Creating Sustainable Value

47

th

Edison Electric Institute

Financial Conference

November 11 –

13, 2012

Filed by Entergy Corporation Pursuant to Rule 425

Under the Securities Act of 1933

Subject Company: Entergy Corporation

Commission File No. 001-11299

1

Caution Regarding Forward-Looking Statements and

Caution Regarding Forward-Looking Statements and

Regulation G Compliance

Regulation G Compliance

In

this

presentation,

and

from

time

to

time,

Entergy

Corporation

makes

certain

“forward-looking

statements”

within

the meaning of the Private Securities Litigation Reform Act of 1995.  Except to the extent required by the federal

securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements,

whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual

results to differ materially from those expressed or implied in the forward-looking statements, including (a) those

factors discussed in:  (i) Entergy’s Form 10-K for the year ended Dec. 31, 2011, (ii) Entergy’s Form 10-Q for the

quarters ended March 31, 2012, June 30, 2012 and Sept. 30, 2012 and (iii) Entergy’s other reports and filings

made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate

plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of

major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks,

including

any

changes

resulting

from

the

nuclear

crisis

in

Japan

following

its

catastrophic

earthquake

and

tsunami;

(e) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against

Entergy and its subsidiaries; (f) conditions in commodity and capital markets during the periods covered by the

forward-looking statements, in addition to other factors described elsewhere in this presentation and subsequent

securities filings and (g) risks inherent in the proposed spin-off and subsequent merger of Entergy’s electric

transmission business with a subsidiary of ITC Holdings Corp. Entergy cannot provide any assurances that the

spin-off

and

merger

transaction

will

be

completed

and

cannot

give

any

assurance

as

to

the

terms

on

which

such

transaction will be consummated. The spin-off and merger transaction is subject to certain conditions precedent,

including regulatory approvals and approval by ITC Holdings Corp. shareholders.

This presentation includes the non-GAAP measures of operational return on equity, operational non-fuel operation

and maintenance expense, operational adjusted EBITDA and operational earnings per share when describing

Entergy’s results of operations and financial performance.  We have prepared reconciliations of these measures

to

the

most

directly

comparable

GAAP

measures.

These

reconciliations

can

be

found

on

slides

56

59.

Further

information about these measures can be found in Entergy’s investor earnings releases, which are posted on our

website at www.entergy.com.

2

Additional Information and Where to Find It

Additional Information and Where to Find It

On Sept. 25, 2012, ITC filed a registration statement on Form S-4 with the Securities and Exchange Commission

(SEC) registering shares of ITC common stock to be issued to Entergy shareholders in connection with the

proposed transactions, but this registration statement has not become effective. This registration statement

includes a proxy statement of ITC that also constitutes a prospectus of ITC, and will be sent to ITC shareholders.

In addition, Mid South TransCo LLC (TransCo) will file a registration statement with the SEC registering TransCo

common units to be issued to Entergy shareholders in connection with the proposed transactions. Entergy

shareholders are urged to read the proxy statement/prospectus included in the ITC registration statement and the

proxy statement/prospectus to be included in the TransCo registration statement (when available) and any other

relevant documents, because they contain important information about ITC, TransCo and the proposed

transactions. ITC shareholders are urged to read the proxy statement/prospectus and any other relevant

documents because they contain important information about TransCo and the proposed transactions. The proxy

statement/prospectus and other documents relating to the proposed transactions (when they are available) can be

obtained free of charge from the SEC’s website at www.sec.gov. The documents, when available, can also be

obtained free of charge from Entergy upon written request to Entergy Corporation, Investor Relations, P.O. Box

61000, New Orleans, LA 70161 or by calling Entergy’s Investor Relations information line at 1-888-ENTERGY

(368-3749), or from ITC upon written request to ITC Holdings Corp., Investor Relations, 27175 Energy Way, Novi,

MI 48377 or by calling 248-946-3000.

3

Entergy’s Scope of Operations Today

Entergy’s Scope of Operations Today

Entergy’s Scope of Operations

Entergy’s Businesses

•

30,000 MW electric generating capacity

•

One of the nation’s leading nuclear generators

•

2.8 million utility customers

•

More than $11 billion revenues

•

~15,000 employees

Utility

•

6 vertically integrated electric utilities

•

4 contiguous

states

–

Arkansas,

Louisiana,

Mississippi, Texas

•

~21,000 MW generating capacity

•

More than 15,800 miles high-voltage

transmission lines

1

EWC’s ownership interest

(5 retail regulators)

Entergy Wholesale Commodities

6 nuclear units owned at 5 sites (5,011 MW)

2 gas,

1

gas

/

oil

facilities

(1,340

MW

)

2 wind

facilities

(80

MW

)

2 coal

facilities

(181

MW

)

1 nuclear plant managed (800 MW)

1

1

1

4

Business Model Has Two Main Dimensions

Business Model Has Two Main Dimensions

Based on Dynamic Point of View

Based on Dynamic Point of View

Portfolio

Management

Create

Options

Short Positions

Long Positions

Strict Risk

Limits

Business

Strategy

Driven by:

Markets

Skills

Scale

Scope

Positions

Rigorous

Analysis

Current

Point of

View

Structured

Contracts

Asset

Development/

Acquisitions

Asset

Disposition

Structured

Contracts

Operational

Excellence

Produce

Products/

Services

Achieve

Productivity

Manage

Relationships

Industry

Standards

Entergy’s Business Model

Supply / Demand

Climate / Weather Data

Environment

Competitive Behavior

Fuel Prices

Legislation / Regulation

Credit Markets

Capital Markets

5

Create

Options

Business

Strategy

Business Model Has Two Main Dimensions

Business Model Has Two Main Dimensions

Based on Dynamic Point of View

Based on Dynamic Point of View

Driven by:

Markets

Skills

Scale

Scope

Positions

5

Entergy’s Business Model

Operational

Excellence

Produce

Products/

Services

Achieve

Productivity

Manage

Relationships

Industry

Standards

6

The Foundation:  Safe, Secure and

The Foundation:  Safe, Secure and

Efficient Operations

Efficient Operations

2012 Operational Accomplishments Year-to-Date

Restored power to

90% of customers

within 4 –

5 days

after Hurricane Isaac

moved through

service area

Obtained approvals

subject to conditions

of MISO proposal

in LA, TX and AR

Maintained flat

non-fuel electric rates

from 2011 to 2012

Utility

EWC

Completed breaker-to-

breaker run at FitzPatrick

Obtained Pilgrim

20-year license

renewal from NRC

Received positive

decisions in Vermont

Yankee proceedings

Operational

Excellence

Active Regulatory Calendar –

Active Regulatory Calendar –

Constructive Regulatory Relationships

Constructive Regulatory Relationships

1

Revised after receipt of PUCT Staff’s workpapers

Arkansas

•

Hot Spring acquisition approved Jul 2012, with cost recovery through

capacity rider; DOJ review ongoing

•

Next base rate case expected to be filed in 1Q13; 10-month statutory deadline

Louisiana

•

Base rate case filings for EGSL and ELL to be made by Jan 2013; 12-month

statutory deadline

Mississippi

•

2012 test year FRP to be filed Mar 2013

•

Hinds cost recovery through rider approved Aug 2012; DOJ review ongoing

•

Staff

report

on

electric

utility

ROE

methodology

expected

by

end

of

2012

New Orleans

•

Seeking possible renewal or extension of FRP

–

Current FRP ended with 2011 test year

Texas

•

PUCT issued final rate case order in Sep 2012; reflects a 9.8% return on equity

and a $27.7M base rate increase (ongoing EPS effect ~$0.03

)

•

Proposal on purchased power capacity rider expected to be issued

Nov 2012

Operational

Excellence

7

1

Strategy and Recovery Mechanisms Key

Strategy and Recovery Mechanisms Key

Rate Case

Specific

Recovery

Cost Recovery

Formula Rate

Plan

Goal:  timely recovery of costs and the opportunity to earn on prudent investment

Illustrative

Regulatory Mechanisms for Cost Recovery

Non-fuel O&M

Maintenance capital

Example

Acquisitions

Capacity costs

Emission costs

Energy efficiency

Renewables

Storm

Full review of costs

Rate design

X%

X%

14ft

Operational

Excellence

Acadia Unit 2

8

9

For a Utility, What Really Matters

For a Utility, What Really Matters

Is What You Earn. . .

Is What You Earn. . .

5-Year Average

Allowed ROE Range

(Min / Max)

2012 Allowed ROE

Return on Equity:  ETR Utilities vs Peer Utility Holding Companies

%

ETR

Utilities

5-Year Book ROE

Range

1

1

Utility

Holding

Companies

with

market

capitalization

greater

than

$5B;

for

companies

with

multiple

utility

subsidiaries,

ranges

reflect

ROEs of each

company

0

Operational

Excellence

9

10

11

12

13

14

15

1

. . ..While Keeping Customer Rates Affordable

. . .While Keeping Customer Rates Affordable

Utility Average Residential Customer Rates

2011; ¢

per kWh

Note:

Regulated

utilities,

excluding

primarily

hydro-electric

Utility Average Residential Customer Rates with $30/mt Carbon Tax

2011; ¢

per kWh

0

10

20

30

40

0

10

20

30

40

ELL

EGSL

EMI

EAI

ENOI

ETI

ENOI

EMI

EGSL

EAI

ELL

ETI

Operational

Excellence

10

11

Challenges in Texas Remain,

Challenges in Texas Remain,

But We Have Options

But We Have Options

Operational ROE

2007 –

2012E; %

As-Reported

Key Legislative and Regulatory Events

2007 rate case

$47M base rate

increase in Jan 2009

2011:  SB 1693

Distribution

investment rider

recovery

2009 rate case

$17.5M increase in May 2010

$41.5M increase in Aug 2010

$9M increase in May 2011

2006 & 2009:

Storm cost legislation

and securitizations

(hurricanes Rita

and Ike)

$68M

total

•

Purchased power recovery rulemaking

(draft rider rule under development)

•

Special relief through fuel adjustment

clause

•

Transmission Cost Recovery Factor

(authorized but not used to date)

•

Next

base

rate

case

(timing

TBD)

•

Pursue relief in courts

2011 rate case

$27.7M increase in Jul 2012

Paths for Improving ROE in Texas

Operational

Excellence

12

Increased Investment on Horizon

Increased Investment on Horizon

Requires Prudent Management

Requires Prudent Management

Key Drivers

Issue

Investment Types

Growing

demand

~3.7 GW projected Entergy

region load growth by 2020

Portfolio

transformation

Ninemile 6 CCGT

Aging

infrastructure

~12 GW of existing Utility

generation is 35 years or older

Major projects

Waterford 3

Steam Generator

Replacement

Environmental

regulation

Environmental

controls

Scrubbers at

White Bluff Plant

2

NERC

compliance

Reliability investments to meet

increasing standards

Transmission

investments

Critical Infrastructure

Protection

Every day

Routine maintenance of

generation, transmission and

distribution facilities

~$900M

annually

1

Largely dependent on state action

2

Project

suspended;

limits

for

NOx

and

SO2

at

White

Bluff

depends

on

final

State

or

Federal

Implementation

Plan

MATS compliance by 2015 – 2016

Regional Haze likely by 2019

SO

2

NAAQS likely by 2019

CSAPR or replacement rule?

1

Operational

Excellence

13

NRC License Renewal Status

Issued for 20 years

Unit

Expiration

Recent Events /

Next Steps

Indian

Point 2

9/28/13

•

Final Safety Evaluation

Report issued in 2009;

SER Supplement issued

8/30/11

•

FSEIS

1

issued Dec 2010

•

Further supplements to

FSEIS and FSER expected

in next few months

•

ASLB

2

Track 1 hearings 

on 10 of 13 issues (so far)

scheduled to conclude by

end of 2012

Indian

Point 3

12/12/15

Pending

Palisades renewed on 1/17/07

(expires 3/24/31)

FitzPatrick renewed on 9/8/08

(expires 10/17/34)

VT Yankee renewed on 3/21/11

(expires 3/21/32)

Pilgrim renewed on 5/29/12

(expires 6/8/32)

Pilgrim:  4 years

from 2008 Hearings

to 2012 Decision

“Timely Renewal Protection”

available if necessary

Time to resolve issues raised

by DC Circuit Waste

Confidence Decision

1

Final Supplemental Environmental Impact Statement

2

Atomic Safety and Licensing Board

Apply that to Indian Point…

At EWC, Resolution of License Renewal

At EWC, Resolution of License Renewal

Could Take Up to 7 to 10 Years

Could Take Up to 7 to 10 Years

Operational

Excellence

Indian Point State Water Quality

Indian Point State Water Quality

Proceedings Ongoing

Proceedings Ongoing

Current Status

Our Response

•

We believe operation of IP causes no

significant impact to Hudson River;

however, offered wedgewire screens

as best technology available

•

Water quality certification has been

waived by NY State

•

Adjudicatory hearings in joint

proceeding of WQC / SPDES

1

before

NY State Department of Environmental

Conservation underway

•

Submitted notice to NRC of no final

decision on WQC in required 1-year

time period

1

State Pollutant Discharge Elimination System permit

Wedgewire Screens vs Cooling Towers

a)

Air quality –

probably “not permittable”

b)

Aesthetic –

size / visible plume ~10% of time

c)

Zoning –

Village of Buchanan not supportive

d)

Bottom line –

in operation approximately 13

years after approvals

a)

Would significantly reduce fish entrainment and

impingement

b)

Bottom line –

in operation approximately 4 years

after approvals

Capital estimate:

$250M –

$300M

Capital estimate:  at least $1.19B

(2009$, direct capital cost)

+ 14.5 TWh of lost generation

over 42-week outage period

Operational

Excellence

Wedgewire Screen

Cooling

Towers

14

15

Pursuing Several Paths to Resolve

Pursuing Several Paths to Resolve

Coastal Zone Management Issue

Coastal Zone Management Issue

Our Response

Current Status

•

Filed ASLB motion for declaratory order on

7/30/12 that no further consistency review

required; answers to motion due 1/14/13

“In the event the State agency has

previously reviewed a license or permit

activity, further review is limited to

cases where…the activity will be

modified substantially causing

new coastal zone effects.”

U.S. Statute

Coastal Zone Management Act

Operational

Excellence

“The projects which meet one of the

following two criteria…

will not be subject to New York State’s

Coastal Management Program...”

--New

York

CMP

§

II-9,

at

1

(2006)

New York State

Coastal Management Program

Our Response

•

Indian

Point

is

“grandfathered”

under

the

New York Coastal Management Program

Current Status

•

Filed with NYS Dept of State a petition for

declaratory order on 11/7/12 confirming

that Indian Point is “grandfathered”

•

No

new

coastal

zone

effects

will

be

caused

by

license

renewal

and

NY

State

has

previously

reviewed

and

found

Indian

Point

consistent

with

NY

coastal

policies

--

44 Fed. Reg. 37,142, 37,150 (June 25, 1979)

16

An Assessment of Energy

Needs in Westchester County

Indian Point Safe, Secure, Vital…

Indian Point Safe, Secure, Vital…

and Has Public Support

and Has Public Support

Polling Results Over Time; %

Favor

Oppose

Don’t Know

53

28

19

Fukushima

Mar 11, 2011

Q:  Do

you

favor

or

oppose

renewing

the

licenses

for

the

electricity-generating nuclear plants at the Indian Point

Energy Center?

0

15

30

45

60

Aug

2010

Mar

2011

Aug 7-10

2011

Aug 31

2011

Oct

2011

Feb

2012

Operational

Excellence

17

Create

Options

Operational

Excellence

Produce

Products/

Services

Achieve

Productivity

Manage

Relationships

Industry

Standards

Rigorous

Analysis

Supply / Demand

Climate / Weather Data

Environment

Competitive Behavior

Fuel Prices

Legislation / Regulation

Credit Markets

Capital Markets

Business Model Has Two Main Dimensions

Business Model Has Two Main Dimensions

Based on Dynamic Point of View

Based on Dynamic Point of View

Current

Point of

View

17

Entergy’s Business Model

18

Cautiously Optimistic on Northeast Power Prices

Cautiously Optimistic on Northeast Power Prices

Illustrative

Market response

Unit shutdown

Environmental regulation

Out-of-market regulation

Ongoing gas oversupply

Potential 5-year out

view for

NE power prices

1

Source:  New York Independent System Operator, ISO New England, internal analysis

Current forward: ~$50

Upside: ~$80

Downside: ~$40

1

Includes energy and capacity

Historical Northeast Market Power Prices (Energy Only)

$/MWh; Rolling Averages

Potential for improvement in heat rates, capacity markets, natural gas markets

Rolling 365-Day

Spot Price

Rolling Prompt

12-Month

Forward Prices

Implied Spot

Using

Forward Prices

Increased Hedging

Mid-2010

0

20

40

60

80

100

120

Jan-02

Jan-04

Jan-06

Jan-08

Jan-10

Jan-12

Current

Point of

View

19

Previous Hedging Preserved Value

Previous Hedging Preserved Value

Current

Point of

View

EWC Nuclear Portfolio Energy Under Contract

2009 –

2017E; % as reported on Nov 5, 2012

1

Realized through Sep 2012

EWC Nuclear Portfolio Revenue With and Without Contracting

2009 –

2017E; $/MWh; Capacity and Acquisition PPA Recognized at Contract Prices

Historical Spot and

Current Forwards

Realized MTM Gain since 2009: ~$1.6B

Not Yet Realized MTM Gain: ~$0.2B

1

0

10

20

30

40

50

60

70

80

09

10

11

12E

13E

14E

15E

16E

17E

86

90

96

85

84

73

25

25

26

09

10

11

12E

13E

14E

15E

16E

17E

20

Current Hedging Product Selection

Current Hedging Product Selection

Designed to Benefit If Prices Rise

Designed to Benefit If Prices Rise

EWC Nuclear Revenue Sensitivity on

Contracted

Energy

Based on market prices as of Sep 30, 2012

Market Price Change, $/MWh

2014

2013

Avg expected

contracted

revenue/MWh

$45 on ~33.6 TWh

$45 on ~29.9 TWh

Optimizing hedge timing,

volumes and products

around POV

•

Firm products with call

options for post-license

renewal volumes

Cap operational and

liquidity risks

Allow for market upside

•

Larger volumes of collars

Cap downside, allow for

market upside

•

Optimizing UC / LD mix

Maximize liquidity,

optimize timing, minimize

transaction costs

•

Using portfolio length,

including RISEC

Mitigate operational risk,

lower UC costs

(10)

(5)

0

5

10

(20)

(10)

0

10

20

Current

Point of

View

21

Short Positions

Long Positions

Strict Risk

Limits

Structured

Contracts

Asset

Development/

Acquisitions

Asset

Disposition

Structured

Contracts

Business Model Has Two Main Dimensions

Business Model Has Two Main Dimensions

Based on Dynamic Point of View

Based on Dynamic Point of View

Create

Options

Rigorous

Analysis

Supply / Demand

Climate / Weather Data

Environment

Competitive Behavior

Fuel Prices

Legislation / Regulation

Credit Markets

Capital Markets

Current

Point of

View

21

Entergy’s Business Model

Portfolio

Management

22

Significant Progress Made in Advancing

Significant Progress Made in Advancing

MISO Proposal

MISO Proposal

MISO Proposal

Entergy

Service

Territory

Joining MISO Benefits

All Stakeholders

“…EAI is hereby authorized to sign the

MISO Transmission Owners Agreement

and move forward with the

EAI / MISO integration process…”

--APSC Order No. 72, 10/26/12

“…the Commission finds that ETI’s

application, as modified…is in the public

interest and approves the proposed transfer

of operational control to MISO…”

--PUCT Order, 10/26/12

“The Companies’

Application filed in

this docket is approved as in the public

interest, subject to…contingencies…

and conditions…”

--LPSC Order No. U-32148, 6/28/12

To Do

Portfolio

Management

•

CCNO –

settlement filed 11/8/12; on agenda

for 11/12/12 Utility Committee Meeting

•

MPSC –

settlement reached with Staff;

on agenda for 11/15/12 Open Meeting

23

The Next Step, ITC Transaction –

The Next Step, ITC Transaction –

Benefits for Customers, Other Stakeholders

Benefits for Customers, Other Stakeholders

Utility

OpCos

Entergy

Wholesale

Commodities

Entergy

Shareholders

Illustrative

Mid South

TransCo LLC

(New Holdco)

ITC

Shareholders

ITC Merger

Sub

Transco Subs

Proposed Spin-Merge of Transmission Business

–

Generation

–

Distribution

–

Retail

customer

service

–

Transmission

$700M

recapitalization

(pre-close)

ETR and

OpCos

reduce

debt and

redeem

preferred

equity with

the

$1.775B

$1.775B debt

transferred

with assets

Trust

Up to ~5%

ITC Shares

(split-off)

ITC

Shares

ETR

Shares

ETR

Shares

~5%

ITC Shares`

Expected closing in 2013

Entergy Shareholders will own stock in two companies

Entergy Shareholders will own stock in two companies

ETR After

ETR After

ITC After

ITC After

Portfolio

Management

24

The Common Dividend:  Current Structure vs

The Common Dividend:  Current Structure vs

Post ITC Transaction

Post ITC Transaction

Share Repurchases

Dividends

Future dividends

at $3.32/sh

Return to shareholders, $B

Common Dividend Post Spin-Merge, Annualized $/sh

~$4B

Current business supports the current dividend of $3.32 per share

Objective:  ETR + ITC dividends accretive for ETR shareholders

ITC

Illustrative

Illustrative

ETR

X Dividend

exchange

ratio

1

1

Dividend exchange ratio will depend on several factors, including the form of ITC’s $700M recapitalization (repurchase or special dividend), the form of ETR’s

distribution of ITC shares at closing (spin-off or split-off) and the amount of ITC shares held in trust and split-off post-merger, if any

$3.32

Today

Accretive

$1.51

Up to

$3.32

+ ITC

dividend

0

1

2

3

4

10

11

12E

13E

14E

10 -

14E

1

2

$3.32

Total

Neutral

25

The Common Dividend:  Our Objectives

The Common Dividend:  Our Objectives

1

Current business supports the current dividend of $3.32 per share

ETR Today

2

Objective:  ETR + ITC dividends accretive for ETR shareholders

Post Spin-Merge

Current procedural schedules point to dividend decision at least

10 mos away

Considerations for dividend level

•

Utility

investment

profile

(planned

and

potential)

•

Regulatory

outcomes

Current cases (including ETI)

Major investments (e.g., Waterford 3

steam generator replacement,

Hinds and Hot Spring acquisitions)

Three rate cases in 2013

3

Bottom line…

when the time comes, we’ll make the right decision

4

Previously, we’ve said the long-term financial outlook supported maintaining

Entergy’s dividend at the current $3.32 per share annualized level

•

Point

of

view

on

commodity

markets,

EWC’s

ability

to

temporarily

supplement

dividend

•

Number

of

ITC

shares

to

Entergy

shareholders

•

Credit

and

liquidity

•

Payout

ratio

Benefits from Independence –

Benefits from Independence –

Regional Transmission Planning

Regional Transmission Planning

Aligns with national policy objectives

Greater participation, disclosure by

third parties

Facilitates competitive markets

Transmission Planning

ITC

Sources:  Velocity Suite Online and Ventyx, an ABB Company

Portfolio

Management

26

•

Optimize

projects

across

both systems and other

regions

•

Better

access

to

information

•

Within

MISO

and

beyond

Benefits from Operational Excellence

Benefits from Operational Excellence

Hurricane Isaac

Storm Command Center

ITC provides a singular focus on

transmission system performance,

planning and operations

Leverages Entergy’s world-class

storm restoration process

Portfolio

Management

27

Benefits from Financial Flexibility

Benefits from Financial Flexibility

Utility Operating Cash Flow Minus

Cash Construction Expenditures

2014E –

2018E; $B

Status Quo

With ITC

Transaction

20%

Utility Debt Obligations

2018E; $B

Status Quo

With ITC

Transaction

$2.7B

Portfolio

Management

28

4.34

5.20

0

2

4

6

Transmission-related cash capital

requirements go away

Stronger Utility balance sheet

improves ability to invest in

Generation and Distribution

0

3

6

9

12

Benefits Offset Modest Customer Bill Effects

Benefits Offset Modest Customer Bill Effects

Typical Residential Monthly Bill (1,000 kWh)

Base Case Scenario, 2014; $

Illustrative

Continued Entergy ownership

Estimated net bill effect resulting

from FERC rate construct

1

Portfolio

Management

1

Does not include estimated rate timing effect of Forward Test Year

0

20

40

60

80

100

EAI

EGSL

ELL

EMI

ENOI

ETI

29

Regulatory Approval Process Underway

Regulatory Approval Process Underway

Filing

1

9/28/12

9/5/12

Filing

Discovery

Arkansas (Docket 12-069-U)

Louisiana (Docket U-32538)

Mississippi (Docket 2012-UA-358)

New Orleans (Docket UD-12-01)

Texas

10/5/12

Filing

9/12/12

Filing

ITC Change of Control Filings Timeline of Key Events

Commission

consideration

Sep

Procedural schedule not yet established

Procedural schedule not yet established

Intervenor

direct

1/25/13

Advisors

direct

4/3/13

Hearing

begins

7/23/13

Staff /

Intervenor

direct

3/14/13

Hearing

begins

6/24/13

ELL / EGSL

rebuttal

4/25/13

ENOI

rebuttal

5/13/13

Filing schedule TBD

FERC (Dockets EC12-145; ER12-2681; EL12-107)

9/24/12

203 / 205

Filing

2

Deadline for comments /

interventions / protests

12/7/12

1

EAI will also make a filing with the Missouri Public Service Commission because that operating company has some transmission assets located in the

state of Missouri

2

FERC 204 filings made 10/31/12

Portfolio

Management

30

Evaluating Strategies to Improve Efficiency

Evaluating Strategies to Improve Efficiency

for Post-Transaction State and the Future

for Post-Transaction State and the Future

Warehousing

Procurement

Fuel

Materials

Vendors

Contracts

Portfolio

Management

Quartile

Ranking

1

2

3

4

31

Measure

1

Measure

2

Measure

3

Measure

4

Continue to Seek Solutions to Maximize Value

Continue to Seek Solutions to Maximize Value

for Utility, EWC, Entergy

for Utility, EWC, Entergy

ETR

Shareholders

Vertically

Integrated

Utility

EWC

Illustrative

Utility

Transco

EWC

ETR

Shareholders

Operational Excellence and Portfolio Management

Proposed

Today

Future?

Isolate,

Separate

Business Risks

to Maximum

Extent Possible

Portfolio

Management

32

Summary

Summary

•

Business and financial plan based on realities of today

-

Starts with safety and operational excellence every day

-

Active Utility regulatory agenda and substantial investment

program and opportunities

-

Protracted license renewal processes for EWC nuclear plants

-

Depressed power prices eroding margins at EWC, but

contracting has mitigated impact and provides for upside

•

Continuously seek out ways to improve upon reality for all

stakeholders through operational excellence and portfolio

management

-

For example, the proposal for the Utility operating companies to

join MISO and the spin-off and merger of the transmission

business with ITC

-

Future initiatives include operational efficiency improvements

and other ideas and opportunities, like we have for last 14 years

•

Overarching financial objective is to create sustainable value to

return to owners

33

Appendix I

Appendix I

Additional Information

Additional Information

35

36

9.88 – 12.01%

(per 2011 test year FRP

filing)

Utility Overview –

Utility Overview –

Operating Diversity and

Operating Diversity and

Regulatory Oversight

Regulatory Oversight

•

Electric utility

•

669,000 electric customers

•

Authorized ROE Range:

9.45 –

11.05%

•

Base rate case to be filed

by Jan 2013

•

Electric and gas utility

•

384,000 electric customers

•

92,000 gas customers

•

Authorized ROE Ranges:

•

Base rate case to be filed

by Jan 2013 for electric

•

Rate Stabilization Plan in

place for gas

•

Electric utility

•

693,000 electric customers

•

Authorized ROE: 10.2%

•

Base rate case to be filed

in 1Q13

Entergy Louisiana

Entergy Gulf States

Louisiana

Entergy Arkansas

•

Electric utility

•

413,000 electric customers

•

Authorized ROE: 9.8%

•

Final order in 2011 rate

case issued Sep 2012

Entergy Texas

•

Electric and gas utility

•

161,000 electric customers

•

101,000 gas customers

•

Authorized ROE Ranges:

•

Formula Rate Plan,

electric and gas (expired

with 2011 test year)

Entergy New Orleans

•

Electric utility

•

437,000 electric customers

•

Authorized ROE Range:  

•

Formula Rate Plan

Entergy Mississippi

Overview of Utility Operating Companies

Electric

Customer

Breakdown

2011; % of MWh sales

Generation Portfolio

2011; % of MW, Owned and Leased

Capability

Nuclear

Coal

Gas / Oil / Hydro

Residential

Commercial

&

Governmental

Industrial

–

Electric 9.9 –

11.4%

–

Gas 10.0 –

11.0%

–

Electric 10.7 –

11.5%

–

Gas 10.25 –

11.25%

37

Utility Investments –

Utility Investments –

Hot Spring and Hinds Energy Facilities

Hot Spring and Hinds Energy Facilities

2011

2012

Acquisitions Announced

Apr 2011

Hot Spring

Hinds

MW

620

450

Seller

KGen Power Corporation

Total

Investment

$277M; $447/kW

$246M; $547/kW

Combined Cycle / Natural Gas

Location

Jackson, MS

Commercial Operation

2002

2001

Jurisdiction

EAI

EMI

Recovery Mechanism

APSC and MPSC “Pre-Approval;”

capacity costs recovered through riders

Regulatory Status

Approved by retail regulators and FERC;

DOJ review is ongoing

Hot Spring

Energy Facility

Hinds Energy Facility

APSC Approval

Jul 2012

MPSC Approval

Feb 2012

MPSC Approved

Cost Recovery

Aug 2012

(excluding transmission)

Plant Type / Fuel Source

Hot Spring County, AR

38

Utility Investments –

Utility Investments –

Ninemile 6 New CCGT Plant

Ninemile 6 New CCGT Plant

Ninemile 6

MW / Plant Type

~550 / Natural Gas-Fired Combined Cycle

Total Investment

$721M, excluding transmission

Spending

Location

Westwego, LA

Expected In-Service

First part of 2015

Jurisdiction

ELL; PPAs to EGSL (25%) and ENOI (20%)

Recovery

Mechanism

•

ELL and EGSL will recover costs through their

respective FRPs, if in effect when the project is

placed in service, or through base rate case filings

•

ENOI will make a base rate case filing

Status

Approved; under construction

Ninemile Point

2015

2012

2011

2010

2013

2014

Air Permit

Application Filed

Sep 2010

LPSC,

CCNO

Approvals

Full Notice to

Proceed Issued

Air Permit

Issued

Aug 2011

Market Test

Decision

Jul 2010

Estimated

In-Service Date

First Part of

2015

Through 2012E: $225M; 2013E: $342M; 2014E:

$117M; 2015E: $37M

39

Utility Investments –

Utility Investments –

Waterford 3 Steam Generator Replacement

Waterford 3 Steam Generator Replacement

2012

Estimated

In-Service Date

Dec 2012

2008

2010

2011

2009

Installation

Fall 2012

Waterford 3

Steam Electric Station

Waterford 3

Estimated Cost

$687M

Spending

Prior to 2012: $384M; 2012E: $263M; 2013E: $40M

Plant Type / Fuel Source

Nuclear

Status

Installation underway

Jurisdiction

Recovery Mechanism

•

Eligible for recovery through 2011 test year FRP

•

Subject to refund and subsequent prudence

review

Regulatory Status

Estimated year-one adjusted revenue requirement

of approximately $101.3M filed in Jun 2012

LPSC Approved

Stipulated Settlement

Nov 2008

ELL Notified LPSC RSGs Would Not Be

Delivered

in

Time

to

Meet

Current

Schedule

Dec 2010

ELL Filed Est

1st-Year Revenue Req

Jun 2012

ELL Petitioned LPSC to

Replace 2 Steam Generators

Jun 2008

ELL

Utility –

Utility –

Hurricane Isaac

Hurricane Isaac

Adds to Capital and Regulatory Recovery Agenda

Adds to Capital and Regulatory Recovery Agenda

Preliminary Isaac Restoration Costs

$M

Company

Estimated Amount

EAI

10

EGSL

70 –

90

ELL

240 –

300

EMI

30 –

40

ENOI

50 –

60

Total

400 –

500

Storm Cost Recovery Options

•

Accessing funded storm reserves at

the appropriate time (invoices are

still being received / processed)

•

Securitization or other alternative

financing

•

Traditional retail recovery on an

interim and permanent basis

•

Insurance, to the extent coverage is

available and deductibles are met

Capital / Non-Capital Split

%

Expect to make filings with

regulators over the next several

months to seek recovery of

amounts above storm reserves

as well as replenishment of

storm reserves

Capital

67

Non-

Capital

33

40

41

Utility –

Utility –

Non-Fuel O&M Trends

Non-Fuel O&M Trends

Utility Non-Fuel O&M / Refueling Outage Expenses

2008 –

2014E; $M

Historical

Illustrative

Drivers

•

Varying compensation and

benefit costs (e.g., pension

discount rates)

•

Increased costs associated

with power plant

acquisitions

•

Spending on energy

efficiency programs (offset

in revenue)

1

Excludes expenses in connection with the proposed spin-off and merger of Entergy’s transmission

business

with

ITC,

which

are

classified

as

“special”

and

not

included

in

operational

earnings

0

500

1,000

1,500

2,000

2,500

08

09

10

11

12E

13E

14E

~2 –

4%

Annual

Growth

Rate

(can vary

by year)

1

2013 Utility Earnings Sensitivities

$/share (after-tax) –

Prepared Nov 2012

Retail Sales Growth

1% change in MWh sold

Rate Base

$100M change

Allowed ROE

1% change

Non-Fuel O&M

1% change

0.03

0.11

0.41

(0.08)

(0.11)

(0.41)

0.08

(0.03)

Utility Net Income

Around 6% Net Income CAGR (2009 base)

on attractive investment opportunities; $M

692

09

14E

1

1

Illustrative, not intended to be guidance

EWC –

EWC –

Northeast Markets

Northeast Markets

Forward Energy and Power Prices

Forward Energy and Power Prices

Northeast Nuclear Fleet Forward Energy Prices

Jan

2012

–

Oct

2012;

Around-the-clock

$/MWh;

Excludes

Palisades

NYISO Auction-Cleared Capacity Prices

For

delivery

Jun

2010

–

Dec

2012;

$/kW-mo

Source:  Published prices per NYISO

Spot Auction

Monthly

Strip

ISO-NE Capacity Prices

For

delivery

Jun

2010

–

May

2016;

$/kW-mo

Source:  Published prices per ISO-NE

1

ISO-NE

accepted

VY’s

bid

to

delist

for

the

Jun

2015

–

May

2016

FCA

#6

and

retroactively

for

the

Jun

2013

–

May

2014

FCA

#4

At 10/31/12

Cal 2013

$43

Cal 2014

$44

Cal 2015

$45

Source:  Derived from third party data service

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

0.0

1.0

2.0

3.0

4.0

5.0

Jun-10

Jun-

12

Jun-14

Jun-16

35

40

45

50

Jan-12

Apr-12

Jul-12

Oct-12

Forward

Capacity

Auctions

1

Reconfiguration Auctions

Monthly Auctions

43

EWC –

EWC –

Northeast Markets

Northeast Markets

New York Zone A Market Prices and Heat Rates

New York Zone A Market Prices and Heat Rates

NYISO Zone A

ATC Forward Prices; $/MWh

NYISO Zone A

Implied Delivered Heat Rate; Btu/kWh

Source:  Derived from third party data service

Cal 2013

~8,500

Cal 2014

~8,300

Cal 2015

~8,200

Cal 2013

$37

Cal 2014

$37

Cal 2015

$38

At 10/31/12

At 10/31/12

Source:  Derived from third party data service

6,500

7,500

8,500

9,500

01/12

04/12

07/12

10/12

25

35

45

01/12

04/12

07/12

10/12

44

45

EWC –

EWC –

Northeast Markets

Northeast Markets

New York Zone G Market Prices and Heat Rates

New York Zone G Market Prices and Heat Rates

NYISO Zone G

ATC Forward Prices; $/MWh

NYISO Zone G

Implied Delivered Heat Rate; Btu/kWh

Source:  Derived from third party data service

Cal 2013

~10,300

Cal 2014

~10,200

Cal 2015

~10,000

Cal 2013

$45

Cal 2014

$46

Cal 2015

$47

At 10/31/12

At 10/31/12

Source:  Derived from third party data service

35

45

55

01/12

04/12

07/12

10/12

9,000

10,000

11,000

12,000

01/12

04/12

07/12

10/12

EWC –

EWC –

Northeast Markets

Northeast Markets

New England Market Prices and Heat Rates

New England Market Prices and Heat Rates

ISO-NE MASS Hub

ATC Forward Prices; $/MWh

ISO-NE MASS Hub

Implied Delivered Heat Rate; Btu/kWh

Source:  Derived from third party data service

Cal 2013

~8,400

Cal 2014

~8,300

Cal 2015

~8,300

Cal 2013

$45

Cal 2014

$45

Cal 2015

$46

At 10/31/12

At 10/31/12

Source:  Derived from third party data service

35

45

55

01/12

04/12

07/12

10/12

7,000

8,000

9,000

10,000

01/12

04/12

07/12

10/12

46

EWC –

EWC –

Positively Leveraged to Rising Prices

Positively Leveraged to Rising Prices

EWC Nuclear Energy and Capacity Revenue Sensitivity

Based on market prices as of Sep 30, 2012

Northeast Energy Market Prices, $/MWh

2014

2013

$47

$45

2016

2015

$47

$45

Expected sold and

market total revenue

47

EWC –

EWC –

Nuclear Fuel Trends

Nuclear Fuel Trends

Nuclear Fuel Projections

2011 –

2015E; $M

Uranium Price, Production and Demand

Production (lbs)

Demand (lbs)

Price

Source:  The Ux Consulting Company, LLC (UxC) (production and demand); Trade Tech (price)

Note:

Assumes

uninterrupted

normal

operation

at

all

EWC

nuclear

plants

Illustrative

0

150

120

90

60

30

0

250

200

150

100

50

48

11

12E

13E

14E

15E

Capital Spend

$6

$8/MWh

(2012E

2015E)

Expense (pre-tax)

05

06

07

08

09

10

11

12E

13E

14E

15E

16E

EWC –

EWC –

Non-Fuel O&M Trends

Non-Fuel O&M Trends

EWC Non-Fuel O&M / Refueling Outage Amortization

2008 –

2014E; $M

Special items

History

Illustrative

Drivers

•

Varying compensation

and benefit costs (e.g.,

pension discount rates)

•

Higher NRC fees and new

regulatory requirements

•

Workforce planning

•

Acquisition of Rhode

Island State Energy Center

at end of 2011

Note:

Assumes

uninterrupted

normal

operation

at

all

EWC

nuclear

plants

1

Excludes

VY

impairment

recorded

in

2012,

which

was

classified

as

a

special

item

and

excluded

from

operational

earnings

49

0

200

400

600

800

1,000

1,200

1,400

08

09

10

11

12E

13E

14E

~2 –

4%

Annual

Growth

Rate

(can vary

by year)

1

EWC –

EWC –

Long-Term Financial Outlook

Long-Term Financial Outlook

Nuclear Capacity Factor

1% change

0.06

EWC Revenue

$10/MWh market price

change

0.49

Non-Fuel O&M

1% change

0.04

Nuclear Outage

(lost revenue only)

1,000 MW plant for 10 days

(0.03)

1 

Assumes uninterrupted normal operation at all EWC nuclear plants

2

Based on 9/30/12 prices

3

Illustrative, not intended to be guidance

EWC Results

Declining Operational Adjusted EBITDA

through 2014 compared to 2010 level; $M

2013 EWC Earnings Sensitivities

$/share (after-tax) –

Prepared Nov 2012

(0.04)

(0.25)

(0.06)

50

1,048

862

2,3

2,3

2,3

10

11

12E

13E

14E

1

2013 Earnings Guidance

2013 Earnings Guidance

Operational EPS

2013E Guidance (after-tax) –

Prepared Nov 2012

Utility

Entergy

Wholesale

Commodities

Parent &

Other

Net $0.05

Net $(0.70)

Net $0.10

Other

Net Rev

Other Inc

Interest

Other Taxes

Depn

O&M

Inc Tax

Inc Tax

Depn

Decom

O&M

Net Rev

Inc Tax

Interest

5.00 Midpoint

4.60 –

5.40

Range

12E

Adjusted

Starting Point

13E

Operational

Guidance

1

Does not reflect any potential future expenses for the special item in connection with the proposed spin-merge of Entergy’s transmission business in 4Q12

and beyond; 2013 as-reported earnings guidance will be updated to reflect this special item as actual costs are incurred during the year

5.00

4.85 –

5.65

Range

Current

indications point

to upper end

of range

51

5.55

1

1

As-Reported

4.14

3.44 –

4.24 Range

As-Reported

5.00

4.60 –

5.40 Range

Preliminary Three-Year Capital Investment Plan

Preliminary Three-Year Capital Investment Plan

Projected Capital Expenditures

2013E –

2015E; $B –

Prepared Nov 2012

Preliminary

Maintenance

Capital

Preliminary

Investing 

Capital

Investing Capital

2013E –

2015E; % of Total –

Prepared Nov 2012

Portfolio Transformation

Environmental

Other Generation

Transmission

Distribution / Other

Dry Cask Storage / License Renewal

Wedgewire Screens

NYPA Value Sharing

Other (Primarily Component

Replacements / Identified Repairs)

5.4

1.2

2.5

0.8

Preliminary

52

0.4

2.9

0.8

2.5

6.6

Total

EWC

Utility

0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

80%

100%

Capital Deployment –

Capital Deployment –

Return Cash to Owners;

Return Cash to Owners;

No Traditional Equity Issuances

No Traditional Equity Issuances

2013 Corporate Earnings Sensitivities

$/share (after-tax) –

Prepared Nov 2012

Interest Rate

1% change on $1B debt

Effective Income Tax Rate

1% change in overall rate

(0.03)

(0.08)

0.08

Current Financial Outlook

Cash Sources and Uses

$B

Balanced capital investment / return

program with a total of around $4B

dividends and share repurchases

from

2010

2014;

$B

1

1

Updated Nov 2012

Illustrative

OCF /

Cash

Net

Debt

Invest-

ment

Available

Available for:

–

Return to

shareholders

(dividends,

share

repurchases)

–

Growth

investments

0.03

53

0

4

Thru 3Q12

Thru 14E

10

11

12E

13E

14E

Credit

Quality:

Strong

liquidity;

solid

credit

metrics supporting ready access to capital

Entergy’s Long-Term Financial Outlook

Entergy’s Long-Term Financial Outlook

Utility Net Income

Around 6% Net Income CAGR (2009 base)

on attractive investment opportunities; $M

EWC Results

Declining Operational Adjusted EBITDA

through 2014 compared to 2010 level; $M

Corporate Results

Results will vary depending upon factors

including effective income tax and interest

rates and the amount / timing of share

repurchases, if any

Capital Deployment

Balanced capital investment / return program

with a total of around $4B dividends and

share

repurchases

from

2010

–

2014;

$B

1,048

2013 effective income tax rate:

earnings guidance midpoint

assumption is 34%

692

09

14E

1

Dividends

Share

Repurchases

1

Based

on

9/30/12

prices

2

Illustrative,

not

intended

to

be

guidance

862

1

Illustrative, not intended to be guidance

1,2

1,2

1,2

1

1

Illustrative, not intended to be guidance

54

Appendix II

Appendix II

Regulation G Reconciliations

Regulation G Reconciliations

55

Regulation G Reconciliations

Regulation G Reconciliations

Table 1:  ETI Return on Average Common Equity

Reconciliation of GAAP to Non-GAAP Measures

2007, 2008 and 2012E

($ in millions)

2007

2008

2012E

As-Reported Earnings

(a)

58.9

57.9

47.9

Less Special Items

Transmission business spin-merge expenses

-

-

(4.4)

Total Special Items

(b)

-

-

(4.4)

Operational Earnings

(a)-(b)

58.9

57.9

52.3

Average Common Equity

(c)

996.1

952.2

878.8

Less Average Equity Infusion from Parent

150.0

75.0

-

Adjusted Average Common Equity

(d)

846.1

877.2

878.8

ROE –

As-Reported

(a)/(c)

5.9%

6.1%

5.5%

ROE –

Operational

((a)-(b))/(d)

7.0%

6.6%

6.0%

56

Regulation G Reconciliations

Regulation G Reconciliations

Table

2:

Entergy

Wholesale

Commodities

Non-Fuel

O&M

1

Reconciliation of GAAP to Non-GAAP Measures

2009 and 2010

($ in millions)

2009

2010

As-Reported Non-Fuel O&M

(a)

1,058

1,195

Less Special Items

Non-Utility

Nuclear

Spin-Off

Expenses

2

48

117

Total Special Items

(b)

48

117

Operational Non-Fuel O&M

(a)-(b)

1,010

1,078

1

Non-fuel O&M is defined as other operation and maintenance expense and nuclear refueling outage

expense, excluding investments in wind generation accounted for under the equity method of accounting

2

Includes non-utility nuclear spin-off dis-synergies and expenses for outside services to pursue the

previously planned spin-off in 2009 and 2010 and the charge in connection with the business unwind in

2010

57

58

Regulation G Reconciliations

Regulation G Reconciliations

Table 3:  Entergy Wholesale Commodities Operational Adjusted EBITDA

Reconciliation of GAAP to Non-GAAP Measures

2010 and 2011

($ in millions)

2010

2011

Net Income

489

492

add back: Interest expense

72

21

add back: Income tax expense

269

225

add back: Depreciation and amortization

163

179

subtract: Interest and investment income

171

136

add back: Decommissioning expense

107

81

subtract: Other than temporary impairment losses

(1)

-

Adjusted EBITDA

931

862

add

back:

Special

items:

Non-utility

nuclear

spin-off

expenses

1

117

-

Operational Adjusted EBITDA

1,048

862

1

Includes non-utility nuclear spin-off expenses for outside services to pursue the previously planned spin-off and the

charge in connection with the business unwind in 2010

59

Regulation G Reconciliations

Regulation G Reconciliations

Table 4:  Consolidated EPS

Reconciliation of GAAP to Non-GAAP Measures

2012E Guidance (after-tax)

(Per share in U.S. $)

2012E Revised

Guidance

Range

¹

As-Reported

(a)

3.44 –

4.24

Less Special Items Through 3Q12

Utility

Transmission business spin-merge expenses

(0.15) –

(0.15)

Entergy Wholesale Commodities

Vermont Yankee asset impairment

(1.26) –

(1.26)

Total Special Items

(b)

(1.41) –

(1.41)

Operational

(a)-(b)

4.85 –

5.65

1

Originally prepared Nov 2011, updated Jan 2012 to reflect 2011 final results, revised Apr 2012 and updated on an

as-reported basis Jul 2012 and Oct 2012; As-reported earnings guidance does not include any fourth quarter 2012

special items for expenses in connection with the proposed spin-off and merger of Entergy’s transmission business

with ITC