Entergy Louisiana, LLC COLLATERAL TR MT (ELC) 8-K12B Notification of registration of securities

Exhibit 99.1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Members of

Entergy Gulf States Louisiana, L.L.C.

Jefferson, Louisiana

We have audited the accompanying balance sheets of Entergy Gulf States Louisiana, L.L.C. (the “Company”) as of December 31, 2014 and 2013, and the related income statements, statements of comprehensive income, statements of cash flows, and statements of changes in equity for each of the three years in the period ended December 31, 2014. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of Entergy Gulf States Louisiana, L.L.C. as of December 31, 2014 and 2013, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ DELOITTE & TOUCHE LLP

New Orleans, Louisiana

February 26, 2015

ENTERGY GULF STATES LOUISIANA, L.L.C.
INCOME STATEMENTS
	For the Years Ended December 31,
	2014			2013			2012
	(In Thousands)
OPERATING REVENUES
Electric		$2,079,236			$1,881,895			$1,606,165
Natural gas	71,690			59,238			48,729
TOTAL	2,150,926			1,941,133			1,654,894
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale	350,765			286,625			194,878
Purchased power	849,165			731,611			562,247
Nuclear refueling outage expenses	21,443			20,345			17,565
Other operation and maintenance	392,398			398,589			361,415
Decommissioning	16,844			15,908			15,024
Taxes other than income taxes	84,178			80,307			76,295
Depreciation and amortization	155,383			150,929			146,673
Other regulatory charges (credits) - net	(12,640		)	9,482			31,835
TOTAL	1,857,536			1,693,796			1,405,932
OPERATING INCOME	293,390			247,337			248,962
OTHER INCOME
Allowance for equity funds used during construction	7,433			8,062			8,694
Interest and investment income	40,448			52,953			42,773
Miscellaneous - net	(7,608		)	(11,567		)	(8,928		)
TOTAL	40,273			49,448			42,539
INTEREST EXPENSE
Interest expense	86,705			81,118			83,251
Allowance for borrowed funds used during construction	(4,315		)	(2,814		)	(3,343		)
TOTAL	82,390			78,304			79,908
INCOME BEFORE INCOME TAXES	251,273			218,481			211,593
Income taxes	88,782			56,819			52,616
NET INCOME	162,491			161,662			158,977
Preferred distribution requirements and other	827			825			825
EARNINGS APPLICABLE TO COMMON EQUITY		$161,664			$160,837			$158,152
See Notes to Financial Statements.

ENTERGY GULF STATES LOUISIANA, L.L.C.
STATEMENTS OF COMPREHENSIVE INCOME
	For the Years Ended December 31,
	2014			2013		2012
	(In Thousands)
Net Income		$162,491			$161,662		$158,977
Other comprehensive income
Pension and other postretirement liabilities
(net of tax expense (benefit) of ($15,777), $34,126, and $8,732)	(25,145		)	37,027		4,381
Other comprehensive income	(25,145		)	37,027		4,381
Comprehensive Income		$137,346			$198,689		$163,358
See Notes to Financial Statements.

ENTERGY GULF STATES LOUISIANA, L.L.C.
STATEMENTS OF CASH FLOWS
	For the Years Ended December 31,
	2014			2013			2012
	(In Thousands)
OPERATING ACTIVITIES
Net income		$162,491			$161,662			$158,977
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization	230,795			223,420			214,929
Deferred income taxes, investment tax credits, and non-current taxes accrued	99,404			86,125			92,523
Changes in working capital:
Receivables	31,710			(61,561		)	87,089
Fuel inventory	10,348			412			(3,718		)
Accounts payable	3,646			24,694			(1,725		)
Prepaid taxes and taxes accrued	(2,050		)	(43,029		)	(86,346		)
Interest accrued	1,267			371			(647		)
Deferred fuel costs	20,205			(10,573		)	(96,230		)
Other working capital accounts	22,323			(5,434		)	(5,548		)
Changes in provisions for estimated losses	69,839			(60,084		)	(2,222		)
Changes in other regulatory assets	(101,173		)	123,254			(73,082		)
Changes in pension and other postretirement liabilities	126,889			(140,643		)	83,440
Other	(83,143		)	136,112			(21,232		)
Net cash flow provided by operating activities	592,551			434,726			346,208
INVESTING ACTIVITIES
Construction expenditures	(272,738		)	(267,122		)	(284,458		)
Allowance for equity funds used during construction	7,433			8,062			8,694
Nuclear fuel purchases	(40,319		)	(141,176		)	(51,610		)
Proceeds from sale of nuclear fuel	66,220			19,401			67,632
Investment in affiliates	(66,243		)	—			—
Payment to storm reserve escrow account	(68,523		)	(29		)	(99		)
Receipts from storm reserve escrow account	—			65,475			3,364
Proceeds from nuclear decommissioning trust fund sales	173,530			193,792			131,042
Investment in nuclear decommissioning trust funds	(191,402		)	(213,122		)	(150,601		)
Change in money pool receivable - net	759			(1,925		)	23,596
Proceeds from the sale of investment	—			—			51,000
Net cash flow used in investing activities	(391,283		)	(336,644		)	(201,440		)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	108,730			69,770			74,251
Retirement of long-term debt	—			(75,000		)	(70,840		)
Change in money pool payable - net	—			(7,074		)	7,074
Changes in credit borrowings - net	(14,800		)	14,800			(29,400		)
Dividends/distributions paid:
Common equity	(166,901		)	(119,900		)	(114,200		)
Preferred membership interests	(825		)	(825		)	(825		)
Other	19,910			42			13
Net cash flow used in financing activities	(53,886		)	(118,187		)	(133,927		)
Net increase (decrease) in cash and cash equivalents	147,382			(20,105		)	10,841
Cash and cash equivalents at beginning of period	15,581			35,686			24,845
Cash and cash equivalents at end of period		$162,963			$15,581			$35,686
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized		$82,531			$77,882			$80,848
Income taxes		($1,009	)		$5,064			$89,191
See Notes to Financial Statements.

ENTERGY GULF STATES LOUISIANA, L.L.C.
BALANCE SHEETS
ASSETS
	December 31,
	2014			2013
	(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash		$53,394			$1,739
Temporary cash investments	109,569			13,842
Total cash and cash equivalents	162,963			15,581
Accounts receivable:
Customer	67,006			69,648
Allowance for doubtful accounts	(625		)	(909		)
Associated companies	86,966			107,723
Other	18,379			22,945
Accrued unbilled revenues	54,079			58,867
Total accounts receivable	225,805			258,274
Deferred fuel costs	—			9,625
Fuel inventory - at average cost	16,207			26,555
Materials and supplies - at average cost	121,237			122,909
Deferred nuclear refueling outage costs	7,416			25,975
Prepayments and other	45,122			36,698
TOTAL	578,750			495,617
OTHER PROPERTY AND INVESTMENTS
Investment in affiliate preferred membership interests	355,906			289,664
Decommissioning trust funds	637,744			573,744
Non-utility property - at cost (less accumulated depreciation)	193,407			174,134
Storm reserve escrow account	90,061			21,538
Other	14,887			14,145
TOTAL	1,292,005			1,073,225
UTILITY PLANT
Electric	7,600,730			7,400,689
Natural gas	148,586			143,902
Construction work in progress	127,436			105,314
Nuclear fuel	131,901			196,508
TOTAL UTILITY PLANT	8,008,653			7,846,413
Less - accumulated depreciation and amortization	4,176,242			4,071,762
UTILITY PLANT - NET	3,832,411			3,774,651
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Regulatory asset for income taxes - net	161,714			165,456
Other regulatory assets	426,381			321,466
Deferred fuel costs	100,124			100,124
Other	12,438			12,049
TOTAL	700,657			599,095
TOTAL ASSETS		$6,403,823			$5,942,588
See Notes to Financial Statements.

ENTERGY GULF STATES LOUISIANA, L.L.C.
BALANCE SHEETS
LIABILITIES AND EQUITY
	December 31,
	2014			2013
	(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt		$31,955			$—
Accounts payable:
Associated companies	102,933			95,853
Other	108,874			103,314
Customer deposits	56,749			51,839
Accumulated deferred income taxes	21,095			36,330
Interest accrued	27,075			25,808
Deferred fuel costs	10,580			—
Other	44,517			43,097
TOTAL	403,778			356,241
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued	1,601,032			1,512,547
Accumulated deferred investment tax credits	72,277			75,295
Other regulatory liabilities	176,305			159,429
Decommissioning and asset retirement cost liabilities	446,619			403,084
Accumulated provisions	106,985			37,146
Pension and other postretirement liabilities	401,144			274,315
Long-term debt	1,590,862			1,527,465
Long-term payables - associated companies	26,156			27,900
Other	148,102			108,189
TOTAL	4,569,482			4,125,370
Commitments and Contingencies
EQUITY
Preferred membership interests without sinking fund	10,000			10,000
Member’s equity	1,473,910			1,479,179
Accumulated other comprehensive loss	(53,347		)	(28,202		)
TOTAL	1,430,563			1,460,977
TOTAL LIABILITIES AND EQUITY		$6,403,823			$5,942,588
See Notes to Financial Statements.

ENTERGY GULF STATES LOUISIANA, L.L.C.
STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2014, 2013, and 2012
			Common Equity
	Preferred Membership Interests		Member’s Equity			Accumulated Other Comprehensive Loss			Total
	(In Thousands)
Balance at December 31, 2011		$10,000		$1,393,386			($69,610	)		$1,333,776
Net income	—		158,977			—			158,977
Member contribution	—		1,000			—			1,000
Other comprehensive income	—		—			4,381			4,381
Dividends/distributions declared on common equity	—		(114,200		)	—			(114,200		)
Dividends/distributions declared on preferred membership interests	—		(825		)	—			(825		)
Other	—		(105		)	—			(105		)
Balance at December 31, 2012		$10,000		$1,438,233			($65,229	)		$1,383,004
Net income	—		161,662			—			161,662
Other comprehensive income	—		—			37,027			37,027
Dividends/distributions declared on common equity	—		(119,900		)	—			(119,900		)
Dividends/distributions declared on preferred membership interests	—		(825		)	—			(825		)
Other	—		9			—			9
Balance at December 31, 2013		$10,000		$1,479,179			($28,202	)		$1,460,977
Net income	—		162,491			—			162,491
Other comprehensive income	—		—			(25,145		)	(25,145		)
Dividends/distributions declared on common equity	—		(166,901		)	—			(166,901		)
Dividends/distributions declared on preferred membership interests	—		(827		)	—			(827		)
Other	—		(32		)	—			(32		)
Balance at December 31, 2014		$10,000		$1,473,910			($53,347	)		$1,430,563
See Notes to Financial Statements.