Entergy Corp.
ETR,
+0.01%
subsidiary Entergy Texas Inc. said Thursday it has started the process to seek approval to build the Orange County Advanced Power Station, which the electric utility expects will provide more than 7,000 jobs, create nearly $1.8 billion in economic activity and provide more than $1.5 billion in net benefits to customers. If approved, the 1,215-megawatt plant will be located near Bridge City, Texas, will be fueled using a combination of natural gas and hydrogen and be capable of powering more than 230,000 homes. Construction is expected to begin in the second quarter of 2023. Once the plant is operational, which it is expected to be by the summer of 2026, it is expected to provide about 27 permanent jobs. "Southeast Texas is well-positioned to play a key role in the transition to increased use of hydrogen in electric generation," said Entergy Texas Chief Executive Sallie Rainer. "Our region is home to hydrogen producers, pipelines, storage and industrial users." Entergy's stock, which was little changed in afternoon trading, has slipped 3.9% over the past three months, while the SPDR Utilities Select Sector ETF
XLU,
+0.29%
has edged up 0.4% and the S&P 500
SPX,
+0.50%
has gained 5.1%.