-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KDTSzfAkVz/Zed0JEfqBS5//AaULg6tZh+D5TE+Jqo0C34gXTu3Gnn56elMTJcgk qeuKyThQ2ndAat3qBg0B3A== 0000065984-05-000292.txt : 20050920 0000065984-05-000292.hdr.sgml : 20050920 20050920072353 ACCESSION NUMBER: 0000065984-05-000292 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050920 ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050920 DATE AS OF CHANGE: 20050920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY CORP /DE/ CENTRAL INDEX KEY: 0000065984 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 721229752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11299 FILM NUMBER: 051092512 BUSINESS ADDRESS: STREET 1: 639 LOYOLA AVE CITY: NEW ORLEANS STATE: LA ZIP: 70113 BUSINESS PHONE: 5045764000 MAIL ADDRESS: STREET 1: PO BOX 61000 CITY: NEW ORLEANS STATE: LA ZIP: 70161 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY CORP /FL/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: ENTERGY GSU HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19940329 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH UTILITIES INC DATE OF NAME CHANGE: 19890521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYSTEM ENERGY RESOURCES INC CENTRAL INDEX KEY: 0000202584 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 720752777 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09067 FILM NUMBER: 051092513 BUSINESS ADDRESS: STREET 1: ECHELON ONE STREET 2: 1340 ECHELON PKWY CITY: JACKSON STATE: MS ZIP: 39213 BUSINESS PHONE: 601-368-5000 MAIL ADDRESS: STREET 1: ECHELON ONE STREET 2: 1340 ECHELON PKWY CITY: JACKSON STATE: MS ZIP: 39213 FORMER COMPANY: FORMER CONFORMED NAME: MIDDLE SOUTH ENERGY INC DATE OF NAME CHANGE: 19860803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY NEW ORLEANS INC CENTRAL INDEX KEY: 0000071508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 720273040 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-05807 FILM NUMBER: 051092514 BUSINESS ADDRESS: STREET 1: 1600 PERDIDO ST STREET 2: BLDG 505 CITY: NEW ORLEANS STATE: LA ZIP: 70112 BUSINESS PHONE: 504-670-3674 MAIL ADDRESS: STREET 1: 1600 PERDIDO ST STREET 2: BLDG 505 CITY: NEW ORLEANS STATE: LA ZIP: 70112 FORMER COMPANY: FORMER CONFORMED NAME: NEW ORLEANS PUBLIC SERVICE INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY MISSISSIPPI INC CENTRAL INDEX KEY: 0000066901 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 640205830 STATE OF INCORPORATION: MS FISCAL YEAR END: 1204 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31508 FILM NUMBER: 051092515 BUSINESS ADDRESS: STREET 1: 308 EAST PEARL STREET CITY: JACKSON STATE: MS ZIP: 39201 BUSINESS PHONE: 601-368-5000 MAIL ADDRESS: STREET 1: 308 EAST PEARL STREET CITY: JACKSON STATE: MS ZIP: 39201 FORMER COMPANY: FORMER CONFORMED NAME: MISSISSIPPI POWER & LIGHT CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY LOUISIANA INC CENTRAL INDEX KEY: 0000060527 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 720245590 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08474 FILM NUMBER: 051092516 BUSINESS ADDRESS: STREET 1: 4809 JEFFERSON HGWY CITY: JEFFERSON STATE: LA ZIP: 70121 BUSINESS PHONE: 504-840-2734 MAIL ADDRESS: STREET 1: 4809 JEFFERSON HIGHWAY CITY: JEFFERSON STATE: LA ZIP: 70121 FORMER COMPANY: FORMER CONFORMED NAME: LOUISIANA POWER & LIGHT CO /LA/ DATE OF NAME CHANGE: 19960610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY ARKANSAS INC CENTRAL INDEX KEY: 0000007323 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 710005900 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10764 FILM NUMBER: 051092518 BUSINESS ADDRESS: STREET 1: 425 WEST CAPITOL AVE STREET 2: 40TH FLOOR CITY: LITTLE ROCK STATE: AR ZIP: 72201 BUSINESS PHONE: 501-377-4000 MAIL ADDRESS: STREET 1: P O BOX 551 CITY: LITTLE ROCK STATE: AR ZIP: 72203 FORMER COMPANY: FORMER CONFORMED NAME: ARKANSAS POWER & LIGHT CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERGY GULF STATES INC CENTRAL INDEX KEY: 0000044570 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 740662730 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-27031 FILM NUMBER: 051092517 BUSINESS ADDRESS: STREET 1: 350 PINE ST CITY: BEAUMONT STATE: TX ZIP: 77701 BUSINESS PHONE: 409-838-6631 MAIL ADDRESS: STREET 1: 350 PINE ST CITY: BEAUMONT STATE: TX ZIP: 77701 FORMER COMPANY: FORMER CONFORMED NAME: GULF STATES UTILITIES CO DATE OF NAME CHANGE: 19920703 8-K 1 a18205.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date earliest event reported): September 20, 2005 Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. 1-11299 ENTERGY CORPORATION 72-1229752 (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000 1-10764 ENTERGY ARKANSAS, INC. 71-0005900 (an Arkansas corporation) 425 West Capitol Avenue, 40th Floor Little Rock, Arkansas 72201 Telephone (501) 377-4000 1-27031 ENTERGY GULF STATES, INC. 74-0662730 (a Texas corporation) 350 Pine Street Beaumont, Texas 77701 Telephone (409) 838-6631 1-8474 ENTERGY LOUISIANA, INC. 72-0245590 (a Louisiana corporation) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 840-2734 0-320 ENTERGY MISSISSIPPI, INC. 64-0205830 (a Mississippi corporation) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000 0-5807 ENTERGY NEW ORLEANS, INC. 72-0273040 (a Louisiana corporation) 1600 Perdido Building New Orleans, Louisiana 70112 Telephone (504) 670-3674 1-9067 SYSTEM ENERGY RESOURCES, INC. 72-0752777 (an Arkansas corporation) Echelon One 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.03. Creation of a Direct Financial Obligation. (Entergy Corporation) As more fully-described in its report on Form 8-K filed on June 1, 2005 and in its report on Form 10-Q for the quarterly period ended June 30, 2005, on May 25, 2005 Entergy Corporation entered into a $2 billion, 5-year bank credit facility (the "$2 Billion Facility") by and among Entergy as borrower, Citibank, N.A., as bank, LC issuing bank and administrative agent, ABN AMRO Bank N.V., as LC issuing bank and bank, and several banks party thereto. Entergy from time to time has borrowed under the facility and has also from time to time issued letters of credit against the borrowing capacity of the facility. As of September 19, 2005, amounts outstanding under the $2 Billion Facility are as follows (in millions): LETTERS CAPACITY FACILITY CAPACITY BORROWINGS OF CREDIT AVAILABLE 5-Year Facility $2,000 $995 $169 $836 Item 7.01. Regulation FD Disclosure. (Entergy Corporation, Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, System Energy) The information in this Current Report on Form 8-K under Item 7.01, including Exhibit 99 listed below, is being furnished, not filed, pursuant to Regulation FD. On September 20, 2005, Entergy Corporation issued a public announcement, which is attached as Exhibit 99 hereto and incorporated herein by reference. Item 8.01. Other Events. (Entergy Corporation, Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, System Energy) Entergy announced today its preliminary estimates of storm restoration costs associated with Hurricane Katrina as well as initial estimates of the number of customers that are not able to receive electric service. Limited access to heavily flooded areas continues to hamper Entergy's ability to fully assess the extent of damage to certain portions of its infrastructure. As a result, the initial restoration estimates are subject to change. Total restoration costs for the repair and/or replacement of Entergy's electric and gas facilities damaged by Hurricane Katrina and business continuity costs are estimated to be in the range of $750 million to $1.1 billion. Restoration and business continuity cost estimates for the various utility jurisdictions affected by the storm are as follows: Company Estimated Costs (U.S. $ in millions) Entergy Gulf States - Louisiana jurisdiction 25-45 Entergy Louisiana 275-400 Entergy Mississippi 75-100 Entergy New Orleans 325-475 Other 50-80 Total 750-1,100 The above cost estimates do not include other potential incremental losses that cannot be estimated at this time. As of 9:00 p.m. CDT on September 19, Entergy had restored power to approximately 874,000 of the 1.1 million customers who lost power at the peak of the storm. Entergy expects to restore power to all those customers who can take service in the non-flooded areas of New Orleans and surrounding parishes within 2 weeks. Some customers in the most devastated areas of greater New Orleans and surrounding parishes, estimated to be in the range of 150,000 to 170,000, are unable to accept electric and gas service, and therefore cannot be restored at the current time. Restoration for many of these customers will follow major repairs or reconstruction of customer facilities, and will be contingent on validation by local authorities of habitability and electrical safety of customers' structures. Revenues are expected to be lower at both Entergy Louisiana and Entergy New Orleans as a result of the 150,000 to 170,000 customers that are unable to accept electric and gas service for a period of time that cannot yet be estimated. Included in this customer estimate are 115,000 to 130,000 customers located in Entergy New Orleans' service territory, with the remainder in Entergy Louisiana's service territory. The majority of these customers are residential, and the balance is primarily commercial. Average annual non-fuel revenues associated with these customers are estimated to range from $50 million to $60 million for Entergy Louisiana and $160 million to $190 million for Entergy New Orleans. Entergy's estimate of the revenue impact of customers who are currently unable to accept electric and gas service is subject to change, however, because of a range of uncertainties, in particular the timing of when individual customers will return to service. Entergy plans to pursue a broad range of initiatives to recover storm restoration costs and incremental losses. Initiatives include obtaining reimbursement of certain costs covered by insurance, obtaining assistance through federal legislation targeting Hurricane Katrina relief, and pursuing recovery through existing or new rate mechanisms regulated by the Federal Energy Regulatory Commission and local regulatory bodies. Entergy is unable to predict the degree of success it may have in these initiatives, the amount of restoration costs and incremental losses it may recover, or the timing of such recovery. (Entergy New Orleans) Since the onset of Hurricane Katrina Entergy New Orleans' cash receipts have been significantly below normal levels due to the number of customers displaced by the storm and the extended interruptions in customers' ability to take power. Entergy New Orleans' need to make cash payments has continued, however, due to costs associated with fuel used before the hurricane outages along with recurring payments associated with fuel and purchased power contracts, in addition to storm restoration costs and other obligations. As disclosed in its 2004 Form 10-K, for 2005 Entergy New Orleans reported approximately $182 million in minimum purchase obligations under fuel and purchased power contracts. $97 million of that amount, or $8.1 million per month, is Entergy New Orleans' obligation under the Unit Power Sales Agreement, which governs the sale of capacity and energy from the Grand Gulf nuclear power plant. The remainder of the minimum purchase obligations are primarily from purchased power contracts with affiliates and natural gas supply contracts. Subject to certain conditions, the LPSC has approved purchases by Entergy Gulf States and Entergy Louisiana of the capacity and energy that Entergy New Orleans is entitled to under the affiliate purchased power contracts, and Entergy Gulf States has petitioned the PUCT asking for similar approvals. As for Entergy New Orleans' share of the output from Grand Gulf, that capacity and energy is being sold in the short-term wholesale market at prices that should support most of the costs incurred by Entergy New Orleans for its share of Grand Gulf, although sales are not occurring during Grand Gulf's scheduled refueling outage that began on September 18. Entergy New Orleans' remaining pension plan contribution for 2005 of $6.9 million that was disclosed in its Second Quarter 2005 Form 10-Q was due on September 15, 2005, but the IRS has given permission to delay that contribution until October 31, 2005. As of August 31, 2005, Entergy New Orleans' cash and cash equivalents balance was $533 thousand. As described in Entergy New Orleans' 2004 Form 10-K, as updated by its Second Quarter 2005 Form 10-Q, in addition to cash on hand and cash flow from operations Entergy New Orleans had two established financing sources on hand to meet its short-term liquidity needs, a $15 million, 364-day credit facility and borrowings from Entergy's money pool. The credit facility is fully drawn at this time. Entergy New Orleans' money pool borrowings are subject to a limit on unsecured debt securities contained in its articles of incorporation. The limit is approximately $42 million at this time, and Entergy New Orleans' money pool borrowings outstanding were $21.3 million as of September 19, 2005. Because of certain near-term contracted payments for fuel and purchased power, Entergy New Orleans expects to reach its unsecured debt securities limit in the next several days. Various alternatives are being considered by Entergy for maintaining liquidity at Entergy New Orleans. These alternatives include open account advances to Entergy New Orleans and assigning Entergy New Orleans contracts for purchased power to other Entergy companies to reduce cash requirements at Entergy New Orleans. In addition, Entergy is evaluating the options of additional debt issuances, the expansion of short-term borrowing capacity and/or infusing equity into Entergy New Orleans. Further, Entergy New Orleans will consider filing a petition for protection under federal bankruptcy law. Entergy believes this option should be considered to determine whether it is the most appropriate course of action to protect any future investment in Entergy New Orleans and to preserve legal rights while achieving business continuity at Entergy New Orleans. Entergy cannot currently predict which options it may pursue to maintain acceptable liquidity at Entergy New Orleans given the uncertainties associated with restoration cost estimates, amounts of cost recovery and the timing of such recovery through various initiatives noted above. In this Current Report on Form 8-K and 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 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 these statements. Some of those factors include, but are not limited to: resolution of pending and future rate cases and other proceedings at local and federal regulatory agencies, Entergy's ability to manage its operation and maintenance costs, particularly at its non-utility nuclear generating facilities, the performance of Entergy's generating plants, and particularly the capacity factor at its nuclear generating facilities, prices for power generated by Entergy's unregulated generating facilities, and the prices and availability of power Entergy must purchase for its utility customers, uncertainty regarding establishment of sites for spent nuclear fuel storage and disposal, Entergy's ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related commodities, changes in the financial markets, particularly those affecting the availability of capital and Entergy's ability to refinance existing debt, execute its share repurchase program, and fund investments and acquisitions, actions of rating agencies, including changes in the ratings of debt and preferred stock, Entergy's ability to purchase and sell assets at attractive prices and on other attractive terms, changes in utility regulation and in regulation of the nuclear industry, the success of Entergy's strategies to reduce tax payments, the effects of litigation and weather, and uncertainties associated with efforts to remediate the effects of Hurricane Katrina and recovery of costs associated with restoration including Entergy's ability to obtain financial assistance from governmental authorities in connection with this storm. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description 99 Release, dated September 20, 2005, issued by Entergy Corporation SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Entergy Corporation Entergy Arkansas, Inc. Entergy Gulf States, Inc. Entergy Louisiana, Inc. Entergy Mississippi, Inc. Entergy New Orleans, Inc. System Energy Resources, Inc. By: /s/ Nathan E. Langston Nathan E. Langston Senior Vice President and Chief Accounting Officer Dated: September 20, 2005 EX-99 2 a18205e99.txt Exhibit 99 Entergy 639 Loyola Avenue New Orleans, La 70113 Date: September 20, 2005 NEWS RELEASE For Release: Immediately Contact: Yolanda Pollard (News Media) Michele Lopiccolo (Investor Relations) 800-844-8084 pin 1440471 (501) 607-3557 ypollar@entergy.com mlopicc@entergy.com Entergy Provides Storm Restoration Update New Orleans, La. - Entergy Corporation (NYSE: ETR) announced today its preliminary estimates of storm restoration costs associated with Hurricane Katrina as well as initial details on the number of customers that are not able to receive electric service. In addition, the company provided an update on its liquidity position, noting that it will pursue a range of options to recover storm-related costs and other potential incremental losses. Preliminary Restoration Cost Estimates Limited access to heavily flooded areas continues to hamper Entergy's ability to fully assess the extent of damage to certain portions of its infrastructure. As a result, Entergy noted that the initial restoration estimates are subject to change. Total restoration costs for the repair and/or replacement of Entergy's electric and gas facilities damaged by Hurricane Katrina and business continuity costs are estimated to be in the range of $750 million to $1.1 billion. Restoration and business continuity cost estimates for the various utility jurisdictions affected by the storm are as follows: Company Estimated Costs (U.S. $ in millions) Entergy Gulf States - LA 25-45 Entergy Louisiana 275-400 Entergy Mississippi 75-100 Entergy New Orleans 325-475 Other 50-80 Total 750-1,100 The above cost estimates do not include other potential incremental losses that cannot be estimated at this time. Restoration Progress and Timing As of 9:00 p.m. CDT yesterday, Entergy had restored power to approximately 874,000 of the 1.1 million customers who lost power at the peak of the storm. Entergy expects to restore power to all those customers who can take service in the non-flooded areas of New Orleans and surrounding parishes within 2 weeks. Some customers in the most devastated areas of greater New Orleans and surrounding parishes, estimated to be in the range of 150,000 to 170,000, are unable to accept electric and gas service, and therefore cannot be restored at the current time. Restoration for many of these customers will follow major repairs or reconstruction of customer facilities, and will be contingent on validation by local authorities of habitability and electrical safety of customers' structures. In areas where demolition is required before reconstruction can occur, Entergy will coordinate with parish officials to make every effort to have electric and gas facilities ready to serve customers as their communities are rebuilt. Estimated Revenue Impact Revenues are expected to be lower at both Entergy Louisiana, Inc. (ELI) and Entergy New Orleans, Inc. (ENOI) as a result of the 150,000 to 170,000 customers that are unable to accept electric and gas service for a period of time that cannot yet be estimated. Included in this customer estimate are 115,000 to 130,000 customers located in ENOI's service territory, with the remainder in ELI's service territory. The majority of these customers are residential, and the balance is primarily commercial. Average annual non-fuel revenues associated with these customers are estimated to range from $50 million to $60 million for ELI and $160 million to $190 million for ENOI. However, Entergy noted that it cannot estimate the actual revenue impact of customers who are currently unable to accept electric and gas service. This is due to a range of uncertainties, in particular the timing of when individual customers will return to service. The company noted that the lower revenues from the most severely impacted areas could be partially offset by potential sales growth in other Entergy service areas. This growth could come from evacuees moving into neighboring cities in Entergy's service territory such as Baton Rouge, LA and Jackson, MS or from temporary facilities constructed by federal and local agencies. Recovery Initiatives Entergy plans to pursue a broad range of initiatives to recover storm restoration costs and incremental losses. Initiatives include obtaining reimbursement of certain costs covered by insurance, obtaining assistance through federal legislation targeting Hurricane Katrina relief, and pursuing recovery through existing or new rate mechanisms regulated by the Federal Energy Regulatory Commission and local regulatory bodies. Federal legislation expected to be introduced shortly will consider a wide array of potential relief mechanisms for electric and gas utilities impacted by Hurricane Katrina. For example, Entergy understands that Congress will consider amendments to the Robert T. Stafford Disaster Relief and Emergency Assistance Act, provide additional appropriations for restoration and repair costs through Community Development Block Grants, and other potential alternatives that the Congress enacted following the September 11, 2001 tragedy. Entergy appreciates the Congress considering on an expedited basis legislation, that if approved, would permit the Federal Emergency Management Agency, U.S. Department of Housing and Urban Development, and states to obtain federal aid to provide direct assistance to privately owned utilities in the storm-stricken areas. Entergy noted that it is unable to predict the degree of success it may have in these initiatives, the amount of restoration costs and incremental losses it may recover or the timing of such recovery. Liquidity Impact Entergy Corporation continues to believe it has sufficient liquidity to meet its current obligations and to fund its restoration efforts. However, the impact of lower revenues and storm restoration costs, concentrated at ENOI, are expected to create liquidity constraints at that company. Various alternatives are being considered by Entergy for maintaining acceptable liquidity at ENOI. These alternatives include open account advances to ENOI and assigning ENOI contracts for purchased power to other Entergy companies to reduce cash requirements at ENOI and provide attractively priced power to other Entergy system customers. In addition, Entergy is evaluating the options of additional debt issuances, the expansion of short-term borrowing capacity and/or infusing equity into ENOI. Further, ENOI will consider seeking a petition for protection under federal bankruptcy law. Entergy believes this option should be considered to determine whether or not it is the most appropriate course of action to protect any future investment in ENOI and to preserve legal rights while achieving business continuity at ENOI. Some of these options being considered may affect Entergy's debt arrangements and the financing and power purchase agreements relating to System Energy Resources, Inc. Entergy cannot currently predict which options it may pursue to maintain acceptable liquidity at ENOI given the uncertainties associated with restoration cost estimates, amounts of cost recovery and the timing of such recovery through various initiatives noted above. Additional statistics on Entergy subsidiaries impacted by the storm and details on restoration progress achieved to date are included in appendix A to this release. Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. 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 2.7 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy has annual revenues of over $10 billion and approximately 14,000 employees. Appendix A provides Hurricane Katrina Outage Restoration Statistics. Table 1: Outage Restoration Status - Retail Customer Outages Current Status vs Storm Peak
Electric Gas Number of Retail Total as of Extended Total as of Total as of Extended Total as of Customer Outages 9/19/2005 Restoration Storm Peak 9/19/2005 Restoration Storm Peak (in thousands) Entergy Gulf States - LA - - 107 - - - Entergy Louisiana 45 35 - 40 507 NA NA NA Entergy Mississippi - - 302 NA NA NA Entergy New Orleans 173 115 - 130 172 95 95 96 Total Customer Outages 218 150 - 170 1,088 95 95 96
Table 2: Outage Restoration Status - Transmission Line & Substation Outages Current Status vs Storm Peak
Total as of Total as of Total as of Total as of Transmission Lines 9/19/2005 Storm Peak Substations 9/19/2005 Storm Peak (count: #) (count; #) Entergy Gulf States - LA 1 32 Entergy Gulf States - LA - 36 Entergy Louisiana - 90 Entergy Louisiana 11 86 Entergy Mississippi 16 41 Entergy Mississippi - 117 Entergy New Orleans 12 19 Entergy New Orleans 12 24 Total Transmission Line Outages 29 182 Total Substation Outages 23 263
Table 3: Outage Restoration Status - Fossil Fleet Impacted by Hurricane Katrina Current Status vs Storm Peak Owned As of Capability Fuel As of Storm Plant Unit (a) Type Purpose 9/19/2005 Peak Entergy Louisiana Buras 8 12 Gas/Oil Peaking Extensive Flooding (EF) Outage Little Gypsy 1 238 Gas/Oil Intermediate Returned to Svc (RTS) Outage Little Gypsy 2 415 Gas/Oil Intermediate RTS Outage Little Gypsy 3 545 Gas/Oil Intermediate RTS Outage Ninemile Point 1 50 Gas/Oil Peaking RTS Outage Ninemile Point 2 60 Gas/Oil Peaking RTS Outage Ninemile Point 3 125 Gas/Oil Intermediate RTS Outage Ninemile Point 4 730 Gas/Oil Intermediate RTS Outage Ninemile Point 5 740 Gas/Oil Intermediate RTS Outage Waterford 1 411 Gas/Oil Intermediate RTS Outage Waterford 2 411 Gas/Oil Intermediate RTS Outage Entergy New Orleans A. B. Paterson 3 50 Gas/Oil Peaking EF Outage A. B. Paterson 4 - Gas/Oil Peaking EF Outage A. B. Paterson 5 11 Oil Peaking EF Outage Michoud 1 65 Gas/Oil Peaking EF Outage Michoud 2 244 Gas/Oil Intermediate EF Outage Michoud 3 545 Gas/Oil Intermediate EF Outage (a) Owned Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each unit was designed to utilize. -30- Entergy's online address is www.entergy.com In this release and 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 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 these statements. Some of those factors include, but are not limited to: resolution of pending and future rate cases and other proceedings at local and federal regulatory agencies, Entergy's ability to manage its operation and maintenance costs, particularly at its non-utility nuclear generating facilities, the performance of Entergy's generating plants, and particularly the capacity factor at its nuclear generating facilities, prices for power generated by Entergy's unregulated generating facilities, and the prices and availability of power Entergy must purchase for its utility customers, uncertainty regarding establishment of sites for spent nuclear fuel storage and disposal, Entergy's ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related commodities, changes in the financial markets, particularly those affecting the availability of capital and Entergy's ability to refinance existing debt, execute its share repurchase program, and fund investments and acquisitions, actions of rating agencies, including changes in the ratings of debt and preferred stock, Entergy's ability to purchase and sell assets at attractive prices and on other attractive terms, changes in utility regulation and in regulation of the nuclear industry, the success of Entergy's strategies to reduce tax payments, the effects of litigation and weather, and uncertainties associated with efforts to remediate the effects of Hurricane Katrina and recovery of costs associated with restoration including Entergy's ability to obtain financial assistance from governmental authorities in connection with this storm.
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