Entergy pares workforce by 800 slots

Entergy (NYSE:ETR) has completed finished a cost-cutting process that resulted in 800 staff positions being eliminated, the company said during its July 30 quarterly earnings call.

Difficult decisions like job reductions are sometimes the very tough outcome of making long-term, fundamental improvements in the way a company works,” said Entergy Chairman and CEO Leo Denault.

On other key milestones, Entergy submitted a bid to the New York Power Authority to provide 1,375 MW from the Indian Point Energy Center beginning in 2016. NYPA has been looking for alternate sources, via an RFP process, in case the Indian Point reactors don’t win license renewal from the Nuclear Regulatory Commission (NRC).

Also Entergy Gulf States Louisiana signed an agreement to supply up to 200 MW to the Sempra Energy (NYSE:SRE) proposed Cameron liquefied natural gas liquefaction project.

Entergy reported second quarter 2013 as-reported earnings of $163.7 million, or 92 cents per share, compared to $365.0 million, or $2.06 per share, for second quarter 2012. On an operational basis, Entergy’s second quarter 2013 earnings were $179.7 million, or $1.01 per share, compared with $374.6 million, or $2.11 per share, in second quarter 2012.

Weather was below normal in second quarter 2013 compared to the warmer-than-normal temperatures experienced one year ago. On a weather-adjusted basis, billed retail sales declined 2%, the company said.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.