Entergy (ETR.US), a power generation and distribution company, closed up 2.2% on Monday and reached an intraday record high of $98.58. The surge came following reports that the company will provide electricity for Google's (GOOGL.US) planned $4 billion technology project in Arkansas.

Entergy CEO Phillip May stated that multiple technology companies are seeking to establish large data centers in northern Louisiana after Meta Platforms (META.US) announced plans to build its largest AI-dedicated facility in the region. According to May, the company has received demand inquiries ranging from over 100 megawatts to gigawatt-scale projects.

Due to abundant land availability, government officials' willingness to expedite deal approvals, and lower hurricane risks compared to the Gulf Coast, Entergy is in discussions with "a considerable number of other hyperscale enterprises" regarding partnerships in northern Louisiana.

May expressed confidence that Entergy can meet the power needs of any interested hyperscale company, including Meta. Meta has previously announced plans to expand its Richland Parish facility from 2 gigawatts to 5 gigawatts.

"As I always say, 'Use all the power you want, we'll keep it flowing,'" the CEO stated.

Entergy executives revealed during their latest earnings call that the company has a pipeline of 5-10 gigawatts worth of data center projects within its service territory.