Commission
File Number
|
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Telephone
Number, and IRS Employer Identification No.
|
Commission
File Number
|
Registrant, State of Incorporation or Organization,
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
|
|
Large
accelerated
filer
|
Accelerated
filer
|
Non-
accelerated
filer
|
Smaller
reporting
company
|
||||
Entergy Corporation
|
Ö
|
||||||
Entergy Arkansas, Inc.
|
Ö
|
||||||
Entergy Gulf States Louisiana, L.L.C.
|
Ö
|
||||||
Entergy Louisiana, LLC
|
Ö
|
||||||
Entergy Mississippi, Inc.
|
Ö
|
||||||
Entergy New Orleans, Inc.
|
Ö
|
||||||
Entergy Texas, Inc.
|
Ö
|
||||||
System Energy Resources, Inc.
|
Ö
|
Common Stock Outstanding
|
Outstanding at October 31, 2013
|
|
Entergy Corporation
|
($0.01 par value)
|
178,319,275
|
Page Number
|
|
iii
|
|
v
|
|
Entergy Corporation and Subsidiaries
|
|
1
|
|
28
|
|
29
|
|
30
|
|
32
|
|
34
|
|
35
|
|
36
|
|
92
|
|
Entergy Arkansas, Inc. and Subsidiaries
|
|
93
|
|
103
|
|
105
|
|
106
|
|
108
|
|
109
|
|
Entergy Gulf States Louisiana, L.L.C.
|
|
110
|
|
119
|
|
120
|
|
121
|
|
122
|
|
124
|
|
125
|
|
Entergy Louisiana, LLC and Subsidiaries
|
|
126
|
|
135
|
|
136
|
|
137
|
|
138
|
|
140
|
|
141
|
|
Entergy Mississippi, Inc.
|
|
142
|
|
149
|
|
151
|
|
152
|
|
154
|
|
155
|
Page Number
|
|
Entergy New Orleans, Inc.
|
|
156
|
|
162
|
|
163
|
|
164
|
|
166
|
|
167
|
|
Entergy Texas, Inc. and Subsidiaries
|
|
168
|
|
175
|
|
177
|
|
178
|
|
180
|
|
181
|
|
System Energy Resources, Inc.
|
|
182
|
|
186
|
|
187
|
|
188
|
|
190
|
|
Part II. Other Information
|
|
191
|
|
191
|
|
191
|
|
192
|
|
194
|
|
197
|
·
|
resolution of pending and future rate cases and negotiations, including various performance-based rate discussions, Entergy’s utility supply plan, and recovery of fuel and purchased power costs;
|
·
|
the termination of Entergy Arkansas’s and Entergy Mississippi’s participation in the System Agreement in December 2013 and November 2015, respectively, the termination of Entergy Texas’s participation in the System Agreement after expiration of the recently proposed 60-month notice period or such other period as approved by the FERC, and the potential for other Entergy operating companies to terminate participation in the System Agreement by providing notice pursuant to the recently proposed 60-month notice period or such other period as approved by the FERC in its pending proceeding and/or by seeking an amendment to the System Agreement that would allow for an Entergy operating company to terminate its participation in less than 96 months;
|
·
|
regulatory and operating challenges and uncertainties associated with the Utility operating companies’ proposal to move to the MISO RTO;
|
·
|
risks associated with the proposed spin-off and subsequent merger of Entergy’s electric transmission business into a subsidiary of ITC Holdings Corp., including the risk that Entergy and the Utility operating companies may not be able to timely satisfy the conditions or obtain the approvals required to complete such transaction or such approvals may contain material restrictions or conditions, and the risk that if completed, the transaction may not achieve its anticipated results;
|
·
|
changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, and the application of more stringent transmission reliability requirements or market power criteria by the FERC;
|
·
|
changes in regulation of nuclear generating facilities and nuclear materials and fuel, including with respect to the planned or potential shutdown of nuclear generating facilities owned or operated by the Entergy Wholesale Commodities business, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and nuclear fuel;
|
·
|
resolution of pending or future applications, and related regulatory proceedings and litigation, for license renewals or modifications of nuclear generating facilities;
|
·
|
the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at its nuclear generating facilities;
|
·
|
Entergy’s ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities;
|
·
|
prices for power generated by Entergy’s merchant generating facilities and the ability to hedge, meet credit support requirements for hedges, sell power forward, or otherwise reduce the market price risk associated with those facilities, including the Entergy Wholesale Commodities nuclear plants;
|
·
|
the prices and availability of fuel and power Entergy must purchase for its Utility customers, and Entergy’s ability to meet credit support requirements for fuel and power supply contracts;
|
·
|
volatility and changes in markets for electricity, natural gas, uranium, and other energy-related commodities;
|
·
|
changes in law resulting from federal or state energy legislation or legislation subjecting energy derivatives used in hedging and risk management transactions to governmental regulation;
|
·
|
changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur, nitrogen, carbon, greenhouse gases, mercury, and other regulated air emissions, and changes in costs of compliance with environmental and other laws and regulations;
|
·
|
uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal;
|
·
|
variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes, ice storms, or other weather events and the recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance;
|
·
|
effects of climate change;
|
·
|
changes in the quality and availability of water supplies and the related regulation of water use and diversion;
|
·
|
Entergy’s ability to manage its capital projects and operation and maintenance costs;
|
·
|
Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms;
|
·
|
the economic climate, and particularly economic conditions in Entergy’s Utility service area and the Northeast United States and events that could influence economic conditions in those areas;
|
·
|
the effects of Entergy’s strategies to reduce tax payments;
|
·
|
changes in the financial markets, particularly those affecting the availability of capital and Entergy’s ability to refinance existing debt, execute share repurchase programs, and fund investments and acquisitions;
|
·
|
actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria;
|
·
|
changes in inflation and interest rates;
|
·
|
the effect of litigation and government investigations or proceedings;
|
·
|
changes in technology, including with respect to new, developing, or alternative sources of generation;
|
·
|
the potential effects of threatened or actual terrorism, cyber attacks or data security breaches, including increased security costs, and war or a catastrophic event such as a nuclear accident or a natural gas pipeline explosion;
|
·
|
Entergy’s ability to attract and retain talented management and directors;
|
·
|
changes in accounting standards and corporate governance;
|
·
|
declines in the market prices of marketable securities and resulting funding requirements for Entergy’s defined benefit pension and other postretirement benefit plans;
|
·
|
future wage and employee benefit costs, including changes in discount rates and returns on benefit plan assets;
|
·
|
changes in decommissioning trust fund values or earnings or in the timing of or cost to decommission nuclear plant sites;
|
·
|
the effectiveness of Entergy’s risk management policies and procedures and the ability and willingness of its counterparties to satisfy their financial and performance commitments;
|
·
|
factors that could lead to impairment of long-lived assets; and
|
·
|
the ability to successfully complete merger, acquisition, or divestiture plans, regulatory or other limitations imposed as a result of merger, acquisition, or divestiture, and the success of the business following a merger, acquisition, or divestiture.
|
Abbreviation or Acronym
|
Term
|
kW
|
Kilowatt, which equals one thousand watts
|
kWh
|
Kilowatt-hour(s)
|
LPSC
|
Louisiana Public Service Commission
|
MISO
|
Midcontinent Independent System Operator, Inc., a regional transmission organization
|
MMBtu
|
One million British Thermal Units
|
MPSC
|
Mississippi Public Service Commission
|
MW
|
Megawatt(s), which equals one thousand kilowatts
|
MWh
|
Megawatt-hour(s)
|
Net debt to net capital ratio
|
Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents
|
Net MW in operation
|
Installed capacity owned and operated
|
NRC
|
Nuclear Regulatory Commission
|
NYPA
|
New York Power Authority
|
Palisades
|
Palisades Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
Pilgrim
|
Pilgrim Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
PPA
|
Purchased power agreement or power purchase agreement
|
PUCT
|
Public Utility Commission of Texas
|
Registrant Subsidiaries
|
Entergy Arkansas, Inc., Entergy Gulf States Louisiana, L.L.C., Entergy Louisiana, LLC, Entergy Mississippi, Inc., Entergy New Orleans, Inc., Entergy Texas, Inc., and System Energy Resources, Inc.
|
River Bend
|
River Bend Station (nuclear), owned by Entergy Gulf States Louisiana
|
RTO
|
Regional transmission organization
|
SEC
|
Securities and Exchange Commission
|
SMEPA
|
South Mississippi Electric Power Association, which owns a 10% interest in Grand Gulf
|
System Agreement
|
Agreement, effective January 1, 1983, as modified, among the Utility operating companies relating to the sharing of generating capacity and other power resources
|
System Energy
|
System Energy Resources, Inc.
|
TWh
|
Terawatt-hour(s), which equals one billion kilowatt-hours
|
Unit Power Sales Agreement
|
Agreement, dated as of June 10, 1982, as amended and approved by FERC, among Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy, relating to the sale of capacity and energy from System Energy’s share of Grand Gulf
|
Utility
|
Entergy’s business segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution
|
Utility operating companies
|
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas
|
Vermont Yankee
|
Vermont Yankee Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
Waterford 3
|
Unit No. 3 (nuclear) of the Waterford Steam Electric Station, 100% owned or leased by Entergy Louisiana
|
weather-adjusted usage
|
Electric usage excluding the effects of deviations from normal weather
|
·
|
The
Utility
business segment includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operates a small natural gas distribution business. As discussed in more detail in “
Plan to Spin Off the Utility’s Transmission Business
,” herein and in the Form 10-K, in December 2011, Entergy entered into an agreement to spin off its transmission business and merge it with a newly-formed subsidiary of ITC Holdings Corp.
|
·
|
The
Entergy Wholesale Commodities
business segment includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. In August 2013, Entergy announced plans to close and decommission Vermont Yankee. The plant is expected to cease power production in the fourth quarter 2014 after its current fuel cycle. This business also provides services to other nuclear power plant owners. Entergy Wholesale Commodities also owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers.
|
Utility
|
Entergy
Wholesale
Commodities
|
Parent &
Other (a)
|
Entergy
|
|||||
(In Thousands)
|
||||||||
3rd Quarter 2012 Consolidated Net Income (Loss)
|
$300,506
|
$86,772
|
($44,608)
|
$342,670
|
||||
Net revenue (operating revenue less fuel
expense, purchased power, and other
regulatory charges/credits)
|
120,042
|
(607)
|
1,756
|
121,191
|
||||
Other operation and maintenance expenses
|
50,999
|
19,157
|
3,950
|
74,106
|
||||
Asset impairment
|
-
|
291,505
|
-
|
291,505
|
||||
Taxes other than income taxes
|
3,186
|
4,529
|
186
|
7,901
|
||||
Depreciation and amortization
|
17,907
|
25,540
|
(38)
|
43,409
|
||||
Other income
|
(4,093)
|
1,491
|
1,376
|
(1,226)
|
||||
Interest expense
|
5,300
|
1,150
|
(3,196)
|
3,254
|
||||
Other expenses
|
3,612
|
2,616
|
-
|
6,228
|
||||
Income taxes
|
(16,852)
|
(164,013)
|
(27,085)
|
(207,950)
|
||||
3rd Quarter 2013 Consolidated Net Income (Loss)
|
$352,303
|
($92,828)
|
($15,293)
|
$244,182
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
Amount
|
|
|
(In Millions)
|
|
2012 net revenue
|
$1,508
|
|
Retail electric price
|
67
|
|
Fuel recovery
|
15
|
|
Volume/weather
|
10
|
|
Decommissioning trust
|
8
|
|
Net wholesale revenue
|
6
|
|
Hurricane Rita regulatory asset adjustment
|
6
|
|
Grand Gulf recovery
|
4
|
|
Other
|
4
|
|
2013 net revenue
|
$1,628
|
·
|
a formula rate plan increase at Entergy Louisiana, effective January 2013, which includes an increase relating to the Waterford 3 steam generator replacement project, which was placed in service in December 2012. The net income effect of the formula rate plan increase is limited to a portion representing an allowed return on equity with the remainder offset by costs included in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
the recovery of Hinds plant costs through the power management rider at Entergy Mississippi, as approved by the MPSC, effective with the first billing cycle of 2013. The net income effect of the Hinds plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hinds plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
an increase in the capacity acquisition rider at Entergy Arkansas, as approved by the APSC, effective with the first billing cycle of December 2012, relating to the Hot Spring plant acquisition. The net income effect of the Hot Spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hot Spring plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes; and
|
·
|
an increase in the energy efficiency rider, as approved by the APSC, effective July 2013. Energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income.
|
·
|
an adjustment to deferred fuel costs recorded in the third quarter 2012 in accordance with a rate order from the PUCT issued in September 2012. See Note 2 to the financial statements in the Form 10-K for further discussion of this PUCT rate order;
|
·
|
the expiration of the Evangeline gas contract on January 1, 2013; and
|
·
|
the deferral of increased capacity costs that will be recovered through fuel adjustment clauses.
|
|
Amount
|
|
|
(In Millions)
|
|
2012 net revenue
|
$495
|
|
Nuclear realized price changes
|
(2)
|
|
Nuclear volume
|
5
|
|
Other
|
(4)
|
|
2013 net revenue
|
$494
|
·
|
lower energy prices, substantially offset by higher capacity prices;
|
·
|
the exercise of resupply options in the third quarter 2012 provided for in purchase power agreements whereby Entergy Wholesale Commodities may elect to supply power from another source when the plant is not running. Amounts related to the exercise of resupply options are included in the GWh billed in the table below; and
|
·
|
higher volume in its nuclear fleet resulting from fewer unplanned and refueling outage days in 2013 as compared to the same period in 2012.
|
2013
|
2012
|
|||
Owned capacity
|
6,612
|
6,612
|
||
GWh billed
|
11,630
|
12,002
|
||
Average realized revenue per MWh
|
$53.22
|
$51.88
|
||
Entergy Wholesale Commodities Nuclear Fleet
|
||||
Capacity factor
|
94%
|
90%
|
||
GWh billed
|
10,274
|
10,480
|
||
Average realized revenue per MWh
|
$53.16
|
$52.27
|
||
Refueling outage days:
|
||||
FitzPatrick
|
-
|
15
|
·
|
an increase of $25 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $8 million in fossil-fueled generation expenses primarily due to the acquisitions of the Hot Spring plant by Entergy Arkansas and the Hinds plant by Entergy Mississippi in November 2012. Costs related to the Hot Spring and Hinds plants are recovered through the capacity acquisition rider and power management rider, respectively, as previously discussed;
|
·
|
an increase of $8 million resulting from implementation and severance costs in 2013 related to the human capital management strategic imperative. See “
Human Capital Management Strategic Imperative
” below for further discussion;
|
·
|
an increase of approximately $7 million as a result of the deferral or capitalization of storm restoration costs in the third quarter 2012 for Hurricane Isaac, which hit the Utility’s service area in August 2012; and
|
·
|
an increase of $3 million in energy efficiency costs at Entergy Arkansas. These costs are recovered through an energy efficiency rider and have no effect on net income.
|
Utility
|
Entergy
Wholesale
Commodities
|
Parent &
Other (a)
|
Entergy
|
|||||
(In Thousands)
|
||||||||
2012 Consolidated Net Income (Loss)
|
$676,244
|
($18,420)
|
($91,311)
|
$566,513
|
||||
Net revenue (operating revenue less fuel
expense, purchased power, and other
regulatory charges/credits)
|
456,728
|
(20,372)
|
5,929
|
442,285
|
||||
Other operation and maintenance expenses
|
145,648
|
21,650
|
10,745
|
178,043
|
||||
Asset impairment
|
-
|
(64,019)
|
-
|
(64,019)
|
||||
Taxes other than income taxes
|
21,246
|
7,201
|
158
|
28,605
|
||||
Depreciation and amortization
|
60,986
|
25,944
|
(100)
|
86,830
|
||||
Other income
|
(12,213)
|
(1,547)
|
1,761
|
(11,999)
|
||||
Interest expense
|
22,078
|
(3,687)
|
5,314
|
23,705
|
||||
Other expenses
|
12,204
|
48,149
|
-
|
60,353
|
||||
Income taxes
|
177,903
|
(76,395)
|
2,554
|
104,062
|
||||
2013 Consolidated Net Income (Loss)
|
$680,694
|
$818
|
($102,292)
|
$579,220
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
Amount
|
|
|
(In Millions)
|
|
2012 net revenue
|
$3,765
|
|
Retail electric price
|
190
|
|
Louisiana Act 55 financing savings obligation
|
167
|
|
Grand Gulf recovery
|
70
|
|
Fuel recovery
|
30
|
|
MISO deferral
|
12
|
|
Volume/weather
|
(7)
|
|
Other
|
(5)
|
|
2013 net revenue
|
$4,222
|
·
|
the recovery of Hinds plant costs through the power management rider at Entergy Mississippi, as approved by the MPSC, effective with the first billing cycle of 2013. The net income effect of the Hinds plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hinds plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
a formula rate plan increase at Entergy Louisiana, effective January 2013, which includes an increase relating to the Waterford 3 steam generator replacement project, which was placed in service in December 2012. The net income effect of the formula rate plan increase is limited to a portion representing an allowed return on equity with the remainder offset by costs included in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
an increase in the capacity acquisition rider at Entergy Arkansas, as approved by the APSC, effective with the first billing cycle of December 2012, relating to the Hot Spring plant acquisition. The net income effect of the Hot Spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hot Spring plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
an annual base rate increase at Entergy Texas, effective July 2012, as a result of the PUCT’s order in the November 2011 rate case that was issued in September 2012; and
|
·
|
increases in the energy efficiency rider, as approved by the APSC, effective July 2013 and July 2012. Energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income.
|
·
|
an adjustment to deferred fuel costs recorded in the third quarter 2012 in accordance with a rate order from the PUCT issued in September 2012. See Note 2 to the financial statements in the Form 10-K for further discussion of this PUCT rate order;
|
·
|
the expiration of the Evangeline gas contract on January 1, 2013; and
|
·
|
the deferral of increased capacity costs that will be recovered through fuel adjustment clauses.
|
|
Amount
|
|
|
(In Millions)
|
|
2012 net revenue
|
$1,391
|
|
Nuclear volume
|
(50)
|
|
Mark-to-Market
|
(13)
|
|
Nuclear realized price changes
|
54
|
|
Other
|
(12)
|
|
2013 net revenue
|
$1,370
|
·
|
lower volume in its nuclear fleet resulting from more unplanned and refueling outage days in 2013 as compared to the same period in 2012;
|
·
|
the exercise of resupply options provided for in purchase power agreements whereby Entergy Wholesale Commodities may elect to supply power from another source when the plant is not running. Amounts related to the exercise of resupply options are included in the GWh billed in the table below; and
|
·
|
the effect of lower power prices on electricity derivative instruments that are not designated as hedges. See Note 8 to the financial statements herein for discussion of derivative instruments.
|
2013
|
2012
|
|||
Owned capacity
|
6,612
|
6,612
|
||
GWh billed
|
33,189
|
34,957
|
||
Average realized revenue per MWh
|
$52.95
|
$49.84
|
||
Entergy Wholesale Commodities Nuclear Fleet
|
||||
Capacity factor
|
86%
|
88%
|
||
GWh billed
|
29,309
|
30,744
|
||
Average realized revenue per MWh
|
$52.37
|
$50.42
|
||
Refueling outage days:
|
||||
FitzPatrick
|
-
|
15
|
||
Indian Point 2
|
-
|
28
|
||
Indian Point 3
|
28
|
-
|
||
Palisades
|
-
|
34
|
||
Pilgrim
|
45
|
-
|
||
Vermont Yankee
|
27
|
-
|
·
|
an increase of $49 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $37 million in fossil-fueled generation expenses primarily due to the acquisitions of the Hot Spring plant by Entergy Arkansas and the Hinds plant by Entergy Mississippi in November 2012. Costs related to the Hot Spring and Hinds plants are recovered through the capacity acquisition rider and power management rider, respectively, as previously discussed. Also contributing to the increases is an overall higher scope of work done during plant outages as compared to the prior year;
|
·
|
an increase of $17 million in nuclear expenses, primarily due to higher labor costs, including higher contract labor;
|
·
|
an increase of $12 million in energy efficiency costs at Entergy Arkansas. These costs are recovered through an energy efficiency rider and have no effect on net income;
|
·
|
an increase of $11 million resulting from costs related to the generator stator incident at ANO, including an offset for expected insurance proceeds. See “
ANO Damage and Outage
” below for further discussion of the ANO incident;
|
·
|
the prior year deferral, as approved by the LPSC and the FERC, of costs related to the transition and implementation of joining the MISO RTO, which reduced 2012 expenses by $10 million; and
|
·
|
an increase of $9 million resulting from implementation and severance costs in 2013 related to the human capital management strategic imperative. See “
Human Capital Management Strategic Imperative
” below for further discussion.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
58.4%
|
58.7%
|
||
Effect of excluding the securitization bonds
|
(1.6%)
|
(1.8%)
|
||
Debt to capital, excluding securitization bonds (a)
|
56.8%
|
56.9%
|
||
Effect of subtracting cash
|
(0.8%)
|
(1.1%)
|
||
Net debt to net capital, excluding securitization bonds (a)
|
56.0%
|
55.8%
|
(a)
|
Calculation excludes the Arkansas, Louisiana, and Texas securitization bonds, which are non-recourse to Entergy Arkansas, Entergy Louisiana, and Entergy Texas, respectively.
|
Capacity (a)
|
Borrowings
|
Letters
of Credit
|
Capacity
Available
|
|||
(In Millions)
|
||||||
$3,500
|
$150
|
$8
|
$3,342
|
(a)
|
The capacity decreases to $3,490 million in March 2017.
|
2013
|
2012
|
|||
(In Millions)
|
||||
Cash and cash equivalents at beginning of period
|
$533
|
$694
|
||
Cash flow provided by (used in):
|
||||
Operating activities
|
2,199
|
2,220
|
||
Investing activities
|
(2,058)
|
(2,323)
|
||
Financing activities
|
(309)
|
159
|
||
Net increase (decrease) in cash and cash equivalents
|
(168)
|
56
|
||
Cash and cash equivalents at end of period
|
$365
|
$750
|
·
|
an increase of $65 million in income tax payments;
|
·
|
an increase of $46 million in spending on nuclear refueling outages in 2013 as compared to the same period in prior year;
|
·
|
approximately $27 million in spending related to the generator stator incident at ANO, as discussed previously;
|
·
|
higher deferred fuel refunds in 2013 as compared to the same period in prior year; and
|
·
|
an increase of approximately $12 million in storm restoration spending in 2013 resulting from the Arkansas December 2012 winter storm and Hurricane Isaac.
|
·
|
higher Utility net revenues in 2013 resulting from additional generation investments made in 2012;
|
·
|
a decrease of $65 million in pension contributions, substantially offset by an increase of $50 million in lump sum retirement payments out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for a discussion of qualified pension and other postretirement benefits funding;
|
·
|
proceeds of $72 million received in 2013 from the U.S. Department of Energy resulting from litigation regarding the storage of spent nuclear fuel. The litigation is discussed in more detail in Part II, Item 5, “Spent Nuclear Fuel”; and
|
·
|
a refund of $31 million, including interest, paid to AmerenUE in June 2012. The FERC ordered Entergy Arkansas to refund to AmerenUE the rough production cost equalization payments previously collected. See Note 2 to the financial statements in the Form 10-K for further discussion of the FERC order.
|
·
|
the withdrawal of a total of $260 million from storm reserve escrow accounts in 2013, primarily by Entergy Gulf States Louisiana and Entergy Louisiana, after Hurricane Isaac. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of Hurricane Isaac;
|
·
|
a decrease in construction expenditures, primarily in the Utility business, resulting from spending in 2012 on the uprate project at Grand Gulf, substantially offset by storm restoration spending in 2013 resulting from the Arkansas December 2012 winter storm and Hurricane Isaac, spending in 2013 on the Ninemile 6 self-build project, and spending in 2013 related to the generator stator incident at ANO, as discussed previously; and
|
·
|
$72.2 million of System Energy first mortgage bond proceeds deposited with a trustee in September 2012 and used in October 2012 for the redemption of another series of first mortgage bonds.
|
·
|
a change in collateral deposit activity, reflected in the “Increase in other investments” line on the Consolidated Statement of Cash Flows, as Entergy returned net deposits of $49 million in 2013 and received net deposits of $16 million in 2012. Entergy Wholesale Commodities’s forward sales contracts are discussed in the “
Market and Credit Risk Sensitive Instruments
” section below; and
|
·
|
proceeds of $21 million received in 2013 compared to proceeds of $109 million in 2012 from the U.S. Department of Energy resulting from litigation regarding the storage of spent nuclear fuel. The litigation is discussed in more detail in Part II, Item 5, “Spent Nuclear Fuel.”
|
·
|
long-term debt activity using approximately $180 million of cash in 2013 compared to providing $260 million of cash in 2012. Included in the long-term debt activity is $645 million in 2013 and $605 million in 2012 for the repayment of borrowings on the Entergy Corporation long-term credit facility. Entergy Corporation issued $351 million of commercial paper in 2013 and $154 million in 2012, in part, to repay borrowings on its long-term credit facility;
|
·
|
a net decrease of $72 million in short-term borrowings by the nuclear fuel company variable interest entities;
|
·
|
$51 million in proceeds from the sale to a third party in 2012 of a portion of Entergy Gulf States Louisiana’s investment in Entergy Holdings Company’s Class A preferred membership interests; and
|
·
|
the repayment of $50 million in borrowings on Entergy Louisiana’s credit facility in 2012.
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
|||||||
Energy
|
||||||||||||
Percent of planned generation under contract (a):
|
||||||||||||
Unit-contingent (b)
|
45%
|
21%
|
15%
|
16%
|
14%
|
14%
|
||||||
Unit-contingent with availability guarantees (c)
|
13%
|
16%
|
14%
|
14%
|
15%
|
3%
|
||||||
Firm LD (d)
|
24%
|
64%
|
23%
|
-%
|
-%
|
-%
|
||||||
Offsetting positions (e)
|
-%
|
(20)%
|
-%
|
-%
|
-%
|
-%
|
||||||
Total
|
82%
|
81%
|
52%
|
30%
|
29%
|
17%
|
||||||
Planned generation (TWh) (f) (g)
|
11
|
40
|
35
|
36
|
35
|
35
|
||||||
Average revenue per MWh on contracted volumes:
|
||||||||||||
Minimum
|
$43
|
$44
|
$44
|
$50
|
$51
|
$56
|
||||||
Expected based on market prices as of September 30, 2013
|
$44
|
$47
|
$48
|
$50
|
$52
|
$56
|
||||||
Sensitivity: -/+ $10 per MWh market price change
|
$43-$46
|
$44-$50
|
$44-$53
|
$50-$53
|
$51-$54
|
$56
|
||||||
Capacity
|
||||||||||||
Percent of capacity sold forward (h):
|
||||||||||||
Bundled capacity and energy contracts (i)
|
16%
|
16%
|
18%
|
18%
|
18%
|
18%
|
||||||
Capacity contracts (j)
|
53%
|
19%
|
15%
|
15%
|
6%
|
-%
|
||||||
Total
|
69%
|
35%
|
33%
|
33%
|
24%
|
18%
|
||||||
Planned net MW in operation (g)
|
5,011
|
5,011
|
4,406
|
4,406
|
4,406
|
4,406
|
||||||
Average revenue under contract per kW per month
(applies to capacity contracts only)
|
$3.0
|
$2.4
|
$3.2
|
$3.4
|
$3.6
|
$-
|
||||||
Total Nuclear Energy and Capacity Revenues
(m)
|
||||||||||||
Expected sold and market total revenue per MWh
|
$47
|
$51
|
$50
|
$50
|
$50
|
$51
|
||||||
Sensitivity: -/+ $10 per MWh market price change
|
$44-$51
|
$47-$55
|
$44-$57
|
$43-$57
|
$43-$57
|
$44-$59
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
|||||||
Energy
|
||||||||||||
Percent of planned generation under contract (a):
|
||||||||||||
Cost-based contracts (k)
|
33%
|
34%
|
35%
|
34%
|
32%
|
33%
|
||||||
Firm LD (d)
|
5%
|
6%
|
7%
|
6%
|
6%
|
7%
|
||||||
Total
|
38%
|
40%
|
42%
|
40%
|
38%
|
40%
|
||||||
Planned generation (TWh) (f) (l)
|
2
|
6
|
6
|
6
|
6
|
6
|
||||||
Capacity
|
||||||||||||
Percent of capacity sold forward (h):
|
||||||||||||
Cost-based contracts (k)
|
24%
|
24%
|
24%
|
24%
|
26%
|
26%
|
||||||
Bundled capacity and energy contracts (i)
|
8%
|
8%
|
8%
|
8%
|
8%
|
8%
|
||||||
Capacity contracts (j) (n)
|
53%
|
53%
|
53%
|
53%
|
23%
|
-%
|
||||||
Total
|
85%
|
85%
|
85%
|
85%
|
57%
|
34%
|
||||||
Planned net MW in operation (l)
|
1,052
|
1,052
|
1,052
|
1,052
|
977
|
977
|
(a)
|
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 require regulatory approval or approval of transmission rights.
|
(b)
|
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.
|
(c)
|
A sale of power on a unit-contingent basis coupled with a guarantee of availability provides for the payment to the power purchaser of contract damages, if incurred, in the event the seller fails to deliver power as a result of the failure of the specified generation unit to generate power at or above a specified availability threshold. All of Entergy’s outstanding guarantees of availability provide for dollar limits on Entergy’s maximum liability under such guarantees.
|
(d)
|
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.
|
(e)
|
Transactions for the purchase of energy, generally to offset a firm LD transaction.
|
(f)
|
Amount of output expected to be generated by Entergy Wholesale Commodities resources considering plant operating characteristics, outage schedules, and expected market conditions that affect dispatch.
|
(g)
|
Assumes NRC license renewals for plants whose current licenses expire within five years. Assumes shutdown of Vermont Yankee in the fourth quarter 2014 and uninterrupted normal operation at remaining plants. NRC license renewal applications are in process for two units, as follows (with current license expirations in parentheses): Indian Point 2 (September 2013 and now operating under its period of extended operations) and Indian Point 3 (December 2015). For a discussion regarding the shutdown of the Vermont Yankee plant, see “
Impairment of Long-Lived Assets
” in Note 11 to the financial statements herein. For a discussion regarding the license renewals for Indian Point 2 and Indian Point 3, see “
Entergy Wholesale Commodities Authorizations to Operate Its Nuclear Power Plants
” above.
|
(h)
|
Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions.
|
(i)
|
A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold.
|
(j)
|
A contract for the sale of an installed capacity product in a regional market.
|
(k)
|
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 non-utility resources located within Entergy’s Utility service area, which do not operate under market-based rate authority. The percentage sold assumes approval of long-term transmission rights.
|
(l)
|
Non-nuclear planned generation and net MW in operation include purchases from affiliated and non-affiliated counterparties under long-term contracts and exclude energy and capacity from Entergy Wholesale Commodities’s wind investment and from the 544 MW Ritchie plant that is not planned to operate.
|
(m)
|
Includes expectations for the new New York ISO Lower Hudson Valley capacity zone starting in May 2014.
|
(n)
|
The increase from the amount reported in the Form 10-K in capacity contracts sold in 2016 and 2017 is due to prorated MWs from Rhode Island State Energy Center offsetting Vermont Yankee commitments in ISO New England forward capacity auction #7.
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Utility Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 1,140 | $ | 1,019 | $ | 121 | 12 | |||||||||
Commercial
|
720 | 627 | 93 | 15 | ||||||||||||
Industrial
|
673 | 536 | 137 | 26 | ||||||||||||
Governmental
|
60 | 54 | 6 | 11 | ||||||||||||
Total retail
|
2,593 | 2,236 | 357 | 16 | ||||||||||||
Sales for resale
|
46 | 45 | 1 | 2 | ||||||||||||
Other
|
66 | 39 | 27 | 69 | ||||||||||||
Total
|
$ | 2,705 | $ | 2,320 | $ | 385 | 17 | |||||||||
Utility Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
11,359 | 11,605 | (246 | ) | (2 | ) | ||||||||||
Commercial
|
8,393 | 8,433 | (40 | ) | - | |||||||||||
Industrial
|
11,038 | 10,748 | 290 | 3 | ||||||||||||
Governmental
|
648 | 668 | (20 | ) | (3 | ) | ||||||||||
Total retail
|
31,438 | 31,454 | (16 | ) | - | |||||||||||
Sales for resale
|
667 | 834 | (167 | ) | (20 | ) | ||||||||||
Total
|
32,105 | 32,288 | (183 | ) | (1 | ) | ||||||||||
Entergy Wholesale Commodities:
|
||||||||||||||||
Operating Revenues
|
$ | 623 | $ | 627 | $ | (4 | ) | (1 | ) | |||||||
Billed Electric Energy Sales (GWh)
|
11,630 | 12,002 | (372 | ) | (3 | ) | ||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Utility Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 2,620 | $ | 2,366 | $ | 254 | 11 | |||||||||
Commercial
|
1,817 | 1,653 | 164 | 10 | ||||||||||||
Industrial
|
1,815 | 1,531 | 284 | 19 | ||||||||||||
Governmental
|
165 | 149 | 16 | 11 | ||||||||||||
Total retail
|
6,417 | 5,699 | 718 | 13 | ||||||||||||
Sales for resale
|
145 | 105 | 40 | 38 | ||||||||||||
Other
|
269 | 236 | 33 | 14 | ||||||||||||
Total
|
$ | 6,831 | $ | 6,040 | $ | 791 | 13 | |||||||||
Utility Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
27,080 | 27,305 | (225 | ) | (1 | ) | ||||||||||
Commercial
|
21,498 | 21,994 | (496 | ) | (2 | ) | ||||||||||
Industrial
|
31,264 | 31,114 | 150 | - | ||||||||||||
Governmental
|
1,814 | 1,852 | (38 | ) | (2 | ) | ||||||||||
Total retail
|
81,656 | 82,265 | (609 | ) | (1 | ) | ||||||||||
Sales for resale
|
1,887 | 2,402 | (515 | ) | (21 | ) | ||||||||||
Total
|
83,543 | 84,667 | (1,124 | ) | (1 | ) | ||||||||||
Entergy Wholesale Commodities:
|
||||||||||||||||
Operating Revenues
|
$ | 1,771 | $ | 1,755 | $ | 16 | 1 | |||||||||
Billed Electric Energy Sales (GWh)
|
33,189 | 34,957 | (1,768 | ) | (5 | ) | ||||||||||
Payments or
(Receipts)
|
|
(In Millions)
|
|
Entergy Arkansas
|
$-
|
Entergy Gulf States Louisiana
|
$-
|
Entergy Louisiana
|
$-
|
Entergy Mississippi
|
$-
|
Entergy New Orleans
|
($15)
|
Entergy Texas
|
$15
|
For the Three Months Ended September 30,
|
||||||||||||
2013
|
2012
|
|||||||||||
(In Millions, Except Per Share Data)
|
||||||||||||
Basic earnings per share
|
Income
|
Shares
|
$/share
|
Income
|
Shares
|
$/share
|
||||||
Net income attributable to
Entergy Corporation
|
$239.9
|
178.3
|
$1.35
|
$337.1
|
177.5
|
$1.90
|
||||||
Average dilutive effect of:
|
||||||||||||
Stock options
|
0.1
|
-
|
0.4
|
(0.01)
|
||||||||
Other equity plans
|
0.3
|
(0.01)
|
|
0.1
|
-
|
|||||||
Diluted earnings per share
|
$239.9
|
178.7
|
$1.34
|
$337.1
|
178.0
|
$1.89
|
||||||
For the Nine Months Ended September 30,
|
||||||||||||
2013
|
2012
|
|||||||||||
(In Millions, Except Per Share Data)
|
||||||||||||
Basic earnings per share
|
Income
|
Shares
|
$/share
|
Income
|
Shares
|
$/share
|
||||||
Net income attributable to
Entergy Corporation
|
$565.0
|
178.2
|
$3.17
|
$550.4
|
177.2
|
$3.11
|
||||||
Average dilutive effect of:
|
||||||||||||
Stock options
|
0.1
|
-
|
0.3
|
(0.01)
|
||||||||
Other equity plans
|
0.2
|
(0.01)
|
|
0.1
|
-
|
|||||||
Diluted earnings per share
|
$565.0
|
178.5
|
$3.16
|
$550.4
|
177.6
|
$3.10
|
Cash flow
hedges
net
unrealized
gain (loss)
|
Pension
and
other
postretirement
liabilities
|
Net
unrealized
investment
gains
|
Foreign
currency
translation
|
Total
Accumulated
Other
Comprehensive
Loss
|
|||||
(In Thousands)
|
|||||||||
Beginning balance, June 30, 2013
|
$31,520
|
($571,138)
|
$262,891
|
$2,424
|
($274,303)
|
||||
Other comprehensive income (loss)
before reclassifications
|
(9,838)
|
-
|
45,647
|
706
|
36,515
|
||||
Amounts reclassified from
accumulated other comprehensive
loss
|
(21,825)
|
15,430
|
653
|
-
|
(5,742)
|
||||
Net other comprehensive income (loss)
for the period |
(31,663)
|
15,430
|
46,300
|
706
|
30,773
|
||||
Ending balance, September 30, 2013
|
($143)
|
($555,708)
|
$309,191
|
$3,130
|
($243,530)
|
Cash flow
hedges
net
unrealized
gain (loss)
|
Pension
and
other
postretirement
liabilities
|
Net
unrealized
investment
gains
|
Foreign
currency
translation
|
Total
Accumulated
Other
Comprehensive
Loss
|
|||||
(In Thousands)
|
|||||||||
Beginning balance, December 31, 2012
|
$79,905
|
($590,712)
|
$214,547
|
$3,177
|
($293,083)
|
||||
Other comprehensive income (loss)
before reclassifications
|
(57,376)
|
-
|
95,843
|
(47)
|
38,420
|
||||
Amounts reclassified from
accumulated other comprehensive
loss
|
(22,672)
|
35,004
|
(1,199)
|
-
|
11,133
|
||||
Net other comprehensive income (loss)
for the period |
(80,048)
|
35,004
|
94,644
|
(47)
|
49,553
|
||||
Ending balance, September 30, 2013
|
($143)
|
($555,708)
|
$309,191
|
$3,130
|
($243,530)
|
Pension and Other
Postretirement Liabilities
|
||||
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
|||
(In Thousands)
|
||||
Beginning balance June 30, 2013
|
($63,312)
|
($44,771)
|
||
Amounts reclassified from accumulated other
comprehensive income
|
963
|
684
|
||
Net other comprehensive income for the period
|
963
|
684
|
||
Ending balance, September 30, 2013
|
($62,349)
|
($44,087)
|
Pension and Other
Postretirement Liabilities
|
||||
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
|||
(In Thousands)
|
||||
Beginning balance, December 31, 2012
|
($65,229)
|
($46,132)
|
||
Amounts reclassified from accumulated other
comprehensive income
|
2,880
|
2,045
|
||
Net other comprehensive income for the period
|
2,880
|
2,045
|
||
Ending balance, September 30, 2013
|
($62,349)
|
($44,087)
|
Amounts
reclassified
from
AOCI
|
Income Statement Location
|
|||
(In Thousands)
|
||||
Cash flow hedges net unrealized gain
|
||||
Power contracts
|
$35,325
|
Competitive business operating revenues
|
||
Interest rate swaps
|
(389)
|
Miscellaneous - net
|
||
Total realized gains on cash flow hedges
|
34,936
|
|||
(13,111)
|
Income taxes
|
|||
Total realized gains on cash flow hedges (net of tax)
|
$21,825
|
|||
Pension and other postretirement liabilities
|
||||
Amortization of prior-service costs
|
$2,414
|
(a)
|
||
Amortization of loss
|
(17,179)
|
(a)
|
||
Curtailment loss
|
(1,304)
|
(a)
|
||
Settlement loss
|
(9,662)
|
(a)
|
||
Total amortization
|
(25,731)
|
|||
10,301
|
Income taxes
|
|||
Total amortization (net of tax)
|
($15,430)
|
|||
Net unrealized investment loss
|
||||
Realized loss
|
($1,280)
|
Interest and investment income
|
||
627
|
Income taxes
|
|||
Total realized investment loss (net of tax)
|
($653)
|
|||
Total reclassifications for the period (net of tax)
|
$5,742
|
(a)
|
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements for additional details.
|
Amounts
reclassified
from
AOCI
|
Income Statement Location
|
|||
(In Thousands)
|
||||
Cash flow hedges net unrealized gain
|
||||
Power contracts
|
$37,518
|
Competitive business operating revenues
|
||
Interest rate swaps
|
(1,193)
|
Miscellaneous - net
|
||
Total realized gains on cash flow hedges
|
36,325
|
|||
(13,653)
|
Income taxes
|
|||
Total realized gains on cash flow hedges (net of tax)
|
$22,672
|
|||
Pension and other postretirement liabilities
|
||||
Amortization of prior-service costs
|
7,175
|
(a)
|
||
Amortization of loss
|
(53,268)
|
(a)
|
||
Curtailment loss
|
(1,304)
|
(a)
|
||
Settlement loss
|
(9,662)
|
(a)
|
||
Total amortization
|
(57,059)
|
|||
22,055
|
Income taxes
|
|||
Total amortization (net of tax)
|
($35,004)
|
|||
Net unrealized investment gains
|
||||
Realized gains
|
$2,351
|
Interest and investment income
|
||
(1,152)
|
Income taxes
|
|||
Total realized investment gains (net of tax)
|
$1,199
|
|||
Total reclassifications for the period (net of tax)
|
($11,133)
|
(a)
|
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements for additional details.
|
Amounts reclassified
from AOCI
|
||||||
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Income Statement Location
|
||||
(In Thousands)
|
||||||
Pension and other postretirement liabilities
|
||||||
Amortization of prior-service costs
|
$206
|
$62
|
(a)
|
|||
Amortization of loss
|
(1,947)
|
(1,288)
|
(a)
|
|||
Total amortization
|
(1,741)
|
(1,226)
|
||||
778
|
542
|
Income taxes
|
||||
Total amortization (net of tax)
|
(963)
|
(684)
|
||||
Total reclassifications for the period (net of tax)
|
($963)
|
($684)
|
(a)
|
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements for additional details.
|
Amounts reclassified
from AOCI
|
||||||
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Income Statement Location
|
||||
(In Thousands)
|
||||||
Pension and other postretirement liabilities
|
||||||
Amortization of prior-service costs
|
$617
|
$186
|
(a)
|
|||
Amortization of loss
|
(5,839)
|
(3,862)
|
(a)
|
|||
Total amortization
|
(5,222)
|
(3,676)
|
||||
2,342
|
1,631
|
Income taxes
|
||||
Total amortization (net of tax)
|
(2,880)
|
(2,045)
|
||||
Total reclassifications for the period (net of tax)
|
($2,880)
|
($2,045)
|
(a)
|
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 6 to the financial statements for additional details.
|
Capacity (a)
|
Borrowings
|
Letters
of Credit
|
Capacity
Available
|
|||
(In Millions)
|
||||||
$3,500
|
$150
|
$8
|
$3,342
|
(a)
|
The capacity decreases to $3,490 million in March 2017.
|
Company
|
Expiration
Date
|
Amount of
Facility
|
Interest Rate (a)
|
Amount Drawn
as of
September 30,
2013
|
||||
Entergy Arkansas
|
April 2014
|
$20 million (b)
|
1.75%
|
$-
|
||||
Entergy Arkansas
|
March 2018
|
$150 million (c)
|
1.68%
|
$-
|
||||
Entergy Gulf States Louisiana
|
March 2018
|
$150 million (d)
|
1.68%
|
$-
|
||||
Entergy Louisiana
|
March 2018
|
$200 million (e)
|
1.68%
|
$-
|
||||
Entergy Mississippi
|
May 2014
|
$37.5 million (f)
|
1.93%
|
$-
|
||||
Entergy Mississippi
|
May 2014
|
$35 million (f)
|
1.93%
|
$-
|
||||
Entergy Mississippi
|
May 2014
|
$20 million (f)
|
1.93%
|
$-
|
||||
Entergy New Orleans
|
November 2013
|
$25 million (g)
|
1.65%
|
$-
|
||||
Entergy Texas
|
March 2018
|
$150 million (h)
|
1.93%
|
$-
|
(a)
|
The interest rate is the rate as of September 30, 2013 that would most likely apply to outstanding borrowings under the facility.
|
(b)
|
The credit facility requires Entergy Arkansas to maintain a debt ratio of 65% or less of its total capitalization. Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable.
|
(c)
|
The credit facility allows Entergy Arkansas to issue letters of credit against 50% of the borrowing capacity of the facility. As of September 30, 2013, no letters of credit were outstanding. The credit facility requires Entergy Arkansas to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
(d)
|
The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of September 30, 2013, no letters of credit were outstanding. The credit facility requires Entergy Gulf States Louisiana to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
(e)
|
The credit facility allows Entergy Louisiana to issue letters of credit against 50% of the borrowing capacity of the facility. As of September 30, 2013, no letters of credit were outstanding. The credit facility requires Entergy Louisiana to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
(f)
|
The credit facilities require Entergy Mississippi to maintain a debt ratio of 65% or less of its total capitalization. Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable.
|
(g)
|
The credit facility requires Entergy New Orleans to maintain a debt ratio of 65% or less of its total capitalization. In October 2013, Entergy New Orleans renewed its credit facility through November 2014.
|
(h)
|
The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility. As of September 30, 2013, no letters of credit were outstanding. The credit facility requires Entergy Texas to maintain a consolidated debt ratio of 65% or less of its total capitalization.
|
Authorized
|
Borrowings
|
|||
(In Millions)
|
||||
Entergy Arkansas
|
$250
|
$-
|
||
Entergy Gulf States Louisiana
|
$200
|
$58
|
||
Entergy Louisiana
|
$250
|
$-
|
||
Entergy Mississippi
|
$175
|
$19
|
||
Entergy New Orleans
|
$100
|
$-
|
||
Entergy Texas
|
$200
|
$-
|
||
System Energy
|
$200
|
$-
|
Company
|
Expiration
Date
|
Amount
of
Facility
|
Weighted
Average
Interest
Rate on
Borrowings
(a)
|
Amount
Outstanding
as of
September 30,
2013
|
||||
(Dollars in Millions)
|
||||||||
Entergy Arkansas VIE
|
June 2016
|
$85
|
1.63%
|
$20.1
|
||||
Entergy Gulf States Louisiana VIE
|
June 2016
|
$100
|
1.50%
|
$31.0
|
||||
Entergy Louisiana VIE
|
June 2016
|
$90
|
1.58%
|
$24.3
|
||||
System Energy VIE
|
June 2016
|
$125
|
1.57%
|
$46.5
|
(a)
|
Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Gulf States Louisiana does not issue commercial paper but borrows directly on its bank credit facility.
|
Company
|
Description
|
Amount
|
||
Entergy Arkansas VIE
|
5.69% Series I due July 2014
|
$70 million
|
||
Entergy Arkansas VIE
|
3.23% Series J due July 2016
|
$55 million
|
||
Entergy Arkansas VIE
|
2.62% Series K due December 2017
|
$60 million
|
||
Entergy Gulf States Louisiana VIE
|
3.25% Series Q due July 2017
|
$75 million
|
||
Entergy Gulf States Louisiana VIE
|
3.38% Series R due August 2020
|
$70 million
|
||
Entergy Louisiana VIE
|
5.69% Series E due July 2014
|
$50 million
|
||
Entergy Louisiana VIE
|
3.30% Series F due March 2016
|
$20 million
|
||
Entergy Louisiana VIE
|
3.25% Series G due July 2017
|
$25 million
|
||
System Energy VIE
|
5.33% Series G due April 2015
|
$60 million
|
||
System Energy VIE
|
4.02% Series H due February 2017
|
$50 million
|
Book Value
of Long-Term Debt
|
Fair Value
of Long-Term Debt (a) (b)
|
|||
(In Thousands)
|
||||
Entergy
|
$12,481,752
|
$12,294,254
|
||
Entergy Arkansas
|
$2,412,168
|
$2,159,737
|
||
Entergy Gulf States Louisiana
|
$1,543,608
|
$1,605,999
|
||
Entergy Louisiana
|
$3,229,316
|
$3,184,097
|
||
Entergy Mississippi
|
$1,069,627
|
$1,083,993
|
||
Entergy New Orleans
|
$225,942
|
$220,675
|
||
Entergy Texas
|
$1,567,566
|
$1,736,764
|
||
System Energy
|
$672,406
|
$576,502
|
(a)
|
The values exclude lease obligations of $149 million at Entergy Louisiana and $97 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $112 million at Entergy, and include debt due within one year.
|
(b)
|
Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
|
Book Value
of Long-Term Debt
|
Fair Value
of Long-Term Debt (a) (b)
|
|||
(In Thousands)
|
||||
Entergy
|
$12,638,834
|
$12,849,330
|
||
Entergy Arkansas
|
$2,123,895
|
$1,876,335
|
||
Entergy Gulf States Louisiana
|
$1,517,429
|
$1,668,819
|
||
Entergy Louisiana
|
$2,826,095
|
$2,921,322
|
||
Entergy Mississippi
|
$1,169,519
|
$1,230,714
|
||
Entergy New Orleans
|
$196,300
|
$200,725
|
||
Entergy Texas
|
$1,617,813
|
$1,885,672
|
||
System Energy
|
$783,799
|
$664,670
|
(a)
|
The values exclude lease obligations of $163 million at Entergy Louisiana and $139 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $110 million at Entergy, and include debt due within one year.
|
(b)
|
Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
|
2013
|
2012
|
||
(In Millions)
|
|||
Compensation expense included in Entergy’s net income
|
$1.0
|
$1.9
|
|
Tax benefit recognized in Entergy’s net income
|
$0.4
|
$0.7
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
$0.2
|
$0.3
|
2013
|
2012
|
||
(In Millions)
|
|||
Compensation expense included in Entergy’s net income
|
$3.2
|
$5.8
|
|
Tax benefit recognized in Entergy’s net income
|
$1.3
|
$2.2
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
$0.6
|
$1.1
|
2013
|
2012
|
||
(In Millions)
|
|||
Compensation expense included in Entergy’s net income
|
$5.7
|
$3.7
|
|
Tax benefit recognized in Entergy’s net income
|
$2.2
|
$1.4
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
$0.9
|
$0.6
|
2013
|
2012
|
||
(In Millions)
|
|||
Compensation expense included in Entergy’s net income
|
$17.5
|
$11.0
|
|
Tax benefit recognized in Entergy’s net income
|
$6.8
|
$4.2
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
$2.7
|
$1.9
|
2013
|
2012
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$43,542
|
$37,691
|
||
Interest cost on projected benefit obligation
|
65,464
|
65,232
|
||
Expected return on assets
|
(81,898)
|
(79,356)
|
||
Amortization of prior service cost
|
531
|
683
|
||
Amortization of loss
|
54,156
|
41,820
|
||
Curtailment loss
|
1,304
|
-
|
||
Net pension costs
|
$83,099
|
$66,070
|
2013
|
2012
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$131,644
|
$113,073
|
||
Interest cost on projected benefit obligation
|
195,996
|
195,696
|
||
Expected return on assets
|
(245,394)
|
(238,068)
|
||
Amortization of prior service cost
|
1,665
|
2,049
|
||
Amortization of loss
|
164,058
|
125,460
|
||
Curtailment loss
|
1,304
|
-
|
||
Net pension costs
|
$249,273
|
$198,210
|
2013
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$6,371
|
$3,599
|
$4,334
|
$1,842
|
$832
|
$1,637
|
$1,836
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
13,550
|
6,657
|
8,644
|
3,930
|
1,849
|
4,055
|
3,016
|
|||||||
Expected return on assets
|
(16,717)
|
(8,734)
|
(10,454)
|
(5,279)
|
(2,270)
|
(5,566)
|
(4,299)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
6
|
2
|
21
|
2
|
-
|
2
|
3
|
|||||||
Amortization of loss
|
12,544
|
5,933
|
8,727
|
3,344
|
2,011
|
3,373
|
2,429
|
|||||||
Net pension cost
|
$15,754
|
$7,457
|
$11,272
|
$3,839
|
$2,422
|
$3,501
|
$2,985
|
2012
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$5,542
|
$3,068
|
$3,669
|
$1,602
|
$706
|
$1,421
|
$1,480
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
13,922
|
6,420
|
8,800
|
4,070
|
1,902
|
4,206
|
3,247
|
|||||||
Expected return on assets
|
(16,441)
|
(8,593)
|
(10,209)
|
(5,236)
|
(2,215)
|
(5,581)
|
(4,109)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
50
|
5
|
52
|
7
|
2
|
4
|
3
|
|||||||
Amortization of loss
|
10,193
|
4,043
|
7,050
|
2,633
|
1,719
|
2,544
|
2,251
|
|||||||
Net pension cost
|
$13,266
|
$4,943
|
$9,362
|
$3,076
|
$2,114
|
$2,594
|
$2,872
|
2013
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$19,113
|
$10,797
|
$13,002
|
$5,526
|
$2,496
|
$4,911
|
$5,508
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
40,650
|
19,971
|
25,932
|
11,790
|
5,547
|
12,165
|
9,048
|
|||||||
Expected return on assets
|
(50,151)
|
(26,202)
|
(31,362)
|
(15,837)
|
(6,810)
|
(16,698)
|
(12,897)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
18
|
6
|
63
|
6
|
-
|
6
|
9
|
|||||||
Amortization of loss
|
37,631
|
17,800
|
26,181
|
10,032
|
6,033
|
10,118
|
7,286
|
|||||||
Net pension cost
|
$47,261
|
$22,372
|
$33,816
|
$11,517
|
$7,266
|
$10,502
|
$8,954
|
2012
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$16,626
|
$9,204
|
$11,007
|
$4,806
|
$2,118
|
$4,263
|
$4,440
|
|||||||
Interest cost on projected
|
||||||||||||||
benefit obligation
|
41,766
|
19,260
|
26,400
|
12,210
|
5,706
|
12,618
|
9,741
|
|||||||
Expected return on assets
|
(49,323)
|
(25,779)
|
(30,627)
|
(15,708)
|
(6,645)
|
(16,743)
|
(12,327)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
150
|
15
|
156
|
21
|
6
|
12
|
9
|
|||||||
Amortization of loss
|
30,579
|
12,129
|
21,150
|
7,899
|
5,157
|
7,632
|
6,753
|
|||||||
Net pension cost
|
$39,798
|
$14,829
|
$28,086
|
$9,228
|
$6,342
|
$7,782
|
$8,616
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
|||||||
(In Thousands)
|
||||||||||||
Non-qualified pension cost
third quarter 2013
|
$121
|
$38
|
$3
|
$46
|
$22
|
$560
|
||||||
Non-qualified pension cost
third quarter 2012
|
$107
|
$39
|
$3
|
$46
|
$19
|
$163
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
|||||||
(In Thousands)
|
||||||||||||
Non-qualified pension cost
nine months ended
September 30, 2013
|
$326
|
$113
|
$9
|
$139
|
$68
|
$857
|
||||||
Non-qualified pension cost
nine months ended
September 30, 2012
|
$321
|
$117
|
$9
|
$138
|
$57
|
$489
|
2013
|
2012
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$18,917
|
$17,221
|
||
Interest cost on accumulated postretirement benefit
obligation (APBO)
|
19,766
|
20,640
|
||
Expected return on assets
|
(9,950)
|
(8,626)
|
||
Amortization of transition obligation
|
-
|
794
|
||
Amortization of prior service cost
|
(3,334)
|
(4,541)
|
||
Amortization of loss
|
11,304
|
9,113
|
||
Net other postretirement benefit cost
|
$36,703
|
$34,601
|
2013
|
2012
|
|||
(In Thousands)
|
||||
Service cost - benefits earned during the period
|
$56,751
|
$51,663
|
||
Interest cost on accumulated postretirement benefit
obligation (APBO)
|
59,298
|
61,920
|
||
Expected return on assets
|
(29,850)
|
(25,878)
|
||
Amortization of transition obligation
|
-
|
2,382
|
||
Amortization of prior service cost
|
(10,002)
|
(13,623)
|
||
Amortization of loss
|
33,912
|
27,339
|
||
Net other postretirement benefit cost
|
$110,109
|
$103,803
|
2013
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$2,414
|
$2,001
|
$2,172
|
$819
|
$447
|
$950
|
$907
|
|||||||
Interest cost on APBO
|
3,360
|
2,226
|
2,349
|
1,074
|
785
|
1,515
|
729
|
|||||||
Expected return on assets
|
(4,149)
|
-
|
-
|
(1,317)
|
(1,014)
|
(2,321)
|
(825)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(133)
|
(206)
|
(62)
|
(35)
|
10
|
(107)
|
(16)
|
|||||||
Amortization of loss
|
2,041
|
1,173
|
1,288
|
662
|
396
|
976
|
479
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$3,533
|
$5,194
|
$5,747
|
$1,203
|
$624
|
$1,013
|
$1,274
|
2012
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$2,272
|
$1,880
|
$1,949
|
$773
|
$422
|
$913
|
$823
|
|||||||
Interest cost on APBO
|
3,613
|
2,398
|
2,445
|
1,179
|
856
|
1,663
|
757
|
|||||||
Expected return on assets
|
(3,507)
|
-
|
-
|
(1,130)
|
(928)
|
(2,104)
|
(650)
|
|||||||
Amortization of transition
|
||||||||||||||
obligation
|
205
|
60
|
96
|
88
|
297
|
47
|
2
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(133)
|
(206)
|
(62)
|
(35)
|
10
|
(107)
|
(16)
|
|||||||
Amortization of loss
|
2,077
|
1,184
|
1,090
|
730
|
390
|
1,079
|
493
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$4,527
|
$5,316
|
$5,518
|
$1,605
|
$1,047
|
$1,491
|
$1,409
|
2013
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$7,242
|
$6,003
|
$6,516
|
$2,457
|
$1,341
|
$2,850
|
$2,721
|
|||||||
Interest cost on APBO
|
10,080
|
6,678
|
7,047
|
3,222
|
2,355
|
4,545
|
2,187
|
|||||||
Expected return on assets
|
(12,447)
|
-
|
-
|
(3,951)
|
(3,042)
|
(6,963)
|
(2,475)
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(399)
|
(618)
|
(186)
|
(105)
|
30
|
(321)
|
(48)
|
|||||||
Amortization of loss
|
6,124
|
3,520
|
3,862
|
1,987
|
1,189
|
2,927
|
1,437
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$10,600
|
$15,583
|
$17,239
|
$3,610
|
$1,873
|
$3,038
|
$3,822
|
2012
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
|||||||
(In Thousands)
|
||||||||||||||
Service cost - benefits earned
|
||||||||||||||
during the period
|
$6,816
|
$5,640
|
$5,847
|
$2,319
|
$1,266
|
$2,739
|
$2,469
|
|||||||
Interest cost on APBO
|
10,839
|
7,194
|
7,335
|
3,537
|
2,568
|
4,989
|
2,271
|
|||||||
Expected return on assets
|
(10,521)
|
-
|
-
|
(3,390)
|
(2,784)
|
(6,312)
|
(1,950)
|
|||||||
Amortization of transition
|
||||||||||||||
obligation
|
615
|
180
|
288
|
264
|
891
|
141
|
6
|
|||||||
Amortization of prior service
|
||||||||||||||
cost
|
(399)
|
(618)
|
(186)
|
(105)
|
30
|
(321)
|
(48)
|
|||||||
Amortization of loss
|
6,231
|
3,552
|
3,270
|
2,190
|
1,170
|
3,237
|
1,479
|
|||||||
Net other postretirement
|
||||||||||||||
benefit cost
|
$13,581
|
$15,948
|
$16,554
|
$4,815
|
$3,141
|
$4,473
|
$4,227
|
Qualified
Pension
Costs
|
Other
Postretirement
Costs
|
Non-Qualified
Pension Costs
|
Total
|
|||||
(In Thousands)
|
||||||||
Entergy
|
||||||||
Amortization of prior service cost
|
($466)
|
$3,007
|
($127)
|
$2,414
|
||||
Amortization of loss
|
(11,050)
|
(5,485)
|
(644)
|
(17,179)
|
||||
Curtailment loss
|
(1,304)
|
-
|
-
|
(1,304)
|
||||
Settlement loss
|
-
|
-
|
(9,662)
|
(9,662)
|
||||
($12,820)
|
($2,478)
|
($10,433)
|
($25,731)
|
|||||
Entergy Gulf States Louisiana
|
||||||||
Amortization of prior service cost
|
$-
|
$206
|
$-
|
$206
|
||||
Amortization of loss
|
(772)
|
(1,173)
|
(2)
|
(1,947)
|
||||
($772)
|
($967)
|
($2)
|
($1,741)
|
|||||
Entergy Louisiana
|
||||||||
Amortization of prior service cost
|
$-
|
$62
|
$-
|
$62
|
||||
Amortization of loss
|
-
|
(1,288)
|
-
|
(1,288)
|
||||
$-
|
($1,226)
|
$-
|
($1,226)
|
Qualified
Pension
Costs
|
Other
Postretirement
Costs
|
Non-Qualified
Pension Costs
|
Total
|
||||||
(In Thousands)
|
|||||||||
Entergy
|
|||||||||
Amortization of prior service cost
|
($1,472)
|
$9,022
|
($375)
|
$7,175
|
|||||
Amortization of loss
|
(34,740)
|
(16,455)
|
(2,073)
|
(53,268)
|
|||||
Curtailment loss
|
(1,304)
|
-
|
-
|
(1,304)
|
|||||
Settlement loss
|
-
|
-
|
(9,662)
|
(9,662)
|
|||||
($37,516)
|
($7,433)
|
($12,110)
|
($57,059)
|
||||||
Entergy Gulf States Louisiana
|
|||||||||
Amortization of prior service cost
|
($1)
|
$618
|
$-
|
$617
|
|||||
Amortization of loss
|
(2,314)
|
(3,520)
|
(5)
|
(5,839)
|
|||||
($2,315)
|
($2,902)
|
($5)
|
($5,222)
|
||||||
Entergy Louisiana
|
|||||||||
Amortization of prior service cost
|
$-
|
$186
|
$-
|
$186
|
|||||
Amortization of loss
|
-
|
(3,862)
|
-
|
(3,862)
|
|||||
$-
|
($3,676)
|
$-
|
($3,676)
|
Entergy
Arkansas
|
Entergy
Gulf States
Louisiana
|
Entergy
Louisiana
|
Entergy
Mississippi
|
Entergy
New Orleans
|
Entergy
Texas
|
System
Energy
|
||||||||
(In Thousands)
|
||||||||||||||
Expected 2013 pension
contributions
|
$35,382
|
$11,550
|
$21,151
|
$8,152
|
$4,175
|
$6,880
|
$8,304
|
|||||||
Pension contributions made
through September 2013
|
$21,729
|
$7,132
|
$13,343
|
$5,033
|
$2,634
|
$4,270
|
$5,175
|
|||||||
Remaining estimated pension
contributions to be made in 2013
|
$13,653
|
$4,418
|
$7,808
|
$3,119
|
$1,541
|
$2,610
|
$3,129
|
Utility
|
Entergy
Wholesale
Commodities*
|
All Other
|
Eliminations
|
Entergy
|
|||||
(In Thousands)
|
|||||||||
2013
|
|||||||||
Operating revenues
|
$2,732,482
|
$623,321
|
$787
|
($4,631)
|
$3,351,959
|
||||
Income taxes
|
$170,816
|
($107,337)
|
($38,926)
|
$-
|
$24,553
|
||||
Consolidated net income (loss)
|
$352,303
|
($92,828)
|
$11,102
|
($26,395)
|
$244,182
|
||||
2012
|
|||||||||
Operating revenues
|
$2,344,885
|
$626,849
|
$1,060
|
($9,234)
|
$2,963,560
|
||||
Income taxes
|
$187,668
|
$56,676
|
($11,841)
|
$-
|
$232,503
|
||||
Consolidated net income (loss)
|
$300,506
|
$86,772
|
($18,213)
|
($26,395)
|
$342,670
|
Utility
|
Entergy
Wholesale
Commodities*
|
All Other
|
Eliminations
|
Entergy
|
|||||
(In Thousands)
|
|||||||||
2013
|
|||||||||
Operating revenues
|
$6,948,258
|
$1,770,577
|
$2,775
|
($22,569)
|
$8,699,041
|
||||
Income taxes
|
$340,817
|
($64,968)
|
($61,647)
|
$-
|
$214,202
|
||||
Consolidated net income (loss)
|
$680,694
|
$818
|
($23,107)
|
($79,185)
|
$579,220
|
||||
2012
|
|||||||||
Operating revenues
|
$6,136,101
|
$1,754,774
|
$3,027
|
($28,082)
|
$7,865,820
|
||||
Income taxes
|
$162,914
|
$11,427
|
($64,201)
|
$-
|
$110,140
|
||||
Consolidated net income (loss)
|
$676,244
|
($18,420)
|
($11,487)
|
($79,824)
|
$566,513
|
Instrument
|
Balance Sheet Location
|
Fair Value (a)
|
Offset (b)
|
Net (c) (d)
|
Business
|
|||||
(In Millions)
|
||||||||||
Derivatives designated as hedging instruments
|
||||||||||
Assets:
|
||||||||||
Electricity swaps and options
|
Prepayments and other (current portion)
|
$50
|
($28)
|
$22
|
Entergy Wholesale Commodities
|
|||||
Electricity swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$12
|
($7)
|
$5
|
Entergy Wholesale Commodities
|
|||||
Liabilities:
|
||||||||||
Electricity swaps and options
|
Other current liabilities
(current portion)
|
$40
|
($27)
|
$13
|
Entergy Wholesale Commodities
|
|||||
Electricity swaps and options
|
Other non-current liabilities (non-current portion)
|
$11
|
($7)
|
$4
|
Entergy Wholesale Commodities
|
Derivatives not designated as hedging instruments
|
||||||||||
Assets:
|
||||||||||
Electricity swaps and options
|
Prepayments and other (current portion)
|
$78
|
($28)
|
$50
|
Entergy Wholesale Commodities
|
|||||
Electricity swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$15
|
($7)
|
$8
|
Entergy Wholesale Commodities
|
|||||
Liabilities:
|
||||||||||
Electricity swaps and options
|
Other current liabilities
(current portion)
|
$39
|
($29)
|
$10
|
Entergy Wholesale Commodities
|
|||||
Electricity swaps and options
|
Other non-current liabilities (non-current portion)
|
$16
|
($7)
|
$9
|
Entergy Wholesale Commodities
|
|||||
Natural gas swaps
|
Other current liabilities
|
$3
|
($-)
|
$3
|
Utility
|
Instrument
|
Balance Sheet Location
|
Fair Value (a)
|
Offset (b)
|
Net (c) (d)
|
Business
|
|||||
(In Millions)
|
||||||||||
Derivatives designated as hedging instruments
|
||||||||||
Assets:
|
||||||||||
Electricity swaps and options
|
Prepayments and other (current portion)
|
$123
|
($-)
|
$123
|
Entergy Wholesale Commodities
|
|||||
Electricity swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$46
|
($10)
|
$36
|
Entergy Wholesale Commodities
|
|||||
Liabilities:
|
||||||||||
Electricity swaps and options
|
Other non-current liabilities (non-current portion)
|
$18
|
($11)
|
$7
|
Entergy Wholesale Commodities
|
Derivatives not designated as hedging instruments
|
||||||||||
Assets:
|
||||||||||
Electricity swaps and options
|
Prepayments and other (current portion)
|
$22
|
($-)
|
$22
|
Entergy Wholesale Commodities
|
|||||
Electricity swaps and options
|
Other deferred debits and other assets (non-current portion)
|
$24
|
($14)
|
$10
|
Entergy Wholesale Commodities
|
|||||
Liabilities:
|
||||||||||
Electricity swaps and options
|
Other non-current liabilities (non-current portion)
|
$19
|
($13)
|
$6
|
Entergy Wholesale Commodities
|
|||||
Natural gas swaps
|
Other current liabilities
|
$8
|
($-)
|
$8
|
Utility
|
(a)
|
Represents the gross amounts of recognized assets/liabilities
|
(b)
|
Represents the netting of fair value balances with the same counterparty
|
(c)
|
Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets
|
(d)
|
Excludes cash collateral in the amounts of $7 million and $56 million held as of September 30, 2013 and December 31, 2012, respectively
|
Instrument
|
Amount of loss
recognized in other
comprehensive income
|
Income Statement location
|
Amount of gain
reclassified from
AOCI into income
|
|||
2013
|
||||||
Electricity swaps and options
|
($4) million
|
Competitive businesses operating revenues
|
$35 million
|
|||
2012
|
||||||
Electricity swaps and options
|
($108) million
|
Competitive businesses operating revenues
|
$61 million
|
Instrument
|
Amount of gain (loss)
recognized in other
comprehensive income
|
Income Statement location
|
Amount of gain
reclassified from
AOCI into income
|
|||
2013
|
||||||
Electricity swaps and options
|
($78) million
|
Competitive businesses operating revenues
|
$38 million
|
|||
2012
|
||||||
Electricity swaps and options
|
$120 million
|
Competitive businesses operating revenues
|
$232 million
|
Instrument
|
Amount of gain
recognized in AOCI
|
Income Statement
location
|
Amount of gain (loss)
recorded in income
|
|||
2013
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($1) million
|
|||
Electricity swaps and options de-designated as hedged items
|
$4 million
|
Competitive business operating revenues
|
$12 million
|
|||
2012
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$7 million
|
|||
Electricity swaps and options de-designated as hedged items
|
$3 million
|
Competitive business operating revenues
|
($7) million
|
Instrument
|
Amount of gain
recognized in AOCI
|
Income Statement
location
|
Amount of gain (loss)
recorded in income
|
|||
2013
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$8 million
|
|||
Electricity swaps and options de-designated as hedged items
|
$4 million
|
Competitive business operating revenues
|
$2 million
|
|||
2012
|
||||||
Natural gas swaps
|
$-
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($28) million
|
|||
Electricity swaps and options de-designated as hedged items
|
$2 million
|
Competitive business operating revenues
|
($6) million
|
Instrument
|
Balance Sheet Location
|
Fair Value
|
Registrant
|
|||
Liabilities:
|
||||||
Natural gas swaps
|
Gas hedge contracts
|
$1.3 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Gas hedge contracts
|
$1.4 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.3 million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Other current liabilities
|
$0.2 million
|
Entergy New Orleans
|
Instrument
|
Balance Sheet Location
|
Fair Value
|
Registrant
|
|||
Liabilities:
|
||||||
Natural gas swaps
|
Gas hedge contracts
|
$2.6 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Gas hedge contracts
|
$3.4 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Other current liabilities
|
$2.2 million
|
Entergy Mississippi
|
Instrument
|
Income Statement Location
|
Amount of gain
(loss) recorded
in income
|
Registrant
|
|||
2013
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.4) million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.7) million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.3) million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.1) million
|
Entergy New Orleans
|
|||
2012
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$2.0 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$3.8 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$1.4 million
|
Entergy Mississippi
|
Instrument
|
Income Statement Location
|
Amount of gain
(loss) recorded
in income
|
Registrant
|
|||
2013
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$2.4 million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$3.2 million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
$2.2 million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($0.2) million
|
Entergy New Orleans
|
|||
2012
|
||||||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($8.3) million
|
Entergy Gulf States Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($10.4) million
|
Entergy Louisiana
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($7.5) million
|
Entergy Mississippi
|
|||
Natural gas swaps
|
Fuel, fuel-related expenses, and gas purchased for resale
|
($1.5) million
|
Entergy New Orleans
|
·
|
Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. See Note 1 to the financial statements in the Form 10-K for a discussion of cash and cash equivalents.
|
·
|
Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following:
|
-
|
quoted prices for similar assets or liabilities in active markets;
|
-
|
quoted prices for identical assets or liabilities in inactive markets;
|
-
|
inputs other than quoted prices that are observable for the asset or liability; or
|
-
|
inputs that are derived principally from or corroborated by observable market data
by correlation or other means.
|
·
|
Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of derivative power contracts used as cash flow hedges of power sales at merchant power plants.
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$262
|
$-
|
$-
|
$262
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
418
|
2,470
|
-
|
2,888
|
||||
Debt securities
|
741
|
999
|
-
|
1,740
|
||||
Power contracts
|
-
|
-
|
85
|
85
|
||||
Securitization recovery trust account
|
50
|
-
|
-
|
50
|
||||
Escrow accounts
|
135
|
-
|
-
|
135
|
||||
$1,606
|
$3,469
|
$85
|
$5,160
|
|||||
Liabilities:
|
||||||||
Power contracts
|
$-
|
$-
|
$36
|
$36
|
||||
Gas hedge contracts
|
3
|
-
|
-
|
3
|
||||
$3
|
$-
|
$36
|
$39
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$420
|
$-
|
$-
|
$420
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
358
|
2,101
|
-
|
2,459
|
||||
Debt securities
|
769
|
962
|
-
|
1,731
|
||||
Power contracts
|
-
|
-
|
191
|
191
|
||||
Securitization recovery trust account
|
46
|
-
|
-
|
46
|
||||
Escrow accounts
|
386
|
-
|
-
|
386
|
||||
$1,979
|
$3,063
|
$191
|
$5,233
|
|||||
Liabilities:
|
||||||||
Power contracts
|
$-
|
$-
|
$13
|
$13
|
||||
Gas hedge contracts
|
8
|
-
|
-
|
8
|
||||
$8
|
$-
|
$13
|
$21
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 for additional information on the investment portfolios.
|
2013
|
2012
|
||||
(In Millions)
|
|||||
Balance as of July 1,
|
$83
|
$375
|
|||
Unrealized gains (losses) from price changes
|
9
|
(92)
|
|||
Unrealized losses on originations
|
(1)
|
-
|
|||
Realized losses included in earnings
|
(6)
|
(4)
|
|||
Realized gains on settlements
|
(36)
|
(61)
|
|||
Balance as of September 30,
|
$49
|
$218
|
2013
|
2012
|
||||
(In Millions)
|
|||||
Balance as of January 1,
|
$178
|
$312
|
|||
Unrealized gains (losses) from price changes
|
(62)
|
136
|
|||
Unrealized gains on originations
|
-
|
7
|
|||
Realized losses included in earnings
|
(29)
|
(5)
|
|||
Realized gains on settlements
|
(38)
|
(232)
|
|||
Balance as of September 30,
|
$49
|
$218
|
Transaction Type
|
Fair Value
as of
September 30,
2013
|
Significant
Unobservable Inputs
|
Range
from
Average
%
|
Effect on
Fair Value
|
||||
Electricity swaps
|
$5 million
|
Unit contingent discount
|
+/-3%
|
$-
|
||||
Electricity options
|
$44 million
|
Implied volatility
|
+/-40%
|
$27 million
|
Significant
Unobservable
Input
|
Transaction Type
|
Position
|
Change to Input
|
Effect on
Fair Value
|
||||
Unit contingent
discount
|
Electricity swaps
|
Sell
|
Increase (Decrease)
|
Decrease (Increase)
|
||||
Implied volatility
|
Electricity options
|
Sell
|
Increase (Decrease)
|
Increase (Decrease)
|
||||
Implied volatility
|
Electricity options
|
Buy
|
Increase (Decrease)
|
Increase (Decrease)
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$41.7
|
$-
|
$-
|
$41.7
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
4.2
|
426.6
|
-
|
430.8
|
||||
Debt securities
|
68.8
|
170.2
|
-
|
239.0
|
||||
Securitization recovery trust account
|
7.9
|
-
|
-
|
7.9
|
||||
Escrow accounts
|
38.0
|
-
|
-
|
38.0
|
||||
$160.6
|
$596.8
|
$-
|
$757.4
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$24.9
|
$-
|
$-
|
$24.9
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
9.5
|
374.5
|
-
|
384.0
|
||||
Debt securities
|
94.3
|
122.3
|
-
|
216.6
|
||||
Securitization recovery trust account
|
4.4
|
-
|
-
|
4.4
|
||||
Escrow accounts
|
38.0
|
-
|
-
|
38.0
|
||||
$171.1
|
$496.8
|
$-
|
$667.9
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$0.6
|
$-
|
$-
|
$0.6
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
5.6
|
341.6
|
-
|
347.2
|
||||
Debt securities
|
53.3
|
137.1
|
-
|
190.4
|
||||
Escrow accounts
|
21.5
|
-
|
-
|
21.5
|
||||
$81.0
|
$478.7
|
$-
|
$559.7
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$1.3
|
$-
|
$-
|
$1.3
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$0.6
|
$-
|
$-
|
$0.6
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
5.5
|
283.0
|
-
|
288.5
|
||||
Debt securities
|
49.5
|
139.4
|
-
|
188.9
|
||||
Escrow accounts
|
87.0
|
-
|
-
|
87.0
|
||||
$142.6
|
$422.4
|
$-
|
$565.0
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$2.6
|
$-
|
$-
|
$2.6
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$40.5
|
$-
|
$-
|
$40.5
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
4.6
|
210.1
|
-
|
214.7
|
||||
Debt securities
|
51.8
|
58.9
|
-
|
110.7
|
||||
Securitization recovery trust account
|
10.5
|
-
|
-
|
10.5
|
||||
$107.4
|
$269.0
|
$-
|
$376.4
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$1.4
|
$-
|
$-
|
$1.4
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$29.3
|
$-
|
$-
|
$29.3
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
2.0
|
173.5
|
-
|
175.5
|
||||
Debt securities
|
52.6
|
59.3
|
-
|
111.9
|
||||
Securitization recovery trust account
|
4.4
|
-
|
-
|
4.4
|
||||
Escrow accounts
|
187.0
|
-
|
-
|
187.0
|
||||
$275.3
|
$232.8
|
$-
|
$508.1
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$3.4
|
$-
|
$-
|
$3.4
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Escrow accounts
|
$61.8
|
$-
|
$-
|
$61.8
|
||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.3
|
$-
|
$-
|
$0.3
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$52.4
|
$-
|
$-
|
$52.4
|
||||
Escrow accounts
|
61.8
|
-
|
-
|
61.8
|
||||
$114.2
|
$-
|
$-
|
$114.2
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$2.2
|
$-
|
$-
|
$2.2
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$14.4
|
$-
|
$-
|
$14.4
|
||||
Escrow accounts
|
8.7
|
-
|
-
|
8.7
|
||||
$23.1
|
$-
|
$-
|
$23.1
|
|||||
Liabilities:
|
||||||||
Gas hedge contracts
|
$0.2
|
$-
|
$-
|
$0.2
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$9.1
|
$-
|
$-
|
$9.1
|
||||
Escrow accounts
|
10.6
|
-
|
-
|
10.6
|
||||
$19.7
|
$-
|
$-
|
$19.7
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets
:
|
||||||||
Temporary cash investments
|
$19.7
|
$-
|
$-
|
$19.7
|
||||
Securitization recovery trust account
|
31.4
|
-
|
-
|
31.4
|
||||
$51.1
|
$-
|
$-
|
$51.1
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets
:
|
||||||||
Temporary cash investments
|
$59.7
|
$-
|
$-
|
$59.7
|
||||
Securitization recovery trust account
|
37.3
|
-
|
-
|
37.3
|
||||
$97.0
|
$-
|
$-
|
$97.0
|
2013
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investment
|
$3.1
|
$-
|
$-
|
$3.1
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
1.0
|
342.8
|
-
|
343.8
|
||||
Debt securities
|
151.6
|
68.0
|
-
|
219.6
|
||||
$155.7
|
$410.8
|
$-
|
$566.5
|
2012
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
(In Millions)
|
||||||||
Assets:
|
||||||||
Temporary cash investments
|
$83.5
|
$-
|
$-
|
$83.5
|
||||
Decommissioning trust funds (a):
|
||||||||
Equity securities
|
1.6
|
282.0
|
-
|
283.6
|
||||
Debt securities
|
141.1
|
65.9
|
-
|
207.0
|
||||
$226.2
|
$347.9
|
$-
|
$574.1
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 for additional information on the investment portfolios.
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2013
|
||||||
Equity Securities
|
$2,888
|
$1,067
|
$1
|
|||
Debt Securities
|
1,740
|
59
|
24
|
|||
Total
|
$4,628
|
$1,126
|
$25
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2012
|
||||||
Equity Securities
|
$2,459
|
$662
|
$1
|
|||
Debt Securities
|
1,731
|
116
|
5
|
|||
Total
|
$4,190
|
$778
|
$6
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$19
|
$1
|
$589
|
$21
|
||||
More than 12 months
|
-
|
-
|
39
|
3
|
||||
Total
|
$19
|
$1
|
$628
|
$24
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$37
|
$1
|
$175
|
$1
|
||||
More than 12 months
|
20
|
-
|
48
|
4
|
||||
Total
|
$57
|
$1
|
$223
|
$5
|
2013
|
2012
|
|||
(In Millions)
|
||||
less than 1 year
|
$109
|
$53
|
||
1 year - 5 years
|
679
|
681
|
||
5 years - 10 years
|
574
|
562
|
||
10 years - 15 years
|
145
|
164
|
||
15 years - 20 years
|
59
|
61
|
||
20 years+
|
174
|
210
|
||
Total
|
$1,740
|
$1,731
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2013
|
||||||
Equity Securities
|
$430.8
|
$181.7
|
$-
|
|||
Debt Securities
|
239.0
|
6.3
|
4.1
|
|||
Total
|
$669.8
|
$188.0
|
$4.1
|
|||
2012
|
||||||
Equity Securities
|
$384.0
|
$116.1
|
$-
|
|||
Debt Securities
|
216.6
|
14.5
|
0.2
|
|||
Total
|
$600.6
|
$130.6
|
$0.2
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$0.1
|
$-
|
$123.7
|
$3.9
|
||||
More than 12 months
|
-
|
-
|
3.3
|
0.2
|
||||
Total
|
$0.1
|
$-
|
$127.0
|
$4.1
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$0.2
|
$-
|
$24.4
|
$0.2
|
||||
More than 12 months
|
-
|
-
|
1.0
|
-
|
||||
Total
|
$0.2
|
$-
|
$25.4
|
$0.2
|
2013
|
2012
|
|||
(In Millions)
|
||||
less than 1 year
|
$8.2
|
$8.8
|
||
1 year - 5 years
|
100.5
|
98.6
|
||
5 years - 10 years
|
122.3
|
93.1
|
||
10 years - 15 years
|
3.3
|
5.1
|
||
15 years - 20 years
|
0.9
|
-
|
||
20 years+
|
3.8
|
11.0
|
||
Total
|
$239.0
|
$216.6
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2013
|
||||||
Equity Securities
|
$347.2
|
$118.0
|
$-
|
|||
Debt Securities
|
190.4
|
8.7
|
2.6
|
|||
Total
|
$537.6
|
$126.7
|
$2.6
|
|||
2012
|
||||||
Equity Securities
|
$288.5
|
$69.8
|
$-
|
|||
Debt Securities
|
188.9
|
15.8
|
0.1
|
|||
Total
|
$477.4
|
$85.6
|
$0.1
|
|||
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$0.4
|
$-
|
$60.0
|
$2.6
|
||||
More than 12 months
|
-
|
-
|
-
|
-
|
||||
Total
|
$0.4
|
$-
|
$60.0
|
$2.6
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$1.2
|
$-
|
$9.1
|
$0.1
|
||||
More than 12 months
|
1.0
|
-
|
-
|
-
|
||||
Total
|
$2.2
|
$-
|
$9.1
|
$0.1
|
2013
|
2012
|
|||
(In Millions)
|
||||
less than 1 year
|
$8.0
|
$8.0
|
||
1 year - 5 years
|
41.7
|
43.5
|
||
5 years - 10 years
|
71.5
|
63.5
|
||
10 years - 15 years
|
52.8
|
55.8
|
||
15 years - 20 years
|
6.5
|
8.5
|
||
20 years+
|
9.9
|
9.6
|
||
Total
|
$190.4
|
$188.9
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2013
|
||||||
Equity Securities
|
$214.7
|
$82.5
|
$-
|
|||
Debt Securities
|
110.7
|
5.6
|
1.5
|
|||
Total
|
$325.4
|
$88.1
|
$1.5
|
|||
2012
|
||||||
Equity Securities
|
$175.5
|
$48.9
|
$0.1
|
|||
Debt Securities
|
111.9
|
9.4
|
0.1
|
|||
Total
|
$287.4
|
$58.3
|
$0.2
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$0.1
|
$-
|
$29.0
|
$1.4
|
||||
More than 12 months
|
-
|
-
|
0.6
|
0.1
|
||||
Total
|
$0.1
|
$-
|
$29.6
|
$1.5
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$0.7
|
$-
|
$3.4
|
$-
|
||||
More than 12 months
|
5.6
|
0.1
|
0.5
|
0.1
|
||||
Total
|
$6.3
|
$0.1
|
$3.9
|
$0.1
|
2013
|
2012
|
|||
(In Millions)
|
||||
less than 1 year
|
$14.4
|
$1.9
|
||
1 year - 5 years
|
32.0
|
42.3
|
||
5 years - 10 years
|
35.6
|
24.9
|
||
10 years - 15 years
|
6.5
|
18.8
|
||
15 years - 20 years
|
4.5
|
1.7
|
||
20 years+
|
17.7
|
22.3
|
||
Total
|
$110.7
|
$111.9
|
Fair
Value
|
Total
Unrealized
Gains
|
Total
Unrealized
Losses
|
||||
(In Millions)
|
||||||
2013
|
||||||
Equity Securities
|
$343.8
|
$117.9
|
$-
|
|||
Debt Securities
|
219.6
|
4.6
|
1.2
|
|||
Total
|
$563.4
|
$122.5
|
$1.2
|
|||
2012
|
||||||
Equity Securities
|
$283.6
|
$63.6
|
$0.2
|
|||
Debt Securities
|
207.0
|
9.3
|
0.1
|
|||
Total
|
$490.6
|
$72.9
|
$0.3
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$0.2
|
$-
|
$52.9
|
$1.2
|
||||
More than 12 months
|
-
|
-
|
-
|
-
|
||||
Total
|
$0.2
|
$-
|
$52.9
|
$1.2
|
Equity Securities
|
Debt Securities
|
|||||||
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||
(In Millions)
|
||||||||
Less than 12 months
|
$1.4
|
$-
|
$15.5
|
$0.1
|
||||
More than 12 months
|
13.0
|
0.2
|
-
|
-
|
||||
Total
|
$14.4
|
$0.2
|
$15.5
|
$0.1
|
2013
|
2012
|
|||
(In Millions)
|
||||
less than 1 year
|
$10.4
|
$1.3
|
||
1 year - 5 years
|
132.4
|
128.7
|
||
5 years - 10 years
|
51.0
|
53.9
|
||
10 years - 15 years
|
6.3
|
2.3
|
||
15 years - 20 years
|
2.0
|
1.4
|
||
20 years+
|
17.5
|
19.4
|
||
Total
|
$219.6
|
$207.0
|
Significant Unobservable Input
|
Amount
|
|
Weighted average cost of capital
|
7.5%
|
|
Long-term pre-tax operating margin (cash basis)
|
7.0%
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$397.4
|
|
Retail electric price
|
13.8
|
|
ANO decommissioning trust
|
3.2
|
|
Volume/weather
|
(6.7)
|
|
Other
|
0.1
|
|
2013 net revenue
|
$407.8
|
·
|
an increase in the capacity acquisition rider, as approved by the APSC, effective with the first billing cycle of December 2012, relating to the Hot Spring plant acquisition. The net income effect of the Hot Spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hot Spring plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes; and
|
·
|
an increase in the energy efficiency rider, as approved by the APSC, effective July 2013. Energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income.
|
·
|
an increase of $16.8 million in gross wholesale revenues primarily due to increased sales to affiliated customers and higher prices;
|
·
|
an increase of $9.6 million due to the increase in the capacity acquisition rider, as discussed above; and
|
·
|
an increase of $4.7 million in rider revenues primarily due to an increase in the Grand Gulf rate effective January 2013.
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$987.5
|
|
Retail electric price
|
36.6
|
|
MISO deferral
|
11.1
|
|
Net wholesale revenue
|
5.9
|
|
Volume/weather
|
(15.3)
|
|
Other
|
(3.6)
|
|
2013 net revenue
|
$1,022.2
|
·
|
an increase in the capacity acquisition rider, as approved by the APSC, effective with the first billing cycle of December 2012, relating to the Hot Spring plant acquisition. The net income effect of the Hot Spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hot Spring plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes; and
|
·
|
an increase in the energy efficiency rider, as approved by the APSC, effective July 2013 and July 2012. Energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income.
|
·
|
an increase of $42.7 million in gross wholesale revenues primarily due to increased sales to affiliated customers and higher prices;
|
·
|
the June 2012 AmerenUE refund of $30.6 million, including interest, in rough production cost equalization payments collected from AmerenUE. Entergy Arkansas had previously recorded a regulatory provision for the potential refund to AmerenUE. The result of the refund in 2012 was a decrease in gross revenues with an offsetting increase in other regulatory credits. See Note 2 to the financial statements in the Form 10-K for a discussion of the FERC order in the System Agreement production cost equalization proceedings;
|
·
|
an increase of $22.9 million due to the increase in the capacity acquisition rider, as discussed above;
|
·
|
an increase of $17 million in rider revenues primarily due to an increase in the Grand Gulf rate effective January 2013;
|
·
|
an increase of $14.6 million in rider revenues due to increases in the energy efficiency rider effective July 2013 and July 2012, as discussed above; and
|
·
|
an increase of $11.3 million in rider revenues related to higher System Agreement production cost equalization payments. These revenues are offset in deferred fuel expenses. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of the FERC orders in the System Agreement production cost equalization proceedings.
|
·
|
increased purchased power costs and gas-fired generation due to an increase in demand as a result of the ANO extended outage as well as increases in the average market prices of purchased power and natural gas; and
|
·
|
higher costs related to System Agreement production cost equalization payments, as discussed above.
|
·
|
an increase of $3.5 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $2.5 million in energy efficiency costs. These costs are recovered through the energy efficiency rider and have no effect on net income;
|
·
|
an increase of $2.1 million in distribution contract work primarily due to vegetation maintenance; and
|
·
|
an increase of $2.1 million in fossil-fueled generation expenses primarily due to the addition of the Hot Spring plant in November 2012, partially offset by higher plant outage costs in 2012 due to a greater scope of work.
|
·
|
an increase of $12 million in energy efficiency costs. These costs are recovered through the energy efficiency rider and have no effect on net income;
|
·
|
an increase of $11 million resulting from costs related to the generator stator incident at ANO, including an offset for expected insurance proceeds. See “
ANO Damage and Outage
” below for further discussion of the incident;
|
·
|
an increase of $10.8 million in fossil-fueled generation expenses primarily due to the addition of the Hot Spring plant in November 2012; and
|
·
|
an increase of $8.7 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs.
|
·
|
a decrease of $3.4 million due to costs incurred in 2012 related to the transition and implementation of joining the MISO RTO. In April 2013, Entergy Arkansas began deferring these costs as approved by the APSC; and
|
·
|
the effects of recording the final court decision in the Entergy Arkansas lawsuit against the U.S. Department of Energy related to spent nuclear fuel disposal. The damages awarded include the reimbursement of approximately $3.2 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. The spent nuclear fuel disposal litigation is discussed in more detail in Part II, Item 5, “Spent Nuclear Fuel.”
|
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$34,533
|
$22,599
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
201,757
|
337,920
|
|||
Investing activities
|
(435,244)
|
(324,656)
|
|||
Financing activities
|
244,017
|
6,759
|
|||
Net increase in cash and cash equivalents
|
10,530
|
20,023
|
|||
Cash and cash equivalents at end of period
|
$45,063
|
$42,622
|
·
|
income tax payments of $211.4 million in 2013 compared to income tax refunds of $6.9 million in 2012. Entergy Arkansas had income tax payments in 2013 in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The income tax payments in 2013 resulted primarily from the reversal of temporary differences for which Entergy Arkansas had previously claimed a tax deduction;
|
·
|
approximately $27 million in spending related to the generator stator incident at ANO, as discussed above; and
|
·
|
$22.6 million in storm restoration spending in 2013 resulting from the December 2012 winter storm which caused significant damage to Entergy Arkansas’s distribution lines, equipment, poles and other facilities.
|
·
|
proceeds of $38 million received in 2013 from the U.S. Department of Energy resulting from litigation regarding the storage of spent nuclear fuel. The litigation is discussed in more detail in Part II, Item 5, “Spent Nuclear Fuel”;
|
·
|
the timing of payments to vendors;
|
·
|
a $30.6 million June 2012 refund to AmerenUE, as discussed above; and
|
·
|
a $15.4 million decrease in pension contributions in 2013 as compared to the same period in prior year.
|
·
|
approximately $68 million in spending related to the generator stator incident at ANO, as discussed above;
|
·
|
money pool activity; and
|
·
|
$39.6 million in storm restoration spending in 2013 resulting from the December 2012 winter storm.
|
·
|
the issuance of $250 million of 3.05% Series first mortgage bonds in May 2013 and $125 million of 4.75% Series first mortgage bonds in June 2013;
|
·
|
the net repayment of $16.6 million of borrowings on the Entergy Arkansas nuclear fuel company variable interest entity credit facility compared to net borrowings of $18.8 million in 2012; and
|
·
|
borrowings on a $250 million term loan credit facility entered into in July 2013.
|
·
|
the retirement, at maturity, of $30 million 9% Series H notes by the Entergy Arkansas nuclear fuel company variable interest entity in June 2013; and
|
·
|
the retirement, at maturity, of $300 million of 5.40% Series first mortgage bonds in August 2013.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
57.3%
|
56.0%
|
||
Effect of excluding the securitization bonds
|
(1.0%)
|
(1.2%)
|
||
Debt to capital, excluding securitization bonds (a)
|
56.3%
|
54.8%
|
||
Effect of subtracting cash
|
(0.5%)
|
(0.4%)
|
||
Net debt to net capital, excluding securitization bonds (a)
|
55.8%
|
54.4%
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Arkansas.
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
$53,375
|
$8,035
|
$7,487
|
$17,362
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 248 | $ | 276 | $ | (28 | ) | (10 | ) | |||||||
Commercial
|
141 | 148 | (7 | ) | (5 | ) | ||||||||||
Industrial
|
131 | 137 | (6 | ) | (4 | ) | ||||||||||
Governmental
|
5 | 4 | 1 | 25 | ||||||||||||
Total retail
|
525 | 565 | (40 | ) | (7 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
89 | 71 | 18 | 25 | ||||||||||||
Non-associated companies
|
19 | 19 | - | - | ||||||||||||
Other
|
15 | 1 | 14 | 1,400 | ||||||||||||
Total
|
$ | 648 | $ | 656 | $ | (8 | ) | (1 | ) | |||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
2,367 | 2,646 | (279 | ) | (11 | ) | ||||||||||
Commercial
|
1,767 | 1,859 | (92 | ) | (5 | ) | ||||||||||
Industrial
|
1,906 | 1,967 | (61 | ) | (3 | ) | ||||||||||
Governmental
|
67 | 72 | (5 | ) | (7 | ) | ||||||||||
Total retail
|
6,107 | 6,544 | (437 | ) | (7 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
2,094 | 1,581 | 513 | 32 | ||||||||||||
Non-associated companies
|
181 | 292 | (111 | ) | (38 | ) | ||||||||||
Total
|
8,382 | 8,417 | (35 | ) | - | |||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 608 | $ | 613 | $ | (5 | ) | (1 | ) | |||||||
Commercial
|
358 | 364 | (6 | ) | (2 | ) | ||||||||||
Industrial
|
328 | 335 | (7 | ) | (2 | ) | ||||||||||
Governmental
|
15 | 15 | - | - | ||||||||||||
Total retail
|
1,309 | 1,327 | (18 | ) | (1 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
267 | 221 | 46 | 21 | ||||||||||||
Non-associated companies
|
56 | 28 | 28 | 100 | ||||||||||||
Other
|
67 | 57 | 10 | 18 | ||||||||||||
Total
|
$ | 1,699 | $ | 1,633 | $ | 66 | 4 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
6,164 | 6,270 | (106 | ) | (2 | ) | ||||||||||
Commercial
|
4,503 | 4,682 | (179 | ) | (4 | ) | ||||||||||
Industrial
|
5,068 | 5,248 | (180 | ) | (3 | ) | ||||||||||
Governmental
|
182 | 198 | (16 | ) | (8 | ) | ||||||||||
Total retail
|
15,917 | 16,398 | (481 | ) | (3 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
6,202 | 5,450 | 752 | 14 | ||||||||||||
Non-associated companies
|
539 | 800 | (261 | ) | (33 | ) | ||||||||||
Total
|
22,658 | 22,648 | 10 | - | ||||||||||||
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$239.3
|
|
Net wholesale revenue
|
5.6
|
|
Retail electric price
|
4.8
|
|
River Bend decommissioning trust
|
4.1
|
|
Volume/weather
|
3.8
|
|
Other
|
1.3
|
|
2013 net revenue
|
$258.9
|
·
|
an increase in deferred fuel expense due to the timing of receipt of System Agreement payments and credits to customers and higher fuel cost recovery revenues due to higher fuel rates as compared to the prior year. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of the System Agreement proceedings; and
|
·
|
an increase in the average market price of purchased power and increased demand.
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$653.7
|
|
Louisiana Act 55 financing savings obligation
|
28.3
|
|
Net wholesale revenue
|
7.8
|
|
Other
|
2.0
|
|
2013 net revenue
|
$691.8
|
·
|
an increase of $138.8 million in fuel cost recovery revenues primarily due to higher fuel rates;
|
·
|
an increase of $69.5 million in rider revenues primarily due to System Agreement credits to customers in 2012; and
|
·
|
an increase of $12.3 million in gross wholesale revenues primarily due to higher prices.
|
·
|
an increase in the average market price of purchased power and increased demand; and
|
·
|
an increase in deferred fuel expense due to the timing of receipt of System Agreement payments and credits to customers and higher fuel cost recovery revenues due to higher fuel rates as compared to the prior year. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of the System Agreement proceedings.
|
·
|
an increase of $5.5 million in compensation and benefits costs primarily due to a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan and a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $2.3 million in loss reserves;
|
·
|
an increase of $1.8 million in nuclear generation expenses primarily due to higher labor costs;
|
·
|
an increase of $1.7 million in fossil-fueled generation expenses due to an overall higher scope of work done during plant outages as compared to the prior year; and
|
·
|
several individually insignificant items.
|
·
|
an increase of $11.4 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
the deferral recorded in the second quarter 2012, as approved by the LPSC and the FERC, of costs related to the transition and implementation of joining the MISO RTO, which reduced expenses by $4.2 million in 2012;
|
·
|
an increase of $4.9 million in nuclear generation expenses primarily due to higher labor costs including higher contract labor;
|
·
|
an increase of $2.7 million in loss reserves;
|
·
|
an increase of $2.2 million in fossil-fueled generation expenses due to an overall higher scope of work done during plant outages as compared to the prior year; and
|
·
|
several individually insignificant items.
|
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$35,686
|
$24,845
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
270,298
|
391,711
|
|||
Investing activities
|
(261,281)
|
(145,984)
|
|||
Financing activities
|
(43,933)
|
(94,008)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(34,916)
|
151,719
|
|||
Cash and cash equivalents at end of period
|
$770
|
$176,564
|
·
|
income tax payments of $62.4 million in the nine months ended September 30, 2013. Entergy Gulf States Louisiana had income tax payments in 2013 in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The payments resulted primarily from the reversal of temporary differences for which Entergy Gulf States Louisiana had previously claimed a tax deduction;
|
·
|
higher nuclear refueling outage spending at River Bend. River Bend had a refueling outage in 2013 and did not have one in 2012; and
|
·
|
the timing of collections from customers.
|
·
|
fluctuations in nuclear fuel activity because of variations from year to year in the timing and pricing of fuel reload requirements in the Utility business, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle;
|
·
|
$51 million in proceeds in 2012 from the sale of a portion of Entergy Gulf States Louisiana’s investment in Entergy Holdings Company’s Class A preferred membership interests to a third party;
|
·
|
an increase in nuclear construction expenditures as a result of spending on nuclear projects during the River Bend refueling outage in 2013; and
|
·
|
an increase in transmission construction expenditures due to additional reliability work performed in 2013.
|
·
|
the withdrawal of $65.5 million from the storm reserve escrow account in 2013;
|
·
|
a decrease in distribution construction expenditures due to prior year Hurricane Isaac spending; and
|
·
|
a decrease in fossil-fueled generation construction expenditures as a result of decreased scope of work in 2013.
|
·
|
$31 million in credit borrowings for the nine months ended September 30, 2013 compared to payments of $29.4 million on credit borrowings for the nine months ended September 30, 2012 against the nuclear fuel company variable interest entity credit facility; and
|
·
|
money pool activity.
|
·
|
an increase of $52.5 million in common equity distributions;
|
·
|
net cash redemptions of $5.2 million of long-term debt for the nine months ended September 30, 2013; and
|
·
|
net cash issuances of $3.4 million of long-term debt for the nine months ended September 30, 2012.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
52.7%
|
52.3%
|
||
Effect of subtracting cash
|
-%
|
(0.6%)
|
||
Net debt to net capital
|
52.7%
|
51.7%
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
($57,835)
|
($7,074)
|
$32,161
|
$23,596
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 158 | $ | 119 | $ | 39 | 33 | |||||||||
Commercial
|
123 | 90 | 33 | 37 | ||||||||||||
Industrial
|
137 | 89 | 48 | 54 | ||||||||||||
Governmental
|
6 | 5 | 1 | 20 | ||||||||||||
Total retail
|
424 | 303 | 121 | 40 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
102 | 103 | (1 | ) | (1 | ) | ||||||||||
Non-associated companies
|
11 | 9 | 2 | 22 | ||||||||||||
Other
|
12 | 11 | 1 | 9 | ||||||||||||
Total
|
$ | 549 | $ | 426 | $ | 123 | 29 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,740 | 1,718 | 22 | 1 | ||||||||||||
Commercial
|
1,514 | 1,500 | 14 | 1 | ||||||||||||
Industrial
|
2,337 | 2,210 | 127 | 6 | ||||||||||||
Governmental
|
59 | 61 | (2 | ) | (3 | ) | ||||||||||
Total retail
|
5,650 | 5,489 | 161 | 3 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
1,940 | 2,295 | (355 | ) | (15 | ) | ||||||||||
Non-associated companies
|
245 | 229 | 16 | 7 | ||||||||||||
Total
|
7,835 | 8,013 | (178 | ) | (2 | ) | ||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 356 | $ | 295 | $ | 61 | 21 | |||||||||
Commercial
|
314 | 258 | 56 | 22 | ||||||||||||
Industrial
|
379 | 287 | 92 | 32 | ||||||||||||
Governmental
|
16 | 14 | 2 | 14 | ||||||||||||
Total retail
|
1,065 | 854 | 211 | 25 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
283 | 281 | 2 | 1 | ||||||||||||
Non-associated companies
|
33 | 23 | 10 | 43 | ||||||||||||
Other
|
47 | 43 | 4 | 9 | ||||||||||||
Total
|
$ | 1,428 | $ | 1,201 | $ | 227 | 19 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
3,982 | 4,019 | (37 | ) | (1 | ) | ||||||||||
Commercial
|
3,923 | 4,003 | (80 | ) | (2 | ) | ||||||||||
Industrial
|
6,772 | 6,741 | 31 | - | ||||||||||||
Governmental
|
172 | 174 | (2 | ) | (1 | ) | ||||||||||
Total retail
|
14,849 | 14,937 | (88 | ) | (1 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
4,858 | 5,858 | (1,000 | ) | (17 | ) | ||||||||||
Non-associated companies
|
642 | 673 | (31 | ) | (5 | ) | ||||||||||
Total
|
20,349 | 21,468 | (1,119 | ) | (5 | ) | ||||||||||
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$312.1
|
|
Retail electric price
|
30.1
|
|
Volume/weather
|
10.3
|
|
Fuel recovery
|
5.0
|
|
Net wholesale revenue
|
3.6
|
|
Other
|
2.8
|
|
2013 net revenue
|
$363.9
|
·
|
an increase of $128.9 million in fuel cost recovery revenues primarily due to higher fuel rates;
|
·
|
the formula rate plan increase, as discussed above; and
|
·
|
an increase of $10.8 million in affiliated sales as a result of the Acadia contract with Entergy Gulf States Louisiana effective January 2013.
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$702.5
|
|
Louisiana Act 55 financing savings obligation
|
139.1
|
|
Retail electric price
|
63.8
|
|
Net wholesale revenue
|
14.2
|
|
Volume/weather
|
7.9
|
|
Fuel recovery
|
6.3
|
|
Other
|
1.0
|
|
2013 net revenue
|
$934.8
|
·
|
an increase of $291.2 million in fuel cost recovery revenues primarily due to higher fuel rates;
|
·
|
the formula rate plan increase, as discussed above; and
|
·
|
an increase of $21.8 million in affiliated sales as a result of the Acadia contract with Entergy Gulf States Louisiana effective January 2013.
|
·
|
an increase of $7.6 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $3.2 million in distribution expenses primarily due to higher labor and contract costs;
|
·
|
an increase of $2.5 million in transmission expenses primarily due to higher equalization expenses, additional transmission services, and higher vegetation expenses; and
|
·
|
an increase of $2.2 million as a result of lower write-offs of uncollectible accounts in 2012.
|
·
|
$200 million of 3.30% Series first mortgage bonds in December 2012;
|
·
|
$100 million of 4.70% Series first mortgage bonds in May 2013; and
|
·
|
$325 million of 4.05% Series first mortgage bonds in August 2013.
|
·
|
an increase of $13.9 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge, recognized in September 2013, related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
the prior year deferral, as approved by the LPSC and the FERC, of costs related to the transition and implementation of joining the MISO RTO, which reduced 2012 expenses by $5.2 million;
|
·
|
an increase of $2.9 million in loss reserves; and
|
·
|
an increase of $2.8 million in nuclear generation expenses primarily due to higher labor and materials costs.
|
·
|
$200 million of 5.25% Series first mortgage bonds in July 2012;
|
·
|
$200 million of 3.30% Series first mortgage bonds in December 2012;
|
·
|
$100 million of 4.70% Series first mortgage bonds in May 2013; and
|
·
|
$325 million of 4.05% Series first mortgage bonds in August 2013.
|
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$30,086
|
$878
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
450,443
|
401,672
|
|||
Investing activities
|
(449,858)
|
(519,816)
|
|||
Financing activities
|
10,221
|
266,171
|
|||
Net increase in cash and cash equivalents
|
10,806
|
148,027
|
|||
Cash and cash equivalents at end of period
|
$40,892
|
$148,905
|
·
|
receipts of $187 million from the storm reserve escrow account in 2013, compared to receipts of $13.7 million in 2012;
|
·
|
a decrease in nuclear construction expenditures due to the Waterford 3 steam generator replacement project in 2012;
|
·
|
a decrease in nuclear fuel activity because of variations from year to year in the timing and pricing of fuel reload requirements in the Utility business, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle; and
|
·
|
a decrease in distribution construction expenditures due to higher Hurricane Isaac spending in prior year.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
52.8%
|
48.4%
|
||
Effect of excluding securitization bonds
|
(1.3%)
|
(1.6%)
|
||
Debt to capital, excluding securitization bonds (a)
|
51.5%
|
46.8%
|
||
Effect of subtracting cash
|
(0.4%)
|
(0.3%)
|
||
Net debt to net capital, excluding securitization bonds (a)
|
51.1%
|
46.5%
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Louisiana.
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
$51,867
|
$9,433
|
$30,710
|
($118,415)
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 286 | $ | 227 | $ | 59 | 26 | |||||||||
Commercial
|
174 | 136 | 38 | 28 | ||||||||||||
Industrial
|
255 | 180 | 75 | 42 | ||||||||||||
Governmental
|
12 | 11 | 1 | 9 | ||||||||||||
Total retail
|
727 | 554 | 173 | 31 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
34 | 46 | (12 | ) | (26 | ) | ||||||||||
Non-associated companies
|
1 | 1 | - | - | ||||||||||||
Other
|
21 | 13 | 8 | 62 | ||||||||||||
Total
|
$ | 783 | $ | 614 | $ | 169 | 28 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
2,884 | 2,866 | 18 | 1 | ||||||||||||
Commercial
|
1,820 | 1,786 | 34 | 2 | ||||||||||||
Industrial
|
4,275 | 4,157 | 118 | 3 | ||||||||||||
Governmental
|
126 | 125 | 1 | 1 | ||||||||||||
Total retail
|
9,105 | 8,934 | 171 | 2 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
705 | 682 | 23 | 3 | ||||||||||||
Non-associated companies
|
9 | 21 | (12 | ) | (57 | ) | ||||||||||
Total
|
9,819 | 9,637 | 182 | 2 | ||||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 651 | $ | 541 | $ | 110 | 20 | |||||||||
Commercial
|
444 | 368 | 76 | 21 | ||||||||||||
Industrial
|
734 | 554 | 180 | 32 | ||||||||||||
Governmental
|
35 | 29 | 6 | 21 | ||||||||||||
Total retail
|
1,864 | 1,492 | 372 | 25 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
84 | 99 | (15 | ) | (15 | ) | ||||||||||
Non-associated companies
|
1 | 1 | - | - | ||||||||||||
Other
|
76 | 66 | 10 | 15 | ||||||||||||
Total
|
$ | 2,025 | $ | 1,658 | $ | 367 | 22 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
6,767 | 6,844 | (77 | ) | (1 | ) | ||||||||||
Commercial
|
4,641 | 4,675 | (34 | ) | (1 | ) | ||||||||||
Industrial
|
12,687 | 12,448 | 239 | 2 | ||||||||||||
Governmental
|
373 | 362 | 11 | 3 | ||||||||||||
Total retail
|
24,468 | 24,329 | 139 | 1 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
1,322 | 1,749 | (427 | ) | (24 | ) | ||||||||||
Non-associated companies
|
26 | 39 | (13 | ) | (33 | ) | ||||||||||
Total
|
25,816 | 26,117 | (301 | ) | (1 | ) | ||||||||||
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$167.9
|
|
Retail electric price
|
11.5
|
|
Reserve equalization
|
2.9
|
|
Volume/weather
|
(2.8)
|
|
Other
|
1.9
|
|
2013 net revenue
|
$181.4
|
·
|
an increase of $29.3 million in fuel cost recovery revenues primarily due to higher fuel rates;
|
·
|
an increase of $24.1 million in gross wholesale revenues due to an increase in sales to affiliated customers;
|
·
|
an increase of $16.9 million in power management rider revenue, as approved by the MPSC, primarily resulting from the acquisition of the Hinds plant in November 2012, as discussed previously; and
|
·
|
an increase of $10.7 million in rider revenue primarily due to an increase in the Grand Gulf rider effective October 2012.
|
·
|
an increase in the average market price of natural gas;
|
·
|
an increase in deferred fuel expenses as a result of higher fuel revenues primarily due to lower 2012 fuel rates as a result of bandwidth remedy payments refunded to customers in August and September 2012. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of the System Agreement proceedings; and
|
·
|
an increase in Grand Gulf capacity costs as a result of the Grand Gulf uprate.
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$432.4
|
|
Retail electric price
|
45.0
|
|
Reserve equalization
|
10.3
|
|
Volume/weather
|
(3.9)
|
|
Other
|
2.7
|
|
2013 net revenue
|
$486.5
|
·
|
an increase of $64.1 million in gross wholesale revenues due to an increase in sales to affiliated customers;
|
·
|
an increase of $45.2 million in power management rider revenue, as approved by the MPSC, primarily resulting from the acquisition of the Hinds plant in November 2012, as discussed previously;
|
·
|
an increase of $29.8 million in rider revenue primarily due to an increase in the Grand Gulf rider effective October 2012; and
|
·
|
an increase of $19.4 million in fuel cost recovery revenues primarily due to higher fuel rates.
|
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$52,970
|
$16
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
147,847
|
156,020
|
|||
Investing activities
|
(109,269)
|
(124,165)
|
|||
Financing activities
|
(90,457)
|
(4,214)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(51,879)
|
27,641
|
|||
Cash and cash equivalents at end of period
|
$1,091
|
$27,657
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
52.1%
|
55.9%
|
||
Effect of subtracting cash
|
-%
|
(1.2%)
|
||
Net debt to net capital
|
52.1%
|
54.7%
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
($19,150)
|
$16,878
|
$5,497
|
($1,999)
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 167 | $ | 144 | $ | 23 | 16 | |||||||||
Commercial
|
126 | 108 | 18 | 17 | ||||||||||||
Industrial
|
43 | 36 | 7 | 19 | ||||||||||||
Governmental
|
11 | 10 | 1 | 10 | ||||||||||||
Total retail
|
347 | 298 | 49 | 16 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
30 | 5 | 25 | 500 | ||||||||||||
Non-associated companies
|
7 | 7 | - | - | ||||||||||||
Other
|
14 | 12 | 2 | 17 | ||||||||||||
Total
|
$ | 398 | $ | 322 | $ | 76 | 24 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,836 | 1,917 | (81 | ) | (4 | ) | ||||||||||
Commercial
|
1,424 | 1,468 | (44 | ) | (3 | ) | ||||||||||
Industrial
|
612 | 651 | (39 | ) | (6 | ) | ||||||||||
Governmental
|
115 | 117 | (2 | ) | (2 | ) | ||||||||||
Total retail
|
3,987 | 4,153 | (166 | ) | (4 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
527 | 54 | 473 | 876 | ||||||||||||
Non-associated companies
|
92 | 109 | (17 | ) | (16 | ) | ||||||||||
Total
|
4,606 | 4,316 | 290 | 7 | ||||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 401 | $ | 355 | $ | 46 | 13 | |||||||||
Commercial
|
321 | 292 | 29 | 10 | ||||||||||||
Industrial
|
115 | 107 | 8 | 7 | ||||||||||||
Governmental
|
31 | 28 | 3 | 11 | ||||||||||||
Total retail
|
868 | 782 | 86 | 11 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
79 | 15 | 64 | 427 | ||||||||||||
Non-associated companies
|
18 | 18 | - | - | ||||||||||||
Other
|
51 | 46 | 5 | 11 | ||||||||||||
Total
|
$ | 1,016 | $ | 861 | $ | 155 | 18 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
4,345 | 4,387 | (42 | ) | (1 | ) | ||||||||||
Commercial
|
3,623 | 3,785 | (162 | ) | (4 | ) | ||||||||||
Industrial
|
1,675 | 1,801 | (126 | ) | (7 | ) | ||||||||||
Governmental
|
305 | 311 | (6 | ) | (2 | ) | ||||||||||
Total retail
|
9,948 | 10,284 | (336 | ) | (3 | ) | ||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
1,302 | 153 | 1,149 | 751 | ||||||||||||
Non-associated companies
|
211 | 201 | 10 | 5 | ||||||||||||
Total
|
11,461 | 10,638 | 823 | 8 | ||||||||||||
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$69.4
|
|
Volume/weather
|
1.3
|
|
Rider revenue
|
1.2
|
|
Other
|
0.6
|
|
2013 net revenue
|
$72.5
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$185.9
|
|
Rider revenue
|
2.4
|
|
Net gas revenue
|
2.3
|
|
Volume/weather
|
1.9
|
|
Retail electric price
|
(1.5)
|
|
Other
|
0.5
|
|
2013 net revenue
|
$191.5
|
·
|
an increase of $2.1 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge recognized in September 2013 related to the payment of lump sum benefits out of the non-qualified pension plan. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
” in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs; and
|
·
|
an increase of $1.5 million in fossil-fueled generation expenses due to an overall higher scope of work done during plant outages as compared to prior year.
|
·
|
an increase of $8.5 million in fossil-fueled generation expenses due to an overall higher scope of work done during plant outages as compared to prior year; and
|
·
|
an increase of $1.9 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge recognized in September 2013 related to the payment of lump sum benefits out of the non-qualified pension plan. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
” in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs.
|
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$9,391
|
$9,834
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
59,948
|
23,160
|
|||
Investing activities
|
(81,546)
|
(44,538)
|
|||
Financing activities
|
27,710
|
12,716
|
|||
Net increase (decrease) in cash and cash equivalents
|
6,112
|
(8,662)
|
|||
Cash and cash equivalents at end of period
|
$15,503
|
$1,172
|
·
|
money pool activity;
|
·
|
an increase in fossil-fueled generation construction expenditures due to an increased scope of work in 2013; and
|
·
|
an increase in transmission construction expenditures as a result of additional reliability work performed in 2013.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
50.1%
|
47.7%
|
||
Effect of subtracting cash
|
(1.7%)
|
(1.2%)
|
||
Net debt to net capital
|
48.4%
|
46.5%
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
$18,403
|
$2,923
|
($15,719)
|
$9,074
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 67 | $ | 58 | $ | 9 | 16 | |||||||||
Commercial
|
55 | 47 | 8 | 17 | ||||||||||||
Industrial
|
11 | 9 | 2 | 22 | ||||||||||||
Governmental
|
19 | 18 | 1 | 6 | ||||||||||||
Total retail
|
152 | 132 | 20 | 15 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
6 | 10 | (4 | ) | (40 | ) | ||||||||||
Other
|
4 | 4 | - | - | ||||||||||||
Total
|
$ | 162 | $ | 146 | $ | 16 | 11 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
613 | 579 | 34 | 6 | ||||||||||||
Commercial
|
576 | 553 | 23 | 4 | ||||||||||||
Industrial
|
139 | 130 | 9 | 7 | ||||||||||||
Governmental
|
206 | 219 | (13 | ) | (6 | ) | ||||||||||
Total retail
|
1,534 | 1,481 | 53 | 4 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
93 | 246 | (153 | ) | (62 | ) | ||||||||||
Non-associated companies
|
2 | 1 | 1 | 100 | ||||||||||||
Total
|
1,629 | 1,728 | (99 | ) | (6 | ) | ||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 155 | $ | 135 | $ | 20 | 15 | |||||||||
Commercial
|
140 | 123 | 17 | 14 | ||||||||||||
Industrial
|
27 | 23 | 4 | 17 | ||||||||||||
Governmental
|
51 | 47 | 4 | 9 | ||||||||||||
Total retail
|
373 | 328 | 45 | 14 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
14 | 21 | (7 | ) | (33 | ) | ||||||||||
Other
|
10 | 12 | (2 | ) | (17 | ) | ||||||||||
Total
|
$ | 397 | $ | 361 | $ | 36 | 10 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,438 | 1,398 | 40 | 3 | ||||||||||||
Commercial
|
1,502 | 1,507 | (5 | ) | - | |||||||||||
Industrial
|
358 | 365 | (7 | ) | (2 | ) | ||||||||||
Governmental
|
570 | 598 | (28 | ) | (5 | ) | ||||||||||
Total retail
|
3,868 | 3,868 | - | - | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
249 | 436 | (187 | ) | (43 | ) | ||||||||||
Non-associated companies
|
4 | 4 | - | - | ||||||||||||
Total
|
4,121 | 4,308 | (187 | ) | (4 | ) | ||||||||||
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$161.7
|
|
Fuel recovery
|
6.5
|
|
Hurricane Rita regulatory asset adjustment
|
6.4
|
|
Volume/weather
|
4.0
|
|
Other
|
2.2
|
|
2013 net revenue
|
$180.8
|
Amount
|
||
(In Millions)
|
||
2012 net revenue
|
$421.6
|
|
Retail electric price
|
14.5
|
|
Fuel recovery
|
6.5
|
|
Hurricane Rita regulatory asset adjustment
|
6.4
|
|
Reserve equalization
|
4.1
|
|
Volume/weather
|
3.0
|
|
Purchased power capacity
|
(10.0)
|
|
Other
|
(0.2)
|
|
2013 net revenue
|
$445.9
|
·
|
an increase of $5.2 million in compensation and benefit costs primarily due to a decrease in discount rates used to determine net periodic pension and other postretirement benefit costs and a settlement charge related to the payment of lump sum benefits out of the non-qualified pension plan. See
"MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
"
in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $2.3 million primarily due to storm damage accruals in accordance with a rate order from PUCT issued in September 2012. See Note 2 to the financial statements in the Form 10-K for further discussion of the PUCT rate order;
|
·
|
an increase of $2.1 million in distribution contract work relating primarily to vegetation maintenance;
|
·
|
an increase of $2.1 million in fossil-fueled generation expenses primarily due to a higher scope of work done during plant outages in 2013 as compared to the same period in prior year; and
|
·
|
an increase of $1.4 million in insurance expenses primarily due to increases in premiums.
|
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$60,236
|
$65,289
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
167,278
|
171,985
|
|||
Investing activities
|
(130,025)
|
(65,518)
|
|||
Financing activities
|
(75,746)
|
(107,340)
|
|||
Net decrease in cash and cash equivalents
|
(38,493)
|
(873)
|
|||
Cash and cash equivalents at end of period
|
$21,743
|
$64,416
|
·
|
$86.1 million of fuel cost refunds for the nine months ended September 30, 2013 compared to $67.2 million of fuel cost refunds for the nine months ended September 30, 2012. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the fuel cost refunds; and
|
·
|
the receipt, in January 2012, of $43 million in System Agreement bandwidth remedy payments required to implement the FERC’s remedy in an October 2011 order for the period June-December 2005. As of March 31, 2013, all of the $43 million, plus interest, had been credited to Entergy Texas customers, with the final $9.5 million being credited in the first quarter 2013. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of the System Agreement proceedings.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
64.1%
|
65.4%
|
||
Effect of excluding the securitization bonds
|
(12.7%)
|
(13.3%)
|
||
Debt to capital, excluding securitization bonds (a)
|
51.4%
|
52.1%
|
||
Effect of subtracting cash
|
(0.6%)
|
(1.7%)
|
||
Net debt to net capital, excluding securitization bonds (a)
|
50.8%
|
50.4%
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
$25,105
|
$19,175
|
$12,981
|
$63,191
|
SELECTED OPERATING RESULTS
|
||||||||||||||||
For the Three and Nine Months Ended September 30, 2013 and 2012
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 213 | $ | 192 | $ | 21 | 11 | |||||||||
Commercial
|
102 | 98 | 4 | 4 | ||||||||||||
Industrial
|
98 | 87 | 11 | 13 | ||||||||||||
Governmental
|
7 | 6 | 1 | 17 | ||||||||||||
Total retail
|
420 | 383 | 37 | 10 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
90 | 92 | (2 | ) | (2 | ) | ||||||||||
Non-associated companies
|
10 | 8 | 2 | 25 | ||||||||||||
Other
|
7 | 6 | 1 | 17 | ||||||||||||
Total
|
$ | 527 | $ | 489 | $ | 38 | 8 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
1,917 | 1,879 | 38 | 2 | ||||||||||||
Commercial
|
1,291 | 1,267 | 24 | 2 | ||||||||||||
Industrial
|
1,768 | 1,634 | 134 | 8 | ||||||||||||
Governmental
|
77 | 74 | 3 | 4 | ||||||||||||
Total retail
|
5,053 | 4,854 | 199 | 4 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
1,713 | 1,982 | (269 | ) | (14 | ) | ||||||||||
Non-associated companies
|
142 | 179 | (37 | ) | (21 | ) | ||||||||||
Total
|
6,908 | 7,015 | (107 | ) | (2 | ) | ||||||||||
Nine Months Ended
|
Increase/
|
|||||||||||||||
Description
|
2013 | 2012 |
(Decrease)
|
%
|
||||||||||||
(Dollars In Millions)
|
||||||||||||||||
Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 450 | $ | 425 | $ | 25 | 6 | |||||||||
Commercial
|
240 | 248 | (8 | ) | (3 | ) | ||||||||||
Industrial
|
233 | 226 | 7 | 3 | ||||||||||||
Governmental
|
17 | 17 | - | - | ||||||||||||
Total retail
|
940 | 916 | 24 | 3 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
283 | 201 | 82 | 41 | ||||||||||||
Non-associated companies
|
28 | 28 | 0 | - | ||||||||||||
Other
|
37 | 29 | 8 | 28 | ||||||||||||
Total
|
$ | 1,288 | $ | 1,174 | $ | 114 | 10 | |||||||||
Billed Electric Energy
|
||||||||||||||||
Sales (GWh):
|
||||||||||||||||
Residential
|
4,383 | 4,386 | (3 | ) | - | |||||||||||
Commercial
|
3,306 | 3,342 | (36 | ) | (1 | ) | ||||||||||
Industrial
|
4,704 | 4,512 | 192 | 4 | ||||||||||||
Governmental
|
213 | 209 | 4 | 2 | ||||||||||||
Total retail
|
12,606 | 12,449 | 157 | 1 | ||||||||||||
Sales for resale:
|
||||||||||||||||
Associated companies
|
4,778 | 4,145 | 633 | 15 | ||||||||||||
Non-associated companies
|
464 | 683 | (219 | ) | (32 | ) | ||||||||||
Total
|
17,848 | 17,277 | 571 | 3 | ||||||||||||
2013
|
2012
|
||||
(In Thousands)
|
|||||
Cash and cash equivalents at beginning of period
|
$83,622
|
$185,157
|
|||
Cash flow provided by (used in):
|
|||||
Operating activities
|
136,814
|
217,040
|
|||
Investing activities
|
(59,890)
|
(513,256)
|
|||
Financing activities
|
(156,734)
|
131,297
|
|||
Net decrease in cash and cash equivalents
|
(79,810)
|
(164,919)
|
|||
Cash and cash equivalents at end of period
|
$3,812
|
$20,238
|
·
|
the issuance of $250 million 4.10% Series first mortgage bonds by System Energy Resources in September 2012;
|
·
|
an increase in borrowings of $6.5 million on the nuclear fuel company variable interest entity’s credit
facility in 2013 compared to an increase in borrowings of $62.8 million on the nuclear fuel company
variable interest entity’s credit facility in 2012;
|
·
|
the redemption of $70 million of 6.29% Series F notes by the nuclear fuel company variable interest entity in September 2013;
|
·
|
the issuance of $50 million of 4.02% Series H notes by the nuclear fuel company variable interest entity in February 2012;
|
·
|
an increase of $17.3 million in common stock dividends paid in 2013; and
|
·
|
the redemption of $152.975 million of pollution control revenue bonds in 2012.
|
September 30,
2013
|
December 31,
2012
|
|||
Debt to capital
|
45.1%
|
49.7%
|
||
Effect of subtracting cash
|
(0.1%)
|
(2.6%)
|
||
Net debt to net capital
|
45.0%
|
47.1%
|
September 30,
2013
|
December 31,
2012
|
September 30,
2012
|
December 31,
2011
|
|||
(In Thousands)
|
||||||
$4,008
|
$26,915
|
$4,103
|
$120,424
|
Period
|
Total Number of
Shares Purchased
|
Average Price Paid
per Share
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
Maximum $
Amount
of Shares that May
Yet be Purchased
Under a Plan (b)
|
||||
7/01/2013-7/31/2013
|
-
|
$-
|
-
|
$350,052,918
|
||||
8/01/2013-8/31/2013
|
-
|
$-
|
-
|
$350,052,918
|
||||
9/01/2013-9/30/2013
|
-
|
$-
|
-
|
$350,052,918
|
||||
Total
|
-
|
$-
|
-
|
(a)
|
See Note 12 to the financial statements in the Form 10-K for additional discussion of the stock-based compensation plans.
|
(b)
|
Maximum amount of shares that may yet be repurchased does not include an estimate of the amount of shares that may be purchased to fund the exercise of grants under the stock-based compensation plans.
|
Ratios of Earnings to Fixed Charges
|
|||||||||||
Twelve Months Ended
|
|||||||||||
December 31,
|
September 30,
|
||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
||||||
Entergy Arkansas
|
2.33
|
2.39
|
3.91
|
4.31
|
3.79
|
3.62
|
|||||
Entergy Gulf States Louisiana
|
2.44
|
2.99
|
3.58
|
4.36
|
3.48
|
3.45
|
|||||
Entergy Louisiana
|
3.14
|
3.52
|
3.41
|
1.86
|
2.08
|
3.08
|
|||||
Entergy Mississippi
|
2.92
|
3.31
|
3.35
|
3.55
|
2.79
|
3.10
|
|||||
Entergy New Orleans
|
3.71
|
3.61
|
4.43
|
5.37
|
3.02
|
2.00
|
|||||
Entergy Texas
|
2.04
|
1.92
|
2.10
|
2.34
|
1.76
|
1.95
|
|||||
System Energy
|
3.29
|
3.73
|
3.64
|
3.85
|
5.12
|
5.73
|
Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends/Distributions
|
||||||||||||
Twelve Months Ended
|
||||||||||||
December 31,
|
September 30,
|
|||||||||||
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|||||||
Entergy Arkansas
|
1.95
|
2.09
|
3.60
|
3.83
|
3.36
|
3.23
|
||||||
Entergy Gulf States Louisiana
|
2.42
|
2.95
|
3.54
|
4.30
|
3.43
|
3.40
|
||||||
Entergy Louisiana
|
2.87
|
3.27
|
3.19
|
1.70
|
1.93
|
2.86
|
||||||
Entergy Mississippi
|
2.67
|
3.06
|
3.16
|
3.27
|
2.59
|
2.88
|
||||||
Entergy New Orleans
|
3.45
|
3.33
|
4.08
|
4.74
|
2.67
|
1.80
|
*
|
4(a)
|
Seventy-eighth Supplemental Indenture, dated as of August 1, 2013, to Entergy Louisiana, LLC Mortgage and Deed of Trust, dated as of April 1, 1944 (4.08 to Form 8-K dated August 23, 2013 in 1-32718).
|
12(a) -
|
Entergy Arkansas’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
|
|
12(b) -
|
Entergy Gulf States Louisiana’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Distributions, as defined.
|
|
12(c) -
|
Entergy Louisiana’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Distributions, as defined.
|
|
12(d) -
|
Entergy Mississippi’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
|
|
12(e) -
|
Entergy New Orleans’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
|
|
12(f) -
|
Entergy Texas’s Computation of Ratios of Earnings to Fixed Charges, as defined.
|
|
12(g) -
|
System Energy’s Computation of Ratios of Earnings to Fixed Charges, as defined.
|
|
31(a) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
|
|
31(b) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
|
|
31(c) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
|
|
31(d) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
|
|
31(e) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Gulf States Louisiana.
|
|
31(f) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Gulf States Louisiana.
|
|
31(g) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
|
|
31(h) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
|
|
31(i) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
|
|
31(j) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
|
|
31(k) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
|
|
31(l) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
|
|
31(m) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
|
|
31(n) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
|
|
31(o) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
|
|
31(p) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
|
|
32(a) -
|
Section 1350 Certification for Entergy Corporation.
|
|
32(b) -
|
Section 1350 Certification for Entergy Corporation.
|
|
32(c) -
|
Section 1350 Certification for Entergy Arkansas.
|
|
32(d) -
|
Section 1350 Certification for Entergy Arkansas.
|
|
32(e) -
|
Section 1350 Certification for Entergy Gulf States Louisiana.
|
|
32(f) -
|
Section 1350 Certification for Entergy Gulf States Louisiana.
|
|
32(g) -
|
Section 1350 Certification for Entergy Louisiana.
|
|
32(h) -
|
Section 1350 Certification for Entergy Louisiana.
|
|
32(i) -
|
Section 1350 Certification for Entergy Mississippi.
|
|
32(j) -
|
Section 1350 Certification for Entergy Mississippi.
|
|
*
|
Incorporated herein by reference as indicated.
|
ENTERGY CORPORATION
ENTERGY ARKANSAS, INC.
ENTERGY GULF STATES LOUISIANA, L.L.C.
ENTERGY LOUISIANA, LLC
ENTERGY MISSISSIPPI, INC.
ENTERGY NEW ORLEANS, INC.
ENTERGY TEXAS, INC.
SYSTEM ENERGY RESOURCES, INC.
|
/s/ Alyson M. Mount
Alyson M. Mount
Senior Vice President and Chief Accounting Officer
(For each Registrant and for each as
Principal Accounting Officer)
|