ENTERGY

STATISTICAL REPORT

AND INVESTOR GUIDE

2003

[GRAPHIC]

ENTERGY is focused on performance. Our company has consistently performed for investors, customers, and all Entergy shareholders since refocusing its strategy in 1998. We have assembled the statistics and facts in this report to support your review and analysis of Entergy’s performance over the last five years. This information is available in electronic form, with excel spreadsheets, on our website at www.entergy.com/investor, in order to facilitate easier access and analysis.

Entergy Investor Relations

Entergy Corporation is an integrated energy company engaged primarily in electric power production, retail distribution operations, energy marketing and trading, and gas transportation. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.6 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Through Entergy-Koch, LP, it is a leading provider of wholesale energy marketing and trading services, as well as an operator of natural gas pipeline and storage facilities. Entergy has annual revenues of over $9 billion and approximately 14,000 employees.

TABLE OF CONTENTS

ABOUT THIS PUBLICATION	2
FORWARD-LOOKING INFORMATION	2
FINANCIAL MEASURES	3
ENTERGY AT A GLANCE	3 – 4
EXECUTIVE PROFILES	5 – 6
ENTERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED
Selected Financial and Operating Data	7
Selected Financial Data	7
Generating Capacity	7
Consolidated Financial Results	8
Consolidated Quarterly Results	8
Consolidated Quarterly Special Items	9
Consolidated Annual Results	10
Consolidated Annual Special Items	11
Consolidated Statements of Income	12
Consolidating Income Statement	13
Consolidated Balance Sheets	14 –15
Consolidating Balance Sheet	16 –17
Consolidated Statements of Cash Flow	18 – 19
Cash Flow Information by Business	19
Consolidated Statements of Retained Earnings, Comprehensive Income and Paid-In Capital	20
Consolidated Quarterly Financial Metrics	21
Consolidated Capital Expenditures	21
Entergy Corporation Securities Detail	21
Entergy Corporation Long-Term Debt	21
UTILITY
Utility Quarterly Financial Metrics	22
Utility Annual Financial Metrics	22
Utility Capital Expenditures	22
Utility Securities Ratings	22
Utility Financial Results	23
Utility Consolidating Income Statement	23
Utility Consolidating Balance Sheet	24 – 25
Utility Selected Annual Financial Metrics	26 – 27
Utility Securities Detail	28
Utility Long-Term Debt and Preferred Stock	28
Entergy Arkansas, Inc.	28
Entergy Gulf States, Inc.	29
Entergy Louisiana, Inc.	30
Entergy Mississippi, Inc.	31
Entergy New Orleans, Inc.	32
System Energy Resources, Inc.	32
Utility Statistical Information	33
Utility Total Capacity	33
Utility Selected Operating Data	33
Utility Consolidating Information	34
Entergy Arkansas, Inc.	35 – 36
Entergy Gulf States, Inc.	37 – 38
Entergy Louisiana, Inc.	39 – 40
Entergy Mississippi, Inc.	41 – 42
Entergy New Orleans, Inc.	43 – 44
System Energy Resources, Inc.	44
Utility Nuclear Plant Statistics	45
Utility Regulatory Information	46
Regulatory Commissions	46
Commission/Council Members	46
Select Utility Retail Rate Proceedings	47
Utility Electric and Gas Fuel Recovery	48
COMPETITIVE BUSINESSES
Competitive Businesses Quarterly Financial Metrics	49
ENTERGY NUCLEAR (NON-UTILITY)
Entergy Nuclear Operational Metrics	50
Entergy Nuclear Plant Statistics	50
Entergy Nuclear Planned Plant Uprates	50
Entergy Nuclear Sold Forward Statistics	51
Entergy Nuclear Securities Detail	51
ENERGY COMMODITY SERVICES
Energy Commodity Services Operational Metrics	52
Energy Commodity Services Non-Nuclear Wholesale Assets	52
Energy Commodity Services Sold Forward Statistics	53
Energy Commodity Services Securities Detail	53
DEFINITIONS OF OPERATIONAL MEASURES AND GAAP AND NON-GAAP FINANCIAL MEASURES	54 – 55
INVESTOR INFORMATION	56

1

ABOUT THIS PUBLICATION

This publication is unaudited and should be used in conjunction with Entergy’s 2003 Annual Report to Shareholders and Form 10-K filed with the Securities and Exchange Commission. It has been prepared for information purposes and is not intended for use in connection with any sale or purchase of, or any offer to buy, any securities of Entergy Corporation or its subsidiaries.

FORWARD-LOOKING INFORMATION

From time to time, Entergy makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although Entergy believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties, and there are factors that could cause actual results to differ materially from those expressed or implied in the statements. Some of those factors include but are not limited to:

• resolution of pending and future rate cases and negotiations, including various performance-based rate discussions, and other regulatory decisions, including those related to Entergy’s System Agreement and utility supply plan

• Entergy’s ability to reduce its operation and maintenance costs, particularly at its Non-Utility Nuclear generating facilities, including the uncertainty of negotiations with unions to agree to such reductions

• the performance of Entergy’s generating plants, and particularly the capacity factors at its nuclear generating facilities

• prices for power generated by Entergy’s unregulated generating facilities, the ability to extend or replace the existing purchased power agreements for those facilities, including the Non-Utility Nuclear plants, and the prices and availability of power Entergy must purchase for its utility customers

• Entergy’s ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related commodities

• Entergy-Koch’s profitability in trading physical and financial natural gas and power, as well as other energy-related commodities

• changes in the number of participants in the energy trading market, and in their creditworthiness and risk profile

• changes in the financial markets, particularly those affecting the availability of capital and Entergy’s ability to refinance existing debt and to fund investments and acquisitions

• actions of rating agencies, including changes in the ratings of debt and preferred stock

• changes in inflation and interest rates

• Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms

• changes in ownership of joint ventures

• volatility and changes in markets for electricity, natural gas, uranium, and other energy-related commodities

• changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, and the establishment of a regional transmission organization that includes Entergy’s utility service territory

• changes in regulation of nuclear generating facilities and nuclear materials and fuel, including possible shutdown of Indian Point or other nuclear generating facilities

• resolution of pending or future applications for license extensions of nuclear generating facilities

• changes in law resulting from proposed energy legislation

• changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur, nitrogen, carbon, mercury, and other substances

• the economic climate, and particularly growth in Entergy’s service territory

• variations in weather, hurricanes, and other disasters

• advances in technology

• the potential impacts of threatened or actual terrorism and war

• the success of Entergy’s strategies to reduce current tax payments

• the effects of litigation and governmental investigations

• changes in accounting standards, corporate governance, and securities law requirements

• Entergy’s ability to attract and retain talented management and directors.

FINANCIAL MEASURES

Financial performance measures shown in this publication include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures. Entergy uses non-GAAP measures internally in budgeting and performance monitoring activities to gauge business performance and the ongoing strength of its businesses. Entergy further believes these metrics provide useful information to investors for the purpose of evaluating Entergy’s ongoing business results and comparing the company’s operating and financial performance to the performance of industry peers.

As-reported measures are computed in accordance with GAAP as they include all components of net income, including special items. Operational measures are non-GAAP measures as they are calculated using operational net income, which excludes the impact of special items. A reconciliation of operational earnings per share to as-reported earnings per share can be found on pages 8 – 11 and 26 – 27.

2

ENTERGY AT A GLANCE

CORPORATE PROFILE

Entergy Corporation, headquartered in New Orleans, Louisiana, is a Fortune 500 integrated energy company engaged primarily in electric power production, retail distribution operations, energy marketing and trading, and gas transportation.

• 30,000 MW electric generating capacity

• 2nd-largest U.S. nuclear generator

• 2.6 million utility customers

• $9 billion revenues

• 14,000 employees

BUSINESS SEGMENTS

Entergy, an investor-owned public utility holding company, operates primarily through three business segments.

• Utility

• Entergy Nuclear (non-utility nuclear business)

• Energy Commodity Services

Entergy Nuclear and Energy Commodity Services are referred to as Entergy’s Competitive Businesses.

3

BUSINESS SEGMENTS

UTILITY

Entergy’s utility companies generate, transmit, distribute and sell electric power, with a small amount of natural gas distribution.

• Five electric utilities with 2.6 million customers

• Four states – Arkansas, Louisiana, Mississippi, Texas

• Over 22,000 MW generating capacity

• Two gas utilities with 237,000 customers

ENTERGY ARKANSAS, INC. (EAI)

Entergy Arkansas generates, transmits, distributes and sells electric power to approximately 660,000 retail customers in portions of Arkansas.

ENTERGY GULF STATES, INC. (EGSI)

Entergy Gulf States generates, transmits, distributes and sells electric power to approximately 709,000 retail customers in portions of Texas and Louisiana. Entergy Gulf States also provides natural gas utility service to approximately 90,000 customers in the Baton Rouge, Louisiana area.

ENTERGY LOUISIANA, INC. (ELI)

Entergy Louisiana generates, transmits, distributes and sells electric power to approximately 657,000 retail customers in portions of Louisiana.

ENTERGY MISSISSIPPI, INC. (EMI)

Entergy Mississippi generates, transmits, distributes and sells electric power to approximately 416,000 retail customers in portions of Mississippi.

ENTERGY NEW ORLEANS, INC. (ENOI)

Entergy New Orleans generates, transmits, distributes and sells electric power to approximately 189,000 retail customers in the city of New Orleans, Louisiana. Entergy New Orleans also provides natural gas utility service to approximately 147,000 customers in the greater New Orleans area.

SYSTEM ENERGY RESOURCES, INC. (SERI)

System Energy owns and leases 90 percent of the Grand Gulf 1 nuclear generating facility. System Energy sells power and capacity from Grand Gulf 1 at wholesale to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans.

UTILITY NUCLEAR PLANTS

Entergy owns and operates five nuclear units at four plant sites to serve its regulated utility business: Arkansas Nuclear One (ANO) Units 1 and 2 near Russelville, Arkansas; Grand Gulf Nuclear Station in Port Gibson, Mississippi; River Bend Station in St. Francisville, Louisiana; and Waterford 3 in Taft, Louisiana.

ENTERGY NUCLEAR

Entergy’s non-utility nuclear business owns and operates five nuclear power plants in the northeastern portion of the United States: Pilgrim Nuclear Station in Plymouth, Massachusetts, James A. FitzPatrick in Oswego, New York, Indian Point 2 & 3 in Westchester County, New York, and Vermont Yankee in Vernon, Vermont. This business is primarily focused on selling power produced by those plants to wholesale customers. This business also provides operations and management services to nuclear power plants owned by other utilities in the United States.

• Five plants in northeastern U.S.

• 4,000 MW owned generating capacity

• 800 MW under management services contract

• Contracts with other nuclear owners to manage decommissioning for 1 plant, license renewal for 4 plants

ENERGY COMMODITY SERVICES

The energy commodity services business includes the operations of Entergy-Koch, LP and Entergy’s non-nuclear wholesale assets business.

ENTERGY-KOCH, LP

Entergy-Koch is engaged in two major businesses: energy commodity marketing and trading that includes physical and financial natural gas and power, as well as other energy and weather-related contracts through Entergy-Koch Trading, and gas transportation and storage services through Gulf South Pipeline.

• Gas transportation business with 8,000 miles of pipeline and 68.5 BCF gas storage

• Energy marketing and trading business in U.S. and Europe, trading gas, electricity, weather derivatives

NON-NUCLEAR WHOLESALE ASSETS BUSINESS

Entergy’s non-nuclear wholesale assets business sells electric power produced by seven power plants to wholesale customers while it focuses on selling the majority of those assets.

• 1,800 net MW generating capacity

4

EXECUTIVE PROFILES

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WAYNE LEONARD – CHIEF EXECUTIVE OFFICER

Wayne Leonard became Entergy’s chief executive officer on January 1, 1999. He joined Entergy in April 1998 as president and chief operating officer of the company’s domestic business, and he assumed additional responsibility for international operations in August 1998. In 2003, the Platts/Business Week Global Energy Awards named Leonard CEO of the year and Entergy received the Energy Company of the Year award. Entergy was honored as the top performer in the Edison Electric Institute’s Index of Shareholder-Owned Electric Utilities (large-cap), with a total return of 110.7% for the five-year period ended September 30, 2003. Prior to joining Entergy, Leonard was president of Cinergy’s Energy Commodities Strategic Business Unit and president of Cinergy Capital Trading.

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LEO DENAULT – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

Leo Denault was named executive vice president and chief financial officer in February 2004. He was previously vice president of corporate development and strategic planning. He also has held the position of vice president, corporate development, since joining the company in March 1999. Denault assumed responsibility for the areas of strategic planning, the Office of the Chief Risk Officer, and strategic pricing and transmission services in 2002. Prior to joining Entergy, Denault was vice president of corporate development at Cinergy Corporation, where he reviewed every major investment transaction, including the acquisition of generation, distribution and trading businesses in the United States and abroad.

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RICHARD SMITH – GROUP PRESIDENT, UTILITY OPERATIONS

Rick Smith was named group president, utility operations in January 2002. He is responsible for the regulated utility financial results, along with operation results of electric and natural gas distribution and customer service. In addition, Rick oversees utility regulatory support and regulated retail activities. He joined Entergy in September 1999 as senior vice president, transition management and later served as president of retail operations. Prior to joining Entergy, Smith was president of Cinergy Resources Inc, a non-regulated retail supply business. Prior to that, he served for three years as vice president of finance for Cinergy’s Energy Services business unit.

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GARY TAYLOR – CHIEF EXECUTIVE OFFICER, ENTERGY NUCLEAR

Gary Taylor was named chief executive officer of Entergy’s nuclear businesses in April 2003. He joined Entergy in March 2000 as chief operating officer of its South region. Entergy operates five nuclear units in its retail electric service area and has acquired five nuclear plants in the northeast. Prior to joining Entergy, Taylor had been vice president of nuclear operations at South Carolina Electric & Gas Company, a subsidiary of SCANA Corporation, since 1995.

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CURT HÉBERT – EXECUTIVE VICE PRESIDENT, EXTERNAL AFFAIRS

Curt Hébert joined Entergy as executive vice president, external affairs in September 2001 after a lengthy career as a government energy regulator at both the federal and state levels. His responsibilities include supervision of the company’s system and federal government relations, system regulatory affairs, external and internal communications, and corporate contribution functions. He serves as a member of the Office of the Chief Executive. Prior to joining Entergy, Hébert was chairman of the Federal Energy Regulatory Commission. During Hébert’s four years of service as a member and later chairman, FERC was active in the restructuring of the electric utility and natural gas pipeline industries to promote competition.

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MARK SAVOFF – EXECUTIVE VICE PRESIDENT, OPERATIONS

Mark Savoff was named executive vice president, operations in December 2003. He is responsible for fossil plant operations, transmission and distribution operations, system environmental and safety, system planning, compliance and performance management. Prior to joining Entergy, Savoff was vice president and corporate officer at GE Power Systems, Nuclear Energy. Savoff’s career at GE spanned 25 years and included numerous leadership positions. Before assuming his role as vice president, Nuclear Energy, he was General Manager of GE’s global nuclear fuel business and led the turnaround of GE’s global nuclear services business. He also served as President, Reuter-Stokes, a GE subsidiary that supplies turbine monitoring equipment, radiation detector components, harsh environment sensors, and sensors for monitoring nuclear power plant output.

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KYLE VANN – CHIEF EXECUTIVE OFFICER, ENTERGY-KOCH, LP

Kyle Vann has served as Chief Executive Officer of Entergy-Koch, LP since its creation in February 2001. Previous to Entergy-Koch’s formation, he served as the senior vice president and managing director of Koch Energy, Inc. In this position, Vann participated in a broad range of business development and helped direct the company’s joint venture with Entergy. During his more than twenty years with Koch Industries, he had numerous assignments. He served as manager of oil field projects; manager of KII projects and economics; executive vice president of products marketing for Koch Refining Company; director of Koch Management Center; executive vice president of Koch Refining and Chemical Group; president of Koch Supply and Trading and senior vice president crude oil and energy services.

5

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MICHAEL KANSLER – PRESIDENT, ENTERGY NUCLEAR NORTHEAST

Michael Kansler was named president of Entergy Nuclear Northeast in January 2003 and has served as chief operating officer of Entergy Nuclear Northeast since January 2000. He is responsible for all of Entergy’s nuclear plants in the Northeast region and all other nuclear plants that the company may purchase or operate outside its traditional electric service territory. Kansler joined Entergy in 1998 as vice president of operations support, overseeing consolidated support functions for all five of Entergy’s nuclear power units. Prior to joining Entergy, Kansler spent more than 20 years at Virginia Power (now Dominion Resources). During his last two years with Virginia Power, he was vice president of its nuclear program and was responsible for the operation of Surry and North Anna, its twin-unit nuclear power stations.

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JOHN MCGAHA – PRESIDENT, ENTERGY NUCLEAR SOUTH

John McGaha was named president of Entergy Nuclear South in March 2000. He is responsible for Entergy’s five nuclear units in its retail electric service area. McGaha has more than 25 years of experience with Entergy’s nuclear program, starting his Entergy career in 1978 at the Waterford 3 plant, where he advanced to the position of general manager of plant operations. Since 1991, he has held numerous management positions, including vice president of operations support for Entergy Nuclear South, vice president of River Bend Station, and executive vice president and chief operating officer of Entergy Nuclear South. Prior to joining Entergy, McGaha was an electrical design engineer for Brown & Root, Inc. for three years, and he served in the U.S. Navy nuclear submarine program for five years. In 1994 he retired from the U.S. Naval Reserve with the rank of captain.

UTILITY OPERATING COMPANY PRESIDENTS

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RENAE CONLEY – PRESIDENT & CEO, ENTERGY LOUISIANA AND ENTERGY GULF STATES – LOUISIANA

Renae Conley was named president and CEO of Entergy Louisiana and Entergy Gulf States – Louisiana in mid-2000. She is responsible for the Louisiana utilities’ electric and gas distribution operations, customer service, economic development, regulatory and governmental affairs. Prior to joining Entergy in 1999 as vice president of investor relations, Conley was president of The Cincinnati Gas & Electric Company, a subsidiary of Cinergy Corp. Renae also served as president and CEO of Cadence, a joint venture of Cinergy and other utilities that provides energy management services. At Cinergy, Renae was also general manager of corporate communications and investor relations.

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JOE DOMINO – PRESIDENT & CEO, ENTERGY GULF STATES – TEXAS

Joe Domino was named president and CEO of Entergy Texas in 1998. He is responsible for Entergy Texas’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Prior to being named president, he served as director of Entergy’s distribution operations in Texas and Southwest Louisiana. Domino joined Gulf States Utilities in 1970 as a planning engineer and was appointed director of Southern Region fossil plants in 1994.

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HUGH MCDONALD – PRESIDENT & CEO, ENTERGY ARKANSAS

Hugh McDonald was named president and CEO of Entergy Arkansas in spring 2000. He is responsible for Entergy Arkansas’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Prior to becoming Entergy Arkansas’ president, he led Entergy’s Retail Operations. McDonald joined Entergy in 1982 at the Waterford 3 nuclear plant. In 1989, he became executive assistant to the chairman of Entergy Louisiana/Entergy New Orleans and then led Entergy Louisiana’s Total Quality initiative until 1993.

During Entergy’s merger with Gulf States Utilities, Hugh served as the special projects director for the functional integration of the transmission, distribution, and customer service organizations. McDonald has also held the positions of division manager for Entergy Mississippi and director of regulatory affairs, Entergy Gulf States - Texas.

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DAN PACKER – PRESIDENT & CEO, ENTERGY NEW ORLEANS

Dan Packer was named president of Entergy New Orleans in 1996 and CEO in 1998. He is responsible for Entergy New Orleans’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Packer joined Entergy in 1982 as training manager at the Waterford 3 nuclear plant and later served as Waterford’s plant manager - the first African American in the United States to manage a nuclear plant. Prior to joining Entergy, Packer was a senior engineer with General Physics Corporation, worked for six years as training coordinator with Connecticut Yankee Atomic Power Company, and served in the U.S. Nuclear Navy Program from 1969 to 1975.

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CAROLYN SHANKS – PRESIDENT & CEO, ENTERGY MISSISSIPPI

Carolyn Shanks was named President and CEO of Entergy Mississippi in July 1999. She is responsible for Entergy Mississippi’s electric distribution system, customer service, economic development, regulatory and governmental affairs. Shanks joined Entergy in 1983 as an accountant with Entergy Mississippi and later transferred to System Energy Resources, Inc., the subsidiary responsible for the operations of Grand Gulf Nuclear Station. In 1994, she was named director of business services for Entergy Operations, Inc., the subsidiary that manages Entergy’s five nuclear power plants in its retail electric service area. Carolyn became vice president - finance and administration of Entergy Nuclear in February 1997.

6

CONSOLIDATED SELECTED DATA

CONSOLIDATED ENTERGY CORPORATION AND SUBSIDIARIES DATA

SELECTED FINANCIAL AND OPERATING DATA

SELECTED FINANCIAL DATA

	2003			2002			2001			2000			1999
	(In millions, except percentages and per share amounts)
Operating Revenues	$	9,195		$	8,305		$	9,621		$	10,022		$	8,766
As-Reported Earnings Applicable to Common Stock	$	927		$	599		$	726		$	679		$	552
As-Reported Earnings Per Share - Diluted	$	4.01		$	2.64		$	3.23		$	2.97		$	2.25
Less Special Items(a) Per Share	$	(0.24	)	$	(1.17	)	$	—		$	(0.15	)	$	0.08
Operational Earnings Per Share - Diluted	$	4.25		$	3.81		$	3.23		$	3.12		$	2.17
Weather Impact - Earnings Per Share	$	(0.05	)	$	(0.01	)	$	(0.01	)	$	0.32		$	0.09
Shares of Common Stock Outstanding:
End of Year		228.9			222.4			220.7			219.6			239.0
Weighted Average - Diluted		231.1			227.3			224.7			228.5			245.3
Net Cash Flow Provided by Operating Activities	$	2,006		$	2,182		$	2,216		$	1,968		$	1,389
Year-End Closing Market Price of Common Stock	$	57.13		$	45.59		$	39.11		$	42.31		$	25.75
Book Value Per Share at End of Year	$	38.02		$	35.24		$	33.78		$	31.89		$	29.78
Market Value of Equity	$	13,077		$	10,140		$	8,633		$	9,292		$	6,155
Price to Earnings Ratio - As-Reported		14.25			17.29			12.10			14.24			11.43
Common Dividends Paid Per Share	$	1.60		$	1.34		$	1.28		$	1.22		$	1.20
Common Dividend Payout Ratio		40	%		51	%		39	%		41	%		53	%
Return on Average Common Equity - As-Reported		11.2	%		7.8	%		10.0	%		9.6	%		7.8	%
Return on Average Common Equity - Operational		11.9	%		11.3	%		10.0	%		10.1	%		7.5	%
Return on Average Invested Capital - As-Reported		7.4	%		5.8	%		7.2	%		6.6	%		6.1	%
Return on Average Invested Capital - Operational		7.7	%		7.4	%		7.2	%		6.8	%		5.9	%
Net Margin - As-Reported		10.1	%		7.2	%		7.6	%		6.8	%		6.3	%
Net Margin - Operational		10.7	%		10.4	%		7.5	%		7.1	%		6.1	%
Revolver Capacity	$	1,553		$	1,018		$	1,210		$	113		$	130
Total Gross Liquidity	$	2,245		$	2,353		$	1,962		$	1,495		$	1,344
Total Debt	$	8,182		$	8,810		$	8,442		$	8,068		$	6,605
Off-balance Sheet Liabilities
Project Debt	$	—		$	—		$	265		$	—		$	—
Debt of Joint Ventures - Entergy’s Share	$	387		$	409		$	347		$	51		$	—
Leases - Entergy’s Share	$	501		$	395		$	343		$	438		$	418
Total Off-balance Sheet Liabilities	$	888		$	804		$	955		$	489		$	418
Net Debt to Net Capital Ratio		45.3	%		47.7	%		51.0	%		51.2	%		45.1	%
Net Debt Ratio Including Off-balance Sheet Liabilities		48.1	%		50.3	%		53.8	%		52.8	%		46.7	%

^(a) Special items are those events that are not routine, are related to prior periods, or are related to discontinued operations.

GENERATING CAPACITY (MW)

	Entergy Arkansas	Entergy Gulf States	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	System Energy	Entergy Nuclear	Energy Commodity Services(b)	Total
Gas/Oil	1,717	5,189	4,486	2,716	990	—	—	1,442	16,540
Coal	1,209	627	—	420	—	—	—	231	2,487
Total Fossil	2,926	5,816	4,486	3,136	990	—	—	1,673	19,027
Nuclear	1,694	966	1,075	—	—	1,086	4,001	—	8,822
Other(a)	70	—	—	—	—	—	—	79	149
Total	4,690	6,782	5,561	3,136	990	1,086	4,001	1,752	27,998

^(a) Other includes Hydro and Wind.

^(b) Excludes gas-fired power plant sold in January 2004.

7

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED QUARTERLY RESULTS

	2003										2002										YTD Change
	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q		4Q		YTD
	($/share)
AS-REPORTED
Utility	0.47		0.53		1.17		(0.14	)	2.03		0.45		0.85		1.07		0.19		2.57		(0.54	)
Parent & Other	(0.01	)	(0.04	)	(0.01	)	(0.03	)	(0.10	)	(0.03	)	(0.02	)	(0.02	)	(0.11	)	(0.17	)	0.07
Competitive Businesses
Entergy Nuclear	0.86		0.19		0.25		(0.01	)	1.30		0.18		0.24		0.32		0.15		0.88		0.42
Energy Commodity Services
Non-Nuclear Wholesale Assets	—		(0.01	)	(0.02	)	(0.07	)	(0.10	)	(1.17	)	(0.07	)	0.07		(0.05	)	(1.22	)	1.12
Entergy-Koch Trading	0.37		0.19		0.17		0.07		0.80		0.14		0.03		0.12		0.07		0.36		0.44
Gulf South Pipeline	0.04		0.03		0.01		0.01		0.08		0.08		0.03		0.03		0.08		0.22		(0.14	)
Total Energy Commodity Services	0.41		0.21		0.16		0.01		0.78		(0.95	)	(0.01	)	0.22		0.10		(0.64	)	1.42
Total Competitive Businesses	1.27		0.40		0.41		—		2.08		(0.77	)	0.23		0.54		0.25		0.24		1.84
Consolidated As-Reported Earnings	1.73		0.89		1.57		(0.17	)	4.01		(0.35	)	1.06		1.59		0.33		2.64		1.37
LESS SPECIAL ITEMS
Utility	(0.09	)	(0.28	)	—		(0.30	)	(0.68	)	—		—		—		—		—		(0.68	)
Parent & Other	—		—		—		—		(0.01	)	—		—		—		—		—		(0.01	)
Competitive Businesses
Entergy Nuclear	0.70		—		—		(0.25	)	0.45		—		—		—		—		—		0.45
Energy Commodity Services
Non-Nuclear Wholesale Assets	—		—		—		—		—		(1.15	)	(0.11	)	0.09		(0.01	)	(1.17	)	1.17
Entergy-Koch Trading	—		—		—		—		—		—		—		—		—		—		—
Gulf South Pipeline	—		—		—		—		—		—		—		—		—		—		—
Total Energy Commodity Services	—		—		—		—		—		(1.15	)	(0.11	)	0.09		(0.01	)	(1.17	)	1.17
Total Competitive Businesses	0.70		—		—		(0.25	)	0.45		(1.15	)	(0.11	)	0.09		(0.01	)	(1.17	)	1.62
Total Special Items	0.61		(0.28	)	—		(0.55	)	(0.24	)	(1.15	)	(0.11	)	0.09		(0.01	)	(1.17	)	0.93
OPERATIONAL
Utility	0.56		0.81		1.17		0.16		2.71		0.45		0.85		1.07		0.19		2.57		0.14
Parent & Other	(0.01	)	(0.04	)	(0.01	)	(0.03	)	(0.09	)	(0.03	)	(0.02	)	(0.02	)	(0.11	)	(0.17	)	0.08
Competitive Businesses
Entergy Nuclear	0.16		0.19		0.25		0.24		0.85		0.18		0.24		0.32		0.15		0.88		(0.03	)
Energy Commodity Services
Non-Nuclear Wholesale Assets	—		(0.01	)	(0.02	)	(0.07	)	(0.10	)	(0.02	)	0.04		(0.02	)	(0.04	)	(0.05	)	(0.05	)
Entergy-Koch Trading	0.37		0.19		0.17		0.07		0.80		0.14		0.03		0.12		0.07		0.36		0.44
Gulf South Pipeline	0.04		0.03		0.01		0.01		0.08		0.08		0.03		0.03		0.08		0.22		(0.14	)
Total Energy Commodity Services	0.41		0.21		0.16		0.01		0.78		0.20		0.10		0.13		0.11		0.53		0.25
Total Competitive Businesses	0.57		0.40		0.41		0.25		1.63		0.38		0.34		0.45		0.26		1.41		0.22
Consolidated Operational Earnings	1.12		1.17		1.57		0.38		4.25		0.80		1.17		1.50		0.34		3.81		0.44
Weather Impact	0.02		(0.03	)	(0.01	)	(0.03	)	(0.05	)	0.03		—		(0.04	)	—		(0.01	)	(0.04	)

Totals may not foot due to rounding.

8

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED QUARTERLY SPECIAL ITEMS (Shown as Positive/(Negative) Impact on Earnings)

	2003									2002									YTD Change
	1Q		2Q		3Q	4Q		YTD		1Q		2Q		3Q	4Q		YTD
	($/share)
UTILITY SPECIAL ITEMS
River Bend loss provision	—		(0.28	)	—	—		(0.29	)	—		—		—	—		—		(0.29	)
SFAS 143 implementation	(0.09	)	—		—	—		(0.09	)	—		—		—	—		—		(0.09	)
Voluntary severance plan	—		—		—	(0.30	)	(0.30	)	—		—		—	—		—		(0.30	)
Total	(0.09	)	(0.28	)	—	(0.30	)	(0.68	)	—		—		—	—		—		(0.68	)
PARENT & OTHER SPECIAL ITEMS
Voluntary severance plan	—		—		—	—		(0.01	)	—		—		—	—		—		(0.01	)
Total	—		—		—	—		(0.01	)	—		—		—	—		—		(0.01	)
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	0.70		—		—	(0.03	)	0.67		—		—		—	—		—		0.67
Voluntary severance plan	—		—		—	(0.22	)	(0.22	)	—		—		—	—		—		(0.22	)
Energy Commodity Services
Gain (loss) on disposition of assets	—		—		—	—		—		—		—		0.09	0.14		0.23		(0.23	)
Asset and contract impairments	—		—		—	—		—		(0.44	)	(0.04	)	—	(0.15	)	(0.62	)	0.62
Turbine commitment	—		—		—	—		—		(0.62	)	0.10		—	—		(0.52	)	0.52
Development costs	—		—		—	—		—		(0.09	)	—		—	—		(0.09	)	0.09
Restructuring costs	—		—		—	—		—		—		(0.17	)	—	—		(0.17	)	0.17
Total	0.70		—		—	(0.25	)	0.45		(1.15	)	(0.11	)	0.09	(0.01	)	(1.17	)	1.62
TOTAL SPECIAL ITEMS	0.61		(0.28	)	—	(0.55	)	(0.24	)	(1.15	)	(0.11	)	0.09	(0.01	)	(1.17	)	0.93
	2003									2002									YTD Change
	1Q		2Q		3Q	4Q		YTD		1Q		2Q		3Q	4Q		YTD
	($ millions)
UTILITY SPECIAL ITEMS
River Bend loss provision	—		(65.6	)	—	—		(65.6	)	—		—		—	—		—		(65.6	)
SFAS 143 implementation	(21.3	)	—		—	—		(21.3	)	—		—		—	—		—		(21.3	)
Voluntary severance plan	—		—		—	(70.1	)	(70.1	)	—		—		—	—		—		(70.1	)
Total	(21.3	)	(65.6	)	—	(70.1	)	(157.0	)	—		—		—	—		—		(157.0	)
PARENT & OTHER SPECIAL ITEMS
Voluntary severance plan	—		—		—	(0.9	)	(0.9	)	—		—		—	—		—		(0.9	)
Total	—		—		—	(0.9	)	(0.9	)	—		—		—	—		—		(0.9	)
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	160.3		—		—	(5.8	)	154.4		—		—		—	—		—		154.4
Voluntary severance plan	—		—		—	(51.8	)	(51.8	)	—		—		—	—		—		(51.8	)
Energy Commodity Services
Gain (loss) on disposition of assets	—		0.7		—	—		0.7		—		—		20.9	31.4		52.3		(51.6	)
Asset and contract impairments	—		—		—	—		—		(99.1	)	(9.8	)	—	(33.0	)	(141.9	)	141.9
Turbine commitment	—		—		—	—		—		(140.5	)	23.4		—	—		(117.2	)	117.2
Development costs	—		—		—	—		—		(21.3	)	—		—	—		(21.3	)	21.3
Restructuring costs	—		—		—	—		—		—		(39.0	)	—	—		(39.0	)	39.0
Total	160.3		0.7		—	(57.6	)	103.3		(260.9	)	(25.4	)	20.9	(1.6	)	(267.1	)	370.4
TOTAL SPECIAL ITEMS	139.0		(64.9	)	—	(128.6	)	(54.6	)	(260.9	)	(25.4	)	20.9	(1.6	)	(267.1	)	212.5

Totals may not foot due to rounding.

9

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED ANNUAL RESULTS

	2003		2002		2001		2000		1999
	($/share)
AS-REPORTED
Utility	2.03		2.57		2.45		2.56		2.08
Parent & Other	(0.10	)	(0.17	)	(0.26	)	(0.05	)	(0.19	)
Competitive Businesses
Entergy Nuclear	1.30		0.88		0.57		0.22		0.06
Energy Commodity Services:
Non-nuclear wholesale assets	(0.10	)	(1.22	)	—		0.24		0.30
Entergy-Koch Trading	0.80		0.36		0.34		—		—
Gulf South Pipeline	0.08		0.22		0.13		—		—
Total Energy Commodity Services	0.78		(0.64	)	0.47		0.24		0.30
Total Competitive Businesses	2.08		0.24		1.04		0.46		0.36
Consolidated As-Reported Earnings	4.01		2.64		3.23		2.97		2.25
LESS SPECIAL ITEMS
Utility	(0.68	)	—		(0.01	)	(0.09	)	(0.18	)
Parent & Other	(0.01	)	—		(0.08	)	(0.12	)	—
Competitive Businesses
Entergy Nuclear	0.45		—		—		—		—
Energy Commodity Services:
Non-nuclear wholesale assets	—		(1.17	)	0.09		0.06		0.26
Entergy-Koch Trading	—		—		—		—		—
Gulf South Pipeline	—		—		—		—		—
Total Energy Commodity Services	—		(1.17	)	0.09		0.06		0.26
Total Competitive Businesses	0.45		(1.17	)	0.09		0.06		0.26
Total Special Items	(0.24	)	(1.17	)	—		(0.15	)	0.08
OPERATIONAL
Utility	2.71		2.57		2.46		2.65		2.26
Parent & Other	(0.09	)	(0.17	)	(0.18	)	0.07		(0.19	)
Competitive Businesses
Entergy Nuclear	0.85		0.88		0.57		0.22		0.06
Energy Commodity Services:
Non-nuclear wholesale assets	(0.10	)	(0.05	)	(0.09	)	0.18		0.04
Entergy-Koch Trading	0.80		0.36		0.34		—		—
Gulf South Pipeline	0.08		0.22		0.13		—		—
Total Energy Commodity Services	0.78		0.53		0.38		0.18		0.04
Total Competitive Businesses	1.63		1.41		0.95		0.40		0.10
Consolidated Operational Earnings	4.25		3.81		3.23		3.12		2.17

10

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED ANNUAL SPECIAL ITEMS (Shown as Positive/(Negative) Impact on Earnings)

	2003		2002		2001		2000		1999
	($/share)
UTILITY SPECIAL ITEMS
River Bend loss provision	(0.29	)	—		—		—		—
SFAS 143 implementation	(0.09	)	—		—		—		—
Voluntary severance plan	(0.30	)	—		—		—		—
Merger expenses	—		—		(0.01	)	—		—
Regulatory and reserve adjustments	—		—		—		(0.09	)	(0.27	)
Change in unbilled revenue estimate	—		—		—		—		0.13
Depreciation adjustment	—		—		—		—		0.04
SERI refund adjustments	—		—		—		—		(0.08	)
Total	(0.68	)	—		(0.01	)	(0.09	)	(0.18	)
PARENT & OTHER SPECIAL ITEMS
Voluntary severance plan	(0.01	)	—		—		—		—
Merger expenses	—		—		(0.05	)	—		—
Write-down of MyHomeKey investment	—		—		(0.03	)	—		—
Write-down of Latin American assets	—		—		—		(0.12	)	—
Total	(0.01	)	—		(0.08	)	(0.12	)	—
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	0.67		—		—		—		—
Voluntary severance plan	(0.22	)	—		—		—		—
Energy Commodity Services
Gain (loss) on disposition of assets	—		0.23		0.01		0.06		0.27
Asset and contract impairments	—		(0.62	)	—		—		—
Turbine commitment	—		(0.52	)	—		—		—
Development costs	—		(0.09	)	—		—		—
Restructuring costs	—		(0.17	)	(0.02	)	—		—
Damhead Creek mark to market gas contract	—		—		0.10		—		—
Write-off of start-up costs per new acct standard	—		—		—		—		(0.01	)
Total	0.45		(1.17	)	0.09		0.06		0.26
TOTAL SPECIAL ITEMS	(0.24	)	(1.17	)	—		(0.15	)	0.08
	2003		2002		2001		2000		1999
	($ millions)
UTILITY SPECIAL ITEMS
River Bend loss provision	(65.6	)	—		—		—		—
SFAS 143 implementation	(21.3	)	—		—		—		—
Voluntary severance plan	(70.1	)	—		—		—		—
Merger expenses	—		—		(2.4	)	—		—
Regulatory and reserve adjustments	—		—		—		(21.5	)	(65.0	)
Change in unbilled revenue estimate	—		—		—		—		31.8
Depreciation adjustment	—		—		—		—		10.9
SERI refund adjustments	—		—		—		—		(19.9	)
Total	(157.0	)	—		(2.4	)	(21.5	)	(42.2	)
PARENT & OTHER SPECIAL ITEMS
Voluntary severance plan	(0.9	)	—		—		—		—
Merger expenses	—		—		(11.7	)	—		—
Write-down of MyHomeKey investment	—		—		(6.8	)	—		—
Write-down of Latin American assets	—		—		—		(27.6	)	—
Total	(0.9	)	—		(18.5	)	(27.6	)	—
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	154.4		—		—		—		—
Voluntary severance plan	(51.8	)	—		—		—		—
Energy Commodity Services	—		—		—		—		—
Gain (loss) on disposition of assets	0.7		52.3		1.4		13.2		68.1
Asset and contract impairments	—		(141.9	)	—		—		—
Turbine commitment	—		(117.2	)	—		—		—
Development costs	—		(21.3	)	—		—		—
Restructuring costs	—		(39.0	)	(3.5	)	—		—
Damhead Creek mark to market gas contract	—		—		23.5		—		—
Write-off of start-up costs per new acct standard	—		—		—		—		(3.3	)
Total	103.3		(267.1	)	21.4		13.2		64.8
TOTAL SPECIAL ITEMS	(54.6	)	(267.1	)	0.5		(35.7	)	22.6

Totals may not foot due to rounding.

11

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF INCOME

	2003			2002			2001			2000			1999
	In thousands, except share data, for the years ended December 31,
OPERATING REVENUES:
Domestic electric	$	7,397,175		$	6,646,414		$	7,244,827		$	7,219,686		$	6,287,266
Natural gas		186,176			125,353			185,902			165,872			110,355
Competitive businesses		1,611,569			1,533,268			2,190,170			2,636,571			2,368,014
Total		9,194,920			8,305,035			9,620,899			10,022,129			8,765,635
OPERATING EXPENSES:
Operating and maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		1,987,217			2,154,596			3,681,677			2,645,835			2,082,875
Purchased power		1,697,959			832,334			1,021,432			2,662,881			2,442,484
Nuclear refueling outage expenses		159,995			105,592			89,145			70,511			76,057
Provision for turbine commitments, asset impairments, and restructuring charges		(7,743	)		428,456			—			—			—
Other operation and maintenance		2,484,436			2,488,112			2,151,742			1,943,814			1,705,545
Decommissioning		146,100			76,417			28,586			58,634			52,799
Taxes other than income taxes		405,659			380,462			399,849			370,344			339,284
Depreciation and amortization		850,503			839,181			721,033			746,125			698,881
Other regulatory credits – net		(13,761	)		(141,836	)		(20,510	)		34,073			130,460
Total		7,710,365			7,163,314			8,072,954			8,532,217			7,528,385
OPERATING INCOME		1,484,555			1,141,721			1,547,945			1,489,912			1,237,250
OTHER INCOME:
Allowance for equity funds used during construction		42,710			31,658			26,209			32,022			29,291
Interest and dividend income		87,386			118,325			159,805			163,050			143,601
Equity in earnings of unconsolidated equity affiliates		271,647			183,878			162,882			13,715			7,593
Miscellaneous – net		(76,505	)		13,892			457			29,417			82,748
Total		325,238			347,753			349,353			238,204			263,233
INTEREST AND OTHER CHARGES:
Interest on long-term debt		485,964			526,442			563,758			495,909			495,715
Other interest – net		53,553			70,560			172,241			66,485			75,660
Allowance for borrowed funds used during construction		(33,191	)		(24,538	)		(21,419	)		(24,114	)		(22,585	)
Total		506,326			572,464			714,580			538,280			548,790
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		1,303,467			917,010			1,182,718			1,189,836			951,693
Income taxes		490,074			293,938			455,693			478,921			356,667
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES		813,393			623,072			727,025			710,915			595,026
CUMULATIVE EFFECT OF ACCOUNTING CHANGES (NET OF INCOME TAXES OF $89,925 IN 2003 AND $10,064 IN 2001)		137,074			—			23,482			—			—
CONSOLIDATED NET INCOME		950,467			623,072			750,507			710,915			595,026
Preferred dividend requirements and other		23,524			23,712			24,311			31,621			42,567
EARNINGS APPLICABLE TO COMMON STOCK	$	926,943		$	599,360		$	726,196		$	679,294		$	552,459
Earnings per average common share before cumulative effect of accounting changes:
Basic	$	3.48		$	2.69		$	3.18		$	3.00		$	2.25
Diluted	$	3.42		$	2.64		$	3.13		$	2.97		$	2.25
Earnings per average common share:
Basic	$	4.09		$	2.69		$	3.29		$	3.00		$	2.25
Diluted	$	4.01		$	2.64		$	3.23		$	2.97		$	2.25
Dividends declared per common share	$	1.60		$	1.34		$	1.28		$	1.22		$	1.20
Average number of common shares outstanding:
Basic		226,804,370			223,047,431			220,944,270			226,580,449			245,127,460
Diluted		231,146,040			227,303,103			224,733,662			228,541,307			245,326,883

12

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

2003 CONSOLIDATING INCOME STATEMENT (unaudited)

	Utility			Parent & Other			Competitive Businesses			Eliminations			Consolidated
	In thousands, except share data, for the year ended December 31, 2003.
OPERATING REVENUES:
Domestic electric	$	7,398,681		$	—		$	—		$	(1,505	)	$	7,397,175
Natural gas		186,176			—			—			—			186,176
Competitive businesses		—			188,228			1,459,871			(36,530	)		1,611,569
Total		7,584,857			188,228			1,459,871			(38,035	)		9,194,920
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		1,785,462			—			201,756			—			1,987,217
Purchased power		1,598,648			118,902			18,304			(37,896	)		1,697,959
Nuclear refueling outage expenses		61,508			—			98,487			—			159,995
Provision for turbine commitments, asset impairments and restructuring charges		—			—			(7,743	)		—			(7,743	)
Other operation and maintenance		1,612,951			81,210			791,334			(1,059	)		2,484,436
Decommissioning		92,523			—			53,577			—			146,100
Taxes other than income taxes		339,930			5,192			60,537			—			405,659
Depreciation and amortization		797,569			5,005			47,929			—			850,503
Other regulatory credits - net		(13,761	)		—			—			—			(13,761	)
Total		6,274,830			210,309			1,264,181			(38,955	)		7,710,365
OPERATING INCOME (LOSS)		1,310,027			(22,081	)		195,690			920			1,484,555
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction		42,710			—			—			—			42,710
Interest and dividend income		43,035			27,575			55,002			(38,226	)		87,386
Equity in earnings of unconsolidated equity affiliates		(3	)		—			271,650			—			271,647
Miscellaneous - net		(121,707	)		1,440			44,681			(919	)		(76,505	)
Total		(35,965	)		29,015			371,333			(39,145	)		325,238
INTEREST AND OTHER CHARGES:
Interest on long-term debt		433,526			36,092			16,345			—			485,964
Other interest - net		18,776			39,695			33,308			(38,226	)		53,553
Allowance for borrowed funds used during construction		(33,191	)		—			—			—			(33,191	)
Total		419,111			75,787			49,653			(38,226	)		506,326
INCOME (LOSS) BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		854,951			(68,853	)		517,370			—			1,303,467
Income taxes		341,044			(45,492	)		194,522			—			490,074
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES		513,907			(23,361	)		322,848			—			813,393
CUMULATIVE EFFECT OF ACCOUNTING CHANGES (NET OF INCOME TAXES OF $89,925)		(21,333	)		—			158,407			—			137,074
CONSOLIDATED NET INCOME (LOSS)		492,574			(23,361	)		481,255			—			950,467
Preferred dividend requirements and other		23,524			—			—			—			23,524
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK	$	469,050		$	(23,361	)	$	481,255		$	—		$	926,943
Earnings (Loss) per average common share:
Basic	$	2.07			($0.10	)	$	2.12					$	4.09
Diluted	$	2.03			($0.10	)	$	2.08					$	4.01
Average number of common shares outstanding:
Basic														226,804,370
Diluted														231,146,040

Totals may not foot due to rounding.

13

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED BALANCE SHEETS

	2003			2002			2001			2000			1999
	In thousands, as of December 31,
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash	$	115,112		$	169,788		$	129,866		$	157,550		$	108,198
Temporary cash investments - at cost, which approximates market		576,813			1,165,260			618,327			640,038			1,105,521
Special deposits		308			280			3,380			584,836			—
Total cash and cash equivalents		692,233			1,335,328			751,573			1,382,424			1,213,719
Other temporary investments		50,000			—			150,000			—			321,351
Notes receivable		1,730			2,078			2,137			3,608			2,161
Accounts receivable:
Customer		398,091			323,215			294,799			497,821			290,331
Allowance for doubtful accounts		(25,976	)		(27,285	)		(28,355	)		(9,947	)		(9,507	)
Other		246,824			244,621			295,771			395,518			213,939
Accrued unbilled revenues		384,860			319,133			268,680			415,409			298,616
Total receivables		1,003,799			859,684			830,895			1,298,801			793,379
Deferred fuel costs		245,973			55,653			172,444			568,331			240,661
Accumulated deferred income taxes		—			—			6,488			—			—
Fuel inventory - at average cost		110,482			96,467			97,497			93,679			73,231
Materials and supplies - at average cost		548,921			525,900			460,644			425,357			392,403
Deferred nuclear refueling outage costs		138,836			163,646			79,755			46,544			58,119
Prepayments and other		127,270			166,827			205,097			139,271			108,961
Total		2,919,244			3,205,583			2,756,530			3,958,015			3,203,985
OTHER PROPERTY AND INVESTMENTS:
Investment in affiliates - at equity		1,053,328			824,209			766,103			136,487			117,591
Decommissioning trust funds		2,278,533			2,069,198			1,775,950			1,315,857			1,246,023
Non-utility property - at cost (less accumulated depreciation)		262,384			297,294			295,616			262,952			317,165
Other		152,681			277,539			495,542			79,917			97,340
Total		3,746,926			3,468,240			3,333,211			1,795,213			1,778,119
PROPERTY, PLANT AND EQUIPMENT:
Electric		28,035,899			26,789,538			26,359,676			25,137,862			23,163,461
Property under capital lease		751,815			746,624			753,310			831,822			768,500
Natural gas		236,622			209,969			201,841			190,989			186,041
Construction work in progress		1,380,982			1,232,891			882,829			936,785			1,500,617
Nuclear fuel under capital lease		278,683			259,433			265,464			277,673			286,476
Nuclear fuel		234,421			263,609			232,387			157,603			87,693
Total, property, plant and equipment		30,918,422			29,502,064			28,695,507			27,532,734			25,992,788
Less - accumulated depreciation and amortization		12,619,625			11,837,061			11,805,578			11,477,352			10,898,661
Property, plant and equipment - net		18,298,797			17,665,003			16,889,929			16,055,382			15,094,127
DEFERRED DEBITS AND OTHER ASSETS:
Regulatory assets:
SFAS 109 regulatory asset - net		830,539			844,105			946,126			980,266			1,068,006
Other regulatory assets		1,425,145			973,185			873,985			1,071,803			853,082
Long-term receivables		20,886			24,703			28,083			29,575			32,260
Goodwill		377,172			377,172			377,172			390,364			406,629
Other		935,501			946,375			705,275			1,171,278			533,732
Total		3,589,243			3,165,540			2,930,641			3,643,286			2,893,709
TOTAL ASSETS	$	28,554,210		$	27,504,366		$	25,910,311		$	25,451,896		$	22,969,940

14

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED BALANCE SHEETS

	2003			2002			2001			2000			1999
	In thousands, as of December 31,
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES:
Currently maturing long-term debt	$	524,372		$	1,191,320		$	682,771		$	464,215		$	194,555
Notes payable		351			351			351,018			388,023			120,715
Accounts payable		796,572			855,446			592,529			1,204,227			707,678
Customer deposits		199,620			198,442			188,230			172,169			161,909
Taxes accrued		224,926			385,315			550,133			451,811			445,677
Accumulated deferred income taxes		22,963			26,468			—			225,649			72,640
Nuclear refueling outage costs		8,238			14,244			2,080			10,209			11,216
Interest accrued		139,603			175,440			192,420			172,033			129,028
Obligations under capital leases		159,978			153,822			149,352			156,907			178,247
Other		205,600			171,341			396,616			192,908			125,749
Total		2,282,223			3,172,189			3,105,149			3,438,151			2,147,414
NON-CURRENT LIABILITIES:
Accumulated deferred income taxes and taxes accrued		4,779,513			4,250,800			3,974,664			3,249,083			3,310,340
Accumulated deferred investment tax credits		420,248			447,925			471,090			494,315			519,910
Obligations under capital leases		153,898			155,943			181,085			201,873			205,464
Other regulatory liabilities		291,239			185,579			135,878			135,586			199,139
Decommissioning and retirement cost liabilities		2,242,312			2,115,744			1,194,333			749,708			703,453
Transition to competition		79,098			79,098			231,512			191,934			157,034
Regulatory reserves		69,528			56,438			37,591			396,789			378,307
Accumulated provisions		506,960			389,868			425,399			390,116			279,425
Long-term debt		7,322,940			7,308,649			7,536,028			7,947,093			6,827,583
Preferred stock with sinking fund		20,852			—			—			—			—
Preference stock		—			—			—			—			150,000
Other		1,347,404			1,145,232			801,040			853,137			564,364
Total		17,233,992			16,135,276			14,988,620			14,609,634			13,295,019
Preferred stock with sinking fund		—			24,327			26,185			65,758			69,650
Preferred stock without sinking fund		334,337			334,337			334,337			334,688			338,455
SHAREHOLDERS’ EQUITY:
Common stock, $.01 par value, authorized 500,000,000 shares; issued 248,174,087 shares in 2003, 2002 and 2001; 248,094,614 in 2000 and 247,082,345 in 1999		2,482			2,482			2,482			2,481			2,471
Paid-in capital		4,767,615			4,666,753			4,662,704			4,660,483			4,636,163
Retained earnings		4,502,508			3,938,693			3,638,448			3,190,639			2,786,467
Accumulated other comprehensive loss		(7,795	)		(22,360	)		(88,794	)		(75,033	)		(73,805	)
Less - treasury stock, at cost (19,276,445 shares in 2003; 25,752,410 in 2002; 27,441,384 in 2001; 28,490,031 in 2000 and 8,045,434 in 1999)		561,152			747,331			758,820			774,905			231,894
Total		8,703,658			7,838,237			7,456,020			7,003,665			7,119,402
Commitments and Contingencies
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	28,554,210		$	27,504,366		$	25,910,311		$	25,451,896		$	22,969,940

15

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

2003 CONSOLIDATING BALANCE SHEET (unaudited)

	Utility			Parent & Other			Competitive Businesses			Eliminations			Consolidated
	In thousands, as of December 31, 2003.
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash	$	92,329		$	5,591		$	17,191		$	—		$	115,112
Temporary cash investments - at cost, which approximates market		308,465			96,431			171,916			—			576,813
Special deposits		—			312			(4	)		—			308
Total cash and cash equivalents		400,794			102,334			189,103			—			692,233
Other temporary investments		39,672			10,328			—			—			50,000
Notes receivable		15			514,565			379,275			(892,125	)		1,730
Accounts receivable:
Customer		382,550			15,541			—			—			398,091
Allowance for doubtful accounts		(22,843	)		(2,633	)		(500	)		—			(25,976	)
Associated companies		707			92,722			(33,248	)		(60,181	)		—
Other		105,498			3,230			138,097			—			246,824
Accrued unbilled revenues		369,660			15,201			—			—			384,860
Total receivables		835,572			124,061			104,349			(60,181	)		1,003,799
Deferred fuel costs		245,973			—			—			—			245,973
Accumulated deferred income taxes		16,310			106			—			(16,416	)		—
Fuel inventory - at average cost		108,542			—			1,922			18			110,482
Materials and supplies - at average cost		343,601			64			205,256			—			548,921
Deferred nuclear refueling outage costs		41,998			—			96,838			—			138,836
Prepayments and other		84,783			10,260			32,226			—			127,270
Total		2,117,260			761,718			1,008,969			(968,704	)		2,919,244
OTHER PROPERTY AND INVESTMENTS:
Investment in affiliates - at equity		211			9,777,153			1,081,462			(9,805,497	)		1,053,328
Decommissioning trust funds		953,314			—			1,325,219			—			2,278,533
Non-utility property - at cost (less accumulated depreciation)		169,152			92,853			380			—			262,384
Other		28,861			67,465			56,355			—			152,681
Total		1,151,538			9,937,471			2,463,416			(9,805,497	)		3,746,926
PROPERTY, PLANT, AND EQUIPMENT:
Electric		26,422,327			16,507			1,597,065			—			28,035,899
Property under capital lease		751,815			—			—			—			751,815
Natural gas		236,191			432			—			—			236,622
Construction work in progress		953,524			29,002			402,405			(3,949	)		1,380,982
Nuclear fuel under capital lease		278,683			—			—			—			278,683
Nuclear fuel		18,911			—			215,511			—			234,421
Total property, plant and equipment		28,661,451			45,941			2,214,981			(3,949	)		30,918,422
Less - accumulated depreciation and amortization		12,418,676			6,396			194,553			—			12,619,625
Property, plant and equipment - net		16,242,775			39,545			2,020,428			(3,949	)		18,298,797
DEFERRED DEBITS AND OTHER ASSETS:
Regulatory assets:
SFAS 109 regulatory asset - net		830,539			—			—			—			830,539
Other regulatory assets		1,425,145			—			—			—			1,425,145
Long-term receivables		20,886			—			—			—			20,886
Goodwill		374,099			—			3,073			—			377,172
Other		266,894			562,667			752,814			(646,874	)		935,501
Total		2,917,563			562,667			755,887			(646,874	)		3,589,243
TOTAL ASSETS	$	22,429,136		$	11,301,401		$	6,248,700		$	(11,425,024	)	$	28,554,210

Totals may not foot due to rounding.

16

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

2003 CONSOLIDATING BALANCE SHEET (unaudited)

	Utility		Parent & Other			Competitive Businesses			Eliminations			Consolidated
	In thousands, as of December 31, 2003.
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Currently maturing long-term debt	$	450,157	$	—		$	74,215		$	—		$	524,372
Notes payable:
Associated companies		—		402,765			489,101			(891,865	)		—
Other		47		—			304			—			351
Accounts payable:
Associated companies		18,327		66,011			(33,775	)		(50,562	)		—
Other		643,419		27,421			125,732			—			796,572
Customer deposits		198,486		970			164			—			199,620
Taxes accrued		4,567		227,945			(7,586	)		—			224,926
Accumulated deferred income taxes		—		—			39,379			(16,417	)		22,963
Nuclear refueling outage costs		8,238		—			—			—			8,238
Interest accrued		128,229		8,912			2,462			—			139,603
Obligations under capital leases		159,978		—			—			—			159,978
Other		60,159		3,995			151,607			(10,160	)		205,600
Total		1,671,607		738,019			841,603			(969,004	)		2,282,223
NON-CURRENT LIABILITIES:
Accumulated deferred income taxes and taxes accrued		4,795,804		(16,057	)		(234	)		—			4,779,513
Accumulated deferred investment tax credits		420,248		—			—			—			420,248
Obligations under capital leases		153,897		—			1			—			153,898
Other regulatory liabilities		291,239		—			—			—			291,239
Decommissioning and retirement cost liabilities		1,530,909		—			711,403			—			2,242,312
Transition to competition		79,098		—			—			—			79,098
Regulatory reserves		69,528		—			—			—			69,528
Accumulated provisions		352,904		1,671			152,386			—			506,960
Long-term debt		5,982,252		949,737			519,572			(128,622	)		7,322,940
Preferred stock with sinking fund		20,852		—			—			—			20,852
Other		1,278,414		163,369			460,059			(554,439	)		1,347,404
Total		14,975,145		1,098,720			1,843,187			(683,061	)		17,233,992
Preferred stock without sinking fund		334,337		—			532			(532	)		334,337
SHAREHOLDERS’ EQUITY:
Common stock, $.01 par value, authorized 500,000,000 shares; issued 248,174,087 shares in 2003		2,225,870		(9,128	)		1,451,699			(3,665,959	)		2,482
Paid-in capital		1,784,122		5,862,825			1,406,453			(4,285,784	)		4,767,615
Retained earnings		1,546,755		4,173,127			767,252			(1,984,626	)		4,502,508
Accumulated other comprehensive income (loss)		11,300		(1,010	)		(18,710	)		626			(7,795	)
Less - treasury stock, at cost (19,276,445 shares in 2003)		120,000		561,152			43,316			(163,316	)		561,152
Total		5,448,047		9,464,662			3,563,378			(9,772,427	)		8,703,658
Commitments and Contingencies
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	22,429,136	$	11,301,401		$	6,248,700		$	(11,425,024	)	$	28,554,210

Totals may not foot due to rounding.

17

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF CASH FLOW

	2003			2002			2001			2000			1999
	In thousands, for the years ended December 31,
OPERATING ACTIVITIES
Consolidated net income	$	950,467		$	623,072		$	750,507		$	710,915		$	595,026
Noncash items included in net income:
Reserve for regulatory adjustments		13,090			18,848			(359,199	)		18,482			10,531
Other regulatory credits - net		(13,761	)		(141,836	)		(20,510	)		34,073			130,460
Depreciation, amortization, and decommissioning		996,603			915,597			749,619			785,609			744,869
Deferred income taxes and investment tax credits		1,189,531			(256,664	)		87,752			124,457			(189,465	)
Allowance for equity funds used during construction		(42,710	)		(31,658	)		(26,209	)		(32,022	)		(29,291	)
Cumulative effect of accounting changes		(137,074	)		—			(23,482	)		—			—
Equity in undistributed earnings of unconsolidated equity affiliates		(176,036	)		(181,878	)		(150,799	)		(13,715	)		(7,593	)
Provision for turbine commitments, asset impairments, and restructuring charges		(7,743	)		428,456			—			—			—
Changes in working capital:
Receivables		(140,612	)		(43,957	)		302,230			(437,146	)		9,246
Fuel inventory		(14,015	)		1,030			(3,419	)		(20,447	)		(1,359	)
Accounts payable		(60,164	)		286,230			(415,160	)		543,606			35,233
Taxes accrued		(828,539	)		462,956			486,676			20,871			158,733
Interest accrued		(35,837	)		7,209			17,287			45,789			(56,552	)
Deferred fuel		(33,874	)		156,181			495,007			(38,001	)		10,583
Other working capital accounts		16,809			(286,232	)		(39,978	)		102,336			45,285
Provision for estimated losses and reserves		196,619			10,533			19,093			6,019			(59,464	)
Changes in other regulatory assets		22,671			71,132			119,215			(66,903	)		(36,379	)
Other		110,395			142,684			226,918			183,924			29,161
Net cash flow provided by operating activities		2,005,820			2,181,703			2,215,548			1,967,847			1,389,024
INVESTING ACTIVITIES
Construction/capital expenditures		(1,568,943	)		(1,530,301	)		(1,380,417	)		(1,493,717	)		(1,195,750	)
Allowance for equity funds used during construction		42,710			31,658			26,209			32,022			29,291
Nuclear fuel purchases		(224,308	)		(250,309	)		(130,670	)		(121,127	)		(137,649	)
Proceeds from sale/leaseback of nuclear fuel		150,135			183,664			71,964			117,154			137,093
Proceeds from sale of assets and businesses		25,987			215,088			784,282			61,519			351,082
Investment in non-utility properties		(71,438	)		(216,956	)		(647,015	)		(222,119	)		(81,273	)
Decrease (increase) in other investments		172,187			38,964			(631,975	)		(15,943	)		—
Changes in other temporary investments		(50,000	)		150,000			(150,000	)		321,351			635,005
Decommissioning trust contributions and realized change in trust assets		(91,518	)		(84,914	)		(95,571	)		(63,805	)		(61,766	)
Other regulatory investments		(156,446	)		(39,390	)		(3,460	)		(385,331	)		(81,655	)
Other		(11,496	)		114,033			(68,067	)		(44,016	)		(42,258	)
Net cash flow used in investing activities		(1,783,130	)		(1,388,463	)		(2,224,720	)		(1,814,012	)		(447,880	)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt		2,221,164			1,197,330			682,402			904,522			1,113,370
Common stock and treasury stock		217,521			130,061			64,345			41,908			15,320
Retirement of long-term debt		(2,409,917	)		(1,341,274	)		(962,112	)		(181,329	)		(1,195,451	)
Repurchase of common stock		(8,135	)		(118,499	)		(36,895	)		(550,206	)		(245,004	)
Redemption of preferred stock		(3,450	)		(1,858	)		(39,574	)		(157,658	)		(98,597	)
Changes in short-term borrowings - net		(499,975	)		244,333			(37,004	)		267,000			(165,506	)
Dividends paid:
Common stock		(362,814	)		(298,991	)		(269,122	)		(271,019	)		(291,483	)
Preferred stock		(23,524	)		(23,712	)		(24,044	)		(32,400	)		(43,621	)
Net cash flow provided by (used in) financing activities		(869,130	)		(212,610	)		(622,004	)		20,818			(910,972	)
Effect of exchange rates on cash and cash equivalents		3,345			3,125			325			(5,948	)		(948	)
Net increase (decrease) in cash and cash equivalents		(643,095	)		583,755			(630,851	)		168,705			29,224
Cash and cash equivalents at beginning of period		1,335,328			751,573			1,382,424			1,213,719			1,184,495
Cash and cash equivalents at end of period	$	692,233		$	1,335,328		$	751,573		$	1,382,424		$	1,213,719

18

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF CASH FLOW

	2003		2002			2001			2000		1999
	In thousands, for the years ended December 31,
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	552,017	$	633,931		$	708,748		$	505,414	$	601,739
Income taxes	$	188,709	$	57,856		$	(113,466	)	$	345,361	$	373,537
Noncash investing and financing activities:
Debt assumed by the Damhead Creek purchaser		—	$	488,432			—			—		—
Decommissioning trust funds acquired in nuclear power plant acquisitions		—	$	310,000		$	430,000			—	$	428,284
Long-term debt refunded with proceeds from long-term debt issued in prior period		—	$	(47,000	)		—			—		—
Proceeds from long-term debt issued for the purpose of refunding prior long-term debt		—		—		$	47,000			—		—
Acquisition of Indian Point 3 and FitzPatrick:
Fair value of assets acquired		—		—			—		$	917,667		—
Initial cash paid at closing		—		—			—		$	50,000		—
Liabilities assumed and notes issued to seller		—		—			—		$	867,667		—

CASH FLOW INFORMATION BY BUSINESS

	Utility		Entergy Nuclear		Energy Commodity Services		Consolidated (a)
	For the years ended December 31, 2003, 2002, 2001, 2000, and 1999.
	($ thousands)
2003
Net cash flow provided by (used in) operating activities	1,675,069		182,524		(111,291	)	2,005,820
Net cash flow used in investing activities	(1,441,992	)	(184,913	)	(78,120	)	(1,783,130	)
Net cash flow provided by (used in) financing activities	(919,983	)	(6,672	)	166,165		(869,130	)
2002
Net cash flow provided by (used in) operating activities	2,341,161		281,589		(3,714	)	2,181,703
Net cash flow used in investing activities	(1,020,087	)	(438,664	)	(760	)	(1,388,463	)
Net cash flow provided by (used in) financing activities	(688,201	)	176,162		(66,151	)	(212,610	)
2001
Net cash flow provided by (used in) operating activities	1,647,969		263,476		(127,938	)	2,215,548
Net cash flow provided by (used in) investing activities	(1,243,715	)	(1,061,820	)	138,351		(2,224,720	)
Net cash flow provided by (used in) financing activities	(303,520	)	292,872		(148,501	)	(622,004	)
2000
Net cash flow provided by operating activities	1,705,370		92,286		64,292		1,967,847
Net cash flow used in investing activities	(1,501,142	)	(65,547	)	(547,024	)	(1,814,012	)
Net cash flow provided by financing activities	12,702		599,827		538,948		20,818
1999
Net cash flow provided by (used in) operating activities	1,509,575		18,400		(66,928	)	1,389,024
Net cash flow used in investing activities	(878,692	)	(89,975	)	(477,926	)	(447,880	)
Net cash flow provided by (used in) financing activities	(1,058,499	)	89,222		518,557		(910,972	)

^(a) Includes Entergy Corporation (parent company), other business activity, and intercompany eliminations.

19

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF RETAINED EARNINGS, COMPREHENSIVE INCOME, AND PAID-IN CAPITAL

	2003						2002						2001						2000						1999
	In thousands, for the years ended December 31,
RETAINED EARNINGS
Retained Earnings - Beginning of period	$	3,938,693					$	3,638,448					$	3,190,639					$	2,786,467					$	2,526,888
Add: Earnings applicable to common stock		926,943		$	926,943			599,360		$	599,360			726,196		$	726,196			679,294		$	679,294			552,459		$	552,459
Deduct:
Dividends declared on common stock		362,941						299,031						278,342						275,929						294,352
Capital stock and other expenses		187						84						45						(807	)					(1,472	)
Total		363,128						299,115						278,387						275,122						292,880
Retained Earnings - End of period	$	4,502,508					$	3,938,693					$	3,638,448					$	3,190,639					$	2,786,467
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Net of taxes):
Balance at beginning of period:
Accumulated derivative instrument fair value changes	$	17,313					$	(17,973	)				$	—					$	—					$	—
Other accumulated comprehensive (loss) items		(39,673	)					(70,821	)					(75,033	)					(73,805	)					(46,739	)
Total		(22,360	)					(88,794	)					(75,033	)					(73,805	)					(46,739	)
Cumulative effect to January 1, 2001 of accounting change regarding fair value of derivative instruments		—						—						(18,021	)					—						—
Net derivative instrument fair value changes arising during the period		(43,124	)		(43,124	)		35,286			35,286			48			48			—			—			—			—
Foreign currency translation adjustments		4,169			4,169			65,948			(15,487	)		4,615			4,615			(5,216	)		(5,216	)		(22,043	)		(22,043	)
Minimum pension liability adjustment		1,153			1,153			(10,489	)		(10,489	)		—			—			—			—			—			—
Net unrealized investment gains (losses)		52,367			52,367			(24,311	)		(24,311	)		(403	)		(403	)		3,988			3,988			(5,023	)		(5,023	)
Balance at end of period:
Accumulated derivative instrument fair value changes		(25,811	)					17,313						(17,973	)					—						—
Other accumulated comprehensive income (loss) items		18,016						(39,673	)					(70,821	)					(75,033	)					(73,805	)
Total	$	(7,795	)				$	(22,360	)				$	(88,794	)				$	(75,033	)				$	(73,805	)
Comprehensive Income				$	941,508					$	584,359					$	730,456					$	678,066					$	525,393
PAID-IN CAPITAL
Paid-in Capital - Beginning of period	$	4,666,753					$	4,662,704					$	4,660,483					$	4,636,163					$	4,630,609
Add:
Common stock issuances related to stock plans		100,862						4,049						2,221						24,320						5,554
Paid-in Capital - End of period	$	4,767,615					$	4,666,753					$	4,662,704					$	4,660,483					$	4,636,163

20

CONSOLIDATED FINANCIAL RESULTS

CONSOLIDATED QUARTERLY FINANCIAL METRICS

	2003					2002					YTD % CHANGE
	1Q	2Q	3Q	4Q	YTD	1Q	2Q	3Q	4Q	YTD
	(Trailing twelve months)
AS-REPORTED
Return on Average Invested Capital (%)	8.7	8.0	8.0	7.4	7.4	5.6	5.4	5.4	5.8	5.8	28
Return on Average Common Equity (%)	13.7	12.9	12.6	11.2	11.2	6.8	6.6	7.1	7.8	7.8	44
Net Margin (%)	12.7	11.9	11.6	10.1	10.1	5.6	5.9	6.6	7.2	7.2	40
Cash Flow Interest Coverage (# times)	4.4	4.5	4.3	5.1	5.1	4.5	4.8	5.5	4.9	4.9	4
Net Debt to Net Capital (%)	48.3	47.8	46.6	45.3	45.3	50.1	50.5	49.0	47.7	47.7	(5	)
OPERATIONAL
Return on Average Invested Capital (%)	7.9	7.5	7.6	7.7	7.7	7.1	7.1	7.1	7.4	7.4	4
Return on Average Common Equity (%)	12.0	11.7	11.7	11.9	11.9	10.2	10.3	10.8	11.3	11.3	5
Net Margin (%)	11.1	10.8	10.8	10.7	10.7	8.4	9.1	10.0	10.4	10.4	3

CONSOLIDATED CAPITAL EXPENDITURES

HISTORICAL CAPITAL EXPENDITURES

	2003	2002	2001	2000	1999
	($ millions)
Utility	1,233	1,132	1,110	1,080	761
Entergy Nuclear	281	348	705	64	93
Energy Commodity Services	92	244	190	562	420
Other	34	24	22	9	3
Total	1,640	1,748	2,027	1,715	1,277

PLANNED CAPITAL EXPENDITURES

	2004	2005	2006
	($ millions)
Maintenance Capital:
Utility, Parent & Other	774	777	773
Entergy Nuclear	73	68	76
Energy Commodity Services	7	2	2
Total planned maintenance capital	854	847	851
Capital Commitments:
Utility, Parent & Other	601	295	112
Entergy Nuclear	123	—	—
Energy Commodity Services	73	—	—
Total planned capital commitments	797	295	112
Total planned capital expenditures	1,651	1,142	963

ENTERGY CORPORATION SECURITIES DETAIL

ENTERGY CORPORATION LONG-TERM DEBT

	Maturity Date	As of December 31,
		2003	2002
		($ thousands)
Bank Credit Facility	(a)	—	535,000
Bank Term Loan, avg. rate 2.98%	2005	60,000	60,000
Bank Term Loan, avg. rate 3.08%	2008	35,000	—
6.17% Notes	March 2008	72,000	—
6.23% Notes	March 2008	15,000	—
6.13% Notes	September 2008	150,000	—
7.75% Notes	December 2009	267,000	267,000
6.58% Notes	May 2010	75,000	—
6.9% Notes	November 2010	140,000	—
7.06% Notes	March 2011	86,000	—
Total		900,000	862,000

^(a) Bank Credit Facility (borrowing capacity $1.45 billion) expires May 2004 with option to extend period to repay amount then outstanding for an additional 364-day term.

21

UTILITY SELECTED DATA

UTILITY QUARTERLY FINANCIAL METRICS

	2003									2002							YTD % CHANGE
	1Q	2Q		3Q		4Q		YTD		1Q	2Q	3Q		4Q	YTD
AS-REPORTED
Earnings Per Share ($)	0.47	0.53		1.17		(0.14	)	2.03		0.45	0.85	1.07		0.19	2.57		(21	)
Return on Average Invested Capital (%)*	7.1	6.2		6.6		5.9		5.9		7.0	7.1	7.0		6.9	6.9		(14	)
Return on Average Common Equity (%)*	10.7	9.2		9.7		8.7		8.7		9.7	10.0	10.3		10.7	10.7		(19	)
Net Debt to Net Capital (%)*	50.9	51.5		50.8		50.9		50.9		50.2	50.0	49.2		49.6	49.6		3
OPERATIONAL
Earnings Per Share ($)	0.56	0.81		1.17		0.16		2.71		0.45	0.85	1.07		0.19	2.57		5
Return on Average Invested Capital (%)*	7.3	6.9		7.3		7.1		7.1		7.0	7.1	7.0		6.9	6.9		3
Return on Average Common Equity (%)*	11.0	10.8		11.2		11.5		11.5		9.7	10.0	10.3		10.7	10.7		7
Weather EPS Effect ($)	0.02	(0.03	)	(0.01	)	(0.03	)	(0.05	)	0.03	—	(0.04	)	—	(0.01	)	(400	)

* Trailing twelve months

UTILITY ANNUAL FINANCIAL METRICS

	2003		2002		2001		2000	1999
AS-REPORTED
Earnings Per Share ($)	2.03		2.57		2.45		2.56	2.08
Return on Average Invested Capital (%)*	5.9		6.9		7.0		7.3	6.8
Return on Average Common Equity (%)*	8.7		10.7		10.0		11.1	9.9
Net Debt to Net Capital (%)*	50.9		49.6		51.4		51.2	50.5
OPERATIONAL
Earnings Per Share ($)	2.71		2.57		2.46		2.65	2.26
Return on Average Invested Capital (%)*	7.1		6.9		7.0		7.4	7.1
Return on Average Common Equity (%)*	11.5		10.7		10.1		11.5	10.7
Weather EPS Effect ($)	(0.05	)	(0.01	)	(0.01	)	0.32	0.09

* Trailing twelve months

UTILITY CAPITAL EXPENDITURES

HISTORICAL CAPITAL EXPENDITURES

	2003	2002	2001	2000	1999
	($ millions)
Entergy Arkansas	335	277	281	369	238
Entergy Gulf States	349	355	318	278	199
Entergy Louisiana	258	210	203	203	131
Entergy Mississippi	189	158	160	121	95
Entergy New Orleans	66	58	61	49	46
System Energy Resources	18	40	40	37	29
Other	18	34	47	23	23
Total	1,233	1,132	1,110	1,080	761

PLANNED CAPITAL EXPENDITURES

	2004		2005		2006
	Maintenance Capital	Capital Commitments	Maintenance Capital	Capital Commitments	Maintenance Capital	Capital Commitments
	($ millions)
Entergy Arkansas	190	95	191	152	190	81
Entergy Gulf States	218	139	219	78	219	10
Entergy Louisiana	150	304	150	55	151	19
Entergy Mississippi	137	13	135	—	128	—
Entergy New Orleans	43	5	43	1	43	—
System Energy Resources	13	4	13	9	13	2
Other	16	9	16	—	15	—
Total	767	569	767	295	759	112

UTILITY SECURITIES RATINGS (OUTLOOK)

	Mortgage Bonds			Preferred Stock
	Moodys	S & P	Fitch
	(As of April 2004)
Entergy Arkansas, Inc.	Baa2 (positive)	BBB+ (stable)	BBB+ (stable)	Ba2	BB+	BBB–
Entergy Gulf States, Inc.	Baa3 (stable)	BBB– (stable)	BBB (stable)	Ba3	BB	BB+
Entergy Louisiana, Inc.	Baa2 (positive)	BBB+ (stable)	BBB+ (stable)	Ba2	BB+	BBB–
Entergy Mississippi, Inc.	Baa2 (stable)	BBB+ (stable)	BBB+ (stable)	Ba2	BB+	BBB–
Entergy New Orleans, Inc.	Baa2 (negative)	BBB (stable)	BBB (negative)	Ba2	BB+	BB+
System Energy Resources, Inc.	Baa3 (stable)	BBB– (stable)	BBB– (stable)		N/A

22

UTILITY FINANCIAL RESULTS

2003 UTILITY CONSOLIDATING INCOME STATEMENT (unaudited)

	EAI			EGSI			ELI			EMI			ENOI			SERI			Eliminations / Other			Utility
	In thousands, for the year ending December 31, 2003
OPERATING REVENUES:
Domestic electric	$	1,589,670		$	2,579,916		$	2,165,570		$	1,035,360		$	527,660		$	583,820		$	(1,083,316	)	$	7,398,681
Natural gas		—			59,821			—			—			126,356			—			—			186,176
Total		1,589,670			2,639,737			2,165,570			1,035,360			654,016			583,820			(1,083,316	)		7,584,857
OPERATING EXPENSES:
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		153,866			693,612			525,645			155,168			214,735			43,132			(697	)		1,785,462
Purchased power		476,447			838,498			668,337			449,971			231,787			—			(1,066,391	)		1,598,648
Nuclear refueling outage expenses		23,638			14,045			11,130			—			—			12,695			—			61,508
Other operation and maintenance		402,108			457,428			376,770			174,192			108,217			105,333			(11,096	)		1,612,951
Decommissioning		35,887			14,268			20,569			—			—			21,799			—			92,523
Taxes other than income taxes		37,385			117,009			70,084			47,734			42,198			25,521			—			339,930
Depreciation and amortization		202,497			199,583			192,972			62,984			30,004			109,528			—			797,569
Other regulatory credits - net		(39,347	)		(2,476	)		(2,160	)		3,664			(843	)		27,400			—			(13,761	)
Total		1,292,481			2,331,967			1,863,347			893,713			626,098			345,408			(1,078,184	)		6,274,830
OPERATING INCOME		297,189			307,770			302,223			141,647			27,918			238,412			(5,132	)		1,310,027
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction		12,153			15,855			6,900			4,576			2,085			1,140			—			42,710
Interest and dividend income		9,790			17,902			8,820			1,030			825			7,556			(2,888	)		43,035
Miscellaneous - net		(4,332	)		(109,389	)		(3,100	)		(2,242	)		(1,453	)		(1,194	)		—			(121,710	)
Total		17,611			(75,632	)		12,620			3,364			1,457			7,502			(2,888	)		(35,965	)
INTEREST AND OTHER CHARGES:
Interest on long-term debt		87,666			148,516			73,227			43,879			17,436			62,802			—			433,526
Other interest - net		3,555			8,827			3,529			3,585			350			1,818			(2,888	)		18,776
Allowance for borrowed funds used during construction		(7,726	)		(13,349	)		(5,475	)		(3,942	)		(2,145	)		(554	)		—			(33,191	)
Total		83,495			143,994			71,281			43,522			15,641			64,066			(2,888	)		419,111
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		231,305			88,144			243,562			101,489			13,734			181,848			(5,132	)		854,951
Income taxes		105,296			24,249			97,408			34,431			5,875			75,845			(2,062	)		341,044
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES		126,009			63,895			146,154			67,058			7,859			106,003			(3,070	)		513,907
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
(net of income taxes of $12,713)		—			(21,333	)		—			—			—			—			—			(21,333	)
NET INCOME		126,009			42,562			146,154			67,058			7,859			106,003			(3,070	)		492,574
Preferred dividend requirements and other		7,776			4,701			6,714			3,369			965			—			—			23,524
EARNINGS APPLICABLE TO COMMON STOCK	$	118,233		$	37,861		$	139,440		$	63,689		$	6,894		$	106,003		$	(3,070	)	$	469,050

23

UTILITY FINANCIAL RESULTS

2003 UTILITY CONSOLIDATING BALANCE SHEET (unaudited)

	EAI			EGSI			ELI			EMI			ENOI			SERI		Eliminations / Other			Utility
	In thousands, as of December 31, 2003
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash	$	8,834		$	20,754		$	8,787		$	6,381		$	28		$	2,918	$	44,627		$	92,329
Temporary cash investments - at cost, which approximates market		—			185,276			—			57,457			4,641			49,618		11,473			308,465
Total cash and cash equivalents		8,834			206,030			8,787			63,838			4,669			52,536		56,100			400,794
Other temporary investments		—			23,579			—			7,506			606			6,482		1,499			39,672
Notes receivable		3			4			9			—			—			—		—			15
Accounts receivable:
Customer		69,036			115,729			93,393			59,729			44,663			—		—			382,550
Allowance for doubtful accounts		(9,020	)		(4,856	)		(4,487	)		(1,375	)		(3,104	)		—		—			(22,843	)
Associated companies		50,390			76,726			9,074			25,935			24,697			72,477		(258,592	)		707
Other		30,930			27,243			12,334			6,400			10,057			1,777		16,757			105,498
Accrued unbilled revenues		64,732			114,442			138,164			31,209			21,113			—		—			369,660
Total accounts receivable		206,068			329,284			248,478			121,898			97,426			74,254		(241,835	)		835,572
Deferred fuel costs		10,557			118,449			30,609			89,078			—			—		(2,720	)		245,973
Accumulated deferred income taxes		18,362			6,116			—			—			460			—		(8,627	)		16,310
Fuel inventory - at average cost		6,722			50,863			—			5,077			5,580			—		40,300			108,542
Materials and supplies - at average cost		80,506			99,357			74,349			17,682			8,660			63,047		—			343,601
Deferred nuclear refueling outage costs		19,793			—			19,226			—			—			2,979		—			41,998
Prepayments and other		23,935			51,232			67,614			9,583			8,050			1,031		(76,662	)		84,783
Total		374,780			884,914			449,072			314,662			125,451			200,329		(231,945	)		2,117,260
OTHER PROPERTY AND INVESTMENTS:
Investment in affiliates - at equity		11,212			—			14,230			5,531			3,259			—		(34,020	)		211
Decommissioning trust funds		360,485			267,917			151,996			—			—			172,916		—			953,314
Non-utility property - at cost (less accumulated depreciation)		1,456			139,911			21,307			6,466			—			—		12			169,152
Other		4,832			21,852			2,177			—			—			—		—			28,861
Total		377,985			429,680			189,710			11,997			3,259			172,916		(34,008	)		1,151,538
UTILITY PLANT:
Electric		5,948,090			8,208,394			5,836,914			2,243,852			666,122			3,205,895		313,059			26,422,327
Property under capital lease		24,047			11,009			250,102			136			—			466,521		—			751,815
Natural gas		—			69,180			—			—			167,011			—		—			236,191
Construction work in progress		238,807			325,888			172,405			108,829			45,061			31,344		31,190			953,524
Nuclear fuel under capital lease		102,691			63,684			65,066			—			—			47,242		—			278,683
Nuclear fuel		7,466			—			—			—			—			—		11,445			18,911
TOTAL UTILITY PLANT		6,321,101			8,678,155			6,324,487			2,352,817			878,194			3,751,002		355,694			28,661,451
Less - accumulated depreciation and amortization		2,627,441			3,953,275			2,686,778			837,492			420,745			1,672,658		220,287			12,418,676
Utility Plant - Net		3,693,660			4,724,880			3,637,709			1,515,325			457,449			2,078,344		135,407			16,242,775
DEFERRED DEBITS AND OTHER ASSETS:
Regulatory assets:
SFAS 109 regulatory asset - net		128,311			442,062			156,111			28,964			—			115,633		(40,542	)		830,539
Other regulatory assets		437,544			320,363			217,689			58,287			27,222			301,233		62,807			1,425,145
Long-term receivables		—			19,375			1,511			—			—			—		—			20,886
Goodwill		—			—			—			—			—			—		374,099			374,099
Other		45,798			33,588			22,737			20,064			6,438			12,269		126,000			266,894
Total		611,653			815,388			398,048			107,315			33,660			429,135		522,364			2,917,563
TOTAL ASSETS	$	5,058,078		$	6,854,862		$	4,674,539		$	1,949,299		$	619,819		$	2,880,724	$	391,818		$	22,429,136

Totals may not foot due to rounding.

24

UTILITY FINANCIAL RESULTS

2003 UTILITY CONSOLIDATING BALANCE SHEET (unaudited)

													Eliminations/
	EAI		EGSI		ELI			EMI			ENOI		SERI		Other			Utility
	In thousands, as of December 31, 2003
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Currently maturing long-term debt	$	—	$	354,000	$	14,809		$	75,000		$	—	$	6,348	$	—		$	450,157
Notes Payable		—		—		—			47			—		—		—			47
Accounts payable:
Associated companies		106,958		84,000		101,191			62,705			35,008		—		(371,535	)		18,327
Other		92,638		156,166		121,875			28,212			42,718		30,255		171,555			643,419
Customer deposits		37,693		47,044		61,215			33,861			15,575		—		3,098			198,486
Taxes accrued		—		—		—			39,041			—		55,585		(90,059	)		4,567
Accumulated deferred income taxes		—		—		566			7,120			—		942		(8,628	)		—
Nuclear refueling outage costs		—		8,238		—			—			—		—		—			8,238
Interest accrued		21,424		36,970		20,229			13,772			6,212		29,623		—			128,229
Deferred fuel costs		—		—		—			—			2,720		—		(2,720	)		—
Obligations under capital leases		59,089		34,075		35,506			41			—		31,266		—			159,978
System Energy refund		3,444		—		—			—			—		—		(3,444	)		—
Energy Efficiency Program provision		—		—		—			—			6,356		—		(6,356	)		—
Other		13,480		14,755		5,110			2,520			2,088		1,971		20,235			60,159
Total		334,726		735,248		360,501			262,319			110,677		155,990		(287,854	)		1,671,607
NON-CURRENT LIABILITIES:
Accumulated deferred income taxes and taxes accrued		996,455		1,422,776		1,728,156			385,395			39,486		290,964		(67,428	)		4,795,804
Accumulated deferred investment tax credits		73,280		144,323		101,258			15,092			4,441		79,088		2,766			420,248
Obligations under capital leases		67,648		40,618		29,560			95			—		15,976		—			153,897
SFAS 109 regulatory liability - net		—		—		—			—			40,543		—		(40,543	)		—
Other regulatory liabilities		52,923		13,885		12,204			—			954		213,093		(1,820	)		291,239
Decommissioning and retirement cost liabilities		567,546		298,785		352,120			—			—		312,459		—			1,530,909
Transition to competition		—		79,098		—			—			—		—		—			79,098
Regulatory reserves		—		57,343		—			—			—		—		12,185			69,528
Accumulated provisions		40,149		75,868		86,534			6,876			820		3,782		138,875			352,904
Long-term debt		1,338,378		1,989,613		887,687			654,956			229,217		882,401		—			5,982,252
Preferred stock with sinking fund		—		20,852		—			—			—		—		—			20,852
Other		192,200		233,985		47,981			60,082			41,346		33,735		669,085			1,278,414
Total		3,328,579		4,377,146		3,245,500			1,122,496			356,807		1,831,498		713,120			14,975,145
SHAREHOLDERS’ EQUITY:
Preferred stock without sinking fund		116,350		47,327		100,500			50,381			19,780		—		—			334,337
Common stock		470		114,055		1,088,900			199,326			33,744		789,350		25			2,225,870
Paid - in capital / capital stock expense and other		591,127		1,157,484		(1,718	)		(59	)		36,294		—		995			1,784,122
Retained earnings		686,826		419,690		856			314,836			62,517		103,886		(41,856	)		1,546,755
Accumulated other comprehensive income:		—		3,912		—			—			—		—		7,388			11,300
Less - treasury stock, at cost		—		—		120,000			—			—		—		—			120,000
Total		1,394,773		1,742,468		1,068,538			564,484			152,335		893,236		(33,448	)		5,782,384
Commitments and Contingencies
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,058,078	$	6,854,862	$	4,674,539		$	1,949,299		$	619,819	$	2,880,724	$	391,818		$	22,429,136

Totals may not foot due to rounding.

25

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS

	2003		2002	2001		2000		1999
ENTERGY ARKANSAS, INC.
Earnings Applicable to Common Stock - As-Reported ($ millions)	118.2		127.9	170.4		129.3		58.5
Less Special Items:
Voluntary Severance Plan ($ millions)	(28.4	)	—	—		—		—
Merger Expenses ($ millions)	—		—	(0.4	)	—		—
Depreciation Adjustment ($ millions)	—		—	—		—		1.9
Total Special Items ($ millions)	(28.4	)	—	(0.4	)	—		1.9
Earnings Applicable to Common Stock - Operational ($ millions)	146.6		127.9	170.8		129.3		56.6
Return on Average Common Equity - As-Reported (%)	9.4		10.4	14.4		11.8		5.5
Return on Average Common Equity - Operational (%)	11.7		10.4	14.4		11.8		5.3
Return on Average Invested Capital - As-Reported (%)	6.2		6.8	8.7		7.5		4.9
Return on Average Invested Capital - Operational (%)	7.1		6.8	8.7		7.5		4.8
Net Margin - As-Reported (%)	7.4		8.2	9.6		7.3		3.8
Net Margin - Operational (%)	9.2		8.2	9.6		7.3		3.7
Cash Flow Interest Coverage - As-Reported (# times)	6.3		4.7	4.9		5.6		5.1
Total Debt ($ millions)	1,465		1,560	1,555		1,448		1,322
Total Preferred ($ millions)	116		116	116		116		116
Total Equity ($ millions)	1,278		1,230	1,228		1,140		1,055
ENTERGY GULF STATES, INC.
Earnings Applicable to Common Stock - As-Reported ($ millions)	37.9		169.2	174.4		170.3		107.6
Less Special Items:
River Bend Loss Provision ($ millions)	(65.6	)	—	—		—		—
SFAS 143 Implementation ($ millions)	(21.3	)	—	—		—		—
Voluntary Severance Plan ($ millions)	(15.5	)	—	—		—		—
Merger Expenses ($ millions)	—		—	(0.4	)	—		—
Depreciation Adjustment ($ millions)	—		—	—		—		4.5
Regulatory and Reserve Adjustments ($ millions)	—		—	—		—		(30.5	)
Change in Unbilled Revenue Estimate ($ millions)	—		—	—		—		(11.1	)
Total Special Items ($ millions)	(102.4	)	—	(0.4	)	—		(37.1	)
Earnings Applicable to Common Stock - Operational ($ millions)	140.3		169.2	174.8		170.3		144.7
Return on Average Common Equity - As-Reported (%)	2.2		10.0	10.9		11.3		7.3
Return on Average Common Equity - Operational (%)	8.2		10.0	10.9		11.3		9.9
Return on Average Invested Capital - As-Reported (%)	3.1		6.3	7.3		7.5		6.0
Return on Average Invested Capital - Operational (%)	5.6		6.3	7.3		7.5		7.1
Net Margin - As-Reported (%)	1.4		7.7	6.6		6.8		5.1
Net Margin - Operational (%)	5.3		7.7	6.6		6.8		6.8
Cash Flow Interest Coverage - As-Reported (# times)	4.0		4.8	3.1		3.6		3.7
Total Debt ($ millions)	2,439		2,401	2,289		2,113		1,834
Total Preferred ($ millions)	47		72	74		78		236
Total Equity ($ millions)	1,695		1,725	1,643		1,552		1,470
ENTERGY LOUISIANA, INC.
Earnings Applicable to Common Stock - As-Reported ($ millions)	139.4		138.0	125.1		153.2		181.8
Less Special Items:
Voluntary Severance Plan ($ millions)	(12.6	)	—	—		—		—
Merger Expenses ($ millions)	—		—	(0.4	)	—		—
Depreciation Adjustment ($ millions)	—		—	—		—		1.9
Regulatory and Reserve Adjustments ($ millions)	—		—	—		(21.5	)	(32.4	)
Change in Unbilled Revenue Estimate ($ millions)	—		—	—		—		38.6
Total Special Items ($ millions)	(12.6	)	—	(0.4	)	(21.5	)	8.1
Earnings Applicable to Common Stock - Operational ($ millions)	152.0		138.0	125.5		174.7		173.7
Return on Average Common Equity - As-Reported (%)	14.4		12.5	10.1		12.9		15.8
Return on Average Common Equity - Operational (%)	15.7		12.5	10.2		14.7		15.1
Return on Average Invested Capital - As-Reported (%)	8.7		8.1	7.3		8.4		9.5
Return on Average Invested Capital - Operational (%)	9.3		8.1	7.3		9.1		9.2
Net Margin - As-Reported (%)	6.4		7.6	6.6		7.4		10.1
Net Margin - Operational (%)	7.0		7.6	6.6		8.5		9.6
Cash Flow Interest Coverage - As-Reported (# times)	7.0		11.7	4.8		3.3		4.9
Total Debt ($ millions)	968		1,250	1,417		1,446		1,384
Total Preferred ($ millions)	101		101	101		136		136
Total Equity ($ millions)	968		974	1,288		1,237		1,146

26

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS

	2003		2002		2001		2000	1999
ENTERGY MISSISSIPPI, INC.
Earnings Applicable to Common Stock - As-Reported ($ millions)	63.7		49.0		36.5		35.6	38.2
Less Special Items:
Voluntary Severance Plan ($ millions)	(4.5	)	—		—		—	—
Merger Expenses ($ millions)	—		—		(0.4	)	—	—
Depreciation Adjustment ($ millions)	—		—		—		—	1.5
Total Special Items ($ millions)	(4.5	)	—		(0.4	)	—	1.5
Earnings Applicable to Common Stock - Operational ($ millions)	68.2		49.0		36.9		35.6	36.7
Return on Average Common Equity - As-Reported (%)	12.8		10.4		8.1		8.2	9.0
Return on Average Common Equity - Operational (%)	13.7		10.4		8.2		8.2	8.7
Return on Average Invested Capital - As-Reported (%)	7.2		6.4		6.2		6.5	6.9
Return on Average Invested Capital - Operational (%)	7.6		6.4		6.2		6.5	6.7
Net Margin - As-Reported (%)	6.2		4.9		3.3		3.8	4.6
Net Margin - Operational (%)	6.6		4.9		3.4		3.8	4.4
Cash Flow Interest Coverage - As-Reported (# times)	7.0		4.7		4.6		5.2	4.9
Total Debt ($ millions)	730		765		655		585	465
Total Preferred ($ millions)	50		50		50		50	50
Total Equity ($ millions)	514		482		460		443	426
ENTERGY NEW ORLEANS, INC.
Earnings Applicable to Common Stock - As-Reported ($ millions)	6.9		(1.2	)	(3.2	)	15.6	18.0
Less Special Items:
Voluntary Severance Plan ($ millions)	(3.0	)	—		—		—	—
Merger Expenses ($ millions)	—		—		(0.4	)	—	—
Depreciation Adjustment ($ millions)	—		—		—		—	0.2
Regulatory and Reserve Adjustments ($ millions)	—		—		—		—	(2.1	)
Change in Unbilled Revenue Estimate ($ millions)	—		—		—		—	4.3
Total Special Items ($ millions)	(3.0	)	—		(0.4	)	—	2.4
Earnings Applicable to Common Stock - Operational ($ millions)	9.9		(1.2	)	(2.8	)	15.6	15.6
Return on Average Common Equity - As-Reported (%)	5.3		(0.9	)	(2.4	)	11.8	13.5
Return on Average Common Equity - Operational (%)	7.6		(0.9	)	(2.1	)	11.8	11.7
Return on Average Invested Capital - As-Reported (%)	4.6		3.4		2.4		7.7	8.6
Return on Average Invested Capital - Operational (%)	5.4		3.4		2.5		7.7	7.8
Net Margin - As-Reported (%)	1.1		(0.2	)	(0.5	)	2.4	3.5
Net Margin - Operational (%)	1.5		(0.2	)	(0.4	)	2.4	3.1
Cash Flow Interest Coverage - As-Reported (# times)	1.6		4.4		5.3		3.0	5.4
Total Debt ($ millions)	229		229		229		199	169
Total Preferred ($ millions)	20		20		20		20	20
Total Equity ($ millions)	133		129		131		135	129
SYSTEM ENERGY RESOURCES, INC.
Earnings Applicable to Common Stock - As-Reported ($ millions)	106.0		103.4		116.4		93.7	82.4
Less Special Items:
Voluntary Severance Plan ($ millions)	(6.1	)	—		—		—	—
Merger Expenses ($ millions)	—		—		(0.4	)	—	—
Depreciation Adjustment ($ millions)	—		—		—		—	0.9
SERI Refund Adjustments ($ millions)	—		—		—		—	(19.9	)
Total Special Items ($ millions)	(6.1	)	—		(0.4	)	—	(19.0	)
Earnings Applicable to Common Stock - Operational ($ millions)	112.1		103.4		116.8		93.7	101.4
Return on Average Common Equity - As-Reported (%)	11.9		11.6		13.0		10.5	9.3
Return on Average Common Equity - Operational (%)	12.6		11.6		13.1		10.5	11.4
Return on Average Invested Capital - As-Reported (%)	7.9		8.0		10.3		8.0	7.8
Return on Average Invested Capital - Operational (%)	8.2		8.0		10.3		8.0	8.7
Net Margin - As-Reported (%)	18.2		17.2		21.7		14.3	13.3
Net Margin - Operational (%)	19.2		17.2		21.8		14.3	16.4
Cash Flow Interest Coverage - As-Reported (# times)	2.7		4.0		2.2		4.3	1.7
Total Debt ($ millions)	936		979		993		1,132	1,239
Total Preferred ($ millions)	—		—		—		—	—
Total Equity ($ millions)	893		892		891		893	891

27

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY ARKANSAS, INC.

			As of December 31,
BONDS	Type of Bond	Maturity Date	2003			2002
						(in thousands)
7.72% Series	Mortgage	March 2003	$	—		$	100,000
6.0% Series	Mortgage	October 2003		—			155,000
6.125% Series	Mortgage	July 2005		100,000			100,000
6.65% Series	Mortgage	August 2005		—			115,000
7.5% Series	Mortgage	August 2007		—			100,000
6.3% Series - Pope County	Governmental(a)	2016		19,500			19,500
5.6% Series - Jefferson County	Governmental(a)	2017		45,500			45,500
6.3% Series - Jefferson County	Governmental(a)	2018		9,200			9,200
5.4% Series	Mortgage	May 2018		150,000			—
5.0% Series	Mortgage	July 2018		115,000			—
6.3% Series - Pope County	Governmental(a)	2020		120,000			120,000
6.25% Series - Independence County	Governmental(a)	2021		45,000			45,000
7.0% Series	Mortgage	October 2023		175,000			175,000
5.05% Series - Pope County(b)	Governmental(a)	2028		47,000			47,000
6.7% Series	Mortgage	April 2032		100,000			100,000
6.0% Series	Mortgage	November 2032		100,000			100,000
5.9% Series	Mortgage	June 2033		100,000			—
Total bonds				1,126,200			1,231,200
OTHER LONG-TERM DEBT:
Long-term United States Department of Energy Obligation(c)				154,409			152,804
8.5% Junior Subordinated Deferrable Interest Debentures				61,856			61,856
Unamortized Premium and Discount - Net				(4,708	)		(4,625	)
Other				621			621
Total Long-Term Debt				1,338,378			1,441,856
Less Amount Due Within One Year				—			255,000
Long-Term Debt Excluding Amount Due Within One Year			$	1,338,378		$	1,186,856
Fair Value of Long-Term Debt(d)			$	1,234,657		$	1,326,961

	Shares Authorized and Outstanding As of December 31,		As of December 31,				Call Price Per Share as of December 31, 2003
PREFERRED STOCK	2003	2002	2003		2002
			(in thousands)
Without sinking fund:
Cumulative, $100 par value:
4.32% Series	70,000	70,000	$	7,000	$	7,000	$	103.65
4.72% Series	93,500	93,500		9,350		9,350		107.00
4.56% Series	75,000	75,000		7,500		7,500		102.83
4.56% 1965 Series	75,000	75,000		7,500		7,500		102.50
6.08% Series	100,000	100,000		10,000		10,000		102.83
7.32% Series	100,000	100,000		10,000		10,000		103.17
7.80% Series	150,000	150,000		15,000		15,000		103.25
7.40% Series	200,000	200,000		20,000		20,000		102.80
7.88% Series	150,000	150,000		15,000		15,000		103.00
Cumulative, $0.01 par value:
$1.96 Series(i)	600,000	600,000		15,000		15,000		25.00
Total without sinking fund	1,613,500	1,613,500	$	116,350	$	116,350

See page 32 for footnotes.

28

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY GULF STATES, INC.

	Type of Bond	Maturity Date	As of December 31,
BONDS			2003			2002
			(in thousands)
6.75% Series	Mortgage	March 2003	$	—		$	33,000
Libor + 1.2% Series	Mortgage	June 2003		—			260,000
8.25% Series	Mortgage	April 2004		292,000			292,000
Libor + 1.3% Series	Mortgage	September 2004		—			300,000
6.77% Series	Mortgage	August 2005		98,000			98,000
Libor + 0.9% Series	Mortgage	June 2007		275,000			—
5.2% Series	Mortgage	December 2007		200,000			200,000
3.6% Series	Mortgage	June 2008		325,000			—
5.45% Series - Calcasieu Parish	Governmental (a)	2010		22,095			22,095
6.75% Series - Calcasieu Parish	Governmental (a)	2012		48,285			48,285
6.0% Series	Mortgage	December 2012		140,000			140,000
6.7% Series - Pointe Coupee Parish	Governmental (a)	2013		17,450			17,450
5.7% Series - Iberville Parish	Governmental (a)	2014		21,600			21,600
7.7% Series - West Feliciana Parish	Governmental (a)	2014		94,000			94,000
5.8% Series - West Feliciana Parish	Governmental (a)	2015		28,400			28,400
7.0% Series - West Feliciana Parish	Governmental (a)	2015		39,000			39,000
7.5% Series - West Feliciana Parish	Governmental (a)	2015		41,600			41,600
9.0% Series - West Feliciana Parish	Governmental (a)	2015		45,000			45,000
5.25% Series	Mortgage	August 2015		200,000			—
5.8% Series - West Feliciana Parish	Governmental (a)	2016		20,000			20,000
8.94% Series	Mortgage	January 2022		—			150,000
8.7% Series	Mortgage	April 2024		—			294,950
5.65% Series - West Feliciana Parish (e)	Governmental (a)	2028		62,000			62,000
6.6% Series - West Feliciana Parish	Governmental (a)	2028		40,000			40,000
6.2% Series	Mortgage	July 2033		240,000			—
Total bonds				2,249,430			2,247,380
OTHER LONG-TERM DEBT:
8.75% Junior Subordinated Deferrable Interest Debentures				87,629			87,629
Unamortized Premium and Discount - Net				(2,596	)		(4,463	)
Other				9,150			9,371
Total Long-Term Debt				2,343,613			2,339,917
Less Amount Due Within One Year				354,000			293,000
Long-Term Debt Excluding Amount Due Within One Year			$	1,989,613		$	2,046,917
Fair Value of Long-Term Debt (d)			$	2,429,847		$	2,407,427

	Shares Authorized and Outstanding As of December 31,		As of December 31,				Call Price Per Share as of December 31, 2003
PREFERRED STOCK	2003	2002	2003		2002
	(in thousands)
Authorized 6,000,000 shares, $100 par value, cumulative Without sinking fund:
4.40% Series	51,173	51,173	$	5,117	$	5,117	$	108.00
4.50% Series	5,830	5,830		583		583		105.00
4.40% 1949 Series	1,655	1,655		166		166		103.00
4.20% Series	9,745	9,745		975		975		102.82
4.44% Series	14,804	14,804		1,480		1,480		103.75
5.00% Series	10,993	10,993		1,099		1,099		104.25
5.08% Series	26,845	26,845		2,685		2,685		104.63
4.52% Series	10,564	10,564		1,056		1,056		103.57
6.08% Series	32,829	32,829		3,283		3,283		103.34
7.56% Series	308,830	308,830		30,883		30,883		101.80
Total without sinking fund	473,268	473,268	$	47,327	$	47,327
With sinking fund:
Adjustable Rate - A, 7.0% (j)	96,020	108,120	$	9,602	$	10,812	$	100.00
Adjustable Rate - B, 7.0% (j)	112,499	135,149		11,250		13,515		100.00
Total with sinking fund	208,519	243,269	$	20,852	$	24,327
Fair Value of Preferred Stock with sinking fund (k)			$	15,354	$	20,792

See page 32 for footnotes.

29

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY LOUISIANA, INC.

	Type of Bond	Maturity Date	As of December 31,
BONDS			2003			2002
			(in thousands)
8.5% Series	Mortgage	June 2003	$	—		$	150,000
6.5% Series	Mortgage	March 2008		115,000			115,000
7.5% Series - St. Charles Parish	Governmental (a)	2021		50,000			50,000
7.0% Series - St. Charles Parish	Governmental (a)	2022		24,000			24,000
7.05% Series - St. Charles Parish	Governmental (a)	2022		20,000			20,000
5.95% Series - St. Charles Parish	Governmental (a)	2023		25,000			25,000
6.2% Series - St. Charles Parish	Governmental (a)	2023		33,000			33,000
6.875% Series - St. Charles Parish	Governmental (a)	2024		20,400			20,400
6.375% Series - St. Charles Parish	Governmental (a)	2025		16,770			16,770
5.35% Series - St. Charles Parish (f)	Governmental (a)	2029		—			110,950
Auction Rate - St. Charles Parish	Governmental (a)	2030		60,000			60,000
4.9% Series - St. Charles Parish (g) (h)	Governmental (a)	2030		55,000			55,000
7.6% Series	Mortgage	April 2032		150,000			150,000
Total bonds				569,170			830,120
OTHER LONG-TERM DEBT:
Waterford 3 Lease Obligation 7.45%				262,534			297,950
9.0% Junior Subordinated Deferrable Interest Debentures				72,165			72,165
Unamortized Premium and Discount - Net				(1,373	)		(1,516	)
Total Long-Term Debt				902,496			1,198,719
Less Amount Due Within One Year				14,809			296,366
Long-Term Debt Excluding Amount Due Within One Year			$	887,687		$	902,353
Fair Value of Long-Term Debt (d)			$	668,700		$	917,404

	Shares Authorized and Outstanding As of December 31,		As of December 31,				Call Price Per Share as of December 31, 2003
PREFERRED STOCK	2003	2002	2003		2002
	(in thousands)
Without sinking fund:
Cumulative, $100 par value:
4.96% Series	60,000	60,000	$	6,000	$	6,000	$	104.25
4.16% Series	70,000	70,000		7,000		7,000		104.21
4.44% Series	70,000	70,000		7,000		7,000		104.06
5.16% Series	75,000	75,000		7,500		7,500		104.18
5.40% Series	80,000	80,000		8,000		8,000		103.00
6.44% Series	80,000	80,000		8,000		8,000		102.92
7.84% Series	100,000	100,000		10,000		10,000		103.78
7.36% Series	100,000	100,000		10,000		10,000		103.36
Cumulative, $25 par value:
8.00% Series	1,480,000	1,480,000		37,000		37,000		25.00
Total without sinking fund	2,115,000	2,115,000	$	100,500	$	100,500

See page 32 for footnotes.

30

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY MISSISSIPPI, INC.

	Type of Bond	Maturity Date	As of December 31,
BONDS			2003			2002
			(in thousands)
6.25% Series	Mortgage	February 2003	$	—		$	70,000
7.75% Series	Mortgage	February 2003		—			120,000
6.625% Series	Mortgage	November 2003		—			65,000
6.2% Series	Mortgage	May 2004		75,000			75,000
Libor + 0.65% Series	Mortgage	May 2004		—			50,000
8.25% Series	Mortgage	July 2004		—			25,000
6.45% Series	Mortgage	April 2008		80,000			80,000
4.35% Series	Mortgage	April 2008		100,000			—
5.15% Series	Mortgage	February 2013		100,000			—
4.95% Series	Mortgage	June 2018		95,000			—
7.0% Series - Warren County	Governmental (a)	2022		8,095			8,095
7.0% Series - Washington County	Governmental (a)	2022		7,935			7,935
Auction Rate - Independence City	Governmental (a)	2022		30,000			30,000
7.7% Series	Mortgage	July 2023		60,000			60,000
6.0% Series	Mortgage	November 2032		75,000			75,000
7.25% Series	Mortgage	December 2032		100,000			100,000
Total bonds				731,030			766,030
OTHER LONG-TERM DEBT:
Unamortized Premium and Discount - Net				(1,074	)		(926	)
Total Long-Term Debt				729,956			765,104
Less Amount Due Within One Year				75,000			255,000
Long-Term Debt Excluding Amount Due Within One Year			$	654,956		$	510,104
Fair Value of Long-Term Debt (d)			$	771,402		$	790,861

	Shares Authorized and Outstanding As of December 31,		As of December 31,				Call Price Per Share as of December 31, 2003
PREFERRED STOCK	2003	2002	2003		2002
	(in thousands)
Without sinking fund:
Cumulative, $100 par value:
4.36% Series	59,920	59,920	$	5,992	$	5,992	$	103.86
4.56% Series	43,887	43,887		4,389		4,389		107.00
4.92% Series	100,000	100,000		10,000		10,000		102.88
7.44% Series	100,000	100,000		10,000		10,000		102.81
8.36% Series	200,000	200,000		20,000		20,000		100.00
Total without sinking fund	503,807	503,807	$	50,381	$	50,381

See page 32 for footnotes.

31

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY NEW ORLEANS, INC.

	Type of Bond	Maturity Date	As of December 31,
BONDS			2003			2002
			(in thousands)
6.65% Series	Mortgage	March 2004	$	—		$	30,000
8.125% Series	Mortgage	July 2005		30,000			30,000
8.0% Series	Mortgage	March 2006		—			40,000
7.0% Series	Mortgage	July 2008		—			30,000
3.875% Series	Mortgage	August 2008		30,000			—
5.25% Series	Mortgage	August 2013		70,000			—
6.75% Series	Mortgage	October 2017		25,000			25,000
8.0% Series	Mortgage	March 2023		45,000			45,000
7.55% Series	Mortgage	September 2023		30,000			30,000
Total bonds				230,000			230,000
OTHER LONG-TERM DEBT:
Unamortized Premium and Discount - Net				(783	)		(809	)
Total Long-Term Debt				229,217			229,191
Fair Value of Long-Term Debt (d)			$	239,816		$	239,311

	Shares Authorized and Outstanding As of December 31,		As of December 31,				Call Price Per Share as of December 31, 2003
PREFERRED STOCK	2003	2002	2003		2002
	(in thousands)
Without sinking fund:
Cumulative, $100 par value:
4.75% Series	77,798	77,798	$	7,780	$	7,780	$	105.00
4.36% Series	60,000	60,000		6,000		6,000		104.57
5.56% Series	60,000	60,000		6,000		6,000		102.59
Total without sinking fund	197,798	197,798	$	19,780	$	19,780

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

SYSTEM ENERGY RESOURCES, INC.

	Type of Bond	Maturity Date	As of December 31,
BONDS			2003			2002
			(in thousands)
4.875% Series	Mortgage	October 2007	$	70,000		$	70,000
5.875% Series - Mississippi Business Finance Corp.	Governmental (a)	2022		216,000			216,000
5.9% Series - Mississippi Business Finance Corp.	Governmental (a)	2022		102,975			102,975
7.3% Series - Claiborne County	Governmental (a)	2025		7,625			7,625
6.2% Series - Claiborne County	Governmental (a)	2026		90,000			90,000
Total bonds				486,600			486,600
OTHER LONG-TERM DEBT:
Grand Gulf Lease Obligation 7.02%				403,468			414,843
Unamortized Premium and Discount - Net				(1,319	)		(1,403	)
Total Long-Term Debt				888,749			900,040
Less Amount Due Within One Year				6,348			11,375
Long-Term Debt Excluding Amount Due Within One Year			$	882,401		$	888,665
Fair Value of Long-Term Debt (d)			$	489,436		$	475,638

^(a) Consists of pollution control revenue bonds and environmental revenue bonds, certain series of which are secured by non-interest bearing first mortgage bonds.

^(b) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on September 1, 2005 and can then be remarketed.

^(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

^(d) The fair value excludes lease obligations, long-term DOE obligations, and other long-term debt and includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

^(e) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on September 1, 2004 and can then be remarketed.

^(f) The bonds had a mandatory tender date of October 1, 2003. Entergy Louisiana purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not remarketed the bonds at this time. A combination of cash on hand and short-term borrowing was used to buy-in the bonds.

^(g) On June 1, 2002, Entergy Louisiana remarketed $55 million St. Charles Parish Pollution Control Revenue Refunding Bonds due 2030, resetting the interest rate to 4.9% through May 2005.

^(h) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on June 1, 2005 and can then be remarketed.

⁽ⁱ⁾ The total dollar value represents the liquidation value of $25 per share.

^(j) Represents weighted-average annualized rates for 2003.

^(k) Fair values were determined using bid prices reported by dealer markets and by nationally recognized investment banking firms. There is an additional disclosure of fair value of financial instruments in Note 12 to the domestic utility companies and System Energy financial statements in the 2003 Form 10-K.

32

UTILITY STATISTICAL INFORMATION

UTILITY TOTAL CAPACITY

	Operated		Net Maximum Dependable Capacity (MW)
As of December 31, 2003	Plants	Units	Owned & Leased	Operated
Plants that use fuel type:
Gas & Oil	24	65	15,029	15,573
Coal	3	6	2,256	3,878
Oil	—	—	33	33
Gas	—	—	36	36
Petroleum Coke	1	2	—	200
Total Fossil	28	73	17,354	19,720
Hydro	4	9	70	162
Nuclear	4	5	4,821	4,915
Total Capacity	36	87	22,245	24,797

All plants that have units with multiple fuel types are in the Gas & Oil plant count

UTILITY SELECTED OPERATING DATA

	2003		2002	2001		2000		1999
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	22,797		35,195	38,873		43,073		46,474
Coal	14,057		13,743	14,586		14,799		14,674
Nuclear	40,628		40,917	41,038		37,059		33,569
Hydro	115		164	154		133		158
Total Net Generation	77,597		90,019	94,651		95,064		94,875
Purchased Power:
Affiliated Companies	1,027		11	108		843		696
Non-affiliated Companies	36,660		27,307	19,358		23,344		20,317
Total Purchased Power	37,687		27,319	19,466		24,188		21,013
Total Sources of Energy	115,284		117,337	114,117		119,252		115,888
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	32,817		32,581	31,080		31,998		30,631
Commercial	25,863		25,354	24,706		24,657		23,775
Industrial	38,637		41,018	41,577		43,956		43,549
Governmental	2,651		2,678	2,593		2,605		2,564
Total Retail	99,968		101,631	99,956		103,216		100,519
Sales for resale	9,248		9,828	8,896		9,794		9,714
Unbilled Energy	249		233	(901	)	881		(226	)
Total Electric Energy Sales	109,465		111,692	107,951		113,891		110,007
Line Losses and Company Usage	5,819		5,647	6,166		5,362		5,881
Total Uses of Energy	115,284		117,337	114,117		119,252		115,888
Peak Demand (MW)	20,162		20,419	20,257		22,052		20,664
Operational Summer Capacity at Peak (MW)	21,144		22,373	22,080		22,235		22,230
Annual System Load Factor (%)	62		62	61		59		61
Retail Electric Sales Growth Rates (%)	(1.6	)	1.7	(3.2	)	2.7		0.3
Regional Gross Domestic Product Rate (%)	1.4		2.1	(0.2	)	(0.8	)	3.1
Average Fuel Cost (cents/KWh)
Natural Gas	6.53		3.88	4.62		4.90		2.75
Nuclear Fuel	0.48		0.47	0.50		0.56		0.54
Coal	1.26		1.37	1.58		1.51		1.59
Fuel Oil	5.04		15.78	4.33		3.90		2.06

33

UTILITY STATISTICAL INFORMATION

2003 CONSOLIDATING UTILITY ELECTRIC STATISTICAL INFORMATION

	EAI		EGSI	ELI	EMI	ENO	SERI	ELIMINATIONS		TOTAL	%
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	525,558		829,491	739,389	410,231	178,133	—	—		2,682,802	36	%
Commercial	291,442		613,689	473,351	341,862	161,716	—	—		1,882,060	25	%
Industrial	305,333		853,194	723,102	173,736	26,416	—	—		2,081,781	28	%
Governmental	14,792		38,911	40,664	32,393	68,238	—	—		194,998	3	%
Total retail	1,137,125		2,335,285	1,976,506	958,222	434,503	—	—		6,841,641	92	%
Sales for resale	421,893		191,758	114,311	42,143	87,174	583,820	(1,069,453	)	371,646	5	%
Other	30,652		52,873	74,753	34,995	5,983	—	(13,863	)	185,394	3	%
Total	1,589,670		2,579,916	2,165,570	1,035,360	527,660	583,820	(1,083,316	)	7,398,681	100	%
FUEL REVENUES (included in above revenues)
Residential	63,152		403,455	327,475	157,624	65,057	—	—		1,016,763	33	%
Commercial	47,930		333,202	209,032	139,087	67,552	—	—		796,803	25	%
Industrial	63,204		590,627	464,015	88,063	12,276	—	—		1,218,185	39	%
Governmental	2,368		19,010	18,195	11,885	30,534	—	—		81,992	3	%
Total	176,654		1,346,294	1,018,717	396,659	175,419	—	—		3,113,743	100	%
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	493		9,432	7,882	2,891	2,099	—	—		22,797	30	%
Coal	7,519		3,959	—	2,579	—	—	—		14,057	18	%
Nuclear	14,689		7,641	8,485	—	—	9,812	—		40,628	52	%
Hydro	115		—	—	—	—	—	—		115	—
Total Net Generation	22,816		21,032	16,367	5,470	2,099	9,812	—		77,597	100	%
Purchased Power:
Affiliated Companies	3,630		3,989	4,484	5,984	3,742	—	(20,801	)	1,027	—
Non-affiliated Companies	7,293		15,160	9,718	2,868	1,621	—	—		36,660	—
Total Purchased Power	10,923		19,149	14,202	8,852	5,363	—	(20,801	)	37,687	—
Total Sources of Energy	33,739		40,181	30,569	14,322	7,462	9,812	(20,801	)	115,284	—
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	7,057		9,739	8,795	5,092	2,133	—	—		32,817	33	%
Commercial	5,328		8,174	5,622	4,476	2,262	—	—		25,863	26	%
Industrial	6,999		15,417	12,870	2,939	413	—	—		38,637	39	%
Governmental	266		475	491	384	1,036	—	—		2,651	2	%
Total Retail	19,650		33,805	27,778	12,891	5,844	—	—		99,968	100	%
Sales for Resale	12,435		4,543	1,476	443	1,340	9,812	(20,801	)	9,248	—
Unbilled Energy	(57	)	197	42	45	22	—	—		249	—
Total Electric Energy Sales	32,028		38,545	29,296	13,379	7,206	9,812	(20,801	)	109,465	—
Line Losses and Company Usage	1,711		1,636	1,273	943	256	—	—		5,819	—
Total Uses of Energy	33,739		40,181	30,569	14,322	7,462	9,812	(20,801	)	115,284	—
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	7.45		8.52	8.41	8.06	8.35	—	—		8.18	—
Commercial	5.47		7.51	8.42	7.64	7.15	—	—		7.28	—
Industrial	4.36		5.53	5.62	5.91	6.42	—	—		5.39	—
Governmental	5.56		8.20	8.28	8.44	6.59	—	—		7.36	—
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31, 2003)
Residential	557,025		616,765	571,767	348,019	169,878	—	—		2,263,454	86	%
Commercial	81,082		80,935	72,901	59,347	16,336	—	—		310,601	12	%
Industrial	21,336		8,347	7,686	4,767	1,148	—	—		43,284	2	%
Governmental	564		3,351	4,859	3,884	1,755	—	—		14,413	—
Total retail	660,007		709,398	657,213	416,017	189,117	—	—		2,631,752	100	%

Totals may not foot due to rounding.

34

UTILITY STATISTICAL INFORMATION

ENTERGY ARKANSAS, INC.

	2003		2002	2001		2000	1999
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	525,558		556,314	586,361		561,363	533,245
Commercial	291,442		304,498	329,437		307,320	288,677
Industrial	305,333		329,847	370,772		353,046	335,824
Governmental	14,792		15,358	16,149		14,935	14,606
Total Retail	1,137,125		1,206,017	1,302,719		1,236,664	1,172,352
Sales for Resale	421,893		328,194	441,184		480,414	371,599
Other	30,652		26,899	32,873		45,557	(2,057	)
Total Electric Operating Revenues	1,589,670		1,561,110	1,776,776		1,762,635	1,541,894
FUEL REVENUES (included in above revenues)
Residential	63,152		93,116	123,957		93,514	70,903
Commercial	47,930		66,849	92,405		69,690	53,322
Industrial	63,204		87,780	122,095		97,631	75,460
Governmental	2,368		3,341	4,412		3,267	2,570
Total Retail Fuel Revenues	176,654		251,086	342,869		264,102	202,255
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	493		1,540	1,806		2,441	2,383
Coal	7,519		6,998	7,495		7,619	7,530
Nuclear	14,689		14,559	14,781		11,642	12,919
Hydro	115		164	154		133	159
Total Net Generation	22,816		23,261	24,236		21,835	22,991
Purchased Power:
Affiliated companies	3,630		3,439	3,605		5,022	4,015
Non-affiliated companies	7,293		6,917	5,418		6,393	5,784
Total Purchased Power	10,923		10,356	9,023		11,415	9,799
Total Sources of Energy	33,739		33,617	33,259		33,250	32,790
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	7,057		7,050	6,918		6,791	6,493
Commercial	5,328		5,221	5,162		5,063	4,880
Industrial	6,999		7,074	7,052		7,240	7,054
Governmental	266		255	245		239	237
Total Retail	19,650		19,600	19,377		19,333	18,664
Sales for Resale	12,435		11,880	12,126		12,050	12,460
Unbilled Energy	(57	)	111	(72	)	316	(374	)
Total Electric Energy Sales	32,028		31,591	31,431		31,699	30,750
Line Losses and Company Usage	1,711		2,026	1,828		1,551	2,040
Total Uses of Energy	33,739		33,617	33,259		33,250	32,790
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	7.45		7.89	8.48		8.27	8.21
Commercial	5.47		5.83	6.38		6.07	5.92
Industrial	4.36		4.66	5.26		4.88	4.76
Governmental	5.56		6.02	6.59		6.25	6.16
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	557,025		548,693	547,860		545,550	543,112
Commercial	81,082		79,430	78,389		76,293	73,878
Industrial	21,336		20,045	20,121		20,461	20,513
Governmental	564		526	513		490	472
Total Retail Customers	660,007		648,694	646,883		642,794	637,975

35

UTILITY STATISTICAL INFORMATION

ENTERGY ARKANSAS, INC.

GENERATION PORTFOLIO

	Unit	Ownership		Net Owned & Leased Dependable Capacity (MW)	Fuel Type	Purpose	Total Plant - 2003
Plant							Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($000)
Cecil Lynch(d)	2	100	%	74	Gas/Oil	Peaking	(1,052	)	(900.53	)	947
	3	100	%	130	Gas/Oil	Peaking
Harvey Couch	1	100	%	30	Gas/Oil	Peaking	9,604		334.75		3,215
	2	100	%	131	Gas/Oil	Peaking
Lake Catherine	1	100	%	52	Gas/Oil	Peaking	471,751		77.76		36,684
	2	100	%	51	Gas/Oil	Peaking
	3	100	%	106	Gas/Oil	Peaking
	4	100	%	547	Gas/Oil	Intermediate
Hamilton Moses(d)	1	100	%	72	Gas/Oil	Peaking	(1,006	)	(400.13	)	403
	2	100	%	72	Gas/Oil	Peaking
Mabelvale	1	100	%	18	Gas/Oil	Peaking	577		406.86		235
	2	100	%	18	Gas/Oil	Peaking
	3	100	%	18	Gas/Oil	Peaking
	4	100	%	18	Gas/Oil	Peaking
Robert Ritchie	1	100	%	356	Gas/Oil	Peaking	12,863		520.21		6,691
	3	100	%	18	Gas/Oil	Peaking	9		19,144.11		172
Independence	1	31.5	%(a)	263	Coal	Base	1,727,547		16.79		29,010
White Bluff	1	57	%(b)	465	Coal	Base	5,790,932		16.35		94,659
	2	57	%(b)	481	Coal	Base
Cecil Lynch	Diesel	100	%	6	Oil	Peaking	131		329.85		43
Carpenter	1	100	%	29	Hydro	Peaking	78,993		13.03		1,029
	2	100	%	30	Hydro	Peaking
Remmel	1	100	%	4	Hydro	Peaking	35,766		18.74		670
	2	100	%	3	Hydro	Peaking
	3	100	%	4	Hydro	Peaking
Arkansas Nuclear One	1	100	%	836	Nuclear PWR(c)	Base	14,689,416		14.97		219,841
	2	100	%	858	Nuclear PWR(c)	Base
Total				4,690			22,815,531		17.25		393,599

^(a) Co-owners: Arkansas Electric Cooperative Corporation, Jonesboro City Water and Light, West Memphis Utilities, Osceola Municipal Light and Power

^(b) Co-owners: Arkansas Electric Cooperative Corporation, Jonesboro City Water and Light, Conway Corporation, West Memphis Utilities

^(c) PWR = Pressurized Water Reactor

^(d) Facility was in reserve shutdown. Net generation reflects plant usage of system generation.

36

UTILITY STATISTICAL INFORMATION

ENTERGY GULF STATES, INC.

	2003	2002		2001		2000	1999
ELECTRIC OPERATING REVENUES ($ thousands)
Louisiana
Residential	394,512	339,325		376,637		338,108	305,322
Commercial	345,579	286,408		333,336		282,510	253,318
Industrial	510,501	424,026		596,852		547,243	445,424
Governmental	18,253	17,433		19,397		16,314	15,036
Total	1,268,845	1,067,192		1,326,222		1,184,175	1,019,100
Texas
Residential	434,979	360,575		411,323		379,345	302,553
Commercial	268,110	215,707		253,812		222,836	176,973
Industrial	342,693	270,722		348,881		323,351	273,355
Governmental	20,658	16,525		18,818		16,625	13,439
Total	1,066,440	863,529		1,032,834		942,157	766,320
FUEL REVENUES (included in above revenues)
Louisiana
Residential	196,097	125,962		180,492		157,149	98,643
Commercial	186,700	117,513		174,499		143,609	92,508
Industrial	354,504	248,165		408,441		360,536	246,009
Governmental	8,398	5,976		8,784		7,017	4,475
Total	745,699	497,616		772,216		668,311	441,635
Texas
Residential	207,358	139,764		199,352		161,523	118,701
Commercial	146,502	98,312		141,590		111,988	82,620
Industrial	236,123	163,419		239,844		212,214	170,644
Governmental	10,612	6,981		9,767		7,842	5,754
Total	600,595	408,476		590,553		493,567	377,719
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	9,432	14,645		16,435		18,385	19,260
Coal	3,959	4,168		4,245		4,625	4,359
Nuclear	7,641	8,467		7,800		7,336	5,672
Hydro	—	—		—		—	—
Total Net Generation	21,032	27,280		28,480		30,346	29,291
Purchased Power:
Affiliated Companies	3,989	2,703		3,825		2,884	3,635
Non-affiliated Companies	15,160	10,376		7,233		8,498	7,163
Total Purchased Power	19,149	13,079		11,058		11,382	10,798
Total Sources of Energy	40,181	40,359		39,538		41,728	40,089
USES OF ENERGY (GWh)
Electric Energy Sales:
Louisiana
Residential	4,619	4,520		4,282		4,520	4,326
Commercial	4,471	4,316		4,201		4,234	4,080
Industrial	9,145	9,714		10,258		11,186	10,911
Governmental	205	222		210		210	199
Texas
Residential	5,120	4,982		4,777		4,885	4,603
Commercial	3,703	3,578		3,467		3,426	3,230
Industrial	6,272	6,173		6,400		6,774	6,773
Governmental	270	255		242		240	226
Total Retail	33,805	33,760		33,837		35,475	34,348
Sales for Resale	4,543	5,099		4,392		4,629	4,085
Unbilled Energy	197	(18	)	(398	)	349	(82	)
Total Electric Energy Sales	38,545	38,841		37,831		40,453	38,351
Line Losses and Company Usage	1,636	1,518		1,707		1,275	1,738
Total Uses of Energy	40,181	40,359		39,538		41,728	40,089

37

UTILITY STATISTICAL INFORMATION

ENTERGY GULF STATES, INC.

	2003	2002	2001	2000	1999
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Louisiana
Residential	295,084	292,018	288,510	286,262	282,906
Commercial	42,490	42,423	41,666	40,951	39,791
Industrial	3,625	3,687	3,654	3,585	3,833
Governmental	1,251	1,519	1,460	1,409	1,329
Total	342,450	339,647	335,290	332,207	327,859
Texas
Residential	321,681	316,942	310,851	306,728	299,815
Commercial	38,445	37,742	37,267	35,956	34,186
Industrial	4,722	4,403	4,284	4,445	5,057
Governmental	2,100	2,176	2,020	1,985	1,883
Total	366,948	361,263	354,422	349,114	340,941
AVERAGE ELECTRIC REVENUE (CENTS/KWh)
Louisiana
Residential	8.54	7.51	8.80	7.48	7.06
Commercial	7.73	6.64	7.93	6.67	6.21
Industrial	5.58	4.37	5.82	4.89	4.08
Governmental	8.93	7.85	9.24	7.77	7.56
Texas
Residential	8.49	7.24	8.61	7.77	6.57
Commercial	7.24	6.03	7.32	6.50	5.48
Industrial	5.46	4.39	5.45	4.77	4.04
Governmental	7.65	6.48	7.78	6.93	5.95

ENTERGY GULF STATES, INC.

GENERATION PORTFOLIO

				Net Owned & Leased Dependable Capacity (MW)			Total Plant - 2003
Plant	Unit	Ownership			Fuel Type	Purpose	Net Generation (MWH)	Expenses per Net MWH	Total Production Expense ($000)
LA Station 2	7	100	%	40	Gas/Oil	Peaking	—	—	440
	8	100	%	40	Gas/Oil	Peaking
	9	100	%	60	Gas/Oil	Peaking
Willow Glen	1	100	%	172	Gas/Oil	Peaking	781,881	99.60	77,877
	2	100	%	224	Gas/Oil	Peaking
	3	100	%	522	Gas/Oil	Peaking
	4	100	%	568	Gas/Oil	Peaking
	5	100	%	559	Gas/Oil	Peaking
Lewis Creek	1	100	%	230	Gas/Oil	Intermediate	2,132,195	58.63	125,003
	2	100	%	230	Gas/Oil	Intermediate
Roy S. Nelson	3	100	%	154	Gas/Oil	Intermediate	1,310,789	83.82	109,870
	4	100	%	500	Gas/Oil	Intermediate
Sabine	1	100	%	230	Gas/Oil	Intermediate	5,207,486	63.54	330,862
	2	100	%	230	Gas/Oil	Intermediate
	3	100	%	420	Gas/Oil	Intermediate
	4	100	%	530	Gas/Oil	Intermediate
	5	100	%	480	Gas/Oil	Intermediate
Roy S. Nelson	6	70	%(a)	385	Coal	Base	2,338,276	15.11	35,326
Big Cajun 2	3	42	%(b)	242	Coal	Base	1,620,350	16.40	26,572
River Bend Station	1	100	%	966	Nuclear BWR(c)	Base	7,641,368	17.80	136,027
Total				6,782			21,032,345	40.03	841,977

^(a) Co-owners: Jonesboro City Water and Light, Sam Rayburn G and T Coop.

^(b) Co-owner: Louisiana Generating

^(c) BWR = Boiling Water Reactor

38

UTILITY STATISTICAL INFORMATION

ENTERGY LOUISIANA, INC.

	2003	2002	2001		2000	1999
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	739,389	637,901	658,137		716,708	620,146
Commercial	473,351	403,051	429,388		441,338	386,042
Industrial	723,102	636,410	759,580		767,052	646,517
Governmental	40,664	35,914	39,203		38,772	33,738
Total Retail	1,976,506	1,713,276	1,886,308		1,963,870	1,686,443
Sales for Resale	114,311	19,641	48,345		60,467	81,176
Other	74,753	82,435	(32,740	)	38,100	38,975
Total Electric Operating Revenues	2,165,570	1,815,352	1,901,913		2,062,437	1,806,594
FUEL REVENUES (included in above revenues)
Residential	327,475	226,887	270,426		297,505	204,577
Commercial	209,032	142,141	175,194		180,900	127,201
Industrial	464,015	359,607	482,078		478,194	358,724
Governmental	18,195	12,878	16,696		15,981	11,270
Total Retail Fuel Revenues	1,018,717	741,513	944,394		972,580	701,772
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	7,882	11,039	10,757		11,823	13,580
Coal	—	—	—		—	—
Nuclear	8,485	8,838	9,536		8,459	7,410
Hydro	—	—	—		—	—
Total Net Generation	16,367	19,877	20,293		20,282	20,990
Purchased Power:
Affiliated Companies	4,484	5,080	4,861		6,102	5,638
Non-affiliated Companies	9,718	6,496	4,284		5,321	4,891
Total Purchased Power	14,202	11,576	9,145		11,423	10,529
Total Sources of Energy	30,569	31,453	29,438		31,705	31,519
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	8,795	8,780	8,255		8,648	8,354
Commercial	5,622	5,538	5,369		5,367	5,221
Industrial	12,870	14,738	14,402		15,184	15,052
Governmental	491	510	498		481	468
Total Retail	27,778	29,566	28,524		29,680	29,095
Sales for Resale	1,476	285	715		782	1,246
Unbilled Energy	42	237	(379	)	33	329
Total Electric Energy Sales	29,296	30,088	28,860		30,495	30,670
Line Losses and Company Usage	1,273	1,365	578		1,210	849
Total Uses of Energy	30,569	31,453	29,438		31,705	31,519
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	8.41	7.27	7.97		8.29	7.42
Commercial	8.42	7.28	8.00		8.22	7.39
Industrial	5.62	4.32	5.27		5.05	4.30
Governmental	8.28	7.04	7.87		8.06	7.21
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	571,767	565,824	562,706		560,250	555,716
Commercial	72,901	70,418	69,437		68,747	67,379
Industrial	7,686	7,136	6,843		6,870	7,010
Governmental	4,859	5,532	5,442		5,401	5,310
Total Retail Customers	657,213	648,910	644,428		641,268	635,415

39

UTILITY STATISTICAL INFORMATION

ENTERGY LOUISIANA, INC.

GENERATION PORTFOLIO

				Net Owned & Leased Dependable Capacity (MW)			Total Plant - 2003
Plant	Unit	Ownership			Fuel Type	Purpose	Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($000)
Buras	8	100	%	19	Gas/Oil	Peaking	903		1,319.27		1,191
Little Gypsy	1	100	%	244	Gas/Oil	Intermediate	1,333,443		84.17		112,235
	2	100	%	436	Gas/Oil	Intermediate
	3	100	%	573	Gas/Oil	Intermediate
Monroe(a)	10	100	%	23	Gas/Oil	Peaking	(1,010	)	(274.87	)	278
	11	100	%	41	Gas/Oil	Peaking
	12	100	%	74	Gas/Oil	Peaking
Ninemile Point	1	100	%	74	Gas/Oil	Peaking	4,576,333		74.54		341,133
	2	100	%	107	Gas/Oil	Peaking
	3	100	%	135	Gas/Oil	Intermediate
	4	100	%	748	Gas/Oil	Intermediate
	5	100	%	763	Gas/Oil	Intermediate
Sterlington	6	100	%	224	Gas/Oil	Intermediate	470,377		79.86		37,563
	7A	100	%	51	Gas/Oil	Peaking
	7B	100	%	51	Gas/Oil
	7C	100	%	101	Gas/Oil
Waterford	1	100	%	411	Gas/Oil	Intermediate	1,502,475		70.76		106,319
	2	100	%	411	Gas/Oil	Intermediate
Waterford	3	100	%	1,075	Nuclear PWR(b)	Base	8,484,953		16.75		142,090
Total				5,561			16,367,474		45.26		740,809

^(a) Plant was available for service but not used to meet load requirements. Net generation reflects plant usage of system generation.

^(b) PWR = Pressurized Water Reactor

40

UTILITY STATISTICAL INFORMATION

ENTERGY MISSISSIPPI, INC.

	2003	2002		2001		2000	1999
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	410,231	374,958		390,957		340,691	311,003
Commercial	341,862	309,525		327,770		275,010	250,929
Industrial	173,736	164,815		191,014		161,065	151,659
Governmental	32,393	28,532		30,569		25,612	23,528
Total Retail	958,222	877,830		940,310		802,378	737,119
Sales for Resale	42,143	78,004		131,886		109,902	94,550
Other	34,995	35,261		21,545		25,091	1,150
Total Electric Operating Revenues	1,035,360	991,095		1,093,741		937,371	832,819
FUEL REVENUES (included in above revenues)
Residential	157,624	146,191		168,322		106,123	83,232
Commercial	139,087	127,484		148,547		91,993	72,926
Industrial	88,063	82,778		102,087		67,980	56,832
Governmental	11,885	10,918		13,001		8,026	6,364
Total Retail Fuel Revenues	396,659	367,371		431,957		274,122	219,354
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	2,891	5,391		7,644		6,782	7,730
Coal	2,579	2,577		2,845		2,555	2,785
Nuclear	—	—		—		—	—
Hydro	—	—		—		—	—
Total Net Generation	5,470	7,968		10,489		9,337	10,515
Purchased Power:
Affiliated companies	5,984	4,069		3,995		4,091	3,375
Non-affiliated Companies	2,868	2,476		1,670		2,220	1,735
Total Purchased Power	8,852	6,545		5,665		6,311	5,110
Total Sources of Energy	14,322	14,513		16,154		15,648	15,625
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	5,092	5,092		4,867		4,976	4,753
Commercial	4,476	4,445		4,322		4,307	4,156
Industrial	2,939	2,910		3,051		3,188	3,246
Governmental	384	382		381		376	363
Total Retail	12,891	12,829		12,621		12,847	12,518
Sales for Resale	443	1,320		2,017		1,589	2,200
Unbilled Energy	45	(48	)	(81	)	160	(44	)
Total Electric Energy Sales	13,379	14,101		14,557		14,596	14,674
Line Losses and Company Usage	943	412		1,597		1,052	951
Total Uses of Energy	14,322	14,513		16,154		15,648	15,625
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	8.06	7.36		8.03		6.85	6.54
Commercial	7.64	6.96		7.58		6.39	6.04
Industrial	5.91	5.66		6.26		5.05	4.67
Governmental	8.44	7.47		8.02		6.81	6.48
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	348,019	344,637		341,126		340,125	335,221
Commercial	59,347	57,146		55,784		54,556	53,368
Industrial	4,767	3,036		2,970		3,048	3,021
Governmental	3,884	3,842		3,738		3,655	3,531
Total Retail Customers	416,017	408,661		403,618		401,384	395,141

41

UTILITY STATISTICAL INFORMATION

ENTERGY MISSISSIPPI, INC.

GENERATION PORTFOLIO

	Unit	Ownership		Net Owned & Leased Dependable Capacity (MW)	Fuel Type	Purpose	Total Plant - 2003
Plant							Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($000)
Baxter Wilson	1	100	%	550	Gas/Oil	Intermediate	561,876		100.22		56,310
	2	100	%	771	Gas/Oil	Intermediate
Delta	1	100	%	104	Gas/Oil	Peaking	77,874		80.32		6,255
	2	100	%	103	Gas/Oil	Peaking
Gerald Andrus	1	100	%	761	Gas/Oil	Intermediate	1,998,707		53.41		106,752
Natchez(a)	1	100	%	73	Gas/Oil	Peaking	(4	)	(129,651.00	)	519
Rex Brown	1	100	%	36	Gas	Peaking	251,926		102.02		25,703
	3	100	%	76	Gas/Oil	Intermediate
	4	100	%	231	Gas/Oil	Intermediate
	5	100	%	11	Oil	Peaking
Independence	1	25	%	209	Coal	Base	2,579,337		17.57		45,327
Independence	2	25	%	211	Coal	Base
Total				3,136			5,469,716		44.04		240,866

^(a) Facility was in extended reserve shutdown. Net generation reflects plant usage of system generation.

42

UTILITY STATISTICAL INFORMATION

ENTERGY NEW ORLEANS, INC.

	2003	2002		2001	2000	1999
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	178,133	170,517		189,474	188,314	158,822
Commercial	161,716	153,776		186,299	170,684	146,328
Industrial	26,416	24,657		31,725	25,479	25,584
Governmental	68,238	65,746		80,918	73,028	63,056
Total Retail	434,503	414,696		488,416	457,505	393,790
Sales for Resale	87,174	8,773		13,330	40,133	24,752
Other	5,983	1,058		926	17,136	7,889
Total Electric Operating Revenues	527,660	424,527		502,672	514,774	426,431
FUEL REVENUES (included in above revenues)
Residential	65,057	62,192		88,301	73,690	47,868
Commercial	67,552	63,447		96,377	73,965	48,462
Industrial	12,276	11,419		18,451	12,499	11,945
Governmental	30,534	29,324		44,690	34,255	23,537
Total Retail Fuel Revenues	175,419	166,382		247,819	194,409	131,812
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	2,099	2,580		2,232	3,642	3,521
Coal	—	—		—	—	—
Nuclear	—	—		—	—	—
Hydro	—	—		—	—	—
Total Net Generation	2,099	2,580		2,232	3,642	3,521
Purchased Power:
Affiliated Companies	3,742	2,706		3,271	2,333	2,497
Non-affiliated Companies	1,621	1,041		753	913	745
Total Purchased Power	5,363	3,747		4,024	3,246	3,242
Total Sources of Energy	7,462	6,327		6,256	6,888	6,763
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	2,133	2,158		1,981	2,178	2,102
Commercial	2,262	2,255		2,185	2,260	2,208
Industrial	413	409		414	384	514
Governmental	1,036	1,053		1,017	1,058	1,071
Total Retail	5,844	5,875		5,597	5,880	5,895
Sales for Resale	1,340	176		174	711	621
Unbilled Energy	22	(49	)	29	22	(55	)
Total Electric Energy Sales	7,206	6,002		5,800	6,613	6,461
Line Losses and Company Usage	256	325		456	275	302
Total Uses of Energy	7,462	6,327		6,256	6,888	6,763
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	8.35	7.90		9.56	8.65	7.56
Commercial	7.15	6.82		8.53	7.55	6.63
Industrial	6.42	6.03		7.66	6.64	4.98
Governmental	6.59	6.24		7.96	6.90	5.89
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	169,878	170,771		170,043	170,350	165,825
Commercial	16,336	16,576		16,431	16,423	16,306
Industrial	1,148	1,141		1,106	1,094	976
Governmental	1,755	1,632		1,649	1,642	1,621
Total Retail Customers	189,117	190,120		189,229	189,509	184,728

43

UTILITY STATISTICAL INFORMATION

ENTERGY NEW ORLEANS, INC.

GENERATION PORTFOLIO

Plant	Unit	Ownership		Net Owned & Leased Dependable Capacity (MW)	Fuel Type	Purpose	Total Plant - 2003
							Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($000)
A. B. Paterson(a)	3	100	%	56	Gas/Oil	Peaking	(1,299	)	(254.58	)	331
	4	100	%	—	Gas/Oil	Peaking
Michoud	1	100	%	113	Gas/Oil	Peaking	2,099,632		70.65		148,336
	2	100	%	244	Gas/Oil	Intermediate
	3	100	%	561	Gas/Oil	Intermediate
A. B. Paterson	5	100	%	16	Oil	Peaking	613		274.72		168
Total				990			2,098,946		70.91		148,835

^(a) Facility was in extended reserve shutdown. Net generation reflects plant usage of system generation.

SYSTEM ENERGY RESOURCES, INC.

	2003	2002	2001	2000	1999
OPERATING REVENUES ($ thousands)	583,820	602,486	535,027	656,749	620,032
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	—	—	—	—	—
Coal	—	—	—	—	—
Nuclear	9,812	9,053	8,921	9,621	7,567
Hydro	—	—	—	—	—
Total Net Generation	9,812	9,053	8,921	9,621	7,567
Purchased Power	—	—	—	—	—
Total Sources of Energy	9,812	9,053	8,921	9,621	7,567
USES OF ENERGY (GWh)
Sales for Resale	9,812	9,053	8,921	9,621	7,567
Unbilled Energy	—	—	—	—	—
Line Losses and Company Usage	—	—	—	—	—
Total Uses of Energy	9,812	9,053	8,921	9,621	7,567

SYSTEM ENERGY RESOURCES, INC.

GENERATION PORTFOLIO

	Unit	Ownership		Net Owned & Leased Dependable Capacity (MW)	Fuel Type	Purpose	Total Plant - 2003
Plant							Net Generation (MWH)	Expenses per Net MWH	Total Production Expense ($000)
Grand Gulf	1	90	%	1,086	Nuclear BWR(a)	Base	9,812,244	13.78	135,247
Total				1,086			9,812,244	13.78	135,247

^(a) BWR = Boiling Water Reactor

44

UTILITY STATISTICAL INFORMATION

UTILITY NUCLEAR PLANT STATISTICS

The following charts show plant performance for 2003 and averages for three, three-year periods.

CAPACITY FACTOR: This is defined as the ratio of the energy that was produced over a given period of time relative to the energy that would have been produced had the unit operated continuously at its maximum dependable capacity over the period.

CAPACITY FACTOR

	2003	2000–2002	1999–2001	1998–2000
	(%)
ANO	99.2	92.1	88.4	84.7
Grand Gulf	103.1	96.5	91.4	89.3
River Bend	90.4	95.0	84.8	84.9
Waterford 3	90.3	95.0	90.0	86.9
Entergy Southeast Average	96.5	94.4	88.8	86.3
Industry Average	—	93.0	88.8	85.5

Capacity factors greater than 100% result from units producing output in excess of their ratings for maximum dependable capacity.

PRODUCTION COST: The production costs below are measured in dollars per megawatt-hour. Production costs include O&M expenses and fuel lease charges, and exclude administrative and general expenses.

PRODUCTION COST

	2003	2000–2002	1999–2001	1998–2000
	($/MWh)
ANO	14.5	16.1	16.8	17.4
Grand Gulf	13.4	13.7	14.4	14.9
River Bend	17.3	17.1	19.3	19.7
Waterford 3	16.3	15.3	16.0	17.3
Entergy Southeast Average	15.1	15.5	16.4	17.2
Industry Average	—	16.2	17.3	18.0

INDIVIDUAL PLANT INFORMATION

	ANO			Grand Gulf	River Bend		Waterford 3
	Unit 1	Unit 2
Owner	Entergy Arkansas	Entergy Arkansas		System Energy–90% South Mississippi Electric Power Association–10%	Entergy Gulf States		Entergy Louisiana
Commercial Operation Date	December ‘74	March ‘80		July ‘85	June ‘86		September ‘85
License Expiration Date	5/20/34	7/17/18		11/1/24	8/29/25		12/18/24
Architect/Engineer	Bechtel Power	Bechtel Power		Bechtel Power	Stone & Webster		Ebasco
Reactor Manufacturer	Babcox &	Combustion		General	General		Combustion
	Wilcox	Engineering		Electric	Electric		Engineering
Reactor Type	PWR	PWR		BWR	BWR		PWR
Turbine Generator Manufacturer	Westinghouse	General Electric		Kraftwerk Union	General Electric		Westinghouse
Maximum Dependable Capacity (MW)	836	858		1,207	966	(b)	1,075
Refueling Data:
Last Date	10/4/02–	9/23/03–		9/13/02–	3/16/03–		10/19/03–
	11/12/02	10/14/03		10/6/02	4/11/03		11/22/03
Number of Days	39	20		23	25		33
Next Scheduled Refueling	Spring ‘04	Spring ‘05		Spring ‘04	Fall ‘04		Spring ‘05
2003 Capacity Factor (%)	92.8	105.5		103.1	90.4		90.3
($ millions as of December 31, 2003)
Book Value		1,007	(a)	1,971	2,059	(b)	1,633
Decommissioning Trust Fund Balance		360.5	(a)	172.9	267.9		152.0
Decommissioning Liability		567.5	(a)	312.5	298.8		325.3

^(a) ANO Units 1 & 2 are reported together.

^(b) 30% of River Bend is not subject to rate regulations by the Public Utility Commission of Texas, the Louisiana Public Service Commission, nor various municipal authorities, which is included in non-utility property on the balance sheet.

45

UTILITY REGULATORY INFORMATION

REGULATORY COMMISSIONS

	Arkansas	Louisiana	Mississippi	New Orleans	Texas
Commission	Arkansas Public Service Commission	Louisiana Public Service Commission	Mississippi Public Service Commission	New Orleans City Council	Public Utility Commission of Texas
Number of Commissioners	3	5	3	7	3
Method of Selection	Appointed by Governor	Elected	Elected	Elected	Appointed by Governor
Term of Office	6 years - staggered	6 years - staggered	4 years - concurrent	4 years - concurrent (2 term limits)	6 years - staggered
Chairman/President	Appointed	Elected - 1 year term	Rotates every 2 years	Selected by peers from two at-large seats	Appointed

COMMISSION/COUNCIL MEMBERS

	Party	Service Began	Term Ends
ARKANSAS
Sandra L. Hochstetter - Chairman	Republican	7/00	1/05
Daryl Bassett	Republican	9/02	1/09
Randy Bynum	Republican	1/03	1/07
LOUISIANA
Irma Muse Dixon - Chairman	Democrat	1/93	12/04
C. Dale Sittig	Democrat	11/95	12/04
James M. Field	Republican	12/96	12/06
Jack A. “Jay” Blossman, Jr.	Republican	1/97	12/08
Foster L. Campbell, Jr.	Democrat	1/03	12/08
MISSISSIPPI
Dorlos “Bo” Robinson - Chairman	Democrat	12/89	12/07
Michael Callahan	Democrat	12/99	12/07
Nielsen Cochran	Republican	12/83	12/07
NEW ORLEANS
Oliver M. Thomas, Jr. - President	Democrat	5/94	5/06
Eddie L. Sapir	Democrat	5/02	5/06
John A. Batt, Jr.	Republican	5/02	5/06
Renee Gill Pratt	Democrat	5/02	5/06
Jacquelyn Brechtel Clarkson	Democrat	5/02	5/06
Marlin N. Gusman	Democrat	10/00	5/06
Cynthia Willard-Lewis	Democrat	5/02	5/06
TEXAS
Paul Hudson - Chairman	Republican	8/03	8/09
Julie Caruthers Parsley	Republican	11/02	8/05

46

UTILITY REGULATORY INFORMATION

SELECT UTILITY RETAIL RATE PROCEEDINGS

Company	Authorized ROE	Pending Proceedings/Events as of April 26, 2004
Entergy Arkansas	11.0%	No cases pending. Next filing likely to come in connection with steam generators replacement at ANO in mid-2005.
Entergy Gulf States-Texas	10.95%	Base rates frozen since settlement order issued in June 1999. Freeze may extend until the start of retail open access, which may occur as early as mid-2005. A number of activities must be completed to achieve this date including ruling on independence of transmission authority, restart of pilot program, and completion of a business separation plan. The Public Utility Commission of Texas scheduled hearings for June 2004 to consider the certification of Entergy’s independent transmission organization. Should the PUCT choose to not support retail open access, EGSI will file for new rates and/or pursue other options for increasing its revenues.
Entergy Gulf States-Louisiana	11.1%	The 9th revenue review (2002) and prospective revenue study are currently pending before the Louisiana Public Service Commission. EGSI’s filings included an $11.5 million rate reduction which was implemented in June 2002 and a $22 million revenue deficiency based on a 2002 test year. The most recent LPSC staff testimony, filed in March 2004, recommended a refund of at least $29 million and a prospective rate reduction of approximately $50 million. In a separate March 2004 filing, EGSI proposed a $32 million pro forma adjustment to include revenue requirements associated with the Perryville power purchase agreement. Separately, EGSI continues to pursue the development of a performance-based rate structure in conjunction with LPSC staff.
Entergy Louisiana	11.3%	In January 2004, ELI filed with the LPSC an application for a $167 million base rate increase and a ROE of 11.4%. The requested increase is expected to be largely mitigated by fuel savings resulting from the generation supply plan. Separately, ELI continues to pursue the development of a performance-based rate structure in conjunction with LPSC staff.
Entergy Mississippi	9.34%-12.20%	In December 2002, the Mississippi Public Service Commission approved a $48.2 million rate increase with an allowed ROE of 11.75%. In addition, the MPSC approved a formula rate plan which allows the earned Rate of Return on Rate Base to increase or decrease by as much as 50 basis points without requiring a change in base rates. This equates to a ROE bandwidth of plus or minus 119 basis points. In addition, a performance incentive based on outage frequency, price, and customer satisfaction can increase or decrease the benchmarked ROE by 100 basis points. If EMI earns above or below the bandwidth range, rates are adjusted on a prospective basis by 50% of any overage or shortfall to the top or bottom of the bandwidth respectively. EMI made its formula rate plan filing in March 2004 based on a 2003 test year. MPSC staff and EMI signed a joint stipulation in April which provides for no change in rates based on an adjusted ROE of 10.77%.
Entergy New Orleans	10.25%-13.25%	Effective June 2003, the New Orleans City Council approved a $30.2 million rate increase and a 2-year prospective Formula Rate Plan with a ROE mid point of 11.25% and a ROE bandwidth from 10.25% to 12.25%. In addition, the formula rate plan allows for fuel clause adjustments equivalent to 13.25% ROE based on a Generation Performance-Based Rate plan. The GBPR provides for sharing of fuel and purchased power savings based on a specified implied heat rate target and a gas price index. ENOI customers receive the first $20 million of savings; thereafter 10% of additional savings are allocated to the company.

47

UTILITY REGULATORY INFORMATION

UTILITY ELECTRIC AND GAS FUEL RECOVERY

	Deferred Fuel Balance as of December 31,
Company	2003		2002		2001		2000	1999		Fuel Recovery Mechanism
	($ millions)
Entergy Arkansas	10.6		(42.6	)	17.2		103.0	41.6		Entergy Arkansas’ rate schedules include an energy cost recovery rider to recover fuel and purchased energy costs in monthly bills. The rider utilizes prior calendar year energy costs and projected energy sales for the twelve month period commencing on April 1 of each year to develop an energy cost rate, which is redetermined annually and includes a true-up adjustment reflecting the over-recovery or under-recovery, including carrying charges, of the energy cost for the prior calendar year.
Entergy Gulf States - Texas	116.6		91.8		108.6		184.1	134.9		Entergy Gulf States’ Texas rate schedules include a fixed fuel factor to recover fuel and purchased power costs, including carrying charges, not recovered in base rates. Under current methodology, semi-annual revisions of the fixed fuel factor may be made in March and September based on the market price of natural gas. Entergy Gulf States will likely continue to use this methodology until retail open access begins in Texas. To the extent actual costs vary from the fixed fuel factor, refunds or surcharges are required or permitted. The amounts collected under the fixed fuel factor through the start of retail open access are subject to fuel reconciliation proceedings before the PUCT. At the start of retail open access for Entergy Gulf States in Texas, which is not expected before the first quarter of 2005, fuel and purchased power cost recovery will be subject to the fuel component of the price-to-beat rates approved by the PUCT. The PUCT fuel cost reviews that were resolved during the past year or are currently pending are discussed in Note 2 to the domestic utility companies and System Energy financial statements in Entergy’s 2003 Form 10-K.
Entergy Gulf States - Louisiana	1.9		8.8		18.2		104.0	(0.5	)	Entergy Gulf States’ Louisiana electric rates include a fuel adjustment designed to recover the cost of fuel and purchased power costs. The fuel adjustment contains a surcharge or credit for deferred fuel expense and related carrying charges arising from the monthly reconciliation of actual fuel costs incurred with fuel cost revenues billed to customers.
										Entergy Gulf States’ Louisiana gas rates include a purchased gas adjustment based on estimated gas costs for the billing month adjusted by a surcharge or credit for deferred fuel expense arising from the monthly reconciliation of actual fuel costs incurred with fuel cost revenues billed to customers.
Entergy Louisiana	30.6		(25.6	)	(67.5	)	84.1	2.2		Entergy Louisiana’s rate schedules include a fuel adjustment clause designed to recover the cost of fuel. The fuel adjustment contains a surcharge or credit for deferred fuel expense and related carrying charges arising from the monthly reconciliation of actual fuel costs incurred with fuel cost revenues billed to customers.
Entergy Mississippi	89.1		38.2		106.2		65.0	47.9		Entergy Mississippi’s rate schedules include energy cost recovery riders to recover fuel and purchased energy costs. The rider utilizes projected energy costs filed quarterly by Entergy Mississippi to develop an energy cost rate. The energy cost rate is redetermined each calendar quarter and includes a true-up adjustment reflecting the over-recovery or under-recovery of the energy cost as of the second quarter preceding the redetermination.
Entergy New Orleans	(2.7	)	(14.9	)	(10.2	)	28.2	14.5		Entergy New Orleans’ electric rate schedules include a fuel adjustment tariff designed to reflect no more than targeted fuel and purchased power costs, adjusted by a surcharge or credit for deferred fuel expense arising from the monthly reconciliation of actual fuel and purchased power costs incurred with fuel cost revenues billed to customers, including carrying charges. The adjustment also includes the difference between non-fuel Grand Gulf 1 costs paid by Entergy New Orleans and the estimate of such costs, which are included in base rates, as provided in Entergy New Orleans’ Grand Gulf 1 rate settlements. Entergy New Orleans’ gas rate schedules include an adjustment to reflect estimated gas costs for the billing month, adjusted by a surcharge or credit similar to that included in the electric fuel adjustment clause, including carrying charges. In November 2003, the Council passed a resolution implementing a package of measures developed by Entergy New Orleans and the Council Advisors to protect customers from potential gas price spikes during the 2003 - 2004 winter heating season. These measures include: expansion of Entergy New Orleans’ financial hedging plan for its purchase of wholesale gas, and deferral of collection of up to $4 million of gas costs in the event that the average residential customer’s gas bill were to exceed a threshold level, which management does not expect.
System Energy Resources										Not applicable

48

COMPETITIVE BUSINESSES

COMPETITIVE BUSINESSES METRICS

COMPETITIVE BUSINESSES QUARTERLY FINANCIAL METRICS

	2003					2002										YTD % change
	1Q	2Q	3Q	4Q	YTD	1Q		2Q		3Q		4Q		YTD
ENTERGY NUCLEAR
As-Reported
Return on Average Invested Capital (%)*	18.7	17.1	15.0	12.7	12.7	11.8		12.2		11.7		11.8		11.8		8
Return on Average Common Equity (%)*	27.0	24.8	20.6	17.3	17.3	21.0		22.7		16.6		16.4		16.4		5
Net Debt to Net Capital (%)*	31.7	31.9	26.6	23.5	23.5	45.0		42.9		35.0		38.2		38.2		(38	)
Operational
Return on Average Invested Capital (%)*	11.4	10.1	8.5	8.6	8.6	11.8		12.2		11.7		11.8		11.8		(27	)
Return on Average Common Equity (%)*	14.5	12.9	10.3	11.1	11.1	21.0		22.7		16.6		16.4		16.4		(32	)
ENERGY COMMODITY SERVICES
As-Reported
Return on Average Invested Capital (%)*	9.8	10.8	10.5	8.0	8.0	(3.3	)	(5.7	)	(7.9	)	(4.6	)	(4.6	)	N/A
Return on Average Common Equity (%)*	11.5	14.8	14.6	11.1	11.1	(10.2	)	(14.5	)	(15.8	)	(10.1	)	(10.1	)	N/A
Net Debt to Net Capital (%)*	12.0	12.8	16.8	17.8	17.8	29.2		42.1		36.7		33.6		33.6		(47	)
Operational
Return on Average Invested Capital (%)*	10.1	9.9	10.6	8.0	8.0	8.6		6.6		6.4		6.9		6.9		16
Return on Average Common Equity (%)*	11.9	13.4	14.7	11.1	11.1	12.4		9.5		7.3		8.4		8.4		32
Fair Value of Trading Contracts at end of period ($ millions)	130	184	105	16	16	164		132		115		91		91		(82	)

* Trailing twelve months

49

ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR OPERATIONAL METRICS

	2003															2002															YTD % Change
	1Q			2Q			3Q			4Q			YTD			1Q			2Q			3Q			4Q			YTD
Net MW in Operation		3,955			3,955			4,001			4,001			4,001			3,445			3,445			3,955			3,955			3,955		1
Avg. Realized Price/MWh	$	38.28		$	39.78		$	40.67		$	38.54		$	39.38		$	37.14		$	39.88		$	42.59		$	40.49		$	40.07		(2	)
Production Cost/MWh	$	23.54		$	20.85		$	20.03		$	17.15		$	20.32		$	19.62		$	19.40		$	19.82		$	22.18		$	20.20		1
Generation in GWh		8,093			7,337			8,246			8,702			32,379			7,509			7,449			8,152			6,843			29,953		8
Capacity Factor		94	%		84	%		94	%		98	%		92	%		100	%		99	%		97	%		78	%		93	%	(1	)

ENTERGY NUCLEAR PLANT STATISTICS

	James A. FitzPatrick		Indian Point				Pilgrim Nuclear Station		Vermont Yankee
			Unit 2		Unit 3
Commercial Operation Date	July ’75		August ’74		August ’76		December ’72		November ’72
License Expiration Date	10/17/14		9/28/13		12/15/15		6/8/12		3/21/12
Architect/Engineer	Stone & Webster		United Engineers & Constructors		United Engineers & Constructors		Bechtel Power		Ebasco
Reactor Manufacturer	General Electric		Westinghouse		Westinghouse		General Electric		General Electric
Reactor Type	BWR		PWR		PWR		BWR		BWR
Turbine Generator Manufacturer	General Electric		Westinghouse		Westinghouse		General Electric		General Electric
Maximum Dependable Capacity (MW)	825		984		994		688		510
Refueling Data
Last Date	10/7/02– 10/31/02		10/25/02– 11/27/02		3/28/03– 4/23/03		4/19/03– 5/13/03		10/6/02– 10/27/02
Number of Days	24		33		26		24		21
Next Scheduled Refueling	Fall ’04		Fall ’04		Spring ’05		Spring ’05		Spring ’04
2003 Capacity Factor	96	%	97	%	87	%	84	%	98	%
($ millions as of December 31, 2003)
Book Value	160		466		235		16		59
Decommissioning Trust Fund Balance		(a)	486	(b)		(a)	492		347
Decommissioning Liability		(a)	258	(b)		(a)	213		239

^(a) NYPA retained the decommissioning trusts and decommissioning liability. NYPA and Entergy executed decommissioning agreements, specifying their decommissioning obligations. NYPA has the right to require Entergy to assume the decommissioning liability provided that it assigns the corresponding decommissioning trust, up to a specified level, to Entergy. If the decommissioning liability is retained by NYPA, Entergy will perform the decommissioning of the plants at a price equal to the lesser of a pre-specified level or the amount in the decommissioning trusts. Entergy believes that the amounts available to it under either scenario are sufficient to cover the future decommissioning costs without any additional contributions to the trusts.

^(b) Includes amount for Indian Point 1. Indian Point 1 has been shut down and in safe storage since the 1970s.

ENTERGY NUCLEAR PLANNED PLANT UPRATES

(MW)	12/31/03 Capacity	2004	2005	12/31/05 Projected Capacity
FitzPatrick	825	16	—	841
Indian Point 2	984	44	—	1,028
Indian Point 3	994	—	47	1,041
Pilgrim	688	—	—	688
Vermont Yankee	510	50	45	605
Total	4,001	110	92	4,203

50

ENTERGY NUCLEAR SOLD FORWARD STATISTICS

(As of December 31, 2003)	2004			2005(a)			2006(a)			2007(a)			2008(a)
Energy
Planned TWh of generation		33			34			35			35			35
Percent of EN’s total planned generation sold forward
Unit-contingent		57	%		34	%		24	%		15	%		12	%
Unit-contingent with availability guarantees		43	%		19	%		17	%		11	%		5	%
Firm liquidated damages		—	%		1	%		4	%		2	%		—	%
Total		100	%		54	%		45	%		28	%		17	%
Average contract price per MWh	$	38		$	37		$	36		$	36		$	40
Capacity
Planned net MW in operation		4,111			4,203			4,203			4,203			4,203
Percent of EN’s capacity sold forward
Bundled capacity and energy contracts		55	%		15	%		12	%		13	%		13	%
Capacity contracts		28	%		15	%		6	%		3	%		—	%
Total		83	%		30	%		18	%		16	%		13	%
Average capacity contract price per kW-month	$	2.4		$	1.3		$	0.6		$	0.7			N/A
Capacity and Energy (based on revenues)
Percent of EN’s planned energy and capacity sold forward		99	%		50	%		41	%		25	%		16	%
Average contract revenue per MWh	$	39		$	37		$	36		$	36		$	40

^(a) EN’s total planned generation sold forward associated with the Vermont Yankee contract for which pricing may be adjusted is 2 percent in 2005, 13 percent in 2006, 12 percent in 2007 and 13 percent in 2008.

ENTERGY NUCLEAR SECURITIES DETAIL

ENTERGY NUCLEAR LONG-TERM DEBT

Note to New York Power Authority (NYPA) relating to the purchase of FitzPatrick and Indian Point 3

($ thousands)	Long-term debt (a)	Interest expense	Additional LTD related to purchase of IP2	Interest expense	Total ending long-term debt	Total interest expense
2000	744,405	3,869	—	—	744,405	3,869
2001	682,512	35,392	74,402	1,190	756,914	36,582
2002	604,420	32,540	79,220	3,628	683,640	36,168
2003	441,845	27,387	72,863	3,643	514,708	31,030
2004	379,405	21,275	66,200	3,337	445,605	24,612
2005	313,968	18,277	59,218	3,018	373,186	21,295
2006	245,390	15,137	51,900	2,682	297,290	17,819
2007	173,520	11,845	44,231	2,331	217,751	14,176
2008	161,932	8,412	36,194	1,963	198,126	10,375
2009	149,771	7,839	27,772	1,577	177,543	9,416
2010	137,026	7,255	18,945	1,173	155,971	8,428
2011	123,669	6,643	9,694	750	133,363	7,393
2012	109,681	6,012	—	305	109,681	6,317
2013	95,011	5,331	—	—	95,011	5,331
2014	79,638	4,627	—	—	79,638	4,627
2015	61,027	3,889	—	—	61,027	3,889
2016–2035 Average	N/A	1,755	—	—	N/A	1,755

^(a) Includes plant, fuel, and license extension payments. Payments for plant and fuel are made annually on 11/21 (anniversary of close). As of 9/30/03, the entire fuel note has been paid off. Life extension payments made on anniversary of license expiration.

51

ENERGY COMMODITY SERVICES

ENERGY COMMODITY SERVICES OPERATIONAL METRICS

	2003										2002										YTD % Change
	1Q		2Q		3Q		4Q		YTD		1Q		2Q		3Q		4Q		YTD
ENTERGY-KOCH TRADING
Electricity Volatility (%)		86		52		34		50		59		39		51		57		41		48	23
Gas Volatility (%)		91		45		39		60		62		79		54		58		50		61	2
Electricity Marketed (GWh)		123,480		100,865		105,184		116,451		445,979		86,092		90,178		94,980		136,833		408,038	9
Gas Marketed (Bcf/d)		7.8		5.3		5.8		7.0		6.5		5.6		5.8		6.7		5.0		5.8	12
Gain/Loss Days		1.3		1.4		1.7		1.5		1.5		2.1		1.7		2.0		1.3		1.8	(17	)
Daily Average Earnings at Risk		19.5		12.9		12.1		9.8		13.6		8.1		10.4		11.4		13.1		10.8	26
Low Daily Earnings at Risk		15.4		7.6		7.8		5.9		5.9		6.6		8.2		8.7		8.4		6.6	(11	)
High Daily Earnings at Risk		35.2		16.6		19.6		16.2		35.2		10.3		14.7		14.1		16.9		16.9	108
GULF SOUTH PIPELINE
Throughput (Bcf/d)		2.20		1.90		1.84		1.99		1.99		2.66		2.31		2.27		2.22		2.40	(17	)
Production Cost ($/mmbtu)	$	0.113	$	0.138	$	0.171	$	0.172	$	0.146	$	0.077	$	0.096	$	0.096	$	0.113	$	0.094	55
NON-NUCLEAR WHOLESALE
ASSETS
Net MW in Operation		1,421		1,421		1,806		1,911		1,911		1,870		1,209		1,209		1,421		1,421	34

ENERGY COMMODITY SERVICES NON-NUCLEAR WHOLESALE ASSETS

Project	Location	NERC Region	Ownership Interest		Net MW	Total MW	Fuel Type/ Technology	Purpose
Independence – Unit 2	Newark, AR	SERC	14	%	121	842	Coal	Base
Ritchie – Unit 2	Helena, AR	SERC	100	%	544	544	Gas/Oil	Peaking
Warren Power	Vicksburg, MS	SERC	100	%	300	300	CT	Peaking
Top of Iowa Wind Farm	Iowa, USA	MAPP	99	%	79	80	Wind	Renewable
RS Cogen	Lake Charles, LA	SERC	50	%	213	425	Cogen	Base QF
Harrison County	Marshall, TX	SPP	70	%	385	550	CCGT	Intermediate
Nelson (PPA)	Westlake, LA	SERC	20	%	110	550	Coal	Base
Total					1,752	3,291

Note: Entergy sold its 158 net MW interest in the Crete power plant in January 2004.

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ENERGY COMMODITY SERVICES SOLD FORWARD STATISTICS

	2004			2005			2006			2007			2008
(as of December 31, 2003)
Capacity
Planned Net MW in operation		1,911			1,911			1,911			1,911			1,911
Percent of ECS’s capacity sold forward		43	%		43	%		34	%		31	%		26	%
Energy
Planned TWh of generation		3			3			3			4			4
Percent of ECS’s planned generation sold forward
Unit-contingent		7	%		6	%		7	%		6	%		6	%
Unit-contingent with availability guarantees		57	%		61	%		45	%		36	%		33	%
Firm liquidated damages		—	%		—	%		—	%		—	%		—	%
Total		64	%		67	%		52	%		42	%		39	%
Blended Capacity and Energy Recap (based on revenues)
Percent of ECS’s planned energy and capacity sold forward		62	%		66	%		50	%		41	%		35	%
Average contract revenue per MWh	$	26		$	25		$	27		$	31		$	28

Includes Crete power plant which was sold in January 2004.

ENERGY COMMODITY SERVICES SECURITIES DETAIL

ENTERGY-KOCH, LP

Rated “A” by Standard & Poor’s and “A3” by Moody’s

Facility (Entergy’s share)	Amount		Maturity	Rate
	($ millions)
Privately Placed Notes	150		8/1/11	6.90%
Privately Placed Notes	100		8/20/06	3.65%
Credit Revolver	115		1/29/04	LIBOR + 0.475%(a)
Credit Revolver	52		2/1/06	LIBOR + 0.35%(a)
Credit Revolver (Entergy-Koch Trading, LP)	12		9/23/04	LIBOR + 0.75%
Credit Revolver (Entergy-Koch Trading, Ltd.)	9	(b)	4/29/04	LIBOR + 0.75%

^(a) Pricing based on credit ratings grid. Current rates shown (drawn plus utilization fee).

^(b) The facility is denominated in British Pounds. Maximum available is 10 million British Pounds.

NON-NUCLEAR WHOLESALE ASSETS

Facility (Entergy’s share)	Amount	Maturity	Rate
	($ millions)
RS Cogen Senior Project Debt
Bank Portion (a)	81.8	10/17/18	LIBOR + 1.375%
Institutional Portion	37.5	10/15/22	Fixed 8.73%
RS Cogen Subordinated Project Debt	16.8	10/17/17	LIBOR + 4.5%

^(a) RS Cogen spread on bank portion increases over time to 2.375%.

53

DEFINITIONS OF OPERATIONAL MEASURES AND GAAP AND NON-GAAP FINANCIAL MEASURES

COMPETITIVE BUSINESSES
Planned TWh of generation	Amount of output expected to be generated by Entergy Nuclear for nuclear units, or by non-nuclear wholesale assets for fossil and wind units, considering plant operating characteristics, outage schedules, and expected market conditions which impact dispatch
Percent of planned generation sold forward	Percent of planned generation output sold forward under contracts, forward physical contracts or forward financial contracts (consistent with assumptions used in earnings guidance) that may or may not require regulatory approval
Unit-contingent	Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not be liable to buyer for any damages
Unit-contingent with availability guarantees	Transaction under which power is supplied from a specific generation asset; if the asset is unavailable, seller is not liable to buyer for any damages, unless the actual availability over a specified period of time is below an availability threshold specified in the contract
Firm liquidated damages (LD)	Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset); if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract
Planned net MW in operation	Amount of capacity to be available to generate power considering uprates planned to be completed within the calendar year
Bundled energy & Capacity contract	A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold
Capacity contract	For Entergy Nuclear, a contract for the sale of the installed capacity product in regional markets managed by ISO New England and the New York Independent System Operator For Energy Commodity Services, a contract for the sale of capacity and related energy, in which capacity and energy are priced separately
Average contract price per MWh or per kW per month	Price at which generation output and/or capacity is expected to be sold to third parties, given existing contract prices based on expected dispatch or capacity
Average contract revenue per MWh	Price at which the combination of generation output and capacity are expected to be sold to third parties, given existing contract prices based on expected dispatch
ENTERGY NUCLEAR
Net MW in operation	Installed capacity owned or operated by Entergy Nuclear
Average realized price per MWh	As-reported revenue per MWh generated for all non-utility nuclear operations
Production cost per MWh	Fuel and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh
Generation in GWh	Total number of GWh produced by all non-utility nuclear facilities
Capacity factor	Normalized percentage of the period that the plant generates power
ENTERGY-KOCH TRADING
Electricity volatility	Average volatility of into-Cinergy power prices for the period
Gas volatility	Average volatility of Henry Hub spot prices for the period
Electricity marketed (GWh)	Total physical GWh volumes marketed in the U.S. and Europe during the period
Gas marketed (Bcf/d)	Physical Bcf/d volumes marketed in the U.S. and Europe during the period
Gain/loss days	Ratio of days where aggregate trading gains exceeded trading losses across all commodities
Daily average earnings at risk	Daily value at risk in millions of dollars for the period using a 97.5% confidence level. This measure indicates that, if prices moved against the positions, the loss in neutralizing the portfolio would not be expected to exceed the calculated value at risk
GULF SOUTH PIPELINE
Throughput	Gas in Bcf/d transported by the pipeline during the period
Production cost	Cost in $/mmbtu associated with delivering gas, excluding gas expense

54

DEFINITIONS OF OPERATIONAL MEASURES AND GAAP AND NON-GAAP FINANCIAL MEASURES

Financial measures defined in the below table include measures prepared in accordance with generally accepted accounting principles, (GAAP), as well as non-GAAP measures. Non-GAAP measures are included in this statistical guide in order to provide metrics that remove the effect of non-recurring financial impacts from commonly used financial metrics. Entergy uses these non-GAAP measures internally in budgeting and performance monitoring activities to gauge business performance and the ongoing strength of each business segment. Entergy further believes these measures provide useful information to investors in evaluating Entergy’s ongoing business results and assists investors in comparing the company’s operating performance to the operating performance of others in the energy sector.

FINANCIAL MEASURES – GAAP
Return on average invested capital – as-reported	12-months rolling net income adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital
Return on average common equity – as-reported	12-months rolling net income divided by average common equity
Net margin – as-reported	12-months rolling net income divided by 12 months rolling revenue
Cash flow interest coverage	12-months net cash flow provided by operating activities plus 12-months rolling interest paid, divided by interest expense, excluding interest income
Book value per share	Common equity divided by end of period shares outstanding
Revolver capacity	Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Total debt	Sum of short-term and long-term debt, capital leases, and preferred stock with sinking fund (2003 only) on the balance sheet less non-recourse debt, if any
Project debt	Financing at subsidiaries to support specific projects
Debt of joint ventures (Entergy share)	Debt issued for Entergy-Koch, LP and RS Cogen joint ventures
Leases (Entergy share)	Operating leases held by subsidiaries capitalized at implicit interest rate
FINANCIAL MEASURES – NON-GAAP
Operational net income	As-reported net income adjusted to exclude the impact of special items
Return on average invested capital – operational	12-months rolling operational net income adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital
Return on average common equity – operational	12-months rolling operational net income divided by average common equity
Net margin – operational	12-months rolling operational net income divided by 12 months rolling revenue
Total gross liquidity	Sum of cash and revolver capacity
Net debt to net capital	Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents
Net debt including off-balance sheet liabilities	Sum of gross debt and off-balance sheet debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents

55

INVESTOR INFORMATION

INVESTOR NEWS

Entergy’s quarterly earnings results, webcasts, presentations, and other news and information of investor interest may be obtained by visiting the investor information page on Entergy’s corporate website at www.entergy.com or calling Entergy Shareholder Direct at 1.888.ENTERGY (368.3749).

INVESTOR RELATIONS

Security analysts, portfolio managers, and other members of the financial community may contact:

Nancy Morovich

Vice President, Investor Relations

Telephone: 504.576.5506

E-mail: nmorovi@entergy.com

SHAREHOLDERS ACCOUNT INFORMATION

Mellon Investor Services, LLC is Entergy’s transfer agent, registrar, dividend disbursing agent, and dividend reinvestment and stock purchase plan agent. Shareholders of record with questions about lost certificates, lost or missing dividend checks, or notifications of change of address should contact:

Mellon Investor Services

85 Challenger Road

Ridgefield Park, NJ 07660

Telephone: 1.800.333.4368

For Internet access: www.melloninvestor.com

CORPORATE GOVERNANCE

Entergy’s Corporate Governance Guidelines, Board Committee Charters for the Corporate Governance, Audit, and Personnel Committees, and Entergy’s Code of Conduct may be accessed electronically be selecting the investor information page on Entergy’s corporate website at www.entergy.com.

ADDITIONAL INFORMATION

For copies of the above Corporate Governance documents, Entergy’s 10-K and 10-Q reports filed with the Securities and Exchange Commission, or for other investor information, call 1.800.292.9960 or write to:

Entergy Corporation

Investor Relations

P.O. Box 61000

New Orleans, LA 70161

COMMON STOCK INFORMATION

The company’s common stock is listed on the New York, Chicago, and Pacific exchanges under the symbol “ETR.” The Entergy share price is reported daily in the financial press under “Entergy” in most listings of New York Stock Exchange securities. Entergy common stock is a component of the following indices: S&P 500, S&P Utilities Index, and the NYSE Composite Index, among others.

At year-end 2003 there were 228,897,642 shares of Entergy common stock outstanding. Shareholders of record totaled 54,738, and approximately 89,000 investors held Entergy stock in “street name” through a broker.

DIVIDEND PAYMENTS

The entire amount of dividends paid during 2003 is taxable as ordinary income. The Board of Directors declares dividends quarterly and sets the record and payment dates. Subject to Board discretion, those dates for 2004 are:

Declaration Date	Record Date	Payment Date
January 30	February 11	March 1
April 7	May 12	June 1
July 30	August 11	September 1
November 5	November 17	December 1

Quarterly dividend payments (in cents-per-share):

Quarter	2004	2003	2002	2001	2000
1	45	35	33	31 1/2	30
2	45	35	33	31 1/2	30
3		45	33	31 1/2	30
4		45	35	33	31 1/2

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[GRAPHIC]

ENTERGY CORPORATION • POST OFFICE BOX 61000 • NEW ORLEANS, LA 70161

WWW.ENTERGY.COM