Anthony Crowdell: Got it. And then, I guess, I appreciate the clarity you guys have given on SERI and progress we made earlier this week. But just — and I know we don’t want to just think the negative outcome, but if the company continued to struggle with Louisiana and New Orleans. Is there a period of time that management would just maybe view that when you look at the book value of SERI versus maybe what the liability could be if, Louisiana, New Orleans, sold out? But they would just look it may be ending the venture. I am just curious if like trying to maybe gauge like how long until just management as we tried really hard in [Technical Difficulty] given up on the weaken borrowing.
Drew Marsh: Well, I mean, I will tell you is, I mean, I think that, we are always looking at every potential outcome and options. So that is always part of the calculation. But at this point, we think we have made good progress with the settlement in Mississippi and then now the settlement in Arkansas, such that it derisks roughly two-thirds of the overall exposure there. So we feel like we are making good progress in that. We don’t really need to go down that particular path at this time. But that is something that we are always paying close attention to and looking at various options and so that’s something we will keep considering in the future.
Anthony Crowdell: Great. Thanks for taking my question guys. Appreciate it.
Drew Marsh: Thank you.
Operator: Our next question comes from the line of Nick Campanella of Barclays. Your line is open.
Nick Campanella: Hey. Good morning. Thanks a lot for taking the time. Just one for me today, a lots been answered. But on the credit, I think, you are doing 12.4% trailing 12 month and you are obviously signaling you can get back to the 14% by year-end and within the appropriate minimum. Can you just confirm that’s more just lapping and roll-off of items and there’s nothing else required from the regulatory standpoint of approval for the point?
Kimberly Fontan: Sure, Nick. That’s right. The — there is a significant amount of debt that will roll-off in the fourth quarter. A large part is related to Louisiana’s securitization from earlier in the year and then there are some items from the fourth quarter at 2022 including the Mississippi settlement with SERI, that was paid out in November that will roll-off in the 12 months ended 2023.
Nick Campanella: Thanks.
Operator: Our next question comes from the line of Ryan Levine of Citi. Your line is open.
Ryan Levine: Hi, everybody. What jurisdictions do you see having the biggest opportunity for incremental resilience spending and does the current equity issuance plan have a built-in buffer for some of this CapEx upside highlighted already in the call?
Kimberly Fontan: Thanks, Ryan. As you know, we have opened filings in New Orleans and Louisiana. On Louisiana between those two has much more spending than New Orleans does. So we also anticipate filing in Texas in 2024, as commission rates the rules coming out of the legislature. As far as the equity in the amount of investment, we have assumed a base level of investments associated with resilience and depending on what is approved out that we will be looking at how to finance that. But we have a significant amount of capital in our plan, including that base level of investments. So more to come as those decisions come out of the jurisdictions.
Ryan Levine: Appreciate it. Thank you.
Operator: Our next question comes from the line of Paul Patterson of Glenrock Associates. Your line is open.
Paul Patterson: Good morning.
Drew Marsh: Good morning, Paul.
Paul Patterson: Just finally with, most of my questions been answered, but with respect to the SERI leaseback litigation. Congratulations on the settlement and stuff, but if Louisiana, I guess, I am wondering is, from a fully litigated perspective when we get closure on as if this — if there isn’t a settlement I guess with Louisiana.
Drew Marsh: I want to make sure I am understanding the question. Is the question when would we likely get settlement in Louisiana on the remaining issues that.
Paul Patterson: I guess, look, I guess, I mean, I am not asking you to predict that. I think if you sort of answered that. I guess what my question was, if there isn’t a settlement, how long this litigation, when would you expect the litigation…
Drew Marsh: Yeah.
Paul Patterson: … to come back to fruition.
Drew Marsh: Yeah. It’s a bit long there. If you think about this the FERC process. Addressing those remaining issues could take you well two-plus years and it goes back to what we were suggesting around why we are continuing to pursue settlement and the opportunity to provide benefits and value to customers sooner rather than later and a settlement provides both us and now potentially Louisiana and New Orleans the opportunity to do that versus the uncertainty that comes with the couple of years or so before there’s any resolution.
Paul Patterson: Okay. Great. Thanks for the clarity.
Drew Marsh: Yeah.
Roderick West: And just to say, full resolution on any resolution, because we have…
Drew Marsh: Full resolution. That’s right Paul. Thank you.
Operator: Our next question comes from the line of Travis Miller of Morningstar. Your line is open. Travis, perhaps, your line is unmuted. There are no further questions at this time. Mr. Abler, I will now turn the call back over to you.
Bill Abler: Thank you, Joel, and thanks everyone for participating this morning. Our quarterly report on Form 10-Q is due to the SEC on November 9th and provides more details and disclosures about our financial statements. Events that occur prior to the date of our 10-Q filing that provide additional evidence of conditions that existed at the date of the balance sheet would be reflected in our financial statements in accordance with Generally Accepted Accounting Principles. Also as a reminder, we maintain a webpage as part of Entergy’s Investor Relations website called Regulatory and Other Information, which provides key updates of regulatory proceedings and important milestones on our strategic execution. While some of this information may be considered material information, you should not rely exclusively on this page for all relevant company information. And this concludes our call. Thank you very much.
