that will be needed to transform the power generation fleet," said Robert LaCount, executive vice president at MJB&A. "Entergy's climate and energy analysis highlights the critical role for multiple technologies – including renewables and hydrogen – to achieve a carbon-free electric system."
To learn more about Entergy's commitment to customers and environmental stewardship, visit entergy.com/environment.
About Entergy Corporation
Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 8,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and approximately 13,600 employees.
In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's environmental plans, goals, beliefs and expectations, including statements regarding its greenhouse gas reduction goals and strategies; and other statements of Entergy's plans, beliefs, or expectations included in this presentation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this presentation and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with execution on our business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.