EX-99 2 dcorresp.htm Correspondence
Table of Contents

LOGO

ENTERGY STATISTICAL REPORT

AND INVESTOR GUIDE

2009


Table of Contents

At Entergy, we are adaptable in our pursuit of growth and relentless

in our drive to safely deliver clean, reliable, and affordable power

to our customers. These are among the strengths of our organization.

We deliberately apply Entergy’s distinctive strengths to overcome external challenges

and advance steadily toward our long-term aspirations. 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 electronic

form, with Excel spreadsheets, in order to facilitate easier access and analysis.

Entergy Investor Relations

Entergy Corporation is an integrated energy company engaged primarily in electric

power production and retail distribution operations. Entergy owns and operates power

plants with approximately 30,000 megawatts of electric generating capacity, and it is

the second-largest nuclear generator in the United States. Entergy delivers electricity to

2.7 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has

annual revenues of more than $10 billion and more than 15,000 employees.


Table of Contents
TABLE OF CONTENTS         Note: The Excel Tab labels correspond to the page numbers in the PDF version of the 2009 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

FINANCIAL MEASURES

   Page 2     

Entergy Arkansas, Inc.

   Page 31

ENTERGY AT A GLANCE

   Pages 3 – 4     

Entergy Gulf States Louisiana, L.L.C.

   Page 32

EXECUTIVE PROFILES

   Pages 5 – 6     

Entergy Louisiana, LLC

   Page 33
       

Entergy Mississippi, Inc.

   Page 34

ENTERGY CORPORATION AND SUBSIDIARIES

       

Entergy New Orleans, Inc.

   Page 34

Selected Financial and Operating Data

   Page 7     

Entergy Texas, Inc.

   Page 35

Selected Financial Data

   Page 7     

System Energy Resources, Inc.

   Page 35

Utility Electric Operating Data

   Page 7     

UTILITY STATISTICAL INFORMATION

   Page 36

Employees

   Page 7     

Utility Total Capability

   Page 36

Owned and Leased Capability

   Page 7     

Utility Selected Operating Data

   Page 36

Consolidated Quarterly Financial Metrics

   Page 8     

Utility Consolidating Information

   Page 37

Consolidated Annual Financial Metrics

   Page 8     

Entergy Arkansas, Inc.

   Pages 38 – 39

Consolidated Financial Results

   Page 9     

Entergy Gulf States Louisiana, L.L.C.

   Pages 40

Consolidated Quarterly Results

   Page 9     

Entergy Texas, Inc.

   Pages 41

Consolidated Quarterly Special Items

   Page 10     

Entergy Louisiana, LLC

   Pages 43 – 44

Consolidated Annual Results

   Page 11     

Entergy Mississippi, Inc.

   Pages 45 – 46

Consolidated Annual Special Items

   Page 12     

Entergy New Orleans, Inc.

   Pages 47 – 48

Description of Special Items

   Page 13     

System Energy Resources, Inc.

   Page 48

Consolidated Statements of Income

   Page 14     

Utility Nuclear Plant Statistics

   Page 49

Consolidating Income Statement

   Page 15     

UTILITY REGULATORY INFORMATION

   Page 50

Consolidated Balance Sheets

   Pages 16 – 17     

Regulatory Commissions

   Page 50

Consolidating Balance Sheet

   Pages 18 – 19     

Commission/Council Members

   Page 50

Consolidated Statements of Cash Flow

   Pages 20 – 21     

Select Utility Regulatory Mechanisms

   Page 51

Cash Flow Information by Business

   Page 21     

Utility Electric and Gas Fuel Recovery Mechanisms

   Page 52

Consolidated Statements of Retained Earnings, Comprehensive Income and Paid–In Capital

   Page 22        
       

COMPETITIVE BUSINESSES

  

Consolidated Capital Expenditures

   Page 23     

Total Capacity

   Page 53

Entergy Corporation Securities Detail

   Page 23        

Entergy Corporation Long-Term Debt

   Page 23     

ENTERGY NUCLEAR (NON-UTILITY)

  

Securities Ratings (Outlook)

   Page 23     

Entergy Nuclear Quarterly Financial Metrics

   Page 53
       

Entergy Nuclear Annual Financial Metrics

   Page 53

UTILITY

       

Entergy Nuclear Quarterly Operational Metrics

   Page 53

Utility Quarterly Financial Metrics

   Page 24     

Entergy Nuclear Annual Operational Metrics

   Page 53

Utility Annual Financial Metrics

   Page 24     

Entergy Nuclear Plant Statistics

   Page 54

Utility Capital Expenditures

   Page 24     

Entergy Nuclear Plant Uprates

   Page 54

Utility Securities Ratings (Outlook)

   Page 24     

Entergy Nuclear Securities Detail

   Page 55

Utility Financial Results

   Page 25        

Utility/Parent/Other Consolidating Income Statement

   Page 25     

NON-NUCLEAR WHOLESALE ASSETS

  
       

Non-Nuclear Wholesale Assets Plant Statistics

   Page 55

Utility/Parent/Other Consolidating Balance Sheet

   Pages 26 – 27     

Non-Nuclear Wholesale Assets Securities Detail

   Page 55

Utility Selected Annual Financial Metrics

   Pages 28 – 30        
       

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

   Page 56
       

REG G RECONCILIATIONS

  
       

Pro Forma Financial Results

   Pages 57 – 65
       

Financial Measures

   Pages 66 – 76
       

INVESTOR INFORMATION

   Page 77

 

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Table of Contents

ABOUT THIS PUBLICATION

This publication is unaudited and should be used in conjunction with Entergy’s 2009 Annual Report to Shareholders and Form 10-K filed with the Securities and Exchange Commission. It has been prepared for information purposes and is not intended for use in connection with any sale or purchase of, or any offer to buy, any securities of Entergy Corporation or its subsidiaries.

FORWARD-LOOKING INFORMATION

In this report and from time to time, Entergy Corporation makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “project,” “believe,” “anticipate,” “intend,” “expect,” “estimate,” “continue,” “potential,” “plan,” “predict,” “forecast,” and other similar words or expressions are intended to identify forward-looking statements but are not the only means to identify these statements. Although Entergy believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct. Any forward-looking statement is based on information current as of the date of this report and speaks only as of the date on which such statement is made. 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 those factors discussed or incorporated by reference in (a) Item 1A. Risk Factors in the 2009 Form 10-K, (b) Management’s Financial Discussion and Analysis in the 2009 Form 10-K, and (c) the following factors (in addition to others described elsewhere in this report and in subsequent securities filings):

resolution of pending and future rate cases and negotiations, including various performance-based rate discussions and other regulatory proceedings, including those related to Entergy’s System Agreement, Entergy’s utility supply plan, recovery of storm costs, and recovery of fuel and purchased power costs

changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, the operations of the independent coordinator of transmission for Entergy’s utility service territory, and the application of more stringent transmission reliability requirements or market power criteria by the Federal Energy Regulatory Commission (FERC)

changes in regulation of nuclear generating facilities and nuclear materials and fuel, including possible shutdown of nuclear generating facilities, particularly those owned or operated by the Non-Utility Nuclear business

resolution of pending or future applications for license renewals or modifications of nuclear generating facilities

the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at its nuclear generating facilities

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

prices for power generated by Entergy’s merchant generating facilities, the ability to hedge, sell power forward or otherwise reduce the market price risk associated with those facilities, including the Non-Utility Nuclear plants, and the prices and availability of fuel and power Entergy must purchase for its Utility customers, and Entergy’s ability to meet credit support requirements for fuel and power supply contracts

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

changes in law resulting from federal or state energy legislation or legislation subjecting energy derivatives used in hedging and risk management transactions to governmental regulation

changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur, nitrogen, carbon, mercury, and other substances, and changes in costs of compliance with environmental and other laws and regulation

uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal

variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes and ice storms (including most recently, Hurricane Gustav and Hurricane Ike in 2008 and the January 2009 ice storm in Arkansas) and recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance

effects of climate change, and environmental and other regulatory obligations intended to compel reductions in carbon dioxide emissions

Entergy’s ability to manage its capital projects and operation and maintenance costs

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

the economic climate, and particularly economic conditions in Entergy’s Utility service territory and the Northeast United States

the effects of Entergy’s strategies to reduce tax payments

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

actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria

changes in inflation and interest rates

the effect of litigation and government investigations or proceedings

advances in technology

the potential effects of threatened or actual terrorism and war

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

changes in accounting standards and corporate governance

declines in the market prices of marketable securities and resulting funding requirements for Entergy’s defined benefit pension and other postretirement benefit plans

changes in decommissioning trust fund values or earnings or in the timing of or cost to decommission nuclear plant sites

the ability to successfully complete merger, acquisition, or divestiture plans, regulatory or other limitations imposed as a result of merger, acquisition, or divestiture, and the success of the business following a merger, acquisition, or divestiture

risks and uncertainties associated with unwinding the business infrastructure associated with the contemplated Non-Utility Nuclear spin-off, joint venture and related transactions.

FINANCIAL MEASURES

Financial performance measures shown in this report include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures. This report includes non-GAAP measures of operational earnings, operational return on average invested capital, operational return on average common or members’ equity, operational net margin, operational price to earnings ratio and operational common dividend payout ratio, as well as gross liquidity, net debt to net capital, net debt to net capital with off-balance sheet liabilities, pro forma financial results reflecting reconsolidation of Entergy New Orleans, Inc., and pro forma financial results and financial measures (average common equity, return on average common equity, debt to capital ratio, cash flow interest coverage) reflecting the jurisdictional separation of Entergy Gulf States, Inc. into Entergy Gulf States Louisiana, L.L.C. and Entergy Texas, Inc., when describing Entergy’s results of operations and financial performance. We have prepared reconciliations of these measures to the most directly comparable GAAP measures. Reconciliations can be found on pages 9, 11, and 57 – 76.


 

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ENTERGY AT A GLANCE

CORPORATE STRUCTURE

LOGO

 

CORPORATE PROFILE      BUSINESS SEGMENTS
Entergy Corporation is a Fortune 500 integrated energy company engaged primarily in electric power production and retail distribution operations.      Entergy’s five year results in this report are presented in three business segments:
 Approximately 30,000 MW electric generating capacity        Utility
 2nd-largest U.S. nuclear generator       Entergy Nuclear (non-utility nuclear business)
 2.7 million utility customers       Non-Nuclear Wholesale Assets Business
 More than $10 billion annual revenues     
 More than 15,000 employees      Entergy Nuclear and the Non-Nuclear Wholesale Assets Business
 102 electric generating units operated      are referred to as Entergy’s Competitive Businesses.

 

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ENTERGY CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS (CONTINUED)

UTILITY

Entergy’s utility companies generate, transmit, distribute, and sell electric power, and operate a small natural gas distribution business.

  Six electric utilities with 2.7 million customers

 Four states – Arkansas, Louisiana, Mississippi, Texas

  22,000 MW generating capacity

  Two gas utilities with 188,000 customers

ENTERGY ARKANSAS, INC. (EAI)

Entergy Arkansas generates, transmits, distributes, and sells electric power to 689,000 retail customers in portions of Arkansas.

ENTERGY GULF STATES LOUISIANA, L.L.C. (EGSL)(a)

Entergy Gulf States Louisiana generates, transmits, distributes, and sells electric power to 379,000 retail customers in portions of Louisiana. Entergy Gulf States Louisiana also provides natural gas utility service to 92,000 customers in the Baton Rouge, Louisiana area.

ENTERGY LOUISIANA, LLC (ELL)

Entergy Louisiana generates, transmits, distributes, and sells electric power to 663,000 retail customers in portions of Louisiana.

ENTERGY MISSISSIPPI, INC. (EMI)

Entergy Mississippi generates, transmits, distributes, and sells electric power to 435,000 retail customers in portions of Mississippi.

ENTERGY NEW ORLEANS, INC. (ENOI)(b)

Entergy New Orleans generates, transmits, distributes, and sells electric power to 150,000 retail customers in the city of New Orleans, Louisiana. Entergy New Orleans also provides natural gas utility service to 96,000 customers in the city of New Orleans.

ENTERGY TEXAS, INC. (ETI)(a)

Entergy Texas generates, transmits, distributes, and sells electric power to 403,000 retail customers in portions of Texas.

SYSTEM ENERGY RESOURCES, INC. (SERI)

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

UTILITY NUCLEAR PLANTS

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

 

(a) Effective December 31, 2007, Entergy Gulf States, Inc. completed a jurisdictional separation into two vertically integrated utility companies, one operating under the sole retail jurisdiction of the PUCT, Entergy Texas, Inc., and the other operating under the sole retail jurisdiction of the LPSC, Entergy Gulf States Louisiana, L.L.C., Entergy Gulf States Louisiana, L.L.C. is the successor for financial reporting purposes to Entergy Gulf States, Inc.

 

(b) On September 23, 2005, Entergy New Orleans filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code to protect customers and ensure continued progress in restoring power and gas service to New Orleans after Hurricane Katrina. As a result of the bankruptcy filing, Entergy discontinued the consolidation of Entergy New Orleans retroactive to January 1, 2005. Entergy New Orleans emerged from Chapter 11 bankruptcy effective May 8, 2007, pursuant to the Confirmation Order from the Bankruptcy Court confirming Entergy New Orleans’ Plan of Reorganization. With confirmation of the plan of reorganization, Entergy reconsolidated Entergy New Orleans in the second quarter its 2007, retroactive to January 1, 2007.

 

ENTERGY NUCLEAR

Entergy’s non-utility nuclear business owns and operates six nuclear units in the northern United States. This business is primarily focused on selling power produced by those plants to wholesale customers. This business also provides operations and management services to nuclear power plants owned by other utilities in the United States.

 Six units in northern U.S.

      Pilgrim Nuclear Station in Plymouth, Massachusetts

      James A. FitzPatrick in Oswego, New York

      Indian Point Units 2 and 3 in Buchanan, New York

      Vermont Yankee in Vernon, Vermont

      Palisades Nuclear Energy Plant in South Haven, Michigan

 4,998 MW owned generating capacity

 800 MW under management services contract

      Cooper Nuclear Station located near Brownville, Nebraska

 Contracts (ongoing and completed) with other nuclear owners to manage decommissioning for 2 plants and license renewal for 6 plants

NON-NUCLEAR WHOLESALE ASSETS BUSINESS

Entergy’s Non-Nuclear Wholesale Assets business sells to wholesale customers the electric power produced by power plants that it owns or controls (1,353 net MW generating capacity) while it focuses on improving performance and exploring sales or restructuring opportunities for its power plants. Such opportunities are evaluated consistent with Entergy’s market-based point of view.


 

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ENTERGY CORPORATION AND SUBSIDIARIES

EXECUTIVE PROFILES

WAYNE LEONARD – CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Wayne Leonard became Entergy’s chairman and chief executive officer on August 1, 2006 after serving as chief executive officer since January 1, 1999. Leonard joined Entergy in April 1998 as president and chief operating officer of the company’s domestic business, and he assumed additional responsibility for international operations in August 1998. Under Leonard, Entergy has achieved the highest total shareholder return in the industry over the last 11 years. In 2009, for the eighth consecutive year, Entergy was named to the Dow Jones Sustainability World Index and one of only two U.S. utilities listed. Institutional Investor magazine recently ranked Leonard the top CEO in the power industry and Entergy the top electric utility in the country. In 2008, Entergy received a Platts Award of Excellence for its standout performance year after year over the past decade. In 2002 and 2005 Entergy was honored to receive the electric power industry’s highest honor, the Edison Award, from the Edison Electric Institute. The Platts Global Energy Awards named Leonard 2003 CEO of the Year and Leonard has been a CEO of the Year finalist for the past nine consecutive years. Prior to joining Entergy, Leonard was president of Cinergy’s Energy Commodities Strategic Business Unit and president of Cinergy Capital Trading.

LEO DENAULT – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

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

ROD WEST – EXECUTIVE VICE PRESIDENT AND CHIEF ADMINISTRATIVE OFFICER

Rod West was named executive vice president and chief administrative officer for Entergy in June 2010. West is responsible for the legal, human resources and administration, and external affairs departments. West’s appointment was part of a company reorganization that was designed to enhance organizational effectiveness and performance and better meet the needs of customers. He previously served as president and chief executive officer of Entergy New Orleans, Inc. after serving as director of Entergy New Orleans’ metro distribution operations. West’s primary responsibility during 2006 was restoring New Orleans’ electric distribution system after the devastation brought by Hurricane Katrina. Prior to joining Entergy in April 1999 as senior regulatory counsel, West was senior attorney in the New Orleans office of Vial, Hamilton, Koch and Knox, L.L.P., having previously spent five years with the New Orleans-based firm of Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P.

 

RICHARD SMITH – PRESIDENT, ENTERGY WHOLESALE COMMODITY BUSINESS

Rick Smith was named president of Entergy’s wholesale commodity business unit in June 2010. The new organization is aimed at strengthening local regulatory presence in the Northeast and consolidating commercial and risk functions for Entergy’s wholesale commodity business associated with non-utility generation. Smith previously served as president and chief operating officer from April 2007 until June 2010. Prior to being named president and COO, Smith was group president of utility operations. Smith joined Entergy in September 1999 as senior vice president, transition management and later served as president of retail operations. Prior to joining Entergy, Smith was president of Cinergy Resources, Inc., a non-regulated retail supply business. Prior to that, he served for three years as vice president of finance for Cinergy’s Energy Services business unit.

GARY TAYLOR – GROUP PRESIDENT, UTILITY OPERATIONS

Gary Taylor became group president, utility operations in April 2007. He is responsible for the regulated utility financial results, along with operational results of electric and natural gas distribution and customer service. In addition, Taylor oversees utility regulatory support and regulated retail activities. He joined Entergy in March 2000 as chief operating officer of Entergy’s Nuclear South region and became chief executive officer of Entergy’s nuclear business in April 2003. Prior to joining Entergy, Taylor had been vice president of nuclear operations at South Carolina Electric & Gas Company, a subsidiary of SCANA Corporation, since 1995.

MARK SAVOFF – CHIEF OPERATING OFFICER

Mark Savoff was named chief operating officer in June 2010. Savoff is responsible for nuclear operations as well as the business operations of fossil generation, transmission operations, system safety and environment, supply chain, system planning, and performance management. He is also responsible for three key initiatives: safety, compliance, environmental policy, generation portfolio transformation and Entergy Continuous Improvement. Prior to being named COO, Savoff served as executive vice president of operations, a position he held since joining the company in December 2003. Prior to joining Entergy, Savoff was vice president and corporate officer at GE Power Systems, Nuclear Energy. Before assuming his role as vice president, Nuclear Energy, he was General Manager of GE’s global nuclear fuel business and led the turnaround of GE’s global nuclear services business. He also served as president, Reuter-Stokes, a GE subsidiary.

JOHN HERRON – PRESIDENT, CEO & CHIEF NUCLEAR OFFICER OF ENTERGY NUCLEAR

John Herron became president, CEO, and chief nuclear officer of Entergy Nuclear in December 2009. He is responsible for all of Entergy’s nuclear plants located throughout New York, Massachusetts, Vermont, Michigan, Louisiana, Mississippi and Arkansas, as well as management of the Cooper Nuclear Station for the State of Nebraska. Herron was previously senior vice president for nuclear operations. Herron joined Entergy in 2001 as vice president, operations at Waterford 3. He then moved to New York as senior vice president of Indian Point in February 2002. Herron began his career in nuclear operations in 1979 at Vermont Yankee. In 1994, he became plant manager at Cooper Nuclear Station. He then joined Tennessee Valley Authority as plant manager at Sequoyah Nuclear Plant and then site vice president at TVA’s Browns Ferry Nuclear Plant.


 

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ENTERGY CORPORATION AND SUBSIDIARIES

EXECUTIVE PROFILES (CONTINUED)

ROBERT SLOAN – EXECUTIVE VICE PRESIDENT,

GENERAL COUNSEL AND SECRETARY

Robert Sloan joined Entergy in 2003. Before joining Entergy, Sloan was vice president and general counsel at GE Industrial Systems. Prior to his role at GE Industrial Systems, Sloan was a managing partner in the Brussels office of McKenna and Cuneo LLP. Sloan was previously vice president and director of the Sovereign Credit Management Division at the First National Bank of Chicago and later a partner with the Pepper, Hamilton & Sheetz law firm in Washington, D.C. He also was general counsel of the Multinational Force and Observers. Sloan also worked on nuclear non-proliferation and politico-military matters in the U.S. State Department’s Office of Legal Adviser. Prior to this position, he was general counsel to the Minority at the U. S. Senate Permanent Subcommittee on Investigations.

TERRY SEAMONS Ph.D. – SENIOR VICE PRESIDENT, HUMAN RESOURCES AND ADMINISTRATION

Terry Seamons joined Entergy in 2007, bringing a wealth of experience from RHR International, a management consulting firm specializing in linking managerial effectiveness, organizational performance and business strategy. He holds a doctorate in psychology. His expertise includes individual and group assessment and development with a particular emphasis on team development. His work at RHR took him to Europe, South America and all over Asia, and he has designed and conducted cross-national team sessions in Europe and Japan. Seamons has experience working with organizations in industries including utilities, banking, insurance, retail, manufacturing, chemical, education and government.

RENAE CONLEY – EXECUTIVE VICE PRESIDENT DESIGNATE, HUMAN RESOURCES AND ADMINISTRATION

Renae Conley was named executive vice president, human resources and administration in June 2010, becoming effective in 2011. She will assist Seamons, senior vice president, human resources and administration, until the transition is complete and he retires at the end of 2011. She had previously served as president and chief executive officer of Entergy’s Louisiana utilities between 2000 and 2010. Entergy Louisiana and Entergy Gulf States Louisiana together serve over one million customers, and comprise the largest electric utility in the state. Prior to joining Entergy in 1999 as vice president of investor relations, Conley was president of Cincinnati Gas & Electric Company, a subsidiary of Cinergy Corp. Conley also served as president and CEO of Cadence, a joint venture of Cinergy and other utilities that provides energy management services. At Cinergy, Conley was also general manager of corporate communications and investor relations.

 

ENTERGY CORPORATION AND SUBSIDIARIES

UTILITY OPERATING COMPANY PRESIDENTS

JOE DOMINO – PRESIDENT & CEO, ENTERGY TEXAS

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

HALEY FISACKERLY – PRESIDENT & CEO, ENTERGY MISSISSIPPI

Haley Fisackerly became president and CEO of Entergy Mississippi in June 2008. He is responsible for Entergy Mississippi’s electric distribution system, customer service, economic development, regulatory and governmental affairs. Prior to being named president, Fisackerly was vice president of governmental and regulatory affairs for Entergy Nuclear. Prior to that, he was Entergy Mississippi’s vice president of customer operations. Fisackerly joined Entergy in 1995 in federal governmental affairs in Washington D.C. and later moved to Little Rock, AR, where he was director of system regulatory strategy. Prior to joining Entergy, Fisackerly served for several years on the staff of U.S. Senator Thad Cochran.

HUGH McDONALD – PRESIDENT & CEO, ENTERGY ARKANSAS

Hugh McDonald became president and CEO of Entergy Arkansas in 2000. He is responsible for Entergy Arkansas’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Prior to becoming Entergy Arkansas’ president, he led Entergy’s Retail Operations. McDonald joined Entergy in 1982 at the Waterford 3 nuclear plant. In 1989, he became executive assistant to the chairman of Entergy Louisiana / Entergy New Orleans and then led Entergy Louisiana’s Total Quality initiative until 1993. During Entergy’s merger with Gulf States Utilities, McDonald served as special projects director for the integration of the transmission, distribution, and customer service organizations. McDonald has also held the positions of division manager, Entergy Mississippi and director of regulatory affairs, Entergy Texas.

BILL MOHL – PRESIDENT & CEO, ENTERGY LOUISIANA LLC AND ENTERGY GULF STATES LOUISIANA L.L.C.

Bill Mohl became president and CEO of Entergy Louisiana and Entergy Gulf States Louisiana in June 2010. He is responsible for the Louisiana utilities’ electric and gas distribution systems, customer service, economic development, regulatory and governmental affairs. Mohl was previously vice president, system planning and operations. Mohl joined Entergy in 2002 where he was responsible for the procurement of all limited- and long-term fuel and generation resources and in 2007 added responsibility for system planning and operations. Mohl began his career at Public Service Company of Colorado, now an affiliate of Xcel Energy, before moving to Koch Industries where he held a number of leadership roles in various gas and power businesses.

CHARLES RICE – PRESIDENT & CEO, ENTERGY NEW ORLEANS

Charles Rice became president and CEO of Entergy New Orleans in June 2010. He is responsible for Entergy New Orleans’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Rice was previously director, regulatory affairs. After his first legal private practice position in Louisiana with Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P, Rice joined Entergy’s legal department in 2000 as senior counsel and then as manager of labor relations litigation support in human resources. Rice was recruited into New Orleans city government in 2002 as the city attorney and later took the role of chief administrative officer for the City of New Orleans In 2005, Barrasso, Usdin, Kupperman, Freeman & Sarver, L.L.C. recruited him back to private practice, where he was named partner. Returning to Entergy in 2009, Rice served as director of utility strategy. He then served as director of regulatory affairs for Entergy New Orleans.


 

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SELECTED FINANCIAL AND OPERATING DATA

SELECTED FINANCIAL DATA

 

(In millions, except percentages, per share amounts, and ratios)    2009     2008     2007     2006 (a)    2005 (a)  

GAAP MEASURES

           

Operating Revenues

   $ 10,746      $ 13,094      $ 11,484      $ 10,932    $ 10,106   

As-Reported Net Income

   $ 1,231      $ 1,221      $ 1,135      $ 1,133    $ 898   

As-Reported Earnings Per Share

   $ 6.30      $ 6.20      $ 5.60      $ 5.36    $ 4.19   

Shares of Common Stock Outstanding:

           

End of Year

     189.1        189.4        193.1        202.7      207.5   

Weighted Average – Diluted

     195.8        201.0        202.8        211.5      214.4   

Return on Average Invested Capital – As-Reported

     7.7%        8.1%        8.3%        8.5%      7.2%   

Return on Average Common Equity – As-Reported

     14.9%        15.4%        14.1%        14.2%      11.2%   

Net Cash Flow Provided by Operating Activities

   $ 2,933      $ 3,324      $ 2,560      $ 3,448    $ 1,468   

Year-End Closing Market Price Per Share of Common Stock

   $ 81.84      $ 83.13      $ 119.52      $ 92.32    $ 68.65   

Book Value Per Share at End of Year

   $ 45.54      $ 42.07      $ 40.71      $ 40.45    $ 37.31   

Market Value of Equity at End of Year

   $ 15,477      $ 15,741      $ 23,082      $ 18,710    $ 14,247   

Price to Earnings Ratio – As-Reported

     12.99        13.41        21.34        17.24      16.39   

Common Dividend Paid Per Share

   $ 3.00      $ 3.00      $ 2.58      $ 2.16    $ 2.16   

Common Dividend Payout Ratio – As-Reported

     48%        48%        46%        40%      52%   

NON-GAAP MEASURES

           

Operational Earnings

   $ 1,302      $ 1,276      $ 1,167      $ 998    $ 943   

Operational Earnings Per Share

   $ 6.67      $ 6.51      $ 5.76      $ 4.72    $ 4.40   

Special Items Per Share

   $ (0.37   $ (0.31   $ (0.16   $ 0.64    $ (0.21

Return on Average Invested Capital – Operational

     8.1%        8.4%        8.5%        7.7%      7.5%   

Return on Average Common Equity – Operational

     15.7%        16.1%        14.5%        12.5%      11.8%   

Price to Earnings Ratio – Operational

     12.27        12.77        20.75        19.56      15.61   

Common Dividend Payout Ratio – Operational

     45%        46%        45%        46%      49%   
                                         

(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

 

UTILITY ELECTRIC OPERATING DATA(a)

 

           
      2009     2008     2007     2006    2005  

Retail Kilowatt-Hour Sales (millions)

     99,148        100,609        102,013        100,422      99,865   

Peak Demand (megawatts)

     21,009        21,241        22,001        20,887      21,391   

Retail Customers – Year End (thousands)

     2,719        2,689        2,668        2,595      2,629   
                                         

(a) Includes Entergy New Orleans, Inc.

           

 

EMPLOYEES

 

           
      2009     2008     2007     2006    2005  

Total Employees – Year End

     15,181        14,669        14,322        13,814      14,136   
                                         

OWNED AND LEASED CAPABILITY (MW)(a)

 

      Entergy
Arkansas
   Entergy
Gulf States
Louisiana
   Entergy
Louisiana
   Entergy
Mississippi
   Entergy
New Orleans
   Entergy
Texas
   System
Energy
   Entergy  
Nuclear
(c)
   Non-  
Nuclear  
Wholesale
(d)
   Total

Gas/Oil

   1,682    1,988    4,693    2,803    745    2,274    -    -    1,092    15,277

Coal

   1,208    363    -    420    -    269    -    -    181    2,441
                                                   

Total Fossil

   2,890    2,351    4,693    3,223    745    2,543    -    -    1,273    17,718
                                                   

Nuclear

   1,839    978    1,176    -    -    -    1,133    4,998    -    10,124

Other(b)

   70    -    -    -    -    -    -    -    80    150
                                                   

Total

   4,799    3,329    5,869    3,223    745    2,543    1,133    4,998    1,353    27,992
                                                   
(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 and Wind.

 

(c) Reflects Net MW in Operation. Net MW in Operation is the installed capacity owned and operated.

 

(d) Reflects nameplate rating of generating unit.

 

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CONSOLIDATED ENTERGY CORPORATION AND SUBSIDIARIES DATA

CONSOLIDATED QUARTERLY FINANCIAL METRICS

 

     2009    2008   

YTD %

CHANGE

 
      1Q    2Q    3Q    4Q    YTD    1Q    2Q    3Q    4Q    YTD    

GAAP MEASURES

                                

As-Reported Net Income ($ millions)

   235.3    226.8    455.2    313.8    1,231.1    308.7    271.0    470.3    170.6    1,220.6     0.9   

Return on Average Invested Capital – As-Reported (%)*

   7.6    7.5    7.1    7.7    7.7    8.8    8.6    8.1    8.1    8.1     (4.9

Return on Average Common Equity – As-Reported (%)*

   14.1    13.7    13.2    14.9    14.9    15.9    16.3    15.6    15.4    15.4     (3.3

Net Margin – As-Reported (%)*

   8.8    9.0    9.7    11.5    11.5    10.6    10.2    9.7    9.3    9.3     23.7   

Cash Flow Interest Coverage (# times)*

   6.5    6.7    5.5    6.1    6.1    4.9    5.0    7.0    6.5    6.5     (6.2

Revolver Capacity ($ millions)

   725    1,585    1,647    1,464    1,464    1,503    826    374    645    645     127.0   

Total Debt ($ millions)

   12,034    11,510    11,522    12,014    12,014    11,292    11,768    12,656    12,279    12,279     (2.2

Debt to Capital Ratio (%)

   57.4    55.9    56.7    57.4    57.4    58.6    60.7    60.4    59.7    59.7     (3.9

Debt to Capital Ratio, Excluding Securitization Debt (%)

   56.7    55.3    56.1    55.6    55.6    57.9    60.0    59.8    59.1    59.1     (5.9

Off-Balance Sheet Liabilities ($ millions)

   573    569    567    646    646    642    638    637    574    574     12.5   

NON-GAAP MEASURES

                                

Operational Earnings ($ millions)

   252.5    244.0    470.7    334.9    1,302.1    308.7    289.2    487.3    190.7    1,275.9     2.1   

Return on Average Invested Capital – Operational (%)*

   8.0    7.8    7.5    8.1    8.1    9.0    8.8    8.4    8.4    8.4     (3.6

Return on Average Common Equity – Operational (%)*

   15.0    14.6    14.1    15.7    15.7    16.3    17.0    16.4    16.1    16.1     (2.5

Net Margin – Operational (%)*

   9.4    9.6    10.3    12.1    12.1    10.8    10.6    10.2    9.7    9.7     24.7   

Total Gross Liquidity ($ millions)

   2,528    2,866    2,778    3,174    3,174    2,419    1,912    2,930    2,565    2,565     23.7   

Net Debt to Net Capital Ratio, Excluding Securitization Debt (%)

   52.6    52.2    53.4    51.5    51.5    55.7    57.6    54.1    54.8    54.8     (6.0

Net Debt to Net Capital Ratio Including Off-Balance Sheet Liabilities, Excluding Securitization Debt (%)

   54.0    53.6    54.8    53.1    53.1    57.2    59.0    55.7    56.2    56.2     (5.5
                                                          
* Rolling twelve months. Totals may not foot due to rounding.

CONSOLIDATED ANNUAL FINANCIAL METRICS

 

        2009      2008      2007      2006 (a)      2005 (a)

GAAP MEASURES

                        

As-Reported Net Income ($ millions)

     1,231       1,221      1,135      1,133      898

Return on Average Invested Capital – As-Reported (%)

     7.7      8.1      8.3      8.5      7.2

Return on Average Common Equity – As-Reported (%)

     14.9      15.4      14.1      14.2      11.2

Net Margin – As-Reported (%)

     11.5      9.3      9.9      10.4      8.9

Cash Flow Interest Coverage (# times)

     6.1      6.5      5.0      7.2      4.0

Revolver Capacity ($ millions)

     1,464      645      1,730      2,770      2,545

Total Debt ($ millions)

     12,014      12,279      11,123      9,356      9,288

Debt to Capital Ratio (%)

     57.4      59.7      57.6      52.3      53.1

Debt to Capital Ratio, Excluding Securitization Debt (%)

     55.6      59.1      56.9      52.3      53.1

Off-Balance Sheet Liabilities ($ millions)

                        

Debt of Joint Ventures – Entergy’s Share

     116      125      135      146      214

Leases – Entergy’s Share

     530      449      523      519      564
                                    

Total

     646      574      658      665      778

NON-GAAP MEASURES

                        

Operational Earnings ($ millions)

     1,302      1,276      1,167      998      943

Return on Average Invested Capital – Operational (%)

     8.1      8.4      8.5      7.7      7.5

Return on Average Common Equity – Operational (%)

     15.7      16.1      14.5      12.5      11.8

Net Margin – Operational (%)

     12.1      9.7      10.2      9.1      9.3

Total Gross Liquidity ($ millions)

     3,174      2,565      2,984      3,786      3,128

Net Debt to Net Capital Ratio, Excluding Securitization Debt (%)

     51.5      54.8      53.9      49.4      51.5

Net Debt to Net Capital Ratio Including Off-Balance Sheet

                        

Liabilities, Excluding Securitization Debt (%)

     53.1      56.2      55.5      51.3      53.7
                                    
(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

 

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FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED QUARTERLY RESULTS – GAAP TO NON-GAAP RECONCILIATION

 

     2009     2008    

YTD

CHANGE

 
($/share)    1Q     2Q     3Q     4Q     YTD     1Q     2Q     3Q     4Q     YTD    

AS-REPORTED

                      

Utility/Parent/Other

   0.32      0.68      1.32      0.56      2.88      0.48      0.62      1.47      (0.38   2.22      0.66   
                                                                    

Competitive Businesses

                      

Entergy Nuclear

   0.91      0.40      1.02      0.89      3.22      1.12      0.73      1.05      1.14      3.97      (0.75

Non-Nuclear Wholesale Assets

   (0.03   0.06      (0.02   0.19      0.20      (0.04   0.02      (0.11   0.13      0.01      0.19   
                                                                    

Total Competitive Businesses

   0.88      0.46      1.00      1.08      3.42      1.08      0.75      0.94      1.27      3.98      (0.56
                                                                    

CONSOLIDATED AS-REPORTED EARNINGS

   1.20      1.14      2.32      1.64      6.30      1.56      1.37      2.41      0.89      6.20      0.10   

LESS SPECIAL ITEMS

                      

Utility/Parent/Other

   (0.05   (0.01   (0.03   (0.05   (0.14   -      (0.09   (0.09   (0.05   (0.21   0.07   
                                                                    

Competitive Businesses

                      

Entergy Nuclear

   (0.04   (0.08   (0.05   (0.06   (0.23   -      -      -      (0.04   (0.10   (0.13

Non-Nuclear Wholesale Assets

   -      -      -      -      -      -      -      -      (0.01   -      -   
                                                                    

Total Competitive Businesses

   (0.04   (0.08   (0.05   (0.06   (0.23   -      -      -      (0.05   (0.10   (0.13
                                                                    

TOTAL SPECIAL ITEMS

   (0.09   (0.09   (0.08   (0.11   (0.37   -      (0.09   (0.09   (0.10   (0.31   (0.06

OPERATIONAL

                      

Utility/Parent/Other

   0.37      0.69      1.35      0.61      3.02      0.48      0.71      1.56      (0.33   2.43      0.59   
                                                                    

Competitive Businesses

                      

Entergy Nuclear

   0.95      0.48      1.07      0.95      3.45      1.12      0.73      1.05      1.18      4.07      (0.62

Non-Nuclear Wholesale Assets

   (0.03   0.06      (0.02   0.19      0.20      (0.04   0.02      (0.11   0.14      0.01      0.19   
                                                                    

Total Competitive Businesses

   0.92      0.54      1.05      1.14      3.65      1.08      0.75      0.94      1.32      4.08      (0.43
                                                                    

CONSOLIDATED OPERATIONAL EARNINGS

   1.29      1.23      2.40      1.75      6.67      1.56      1.46      2.50      0.99      6.51      0.16   
                                                                    

Weather Impact

   (0.02   (0.01   0.03      (0.01   (0.01   (0.03   0.05      (0.01   (0.03   (0.02   0.01   
                                                                    

SHARES OF COMMON STOCK

                      

OUTSTANDING (in millions)

                      

End of Period

   196.1      196.1      188.9      189.1      189.1      191.9      190.5      189.9      189.4      189.4      (0.3

Weighted Average - Diluted

   198.1      198.2      195.9      191.3      195.8      198.3      197.9      195.0      198.3      201.0      (5.2
                                                                    

Totals may not foot due to rounding and dilution effect of the unsuccessful remarketing of the equity units in February 2009.

 

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FINANCIAL RESULTS

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

 

     2009      2008     YTD  
($/share)    1Q      2Q      3Q      4Q      YTD      1Q    2Q      3Q      4Q      YTD     CHANGE  

UTILITY/PARENT/OTHER

                               

SPECIAL ITEMS

                               

Dilution effect - unsuccessful remarketing

   -       -       -       -       -       -    -       -       0.05       0.07      (0.07

Non-utility nuclear spin-off expenses

   (0.05    (0.01    (0.03    (0.05    (0.14    -    (0.09    (0.09    (0.10    (0.28   0.14   
                                                                           

Total

   (0.05    (0.01    (0.03    (0.05    (0.14    -    (0.09    (0.09    (0.05    (0.21   0.07   
                                                                           

COMPETITIVE BUSINESSES

                               

SPECIAL ITEMS

                               

Entergy Nuclear

                               

Dilution effect - unsuccessful remarketing

   -       -       -       -       -       -    -       -       (0.04    (0.10   0.10   

Non-utility nuclear spin-off dis-synergies

   (0.04    (0.08    (0.05    (0.06    (0.23    -    -       -       -       -       (0.23

Non-Nuclear Wholesale Assets

                               

Dilution effect - unsuccessful remarketing

   -       -       -       -       -       -    -       -       (0.01    -      -   
                                                                           

Total

   (0.04    (0.08    (0.05    (0.06    (0.23    -    -       -       (0.05    (0.10   (0.13
                                                                           

TOTAL SPECIAL ITEMS

   (0.09    (0.09    (0.08    (0.11    (0.37    -    (0.09    (0.09    (0.10    (0.31   (0.06
                                                                           
     2009      2008     YTD  
($ millions)    1Q      2Q      3Q      4Q      YTD      1Q    2Q      3Q      4Q      YTD     CHANGE  

UTILITY/PARENT/OTHER

                               

SPECIAL ITEMS

                               

Dilution effect - unsuccessful remarketing

   -       -       -       -       -       -    -       -       -       -      -   

Non-utility nuclear spin-off expenses

   (10.6    (2.1    (5.2    (9.1    (27.0    -    (18.3    (17.1    (20.0    (55.4   28.4   
                                                                           

Total

   (10.6    (2.1    (5.2    (9.1    (27.0    -    (18.3    (17.1    (20.0    (55.4   28.4   
                                                                           

COMPETITIVE BUSINESSES

                               

SPECIAL ITEMS

                               

Entergy Nuclear

                               

Dilution effect - unsuccessful remarketing

   -       -       -       -       -       -    -       -       -       -      -   

Non-utility nuclear spin-off dis-synergies

   (6.6    (15.1    (10.3    (12.0    (44.0    -    -       -       -       -      (44.0

Non-Nuclear Wholesale Assets

                               

Dilution effect - unsuccessful remarketing

   -       -       -       -       -       -    -       -       -       -      -   
                                                                           

Total

   (6.6    (15.1    (10.3    (12.0    (44.0    -    -       -       -       -      (44.0
                                                                           

TOTAL SPECIAL ITEMS

   (17.2    (17.2    (15.5    (21.1    (71.0    -    (18.3    (17.1    (20.0    (55.4   (15.6
                                                                           

Totals may not foot due to rounding and dilution effect of the unsuccessful remarketing of the equity units.

 

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FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED ANNUAL RESULTS – GAAP TO NON-GAAP RECONCILIATION

 

($/share)      2009        2008        2007        2006        2005  

AS-REPORTED

                        

Utility/Parent/Other

     2.88          2.22         2.67         3.97         2.82   
                                              

Competitive Businesses

                        

Entergy Nuclear

     3.22         3.97         2.66         1.46         1.32   

Non-Nuclear Wholesale Assets

     0.20         0.01         0.27         (0.07      0.05   
                                              

Total Competitive Businesses

     3.42         3.98         2.93         1.39         1.37   
                                              

CONSOLIDATED AS-REPORTED EARNINGS

     6.30         6.20         5.60         5.36         4.19   

LESS SPECIAL ITEMS

                        

Utility/Parent/Other

     (0.14      (0.21      (0.07      0.77         (0.21
                                              

Competitive Businesses

                        

Entergy Nuclear

     (0.23      (0.10      (0.09      -         -   

Non-Nuclear Wholesale Assets

     -         -         -         (0.13      -   
                                              

Total Competitive Businesses

     (0.23      (0.10      (0.09      (0.13      -   
                                              

TOTAL SPECIAL ITEMS

     (0.37      (0.31      (0.16      0.64         (0.21

OPERATIONAL

                        

Utility/Parent/Other

     3.02         2.43         2.74         3.20         3.03   
                                              

Competitive Businesses

                        

Entergy Nuclear

     3.45         4.07         2.75         1.46         1.32   

Non-Nuclear Wholesale Assets

     0.20         0.01         0.27         0.06         0.05   
                                              

Total Competitive Businesses

     3.65         4.08         3.02         1.52         1.37   
                                              

CONSOLIDATED OPERATIONAL EARNINGS

     6.67         6.51         5.76         4.72         4.40   
                                              

Weather Impact

     (0.01      (0.02      0.11         0.07         0.10   
                                              

 

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FINANCIAL RESULTS

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

 

($/share)      2009        2008        2007        2006        2005  

UTILITY/PARENT/OTHER SPECIAL ITEMS

                        

Non-utility nuclear spin-off expenses

     (0.14      (0.28      -         -         -   

Dilution effect - unsuccessful remarketing

     -         0.07         -         -         -   

Nuclear alignment

     -         -         (0.07      -         -   

ENOI results

     -         -         -         0.02         -   

Entergy-Koch, LP gain

     -         -         -         0.26         -   

Restructuring - Entergy-Koch, LP distribution

     -         -         -         0.49         -   

Retail business impairment reserve

     -         -         -         -         (0.12

Retail business discontinued operations

     -         -         -         -         (0.09
                                              

Total

     (0.14      (0.21      (0.07      0.77         (0.21
                                              

COMPETITIVE BUSINESSES SPECIAL ITEMS

                        

Entergy Nuclear

                        

Non-utility nuclear spin-off dis-synergies

     (0.23      -         -         -         -   

Dilution effect - unsuccessful remarketing

     -         (0.10      -         -         -   

Nuclear alignment

     -         -         (0.09      -         -   

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

     -         -         -         (0.13      -   
                                              

Total

     (0.23      (0.10      (0.09      (0.13      -   
                                              

TOTAL SPECIAL ITEMS

     (0.37      (0.31      (0.16      0.64         (0.21
                                              
($ millions)      2009        2008        2007        2006        2005  

UTILITY/PARENT/OTHER SPECIAL ITEMS

                        

Non-utility nuclear spin-off expenses

     (27.0      (55.4      -         -         -   

Nuclear alignment

     -         -         (13.6      -         -   

ENOI results

     -         -         -         4.1         -   

Entergy-Koch, LP gain

     -         -         -         55.0         -   

Restructuring - Entergy-Koch, LP distribution

     -         -         -         104.0         -   

Retail business impairment reserve

     -         -         -         -         (25.8

Retail business discontinued operations

     -         -         -         (0.5      (18.9
                                              

Total

     (27.0      (55.4      (13.6      162.6         (44.7
                                              

COMPETITIVE BUSINESSES SPECIAL ITEMS

                        

Entergy Nuclear

                        

Non-utility nuclear spin-off dis-synergies

     (44.0      -         -         -         -   

Nuclear alignment

     -         -         (18.4      -         -   

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

     -         -         -         (27.7      -   
                                              

Total

     (44.0      -         (18.4      (27.7      -   
                                              

TOTAL SPECIAL ITEMS

     (71.0      (55.4      (32.0      134.9         (44.7
                                              

 

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FINANCIAL RESULTS

DESCRIPTION OF ENTERGY CORPORATION CONSOLIDATED SPECIAL ITEMS

 

      MAIN EARNINGS CATEGORY

UTILITY/PARENT/OTHER SPECIAL ITEMS

  

Non-utility nuclear spin-off expenses

   Operating expenses: Other operation and maintenance

Dilution effect – unsuccessful remarketing(a)

   Diluted earnings per share

Nuclear alignment

   Operating expenses: Other operation and maintenance

ENOI results

   Other income: equity in earnings (loss) of unconsolidated equity affiliates

Entergy-Koch, LP gain

   Other income: equity in earnings (loss) of unconsolidated equity affiliates

Restructuring – Entergy-Koch, LP distribution

   Income taxes

Retail business impairment reserve

   Discontinued operations

Retail business discontinued operations

   Discontinued operations
      

COMPETITIVE BUSINESSES SPECIAL ITEMS

  

Entergy Nuclear

  

Non-utility nuclear spin-off dis-synergies

   Operating expenses: Other operation and maintenance
   Operating expenses: Depreciation
   Interest and Other Charges: Other interest

Dilution effect – unsuccessful remarketing(a)

   Diluted earnings per share

Nuclear alignment

   Operating expenses: Other operation and maintenance

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

   Income taxes
      

 

(a) Entergy had 10,000,000 equity units outstanding as of December 31, 2008, that obligated the holders to purchase a certain number of shares of Entergy common stock for a stated price no later than February 17, 2009. Under the terms of the purchase contracts, Entergy attempted to remarket the notes payable associated with the equity units in February 2009 but was unsuccessful, the note holders put the notes to Entergy, Entergy retired the notes, and Entergy issued 6,598,000 shares of common stock in the settlement of the purchase contracts.

 

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FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

 

In thousands, except share data, for the years ended December 31,   2009     2008     2007     2006 (a)     2005 (a)  

OPERATING REVENUES:

         

Electric

  $7,880,016      $10,073,160      $9,046,301      $9,063,135      $8,446,830   

Natural gas

  172,213      241,856      206,073      84,230      77,660   

Competitive businesses

  2,693,421      2,778,740      2,232,024      1,784,793      1,581,757   
                               

Total

  10,745,650      13,093,756      11,484,398      10,932,158      10,106,247   
                               

OPERATING EXPENSES:

         

Operating and maintenance:

         

Fuel, fuel-related expenses, and gas purchased for resale

  2,309,831      3,577,764      2,934,833      3,144,073      2,176,015   

Purchased power

  1,395,203      2,491,200      1,986,950      2,138,237      2,521,247   

Nuclear refueling outage expenses

  241,310      221,759      180,971      169,567      162,653   

Other operation and maintenance

  2,750,810      2,742,762      2,649,654      2,335,364      2,122,206   

Decommissioning

  199,063      189,409      167,898      145,884      143,121   

Taxes other than income taxes

  503,859      496,952      489,058      428,561      382,521   

Depreciation and amortization

  1,082,775      1,030,860      963,712      887,792      856,377   

Other regulatory charges (credits) – net

  (21,727   59,883      54,954      (122,680   (49,882
                               

Total

  8,461,124      10,810,589      9,428,030      9,126,798      8,314,258   
                               

OPERATING INCOME

  2,284,526      2,283,167      2,056,368      1,805,360      1,791,989   
                               

OTHER INCOME:

         

Allowance for equity funds used during construction

  59,545      44,523      42,742      39,894      45,736   

Interest and dividend income

  236,628      197,872      238,911      198,835      150,479   

Other than temporary impairment losses

  (86,069   (49,656   (4,914   -      -   

Equity in earnings (loss) of unconsolidated equity affiliates

  (7,793   (11,684   3,176      93,744      985   

Miscellaneous – net

  (32,603   (11,768   (24,860   16,114      14,251   
                               

Total

  169,708      169,287      255,055      348,587      211,451   
                               

INTEREST AND OTHER CHARGES:

         

Interest on long-term debt

  520,716      500,898      506,089      498,451      440,334   

Other interest – net

  82,963      133,290      155,995      75,502      64,646   

Allowance for borrowed funds used during construction

  (33,235   (25,267   (25,032   (23,931   (29,376
                               

Total

  570,444      608,921      637,052      550,022      475,604   
                               

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

  1,883,790      1,843,533      1,674,371      1,603,925      1,527,836   

Income taxes

  632,740      602,998      514,417      443,044      559,284   
                               

INCOME FROM CONTINUING OPERATIONS

  1,251,050      1,240,535      1,159,954      1,160,881      968,552   

LOSS FROM DISCONTINUED OPERATIONS

         

(net of income tax expense (benefit) of $67 and $(24,051), respectively)

  -      -      -      (496   (44,794
                               

CONSOLIDATED NET INCOME

  1,251,050      1,240,535      1,159,954      1,160,385      923,758   
                               

Preferred dividend requirements of subsidiaries

  19,958      19,969      25,105      27,783      25,427   
                               

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION

  $1,231,092      $1,220,566      $1,134,849      $1,132,602      $898,331   
                               

Basic earnings (loss) per average common share:

         

Continuing operations

  $6.39      $6.39      $5.77      $5.46      $4.49   

Discontinued operations

  -      -      -      -      $(0.21)   

Basic earnings (loss) per average common share

  $6.39      $6.39      $5.77      $5.46      $4.27   

Diluted earnings (loss) per average common share:

         

Continuing operations

  $6.30      $6.20      $5.60      $5.36      $4.40   

Discontinued operations

  -      -      -      -      $(0.21)   

Diluted earnings (loss) per average common share

  $6.30      $6.20      $5.60      $5.36      $4.19   

Dividends declared per common share

  $3.00      $3.00      $2.58      $2.16      $2.16   

Average number of common shares outstanding:

         

Basic

  192,772,032      190,925,613      196,572,945      207,456,838      210,141,887   

Diluted

  195,838,068      201,011,588      202,780,283      211,452,455      214,441,362   
                               
(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Certain prior year data has been reclassified to conform with current year presentation.

 

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FINANCIAL RESULTS

2009 CONSOLIDATING INCOME STATEMENT (unaudited)

 

In thousands, except share data, for the year ended December 31, 2009.    UTILITY/
PARENT/
OTHER
    COMPETITIVE
BUSINESSES
    ELIMINATIONS     CONSOLIDATED  

OPERATING REVENUES:

        

Electric

   $7,883,140      $                  -      $     (3,124)       $7,880,016   

Natural gas

   172,213      -      -      172,213   

Competitive businesses

   29,953      2,686,806      (23,338)      2,693,421   
                          

Total

   8,085,306      2,686,806      (26,462   10,745,650   
                          

OPERATING EXPENSES:

        

Operating and maintenance:

        

Fuel, fuel-related expenses, and gas purchased for resale

   2,026,893      284,191      (1,253   2,309,831   

Purchased power

   1,356,418      62,586      (23,801   1,395,203   

Nuclear refueling outage expenses

   105,016      136,293      -      241,310   

Other operation and maintenance

   1,851,090      901,585      (1,864   2,750,810   

Decommissioning

   99,683      99,380      -      199,063   

Taxes other than income taxes

   403,957      99,903      -      503,859   

Depreciation and amortization

   933,758      149,017      -      1,082,775   

Other regulatory (credits) - net

   (21,727   -      -      (21,727
                          

Total

   6,755,088      1,732,955      (26,918   8,461,124   
                          

OPERATING INCOME

   1,330,218      953,851      456      2,284,526   
                          

OTHER INCOME (DEDUCTIONS):

        

Allowance for equity funds used during construction

   59,545      -      -      59,545   

Interest and dividend income

   153,400      211,805      (128,577)      236,628   

Other than temporary impairment losses

   -      (86,069   -      (86,069

Equity in (loss) of unconsolidated equity affiliates

   (3,327   (4,466   -      (7,793

Miscellaneous – net

   (11,998   (20,149   (456)      (32,603
                          

Total

   197,620      101,121      (129,033   169,708   
                          

INTEREST AND OTHER CHARGES:

        

Interest on long-term debt

   511,451      9,265      -      520,716   

Other interest – net

   162,370      49,170      (128,577)      82,963   

Allowance for borrowed funds used during construction

   (33,235   -      -      (33,235
                          

Total

   640,586      58,435      (128,577   570,444   
                          

INCOME BEFORE INCOME TAXES

   887,252      996,537      -      1,883,790   

Income taxes

   308,552      324,187      -      632,740   
                          

CONSOLIDATED NET INCOME

   578,700      672,350      -      1,251,050   
                          

Preferred dividend requirements of subsidiaries

   17,329      2,629      -      19,958   
                          

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION

   $   561,371      $    669,721      $               -      $1,231,092   
                          

Earnings Per Average Common Share:

        

Basic

   $2.91      $3.48      $               -      $6.39   

Diluted

   $2.88      $3.42      $               -      $6.30   
                          

Totals may not foot due to rounding.

 

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FINANCIAL RESULTS

CONSOLIDATED BALANCE SHEETS (unaudited)

 

In thousands, as of December 31,    2009     2008     2007     2006 (a)     2005(a)  

ASSETS

          

CURRENT ASSETS:

          

Cash and cash equivalents:

          

Cash

   $       85,861       $     115,876      $     126,652      $     117,379      $     221,773   

Temporary cash investments

   1,623,690      1,804,615      1,127,076      898,773      361,047   
                                

Total cash and cash equivalents

   1,709,551      1,920,491      1,253,728      1,016,152      582,820   
                                

Securitization recovery trust account

   13,098      12,062      19,273      -      -   

Notes receivable – Entergy New Orleans DIP loan

   -      -      -      51,934      90,000   

Notes receivable

   -      -      -      699      3,227   

Accounts receivable:

          

Customer

   553,692      734,204      610,724      552,376      763,993   

Allowance for doubtful accounts

   (27,631   (25,610   (25,789   (19,348   (30,805

Other

   152,303      206,627      303,060      345,400      324,876   

Accrued unbilled revenues

   302,463      282,914      288,076      249,165      477,570   
                                

Total accounts receivable

   980,827      1,198,135      1,176,071      1,127,593      1,535,634   
                                

Deferred fuel costs

   126,798      167,092      -      -      543,927   

Accumulated deferred income taxes

   -      7,307      38,117      11,680      -   

Fuel inventory – at average cost

   196,855      216,145      208,584      193,098      206,195   

Materials and supplies – at average cost

   825,702      776,170      692,376      604,998      610,932   

Deferred nuclear refueling outage costs

   225,290      221,803      172,936      147,521      164,152   

System agreement cost equalization

   70,000      394,000      268,000      -      -   

Prepayments and other

   386,040      247,184      129,162      171,759      325,795   
                                

Total

   4,534,161      5,160,389      3,958,247      3,325,434      4,062,682   
                                

OTHER PROPERTY AND INVESTMENTS:

          

Investment in affiliates – at equity

   39,580      66,247      78,992      229,089      296,784   

Decommissioning trust funds

   3,211,183      2,832,243      3,307,636      2,858,523      2,606,765   

Non-utility property – at cost (less accumulated depreciation)

   247,664      231,115      220,204      212,726      228,833   

Other

   120,273      107,939      82,563      47,115      81,535   
                                

Total

   3,618,700      3,237,544      3,689,395      3,347,453      3,213,917   
                                

PROPERTY, PLANT AND EQUIPMENT:

          

Electric

   36,343,772      34,495,406      32,959,022      30,713,284      29,161,027   

Property under capital lease

   783,096      745,504      740,095      730,182      727,565   

Natural gas

   314,256      303,769      300,767      92,787      86,794   

Construction work in progress

   1,547,319      1,712,761      1,054,833      786,147      1,524,085   

Nuclear fuel under capital lease

   527,521      465,374      361,502      336,017      271,615   

Nuclear fuel

   739,827      636,813      665,620      494,759      436,646   
                                

Total property, plant and equipment

   40,255,791      38,359,627      36,081,839      33,153,176      32,207,732   

Less – accumulated depreciation and amortization

   16,866,389      15,930,513      15,107,569      13,715,099      13,010,687   
                                

Property, plant and equipment – net

   23,389,402      22,429,114      20,974,270      19,438,077      19,197,045   
                                

DEFERRED DEBITS AND OTHER ASSETS:

          

Regulatory assets:

          

Regulatory asset for income taxes - net

   619,500      581,719      595,743      740,110      735,221   

Other regulatory assets

   3,647,154      3,615,104      2,971,399      2,768,352      2,133,724   

Deferred fuel costs

   172,202      168,122      168,122      168,122      120,489   

Long-term receivables

   -      -      -      19,349      25,572   

Goodwill

   377,172      377,172      377,172      377,172      377,172   

Other

   1,006,306      1,047,654      908,654      898,662      991,835   
                                

Total

   5,822,334      5,789,771      5,021,090      4,971,767      4,384,013   
                                

TOTAL ASSETS

   $37,364,597      $36,616,818      $33,643,002      $31,082,731      $30,857,657   
                                
(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Certain prior year data has been reclassified to conform with current year presentation.

 

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FINANCIAL RESULTS

CONSOLIDATED BALANCE SHEETS (unaudited)

 

In thousands, as of December 31,    2009     2008     2007    2006 (a)     2005 (a)  

LIABILITIES AND EQUITY

           

CURRENT LIABILITIES:

           

Currently maturing long-term debt

   $     711,957      $     544,460      $     996,757    $     181,576      $     103,517   

Notes payable

   30,031      55,034      25,037    25,039      40,041   

Accounts payable

   998,228      1,475,745      1,031,300    1,122,596      1,655,787   

Customer deposits

   323,342      302,303      291,171    248,031      222,206   

Taxes accrued

   -      75,210      -    187,324      188,159   

Accumulated deferred income taxes

   48,584      -      -    -      143,409   

Interest accrued

   192,283      187,310      187,968    160,831      154,855   

Deferred fuel costs

   219,639      183,539      54,947    73,031      -   

Obligations under capital leases

   212,496      162,393      152,615    153,246      130,882   

Pension and other postretirement liabilities

   55,031      46,288      34,795    41,912      -   

System agreement cost equalization

   187,204      460,315      268,000    -      -   

Other

   215,202      273,297      214,164    271,544      473,510   
                               

Total

   3,193,997      3,765,894      3,256,754    2,465,130      3,112,366   
                               

NON-CURRENT LIABILITIES:

           

Accumulated deferred income taxes and taxes accrued

   7,422,319      6,565,770      6,379,679    5,820,700      5,282,759   

Accumulated deferred investment tax credits

   308,395      325,570      343,539    358,550      376,550   

Obligations under capital leases

   354,233      343,093      220,438    188,033      175,005   

Other regulatory liabilities

   421,985      280,643      490,323    449,237      408,667   

Decommissioning and asset retirement cost liabilities

   2,939,539      2,677,495      2,489,061    2,023,846      1,923,971   

Transition to competition

   -      -      -    79,098      79,101   

Accumulated provisions

   141,315      147,452      133,406    88,902      144,880   

Pension and other postretirement liabilities

   2,241,039      2,177,993      1,361,326    1,410,433      1,118,964   

Long-term debt

   10,705,738      11,174,289      9,728,135    8,798,087      8,824,493   

Preferred stock with sinking fund

   -      -      -    10,500      13,950   

Other

   711,334      880,998      1,066,508    847,415      1,202,706   
                               

Total

   25,245,897      24,573,303      22,212,415    20,074,801      19,551,046   
                               

Commitments and Contingencies

           

Subsidiaries preferred stock without sinking fund

   217,343      217,029      217,162    244,913      345,974   

EQUITY:

           

Common shareholders’ equity:

           

Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2009, 248,174,087 shares in 2008, 2007, 2006 and 2005

   2,548      2,482      2,482    2,482      2,482   

Paid-in capital

   5,370,042      4,869,303      4,850,769    4,827,265      4,817,637   

Retained earnings

   8,043,122      7,382,719      6,735,965    6,113,042      5,433,931   

Accumulated other comprehensive income (loss)

   (75,185   (112,698   8,320    (100,512   (343,819

Less – treasury stock, at cost (65,634,580 shares in 2009; 58,815,518 shares in 2008; 55,053,847 shares in 2007; 45,506,311 shares in 2006; 40,644,602 shares in 2005)

   4,727,167      4,175,214      3,734,865    2,644,390      2,161,960   
                               

Total common shareholders’ equity

   8,613,360      7,966,592      7,862,671    8,197,887      7,748,271   
                               

Subsidiaries preferred stock without sinking fund

   94,000      94,000      94,000    100,000      100,000   
                               

Total

   8,707,360      8,060,592      7,956,671    8,297,887      7,848,271   
                               

TOTAL LIABILITIES AND EQUITY

   $37,364,597      $36,616,818      $33,643,002    $31,082,731      $30,857,657   
                               
(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Certain prior year data has been reclassified to conform with current year presentation.

 

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FINANCIAL RESULTS

2009 CONSOLIDATING BALANCE SHEET (unaudited)

 

In thousands, as of December 31, 2009.    UTILITY/
PARENT/
OTHER
    COMPETITIVE
BUSINESSES
    ELIMINATIONS     CONSOLIDATED  

ASSETS

        

CURRENT ASSETS:

        

Cash and cash equivalents:

        

Cash

   $         82,155      $         3,706      $                  -       $       85,861   

Temporary cash investments – at cost,

   1,208,025      415,665      -      1,623,690   
                          

Total cash and cash equivalents

   1,290,180      419,371      -      1,709,551   
                          

Securitization recovery trust account

   13,098      -      -      13,098   

Notes receivable

   203,916      1,760,420      (1,964,336   -   

Accounts receivable:

        

Customer

   331,936      221,756      -      553,692   

Allowance for doubtful accounts

   (27,428   (203   -      (27,631

Associated companies

   25,381      117,483      (142,864   -   

Other

   137,968      14,335      -      152,303   

Accrued unbilled revenues

   302,463      -      -      302,463   
                          

Total accounts receivable

   770,320      353,371      (142,864   980,827   
                          

Deferred fuel costs

   126,798      -      -      126,798   

Accumulated deferred income taxes

   -      -      -      -   

Fuel inventory – at average cost

   194,827      2,028      -      196,855   

Materials and supplies – at average cost

   526,543      299,159      -      825,702   

Deferred nuclear refueling outage costs

   106,428      118,862      -      225,290   

System agreement cost equalization

   70,000      -      -      70,000   

Prepayments and other

   79,084      417,960      (111,004   386,040   
                          

Total

   3,381,194      3,371,171      (2,218,204   4,534,161   
                          

OTHER PROPERTY AND INVESTMENTS:

        

Investment in affiliates – at equity

   6,871,604      1,042,565      (7,874,589   39,580   

Decommissioning trust funds

   1,325,863      1,885,320      -      3,211,183   

Non-utility property – at cost (less accumulated depreciation)

   239,956      7,708      -      247,664   

Other

   110,645      9,628      -      120,273   
                          

Total

   8,548,068      2,945,221      (7,874,589   3,618,700   
                          

PROPERTY, PLANT AND EQUIPMENT:

        

Electric

   32,446,351      3,897,421      -      36,343,772   

Property under capital lease

   783,096      -      -      783,096   

Natural gas

   314,256      -      -      314,256   

Construction work in progress

   1,133,823      413,496      -      1,547,319   

Nuclear fuel under capital lease

   527,521      -      -      527,521   

Nuclear fuel

   219,317      520,510      -      739,827   
                          

Total property, plant and equipment

   35,424,364      4,831,427      -      40,255,791   

Less – accumulated depreciation and amortization

   16,159,041      707,348      -      16,866,389   
                          

Property, plant and equipment – net

   19,265,323      4,124,079      -      23,389,402   
                          

DEFERRED DEBITS AND OTHER ASSETS:

        

Regulatory assets:

        

Regulatory asset for income taxes—net

   619,500      -      -      619,500   

Other regulatory assets

   3,647,154      -      -      3,647,154   

Deferred fuel costs

   172,202      -      -      172,202   

Goodwill

   374,099      3,073      -      377,172   

Other

   649,258      873,457      (516,409   1,006,306   
                          

Total

   5,462,213      876,530      (516,409   5,822,334   
                          

TOTAL ASSETS

   $  36,656,798      $  11,317,001      $  (10,609,202   $  37,364,597   
                          

Totals may not foot due to rounding.

 

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FINANCIAL RESULTS

2009 CONSOLIDATING BALANCE SHEET (unaudited)

 

In thousands, as of December 31, 2009.    UTILITY/
PARENT/
OTHER
    COMPETITIVE
BUSINESSES
   ELIMINATIONS     CONSOLIDATED  

LIABILITIES AND EQUITY

         

CURRENT LIABILITIES:

         

Currently maturing long-term debt

   $     681,016      $       30,941    $                  -      $     711,957   

Notes payable:

         

Associated companies

   1,964,336      -    (1,964,336   -   

Other

   30,031      -    -      30,031   

Accounts payable:

         

Associated companies

   130,229      10,612    (140,841   -   

Other

   753,362      244,866    -      998,228   

Customer deposits

   323,092      250    -      323,342   

Taxes accrued

   107,944      -    (107,944   -   

Accumulated deferred income taxes

   48,584      -    -      48,584   

Interest accrued

   191,375      908    -      192,283   

Deferred fuel costs

   219,639      -    -      219,639   

Obligations under capital leases

   212,496      -    -      212,496   

Pension and other postretirement liabilities

   49,912      5,119    -      55,031   

System agreement cost equalization

   187,204      -    -      187,204   

Other

   54,279      163,983    (3,060   215,202   
                         

Total

   4,953,499      456,679    (2,216,181   3,193,997   
                         

NON-CURRENT LIABILITIES:

         

Accumulated deferred income taxes and taxes accrued

   4,609,839      2,812,480    -      7,422,319   

Accumulated deferred investment tax credits

   308,395      -    -      308,395   

Obligations under capital leases

   354,233      -    -      354,233   

Other regulatory liabilities

   421,985      -    -      421,985   

Decommissioning and asset retirement cost liabilities

   1,618,845      1,320,694    -      2,939,539   

Accumulated provisions

   132,225      9,090    -      141,315   

Pension and other postretirement liabilities

   1,771,350      469,689    -      2,241,039   

Long-term debt

   10,549,181      156,557    -      10,705,738   

Other

   451,438      786,443    (526,547   711,334   
                         

Total

   20,217,491      5,554,953    (526,547   25,245,897   
                         

Commitments and Contingencies

         

Subsidiaries preferred stock without sinking fund

   186,510      82,953    (52,120   217,343   

EQUITY:

         

Common shareholders’ equity:

         

Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2009

   2,163,815      982,040    (3,143,307   2,548   

Paid-in capital

   8,915,541      1,882,103    (5,427,602   5,370,042   

Retained earnings

   5,103,166      2,316,101    623,855      8,043,122   

Accumulated other comprehensive income (loss)

   (130,057   54,872    -      (75,185

Less – treasury stock, at cost (65,634,580 shares in 2009)

   4,847,167      12,700    (132,700   4,727,167   
                         

Total common shareholders’ equity

   11,205,298      5,222,416    (7,814,354   8,613,360   
                         

Subsidiaries preferred stock without sinking fund

   94,000      -    -      94,000   
                         

Total

   11,299,298      5,222,416    (7,814,354   8,707,360   
                         

TOTAL LIABILITIES AND EQUITY

   $36,656,798      $  11,317,001    $  (10,609,202   $37,364,597   
                         

Totals may not foot due to rounding.

 

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FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)

 

In thousands, for the years ended December 31,    2009     2008     2007     2006 (a)     2005 (a)  

OPERATING ACTIVITIES:

          

Consolidated net income

   $  1,251,050      $  1,240,535      $  1,159,954      $  1,160,385      $  923,758   

Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:

          

Reserve for regulatory adjustments

   (508   (8,285   (15,574   36,352      (82,033

Other regulatory charges (credits) – net

   (21,727   59,883      54,954      (122,680   (49,882

Depreciation, amortization, and decommissioning

   1,281,838      1,220,269      1,131,610      1,035,153      1,001,852   

Deferred income taxes, investment tax credits, and non-current taxes accrued

   864,684      333,948      476,241      738,643      487,804   

Equity in earnings (loss) of unconsolidated equity affiliates – net of dividends

   7,793      11,684      (3,176   4,436      4,315   

Provisions for asset impairments and restructuring charges

   -      -      -      -      39,767   

Changes in working capital:

          

Receivables

   116,444      78,653      (62,646   408,042      (367,351

Fuel inventory

   19,291      (7,561   (10,445   13,097      (83,125

Accounts payable

   (14,251   (23,225   (103,048   (83,884   303,194   

Taxes accrued

   (75,210   75,210      (187,324   (835   (33,306

Interest accrued

   4,974      (652   11,785      5,975      15,133   

Deferred fuel

   72,314      (38,500   912      582,947      (236,801

Other working capital accounts

   (228,210   (72,372   (73,269   64,479      (45,653

Provision for estimated losses and reserves

   (12,030   12,462      (59,292   39,822      (3,704

Changes in other regulatory assets

   (415,157   (324,211   254,736      (454,458   (311,934

Changes in pensions and other postretirement liabilities

   71,789      828,160      (56,224   333,381      -   

Other

   10,074      (61,670   40,576      (313,016   (94,226
                                

Net cash flow provided by operating activities

   2,933,158      3,324,328      2,559,770      3,447,839      1,467,808   
                                

INVESTING ACTIVITIES:

          

Construction / capital expenditures

   (1,931,245   (2,212,255   (1,578,030   (1,633,268   (1,458,086

Allowance for equity funds used during construction

   59,545       44,523      42,742      39,894      45,736   

Nuclear fuel purchases

   (525,474   (423,951   (408,732   (326,248   (314,414

Proceeds from sale / leaseback of nuclear fuel

   284,997      297,097      169,066      135,190      184,403   

Proceeds from sale of assets and businesses

   39,554      30,725      13,063      77,159      -   

Payment for purchase of plant

   -      (266,823   (336,211   (88,199   (162,075

Insurance proceeds received for property damages

   53,760      130,114      83,104      18,828      -   

Changes in transition charge account

   (1,036   7,211      (19,273   -      -   

NYPA value sharing payment

   (72,000   (72,000   -      -      -   

Increase (decrease) in other investments

   94,154      (72,833   41,720      (6,353   9,905   

Purchases of other temporary investments

   -      -      -      -      (1,591,025

Liquidation of other temporary investments

   -      -      -      -      1,778,975   

Proceeds from nuclear decommissioning trust fund sales

   2,570,523      1,652,277      1,583,584      777,584      944,253   

Investment in nuclear decommissioning trust funds

   (2,667,172   (1,704,181   (1,708,764   (884,123   (1,039,824

Other regulatory investments

   -      -      -      (38,037   (390,456
                                

Net cash flow used in investing activities

   (2,094,394   (2,590,096   (2,117,731   (1,927,573   (1,992,608
                                

FINANCING ACTIVITIES:

          

Proceeds from the issuance of:

          

Long-term debt

   2,003,469      3,456,695      2,866,136      1,837,713      4,302,570   

Preferred equity

   -      -      10,000      73,354      127,995   

Common stock and treasury stock

   28,198      34,775      78,830      70,455      106,068   

Retirement of long-term debt

   (1,843,169   (2,486,806   (1,369,945   (1,804,373   (2,689,206

Repurchase of common stock

   (613,125   (512,351   (1,215,578   (584,193   (878,188

Redemption of preferred stock

   (1,847   -      (57,827   (183,881   (33,719

Changes in short-term borrowings – net

   (25,000   30,000      -      (15,000   39,850   

Dividends paid:

          

Common stock

   (576,956   (573,045   (507,327   (448,954   (453,508

Preferred equity

   (19,958   (20,025   (25,875   (28,848   (25,472
                                

Net cash flow provided by (used in) financing activities

   (1,048,388   (70,757   (221,586   (1,083,727   496,390   
                                

Effect of exchange rates on cash and cash equivalents

   (1,316   3,288      30      (3,207   (602
                                

Net increase (decrease) in cash and cash equivalents

   (210,940   666,763      220,483      433,332      (29,012

Cash and cash equivalents at beginning of period

   1,920,491      1,253,728      1,016,152      582,820      619,786   
                                

Effect of the reconsolidation of Entergy New Orleans on cash and cash equivalents

   -      -      17,093      -      -   

Effect of the deconsolidation of Entergy New Orleans on cash and cash equivalents

   -      -      -      -      (7,954
                                

Cash and cash equivalents at end of period

   $  1,709,551      $  1,920,491      $  1,253,728      $  1,016,152      $  582,820   
                                

 

(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Certain prior year data has been reclassified to conform with current year presentation.

 

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FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)

 

In thousands, for the years ended December 31,    2009     2008    2007    2006 (a)     2005 (a)

SUPPLEMENTAL DISCLOSURE OF

            

CASH FLOW INFORMATION:

            

Cash paid (received) during the period for:

            

Interest – net of amount capitalized

   $ 568,417      $ 612,288    $ 611,197    $ 514,189      $ 461,345

Income taxes

   $ 43,057      $ 137,234    $ 376,808    $ (147,435   $ 116,072

Noncash financing activities:

            

Long-tern debt retired (equity unit notes)

   ($ 500,000   $ -    $ -    $ -      $ -

Common stock issued in settlement of equity unit purchase contracts

   $ 500,000      $ -    $ -    $ -      $ -
                                      

 

(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

CASH FLOW INFORMATION BY BUSINESS

 

For the years ended December 31, 2009, 2008, 2007, 2006, and 2005.    UTILITY/
PARENT/
OTHER
    ENTERGY
NUCLEAR
    ENERGY
COMMODITY
SERVICES
    CONSOLIDATED  
($ thousands)                         

2009

        

Net cash flow provided by operating activities

   461,984      2,434,449      36,725       2,933,158   

Net cash flow provided by (used in) investing activities

   (110,576   (1,978,037   (5,781   (2,094,394

Net cash flow provided by (used in) financing activities

   (528,234   (474,028   (46,126   (1,048,388

2008

        

Net cash flow provided by operating activities

   2,050,984      1,255,284      18,060      3,324,328   

Net cash flow provided by (used in) investing activities

   (2,197,024   (471,590   78,518      (2,590,096

Net cash flow provided by (used in) financing activities

   811,567      (799,861   (82,463   (70,757

2007

        

Net cash flow provided by (used in) operating activities

   1,721,098      879,940      (41,268   2,559,770   

Net cash flow provided by (used in) investing activities

   (1,273,575   (883,397   39,241      (2,117,731

Net cash flow provided by (used in) financing activities

   (260,080   47,705      (9,211   (221,586

2006(a)

        

Net cash flow provided by (used in) operating activities

   2,708,871      833,318      (94,350   3,447,839   

Net cash flow provided by (used in) investing activities

   (1,487,005   (450,219   9,651      (1,927,573

Net cash flow provided by (used in) financing activities

   (959,555   (211,544   87,372      (1,083,727

2005(a)

        

Net cash flow provided by (used in) operating activities

   934,562      551,263      (18,017   1,467,808   

Net cash flow provided by (used in) investing activities

   (1,673,600   (368,497   49,489      (1,992,608

Net cash flow provided by (used in) financing activities

   640,489      (110,482   (33,617   496,390   
                          

 

(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Certain prior year data has been reclassified to conform with current year presentation.

 

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FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF RETAINED EARNINGS, COMPREHENSIVE INCOME, AND PAID–IN CAPITAL (unaudited)

 

In thousands, for the years ended
December 31,
  2009            2008            2007            2006            2005         

RETAINED EARNINGS

                   

Retained Earnings – Beginning of period

  $ 7,382,719        $ 6,735,965        $ 6,113,042        $ 5,433,931        $ 4,989,826     

Add:

                   

Net income attributable to Entergy Corporation

    1,231,092      $ 1,231,092         1,220,566      $ 1,220,566        1,134,849      $ 1,134,849        1,132,602      $ 1,132,602        898,331      $ 898,331   

Adjustment related to implementation of new accounting pronouncements

    6,365          -          (4,600       -          -     
                                                                                 

Total

    1,237,457          1,220,566          1,130,249          1,132,602          898,331     
                                                                                 

Deduct:

                   

Dividends declared on common stock

    576,913          573,924          507,326          448,572          453,657     

Capital stock and other expenses

    141          (112       -          4,919          569     
                                                                                 

Total

    577,054          573,812          507,326          453,491          454,226     
                                                                                 

Retained Earnings – End of period

  $ 8,043,122        $ 7,382,719        $ 6,735,965        $ 6,113,042        $ 5,433,931     
                                                                                 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

                   

Balance at beginning of period:

                   

Accumulated derivative instrument fair value changes

  $ 120,830        $ (12,540     $ (105,578     $ (392,614     $ (141,411  

Pension and other postretirement liabilities

    (232,232       (107,145       (105,909       -          -     

Net unrealized investment gains

    (4,402       121,611          104,551          67,923          51,915     

Foreign currency translation

    3,106          6,394          6,424          3,217          2,615     

Minimum pension liability

    -          -          -          (22,345       (6,572  
                                                                                 

Total

    (112,698       8,320          (100,512       (343,819       (93,453  
                                                                                 

Net derivative instrument fair value changes arising during the period (net of tax expense (benefit) of $333, $78,837, $57,185, $187,462, and $(159,236))

    (2,887     (2,887     133,370        133,370        93,038        93,038        287,036        287,036        (251,203     (251,203

Pension and other postretirement liabilities (net of tax expense (benefit) of $(34,415), $(68,076), $29,994, $(92,419), and $0)

    (35,707     (35,707     (125,087     (125,087     (1,236     (1,236     (75,805     -        -        -   

Net unrealized investment gains (net of tax expense (benefit) of $102,845, $(108,049), $23,562, $28,428, and $10,573)

    82,929        82,929        (126,013     (126,013     17,060        17,060        36,628        36,628        16,008        16,008   

Adjustment related to implementation of new accounting pronouncement (net of tax benefit of $(4,921))

    (6,365     -        -        -        -        -        -        -        -        -   

Foreign currency translation (net of tax expense (benefit) of $(246), $(1,770), $(16), $1,122, and $211)

    (457     (457     (3,288     (3,288     (30     (30     3,207        3,207        602        602   

Minimum pension liability (net of tax expense (benefit) of $0, $0, $0, $(5,911), and $(9,176))

    -        -        -        -        -        -        (7,759     (7,759     (15,773     (15,773
                                                                                 

Balance at end of period:

                   

Accumulated derivative instrument fair value changes

    117,943          120,830          (12,540       (105,578       (392,614  

Pension and other postretirement liabilities

    (267,939       (232,232       (107,145       (105,909       -     

Net unrealized investment gains

    72,162          (4,402       121,611          104,551          67,923     

Foreign currency translation

    2,649          3,106          6,394          6,424          3,217     

Minimum pension liability

    -          -          -          -          (22,345  
                                                                                 

Total

  $ (75,185     $ (112,698     $ 8,320        $ (100,512     $ (343,819  
                                                                                 

Add: preferred dividend requirements of subsidiaries

      19,958          19,969          25,105          27,783          25,427   
                                                                                 

Comprehensive Income

    $ 1,294,928        $ 1,119,517        $ 1,268,786        $ 1,479,497        $ 673,392   
                                                                                 

PAID-IN CAPITAL

                   

Paid-in Capital – Beginning of period

  $ 4,869,303        $ 4,850,769        $ 4,827,265        $ 4,817,637        $ 4,835,375     

Add (Deduct):

                   

Issuance of equity units

    -          -          -          -          (39,904  

Common stock issuances in settlement of equity unit purchase contracts

    499,934          -          -          -          -     

Common stock issuances related to stock plans

    805          18,534          23,504          9,628          22,166     
                                                                                 

Total

  $ 500,739        $ 18,534        $ 23,504        $ 9,628        $ (17,738  
                                                                                 

Paid-in Capital – End of period

  $ 5,370,042        $ 4,869,303        $ 4,850,769        $ 4,827,265        $ 4,817,637     
                                                                                 

Certain prior year data has been reclassified to conform with current year presentation.

 

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CONSOLIDATED CAPITAL EXPENDITURES

HISTORICAL CAPITAL EXPENDITURES

 

                                    
($ millions)      2009      2008      2007      2006      2005

Utility/Parent/Other

                        

Entergy New Orleans

     62      103      94      76      58

All others

     1,510      2,101      1,225      1,398      1,458

Entergy Nuclear

     430      344      595      303      161

Energy Commodity Services

     1      3      -      21      1
                                    

Total Historical Capital Expenditures

     2,003      2,551      1,914      1,798      1,678
                                    

PLANNED CAPITAL EXPENDITURES

 

($ millions)      2010      2011      2012

Maintenance Capital:

              

Utility/Parent/Other

     785      790      830

Entergy Nuclear

     92      140      123
                      

Total Maintenance Capital

     877      930      953
                      

Other Capital Commitments:

              

Utility/Parent/Other

     991      1,578      926

Entergy Nuclear

     349      220      219
                      

Total Other Capital Commitments

     1,340      1,798      1,145
                      

Total Planned Capital Expenditures

     2,217      2,728      2,098
                      

The three year capital plan includes $420 million for the installation of scrubbers and low NOx burners at Entergy Arkansas’ White Bluff coal plant which was delayed upon approval of a variance from the October 2013 compliance date by the Arkansas Pollution Control and Ecology Commission.

ENTERGY CORPORATION SECURITIES DETAIL

 

ENTERGY CORPORATION LONG-TERM DEBT    RATE    MATURITY
DATE
   FIRST CALL
DATE
   CURRENT OR
FIRST CALL
PRICE
                    
                        AS OF DECEMBER 31,
CUSIP                        2009      2008      2007
                                       ($ millions)       
  

$3.5B Bank Credit Facility

      08/12            2,566       3,237      2,251
  

Bank Term Loan

   1.07%    06/10            60       60      60

29364GA*4

   6.17% Notes    6.17%    03/08    Now    MW (T+.50%)        -       -      72

29364GB*3

   6.23% Notes    6.23%    03/08    Now    MW (T+.50%)        -       -      15

29364GAC7

   6.13% Notes    6.13%    09/08    Now    MW (T+.50%)        -       -      150

29364GAA1

   7.75% Notes    7.75%    12/09    Now    MW (T+.50%)        -       267      267

29364GAB9

   6.58% Notes    6.58%    05/10    Now    MW (T+.50%)        75       75      75

29364GB@1

   6.9% Notes    6.9%    11/10    Now    MW (T+.50%)        140       140      140

29364G202,

29364G301

   7.625% Notes(a)    7.625%    02/11            -       500      500

29364GA@2

   7.06% Notes    7.06%    03/11    Now    MW (T+.50%)        86       86      86
                                               
  

    Total

                 2,927       4,365      3,616
                                               

 

(a) In December 2005, Entergy Corporation sold 10 million equity units with a stated amount of $50 each. An equity unit consisted of (1) a note, initially due February 2011 and initially bearing interest at an annual rate of 5.75%, and (2) a purchase contract that obligated the holder of the equity unit to purchase for $50 between 0.5705 and 0.7074 shares of Entergy Corporation common stock on or before February 17, 2009. Entergy paid the holders quarterly contract adjustment payments of 1.875% per year on the stated amount of $50 per equity unit. Under the terms of the purchase contracts, Entergy attempted to remarket the notes in February 2009 but was unsuccessful, the note holders put the notes to Entergy, Entergy retired the notes, and Entergy issued 6,598,000 shares of common stock in the settlement of the purchase contracts.

SECURITIES RATINGS (OUTLOOK)

 

       CORPORATE CREDIT
As of June 2010.              MOODY’S                      S&P        
Entergy Corporation      Baa3 (stable)      BBB (outlook stable)

 

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UTILITY SELECTED DATA

UTILITY QUARTERLY FINANCIAL METRICS

 

       2009      2008      YTD %  
        1Q      2Q      3Q      4Q      YTD      1Q      2Q      3Q      4Q      YTD      CHANGE  

GAAP MEASURES

                                                  

As-Reported Net Income ($ millions)

     111.6       147.2      294.8      137.9      691.6      117.1      159.7      257.8      53.2      587.8        17.7   

Return on Average Invested Capital –

                                                  

As-Reported (%)*

     6.0       5.8      5.9      6.4      6.4      7.0      6.9      6.1      6.0      6.0       6.7   

Return on Average Common Equity –

                                                  

As-Reported (%)*

     8.8       8.5      8.8      10.1      10.1      10.9      10.9      9.4      8.9      8.9       13.5   

Debt to Capital Ratio (%)

     53.0       53.5      53.1      55.6      55.6      51.9      52.1      53.1      53.0      53.0       4.9   

Debt to Capital Ratio, excluding securitization debt (%)

     52.0       52.6      52.2      53.2      53.2      50.8      51.0      52.1      52.0      52.0       2.3   

NON-GAAP MEASURES

                                                  

Operational Earnings ($ millions)

     111.6       147.2      294.8      137.9      691.6      117.1      159.7      257.8      53.2      587.8       17.7   

Return on Average Invested Capital –

                                                  

Operational (%)*

     6.0       5.8      5.9      6.4      6.4      7.1      7.0      6.2      6.0      6.0       6.7   

Return on Average Common Equity –

                                                  

Operational (%)*

     8.8       8.5      8.8      10.1      10.1      11.1      11.1      9.6      8.9      8.9       13.5   

Net Debt to Net Capital Ratio, excluding securitization debt (%)

     50.4       50.5      49.3      49.2      49.2      49.7      49.8      49.6      50.0      50.0       (1.6
                                                                                

 

* Rolling twelve months. Totals may not foot due to rounding.

UTILITY ANNUAL FINANCIAL METRICS

 

        2009      2008      2007      2006 (a)      2005 (a)

GAAP MEASURES

                        

As-Reported Net Income ($ millions)

     691.6      587.8      682.7      691.2      659.8

Return on Average Invested Capital – As-Reported (%)

     6.4      6.0      6.9      7.2      7.1

Return on Average Common Equity – As-Reported (%)

     10.1      8.9      10.6      11.3      11.4

Debt to Capital Ratio (%)

     55.6      53.0      51.5      51.3      51.8

Debt to Capital Ratio, excluding securitization debt (%)

     53.2      52.0      50.3      51.3      51.8

NON-GAAP MEASURES

                        

Operational Earnings ($ millions)

     691.6      587.8      696.4      687.1      659.8

Return on Average Invested Capital – Operational (%)

     6.4      6.0      7.0      7.2      7.1

Return on Average Common Equity – Operational (%)

     10.1      8.9      10.8      11.2      11.4

Net Debt to Net Capital Ratio, excluding securitization debt (%)

     49.2      50.0      47.2      49.1      50.7
                                    

 

(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

UTILITY HISTORICAL CAPITAL EXPENDITURES(a)

 

($ millions)      2009      2008      2007      2006      2005

Entergy Arkansas

     264      584      305      259      317

Entergy Gulf States Louisiana(b)

     274      360      168      159      157

Entergy Louisiana

     468      584      322      449      551

Entergy Mississippi

     131      156      157      240      164

Entergy New Orleans

     62      103      94      76      58

Entergy Texas

     188      284      167      217      214

System Energy Resources

     91      86      84      34      37

Other

     94      31      19      18      7
                                    

Total excluding Entergy New Orleans

     1,510      2,085      1,222      1,376      1,447
                                    

Total including Entergy New Orleans

     1,572      2,188      1,316      1,452      1,505
                                    

 

(a) Historical capital expenditures include storm capital spending.

 

(b) Excludes Entergy Texas capital expenditures.

Certain prior year data has been reclassified to conform with current year presentation.

UTILITY PLANNED CAPITAL EXPENDITURES(a)

 

    2010   2011   2012
($ millions)   MAINTENANCE
CAPITAL
  CAPITAL
COMMITMENTS
  MAINTENANCE
CAPITAL
  CAPITAL
COMMITMENTS
  MAINTENANCE
CAPITAL
  CAPITAL
COMMITMENTS

Entergy Arkansas

  188   211   193   346   199   263

Entergy Gulf States Louisiana

  128   127   125   124   130   109

Entergy Louisiana

  146   357   153   776   157   194

Entergy Mississippi

  120   99   126   61   122   66

Entergy New Orleans

  39   47   32   1   33   1

Entergy Texas

  106   74   98   90   114   123

System Energy Resources

  19   51   13   175   20   159

Other

  30   25   43   5   47   11
                         

Total

  776   991   783   1,578   822   926
                         

 

(a) Planned capital expenditures do not include storm capital spending.

UTILITY SECURITIES RATINGS (OUTLOOK)

 

       MORTGAGE BONDS      PREFERRED STOCK
As of June 2010.      MOODY’S      S&P      MOODY’S      S&P

Entergy Arkansas, Inc.

     A3 (stable)      A– (outlook stable)      Ba1      BB+

Entergy Gulf States Louisiana, L.L.C.

     A3 (stable)      BBB+ (outlook stable)      Ba1      BB+

Entergy Louisiana, LLC

     A3 (stable)      A– (outlook stable)      Ba1      BB+

Entergy Mississippi, Inc.

     Baa1 (stable)      A– (outlook stable)      Ba2      BB+

Entergy New Orleans, Inc.

     Baa3 (stable)      BBB+ (outlook stable)      B1      BB

Entergy Texas, Inc.

     Baa2 (stable)      BBB+ (outlook stable)      n/a      n/a

System Energy Resources, Inc.

     Baa2 (stable)      BBB+ (outlook stable)      -      -
                             

 

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UTILITY FINANCIAL RESULTS

2009 UTILITY/PARENT/OTHER CONSOLIDATING INCOME STATEMENT (unaudited)

 

In thousands, for the year ending
December 31, 2009.
  EAI     EGSL     ELL     EMI     ENOI     ETI     SERI     PARENT/
OTHER
ELIMINATIONS
    UTILITY/
PARENT/
OTHER
 

OPERATING REVENUES:

                 

Electric

  $ 2,211,263      $ 1,776,610      $ 2,183,586      $ 1,177,304      $ 535,985      $ 1,563,823      $ 554,007      $ (2,119,438   $ 7,883,140   

Natural gas

    -        67,776        -        -        104,437        -        -        -        172,213   

Competitive businesses

    -        -        -        -          -        -        29,953        29,953   
                                                                         

Total

    2,211,263        1,844,386        2,183,586        1,177,304        640,422        1,563,823        554,007        (2,089,485     8,085,306   
                                                                         

OPERATING EXPENSES:

                 

Operation and maintenance:

                 

Fuel, fuel-related expenses, and gas purchased for resale

    298,219        251,393        428,904        340,804        196,917        449,335        63,877        (2,556     2,026,893   

Purchased power

    795,526        732,943        782,235        359,664        198,836        584,550        -        (2,097,336     1,356,418   

Nuclear refueling outage expenses

    42,148        21,787        21,895        -        -        -        19,186        -        105,016   

Other operation and maintenance

    475,222        332,450        401,898        217,452        107,803        204,524        120,707        (8,966     1,851,090   

Decommissioning

    34,575        13,591        21,377        -        -        195        29,451        494        99,683   

Taxes other than income taxes

    80,829        67,559        66,627        63,381        40,476        55,480        24,246        5,359         403,957   

Depreciation and amortization

    252,742        135,489        203,791        86,872        33,943        73,840        140,056        7,025        933,758   

Other regulatory charges (credits) – net

    15,161        (1,261     (7,561     (57,056     1,709        44,807        (17,525     (1     (21,727
                                                                         

Total

    1,994,422        1,553,951        1,919,166        1,011,117        579,684        1,412,731        379,998        (2,095,981     6,755,088   
                                                                         

OPERATING INCOME

    216,841        290,435        264,420        166,187        60,738        151,092        174,009        6,496        1,330,218   
                                                                         

OTHER INCOME:

                 

Allowance for equity funds used during construction

    5,219        5,426        27,990        2,964        230        5,232        12,484        -        59,545   

Interest and dividend income

    19,321        69,951        75,522        863        3,762        47,541        4,507        (68,067     153,400   

Equity in earnings (loss) of unconsolidated equity affiliates

    -        -        -        -        -        -        -        (3,327     (3,327

Miscellaneous – net

    (3,569     (8,764     (4,425     (564     (1,125     544        (1,813     7,718        (11,998
                                                                         

Total

    20,971        66,613        99,087        3,263        2,867        53,317        15,178        (63,676     197,620   
                                                                         

INTEREST AND OTHER CHARGES:

                 

Interest on long-term debt

    85,484        110,819        96,353        47,414        11,628        98,957        47,422        13,374        511,451   

Other interest – net

    6,856        7,424        7,318        3,868        5,337        7,206        148        124,213        162,370   

Allowance for borrowed funds used during construction

    (3,159     (3,427     (18,059     (1,791     (98     (2,510     (4,192     1        (33,235
                                                                         

Total

    89,181        114,816        85,612        49,491        16,867        103,653        43,378        137,588        640,586   
                                                                         

INCOME BEFORE INCOME TAXES

    148,631        242,232        277,895        119,959        46,738        100,756        145,809        (194,768     887,252   

Income taxes

    81,756        89,185        45,050        42,323        15,713        36,915          (2,390     308,552   
                                                                         

CONSOLIDATED NET INCOME

    66,875        153,047        232,845        77,636        31,025        63,841        145,809        (192,378     578,700   

Preferred dividend requirements and other

    6,873        825        6,950        2,828        965        -        96,901        (98,013     17,329   
                                                                         

EARNINGS APPLICABLE TO COMMON STOCK/EQUITY

  $ 60,002      $ 152,222      $ 225,895      $ 74,808      $ 30,060      $ 63,841      $ 48,908      $ (94,365   $ 561,371   
                                                                         

Totals may not foot due to rounding.

 

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UTILITY FINANCIAL RESULTS

2009 UTILITY/PARENT/OTHER CONSOLIDATING BALANCE SHEET (unaudited)

 

In thousands, as of December 31,
2009.
  EAI     EGSL     ELL     EMI     ENOI     ETI     SERI   PARENT/
OTHER
RECLASS/
ELIMINATIONS
    UTILITY/
PARENT/
OTHER
 

ASSETS

                 

CURRENT ASSETS:

                 

Cash and cash equivalents:

                 

Cash

  $      3,336      $          139      $         160      $       1,147      $      1,179      $      1,552      $         926   $    73,716      $      82,155   

Temporary cash investments

  82,897      144,321      151,689      90,304      190,012      199,151      263,556   86,095      1,208,025   
                                                     

Total cash and cash equivalents

  86,233      144,460      151,849      91,451      191,191      200,703      264,482   159,811      1,290,180   
                                                     

Securitization recovery trust account

  -      -      -      -      -      13,098      -   -      13,098   

Notes receivable

  -      -      -      -      -      -      -   203,916      203,916   

Accounts receivable:

                 

Customer

  93,754      38,633      56,978      50,092      41,284      51,194      -   1      331,936   

Allowance for doubtful accounts

  (21,853   (1,235   (1,312   (1,018   (1,166   (844   -   -      (27,428

Associated companies

  91,650      102,807      110,425      36,565      78,670      75,437      139,602   (609,775   25,381   

Other

  55,381      22,425      9,174      12,842      2,299      10,688      4,479   20,680      137,968   

Accrued unbilled revenues

  76,126      56,425      72,550      41,137      20,328      35,727      -   170      302,463   
                                                     

Total account receivable

  295,058      219,055      247,815      139,618      141,415      172,202      144,081   (588,924   770,320   
                                                     

Deferred fuel costs

  122,802      -      -      -      3,996      -      -   -      126,798   

Accumulated deferred income taxes

  -      -      -      294      2,584      59,399      -   (62,277   -   

Fuel inventory – at average cost

  15,060      29,298      -      5,875      2,533      54,957      -   87,104      194,827   

Materials and supplies – at average cost

  132,182      107,531      127,812      37,979      9,674      30,432      80,934   (1   526,543   

Deferred nuclear refueling outage costs

  34,492      26,722      36,783      -      -      -      8,432   (1   106,428   

System agreement cost equalization

  70,000      -      -      -      -      -      -   -      70,000   

Note receivable – Entergy New Orleans

  -      -      9,353      7,610      -      -      25,560   (42,523   -   

Debt assumption by Entergy Texas

  -      167,742      -      -      -      -      -   (167,742   -   

Gas hedge contracts

  -      -      3,409      -      -      -      -   (3,409   -   

Prepayments and other

  32,668      42,146      10,633      2,820      4,311      16,357      70,302   (100,153   79,084   
                                                     

Total

  788,495      736,954      587,654      285,647      355,704      547,148      593,791   (514,199   3,381,194   
                                                     

OTHER PROPERTY AND INVESTMENTS:

                 

Investment in affiliates – at equity

  11,201      189,400      544,994      5,535      3,259      845      -   6,116,370      6,871,604   

Decommissioning trust funds

  440,220      349,527      209,070      -      -      -      327,046   -      1,325,863   

Non-utility property – at cost less accumulated depreciation)

  1,435      146,190      1,124      4,864      1,016      1,496      -   83,831      239,956   

Storm reserve escrow account

  -      -      -      31,867      9,499      -      -   (41,366   -   

Other

  2,976      11,342      810      -      -      16,309      -   79,208      110,645   
                                                     

Total

  455,832      696,459      755,998      42,266      13,774      18,650      327,046   6,238,043      8,548,068   
                                                     

PROPERTY, PLANT AND EQUIPMENT

                 

Electric

  7,602,975      6,855,075      7,190,609      3,070,109      789,367      3,074,334      3,324,876   539,006      32,446,351   

Property under capital lease

  1,364      -      262,111      6,418      -      -      481,065   32,138      783,096   

Natural gas

  -      113,970      -      -      199,847      -      -   439      314,256   

Construction work in progress

  114,998      84,161      509,667      62,866      21,148      82,167      198,887   59,929      1,133,823   

Nuclear fuel under capital lease

  173,076      156,996      122,011      -      -      -      75,438   -      527,521   

Nuclear fuel

  11,543      6,005      -      -      -        9,333   192,436      219,317   
                                                     

Total property, plant and equipment

  7,903,956      7,216,207      8,084,398      3,139,393      1,010,362      3,156,501      4,089,599   823,948      35,424,364   

Less – accumulated depreciation and amortization

  3,534,056      3,714,199      3,370,225      1,115,756      514,609      1,210,172      2,315,141   384,883      16,159,041   
                                                     

Property, plant and equipment – net

  4,369,900      3,502,008      4,714,173      2,023,637      495,753      1,946,329      1,774,458   439,065      19,265,323   
                                                     

DEFERRED DEBITS AND OTHER ASSETS:

                 

Regulatory assets:

                 

Regulatory asset for income taxes – net

  51,340      288,313      132,086      34,114      -      95,894      101,915   (84,162   619,500   

Other regulatory assets

  746,955      299,793      477,020      251,407      125,686      1,232,101      290,048   224,144      3,647,154   

Deferred fuel costs

  -      100,124      67,998      -      4,080      -      -   -      172,202   

Long-term receivables

  -      967      1,500      -      -      -      -   (2,467   -   

Long-term receivables - associated companies

  -      -      -      -      -      34,340      -   (34,340   -   

Goodwill

  -      -      -      -      -      -      -   374,099      374,099   

Other

  23,118      11,564      18,762      19,564      6,079      21,176      11,824   537,171      649,258   
                                                     

Total

  821,413      700,761      697,366      305,085      135,845      1,383,511      403,787   1,014,445      5,462,213   
                                                     

TOTAL ASSETS

  $6,435,640      $5,636,182      $6,755,191      $2,656,635      $1,001,076      $3,895,638      $3,099,082   $7,177,354      $36,656,798   
                                                     

Totals may not foot due to rounding.

 

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Table of Contents

UTILITY FINANCIAL RESULTS

2009 UTILITY/PARENT/OTHER CONSOLIDATING BALANCE SHEET (unaudited)

 

In thousands, as of December 31,
2009.
  EAI   EGSL     ELL     EMI     ENOI   ETI   SERI   PARENT
OTHER/
RECLASS/
ELIMINATIONS
    UTILITY/
PARENT/
OTHER
 

LIABILITIES AND SHAREHOLDERS’ OR MEMBERS’ EQUITY

                 

CURRENT LIABILITIES:

                 

Currently maturing long-term debt

  $  100,000   $  11,975      $  222,326      $              -      $    30,000   $  167,742   $    41,715   $    107,258      $     681,016   

Notes payable:

                 

Associated companies

  -   -      -      -      74,230   -   -   1,890,106      1,964,336   

Other

  -   -      -      -      -   -   -   30,031      30,031   

Accounts payable:

                 

Associated companies

  107,584   52,622      56,057      58,421      28,138   47,677   5,349   (225,619   130,229   

Other

  111,523   91,604      141,311      31,176      23,653   70,147   45,826   238,122      753,362   

Customer deposits

  67,480   45,645      82,864      62,316      20,505   39,665   -   4,617      323,092   

Taxes accrued

  -   -      25,993      41,603      1,677   77,581   -   (38,910   107,944   

Accumulated deferred income taxes

  74,794   12,219      13,349      -      -   -   3,040   (54,818   48,584   

Interest accrued

  24,104   24,709      32,955      19,179      3,949   30,575   51,257   4,647      191,375   

Deferred fuel costs

  -   42,351      1,633      72,907      -   102,748   -   -      219,639   

Obligations under capital leases

  72,838   30,387      56,528      -      -   -   50,445   2,298      212,496   

Pension and other postretirement liabilities

  -   8,021      9,153      -      -   935   -   31,803      49,912   

System agreement cost equalization

  -   10,000      54,000      -      6,000   117,204   -   -      187,204   

Gas hedge contracts

  -   263      -      -      -   -   -   (263   -   

Other

  14,742   8,790      9,831      5,399      5,803   2,674   -   7,040      54,279   
                                               

Total

  573,065   338,586      706,000      291,001      193,955   656,948   197,632   1,996,312      4,953,499   
                                               

NON-CURRENT LIABILITIES:

                 

Accumulated deferred income taxes and taxes accrued

  1,493,580   1,345,984      1,703,272      578,759      147,496   740,074   588,722   (1,988,048   4,609,839   

Accumulated deferred investment tax credits

  47,909   88,246      79,650      7,514      2,153   22,532   58,231   2,160      308,395   

Obligations under capital leases

  101,601   126,226      65,483      4,949      -   -   24,993   30,981      354,233   

Regulatory liability for income taxes – net

  -   -      -      -      58,970   -   -   (58,970   -   

Other regulatory liabilities

  101,370   47,423      45,711      2,905      43,148   20,417   197,437   (36,426   421,985   

Decommissioning and asset retirement cost liabilities

  566,374   321,158      298,216      5,071      3,174   3,445   421,408   (1   1,618,845   

Accumulated provisions

  13,217   14,669      20,301      41,403      15,991   8,710   2,009   15,925      132,225   

Pension and other postretirement liabilities

  448,421   234,473      296,347      111,437      43,773   78,722   75,448   482,729      1,771,350   

Long-term debt

  1,518,569   1,614,366      1,557,226      845,304      168,023   1,490,283   703,260   2,652,150      10,549,181   

Gas system rebuild insurance proceeds

  -   -      -      -      90,116   -   -   (90,116   -   

Other

  43,623   63,292      71,176      29,146      5,911   30,017   -   208,273      451,438   
                                               

Total

  4,334,664   3,855,837      4,137,382      1,626,488      578,755   2,394,200   2,071,508   1,218,657      20,217,491   
                                               

Commitments and Contingencies

                 

Subsidiaries preferred stock without sinking fund

  116,350   -      -      50,381      19,780   -   -   -      186,510   

SHAREHOLDERS’ OR MEMBERS’ EQUITY:

                 

Common stock or members’ equity

  470   1,473,930      1,837,348      199,326      33,744   49,452   789,350   (2,219,805   2,163,815   

Paid-in capital/capital stock expense and other

  588,444   -      -      (690   36,294   481,994   -   7,809,499      8,915,541   

Retained earnings

  822,647   -      -      490,129      138,548   313,044   40,592   3,298,206      5,103,166   

Accumulated other comprehensive income (loss)

  -   (42,171   (25,539   -      -   -     (62,347   (130,057

Less – treasury stock, at cost

  -   -      -      -      -   -     4,847,167      4,847,167   
                                               

Total

  1,411,561   1,431,759      1,811,809      688,765      208,586   844,490   829,942   3,978,386      11,205,298   
                                               

Subsidiaries preferred stock without sinking fund

  -   10,000      100,000      -      -   -   -   (16,000   94,000   
                                               

Total

  1,411,561   1,441,759      1,911,809      688,765      208,586   844,490   829,942   3,962,386      11,299,298   
                                               

TOTAL LIABILITIES AND SHAREHOLDERS’ OR MEMBERS’ EQUITY

  $6,435,640   $5,636,182      $6,755,191      $2,656,635      $1,001,076   $3,895,638   $3,099,082   $  7,177,354      $36,656,798   
                                               

Totals may not foot due to rounding.

 

27


Table of Contents

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS

 

                      2009                     2008                   2007                     2006                   2005

ENTERGY ARKANSAS, INC.

         

As-Reported Earnings ($ millions)

  60.0       40.3   132.2      165.6   166.9

Less Special Items ($ millions)

  -      -   (5.9   -   -
                         

Operational Earnings ($ millions)

  60.0      40.3   138.1      165.6   166.9
                         

GAAP MEASURES

         

Return on Average Common Equity – As-Reported (%)

  4.3      2.9   9.4      11.6   12.1

Return on Average Invested Capital – As-Reported (%)

  3.7      3.2   6.5      7.6   7.6

Cash Flow Interest Coverage (# times)

  5.3      6.3   5.2      7.0   7.7

Debt to Capital Ratio (%)

  54.0      53.5   49.0      48.1   47.5

Total Debt ($ millions)

  1,793      1,745   1,442      1,436   1,400

Total Preferred ($ millions)

  116      116   116      116   116

Total Equity ($ millions)

  1,412      1,400   1,385      1,434   1,430

NON-GAAP MEASURES

         

Return on Average Common Equity – Operational (%)

  4.3      2.9   9.8      11.6   12.1

Return on Average Invested Capital – Operational (%)

  3.7      3.2   6.7      7.6   7.6

Net Debt to Net Capital Ratio (%)

  52.8      52.9   49.0      47.5   47.4
                         
          2007 PRO  FORMA(a)              

ENTERGY GULF STATES LOUISIANA, L.L.C.

         

As-Reported Earnings ($ millions)

  152.2      143.9   129.9      REFER TO PAGE 30

Less Special Items ($ millions)

  -      -   (3.6  
                   

Operational Earnings ($ millions)

  152.2      143.9   133.5     
                   

GAAP MEASURES

       

Return on Average Common Equity – As-Reported (%)

  11.1      11.0   10.4     

Return on Average Invested Capital – As-Reported (%)

  6.6      6.1   6.8     

Cash Flow Interest Coverage (# times)

  3.1      5.4   3.9(c)     

Debt to Capital Ratio (%)

  52.8(b)      51.6(b)   51.5(b)     

Total Debt ($ millions)

  1,615(b)      1,418(b)   1,381(b)     

Total Preferred ($ millions)

  10      10   10     

Total Equity ($ millions)

  1,432      1,322   1,290     

NON-GAAP MEASURES

       

Return on Average Common Equity – Operational (%)

  11.1      11.0   10.6     

Return on Average Invested Capital – Operational (%)

  7.7(b)      8.2(b)   8.3(b)       

Net Debt to Net Capital Ratio (%)

  50.5(b)      50.7(b)   49.5(b)       
                         

 

(a) Effective December 31, 2007, Entergy Gulf States, Inc. completed a jurisdictional separation into two vertically integrated utility companies: Entergy Texas and Entergy Gulf States Louisiana. The above pro forma metrics for 2007 reflect the results as if the separation had occurred on January 1, 2007.

 

(b) See page 72 for adjusted calculations.

 

(c) See page 73 for Pro Forma calculation.

         

ENTERGY LOUISIANA, LLC(a)

         

As-Reported Earnings ($ millions)

  225.9      150.6   136.4      130.7   128.1

Less Special Items ($ millions)

  -      -   (2.2   -   -
                         

Operational Earnings ($ millions)

  225.9      150.6   138.6      130.7   128.1
                         

GAAP MEASURES

         

Return on Average Members’ Equity – As-Reported (%)

  13.2      9.8   9.8      10.8   12.0

Return on Average Invested Capital – As-Reported (%)

  8.2      7.1   7.1      7.3   7.8

Cash Flow Interest Coverage (# times)

  2.3      14.0   5.6      6.1   3.1

Debt to Capital Ratio (%)

  49.9      46.1   43.4      46.4   51.3

Total Debt ($ millions)

  1,902      1,462   1,192      1,230   1,271

Total Preferred ($ millions)

  100      100   100      100   100

Total Equity ($ millions)

  1,812      1,608   1,454      1,318   1,105

NON-GAAP MEASURES

         

Return on Average Members’ Equity – Operational (%)

  13.2      9.8   10.0      10.8   12.0

Return on Average Invested Capital – Operational (%)

  8.2      7.1   7.2      7.3   7.8

Net Debt to Net Capital Ratio (%)

  47.8      43.6   43.4      46.4   49.2
                         

 

(a)  Effective December 31, 2005, Entergy Louisiana, LLC, (ELL), a limited liability company organized under the laws of the State of Texas as part of a restructuring involving a Texas statutory merger-by-division, succeeded to all of the regulated utility operations of Entergy Louisiana, Inc. (ELI). ELL was allocated substantially all of the property and other assets of ELI, including all assets used to provide retail and wholesale electric service to ELI’s retail customers. ELL also assumed substantially all of the liabilities of ELI, including all of its debt securities and leases but excluding the outstanding preferred stock of ELI. Current and prior periods reflect metrics for ELL.

 

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Table of Contents

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS (CONTINUED)

 

        2009     2008        2007        2006      2005  

ENTERGY MISSISSIPPI, INC.

                     

As-Reported Earnings ($ millions)

     74.8      56.9         69.3         49.5      58.8   

Less Special Items ($ millions)

     -      -         -         -      -   
                                         

Operational Earnings ($ millions)

     74.8      56.9         69.3         49.5      58.8   
                                         

GAAP MEASURES

                     

Return on Average Common Equity – As-Reported (%)

     11.0      8.6         10.9         8.3      10.6   

Return on Average Invested Capital – As-Reported (%)

     7.2      6.2         6.9         5.9      6.7   

Cash Flow Interest Coverage (# times)

     5.4      2.7         4.8         10.1      1.1   

Debt to Capital Ratio (%)

     53.5      49.6         49.9         54.3      52.7   

Total Debt ($ millions)

     852      703         704         795      695   

Total Preferred ($ millions)

     50      50         50         50      50   

Total Equity ($ millions)

     689      665         657         618      573   

NON-GAAP MEASURES

                     

Return on Average Common Equity – Operational (%)

     11.0      8.6         10.9         8.3      10.6   

Return on Average Invested Capital – Operational (%)

     7.2      6.2         6.9         5.9      6.7   

Net Debt to Net Capital Ratio (%)

     50.7      49.5         48.4         51.9      52.6   
                                         

ENTERGY NEW ORLEANS, INC.

                     

As-Reported Earnings ($ millions)

     30.0      34.0         23.5         4.1      0.8   

Less Special Items ($ millions)

     -      -         -         -      -   
                                         

Operational Earnings ($ millions)

     30.0      34.0         23.5         4.1      0.8   
                                         

GAAP MEASURES

                     

Return on Average Common Equity – As-Reported (%)

     14.3      17.5         14.2         2.7      0.5   

Return on Average Invested Capital – As-Reported (%)

     8.2      9.5         7.7         3.3      1.8   

Cash Flow Interest Coverage (# times)

     9.8      5.3         11.5         5.9      (1.9

Debt to Capital Ratio (%)

     54.4      54.1         60.6         61.9      66.4   

Total Debt ($ millions)

                     

Not Subject to Compromise ($ millions)

     272      273         304         282      105   

Subject to Compromise ($ millions)

     -      -         -         -      230   
                                         

Total Debt ($ millions)

     272      273         304         282      335   
                                         

Total Preferred ($ millions)

     20      20         20         20      20   

Total Equity ($ millions)

     209      211         177         154      150   

NON-GAAP MEASURES

                     

Return on Average Common Equity – Operational (%)

     14.3      17.5         14.2         2.7      0.5   

Return on Average Invested Capital – Operational (%)

     8.2      9.5         7.7         3.3      1.8   

Net Debt to Net Capital Ratio (%)

     26.2      37.0         51.8         60.4      62.8   
                                         
             2007 PRO  FORMA(a)                           

ENTERGY TEXAS, INC.

                     

As-Reported Net Income ($ millions)

     63.8      57.9         58.9         REFER TO PAGE 30           

Less Special Items ($ millions)

     -      -         -        

Operational Earnings ($ millions)

     63.8      57.9         58.9        

GAAP MEASURES

                

Return on Average Common Equity – As-Reported (%)

     7.3      6.1         5.9        

Return on Average Invested Capital – As-Reported (%)

     5.4      4.5         4.9        

Cash Flow Interest Coverage (# times)

     3.7      1.1         3.0        

Debt to Capital Ratio, excluding securitization debt (%)

     49.3 (b)     53.5 (b)        55.9 (b)       

Total Debt ($ millions)

     820 (b)     1,035 (b)        1,083 (b)      

Total Preferred ($ millions)

     -      -         -        

Total Equity ($ millions)

     844      900 (b)        854 (b)       

NON-GAAP MEASURES

                

Return on Average Common Equity – Operational (%)

     7.3      6.6 (b)        7.0 (b)       

Return on Average Invested Capital – Operational (%)

     7.1 (b)     5.5 (b)        5.7 (b)       

Net Debt to Net Capital Ratio, excluding securitization debt (%)

     42.3 (b)     53.4 (b)        47.9 (b)       

 

(a) Effective December 31, 2007, Entergy Gulf States, Inc. completed a jurisdictional separation into two vertically integrated utility companies: Entergy Texas and Entergy Gulf States Louisiana. The above pro forma metrics for 2007 reflect the results as if the separation had occurred on January 1, 2007.

 

(b) See page 72 for adjusted calculations.

 

29


Table of Contents

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS (CONTINUED)

 

        2009        2008      2007        2006      2005

SYSTEM ENERGY RESOURCES, INC.

                        

As-Reported Net Income ($ millions)

     48.9         91.1      136.1         140.3      111.6

Less Special Items ($ millions)

     -         -      (1.9      -      -
                                        

Operational Earnings ($ millions)

     48.9         91.1      138.0         140.3      111.6
                                        

GAAP MEASURES

                        

Return on Average Common Equity – As-Reported (%)

     5.8         10.6      15.8         16.0      12.5

Return on Average Invested Capital – As-Reported (%)

     4.4         7.1      9.8         9.9      8.1

Cash Flow Interest Coverage (# times)

     10.5         4.9      4.9         3.1      5.5

Debt to Capital Ratio (%)

     49.7         51.2      50.6         50.6      51.1

Total Debt ($ millions)

     820         899      882         879      934

Total Preferred ($ millions)

     -         -      -         -      -

Total Equity ($ millions)

     830         856      862         857      894

NON-GAAP MEASURES

                        

Return on Average Common Equity – Operational (%)

     5.8         10.6      16.0         16.0      12.5

Return on Average Invested Capital – Operational (%)

     4.4         7.1      9.9         9.9      8.1

Net Debt to Net Capital Ratio (%)

     40.1         48.2      47.4         46.4      49.0
                                        

ENTERGY GULF STATES, INC.

                        

As-Reported Earnings ($ millions)

                    208.0      202.3

Less Special Items ($ millions)

                    -      -
                                        

Operational Earnings ($ millions)

                    208.0      202.3
                                        

GAAP MEASURES

                        

Return on Average Common Equity – As-Reported (%)

                    9.4      10.1

Return on Average Invested Capital – As-Reported (%)

                    6.4      6.5

Cash Flow Interest Coverage (# times)

                    6.5      1.5

Debt to Capital Ratio (%)

                    52.0      51.7

Total Debt ($ millions)

                    2,442      2,426

Total Preferred ($ millions)

                    47      47

Total Equity ($ millions)

                    2,206      2,224

NON-GAAP MEASURES

                        

Return on Average Common Equity – Operational (%)

                    9.4      10.1

Return on Average Invested Capital – Operational (%)

                    6.4      6.5

Net Debt to Net Capital Ratio (%)

                    50.1      51.4
                                        

 

30


Table of Contents

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY ARKANSAS, INC.

 

BONDS:

CUSIP

             

MATURITY

DATE

 

FIRST CALL

DATE

 

CURRENT OR

FIRST CALL PRICE

  AS OF DECEMBER 31,
       TYPE*   RATE         2009   2008   2007
                                (in millions)    

29364DAM2

  4.50% Series   M   4.50%   06/10   Now   MW (T + .25%)   $ 100      $   100   $ 100

29364DAN0

  5.40% Series   M   5.40%   08/13   Now   MW (T + .35%)     300      300     -

732835AW3

  6.3% Series – Pope County(c)   G(b)   6.3%   2016   Now   100%     20      20     20

472712ER5

  4.6% Series – Jefferson County(c)   G(b)   4.6%   2017   6/13/11   100%     55      55     55

29364DAE0

  5.4% Series   M   5.4%   05/18   Now   100%     150      150     150

29364DAH3

  5.0% Series   M   5.0%   07/18   Now   100%     115      115     115

732835BA0

  6.3% Series – Pope County   G(b)   6.3%   2020   Now   100%     120      120     120

453424BP

  5.0% Series – Independence County(c)   G(b)   5.0%   2021   7/1/10   100%     45      45     45

29364DAL4

  5.66% Series   M   5.66%   02/25   Now   MW (T + .20%)     175      175     175

29364D811

  6.7% Series   M   6.7%   04/32   Now   100%     100      100     100

29364D795

  6.0% Series   M   6.0%   11/32   Now   100%     100      100     100

29364DAJ9

  5.9% Series   M   5.9%   06/33   Now   MW (T + .25%)     100      100     100

29364DAK6

  6.38% Series   M   6.38%   11/34   Now   100%     60      60     60
                                           
 

Total bonds

              1,439      1,439     1,139
                                           

OTHER LONG-TERM DEBT:

               
 

Long-Term United States Department of Energy Obligation(d)

        181      180     177
 

Unamortized Premium and Discount – Net

        (1)     (1)     (2)

TOTAL LONG-TERM DEBT

              1,619      1,618     1,315

Less Amount Due Within One Year

              100      -     -
                                           

Long-Term Debt Excluding Amount Due Within One Year

        $ 1,519    $ 1,618   $ 1,315
                                           

Fair Value of Long-Term Debt(a)

            $ 1,463    $ 1,306   $ 1,101
                                           

*M = Mortgage; G = Governmental

             

Weighted-average annualized coupon rate

              5.6%      5.6%     5.6%
                                           

 

(a) The fair value excludes long-term DOE obligations of $181 million at Entergy Arkansas and includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

 

(b) Consists of pollution control revenue bonds and environmental revenue bonds.

 

(c) The bonds are secured by a series of collateral first mortgage bonds.

 

(d) 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.

Totals may not foot due to rounding.

 

               SHARES AUTHORIZED AND OUTSTANDING                      CALL PRICE PER SHARE

PREFERRED STOCK:

CUSIP

        AS OF DECEMBER 31,      AS OF DECEMBER 31,   AS OF DECEMBER 31,
   RATE    2009    2008    2007      2009    2008      2007         2009
   Without sinking fund:                     (in millions)          
   Cumulative, $100 par value:                              

29364D209

     4.32% Series    4.32%    70,000    70,000    70,000      $     7    $    7      $ 7      $103.65

29364D506

     4.72% Series    4.72%    93,500    93,500    93,500        9    9        9      107.00

29364D308

     4.56% Series    4.56%    75,000    75,000    75,000        8    8        8      102.83

29364D407

     4.56% 1965 Series    4.56%    75,000    75,000    75,000        8    8        8      102.50

29364D605

     6.08% Series    6.08%    100,000    100,000    100,000        10    10        10      102.83
   Cumulative, $25 par value:                              

29364D787

     6.45% Series(a)    6.45%    3,000,000    3,000,000    3,000,000        75    75        75      -
                                                          
   Total without sinking fund       3,413,500    3,413,500    3,413,500      $ 116    $116      $ 116     
                                                          

 

(a) Series is non-callable until April 2011; thereafter callable at par.

Totals may not foot due to rounding.

 

31


Table of Contents

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY GULF STATES LOUISIANA, L.L.C.

 

BONDS:
CUSIP
        TYPE*   RATE   MATURITY
DATE
  FIRST CALL
DATE
  CURRENT OR
FIRST CALL PRICE
  AS OF DECEMBER 31,  
               2009     2008     2007  
                                   (in millions)        

29364LAG7

  

3.6% Series

  M(c)   3.6%   06/08   Now   100%   $ -      $   -      $ 325   

296364LAW2

  

Libor + 0.75% Series

  M(c)   Libor + 0.75%   12/08   Now   100%     -      -        350   

29364LAN5

  

Libor + 0.4% Series

  M(c)   Libor + 0.4%   12/09   Now   100%     -      219        219   

29364LAV4

  

5.12% Series

  M(c)   5.12%   08/10   Now   100%     -      100        100   

128318BL5

  

5.45% Series – Calcasieu Parish

  G(b,c)   5.45%   2010   Now   100%     12      22        22   

730816AF9

  

6.75% Series – Calcasieu Parish

  G(b,c)   6.75%   2012   Now   100%     26      48        48   

29364LAQ5

  

4.875% Series

  M(c)   4.875%   11/11   Now   100%     200      200        200   

29364LAF9

  

6.0% Series

  M(c)   6.0%   12/12   Now   100%     -      140        140   

730816AF9

  

6.7% Series – Pointe Coupee Parish

  G(b,c)   6.7%   2013   Now   100%     9      17        17   

450877AJ

  

5.7% Series – Iberville Parish

  G(b,c)   5.7%   2014   Now   100%     12      22        22   

29364LAS1

  

5.6% Series

  M(c)   5.6%   12/14   Now   100%     -      50        50   

29364LAU6

  

5.70% Series

  M(c)   5.70%   06/15   Now   MW (T +. 30%)     200      200        200   

952789AQ8

  

5.8% Series – West Feliciana Parish

  G(b,c)   5.8%   2015   Now   100%     15      28        28   

952789AW5

  

7.0% Series – West Feliciana Parish

  G(b,c)   7.0%   2015   Now   100%     17      39        39   

29364LAN2

  

5.25% Series

  M(c)   5.25%   08/15   Now   100%     92      200        200   

952789AR6

  

5.8% Series – West Feliciana Parish

  G(b,c)   5.8%   2016   Now   100%     20      20        20   

29365PAM4

  

6.00% Series

  M   6.00%   05/18   Now   MW (T + .40%)     375      375        -   

29365PAP7

  

5.59% Series

  M   5.59%   10/24   Now   MW (T + .40%)     300      -        -   

952789BB0

  

6.6% Series – West Feliciana Parish

  G(b,c)   6.6%   2028   Now   100%     22      40        40   

29364LAL6

  

6.2% Series

  M(c)   6.2%   07/33   Now   MW (T + .15%)     240      240        240   

2936LAT9

  

6.18% Series

  M(c)   6.18%   03/35   Now   MW (T + .30%)     85      85        85   
                                                
  

Total bonds

              1,625      2,045        2,346   
                                                

OTHER LONG-TERM DEBT:

             
  

Unamortized Premium and Discount – Net

            (2   (2     (1
  

Other

              4      4        4   
                                                

TOTAL LONG-TERM DEBT

            1,626      2,047        2,349   

Less Amount Due Within One Year

            12      219        675   
                                                

Long-Term Debt Excluding Amount Due Within One Year

          $ 1,614      $1,828      $ 1,674   
                                                

Fair Value of Long-Term Debt(a)

          $ 1,638      $1,871      $ 2,283   
                                                

*M = Mortgage; G = Governmental

             

Weighted-average annualized coupon rate

            5.8%      5.4%        5.5%   
                                                

 

(a) The fair value includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

 

(b) Consists of pollution control revenue bonds and environmental revenue bonds.

 

(c) Entergy Gulf States Louisiana remains primarily liable for all of the long-term debt issued by Entergy Gulf States, Inc. that was outstanding on December 31, 2009, 2008 and 2007.

 

  Under a debt assumption agreement with Entergy Gulf States Louisiana, Entergy Texas assumed approximately 46% of this long-term debt. Entergy Gulf States Louisiana recorded an assumption asset on its balance sheet to reflect the long-term debt assumed by Entergy Texas.

Totals may not foot due to rounding.

 

                    

REDEMPTION
PRICE PER SHARE

AS OF DECEMBER 31,

PREFERRED MEMBERSHIP INTERESTS:      

SHARES AUTHORIZED AND OUTSTANDING

AS OF DECEMBER 31,

  AS OF DECEMBER 31,  
CUSIP   RATE   2009   2008   2007       2009   2008   2007   2009
                             (in millions)        

Cumulative, $100 liquidation value

               
  

8.25% Series(a)

    100,000   100,000   100,000   $10   $10   $10   -

Authorized 6,000,000 shares, $100 par value, cumulative

               
                                      
  

Total without sinking fund

    100,000   100,000   100,000   $10   $10   $10  
                                      

 

(a) Series is non-callable until January 2016; thereafter callable at par.

Totals may not foot due to rounding.

 

32


Table of Contents

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY LOUISIANA, LLC

 

BONDS:

CUSIP

       

TYPE*

 

RATE

 

MATURITY

DATE

 

FIRST CALL

DATE

 

CURRENT OR

FIRST CALL PRICE

  AS OF DECEMBER 31,
               2009     2008   2007
                                   (in millions)    

29364WAD0

  

4.67% Series

  M   4.67%   06/10   Now   MW (T + .20%)   $ 55       $   55   $ 55

29364WAG3

  

5.83% Series

  M   5.83%   11/10   Now   100%     150      150     150

29364WAC2

  

5.09% Series

  M   5.09%   11/14   Now   100%     115      115     115

29364WAE8

  

5.56% Series

  M   5.56%   09/15   Now   MW (T + .25%)     100      100     100

29364WAJ7

  

6.50 % Series

  M   6.50%   09/18   Now   MW (T + .40%)     300      300     -

29364WAA6

  

5.5% Series

  M   5.5%   04/19   Now   100%     100      100     100

788070CD0

  

Auction Rate – St. Charles Parish(c)

  G(b)   3.66%   2030   Now   100%     -      -     60

29364WAK4

  

5.40% Series

  M   5.40%   11/24   Now   MW (T + .35%)     400      -     -

29364W207

  

7.6% Series

  M   7.6%   04/32   Now   100%     150      150     150

29364WAB4

  

6.4% Series

  M   6.4%   10/34   Now   100%     70      70     70

29364WAF5

  

6.3% Series

  M   6.3%   09/35   Now   MW (T + .35%)     100      100     100
                                            
  

Total bonds

              1,540      1,140     900
                                            

OTHER LONG-TERM DEBT:

             
  

Waterford 3 Lease Obligation 7.45%

  7.45%           241      248     248
  

Unamortized Premium and Discount – Net

            (2   -     -
                                            

TOTAL LONG-TERM DEBT

            1,780      1,387     1,148

Less Amount Due Within One Year

            222      -     -
                                            

Long-Term Debt Excluding Amount Due Within One Year

          $ 1,557      $1,387   $ 1,148
                                            

Fair Value of Long-Term Debt(a)

          $ 1,566      $1,085   $ 875
                                            

*M = Mortgage; G = Governmental

             

Weighted-average annualized coupon rate

            6.1%      6.4%     6.2%
                                            

 

(a) The fair value excludes lease obligations of $241 million at Entergy Louisiana and includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

 

(b) Consists of pollution control revenue bonds and environmental revenue bonds.

 

(c) The bonds are secured by a series of collateral first mortgage bonds.

Totals may not foot due to rounding.

ENTERGY LOUISIANA, LLC

 

PREFERRED MEMBERSHIP INTERESTS:       SHARES AUTHORIZED AND OUTSTANDING
AS OF DECEMBER 31,
  AS OF DECEMBER 31,   CALL PRICE PER SHARE
AS OF DECEMBER 31,
CUSIP   RATE   2009   2008   2007   2009   2008   2007   2009
                            (in millions)        
 

Without sinking fund:

               
 

Cumulative, $100 liquidation value:

               

293649208

 

6.95% Series(a)

  6.95%       1,000,000    1,000,000   1,000,000   $100   $100   $100    
                                     

 

(a) Series is non-callable until December 2010; thereafter callable at par.

 

33


Table of Contents

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY MISSISSIPPI, INC.

 

BONDS:

CUSIP

       

TYPE*

 

RATE

 

MATURITY

DATE

 

FIRST CALL

DATE

 

CURRENT OR

FIRST CALL PRICE

  AS OF DECEMBER 31,  
               2009     2008     2007  
                                   (in millions)        

29364NAM0

  

4.65% Series

  M   4.65%   05/11   Now   MW (T + .30%)     80      80        80   

29364NAH1

  

5.15% Series

  M   5.15%   02/13   Now   MW (T + .20%)     100      100        100   

29364NAN8

  

5.92% Series

  M   5.92%   02/16   Now   MW (T + .30%)     100      100        100   

29364NAK4

  

4.95% Series

  M   4.95%   06/18   Now   100%     95      95        95   

29364NAP3

  

6.64% Series

  M   6.64%   07/19   Now   MW (T + .50%)     150      -        -   

605277AF9

  

4.60% Series –
Mississippi Business Finance Corp.(c)

  G(b)
  4.60%   2022   10/1/09   100%     16      16        16   

453424BN2

  

4.90 Series – Independence County(c)(d)

  G(b)   4.90%   2022   Now   100%     30      30        30   

29364N876

  

6.0% Series

  M   6.0%   11/32   Now   100%     75      75        75   

29364N868

  

7.25% Series

  M   7.25%   12/32   Now   100%     100      100        100   

29364NAL2

  

6.25% Series

  M   6.25%   04/34   Now   MW (T + .25%)     100      100        100   
                                                
  

Total bonds

              846      696        696   
                                                

OTHER LONG-TERM DEBT:

             
  

Unamortized Premium and Discount – Net

              (1   (1     (1
                                                

TOTAL LONG-TERM DEBT

            845      695        695   

Less Amount Due Within One Year

            -      -        -   
                                                

Long-Term Debt Excluding Amount Due Within One Year

          $ 845      $695      $ 695   
                                                

Fair Value of Long-Term Debt(a)

          $ 874      $629      $ 671   
                                                

*M = Mortgage; G = Governmental

             

Weighted-average annualized coupon rate

            5.9%      5.7%        5.7%   
                                                

 

(a) The fair value includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

 

(b) Consists of pollution control revenue bonds and environmental revenue bonds.

 

(c) The bonds are secured by a series of collateral first mortgage bonds.

 

(d) In April 2008, Entergy Mississippi repurchased its $30 million of Auction Rate Independence County Pollution Control Revenue Bonds due July 2022. In June 2008, Entergy Mississippi remarketed the series and fixed the interest rate to maturity at 4.90%.

Totals may not foot due to rounding.

 

PREFERRED STOCK:         SHARES AUTHORIZED AND OUTSTANDING
AS OF DECEMBER 31,
  AS OF DECEMBER 31,   CALL PRICE PER SHARE
AS OF DECEMBER 31,
 
CUSIP   Rate     2009     2008   2007   2009   2008   2007   2009  
                             (in millions)      
  

Without sinking fund:

               
  

Cumulative, $100 par value:

               

29364N207

  

4.36% Series

  4.36%         59,920      59,920   59,920   $  6   $  6   $  6     $103.88   

29364N306

  

4.56% Series

  4.56%      43,887      43,887   43,887   4   4   4   107.00   

29364N405

  

4.92% Series

  4.92%      100,000      100,000   100,000   10   10   10   102.88   
  

Cumulative, $25 par value:

               

29364N850

  

6.25% Series(a)

  6.25%      1,200,000      1,200,000   1,200,000   30   30   30   -   
                                            
  

Total without sinking fund

    1,403,807      1,403,807   1,403,807   $50   $50   $50  
                                            
(a) Series is non-callable until August 2010; thereafter callable at par.

Totals may not foot due to rounding.

ENTERGY NEW ORLEANS, INC.

 

BONDS:

CUSIP

        

TYPE*

  

RATE

  

MATURITY

DATE

  

FIRST CALL

DATE

  

CURRENT OR

FIRST CALL PRICE

   AS OF DECEMBER 31,
                     2009    2008    2007
                                        (in millions)     

29364PAE3

  

3.875% Series

   M    3.88%    08/08    Now    MW (T + .25%)    $ -    $-    $ 30

29364PAL7

  

4.98% Series

   M    4.98%    07/10    Now    101%      30    30      30

29364PAF0

  

5.25% Series

   M    5.25%    08/13    Now    MW (T + .25%)      70    70      70

29364PAD5

  

6.75% Series

   M    6.75%    10/17    Now    100%      25    25      25

29364PAK9

  

5.6% Series

   M    5.60%    09/24    9/1/08    100%      34    34      35

29364PAJ2

  

5.65% Series

   M    5.65%    09/29    9/1/09    100%      39    39      40
                                                  
  

Total bonds

                  $ 198    199      230
                                                  

OTHER LONG-TERM DEBT:

                    
  

Affiliated Notes Payable

                    74    74      74
  

Unamortized Premium and Discount – Net

                    -    -      -
                                                  

TOTAL LONG-TERM DEBT

                 272    273      304

Less Amount Due Within One Year

                 104    -      30
                                                  

Long-Term Debt Excluding Amount Due Within One Year

               $ 168    $273    $ 274
                                                  

Fair Value of Long-Term Debt(a)

               $ 198    $179    $ 220
                                                  

*M = Mortgage; G = Governmental

                    

Weighted-average annualized coupon rate

                 5.5%    5.5%      5.3%
                                                  

 

(a) The fair value excludes affiliate notes payable of $74 million at Entergy New Orleans and includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

Totals may not foot due to rounding.

 

PREFERRED STOCK:         SHARES AUTHORIZED AND OUTSTANDING
AS OF DECEMBER 31,
  AS OF
DECEMBER 31,
  CALL PRICE PER SHARE
AS OF DECEMBER 31,
CUSIP   RATE     2009   2008   2007   2009   2008   2007   2009
                           (in millions)    
  

Without sinking fund:

               
  

Cumulative, $100 par value:

               

29364P301

  

4.75% Series

  4.75%         77,798    77,798   77,798   $  8   $  8   $  8   $105.00 

29364P202

  

4.36% Series

  4.36%      60,000   60,000   60,000   6   6   6   104.58

29364P400

  

5.56% Series

  5.56%      60,000   60,000   60,000   6   6   6   102.59
                                        
  

Total without sinking fund

    197,798   197,798   197,798   $20   $20   $20  
                                        

Totals may not foot due to rounding.

 

34


Table of Contents

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY TEXAS, INC.

 

BONDS:

CUSIP

        TYPE*  

RATE

 

MATURITY

DATE

 

FIRST CALL

DATE

 

CURRENT OR

FIRST CALL PRICE

 

AS OF DECEMBER 31,

 
               2009     2008     2007  
                                   (in millions)        

29364LAG7

  

3.6% Series

  M(c)   3.6%   06/08   Now   100%   $ -      $        -      $ 148   

296364LAW2

  

Libor + 0.75% Series

  M(c)   Libor + 0.75%   12/08   Now   100%     -      -        160   

29364LAN5

  

Libor + 0.4% Series

  M(c)   Libor + 0.4%   12/09   Now   100%     -      101        101   

29364LAV4

  

5.12% Series

  M(c)   5.12%   08/10   Now   100%     -      46        46   

128318BL5

  

5.45% Series – Calcasieu Parish

  G(b,c)   5.45%   2010   Now   100%     -      10        10   

730816AF9

  

6.75% Series – Calcasieu Parish

  G(b,c)   6.75%   2012   Now   100%     -      22        22   

29364LAQ5

  

4.875% Series

  M(c)   4.875%   11/11   Now   100%     28      92        92   

29364LAF9

  

6.0% Series

  M(c)   6.0%   12/12   Now   100%     -      64        64   

730816AF9

  

6.7% Series – Pointe Coupee Parish

  G(b,c)   6.7%   2013   Now   100%     -      8        8   

450877AJ

  

5.7% Series – Iberville Parish

  G(b,c)   5.7%   2014   Now   100%     -      10        10   

29364LAS1

  

5.6% Series

  M(c)   5.6%   12/14   Now   100%     -      23        23   

29364LAU6

  

5.70% Series

  M(c)   5.70%   06/15   Now   MW (T +. 30%)     92      92        92   

952789AQ8

  

5.8% Series – West Feliciana Parish

  G(b,c)   5.8%   2015   Now   100%     -      13        13   

952789AW5

  

7.0% Series – West Feliciana Parish

  G(b,c)   7.0%   2015   Now   100%     -      22        22   

29364LAN2

  

5.25% Series

  M(c)   5.25%   08/15   Now   100%     -      92        92   

952789AR6

  

5.8% Series – West Feliciana Parish

  G(b,c)   5.8%   2016   Now   100%     9      9        9   

952789BB0

  

6.6% Series – West Feliciana Parish

  G(b,c)   6.6%   2028   Now   100%     -      18        18   

29364LAL6

  

6.2% Series

  M(c)   6.2%   07/33   Now   100%     -      110        110   

2936LAT9

  

6.18% Series

  M(c)   6.18%   03/35   Now   MW (T + .30%)     39      39        39   

29365TAA2

  

7.125% Series

  M   7.125%   02/19   Now   MW (T + .50%)     500      -        -   

29365T203

  

7.875% Series

  M   7.875%   06/39   06/14   100%     150      -        -   
                                                
  

Total bonds

              818      771        1,079   
                                                

OTHER LONG-TERM DEBT:

             
  

$100M Bank Credit Facility

    08/12           -      100        -   

29365QAA8

  

5.51% Series Senior Secured, Series A

  5.51%   10/13           57      74        94   

29365QAB6

  

5.79% Series Senior Secured, Series A

  5.79%   10/18           122      122        122   

29365QAC4

  

5.93% Series Senior Secured, Series A

  5.93%   6/22           114      114        114   

29365KAA1

  

2.12% Series Senior Secured

  2.12%   02/16           183      -        -   

29365KAB9

  

3.65% Series Senior Secured

  3.65%   08/19           145      -        -   

29365KAC7

  

4.38% Series Senior Secured

  4.38%   11/23           219      -        -   
  

Unamortized Premium and Discount – Net

              (4   (1     (1
  

Other

              5      5        5   
                                                

TOTAL LONG-TERM DEBT

            1,658      1,185        1,413   

Less Amount Due Within One Year

            168      101        309   
                                                

Long-Term Debt Excluding Amount Due Within One Year

          $ 1,490      $1,084      $ 1,104   
                                                

Fair Value of Long-Term Debt(a)

          $ 1,747      $1,085      $ 1,379   
                                                

*M = Mortgage; G = Governmental

             

Weighted-average annualized coupon rate

            5.6%      5.5%        5.6%   
                                                

 

(a) The fair value includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

 

(b) Consists of pollution control revenue bonds and environmental revenue bonds.

 

(c) Entergy Gulf States Louisiana remains primarily liable for all of the long-term debt issued by Entergy Gulf States, Inc. that was outstanding on December 31, 2009 and 2008. Under a debt assumption agreement with Entergy Gulf States Louisiana, Entergy Texas assumed approximately 46% of this long-term debt. Entergy Gulf States Louisiana recorded an assumption asset on its balance sheet to reflect the long-term debt assumed by Entergy Texas.

Totals may not foot due to rounding.

SYSTEM ENERGY RESOURCES, INC.

 

BONDS:

CUSIP

        TYPE*  

RATE

 

MATURITY

DATE

 

FIRST CALL

DATE

 

CURRENT OR

FIRST CALL PRICE

 

AS OF DECEMBER 31,

 
               2009     2008     2007  
                                   (in millions)        

871911AR4

  

6.2% Series

  M   6.2%   10/12   Now   MW (T + .35%)     70      70        70   
  

5.875% Series –

               

179423AC2

  

Mississippi Business Finance Corp.

  G(b)
  5.875%   2022   Now   100%     216      216        216   
  

5.9% Series –

               

605277AC6

  

Mississippi Business Finance Corp.

  G(b)
  5.9%   2022   Now   100%     103      103        103   

179423AK4

  

6.2% Series – Claiborne County

  G(b)
  6.2%   2026   Now   100%     90      90        90   
                                                
  

Total bonds

              479      479        479   
                                                

OTHER LONG-TERM DEBT:

             
  

Grand Gulf Lease Obligation 5.13%

    5.13%           267      295        322   
  

Unamortized Premium and Discount – Net

              (1   (1     (1
                                                

TOTAL LONG-TERM DEBT

            745      773        800   

Less Amount Due Within One Year

            42      28        27   
                                                

Long-Term Debt Excluding Amount Due Within One Year

          $ 703      $745      $ 773   
                                                

Fair Value of Long-Term Debt(a)

          $ 480      $364      $ 481   
                                                

*M = Mortgage; G = Governmental

             

Weighted-average annualized coupon rate

            5.7%      5.7%        5.6%   
                                                

 

(a) The fair value excludes lease obligations of $267 million at System Energy and includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

 

(b) Consists of pollution control revenue bonds and environmental revenue bonds.

Totals may not foot due to rounding.

 

35


Table of Contents

UTILITY STATISTICAL INFORMATION

UTILITY TOTAL CAPABILITY

 

              

OWNED &

LEASED

(MW) (a)

    
     OPERATED       OPERATED
As of December 31, 2009    PLANTS    UNITS       (MW)

Plants that use fuel type:

           

Gas/Oil

   29    75    14,185    14,822

Coal

   3    5    2,260    3,883

Petroleum Coke

   1    2    -    200
                     

Total Fossil

   33    82    16,445    18,905
                     

Hydro

   3    7    70    150
                     

Nuclear

   4    5    5,126    5,244
                     

Total Capability

   40    94    21,641    24,299
                     

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

 

      2009     2008     2007    2006     2005  

SOURCES OF ENERGY (GWh)(a)

           

Net Generation:

           

Gas & Oil

   21,767      24,552      24,131    18,703      21,388   

Coal

   15,101      15,648      15,035    14,383      13,502   

Nuclear

   41,851      37,994      40,988    41,687      38,432   

Hydro

   233      197      135    74      97   
                               

Total Net Generation

   78,952      78,391      80,289    74,847      73,419   
                               

Purchased Power:

           

Affiliated Companies

   741      817      729    1,428      3,501   

Non-affiliated Companies

   30,708      32,582      33,978    36,974      36,689   
                               

Total Purchased Power

   31,449      33,399      34,707    38,402      40,190   
                               

Total Sources of Energy

   110,401      111,790      114,996    113,249      113,609   
                               

USES OF ENERGY (GWh)(a)

           

Electric Energy Sales:

           

Residential

   33,626      33,047      33,281    31,665      31,569   

Commercial

   27,476      27,340      27,408    25,079      24,401   

Industrial

   35,638      37,843      38,985    38,339      37,615   

Governmental

   2,408      2,379      2,339    1,580      1,568   
                               

Total Retail

   99,148      100,609      102,013    96,663      95,153   
                               

Sales for Resale

   4,862      5,401      6,145    10,803      11,459   
                               

Unbilled Energy

   631      (264   277    (167   (823
                               

Total Electric Energy Sales

   104,641      105,746      108,435    107,299      105,790   
                               

Line Losses and Company Usage

   5,760      6,044      6,561    5,950      7,819   
                               

Total Uses of Energy

   110,401      111,790      114,996    113,249      113,609   
                               
           

Peak Demand (MW)

   21,009      21,241      22,001    20,887      21,391   

Operational Summer Capacity at Peak (MW)

   23,578      24,844      23,996    22,087      22,247   

Annual System Load Factor (%)

   60      59      59    62      59   

Retail Electric Sales Growth Rate (%)(a)

   (1.5   (1.4   5.5    1.6      (1.1

Retail Electric Sales Weather-Adjusted Growth Rate (%)(a)

   (1.5   (0.5   6.0    1.9      (2.7

Regional Gross Domestic Product Rate (%)

   (0.6   2.8      3.6    4.4      3.8   

National Gross Domestic Product Rate (%)

   (2.5   0.4      2.1    2.7      3.1   

Average Fuel Cost (cents/KWh)(a)

           

Natural Gas

   5.64      10.28      8.05    7.75      9.91   

Nuclear Fuel

   0.66      0.60      0.57    0.51      0.49   

Coal

   2.04      2.06      1.86    1.76      1.57   

Fuel Oil

   -      19.45      14.13    13.34      7.05   

Purchased Power

   5.29      7.92      6.27    5.48      6.37   
                               

 

(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

 

36


Table of Contents

UTILITY STATISTICAL INFORMATION

2009 CONSOLIDATING UTILITY ELECTRIC STATISTICAL INFORMATION

 

     EAI   EGSL   ELL   EMI   ENOI   ETI   SERI   ELIMINATIONS     TOTAL   %

ELECTRIC OPERATING REVENUES ($ thousands)

             

Residential

  768,500   393,490   669,084   466,632   167,794   533,146   -   -      2,998,646   38%

Commercial

  474,543   354,038   456,274   395,444   166,454   336,876   -   -      2,183,629   28%

Industrial

  433,321   383,272   664,377   146,608   37,225   332,303   -   -      1,997,106   25%

Governmental

  21,731   17,625   35,760   37,740   69,306   22,797   -   -      204,959   2%
                                           

Total Retail

  1,698,095   1,148,425   1,825,495   1,046,424   440,779   1,225,122   -   -      7,384,340   93%
                                           

Sales for Resale

  452,424   579,358   256,596   76,605   88,010   303,682   553,991   (2,104,211   206,455   3%

Other

  60,743   48,827   101,495   54,275   7,196   35,019   16   (18,350   289,221   4%
                                           

Total

  2,211,263   1,776,610   2,183,586   1,177,304   535,985   1,563,823   554,007   (2,122,561   7,880,016   100%
                                           

FUEL REVENUES (included in above revenues)

             

Residential

  127,137   177,483   287,909   179,338   62,017   250,230   -   -      1,084,114   34%

Commercial

  95,959   175,960   194,759   158,937   72,121   186,662   -   -      884,398   28%

Industrial

  104,226   251,212   435,112   70,679   19,103   229,164   -   -      1,109,496   35%

Governmental

  4,416   7,341   15,388   13,614   31,866   11,479   -   -      84,104   3%
                                           

Total Retail

  331,738   611,996   933,168   422,568   185,107   677,535   -   -      3,162,112   100%
                                           

SOURCES OF ENERGY (GWh)

             

Net Generation:

                   

Gas & Oil

  1,003   1,705   7,090   3,583   2,202   6,184   -   -      21,767   20%

Coal

  7,955   2,472   -   2,847   -   1,827   -   -      15,101   14%

Nuclear

  15,168   7,836   8,949   -   -   -   9,898   -      41,851   38%

Hydro

  233   -   -   -   -   -   -   -      233   0%
                                           

Total Net Generation

  24,359   12,013   16,039   6,430   2,202   8,011   9,898   -      78,952   72%
                                           

Purchased Power:

             

Affiliated Companies

  3,776   6,768   7,818   6,127   3,760   6,349   -   (33,857   741   0%

Non-affiliated Companies

  4,968   9,720   7,644   1,752   590   6,034   -   -      30,708   28%
                                           

Total Purchased Power

  8,744   16,488   15,462   7,879   4,350   12,383   -   (33,857   31,449   27%
                                           

Total Sources of Energy

  33,103   28,501   31,501   14,309   6,552   20,394   9,898   (33,857   110,401   100%
                                           

USES OF ENERGY (GWh)

             

Electric Energy Sales:

                   

Residential

  7,464   5,090   8,684   5,358   1,577   5,453   -   -      33,626   34%

Commercial

  5,817   5,058   5,867   4,756   1,813   4,165   -   -      27,476   28%

Industrial

  6,376   7,601   13,386   2,178   526   5,570   -   -      35,638   36%

Governmental

  269   213   459   405   805   258   -   -      2,408   2%
                                           

Total Retail

  19,926   17,962   28,396   12,697   4,721   15,446   -   -      99,148   100%
                                           

Sales for Resale

  11,611   9,630   1,621   528   1,543   3,861   9,898   (33,830   4,862   -
                                           

Unbilled Energy

  111   149   164   74   29   104   -     631   -
                                           

Total Electric Energy Sales

  31,648   27,741   30,181   13,299   6,293   19,411   9,898   (33,830   104,641   -
                                           

Line Losses and Company Usage

  1,455   760   1,320   1,010   259   983   -   (27   5,760   -
                                           

Total Uses of Energy

  33,103   28,501   31,501   14,309   6,552   20,394   9,898   (33,857   110,401   -
                                           

AVERAGE ELECTRIC REVENUE (cents/KWh)

             

Residential

  10.30   7.73   7.70   8.71   10.64   9.78   -   -      8.92   -

Commercial

  8.16   7.00   7.78   8.31   9.18   8.09   -   -      7.95   -

Industrial

  6.80   5.04   4.96   6.73   7.08   5.97   -   -      5.60   -

Governmental

  8.08   8.27   7.79   9.32   8.61   8.84   -   -      8.51   -
                                           

NUMBER OF RETAIL ELECTRIC CUSTOMERS

(as of December 31, 2009)

             

Residential

  580,672   324,285   575,388   365,804   132,602   352,682   -   -      2,331,433   86%

Commercial

  87,929   49,319   74,608   62,613   13,064   43,375   -   -      330,908   12%

Industrial

  20,118   3,436   7,247   2,749   2,311   4,896   -   -      40,757   1%

Governmental

  661   1,652   5,539   4,259   1,747   2,159   -   -      16,017   1%
                                           

Total Retail Customers

  689,380   378,692   662,782   435,425   149,724   403,112   -   -      2,719,115   100%
                                           

Totals may not foot due to rounding.

 

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UTILITY STATISTICAL INFORMATION

ENTERGY ARKANSAS, INC.

 

        2009        2008      2007      2006      2005  

ELECTRIC OPERATING REVENUES ($ thousands)

                        

Residential

     768,500         755,780      689,885      705,998      620,327   

Commercial

     474,543         462,599      408,561      417,914      347,641   

Industrial

     433,321         461,486      406,984      435,931      361,879   

Governmental

     21,731         21,043      18,972      19,390      17,722   
                                        

Total Retail

     1,698,095         1,700,908      1,524,402      1,579,233      1,347,569   
                                        

Sales for Resale

     452,424         572,350      458,372      472,509      403,090   

Other

     60,743         55,091      50,191      40,941      38,397   
                                        

Total Electric Operating Revenues

     2,211,263         2,328,349      2,032,965      2,092,683      1,789,056   
                                        

FUEL REVENUES (included in above revenues)

                        

Residential

     127,137         142,415      124,582      183,931      107,585   

Commercial

     95,959         111,657      92,056      139,330      81,478   

Industrial

     104,226         135,772      115,077      179,291      103,181   

Governmental

     4,416         5,129      4,308      6,521      4,034   
                                        

Total Retail Fuel Revenues

     331,738         394,973      336,023      509,073      296,278   
                                        

SOURCES OF ENERGY (GWh)

                        

Net Generation:

                        

Gas & Oil

     1,003         300      89      54      266   

Coal

     7,955         8,273      7,935      7,226      6,899   

Nuclear

     15,168         14,168      15,486      15,233      13,681   

Hydro

     233         197      135      74      97   
                                        

Total Net Generation

     24,359         22,938      23,645      22,587      20,943   
                                        

Purchased Power:

                        

Affiliated Companies

     3,776         3,480      3,636      3,898      4,731   

Non-affiliated Companies

     4,968         6,164      5,790      7,107      5,858   
                                        

Total Purchased Power

     8,744         9,644      9,426      11,005      10,589   
                                        

Total Sources of Energy

     33,103         32,582      33,071      33,592      31,532   
                                        

USES OF ENERGY (GWh)

                        

Electric Energy Sales:

                        

Residential

     7,464         7,678      7,725      7,655      7,653   

Commercial

     5,817         5,875      5,945      5,816      5,730   

Industrial

     6,376         7,211      7,424      7,587      7,334   

Governmental

     269         274      277      273      288   
                                        

Total Retail

     19,926         21,038      21,371      21,331      21,005   
                                        

Sales for Resale

     11,611         10,049      9,836      10,608      8,658   
                                        

Unbilled Energy

     111         13      35      21      (83
                                        

Total Electric Energy Sales

     31,648         31,100      31,242      31,960      29,580   
                                        

Line Losses and Company Usage

     1,455         1,482      1,829      1,632      1,952   
                                        

Total Uses of Energy

     33,103         32,582      33,071      33,592      31,532   
                                        

AVERAGE ELECTRIC REVENUE (cents/KWh)

                        

Residential

     10.30         9.84      8.93      9.22      8.11   

Commercial

     8.16         7.87      6.87      7.19      6.07   

Industrial

     6.80         6.40      5.48      5.75      4.93   

Governmental

     8.08         7.68      6.85      7.10      6.16   
                                        

NUMBER OF RETAIL ELECTRIC CUSTOMERS

                        

(as of December 31)

                        

Residential

     580,672         578,664      576,975      572,865      571,168   

Commercial

     87,929         87,322      86,532      84,768      82,508   

Industrial

     20,118         20,922      20,040      21,026      20,364   

Governmental

     661         640      618      662      643   
                                        

Total Retail Customers

     689,380         687,548      684,165      679,321      674,683   
                                        

Totals may not foot due to rounding.

 

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Table of Contents

UTILITY STATISTICAL INFORMATION

ENTERGY ARKANSAS, INC.

GENERATION PORTFOLIO

 

                            TOTAL PLANT – 2009  
PLANT   UNIT   OWNERSHIP   COMMERCIAL
OPERATION
  OWNED &
LEASED
CAPABILITY
(MW)
(a)
  FUEL TYPE   PURPOSE   NET
GENERATION
(MWH)
    EXPENSES
PER NET
MWH
  TOTAL
PRODUCTION
EXPENSE
($000)
 

Cecil Lynch

  2   100%   1949   -   Gas/Oil   Reserve   20,068      163.9   3,290   
  3   100%   1954   110   Gas/Oil   Peaking      
                                         

Harvey Couch

  1   100%   1943   -   Gas/Oil   Reserve   44,513      252.4   11,237   
  2   100%   1954   125   Gas/Oil   Peaking      
                                         

Lake Catherine

  1   100%   1950   47   Gas/Oil   Peaking   132,235      89.6   11,848   
  2   100%   1950   45   Gas/Oil   Peaking      
  3   100%   1953   96   Gas/Oil   Peaking      
  4   100%   1970   532   Gas/Oil   Peaking      
                                         

Hamilton Moses

  1   100%   1951   67   Gas/Oil   Peaking   2,263      530.3   1,200   
  2   100%   1951   70   Gas/Oil   Peaking      
                                         

Mabelvale

  1   100%   1970   14   Gas/Oil   Peaking   896      667.4   598   
  2   100%   1970   14   Gas/Oil   Peaking      
  3   100%   1970   14   Gas/Oil   Peaking      
  4   100%   1970   14   Gas/Oil   Peaking      
                                         

Robert Ritchie

  1   100%   1961   -   Gas/Oil   Reserve   (137   6,489.1   (889
  3   100%   1970   16   Gas/Oil   Peaking   -      -   6   
                                         

Ouachita

  1   100%   2002   250   Gas   Intermediate   803,178      50.3   40,377   
  2   100%   2002   263   Gas   Intermediate      
                                         

Independence

  1   31.5%   1983   263   Coal   Base   1,671,412      22.7   37,985   
                                         

White Bluff

  1   57%   1980   465   Coal   Base   6,283,965      24.0   150,663   
  2   57%   1981   480   Coal   Base      
                                         

Cecil Lynch

  Diesel   100%   1967   5   Oil   Peaking   -      -   39   
                                         

Carpenter

  1   100%   1932   29   Hydro   Peaking   186,133      7.2   1,337   
  2   100%   1932   30   Hydro   Peaking      
                                         

Remmel

  1   100%   1925   4   Hydro   Peaking   46,388      16.1   746   
  2   100%   1925   3   Hydro   Peaking      
  3   100%   1925   4   Hydro   Peaking      
                                         

Arkansas

                 

Nuclear One

  1   100%   1974   842   Nuclear PWR(b)   Base   15,168,172      18.5   280,385   
  2   100%   1980   997   Nuclear PWR(b)   Base      
                                         

Total

        4,799       24,359,086      22.1   538,822   
                                         

 

(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) PWR = Pressurized Water Reactor.

ENTERGY GULF STATES, INC.

HISTORICAL DATA PRIOR TO SEPARATION(a)

 

      2007    2006     2005  

SOURCES OF ENERGY (GWh)

       

Net Generation:

       

Gas & Oil

   7,669    7,036      9,320   

Coal

   4,074    4,460      4,077   

Nuclear

   7,188    7,461      7,808   

Hydro

   -    -      -   
                   

Total Net Generation

   18,931    18,957      21,205   
                   

Purchased Power:

       

Affiliated Companies

   5,514    4,664      3,521   

Non-affiliated Companies

   17,658    18,690      17,500   
                   

Total Purchased Power

   23,172    23,354      21,021   
                   

Total Sources of Energy

   42,103    42,311      42,226   
                   

USES OF ENERGY (GWh)

       

Electric Energy Sales:

       

Louisiana

       

Residential

   4,934    4,899      4,817   

Commercial

   4,895    4,836      4,608   

Industrial

   9,101    9,150      9,317   

Governmental

   204    199      197   

Texas

       

Residential

   5,281    5,211      5,207   

Commercial

   4,085    4,002      3,878   

Industrial

   5,911    5,915      5,650   

Governmental

   244    255      244   
                   

Total Retail

   34,655    34,467      33,918   
                   

Sales for Resale

   5,388    6,155      6,017   
                   

Unbilled Energy

   125    (148   (286
                   

Total Electric Energy Sales

   40,168    40,474      39,649   
                   

Line Losses and Company Usage

   1,935    1,837      2,577   
                   

Total Uses of Energy

   42,103    42,311      42,226   
                   

 

(a) Effective December 31, 2007, Entergy Gulf States, Inc. completed a jurisdictional separation into two vertically integrated utility companies, one operating under the sole retail jurisdiction of the PUCT, Entergy Texas, Inc., and the other operating under the sole retail jurisdiction of the LPSC, Entergy Gulf States Louisiana, L.L.C., Entergy Gulf States Louisiana, L.L.C. is the successor for financial reporting purposes to Entergy Gulf States, Inc. Certain historical data by separate company is unavailable.

Totals may not foot due to rounding.

 

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Table of Contents

UTILITY STATISTICAL INFORMATION

ENTERGY GULF STATES LOUISIANA, L.L.C.(a)

 

        2009      2008      2007      2006      2005

ELECTRIC OPERATING REVENUES ($ thousands)

                      

Residential

     393,490      553,527       497,782      522,227      457,498

Commercial

     354,038      520,214       452,930      476,537      406,921

Industrial

     383,272      672,213       620,472      686,295      625,709

Governmental

     17,625      24,964       21,710      22,520      19,562
                                    

Total Retail

     1,148,425      1,770,918       1,592,894      1,707,579      1,509,690
                                    

Sales for Resale

     579,358      824,404                

Other

     48,827      37,630       REFER TO PAGE 39

Total Electric Operating Revenues

     1,776,610      2,632,952                

FUEL REVENUES (included in above revenues)

                      

Residential

     177,483      345,071       277,105      284,937      266,854

Commercial

     175,960      343,938       271,015      280,628      252,200

Industrial

     251,212      546,603       476,015      508,048      477,232

Governmental

     7,341      14,572       11,120      11,459      10,645
                                    

Total Retail Fuel Revenues

     611,996      1,250,184       1,035,255      1,085,072      1,006,931
                                    

SOURCES OF ENERGY (GWh)

                      

Net Generation:

                      

Gas & Oil

     1,705      1,951       REFER TO PAGE 39

Coal

     2,472      2,615      

Nuclear

     7,836      6,334      

Hydro

     -      -      

Total Net Generation

     12,013      10,900      

Purchased Power:

            

Affiliated Companies

     6,768      7,725      

Non-affiliated Companies

     9,720      9,607      

Total Purchased Power

     16,488      17,332      

Total Sources of Energy

     28,501      28,232      

USES OF ENERGY (GWh)

                      

Electric Energy Sales:

                      

Residential

     5,090      4,888       4,934      4,899      4,817

Commercial

     5,058      4,973       4,895      4,836      4,608

Industrial

     7,601      8,416       9,101      9,150      9,317

Governmental

     213      215       204      199      197
                                    

Total Retail

     17,962      18,492       19,134      19,084      18,939
                                    

Sales for Resale

     9,630      9,014       REFER TO PAGE 39

Unbilled Energy

     149      (138   

Total Electric Energy Sales

     27,741      27,368      

Line Losses and Company Usage

     760      864      

Total Uses of Energy

     28,501      28,232      
                              

AVERAGE ELECTRIC REVENUE (cents/KWh)

                      

Residential

     7.73      11.32       10.09      10.66      9.50

Commercial

     7.00      10.46       9.25      9.85      8.83

Industrial

     5.04      7.99       6.82      7.50      6.72

Governmental

     8.27      11.61       10.64      11.34      9.94
                                    

NUMBER OF RETAIL ELECTRIC CUSTOMERS

                      

(as of December 31)

                      

Residential

     324,285      320,745       317,001      311,739      305,714

Commercial

     49,319      48,636       47,749      46,351      45,421

Industrial

     3,436      3,761       4,320      4,558      4,268

Governmental

     1,652      1,666       1,642      1,528      1,457
                                    

Total Retail Customers

     378,692      374,808       370,712      364,176      356,860
                                    

 

(a) Effective December 31, 2007, Entergy Gulf States, Inc. completed a jurisdictional separation into two vertically integrated utility companies, one operating under the sole retail jurisdiction of the PUCT, Entergy Texas, Inc., and the other operating under the sole retail jurisdiction of the LPSC, Entergy Gulf States Louisiana, L.L.C., Entergy Gulf States Louisiana, L.L.C. is the successor for financial reporting purposes to Entergy Gulf States, Inc. Certain historical data by separate company is unavailable. Page 39 reflects historical data prior to the separation.

 

  Totals may not foot due to rounding.

 

40


Table of Contents

UTILITY STATISTICAL INFORMATION

ENTERGY TEXAS, INC.(a)

 

      2009    2008     2007    2006    2005

ELECTRIC OPERATING REVENUES ($ thousands)

             

Residential

   533,146    606,133      544,254    599,494    502,135

Commercial

   336,876    416,798      364,322    406,198    327,287

Industrial

   332,303    489,165      414,036    463,640    388,285

Governmental

   22,797    26,872      23,583    26,609    21,693
                           

Total Retail

   1,225,122    1,538,968      1,346,195    1,495,941    1,239,400
                           

Sales for Resale

   303,682    441,314      REFER TO PAGE 39

Other

   35,019    31,976     

Total Electric Operating Revenues

   1,563,823    2,012,258     

 

FUEL REVENUES (included in above revenues)

       

Residential

   250,230    328,397      281,118    351,457    268,957

Commercial

   186,662    255,759      213,574    266,062    199,093

Industrial

   229,164    363,208      298,219    350,788    284,032

Governmental

   11,479    15,446      12,946    16,802    12,465
                           

Total Retail Fuel Revenues

   677,535    962,810      805,857    985,109    764,547
                           

SOURCES OF ENERGY (GWh)

             

Net Generation:

             

Gas & Oil

   6,184    6,046      REFER TO PAGE 39

Coal

   1,827    1,933     

Nuclear

   -    -     

Hydro

   -    -     

Total Net Generation

   8,011    7,979     

Purchased Power:

       

Affiliated Companies

   6,349    5,696     

Non-affiliated Companies

   6,034    6,530     

Total Purchased Power

   12,383    12,226     

Total Sources of Energy

   20,394    20,205     

 

USES OF ENERGY (GWh)

       

Electric Energy Sales:

       

Residential

   5,453    5,245      5,280    5,211    5,207

Commercial

   4,165    4,092      4,085    4,002    3,878

Industrial

   5,570    5,948      5,911    5,915    5,650

Governmental

   258    248      246    255    244
                           

Total Retail

   15,446    15,533      15,522    15,383    14,979
                           

Sales for Resale

   3,861    3,858      REFER TO PAGE 39

Unbilled Energy

   104    (64  

Total Electric Energy Sales

   19,411    19,327     

Line Losses and Company Usage

   983    878     

Total Uses of Energy

   20,394    20,205     

 

AVERAGE ELECTRIC REVENUE (cents/KWh)

       

Residential

   9.78    11.56      10.31    11.50    9.64

Commercial

   8.09    10.19      8.92    10.15    8.44

Industrial

   5.97    8.22      7.00    7.84    6.87

Governmental

   8.84    10.84      9.63    10.41    8.88
                           

NUMBER OF RETAIL ELECTRIC CUSTOMERS

             

(as of December 31)

             

Residential

   352,682    346,533      344,704    336,652    335,089

Commercial

   43,375    42,005      41,963    40,806    40,887

Industrial

   4,896    4,532      4,934    5,013    4,911

Governmental

   2,159    2,112      2,085    2,052    2,017
                           

Total Retail Customers

   403,112    395,182      393,686    384,523    382,904
                           

 

(a) Effective December 31, 2007, Entergy Gulf States, Inc. completed a jurisdictional separation into two vertically integrated utility companies, one operating under the sole retail jurisdiction of the PUCT, Entergy Texas, Inc., and the other operating under the sole retail jurisdiction of the LPSC, Entergy Gulf States Louisiana, L.L.C., Entergy Gulf States Louisiana, L.L.C. is the successor for financial reporting purposes to Entergy Gulf States, Inc. Certain historical data by separate company is unavailable. Page 39 reflects historical data prior to the separation.

 

  Totals may not foot due to rounding.

 

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UTILITY STATISTICAL INFORMATION

ENTERGY GULF STATES LOUISIANA, L.L.C.

GENERATION PORTFOLIO

 

                            TOTAL PLANT – 2009  
PLANT   UNIT   OWNERSHIP   COMMERCIAL
OPERATION
  OWNED &
LEASED
CAPABILITY
(MW)
(a)
  FUEL TYPE   PURPOSE   NET
GENERATION
(MWH)
    EXPENSES
PER NET
MWH
    TOTAL
PRODUCTION
EXPENSE
($000)
 

LA Station 2

  7   100%   1950   -   Gas   Reserve   -      -      374   
  8   100%   1950   -   Gas   Reserve      
  9   100%   1953   -   Gas   Reserve      
                                           

Willow Glen

  1   100%   1960   152   Gas/Oil   Peaking   396,567       74.3       29,473    
  2   100%   1964   195   Gas/Oil   Peaking      
  3   100%   1968   -   Gas   Reserve      
  4   100%   1973   470   Gas/Oil   Peaking      
  5   100%   1976   -   Gas/Oil   Reserve      
                                           

Roy S. Nelson

  3   100%   1960   153   Gas/Oil   Intermediate   1,135,263      59.4      67,473   
  4   100%   1970   450   Gas/Oil   Intermediate      
                                           

Calcasieu

  1   100%   2000   150   Gas   Peaking   89,120      135.8      12,099   
  2   100%   2001   160   Gas   Peaking      
                                           

Ouachita

  3   100%   2002   258   Gas   Intermediate   83,410      47.6      3,967   
                                           

Roy S. Nelson

  6   40%   1982   221   Coal   Base   1,416,852      34.2      48,436   
                                           

Big Cajun 2

  3   24%   1983   142   Coal   Base   1,055,283      25.5      26,874   
                                           

River Bend

  1   100%(c)   1986   978   Nuclear  BWR(b)   Base   7,836,049      21.4      168,278   
                                           

Total

        3,329       12,012,544      29.7      356,974   
                                           

ENTERGY TEXAS, INC.

GENERATION PORTFOLIO

 

                                   TOTAL PLANT – 2009
PLANT    UNIT    OWNERSHIP    COMMERCIAL
OPERATION
   OWNED &
LEASED
CAPABILITY
(MW)
(a)
   FUEL TYPE    PURPOSE    NET
GENERATION
(MWH)
   EXPENSES
PER NET
MWH
   TOTAL
PRODUCTION
EXPENSE
($000)

Roy S. Nelson

   6    30%    1982    164    Coal    Base    1,047,239    36.2    37,927
                                              

Big Cajun 2

   3    18%    1983    105    Coal    Base    779,991    25.5    19,868
                                              

Lewis Creek

   1    100%    1970    230    Gas/Oil    Intermediate    1,741,243    51.0    88,833
   2    100%    1971    230    Gas/Oil    Intermediate         
                                              

Sabine

   1    100%    1962    212    Gas/Oil    Intermediate    4,442,173    50.2    222,849
   2    100%    1962    212    Gas/Oil    Intermediate         
   3    100%    1966    390    Gas/Oil    Intermediate         
   4    100%    1974    530    Gas    Intermediate         
   5    100%    1979    470    Gas/Oil    Intermediate         
                                              

Total

            2,543          8,010,646    46.1    369,477
                                              
(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) BWR = Boiling Water Reactor.

 

(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.

 

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UTILITY STATISTICAL INFORMATION

ENTERGY LOUISIANA, LLC

 

     2009     2008     2007    2006     2005  
                               

ELECTRIC OPERATING REVENUES ($ thousands)

           

Residential

   669,084      967,445      853,780    797,197      827,926   

Commercial

   456,274      659,880      578,025    532,999      538,683   

Industrial

   664,377      1,061,887      871,853    809,237      834,320   

Governmental

   35,760      51,064      43,550    40,454      40,813   
                               

Total Retail

   1,825,495      2,740,276      2,347,208    2,179,887      2,241,742   
                               

Sales for Resale

   256,596      261,218      318,001    227,391      352,544   

Other

   101,495      49,800      72,343    43,980      55,895   
                               

Total Electric Operating Revenues

   2,183,586      3,051,294      2,737,552    2,451,258      2,650,181   
                               

FUEL REVENUES (included in above revenues)

           

Residential

   287,909      530,363      415,883    374,595      430,830   

Commercial

   194,759      358,257      280,200    249,803      277,180   

Industrial

   435,112      780,147      614,448    545,040      588,943   

Governmental

   15,388      27,782      21,305    19,313      21,022   
                               

Total Retail Fuel Revenues

   933,168      1,696,549      1,331,836    1,188,751      1,317,975   
                               

SOURCES OF ENERGY (GWh)

           

Net Generation:

           

Gas & Oil

   7,090      8,930      8,784    7,486      8,968   

Coal

   -      -      -    -      -   

Nuclear

   8,949      9,037      9,893    9,270      7,885   

Hydro

   -      -      -    -      -   
                               

Total Net Generation

   16,039      17,967      18,677    16,756      16,853   
                               

Purchased Power:

           

Affiliated Companies

   7,818      5,996      6,025    6,612      6,027   

Non-affiliated Companies

   7,644      7,511      7,484    7,945      8,212   
                               

Total Purchased Power

   15,462      13,507      13,509    14,557      14,239   
                               

Total Sources of Energy

   31,501      31,474      32,186    31,313      31,092   
                               

USES OF ENERGY (GWh)

           

Electric Energy Sales:

           

Residential

   8,684      8,487      8,646    8,513      8,559   

Commercial

   5,867      5,784      5,848    5,680      5,554   

Industrial

   13,386      13,162      13,209    12,759      12,348   

Governmental

   459      459      446    435      428   
                               

Total Retail

   28,396      27,892      28,149    27,387      26,889   
                               

Sales for Resale

   1,621      2,233      2,411    2,470      2,560   
                               

Unbilled Energy

   164      (118   124    (25   (379
                               

Total Electric Energy Sales

   30,181      30,007      30,684    29,832      29,070   
                               

Line Losses and Company Usage

   1,320      1,467      1,502    1,481      2,022   
                               

Total Uses of Energy

   31,501      31,474      32,186    31,313      31,092   
                               

AVERAGE ELECTRIC REVENUE (cents/KWh)

           

Residential

   7.70      11.40      9.87    9.32      9.67   

Commercial

   7.78      11.41      9.88    9.33      9.70   

Industrial

   4.96      8.07      6.60    6.34      6.76   

Governmental

   7.79      11.13      9.76    9.18      9.53   
                               

NUMBER OF RETAIL ELECTRIC CUSTOMERS

           

(as of December 31)

           

Residential

   575,388      571,301      568,893    560,462      539,912   

Commercial

   74,608      73,617      73,012    71,029      66,897   

Industrial

   7,247      7,592      8,374    8,563      7,005   

Governmental

   5,539      5,387      5,229    4,858      4,494   
                               

Total Retail Customers

   662,782      657,897      655,508    644,912      618,308   
                               

Totals may not foot due to rounding.

 

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Table of Contents

UTILITY STATISTICAL INFORMATION

ENTERGY LOUISIANA, LLC

GENERATION PORTFOLIO

 

                                  TOTAL PLANT – 2009
PLANT    UNIT    OWNERSHIP    COMMERCIAL
OPERATION
   OWNED &
LEASED
CAPABILITY
(MW)
(a)
   FUEL TYPE   PURPOSE    NET
GENERATION
(MWH)
   EXPENSES
PER NET
MWH
   TOTAL
PRODUCTION
EXPENSE
($000)

Buras

   8    100%    1971    12    Gas/Oil   Peaking    1,064    405.1    431
                                             

Little Gypsy

   1    100%    1961    238    Gas/Oil   Intermediate    2,165,485    61.7    133,564
   2    100%    1966    415    Gas/Oil   Intermediate         
   3    100%    1969    525    Gas/Oil   Intermediate         
                                             

Monroe

   10    100%    1961    -    Gas   Reserve    -    -    293
   11    100%    1965    -    Gas   Reserve         
   12    100%    1968    -    Gas   Reserve         
                                             

Ninemile Point

   1    100%    1951    -    Gas/Oil   Reserve    2,728,414    63.3    172,810
   2    100%    1953    -    Gas/Oil   Reserve         
   3    100%    1955    125    Gas/Oil   Intermediate         
   4    100%    1971    710    Gas/Oil   Intermediate         
   5    100%    1973    740    Gas/Oil   Intermediate         
                                             

Perryville

   1    100%    2002    535    Gas   Intermediate    1,628,415    41.2    67,091
   2    100%    2001    156    Gas   Peaking         
                                             

Sterlington

   6    100%    1958    212    Gas/Oil   Peaking    19,468    235.0    4,575
   7    100%    1974    174    Gas/Oil   Peaking         
                                             

Waterford

   1    100%    1975    411    Gas/Oil   Intermediate    547,182    89.7    49,054
   2    100%    1975    405    Gas/Oil   Intermediate         
   4    100%    2009    35    Oil   Peaking    -    -    -
                                             

Waterford

   3    100%    1985    1,176    Nuclear  PWR(b)   Base    8,948,903    19.7    175,556
                                             

Total

            5,869         16,038,931    37.6    603,374
                                             

 

(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) PWR = Pressurized Water Reactor.

 

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Table of Contents

UTILITY STATISTICAL INFORMATION

ENTERGY MISSISSIPPI, INC.

 

      2009     2008    2007     2006     2005  

ELECTRIC OPERATING REVENUES ($ thousands)

           

Residential

   466,632      555,913    500,097      568,435      503,232   

Commercial

   395,444      481,878    427,545      484,297      420,507   

Industrial

   146,608      199,453    185,119      235,281      209,270   

Governmental

   37,740      44,336    40,417      45,433      40,605   
                               

Total Retail

   1,046,424      1,281,580    1,153,178      1,333,446      1,173,614   
                               

Sales for Resale

   76,605      128,753    171,710      80,445      98,885   

Other

   54,275      51,849    47,914      36,117      34,041   
                               

Total Electric Operating Revenues

   1,177,304      1,462,182    1,372,802      1,450,008      1,306,543   
                               

FUEL REVENUES (included in above revenues)

           

Residential

   179,338      281,916    215,446      316,861      251,338   

Commercial

   158,937      252,867    192,289      280,819      220,024   

Industrial

   70,679      121,026    100,293      157,157      128,483   

Governmental

   13,614      21,352    16,605      24,908      19,440   
                               

Total Retail Fuel Revenues

   422,568      677,161    524,633      779,745      619,285   
                               

SOURCES OF ENERGY (GWh)

           

Net Generation:

           

Gas & Oil

   3,583      5,257    5,734      4,127      2,834   

Coal

   2,847      2,827    3,026      2,697      2,526   

Nuclear

   -      -    -      -      -   

Hydro

   -      -    -      -      -   
                               

Total Net Generation

   6,430      8,084    8,760      6,824      5,360   
                               

Purchased Power:

           

Affiliated Companies

   6,127      4,903    4,602      5,327      4,924   

Non-affiliated Companies

   1,752      2,083    2,706      3,232      5,119   
                               

Total Purchased Power

   7,879      6,986    7,308      8,559      10,043   
                               

Total Sources of Energy

   14,309      15,070    16,068      15,383      15,403   
                               

USES OF ENERGY (GWh)

           

Electric Energy Sales:

           

Residential

   5,358      5,354    5,474      5,387      5,333   

Commercial

   4,756      4,841    4,872      4,746      4,630   

Industrial

   2,178      2,565    2,771      2,927      2,967   

Governmental

   405      411    421      417      411   
                               

Total Retail

   12,697      13,171    13,538      13,477      13,341   
                               

Sales for Resale

   528      935    1,493      900      936   
                               

Unbilled Energy

   74      23    (22   (15   (75
                               

Total Electric Energy Sales

   13,299      14,129    15,009      14,362      14,202   
                               

Line Losses and Company Usage

   1,010      941    1,059      1,021      1,201   
                               

Total Uses of Energy

   14,309      15,070    16,068      15,383      15,403   
                               

AVERAGE ELECTRIC REVENUE (cents/KWh)

           

Residential

   8.71      10.38    9.14      10.55      9.44   

Commercial

   8.31      9.95    8.78      10.20      9.08   

Industrial

   6.73      7.78    6.68      8.04      7.05   

Governmental

   9.32      10.79    9.60      10.90      9.88   
                               

NUMBER OF RETAIL ELECTRIC CUSTOMERS

           

(as of December 31)

           

Residential

   365,804      362,649    361,725      357,564      359,538   

Commercial

   62,613      62,556    63,642      62,594      60,826   

Industrial

   2,749      2,827    3,109      3,014      2,739   

Governmental

   4,259      4,208    4,096      4,066      3,856   
                               

Total Retail Customers

   435,425      432,240    432,572      427,238      426,959   
                               

Totals may not foot due to rounding.

 

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UTILITY STATISTICAL INFORMATION

ENTERGY MISSISSIPPI, INC.

GENERATION PORTFOLIO

 

                            TOTAL PLANT – 2009  
PLANT   UNIT   OWNERSHIP   COMMERCIAL
OPERATION
  OWNED &
LEASED
CAPABILITY
(MW)
(a)
  FUEL TYPE   PURPOSE   NET
GENERATION
(MWH)
    EXPENSES
PER NET
MWH
    TOTAL
PRODUCTION
EXPENSE
($000)
 

Attala

  1   100%   2001   455   Gas   Intermediate   1,621,018      40.3      65,273   
                                           

Baxter Wilson

  1   100%   1967   500   Gas/Oil   Intermediate   1,635,212      58.6      95,879   
  2   100%   1971   676   Gas/Oil   Intermediate      
                                           

Delta

  1   100%   1953   90   Gas/Oil   Peaking   (1,304   774.5      (1,010
  2   100%   1953   87   Gas/Oil   Peaking      
                                           

Gerald Andrus

  1   100%   1975   712   Gas/Oil   Intermediate   255,212      99.2      25,310    
                                           

Natchez

  1   100%   1951   -   Gas/Oil   Reserve   (1   (160,000.0   160   
                                           

Rex Brown

  1   100%   1948   -   Gas   Reserve   72,446      170.6      12,361   
  3   100%   1951   70   Gas/Oil   Peaking      
  4   100%   1959   203   Gas/Oil  

Intermediate        

     
  5   100%   1968   10   Oil   Peaking      
                                           

Independence

  1   25%   1983   209   Coal   Base   2,847,033      21.5      61,076   
  2   25%   1984   211   Coal   Base      
                                           

Total

        3,223       6,429,616      40.3      259,049   
                                           
(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.

 

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UTILITY STATISTICAL INFORMATION

ENTERGY NEW ORLEANS, INC.

 

        2009        2008      2007      2006        2005

ELECTRIC OPERATING REVENUES ($ thousands)

                        

Residential

     167,794         171,584      142,497      105,924         150,409

Commercial

     166,454         193,552      181,438      165,066         145,321

Industrial

     37,225         48,378      46,697      44,582         31,597

Governmental

     69,306         79,973      72,467      59,399         59,450
                                        

Total Retail

     440,779         493,487      443,099      374,971         386,777
                                        

Sales for Resale

     88,010         162,769      103,843      91,283         138,528

Other

     7,196         16,684      10,516      4,812         10,711
                                        

Total Electric Operating Revenues

     535,985         672,940      557,458      471,066         536,016
                                        

FUEL REVENUES (included in above revenues)

                        

Residential

     62,017         92,401      71,496      51,865         59,361

Commercial

     72,121         117,282      101,932      92,894         64,164

Industrial

     19,103         32,171      28,745      28,952         17,044

Governmental

     31,866         50,803      42,750      34,839         28,496
                                        

Total Retail Fuel Revenues

     185,107         292,657      244,923      208,550         169,065
                                        

SOURCES OF ENERGY (GWh)

                        

Net Generation:

                        

Gas & Oil

     2,202         2,068      1,855      773         1,661

Coal

     -         -      -      -         -

Nuclear

     -         -      -      -         -

Hydro

     -         -      -      -         -
                                        

Total Net Generation

     2,202         2,068      1,855      773         1,661
                                        

Purchased Power:

                        

Affiliated Companies

     3,760         3,391      3,428      4,445         4,024

Non-affiliated Companies

     590         687      340      41         1,232
                                        

Total Purchased Power

     4,350         4,078      3,768      4,486         5,256
                                        

Total Sources of Energy

     6,552         6,146      5,623      5,259         6,917
                                        

USES OF ENERGY (GWh)

                        

Electric Energy Sales:

                        

Residential

     1,577         1,394      1,221      914         1,616

Commercial

     1,813         1,774      1,763      1,666         1,798

Industrial

     526         541      568      547         498

Governmental

     805         774      747      632         800
                                        

Total Retail

     4,721         4,483      4,299      3,759         4,712
                                        

Sales for Resale

     1,543         1,361      1,010      1,298         2,041
                                        

Unbilled Energy

     29         20      15      (1      135
                                        

Total Electric Energy Sales

     6,293         5,864      5,324      5,056         6,888
                                        

Line Losses and Company Usage

     259         282      299      203         29
                                        

Total Uses of Energy

     6,552         6,146      5,623      5,259         6,917
                                        

AVERAGE ELECTRIC REVENUE (cents/KWh)

                        

Residential

     10.64         12.31      11.67      11.59         9.31

Commercial

     9.18         10.91      10.29      9.91         8.08

Industrial

     7.08         8.94      8.22      8.15         6.34

Governmental

     8.61         10.33      9.70      9.40         7.43
                                        

NUMBER OF RETAIL ELECTRIC CUSTOMERS

                        

(as of December 31)

                        

Residential

     132,602         124,432      115,523      83,300         152,429

Commercial

     13,064         12,622      12,211      10,000         14,220

Industrial

     2,311         2,514      2,765      1,000         1,161

Governmental

     1,747         1,381      1,308      700         858
                                        

Total Retail Customers

     149,724         140,949      131,807      95,000         168,668
                                        

Totals may not foot due to rounding.

 

47


Table of Contents

UTILITY STATISTICAL INFORMATION

ENTERGY NEW ORLEANS, INC.

GENERATION PORTFOLIO

 

                            TOTAL PLANT – 2009  
PLANT   UNIT   OWNERSHIP   COMMERCIAL
OPERATION
  OWNED &
LEASED
CAPABILITY
(MW)
(a)
  FUEL TYPE   PURPOSE   NET
GENERATION
(MWH)
  EXPENSES
PER NET
MWH
  TOTAL
PRODUCTION
EXPENSE
($000)
 

A. B. Paterson

  3   100%   1950   -   Gas/Oil   Reserve   -   -   400   
  4   100%   1954   -   Gas/Oil   Reserve      
                                       

Michoud

  1   100%   1957   -   Gas/Oil   Reserve   2,202,251   54.7   120,429   
  2   100%   1963   230   Gas/Oil   Intermediate       
  3   100%   1967   515   Gas/Oil   Intermediate       
                                       

A. B. Paterson

  5   100%   1967   -   Oil   Reserve   -   -   114   
                                       

Total

        745       2,202,251   54.9   120,943   
                                       

 

(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.

SYSTEM ENERGY RESOURCES, INC.

 

        2009        2008        2007        2006        2005  

ELECTRIC OPERATING REVENUES ($ thousands)

     554,007         528,998         553,193         555,459         533,929   
                                              

SOURCES OF ENERGY (GWh)

                        

Net Generation:

                        

Gas & Oil

     -         -         -         -         -   

Coal

     -         -         -         -         -   

Nuclear

     9,898         8,455         8,421         9,723         9,058   

Hydro

     -         -         -         -         -   
                                              

Total Net Generation

     9,898         8,455         8,421         9,723         9,058   
                                              

Purchased Power

     -         -         -         -         -   
                                              

Total Sources of Energy

     9,898         8,455         8,421         9,723         9,058   
                                              

USES OF ENERGY (GWh)

                        

Electric Energy Sales

     9,898         8,475         8,440         9,727         9,070   
                                              

Unbilled Energy

     -         -         -         -         -   
                                              

Line Losses and Company Usage

     -         (20      (19      (4      (12
                                              

Total Uses of Energy

     9,898         8,455         8,421         9,723         9,058   
                                              

Totals may not foot due to rounding.

SYSTEM ENERGY RESOURCES, INC.

GENERATION PORTFOLIO

 

                                  TOTAL PLANT – 2009  
PLANT    UNIT    OWNERSHIP    COMMERCIAL
OPERATION
   OWNED &
LEASED
CAPABILITY
(MW)
(a)
   FUEL TYPE   PURPOSE     NET
GENERATION
(MWH)
   EXPENSES
PER NET
MWH
   TOTAL
PRODUCTION
EXPENSE
($000)
 

Grand Gulf

   1    90%    1985    1,133    Nuclear
BWR(b)
  Base    9,898,398    17.7    176,441   
                                               

Total

            1,133         9,898,398    17.7    176,441   
                                               

 

(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) BWR = Boiling Water Reactor.

 

48


Table of Contents

UTILITY STATISTICAL INFORMATION

UTILITY NUCLEAR PLANT STATISTICS

The following table shows plant performance for 2005 – 2009 based on 18/24 month operating cycle.

 

CAPABILITY FACTOR (%)      2009        2008      2007      2006      2005

ANO

     90.9         92.6      92.8      88.3      88.5

Grand Gulf

     92.1         85.4      89.5      91.9      93.3

River Bend

     94.2         81.8      88.1      90.9      85.8

Waterford 3

     91.4         90.6      91.5      93.5      89.0
                                      

Entergy Southeast Average

     91.9         88.6      90.9      90.6      89.2
                                      

Industry Average

     90.2         90.7      91.1      90.5      90.1
                                      

 

The following table shows plant performance for 2009 and averages for four three-year periods.

 

PRODUCTION COST ($/MWh)(a)      2009        2006–2008      2005–2007      2004–2006      2003–2005

ANO

     18.5         16.3      16.0      15.5      15.1

Grand Gulf

     17.7         16.6      15.3      14.2      13.7

River Bend

     21.4         22.4      20.1      18.8      17.9

Waterford 3

     19.7         16.9      16.7      15.9      16.0
                                      

Entergy Southeast Average

     19.1         17.5      16.7      15.9      15.5
                                      

Industry Average

     20.3         18.5      17.6      16.9      16.5
                                      

 

(a) Fuel and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh.

INDIVIDUAL PLANT INFORMATION

 

     ANO      GRAND GULF      RIVER BEND      WATERFORD 3  
      UNIT 1      UNIT 2                          

Owner

   Entergy
Arkansas
 
  
   Entergy
Arkansas
     System Energy-90%
South Mississippi
Electric Power
Association-10%
 
 
 
  
   Entergy
Gulf States
Louisiana
 
 
  
   Entergy
Louisiana
  
  
                                    

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 &
Wilcox
  
  
   Combustion
Engineering
     General
Electric
 
  
   General
Electric
 
  
   Combustion
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)

   842       997      1,133       978 (c)      1,176   
                                    

Refueling Data:

                

Last Date

   10/26/08-
12/12/08
  
  
   9/1/09-
9/25/09
     9/21/08-
10/23/08
 
  
   9/20/09-
10/18/09
  
  
   10/19/09-
12/4/09
  
  

Number of Days

   47       24      31       28       46   

Next Scheduled Refueling

   Spring 10       Spring 11      Spring 10       Spring 11       Spring 11   

2009 Capability Factor (%)

   89.0       92.8      92.1       94.2       91.4   
                                    

($ millions as of December 31, 2009)

                

Net Book Value

   1,149 (b)           1,369       1,498 (c)     1,355   

Decommissioning Trust Fund Balance

   440 (b)           327       350 (c)     209   

Decommissioning Liability

   560 (b)           421       313 (c)     287   
                                    

 

(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.

 

49


Table of Contents

UTILITY REGULATORY INFORMATION

STATE REGULATORY COMMISSIONS

 

        ARKANSAS      LOUISIANA      MISSISSIPPI      NEW ORLEANS      TEXAS

Commission

     Arkansas Public Service Commission      Louisiana Public Service Commission      Mississippi Public Service Commission      New Orleans City Council      Public Utility Commission of Texas
                                    

Number of Commissioners

     3      5      3      7      3
                                    

Method of Selection

     Appointed by Governor      Elected      Elected      Elected      Appointed by Governor
                                    

Term of Office

     6 years – staggered      6 years – staggered      4 years – concurrent      4 years – concurrent (2 term limit)      6 years – staggered
                                    

Chair / President

     Appointed by Governor      Selected by peers – 1 year term      Rotates every 1 - 2 years, as determined by members      Selected by peers from two at-large seats      Appointed by Governor
                                    

COMMISSION/COUNCIL MEMBERS

 

        PARTY      SERVICE BEGAN      CURRENT
TERM ENDS

ARKANSAS

              

Paul Suskie – Chair

     Democrat      1/07      1/13

Colette Honorable

     Democrat      10/07      1/11

Olan W. Reeves

     unknown      1/09      1/15
                      

LOUISIANA

              

Lambert Boissiere III - Chairman

     Democrat      1/05      12/10

Eric Skrmetta

     Republican      1/09      12/14

Clyde C. Holloway

     Republican      4/09      12/10

James M. Field

     Republican      12/96      12/12

Foster L. Campbell, Jr.

     Democrat      1/03      12/14
                      

MISSISSIPPI

              

Leonard Bentz

     Republican      4/06      12/11

Lynn Posey

     Democrat      1/08      12/11

Brandon Presley

     Democrat      1/08      12/11
                      

NEW ORLEANS

              

Arnie Fielkow – President (Re-elected for term beginning 5/10)

     Democrat      5/06      5/14

Jacquelyn Brechtel Clarkson (Re-elected for term beginning 5/10)

     Democrat      11/07      5/14

Shelley Midura

     Democrat      5/06      5/10

Susan Guidry (Term begins 5/10)

     Democrat      5/10      5/14

Stacy S. Head (Re-elected for term beginning 5/10)

     Democrat      5/06      5/14

James Carter

     Democrat      5/06      5/10

Kristen Palmer (Term begins 5/10)

     Democrat      5/10      5/14

Cynthia Hedge-Morrell (Re-elected for term beginning 5/10)

     Democrat      4/05      5/14

Cynthia Willard-Lewis

     Democrat      5/02      5/10

Jon Johnson (Term begins 5/10)

     Democrat      5/10      5/14
                      

TEXAS

              

Barry Smitherman – Chair

     Republican      4/04      8/13

Donna L. Nelson

     Republican      8/08      8/15

Kenneth W. Anderson Jr.

     Republican      9/08      8/11
                      

 

50


Table of Contents

SELECT UTILITY REGULATORY MECHANISMS

 

COMPANY    LAST FILED
RATE BASE
($ billions)
    

ALLOWED

ROE

(%)

     JURISDICTIONAL REGULATORY MECHANISMS

EAI

   4.0

6/30/09 with
known and
measurable
changes
through 6/30/10

     10.2      Rate Case     

•No fixed schedule for rate filings. EAI filed its last rate case on September 4, 2009.

•On May 28, 2010, the APSC approved a settlement in the EAI rate case. Key elements of the settlement include: an approximate $63.7 million base rate increase (after removing $10.1 million for securitization of ice storm) and a 10.2% allowed return on equity (up from 9.9%). New base rates will become effective with the first billing cycle of July 2010.

                           

EGSL

   2.3 Electric

12/31/2009

 

0.05 Gas

9/30/2009

    

9.9 – 11.4 Electric

10.65 midpoint

+/- 75 bps

 

60/40 customer/

company sharing

 

     FRP     

•Annual filing in May; any change in rates typically effective in September.

•In October 2009, the LPSC approved an uncontested settlement extending the FRP regulatory process for an additional three years. The new FRP was adopted for the 2008-2010 test years and retains the 10.65% electric ROE midpoint with a +/- 75 bp bandwidth and a recovery mechanism for Commission-approved capacity additions. Earnings outside the bandwidth are allocated prospectively, 60% to customers and 40% to the company. As part of the settlement, the LPSC implemented a one-time rate reset to achieve its midpoint electric ROE for the 2008 test year filing. All parties committed to work together to attempt to develop a transmission rider.

       

10.0 – 11.0 Gas

10.5 midpoint

+/- 50 bps

 

 

     RSP     

•In July 2005, the LPSC approved the EGSL gas Rate Stabilization Plan (RSP) which specified a 10.5% gas ROE midpoint with a +/- 50 bp bandwidth. Outside the bandwidth, rate changes are determined as follows: +/- 200 bps, rates changed by 50% of difference necessary to bring earned return to end point of band; if more than +/- 200 bps, rates changed 100% to eliminate differential in excess of 200 bps and then same as if within +/- 200 bps.

                           

ELL

   3.0

12/31/2009

    

9.45 – 11.05

10.25 midpoint

+/- 80 bps

 

60/40 customer/

company sharing

     FRP     

•Annual filing in May; any change in rates typically effective in September.

•In October 2009, the LPSC approved an uncontested settlement extending the FRP regulatory process for an additional three years. The new FRP was adopted for the 2008-2010 test years and retains the 10.25% ROE midpoint with a +/- 80 bp bandwidth and a recovery mechanism for Commission-approved capacity additions. Earnings outside of the bandwidth are allocated prospectively, 60% to customers and 40% to the company. As part of the settlement, the LPSC implemented a one-time rate reset to achieve its midpoint ROE for the 2008 test year filing. All parties committed to work together to attempt to develop a transmission rider.

                           

EMI

   1.5

12/31/2009

    

10.79 – 13.05

11.92 midpoint

(subject to review /

approval)

 

Formulaic ROE reset

 

Up to 200 bps on

ROE (depends on

capital ratios) for

price, satisfaction

and reliability

     FRP     

•Annual filing in March; any change in rates typically effective the first billing cycle of June.

•On March 4, 2010, the MPSC approved modifications to EMI’s FRP that (1) aligns EMI’s FRP more closely with the FRPs of the other regulated gas and electric utilities in Mississippi, (2) resets the ROE and bandwidth based upon performance ratings, (3) rescores the performance adjustment factors, (4) eliminates the current $14.5 million revenue adjustment limit and changes the 2% of revenues limit to a 4% limit, with any adjustment over 2% requiring a hearing, and (5) directs EMI to phase-out the summer / winter rate differential in residential rates over two years. On March 15, 2010, EMI filed its first evaluation report under its new FRP for the 2009 test year.

                           

ENOI

   0.3 Electric

12/31/2009

 

0.08 Gas

12/31/2009

    

10.7 – 11.5 Electric

11.1 midpoint

+/- 40 bps

 

10.25 – 11.25 Gas

10.75 midpoint

+/- 50 bps

 

Earnings outside

bandwidth reset

to midpoint ROE

    

FRP

 

FRP

    

•Annual filing in May; any change in rates typically effective in first billing cycle of October

•On April 2, 2009, the City Council of New Orleans approved a comprehensive settlement. A new three-year formula rate plan was adopted, with terms including an 11.1% electric ROE midpoint with a +/- 40 bp bandwidth and a 10.75% gas ROE midpoint with a +/- 50 bp bandwidth. Earnings outside the bandwidth reset to the midpoint ROE.

                           

ETI

   1.6

6/30/09

adjusted test

year

    

10.00

Stipulated as a

reasonable ROE in

rate case settlement

     Rate Case     

•On March 11, 2009, the Public Utility Commission of Texas approved the unanimous settlement in ETI’s September 2007 rate case which implemented rates effective January 28, 2009, for usage beginning December 19, 2008.

•On December 30, 2009, ETI filed a rate case requesting an 11.5% ROE based upon a June 30, 2009 test year. On February 18, 2010, the Administrative Law Judge issued an order approving a unanimous settlement on interim rates and the procedural schedule reached with the parties in the rate case. The procedural schedule calls for hearings in July 2010, with a final order to be issued November 1, 2010 and permanent rates to be effective relating back to service rendered on / after September 13, 2010.

                           

SERI

   1.2

monthly filing

     10.94          

•Real-time recovery mechanism.

                           

TOTAL

   14.1               
                           

 

51


Table of Contents

UTILITY ELECTRIC AND GAS FUEL RECOVERY MECHANISMS

 

       DEFERRED FUEL BALANCE AS OF DECEMBER 31,
COMPANY      2009        2008      2007      2006      2005    FUEL RECOVERY MECHANISM
                       ($ millions)                   

EAI

     122.8         119.1      114.8      2.2      204.2    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.
                                           

EGSL

     57.8         8.1      105.8      119.5      121.2    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 based on estimated gas costs plus a surcharge with an annual reset calculated by taking the over- or under- recovered balance at the end of June and dividing by the projected sales for the next 12 months.
                                           

ELL

     66.4         (23.6)      19.2      114.3      21.9    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.
                                           

EMI

     (72.9      5.0      (76.6)      (95.2)      114.0    Quarterly reset based on projected fuel and purchased power costs and projected sales plus any under- or over-recovered fuel balance from the second prior quarter.
                                           

ENOI

     8.1         21.8      17.3      19.0      30.6    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

     (102.7      21.2      (67.3)      (45.6)      203.2    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

     79.5         151.6      113.2      114.2      695.1   
                                           

Totals may not foot due to rounding.

 

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COMPETITIVE BUSINESSES

TOTAL CAPACITY

 

     OPERATED          OWNED  CAPACITY(c)
As of December 31, 2009.    PLANTS    UNITS    MW           MW    %

Gas/Oil

   2    2    1,094 (b)       1,092    17

Coal

   -    -    - (b)       181    3
                                

Total Fossil

   2    2    1,094         1,273    20
                                

Wind

   -    -    -         80    1

Nuclear

   6    7    5,798 (a)        4,998    79
                                

Total Capacity

   8    9    6,892         6,351    100
                                
(a) Operated capacity includes management services contracts.
(b) Excludes units operated by Entergy’s utility companies.
(c) Includes capacity under power purchase agreements.

 

 

ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR QUARTERLY FINANCIAL METRICS

 

     2009     2008        
      1Q     2Q     3Q    4Q     YTD     1Q     2Q     3Q     4Q     YTD     % CHANGE  

GAAP MEASURES

                       

As-Reported Net Income ($ millions)

   180.9      80.2      200.4    169.5      631.0      221.7      143.6      205.3      226.6      797.3       (21

Return on Average Invested Capital – As-Reported (%)*

   18.7      17.3      15.8    14.1      14.1      18.4      18.8      18.2      20.2      20.2      (30

Return on Average Common Equity – As-Reported (%)*

   19.0      17.5      15.8    14.0      14.0      19.7      20.0      18.9      20.9      20.9      (33

Debt to Capital Ratio (%)

   4.6      4.5      4.1    3.7      3.7      7.4      7.4      5.7      5.1      5.1      (27

NON-GAAP MEASURES

                       

Operational Earnings ($ millions)

   187.5      95.3      210.7    181.5      675.0      221.7      143.6      205.3      226.6      797.3      (15

Return on Average Invested Capital – Operational (%)*

   18.8      17.8      16.5    15.1      15.1      18.9      19.3      18.6      20.2      20.2      (25

Return on Average Common Equity – Operational (%)*

   19.2      18.0      16.6    15.0      15.0      20.3      20.5      19.4      20.9      20.9      (28

Net Debt to Net Capital Ratio (%)

   (5.8   (7.1   1.1    (4.5   (4.5   (9.4   (14.1   (24.0   (4.8   (4.8   (6
                                                                   
* Rolling twelve months.

Totals may not foot due to rounding.

ENTERGY NUCLEAR ANNUAL FINANCIAL METRICS

 

      2009     2008     2007     2006    2005

GAAP MEASURES

           

As-Reported Net Income ($ millions)

   631.0      797.3      539.2      309.5    282.6

Return on Average Invested Capital – As-Reported (%)

   14.1      20.2      16.0      11.7    11.6

Return on Average Common Equity – As-Reported (%)

   14.0      20.9      17.4      14.0    13.6

Debt to Capital Ratio (%)

   3.7      5.1      9.7      14.2    19.5

NON-GAAP MEASURES

           

Operational Earnings ($ millions)

   675.0      797.3      557.6      309.5    282.6

Return on Average Invested Capital – Operational (%)

   15.1      20.2      16.6      11.7    11.6

Return on Average Common Equity – Operational (%)

   15.0      20.9      18.0      14.0    13.6

Net Debt to Net Capital Ratio (%)

   (4.5   (4.8   (1.9   2.3    12.4
                             

ENTERGY NUCLEAR QUARTERLY OPERATIONAL METRICS

 

     2009    2008    YTD  
      1Q    2Q    3Q    4Q    YTD    1Q    2Q    3Q    4Q    YTD    % CHANGE  

Net MW in Operation

     4,998      4,998      4,998      4,998      4,998      4,998      4,998      4,998      4,998      4,998    -   

Average Realized Price/MWh

   $ 63.84    $ 59.22    $ 61.70    $ 59.43    $ 61.07    $ 61.47    $ 58.22    $ 61.59    $ 56.69    $ 59.51    3   

Production Cost/MWh(a)

   $ 23.14    $ 24.30    $ 22.57    $ 23.20    $ 23.26    $ 19.98    $ 23.11    $ 21.77    $ 22.77    $ 21.88    6   

Non-Fuel O&M Expense/Purchased Power per MWh(a)

   $ 22.44    $ 25.33    $ 22.11    $ 23.60    $ 23.30    $ 20.20    $ 23.42    $ 21.19    $ 23.06    $ 21.95    6   

Billed GWh

     10,074      8,980      10,876      11,052      40,981      10,760      10,145      10,316      10,489      41,710    (2

Capacity Factor

     92%      81%      100%      99%      93%      97%      92%      95%      94%      95%    (2
                                                                              

ENTERGY NUCLEAR ANNUAL OPERATIONAL METRICS

 

      2009    2008    2007    2006    2005

Net MW in Operation

     4,998      4,998      4,998      4,200      4,105

Average Realized Price/MWh

   $ 61.07    $ 59.51    $ 52.69    $ 44.33    $ 42.26

Production Cost/MWh(a)(b)

   $ 23.26    $ 21.88    $ 21.19    $ 19.50    $ 18.94

Non-Fuel O&M Expense/Purchased Power per MWh(a)(b)

   $ 23.30    $ 21.95    $ 22.86    $ 21.37    $ 20.56

Billed GWh

     40,981      41,710      37,570      34,847      33,641

Capacity Factor

     93%      95%      89%      95%      93%
                                    
(a) 2009 excludes the effect of the non-utility nuclear spin-off dis-synergies special item at Entergy Nuclear.

 

(b) 2007 excludes the effect of the non-utility nuclear alignment special item at Entergy Nuclear.

Totals may not foot due to rounding.

 

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ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR PLANT STATISTICS

 

    

JAMES A.

FITZPATRICK

    INDIAN POINT    

PALISADES

NUCLEAR PLANT

  

PILGRIM

NUCLEAR STATION

   

VERMONT

YANKEE

        UNIT 2     UNIT 3         

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      12/15/15      3/24/31    6/8/12      3/21/12
                                   

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      798    688      605

(as of December 31, 2009)

             
                                   

Refueling Data:

             

Last Date

   9/15/08 –
10/9/08
  
  
  3/25/08 –
4/20/08
  
  
  3/11/09 –
4/15/09
  
  
  3/22/09 –
5/02/09
   4/17/09 –
5/18/09
  
  
  10/19/08 –
11/10/08

Number of Days

   26      26      36      41    31      22

Next Scheduled Refueling

   Fall 10      Spring 10      Spring 11      Fall 10    Spring 11      Spring 10

2009 Capacity Factor

   99%      99%      85%      88%    90%      100%
                                   

($ millions as of December 31, 2009)

             

Net Book Value

   417      952      626      737    253      333

Decommissioning Trust Fund Balance

   (a )    602 (b)     (a )    245    609      428

Decommissioning Liability

   (a )    430 (b)     (a )    266    309      314
                                   

Nearest Market Hub

   NYISO      NYISO      NYISO      MISO    NEPOOL      NEPOOL
   Zone  A(c)      Zone G(d)      Zone G(d)      Cinergy    Mass Hub      Mass Hub

Capacity Zone (ICAP/UCAP)

   NYISO      NYISO      NYISO      n/a    NEPOOL      NEPOOL
   Rest of State      Rest of State      Rest of State          
                                   
(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.

ENTERGY NUCLEAR PLANT UPRATES

(MW)

 

        CAPACITY
12/31/04
(b)
     2005      2006      2007      2008      2009      CAPACITY
12/31/2009

FitzPatrick

     838      -      -      -      -      -      838

Indian Point 2

     1,028      -      -      -      -      -      1,028

Indian Point 3

     994      47      -      -      -      -      1,041

Palisades(a)

     798      -      -      -      -      -      798

Pilgrim

     688      -      -      -      -      -      688

Vermont Yankee

     510      -      95      -      -      -      605
                                                  

Total

     4,856      47      95      -      -      -      4,998
                                                  
(a) Acquired April 2007.

 

(b) 2004 included 57 MW of uprates - FitzPatrick 13 MW and Indian Point 2 44 MW.

 

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ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR SECURITIES DETAIL

LONG-TERM DEBT:

NOTE TO NEW YORK POWER AUTHORITY (NYPA) RELATING TO THE PURCHASE OF FITZPATRICK AND INDIAN POINT 3

 

($ thousands)    LONG-TERM  DEBT(a)    INTEREST
EXPENSE
   ADDITIONAL LTD
RELATED TO
PURCHASE OF IP2
   INTEREST
EXPENSE
     TOTAL ENDING
LONG-TERM
DEBT
     TOTAL
INTEREST
EXPENSE

2000

   744,405    3,869    -    -      744,405      3,869

2001

   682,512    35,392    74,402    1,190      756,914      36,582

2002

   604,420    32,540    79,220    3,628      683,640      36,168

2003

   441,845    27,387    72,863    3,643      514,708      31,030

2004

   379,405    21,275    66,200    3,337      445,605      24,612

2005

   313,968    18,277    59,218    3,018      373,186      21,295

2006

   245,390    15,137    51,900    2,682      297,289      17,819

2007

   173,445    11,845    44,231    2,331      217,676      14,176

2008

   161,932    8,412    36,194    1,963      198,127      10,375

2009

   149,771    7,839    27,772    1,577      177,543      9,416

2010

   137,026    7,255    18,945    1,173      155,971      8,428

2011

   123,669    6,643    9,694    750      133,363      7,393

2012

   109,681    6,012    -    305      109,681      6,317

2013

   95,011    5,331    -    -      95,011      5,331

2014

   79,638    4,627    -    -      79,638      4,627

2015

   61,027    3,889    -    -      61,027      3,889

2016 – 2035 Average

   -    1,755    -    -      -      1,755
                                   
(a) Includes plant, fuel, and license extension payments. Payments for plant and fuel are made annually on 11/21 (anniversary of close). As of 9/30/03, the entire fuel note has been paid off. Life extension payments made on anniversary of license expiration.

Totals may not foot due to rounding.

 

 

NON-NUCLEAR WHOLESALE ASSETS

NON-NUCLEAR WHOLESALE ASSETS PLANT STATISTICS

 

PLANT   LOCATION    NERC
REGION
   COMMERCIAL
OPERATION
   OWNERSHIP
INTEREST
     NET
MW
     TOTAL
MW
   FUEL TYPE
TECHNOLOGY
   PURPOSE

Independence – Unit 2

  Newark, AR    SERC    1983    14%      121      842    Coal    Base

Nelson 6 (PPA)

  Westlake, LA    SERC    1982    11%      60      550    Coal    Base

Harrison County

  Marshall, TX    SPP    2003    61%      335      550    Combined Cycle    Intermediate

RS Cogen

  Lake Charles, LA    SERC    2002    50%      213      425    CCGT Cogen    Base QF

Ritchie – Unit 2

  Helena, AR    SERC    1968    100%      544      544    Gas/Oil    Peaking

Top of Iowa

  Worth County, IA    MAPP    2001    50%      40      80    Wind    Renewable

White Deer

  Amarillo, TX    SPP    2001    50%      40      80    Wind    Renewable
                                            

Total

                1,353      3,071      
                                            

NON-NUCLEAR WHOLESALE ASSETS SECURITIES DETAIL

DEBT:

OUTSTANDING AS OF DECEMBER 31,                                     
(ENTERGY’S SHARE)      2009        2008      2007      MATURITY      RATE
          (in millions)               

RS Cogen Senior Project Debt

                        

Bank Portion(a)

     $51         $55      $60      10/17/18      LIBOR + 1.625%

Institutional Portion

     $38         $38      $38      10/15/22      Fixed 8.73%

Debt Service Reserve Letter of Credit(b)

     $  1         $   -      $   -      1 month to 6 months      LIBOR + 1.625%

RS Cogen Subordinated Debt

     $13         $13      $14      10/17/17      LIBOR + 4.50%

Top Deer Senior Project Debt

     $13         $19      $24      06/30/13      Fixed 5.55%
                                      
(a) RS Cogen spread on bank portion increases over time from 1.375% to 2.375%.

 

(b) RS Cogen spread on Debt Service Reserve Letter of Credit Loan increases over time from 1.375% to 1.875%. The DSR LC fee was 1.375% in the first term and 1.625% in the second term, including 2009. The DSR LC is borrowed for interest periods of 1 month to 6 months as needed. The DSR LC was repaid on January 29, 2010.

 

PREFERRED STOCK:          SHARES OUTSTANDING
AS OF DECEMBER 31,
     AS OF DECEMBER 31,
      RATE (a)    2009    2008    2007      2009    2008      2007
                    (in millions   

Authorized 1,000,000 shares, $1 par value, cumulative

                      

Without Sinking Fund:

                      

Entergy Asset Management,

   8.95%    305,240    297,376    297,376      $29.4    $29.7       $29.7

8.95% rate(a)

                      

Other

   -    -    -    -      1.5    0.8       1.0
                                        

Total without sinking fund

      305,240    297,376    297,376      $30.9    $30.5       $30.7
                                        
(a) Entergy Asset Management’s stockholders’ agreement provides that each December 31 either Entergy Asset Management or the preferred shareholders may request that the preferred dividend rate be reset.

 

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

 

NUCLEAR OPERATIONAL MEASURES      
Net MW in operation    Installed capacity owned or operated by Entergy Nuclear
Average realized price per MWh    As-reported revenue per MWh billed for all non-utility nuclear operations, excluding revenue from the amortization of the Palisades below-market PPA
Production cost per MWh    Fuel and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh
Non-fuel O&M expense/purchased power per MWh    Operation, maintenance and refueling expenses and purchased power per MWh billed, excluding fuel
GWh billed    Total number of GWh billed to all customers
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 plant generates power
Refueling outage duration    Number of days lost for scheduled refueling outage during the period
Financial measures defined in the below table include measures prepared in accordance with generally accepted accounting principles (GAAP), as well as non-GAAP measures. Non-GAAP measures are included in this report in order to provide metrics that remove the effect of less routine financial impacts from commonly used financial metrics.
FINANCIAL MEASURES – GAAP      
Return on average invested capital – as-reported    12-months rolling Net Income adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital
Return on average common equity – as-reported    12-months rolling Net Income divided by average common equity
Net margin – as-reported    12-months rolling Net Income divided by 12-months rolling revenue
Cash flow interest coverage    12-months cash flow from operating activities plus 12-months rolling interest paid, divided by interest expense
Book value per share    Common equity divided by end of period shares outstanding
Revolver capacity    Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Total debt    Sum of short-term and long-term debt, notes payable, capital leases, and preferred stock with sinking fund on the balance sheet, less non-recourse debt, if any
Project debt    Financing at subsidiaries to support specific projects
Debt of joint ventures (Entergy’s share)    Debt issued by business joint ventures at non-nuclear wholesale assets
Leases (Entergy’s share)    Operating leases held by subsidiaries capitalized at implicit interest rate
Debt to capital    Gross 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
FINANCIAL MEASURES – NON-GAAP      
Operational earnings    As-reported Net Income applicable to common stock adjusted to exclude the impact of special items
Return on average invested capital – operational    12-months rolling operational Net Income adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital
Return on average common equity – operational    12-months rolling operational Net Income divided by average common equity
Net margin – operational    12-months rolling operational Net Income divided by 12-months rolling revenue
Total gross liquidity    Sum of cash and revolver capacity
Debt to capital, excluding securitization debt    Gross debt divided by total capitalization, excluding securitization debt
Net debt to net capital, excluding securitization debt    Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
Net debt including off-balance sheet liabilities, excluding securitization debt    Sum of gross debt and off-balance sheet debt less cash and cash equivalents divided by sum of total capitalization and off-balance sheet debt less cash and cash equivalents; both gross debt and total capitalization are also adjusted to exclude securitization debt

 

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Table of Contents

REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP                                     
2005 PRO FORMA INCOME STATEMENT    UTILITY/PARENT/OTHER          CONSOLIDATED  
In thousands, for the year ended December 31,
2005.
   GAAP     ENOI
ADJUSTMENT*
    PRO FORMA           GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

OPERATING REVENUES:

               

Electric

   $ 8,449,281      $ 211,307      $ 8,660,588         $ 8,446,830      $ 211,307      $ 8,658,136   

Natural gas

     77,660        137,310        214,970           77,660        137,310        214,970   

Competitive businesses

     46,003        -        46,003           1,581,757        -        1,581,757   
                                                       

Total

     8,572,944        348,617        8,921,561           10,106,247        348,617        10,454,863   
                                                       

OPERATING EXPENSES:

               

Operating and Maintenance:

               

Fuel, fuel-related expenses, and gas purchased for resale

     1,941,887        217,365        2,159,252           2,176,015        217,365        2,393,380   

Purchased power

     2,559,536        (46,740     2,512,796           2,521,247        (46,740     2,474,506   

Nuclear refueling outage expenses

     73,966        -        73,966           162,653        -        162,653   

Other operation and maintenance

     1,458,596        86,227        1,544,823           2,122,206        86,227        2,208,432   

Decommissioning

     83,910        -        83,910           143,121        -        143,121   

Taxes other than income taxes

     325,766        41,538        367,304           382,521        41,538        424,059   

Depreciation and amortization

     789,654        33,975        823,629           856,377        33,975        890,352   

Other regulatory charges (credits) – net

     (49,882     3,181        (46,701        (49,882     3,181        (46,701
                                                       

Total

     7,183,433        335,545        7,518,978           8,314,258        335,545        8,649,802   
                                                       

OPERATING INCOME

     1,389,511        13,072        1,402,583           1,791,989        13,072        1,805,061   
                                                       

OTHER INCOME (DEDUCTIONS):

               

Allowance for equity funds used during construction

     45,736        3,229        48,965           45,736        3,229        48,965   

Interest and dividend income

     125,237        89        125,326           150,479        89        150,568   

Equity in earnings (loss) of unconsolidated equity affiliates

     10,462        (768     9,694           985        (768     217   

Miscellaneous – net

     (19,030     (4,110     (23,140        14,251        (4,110     10,141   
                                                       

Total

     162,405        (1,560     160,845           211,451        (1,560     209,891   
                                                       

INTEREST AND OTHER CHARGES:

               

Interest on long-term debt

     427,055        10,153        437,208           440,334        10,153        450,487   

Other interest – net

     79,612        1,696        81,308           64,646        1,696        66,342   

Allowance for borrowed funds used during construction

     (29,376     (2,609     (31,985        (29,376     (2,609     (31,985
                                                       

Total

     477,291        9,240        486,531           475,604        9,240        484,844   
                                                       

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

     1,074,625        2,272        1,076,897           1,527,836        2,272        1,530,108   

Income taxes

     403,671        1,790        405,461           559,284        1,790        561,074   
                                                       

INCOME FROM CONTINUING OPERATIONS

     670,954        482        671,436           968,552        482        969,034   

LOSS FROM DISCONTINUED OPERATIONS
(net of income tax expense of $(24,051))

     (44,794     -        (44,794        (44,794     -        (44,794
                                                       

CONSOLIDATED NET INCOME

     626,160        482        626,642           923,758        482        924,240   
                                                       

Preferred dividend requirements of subsidiaries

     22,007        482        22,489           25,427        482        25,909   

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION

   $ 604,153      $ -      $ 604,153         $ 898,331      $ -      $ 898,331   
                                                       
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP                                     
2005 PRO FORMA BALANCE SHEET    UTILITY/PARENT/OTHER          CONSOLIDATED  
In thousands, as of December 31, 2005.    GAAP     ENOI
ADJUSTMENT*
    PRO FORMA           GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

ASSETS

               

CURRENT ASSETS:

               

Cash and cash equivalents:

               

Cash

   $ 207,135      $ 48,056      $ 255,191         $ 221,773      $ 48,056      $ 269,829   

Temporary cash investments – at cost,

     127,786        -        127,786           361,047        -        361,047   
                                                       

Total cash and cash equivalents

     334,921        48,056        382,977           582,820        48,056        630,876   
                                                       

Notes receivable – Entergy New Orleans DIP loan

     90,000        (90,000     -           90,000        (90,000     -   

Notes receivable

     575,873        -        575,873           3,227        -        3,227   

Accounts receivable:

               

Customer

     629,717        82,052        711,769           763,993        82,052        846,045   

Allowance for doubtful accounts

     (28,635     (25,422     (54,057        (30,805     (25,422     (56,227

Associated companies

     33,851        -        33,851           -        -        -   

Other

     296,286        (96,208     200,078           324,876        (96,208     228,668   

Accrued unbilled revenues

     477,570        23,698        501,268           477,570        23,698        501,268   
                                                       

Total account receivables

     1,408,789        (15,880     1,392,909           1,535,634        (15,880     1,519,754   
                                                       

Deferred fuel costs

     543,927        30,593        574,520           543,927        30,593        574,520   

Fuel inventory – at average cost

     204,382        8,048        212,430           206,195        8,048        214,243   

Materials and supplies – at average cost

     369,397        8,961        378,358           610,932        8,961        619,893   

Deferred nuclear refueling outage costs

     70,545        -        70,545           164,152        -        164,152   

Prepayments and other

     301,387        2,140        303,527           325,795        2,140        327,935   
                                                       

Total

     3,899,221        (8,082     3,891,139           4,062,682        (8,082     4,054,600   
                                                       

OTHER PROPERTY AND INVESTMENTS:

               

Investment in affiliates – at equity

     8,198,240        (149,929     8,048,311           296,784        (149,929     146,855   

Decommissioning trust funds

     1,136,006        -        1,136,006           2,606,765        -        2,606,765   

Non-utility property – at cost
(less accumulated depreciation)

     226,264        1,107        227,371           228,833        1,107        229,940   

Other

     35,594        -        35,594           81,535        -        81,535   
                                                       

Total

     9,596,104        (148,822     9,447,282           3,213,917        (148,822     3,065,095   
                                                       

PROPERTY, PLANT AND EQUIPMENT:

               

Electric

     27,176,956        691,045        27,868,001           29,161,027        691,045        29,852,072   

Property under capital lease

     727,565        -        727,565           727,565        -        727,565   

Natural gas

     86,794        189,207        276,001           86,794        189,207        276,001   

Construction work in progress

     1,291,374        202,353        1,493,727           1,524,085        202,353        1,726,438   

Nuclear fuel under capital lease

     271,615        -        271,615           271,615        -        271,615   

Nuclear fuel

     101,403        -        101,403           436,646        -        436,646   
                                                       

Total property, plant and equipment

     29,655,707        1,082,605        30,738,312           32,207,732        1,082,605        33,290,337   

Less – accumulated depreciation and amortization

     12,730,545        428,053        13,158,598           13,010,687        428,053        13,438,740   
                                                       

Property, plant and equipment – net

     16,925,162        654,552        17,579,714           19,197,045        654,552        19,851,597   
                                                       

DEFERRED DEBITS AND OTHER ASSETS:

               

Regulatory assets:

               

Regulatory asset for income taxes - net

     735,221        (52,229     682,992           735,221        (52,229     682,992   

Other regulatory assets

     2,133,724        171,133        2,304,857           2,133,724        171,133        2,304,857   

Deferred fuel costs

     120,489        -        120,489           120,489        -        120,489   

Long-term receivables

     25,572        1,812        27,384           25,572        1,812        27,384   

Goodwill

     374,099        -        374,099           377,172        -        377,172   

Other

     841,068        17,322        858,390           991,835        17,322        1,009,157   
                                                       

Total

     4,230,173        138,038        4,368,211           4,384,013        138,038        4,522,051   
                                                       

TOTAL ASSETS

   $ 34,650,660      $ 635,686      $ 35,286,346         $ 30,857,657      $ 635,686      $ 31,493,343   
                                                       
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP                                     
2005 PRO FORMA BALANCE SHEET    UTILITY/PARENT/OTHER     CONSOLIDATED  
In thousands, as of December 31, 2005.    GAAP     ENOI
ADJUSTMENT*
    PRO FORMA     GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

LIABILITIES AND EQUITY

            

CURRENT LIABILITIES:

            

Currently maturing long-term debt

   $       22,989      $            -      $       22,989      $     103,517      $            -      $     103,517   

Notes payable:

            

Associated companies

   926,271      -      926,271      -      -      -   

Other

   40,041      15,000      55,041      40,041      15,000      55,041   

Accounts payable:

            

Associated companies

   77,793      -      77,793      -      -      -   

Other

   1,494,385      240,601      1,734,986      1,655,787      240,601      1,896,388   

Customer deposits

   222,044      16,930      238,974      222,206      16,930      239,136   

Taxes accrued

   316,659      (378   316,281      188,159      (378   187,781   

Accumulated deferred income taxes

   143,409      1,898      145,307      143,409      1,898      145,307   

Interest accrued

   153,269      2,668      155,937      154,855      2,668      157,523   

Obligations under capital leases

   130,882      -      130,882      130,882      -      130,882   

Other

   66,367      2,018      68,385      473,510      2,018      475,528   
                                      

Total

   3,594,109      278,737      3,872,846      3,112,366      278,737      3,391,103   
                                      

NON–CURRENT LIABILITIES:

            

Accumulated deferred income taxes and taxes accrued

   5,248,739      68,617      5,317,356      5,282,759      68,617      5,351,376   

Accumulated deferred investment tax credits

   376,550      3,570      380,120      376,550      3,570      380,120   

Obligations under capital leases

   175,005      -      175,005      175,005      -      175,005   

Other regulatory liabilities

   408,667      591      409,258      408,667      591      409,258   

Decommissioning and asset retirement cost liabilities

   1,161,830      2,421      1,164,251      1,923,971      2,421      1,926,392   

Transition to competition

   79,101      -      79,101      79,101      -      79,101   

Accumulated provisions

   74,234      7,889      82,123      144,880      7,889      152,769   

Pension and other postretirement liabilities

   874,793      26,049      900,842      1,118,964      26,049      1,145,013   

Long-term debt

   8,791,811      226,603      9,018,414      8,824,493      226,603      9,051,096   

Preferred stock with sinking fund

   13,950      -      13,950      13,950      -      13,950   

Other

   1,161,820      1,429      1,163,249      1,202,706      1,429      1,204,135   
                                      

Total

   18,366,500      337,169      18,703,669      19,551,046      337,169      19,888,215   
                                      

Commitments and Contingencies

            

Subsidiaries preferred stock without sinking fund

   411,321      19,780      431,101      345,974      19,780      365,754   

EQUITY:

            

Common shareholders’ equity:

            

Common stock, $.01 par value, authorized 500,000,000 shares; issued 248,174,087 shares in 2005

   2,205,191      -      2,205,192      2,482      -      2,482   

Paid–in capital

   6,653,879      -      6,653,879      4,817,637      -      4,817,637   

Retained earnings

   5,717,919      -      5,717,919      5,433,931      -      5,433,931   

Accumulated other comprehensive loss

   (16,300   -      (16,300   (343,819   -      (343,819

Less – treasury stock, at cost (40,644,602 shares in 2005)

   2,281,960      -      2,281,960      2,161,960      -      2,161,960   
                                      

Total common shareholders’ equity

   12,278,730      -      12,278,730      7,748,271      -      7,748,271   
                                      

Subsidiaries preferred stock without sinking fund

   -      -      -      100,000      -      100,000   
                                      

Total

   12,278,730      -      12,278,730      7,848,271      -      7,848,271   
                                      

TOTAL LIABILITIES AND EQUITY

   $34,650,660      $635,686      $35,286,346      $30,857,657      $635,686      $31,493,343   
                                      
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

RECONCILIATION OF GAAP TO NON-GAAP

2005 PRO FORMA STATEMENT OF CASH FLOW

     CONSOLIDATED  
In thousands, for the year ended December 31, 2005.    GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

OPERATING ACTIVITIES:

      

Consolidated net income

   $    923,758      $        700      $    924,458   

Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:

      

Reserve for regulatory adjustments

   (82,033   (142   (82,175

Other regulatory charges (credits) – net

   (49,882   3,181      (46,701

Depreciation, amortization, and decommissioning

   1,001,852      33,975      1,035,827   

Deferred income taxes and investment tax credits

   487,804      236,100      723,904   

Equity in earnings (loss) of unconsolidated equity affiliates – net of dividends

   4,315      (4,532   (217

Provisions for asset impairments and restructuring charges

   39,767      -      39,767   

Changes in working capital:

       -   

Receivables

   (367,351   61,359      (305,992

Fuel inventory

   (83,125   (3,867   (86,992

Accounts payable

   303,194      (5,392   297,802   

Taxes accrued

   (33,306   (211,082   (244,388

Interest accrued

   15,133      (2,089   13,044   

Deferred fuel

   (236,801   (28,034   (264,835

Other working capital accounts

   (45,653   (6,568   (52,221

Provision for estimated losses and reserves

   (3,704   (1,632   (5,336

Changes in other regulatory assets

   (311,934   (59,707   (371,641

Other

   (94,226   (21,751   (115,977
                    

Net cash flow provided by (used in) operating activities

   1,467,808      (9,481   1,458,327   
                    

INVESTING ACTIVITIES:

      

Construction/capital expenditures

   (1,458,086   (57,640   (1,515,726

Allowance for equity funds used during construction

   45,736      3,229      48,965   

Nuclear fuel purchases

   (314,414   -      (314,414

Proceeds from sale/leaseback of nuclear fuel

   184,403      -      184,403   

Payment for purchase of plant

   (162,075   -      (162,075

Increase in other investments

   9,905      90,000      99,905   

Purchase of other temporary investments

   (1,591,025   -      (1,591,025

Liquidation of other temporary investments

   1,778,975      -      1,778,975   

Proceeds from nuclear decommissioning trust fund sales

   944,253      -      944,253   

Investment in nuclear decommissioning trust funds

   (1,039,824   -      (1,039,824

Other regulatory investments

   (390,456   -      (390,456
                    

Net cash flow provided by (used in) investing activities

   (1,992,608   35,589      (1,957,019
                    

FINANCING ACTIVITIES:

      

Proceeds from the issuance of:

      

Long-term debt

   4,302,570      29,783      4,332,353   

Preferred stock

   127,995      -      127,995   

Common stock and treasury stock

   106,068      -      106,068   

Retirement of long-term debt

   (2,689,206   (30,065   (2,719,271

Repurchase of common stock

   (878,188   -      (878,188

Redemption of preferred stock

   (33,719   -      (33,719

Changes in credit line borrowings – net

   39,850      15,000      54,850   

Dividends paid:

      

Common stock

   (453,508   -      (453,508

Preferred stock

   (25,472   (724   (26,196
                    

Net cash flow used in financing activities

   496,390      13,994      510,384   
                    

Effect of exchange rates on cash and cash equivalents

   (602   -      (602
                    

Net increase (decrease) in cash and cash equivalents

   (29,012   40,102      11,090   

Cash and cash equivalents at beginning of period

   619,786      -      619,786   
                    

Effect of the deconsolidation of Entergy New Orleans on cash and cash equivalents

   (7,954   7,954      -   
                    

Cash and cash equivalents at end of period

   $    582,820      $    48,056      $    630,876   
                    

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

      

Cash paid (received) during the period for:

      

Interest – net of amount capitalized

   $    461,345      $              -      $    461,345   

Income taxes

   $    116,072      $   (18,000)      $      98,072   
                    

* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP                                     
2006 PRO FORMA INCOME STATEMENT    UTILITY/PARENT/OTHER     CONSOLIDATED  
In thousands, for the year ended December 31,
2006.
   GAAP     ENOI
ADJUSTMENT*
    PRO FORMA     GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

OPERATING REVENUES:

            

Electric

   $9,065,800      $204,989      $9,270,789      $  9,063,135      $204,989      $  9,268,124   

Natural gas

   84,230      100,088      184,318      84,230      100,088      184,318   

Competitive businesses

   39,817      -      39,817      1,784,793      -      1,784,793   
                                      

Total

   9,189,847      305,077      9,494,924      10,932,158      305,077      11,237,235   
                                      

OPERATING EXPENSES:

            

Operating and Maintenance:

            

Fuel, fuel-related expenses, and gas purchased for resale

   2,880,857      157,535      3,038,392      3,144,073      157,535      3,301,608   

Purchased power

   2,120,770      (43,647   2,077,123      2,138,237      (43,647   2,094,590   

Nuclear refueling outage expenses

   78,110      -      78,110      169,567      -      169,567   

Other operation and maintenance

   1,614,002      100,094      1,714,096      2,335,364      100,094      2,435,458   

Decommissioning

   82,912      169      83,081      145,884      169      146,053   

Taxes other than income taxes

   363,897      34,953      398,850      428,561      34,953      463,514   

Depreciation and amortization

   808,517      31,465      839,982      887,792      31,465      919,257   

Other regulatory charges (credits) – net

   (122,680   4,160      (118,520   (122,680   4,160      (118,520
                                      

Total

   7,826,385      284,729      8,111,114      9,126,798      284,729      9,411,527   
                                      

OPERATING INCOME

   1,363,462      20,348      1,383,810      1,805,360      20,348      1,825,708   
                                      

OTHER INCOME (DEDUCTIONS):

            

Allowance for equity funds used during construction

   39,894      3,078      42,972      39,894      3,078      42,972   

Interest and dividend income

   163,717      (6,722   156,995      198,835      (6,722   192,113   

Equity in earnings (loss) of unconsolidated equity affiliates

   95,366      (4,057   91,309      93,744      (4,057   89,687   

Miscellaneous – net

   555      (543   12      16,114      (543   15,571   
                                      

Total

   299,532      (8,244   291,288      348,587      (8,244   340,343   
                                      

INTEREST AND OTHER CHARGES:

            

Interest on long-term debt

   489,282      4,069      493,351      498,451      4,069      502,520   

Other interest – net

   99,196      4,175      103,371      75,502      4,175      79,677   

Allowance for borrowed funds used during construction

   (23,931   (2,477   (26,408   (23,931   (2,477   (26,408
                                      

Total

   564,547      5,767      570,314      550,022      5,767      555,789   
                                      

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

   1,098,447      6,337      1,104,784      1,603,925      6,337      1,610,262   

Income taxes

   234,789      5,051      239,840      443,044      5,051      448,095   
                                      

INCOME FROM CONTINUING OPERATIONS

   863,658      1,286      864,944      1,160,881      1,286      1,162,167   

LOSS FROM DISCONTINUED OPERATIONS (net of income tax expense of $67)

   (496   -      (496   (496   -      (496
                                      

CONSOLIDATED NET INCOME

   863,162      1,286      864,448      1,160,385      1,286      1,161,671   
                                      

Preferred dividend requirements of subsidiaries

   24,363      1,286      25,649      27,783      1,286      29,069   
                                      

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION

   $   838,799      $             -      $   838,799      $   1,132,602      $             -      $  1,132,602   
                                      
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP
2006 PRO FORMA BALANCE SHEET
   UTILITY/PARENT/OTHER     CONSOLIDATED  
In thousands, as of December 31, 2006.    GAAP     ENOI
ADJUSTMENT*
    PRO FORMA     GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

ASSETS

            

CURRENT ASSETS:

            

Cash and cash equivalents:

            

Cash

   $         95,468      $     3,886      $       99,354      $     117,379      $    3,886      $     121,265   

Temporary cash investments

   499,942      13,207      513,149      898,773      13,207      911,980   
                                      

Total cash and cash equivalents

   595,410      17,093      612,503      1,016,152      17,093      1,033,245   
                                      

Notes receivable – Entergy New Orleans DIP loan

   51,934      (51,934   -      51,934      (51,934   -   

Notes receivable

   266,717      -      266,717      699      -      699   

Accounts receivable:

            

Customer

   410,512      58,999      469,511      552,376      58,999      611,375   

Allowance for doubtful accounts

   (19,348   (10,563   (29,911   (19,348   (10,563   (29,911

Associated companies

   (5,099   -      (5,099   -      -      -   

Other

   312,654      (86,258   226,396      345,400      (86,258   259,142   

Accrued unbilled revenues

   249,165      23,758      272,923      249,165      23,758      272,923   
                                      

Total account receivable

   947,884      (14,064   933,820      1,127,593      (14,064   1,113,529   
                                      

Accumulated deferred income taxes

   10,498      (2,924   7,574      11,680      (2,924   8,756   

Fuel inventory – at average cost

   189,829      5,041      194,870      193,098      5,041      198,139   

Materials and supplies – at average cost

   408,279      7,825      416,104      604,998      7,825      612,823   

Deferred nuclear refueling outage costs

   65,349      -      65,349      147,521      -      147,521   

Prepayments and other

   150,134      5,640      155,774      171,759      5,640      177,399   
                                      

Total

   2,686,034      (33,323   2,652,711      3,325,434      (33,323   3,292,111   
                                      

OTHER PROPERTY AND INVESTMENTS:

            

Investment in affiliates – at equity

   7,725,189      (153,988   7,571,201      229,089      (153,988   75,101   

Decommissioning trust funds

   1,274,676      -      1,274,676      2,858,523      -      2,858,523   

Non-utility property – at cost

            

(less accumulated depreciation)

   208,956      1,107      210,063      212,726      1,107      213,833   

Other

   39,868      -      39,868      47,115      -      47,115   
                                      

Total

   9,248,689      (152,881   9,095,808      3,347,453      (152,881   3,194,572   
                                      

PROPERTY, PLANT AND EQUIPMENT:

            

Electric

   28,405,556      698,081      29,103,637      30,713,284      698,081      31,411,365   

Property under capital lease

   730,182      -      730,182      730,182      -      730,182   

Natural gas

   92,787      186,932      279,719      92,787      186,932      279,719   

Construction work in progress

   609,431      21,824      631,255      786,147      21,824      807,971   

Nuclear fuel under capital lease

   336,017      -      336,017      336,017      -      336,017   

Nuclear fuel

   140,357      -      140,357      494,759      -      494,759   
                                      

Total property, plant and equipment

   30,314,330      906,837      31,221,167      33,153,176      906,837      34,060,013   

Less – accumulated depreciation and amortization

   13,366,710      446,673      13,813,383      13,715,099      446,673      14,161,772   
                                      

Property, plant and equipment – net

   16,947,620      460,164      17,407,784      19,438,077      460,164      19,898,241   
                                      

DEFERRED DEBITS AND OTHER ASSETS:

            

Regulatory assets:

            

Regulatory asset for income taxes – net

   740,110      (71,870   668,240      740,110      (71,870   668,240   

Other regulatory assets

   2,768,352      295,440      3,063,792      2,768,352      295,440      3,063,792   

Deferred fuel costs

   168,122      -      168,122      168,122      -      168,122   

Long-term receivables

   19,349      936      20,285      19,349      936      20,285   

Goodwill

   374,099      -      374,099      377,172      -      377,172   

Other

   736,461      4,824      741,285      898,662      4,824      903,486   
                                      

Total

   4,806,493      229,330      5,035,823      4,971,767      229,330      5,201,097   
                                      

TOTAL ASSETS

   $33,688,836      $ 503,290      $34,192,126      $31,082,731      $503,290      $31,586,021   
                                      
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP

2006 PRO FORMA BALANCE SHEET

   UTILITY/PARENT/OTHER     CONSOLIDATED  
In thousands, as of December 31, 2006.    GAAP     ENOI
ADJUSTMENT*
    PRO FORMA     GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

            

Currently maturing long-term debt

   $ 93,335      $ -      $ 93,335      $ 181,576      $ -      $ 181,576   

Notes payable:

            

Associated companies

     979,198        -        979,198        -        -        -   

Other

     25,039        -        25,039        25,039        -        25,039   

Accounts payable:

            

Associated companies

     69,355        -        69,355        -        -        -   

Other

     901,434        59,034        960,468        1,122,596        59,034        1,181,630   

Customer deposits

     248,031        14,808        262,839        248,031        14,808        262,839   

Taxes accrued

     167,060        2,087        169,147        187,324        2,087        189,411   

Interest accrued

     159,527        18,004        177,531        160,831        18,004        178,835   

Deferred fuel costs

     73,031        (18,996     54,035        73,031        (18,996     54,035   

Obligations under capital leases

     153,246        -        153,246        153,246        -        153,246   

Pension and other postretirement liabilities

     39,008        16        39,024        41,912        16        41,928   

Other

     100,501        6,138        106,639        271,544        6,138        277,682   
                                                  

Total

     3,008,765        81,091        3,089,856        2,465,130        81,091        2,546,221   
                                                  

NON–CURRENT LIABILITIES:

            

Accumulated deferred income taxes and taxes accrued

     5,451,700        98,884        5,550,584        5,820,700        98,884        5,919,584   

Accumulated deferred investment tax credits

     358,550        3,157        361,707        358,550        3,157        361,707   

Obligations under capital leases

     188,033        -        188,033        188,033        -        188,033   

Other regulatory liabilities

     449,237        -        449,237        449,237        -        449,237   

Decommissioning and asset retirement cost liabilities

     1,249,482        2,591        1,252,073        2,023,846        2,591        2,026,437   

Transition to competition

     79,098        -        79,098        79,098        -        79,098   

Accumulated provisions

     81,053        8,384        89,437        88,902        8,384        97,286   

Pension and other postretirement liabilities

     1,125,707        60,034        1,185,741        1,410,433        60,034        1,470,467   

Long-term debt

     8,560,534        226,619        8,787,153        8,798,087        226,619        9,024,706   

Preferred stock with sinking fund

     10,500        -        10,500        10,500        -        10,500   

Other

     1,173,844        2,750        1,176,594        847,415        2,750        850,165   
                                                  

Total

     18,727,738        402,419        19,130,157        20,074,801        402,419        20,477,220   
                                                  

Commitments and Contingencies

            

Subsidiaries preferred stock without sinking fund

     310,751        19,780        330,531        244,913        19,780        264,693   

EQUITY:

            

Common shareholders’ equity:

            

Common stock, $.01 par value, authorized 500,000,000 shares; issued 248,174,087 shares in 2006

     2,228,350        -        2,228,350        2,482        -        2,482   

Paid–in capital

     6,668,007        -        6,668,007        4,827,265        -        4,827,265   

Retained earnings

     5,592,532        -        5,592,532        6,113,042        -        6,113,042   

Accumulated other comprehensive loss

     (82,917     -        (82,917     (100,512     -        (100,512

Less – treasury stock, at cost (45,506,311 shares in 2006)

     2,764,390        -        2,764,390        2,644,390        -        2,644,390   
                                                  

Total common shareholders’ equity

     11,641,582        -        11,641,582        8,197,887        -        8,197,887   
                                                  

Subsidiaries preferred stock without sinking fund

     -        -        -        100,000        -        100,000   
                                                  

Total

     11,641,582        -        11,641,582        8,297,887        -        8,297,887   
                                                  

TOTAL LIABILITIES AND EQUITY

   $ 33,688,836      $ 503,290      $ 34,192,126      $ 31,082,731      $ 503,290      $ 31,586,021   
                                                  
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Reconsolidation of Entergy New Orleans) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP

2006 PRO FORMA STATEMENT OF CASH FLOW

   CONSOLIDATED  
In thousands, for the year ended December 31, 2006.    GAAP     ENOI
ADJUSTMENT*
    PRO FORMA  

OPERATING ACTIVITIES:

      

Consolidated net income

   $ 1,160,385      $ -      $ 1,160,385   

Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:

      

Reserve for regulatory adjustments

     36,352        (20     36,332   

Other regulatory credits – net

     (122,680     4,160        (118,520

Depreciation, amortization, and decommissioning

     1,035,153        31,634        1,066,787   

Deferred income taxes, investment tax credits, and non-current taxes accrued

     738,643        54,395        793,038   

Equity in earnings (loss) of unconsolidated equity affiliates – net of dividends

     4,436        4,057        8,493   

Provisions for asset impairments and restructuring charges

       -        -   

Changes in working capital:

         -   

Receivables

     408,042        (1,817     406,225   

Fuel inventory

     13,097        3,007        16,104   

Accounts payable

     (83,884     10,855        (73,029

Taxes accrued

     (835     2,464        1,629   

Interest accrued

     5,975        15,337        21,312   

Deferred fuel

     582,947        11,597        594,544   

Other working capital accounts

     64,479        (1,447     63,032   

Provision for estimated losses and reserves

     39,822        496        40,318   

Changes in other regulatory assets

     (454,458     (55,607     (510,065

Changes in pensions and other postretirement liabilities

     333,381        34,001        367,382   

Other

     (313,016     (19,284     (332,300
                          

Net cash flow provided by operating activities

     3,447,839        93,828        3,541,667   
                          

INVESTING ACTIVITIES:

      

Construction/capital expenditures

     (1,633,268     (80,792     (1,714,060

Allowance for equity funds used during construction

     39,894        3,078        42,972   

Nuclear fuel purchases

     (326,248     -        (326,248

Proceeds from sale/leaseback of nuclear fuel

     135,190        -        135,190   

Proceeds from sale of assets and businesses

     77,159        -        77,159   

Payment for purchase of plant

     (88,199     -        (88,199

Insurance proceeds received for property damages

     18,828        4,664        23,492   

Decrease in other investments

     (6,353     (36,458     (42,811

Proceeds from nuclear decommissioning trust fund sales

     777,584        -        777,584   

Investment in nuclear decommissioning trust funds

     (884,123     -        (884,123

Other regulatory investments

     (38,037     -        (38,037
                          

Net cash flow used in investing activities

     (1,927,573     (109,508     (2,037,081
                          

FINANCING ACTIVITIES:

      

Proceeds from the issuance of:

      

Long-term debt

     1,837,713        (6     1,837,707   

Preferred stock

     73,354        -        73,354   

Common stock and treasury stock

     70,455        -        70,455   

Retirement of long-term debt

     (1,804,373     -        (1,804,373

Repurchase of common stock

     (584,193     -        (584,193

Redemption of preferred stock

     (183,881     -        (183,881

Changes in credit line borrowings – net

     (15,000     (15,000     (30,000

Dividends paid:

         -   

Common stock

     (448,954     -        (448,954

Preferred stock

     (28,848     (277     (29,125
                          

Net cash flow used in financing activities

     (1,083,727     (15,283     (1,099,010
                          

Effect of exchange rates on cash and cash equivalents

     (3,207     -        (3,207
                          

Net increase (decrease) in cash and cash equivalents

     433,332        (30,963     402,369   

Cash and cash equivalents at beginning of period

     582,820        48,056        630,876   
                          

Cash and cash equivalents at end of period

   $ 1,016,152      $ 17,093      $ 1,033,245   
                          

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

      

Cash paid (received) during the period for:

      

Interest – net of amount capitalized

   $ 514,189      $ -      $ 514,189   
                          

Income taxes

   $ (147,435   $ (57,193   $ (204,628
                          
* Adjustment to reflect reconsolidation of Entergy New Orleans, Inc.

Totals may not foot due to rounding.

Certain prior year data has been reclassified to conform with current year presentation.

 

64


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REG G RECONCILIATIONS

PRO FORMA FINANCIAL RESULTS (Reflects Jurisdictional Split of Entergy Gulf States, Inc.) (unaudited)

 

RECONCILIATION OF GAAP TO NON-GAAP

2007 PRO FORMA INCOME STATEMENT

   ENTERGY GULF STATES           ENTERGY GULF STATES  
In thousands, for the year ended December 31, 2007.    LOUISIANA
GAAP
    ADJUSTMENT*     LOUISIANA
PRO FORMA
 

OPERATING REVENUES:

      

Electric

   $ 3,448,008      $(1,238,442   $ 2,209,566   

Natural gas

   86,604      -      86,604   
                    

Total

   3,534,612      (1,238,442   2,296,170   
                    

OPERATING EXPENSES:

      

Operating and maintenance:

      

Fuel, fuel-related expenses, and gas purchased for resale

   867,081      (546,413   320,668   

Purchased power

   1,339,986      (232,938   1,107,048   

Nuclear refueling outage expenses

   12,212      -      12,212   

Other operation and maintenance

   548,999      (179,119   369,880   

Decommissioning

   11,728      (173   11,555   

Taxes other than income taxes

   132,489      (50,615   81,874   

Depreciation and amortization

   208,648      (68,172   140,476   

Other regulatory charges (credits) – net

   29,923      (16,808   13,115   
                    

Total

   3,151,066      (1,094,238   2,056,828   
                    

OPERATING INCOME

   383,546      (144,204   239,342   
                    

OTHER INCOME:

      

Allowance for equity funds used during construction

   11,666      (3,295   8,371   

Interest and dividend income

   75,425      28,715      104,140   

Miscellaneous – net

   1,724      600      2,324   
                    

Total

   88,815      26,020      114,835   
                    

INTEREST AND OTHER CHARGES:

      

Interest on long-term debt

   149,464      (14,231   135,233   

Other interest – net

   13,945      (10,907   3,038   

Allowance for borrowed funds used during construction

   (7,528   2,126      (5,402
                    

Total

   155,881      (23,012   132,869   
                    

INCOME BEFORE INCOME TAXES

   316,480      (95,172   221,308   

Income taxes

   123,701      (36,249   87,452   
                    

NET INCOME

   192,779      (58,923   133,856   

Preferred distribution requirements and other

   3,968      -      3,968   
                    

EARNINGS APPLICABLE TO COMMON EQUITY

   $    188,811      $      (58,923   $    129,888   
                    
* Adjustment to reflect as if the transactions implementing the Entergy Gulf States, Inc. jurisdictional split had occurred as of January 1, 2007.

 

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REG G RECONCILIATIONS

CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008        2007        2006(a)      2005(a)  

As-Reported Net Income (A)

     1,231         1,221         1,135         1,133      898   

Preferred dividends

     20         20         25         28      25   

Tax-effected interest expense

     351         374         392         339      293   
                                            

As-Reported Net Income including preferred dividends and tax-effected interest expense (B)

     1,602         1,615         1,552         1,499      1,217   

Special items (C)

     (71      (55      (32      135      (45

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     1,673         1,670         1,584         1,364      1,262   

Operational earnings (A-C)

     1,302         1,276         1,167         998      943   

Average invested capital (D)

     20,748         19,927         18,721         17,688      16,850   

Average common equity (E)

     8,290         7,915         8,030         7,970      8,020   

Operating revenues (F)

     10,746         13,094         11,484         10,932      10,106   

Gross debt (G)

     12,014         12,279         11,123         9,356      9,288   

Less securitization debt (H)

     838         310         330         -      -   

Gross debt, excluding securitization debt (G-H)

     11,176         11,969         10,793         9,356      9,288   

Less cash and cash equivalents (I)

     1,710         1,920         1,254         1,016      583   

Net debt, excluding securitization debt (G-H-I)

     9,466         10,049         9,539         8,340      8,705   

Total capitalization (J)

     20,939         20,557         19,297         17,899      17,477   

Less securitization debt (K)

     838         310         330         -      -   

Total capitalization, excluding securitization debt (J-K)

     20,101         20,247         18,967         17,899      17,477   

Less cash and cash equivalents (L)

     1,710         1,920         1,254         1,016      583   

Net capitalization, excluding securitization debt (J-K-L)

     18,391         18,327         17,713         16,883      16,894   

Off-balance sheet liabilities (M)

     646         574         658         665      778   

Revolver capacity (N)

     1,464         645         1,730         2,770      2,545   

Gross liquidity (I+N)

     3,174         2,565         2,984         3,786      3,128   

($ per share)

                        

As-Reported earnings per share (O)

     6.30         6.20         5.60         5.36      4.19   

Operational earnings per share (P)

     6.67         6.51         5.76         4.72      4.40   

Common dividend paid per share (Q)

     3.00         3.00         2.58         2.16      2.16   

Year-end closing market price per share of common stock (R)

     81.84         83.13         119.52         92.32      68.65   

(%)

                        

Return on average invested capital – As-Reported (B/D)

     7.7         8.1         8.3         8.5      7.2   

Return on average invested capital – Operational ((B-C)/D)

     8.1         8.4         8.5         7.7      7.5   

Return on average common equity – As-Reported (A/E)

     14.9         15.4         14.1         14.2      11.2   

Return on average common equity – Operational ((A-C)/E)

     15.7         16.1         14.5         12.5      11.8   

Net margin – As-Reported (A/F)

     11.5         9.3         9.9         10.4      8.9   

Net margin – Operational ((A-C)/F)

     12.1         9.7         10.2         9.1      9.3   

Debt to capital ratio (G/J)

     57.4         59.7         57.6         52.3      53.1   

Debt to capital ratio, excluding securitization debt ((G-H)/(J-K))

     55.6         59.1         56.9         52.3      53.1   

Net debt to net capital ratio, excluding securitization debt ((G-H-I)/(J-K-L))

     51.5         54.8         53.9         49.4      51.5   

Net debt to net capital ratio including off-balance sheet liabilities, excluding securitization debt ((G-H-I+M)/(J-K-L+M))

     53.1         56.2         55.5         51.3      53.7   

Common dividend payout ratio – As-Reported (Q/O)

     48         48         46         40      52   

Common dividend payout ratio – Operational (Q/P)

     45         46         45         46      49   

(ratio)

                        

Price to earnings ratio – As-Reported (R/O)

     12.99         13.41         21.34         17.24      16.39   

Price to earnings ratio – Operational (R/P)

     12.27         12.77         20.75         19.56      15.61   
                                            
(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

1Q08-4Q09

 

($ millions)    1Q09      2Q09      3Q09      4Q09      1Q08      2Q08      3Q08      4Q08  

For the quarter:

                       

As-Reported Net Income (A)

   235.3       226.8       455.2       313.8       308.7       271.0       470.3       170.6   

Less special items (B)

   (17.2    (17.2    (15.5    (21.1    -       (18.3    (17.1    (20.1
                                                         

Operational earnings (A-B)

   252.5       244.0       470.7       334.9       308.7       289.2       487.3       190.7   

As-Reported Net Income rolling 12 months (C)

   1,147       1,103       1,088       1,231       1,231       1,235       1,244       1,221   

Preferred dividends

   20       20       20       20       24       23       21       20   

Tax-effected interest expense

   366       368       361       351       396       390       375       374   
                                                         

As-Reported Net Income, rolling 12 months including preferred dividends and tax-effected interest expense (D)

   1,533       1,491       1,469       1,602       1,651       1,648       1,640       1,615   

Special items in prior quarters

   (55    (54    (54    (49    (32    (32    (50    (35

Special items 1Q08 through 4Q09

                       

Utility/Parent/Other

                       

Non-utility nuclear spin-off expenses

   (11    (2    (5    (9    -       (18    (17    (20

Entergy Nuclear

                       

Non-utility nuclear spin-off dis-synergies

   (7    (15    (10    (12    -       -       -       -   

Total special items (E)

   (72    (71    (69    (71    (32    (50    (67    (55

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

   1,605       1,562       1,538       1,673       1,683       1,698       1,707       1,670   

Operational earnings, rolling 12 months (C-E)

   1,219       1,174       1,157       1,302       1,263       1,285       1,311       1,276   

Average invested capital (F)

   20,126       19,995       20,629       20,748       18,790       19,244       20,236       19,927   

Average common equity (G)

   8,152       8,045       8,230       8,290       7,756       7,555       7,973       7,915   

Operating revenues, rolling 12 months (H)

   13,018       12,275       11,248       10,746       11,655       12,150       12,825       13,094   

Gross debt (I)

   12,034       11,510       11,522       12,014       11,292       11,768       12,656       12,279   

Less securitization debt (J)

   310       301       301       838       329       318       318       310   

Gross debt, excluding securitization debt (I-J)

   11,724       11,209       11,221       11,176       10,963       11,450       12,338       11,969   

Less cash and cash equivalents (K)

   1,803       1,281       1,131       1,710       916       1,086       2,556       1,920   

Net debt, excluding securitization debt (I-J-K)

   9,921       9,928       10,090       9,466       10,047       10,364       9,782       10,049   

Total capitalization (L)

   20,975       20,588       20,315       20,939       19,276       19,401       20,944       20,557   

Less securitization debt (M)

   310       301       301       838       329       318       318       310   

Total capitalization, excluding securitization debt (L-M)

   20,665       20,287       20,014       20,101       18,947       19,083       20,626       20,247   

Less cash and cash equivalents (N)

   1,803       1,281       1,131       1,710       916       1,086       2,556       1,920   

Net capitalization, excluding securitization debt (L-M-N)

   18,862       19,006       18,883       18,391       18,031       17,997       18,070       18,327   

Off-balance sheet liabilities (O)

   573       569       567       646       642       638       637       574   

Revolver capacity (P)

   725       1,585       1,647       1,464       1,503       826       374       645   

Gross liquidity (K+P)

   2,528       2,866       2,778       3,174       2,419       1,912       2,930       2,565   

(%)

                       

Return on average invested capital –
As-Reported (D/F)

   7.6       7.5       7.1       7.7       8.8       8.6       8.1       8.1   

Return on average invested capital –
Operational ((D-E)/F)

   8.0       7.8       7.5       8.1       9.0       8.8       8.4       8.4   

Return on average common equity –
As-Reported (C/G)

   14.1       13.7       13.2       14.9       15.9       16.3       15.6       15.4   

Return on average common equity –
Operational ((C-E)/G)

   15.0       14.6       14.1       15.7       16.3       17.0       16.4       16.1   

Net margin – As-Reported (C/H)

   8.8       9.0       9.7       11.5       10.6       10.2       9.7       9.3   

Net margin – Operational ((C-E)/H)

   9.4       9.6       10.3       12.1       10.8       10.6       10.2       9.7   

Debt to capital ratio (I/L)

   57.4       55.9       56.7       57.4       58.6       60.7       60.4       59.7   

Debt to capital ratio, excluding securitization debt ((I-J)/(L-M))

   56.7       55.3       56.1       55.6       57.9       60.0       59.8       59.1   

Net debt to net capital ratio,
excluding securitization debt ((I-J-K)/(L-M-N))

   52.6       52.2       53.4       51.5       55.7       57.6       54.1       54.8   

Net debt to net capital including off-balance
sheet liabilities, excluding securitization debt
((I-J-K+O)/(L-M-N+O))

   54.0       53.6       54.8       53.1       57.2       59.0       55.7       56.2   
                                                         

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

UTILITY FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008      2007        2006(a)      2005(a)

As-Reported Net Income (A)

     691.6         587.8      682.7         691.2      659.8

Preferred dividends

     17.3         17.3      21.7         24.4      22.0

Tax-effected interest expense

     284.3         261.6      259.8         246.8      224.0
                                        

As-Reported Net Income including preferred dividends and tax-effected interest expense (B)

     993.3         866.7      964.2         962.3      905.8

Utility special items

                        

Nuclear alignment

     -         -      (13.7      -      -

ENOI Results

     -         -      -         4.1      -

Total special items (C)

     -         -      (13.7      4.1      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     993.3         866.7      977.9         958.2      905.8

Operational earnings (A-C)

     691.6         587.8      696.4         687.1      659.8

Average invested capital (D)

     15,580         14,441      13,903         13,254      12,738

Average common equity (E)

     6,828         6,618      6,440         6,132      5,786

Gross debt (F)

     9,107         7,836      7,249         6,786      6,990

Less securitization debt (G)

     838         310      330         -      -

Gross debt, excluding securitization debt (F-G)

     8,269         7,526      6,919         6,786      6,990

Less cash and cash equivalents (H)

     1,239         566      801         564      301

Net debt, excluding securitization debt (F-G-H)

     7,030         6,960      6,118         6,222      6,689

Total capitalization (I)

     16,367         14,794      14,088         13,266      13,502

Less securitization debt (J)

     838         310      330         -      -

Total capitalization, excluding securitization debt (I-J)

     15,529         14,484      13,758         13,266      13,502

Less cash and cash equivalents (K)

     1,239         566      801         564      301

Net capitalization, excluding securitization debt (I-J-K)

     14,290         13,918      12,957         12,702      13,201

(%)

                        

Return on average invested capital – As-Reported (B/D)

     6.4         6.0      6.9         7.2      7.1

Return on average invested capital – Operational ((B-C)/D)

     6.4         6.0      7.0         7.2      7.1

Return on average common equity – As-Reported (A/E)

     10.1         8.9      10.6         11.3      11.4

Return on average common equity – Operational ((A-C)/E)

     10.1         8.9      10.8         11.2      11.4

Debt to capital ratio (F/I)

     55.6         53.0      51.5         51.3      51.8

Debt to capital ratio, excluding securitization debt ((F-G)/(I-J))

     53.2         52.0      50.3         51.3      51.8

Net debt to net capital ratio, excluding securitization debt ((F-G-H)/(I-J-K))

     49.2         50.0      47.2         49.1      50.7
                                        
(a) 2006 and 2005 reflect deconsolidation of Entergy New Orleans, Inc.

Calculations may differ due to rounding.

 

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Table of Contents

REG G RECONCILIATIONS

UTILITY FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

1Q08-4Q09

 

($ millions)    1Q09    2Q09    3Q09    4Q09    1Q08     2Q08     3Q08     4Q08

As-Reported Net Income (A)

   111.6    147.2    294.8    137.9    117.1      159.7      257.8      53.2

Less special items (B)

   -    -    -    -    -      -      -      -
                                            

Operational earnings (A-B)

   111.6    147.2    294.8    137.9    117.1      159.7      257.8      53.2

As-Reported Net Income-rolling 12 months (C)

   582.3    569.9    606.8    691.6    695.4      706.9      631.6      587.8

Preferred dividends

   17.3    17.3    17.3    17.3     20.7      19.6      18.4      17.3

Tax-effected interest expense

   265.0    273.7    278.7    284.3    257.1      257.2      251.6      261.6
                                            

As-Reported Net Income, rolling 12 months including preferred dividends and tax-effected interest expense (D)

   864.6    860.9    902.8    993.3    973.2      983.7      901.6      866.7

Special items in prior quarters

   -    -    -    -    (13.7   (13.7   (13.7   -

Special items 1Q08 through 4Q09

   -    -    -    -    -      -      -      -

Total special items (E)

   -    -    -    -    (13.7   (13.7   (13.7   -

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

   864.6    860.9    902.8    993.3    986.8      997.4      915.3      866.7

Operational earnings, rolling 12 months (C-E)

   582.3    569.9    606.8    691.6    709.1      720.6      645.3      587.8

Average invested capital (F)

   14,500    14,835    15,391    15,580    13,813      14,157      14,707      14,441

Average common equity (G)

   6,609    6,718    6,931    6,828    6,407      6,509      6,692      6,618

Gross debt (H)

   7,943    8,216    8,289    9,107    7,278      7,457      8,069      7,836

Less securitization debt (I)

   310    301    301    838    329      318      318      310

Gross debt, excluding securitization debt (H-I)

   7,633    7,915    7,988    8,269    6,949      7,139      7,751      7,526

Less cash and cash equivalents (J)

   490    621    881    1,239    284      330      740      566

Net debt, excluding securitization debt (H-I-J)

   7,143    7,294    7,107    7,030    6,665      6,809      7,011      6,960

Total capitalization (K)

   14,980    15,355    15,599    16,367    14,020      14,314      15,183      14,794

Less securitization debt (L)

   310    301    301    838    329      318      318      310

Total capitalization, excluding securitization debt (K-L)

   14,670    15,054    15,298    15,529    13,691      13,996      14,865      14,484

Less cash and cash equivalents (M)

   490    621    881    1,239    284      330      740      566

Net capitalization, excluding securitization debt (K-L-M)

   14,180    14,433    14,417    14,290    13,407      13,666      14,125      13,918

(%)

                    

Return on average invested capital – As-Reported (D/F)

   6.0    5.8    5.9    6.4    7.0      6.9      6.1      6.0

Return on average invested capital – Operational ((D-E)/F)

   6.0    5.8    5.9    6.4    7.1      7.0      6.2      6.0

Return on average common equity – As-Reported (C/G)

   8.8    8.5    8.8    10.1    10.9      10.9      9.4      8.9

Return on average common equity – Operational ((C-E)/G)

   8.8    8.5    8.8    10.1    11.1      11.1      9.6      8.9

Debt to capital ratio (H/K)

   53.0    53.5    53.1    55.6    51.9      52.1      53.1      53.0

Debt to capital ratio, excluding securitization debt ((H-I)/(K-L))

   52.0    52.6    52.2    53.2    50.8      51.0      52.1      52.0

Net debt to net capital ratio, excluding securitization debt ((H-I-J)/(K-L-M))

   50.4    50.5    49.3    49.2    49.7      49.8      49.6      50.0
                                            

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

ENTERGY ARKANSAS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008      2007        2006      2005

As-Reported Earnings (A)

     60.0          40.3      132.2         165.6      166.9

Preferred dividends

     6.9         6.9      6.9         7.6      7.8

Tax-effected interest expense

     54.9         52.0      53.4         50.8      47.1
                                        

As-Reported Earnings including preferred dividends and tax-effected interest expense (B)

     121.8         99.2      192.5         224.0      221.8

Special items

                        

Nuclear Alignment

     -         -      (5.9      -      -

Total special items (C)

     -         -      (5.9      -      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     121.8         99.2      198.4         224.0      221.8

Operational earnings (A-C)

     60.0         40.3      138.1         165.6      166.9

Average invested capital (D)

     3,291         3,102      2,965         2,967      2,920

Average common equity (E)

     1,406         1,392      1,409         1,432      1,378

Gross debt (F)

     1,793         1,745      1,442         1,436      1,400

Less cash and cash equivalents (G)

     86         40      0.2         35      9

Net debt (F-G)

     1,707         1,705      1,441         1,401      1,391

Total capitalization (H)

     3,321         3,261      2,942         2,987      2,946

Less cash and cash equivalents (I)

     86         40      0.2         35      9

Net capitalization (H-I)

     3,235         3,221      2,942         2,952      2,937

(%)

                        

Return on average invested capital – As-Reported (B/D)

     3.7         3.2      6.5         7.6      7.6

Return on average invested capital – Operational ((B-C)/D)

     3.7         3.2      6.7         7.6      7.6

Return on average common equity – As-Reported (A/E)

     4.3         2.9      9.4         11.6      12.1

Return on average common equity – Operational ((A-C)/E)

     4.3         2.9      9.8         11.6      12.1

Debt to capital ratio (F/H)

     54.0         53.5      49.0         48.1      47.5

Net debt to net capital ratio ((F-G)/(H-I))

     52.8         52.9      49.0         47.5      47.4
                                        

ENTERGY GULF STATES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2006

 

($ millions)      2006      2005

As-Reported Earnings (A)

     208.0      202.3

Preferred dividends

     4.0      4.2

Tax-effected interest expense

     88.0      71.2
               

As-Reported Earnings including preferred dividends and tax-effected interest expense (B)

     300.0      277.7

Special items

     -      -

Total special items (C)

     -      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     300.0      277.7

Operational earnings (A-C)

     208.0      202.3

Average invested capital (D)

     4,699      4,304

Average common equity (E)

     2,217      2,005

Gross debt (F)

     2,442      2,426

Less cash and cash equivalents (G)

     180      25

Net debt (F-G)

     2,262      2,401

Total capitalization (H)

     4,695      4,697

Less cash and cash equivalents (I)

     180      25

Net capitalization (H-I)

     4,515      4,672

(%)

         

Return on average invested capital – As-Reported (B/D)

     6.4      6.5

Return on average invested capital – Operational ((B-C)/D)

     6.4      6.5

Return on average common equity – As-Reported (A/E)

     9.4      10.1

Return on average common equity – Operational ((A-C)/E)

     9.4      10.1

Debt to capital ratio (F/H)

     52.0      51.7

Net debt to net capital ratio ((F-G)/(H-I))

     50.1      51.4
               

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

ENTERGY GULF STATES LOUISIANA FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2007-2009

 

($ millions)        2009         2008         2007         2006        2005

As-Reported Earnings (A)

   152.2      143.9      129.9 (a)     REFER TO PAGE 70

Preferred dividends

   0.8      0.8      4.0 (a)    

Tax-effected interest expense

   70.7      78.1      81.8 (a)    
                      

As-Reported Earnings including preferred dividends and tax-effected interest expense (B)

   223.8      222.8      215.7     

Special items

        

Nuclear Alignment

   -      -      (3.6  

Total special items (C)

   -      -      (3.6  

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

   223.8      222.8      219.3     

Operational earnings (A-C)

   152.2      143.9      133.5     

Average invested capital (D)

   3,372      3,640      3,186     

Average common equity (E)

   1,377      1,306      1,254 (b)    

Gross debt (F)

   1,615 (b)     1,418 (b)     1,381 (b)    

Less cash and cash equivalents (G)

   144      49      108     

Net debt (F-G)

   1,471      1,369      1,273     

Total capitalization (H)

   3,057 (b)     2,750 (b)     2,681 (b)    

Less cash and cash equivalents (I)

   144      49      108     

Net capitalization (H-I)

   2,913      2,701      2,573     

(%)

        

Return on average invested capital – As-Reported (B/D)

   6.6      6.1      6.8     

Return on average invested capital – Operational ((B-C)/D)

   7.7 (b)     8.2 (b)     8.3 (b)    

Return on average common equity – As-Reported (A/E)

   11.1      11.0      10.4     

Return on average common equity – Operational ((A-C)/E)

   11.1      11.0      10.6     

Debt to capital ratio (F/H)

   52.8 (b)     51.6 (b)     51.5 (b)    

Net debt to net capital ratio ((F-G)/(H-I))

   50.5 (b)     50.7 (b)     49.5 (b)    
                      

 

ENTERGY TEXAS – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2007-2009

 

($ millions)    2009     2008     2007     2006    2005

As-Reported Net Income (A)

   63.8      57.9      58.9      REFER TO PAGE 70

Preferred dividends

   -      -      -     

Tax-effected interest expense

   63.9      48.0      51.2     
                      

As-Reported Net Income including preferred dividends and tax-effected interest expense (B)

   127.7      105.9      110.1     

Special items

        
   -      -      -     

Total special items (C)

   -      -      -     

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

   127.7      105.9      110.1     

Operational earnings (A-C)

   63.8      57.9      58.9     

Average invested capital (D)

   2,374      2,331      2,245     

Average common equity (E)

   872      952      996     

Gross debt, excluding securitization debt (F)

   820 (b)     1,035 (b)     1,083 (b)    

Less cash and cash equivalents (G)

   201      2      297     

Net debt, excluding securitization debt (F-G)

   619      1,033      786     

Total capitalization, excluding securitization debt (H)

   1,664 (b)     1,935 (b)     1,937 (b)    

Less cash and cash equivalents (I)

   201      2      297     

Net capitalization, excluding securitization debt (H-I)

   1,463      1,933      1,640     

(%)

        

Return on average invested capital – As-Reported (B/D)

   5.4      4.5      4.9     

Return on average invested capital – Operational ((B-C)/D)

   7.1 (b)     5.5 (b)     5.7 (b)    

Return on average common equity – As-Reported (A/E)

   7.3      6.1      5.9     

Return on average common equity – Operational ((A-C)/E)

   7.3      6.6 (b)     7.0 (b)    

Debt to capital ratio, excluding securitization debt (F/H)

   49.3 (b)     53.5 (b)     55.9 (b)    

Net debt to net capital ratio, excluding securitization debt ((F-G)/(H-I))

   42.3 (b)     53.4 (b)     47.9 (b)    
                      
(a) See page 65 for the Pro Forma EGSL Income Statement.

 

(b) See page 72 for adjusted calculations.

Calculations may differ due to rounding.

 

Page 71


Table of Contents

REG G RECONCILIATIONS

ENTERGY GULF STATES AND ENTERGY TEXAS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

EGSL PRO FORMA AVERAGE COMMON EQUITY

2007

                   (D)     (E)     (D-E)  
($ millions)                             EGSI
2006
PER 10-K
    ADJUSTMENTS    

EGSL

2006 PRO FORMA

 

Shareholders Equity:

                 

Preferred membership interests without sinking fund (A)

              47      (1   48   

Members’ equity

              2,225      988      1,238   

Accumulated other comprehensive loss

              (20   -      (20
                                         

Total Equity (B)

              2,253      987      1,266   

2006 Pro Forma Total Common Equity (B–A)

                  1,218   

2007 Total Common Equity (C)

                  1,290   

2007 Average Common Equity ((C)+(B–A))/2

                  1,254   
                                         
EGSL/ETI AVERAGE INVESTED CAPITAL
AND RETURN ON AVERAGE INVESTED
CAPITAL
   2009     2008          2007 PRO FORMA  
($ millions)            ETI            EGSL             ETI            EGSL          ETI     EGSL  

As-Reported Net Income (A)

   63.8    152.2       57.9    143.9      58.9      129.9 (a)  

Preferred dividends

   -    0.8      -    0.8      -      4.0 (a)  

Tax-effected interest expense

   63.9    70.7      48.0    78.1      51.2      81.8 (a)  
                                     

As-Reported Net Income including preferred dividends and tax-effected interest expense (B)

   127.7    223.8      105.9    222.8      110.1      215.7   

Total Special Items (C)

   -    -      -    -      -      (3.6
                                     

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

   127.7    223.8      105.9    222.8      110.1      219.3   

Average Invested Capital (D)

   2,374    3,372      2,331    3,640      2,245      3,186   

Less Average Securitization Debt (E)

   574    -      320    -      165      -   

Less Average Equity Infusion from Parent (F)

   -    -      75    -      150      -   

Less Average Assumption Debt (G)

   -    469      -    925      -      540   
                                     

Adjusted Average Invested Capital (D-E-F-G)

   1,799    2,904      1,936    2,715      1,931      2,646   

ROIC – As-Reported (B/D)

   5.4%    6.6%      4.5%    6.1%      4.9%      6.8%   

ROIC – Operational ((B-C)/(D-E-F-G)

   7.1%    7.7%      5.5%    8.2%      5.7%      8.3%   
                                         
ETI AVERAGE COMMON EQUITY AND RETURN ON AVERAGE COMMON EQUITY       
($ millions)                         2009     2008     2007 PRO FORMA  

As-Reported Net Income (A)

              63.8      57.9      58.9   

Total Special Items (B)

              -      -      -   
                             

Operational Earnings (A–B)

              63.8      57.9      58.9   

Average Common Equity (C)

              872.3      952.2      996.1   

Less Average Equity Infusion from Parent

              -      75.0      150.0   
                                         

Adjusted Average Common Equity (D)

              872.3      877.2      846.1   

ROE – As-Reported (A/C)

              7.3%      6.1%      5.9%   

ROE – Operational ((A–B)/D)

              7.3%      6.6%      7.0%   
                                         
EGSL/ETI DEBT TO CAPITAL RATIO    2009     2008          2007 PRO FORMA  
($ millions)    ETI    EGSL     ETI    EGSL          ETI     EGSL  

Currently maturing long-term debt

   168    12      101    220      309      675   

Notes Payable

   -    -      160    -      -      -   

Obligations under capital leases – current

   -    30      -    24      -      29   

Obligations under capital leases – non-current

   -    126      -    116      -      82   

Long-term debt

   1,490    1,614      1,084    1,828      1,104      1,674   
                                     

Total debt before adjustments (A)

   1,658    1,783      1,345    2,188      1,413      2,460   

Less debt assumption by ETI (EGSL) (B)

   -    168      -    770      -      1,079   

Less securitization debt (ETI) (C)

   838    -      310    -      330      -   
                                     

Adjusted total debt (A-B-C)

   820    1,615      1,035    1,418      1,083      1,381   

Shareholders’ equity (D)

   844    1,432      900    1,322      1,004      1,290   

Less return of parent equity infusion in beginning of 08

   -    -      -    -      150      -   
                                     

Adjusted Common Equity (E)

   844    1,432      900    1,322      854      1,290   

Preferred membership interests without sinking fund (F)

   -    10      -    10      -      10   

Adjusted total capital (A-B-C)+(E+F)

   1,664    3,057      1,935    2,750      1,937      2,681   

Debt/Capital Ratio (A-B-C)/((A-B-C)+(E+F))

   49.3%    52.8%      53.5%    51.6%      55.9%      51.5%   
                                         
EGSL/ETI NET DEBT TO NET CAPITAL
RATIO
   2009     2008          2007 PRO FORMA  
($ millions)    ETI    EGSL     ETI    EGSL          ETI     EGSL  

Currently maturing long-term debt

   168    12      101    220      309      675   

Notes Payable

   -    -      160    -      -      -   

Obligations under capital leases – current

   -    30      -    24      -      29   

Obligations under capital leases – non-current

   -    126      -    116      -      82   

Long-term debt

   1,490    1,614      1,084    1,828      1,104      1,674   
                                     

Total debt before adjustments (A)

   1,658    1,783      1,345    2,188      1,413      2,460   

Less debt assumption by ETI (EGSL) (B)

   -    168      -    770      -      1,079   

Less securitization debt (ETI) (C)

   838    -      310    -      330      -   
                                     

Adjusted total debt (A-B-C)

   820    1,615      1,035    1,418      1,083      1,381   

Less cash and cash equivalents (D)

   201    144      2    49      297      108   
                                     

Net Debt (A-B-C-D)

   619    1,471      1,033    1,369      786      1,273   

Shareholders’ equity (E)

   844    1,432      900    1,322      1,004      1,290   

Less return of parent equity infusion in beginning of 08

   -    -      -    -      150      -   
                                     

Adjusted Common Equity (F)

   844    1,432      900    1,322      854      1,290   

Preferred membership interests without sinking fund (G)

   -    10      -    10      -      10   

Adjusted total capital (A-B-C)+(F+G)

   1,664    3,057      1,935    2,750      1,937      2,681   

Less cash and cash equivalents (D)

   201    144      2    49      297      108   
                                     

Net Capitalization (A-B-C)+(F+G)-(D)

   1,463    2,913      1,933    2,701      1,640      2,573   

Net Debt/Net Capital Ratio (A-B-C-D)/((A-B-C)+(F+G)-(D))

   42.3%    50.5%      53.4%    50.7%      47.9%      49.5%   
                                         
(a) See page 65 for the Pro Forma EGSL Income Statement.

Calculations may differ due to rounding.

 

72


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REG G RECONCILIATIONS

ENTERGY GULF STATES AND ENTERGY TEXAS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES (continued)

EGSL PRO FORMA CASH FLOW INTEREST COVERAGE

2007

($ thousands)    (A)
EGSL
(a)
PER 2007 10-K
    (B)
ETI
PER FORM 10
    (A-B)
EGSL
PRO FORMA
 

Net Income

   192,779      58,921      133,858   

Adjustments to reconcile net income to net cash flow provided by operating activities:

      

Reserve for regulatory adjustments

   363      (363   726   

Other regulatory charges (credits) – net

   29,923      16,808      13,115   

Depreciation, amortization, and decommissioning

   220,376      68,345      152,031   

Deferred income taxes, investment tax credits, and non-current taxes accrued

   98,734      218,873      (120,139

Changes in working capital:

      

Receivables

   (261,538   (230,481   (31,057

Fuel inventory

   (18,377   (10,939   (7,438

Accounts payable

   38,685      (1,328   40,013   

Taxes accrued

   (27,781   4,936      (32,717

Interest accrued

   22,963      10,030      12,933   

Deferred fuel costs

   35,363      21,619      13,744   

Other working capital accounts

   197,802      86,598      111,204   

Provision for estimated losses and reserves

   (91,241   (568   (90,673

Changes in other regulatory assets

   116,317      (21,038   137,355   

Other

   6,372      (45,422   51,794   
                    

Net Cash Flow from Operating Activities

   560,740      175,991      384,749   
                    

EGSL Pro Forma Net Cash Flow from Operating Activities

     (C   384,749   

Cash Paid During Period for Interest – net of amount capitalized

     (D   131,280   

Operating Cash Flow before Interest Payments

     (C+D   516,029   

Interest and Other Charges

     (E   132,869 (a)  

Pro Forma Cash Flow Interest Coverage

     ((C+D)/E)      3.9   
                    
(a) Entergy Gulf States Louisiana, L.L.C. (EGSL) is the successor for financial reporting purposes to Entergy Gulf States, Inc. EGSL’s Cash Flow Statement for the year ended 2007 includes the operations of Entergy Texas, Inc.

ENTERGY LOUISIANA FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)            2009             2008            2007             2006            2005

As-Reported Earnings (A)

   225.9       150.6    136.4      130.7    128.1

Preferred dividends

   7.0      7.0    7.0      7.0    -

Tax-effected interest expense

   52.7      51.1    48.2      50.5    48.6
                            

As-Reported Earnings including preferred dividends and tax-effected interest expense (B)

   285.6      208.7    191.5      188.2    176.6

Special items

            

Nuclear alignment

   -      -    (2.2   -    -

Total special items (C)

   -      -    (2.2   -    -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

   285.6      208.7    193.7      188.2    176.6

Operational earnings (A-C)

   225.9      150.6    138.6      130.7    128.1

Average invested capital (D)

   3,491      2,958    2,697      2,562    2,263

Average members’ equity (E)

   1,710      1,531    1,386      1,212    1,069

Gross debt (F)

   1,902      1,462    1,192      1,230    1,271

Less cash and cash equivalents (G)

   152      139    0.3      3    105

Net debt (F-G)

   1,750      1,323    1,192      1,227    1,166

Total capitalization (H)

   3,813      3,170    2,746      2,648    2,476

Less cash and cash equivalents (I)

   152      139    0.3      3    105

Net capitalization (H-I)

   3,662      3,031    2,745      2,645    2,371

(%)

            

Return on average invested capital – As-Reported (B/D)

   8.2      7.1    7.1      7.3    7.8

Return on average invested capital – Operational ((B-C)/D)

   8.2      7.1    7.2      7.3    7.8

Return on average members’ equity – As-Reported (A/E)

   13.2      9.8    9.8      10.8    12.0

Return on average members’ equity – Operational ((A-C)/E)

   13.2      9.8    10.0      10.8    12.0

Debt to capital ratio (F/H)

   49.9      46.1    43.4      46.4    51.3

Net debt to net capital ratio ((F-G)/(H-I))

   47.8      43.6    43.4      46.4    49.2
                            

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

ENTERGY MISSISSIPPI FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008      2007      2006      2005

As-Reported Earnings (A)

     74.8          56.9      69.3      49.5      58.8

Preferred dividends

     2.8         2.8      2.8      2.8      3.3

Tax-effected interest expense

     30.5         27.7      27.4      29.9      25.3
                                      

As-Reported Earnings including preferred dividends and tax-effected interest expense (B)

     108.1         87.4      99.5      82.2      87.4

Special items

     -         -      -      -      -

Total special items (C)

     -         -      -      -      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     108.1         87.4      99.5      82.2      87.4

Operational earnings (A-C)

     74.8         56.9      69.3      49.5      58.8

Average invested capital (D)

     1,505         1,415      1,437      1,391      1,301

Average common equity (E)

     677         661      637      595      555

Gross debt (F)

     852         703      704      795      695

Less cash and cash equivalents (G)

     91         1      41      73      5

Net debt (F-G)

     760         702      664      722      690

Total capitalization (H)

     1,591         1,419      1,411      1,463      1,319

Less cash and cash equivalents (I)

     91         1      41      73      5

Net capitalization (H-I)

     1,499         1,418      1,371      1,390      1,314

(%)

                        

Return on average invested capital – As-Reported (B/D)

     7.2         6.2      6.9      5.9      6.7

Return on average invested capital – Operational ((B-C)/D)

     7.2         6.2      6.9      5.9      6.7

Return on average common equity – As-Reported (A/E)

     11.0         8.6      10.9      8.3      10.6

Return on average common equity – Operational ((A-C)/E)

     11.0         8.6      10.9      8.3      10.6

Debt to capital ratio (F/H)

     53.5         49.6      49.9      54.3      52.7

Net debt to net capital ratio ((F-G)/(H-I))

     50.7         49.5      48.4      51.9      52.6
                                      

ENTERGY NEW ORLEANS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008      2007      2006      2005

As-Reported Earnings (A)

     30.0          34.0      23.5      4.1      0.8

Preferred dividends

     1.0         1.0      1.1      1.3      0.5

Tax-effected interest expense

     10.4         12.7      12.4      10.4      6.7
                                      

As-Reported Earnings including preferred dividends and tax-effected interest expense (B)

     41.4         47.7      37.0      15.8      8.0

Special items

     -         -      -      -      -

Total special items (C)

     -         -      -      -      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     41.4         47.7      37.0      15.8      8.0

Operational earnings (A-C)

     30.0         34.0      23.5      4.1      0.8

Average invested capital (D)

     502         503      478      480      454

Average common equity (E)

     210         194      166      152      152

Gross debt (F)

     272         273      304      282      335

Less cash and cash equivalents (G)

     191         137      92      17      48

Net debt (F-G)

     81         136      212      265      287

Total capitalization (H)

     501         504      501      456      505

Less cash and cash equivalents (I)

     191         137      92      17      48

Net capitalization (H-I)

     309         367      409      438      457

(%)

                        

Return on average invested capital – As-Reported (B/D)

     8.2         9.5      7.7      3.3      1.8

Return on average invested capital – Operational ((B-C)/D)

     8.2         9.5      7.7      3.3      1.8

Return on average common equity – As-Reported (A/E)

     14.3         17.5      14.2      2.7      0.5

Return on average common equity – Operational ((A-C)/E)

     14.3         17.5      14.2      2.7      0.5

Debt to capital ratio (F/H)

     54.4         54.1      60.6      61.9      66.4

Net debt to net capital ratio ((F-G)/(H-I))

     26.2         37.0      51.8      60.4      62.8
                                      

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

SYSTEM ENERGY RESOURCES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008      2007        2006      2005

As-Reported Net Income (A)

     48.9          91.1      136.1         140.3      111.6

Preferred dividends

     -         -      -         -      -

Tax-effected interest expense

     26.7         33.9      34.5         36.5      36.9
                                        

As-Reported Net Income including preferred dividends and tax-effected interest expense (B)

     75.6         125.0      170.6         176.8      148.5

Special items

                        

Nuclear Alignment

     -         -      (1.9      -      -

Total special items (C)

     -         -      (1.9      -      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     75.6         125.0      172.5         176.8      148.5

Operational earnings (A-C)

     48.9         91.1      138.0         140.3      111.6

Average invested capital (D)

     1,703         1,750      1,740         1,782      1,831

Average common equity (E)

     843         859      860         876      894

Gross debt (F)

     820         899      882         879      934

Less cash and cash equivalents (G)

     264         103      105         135      76

Net debt (F-G)

     556         796      777         744      858

Total capitalization (H)

     1,650         1,755      1,744         1,736      1,827

Less cash and cash equivalents (I)

     264         103      105         135      76

Net capitalization (H-I)

     1,386         1,652      1,639         1,601      1,751

(%)

                        

Return on average invested capital – As-Reported (B/D)

     4.4         7.1      9.8         9.9      8.1

Return on average invested capital – Operational ((B-C)/D)

     4.4         7.1      9.9         9.9      8.1

Return on average common equity – As-Reported (A/E)

     5.8         10.6      15.8         16.0      12.5

Return on average common equity – Operational ((A-C)/E)

     5.8         10.6      16.0         16.0      12.5

Debt to capital ratio (F/H)

     49.7         51.2      50.6         50.6      51.1

Net debt to net capital ratio ((F-G)/(H-I))

     40.1         48.2      47.4         46.4      49.0
                                        

ENTERGY NUCLEAR FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2005-2009

 

($ millions)      2009        2008        2007        2006      2005

As-Reported Net Income (A)

     631.0          797.3         539.2         309.5      282.6

Preferred dividends

     -         -         -         -      -

Tax-effected interest expense

     34.4         33.2         21.4         29.2      31.3
                                          

As-Reported Net Income including preferred dividends and tax-effected interest expense (B)

     665.4         830.4         560.6         338.7      313.9

Special items

                        

Nuclear alignment

     -         -         (18.4      -      -

Non-utility nuclear spin-off dis-synergies

     (44.0      -         -         -      -

Total special items (C)

     (44.0      -         (18.4      -      -

Operational earnings including preferred dividends and tax-effected interest expense (B-C)

     709.4         830.4         579.0         338.7      313.9

Operational earnings (A-C)

     675.0         797.3         557.6         309.5      282.6

Average invested capital (D)

     4,703         4,115         3,498         2,893      2,717

Average common equity (E)

     4,498         3,822         3,092         2,413      2,083

Gross debt (F)

     187         222         364         448      512

Less cash and cash equivalents (G)

     393         413         429         384      212

Net debt (F-G)

     (206      (191      (65      64      300

Total capitalization (H)

     5,014         4,393         3,837         3,159      2,626

Less cash and cash equivalents (I)

     393         413         429         384      212

Net capitalization (H-I)

     4,620         3,980         3,408         2,775      2,414

(%)

                        

Return on average invested capital – As-Reported (B/D)

     14.1         20.2         16.0         11.7      11.6

Return on average invested capital – Operational ((B-C)/D)

     15.1         20.2         16.6         11.7      11.6

Return on average common equity – As-Reported (A/E)

     14.0         20.9         17.4         14.0      13.6

Return on average common equity – Operational ((A-C)/E)

     15.0         20.9         18.0         14.0      13.6

Debt to capital ratio (F/H)

     3.7         5.1         9.7         14.2      19.5

Net debt to net capital ratio ((F-G)/(H-I))

     (4.5      (4.8      (1.9      2.3      12.4
                                          

Calculations may differ due to rounding.

 

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REG G RECONCILIATIONS

ENTERGY NUCLEAR FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

1Q08-4Q09

 

($ millions)      1Q09      2Q09      3Q09      4Q09      1Q08      2Q08      3Q08      4Q08  

For the quarter:

                         

As-Reported Net Income (A)

     180.9       80.2       200.4       169.5       221.7       143.6       205.3       226.6   

Less special items (B)

     (6.6    (15.1    (10.3    (12.0    -       -       -       -   
                                                           

Operational earnings (A-B)

     187.5       95.3       210.7       181.5       221.7       143.6       205.3       226.6   

As-Reported Net Income, rolling 12 months (C)

     756.5       693.1       688.2       631.0       632.7       667.6       712.0       797.3   

Preferred dividends

     -       -       -       -       -       -       -       -   

Tax-effected interest expense

     33.3       33.7       35.2       34.4       24.1       29.8       32.5       33.2   
                                                           

As-Reported Net Income, rolling 12 months including preferred dividends and tax-effected interest expense (D)

     789.8       726.7       723.4       665.4       656.9       697.4       744.6       830.4   

Special items in prior quarters

     -       -       -       -       (18.4    (18.4    (18.4    -   

Special items 1Q08 through 4Q09

     (6.6    (21.7    (32.0    (44.0    -       -       -       -   

Total special items (E)

     (6.6    (21.7    (32.0    (44.0    (18.4    (18.4    (18.4    -   

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

     796.4       748.4       755.4       709.4       675.2       715.8       762.9       830.4   

Operational earnings, rolling 12 months (C-E)

     763.1       714.7       720.1       675.0       651.1       686.0       730.4       797.3   

Average invested capital (F)

     4,232       4,211       4,570       4,703       3,569       3,709       4,099       4,115   

Average common equity (G)

     3,983       3,966       4,350       4,498       3,204       3,344       3,771       3,822   

Gross debt (H)

     215       216       201       187       283       274       240       222   

Less cash and cash equivalents (I)

     456       517       150       393       588       693       1,013       413   

Net debt (H-I)

     (241    (301    51       (206    (305    (420    (773    (191

Total capitalization (J)

     4,630       4,744       4,899       5,014       3,834       3,678       4,242       4,393   

Less cash and cash equivalents (K)

     456       517       150       393       588       693       1,013       413   

Net capital (J-K)

     4,174       4,227       4,749       4,620       3,246       2,984       3,229       3,980   

(%)

                         

Return on average invested capital – As-Reported (D/F)

     18.7       17.3       15.8       14.1       18.4       18.8       18.2       20.2   

Return on average invested capital – Operational ((D-E)/F)

     18.8       17.8       16.5       15.1       18.9       19.3       18.6       20.2   

Return on average common equity – As-Reported (C/G)

     19.0       17.5       15.8       14.0       19.7       20.0       18.9       20.9   

Return on average common equity – Operational ((C-E)/G)

     19.2       18.0       16.6       15.0       20.3       20.5       19.4       20.9   

Debt to capital ratio (H/J)

     4.6       4.5       4.1       3.7       7.4       7.4       5.7       5.1   

Net debt to net capital ratio ((H-I)/(J-K))

     (5.8    (7.1    1.1       (4.5    (9.4    (14.1    (24.0    (4.8
                                                           

Calculations may differ due to rounding.

 

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ENTERGY CORPORATION AND SUBSIDIARIES

 

INVESTOR NEWS

Entergy’s quarterly earnings results, webcasts, presentations, and other news and information of investor interest may be obtained by visiting the investor information page on Entergy’s corporate Web site at entergy.com or calling Entergy Shareholder Direct at 1-888-ENTERGY (368-3749).

INVESTOR RELATIONS

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

Michele Lopiccolo

Vice President, Investor Relations

Telephone: 504-576-4879

E–mail: mlopicc@entergy.com

SHAREHOLDER ACCOUNT INFORMATION

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

BNY Mellon Shareowner Services

480 Washington Boulevard

Jersey City, NJ 07310

Telephone: 1-800-333-4368

Internet address: www.bnymellon.com/shareowner/isd

CORPORATE GOVERNANCE

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

ADDITIONAL INFORMATION

For copies of the above Corporate Governance documents, Entergy’s 10-K and 10-Q reports filed with the Securities and Exchange Commission, or for other investor information, call 1-888-ENTERGY or write to:

Entergy Corporation

Investor Relations

P.O. Box 61000

New Orleans, LA 70161

COMMON STOCK INFORMATION

The company’s common stock is listed on the New York and Chicago exchanges under the symbol “ETR” (CUSIP 29364G10). The Entergy share price is reported daily in the financial press under “Entergy” in most listings of New York Stock Exchange securities. Entergy common stock is a component of the following indices: S&P 500, S&P Utilities Index, Philadelphia Utility Index and the NYSE Composite Index, among others.

As of January 30, 2010, there were 189,198,163 shares of Entergy common stock outstanding. Shareholders of record totaled 38,480, and approximately 133,934 investors held Entergy stock in “street name” through a broker.

CERTIFICATIONS

In May 2009, 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 its Report on Form 10-K for the fiscal year ended December 31, 2009.

 

ENTERGY COMMON STOCK PRICES

The high and low trading prices for each quarterly period in 2009 and 2008 were as follows (in dollars):

 

           2009    2008
QUARTER         HIGH    LOW    HIGH    LOW

1

     86.61    59.87    127.48    99.45

2

     78.78    63.39    123.27    107.94

3

     82.39    71.76    122.88    83.78

4

     84.44    76.10    89.76    61.93
                         

DIVIDEND PAYMENTS

The Board of Directors declares dividends quarterly and sets the record and payment dates. Subject to Board discretion, those dates for 2010 are:

 

DECLARATION DATE   RECORD DATE   PAYMENT DATE

January 29

  February 11   March 1

April 3

  May 12   June 1

July 30

  August 12   September 1

October 29

  November 12   December 1
         

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

 

QUARTER    2010    2009    2008    2007    2006

1

   75    75    75    54    54

2

   83    75    75    54    54

3

      75    75    75    54

4

      75    75    75    54
                          

PREFERRED STOCK DIVIDEND PAYMENTS

The board of directors for each preferred stock issuer declares preferred dividends quarterly and sets the record and payment dates. Subject to their discretion, those dates for 2010 are:

 

OPERATING COMPANIES   RECORD DATE   PAYMENT DATE

Entergy Arkansas, Inc.

  12/27/09   1/1/10
  3/31/10   4/1/10
  6/30/10   7/1/10
  9/30/10   10/1/10
         

Entergy Gulf States Louisiana, L.L.C.

  2/28/10   3/15/10
  5/31/10   6/15/10
  8/30/10   9/15/10
  11/30/10   12/15/10
         

Entergy Louisiana, LLC

  2/28/10   3/15/10
  5/31/10   6/15/10
  8/30/10   9/15/10
  11/30/10   12/15/10
         

Entergy Mississippi, Inc.

  1/28/10   2/1/10
  4/23/10   5/1/10
  7/31/10   8/1/10
  10/30/10   11/1/10
         

Entergy New Orleans, Inc.

  12/27/09   1/1/10
  3/31/10   4/1/10
  6/30/10   7/1/10
  9/30/10   10/1/10
         

 

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