NEW ORLEANS, Oct. 30, 2015 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) announced today that Paul Hinnenkamp has been named senior vice president, chief operating officer for Entergy Corporation. Hinnenkamp replaces Mark Savoff, who announced his retirement earlier this month. As a member of the Office of the Chief Executive, Hinnenkamp will report directly to Leo Denault, chairman and CEO. His appointment is effective Nov. 1.
In his role, Hinnenkamp is responsible for executive oversight of safety and human performance, fossil generation, transmission, system planning, capital projects management and compliance with North American Electric Reliability Corporation Critical Infrastructure Protection standards.
"At a time when we are deploying significant capital resources to replace aging generation and modernize our grid for enhanced reliability, Paul's assignment as our chief operating officer will be to ensure that we do so in a manner that benefits our customers, employees, owners and communities," said Denault.
"Paul's experience in nuclear and fossil generation and, most recently, leading our capital projects management organization makes him ideally suited to ensure his organization of outstanding employees is supporting the utility's growth strategy with safe and reliable operations and disciplined fiscal and project planning for our capital spending plans."
Earlier this year, Entergy reported the need to add approximately $3.7 billion in new generation resources consisting of six new power plants by 2020 and 635 miles of new and upgraded transmission by 2022.
Specifically, Entergy Louisiana is seeking approval to build a 980 MW plant in St. Charles Parish. The company also recently issued a request for proposals seeking up to 1,000 MW of new generating capacity in the Lake Charles area, with a targeted completion date of 2020. And in the Western region of Texas, a separate request for proposals is underway by Entergy Texas for the development of an additional 1,000 MW unit, which is expected online in 2021. Smaller units are planned for the New Orleans area and, later, for southwest Louisiana.
Hinnenkamp most recently served as senior vice president, capital project management and technology where he led the development of Ninemile 6, the first power plant built by Entergy utilities in Louisiana in 30 years. The unit was completed in December 2014, ahead of schedule and under budget.
Hinnenkamp joined the company in February 2001 as vice president of operations support for Entergy's southern nuclear fleet. He became vice president of operations for Entergy's River Bend Station later that year. Since then he has served in various capacities, including vice president of nuclear business development, vice president of environmental programs and infrastructure, and vice president of fossil generation development and support.
A replacement for Hinnenkamp's most recent role will be named at a later date.
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 nearly 10,000 megawatts of nuclear power, making it one of the nation's leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $12 billion and approximately 13,000 employees.
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Cautionary Note Regarding Forward-Looking Statements
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. 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 news release 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 rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning of the Vermont Yankee Nuclear Power Station or any of Entergy's other 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 strategic transactions that Entergy or its subsidiaries may undertake, including the proposed acquisition of the Union Power Station near El Dorado, Arkansas, including 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 and (h) economic conditions and conditions in commodity and capital markets during the periods covered by the forward-looking statements.
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