Risk Management And Fair Values (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The fair values of Entergy’s derivative instruments not designated as hedging instruments on the consolidated balance sheets as of December 31, 2025 and 2024 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.

Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)
		(In Millions)
2025
Assets:
Financial transmission rights	Prepayments and other	$27	$—	$27
Interest rate swaps	Prepayments and other	$1	$—	$1
Liabilities:
Natural gas swaps	Other current liabilities	$5	$—	$5
Interest rate swaps	Other non-current liabilities	$3	$—	$3
2024
Assets:
Natural gas swaps	Prepayments and other	$2	$—	$2
Financial transmission rights	Prepayments and other	$21	($1)	$20
Liabilities:
Financial transmission rights	Other current liabilities	($—)	$1	$1

(a)Represents the gross amounts of recognized assets/liabilities

(b)Represents the netting of fair value balances with the same counterparty

(c)Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheets

(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $2 million as of December 31, 2025 and December 31, 2024

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the years ended December 31, 2025, 2024, and 2023 are as follows:

Instrument	Income Statement Location		Amount of gain (loss) recorded in the income statement
			(In Millions)
2025
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8)
Financial transmission rights	Purchased power expense	(b)	$195
Interest rate swaps	Interest expense	(c)	($2)
2024
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8)
Financial transmission rights	Purchased power expense	(b)	$164
2023
Natural gas swaps and options	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($54)
Financial transmission rights	Purchased power expense	(b)	$124

(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms.

(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements for discussion of the build-to-suit lease arrangement for the Legend Power Station.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of December 31, 2025 and December 31, 2024.  The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect placement within the fair value hierarchy levels.

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$1,883	$—	$—	$1,883
Decommissioning trust funds (a):
Equity securities	51	—	—	51
Debt securities	905	1,297	—	2,202
Common trusts (b)				4,048
Securitization recovery trust account	1	—	—	1
Storm reserve escrow accounts	309	—	—	309
Financial transmission rights	—	—	27	27
Interest rate swaps	—	1	—	1
	$3,149	$1,298	$27	$8,522
Liabilities:
Natural gas swaps	$5	$—	$—	$5
Interest rate swaps	—	3	—	3
	$5	$3	$—	$8

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$811	$—	$—	$811
Decommissioning trust funds (a):
Equity securities	30	—	—	30
Debt securities	848	1,199	—	2,047
Common trusts (b)				3,486
Securitization recovery trust account	4	—	—	4
Storm reserve escrow accounts	340	—	—	340
Natural gas swaps	2	—	—	2
Financial transmission rights	—	—	20	20
	$2,035	$1,199	$20	$6,740
Liabilities:
Financial transmission rights	$—	$—	$1	$1

(a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices.  Fixed income securities are held in various governmental and corporate securities. See Note 16 to the financial statements for additional information on the investment portfolios.

(b)Common trust funds are not publicly quoted and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the net assets for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the years ended December 31, 2025, 2024, and 2023:

	2025	2024	2023
	(In Millions)
Balance as of January 1,	$20	$21	$19
Issuances of financial transmission rights	49	53	42
Gains included as a regulatory liability/asset	153	110	84
Settlements	(195)	(164)	(124)
Balance as of December 31,	$27	$20	$21

Entergy Arkansas [Member]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of December 31, 2025 and 2024 are shown in the tables below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.

Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)	Registrant
		(In Millions)
2025
Assets:
Financial transmission rights	Prepayments and other	$5.5	$—	$5.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$16.8	($0.1)	$16.7	Entergy Louisiana
Financial transmission rights	Prepayments and other	$0.4	$—	$0.4	Entergy Mississippi
Financial transmission rights	Prepayments and other	$1.8	$—	$1.8	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.3	($0.2)	$2.1	Entergy Texas
Interest rate swaps	Prepayments and other	$0.5	$—	$0.5	Entergy Texas
Liabilities:
Natural gas swaps	Other current liabilities	$5.3	$—	$5.3	Entergy Mississippi
Interest rate swaps	Other non-current liabilities	$3.0	$—	$3.0	Entergy Texas
2024
Assets:
Natural gas swaps	Prepayments and other	$1.6	$—	$1.6	Entergy Mississippi
Financial transmission rights	Prepayments and other	$8.6	($0.1)	$8.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$8.7	($0.1)	$8.6	Entergy Louisiana
Financial transmission rights	Prepayments and other	$1.3	$—	$1.3	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.0	($0.1)	$1.9	Entergy Texas
Liabilities:
Financial transmission rights	Other current liabilities	($0.4)	$0.9	$0.5	Entergy Mississippi

(a)Represents the gross amounts of recognized assets/liabilities

(b)Represents the netting of fair value balances with the same counterparty

(c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets

(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $0.1 million for Entergy Arkansas, $0.8 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, and $0.1 million for Entergy Texas as of December 31, 2025 and in the amount of $0.5 million for Entergy

Arkansas, $0.1 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, $0.1 million for Entergy New Orleans, and $0.3 million for Entergy Texas as of December 31, 2024

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the years ended December 31, 2025, 2024, and 2023 are as follows:

Instrument	Income Statement Location		Amount of gain (loss) recorded in the income statement	Registrant
			(In Millions)
2025
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$51.3	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$101.0	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$11.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$15.0	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$15.8	Entergy Texas
Interest rate swaps	Interest expense	(c)	($2.5)	Entergy Texas
2024
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($7.0)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($0.5)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$59.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$71.7	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$7.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.9	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.8	Entergy Texas
2023
Natural gas swaps and options	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Louisiana
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($42.9)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($3.0)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$25.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$60.4	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$13.7	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.4	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.3	Entergy Texas

(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and

recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms.

(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements for discussion of the build-to-suit lease arrangement for the Legend Power Station.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Entergy Arkansas

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$268.5	$—	$—	$268.5
Decommissioning trust funds (a):
Equity securities	20.0	—	—	20.0
Debt securities	251.9	362.1	—	614.0
Common trusts (b)				1,182.3
Financial transmission rights	—	—	5.5	5.5
	$540.4	$362.1	$5.5	$2,090.3

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$3.4	$—	$—	$3.4
Decommissioning trust funds (a):
Equity securities	12.9	—	—	12.9
Debt securities	259.9	319.1	—	579.0
Common trusts (b)				1,012.5
Financial transmission rights	—	—	8.5	8.5
	$276.2	$319.1	$8.5	$1,616.3

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2025.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2025	$8.5	$8.6	($0.5)	$1.3	$1.9
Issuances of financial transmission rights	11.8	28.7	1.5	2.9	4.0
Gains included as a regulatory liability/asset	36.5	80.4	10.9	12.6	12.0
Settlements	(51.3)	(101.0)	(11.5)	(15.0)	(15.8)
Balance as of December 31, 2025	$5.5	$16.7	$0.4	$1.8	$2.1

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2024.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2024	$6.0	$9.8	$1.4	$1.1	$2.4
Issuances of financial transmission rights	17.6	21.6	3.9	2.8	7.3
Gains included as a regulatory liability/asset	44.7	48.9	1.7	4.3	10.0
Settlements	(59.8)	(71.7)	(7.5)	(6.9)	(17.8)
Balance as of December 31, 2024	$8.5	$8.6	($0.5)	$1.3	$1.9

Entergy Louisiana [Member]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of December 31, 2025 and 2024 are shown in the tables below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.

Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)	Registrant
		(In Millions)
2025
Assets:
Financial transmission rights	Prepayments and other	$5.5	$—	$5.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$16.8	($0.1)	$16.7	Entergy Louisiana
Financial transmission rights	Prepayments and other	$0.4	$—	$0.4	Entergy Mississippi
Financial transmission rights	Prepayments and other	$1.8	$—	$1.8	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.3	($0.2)	$2.1	Entergy Texas
Interest rate swaps	Prepayments and other	$0.5	$—	$0.5	Entergy Texas
Liabilities:
Natural gas swaps	Other current liabilities	$5.3	$—	$5.3	Entergy Mississippi
Interest rate swaps	Other non-current liabilities	$3.0	$—	$3.0	Entergy Texas
2024
Assets:
Natural gas swaps	Prepayments and other	$1.6	$—	$1.6	Entergy Mississippi
Financial transmission rights	Prepayments and other	$8.6	($0.1)	$8.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$8.7	($0.1)	$8.6	Entergy Louisiana
Financial transmission rights	Prepayments and other	$1.3	$—	$1.3	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.0	($0.1)	$1.9	Entergy Texas
Liabilities:
Financial transmission rights	Other current liabilities	($0.4)	$0.9	$0.5	Entergy Mississippi

(a)Represents the gross amounts of recognized assets/liabilities

(b)Represents the netting of fair value balances with the same counterparty

(c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets

(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $0.1 million for Entergy Arkansas, $0.8 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, and $0.1 million for Entergy Texas as of December 31, 2025 and in the amount of $0.5 million for Entergy

Arkansas, $0.1 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, $0.1 million for Entergy New Orleans, and $0.3 million for Entergy Texas as of December 31, 2024

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the years ended December 31, 2025, 2024, and 2023 are as follows:

Instrument	Income Statement Location		Amount of gain (loss) recorded in the income statement	Registrant
			(In Millions)
2025
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$51.3	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$101.0	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$11.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$15.0	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$15.8	Entergy Texas
Interest rate swaps	Interest expense	(c)	($2.5)	Entergy Texas
2024
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($7.0)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($0.5)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$59.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$71.7	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$7.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.9	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.8	Entergy Texas
2023
Natural gas swaps and options	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Louisiana
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($42.9)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($3.0)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$25.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$60.4	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$13.7	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.4	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.3	Entergy Texas

(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and

recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms.

(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements for discussion of the build-to-suit lease arrangement for the Legend Power Station.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Entergy Louisiana

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$776.7	$—	$—	$776.7
Decommissioning trust funds (a):
Equity securities	22.8	—	—	22.8
Debt securities	373.2	619.4	—	992.6
Common trusts (b)				1,738.4
Storm reserve escrow account	235.0	—	—	235.0
Financial transmission rights	—	—	16.7	16.7
	$1,407.7	$619.4	$16.7	$3,782.2

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$326.8	$—	$—	$326.8
Decommissioning trust funds (a):
Equity securities	14.5	—	—	14.5
Debt securities	326.0	582.1	—	908.1
Common trusts (b)				1,506.5
Storm reserve escrow account	256.7	—	—	256.7
Financial transmission rights	—	—	8.6	8.6
	$924.0	$582.1	$8.6	$3,021.2

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2025.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2025	$8.5	$8.6	($0.5)	$1.3	$1.9
Issuances of financial transmission rights	11.8	28.7	1.5	2.9	4.0
Gains included as a regulatory liability/asset	36.5	80.4	10.9	12.6	12.0
Settlements	(51.3)	(101.0)	(11.5)	(15.0)	(15.8)
Balance as of December 31, 2025	$5.5	$16.7	$0.4	$1.8	$2.1

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2024.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2024	$6.0	$9.8	$1.4	$1.1	$2.4
Issuances of financial transmission rights	17.6	21.6	3.9	2.8	7.3
Gains included as a regulatory liability/asset	44.7	48.9	1.7	4.3	10.0
Settlements	(59.8)	(71.7)	(7.5)	(6.9)	(17.8)
Balance as of December 31, 2024	$8.5	$8.6	($0.5)	$1.3	$1.9

Entergy Mississippi [Member]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of December 31, 2025 and 2024 are shown in the tables below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.

Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)	Registrant
		(In Millions)
2025
Assets:
Financial transmission rights	Prepayments and other	$5.5	$—	$5.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$16.8	($0.1)	$16.7	Entergy Louisiana
Financial transmission rights	Prepayments and other	$0.4	$—	$0.4	Entergy Mississippi
Financial transmission rights	Prepayments and other	$1.8	$—	$1.8	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.3	($0.2)	$2.1	Entergy Texas
Interest rate swaps	Prepayments and other	$0.5	$—	$0.5	Entergy Texas
Liabilities:
Natural gas swaps	Other current liabilities	$5.3	$—	$5.3	Entergy Mississippi
Interest rate swaps	Other non-current liabilities	$3.0	$—	$3.0	Entergy Texas
2024
Assets:
Natural gas swaps	Prepayments and other	$1.6	$—	$1.6	Entergy Mississippi
Financial transmission rights	Prepayments and other	$8.6	($0.1)	$8.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$8.7	($0.1)	$8.6	Entergy Louisiana
Financial transmission rights	Prepayments and other	$1.3	$—	$1.3	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.0	($0.1)	$1.9	Entergy Texas
Liabilities:
Financial transmission rights	Other current liabilities	($0.4)	$0.9	$0.5	Entergy Mississippi

(a)Represents the gross amounts of recognized assets/liabilities

(b)Represents the netting of fair value balances with the same counterparty

(c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets

(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $0.1 million for Entergy Arkansas, $0.8 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, and $0.1 million for Entergy Texas as of December 31, 2025 and in the amount of $0.5 million for Entergy

Arkansas, $0.1 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, $0.1 million for Entergy New Orleans, and $0.3 million for Entergy Texas as of December 31, 2024

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the years ended December 31, 2025, 2024, and 2023 are as follows:

Instrument	Income Statement Location		Amount of gain (loss) recorded in the income statement	Registrant
			(In Millions)
2025
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$51.3	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$101.0	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$11.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$15.0	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$15.8	Entergy Texas
Interest rate swaps	Interest expense	(c)	($2.5)	Entergy Texas
2024
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($7.0)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($0.5)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$59.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$71.7	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$7.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.9	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.8	Entergy Texas
2023
Natural gas swaps and options	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Louisiana
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($42.9)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($3.0)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$25.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$60.4	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$13.7	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.4	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.3	Entergy Texas

(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and

recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms.

(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements for discussion of the build-to-suit lease arrangement for the Legend Power Station.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Entergy Mississippi

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$341.5	$—	$—	$341.5
Financial transmission rights	—	—	0.4	0.4
	$341.5	$—	$0.4	$341.9
Liabilities:
Natural gas swaps	$5.3	$—	$—	$5.3

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$155.5	$—	$—	$155.5
Natural gas swaps	1.6	—	—	1.6
	$157.1	$—	$—	$157.1
Liabilities:
Financial transmission rights	$—	$—	$0.5	$0.5

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2025.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2025	$8.5	$8.6	($0.5)	$1.3	$1.9
Issuances of financial transmission rights	11.8	28.7	1.5	2.9	4.0
Gains included as a regulatory liability/asset	36.5	80.4	10.9	12.6	12.0
Settlements	(51.3)	(101.0)	(11.5)	(15.0)	(15.8)
Balance as of December 31, 2025	$5.5	$16.7	$0.4	$1.8	$2.1

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2024.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2024	$6.0	$9.8	$1.4	$1.1	$2.4
Issuances of financial transmission rights	17.6	21.6	3.9	2.8	7.3
Gains included as a regulatory liability/asset	44.7	48.9	1.7	4.3	10.0
Settlements	(59.8)	(71.7)	(7.5)	(6.9)	(17.8)
Balance as of December 31, 2024	$8.5	$8.6	($0.5)	$1.3	$1.9

Entergy New Orleans [Member]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of December 31, 2025 and 2024 are shown in the tables below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.

Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)	Registrant
		(In Millions)
2025
Assets:
Financial transmission rights	Prepayments and other	$5.5	$—	$5.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$16.8	($0.1)	$16.7	Entergy Louisiana
Financial transmission rights	Prepayments and other	$0.4	$—	$0.4	Entergy Mississippi
Financial transmission rights	Prepayments and other	$1.8	$—	$1.8	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.3	($0.2)	$2.1	Entergy Texas
Interest rate swaps	Prepayments and other	$0.5	$—	$0.5	Entergy Texas
Liabilities:
Natural gas swaps	Other current liabilities	$5.3	$—	$5.3	Entergy Mississippi
Interest rate swaps	Other non-current liabilities	$3.0	$—	$3.0	Entergy Texas
2024
Assets:
Natural gas swaps	Prepayments and other	$1.6	$—	$1.6	Entergy Mississippi
Financial transmission rights	Prepayments and other	$8.6	($0.1)	$8.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$8.7	($0.1)	$8.6	Entergy Louisiana
Financial transmission rights	Prepayments and other	$1.3	$—	$1.3	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.0	($0.1)	$1.9	Entergy Texas
Liabilities:
Financial transmission rights	Other current liabilities	($0.4)	$0.9	$0.5	Entergy Mississippi

(a)Represents the gross amounts of recognized assets/liabilities

(b)Represents the netting of fair value balances with the same counterparty

(c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets

(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $0.1 million for Entergy Arkansas, $0.8 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, and $0.1 million for Entergy Texas as of December 31, 2025 and in the amount of $0.5 million for Entergy

Arkansas, $0.1 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, $0.1 million for Entergy New Orleans, and $0.3 million for Entergy Texas as of December 31, 2024

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the years ended December 31, 2025, 2024, and 2023 are as follows:

Instrument	Income Statement Location		Amount of gain (loss) recorded in the income statement	Registrant
			(In Millions)
2025
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$51.3	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$101.0	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$11.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$15.0	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$15.8	Entergy Texas
Interest rate swaps	Interest expense	(c)	($2.5)	Entergy Texas
2024
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($7.0)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($0.5)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$59.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$71.7	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$7.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.9	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.8	Entergy Texas
2023
Natural gas swaps and options	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Louisiana
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($42.9)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($3.0)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$25.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$60.4	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$13.7	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.4	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.3	Entergy Texas

(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and

recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms.

(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements for discussion of the build-to-suit lease arrangement for the Legend Power Station.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Entergy New Orleans

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$110.2	$—	$—	$110.2
Storm reserve escrow account	73.8	—	—	73.8
Financial transmission rights	—	—	1.8	1.8
	$184.0	$—	$1.8	$185.8

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$31.4	$—	$—	$31.4
Securitization recovery trust account	1.6	—	—	$1.6
Storm reserve escrow account	83.7	—	—	83.7
Financial transmission rights	—	—	1.3	1.3
	$116.7	$—	$1.3	$118.0

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2025.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2025	$8.5	$8.6	($0.5)	$1.3	$1.9
Issuances of financial transmission rights	11.8	28.7	1.5	2.9	4.0
Gains included as a regulatory liability/asset	36.5	80.4	10.9	12.6	12.0
Settlements	(51.3)	(101.0)	(11.5)	(15.0)	(15.8)
Balance as of December 31, 2025	$5.5	$16.7	$0.4	$1.8	$2.1

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2024.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2024	$6.0	$9.8	$1.4	$1.1	$2.4
Issuances of financial transmission rights	17.6	21.6	3.9	2.8	7.3
Gains included as a regulatory liability/asset	44.7	48.9	1.7	4.3	10.0
Settlements	(59.8)	(71.7)	(7.5)	(6.9)	(17.8)
Balance as of December 31, 2024	$8.5	$8.6	($0.5)	$1.3	$1.9

Entergy Texas [Member]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of December 31, 2025 and 2024 are shown in the tables below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.

Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)	Registrant
		(In Millions)
2025
Assets:
Financial transmission rights	Prepayments and other	$5.5	$—	$5.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$16.8	($0.1)	$16.7	Entergy Louisiana
Financial transmission rights	Prepayments and other	$0.4	$—	$0.4	Entergy Mississippi
Financial transmission rights	Prepayments and other	$1.8	$—	$1.8	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.3	($0.2)	$2.1	Entergy Texas
Interest rate swaps	Prepayments and other	$0.5	$—	$0.5	Entergy Texas
Liabilities:
Natural gas swaps	Other current liabilities	$5.3	$—	$5.3	Entergy Mississippi
Interest rate swaps	Other non-current liabilities	$3.0	$—	$3.0	Entergy Texas
2024
Assets:
Natural gas swaps	Prepayments and other	$1.6	$—	$1.6	Entergy Mississippi
Financial transmission rights	Prepayments and other	$8.6	($0.1)	$8.5	Entergy Arkansas
Financial transmission rights	Prepayments and other	$8.7	($0.1)	$8.6	Entergy Louisiana
Financial transmission rights	Prepayments and other	$1.3	$—	$1.3	Entergy New Orleans
Financial transmission rights	Prepayments and other	$2.0	($0.1)	$1.9	Entergy Texas
Liabilities:
Financial transmission rights	Other current liabilities	($0.4)	$0.9	$0.5	Entergy Mississippi

(a)Represents the gross amounts of recognized assets/liabilities

(b)Represents the netting of fair value balances with the same counterparty

(c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets

(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $0.1 million for Entergy Arkansas, $0.8 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, and $0.1 million for Entergy Texas as of December 31, 2025 and in the amount of $0.5 million for Entergy

Arkansas, $0.1 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, $0.1 million for Entergy New Orleans, and $0.3 million for Entergy Texas as of December 31, 2024

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the years ended December 31, 2025, 2024, and 2023 are as follows:

Instrument	Income Statement Location		Amount of gain (loss) recorded in the income statement	Registrant
			(In Millions)
2025
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$51.3	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$101.0	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$11.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$15.0	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$15.8	Entergy Texas
Interest rate swaps	Interest expense	(c)	($2.5)	Entergy Texas
2024
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($7.0)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($0.5)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$59.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$71.7	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$7.5	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.9	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.8	Entergy Texas
2023
Natural gas swaps and options	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($8.4)	Entergy Louisiana
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($42.9)	Entergy Mississippi
Natural gas swaps	Fuel, fuel-related expenses, and gas purchased for resale	(a)	($3.0)	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$25.8	Entergy Arkansas
Financial transmission rights	Purchased power expense	(b)	$60.4	Entergy Louisiana
Financial transmission rights	Purchased power expense	(b)	$13.7	Entergy Mississippi
Financial transmission rights	Purchased power expense	(b)	$6.4	Entergy New Orleans
Financial transmission rights	Purchased power expense	(b)	$17.3	Entergy Texas

(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and

recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms.

(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements for discussion of the build-to-suit lease arrangement for the Legend Power Station.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Entergy Texas

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$274.9	$—	$—	$274.9
Securitization recovery trust account	1.5	—	—	1.5
Financial transmission rights	—	—	2.1	2.1
Interest rate swaps	—	0.5	—	0.5
	$276.4	$0.5	$2.1	$279.0
Liabilities:
Interest rate swaps	$—	$3.0	$—	$3.0

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$184.7	$—	$—	$184.7
Securitization recovery trust account	2.7	—	—	2.7
Financial transmission rights	—	—	1.9	1.9
	$187.4	$—	$1.9	$189.3

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2025.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2025	$8.5	$8.6	($0.5)	$1.3	$1.9
Issuances of financial transmission rights	11.8	28.7	1.5	2.9	4.0
Gains included as a regulatory liability/asset	36.5	80.4	10.9	12.6	12.0
Settlements	(51.3)	(101.0)	(11.5)	(15.0)	(15.8)
Balance as of December 31, 2025	$5.5	$16.7	$0.4	$1.8	$2.1

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the year ended December 31, 2024.

	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of January 1, 2024	$6.0	$9.8	$1.4	$1.1	$2.4
Issuances of financial transmission rights	17.6	21.6	3.9	2.8	7.3
Gains included as a regulatory liability/asset	44.7	48.9	1.7	4.3	10.0
Settlements	(59.8)	(71.7)	(7.5)	(6.9)	(17.8)
Balance as of December 31, 2024	$8.5	$8.6	($0.5)	$1.3	$1.9

System Energy [Member]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

System Energy

2025	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Decommissioning trust funds (a):
Equity securities	8.6	—	—	8.6
Debt securities	280.5	314.5	—	595.0
Common trusts (b)				1,127.1
	$289.1	$314.5	$—	$1,730.7

2024	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$28.5	$—	$—	$28.5
Decommissioning trust funds (a):
Equity securities	2.4	—	—	$2.4
Debt securities	262.4	297.4	—	559.8
Common trusts (b)				966.9
	$293.3	$297.4	$—	$1,557.6