EX-99 2 a01407991.htm

For further information:
Michele Lopiccolo, VP, Investor Relations
Phone 504/576-4879, Fax 504/576-2897
mlopicc@entergy.com

INVESTOR NEWS

Exhibit 99.1

April 26, 2007

ENTERGY REPORTS FIRST QUARTER EARNINGS

NEW ORLEANS - Entergy Corporation reported first quarter 2007 earnings of $1.03 per share on an as-reported basis and $1.02 per share on an operational basis, as shown in Table 1 below. A more detailed discussion of quarterly results begins on page 2 of this release.

Table 1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures

First Quarter 2007 vs. 2006

(Per share in U.S. $)

2007

2006

Change

As-Reported Earnings

1.03

0.92

0.11

Less Special Items

0.01

0.02

(0.01)

Operational Earnings

1.02

0.90

0.12

Weather Impact

(0.02)

(0.06)

0.04

Operational Earnings Highlights for First Quarter 2007

  • Utility, Parent & Other had lower earnings due to higher operation and maintenance, depreciation and interest expense, partially offset by higher revenue.
  • Entergy Nuclear earnings increased as a result of higher revenue from pricing, partially offset by the effect of reduced production as a result of a refueling outage in the current quarter.
  • Entergy's Non-Nuclear Wholesale Assets business reported modestly lower results due to increased losses from lower production in the current period.

 

"We expected 2007 to be an eventful year and we are off to a strong start. Our objectives include putting the remaining significant issues from the 2005 hurricanes behind us, including getting approval of the plan of reorganization of Entergy New Orleans and completing its emergence from bankruptcy," said J. Wayne Leonard, Entergy's chairman and chief executive officer. "Resolving these issues will allow the company to move forward on the financial footing necessary to realize our aspirations for all stakeholders, including achieving the lowest overall cost for customers as we continue our portfolio transformation process."

Table of Contents Page
     
I. Consolidated Results 2
II. Utility, Parent & Other Results 3
III. Competitive Businesses Results
  Entergy Nuclear
  Non-Nuclear Wholesale Assets
4
4
5
IV. Earnings Guidance 5
V. Forward-Looking Financial Data and Aspirations
VI. Appendices
A.  Entergy New Orleans, Inc. Bankruptcy
B.  Variance Analysis and Special Items
C.  Regulatory Summary
D.  Financial Performance Measures and
      Historical Performance Measures
E.  Planned Capital Expenditures
F.  Definitions
G.  GAAP to Non-GAAP Reconciliations

9
10
12
14

15
16
18
VII. Financial Statements 20

Entergy's business highlights include the following:

  • Entergy announced its intention to build a new, state-of-the-art generating unit at its Little Gypsy site to be fueled primarily by petroleum coke.
  • Entergy closed the transaction for Palisades, a 798MW nuclear unit acquired from Consumers Energy.
  • Entergy was recognized by Forbes magazine in their listing of the 100 Most Trustworthy Companies in the U.S., the only energy or electric company on the list.

Entergy will host a teleconference to discuss this release at 10:00 a.m. CT on Thursday, April 26, 2007, with access by telephone, 719-457-2637, confirmation code 4234382. The call and presentation slides can also be accessed via Entergy's Web site at www.entergy.com. A replay of the teleconference will be available for seven days thereafter by dialing 719-457-0820, confirmation code 4234382. The replay will also be available on Entergy's Web site at www.entergy.com.

I. Consolidated Results

Consolidated Earnings

Table 2 provides a comparative summary of consolidated earnings per share for first quarter 2007 versus 2006, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings. Utility, Parent & Other had lower earnings due to higher operation and maintenance, depreciation and interest expense, partially offset by higher revenue. Entergy Nuclear's earnings increased as a result of higher revenue from pricing, partially offset by the effect of reduced production as a result of a refueling outage in the current quarter. Also, Entergy's Non-Nuclear Wholesale Assets business reported modestly lower results due to increased losses from lower production in the current period.

Table 2: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
First Quarter 2007 vs. 2006 (see appendix F for definitions of certain measures)

(Per share in U.S. $)

 

First Quarter

 

2007

2006

Change

As-Reported

Utility, Parent & Other

0.44

0.54

(0.10)

Entergy Nuclear

0.62

0.39

0.23

Non-Nuclear Wholesale Assets

(0.03)

(0.01)

(0.02)

   Consolidated As-Reported Earnings

1.03

0.92

0.11

Less Special Items

Utility, Parent & Other

0.01

0.02

(0.01)

Entergy Nuclear

-

-

-

Non-Nuclear Wholesale Assets

-

-

-

   Consolidated Special Items

0.01

0.02

(0.01)

Operational

Utility, Parent & Other

0.43

0.52

(0.09)

Entergy Nuclear

0.62

0.39

0.23

Non-Nuclear Wholesale Assets

(0.03)

(0.01)

(0.02)

   Consolidated Operational Earnings

1.02

0.90

0.12

Weather Impact

(0.02)

(0.06)

0.04

Detailed earnings variance analysis is included in appendix B-1 to this release. In addition, appendix B-2 provides details of special items shown in Table 2 above.

Consolidated Net Cash Flow Provided by Operating Activities

Entergy's net cash flow provided by operating activities in first quarter 2007 was $476 million compared to $1.0 billion in first quarter 2006. The decrease was due primarily to the following items at Utility, Parent & Other:

  • Absence in the current period of a tax refund of $344 million received in first quarter 2006 in connection with Gulf Opportunity Zone legislation.
  • Reduced collections of customer receivables and deferred fuel recovery in the current quarter totaling roughly $300 million. Higher-than-normal levels of receivables were collected in first quarter 2006 due to delays in such collections in late 2005 as the result of the 2005 hurricanes.
  • Lower non-capital storm spending of $55 million.

 

Table 3 provides the components of net cash flow provided by operating activities contributed by each business with quarter-to-quarter comparisons.

Table 3: Consolidated Net Cash Flow Provided by Operating Activities

First Quarter 2007 vs. 2006

(U.S. $ in millions)

First Quarter

2007

2006

Change

Utility, Parent & Other

260

821

(561)

Entergy Nuclear

216

213

3

Non-Nuclear Wholesale Assets

-

(21)

21

Total Net Cash Flow Provided by Operating Activities

476

1,013

(537)

 

II. Utility, Parent & Other Results

In first quarter 2007, Utility, Parent & Other had earnings of $0.44 per share on an as-reported basis and $0.43 per share on an operational basis compared to $0.54 per share in as-reported earnings and $0.52 per share of operational earnings in first quarter 2006. As-reported 2007 earnings include a special item of $0.01 per share reflecting earnings in first quarter 2007 for Entergy New Orleans, Inc. (ENOI).

Earnings for Utility, Parent & Other in first quarter 2007, excluding ENOI, primarily reflect higher operation and maintenance expense, higher depreciation expense and higher interest expense due to debt incurred to pay for storm restoration costs for hurricanes Katrina and Rita and common stock repurchases. Partially offsetting higher expenses were higher revenue from sales growth and weather that was closer to seasonal normal temperatures.

Electricity usage excluding ENOI, in gigawatt-hour sales by customer segment, is included in Table 4. Current quarter sales reflect the following:

    • Residential sales in first quarter 2007, on a weather-adjusted basis, were up 5 percent compared to first quarter 2006.
    • Commercial and governmental sales, on a weather-adjusted basis, were up 3 percent.
    • Industrial sales experienced an increase of 2 percent in first quarter 2007 compared to the same period a year ago.

The increase in the residential segment reflects continued economic recovery in the storm-affected regions that were still experiencing the effects of the 2005 storms in first quarter 2006. The quarter over quarter increase in the commercial and industrial sectors reflect a similar pattern in these sectors from the effect of storms. The industrial sector has seen some level of recovery in the refinery and chemical segments. Lower spot sales to cogeneration customers and efficiency improvements across the industrial sector served to offset a portion of the increase in industrial sales.

ENOI results for first quarter 2007 reflect earnings of $0.01 per share. In first quarter 2006, ENOI reported earnings of $0.03 per share. Additional information on ENOI, its bankruptcy, and the applicable accounting treatment are explained in Appendix A of this release.

First quarter 2007 results at ENOI reflect the ongoing effects of the hurricane. Results for the current period include higher operation and maintenance expense reflecting a return to more normal operations compared to first quarter 2006 when resources were focused on capital additions or storm restoration activities. In addition, results include higher interest expense reflecting interest payments to first mortgage bondholders, which had been waived in the comparable period last year. Interest had not been accrued since the Chapter 11 bankruptcy filing date in September 2005 for a period of one year as part of a December 2005 agreement between bondholders and ENOI. ENOI's Plan of Reorganization provides for a payment equal to the amount of that full year's interest at the time of exit from bankruptcy. ENOI's Plan also provides for interest to unsecured creditors from the bankruptcy filing date, which ENOI has accrued. Partially offsetting the higher expenses at ENOI were increased revenues due primarily to higher sales volumes reflecting some recovery from the low usage and reduced customer base in first quarter 2006.

Table 4 provides a comparative summary of the Utility's operational performance measures.

Table 4: Utility Operational Performance Measures excluding Entergy New Orleans

First Quarter 2007 vs. 2006 (see appendix F for definitions of measures)

 

First Quarter

 

2007

2006

% Change

% Weather Adjusted

GWh billed

  Residential

7,558

6,917

9.3%

4.9%

  Commercial and governmental

6,106

5,876

3.9%

3.3%

  Industrial

9,186

9,042

1.6%

1.6%

  Total Retail Sales

22,850

21,835

4.6%

3.1%

  Wholesale

2,536

2,761

-8.1%

  Total Sales

25,386

24,596

3.2%

O&M expense

$15.93

$15.40

3.5%

Number of retail customers (a)

  Residential

2,160,155

2,120,033

1.9%

  Commercial & governmental

322,747

312,894

3.1%

  Industrial

40,071

39,015

2.7%

(a) Customer count data reflects estimates of customers in the hardest hit areas affected by Hurricane Katrina.  Issues associated with temporary housing and resumption of service at permanent dwellings render precise counts difficult at this time.

Appendix C provides information on selected pending local and federal regulatory cases.

III. Competitive Businesses Results

Entergy's competitive businesses include Entergy Nuclear and Non-Nuclear Wholesale Assets. Tables 5 and 6 that follow provide summaries of Entergy Nuclear's operational performance measures and capacity and generation sold forward projections, respectively.

Entergy Nuclear

Entergy Nuclear earned $0.62 per share on both as-reported and operational bases in first quarter 2007, compared to $0.39 in first quarter 2006 for both as-reported and operational earnings. The improved results in first quarter 2007 resulted from increased revenues from pricing. Partially offsetting this increase was reduced production as a result of a refueling outage in first quarter 2007 at Indian Point 3. There were no refueling outages in first quarter 2006.

Table 5 provides a comparative summary of Entergy Nuclear's operational performance measures.

Table 5: Entergy Nuclear Operational Performance Measures

First Quarter 2007 vs. 2006 (see appendix F for definitions of measures)

 

First Quarter

 

2007

2006

% Change

Net MW in operation (b)

4,200

4,135

2%

Average realized price per MWh (c)

$55.11

$44.28

24%

Production cost per MWh (c)

$19.80

$18.68

6%

Non-fuel O&M expense/purchased power per MWh (c)

$20.76

$20.09

3%

GWh billed

8,315

8,763

-5%

Capacity factor

91%

97%

-6%

Refueling outage days:

    Indian Point 3

24

-

(b) Vermont Yankee's 95 MW uprate was approved in early March 2006. Net MW in operation reflects power ascension as of end of first quarter 2006.

(c) These statistics have been restated for current and comparable periods as follows: Average realized price per MWh has been restated to reflect MWh billed. Production cost per MWh has been restated to exclude purchased power which is now included in non-fuel O&M/purchased power per MWh, data for which has also been restated.

Entergy Nuclear's sold forward position, including the Palisades acquisition which closed in early April 2007, is 95%, 88%, and 66% of planned generation at average prices per megawatt-hour of $48, $54 and $57, for 2007, 2008, and 2009, respectively. Table 6 provides capacity and generation sold forward projections for Entergy Nuclear.

Table 6: Entergy Nuclear's Capacity and Generation Projected Sold Forward

2007 through 2011 (see appendix F for definitions of measures)

 

Remainder of
2007

2008

2009

2010

2011

Energy

Planned TWh of generation

30

41

41

41

42

Percent of planned generation sold forward (d)

  Unit-contingent

44%

48%

38%

25%

23%

  Unit-contingent with availability guarantees

45%

36%

28%

22%

7%

  Firm liquidated damages

6%

4%

0%

0%

0%

  Total

95%

88%

66%

47%

30%

Average contract price per MWh

$48

$54

$57

$53

$47

Capacity

Planned net MW in operation

4,998

4,998

4,998

4,998

4,998

Percent of capacity sold forward

  Bundled capacity and energy contracts

23%

27%

27%

27%

26%

  Capacity contracts

63%

39%

26%

9%

3%

  Total

86%

66%

53%

36%

29%

Average capacity contract price per kW per month

$1.7

$1.4

$1.3

$1.7

$2.0

Blended Capacity and Energy Recap (based on revenues)

Percent of planned energy and capacity sold forward

92%

83%

60%

39%

22%

Average contract revenue per MWh (e)

$49

$54

$58

$54

$47

  1. A portion of EN's total planned generation sold forward is associated with the Vermont Yankee contract for which pricing may be adjusted.
  2. Average contract prices exclude potential payments that may be owed under the value sharing agreement with the New York Power Authority.

Non-Nuclear Wholesale Assets

Entergy's Non-Nuclear Wholesale Assets business recorded a loss of $(0.03) per share on both as-reported and operational bases in first quarter 2007 compared to a loss of $(0.01) per share on both as-reported and operational bases in first quarter 2006. The lower results reflect lower production due to an additional plant outage in the current quarter compared to one year ago.

IV. Earnings Guidance

Entergy is reaffirming as-reported and operational earnings guidance for 2007 in the range of $5.40 to $5.70 per share. Earnings guidance for 2007 excludes ENOI given the uncertainty that remains for this business as it works through its Chapter 11 Bankruptcy proceeding. During 2007, actual results for ENOI will continue to be separately identified as a special item for earnings release purposes until such time as ENOI emerges from bankruptcy. Year-over-year changes are shown as point estimates and are applied to 2006 actual results to compute the 2007 guidance midpoint. Because there is a range of possible outcomes associated with each earnings driver, a reasonable band is created around the calculated guidance midpoints to produce Entergy's guidance ranges for as-reported and operational earnings excluding Entergy New Orleans. Earnings guidance for 2007 is detailed in Table 7 below.

Key assumptions, established in October 2006, supporting 2007 earnings guidance are as follows:

Utility, Parent & Other

  • Normal weather
  • Retail sales growth of just under 2%
  • Increased revenue associated with storm and non-storm rate requests, partially offset by declining wholesale revenues, among others
  • Increased non-fuel operation and maintenance expense, primarily due to effects of wage and other inflation and increased insurance premiums
  • Increased interest expense primarily from securitization debt and Palisades financing

Entergy Nuclear

  • Incremental earnings of $0.20 total for Palisades acquisition, assuming second quarter close; Palisades' contributions to Entergy Nuclear's 2007 metrics are factored in the assumptions that follow
  • 38 TWh of total output, reflecting an approximate 92% capacity factor, including 30 day refueling outages at Indian Point 3, Pilgrim and Vermont Yankee, all in Spring 2007, and the initial refueling outage at Palisades, in Fall 2007
  • 95% energy sold under existing contracts; 5% sold into the spot market
  • $49/MWh average energy contract price; $69/MWh average unsold energy price based on published forward market prices in October 2006
  • 85% capacity sold under existing contracts; 15% sold in spot market
  • $1.60 per kW per month average capacity-only contract price; $3.00 per kW per month unsold capacity based on market prices in October 2006
  • $21.25/MWh non-fuel operation and maintenance expense reflecting wage and other inflation; $20.50/MWh production cost

Non-Nuclear Wholesale Assets

  • Increased losses

Special Items

Share Repurchase Program

  • 2007 average fully diluted shares outstanding of approximately 206 million; excludes effect of the new $1.5 billion share repurchase program

Table 7: 2007 Earnings Per Share Guidance excluding Entergy New Orleans

(Per share in U.S. $) - Prepared October 2006 (f)

 

Segment

 

Description of Drivers

2006 Earnings Per Share

Expected Change

2007
Guidance
Midpoint

2007 Guidance Range

Utility, Parent & Other

2006 Operational Earnings per Share

3.20

Adjustment to normalize weather

(0.07)

Increased revenue due to sales growth and rate actions

0.30

Increased O&M expense

(0.10)

Increased depreciation expense

(0.10)

Increased interest expense

(0.05)

Accretion/Other

(0.13)

Subtotal

3.20

(0.15)

3.05

Entergy Nuclear

2006 Operational Earnings per Share

1.46

Higher contract and market energy pricing

0.70

Higher contract and market capacity pricing

0.10

Increased generation from plant acquisition, net of more outages

0.40

Increased O&M expense

(0.25)

Accretion/Other

0.14

Subtotal

1.46

1.09

2.55

Non-Nuclear Wholesale Assets

2006 Operational Earnings per Share

0.06

Increased losses

(0.11)

Subtotal

0.06

(0.11)

(0.05)

Consolidated Operational

2007 Operational Earnings per Share

4.72

0.83

5.55

5.40 - 5.70

Consolidated As-Reported

2006 As Reported Earnings per Share

5.36

Changes detailed above

0.83

Special items:

  2006 Gain on sale of Entergy-Koch, LP

(0.26)

  2006 Restructuring - Entergy-Koch, LP distribution

(0.49)

  2006 Write-off of capital losses at Non-Nuclear Wholesale

0.13

  2006 Entergy New Orleans, Inc. results

(0.02)

2007 As-Reported Earnings per Share

5.36

0.19

5.55

5.40 - 5.70

(f) Updated January 2007 to reflect 2006 final results.

Earnings guidance for 2007 should be considered in association with earnings sensitivities as shown in Table 8. These sensitivities illustrate the estimated change in operational earnings resulting from changes in various revenue and expense drivers. Utility sales are expected to be the most significant variable for 2007 results for Utility, Parent & Other. At Entergy Nuclear, energy prices are expected to be the most significant driver of results in 2007. Estimated annual impacts shown in the Table 8 are intended to be indicative rather than precise guidance.

Table 8: 2007 Earnings Sensitivities excluding Entergy New Orleans

(Per share in U.S. $)

Variable

2007 Guidance Assumption

Description of Change

Estimated Annual Impact (g)

Utility, Parent & Other

Sales growth
   Residential
   Commercial/Governmental
   Industrial

Slightly less than 2% total sales growth


1% change in Residential MWh sold
1% change in Comm/Govt MWh sold
1% change in Industrial MWh sold

- / + 0.04
- / + 0.03
- / + 0.03

Rate base

Stable rate base

$100 million change in rate base

- / + 0.02

Return on equity

See Appendix C

1% change in allowed ROE

- / + 0.29

Interest expense

Additional average debt

$100M change in debt

- / + 0.02

Entergy Nuclear

Capacity factor

92% capacity factor

1% change in capacity factor

- / + 0.05

Energy price

5% energy unsold at $69/MWh in 2007

$10/MWh change for unsold energy

- / + 0.05

Portion of energy sold is with options in 2007

Market prices exceed option exercise prices

n/a / Up to 0.07

Non-fuel operation and maintenance expense

$21.25/MWh non-fuel operation and maintenance expense

$1 change per MWh

- / + 0.11

Outage (lost revenue only)

92% capacity factor, including refueling outages for three northeast units and at Palisades

1,000 MW plant for 10 days at average portfolio energy price of $49/MWh for sold and $69/MWh for unsold volumes in 2007

- 0.03 / n/a

Consolidated

Share repurchase program

2007 guidance excludes effect of new $1.5 billion share repurchase program; average fully diluted shares are 206M

Execution of new share repurchase program over next two years resulting in decline of average fully diluted outstanding shares to 202M, net of associated financing cost

+0.04

  1. Based on 2006 average fully diluted shares of approximately 211 million. Entergy Nuclear assumes Palisades acquisition closes in second quarter 2007.

V. Forward-looking Financial Data and Aspirations

Entergy continues to aspire to deliver superior value to its owners as measured by total shareholder return. Entergy believes top-quartile total shareholder returns are achieved by growing earnings, improving returns on invested capital, maintaining investment grade credit quality and deploying capital in a disciplined manner, whether for new investments, share repurchases, dividends or debt retirement.

Table 9 provides details on Entergy's projected cash available for capital redeployment for the period 2007 through 2009 excluding Entergy New Orleans. The table reflects an assumed rate of common stock dividend growth consistent with top quartile growth in our industry, or approximately 5 percent annually. The $1.5 billion share repurchase program announced in January 2007, along with its associated effect on debt capacity, is reflected in this table. The amount of repurchases may vary as a result of material changes in business results or capital spending or new investment opportunities. Assuming the entire repurchase program is executed, Entergy expects to have $1.0 billion of cash available over this period for several potential uses: investments in new businesses or assets, repayment of debt or equity, or dividend increases. Cash flow from operations includes storm cost recovery anticipated from a combination of insurance, rate relief, and securitization; these amounts are applied consistent with regulatory filings and other agreements reached with governmental agencies under which benefits inure to ratepayers. Sources of cash also include debt that Entergy believes it could issue in association with new investments while maintaining credit quality consistent with BBB credit rating. The amount of additional debt could vary depending upon the type of new investment and the credit market environment.

Table 9: Projected Cash Available for Capital Redeployment excluding Entergy New Orleans
2007 through 2009 - Reconciliation of GAAP to Non-GAAP Measures
(see appendix F for definitions of measures)

($ in billions)

2007-2009

Net cash flow provided by operating activities

8.2

Less:

   Planned capital expenditures

(5.3)

   Preferred dividends

(0.1)

   Other investing cash flows

(0.8)

Subtotal

2.0

Common dividends

(1.4)

Capital structure changes including net share repurchases and new debt (net of maturities)

0.4

Net Cash Available for New Investment, Debt or Equity Repayment, Dividend Increase

1.0

 

VI. Appendices

Eight appendices are presented in this section as follows:

  • Appendix A includes information on Entergy New Orleans, Inc.'s filing for protection under Chapter 11 of the U.S. Bankruptcy Code.
  • Appendix B includes earnings per share variance analysis and details on special items that relate to the current quarter.
  • Appendix C provides information on selected pending local and federal regulatory cases.
  • Appendix D provides financial metrics for both current and historical periods. In addition, historical financial and operating performance metrics are included for the trailing eight quarters.
  • Appendix E provides a summary schedule of planned capital expenditures for the next three years.
  • Appendix F provides definitions of the operational performance measures and GAAP and non-GAAP financial measures that are used in this release.
  • Appendix G provides a reconciliation of GAAP to non-GAAP financial measures used in this release.

 

Appendix A provides information on the status of the bankruptcy process at Entergy New Orleans, Inc.

Appendix A: Entergy New Orleans, Inc. Bankruptcy

Bankruptcy Filing

To ensure continued progress in restoring power and gas service to New Orleans after Hurricane Katrina, on September 23, 2005, Entergy New Orleans, Inc. (ENOI) filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Plan of Reorganization

ENOI filed its Fourth Amended Plan of Reorganization (Plan) on January 24, 2007. A competing plan has been filed by the unsecured creditors. The disclosure statements for both plans were approved by the bankruptcy court for circulation to all parties in the proceeding and the deadline for voting on the plans was April 19, 2007.

ENOI believes its Plan is workable, fair and in the public interest. The Plan provides full compensation for all of ENOI's creditors and allows ENOI to emerge from Chapter 11 bankruptcy assuming the plan is supported by creditors and the various conditions included in the plan, as detailed below, are met. For more information on documents filed in this proceeding including the original POR and all amendments, go to www.entergy.com/investor_relations/enoi.aspx.

Conditions precedent that must be satisfied for ENOI's Plan to become effective include:

  • A final Confirmation Order from the bankruptcy court approving the POR as amended
  • Receipt by ENOI of the $200 million in Community Development Block Grant (CDBG) funding as described below
  • No Material Adverse Change shall have occurred from and after Confirmation date of the POR

Community Development Block Grant Funding

ENOI applied to the Louisiana Recovery Authority (LRA) for funding from CDBG resources made available to Louisiana. All required state approvals and HUD approval for funding of $200 million have been received. An agreement was reached on April 11, 2007 between ENOI and the Office of Community Development for the State of Louisiana whereby ENOI will receive CDBG funding of $171.7 million within five days of execution and requisite approvals of the agreement. The agreement was approved by the bankruptcy court on April 25, 2007. ENOI will receive the remaining $28.3 million of CDBG funding previously approved on a reimbursement basis for eligible costs. ENOI intends to waive this condition precedent upon receipt of the $171.7 million.

ENOI Rate Plan

On October 27, 2006, the City Council of New Orleans approved a settlement agreement with ENOI that calls for a phased-in rate increase and the creation of a $75M storm reserve that positions ENOI to pay for future hurricane damage. Additional information is included in the Regulatory Summary Table in Appendix C.

Accounting

Entergy owns 100 percent of the common stock of ENOI and has, subject to the rules and requirements of Chapter 11 of the U.S. Bankruptcy Code, continued to supply operating management to ENOI. However, uncertainties surrounding the nature, timing and specifics of the bankruptcy proceedings caused Entergy to de-consolidate ENOI for financial reporting purposes beginning in third quarter 2005 with ENOI's financial results being recorded under the equity method of accounting. Under this methodology, earnings from ENOI are now reflected in Entergy's income statement as equity in the earnings of unconsolidated affiliates.  Because Entergy owns all of the common stock of ENOI, this change has not affected the amount of net income Entergy has recorded in the current period or any historical period but has resulted in ENOI's net income being presented in one line item rather than included in each individual income statement line item presented. Various line items of Entergy's consolidated balance sheet and cash flow statement have been revised to reflect the effects of de-consolidating ENOI. In addition, the deconsolidation of ENOI's results is retroactive to January 1, 2005 and Entergy's comparative results now reflect ENOI results under the equity method of accounting.

Appendix B-1 provides details of first quarter 2007 vs. 2006 earnings variance analysis for "Utility, Parent & Other," "Competitive Businesses," and "Consolidated."

Appendix B-1: As-Reported Earnings Per Share Variance Analysis

First Quarter 2007 vs. 2006

(Per share in U.S. $, sorted in consolidated

column, most to least favorable)

Utility,

Competitive

Parent & Other

Businesses

Consolidated

2006 earnings

0.54

0.38

0.92

Net revenue

0.09

(h)

0.14

(i)

0.23

Interest and dividend income

0.02

0.02

0.04

Share repurchase effect

0.01

0.02

0.03

Other income (deductions)

-

0.01

0.01

Preferred dividend requirements

0.01

-

0.01

Retail business discontinued operations

0.01

-

0.01

Decommissioning expense

(0.01)

-

(0.01)

Taxes other than income taxes

(0.03)

-

(0.03)

Other operation & maintenance expense

(0.08)

(j)

0.05

(k)

(0.03)

Interest expense and other charges

(0.04)

-

(0.04)

Income taxes - other

(0.03)

(0.02)

(0.05)

Depreciation/amortization expense

(0.05)

(l)

(0.01)

(0.06)

2007 earnings

0.44

0.59

1.03

Utility Net Revenue Variance Analysis 2007 vs. 2006
($ EPS)

First Quarter

Sales growth/pricing

0.14

Weather

0.04

Other

(0.09)

Total

0.09

  1. Net revenue increased in first quarter due primarily to sales growth.
  2. Net revenue increased in the first quarter due primarily to higher revenues at Entergy Nuclear due to higher pricing partially offset by lower production as a result of a refueling outage at Indian Point 3 during the current period.
  3. Other operation and maintenance expense increased in first quarter due primarily to higher transmission spending associated with implementation of the independent coordinator of transmission structure, distribution spending including the timing of vegetation maintenance expenses, and higher insurance expense.  Also, normal operation and maintenance spending in the current period compared to last year's focus on storm recovery contributed to the quarter-on-quarter increase.
  4. Other operation and maintenance expense decreased at Entergy's Non-Nuclear Wholesale Assets business due primarily to lower operating expenses in the current period at the Harrison County plant compared to restoration expenses, charged to operation and maintenance, incurred in first quarter 2006. In addition, the absence of Maritza expenses, a project sold subsequent to first quarter 2006, reduced expenses in this business during the current period.
  5. Depreciation/amortization expense increased due to higher levels of plant in service compared to first quarter 2006.

 

Appendix B-2 lists special items by business with quarter-to-quarter comparisons. Amounts are shown on both earnings per share and net income bases. Special items are those events that are less routine, are related to prior periods, or are related to discontinued businesses. Special items are included in as-reported earnings per share consistent with generally accepted accounting principles (GAAP), but are excluded from operational earnings per share. As a result, operational earnings per share is considered a non-GAAP measure.

Appendix B-2: Special Items (shown as positive / (negative) impact on earnings)

First Quarter and 2007 vs. 2006

(Per share in U.S. $)

 

First Quarter

 

2007

2006

Change

Utility, Parent & Other

  ENOI results

0.01

0.03

(0.02)

  Retail business discontinued operations

-

(0.01)

0.01

     Total Utility, Parent & Other

0.01

0.02

(0.01)

Competitive Businesses

  Entergy Nuclear

-

-

-

  Non-Nuclear Wholesale Assets

-

-

-

Total Competitive Businesses

-

-

-

Total Special Items

0.01

0.02

(0.01)

(U.S. $ in millions)

 

First Quarter

2007

2006

Change

Utility, Parent & Other

  ENOI results

2.9

5.6

(2.7)

  Retail business discontinued operations

-

(2.2)

2.2

     Total Utility, Parent & Other

2.9

3.4

(0.5)

Competitive Businesses

  Entergy Nuclear

-

-

-

  Non-Nuclear Wholesale Assets

-

-

-

Total Competitive Businesses

-

-

-

Total Special Items

2.9

3.4

(0.5)

       

Appendix C provides a summary of selected regulatory cases and events that are pending.

Appendix C: Regulatory Summary Table

Company/ Proceeding

Authorized ROE

Pending Cases/Events

Retail Regulation

Entergy Arkansas

11.00%

Recent activity: Final testimony was filed in rate case on April 2, 2007, and evidentiary hearing began on April 25, 2007. EAI's sur-surrebuttal testimony seeks a $106.5 million rate increase compared to APSC staff surrebuttal testimony indicating a $16.8 million rate reduction. Testimony in the case also supports retention of the ECR rider and rider recovery for System Agreement payments to achieve rough production cost equalization.
Background: EAI's base rates and Rider ECR have been in effect since 1998.  EAI filed a rate case on August 15, 2006 requesting $150 million increase based on a June 30, 2006 test year using an 11.25% ROE. In December 2005, EAI provided notice of its intent to terminate participation in the Entergy System Agreement, following a final order from FERC establishing terms under which EAI may be required to make payments to other operating companies to achieve rough production cost equalization.

     

Entergy Gulf States - TX

10.95%

Recent activity: Deliberations continue on EGSI-TX's Transition to Competition plan.
Background: EGSI-TX has operated under a base rate freeze since 1999. Legislation subsequently enacted in June 2005 extended the base rate freeze to mid 2008 but also allowed EGSI-TX to file for rate relief through riders for incremental capacity costs and transition costs. In December 2005, the PUCT approved the recovery of $18 million annual capacity costs, subject to reconciliation from September 2005. In June 2006, the PUCT approved a settlement in the Transition to Competition Cost recovery case, allowing EGSI-TX to recover $14.5 million per year in TTC costs over a 15-year period. In December 2006, EGSI-TX filed a Transition to Competition plan with the PUCT, proposing EGSI-TX join ERCOT as it represents the most viable path to full customer choice.
Storm Cost Recovery: The PUCT issued its financing order on April 2, 2007, enabling EGSI-TX to seek securitization of $353 million approved storm restoration cost settlement plus estimated costs to finance capped at $6 million, to be offset by $32 million of related accumulated deferred income tax benefits. EGSI-TX expects to receive funding by end of 3rd quarter 2007.

     

Entergy Gulf States - LA

9.90% - 11.40%

Recent activity: On May 1, 2007, the LPSC is expected to consider the uncontested stipulated agreement on EGSI-LA's 2005 test year formula rate plan (FRP) filing, leaving unchanged rates implemented in 2006.
Background: In March 2005, the LPSC approved a Global Settlement which established an FRP with a 10.65% ROE midpoint and a +/- 75 basis point bandwidth and a recovery mechanism for Commission approved capacity additions. Earnings outside the bandwidth are allocated 60% to customers and 40% to the company. In May 2006, EGSI-LA made its FRP filing for the 2005 test year, indicating an 11% ROE, which is within the allowed bandwidth. Pursuant to the Approved Capacity Additions section of the FRP rider, the filing requested an annual revenue increase of $7 million to recover Commission-approved deferred and ongoing capacity costs. On August 29, 2006, EGSI-LA implemented, subject to refund, an amended $17 million annual FRP increase consisting of $7 million in deferred and ongoing capacity costs and $10 million for interim storm cost recovery.
Storm Cost Recovery:
The storm cost recovery case hearing began on April 25, 2007. At the start of the hearing, a stipulation was read into the record quantifying the balance of storm restoration costs for recovery at $187 million and stipulating $87 million as a reserve for future storms.  The stipulation also calls for securitization of both storm restoration costs and reserves in the same amounts.  The stipulation is among the Company, LPSC Staff and most, but not all, of the other parties to the case.  In May 2006, EGSI-LA completed the $6 million interim recovery of storm costs through the fuel adjustment clause pursuant to the LPSC order. Beginning in September, interim recovery shifted to the FRP at the rate of $0.85 million per month. Interim recovery will continue until a final decision is granted on EGSI-LA's Phase II filing.
Jurisdictional Separation Plan: In January 2007, the LPSC unanimously approved the Jurisdictional Separation Plan for EGSI. The target date for completing the separation, which depends on a number of factors, is estimated to be the end of 2007.

     

Entergy Louisiana

9.45% - 11.05%

Recent activity: Deliberations continue on ELL's 2005 test year FRP filing.
Background: In May 2005, the LPSC approved a settlement reestablishing the Company's FRP with a 10.25% ROE midpoint and a +/- 80 basis point bandwidth and a recovery mechanism for Commission-approved capacity additions. Earnings outside the bandwidth are allocated 60% to customers and 40% to the company. In May 2006, ELL made its FRP filing for the 2005 test year indicating a 9.45% ROE which is within the allowed bandwidth. Pursuant to the Approved Capacity Additions section of the FRP rider, the filing requested an annual revenue increase of $121 million to recover Commission-approved deferred and ongoing capacity costs comprised of previously deferred and ongoing amounts of $51 million and $70 million, respectively. On September 28, 2006, ELL implemented, subject to refund, an amended $143 million annual FRP increase consisting of $119 million for deferred and ongoing capacity costs and $24 million for interim storm cost recovery. This increase reflects certain adjustments proposed by the LPSC Staff with which ELL agrees.
Storm Cost Recovery: The storm cost recovery case hearing began on April 25, 2007. At the start of the hearing, a stipulation was read into the record quantifying the balance of storm restoration costs for recovery at $545 million and stipulating $152 million as a reserve for future storms.  The stipulation also calls for securitization of both storm restoration costs and reserves in the same amounts.  The stipulation is among the Company, LPSC Staff and most, but not all, of the other parties to the case.  In April 2006, ELL completed the $14 million interim recovery of storm costs through the fuel adjustment clause pursuant to the LPSC order. Beginning in September, interim recovery shifted to the FRP at the rate of $2 million per month. Interim recovery will continue until a final decision is granted on ELL's Phase II filing.

Appendix C: Regulatory Summary Table (continued)

Company/ Proceeding

Authorized ROE

Pending Cases/Events

Retail Regulation

Entergy Mississippi

9.46% - 12.24%

Recent activity: In March 2007, EMI made its FRP filing for the December 31, 2006 test year indicating a 10.85% mid-point ROE, including 7 basis points for performance incentives. The filing calls for an annual revenue increase of $12.9 million. The report is currently being reviewed by the Mississippi Public Utilities Staff.
Background: EMI has been operating under a FRP last approved in December 2002. The FRP allows the company's earned ROE to increase or decrease within a bandwidth with no change in rates; earnings outside the bandwidth are allocated 50% to customers and 50% to the company, but on a prospective basis only. The plan also provides for performance incentives that can increase or decrease the benchmark ROE by as much as 100 basis points. In December 2005, the MPSC approved the purchase of the Attala facility and ordered interim recovery. In October 2006, the MPSC approved EMI's filing to revise the Power Management Rider Schedule to extend beyond 2006 recovery of EMI's Attala costs, effective for bills on/after January 1, 2007. In December 2006, the MPSC approved EMI's request to increase several fees (connect, reconnect, late payment and returned check) effective January 1, 2007.
Storm Cost Recovery: EMI expects to receive $48 million in 2nd quarter 2007, funded by state financing, reflecting recovery of remaining $8 million storm restoration costs and $40 million to increase EMI's storm reserve. In October 2006, EMI received $81 million in CDBG funding, pursuant to MPSC Orders approving recovery of $89 million storm restoration costs.

Entergy New Orleans

10.75%

Recent activity: ENOI implemented the Phase II $1.5 million gas base rate increase in March 2007.
Background:  Prior to Hurricane Katrina, ENOI operated under a FRP with a ROE mid-point of 10.75%, a 45% hypothetical equity ratio, and electric and gas ROE bandwidths of 100 and 50 basis points, respectively. In October 2006, the City Council of New Orleans (CCNO) unanimously approved a settlement agreement with ENOI that calls for a phased-in rate increase to ensure the company's ability to focus on restoration of the gas and electric systems, and creates a $75M storm reserve via a storm reserve rider beginning in March 2007 that positions ENOI to pay for future hurricane damage. When fully implemented by January 1, 2008, electric base rates will increase by $3.9 million and gas base rates by $11.0 million. Grand Gulf fuel adjustment clause recovery is also retained. Absent extraordinary circumstances, there will be no further base rate adjustments until April 2009. The order allows ENOI to seek reinstatement of an appropriate FRP following the resetting of rates in 2009.
Storm Cost Recovery: The October 2006 agreement established storm reserve riders for electric and gas and a process for storm cost recovery. The anticipated receipt of $200 million CDBG funding allocated by the Louisiana Recovery Authority in October 2006 is to be applied to storm costs; any storm costs in excess of the $200 million and insurance receipts will be addressed in ENOI's July 2008 rate filing. Storm reserve rider builds a $75 million reserve for future storm costs over a 10 year period.

Wholesale Regulation (FERC)

System Energy Resources, Inc.

10.94%

Recent activity: None
Background: ROE approved by July 2001 FERC order. No cases pending.

     

System Agreement

NA

Recent activity: Late March and early April 2007, Entergy filed modifications to Compliance filing associated with allocation of production costs. On April 3, 2007, the LPSC filed a Complaint with FERC seeking modifications to the calculation of production costs. Briefings continue before the D.C. Circuit Court of Appeals regarding FERC's decisions establishing rough production costs receipts and payments.
Background:
The System Agreement case addresses reallocation of production costs among the utility operating subsidiaries. In June 2005, the FERC issued their decision and established a bandwidth of +/- 11 % to reallocate production costs and ordered that this approach be applied prospectively. In December 2005, FERC established, among other things, that 1) the bandwidth would be applied to calendar year 2006 actual production costs and 2) 2007 would be the first possible year of payments among Entergy's operating companies. Appeals of this decision were filed by the APSC, LPSC, MPSC and AEEC in the federal appeals court for the D.C. circuit. These appeals have been consolidated. The City of New Orleans intervened in the LPSC appeal, and Entergy has intervened in all appeals. A compliance filing to implement the FERC decision in this case was filed by Entergy at FERC on April 10, 2006 which proposed that all payments required by the June 2005 FERC decision be properly reflected as fuel costs. Various comments or protests to the Compliance filing were filed by various parties including a request for summary judgment by the LPSC.

Appendix D-1 provides comparative financial performance measures for the current quarter. Appendix D-2 provides historical financial performance measures and operating performance metrics for the trailing eight quarters. Financial performance measures in both tables include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures.

As-reported measures are computed in accordance with GAAP as they include all components of earnings, including special items. Operational measures are non-GAAP measures as they are calculated using operational earnings, which excludes the impact of special items. A reconciliation of operational earnings per share to as-reported earnings per share is provided in Appendix G-1.

Appendix D-1: GAAP and Non-GAAP Financial Performance Measures

First Quarter 2007 vs. 2006 (see appendix F for definitions of certain measures)

For 12 months ending March 31

2007

2006

Change

GAAP Measures

Return on average invested capital - as-reported

8.5%

7.3%

1.2%

Return on average common equity - as-reported

14.5%

11.5%

3.0%

Net margin - as-reported

10.5%

8.7%

1.8%

Cash flow interest coverage

6.1

5.0

1.1

Book value per share

$39.63

$38.66

$0.97

End of period shares outstanding (millions)

197.8

207.9

(10.1)

Non-GAAP Measures

Return on average invested capital - operational

7.7%

7.5%

0.2%

Return on average common equity - operational

12.8%

12.0%

0.8%

Net margin - operational

9.3%

9.1%

0.2%

As of March 31 ($ in millions)

2007

2006

Change

GAAP Measures

Cash and cash equivalents

1,080

752

328

Revolver capacity

2,170

2,718

(548)

Total debt

9,874

9,329

545

Debt to capital ratio

54.7%

52.1%

2.6%

Off-balance sheet liabilities:

Debt of joint ventures - Entergy's share

145

213

(68)

Leases - Entergy's share

523

519

4

Total off-balance sheet liabilities

668

732

(64)

Non-GAAP Measures

Total gross liquidity

3,250

3,470

(220)

Net debt to net capital ratio

51.8%

50.0%

1.8%

Net debt ratio including off-balance sheet liabilities

53.6%

52.1%

1.5%

 

Appendix D-2: Historical Performance Measures (see appendix F for definitions of measures)

2Q05

3Q05

4Q05 1Q06

2Q06

3Q06

4Q06 1Q07

06YTD

07YTD

Financial

EPS - as-reported ($)

1.33

1.65

0.43

0.92

1.33

1.83

1.27

1.03

0.92

1.03

Less - special items ($)

-0.01

-0.03

-0.16

0.02

0.11

0.03

0.48

0.01

0.02

0.01

EPS - operational ($)

1.34

1.68

0.59

0.90

1.22

1.80

0.79

1.02

0.90

1.02

Trailing Twelve Months

ROIC - as-reported (%)

7.1

7.5

7.2

7.3

7.3

7.5

8.5

8.5

ROIC - operational (%)

7.2

7.3

7.5

7.5

7.4

7.5

7.7

7.7

ROE - as-reported (%)

10.7

11.5

11.2

11.5

11.3

11.6

14.2

14.5

ROE - operational (%)

10.8

11.2

11.8

12.0

11.5

11.6

12.5

12.8

Cash Flow Interest Coverage

7.1

5.9

4.0

5.0

5.2

6.0

7.2

6.1

Debt to capital ratio (%)

49.9

51.9

53.1

52.1

52.4

50.4

52.3

54.7

Net debt/net capital ratio (%)

48.0

50.2

51.5

50.0

50.4

48.3

49.4

51.8

Utility

GWh billed

Residential

6,557

10,630

7,211

6,917

7,034

10,772

6,942

7,558

6,917

7,558

Commercial & Gov't

6,113

7,725

6,278

5,876

6,438

7,920

6,425

6,106

5,876

6,106

Industrial

9,649

9,736

8,778

9,042

9,561

10,154

9,582

9,186

9,042

9,186

Wholesale

2,944

3,184

2,648

2,761

2,816

2,894

2,332

2,536

2,761

2,536

O&M expense/MWh

$16.69

$11.05

$16.64

$15.40

$16.32

$13.87

$19.22

$15.93

$15.40

$15.93

Reliability

    SAIFI

1.8

1.8(m)

1.7(m)

1.8(m)

1.7(m)

1.8(m)

1.8(m)

1.8(m)

1.8(m)

1.8(m)

    SAIDI

157

158(m)

161(m)

173(m)

178(m)

182(m)

189(m)

193(m)

173(m)

193(m)

Nuclear

Net MW in operation

4,105

4,105

4,105

4,135

4,200

4,200

4,200

4,200

4,135

4,200

Avg. realized price per MWh (n)

$42.31

$42.42

$42.74

$44.28

$43.76

$44.90

$44.34

$55.11

$44.28

$55.11

Production cost/MWh (o)

$18.55

$19.55

$19.00

$18.68

$19.61

$18.75

$21.00

$19.80

$18.68

$19.80

Non-fuel O&M expense/ purchased power per MWh (o)

$20.90

$20.83

$20.43

$20.09

$21.65

$21.29

$22.48

$20.76

$20.09

$20.76

GWh billed

8,218

8,504

8,645

8,763

8,281

9,119

8,684

8,315

8,763

8,315

Capacity factor

91%

95%

95%

97%

90%

99%

93%

91%

97%

91%

  1. Excludes impact of major storm activity.
  2. Restated to reflect MWh billed as the denominator in the calculation.
  3. Restated data to reflect moving purchased power from production costs to non-fuel O&M.

Appendix E: Planned Capital Expenditures

Appendix E provides a summary of planned capital expenditures. Entergy's capital plan from 2007 through 2009 anticipates $5.3 billion for investment including roughly $2.6 billion of capital to maintain Entergy's existing assets. The remaining $2.7 billion is for specific investments such as the Palisades and Calcasieu acquisitions, transmission upgrades, dry cask storage and nuclear license renewal projects, environmental compliance spending, potential NYPA value sharing costs or other investment opportunities to purchase or construct plants through Entergy's supply plan initiative. Significant items not included in the below expenditures are costs associated with the potential inter-connection between Entergy Gulf States-TX and ERCOT, the current estimate of such costs being approximately $1 billion, as well as costs associated with the potential replacement of steam generators at Entergy's Waterford 3 nuclear unit. In addition, only minimal amounts for potential new nuclear development at the Grand Gulf and River Bend sites at the Utility, are included in the below expenditures.

Appendix E: 2007-2009 Planned Capital Expenditures excluding Entergy New Orleans

($ in millions)

2007

2008

2009

Total

Maintenance capital

       

  Utility, Parent & Other

788

766

763

2,317

  Entergy Nuclear

97

78

82

257

    Subtotal

885

844

845

2,574

Other capital commitments

       

  Utility, Parent & Other

406

985

482

1,873

  Entergy Nuclear

447

172

219

838

    Subtotal

853

1,157

701

2,711

Total Planned Capital Expenditures

1,738

2,001

1,546

5,285

Appendix F provides definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures, all of which are referenced in this release.

Appendix F: Definitions of Operational Performance Measures and GAAP and Non-GAAP Financial Measures

Utility

GWh billed

Total number of GWh billed to all retail and wholesale customers

Operation & maintenance expense

Operation, maintenance and refueling expenses per MWh of billed sales, excluding fuel

SAIFI

System average interruption frequency index; average number per customer per year

SAIDI

System average interruption duration index; average minutes per customer per year

Number of customers

Number of customers at end of period

Competitive Businesses

Planned TWh of generation

Amount of output expected to be generated by Entergy Nuclear for nuclear 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, forward financial contracts or options (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 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) or settles financially on notional quantities; 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

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 or option exercise 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 or option exercise prices based on expected dispatch

Entergy Nuclear

Net MW in operation

Installed capacity owned and operated by Entergy Nuclear

Average realized price per MWh

As-reported revenue per MWh billed 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

Non-fuel O&M expense/purchased power per MWh

Operation, maintenance and refueling expenses and purchased power per MWh billed, excluding fuel

GWh billed

Total number of GWh billed to all customers

Capacity factor

Normalized percentage of the period that the plant generates power

Refueling outage duration

Number of days lost for scheduled refueling outage during the period

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 release in order to provide metrics that remove the effect of less routine financial impacts from commonly used financial metrics.

Appendix F: Definitions of Operational Performance Measures and GAAP and Non-GAAP Financial Measures (continued)

Financial Measures - GAAP

Return on average invested capital - as-reported

12-months rolling earnings 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 earnings divided by average common equity

Net margin - as-reported

12-months rolling earnings divided by 12 months rolling revenue

Cash flow interest coverage

12-months cash flow from operating activities plus 12-months rolling interest paid, divided by interest expense

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, notes payable, capital leases, and preferred stock with sinking fund on the balance sheet less non-recourse debt, if any

Debt of joint ventures (Entergy's share)

Debt issued by Entergy-Koch, LP and Non-Nuclear Wholesale Assets business joint ventures for periods through third quarter 2004. Only Non-Nuclear Wholesale Assets business joint ventures debt included for periods thereafter.

Leases (Entergy's share)

Operating leases held by subsidiaries capitalized at implicit interest rate

Debt to capital

Gross debt divided by total capitalization

Financial Measures - Non-GAAP

Operational earnings

As-reported earnings applicable to common stock adjusted to exclude the impact of special items

Return on average invested capital - operational

12-months rolling operational earnings 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 earnings divided by average common equity

Net margin - operational

12-months rolling operational earnings 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 sum of total capitalization and off-balance sheet debt less cash and cash equivalents

 

 

Appendices G-1 and G-2 provide reconciliations of various non-GAAP financial measures disclosed in this release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - Return on Equity, Return on Invested Capital and Net Margin Metrics

($ in millions)

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

As-reported earnings-rolling 12 months (A)

895

963

898

920

916

955

1,133

1,151

Preferred dividends

24

25

25

27

28

29

28

26

Tax effected interest expense

278

287

293

304

316

324

339

347

As-reported earnings, rolling 12 months including preferred dividends and tax effected interest expense (B)

1,197

1,275

1,217

1,251

1,260

1,308

1,499

1,524

Special items in prior quarters

0

37

(11)

(43)

(37)

(6)

33

131

Special items 2Q05 thru 1Q07

Utility, Parent & Other
ENOI results

6

11

7

(20)

3

Entergy-Koch, LP gain

55

Retail Business impairment reserve

(26)

Retail Business discontinued operations

(3)

(7)

(8)

(2)

13

(1)

(10)

Restructuring - Entergy-Koch, LP
distribution

104

Non-Nuclear Wholesale Assets
Write-off of tax capital losses

(28)

Total special items (C)

(2)

30

(45)

(40)

(13)

0

135

134

Operational earnings, rolling 12 months including preferred dividends and tax effected interest expense (B-C)

1,199

1,245

1,262

1,291

1,273

1,308

1,364

1,389

Operational earnings, rolling 12 months (A-C)

898

933

943

960

929

955

998

1,017

Average invested capital (D)

16,806

17,033

16,850

17,140

17,283

17,514

17,688

17,973

Average common equity (E)

8,347

8,350

8,020

8,026

8,080

8,208

7,970

7,939

Operating revenues (F)

9,465

9,661

10,106

10,564

10,747

11,104

10,932

10,964

ROIC - as-reported (B/D)

7.1

7.5

7.2

7.3

7.3

7.5

8.5

8.5

ROIC - operational ((B-C)/D)

7.2

7.3

7.5

7.5

7.4

7.5

7.7

7.7

ROE - as-reported (A/E)

10.7

11.5

11.2

11.5

11.3

11.6

14.2

14.5

ROE - operational ((A-C)/E)

10.8

11.2

11.8

12.0

11.5

11.6

12.5

12.8

Net margin - as-reported (A/F)

9.5

10.0

8.9

8.7

8.5

8.6

10.4

10.5

Net margin - operational ((A-C)/F)

9.5

9.7

9.3

9.1

8.6

8.6

9.1

9.3

 

 

Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures - Credit and Liquidity Metrics

($ in millions)

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

Gross debt (A)

8,283

8,865

9,288

9,329

9,402

9,054

9,356

9,874

Less cash and cash equivalents (B)

607

598

583

752

729

745

1,016

1,080

   Net debt (C)

7,676

8,267

8,705

8,576

8,673

8,309

8,340

8,794

Total capitalization (D)

16,609

17,070

17,477

17,888

17,956

17,957

17,899

18,058

Less cash and cash equivalents (B)

607

598

583

752

729

745

1,016

1,080

   Net capital (E)

16,002

16,472

16,894

17,135

17,227

17,212

16,883

16,978

Debt to capital ratio % (A/D)

49.9

51.9

53.1

52.1

52.4

50.4

52.3

54.7

Net debt to net capital ratio % (C/E)

48.0

50.2

51.5

50.0

50.4

48.3

49.4

51.8

Off-balance sheet liabilities (F)

780

779

778

732

671

668

665

668

Net debt to net capital ratio including off-balance sheet liabilities % ((C+F)/(E+F))

50.4

52.4

53.7

52.1

52.2

50.2

51.3

53.6

Revolver capacity (G)

1,407

791

2,545

2,718

2,710

3,095

2,770

2,170

Gross liquidity (B+G)

2,014

1,389

3,128

3,470

3,439

3,840

3,786

3,250

 

 

Entergy Corporation's common stock is listed on the New York and Chicago exchanges under the symbol "ETR".

Additional investor information can be accessed on-line at
www.entergy.com/investor_relations

 

**********************************************************************************************************************

In this release, Entergy makes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Many factors could cause the actual results to differ materially than the forward-looking information provided. These factors are discussed in more detail in Entergy Corporation's 2006 Annual Report on Form 10-K including (a) Forward-Looking Information, (b) Item 1A. Risk Factors, and (c) Item 7. Management's Financial Discussion and Analysis and subsequent SEC filings.

 

Entergy Corporation 
 
Consolidating Balance Sheet 
March 31, 2007 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ 106,074    $ 7,901    $ -    $ 113,975 
  Temporary cash investments - at cost,               
   which approximates market 504,481    461,567      966,048 
     Total cash and cash equivalents 610,555    469,468      1,080,023 
Notes receivable - Entergy New Orleans DIP loan 42,026        42,026 
Notes receivable 252,955    1,295,395    (1,547,736)   614 
Accounts receivable:              
  Customer 404,961    455      405,416 
  Allowance for doubtful accounts (19,386)       (19,386)
  Associated companies 23,891    107,736    (131,627)   - 
  Other 289,248    157,462      446,710 
  Accrued unbilled revenues 230,980        230,980 
     Total receivables 929,694    265,653    (131,627)   1,063,720 
Accumulated deferred income taxes 19,533        19,533 
Fuel inventory - at average cost 194,026    3,720      197,746 
Materials and supplies - at average cost 417,400    199,493      616,893 
Deferred nuclear refueling outage costs 60,826    83,350      144,176 
Prepayments and other 93,043    38,334      131,377 
TOTAL 2,620,058    2,355,413    (1,679,363)   3,296,108 
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 7,762,652    153,616    (7,682,748)   233,520 
Decommissioning trust funds 1,302,510    1,603,070      2,905,580 
Non-utility property - at cost (less accumulated depreciation) 206,321    3,964      210,285 
Other 34,530    7,247      41,777 
TOTAL 9,306,013    1,767,897    (7,682,748)   3,391,162 
               
PROPERTY, PLANT, AND EQUIPMENT              
               
Electric 28,605,826    2,346,370    (1,661)   30,950,535 
Property under capital lease 729,443        729,443 
Natural gas 94,785        94,785 
Construction work in progress 600,851    178,049      778,900 
Nuclear fuel under capital lease 222,203        222,203 
Nuclear fuel 261,817    384,374      646,191 
TOTAL PROPERTY, PLANT AND EQUIPMENT 30,514,925    2,908,793    (1,661)   33,422,057 
Less - accumulated depreciation and amortization 13,517,484    366,264      13,883,748 
PROPERTY, PLANT AND EQUIPMENT - NET 16,997,441    2,542,529    (1,661)   19,538,309 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net 744,424        744,424 
  Other regulatory assets 2,653,282        2,653,282 
  Deferred fuel costs 168,122        168,122 
Long-term receivables 17,875        17,875 
Goodwill 374,099    3,073      377,172 
Other 775,317    791,846    (606,775)   960,388 
TOTAL 4,733,119    794,919    (606,775)   4,921,263 
               
TOTAL ASSETS $ 33,656,631    $ 7,460,758    $ (9,970,547)   $ 31,146,842 
               
*Totals may not foot due to rounding.              
               
               
               
Entergy Corporation 
 
Consolidating Balance Sheet 
March 31, 2007 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 183,701    $ 88,241    $ -    $ 271,942 
Notes payable:              
  Associated companies 969,984    577,752    (1,547,736)   - 
  Other 25,039        25,039 
Account payable:               
  Associated companies 79,235    48,571    (127,806)   - 
  Other 675,505    136,513      812,018 
Customer deposits 256,753        256,753 
Taxes accrued 32,082    (32,082)     - 
Interest accrued 136,032    3,972      140,004 
Deferred fuel costs 224,883        224,883 
Obligations under capital leases 153,186        153,186 
Pension and other postretirement liabilities 30,716    3,010      33,726 
Other 58,873    112,029      170,902 
TOTAL 2,825,989    938,006    (1,675,542)   2,088,453 
                
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 5,607,581    535,242      6,142,823 
Accumulated deferred investment tax credits 354,102        354,102 
Obligations under capital leases 218,118        218,118 
Other regulatory liabilities 506,016        506,016 
Decommissioning and retirement cost liabilities 1,272,395    786,149      2,058,544 
Transition to competition 79,098        79,098 
Regulatory reserves       - 
Accumulated provisions 83,011    8,275      91,286 
Pension and other postretirement liabilities 1,141,690    297,064      1,438,754 
Long-term debt 8,964,697    300,633    (68,002)   9,197,328 
Preferred stock with sinking fund 8,250        8,250 
Other 1,114,014    211,111    (545,026)   780,099 
TOTAL 19,348,972    2,138,474    (613,028)   20,874,418 
               
Preferred stock without sinking fund 310,748    426,104    (391,937)   344,915 
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
 issued 248,174,087 shares in 2007 2,228,350    1,068,642    (3,294,510)   2,482 
Paid-in capital 6,672,543    1,614,476    (3,455,216)   4,831,803 
Retained earnings 5,623,946    1,291,927    (704,256)   6,211,617 
Accumulated other comprehensive income (loss) (81,631)   26,445    626    (54,560)
Less - treasury stock, at cost (50,353,826 shares in 2007) 3,272,286    43,316    (163,316)   3,152,286 
TOTAL 11,170,922    3,958,174    (7,290,040)   7,839,056 
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,656,631    $ 7,460,758    $ (9,970,547)   $ 31,146,842 
               
*Totals may not foot due to rounding.              

 

Entergy Corporation 
 
Consolidating Balance Sheet 
December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ 95,468    $ 21,911    $ -    $ 117,379 
  Temporary cash investments - at cost,              
   which approximates market 499,942    398,831      898,773 
     Total cash and cash equivalents 595,410    420,742      1,016,152 
Notes receivable - Entergy New Orleans DIP loan 51,934        51,934 
Notes receivable 266,717    1,280,921    (1,546,939)   699 
Accounts receivable:              
  Customer 410,512      -    410,512 
  Allowance for doubtful accounts (19,348)     -    (19,348)
  Associated companies (5,099)   94,549    (89,450)   - 
  Other 312,654    174,610    -    487,264 
  Accrued unbilled revenues 249,165        249,165 
     Total receivables 947,884    269,159    (89,450)   1,127,593 
Accumulated deferred income taxes 10,498    1,182    -    11,680 
Fuel inventory - at average cost 189,829    3,269    -    193,098 
Materials and supplies - at average cost 408,279    196,719    -    604,998 
Deferred nuclear refueling outage costs 65,349    82,172    -    147,521 
Prepayments and other 150,134    21,625    -    171,759 
TOTAL 2,686,034    2,275,789    (1,636,389)   3,325,434 
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 7,725,189    152,066    (7,648,166)   229,089 
Decommissioning trust funds 1,274,676    1,583,847      2,858,523 
Non-utility property - at cost (less accumulated depreciation) 208,956    3,770      212,726 
Other 39,868    7,247      47,115 
TOTAL 9,248,689    1,746,930    (7,648,166)   3,347,453 
               
PROPERTY, PLANT, AND EQUIPMENT              
               
Electric 28,405,556    2,309,755    (2,027)   30,713,284 
Property under capital lease 730,182        730,182 
Natural gas 92,787        92,787 
Construction work in progress 609,431    176,716      786,147 
Nuclear fuel under capital lease 269,485        269,485 
Nuclear fuel 206,889    354,402      561,291 
TOTAL PROPERTY, PLANT AND EQUIPMENT 30,314,330    2,840,873    (2,027)   33,153,176 
Less - accumulated depreciation and amortization 13,366,710    348,389      13,715,099 
PROPERTY, PLANT AND EQUIPMENT - NET 16,947,620    2,492,484    (2,027)   19,438,077 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net 740,110        740,110 
  Other regulatory assets 2,768,352        2,768,352 
  Deferred fuel costs 168,122      -    168,122 
Long-term receivables 19,349        19,349 
Goodwill 374,099    3,073      377,172 
Other 736,461    781,364    (619,163)   898,662 
TOTAL 4,806,493    784,437    (619,163)   4,971,767 
               
TOTAL ASSETS $ 33,688,836    $ 7,299,640    $ (9,905,745)   $ 31,082,731 
               
*Totals may not foot due to rounding.              
 
 
 
Entergy Corporation 
 
Consolidating Balance Sheet 
December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 93,335    $ 88,241    $ -    $ 181,576 
Notes payable:              
  Associated companies 979,198    567,741    (1,546,939)   - 
  Other 25,039        25,039 
Account payable:              
  Associated companies 69,355    17,949    (87,304)   - 
  Other 901,434    221,162      1,122,596 
Customer deposits 248,031        248,031 
Taxes accrued 167,060    20,264      187,324 
Interest accrued 159,527    1,304      160,831 
Deferred fuel costs 73,031        73,031 
Obligations under capital leases 153,246        153,246 
Pension and other postretirement liabilities 39,008    2,904      41,912 
Other 100,501    171,043      271,544 
TOTAL 3,008,765    1,090,608    (1,634,243)   2,465,130 
               
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 5,451,700    369,000      5,820,700 
Accumulated deferred investment tax credits 358,550        358,550 
Obligations under capital leases 188,033        188,033 
Other regulatory liabilities 449,237        449,237 
Decommissioning and retirement cost liabilities 1,249,482    774,364      2,023,846 
Transition to competition 79,098        79,098 
Regulatory reserves 219        219 
Accumulated provisions 81,053    7,849      88,902 
Pension and other postretirement liabilities 1,125,707    284,726      1,410,433 
Long-term debt 8,560,534    301,805    (64,252)   8,798,087 
Preferred stock with sinking fund 10,500        10,500 
Other 1,173,625    233,424    (559,853)   847,196 
TOTAL 18,727,738    1,971,168    (624,105)   20,074,801 
                
Preferred stock without sinking fund 310,751    426,099    (391,937)   344,913 
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
  issued 248,174,087 shares in 2006 2,228,350    1,068,642    (3,294,510)   2,482 
Paid-in capital 6,668,007    1,500,553    (3,341,295)   4,827,265 
Retained earnings 5,592,532    1,304,107    (783,597)   6,113,042 
Accumulated other comprehensive income (loss) (82,917)   (18,221)   626    (100,512)
Less - treasury stock, at cost (45,506,311 shares in 2006) 2,764,390    43,316    (163,316)   2,644,390 
TOTAL 11,641,582    3,811,765    (7,255,460)   8,197,887 
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,688,836    $ 7,299,640    $ (9,905,745)   $ 31,082,731 
               
*Totals may not foot due to rounding.              

 

Entergy Corporation 
 
Consolidating Balance Sheet 
March 31, 2007 vs December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
ASSETS              
               
CURRENT ASSETS              
               
Cash and cash equivalents:              
  Cash $ 10,606    $ (14,010)   $ -    $ (3,404)
  Temporary cash investments - at cost,              
   which approximates market 4,539    62,736      67,275 
     Total cash and cash equivalents 15,145    48,726      63,871 
Notes receivable - Entergy New Orleans DIP loan (9,908)       (9,908)
Notes receivable (13,762)   14,474    (797)   (85)
Accounts receivable:              
  Customer (5,551)   455      (5,096)
  Allowance for doubtful accounts (38)       (38)
  Associated companies 28,990   13,187    (42,177)   - 
  Other (23,406)   (17,148)     (40,554)
  Accrued unbilled revenues (18,185)       (18,185)
     Total receivables (18,190)   (3,506)   (42,177)   (63,873)
Accumulated deferred income taxes 9,035    (1,182)     7,853 
Fuel inventory - at average cost 4,197    451      4,648 
Materials and supplies - at average cost 9,121    2,774      11,895 
Deferred nuclear refueling outage costs (4,523)   1,178      (3,345)
Prepayments and other (57,091)   16,709      (40,382)
TOTAL (65,976)   79,624    (42,974)   (29,326)
               
OTHER PROPERTY AND INVESTMENTS              
               
Investment in affiliates - at equity 37,463    1,550    (34,582)   4,431 
Decommissioning trust funds 27,834    19,223      47,057 
Non-utility property - at cost (less accumulated depreciation) (2,635)   194      (2,441)
Other (5,338)       (5,338)
TOTAL 57,324    20,967    (34,582)   43,709 
               
PROPERTY, PLANT, AND EQUIPMENT              
               
Electric 200,270    36,615    366    237,251 
Property under capital lease (739)       (739)
Natural gas 1,998        1,998 
Construction work in progress (8,580)   1,333      (7,247)
Nuclear fuel under capital lease (47,282)       (47,282)
Nuclear fuel 54,928    29,972      84,900 
TOTAL PROPERTY, PLANT AND EQUIPMENT 200,595    67,920    366    268,881 
Less - accumulated depreciation and amortization 150,774    17,875      168,649 
PROPERTY, PLANT AND EQUIPMENT - NET 49,821    50,045    366    100,232 
               
DEFERRED DEBITS AND OTHER ASSETS              
               
Regulatory assets:              
  SFAS 109 regulatory asset - net 4,314        4,314 
  Other regulatory assets (115,070)       (115,070)
  Deferred fuel costs       - 
Long-term receivables (1,474)       (1,474)
Goodwill       - 
Other 38,856    10,482    12,388    61,726 
TOTAL (73,374)   10,482    12,388    (50,504)
               
TOTAL ASSETS $ (32,205)   $ 161,118    $ (64,802)   $ 64,111 
               
*Totals may not foot due to rounding.              
 
 
 
Entergy Corporation 
 
Consolidating Balance Sheet 
March 31, 2007 vs December 31, 2006 
(Dollars in thousands) 
(Unaudited) 
   
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
               
Currently maturing long-term debt $ 90,366    $ -    $ -    $ 90,366 
Notes payable:              
  Associated companies (9,214)   10,011    (797)   - 
  Other       - 
Account payable:              
  Associated companies 9,880    30,622    (40,502)   - 
  Other (225,929)   (84,649)     (310,578)
Customer deposits 8,722        8,722 
Taxes accrued (134,978)   (52,346)     (187,324)
Interest accrued (23,495)   2,668      (20,827)
Deferred fuel costs 151,852        151,852 
Obligations under capital leases (60)       (60)
Pension and other postretirement liabilities (8,292)   106      (8,186)
Other (41,628)   (59,014)     (100,642)
TOTAL (182,776)   (152,602)   (41,299)   (376,677)
               
NON-CURRENT LIABILITIES              
               
Accumulated deferred income taxes and taxes accrued 155,881    166,242      322,123 
Accumulated deferred investment tax credits (4,448)       (4,448)
Obligations under capital leases 30,085        30,085 
Other regulatory liabilities 56,779        56,779 
Decommissioning and retirement cost liabilities 22,913    11,785      34,698 
Transition to competition       - 
Regulatory reserves (219)       (219)
Accumulated provisions 1,958    426      2,384 
Pension and other postretirement liabilities 15,983    12,338      28,321 
Long-term debt 404,163    (1,172)   (3,750)   399,241 
Preferred stock with sinking fund (2,250)       (2,250)
Other (59,611)   (22,313)   14,827    (67,097)
TOTAL 621,234    167,306    11,077    799,617 
               
Preferred stock without sinking fund (3)       2 
               
SHAREHOLDERS' EQUITY              
               
Common stock, $.01 par value, authorized 500,000,000 shares;              
  issued 248,174,087 shares in 2007 and 2006       - 
Paid-in capital 4,536    113,923    (113,921)   4,538 
Retained earnings 31,414    (12,180)   79,341    98,575 
Accumulated other comprehensive income (loss) 1,286    44,666      45,952 
Less - treasury stock, at cost 507,896        507,896 
TOTAL (470,660)   146,409    (34,580)   (358,831)
               
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ (32,205)   $ 161,118    $ (64,802)   $ 64,111 
               
*Totals may not foot due to rounding.              

 

Entergy Corporation
 
Consolidating Income Statement 
Three Months Ended March 31, 2007 
(Dollars in thousands) 
(Unaudited) 
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 2,065,341    $ -    $ (688)   $ 2,064,653 
Natural gas   37,928        37,928 
Competitive businesses   6,709    496,589    (5,650)   497,649 
     Total   2,109,978    496,589    (6,338)   2,600,230 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   649,498    60,483      709,981 
  Purchased power   472,819    10,942    (6,008)   477,753 
  Nuclear refueling outage expenses   19,402    23,573      42,975 
  Other operation and maintenance   380,778    160,634    (444)   540,969 
Decommissioning   21,668    16,117      37,785 
Taxes other than income taxes   96,350    16,559      112,909 
Depreciation and amortization   205,257    19,074      224,331 
Other regulatory charges (credits) - net   22,507        22,507 
     Total   1,868,279    307,382    (6,452)   2,169,210 
                 
OPERATING INCOME   241,699    189,207    114    431,020 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   16,067        16,067 
Interest and dividend income   45,494    32,204    (19,930)   57,768 
Equity in earnings (loss) of unconsolidated equity affiliates   3,489    1,045      4,534 
Miscellaneous - net   (1,677)   (3,350)   (114)   (5,141)
     Total   63,373    29,899    (20,044)   73,228 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   118,818    1,036      119,854 
Other interest - net   37,198    14,015    (19,916)   31,297 
Allowance for borrowed funds used during construction   (9,631)       (9,631)
Preferred dividend requirements and other   5,125    869    (14)   5,980 
     Total   151,510    15,920    (19,930)   147,500 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   153,562    203,186      356,748 
                 
Income taxes   64,066    80,487      144,553 
                 
INCOME FROM CONTINUING OPERATIONS   89,496    122,699      212,195 
                  
INCOME (LOSS) FROM DISCONTINUED OPERATIONS         - 
                 
CONSOLIDATED NET INCOME   $ 89,496    $ 122,699      $ 212,195 
                 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):
  BASIC   $0.45    $0.61        $1.06 
  DILUTED   $0.44    $0.59        $1.03 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):
  BASIC           - 
  DILUTED           - 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $0.45    $0.61        $1.06 
  DILUTED   $0.44    $0.59        $1.03 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
BASIC               200,549,935 
DILUTED               206,133,440 
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidating Income Statement 
Three Months Ended March 31, 2006 
(Dollars in thousands) 
(Unaudited) 
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 2,093,604    $ -    $ (671)   $ 2,092,933 
Natural gas   37,415        37,415 
Competitive businesses   10,219    444,479    (17,015)   437,683 
     Total   2,141,238    444,479    (17,686)   2,568,031 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   781,675    58,496      840,171 
  Purchased power   469,129    9,328    (17,087)   461,370 
  Nuclear refueling outage expenses   19,835    22,158      41,993 
  Other operation and maintenance   351,599    178,544    (713)   529,430 
Decommissioning   20,177    15,419      35,596 
Taxes other than income taxes   86,279    17,059      103,338 
Depreciation and amortization   187,570    17,818      205,388 
Other regulatory charges (credits) - net   (44,018)       (44,018)
     Total   1,872,246    318,822    (17,800)   2,173,268 
                 
OPERATING INCOME   268,992    125,657    114    394,763 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   15,459        15,459 
Interest and dividend income   39,036    29,068    (24,273)   43,831 
Equity in earnings (loss) of unconsolidated equity affiliates   6,366    (2,780)     3,586 
Miscellaneous - net   (5,428)   (665)   (114)   (6,207)
     Total   55,433    25,623    (24,387)   56,669 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   118,604    1,877      120,481 
Other interest - net   23,677    17,843    (24,259)   17,261 
Allowance for borrowed funds used during construction   (9,045)       (9,045)
Preferred dividend requirements and other   7,183    869    (14)   8,038 
     Total   140,419    20,589    (24,273)   136,735 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   184,006    130,691      314,697 
                 
Income taxes   68,554    50,276      118,830 
                 
INCOME FROM CONTINUING OPERATIONS   115,452    80,415      195,867 
                 
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of $ (1,204))   (2,239)       (2,239)
                 
CONSOLIDATED NET INCOME   $ 113,213    $ 80,415    $ -    $ 193,628 
                 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $0.55    $0.39        $0.94 
  DILUTED   $0.55    $0.38        $0.93 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   ($0.01)         ($0.01)
  DILUTED   ($0.01)         ($0.01)
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $0.54    $0.39        $0.93 
  DILUTED   $0.54    $0.38        $0.92 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               207,732,341 
  DILUTED               211,374,512 
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidating Income Statement 
Three Months Ended March 31, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited) 
 
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ (28,263)   $ -    $ (17)   $ (28,280)
Natural gas   513        513 
Competitive businesses   (3,510)   52,110    11,365    59,966 
     Total   (31,260)   52,110    11,348    32,199 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   (132,177)   1,987      (130,190)
  Purchased power   3,690    1,614    11,079    16,383 
  Nuclear refueling outage expenses   (433)   1,415      982 
  Other operation and maintenance   29,179    (17,910)   269    11,539 
Decommissioning   1,491    698      2,189 
Taxes other than income taxes   10,071    (500)     9,571 
Depreciation and amortization   17,687    1,256      18,943 
Other regulatory charges (credits )- net   66,525        66,525 
     Total   (3,967)   (11,440)   11,348    (4,058)
                 
OPERATING INCOME   (27,293)   63,550      36,257 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   608        608 
Interest and dividend income   6,458    3,136    4,343    13,937 
Equity in earnings (loss) of unconsolidated equity affiliates   (2,877)   3,825      948 
Miscellaneous - net   3,751    (2,685)     1,066 
     Total   7,940    4,276    4,343    16,559 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   214    (841)     (627)
Other interest - net   13,521    (3,828)   4,343    14,036 
Allowance for borrowed funds used during construction   (586)       (586)
Preferred dividend requirements and other   (2,058)       (2,058)
     Total   11,091    (4,669)   4,343    10,765 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   (30,444)   72,495      42,051 
                 
Income taxes   (4,488)   30,211      25,723 
                 
INCOME FROM CONTINUING OPERATIONS   (25,956)   42,284      16,328 
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes)   2,239        2,239 
                 
CONSOLIDATED NET INCOME   $ (23,717)   $ 42,284      $ 18,567 
                 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   ($0.10)   $0.22        $0.12 
  DILUTED   ($0.11)   $0.21        $0.10 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.01          $0.01 
  DILUTED   $0.01          $0.01 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   ($0.09)   $0.22        $0.13 
  DILUTED   ($0.10)   $0.21        $0.11 
                 
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidating Income Statement 
Twelve Months Ended March 31, 2007 
(Dollars in thousands)
(Unaudited) 
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 9,037,535    $ -    $ (2,682)   $ 9,034,853 
Natural gas   84,742        84,742 
Competitive businesses   7,406    1,861,367    (24,013)   1,844,760 
     Total   9,129,683    1,861,367    (26,695)   10,964,355 
                  
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   2,748,680    265,202      3,013,883 
  Purchased power   2,097,995    81,697    (25,072)   2,154,620 
  Nuclear refueling outage expenses   77,676    92,872      170,548 
  Other operation and maintenance   1,587,031    761,951    (2,079)   2,346,903 
Decommissioning   84,403    63,671      148,074 
Taxes other than income taxes   373,154    64,978      438,132 
Depreciation and amortization   825,574    81,161      906,735 
Other regulatory charges (credits) - net   (56,155)       (56,155)
     Total   7,738,358    1,411,532    (27,151)   9,122,740 
                  
OPERATING INCOME   1,391,325    449,835    456    1,841,615 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   40,503        40,503 
Interest and dividend income   170,548    127,841    (85,618)   212,771 
Equity in earnings (loss) of unconsolidated equity affiliates   92,488    2,204      94,692 
Miscellaneous - net   (12,917)   30,555    (456)   17,182 
     Total   290,622    160,600    (86,074)   365,148 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   489,496    8,329      497,824 
Other interest - net   113,923    61,180    (85,563)   89,540 
Allowance for borrowed funds used during construction   (24,518)       (24,518)
Preferred dividend requirements and other   22,304    3,475    (55)   25,724 
     Total   601,205    72,984    (85,618)   588,570 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   1,080,742    537,451      1,618,193 
                 
Income taxes   230,315    238,452      468,767 
                  
INCOME FROM CONTINUING OPERATIONS   850,427    298,999      1,149,426 
                 
INCOME FROM DISCONTINUED OPERATIONS (net of taxes of $1,271)   1,743        1,743 
                 
CONSOLIDATED NET INCOME   $ 852,170    $ 298,999      $ 1,151,169 
                 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $4.14    $1.45        $5.59 
  DILUTED   $4.06    $1.43        $5.49 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.01          $0.01 
  DILUTED   $0.01          $0.01 
EARNINGS PER AVERAGE COMMON SHARE:                 
  BASIC   $4.15    $1.45        $5.60 
  DILUTED   $4.07    $1.43        $5.50 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               205,685,834 
  DILUTED               209,326,890 
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidating Income Statement 
Twelve Months Ended March 31, 2006 
(Dollars in thousands) 
(Unaudited) 
 
    U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 8,840,402    $ -    $ (2,655)   $ 8,837,748 
Natural gas   88,220        88,220 
Competitive businesses   46,292    1,669,783    (77,949)   1,638,126 
     Total   8,974,914    1,669,783    (80,604)   10,564,094 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   2,276,462    240,739      2,517,201 
  Purchased power   2,587,168    42,503    (78,676)   2,550,996 
  Nuclear refueling outage expenses   76,995    87,841      164,835 
  Other operation and maintenance   1,467,304    683,073    (2,384)   2,147,994 
Decommissioning   81,831    59,888      141,718 
Taxes other than income taxes   333,581    61,663      395,243 
Depreciation and amortization   779,812    66,431      846,243 
Other regulatory charges (credits) - net   (75,880)       (75,880)
     Total   7,527,273    1,242,138    (81,060)   8,688,350 
                 
OPERATING INCOME   1,447,641    427,645    456    1,875,744 
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   48,594        48,594 
Interest and dividend income   142,883    101,212    (80,403)   163,693 
Equity in earnings (loss) of unconsolidated equity affiliates   12,060    (10,788)     1,272 
Miscellaneous - net   (21,884)   4,450    (456)   (17,893)
     Total   181,653    94,874    (80,859)   195,665 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   441,917    11,632      453,549 
Other interest - net   92,019    58,750    (80,348)   70,420 
Allowance for borrowed funds used during construction   (31,144)       (31,144)
Preferred dividend requirements and other   23,662    3,475    (55)   27,082 
     Total   526,454    73,857    (80,403)   519,907 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   1,102,840    448,662      1,551,502 
                 
Income taxes   431,559    154,314      585,873 
                 
INCOME FROM CONTINUING OPERATIONS   671,281    294,348      965,629 
                 
LOSS FROM DISCONTINUED OPERATIONS (net of taxes of $ (24,523))   (45,666)       (45,666)
                 
CONSOLIDATED NET INCOME   $ 625,615    $ 294,348    $ -    $ 919,963 
                 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $3.22    $1.41        $4.63 
  DILUTED   $3.16    $1.38        $4.54 
LOSS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   ($0.22)         ($0.22)
  DILUTED   ($0.21)         ($0.21)
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $3.00    $1.41        $4.41 
  DILUTED   $2.95    $1.38        $4.33 
                 
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:                
  BASIC               208,564,870 
  DILUTED               212,618,629 
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidating Income Statement 
Twelve Months Ended March 31, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited) 
 
  U.S. Utilities/ Parent & Other   Competitive Businesses   Eliminations   Consolidated
 
OPERATING REVENUES                
Electric   $ 197,133    $ -    $ (27)   $ 197,106 
Natural gas   (3,478)       (3,478)
Competitive businesses   (38,886)   191,584    53,936    206,634 
     Total   154,769    191,584    53,909    400,262 
                 
OPERATING EXPENSES                
Operating and Maintenance:                
  Fuel, fuel related expenses, and gas purchased for resale   472,218    24,463      496,682 
  Purchased power   (489,173)   39,194    53,604    (396,376)
  Nuclear refueling outage expenses   681    5,031      5,713 
  Other operation and maintenance   119,727    78,878    305    198,910 
Decommissioning   2,572    3,783      6,356 
Taxes other than income taxes   39,573    3,315      42,889 
Depreciation and amortization   45,762    14,730      60,492 
Other regulatory charges (credits )- net   19,725        19,725 
     Total   211,085    169,394    53,909    434,389 
                 
OPERATING INCOME   (56,316)   22,190      (34,128)
                 
OTHER INCOME (DEDUCTIONS)                
Allowance for equity funds used during construction   (8,091)       (8,091)
Interest and dividend income   27,665    26,629    (5,215)   49,078 
Equity in earnings (loss) of unconsolidated equity affiliates   80,428    12,992      93,420 
Miscellaneous - net   8,967    26,105      35,075 
     Total   108,969    65,726    (5,215)   169,483 
                 
INTEREST AND OTHER CHARGES                
Interest on long-term debt   47,579    (3,303)     44,275 
Other interest - net   21,904    2,430    (5,215)   19,120 
Allowance for borrowed funds used during construction   6,626        6,626 
Preferred dividend requirements and other   (1,358)       (1,358)
     Total   74,751    (873)   (5,215)   68,663 
                 
INCOME FROM CONTINUING OPERATIONS                
BEFORE INCOME TAXES   (22,098)   88,789      66,692 
                 
Income taxes   (201,244)   84,138      (117,106)
                 
INCOME FROM CONTINUING OPERATIONS   179,146    4,651      183,798 
                 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS (net of taxes)   47,409        47,409 
                 
CONSOLIDATED NET INCOME   $ 226,555    $ 4,651      $ 231,207 
                 
                 
                 
EARNINGS PER AVERAGE COMMON SHARE (from continuing operations):                
  BASIC   $0.92    $0.04        $0.96 
  DILUTED   $0.90    $0.05        $0.95 
EARNINGS PER AVERAGE COMMON SHARE (from discontinued operations):                
  BASIC   $0.23          $0.23 
  DILUTED   $0.22          $0.22 
EARNINGS PER AVERAGE COMMON SHARE:                
  BASIC   $1.15    $0.04        $1.19 
  DILUTED   $1.12    $0.05        $1.17 
                 
                 
*Totals may not foot due to rounding.                

 

Entergy Corporation
 
Consolidated Cash Flow Statement 
Three Months Ended March 31, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited) 
             
    2007   2006   Variance
             
OPERATING ACTIVITIES            
Consolidated net income   $212,195    $193,628    $18,567 
Adjustments to reconcile consolidated net income to net cash flow            
 provided by operating activities:            
   Reserve for regulatory adjustments   10,931    42,162    (31,231)
   Other regulatory credits - net   22,507    (44,018)   66,525 
   Depreciation, amortization, and decommissioning   262,117    241,807    20,310 
   Deferred income taxes, investment tax credits, and non-current taxes accrued   368,709    370,774    (2,065)
   Equity in earnings of unconsolidated equity affiliates - net of dividends   (4,534)   (1,412)   (3,122)
   Changes in working capital:            
      Receivables   63,874    328,019    (264,145)
      Fuel inventory   (4,648)   (28,607)   23,959 
      Accounts payable   (288,421)   (256,420)   (32,001)
      Taxes accrued   (187,324)   35,968    (223,292)
      Interest accrued   (20,827)   (16,861)   (3,966)
      Deferred fuel   151,853    199,619    (47,766)
      Other working capital accounts   (110,493)   140,795    (251,288)
   Provision for estimated losses and reserves   (15,918)   15,029    (30,947)
   Changes in other regulatory assets   68,790    (75,674)   144,464 
   Other   (52,702)   (132,294)   79,592 
Net cash flow provided by operating activities   476,109    1,012,515    (536,406)
             
INVESTING ACTIVITIES            
Construction/capital expenditures   (284,731)   (664,178)   379,447 
Allowance for equity funds used during construction   16,067    15,459    608 
Nuclear fuel purchases   (184,806)   (91,027)   (93,779)
Proceeds from sale/leaseback of nuclear fuel   114,486    8,827    105,659 
Proceeds from sale of assets and businesses   2,617      2,617 
Payment for purchase of plant     (88,199)   88,199 
Decrease in other investments   113,027    12,340    100,687 
Proceeds from nuclear decommissioning trust fund sales   160,007    283,874    (123,867)
Investment in nuclear decommissioning trust funds   (189,536)   (312,417)   122,881 
Other regulatory investments     (23,448)   23,448 
Net cash flow used in investing activities   (252,869)   (858,769)   605,900 
             
FINANCING ACTIVITIES            
Proceeds from the issuance of:            
   Long-term debt   820,016    748,584    71,432 
   Preferred stock     73,354    (73,354)
   Common stock and treasury stock   30,889    11,805    19,084 
Retirement of long-term debt   (334,873)   (655,649)   320,776 
Repurchase of common stock   (558,186)     (558,186)
Redemption of preferred stock   (2,250)   (2,250)  
Changes in credit line borrowings - net     (40,000)   40,000 
Dividends paid:            
   Common stock   (108,967)   (112,190)   3,223 
   Preferred stock   (5,987)   (7,661)   1,674 
Net cash flow provided by (used in) financing activities   (159,358)   15,993    (175,351)
             
Effect of exchange rates on cash and cash equivalents   (11)   (173)   162 
             
Net increase in cash and cash equivalents   63,871    169,566    (105,695)
             
Cash and cash equivalents at beginning of period   1,016,152    582,820    433,332 
             
Cash and cash equivalents at end of period   $1,080,023    $752,386    $327,637 
             
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
   Cash paid (received) during the period for:            
      Interest - net of amount capitalized   $165,856    $146,429    $19,427 
      Income taxes   $31,433    ($345,366)   $376,799 

 

Entergy Corporation 
 
Consolidated Cash Flow Statement 
Twelve Months Ended March 31, 2007 vs. 2006 
(Dollars in thousands) 
(Unaudited) 
             
    2007   2006   Variance
             
OPERATING ACTIVITIES            
Consolidated net income   $1,151,169    $919,963    $231,206 
Adjustments to reconcile consolidated net income to net cash flow            
 provided by operating activities:            
   Reserve for regulatory adjustments   5,121    (56,369)   61,490 
   Other regulatory credits - net   (56,155)   (75,880)   19,725 
   Depreciation, amortization, and decommissioning   1,055,463    990,570    64,893 
   Deferred income taxes, investment tax credits, and non-current taxes accrued   736,578    550,674    185,904 
   Equity in earnings (loss) of unconsolidated equity affiliates - net of dividends   1,314    5,605    (4,291)
   Provision for asset impairments and restructuring charges     39,767    (39,767)
   Changes in working capital:            
      Receivables   143,897    (174,271)   318,168 
      Fuel inventory   37,056    (108,459)   145,515 
      Accounts payable   (115,885)   212,043    (327,928)
      Taxes accrued   (224,127)   263,618    (487,745)
      Interest accrued   2,009    8,076    (6,067)
      Deferred fuel   535,181    (107,007)   642,188 
      Other working capital accounts   (186,809)   191,291    (378,100)
   Provision for estimated losses and reserves   8,875    209    8,666 
   Changes in other regulatory assets   17,159    (399,603)   416,762 
   Other   (227,837)   (276,669)   48,832 
Net cash flow provided by operating activities   2,883,009    1,983,558    899,451 
             
INVESTING ACTIVITIES            
Construction/capital expenditures   (1,206,569)   (1,850,435)   643,866 
Allowance for equity funds used during construction   40,502    48,593    (8,091)
Nuclear fuel purchases   (420,027)   (301,835)   (118,192)
Proceeds from sale/leaseback of nuclear fuel   240,849    110,572    130,277 
Proceeds from sale of assets and businesses   79,776      79,776 
Payment for purchase of plant     (250,274)   250,274 
Decrease (increase) in other investments   94,334    (13,559)   107,893 
Purchase of other temporary investments     (153,300)   153,300 
Liquidation of other temporary investments     630,250    (630,250)
Proceeds from nuclear decommissioning trust fund sales   653,717    1,000,837    (347,120)
Investment in nuclear decommissioning trust funds   (761,242)   (1,099,870)   338,628 
Other regulatory investments   (14,589)   (413,904)   399,315 
Net cash flow used in investing activities   (1,293,249)   (2,292,925)   999,676 
             
FINANCING ACTIVITIES            
Proceeds from the issuance of:            
   Long-term debt   1,909,145    4,345,603    (2,436,458)
   Preferred stock     201,349    (201,349)
   Common stock and treasury stock   89,539    53,593    35,946 
Retirement of long-term debt   (1,483,597)   (3,008,541)   1,524,944 
Repurchase of common stock   (1,142,379)   (495,595)   (646,784)
Redemption of preferred stock   (183,881)   (33,719)   (150,162)
Changes in credit line borrowings - net   25,000    (75)   25,075 
Dividends paid:            
   Common stock   (445,731)   (450,194)   4,463 
   Preferred stock   (27,174)   (26,724)   (450)
Net cash flow provided by (used in) financing activities   (1,259,078)   585,697    (1,844,775)
             
Effect of exchange rates on cash and cash equivalents   (3,045)   (819)   (2,226)
             
Net increase in cash and cash equivalents   327,637    275,511    52,126 
             
Cash and cash equivalents at beginning of period   752,386    476,875    275,511 
             
Cash and cash equivalents at end of period   $1,080,023    $752,386    $327,637 
             
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
   Cash paid (received) during the period for:            
      Interest - net of amount capitalized   $545,851    $485,516    $60,335 
      Income taxes   $229,364    ($239,305)   $468,669