Entergy Reports Third Quarter Results

Strategic execution marks quarterly results

Nov 02, 2015, 07:10 ET from Entergy Corporation

NEW ORLEANS, Nov. 2, 2015 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported a third quarter 2015 as-reported loss of $4.04 per share, including $5.93 per share of non-cash asset impairments for Pilgrim Nuclear Power Station and James A. FitzPatrick Nuclear Power Plant. Entergy recently announced plans to close Pilgrim and today announced the closing of FitzPatrick. On an operational basis, earnings were $1.90 per share in third quarter 2015. These results compare to third quarter 2014 as-reported earnings of $1.27 per share and operational earnings of $1.68 per share.

"This year we have intensified our focus on executing on the strategy we put in place last year, and the results are becoming evident," said Entergy chairman and chief executive officer Leo Denault. "Through our accomplishments in the Utility, we continue to strive to meet and exceed our regulators' and customers' expectations; and strategic decisions regarding the future of the Entergy Wholesale Commodities' fleet set us up to deliver long-term value. Our progress enables us to provide improved returns to our owners, safe operations and reliable service to our customers, a rewarding place to work for our employees and sustainable economic benefits to our communities. We thank our stakeholders for their continued support and look forward to continued growth.

"While taking these actions are in the long-term best interest of our stakeholders, in the near-term, these decisions to close nuclear plants are very difficult to make knowing the effect they have on all of our four key stakeholder groups – employees, communities, customers and owners."

Additional business highlights included the following:

  • Entergy Gulf States Louisiana, L.L.C. and Entergy Louisiana, LLC became one company on Oct. 1st, now referred to as Entergy Louisiana, LLC.
  • Entergy Wholesale Commodities entered into an agreement to sell its Rhode Island State Energy Center power plant.
  • Entergy Corporation was named to the Dow Jones Sustainability North America Index, one of four electric utility companies designated a sustainability leader on the index.

 

Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures

Third Quarter and Year-to-Date 2015 vs. 2014

Third Quarter

Year-to-Date

2015

2014

Change

2015

2014

Change

As-Reported Earnings (Loss)

($ in millions)

(723.0)

230.0

(953.1)

(276.1)

820.6

(1,096.7)

Less Special Items:

  Pilgrim/FitzPatrick asset impairments

  and related write-offs

(1,062.5)

(1,062.5)

(1,062.5)

(1,062.5)

  Decision to close VY

(1.2)

(73.7)

72.5

(6.9)

(86.4)

79.5

  HCM implementation expenses

(0.6)

0.6

(7.8)

7.8

Total Special Items

(1,063.7)

(74.3)

(989.4)

(1,069.4)

(94.2)

(975.2)

Operational Earnings

340.7

304.4

36.3

793.3

914.8

(121.5)

Weather Impact

29.3

(20.0)

49.3

40.7

3.2

37.5

As-Reported Earnings (Loss)

(per share in $)

(4.04)

1.27

(5.31)

(1.54)

4.56

(6.10)

Less Special Items:

  Pilgrim/FitzPatrick asset impairments

  and related write-offs

(5.93)

(5.93)

(5.92)

(5.92}

  HCM implementation expenses

(0.04)

0.04

  Decision to close VY

(0.01)

(0.41)

0.40

(0.04)

(0.48)

0.44

Total Special Items

(5.94)

(0.41)

(5.53)

(5.96)

(0.52)

(5.44)

Operational Earnings

1.90

1.68

0.22

4.42

5.08

(0.66)

Weather Impact

0.16

(0.11)

0.27

0.23

0.02

0.21

Totals may not foot due to rounding

Business Unit Results

In addition to the summary business unit discussions below and results provided in Appendix A, a comprehensive analysis of quarterly and year-to-date variances is provided in Appendix B to this release. Appendix A also provides information on operating cash flow by business.

Utility, Parent & Other Results

In third quarter 2015, Utility, Parent and Other earnings were $1.72 per share on an as-reported and an operational basis. In comparison, third quarter 2014 as-reported and operational EPS was $1.45. Operational results reflected the effects of productive investments and favorable weather, as well as higher operating expenses. Also contributing to the quarter-over-quarter increase was a regulatory charge recorded in third quarter 2014.

Billed retail sales volume increased quarter-to-quarter on the effects of weather and retail sales growth. On a weather-adjusted basis, billed volume increased 1.8 percent; the components of the sales growth were:

  • Weather-adjusted residential sales decline of (0.1) percent,
  • Commercial sales increase of 1.2 percent on a weather-adjusted basis,
  • Weather-adjusted governmental sales increase of 4.9 percent and
  • Industrial sales increase of 4.0 percent.

Industrial sales growth reflected new and expansion projects that continued to ramp up and come into service, as well as growth from existing customers. Petroleum refineries ran at high utilization levels after their extended spring outages in second quarter 2015.

On a revenue basis, volume was primarily driven by weather. Weather reflected a significantly warmer-than-normal summer in third quarter 2015, compared to a cooler-than-normal season last year. Higher Utility net revenue also included rate adjustments for the Ninemile Point Unit 6 plant that went in service at the end of 2014 and the Entergy Mississippi, Inc. rate case, and increased industrial usage. The earnings effect from these rate adjustments was largely offset by changes in other line items (e.g., non-fuel operation and maintenance and depreciation expenses). Increased regulatory compliance at Arkansas Nuclear One and higher distribution reliability spending were also reflected in the higher non-fuel O&M.

For additional details on Utility's performance for the quarter, see Appendix C.

Entergy Wholesale Commodities Results

EWC operational adjusted earnings before interest, taxes, depreciation and amortization were $129 million in third quarter 2015, compared to $165 million in the same period a year ago. The decrease in operational adjusted EBITDA was driven largely by lower nuclear energy and capacity prices.

EWC Operational Adjusted EBITDA – Reconciliation of GAAP to Non-GAAP Measures

Third Quarter and Year-to-Date 2015 vs. 2014

($ in millions)

Third Quarter

Year-to-Date

2015

2014

Change

2015

2014

Change

Net income

(1,032)

(33)

(999)

(913)

235

(1,148)

Add back: interest expense

7

4

3

19

12

7

Add back: income tax expense

(555)

2

(557)

(488)

141

(629)

Add back: depreciation and amortization

60

72

(12)

187

213

(26)

Subtract: interest and investment income

29

29

116

77

39

Add back: decommissioning expense

33

35

(2)

101

104

(3)

Adjusted EBITDA

(1,515)

51

(1,566)

(1,210)

627

(1,837)

Add back:

  Special item for HCM implementation (pre-tax)

1

(1)

3

(3)

  Special item for the decision to close VY (pre-tax)

2

113

(111)

11

134

(123)

  Special item for Pilgrim/FitzPatrick asset impairments and related write-offs (pre-tax)

1,642

1,642

1,642

1,642

Operational adjusted EBITDA

129

165

(36)

443

764

(321)

Totals may not foot due to rounding

EWC reported an as-reported loss of $5.76 per share compared to a third quarter 2014 as-reported loss of 18 cents per share. Third quarter 2015 as-reported results included non-cash asset impairments for Pilgrim and FitzPatrick totaling approximately $1.6 billion on a pre-tax basis and approximately $1.1 billion after-tax. Under generally accepted accounting principles, long-lived assets are typically accounted for on a historical cost basis unless a triggering event occurs which requires an impairment evaluation. Both plants experienced a triggering event in the quarter. Applying the accounting rules after these events led to the charges. The impairments were classified as a special item and therefore, excluded from operational results.

Third quarter 2015 EWC operational earnings were 18 cents per share, compared to 23 cents per share in the third quarter 2014. This decline was driven by lower nuclear capacity and energy pricing partially offset by the closure of VY at the end of last year. VY incurred a net operational loss in the third quarter of 2014.

For additional details on EWC's performance for the quarter, see Appendix D and webcast presentation slides.

Earnings Guidance

Entergy updated its 2015 operational earnings guidance to be $5.50 to $6.10 per share. Current expectations are around $6.00 per share. The updated guidance range reflects year-to-date weather and updated expectations for tax benefits at Utility, Parent and Other as well as lower fuel, refueling outage and depreciation and amortization expenses at EWC resulting from the Pilgrim and FitzPatrick impairments. See webcast presentation slides for additional details.

Earnings Teleconference

A teleconference will be held at 10 a.m. CT on Monday, Nov. 2, 2015, to discuss Entergy's third quarter 2015 earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at www.entergy.com or by dialing (855) 893-9849, conference ID 60315863, no more than 15 minutes prior to the start of the call. The presentation slides are also posted to 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 on Entergy's website at www.entergy.com and by telephone. The telephone replay will be available through Nov. 9, 2015, by dialing (855) 859-2056, conference ID 60315863. This release and presentation slides are also available on the Entergy Investor Relations mobile web app at iretr.com.

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 nearly 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 $12 billion and approximately 13,000 employees.

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

Additional information regarding Entergy's quarterly results of operations, regulatory proceedings and other matters is available in Entergy's earnings release package, a copy of which will be filed with the U.S. Securities and Exchange Commission, and the quarterly presentation slides. The earnings package contains appendices to this release and financial statements. Both the earnings release package and quarterly presentation slides are available on Entergy's Investor Relations website at www.entergy.com/investor_relations and on Entergy's Investor Relations mobile web app at iretr.com.

Cautionary Note Regarding Forward-Looking Statements

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. Such forward-looking statements include, among other things, Entergy's 2015 operational earnings guidance, its current financial and operational outlook, and other statements of Entergy's plans, beliefs or expectations included in this news release. 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 are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and 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) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning FitzPatrick, Pilgrim or VY or any of Entergy's other nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the pending acquisition of the Union Power Station near El Dorado, Arkansas, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized and (h) economic conditions and conditions in commodity and capital markets during the periods covered by the forward-looking statements.

For definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the quarterly materials, see Appendix F.

Third Quarter 2015 Earnings Release Package

Appendices Seven appendices are presented in this section as follows:

  • Appendix A: Consolidated Results and Special Items
  • Appendix B: Variance Analysis
  • Appendix C: Utility Performance Measures
  • Appendix D: EWC Performance Measures
  • Appendix E: Financial Performance Measures
  • Appendix F: Definitions, Abbreviations and Acronyms
  • Appendix G: GAAP to Non-GAAP Reconciliations

Also included in this earnings release package are:

  • Financial Statements

Accompanying the earnings package is a webcast slide presentation.

A: Consolidated Results and Special Items Appendix 1-1 provides a comparative summary of consolidated EPS for third quarter and year-to-date 2015 versus 2014, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings.

Appendix 1-1: Consolidated Earnings – Reconciliation of GAAP to Non-GAAP Measures

Third Quarter and Year-to-Date 2015 vs. 2014

(Per share in $)

Third Quarter

Year-to-Date

2015

2014

Change

2015

2014

Change

As-Reported

Utility

2.01

1.72

0.29

4.36

4.00

0.36

Parent & Other

(0.29)

(0.27)

(0.02)

(0.81)

(0.74)

(0.07)

EWC

(5.76)

(0.18)

(5.58)

(5.09)

1.30

(6.39)

  Consolidated As-Reported Earnings (Loss)

(4.04)

1.27

(5.31)

(1.54)

4.56

(6.10)

Less Special Items

Utility

(0.03)

0.03

Parent & Other

EWC

(5.94)

(0.41)

(5.53)

(5.96)

(0.49)

(5.47)

  Consolidated Special Items

(5.94)

(0.41)

(5.53)

(5.96)

(0.52)

(5.44)

Operational

Utility

2.01

1.72

0.29

4.36

4.03

0.33

Parent & Other

(0.29)

(0.27)

(0.02)

(0.81)

(0.74)

(0.07)

EWC

0.18

0.23

(0.05)

0.87

1.79

(0.92)

  Consolidated Operational Earnings

1.90

1.68

0.22

4.42

5.08

(0.66)

Weather Impact

0.16

(0.11)

0.27

0.23

0.02

0.21

Detailed earnings variance analyses are included in Appendix 2-1 and Appendix 2-2.

Appendix 1-2 provides the components of OCF contributed by each business with current quarter and year-to-date comparisons.

Appendix 1-2: Consolidated Operating Cash Flow

Third Quarter and Year-to-Date 2015 vs. 2014

($ in millions)

Third Quarter

Year-to-Date

2015

2014

Change

2015

2014

Change

Utility

833

1,239

(406)

2,049

2,243

(194)

Parent & Other

13

(83)

96

(81)

(208)

127

EWC

165

207

(42)

381

856

(475)

  Total Operating Cash Flow

1,011

1,363

(352)

2,350

2,891

(542)

Totals may not foot due to rounding

The primary drivers of the $352 million quarter-over-quarter decrease were the receipt of Isaac-related securitization funds in third quarter 2014 and lower EWC net revenue.

Appendix 1-3 and Appendix 1-4 list special items by business. Amounts are shown on both an EPS basis and a net income basis. Special items are those events that are not routine. Special items are included in as-reported EPS consistent with GAAP, but are excluded from operational EPS. As a result, operational EPS is considered a non-GAAP measure.

Appendix 1-3: Special Items by Driver (shown as positive/(negative) impact on EPS)

Third Quarter and Year-to-Date 2015 vs. 2014

(After-tax, per share in $)

Third Quarter

Year-to-Date

2015

2014

Change

2015

2014

Change

Utility

HCM implementation expenses

(0.03)

0.03

  Total Utility

(0.03)

0.03

EWC

Pilgrim/FitzPatrick asset impairments

  and related write-offs

(5.93)

(5.93)

(5.92)

(5.92)

Decision to close VY

(0.01)

(0.41)

0.40

(0.04)

(0.48)

0.44

HCM implementation expenses

(0.01)

0.01

  Total EWC

(5.94)

(0.41)

(5.53)

(5.96)

(0.49)

(5.47)

Total Special Items

(5.94)

(0.41)

(5.53)

(5.96)

(0.52)

(5.44)

Appendix 1-4: Special Items by Income Statement Line Item (shown as positive/(negative) impact on earnings)

Third Quarter and Year-to-Date 2015 vs. 2014

(Pre-tax except for Income taxes – other, $ in millions)

Third Quarter

Year-to-Date

2015

2014

Change

2015

2014

Change

Utility

Non-fuel O&M

(0.7)

0.7

(10.2)

10.2

Taxes other than income taxes

(0.5)

0.5

Income taxes – other

0.4

(0.4)

4.6

(4.6)

  Total Utility

(0.3)

0.3

(6.1)

6.1

EWC

Non-fuel O&M

(1.7)

(10.2)

8.5

(10.8)

(27.6)

16.8

Taxes other than income taxes

(0.1)

(0.8)

0.7

0.2

(2.2)

2.4

Asset write-off and impairments

(1,642.2)

(103.0)

(1,539.2)

(1,642.2)

(107.0)

(1,535.2)

Income taxes – other

580.3

39.9

540.4

583.4

48.6

534.8

  Total EWC

(1,063.7)

(74.0)

(989.7)

(1,069.4)

(88.1)

(981.3)

Total Special Items

(1,063.7)

(74.3)

(989.4)

(1,069.4)

(94.2)

(975.2)

Totals may not foot due to rounding

B: Variance Analysis Appendix 2-1 and Appendix 2-2 provide details of current quarter and year-to-date 2015 versus 2014 as-reported and operational earnings variance analysis for Utility, EWC, Parent & Other and Consolidated.

Appendix 2-1: As-Reported and Operational EPS Variance Analysis

Third Quarter 2015 vs. 2014

(After-tax, per share in $, sorted in consolidated operational column, most to least favorable)

Utility

Parent & Other

EWC

Consolidated

As-Reported

Opera-

tional

As-Reported

Opera-tional

As- Reported

Opera-tional

As- Reported

Opera-tional

2014 earnings

1.72

1.72

(0.27)

(0.27)

(0.18)

0.23

1.27

1.68

Asset write-off and impairments

0.23

0.23

(a)

(5.56)

(b)

(5.33)

0.23

Net revenue

0.36

0.36

(c)

(0.26)

(0.26)

(d)

0.10

0.10

Income taxes – other

0.03

0.03

0.03

0.03

Share effect

0.01

0.01

0.01

0.01

Decommissioning expense

(0.01)

(0.01)

0.01

0.01

Taxes other than income taxes

(0.03)

(0.03)

0.03

0.03

Depreciation/amortization expense

(0.05)

(0.05)

(e)

0.04

0.04

(0.01)

(0.01)

Interest expense and other charges

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

(0.03)

(0.03)

Other income (deductions)-other

(0.05)

(0.05)

(f)

(0.05)

(0.05)

Non-fuel O&M

(0.16)

(0.16)

(g)

(0.01)

(0.01)

0.14

0.11

(h)

(0.03)

(0.06)

2015 earnings

2.01

2.01

(0.29)

(0.29)

(5.76)

0.18

(4.04)

1.90

Appendix B-2: As-Reported and Operational EPS Variance Analysis

Year-to-Date 2015 vs. 2014

(After-tax, per share in $, sorted in consolidated operational column, most to least favorable)

Utility

Parent & Other

EWC

Consolidated

As-Reported

Opera-

tional

As-Reported

Opera-tional

As- Reported

Opera-tional

As- Reported

Opera-tional

2014 earnings

4.00

4.03

(0.74)

(0.74)

1.30

1.79

4.56

5.08

Asset write-off and impairments

0.23

0.23

(a)

(5.54)

(b)

(5.31)

0.23

Other income (deductions) – other

0.02

0.02

(0.05)

(0.05)

(i)

0.12

0.12

(j)

0.09

0.09

Income taxes – other

0.10

0.10

(k)

(0.01)

(0.01)

(0.03)

(0.03)

0.06

0.06

Share effect

0.01

0.01

0.01

0.01

Decommissioning expense

(0.03)

(0.03)

0.01

0.01

(0.02)

(0.02)

Taxes other than income taxes

(0.07)

(0.07)

(l)

0.05

0.04

(0.02)

(0.03)

Depreciation/amortization expense

(0.14)

(0.14)

(e)

0.09

0.09

(m)

(0.05)

(0.05)

Interest expense and other charges

(0.05)

(0.05)

(n)

0.01

0.01

(0.02)

(0.02)

(0.06)

(0.06)

Non-fuel O&M

(0.56)

(0.59)

(g)

(0.01)

(0.01)

0.36

0.30

(h)

(0.21)

(0.30)

Net revenue

0.85

0.85

(c)

(0.01)

(0.01)

(1.43)

(1.43)

(d)

(0.59)

(0.59)

2015 earnings

4.36

4.36

(0.81)

(0.81)

(5.09)

0.87

(1.54)

4.42

(a) 

The current quarter and year to date increases were due to the third quarter 2014 charge associated with the EMI rate case settlement ($60.9 million pre-tax, $40.5 million after-tax).

(b) 

The as-reported current quarter and year-to date decreases were primarily due to non-cash impairment charges and related write-offs in the current quarter for the Pilgrim and FitzPatrick plants totaling $(5.93)/share. Partially offsetting this decrease was a third quarter 2014 charge for an updated VY decommissioning cost study.

(c) 

The current quarter and year-to date increases were due to favorable weather, an increase in industrial usage and pricing. The price variance included the Louisiana FRP rate adjustments for placing Ninemile 6 in rates and the EMI rate case. Year-to-date included higher volume from all classes.

(d) 

The current quarter and year-to-date decreases were due to the retirement of VY at the end of 2014 along with lower realized nuclear capacity and energy pricing. Also contributing to the decreases in the year-to-date period was the negative net effect of mark-to-market activity in the current period compared to a positive contribution in the comparable period a year ago. Fewer refueling outage days provided a partial offset in both periods.

(e) 

The current quarter and year-to-date decreases were due primarily to additions to plant (including Ninemile Unit 6 placed in service in December 2014) as well as higher depreciation rates implemented at EMI for 2015 (as approved by the MPSC).

(f) 

The current quarter decrease was due partly to lower decommissioning trust earnings (offset in net revenue), lower AFUDC equity and carrying charges recorded in 2014 on storm restoration costs related to Hurricane Isaac.

(g) 

The current quarter and year-to-date decreases reflected regulatory compliance costs resulting from the NRC's decision to move ANO into Column 4 of the reactor oversight process action matrix (approximately $21 million in third quarter 2015 and approximately $38 million in the year-to-date period). Also higher were expenses for distribution reliability. Year-to-date includes higher other nuclear and fossil expenses. Other non-fuel O&M changes with offsets in net revenue in the current and year-to date periods included transmission costs allocated by MISO and energy efficiency program costs.

(h) 

The current quarter and year-to-date increases were attributable to the closure of VY at the end of 2014. Excluding VY, year-over-year non-fuel O&M was higher due to higher refueling outage amortization and fewer refueling outage days resulting in the lower deferral of costs for future amortization.

(i) 

The year-to-date decrease was due primarily to higher earnings on investments in affiliate preferred membership interests (offset in Utility).

(j) 

The year-to-date increase was due primarily to higher realized gains on decommissioning trusts, including the rebalancing of VY's decommissioning trust portfolio in the current year.

(k) 

The year-to-date increase was attributable to a first quarter 2015 adjustment of approximately $24 million involving the reversal of a portion of the provision for uncertain tax provisions related to interest accrual. Partially offsetting was a state income tax benefit of approximately $10 million resulting from Act 55 storm securitization in third quarter 2014.

(l) 

The year-to-date decrease was primarily due to higher payroll taxes and ad valorem tax assessments.

(m) 

The year-to-date increase was mainly attributable to the absence of VY depreciation.

(n) 

The year-to-date decrease resulted from net debt issuances in fourth quarter 2014.

See webcast appendix for more details on the effects of the VY closure on EWC line item variances.

Utility As-Reported Net Revenue

Variance Analysis

2015 vs. 2014 ($ EPS)

Third Quarter

Year-to-Date

Weather

0.27

0.21

Sales growth/pricing

0.15

0.73

Other

(0.06)

(0.09)

Total

0.36

0.85

C: Utility Performance Measures Appendix 3-1 provides a comparative summary of Utility operational performance measures.

Appendix 3-1: Utility Operational Performance Measures

Third Quarter and Year-to-Date 2015 vs. 2014

Third Quarter

Year-to-Date

2015

2014

% Change

% Weather Adjusted (o)

2015

2014

% Change

% Weather Adjusted (o)

GWh billed

Residential

11,887

10,869

9.4

(0.1)

28,683

28,162

1.9

0.4

Commercial

8,744

8,281

5.6

1.2

22,370

21,844

2.4

0.6

Governmental

692

659

5.0

4.9

1,886

1,829

3.1

2.9

Industrial

12,087

11,620

4.0

4.0

33,230

32,635

1.8

1.8

Total Retail Sales

33,410

31,429

6.3

1.8

86,169

84,470

2.0

1.0

Wholesale

2,586

2,075

24.6

7,535

6,357

18.5

Total Sales

35,996

33,504

7.4

93,704

90,827

3.2

Number of electric retail customers

Residential

2,434,079

2,411,773

0.9

Commercial

348,920

345,338

1.0

Governmental

17,779

17,314

2.7

Industrial

49,941

49,868

0.1

Total Retail Customers

2,850,719

2,824,293

0.9

Net Revenue ($ millions)

1,750

1,646

6.3

4,648

4,401

5.6

As-reported non-fuel O&M per MWh

$18.42

$18.42

$20.17

$19.02

6.0

Operational non-fuel O&M per MWh

$18.42

$18.40

0.1

$20.17

$18.91

6.7

(o) 

The effects of weather are estimated using monthly heating degree days and cooling degree days from certain locations within each jurisdiction and comparing to "normal" weather based on 20 year historical data. The models used to estimate weather are updated periodically and subject to change.

See webcast presentation appendix slides for information on select regulatory cases.

Appendix D: EWC Performance Measures Appendix 4-1 provides a comparative summary of EWC operational performance measures.

Appendix 4-1: EWC Operational Performance Measures

Third Quarter and Year-to-Date 2015 vs. 2014

Third Quarter

Year-to-Date

2015

2014

% Change

2015

2014

% Change

Owned capacity (MW) (p)

5,463

6,068

(10.0)

5,463

6,068

(10.0)

GWh billed

10,748

11,328

(5.1)

29,918

32,874

(9.0)

As-reported average total revenue per MWh

$48.54

$53.47

(9.2)

$53.60

$63.75

(15.9)

Adjusted average total revenue per MWh (q)

$48.19

$53.11

(9.3)

$53.22

$63.37

(16.0)

Net revenue ($ millions)

410

485

(15.5)

1,287

1,704

(24.5)

As-reported non-fuel O&M per MWh

$23.79

$26.07

(8.7)

$25.16

$26.05

(3.4)

Operational non-fuel O&M per MWh (r)

$23.63

$25.18

(6.2)

$24.80

$25.21

(1.6)

EWC Nuclear Fleet

Capacity factor

92%

90%

2.2

90%

89%

1.1

GWh billed

9,125

9,950

(8.3)

26,298

29,618

(11.2)

As-reported average total revenue per MWh

$50.41

$53.66

(6.1)

$53.96

$63.34

(14.8)

Adjusted average total revenue per MWh (s)

$49.99

$53.24

(6.1)

$53.53

$62.93

(14.9)

Production cost per MWh

$26.90

$27.37

(1.7)

$26.24

$26.54

(1.1)

Net revenue ($ millions)

395

470

(16.0)

1,242

1,660

(25.2)

Refueling outage days

  FitzPatrick

37

37

  Indian Point 2

24

  Indian Point 3

23

  Palisades (t)

13

13

56

  Pilgrim

34

(p) 

Third quarter and year-to-date 2014 include capacity for VY, which was retired in December 2014 (605 MW).

(q) 

Excluding VY, $55.28/MWh and $62.97/MWh in third quarter and year-to-date 2014 periods.

(r) 

Excluding VY, $24.44/MWh and $24.67/MWh in third quarter and year-to-date 2014 periods.

(s) 

Excluding VY, $55.78/MWh and $62.40/MWh in third quarter and year-to-date 2014 periods.

(t) 

Palisades had 19 refueling outage days in fourth quarter 2015.

See webcast presentation appendix slides for EWC hedging and price disclosures.

E: Financial Performance Measures Appendix 5 provides comparative financial performance measures for the current quarter. Financial performance measures in this table 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 7.

Appendix 5: GAAP and Non-GAAP Financial Performance Measures

Third Quarter 2015 vs. 2014

For 12 months ending Sept. 30

2015

2014

Change

GAAP Measures

ROIC – as-reported

1.1%

5.8%

(4.7%)

ROE – as-reported

(1.6%)

9.9%

(11.5%)

Book value per share

$51.33

$56.49

($5.16)

End of period shares outstanding (millions)

178.4

179.6

(1.2)

Non-GAAP Measures

ROIC – operational

5.6%

6.3%

(0.7%)

ROE – operational

9.6%

11.2%

(1.6%)

As of Sept. 30 ($ in millions)

2015

2014

Change

GAAP Measures

Cash and cash equivalents

1,041

1,069

(28)

Revolver capacity

3,869

3,975

(106)

Commercial paper outstanding

664

776

(112)

Total debt

14,144

13,673

471

Securitization debt

814

814

Debt to capital ratio

60.2%

56.7%

3.5%

Off-balance sheet liabilities:

Debt of joint ventures – Entergy's share

78

83

(5)

Leases – Entergy's share

422

456

(34)

Power purchase agreements accounted for as leases

224

224

Total off-balance sheet liabilities

724

763

(39)

Non-GAAP Measures

Debt to capital ratio, excluding securitization debt

58.7%

55.2%

3.5%

Gross liquidity

4,910

5,044

(134)

Net debt to net capital ratio, excluding securitization debt

56.7%

53.0%

3.7%

Parent debt to total debt ratio, excluding securitization debt

20.9%

19.6%

1.3%

Debt to operational adjusted EBITDA, excluding securitization debt

3.9

3.6

0.3

Operational FFO to debt ratio, excluding securitization debt

25.4%

29.4%

(4.0%)

F: Definitions, Abbreviations and Acronyms Appendix 6-1 provides definitions of certain operational performance measures, as well as GAAP and non-GAAP financial measures which are referenced in the quarterly materials. Non-GAAP measures are included in these quarterly materials to provide metrics that remove the effect of financial events that are not routine from commonly used financial metrics.

Appendix 6-1: Definitions

Utility Operational Performance Measures

GWh billed

Total number of GWh billed to all retail and wholesale customers

Net revenue

Operating revenue less fuel, fuel related expenses and gas purchased for resale, purchased power and other regulatory charges (credits) – net

Non-fuel O&M

Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale and purchased power

Non-fuel O&M per MWh

Non-fuel O&M per MWh of billed sales

Number of retail customers

Number of customers at end of period

EWC Operational Performance Measures

As-reported average total revenue per MWh

As-reported revenue per MWh billed, excluding revenue from investments in wind generation accounted for under the equity method of accounting

Adjusted average total revenue per MWh

As-reported average total revenue per MWh, excluding revenue from the amortization of the Palisades below-market PPA

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

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

Bundled capacity and energy contracts

A contract for the sale of installed capacity and related energy, priced per MWh sold

Capacity contracts

A contract for the sale of the installed capacity product in regional markets managed by ISO-NE, the NYISO and MISO

Capacity factor

Normalized percentage of the period that the nuclear plants generate power

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

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

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

Appendix 6-1: Definitions

EWC Operational Performance Measures (continued)

Net revenue

Operating revenue less fuel, fuel related expenses and purchased power

Non-fuel O&M

Operation and maintenance expenses excluding fuel, fuel-related expenses and gas purchased for resale, purchased power and investments in wind generation accounted for under the equity method of accounting

Non-fuel O&M per MWh

Non-fuel O&M per MWh billed

Offsetting positions

Transactions for the purchase of energy, generally to offset a Firm LD transaction

Owned capacity (MW)

Installed capacity owned and operated by EWC, including investments in wind generation accounted for under the equity method of accounting; VY (nuclear) was retired on Dec. 29, 2014 (605 MW)

Percent of capacity sold forward

Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions

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; positions that are no longer classified as hedges are netted in the planned generation under contract

Planned net MW in operation

Amount of installed capacity to generate power and/or sell capacity, assuming shutdown of Pilgrim June 1, 2019 and FitzPatrick at the end of January 2017, excludes energy and capacity from EWC's wind investment accounted for under the equity method of accounting

Planned TWh of generation

Amount of output expected to be generated by EWC resources considering plant operating characteristics and outage schedules, assuming shutdown of Pilgrim June 1, 2019 and FitzPatrick at the end of January 2017, uninterrupted normal plant operation and timely renewal of plant operating licenses at IPEC

Production cost per MWh

Fuel and non-fuel O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation), excluding special items

Refueling outage days

Number of days lost for scheduled refueling outage during the period

Unit-contingent

Transaction under which power is supplied from a specific generation asset; if the asset is on operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee

Financial Measures – GAAP

Book value per share

End of period common equity divided by end of period shares outstanding

Debt of joint ventures – Entergy's share

Entergy's share of debt issued by business joint ventures at EWC

Debt to capital ratio

Total debt divided by total capitalization

Leases – Entergy's share

Operating leases held by subsidiaries capitalized at implicit interest rate

Revolver capacity

Amount of undrawn capacity remaining on corporate and subsidiary revolvers, including Entergy Nuclear Vermont Yankee

ROIC – as-reported

12-months rolling net income attributable to Entergy Corporation or Subsidiary (Net Income) adjusted for preferred dividends and tax-effected interest expense divided by average invested capital

ROE – as-reported

12-months rolling Net Income divided by average common equity

Securitization debt

Debt associated with securitization bonds issued to recover storm costs from hurricanes Rita, Ike and Gustav at ETI and Hurricane Isaac at ENOI; the 2009 ice storm at EAI, investment recovery of costs associated with the cancelled Little Gypsy repowering project at ELL

Total debt

Sum of short-term and long-term debt, notes payable and commercial paper and capital leases on the balance sheet

Appendix 6-1: Definitions

Financial Measures – Non-GAAP

Adjusted EBITDA

Earnings before interest, depreciation and amortization and income taxes excluding decommissioning expense and other than temporary impairment losses on decommissioning trust fund assets; for Entergy consolidated, also excludes AFUDC-equity funds and subtracts securitization proceeds

Debt to capital ratio, excluding securitization debt

Total debt divided by total capitalization, excluding securitization debt

Debt to EBITDA

End of period total debt excluding securitization debt divided by 12-months rolling operational adjusted EBITDA

FFO

Net cash flow provided by operations less AFUDC-borrowed funds, working capital items in operating cash flow (receivables, fuel inventory, accounts payable, prepaid taxes and taxes accrued, interest accrued and other working capital accounts) and securitization regulatory charge

FFO to debt

12-months rolling operational FFO as a percentage of end of period total debt excluding securitization debt

Gross liquidity

Sum of cash and revolver capacity

Operational adjusted EBITDA

Adjusted EBITDA excluding effects of special items

Operational earnings

As-reported Net Income adjusted to exclude the impact of special items

Operational FFO

FFO excluding effects of special items

Parent debt to total debt

End of period Entergy Corporation debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of total debt excluding securitization debt

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

ROIC – operational

12-months rolling operational Net Income adjusted for preferred dividends and tax-effected interest expense divided by average invested capital

ROE – operational

12-months rolling operational Net Income divided by average common equity

Appendix 6-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix 6-2: Abbreviations and Acronyms

AFUDC-borrowed funds

Allowance for borrowed funds used during construction

ISO-NE

ISO New England

LHV

Lower Hudson Valley

LPSC

Louisiana Public Service Commission

AFUDC-equity funds

Allowance for equity funds used during construction

LTM

Last twelve months

MISO

Midcontinent Independent System Operator, Inc.

ADIT

Accumulated deferred income taxes

MPSC

Mississippi Public Service Commission

ALJ

Administrative law judge

NEPOOL

New England Power Pool

ANO

Arkansas Nuclear One (nuclear)

Ninemile 6

Non-fuel O&M

Ninemile Point Unit 6

Non-fuel O&M

APSC

Arkansas Public Service Commission

NRC

NYISO

Nuclear Regulatory Commission

New York Independent System Operator, Inc.

ARO

Asset retirement obligation

BTA

Best technology available

NYPA

New York Power Authority

CCGT

Combined cycle gas turbine

NYS

New York State

CCNO

Council of the City of New Orleans, Louisiana

NYSDEC

New York State Department of Environmental Conservation

COD

Commercial operation date

NYSDOS

New York State Department of State

CZM

Coastal zone management

NYSE

New York Stock Exchange

DCRF

DOJ

EAI

EBITDA

Distribution cost recovery factor

U.S. Department of Justice

Entergy Arkansas, Inc.

Earnings before interest, income taxes, depreciation and amortization

O&M

Operation and maintenance expense

OCF

Operating cash flow

EEI

Edison Electric Institute

OPEB

Other post-employment benefits

EGSL

Entergy Gulf States Louisiana, L.L.C.

Palisades

Palisades Power Plant (nuclear)

ELL

Entergy Louisiana, LLC

Pilgrim

Pilgrim Nuclear Power Station (nuclear)

EMI

Entergy Mississippi, Inc.

PPA

Power purchase agreement

ENOI

Entergy New Orleans, Inc.

PUCT

Public Utility Commission of Texas

EPA

Environmental Protection Agency

RFO

Refueling outage

EPS

Earnings per share

RFP

Request for proposal

ETI

Entergy Texas, Inc.

RISEC

Rhode Island State Energy Center (CCGT)

ETR

Entergy Corporation

ROE

Return on equity

EWC

Entergy Wholesale Commodities

ROIC

Return on invested capital

FCA

Forward capacity auction

ROS

Rest of state

FERC

Federal Energy Regulatory Commission

RPCE

Rough production cost equalization

FFO

Funds from operations

SEC

U.S. Securities and Exchange Commission

Firm LD

Firm liquidated damages

SEMARI

Southeast Massachusetts/Rhode Island

FitzPatrick

James A. FitzPatrick Nuclear Power Plant

SERI

System Energy Resources, Inc.

FRP

Formula rate plan

SPDES

State Pollutant Discharge Elimination System

GAAP

Generally accepted accounting principles

SPP

Southwest Power Pool

HCM

Human Capital Management program

TCRF

Transmission cost recovery factor

HSR

Hart-Scott-Rodino

UP&O

Utility, Parent & Other

Indian Point 2

Indian Point Energy Center Unit 2 (nuclear)

VY

Vermont Yankee Nuclear Power Station (nuclear)

Indian Point 3

Indian Point Energy Center Unit 3 (nuclear)

WACC

Weighted-average cost of capital

IPEC

Indian Point Energy Center (nuclear)

WOTAB

West of the Atchafalaya Basin

ISES

Independence Steam Electric Station (coal)

WQC

Water Quality Certification

YOY

Year-over-year

G: GAAP to Non-GAAP Reconciliations Appendix 7-1, Appendix 7-2 and Appendix 7-3 provide reconciliations of various non-GAAP financial measures disclosed in this release to their most comparable GAAP measure.

Appendix 7-1: Reconciliation of GAAP to Non-GAAP Financial Measures – Utility and EWC Non-fuel O&M per MWh, EWC and EWC Nuclear Average Total Revenue per MWh

($ in thousands except where noted)

Third Quarter

Year-to-Date

2015

2014

2015

2014

Utility

As-reported Utility non-fuel O&M

(A)

663,142

617,104

1,889,982

1,727,878

Special Items included in non-fuel O&M:

  HCM implementation expenses

681

10,202

     Total special items included in non-fuel O&M

(B)

681

10,202

Operational Utility non-fuel O&M

(A-B)

663,142

616,423

1,889,982

1,717,676

Utility billed sales (GWh)

(C)

35,996

33,504

93,704

90,827

As-reported Utility non-fuel O&M per MWh

(A/C)

18.42

18.42

20.17

19.02

Operational Utility non-fuel O&M per MWh

[(A-B)/(C)]

18.42

18.40

20.17

18.91

EWC

As-reported EWC non-fuel O&M

(D)

255,656

295,375

752,719

856,399

Special Items included in non-fuel O&M:

 Decision to close VY

1,706

9,681

10,774

25,114

  HCM implementation expenses

483

2,525

     Total special items included in non-fuel O&M

(E)

1,706

10,164

10,774

27,639

Operational EWC non-fuel O&M

(D-E)

253,950

285,211

741,945

828,760

EWC billed sales (GWh)

(F)

10,748

11,328

29,918

32,874

As-reported EWC non-fuel O&M per MWh

(D/F)

23.79

26.07

25.16

26.05

Operational EWC non-fuel O&M per MWh

[(D-E)/(F)]

23.63

25.18

24.80

25.21

As-reported EWC operating revenue

(G)

521,746

605,740

1,603,643

2,095,752

Less Palisades below-market PPA amortization

(H)

3,800

4,124

11,400

12,372

Adjusted EWC operating revenue

(G-H)

517,946

601,616

1,592,243

2,083,380

As-reported EWC nuclear operating revenue

(I)

459,964

533,887

1,419,060

1,876,115

Less Palisades below-market PPA amortization

(H)

3,800

4,124

11,400

12,372

Adjusted EWC nuclear operating revenue

(I-H)

456,164

529,763

1,407,660

1,863,743

As-reported EWC average total revenue per MWh

(G)/(F)

48.54

53.47

53.60

63.75

Adjusted EWC average total revenue per MWh

[(G-H)/(F)]

48.19

53.11

53.22

63.37

EWC nuclear billed sales (GWh)

(J)

9,125

9,950

26,298

29,618

As-reported EWC nuclear average total revenue per MWh

(I)/(J)

50.41

53.66

53.96

63.34

Adjusted EWC nuclear average total revenue per MWh

[(I-H)/(J)]

49.99

53.24

53.53

62.93

VY operational non-fuel O&M

(K)

40,388

115,203

VY operating revenue

(L)

47,824

262,312

VY billed sales

(M)

1,310

3,953

Operational EWC non-fuel O&M per MWh excluding VY

[(D-E)-(K)]/[(F)-(M)]

24.44

24.67

Adjusted EWC average total revenue per MWh excluding VY

[(G-H)-(L)]/(F)-(M)]

55.28

62.97

Adjusted EWC nuclear average total revenue per MWh excluding VY

[(I-H)-(L)]/(J)-(M)]

55.78

62.40

Totals may not foot due to rounding

 

Appendix 7-2: Reconciliation of GAAP to Non-GAAP Financial Measures – ROE, ROIC Metrics

($ in millions)     

Third Quarter

2015

2014

As-reported net income (loss) attributable to Entergy Corporation, rolling 12 months

(A)

(156)

968

Preferred dividends

19

19

Tax effected interest expense

396

383

As-reported net income attributable to Entergy Corporation, rolling 12 months adjusted for preferred dividends and tax effected interest expense

(B)

259

1,370

Special items, rolling 12 months

(21)

(52)

Pilgrim/FitzPatrick asset impairments and related write-offs

(1,063)

Decision to close VY

(1)

(74)

HCM implementation expenses

(1)

  Total special items, rolling 12 months

(C)

(1,085)

(127)

Operational earnings, rolling 12 months adjusted for preferred dividends and tax effected interest expense

(B-C)

1,344

1,497

Operational earnings, rolling 12 months

(A-C)

929

1,095

Average invested capital

(D)

23,819

23,720

Average common equity

(E)

9,653

9,779

ROIC – as-reported %

(B/D)

1.1

5.8

ROIC – operational %

[(B-C)/D]

5.6

6.3

ROE – as-reported %

(A/E)

(1.6)

9.9

ROE – operational %

[(A-C)/E]

9.6

11.2

Totals may not foot due to rounding

 

Appendix 7-3: Reconciliation of GAAP to Non-GAAP Financial Measures – Credit and Liquidity Metrics

($ in millions)

Third Quarter

2015

2014

Total debt

(A)

14,144

13,673

Less securitization debt

(B)

814

814

Total debt, excluding securitization debt

(C)

13,330

12,859

Less cash and cash equivalents

(D)

1,041

1,069

  Net debt, excluding securitization debt

(E)

12,289

11,790

Total capitalization

(F)

23,512

24,127

Less securitization debt

(B)

814

814

Total capitalization, excluding securitization debt

(G)

22,698

23,313

Less cash and cash equivalents

(D)

1,041

1,069

Net capital, excluding securitization debt

(H)

21,657

22,244

Debt to capital ratio %

(A/F)

60.2

56.7

Debt to capital ratio, excluding securitization debt %

(C/G)

58.7

55.2

Net debt to net capital ratio, excluding securitization debt %

(E/H)

56.7

53.0

Revolver capacity

(I)

3,869

3,975

Gross liquidity

(D+I)

4,910

5,044

Entergy Corporation notes:

  Due July 2022

650

  Due September 2015

550

  Due January 2017

500

500

  Due September 2020

450

450

    Total parent long-term debt

(J)

1,600

1,500

Revolver draw

(K)

525

245

Commercial paper

(L)

664

776

Total parent debt

(J)+(K)+(L)

2,789

2,521

Parent debt to total debt ratio, excluding securitization debt %

[((J)+(K)+(L))/(C)]

20.9%

19.6%

Appendix 7-3: Reconciliation of GAAP to Non-GAAP Financial Measures – Credit and Liquidity Metrics (continued)

($ in millions)

Third Quarter

2015

2014

Total debt

(A)

14,144

13,673

Less securitization debt

(B)

814

814

Total debt, excluding securitization debt

(C)

13,330

12,859

As-reported consolidated net income (loss), rolling 12 months

(156)

968

Add back: interest expense, rolling 12 months

644

623

Add back: income tax expense, rolling 12 months

(35)

519

Add back: depreciation and amortization, rolling 12 months

1,333

1,330

Add back: regulatory charges (credits), rolling 12 months

29

16

Subtract: securitization proceeds, rolling 12 months

134

132

Subtract: interest and investment income, rolling 12 months

186

206

Subtract: AFUDC - equity funds, rolling 12 months

56

66

Add back: decommissioning expense, rolling 12 months

279

264

  Adjusted EBITDA, rolling 12 months

(D)

1,718

3,316

Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax)

6

Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax)

3

55

Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax)

31

186

Add back: special item for Pilgrim/FitzPatrick asset impairments and related write-offs

1,642

  Operational adjusted EBITDA, rolling 12 months

(E)

3,394

3,563

Debt to operational adjusted EBITDA, excluding securitization debt

(C)/(E)

3.9

3.6

Net cash flow provided by operating activities, rolling 12 months

(F)

3,348

3,881

AFUDC borrowed funds used during construction, rolling 12 months

(G)

(29)

(31)

Working capital items in net cash flow provided by operating activities, rolling 12 months:

  Receivables

(5)

(26)

  Fuel inventory

(34)

18

  Accounts payable

(63)

135

  Prepaid taxes and taxes accrued

25

(117)

  Interest accrued

(5)

18

  Other working capital accounts

(17)

11

  Securitization regulatory charge

104

99

       Total

(H)

5

138

FFO, rolling 12 months

(F)+(G)-(H)

3,314

3,712

Add back: special item for transmission business spin-merge expenses, rolling 12 months (pre-tax)

8

Add back: special item for HCM implementation expenses, rolling 12 months (pre-tax)

11

52

Add back: special item resulting from decision to close VY, rolling 12 months (pre-tax)

56

8

Operational FFO, rolling 12 months

(I)

3,381

3,780

Operational FFO to debt ratio, excluding securitization debt %

(I)/(C)

25.4%

29.4%

Totals may not foot due to rounding

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SOURCE Entergy Corporation



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