8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date earliest event reported) February 11, 2014

Commission File Number	Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.	Commission File Number	Registrant, State of Incorporation, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299	ENTERGY CORPORATION (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000 72-1229752	1-31508	ENTERGY MISSISSIPPI, INC. (a Mississippi corporation) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000 64-0205830
1-10764	ENTERGY ARKANSAS, INC. (an Arkansas corporation) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000 71-0005900	0-05807	ENTERGY NEW ORLEANS, INC. (a Louisiana corporation) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3700 72-0273040
0-20371	ENTERGY GULF STATES LOUISIANA, L.L.C.  (a Louisiana limited liability company) 446 North Boulevard Baton Rouge, Louisiana 70802 Telephone (800) 368-3749 74-0662730	1-34360	ENTERGY TEXAS, INC. (a Texas corporation) 350 Pine Street Beaumont, Texas 77701 Telephone (409) 981-2000 61-1435798
1-32718	ENTERGY LOUISIANA, LLC (a Texas limited liability company) 446 North Boulevard Baton Rouge, Louisiana 70802 Telephone (800) 368-3749  75-3206126	1-09067	SYSTEM ENERGY RESOURCES, INC. (an Arkansas corporation) Echelon One 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000 72-0752777

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On February 11, 2014, Entergy Corporation issued two public announcements, which are attached as Exhibits 99.1 and 99.2 hereto (the “Earnings Releases”) and incorporated herein by reference, announcing its results of operations and financial condition for the fourth quarter 2013.  The information in Exhibits 99.1 and 99.2 is being furnished, not filed, pursuant to this Item 2.02.

Item 7.01. Regulation FD Disclosure

On February 11, 2014, Entergy Corporation issued the Earnings Releases, which are attached as Exhibits 99.1 and 99.2 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the fourth quarter 2013.  The information in Exhibits 99.1 and 99.2 is being furnished, not filed, pursuant to this Item 7.01.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Description
99.1	Release, dated February 11, 2014, issued by Entergy Corporation
99.2	Release, dated February 11, 2014, issued by Entergy Corporation
99.3	Statement on Uses and Usefulness of Non-GAAP Financial Measures

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Entergy Corporation

By: /s/ Alyson M. Mount 

Alyson M. Mount

Senior Vice President and

Chief Accounting Officer

Dated: February 11, 2014

EX-99.1

Exhibit 99.1

For further information:

Paula Waters, VP, Investor Relations

504/576-4380

pwater1@entergy.com

INVESTOR NEWS

Feb. 11, 2014

ENTERGY REPORTS FOURTH QUARTER AND FULL YEAR EARNINGS

Strong Utility Industrial Sales Growth, Rise in EWC 2014 Northeast Forward Power Prices Highlight the Quarter

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported earnings per share of $0.82 on an as-reported basis and $1.00 on an operational basis for fourth quarter 2013 and $3.99 on an as-reported basis and $5.36 on an operational basis for the full year 2013, as shown in Table 1 below. The period-over-period declines were due largely to income tax benefits recorded in 2012. A more detailed discussion of quarterly and full-year results begins on page 2 of this release.

Table 1: Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2013 vs. 2012
(Per share in U.S. $)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
As-Reported Earnings	0.82	1.66	(0.84)	3.99	4.76	(0.77)
Less Special Items	(0.18)	(0.06)	(0.12)	(1.37)	(1.47)	0.10
Operational Earnings	1.00	1.72	(0.72)	5.36	6.23	(0.87)
Weather Impact	0.11	(0.07)	0.18	-	(0.09)	0.09

Operational Earnings Highlights for Fourth Quarter 2013

·   Utility earnings were lower due primarily to higher income tax expense and higher expenses for non-fuel O&M, depreciation and other taxes, partially offset by an increase in net revenue.

·   EWC earnings increased, driven by a gain on sale, higher other income and lower income tax expense, partially offset by lower net revenue and higher non-fuel O&M and depreciation.

·   Parent & Other results decreased due primarily to higher income tax expense.

“In the fourth quarter, we saw encouraging top-line results at the Utility from continued strong industrial sales growth,” said Leo Denault, Entergy’s chairman and chief executive officer. “Growth was driven by increased production from existing customers tied to favorable global economic conditions. We expect to see continued load growth in the future as facility expansions come on line. During the quarter, EWC saw a surge in spot and 2014 forward power prices for the Northeast. The hedging strategy we’ve employed over the past several years positioned us to participate in this price run-up, which will largely be reflected in 2014 results.

“On a full year basis, we delivered solid 2013 operational results that reflected productive investments for Utility customers and a trend toward tightening supply/demand fundamentals in the Northeast as well as upward movement of energy spot prices. Moreover, we executed on several strategic initiatives, such as joining MISO, reducing our cost structure and improving productivity across our businesses, and making portfolio changes at EWC, consistent with our strategy.”

Entergy’s business highlights also included the following:

·   Entergy operating companies successfully completed integration of their transmission systems into the MISO RTO.

·   The LPSC approved a settlement resolving outstanding rate cases for ELL and EGSL.

·   The APSC issued a decision on EAI’s rate case and EAI has requested rehearing of the Commission’s order.

·   EGSL signed a six-year commercial agreement with Sasol North America Inc. to supply up to 200 megawatts to Sasol’s proposed ethane cracker and derivatives project.

·   The sale of EWC’s District Energy business was completed in November 2013.

·   Entergy VY and the state of Vermont announced a settlement agreement on the plant’s operations through 2014 and its later transition to decommissioning.

A teleconference will be held at 9 a.m. CT on Tuesday, Feb. 11, 2014, to discuss Entergy’s fourth quarter 2013 earnings announcement and the company’s financial performance. The teleconference may be accessed by dialing (719) 325-2115, confirmation code 6761108, no more than 15 minutes prior to the start of the call or by visiting Entergy’s website at www.entergy.com. The presentation slides are also available on Entergy’s website concurrent with this release, which was issued before market open on the day of the call. A replay of the teleconference will be available by telephone and on Entergy’s website at www.entergy.com. The telephone replay will be available through noon CT on Tuesday, Feb. 18, 2014, by dialing (719) 457-0820, confirmation code 6761108.

I.   Consolidated Results

Consolidated Earnings

Table 2 provides a comparative summary of consolidated earnings per share for fourth quarter and year-to-date 2013 versus 2012, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings. A detailed discussion of the factors driving quarterly results at each business segment follows.

Table 2: Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures Fourth Quarter and Year-to-Date 2013 vs. 2012 (see Appendix E for definitions of certain measures)
(Per share in U.S. $)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
As-Reported
Utility	0.90	1.57	(0.67)	4.64	5.30	(0.66)
Entergy Wholesale Commodities	0.24	0.33	(0.09)	0.24	0.23	0.01
Parent & Other	(0.32)	(0.24)	(0.08)	(0.89)	(0.77)	(0.12)
Consolidated As-Reported Earnings	0.82	1.66	(0.84)	3.99	4.76	(0.77)
Less Special Items
Utility	0.04	(0.06)	0.10	(0.16)	(0.21)	0.05
Entergy Wholesale Commodities	(0.24)	-	(0.24)	(1.23)	(1.26)	0.03
Parent & Other	0.02	-	0.02	0.02	-	0.02
Consolidated Special Items	(0.18)	(0.06)	(0.12)	(1.37)	(1.47)	0.10
Operational
Utility	0.86	1.63	(0.77)	4.80	5.51	(0.71)
Entergy Wholesale Commodities	0.48	0.33	0.15	1.47	1.49	(0.02)
Parent & Other	(0.34)	(0.24)	(0.10)	(0.91)	(0.77)	(0.14)
Consolidated Operational Earnings	1.00	1.72	(0.72)	5.36	6.23	(0.87)
Weather Impact	0.11	(0.07)	0.18	-	(0.09)	0.09

Detailed earnings variance analyses are included in Appendix A-1 and Appendix A-2 to this release. In addition, Appendix A-3 provides details of special items shown in Table 2 above.

Consolidated Operating Cash Flow

Entergy’s operating cash flow in fourth quarter 2013 was $990 million compared to $720 million in fourth quarter 2012. The overall quarterly increase was due to several factors, including variations in cash flow from net revenue. Cash flow from utility net revenue, including cash effects from deferred fuel, increased while cash flow from EWC net revenue declined. Other drivers of the quarter-over-quarter increase included non-capital storm spending associated with Hurricane Isaac in 2012 and lower refueling outage spending. These increases were partially offset by higher pension funding. Income tax payments contributed to the line of business variances, but were largely offsetting between the segments.

For the year, Entergy’s operating cash flow was $3,189 million in 2013 versus $2,940 million in 2012. The year-over-year increase was due largely to variations in cash flow from higher Utility net revenue, including the effects from deferred fuel. Other items that contributed to the increase included the net effect of non-capital storm spending for Hurricane Isaac in 2012 and an ice storm in 2013 and receipt of proceeds from the DOE in second and third quarters 2013 resulting from litigation regarding storage of spent nuclear fuel.

The overall increase was partially offset by higher income tax payments and non-capital spending related to ANO recovery from the March 31 industrial incident. Income tax payments contributed to the line of business variances, but were largely offsetting between the segments.

Table 3 provides the components of operating cash flow contributed by each business with current quarter and year-to-date comparisons.

Table 3: Consolidated Operating Cash Flow
Fourth Quarter and Year-to-Date 2013 vs. 2012
(U.S. $ in millions)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
Utility	906	557	349	2,208	2,354	(146)
Entergy Wholesale Commodities	195	111	84	730	676	54
Parent & Other	(111)	52	(163)	251	(90)	341
Total Operating Cash Flow	990	720	270	3,189	2,940	249

II.   Utility

In fourth quarter 2013, Utility earnings were $0.90 per share on an as-reported basis and $0.86 per share on an operational basis, compared to as-reported earnings per share of $1.57 and operational earnings per share of $1.63 in fourth quarter 2012. The quarter-over-quarter decrease in operational earnings per share was due primarily to higher income tax expense as well as higher expenses for non-fuel O&M, depreciation and other taxes. These items were partially offset by an increase in net revenue.

Fourth quarter 2012 results included a reduction in income tax expense driven by a tax audit settlement. There were income tax items in fourth quarter 2013 which resulted in a net benefit to earnings. The benefit in fourth quarter 2012 was larger than the benefit recorded in fourth quarter 2013.

Non-fuel O&M was higher due partly to increased compensation and benefits costs. A portion of the higher non-fuel O&M as well as the depreciation expense increases was offset by higher net revenue.

Higher net revenue partially offset expense increases. Pricing adjustments contributed to the net revenue increase. Current quarter net revenue reflected regulatory actions from placing major generation investments in service. A portion of the net revenue increase was for recovery of costs below net revenue. Also contributing to the increase in net revenue was higher volume due to the effects of weather. Weather was favorable in fourth quarter 2013 while it was unfavorable in the comparable quarter one year ago.

Retail electric sales in billed gigawatt-hours by customer segment are summarized in Table 4. Fourth quarter 2013 sales reflected the following:

·   Residential sales, on a weather-adjusted basis, decreased (0.3) percent compared to fourth quarter 2012.

·   Commercial and governmental sales, on a weather-adjusted basis, increased 1.0 percent quarter over quarter.

·   Industrial sales in the fourth quarter increased 3.2 percent compared to the same quarter of 2012.

Billed retail sales increased 1.5 percent on a weather-adjusted basis, driven largely by strong industrial sales growth. The industrial sales increase was due primarily to growth in the refining, chemicals and small industrial segments. Residential weather-adjusted sales reflected continued emphasis on energy efficiency and demand-side management programs.

For the year 2013, the Utility earned $4.64 per share on an as-reported basis and $4.80 per share on an operational basis, compared to $5.30 per share on an as-reported basis and $5.51 per share on an operational basis in 2012. The year-over-year decrease was due largely to higher income tax expense. Results in both years reflected tax items that resulted in decreases in income tax expense. The income tax expense benefit in 2012 exceeded the benefit in 2013. A portion of the benefits resulting from a second quarter 2012 IRS agreement included customer sharing, which reduced net revenue in the same period. Increased non-fuel O&M, depreciation expense and taxes other than income taxes also contributed to the decrease. Interest expense and nuclear refueling outage expense were also higher year-over-year.

The year-over-year decreases were partially offset by higher net revenue, which included the previously noted second quarter 2012 customer sharing. The net revenue increase also reflected the net effect of rate adjustments, including recovery for a portion of the expense increases noted above. Sales growth was also positive, including the effects of weather. Overall billed retail sales increased 0.7 percent year-over-year; excluding the effects of weather, billed retail sales increased 0.2 percent.

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

Table 4: Utility Operational Performance Measures
Fourth Quarter and Year-to-Date 2013 vs. 2012 (see Appendix E for definitions of certain measures)
	Fourth Quarter				Year-to-Date
	2013	2012	% Change	% Weather Adjusted	2013	2012	% Change	% Weather Adjusted
GWh billed
Residential	8,089	7,360	9.9%	(0.3)%	35,169	34,664	1.5%	(0.6)%
Commercial and governmental	7,647	7,313	4.6%	1.0%	30,959	31,159	(0.6)%	(0.1)%
Industrial	10,389	10,067	3.2%	3.2%	41,653	41,181	1.1%	1.1%
Total Retail Sales	26,125	24,740	5.6%	1.5%	107,781	107,004	0.7%	0.2%
Wholesale	1,133	798	42.0%		3,020	3,200	(5.6)%
Total Sales	27,258	25,538	6.7%		110,801	110,204	0.5%
Non-fuel O&M per MWh (a)	$21.99	$22.19	(0.9)%		$20.98	$19.53	7.4%
Number of electric retail customers
Residential					2,395,267	2,379,955	0.6%
Commercial and governmental					359,140	355,870	0.9%
Industrial					45,789	42,230	8.4%
Total Retail Customers					2,800,196	2,778,055	0.8%

(a) Fourth quarter and year-to-date 2012 and 2013 exclude the special item associated with the proposed spin-merge of the transmission business; fourth quarter and year-to-date 2013 exclude the special item for HCM implementation expenses.

Appendix B provides information on selected regulatory cases.

III.   Entergy Wholesale Commodities

EWC operational adjusted EBITDA was $133 million in fourth quarter 2013, compared to $161 million in the same period a year ago, as shown in Table 5.

Table 5: Entergy Wholesale Commodities Operational Adjusted EBITDA – Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2013 vs. 2012 (see Appendix E for definitions of certain measures)
($ in millions)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
Net income	42	59	(17)	43	40	3
Add back: interest expense	5	3	2	16	18	(2)
Add back: income tax expense	(12)	50	(62)	(77)	61	(138)
Add back: depreciation and amortization	61	47	14	216	176	40
Subtract: interest and investment income	66	28	38	138	105	33
Add back: decommissioning expense	33	30	3	125	72	53
Adjusted EBITDA	63	161	(98)	185	262	(77)
Add back: special item for HCM implementation expenses (pre-tax)	19	-	19	24	-	24
Add back: special item for VY asset impairments / related charges (pre-tax)	52	-	52	343	356	(13)
Operational adjusted EBITDA	133	161	(28)	553	618	(65)
Totals may not foot due to rounding

The decline in EWC quarter-over-quarter operational adjusted EBITDA was due largely to increased non-fuel O&M and decreased net revenue. The gain on sale of the District Energy business provided a partial offset.

During fourth quarter 2013, EWC revenues were reduced by mark-to-market activity. As part of an asymmetric and protective risk management hedging strategy, additional financial power sales were conducted in fourth quarter 2013 to offset the exercise of in-the-money protective call options and to lock in margins. These additional sales did not qualify for hedge accounting treatment, and increases in forward prices after those sales were made accounted for the majority of the negative mark-to-market variance. It is expected that the underlying transactions will result in earnings in first quarter 2014 as these positions settle. Within net revenue, higher nuclear production due to 36 fewer refueling and unscheduled outage days provided a partial offset.

For the year, EWC operational adjusted EBITDA was $553 million compared to $618 million in 2012. The main drivers for the year-over-year decrease were the same as the quarterly drivers noted previously - lower net revenue and higher non-fuel O&M, partially offset by a gain on the sale of the District Energy business.

Contributions to 2013 operational adjusted EBITDA from VY, scheduled to be closed later this year at the end of its current operating cycle, were approximately $(2) million in the fourth quarter and $18 million for the full year.

EWC reported as-reported earnings of $0.24 per share and operational earnings of $0.48 per share for fourth quarter 2013, compared to fourth quarter 2012 earnings of $0.33 per share on both an as-reported and an operational basis. The increase in operational earnings was driven by higher other income and a decrease in income tax expense. The increase in other income was due primarily to higher realized decommissioning trust earnings in fourth quarter 2013, which are directly reinvested into the trust funds.

Partially offsetting the increase was higher depreciation expense and lower operational adjusted EBITDA. Depreciation expense increased due to the effects of the VY shutdown decision. In addition, fourth quarter 2012 results included an accrual for reimbursement of VY spent nuclear fuel storage costs from the DOE, which reduced depreciation expense as well as reduced non-fuel O&M and increased miscellaneous other income included in EBITDA.

For the year, EWC earnings per share were $0.24 on an as-reported basis and $1.47 on an operational basis, compared to as-reported earnings of $0.23 per share and operational earnings of $1.49 per share in 2012. Several drivers contributed to the slight decline in operational earnings. In addition to the operational adjusted EBITDA drivers noted above, decommissioning and depreciation expenses were higher due primarily to items recorded in 2012. The decrease was partially offset by higher other income and lower income tax expense.

Table 6 provides a comparative summary of EWC operational performance measures.

Table 6: Entergy Wholesale Commodities Operational Performance Measures
Fourth Quarter and Year-to-Date 2013 vs. 2012 (see Appendix E for definitions of certain measures)
	Fourth Quarter			Year-to-Date
	2013	2012	% Change	2013	2012	% Change
Owned capacity (MW) (b)	6,068	6,612	(8.2)%	6,068	6,612	(8.2)%
GWh billed	11,938	11,221	6.4%	45,127	46,178	(2.3)%
Net revenue ($ millions)	432	463	(6.7)%	1,802	1,854	(2.8)%
Average realized revenue per MWh	$45.05	$50.56	(10.9)%	$50.86	$50.02	1.7%
Non-fuel O&M per MWh (c)	$25.10	$23.52	6.7%	$25.32	$23.66	7.0%
EWC Nuclear Fleet
Capacity factor	97%	90%	7.8%	89%	89%	-
GWh billed	10,858	10,298	5.4%	40,167	41,042	(2.1)%
Average realized revenue per MWh	$44.15	$49.88	(11.5)%	$50.15	$50.29	(0.3)%
Production cost per MWh (c)	$25.37	$26.18	(3.1)%	$26.35	$26.19	0.6%
Refueling outage days
FitzPatrick	-	19		-	34
IP2	-	-		-	28
IP3	-	-		28	-
Palisades	-	-		-	34
Pilgrim	-	-		45	-
VY	-	-		27	-

(b) Fourth quarter and year-to-date 2013 were reduced due to the retirement of R.E. Ritchie Unit 2 (gas/oil) plant in November 2013 (544 MWs)

(c) Fourth quarter and year-to-date 2013 exclude the effect of the special item for HCM implementation expenses; year-to-date 2012 and fourth quarter and year-to-date 2013 exclude the effect of the special item for VY asset impairments / related charges.

Table 7 provides information on current forward capacity and generation contracts for EWC’s fleet. It also provides total revenue projections using market prices as of Dec. 31, 2013, adjusted for internal expectations for the new NYISO LHV capacity zone starting in May 2014. EWC uses a combination of forward physical and financial contracts, including swaps, collars, put and/or call options, to manage forward commodity price risk. Certain hedge volumes have price downside and upside relative to market price movements. The contracted minimum, current expected value and sensitivities are provided to show potential variations. The sensitivities may not reflect the total maximum upside potential from higher market prices. Information contained in Table 7 represents projections at a point in time and will vary over time based on numerous factors, such as future market prices, contracting activities and generation.

Table 7: Entergy Wholesale Commodities Capacity and Generation
2014 through 2018 (see Appendix E for definitions of certain measures)
(based on market prices as of Dec. 31, 2013) (d)
	2014	2015	2016	2017	2018
EWC Nuclear Portfolio
Energy
Planned TWh of generation (e)	39	35	36	35	35
Percent of planned generation under contract
Unit-contingent	25%	15%	16%	14%	14%
Unit-contingent with availability guarantees	16%	15%	14%	15%	3%
Firm LD	59%	44%	10%	-	-
Offsetting positions	(26)%	-	-	-	-
Total (f)	74%	74%	40%	29%	17%
Average revenue per MWh on contracted volumes
Minimum	$47	$43	$47	$51	$56
Expected based on current market prices	$50	$49	$49	$52	$56
Sensitivity: -/+ $10 per MWh market price change	$48-$52	$45-$54	$47-$51	$51-$54	$56
Capacity
Planned net MW in operation	5,011	4,406	4,406	4,406	4,406
Percent of capacity sold forward
Bundled capacity and energy contracts	16%	18%	18%	18%	18%
Capacity contracts	28%	15%	15%	6%	-
Total	44%	33%	33%	24%	18%
Average revenue under contract per kW per month   (applies to capacity contracts only)	$2.7	$3.2	$3.4	$3.6	-
Total Nuclear Energy and Capacity Revenues (g)
Expected sold and market total revenue per MWh	$55	$50	$49	$50	$51
Sensitivity: -/+ $10 per MWh market price change	$51-$59	$45-$56	$42-$56	$43-$57	$43-$59
EWC Non-Nuclear Portfolio
Energy
Planned TWh of generation	6	6	6	6	6
Percent of planned generation under contract
Cost-based contracts	33%	35%	34%	32%	33%
Firm LD	6%	6%	6%	6%	6%
Total (h)	39%	41%	40%	38%	39%
Capacity
Planned net MW in operation	1,052	1,052	1,052	977	977
Percent of capacity sold forward
Cost-based contracts	24%	24%	24%	26%	26%
Bundled capacity and energy contracts	8%	8%	8%	8%	8%
Capacity contracts	53%	53%	53%	23%	0%
Total	85%	85%	85%	57%	34%
Total Non-Nuclear Net Revenue
Expected portfolio net revenue in $ millions	$97	$98	$111	$125	$137

(d) Assumes shutdown of VY in fourth quarter 2014 and uninterrupted normal operation at the remaining nuclear plants. NRC license renewal applications are in process for both Indian Point units; at midnight on 9/28/13, IP2 entered the period of extended operations under its current license and the current license for IP3 expires 12/12/15.

(e) 2014 planned generation updated to reflect changes in outage duration assumptions.

(f) 2014 percent of planned generation under contract declined due to out-of-the-money protective options which expired in fourth quarter 2013 and were not replaced.

(g) Includes current expectations for the new NYISO LHV capacity zone starting in May 2014.

(h) A portion of the planned generation sold is subject to approval of transmission rights.

IV.   Parent & Other

Parent & Other reported a loss of $(0.32) per share on an as-reported basis and $(0.34) on an operational basis for fourth quarter 2013, compared to a fourth quarter 2012 as-reported and operational loss of $(0.24) per share. The period-over-period decline in operational results was due to income tax expense on the EWC District Energy sale noted previously. The sale of EWC’s District Energy business affected the earnings of both EWC and Parent & Other. The pre-tax gain was recorded at EWC while the associated income tax expense was included in Parent & Other results.

For the year 2013, Parent & Other reported a loss of $(0.89) per share on an as-reported basis and $(0.91) per share on an operational basis. This compares to a loss of $(0.77) per share on an as-reported and an operational basis in 2012. Higher income tax expense, including income tax on the District Energy gain, was the primary factor in the year-over-year operational earnings per share decrease.

V.   2014 Earnings Guidance

Entergy affirmed its previously issued 2014 operational earnings guidance in the range of $4.60 to $5.40 per share and noted that indications are near the upper end of the guidance range, based on assumptions as of Dec. 31, 2013. Year-over-year changes are shown as point estimates and are applied to final 2013 operational earnings to compute the 2014 guidance midpoint. Drivers for the 2014 operational earnings guidance range are listed separately. Because there is a range of possible outcomes associated with each earnings driver, a range is applied to the guidance midpoint to produce Entergy’s guidance range. Entergy’s 2014 operational earnings guidance is detailed in Table 8 below.

Table 8: 2014 Operational Earnings Per Share Guidance
(Per share in U.S. $) – Prepared October 2013 (i)
Segment	Description of Drivers	2013 Operational Earnings per Share	Expected Change	2014 Guidance Midpoint	2014 Guidance Range
Utility	2013 Operational earnings per share	4.80
	Adjustment to normalize weather		-
	Increased net revenue due to retail sales growth and rate changes		0.35
	Other decreases in net revenue, including rate changes associated with offsets in other line items		(0.25)
	Decreased non-fuel O&M		0.35
	Increased depreciation expense		(0.15)
	Increased other income		0.15
	Higher effective income tax rate		(0.05)
	Subtotal	4.80	0.40	5.20
Entergy Wholesale Commodities	2013 Operational earnings per share	1.47
	Increased net revenue due primarily to higher capacity pricing for nuclear assets		0.15
	Decreased non-fuel O&M		0.15
	Increased decommissioning expense		(0.05)
	Increased depreciation expense		(0.25)
	Gain on sale of District Energy business in 2013(j)		(0.25)
	Higher effective income tax rate		(0.25)
	Other		(0.12)
	Subtotal	1.47	(0.62)	0.85
Parent & Other	2013 Operational earnings per share	(0.91)
	Higher Parent non-fuel O&M		(0.05)
	Income tax expense(j)		-
	Other		(0.09)
	Subtotal	(0.91)	(0.14)	(1.05)
Consolidated Operational	2014 Operational EPS Guidance Range	5.36	(0.36)	5.00	4.60 – 5.40

(i) Originally prepared October 2013 and updated February 2014 to reflect 2013 final results.

(j) Gain on the sale of the District Energy business in fourth quarter 2013 was recognized at EWC on a pre-tax basis; tax effect was recognized in Parent & Other.

Key assumptions supporting 2014 operational earnings guidance, based on assumptions at the time guidance was initiated in October 2013, are as follows:

Utility

·   Normal weather

·   Retail sales growth of around 1.9 percent on a weather-adjusted basis, driven largely by growth in the industrial segment; retail sales growth excluding the effect of industrial expansions is around 0.6 percent

·   Increased net revenue from rate changes, including EAI, EGSL, ELL and ETI rate case adjustments, net of lower net revenue for Grand Gulf recovery attributable to lower rate base

·   Other decreases in net revenue, approximately half due to rate changes with offsets in other line items and approximately half due to other items, including items recorded in 2013

·   Decreased non-fuel O&M due largely to HCM and lower compensation and benefits costs, largely post-employment benefits; also reflects increased expenses associated with joining MISO, largely offset in net revenue, as well as other general cost increases

·   Utility O&M savings from HCM assumed to be approximately $125 million pre-tax in 2014, exclusive of any cost to achieve the expected savings

·   Increased depreciation expense associated with capital spending at the Utility, partially offset by lower depreciation rates at EAI, offset in net revenue

·   Increased other income due largely to higher allowance for equity funds used during construction including AFUDC from the Ninemile 6 new CCGT project and higher interest and investment income which reflects higher affiliate dividend income, offset at Parent & Other, assuming Hurricane Isaac financing is completed in early- to mid-2014

·   Higher effective income tax rate; effective income tax rate estimated at approximately 33 percent in 2014

Entergy Wholesale Commodities

·   46 TWh of output for the total fleet, reflecting an approximate 90 percent nuclear capacity factor compared to an 89 percent nuclear capacity factor in 2013; 2014 includes approximately 30- to 45-day scheduled refueling outages at Palisades in early 2014, IP2 in Spring 2014 and FitzPatrick in Fall 2014; outage days vary depending on the scope of the outage

·   Assumes full year operations for all nuclear plants, including VY which is assumed to begin ramping down power production in fourth quarter 2014 for final shutdown by year-end

·   $51/MWh average price for EWC-nuclear fleet’s total energy and capacity revenues, using published market prices at the end of September 2013 and adjusting capacity prices for expectations for the new LHV capacity zone expected to be in place starting in May 2014 (average price based on portfolio as of Dec. 31, 2013 is $55/MWh)

o   $47/MWh average revenue per MWh on contracted energy volumes, representing 81 percent of planned generation

o   $39/MWh average market price on 19 percent unsold energy volumes (average market price based on prices and open position as of Dec. 31, 2013 was $48/MWh)

o   $2.4/kW-month average capacity revenue under contract on 19 percent capacity, excluding bundled capacity contracts, which are priced within the contracted energy volumes above

o   $5.2/kW-month average capacity price on 65 percent unsold capacity (average market price based on prices and open position as of Dec. 31, 2013 was $4.7/kW-month)

o   Capacity revenue forecast assumes uplift associated with the LHV capacity zone of approximately $3/kW-month on an annualized basis

·   Nuclear fuel expense around $6.6/MWh for 2014 compared to $6.4/MWh for 2013; average nuclear fuel expense in both years affected by VY impairments

·   Decreased purchased power expense reflected in net revenue

·   Non-fuel O&M, including nuclear refueling outage expenses, around $24.3/MWh reflecting lower expense resulting from HCM and lower compensation and benefits costs, largely post-employment benefits, and lower expense resulting from the sale of the District Energy business in fourth quarter 2013; decreases were partially offset by higher refueling outage amortization as well as other general cost increases

·   Excludes VY spending that would have been capital except for the shutdown decision, which will be reported as part of the Asset impairment and related charges line item, and any VY severance and retention expenses; these items will be reflected as special items

·   EWC O&M savings from HCM assumed to be approximately $55 million pre-tax in 2014, exclusive of any cost to achieve the expected savings

·   Increased decommissioning expense, reflecting accretion of asset retirement obligation largely at VY

·   Increased depreciation expense due to higher depreciation expense for VY resulting from the shutdown decision in third quarter 2013 and higher depreciable plant balances; also reflects an estimated effect of revised depreciation rates based on a new depreciation rate study

·   Higher effective income tax rate

·   VY contribution to operational adjusted EBITDA approximately $50 million in 2014, based on market prices as of Sept. 30, 2013, compared to approximately $18 million in 2013

Parent & Other

·   Increased Parent non-fuel O&M due partly to the elimination of intercompany expense, offset at other business segments

Other

·   2014 average fully diluted shares outstanding of approximately 178 million

·   Overall effective income tax rate of 36 percent in 2014

·   HCM savings in 2014 projected to total approximately $200 million, including non-fuel O&M and capital; HCM savings estimate is exclusive of any cost to achieve the expected savings

·   Pension discount rate of 4.75 percent in 2014, compared to a final average pension discount rate of 4.36 percent in 2013 (final average discount rate is 5.14 percent in 2014)

Operational earnings guidance for 2014 should be considered in association with earnings sensitivities as shown in Table 9. These sensitivities illustrate the estimated change in operational earnings per share resulting from changes in various revenue and expense drivers. Traditionally, the most significant variables for earnings drivers are retail sales for the Utility and energy prices for EWC. In addition, the operational earnings guidance range for 2014 takes into consideration a number of regulatory initiatives that were underway across the Utility jurisdictions and potential variations in the pension discount rate.

Estimated annual impacts shown in Table 9 are intended to be indicative rather than precise guidance.

Table 9: 2014 Earnings Sensitivities
(Per share in U.S. $) – Prepared October 2013
Variable	2014 Guidance Assumption	Description of Change	Estimated Annual Impact
Utility
Retail sales growth   Residential   Commercial / Governmental   Industrial	Around 1.9% retail sales growth on a weather adjusted basis, 0.6% excluding industrial expansions	1% change in Residential MWh sold 1% change in Comm / Govt MWh sold 1% change in Industrial MWh sold	- / + 0.05 - / + 0.04 - / + 0.02
Rate base	Growing rate base	$100 million change in rate base	- / + 0.03
Return on equity	Authorized regulatory ROEs	1% change in allowed ROE	- / + 0.44
Non-fuel O&M	Lower due to HCM and compensation and benefits costs, partially offset by other increases	1% change in expense	+ / - 0.08
Entergy Wholesale Commodities (k)
Nuclear capacity factor	90% capacity factor	1% change in capacity factor	- / + 0.06
EWC revenue (energy)	$51/MWh nuclear revenue; Non-nuclear net revenue	$10/MWh market price change	(0.49) / + 0.60
EWC revenue (capacity)	$5.2/kW-month average capacity price on 65% unsold nuclear capacity (including VY)	$0.50/kW-month change in capacity price on nuclear capacity	- / + 0.06
Total non-fuel O&M	$24.3/MWh non-fuel O&M	1% change in expense	+ / - 0.04
Nuclear Outage (lost revenue only)	90% capacity factor, including refueling outages for three EWC nuclear units	1,000 MW plant for 10 days at average portfolio energy price of $47/MWh for contracted volumes and $39/MWh for unsold volumes in 2014 (assuming no resupply option exercise)	(0.03) / n/a
Consolidated
Interest expense	Higher debt outstanding balances	1% change in interest rate on $1 billion debt	+ / - 0.03
Pension and other postretirement costs (expense portion only) (l)	Discount rate of 4.75%	0.25% change	- / + 0.07
Effective income tax rate	36% effective income tax rate	1% change in overall effective income tax rate	+ / - 0.08

(k) Assumes shutdown of VY in fourth quarter 2014 and uninterrupted normal operation at the remaining nuclear plants.

(l) Based on 2013 rules of thumb for pension and other post-retirement employee benefit costs.

VI.   Appendices

Six appendices are presented in this section as follows:

·   Appendix A includes earnings per share variance analysis and detail on special items that relate to the current quarter and year-to-date results.

·   Appendix B provides information on selected Utility regulatory cases.

·   Appendix C provides financial metrics for both current and historical periods. In addition, historical financial and operating performance metrics are included for the trailing eight quarters.

·   Appendix D provides a summary of planned capital expenditures for 2014 through 2016.

·   Appendix E provides definitions of the operational performance measures, GAAP and non-GAAP financial measures and abbreviations or acronyms that are used in this release.

·   Appendix F provides a reconciliation of GAAP to non-GAAP financial measures used in this release.

A.   Variance Analysis and Special Items

Appendix A-1 and Appendix A-2 provide details of fourth quarter and year-to-date 2013 versus 2012 as-reported and operational earnings variance analysis for Utility, Entergy Wholesale Commodities, Parent & Other and Consolidated.

Appendix A-1: As-Reported and Operational Earnings Per Share Variance Analysis
Fourth Quarter 2013 vs. 2012
(Per share in U.S. $, sorted in consolidated operational column, most to least favorable)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
	As- Reported	Opera- tional		As- Reported	Opera- tional		As- Reported	Opera- tional		As- Reported	Opera- tional
2012 earnings	1.57	1.63		0.33	0.33		(0.24)	(0.24)		1.66	1.72
Net revenue	0.34	0.32	(m)	(0.11)	(0.11)	(n)	0.01	0.01		0.24	0.22
Other income (deductions) - other	0.06	0.06	(o)	0.11	0.11	(p)	-	-		0.17	0.17
Gain on sale of investment	-	-		0.25	0.25	(q)	(0.10)	(0.10)	(q)	0.15	0.15
Preferred dividend requirements	-	-		-	-		0.01	0.01		0.01	0.01
Asset impairment / related charges	(0.03)	-		(0.13)	-	(r)	(0.01)	-		(0.17)	-
Nuclear refueling outage expense	(0.01)	(0.01)		-	-		-	-		(0.01)	(0.01)
Decommissioning expense	(0.01)	(0.01)		(0.01)	(0.01)		-	-		(0.02)	(0.02)
Interest expense and other charges	(0.04)	(0.04)		(0.01)	(0.01)		0.01	0.01		(0.04)	(0.04)
Taxes other than income taxes	(0.06)	(0.05)	(s)	0.01	0.01		-	-		(0.05)	(0.04)
Depreciation / amortization expense	(0.05)	(0.05)	(t)	(0.05)	(0.05)	(u)	-	-		(0.10)	(0.10)
Other O&M	(0.12)	(0.10)	(v)	(0.23)	(0.12)	(w)	-	-		(0.35)	(0.22)
Income taxes - other	(0.75)	(0.89)	(x)	0.08	0.08	(y)	-	(0.03)		(0.67)	(0.84)
2013 earnings	0.90	0.86		0.24	0.48		(0.32)	(0.34)		0.82	1.00

Appendix A-2: As-Reported and Operational Earnings Per Share Variance Analysis
Year-to-Date 2013 vs. 2012
(Per share in U.S. $, sorted in consolidated operational column, most to least favorable)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
	As- Reported	Opera- tional		As- Reported	Opera- tional		As- Reported	Opera- tional		As- Reported	Opera- tional
2012 earnings	5.30	5.51		0.23	1.49		(0.77)	(0.77)		4.76	6.23
Net revenue	1.92	1.90	(m)	(0.18)	(0.18)	(n)	0.03	0.03		1.77	1.75
Gain on sale of investment	-	-		0.25	0.25	(q)	(0.10)	(0.10)	(q)	0.15	0.15
Other income (deductions) - other	0.02	0.02		0.10	0.10	(p)	0.01	0.01		0.13	0.13
Preferred dividend requirements	-	-		-	-		0.02	0.02		0.02	0.02
Asset impairment / related charges	(0.03)	-		0.16	-	(r)	(0.01)	-		0.12	-
Nuclear refueling outage expense	(0.05)	(0.05)	(z)	0.01	0.01		-	-		(0.04)	(0.04)
Interest expense and other charges	(0.12)	(0.12)	(aa)	0.01	0.01		(0.01)	(0.01)		(0.12)	(0.12)
Taxes other than income taxes	(0.13)	(0.12)	(s)	(0.02)	(0.02)		-	-		(0.15)	(0.14)
Decommissioning expense	(0.02)	(0.02)		(0.18)	(0.18)	(bb)	-	-		(0.20)	(0.20)
Depreciation / amortization expense	(0.26)	(0.26)	(t)	(0.14)	(0.14)	(u)	-	-		(0.40)	(0.40)
Other O&M	(0.62)	(0.55)	(v)	(0.31)	(0.18)	(w)	(0.04)	(0.04)		(0.97)	(0.77)
Income taxes – other	(1.37)	(1.51)	(x)	0.31	0.31	(y)	(0.02)	(0.05)	(cc)	(1.08)	(1.25)
2013 earnings	4.64	4.80		0.24	1.47		(0.89)	(0.91)		3.99	5.36

(m) The current quarter and year-to-date increases reflected the net effect of pricing adjustments from regulatory actions, primarily from placing the Waterford 3 steam generator and the Hinds and Hot Spring acquisitions in service in late 2012. EAI’s energy efficiency rider and EMI’s FRP change in September 2013 contributed as well to the price variance. Volume also contributed to the increases, including the effects of weather. The variances also reflected a regulatory offset from higher nuclear decommissioning trust earnings. In addition, on a year-to-date basis, the increase reflected higher Grand Gulf recovery (primarily from the uprate completed in mid-year 2012), the effect of the second quarter 2012 regulatory charge for sharing tax benefits from an IRS agreement (discussed in (x)) and the effect of prior year charges associated with the September 2012 ETI rate order. A portion of these items in the quarter and year-to-date periods were for recovery of costs below the net revenue line.

Utility Net Revenue Variance Analysis 2013 vs. 2012 ($ EPS)
	Fourth Quarter	Year-to-Date
Weather	0.18	0.09
Sales growth / pricing	0.17	1.12
Regulatory agreement	-	0.57
Other	(0.01)	0.14
Total	0.34	1.92

(n) The current quarter and year-to-date decreases were due largely to unfavorable mark-to-market activity. Higher nuclear production due to fewer refueling and unscheduled outage days partially offset the decreases in fourth quarter 2013. On a year-to-date basis, billed generation from EWC’s nuclear fleet was lower due to the exercise of resupply options in 2012 whereby, under these options, EWC elected to supply power from another source when a plant was not running; nuclear fuel costs were higher as well, contributing to the year-to-date decrease. Higher capacity revenues for the quarter and year-to-date provided partial offsets.

(o) The increase in the current quarter was due largely to higher decommissioning trust earnings, offset in net revenue (discussed in (m)).

(p) The current quarter and year-to-date increases were due primarily to higher decommissioning trust earnings.

(q) In the current quarter and year-to-date periods, the effects from the sale of the District Energy business affected two segments. The total pre-tax gain of $0.25 per share was realized at EWC, while the $(0.10) per share income tax effect was realized at Parent & Other.

(r) The as-reported decrease in the current quarter was primarily a result of the decision to shut down VY at the end of its current operating cycle in late 2014. Current period charges included expenses resulting from the settlement agreement reached with the State of Vermont in fourth quarter 2013. The year-to-date increase also reflected the net effect of the non-cash impairment recorded in third quarter 2013 compared to the impairment charge also recorded for VY in first quarter 2012.

(s) The decreases in the quarterly and year-to-date periods was due primarily to an increase in ad valorem taxes resulting from 2013 higher assessments as well as an increase in local franchise taxes resulting from higher residential and commercial revenues compared to the prior periods.

(t) The decreases in current quarter and year-to-date were due to additions to plant in service, including the Waterford 3 steam generator replacement, the Hinds and Hot Spring power plant acquisitions, and for year-to-date, the Grand Gulf uprate. Higher depreciation rates at ETI resulting from the 2012 rate case order also contributed to the decrease in the year-to-date period.

(u) The current quarter and year-to-date decreases were driven by the decision to shut down VY and prior period items. In fourth quarter 2012, a reduction in depreciation expense was recorded as a result of an award for a claim by VY against the DOE for spent nuclear fuel storage costs. The year-to-date decrease also reflected a third quarter 2012 reduction in depreciation expense, which was recorded as a result of an award for a claim by IP2 against the DOE for spent nuclear fuel storage costs.

(v) The current quarter and year-to-date decreases were driven by several factors, including higher compensation and benefits costs including post-employment benefits. In addition, higher fossil plant spending due primarily to the Hinds and Hot Spring acquisitions and energy efficiency spending at EAI, which are offset in net revenue as discussed in (m), contributed to the decreases. The year-to-date decrease also reflected a third quarter 2013 charge related to lump sum benefits out of the non-qualified pension plan, as well as higher nuclear spending, including costs related to the generator stator incident at ANO. 2012 results also included a deferral of MISO costs. The as-reported decreases also included HCM implementation expenses.

(w) The current quarter and year-to-date decreases were due largely to higher compensation and benefits costs including post-employment benefits. In addition, fourth quarter 2012 included a partial offset to non-fuel O&M due to an accrual for reimbursement of VY spent nuclear fuel storage costs from the DOE. The as-reported decreases also included HCM implementation expenses as well as expenses resulting from the decision to shut down VY at the end of its current operating cycle in late 2014.

(x) The decreases in the current quarter and year-to-date were due largely to items in prior periods. In fourth quarter 2012, income tax expense was reduced by approximately $155 million as a result of an IRS settlement. In addition, consolidated tax savings adjustments, which net to zero on a consolidated basis, were favorable in fourth quarter 2012 and were negligible in 2013. These decreases were partially offset by income tax expense adjustments in fourth quarter 2013, which netted to an approximately $14 million benefit. The year-to-date period also reflected items recorded in the prior year, including a decrease in income tax expense in second quarter 2012. The year-to-date decreases were partially offset by a favorable interest settlement for state income tax adjustments in third quarter 2013 and the first quarter 2012 write off of an EGSL regulatory asset. The as-reported decreases also included a tax benefit associated with the ITC transaction, because the costs became deductible with the termination of the transaction.

(y) The current quarter increase was due primarily to consolidated tax savings adjustments, which were negligible in the current period and unfavorable in the prior period (consolidated tax savings adjustments net to zero on a consolidated basis). The year-to-date increase included resolution of a tax issue in third quarter 2013 as well as a state income tax benefit recorded in second quarter 2013.

(z) The year-to-date decrease was due primarily to the amortization of higher expenses associated with refueling outages at Waterford 3 and Grand Gulf partially offset by lower amortization for ANO Unit 1 refueling outage costs.

(aa) The year-to-date decrease was due primarily to higher debt balances as well as lower allowance for funds used during construction due to completion of several major projects in mid- to late-2012.

(bb)   The year-to-date decrease was largely attributable to reductions in the asset retirement obligation recorded in second quarter 2012, which factored in, among other things, an updated decommissioning cost study for Pilgrim.

(cc) The decrease year-to-date was due to the net effect of several items, including the second quarter 2012 favorable decision affirming Entergy’s entitlement to claim foreign tax credits for the U.K. Windfall Tax. The decrease was partially offset by consolidated tax savings adjustments, which net to zero on a consolidated basis. The consolidated tax savings adjustment was negligible in 2013. Also partially offsetting was the third quarter 2013 reversal of a state valuation allowance of approximately $28 million. The as-reported decreases also included a tax benefit associated with the ITC transaction, because the costs became deductible with the termination of the transaction.

Appendix A-3 lists special items by business with quarter-to-quarter and year-to-year comparisons. Amounts are shown on both an earnings per share basis and a net income basis. Special items are those events that are not routine. Special items are included in as-reported earnings per share consistent with GAAP, but are excluded from operational earnings per share. As a result, operational earnings per share is considered a non-GAAP measure.

Appendix A-3: Special Items (shown as positive / (negative) impact on earnings)
Fourth Quarter and Year-to-Date 2013 vs. 2012
(Per share in U.S. $)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
Utility
Transmission business spin-merge expenses	0.11	(0.06)	0.17	(0.05)	(0.21)	0.16
HCM implementation expenses	(0.07)	-	(0.07)	(0.11)	-	(0.11)
Total Utility	0.04	(0.06)	0.10	(0.16)	(0.21)	0.05
Entergy Wholesale Commodities
VY asset impairments / related charges	(0.18)	-	(0.18)	(1.15)	(1.26)	0.11
HCM implementation expenses	(0.06)	-	(0.06)	(0.08)	-	(0.08)
Total Entergy Wholesale Commodities	(0.24)	-	(0.24)	(1.23)	(1.26)	0.03
Parent & Other
Transmission business spin-merge expenses	0.03	-	0.03	0.03	-	0.03
HCM implementation expenses	(0.01)	-	(0.01)	(0.01)	-	(0.01)
Total Parent & Other	0.02	-	0.02	0.02	-	0.02
Total Special Items	(0.18)	(0.06)	(0.12)	(1.37)	(1.47)	0.10
(U.S. $ in millions)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
Utility
Transmission business spin-merge expenses	20.0	(10.7)	30.7	(8.7)	(37.1)	28.4
HCM implementation expenses	(12.5)	-	(12.5)	(20.3)	-	(20.3)
Total Utility	7.5	(10.7)	18.2	(29.0)	(37.1)	8.1
Entergy Wholesale Commodities
VY asset impairments / related charges	(31.8)	-	(31.8)	(204.8)	(223.5)	18.7
HCM implementation expenses	(11.8)	-	(11.8)	(15.0)	-	(15.0)
Total Entergy Wholesale Commodities	(43.6)	-	(43.6)	(219.8)	(223.5)	3.7
Parent & Other
Transmission business spin-merge expenses	5.5	-	5.5	5.5	(1.0)	6.5
HCM implementation expenses	(1.8)	-	(1.8)	(1.9)	-	(1.9)
Total Parent & Other	3.7	-	3.7	3.6	(1.0)	4.6
Total Special Items	(32.4)	(10.7)	(21.7)	(245.2)	(261.6)	16.4

B.   Regulatory Summary

Appendix B provides a summary of selected regulatory cases.

Appendix B: Regulatory Summary (see Appendix E for definitions of certain abbreviations or acronyms)
Company	Cases
Retail Regulation
Entergy Arkansas Authorized ROE: 9.3% Last filed rate base: $4.8 billion filed 1/9/14 based on 12/31/12 test year, with known and measureable changes through 12/31/13	Recent Activity / Next Steps: On Dec. 30, 2013, the APSC issued its order on the base rate case filed by EAI on March 1, 2013. The APSC approved a base rate increase of $81 million effective Dec. 31, 2013, including a 4.29% overall after tax rate of return with a 9.3% ROE and a 28.98% equity ratio. The order allows EAI to amortize its HCM costs over a three-and-a-half year period. Approximately $64 million of the base rate increase was the reclassification of riders to base rate and ANO2 wholesale to retail with no effect on earnings. The base rate increase also includes $13.6 million for storm reserve increases and $4 million for depreciation changes (reflecting a reduction in depreciation rates and an increase in plant in service). The MISO rider and the capacity cost rider proposed by EAI were approved. On Jan. 29, 2014, EAI filed a petition for rehearing of the Dec. 30, 2013 order. The APSC has 30 days to act or the petition is deemed denied.
Entergy Gulf States Louisiana Authorized ROE range: 9.15 - 10.75% (electric); 9.45 - 10.45% (gas) Last filed rate base: $2.7 billion (electric) filed 2/15/13 based on 6/30/12 test year $0.05 billion (gas) filed 1/31/14 based on 9/30/13 test year	Recent Activity / Next Steps: On Dec. 16, 2013, the LPSC approved a settlement resolving the rate case filed by EGSL on Feb. 15, 2013. The settlement results in no change to the base rider FRP revenue related to test year 2013, except with respect to recovery of the non-fuel related MISO costs, including the recovery of the deferred MISO implementation costs, and any capacity cost changes effective with the first billing cycle in December 2014. The settlement also provides for a three-year FRP for the 2014 through 2016 test years with a 9.95% ROE and a +/- 80 basis point bandwidth. Earnings outside the bandwidth are allocated prospectively, 60% to customers and 40% to EGSL. Other provisions of the settlement include: (1) recovery outside of the bandwidth for extraordinary items, such as the Ninemile 6 new CCGT project and certain special recovery items; (2) amortization of costs associated with the HCM initiative over a three-year period, beginning in December 2014; (3) eight-year amortization of costs incurred in the potential development of a new nuclear unit at River Bend without carrying costs, beginning December 2014 and (4) no cost of service increase for the 2014 test year.
Entergy Louisiana Authorized ROE range: 9.15 - 10.75% Last filed rate base: $4.5 billion filed 2/15/13 based on 6/30/12 test year	Recent Activity / Next Steps: On Dec. 16, 2013, the LPSC approved a settlement resolving the rate case filed by ELL on Feb. 15, 2013. The settlement provides for a $10 million cost of service increase and recovery of the non-fuel related MISO costs, including the recovery of the deferred MISO implementation costs, and any capacity cost changes effective with the first billing cycle in December 2014. The settlement also provides for a three-year FRP for the 2014 through 2016 test years with a 9.95% ROE and a +/- 80 basis point bandwidth. Earnings outside the bandwidth are allocated prospectively, 60% to customers and 40% to ELL. Other provisions of the settlement include: (1) recovery outside of the bandwidth for extraordinary items, such as the Ninemile 6 new CCGT project and certain special recovery items; (2) amortization of costs associated with the HCM initiative over a three-year period, beginning in December 2014; (3) eight-year amortization of costs incurred in the potential development of a new nuclear unit at River Bend without carrying costs, beginning December 2014 and (4) a cumulative $30 million cap on cost of service increases over the three-year formula rate plan cycle, exclusive of items outside of the sharing mechanism but inclusive of the initial $10 million base rate increase in December 2014.
Entergy Mississippi Authorized ROE range: 9.76 - 11.83% (per 4/30/13 filing based on 12/31/12 test year) Last filed rate base: $1.7 billion filed 4/30/13 based on 12/31/12 test year	Recent Activity / Next Steps: On Jan. 7, 2014, the MPSC suspended EMI’s 2013 test year FRP filing. EMI will still make an abbreviated, information-only filing by March 15, 2014. EMI is evaluating a potential rate case filing in 2014, although no decision has been made. Background: EMI’s FRP includes an annual redetermination of the benchmark ROE based on a formula tied to interest rates and equity risk premiums, with an adjustment based upon performance ratings. Returns inside the bandwidth result in no change in rates while returns outside the bandwidth reset rates prospectively to or within the bandwidth depending on performance, subject to a 4% revenue limit. The annual filing occurs each March with rates effective in June (if no hearing) or July (if hearing). EMI’s FRP does not have an expiration date. On Aug. 13, 2013, the MPSC approved a stipulation resolving EMI’s 2012 test year FRP. Without agreeing to any specific disallowances, the stipulation provides for a rate increase of approximately $22.3 million, which brings EMI up to the equity “point of adjustment” of 10.59% from an 8.96% earned ROE for 2012. The annualized change was effective with September 2013 bills.
Entergy New Orleans Authorized ROE range: 10.7 - 11.5% (electric) and 10.25 - 11.25% (gas) Last filed rate base: $0.3 billion (electric) and $0.09 billion (gas) filed 5/12 based on 12/31/11 test year	Recent Activity / Next Steps: ENOI’s FRP expired with the 2011 test year. The anticipated completion in the first part of 2015 (currently ahead of schedule) of the Ninemile 6 new CCGT project has certain ratemaking implications. In the coming months, ENOI will be working to finalize the ratemaking for ENOI related to its Ninemile 6 new CCGT PPA.
Entergy Texas Authorized ROE: 9.8% Last filed rate base: $1.6 billion filed 9/25/13 based on 3/31/13 adjusted test year	Recent Activity / Next Steps: On Jan. 17, 2014, the PUCT Staff filed direct testimony in ETI’s rate case, recommending a retail rate reduction of $(0.3) million and a 9.2% ROE. On Feb. 6, 2014, the ALJs approved a request to abate the procedural schedule indefinitely, including discovery and the hearing. ETI will file a report by Feb. 12, 2014, regarding the status of the settlement and settlement documents. Background: On Sept. 25, 2013, ETI filed a rate case requesting a $38.6 million base rate increase and a 10.4% ROE based on a test year period ending March 31, 2013. With additional riders for rate case expenses and reserve equalization payments, the increase would be $53 million initially. Special circumstances recovery as fuel of approximately $22 million of historical purchased power capacity costs was reflected in the fuel reconciliation.
Wholesale Regulation
System Energy Resources See next column for ROE and rate base	Recent Activity: None. Authorized ROE: 10.94% Last calculated rate base: $1.5 billion for 12/31/13 monthly cost of service

C.   Financial and Historical Performance Measures

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

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

Appendix C-1: GAAP and Non-GAAP Financial Performance Measures
Fourth Quarter 2013 vs. 2012 (see Appendix E for definitions of certain measures)
For 12 months ending Dec. 31	2013	2012	Change
GAAP Measures
Return on average invested capital – as-reported	4.8%	5.5%	(0.7)%
Return on average common equity – as-reported	7.6%	9.3%	(1.7)%
Cash flow interest coverage	6.2	6.1	0.1
Book value per share	$53.19	$51.72	$1.47
End of period shares outstanding (millions)	178.4	177.8	0.6
Non-GAAP Measures
Return on average invested capital – operational	5.8%	6.6%	(0.8)%
Return on average common equity – operational	10.2%	12.2%	(2.0)%
As of Dec. 31 ($ in millions)	2013	2012	Change
GAAP Measures
Cash and cash equivalents	739	533	206
Revolver capacity	3,977	3,462	515
Commercial paper outstanding	1,045	665	380
Total debt	13,678	13,473	205
Securitization debt	883	973	(90)
Debt to capital ratio	58.3%	58.7%	(0.4)%
Off-balance sheet liabilities:
Debt of joint ventures – Entergy’s share	86	90	(4)
Leases – Entergy’s share	456	505	(49)
Total off-balance sheet liabilities	542	595	(53)
Non-GAAP Measures
Debt to capital ratio, excluding securitization debt	56.6%	56.9%	(0.3)%
Gross liquidity	4,716	3,995	721
Net debt to net capital ratio, excluding securitization debt	55.2%	55.8%	(0.6)%
Net debt to net capital ratio including off-balance sheet liabilities, excluding securitization debt	56.3%	57.0%	(0.7)%

Appendix C-2: Historical Performance Measures (see Appendix E for definitions of certain measures)
			1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	13YTD	12YTD
Financial
		EPS – as-reported ($)	(0.86)	2.06	1.89	1.66	0.90	0.92	1.34	0.82	3.99	4.76
		Less – special items ($)	(1.30)	(0.05)	(0.06)	(0.06)	(0.04)	(0.09)	(1.07)	(0.18)	(1.37)	(1.47)
		EPS – operational ($)	0.44	2.11	1.95	1.72	0.94	1.01	2.41	1.00	5.36	6.23
	Trailing twelve months
		ROIC – as-reported (%)	6.0	6.2	4.8	5.5	6.9	5.9	5.5	4.8
		ROIC – operational (%)	7.2	7.4	6.0	6.6	7.0	6.1	6.4	5.8
		ROE – as-reported (%)	10.8	11.3	7.8	9.3	12.8	10.5	9.3	7.6
		ROE – operational (%)	13.6	14.2	10.7	12.2	13.2	10.9	11.7	10.2
		Cash flow interest coverage	7.5	7.2	6.8	6.1	5.9	5.8	5.9	6.2
		Debt to capital ratio (%)	57.9	57.4	57.7	58.7	58.7	59.0	58.4	58.3
		Debt to capital ratio, excluding securitization debt (%)	55.7	55.3	55.7	56.9	56.9	57.3	56.7	56.6
		Net debt to net capital ratio, excluding securitization debt (%)	54.2	54.7	54.1	55.8	56.3	56.7	56.0	55.2
Utility
		GWh billed
		Residential	7,760	7,940	11,605	7,360	8,344	7,377	11,359	8,089	35,169	34,664
		Commercial & Governmental	6,992	7,753	9,101	7,313	7,005	7,267	9,041	7,647	30,959	31,159
		Industrial	9,958	10,408	10,748	10,067	9,868	10,357	11,038	10,389	41,653	41,181
		Wholesale	732	836	833	798	630	590	667	1,133	3,020	3,200
		Non-fuel O&M per MWh (dd)	$20.08	$19.94	$16.66	$22.19	$21.02	$23.44	$18.15	$21.99	$20.98	$19.53
Entergy Wholesale Commodities
		Owned Capacity in MW (ee)	6,612	6,612	6,612	6,612	6,612	6,612	6,612	6,068	6,068	6,612
		GWh billed	11,281	11,674	12,002	11,221	10,387	11,172	11,630	11,938	45,127	46,178
		Net revenue ($ millions)	452	444	495	463	493	383	494	432	1,802	1,854
		Operational adjusted EBITDA ($ millions)	144	127	185	161	194	61	165	133	553	618
		Avg realized revenue per MWh	$49.29	$48.27	$51.88	$50.56	$58.66	$47.36	$53.22	$45.05	$50.86	$50.02
		Non-fuel O&M per MWh (dd)	$23.93	$24.07	$23.15	$23.52	$25.22	$25.69	$25.28	$25.10	$25.32	$23.66
		EWC Nuclear Operational Measures
		Capacity factor (%)	88	85	90	90	83	82	94	97	89	89
		GWh billed	9,838	10,426	10,480	10,298	9,246	9,789	10,274	10,858	40,167	41,042
		Avg realized revenue per MWh	$50.32	$48.67	$52.27	$49.88	$57.82	$46.40	$53.16	$44.15	$50.15	$50.29
		Production cost per MWh (dd)	$25.85	$26.61	$26.14	$26.18	$25.94	$29.16	$25.32	$25.37	$26.35	$26.19

(dd) Excludes effect of special items: the proposed spin-merge of the transmission business at Utility (2012 and 2013 quarterly and year-to-date periods), HCM implementation expenses (second, third and fourth quarters and year-to-date 2013) at Utility and EWC and the VY asset impairments / related charges at EWC (first quarter and year-to-date 2012 and third and fourth quarters and year-to-date 2013).

(ee) Fourth quarter and year-to-date 2013 were reduced due to the retirement of R.E. Ritchie Unit 2 (gas/oil) plant in November 2013 (544 MWs).

D.   Planned Capital Expenditures

As shown in Appendix D, Entergy currently anticipates $6.8 billion for investment, including $5.8 billion for Utility and $1.0 billion for EWC. Utility depreciation expense over the comparable period is expected to total approximately $3.2 billion. In addition to routine maintenance, the capital investment plan includes specific investments and initiatives such as:

·   Utility: generation investments of $0.2 billion for ELL’s Ninemile 6 new CCGT project, $0.2 billion for post-Fukushima requirements for the Utility nuclear fleet, $0.4 billion for environmental spending (included in generation) for potential scrubbers at the White Bluff plant to meet pending Arkansas state requirements under the Clean Air Visibility Rule as well as compliance with the EPA’s MATS rule; transmission spending to support economic development projects, reliability and new compliance requirements.

·   Entergy Wholesale Commodities: significant projects required to continue operation of the current generation fleet including component replacements, software and security; $0.14 billion for NYPA value sharing (the last estimated $72 million payment to be made in January 2015 for 2014 generation); dry cask storage and license renewal and $0.2 billion for post-Fukushima requirements for the EWC nuclear fleet. EWC’s capital plan does not include any amounts for VY.

Estimated capital expenditures are subject to periodic review and modification, and actual spending may vary based on a number of factors.

Appendix D: 2014 – 2016 Capital Expenditure Plan
($ in millions) – Prepared February 2014
	2014	2015	2016	Total
Utility
Generation	650	640	590	1,880
Transmission	515	635	570	1,720
Distribution	575	545	565	1,685
Other	155	180	150	485
Utility Total	1,895	2,000	1,875	5,770
Entergy Wholesale Commodities	420	380	230	1,030
Total Planned Capital Expenditures	2,315	2,380	2,105	6,800

E.   Definitions

Appendix E provides definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures, all of which are referenced in this release. Non-GAAP measures are included in this release to provide metrics that remove the effect of financial events that are not routine, from commonly used financial metrics.

Appendix E: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations or Acronyms
Utility Operational Performance Measures
GWh billed	Total number of GWh billed to all retail and wholesale customers
Non-fuel O&M per MWh	Operation, maintenance and refueling expenses per MWh of billed sales, excluding fuel, fuel-related expenses and purchased power
Number of retail customers	Number of customers at end of period
Entergy Wholesale Commodities Operational Performance Measures
Net revenue	Operating revenue less fuel, fuel related expenses and purchased power
Owned capacity	Installed capacity owned and operated by EWC, including investments in wind generation accounted for under the equity method of accounting; in November 2013, R.E. Ritchie Unit 2 (gas/oil) plant was retired (544 MWs)
GWh billed	Total number of GWh billed to customers, excluding investments in wind generation accounted for under the equity method of accounting and financially-settled instruments
Average realized revenue per MWh	As-reported revenue per MWh billed, excluding revenue from the amortization of the Palisades below-market PPA and/or investments in wind generation accounted for under the equity method of accounting
Non-fuel O&M per MWh	Operation, maintenance and refueling expenses per MWh billed, excluding fuel, fuel-related expenses and purchased power and investments in wind generation accounted for under the equity method of accounting
Capacity factor	Normalized percentage of the period that the nuclear plants generate power
Production cost per MWh	Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation)
Refueling outage days	Number of days lost for scheduled refueling outage during the period
Planned TWh of generation	Amount of output expected to be generated by EWC resources considering plant operating characteristics, outage schedules and expected market conditions which impact dispatch, assuming shutdown of VY in fourth quarter 2014, uninterrupted normal operation at the remaining nuclear plants and timely renewal of plant operating licenses; non-nuclear also includes purchases from affiliated and non-affiliated counterparties under long-term contracts and excludes energy and capacity from EWC’s wind investment accounted for under the equity method of accounting
Percent of planned generation under contract	Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts or options that mitigate price uncertainty that may or may not require regulatory approval or approval of transmission rights, or other conditions precedent
Unit-contingent	Transaction under which power is supplied from a specific generation asset; if the asset is not operating, seller is generally not liable to buyer for any damages
Unit-contingent with availability guarantees	Transaction under which power is supplied from a specific generation asset; if the asset is not operating, seller is generally not liable to buyer for any damages, unless the actual availability over a specified period of time is below an availability threshold specified in the contract
Firm LD	Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract; a portion of which may be capped through the use of risk management products
Offsetting positions	Transactions for the purchase of energy, generally to offset a Firm LD transaction
Cost-based contracts	Contracts priced in accordance with cost-based rates, a ratemaking concept used for the design and development of rate schedules to ensure that the filed rate schedules recover only the cost of providing the service; these contracts are on owned EWC resources located within Entergy’s utility service territory and were executed prior to EWC receiving market-based authority under MISO
Planned net MW in operation	Amount of installed capacity to generate power and/or sell capacity; non-nuclear also includes purchases from affiliated and non-affiliated counterparties under long-term contracts and excludes energy and capacity from EWC’s wind investment accounted for under the equity method of accounting
Percent of capacity sold forward	Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions
Bundled capacity and energy contracts	A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold
Capacity contracts	A contract for the sale of the installed capacity product in regional markets managed by ISO-NE, the NYISO and MISO

Appendix E: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations or Acronyms (continued)
Entergy Wholesale Commodities Operational Performance Measures (continued)
Average revenue per MWh on contracted volumes		Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades; revenue will fluctuate due to factors including market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at the time of option expiration, costs to convert firm LD to unit-contingent and other risk management costs; also, excludes payments owed under the value sharing agreements, if any
Average revenue under contract per kW per month (applies to capacity contracts only)		Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards
Expected sold and market total revenue per MWh		Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including estimates for market price changes affecting revenue received on puts, collars and call options, positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert Firm LD to unit-contingent and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA; also excludes payments owed under value sharing agreements, if any
Financial Measures – GAAP
Return on average invested capital – as-reported	12-months rolling net income attributable to Entergy Corporation (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
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 and commercial paper and capital leases on the balance sheet
Debt of joint ventures - Entergy’s share	Debt issued by business joint ventures at EWC
Leases - Entergy’s share	Operating leases held by subsidiaries capitalized at implicit interest rate
Debt to capital ratio	Total debt divided by total capitalization
Securitization debt	Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at ETI; the 2009 ice storm at EAI and investment recovery of costs associated with the cancelled Little Gypsy repowering project at ELL
Financial Measures – Non-GAAP
Operational earnings	As-reported Net Income adjusted to exclude the impact of special items
Adjusted EBITDA	Earnings before interest, income taxes, depreciation and amortization and interest and investment income excluding decommissioning expense and other than temporary impairment losses on decommissioning trust fund assets
Operational adjusted EBITDA	Adjusted EBITDA excluding effects 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
Gross liquidity	Sum of cash and revolver capacity
Debt to capital ratio, excluding securitization debt	Total debt divided by total capitalization, excluding securitization debt
Net debt to net capital ratio, excluding securitization debt	Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
Net debt to net capital ratio, including off-balance sheet liabilities, excluding securitization debt	Sum of total 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, excluding securitization debt

Appendix E: Definitions of Operational Performance Measures, GAAP and Non-GAAP Financial Measures and Abbreviations or Acronyms (continued)
Abbreviations or Acronyms
ANO	Arkansas Nuclear One (nuclear)
APSC	Arkansas Public Service Commission
CCGT	Combined cycle gas turbine
CCNO	Council of the City of New Orleans, La.
DOE	U.S. Department of Energy
EAI	Entergy Arkansas, Inc.
EGSL	Entergy Gulf States Louisiana, L.L.C.
ELL	Entergy Louisiana, LLC
EMI	Entergy Mississippi, Inc.
ENOI	Entergy New Orleans, Inc.
Entergy VY	Entergy Nuclear Vermont Yankee, LLC and Entergy Nuclear Operations, Inc.
EPA	U.S. Environmental Protection Agency
ETI	Entergy Texas, Inc.
EWC	Entergy Wholesale Commodities
FitzPatrick	James A. FitzPatrick Nuclear Power Plant (nuclear)
FRP	Formula rate plan
GAAP	Generally accepted accounting principles
HCM	Human Capital Management program
IP2	Indian Point Energy Center Unit 2 (nuclear)
IP3	Indian Point Energy Center Unit 3 (nuclear)
IRS	Internal Revenue Service
ISO	Independent system operator
ISO-NE	ISO New England
LHV	Lower Hudson Valley
LPSC	Louisiana Public Service Commission
MATS	Mercury and Air Toxics Standards
MISO	Midcontinent Independent System Operator, Inc.
MPSC	Mississippi Public Service Commission
MWh	Megawatt hour
NRC	Nuclear Regulatory Commission
NYISO	New York Independent System Operator, Inc.
NYPA	New York Power Authority
O&M	Operation and maintenance expense
Palisades	Palisades Power Plant (nuclear)
Pilgrim	Pilgrim Nuclear Power Station (nuclear)
PPA	Power purchase agreement
PUCT	Public Utility Commission of Texas
ROE	Return on equity
ROIC	Return on invested capital
RSP	EGSL Rate Stabilization Plan (gas LDC)
RTO	Regional transmission organization
VY	Vermont Yankee Nuclear Power Station (nuclear)

F.   GAAP to Non-GAAP Reconciliations

Appendix F-1, Appendix F-2 and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this release to their most comparable GAAP measure.

Appendix F-1: Reconciliation of GAAP to Non-GAAP Financial Measures – ROE, ROIC Metrics
($ in millions)
	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13
As-reported net income-rolling 12 months (A)	946	996	705	847	1,160	958	861	712
Preferred dividends	21	21	22	22	22	21	20	19
Tax effected interest expense	322	329	342	350	356	363	365	371
As-reported net income, rolling 12 months including preferred dividends and tax effected interest expense (B)	1,289	1,346	1,069	1,219	1,538	1,342	1,246	1,102
Special items in prior quarters	(13)	(244)	(253)	(251)	(31)	(28)	(33)	(212)
Special items in current quarter
VY asset impairments / related charges	(224)	-	-	-	-	-	(173)	(32)
Transmission business spin-merge expenses	(7)	(9)	(11)	(11)	(6)	(12)	(10)	25
HCM implementation expenses	-	-	-	-	-	(4)	(7)	(26)
Total special items (C)	(244)	(253)	(264)	(262)	(37)	(44)	(224)	(245)
Operational earnings, rolling 12 months including preferred dividends and tax effected interest expense (B-C)	1,533	1,599	1,333	1,481	1,575	1,386	1,470	1,347
Operational earnings, rolling 12 months (A-C)	1,190	1,249	969	1,109	1,197	1,002	1,085	957
Average invested capital (D)	21,339	21,556	22,065	22,290	22,389	22,573	22,857	23,210
Average common equity (E)	8,725	8,814	9,078	9,079	9,064	9,152	9,299	9,342
ROIC – as-reported % (B/D)	6.0	6.2	4.8	5.5	6.9	5.9	5.5	4.8
ROIC – operational % ((B-C)/D)	7.2	7.4	6.0	6.6	7.0	6.1	6.4	5.8
ROE – as-reported % (A/E)	10.8	11.3	7.8	9.3	12.8	10.5	9.3	7.6
ROE – operational % ((A-C)/E)	13.6	14.2	10.7	12.2	13.2	10.9	11.7	10.2

Appendix F-2: Reconciliation of GAAP to Non-GAAP Financial Measures – Credit and Liquidity Metrics
($ in millions)
	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13
Total debt (A)	12,619	12,533	12,931	13,473	13,471	13,747	13,623	13,678
Less securitization debt (B)	1,049	1,020	1,003	973	952	927	910	883
Total debt, excluding securitization debt (C)	11,570	11,513	11,928	12,500	12,519	12,820	12,713	12,795
Less cash and cash equivalents (D)	685	283	750	533	263	311	365	739
Net debt, excluding securitization debt (E)	10,885	11,230	11,178	11,967	12,256	12,509	12,348	12,056
Total capitalization (F)	21,813	21,844	22,402	22,951	22,965	23,302	23,312	23,470
Less securitization debt (B)	1,049	1,020	1,003	973	952	927	910	883
Total capitalization, excluding securitization debt (G)	20,764	20,824	21,399	21,978	22,013	22,375	22,402	22,587
Less cash and cash equivalents (D)	685	283	750	533	263	311	365	739
Net capital, excluding securitization debt (H)	20,079	20,541	20,649	21,445	21,750	22,064	22,037	21,848
Debt to capital ratio % (A/F)	57.9	57.4	57.7	58.7	58.7	59.0	58.4	58.3
Debt to capital ratio, excluding securitization debt % (C/G)	55.7	55.3	55.7	56.9	56.9	57.3	56.7	56.6
Net debt to net capital ratio, excluding securitization debt % (E/H)	54.2	54.7	54.1	55.8	56.3	56.7	56.0	55.2
Off-balance sheet liabilities (I)	601	600	599	595	595	594	592	542
Net debt to net capital ratio including off-balance sheet liabilities, excluding securitization debt % ((E+I)/(H+I))	55.5	56.0	55.4	57.0	57.5	57.8	57.2	56.3
Revolver capacity (J)	2,825	2,762	2,917	3,462	3,542	3,819	4,129	3,977
Gross liquidity (D+J)	3,510	3,045	3,667	3,995	3,805	4,130	4,494	4,716

Appendix F-3: Reconciliation of GAAP to Non-GAAP Financial Measures – Entergy Wholesale Commodities Operational Adjusted EBITDA
($ in millions)
	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13
Net income	(176)	71	87	59	82	12	(93)	42
Add back: interest expense	6	5	3	3	3	4	4	5
Add back: income tax expense	(92)	47	57	50	57	(15)	(107)	(12)
Add back: depreciation and amortization	51	48	29	47	49	50	55	61
Subtract: interest and investment income	31	27	20	28	28	22	21	66
Add back: decommissioning expense	30	(17)	29	30	31	30	32	33
Adjusted EBITDA	(212)	127	185	161	194	59	(130)	63
Add back: special item for HCM implementation expenses (pre-tax)	-	-	-	-	-	2	3	19
Add back: VY asset impairments / related charges (pre-tax)	356	-	-	-	-	-	292	52
Operational adjusted EBITDA	144	127	185	161	194	61	165	133

Totals may not foot due to rounding

Entergy Corporation’s common stock is listed on the New York and Chicago exchanges under the symbol “ETR.”

Additional investor information can be accessed online at

www.entergy.com/investor_relations

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In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in this news release and in: (i) Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and (ii) Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami;

(e) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; and (f) economic conditions and conditions in commodity and capital markets during the periods covered by the forward-looking statements, in addition to other factors described elsewhere in this release and subsequent securities filings.

VII.   Financial Statements

Entergy Corporation
Consolidating Balance Sheet
December 31, 2013
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities		Parent & Other			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash	$	119,781		$	9,192	$	1,006		$	129,979
Temporary cash investments		431,436			167,266		10,445			609,147
Total cash and cash equivalents		551,217			176,458		11,451			739,126
Securitization recovery trust account		45,885			-		-			45,885
Notes receivable		-			530,389		(530,389	)		-
Accounts receivable:
Customer		509,176			161,465		-			670,641
Allowance for doubtful accounts		(34,311	)		-		-			(34,311	)
Associated companies		47,887			2,776		(50,663	)		-
Other		184,640			10,353		35			195,028
Accrued unbilled revenues		340,828			-		-			340,828
Total accounts receivable		1,048,220			174,594		(50,628	)		1,172,186
Deferred fuel costs		116,379			-		-			116,379
Accumulated deferred income taxes		195,030			13,915		(33,872	)		175,073
Fuel inventory - at average cost		198,604			10,354		-			208,958
Materials and supplies - at average cost		603,557			311,449		-			915,006
Deferred nuclear refueling outage costs		78,633			113,841		-			192,474
System agreement cost equalization		61,040			-		-			61,040
Prepayments and other		255,907			180,477		(132,820	)		303,564
TOTAL		3,154,472			1,511,477		(736,258	)		3,929,691
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity		1,097,270			40,238		(1,097,158	)		40,350
Decommissioning trust funds		2,235,826			2,667,318		-			4,903,144
Non-utility property - at cost (less accumulated depreciation)		182,465			8,189		8,721			199,375
Other		150,015			60,601		-			210,616
TOTAL		3,665,576			2,776,346		(1,088,437	)		5,353,485
PROPERTY, PLANT, AND EQUIPMENT
Electric		38,043,514			4,888,807		3,391			42,935,712
Property under capital lease		941,299			-		-			941,299
Natural gas		366,365			-		-			366,365
Construction work in progress		1,217,138			297,451		268			1,514,857
Nuclear fuel		854,617			712,287		-			1,566,904
TOTAL PROPERTY, PLANT AND EQUIPMENT		41,422,933			5,898,545		3,659			47,325,137
Less - accumulated depreciation and amortization		18,199,512			1,243,791		190			19,443,493
PROPERTY, PLANT AND EQUIPMENT - NET		23,223,421			4,654,754		3,469			27,881,644
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Regulatory asset for income taxes - net		849,718			-		-			849,718
Other regulatory assets		3,893,363			-		-			3,893,363
Deferred fuel costs		172,202			-		-			172,202
Goodwill		374,099			3,073		-			377,172
Accumulated deferred income taxes		9,117			52,894		-			62,011
Other		197,617			698,161		(8,618	)		887,160
TOTAL		5,496,116			754,128		(8,618	)		6,241,626
					-
TOTAL ASSETS	$	35,539,585		$	9,696,705	$	(1,829,844	)	$	43,406,446
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2013
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt	$	438,884		$	18,211		$	-		$	457,095
Notes payable and commercial paper:
Associated companies		-			103,739			(103,739	)		-
Other		2,940			-			1,043,947			1,046,887
Account payable:
Associated companies		15,836			28,216			(44,052	)		-
Other		916,616			256,018			679			1,173,313
Customer deposits		370,997			-			-			370,997
Taxes accrued		-			-			191,093			191,093
Accumulated deferred income taxes		97,463			(3	)		(69,153	)		28,307
Interest accrued		156,968			194			23,835			180,997
Deferred fuel costs		57,631			-			-			57,631
Obligations under capital leases		2,323			-			-			2,323
Pension and other postretirement liabilities		58,720			8,699			-			67,419
System agreement cost equalization		61,040			-			-			61,040
Other		141,425			282,045			-			423,470
TOTAL		2,320,843			697,119			1,042,610			4,060,572
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued		7,340,267			1,266,913			117,455			8,724,635
Accumulated deferred investment tax credits		263,765			-			-			263,765
Obligations under capital leases		32,218			-			-			32,218
Other regulatory liabilities		1,295,955			-			-			1,295,955
Decommissioning and retirement cost liabilities		2,235,194			1,698,222			-			3,933,416
Accumulated provisions		110,899			3,191			1,049			115,139
Pension and other postretirement liabilities		1,708,639			612,065			-			2,320,704
Long-term debt		10,307,888			76,800			1,754,461			12,139,149
Other		741,376			593,325			(751,034	)		583,667
TOTAL		24,036,201			4,250,516			1,121,931			29,408,648
Subsidiaries' preferred stock without sinking fund		186,511			24,249			-			210,760
EQUITY
Common Shareholders' Equity:
Common stock, $.01 par value, authorized 500,000,000 shares;
issued 254,752,788 shares in 2013		2,161,268			201,094			(2,359,814	)		2,548
Paid-in capital		2,417,670			1,627,856			1,322,605			5,368,131
Retained earnings		4,518,741			2,849,546			2,456,766			9,825,053
Accumulated other comprehensive income (loss)		(75,649	)		46,325			-			(29,324	)
Less - treasury stock, at cost (76,381,936 shares in 2013)		120,000			-			5,413,942			5,533,942
Total common shareholders' equity		8,902,030			4,724,821			(3,994,385	)		9,632,466
Subsidiaries' preferred stock without sinking fund		94,000			-			-			94,000
TOTAL		8,996,030			4,724,821			(3,994,385	)		9,726,466
TOTAL LIABILITIES AND EQUITY	$	35,539,585		$	9,696,705		$	(1,829,844	)	$	43,406,446
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities		Parent & Other			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash	$	104,378		$	8,224	$	390		$	112,992
Temporary cash investments		275,755			132,697		11,125			419,577
Total cash and cash equivalents		380,133			140,921		11,515			532,569
Securitization recovery trust account		46,040			-		-			46,040
Notes receivable		-			446,356		(446,356	)		-
Accounts receivable:
Customer		374,403			194,468		-			568,871
Allowance for doubtful accounts		(31,956	)		-		-			(31,956	)
Associated companies		28,729			5,365		(34,094	)		-
Other		149,681			10,984		743			161,408
Accrued unbilled revenues		303,264			128		-			303,392
Total accounts receivable		824,121			210,945		(33,351	)		1,001,715
Deferred fuel costs		150,363			-		-			150,363
Accumulated deferred income taxes		348,881			1,272		(43,251	)		306,902
Fuel inventory - at average cost		205,468			8,363		-			213,831
Materials and supplies - at average cost		588,657			339,873		-			928,530
Deferred nuclear refueling outage costs		123,975			119,399		-			243,374
System agreement cost equalization		16,880			-		-			16,880
Prepayments and other		70,777			413,333		(241,188	)		242,922
TOTAL		2,755,295			1,680,462		(752,631	)		3,683,126
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity		1,097,271			46,626		(1,097,159	)		46,738
Decommissioning trust funds		1,855,959			2,334,149		-			4,190,108
Non-utility property - at cost (less accumulated depreciation)		174,219			70,546		11,274			256,039
Other		422,139			14,095		-			436,234
TOTAL		3,549,588			2,465,416		(1,085,885	)		4,929,119
PROPERTY, PLANT, AND EQUIPMENT
Electric		37,264,453			4,676,696		3,418			41,944,567
Property under capital lease		935,199			-		-			935,199
Natural gas		353,492			-		-			353,492
Construction work in progress		973,071			391,749		879			1,365,699
Nuclear fuel		907,293			691,137		-			1,598,430
TOTAL PROPERTY, PLANT AND EQUIPMENT		40,433,508			5,759,582		4,297			46,197,387
Less - accumulated depreciation and amortization		17,840,387			1,058,069		386			18,898,842
PROPERTY, PLANT AND EQUIPMENT - NET		22,593,121			4,701,513		3,911			27,298,545
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Regulatory asset for income taxes - net		742,030			-		-			742,030
Other regulatory assets		5,025,912			-		-			5,025,912
Deferred fuel costs		172,202			-		-			172,202
Goodwill		374,099			3,073		-			377,172
Accumulated deferred income taxes		10,461			20,749		6,538			37,748
Other		215,422			752,132		(30,906	)		936,648
TOTAL		6,540,126			775,954		(24,368	)		7,291,712
					-
TOTAL ASSETS	$	35,438,130		$	9,623,345	$	(1,858,973	)	$	43,202,502
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt	$	701,090		$	17,426		$	-		$	718,516
Notes payable and commercial paper:
Associated companies		28,000			1,437			(29,437	)		-
Other		131,399			-			664,603			796,002
Account payable:
Associated companies		15,798			11,010			(26,808	)		-
Other		957,193			259,462			525			1,217,180
Customer deposits		359,078			-			-			359,078
Taxes accrued		664,891			-			(331,172	)		333,719
Accumulated deferred income taxes		7,955			40,431			(35,277	)		13,109
Interest accrued		160,151			321			24,192			184,664
Deferred fuel costs		96,439			-			-			96,439
Obligations under capital leases		3,880			-			-			3,880
Pension and other postretirement liabilities		89,400			6,500			-			95,900
System agreement cost equalization		25,848			-			-			25,848
Other		106,052			154,019			1,915			261,986
TOTAL		3,347,174			490,606			268,541			4,106,321
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued		6,844,329			819,998			647,429			8,311,756
Accumulated deferred investment tax credits		273,696			-			-			273,696
Obligations under capital leases		34,541			-			-			34,541
Other regulatory liabilities		898,614			-			-			898,614
Decommissioning and retirement cost liabilities		1,970,362			1,543,272			-			3,513,634
Accumulated provisions		357,801			978			3,447			362,226
Pension and other postretirement liabilities		2,891,787			834,099			-			3,725,886
Long-term debt		9,533,760			92,304			2,294,254			11,920,318
Other		709,182			611,814			(743,086	)		577,910
TOTAL		23,514,072			3,902,465			2,202,044			29,618,581
Subsidiaries' preferred stock without sinking fund		186,511			-			-			186,511
EQUITY
Common Shareholders' Equity:
Common stock, $.01 par value, authorized 500,000,000 shares;
issued 254,752,788 shares in 2012		2,161,268			301,097			(2,459,817	)		2,548
Paid-in capital		2,417,644			1,861,355			1,078,853			5,357,852
Retained earnings		4,052,441			3,145,925			2,506,225			9,704,591
Accumulated other comprehensive income (loss)		(214,980	)		(78,103	)		-			(293,083	)
Less - treasury stock, at cost (76,945,239 shares in 2012)		120,000			-			5,454,819			5,574,819
Total common shareholders' equity		8,296,373			5,230,274			(4,329,558	)		9,197,089
Subsidiaries' preferred stock without sinking fund		94,000			-			-			94,000
TOTAL		8,390,373			5,230,274			(4,329,558	)		9,291,089
TOTAL LIABILITIES AND EQUITY	$	35,438,130		$	9,623,345		$	(1,858,973	)	$	43,202,502
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2013 vs December 31, 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash	$	15,403		$	968		$	616		$	16,987
Temporary cash investments		155,681			34,569			(680	)		189,570
Total cash and cash equivalents		171,084			35,537			(64	)		206,557
Securitization recovery trust account		(155	)		-			-			(155	)
Notes receivable		-			84,033			(84,033	)		-
Accounts receivable:
Customer		134,773			(33,003	)		-			101,770
Allowance for doubtful accounts		(2,355	)		-			-			(2,355	)
Associated companies		19,158			(2,589	)		(16,569	)		-
Other		34,959			(631	)		(708	)		33,620
Accrued unbilled revenues		37,564			(128	)		-			37,436
Total accounts receivable		224,099			(36,351	)		(17,277	)		170,471
Deferred fuel costs		(33,984	)		-			-			(33,984	)
Accumulated deferred income taxes		(153,851	)		12,643			9,379			(131,829	)
Fuel inventory - at average cost		(6,864	)		1,991			-			(4,873	)
Materials and supplies - at average cost		14,900			(28,424	)		-			(13,524	)
Deferred nuclear refueling outage costs		(45,342	)		(5,558	)		-			(50,900	)
System agreement cost equalization		44,160			-			-			44,160
Prepayments and other		185,130			(232,856	)		108,368			60,642
TOTAL		399,177			(168,985	)		16,373			246,565
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates - at equity		(1	)		(6,388	)		1			(6,388	)
Decommissioning trust funds		379,867			333,169			-			713,036
Non-utility property - at cost (less accumulated depreciation)		8,246			(62,357	)		(2,553	)		(56,664	)
Other		(272,124	)		46,506			-			(225,618	)
TOTAL		115,988			310,930			(2,552	)		424,366
PROPERTY, PLANT, AND EQUIPMENT
Electric		779,061			212,111			(27	)		991,145
Property under capital lease		6,100			-			-			6,100
Natural gas		12,873			-			-			12,873
Construction work in progress		244,067			(94,298	)		(611	)		149,158
Nuclear fuel		(52,676	)		21,150			-			(31,526	)
TOTAL PROPERTY, PLANT AND EQUIPMENT		989,425			138,963			(638	)		1,127,750
Less - accumulated depreciation and amortization		359,125			185,722			(196	)		544,651
PROPERTY, PLANT AND EQUIPMENT - NET		630,300			(46,759	)		(442	)		583,099
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Regulatory asset for income taxes - net		107,688			-			-			107,688
Other regulatory assets		(1,132,549	)		-			-			(1,132,549	)
Deferred fuel costs		-			-			-			-
Goodwill		-			-			-			-
Accumulated deferred income taxes		(1,344	)		32,145			(6,538	)		24,263
Other		(17,805	)		(53,971	)		22,288			(49,488	)
TOTAL		(1,044,010	)		(21,826	)		15,750			(1,050,086	)
TOTAL ASSETS	$	101,455		$	73,360		$	29,129		$	203,944
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Balance Sheet
December 31, 2013 vs December 31, 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt	$	(262,206	)	$	785		$	-		$	(261,421	)
Notes payable and commercial paper:
Associated companies		(28,000	)		102,302			(74,302	)		-
Other		(128,459	)		-			379,344			250,885
Account payable:
Associated companies		38			17,206			(17,244	)		-
Other		(40,577	)		(3,444	)		154			(43,867	)
Customer deposits		11,919			-			-			11,919
Taxes accrued		(664,891	)		-			522,265			(142,626	)
Accumulated deferred income taxes		89,508			(40,434	)		(33,876	)		15,198
Interest accrued		(3,183	)		(127	)		(357	)		(3,667	)
Deferred fuel costs		(38,808	)		-			-			(38,808	)
Obligations under capital leases		(1,557	)		-			-			(1,557	)
Pension and other postretirement liabilities		(30,680	)		2,199			-			(28,481	)
System agreement cost equalization		35,192			-			-			35,192
Other		35,373			128,026			(1,915	)		161,484
TOTAL		(1,026,331	)		206,513			774,069			(45,749	)
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued		495,938			446,915			(529,974	)		412,879
Accumulated deferred investment tax credits		(9,931	)		-			-			(9,931	)
Obligations under capital leases		(2,323	)		-			-			(2,323	)
Other regulatory liabilities		397,341			-			-			397,341
Decommissioning and retirement cost liabilities		264,832			154,950			-			419,782
Accumulated provisions		(246,902	)		2,213			(2,398	)		(247,087	)
Pension and other postretirement liabilities		(1,183,148	)		(222,034	)		-			(1,405,182	)
Long-term debt		774,128			(15,504	)		(539,793	)		218,831
Other		32,194			(18,489	)		(7,948	)		5,757
TOTAL		522,129			348,051			(1,080,113	)		(209,933	)
Subsidiaries' preferred stock without sinking fund		-			24,249			-			24,249
EQUITY
Common Shareholders' Equity:
Common stock, $.01 par value, authorized 500,000,000 shares;
issued 254,752,788 shares in 2013 and in 2012		-			(100,003	)		100,003			-
Paid-in capital		26			(233,499	)		243,752			10,279
Retained earnings		466,300			(296,379	)		(49,459	)		120,462
Accumulated other comprehensive income (loss)		139,331			124,428			-			263,759
Less - treasury stock, at cost		-			-			(40,877	)		(40,877	)
Total common shareholders' equity		605,657			(505,453	)		335,173			435,377
Subsidiaries' preferred stock without sinking fund		-			-			-			-
TOTAL		605,657			(505,453	)		335,173			435,377
TOTAL LIABILITIES AND EQUITY	$	101,455		$	73,360		$	29,129		$	203,944
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2013
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
OPERATING REVENUES
Electric	$	2,112,490		$	-		$	(1,420	)	$	2,111,070
Natural gas		41,039			-			-			41,039
Competitive businesses		-			542,181			(2,384	)		539,797
Total		2,153,529			542,181			(3,804	)		2,691,906
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		527,485			100,672			(533	)		627,624
Purchased power		301,461			9,642			(8,189	)		302,914
Nuclear refueling outage expenses		33,594			31,267			-			64,861
Asset impairment and related charges		9,411			37,831			2,790			50,032
Other operation and maintenance		587,211			300,385			6,431			894,027
Decommissioning		29,886			32,876			-			62,762
Taxes other than income taxes		114,808			32,305			303			147,416
Depreciation and amortization		275,304			61,199			1,000			337,503
Other regulatory charges (credits) - net		22,683			-			-			22,683
Total		1,901,843			606,177			1,802			2,509,822
Gain on sale of investment		-			43,569			-			43,569
OPERATING INCOME		251,686			(20,427	)		(5,606	)		225,653
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction		19,378			-			-			19,378
Interest and investment income		62,102			66,172			(31,251	)		97,023
Miscellaneous - net		(10,535	)		(11,003	)		(1,338	)		(22,876	)
Total		70,945			55,169			(32,589	)		93,525
INTEREST EXPENSE
Interest expense		139,078			5,087			18,949			163,114
Allowance for borrowed funds used during construction		(7,068	)		-			-			(7,068	)
Total		132,010			5,087			18,949			156,046
INCOME BEFORE INCOME TAXES		190,621			29,655			(57,144	)		163,132
Income taxes		25,100			(12,503	)		(817	)		11,780
CONSOLIDATED NET INCOME		165,521			42,158			(56,327	)		151,352
Preferred dividend requirements of subsidiaries		4,332			91			-			4,423
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	161,189		$	42,067		$	(56,327	)	$	146,929
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$	0.90		$	0.24		$	(0.32	)	$	0.82
DILUTED	$	0.90		$	0.24		$	(0.32	)	$	0.82
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC											178,332,416
DILUTED											178,751,436
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
OPERATING REVENUES
Electric	$	1,831,597		$	-		$	(700	)	$	1,830,897
Natural gas		37,392			-			-			37,392
Competitive businesses		-			571,535			(3,564	)		567,971
Total		1,868,989			571,535			(4,264	)		2,436,260
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		371,573			93,181			(183	)		464,571
Purchased power		281,427			15,349			(7,792	)		288,984
Nuclear refueling outage expenses		29,324			31,987			-			61,311
Asset impairment and related charges		-			-			-			-
Other operation and maintenance		548,513			231,893			5,228			785,634
Decommissioning		28,089			30,031			-			58,120
Taxes other than income taxes		98,506			34,127			336			132,969
Depreciation and amortization		259,440			47,318			1,116			307,874
Other regulatory charges (credits) - net		12,595			-			-			12,595
Total		1,629,467			483,886			(1,295	)		2,112,058
Gain on sale of investment		-			-			-			-
OPERATING INCOME		239,522			87,649			(2,969	)		324,202
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction		21,773			-			-			21,773
Interest and investment income		37,229			27,586			(31,805	)		33,010
Miscellaneous - net		(6,619	)		(3,510	)		(1,292	)		(11,421	)
Total		52,383			24,076			(33,097	)		43,362
INTEREST EXPENSE
Interest expense		130,836			2,976			20,622			154,434
Allowance for borrowed funds used during construction		(9,435	)		-			-			(9,435	)
Total		121,401			2,976			20,622			144,999
INCOME BEFORE INCOME TAXES		170,504			108,749			(56,688	)		222,565
Income taxes		(113,574	)		49,902			(15,613	)		(79,285	)
CONSOLIDATED NET INCOME		284,078			58,847			(41,075	)		301,850
Preferred dividend requirements of subsidiaries		4,332			-			1,250			5,582
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	279,746		$	58,847		$	(42,325	)	$	296,268
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$	1.58		$	0.33		$	(0.24	)	$	1.67
DILUTED	$	1.57		$	0.33		$	(0.24	)	$	1.66
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC											177,742,807
DILUTED											178,042,364
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2013 vs. 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
OPERATING REVENUES
Electric	$	280,893		$	-		$	(720	)	$	280,173
Natural gas		3,647			-			-			3,647
Competitive businesses		-			(29,354	)		1,180			(28,174	)
Total		284,540			(29,354	)		460			255,646
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		155,912			7,491			(350	)		163,053
Purchased power		20,034			(5,707	)		(397	)		13,930
Nuclear refueling outage expenses		4,270			(720	)		-			3,550
Asset impairment and related charges		9,411			37,831			2,790			50,032
Other operation and maintenance		38,698			68,492			1,203			108,393
Decommissioning		1,797			2,845			-			4,642
Taxes other than income taxes		16,302			(1,822	)		(33	)		14,447
Depreciation and amortization		15,864			13,881			(116	)		29,629
Other regulatory charges (credits )- net		10,088			-			-			10,088
Total		272,376			122,291			3,097			397,764
Gain on sale of investment		-			43,569			-			43,569
OPERATING INCOME		12,164			(108,076	)		(2,637	)		(98,549	)
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction		(2,395	)		-			-			(2,395	)
Interest and investment income		24,873			38,586			554			64,013
Miscellaneous - net		(3,916	)		(7,493	)		(46	)		(11,455	)
Total		18,562			31,093			508			50,163
INTEREST EXPENSE
Interest expense		8,242			2,111			(1,673	)		8,680
Allowance for borrowed funds used during construction		2,367			-			-			2,367
Total		10,609			2,111			(1,673	)		11,047
INCOME BEFORE INCOME TAXES		20,117			(79,094	)		(456	)		(59,433	)
Income taxes		138,674			(62,405	)		14,796			91,065
CONSOLIDATED NET INCOME		(118,557	)		(16,689	)		(15,252	)		(150,498	)
Preferred dividend requirements of subsidiaries		-			91			(1,250	)		(1,159	)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	(118,557	)	$	(16,780	)	$	(14,002	)	$	(149,339	)
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$	(0.68	)	$	(0.09	)	$	(0.08	)	$	(0.85	)
DILUTED	$	(0.67	)	$	(0.09	)	$	(0.08	)	$	(0.84	)
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Year to Date December 31, 2013
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
OPERATING REVENUES
Electric	$	8,947,433		$	-		$	(5,073	)	$	8,942,360
Natural gas		154,353			-			-			154,353
Competitive businesses		-			2,312,758			(18,524	)		2,294,234
Total		9,101,786			2,312,758			(23,597	)		11,390,947
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		2,036,749			411,233			(2,164	)		2,445,818
Purchased power		1,495,643			99,460			(40,771	)		1,554,332
Nuclear refueling outage expenses		124,960			131,841			-			256,801
Asset impairment and related charges		9,411			329,336			2,790			341,537
Other operation and maintenance		2,263,894			1,048,061			19,979			3,331,934
Decommissioning		116,812			125,292			-			242,104
Taxes other than income taxes		469,969			129,020			1,361			600,350
Depreciation and amortization		1,041,031			215,871			4,142			1,261,044
Other regulatory charges (credits) - net		45,597			-			-			45,597
Total		7,604,066			2,490,114			(14,663	)		10,079,517
Gain on sale of investment		-			43,569			-			43,569
OPERATING INCOME		1,497,720			(133,787	)		(8,934	)		1,354,999
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction		66,053			-			-			66,053
Interest and investment income		186,724			137,727			(125,151	)		199,300
Miscellaneous - net		(29,192	)		(22,112	)		(8,458	)		(59,762	)
Total		223,585			115,615			(133,609	)		205,591
INTEREST EXPENSE
Interest expense		534,673			16,323			78,541			629,537
Allowance for borrowed funds used during construction		(25,500	)		-			-			(25,500	)
Total		509,173			16,323			78,541			604,037
INCOME BEFORE INCOME TAXES		1,212,132			(34,495	)		(221,084	)		956,553
Income taxes		365,917			(77,471	)		(62,465	)		225,981
CONSOLIDATED NET INCOME		846,215			42,976			(158,619	)		730,572
Preferred dividend requirements of subsidiaries		17,329			91			1,250			18,670
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	828,886		$	42,885		$	(159,869	)	$	711,902
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$	4.65		$	0.24		$	(0.90	)	$	3.99
DILUTED	$	4.64		$	0.24		$	(0.89	)	$	3.99
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC											178,211,192
DILUTED											178,570,400
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Year to Date December 31, 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
OPERATING REVENUES
Electric	$	7,874,255		$	-		$	(3,606	)	$	7,870,649
Natural gas		130,836			-			-			130,836
Competitive businesses		-			2,326,309			(25,715	)		2,300,594
Total		8,005,091			2,326,309			(29,321	)		10,302,079
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		1,676,019			362,406			(1,590	)		2,036,835
Purchased power		1,185,404			110,328			(39,932	)		1,255,800
Nuclear refueling outage expenses		110,837			134,763			-			245,600
Asset impairment and related charges		-			355,524			-			355,524
Other operation and maintenance		2,079,520			957,839			8,033			3,045,392
Decommissioning		112,664			72,096			-			184,760
Taxes other than income taxes		432,422			123,640			1,236			557,298
Depreciation and amortization		964,181			176,047			4,357			1,144,585
Other regulatory charges (credits) - net		175,104			-			-			175,104
Total		6,736,151			2,292,643			(27,896	)		9,000,898
Gain on sale of investment		-			-			-			-
OPERATING INCOME		1,268,940			33,666			(1,425	)		1,301,181
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction		92,759			-			-			92,759
Interest and investment income		150,292			105,062			(127,578	)		127,776
Miscellaneous - net		(25,844	)		(19,071	)		(8,299	)		(53,214	)
Total		217,207			85,991			(135,877	)		167,321
INTEREST EXPENSE
Interest expense		513,797			17,900			74,899			606,596
Allowance for borrowed funds used during construction		(37,312	)		-			-			(37,312	)
Total		476,485			17,900			74,899			569,284
INCOME BEFORE INCOME TAXES		1,009,662			101,757			(212,201	)		899,218
Income taxes		49,340			61,330			(79,815	)		30,855
CONSOLIDATED NET INCOME		960,322			40,427			(132,386	)		868,363
Preferred dividend requirements of subsidiaries		17,329			-			4,361			21,690
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	942,993		$	40,427		$	(136,747	)	$	846,673
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$	5.31		$	0.23		$	(0.77	)	$	4.77
DILUTED	$	5.30		$	0.23		$	(0.77	)	$	4.76
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC											177,324,813
DILUTED											177,737,565
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Year to Date December 31, 2013 vs. 2012
(Dollars in thousands)
(Unaudited)
	Utility			Entergy Wholesale Commodities			Parent & Other			Consolidated
OPERATING REVENUES
Electric	$	1,073,178		$	-		$	(1,467	)	$	1,071,711
Natural gas		23,517			-			-			23,517
Competitive businesses		-			(13,551	)		7,191			(6,360	)
Total		1,096,695			(13,551	)		5,724			1,088,868
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale		360,730			48,827			(574	)		408,983
Purchased power		310,239			(10,868	)		(839	)		298,532
Nuclear refueling outage expenses		14,123			(2,922	)		-			11,201
Asset impairment and related charges		9,411			(26,188	)		2,790			(13,987	)
Other operation and maintenance		184,374			90,222			11,946			286,542
Decommissioning		4,148			53,196			-			57,344
Taxes other than income taxes		37,547			5,380			125			43,052
Depreciation and amortization		76,850			39,824			(215	)		116,459
Other regulatory charges (credits )- net		(129,507	)		-			-			(129,507	)
Total		867,915			197,471			13,233			1,078,619
Gain on sale of investment		-			43,569			-			43,569
OPERATING INCOME		228,780			(167,453	)		(7,509	)		53,818
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction		(26,706	)		-			-			(26,706	)
Interest and investment income		36,432			32,665			2,427			71,524
Miscellaneous - net		(3,348	)		(3,041	)		(159	)		(6,548	)
Total		6,378			29,624			2,268			38,270
INTEREST EXPENSE
Interest expense		20,876			(1,577	)		3,642			22,941
Allowance for borrowed funds used during construction		11,812			-			-			11,812
Total		32,688			(1,577	)		3,642			34,753
INCOME BEFORE INCOME TAXES		202,470			(136,252	)		(8,883	)		57,335
Income taxes		316,577			(138,801	)		17,350			195,126
CONSOLIDATED NET INCOME		(114,107	)		2,549			(26,233	)		(137,791	)
Preferred dividend requirements of subsidiaries		-			91			(3,111	)		(3,020	)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	(114,107	)	$	2,458		$	(23,122	)	$	(134,771	)
EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$	(0.66	)	$	0.01		$	(0.13	)	$	(0.78	)
DILUTED	$	(0.66	)	$	0.01		$	(0.12	)	$	(0.77	)
*Totals may not foot due to rounding.

Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended December 31, 2013 vs. 2012
(Dollars in thousands)
(Unaudited)
	2013			2012			Variance
OPERATING ACTIVITIES
Consolidated net income	$	151,352		$	301,850		$	(150,498	)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization		539,091			477,982			61,109
Deferred income taxes, investment tax credits, and non-current taxes accrued		137,737			(137,707	)		275,444
Asset impairment and related charges		50,032			-			50,032
Gain on sale of investment		(43,569	)		-			(43,569	)
Changes in working capital:
Receivables		93,228			147,813			(54,585	)
Fuel inventory		(11,548	)		(2,541	)		(9,007	)
Accounts payable		175,062			(150,375	)		325,437
Prepaid taxes and taxes accrued		(136,476	)		10,859			(147,335	)
Interest accrued		21,919			25,904			(3,985	)
Deferred fuel		38,595			(59,795	)		98,390
Other working capital accounts		14,985			(20,615	)		35,600
Changes in provisions for estimated losses		(645	)		(7,329	)		6,684
Changes in other regulatory assets		932,458			(447,678	)		1,380,136
Changes in other regulatory liabilities		106,376			(67,206	)		173,582
Changes in pensions and other postretirement liabilities		(1,384,849	)		719,203			(2,104,052	)
Other		306,012			(69,868	)		375,880
Net cash flow provided by operating activities		989,760			720,497			269,263
INVESTING ACTIVITIES
Construction/capital expenditures		(506,385	)		(805,960	)		299,575
Allowance for equity funds used during construction		20,278			22,634			(2,356	)
Nuclear fuel purchases		(119,369	)		(145,048	)		25,679
Payments for purchases of plants		(17,300	)		(455,711	)		438,411
Proceeds from sale of assets and businesses		147,922			-			147,922
Changes in transition charge account		3,857			6,301			(2,444	)
Payments to storm reserve escrow account		(1,834	)		(1,948	)		114
Receipts from storm reserve escrow account		-			10,000			(10,000	)
Decrease (increase) in other investments		(39,299	)		85,170			(124,469	)
Proceeds from nuclear decommissioning trust fund sales		967,841			657,358			310,483
Investment in nuclear decommissioning trust funds		(999,528	)		(689,366	)		(310,162	)
Net cash flow used in investing activities		(543,817	)		(1,316,570	)		772,753
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt		820,019			1,188,867			(368,848	)
Preferred stock of subsidiary		24,249			-			24,249
Treasury stock		3,807			6,284			(2,477	)
Retirement of long-term debt		(708,440	)		(1,101,217	)		392,777
Changes in credit borrowings and commercial paper - net		(59,153	)		439,830			(498,983	)
Dividends paid:
Common stock		(148,006	)		(147,917	)		(89	)
Preferred stock		(4,333	)		(6,832	)		2,499
Net cash flow provided by (used in) financing activities		(71,857	)		379,015			(450,872	)
Effect of exchange rates on cash and cash equivalents		(292	)		(92	)		(200	)
Net increase (decrease) in cash and cash equivalents		373,794			(217,150	)		590,944
Cash and cash equivalents at beginning of period		365,332			749,719			(384,387	)
Cash and cash equivalents at end of period	$	739,126		$	532,569		$	206,557
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	135,051		$	123,983		$	11,068
Income taxes	$	20,175		$	6,742		$	13,433

Entergy Corporation
Consolidated Cash Flow Statement
Year to Date December 31, 2013 vs. 2012
(Dollars in thousands)
(Unaudited)
	2013			2012			Variance
OPERATING ACTIVITIES
Consolidated net income	$	730,572		$	868,363		$	(137,791	)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization		2,012,076			1,771,649			240,427
Deferred income taxes, investment tax credits, and non-current taxes accrued		311,789			(26,479	)		338,268
Asset impairment and related charges		341,537			355,524			(13,987	)
Gain on sale of investment		(43,569	)		-			(43,569	)
Changes in working capital:
Receivables		(180,648	)		(14,202	)		(166,446	)
Fuel inventory		4,873			(11,604	)		16,477
Accounts payable		94,436			(6,779	)		101,215
Prepaid taxes and taxes accrued		(142,626	)		55,484			(198,110	)
Interest accrued		(3,667	)		1,152			(4,819	)
Deferred fuel		(4,824	)		(99,987	)		95,163
Other working capital accounts		(66,330	)		(151,989	)		85,659
Changes in provisions for estimated losses		(248,205	)		(24,808	)		(223,397	)
Changes in other regulatory assets		1,105,622			(398,428	)		1,504,050
Changes in other regulatory liabilities		397,341			170,421			226,920
Changes in pensions and other postretirement liabilities		(1,433,663	)		644,099			(2,077,762	)
Other		314,505			(192,131	)		506,636
Net cash flow provided by operating activities		3,189,219			2,940,285			248,934
INVESTING ACTIVITIES
Construction/capital expenditures		(2,287,593	)		(2,674,650	)		387,057
Allowance for equity funds used during construction		69,689			96,131			(26,442	)
Nuclear fuel purchases		(517,825	)		(557,960	)		40,135
Payment for purchase of plant		(17,300	)		(456,356	)		439,056
Proceeds from sale of assets and businesses		147,922			-			147,922
Changes in transition charge account		155			4,265			(4,110	)
NYPA value sharing payment		(71,736	)		(72,000	)		264
Payments to storm reserve escrow account		(7,716	)		(8,957	)		1,241
Receipts from storm reserve escrow account		260,279			27,884			232,395
Decrease (increase) in other investments		(82,955	)		15,175			(98,130	)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs		21,034			109,105			(88,071	)
Proceeds from nuclear decommissioning trust fund sales		2,031,552			2,074,055			(42,503	)
Investment in nuclear decommissioning trust funds		(2,147,099	)		(2,196,489	)		49,390
Net cash flow used in investing activities		(2,601,593	)		(3,639,797	)		1,038,204
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt		3,746,016			3,478,361			267,655
Preferred stock of subsidiary		24,249			-			24,249
Mandatorily redeemable preferred membership units of subsidiary		-			51,000			(51,000	)
Treasury stock		24,527			62,886			(38,359	)
Retirement of long-term debt		(3,814,666	)		(3,130,233	)		(684,433	)
Changes in credit borrowings and commercial paper - net		250,889			687,675			(436,786	)
Dividends paid:
Common stock		(593,037	)		(589,209	)		(3,828	)
Preferred stock		(18,802	)		(22,329	)		3,527
Net cash flow provided by (used in) financing activities		(380,824	)		538,151			(918,975	)
Effect of exchange rates on cash and cash equivalents		(245	)		(508	)		263
Net increase (decrease) in cash and cash equivalents		206,557			(161,869	)		368,426
Cash and cash equivalents at beginning of period		532,569			694,438			(161,869	)
Cash and cash equivalents at end of period	$	739,126		$	532,569		$	206,557
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	570,212		$	546,125		$	24,087
Income taxes	$	127,735		$	49,214		$	78,521

EX-99.2

Entergy

639 Loyola Avenue

New Orleans, LA  70113

	News Release
Date:	Feb. 11, 2014
For Release:	Immediately

Contact: Michael Burns (News Media) (504) 576-4238 mburns@entergy.com Paula Waters (Investor Relations) (504) 576-4380 pwater1@entergy.com

Exhibit 99.2

Entergy Reports Fourth Quarter and Full Year Earnings

Strong Utility Industrial Sales Growth,

Rise in Entergy Wholesale Commodities 2014 Northeast Forward Power Prices Highlight the Quarter

New Orleans, La. – Entergy Corporation (NYSE: ETR) today reported fourth quarter 2013 as-reported earnings of $146.9 million, or 82 cents per share, compared with $296.3 million, or $1.66 per share, for fourth quarter 2012. On an operational basis, Entergy’s fourth quarter 2013 earnings were $179.3 million, or $1.00 per share, compared with $307.0 million, or $1.72 per share, in fourth quarter 2012. For the year, Entergy’s as-reported earnings were $711.9 million, or $3.99 per share, and operational earnings were $957.1 million, or $5.36 per share. These results compare with 2012 as-reported earnings of $846.7 million, or $4.76 per share, and operational earnings of $1.1 billion, or $6.23 per share. The period-over-period declines were due largely to income tax benefits recorded in 2012.

Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2013 vs. 2012
(Per share in U.S. $)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
As-Reported Earnings	0.82	1.66	(0.84)	3.99	4.76	(0.77)
Less Special Items	(0.18)	(0.06)	(0.12)	(1.37)	(1.47)	0.10
Operational Earnings	1.00	1.72	(0.72)	5.36	6.23	(0.87)

        *GAAP refers to United States generally accepted accounting principles.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 2

Feb. 11, 2014

Operational Earnings Highlights for Fourth Quarter 2013

·   Utility earnings were lower due primarily to higher income tax expense and higher expenses for non-fuel operation and maintenance, depreciation and other taxes, partially offset by an increase in net revenue.

·   Entergy Wholesale Commodities earnings increased, driven by a gain on sale, higher other income and lower income tax expense, partially offset by lower net revenue and higher non-fuel operation and maintenance and depreciation expenses.

·   Parent & Other results decreased due primarily to higher income tax expense.

“In the fourth quarter, we saw encouraging top-line results at the Utility from continued strong industrial sales growth,” said Leo Denault, Entergy’s chairman and chief executive officer. “Growth was driven by increased production from existing customers tied to favorable global economic conditions. We expect to see continued load growth in the future as facility expansions come on line. During the quarter, EWC saw a surge in spot and 2014 forward power prices for the Northeast. The hedging strategy we’ve employed over the past several years positioned us to participate in this price run-up, which will largely be reflected in 2014 results.

“On a full year basis, we delivered solid 2013 operational results that reflected productive investments for Utility customers and a trend toward tightening supply/demand fundamentals in the Northeast as well as upward movement of energy spot prices. Moreover, we executed on several strategic initiatives, such as joining the Midcontinent Independent System Operator, Inc., reducing our cost structure and improving productivity across our businesses and making portfolio changes at EWC consistent with our strategy.”

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 3

Feb. 11, 2014

Other Business Highlights

·   Entergy operating companies successfully completed integration of their transmission systems into the MISO regional transmission organization.

·   The Louisiana Public Service Commission approved a settlement resolving outstanding rate cases for Entergy Louisiana, LLC and Entergy Gulf States Louisiana, L.L.C.

·   The Arkansas Public Service Commission issued a decision on Entergy Arkansas, Inc.’s rate case and EAI has requested rehearing of the Commission’s order.

·   EGSL signed a six-year commercial agreement with Sasol North America Inc. to supply up to 200 megawatts to Sasol’s proposed ethane cracker and derivatives project.

·   The sale of EWC’s District Energy business was completed in November 2013.

·   Entergy Nuclear Vermont Yankee, LLC and Entergy Nuclear Operations, Inc. and the state of Vermont announced a settlement agreement on the plant’s operations through 2014 and its later transition to decommissioning.

A teleconference will be held at 9 a.m. CT on Tuesday, Feb. 11, 2014, to discuss Entergy’s fourth quarter 2013 earnings announcement and the company’s financial performance. The teleconference may be accessed by dialing (719) 325-2115, confirmation code 6761108, no more than 15 minutes prior to the start of the call or by visiting Entergy’s website at www.entergy.com. The presentation slides for the teleconference will be available on Entergy’s website prior to market open on the day of the call. A replay of the teleconference will be available by telephone and on Entergy’s website at www.entergy.com. The telephone replay will be available through noon CT on Tuesday, Feb. 18, 2014, by dialing (719) 457-0820, confirmation code 6761108.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 4

Feb. 11, 2014

Utility

In fourth quarter 2013, Utility earnings were $161.2 million, or 90 cents per share, on an as-reported basis and $153.7 million, or 86 cents per share, on an operational basis, compared to $279.7 million, or $1.57 per share, on an as-reported basis and $290.5 million, or $1.63 per share, on an operational basis for fourth quarter 2012. The quarter-over-quarter decrease in operational earnings per share was due primarily to higher income tax expense as well as higher expenses for non-fuel operation and maintenance, depreciation and other taxes. These items were partially offset by an increase in net revenue.

Fourth quarter 2012 results included a reduction in income tax expense driven by a tax audit settlement. There were income tax items in fourth quarter 2013 which resulted in a net benefit to earnings. The benefit in fourth quarter 2012 was larger than the benefit recorded in fourth quarter 2013.

Non-fuel operation and maintenance expense was higher due partly to increased compensation and benefits costs. A portion of the higher non-fuel operation and maintenance expense as well as the depreciation expense increases was offset by higher net revenue.

Higher net revenue partially offset expense increases. Pricing adjustments contributed to the net revenue increase. Current quarter net revenue reflected regulatory actions from placing major generation investments in service. A portion of the net revenue increase was for recovery of costs below net revenue. Also contributing to the increase in net revenue was higher volume due to the effects of weather. Weather was favorable in fourth quarter 2013 while it was unfavorable in the comparable quarter one year ago.

Residential sales in fourth quarter 2013, on a weather-adjusted basis, decreased 0.3 percent compared to fourth quarter 2012. Commercial and governmental sales, on a weather-adjusted basis, increased 0.9 percent and 1.6 percent, respectively, quarter over quarter. Industrial sales in the fourth quarter increased 3.2 percent compared to the same quarter of 2012.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 5

Feb. 11, 2014

Billed retail sales increased 1.5 percent on a weather-adjusted basis, driven largely by strong industrial sales growth. The industrial sales increase was due primarily to growth in the refining, chemicals and small industrial segments. Residential weather-adjusted sales reflected continued emphasis on energy efficiency and demand-side management programs.

For the year 2013, the Utility earned $828.9 million, or $4.64 per share, on an as-reported basis and $857.8 million, or $4.80, per share on an operational basis, compared to $943.0 million, or $5.30 per share, on an as-reported basis and $980.1 million, or $5.51 per share, on an operational basis in 2012. The year-over-year decrease was due largely to higher income tax expense. Results in both years reflected tax items that resulted in decreases in income tax expense. The income tax expense benefit in 2012 exceeded the benefit in 2013. A portion of the benefits resulting from a second quarter 2012 IRS agreement included customer sharing, which reduced net revenue in the same period. Increased non-fuel operation and maintenance expense, depreciation expense and taxes other than income taxes also contributed to the decrease. Interest expense and nuclear refueling outage expense were also higher year-over-year.

The year-over-year decreases were partially offset by higher net revenue, which included the previously noted second quarter 2012 customer sharing. The net revenue increase also reflected the net effect of rate adjustments, including recovery for a portion of the expense increases noted above. Sales growth was also positive, including the effects of weather. Overall billed retail sales increased 0.7 percent year-over-year; excluding the effects of weather, billed retail sales increased 0.2 percent.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 6

Feb. 11, 2014

Entergy Wholesale Commodities

EWC reported as-reported earnings of $42.1 million, or 24 cents per share, and operational earnings of $85.6 million, or 48 cents per share, for fourth quarter 2013, compared to fourth quarter 2012 earnings of $58.8 million, or 33 cents per share, on both an as-reported and an operational basis. The increase in operational earnings was driven by higher other income and a decrease in income tax expense. The increase in other income was due primarily to higher realized decommissioning trust earnings in fourth quarter 2013, which are directly reinvested into the trust funds.

Partially offsetting the increase was higher depreciation expense and lower operational adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, and interest and investment income excluding decommissioning expense and special items). Depreciation expense increased due to the effects of the Vermont Yankee Nuclear Power Station shutdown decision. In addition, fourth quarter 2012 results included an accrual for reimbursement of VY spent nuclear fuel storage costs from the Department of Energy, which reduced depreciation expense as well as reduced non-fuel O&M and increased miscellaneous other income included in EBITDA. The gain on the sale of the District Energy business provided a partial offset in operational adjusted EBITDA.

For the year, EWC earnings were $42.9 million, or 24 cents per share, on an as-reported basis, and $262.7 million, or $1.47 per share, on an operational basis, compared to as-reported earnings of $40.4 million, or 23 cents per share, and operational earnings $263.9 million, or $1.49 per share, in 2012. Several drivers contributed to the slight decline in operational earnings. In addition to the operational adjusted EBITDA drivers noted below, decommissioning and depreciation expenses were higher due primarily to items recorded in 2012. The decrease was partially offset by higher other income and lower income tax expense.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 7

Feb. 11, 2014

EWC operational adjusted EBITDA was $133 million in fourth quarter 2013, compared to $161 million in the same period a year ago. The decline in EWC quarter-over-quarter operational adjusted EBITDA was due largely to increased non-fuel operation and maintenance expense and decreased net revenue, partially offsetting was the gain on the sale noted above.

During fourth quarter 2013, EWC revenues were reduced by mark-to-market activity. As part of an asymmetric and protective risk management hedging strategy, additional financial power sales were conducted in fourth quarter 2013 to offset the exercise of in-the-money protective call options and to lock in margins. These additional sales did not qualify for hedge accounting treatment, and increases in forward prices after those sales were made accounted for the majority of the negative mark-to-market variance. It is expected that the underlying transactions will result in earnings in first quarter 2014 as these positions settle. Within net revenue, higher nuclear production due to 36 fewer refueling and unscheduled outage days provided a partial offset.

For the year, EWC operational adjusted EBITDA was $553 million compared to $618 million in 2012. The main drivers for the year-over-year decrease were the same as the quarterly drivers noted previously – lower net revenue and higher non-fuel operation and maintenance expense, partially offset by a gain on the sale of the District Energy business.

Contributions to 2013 operational adjusted EBITDA from VY, scheduled to be closed later this year at the end of its current operating cycle, were approximately $(2) million in the fourth quarter and $18 million for the full year.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 8

Feb. 11, 2014

Parent & Other

Parent & Other reported a loss of $56.3 million, or 32 cents per share, on an as-reported basis and $60.0 million, or 34 cents per share, on an operational basis for fourth quarter 2013, compared to a fourth quarter 2012 as-reported and operational loss of $42.3 million, or 24 cents per share. The period-over-period decline in operational results was due to income tax expense on the EWC District Energy sale noted previously. The sale of EWC’s District Energy business affected the earnings of both EWC and Parent & Other. The pre-tax gain was recorded at EWC while the associated income expense was included in Parent & Other results.

For the year 2013, Parent & Other reported a loss of $159.9 million, or 89 cents per share, on an as-reported basis and $163.5 million, or 91 cents per share, on an operational basis. This compares to a loss of $136.7 million, or 77 cents per share, on an as-reported basis and $135.7 million, or 77 cents per share, an operational basis in 2012. Higher income tax expense, including income tax on the District Energy gain, was the primary factor in the year-over-year operational earnings per share decrease.

Earnings Guidance

Entergy affirmed its previously issued 2014 operational earnings guidance in the range of $4.60 to $5.40 per share and noted that indications are near the upper end of the guidance range based on assumptions as of Dec. 31, 2013.

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, including more than 10,000 megawatts of nuclear power, making it one of the nation’s leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $11 billion and approximately 14,000 employees.

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Entergy Reports Fourth Quarter and Full Year Earnings

Page 9

Feb. 11, 2014

Additional information regarding Entergy’s quarterly and annual results of operations, regulatory proceedings and other matters is available in Entergy’s investor news release dated Feb. 11, 2014, a copy of which has been filed today with the SEC on Form 8-K, and Entergy’s quarterly presentation slides. These are available on Entergy’s investor relations website at www.entergy.com/investor_relations.

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In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in this news release and in: (i) Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and (ii) Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; and (f) economic conditions and conditions in commodity and capital markets during the periods covered by the forward-looking statements, in addition to other factors described elsewhere in this release and subsequent securities filings.

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Appendix A provides a reconciliation of GAAP consolidated as-reported earnings to non-GAAP consolidated operational earnings.

Appendix A:  Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures Fourth Quarter and Year-to-Date 2013 vs. 2012
(Per share in U.S. $)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
As-Reported
Utility	0.90	1.57	(0.67)	4.64	5.30	(0.66)
Entergy Wholesale Commodities	0.24	0.33	(0.09)	0.24	0.23	0.01
Parent & Other	(0.32)	(0.24)	(0.08)	(0.89)	(0.77)	(0.12)
Consolidated As-Reported Earnings	0.82	1.66	(0.84)	3.99	4.76	(0.77)
Less Special Items
Utility	0.04	(0.06)	0.10	(0.16)	(0.21)	0.05
Entergy Wholesale Commodities	(0.24)	-	(0.24)	(1.23)	(1.26)	0.03
Parent & Other	0.02	-	0.02	0.02	-	0.02
Consolidated Special Items	(0.18)	(0.06)	(0.12)	(1.37)	(1.47)	0.10
Operational
Utility	0.86	1.63	(0.77)	4.80	5.51	(0.71)
Entergy Wholesale Commodities	0.48	0.33	0.15	1.47	1.49	(0.02)
Parent & Other	(0.34)	(0.24)	(0.10)	(0.91)	(0.77)	(0.14)
Consolidated Operational Earnings	1.00	1.72	(0.72)	5.36	6.23	(0.87)

Appendix B provides a reconciliation of Entergy Wholesale Commodities GAAP net income to non-GAAP operational adjusted EBITDA.

Appendix B:  Entergy Wholesale Commodities Operational Adjusted EBITDA – Reconciliation of GAAP to Non-GAAP Measures
Fourth Quarter and Year-to-Date 2013 vs. 2012
($ in millions)
	Fourth Quarter			Year-to-Date
	2013	2012	Change	2013	2012	Change
Net Income	42	59	(17)	43	40	3
Add back: interest expense	5	3	2	16	18	(2)
Add back: income tax expense	(12)	50	(62)	(77)	61	(138)
Add back: depreciation and amortization	61	47	14	216	176	40
Subtract: interest and investment income	66	28	38	138	105	33
Add back: decommissioning expense	33	30	3	125	72	53
Adjusted EBITDA	63	161	(98)	185	262	(77)
Add back: special item for HCM   implementation expenses (pre-tax)	19	-	19	24	-	24
Add back: special item for VY asset   impairments / related charges (pre-tax)	52	-	52	343	356	(13)
Operational Adjusted EBITDA	133	161	(28)	553	618	(65)
Totals may not foot due to rounding

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Entergy Corporation
Consolidated Income Statement
Three Months Ended Dec. 31
(in thousands)
	2013			2012
	(unaudited)
Operating Revenues:
Electric	$	2,111,070		$	1,830,897
Natural gas		41,039			37,392
Competitive businesses		539,797			567,971
Total		2,691,906			2,436,260
Operating Expenses:
Operation and maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		627,624			464,571
Purchased power		302,914			288,984
Nuclear refueling outage expenses		64,861			61,311
Asset impairment and related charges		50,032			-
Other operation and maintenance		894,027			785,634
Decommissioning		62,762			58,120
Taxes other than income taxes		147,416			132,969
Depreciation and amortization		337,503			307,874
Other regulatory charges (credits) – net		22,683			12,595
Total		2,509,822			2,112,058
Gain on Sale of Investment		43,569			-
Operating Income		225,653			324,202
Other Income (Deductions):
Allowance for equity funds used during construction		19,378			21,773
Interest and investment income		97,023			33,010
Miscellaneous – net		(22,876	)		(11,421	)
Total		93,525			43,362
Interest Expense:
Interest expense		163,114			154,434
Allowance for borrowed funds used during construction		(7,068	)		(9,435	)
Total		156,046			144,999
Income Before Income Taxes		163,132			222,565
Income Taxes		11,780			(79,285	)
Consolidated Net Income		151,352			301,850
Preferred Dividend Requirements of Subsidiaries		4,423			5,582
Net Income Attributable to Entergy Corporation	$	146,929		$	296,268
Earnings Per Average Common Share
Basic	$	0.82		$	1.67
Diluted	$	0.82		$	1.66
Average Number of Common Shares Outstanding – Basic		178,332,416			177,742,807
Average Number of Common Shares Outstanding – Diluted		178,751,436			178,042,364

Entergy Corporation
Consolidated Income Statement
Twelve Months Ended Dec. 31
(in thousands)
	2013			2012
	(unaudited)
Operating Revenues:
Electric	$	8,942,360		$	7,870,649
Natural gas		154,353			130,836
Competitive businesses		2,294,234			2,300,594
Total		11,390,947			10,302,079
Operating Expenses:
Operation and maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		2,445,818			2,036,835
Purchased power		1,554,332			1,255,800
Nuclear refueling outage expenses		256,801			245,600
Asset impairment and related charges		341,537			355,524
Other operation and maintenance		3,331,934			3,045,392
Decommissioning		242,104			184,760
Taxes other than income taxes		600,350			557,298
Depreciation and amortization		1,261,044			1,144,585
Other regulatory charges (credits) – net		45,597			175,104
Total		10,079,517			9,000,898
Gain on Sale of Investment		43,569			-
Operating Income		1,354,999			1,301,181
Other Income (Deductions):
Allowance for equity funds used during construction		66,053			92,759
Interest and investment income		199,300			127,776
Miscellaneous – net		(59,762	)		(53,214	)
Total		205,591			167,321
Interest Expense:
Interest expense		629,537			606,596
Allowance for borrowed funds used during construction		(25,500	)		(37,312	)
Total		604,037			569,284
Income Before Income Taxes		956,553			899,218
Income Taxes		225,981			30,855
Consolidated Net Income		730,572			868,363
Preferred Dividend Requirements of Subsidiaries		18,670			21,690
Net Income Attributable to Entergy Corporation	$	711,902		$	846,673
Earnings Per Average Common Share
Basic	$	3.99		$	4.77
Diluted	$	3.99		$	4.76
Average Number of Common Shares Outstanding – Basic		178,211,192			177,324,813
Average Number of Common Shares Outstanding – Diluted		178,570,400			177,737,565

Entergy Corporation
Utility Electric Energy Sales & Customers
Three Months Ended Dec. 31
	2013		2012	%  Change	% Weather-Adjusted
	(Millions of kWh)
Electric Energy Sales:
Residential	8,089		7,360	9.9	(0.3)
Commercial	7,049		6,730	4.7	0.9
Governmental	598		583	2.6	1.6
Industrial	10,389		10,067	3.2	3.2
Total to Ultimate Customers	26,125		24,740	5.6	1.5
Wholesale	1,133		798	42.0
Total Sales	27,258		25,538	6.7
Twelve Months Ended Dec. 31
	2013		2012	%  Change	% Weather-Adjusted
	(Millions of kWh)
Electric Energy Sales:
Residential	35,169		34,664	1.5	(0.6)
Commercial	28,547		28,724	(0.6)	(0.1)
Governmental	2,412		2,435	(0.9)	(0.5)
Industrial	41,653		41,181	1.1	1.1
Total to Ultimate Customers	107,781		107,004	0.7	0.2
Wholesale	3,020		3,200	(5.6)
Total Sales	110,801		110,204	0.5
Dec. 31
		2013	2012	% Change
Electric Customers  (End of period):
Residential		2,395,267	2,379,955	0.6
Commercial		341,972	339,228	0.8
Governmental		17,168	16,642	3.2
Industrial		45,789	42,230	8.4
Total Ultimate Customers		2,800,196	2,778,055	0.8
Wholesale		44	23	91.3
Total Customers		2,800,240	2,778,078	0.8

EX-99.3

Exhibit 99.3

STATEMENT ON USES AND USEFULNESS OF NON-GAAP FINANCIAL MEASURES

Exhibits 99.1 and 99.2 to this Report on Form 8-K (the "Earnings Releases") contain non-GAAP financial measures.  Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.  Pursuant to the requirements of Regulation G, Entergy has provided quantitative reconciliations within the Earnings Releases and the presentation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Certain non-GAAP measures in the Earnings Releases could differ from GAAP only in that the figure or ratio states or includes operational earnings per share.  Operational earnings per share is presented for each of Entergy's reportable business segments as well as on a consolidated basis.  Operational earnings per share is not calculated in accordance with GAAP because it excludes the effect of "special items."  Special items reflect the effect on earnings of events that are less routine or are related to discontinued businesses.  In addition, other financial measures including net income (or earnings), rolling 12 months including preferred dividends and tax effected interest expense; return on average invested capital; and return on average common equity are included on both an operational and as-reported basis.  In each case, the metrics defined as "operational" would exclude the effect of special items as defined above.  Management believes that financial metrics calculated using operational earnings could provide useful information to investors in evaluating the ongoing results of Entergy's businesses and could assist investors in comparing Entergy's operating performance to the operating performance of others in the energy sector.

Other non-GAAP measures, adjusted EBITDA; operational adjusted EBITDA; gross liquidity; debt to capital ratio, excluding securitization debt; net debt to net capital ratio, excluding securitization debt; and net debt to net capital ratio including off-balance sheet liabilities, excluding securitization debt; are measures Entergy uses internally for management and board discussions and cash budgeting and performance monitoring activities to gauge the overall strength of its business.  Entergy believes the above data could provide useful information to investors in evaluating Entergy's ongoing financial results and flexibility, and could assist investors in comparing Entergy's cash availability to the cash availability of others in the energy sector.

The non-GAAP financial measures and other reported adjusted items in the Earnings Releases are presented in addition to, and in conjunction with, results presented in accordance with GAAP.  These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures.  These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, could provide a more complete understanding of factors and trends affecting our business.  Investors are strongly encouraged to review our consolidated financial statements and publicly filed reports in their entirety and to not rely on any single financial measure.  Non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.