Entergy Corporation (ETR)

Entergy is the regulated utility of Louisiana and neighbouring states, with a large nuclear share.

The model is the industry's standard: investment in networks and generation enters the rate base and earns an allowed return. Nuclear units provide cheap emission-free baseload while demanding expensive maintenance and licence renewals.

The service region is industrial: petrochemicals, liquefied gas production, metals. Such customers draw power around the clock and in large volumes, and new Gulf Coast plants add demand utilities do not usually see.

The specific risk is hurricanes: restoring networks after them costs hundreds of millions, and recovering that through tariffs is spread over years. The company pays a high dividend with a long payment history.