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| continued MISO participation, the effect of current or projected MISO market rules and | | technologies, (ii) the impact of changes relating to new, developing, or alternative |
| market and system conditions in the MISO markets, the absence of a minimum capacity | | sources of generation such as distributed energy and energy storage, renewable energy, |
| obligation for load serving entities in MISO and the consequent ability of some load serving | | energy efficiency, demand side management and other measures that reduce load and |
| entities to “free ride” on the energy market without paying appropriate compensation for the | | government policies incentivizing development or utilization of the foregoing, and |
| capacity needed to produce that energy, the allocation of MISO system transmission | | (iii) competition from other companies offering products and services to Entergy’s customers |
| upgrade costs, the MISO-wide base rate of return on equity allowed or any MISO-related | | based on new or emerging technologies or alternative sources of generation; |
| charges and credits required by the FERC, and the effect of planning decisions that MISO | | ● Entergy's ability to effectively formulate and implement plans to reduce its carbon |
| makes with respect to future transmission investments by the Utility operating companies; | | emission rate and aggregate carbon emissions, including its commitment to achieve |
| ● changes in utility regulation, including with respect to retail and wholesale competition, | | net-zero carbon emissions by 2050, and the potential impact on its business and financial |
| the ability to recover net utility assets and other potential stranded costs, and the | | condition of attempting to achieve such objectives; |
| application of more stringent return on equity criteria, transmission reliability | | ● the effects, including increased security costs, of threatened or actual terrorism, |
| requirements or market power criteria by the FERC or the U.S. Department of Justice; | | cyber-attacks or data security breaches, physical attacks on or other interference with |
| ● changes in the regulation or regulatory oversight of Entergy’s owned or operated nuclear | | facilities or infrastructure, natural or man-made electromagnetic pulses that affect |
| generating facilities,nuclear materials and fuel, and the effects of new or existing safety or | | transmission or generation infrastructure, accidents, and war or a catastrophic event such as |
| environmental concerns regarding nuclear power plants and fuel; | | a nuclear accident or a natural gas pipeline explosion; |
| ● resolution of pending or future applications, and related regulatory proceedings and | | ● the effects of a global or geopolitical event or pandemic, such as the ongoing COVID-19 |
| litigation, for license modifications or other authorizations required of nuclear generating | | global pandemic and the military activities between Russia and Ukraine, including economic |
| facilities and the effect of public and political opposition on these applications, regulatory | | and societal disruptions; volatility in the capital markets (and any related increased cost of |
| proceedings, and litigation; | | capital or any inability to access the capital markets or draw on available bank credit |
| ● the performance of and deliverability of power from Entergy’s generation resources, | | facilities); reduced demand for electricity, particularly from commercial and industrial |
| including the capacity factors at Entergy’s nuclear generating facilities; | | customers; increased or unrecoverable costs; supply chain, vendor, and contractor |
| ● increases in costs and capital expenditures that could result from changing regulatory | | disruptions, including as a result of trade-related sanctions; delays in completion of capital or |
| requirements, changing economic conditions, and emerging operating and industry issues, | | other construction projects, maintenance, and other operations activities, including prolonged |
| and the risks related to recovery of these costs and capital expenditures from Entergy’s | | or delayed outages; impacts to Entergy’s workforce availability, health, or safety; increased |
| customers (especially in an increasing cost environment); | | cybersecurity risks as a result of many employees telecommuting; increased late or |
| ● the commitment of substantial human and capital resources required for the safe and | | uncollectible customer payments; regulatory delays; executive orders affecting, or increased |
| reliable operation and maintenance of Entergy’s nuclear generating facilities; | | regulation of, Entergy's business; changes in credit ratings or outlooks as a result of any of |
| ● Entergy’s ability to develop and execute on a point of view regarding future prices of | | the foregoing; or other adverse impacts on Entergy’s ability to execute on its business |
| electricity, natural gas, and other energy-related commodities; | | strategies and initiatives or, more generally, on Entergy’s results of operations, financial |
| ● the prices and availability of fuel and power Entergy must purchase for its Utility | | condition, and liquidity; |
| customers, and Entergy’s ability to meet credit support requirements for fuel and power | | ● Entergy’s ability to attract and retain talented management, directors, and employees |
| supply contracts; | | with specialized skills; |
| ● volatility and changes in markets for electricity, natural gas, uranium, emissions | | ● Entergy’s ability to attract, retain and manage an appropriately qualified workforce; |
| allowances, and other energy-related commodities, and the effect of those changes on | | ● changes in accounting standards and corporate governance best practices; |
| Entergy and its customers; | | ● declines in the market prices of marketable securities and resulting funding |
