Entergy subsidiary receives favorable FERC ruling in refund dispute

Entergy subsidiary System Energy Resources, or SERI, announced that the Federal Energy Regulatory Commission resolved a long-standing litigation matter related to uncertain tax positions taken by SERI, by denying a request for SERI to pay additional refunds to customers. The FERC ruling also ordered SERI to recalculate the value of overpayments on sale-leaseback refunds previously made to customers. SERI is an Entergy subsidiary that is the majority owner of the Grand Gulf Nuclear Station in Port Gibson, Miss. Ultimately, the IRS allowed over $100M of the tax positions taken and the subsequent credits were passed on directly to customers. FERC’s order does not require any further refunds or credits beyond those previously paid. Entergy Mississippi reached a settlement agreement with the Mississippi Public Service Commission in summer 2022 on a number of pending SERI cases being litigated, including the case resolved today by the FERC. That agreement provided $300M in credits directly to Entergy Mississippi customers.