0CAN049209, 1991 Annual Financial Rept
| ML20095A888 | |
| Person / Time | |
|---|---|
| Site: | Arkansas Nuclear  |
| Issue date: | 12/31/1991 |
| From: | James Fisicaro ENTERGY OPERATIONS, INC. |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| 0CAN049209, CAN49209, NUDOCS 9204210172 | |
| Download: ML20095A888 (60) | |
Text
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- =-:- Ent:rgy wm o u~.i~.
Operations April 14 1992 Ou.sN 04 92 09 U. S. Nuclear Regulatory Commission Document Control Desk Mail Station P1-137 l Washington, DC 20555 1
Subject:
Arkansas Nuclear One - Units 1 and 2 Dacket Non. 50-313 & 50-368 )
License Nos. DPR-51 & NFP-6 1991 Annual F2nancial Report - Proof of Financial Protection i l
Gentlemen; The 1991 Annual Financial Report for Entergy Corporation is attached.
This report is sub.ni t t ed in accordance with the requirements of 10CFR140.15(b)(1) to show that Entergy Corporation has adequate resources e to provide fitu -lal protection for unf oreseen nuclear occurrences which may result in liabilities.
The Annual Financial Report contains certified 'inancial statements for the fiscal years 1989, 1990, and 1991, together with an independent.
auditor's report. The financial statements include balance sheets, operating statements, plus supporting schedules which may be needed f cer interpretation of the balance sheets and operating statements.
If there are any questions concerning this submitta , please contact me
~
at (501) 964-S601.
Very truly yours,
/
w( &c~
//James '. Fisicaro Director, Licensing JJF/SAB/sjf At tacitment s 9204210172 911231 d PDR ADOCK 05000313 n J J eon c ,
.- . . 'e O.-S,-NRC April 14 1992
_ _Page 2 ,
.cc: .Mr. Robert-Martin U. S. Nuclear Regulatory Commission Region IVJ 611 Ryan' Plaza Drive. Suite 400 Arlington, TX 76011-8064 NRC Senior Resident Inspector '
Arkansas Nuclear One - ANO-1 & 2 Number 1, Nuclear Plant Road
+
- Russellville AR 72801 Mr. Thomas W.. Alexion [
NRR Project Manager, Region IV/ANO-1 ;
U. S. Nuclear _ Regulatory Commission NRR Mail Stop 13-H-3 One White Flint North 11555 Rockville Pike Rockville, Maryland 20852 Ms. Sher! Peterson NRR Project Manager, Region IV/ANO-2 U. S. Nuclear Regulatory Commission
-NRR Mail Stop 13-H-3 One White Flint North 11555 Rockville Pike Rockville, Maryland 20852 y 1
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- NucttAn OrtaAnous Combined,the nuclear plants _ OrHta PaixcieAt SussiotAnits A third fimetionalorganizathne accounted for about 48 percent of. Ettette, luc, Entergy Operations,Inc., was - the total electric energy generated A nonregidated, nonutility subsidiary,-
e t established in 19N to manage all . by the Entergy System in lWl,and Electee nurkets Entergy's technology
~~ System nuclear operations. Ilead. comprise approximately 3 percent and expertise wuriduide toother
, quartered in hekson, Mississippi, of the System's total capacity.
utilities and industrial customers.
Entergy Operations manages and Euttact Busintss Surront Srsitu l'utts, lue,-
operates the Systems nuclear twer e
A fourth functional unit, formed in A sgciM-purpose company, System
- plants under agreements with the IW1.is Entergyllusiness Support,
- uels plarts and impleinents pn ganw
. owner companies.ne phmts are w hich provides fmancial, technical, for the procurement, delivery, Arkanus NuclearOne(Umts 1 & 2L - adnstsstrative, and entporate services kated in Russellville, Arkansas' and storage of fuelsupplies for the to the Sprem's other funaioru! teams.
System.'l'he canpany's stock is and owned by AP&la Giand Gulf.
owned by the operating companies.
Nuclear Stanon. katedin Pan Gibson, Mississippi,and 6wned by System Energy Resources,Inc.:
- and Waterford 3, kated in 'laft, Louisiana,and owned by LP&L p
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Maanti To-Boon RArio REVfNuts Nn 19com (Loss) l.. 4 l'
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nteroy Orporation Distnisun0N AND CUSTOMER SERVICE OthtRAh0N AND TRAN$MI$310N Ij is one of the largest IX'S is the System's " retail side" The G&T organintion has under and includes the corporation's four its umbrella all fossiland hydro investor <mned publicutility_ holding retailoperatingcompanies, p(mer plantsin the Entergy Sprem.
I} companies in the United States, and theleading electricity supplier linder theleadership of the IX:S headquaners staffin Little Rock, employees at the operating These plants cumprise approximately
- 50 generating units that use coal, naturalgas, oil,or hydniclectric in the Sliddle South region. companies are working together power. Combined,they accounted Ileadquanered in New Orleans, to reallic cost etTiciencies through for almut 52 percent of the total Louisiana, Entergy serves more standardization of programs electric energy generated by the and pntesses. Entergv System in 1991 and than 1.7 mdlion retailcustomers through its operatingcompanies constitute 75 percent ofits capacity.
in Arkansas, Louisiana, and RETAIL DetRATING COMPANlts The System Operations hiississippi. Entergy also provides "' F "
ARKAusAs Powtn & licht
. wholesale electricity off-System dispatches the power,induding
!!eadquanered in Little Rock, to other utilities, and marketsits l II"
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- APM vides electrie seniec to energy expertise worldwide acm moie than W mHes of ap roximately 575JXX) customers through various subs; diaries, intenunnected transmission and in af Arkam' 75 counties.
in 1991,Entergy completed distribution lines in the System,as Louis:ANA P0wta & licht wcil as to otT System cusmmers.
an internal restructuring along Headquanered in New Odcans, laated in Pine IllutT, Arkansas, functionallines that resuhedin the LP&L pmvides electric senice to the SOC also helps ensure the formation of four System teams:
ne dy MMcustomersin46of n lisility of an interconnected
- the Distribution and Customer louisiana's M parishes. electrie system that stretches from Senice orpnization,theGeneration and Transmhsion orgarhationi M:ssissim Powtn & licht- the Gulf of Nicxico to hlissouriand Nuclear Operations, and Entergy Ileadquanered in Jackson, Alp &L beyond,and is tied into utilities Business Support- provides electric service to over extendingfrom 6e R%Ly Alountains to the castern linited States, 350dKX)custaraers in 45 counties of westem hlississippi. Alsoincludedin G& Tis NEw OsttAus Pueuc SERV)CE lNC,
. . in IWO as an independent pmer
.NOI,Sl prmides electne semcc to pnxlucer,which primarily sellsits apprmiroately.190,000 eu tomers cgacity and energy otT-System m >
and natural gas senice to about
. the wholesale market. -
154JXK)eastomers m rhe city of New Orle:ms.
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p 'what the lulure sney held? A nonM sapine? ? ., ',
t A cure lor canr.or? An and to hunger? ': " ~
' A solut6an tisolid weste?/
@ We can ant 6cipate r,teny; 6
6- 4 ^ of the eresas:chanses'the g htture will brin 0 f / - But the sudden, dramatic ones, the ones most likeh 6 to reshape carr world View, are nm diffice!! to
- predict. Who, a few yea's ago, would have predcted the demise "
Ng@ of commmism? Wholo etold the 1973 ol!Emb:pego, of the
, p* *" 1929 stoch meth:. ~
At Entergy Cornaration, we bekte that the future is in
< /
/ eur hands, and to prepare for it, we trwst see what is written on our palm. What tones will shape the energy Industry of the fum? How willtlwy affect us? What can we do to 'Get our hands around them"?
Civilitatens don't etten get the twortensty to embart upon a new Century -let alone a new mi;4ana2m.
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j Art you ready for the year 2000? Entergy Corporaten
, plans to be.
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4- 1991 1990' 1989 l
hNAACIAL Ill8005: Total operating retenues $4,051 $1.%: 15.724
- * ** l Operating inwme $1,067 $1,f47 $1MW) .
1 Net mcwne ihm) $ 4%2 $ dix $ (473) .I Mepw an.hout uha f retad10milion i4 kw h ! 56.%62 55,777 4U107 OnnArimo DATA:
Peak de:r.and (mecaw at:<> 11,852 . 12.Ie 1 1,4 *< ;
Cunomen wn eJ at peu end (retaib IJ33,422 1.722A22 '+ ,5N Coumon Sto:x DATA' LepingdlmO pc; thuc $ 2.64 $ 144 $(2.31)
Ihudends pA3 per shoe - $ 1.25 5 las 5 0.w lhk ulut per shue $2M3 $2225 $20 M Rerum nn n etge mmmon eqmn Il.579 11 474 -
$ - 2tl, $ 22n $ 2n I Share pnre at ycx cnd -..
3 hes outstanding c.t 3ev e nd 17h,MP).292 B5.257,192 201wL59.-
9 (kirman k litter 7h Wrld\'/s On/v Eic//i ) dan.leay 3 l mr::l?rm SNatmin:Bavne a Loe Cost Pnaluar -12 long-Tem stratgia:Grw ?k I:asi.ws; tri
}< .11avarnsut) Finam talikwauivo andA nalph N I
l hrsjvw!entitw!Hars' Report 23 Finarui.dStat, nam 26 Boarr!dIkreaan 44 l
l 5, a inritur1efbreation ikfinition of1hrms s!
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The year's ftinctional restrtiettiring -
At Ytm Eno is a key element in our strategy f'or the .
4,&ar short- and long-term. By creating a single j i (( .
j management team for our multi-state geileration and transmission organization, and a single team tbr our distribution and customer senice
- )
yf; p{4;
- ij operations, we've streamlined stafT, reduced j L
- q duplicate eflbrts, and increased economics of
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^
scale. We've also created a more flexible structure for responding to future threats and
~k[{';
p p;[q opportunitiesin the market. 'L[Lp1 Anotherimmediate :
cT:
$ 7 """" " * , goalis tolxx)st perfomiance for oj(: ,[,[
- '* stockholders, as well as customers. . -
The resolution ofour Grand Gulfl;tigation assured ourability toeam a rerum on ,
su>ckholders' investment in that facility.
1, 3 Our nuclear excellence program is the best
[ .[?' guarantee that we will continue to nutximize retums on our nuclearinvestment. Similarly, LR our clean-buming fossil plants are well-9***j positioned to comply with the requirements Y of the new Clean Air Act,without the Io mo.4L extensive cash oudays that will be required pc
- w .r ofma , ofourcompetitors.
. o sm B Ga N On!
D Oil
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^ pry thirc
Other eflbrts to improve our performance fbr stockholders include our stock buyback program, which has lx>osted eamings per share, and our steadily improving subsidiary company bond ratings, which translate into a lower cost of capital. These, along with other gains the last few years, have lxilstered the price of our stock and enabled us to increase the dividend every year for the last three.
For the longer-temt our plans are to " grow the business." We will continue to improve operating results from our existing business. We will supplement these
=
retums through penetration of the burgeoning a
u otomo s==- '
9mf wholesale market, limited diversification within
,, ["
our areas of expertise, and the marketing of new suo energy senices like "PowerView," a demand-side management technology we are piloting in emperation with First Pacific Networks. We will also continue to support electric growth in a
our sernce area through strategic economie 1 y ., development cfforts like our new "Open Door" housing initiative, which is aimed at making housing more affordable for moderate- and y >
low-income fhmilies.
r mm
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pay)nr.
_____...-__-____m__ .~. _ _ _ _ _ . -___.
p In short, we at Entergy recognize that we stand not only on the threshold of a
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t new century, but also on the j .
verge of a new industry-one ,
f ,
j with plentifulopportunities for ;
i l the innovative and the prepared. ;
That neweenturv is only eight years away-and the new indusuv may arrive even sooner.
As we've outlined in ,
the following pages,we plan to be ready We're mobilizingour i employees to bring their full .
l creativity and intelligence to the Eiacre c h>imon ana cto i:d"in t meberecr u'"ah -ne < rthe nun' en e seco hi$ nmnh him dunw scn&d b c+rldC nrcuno:
tasks at hand. It's by their strengths 5 m a .x % smew om ias .momm,c neaeo.
and abilities we'll move forward.
I, for one, eagerly e
anticipate thejoumey, l
Sincerely, .
f
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I lhhvin Lupberger '
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6 pl & f K %z y- or the last several years Entergy 9 7 hh]
i Corporation has been e:. mining the forces - technological, regulatory, 3 $k Ob[/h6M.W$% Ni
@g% y);yggggy MQ ,yWpqQfl'g '
l g l and social- that we believe are %$kW N L most likely to shape oar industry by h p" h [
.a i, the year 2(XX). Will there be a rq FY 4j continuing role for nuclear power? Es, but only if costs can be controlled. WR there be ganving [by?p'. 7 y competition from photovoltaics and other f? mt $y(I y decentralized generating sources? We think "-
Will consumers place greater emphasis on (h@f M
pg % >
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efliciency? Definitely. Will deregulation allow kw au i#
market-based prices for electricity? Someumes. 3f? c ;
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_his is the picture of the electric utility -
industri; we believe to be most likely: f F d * ;'h GREATER ELECTR1FICAT!0N. 'Ibehnology continues to
.y I create new uses for electricity, and consumers, in s
their quest for instant information, money, food, e and entertamment, contmue to demand them. '
From electric vehicles to laser technology to microwave and infrared industrial processes to .
a2 +
electronic information handling, no one will be % 1 using less electricity in the year 2(XX). We may be < -
1" ;
Q rig mm;h more emeient in our electricity use pet task, y q but the number of electrified tasks will grow. & 7[%fm$MO;r j a 'r a$m;f;q
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_.7 _ MORE ELECTRICIW PLAYERS. From cogenerators to -g'*},
. ( *,g,p. ; E .. a mdependent power producers to decentrabzed yg t .
. j 4 ;'g y %a i -
generation technologies like photovoltaics, .- y . c,gM T
. n; . ,,, m -
entrants to the power generating market wdl g
.. "x e . w..y n multiply, stepping up the competitive pressures 0 ' p.us;.r. . .: .V f f % fW,.q, %..j:f..$' c gg.a.;
on all of them. pg r -;;d'Af ;4.k,el.8~.&,y , ,ggy
<V ';f S ? " '
GREATER TRANSMISSION ACCESS. While we don't f' #7 belice the nation's transmission network should I 7 k, 'f . , , . . . . . be deregulated to the point of eommon carrier status for retail customers, we believe it's in
}.S f(
ts ' se E J.c ,.?.c., consumers' interest t dlow the competitive sale of wholesale electncirv from regions of excess to g q.a e p fg - - ggg
- g. y regions of short stwly. This will encourage K g*4f.L%.:3? yy1. l.. ?;N.r,. .
comixtition among electricity providers, improving e0iciency and reducing costs -- add. .inonal NihffMfjjThym$.a_c...(
. ~
p y w y wa s
.n-f:
benefits to customers. f' Q;J?? M ,hN M < jQQ
.e ew:
GREATER EMPHASIS ON EFFICIENCY. We may even k @wi3 40 f .l d M . ' become obsessive about it - and it's about time. \ I P T% ' ' [&}h.f:.h k E0iciency is the optimal use of resources, and when . we waste our resources, evervonc pays. On the . other hand, in certain applications, electricity is jIN ~:hD - the most etlicient means available. By the year gKf - 2000, we'll hear more than ever about "eco-watts" ?.[>b,j.w F. -
- the energy saved by perthrming a task electrically, kj -
;. ~ .
.. [. '
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WQ& p- n.a '. 'y.. y. a:v . L.f :.. . .. MORE SOPH 1STICATED CONSUMERS. They'll have more ..
.s -
options and concerns than ever helbre, and he more $g. .N. .
. y ..
'~T.. ~
educated about them. Consumers will be tougher N E i; .1.Q.. 4 . t . [ : .b;.w ?
.w i ki.Tc.l=' - &
to please than ever- and more likely to take their
% %.. '/~:.' E . .,M business elsewhere when thev're dissatisfied.
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,: s. .1 .. 1 L -i . M0mRCADONS TO THe Pusuc UnuTY HOLDING COMPANY
> ~-
. .. z. : ...l. ;;.(q'.2; .y ACT, Created in 1935 to correct flagrant abuses,
..E
~
; PUIICA today prevents utilities,like F.ntergy, that 4 4
~ ;;fmMi.a H L.c 1 J ~ , '..; f. , j.g f are organized as holding companies from competing
. .. E .4 " c . 1 1... .
y .f }, . , .-] j g..-N J Y .;$.. X head-to-head with utilities that may be just as targe,
- .g;i. :..O:\ , 7 :. . m]. m ,.s , .'c but are Organized as single iegal entities. (some of 4 ..; :mg.f'7 {cS the latter are even doing business internationally
- f. . :.Qg . y@% with their diversified subsidiaries.) This wasn't the
..,.. A
' 8..t.f.f.L 4 d$[y.w [ .. '. intent of the originallaw, and we anticipate that
. . . . .,y..
. .N d y . .c. . ,( chanc.es will be made to " level the playing Geld."
l- . ?yy R j ),.drl.f .
?
o .
..<jl. ' ,h PAR 11AL FREEDDM TO CHARGE MARKET-BASED P.ATES.
9% . s We anticipate that by the year 2(XX) the rates paid j .Ag$;d' 4}f$$$ g$,for neady all new generating capacity
~
'I by customers 1
. .jg.;le.. N -
7% will be market-based, while the rates for embedded i
;? capacity will continue to be regulated.
I f.$ '.% , , . . l *,.' -l . , .f t'
. . .jf7,. ! '? r 2dk. .
J DEVELOPMENT OF NEW TECHNOLOGIES, PARTICULA 9LY IN
~
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DECENTRAUED GENERATION. l)ccentralized genciation In ogd, dding hMM,% d [W NE k .f . , ,, .. y p@C C . . .'. ,2 , 'i' (.4 . . V ..,...g,.
. . i V .j, . ., i h' ' '
closer to full commercial deploy ment as their costs 9 . . , / .O[ , ;. f, gf. . ; n . l t .g become competitive Will) conventional Sources. llus
.u . . ; .p . . , e ; .
, ... ........w ,y -
, could rad.ically alter out industrv.* E,veryone who can 1
' ). *,., N. 'f : f *
- M O e.f. ; : q'l . , . .: afTord a decentralized power generating system will
';i a i 3 1.' s '.<iM ' ' ' ;. 1.4 J have the option of becoming his own power producer.
, .7p' 'gg .
- y. y R . g,[;.h. - T' The front-end costs and reliability of these systems
; ,, c :; .,en wy. n
,..-y .g . A V remain matters for speculation, at present.
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conunuanon of current uends w,ll i create a new
. ' :.dQ@mpp ..g, if.
D;~j hut recognizable electric utility industry by the
~ $ f:QQMf.}.;
,v .. . f . . .. ..
j if year 20(X), with new market threats, and just as
*' .- khNk I. 5:fl.?.fS .' ..
important, new market opportunities.
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r%_%c 0"S Tc (, PR000 f i ntergy has already begun '. . implementing its strategies for success in the year 200(). Our . ,
*. ,l 7 immediate goalis to become a I~ .
~
~
low-cost producer. 'Ibward that .
, .,[
end,in 1991, we completed a i
*L.. . functional resta:cturing that flattened th" .
a..
- y E. . ' ..
..J,f organization, streamlined decision-making, .. - ; V,.E.;O. . . .
%.4s . , . . -
" ~.
reduced the number of personnel and redundant .. T. :'.W.,1 ' 4?. ' . 4 . Q i.e/ .
~
activities, and increased our economics of scale. .
-A .
' % j' in essence. we created a single management
.Mb structure for our three-state generating activities, and a separate and single management structure f ~ g.[:pjg E J f'rgy
[ - for our three-state distribution and customer ,7 - G,f.s i4u;; 7 service aconnes. 7:$+ q . 4a. m w~ -
,J y t, ;. .
e expect that this restructuring will not . - - {
~ . oniv improve etTicienc3 and reduce costs, but will i. -*
j - m - . 2 also enable us to respond more quickly to threats
. .1 t . . .
and opportumties in the market. 1 j. g. g .. .-
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1 I related short-term strategy is to achieve . world-class nuclear performance, the best guarantee of caming a fair retum on our substantial nuclear . t. . investment. Two of our plants, Grand Gulf and i. - Waterford 3, are already ranked among the industry's ; - best in temis of regulatory and operational perfonnance. !. *-f -
~
The third, Arkansas Nuclear One, is well on its way. ' having improved dramatically in the last 18 months
. ., ,+ l~ ry 5 E .
e# . 3 ",
~,..: - e .. .
-g- . < -.,. . ,
.. ow our goal is to reduce our nuclear costs >' -
' '~
f-
- A-per kilowatt-hour to top-quartile competitiveness. -
1 We don't see this goal as being inconsistent with - - A. strong operational and regulatory performance. In .,
!N .,
fact, the industrv's top plants are consistently tops in ' all three categories: regulatory compliance, on-line ,
. , ry h r..'..
perfomaance, and costs per kilowatt-hour.
. %- 7
'}Ml[f'
%y f third short-term strategy is to profitably . .
~ '
meet the needs of our industrial customers. While we - may welcome the addition of cogeneration capacity at - I . some point, at present, we need our indusuial customers .. . , to bear their shaie of embedded costs. 'lo keep their . business, we are bending over backwards to meet their . . - 1 need- ihr power quality, service reliabiiity, and price ?
. ,4 '
competitiveness - and to date, we have succeeded. . - - s 9 N , v .y . ,' . r
. 1 ,/ .
. e g' -
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. _. 4 .f fnLYJ >p!!wn .
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g 1 m. _ a_ m i_t p,. 2 - stanis has spawned an exhaustive search for
/' -
""? ,
industrv "best practices" and a commitment to 9' - continuoth improvement - the essence of'lbtal
.4 - "
Quality. We're in the third year ofimplementing
$. ~ our'Ibtal Quality improvement principles and
- Wyd ye practices, and have trained vinually all of our A.. E ~
' ~
# .,F supervisorv personnel, if there.s a better way to ~-
s .
, ,l l .,4 %;
4, .? buy fuel, operate a plant, maintain a power line, or a., , , ' ' 1. ' serve a customer, we'll identify and incorporate it. _
.1 Already, we've improved customer sen ice and
,q-
- - - reduced costs by ch. .mmatmg duplicate record-
..g,l. keeping, by using flevtime to extend customer p service huurs, by pooling our purchasing to carn
%.[,# ,1 volume discounts, and by sharing the innovations , wz. .y,f. , .~. , .
,i 5
- f. at one coilipany or one plant with others across
-1 ,.. .
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% ntergv's k>ng-term strategy for success -
$ in the year 2000 can be summarized MNb .
d~ ), in three wora: " Grow the business." Q5h$I!h.! s s A
'gi We have initiated a number of new ..
l processes toward that end. One of ' 4%.%
%;9h
?
.4< : +
s*, 4hb them is a regionalleast-cost planning en diaiogue with a cross-section of customers in ail f~ M
."3g"'
four of our local regulatorv jurisdictions. Through this dialogue we will not only be able to help our T-customers reduce their energy bdis, we will also - a hkyg -
%,y.1%w. g. v .
7 have an ,,m. side track,, on energy services that wd. l t w"4 meet their needs. +m%$, 9 - es 4 p N: > sn m ~ W] ,y;A , 4 " Tliong this line, in 1091, we began a pilot
. ,e, Ag study of a new technologv. tha .villinform residential 1
W c, A cowmers of their home energy usage, as well as the g,
~m; ~,v- w
, . s costs and sovings from ediciency measures. Called t*
.N. -
1 4. n' "PowerVic,,," the uchnology is being developed (, - n e . 7' g; , by Firs: Pacific Networks, a Cahtornia-based high- p - . o Lg2 [ $ ' yk hs '%d.c2 p j %. '] technology firm, for F.ntergv's use in demand-side p ]j g,q management. We believe "PowerView" will be W{"M f, , W ,- C s X M the low-cost, demand-side energy management h p i pf~ fj,f
- k'}) Y ykffh, c /
W technologv of the future, and E.ntergs has exclusive, 4 w o k,..s @, ~W mL7t. .::A ,., pa uorldwide rights to the sale of the utility applicaricas. MM~s . , ~, , ,M d k [v %i,] I{ f' . 'n /d '?' M '
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l%f N I n Uonsumers' growing concerns about the emironment and demand for efTiciency are likely to create a strong market for energy sen ices by the year 2000. With this in mind, Entergy is looking for opportunities to develop or acquire an energy services company to sell energy-eDicient products and services within and beyond our service region, with appropriate regulatory approvals. O I I V n the national scene, Entergy has taken a leadership position on opening access to the transmission system for wholesale electricity suppliers. Although increasmg access to this network presents unique technical challenges, we believe it will prc ide more options for meeting demand growth and marketing our own wholesale power. Further, we believe greater competition among wholesale suppliers will ultimately benefa customers, as well as the stocl . 'lders of successful companies. 7, _.he wholesale market is one we are aggressively working to develop. As a growing number of utilities ' need additional capacity, they will be seeking wholesale - power. Entergy Power is our primarv entry into this market. This subsidiarv, created in 1990, is working on a number of capacity sales to utilities in the south and d south <entral states. We expect its revenues to rise in - f x4 O4 ~ lZj
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of our service region. Entergy has an ongoing commitment to our region s educational and
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r ,i V t . In 1991, we launched our newest economic N 3- q,.d:P development effort: the "Open Door" housing g.m program. L.ndertaken in cooperation with other ( *3, yl: )..i 1 ,
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antergy has a long trad,ition of support
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this strategy for growing the busuiess has the y: *P,qn +i N. longest lead time, but it will also bear the longest-
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nvmg. lasting results. As we create the capacity for wealth a w, in our senice region, we create our own capacity
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RESULTS OF OPERATIONS Listed ;rg the table below are those significant facton affecting iesults of operations for w hich thanges have occurred betw een the 3 ears IVit and 1990, and 1990 and 1989. The principal reawm for the thanges fuim period to period are dncuned following the t,ible. 1991 n 1990 1990 vs 1989 . Imenusil turarAsel Discnenon /Mw ne ='t.w; 1991 1990 1989 (DICRiA8r) -% (DH,RfAM) % Net income (lon) $ 4N'.0 $ 4783 $ t472M $ 3.7 i $ 950.9 - Elcrtric operating resccucs $3,9743 $1894 ? $ 3,tdL6 $ 804 2 $ 2915 7 Purthased power $ 20il $ 1516 $ 1%8 $ 495 32 $ (31.2) (17) Other operecien cipense - $ ti'w4 5 E27.6 $ 725.k $ M3 6 $ 101.8 14 Rate defern!s net . $ 112.R) $ 03.0) $ (149.M $ 20.2 61 $ 1163 78 Toulinwme tnes $ 277.2 $ 315 3 $ 56 $ (3RI) (13 $ 3097 - Pnyect Olivc Bratich senkments $ - $ - $41,101b $ - - $1,10i2 - Aliscellaneous other income + net $ 122.7 $ 168.5 $ 102.8 $ (4i8) (271 $ h5.7 (4 Etscinic cernatino ntytwuts: Rnidentb! $1,4fd3 $1.449.8 $ 1,331.2 $ 115 1 $ 11tL6 9 Commerebl *A6 98& 4' 930 3 8.2 1 %1 6 Industrial - Un>N 8 1.051 8 1,021 3 17.0 2 303 3 Governmenul 128.8 124.6 121.9 4.2 3 2.7 2 Tuulicuit it:373 3314.6 3.4M9 42.9 1 209.7 6 Sales for reule 220 3 2115 177.0 7.h 353 2u
' Other ' 9h7 67.0 51.7 29.7 44 153 ..o
. Total electric operating rnenues $3,974 5 $k8%i $ 3M3.6 $ tn4 2 $ 2005 7 ENEnGY $Alf $:iEdhw VJvb
, Residemiai 18329 1s.17., 17.245 1% i 929 5 Commercial 1Alf4 IL977 1110 187 1 444 4 Industrbi 23,4fA 21795 22.3 % 671 3 399 2 Gosernmental 1,903 IMI !.833 72 4 (h - Tout retail - % 862 55,777 54m7 Uh5 2 1,770 3 Sales for reule- 7,346 (OC 4$7 1,054 17 1.4 B 30 , Toul energy ules 64.208 62.069 58N4 1139 3 3,205 5 NE1 lMC0WE {l033) Conw!idated nc, income incremed shghtly in 1Y71 a compared to 1990 due primarily to two significant nonrecurring es ents that took place ia 1991 that nearly offset one another The posith e net income effect of the IWI NOPSI Settlement w as largely offset by the net income effect of the 17ERC Complaint Case settlement. und by a reduction in conwlidated interest income. Comolidated camines per share of $2M increased in 1991 over 1990 earnings per sharc of $2.44, due primarily to the repurchase in 1991 by Entergy of 6,447,900 shares of its outstanding comn.on stot f:ay minty
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, _ _._ _A_N o A w a t v s t s_ _ _
l i l Conmlidated net income inoened in Wo as compared to 1989 dr;largely to the loss incuned m 1989 as a rnuh of implemenution of the FF RC Settlement (the largest component of w hich w as the $400 million prern write-off of S3 stem Energyiinte truent in Grand Gulf Ml' nit b,f the Grand Gulf.'$ uclear Sution) anJ various related sute and hecal agreements buch agreements together with the FERC Settlernent,comptiv the Pmject O!he llansh settlementst Euludmg the effects of the Pniject Oln e Branch settlements, net income for 19K9 w add ha e been apprmimately $M9.9 million. Consohdated net
- income w as aho fnorably affected in lWO by a number of ott er factan inth> ding. emong other things lowu deprecia: ion l npense, reduced interest expense and preferred sud dhiJ:nd requ'aements, and, u discused behm, increased energy salet For infonnation with respect to the above sentements we %te l ' Rate and hegabten Slatters - NOPSI Prudence Senlement and Finahaed Phase-In Pbrt FERC Compbint Case, and Poiett Olive Branch Setdementi incorporated herein by reference.
(treinic Ortnamo RtVENUfs Elect:ic operatireg roenues increased in both IW1 and 1 m due pnmarih to increded retail energy saln and the step-up pnn kiom ofcertain Sys:em open'ing ounpany ute phae-in plans, o hich pnd8 ed for greater ennent rem ers in FM and IWO of Gona Gulf 1 (li itn 1 of the Grand Gulf hlcar Sutionb rebred com increned operating res crmes fmm a h step-up panisions did not result in increased openting inmme due to the anurtintion of pro ious!3 remrded ate deferrah. , l PuncuAsto Powtn Purchded peer expense intreced in IW1 and declined in IML compared w nh, in cas h case, the prior tear,due priinanly m inerened amounts of pnuer purcheed in 1991 and 1939 fmm outside utilitin as a resolt of scheduled and uns heduled ouuges at certain System geneutingimits durirg IW1 and 194 Omte On8Ation Einnst Other operation expense increned in IW1 as compared ta Iwo due in tuge part to the etTects of the ! ERC Comphini Cec settlement. Other operatica expense inereced in P/0 m compared tu the prior icar doc primahly to a geneal increae in the tmt of operatium thmughout the System, including increased nuclear-reiated n;xnses resulting fronu mmprehemise .sction plan to impnne opentions ; and safety at ANO, as w cH as the recording of appnnimately $115 mdhon n a reduction in 19W pension espeme to reflect the settlement of NOPSPs pension pbn. RATE Dennans - Ntt Rate deferrah - net decreaed in each comparalse period due to the amomation of pro iomly defened Grand Gulf 1 rebted costs that are being reewered thmugh utes and a reduction in current rate defenah recorded (See "Financbl Condman 1.iquisht)" below.) Totn incom Taxts Toul income tnes decrened in IW1 a, compared to Fro due piimarily to inciened amonintion of unestment tauredits and decreased prern book income. Income ines significand) inerened in 190 as compared to 1989 due primarily to the tn effect of the Project Olive Branch 3ettlemer ts recorded in 19A Misetttmous Omen luccm .n N!ncelbneous other income - net decreased in IW1 as compaad to Fm due to one time charges anocuted with the settlement of the FERC Compbint Case that wcre rewr<Jed in June 1991. The decreme un aho due to decreased internt income, resulnng fmm lower short-terrr im estment tubncn and low er yichh on those irn estmena. Nhscelbneum other income - net inucced in l'M due primarily to increased interest income on highe* temporarv cash im esonent babnces pnr tcwyaw
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l Emacy SAtts kn) Energy ules iru reased in both IW1 and two as compared to prior years The IWI increase wn due to increased ules for l reule to nonanociated companies and increased energy ules to indusuial cutomen in the themical and refining indmtrin. T1.c IWO increase wn due to increased r. ales for resale to nonassociated companin and increased enern sales to residentbl j and commercial e atomets n a result of an increase in uuge and euended penods of hot wcather throughout the $ptem's ! senice area during the summer montht HNANCIAL CONDITION Rut inuts
.ne lystem ep~ating companies hne no current pbm to ille for general changes in retail rato in lW2. Such plans w ill not advenely affect the Sprem's financial condition as long as cosa can be maintained at cunem lesch or ieduted To the cuent that operating expemes significandy increase, net inenme could be adsersdy impacted unless such increases aic offset by revenues dern ed fmm inercased ules of energy, nr r ne increa<e., are obtained.
In bch IW2, the F ERC authoriled the Sprem operating compmin and Entern Pow er to sell u holes,de pimer at market bned rues and to prJde to electric utihues 'upen aans to the Sprem's integrated trammiwon spiem for dein erv ta other electric , utilities bubject to certain requirementd The FE RCi order nu) be appealed b3 uriom inten enon m the pnweeding. Ifit ultimately luornes final, the FERC's ordet will simuttancomly praiute increascJ marketing opportunities far the Entergy Sprem and expose the Entein System to the risk of!oss ofload or reduced te enues due to competition with alternatice supplien. boutorrr He Sy~.emi primary cash requirements for IW1 meluded, among other thine. w orking capital needs, construenon expenditures, maturing debt, sinking fund requirements, and prefened stock dnidend requirements. Cash requirrments m IW: wrre substantialb satisfied with cash on hand and intemally generated funds. Net cash flow pmvided by operating aethities totaled approximately $901.7 million in IW1. As detailed in the Statemenn of Consolidated Cash flows, cash flow from operating acchities wn affected by a numbcr of facture representative of nmnal operatiomi increases in the amount of Grand Gulf 1-related costs being cunendy reemered, punuant to rate phase in pbn , contributed to the Sptem's liquidity, in IWl, recmery of praious!y defened Grand Gulf 1 rebted costs for the affected System operating eumpanies began exceeding the cunent deferral of Grand Gulf 1 rebted msts, and effective October IW2, no additionalamounts of Grand Gulf 1 rebred costs uill be deferred for futu e recmcrv. As previously deferred costs are recm cred, revenue collectiom will exceed, to the extent of suth recm cry, current cuh requiremenn for these cmts. He amortintion of previous deferrals matches the impact of the resenue cellectiom in the income statement. In esdng activities for IW1 resuhed in a net utilintion of cash of approximately $30A million due primarily to construction npenditures of approximately $N million, partially offset by a decrease in temporary imestments other than cash equivalents : of approximately $150A million. Financing aethicies for 1491 resulted in a net utilintion of cash mimately $4263 million. Among the e activities were the rearement or refinancing of certain high-emt secunties with le ... securitiet During IWl, approximately $1H2 rnilhon of preferred stock and $68.5 million of other long-term debt wcre issued, and approximately $MK9 million of first mortgage bonds and $65 n eilion of preferred stock were retired. Approxirnatch $161.6 million v a apended to retire wmmon stock during IW1 in connection with Entergy's ongoing program to reacquire and reure a ponion ofits outstanding common stock. In addition, common stock dhidends of approximately $22M milhon were paid by Entergy during IW1. h' f) age fic.ely fro
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Manastusal's fin 4Wtial Discusstok
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i Cast m Renu.ama Rtcommc~ 'e Carmt ettwuncts See Ate 8, *Commitmentuod Contmrencica . Capital Requhrment and I inantine* inn .imrated herein by refercru e, for information m the Sptern's tapital arid refinan6ing requirenznts hit the perial 1%194 Enterp ' not her any present pl.m in omjunct;a with in edsting utihty solaidiatin to iuue addition.1 shaies of in mmmon vmk or othetu he to obtain funds from niemal suuren through hwarwn of secuntin or uner finatuingt (See, boucs er, "Rtrategic Acquidtiom" below br information regarding i ntergyhomideration of potennal mategk acquidtiont) lining to outstandir g debt ut preferred sta k, Entergyi capital requirementuferhe prinopalh fmm the need to periodically inint in, or make loam to, its wbddiariet in thh regud, Ml'&l, hn retch ed Secuoties and Enhange Comminion 6EC) apprm al for the issuante and sale to f ntsrp through December 31 lW3.of op to approsmately $50 million of mmmon md. of which $25 milhon un murd and wld to Entern in l'ebruary 1*& md LP&L hn hl:C appnnal for the iwuante and sale to Enterey thiough Detember 31, IW3, of up to $50 milhon cf wm not srid. I:ntergy receiin funds rhmugh dnidend royrwnts on ountanding ahares of ituubddiatick' common md, all of u hich n on ned b) Entern. Gena,a restrictiom ljmit the amounn that can be dhuibuted to Emern from the subdduty eu npanies iri the form of duidends or other dhtnbutions. In udition, the abshary companieure piohibited from makingloam or uds anon to Entetp. During lWl, the subddin) minpanin deilned and paid dhidends to Enteig) totahng $231 o ruilhon. s hile Entergy dalated and paid dhidendmf $21M.h tuillion on its common stal. lo die fotmh quar of IWL Entegy inctened its dnidend fr9m $O0 to MOL hare. See Noie 7," Retained Earnings' bcoqvwted herein by referente, for infortnation on retained earninn n aibble for L tion to coromon sim hholdert) See Note 5, *Picierred and Coinmon 5tock,' incorporated herein by refererne, for information terardmg the stann of Entergn shne repurthac program whereby it repunhnes and retten, from time in time, shnn ofits puntanding cornmon sta L. Additional mungge lunds and prefened stak that un le inued by the Sptem operating mmpanin and hptem Enerp are hmited by camino mserge intx as ad4ble bundable pmperty for NIP &L and NOPSI. the cumulath e Grand Gulf I rebted rate defenah remrded auweemailable to mpport the hwance of addaional ,:coen! and refunding mortgge Imnds tG& R lionM and for Sprem Energy, equity ratio requirementi. mntained in its mocgage and in letten of credi' and reimbunement agreement in conjunction aich in sale and lenebach tramactiont lbsed upon the mmt festricth e apphcable tesa at December 31, IWl, the Spten, operating mmpanin could hn e inued mottgage loads or prefened stm k, and hptem Enern could br : hsued mong2ge londs in the following approximate amounts at an auumed annualinternt or dhidend rete oi9% , runas sean sms cle tw ._ a AP&L $%5 DlH 1P&L $520 $515 MP&L *232 $110 NOPSI" 5 76 $4# Spten Energy' $34 - m Sort!QnimodM wadir eme at NmM II.1n], nya ar 5a s m;!wm&, mlde int Norst htM* rh Snke inry 's rLokr d+ ntfwveh p* av um of prrimed M in addition, the Sptem opera:.- mpanica and Sprem Energy he % subject to meetinue rtain wnditiom, to iwue nondugainst the recirement oflends without meeting an camir.p c , Aho, AP&l, may inue preferred stah to refund ountandmg preferred ad without meeting an carninn unerge teu see Note 4, *Lineu.f Credit and Related Piorrowins," irgurporated oerein by icference, for information reganhneahort-term lines cf c<cdit. fqr terntythrre
i.-.. -......_...i......-.-i. . Namattutat's finAntiat Discussion
- Amp AnAttsis .
$witoc Acusmous As notcd abmc under 'Capit.d and Refmancing knpiitonentund Capital RnouricC 1:ntcro has no prnent plam to iwur shon ofin common om b in to cilect other Gnant int to f und the vnportmemo. fits e6 song subsiJunes llowni r,1:ntern is uimidering acquiution op;wtunmenumistent uith in sucteek goA and. m ilut connet tun. I nterp may aticmpt to npand m utihn operriom through strategk aquhition of the stm h or auen of one or niore noruffibated unbnet In *onnettion vith am sush acquisioon tranwetion,1:nterg3 may < ontemplate uung a ponun ofitu ash on hand and/or inuing sharn of ituommon stak or other Securitin Ontlodmg debt securitinh in ex h use in amounn that unnot prnently be dctennmed. in order to effett the aquhition. Any pmible xqunition by I nterp of w.k or men of another untry would be ionJinoned uria. .emong other dino. receipt of all apphoble rceulator), sharehnider, and orher appioult Entern unnut prnhct uhetha or on ulut
'errm any sm h trana tion might be tonsomnuted ACCOUNilNG lh$UES
$fASNo.106 See Ltc 10 'Postrentement ItenefitC incorporate ' herein by reference, for infornution w nh resped to a neu acuiunting standed on rmploycri actoonting for pooretirement benefituithe; than pendont SFAS No.109 See Nore A *lnunne T.neC intorporated herein b) referente for mfomunon with respect to a neu accounting standard ort atcounting for income taes.
fHVIRONMENTAL MATTIR$ 5 CttAN Am LicinAnow The Clean Air At: Airendmentu,f IWl( Acth among other thine, phne hmin on eminium of sulf ur dionde and niunecn mide frutn fonibfueled generating planit Bned on n ahutionuo date, m uinnection with existing cencratine fehtin, the Nutan has deteimined that no additiotal equipment w di be requned to cuatrol sulfur dimide eminiom in order to tunpl3 wich the Act. Wah reywet to nitrogen syde, the Sprem nn be required m imtall erniwion mntroh at in four aul unnund to imt.dl(ontinuous eminiin momtoring syucim at some or all ofin fowil-fueled unin Based on concnt e:qieuanont the Sprem ntinatn that toul opital cosn of approdmatdy $20 mhhon couhl be incurred to uimpl) uith this and other pnn hium of the Act. Iluu n er, firial regulatiom hac not bcen adopted. It k not powible to deturninc at thh tune ahat meawrn will be required and the idrinute uist to the Sptent n LITIGATION MATTERS Three lawsuits twhit h hne been comohdaed) hac been fded acaimt AP&L and Entern 'sen kn in connection with the operation of two darm during a period of hen 3 rainf all and flooding The tomohdated law suits sech, amont other thing, approdmatel3 514 4 milhon in pmpen) lowcond other compematory danuen and $W0 mi4 ion in punith e damaget While e the omcome of thne matters and their impait,if an3, on the Suiem's finamial condition onnot be detumined with certaint) at thh time, both AP&l, and Enterg) Seni( es belie e the3 har mentorium dc femes, w hit h they intend to men aggrewn ely and that the uhimate outcome will ha e no maenal adsene financial impact on < tha. thee %te M. "Commitmenn and Contingentin - AP&L i lud 1.itigation.' incorporated herein bs refnencel ylyt' IL*t'N fy }U k t' 1 l 1
__- .----.~_--- _ - _ . - _ - . - . . - . - _ . - - - - . ], l < . . , ,,,o, ,c .... - c ., ... ,o.6 ,o .6,
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AuDni COMMittfi Littln.
~
M AmactMant t Awe Aupitons' Rhonts i e e l J Auoit Comita Cma's Lim #t , The Untern Corpor.itioriItoard of t h:cs tori An ht (amnotice 6 mmpmed of(ne dantm ahn oc not c4furri of Entern Oncounon l John A Cooper Jr 4 hwmani, thode il ibmart Adm kmnaird R % Kec.jun 1( % hals. and il 16Lc %bdi rJ 1 he tonnuce hdd fnc mecono danne IM he Auda G mmniet menen I.nicrcis faun,ial rt p.um; proccu. on behalf of 1,tacrgn JWd at Ihtc. ion in f ulfAnc ns tcynubihrn { l I the (Unilmitet rGtimrD0ftdtd to thC lugtd. Subjd1 to st% kholder Apjmh al thf sdation of 1.D16.cN mdcpt rulf at juildu auunntantiilIdolitt A Ttubet Alui,the mmmittee ostrun eind.t ntdirim the actn:tc sind pdnin of the whudun wmpanici anda tomnutten l 1 he Ldd Gimmittee dmmsed m uh I metni imemal auhrund the indmndent pubbt nemaann the mer.dl u opc and u. core. plam fat I I their schpc(Inf $nditt M M cll at I rt!CICO consdidJtCd fiDark MI 41Irrmcilb lltsd thC adCf f% tif IntcffA Imetru} t outroh lhe toHHmttc( ihet, ; tip thel vid Wpef atk.
- lth Intef RU intetfLd Ehtte &hd it!Jependriii pilk anoontaritt aithout menarcment prewnt. to dixini the rou!n of s (htti Audits their es ah.ation of Enremiirittrmd nintn A and the m ed it'uhty J 1.ti arn f'riam ial vi mrnrig The snection uho titte deugned I I to f4 ditatt and rurourait an) prnste communk atmn heth een the tummittee and ihr intentM atidaan or mdcpt nJent pubin as"ou,t,mrt
/ * %
y JohD 1Dopcf jr. (Amon 4n.ir(reedra I i blPont Or blAhAG[M(Ni I The manarement of Entero Gntpoutmn he prepared and n inpormbic far the (curwu! s'.ncmemund rchacd faum ulinfanution nludc f I herrin The Orutes ul stattmcDit are hawed on gericfalh m cpred Mounting primipla I hurn ed inbrDunon intladed chew hrte m ihn icport it ,
- umsvient u nb the fmva Lt kutemmh i
! To racet in remond%nn muh teapnt to finanual mfutauthin, manaraa nt mamtamund enfmn a mter .f mtcroal aummimg 4 . tonno iflat b dcMfric (II ploik c rf al4oIMbh ahllI4Ih C. lin a uWl'chftinY bJM%. a% In tbc FlcNIlh,4 3}f t in ih sSH Idi "hti i tbf InJIlla l 1 b NN k! I kb nk h a 'k i' I bI ! ( b I I i Omdut, and an of tani/ationA structure that pu hba for approprure dn mon of inpirednht3 snd the tuinirit of pomnrich 'lhh micm h un,a n a m,manm ,,mn , p,_ 1h: indepcmicnt puhhc acumnuna proude m bjectne aweumt nt of the decree to whah nungum ni mcen in ingnuida far faunew of fourn'id re}urt. g 1hc) terularh nahute the n vem of intenul munnog uintmlund pcriono % h inn and other proa den n tho deem , necet m reat b and nprnun opmion on the fannos of the (mandJ utenians Mangement kbne that these pobuc* and r"cdmes pioude renuNW mmam e th.n in opcunom er unitd nut w nh a hmh surided of l>udncmonda t. bd v- /1a/D M d.d , ? Ldain I upkrger Gentd D Rinute ! tw w us.% & wa, ts.u w w,-wn IND(P(NotNT Auotrons'lir#'ont Tu the Wrchohlen and the IWd of Daccton of f niun Osuunorr We base aud:ted the armmpan$ i rm wnwh& red balant e sheen of 1.ntern One.uw,n and mbdJuno a of Ikembn 3L 1*] and IM and the rebteJ sutemeno of cor,mbdated home the feuined cainds and paid in uput and ush tion tur caib of the three se an m the . t l 0 h to npceu an opmion on thee fmanda sutemenn losed on out auAh kf cbnduded OHr abd;b trl Et ordJ!kt With (cocraOV aucpl0d Sudif tnfiintaDdardt l hose standardn ICqtlige that ec plan innd p,,'Thalin the , mdit to obtain trawn41e kuuunce about u hnhet the fmancid sutcmemure nce of nutcrid minutement An amhr mthdo euminmg. vo a int lum codeme u:pparnnnhe ammmu and drdman in the (nundahuten.coro An audit do indado meWne die auountmg - pimripies uwd and duofwant numato ma le b3 mannement, n u clM cubanag the m re di faurdA sutcment prncnunon. % behn e that our wh pmu& a teamnable hash for mr opmion. ,- in our opirdon. sm h wnw,hJ.r.cd faum bbtatemenn prnent fairh. m Al nuierut repts the faum u! punon of I rtero t brpoimn and ituAidurin e Decerobu 31. lWI and IM and the rouin of that opcotiom ud then ush 16 for each of the three 3e.in in the ! period ended Dectubcv 3L IW1 m confanmty w nh genculh accepted arountm pnndpin.
- bj$d$.**bo<h-DFdMITL & 10fC1ll hhin U, EM i
kir th 14.sw __ _ __ __ _ (dilt hir NO -]M
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_ _ _ _ ._ _ .C0kl0llD AtI D L
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tv,& n. finsewth 1991 1998 I Assns Ursati Piut Eletuk $13,374,5hs "l 1309M5 ! l (Notts 1 up 9h i In uk pl.ni undri leascs t%o % 6td 150 vel l ?ropert) under npitat lenti . eintric 75,270 111.4ns Ltural gas iD4,460 lutLi% f Properr) under t spital kocs . gn - 7W j' Corattathm work in progress 305.916 %5,M9 , l Ls kar fuel under upital kawi 265,354 A7,53) ! ( Lcirar fuel 24,775 5.483 - i ! Total 14,813.020 ;4 S ! ) 41 l l 1.csi ouumulated &prenation and amorrianon 4.000,967 3M,3,287 i I Liihn plant uct 10,N12.053 10 m tA4 Otwin Pacerna no intsimmis 152,472 W 2n l t Cantat Asstis: Ceh s,d enh equiulents (Ltc 1): , C+h 2,347 22.H21 , Ternporary cnh imninxnts ar ant. wim h appro6matei rndet 454,960 7.N.7b4 ' Total ush and ush equiolenti 457347 75'M5 l Other tinymrm imtittnents . at ant, v hk h appiodmerci m4ct 131.663 ;w2,241
- l Sycial delvss 12,915 149J '
Lies reccitable 22.641 2M7b l~ , i Aaounti tcaE4Wm l Cmuimer (to$ allounu for doelsful ammnts of - I
$K1 inill;un in IW1 and !vei lhi,370 195,r ls Other 3 %,772 35,179 l Aurued unbilkd res enon (%te O 53,547 Sa2lii i uelimentor) at nenge art (%te 4i 105,603 WM ,
Muerals and supphes. at averge nest 274,39% 271.754 Rue deinuh f %te 21 120,21N 101.472 Prepgmc,ts and other 79,623 77,wh Total 1,17A.127 1.871,lm Dritanto Desits; Rate deferrals (bec 26 1,6%2.513 1A55,287 i Other 2M7,937 277,244 Total 1,940,450 1,W311 1 m n. $14,3s3.102 $14,k.it M4
.tn .%1 k CwAlM hmialStateman I
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B.lAhti $ Nil 1$ - basktt. (le d*=.,*s./ 1991 1990 Cmuuzmon Ano LIAsitmn CAP!14t!Atl0C Ounmon Mmk. $$ pat blac,' a uthwind WWWO shafts,i nued and ooivaJty 17kNN,29hharc* m 1991 and 1h5.257,192 nlwenn 1*80 t%,c h $ NV4,046 ) u;g2w, 1.370,527 1,419.ul 1%d4n viel Retained wmngu%te 7) 1,943,29% 1.775J m 4,207,h71 4.121,1ti9 Touhmenon sbmlu,!deri c.pur) 4Meimes' pic forted utn k, he t of pterroutn and tyme (%tt 46 hhout minting fond 391,95% m.%7 Wuh sinking fund 29h,312 111,230 5,242,'H)6 5,7f3.M3 14,npritn deld%tri 6 vnd 96 10.141,067 1R5N251 Toul Otto Nv.actmhtut 1,usnaita: Obha nom undet urnal h ceu%<c 'h 210,035 At O 61,713 62,KB thhet Toul 271,744 UAM Currenth metunnglong tum dcht (%te w 230,40% 3R717 Custat bAsti.rtits: 667 u,7 Mrs papth (Ltc di Attuunti pmble 367,613 314No Cmfumet depwits 44,565 A0% Tancs acuved 251,hli 1%,WA 19355 11,?n Accumulatt4 &Iared meume ined%c .4 inta(11 mirue,i 162,4%l 182,6ll 15,75h 15,17t, l'rrfened wa k tinidendi dedateJ Gauuntnd setticmcrits . habiht3 to ousa,meru%rt M 56,403 (A29 Deferred rettr.ue ganoppha judgment pnanJu%te 26 3 % 724 35.ud 24,k73 15,570 Deferred fael unt 166,036 201,22.' Ohhutun utdct upitalicecu%te 9, Other 92.209 m349 Total 1,522,407 1,47,u? 1,761,40% 1,talM7 Dtrrt. pre Carmts; hmulaird deft: red income taen%e A 105,404 170.297 krunmlated ddened micument tn utditH%e M
$6,111 112,410 Gauonuut tettlement habih:3 toontamen1%te M Deferred reirr:ue . puupt,her juJgment pt,xttdu%te 2) 57,023 16749 337,934 4'.i7.21.1 (hhet 2,407.h40 2, % 5.266
'I ota!
Counwm axo Contmotucas (Notrs 2 Ano 8) . . . .- g ,-.g u w tAwwasuuunwman fmr tanty.swrn
- - ~
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- s '. 1991 int 90 1989 as w w n
- v Ci*u t#h 13cemt $3,974,47N Dy#4.119 lu tud7 I Lunal gas 76,951 N7,44 I w.%7 ,
' local 4.051,429 3.w2#,2 3.724.tN Oetnanwa Exetit,t:: Opcunon:
I ucl far ciecE;unerainm and fuel-rcised cyacmes 735.9 % N0%.214 7u,,767 IWlu.ed gwer 205,131- 158.970 1 % 50 3 Ga putdawd IN rode 49,9 % t,1,71 N ti2.M Othet 896,447 N27,577 72$.% 32 Mamrenante 232.k21 27/J)? 27sM2 Ikptn utnin and deromnJsining 398,M4 39,'.895 4%01l ! Ten other than inmine enn 14.247 17&klo IMu.0 inwrne tan (%c 3) 247,0M 261,141 111.973 Itate deft ruk ILite defenah Wute 21 (56,fAl) i140. kM) (252341) Amwtiathin of rate dcieruh ll3M8 107,4n7 10L211 I)c!cual of pen noush in( utred Gend Gulf 1-rristed t sts (%c h (90,100) - - Inune tan (nedn4%e 31 (3,2 8 %) 4.274 4%bi Teu! 2,9 4,399 2.434,977 2,723,f,19 Ortantiwn incout 1,067,030 1/A7,085 1,mtw Othtn incout: Poient Obic firanch *eulementu%c b - - (1,10s,185: Alhme.cc for equit3 unds f used durmg tunwrusmn 7,921 5,199 f 0$? hellanete net 122.697 IM,4/4 iO2.M44 Income tan - (dttso ciedit (Note D (33,391) ( 49,8m D4.r.so
'I oral 97,227 123.W C41,f im ictarsi aan Othtm Cmacts:
Interen un kng-term Abt 599.797 612.0/4 f0.uo , Other internt rict 27,245 .' t .151 28.607 Mimante f. in rrowed fondi used dar.ng mnaruts (7,392) 6,426. (4J94) Prefened da e.iend requirernentwf sutsidann 62,575 62,7 % 75l447 Tout (A?,225 092.575 Bl,%1 l Nrt locout (Litas) $ 4N2,032 $ 476.318 $t472,5kh EAnnincs (Loss) Ptn Avtanct Common Sunt 1 2.64 $ 2 44 $ (2.31) Dmotuos Dtcunto Pin Cowen 5nAnt (Nort 7) $ 1.25 $ 1 05 $ 0 90 AvtnAGE Huusin of CouMow Sunts Oursmt%c (Noit 5) 182 465,303 1%k7t..ksd M,57k247 kr km ne wMaiadIiunM:,urman I-page tcrnhtight 1
='id... i t. . u n a i . l. i, enn sees n,anii i
$1Attulh18 Cf
.ChNlptl0Allr CA$H ILOWS .
Ie e hmI asnnwt
'h Aa n,lo 1991 1990 1489 DPtAAttNG Acitvititt: Ne t inwmc (km) $ 442,032 $ 47MJ18 5 07DM.i bru'eh itron iinlah d to not inumie iknd Rate defenah . r,et - Ninc 24
, (12M3) B23mi i149 D n i A pret noon anJ deMrmras.nug 39sM4 WM 4 sh,olI ikfened hosne tatn ed imotmcot tat tic hts 19t,%30 242N L (19,:an l'rojc(t Olae lhan4 h ett":rnents thte 2) Ib4ijf5 Allacuc for c<ptt3 unds l incd dmitt usattmtian (7.92 l 1 (Wrh 46.052)
Arnirtvatha tJ defet ad icit nun (36,310) 141 A* c,641 P.odsin for nonuted Imn (hte l a 4,759 12. % 2 (178 liefened internt rdared to OtetintJ 3 lem obhutvin 4%4 21 791 - Ch.uien in u < ding upni-llettn ah 3,6M e l Wio) (7),47m l uclirn ce ton (37,917) 23-26 (Ult:0 htututit , pn ahic . 1302 2 ell 52311 Other = < ding 4 epit A m ounts 54.21W 410,679 6,vm
!!dur,ds to tuminica . g Next sctdemenn (%te b (56,WN t %.'091 Gk1221 Instrase in urco nndmotung innt n
(23.193) < 22,37% it1.114, Othet (70,195) K4M C .) Net ush flow prodied by i permne ein us 901,f 62 1,021.7 8 7N,710 ln($tteig Atity'til1: f'aini ttLtctton ttpcfbliturcs i (34h,56% ) t 4%.46.h d617% Allow anc c for eq,,in fur,ds uwd dinne tonstrot tioti 7,921 ii 1% 0,M2 hticaf fud ult s t:yicainuree nct (311f,A) (%,B4 2,U9 Dvuene (intr whn othct tempuun imotn'enn 150,540 1,'%2.Z h i - bpendnotc5 rin (mtr a Gulf 2 - i7J N thher 616 7.2% 1J19 Net uA flow u ed bs itanting actn mn (270,615) G29M L%0,klin fINANCiNis ACinMIES: " rot teds finniiwum c 11 1ht nutpt:e lu,nds - 414320 D.2M2 Ucarral and v fond.ng moitrace innds . Mtrio imVW Pnfened sta k 131175 lias.k tmtci and orhet hm;Herm debt t%re % 64,5)4 25,7tA .k 0.249 l'roterA in ic ute and Icochu L of findor fod 14,552 48Jd? 71.%) Rctnement o', hnt rnanag': bonds 165',h561 084 mom i1.02 U99 lbnk wto and nther i on term dar (7,442i O.N) (t110-! O,nunun snii h (161,640) On9tFu ( 11,.'o 1 ) lkdcrnpnon of prekard omk (h3.5lM', 14c 5% t il7,44'4 Onnmon sine k dwulends psd (2266,416) t:16,7911 lW Oh
. C.hnge in , hart tenn tv.now uc. - - t u,Wh Other (272) 29 (70 Net t. ash I',ew used 153 f na irit u th itin (926,2851 ie%9%i G8 L640 We deuent it mh ed unh equh alents (295,23M i16 .% (4RP.D Cash anJ r.ub cqun aleon ;st begnuang uf pencJ 752, % 5 4 %I4) t,bi,944 Coh and seh rqandents at utd of period $ 457,347 $ 7;23% $ HM91 Su>susaratAt 9: set 08URES W CAAH h0# lWORWtiOW Gnh pid danng the 3.cs.d for Internt (nct of aronunt up:tahn Ji $ 646,872 i M9,4B $ 702.r,M lene tnc, $ (.M,27 % 5 t,2.%4 $ 16.301
%nush un nnne and finwone aaidan Capit.d Ica oblemim mt uned $ 46,703 5 69J,15 $ bl.N2 Nbl lli lAitkH QM$ f m;Mk &Mf& '" " ' ~ ~ ~ * * ~
1 payr twenty-nm ; 1
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_ST.attututs .08 C0hlDticatte Rnainic_
,_._ tannimos Ano Paio,1w Carital_ .
4 1, m / 6,s rav. m,au 1991 1998 1969 Relamrc f aumt.4, JuvP 1 $1JTMhD 11A M 4 52 310,242 Ade Net iteme U.no 442.032 47831k (4723 6) Total 2,257,032 1114372 IA17h57 lledact' lWdenAles tared im common sta t t%tc 76 22G55 2%10 1h4.123 upini sta k and othct openso 5.170 1All 11342 Gmmon uk rctiscinerats (Note 5) RU.009 llM2 5,W
~1w.41 313,734 31072 M A04 Rtramte tauves, Dictusta 31 (Nort 7) $1,943.298 $ 1.775,nm $1.h%.ZA4 Prem Camn, Juuui 1 $1.119M3 $13MJ11 41.%7,*rl AJd (iain on reacyi6sition of prcli rted sta k 3'i 75 #
Deduct: Commoo stod retirmena(%tt 51 49.391 1443M 4.51t, Patom Canu. Dictuatn 31 $1,370,527 $1,419,wl 5136U13 u.w a t u Mat 41k udnum e 80 '
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICilS Sulwuntbily all of the hptem opeuting mupanin' rate Causatinanon no Srsitus et Accouart a heduin indude adjetment damn under w hich the ant of fuel
'I he anumpani ing nudidated finara ut statements indude the uwd for generation and go purchased for reule ahn e or below accounts of Entergy aad its diren and indirnuubsid,ario: AP&I,. Snified in ch is permitted to be billed or requitcJ to be credited _
l.P&ldlP&l., NOPSI,sprem Enerp Entein Ogratiom, to ontomert En h Sptem opetuing company hn a fod adjustment Entern Power, Entergy Sen krs. Sptem i ueh, and Elettec. All d use that allows either cunem reemco of fuel ann or deferral of dgnifk ant interu gnpany tranuctk.m h.n e 1(en chminated.1 he fod unn uutil the tehted rn enun are N1!cd. am.unts of Eutern and in direct ud indirect subddurin are maintained in anurdage nith the Uniform Spiem of Accounn Untrn Ptat I:escriled by FERC ur in anurdance with sptems of accounts Utihty pbnt intated at original unt. Additions to utihr) pbnt (bbor, preeribed by the appkable regubtory inhes haing jurixktion traterbh. m erhead. and an alk m ance for funds used during oinstructioni (which substantidly ninform to those protnbed by F LRCk (Al i1X:) are reneded at m,t. lle ori;:iralcmt of utibn pbat retirni or othem ne remm ed, pim the appbcaUe remm al onts, louah age, h Rrnmurs se Fun Cears che.rged to accumubted depret:ation. Maintenance ar.1 tep,,in of Thice of the Sprem operating comp.mies reu rd deuric and gas propeny and minor repbcement nwn are charn:d to opeuting eyemes revenues u hen billed to their cmtornen (,n a cycle-bilhng tusis. A1TDC represenn the apprmimate nenompaitt~ .ternt cost of Rnenues are not aarued foi enerp dehscred but not get bil!cd.- hirniwed funds and a renonable return on the equit) funde med for i hm n er, LP&laccrun rn enue for the ann-fud portion 44 u,nstructon. Ahhough AITIV: roula in un inn sease in utilir3 plarit and ntimmed unbilled rnenun for energy ddhcred me the period reprocnn current earning,it h a none.nh item and is reahred in tash cnvered by the latnt bilhns. through reem cry of depreciation provisiom indaded in utn. The hptem opeuting companin' effecthe composite rain for AITlX: w ere 9 lu, NJW , and 931 for iW1. IVn and 19W. reyerth dy.
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uits To Consolitiatio-
,- _ _ "_Finascut ST Attututs __ ,,
The uln and lenclatwf the imdhided p athnmf Grand Gutt i E RATE AND REGULATORY luiTIR$ and WaterforJ 3 by Spiem Energy and LP&l,, ropectnelyste NOPSI Paumuct Smustut Ano Fmautta Petast Is Ptat required to be tehted for financial reputing purpre as fmarking The i eNuny 4 (;nolution ininited NOP51 to mite olh and not tranuetiom in Enterni Comohdated I maial Swenxnn f"' rem d (nim m reuil elcune omtomers $1M ruilhon of its praioudy financial repeting puqees. utihty plant intlado the furtians of Grad defened omn acmciated vich Gund Otdf 1 Thn w rite +ff, w hi< h w Gulf I und Waterford 3 that were v4d and are curremly under kne' murJed in NOP51 s IW financial sutemenn, was in addition to the Depreciation iu;ompmed on the staight.hne bas at rates beed $51.? nullion of Grand Gulf 1.related ma uigualh abded and not on the otimated wrde lh ewf the uriom cimo of propeith remered by NOPhlin the 1% R. ire Settlement. On Augmt 29, lWl, Depeciation pnoionwn n erne depreciable propeny apprminuted repnenutan of NOPsl rea bed an agreen.cnt in prinopk with 3M in IW1 and .ll'% in 1Whnd 1W9-adsisorun the Giorsilof the (lit3 of New Odeam nuncib and w kh Sulntantially allof the unhty plant owned by the $ptern i' the Allunte for Allardaldc Enern,Im.and othen Klharm that subjeu to the liens of the subadiarin' mortpge bond inJentmet in du d the Gund Gulf 1 prudeme iuon and the penthng htigation related to the 1"cbnun 4 Revdution. 'lhe Guncil adoped a icwlution 1*cout Turs appnaing and sulwtar"ialh incupeuting the agreemet.t in pim1pk on 1:ntergy and ituubddiarin 'ile a conmbdated fedealincoine in ng,a 3, lW1. In edam uith the Oeunnps Dooh r 3 rewdutain, return. Pursuant to an mtrw Sptem irnume tn alloenion a:; reenter t, ut sm were uken and the final condinon to ciTecthenen of the income tnes are alkrated io the Sptem comp. min in pmpirtion t" pnl NOP$1 senkment w n utidied on Nmember 3, IW1. theit wntribution ta the mnvdidated tauble income. In armrdarne TN UNI NOPhi Sculement, retrudhe to n rober 4, lWl, iith SEC ren t ura, no Sprern company is required to make wg.nedn b oh the 19% Rue hettkment (u hxh nubinhed a ura pa3 menn greater than would hat e been paid haJ neparate income
@ in plu dnigned m redwe the immedme etIett on utepa3ctml m return been fled. Deferred income tan are rewided bawd on de includon of Grand Gelf I ma in ratoand the i ebnury 4 differen(n between book and tauble huome to the cuent Re ion and provido tha there will be no lunhet dnalknunce of permnted by the regulatory hdin for utemaking puquet seryofan3 Grand Gulf 1 related unts ita mred by NOPsl i
Int ewnent ta crediture deferred and amorti/ed bacd upon the I sed on any allegcd imprudence by NOPhi that ma3 hne ocorred netage uwful bic of the related property, or nuy be alleged to hne oceuned p wr to the effecthe date of the 1W1 NOPSI Settlement. The termmf the settkinent ponde for a Otet Nacumst LiAsamts finahied t>hne-in plan for the inucawd reuntry of NOPSl's Gund The Sptem operating companin secord prmidum for uninwred gg i g.ined cosn ou t .nen.3ce period and for a fn encar be property riskund daims for injudes and daman through t h.irg" rate frecie oubjeu to cernin cucpiono with iespect to non.Gund to epciation expernes on an accrual badt Punidom for thne Golf I clectric utet in at cord.une with the finah/ed plan, NOPSI acnuA clasified as other noncurrent habihtin, hae been allowed seduced its bne elettric run by $11.3 milhon, on an annual bait far utemaking puquet effenhe atobet 4. !WI,(thereby ofikttingin part an $1R9 million step-u!. in NOPSl's Gund Gulf I rato implemented in Agil IWl) CAu Au Cap tourvauxts and will, thereafter, at the end of Octobei in each of the 3ean IW2. For purpmn of the Sutements of Connhd.ned Gnh flow s, IV8, Ph4, and FM.impkment anniul Gund Gulf I ute awrenn Entergy comiderull unrestrkted highly liquid debt imtromenn in me uging fmm $14 milhon to $U million. purchued Wth an original matu6ty of three montin or ku to be in actordance with the IWI NOPSI henkment, NOPSI rewrded eash equiulent' on in b l.mce sheet,;n a defened eset, an addrtional SW milhon of pniomly incuned Gund Gulf 1.related unn with recognition of a RecuswicAnous mnespondmg pretn pin on in income statement. lhe $W milhon Cenain re;}a%ifiCatioM 9[prniumly reported amounn M e hn r prbenn the irnrene in the gewn salue of the remen stream made (r confDrm in currCnt dndfiutioh p{ gg(ggggj G!Jnd bu!f 1 relatld CMtt 1bC M Bi kNCICDCd !W! lu/g lbilfY V9ff
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N ot t s"T o' C o ss ouo Att o [ [.. E Finantih SI Attutais , 9 wnelidated net inmme by $#h mHbon after apphcabk inmme agaimt its bdh to the Sptcm cperating compudes for capacity and tain and inue.ned camino per shee by appnaimately SR2L eners (mm Grand Gulf I. As a resub of the i EkC Complaint Coe widement, lW) tunwhdated net inmme w n redmed by FERC Cumumt Cut appnaimateb $30 mdhan On l'ebruary 1, IM the AAame Pubbe Sen ice Commiwh>n i \lm, the louhiana Publi Sen iec CommLion i EPSQ, the Ahssinippi iEHC Amt Puldie Senice Coinmiwion OlPC die Shwiwippi Al'ome) (ierieral, ( hi ikccinber ll, tw t. the fI;RC ib hion of Aadits iwued an audit and the City of New Odcam filed a tomplaint with the IT.RC animt report for Sptem 1:ncip for the 3e.n tw. through 19% The it part Sptem Energy and Entern Scruce@ went for Enterp and the temmmc nJed. amang otbet thino, that Spiem Enero 01 w rite off Spiem operating moqunted, allegmg that the utes taen heine haged and not ramc r in m utes apposinutch $95 milhon of Gund Gulf I _ to the Syuem operating mmpanies by Sprem Enerp for upatin and own indaded m utibty plant rcIued to the Sptemiinmme tas enern fmm Grand Gulf I were nor jtnt und reasonable. This fihng allnatnin procedmeuand Spiem Entrei armonting roching fmm v n conwlidated uith pmceediop related to Sptem I.ncroi cervin allocated income unlureemlieced to be inmmistent u nh detummiwioning colketium and proceedino related to a reduction FERCi acmuntmg requoements and G o mpute refunds for the of the allowed rate of return on the common eqmt3 mmponent of 3can IW7 to date to wrrect for m ermllectium fnim the hyuem chages under the sprein Agreement. opearinnompar.ies of depreciatSn espeme and return on rate tuse On %y 21. lWL a settlement in the conwhdated pn(cethngs releed to amounts aheged to be intortectly induded m utiht) plant. w as re xhed, wbich, among other thine,(D reduced Sptem Energi llening before a f FRC Al J were held in Augmt IWl, in an rate of return un mmmon equity fam 14's to 13% elietthe imtial dahion dated % ember 21, IW1 (% cndier 21 Det hion L retroacthcly in April IM Q impned no ecihng for tucmalmg a ! ERC AEj found, amongother thinp, that Sutem Energy purposes on Sprem Energii common equiry ratio W estahlhhtd a m ernated m Gund Gulf I utihty plant acmunt by appmsimately > rero< ash working capital alkm anic for Sprem Energy, effet th e $95 milhon n indicated in the l'ERC aud:t ecport. The decidon,if retroactacly to April (YU,(4) resobed the mst of senice treament (drima:ely sustamed and implemented, wocid require Sptem Energy of certain Gund Gulf 2 awets tunsferred to Grand Gulf 1, W set to make mrret ting acmmtino ntries and refunds with interest, to the amount in be etdietted in rates for the (ost of demmmiwinning the Sptem operating companies Should that be neceway, Systen. _ Sptem EnergiM interett in Grand Gulf I at appruimatelv Enernennutes tha e of Decer .ber 31,199E its net inmme omdd
$198 million in 199 doilan 'with a new smdy of these cmn to be be negathcly imlueted by apptmimatel> SIN ndllion. '"nh prepared and submitted to FERC on or before June I,1Wh and amount indades Sptem Enere i potential refund obligation to the increased Sptem Enetpi decomrniwinning espeme odlect om sptem opeanng mmpanies, w hkh is estimated to be appunimately fmm appmsimately $1.1 milhon to appmsimmel) $4.3 milhon per 5%2 milhon (indudmg interesti n of lietember .P. lW1. The 3 car,effecti,e retmaethch to June FML subject to a 59 annual ongoing cfrect of thh decidon. if impkmented, w nuld be to redute infbtion adjustment. N prmided for 1991 crethrs imm 4ptem Sptem Enmi revenues by apprmimatdy 522 mhn in lW2, and Energy to the Sp;em og enung companies tutahng appreumatch b3a mmparable unount ibut decrening by appioidrusely 50 %
$17 milliun re$ ting to Sprem Eners are treatment of the milhon per )eulin e/ch m%cyc:nt 3 car, and comohdated res enen portiom of Gund Gulf 1 mld and leased hxk. and W tcduced the wouU reflect thh xdmnon.
ute of return on mmmon eqmty under the Sptem Aercemem from in uJdition, became of the rnotting unpact on Spiem Energyi , 144 to 13 J, retmaeth e to Dnc aber 24. IM The setdemeot did euning if the Nmembe< 21 Dahim h idtimatel 3m3tair.ed and not resohe income tax aem" ting hsues raned in the comphint bec implemented, Aptcm Energy would need m obuin the mment of
*f ERC Audn" oclow). The seukmem wn "ded w nh a EERC ccaain bankm wan : the fixed thuge em erage ces enants in the Adminktuth e Law judge ( Al.h on June 14,19N[and un letten of cred t and reimborsement agreement related to the Grand approved by the f ERC on keptember 16,199L Gulii vie and teacba L tran, actions bec Le 9. -Eedes Sale Ibsed on the settlement, Sptem Energy ucaited in June IW1 and I eneback I unuermusi for a limited penod of time in ordet ;
appnninutely $474 milbon a the aggregate uncluJmeinterno m awd no' anon of this emenant opon implementmion of the
)4y thirty-fWh
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Nmember 21 Decitort. Should that be necesun, Spiem Energy Alarth IW to amortire sta-h jurhdational proceeds pim intant would rcquest at wanet b) the banL .bcut a wher, failure of thereon amned thmugh I ebruar) 2N 1989, punaant to a rate Sprem Energy to perform thn cm e unt muld ghe the to a draw amoni/ation wheduk that h whedtded to niend for 5.3 scars fnnn under the letteruif treda and/or enly tennitutief the letten of ah u time. At Deamber 31, lwl the unamortired tulante of unh nedit, and if the letters of credit were not replaced in a tindy jurkdntonsl puceds u as appniumatd) $95.7 ndlhon. To date, nunner, could result in a default under, or earl) termination ef, LP&L bdion that the Ntarch IW9 Orda has pnoided Sptem Enerniimes. apprmimatch the same amount of addaional net income e allable Assunjng the Sptem opeuting companies were requited to for comnen stod n would an annual rate mucase of SR9 mil!ian refund or ueda in thcir customerull of the Setem Enero retund (the amount of LP&l A rn enue definenn c determined by the ienept for thme portiom attributable to AP&ln and LP&l A l.PSCimer ine 53 cat S period LP&l. greed to a 6se-) car bne retained share of Gund GtJf I untit the effect nf Sptern Energn tre free,e, at the then current le elabject to tertain condaiont utste<iff of utdity plant and tefund to the Sptem opoating 'lhor. condaiorn intlade, among othen, a pimidon tlut the rate companin. as required by the Nm ernber 21 DeciAin. on Entergy's free <c would not sen e as a har to thangn m rato e a roult of conwndated finantbbtitemenn as of December 31,1991, would c'an;'n in the federalin uu, net inerenn o: deueen in 1.P&l A be to reduce mmolidated net inenme b) appnninutd) $124 2 cmts resulting from protcedings at the IT.RC relating to the Grand milhon llou ner, the Splem opeiating mmpanin would u tite off Gulf Nudcar Station. or e a resuk of catasuoplit uentt the imamortired lulanen of corre ponding deferred credn , which in Apal IW9, the 1.ouhiana Encro Iien Grour il.El GL a approdnuted M7) milhou at December 3 L 199L This auion. poup o' LP&in large indmitie (mtomers and the members of together with any recm ee) from ratepaycn of deferred credits that sut h poup inda iduall), filed a petition for appeal and juditbl hne been prnioudy amortind and paued on o the utepnen rnieu of the Ni.m h IW9 order in the 19th judnial Dntact Court uppromtuely $119 milhon as of lkr.ctnber 31, lWi t w wld ofnet for the Pamh of Ent llaton Rouge, LoukbnMState Kstart Coun L the reducion in consolidated net iname. The amourt of wch Fhe LLl'G u.ntends that the 1.PSC u n without jurkdiction or offset unohl depend bpon cas h Spt m operating mmpanti authorit) to perndt LP&l, to retain the judgment pnaxedt On awochied retail rate treatmert with tespeu to the reuner3 of \ latch I i'r4 the Ll;lh 6 led a nntmn with the State Dntria prnlouxl) amartbed credits. Coun requoting continuance, eithout date, of these proceedmgs
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Onjanuary 9,1992, Sp.em Energs 61ed a brief on cueptiom and the State Ibuiet Coun granted un h entinuarn c. LP&L uid uith the FERC Nuuith tanding the Nmember 21 Derv. ion. defend vigomush anirnt tbc appealifit is prosecuted. b perrnioed Sptrm Energy belinn that ituonwhdated income in amunting b) the Nim h tw Order, LP&l . h npending the judgment pu ceds procedures and rdated ratc heatment are in complbnte with SEC in the nuntul umnc of in businen. LP&L behon the mient of the , and i ERC rujuirements and miend, to ugomudy wntni this 184rch 144 0rder h that the LPhgniin dut 1.P&L h emitled iuuc. Ilown a, the ultimate remlution af this matter cannot be to amnua! rn enue inuene ol appnainuidy $4W nu! hon and that deurmined. An:ord nd), no pro hion he been nude in the unL intent and the \lmh IW9 O*r will be upheld by the toura,if urumpanying financbl statemenn for the powible efteen of a the mottu is prmecuted. The meter h pending. dedson adwne to Sprem Energy. Cm or thw Caum Cowtrum facu 1989 Onout On Angmt 20,im the Cit 3 of Neu Oricam tiled a mmplaim u nh A Niarch 19W LPSC order in effect prmided, among wher thinp, rhr ITRC apinst Entergv, the Sptem opconne companin, and that LP&L war entitled to an iry tewe in retail ratn of apprnimnteh Sptem Energy requnung thc I LRC to im emgate tenain inun
$4% m4 tion on an an"ual bok, but clur in lieu of a rate increne, rd ited tv the tumfer of Independente i Wnit 2 of the LPAL would tetim the LPSC jurkdictional mrtion I of1193 7 millmn indeptnJem e S. cam Eleurk Generating Strion) and Ritchie 2 of protecth htated to apprmimate $1Mb milhon) rcrch ed b) 1.P&L Knit 2 of thc R.E. Ritthic Steam Elenric Geneutmg \tation) from in October 1% as a rewh oflitigation tuth a ge mpplier. In addition. AP&l to Entern Power ami m effeu upon the Nptem opeuting the order prmided that, for the benefit of ratepaycrt LP&L begin in compamn and their utepayea On September 21,1990. Entern,
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the $ntem opeuting companies, and Sptem Energ3 filed uith the retained portam through the fuel adjustment tbme. This teun cry 1 E RC an answ er en the Cir3's compbint nking that the compbint be amount has been iem;uunly redmed to LWents per Lub punaant dismissed. Numerom partin has e inteneneJ in thh piuteeding. In to a 19W agreement heturca 1.P&L and the 1,l"C. l.P&L retaim the first quarter of Phl, the FERC hwed an order, which among the right to sell wth enerp to nonatfiliated p,utin at psn in cuev. other thine, set for im estiganon the quntion of w hether m erall of the fuel adjustment (lause twtocr3 anymnt, wbject to: I"C bilbne urale the $ptem Atreement willincrease as a voidt of the appnn al. Ibr the 3 ear ended l' ember 31, !!NL Sptem Enerp's tumfer of the two unituo Enterp hmer and. if su,9 hether thme bdhne to APA L and 1.P&L for Grand Gulf 1.rebied cost totalcJ highet chargeueSt prudentl 3inruned cmts that nuy be approunutely 52 Ni ndthon and $wl nulhon, revecth el). reasonably passed throach under the $ptem *.greement, and pruided that rateuharged under the Spiem Aprement after the Pauct Ouvt Bun:H Sinituturs _ transfer of the two units be subjen to refund, effecthe October 19, In the IT.RC Setdement, Sutem Enern and the hptem operaung IM Thmuch December 3L IWl, substantbily a'l power from companin sex bed an agreement nh the i ERC staff, stat, and these imits hn been mld to AP&L and thus to date, no rcfundure local regubton and offu bh, and other interested panin to rewhe bleh to rewh due to the transfer to Erstein Pow er. llearing on a m:mber of Grand Gulf Notlear $tation-related and other rate thh matter are expected to comtnente in hte Mmh UN2. In matten that had taen ashently affe(ting the Sptem for a number Februarv 1991 the Cir3 of New Odcam petitioned the Umted stain of 3ean Implernentation of the FERC Settlement Oncludmg the Coun of Appeah for tb- Dktrict of Colun.bia Circuit fu a;speal of a cancelbtion of Grand Gulf 2 and the rebted unte4df) and the , FE RC order that hmited the wope of the proteed ng rebted state and but tettlementuedm ed comohdated net income 't and reumed orninp in 1W9 b3 appnnimmly N2 million and RC Dr.rtnuts reduted exnine per share bs approxima el3 $4.21 The Spiem operadng emnpanin hoe in effect uriom rate Uhde all partin to the IT.RC Settkment agreed not to punue any moderation or ute phase in pbm dedgned to reduce the imrnedwe prudence dha110w ance of Gund Gulf I c mstruction t osts and cfrect on utepayen of the ini.ludon of Giand Gulf I and %terford 3 opeuting ara maintenana egensn tuorded through June 4, Pm ten in raret Under ihne pbns, ceruin costs are cither permanently the i E RC Settlement. among other thino, dan not prejudice any reuined tand not reemcred fmm utepayerd, defened in the earh part3i nght to seek ohalloume of such cmn reroided after that date 3ean of rommercht operation and udlceted in the later 3 ean, or or the right of the panin to seek future thangn to the I nit Pouer reemered cunenth imm tustomert Thne pbm var) both in the haln Agreement that are tot in(omhteot uith the 1 ERC Settlement pmportiom of costs thx each company reuins, defen, or recm en ($ce 'l ERC Compbint Case' and ' i ERC Audit' a5ncJ and in the length of the deferrallreunery perioth. Only thme tosn permanendy reuined and not reemered through utn or thmugh Enttssy Powin sain to third panin roch in a reduction of net income. In most Emergy Power we formed e a subsidbr3 of Entergy in Ptn Nome caet the carrying chargn awoebted u hh the unamonized defenah of the regubtor) audnuatium rebted to thh tr.nw tion were appealed, are reemered cunendy fmnuustomers and one wth appeal k pending in Augmt Pm, Entergy Power With ropect to permanently retained cosa, AP&l/s retained share tudng funds borrowed from Entern) puthased AP&l/s interna in htated as a percenuge of Sptem Energ3W owned and leased Independenrc 2 and Ritchie 2 twith net tapacity of NN megawatt 0 share of Grand Gulf h ranges frorn 16M in tw9 to 7.92't in Ph4 for an aggregate purchase prire of approunately $17L4 milhon. and all weveedinnem of the unithommercial opeution. In the Entern Pow er maiketiituapaity on a wholesale basis m marken nent AP&L h not abk to sellitueuined share to thhd pames i thas ounide Arkamn and Mhsouri, and in marken not cu.rrndy sened the right to se!huth energy to in reuil ectomers at a price equal to b3the System and, akhough not a p.u,3 to the hptem Agreement, in noWd energ) cost, whkh h cunendy Ins than APal/s cost of scih enero, ohen not required3b ituustomen, to AP&L AP&L uch energy. In 1% LP&L apeed to permanendy absorb IWJ ofits ma) then, at its opnon, sell sut h cuer/s to the other Surem 14'i i i.RC<dlocated share of Gund Gulf 1-rebted ontt LP&L h openong oimpaniet i or the year ended Decemtier 3 L PNL allowcd :o recm er 4 6 cenn per kw h for the energy rebred in such Entcro Pow er opeuted a a loss of $ltJ milhoa j& tinrypur
a aiimi i i y e e e m a ' ' tr 4 aeo S U s s . e' a m i, e t p . .. -,_n .. . .~ . . - ,p
. , - . _ . Not,ts,To Consoucato .
6-financiat Stattututs '- e E INCOME 1 AXES lnCNBC t.it fipC0\e (CtC4 kit)Otmdwth Of the folkmiht lu k )wn is,Le noww al 1991 1991 1989 4 dwaa Cunate i eJeral $ M,lli $ Wko - We 13.15% H 2.41 $ 2'Uo4 Toul 77,269 70.211 2!.t04 Rn bwfutWn due to nu opcrrmg low catnfa aid 14.004) 112D4n t4W2p Dtrinmo - att: 1 n pn on u!e sod lencimk tutnxtmns (3.h9%> <129ei t 7MNi! Rne deferrA - net (3,24M 4.274 4H.u4 GmtmtrM wttlenot 15.342 1U2; 10,4 % Ut colwJ depretiati.,n 4%,032 linAlb 95,016 Amurtu onn (,f cucw d:ferttd nwone tnes (7.31k) (;..\04 ) (179.v. Otatu'kd icstnue 6,fG3 < 4s ti) (24.vi? > I,661 m.?W 14,\l9 Projett O!n e Bramh w;tletoenti
\henutn c nonimum in 16,01" iN79 (Isom 6.040 15,179) (1,(14 thher Toul 121,251 IM 234 <2(i Im enmtnt tmtcdit ahntmento net 78.623 MN3 (19 kli
$277.151 $il5174 $ $,W7 Knuded incon.c tn evenw
( brged to npersoom $243,76C $2M.419 $ 260,m (hrged kreditcdr in othei nworte 33,391 49,3 5 1254 ( 40) Ranokd inmme in expenw 277,151 33.274 U47 Imwin;incupphed spinst the delet tumponent of AFl'lK: Ik2 471 5% Tsitalimame tan $277M3 11104; $ 6,153 Tmat income taes differ from the amounts computed by app!ying the statutory federalincume ta ute to income before uws. The reasons for the different es are-
/w & 1mn i eddl
- U. 1991 1990 Ital Amouwt % tw PMin latow A.swet % os Pmte luct,in Assamt % es Parru Lou
#e the Cornpuwd at statutw) nic $279,395 34.0 $2'11,169 34 0 $IQ944 14 0
' increces (redeond in in rauhing fMir Project Olac Bran,h sctdemena - - - -
1 % 191 OR 4)
\mortiution of ruen defened intome tnes (7,31 0 (0.9) 6, )t
- to u si734n 4.6 State irn we rno net of fedetal inmme tn effn t 23,741 2.9 lwm la c42) o1 (22,470) (2.7 ) (16 655) (tw ' 7,74 D 23 Amortid an 9f im otment ra tredit Ikpretiation 5,693 0.7 MDo n9 JUw $61i (l .h90) (0.J t 9,278 1.0 19,ssli 24 Other - nce Reent:kd iru ome; ta cqv.ne 277,151 33.8 315.274 wk 5397 11.4i Imome tnet apphcd nalhst the delit comp >nent of All IX. 152 - 471 01 5% tRI)
Totalinwmc tan $277,333 33 ) it)M4; %9 i 6.10 (1.51 l fwg thirty fri c
1 t' s i i ) , ieaa espya a e i, i t, e 6 . te , a a i s a o e , , e . .. ..
.Netts To Contoucatto ~ '
, FinahttAt Statturais, ~1, l'nuwd hoeument ta oedits at Decen.'c it, lW1. amounted to y ,ie e LINES Of CRfDil AND ft[LAi[0 BORRDWINGS
$M7 milhon auer the 351 rcJodiun required by the Tn Refonn
& h m opasmqwind Wem Enan ne andnited Act of 1% Thne ueJit ren be apphed agaimt fedealinuime ta b the Sin thmuch %cn.bcr 1W2.to etkti shott tenu bonowine habibun m f?ture 3 cart 11 not med. thc3 w di n? ire m the scan in v e mi intsordng at an> one tmic of up to speofied F*0 through 2M. 'lhe ahernatn e n.ininunn tn ( Bi l h redit at Den mber 31, IW1. w a SW 2 milhan. 'l% B1 I acSt un be erned dAmmnud dsa Mum m msmWded dodar mi.mn widi feho 5%.m ub hik \PL Whahim form ud indennitels and wiu redace the3 $ eenA fcocralinunne ta ed Wmih 1.PO W'i m&in ed $D ndM \lPO haNht) in the future. $He miunin anJ $110 im! hon, NOPhi - $ W nulh,n and $35 million.
Cumulatn e inuinic in taning dJictenen for uhkh defened ad Eng M milk aM W mdkia %heem incorne in npemn hn e mt been prodded, ce $%14 milhon' 55312 milhon, and $4o.9 milhon a Detemher 31, !W1.1M and bas # W'M W WN m Wte@ dw em of then da UM BoM iMemu'n wem me w ltm, reperta dy. nceedag,in gencul, the grcater of 191 of opiuli/ anon or $01 of in i ebruary IWi the FAhh hu.ed NF % h IW, "Accounnng QM Wf I og dMwiMA mgp t dw imm4G for Inwme TnnT whkb h cencuuy eftcone for 6sul3 eu' B ndt in adJition. untnopeafnauy authorized by the Mn NOPsl beginning after Daember 15. PN2 The new uandant requirn that ; gggg gggn 4, gy,,,gg y ,,,g deferred inwmc tan be recorded for di ternpaur) differentn nnd inda mned cuni$ ied dia4 kmih an)forn uda and that defened in bahntes be based on enaoed in dMG d W ceWon phn shon.tenn indebtednew. Au roah bu s at tn urn the ce npraed to be in effett w ben the tenqmran d da PNI El %dmN'M'wbJmm M qm m ddferenen in erse. The impact of the new standud iuurtend) W iuhisnaib er3W %w A.h under study by the $pt-m Bned on a prehnduar) stadt, d . $ pra" Al%i., l.P&L and \ll%I. had unmed hnn deretht at Det ember npcco that the new standed w di rnuh in an inuease in awumulaed 3;, gy,NuosiJme fonbortactn lunowine d il 4D nullion through defened incomes tne with a wrrnpondmg irt rene in auch and
- 1. b MWds M wN sg Mm4 &Jk will not ugni6 canth imput Entero's inohmf opernions Entergy,
!n stem wmpanin, eith the acernon of Entern Power and Ihter the Sptem operatingi.ompanin. and %ptem 1.ncrey pbn to adapt uJ pt i mm a ny u m MuiW mdm/cho
%l'AS W IWin UN3' putkinne in the i :.tero %ptem Ency Pml dionn Poolt u hich all .wurnain Sptera o,mpanicuo introw fmm, or lend to, certin othCr Sp! con uenpardn to rtd/cc !he kptelbI dCpenderK e or) niemJ1 shon-tenn bonowings. The mnimum laarowing and ner; ire horrowmg b) panidpant$ fram the %ney Pool during 1901 wcre M4 milhon and $E3 milhon, rnpet tnt h. At De(cmber 31 Phl, the innds a aibble in the %ne) Pml for lonowing apegated $O9 6 mii: ion In addition, Enterp Senkn,1:nterey Operatiom, and Enverg) Pou er hne authniiration for inenmine from Lnterp nt an intae9 ute of prime t of tw nahon.115 ndbon, and
$2m milhan, re pet tach, of whit h $173 I nd!:;on w a ountandmg at Detember 3L 1WI, for Fntergy Power.
N(m (i as bdl kin he(b(b. s al i N N fn !. M die reended as to me anilse sewred 3b hWem l'och' fuel im ennvicund ceruin acu.una rettiable vising in.m the sd.wfihne imcnoinet i r.n arc paid on the unmed psrtion of thne eccments At Iiccember 31, Phl, there u at no homraines outsunang under thew e ectnemt
~~
pay Inrtem l
, , i% . i ai , i i *r neii,e. .ie .J..,#,..,i s , , N ott s 'To' Contotinat t o
.. _ .F. inancit.t Statt uint's E PREFERRED AWD COMIADN STOCK The mmdict of shafcund douat s ahie cf the hotem operatine tumpaicii reftucci sin k wav
$=ws tem 2 twmv 8!. Areato Oumue*6 Cauw h Cut Put he liiant
*Ne = re" aer 1M1 1991 1991 1#90 s. Diu mwa 31,1991
#tMout $2inNC (Uw3: Otmmlatwr. $1(O pf uhar.
4.lb1 - iM Nrnes U ,Vll#, 1/ D.1% $107,0ll $(h7.011 $102T!1 to $tbl.04 6fM - H.M Scnes 1,l tur r3 1.tvis h ilMW l injiisi $102 %0 to $10178 4 18/ i - ll,44'i %ctla 44950 4449W1 44,Mhl 7%MO $194 l6 to hlllfs.72 Cuntobm t, $2.5 j'13f i alue 8341 9.fKi henn 14aum 14 nnsi ouve lopuj $ 2uo to $ 2t % 10474 5:nes (quin thu m 159 9 15,tw $2739 Cuf1mlJ!h e, $0 0] pr uluC'
$2 40 sef.e, 2m uni 2puunO Mum Premiam 1.w2 1 A%
luUilfA.e/'hwitahl C kpyfN - ~ (3.'M ) Youl u nd.out wlme, f und iW1,4% $ 8 W%* rkN hMN f O uNW Aln(, kb { elf I'm Ot* A W i . 4 *(A $cnes 1,4',4 440 n .454 94u S145494 $19.4L sin uo ir,il(n. 73. 10NG -12M %tio 207,7tb Zui,7tK) 23.770 27J70 f.194 (N m iltN (o 15 44'i + lb ltS \cnes HM4% UK4% ihyD ly\0 $107 72 m $llll2 cum Am e,in pi ulue 4 92'i - 12 f.4% Ann U 5 t h.l. 3.8 31.6t 6 W,791 tD4fil $ 2fd4 ,2 $ 27.37 0.1% -IUn knn U.w97 tvun 41418 w4n $ 2w to s 2(22 14cndem - - Jai 40 lount/dioont eyicnse - - (10J921 tillh2)
! ot.d with whkint fam' $2%312 $111.210
*/ deme,/wanAyudmostalvryw/d M W Les At Oc(cmber 31, lWl,the by tem operating coinpahics lud 5,171,5fe,14,lls t lf., an.) i 13,1XHi,(W A.I shares of tumulati\c, $liX), $3, and .
$R01 par value preferred stad, respectisch. that were authof eed but unnwed.
.o
I k h 4 k ' g,. m ~ . i,...4 ,%m ,sm. . , ..g
--Notts to Consotuatte.. . . . ,
,_ _ _ _ Finsulat $14ttisists . _ _ ,
Changes in the rarmlber of sharewf pfeferfed Std of the Spt:rn opetuting Lotopsnics uith and without sinking fond, dunnu the ht three 3 ears wete: bunts p two 1991 1990 1989 Petitwo Stots 16tuutis: . $hol's nix MW( hedes 3$0,000 - -
$3heuhe WM Qon 2,(K10.(W) - -
hol Pa blac: y 52 40 hent*, 2,0001KN) -- - Pme.mnto $rocu Rauuwats: W be bk M $N Niics G0 f k 4) (14#m - Offs hcues (70,(WNil - - 10MN Nenn (20,(WK)) (10944 tMJH9 llM47s Strics (40.000) (20,000) (40ft ty 1i #Si srin (350,DlKO - - 12tud Nerin (10,(MI) (10#nn (7,Wy l$A4T k'rin ( j $,(HN)I (15/ Win) (/,W D lhlVf .henn (15,000) (15980 4 Wit t0
$3 pa uluc 4.9M scun (84,(HMb %4 0, ist,wn 10 721 $cncs (240.000) (2tuno til6,l%
(2h47 herio y# 4 W9 (300.000) (3(Kuna (Mdx(4 1.1174 S ries (l!.0,0lN)) (if@UDI f lb4,(Wh 13 2W Senes (200,000) ('tiopio) ill 7,126> 14fM $ctics (200,tM)) (2WUuu n32910) ILt1 knes (120,000) (120Julin t tsepw 1920'T Scnn - - (2Julp W h m eca Gh sinking fund respdrements for the ensuing in e years im prefcned .'V71Mi sharn ofituunnnn stock at an aggregme cost of wd outstanding at Ib mber 31.1Wl.ve (in thotunda IW2, $31,7% appnnim.itely $44.0 milton. Of this amount,6,447/x0 shares and IW3, $W& 194, $37,2R IW5, $U,2.;R and 19% $24 W 187.RA Rhhares, respecthcl), were repurchawd and rc tired in IW1 and Enteryv hadEC autimrianon to repun luse, fnim time n time, IWI a un r gregxe tust of appnMautely $161.2 nulhon and $369.1 tl. rough December 31, IW2, up to 3'A 433,118 sha:ewfits oursundmg onthon, respecthcly. The etTert of thew transactions redaced tomam corurnon wtk. either on the open markeus thenich ncptised ed, paid-in capital, and r>:tained earnine by appnninutch $32,2 purchasewr tender otkrs At Iko:mbrr 31 lWl, Entergs hat milhon,914 milhon, and 5mo milhon, reyuth ciy, in pol, and $917 topurduwd and retired herurned to authorved lua uniwued stuuo milhon,514 U milhon, and $13t hillioit respctthch,in lyn i part thsqv-esqkt E
*,meai. 1 o n e p oi a i . c o amo 6 Ms6,an,en
* ' ~ '*
Hottt" To Contoucatto i Finaattat Siattutnis e
' unbDes undeT tkie IefurfbMe freZrkn. ale nu le fh m timf to Dme UndeI tbe iblh tod Pbh. !be l QUkts Pbn ffJnth htMk opnon(
dependmg tquo fn nrable nuttet umditions anJ authorvanon of the tc .trkred sharc anJ equay auudsin Le3 (-mphnen of the % stem En ern hurJ of cirectort There k no aurante of the attual anemt cotnpanitt No optiom were nunted un&t the i quit 3 l'lan in twL of purthase ihn w dha ur. Entern hn requested 5EC authorvanon to aquise through The Sox L Pha for Out6de Ihreeton 1Daction Phnbnd the Datnher 31 PN4, up to 3JmJohh.ucs of its u,mnms sta L to b': Equit3 Ownership Pbn of Enters CorpatLm and $ubadurin held a ticouq dures and in be rauu;d to meet the requacments (Lyuity 1%) wetc approsed b I.ntero d:arthok'cn n,d adoptcJ of the e und tenam otherhu(k henefit phnt The cquiunon during 1W tlc threcton Pbn aw ank non.cnel nee direttors a and holdmg of thew trecury sharn requires that Enteto's tharter peitmn of then twmpensation in the fann of 2 6ud number of shun be amendal, w hkh h wbjeti to durcholder apprm al .mJ cf Entern common staL, Ibring l*l. 7,tW durn wcre awuded Mr authorinnon. E LONC1[bMOfBT w tonarm aa,i oi Enme , soi,riaunn a Dnwase, auwi a,mn w- e uow s. mm ta m1 me 1'90 mortgge lerah $3,213.021 $ V70,5l9 G neul and ecionJmc hands -- duc 1941w7,9% 14 9W 31U.00 .Wla o Other. loopterm ulhe. mon- Depanment et Lot to (%tc M 94,453 m.0u
\lurmpal rn coue hoJs - duc scrula thniuch 2no4. 2.7%el 14.449 17 464 po!!um,n tontnit rn-cue inods and m telim nt runLac u.maat 1);e scrulh tWuch 2014.f 419 % 55390 0.2M lbe 1962021.(c LM 121l2'3 979,367 91U10 purthos obhganons umlet im entaa 4.;pph agreemrnt 23,649 2WI Gond Gulf I lea,c othptiom 4M (%te 9: 500,000 huno Niter $Intd 3 lenC ohTMkifte I d bote 9i 3b3. BOO .6 kidD
\hwtIbncous -
27a
, a q a l l'nanv,rmed pretnium ,, ....:com - net 09,315) (4 Um roul lunoican debt 5,513,714 Mow:
Lns - mount due v i.hin me scu 230,NON M9,717 1.on;<rm debt neludmg amaunt due u ahm one year $5,25 h406 N hQen For the 3caa Iw2,1W3, IM 1%nd 1% Enternwubdduno respatiuh. Cenam of these UnLing fund requiicmentt acrying hn e loneterm dein rneurities and Wrrkint fund requireuents in the appniunutch $1; mdhon anmulh, uiil be sandk d b3 cash w in teni-gpcgre of on mdhom) $2461 $1610, $m t, $24% and 54*4, fkanon of propen 3 aJJuiom at the me of 167'i of suth requirements [ht;t Ibit;-Niw
i 4
.$ ,,, ,-.m.4. .- . . _ . . , ,
e- - - - - - .. .- .- -
-e
, _ _Hotts To Coasntioatso--
,_._ - Financial Stattutnis ,
i 1 The ourstanding first mortgace bonds of Enteip's wlaidunn e oflietc. obc 31, list, u et,: ws Maruiurr 41%io n.tn es te s tw n a tt tw trsie ts tn fina 1W2 $ MW - $ 14,7.'o $175MI $ I W.7;0 tw3 $15am -
$30t00 -
45 9 :o ,
'IW4 $ 25Miil -
$ 30.11110 $3 Al, ILIO 2QO l0 lW3 $ itpri -
$10$D10 . I M1,Oud 19 % $10< 29 $ ll.3M $toUium -
4:4110 19974 W $ riuni $h197 $07,9t h - Lul9hd _ 2N74016 - $4,W - W,.W 2017 4 021 -
$47 W o - 473,5W Toul first rnortuge lionds 13 213.021 hsw, In:. ttrel med53 w:Lnt ro I,@t W imt sw indwd ow .mskide lsru n. Int. werein nnm lunt we dm "8'L' PITAINED LARNINGS COMMITMfNTG AND CONTINGENCtES Griom agreements relating to the long term debt and preferred Cunat Rtoumrututs ano Fmancma unck of Entern's mbsidiarin contain pnnisiom reurwring the Gmunction espenditures (irwludmg Al t 1)G but cult;.bng mxicar partnerit of mh dividendm other distritmtions on their common fud) during the 3can PN2, IM, and IW1 are ntimped " agregate coc k. Aho, without approul of the SEC under the Pubhr ('ttht) 542M mdhan, $44x.3 million. and 54R4 rnillion, ropestis cip in fluidmg Company Act of 1935, the unrotricted, undntributed adthtion to mmtruction npenditure requirements, th. Spran will retained earning of any Eatergy subsidiary ve not avahble for require $51fd nQ nn during the period PN2 Ph4 to meet long term dntribution to the common sta kholden of Entern untd wh debt matmities and to satisfy sinking t'und requirementt The ternino are rnade suitable to Emergy through the dedaration of Sprem plans to meet the ahne requirements primui!y with dividends by such subsidia.y In addition to retained canino internally generated funds, including colleuions under the Sprem dhtribution restrictions, the Public 14tdity llolding Company Act operating companin' rate phase in plans, and cash on L,ad. LP&L of 1935 pmhibits Entern's subsidurin froro nuking huns or and 51P& L w ill require funds from cuernal souan during the perNI.
advances ta Enterg). Certain System companin are panecding or ma3 pnweed with Consohdated tetained earninp at ikccmber 31, Phl, mdude concemen:. for the poss;hle refunding, redemption purthne, or 5MN mdhan of retained camino of Entergy, which are unrestricted othet acqunition of all or a portion of(ertain ontstanoinperies of a to the paymen: of disidends and $5%9 milhon ol unresuiued, high-cost debt and prefened stock. Aho, AP&l.cunenth intends to undiuributed retained earnino of Entergy's whsidinin. use approxinutd> 169 milhon of the 572 milhon in pniceeds from The total im otment <! Entern in the common equity of in the sale of its \liwouri retad pn.penin to redeem all or a portion of s.daidwieur ik(cirhet 31, IW1 amount ,' o appnninutel3 tertain serin of its outstanmn: fhst monpge bands.
$4.1 bilhon. Of thh amount, approximatdy 27712 milhon,induding
$5%9 mi!! ion of unrestricted, undistributed retained eunino, o a available for distribution by Entern's subsidiarin to Entern under the rntrian e agreements discused abm c, subject to Si,C approut for distributiom in exceu of undistribtaed retained earnino.
~~
_ pgjom
. .... 1 , i ...<u. ..e . . ,<- ,re r - . - . . .
-Holts To CDhsettoAtle hwanctat StAttutats ,
CAMat IUND$,ljNn Powtn Satts, AmtAsani, Awn RtAuotAnon Atnstwuts in June luo, sptem i nos imd ihr Sptcm opcuuoc mmpania Under an agrtement, dated awf juut 21,197 4. as amended, hetweco amended the Avibbihn Notement so that the unic+ff of Sptem Eneip and l'ntern and the auignments thrtcoi(Capital Grand Gulf 2 in September vm would be amonucJ for Avibbditi l'unds Acecmenu,11ntern hn apt'ed to supply or cause to bc kreement pnymn m er 27 pus orher than in thc mumb the wpphed to %ptem Energy wfficn nt annmn of capital to ll n mantxn w nte+t1 u n semgnued en 5ptcm l'ncrgn books and would not Sptem Energi equity upiul at an amount equal to at lent WI of tequire a paynent by the Notem operatmg mmpanin under the Sutem Energi total upitaluation (culadmg short term dtbo and Audahht) Actcement Since tonuncidalopeutionof Gund Gulf (2) permit the wntmusuon of wmmerdalopcotion of Gund Gulf 1 1, pamenn under ll.e l'mt Powcr %les Acetment tuhid indude und ec,able Sprem Encre in pa3 i n full :llindditednen for a actum on cymtp hm eweeded the anmunu ppable under the herowed nmney of op tcin 1:nerp. In addition Entergy bn asced ' As d.ab;ht3 Accement (simb de not pnnide for a retum on - in the Capitali~unds Agreement to make tuh capiot wnuihumins equitp Accordmch, m, pamenn hne err Ivcen required under to enable Sprem Enerp to make p.r., menn w hen due on in long- the Aunbhihty Ascetncnt. term dtht. mpecified therein. Sptem Energy i.n, with the 'le Srucm opeiating wmpanics entered mio a 1941 ascement, wment af Entero, aniencJ in rirl'n under thn accement to wpeneded in part b3 the June 111)ccision amongthe Sprem certain neduon. opeutinnompmics and Sprem I nero relaine to the vle of Linder the l' nit Power Nin Anecent, deed a of June 10, M2. .a capacin mod energc from the Grand Gull Nmlear Sunon amended, among sprem i nero and the hptem operating mmiunin, tRealhication Arcemeno, whith w ouhl bn e alkwed the u;udw Sptem Enerp acted to vil to the Spiem operating companies alhd and enero aadable m hptem Encro imm the Gund Gulf itNi ou ned acilened dure of the capadry and enern from Gr.md Nudewr Sution and tSe relmed wsts to 1.P&l \lP&l., and C df 1 in umrdne with spetfed percentages ( AP&l, M. l.P&l, NOP%I. Thne com,unicupeed tu auume all thc rnponubilitin 14% MP&L 31% NOPSI 170 n ordered by the RRG in the juoe H and obbeatiom of AP&l, with mpect to the Grand Gulf Nuder Decisn. Chartes under the l' nit Pow er N'es Accement are iused on :;tation under the bi,,bibt) \peement,uith TP&l.rehnqunhing Sptem R.croi tool et of scrdce. induding Sptem Enerp i os righu to the capacity md energy from the Gund Gulf Nm lear opeuting egenses, dern: cation, and upital cmtdindudmg a return Nution. Ilowner, the IT RU june D Dec% ion alhcanng a on wmmon equitp The aseement will remain in ef fect untd ponn.n of Gund Gulf I upaciwnd enerp to AP&L supeneJn - terminacd by the parties and apprmed b3 the l'ERC, whi,h nmst the Heathution Acccment n it relates to Gund Guli 1. llely vould tweur after Gund GJi1 h ruired from e kc. Remomibility for an) Grand Gulf 2 cmortitation amounts h.n been The hptem opeuting companicure aho indh idually ohhuted abated to 1.P&l. 20.23L MP&l 43.971 and NOPhl 29M unJet an agrement, dated aWjunc 21,1074, a amended, among under the termwf the Realhation Agreement. Ilowescr.the Sprem l>crgy and th hp.em opeuting mmpanin, and the Reakation Acccmem don not 4fect the obhgation of APhl, to awignments thereof( Anihidliry \ercemeno to make pa3 menn or Sutem Energi tenden unJer the esivuncan iefored to in the subordinated ads anco to Sptem Enern in ao ordance with med semnd pretedmg paracaph, and AP&l, w ouhl be hable for in share pen entagn (AP5 L l',1% l P&L 26A% \lP&l,31.3% NOPN! of wth amaums if the other $ptem operaing mmpanin were 24.7% )in amn, nn that, w hen added to any anmunn recch ed by bnable to meet their contrauual obhtnium. No pa menn of an3 Spre.n Energ) under the Unit Power Salo Apeement orwhernne. amortuation amounn will be requhed a long as amounn paid to are adcqu te tormer allof hptem Energyi operating egenset sprem Energy under the i na Power Lin Acccment, together Sprem Er.crp haunigned in righn to paymenn and adunto to w nh other fundouibt le to sprem Enern, cuecd amounn certain nediton as security for certain obli,ptiom. Paymenn or required under the Avibbihty Apeement, w hkh is npeued to be adcanen under the Auibbdity Agreement ne only required to be the ene for the foreseeable futme, m'ade to the cuent thu fundouibble to Sptem Enc ro from ail sout es,induding the Umt Power Salo Anecment. are leu than the amount required under the Anibbihtv Acreement. l l I (wcr fo!tVOW
i.mm.-.-,..r ..., ~ . .. ., , , Hojtu 10 ConsettHito ,
,, _ _IsNaht; tat $1 Alt M(Wf t ,
Loks itRM Cimagts im mred due to(Utain prolonged ouum of amleJi unitt fnder
'lhe Enterrv Sutor, hancicci long tenn umtraus to nun bw the pmpen) danuge and tepl.n ement gwo/bminess mtevuption sariouu;uantities of t.aurd us and hiwoulft. 6.al for use as fuel.it inmuns e pingunn. these Sutem tampameuwkl be wbjnt ta in geneuting imin- aswwiiictin if lowe> eseced the arumid.tted (unds a vitabic to the I 1%1. he a long-tcrn antr ement to putt ha:. at en iTw pin et inwicrt At Daember 31, IW1. the mnirnum amouatwf sut h certain pertenagewf d.: enero gener, red by aid made cdble pmible a..ewmenn w cie Al%l,- $10N mihin.1.1%l- $1427 fmtn a h3 dnieleuric Leveratmg frib.) innmgh the scar 2H1. lOhe mdhin. \l1%I. - $ltu mihin. NOPsl- Sn29 mdhon, and Sptem madmum pertenute 140 of die rnere h nule culabk 4PM ., 1.ncro .. ilh71 rudhon Under hs arcomtnt with Sptem Enero, (unent pmdiwtion pmjntim ould require estimated pmu nn S\ll:P \ wodd shart in Sptem Ereg3hbhuti.a under the comuet of appronnu*eh $CJ rClhon ner y ar ibrtugh The arnount of pron:rt3i muume prewnti3 amed by the Sprem -
1% and a total of $3s billion for the wts lW thrir; th 331. LP&L cureth the Nn leat llegulator) uniidniott'* fNMD inirdmum reuners the untmf purdused energy through in fad aigntment requa: ment for nmLt pmer plant brecemf $l % t>Hhun lcr site dause, pursuant to 1 JN $ audiort/JtbfL Mdl regidations prmide that the prmceds of thh trnuurar must be u sed fint. to pLwe and nuinum the reactor in a safe arabubk omdition NucaAn haunAnte prnl. woimi, to uimplete required deocamination operationt Only The Prke.Andc%n Act pnniJn a bmit of pubhc habihn foi a nnde aher pn< enh ne used r dohated fonm h me and approprine nudeat inddertt. u hk h at Den etcher 31. lWl, w aupprodmatd3 recu!eorupproul h ohuined w nuld the balarwe of thew prucceds
$7.M1 bilhon 's he Spton has pmtection vdth resped to thh habihr3 if any, bc n slable for plam ow nen' of then unhtori benefit, through a u,nbination of pfh ate imuranec kunentl3 5200 mdhoto and an induerpwewment progunt l'nder the awcoment protum, $Ptwr Nocttan Fun Ano Decomtesstomt, Costs the encfmum amoant the Sptem would be required to pa),with The Spmm opeuting companies are pnnidmg for estinuted future rnpen to exh innlear incidert at a ht ens d nu&ar facihty, u ould dnpnal enn for spent roxlear fod in accordarn e mth the Nudcar be S*15 million per textor huch amoum to be indexed ew r th e h icPolw3 Aa of 192 The dnted Stem tumpanics im e en cred yean for inflation, and indudes a 51 suwharge in the c%t the tuul intnumtr ata with the Depetmem of Enerp (DOD, whcreb3 the pubhc liabdity daims and lept onn approx h or ewred 'he limit of dol: w di fumhh dispov sen i k e at a cost of one n.ill per net ku h pnitec6on otherv he estabikhedI, pa3 ahic r a ute of $10 mdbon gcncuted and wid after Apn17,1M pluu nac. time fee for pcr licemed reactor po incident per year. As a o>da et see of Giand gennation pnor to that date. AP&l., the or.ly Swem annpany that Gulf I with Setem Enern souin Mhsnuppi i ketric Power gencuted deandt) with nudcar f ud poor to that dae, ha du ted to Awodation (ShlEPANould share in thh ohhution, Tbc Sptem pay the one time fee, pluutcrued internt, and hmecorded au has four ikenwd reanort habihr at Ibrmber 31,1% appmdmardy M mahon for this AP&L, LPAl., and Sptem Encre on behaif of thensb eund pa3 ment. The fees pspble to the DOE nu3 he adjmied in the future other immed irterna bnduding m the ene of Sptem F nercc and to awure full reunen. The Sptem tumideroll cosn insurred or to
- LP&l, the ui4a nen of Gund Gulf I and Ltend 3. respeandp be incurred. c u cpt au n.ed mternt, in t onna non w ith dnposal of are memben of certain insuunce pmgums tht prtaide untage for spent nudear fod to be proper com;mnenn of nudcar fnd expenw pmpert) damage,induding deconundnation e speme, to memben' and paa hiom to reunct sm h and ha c been or w ill be rnade in nudca: generatingpbnts At Iktember AL IM APal l.P&L, apphcauom to regulaory authorities and Sptem Energy cah were imured apimt such knso up to 'I he DOE's repnitory pmgum for th: aueptame of spem
$24 bdhon, w ith a $300 milhon subbmit im premrure detumrrhsioning nudear fud ha been delap-d, with initial dupmcntmf yent fuel emence. It addition. Al%L, LP&L. Mi%I., and NOPSI ue fmm ANO, Uterford 3, and Gund Guli1 expcaed to occur aner memben of an imurana pmgnm thx pnnidnimurance oncure 200,20lbnd 2019, ropeoneh. In the meantime.the afleued for (eruin costmf replacement p m ei and bminew interruptiv.) u.mp.mics wdl be rnpormbic for stoute of spent fod Gunent 1
i l
4_ a.7wJu . JammAnm.s. Asuis mm -ssas.da- T-.ema.d'.-enmaa4*
. Ja M.de dH 4d4""-eWA p'"'*i.Ba a"JeMu 4--hJia J e ee- ei _. A A.de X. m s.G e 44u 1-" -
A.4.MgEDJ < J w. A-" 4 Ad. C Sm. a t. A Ed Amia.m a m a i.a A"w.m & Awa.d.M ,d u m i
*
- t ,h i e er L i i t pp (- hA I ti 4 At i tr D n 0'&hti 1
' b0filiOh0hlDUDAtt0
[_ _ Fmanhai STAtturnis ., i j l on4 ire spcra fuelitorge upacity at ANO, %terfetd 3, cid APit hoop tmt.Attou Grand Gulf 1 is ntinuted to be suffident to i, tore fuel frwn nonnal Three lawins (w hk h ha c bet n o.nsohdardi hn e becn Oled operniom until 1993,290L and 2W,icspectneh. Ir n opeurd agaimt APA8 and i ntcro Wnicn in mnnn tion with the opeution 4 ilut any additianal stooge upitv required due to, nAong ether ofIao da.n donn , a promi of hen 3 r,nnfall and fl.a. ding i be thine. dda) of the IX)Li /cponor) procram w dl be prmided b comahdced innuin seck among odict thmo. approumatch the affeued companiet The nnt of panidmg the add tional on 4iic $141 mahon m propeny Ims and ocher compcmaton damagn and ment fuel Sorne upabi'ity required at ANO, %:erfor 11 and W mdhon in punitivt danucco The Arlamn Dntrn: Coani l Gund Gidf I by 1913,2WI, afd M rnpcunch, iopprodmatch June 28. lY1L ordet tranting Al%Li \lonon for Surmnan judgment l $3.0 mi!!mn to S!Hanithun ner unit nn PNI dollant in addition. wah ropa to the enfonc bihn ofin fimare enements and in ! appmdmately $L milhar to $32 rnilbon per uninin 1991 doHed % ember 26, IWL order ruhng the 1:nrc:n heni(n h aho entitled l
. . d i.e _h-,, %,4 toms. x .. lmn, ef m_o. .e, rem-mm m.mmn !
- and 2004 for ANO, %terforJ l and Grand Ud 1. rewn,dv dans'n in thopprmimac amonnt of $13.ki'luin aHaed to ha e l t . untd the DOEi respodtory begins anepdng smh uninNpent ft d st urred uithin the aiemmered % the encmenn. 'I he oi.d of AP&L ld%L and Sptem Energy are rcon enng dammiwornne thne matten w as t hcdaled to uimmcme i ehtuary lH. lW2, but the emn for AND, %'crford A and Gund Gu!f 1, rnpetthcly. The trial un juntponni pendmg an mterim urory appeal by ccitain of the l
amonnture depmited in nremal tm,i funds, with vn aftcorn plaintHh who hne requn:cd the United %te Comt of Apprah for [ niuker value of $1044 miUion et Decemler 31, lWI, thn can onh Ic the Eighth Cirt uu t Lighth Grn.nvio autpt then appeal of the l used for future decomminionir e natt Decenmm.ioning cosa for Arkanu Dhtnct Coun vedtn grmting and isnplcrm nting Al%l.'s , l l ANO, %terford 3,and Sptem Lnerp% 90's share of rirand Gulf I requot for mmma) p4nicnt Al%L and Entern Nen saa hec l me n o m m a m s pp,m im m ay s m min m on m don m a. iemuw re- eais moeom3. ihn w daomp-
$203.0 mdhon Un 19% donard, and $240 million 6n 1W9 doHsra the plaintifhlnterla utory appeut The Lighth Cittuit ha not ruled rnpecthcly. Al%L and Li%L hae been authotired to reon cr on the interlot utory appeal at thk ume. Tbc nunct a pending through run amounts slut u hen added tu ntinured trust M hile the oun ome of thne nuntn and their imput,if any, on tl e ,
in estment imome during the colintion perimbhould Ic mffkient Spicmi fm2m ial n,ndai,n envs be determined with t enaint) ; to meet currenth esdnuted danmmhsiomngonn. Au rnuit of the at this time, both APS L and En' erg knirn t.cline tho hne f ERC Complaint One settlement, the amount to be colla ted in merimrious defenso, w hid thc) intea 1in awcrt aprenhch anJ rato for the total emt of decommksioning Nptem Energy WM t!ut the nhimate outcome ia thb m eter will hn c no natenal j interest in GrJ9d btd[l on Wt !!! appfodntalcly flho rniNinf) ad)ene bluncial impAt u .. der, 6n lW9 dohare. Al%L LPS L and Sptem Energ) ruubdy rniew tmd update esdnuted deuimrnissioning cosa, and apphutiom uiU be AND Imenonmai ptAn , made to the appmpnete regulaor) authornin to rc0cu in ran an) Cero n nurucement, orgamnnonal. and in hnied pahk 6 at ANO ! ! t hJrige in deO4mid%ioning untt are beloq Addrened a pArt of a Olmptchelhh C act100 plJn dnie,ned to sigmficarttly irupmse the operarior< and Adct'; of AN() Thh intiori StrntutN1 At. mon vrme Gas Sumita phm h cornhined with menurn trLen h management to sgni6untl3 A 196ettkment agreement between li%L and a gn suppht r enfunce the long-term opeutionaldiccthenomf the ANO umtt ! rnuhed in the papnent to LP&L of $1h9 bithon in ush and 'lhe auion pLm will ronit in peufn opeuting opend%rcu ragmg pnwided for a gunanry of mings of at lent 55M million in (en dn apponimately in nuuion pci u.num for the p rind prClW4 Thh i i gaucquidtion cmt3 betucen 1982 and 1% la IW3. the I pM ' action pbn uiH be 'argcly inmpleted in IWi l l \ ordert'd ld%L to refhnd the setticrnent piaceds to natomen os er the periid 19M3-19M. At December 31,1091, the remainn n Omin Comunmuts na Commtuats , liability to untomen was apprminutch $112 5 miUion of whkh See Note 1 -Ree and Regulmon \laters." for infomation u nh
$% 4 million was dn6fied as a cunent habihtg rnpect to the \lart h IW9 Ordu, the i l'R(%hi, ai d the Cit) of New Odeam Comp!mnt Case, j j
-.. payrforty liver l l~
u._ _ _ . __ _ _... _ _.___ _._ _ _. _ _ ___.
l ,.,,,,c, e o . o ., , ,, ., ..n .e..o..... . j . ~ ..Notts To Contotic Alt o
, - _ . Flu Ak(I AL $1 Al.lM(Nil ..
E LEASES GrktnAt in ecordant c with SF AS No.1 A %ounting for 1 cces." the At lkt ember 31, twl, the sptem haJ tupaat leen and Spiem ret ords the awetund tdated obhgatoirn spphobie to nonuntebble oivreim:leno h ulu/n2 nm kar foc! leen and upitalleaws n required h Sl'AS h 71. %"untinr for the the ule and luuhat L tunuenons dm uued bdow 1 Mth imninnun i.ffes a of Certain Typn of Regubrion? rental coniminneon e fo!!owt twm u., o =we
- u. ,
b I W,' % l11:1 i \?,7.0 tw1 lLil: 4% lw4 lif ant 44.tud lW5 ?)(d9 %fM. Um th W % 3 77 buhrruftet 91,uw im.f4x Shnimum rentahnmnurmenti 195.977 $\2"7.4 1.cu. amount reprewnt:nginterest M22; hewnt uloc etf net rninnium icne pnmenh $110.b? Kemal expene for capital and operatin;: kac (culudmg nudcar lxase paymenture based on nm kar fuel use. Nudear fuellece fuel kam and the ute and icachwk transactions dkenwed beloid npense, indudmg intere,t, of $150.9 nuthon,11%9 milhan, and ar%unted to aprmunatdp70 milbon, $kl.3 milbn, and bo 0 $1M9 nulhon w n t harged to operanons m Pril. PNA and 1959, million in 1Wl, Pro, and IW, respenn eh. rupeethd). 'lhe naretwned u.st bne of the knes wn $2fA4 nulhon $M.3 milhun, and il20.1 nuthon .n !hember 31.1W1, Oct(An Futt LtAus 19 mod 19W, ropesin ch. AP&l., l.P&l ., and Sptem Enctn hee evngernents that permit the kasing of nuckar fuel, v. ith an actregarc . x of $W nulihn Satt Ant,Laru Act inwr,Actas Under the cunent arrarc;ements each k'.si.r fuunces its aupmtion zad Nptern 1:ncrp and i.P&i, ha e entered into uks and leach.a ks of ow nership of nacien fwel ender a aeJit egiecn ent and thuiugh the por; ions of their unilinded ou nennip interci.a in Grand Gulf I and ismante ofinterrnediate term noin. The cedit agiecments ulach %terford i respeeth ch. 'lhe uses w ere nude to ou ner innrees imder m erc entered into in 19ns and 19N11 hn e temn of fn e S can. subjeu tra.t accemenn u nh owna partiopanto %piem i.ncrp and to annual renew al with the consent of tbc lender and the intermediate- 1,P&l. are lecing b.a L thew ino ints wid during 1985 and 194 term tun ha e uning maturino of one and one half to 10 )eart ropeerhch, on a net le.nc han m er 2r -ill.) car and 2*) car luue it is npected that thew arrangemena will be estend4 or altenuth e kee to no., respecin ch.16th companin im e o;nions to tenninate fuuncing wil! !c wc ured by each Icw a upon the nuturity of the conent the let ws ta reputthase the wld interesa at cenain inten ah during anangenwnts based on the particubr lewec's nudear fe-l requirenwnts the b.mc leav tenns and to renew the tenes or to repurthne the if a kssor cannot arrange for ahern.che fmancing upon the regubtly interestuold at the erd of the hnu. leaw tennt xheduled nuturity ofin hormw inn, the particubr lewee must purthbc nudear fuel in dn anLunt equal to the amuunt requi;Jd b) the lewor to retire wt h borrowinns frJPr ltAty-lvtt?
*= *
- inki o i1 o s. , t, si s ' on ene 5 t asi.neses -
e _ . . . _ - . - .. e
-Notes in Consetipatto ~ '
Fi t:anciat Stattututs , In connection u ith S) stem Frierp'uale and kmbxk tunuctiwn, In amncetion vith l.P&l/nuk vid leach,k k ttanudiunt if the amoahts t harg j to espense, for fituin-ial repirting purpmes, l.P&l, durn not curtisc its opoon to repurthee the uridwided incl <Lk the intmest pertion of the lease obhgations and depreti tuon of interests m htufoid 3 on the fdth anbh c rur) beptember LWD of the plant. llovet et, operating inenun un hk el '.he retm ery of the the timing date of the uk and lenebat k trarnhtions, l.P&l. u dl kne pAmerits because the tranuetionuie accounted for auales and bc :egtuted to pmndc udlateral to the ou ner parthipants fet the lenetwks he ratenuking pmpset The esps nse, u bn h creds the opnt3 portion of $crtain mnounts papbb b, I,P&l. undet the ainnpondmg revenun reahred danng the early rt (4 the lede terro, tene. % h m!!aterJ icquormenture to be in the form of eithet a h defened through the retognition of a deferred awet in the caih 3 nn lunk letter ot ocd:t or new .xou of Gnt niortrue hunds iwued by and collected in tate yort Recognition of the defened awet lus 1.P&l. under its first n.ortgue bond indenterc. tesuhed in an inctease in Entertyi net income of approinnatch $24 Tt l)cternbei 3f,1Wl,'ustem 1:ncip and I.Phl, had Iuture rnithon in iv u letters of uedtt. ntrrenti) whrdukd to cspne in 1W4 nuninium lene pait.m uefktting ourall impheit f ato of 4.Wi are required to be roainuined to secme the equits portion of Stem anJ k7W, respesth eig m tonnection with the ule and lemb.a k Encio's obHg.itbns under the knet tranuuiv, e follow sk a.e j $r.n e tstar,v LP4L
)W2 $ 49,U3 $ 32,%9 19'O 030 Alw 1*4 $1,293 32,W tw\ %:.:47 .tL'm Pu 52,247 6,1M t un chooftcr 1.141/>26 W,944 Ter $1,3* ns t $973,4 0 mari ii POSTRET!REMEW1 BENEFITS
'lhe $Wem o enptnin ha e i anons in strctirer, cat benefit plariu os enng pens ni oists in aiowd,unt w ith a 4, tid r,inon gu'nkbnes otanthbed b 3 the subsuntully allof dicir emipkS ect 'lhe pensin plans are nwnmtributun Emph Sce Retirement inoine %ccurity Act af 1974, aumended, and the and punk p;nw n benefits that are bbed on the emphen' credited latemd kntrmc Oak of 1% amemkd w:rs itr and M engt u dnpenution, generally during the let fn e Sean Total twl, P/4 and 19W penshn oist of Entero and ituuhsiduries, before retirement, 'lhe po!q of I'.nter,Q and its Wl ,idunes h tu fund inclodinpmounn upiuhted, ita hhled the hilk m ingompinenty Fr k 1un i su inen it de m=W r 1991 1990 1998 Vnke u st -letocfit* carned durine the petiod ! 16,393 i 19.as: $ 16.291 Internt ont on progned bene rn oMiganon 44,%7 M117 h,rm ktaal return on plan asets (120,70M IMs <II&l?w Net annauution and defcnal 70,760 62 9 %,517 Other 2N - -
Net penuun cm $ 13,701 5 9 479 % 43rA 1 l pqrpin -ln c
.. i.<,,. ..,i% . si s ,.s e an i. . .
.s Notts To ConsolinAtle
(( ~][hmanciat $1 A1tutats ~ , the awers of the plam consat pnnutil) ofwmmon and preferred stos ks faed income set critics mtesest in a mone) mdet fund, and imurante wnuaan The funde41 statm of I:ntero's uriom pcmion parn at Ibember 31,1991 and PrMi, w n as followw he iest ttoo Actuarial pre cat s alue of accunmlat td penuun plan len(fitt Ynted 5494.331 1%3M
%m nted 39,519 24.M kcunmlated benefit obbgauun $533.hw $ M 171 plau awen at fair s alue $67,395 $5%.161 -
pmjeurd bene %bhunon 623.033 50075 plan mtun nceu of pmjected bea:St obhpsn If.362 o,7% ('ntecognited pst sen ne nat 22,750 12A W L %cweniecd trarmtmn anet (76,2W tk.'/191 l'ntecuelulfd DCl gain (31,N2) (2'(070) Atcrued pensn habihr3 5ih7,676) $tMA64) q The sigtuncant aeruanal aoumptiorn used ituludea a weighted 'I he bystem wmpanin aim provide (eitain health uie and life averac divmunt rate of E25% for 1991, K75% for Prel,and imurance benefin for retired empbyen. Sutntantia!Iy all employco K57 for it*9 and a wcighted nerage rate ofincrease in future may become chgible for these bene 6tiif they tem h eetirement age - wmpenution of SM for ialuing the projected benefit obbgation w hile still wwking for the System companies. The em of prmiding for 1991. PM, and 1989. An assumed expected long-term rate of these bcev6a for scritees is not separah!c from the cost of prmiding return on plan mets of 8.5%
- n used 'or 1991, P/Ki, and 1989 bcnc6ts for acthe emplo3ecs. 'the totaf mt of proudme these Trantition awe s are being amortised otes the greater of the benef n, recordcd on a ush basis, and the mimber of acthe remasing :,eniec period of acthe participants or 15 3ears. employen and retiren for the int three yearn wtre:
11,94 199P 1989 Totai ns of heahh care and hfe insuunte hn thousanda $49A73 542347 541,100 Lmber of anne ernphoen 12.391 13A(14 12. 0 % hiundet of retirees 3.877 Go 3 ',28 in I hember 1944 the l' ASti inued SI'AS No.106, *1:mployen' accounting sundard. Adoption of the new standard h npected to Accounting for btretirement lienefin Other 'lbn Pensions" increast annual eyiense amiated with these benc6ts by ul.ich is generaih effective fo: Oscal yean beginning after t hrmber appnaimatch $30 milhon in $35 nullion for the System, including 15, lW1 Tbc new standard requirn a change from a ush method to the effects of the mortiution of the inmsinon obligation. 'the an accrual method in accounting for these benefin. At January 1, portion of this additional espense that willimmcdiately or uhimately 1992, the actuarially determined accumulated t utretirement benefit be allou ed in rates,annot prnently be determined. In addithn, the obhgation cemed b) retirees and aethe employect u as estimated te derree of regulatorv nsurance of future temcry that may be be apprmimately $200 million. Thh obligation m>> be amortized to required to recognize a regulatory awet, and ihm asoid an impact on expeme u.cr a 20-year period begmning in p63, or ahe. uthch. carnings unnot be detenuined at thh time. The %w m plans la icrorded as egiense immedutely upon the adoption of the new adopt thiotandard in the 6nt quarter of PM popferr-sh i
. . g in' ret . .ee, enai em amo ai ei i, i a m i s e -- . . . - . - - e Notts in Consoticatto Fiaattiat Stattututs , QUARTERLY FINANCIAL DATA (UNAUDITID) The budnew of the Sptem is subject to seasonal fluc tuatiuns with the peak juhl wunting durint ihr third quarter. Conwhdated operatity resuhs for the fom quarien el W1 and im cre. lanwens Onamme Drinates Nit he
/1.A unf ru p .am m eu Mrvtwts 'E pas lu; Dam $4mf 1991: l' int Unenet $ h923% $224554 $ AM5h 50 46 brid Quant r' $ 9%),356 $231.Ilh i Al,929 $0.45
$1.255.114 $3N,144 $203MS $1,12 T1ordQumcr limnhQuaner' $ 921,473 5257.556 $111.292 $0.61 1990: lir.t Qrar cr 1 M4W $ 22U02 $ WJh 5044 houd Qumer $ 9Wbl $ 24UO $ ltrO71 $u.ss ThitJ Quaner $ 1.227.24% $ 14t'.076 $ 2OH $1.07 I ourth Gaantt $ 926,101 $ 22W9 $ 70h7% 5'O' (11!bmndgwWrof IHI rr!!rt. e nes*runseg &arme an na.no ell l$ b m,L%s n,* d saw and.n 5;' thkna,e en rewv fe hn du t, tk unkmran% i f kl 4+mjdmtic o
( % hir ! 'Rati ass'Ig:slaten .Ili!strdi 4.4 lk,4snk yww oll%) er%t; a ansmank; mmu n ufctnn nye, andan n no of 34 o n!iwe wr dsat ,redu $? !? n nav re ramet je 6 nr de to sk Ivst %f \1 1 Srd wn.'. 4 % % L 'Ratr and Rmkn n il.cnnC) e- - - . - - -- - -
--~e Fivt Yt An CourAnisou . ,
//.s o.A nappr+Arv w .wo 1991 1990 1989 1958 1987 Operatmg resenues $ 4.05),429 $ 3/iM23h2 $ 3.724M4 $ .$.56(4Wi 5 3,444,8?O Net intes (lose 5 4w2J02 $ 47018 $ (472,M $ 4::.025 5 3%u4 liarrar.gs Imo per shoe '
r $ 2.64 $ 2 44 $ (231 t i 2hl $ 1.74 lhnknds dnlared per share $ l.25 5 th5 $ W80 $ 0 20 1 - Ikok ulae per dwe,3eu end $ 23.53 $ 21 S $ N $ 2% $ 22.13 Total asseic $14.3s3,102 514 MIDI $14,715.241 $15!*41$16 $1(1%832 long terru oMistinm* $ SJ91,273 1 6,W3.232 $ t 697,252 3 6311265 $ h.t,%M6 IIs n y,w Iw isisdn arrain erir--@ idardk,,k I'rnmr % Iwe h wirkent, r %r hu .' % tad Fres!*n Mmm tw:1kriI::aA \m6we 't
!b le Ind4n k?m sk!a:!adrn anath estunn &W prdemdstal s ert aniin %d eed en uncenapkileas Jiuaws jntgr)wty-st"rn
I
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g m ... . ,.-_...,,.-._.o.__ . . _ . .. g _.___ __.__. _ DinicicasAno._.. _. . . ~ - . Omictims Orrictas William C llanle' ilobert v.d. ),uft*" 1:dwin 1,upberger Gerald D. Wim ale Rrturd Piusdat and Sniiur \%r Pmidtut of Chainua andCEO Arnivt \Le Pmidntand Chief Ern utnr Opiar ila Post (:hcruit ab, i:hieffinamialO'ficrr of Fidd rot Afills, Inc. E. [ ds -4 James h Cam in, \'ir1;isia 1%r CAsiiman
%hacl G. Thumpson Nevruars ana amtunn 11ht Chrskr, PannIcavia #""r na Pmideet and Chi <ffndupiar M. 1. tank Ilkiunt Jcm l.. \taulden ChiefEming Opi<rrof Edsin i.upherges Grvup Pershknt. g g g; y,,, , 3,,
Asstralun andOznxas CAaiman andCEO el Sytrm Ernsaiu- g ,, p,,gg,,,, Tdaommunications Estan Corpaution />istrih tairro and Gu;nwmentalAffain Corporation Nrr Orhaes 1suisiana Castom Smia: Sydner. Australia Chairman andCEO el Glenn i1. l'arsont h Adm. Ninnsrd V. W kee AIVI LPUL,31PdL,and \%e rmidart. James ll. Campbell ILS. Naty (Rd.1 NOP81 Cortaak Comanuni ution Oairmas ofik hoard Formai>irnrar of aordPmbla nt of Nany Nu&ar Prepaldos Jerry D.)sckson I ec W Itand'II AllSSCO Corporativu Osford. Alary l<ad Ernstra \*ua Perddrwt, U" E*IO"' """' Jadwn, Alissinippi finana and Estanal Aft;tirs; 0"lA'"'**'5"U 5 " James it Nkhoh Corporau antriary 11.Stuart llall John A. Cooper Jr. Panna ofNi, Avis 3 Putti 7,y ,,,, Ga Chairman of hostuu. llassad.nnts Willism Cavanaugh 111 Cwper Commsnities, Inc. Senior \L e Prr:idcut. chrin,,phet T. Suteen hdla l'i ta, Ariansas 1tobert D. I' ugh Surrm Ernsth e -- AssinantSamary Gainnae of the Brund Nud:ar; Persident andCLO UnokeiI.Dancan of PortlaridGun Comparts of Eniergy Operutices rad Pmiden, of Pordind. Arlanias Sykm Ewgr; Ernstju Jnc. \forw Ilan/varr, Inc. lia PmidentandChief Sn:Orhans,Iosidara ll. Duke % ket(ord Nudrar Offin ofAPdL aud Prvsident of I,P&L t.ued ). I:jchktad" hhaddfordC:>., Inc. l'ia Presidrist aredGenoral livutta,l.oaisiana )sek I . Ning Alasaga ufhitirrmha, Snior 1%r Pmidat, ll111 Corpa/a/in Wm.Clifford Smith Sya a Ewurne - Stemford, Coverant Pmidat 91 Gperations; Chairman of T. Bala Smith d Sun, Irx. Stuan Fade Pmidat Nancaster flodges it. Ilvuma,Isaisiana andCEO of Entern Power Arn>arr rzpon, Ar/ansas Dr. Walter hhington Pmidentof
.ticorv Stak (*rth ersity 1.orman, Alitsissipj>i Raindf*va the hwd</Dirntort Alm t%>
l.tntrdto the Bwdnf Dhninn, I thwy i%! l
"* 1Jnredto the Boardof Der om.JanantYJ pagefor6-righ l - _- __ _ ______ - - ---____ . __ ~
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AP&L MP&L N0 PSI Wdli.un Launaugh 111 Woodson D Walker Mkhactltllemis James it Camimell llalter Roaf, Camp!<ll. p.7gg .,, a,,j ( g y; Cath 3Cunm,ngh,tm jn,,3 g fj,,jj,, Frank W Da3 Re.d Laart (Mvloper fi,,},. gag,3, tag, Mamark Nationalliant James M. Cain lidena. Arlacas Jackwn. Alissiutt>pi
- Dnoke 11. Duncan Gus it Wahon Jr.
Rkhard P. lierget Jr. p,,. Tranri John O. Emmerk h Jr. (;nrnwelrerumuneralth b
- k I . "Y Rduamru lawramt ; juj, g,, j, 3,ja,;a, Littic Ro,1, A? lamas (;nrurund .llivivippi Jose ph J. Krebs ju.
Mkhaelli Wihon Tommv 11. lidiman la IVil w & CorrAin, Nortnan il Gilks Jr. Edwin I.upberger IVinrul Farms. Int. ;y;;,,,, 3,j a,,,,, t;inis e(lilhs Garlidr. Atlansas AI, Comb, .11issiuippi b ') I N '"U'" Anne ..t Milkng Kaneaster limiges Jr. (pgt l obert li h.ennington 11 ({,1rr ada Soelunt Syarm ilal E. Ilunter Jr. Michal B. Bemis cgrpuuniorr N# 0'/'#** I##"i### llueterdilurarr pagt,,fa,g(yg> g,4,3,gugp; g ,,. Nw Aladrid. Aliansn . U""4"* ""*'I"" James M. Cain Jact1 King R. Drake Keith Nw Orhav. lsaisiana fertida:t and(JK; Wdliam Cannaugh lli Eduin 1,upberger . jxk L King Williain K. Ilmkl jerry L Mauhlen 1)illard rait enitt lived Alotor Comt,any, Inc. Sn,- Orl.a n. Inidana Edwin 1,upberger 3,,,jy, j ,,j;.,,, Danald li Me.mers Povident and(X/) jerry L Maulden Tex R. Kdpatrkk Enuncy Ortnatiors Cd#"l A"'""8 II. ' John N. Pahner Sr. Dr. Ra mond P. Mdier Si. AloM Telaommankation James M. C>a.m Linie Railutronal I"'""*C""T"".! ,hhnoh> gin Curpotation 31,j,g,, ct;,;, lYrit Alourw. lsam.ana 3,,rne, p, c.uuppe;\
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Jadwn, J!i:sissippi LinkRwi, Atlava' j l^ K Dr. Chda Rent WM" Cd""d"0 Roy L Murph) Josephj KrebsJr. jllahssppi Unittnity 9, bseph M. llendric Alid-Saath lin;rnanng j, j, g,g, g S,,,,, j,,c , gyg,,.,, , C*"P""3 Nw Ortrans, Loui iana (:olumbus. Iliubsirpi jj,y po,1, S g yur} IlotSpann Artanun Edwin Lupberger E. B Robinson jf. Donald C. Ilinti William C Nolan Jr Nolan d Aldmon jeiry L Maulden
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Nationalllant and(XXb liIi>viado. Artansas g, p ug ,yy ,ye;(u,a j,4,, 3;;,,;,;pp, Edwin I,upberger Robert D. Pugh g, gg7p,>rd Smith Dr. Waher Waaington Jerry L Maulden Rotut M. Williams Jr. Rm.a.lG! liana, /rir. Adnt Kinnaird R WKee Sna/44:nts, .i!suaippi Hobert O. Pugh Wnt Chfford Smith For 1% dmaan the aBdknow are w H.kJ, w par M rN;'eJorty >anr
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Annue,t Mttima The tw2 Annual hlecting of Suit kholders will be held on l' rid.n. Alas 15. Iw.', at 0 itsburgCity Auditorium, 9ul Alonnie hirret. ViL> burg, filiwiuippi. ~lhe inetting willliegin at 10 a.m, t(.DTt twytston PusacAnons Fonu 10 K Ann Fmancat Ano StansitAt Rtvuw Copies of the 1:ntern Spiemi IW1 Annual Rcport o;il'orm 10 K to the Set oriues and I uhange Comtniwion and PFl I inancial and htathtical Renew, a stathtkal supplemen to the IW1 Aimual Rtpon and I nrm lo K that mtludenis 3 cni of financial and opetuing data, may be ohtamed withont t.harge b3 ollme 1MKLN#%r 3b viiting to: 1.ntern Dirporati m. , Itn estor lh lanons liepanment. hiail l' nit PP/ DOS. Pn IW filN5. New (h tcam, l.A 70161. Pusus Potet Nimstittta Copies of 7Ac bleg C<ttaumt, Entergibiew dcner on legnlatim and pubhc pohn inues, nu) lie obtained u nhout i huge by w titing to: 7At bicy Centunt,1:ntete 0,rporation, Sta kholden l'uhlic Pobo inhirmation Organ' on. I'n lla 61fDO, New Odcam, l A 70lfil. Invtston Contacts stocanotttm Accouwt twonmnon
%lellon Secu:ities Trmt Company h the tramfer age nt, rechtrar, daidcad dnhuning agent, and dn idend reim esnocat scent N 6n 5ommon stock of Entetry Giqw 'n. Oinespon&nte contrminoom sta thokhnguhould1( direced to the follourg astbcr e Cunnt or Acontu e Catcss Hot Rictuo on Lost
- Dnnotno Remytsturnt a CoutouoAnon or Accounts e Dmict Dtrosit or Dwitwnos un statu Puncout Ptan 51cilon Set uiiueil rm' Company \lellon Setunoes Trust Company hiellon $cturities Tnnt Gimpany I'de %laintenuxe NtalholJer Rclatiom Ihsidend Reimestment Senites P R lh 24a P n llos305 Pn llos 750 Pittsburgh, PA 15DO Putsburgh. l'A 15S0 Pithburgh, P \ 1530 e Stocainanuta e Lost Stoct CtatuttAtts e Tulwonunion AlclLm Secuaties Tnat Company \lellon hecuriticirnnt Company \lellon Securities Trmt Compan3 5tock inmfer Depamnent Pn hos 467 P R I M 464 P n i k 469 hhmeton litidce harion hhington liridge Station hhinpon liridge Station New York,NY lloD New kk,NY10nB New %L.NY 100D Teleph-ane inquiries regardmg soar account nuy be made bs calhng Alelloi at I An52t@01 FmAncat twonanow ingnities regardmg financial and opcuting perfornunte e f f.ntern Corporation and ituubsitharies should be dirested tic Rkhard hl.Stown, Manacc.iImesiot Relatiorn ,a 16KLNw(i.
Comm Srocs Listes De common snnk of Entern Corporation h hsted on the New brk. \lidwest, and Pacific stm L eschanges. The tii ker symbol h *ETR.* Daily trading prices and s obime un le found in the "NYhE Compmite" scction of mmt nujor newsparc n. t The stock table lhting is *Entergy." s lageNir 1 l ___-_ _ __ ___ _A
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Comuca Stan Pintormact From year end 14% through 1991, Entergy paniJed its simkholdeis a total retum - the sum of market price chance and cash diodends- cf 20.F9 per annum making Entergy one of the best performen within the elettric utiht) industry. s Comreca Stoca OwmensMia At the dose of IW1. thete were 71M suckholden of secord of Enteta Coriuratic \ppanimatch b7% of Emerg3% common stock is held by institutionalin' ators, with Oc balance held by indniduah. COMMON STDcx Patet RAnct 1991 1990 DuAnMa He Low HicM Low Fint 24 % 21 '!* D% 19'h Second- 3 21% 21 % 1x%
'ihird 26 % 3% 20 % IN Fot.rth NA 26 Db 19 CeMMON ST0cs Drvernos Common stiwk dnidends paid per sh5re were:
Duunti 1992 1991 1990 First - $0J5 l. $0.?4 $0.5 second 03 0.5
'Ihrd 0 30 0.5 Founh 035 0.30 The entire amount of ownmon stock divide.,ds paid during 1991 is tauble as ordinary income.
Dkidends are payable as declared by Entergyi txrard of directon. Anticipated c9mmon sexk dividend dedaration, record. [ and pay ment dates for the remainder of 1992 are: ! DecunAnon Dart REcDito Dart PAYMENT Datt i Afarth 5 Alay h JuneI july 31- August 14 September 1 October 22 % ember b iktember 1 L E Diviorno fiEINVisTMENT PON Er k rgy Corporation offen an automatie Dividend Rcim estment I'lan that panides soitkholden a comenient and economical way ofinvesting ech dividends and sprional cash paymems in additional shares of Entergy t.ommon stock. Tb phn is administered by
\lellon Secontic3 Trust Company. Twent)-three percent of Enteigy's sukholders of retord u ere participating in the plan at year end 1991. To enroll or to obtain more information, call Alellon at 1*n526mol. or u me to the appropriate addre<s inred on the pres ions page.
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. Iisancial Statemestu und hus are defiad kiw; cahrr trnns arr d< fin <d in tk Alanagement's Finas.ialDhrmius andAnalnis ausik Noin. \
Entng Corfwurativ$s lEnk?plpli4; ipa!sk sldi!!y h (GmpuNirs. fundi's!!al orgasit,ations, and nut har piarns an lithd on ik iviJ< front w: ai of this trpm
.: musAs 0:stect Count j l'riedStata hisnia l:<wiforde \\hten Disda of Ariansas, I lh Spangs hitiska j 1
ft9RUA9 ' 4 RtS0tufl0N Th eaktion fisdudin t!u iktmninath,ni axd Order npmdto !hnnni
# l<padfor ik New Odtav City Cowilon Fdn.an 4, IW, disallarin NOPSrs nor m ej !13.; mil hoe ifpm iouly driond GrandGal: 1-idatalants FEAC COMPLAINT CASE (aplainefiled cith th FakralEwg Raulaterr Commiaior (FFRC) h sk APSC. I.PSC.11PSC. 31usinippi Attorna Go:nal, and Citv if Sm Orkans un FJraan I, I W, :ci:h intet to Sy arm I.wp's \
Graa riGsifI niin, rhi,k was sitt!<d effrah e SepwmNr Iti, I ul FERC Stiittmut Sat!rmoit gffa flat eith de FERC oe Jw V, I939. by tb Sutm sl<ratingarmpanits andSukm Emp andapprwdluk FERC ort l Jalt JI. I 99, to unk, amo+akr thim. rataie thu. ped:q Grand l- GalfNackar Station.rdaudiws, htigation, and otifer rak manm has b i):cmou i As onta iwdh th F1 RC on Jiau 1J, /ys;(Opinioa No. '34), idatiya to Ik Unit Pucar Sa!n knwan andik Sntem.4perment . l MAaca 1989 Dnotn -l l1MC rau rusrissurdon Jianh 1, I99 l 1 1986 fun RTrtemM1 j Agrermert, eftwtice Alarch J.5, I'm, kturn NOPSI andrix Cowil agarding NOl3Ys G1aud Gul!I-rdakd ruk iims , 1991 N0 PSI SnittmwT Scttfrment, retroactwe to (Mckr 4,1HI, amuy NOPS!, Ik Counid, 1 aridIb A!/iana skat sat l<danain GtandGulf1 prudtna i ium andpwthy h!igati
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*/k Sprem's I939 diart te senic tn!ain nuraantd>ng issurs andlitigatius irr;oknq Svuem Emp, tk hyttan uponting t empanies, andik Grand Gulf k learStation, andto nabihntail rata in tist System 'um ia ena, chit b admittatalin de FERC Senlmna and n/ateditau aridbxal xulnnom Eniti AGR(IWNT Januar, I,1%J, a::granent, as m<uhlvdig ik Jw I i ik,riion, amonc !k Sy:km nperating compardo relatin to tie dann;; cf gewarin tapaiiaaad<ahatwo renuna Vw]Utv-two 1
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l Employee ingenuit),like that demonstrated oy these Chairman's Au ard fina!ists, is a key element in our strategy l for suttess in the ) car 20f M) The Chairman's Awards recogniec employees w ho significantly contribute in ful6thng f , Entergy's s ision and smraining prioritics. Representatis e Gnalists for the F02 mtrds are, fnim left, front row, Jo Jenkins, [. William 14nJ, and John lieusum; center gmuping, Jim lhurio, liitt Nieriwether, Adrian Greene, Abn Psitt hard, , Mike Mggli, l\ill Det k. John Ondato, Bill Cottle, Darrell llaw thorne, Ilobby firtm n. Can,h n Iludson, and Dat id Geran; j back ru, Michael tiemis. I,arry Ables,1)on Iknron, Rou llarkhursc, and fluit Carnt i A80U11Hr Artists lllusuariansappearinin Als:1nualReport t.%rr inatal h 14 rw Hlu muton, ea h pmrstiy una;;tvaintapertatmas ofthtlururr. l
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litauratins c: pa:ari 13-15 Lere creatod h
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Illumntias a pager 1(n i J. the urap, arid the hudiint funeri were mata!ly Alin lar floce ofIRuri,f, Nr Eit. 1kt cour anddiustrantar a paces 0-7 cerr rolish>ranrun in allthree artutt , l'
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O -==ENTERGY r Evitnen Cwoution P.O. Box 61005 New Ontians, LA 70161}}