Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. | Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. |
1-11299 | ENTERGY CORPORATION (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000 72-1229752 | 1-35747 | ENTERGY NEW ORLEANS, INC. (a Louisiana corporation) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3700 72-0273040 |
1-10764 | ENTERGY ARKANSAS, INC. (an Arkansas corporation) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000 71-0005900 | 1-34360 | ENTERGY TEXAS, INC. (a Texas corporation) 9425 Pinecroft The Woodlands, Texas 77380 Telephone (409) 981-2000 61-1435798 |
1-32718 | ENTERGY LOUISIANA, LLC (a Texas limited liability company) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 576-4000 47-4469646 | 1-09067 | SYSTEM ENERGY RESOURCES, INC. (an Arkansas corporation) Echelon One 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000 72-0752777 |
1-31508 | ENTERGY MISSISSIPPI, INC. (a Mississippi corporation) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000 64-0205830 |
Exhibit No. | Description |
99.1 | 2015 Entergy Statistical Report and Investor Guide |
ENTERGY STATISTICAL REPORT |
AND INVESTOR GUIDE |
2015 |
Our Vision: We Power Life | |
Our Mission: We exist to operate a world-class energy business that creates sustainable value for our four stakeholders – owners, customers, employees and the communities in which we operate. | |
For our owners, we create value by aspiring to provide top-quartile returns through the relentless pursuit of opportunities to optimize our business. | |
For our customers, we create value by delivering top-quartile customer satisfaction through anticipating customer needs and exceeding their expectations while keeping rates reasonable. | |
For our employees, we create value by achieving top-quartile organizational health, providing a safe, rewarding, engaging, diverse and inclusive work environment, fair compensation and benefits, and opportunities to advance their careers. | |
For our communities, we create value through economic development, philanthropy, volunteerism and advocacy, and by operating our business safely and in a socially and environmentally responsible way. | |
Entergy Corporation (NYSE: ETR) is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 10,000 megawatts of nuclear power. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11.5 billion and more than 13,000 employees. | |
We have assembled the statistics and facts in this report to support your review and analysis of Entergy’s results over the last five years. This information is available in two electronic files, Excel and PDF in order to facilitate easier access and analysis. | |
Entergy Investor Relations |
TABLE OF CONTENTS | Note: The Excel Tab labels correspond to the page numbers | |||
in the PDF version of the 2015 Statistical Report. | ||||
Excel Tab | Excel Tab | |||
ABOUT THIS PUBLICATION | Page 2 | UTILITY SECURITIES DETAIL | Page 31 | |
FORWARD-LOOKING INFORMATION | Page 2 | Utility Long-Term Debt and Preferred Stock | Page 31 | |
REGULATION G COMPLIANCE | Page 2 | Entergy Arkansas, Inc. | Page 31 | |
ENTERGY AT A GLANCE | Pages 3 – 4 | Entergy Louisiana, LLC | Page 32 | |
Entergy Mississippi, Inc. | Page 33 | |||
ENTERGY CORPORATION AND SUBSIDIARIES | Entergy New Orleans, Inc. | Page 33 | ||
Selected Financial and Operating Data | Page 5 | Entergy Texas, Inc. | Page 34 | |
Selected Financial Data | Page 5 | System Energy Resources, Inc. | Page 34 | |
Utility Electric Operating Data | Page 5 | UTILITY STATISTICAL INFORMATION | Page 35 | |
Entergy Wholesale Commodities Operating Data | Page 5 | Utility Total Capability | Page 35 | |
Employees | Page 5 | Utility Selected Operating Data | Page 35 | |
Owned and Leased Capability | Page 5 | Utility Consolidating Information | Page 36 | |
Consolidated Quarterly Financial Metrics | Page 6 | Entergy Arkansas, Inc. | Pages 37 – 38 | |
Consolidated Annual Financial Metrics | Page 6 | Entergy Louisiana, LLC | Pages 39 – 40 | |
Financial Results | Page 7 | Entergy Mississippi, Inc. | Pages 41 – 42 | |
Consolidated Quarterly Results | Page 7 | Entergy New Orleans, Inc. | Pages 43 – 44 | |
Consolidated Quarterly Special Items | Pages 8 – 9 | System Energy Resources, Inc. | Page 44 | |
Consolidated Annual Results | Page 10 | Entergy Texas, Inc. | Pages 45 – 46 | |
Consolidated Annual Special Items | Pages 11 – 12 | Utility Nuclear Plant Statistics | Page 47 | |
Consolidated Statements of Income | Page 13 | UTILITY REGULATORY INFORMATION | Page 48 | |
Consolidating Income Statement | Page 14 | Regulatory Commissions | Page 48 | |
Consolidated Balance Sheets | Pages 15 – 16 | Commission/Council Members | Page 48 | |
Consolidating Balance Sheet | Pages 17 – 18 | Utility Electric and Gas Fuel Recovery Mechanisms | Page 49 | |
Consolidated Statements of Cash Flow | Pages 19 – 20 | |||
Cash Flow Information by Business | Page 20 | ENTERGY WHOLESALE COMMODITIES | ||
Consolidated Statements of Changes in Equity | Page 21 | EWC Quarterly Financial Metrics | Page 50 | |
Consolidated Statements of Comprehensive | Page 22 | EWC Annual Financial Metrics | Page 50 | |
Income | EWC Quarterly Operational Metrics | Page 50 | ||
Consolidated Capital Expenditures | Page 23 | EWC Annual Operational Metrics | Page 50 | |
Entergy Corporation Securities Detail | Page 23 | EWC Total Capacity | Page 50 | |
Entergy Corporation Long-Term Debt | Page 23 | EWC Nuclear Plant Statistics | Page 51 | |
Securities Ratings (Outlook) | Page 23 | EWC Non-Nuclear Wholesale Assets | Page 51 | |
Preferred Member Interests | Page 23 | Plant Statistics | ||
EWC Non-Nuclear Wholesale Assets | Page 51 | |||
UTILITY | Plant Emissions | |||
Utility Quarterly Financial Metrics | Page 24 | EWC Nuclear Securities Detail | Page 52 | |
Utility Annual Financial Metrics | Page 24 | EWC Non-Nuclear Wholesale Assets | Page 52 | |
Utility Securities Ratings (Outlook) | Page 24 | Securities Detail | ||
Utility Historical Capital Expenditures | Page 24 | |||
DEFINITIONS OF OPERATIONAL MEASURES AND | ||||
Utility Financial Results | Page 25 | GAAP AND NON-GAAP FINANCIAL MEASURES | Page 53 | |
Utility Consolidating Income Statement | Page 25 | |||
Utility Consolidating Balance Sheet | Pages 26 – 27 | REG G RECONCILIATIONS | ||
Utility Selected Annual Financial Metrics | Pages 28 – 30 | Financial Measures | Pages 54 – 70 | |
INVESTOR INFORMATION | Page 71 | |||
ABOUT THIS PUBLICATION | • uncertainty regarding the establishment of interim or permanent sites for |
This publication is unaudited and should be used in conjunction with Entergy’s | spent nuclear fuel and nuclear waste storage and disposal and the level of |
2015 Annual Report to Shareholders and Form 10-K filed with the Securities | spent fuel and nuclear waste, disposal fees charged by the U.S. |
and Exchange Commission. It has been prepared for information purposes and | government or other providers related to such sites |
is not intended for use in connection with any sale or purchase of, or any offer | • variations in weather and the occurrence of hurricanes and other storms |
to buy, any securities of Entergy Corporation or its subsidiaries. | and disasters, including uncertainties associated with efforts to remediate |
the effects of hurricanes, ice storms, or other weather events and the recovery | |
FORWARD-LOOKING INFORMATION | of costs associated with restoration, including accessing funded storm reserves, |
In this report and from time to time, Entergy Corporation makes statements concerning | federal and local cost recovery mechanisms, securitization, and insurance |
its expectations, beliefs, plans, objectives, goals, strategies, and future | • effects of climate change |
events or performance. Such statements are “forward-looking statements” | • changes in the quality and availability of water supplies and the related |
within the meaning of the Private Securities Litigation Reform Act of 1995. | regulation of water use and diversion |
Words such as “may,” “will,” “could,” “project,” “believe,” “anticipate,” “intend,” | • Entergy’s ability to manage its capital projects and operation |
“expect,” “estimate,” “continue,” “potential,” “plan,” “predict,” “forecast,” | and maintenance costs |
and other similar words or expressions are intended to identify forward-looking | • Entergy’s ability to purchase and sell assets at attractive prices |
statements but are not the only means to identify these statements. Although Entergy | and on other attractive terms |
believes that these forward-looking statements and the underlying assumptions are | • the economic climate, and particularly economic conditions in Entergy’s |
reasonable, it cannot provide assurance that they will prove correct. Any | Utility service area and the Northeast United States and events and |
forward-looking statement is based on information current as of the date of this | circumstances that could influence economic conditions in those areas, |
report and speaks only as of the date on which such statement is made. | including power prices and the risk that anticipated load growth |
Except to the extent required by the federal securities laws, Entergy undertakes | may not materialize |
no obligation to publicly update or revise any forward-looking statements, | • the effects of Entergy’s strategies to reduce tax payments |
whether as a result of new information, future events, or otherwise. | • changes in the financial markets, particularly those affecting |
Forward-looking statements involve a number of risks and uncertainties. | the availability of capital and Entergy’s ability to refinance existing debt, execute |
There are factors that could cause actual results to differ materially from those | share repurchase programs, and fund investments and acquisitions |
expressed or implied in the forward-looking statements, including those | • actions of rating agencies, including changes in the ratings of |
factors discussed or incorporated by reference in (a) Item 1A. Risk Factors | debt and preferred stock, changes in general corporate ratings, |
in the 2015 Form 10-K, (b) Management’s Financial Discussion and Analysis | and changes in the rating agencies’ ratings criteria |
in the 2015 Form 10-K, and (c) the following factors (in addition to others | • changes in inflation and interest rates |
described elsewhere in this report and in subsequent securities filings): | • the effect of litigation and government investigations or proceedings |
• resolution of pending and future rate cases and negotiations, | • changes in technology, including with respect to new, developing, or |
including various performance-based rate discussions, | alternative sources of generation |
Entergy’s utility supply plan, and recovery of fuel and purchased power costs | • the effects of threatened or actual terrorism, cyber attacks or data |
• the termination of Entergy Arkansas’s participation in the System Agreement, | security breaches, including increased security costs, accidents and war or a |
which occurred in December 2013, the termination of Entergy Mississippi's | catastrophic event such as a nuclear accident or a natural gas pipeline |
participation in the System Agreement which occurred in November 2015, and the | explosion |
termination of Entergy Texas's, Entergy Gulf States Louisiana's, and Entergy Louisiana's | • Entergy’s ability to attract and retain talented management and directors |
participation in the System Agreement which will occur on August 31, 2016, and | • changes in accounting standards and corporate governance |
result in the termination of the System Agreement in its entirety pursuant to | • declines in the market prices of marketable securities and resulting funding |
a settlement agreement approved by FERC in December 2015 | requirements and the effects on benefit costs for Entergy’s defined benefit |
• regulatory and operating challenges and uncertainties and economic risks | pension and other postretirement benefit plans |
associated with the Utility operating companies’ move to MISO, which occurred | • future wage and employee benefit costs, including changes |
in December 2013, including the effect of current or projected MISO market rules and | in discount rates and returns on benefit plan assets |
market and system conditions in the MISO markets, the allocation of MISO system | • changes in decommissioning trust fund values or earnings or in the |
transmission upgrade costs, and the effect of planning decisions that MISO makes | timing of, requirement for, or cost to decommission nuclear plant sites |
with respect to future transmission investments by the Utility operating companies | • the implementation of the planned shutdown of Pilgrim and FitzPatrick and the |
• changes in utility regulation, including the beginning or end of retail and wholesale | related decommissioning of those plants and Vermont Yankee |
competition, the ability to recover net utility assets and other potential stranded | • the effectiveness of Entergy’s risk management policies and |
costs, and the application of more stringent transmission reliability requirements | procedures and the ability and willingness of its counterparties |
or market power criteria by the FERC | to satisfy their financial and performance commitments |
• changes in the regulation or regulatory oversight of Entergy’s nuclear generating | • factors that could lead to impairment of long-lived assets |
facilities and nuclear materials and fuel, including with respect to the planned, potential | • the ability to successfully complete merger, acquisition, or |
or actual shutdown of nuclear generating facilities owned or operated by | divestiture plans, regulatory or other limitations imposed as a |
Entergy Wholesale Commodities and the effects of new or existing safety or | result of merger, acquisition, or divestiture, and the success of |
environmental concerns regarding nuclear power plants and nuclear fuel | the business following a merger, acquisition, or divestiture |
• resolution of pending or future applications, and related regulatory proceedings | |
and litigation, for license renewals or modifications or other authorizations required | REGULATION G COMPLIANCE |
of nuclear generating facilities and the effect of public and political opposition on | Financial performance measures shown in this report include those |
these applications, regulatory proceedings and litigation | calculated and presented in accordance with generally accepted |
• the performance of and deliverability of power from Entergy’s generation | accounting principles (GAAP), as well as those that are considered |
resources, including the capacity factors at its nuclear generating facilities | non-GAAP measures. This report includes non-GAAP measures |
• Entergy’s ability to develop and execute on a point of view regarding future | of operational earnings; operational earnings per share; |
prices of electricity, natural gas, and other energy-related commodities | operational adjusted EBITDA; operational return |
• prices for power generated by Entergy’s merchant generating | on average invested capital; operational return on average common or |
facilities and the ability to hedge, meet credit support requirements for hedges, | members’ equity; operational price to earnings ratio; |
sell power forward or otherwise reduce the market price risk associated | operational non-fuel operation and maintenance expense; |
with those facilities, including the Entergy Wholesale Commodities nuclear plants | operational common dividend payout ratio; gross liquidity; net debt to |
• the prices and availability of fuel and power Entergy must purchase | net capital ratio; debt to capital ratio, excluding securitization debt; |
for its Utility customers, and Entergy’s ability to meet credit support | net debt to net capital ratio, excluding securitization debt; |
requirements for fuel and power supply contracts | parent debt to total debt ratio, excluding securitization debt; |
• volatility and changes in markets for electricity, natural gas, | debt to operational adjusted EBITDA, excluding securitization debt; |
uranium, emissions allowances, and other energy-related commodities, | operational FFO to debt ratio, excluding securitization debt; |
and the effect of those changes on Entergy and its customers | adjusted average total revenue per MWh; adjusted average total revenue per |
• changes in law resulting from federal or state energy legislation or | per MWH, excluding VY; and operational non-fuel O&M per MWh |
legislation subjecting energy derivatives used in hedging and risk | when describing Entergy’s results of operations and financial |
management transactions to governmental regulation | performance. We have prepared reconciliations of these measures to the |
• changes in environmental, tax, and other laws and regulations, including requirements | most directly comparable GAAP measures. Reconciliations can be found |
for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, | on pages 7, 10, and 54 – 70. |
thermal energy and other regulated air and water emissions, and changes in costs of | |
compliance with environmental and other laws and regulations | |
ENTERGY AT A GLANCE | ||
BUSINESS SEGMENT AND LEGAL ENTITY STRUCTURE OVERVIEW |
Above diagram represents business segment structure and does not necessarily represent complete legal entity organization structure. | ||
Only Entergy Wholesale Commodities plants with greater than 500 MWs of owned capacity are shown. | ||
(a) Vermont Yankee plant ceased power production on 12/29/14 | ||
(b) Entergy Corp. owns 5%, Entergy Gulf States Louisiana, LLC owns 31.5%, and EL Investment Co., LLC owns 42.5% | ||
Unaffiliated third parties own 21% | ||
(c) Remaining 25% is owned by another Entergy affiliate | ||
CORPORATE PROFILE | BUSINESS SEGMENTS | |
Entergy Corporation is a Fortune 500 integrated energy company | Entergy’s five year results in this report are presented in | |
engaged primarily in electric power production and retail | three business segments: | |
distribution operations. | ||
• Approximately 30,000 MW electric generating capacity | • Utility | |
• Nearly 10,000 MW nuclear power | • Entergy Wholesale Commodities | |
• 2.8 million utility customers | • Parent and Other | |
• Approximately $11.5 billion annual revenues | ||
• More than 13,000 employees | In fourth quarter 2012, Entergy included subsidiaries | |
• 83 electric generating units operated | previously included and reported in the | |
Parent & Other segment in the Entergy Wholesale | ||
Commodities segment to improve the alignment of certain | ||
intercompany items. The prior period financial information | ||
in this report has been restated to reflect this change. | ||
On October 1, 2015, the businesses formerly conducted by Entergy Louisiana and Entergy Gulf States Louisiana were combined into a single public utility. With the completion of the business combination, Entergy Louisiana holds substantially all of the assets, and has assumed the liabilities, of Entergy Louisiana and Entergy Gulf States Louisiana. The combination was accounted for as a transaction between entities under common control. The effect of the business combination has been retrospectively applied to Entergy Louisiana's data presented in this report. |
ENTERGY CORPORATION AND SUBSIDIARIES | ||
BUSINESS SEGMENTS (CONTINUED) | ||
UTILITY | ENTERGY WHOLESALE COMMODITIES | |
Entergy’s utility companies generate, transmit, distribute, and sell | Entergy’s Wholesale Commodities business owns, operates and decommissions | |
electric power, and operate a small natural gas distribution business. | nuclear plants in the northern United States. This business is focused on | |
• Five electric utilities with 2.8 million customers | selling power produced by its operating plants to wholesale customers. | |
• Four states – Arkansas, Louisiana, Mississippi, Texas | Entergy’s Wholesale Commodities business also owns interests in non-nuclear | |
• 22,000 MW generating capacity | power plants that sell the electric power produced by those plants to | |
• Two gas utilities with 199,000 customers | wholesale customers. This business also provides services to other nuclear | |
power plant owners. | ||
ENTERGY ARKANSAS, INC. (EAI) | • 4,406 MW nuclear-owned generating capacity in five units in northern U.S. | |
Entergy Arkansas generates, transmits, distributes, and sells electric | • Pilgrim Nuclear Power Station in Plymouth, Massachusetts | |
power to 705,000 retail customers in portions of Arkansas. | • James A. FitzPatrick in Oswego, New York | |
• Indian Point Units 2 and 3 in Buchanan, New York | ||
ENTERGY LOUISIANA, LLC (ELL) | • Palisades Nuclear Energy Plant in Covert, Michigan | |
Entergy Louisiana generates, transmits, distributes, and sells electric | • 474 net MW non-nuclear generating capacity | |
power to 1,064,000 retail customers in portions of Louisiana. Entergy | • 800 MW under management services contract | |
Louisiana also provides natural gas service to 94,000 customers in | • Cooper Nuclear Station located near Brownville, Nebraska | |
the Baton Rouge, Louisiana area. | • Contracts (ongoing and completed) with other nuclear facility owners to | |
provide decommissioning and license renewal services | ||
ENTERGY MISSISSIPPI, INC. (EMI) | ||
Entergy Mississippi generates, transmits, distributes, and sells electric | On Dec. 29, 2014, Entergy Wholesale Commodities’ Vermont Yankee | |
power to 445,000 retail customers in portions of Mississippi. | nuclear plant ceased power production and entered its decommissioning | |
phase. | ||
ENTERGY NEW ORLEANS, INC. (ENOI) | ||
Entergy New Orleans generates, transmits, distributes, and sells | In 2015, Entergy determined that shutdown of FitzPatrick is planned | |
electric power to 197,000 retail customers in the city of New Orleans, | for 1/27/17, and Pilgrim shutdown is planned for 5/31/19. | |
Louisiana. Entergy New Orleans also provides natural gas utility | ||
service to 105,000 customers in the city of New Orleans. | ||
ENTERGY TEXAS, INC. (ETI) | ||
Entergy Texas generates, transmits, distributes, and sells electric power | ||
to 434,000 retail customers in portions of Texas. | ||
SYSTEM ENERGY RESOURCES, INC. (SERI) | ||
System Energy owns or leases 90% of the Grand Gulf 1 nuclear | ||
generating facility. System Energy sells energy and capacity from | ||
Grand Gulf 1 at wholesale to Entergy Arkansas (36%), Entergy Louisiana (14%), | ||
Entergy Mississippi (33%) and Entergy New Orleans (17%). | ||
UTILITY NUCLEAR PLANTS | ||
Entergy owns and operates five nuclear units at four plant sites to serve | ||
its regulated utility business: Arkansas Nuclear One (ANO) Units 1 and 2 | ||
near Russellville, Arkansas; Grand Gulf Nuclear Station in Port Gibson, | ||
Mississippi; River Bend Station in St. Francisville, Louisiana and | ||
Waterford 3 in Killona, Louisiana. | ||
SELECTED FINANCIAL DATA | ||||||||||||||||
(In millions, except percentages, per share amounts, and ratios) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||
GAAP MEASURES | ||||||||||||||||
Operating Revenues | $11,513 | $12,495 | $11,391 | $10,302 | $11,229 | |||||||||||
As-Reported Net Income | ($177 | ) | $941 | $712 | $847 | $1,346 | ||||||||||
As-Reported Earnings Per Share | ($0.99 | ) | $5.22 | $3.99 | $4.76 | $7.55 | ||||||||||
Shares of Common Stock Outstanding | ||||||||||||||||
End of Year | 178.4 | 179.2 | 178.4 | 177.8 | 176.4 | |||||||||||
Weighted Average – Diluted | 179.2 | 180.3 | 178.6 | 177.7 | 178.4 | |||||||||||
Return on Average Invested Capital – As-Reported | 1.0 | % | 5.6 | % | 4.7 | % | 5.5 | % | 8.0 | % | ||||||
Return on Average Common Equity – As-Reported | (1.8 | )% | 9.6 | % | 7.6 | % | 9.3 | % | 15.4 | % | ||||||
Net Cash Flow Provided by Operating Activities | $3,291 | $3,889 | $3,189 | $2,940 | $3,129 | |||||||||||
Year-End Closing Market Price Per Share of Common Stock | $68.36 | $87.48 | $63.27 | $63.75 | $73.05 | |||||||||||
Book Value Per Share at End of Year | $51.89 | $55.83 | $54.00 | $51.72 | $50.81 | |||||||||||
Market Value of Equity at End of Year | $12,195 | $15,680 | $11,286 | $11,335 | $12,883 | |||||||||||
Price to Earnings Ratio – As-Reported | (69.37 | ) | 16.77 | 15.87 | 13.39 | 9.68 | ||||||||||
Common Dividend Paid Per Share | $3.34 | $3.32 | $3.32 | $3.32 | $3.32 | |||||||||||
Common Dividend Payout Ratio – As-Reported | (339 | )% | 64 | % | 83 | % | 70 | % | 44 | % | ||||||
NON-GAAP MEASURES | ||||||||||||||||
Operational Earnings | $1,076 | $1,050 | $957 | $1,109 | $1,359 | |||||||||||
Operational Earnings Per Share | $6.00 | $5.83 | $5.36 | $6.23 | $7.62 | |||||||||||
Special Items Per Share | ($6.99 | ) | ($0.61 | ) | ($1.37 | ) | ($1.47 | ) | ($0.07 | ) | ||||||
Return on Average Invested Capital – Operational | 6.3 | % | 6.1 | % | 5.8 | % | 6.6 | % | 8 | % | ||||||
Return on Average Common Equity – Operational | 11.2 | % | 10.7 | % | 10.2 | % | 12.2 | % | 15.6 | % | ||||||
Price to Earnings Ratio – Operational | 11.38 | 15.02 | 11.80 | 10.23 | 9.59 | |||||||||||
Common Dividend Payout Ratio – Operational | 56 | % | 57 | % | 62 | % | 53 | % | 44 | % | ||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||
UTILITY ELECTRIC OPERATING DATA | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||
Retail Kilowatt-Hour Sales (millions) | 112,312 | 110,910 | 107,781 | 107,004 | 108,688 | |||||||||||
Peak Demand (megawatts) | 21,730 | 20,472 | 21,581 | 21,866 | 22,387 | |||||||||||
Retail Customers – Year End (thousands) | 2,845 | 2,818 | 2,800 | 2,778 | 2,757 | |||||||||||
ENTERGY WHOLESALE COMMODITIES OPERATING DATA | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||
Operating Revenues (millions)(a) | $2,062 | $2,719 | $2,313 | $2,326 | $2,414 | |||||||||||
Billed Electric Energy Sales (gigawatt hours) | 39,745 | 44,424 | 45,127 | 46,178 | 43,497 | |||||||||||
(a) Includes revenue associated with below-market PPA for Palisades of $15,199,380 for 2015, $16,496,061 for 2014, $17,654,839 for 2013, $16,724,963 for 2012, and $42,996,197 for 2011. | ||||||||||||||||
EMPLOYEES | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||
Total Employees – Year End | 13,579 | 13,393 | 13,808 | 14,625 | 14,682 |
OWNED AND LEASED CAPABILITY (MW)(a) | |||||||||||||||||
As of December 31, 2015 | |||||||||||||||||
Entergy | Entergy | Entergy | Entergy | Entergy | System | Entergy Wholesale | |||||||||||
Arkansas | Louisiana | Mississippi | New Orleans | Texas | Energy | Commodities(c)(d) | Total | ||||||||||
Gas/Oil | 1,646 | 6,770 | 3,116 | 781 | 2,272 | — | 213 | 14,798 | |||||||||
Coal | 1,197 | 360 | 420 | — | 266 | — | 181 | 2,424 | |||||||||
Total Fossil | 2,843 | 7,130 | 3,536 | 781 | 2,538 | — | 394 | 17,222 | |||||||||
Nuclear | 1,809 | 2,128 | — | — | — | 1,261 | 4,406 | 9,604 | |||||||||
Other(b) | 74 | — | — | — | — | — | 80 | 154 | |||||||||
Total | 4,726 | 9,258 | 3,536 | 781 | 2,538 | 1,261 | 4,880 | 26,980 | |||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize. | |||||||||||||||||
(b) Other includes Hydro (EAI) and Wind (EWC). | |||||||||||||||||
(c) Reflects Net MW in Operation. Net MW in Operation is the installed capacity owned and operated. Excludes management services contract for Cooper Nuclear Station. | |||||||||||||||||
(d) Reflects nameplate rating of generating unit and excludes capacity under contract. |
CONSOLIDATED ENTERGY CORPORATION AND SUBSIDIARIES DATA | ||||||||||||||||||||||
CONSOLIDATED QUARTERLY FINANCIAL METRICS | ||||||||||||||||||||||
2015 | 2014 | YTD % | ||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | CHANGE | ||||||||||||
GAAP MEASURES | ||||||||||||||||||||||
As-Reported Net Income ($ millions) | 298 | 149 | (723 | ) | 100 | (177 | ) | 401 | 189 | 230 | 120 | 941 | (118.8 | ) | ||||||||
As-Reported Non-Fuel O&M ($ millions) | 835 | 895 | 921 | 955 | 3,606 | 795 | 882 | 914 | 988 | 3,578 | 0.8 | |||||||||||
Return on Average Invested Capital – | ||||||||||||||||||||||
As-Reported (%)(a) | 5.1 | 5.0 | 1.1 | 1.0 | 1.0 | 5.7 | 5.8 | 5.8 | 5.6 | 5.6 | (82.1 | ) | ||||||||||
Return on Average Common Equity – | ||||||||||||||||||||||
As-Reported (%)(a) | 8.3 | 7.9 | (1.6 | ) | (1.8 | ) | (1.8 | ) | 9.9 | 10.1 | 9.9 | 9.6 | 9.6 | (118.8 | ) | |||||||
Revolver Capacity ($ millions) | 3,779 | 4,158 | 3,869 | 3,582 | 3,582 | 4,077 | 4,003 | 3,975 | 3,592 | 3,592 | (0.3 | ) | ||||||||||
Total Debt ($ millions) | 14,044 | 13,858 | 14,144 | 13,850 | 13,850 | 13,860 | 13,692 | 13,673 | 13,917 | 13,917 | (0.5 | ) | ||||||||||
Debt to Capital Ratio (%) | 57.4 | 57.0 | 60.2 | 59.1 | 59.1 | 57.5 | 56.9 | 56.7 | 57.4 | 57.4 | 3.0 | |||||||||||
NON-GAAP MEASURES | ||||||||||||||||||||||
Operational Earnings ($ millions) | 303 | 150 | 341 | 283 | 1,076 | 410 | 200 | 304 | 135 | 1,050 | 2.5 | |||||||||||
Operational Non-Fuel O&M ($ millions) | 842 | 897 | 923 | 961 | 3,623 | 807 | 898 | 925 | 1,009 | 3,637 | (0.4 | ) | ||||||||||
Return on Average Invested Capital – | ||||||||||||||||||||||
Operational (%)(a) | 5.6 | 5.4 | 5.6 | 6.3 | 6.3 | 6.8 | 6.8 | 6.3 | 6.1 | 6.1 | 3.3 | |||||||||||
Return on Average Common Equity – | ||||||||||||||||||||||
Operational (%)(a) | 9.4 | 8.8 | 9.6 | 11.2 | 11.2 | 12.5 | 12.6 | 11.2 | 10.7 | 10.7 | 4.7 | |||||||||||
Total Gross Liquidity ($ millions) | 4,960 | 5,068 | 4,910 | 4,933 | 4,933 | 4,985 | 4,653 | 5,044 | 5,014 | 5,014 | (1.6 | ) | ||||||||||
Debt to Capital Ratio, Excluding Securitization Debt (%) | 56.0 | 55.6 | 58.7 | 57.7 | 57.7 | 55.9 | 55.4 | 55.2 | 56.0 | 56.0 | 3.0 | |||||||||||
Net Debt to Net Capital Ratio, Excluding Securitization Debt (%) | 53.7 | 53.9 | 56.7 | 55.0 | 55.0 | 54.1 | 54.1 | 53.0 | 53.2 | 53.2 | 3.4 | |||||||||||
Parent Debt to Total Debt Ratio, Excluding Securitization Debt (%) | 20.9 | 20.3 | 20.9 | 21.9 | 21.9 | 20.6 | 20.2 | 19.6 | 20.4 | 20.4 | 7.4 | |||||||||||
Debt to Operational EBITDA, Excluding Securitization Debt | 3.9 | 3.9 | 3.9 | 4.1 | 4.1 | 3.7 | 3.5 | 3.6 | 3.7 | 3.7 | 10.8 | |||||||||||
Operational FFO to Debt Ratio, Excluding Securitization Debt (%) | 28.2 | 28.4 | 25.4 | 25.7 | 25.7 | 26.9 | 28.9 | 29.4 | 27.8 | 27.8 | (7.6 | ) | ||||||||||
(a) Rolling twelve months. Totals may not foot due to rounding. | ||||||||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||||||||
CONSOLIDATED ANNUAL FINANCIAL METRICS | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
GAAP MEASURES | ||||||||||||||||||||||
As-Reported Net Income ($ millions) | (177 | ) | 941 | 712 | 847 | 1,346 | ||||||||||||||||
As-Reported Non-Fuel O&M ($ millions) | 3,606 | 3,578 | 3,589 | 3,291 | 3,123 | |||||||||||||||||
Return on Average Invested Capital – As-Reported (%) | 1.0 | 5.6 | 4.7 | 5.5 | 8.0 | |||||||||||||||||
Return on Average Common Equity – As-Reported (%) | (1.8 | ) | 9.6 | 7.6 | 9.3 | 15.4 | ||||||||||||||||
Revolver Capacity ($ millions) | 3,582 | 3,592 | 3,977 | 3,462 | 2,001 | |||||||||||||||||
Total Debt ($ millions) | 13,850 | 13,917 | 13,562 | 13,358 | 12,283 | |||||||||||||||||
Debt to Capital Ratio (%) | 59.1 | 57.4 | 57.7 | 58.5 | 57.1 | |||||||||||||||||
Off-Balance Sheet Liabilities ($ millions) | ||||||||||||||||||||||
Debt of Joint Ventures – Entergy’s Share | 77 | 81 | 86 | 90 | 94 | |||||||||||||||||
Leases – Entergy’s Share | 359 | 422 | 456 | 505 | 508 | |||||||||||||||||
Power Purchase Agreements Accounted for as Leases (a) | 195 | 224 | 253 | 282 | 307 | |||||||||||||||||
Total | 631 | 727 | 795 | 877 | 909 | |||||||||||||||||
NON-GAAP MEASURES |
Operational Earnings ($ millions) | 1,076 | 1,050 | 957 | 1,109 | 1,359 | |||||||||||||||||
Operational Non-Fuel O&M ($ millions) | 3,623 | 3,637 | 3,690 | 3,330 | 3,136 | |||||||||||||||||
Return on Average Invested Capital – Operational (%) | 6.3 | 6.1 | 5.8 | 6.6 | 8.0 | |||||||||||||||||
Return on Average Common Equity – Operational (%) | 11.2 | 10.7 | 10.2 | 12.2 | 15.6 | |||||||||||||||||
Total Gross Liquidity ($ millions) | 4,933 | 5,014 | 4,716 | 3,995 | 2,695 | |||||||||||||||||
Debt to Capital Ratio, Excluding Securitization Debt (%) | 57.7 | 56.0 | 56.1 | 56.6 | 54.8 | |||||||||||||||||
Net Debt to Net Capital Ratio, Excluding Securitization Debt (%) | 55.0 | 53.2 | 54.6 | 55.6 | 53.2 | |||||||||||||||||
Parent Debt to Total Debt, Excluding Securitization Debt (%) | 21.9 | 20.4 | 21.9 | 23.7 | 25.8 | |||||||||||||||||
Debt to Operational EBITDA, Excluding Securitization Debt | 4.1 | 3.7 | 4.0 | 4.1 | 3.3 | |||||||||||||||||
Operational FFO to Debt Ratio, Excluding Securitization Debt (%) | 25.7 | 27.8 | 27.0 | 24.0 | 22.6 | |||||||||||||||||
Totals may not foot due to rounding. | ||||||||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||||||||
(a) For further detail, see Note 10 on page 164 of the 2015 SEC Form 10-K. |
FINANCIAL RESULTS | ||||||||||||||||||||||
ENTERGY CORPORATION CONSOLIDATED QUARTERLY RESULTS – GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||||||||
2015 | 2014 | YTD | ||||||||||||||||||||
($/share) | 1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | CHANGE | |||||||||||
AS-REPORTED | ||||||||||||||||||||||
Utility | 1.24 | 1.11 | 2.01 | 1.75 | 6.12 | 1.12 | 1.15 | 1.72 | 0.60 | 4.60 | 1.52 | |||||||||||
Entergy Wholesale Commodities | 0.68 | (0.02 | ) | (5.76 | ) | (0.86 | ) | (5.96 | ) | 1.35 | 0.14 | (0.18 | ) | 0.31 | 1.62 | (7.58 | ) | |||||
Parent & Other | (0.27 | ) | (0.26 | ) | (0.29 | ) | (0.33 | ) | (1.15 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.25 | ) | (1.00 | ) | (0.15 | ) |
CONSOLIDATED AS-REPORTED EARNINGS | 1.65 | 0.83 | (4.04 | ) | 0.56 | (0.99 | ) | 2.24 | 1.05 | 1.27 | 0.66 | 5.22 | (6.21 | ) | ||||||||
LESS SPECIAL ITEMS | ||||||||||||||||||||||
Utility | — | — | — | — | — | (0.01 | ) | (0.02 | ) | — | (0.01 | ) | (0.04 | ) | 0.04 | |||||||
Entergy Wholesale Commodities | (0.03 | ) | — | (5.94 | ) | (1.02 | ) | (6.99 | ) | (0.04 | ) | (0.04 | ) | (0.41 | ) | (0.08 | ) | (0.57 | ) | (6.42 | ) | |
Parent & Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||
TOTAL SPECIAL ITEMS | (0.03 | ) | — | (5.94 | ) | (1.02 | ) | (6.99 | ) | (0.05 | ) | (0.06 | ) | (0.41 | ) | (0.09 | ) | (0.61 | ) | (6.38 | ) | |
OPERATIONAL | ||||||||||||||||||||||
Utility | 1.24 | 1.11 | 2.01 | 1.75 | 6.12 | 1.13 | 1.17 | 1.72 | 0.61 | 4.64 | 1.48 | |||||||||||
Entergy Wholesale Commodities | 0.71 | (0.02 | ) | (0.29 | ) | 0.16 | 1.03 | 1.39 | 0.18 | 0.23 | 0.39 | 2.19 | (1.16 | ) | ||||||||
Parent & Other | (0.27 | ) | (0.26 | ) | 0.18 | (0.33 | ) | (1.15 | ) | (0.23 | ) | (0.24 | ) | (0.27 | ) | (0.25 | ) | (1.00 | ) | (0.15 | ) | |
CONSOLIDATED OPERATIONAL EARNINGS | 1.68 | 0.83 | 1.90 | 1.58 | 6.00 | 2.29 | 1.11 | 1.68 | 0.75 | 5.83 | 0.17 | |||||||||||
Weather Impact | 0.08 | (0.02 | ) | 0.16 | (0.03 | ) | 0.19 | 0.18 | (0.05 | ) | (0.11 | ) | 0.05 | 0.07 | 0.12 | |||||||
SHARES OF COMMON STOCK | ||||||||||||||||||||||
OUTSTANDING (in millions) | ||||||||||||||||||||||
End of Period | 179.5 | 179.5 | 178.4 | 178.4 | 178.4 | 179.1 | 179.6 | 179.6 | 179.2 | 179.2 | (0.8) | |||||||||||
Weighted Average - Diluted | 180.5 | 180 | 180.5 | 179.1 | 179.2 | 179.1 | 180.0 | 180.5 | 181.6 | 180.3 | (1.1) | |||||||||||
Totals may not foot due to rounding. | ||||||||||||||||||||||
FINANCIAL RESULTS | ||||||||||||||||||||||
ENTERGY CORPORATION CONSOLIDATED QUARTERLY SPECIAL ITEMS - BY ITEM TYPE | ||||||||||||||||||||||
Shown as Positive/(Negative) Impact on Earnings | ||||||||||||||||||||||
2015 | 2014 | YTD | ||||||||||||||||||||
($/share) | 1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | CHANGE | |||||||||||
UTILITY | ||||||||||||||||||||||
SPECIAL ITEMS | ||||||||||||||||||||||
HCM implementation expenses | — | — | — | (0.01 | ) | (0.02 | ) | — | (0.01 | ) | (0.04 | ) | 0.04 | |||||||||
Total | — | — | — | — | — | (0.01 | ) | (0.02 | ) | — | (0.01 | ) | (0.04 | ) | 0.04 | |||||||
ENTERGY WHOLESALE COMMODITIES | ||||||||||||||||||||||
SPECIAL ITEMS | ||||||||||||||||||||||
Decisions to close VY, FitzPatrick, and Pilgrim | (0.03 | ) | — | (5.94 | ) | (0.02 | ) | (5.99 | ) | (0.03 | ) | (0.04 | ) | (0.41 | ) | (0.08 | ) | (0.56 | ) | (5.43 | ) | |
Palisades asset impairment and related write-offs | — | — | — | (1.43 | ) | (1.43 | ) | — | — | — | — | — | (1.43 | ) | ||||||||
Top Deer investment impairment | — | — | — | (0.13 | ) | (0.13 | ) | — | — | — | — | — | (0.13 | ) | ||||||||
Gain on the sale of RISEC | — | — | — | 0.56 | 0.56 | — | — | — | — | — | 0.56 | |||||||||||
HCM implementation expenses | — | — | — | — | — | (0.01 | ) | — | — | — | (0.01 | ) | 0.01 | |||||||||
Total | (0.03 | ) | — | (5.94 | ) | (1.02 | ) | (6.99 | ) | (0.04 | ) | (0.04 | ) | (0.41 | ) | (0.08 | ) | (0.57 | ) | (6.42 | ) | |
TOTAL SPECIAL ITEMS | (0.03 | ) | — | (5.94 | ) | (1.02 | ) | (6.99 | ) | (0.05 | ) | (0.06 | ) | (0.41 | ) | (0.09 | ) | (0.61 | ) | (6.38 | ) | |
2015 | 2014 | YTD | ||||||||||||||||||||
($ millions) | 1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | CHANGE | |||||||||||
UTILITY | ||||||||||||||||||||||
SPECIAL ITEMS | ||||||||||||||||||||||
HCM implementation expenses | — | — | — | — | — | (2.3 | ) | (3.5 | ) | (0.3 | ) | (1.5 | ) | (7.6 | ) | 7.6 | ||||||
Total | — | — | — | — | — | (2.3 | ) | (3.5 | ) | (0.3 | ) | (1.5 | ) | (7.6 | ) | 7.6 | ||||||
ENTERGY WHOLESALE COMMODITIES | ||||||||||||||||||||||
SPECIAL ITEMS | ||||||||||||||||||||||
Decisions to close VY, FitzPatrick, and Pilgrim | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (3.3 | ) | (1,072.7 | ) | (5.9 | ) | (6.9 | ) | (73.7 | ) | (13.2 | ) | (99.7 | ) | (973.0 | ) |
Palisades asset impairment and related write-offs | — | — | — | (255.9 | ) | (255.9 | ) | — | — | — | — | — | (255.9 | ) | ||||||||
Top Deer investment impairment | — | — | — | (23.9 | ) | (23.9 | ) | — | — | — | — | — | (23.9 | ) | ||||||||
Gain on the sale of RISEC | — | — | — | 100.1 | 100.1 | — | — | — | — | — | 100.1 | |||||||||||
HCM implementation expenses | — | — | — | — | — | (0.7 | ) | (0.6 | ) | (0.3 | ) | (0.5 | ) | (2.1 | ) | 2.1 | ||||||
Total | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (183.0 | ) | (1,252.4 | ) | (6.6 | ) | (7.5 | ) | (74.0 | ) | (13.7 | ) | (101.8 | ) | (1,150.6 | ) |
TOTAL SPECIAL ITEMS | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (183.0 | ) | (1,252.4 | ) | (8.9 | ) | (11.0 | ) | (74.3 | ) | (15.2 | ) | (109.4 | ) | (1,143.0 | ) |
Totals may not foot due to rounding. | ||||||||||||||||||||||
FINANCIAL RESULTS | ||||||||||||||||||||||
ENTERGY CORPORATION CONSOLIDATED ANNUAL SPECIAL ITEMS - BY INCOME STATEMENT LINE ITEM | ||||||||||||||||||||||
Shown as Positive/(Negative) Impact on Earnings | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
(Pre-tax except for Income taxes, $ millions) | 1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | CHANGE | |||||||||||
UTILITY SPECIAL ITEMS | ||||||||||||||||||||||
Other operation and maintenance | — | — | — | — | — | (3.9 | ) | (5.6 | ) | (0.7 | ) | (2.4 | ) | (12.6 | ) | 12.6 | ||||||
Taxes other than income taxes | — | — | — | — | — | (0.2 | ) | (0.3 | ) | — | (0.1 | ) | (0.6 | ) | 0.6 | |||||||
Income taxes | — | — | — | — | — | 1.8 | 2.4 | 0.4 | 1.0 | 5.6 | (5.6 | ) | ||||||||||
Total | — | — | — | — | — | (2.3 | ) | (3.5 | ) | (0.3 | ) | (1.5 | ) | (7.6 | ) | 7.6 | ||||||
ENTERGY WHOLESALE COMMODITIES SPECIAL ITEMS | ||||||||||||||||||||||
Other operation and maintenance | (7.5 | ) | (1.6 | ) | (1.7 | ) | (6.2 | ) | (17.0 | ) | (7.8 | ) | (9.6 | ) | (10.2 | ) | (19.1 | ) | (46.8 | ) | 29.8 | |
Asset write-offs, impairments, and related charges | — | — | (1,642.2 | ) | (394.0 | ) | (2,036.2 | ) | (2.3 | ) | (1.7 | ) | (103.0 | ) | (0.6 | ) | (107.5 | ) | (1,928.7 | ) | ||
Taxes other than income taxes | 0.3 | — | (0.1 | ) | (0.5 | ) | (0.3 | ) | (0.6 | ) | (0.8 | ) | (0.8 | ) | (1.4 | ) | (3.6 | ) | 3.3 | |||
Gain on sale of asset | — | — | — | 154.0 | 154.0 | — | — | — | — | — | 154.0 | |||||||||||
Miscellaneous net (other income) | — | — | — | (36.8 | ) | (36.8 | ) | — | — | — | — | — | (36.8 | ) | ||||||||
Income taxes | 2.5 | 0.6 | 580.3 | 100.4 | 683.8 | 4.1 | 4.6 | 39.9 | 7.4 | 56.1 | 627.7 | |||||||||||
Total | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (183.0 | ) | (1,252.4 | ) | (6.6 | ) | (7.5 | ) | (74.0 | ) | (13.7 | ) | (101.8 | ) | (1,150.6 | ) |
TOTAL SPECIAL ITEMS | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (183.0 | ) | (1,252.4 | ) | (8.9 | ) | (11.0 | ) | (74.3 | ) | (15.2 | ) | (109.4 | ) | (1,143.0 | ) |
*Operating revenue less fuel, fuel related expenses, purchased power and other regulatory charges (credits) – net. | ||||||||||||||||||||||
FINANCIAL RESULTS | ||||||||||
ENTERGY CORPORATION CONSOLIDATED ANNUAL RESULTS – GAAP TO NON-GAAP RECONCILIATION | ||||||||||
($/share) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
AS-REPORTED | ||||||||||
Utility | 6.12 | 4.60 | 4.64 | 5.30 | 6.20 | |||||
Entergy Wholesale Commodities | (5.96 | ) | 1.62 | 0.24 | 0.23 | 2.74 | ||||
Parent & Other | (1.15 | ) | (1.00 | ) | (0.89 | ) | (0.77 | ) | (1.39 | ) |
CONSOLIDATED AS-REPORTED EARNINGS | (0.99 | ) | 5.22 | 3.99 | 4.76 | 7.55 | ||||
LESS SPECIAL ITEMS | ||||||||||
Utility | — | (0.04 | ) | (0.16 | ) | (0.21 | ) | — | ||
Entergy Wholesale Commodities | (6.99 | ) | (0.57 | ) | (1.23 | ) | (1.26 | ) | — | |
Parent & Other | — | — | 0.02 | — | (0.07 | ) | ||||
TOTAL SPECIAL ITEMS | (6.99 | ) | (0.61 | ) | (1.37 | ) | (1.47 | ) | (0.07 | ) |
OPERATIONAL | ||||||||||
Utility | 6.12 | 4.64 | 4.80 | 5.51 | 6.20 | |||||
Entergy Wholesale Commodities | 1.03 | 2.19 | 1.47 | 1.49 | 2.74 | |||||
Parent & Other | (1.15 | ) | (1.00 | ) | (0.91 | ) | (0.77 | ) | (1.32 | ) |
CONSOLIDATED OPERATIONAL EARNINGS | 6.00 | 5.83 | 5.36 | 6.23 | 7.62 | |||||
Weather Impact | 0.19 | 0.07 | — | (0.09 | ) | 0.52 | ||||
FINANCIAL RESULTS | ||||||||||
ENTERGY CORPORATION CONSOLIDATED ANNUAL SPECIAL ITEMS - BY ITEM TYPE | ||||||||||
Shown as Positive/(Negative) Impact on Earnings | ||||||||||
($/share) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
UTILITY SPECIAL ITEMS | ||||||||||
Transmission business spin-merge expenses | — | — | (0.05 | ) | (0.21 | ) | — | |||
HCM implementation expenses | — | (0.04 | ) | (0.11 | ) | — | — | |||
Total | — | (0.04 | ) | (0.16 | ) | (0.21 | ) | — | ||
ENTERGY WHOLESALE COMMODITIES SPECIAL ITEMS | ||||||||||
Decisions to close VY, FitzPatrick, and Pilgrim | (5.99 | ) | (0.56 | ) | (1.15 | ) | (1.26 | ) | — | |
Palisades asset impairment and related write-offs | (1.43 | ) | — | — | — | — | ||||
Top Deer investment impairment | (0.13 | ) | — | — | — | — | ||||
Gain on the sale of RISEC | 0.56 | — | — | — | — | |||||
HCM implementation expenses | — | (0.01 | ) | (0.08 | ) | — | — | |||
Total | (6.99 | ) | (0.57 | ) | (1.23 | ) | (1.26 | ) | — | |
PARENT & OTHER SPECIAL ITEMS | ||||||||||
Transmission business spin-merge expenses | — | — | 0.03 | — | (0.07 | ) | ||||
HCM implementation expenses | — | — | (0.01 | ) | — | — | ||||
Total | — | — | 0.02 | — | (0.07 | ) | ||||
TOTAL SPECIAL ITEMS | (6.99 | ) | (0.61 | ) | (1.37 | ) | (1.47 | ) | (0.07 | ) |
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
UTILITY SPECIAL ITEMS | ||||||||||
Transmission business spin-merge expenses | — | — | (8.7 | ) | (37.1 | ) | — | |||
HCM implementation expenses | — | (7.6 | ) | (20.3 | ) | — | — | |||
Total | — | (7.6 | ) | (29.0 | ) | (37.1 | ) | — | ||
ENTERGY WHOLESALE COMMODITIES SPECIAL ITEMS | ||||||||||
Decisions to close VY, FitzPatrick, and Pilgrim | (1,072.7 | ) | (99.7 | ) | (204.8 | ) | (223.5 | ) | — | |
Palisades asset impairment and related write-offs | (255.9 | ) | — | — | — | |||||
Top Deer investment impairment | (23.9 | ) | — | — | — | — | ||||
Gain on the sale of RISEC | 100.1 | — | — | — | — | |||||
HCM implementation expenses | — | (2.1 | ) | (15.0 | ) | — | — | |||
Total | (1,252.4 | ) | (101.8 | ) | (219.8 | ) | (223.5 | ) | — | |
PARENT & OTHER SPECIAL ITEMS | ||||||||||
Transmission business spin-merge expenses | — | — | 5.5 | (1.0 | ) | (13.0 | ) | |||
HCM implementation expenses | — | — | (1.9 | ) | — | — | ||||
Total | — | — | 3.6 | (1.0 | ) | (13.0 | ) | |||
TOTAL SPECIAL ITEMS | (1,252.4 | ) | (109.4 | ) | (245.2 | ) | (261.6 | ) | (13.0 | ) |
FINANCIAL RESULTS | ||||||||||
ENTERGY CORPORATION CONSOLIDATED ANNUAL SPECIAL ITEMS - BY INCOME STATEMENT LINE ITEM | ||||||||||
Shown as Positive/(Negative) Impact on Earnings | ||||||||||
(Pre-tax except for Income taxes, $ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
UTILITY SPECIAL ITEMS | ||||||||||
Net revenue* | — | — | 5.7 | — | — | |||||
Non-fuel O&M | — | (12.6 | ) | (64.0 | ) | (38.2 | ) | — | ||
Asset write-offs, impairments, and related charges | — | — | (9.4 | ) | — | — | ||||
Taxes other than income taxes | — | (0.6 | ) | (1.0 | ) | — | — | |||
Income taxes - other | — | 5.6 | 39.7 | 1.0 | — | |||||
Total | — | (7.6 | ) | (29.0 | ) | (37.1 | ) | — | ||
ENTERGY WHOLESALE COMMODITIES SPECIAL ITEMS | ||||||||||
Non-fuel O&M | (17.0 | ) | (46.8 | ) | (37.1 | ) | — | — | ||
Asset write-offs, impairments, and related charges | (2,036.2 | ) | (107.5 | ) | (329.3 | ) | (355.5 | ) | — | |
Taxes other than income taxes | (0.3 | ) | (3.6 | ) | (1.1 | ) | — | |||
Gain on sale of asset | 154.0 | — | — | — | — | |||||
Miscellaneous net (other income) | (36.8 | ) | — | — | — | — | ||||
Income taxes - other | 683.8 | 56.1 | 147.7 | 132.1 | — | |||||
Total | (1,252.4 | ) | (101.8 | ) | (219.8 | ) | (223.5 | ) | — | |
PARENT & OTHER SPECIAL ITEMS | ||||||||||
Non-fuel O&M | — | — | (0.3 | ) | (1.0 | ) | (13.0 | ) | ||
Asset write-offs, impairments, and related charges | — | — | (2.8 | ) | — | — | ||||
Income taxes - other | — | — | 6.7 | — | — | |||||
Total | — | — | 3.6 | (1.0 | ) | (13.0 | ) | |||
TOTAL SPECIAL ITEMS | (1,252.4 | ) | (109.4 | ) | (245.2 | ) | (261.6 | ) | (13.0 | ) |
*Operating revenue less fuel, fuel related expenses, purchased power and other regulatory charges (credits) – net. | ||||||||||
Totals may not foot due to rounding. | ||||||||||
FINANCIAL RESULTS | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | |||||||||||||||
In thousands, except share data, for the years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
OPERATING REVENUES: | |||||||||||||||
Electric | $ | 9,308,678 | $ | 9,591,902 | $ | 8,942,360 | $ | 7,870,649 | $ | 8,673,517 | |||||
Natural gas | 142,746 | 181,794 | 154,353 | 130,836 | 165,819 | ||||||||||
Competitive businesses | 2,061,827 | 2,721,225 | 2,294,234 | 2,300,594 | 2,389,737 | ||||||||||
Total | 11,513,251 | 12,494,921 | 11,390,947 | 10,302,079 | 11,229,073 | ||||||||||
OPERATING EXPENSES: | |||||||||||||||
Operating and maintenance: | |||||||||||||||
Fuel, fuel-related expenses, and gas purchased for resale | 2,452,171 | 2,632,558 | 2,445,818 | 2,036,835 | 2,492,714 | ||||||||||
Purchased power | 1,390,805 | 1,915,414 | 1,554,332 | 1,255,800 | 1,564,967 | ||||||||||
Nuclear refueling outage expenses | 251,316 | 267,679 | 256,801 | 245,600 | 255,618 | ||||||||||
Other operation and maintenance | 3,354,981 | 3,310,536 | 3,331,934 | 3,045,392 | 2,867,758 | ||||||||||
Asset write-offs, impairments, and related charges | 2,104,906 | 179,752 | 341,537 | 355,524 | — | ||||||||||
Decommissioning | 280,272 | 272,621 | 242,104 | 184,760 | 190,595 | ||||||||||
Taxes other than income taxes | 619,422 | 604,606 | 600,350 | 557,298 | 536,026 | ||||||||||
Depreciation and amortization | 1,337,276 | 1,318,638 | 1,261,044 | 1,144,585 | 1,102,202 | ||||||||||
Other regulatory charges (credits) – net | 175,304 | (13,772 | ) | 45,597 | 175,104 | 205,959 | |||||||||
Total | 11,966,453 | 10,488,032 | 10,079,517 | 9,000,898 | 9,215,839 | ||||||||||
Gain on sale of asset / business | 154,037 | — | 43,569 | — | — | ||||||||||
OPERATING INCOME (LOSS) | (299,165 | ) | 2,006,889 | 1,354,999 | 1,301,181 | 2,013,234 | |||||||||
OTHER INCOME (DEDUCTIONS): | |||||||||||||||
Allowance for equity funds used during construction | 51,908 | 64,802 | 66,053 | 92,759 | 84,305 | ||||||||||
Interest and investment income | 187,062 | 147,686 | 199,300 | 127,776 | 128,994 | ||||||||||
Miscellaneous – net | (95,997 | ) | (42,016 | ) | (59,762 | ) | (53,214 | ) | (59,271 | ) | |||||
Total | 142,973 | 170,472 | 205,591 | 167,321 | 154,028 | ||||||||||
INTEREST EXPENSE: | |||||||||||||||
Interest expense | 670,096 | 661,083 | 629,537 | 606,596 | 551,521 | ||||||||||
Allowance for borrowed funds used during construction | (26,627 | ) | (33,576 | ) | (25,500 | ) | (37,312 | ) | (37,894 | ) | |||||
Total | 643,469 | 627,507 | 604,037 | 569,284 | 513,627 | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (799,661 | ) | 1,549,854 | 956,553 | 899,218 | 1,653,635 | |||||||||
Income taxes | (642,927 | ) | 589,597 | 225,981 | 30,855 | 286,263 | |||||||||
CONSOLIDATED NET INCOME (LOSS) | (156,734 | ) | 960,257 | 730,572 | 868,363 | 1,367,372 | |||||||||
Preferred dividend requirements of subsidiaries | 19,828 | 19,536 | 18,670 | 21,690 | 20,933 | ||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $ | (176,562 | ) | $ | 940,721 | $ | 711,902 | $ | 846,673 | $ | 1,346,439 | ||||
Basic earnings (loss) per average common share | $ (0.99) | $5.24 | $3.99 | $4.77 | $7.59 | ||||||||||
Diluted earnings (loss) per average common share | $ (0.99) | $5.22 | $3.99 | $4.76 | $7.55 | ||||||||||
Average number of common shares outstanding: | |||||||||||||||
Basic average number of common shares outstanding | 179,176,356 | 179,506,151 | 178,211,192 | 177,324,813 | 177,430,208 | ||||||||||
Diluted average number of common shares outstanding | 179,176,356 | 180,296,885 | 178,570,400 | 177,737,565 | 178,370,695 | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | |||||||||||||||
FINANCIAL RESULTS | ||||||||||||
2015 CONSOLIDATING INCOME STATEMENT (unaudited) | ||||||||||||
ENTERGY | ||||||||||||
WHOLESALE | PARENT & | |||||||||||
In thousands, except share data, for the year ended December 31, 2015. | UTILITY | COMMODITIES | OTHER | CONSOLIDATED | ||||||||
OPERATING REVENUES: | ||||||||||||
Electric | $ | 9,308,740 | $ | — | $ | (62 | ) | $ | 9,308,678 | |||
Natural gas | 142,746 | — | — | 142,746 | ||||||||
Competitive businesses | — | 2,061,827 | — | 2,061,827 | ||||||||
Total | 9,451,486 | 2,061,827 | (62 | ) | 11,513,251 | |||||||
OPERATING EXPENSES: | ||||||||||||
Operating and maintenance: | ||||||||||||
Fuel, fuel-related expenses, and gas purchased for resale | 2,137,122 | 315,111 | (62 | ) | 2,452,171 | |||||||
Purchased power | 1,310,175 | 80,564 | 66 | 1,390,805 | ||||||||
Nuclear refueling outage expenses | 117,545 | 133,771 | — | 251,316 | ||||||||
Other operation and maintenance | 2,443,075 | 899,373 | 12,533 | 3,354,981 | ||||||||
Asset write-offs, impairments, and related charges | 68,672 | 2,036,234 | — | 2,104,906 | ||||||||
Decommissioning | 142,744 | 137,528 | — | 280,272 | ||||||||
Taxes other than income taxes | 507,739 | 110,533 | 1,150 | 619,422 | ||||||||
Depreciation and amortization | 1,096,088 | 239,032 | 2,156 | 1,337,276 | ||||||||
Other regulatory charges (credits) - net | 175,304 | — | — | 175,304 | ||||||||
Total | 7,998,464 | 3,952,146 | 15,843 | 11,966,453 | ||||||||
Gain on sale of asset / business | — | 154,037 | — | 154,037 | ||||||||
OPERATING INCOME (LOSS) | 1,453,022 | (1,736,282 | ) | (15,905 | ) | (299,165 | ) | |||||
OTHER INCOME (DEDUCTIONS): | ||||||||||||
Allowance for equity funds used during construction | 51,908 | — | — | 51,908 | ||||||||
Interest and investment income | 191,546 | 148,654 | (153,138 | ) | 187,062 | |||||||
Miscellaneous – net | (22,067 | ) | (61,580 | ) | (12,350 | ) | (95,997 | ) | ||||
Total | 221,387 | 87,074 | (165,488 | ) | 142,973 | |||||||
INTEREST EXPENSE: | ||||||||||||
Interest expense | 569,759 | 26,788 | 73,549 | 670,096 | ||||||||
Allowance for borrowed funds used during construction | (26,627 | ) | — | — | (26,627 | ) | ||||||
Total | 543,132 | 26,788 | 73,549 | 643,469 | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,131,277 | (1,675,996 | ) | (254,942 | ) | (799,661 | ) | |||||
Income taxes | 16,761 | (610,339 | ) | (49,349 | ) | (642,927 | ) | |||||
CONSOLIDATED NET INCOME (LOSS) | 1,114,516 | (1,065,657 | ) | (205,593 | ) | (156,734 | ) | |||||
Preferred dividend requirements of subsidiaries | 17,641 | 2,187 | — | 19,828 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $ | 1,096,875 | $ | (1,067,844 | ) | $ | (205,593 | ) | $ | (176,562 | ) | |
Basic earnings (loss) per average common share | $6.12 | $ (5.96) | $ (1.15) | $ (0.99) | ||||||||
Diluted earnings (loss) per average common share | $6.12 | $ (5.96) | $ (1.15) | $ (0.99) | ||||||||
Totals may not foot due to rounding. | ||||||||||||
FINANCIAL RESULTS | |||||||||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||||||||||
In thousands, as of December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS: | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||
Cash | $ | 63,497 | $ | 131,327 | $ | 129,979 | $ | 112,992 | $ | 81,468 | |||||
Temporary cash investments | 1,287,464 | 1,290,699 | 609,147 | 419,577 | 612,970 | ||||||||||
Total cash and cash equivalents | 1,350,961 | 1,422,026 | 739,126 | 532,569 | 694,438 | ||||||||||
Securitization recovery trust account | — | — | — | 46,040 | 50,304 | ||||||||||
Accounts receivable: | |||||||||||||||
Customer | 608,491 | 596,917 | 670,641 | 568,871 | 568,558 | ||||||||||
Allowance for doubtful accounts | (39,895 | ) | (35,663 | ) | (34,311 | ) | (31,956 | ) | (31,159 | ) | |||||
Other | 178,364 | 220,342 | 195,028 | 161,408 | 166,186 | ||||||||||
Accrued unbilled revenues | 321,940 | 321,659 | 340,828 | 303,392 | 298,283 | ||||||||||
Total accounts receivable | 1,068,900 | 1,103,255 | 1,172,186 | 1,001,715 | 1,001,868 | ||||||||||
Deferred fuel costs | — | 155,140 | 116,379 | 150,363 | 209,776 | ||||||||||
Accumulated deferred income taxes | — | 27,783 | 175,073 | 306,902 | 9,856 | ||||||||||
Fuel inventory – at average cost | 217,810 | 205,434 | 208,958 | 213,831 | 202,132 | ||||||||||
Materials and supplies – at average cost | 873,357 | 918,584 | 915,006 | 928,530 | 894,756 | ||||||||||
Deferred nuclear refueling outage costs | 211,512 | 214,188 | 192,474 | 243,374 | 231,031 | ||||||||||
System agreement cost equalization | — | — | — | 16,880 | 36,800 | ||||||||||
Prepayments and other | 344,872 | 343,223 | 410,489 | 242,922 | 291,742 | ||||||||||
Total | 4,067,412 | 4,389,633 | 3,929,691 | 3,683,126 | 3,622,703 | ||||||||||
OTHER PROPERTY AND INVESTMENTS: | |||||||||||||||
Investment in affiliates – at equity | 4,341 | 36,234 | 40,350 | 46,738 | 44,876 | ||||||||||
Decommissioning trust funds | 5,349,953 | 5,370,932 | 4,903,144 | 4,190,108 | 3,788,031 | ||||||||||
Non-utility property – at cost (less accumulated depreciation) | 219,999 | 213,791 | 199,375 | 256,039 | 260,436 | ||||||||||
Other | 468,704 | 405,169 | 210,616 | 436,234 | 416,423 | ||||||||||
Total | 6,042,997 | 6,026,126 | 5,353,485 | 4,929,119 | 4,509,766 | ||||||||||
PROPERTY, PLANT AND EQUIPMENT: | |||||||||||||||
Electric | 44,467,159 | 44,881,419 | 42,935,712 | 41,944,567 | 39,385,524 | ||||||||||
Property under capital lease | 952,465 | 945,784 | 941,299 | 935,199 | 809,449 | ||||||||||
Natural gas | 392,032 | 377,565 | 366,365 | 353,492 | 343,550 | ||||||||||
Construction work in progress | 1,456,735 | 1,425,981 | 1,514,857 | 1,365,699 | 1,779,723 | ||||||||||
Nuclear fuel | 1,345,422 | 1,542,055 | 1,566,904 | 1,598,430 | 1,546,167 | ||||||||||
Total property, plant and equipment | 48,613,813 | 49,172,804 | 47,325,137 | 46,197,387 | 43,864,413 | ||||||||||
Less – accumulated depreciation and amortization | 20,789,452 | 20,449,858 | 19,443,493 | 18,898,842 | 18,255,128 | ||||||||||
Property, plant and equipment – net | 27,824,361 | 28,722,946 | 27,881,644 | 27,298,545 | 25,609,285 | ||||||||||
DEFERRED DEBITS AND OTHER ASSETS: | |||||||||||||||
Regulatory assets: | |||||||||||||||
Regulatory asset for income taxes - net | 775,528 | 836,064 | 849,718 | 742,030 | 799,006 | ||||||||||
Other regulatory assets (includes securitization property of | |||||||||||||||
$714,044 as of December 31, 2015, $724,839 as | |||||||||||||||
of December 31, 2014, $822,218 as of December 31, 2013, | |||||||||||||||
$914,751 as of December 31, 2012, and | |||||||||||||||
$1,009,103 as of December 31, 2011) | 4,704,796 | 4,968,553 | 3,893,363 | 5,025,912 | 4,636,871 | ||||||||||
Deferred fuel costs | 238,902 | 238,102 | 172,202 | 172,202 | 172,202 | ||||||||||
Goodwill | 377,172 | 377,172 | 377,172 | 377,172 | 377,172 | ||||||||||
Accumulated deferred income taxes | 54,903 | 48,351 | 62,011 | 37,748 | 19,003 | ||||||||||
Other | 561,610 | 807,508 | 771,004 | 821,485 | 851,668 | ||||||||||
Total | 6,712,911 | 7,275,750 | 6,125,470 | 7,176,549 | 6,855,922 | ||||||||||
TOTAL ASSETS | $ | 44,647,681 | $ | 46,414,455 | $ | 43,290,290 | $ | 43,087,339 | $ | 40,597,676 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | |||||||||||||||
FINANCIAL RESULTS | |||||||||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||||||||||
In thousands, as of December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||
Currently maturing long-term debt | $ | 214,374 | $ | 899,375 | $ | 457,095 | $ | 718,516 | $ | 2,192,733 | |||||
Notes payable and commercial paper | 494,348 | 598,407 | 1,046,887 | 796,002 | 108,331 | ||||||||||
Accounts payable | 1,071,798 | 1,166,431 | 1,173,313 | 1,217,180 | 1,069,096 | ||||||||||
Customer deposits | 419,407 | 412,166 | 370,997 | 359,078 | 351,741 | ||||||||||
Taxes accrued | 210,077 | 128,108 | 191,093 | 333,719 | 278,235 | ||||||||||
Accumulated deferred income taxes | — | 38,039 | 28,307 | 13,109 | 99,929 | ||||||||||
Interest accrued | 194,565 | 206,010 | 180,997 | 184,664 | 183,512 | ||||||||||
Deferred fuel costs | 235,986 | 91,602 | 57,631 | 96,439 | 255,839 | ||||||||||
Obligations under capital leases | 2,709 | 2,508 | 2,323 | 3,880 | 3,631 | ||||||||||
Pension and other postretirement liabilities | 62,513 | 57,994 | 67,419 | 95,900 | 44,031 | ||||||||||
System agreement cost equalization | — | — | — | 25,848 | 80,090 | ||||||||||
Other | 184,181 | 248,251 | 484,510 | 261,986 | 283,531 | ||||||||||
Total | 3,089,958 | 3,848,891 | 4,060,572 | 4,106,321 | 4,950,699 | ||||||||||
NON-CURRENT LIABILITIES: | |||||||||||||||
Accumulated deferred income taxes and taxes accrued | 8,306,865 | 9,133,161 | 8,724,635 | 8,311,756 | 8,096,452 | ||||||||||
Accumulated deferred investment tax credits | 234,300 | 247,521 | 263,765 | 273,696 | 284,747 | ||||||||||
Obligations under capital leases | 27,001 | 29,710 | 32,218 | 34,541 | 38,421 | ||||||||||
Other regulatory liabilities | 1,414,898 | 1,383,609 | 1,295,955 | 898,614 | 728,193 | ||||||||||
Decommissioning and asset retirement cost liabilities | 4,790,187 | 4,458,296 | 3,933,416 | 3,513,634 | 3,296,570 | ||||||||||
Accumulated provisions | 460,727 | 418,128 | 115,139 | 362,226 | 385,512 | ||||||||||
Pension and other postretirement liabilities | 3,187,357 | 3,638,295 | 2,320,704 | 3,725,886 | 3,133,657 | ||||||||||
Long-term debt (includes securitization bonds | |||||||||||||||
of $774,696 as of December 31, 2015, $776,817 as of | |||||||||||||||
December 31, 2014, $883,013 as of December 31, 2013, | |||||||||||||||
$973,480 as of December 31, 2012, and | |||||||||||||||
$1,070,556 as of December 31, 2011) | 13,111,556 | 12,386,710 | 12,022,993 | 11,805,155 | 9,939,690 | ||||||||||
Other | 449,856 | 557,649 | 583,667 | 577,910 | 501,954 | ||||||||||
Total | 31,982,747 | 32,253,079 | 29,292,492 | 29,503,418 | 26,405,196 | ||||||||||
Commitments and Contingencies | |||||||||||||||
Subsidiaries' preferred stock without sinking fund | 318,185 | 210,760 | 210,760 | 186,511 | 186,511 | ||||||||||
EQUITY: | |||||||||||||||
Common shareholders' equity: | |||||||||||||||
Common stock, $.01 par value, authorized 500,000,000 | |||||||||||||||
shares; issued 254,752,788 shares in 2015, 2014, 2013, | |||||||||||||||
2012, and 2011 | 2,548 | 2,548 | 2,548 | 2,548 | 2,548 | ||||||||||
Paid-in capital | 5,403,758 | 5,375,353 | 5,368,131 | 5,357,852 | 5,360,682 | ||||||||||
Retained earnings | 9,393,913 | 10,169,657 | 9,825,053 | 9,704,591 | 9,446,960 | ||||||||||
Accumulated other comprehensive income (loss) | 8,951 | (42,307 | ) | (29,324 | ) | (293,083 | ) | (168,452 | ) | ||||||
Less – treasury stock, at cost (76,363,763 shares in 2015, | |||||||||||||||
75,512,079 shares in 2014, 76,381,936 shares in 2013, | |||||||||||||||
76,945,239 shares in 2012, and 78,396,988 shares in 2011) | 5,552,379 | 5,497,526 | 5,533,942 | 5,574,819 | 5,680,468 | ||||||||||
Total common shareholders' equity | 9,256,791 | 10,007,725 | 9,632,466 | 9,197,089 | 8,961,270 | ||||||||||
Subsidiaries' preferred stock without sinking fund | — | 94,000 | 94,000 | 94,000 | 94,000 | ||||||||||
Total | 9,256,791 | 10,101,725 | 9,726,466 | 9,291,089 | 9,055,270 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 44,647,681 | $ | 46,414,455 | $ | 43,290,290 | $ | 43,087,339 | $ | 40,597,676 | |||||
Certain prior year data has been reclassified to conform with current year presentation. |
FINANCIAL RESULTS | ||||||||||||
2015 CONSOLIDATING BALANCE SHEET (unaudited) | ||||||||||||
ENTERGY | ||||||||||||
WHOLESALE | ||||||||||||
In thousands, as of December 31, 2015. | UTILITY | COMMODITIES | PARENT & OTHER | CONSOLIDATED | ||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash | $ | 57,098 | $ | 5,717 | $ | 682 | $ | 63,497 | ||||
Temporary cash investments | 561,970 | 713,285 | 12,208 | 1,287,464 | ||||||||
Total cash and cash equivalents | 619,068 | 719,002 | 12,890 | 1,350,961 | ||||||||
Notes receivable | — | 513,778 | (513,778 | ) | — | |||||||
Accounts receivable: | ||||||||||||
Customer | 440,869 | 167,622 | — | 608,491 | ||||||||
Allowance for doubtful accounts | (39,895 | ) | — | — | (39,895 | ) | ||||||
Associated companies | 30,948 | 3,230 | (34,177 | ) | — | |||||||
Other | 169,447 | 8,917 | — | 178,364 | ||||||||
Accrued unbilled revenues | 321,940 | — | — | 321,940 | ||||||||
Total accounts receivable | 923,309 | 179,769 | (34,177 | ) | 1,068,900 | |||||||
Fuel inventory – at average cost | 210,861 | 6,949 | — | 217,810 | ||||||||
Materials and supplies – at average cost | 627,702 | 245,654 | — | 873,357 | ||||||||
Deferred nuclear refueling outage costs | 140,423 | 71,089 | — | 211,512 | ||||||||
Prepayments and other | 141,096 | 212,352 | (8,576 | ) | 344,872 | |||||||
Total | 2,662,459 | 1,948,593 | (543,641 | ) | 4,067,412 | |||||||
OTHER PROPERTY AND INVESTMENTS: | ||||||||||||
Investment in affiliates – at equity | 1,390,786 | 4,228 | (1,390,673 | ) | 4,341 | |||||||
Decommissioning trust funds | 2,515,066 | 2,834,887 | — | 5,349,953 | ||||||||
Non-utility property – at cost (less accumulated depreciation) | 212,997 | 7,012 | (10 | ) | 219,999 | |||||||
Other | 460,322 | 8,382 | — | 468,704 | ||||||||
Total | 4,579,171 | 2,854,509 | (1,390,683 | ) | 6,042,997 | |||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||
Electric | 41,079,998 | 3,383,581 | 3,579 | 44,467,159 | ||||||||
Property under capital lease | 952,465 | — | — | 952,465 | ||||||||
Natural gas | 392,032 | — | — | 392,032 | ||||||||
Construction work in progress | 1,326,728 | 129,659 | 349 | 1,456,735 | ||||||||
Nuclear fuel | 856,573 | 488,850 | — | 1,345,422 | ||||||||
Total property, plant and equipment | 44,607,796 | 4,002,090 | 3,928 | 48,613,813 | ||||||||
Less – accumulated depreciation and amortization | 19,654,374 | 1,134,880 | 198 | 20,789,452 | ||||||||
Property, plant and equipment – net | 24,953,422 | 2,867,210 | 3,730 | 27,824,361 | ||||||||
DEFERRED DEBITS AND OTHER ASSETS: | ||||||||||||
Regulatory assets: | ||||||||||||
Regulatory asset for income taxes - net | 775,528 | — | — | 775,528 | ||||||||
Other regulatory assets (includes securitization property of | ||||||||||||
$714,044 as of December 31, 2015) | 4,704,796 | — | — | 4,704,796 | ||||||||
Deferred fuel costs | 238,902 | — | — | 238,902 | ||||||||
Goodwill | 374,099 | 3,073 | — | 377,172 | ||||||||
Accumulated deferred income taxes | 15,888 | 37,809 | 1,206 | 54,903 | ||||||||
Other | 52,641 | 498,989 | 9,980 | 561,610 | ||||||||
Total | 6,161,854 | 539,871 | 11,186 | 6,712,911 | ||||||||
TOTAL ASSETS | $ | 38,356,906 | $ | 8,210,183 | $ | (1,919,408 | ) | $ | 44,647,681 | |||
Totals may not foot due to rounding. | ||||||||||||
FINANCIAL RESULTS | ||||||||||||
2015 CONSOLIDATING BALANCE SHEET (unaudited) | ||||||||||||
ENTERGY | ||||||||||||
WHOLESALE | ||||||||||||
In thousands, as of December 31, 2015. | UTILITY | COMMODITIES | PARENT & OTHER | CONSOLIDATED | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Currently maturing long-term debt | $ | 209,374 | $ | 5,000 | $ | — | $ | 214,374 | ||||
Notes payable and commercial paper: | ||||||||||||
Associated companies | — | 324,315 | (324,315 | ) | — | |||||||
Other | 72,047 | — | 422,302 | 494,348 | ||||||||
Accounts payable: | ||||||||||||
Associated companies | 25,119 | 25,433 | (50,553 | ) | — | |||||||
Other | 877,395 | 193,810 | 593 | 1,071,798 | ||||||||
Customer deposits | 419,407 | — | — | 419,407 | ||||||||
Taxes accrued | 159,650 | 155,893 | (105,466 | ) | 210,077 | |||||||
Interest accrued | 163,391 | 13 | 31,161 | 194,565 | ||||||||
Deferred fuel costs | 235,986 | — | — | 235,986 | ||||||||
Obligations under capital leases | 2,709 | — | — | 2,709 | ||||||||
Pension and other postretirement liabilities | 53,143 | 9,370 | — | 62,513 | ||||||||
Other | 150,308 | 31,937 | 1,936 | 184,181 | ||||||||
Total | 2,368,529 | 745,771 | (24,342 | ) | 3,089,958 | |||||||
NON-CURRENT LIABILITIES: | ||||||||||||
Accumulated deferred income taxes and taxes accrued | 7,459,787 | 546,835 | 300,243 | 8,306,865 | ||||||||
Accumulated deferred investment tax credits | 234,300 | — | — | 234,300 | ||||||||
Obligations under capital leases | 27,001 | — | — | 27,001 | ||||||||
Other regulatory liabilities | 1,414,898 | — | — | 1,414,898 | ||||||||
Decommissioning and asset retirement cost liabilities | 2,720,676 | 2,069,511 | — | 4,790,187 | ||||||||
Accumulated provisions | 458,366 | 2,361 | — | 460,727 | ||||||||
Pension and other postretirement liabilities | 2,423,018 | 764,339 | — | 3,187,357 | ||||||||
Long-term debt (includes securitization bonds | ||||||||||||
of $774,696 as of December 31, 2015) | 10,643,726 | 41,259 | 2,426,571 | 13,111,556 | ||||||||
Other | 736,685 | 307,694 | (594,523 | ) | 449,856 | |||||||
Total | 26,118,457 | 3,731,999 | 2,132,291 | 31,982,747 | ||||||||
Commitments and Contingencies | ||||||||||||
Subsidiaries' preferred stock without sinking fund | 293,936 | 24,249 | — | 318,185 | ||||||||
EQUITY: | ||||||||||||
Common shareholders' equity: | ||||||||||||
Common stock, $.01 par value, authorized 500,000,000 shares; | ||||||||||||
issued 254,752,788 shares in 2015 | 2,091,268 | 201,103 | (2,289,823 | ) | 2,548 | |||||||
Paid-in capital | 2,548,659 | 1,680,843 | 1,174,256 | 5,403,758 | ||||||||
Retained earnings | 5,185,328 | 1,687,996 | 2,520,589 | 9,393,913 | ||||||||
Accumulated other comprehensive income (loss) | (129,271 | ) | 138,222 | — | 8,951 | |||||||
Less – treasury stock, at cost (76,363,763 shares in 2015) | 120,000 | — | 5,432,379 | 5,552,379 | ||||||||
Total common shareholders' equity | 9,575,984 | 3,708,164 | (4,027,357 | ) | 9,256,791 | |||||||
Subsidiaries' preferred stock without sinking fund | — | — | — | — | ||||||||
Total | 9,575,984 | 3,708,164 | (4,027,357 | ) | 9,256,791 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 38,356,906 | $ | 8,210,183 | $ | (1,919,408 | ) | $ | 44,647,681 | |||
Totals may not foot due to rounding. |
FINANCIAL RESULTS | |||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) | |||||||||||||||
In thousands, for the years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||||||
Consolidated net income | $ | (156,734 | ) | $ | 960,257 | $ | 730,572 | $ | 868,363 | $ | 1,367,372 | ||||
Adjustments to reconcile consolidated net income | |||||||||||||||
to net cash flow provided by operating activities: | |||||||||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization | 2,117,236 | 2,127,892 | 2,012,076 | 1,771,649 | 1,745,455 | ||||||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued | (820,350 | ) | 596,935 | 311,789 | (26,479 | ) | (280,029 | ) | |||||||
Asset write-offs, impairments, and related charges | 2,104,906 | 123,527 | 341,537 | 355,524 | — | ||||||||||
Gain on sale of asset / business | (154,037 | ) | — | (43,569 | ) | — | — | ||||||||
Changes in working capital: | |||||||||||||||
Receivables | 38,152 | 98,493 | (180,648 | ) | (14,202 | ) | 28,091 | ||||||||
Fuel inventory | (12,376 | ) | 3,524 | 4,873 | (11,604 | ) | 5,393 | ||||||||
Accounts payable | (135,211 | ) | (12,996 | ) | 94,436 | (6,779 | ) | (131,970 | ) | ||||||
Prepaid taxes and taxes accrued | 81,969 | (62,985 | ) | (142,626 | ) | 55,484 | 580,042 | ||||||||
Interest accrued | (11,445 | ) | 25,013 | (3,667 | ) | 1,152 | (34,172 | ) | |||||||
Deferred fuel costs | 298,725 | (70,691 | ) | (4,824 | ) | (99,987 | ) | (55,686 | ) | ||||||
Other working capital accounts | (113,701 | ) | 112,390 | (66,330 | ) | (151,989 | ) | 41,875 | |||||||
Changes in provisions for estimated losses | 42,566 | 301,871 | (248,205 | ) | (24,808 | ) | (11,086 | ) | |||||||
Changes in other regulatory assets | 262,317 | (1,061,537 | ) | 1,105,622 | (398,428 | ) | (673,244 | ) | |||||||
Changes in other regulatory liabilities | 61,241 | 87,654 | 397,341 | 170,421 | 189,167 | ||||||||||
Changes in pensions and other postretirement liabilities | (446,418 | ) | 1,308,166 | (1,433,663 | ) | 644,099 | 962,461 | ||||||||
Other | 134,344 | (647,952 | ) | 314,505 | (192,131 | ) | (604,852 | ) | |||||||
Net cash flow provided by operating activities | 3,291,184 | 3,889,561 | 3,189,219 | 2,940,285 | 3,128,817 | ||||||||||
INVESTING ACTIVITIES: | |||||||||||||||
Construction/capital expenditures | (2,500,860 | ) | (2,119,191 | ) | (2,287,593 | ) | (2,674,650 | ) | (2,040,027 | ) | |||||
Allowance for equity funds used during construction | 53,635 | 68,375 | 69,689 | 96,131 | 86,252 | ||||||||||
Nuclear fuel purchases | (493,604 | ) | (537,548 | ) | (517,825 | ) | (557,960 | ) | (641,493 | ) | |||||
Payment for purchase of plant | — | — | (17,300 | ) | (456,356 | ) | (646,137 | ) | |||||||
Proceeds from sale of assets and businesses | 487,406 | 10,100 | 147,922 | — | 6,531 | ||||||||||
Insurance proceeds received for property damages | 24,399 | 40,670 | — | — | — | ||||||||||
Changes in securitization account | (5,806 | ) | 1,511 | 155 | 4,265 | (7,260 | ) | ||||||||
NYPA value sharing payment | (70,790 | ) | (72,000 | ) | (71,736 | ) | (72,000 | ) | (72,000 | ) | |||||
Payments to storm reserve escrow account | (69,163 | ) | (276,057 | ) | (7,716 | ) | (8,957 | ) | (6,425 | ) | |||||
Receipts from storm reserve escrow account | 5,916 | — | 260,279 | 27,884 | — | ||||||||||
Decrease (increase) in other investments | 571 | 46,983 | (82,955 | ) | 15,175 | (11,623 | ) | ||||||||
Litigation proceeds for reimbursement of spent nuclear fuel storage costs | 18,296 | — | 21,034 | 109,105 | — | ||||||||||
Proceeds from nuclear decommissioning trust fund sales | 2,492,176 | 1,872,115 | 2,031,552 | 2,074,055 | 1,360,346 | ||||||||||
Investment in nuclear decommissioning trust funds | (2,550,958 | ) | (1,989,446 | ) | (2,147,099 | ) | (2,196,489 | ) | (1,475,017 | ) | |||||
Net cash flow used in investing activities | (2,608,782 | ) | (2,954,488 | ) | (2,601,593 | ) | (3,639,797 | ) | (3,446,853 | ) | |||||
FINANCING ACTIVITIES: | |||||||||||||||
Proceeds from the issuance of: | |||||||||||||||
Long-term debt | 3,502,189 | 3,100,069 | 3,746,016 | 3,478,361 | 2,990,881 | ||||||||||
Preferred stock of subsidiary | 107,426 | — | 24,249 | — | — | ||||||||||
Mandatorily redeemable preferred membership units of subsidiary | — | — | — | 51,000 | — | ||||||||||
Treasury stock | 24,366 | 194,866 | 24,527 | 62,886 | 46,185 | ||||||||||
Retirement of long-term debt | (3,461,518 | ) | (2,323,313 | ) | (3,814,666 | ) | (3,130,233 | ) | (2,437,372 | ) | |||||
Repurchase of common stock | (99,807 | ) | (183,271 | ) | — | — | (234,632 | ) | |||||||
Repurchase / redemptions of preferred stock | (94,285 | ) | — | — | — | (30,308 | ) | ||||||||
Changes in credit borrowings and commercial paper – net | (104,047 | ) | (448,475 | ) | 250,889 | 687,675 | (6,501 | ) | |||||||
Other | (9,136 | ) | 23,579 | — | — | — | |||||||||
Dividends paid: | |||||||||||||||
Common stock | (598,897 | ) | (596,117 | ) | (593,037 | ) | (589,209 | ) | (589,605 | ) | |||||
Preferred stock | (19,758 | ) | (19,511 | ) | (18,802 | ) | (22,329 | ) | (20,933 | ) | |||||
Net cash flow used in financing activities | (753,467 | ) | (252,173 | ) | (380,824 | ) | 538,151 | (282,285 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | — | — | (245 | ) | (508 | ) | 287 | ||||||||
Net increase (decrease) in cash and cash equivalents | (71,065 | ) | 682,900 | 206,557 | (161,869 | ) | (600,034 | ) | |||||||
Cash and cash equivalents at beginning of period | 1,422,026 | 739,126 | 532,569 | 694,438 | 1,294,472 | ||||||||||
Cash and cash equivalents at end of period | $ | 1,350,961 | $ | 1,422,026 | $ | 739,126 | $ | 532,569 | $ | 694,438 | |||||
FINANCIAL RESULTS | ||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) | ||||||||||
$ thousands, for the years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
SUPPLEMENTAL DISCLOSURE OF | ||||||||||
CASH FLOW INFORMATION: | ||||||||||
Cash paid (received) during the period for: | ||||||||||
Interest – net of amount capitalized | 663,630 | 611,376 | 570,212 | 546,125 | 532,271 | |||||
Income taxes | 103,589 | 77,799 | 127,735 | 49,214 | (2,042 | ) | ||||
CASH FLOW INFORMATION BY BUSINESS | ||||||||||
ENTERGY | ||||||||||
WHOLESALE | ||||||||||
For the years ended December 31, 2015, 2014, 2013, 2012 and 2011. | UTILITY | COMMODITIES | PARENT & OTHER | CONSOLIDATED | ||||||
($ thousands) | ||||||||||
2015 | ||||||||||
Net cash flow provided by operating activities | 2,906,716 | 461,842 | (77,374 | ) | 3,291,184 | |||||
Net cash flow provided by (used in) investing activities | (2,565,963 | ) | (46,527 | ) | 3,709 | (2,608,782 | ) | |||
Net cash flow provided by (used in) financing activities | (695,099 | ) | (129,012 | ) | 70,643 | (753,467 | ) | |||
2014 | ||||||||||
Net cash flow provided by operating activities | 3,318,660 | 1,034,278 | (463,377 | ) | 3,889,561 | |||||
Net cash flow provided by (used in) investing activities | (2,635,690 | ) | (612,227 | ) | 293,429 | (2,954,488 | ) | |||
Net cash flow provided by (used in) financing activities | (260,772 | ) | (165,840 | ) | 174,440 | (252,173 | ) | |||
2013 | ||||||||||
Net cash flow provided by operating activities | 2,208,089 | 730,011 | 251,118 | 3,189,219 | ||||||
Net cash flow provided by (used in) investing activities | (1,989,855 | ) | (611,689 | ) | (51 | ) | (2,601,593 | ) | ||
Net cash flow provided by (used in) financing activities | (47,150 | ) | (82,542 | ) | (251,132 | ) | (380,824 | ) | ||
2012 | ||||||||||
Net cash flow provided by (used in) operating activities | 2,354,454 | 675,779 | (89,948 | ) | 2,940,285 | |||||
Net cash flow provided by (used in) investing activities | (3,070,785 | ) | (563,996 | ) | (5,016 | ) | (3,639,797 | ) | ||
Net cash flow provided by (used in) financing activities | 736,832 | (292,860 | ) | 94,179 | 538,151 | |||||
2011 | ||||||||||
Net cash flow provided by operating activities | 2,099,569 | 756,499 | 272,749 | 3,128,817 | ||||||
Net cash flow provided by (used in) investing activities | (2,346,218 | ) | (1,262,664 | ) | 162,029 | (3,446,853 | ) | |||
Net cash flow provided by (used in) financing activities | (215,304 | ) | 374,484 | (441,465 | ) | (282,285 | ) | |||
Totals may not foot due to rounding. | ||||||||||
FINANCIAL RESULTS | ||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) | ||||||||||||||
Common Shareholders’ Equity | ||||||||||||||
($ thousands) | Subsidiaries’ Preferred Stock | Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||
Balance at December 31, 2010 | 94,000 | 2,548 | (5,524,811 | ) | 5,367,474 | 8,689,401 | (38,212 | ) | 8,590,400 | |||||
Consolidated net income (a) | 20,933 | — | — | — | 1,346,439 | — | 1,367,372 | |||||||
Other comprehensive loss | — | — | — | — | — | (130,240 | ) | (130,240 | ) | |||||
Common stock repurchases | — | — | (234,632 | ) | — | — | — | (234,632 | ) | |||||
Common stock issuances related to stock plans | — | — | 78,975 | (6,792 | ) | — | — | 72,183 | ||||||
Common stock dividends declared | — | — | — | — | (588,880 | ) | — | (588,880 | ) | |||||
Preferred dividend requirements of subsidiaries(a) | (20,933 | ) | — | — | — | — | — | (20,933 | ) | |||||
Balance at December 31, 2011 | 94,000 | 2,548 | (5,680,468 | ) | 5,360,682 | 9,446,960 | (168,452 | ) | 9,055,270 | |||||
Consolidated net income (a) | 21,690 | — | — | — | 846,673 | — | 868,363 | |||||||
Other comprehensive loss | — | — | — | — | — | (124,631 | ) | (124,631 | ) | |||||
Common stock issuances related to stock plans | — | — | 105,649 | (2,830 | ) | — | — | 102,819 | ||||||
Common stock dividends declared | — | — | — | — | (589,042 | ) | — | (589,042 | ) | |||||
Preferred dividend requirements of subsidiaries(a) | (21,690 | ) | — | — | — | — | — | (21,690 | ) | |||||
Balance at December 31, 2012 | 94,000 | 2,548 | (5,574,819 | ) | 5,357,852 | 9,704,591 | (293,083 | ) | 9,291,089 | |||||
Consolidated net income (a) | 18,670 | — | — | — | 711,902 | — | 730,572 | |||||||
Other comprehensive income | — | — | — | — | — | 263,759 | 263,759 | |||||||
Common stock issuances related to stock plans | — | — | 40,877 | 10,279 | — | — | 51,156 | |||||||
Common stock dividends declared | — | — | — | — | (591,440 | ) | — | (591,440 | ) | |||||
Preferred dividend requirements of subsidiaries(a) | (18,670 | ) | — | — | — | — | — | (18,670 | ) | |||||
Balance at December 31, 2013 | 94,000 | 2,548 | (5,533,942 | ) | 5,368,131 | 9,825,053 | (29,324 | ) | 9,726,466 | |||||
Consolidated net income (a) | 19,536 | — | — | — | 940,721 | — | 960,257 | |||||||
Other comprehensive income | — | — | — | — | — | (12,983 | ) | (12,983 | ) | |||||
Common stock repurchases | — | — | (183,271 | ) | — | — | — | (183,271 | ) | |||||
Common stock issuances related to stock plans | — | — | 219,687 | 7,222 | — | — | 226,909 | |||||||
Common stock dividends declared | — | — | — | — | (596,117 | ) | — | (596,117 | ) | |||||
Preferred dividend requirements of subsidiaries(a) | (19,536 | ) | — | — | — | — | — | (19,536 | ) | |||||
Balance at December 31, 2014 | 94,000 | 2,548 | (5,497,526 | ) | 5,375,353 | 10,169,657 | (42,307 | ) | 10,101,725 | |||||
Consolidated net income (loss) (a) | 19,828 | — | — | — | (176,562 | ) | — | (156,734 | ) | |||||
Other comprehensive income | — | — | — | — | — | 51,258 | 51,258 | |||||||
Common stock repurchases | — | — | (99,807 | ) | — | — | — | (99,807 | ) | |||||
Preferred stock repurchases/redemptions | (94,000 | ) | — | — | — | (285 | ) | — | (94,285 | ) | ||||
Common stock issuances related to stock plans | — | — | 44,954 | 28,405 | — | — | 73,359 | |||||||
Common stock dividends declared | — | — | — | — | (598,897 | ) | — | (598,897 | ) | |||||
Preferred dividend requirements of subsidiaries(a) | (19,828 | ) | — | — | — | — | — | (19,828 | ) | |||||
Balance at December 31, 2015 | — | 2,548 | (5,552,379 | ) | 5,403,758 | 9,393,913 | 8,951 | 9,256,791 | ||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||
(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2015, 2014, 2013, 2012, and 2011 include $14.9 million, $12.9 million, $12.0 million, $15.0 million, and $13.3 million respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented as equity. |
FINANCIAL RESULTS | |||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) | |||||||||||||||
In thousands, for the years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
NET INCOME | $ | (156,734 | ) | $ | 960,257 | $ | 730,572 | $ | 868,363 | $ | 1,367,372 | ||||
Other comprehensive income (loss) | |||||||||||||||
Cash flow hedges net unrealized gain (loss) | |||||||||||||||
(net of tax expense (benefit) of $3,752, $96,141, ($87,940), ($55,750), and $34,411 | |||||||||||||||
for 2015 to 2011, respectively) | 7,852 | 179,895 | (161,682 | ) | (97,591 | ) | 71,239 | ||||||||
Pension and other postretirement liabilities | |||||||||||||||
(net of tax expense (benefit) of $61,576, ($152,763), $220,899, ($61,223), and ($131,198) | |||||||||||||||
for 2015 to 2011, respectively) | 103,185 | (281,566 | ) | 302,489 | (91,157 | ) | (223,090 | ) | |||||||
Net unrealized investment gains (losses) | |||||||||||||||
(net of tax expense (benefit) of ($45,904), $66,594, $118,878, $61,104, and $19,368 | |||||||||||||||
for 2015 to 2011, respectively) | (59,138 | ) | 89,439 | 122,709 | 63,609 | 21,254 | |||||||||
Foreign currency translation | |||||||||||||||
(net of tax expense (benefit) of ($345), ($404), $131, $275, and $192 | |||||||||||||||
for 2015 to 2011, respectively) | (641 | ) | (751 | ) | 243 | 508 | 357 | ||||||||
Other comprehensive income (loss) | 51,258 | (12,983 | ) | 263,759 | (124,631 | ) | (130,240 | ) | |||||||
COMPREHENSIVE INCOME (LOSS) | (105,476 | ) | 947,274 | 994,331 | 743,732 | 1,237,132 | |||||||||
Preferred dividend requirements of subsidiaries | 19,828 | 19,536 | 18,670 | 21,690 | 20,933 | ||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION | $ | (125,304 | ) | $ | 927,738 | $ | 975,661 | $ | 722,042 | $ | 1,216,199 | ||||
CONSOLIDATED CAPITAL EXPENDITURES | |||||||||||
HISTORICAL CAPITAL EXPENDITURES | |||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||
Utility | |||||||||||
Maintenance | 1,220 | 1,004 | 1,008 | 868 | 925 | ||||||
Other | 998 | 824 | 1,019 | 1,973 | 1,121 | ||||||
Entergy Wholesale Commodities | 353 | 363 | 349 | 362 | 712 | ||||||
Parent & Other | — | — | — | (1 | ) | — | |||||
Total Historical Capital Expenditures | 2,571 | 2,191 | 2,376 | 3,203 | 2,758 | ||||||
ENTERGY CORPORATION SECURITIES DETAIL | |||||||||
ENTERGY CORPORATION LONG-TERM DEBT | CURRENT OR | ||||||||
MATURITY | FIRST CALL | FIRST CALL | AS OF DECEMBER 31, | ||||||
CUSIP | RATE | DATE | DATE | PRICE | 2015 | 2014 | |||
$3.5B Bank Credit Facility | 1.98% | 08/20 (b) | $ 835 | $ 695 | |||||
Commercial Paper (a) | 0.90% | 422 | 484 | ||||||
29364GAE3 | 3.625% Notes | 3.625% | 09/15 | — | 550 | ||||
29364GAF0 | 5.125% Notes | 5.125% | 09/20 | Now | MW (T+.40%) | 450 | 450 | ||
29364GAG8 | 4.70% Notes | 4.7% | 01/17 | Now | MW (T+.50%) | 500 | 500 | ||
29364GAH6 | 4.00% Notes | 4.0% | 07/22 | Now | MW (T+.30%) | 650 | — | ||
Total | $ 2,857 | $ 2,679 | |||||||
(a) Entergy Corporation has a commercial paper program with a program limit of up to $1.5 billion. | |||||||||
(b) The maturity date was extended in August 2015. | |||||||||
SECURITIES RATINGS (OUTLOOK) | |||||||||
CORPORATE CREDIT | |||||||||
As of June 2016 | MOODY’S | S&P | |||||||
Entergy Corporation | Baa3 (positive) | BBB (positive) | |||||||
CALL PRICE PER SHARE | |||||||||||||
PREFERRED MEMBER INTERESTS | AS OF DECEMBER 31, | AS OF DECEMBER 31, | |||||||||||
CUSIP | DESCRIPTION | RATE | 2015 | 2014 | 2013 | 2015 | |||||||
(in millions) | |||||||||||||
Held by Entergy Louisiana: | |||||||||||||
None | Class A preferred non-voting membership interest units of Entergy Holdings Co. LLC (6,843,780 shares in 2015; 5,449,862 shares in 2014 and 2013) (a) | 10.00% | $ 684 | $ 545 | $ 545 | $100.00 | |||||||
None | Class B preferred non-voting membership interest units of Entergy Holdings Co. LLC (4,126,940 shares in 2015; 2,624,297 shares in 2014 and 2013) (a) | 9.00% | 413 | 262 | 262 | $100.00 | |||||||
None | Class C preferred non-voting membership interest units of Entergy Holdings Co. LLC (2,935,153 shares in 2015; 2,272,726 shares in 2014; 0 shares in 2013) (a) | 7.50% | 294 | 227 | — | $100.00 | |||||||
Held by Entergy Gulf States: | |||||||||||||
None | Class A preferred non-voting membership interest units of Entergy Holdings Co. LLC (0 shares in 2015; 1,393,918 shares in 2014 and 2013) (a) | 10.00% | — | 139 | 139 | $100.00 | |||||||
None | Class B preferred non-voting membership interest units of Entergy Holdings Co. LLC (0 shares in 2015; 1,502,643 shares in 2014 and 2013 (a) | 9.00% | — | 150 | 150 | $100.00 | |||||||
None | Class C preferred non-voting membership interest units of Entergy Holdings Co. LLC (0 shares in 2015; 662,427 shares in 2014; 0 shares in 2013) (a) | 7.50% | — | 66 | — | $100.00 | |||||||
Preferred member interests | $ 1,390 | $ 1,390 | $ 1,097 | ||||||||||
OTHER NON-CURRENT LIABILITIES: | |||||||||||||
None | Class A preferred non-voting membership interest units of Entergy Holdings Co. LLC (500,000 shares in 2015, 2014, and 2013) (a)(b) | 10.00% | $ 50 | $ 50 | $ 50 | $100.00 | |||||||
Other non-current liabilities | $ 50 | $ 50 | $ 50 | ||||||||||
Total | $ 1,440 | $ 1,440 | $ 1,147 | ||||||||||
(a) Distributions are payable quarterly and have a liquidation price of $100 per unit. The preferred membership interests are callable at the option of Entergy Holdings Company LLC after ten years under the terms of the LLC agreement. | |||||||||||||
(b) On February 16, 2012, Entergy Gulf States Louisiana, L.L.C. sold 500,000 units of Class A preferred, non-voting, membership interest units of Entergy Holdings Company LLC. to a non-affiliated third party. This preferred membership interest is reflected in the Parent & Other disclosure segment in ‘Other Non-Current Liabilities’ on the balance sheet. | |||||||||||||
Totals may not foot due to rounding. | |||||||||||||
UTILITY SELECTED DATA | ||||||||||||||||||||||
UTILITY QUARTERLY FINANCIAL METRICS | ||||||||||||||||||||||
2015 | 2014 | YTD % | ||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | CHANGE | ||||||||||||
GAAP MEASURES | ||||||||||||||||||||||
As-Reported Net Income ($ millions) | 223.4 | 199.7 | 360.0 | 313.7 | 1,096.9 | 201.1 | 207.8 | 310.9 | 109.3 | 829.1 | 32.3 | |||||||||||
As-Reported Non-Fuel O&M ($ millions) | 584.3 | 642.5 | 663.1 | 670.6 | 2,560.6 | 526.2 | 584.5 | 617.1 | 666.7 | 2,394.6 | 6.9 | |||||||||||
Return on Average Invested Capital – | ||||||||||||||||||||||
As-Reported (%)(a) | 5.9 | 5.9 | 6.0 | 7.0 | 7.0 | 6.3 | 6.3 | 6.1 | 5.8 | 5.8 | 20.7 | |||||||||||
Return on Average Common Equity – | ||||||||||||||||||||||
As-Reported (%)(a) | 9.4 | 9.3 | 9.6 | 11.9 | 11.9 | 10.6 | 10.5 | 9.9 | 9.3 | 9.3 | 28.0 | |||||||||||
Debt to Capital Ratio (%) | 54.4 | 54.0 | 53.7 | 52.6 | 52.6 | 54.5 | 54.2 | 54.0 | 54.9 | 54.9 | (4.2 | ) | ||||||||||
NON-GAAP MEASURES | ||||||||||||||||||||||
Operational Earnings ($ millions) | 223.4 | 199.7 | 360.0 | 313.7 | 1,096.9 | 203.4 | 211.3 | 311.2 | 110.8 | 836.7 | 31.1 | |||||||||||
Operational non-fuel O&M ($ millions) | 584.3 | 642.5 | 663.1 | 670.6 | 2,560.6 | 522.3 | 579.0 | 616.4 | 664.3 | 2,382.0 | 7.5 | |||||||||||
Return on Average Invested Capital – | ||||||||||||||||||||||
Operational (%)(a) | 5.9 | 5.9 | 6.0 | 7.0 | 7.0 | 6.5 | 6.4 | 6.1 | 5.9 | 5.9 | 18.6 | |||||||||||
Return on Average Common Equity – | ||||||||||||||||||||||
Operational (%)(a) | 9.5 | 9.3 | 9.6 | 11.9 | 11.9 | 10.8 | 10.7 | 9.9 | 9.4 | 9.4 | 26.6 | |||||||||||
Debt to Capital Ratio, excluding securitization debt (%) | 52.6 | 52.3 | 51.9 | 50.8 | 50.8 | 52.5 | 52.2 | 52.1 | 53.1 | 53.1 | (4.3 | ) | ||||||||||
Net Debt to Net Capital Ratio, excluding securitization debt (%) | 50.7 | 50.5 | 49.8 | 49.2 | 49.2 | 51.0 | 51.4 | 50.9 | 50.6 | 50.6 | (2.8 | ) | ||||||||||
(a) Rolling twelve months. Totals may not foot due to rounding. | ||||||||||||||||||||||
UTILITY ANNUAL FINANCIAL METRICS | ||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
GAAP MEASURES | ||||||
As-Reported Net Income ($ millions) | 1,096.9 | 829.1 | 828.9 | 943.0 | 1,106.5 | |
As-Reported Non-Fuel O&M ($ millions) | 2,560.6 | 2,394.6 | 2,388.9 | 2,190.4 | 2,055.6 | |
Return on Average Invested Capital – As-Reported (%) | 7.0 | 5.8 | 5.9 | 6.9 | 8.3 | |
Return on Average Common Equity – As-Reported (%) | 11.9 | 9.3 | 9.6 | 11.8 | 14.8 | |
Debt to Capital Ratio (%) | 52.6 | 54.9 | 53.8 | 54.6 | 53.7 | |
NON-GAAP MEASURES | ||||||
Operational Earnings ($ millions) | 1,096.9 | 836.7 | 857.8 | 980.1 | 1,106.5 | |
Operational Non-Fuel O&M ($ millions) | 2,560.6 | 2,382.0 | 2,324.9 | 2,152.2 | 2,055.6 | |
Return on Average Invested Capital – Operational (%) | 7.0 | 5.9 | 6.1 | 7.1 | 8.3 | |
Return on Average Common Equity – Operational (%) | 11.9 | 9.4 | 10.0 | 12.3 | 14.8 | |
Debt to Capital Ratio, excluding securitization debt (%) | 50.8 | 53.1 | 51.6 | 52.2 | 50.6 | |
Net Debt to Net Capital Ratio, excluding securitization debt (%) | 49.2 | 50.6 | 50.2 | 51.1 | 49.5 | |
UTILITY SECURITIES RATINGS (OUTLOOK) | ||||||||||
MORTGAGE BONDS | PREFERRED STOCK | |||||||||
As of June 2016 | MOODY’S | S&P | MOODY’S | S&P | ||||||
Entergy Arkansas, Inc. | A2 (stable) | A- (positive) | Ba1 | BB+ | ||||||
Entergy Louisiana, LLC | A2 (stable) | A- (positive) | Baa3 | BB+ | ||||||
Entergy Mississippi, Inc. | A3 (stable) | A- (positive) | Ba1 | BB+ | ||||||
Entergy New Orleans, Inc. | Baa2 (stable) | A- (positive) | B1 | BB+ | ||||||
Entergy Texas, Inc. | Baa1 (stable) | A- (positive) | n/a | n/a | ||||||
System Energy Resources, Inc. | Baa1 (stable) | A- (positive) | n/a | n/a |
UTILITY HISTORICAL CAPITAL EXPENDITURES(a) | ||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |
Entergy Arkansas | 625 | 535 | 489 | 615 | 383 | |
Entergy Louisiana | 845 | 758 | 978 | 1,071 | 953 | |
Entergy Mississippi | 236 | 180 | 168 | 378 | 166 | |
Entergy New Orleans | 86 | 62 | 89 | 86 | 57 | |
Entergy Texas | 320 | 196 | 182 | 181 | 173 | |
System Energy Resources | 70 | 64 | 52 | 450 | 235 | |
Other(b) | 36 | 33 | 69 | 60 | 79 | |
Total | 2,218 | 1,828 | 2,027 | 2,841 | 2,046 | |
(a) Historical capital expenditures include storm capital spending. | ||||||
(b) Corresponds to Entergy Services, Inc., Entergy Operations, Inc., and System Fuels, Inc. |
UTILITY FINANCIAL RESULTS | ||||||||||||||||||||||||
2015 UTILITY CONSOLIDATING INCOME STATEMENT (unaudited) | ||||||||||||||||||||||||
OTHER/ | ||||||||||||||||||||||||
In thousands, for the year ending December 31, 2014. | EAI | ELL(a) | EMI | ENOI(a) | ETI | SERI | ELIMINATIONS(b) | UTILITY | ||||||||||||||||
OPERATING REVENUES: | ||||||||||||||||||||||||
Electric | $ | 2,253,564 | $ | 4,361,524 | $ | 1,396,985 | $ | 584,322 | $ | 1,707,203 | $ | 632,405 | $ | (1,627,263 | ) | $ | 9,308,740 | |||||||
Natural gas | — | 55,622 | — | 87,124 | — | — | — | 142,746 | ||||||||||||||||
Total | 2,253,564 | 4,417,146 | 1,396,985 | 671,446 | 1,707,203 | 632,405 | (1,627,263 | ) | 9,451,486 | |||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Operation and maintenance: | ||||||||||||||||||||||||
Fuel, fuel-related expenses, and gas purchased for resale | 535,919 | 850,869 | 291,666 | 96,307 | 277,810 | 89,598 | (5,047 | ) | 2,137,122 | |||||||||||||||
Purchased power | 380,081 | 1,129,910 | 389,950 | 277,851 | 709,947 | — | (1,577,564 | ) | 1,310,175 | |||||||||||||||
Nuclear refueling outage expenses | 51,411 | 44,480 | — | — | — | 21,654 | — | 117,545 | ||||||||||||||||
Other operation and maintenance | 734,118 | 997,546 | 261,255 | 119,087 | 254,731 | 156,552 | (80,214 | ) | 2,443,075 | |||||||||||||||
Asset write-offs, impairments, and related charges(c) | — | — | — | — | 23,472 | — | 45,200 | 68,672 | ||||||||||||||||
Decommissioning | 50,414 | 43,445 | — | — | — | 47,993 | 892 | 142,744 | ||||||||||||||||
Taxes other than income taxes | 99,926 | 167,966 | 94,152 | 46,660 | 72,945 | 27,281 | (1,191 | ) | 507,739 | |||||||||||||||
Depreciation and amortization | 246,897 | 437,036 | 129,029 | 43,205 | 102,410 | 143,133 | (5,622 | ) | 1,096,088 | |||||||||||||||
Other regulatory charges (credits) – net | (24,608 | ) | 27,562 | 19,027 | 3,366 | 82,243 | (39,434 | ) | 107,148 | 175,304 | ||||||||||||||
Total | 2,074,158 | 3,698,814 | 1,185,079 | 586,476 | 1,523,558 | 446,777 | (1,516,398 | ) | 7,998,464 | |||||||||||||||
OPERATING INCOME | 179,406 | 718,332 | 211,906 | 84,970 | 183,645 | 185,628 | (110,865 | ) | 1,453,022 | |||||||||||||||
OTHER INCOME: | ||||||||||||||||||||||||
Allowance for equity funds used during construction | 14,227 | 19,192 | 3,095 | 1,404 | 5,678 | 8,494 | (182 | ) | 51,908 | |||||||||||||||
Interest and investment income | 22,382 | 150,168 | 195 | 73 | 684 | 14,437 | 3,607 | 191,546 | ||||||||||||||||
Miscellaneous – net | (3,385 | ) | (13,190 | ) | (4,418 | ) | 339 | (798 | ) | (876 | ) | 261 | (22,067 | ) | ||||||||||
Total | 33,224 | 156,170 | (1,128 | ) | 1,816 | 5,564 | 22,055 | 3,686 | 221,387 | |||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||
Interest expense | 105,622 | 259,894 | 57,842 | 17,312 | 86,024 | 45,532 | (2,467 | ) | 569,759 | |||||||||||||||
Allowance for borrowed funds used during construction | (7,805 | ) | (10,702 | ) | (1,644 | ) | (641 | ) | (3,690 | ) | (2,244 | ) | 99 | (26,627 | ) | |||||||||
Total | 97,817 | 249,192 | 56,198 | 16,671 | 82,334 | 43,288 | (2,368 | ) | 543,132 | |||||||||||||||
INCOME BEFORE INCOME TAXES | 114,813 | 625,310 | 154,580 | 70,115 | 106,875 | 164,395 | (104,811 | ) | 1,131,277 | |||||||||||||||
Income taxes | 40,541 | 178,671 | 61,872 | 25,190 | 37,250 | 53,077 | (379,840 | ) | 16,761 | |||||||||||||||
CONSOLIDATED NET INCOME | 74,272 | 446,639 | 92,708 | 44,925 | 69,625 | 111,318 | 275,029 | 1,114,516 | ||||||||||||||||
Preferred dividend requirements and other | 6,873 | 5,737 | 2,828 | 965 | — | — | 1,238 | 17,641 | ||||||||||||||||
EARNINGS APPLICABLE TO | ||||||||||||||||||||||||
COMMON STOCK/EQUITY | $ | 67,399 | $ | 440,902 | $ | 89,880 | $ | 43,960 | $ | 69,625 | $ | 111,318 | $ | 273,791 | $ | 1,096,875 | ||||||||
(a) On Sept. 1, 2015, ELL transferred its Algiers assets to ENOI. The effect of the Algiers transfer has been retrospectively applied to ENOI's but not ELL's financial data presented in this report. | ||||||||||||||||||||||||
(b) Reflects other Entergy subsidiaries, including Entergy Utility Holding Company, LLC, Entergy Services, Inc., Entergy Operations, Inc. and the elimination of intercompany transactions and the effect of the Algiers asset transfer. | ||||||||||||||||||||||||
(c) ELL asset write-offs were recorded in "Other operation and maintenance." | ||||||||||||||||||||||||
Totals may not foot due to rounding. | ||||||||||||||||||||||||
UTILITY FINANCIAL RESULTS | ||||||||||||||||||||||||
2015 UTILITY CONSOLIDATING BALANCE SHEET (unaudited) | ||||||||||||||||||||||||
OTHER/ | ||||||||||||||||||||||||
In thousands, as of December 31, 2015. | EAI | ELL | EMI | ENOI | ETI | SERI | ELIMINATIONS(a) | UTILITY | ||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||
Cash | $ | 9,066 | $ | 348 | $ | 1,426 | $ | 1,068 | $ | 2,153 | $ | 8,681 | $ | 34,356 | $ | 57,098 | ||||||||
Temporary cash investments | 69 | 34,754 | 144,179 | 87,808 | 29 | 221,980 | 73,151 | 561,970 | ||||||||||||||||
Total cash and cash equivalents | 9,135 | 35,102 | 145,605 | 88,876 | 2,182 | 230,661 | 107,507 | 619,068 | ||||||||||||||||
Securitization recovery trust account | 4,204 | — | — | 4,620 | 38,161 | (46,985 | ) | — | ||||||||||||||||
Accounts receivable: | ||||||||||||||||||||||||
Customer | 108,636 | 179,051 | 56,685 | 34,627 | 61,870 | — | — | 440,869 | ||||||||||||||||
Allowance for doubtful accounts | (34,226 | ) | (4,209 | ) | (718 | ) | (268 | ) | (474 | ) | — | — | (39,895 | ) | ||||||||||
Associated companies | 32,987 | 94,418 | 34,964 | 23,248 | 42,279 | 93,724 | (290,672 | ) | 30,948 | |||||||||||||||
Other | 84,216 | 56,793 | 8,276 | 3,753 | 11,054 | 4,574 | 781 | 169,447 | ||||||||||||||||
Accrued unbilled revenues | 73,583 | 143,079 | 47,284 | 17,799 | 40,195 | — | — | 321,940 | ||||||||||||||||
Total account receivable | 265,196 | 469,132 | 146,491 | 79,159 | 154,924 | 98,298 | (289,891 | ) | 923,309 | |||||||||||||||
Fuel inventory – at average cost | 62,689 | 48,045 | 51,273 | 1,912 | 46,942 | — | — | 210,861 | ||||||||||||||||
Materials and supplies – at average cost | 169,919 | 282,688 | 39,491 | 13,244 | 34,994 | 87,366 | — | 627,702 | ||||||||||||||||
Deferred nuclear refueling outage costs | 67,834 | 66,984 | — | — | — | 5,605 | — | 140,423 | ||||||||||||||||
Prepayments and other | 45,436 | 28,294 | 5,184 | 10,263 | 17,975 | 11,282 | 22,662 | 141,096 | ||||||||||||||||
Total | 624,413 | 930,245 | 388,044 | 198,074 | 295,178 | 433,212 | (206,707 | ) | 2,662,459 | |||||||||||||||
OTHER PROPERTY AND INVESTMENTS: | ||||||||||||||||||||||||
Investment in affiliates – at equity | — | 1,390,587 | — | — | 620 | — | (421 | ) | 1,390,786 | |||||||||||||||
Decommissioning trust funds | 771,313 | 1,042,293 | — | — | — | 701,460 | — | 2,515,066 | ||||||||||||||||
Non-utility property – at cost (less accumulated depreciation) | — | 206,293 | 4,625 | 1,016 | 376 | — | 687 | 212,997 | ||||||||||||||||
Storm reserve escrow account | — | 290,422 | — | 81,002 | — | — | (371,424 | ) | — | |||||||||||||||
Escrow accounts | — | — | 41,726 | — | — | — | (41,726 | ) | — | |||||||||||||||
Other | 12,895 | 14,776 | — | — | 20,186 | — | 412,465 | 460,322 | ||||||||||||||||
Total | 784,208 | 2,944,371 | 46,351 | 82,018 | 21,182 | 701,460 | (419 | ) | 4,579,171 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||
Electric | 9,536,802 | 17,629,077 | 4,083,933 | 1,051,239 | 3,923,100 | 4,253,949 | 601,898 | 41,079,998 | ||||||||||||||||
Property under capital lease | 844 | 341,514 | 2,942 | — | — | 575,027 | 32,138 | 952,465 | ||||||||||||||||
Natural gas | — | 159,252 | — | 232,780 | — | — | — | 392,032 | ||||||||||||||||
Construction work in progress | 388,075 | 420,874 | 114,067 | 29,027 | 210,964 | 92,546 | 71,175 | 1,326,728 | ||||||||||||||||
Nuclear fuel | 286,341 | 386,524 | — | — | — | 183,706 | 2 | 856,573 | ||||||||||||||||
Total property, plant and equipment | 10,212,062 | 18,937,241 | 4,200,942 | 1,313,046 | 4,134,064 | 5,105,228 | 705,213 | 44,607,796 | ||||||||||||||||
Less – accumulated depreciation and amortization | 4,349,809 | 8,302,774 | 1,534,522 | 648,081 | 1,477,529 | 2,961,842 | 379,817 | 19,654,374 | ||||||||||||||||
Property, plant and equipment – net | 5,862,253 | 10,634,467 | 2,666,420 | 664,965 | 2,656,535 | 2,143,386 | 325,396 | 24,953,422 | ||||||||||||||||
DEFERRED DEBITS AND OTHER ASSETS: | ||||||||||||||||||||||||
Regulatory assets: | ||||||||||||||||||||||||
Regulatory asset for income taxes - net | 61,438 | 478,243 | 45,790 | — | 107,499 | 98,230 | (15,672 | ) | 775,528 | |||||||||||||||
Other regulatory assets (includes securitization property | ||||||||||||||||||||||||
of $714,044 as of December 31, 2015) | 1,333,773 | 1,217,874 | 328,681 | 265,322 | 812,862 | 347,830 | 398,454 | 4,704,796 | ||||||||||||||||
Deferred fuel costs | 66,700 | 168,122 | — | 4,080 | — | — | — | 238,902 | ||||||||||||||||
Long-term receivables - associated companies | — | — | — | — | 1,073 | — | (1,073 | ) | — | |||||||||||||||
Goodwill | — | — | — | — | — | — | 374,099 | 374,099 |
Accumulated deferred income taxes | — | — | — | — | — | — | 15,888 | 15,888 | ||||||||||||||||
Other | 14,989 | 14,125 | 2,121 | 685 | 4,253 | 4,757 | 11,711 | 52,641 | ||||||||||||||||
Total | 1,476,900 | 1,878,364 | 376,592 | 270,087 | 925,687 | 450,817 | 783,407 | 6,161,854 | ||||||||||||||||
TOTAL ASSETS | $ | 8,747,774 | $ | 16,387,447 | $ | 3,477,407 | $ | 1,215,144 | $ | 3,898,582 | $ | 3,728,875 | $ | 901,677 | $ | 38,356,906 | ||||||||
(a) Reflects other Entergy subsidiaries, including Entergy Utility Holding Company, LLC, Entergy Services, Inc., Entergy Operations, Inc. and the elimination of intercompany transactions. | ||||||||||||||||||||||||
Totals may not foot due to rounding. | ||||||||||||||||||||||||
UTILITY FINANCIAL RESULTS | ||||||||||||||||||||||||
2015 UTILITY CONSOLIDATING BALANCE SHEET (unaudited) | ||||||||||||||||||||||||
OTHER/ | ||||||||||||||||||||||||
In thousands, as of December 31, 2015. | EAI | ELL | EMI | ENOI | ETI | SERI | ELIMINATIONS(a) | UTILITY | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Currently maturing long-term debt | $ | 55,000 | $ | 29,372 | $ | 125,000 | $ | — | $ | — | $ | 2 | $ | — | $ | 209,374 | ||||||||
Notes payable and commercial paper: | ||||||||||||||||||||||||
Due to associated companies | — | — | — | 4,973 | — | — | (4,973 | ) | — | |||||||||||||||
Other | 11,690 | 60,356 | — | — | — | — | — | 72,047 | ||||||||||||||||
Accounts payable: | ||||||||||||||||||||||||
Associated companies | 110,464 | 165,419 | 38,496 | 37,467 | 106,065 | 7,391 | (440,183 | ) | 25,119 | |||||||||||||||
Other | 177,758 | 276,280 | 51,502 | 21,471 | 87,421 | 34,010 | 228,953 | 877,395 | ||||||||||||||||
Customer deposits | 118,340 | 146,555 | 81,583 | 28,392 | 44,537 | — | — | 419,407 | ||||||||||||||||
Taxes accrued | — | 125,142 | 43,461 | — | 5,333 | — | (14,286 | ) | 159,650 | |||||||||||||||
Interest accrued | 19,883 | 74,380 | 20,831 | 4,909 | 29,206 | 14,183 | — | 163,391 | ||||||||||||||||
Deferred fuel costs | 8,853 | 65,234 | 107,754 | 29,021 | 25,124 | — | — | 235,986 | ||||||||||||||||
Obligations under capital leases | — | — | — | — | — | — | 2,709 | 2,709 | ||||||||||||||||
Pension and other postretirement liabilities | — | — | — | — | — | — | 53,143 | 53,143 | ||||||||||||||||
Other | 45,219 | 79,982 | 22,754 | 6,216 | 10,363 | 1,926 | (16,152 | ) | 150,308 | |||||||||||||||
Total | 547,207 | 1,022,720 | 491,381 | 132,449 | 308,049 | 57,512 | (190,789 | ) | 2,368,529 | |||||||||||||||
NON-CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accumulated deferred income taxes and taxes accrued | 1,982,812 | 2,506,956 | 810,635 | 214,061 | 1,006,834 | 1,019,075 | (80,586 | ) | 7,459,787 | |||||||||||||||
Accumulated deferred investment tax credits | 36,506 | 131,760 | 4,645 | 753 | 13,835 | 45,451 | 1,350 | 234,300 | ||||||||||||||||
Obligations under capital leases | — | — | — | — | — | — | 27,001 | 27,001 | ||||||||||||||||
Regulatory liability for income taxes - net | — | 2,473 | — | 13,199 | — | — | (15,672 | ) | — | |||||||||||||||
Other regulatory liabilities | 242,913 | 818,623 | — | — | 6,396 | 337,424 | 9,542 | 1,414,898 | ||||||||||||||||
Decommissioning and asset retirement cost liabilities | 872,346 | 1,027,862 | 8,252 | 2,687 | 6,124 | 803,405 | — | 2,720,676 | ||||||||||||||||
Accumulated provisions | 5,552 | 310,282 | 48,062 | 84,187 | 9,319 | — | 964 | 458,366 | ||||||||||||||||
Pension and other postretirement liabilities | 459,153 | 833,185 | 120,217 | 43,609 | 77,517 | 112,264 | 777,073 | 2,423,018 | ||||||||||||||||
Long-term debt (includes securitization bonds | ||||||||||||||||||||||||
of $774,696 as of December 31, 2015) | 2,574,839 | 4,806,790 | 920,085 | 317,380 | 1,451,967 | 572,665 | — | 10,643,726 | ||||||||||||||||
Long-term payables - associated companies | — | 1,073 | — | 20,527 | — | — | (21,600 | ) | — | |||||||||||||||
Gas system rebuild insurance proceeds | — | — | — | 12,788 | — | — | (12,788 | ) | — | |||||||||||||||
Other | 18,438 | 188,411 | 11,699 | 3,692 | 57,085 | — | 457,360 | 736,685 | ||||||||||||||||
Total | 6,192,559 | 10,627,415 | 1,923,595 | 712,883 | 2,629,077 | 2,890,284 | 1,142,644 | 26,118,457 | ||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Subsidiaries' preferred stock without sinking fund | 116,350 | — | 50,381 | 19,780 | — | — | 107,425 | 293,936 | ||||||||||||||||
EQUITY: | ||||||||||||||||||||||||
Common stock or members’ equity | 470 | 4,793,724 | 199,326 | 33,744 | 49,452 | 719,350 | (3,704,798 | ) | 2,091,268 | |||||||||||||||
Paid-in capital/capital stock expense and other | 588,493 | — | (690 | ) | 123,794 | 481,994 | — | 1,355,068 | 2,548,659 | |||||||||||||||
Retained earnings | 1,302,695 | — | 813,414 | 192,494 | 430,010 | 61,729 | 2,384,986 | 5,185,328 | ||||||||||||||||
Accumulated other comprehensive income (loss) | — | (56,412 | ) | — | — | — | — | (72,859 | ) | (129,271 | ) | |||||||||||||
Less – treasury stock, at cost | — | — | — | — | — | — | 120,000 | 120,000 |
Total | 1,891,658 | 4,737,312 | 1,012,050 | 350,032 | 961,456 | 781,079 | (157,603 | ) | 9,575,984 | |||||||||||||||
Preferred membership interests without sinking fund | — | |||||||||||||||||||||||
Total | 1,891,658 | 4,737,312 | 1,012,050 | 350,032 | 961,456 | 781,079 | (157,603 | ) | 9,575,984 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 8,747,774 | $ | 16,387,447 | $ | 3,477,407 | $ | 1,215,144 | $ | 3,898,582 | $ | 3,728,875 | $ | 901,677 | $ | 38,356,906 | ||||||||
(a) Reflects other Entergy subsidiaries, including Entergy Utility Holding Company, LLC, Entergy Services, Inc., Entergy Operations, Inc. and the elimination of intercompany transactions. | ||||||||||||||||||||||||
Totals may not foot due to rounding. | ||||||||||||||||||||||||
UTILITY FINANCIAL RESULTS | ||||||||||
UTILITY SELECTED ANNUAL FINANCIAL METRICS | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ENTERGY ARKANSAS, INC. | ||||||||||
As-Reported Earnings ($ millions) | 67.4 | 114.5 | 155.1 | 145.5 | 158.0 | |||||
Less Special Items ($ millions) | — | (1.4 | ) | (2.8 | ) | (13.0 | ) | — | ||
Operational Earnings ($ millions) | 67.4 | 115.9 | 157.9 | 158.5 | 158.0 | |||||
GAAP MEASURES | ||||||||||
Return on Average Common Equity – As-Reported (%) | 3.6 | 6.5 | 9.4 | 9.6 | 11.1 | |||||
Return on Average Invested Capital – As-Reported (%) | 2.9 | 4.0 | 5.4 | 5.5 | 6.2 | |||||
Cash Flow Interest Coverage (# times) | 5.9 | 5.5 | 5.6 | 7.3 | 7.9 | |||||
Debt to Capital Ratio (%) | 56.8 | 58.1 | 56.4 | 55.8 | 54.8 | |||||
Total Debt ($ millions) | 2,642 | 2,689 | 2,380 | 2,139 | 1,894 | |||||
Total Preferred ($ millions) | 116 | 116 | 116 | 116 | 116 | |||||
Total Equity ($ millions) | 1,892 | 1,824 | 1,720 | 1,580 | 1,444 | |||||
NON-GAAP MEASURES | ||||||||||
Return on Average Common Equity – Operational (%) | 3.6 | 6.5 | 9.6 | 10.5 | 11.1 | |||||
Return on Average Invested Capital – Operational (%) | 2.9 | 4.1 | 5.6 | 6.1 | 6.4 | |||||
Total Debt, excluding securitization debt ($ millions) | 2,581 | 2,615 | 2,293 | 2,040 | 1,783 | |||||
Debt to Capital Ratio, excluding securitization debt (%) | 56.2 | 57.4 | 55.5 | 54.6 | 53.3 | |||||
Net Debt to Net Capital Ratio, excluding securitization debt (%) | 56.1 | 55.3 | 54.1 | 54.2 | 53.0 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
ENTERGY LOUISIANA, LLC | ||||||||||
As-Reported Earnings ($ millions) | 440.9 | 438.2 | 406.3 | 432.3 | 667.8 | |||||
Less Special Items ($ millions) | — | (3.5 | ) | (9.1 | ) | (11.2 | ) | — | ||
Operational Earnings ($ millions) | 440.9 | 441.7 | 415.4 | 443.5 | 667.8 | |||||
GAAP MEASURES | ||||||||||
Return on Average Members’ Equity – As-Reported (%) | 9.8 | 10.2 | 9.4 | 10.6 | 18.2 | |||||
Return on Average Invested Capital – As-Reported (%) | 6.3 | 6.4 | 6.1 | 6.8 | 10.7 | |||||
Cash Flow Interest Coverage (# times) | 5.6 | 8.6 | 6.0 | 5.1 | 6.4 | |||||
Debt to Capital Ratio (%) | 50.8 | 53.4 | 51.5 | 49.5 | 49.4 | |||||
Total Debt ($ millions) | 4,897 | 4,980 | 4,706 | 4,357 | 3,804 | |||||
Total Preferred ($ millions) | — | 110 | 110 | 110 | 110 | |||||
Total Equity ($ millions) | 4,794 | 4,316 | 4,364 | 4,455 | 3,898 | |||||
NON-GAAP MEASURES | ||||||||||
Return on Average Members’ Equity – Operational (%) | 9.8 | 10.3 | 9.6 | 10.9 | 18.2 | |||||
Return on Average Invested Capital – Operational (%) | 6.4 | 6.5 | 6.3 | 7.1 | 10.8 | |||||
Total Debt, excluding securitization debt ($ millions) | 4,776 | 4,839 | 4,545 | 4,178 | 3,600 | |||||
Debt to Capital Ratio, excluding securitization debt (%) | 50.2 | 52.7 | 50.6 | 48.4 | 48.0 | |||||
Net Debt to Net Capital Ratio, excluding securitization debt (%) | 50.0 | 51.0 | 49.8 | 48.0 | 47.8 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
UTILITY FINANCIAL RESULTS | ||||||||||
UTILITY SELECTED ANNUAL FINANCIAL METRICS (CONTINUED) | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ENTERGY MISSISSIPPI, INC. | ||||||||||
As-Reported Earnings ($ millions) | 89.9 | 72.0 | 79.3 | 43.9 | 105.9 | |||||
Less Special Items ($ millions) | — | (1.2 | ) | (5.4 | ) | (7.5 | ) | — | ||
Operational Earnings ($ millions) | 89.9 | 73.2 | 84.7 | 51.4 | 105.9 | |||||
GAAP MEASURES | ||||||||||
Return on Average Common Equity – As-Reported (%) | 9.1 | 7.5 | 8.7 | 5.1 | 13.5 | |||||
Return on Average Invested Capital – As-Reported (%) | 6.1 | 5.3 | 5.7 | 4.2 | 8.1 | |||||
Cash Flow Interest Coverage (# times) | 7.6 | 6.4 | 4.8 | 4.7 | 3.1 | |||||
Debt to Capital Ratio (%) | 49.7 | 50.9 | 51.0 | 55.5 | 50.8 | |||||
Total Debt ($ millions) | 1,048 | 1,048 | 1,044 | 1,161 | 915 | |||||
Total Preferred ($ millions) | 50 | 50 | 50 | 50 | 50 | |||||
Total Equity ($ millions) | 1,012 | 962 | 952 | 880 | 836 | |||||
NON-GAAP MEASURES | ||||||||||
Return on Average Common Equity – Operational (%) | 9.1 | 7.7 | 9.3 | 6.0 | 13.5 | |||||
Return on Average Invested Capital – Operational (%) | 6.1 | 5.4 | 5.9 | 4.5 | 8.1 | |||||
Net Debt to Net Capital Ratio (%) | 45.9 | 49.3 | 51.0 | 54.4 | 50.8 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
ENTERGY NEW ORLEANS, INC. | ||||||||||
As-Reported Earnings ($ millions) | 44.0 | 30.0 | 11.6 | 18.9 | 36.2 | |||||
Less Special Items ($ millions) | — | (0.4 | ) | (2.9 | ) | (0.9 | ) | — | ||
Operational Earnings ($ millions) | 44.0 | 30.4 | 14.5 | 19.8 | 36.2 | |||||
GAAP MEASURES | ||||||||||
Return on Average Common Equity – As-Reported (%) | 15.2 | 13.8 | 5.8 | 10.0 | 19.6 | |||||
Return on Average Invested Capital – As-Reported (%) | 8.7 | 7.6 | 4.5 | 6.2 | 10.4 | |||||
Cash Flow Interest Coverage (# times) | 7.2 | 6.6 | 6.7 | 5.5 | 4.7 | |||||
Debt to Capital Ratio (%) | 48.1 | 55.1 | 56.9 | 55.2 | 53.2 | |||||
Total Debt ($ millions) | 343 | 304 | 298 | 266 | 229 | |||||
Total Preferred ($ millions) | 20 | 20 | 20 | 20 | 20 | |||||
Total Equity ($ millions) | 350 | 228 | 206 | 196 | 181 | |||||
NON-GAAP MEASURES | ||||||||||
Return on Average Common Equity – Operational (%) | 15.2 | 14.0 | 7.2 | 10.5 | 19.6 | |||||
Return on Average Invested Capital – Operational (%) | 9.5 | 7.7 | 5.0 | 6.4 | 10.4 | |||||
30.0 | 51.3 | 53.9 | 54.4 | 52.1 | ||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
ENTERGY TEXAS, INC. | ||||||||||
As-Reported Net Income ($ millions) | 69.6 | 74.8 | 57.9 | 42.0 | 80.8 | |||||
Less Special Items ($ millions) | — | (1.1 | ) | (8.8 | ) | (5.0 | ) | — | ||
Operational Net Income ($ millions) | 69.6 | 75.9 | 66.7 | 46.6 | 80.8 | |||||
GAAP MEASURES | ||||||||||
Return on Average Common Equity – As-Reported (%) | 7.5 | 8.4 | 6.6 | 4.8 | 9.4 | |||||
Return on Average Invested Capital – As-Reported (%) | 5.0 | 5.3 | 4.6 | 4.0 | 5.4 | |||||
Cash Flow Interest Coverage (# times) | 4.5 | 4.7 | 3.7 | 3.9 | 3.6 | |||||
Debt to Capital Ratio (%) | 60.2 | 62.2 | 63.5 | 65.2 | 64.9 | |||||
Total Debt ($ millions) | 1,452 | 1,469 | 1,545 | 1,604 | 1,661 | |||||
Total Preferred ($ millions) | — | — | — | — | — | |||||
Total Equity ($ millions) | 961 | 892 | 887 | 854 | 899 | |||||
NON-GAAP MEASURES | ||||||||||
Return on Average Common Equity – Operational (%) | 7.5 | 8.5 | 7.7 | 5.3 | 9.4 | |||||
Return on Average Invested Capital – Operational (%) | 6.5 | 7.1 | 6.8 | 5.8 | 7.8 | |||||
Total Debt, excluding securitization debt ($ millions) | 955 | 907 | 921 | 919 | 918 | |||||
Debt to Capital Ratio, excluding securitization debt (%) | 49.8 | 50.4 | 50.9 | 51.8 | 50.5 | |||||
Net Debt to Net Capital Ratio, excluding securitization debt (%) | 49.8 | 49.6 | 49.6 | 50.1 | 48.7 | |||||
Certain prior year data has been reclassified to conform with current year presentation. |
UTILITY FINANCIAL RESULTS | ||||||||||
UTILITY SELECTED ANNUAL FINANCIAL METRICS (CONTINUED) | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
SYSTEM ENERGY RESOURCES, INC. | ||||||||||
As-Reported Net Income ($ millions) | 111.3 | 96.3 | 113.7 | 111.9 | 64.2 | |||||
Less Special Items ($ millions) | — | — | — | — | — | |||||
Operational Net Income ($ millions) | 111.3 | 96.3 | 113.7 | 111.9 | 64.2 | |||||
GAAP MEASURES | ||||||||||
Return on Average Common Equity – As-Reported (%) | 13.5 | 11.0 | 13.3 | 13.7 | 8.0 | |||||
Return on Average Invested Capital – As-Reported (%) | 9.3 | 8.2 | 8.3 | 8.5 | 5.6 | |||||
Cash Flow Interest Coverage (# times) | 12.7 | 8.0 | 8.3 | 11.7 | 11.4 | |||||
Debt to Capital Ratio (%) | 42.3 | 45.5 | 46.2 | 49.5 | 47.9 | |||||
Total Debt ($ millions) | 573 | 727 | 751 | 815 | 736 | |||||
Total Preferred ($ millions) | — | — | — | — | — | |||||
Total Equity ($ millions) | 781 | 871 | 876 | 833 | 801 | |||||
NON-GAAP MEASURES | ||||||||||
Return on Average Common Equity – Operational (%) | 13.5 | 11.0 | 13.3 | 13.7 | 8.0 | |||||
Return on Average Invested Capital – Operational (%) | 9.3 | 8.2 | 8.3 | 8.5 | 5.6 | |||||
Net Debt to Net Capital Ratio (%) | 30.5 | 36.7 | 41.6 | 46.8 | 40.8 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
UTILITY SECURITIES DETAIL | |||||||||||||
UTILITY LONG-TERM DEBT AND PREFERRED STOCK | |||||||||||||
ENTERGY ARKANSAS, INC. | |||||||||||||
BONDS: | MATURITY | FIRST CALL | CURRENT OR | AS OF DECEMBER 31, | |||||||||
CUSIP | TYPE* | RATE | DATE | DATE | FIRST CALL PRICE | 2015 | 2014 | ||||||
29364DAQ3 | 3.75% Series | M | 3.75% | 02/21 | Now | MW (T + .20%) | 350 | 350 | |||||
29364DAR1 | 3.05% Series | M | 3.05% | 06/23 | Now | MW (T + .20%) | 250 | 250 | |||||
29364DAS9 | 3.7% Series | M | 3.70% | 06/24 | Now | MW (T + .15%) | 375 | 375 | |||||
29364DAL4 | 5.66% Series | M | 5.66% | 02/25 | Now | MW (T + .20%) | 175 | 175 | |||||
29364DAJ9 | 5.9% Series | M | 5.9% | 06/33 | Now | 100% | 100 | 100 | |||||
29364DAK6 | 6.38% Series | M | 6.38% | 11/34 | Now | 100% | 60 | 60 | |||||
29364D779 | 5.75% Series | M | 5.75% | 11/40 | 11/1/2015 | 100% | 225 | 225 | |||||
29364DAT7 | 4.95% Series | M | 4.95% | 12/44 | Now | MW (T + .30%) | 250 | 250 | |||||
29364D761 | 4.90% Series | M | 4.9% | 12/52 | 12/1/2017 | 100% | 200 | 200 | |||||
472712ES3 | 1.55% Series – Jefferson County | G(a,d) | 1.55% | 2017 | Non-Call Life | 55 | 55 | ||||||
453424BT9 | 2.38% Series – Independence County | G(a,d) | 2.38% | 2021 | Non-Call Life | 45 | 45 | ||||||
29364D753 | 4.75% Series | M | 4.75% | 06/63 | 6/1/18 | 100% | 125 | 125 | |||||
Total bonds | 2,210 | 2,210 | |||||||||||
OTHER LONG-TERM DEBT: | |||||||||||||
3.23% Series J – Variable Interest Entity Note Payable | 3.23% | 07/16 | 55 | 55 | |||||||||
2.62% Series K – Variable Interest Entity Note Payable | 2.62% | 12/17 | 60 | 60 | |||||||||
3.65% Series L – Variable Interest Entity Note Payable | 3.65% | 07/21 | 90 | 90 | |||||||||
29365YAA1 | 2.30% Series Senior Secured – Securitization Bond | 2.30% | 08/21 | 63 | 76 | ||||||||
Long-Term United States Department of Energy Obligation(b) | 181 | 181 | |||||||||||
Unamortized Premium and Discount – Net | (3 | ) | (3 | ) | |||||||||
Unamortized Debt Issuance Costs | (29 | ) | (30 | ) | |||||||||
Other | 2 | 2 | |||||||||||
TOTAL LONG-TERM DEBT | 2,630 | 2,641 | |||||||||||
Less Amount Due Within One Year | 55 | — | |||||||||||
Long-Term Debt Excluding Amount Due Within One Year | $ | 2,575 | $ | 2,641 | |||||||||
Fair Value of Long-Term Debt(c) | $ | 2,498 | $ | 2,518 | |||||||||
*M = Mortgage Bond; G = Governmental Bond | |||||||||||||
Weighted-average annualized coupon rate | 4.3% | 4.2% | |||||||||||
(a) Consists of pollution control revenue bonds and environmental revenue bonds. | |||||||||||||
(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee,plus accrued interest, in long-term debt. | |||||||||||||
(c) The fair value excludes long-term DOE obligations of $181 million at Entergy Arkansas and includes debt due within one year. Fair values are classified as Level 2 in the fair value hierarchy (see pgs. 214 - 222 of 2015 10K) and are based on prices derived from inputs such as benchmark yields and reported trades. | |||||||||||||
(d) The bonds are secured by a series of collateral first mortgage bonds. | |||||||||||||
Totals may not foot due to rounding. | |||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. |
SHARES | ||||||||
AUTHORIZED AND OUTSTANDING | CALL PRICE PER SHARE | |||||||
PREFERRED STOCK: | AS OF DECEMBER 31, | AS OF DECEMBER 31, | AS OF DECEMBER 31, | |||||
CUSIP | RATE | 2015 | 2014 | 2015 | 2014 | 2015 | ||
Without sinking fund: | ||||||||
Cumulative, $100 par value: | ||||||||
29364D209 | 4.32% Series | 4.32% | 70,000 | 70,000 | $ 7 | $ 7 | $103.65 | |
29364D506 | 4.72% Series | 4.72% | 93,500 | 93,500 | 9 | 9 | 107.00 | |
29364D308 | 4.56% Series | 4.56% | 75,000 | 75,000 | 8 | 8 | 102.83 | |
29364D407 | 4.56% 1965 Series | 4.56% | 75,000 | 75,000 | 8 | 8 | 102.50 | |
29364D605 | 6.08% Series | 6.08% | 100,000 | 100,000 | 10 | 10 | 102.83 | |
Cumulative, $25 par value: | ||||||||
29364D787 | 6.45% Series(a) | 6.45% | 3,000,000 | 3,000,000 | 75 | 75 | 25 | |
Total without sinking fund | 3,413,500 | 3,413,500 | $ 116 | $ 116 | ||||
(a) Series is callable at par. | ||||||||
Totals may not foot due to rounding. |
UTILITY LONG-TERM DEBT AND PREFERRED STOCK | |||||||||||||
ENTERGY LOUISIANA, LLC | |||||||||||||
BONDS: | MATURITY | FIRST CALL | CURRENT OR | AS OF DECEMBER 31, | |||||||||
CUSIP | TYPE* | RATE | DATE | DATE | FIRST CALL PRICE | 2015 | 2014 | ||||||
29364WAJ7 | 6.50% Series | M | 6.5% | 09/18 | Now | MW (T + .40%) | $ | 300 | $ | 300 | |||
29365PAN2 | 6.00% Series | M | 6.0% | 05/18 | Now | MW (T + .40%) | 375 | 375 | |||||
29365PAQ5 | 3.95% Series | M | 3.95% | 10/20 | Now | MW (T + .25%) | 250 | 250 | |||||
29364WAN8 | 4.8% Series | M | 4.8% | 05/21 | Now | MW (T + .25%) | 200 | 200 | |||||
29364WAR9 | 3.30% Series | M | 3.3% | 12/22 | Now | MW (T + .25%) | 200 | 200 | |||||
29364WAS7 | 4.05% Series | M | 4.05% | 09/23 | Now | MW (T + .20%) | 325 | 325 | |||||
29365PAP7 | 5.59% Series | M | 5.59% | 10/24 | Now | MW (T + .40%) | 300 | 300 | |||||
29364WAK4 | 5.40% Series | M | 5.4% | 11/24 | Now | MW (T + .35%) | 400 | 400 | |||||
29365PAR3 | 3.78% Series | M | 3.78% | 04/25 | Now | MW (T + .20%) | 110 | 110 | |||||
29364WAU2 | 3.78% Series | M | 3.78% | 04/25 | Now | MW (T + .20%) | 190 | 190 | |||||
29364WAM0 | 4.44% Series | M | 4.44% | 01/26 | Now | MW (T + .30%) | 250 | 250 | |||||
29364LAL6 | 6.2% Series | M | 6.2% | 07/33 | Now | 100% | 240 | 240 | |||||
29364LAT9 | 6.18% Series | M | 6.18% | 03/35 | Now | 100% | 85 | 85 | |||||
29364W306 | 6.0% Series | M | 6.0% | 03/40 | 3/15/15 | 100% | 118 | 150 | |||||
29364W405 | 5.875% Series | M | 5.875% | 06/41 | 11/23/15 | 100% | 150 | 150 | |||||
29364WAT5 | 5.0% Series | M | 5.0% | 07/44 | Now | MW (T + .25%) | 170 | 170 | |||||
29364WAV0 | 4.95% Series | M | 4.95% | 01/45 | Now | MW (T + .30%) | 250 | 250 | |||||
29364W504 | 5.25% Series | M | 5.25% | 07/52 | 7/1/17 | 100% | 200 | 200 | |||||
29364W603 | 4.7% Series | M | 4.7% | 06/63 | 6/1/18 | 100% | 100 | 100 | |||||
546398K23 | 2.875% Series – Louisiana Public Facilities Authority | G(a,c) | 2.875% | 2015 | — | 32 | |||||||
546398J82 | 5.0% Series – Louisiana Public Facilities Authority | G(a,c) | 5.0% | 2030 | 12/1/15 | 100% | 115 | 115 | |||||
546398J90 | 5.0% Series – Louisiana Public Facilities Authority | G(a,c) | 5.0% | 2028 | 9/1/15 | 100% | 84 | 84 | |||||
Total bonds | 4,412 | 4,476 | |||||||||||
OTHER LONG-TERM DEBT: | |||||||||||||
3.30% Series F – Variable Interest Entity Note Payable | 3.30% | 03/16 | 20 | 20 | |||||||||
3.25% Series G – Variable Interest Entity Note Payable | 3.25% | 07/17 | 25 | 25 | |||||||||
3.25% Series Q – Variable Interest Entity Note Payable | 3.25% | 07/17 | 75 | 75 | |||||||||
3.38% Series R – Variable Interest Entity Note Payable | 3.38% | 08/20 | 70 | 70 | |||||||||
3.92% Series H – Variable Interest Entity Note Payable | 3.92% | 02/21 | 40 | 40 | |||||||||
Credit Facility – weighted average rate 1.38% | 1.38% | 06/16 | 1 | — | |||||||||
29366AAA2 | 2.04% Series Senior Secured - Securitization Bond | 2.04% | 06/21 | 123 | 143 | ||||||||
Waterford 3 Lease Obligation 7.45% | 7.45% | 109 | 128 | ||||||||||
Unamortized Premium and Discount – Net | (5 | ) | (4 | ) |
Unamortized Debt Issuance Costs | (40 | ) | (45 | ) | |||||||||
Other | 7 | 4 | |||||||||||
TOTAL LONG-TERM DEBT | 4,836 | 4,934 | |||||||||||
Less Amount Due Within One Year | 29 | 51 | |||||||||||
Long-Term Debt Excluding Amount Due Within One Year | $ | 4,807 | $ | 4,883 | |||||||||
Fair Value of Long-Term Debt(b) | $ | 5,019 | $ | 5,191 | |||||||||
*M = Mortgage Bond; G = Governmental Bond | |||||||||||||
Weighted-average annualized coupon rate | 4.9% | 4.9% | |||||||||||
(a) Consists of pollution control revenue bonds and environmental revenue bonds. | |||||||||||||
(b) The fair value excludes lease obligations of $109 million at Entergy Louisiana, and includes debt due within one year. Fair values are classified as Level 2 in the fair value hierarchy (see pgs. 214 - 222 of 2015 10K) and are based on prices derived from inputs such as benchmark yields and reported trades. | |||||||||||||
(c) The bonds are secured by a series of collateral first mortgage bonds. | |||||||||||||
Totals may not foot due to rounding. | |||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. |
UNITS | |||||||||||||
AUTHORIZED AND OUTSTANDING | CALL PRICE PER UNIT | ||||||||||||
PREFERRED MEMBERSHIP INTERESTS: | AS OF DECEMBER 31, | AS OF DECEMBER 31, | AS OF DECEMBER 31, | ||||||||||
CUSIP | RATE | 2015 | 2014 | 2015 | 2014 | 2015 | |||||||
Without sinking fund: | |||||||||||||
Cumulative, $100 liquidation value: | |||||||||||||
29365P201 | 8.25% Series(a) | 8.25% | — | 100,000 | — | $ 10 | $ | — | |||||
293649307 | 6.95% Series(a) | 6.95% | — | 1,000,000 | — | 100 | — | ||||||
Total without sinking fund | — | 1,100,000 | — | $ 110 | — | ||||||||
(a) In September 2015, Entergy Louisiana redeemed its $100 million of 6.95% Series preferred membership interests and Entergy Gulf States Louisiana redeemed its $10 million of 8.25% Series preferred membership interests as part of a multi-step process to effectuate the Entergy Louisiana and Entergy Gulf States Louisiana business combination. |
UTILITY LONG-TERM DEBT AND PREFERRED STOCK | |||||||||||
ENTERGY MISSISSIPPI, INC. | |||||||||||
BONDS: | MATURITY | FIRST CALL | CURRENT OR | AS OF DECEMBER 31, | |||||||
CUSIP | TYPE* | RATE | DATE | DATE | FIRST CALL PRICE | 2015 | 2014 | ||||
29364NAQ1 | 3.25% Series | M | 3.25% | 06/16 | Now | MW (T + .25%) | 125 | 125 | |||
29364NAP3 | 6.64% Series | M | 6.64% | 07/19 | Now | MW (T + .50%) | 150 | 150 | |||
29364NAR9 | 3.10% Series | M | 3.10% | 07/23 | Now | MW (T + .25 bps) | 250 | 250 | |||
29364NAS7 | 3.75% Series | M | 3.75% | 07/24 | Now | MW (T + .15 bps) | 100 | 100 | |||
29364N876 | 6.0% Series | M | 6.00% | 11/32 | Now | 100% | 75 | 75 | |||
29364NAL2 | 6.25% Series | M | 6.25% | 04/34 | Now | MW (T + .25%) | 100 | 100 | |||
29364N843 | 6.20% Series | M | 6.20% | 04/40 | 4/15/15 | 100% | 80 | 80 | |||
29364N835 | 6.00% Series | M | 6.00% | 05/51 | 5/1/16 | 100% | 150 | 150 | |||
453424BS1 | 4.90% Series – Independence County | G(a,c) | 4.90% | 2022 | 6/2/14 | 101% | 30 | 30 | |||
Total bonds | 1,060 | 1,060 | |||||||||
OTHER LONG-TERM DEBT: | |||||||||||
Unamortized Premium and Discount – Net | (1 | ) | (1 | ) | |||||||
Unamortized Debt Issuance Cost | (14 | ) | (15 | ) | |||||||
TOTAL LONG-TERM DEBT | 1,045 | 1,044 | |||||||||
Less Amount Due Within One Year | 125 | 0 | |||||||||
Long-Term Debt Excluding Amount Due Within One Year | $ 920 | $ 1,044 | |||||||||
Fair Value of Long-Term Debt(b) | $ 1,087 | $ 1,103 | |||||||||
*M = Mortgage Bond; G = Governmental Bond | |||||||||||
Weighted-average annualized coupon rate | 4.9% | 4.9% | |||||||||
(a) Consists of pollution control revenue bonds and environmental revenue bonds. | |||||||||||
(b) The fair value includes debt due within one year. Fair values are classified as Level 2 in the fair value hierarchy | |||||||||||
(see pgs. 214 - 222 of 2015 10K) and are based on prices derived from inputs such as benchmark yields and reported trades. | |||||||||||
(c) The bonds are secured by a series of collateral first mortgage bonds. | |||||||||||
Totals may not foot due to rounding. | |||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | |||||||||||
SHARES | ||||||||||||||
AUTHORIZED AND OUTSTANDING | CALL PRICE PER SHARE | |||||||||||||
PREFERRED STOCK: | AS OF DECEMBER 31, | AS OF DECEMBER 31, | AS OF DECEMBER 31, | |||||||||||
CUSIP | RATE | 2015 | 2014 | 2015 | 2014 | 2015 | ||||||||
Without sinking fund: | ||||||||||||||
Cumulative, $100 par value: | ||||||||||||||
29364N207 | 4.36% Series | 4.36% | 59,920 | 59,920 | $ 6 | $ 6 | $103.86 | |||||||
29364N306 | 4.56% Series | 4.56% | 43,887 | 43,887 | 4 | 4 | 107.00 | |||||||
29364N405 | 4.92% Series | 4.92% | 100,000 | 100,000 | 10 | 10 | 102.88 | |||||||
Cumulative, $25 par value: | ||||||||||||||
29364N850 | 6.25% Series | 6.25% | 1,200,000 | 1,200,000 | 30 | 30 | $25 | |||||||
Total without sinking fund | $ 1,403,807 | $ 1,403,807 | $ 50 | $ 50 | ||||||||||
ENTERGY NEW ORLEANS, INC. | |||||||||||||
BONDS: | MATURITY | FIRST CALL | CURRENT OR | AS OF DECEMBER 31, | |||||||||
CUSIP | TYPE* | RATE | DATE | DATE | FIRST CALL PRICE | 2015 | 2014 | ||||||
29364PAM5 | 5.10% Series | M | 5.1% | 12/20 | Now | MW (T + .35%) | 25 | 25 | |||||
29364PAN3 | 3.9% Series | M | 3.9% | 07/23 | Now | MW (T + .30%) | 100 | 100 | |||||
29364PAK9 | 5.6% Series | M | 5.6% | 09/24 | Now | 100% | 33 | 33 | |||||
29364PAJ2 | 5.65% Series | M | 5.65% | 09/29 | Now | 100% | 38 | 38 | |||||
29364P509 | 5.0% Series | M | 5.0% | 12/52 | 12/1/2017 | 100% | 30 | 30 | |||||
Total bonds | 226 | 226 | |||||||||||
OTHER LONG-TERM DEBT: | |||||||||||||
29277VAA4 | 2.67% Series Senior Secured - Securitization Bond | 2.7% | 06/24 | 99 | — | ||||||||
Payable to Entergy Louisiana | 11/35 | 26 | 82 | ||||||||||
Unamortized Premium and Discount – Net | (3 | ) | (3 | ) | |||||||||
Unamortized Debt Issuance Cost | (7 | ) | (5 | ) | |||||||||
TOTAL LONG-TERM DEBT | 343 | 303 | |||||||||||
Less Amount Due Within One Year | 5 | — | |||||||||||
Long-Term Debt Excluding Amount Due Within One Year | $ | 338 | $ | 303 | |||||||||
Fair Value of Long-Term Debt(a) | $ | 351 | $ | 309 | |||||||||
*M = Mortgage; G = Governmental | |||||||||||||
Weighted-average annualized coupon rate | 4.1% | 4.7% | |||||||||||
(a) The fair value includes debt due within one year. Fair values are classified as Level 2 in the fair value hierarchy | |||||||||||||
(see pgs. 214 - 222 of 2015 10K) and are based on prices derived from inputs such as benchmark yields and reported trades. | |||||||||||||
Totals may not foot due to rounding. | |||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. |
SHARES | |||||||||||||
AUTHORIZED AND OUTSTANDING | CALL PRICE PER SHARE | ||||||||||||
PREFERRED STOCK: | AS OF DECEMBER 31, | AS OF DECEMBER 31, | AS OF DECEMBER 31, | ||||||||||
CUSIP | RATE | 2015 | 2014 | 2015 | 2014 | 2015 | |||||||
Without sinking fund: | |||||||||||||
Cumulative, $100 par value: | |||||||||||||
29364P301 | 4.75% Series | 4.75% | 77,798 | 77,798 | $ 8 | $ 8 | $104.58 | ||||||
29364P202 | 4.36% Series | 4.36% | 60,000 | 60,000 | 6 | 6 | 105.00 | ||||||
29364P400 | 5.56% Series | 5.56% | 60,000 | 60,000 | 6 | 6 | 102.59 | ||||||
Total without sinking fund | 197,798 | 197,798 | $ 20 | 20 | |||||||||
Totals may not foot due to rounding. |
UTILITY LONG-TERM DEBT AND PREFERRED STOCK | ||||||||||||
ENTERGY TEXAS, INC. | ||||||||||||
BONDS: | MATURITY | FIRST CALL | CURRENT OR | AS OF DECEMBER 31, | ||||||||
CUSIP | TYPE* | RATE | DATE | DATE | FIRST CALL PRICE | 2015 | 2014 | |||||
29365TAB0 | 3.60% Series | M | 3.6% | 06/15 | $ | — | $ 200 | |||||
29365TAA2 | 7.125% Series | M | 7.125% | 02/19 | Now | MW (T + .50%) | 500 | 500 | ||||
29365TAC8 | 4.1% Series | M | 4.1% | 09/21 | Now | MW (T + .35%) | 75 | 75 | ||||
29365TAD6 | 5.15% Series | M | 5.15% | 06/45 | 6/25/16 | MW (T + .35%) | 250 | — | ||||
29365T104 | 5.625% Series | M | 5.625% | 06/64 | 6/19/16 | 100% | 135 | 135 | ||||
Total bonds | 960 | 910 | ||||||||||
OTHER LONG-TERM DEBT: | ||||||||||||
29365KAA1 | 2.12% Series Senior Secured, Series A - Securitization Bond | 2.12% | 02/16 | — | 14 | |||||||
29365QAB6 | 5.79% Series Senior Secured, Series A - Securitization Bond | 5.79% | 10/18 | 50 | 74 | |||||||
29365KAB9 | 3.65% Series Senior Secured, Series A - Securitization Bond | 3.65% | 08/19 | 117 | 145 | |||||||
29365QAC4 | 5.93% Series Senior Secured, Series A - Securitization Bond | 5.93% | 06/22 | 114 | 114 | |||||||
29365KAC7 | 4.38% Series Senior Secured - Securitization Bond | 4.38% | 11/23 | 219 | 219 | |||||||
Unamortized Premium and Discount – Net | (2 | ) | (2 | ) | ||||||||
Unamortized Debt Issuance Costs | (11 | ) | (10 | ) | ||||||||
Other | 5 | 5 | ||||||||||
TOTAL LONG-TERM DEBT | 1,452 | 1,469 | ||||||||||
Less Amount Due Within One Year | 200 | |||||||||||
Long-Term Debt Excluding Amount Due Within One Year | $ 1,452 | $ 1,269 | ||||||||||
Fair Value of Long-Term Debt(a) | $ 1,591 | $ 1,629 | ||||||||||
*M = Mortgage Bond; G = Governmental Bond | ||||||||||||
Weighted-average annualized coupon rate | 5.7% | 5.4% | ||||||||||
(a) The fair value includes debt due within one year. Fair values are classified as Level 2 in the fair value hierarchy | ||||||||||||
(see pgs. 214 - 222 of 2015 10K) and are based on prices derived from inputs such as benchmark yields and reported trades. | ||||||||||||
Totals may not foot due to rounding. | ||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||
SYSTEM ENERGY RESOURCES, INC. | |||||||||||
BONDS: | MATURITY | FIRST CALL | CURRENT OR | AS OF DECEMBER 31, | |||||||
CUSIP | TYPE* | RATE | DATE | DATE | FIRST CALL PRICE | 2015 | 2014 | ||||
605277AB8 | 5.875% Series – Mississippi Business Finance Corp. | G(a) | 5.875% | 2022 | Now | 100% | 156 | 216 | |||
871911AS2 | 4.10% Series | M | 4.1% | 04/23 | Now | MW (T + 0.40%) | 250 | 250 | |||
Total bonds | 406 | 466 | |||||||||
OTHER LONG-TERM DEBT: | |||||||||||
5.33% Series G – Variable Interest Entity Note Payable | 5.33% | 04/15 | — | 60 | |||||||
4.02% Series H – Variable Interest Entity Note Payable | 4.02% | 02/17 | 50 | 50 | |||||||
3.78% Series I – Variable Interest Entity Note Payable | 3.78% | 10/18 | 85 | 85 | |||||||
361561AA1 | Grand Gulf Lease Obligation 5.13% | 5.13% | 34 | 51 | |||||||
Unamortized Premium and Discount – Net | (1 | ) | (1 | ) | |||||||
Unamortized Debt Issuance Costs | (2 | ) | (4 | ) | |||||||
TOTAL LONG-TERM DEBT | 573 | 707 | |||||||||
Less Amount Due Within One Year | 76 | ||||||||||
Long-Term Debt Excluding Amount Due Within One Year | $ 573 | $ 630 | |||||||||
Fair Value of Long-Term Debt(b) | $ 553 | $ 677 | |||||||||
*M = Mortgage Bond; G = Governmental Bond | |||||||||||
Weighted-average annualized coupon rate | 4.1% | 4.8% | |||||||||
(a) Consists of pollution control revenue bonds and environmental revenue bonds. | |||||||||||
(b) The fair value excludes lease obligations of $34 million at System Energy and includes debt due within one year. Fair values are classified as Level 2 in the fair value hierarchy (see pgs. 214 - 222 of 2015 10K) and are based on prices derived from inputs such as benchmark yields and reported trades. | |||||||||||
Totals may not foot due to rounding. | |||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | |||||||||||
UTILITY STATISTICAL INFORMATION | |||||||
UTILITY TOTAL CAPABILITY | |||||||
OWNED & | |||||||
OPERATED | LEASED | OPERATED | |||||
As of December 31, 2015. | PLANTS | UNITS | (MW)(a) | (MW) | |||
Plants that use fuel type: | |||||||
Gas/Oil | 25 | 58 | 14,585 | 14,896 | |||
Coal | 3 | 5 | 2,243 | 3,855 | |||
Petroleum Coke | 1 | 2 | — | 204 | |||
Total Fossil | 29 | 65 | 16,828 | 18,955 | |||
Hydro | 3 | 7 | 74 | 153 | |||
Nuclear | 4 | 5 | 5,198 | 5,346 | |||
Total Capability | 36 | 77 | 22,100 | 24,454 | |||
All plants that have units with multiple fuel types are in the Gas & Oil plant count. | |||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions | |||||||
based on the primary fuel (assuming no curtailments) that each station was designed to utilize. |
UTILITY SELECTED OPERATING DATA | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
SOURCES OF ENERGY (GWh) | ||||||||||
Net Generation: | ||||||||||
Gas & Oil | 43,732 | 34,158 | 30,364 | 31,011 | 30,042 | |||||
Coal | 8,263 | 13,970 | 13,567 | 13,320 | 14,915 | |||||
Nuclear | 39,682 | 40,986 | 38,676 | 37,714 | 40,102 | |||||
Hydro | 144 | 142 | 131 | 108 | 160 | |||||
Total Net Generation | 91,821 | 89,256 | 82,739 | 82,153 | 85,219 | |||||
Purchased Power: | ||||||||||
Affiliated Companies | — | — | 349 | 713 | 803 | |||||
Non-affiliated Companies | 34,047 | 35,291 | 33,994 | 32,982 | 32,896 | |||||
Total Purchased Power | 34,047 | 35,291 | 34,343 | 33,695 | 33,699 | |||||
Total Sources of Energy | 125,868 | 124,547 | 117,081 | 115,850 | 118,918 | |||||
USES OF ENERGY (GWh) | ||||||||||
Electric Energy Sales: | ||||||||||
Residential | 36,068 | 35,932 | 35,169 | 34,664 | 36,684 | |||||
Commercial | 29,348 | 28,827 | 28,547 | 28,724 | 28,720 | |||||
Industrial | 44,382 | 43,723 | 41,653 | 41,181 | 40,810 | |||||
Governmental | 2,514 | 2,428 | 2,412 | 2,435 | 2,474 | |||||
Total Retail | 112,312 | 110,910 | 107,781 | 107,004 | 108,688 | |||||
Sales for Resale | 9,274 | 9,462 | 3,020 | 3,200 | 4,111 | |||||
Unbilled Energy | (96 | ) | (485 | ) | 530 | 15 | (131 | ) | ||
Total Electric Energy Sales | 121,490 | 119,887 | 111,331 | 110,219 | 112,668 | |||||
Line Losses and Company Usage | 4,378 | 4,660 | 5,750 | 5,631 | 6,250 | |||||
Total Uses of Energy | 125,868 | 124,547 | 117,081 | 115,850 | 118,918 | |||||
Electric Energy Sales (Weather Adjusted)(GWh): | ||||||||||
Residential | 35,413 | 35,188 | 35,143 | 35,357 | 34,369 | |||||
Commercial | 29,022 | 28,907 | 28,573 | 28,596 | 28,033 | |||||
Industrial | 44,382 | 43,723 | 41,653 | 41,181 | 40,810 | |||||
Governmental | 2,509 | 2,430 | 2,413 | 2,426 | 2,451 | |||||
Total Weather Adjusted Sales | 111,326 | 110,248 | 107,782 | 107,560 | 105,663 | |||||
Peak Demand (MW) | 21,730 | 20,472 | 21,581 | 21,866 | 22,387 | |||||
Operational Summer Capacity at Peak (MW) | 24,504 | 24,367 | 23,802 | 23,407 | 23,979 | |||||
Annual System Load Factor (%) | 61 | 65 | 62 | 60 | 60 | |||||
Retail Electric Sales Growth Rate (%) | 1.3 | 2.9 | 0.7 | (1.5 | ) | 1.1 | ||||
Retail Electric Sales Weather-Adjusted Growth Rate (%) | 1.0 | 2.3 | 0.2 | 1.9 | 2.0 | |||||
Regional Gross Domestic Product Rate (%) | 1.7 | 4.0 | 2.7 | 4.7 | 4.7 | |||||
National Gross Domestic Product Rate (%) | 2.4 | 2.4 | 2.2 | 2.3 | 1.6 | |||||
Average Fuel Cost (cents/KWh) | ||||||||||
Natural Gas | 2.65 | 4.36 | 4.12 | 3.15 | 4.85 | |||||
Nuclear Fuel | 0.85 | 0.89 | 0.92 | 0.85 | 0.81 | |||||
Coal | 2.85 | 2.63 | 2.70 | 2.60 | 2.31 | |||||
Purchased Power | 3.39 | 5.14 | 4.32 | 3.58 | 4.59 | |||||
Totals may not foot due to rounding. |
UTILITY STATISTICAL INFORMATION | ||||||||||||||||||
2015 CONSOLIDATING UTILITY ELECTRIC STATISTICAL INFORMATION | ||||||||||||||||||
EAI | ELL | EMI | ENOI | ETI | SERI | ELIMINATIONS | TOTAL | % | ||||||||||
ELECTRIC OPERATING REVENUES ($ thousands) | ||||||||||||||||||
Residential | 823,983 | 1,292,903 | 565,514 | 219,788 | 632,667 | — | (17,179 | ) | 3,517,676 | 38% | ||||||||
Commercial | 515,145 | 987,464 | 465,517 | 186,272 | 369,155 | — | (7,321 | ) | 2,516,232 | 27% | ||||||||
Industrial | 477,217 | 1,418,773 | 163,651 | 30,523 | 372,217 | — | (172 | ) | 2,462,209 | 26% | ||||||||
Governmental | 19,821 | 67,560 | 46,537 | 64,634 | 25,356 | — | (989 | ) | 222,919 | 2% | ||||||||
Total Retail | 1,836,166 | 3,766,700 | 1,241,219 | 501,217 | 1,399,395 | — | (25,661 | ) | 8,719,036 | 93% | ||||||||
Sales for Resale | 323,571 | 442,172 | 85,387 | 66,114 | 273,469 | 632,268 | (1,574,655 | ) | 248,327 | 3% | ||||||||
Other | 93,827 | 152,652 | 70,379 | 16,991 | 34,339 | 137 | (26,949 | ) | 341,377 | 4% | ||||||||
Total | 2,253,564 | 4,361,524 | 1,396,985 | 584,322 | 1,707,203 | 632,405 | (1,627,263 | ) | 9,308,740 | 100% | ||||||||
FUEL REVENUES (included in above revenues) | ||||||||||||||||||
Residential | 142,629 | 401,449 | 174,436 | 63,245 | 181,356 | — | (5,322 | ) | 957,793 | 32% | ||||||||
Commercial | 108,329 | 326,195 | 149,877 | 61,664 | 139,289 | — | (2,388 | ) | 782,966 | 27% | ||||||||
Industrial | 123,177 | 731,142 | 68,714 | 12,551 | 203,059 | — | (49 | ) | 1,138,594 | 39% | ||||||||
Governmental | 4,203 | 20,640 | 13,212 | 22,446 | 8,424 | — | (271 | ) | 68,654 | 2% | ||||||||
Total Retail | 378,338 | 1,479,426 | 406,239 | 159,906 | 532,128 | — | (8,030 | ) | 2,948,007 | 100% | ||||||||
SOURCES OF ENERGY (GWh) | ||||||||||||||||||
Net Generation: | ||||||||||||||||||
Gas & Oil | 5,768 | 22,450 | 6,232 | 1,742 | 7,539 | — | — | 43,732 | 35% | |||||||||
Coal | 4,423 | 1,462 | 1,297 | — | 1,081 | — | — | 8,263 | 7% | |||||||||
Nuclear | 13,838 | 15,301 | — | — | — | 10,543 | — | 39,682 | 32% | |||||||||
Hydro | 144 | — | — | — | — | — | — | 144 | — | |||||||||
Total Net Generation | 24,172 | 39,213 | 7,529 | 1,742 | 8,620 | 10,543 | — | 91,821 | 73% | |||||||||
Purchased Power: | ||||||||||||||||||
Affiliated Companies | 3,797 | 10,001 | 4,812 | 4,358 | 6,235 | — | (29,203 | ) | — | — | ||||||||
Non-affiliated Companies | 4,408 | 15,241 | 3,470 | 1,478 | 9,751 | — | (301 | ) | 34,047 | 27% | ||||||||
Total Purchased Power | 8,205 | 25,242 | 8,282 | 5,836 | 15,986 | — | (29,504 | ) | 34,047 | 27% | ||||||||
Total Sources of Energy | 32,378 | 64,455 | 15,811 | 7,578 | 24,607 | 10,543 | (29,504 | ) | 125,868 | 100% | ||||||||
USES OF ENERGY (GWh) | ||||||||||||||||||
Electric Energy Sales: | ||||||||||||||||||
Residential | 8,016 | 14,399 | 5,661 | 2,301 | 5,889 | — | (198 | ) | 36,068 | 32% | ||||||||
Commercial | 6,020 | 11,700 | 4,913 | 2,257 | 4,548 | — | (90 | ) | 29,348 | 26% | ||||||||
Industrial | 6,889 | 27,713 | 2,283 | 463 | 7,036 | — | (2 | ) | 44,382 | 40% | ||||||||
Governmental | 235 | 756 | 433 | 825 | 276 | — | (11 | ) | 2,514 | 2% | ||||||||
Total Retail | 21,160 | 54,568 | 13,290 | 5,846 | 17,749 | — | (301 | ) | 112,312 | 100% | ||||||||
Sales for Resale | 10,219 | 8,270 | 1,679 | 1,655 | 6,107 | 10,547 | (29,203 | ) | 9,274 | — | ||||||||
Unbilled Energy | (119 | ) | 10 | (72 | ) | 30 | 55 | — | — | (96 | ) | — | ||||||
Total Electric Energy Sales | 31,260 | 62,848 | 14,897 | 7,531 | 23,911 | 10,547 | (29,504 | ) | 121,490 | — | ||||||||
Line Losses and Company Usage | 1,118 | 1,607 | 914 | 47 | 696 | (4 | ) | — | 4,378 | — | ||||||||
Total Uses of Energy | 32,378 | 64,455 | 15,811 | 7,578 | 24,607 | 10,543 | (29,504 | ) | 125,868 | — | ||||||||
AVERAGE ELECTRIC REVENUE (cents/KWh) | ||||||||||||||||||
Residential | 10.28 | 8.98 | 9.99 | 9.55 | 10.74 | — | — | 9.75 | — | |||||||||
Commercial | 8.56 | 8.44 | 9.48 | 8.25 | 8.12 | — | — | 8.57 | — |
Industrial | 6.93 | 5.12 | 7.17 | 6.59 | 5.29 | — | — | 5.55 | — | |||||||||
Governmental | 8.43 | 8.94 | 10.75 | 7.83 | 9.19 | — | — | 8.87 | — | |||||||||
NUMBER OF RETAIL ELECTRIC CUSTOMERS | ||||||||||||||||||
(as of December 31, 2015) | ||||||||||||||||||
Residential | 587,634 | 916,095 | 372,194 | 176,223 | 379,838 | — | — | 2,431,984 | 85% | |||||||||
Commercial | 92,248 | 129,343 | 63,890 | 16,356 | 47,003 | — | — | 348,840 | 12% | |||||||||
Industrial | 24,303 | 10,629 | 3,959 | 2,246 | 5,435 | — | — | 46,572 | 2% | |||||||||
Governmental | 735 | 7,892 | 5,009 | 1,886 | 2,377 | — | — | 17,899 | 1% | |||||||||
Total Retail Customers | 704,920 | 1,063,959 | 445,052 | 196,711 | 434,653 | — | — | 2,845,295 | 100% | |||||||||
(a) On Sept. 1, 2015, ELL transferred its Algiers assets to ENOI. The effect of the Algiers transfer has been retrospectively applied | ||||||||||||||||||
to ENOI's but not ELL's financial data presented in this report. | ||||||||||||||||||
(b) Reflects other Entergy subsidiaries, including Entergy Utility Holding Co, LLC, Entergy Services, Inc., Entergy Operations, Inc. and the elimination of intercompany transactions and the effect of the Algiers asset transfer. | ||||||||||||||||||
Totals may not foot due to rounding. |
UTILITY STATISTICAL INFORMATION | ||||||||||
ENTERGY ARKANSAS, INC. | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ELECTRIC OPERATING REVENUES ($ thousands) | ||||||||||
Residential | 823,983 | 754,513 | 772,059 | 765,564 | 755,807 | |||||
Commercial | 515,145 | 461,238 | 469,367 | 472,046 | 449,756 | |||||
Industrial | 477,217 | 424,151 | 432,852 | 439,467 | 421,384 | |||||
Governmental | 19,821 | 18,314 | 19,206 | 19,787 | 19,711 | |||||
Total Retail | 1,836,166 | 1,658,216 | 1,693,484 | 1,696,864 | 1,646,658 | |||||
Sales for Resale | 323,571 | 412,805 | 429,141 | 369,322 | 375,127 | |||||
Other | 93,827 | 101,370 | 67,534 | 60,818 | 62,525 | |||||
Total Electric Operating Revenues | 2,253,564 | 2,172,391 | 2,190,159 | 2,127,004 | 2,084,310 | |||||
FUEL REVENUES (included in above revenues) | ||||||||||
Residential | 142,629 | 119,554 | 113,608 | 143,394 | 147,763 | |||||
Commercial | 108,329 | 88,965 | 83,642 | 109,845 | 110,070 | |||||
Industrial | 123,177 | 101,715 | 94,847 | 125,068 | 126,854 | |||||
Governmental | 4,203 | 3,538 | 3,386 | 4,651 | 4,965 | |||||
Total Retail Fuel Revenues | 378,338 | 313,772 | 295,483 | 382,958 | 389,652 | |||||
SOURCES OF ENERGY (GWh) | ||||||||||
Net Generation: | ||||||||||
Gas & Oil | 5,768 | 3,508 | 3,200 | 1,889 | 1,078 | |||||
Coal | 4,423 | 7,753 | 7,481 | 7,179 | 7,636 | |||||
Nuclear | 13,838 | 14,476 | 11,946 | 15,493 | 14,194 | |||||
Hydro | 144 | 142 | 131 | 108 | 160 | |||||
Total Net Generation | 24,172 | 25,879 | 22,758 | 24,669 | 23,068 | |||||
Purchased Power: | ||||||||||
Affiliated Companies | 3,797 | 3,319 | 4,017 | 2,940 | 4,280 | |||||
Non-affiliated Companies | 4,408 | 3,324 | 4,608 | 4,130 | 4,035 | |||||
Total Purchased Power | 8,205 | 6,643 | 8,625 | 7,070 | 8,315 | |||||
Total Sources of Energy | 32,378 | 32,522 | 31,383 | 31,739 | 31,383 | |||||
USES OF ENERGY (GWh) | ||||||||||
Electric Energy Sales: | ||||||||||
Residential | 8,016 | 8,070 | 7,921 | 7,859 | 8,229 | |||||
Commercial | 6,020 | 5,934 | 5,929 | 6,046 | 6,051 | |||||
Industrial | 6,889 | 6,808 | 6,769 | 6,925 | 7,029 | |||||
Governmental | 235 | 238 | 241 | 257 | 275 | |||||
Total Retail | 21,160 | 21,050 | 20,860 | 21,087 | 21,584 | |||||
Sales for Resale | 10,219 | 10,301 | 8,929 | 9,019 | 8,197 | |||||
Unbilled Energy | (119 | ) | (98 | ) | 100 | 13 | (49 | ) | ||
Total Electric Energy Sales | 31,260 | 31,253 | 29,889 | 30,119 | 29,732 | |||||
Line Losses and Company Usage | 1,118 | 1,269 | 1,494 | 1,620 | 1,651 | |||||
Total Uses of Energy | 32,378 | 32,522 | 31,383 | 31,739 | 31,383 | |||||
AVERAGE ELECTRIC REVENUE (cents/KWh) | ||||||||||
Residential | 10.28 | 9.35 | 9.75 | 9.74 | 9.18 | |||||
Commercial | 8.56 | 7.77 | 7.92 | 7.81 | 7.43 | |||||
Industrial | 6.93 | 6.23 | 6.39 | 6.35 | 5.99 | |||||
Governmental | 8.43 | 7.69 | 7.97 | 7.70 | 7.17 | |||||
NUMBER OF RETAIL ELECTRIC CUSTOMERS | ||||||||||
(as of December 31) | ||||||||||
Residential | 587,634 | 585,896 | 585,157 | 583,882 | 582,813 | |||||
Commercial | 92,248 | 91,005 | 90,354 | 89,618 | 88,895 | |||||
Industrial | 24,303 | 23,996 | 24,198 | 21,295 | 20,402 |
Governmental | 735 | 692 | 686 | 681 | 693 | |||||
Total Retail Customers | 704,920 | 701,589 | 700,395 | 695,476 | 692,803 | |||||
Totals may not foot due to rounding. | ||||||||||
UTILITY STATISTICAL INFORMATION | ||||||||||||||||||
ENTERGY ARKANSAS, INC. | ||||||||||||||||||
GENERATION PORTFOLIO | ||||||||||||||||||
PLANT | TOTAL PLANT – 2015 | |||||||||||||||||
OWNED & | AVG BTU | TOTAL | ||||||||||||||||
LEASED | PER KWH | Emissions | NET | EXPENSES | PRODUCTION | |||||||||||||
COMMERCIAL | CAPABILITY | NET | SO2 | NOx | CO2 | Hg(b) | GENERATION | PER NET | EXPENSE | |||||||||
PLANT | UNIT | OWNERSHIP | OPERATION | (MW)(a) | FUEL TYPE | PURPOSE | GENERATION(e) | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY(c) | (MWH) | MWH | ($000) | |||
Cecil Lynch | 2 | 100% | 1949 | — | Gas/Oil | Retired | — | — | — | — | ||||||||
3 | 100% | 1954 | — | Gas/Oil | Retired | |||||||||||||
Harvey Couch | 1 | 100% | 1943 | — | Gas/Oil | Retired | — | — | — | — | ||||||||
2 | 100% | 1954 | — | Gas/Oil | Retired | |||||||||||||
Lake Catherine | 1 | 100% | 1950 | — | Gas/Oil | Retired | ||||||||||||
2 | 100% | 1950 | — | Gas/Oil | Retired | |||||||||||||
3 | 100% | 1953 | — | Gas/Oil | Retired | |||||||||||||
4 | 100% | 1970 | 522 | Gas/Oil | Peaking | 12,701 | 0.6 | 264 | 118,324 | 159,376 | 147.5 | 23,504 | ||||||
Hamilton Moses | 1 | 100% | 1951 | — | Gas/Oil | Retired | — | — | — | — | ||||||||
2 | 100% | 1951 | — | Gas/Oil | Retired | |||||||||||||
Mabelvale | 1 | 100% | 1970 | 14 | Gas/Oil | Peaking | — | 5 | 101,669.2 | 508 | ||||||||
2 | 100% | 1970 | — | Gas/Oil | Retired | |||||||||||||
3 | 100% | 1970 | 14 | Gas/Oil | Peaking | |||||||||||||
4 | 100% | 1970 | — | Gas/Oil | Retired | |||||||||||||
Robert Ritchie | 1 | 100% | 1961 | — | Gas/Oil | Retired | — | — | — | — | ||||||||
3 | 100% | 1970 | — | Gas/Oil | Retired | — | — | — | — | |||||||||
Ouachita | 1 | 100% | 2002 | 248 | Gas | Intermediate | 7,331 | 3 | 67 | 555,599 | Dry LNB, SCR | 3,109,658 | 25.5 | 79,153 | ||||
2 | 100% | 2002 | 245 | Gas | Intermediate | 4 | 82 | 707,327 | Dry LNB, SCR | |||||||||
Hot Spring | 1 | 100% | 2002 | 603 | Gas | Intermediate | 7,574 | 6 | 64 | 1,112,843 | Dry LNB, SCR | 2,498,549 | 33.0 | 82,462 | ||||
Independence | 1 | 31.5% | 1983 | 264 | Coal | Base | 10,946 | 2,484 | 1,032 | 914,651 | 51 | OFA, ESP | 875,414 | 35.8 | 31,325 | |||
White Bluff | 1 | 57% | 1980 | 466 | Coal | Base | 12,578 | 5,785 | 2,627 | 2,048,084 | 96 | OFA, ESP | 3,547,222 | 33.4 | 118,596 | |||
2 | 57% | 1981 | 466 | Coal | Base | 5,889 | 2,765 | 2,057,660 | 104 | OFA, ESP | ||||||||
Cecil Lynch | Diesel | 100% | 1967 | — | Oil | Retired | — | — | — | — | ||||||||
Carpenter | 1 | 100% | 1932 | 31 | Hydro | Peaking | — | 104,958 | 10.4 | 1,096 | ||||||||
2 | 100% | 1932 | 31 | Hydro | Peaking | |||||||||||||
Remmel | 1 | 100% | 1925 | 4 | Hydro | Peaking | — | 38,999 | 19.2 | 750 | ||||||||
2 | 100% | 1925 | 4 | Hydro | Peaking | |||||||||||||
3 | 100% | 1925 | 4 | Hydro | Peaking | |||||||||||||
Arkansas | ||||||||||||||||||
Nuclear One | 1 | 100% | 1974 | 826 | Nuclear PWR(d) | Base | 10,376 | 13,837,726 | 27.9 | 386,289 | ||||||||
2 | 100% | 1980 | 983 | Nuclear PWR(d) | Base | |||||||||||||
Total | 4,726 | 24,171,905 | 29.9 | 723,682 | ||||||||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel | ||||||||||||||||||
(assuming no curtailments) that each station was designed to utilize. | ||||||||||||||||||
(b) Mercury emissions calculated using 2015 unit heat input and 5.37 x 10-6 lb hg/MMBtu emission rate for coal plants and 8.0 x 10-10 lb hg/MMBtu emission rate for natural gas plants. | ||||||||||||||||||
(c) Installed NOx and particulate matter emission control devices as stated in the EPA Monitoring Plan and operational: Combustion Modification/ Fuel Reburning (Combus Mod / Fuel Reburn), Dry Low NOx Burners (Dry LNB), Electrostatic Precipitator (ESP), Low NOx Burners with Closed-coupled Overfire Air (LNB w/ Closed-coupled OFA), Low NOx Burners with Separated Overfire Air (LNB w/ Sep OFA), Low NOx Burner with Overfire Air (LNB w/ OFA), Overfire Air (OFA), Selective Catalytic Reduction (SCR) or Steam Injection. Currently have no SO2, CO2 or Mercury Control equipment operating on any unit. | ||||||||||||||||||
(d) PWR = Pressurized Water Reactor. | ||||||||||||||||||
(e) The nuclear heat rate as reflected in the FERC Form 1 is calculated by obtaining the thermal generation in MWhs from the plant multiplied by the industry standard of 3.4126 to obtain the MMBtu equivalency | ||||||||||||||||||
Calculations may differ due to rounding. |
UTILITY STATISTICAL INFORMATION | ||||||||||
ENTERGY LOUISIANA, LLC | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ELECTRIC OPERATING REVENUES ($ thousands) | ||||||||||
Residential | 1,292,903 | 1,358,221 | 1,303,928 | 1,075,768 | 1,308,723 | |||||
Commercial | 987,464 | 1,044,352 | 1,002,987 | 831,592 | 965,463 | |||||
Industrial | 1,418,773 | 1,569,202 | 1,457,013 | 1,122,991 | 1,357,869 | |||||
Governmental | 67,560 | 69,212 | 67,234 | 56,462 | 62,825 | |||||
Total Retail | 3,766,700 | 4,040,987 | 3,831,162 | 3,086,813 | 3,694,880 | |||||
Sales for Resale | 442,172 | 506,478 | 369,316 | 413,297 | 612,438 | |||||
Other | 152,652 | 121,349 | 139,795 | 119,498 | 124,145 | |||||
Total Electric Operating Revenues | 4,361,524 | 4,668,814 | 4,340,273 | 3,619,608 | 4,431,463 | |||||
FUEL REVENUES (included in above revenues) | ||||||||||
Residential | 401,449 | 540,384 | 500,442 | 350,181 | 519,374 | |||||
Commercial | 326,195 | 437,389 | 401,218 | 287,419 | 396,662 | |||||
Industrial | 731,142 | 971,354 | 872,395 | 613,609 | 827,628 | |||||
Governmental | 20,640 | 27,123 | 25,399 | 17,775 | 24,048 | |||||
Total Retail Fuel Revenues | 1,479,426 | 1,976,250 | 1,799,454 | 1,268,984 | 1,767,712 | |||||
SOURCES OF ENERGY (GWh) | ||||||||||
Net Generation: | ||||||||||
Gas & Oil | 22,450 | 16,421 | 12,873 | 15,303 | 14,053 | |||||
Coal | 1,462 | 1,995 | 2,006 | 2,033 | 2,605 | |||||
Nuclear | 15,301 | 17,311 | 16,955 | 15,659 | 16,615 | |||||
Hydro | — | — | — | — | — | |||||
Total Net Generation | 39,213 | 35,727 | 31,834 | 32,995 | 33,273 | |||||
Purchased Power: | ||||||||||
Affiliated Companies | 10,001 | 9,863 | 13,291 | 12,063 | 10,801 | |||||
Non-affiliated Companies | 15,241 | 17,132 | 15,115 | 15,589 | 18,689 | |||||
Total Purchased Power | 25,242 | 26,995 | 28,406 | 27,652 | 29,490 | |||||
Total Sources of Energy | 64,455 | 62,722 | 60,240 | 60,647 | 62,763 | |||||
USES OF ENERGY (GWh) | ||||||||||
Electric Energy Sales: | ||||||||||
Residential | 14,399 | 14,415 | 14,026 | 13,879 | 14,686 | |||||
Commercial | 11,700 | 11,555 | 11,402 | 11,399 | 11,394 | |||||
Industrial | 27,713 | 27,025 | 25,734 | 25,306 | 24,854 | |||||
Governmental | 756 | 732 | 723 | 707 | 695 | |||||
Total Retail | 54,568 | 53,727 | 51,885 | 51,291 | 51,629 | |||||
Sales for Resale | 8,270 | 7,291 | 6,147 | 7,432 | 8,809 | |||||
Unbilled Energy | 10 | (197 | ) | 268 | 43 | (1 | ) | |||
Total Electric Energy Sales | 62,848 | 60,821 | 58,300 | 58,766 | 60,437 | |||||
Line Losses and Company Usage | 1,607 | 1,901 | 1,940 | 1,881 | 2,326 | |||||
Total Uses of Energy | 64,455 | 62,722 | 60,240 | 60,647 | 62,763 | |||||
AVERAGE ELECTRIC REVENUE (cents/KWh) | ||||||||||
Residential | 8.98 | 9.42 | 9.30 | 7.75 | 8.91 | |||||
Commercial | 8.44 | 9.04 | 8.80 | 7.30 | 8.47 | |||||
Industrial | 5.12 | 5.81 | 5.66 | 4.44 | 5.46 | |||||
Governmental | 8.94 | 9.46 | 9.30 | 7.99 | 9.04 | |||||
NUMBER OF RETAIL ELECTRIC CUSTOMERS | ||||||||||
(as of December 31) | ||||||||||
Residential | 916,095 | 927,579 | 922,438 | 915,710 | 909,345 | |||||
Commercial | 129,343 | 129,654 | 128,496 | 127,125 | 126,407 | |||||
Industrial | 10,629 | 10,805 | 10,533 | 10,293 | 10,186 | |||||
Governmental | 7,892 | 7,607 | 7,549 | 7,502 | 7,382 | |||||
Total Retail Customers | 1,063,959 | 1,075,645 | 1,069,016 | 1,060,630 | 1,053,320 | |||||
Totals may not foot due to rounding. |
UTILITY STATISTICAL INFORMATION | ||||||||||||||||||
ENTERGY LOUISIANA, LLC | ||||||||||||||||||
GENERATION PORTFOLIO | ||||||||||||||||||
PLANT | TOTAL PLANT – 2015 | |||||||||||||||||
OWNED & | AVG BTU | TOTAL | ||||||||||||||||
LEASED | PER KWH | Emissions | NET | EXPENSES | PRODUCTION | |||||||||||||
COMMERCIAL | CAPABILITY | NET | SO2 | NOx | CO2 | Hg(b) | GENERATION | PER NET | EXPENSE | |||||||||
PLANT | UNIT | OWNERSHIP | OPERATION | (MW)(a) | FUEL TYPE | PURPOSE | GENERATION(e) | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY(c) | (MWH) | MWH | ($000) | |||
Acadia | 2 | 100% | 2002 | 557 | Gas | Intermediate | 7,200 | 8 | 123 | 1,555,473 | SCR | 3,606,030 | 24.7 | 89,065 | ||||
Buras | 8 | 100% | 1971 | 12 | Gas/Oil | Peaking | 20,210 | 6,805 | 138.5 | 943 | ||||||||
Little Gypsy | 1 | 100% | 1961 | — | Gas/Oil | Retired | 12,470 | 1,764,059 | 47.0 | 82,994 | ||||||||
2 | 100% | 1966 | 411 | Gas/Oil | Intermediate | 2 | 539 | 374,540 | Combus Mod/Fuel Reburn | |||||||||
3 | 100% | 1969 | 520 | Gas/Oil | Intermediate | 4 | 3,402 | 809,312 | Combus Mod/Fuel Reburn | |||||||||
Monroe | 10 | 100% | 1961 | — | Gas | Retired | — | — | — | |||||||||
11 | 100% | 1965 | — | Gas | Retired | |||||||||||||
12 | 100% | 1968 | — | Gas | Retired | |||||||||||||
Ninemile Point | 1 | 100% | 1951 | — | Gas/Oil | Retired | 10,170 | 4,856,438 | 35.2 | 171,180 | ||||||||
2 | 100% | 1953 | — | Gas/Oil | Retired | |||||||||||||
3 | 100% | 1955 | 103 | Gas/Oil | Intermediate | 1 | 167 | 120,917 | ||||||||||
4 | 100% | 1971 | 659 | Gas/Oil | Intermediate | 9 | 6,706 | 1,702,537 | ||||||||||
5 | 100% | 1973 | 737 | Gas/Oil | Intermediate | 7 | 4,236 | 1,300,162 | ||||||||||
6 | 100% | 2014 | 560 | Gas/Oil | Intermediate | 6,870 | 8 | 174 | 1,485,287 | SCR, Steam Injection | 3,972,249 | 24.6 | 98,683 | |||||
Perryville | 1 | 100% | 2002 | 546 | Gas | Intermediate | 7,170 | 8 | 175 | 1,572,240 | Dry LNB, SCR | 3,791,383 | 24.6 | 93,439 | ||||
2 | 100% | 2001 | 156 | Gas | Peaking | — | 8 | 30,280 | Dry LNB | |||||||||
Sterlington | 6 | 100% | 1958 | — | Gas/Oil | Retired | -4,060 | (3,175 | ) | (549.5 | ) | 1,745 | ||||||
7 | 100% | 1974 | 61 | Gas/Oil | Peaking | — | 2 | 672 | ||||||||||
Waterford | 1 | 100% | 1975 | 368 | Gas/Oil | Intermediate | 11,080 | 33 | 419 | 299,857 | Low NOx Cell Burner, Combus Mod/Fuel Reburn | 1,341,068 | 43.1 | 57,827 | ||||
2 | 100% | 1975 | 411 | Gas/Oil | Intermediate | 11 | 839 | 601,430 | Low NOx Cell Burner, Combus Mod/Fuel Reburn | |||||||||
4 | 100% | 2009 | 33 | Oil | Peaking | 3 | 7 | 9,670 | Steam Injection | |||||||||
LA Station 2 (d) | 10 | 100% | 1950 | — | Gas | Reserve | — | — | — | 227 | ||||||||
11 | 100% | 1950 | — | Gas | Reserve | |||||||||||||
12 | 100% | 1953 | — | Gas | Reserve | |||||||||||||
Willow Glen | 1 | 100% | 1960 | — | Gas/Oil | Reserve | 12,590 | 280,314 | 79.0 | 22,134 | ||||||||
2 | 100% | 1964 | 179 | Gas/Oil | Intermediate | 1 | 135 | 126,224 | ||||||||||
3 | 100% | 1968 | — | Gas | Reserve | ESP | ||||||||||||
4 | 100% | 1973 | 483 | Gas/Oil | Intermediate | — | 142 | 74,543 | ||||||||||
5 | 100% | 1976 | — | Gas/Oil | Reserve | |||||||||||||
Roy S. Nelson | 3 | 100% | 1960 | — | Gas/Oil | Reserve | 12,210 | 643,731 | 45.9 | 29,555 | ||||||||
4 | 100% | 1970 | 425 | Gas/Oil | Intermediate | 2 | 563 | 457,182 | Combus Mod/Fuel Reburn | |||||||||
Calcasieu | 1 | 100% | 2000 | 142 | Gas | Peaking | 10,830 | 1 | 209 | 271,247 | Dry LNB | 590,378 | 45.5 | 26,869 | ||||
2 | 100% | 2001 | 159 | Gas | Peaking | 1 | 73 | 110,090 | Dry LNB | |||||||||
Ouachita | 3 | 100% | 2002 | 248 | Gas | Intermediate | 7,284 | 3 | 80 | 645,737 | Dry LNB, SCR | 1,600,937 | 25.2 | 40,305 | ||||
Roy S. Nelson | 6 | 40% | 1982 | 221 | Coal | Base | 12,370 | 3,268 | 1,253 | 1,063,149 | 56 | LNB w/ Sep OFA, ESP | 854,808 | 45.4 | 38,790 | |||
Big Cajun 2 | 3 | 24% | 1983 | 142 | Coal | Base | 10,820 | 2,102 | 391 | 681,619 | 61 | LNB w/ OFA, ESP | 607,567 | 39.5 | 24,015 | |||
River Bend | 1 | 100% | 1986 | 968 | Nuclear BWR(d) | Base | 10,965 | 6,915,771 | 13.9 | 96,424 | ||||||||
Waterford | 3 | 100% | 1985 | 1,160 | Nuclear PWR(d) | Base | 10,940 | 8,384,741 | 12.6 | 105,846 | ||||||||
Total | 9,258 | 39,213,102 | 25.0 | 980,042 | ||||||||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel | ||||||||||||||||||
(assuming no curtailments) that each station was designed to utilize. |
(b) Mercury emissions calculated using 2015 unit heat input and 5.37 x 10-6 lb hg/MMBtu emission rate for coal plants and 8.0 x 10-10 lb hg/MMBtu emission rate for natural gas plants. | ||||||||||||||||||
(c) Installed NOx and particulate matter emission control devices as stated in the EPA Monitoring Plan and operational: Combustion Modification/ Fuel Reburning (Combus Mod / Fuel Reburn), Dry Low NOx Burners (Dry LNB), | ||||||||||||||||||
Electrostatic Precipitator (ESP), Low NOx Burners with Closed-coupled Overfire Air (LNB w/ Closed-coupled OFA), Low NOx Burners with Separated Overfire Air (LNB w/ Sep OFA), Low NOx Burner with Overfire Air (LNB w/ OFA), | ||||||||||||||||||
Overfire Air (OFA), Selective Catalytic Reduction (SCR) or Steam Injection. Currently have no SO2, CO2 or Mercury Control equipment operating on any unit. | ||||||||||||||||||
(d) BWR = Boiling Water Reactor; PWR = Pressurized Water Reactor. | ||||||||||||||||||
(e) The nuclear heat rate as reflected in the FERC Form 1 is calculated by obtaining the thermal generation in MWhs from the plant multiplied by the industry standard of 3.4126 to obtain the MMBtu equivalency | ||||||||||||||||||
Calculations may differ due to rounding. | ||||||||||||||||||
UTILITY STATISTICAL INFORMATION | ||||||||||
ENTERGY MISSISSIPPI, INC. | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ELECTRIC OPERATING REVENUES ($ thousands) | ||||||||||
Residential | 565,514 | 585,371 | 526,618 | 453,707 | 490,088 | |||||
Commercial | 465,517 | 480,754 | 432,240 | 381,346 | 401,276 | |||||
Industrial | 163,651 | 174,615 | 155,742 | 140,460 | 145,792 | |||||
Governmental | 46,537 | 46,863 | 41,967 | 36,289 | 37,302 | |||||
Total Retail | 1,241,219 | 1,287,604 | 1,156,567 | 1,011,802 | 1,074,458 | |||||
Sales for Resale | 85,387 | 166,238 | 116,514 | 46,962 | 131,334 | |||||
Other | 70,379 | 70,351 | 61,459 | 61,601 | 60,678 | |||||
Total Electric Operating Revenues | 1,396,985 | 1,524,193 | 1,334,540 | 1,120,366 | 1,266,470 | |||||
FUEL REVENUES (included in above revenues) | ||||||||||
Residential | 174,436 | 201,100 | 166,976 | 137,760 | 181,581 | |||||
Commercial | 149,877 | 171,391 | 142,564 | 122,805 | 154,748 | |||||
Industrial | 68,714 | 80,304 | 66,397 | 58,721 | 69,808 | |||||
Governmental | 13,212 | 14,702 | 12,119 | 10,210 | 12,861 | |||||
Total Retail Fuel Revenues | 406,239 | 467,497 | 388,056 | 329,496 | 418,998 | |||||
SOURCES OF ENERGY (GWh) | ||||||||||
Net Generation: | ||||||||||
Gas & Oil | 6,232 | 6,113 | 7,240 | 6,305 | 5,978 | |||||
Coal | 1,297 | 2,747 | 2,597 | 2,605 | 2,749 | |||||
Nuclear | — | — | — | — | — | |||||
Hydro | — | — | — | — | — | |||||
Total Net Generation | 7,529 | 8,860 | 9,837 | 8,910 | 8,727 | |||||
Purchased Power: | ||||||||||
Affiliated Companies | 4,812 | 4,114 | 4,818 | 4,415 | 5,080 | |||||
Non-affiliated Companies | 3,470 | 3,780 | 1,428 | 1,393 | 1,524 | |||||
Total Purchased Power | 8,282 | 7,894 | 6,246 | 5,808 | 6,604 | |||||
Total Sources of Energy | 15,811 | 16,754 | 16,083 | 14,718 | 15,331 | |||||
USES OF ENERGY (GWh) | ||||||||||
Electric Energy Sales: | ||||||||||
Residential | 5,661 | 5,672 | 5,629 | 5,550 | 5,848 | |||||
Commercial | 4,913 | 4,821 | 4,815 | 4,915 | 4,985 | |||||
Industrial | 2,283 | 2,297 | 2,265 | 2,400 | 2,326 | |||||
Governmental | 433 | 414 | 409 | 408 | 415 | |||||
Total Retail | 13,290 | 13,204 | 13,118 | 13,273 | 13,574 | |||||
Sales for Resale | 1,679 | 2,850 | 1,847 | 497 | 763 | |||||
Unbilled Energy | (72 | ) | (32 | ) | 19 | 24 | (69 | ) | ||
Total Electric Energy Sales | 14,897 | 16,022 | 14,984 | 13,794 | 14,268 | |||||
Line Losses and Company Usage | 914 | 732 | 1,099 | 924 | 1,063 | |||||
Total Uses of Energy | 15,811 | 16,754 | 16,083 | 14,718 | 15,331 | |||||
AVERAGE ELECTRIC REVENUE (cents/KWh) | ||||||||||
Residential | 9.99 | 10.32 | 9.36 | 8.17 | 8.38 | |||||
Commercial | 9.48 | 9.97 | 8.98 | 7.76 | 8.05 | |||||
Industrial | 7.17 | 7.60 | 6.88 | 5.85 | 6.27 | |||||
Governmental | 10.75 | 11.31 | 10.26 | 8.91 | 8.99 | |||||
NUMBER OF RETAIL ELECTRIC CUSTOMERS | ||||||||||
(as of December 31) | ||||||||||
Residential | 372,194 | 370,265 | 369,686 | 368,660 | 366,697 | |||||
Commercial | 63,890 | 63,306 | 62,867 | 63,083 | 62,762 | |||||
Industrial | 3,959 | 3,847 | 3,752 | 3,598 | 3,488 | |||||
Governmental | 5,009 | 4,962 | 4,864 | 4,419 | 4,358 | |||||
Total Retail Customers | 445,052 | 442,380 | 441,169 | 439,760 | 437,305 | |||||
Totals may not foot due to rounding. |
UTILITY STATISTICAL INFORMATION | ||||||||||||||||||
ENTERGY MISSISSIPPI, INC. | ||||||||||||||||||
GENERATION PORTFOLIO | ||||||||||||||||||
PLANT | TOTAL PLANT – 2015 | |||||||||||||||||
OWNED & | AVG BTU | TOTAL | ||||||||||||||||
LEASED | PER KWH | Emissions | NET | EXPENSES | PRODUCTION | |||||||||||||
COMMERCIAL | CAPABILITY | NET | SO2 | NOx | CO2 | Hg(b) | GENERATION | PER NET | EXPENSE | |||||||||
PLANT | UNIT | OWNERSHIP | OPERATION | (MW)(a) | FUEL TYPE | PURPOSE | GENERATION(d) | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY(c) | (MWH) | MWH | ($000) | |||
Attala | 1 | 100% | 2001 | 453 | Gas | Intermediate | 7,125 | 6 | 121 | 1,233,637 | — | Dry LNB, SCR | 3,297,696 | 24.8 | 81,667 | |||
Hinds | 1 | 100% | 2001 | 444 | Gas | Intermediate | 7,190 | 5 | 83 | 982,557 | — | Dry LNB, SCR | 2,323,831 | 30.4 | 70,648 | |||
Baxter Wilson | 1 | 100% | 1967 | 539 | Gas/Oil | Peaking | 18,068 | — | 47 | 25,028 | — | 84,812 | 297.5 | 25,230 | ||||
2 | 100% | 1971 | 692 | Gas/Oil | Peaking | — | 115 | 56,864 | — | Combus Mod/Fuel Reburn | ||||||||
Delta | 1 | 100% | 1953 | — | Gas/Oil | Retired | — | — | — | — | — | |||||||
2 | 100% | 1953 | — | Gas/Oil | Retired | — | ||||||||||||
Gerald Andrus | 1 | 100% | 1975 | 734 | Gas/Oil | Peaking | 11,887 | 2 | 567 | 361,028 | — | OFA | 513,619 | 54.2 | 27,822 | |||
Natchez | 1 | 100% | 1951 | — | Gas/Oil | Retired | — | — | — | — | — | |||||||
Rex Brown | 1 | 100% | 1948 | — | Gas | Retired | 14,707 | — | 11,733 | 446.2 | 5,236 | |||||||
3 | 100% | 1951 | 44 | Gas/Oil | Peaking | — | — | — | — | |||||||||
4 | 100% | 1959 | 200 | Gas/Oil | Peaking | — | 31 | 15,711 | — | |||||||||
5 | 100% | 1968 | 10 | Oil | Peaking | — | ||||||||||||
Independence | 1 | 25% | 1983 | 210 | Coal | Base | 11,490 | 1,971 | 819 | 725,913 | 40 | OFA, ESP | 1,297,052 | 36.7 | 47,560 | |||
2 | 25% | 1984 | 211 | Coal | Base | 1,777 | 748 | 672,578 | 35 | OFA, ESP | ||||||||
Total | 3,536 | 7,528,743 | 34.3 | 258,162 | ||||||||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel | ||||||||||||||||||
(assuming no curtailments) that each station was designed to utilize. | ||||||||||||||||||
(b) Mercury emissions calculated using 2015 unit heat input and 5.37 x 10-6 lb hg/MMBtu emission rate for coal plants and 8.0 x 10-10 lb hg/MMBtu emission rate for natural gas plants. | ||||||||||||||||||
(c) Installed NOx and particulate matter emission control devices as stated in the EPA Monitoring Plan and operational: Combustion Modification/ Fuel Reburning (Combus Mod / Fuel Reburn), Dry Low NOx Burners (Dry LNB), | ||||||||||||||||||
Electrostatic Precipitator (ESP), Low NOx Burners with Closed-coupled Overfire Air (LNB w/ Closed-coupled OFA), Low NOx Burners with Separated Overfire Air (LNB w/ Sep OFA), Low NOx Burner with Overfire Air (LNB w/ OFA), | ||||||||||||||||||
Overfire Air (OFA), Selective Catalytic Reduction (SCR) or Steam Injection. Currently have no SO2, CO2 or Mercury Control equipment operating on any unit. | ||||||||||||||||||
UTILITY STATISTICAL INFORMATION | ||||||||||
ENTERGY NEW ORLEANS, INC. | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ELECTRIC OPERATING REVENUES ($ thousands) | ||||||||||
Residential | 219,788 | 228,913 | 221,007 | 194,628 | 201,293 | |||||
Commercial | 186,272 | 195,900 | 193,391 | 173,453 | 165,201 | |||||
Industrial | 30,523 | 33,022 | 35,178 | 31,607 | 30,098 | |||||
Governmental | 64,634 | 67,761 | 68,273 | 64,341 | 61,686 | |||||
Total Retail | 501,217 | 525,596 | 517,849 | 464,029 | 458,278 | |||||
Sales for Resale | 66,114 | 81,700 | 27,472 | 44,732 | 96,451 | |||||
Other | 16,991 | 17,792 | 19,310 | 14,146 | 16,974 | |||||
Total Electric Operating Revenues | 584,322 | 625,088 | 564,631 | 522,907 | 571,703 | |||||
FUEL REVENUES (included in above revenues) | ||||||||||
Residential | 63,245 | 85,913 | 85,649 | 63,127 | 70,128 | |||||
Commercial | 61,664 | 82,948 | 84,684 | 65,245 | 65,778 | |||||
Industrial | 12,551 | 17,255 | 19,065 | 15,424 | 15,425 | |||||
Governmental | 22,446 | 29,812 | 30,884 | 25,283 | 25,507 | |||||
Total Retail Fuel Revenues | 159,906 | 215,928 | 220,282 | 169,079 | 176,838 | |||||
SOURCES OF ENERGY (GWh) | ||||||||||
Net Generation: | ||||||||||
Gas & Oil | 1,742 | 2,003 | 1,500 | 2,344 | 2,412 | |||||
Coal | — | — | — | — | — | |||||
Nuclear | — | — | — | — | — | |||||
Hydro | — | — | — | — | — | |||||
Total Net Generation | 1,742 | 2,003 | 1,500 | 2,344 | 2,412 | |||||
Purchased Power: | ||||||||||
Affiliated Companies | 4,358 | 3,344 | 3,915 | 3,385 | 3,650 | |||||
Non-affiliated Companies | 1,478 | 1,818 | 926 | 924 | 995 | |||||
Total Purchased Power | 5,836 | 5,162 | 4,841 | 4,309 | 4,645 | |||||
Total Sources of Energy | 7,578 | 7,165 | 6,341 | 6,653 | 7,057 | |||||
USES OF ENERGY (GWh) | ||||||||||
Electric Energy Sales: | ||||||||||
Residential | 2,301 | 2,262 | 2,152 | 2,060 | 2,196 | |||||
Commercial | 2,257 | 2,181 | 2,130 | 2,105 | 2,083 | |||||
Industrial | 463 | 455 | 484 | 487 | 501 | |||||
Governmental | 825 | 783 | 778 | 806 | 816 | |||||
Total Retail | 5,846 | 5,681 | 5,544 | 5,458 | 5,596 | |||||
Sales for Resale | 1,655 | 1,397 | 531 | 1,013 | 1,215 | |||||
Unbilled Energy | 30 | (35 | ) | 28 | (2 | ) | (1 | ) | ||
Total Electric Energy Sales | 7,531 | 7,043 | 6,103 | 6,469 | 6,810 | |||||
Line Losses and Company Usage | 47 | 122 | 238 | 184 | 247 | |||||
Total Uses of Energy | 7,578 | 7,165 | 6,341 | 6,653 | 7,057 | |||||
AVERAGE ELECTRIC REVENUE (cents/KWh) | ||||||||||
Residential | 9.55 | 10.12 | 10.27 | 9.45 | 9.17 | |||||
Commercial | 8.25 | 8.98 | 9.08 | 8.24 | 7.93 | |||||
Industrial | 6.59 | 7.26 | 7.27 | 6.49 | 6.01 | |||||
Governmental | 7.83 | 8.65 | 8.78 | 7.98 | 7.56 | |||||
NUMBER OF RETAIL ELECTRIC CUSTOMERS | ||||||||||
(as of December 31) | ||||||||||
Residential | 176,223 | 173,067 | 170,202 | 167,207 | 163,141 | |||||
Commercial | 16,356 | 16,080 | 15,854 | 15,591 | 15,359 | |||||
Industrial | 2,246 | 2,206 | 2,255 | 2,205 | 2,383 | |||||
Governmental | 1,886 | 1,888 | 1,827 | 1,845 | 1,852 | |||||
Total Retail Customers | 196,711 | 193,241 | 190,138 | 186,848 | 182,735 | |||||
(a) On Sept. 1, 2015, ELL transferred its Algiers assets to ENOI. The effect of the Algiers transfer has been retrospectively applied to ENOI's data presented above. | ||||||||||
Totals may not foot due to rounding. |
UTILITY STATISTICAL INFORMATION | |||||||||||||||
ENTERGY NEW ORLEANS, INC. | |||||||||||||||
GENERATION PORTFOLIO | |||||||||||||||
PLANT | TOTAL PLANT – 2015 | ||||||||||||||
OWNED & | AVG BTU | TOTAL | |||||||||||||
LEASED | PER KWH | Emissions | NET | EXPENSES | PRODUCTION | ||||||||||
COMMERCIAL | CAPABILITY | NET | SO2 | NOx | CO2 | Hg(b) | GENERATION | PER NET | EXPENSE | ||||||
PLANT | UNIT | OWNERSHIP | OPERATION | (MW)(a) | FUEL TYPE | PURPOSE | GENERATION(d) | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY(c) | (MWH) | MWH | ($000) |
Michoud | 1 | 100% | 1957 | — | Gas/Oil | Retired | 11,499 | 1,741,898 | 41.6 | 72,523 | |||||
2 | 100% | 1963 | 239 | Gas/Oil | Intermediate | 2 | 861 | 415,479 | — | ||||||
3 | 100% | 1967 | 542 | Gas/Oil | Intermediate | 4 | 1,362 | 696,436 | — | Combus Mod/Fuel Reburn | |||||
Total | 781 | 1,741,898 | 41.6 | 72,523 | |||||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel | |||||||||||||||
(assuming no curtailments) that each station was designed to utilize. | |||||||||||||||
(b) Mercury emissions calculated using 2015 unit heat input and 5.37 x 10-6 lb hg/MMBtu emission rate for coal plants and 8.0 x 10-10 lb hg/MMBtu emission rate for natural gas plants. | |||||||||||||||
(c) Installed NOx and particulate matter emission control devices as stated in the EPA Monitoring Plan and operational: Combustion Modification/ Fuel Reburning (Combus Mod / Fuel Reburn), Dry Low NOx Burners (Dry LNB), | |||||||||||||||
Electrostatic Precipitator (ESP), Low NOx Burners with Closed-coupled Overfire Air (LNB w/ Closed-coupled OFA), Low NOx Burners with Separated Overfire Air (LNB w/ Sep OFA), Low NOx Burner with Overfire Air (LNB w/ OFA), | |||||||||||||||
Overfire Air (OFA), Selective Catalytic Reduction (SCR) or Steam Injection. Currently have no SO2, CO2 or Mercury Control equipment operating on any unit. | |||||||||||||||
Totals may not foot due to rounding. |
SYSTEM ENERGY RESOURCES, INC. | ||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||
ELECTRIC OPERATING REVENUES ($ thousands) | 664,364 | 735,089 | 622,118 | 563,411 | ||||||||
SOURCES OF ENERGY (GWh) | ||||||||||||
Net Generation: | ||||||||||||
Gas & Oil | — | — | — | — | ||||||||
Coal | — | — | — | — | ||||||||
Nuclear | 10,543 | 9,199 | 9,775 | 6,562 | 9,293 | |||||||
Hydro | — | — | — | — | ||||||||
Total Net Generation | 10,543 | 9,199 | 9,775 | 6,562 | 9,293 | |||||||
Purchased Power | — | — | — | — | ||||||||
Total Sources of Energy | 10,543 | 9,199 | 9,775 | 6,562 | 9,293 | |||||||
USES OF ENERGY (GWh) | ||||||||||||
Electric Energy Sales | 10,547 | 9,219 | 9,794 | 6,602 | 9,293 | |||||||
Unbilled Energy | — | — | — | — | — | |||||||
Line Losses and Company Usage | (4 | ) | (20 | ) | (19 | ) | (40 | ) | — | |||
Total Uses of Energy | 10,543 | 9,199 | 9,775 | 6,562 | 9,293 | |||||||
Totals may not foot due to rounding. |
SYSTEM ENERGY RESOURCES, INC. | |||||||||||||||
GENERATION PORTFOLIO | |||||||||||||||
PLANT | TOTAL PLANT – 2015 | ||||||||||||||
OWNED & | AVG BTU | TOTAL | |||||||||||||
LEASED | PER KWH | Emissions | NET | EXPENSES | PRODUCTION | ||||||||||
COMMERCIAL | CAPABILITY | NET | SO2 | NOx | CO2 | Hg | GENERATION | PER NET | EXPENSE | ||||||
PLANT | UNIT | OWNERSHIP | OPERATION | (MW)(a) | FUEL TYPE | PURPOSE | GENERATION(c) | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY | (MWH) | MWH | ($000) |
Grand Gulf | 1 | 90% | 1985 | 1,261 | Nuclear BWR(b) | Base | 10,541 | — | — | — | — | 10,546,906 | 21.3 | 224,910 | |
Total | 1,261 | 10,546,906 | 21.3 | 224,910 | |||||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) | |||||||||||||||
that each station was designed to utilize. Reflects estimate of the rerate for recovered performance (~ 55 MW) and uprate (~ 178 MW) completed in 2012. Approved Summer 2013 rating is 1,409 MW. | |||||||||||||||
(b) BWR = Boiling Water Reactor. | |||||||||||||||
(c) The nuclear heat rate as reflected in the FERC Form 1 is calculated by obtaining the thermal generation in MWhs from the plant multiplied by the industry standard of 3.4126 to obtain the MMBtu equivalency | |||||||||||||||
Calculations may differ due to rounding. |
UTILITY STATISTICAL INFORMATION | ||||||||||
ENTERGY TEXAS, INC. | ||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
ELECTRIC OPERATING REVENUES ($ thousands) | ||||||||||
Residential | 632,667 | 654,064 | 596,396 | 553,107 | 638,161 | |||||
Commercial | 369,155 | 383,662 | 327,299 | 325,342 | 368,614 | |||||
Industrial | 372,217 | 421,913 | 324,767 | 299,441 | 351,731 | |||||
Governmental | 25,356 | 26,266 | 23,535 | 22,940 | 25,955 | |||||
Total Retail | 1,399,395 | 1,485,905 | 1,271,997 | 1,200,830 | 1,384,461 | |||||
Sales for Resale | 273,469 | 338,976 | 416,285 | 348,783 | 336,555 | |||||
Other | 34,339 | 27,101 | 40,517 | 31,883 | 36,183 | |||||
Total Electric Operating Revenues | 1,707,203 | 1,851,982 | 1,728,799 | 1,581,496 | 1,757,199 | |||||
FUEL REVENUES (included in above revenues) | ||||||||||
Residential | 181,356 | 215,077 | 164,417 | 164,387 | 231,058 | |||||
Commercial | 139,289 | 165,178 | 127,596 | 128,204 | 166,223 | |||||
Industrial | 203,059 | 257,233 | 181,602 | 165,768 | 214,474 | |||||
Governmental | 8,424 | 10,185 | 8,043 | 8,070 | 10,836 | |||||
Total Retail Fuel Revenues | 532,128 | 647,674 | 481,658 | 466,429 | 622,591 | |||||
SOURCES OF ENERGY (GWh) | ||||||||||
Net Generation: | ||||||||||
Gas & Oil | 7,539 | 6,113 | 5,551 | 5,170 | 6,521 | |||||
Coal | 1,081 | 1,475 | 1,483 | 1,503 | 1,925 | |||||
Nuclear | — | — | — | — | — | |||||
Hydro | — | — | — | — | — | |||||
Total Net Generation | 8,620 | 7,588 | 7,034 | 6,673 | 8,446 | |||||
Purchased Power: | ||||||||||
Affiliated Companies | 6,235 | 5,859 | 5,538 | 5,754 | 6,546 | |||||
Non-affiliated Companies | 9,751 | 9,750 | 12,381 | 11,423 | 8,159 | |||||
Total Purchased Power | 15,986 | 15,609 | 17,919 | 17,177 | 14,706 | |||||
Total Sources of Energy | 24,607 | 23,197 | 24,953 | 23,850 | 23,151 | |||||
USES OF ENERGY (GWh) | ||||||||||
Electric Energy Sales: | ||||||||||
Residential | 5,889 | 5,810 | 5,726 | 5,604 | 6,034 | |||||
Commercial | 4,548 | 4,471 | 4,402 | 4,396 | 4,433 | |||||
Industrial | 7,036 | 7,140 | 6,404 | 6,066 | 6,102 | |||||
Governmental | 276 | 277 | 282 | 278 | 294 | |||||
Total Retail | 17,749 | 17,698 | 16,814 | 16,344 | 16,863 | |||||
Sales for Resale | 6,107 | 4,963 | 6,999 | 6,530 | 5,416 | |||||
Unbilled Energy | 55 | (123 | ) | 115 | (64 | ) | (11 | ) | ||
Total Electric Energy Sales | 23,911 | 22,538 | 23,928 | 22,810 | 22,268 | |||||
Line Losses and Company Usage | 696 | 659 | 1,025 | 1,040 | 883 | |||||
Total Uses of Energy | 24,607 | 23,197 | 24,953 | 23,850 | 23,151 | |||||
AVERAGE ELECTRIC REVENUE (cents/KWh) | ||||||||||
Residential | 10.74 | 11.26 | 10.42 | 9.87 | 10.58 | |||||
Commercial | 8.12 | 8.58 | 7.44 | 7.40 | 8.32 | |||||
Industrial | 5.29 | 5.91 | 5.07 | 4.94 | 5.76 | |||||
Governmental | 9.19 | 9.48 | 8.35 | 8.25 | 8.83 | |||||
NUMBER OF RETAIL ELECTRIC CUSTOMERS | ||||||||||
(as of December 31) | ||||||||||
Residential | 379,838 | 373,436 | 368,347 | 364,997 | 360,909 | |||||
Commercial | 47,003 | 46,371 | 45,825 | 45,247 | 44,760 | |||||
Industrial | 5,435 | 5,415 | 5,143 | 4,932 | 4,809 | |||||
Governmental | 2,377 | 2,334 | 2,310 | 2,271 | 2,248 | |||||
Total Retail Customers | 434,653 | 427,556 | 421,625 | 417,447 | 412,726 | |||||
Totals may not foot due to rounding. |
UTILITY STATISTICAL INFORMATION | |||||||||||||||||
ENTERGY TEXAS, INC. | |||||||||||||||||
GENERATION PORTFOLIO | |||||||||||||||||
PLANT | TOTAL PLANT – 2015 | ||||||||||||||||
OWNED & | AVG BTU | TOTAL | |||||||||||||||
LEASED | PER KWH | Emissions | NET | EXPENSES | PRODUCTION | ||||||||||||
COMMERCIAL | CAPABILITY | NET | SO2 | NOx | CO2 | Hg(b) | GENERATION | PER NET | EXPENSE | ||||||||
PLANT | UNIT | OWNERSHIP | OPERATION | (MW)(a) | FUEL TYPE | PURPOSE | GENERATION(d) | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY(c) | (MWH) | MWH | ($000) | ||
Roy S. Nelson | 6 | 30% | 1982 | 164 | Coal | Base | 12,368 | 2,416 | 926 | 785,806 | 42 | LNB w/ Dep OFA, ESP | 631,816 | 46.2 | 29,180 | ||
Big Cajun 2 | 3 | 18% | 1983 | 105 | Coal | Base | 10,824 | 1,553 | 289 | 503,806 | 61 | LNB w/ OFA, ESP | 449,074 | 39.5 | 17,742 | ||
Lewis Creek | 1 | 100% | 1970 | 255 | Gas/Oil | Intermediate | 10,605 | 4 | 183 | 747,845 | SCR | 2,227,050 | 35.5 | 78,986 | |||
2 | 100% | 1971 | 253 | Gas/Oil | Intermediate | 4 | 151 | 692,123 | SCR | ||||||||
Sabine | 1 | 100% | 1962 | 213 | Gas/Oil | Intermediate | 10,921 | 2 | 660 | 419,559 | 5,312,489 | 35.9 | 190,621 | ||||
2 | 100% | 1962 | 213 | Gas/Oil | Intermediate | 2 | 300 | 296,492 | Combus Mod/Fuel Reburn | ||||||||
3 | 100% | 1966 | 378 | Gas/Oil | Intermediate | 3 | 528 | 650,164 | LNB w/ Sep OFA | ||||||||
4 | 100% | 1974 | 500 | Gas | Intermediate | 7 | 1,593 | 1,295,170 | Combus Mod/Fuel Reburn | ||||||||
5 | 100% | 1979 | 460 | Gas/Oil | Intermediate | 3 | 511 | 675,856 | LNB w/ Closed-coupled OFA | ||||||||
Total | 2,538 | 8,620,430 | 36.7 | 316,529 | |||||||||||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel | |||||||||||||||||
(assuming no curtailments) that each station was designed to utilize. | |||||||||||||||||
(b) Mercury emissions calculated using 2015 unit heat input and 5.37 x 10-6 lb hg/MMBtu emission rate for coal plants and 8.0 x 10-10 lb hg/MMBtu emission rate for natural gas plants. | |||||||||||||||||
(c) Installed NOx and particulate matter emission control devices as stated in the EPA Monitoring Plan and operational: Combustion Modification/ Fuel Reburning (Combus Mod / Fuel Reburn), Dry Low NOx Burners (Dry LNB), | |||||||||||||||||
Electrostatic Precipitator (ESP), Low NOx Burners with Closed-coupled Overfire Air (LNB w/ Closed-coupled OFA), Low NOx Burners with Separated Overfire Air (LNB w/ Sep OFA), Low NOx Burner with Overfire Air (LNB w/ OFA), | |||||||||||||||||
Overfire Air (OFA), Selective Catalytic Reduction (SCR) or Steam Injection. Currently have no SO2, CO2 or Mercury Control equipment operating on any unit. | |||||||||||||||||
Totals may not foot due to rounding. | |||||||||||||||||
UTILITY STATISTICAL INFORMATION | ||||||||||
UTILITY NUCLEAR PLANT STATISTICS | ||||||||||
The following table shows plant performance for 2011 – 2015 based on 18/24 month operating cycle. | ||||||||||
CAPABILITY FACTOR (%) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
ANO | 90.8 | 89.8 | 79.5 | 93.7 | 92.1 | |||||
Grand Gulf | 88.6 | 84.4 | 74.6 | 77.3 | 90.7 | |||||
River Bend | 89.2 | 92.6 | 90.0 | 90.3 | 93.4 | |||||
Waterford 3 | 88.0 | 92.9 | 80.7 | 85.6 | 91.4 | |||||
Entergy Southeast Average | 89.5 | 89.9 | 80.8 | 88.1 | 91.9 | |||||
Industry Average | 92.0 | 90.4 | 89.1 | 86.8 | 89.3 | |||||
The following table shows plant performance for 2015 and averages for four three-year periods. | ||||||||||
PRODUCTION COST ($/MWh)(a) | 2015 | 2012-2014 | 2011-2013 | 2010–2012 | 2009–2011 | |||||
ANO | 27.9 | 23.2 | 22.4 | 20.6 | 19.8 | |||||
Grand Gulf | 21.2 | 26.2 | 24.9 | 23.1 | 19.8 | |||||
River Bend | 29.1 | 26.0 | 25.7 | 24.6 | 23.2 | |||||
Waterford 3 | 26.5 | 25.1 | 24.0 | 22.2 | 20.8 | |||||
Entergy Southeast Average | 25.9 | 24.9 | 24.0 | 22.3 | 20.6 | |||||
Industry Average | — | 24.1 | 23.8 | 22.9 | 21.7 | |||||
(a) Fuel and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh; includes special items to conform with FERC Form 1 definition. |
INDIVIDUAL PLANT INFORMATION | |||||||||
ANO | GRAND GULF | RIVER BEND | WATERFORD 3 | ||||||
UNIT 1 | UNIT 2 | ||||||||
Owner | Entergy | Entergy | System Energy-90% | Entergy | Entergy | ||||
Arkansas | Arkansas | South Mississippi | Louisiana | Louisiana | |||||
Electric Power | |||||||||
Association-10% | |||||||||
Commercial Operation Date | December 74 | March 80 | July 85 | June 86 | September 85 | ||||
License Expiration Date | 5/20/34 | 7/17/38 | 11/1/24 | 8/29/25 | 12/18/24 | ||||
Architect/Engineer | Bechtel Power | Bechtel Power | Bechtel Power | Stone & Webster | Ebasco | ||||
Reactor Manufacturer | Babcox & | Combustion | General | General | Combustion | ||||
Wilcox | Engineering | Electric | Electric | Engineering | |||||
Reactor Type | PWR | PWR | BWR | BWR | PWR | ||||
Turbine Generator Manufacturer | Westinghouse | General Electric | Kraftwerk Union | General Electric | Westinghouse | ||||
Owned and Leased Capability (MW)(a) | 826 | 983 | 1,261 | 968 | 1,160 | ||||
Refueling Data: | |||||||||
Last Date | 1/25/15 – | 9/20/15 – | 2/19/16 – | 2/22/15 – | 10/25/15 – | ||||
3/1/15 | 11/14/15 | 3/28/16 | 3/29/15 | 12/16/15 | |||||
Number of Days | 37 | 55 | 39 | 35 | 53 | ||||
Next Scheduled Refueling | Fall 16 | Spring 17 | Spring 18 | Spring 17 | Spring 17 | ||||
2015 Capability Factor (%) | 92.6 | 89.0 | 88.6 | 89.2 | 88.0 | ||||
($ millions as of December 31, 2015) | |||||||||
Net Book Value | 1,357(b) | 1,769 | 1,441(c) | 2,058 | |||||
Decommissioning Trust Fair Values | 771(b) | 702 | 652(c) | 391 | |||||
Decommissioning Liability | 859(b) | 803 | 459(c) | 539 | |||||
(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize. | |||||||||
(b) ANO Units 1 and 2 are reported together. | |||||||||
(c) 30% of River Bend is not subject to rate regulation by the Public Utility Commission of Texas, the Louisiana Public Service Commission, nor various municipal authorities, and is included in non-utility property on the balance sheet. The decommissioning trust fund balance and decommissioning liability include amounts for the 30% not subject to rate regulation. |
UTILITY REGULATORY INFORMATION | |||||
STATE REGULATORY COMMISSIONS | |||||
ARKANSAS | LOUISIANA | MISSISSIPPI | NEW ORLEANS | TEXAS | |
Commission | Arkansas Public | Louisiana | Mississippi | New Orleans | Public Utility |
Service | Public Service | Public Service | City Council | Commission | |
Commission | Commission | Commission | of Texas | ||
Number of Commissioners | 3 | 5 | 3 | 7 | 3 |
Method of Selection | Appointed by | Elected | Elected | Elected | Appointed by |
Governor | Governor | ||||
Term of Office | 6 years – | 6 years – | 4 years – | 4 years – | 6 years – |
staggered | staggered | concurrent | concurrent | staggered | |
(2 term limit) | |||||
Chair/President | Appointed by | Selected by | Rotates every | Rotates annually | Appointed by |
Governor | peers – 1 year | 1 - 2 years, as | from the | Governor | |
term | determined by members | at-large positions | |||
COMMISSION/COUNCIL MEMBERS | |||||
CURRENT | |||||
PARTY | SERVICE BEGAN | TERM ENDS | |||
ARKANSAS | |||||
Ted J. Thomas – Chairman | Republican | 1/15 | 1/21 | ||
Lamar B. Davis | Democrat | 1/15 | 1/17 | ||
Elana C. Wills | Nonpartisan | 1/11 | 1/19 | ||
LOUISIANA | |||||
Foster L. Campbell, Jr. | Democrat | 1/03 | 12/20 | ||
Scott A. Angelle | Republican | 1/13 | 12/18 | ||
Lambert C. Boissiere, III | Democrat | 1/05 | 12/16 | ||
Eric Skrmetta | Republican | 1/09 | 12/20 | ||
Clyde C. Holloway - Chairman | Republican | 4/09 | 12/16 | ||
MISSISSIPPI | |||||
Brandon Presley – Chairman | Democrat | 1/08 | 12/19 | ||
Cecil Brown – Vice-Chairman | Democrat | 1/16 | 12/19 | ||
Sam Britton | Republican | 1/16 | 12/19 | ||
NEW ORLEANS | |||||
Stacy Head | Democrat | 5/06 | 5/18 | ||
Jason Rogers Williams - Chairman of Utility Committee | Democrat | 5/14 | 5/18 | ||
Susan Guidry | Democrat | 5/10 | 5/18 | ||
LaToya Cantrell | Democrat | 12/12 | 5/18 | ||
Nadine Ramsey | Democrat | 5/14 | 5/18 | ||
Jared Brossett | Democrat | 5/14 | 5/18 | ||
James Gray II | Democrat | 12/12 | 5/18 | ||
TEXAS | |||||
Donna L. Nelson – Chairman | Republican | 8/08 | 8/21 | ||
Kenneth W. Anderson Jr. | Republican | 9/08 | 8/17 | ||
Brandy Marty Marquez | Republican | 8/13 | 9/19 | ||
UTILITY ELECTRIC AND GAS FUEL RECOVERY MECHANISMS | ||||||
DEFERRED FUEL* BALANCE AS OF DECEMBER 31, | ||||||
COMPANY | 2015 | 2014 | 2013 | 2012 | 2011 | FUEL RECOVERY MECHANISM |
($ millions) | ||||||
EAI(b) | 57.8 | 209.2 | 68.7 | 97.3 | 209.8 | Annual reset in April based on prior calendar year fuel and purchased power costs adjusted for nuclear refueling outages and projected sales plus any under- or over-recovered fuel balance for the prior calendar year. |
ELL(a) | 102.9 | 107.1 | 147.3 | 193.8 | 4.4 | Electric: Monthly reset based on fuel and purchased power costs from two months prior plus surcharge or credit for 1/12 of under- or over-recovered fuel balance. |
Gas: Monthly reset by taking the over- or under- recovered balance at the end of June and dividing by the based on estimated gas costs plus a surcharge with an annual reset calculated projected sales for the next 12 months. | ||||||
EMI | (107.8) | (2.2) | 38.1 | 26.5 | (15.8) | Annual reset based on projected fuel and purchased power costs and projected sales plus any under- or over-recovered energy costs as of the 12-month period ended September 30. |
ENOI(a) | (24.9) | (24.3) | (19.1) | 1.9 | (7.5) | Electric: On April 2, 2009 the New Orleans City Council approved a new Fuel Adjustment Clause tariff that calculates a monthly rate based on fuel and purchased power costs from two months prior. A surcharge or credit will be calculated on any under- or over-recovered fuel balance based on the most recent 12 months actual kWh sales. Under the new tariff Grand Gulf non-fuel costs are recovered through base rates. Any incremental monthly Grand Gulf non-fuel costs are included in the Fuel Adjustment Clause. Resource Plan non-fuel costs are collected through the Fuel Adjustment Clause. The new tariff became effective on June 1, 2009. |
Gas: Monthly reset based on estimated gas costs plus a surcharge or credit for the under- or over-recovered fuel balance based on the most recent 12 months Mcf sales. | ||||||
ETI | (25.1) | 11.9 | (4.1) | (93.3) | (64.7) | Semi-annual reset of fuel factor in March and September based on the market price of natural gas plus surcharge or refund for material under- or over-recoveries based on actual costs. |
Total | 2.9 | 301.7 | 230.9 | 226.2 | 126.2 | |
Totals may not foot due to rounding. | ||||||
(a) All years include $168.1 million for Entergy Louisiana and $4.1 million for Entergy New Orleans of fuel, purchased power, and capacity costs, which do not currently earn a return on investment and whose recovery periods are indeterminate but are expected to be over a period greater than twelve months. | ||||||
(b) 2014 includes $65.9 million for Entergy Arkansas of fuel, purchased power, and capacity costs, which do not currently earn a return on investment and whose recovery periods are indeterminate but are expected to be over a period greater than twelve months. | ||||||
* Deferred fuel costs = revenues collected minus current fuel and purchased power costs; amount includes rough production cost equalization payments/receipts due to/from customers for EAI, ETI and ENOI. | ||||||
ENTERGY WHOLESALE COMMODITIES | ||||||||||||||||||||||
EWC QUARTERLY FINANCIAL METRICS | ||||||||||||||||||||||
2015 | 2014 | YTD | ||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | % CHANGE | ||||||||||||
GAAP MEASURES | ||||||||||||||||||||||
As-Reported Net Income ($ millions) | 122.9 | (4.1 | ) | (1,032.0 | ) | (154.7 | ) | (1,067.8 | ) | 241.9 | 25.9 | (33.2 | ) | 57.1 | 292.3(a) | (465 | ) | |||||
Return on Average Invested Capital – As-Reported (%)* | 3.8 | 3.0 | (18.5 | ) | (21.9 | ) | (21.9 | ) | 4.4 | 4.3 | 5.6 | 5.9 | 5.9 | (471 | ) | |||||||
Return on Average Common Equity – As-Reported (%)* | 3.7 | 2.9 | (19.9 | ) | (24.2 | ) | (24.2 | ) | 4.3 | 4.2 | 5.6 | 5.9 | 5.9 | (510 | ) | |||||||
Debt to Capital Ratio (%) | 6.5 | 5.5 | 7.0 | 9.0 | 9.0 | 2.2 | 1.9 | 2.9 | 5.8 | 5.8 | 55 | |||||||||||
NON-GAAP MEASURES | ||||||||||||||||||||||
Operational Adjusted EBITDA ($ millions) | 254 | 62 | 129 | 70 | 515 | 455 | 145 | 165 | 183 | 950 | (46 | ) | ||||||||||
Operational Earnings ($ millions) | 127.5 | (3.0 | ) | 31.7 | 28.3 | 184.6 | 248.5 | 33.4 | 40.8 | 70.8 | 394.1(a) | (53 | ) | |||||||||
Return on Average Invested Capital – Operational (%)* | 5.8 | 4.8 | 5.4 | 4.3 | 4.3 | 9.0 | 8.7 | 8.1 | 7.8 | 7.8 | (45 | ) | ||||||||||
Return on Average Common Equity – Operational (%)* | 5.9 | 4.8 | 5.3 | 4.2 | 4.2 | 9.0 | 8.7 | 8.2 | 8.0 | 8.0 | (48 | ) | ||||||||||
Net Debt to Net Capital Ratio (%) | (0.9 | ) | 2.4 | 2.6 | (10.3 | ) | (10.3 | ) | (4.7 | ) | (4.7 | ) | (3.0 | ) | (2.3 | ) | (2.3 | ) | 348 | |||
*Rolling twelve months. | ||||||||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||||||||
Totals may not foot due to rounding. | ||||||||||||||||||||||
(a) In 4Q14, a Parent subsidiary was restructured and became a subsidiary of EWC. The net income from this subsidiary is included in the 4Q and YTD totals for EWC; however, income from 1Q-3Q was not reclassified due to immateriality. | ||||||||||||||||||||||
EWC ANNUAL FINANCIAL METRICS | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||
GAAP MEASURES | ||||||||||||||||
As-Reported Net Income ($ millions) | (1,067.8 | ) | 292.3 | 42.9 | 40.4 | 488.6 | ||||||||||
Return on Average Invested Capital – As-Reported (%) | (21.9 | ) | 5.9 | 1.0 | 0.9 | 9.1 | ||||||||||
Return on Average Common Equity – As-Reported (%) | (24.2 | ) | 5.9 | 0.9 | 0.8 | 9.7 | ||||||||||
Debt to Capital Ratio (%) | 9.0 | 5.8 | 4.0 | 2.1 | 3.6 | |||||||||||
NON-GAAP MEASURES | ||||||||||||||||
Operational Adjusted EBITDA ($ millions) | 515 | 950 | 553 | 618 | 862 | |||||||||||
Operational Earnings ($ millions) | 184.6 | 394.1 | 262.7 | 263.9 | 488.6 | |||||||||||
Return on Average Invested Capital – Operational (%) | 4.3 | 7.8 | 5.3 | 5.0 | 9.1 | |||||||||||
Return on Average Common Equity – Operational (%) | 4.2 | 8.0 | 5.3 | 5.0 | 9.7 | |||||||||||
Net Debt to Net Capital Ratio (%) | (10.3 | ) | (2.3 | ) | 0.5 | (0.6 | ) | (2.2 | ) | |||||||
Certain prior year data has been reclassified to conform with current year presentation. |
EWC QUARTERLY OPERATIONAL METRICS | ||||||||||||||||||||||||||||||||
2015 | 2014 | YTD | ||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | YTD | 1Q | 2Q | 3Q | 4Q | YTD | % CHANGE | ||||||||||||||||||||||
Owned Capacity (MW) (b) | 5,463 | 5,463 | 5,463 | 4,880 | 4,880 | 6,068 | 6,068 | 6,068 | 6,068 | 6,068 | (20 | ) | ||||||||||||||||||||
Net revenue ($ millions) | 527 | 350 | 410 | 379 | 1,666 | 748 | 471 | 485 | 521 | 2,224 | (25 | ) | ||||||||||||||||||||
As-Reported Average Total Revenue per MWh | $67.00 | $45.87 | $48.54 | $45.21 | $51.88 | $91.08 | $50.11 | $53.47 | $54.00 | $61.21 | (15 | ) | ||||||||||||||||||||
Adjusted Average Total Revenue per MWh | $66.60 | $45.47 | $48.19 | $44.83 | $51.49 | $90.68 | $49.75 | $53.11 | $53.64 | $60.84 | (15 | ) | ||||||||||||||||||||
Adjusted Average Total Revenue per MWh excluding VY | $66.60 | $45.47 | $48.19 | $44.83 | $51.49 | $86.48 | $50.49 | $55.28 | $54.26 | $60.65 | ||||||||||||||||||||||
As-Reported Non-Fuel O&M Expense per MWh | $25.89 | $25.97 | $23.79 | $27.67 | $25.99 | $26.28 | $25.83 | $26.07 | $27.44 | $26.39 | (2 | ) | ||||||||||||||||||||
Operational Non-Fuel O&M Expense per MWh (a) | $25.11 | $25.80 | $23.63 | $27.06 | $25.57 | $25.50 | $24.99 | $25.18 | $25.78 | $25.34 | 1 | |||||||||||||||||||||
Billed GWh | 9,592 | 9,578 | 10,748 | 10,135 | 39,745 | 10,014 | 11,533 | 11,328 | 11,550 | 44,424 | (11 | ) | ||||||||||||||||||||
EWC Nuclear | ||||||||||||||||||||||||||||||||
As-Reported Average Total Revenue per MWh | $65.78 | $45.84 | $50.41 | $44.71 | $51.49 | $89.31 | $50.18 | $53.66 | $53.56 | $60.76 | (15 | ) | ||||||||||||||||||||
Adjusted Average Total Revenue per MWh | $65.34 | $45.40 | $49.99 | $44.31 | $51.07 | $88.86 | $49.79 | $53.24 | $53.17 | $60.35 | (15 | ) | ||||||||||||||||||||
Adjusted Average Total Revenue per MWh excluding VY | $65.34 | $45.40 | $49.99 | $44.31 | $51.07 | $83.85 | $50.61 | $55.78 | $53.79 | $60.07 | (15 | ) | ||||||||||||||||||||
Production Cost/MWh (a) | $25.61 | $26.21 | $26.90 | $22.63 | $25.30 | $26.39 | $25.88 | $27.37 | $26.18 | $26.44 | (4 | ) | ||||||||||||||||||||
As-Reported Non-Fuel O&M Expense per MWh | $27.87 | $28.04 | $26.99 | $27.00 | $27.46 | $27.81 | $26.82 | $29.18 | $28.80 | $28.15 | (2 | ) | ||||||||||||||||||||
Operational Non-Fuel O&M Expense per MWh (a) | $27.00 | $27.86 | $26.80 | $26.35 | $26.98 | $26.95 | $25.91 | $28.16 | $27.00 | $26.99 | — | |||||||||||||||||||||
Billed GWh | 8,618 | 8,555 | 9,125 | 9,561 | 35,859 | 9,079 | 10,588 | 9,950 | 10,635 | 40,253 | (11 | ) | ||||||||||||||||||||
Capacity Factor | 90% | 89% | 92% | 94% | 91% | 82% | 95% | 90% | 95% | 91% | — | |||||||||||||||||||||
(a) Excludes the effect of special items: HCM implementation expenses, decisions to close VY, FitzPatrick and Pilgrim, Palisades asset impairment and related write-offs | ||||||||||||||||||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||||||||||||||||||
(b) Vermont Yankee plant ceased power production on 12/29/14. | ||||||||||||||||||||||||||||||||
Totals may not foot due to rounding. |
EWC ANNUAL OPERATIONAL METRICS | |||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||
Owned Capacity (MW) (a) | 4,880 | 6,068 | 6,068 | 6,612 | 6,599 | ||||||
Net revenue ($ millions) | 1,666 | 2,224 | 1,802 | 1,854 | 2,045 | ||||||
As-Reported Average Total Revenue per MWh | $ 51.88 | $ 61.21 | $ 51.25 | $ 50.38 | $ 55.49 | ||||||
Adjusted Average Realized Revenue/MWh | $ 51.49 | $ 60.84 | $ 50.86 | $ 50.02 | $ 54.50 | ||||||
As-Reported Non-Fuel O&M Expense per MWh | $ 25.99 | $ 26.39 | $ 26.14 | $ 23.66 | $ 24.28 | ||||||
Operational Non-Fuel O&M Expense per MWh | $ 25.57 | $ 25.34 | $ 25.32 | $ 23.66 | $ 24.28 | ||||||
Billed GWh | 39,745 | 44,424 | 45,127 | 46,178 | 43,497 | ||||||
EWC Nuclear | |||||||||||
Net MW in Operation (a) | 4,406 | 5,011 | 5,011 | 5,011 | 4,998 | ||||||
As-Reported Average Total Revenue per MWh | $ 51.49 | $ 60.76 | $ 50.59 | $ 50.69 | $ 55.78 | ||||||
Adjusted Average Realized Revenue/MWh | $ 51.07 | $ 60.35 | $ 50.15 | $ 50.29 | $ 54.73 | ||||||
Production Cost/MWh | $ 25.30 | $ 26.44 | $ 26.35 | $ 26.19 | $ 25.21 | ||||||
As-Reported Non-Fuel O&M Expense per MWh | $ 27.46 | $ 28.15 | $ 28.54 | $ 25.45 | $ 25.25 | ||||||
Operational Non-Fuel O&M Expense per MWh | $ 26.98 | $ 26.99 | $ 27.63 | $ 25.45 | $ 25.25 | ||||||
Billed GWh | 35,859 | 40,253 | 40,167 | 41,042 | 40,918 | ||||||
Capacity Factor | 91% | 91% | 89% | 89% | 93% | ||||||
(a) Vermont Yankee plant ceased power production on 12/29/14 | |||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | |||||||||||
Totals may not foot due to rounding. | |||||||||||
TOTAL CAPACITY | |||||||||||||
OPERATED (a) | OWNED CAPACITY | ||||||||||||
As of December 31, 2015 | PLANTS | UNITS | MW | MW | % | ||||||||
Gas/Oil | — | — | — | 213 | 4 | ||||||||
Coal | — | — | — | 181 | 4 | ||||||||
Total Fossil | — | — | — | 394 | 8 | ||||||||
Wind | — | — | — | 80 | 2 | ||||||||
Nuclear | 5 | 6 | 5,206 | 4,406 | 90 | ||||||||
Total Capacity | 5 | 6 | 5,206 | 4,880 | 100 | ||||||||
(a) Operated capacity includes management services contracts and excludes units operated by Entergy’s utility companies. | |||||||||||||
ENTERGY WHOLESALE COMMODITIES | ||||||||||||
EWC NUCLEAR PLANT STATISTICS | ||||||||||||
JAMES A. | INDIAN POINT | PALISADES | PILGRIM | VERMONT | ||||||||
FITZPATRICK (j) | UNIT 2 | UNIT 3 | NUCLEAR PLANT | NUCLEAR STATION (j) | YANKEE(e) | |||||||
Entergy Purchase Date | 11/21/00 | 9/6/01 | 11/21/00 | 4/11/07 | 7/13/99 | 7/31/02 | ||||||
Commercial Operation Date | July 75 | August 74 | August 76 | December 71 | December 72 | November 72 | ||||||
License Expiration Date | 10/17/34 | 9/28/13 (f) | 12/12/15 (f) | 3/24/31 | 6/8/32 | 3/21/32 | ||||||
Architect/Engineer | Stone & | United | United | Combustion | Bechtel | Ebasco | ||||||
Webster | Engineers & | Engineers & | Engineering | Power | ||||||||
Constructors | Constructors | |||||||||||
Reactor Manufacturer | General | Westinghouse | Westinghouse | Combustion | General | General | ||||||
Electric | Engineering | Electric | Electric | |||||||||
Reactor Type | BWR | PWR | PWR | PWR | BWR | BWR | ||||||
Turbine Generator Manufacturer | General Electric | Westinghouse | Westinghouse | Westinghouse | General Electric | General Electric | ||||||
Net MWs in Operation (MW) | 838 | 1,028 | 1,041 | 811 | 688 | — | ||||||
(as of December 31, 2015) | ||||||||||||
Refueling Data: | ||||||||||||
Last Date | 8/24/14 – | 3/7/16 – | 3/2/15 – | 9/18/15 – | 4/19/15 – | 3/9/13 – | ||||||
10/8/14 | 6/16/16 | 3/24/15 | 10/19/15 | 5/23/15 | 4/5/13 | |||||||
Number of Days | 44 | 102 | 23 | 32 | 34 | 27 | ||||||
Next Scheduled Refueling | n/a | Spring 18 | Spring 17 | Spring 17 | Spring 17 | n/a | ||||||
2015 Capacity Factor | 87% | 86% | 97% | 97% | 95% | 0% | ||||||
Spent Fuel Storage Thru | 2002 | 2006 | 2009 | 1991 | 2015 | n/a | ||||||
Begin Dry Cask Loading | 2002 | 2007 | 2010 | 1993 | 2014 | n/a | ||||||
($ millions as of December 31, 2015) | ||||||||||||
Net Book Value | 19 (g) | 894 | 968 | 392 (i) | 49 (h) | 0 (e) | ||||||
Decommissioning Trust Fair Values | 746 (a) | 943 (b) | 684 (a) | 385 | 896 | 611 | ||||||
Decommissioning Liability | (a) | 588 (b) | (a) | 370 | 551 | 560 | ||||||
Nearest Market Hub | NYISO | NYISO | NYISO | MISO | NEPOOL | NEPOOL | ||||||
Zone A(c) | Zone G(d) | Zone G(d) | Indiana | Mass Hub | Mass Hub | |||||||
Capacity Zone (ICAP/UCAP) | NYISO | NYISO | NYISO | MISO | NEPOOL | NEPOOL | ||||||
Rest of State | Lower Hudson Valley | Lower Hudson Valley | ||||||||||
(a) NYPA retained the decommissioning trusts and decommissioning liability. NYPA and Entergy executed decommissioning agreements, specifying their decommissioning obligations. NYPA has the right to require Entergy to assume the decommissioning liability provided that it assigns the corresponding decommissioning trust, up to a specified level, to Entergy. If the decommissioning liability is retained by NYPA, Entergy will perform the decommissioning of the plants at a price equal to the lesser of a pre-specified level or the amount in the decommissioning trusts. Entergy believes that the amounts available to it under either scenario are sufficient to cover the future decommissioning costs without any additional contributions to the trusts. | ||||||||||||
(b) Includes amount for Indian Point 1. Indian Point 1 has been shut down and in safe storage since the 1970s. | ||||||||||||
(c) James A. FitzPatrick physically located in NYISO Zone C. | ||||||||||||
(d) Indian Point physically located in NYISO Zone H. | ||||||||||||
(e) Vermont Yankee plant ceased power production on 12/29/14. | ||||||||||||
(f) Indian Point Unit 2 began operating under timely renewal on 9/28/13; Unit 3 began operating under timely renewal on 12/13/15 | ||||||||||||
(g) Reflects $965 million ($624 million net of tax) of impairment and other related charges to write down the carrying value of FitzPatrick and related assets to their fair values. | ||||||||||||
See pgs. 69-72 of the 2015 10K for more detail. | ||||||||||||
(h) Reflects $677 million ($438 million net of tax) of impairment and other related charges to write down the carrying value of Pilgrim and related assets to their fair values. | ||||||||||||
See pgs. 69-72 of the 2015 10K for more detail. | ||||||||||||
(i) Reflects $396 million ($256 million net of tax) of impairment and other related charges to write down the carrying value of Palisades and related assets to their fair values. | ||||||||||||
See pgs. 69-72 of the 2015 10K for more detail. | ||||||||||||
(j) Shutdown of FitzPatrick is planned for 1/27/17 and shutdown of Pilgrim is planned for 5/31/19. |
EWC NON-NUCLEAR WHOLESALE ASSETS PLANT STATISTICS | |||||||
NERC | COMMERCIAL | OWNERSHIP | NET | TOTAL | FUEL TYPE | ||
PLANT | LOCATION | REGION | OPERATION | INTEREST | MW | MW | TECHNOLOGY |
Independence – Unit 2 | Newark, AR | SERC | 1983 | 14% | 121 | 842 | Coal |
Nelson 6 | Westlake, LA | SERC | 1982 | 11% | 60 | 550 | Coal |
RS Cogen | Lake Charles, LA | SERC | 2002 | 50% | 213 | 425 | CCGT Cogen |
Top of Iowa | Worth County, IA | MRO | 2001 | 50% | 40 | 80 | Wind |
White Deer | Amarillo, TX | SPP | 2001 | 50% | 40 | 80 | Wind |
Total | 474 | 1,977 | |||||
EWC NON-NUCLEAR WHOLESALE ASSETS PLANT EMISSIONS | |||||||||||
Emissions | |||||||||||
FUEL TYPE | SO2 | NOx | CO2 | Hg(a) | |||||||
PLANT | TECHNOLOGY | PURPOSE | (tons) | (tons) | (tons) | (lbs) | TECHNOLOGY(b) | ||||
Independence – Unit 2 | Coal | Base | 1,022 | 430 | 386,598 | 20 | OFA, ESP | ||||
Nelson 6 | Coal | Base | 885 | 339 | 287,909 | 16 | LNB w Sep OFA, ESP | ||||
RS Cogen | CCGT Cogen | Base | 4 | 379 | 869,748 | 79 | Dry LNB/SCR | ||||
Top of Iowa | Wind | Renewable | — | — | — | — | 0 | ||||
White Deer | Wind | Renewable | — | — | — | — | 0 | ||||
Rhode Island State Energy Center (b) | CCGT | Intermediate | 4 | 48 | 761,567 | — | Dry LNB/SCR | ||||
(a) Mercury emissions calculated using 2015 unit heat input and 5.37 x 10-6 lb hg/MMBtu emission rate for coal plants and 8.0 x 10-10 lb hg/MMBtu emission rate for natural gas plants. | |||||||||||
(b) Entergy sold the Rhode Island State Energy Center, a 583-MW CCGT, on 12/17/15. | |||||||||||
(c) Installed NOx and particulate matter emission control devices as stated in the EPA Monitoring Plan and operational: Combustion Modification/ Fuel Reburning (Combus Mod / Fuel Reburn), | |||||||||||
Dry Low NOx Burners (Dry LNB), Electrostatic Precipitator (ESP), Low NOx Burners with Closed-coupled Overfire Air (LNB w/ Closed-coupled OFA), Low NOx Burners with | |||||||||||
Separated Overfire Air (LNB w/ Sep OFA), Low NOx Burner with Overfire Air (LNB w/ OFA),Overfire Air (OFA), Selective Catalytic Reduction (SCR) or Steam Injection. Currently have no SO2, CO2 | |||||||||||
or Mercury Control equipment operating on any unit. | |||||||||||
Totals may not foot due to rounding. | |||||||||||
ENTERGY WHOLESALE COMMODITIES | ||||||||||||||
EWC NUCLEAR SECURITIES DETAIL | ||||||||||||||
LONG-TERM DEBT: | ||||||||||||||
NOTE TO NEW YORK POWER AUTHORITY (NYPA) RELATING TO THE PURCHASE OF FITZPATRICK AND INDIAN POINT 3 | ||||||||||||||
ADDITIONAL LTD | TOTAL ENDING | TOTAL | ||||||||||||
INTEREST | RELATED TO | INTEREST | LONG-TERM | INTEREST | ||||||||||
($ thousands) | LONG-TERM DEBT(a) | EXPENSE | PURCHASE OF IP2 | EXPENSE | DEBT | EXPENSE | ||||||||
2010 | 137,026 | 7,255 | 18,945 | 1,173 | 155,971 | 8,428 | ||||||||
2011 | 123,669 | 6,643 | 9,694 | 750 | 133,363 | 7,393 | ||||||||
2012 | 109,681 | 6,012 | — | 305 | 109,681 | 6,317 | ||||||||
2013 | 95,011 | 5,331 | — | — | 95,011 | 5,331 | ||||||||
2014 | 79,638 | 4,627 | — | — | 79,638 | 4,627 | ||||||||
2015 | 29,262 | 2,972 | — | — | 29,262 | 2,972 | ||||||||
2016 | 28,252 | 1,490 | — | — | 28,252 | 1,490 | ||||||||
2017 | 26,467 | 1,441 | — | — | 26,467 | 1,441 | ||||||||
2018 | 25,358 | 1,390 | — | — | 25,358 | 1,390 | ||||||||
2019 | 24,195 | 1,337 | — | — | 24,195 | 1,337 | ||||||||
2020 | 22,976 | 1,281 | — | — | 22,976 | 1,281 | ||||||||
2021 – 2035 Average | — | 690 | — | — | — | 690 | ||||||||
(a) Includes plant, fuel, and license extension payments. Payments for plant and fuel are made annually on 11/21 (anniversary of close). | ||||||||||||||
Life extension payments made on anniversary of license expiration. Entergy will pay NYPA $2.5 million annually per plant, for up to twenty years if | ||||||||||||||
FitzPatrick and/or Indian Point 3 operate beyond their original license date. | ||||||||||||||
(b) FitzPatrick's debt obligation was partially extinguished at December 31, 2015 based on the decision to suspend operations in January 2017 | ||||||||||||||
Totals may not foot due to rounding. |
EWC NON-NUCLEAR WHOLESALE ASSETS | ||||||||
EWC NON-NUCLEAR WHOLESALE ASSETS SECURITIES DETAIL | ||||||||
DEBT: | ||||||||
OUTSTANDING AS OF DECEMBER 31, | ||||||||
(ENTERGY’S SHARE) | 2015 | 2014 | MATURITY | RATE | ||||
RS Cogen Senior Project Debt | ||||||||
Bank Portion(a) | $19 | $25 | 10/17/18 | LIBOR + 2.25% | ||||
Institutional Portion | $38 | $38 | 10/15/22 | Fixed 8.73% | ||||
RS Cogen Subordinated Debt(b) | $20 | $19 | 10/17/17 | LIBOR + 4.50% | ||||
(a) RS Cogen spread on bank portion increases over time from 1.375% to 2.375%. | ||||||||
(b) Debt outstanding includes Entergy's portion of accrued but unpaid interest on Entergy's portion of the RS Cogen subordinated debt since the project went into default on the subordinated credit facility in 2008. |
SHARES OUTSTANDING | ||||||
PREFERRED STOCK: | AS OF DECEMBER 31, | AS OF DECEMBER 31, | ||||
RATE | 2015 | 2014 | 2015 | 2014 | ||
Without Sinking Fund: | ||||||
Entergy Finance Holding, Inc. | 8.75%(a) | 250,000 | 250,000 | $ 24 | $ 24 | |
Authorized 250,000 shares, $100 par value, cumulative | ||||||
Total without sinking fund | 250,000 | 250,000 | $ 24 | $ 24 | ||
(a) Dollar amount outstanding is net of $751 thousand of preferred stock issuance costs. | ||||||
DEFINITIONS OF OPERATIONAL MEASURES AND GAAP AND NON-GAAP FINANCIAL MEASURES | |
OPERATIONAL MEASURES | |
Owned capacity (MW) | Installed capacity owned and operated by EWC, including investments in wind generation accounted for under the equity method of accounting; in November 2013, R.E. Ritchie Unit 2 (gas/oil) plant was retired (544 MWs) and the Vermont Yankee (nuclear) plant ceased power production on December 29, 2014. Rhode Island State Energy Center was sold on December 17, 2015. |
As-reported average total revenue per MWh | As-reported average revenue per MWH bill, excluding revenue from investments in wind generation accounted for under the equity method of accounting |
Adjusted average realized revenue per MWh | As-reported average revenue per MWh billed, excluding revenue from the amortization of the Palisades below-market PPA |
Non-fuel O&M per MWh | Non-fuel O&M per MWH of billed sales |
Production cost per MWh | Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation), excluding special items |
Billed GWh | Total number of GWh billed to customers, excluding investments in wind generation accounted for under the equity method of accounting and financially-settled instruments |
Capability factor | The percentage of the maximum energy generation a plant is capable of supplying to the grid, limited |
only by factors within control of plant management; a high capability factor indicates effective plant | |
programs and practices to minimize unplanned energy losses and to optimize planned outages | |
Capacity factor | Normalized percentage of the period that the nuclear plants generate power |
Refueling outage days | Number of days lost for scheduled refueling outage during the period |
Financial measures defined below include measures prepared in accordance with generally accepted accounting principles (GAAP), as well as non-GAAP measures. | |
Non-GAAP measures are included in this report in order to provide metrics that remove the effect of less routine financial impacts from commonly used financial metrics. | |
FINANCIAL MEASURES – GAAP | |
As-reported non-fuel O&M | Operation, maintenance and refueling expenses, excluding fuel, fuel-related expenses, purchased power and gas purchased for resale; for EWC excludes investments in wind generation accounted for under the equity method of accounting |
Return on average invested capital – as-reported | 12-months rolling net income attributable to Entergy Corporation or Subsidiary (Net Income) adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
Return on average common equity – as-reported | 12-months rolling Net Income divided by average common equity |
Book value per share | End of period common equity divided by end of period shares outstanding |
Revolver capacity | Amount of undrawn capacity remaining on corporate and subsidiary revolvers, including Entergy Nuclear Vermont Yankee |
Total debt | Sum of short-term and long-term debt, notes payable and commercial paper and capital leases on the balance sheet |
Debt of joint ventures - Entergy’s share | Entergy's share of debt issued by business joint ventures at EWC |
Leases - Entergy’s share | Operating leases held by subsidiaries capitalized at implicit interest rate |
Debt to capital ratio | Total debt divided by total capitalization |
Securitization debt | Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at Entergy Texas and Hurricane Isaac at Entergy New Orleans; the 2009 ice storm at Entergy Arkansas; and investment recovery of costs associated with the canceled Little Gypsy repowering project at Entergy Louisiana |
FINANCIAL MEASURES – NON-GAAP | |
Operational earnings | As-reported Net Income adjusted to exclude the impact of special items |
Operational adjusted EBITDA | Earnings before interest, depreciation and amortization and income taxes excluding decommissioning expense and other than temporary impairment losses on decommissioning trust fund assets, excluding effects of special items; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds |
Operational non-fuel O&M | Operation, maintenance and refueling expenses, excluding fuel, fuel-related expenses, purchased power and special items; for Utility, excludes gas purchased for resale; for EWC excludes investments in wind generation accounted for under the equity method of accounting |
Return on average invested capital – operational | 12-months rolling operational Net Income adjusted for preferred dividends and tax-effected interest expense divided by average invested capital |
Return on average common equity – operational | 12-months rolling operational Net Income divided by average common equity |
Gross liquidity | Sum of cash and revolver capacity |
Debt to capital ratio, excluding securitization debt | Total debt divided by total capitalization, excluding securitization debt |
Net debt to net capital ratio, excluding securitization debt | Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt |
Parent debt to total debt ratio, excluding securitization debt | End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of total debt excluding securitization debt |
Debt to operational EBITDA, excluding securitization debt | End of period total debt excluding securitization debt divided by 12-months rolling operational adjusted EBITDA |
Operational FFO | Funds from operations; net cash flow provided by operations less AFUDC-borrowed funds, working capital items in operating cash flow (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charge, excluding effects of special items |
Operational FFO to debt ratio, excluding securitization debt | 12-months rolling operational FFO as a percentage of end of period total debt excluding securitization debt |
REG G RECONCILIATIONS | ||||||||||
CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Net Income (A) | (177 | ) | 941 | 712 | 847 | 1,346 | ||||
Preferred dividends | 20 | 20 | 19 | 22 | 21 | |||||
Tax-effected interest expense | 396 | 386 | 371 | 350 | 316 | |||||
As-Reported Net Income adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 239 | 1,347 | 1,102 | 1,219 | 1,683 | |||||
Special items (C) | (1,253 | ) | (109 | ) | (245 | ) | (262 | ) | (13 | ) |
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 1,492 | 1,456 | 1,347 | 1,481 | 1,696 | |||||
Operational earnings (A-C) | 1,076 | 1,050 | 957 | 1,109 | 1,359 | |||||
Average invested capital (D) | 23,827 | 23,864 | 23,167 | 22,180 | 21,074 | |||||
Average common equity (E) | 9,632 | 9,820 | 9,415 | 9,079 | 8,729 | |||||
($ per share) | ||||||||||
As-Reported earnings per share (N) | (0.99 | ) | 5.22 | 3.99 | 4.76 | 7.55 | ||||
Operational earnings per share (O) | 6.00 | 5.83 | 5.36 | 6.23 | 7.62 | |||||
Common dividend paid per share (P) | 3.34 | 3.32 | 3.32 | 3.32 | 3.32 | |||||
Year-end closing market price per share of common stock (Q) | 68.36 | 87.48 | 63.27 | 63.75 | 73.05 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 1.0 | 5.6 | 4.8 | 5.5 | 8.0 | |||||
Return on average invested capital – Operational ((B-C)/D) | 6.3 | 6.1 | 5.8 | 6.7 | 8.1 | |||||
Return on average common equity – As-Reported (A/E) | (1.8 | ) | 9.6 | 7.6 | 9.3 | 15.4 | ||||
Return on average common equity – Operational ((A-C)/E) | 11.2 | 10.7 | 10.2 | 12.2 | 15.6 | |||||
Common dividend payout ratio – As-Reported (%) (P/N) | (339 | ) | 64 | 83 | 70 | 44 | ||||
Common dividend payout ratio – Operational (%) (P/O) | 56 | 57 | 62 | 53 | 44 | |||||
Price to earnings ratio – As-Reported (Q/N) | (69.37 | ) | 16.77 | 15.87 | 13.39 | 9.68 | ||||
Price to earnings ratio – Operational (Q/O) | 11.38 | 15.02 | 11.80 | 10.23 | 9.59 | |||||
As reported non-fuel O&M (R) | 3,606 | 3,578 | 3,589 | 3,291 | 3,123 | |||||
Special items included in non-fuel O&M | ||||||||||
HCM implementation expenses | — | (16 | ) | (45 | ) | — | — | |||
Decisions to close VY, FitzPatrick and Pilgrim | (17 | ) | (44 | ) | (21 | ) | — | — | ||
Transmission business spin-merge expenses | — | — | (36 | ) | (39 | ) | (13 | ) | ||
Total special items included in non-fuel O&M (S) | (17 | ) | (59 | ) | (101 | ) | (39 | ) | (13 | ) |
Operational non-fuel O&M (R-S) | 3,623 | 3,637 | 3,690 | 3,330 | 3,136 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||||||||
CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ millions) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
As-Reported Net Income (A) | 838 | 797 | (156 | ) | (177 | ) | 952 | 977 | 968 | 941 | ||||||
Preferred dividends | 20 | 20 | 19 | 20 | 18 | 19 | 19 | 20 | ||||||||
Tax-effected interest expense | 389 | 391 | 396 | 396 | 376 | 381 | 383 | 386 | ||||||||
As-Reported Net Income adjusted for preferred | ||||||||||||||||
dividends and tax-effected interest expense (B) | 1,247 | 1,208 | 259 | 239 | 1,346 | 1,377 | 1,370 | 1,347 | ||||||||
Special items (C) | (105 | ) | (95 | ) | (1,085 | ) | (1,253 | ) | (248 | ) | (243 | ) | (127 | ) | (109 | ) |
Operational earnings adjusted for preferred | ||||||||||||||||
dividends and tax-effected interest expense (B-C) | 1,352 | 1,303 | 1,344 | 1,492 | 1,594 | 1,620 | 1,497 | 1,456 | ||||||||
Operational earnings (A-C) | 943 | 892 | 929 | 1,076 | 1,200 | 1,220 | 1,095 | 1,050 | ||||||||
Average invested capital (D) | 24,298 | 24,190 | 23,819 | 23,827 | 23,539 | 23,680 | 23,720 | 23,864 | ||||||||
Average common equity (E) | 10,041 | 10,110 | 9,653 | 9,632 | 9,581 | 9,668 | 9,779 | 9,820 | ||||||||
(%) | ||||||||||||||||
Return on average invested capital – As-Reported (B/D) | 5.1 | 5 | 1.1 | 1 | 5.7 | 5.8 | 5.8 | 5.6 | ||||||||
Return on average invested capital – Operational ((B-C)/D) | 5.6 | 5.4 | 5.6 | 6.3 | 6.8 | 6.8 | 6.3 | 6.1 | ||||||||
Return on average common equity – As-Reported (A/E) | 8.3 | 7.9 | (1.6 | ) | (1.8 | ) | 9.9 | 10.1 | 9.9 | 9.6 | ||||||
Return on average common equity – Operational ((A-C)/E) | 9.4 | 8.8 | 9.6 | 11.2 | 12.5 | 12.6 | 11.2 | 10.7 | ||||||||
As reported non-fuel O&M (F) | 835 | 895 | 921 | 955 | 795 | 882 | 914 | 988 | ||||||||
Special items included in non-fuel O&M | ||||||||||||||||
HCM implementation expenses | — | — | — | — | (5 | ) | (7 | ) | (1 | ) | (3 | ) | ||||
Decisions to close VY, FitzPatrick and Pilgrim | (7 | ) | (2 | ) | (2 | ) | (6 | ) | (7 | ) | (9 | ) | (10 | ) | (18 | ) |
Total special items included in non-fuel O&M (G) | (7 | ) | (2 | ) | (2 | ) | (6 | ) | (12 | ) | (16 | ) | (11 | ) | (21 | ) |
Operational non-fuel O&M (F-G) | 842 | 897 | 923 | 961 | 807 | 898 | 925 | 1,009 | ||||||||
Calculations may differ due to rounding. | ||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. |
REG G RECONCILIATIONS | ||||||||||
CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
Total debt (A) | 13,850 | 13,917 | 13,562 | 13,358 | 12,283 | |||||
Less securitization debt (B) | 775 | 777 | 883 | 973 | 1,071 | |||||
Total debt, excluding securitization debt (A-B) | 13,075 | 13,140 | 12,679 | 12,385 | 11,212 | |||||
Less cash and cash equivalents (C) | 1,351 | 1,422 | 739 | 533 | 694 | |||||
Net debt, excluding securitization debt (A-B-C) | 11,724 | 11,718 | 11,940 | 11,852 | 10,518 | |||||
Total capitalization (D) | 23,425 | 24,229 | 23,499 | 22,836 | 21,525 | |||||
Less securitization debt (E) | 775 | 777 | 883 | 973 | 1,071 | |||||
Total capitalization, excluding securitization debt (D-E) | 22,650 | 23,452 | 22,616 | 21,863 | 20,454 | |||||
Less cash and cash equivalents (F) | 1,351 | 1,422 | 739 | 533 | 694 | |||||
Net capitalization, excluding securitization debt (D-E-F) | 21,299 | 22,030 | 21,877 | 21,330 | 19,760 | |||||
(%) | ||||||||||
Debt to capital ratio (A/D) | 59.1 | 57.4 | 57.7 | 58.5 | 57.1 | |||||
Debt to capital ratio, excluding securitization debt ((A-B)/D-E)) | 57.7 | 56.0 | 56.1 | 56.6 | 54.8 | |||||
Net debt to net capital ratio, excluding securitization debt ((A-B-C)/(D-E-F)) | 55.0 | 53.2 | 54.6 | 55.6 | 53.2 | |||||
Revolver capacity (G) | 3,582 | 3,592 | 3,977 | 3,462 | 2,001 | |||||
Gross liquidity (C+G) | 4,933 | 5,014 | 4,716 | 3,995 | 2,695 | |||||
Entergy Corporation notes: | ||||||||||
Due September 2015 | — | 550 | 550 | 550 | 550 | |||||
Due January 2017 | 500 | 500 | 500 | 500 | — | |||||
Due September 2020 | 450 | 450 | 450 | 450 | 450 | |||||
Due July 2022 | 650 | — | — | — | — | |||||
Total parent long-term debt (H) | 1,600 | 1,500 | 1,500 | 1,500 | 1,000 | |||||
Revolver draw (I) | 835 | 695 | 255 | 795 | 1,920 | |||||
Commercial paper (J) | 422 | 484 | 1,045 | 665 | — | |||||
Total parent debt (H)+(I)+(J) | 2,857 | 2,679 | 2,800 | 2,960 | 2,920 | |||||
Parent debt to total debt ratio, excluding securitization debt % ((H)+(I)+(J))/(A-B) | 21.9 | 20.4 | 22.1 | 23.9 | 26.0 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||||||||
CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ millions) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
Total debt (A) | 14,044 | 13,858 | 14,144 | 13,850 | 13,860 | 13,692 | 13,673 | 13,917 | ||||||||
Less securitization debt (B) | 762 | 734 | 814 | 775 | 861 | 832 | 814 | 777 | ||||||||
Total debt, excluding securitization debt (A-B) | 13,282 | 13,124 | 13,330 | 13,075 | 12,999 | 12,860 | 12,859 | 13,140 | ||||||||
Less cash and cash equivalents (C) | 1,181 | 910 | 1,041 | 1,351 | 908 | 650 | 1,069 | 1,422 | ||||||||
Net debt, excluding securitization debt (A-B-C) | 12,101 | 12,214 | 12,289 | 11,724 | 12,091 | 12,210 | 11,790 | 11,718 | ||||||||
Total capitalization (D) | 24,483 | 24,321 | 23,512 | 23,425 | 24,113 | 24,059 | 24,127 | 24,229 | ||||||||
Less securitization debt (E) | 762 | 734 | 814 | 775 | 861 | 832 | 814 | 777 | ||||||||
Total capitalization, excluding securitization debt (D-E) | 23,721 | 23,587 | 22,698 | 22,650 | 23,252 | 23,227 | 23,313 | 23,452 | ||||||||
Less cash and cash equivalents (F) | 1,181 | 910 | 1,041 | 1,351 | 908 | 650 | 1,069 | 1,422 | ||||||||
Net capitalization, excluding securitization debt (D-E-F) | 22,540 | 22,677 | 21,657 | 21,299 | 22,344 | 22,577 | 22,244 | 22,030 | ||||||||
(%) | ||||||||||||||||
Debt to capital ratio (A/D) | 57.4 | 57.0 | 60.2 | 59.1 | 57.5 | 56.9 | 56.7 | 57.4 | ||||||||
Debt to capital ratio, excluding securitization debt ((A-B)/D-E)) | 56.0 | 55.6 | 58.7 | 57.7 | 55.9 | 55.4 | 55.2 | 56.0 | ||||||||
Net debt to net capital ratio, excluding securitization debt ((A-B-C)/(D-E-F)) | 53.7 | 53.9 | 56.7 | 55.0 | 54.1 | 54.1 | 53.0 | 53.2 | ||||||||
Revolver capacity (G) | 3,779 | 4,158 | 3,869 | 3,582 | 4,077 | 4,003 | 3,975 | 3,592 | ||||||||
Gross liquidity (C+G) | 4,960 | 5,068 | 4,910 | 4,933 | 4,985 | 4,653 | 5,044 | 5,014 | ||||||||
Entergy Corporation notes: | ||||||||||||||||
Due September 2015 | 550 | 550 | — | — | 550 | 550 | 550 | 550 | ||||||||
Due January 2017 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | ||||||||
Due September 2020 | 450 | 450 | 450 | 450 | 450 | 450 | 450 | 450 | ||||||||
Due July 2022 | — | — | 650 | 650 | — | — | — | — | ||||||||
Total parent long-term debt (H) | 1,500 | 1,500 | 1,600 | 1,600 | 1,500 | 1,500 | 1,500 | 1,500 | ||||||||
Revolver draw (I) | 508 | 271 | 525 | 835 | 115 | 195 | 245 | 695 | ||||||||
Commercial paper (J) | 762 | 895 | 664 | 422 | 1,059 | 909 | 776 | 484 | ||||||||
Total parent debt (H)+(I)+(J) | 2,770 | 2,666 | 2,789 | 2,857 | 2,674 | 2,604 | 2,521 | 2,679 | ||||||||
Parent debt to total debt ratio, excluding securitization debt % ((H)+(I)+(J))/(A-B) | 20.9 | 20.3 | 20.9 | 21.9 | 20.6 | 20.2 | 19.6 | 20.4 | ||||||||
Calculations may differ due to rounding. | ||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||
REG G RECONCILIATIONS | ||||||||||
CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
Total debt (A) | 13,850 | 13,917 | 13,562 | 13,358 | 12,283 | |||||
Less securitization debt (B) | 775 | 777 | 883 | 973 | 1,071 | |||||
Total debt, excluding securitization debt (C) | 13,075 | 13,140 | 12,679 | 12,385 | 11,212 | |||||
As-reported consolidated net income, rolling 12 months | (157 | ) | 960 | 731 | 868 | 1,367 | ||||
Add back: interest expense, rolling 12 months | 643 | 628 | 604 | 569 | 514 | |||||
Add back: income tax expense, rolling 12 months | (643 | ) | 590 | 226 | 31 | 286 | ||||
Add back: depreciation and amortization, rolling 12 months | 1,337 | 1,319 | 1,261 | 1,145 | 1,102 | |||||
Add back: regulatory charges (credits), rolling 12 months | 175 | (14 | ) | 46 | 175 | 206 | ||||
Subtract: securitization proceeds, rolling 12 months | 137 | 130 | 127 | 132 | 116 | |||||
Subtract: interest and investment income, rolling 12 months | 187 | 148 | 199 | 128 | 129 | |||||
Subtract: AFUDC - equity funds, rolling 12 months | 52 | 65 | 66 | 93 | 84 | |||||
Add back: decommissioning expense, rolling 12 months | 280 | 273 | 242 | 185 | 191 | |||||
Adjusted EBITDA, rolling 12 months (D) | 1,259 | 3,413 | 2,718 | 2,620 | 3,337 | |||||
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | — | 36 | 39 | 13 | |||||
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | — | 16 | 60 | — | — | |||||
Add back: special item resulting from decisions to close VY, FitzPatrick and Pilgrim, rolling 12 months (pre-tax) | 1,658 | 154 | 343 | 356 | — | |||||
Add back: special item for Palisades asset impairment and related write-offs, rolling 12 months (pre-tax) | 396 | — | — | — | — | |||||
Add back: Top Deer investment impairment, rolling 12 months (pre-tax) | 37 | — | — | — | — | |||||
Add back: special item for gain on the sale of RISEC, rolling 12 months (pre-tax) | (154 | ) | — | — | — | — | ||||
Operational adjusted EBITDA, rolling 12 months (E) | 3,196 | 3,583 | 3,157 | 3,015 | 3,350 | |||||
Debt to operational adjusted EBITDA, excluding securitization debt (C)/(E) | 4.1 | 3.7 | 4.0 | 4.1 | 3.3 | |||||
Net cash flow provided by operating activities, rolling 12 months (F) | 3,291 | 3,890 | 3,189 | 2,940 | 3,129 | |||||
AFUDC borrowed funds used during construction, rolling 12 months (G) | (27 | ) | (34 | ) | (26 | ) | (37 | ) | (38 | ) |
Working capital items in net cash flow provided by operating activities, rolling 12 months: | ||||||||||
Receivables | 38 | 98 | (181 | ) | (14 | ) | 28 | |||
Fuel inventory | (12 | ) | 4 | 5 | (12 | ) | 5 | |||
Accounts payable | (135 | ) | (13 | ) | 94 | (7 | ) | (132 | ) | |
Prepaid taxes and taxes accrued | 82 | (63 | ) | (143 | ) | 55 | 580 | |||
Interest accrued | (11 | ) | 25 | (4 | ) | 1 | (34 | ) | ||
Other working capital accounts | (114 | ) | 112 | (66 | ) | (152 | ) | 42 | ||
Securitization regulatory charge | 107 | 97 | 93 | 94 | 77 | |||||
Total (H) | (45 | ) | 260 | (202 | ) | (35 | ) | 566 | ||
FFO, rolling 12 months (F)+(G)-(H) | 3,309 | 3,596 | 3,365 | 2,938 | 2,525 | |||||
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | — | 36 | 37 | 10 | |||||
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | — | 51 | 24 | — | — | |||||
Add back: special item resulting from decisions to close VY, FitzPatrick and Pilgrim, rolling 12 months (pre-tax) | 55 | 7 | 4 | — | — | |||||
Operational FFO, rolling 12 months (I) | 3,364 | 3,654 | 3,429 | 2,975 | 2,535 | |||||
Operational FFO to debt ratio, excluding securitization debt % (I)/(C) | 25.7 | 27.8 | 27.0 | 24.0 | 22.6 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||||||||
CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ millions) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
Total debt (A) | 14,044 | 13,858 | 14,144 | 13,850 | 13,860 | 13,692 | 13,673 | 13,917 | ||||||||
Less securitization debt (B) | 762 | 734 | 814 | 775 | 861 | 832 | 814 | 777 | ||||||||
Total debt, excluding securitization debt (C) | 13,282 | 13,124 | 13,330 | 13,075 | 12,999 | 12,860 | 12,859 | 13,140 | ||||||||
As-reported consolidated net income, rolling 12 months | 857 | 817 | (156 | ) | (157 | ) | 970 | 996 | 968 | 960 | ||||||
Add back: interest expense, rolling 12 months | 632 | 636 | 644 | 643 | 612 | 618 | 623 | 628 | ||||||||
Add back: income tax expense, rolling 12 months | 523 | 494 | (35 | ) | (643 | ) | 326 | 382 | 519 | 590 | ||||||
Add back: depreciation and amortization, rolling 12 months | 1,322 | 1,331 | 1,333 | 1,337 | 1,289 | 1,323 | 1,330 | 1,319 | ||||||||
Add back: regulatory charges (credits), rolling 12 months | (7 | ) | 10 | 29 | 175 | 44 | 26 | 16 | (14 | ) | ||||||
Subtract: securitization proceeds, rolling 12 months | 129 | 130 | 134 | 137 | 132 | 133 | 132 | 130 | ||||||||
Subtract: interest and investment income, rolling 12 months | 181 | 196 | 186 | 187 | 196 | 180 | 206 | 148 | ||||||||
Subtract: AFUDC - equity funds, rolling 12 months | 61 | 59 | 56 | 52 | 68 | 67 | 66 | 65 | ||||||||
Add back: decommissioning expense, rolling 12 months | 277 | 278 | 279 | 280 | 249 | 257 | 264 | 273 | ||||||||
Adjusted EBITDA, rolling 12 months (D) | 3,233 | 3,181 | 1,718 | 1,259 | 3,094 | 3,222 | 3,316 | 3,413 | ||||||||
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | — | — | — | 29 | 16 | 6 | — | ||||||||
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 11 | 4 | 3 | — | 65 | 66 | 55 | 16 | ||||||||
Add back: special item resulting from decisions to close VY, FitzPatrick and Pilgrim, rolling 12 months (pre-tax) | 152 | 143 | 1,673 | 1,658 | 353 | 364 | 186 | 154 | ||||||||
Add back: special item for Palisades asset impairment and related write-offs, rolling 12 months (pre-tax) | — | — | — | 396 | — | — | — | — | ||||||||
Add back: Top Deer investment impairment, rolling 12 months (pre-tax) | — | — | — | 37 | — | — | — | — | ||||||||
Add back: special item for gain on the sale of RISEC, rolling 12 months (pre-tax) | — | — | — | (154 | ) | — | — | — | — | |||||||
Operational adjusted EBITDA, rolling 12 months (E) | 3,396 | 3,328 | 3,394 | 3,196 | 3,541 | 3,668 | 3,563 | 3,583 | ||||||||
Debt to operational adjusted EBITDA, excluding securitization debt (C)/(E) | 3.9 | 3.9 | 3.9 | 4.1 | 3.7 | 3.5 | 3.6 | 3.7 | ||||||||
Net cash flow provided by operating activities, rolling 12 months (F) | 3,733 | 3,699 | 3,348 | 3,291 | 3,412 | 3,602 | 3,881 | 3,890 | ||||||||
AFUDC borrowed funds used during construction, rolling 12 months (G) | (33 | ) | (30 | ) | (29 | ) | (27 | ) | (27 | ) | (29 | ) | (31 | ) | (34 | ) |
Working capital items in net cash flow provided by operating activities, rolling 12 months: | ||||||||||||||||
Receivables | 72 | 45 | (5 | ) | 38 | (102 | ) | (9 | ) | (26 | ) | 98 | ||||
Fuel inventory | (35 | ) | (32 | ) | (34 | ) | (12 | ) | 26 | 31 | 18 | 4 | ||||
Accounts payable | (200 | ) | (164 | ) | (63 | ) | (135 | ) | 168 | (11 | ) | 135 | (13 | ) | ||
Prepaid taxes and taxes accrued | (51 | ) | (43 | ) | 25 | 82 | (187 | ) | (124 | ) | (117 | ) | (63 | ) | ||
Interest accrued | 7 | 5 | (5 | ) | (11 | ) | 2 | 1 | 18 | 25 | ||||||
Other working capital accounts | 137 | 104 | (17 | ) | (114 | ) | (29 | ) | (48 | ) | 11 | 112 | ||||
Securitization regulatory charge | 97 | 99 | 104 | 107 | 98 | 99 | 99 | 97 | ||||||||
Total (H) | 27 | 14 | 5 | (45 | ) | (24 | ) | (61 | ) | 138 | 260 | |||||
FFO, rolling 12 months (F)+(G)-(H) | 3,673 | 3,655 | 3,314 | 3,309 | 3,409 | 3,634 | 3,712 | 3,596 | ||||||||
Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax) | — | — | — | — | 31 | 21 | 8 | — | ||||||||
Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax) | 23 | 15 | 11 | — | 53 | 55 | 52 | 51 | ||||||||
Add back: special item resulting from decisions to close VY, FitzPatrick and Pilgrim, rolling 12 months (pre-tax) | 56 | 57 | 56 | 55 | 6 | 8 | 8 | 7 | ||||||||
Operational FFO, rolling 12 months (I) | 3,752 | 3,727 | 3,381 | 3,364 | 3,499 | 3,718 | 3,780 | 3,654 | ||||||||
Operational FFO to debt ratio, excluding securitization debt % (I)/(C) | 28.2 | 28.4 | 25.4 | 25.7 | 26.9 | 28.9 | 29.4 | 27.8 | ||||||||
Calculations may differ due to rounding. | ||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. |
REG G RECONCILIATIONS | ||||||||||
UTILITY FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Net Income (A) | 1,096.9 | 829.1 | 828.9 | 943.0 | 1,106.5 | |||||
Preferred dividends | 17.6 | 17.3 | 17.3 | 17.3 | 17.3 | |||||
Tax-effected interest expense | 334.6 | 327.5 | 313.1 | 293.1 | 280.4 | |||||
As-Reported Net Income adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 1,449.1 | 1,173.9 | 1,159.3 | 1,253.4 | 1,404.2 | |||||
Utility special items | ||||||||||
Transmission business spin-merge expenses | — | — | (8.7 | ) | (37.1 | ) | — | |||
HCM implementation expenses | — | (7.6 | ) | (20.3 | ) | — | — | |||
Total special items (C) | — | (7.6 | ) | (29.0 | ) | (37.1 | ) | — | ||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 1,449.1 | 1,181.5 | 1,188.3 | 1,290.6 | 1,404.2 | |||||
Operational earnings (A-C) | 1,096.9 | 836.7 | 857.8 | 980.1 | 1,106.5 | |||||
As-reported Utility non-fuel O&M (D) | 2,560.6 | 2,394.6 | 2,388.9 | 2,190.4 | 2,055.6 | |||||
Utility special items included in non-fuel O&M | ||||||||||
Transmission business spin-merge expenses | — | 12.6 | 28.3 | 38.2 | — | |||||
HCM implementation expenses | — | — | 35.7 | — | — | |||||
Total special items included in non-fuel O&M (E) | — | 12.6 | 64.0 | 38.2 | — | |||||
Operational Utility non-fuel O&M (D-E) | 2,560.6 | 2,382.0 | 2,324.9 | 2,152.2 | 2,055.6 | |||||
Average invested capital (F) | 20,642 | 20,213 | 19,488 | 18,154 | 16,877 | |||||
Average common equity (G) | 9,241 | 8,904 | 8,599 | 7,991 | 7,462 | |||||
Gross debt (H) | 10,955 | 11,163 | 10,674 | 10,325 | 9,234 | |||||
Less securitization debt (I) | 775 | 777 | 883 | 974 | 1,071 | |||||
Gross debt, excluding securitization debt (H-I) | 10,180 | 10,386 | 9,791 | 9,352 | 8,164 | |||||
Less cash and cash equivalents (J) | 619 | 973 | 551 | 380 | 360 | |||||
Net debt, excluding securitization debt (H-I-J) | 9,561 | 9,413 | 9,240 | 8,971 | 7,804 | |||||
Total capitalization (K) | 20,825 | 20,350 | 19,857 | 18,902 | 17,200 | |||||
Less securitization debt (L) | 775 | 777 | 883 | 974 | 1,071 | |||||
Total capitalization, excluding securitization debt (K-L) | 20,050 | 19,573 | 18,974 | 17,929 | 16,129 | |||||
Less cash and cash equivalents (M) | 619 | 973 | 551 | 380 | 360 | |||||
Net capitalization, excluding securitization debt (K-L-M) | 19,431 | 18,600 | 18,423 | 17,548 | 15,769 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/F) | 7.0 | 5.8 | 5.9 | 6.9 | 8.3 | |||||
Return on average invested capital – Operational ((B-C)/F) | 7.0 | 5.9 | 6.1 | 7.1 | 8.3 | |||||
Return on average common equity – As-Reported (A/G) | 11.9 | 9.3 | 9.6 | 11.8 | 14.8 | |||||
Return on average common equity – Operational ((A-C)/G) | 11.9 | 9.4 | 10.0 | 12.3 | 14.8 | |||||
Debt to capital ratio (H/K) | 52.6 | 54.9 | 53.8 | 54.6 | 53.7 | |||||
Debt to capital ratio, excluding securitization debt ((H-I)/(K-L)) | 50.8 | 53.1 | 51.6 | 52.2 | 50.6 | |||||
Net debt to net capital ratio, excluding securitization debt ((H-I-J)/(K-L-M)) | 49.2 | 50.6 | 50.2 | 51.1 | 49.5 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. |
REG G RECONCILIATIONS | ||||||||||||||||
UTILITY FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ millions) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
As-Reported Net Income (A) | 223.4 | 199.7 | 360.0 | 313.7 | 201.1 | 207.8 | 310.9 | 109.3 | ||||||||
Less special items (B) | — | — | — | — | (2.3 | ) | (3.5 | ) | (0.3 | ) | (1.5 | ) | ||||
Operational earnings (A-B) | 223.4 | 199.7 | 360.0 | 313.7 | 203.4 | 211.3 | 311.2 | 110.8 | ||||||||
As-Reported Net Income-rolling 12 months (C) | 851.5 | 843.4 | 892.5 | 1,096.9 | 906.5 | 918.1 | 881.0 | 829.1 | ||||||||
Preferred dividends | 17.3 | 17.3 | 17.2 | 17.6 | 17.3 | 17.3 | 17.3 | 17.4 | ||||||||
Tax-effected interest expense | 331.2 | 335.4 | 336.9 | 334.6 | 317.7 | 321.1 | 324.1 | 327.5 | ||||||||
As-Reported Net Income, rolling 12 months adjusted for preferred | ||||||||||||||||
dividends and tax-effected interest expense (D) | 1,200.0 | 1,196.1 | 1,246.6 | 1,449.1 | 1,241.5 | 1,256.5 | 1,222.4 | 1,174.0 | ||||||||
Special items in prior quarters | (5.3 | ) | (1.8 | ) | (1.5 | ) | — | (25.0 | ) | (13.7 | ) | 1.4 | (7.6 | ) | ||
Special items in current quarter | — | — | — | — | (2.3 | ) | (3.5 | ) | (0.3 | ) | (1.5 | ) | ||||
Total special items (E) | (5.3 | ) | (1.8 | ) | (1.5 | ) | — | (27.3 | ) | (17.2 | ) | 1.1 | (9.1 | ) | ||
Operational earnings, rolling 12 months adjusted for preferred | ||||||||||||||||
dividends and tax-effected interest expense (D-E) | 1,205.3 | 1,197.9 | 1,248.1 | 1,449.1 | 1,268.8 | 1,273.7 | 1,221.3 | 1,183.1 | ||||||||
Operational earnings, rolling 12 months (C-E) | 856.8 | 845.2 | 894.0 | 1,096.9 | 933.8 | 935.3 | 879.9 | 838.2 | ||||||||
As-reported Utility non-fuel O&M (F) | 584.3 | 642.5 | 663.1 | 670.6 | 526.2 | 584.5 | 617.1 | 666.7 | ||||||||
Utility special items included in non-fuel O&M | ||||||||||||||||
Transmission business spin-merge expenses | — | — | — | — | 3.9 | 5.6 | 0.7 | 2.4 | ||||||||
HCM implementation expenses | — | — | — | — | — | — | — | — | ||||||||
Total special items included in non-fuel O&M (G) | — | — | — | — | 3.9 | 5.6 | 0.7 | 2.4 | ||||||||
Operational Utility non-fuel O&M (F-G) | 584.3 | 642.5 | 663.1 | 670.6 | 522.3 | 579.0 | 616.4 | 664.3 | ||||||||
Average invested capital (H) | 20,462 | 20,425 | 20,723 | 20,587 | 19,623 | 19,990 | 20,117 | 20,103 | ||||||||
Average common equity (I) | 9,038 | 9,093 | 9,325 | 9,241 | 8,592 | 8,713 | 8,885 | 8,904 | ||||||||
Gross debt (J) | 11,195 | 11,111 | 11,274 | 10,955 | 11,092 | 10,993 | 11,055 | 11,163 | ||||||||
Less securitization debt (K) | 762 | 734 | 814 | 775 | 861 | 832 | 814 | 777 | ||||||||
Gross debt, excluding securitization debt (J-K) | 10,433 | 10,377 | 10,460 | 10,180 | 10,231 | 10,161 | 10,241 | 10,386 | ||||||||
Less cash and cash equivalents (L) | 774 | 734 | 830 | 619 | 611 | 319 | 489 | 973 | ||||||||
Net debt, excluding securitization debt (J-K-L) | 9,659 | 9,643 | 9,630 | 9,561 | 9,620 | 9,842 | 9,752 | 9,413 | ||||||||
Total capitalization (M) | 20,579 | 20,562 | 20,983 | 20,825 | 20,345 | 20,288 | 20,464 | 20,350 | ||||||||
Less securitization debt (N) | 762 | 734 | 814 | 775 | 861 | 832 | 814 | 777 | ||||||||
Total capitalization, excluding securitization debt (M-N) | 19,817 | 19,828 | 20,169 | 20,050 | 19,484 | 19,456 | 19,650 | 19,573 | ||||||||
Less cash and cash equivalents (O) | 774 | 734 | 830 | 619 | 611 | 319 | 489 | 973 | ||||||||
Net capitalization, excluding securitization debt (M-N-O) | 19,043 | 19,094 | 19,339 | 19,431 | 18,873 | 19,137 | 19,161 | 18,600 | ||||||||
(%) | ||||||||||||||||
Return on average invested capital – | ||||||||||||||||
As-Reported (D/H) | 5.9 | 5.9 | 6.0 | 7.0 | 6.3 | 6.3 | 6.1 | 5.8 | ||||||||
Return on average invested capital – | ||||||||||||||||
Operational ((D-E)/H) | 5.9 | 5.9 | 6.0 | 7.0 | 6.5 | 6.4 | 6.1 | 5.9 | ||||||||
Return on average common equity – |
As-Reported (C/I) | 9.4 | 9.3 | 9.6 | 11.9 | 10.6 | 10.5 | 9.9 | 9.3 | ||||||||
Return on average common equity – | ||||||||||||||||
Operational ((C-E)/I) | 9.5 | 9.3 | 9.6 | 11.9 | 10.8 | 10.7 | 9.9 | 9.4 | ||||||||
Debt to capital ratio (J/M) | 54.4 | 54.0 | 53.7 | 52.6 | 54.5 | 54.2 | 54.0 | 54.9 | ||||||||
Debt to capital ratio, excluding securitization debt ((J-K)/(M-N)) | 52.6 | 52.3 | 51.9 | 50.8 | 52.5 | 52.2 | 52.1 | 53.1 | ||||||||
Net debt to net capital ratio, excluding securitization debt ((J-K-L)/(M-N-O)) | 50.7 | 50.5 | 49.8 | 49.2 | 51.0 | 51.4 | 50.9 | 50.6 | ||||||||
Calculations may differ due to rounding. | ||||||||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY ARKANSAS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Earnings (A) | 67.4 | 114.5 | 155.1 | 145.5 | 158.0 | |||||
Preferred dividends | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | |||||
Tax-effected interest expense | 60.3 | 55.5 | 54.3 | 49.5 | 49.7 | |||||
As-Reported Earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 134.6 | 176.9 | 216.3 | 201.9 | 214.6 | |||||
Special items | ||||||||||
Transmission business spin-merge expenses | — | — | (0.4 | ) | (13.0 | ) | — | |||
HCM implementation expenses | — | (1.4 | ) | (2.4 | ) | — | — | |||
Total special items (C) | — | (1.4 | ) | (2.8 | ) | (13.0 | ) | — | ||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 134.6 | 178.3 | 219.1 | 214.9 | 214.6 | |||||
Operational earnings (A-C) | 67.4 | 115.9 | 157.9 | 158.5 | 158.0 | |||||
Average invested capital (D) | 4,640 | 4,423 | 4,026 | 3,645 | 3,451 | |||||
Average invested capital, excluding securitization (E) | 4,572 | 4,343 | 3,933 | 3,540 | 3,334 | |||||
Average common equity (F) | 1,858 | 1,772 | 1,650 | 1,512 | 1,424 | |||||
Gross debt (G) | 2,642 | 2,689 | 2,380 | 2,139 | 1,894 | |||||
Less securitization debt (H) | 61 | 74 | 87 | 99 | 111 | |||||
Gross debt, excluding securitization debt (G-H) | 2,581 | 2,615 | 2,293 | 2,040 | 1,783 | |||||
Less cash and cash equivalents (I) | 9 | 219 | 127 | 35 | 23 | |||||
Net debt, excluding securitization debt (G-H-I) | 2,572 | 2,396 | 2,166 | 2,006 | 1,761 | |||||
Total capitalization (J) | 4,650 | 4,630 | 4,216 | 3,835 | 3,455 | |||||
Less securitization debt (K) | 61 | 74 | 87 | 99 | 111 | |||||
Total capitalization, excluding securitization debt (J-K) | 4,589 | 4,556 | 4,129 | 3,736 | 3,344 | |||||
Less cash and cash equivalents (L) | 9 | 219 | 127 | 35 | 23 | |||||
Net capitalization, excluding securitization debt (J-K-L) | 4,580 | 4,337 | 4,002 | 3,702 | 3,321 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 2.9 | 4.0 | 5.4 | 5.5 | 6.2 | |||||
Return on average invested capital – Operational ((B-C)/E) | 2.9 | 4.1 | 5.6 | 6.1 | 6.4 | |||||
Return on average common equity – As-Reported (A/F) | 3.6 | 6.5 | 9.4 | 9.6 | 11.1 | |||||
Return on average common equity – Operational ((A-C)/F) | 3.6 | 6.5 | 9.6 | 10.5 | 11.1 | |||||
Debt to capital ratio (G/J) | 56.8 | 58.1 | 56.4 | 55.8 | 54.8 | |||||
Debt to capital ratio, excluding securitization debt ((G-H)/(J-K)) | 56.2 | 57.4 | 55.5 | 54.6 | 53.3 | |||||
Net debt to net capital ratio, excluding securitization debt ((G-H-I)/(J-K-L)) | 56.1 | 55.3 | 54.1 | 54.2 | 53.0 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY TEXAS – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Net Income (A) | 69.6 | 74.8 | 57.9 | 42.0 | 80.8 | |||||
Preferred dividends | — | — | — | — | — | |||||
Tax-effected interest expense | 50.7 | 53.0 | 54.7 | 57.2 | 56.0 | |||||
As-Reported Net Income adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 120.3 | 127.8 | 112.6 | 99.2 | 136.8 | |||||
Special items | ||||||||||
Transmission business spin-merge expenses | — | — | (3.2 | ) | (4.6 | ) | — | |||
HCM implementation expenses | — | (1.1 | ) | (5.6 | ) | — | — | |||
Total special items (C) | — | (1.1 | ) | (8.8 | ) | (4.6 | ) | — | ||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 120.3 | 128.9 | 121.4 | 103.8 | 136.8 | |||||
Operational earnings (A-C) | 69.6 | 75.9 | 66.7 | 46.6 | 80.8 | |||||
Average invested capital (D) | 2,387 | 2,396 | 2,445 | 2,509 | 2,522 | |||||
Average invested capital, excluding securitization debt (E) | 1,858 | 1,803 | 1,790 | 1,795 | 1,747 | |||||
Average common equity (F) | 927 | 889 | 871 | 877 | 862 | |||||
Gross debt (G) | 1,452 | 1,469 | 1,545 | 1,604 | 1,661 | |||||
Less securitization debt (H) | 497 | 562 | 624 | 685 | 743 | |||||
Gross debt, excluding securitization debt (G-H) | 955 | 907 | 921 | 919 | 918 | |||||
Less cash and cash equivalents (I) | 2 | 30 | 47 | 60 | 65 | |||||
Net debt, excluding securitization debt (G-H-I) | 953 | 877 | 874 | 859 | 853 | |||||
Total capitalization (J) | 2,413 | 2,361 | 2,432 | 2,458 | 2,560 | |||||
Less securitization debt (K) | 497 | 562 | 624 | 685 | 743 | |||||
Total capitalization, excluding securitization debt (J-K) | 1,916 | 1,799 | 1,808 | 1,773 | 1,817 | |||||
Less cash and cash equivalents (L) | 2 | 30 | 47 | 60 | 65 | |||||
Net capitalization, excluding securitization debt (J-K-L) | 1,914 | 1,769 | 1,761 | 1,713 | 1,752 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 5.0 | 5.3 | 4.6 | 4.0 | 5.4 | |||||
Return on average invested capital – Operational ((B-C)/E) | 6.5 | 7.1 | 6.8 | 5.8 | 7.8 | |||||
Return on average common equity – As-Reported (A/F) | 7.5 | 8.4 | 6.6 | 4.8 | 9.4 | |||||
Return on average common equity – Operational ((A-C)/F) | 7.5 | 8.5 | 7.7 | 5.3 | 9.4 | |||||
Debt to capital ratio (G/J) | 60.2 | 62.2 | 63.5 | 65.2 | 64.9 | |||||
Debt to capital ratio, excluding securitization debt ((G-H)/(J-K)) | 49.8 | 50.4 | 50.9 | 51.8 | 50.5 | |||||
Net debt to net capital ratio, excluding securitization debt ((G-H-I)/(J-K-L)) | 49.8 | 49.6 | 49.6 | 50.1 | 48.7 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY LOUISIANA FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES (a) | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Earnings (A) | 440.9 | 438.2 | 406.3 | 432.3 | 667.8 | |||||
Preferred dividends | 5.7 | 7.8 | 7.8 | 7.8 | 7.8 | |||||
Tax-effected interest expense | 153.5 | 140.9 | 134.6 | 122.1 | 110.9 | |||||
As-Reported Earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 600.1 | 586.9 | 548.7 | 562.2 | 786.5 | |||||
Special items | ||||||||||
Transmission business spin-merge expenses | — | — | (4.0 | ) | (11.2 | ) | — | |||
HCM implementation expenses | — | (3.5 | ) | (5.1 | ) | — | — | |||
Total special items (C) | — | (3.5 | ) | (9.1 | ) | (11.2 | ) | — | ||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 600.1 | 590.4 | 557.8 | 573.4 | 786.5 | |||||
Operational earnings (A-C) | 440.9 | 441.7 | 415.4 | 443.5 | 667.8 | |||||
Average invested capital (D) | 9,481 | 9,235 | 8,977 | 8,257 | 7,382 | |||||
Average invested capital, excluding securitization (E) | 9,350 | 9,084 | 8,806 | 8,066 | 7,280 | |||||
Average members’ equity (F) | 4,487 | 4,282 | 4,335 | 4,066 | 3,662 | |||||
Gross debt (G) | 4,897 | 4,980 | 4,706 | 4,357 | 3,804 | |||||
Less securitization debt (H) | 121 | 141 | 162 | 179 | 204 | |||||
Gross debt, excluding securitization debt (G-H) | 4,776 | 4,839 | 4,545 | 4,178 | 3,600 | |||||
Less cash and cash equivalents (I) | 35 | 321 | 140 | 66 | 26 | |||||
Net debt, excluding securitization debt (G-H-I) | 4,741 | 4,518 | 4,405 | 4,112 | 3,574 | |||||
Total capitalization (J) | 9,634 | 9,327 | 9,143 | 8,811 | 7,703 | |||||
Less securitization debt (K) | 121 | 141 | 162 | 179 | 204 | |||||
Total capitalization, excluding securitization debt (J-K) | 9,513 | 9,186 | 8,981 | 8,632 | 7,499 | |||||
Less cash and cash equivalents (L) | 35 | 321 | 140 | 66 | 26 | |||||
Net capitalization, excluding securitization debt (J-K-L) | 9,478 | 8,865 | 8,841 | 8,566 | 7,473 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 6.3 | 6.4 | 6.1 | 6.8 | 10.7 | |||||
Return on average invested capital – Operational ((B-C)/E) | 6.4 | 6.5 | 6.3 | 7.1 | 10.8 | |||||
Return on average members’ equity – As-Reported (A/F) | 9.8 | 10.2 | 9.4 | 10.6 | 18.2 | |||||
Return on average members’ equity – Operational ((A-C)/F) | 9.8 | 10.3 | 9.6 | 10.9 | 18.2 | |||||
Debt to capital ratio (G/J) | 50.8 | 53.4 | 51.5 | 49.5 | 49.4 | |||||
Debt to capital ratio, excluding securitization debt ((G-H)/(J-K)) | 50.2 | 52.7 | 50.6 | 48.4 | 48.0 | |||||
Net debt to net capital ratio, excluding securitization debt ((G-H-I)/(J-K-L)) | 50.0 | 51.0 | 49.8 | 48.0 | 47.8 | |||||
(a) On Sept. 1, 2015, ELL transferred its Algiers assets to ENOI. The effect of the Algiers transfer has been retrospectively applied to ENOI's but not ELL's financial data presented in this report. | ||||||||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY MISSISSIPPI FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Earnings (A) | 89.9 | 72.0 | 79.3 | 43.9 | 105.9 | |||||
Preferred dividends | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | |||||
Tax-effected interest expense | 34.6 | 34.3 | 35.4 | 34.0 | 29.5 | |||||
As-Reported Earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 127.3 | 109.1 | 117.5 | 80.8 | 138.3 | |||||
Special items | ||||||||||
Transmission business spin-merge expenses | — | — | (0.9 | ) | (7.5 | ) | — | |||
HCM implementation expenses | — | (1.2 | ) | (4.5 | ) | — | — | |||
Total special items (C) | — | (1.2 | ) | (5.4 | ) | (7.5 | ) | — | ||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 127.3 | 110.3 | 122.9 | 88.3 | 138.3 | |||||
Operational earnings (A-C) | 89.9 | 73.2 | 84.7 | 51.4 | 105.9 | |||||
Average invested capital (D) | 2,086 | 2,053 | 2,068 | 1,946 | 1,712 | |||||
Average common equity (E) | 987 | 957 | 916 | 858 | 784 | |||||
Gross debt (F) | 1,048 | 1,048 | 1,044 | 1,161 | 915 | |||||
Less cash and cash equivalents (G) | 146 | 62 | — | 53 | — | |||||
Net debt (F-G) | 902 | 986 | 1,044 | 1,108 | 915 | |||||
Total capitalization (H) | 2,110 | 2,061 | 2,046 | 2,091 | 1,801 | |||||
Less cash and cash equivalents (I) | 146 | 62 | — | 53 | — | |||||
Net capitalization (H-I) | 1,964 | 1,999 | 2,046 | 2,038 | 1,801 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 6.1 | 5.3 | 5.7 | 4.2 | 8.1 | |||||
Return on average invested capital – Operational ((B-C)/D) | 6.1 | 5.4 | 5.9 | 4.5 | 8.1 | |||||
Return on average common equity – As-Reported (A/E) | 9.1 | 7.5 | 8.7 | 5.1 | 13.5 | |||||
Return on average common equity – Operational ((A-C)/E) | 9.1 | 7.7 | 9.3 | 6.0 | 13.5 | |||||
Debt to capital ratio (F/H) | 49.7 | 50.9 | 51.0 | 55.5 | 50.8 | |||||
Net debt to net capital ratio ((F-G)/(H-I)) | 45.9 | 49.3 | 51.0 | 54.4 | 50.8 | |||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
ENTERGY NEW ORLEANS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES (a) | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Earnings (A) | 44.0 | 30.0 | 11.6 | 18.9 | 36.2 | |||||
Preferred dividends | 1.0 | 1.0 | 1.0 | 0.9 | 1.0 | |||||
Tax-effected interest expense | 10.3 | 9.8 | 9.9 | 8.3 | 8.0 | |||||
As-Reported Earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 55.3 | 40.8 | 22.5 | 28.1 | 45.1 | |||||
Special items | ||||||||||
Transmission business spin-merge expenses | — | — | (0.1 | ) | (0.9 | ) | — | |||
HCM implementation expenses | — | (0.4 | ) | (2.7 | ) | — | — | |||
Total special items (C) | — | (0.4 | ) | (2.9 | ) | (0.9 | ) | — | ||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 55.3 | 41.2 | 25.2 | 29.0 | 45.1 | |||||
Operational earnings (A-C) | 44.0 | 30.4 | 14.5 | 19.8 | 36.2 | |||||
Average invested capital (D) | 632 | 538 | 503 | 455 | 435 | |||||
Average invested capital, excluding securitization (E) | 584 | 538 | 503 | 455 | 435 | |||||
Average common equity (F) | 289 | 217 | 201 | 188 | 185 | |||||
Gross debt (G) | 343 | 304 | 298 | 266 | 229 | |||||
Less securitization debt (H) | 96 | — | — | — | — | |||||
Gross debt, excluding securitization debt (G-H) | 247 | 304 | 298 | 266 | 229 | |||||
Less cash and cash equivalents (I) | 89 | 42 | 33 | 9 | 10 | |||||
Net debt, excluding securitization debt (G-H-I) | 158 | 262 | 265 | 257 | 219 | |||||
Total capitalization (J) | 713 | 551 | 524 | 481 | 430 | |||||
Less securitization debt (K) | 96 | — | — | — | — | |||||
Total capitalization, excluding securitization debt (J-K) | 617 | 551 | 524 | 481 | 430 | |||||
Less cash and cash equivalents (L) | 89 | 42 | 33 | 9 | 10 | |||||
Net capitalization, excluding securitization debt (J-K-L) | 528 | 509 | 491 | 472 | 420 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 8.7 | 7.6 | 4.5 | 6.2 | 10.4 | |||||
Return on average invested capital – Operational ((B-C)/E) | 9.5 | 7.7 | 5.0 | 6.4 | 10.4 | |||||
Return on average common equity – As-Reported (A/F) | 15.2 | 13.8 | 5.8 | 10.0 | 19.6 | |||||
Return on average common equity – Operational ((A-C)/F) | 15.2 | 14.0 | 7.2 | 10.5 | 19.6 | |||||
Debt to capital ratio (G/J) | 48.1 | 55.1 | 56.9 | 55.2 | 53.2 | |||||
Debt to capital ratio, excluding securitization debt ((G-H)/(J-K)) | 40.0 | 55.1 | 56.9 | 55.2 | 53.2 | |||||
Net debt to net capital ratio, excluding securitization debt ((G-H-I)/(J-K-L)) | 30.0 | 51.3 | 53.9 | 54.4 | 52.1 | |||||
(a) On Sept. 1, 2015, ELL transferred its Algiers assets to ENOI. The effect of the Algiers transfer has been retrospectively applied to ENOI's but not ELL's financial data presented in this report. | ||||||||||
Calculations may differ due to rounding. | ||||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
REG G RECONCILIATIONS | ||||||||||
SYSTEM ENERGY RESOURCES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Net Income (A) | 111.3 | 96.3 | 113.7 | 111.9 | 64.2 | |||||
Preferred dividends | — | — | — | — | — | |||||
Tax-effected interest expense | 26.7 | 35.1 | 23.0 | 23.4 | 25.5 | |||||
As-Reported Net Income adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | 138.0 | 131.4 | 136.7 | 135.3 | 89.7 | |||||
Special items | ||||||||||
Transmission business spin-merge expenses | — | — | — | — | — | |||||
HCM implementation expenses | — | — | — | — | — | |||||
Total special items (C) | — | — | — | — | — | |||||
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 138.0 | 131.4 | 136.7 | 135.3 | 89.7 | |||||
Operational earnings (A-C) | 111.3 | 96.3 | 113.7 | 111.9 | 64.2 | |||||
Average invested capital (D) | 1,476 | 1,612 | 1,637 | 1,592 | 1,609 | |||||
Average common equity (E) | 826 | 873 | 854 | 817 | 806 | |||||
Gross debt (F) | 573 | 727 | 751 | 815 | 736 | |||||
Less cash and cash equivalents (G) | 231 | 223 | 127 | 84 | 185 | |||||
Net debt (F-G) | 342 | 504 | 624 | 731 | 551 | |||||
Total capitalization (H) | 1,354 | 1,598 | 1,627 | 1,648 | 1,537 | |||||
Less cash and cash equivalents (I) | 231 | 223 | 127 | 84 | 185 | |||||
Net capitalization (H-I) | 1,123 | 1,375 | 1,500 | 1,564 | 1,351 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | 9.3 | 8.2 | 8.3 | 8.5 | 5.6 | |||||
Return on average invested capital – Operational ((B-C)/D) | 9.3 | 8.2 | 8.3 | 8.5 | 5.6 | |||||
Return on average common equity – As-Reported (A/E) | 13.5 | 11.0 | 13.3 | 13.7 | 8.0 | |||||
Return on average common equity – Operational ((A-C)/E) | 13.5 | 11.0 | 13.3 | 13.7 | 8.0 | |||||
Debt to capital ratio (F/H) | 42.3 | 45.7 | 46.2 | 49.5 | 47.9 | |||||
Net debt to net capital ratio ((F-G)/(H-I)) | 30.5 | 36.9 | 41.6 | 46.8 | 40.8 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
Calculations may differ due to rounding. |
ENTERGY WHOLESALE COMMODITIES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-Reported Net Income (A) | (1,067.8 | ) | 292.3 | 42.9 | 40.4 | 488.6 | ||||
Preferred dividends | 2.2 | 2.2 | 0.1 | — | 3.3 | |||||
Tax-effected interest expense | 16.5 | 10.2 | 10.0 | 11.0 | 20.3 | |||||
As-Reported Net Income adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B) | (1,049.1 | ) | 304.7 | 53.0 | 51.4 | 512.2 | ||||
Special items | ||||||||||
Decisions to close VY, FitzPatrick, and Pilgrim | (1,072.7 | ) | (99.7 | ) | (204.8 | ) | (223.5 | ) | — | |
Palisades asset impairment and related write-offs | (255.9 | ) | — | — | — | — | ||||
Top Deer investment impairment | (23.9 | ) | — | — | — | — | ||||
Gain on the sale of RISEC | 100.1 | — | — | — | — | |||||
HCM implementation expenses | — | (2.1 | ) | (15.0 | ) | — | — | |||
Total special items (C) | (1,252.4 | ) | (101.8 | ) | (219.8 | ) | (223.5 | ) | — | |
Operational earnings adjusted for preferred | ||||||||||
dividends and tax-effected interest expense (B-C) | 203.3 | 406.5 | 272.8 | 274.9 | 512.2 | |||||
Operational earnings (A-C) | 184.6 | 394.1 | 262.7 | 263.9 | 488.6 | |||||
Average invested capital (D) | 4,781 | 5,204 | 5,145 | 5,513 | 5,627 | |||||
Average common equity (E) | 4,413 | 4,921 | 4,978 | 5,328 | 5,029 | |||||
Gross debt (F) | 371 | 318 | 199 | 111 | 204 | |||||
Less cash and cash equivalents (G) | 719 | 433 | 176 | 141 | 323 | |||||
Net debt (F-G) | (348 | ) | (115 | ) | 23 | (30 | ) | (119 | ) | |
Total capitalization (H) | 4,103 | 5,460 | 4,948 | 5,341 | 5,685 | |||||
Less cash and cash equivalents (I) | 719 | 433 | 176 | 141 | 323 | |||||
Net capitalization (H-I) | 3,384 | 5,027 | 4,772 | 5,201 | 5,362 | |||||
(%) | ||||||||||
Return on average invested capital – As-Reported (B/D) | (21.9 | ) | 5.9 | 1.0 | 0.9 | 9.1 | ||||
Return on average invested capital – Operational ((B-C)/D) | 4.3 | 7.8 | 5.3 | 5.0 | 9.1 | |||||
Return on average common equity – As-Reported (A/E) | (24.2 | ) | 5.9 | 0.9 | 0.8 | 9.7 | ||||
Return on average common equity – Operational ((A-C)/E) | 4.2 | 8.0 | 5.3 | 5.0 | 9.7 | |||||
Debt to capital ratio (F/H) | 9.0 | 5.8 | 4.0 | 2.1 | 3.6 | |||||
Net debt to net capital ratio ((F-G)/(H-I)) | (10.3 | ) | (2.3 | ) | 0.5 | (0.6 | ) | (2.2 | ) | |
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
Calculations may differ due to rounding. | ||||||||||
REG G RECONCILIATIONS | ||||||||||||||||
ENTERGY WHOLESALE COMMODITIES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ millions) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
For the quarter: | ||||||||||||||||
As-Reported Net Income (A) | 122.9 | (4.1 | ) | (1,032.0 | ) | (154.7 | ) | 241.9 | 25.9 | (33.2 | ) | 57.1 | ||||
Less special items (B) | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (183.0 | ) | (6.6 | ) | (7.5 | ) | (74.0 | ) | (13.7 | ) |
Operational earnings (A-B) | 127.5 | (3.0 | ) | 31.7 | 28.3 | 248.5 | 33.4 | 40.8 | 70.8 | |||||||
As-Reported Net Income, rolling 12 months (C) | 173.3 | 142.7 | (856.0 | ) | (1,067.8 | ) | 202.7 | 217.1 | 276.7 | 292.3 | ||||||
Preferred dividends | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||
Tax-effected interest expense | 10.8 | 12.3 | 14.5 | 16.5 | 11.3 | 10.9 | 10.6 | 10.2 | ||||||||
As-Reported Net Income, rolling | ||||||||||||||||
12 months adjusted for preferred | ||||||||||||||||
dividends and tax-effected interest | ||||||||||||||||
expense (D) | 184.6 | 155.5 | (841.0 | ) | (1,050.8 | ) | 214.5 | 228.5 | 287.8 | 303.0 | ||||||
Special items in prior quarters | (95.2 | ) | (92.4 | ) | (19.5 | ) | (1,069.4 | ) | (219.8 | ) | (225.3 | ) | (57.6 | ) | (88.0 | ) |
Special items in current quarter | (4.6 | ) | (1.1 | ) | (1,063.7 | ) | (183.0 | ) | (6.6 | ) | (7.5 | ) | (74.0 | ) | (13.7 | ) |
Total special items (E) | (99.9 | ) | (93.5 | ) | (1,083.1 | ) | (1,252.4 | ) | (226.4 | ) | (232.8 | ) | (131.6 | ) | (101.7 | ) |
Operational earnings, rolling 12 months adjusted | ||||||||||||||||
for preferred dividends and tax-effected | ||||||||||||||||
interest expense (D-E) | 284.5 | 249.0 | 242.1 | 201.6 | 440.9 | 461.3 | 419.4 | 404.7 | ||||||||
Operational earnings, rolling 12 months (C-E) | 273.2 | 236.2 | 227.1 | 184.6 | 429.1 | 449.9 | 408.3 | 394.0 | ||||||||
Average invested capital (F) | 4,909 | 5,174 | 4,539 | 4,781 | 4,879 | 5,292 | 5,185 | 5,204 | ||||||||
Average common equity (G) | 4,659 | 4,956 | 4,310 | 4,413 | 4,764 | 5,176 | 4,958 | 4,921 | ||||||||
Gross debt (H) | 356 | 292 | 295 | 371 | 96 | 97 | 139 | 318 | ||||||||
Less cash and cash equivalents (I) | 402 | 167 | 192 | 719 | 287 | 318 | 277 | 433 | ||||||||
Net debt (H-I) | (46 | ) | 125 | 103 | (348 | ) | (191 | ) | (221 | ) | (138 | ) | (115 | ) | ||
Total capitalization (J) | 5,499 | 5,343 | 4,243 | 4,103 | 4,319 | 5,006 | 4,835 | 5,460 | ||||||||
Less cash and cash equivalents (K) | 402 | 167 | 192 | 719 | 287 | 318 | 277 | 433 | ||||||||
Net capital (J-K) | 5,097 | 5,176 | 4,051 | 3,384 | 4,032 | 4,688 | 4,558 | 5,027 | ||||||||
(%) | ||||||||||||||||
Return on average invested capital – | ||||||||||||||||
As-Reported (D/F) | 3.8 | 3.0 | (18.5 | ) | (21.9 | ) | 4.4 | 4.3 | 5.6 | 5.9 | ||||||
Return on average invested capital – | ||||||||||||||||
Operational ((D-E)/F) | 5.8 | 4.8 | 5.4 | 4.3 | 9.0 | 8.7 | 8.1 | 7.8 | ||||||||
Return on average common equity – | ||||||||||||||||
As-Reported (C/G) | 3.7 | 2.9 | (19.9 | ) | (24.2 | ) | 4.3 | 4.2 | 5.6 | 5.9 | ||||||
Return on average common equity – | ||||||||||||||||
Operational ((C-E)/G) | 5.9 | 4.8 | 5.3 | 4.2 | 9.0 | 8.7 | 8.2 | 8.0 | ||||||||
Debt to capital ratio (H/J) | 6.5 | 5.5 | 7.0 | 9.0 | 2.2 | 1.9 | 2.9 | 5.8 | ||||||||
Net debt to net capital ratio ((H-I)/(J-K)) | (0.9 | ) | 2.4 | 2.6 | (10.3 | ) | (4.7 | ) | (4.7 | ) | (3.0 | ) | (2.3 | ) | ||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||
Calculations may differ due to rounding. | ||||||||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY WHOLESALE COMMODITIES FINANCIAL METRICS – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ in thousands except where noted) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-reported EWC operating revenues (A) | 2,061,827 | 2,719,405 | 2,312,758 | 2,326,309 | 2,413,773 | |||||
Less Palisades below-market PPA amortization (B) | 15,200 | 16,496 | 17,656 | 16,725 | 42,996 | |||||
Adjusted EWC operating revenues (A-B) | 2,046,627 | 2,702,909 | 2,295,102 | 2,309,584 | 2,370,777 | |||||
EWC billed sales (GWh) (C) | 39,745 | 44,424 | 45,127 | 46,178 | 43,497 | |||||
As-reported EWC average total revenue per MWh (A/C) | 51.88 | 61.21 | 51.25 | 50.38 | 55.49 | |||||
Adjusted EWC average total revenue per MWh ((A-B)/(C)) | 51.49 | 60.84 | 50.86 | 50.02 | 54.50 | |||||
Adjusted EWC operating revenues (D) | 2,046,627 | 2,702,909 | ||||||||
Less Vermont Yankee operating revenue (E) | — | 315,293 | ||||||||
Adjusted EWC operating revenues excluding Vermont Yankee (D-E) | 2,046,627 | 2,387,616 | ||||||||
EWC billed sales excluding Vermont Yankee (GWh) (F) | 39,745 | 39,364 | ||||||||
Adjusted EWC average total revenue per MWh excluding VY (D-E)/(F) | 51.49 | 60.65 | ||||||||
As-reported EWC non-fuel O&M (G) | 1,033,144 | 1,172,339 | 1,179,824 | 1,092,602 | 1,056,070 | |||||
Special Items included in non-fuel O&M | ||||||||||
Decisions to close VY, FitzPatrick and Pilgrim | 16,979 | 43,516 | 21,130 | — | — | |||||
HCM implementation expenses | — | 3,261 | 15,953 | — | — | |||||
Total special items included in non-fuel O&M (H) | 16,979 | 46,777 | 37,083 | — | — | |||||
Operational EWC non-fuel O&M (G-H) | 1,016,165 | 1,125,562 | 1,142,741 | 1,092,602 | 1,056,070 | |||||
As-reported EWC non-fuel O&M expense per MWh (G/C) | 25.99 | 26.39 | 26.14 | 23.66 | 24.28 | |||||
Operational EWC non-fuel O&M expense per MWh ((G-H)/(C)) | 25.57 | 25.34 | 25.32 | 23.66 | 24.28 | |||||
Totals may not foot due to rounding. | ||||||||||
Calculations may differ due to rounding. |
ENTERGY WHOLESALE COMMODITIES FINANCIAL METRICS – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ in thousands except where noted) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
As-reported EWC operating revenues (A) | 642,590 | 439,306 | 521,746 | 458,184 | 912,122 | 577,891 | 605,740 | 623,652 | ||||||||
Less Palisades below-market PPA amortization (B) | 3,800 | 3,800 | 3,800 | 3,800 | 4,124 | 4,124 | 4,124 | 4,124 | ||||||||
Adjusted EWC operating revenues (A-B) | 638,790 | 435,506 | 517,946 | 454,384 | 907,998 | 573,767 | 601,616 | 619,528 | ||||||||
EWC billed sales (GWh) (C) | 9,592 | 9,578 | 10,748 | 10,135 | 10,014 | 11,533 | 11,328 | 11,550 | ||||||||
As-reported EWC average total revenue per MWh (A/C) | 67.00 | 45.87 | 48.54 | 45.21 | 91.08 | 50.11 | 53.47 | 54.00 | ||||||||
Adjusted EWC average total revenue per MWh ((A-B)/(C)) | 66.60 | 45.47 | 48.19 | 44.83 | 90.68 | 49.75 | 53.11 | 53.64 | ||||||||
Adjusted EWC operating revenues (D) | 638,790 | 435,506 | 517,946 | 454,384 | 907,998 | 573,767 | 601,616 | 619,528 | ||||||||
Less Vermont Yankee operating revenue (E) | — | — | — | — | 156,246 | 58,242 | 47,824 | 52,981 | ||||||||
Adjusted EWC operating revenues excluding Vermont Yankee (D-E) | 638,790 | 435,506 | 517,946 | 454,384 | 751,752 | 515,525 | 553,792 | 566,547 | ||||||||
EWC billed sales excluding Vermont Yankee (GWh) (F) | 9,592 | 9,578 | 10,748 | 10,135 | 8,693 | 10,211 | 10,018 | 10,442 | ||||||||
Adjusted EWC average total revenue per MWh excluding VY (D-E)/(F) | 66.60 | 45.47 | 48.19 | 44.83 | 86.48 | 50.49 | 55.28 | 54.26 | ||||||||
As-reported EWC non-fuel O&M (G) | 248,326 | 248,738 | 255,656 | 280,425 | 263,160 | 297,863 | 295,375 | 316,917 | ||||||||
Special Items included in non-fuel O&M | ||||||||||||||||
Decisions to close VY, FitzPatrick and Pilgrim | 7,489 | 1,579 | 1,706 | 6,205 | 6,728 | 8,705 | 9,681 | 18,402 | ||||||||
HCM implementation expenses | — | — | — | — | 1,093 | 949 | 483 | 736 | ||||||||
Total special items included in non-fuel O&M (H) | 7,489 | 1,579 | 1,706 | 6,205 | 7,821 | 9,654 | 10,164 | 19,138 | ||||||||
Operational EWC non-fuel O&M (G-H) | 240,837 | 247,159 | 253,950 | 274,220 | 255,339 | 288,209 | 285,211 | 297,779 | ||||||||
As-reported EWC non-fuel O&M expense per MWh (G/C) | 25.89 | 25.97 | 23.79 | 27.67 | 26.28 | 25.83 | 26.07 | 27.44 | ||||||||
Operational EWC non-fuel O&M expense per MWh ((G-H)/(C)) | 25.11 | 25.80 | 23.63 | 27.06 | 25.50 | 24.99 | 25.18 | 25.78 | ||||||||
Calculations may differ due to rounding. | ||||||||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY WHOLESALE COMMODITIES NUCLEAR FINANCIAL METRICS – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ in thousands except where noted) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
As-reported EWC nuclear operating revenues (A) | 1,846,508 | 2,445,695 | 2,031,998 | 2,080,581 | 2,282,360 | |||||
Less Palisades below-market PPA amortization (B) | 15,200 | 16,496 | 17,656 | 16,725 | 42,996 | |||||
Adjusted EWC nuclear operating revenues (A-B) | 1,831,308 | 2,429,199 | 2,014,342 | 2,063,856 | 2,239,364 | |||||
EWC nuclear billed sales (GWh) (C) | 35,859 | 40,253 | 40,167 | 41,042 | 40,918 | |||||
As-reported EWC nuclear average total revenue per MWh (A/C) | 51.49 | 60.76 | 50.59 | 50.69 | 55.78 | |||||
Adjusted EWC nuclear average total revenue per MWh ((A-B)/(C)) | 51.07 | 60.35 | 50.15 | 50.29 | 54.73 | |||||
Adjusted EWC nuclear operating revenues (D) | 1,831,308 | 2,429,199 | ||||||||
Less Vermont Yankee operating revenue (E) | — | 315,293 | ||||||||
Adjusted EWC nuclear operating revenues excluding Vermont Yankee (D)-(E) | 1,831,308 | 2,113,906 | ||||||||
EWC nuclear billed sales excluding Vermont Yankee (GWh) (F) | 35,859 | 35,191 | ||||||||
Adjusted EWC nuclear average total revenue per MWh excluding VY (D-E)/(F) | 51.07 | 60.07 | ||||||||
As-reported EWC nuclear non-fuel O&M (G) | 984,539 | 1,133,088 | 1,146,560 | 1,044,658 | 1,033,149 | |||||
Special Items included in EWC nuclear non-fuel O&M | ||||||||||
Decisions to close VY, FitzPatrick and Pilgrim | 16,979 | 43,516 | 21,130 | — | — | |||||
HCM implementation expenses | — | 3,261 | 15,615 | — | — | |||||
Total special items included in EWC nuclear non-fuel O&M (H) | 16,979 | 46,777 | 36,745 | — | — | |||||
Operational EWC nuclear non-fuel O&M (G-H) | 967,560 | 1,086,311 | 1,109,815 | 1,044,658 | 1,033,149 | |||||
As-reported EWC nuclear non-fuel O&M expense per MWh (G/C) | 27.46 | 28.15 | 28.54 | 25.45 | 25.25 | |||||
Operational EWC nuclear non-fuel O&M expense per MWh ((G-H)/(C)) | 26.98 | 26.99 | 27.63 | 25.45 | 25.25 | |||||
Calculations may differ due to rounding. |
ENTERGY WHOLESALE COMMODITIES NUCLEAR FINANCIAL METRICS – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ in thousands except where noted) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
As-reported EWC nuclear operating revenues (A) | 566,908 | 392,188 | 459,964 | 427,447 | 810,887 | 531,340 | 533,887 | 569,581 | ||||||||
Less Palisades below-market PPA amortization (B) | 3,800 | 3,800 | 3,800 | 3,800 | 4,124 | 4,124 | 4,124 | 4,124 | ||||||||
Adjusted EWC nuclear operating revenues (A-B) | 563,109 | 388,388 | 456,164 | 423,647 | 806,763 | 527,216 | 529,763 | 565,457 | ||||||||
EWC nuclear billed sales (GWh) (C) | 8,618 | 8,555 | 9,125 | 9,561 | 9,079 | 10,588 | 9,950 | 10,635 | ||||||||
As-reported EWC nuclear average total revenue per MWh (A/C) | 65.78 | 45.84 | 50.41 | 44.71 | 89.31 | 50.18 | 53.66 | 53.56 | ||||||||
Adjusted EWC nuclear average total revenue per MWh ((A-B)/(C)) | 65.34 | 45.40 | 49.99 | 44.31 | 88.86 | 49.79 | 53.24 | 53.17 | ||||||||
Adjusted EWC nuclear operating revenues (D) | 563,109 | 388,388 | 456,164 | 423,647 | 806,763 | 527,216 | 529,763 | 565,457 | ||||||||
Less Vermont Yankee operating revenue (E) | — | — | — | — | 156,246 | 58,242 | 47,824 | 52,981 | ||||||||
Adjusted EWC nuclear operating revenues excluding Vermont Yankee (D)-(E) | 563,109 | 388,388 | 456,164 | 423,647 | 650,517 | 468,974 | 481,939 | 512,476 | ||||||||
EWC nuclear billed sales excluding Vermont Yankee (GWh) (F) | 8,618 | 8,555 | 9,125 | 9,561 | 7,758 | 9,266 | 8,640 | 9,527 | ||||||||
Adjusted EWC nuclear average total revenue per MWh excluding VY (D-E)/(F) | 65.34 | 45.40 | 49.99 | 44.31 | 83.85 | 50.61 | 55.78 | 53.79 | ||||||||
As-reported EWC nuclear non-fuel O&M (G) | 240,176 | 239,923 | 246,279 | 258,161 | 252,478 | 283,985 | 290,355 | 306,270 | ||||||||
Special Items included in EWC nuclear non-fuel O&M | ||||||||||||||||
Decisions to close VY, FitzPatrick and Pilgrim | 7,489 | 1,579 | 1,706 | 6,205 | 6,728 | 8,705 | 9,681 | 18,402 | ||||||||
HCM implementation expenses | — | — | — | — | 1,093 | 949 | 483 | 736 | ||||||||
Total special items included in EWC nuclear non-fuel O&M (H) | 7,489 | 1,579 | 1,706 | 6,205 | 7,821 | 9,654 | 10,164 | 19,138 | ||||||||
Operational EWC nuclear non-fuel O&M (G-H) | 232,687 | 238,344 | 244,573 | 251,956 | 244,657 | 274,331 | 280,191 | 287,132 | ||||||||
As-reported EWC nuclear non-fuel O&M expense per MWh (G/C) | 27.87 | 28.04 | 26.99 | 27.00 | 27.81 | 26.82 | 29.18 | 28.80 | ||||||||
Operational EWC nuclear non-fuel O&M expense per MWh ((G-H)/(C)) | 27.00 | 27.86 | 26.80 | 26.35 | 26.95 | 25.91 | 28.16 | 27.00 | ||||||||
Calculations may differ due to rounding. | ||||||||||||||||
REG G RECONCILIATIONS | ||||||||||
ENTERGY WHOLESALE COMMODITIES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||
2011-2015 | ||||||||||
($ millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||
Net Income | (1,066 | ) | 295 | 43 | 40 | 492 | ||||
Add back: interest expense | 27 | 17 | 16 | 18 | 33 | |||||
Add back: income tax expense | (610 | ) | 177 | (77 | ) | 61 | 176 | |||
Add back: depreciation and amortization | 239 | 276 | 216 | 176 | 179 | |||||
Subtract: interest and investment income | 149 | 114 | 138 | 105 | 99 | |||||
Add back: decommissioning expense | 138 | 142 | 125 | 72 | 81 | |||||
Adjusted EBITDA | (1,421 | ) | 792 | 185 | 262 | 862 | ||||
Add back pre-tax special items for: | ||||||||||
HCM implementation expenses | — | 3 | 24 | — | — | |||||
Decisions to close VY, FitzPatrick and Pilgrim | 1,658 | 154 | 343 | 356 | — | |||||
Palisades asset impairment and related write-offs | 396 | — | — | — | — | |||||
Top Deer investment impairment | 37 | — | — | — | — | |||||
Gain on the sale of RISEC | (154 | ) | — | — | — | — | ||||
Operational adjusted EBITDA | 515 | 950 | 553 | 618 | 862 | |||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||
Calculations may differ due to rounding. |
ENTERGY WHOLESALE COMMODITIES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES | ||||||||||||||||
1Q14-4Q15 | ||||||||||||||||
($ millions) | 1Q15 | 2Q15 | 3Q15 | 4Q15 | 1Q14 | 2Q14 | 3Q14 | 4Q14 | ||||||||
Net Income | 123 | (4 | ) | (1,032 | ) | (154 | ) | 242 | 26 | (33 | ) | 58 | ||||
Add back: interest expense | 6 | 6 | 7 | 8 | 5 | 3 | 4 | 5 | ||||||||
Add back: income tax expense | 70 | (3 | ) | (555 | ) | (123 | ) | 119 | 20 | 2 | 36 | |||||
Add back: depreciation and amortization | 62 | 64 | 60 | 53 | 70 | 71 | 72 | 63 | ||||||||
Subtract: interest and investment income | 50 | 36 | 29 | 33 | 26 | 22 | 29 | 37 | ||||||||
Add back: decommissioning expense | 35 | 33 | 33 | 36 | 34 | 35 | 35 | 38 | ||||||||
Adjusted EBITDA | 247 | 60 | (1,515 | ) | (213 | ) | 444 | 133 | 51 | 162 | ||||||
Add back pre-tax special items for: | ||||||||||||||||
HCM implementation expenses | — | — | — | — | 1 | 1 | 1 | 1 | ||||||||
Decisions to close VY, FitzPatrick and Pilgrim | 7 | 2 | 2 | 5 | 10 | 11 | 113 | 20 | ||||||||
Palisades asset impairment and related write-offs | — | — | 1,642 | 396 | — | — | — | — | ||||||||
Top Deer investment impairment | — | — | — | 37 | — | — | — | — | ||||||||
Gain on the sale of RISEC | — | — | — | (154 | ) | — | — | — | — | |||||||
Operational adjusted EBITDA | 254 | 62 | 129 | 70 | 455 | 145 | 165 | 183 | ||||||||
Certain prior year data has been reclassified to conform with current year presentation. | ||||||||||||||||
Calculations may differ due to rounding. | ||||||||||||||||
ENTERGY CORPORATION AND SUBSIDIARIES | |||||||||||
INVESTOR NEWS | ENTERGY COMMON STOCK PRICES | ||||||||||
Entergy’s quarterly earnings results, webcasts, presentations, dividend | The high and low trading prices for each quarterly period in 2015 and 2014 | ||||||||||
action and other news and information of investor interest may be | were as follows (in dollars): | ||||||||||
obtained by visiting the investor information page on Entergy’s | 2015 | 2014 | |||||||||
corporate website at entergy.com and the Investor Relations mobile | QUARTER | HIGH | LOW | HIGH | LOW | ||||||
web app at iretr.com, or by calling Entergy's Investor Relations information line at 1-888-ENTERGY (368-3749). | 1 | 90.33 | 73.88 | 67.02 | 60.40 | ||||||
2 | 79.84 | 69.06 | 82.30 | 66.41 | |||||||
INVESTOR RELATIONS | 3 | 74.09 | 61.27 | 82.48 | 70.70 | ||||||
Security analysts, portfolio managers, and other members of the | 4 | 70.67 | 63.90 | 92.02 | 76.51 | ||||||
financial community may contact: | |||||||||||
David Borde | DIVIDEND PAYMENTS | ||||||||||
Vice President, Investor Relations | The Board of Directors declares dividends quarterly and sets the record and | ||||||||||
Telephone: 504-576-5668 | payment dates. Subject to Board discretion, those dates for 2016 are: | ||||||||||
E–mail: dborde@entergy.com | PAYMENT | ||||||||||
DECLARATION DATE | RECORD DATE | DATE | |||||||||
SHAREHOLDER ACCOUNT INFORMATION | January 29 | February 11 | March 1 | ||||||||
Wells Fargo Shareowner Services is Entergy’s transfer agent, | April 6 | May 12 | June 1 | ||||||||
registrar, dividend disbursing agent, and dividend reinvestment | July 29 | August 11 | September 1 | ||||||||
and stock purchase plan agent. Shareholders of record with | October 28 | November 10 | December 1 | ||||||||
questions about lost certificates, lost or missing dividend checks | |||||||||||
or notifications of change of address should contact: | Quarterly dividend payments (in cents-per-share): | ||||||||||
Wells Fargo Shareowner Services | |||||||||||
P.O. Box 64874 | QUARTER | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
St. Paul, MN 55164-0874 | 1 | 85 | 83 | 83 | 83 | 83 | |||||
Phone: 1-855-854-1360 | 2 | 85 | 83 | 83 | 83 | 83 | |||||
Internet: www.shareholderonline.com | 3 | 83 | 83 | 83 | 83 | ||||||
4 | 85 | 83 | 83 | 83 | |||||||
CORPORATE GOVERNANCE | |||||||||||
Entergy’s Corporate Governance Guidelines, Board Committee | PREFERRED STOCK DIVIDEND PAYMENTS | ||||||||||
Charters for the Corporate Governance, Audit, and Personnel | The board of directors for each preferred stock issuer declares preferred | ||||||||||
Committees, and Entergy’s Code of Conduct may be accessed | dividends quarterly and sets the record and payment dates. Subject to | ||||||||||
electronically by selecting the investor information page on Entergy’s | their discretion, those dates for 2016 and 2017 are: | ||||||||||
corporate website at entergy.com. | |||||||||||
UTILITY OPERATING COMPANY | RECORD DATE | PAYMENT DATE | |||||||||
ADDITIONAL INFORMATION | Entergy Arkansas, Inc. | 12/23/15 | 1/4/16 | ||||||||
For copies of the above Corporate Governance documents, Entergy’s | 3/23/16 | 4/1/16 | |||||||||
10-K and 10-Q reports filed with the Securities and Exchange | 6/22/16 | 7/1/16 | |||||||||
Commission, or for other investor information, call 1-888-ENTERGY | 9/22/16 | 10/3/16 | |||||||||
or write to: | 12/19/16 | 1/3/17 | |||||||||
Entergy Corporation | 3/20/17 | 4/3/17 | |||||||||
Investor Relations | 6/21/17 | 7/3/17 | |||||||||
P.O. Box 61000 | 9/20/17 | 10/2/17 | |||||||||
New Orleans, LA 70161 | Entergy Mississippi, Inc. | 1/21/16 | 2/1/16 | ||||||||
4/19/16 | 5/2/16 | ||||||||||
COMMON STOCK INFORMATION | 7/21/16 | 8/1/16 | |||||||||
The company’s common stock is listed on the New York and Chicago | 10/21/16 | 11/1/16 | |||||||||
exchanges under the symbol “ETR” (CUSIP 29364G10). The Entergy | 1/20/17 | 2/1/17 | |||||||||
share price is reported daily in the financial press under “Entergy” in | 4/19/17 | 5/1/17 | |||||||||
most listings of New York Stock Exchange securities. Entergy common | 8/21/17 | 8/1/17 | |||||||||
stock is a component of the following indices: S&P 500, S&P Utilities | 10/23/17 | 11/1/17 | |||||||||
Index, Philadelphia Utility Index and the NYSE Composite Index, | Entergy New Orleans, Inc. | 12/23/15 | 1/4/16 |
among others. | 3/23/16 | 4/1/16 | |||||||||
6/22/16 | 7/1/16 | ||||||||||
As of Jan. 29, 2016, there were 179,071,731 shares of Entergy | 9/22/16 | 10/3/16 | |||||||||
common stock outstanding. Shareholders of record totaled | 12/19/16 | 1/3/17 | |||||||||
28,602, and approximately 138,431 investors held Entergy stock in | 3/20/17 | 4/3/17 | |||||||||
“street name” through a broker. | 6/21/17 | 7/3/17 | |||||||||
9/20/17 | 10/2/17 | ||||||||||
CERTIFICATIONS | |||||||||||
In May 2015, Entergy’s Chief Executive Officer certified to the | |||||||||||
New York Stock Exchange that he was not aware of any violation | |||||||||||
of the NYSE corporate governance listing standards. Also, Entergy | |||||||||||
filed certifications regarding the quality of the company’s public | |||||||||||
disclosure, required by Section 302 of the Sarbanes-Oxley Act of | |||||||||||
2002, as exhibits to our Annual Report on Form 10-K for the fiscal year | |||||||||||
ended Dec. 31, 2015. | |||||||||||
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