Entergy Corporation has successfully completed the sale of its natural gas distribution business to Delta Utilities, a company backed by Bernhard Capital Partners. The sale includes approximately 3,700 miles of natural gas pipelines and 2,200 miles of service lines. Entergy Louisiana’s gas business served approximately 96,000 homes and businesses in the Baton Rouge area, while Entergy New Orleans’ gas business served approximately 108,000 homes and businesses in New Orleans.
The transaction received all required federal and state regulatory approvals, including from the Louisiana Public Service Commission, the City of Baton Rouge/East Baton Rouge Parish Metropolitan Council, and the New Orleans City Council.
Entergy's focus on its growing electric utility business is evident, as the company looks to invest in a stronger, more resilient energy future for the communities it serves. The company is strategically transitioning its operations to concentrate on electric utility services and has expressed confidence in Delta Utilities to continue providing safe, reliable service to gas customers.
The completion of this sale marks a major milestone for Entergy as it continues to pursue growth and improved reliability and resilience of its energy system. As a Fortune 500 company, Entergy Corporation powers life for 3 million customers through its operating companies in Arkansas, Louisiana, Mississippi, and Texas. It is also investing in cleaner energy generation, including modern natural gas, nuclear, and renewable energy.
Entergy's commitment to sustainability and corporate citizenship is evident, as it delivers more than $100 million in economic benefits each year to the communities it serves through philanthropy, volunteerism, and advocacy. With approximately 12,000 employees, Entergy is headquartered in New Orleans, Louisiana.
The company is working to ensure a smooth and seamless transition for gas customers in Baton Rouge and New Orleans, demonstrating its dedication to customer service and operational excellence. Following these announcements, the company's shares moved -0.83%, and are now trading at a price of $82.43. Check out the company's full 8-K submission here.
