Entergy Utility Group, Inc. 1ST MTG BD 66 (ENO) 8-K Results of Operations and Financial Condition

ENTERGY

Statistical Report

&

Investor Guide

2004

ENTERGY’S focus in 2004 was on execution driven by fundamental points of view of our competitive, regulatory, and financial markets. We have assembled the statistics and facts in this report to support your review and analysis of Entergy’s results over the last five years. This information is available in electronic form, with Excel spreadsheets, on our website at www.entergy.com/investor, in order to facilitate easier access and analysis.

Entergy Investor Relations

ENTERGY CORPORATION is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second–largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy has annual revenues of more than $10 billion and approximately 14,000 employees.

TABLE OF CONTENTS

ABOUT THIS PUBLICATION	2
FORWARD-LOOKING INFORMATION	2
FINANCIAL MEASURES	2
ENTERGY AT A GLANCE	3 – 4
EXECUTIVE PROFILES	5 – 6
ENTERGY CORPORATION AND SUBSIDIARIES
Selected Financial and Operating Data	7
Selected Financial Data	7
Owned and Leased Capability	7
Entergy Corporation Securities Ratings	7
Consolidated Financial Results	8
Consolidated Quarterly Results	8
Consolidated Quarterly Special Items	9
Consolidated Annual Results	10
Consolidated Annual Special Items	11
Consolidated Statements of Income	12
Consolidating Income Statement	13
Consolidated Balance Sheets	14 – 15
Consolidating Balance Sheet	16 – 17
Consolidated Statements of Cash Flow	18 – 19
Cash Flow Information by Business	19
Consolidated Statements of Retained Earnings, Comprehensive Income and Paid–In Capital	20
Consolidated Quarterly Financial Metrics	21
Consolidated Capital Expenditures	21
Entergy Corporation Securities Detail	21
Entergy Corporation Long-Term Debt	21
UTILITY
Utility Quarterly Financial Metrics	22
Utility Annual Financial Metrics	22
Utility Capital Expenditures	22
Utility Securities Ratings (Outlook)	22
Utility Financial Results	23
Utility/Parent/Other Consolidating Income Statement	23
Utility/Parent/Other Consolidating Balance Sheet	24 – 25
Utility/Parent/Other Selected Annual Financial Metrics	26 – 27
Utility Securities Detail	28
Utility Long-Term Debt and Preferred Stock	28
Entergy Arkansas, Inc.	28
Entergy Gulf States, Inc.	29
Entergy Louisiana, Inc.	30
Entergy Mississippi, Inc.	31
Entergy New Orleans, Inc.	32
System Energy Resources, Inc.	32
Utility Statistical Information	33
Utility Total Capability	33
Utility Selected Operating Data	33
Utility Consolidating Information	34
Entergy Arkansas, Inc.	35 – 36
Entergy Gulf States, Inc.	37 – 38
Entergy Louisiana, Inc.	39 – 40
Entergy Mississippi, Inc.	41 – 42
Entergy New Orleans, Inc.	43 – 44
System Energy Resources, Inc.	44
Utility Nuclear Plant Statistics	45
Utility Regulatory Information	46
Regulatory Commissions	46
Commission/Council Members	46
Select Utility Rate Proceedings	47
Utility Electric and Gas Fuel Recovery	48
COMPETITIVE BUSINESSES
Total Capacity	49
ENTERGY NUCLEAR (NON-UTILITY)
Entergy Nuclear Quarterly Financial Metrics	49
Entergy Nuclear Annual Financial Metrics	49
Entergy Nuclear Quarterly Operational Metrics	49
Entergy Nuclear Annual Operational Metrics	49
Entergy Nuclear Plant Statistics	50
NON-NUCLEAR WHOLESALE ASSETS
Non-Nuclear Wholesale Assets Plant Statistics	51
Non-Nuclear Wholesale Assets Securities Detail	51
DEFINITIONS OF OPERATIONAL MEASURES AND GAAP AND NON-GAAP FINANCIAL MEASURES	52
REG G RECONCILIATIONS	53 – 61
INVESTOR INFORMATION	62

1

ABOUT THIS PUBLICATION

This publication is unaudited and should be used in conjunction with Entergy’s 2004 Annual Report to Shareholders and Form 10-K filed with the Securities and Exchange Commission. It has been prepared for information purposes and is not intended for use in connection with any sale or purchase of, or any offer to buy, any securities of Entergy Corporation or its subsidiaries.

FORWARD-LOOKING INFORMATION

In this report and from time to time, Entergy makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although Entergy believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements involve a number of risks and uncertainties, and there are factors that could cause actual results to differ materially from those expressed or implied in the statements. Some of those factors (in addition to others described elsewhere in this report and in subsequent securities filings) include:

• resolution of pending and future rate cases and negotiations, including various performance-based rate discussions, and other regulatory proceedings, including those related to Entergy’s System Agreement and Entergy’s utility supply plan

• Entergy’s ability to manage its operation and maintenance costs

• the performance of Entergy’s generating plants, and particularly the capacity factors at its nuclear generating facilities

• prices for power generated by Entergy’s unregulated generating facilities, the ability to extend or replace the existing purchased power agreements for those facilities, including the Non-Utility Nuclear plants, the ability to meet credit support requirements, and the prices and availability of power Entergy must purchase for its utility customers

• Entergy’s ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related commodities

• changes in the financial markets, particularly those affecting the availability of capital and Entergy’s ability to refinance existing debt, execute its share repurchase program, and fund investments and acquisitions

• actions of rating agencies, including changes in the ratings of debt and preferred stock, and changes in the rating agencies’ ratings criteria

• changes in inflation, interest rates, and foreign currency exchange rates

• Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms

• volatility and changes in markets for electricity, natural gas, uranium, and other energy-related commodities

• changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, the establishment of a regional transmission organization that includes Entergy’s utility service territory, and the application of market power criteria by FERC

• changes in regulation of nuclear generating facilities and nuclear materials and fuel, including possible shutdown of nuclear generating facilities, particularly those in the northeastern United States

• uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel storage and disposal

• resolution of pending or future applications for license extensions or modifications of nuclear generating facilities

• changes in law resulting from proposed energy legislation

• changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur, nitrogen, carbon, mercury, and other substances

• the economic climate, and particularly growth in Entergy’s service territory

• variations in weather and the occurrence of hurricanes and other storms and disasters

• advances in technology

• the potential effects of threatened or actual terrorism and war

• the effects of Entergy’s strategies to reduce current tax payments

• the effects of litigation and government investigations

• changes in accounting standards, corporate governance, and securities law requirements

• Entergy’s ability to attract and retain talented management and directors

FINANCIAL MEASURES

Financial performance measures shown in this report include those calculated and presented in accordance with generally accepted accounting principles (GAAP), as well as those that are considered non-GAAP measures. This report includes non-GAAP measures of operational earnings, operational return on average invested capital, operational return on average common equity and operational net margin, as well as gross liquidity, net debt to net capital and net debt to net capital with off-balance sheet liabilities, when describing Entergy’s results of operations and financial performance. We have prepared a reconciliation of these measures to the most directly comparable GAAP measures. Reconciliations can be found on pages 8, 10, and 53-61. Further information about these measures can be found in Entergy’s investor earnings releases, which are posted on our website at www.entergy.com/earnings.

2

ENTERGY AT A GLANCE

CORPORATE STRUCTURE

CORPORATE PROFILE

Entergy Corporation, headquartered in New Orleans, Louisiana, is a Fortune 500 integrated energy company engaged primarily in electric power production and retail distribution operations.

· 30,000 MW electric generating capacity

· 2nd-largest U.S. nuclear generator

· 2.7 million utility customers

· $10 billion revenues

· 14,000 employees

· 92 electric generating units operated

BUSINESS SEGMENTS

Entergy, an investor-owned public utility holding company, operates primarily through three business segments.

· Utility

· Entergy Nuclear (non-utility nuclear business)

· Energy Commodity Services

Entergy Nuclear and Energy Commodity Services are referred to as Entergy’s Competitive Businesses.

Entergy-Koch, LP sold Entergy-Koch Trading and Gulf South Pipeline in the fourth quarter of 2004, and Entergy-Koch is no longer an operating entity.

3

BUSINESS SEGMENTS (CONTINUED)

UTILITY

Entergy’s utility companies generate, transmit, distribute, and sell electric power, with a small amount of natural gas distribution.

• Five electric utilities with 2.7 million customers

• Four states – Arkansas, Louisiana, Mississippi, Texas

• 22,000 MW generating capacity

• Two gas utilities with 236,000 customers

ENTERGY ARKANSAS, INC. (EAI)

Entergy Arkansas generates, transmits, distributes, and sells electric power to 667,000 retail customers in portions of Arkansas.

ENTERGY GULF STATES, INC. (EGSI)

Entergy Gulf States generates, transmits, distributes, and sells electric power to 724,000 retail customers in portions of Texas and Louisiana. Entergy Gulf States also provides natural gas utility service to 91,000 customers in the Baton Rouge, Louisiana area.

ENTERGY LOUISIANA, INC. (ELI)

Entergy Louisiana generates, transmits, distributes, and sells electric power to 662,000 retail customers in portions of Louisiana.

ENTERGY MISSISSIPPI, INC. (EMI)

Entergy Mississippi generates, transmits, distributes, and sells electric power to 420,000 retail customers in portions of Mississippi.

ENTERGY NEW ORLEANS, INC. (ENOI)

Entergy New Orleans generates, transmits, distributes, and sells electric power to 189,000 retail customers in the city of New Orleans, Louisiana. Entergy New Orleans also provides natural gas utility service to 145,000 customers in the greater New Orleans area.

SYSTEM ENERGY RESOURCES, INC. (SERI)

System Energy owns and leases 90 percent of the Grand Gulf 1 nuclear generating facility. System Energy sells power and capacity from Grand Gulf 1 at wholesale to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans.

UTILITY NUCLEAR PLANTS

Entergy owns and operates five nuclear units at four plant sites to serve its regulated utility business: Arkansas Nuclear One (ANO) Units 1 and 2 near Russelville, Arkansas; Grand Gulf Nuclear Station in Port Gibson, Mississippi; River Bend Station in St. Francisville, Louisiana; and Waterford 3 in Taft, Louisiana.

ENTERGY NUCLEAR

Entergy’s non-utility nuclear business owns and operates five nuclear power plants in the northeastern United States. This business is primarily focused on selling power produced by those plants to wholesale customers. This business also provides operations and management services to nuclear power plants owned by other utilities in the United States.

• Five plants in northeastern U.S.

• Pilgrim Nuclear Station in Plymouth, Massachusetts

• James A. FitzPatrick in Oswego, New York

• Indian Point Units 2 and 3 in Westchester County, New York

• Vermont Yankee in Vernon, Vermont

• 4,058 MW owned generating capacity

• 800 MW under management services contract

• Cooper Nuclear Station located near Brownville, Nebraska

• Contracts with other nuclear owners to manage decommissioning for 2 plants, license renewal (in partnership with Framatome ANP) for 3 plants

ENERGY COMMODITY SERVICES

The energy commodity services business includes Entergy-Koch and Entergy’s non-nuclear wholesale assets business. Entergy-Koch engaged in two major businesses: energy commodity marketing and trading through Entergy-Koch Trading, and gas transportation and storage through Gulf South Pipeline. Entergy-Koch sold both of these businesses in the fourth quarter of 2004, and Entergy-Koch is no longer an operating entity.

NON-NUCLEAR WHOLESALE ASSETS BUSINESS

Entergy’s non-nuclear wholesale assets business sells to wholesale customers the electric power produced by power plants that it owns (approximately 1,500 net MW generating capacity) while it focuses on improving performance and exploring sales or restructuring opportunities for its power plants. Such opportunities are evaluated consistent with Entergy’s market-based point-of-view.

4

EXECUTIVE PROFILES

WAYNE LEONARD – CHIEF EXECUTIVE OFFICER

Wayne Leonard became Entergy’s chief executive officer on January 1, 1999. He joined Entergy in April 1998 as president and chief operating officer of the company’s domestic business, and he assumed additional responsibility for international operations in August 1998. In 2004, Entergy was honored for the second consecutive year to receive the Edison Electric Institute award in recognition of the highest total shareholder return over the last five years for large-cap utilities. The Platts/Business Week Global Energy Awards named Leonard CEO of the year and Entergy received the Energy Company of the Year award in 2003. Prior to joining Entergy, Leonard was president of Cinergy’s Energy Commodities Strategic Business Unit and president of Cinergy Capital Trading.

LEO DENAULT – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

Leo Denault was named executive vice president and chief financial officer in February 2004. He was previously vice president of corporate development and strategic planning. He also has held the position of vice president, corporate development, since joining the company in March 1999. Denault assumed responsibility for the areas of strategic planning, the Office of the Chief Risk Officer, and strategic pricing and transmission services in 2002. Prior to joining Entergy, Denault was vice president of corporate development at Cinergy Corporation, where he reviewed every major investment transaction, including the acquisition of generation, distribution and trading businesses in the United States and abroad.

RICHARD SMITH – GROUP PRESIDENT, UTILITY OPERATIONS

Rick Smith was named group president, utility operations in January 2002. He is responsible for the regulated utility financial results, along with operation results of electric and natural gas distribution and customer service. In addition, Smith oversees utility regulatory support and regulated retail activities. He joined Entergy in September 1999 as senior vice president, transition management and later served as president of retail operations. Prior to joining Entergy, Smith was president of Cinergy Resources Inc, a non-regulated retail supply business. Prior to that, he served for three years as vice president of finance for Cinergy’s Energy Services business unit.

GARY TAYLOR – CHIEF EXECUTIVE OFFICER, ENTERGY NUCLEAR

Gary Taylor was named chief executive officer of Entergy’s nuclear businesses in April 2003. He joined Entergy in March 2000 as chief operating officer of its South region. Entergy operates five nuclear units in its retail electric service area and has acquired five nuclear plants in the northeast. Prior to joining Entergy, Taylor had been vice president of nuclear operations at South Carolina Electric & Gas Company, a subsidiary of SCANA Corporation, since 1995.

CURT HÉBERT – EXECUTIVE VICE PRESIDENT, EXTERNAL AFFAIRS

Curt Hébert joined Entergy as executive vice president, external affairs in September 2001 after a lengthy career as a government energy regulator at both the federal and state levels. His responsibilities include supervision of the company’s system and federal government relations, system regulatory affairs, external and internal communications, and corporate contribution functions. Prior to joining Entergy, Hébert was chairman of the Federal Energy Regulatory Commission. During Hébert’s four years of service as a member and later chairman, FERC was active in the restructuring of the electric utility and natural gas pipeline industries to promote competition.

MARK SAVOFF – EXECUTIVE VICE PRESIDENT, OPERATIONS

Mark Savoff was named executive vice president, operations in December 2003. He is responsible for fossil plant operations, transmission and distribution operations, system environmental and safety, system planning, compliance and performance management. Prior to joining Entergy, Savoff was vice president and corporate officer at GE Power Systems, Nuclear Energy. Before assuming his role as vice president, Nuclear Energy, he was General Manager of GE’s global nuclear fuel business and led the turnaround of GE’s global nuclear services business. He also served as president, Reuter-Stokes, a GE subsidiary.

MICHAEL KANSLER – PRESIDENT, ENTERGY NUCLEAR NORTHEAST

Michael Kansler was named president of Entergy Nuclear Northeast in January 2003 and has served as chief operating officer of Entergy Nuclear Northeast since January 2000. He is responsible for all of Entergy’s nuclear plants in the Northeast region and all other nuclear plants that the company may purchase or operate outside its traditional electric service territory. Kansler joined Entergy in 1998 as vice president of operations support, overseeing consolidated support functions for all five of Entergy’s nuclear power units. Prior to joining Entergy, Kansler spent more than 20 years at Virginia Power (now Dominion Resources).

JOHN McGAHA – PRESIDENT, ENTERGY NUCLEAR SOUTH

John McGaha was named president of Entergy Nuclear South in March 2000. He is responsible for Entergy’s five nuclear units in its retail electric service area. McGaha started his Entergy career in 1978 at the Waterford 3 plant, where he advanced to the position of general manager of plant operations. Since 1991, he has held numerous management positions, including vice president of operations support for Entergy Nuclear South, vice president of River Bend Station, and executive vice president and chief operating officer of Entergy Nuclear South. Prior to joining Entergy, McGaha was an electrical design engineer for Brown & Root, Inc. for three years, and he served in the U.S. Navy nuclear submarine program for five years.

5

UTILITY OPERATING COMPANY PRESIDENTS

RENAE CONLEY – PRESIDENT & CEO, ENTERGY LOUISIANA AND ENTERGY GULF STATES – LOUISIANA

Renae Conley was named president and CEO of Entergy Louisiana and Entergy Gulf States – Louisiana in mid-2000. She is responsible for the Louisiana utilities’ electric and gas distribution operations, customer service, economic development, regulatory and governmental affairs. Prior to joining Entergy in 1999 as vice president of investor relations, Conley was president of The Cincinnati Gas & Electric Company, a subsidiary of Cinergy Corp. Conley also served as president and CEO of Cadence, a joint venture of Cinergy and other utilities that provides energy management services. At Cinergy, Conley was also general manager of corporate communications and investor relations.

JOE DOMINO – PRESIDENT & CEO, ENTERGY GULF STATES – TEXAS

Joe Domino was named president and CEO of Entergy Texas in 1998. He is responsible for Entergy Texas’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Prior to being named president, he served as director of Entergy’s distribution operations in Texas and Southwest Louisiana. Domino joined Gulf States Utilities in 1970 as a planning engineer and was appointed director of Southern Region fossil plants in 1994.

HUGH McDONALD – PRESIDENT & CEO, ENTERGY ARKANSAS

Hugh McDonald was named president and CEO of Entergy Arkansas in spring 2000. He is responsible for Entergy Arkansas’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Prior to becoming Entergy Arkansas’ president, he led Entergy’s Retail Operations. McDonald joined Entergy in 1982 at the Waterford 3 nuclear plant. In 1989, he became executive assistant to the chairman of Entergy Louisiana/Entergy New Orleans and then led Entergy Louisiana’s Total Quality initiative until 1993. During Entergy’s merger with Gulf States Utilities, McDonald served as the special projects director for the functional integration of the transmission, distribution, and customer service organizations. McDonald has also held the positions of division manager for Entergy Mississippi and director of regulatory affairs, Entergy Gulf States – Texas.

DAN PACKER – PRESIDENT & CEO, ENTERGY NEW ORLEANS

Dan Packer was named president of Entergy New Orleans in 1996 and CEO in 1998. He is responsible for Entergy New Orleans’ electric distribution system, customer service, economic development, regulatory and governmental affairs. Packer joined Entergy in 1982 as training manager at the Waterford 3 nuclear plant and later served as Waterford’s plant manager – the first African American in the United States to manage a nuclear plant. Prior to joining Entergy, Packer was a senior engineer with General Physics Corporation, worked for six years as training coordinator with Connecticut Yankee Atomic Power Company, and served in the U.S. Nuclear Navy Program from 1969 to 1975.

CAROLYN SHANKS – PRESIDENT & CEO, ENTERGY MISSISSIPPI

Carolyn Shanks was named President and CEO of Entergy Mississippi in July 1999. She is responsible for Entergy Mississippi’s electric distribution system, customer service, economic development, regulatory and governmental affairs. Shanks joined Entergy in 1983 as an accountant with Entergy Mississippi and later transferred to System Energy Resources, Inc., the subsidiary responsible for the operations of Grand Gulf Nuclear Station. In 1994, she was named director of business services for Entergy Operations, Inc., the subsidiary that manages Entergy’s five nuclear power plants in its retail electric service area. Shanks became vice president – finance and administration of Entergy Nuclear in February 1997.

6

CONSOLIDATED SELECTED DATA

CONSOLIDATED ENTERGY CORPORATION AND SUBSIDIARIES DATA

SELECTED FINANCIAL AND OPERATING DATA

SELECTED FINANCIAL DATA

	2004			2003			2002			2001			2000
	(In millions, except percentages, per share amounts, and ratios)
Operating Revenues	$	10,124		$	9,195		$	8,305		$	9,621		$	10,022
As-Reported Earnings	$	910		$	927		$	599		$	726		$	679
Operational Earnings	$	880		$	982		$	866		$	726		$	715
As-Reported Earnings Per Share – Diluted	$	3.93		$	4.01		$	2.64		$	3.23		$	2.97
Less Special Items(a) Per Share	$	0.13		$	(0.24	)	$	(1.17	)	$	—		$	(0.15	)
Operational Earnings Per Share – Diluted	$	3.80		$	4.25		$	3.81		$	3.23		$	3.12
Weather Impact – Earnings Per Share	$	(0.11	)	$	(0.05	)	$	(0.01	)	$	(0.01	)	$	0.32
Shares of Common Stock Outstanding:
End of Year		216.8			228.9			222.4			220.7			219.6
Weighted Average – Diluted		231.2			231.1			227.3			224.7			228.5
Net Cash Flow Provided by Operating Activities	$	2,929		$	2,006		$	2,182		$	2,216		$	1,968
Year-End Closing Market Price of Common Stock	$	67.59		$	57.13		$	45.59		$	39.11		$	42.31
Book Value Per Share at End of Year	$	38.26		$	38.02		$	35.24		$	33.78		$	31.89
Market Value of Equity	$	14,655		$	13,077		$	10,140		$	8,633		$	9,292
Price to Earnings Ratio – As-Reported		17.18			14.25			17.29			12.10			14.24
Common Dividends Paid Per Share	$	1.89		$	1.60		$	1.34		$	1.28		$	1.22
Common Dividend Payout Ratio		48	%		40	%		51	%		39	%		41	%
Return on Average Common Equity – As-Reported		10.7	%		11.2	%		7.8	%		10.0	%		9.6	%
Return on Average Common Equity – Operational		10.4	%		11.9	%		11.3	%		10.0	%		10.1	%
Return on Average Invested Capital – As-Reported		7.3	%		7.4	%		5.8	%		7.2	%		6.6	%
Return on Average Invested Capital – Operational		7.1	%		7.7	%		7.4	%		7.2	%		6.8	%
Net Margin – As-Reported		9.0	%		10.1	%		7.2	%		7.6	%		6.8	%
Net Margin – Operational		8.7	%		10.7	%		10.4	%		7.5	%		7.1	%
Cash Flow Interest Coverage (# times)		7.11			5.05			4.92			4.09			4.59
Revolver Capacity	$	1,490		$	1,553		$	1,018		$	1,210		$	113
Total Gross Liquidity	$	2,298		$	2,245		$	2,353		$	1,962		$	1,495
Total Debt	$	7,807		$	8,182		$	8,810		$	8,442		$	8,068
Debt to Capital Ratio		47.4	%		47.5	%		51.8	%		53.2	%		55.3	%
Off-Balance Sheet Liabilities
Project Debt	$	—		$	—		$	—		$	265		$	—
Debt of Joint Ventures – Entergy’s Share	$	114		$	387		$	409		$	347		$	51
Leases – Entergy’s Share	$	596		$	501		$	395		$	343		$	438
Total Off-Balance Sheet Liabilities	$	710		$	888		$	804		$	955		$	489
Net Debt to Net Capital Ratio(b)		44.7	%		45.3	%		47.7	%		51.0	%		51.2	%
Net Debt Ratio Including Off-Balance Sheet Liabilities(b)		47.1	%		48.1	%		50.3	%		53.8	%		52.8	%

^(a) Special items are those events that are not routine, are related to prior periods, or are related to discontinued operations.

^(b) Reclassification of amounts from cash and cash equivalents in first quarter 2005 impacts this ratio. See Consolidated Balance Sheets and Statements of Cash Flow.

OWNED AND LEASED CAPABILITY (MW)^(a)

	Entergy Arkansas	Entergy Gulf States	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	System Energy	Entergy Nuclear(c)	Entergy Commodity Services(d)	Total
Gas/Oil	1,599	4,890	4,276	2,490	915	—	—	1,317	15,487
Coal	1,189	627	—	408	—	—	—	121	2,345
Total Fossil	2,788	5,517	4,276	2,898	915	—	—	1,438	17,832
Nuclear	1,837	968	1,087	—	—	1,143	4,058	—	9,093
Other(b)	70	—	—	—	—	—	—	80	150
Total	4,695	6,485	5,363	2,898	915	1,143	4,058	1,518	27,075

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

^(b) Other includes Hydro and Wind.

^(c) Reflects maximum capacity of generating unit.

^(d) Reflects nameplate rating of generating unit.

SECURITIES RATINGS (OUTLOOK)

	Corporate Credit
	Moody’s	S&P
	(As of May 2005)
Entergy	Baa3 (Stable)	BBB (Stable)

7

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED QUARTERLY RESULTS – GAAP TO NON-GAAP RECONCILIATION

	2004										2003										YTD Change
	1Q(a)		2Q(a)		3Q		4Q		YTD		1Q		2Q		3Q		4Q		YTD
	($/share)
AS-REPORTED
Utility/Parent/Other	0.55		0.83		1.11		0.36		2.86		0.46		0.49		1.16		(0.17	)	1.93		0.93
Competitive Businesses
Entergy Nuclear	0.29		0.27		0.28		0.22		1.06		0.86		0.19		0.25		(0.01	)	1.30		(0.24	)
Energy Commodity Services
Non-Nuclear Wholesale Assets	(0.03	)	(0.02	)	0.02		0.25		0.23		—		(0.01	)	(0.02	)	(0.07	)	(0.10	)	0.33
Entergy-Koch Trading	0.03		0.05		(0.21	)	(0.21	)	(0.35	)	0.37		0.19		0.17		0.07		0.80		(1.15	)
Gulf South Pipeline	0.04		0.01		0.02		0.06		0.13		0.04		0.03		0.01		0.01		0.08		0.05
Total Energy Commodity Services	0.04		0.04		(0.17	)	0.10		0.01		0.41		0.21		0.16		0.01		0.78		(0.77	)
Total Competitive Businesses	0.33		0.31		0.11		0.32		1.07		1.27		0.40		0.41		—		2.08		(1.01	)
Consolidated As-Reported Earnings	0.88		1.14		1.22		0.68		3.93		1.73		0.89		1.57		(0.17	)	4.01		(0.08	)
LESS SPECIAL ITEMS
Utility/Parent/Other	—		—		—		0.07		0.07		(0.09	)	(0.28	)	—		(0.30	)	(0.69	)	0.76
Competitive Businesses
Entergy Nuclear	—		—		—		—		—		0.70		—		—		(0.25	)	0.45		(0.45	)
Energy Commodity Services
Non-Nuclear Wholesale Assets	—		—		0.02		0.26		0.28		—		—		—		—		—		0.28
Entergy-Koch Trading	0.03		0.05		(0.21	)	(0.21	)	(0.35	)	—		—		—		—		—		(0.35	)
Gulf South Pipeline	0.04		0.01		0.02		0.06		0.13		—		—		—		—		—		0.13
Total Energy Commodity Services	0.07		0.06		(0.17	)	0.11		0.06		—		—		—		—		—		0.06
Total Competitive Businesses	0.07		0.06		(0.17	)	0.11		0.06		0.70		—		—		(0.25	)	0.45		(0.39	)
Total Special Items	0.07		0.06		(0.17	)	0.18		0.13		0.61		(0.28	)	—		(0.55	)	(0.24	)	0.37
OPERATIONAL
Utility/Parent/Other	0.55		0.83		1.11		0.29		2.79		0.55		0.77		1.16		0.13		2.62		0.17
Competitive Businesses
Entergy Nuclear	0.29		0.27		0.28		0.22		1.06		0.16		0.19		0.25		0.24		0.85		0.21
Energy Commodity Services
Non-Nuclear Wholesale Assets	(0.03	)	(0.02	)	—		(0.01	)	(0.05	)	—		(0.01	)	(0.02	)	(0.07	)	(0.10	)	0.05
Entergy-Koch Trading	—		—		—		—		—		0.37		0.19		0.17		0.07		0.80		(0.80	)
Gulf South Pipeline	—		—		—		—		—		0.04		0.03		0.01		0.01		0.08		(0.08	)
Total Energy Commodity Services	(0.03	)	(0.02	)	—		(0.01	)	(0.05	)	0.41		0.21		0.16		0.01		0.78		(0.83	)
Total Competitive Businesses	0.26		0.25		0.28		0.21		1.01		0.57		0.40		0.41		0.25		1.63		(0.62	)
Consolidated Operational Earnings	0.81		1.08		1.39		0.50		3.80		1.12		1.17		1.57		0.38		4.25		(0.45	)
Weather Impact	(0.02	)	(0.01	)	(0.10	)	—		(0.11	)	0.02		(0.03	)	(0.01	)	(0.03	)	(0.05	)	(0.06	)
SHARES OF COMMON STOCK OUTSTANDING(in millions)
End of Period	231.0		226.8		225.2		216.8		216.8		225.6		227.8		228.5		228.9		228.9		(12.1	)
Weighted Average - Diluted	235.0		232.8		231.1		226.2		231.2		228.2		231.6		232.5		233.4		231.1		0.1

Totals may not foot due to rounding and accretion from share repurchase program.

^(a) Operational earnings for first quarter and second quarter 2004 were originally reported as $0.88 per share and $1.14 per share, respectively. Following the sales of Entergy-Koch, LP’s trading and pipeline businesses, Entergy began treating earnings from Entergy-Koch as a special item, which revises previously reported operational earnings.

8

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED QUARTERLY SPECIAL ITEMS (Shown as Positive/(Negative) Impact on Earnings)

	2004								2003									YTD Change
	1Q	2Q	3Q		4Q		YTD		1Q		2Q		3Q	4Q		YTD
	($/share)
UTILITY/PARENT/OTHER
SPECIAL ITEMS
River Bend loss provision	—	—	—		—		—		—		(0.28	)	—	—		(0.29	)	0.29
SFAS 143 implementation	—	—	—		—		—		(0.09	)	—		—	—		(0.09	)	0.09
Voluntary severance plan	—	—	—		—		—		—		—		—	(0.30	)	(0.31	)	0.31
Tax benefits – Entergy-Koch investment	—	—	—		0.07		0.07		—		—		—	—		—		0.07
Total	—	—	—		0.07		0.07		(0.09	)	(0.28	)	—	(0.30	)	(0.69	)	0.76
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	—	—	—		—		—		0.70		—		—	(0.03	)	0.67		(0.67	)
Voluntary severance plan	—	—	—		—		—		—		—		—	(0.22	)	(0.22	)	0.22
Energy Commodity Services
Entergy-Koch Trading earnings	0.03	0.05	(0.21	)	(0.21	)	(0.35	)	—		—		—	—		—		(0.35	)
Gulf South Pipeline earnings	0.04	0.01	0.02		0.06		0.13		—		—		—	—		—		0.13
Tax benefits on restructuring	—	—	—		0.42		0.41		—		—		—	—		—		0.41
Asset impairment reserve	—	—	—		(0.16	)	(0.15	)	—		—		—	—		—		(0.15	)
Reduction in asset sale reserves	—	—	0.02		—		0.02		—		—		—	—		—		0.02
Total	0.07	0.06	(0.17	)	0.11		0.06		0.70		—		—	(0.25	)	0.45		(0.39	)
TOTAL SPECIAL ITEMS	0.07	0.06	(0.17	)	0.18		0.13		0.61		(0.28	)	—	(0.55	)	(0.24	)	0.37
	2004								2003									YTD Change
	1Q	2Q	3Q		4Q		YTD		1Q		2Q		3Q	4Q		YTD
	($ millions)
UTILITY/PARENT/OTHER
SPECIAL ITEMS
River Bend loss provision	—	—	—		—		—		—		(65.6	)	—	—		(65.6	)	65.6
SFAS 143 implementation	—	—	—		—		—		(21.3	)	—		—	—		(21.3	)	21.3
Voluntary severance plan	—	—	—		—		—		—		—		—	(71.0	)	(71.0	)	71.0
Tax benefits – Entergy-Koch investment	—	—	—		16.7		16.7		—		—		—	—		—		16.7
Total	—	—	—		16.7		16.7		(21.3	)	(65.6	)	—	(71.0	)	(157.9	)	174.6
COMPETITIVE BUSINESSESSPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	—	—	—		—		—		160.3		—		—	(5.8	)	154.4		(154.4	)
Voluntary severance plan	—	—	—		—		—		—		—		—	(51.8	)	(51.8	)	51.8
Energy Commodity Services
Gain (loss) on disposition of assets	—	—	—		—		—		—		0.7		—	—		0.7		(0.7	)
Entergy-Koch Trading earnings	6.4	10.1	(48.4	)	(47.4	)	(79.4	)	—		—		—	—		—		(79.4	)
Gulf South Pipeline earnings	8.7	2.9	3.3		14.3		29.3		—		—		—	—		—		29.3
Tax benefits on restructuring	—	—	—		93.6		93.6		—		—		—	—		—		93.6
Asset impairment reserve	—	—	—		(35.8	)	(35.8	)	—		—		—	—		—		(35.8	)
Reduction in asset sale reserves	—	—	5.6		—		5.6		—		—		—	—		—		5.6
Total	15.1	13.0	(39.5	)	24.7		13.3		160.3		0.7		—	(57.6	)	103.3		(90.0	)
TOTAL SPECIAL ITEMS	15.1	13.0	(39.5	)	41.3		30.0		139.0		(64.9	)	—	(128.6	)	(54.6	)	84.6

Totals may not foot due to rounding and accretion from share repurchase program.

9

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED ANNUAL RESULTS – GAAP TO NON-GAAP RECONCILIATION

	2004		2003		2002		2001		2000
	($/share)
AS-REPORTED
Utility/Parent/Other	2.86		1.93		2.40		2.19		2.51
Competitive Businesses
Entergy Nuclear	1.06		1.30		0.88		0.57		0.22
Energy Commodity Services
Non-nuclear wholesale assets	0.23		(0.10	)	(1.22	)	—		0.24
Entergy-Koch Trading	(0.35	)	0.80		0.36		0.34		—
Gulf South Pipeline	0.13		0.08		0.22		0.13		—
Total Energy Commodity Services	0.01		0.78		(0.64	)	0.47		0.24
Total Competitive Businesses	1.07		2.08		0.24		1.04		0.46
Consolidated As-Reported Earnings	3.93		4.01		2.64		3.23		2.97
LESS SPECIAL ITEMS
Utility/Parent/Other	0.07		(0.69	)	—		(0.09	)	(0.21	)
Competitive Businesses
Entergy Nuclear	—		0.45		—		—		—
Energy Commodity Services
Non-nuclear wholesale assets	0.28		—		(1.17	)	0.09		0.06
Entergy-Koch Trading	(0.35	)	—		—		—		—
Gulf South Pipeline	0.13		—		—		—		—
Total Energy Commodity Services	0.06		—		(1.17	)	0.09		0.06
Total Competitive Businesses	0.06		0.45		(1.17	)	0.09		0.06
Total Special Items	0.13		(0.24	)	(1.17	)	—		(0.15	)
OPERATIONAL
Utility/Parent/Other	2.79		2.62		2.40		2.28		2.72
Competitive Businesses
Entergy Nuclear	1.06		0.85		0.88		0.57		0.22
Energy Commodity Services
Non-nuclear wholesale assets	(0.05	)	(0.10	)	(0.05	)	(0.09	)	0.18
Entergy-Koch Trading	—		0.80		0.36		0.34		—
Gulf South Pipeline	—		0.08		0.22		0.13		—
Total Energy Commodity Services	(0.05	)	0.78		0.53		0.38		0.18
Total Competitive Businesses	1.01		1.63		1.41		0.95		0.40
Consolidated Operational Earnings	3.80		4.25		3.81		3.23		3.12

10

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

ENTERGY CORPORATION CONSOLIDATED ANNUAL SPECIAL ITEMS (Shown as Positive/(Negative) Impact on Earnings)

	2004		2003		2002		2001		2000
	($/share)
UTILITY/PARENT/OTHER SPECIAL ITEMS
Tax benefits – Entergy-Koch investment	0.07		—		—		—		—
River Bend loss provision	—		(0.29	)	—		—		—
SFAS 143 implementation	—		(0.09	)	—		—		—
Voluntary severance plan	—		(0.31	)	—		—		—
Merger expenses	—		—		—		(0.06	)	—
Regulatory and reserve adjustments	—		—		—		—		(0.09	)
Write-down of MyHomeKey investment	—		—		—		(0.03	)	—
Write-down of Latin American assets	—		—		—		—		(0.12	)
Total	0.07		(0.69	)	—		(0.09	)	(0.21	)
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	—		0.67		—		—		—
Voluntary severance plan	—		(0.22	)	—		—		—
Energy Commodity Services
Entergy-Koch Trading earnings	(0.35	)	—		—		—		—
Gulf South Pipeline earnings	0.13		—		—		—		—
Tax benefits on restructuring	0.41		—		—		—		—
Asset impairment reserve	(0.15	)	—		—		—		—
Reduction in asset sale reserves	0.02		—		—		—		—
Gain (loss) on disposition of assets	—		—		0.23		0.01		0.06
Asset and contract impairments	—		—		(0.62	)	—		—
Turbine commitment	—		—		(0.52	)	—		—
Development costs	—		—		(0.09	)	—		—
Restructuring costs	—		—		(0.17	)	(0.02	)	—
Damhead Creek mark-to-market gas contract	—		—		—		0.10		—
Total	0.06		0.45		(1.17	)	0.09		0.06
TOTAL SPECIAL ITEMS	0.13		(0.24	)	(1.17	)	—		(0.15	)
	2004		2003		2002		2001		2000
	($ millions)
UTILITY/PARENT/OTHER SPECIAL ITEMS
Tax benefits – Entergy-Koch investment	16.7		—		—		—		—
River Bend loss provision	—		(65.6	)	—		—		—
SFAS 143 implementation	—		(21.3	)	—		—		—
Voluntary severance plan	—		(71.0	)	—		—		—
Merger expenses	—		—		—		(14.1	)	—
Regulatory and reserve adjustments	—		—		—		—		(21.5	)
Write-down of MyHomeKey investment	—		—		—		(6.8	)	—
Write-down of Latin American assets	—		—		—		—		(27.6	)
Total	16.7		(157.9	)	—		(20.9	)	(49.1	)
COMPETITIVE BUSINESSES SPECIAL ITEMS
Entergy Nuclear
SFAS 143 implementation	—		154.4		—		—		—
Voluntary severance plan	—		(51.8	)	—		—		—
Energy Commodity Services
Entergy-Koch Trading earnings	(79.4	)	—		—		—		—
Gulf South Pipeline earnings	29.3		—		—		—		—
Tax benefits on restructuring	93.6		—		—		—		—
Asset impairment reserve	(35.8	)	—		—		—		—
Reduction in asset sale reserves	5.6		—		—		—		—
Gain (loss) on disposition of assets	—		0.7		52.3		1.4		13.4
Asset and contract impairments	—		—		(141.9	)	—		—
Turbine commitment	—		—		(117.2	)	—		—
Development costs	—		—		(21.3	)	—		—
Restructuring costs	—		—		(39.0	)	(3.5	)	—
Damhead Creek mark-to-market gas contract	—		—		—		23.5		—
Total	13.3		103.3		(267.1	)	21.4		13.4
TOTAL SPECIAL ITEMS	30.0		(54.6	)	(267.1	)	0.5		(35.7	)

11

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF INCOME

	2004			2003			2002			2001			2000
	In thousands, except share data, for the years ended December 31,
OPERATING REVENUES:
Domestic electric	$	7,932,577		$	7,397,175		$	6,646,414		$	7,244,827		$	7,219,686
Natural gas		208,499			186,176			125,353			185,902			165,872
Competitive businesses		1,982,648			1,611,569			1,533,268			2,190,170			2,636,571
Total		10,123,724			9,194,920			8,305,035			9,620,899			10,022,129
OPERATING EXPENSES:
Operating and maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		2,488,208			1,987,217			2,154,596			3,681,677			2,645,835
Purchased power		2,092,922			1,697,959			833,829			1,021,432			2,662,881
Nuclear refueling outage expenses		166,072			159,995			105,592			89,145			70,511
Provision for turbine commitments, asset impairments, and restructuring charges		55,000			(7,743	)		428,456			—			—
Other operation and maintenance		2,303,561			2,484,436			2,486,617			2,151,742			1,943,814
Decommissioning		149,529			146,100			76,417			28,586			58,634
Taxes other than income taxes		409,886			405,659			380,462			399,849			370,344
Depreciation and amortization		895,593			850,503			839,181			721,033			746,125
Other regulatory credits – net		(90,611	)		(13,761	)		(141,836	)		(20,510	)		34,073
Total		8,470,160			7,710,365			7,163,314			8,072,954			8,532,217
OPERATING INCOME		1,653,564			1,484,555			1,141,721			1,547,945			1,489,912
OTHER INCOME:
Allowance for equity funds used during construction		39,582			42,710			31,658			26,209			32,022
Interest and dividend income		109,809			87,386			118,325			159,805			163,050
Equity in earnings (loss) of unconsolidated equity affiliates		(78,727	)		271,647			183,878			162,882			13,715
Miscellaneous – net		53,752			(76,505	)		13,892			457			29,417
Total		124,416			325,238			347,753			349,353			238,204
INTEREST AND OTHER CHARGES:
Interest on long-term debt		463,384			485,964			526,442			563,758			495,909
Other interest – net		41,380			53,553			70,560			172,241			66,485
Allowance for borrowed funds used during construction		(25,741	)		(33,191	)		(24,538	)		(21,419	)		(24,114	)
Total		479,023			506,326			572,464			714,580			538,280
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		1,298,957			1,303,467			917,010			1,182,718			1,189,836
Income taxes		365,908			490,074			293,938			455,693			478,921
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES		933,049			813,393			623,072			727,025			710,915
CUMULATIVE EFFECT OF ACCOUNTING CHANGES (NET OF INCOME TAXES OF $ 89,925 IN 2003 AND $ 10,064 IN 2001)		—			137,074			—			23,482			—
CONSOLIDATED NET INCOME		933,049			950,467			623,072			750,507			710,915
Preferred dividend requirements and other		23,525			23,524			23,712			24,311			31,621
EARNINGS APPLICABLE TO COMMON STOCK	$	909,524		$	926,943		$	599,360		$	726,196		$	679,294
Earnings per average common share before cumulative effect of accounting changes:
Basic	$	4.01		$	3.48		$	2.69		$	3.18		$	3.00
Diluted	$	3.93		$	3.42		$	2.64		$	3.13		$	2.97
Earnings per average common share:
Basic	$	4.01		$	4.09		$	2.69		$	3.29		$	3.00
Diluted	$	3.93		$	4.01		$	2.64		$	3.23		$	2.97
Dividends declared per common share	$	1.89		$	1.60		$	1.34		$	1.28		$	1.22
Average number of common shares outstanding:
Basic		226,863,758			226,804,370			223,047,431			220,944,270			226,580,449
Diluted		231,193,686			231,146,040			227,303,103			224,733,662			228,541,307

Certain prior year data has been reclassified to conform with current year presentation.

12

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

2004 CONSOLIDATING INCOME STATEMENT (unaudited)

	Utility/ Parent/ Other			Competitive Businesses			Eliminations			Consolidated
	In thousands, except share data, for the year ended December 31, 2004.
OPERATING REVENUES:
Domestic electric	$	7,934,312		$	—		$	(1,735	)	$	7,932,577
Natural gas		208,499			—			—			208,499
Competitive businesses		486,804			1,558,302			(62,458	)		1,982,648
Total		8,629,615			1,558,302			(64,193	)		10,123,724
OPERATING EXPENSES:
Operating and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		2,272,610			215,598			—			2,488,208
Purchased power		2,108,160			48,132			(63,370	)		2,092,922
Nuclear refueling outage expenses		66,824			99,248			—			166,072
Provision for turbine commitments, asset impairments and restructuring charges		—			55,000			—			55,000
Other operation and maintenance		1,614,071			690,957			(1,468	)		2,303,561
Decommissioning		91,939			57,590			—			149,529
Taxes other than income taxes		354,627			55,260			—			409,886
Depreciation and amortization		830,464			65,130			—			895,593
Other regulatory credits – net		(90,611	)		—			—			(90,611	)
Total		7,248,084			1,286,915			(64,838	)		8,470,160
OPERATING INCOME		1,381,531			271,387			645			1,653,564
OTHER INCOME:
Allowance for equity funds used during construction		39,582			—			—			39,582
Interest and dividend income		83,560			81,444			(55,195	)		109,809
Equity in earnings (loss) of unconsolidated equity affiliates		(3	)		(78,724	)		—			(78,727	)
Miscellaneous – net		23,703			30,695			(646	)		53,752
Total		146,842			33,415			(55,841	)		124,416
INTEREST AND OTHER CHARGES:
Interest on long-term debt		447,510			15,874			—			463,384
Other interest – net		43,179			53,342			(55,141	)		41,380
Allowance for borrowed funds used during construction		(25,741	)		—			—			(25,741	)
Total		464,948			69,216			(55,141	)		479,023
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES		1,063,425			235,586			(55	)		1,298,957
Income taxes		379,129			(13,221	)		—			365,908
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES		684,296			248,807			(55	)		933,049
CUMULATIVE EFFECT OF ACCOUNTING CHANGES		—			—			—			—
CONSOLIDATED NET INCOME		684,296			248,807			(55	)		933,049
Preferred dividend requirements and other		23,283			297			(55	)		23,525
EARNINGS APPLICABLE TO COMMON STOCK	$	661,013		$	248,510		$	—		$	909,524
Earnings per average common share:
Basic	$	2.91		$	1.10			—		$	4.01
Diluted	$	2.86		$	1.07			—		$	3.93
Average number of common shares outstanding:
Basic											226,863,758
Diluted											231,193,686

Totals may not foot due to rounding.

13

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED BALANCE SHEETS

	2004			2003			2002			2001			2000
	In thousands, as of December 31,
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash	$	79,136		$	115,112		$	169,788		$	129,866		$	157,550
Temporary cash investments - at cost, which approximates market		728,600			576,813			1,165,260			618,327			640,038
Special deposits		—			308			280			3,380			584,836
Total cash and cash equivalents		807,736			692,233			1,335,328			751,573			1,382,424
Other temporary investments		—			50,000			—			150,000			—
Notes receivable		3,092			1,730			2,078			2,137			3,608
Accounts receivable:
Customer		435,191			398,091			323,215			294,799			497,821
Allowance for doubtful accounts		(23,758	)		(25,976	)		(27,285	)		(28,355	)		(9,947	)
Other		342,289			246,824			244,621			295,771			395,518
Accrued unbilled revenues		460,039			384,860			319,133			268,680			415,409
Total receivables		1,213,761			1,003,799			859,684			830,895			1,298,801
Deferred fuel costs		85,911			245,973			55,653			172,444			568,331
Accumulated deferred income taxes		76,899			—			—			6,488			—
Fuel inventory - at average cost		127,251			110,482			96,467			97,497			93,679
Materials and supplies - at average cost		569,407			548,921			525,900			460,644			425,357
Deferred nuclear refueling outage costs		107,782			138,836			163,646			79,755			46,544
Prepayments and other		116,279			127,270			166,827			205,097			139,271
Total		3,108,118			2,919,244			3,205,583			2,756,530			3,958,015
OTHER PROPERTY AND INVESTMENTS:
Investment in affiliates - at equity		231,779			1,053,328			824,209			766,103			136,487
Decommissioning trust funds		2,453,406			2,278,533			2,069,198			1,775,950			1,315,857
Non-utility property - at cost (less accumulated depreciation)		219,717			262,384			297,294			295,616			262,952
Other		90,992			152,681			277,539			495,542			79,917
Total		2,995,894			3,746,926			3,468,240			3,333,211			1,795,213
PROPERTY, PLANT AND EQUIPMENT:
Electric		29,053,340			28,035,899			26,789,538			26,359,676			25,137,862
Property under capital lease		738,554			751,815			746,624			753,310			831,822
Natural gas		262,787			236,622			209,969			201,841			190,989
Construction work in progress		1,197,551			1,380,982			1,232,891			882,829			936,785
Nuclear fuel under capital lease		262,469			278,683			259,433			265,464			277,673
Nuclear fuel		320,813			234,421			263,609			232,387			157,603
Total, property, plant and equipment		31,835,514			30,918,422			29,502,064			28,695,507			27,532,734
Less - accumulated depreciation and amortization		13,139,883			12,619,625			11,837,061			11,805,578			11,477,352
Property, plant and equipment - net		18,695,631			18,298,797			17,665,003			16,889,929			16,055,382
DEFERRED DEBITS AND OTHER ASSETS:
Regulatory assets:
SFAS 109 regulatory asset - net		746,413			830,539			844,105			946,126			980,266
Other regulatory assets		1,429,261			1,398,323			973,185			873,985			1,071,803
Long-term receivables		39,417			20,886			24,703			28,083			29,575
Goodwill		377,172			377,172			377,172			377,172			390,364
Other		918,871			935,501			946,375			705,275			1,171,278
Total		3,511,134			3,562,421			3,165,540			2,930,641			3,643,286
TOTAL ASSETS	$	28,310,777		$	28,527,388		$	27,504,366		$	25,910,311		$	25,451,896

Certain prior year data has been reclassified to conform with current year presentation.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments $188 million as of 12/31/04 and $185 million as of 12/31/03.

14

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED BALANCE SHEETS

	2004			2003			2002			2001			2000
	In thousands, as of December 31,
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES:
Currently maturing long-term debt	$	492,564		$	524,372		$	1,191,320		$	682,771		$	464,215
Notes payable		193			351			351			351,018			388,023
Accounts payable		896,528			796,572			855,446			592,529			1,204,227
Customer deposits		222,320			199,620			198,442			188,230			172,169
Taxes accrued		224,011			224,926			385,315			550,133			451,811
Accumulated deferred income taxes		—			22,963			26,468			—			225,649
Nuclear refueling outage costs		—			8,238			14,244			2,080			10,209
Interest accrued		144,478			139,603			175,440			192,420			172,033
Obligations under capital leases		133,847			159,978			153,822			149,352			156,907
Other		218,442			145,453			171,341			396,616			192,908
Total		2,332,383			2,222,076			3,172,189			3,105,149			3,438,151
NON-CURRENT LIABILITIES:
Accumulated deferred income taxes and taxes accrued		5,067,381			4,779,513			4,250,800			3,974,664			3,249,083
Accumulated deferred investment tax credits		399,228			420,248			447,925			471,090			494,315
Obligations under capital leases		146,060			153,898			155,943			181,085			201,873
Other regulatory liabilities		329,767			291,239			185,579			135,878			135,586
Decommissioning and retirement cost liabilities		2,066,277			2,215,490			2,115,744			1,194,333			749,708
Transition to competition		79,101			79,098			79,098			231,512			191,934
Regulatory reserves		103,061			69,528			56,438			37,591			396,789
Accumulated provisions		549,914			506,960			389,868			425,399			390,116
Long-term debt		7,016,831			7,322,940			7,308,649			7,536,028			7,947,093
Preferred stock with sinking fund		17,400			20,852			—			—			—
Other		1,541,331			1,407,551			1,145,232			801,040			853,137
Total		17,316,351			17,267,317			16,135,276			14,988,620			14,609,634
Preferred stock with sinking fund		—			—			24,327			26,185			65,758
Preferred stock without sinking fund		365,356			334,337			334,337			334,337			334,688
SHAREHOLDERS’ EQUITY:
Common stock, $.01 par value, authorized 500,000,000 shares; issued 248,174,087 shares in 2004, 2003, 2002, and 2001; 248,094,614 in 2000		2,482			2,482			2,482			2,482			2,481
Paid-in capital		4,835,375			4,767,615			4,666,753			4,662,704			4,660,483
Retained earnings		4,984,302			4,502,508			3,938,693			3,638,448			3,190,639
Accumulated other comprehensive loss		(93,453	)		(7,795	)		(22,360	)		(88,794	)		(75,033	)
Less – treasury stock, at cost (31,345,028 shares in 2004; 19,276,445 shares in 2003; 25,752,410 shares in 2002; 27,441,384 shares in 2001; 28,490,031 shares in 2000)		1,432,019			561,152			747,331			758,820			774,905
Total		8,296,687			8,703,658			7,838,237			7,456,020			7,003,665
Commitments and Contingencies
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	28,310,777		$	28,527,388		$	27,504,366		$	25,910,311		$	25,451,896

Certain prior year data has been reclassified to conform with current year presentation.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments $188 million as of 12/31/04 and $185 million as of 12/31/03.

15

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

2004 CONSOLIDATING BALANCE SHEET (unaudited)

	Utility/ Parent/ Other			Competitive Businesses			Eliminations			Consolidated
	In thousands, as of December 31, 2004.
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash	$	62,001		$	17,135		$	—		$	79,136
Temporary cash investments - at cost, which approximates market		561,207			167,393			—			728,600
Special deposits		—			—			—			—
Total cash and cash equivalents		623,208			184,526			—			807,736
Other temporary investments		—			—			—			—
Notes receivable		—			1,183,043			(1,179,951	)		3,092
Accounts receivable:
Customer		435,191			—			—			435,191
Allowance for doubtful accounts		(21,576	)		(2,182	)		—			(23,758	)
Associated companies		7,144			22,510			(29,654	)		—
Other		185,899			156,389			—			342,289
Accrued unbilled revenues		460,039			—			—			460,039
Total receivables		1,066,697			176,717			(29,654	)		1,213,761
Deferred fuel costs		85,911			—			—			85,911
Accumulated deferred income taxes		76,899			—			—			76,899
Fuel inventory - at average cost		125,454			1,797			—			127,251
Materials and supplies - at average cost		345,688			223,718			—			569,407
Deferred nuclear refueling outage costs		31,601			76,181			—			107,782
Prepayments and other		89,105			27,173			—			116,279
Total		2,444,563			1,873,157			(1,209,605	)		3,108,118
OTHER PROPERTY AND INVESTMENTS:
Investment in affiliates - at equity		8,054,793			512,571			(8,335,585	)		231,779
Decommissioning trust funds		1,051,901			1,401,505			—			2,453,406
Non-utility property - at cost (less accumulated depreciation)		217,906			1,812			—			219,717
Other		33,682			57,310			—			90,992
Total		9,358,282			1,973,198			(8,335,585	)		2,995,894
PROPERTY, PLANT AND EQUIPMENT:
Electric		27,193,633			1,863,661			(3,954	)		29,053,340
Property under capital lease		738,554			—			—			738,554
Natural gas		262,787			—			—			262,787
Construction work in progress		952,092			245,460			—			1,197,551
Nuclear fuel under capital lease		262,469			—			—			262,469
Nuclear fuel		34,326			286,487			—			320,813
Total property, plant and equipment		29,443,861			2,395,608			(3,954	)		31,835,514
Less - accumulated depreciation and amortization		12,905,551			234,332			–			13,139,883
Property, plant and equipment - net		16,538,310			2,161,276			(3,954	)		18,695,631
DEFERRED DEBITS AND OTHER ASSETS:
Regulatory assets:
SFAS 109 regulatory asset - net		746,413			—			—			746,413
Other regulatory assets		1,429,261			—			—			1,429,261
Long-term receivables		39,417			—			—			39,417
Goodwill		374,099			3,073			—			377,172
Other		796,166			744,861			(622,156	)		918,871
Total		3,385,356			747,934			(622,156	)		3,511,134
TOTAL ASSETS	$	31,726,511		$	6,755,565		$	(10,171,300	)	$	28,310,777

Totals may not foot due to rounding.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments $188 million as of 12/31/04 and $185 million as of 12/31/03.

16

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

2004 CONSOLIDATING BALANCE SHEET (unaudited)

	Utility/ Parent/ Other		Competitive Businesses			Eliminations			Consolidated
	In thousands, as of December 31, 2004.
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Currently maturing long-term debt	$	415,266	$	77,297		$	—		$	492,564
Notes payable:
Associated companies		770,623		409,356			(1,179,980	)		—
Other		43		150			—			193
Accounts payable:
Associated companies		14,781		10,811			(25,592	)		—
Other		722,148		174,380			—			896,528
Customer deposits		222,157		162			—			222,320
Taxes accrued		178,671		45,340			—			224,011
Accumulated deferred income taxes		—		—			—			—
Nuclear refueling outage costs		—		—			—			—
Interest accrued		142,329		2,149			—			144,478
Obligations under capital leases		133,847		—			—			133,847
Other		83,478		134,965			—			218,442
Total		2,683,343		854,610			(1,205,572	)		2,332,383
NON-CURRENT LIABILITIES:
Accumulated deferred income taxes and taxes accrued		5,205,074		(137,693	)		—			5,067,381
Accumulated deferred investment tax credits		399,228		—			—			399,228
Obligations under capital leases		146,060		—			—			146,060
Other regulatory liabilities		329,767		—			—			329,767
Decommissioning and retirement cost liabilities		1,327,988		738,289			—			2,066,277
Transition to competition		79,101		—			—			79,101
Regulatory reserves		103,061		—			—			103,061
Accumulated provisions		346,614		203,300			—			549,914
Long-term debt		6,648,504		409,719			(41,391	)		7,016,831
Preferred stock with sinking fund		17,400		—			—			17,400
Other		1,597,079		533,237			(588,983	)		1,541,331
Total		16,199,876		1,746,852			(630,374	)		17,316,351
Preferred stock without sinking fund		330,831		426,462			(391,937	)		365,356
SHAREHOLDERS’ EQUITY:
Common stock, $.01 par value, authorized 500,000,000 shares; issued 248,174,087 shares in 2004		2,205,191		1,091,856			(3,294,566	)		2,482
Paid-in capital		5,940,702		1,978,925			(3,084,252	)		4,835,375
Retained earnings		5,913,815		799,027			(1,728,541	)		4,984,302
Accumulated other comprehensive income (loss)		4,772		(98,851	)		626			(93,453	)
Less – treasury stock, at cost (31,345,028 shares in 2004)		1,552,019		43,316			(163,316	)		1,432,019
Total		12,512,461		3,727,641			(7,943,417	)		8,296,687
Commitments and Contingencies
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	31,726,511	$	6,755,565		$	(10,171,300	)	$	28,310,777

Totals may not foot due to rounding.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments $188 million as of 12/31/04 and $185 million as of 12/31/03.

17

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF CASH FLOW

	2004			2003			2002			2001			2000
	In thousands, for the years ended December 31,
OPERATING ACTIVITIES:
Consolidated net income	$	933,049		$	950,467		$	623,072		$	750,507		$	710,915
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
Reserve for regulatory adjustments		33,533			13,090			18,848			(359,199	)		18,482
Other regulatory credits - net		(90,611	)		(13,761	)		(141,836	)		(20,510	)		34,073
Depreciation, amortization, and decommissioning		1,045,122			996,603			915,597			749,619			785,609
Deferred income taxes and investment tax credits		275,458			1,189,531			(256,664	)		87,752			124,457
Cumulative effect of accounting changes		—			(137,074	)		—			(23,482	)		—
Equity in undistributed (loss) earnings of
unconsolidated equity affiliates - net of dividends		608,141			(176,036	)		(181,878	)		(150,799	)		(13,715	)
Provision for turbine commitments, asset
impairments, and restructuring charges		55,000			(7,743	)		428,456			—			—
Changes in working capital:
Receivables		(210,419	)		(140,612	)		(43,957	)		302,230			(437,146	)
Fuel inventory		(16,769	)		(14,015	)		1,030			(3,419	)		(20,447	)
Accounts payable		95,306			(60,164	)		286,230			(415,160	)		543,606
Taxes accrued		75,055			(882,446	)		462,956			486,676			20,871
Interest accrued		5,269			(35,837	)		7,209			17,287			45,789
Deferred fuel		213,627			(33,874	)		156,181			495,007			(38,001	)
Other working capital accounts		41,008			16,809			(286,232	)		(39,978	)		102,336
Provision for estimated losses and reserves		(18,041	)		196,619			10,533			19,093			6,019
Changes in other regulatory assets		48,626			22,671			71,132			119,215			(66,903	)
Other		(164,035	)		121,592			111,026			200,709			151,902
Net cash flow provided by operating activities		2,929,319			2,005,820			2,181,703			2,215,548			1,967,847
INVESTING ACTIVITIES:
Construction/capital expenditures		(1,410,610	)		(1,568,943	)		(1,530,301	)		(1,380,417	)		(1,493,717	)
Allowance for equity funds used during construction		39,582			42,710			31,658			26,209			32,022
Nuclear fuel purchases		(238,170	)		(224,308	)		(250,309	)		(130,670	)		(121,127	)
Proceeds from sale/leaseback of nuclear fuel		109,988			150,135			183,664			71,964			117,154
Proceeds from sale of assets and businesses		75,430			25,987			215,088			784,282			61,519
Investment in non-utility properties		(6,420	)		(71,438	)		(216,956	)		(647,015	)		(222,119	)
Decrease (increase) in other investments		383,498			172,187			38,964			(631,975	)		(15,943	)
Changes in other temporary investments		50,000			(50,000	)		150,000			(150,000	)		321,351
Decommissioning trust contributions and realized change in trust assets		(89,807	)		(91,518	)		(84,914	)		(95,571	)		(63,805	)
Other regulatory investments		(53,566	)		(156,446	)		(39,390	)		(3,460	)		(385,331	)
Other		—			(11,496	)		114,033			(68,067	)		(44,016	)
Net cash flow used in investing activities		(1,140,075	)		(1,783,130	)		(1,388,463	)		(2,224,720	)		(1,814,012	)
FINANCING ACTIVITIES:
Proceeds from the issuance of:
Long-term debt		1,059,824			2,221,164			1,197,330			682,402			904,522
Common stock and treasury stock		170,237			217,521			130,061			64,345			41,908
Retirement of long-term debt		(1,478,894	)		(2,409,917	)		(1,341,274	)		(962,112	)		(181,329	)
Repurchase of common stock		(1,017,996	)		(8,135	)		(118,499	)		(36,895	)		(550,206	)
Redemption of preferred stock		(3,450	)		(3,450	)		(1,858	)		(39,574	)		(157,658	)
Changes in credit line borrowings - net		49,846			(499,975	)		244,333			(37,004	)		267,000
Dividends paid:
Common stock		(427,901	)		(362,814	)		(298,991	)		(269,122	)		(271,019	)
Preferred stock		(23,525	)		(23,524	)		(23,712	)		(24,044	)		(32,400	)
Net cash flow provided by (used in) financing activities		(1,671,859	)		(869,130	)		(212,610	)		(622,004	)		20,818
Effect of exchange rates on cash and cash equivalents		(1,882	)		3,345			3,125			325			(5,948	)
Net increase (decrease) in cash and cash equivalents		115,503			(643,095	)		583,755			(630,851	)		168,705
Cash and cash equivalents at beginning of period		692,233			1,335,328			751,573			1,382,424			1,213,719
Cash and cash equivalents at end of period	$	807,736		$	692,233		$	1,335,328		$	751,573		$	1,382,424

Certain prior year data has been reclassified to conform with current year presentation.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments $188 million as of 12/31/04 and $185 million as of 12/31/03.

18

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF CASH FLOW

	2004		2003		2002			2001			2000
	In thousands, for the years ended December 31,
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest – net of amount capitalized	$	477,768	$	552,017	$	633,931		$	708,748		$	505,414
Income taxes	$	28,241	$	188,709	$	57,856		$	(113,466	)	$	345,361
Noncash investing and financing activities:
Debt assumed by the Damhead Creek purchaser		—		—	$	488,432			—			—
Decommissioning trust funds acquired in nuclear power plant acquisitions		—		—	$	310,000		$	430,000			—
Long-term debt refunded with proceeds from long-term debt issued in prior period		—		—	$	(47,000	)		—			—
Proceeds from long-term debt issued for the purpose of refunding prior long-term debt		—		—		—		$	47,000			—
Acquisition of Indian Point 3 and FitzPatrick:
Fair value of assets acquired		—		—		—			—		$	917,667
Initial cash paid at closing		—		—		—			—		$	50,000
Liabilities assumed and notes issued to seller		—		—		—			—		$	867,667

CASH FLOW INFORMATION BY BUSINESS

	Utility/ Parent/ Other		Entergy Nuclear		Energy Commodity Services		Consolidated
	For the years ended December 31, 2004, 2003, 2002, 2001, and 2000.
			($ thousands)
2004
Net cash flow provided by operating activities	2,034,882		414,518		479,919		2,929,319
Net cash flow provided by (used in) investing activities	(1,002,664	)	(386,023	)	248,612		(1,140,075	)
Net cash flow used in financing activities	(909,431	)	(37,894	)	(724,534	)	(1,671,859	)
2003
Net cash flow provided by (used in) operating activities	1,934,587		182,524		(111,291	)	2,005,820
Net cash flow used in investing activities	(1,520,097	)	(184,913	)	(78,120	)	(1,783,130	)
Net cash flow provided by (used in) financing activities	(1,028,623	)	(6,672	)	166,165		(869,130	)
2002
Net cash flow provided by (used in) operating activities	1,903,828		281,589		(3,714	)	2,181,703
Net cash flow used in investing activities	(949,039	)	(438,664	)	(760	)	(1,388,463	)
Net cash flow provided by (used in) financing activities	(322,621	)	176,162		(66,151	)	(212,610	)
2001
Net cash flow provided by (used in) operating activities	2,080,010		263,476		(127,938	)	2,215,548
Net cash flow provided by (used in) investing activities	(1,301,251	)	(1,061,820	)	138,351		(2,224,720	)
Net cash flow provided by (used in) financing activities	(766,375	)	292,872		(148,501	)	(622,004	)
2000
Net cash flow provided by operating activities	1,811,269		92,286		64,292		1,967,847
Net cash flow used in investing activities	(1,201,441	)	(65,547	)	(547,024	)	(1,814,012	)
Net cash flow provided by (used in) financing activities	(1,117,957	)	599,827		538,948		20,818

Certain prior year data has been reclassified to conform with current year presentation.

19

CONSOLIDATED FINANCIAL RESULTS

FINANCIAL RESULTS

CONSOLIDATED STATEMENTS OF RETAINED EARNINGS, COMPREHENSIVE INCOME, AND PAID–IN CAPITAL

	2004						2003						2002						2001						2000
	In thousands, for the years ended December 31,
RETAINED EARNINGS
Retained Earnings – Beginning of period	$	4,502,508					$	3,938,693					$	3,638,448					$	3,190,639					$	2,786,467
Add: Earnings applicable to common stock		909,524		$	909,524			926,943		$	926,943			599,360		$	599,360			726,196		$	726,196			679,294		$	679,294
Deduct:
Dividends declared on common stock		427,740						362,941						299,031						278,342						275,929
Capital stock and other expenses		(10	)					187						84						45						(807	)
Total		427,730						363,128						299,115						278,387						275,122
Retained Earnings – End of period	$	4,984,302					$	4,502,508					$	3,938,693					$	3,638,448					$	3,190,639
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Net of taxes)
Balance at beginning of period:
Accumulated derivative instrument fair value changes	$	(25,811	)				$	17,313					$	(17,973	)				$	—					$	—
Other accumulated comprehensive (loss) items		18,016						(39,673	)					(70,821	)					(75,033	)					(73,805	)
Total		(7,795	)					(22,360	)					(88,794	)					(75,033	)					(73,805	)
Cumulative effect to January 1, 2001 of accounting change regarding fair value of derivative instruments		—						—						—						(18,021	)					—
Net derivative instrument fair value changes arising during the period		(115,600	)		(115,600	)		(43,124	)		(43,124	)		35,286			35,286			48			48			—			—
Foreign currency translation		1,882			1,882			4,169			4,169			65,948			(15,487	)		4,615			4,615			(5,216	)		(5,216	)
Minimum pension liability		2,762			2,762			1,153			1,153			(10,489	)		(10,489	)		—			—			—			—
Net unrealized investment gains (losses)		25,298			25,298			52,367			52,367			(24,311	)		(24,311	)		(403	)		(403	)		3,988			3,988
Balance at end of period:
Accumulated derivative instrument fair value changes		(141,411	)					(25,811	)					17,313						(17,973	)					—
Other accumulated comprehensive income (loss) items		47,958						18,016						(39,673	)					(70,821	)					(75,033	)
Total	$	(93,453	)				$	(7,795	)				$	(22,360	)				$	(88,794	)				$	(75,033	)
Comprehensive Income				$	823,866					$	941,508					$	584,359					$	730,456					$	678,066
PAID-IN CAPITAL
Paid-in Capital – Beginning of period	$	4,767,615					$	4,666,753					$	4,662,704					$	4,660,483					$	4,636,163
Add:
Common stock issuances related to stock plans		67,760						100,862						4,049						2,221						24,320
Paid-in Capital – End of period	$	4,835,375					$	4,767,615					$	4,666,753					$	4,662,704					$	4,660,483

Certain prior year data has been reclassified to conform with current year presentation.

20

CONSOLIDATED FINANCIAL RESULTS

CONSOLIDATED QUARTERLY FINANCIAL METRICS

	2004					2003						YTD% CHANGE
	1Q	2Q	3Q	4Q	YTD	1Q	2Q	3Q	4Q		YTD
GAAP MEASURES
As-Reported Earnings ($ millions)	207.2	265.2	282.2	154.9	909.5	395.0	205.6	365.8	(39.5	)	926.9	(2	)
ROIC – As-Reported (%)*	6.2	6.4	5.9	7.3	7.3	8.7	8.0	8.0	7.4		7.4	(1	)
ROE – As-Reported (%)*	8.6	9.3	8.1	10.7	10.7	13.7	12.9	12.6	11.2		11.2	(4	)
Net Margin – As-Reported (%)*	7.9	8.4	7.3	9.0	9.0	12.7	11.9	11.6	10.1		10.1	(11	)
Cash Flow Interest Coverage (# times)*	5.77	5.97	6.39	7.11	7.11	4.41	4.54	4.28	5.05		5.05	41
Debt to Capital Ratio (%)*	47.3	47.4	46.8	47.4	47.4	49.5	50.9	48.4	47.5		47.5	—
NON-GAAP MEASURES
Operational Earnings ($ millions)	192.1	252.2	321.7	113.6	879.5	256.0	270.5	365.8	89.1		981.5	(10	)
ROIC – Operational (%)*	7.2	7.0	6.7	7.1	7.1	7.9	7.5	7.6	7.7		7.7	(8	)
ROE – Operational (%)*	10.7	10.4	9.7	10.4	10.4	12.0	11.7	11.7	11.9		11.9	(13	)
Net Margin – Operational (%)*	9.8	9.4	8.7	8.7	8.7	11.1	10.8	10.8	10.7		10.7	(19	)
Net Debt to Net Capital Ratio (%)*(a)	44.5	45.5	44.9	44.7	44.7	48.3	47.8	46.6	45.3		45.3	(1	)

* Trailing twelve months. Totals may not foot due to rounding.

^(a) Reclassification of amounts from cash and cash equivalents in first quarter 2005 impacts this ratio.

CONSOLIDATED CAPITAL EXPENDITURES

HISTORICAL CAPITAL EXPENDITURES

	2004	2003	2002	2001	2000
	($ millions)
Utility/Parent/Other	1,166	1,267	1,156	1,132	1,089
Entergy Nuclear	243	281	348	705	64
Energy Commodity Services	8	92	244	190	562
Total	1,417	1,640	1,748	2,027	1,715

PLANNED CAPITAL EXPENDITURES

	2005	2006	2007
	($ millions)
Maintenance Capital:
Utility/Parent/Other	745	718	774
Entergy Nuclear	72	72	60
Energy Commodity Services	3	4	6
Total planned maintenance capital	820	794	840
Capital Commitments:
Utility/Parent/Other	571	349	201
Entergy Nuclear	90	67	43
Energy Commodity Services	—	—	—
Total planned capital commitments	661	416	244
Total planned capital expenditures	1,481	1,210	1,084

ENTERGY CORPORATION SECURITIES DETAIL

ENTERGY CORPORATION LONG-TERM DEBT

				Maturity Date	First Call Date	Current or First Call Price	As of December 31,
CUSIP		Rate					2004	2003	2002
							($ millions)
	Bank Credit Facility			(a)			50	—	535
	Bank Term Loan	2.98	%	2005			60	60	60
	Bank Term Loan	3.08	%	2008			35	35	—
29364GA*4	6.17% Notes	6.17	%	03/08	Now	MW (T+.50%)	72	72	—
29364GB*3	6.23% Notes	6.23	%	03/08	Now	MW (T+.50%)	15	15	—
29364GAC7	6.13% Notes	6.13	%	09/08	Now	MW (T+.50%)	150	150	—
29364GAA1	7.75% Notes	7.75	%	12/09	Now	MW (T+.50%)	267	267	267
29364GAB9	6.58% Notes	6.58	%	05/10	Now	MW (T+.50%)	75	75	—
29364GB@1	6.9% Notes	6.90	%	11/10	Now	MW (T+.50%)	140	140	—
29364GA@2	7.06% Notes	7.06	%	03/11	Now	MW (T+.50%)	86	86	—
Total							950	900	862

^(a) At December 31, 2004, Entergy Corporation had in place two separate revolving credit facilities, a 5-year credit facility and a 3-year credit facility. The 5-year credit facility, which expires in December 2009, has a borrowing capacity of $500 million, none of which was outstanding at December 31, 2004. The 3-year credit facility, which expires in May 2007, has a borrowing capacity of $965 million, of which $50 million was outstanding at December 31, 2004.

21

UTILITY SELECTED DATA

UTILITY

UTILITY QUARTERLY FINANCIAL METRICS

	2004					2003						YTD % CHANGE
	1Q	2Q	3Q	4Q	YTD	1Q	2Q	3Q	4Q		YTD
GAAP MEASURES
As-Reported Earnings ($ millions)	115.7	195.0	258.0	74.7	643.4	107.8	121.7	272.9	(33.4	)	469.1	37
ROIC – As-Reported (%)*	6.0	6.3	6.3	7.2	7.2	7.1	6.2	6.6	5.9		5.9	22
ROE – As-Reported (%)*	8.7	9.9	9.6	11.6	11.6	10.7	9.2	9.7	8.7		8.7	33
Debt to Capital Ratio (%)*	53.8	52.5	52.1	51.7	51.7	53.4	56.4	53.8	54.1		54.1	(4	)
NON-GAAP MEASURES
Operational Earnings ($ millions)	115.7	195.0	258.0	74.7	643.4	129.1	187.3	272.9	36.7		626.1	3
ROIC – Operational (%)*	7.0	6.9	6.8	7.2	7.2	7.3	6.9	7.3	7.1		7.1	1
ROE – Operational (%)*	11.2	11.2	10.8	11.6	11.6	11.0	10.8	11.2	11.5		11.5	1
Net Debt to Net Capital Ratio (%)*	51.8	51.5	51.1	49.3	49.3	52.6	53.2	52.6	52.6		52.6	(6	)

* Trailing twelve months

Totals may not foot due to rounding.

UTILITY ANNUAL FINANCIAL METRICS

	2004	2003	2002	2001	2000
GAAP MEASURES
As-Reported Earnings ($ millions)	643.4	469.1	583.2	550.2	586.6
ROIC – As-Reported (%)*	7.2	5.9	6.9	7.2	7.5
ROE – As-Reported (%)*	11.6	8.7	10.7	10.0	11.1
Debt to Capital Ratio (%)*	51.7	54.1	55.5	54.7	54.3
NON-GAAP MEASURES
Operational Earnings ($ millions)	643.4	626.1	583.2	552.6	608.1
ROIC – Operational (%)*	7.2	7.1	6.9	7.2	7.7
ROE – Operational (%)*	11.6	11.5	10.7	10.1	11.5
Net Debt to Net Capital Ratio (%)*	49.3	52.6	51.4	53.1	53.0

* Trailing twelve months

UTILITY HISTORICAL CAPITAL EXPENDITURES

	2004	2003	2002	2001	2000
	($ millions)
Entergy Arkansas	270	335	277	281	369
Entergy Gulf States	358	349	355	318	278
Entergy Louisiana	240	258	210	203	203
Entergy Mississippi	163	189	158	160	121
Entergy New Orleans	51	66	58	61	49
System Energy Resources	32	18	40	40	37
Other	37	18	34	47	23
Total	1,152	1,233	1,132	1,110	1,080

UTILITY PLANNED CAPITAL EXPENDITURES

	2005		2006		2007
	Maintenance Capital	Capital Commitments	Maintenance Capital	Capital Commitments	Maintenance Capital	Capital Commitments
	($ millions)
Entergy Arkansas	179	142	169	53	183	49
Entergy Gulf States	216	59	205	45	219	35
Entergy Louisiana	135	320	136	97	159	79
Entergy Mississippi	138	9	120	126	125	9
Entergy New Orleans	46	1	40	—	51	4
System Energy Resources	12	26	14	28	15	24
Other	8	14	15	—	11	1
Total	734	571	699	349	763	201

UTILITYSECURITIES RATINGS (OUTLOOK)

	Mortgage Bonds			Preferred Stock
	Moody’s	S&P	Fitch	Moody’s	S&P	Fitch
	(As of May 2005)
Entergy Arkansas, Inc.	Baa1 (stable)	A– (stable)	BBB+ (stable)	Ba1	BB+	BBB–
Entergy Gulf States, Inc.	Baa3 (stable)	BBB+ (stable)	BBB (stable)	Ba3	BB+	BB+
Entergy Louisiana, Inc.	Baa1 (stable)	A– (stable)	BBB+ (stable)	Ba1	BB+	BBB–
Entergy Mississippi, Inc.	Baa2 (stable)	A– (stable)	BBB+ (stable)	Ba2	BB+	BBB–
Entergy New Orleans, Inc.	Baa2 (stable)	A– (stable)	BBB (negative)	Ba2	BB+	BB+
System Energy Resources, Inc.	Baa3 (stable)	BBB (stable)	BBB– (stable)	N/A	N/A	N/A

22

UTILITY FINANCIAL RESULTS

2004 UTILITY/PARENT/OTHER CONSOLIDATING INCOME STATEMENT (unaudited)

	EAI			EGSI			ELI			EMI			ENOI			SERI			Parent/Other Eliminations			Utility/ Parent/ Other
	In thousands, for the year ending December 31, 2004
OPERATING REVENUES:
Domestic electric	$	1,653,145		$	2,821,296		$	2,226,986		$	1,213,629		$	588,457		$	545,381		$	(1,114,582	)	$	7,934,312
Natural gas		—			61,088			—			—			147,411			—			—			208,499
Competitive businesses		—			—			—			—			—			—			486,804			486,804
Total		1,653,145			2,882,384			2,226,986			1,213,629			735,868			545,381			(627,778	)		8,629,615
OPERATING EXPENSES:
Operation and maintenance:
Fuel, fuel-related expenses, and gas purchased for resale		210,394			772,914			671,549			335,271			245,301			38,337			(1,158	)		2,272,610
Purchased power		484,849			969,779			667,893			436,013			256,190			—			(706,566	)		2,108,160
Nuclear refueling outage expenses		24,568			15,969			13,633			—			—			12,655			—			66,824
Other operation and maintenance		384,424			445,413			367,824			178,007			107,874			96,809			33,720			1,614,071
Decommissioning		32,902			13,645			21,958			—			—			23,434			—			91,939
Taxes other than income taxes		35,848			118,081			68,999			53,443			43,577			24,364			10,314			354,627
Depreciation and amortization		206,926			197,234			197,380			65,452			29,657			127,081			6,736			830,464
Other regulatory credits – net		(20,501	)		(10,070	)		(43,765	)		(1,171	)		(4,670	)		(10,433	)		—			(90,611	)
Total		1,359,410			2,522,965			1,965,471			1,067,015			677,929			312,247			(656,954	)		7,248,084
OPERATING INCOME		293,735			359,419			261,515			146,614			57,939			233,134			29,176			1,381,531
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used during construction		11,737			13,027			7,494			4,402			1,378			1,544			—			39,582
Interest and dividend income		10,298			15,753			8,209			2,550			720			6,870			39,160			83,560
Miscellaneous – net		(6,354	)		36,180			(929	)		(1,508	)		270			841			(4,800	)		23,700
Total		15,681			64,960			14,774			5,444			2,368			9,255			34,360			146,842
INTEREST AND OTHER CHARGES:
Interest on long-term debt		79,521			125,356			70,210			41,681			15,357			58,561			56,825			447,510
Other interest – net		4,909			8,242			3,931			2,956			1,253			367			21,522			43,179
Allowance for borrowed funds used during construction		(6,288	)		(9,771	)		(4,822	)		(3,116	)		(1,243	)		(500	)		—			(25,741	)
Total		78,142			123,827			69,319			41,521			15,367			58,428			78,347			464,948
INCOME BEFORE INCOME TAXES		231,274			300,552			206,970			110,537			44,940			183,961			(14,811	)		1,063,425
Income taxes		89,064			108,288			79,475			37,040			16,868			78,013			(29,620	)		379,129
NET INCOME		142,210			192,264			127,495			73,497			28,072			105,948			14,809			684,296
Preferred dividend requirements and other		7,776			4,472			6,714			3,369			965			—			(13	)		23,283
EARNINGS APPLICABLE TO COMMON STOCK	$	134,434		$	187,792		$	120,781		$	70,128		$	27,107		$	105,948		$	14,822		$	661,013

Totals may not foot due to rounding.

23

UTILITY FINANCIAL RESULTS

2004 UTILITY/PARENT/OTHER CONSOLIDATING BALANCE SHEET (unaudited)

	EAI			EGSI			ELI			EMI			ENOI			SERI		Parent/Other Eliminations			Utility/ Parent/ Other
	In thousands, as of December 31, 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash	$	7,133		$	5,627		$	3,875		$	4,716		$	2,998		$	399	$	37,253		$	62,001
Temporary cash investments – at cost, which approximates market		82,611			1,347			142,174			75,680			4,956			215,956		38,483			561,207
Total cash and cash equivalents		89,744			6,974			146,049			80,396			7,954			216,355		75,736			623,208
Accounts receivable:
Customer		87,131			124,801			88,154			68,821			47,356			—		18,928			435,191
Allowance for doubtful accounts		(11,039	)		(2,687	)		(3,135	)		(1,126	)		(3,492	)		—		(97	)		(21,576	)
Associated companies		72,472			13,980			43,121			22,616			12,223			111,588		(268,856	)		7,144
Other		72,425			40,697			13,070			12,133			7,329			3,733		36,512			185,899
Accrued unbilled revenues		71,643			137,719			143,453			34,348			24,848			—		48,028			460,039
Total receivables		292,632			314,510			284,663			136,792			88,264			115,321		(165,485	)		1,066,697
Deferred fuel costs		7,368			90,124			8,654			—			2,559			—		(22,794	)		85,911
Accumulated deferred income taxes		27,306			14,339			12,712			27,924			—			—		(5,382	)		76,899
Fuel inventory – at average cost		4,298			49,658			—			4,137			4,181			—		63,180			125,454
Materials and supplies – at average cost		85,076			101,922			77,665			18,414			9,150			53,427		34			345,688
Deferred nuclear refueling outage costs		16,485			—			5,605			—			—			9,510		1			31,601
Prepayments and other		6,154			20,556			6,861			15,413			3,467			1,007		35,647			89,105
Total		529,063			598,083			542,209			283,076			115,575			395,620		(19,063	)		2,444,563
OTHER PROPERTY AND INVESTMENTS:
Investment in affiliates – at equity		11,208			—			14,230			5,531			3,259			—		8,020,565			8,054,793
Decommissioning trust funds		383,784			290,952			172,083			—			—			205,083		(1	)		1,051,901
Non-utility property – at cost (less accumulated depreciation)		1,453			94,052			21,176			6,465			—			—		94,760			217,906
Other		2,976			22,012			4			—			—			—		8,690			33,682
Total		399,421			407,016			207,493			11,996			3,259			205,083		8,124,014			9,358,282
UTILITY PLANT:
Electric		6,124,359			8,418,119			5,985,889			2,385,465			699,072			3,232,314		348,415			27,193,633
Property under capital lease		17,500			—			250,964			95			—			469,993		2			738,554
Natural gas		—			78,627			—			—			183,728			—		432			262,787
Construction work in progress		226,172			331,703			188,848			89,921			33,273			28,743		53,432			952,092
Nuclear fuel under capital lease		93,855			71,279			31,655			—			—			65,572		108			262,469
Nuclear fuel		12,201			—			—			—			—			—		22,125			34,326
Total Utility Plant		6,474,087			8,899,728			6,457,356			2,475,481			916,073			3,796,622		424,514			29,443,861
Less – accumulated depreciation and amortization		2,753,525			4,047,182			2,799,936			870,188			435,519			1,780,450		218,751			12,905,551
Utility plant – net		3,720,562			4,852,546			3,657,420			1,605,293			480,554			2,016,172		205,763			16,538,310
DEFERRED DEBITS AND OTHER ASSETS:
Regulatory assets:
SFAS 109 regulatory asset – net		101,658			444,799			132,686			17,628			—			96,047		(46,405	)		746,413
Other regulatory assets		400,174			285,017			302,456			82,674			40,354			296,305		22,281			1,429,261
Long-term receivables		—			23,228			10,736			4,510			2,492			—		(1,549	)		39,417
Goodwill		—			—			—			—			—			—		374,099			374,099
Other		42,514			44,713			25,994			31,009			20,540			19,578		611,818			796,166
Total		544,346			797,757			471,872			135,821			63,386			411,930		960,244			3,385,356
TOTAL ASSETS	$	5,193,392		$	6,655,402		$	4,878,994		$	2,036,186		$	662,774		$	3,028,805	$	9,270,958		$	31,726,511

Totals may not foot due to rounding.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments. See Consolidated Balance Sheets and Statements of Cash Flow.

24

UTILITY FINANCIAL RESULTS

2004 UTILITY/PARENT/OTHER CONSOLIDATING BALANCE SHEET (unaudited)

	EAI		EGSI		ELI			EMI			ENOI		SERI		Parent/Other Eliminations			Utility/ Parent/ Other
	In thousands, as of December 31, 2004
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Currently maturing long-term debt	$	147,000	$	98,000	$	55,000		$	—		$	30,000	$	25,266	$	60,000		$	415,266
Notes payable		—		—		—			—			—		—		770,666			770,666
Accounts payable:
Associated companies		68,829		153,069		57,681			65,806			30,563		3,880		(365,047	)		14,781
Other		89,896		147,337		128,523			25,543			44,149		21,051		265,649			722,148
Customer deposits		41,639		53,229		66,963			37,333			17,187		—		5,806			222,157
Taxes accrued		35,874		22,882		7,268			40,106			2,592		46,468		23,481			178,671
Accumulated deferred income taxes		—		—		—			—			1,906		3,477		(5,383	)		—
Nuclear refueling outage costs		—		—		—			—			—		—		—			—
Interest accrued		21,376		32,742		18,438			12,487			4,757		42,998		9,531			142,329
Deferred fuel costs		—		—		—			22,793			—		—		(22,793	)		—
Obligations under capital leases		49,816		33,518		22,753			43			—		27,716		1			133,847
Energy efficient program provision		—		—		—			—			6,611		—		(6,611	)		—
Other		19,648		19,912		10,428			8,341			3,477		1,621		20,051			83,478
Total		474,078		560,689		367,054			212,452			141,242		172,477		755,351			2,683,343
NON-CURRENT LIABILITIES:
Accumulated deferred income taxes and taxes accrued		1,121,623		1,533,804		1,805,410			438,321			47,062		421,466		(162,612	)		5,205,074
Accumulated deferred investment tax credits		68,452		138,616		96,130			13,687			3,997		75,612		2,734			399,228
Obligations under capital leases		61,538		37,711		8,903			52			—		37,855		1			146,060
SFAS 109 regulatory liability – net		—		—		—			—			46,406		—		(46,406	)		—
Other regulatory liabilities		67,362		34,009		51,260			—			—		210,863		(33,727	)		329,767
Decommissioning and retirement cost liabilities		492,745		152,095		347,255			—			—		335,893		—			1,327,988
Transition to competition		—		79,098		—			—			—		—		3			79,101
Regulatory reserves		—		81,455		—			—			—		—		21,606			103,061
Accumulated provisions		34,977		66,875		92,653			12,718			9,323		2,378		127,690			346,614
Long-term debt		1,191,763		1,891,478		930,695			695,073			199,902		849,593		890,000			6,648,504
Preferred stock with sinking fund		—		17,400		—			—			—		—		—			17,400
Other		237,447		229,408		106,815			76,071			40,600		28,084		878,654			1,597,079
Total		3,275,907		4,261,949		3,439,121			1,235,922			347,290		1,961,744		1,677,943			16,199,876
Preferred stock without sinking fund		116,350		47,327		100,500			50,381			19,780		—		(3,507	)		330,831
SHAREHOLDERS’ EQUITY:
Common stock		470		114,055		1,088,900			199,326			33,744		789,350		(20,654	)		2,205,191
Paid-in capital/capital stock expense and other		591,127		1,157,486		(1,718	)		(59	)		36,294		—		4,157,572			5,940,702
Retained earnings		735,460		513,182		5,137			338,164			84,424		105,234		4,132,214			5,913,815
Accumulated other comprehensive income:		—		714		—			—			—		—		4,058			4,772
Less – treasury stock, at cost		—		—		120,000			—			—		—		1,432,019			1,552,019
Total		1,327,057		1,785,437		972,319			537,431			154,462		894,584		6,841,171			12,512,461
Commitments and Contingencies
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,193,392	$	6,655,402	$	4,878,994		$	2,036,186		$	662,774	$	3,028,805	$	9,270,958		$	31,726,511

Totals may not foot due to rounding.

In first quarter 2005, Entergy reclassed from cash and cash equivalents to other temporary investments $188 million as of 12/31/04 and $185 million as of 12/31/03 at consolidated level. See Consolidated Balance Sheets and Statements of Cash Flow.

25

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS

	2004	2003		2002	2001		2000
ENTERGY ARKANSAS, INC.
As-Reported Earnings ($ millions)	134.4	118.2		127.9	170.4		129.3
Less Special Items ($ millions)	—	(28.4	)	—	(0.4	)	—
Operational Earnings ($ millions)	134.4	146.6		127.9	170.8		129.3
ROE – As-Reported (%)	10.3	9.4		10.4	14.4		11.8
ROE – Operational (%)	10.3	11.7		10.4	14.4		11.8
ROIC – As-Reported (%)	6.6	6.2		6.8	8.7		7.5
ROIC – Operational (%)	6.6	7.1		6.8	8.7		7.5
Cash Flow Interest Coverage (# times)	6.7	6.3		4.7	4.9		5.6
Debt to Capital Ratio (%)	50.1	51.2		53.7	53.6		53.6
Net Debt to Net Capital Ratio (%)	48.5	51.1		52.1	51.9		53.5
Total Debt ($ millions)	1,450	1,465		1,560	1,555		1,448
Total Preferred ($ millions)	116	116		116	116		116
Total Equity ( $ millions)	1,327	1,278		1,230	1,228		1,140
ENTERGY GULF STATES, INC.
As-Reported Earnings ($ millions)	187.8	37.9		169.2	174.4		170.3
Less Special Items ($ millions)	—	(102.4	)	—	(0.4	)	—
Operational Earnings ($ millions)	187.8	140.3		169.2	174.8		170.3
ROE – As-Reported (%)	10.8	2.2		10.0	10.9		11.3
ROE – Operational (%)	10.8	8.2		10.0	10.9		11.3
ROIC – As-Reported (%)	6.6	3.1		6.3	7.3		7.5
ROIC – Operational (%)	6.6	5.6		6.3	7.3		7.5
Cash Flow Interest Coverage (# times)	6.3	4.0		4.8	3.1		3.6
Debt to Capital Ratio (%)	52.9	58.1		57.2	57.1		56.4
Net Debt to Net Capital Ratio (%)	52.8	55.9		53.7	55.8		55.6
Total Debt ($ millions)	2,078	2,439		2,401	2,289		2,113
Total Preferred ($ millions)	47	47		72	74		78
Total Equity ( $ millions)	1,785	1,695		1,725	1,643		1,552
ENTERGY LOUISIANA, INC.
As-Reported Earnings ($ millions)	120.8	139.4		138.0	125.1		153.2
Less Special Items ($ millions)	—	(12.6	)	—	(0.4	)	(21.5	)
Operational Earnings ($ millions)	120.8	152.0		138.0	125.5		174.7
ROE – As-Reported (%)	12.5	14.4		12.5	10.1		12.9
ROE – Operational (%)	12.5	15.7		12.5	10.2		14.7
ROIC – As-Reported (%)	8.2	8.7		8.1	7.3		8.4
ROIC – Operational (%)	8.2	9.3		8.1	7.3		9.1
Cash Flow Interest Coverage (# times)	7.2	7.0		11.7	4.8		3.3
Debt to Capital Ratio (%)	48.7	47.5		53.8	51.6		51.2
Net Debt to Net Capital Ratio (%)	44.8	47.3		46.6	50.9		50.5
Total Debt ($ millions)	1,017	968		1,250	1,417		1,446
Total Preferred ($ millions)	101	101		101	101		136
Total Equity ( $ millions)	972	968		974	1,288		1,237

26

UTILITY FINANCIAL RESULTS

UTILITY SELECTED ANNUAL FINANCIAL METRICS (CONTINUED)

	2004	2003		2002		2001		2000
ENTERGY MISSISSIPPI, INC.
As-Reported Earnings ($ millions)	70.1	63.7		49.0		36.5		35.6
Less Special Items ($ millions)	—	(4.5	)	—		(0.4	)	—
Operational Earnings ($ millions)	70.1	68.2		49.0		36.9		35.6
ROE – As-Reported (%)	13.3	12.8		10.4		8.1		8.2
ROE – Operational (%)	13.3	13.7		10.4		8.2		8.2
ROIC – As-Reported (%)	7.7	7.2		6.4		6.2		6.5
ROIC – Operational (%)	7.7	7.6		6.4		6.2		6.5
Cash Flow Interest Coverage (# times)	7.3	7.0		4.7		4.6		5.2
Debt to Capital Ratio (%)	54.2	56.4		59.0		56.2		54.2
Net Debt to Net Capital Ratio (%)	51.1	54.1		53.7		54.1		54.0
Total Debt ($ millions)	695	730		765		655		585
Total Preferred ($ millions)	50	50		50		50		50
Total Equity ( $ millions)	537	514		482		460		443
ENTERGY NEW ORLEANS, INC.
As-Reported Earnings ($ millions)	27.1	6.9		(1.2	)	(3.2	)	15.6
Less Special Items ($ millions)	—	(3.0	)	—		(0.4	)	—
Operational Earnings ($ millions)	27.1	9.9		(1.2	)	(2.8	)	15.6
ROE – As-Reported (%)	18.9	5.3		(0.9	)	(2.4	)	11.8
ROE – Operational (%)	18.9	7.6		(0.9	)	(2.1	)	11.8
ROIC – As-Reported (%)	9.6	4.6		3.4		2.4		7.7
ROIC – Operational (%)	9.6	5.4		3.4		2.5		7.7
Cash Flow Interest Coverage (# times)	5.2	1.6		4.4		5.3		3.0
Debt to Capital Ratio (%)	56.9	60.1		60.7		60.4		56.3
Net Debt to Net Capital Ratio (%)	56.0	59.6		52.3		55.9		55.5
Total Debt ($ millions)	230	229		229		229		199
Total Preferred ($ millions)	20	20		20		20		20
Total Equity ( $ millions)	154	133		129		131		135
SYSTEM ENERGY RESOURCES, INC.
As-Reported Earnings ($ millions)	105.9	106.0		103.4		116.4		93.7
Less Special Items ($ millions)	—	(6.1	)	—		(0.4	)	—
Operational Earnings ($ millions)	105.9	112.1		103.4		116.8		93.7
ROE – As-Reported (%)	11.9	11.9		11.6		13.0		10.5
ROE – Operational (%)	11.9	12.6		11.6		13.1		10.5
ROIC – As-Reported (%)	7.7	7.9		8.0		10.3		8.0
ROIC – Operational (%)	7.7	8.2		8.0		10.3		8.0
Cash Flow Interest Coverage (# times)	6.4	2.7		4.0		2.2		4.3
Debt to Capital Ratio (%)	51.2	51.2		52.3		52.7		55.9
Net Debt to Net Capital Ratio (%)	44.7	49.7		49.3		51.4		51.0
Total Debt ($ millions)	940	936		979		993		1,132
Total Preferred ($ millions)	—	—		—		—		—
Total Equity ( $ millions)	895	893		892		891		893

27

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY ARKANSAS, INC.

BONDS: CUSIP		Type*	Rate		Maturtiy Date	First Call Date	Current or First Call Price	As of December 31,
								2004			2003			2002
											(in millions)
29364DAB6	7.72% Series	M	7.72	%	03/03	—	—	$	—		$	—		$	100
041033CB5	6.0% Series	M	6.0	%	10/03	—	—		—			—			155
29364DAC4	6.125% Series	M	6.125	%	07/05	Now	MW (T + .200)		100			100			100
041033BY6	6.65% Series	M	6.65	%	08/05	—	—		—			—			115
041033BS9	7.5% Series	M	7.5	%	08/07	—	—		—			—			100
732835AW3	6.3% Series - Pope County(h)	G(a)	6.3	%	2016	Now	102.00%		20			20			20
472712EQ7	5.6% Series - Jefferson County	G(a)	5.6	%	2017	Now	100.00%		46			46			46
472712DN5	6.3% Series - Jefferson County(h)	G(a)	6.3	%	2018	Now	102.00%		9			9			9
29364DAE0	5.4% Series	M	5.4	%	05/18	Now	MW (T + .25)		150			150			—
29364DAH3	5.0% Series	M	5.0	%	07/18	Now	MW (T + .25)		115			115			—
732835BA0	6.3% Series - Pope County	G(a)	6.3	%	2020	Now	100.00%		120			120			120
453424AY9	6.25% Series - Independence County(h)	G(a)	6.25	%	2021	Now	101.00%		45			45			45
041033CD1	7.0% Series	M	7.0	%	10/23	Now	102.54%		175			175			175
732840AA1	5.05% Series - Pope County(b)	G(a)	5.05	%	2028	9/1/05	100.00%		47			47			47
29364D811	6.7% Series	M	6.7	%	04/32	4/1/07	100.00%		100			100			100
29364D795	6.0% Series	M	6.0	%	11/32	11/12/07	100.00%		100			100			100
29364DAJ9	5.9% Series	M	5.9	%	06/33	Now	MW (T + .25)		100			100			—
29364DAK6	6.38% Series	M	6.38	%	11/34	Now	MW (T + .25)		60			—			—
	Total bonds								1,186			1,126			1,231
OTHER LONG-TERM DEBT:
	Long-Term United States Department of Energy Obligation(c)								156			154			153
29364C201	8.5% Junior Subordinated Deferrable Interest Debentures								—			62			62
	Unamortized Premium and Discount – Net								(4	)		(5	)		(5	)
	Other								1			1			1
TOTAL LONG-TERM DEBT									1,339			1,338			1,442
Less Amount Due Within One Year									147			—			255
Long-Term Debt Excluding Amount Due Within One Year								$	1,192		$	1,338		$	1,187
Fair Value of Long-Term Debt(d)								$	1,225		$	1,235		$	1,327

* M = Mortgage; G = Governmental

PREFERRED STOCK: CUSIP				Shares Authorized and Outstanding As of December 31,			As of December 31,						Call Price Per Share as of December 31, 2004
		Rate		2004	2003	2002	2004		2003		2002
							(in millions)
	Without sinking fund:
	Cumulative, $100 par value:
29364D209	4.32% Series	4.32	%	70,000	70,000	70,000	$	7	$	7	$	7	$	103.65
29364D506	4.72% Series	4.72	%	93,500	93,500	93,500		9		9		9		107.00
29364D308	4.56% Series	4.56	%	75,000	75,000	75,000		8		8		8		102.83
29364D407	4.56% 1965 Series	4.56	%	75,000	75,000	75,000		8		8		8		102.50
29364D605	6.08% Series	6.08	%	100,000	100,000	100,000		10		10		10		102.83
29364D704	7.32% Series	7.32	%	100,000	100,000	100,000		10		10		10		103.17
29364D803	7.80% Series	7.80	%	150,000	150,000	150,000		15		15		15		103.25
29364D829	7.40% Series	7.40	%	200,000	200,000	200,000		20		20		20		102.80
29364D852	7.88% Series	7.88	%	150,000	150,000	150,000		15		15		15		103.00
	Cumulative, $0.01 par value:
29364D837	$1.96 Series(j)			600,000	600,000	600,000		15		15		15		25.00
	Total without sinking fund			1,613,500	1,613,500	1,613,500	$	116	$	116	$	116

See page 32 for footnotes.

Totals may not foot due to rounding.

28

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY GULF STATES, INC.

BONDS: CUSIP		Type*		Rate	Maturity Date	First Call Date	Current or First Call Price	As of December 31,
								2004			2003			2002
								(in millions)
–	6.75% Series	M		6.75%	03/03	—	—	$	—		$	—		$	33
29364LAA0	Libor + 1.2% Series	M		Libor + 1.2%	06/03	—	—		—			—			260
402550BZ9	8.25% Series	M		8.25%	04/04	—	—		—			292			292
29364LAB8	Libor + 1.3% Series	M		Libor + 1.3%	09/04	—	—		—			—			300
402550CG0	6.77% Series	M		6.77%	08/05	N/A	N/A		98			98			98
29364LAJ1	Libor + 0.9% Series	M		Libor + 0.9%	06/07	—	—		—			275			—
29364LAD4	5.2% Series	M		5.2%	12/07	—	—		—			200			200
29364LAG7	3.6% Series	M		3.6%	06/08	Now	MW (T + .25%)		325			325			—
29364LAN5	Libor + 0.4% Series	M		Libor + 0.4%	12/09	12/06	100%		225			—			—
128318BL5	5.45% Series – Calcasieu Parish	G	(a)	5.45%	2010	Now	102%		22			22			22
730816AF9	6.75% Series – Calcasieu Parish	G	(a)	6.75%	2012	Now	100%		48			48			48
29364LAQ5	4.875% Series	M		4.875%	11/11	Now	MW (T + .20%)		200			—			—
29364LAF9	6.0% Series	M		6.0%	12/12	Now	MW (T + .30%)		140			140			140
730816AF9	6.7% Series – Pointe Coupee Parish	G	(a)	6.7%	2013	Now	101%		17			17			17
450877AJ	5.7% Series – Iberville Parish	G	(a)	5.7%	2014	Now	101%		22			22			22
952789AT2,	7.7% Series – West Feliciana Parish	G	(a)	7.7%	2014	Now	100%		94			94			94
952789AU9,
952789AV7
29364LAS1	5.6% Series	M		5.6%	12/14	Now	MW (T + .25%)		50			—			—
952789AQ8	5.8% Series – West Feliciana Parish	G	(a)	5.8%	2015	Now	101%		28			28			28
952789AW5	7.0% Series – West Feliciana Parish	G	(a)	7.0%	2015	Now	101%		39			39			39
952789AM7	7.5% Series – West Feliciana Parish	G	(a)	7.5%	2015	Now	100%		42			42			42
952789AS4	9.0% Series – West Feliciana Parish	G	(a)	9.0%	2015	Now	100%		45			45			45
29364LAN2	5.25% Series	M		5.25%	08/15	Now	MW (T + .15%)		200			200			—
952789AR6	5.8% Series – West Feliciana Parish	G	(a)	5.8%	2016	Now	101%		20			20			20
402550BY2	8.94% Series	M		8.94%	01/22	—	—		—			—			150
402550CA3	8.7% Series	M		8.7%	04/24	—	—		—			—			295
952789BA2	5.65% Series – West Feliciana Parish(e)	G	(a)	5.65%	2028	—	—		—			62			62
952789BB0	6.6% Series – West Feliciana Parish	G	(a)	6.6%	2028	Now	102%		40			40			40
29364LAL6	6.2% Series	M		6.2%	07/33	Now	MW (T + .15%)		240			240			—
	Total bonds								1,895			2,249			2,247
OTHER LONG-TERM DEBT:
2936H200	8.75% Junior Subordinated Deferrable Interest Debentures								88			88			88
	Unamortized Premium and Discount – Net								(2	)		(3	)		(4	)
	Other								9			9			9
TOTAL LONG-TERM DEBT									1,989			2,344			2,340
Less Amount Due Within One Year									98			354			293
Long-Term Debt Excluding Amount Due Within One Year								$	1,891		$	1,990		$	2,047
Fair Value of Long-Term Debt(d)								$	1,999		$	2,439		$	2,407

* M = Mortgage; G = Governmental

PREFERRED STOCK: CUSIP		Rate		Shares Authorized and Outstanding As of December 31,			As of December 31,						Call Price Per Share as of December 31, 2004
				2004	2003	2002	2004		2003		2002
							(in millions)
Authorized 6,000,000 shares, $100 par value, cumulative
	Without sinking fund:
29364L201	4.40% Series	4.40	%	51,173	51,173	51,173	$	5	$	5	$	5	$	108.00
29364L789	4.50% Series	4.50	%	5,830	5,830	5,830		1		1		1		105.00
29364L797	4.40% 1949 Series	4.40	%	1,655	1,655	1,655		0		0		0		103.00
29364L805	4.20% Series	4.20	%	9,745	9,745	9,745		1		1		1		102.82
29364L300	4.44% Series	4.44	%	14,804	14,804	14,804		1		1		1		103.75
29364L508	5.00% Series	5.00	%	10,993	10,993	10,993		1		1		1		104.25
29364L607	5.08% Series	5.08	%	26,845	26,845	26,845		3		3		3		104.63
29364L409	4.52% Series	4.52	%	10,564	10,564	10,564		1		1		1		103.57
29364L706	6.08% Series	6.08	%	32,829	32,829	32,829		3		3		3		103.34
29364L847	7.56% Series	7.56	%	308,830	308,830	308,830		31		31		31		101.80
	Total without sinking fund			473,268	473,268	473,268	$	47	$	47	$	47
	With sinking fund:
29364L839	Adjustable Rate – A, 7.0%(k)	7.00	%	84,000	96,020	108,120		8		10		11	$	100.00
29364L813	Adjustable Rate – B, 7.0%(k)	7.00	%	90,000	112,500	135,149		9		11		14		100.00
	Total with sinking fund			174,000	208,520	243,269	$	17	$	21	$	24
Fair Value of Preferred Stock with sinking fund(l)							$	15	$	15	$	21

See page 32 for footnotes.

Totals may not foot due to rounding.

29

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY LOUISIANA, INC.

BONDS: CUSIP		Type*		Rate		Maturity Date	First Call Date	Current or First Call Price	As of December 31,
									2004			2003			2002
									(in millions)
29364MAC4	8.5% Series	M		8.5	%	06/03	—	—	$	—		$	—		$	150
29364MAA8	6.5% Series	M		6.5	%	03/08	—	—		—			115			115
29364MAF7	5.09% Series	M		5.09	%	11/14	Now	MW (T + .20%)		115			—			—
29364MAD2	5.5% Series	M		5.5	%	04/19	Now	MW (T + .25%)		100			—			—
788070BQ2	7.5% Series – St. Charles Parish(h)	G	(a)	7.5	%	2021	Now	100%		50			50			50
788116AB7	7.0% Series– St. Charles Parish(h)	G	(a)	7.0	%	2022	Now	101%		24			24			24
788116AA9	7.05% Series – St. Charles Parish(h)	G	(a)	7.05	%	2022	Now	100%		20			20			20
788050AE2	5.95% Series – St. Charles Parish(h)	G	(a)	5.95	%	2023	Now	101%		25			25			25
788050AC6	6.2% Series – St. Charles Parish(h)	G	(a)	6.2	%	2023	Now	100%		33			33			33
788050AH5	6.875% Series – St. Charles Parish(h)	G	(a)	6.875	%	2024	Now	102%		20			20			20
788050AP7	6.375% Series – St. Charles Parish	G	(a)	6.375	%	2025	Now	100%		17			17			17
788070CE8	5.35% Series – St. Charles Parish(i)	G	(a)	5.35	%	2029	—	—		—			—			111
788070CD0	Auction Rate – St. Charles Parish(h)	G	(a)	1.7	%	2030	Now	100%		60			60			60
788070CC2	4.9% Series – St. Charles Parish(f)(g)	G	(a)	4.9	%	2030	6/1/05	100%		55			55			55
29364M811	7.6% Series	M		7.6	%	04/32	4/1/07	100%		150			150			150
29364MAE0	6.4% Series	M		6.4	%	10/34	Now	MW (T + .25%)		70			—			—
	Total bonds									739			569			830
OTHER LONG-TERM DEBT:
	Waterford 3 Lease Obligation 7.45%									248			263			298
29364A205	9.0% Junior Subordinated Deferrable Interest Debentures									—			72			72
	Unamortized Premium and Discount – Net									(1	)		(1	)		(2	)
TOTAL LONG-TERM DEBT										986			902			1,199
Less Amount Due Within One Year										55			15			296
Long-Term Debt Excluding Amount Due Within One Year									$	931		$	888		$	902
Fair Value of Long-Term Debt(d)									$	763		$	669		$	917

* M = Mortgage; G = Governmental

PREFERRED STOCK: CUSIP		Rate		Shares Authorized and Outstanding As of December 31,			As of December 31,						Call Price Per Share as of December 31, 2004
				2004	2003	2002	2004		2003		2002
							(in millions)
	Without sinking fund:
	Cumulative, $100 par value:
29364M407	4.96% Series	4.96	%	60,000	60,000	60,000	$	6	$	6	$	6	$	104.25
29364M209	4.16% Series	4.16	%	70,000	70,000	70,000		7		7		7		104.21
29364M308	4.44% Series	4.44	%	70,000	70,000	70,000		7		7		7		104.06
29364M506	5.16% Series	5.16	%	75,000	75,000	75,000		8		8		8		104.18
29364M605	5.40% Series	5.40	%	80,000	80,000	80,000		8		8		8		103.00
29364M704	6.44% Series	6.44	%	80,000	80,000	80,000		8		8		8		102.92
29364M845	7.84% Series	7.84	%	100,000	100,000	100,000		10		10		10		103.78
29364M837	7.36% Series	7.36	%	100,000	100,000	100,000		10		10		10		103.36
	Cumulative, $25 par value:
29364M803	8.00% Series	8.00	%	1,480,000	1,480,000	1,480,000		37		37		37		25.00
	Total without sinking fund			2,115,000	2,115,000	2,115,000	$	101	$	101	$	101

See page 32 for footnotes.

Totals may not foot due to rounding.

30

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY MISSISSIPPI, INC.

BONDS: CUSIP		Type*	Rate	Maturity Date	First Call Date	Current or First Call Price	As of December 31,
							2004			2003			2002
							(in millions)
29364NAF5	6.25% Series	M	6.25%	02/03	—	—	$	—		$	—		$	70
29364NAE8	7.75% Series	M	7.75%	02/03	—	—		—			—			120
605400BB5	6.625% Series	M	6.625%	11/03	—	—		—			—			65
29364NAC2	6.2% Series	M	6.20%	05/04	—	—		—			75			75
29364NAD0	Libor + 0.65% Series	M	Libor + 0.65%	05/04	—	—		—			—			50
605400BC3	8.25% Series	M	8.25%	04/04	—	—		—			—			25
605400BD1	6.45% Series	M	6.45%	04/08	—	—		—			80			80
29364NAJ7	4.35% Series	M	4.35%	04/08	Now	MW (T + .25%)		100			100			—
29364NAM0	4.65% Series	M	4.65%	05/11	Now	MW (T + .30%)		80			—			—
29364NAH1	5.15% Series	M	5.15%	02/13	Now	MW (T + .20%)		100			100			—
29364NAK4	4.95% Series	M	4.95%	06/18	Now	MW (T + .25%)		95			95			—
935045AE4	7.0% Series – Warren County	G(a)	7.00%	2022	—	—		—			8			8
938016AC6	7.0% Series – Washington County	G(a)	7.00%	2022	—	—		—			8			8
605277AF9	4.60% Series – Mississippi Business Finance Corp.	G(a)	4.60%	2022	10/1/09	100%		16			—			—
453424BN2	Auction Rate – Independence City(h)	G(a)	1.65%	2022	Now	100%		30			30			30
605400AX8	7.7% Series	M	7.70%	07/23	—	—		—			60			60
29364N876	6.0% Series	M	6.00%	11/32	11/1/07	100%		75			75			75
29364N868	7.25% Series	M	7.25%	12/32	11/22/07	100%		100			100			100
29364NAL2	6.25% Series	M	6.25%	04/34	Now	MW (T + .25%)		100			—			—
	Total bonds							696			731			766
OTHER LONG-TERM DEBT:
	Unamortized Premium and Discount – Net							(1	)		(1	)		(1	)
TOTAL LONG-TERM DEBT								695			730			765
Less Amount Due Within One Year								—			75			255
Long-Term Debt Excluding Amount Due Within One Year							$	695		$	655		$	510
Fair Value of Long-Term Debt(d)							$	716		$	771		$	791

* M = Mortgage; G = Governmental

PREFERRED STOCK: CUSIP		Rate		Shares Authorized and Outstanding As of December 31,			As of December 31,						Call Price Per Share as of December 31, 2004
				2004	2003	2002	2004		2003		2002
							(in millions)
	Without sinking fund:
	Cumulative, $100 par value:
29364N207	4.36% Series	4.36	%	59,920	59,920	59,920	$	6	$	6	$	6	$	103.86
29364N306	4.56% Series	4.56	%	43,887	43,887	43,887		4		4		4		107.00
29364N405	4.92% Series	4.92	%	100,000	100,000	100,000		10		10		10		102.88
29364N603	7.44% Series	7.44	%	100,000	100,000	100,000		10		10		10		102.81
29364N801	8.36% Series	8.36	%	200,000	200,000	200,000		20		20		20		100.00
	Total without sinking fund			503,807	503,807	503,807	$	50	$	50	$	50

See page 32 for footnotes.

Totals may not foot due to rounding.

31

UTILITY SECURITIES DETAIL

UTILITY LONG-TERM DEBT AND PREFERRED STOCK

ENTERGY NEW ORLEANS, INC.

BONDS: CUSIP		Type*	Rate		Maturity Date	First Call Date	Current or First Call Price	As of December 31,
								2004		2003			2002
								(in millions)
29364PAC7	6.65% Series	M	6.65	%	03/04	—	—	$	—	$	—		$	30
29364PAB9	8.125% Series	M	8.125	%	07/05	Now	MW (T + .25%)		30		30			30
647770AR7	8.0% Series	M	8.0	%	03/06	—	—		—		—			40
647770AQ9	7.0% Series	M	7.0	%	07/08	—	—		—		—			30
29364PAE3	3.875% Series	M	3.875	%	08/08	Now	MW (T + .25%)		30		30			—
29364PAF0	5.25% Series	M	5.25	%	08/13	Now	MW (T + .25%)		70		70			—
29364PAD5	6.75% Series	M	6.75	%	10/17	10/15/05	100%		25		25			25
647770AN6	8.0% Series	M	8.0	%	03/23	—	—		—		45			45
647770AP1	7.55% Series	M	7.55	%	09/23	—	—		—		30			30
29364PAK9	5.6% Series	M	5.6	%	09/24	9/1/08	100%		35		—			—
29364PAJ2	5.65% Series	M	5.65	%	09/29	9/1/09	100%		40		—			—
	Total bonds								230		230			230
OTHER LONG-TERM DEBT:
Unamortized Premium and Discount – Net									—		(1	)		(1	)
TOTAL LONG-TERM DEBT									230		229			229
Less Amount Due Within One Year									30		—			—
Long-Term Debt Excluding Amount Due Within One Year								$	200	$	229		$	229
Fair Value of Long-Term Debt(d)								$	232	$	240		$	239

* M = Mortgage; G = Governmental

PREFERRED STOCK: CUSIP		Rate		Shares Authorized and Outstanding As of December 31,			As of December 31,						Call Price Per Share as of December 31, 2004
				2004	2003	2002	2004		2003		2002
							(in millions)
	Without sinking fund:
	Cumulative, $100 par value:
29364P301	4.75% Series	4.75	%	77,798	77,798	77,798	$	8	$	8	$	8	$	105.00
29364P202	4.36% Series	4.36	%	60,000	60,000	60,000		6		6		6		104.57
29364P400	5.56% Series	5.56	%	60,000	60,000	60,000		6		6		6		102.59
	Total without sinking fund			197,798	197,798	197,798		20		20		20

SYSTEM ENERGY RESOURCES, INC.

BONDS: CUSIP		Type		Rate		Maturity Date	First Call Date	Current or First Call Price	As of December 31,
									2004			2003			2002
									(in millions)
871911AQ6	4.875% Series	M		4.875	%	10/07	Now	MW (T + .30%)	$	70		$	70		$	70
179423AC2	5.875% Series – Mississippi Business Finance Corp.	G	(a)	5.875	%	2022	Now	101%		216			216			216
605277AC6	5.9% Series – Mississippi Business Finance Corp.	G	(a)	5.9	%	2022	Now	102%		103			103			103
179423AJ7	7.3% Series – Claiborne County	G	(a)	7.3	%	2025	—	—		—			8			8
179423	6.2% Series – Claiborne County	G	(a)	6.2	%	2026	Now	100%		90			90			90
	Total bonds									479			487			487
OTHER LONG-TERM DEBT:
	Grand Gulf Lease Obligation			5.01	%					397			403			415
	Unamortized Premium and Discount – Net									(1	)		(1	)		(1	)
TOTAL LONG-TERM DEBT										875			889			900
Less Amount Due Within One Year										25			6			11
Long-Term Debt Excluding Amount Due Within One Year									$	850		$	882		$	889
Fair Value of Long-Term Debt(d)									$	470		$	489		$	476

Totals may not foot due to rounding.

^(a) Consists of pollution control revenue bonds and environmental revenue bonds.

^(b) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on September 1, 2005 and can then be remarketed.

^(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

^(d) The fair value excludes lease obligations, long-term DOE obligations, and other long-term debt and includes debt due within one year. It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.

^(e) The bonds had a mandatory tender date of September 1, 2004. Entergy Gulf States purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not remarketed the bonds at this time.

^(f) On June 1, 2002, Entergy Louisiana remarketed $55 million St. Charles Parish Pollution Control Revenue Refunding Bonds due 2030, resetting the interest rate to 4.9% through May 2005.

^(g) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on June 1, 2005 and can then be remarketed.

^(h) The bonds are secured by a series of collateral first mortgage bonds.

⁽ⁱ⁾ The bonds in the principal amount of $110.95 million had a mandatory tender date of October 1, 2003. Entergy Louisiana purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not remarketed the bonds at this time.

^(j) The total dollar value represents the liquidation value of $25 per share.

^(k) Represents weighted-average annualized rates for 2004 and 2003.

^(l) Fair values were determined using bid prices reported by dealer markets and by nationally recognized investment banking firms. There is an additional disclosure of fair value of financial instruments in Note 11 to the domestic utility companies and System Energy financial statements in the 2004 Form 10-K.

32

UTILITY STATISTICAL INFORMATION

UTILITY TOTAL CAPABILITY

	Operated
As of December 31, 2004	Plants	Units	Owned & Leased (MW)(a)	Operated (MW)
Plants that use fuel type:
Gas/Oil	25	66	14,170	15,014
Coal	3	5	2,224	3,815
Petroleum Coke	1	2	—	200
Total Fossil	29	73	16,394	19,029
Hydro	3	7	70	162
Nuclear	4	5	5,035	5,162
Total Capacity	36	85	21,499	24,353

All plants that have units with multiple fuel types are in the Gas & Oil plant count.

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

UTILITY SELECTED OPERATING DATA

	2004	2003		2002	2001		2000
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	22,619	22,797		35,195	38,873		43,073
Coal	15,359	14,057		13,743	14,586		14,799
Nuclear	41,710	40,628		40,917	41,038		37,059
Hydro	151	115		164	154		133
Total Net Generation	79,839	77,597		90,019	94,651		95,064
Purchased Power:
Affiliated Companies	1,545	1,027		11	108		843
Non-affiliated Companies	36,422	36,660		27,307	19,358		23,345
Total Purchased Power	37,967	37,687		27,318	19,466		24,188
Total Sources of Energy	117,806	115,284		117,337	114,117		119,252
USES OF ENERGY (GWh)
Residential	32,897	32,817		32,581	31,080		31,998
Commercial	26,468	25,863		25,354	24,706		24,657
Industrial	40,293	38,637		41,018	41,577		43,956
Governmental	2,568	2,651		2,678	2,593		2,605
Total Retail	102,226	99,968		101,631	99,956		103,216
Sales for Resale	8,623	9,248		9,828	8,896		9,794
Unbilled Energy	1,140	249		233	(901	)	881
Total Electric Energy Sales	111,989	109,465		111,692	107,951		113,891
Line Losses and Company Usage	5,817	5,819		5,645	6,166		5,362
Total Uses of Energy	117,806	115,284		117,337	114,117		119,252
Peak Demand (MW)	21,174	20,162		20,419	20,257		22,052
Operational Summer Capacity at Peak (MW)	21,207	21,144		22,373	22,080		22,235
Annual System Load Factor (%)	60	62		62	61		59
Retail Electric Sales Growth Rate (%)	2.3	(1.6	)	1.7	(3.2	)	2.7
Retail Electric Sales Weather-Adjusted Growth Rate (%)	2.8	(1.4	)	1.2	(1.6	)	2.4
Regional Gross Domestic Product Rate (%)	2.5	2.2		2.1	(0.2	)	(0.8	)
National Gross Domestic Product Rate (%)	4.4	3.0		1.9	0.8		3.7
Average Fuel Cost (cents/KWh)
Natural Gas	7.31	6.53		3.88	4.62		4.90
Nuclear Fuel	0.49	0.48		0.47	0.50		0.56
Coal	1.39	1.26		1.37	1.58		1.51
Fuel Oil	5.02	5.04		15.78	4.33		3.90

33

UTILITY STATISTICAL INFORMATION

2004 CONSOLIDATING UTILITY ELECTRIC STATISTICAL INFORMATION

	EAI	EGSI	ELI	EMI	ENOI	SERI		ELIMINATIONS		TOTAL	%
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	539,293	880,839	769,770	467,459	184,155	—		—		2,841,517	36	%
Commercial	304,809	671,743	501,536	396,482	170,812	—		—		2,045,382	26	%
Industrial	318,440	975,780	779,103	203,603	34,261	—		—		2,311,185	29	%
Governmental	15,796	38,003	37,894	38,258	69,680	—		—		199,631	2	%
Total Retail	1,178,338	2,566,365	2,088,303	1,105,802	458,908	—		—		7,397,715	93	%
Sales for Resale	436,049	211,886	109,085	68,417	119,407	545,373		(1,099,584	)	390,633	5	%
Other	38,758	43,045	29,598	39,410	10,142	8		(14,998	)	145,964	2	%
Total	1,653,145	2,821,296	2,226,986	1,213,629	588,457	545,381		(1,114,582	)	7,934,312	100	%
FUEL REVENUES (included in above revenues)
Residential	70,315	443,583	355,871	229,326	67,891	—		—		1,166,985	32	%
Commercial	54,558	376,613	230,357	203,634	71,413	—		—		936,576	26	%
Industrial	69,712	694,667	512,924	119,811	17,706	—		—		1,414,820	39	%
Governmental	2,741	19,233	17,523	17,885	30,994	—		—		88,376	3	%
Total	197,326	1,534,096	1,116,675	570,656	188,004	—		—		3,606,757	100	%
RATE BASE ($ billions)	3.2	3.0	2.7	1.3	0.4	1.6		—		12.2	—
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	158	8,496	8,486	3,333	2,146	—		—		22,619	19	%
Coal	8,070	4,609	—	2,679	—	—		—		15,359	13	%
Nuclear	15,442	7,413	9,654	—	—	9,202		—		41,710	36	%
Hydro	151	—	—	—	—	—		—		151	—
Total Net Generation	23,821	20,518	18,140	6,012	2,146	9,202		—		79,839	68	%
Purchased Power:
Affiliated Companies	3,471	5,478	4,505	5,337	3,880	—		(21,126	)	1,545	1	%
Non-affiliated Companies	6,562	16,072	8,416	3,390	1,982	—		—		36,422	31	%
Total Purchased Power	10,033	21,550	12,921	8,727	5,862	—		(21,126	)	37,967	32	%
Total Sources of Energy	33,854	42,068	31,061	14,739	8,008	9,202		(21,126	)	117,806	100	%
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	7,028	9,803	8,842	5,085	2,139	—		—		32,897	32	%
Commercial	5,428	8,444	5,762	4,518	2,316	—		—		26,468	26	%
Industrial	7,004	16,596	13,140	2,977	575	—		—		40,293	39	%
Governmental	275	432	439	398	1,025	—		—		2,568	3	%
Total Retail	19,735	35,275	28,183	12,978	6,055	—		—		102,226	100	%
Sales for Resale	12,348	4,700	1,251	698	1,539	9,212		(21,126	)	8,623	—
Unbilled Energy	121	420	415	142	41	—		—		1,140	—
Total Electric Energy Sales	32,204	40,395	29,849	13,818	7,635	9,212		(21,126	)	111,989	—
Line Losses and Company Usage	1,650	1,673	1,212	921	373	(10	)	—		5,817	—
Total Uses of Energy	33,854	42,068	31,061	14,739	8,008	9,202		(21,126	)	117,806	—
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	7.67	8.99	8.71	9.19	8.61	—		—		8.64	—
Commercial	5.62	7.96	8.70	8.78	7.37	—		—		7.73	—
Industrial	4.55	5.88	5.93	6.84	5.96	—		—		5.74	—
Governmental	5.75	8.80	8.63	9.61	6.80	—		—		7.77	—
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31, 2004)
Residential	562,899	627,570	575,701	351,274	169,498	—		—		2,286,942	86	%
Commercial	82,778	84,684	73,622	60,338	16,376	—		—		317,798	12	%
Industrial	21,212	8,689	7,858	3,915	1,309	—		—		42,983	2	%
Governmental	601	3,354	5,274	4,036	1,798	—		—		15,063	—
Total Retail Customers	667,490	724,297	662,455	419,563	188,981	—		—		2,662,786	100	%

Totals may not foot due to rounding.

34

UTILITY STATISTICAL INFORMATION

ENTERGY ARKANSAS, INC.

	2004	2003		2002	2001		2000
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	539,293	525,558		556,314	586,361		561,363
Commercial	304,809	291,442		304,498	329,437		307,320
Industrial	318,440	305,333		329,847	370,772		353,046
Governmental	15,796	14,792		15,358	16,149		14,935
Total Retail	1,178,338	1,137,125		1,206,017	1,302,719		1,236,664
Sales for Resale	436,049	421,893		328,194	441,184		480,414
Other	38,758	30,652		26,899	32,873		45,557
Total Electric Operating Revenues	1,653,145	1,589,670		1,561,110	1,776,776		1,762,635
FUEL REVENUES (included in above revenues)
Residential	70,315	63,152		93,116	123,957		93,514
Commercial	54,558	47,930		66,849	92,405		69,690
Industrial	69,712	63,204		87,780	122,095		97,631
Governmental	2,741	2,368		3,341	4,412		3,267
Total Retail Fuel Revenues	197,326	176,654		251,086	342,869		264,102
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	158	493		1,540	1,806		2,441
Coal	8,070	7,519		6,998	7,495		7,619
Nuclear	15,442	14,689		14,559	14,781		11,642
Hydro	151	115		164	154		133
Total Net Generation	23,821	22,816		23,261	24,236		21,835
Purchased Power:
Affiliated Companies	3,471	3,630		3,439	3,605		5,022
Non-affiliated Companies	6,562	7,293		6,917	5,418		6,393
Total Purchased Power	10,033	10,923		10,356	9,023		11,415
Total Sources of Energy	33,854	33,739		33,617	33,259		33,250
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	7,028	7,057		7,050	6,918		6,791
Commercial	5,428	5,328		5,221	5,162		5,063
Industrial	7,004	6,999		7,074	7,052		7,240
Governmental	275	266		255	245		239
Total Retail	19,735	19,650		19,600	19,377		19,333
Sales for Resale	12,348	12,435		11,880	12,126		12,050
Unbilled Energy	121	(57	)	111	(72	)	316
Total Electric Energy Sales	32,204	32,028		31,591	31,431		31,699
Line Losses and Company Usage	1,650	1,711		2,026	1,828		1,551
Total Uses of Energy	33,854	33,739		33,617	33,259		33,250
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	7.67	7.45		7.89	8.48		8.27
Commercial	5.62	5.47		5.83	6.38		6.07
Industrial	4.55	4.36		4.66	5.26		4.88
Governmental	5.75	5.56		6.02	6.59		6.25
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	562,899	557,025		548,693	547,860		545,550
Commercial	82,778	81,082		79,430	78,389		76,293
Industrial	21,212	21,336		20,045	20,121		20,461
Governmental	601	564		526	513		490
Total Retail Customers	667,490	660,007		648,694	646,883		642,794

35

UTILITY STATISTICAL INFORMATION

ENTERGY ARKANSAS, INC.

GENERATION PORTFOLIO

Plant	Unit	Ownership		Owned & Leased Capability (MW)(a)	Fuel Type	Purpose	Total Plant - 2004
							Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($ 000)
Cecil Lynch	2	100	%	68	Gas/Oil	Peaking	(327	)	(1,880.73	)	615
	3	100	%	110	Gas/Oil	Peaking
Harvey Couch	1	100	%	23	Gas/Oil	Peaking	22,549		163.20		3,680
	2	100	%	125	Gas/Oil	Peaking
Lake Catherine	1	100	%	47	Gas/Oil	Peaking	137,928		138.61		19,118
	2	100	%	45	Gas/Oil	Peaking
	3	100	%	96	Gas/Oil	Peaking
	4	100	%	547	Gas/Oil	Intermediate
Hamilton Moses	1	100	%	68	Gas/Oil	Peaking	(209	)	(2,349.28	)	491
	2	100	%	70	Gas/Oil	Peaking
Mabelvale	1	100	%	14	Gas/Oil	Peaking	22		8,500.00		187
	2	100	%	14	Gas/Oil	Peaking
	3	100	%	14	Gas/Oil	Peaking
	4	100	%	14	Gas/Oil	Peaking
Robert Ritchie	1	100	%	325	Gas/Oil	Peaking	(1,362	)	(1,198.24	)	1,632
	3	100	%	14	Gas/Oil	Peaking	13		13,846.15		180
Independence	1	31.5	%	257	Coal	Base	1,757,279		18.33		32,207
White Bluff	1	57	%	462	Coal	Base	6,312,602		16.75		105,721
	2	57	%	470	Coal	Base
Cecil Lynch	Diesel	100	%	5	Oil	Peaking	—		—		4
Carpenter	1	100	%	29	Hydro	Peaking	101,102		13.82		1,397
	2	100	%	30	Hydro	Peaking
Remmel	1	100	%	4	Hydro	Peaking	50,141		15.00		752
	2	100	%	3	Hydro	Peaking
	3	100	%	4	Hydro	Peaking
Arkansas Nuclear One	1	100	%	841	Nuclear PWR(b)	Base	15,441,734		14.66		226,424
	2	100	%	996	Nuclear PWR(b)	Base
Total				4,695			23,821,472		16.47		392,408

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

^(b) PWR = Pressurized Water Reactor.

36

UTILITY STATISTICAL INFORMATION

ENTERGY GULF STATES, INC.

	2004	2003	2002		2001		2000
ELECTRIC OPERATING REVENUES ($ thousands)
Louisiana
Residential	412,135	394,512	339,325		376,637		338,108
Commercial	369,044	345,579	286,408		333,336		282,510
Industrial	570,130	510,501	424,026		596,852		547,243
Governmental	17,468	18,253	17,433		19,397		16,314
Total	1,368,777	1,268,845	1,067,192		1,326,222		1,184,175
Texas
Residential	468,704	434,979	360,575		411,323		379,345
Commercial	302,699	268,110	215,707		253,812		222,836
Industrial	405,650	342,693	270,722		348,881		323,351
Governmental	20,535	20,658	16,525		18,818		16,625
Total	1,197,588	1,066,440	863,529		1,032,834		942,157
FUEL REVENUES (included in above revenues)
Louisiana
Residential	203,436	196,097	125,962		180,492		157,149
Commercial	198,629	186,700	117,513		174,499		143,609
Industrial	401,413	354,504	248,165		408,441		360,536
Governmental	7,903	8,398	5,976		8,784		7,017
Total	811,381	745,699	497,616		772,216		668,311
Texas
Residential	240,147	207,358	139,764		199,352		161,523
Commercial	177,984	146,502	98,312		141,590		111,988
Industrial	293,254	236,123	163,419		239,844		212,214
Governmental	11,330	10,612	6,981		9,767		7,842
Total	722,715	600,595	408,476		590,553		493,567
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	8,496	9,432	14,645		16,435		18,385
Coal	4,609	3,959	4,168		4,245		4,625
Nuclear	7,413	7,641	8,467		7,800		7,336
Hydro	—	—	—		—		—
Total Net Generation	20,518	21,032	27,280		28,480		30,346
Purchased Power:
Affiliated Companies	5,478	3,989	2,703		3,825		2,884
Non-affiliated Companies	16,072	15,160	10,376		7,233		8,498
Total Purchased Power	21,550	19,149	13,079		11,058		11,382
Total Sources of Energy	42,068	40,181	40,359		39,538		41,728
USES OF ENERGY (GWh)
Electric Energy Sales:
Louisiana
Residential	4,677	4,619	4,520		4,282		4,520
Commercial	4,628	4,471	4,316		4,201		4,234
Industrial	9,757	9,145	9,714		10,258		11,186
Governmental	187	205	222		210		210
Texas
Residential	5,126	5,120	4,982		4,777		4,885
Commercial	3,816	3,703	3,578		3,467		3,426
Industrial	6,839	6,272	6,173		6,400		6,774
Governmental	245	270	255		242		240
Total Retail	35,275	33,805	33,760		33,837		35,475
Sales for Resale	4,700	4,543	5,099		4,392		4,629
Unbilled Energy	420	197	(18	)	(398	)	349
Total Electric Energy Sales	40,395	38,545	38,841		37,831		40,453
Line Losses and Company Usage	1,673	1,636	1,518		1,707		1,275
Total Uses of Energy	42,068	40,181	40,359		39,538		41,728

37

UTILITY STATISTICAL INFORMATION

ENTERGY GULF STATES, INC. (CONTINUED)

	2004	2003	2002	2001	2000
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Louisiana
Residential	301,014	295,084	292,018	288,510	286,262
Commercial	45,004	42,490	42,423	41,666	40,951
Industrial	3,957	3,625	3,687	3,654	3,585
Governmental	1,431	1,251	1,519	1,460	1,409
Total	351,406	342,450	339,647	335,290	332,207
Texas
Residential	326,556	321,681	316,942	310,851	306,728
Commercial	39,680	38,445	37,742	37,267	35,956
Industrial	4,732	4,722	4,403	4,284	4,445
Governmental	1,923	2,100	2,176	2,020	1,985
Total	372,891	366,948	361,263	354,422	349,114
AVERAGE ELECTRIC REVENUE (cents/KWh)
Louisiana
Residential	8.81	8.54	7.51	8.80	7.48
Commercial	7.97	7.73	6.64	7.93	6.67
Industrial	5.84	5.58	4.37	5.82	4.89
Governmental	9.35	8.93	7.85	9.24	7.77
Texas
Residential	9.14	8.49	7.24	8.61	7.77
Commercial	7.93	7.24	6.03	7.32	6.50
Industrial	5.93	5.46	4.39	5.45	4.77
Governmental	8.37	7.65	6.48	7.78	6.93

Totals may not foot due to rounding.

ENTERGY GULF STATES, INC.

GENERATION PORTFOLIO

Plant	Unit	Ownership		Owned & Leased Capability (MW)(a)	Fuel Type	Purpose	Total Plant - 2004
							Net Generation (MWH)	Expenses per Net MWH	Total Production Expense ($ 000)
LA Station 2	7	100	%	40	Gas/Oil	Peaking	589	110.70	652
	8	100	%	40	Gas/Oil	Peaking
	9	100	%	60	Gas/Oil	Peaking
Willow Glen	1	100	%	152	Gas/Oil	Peaking	408,266	125.55	51,256
	2	100	%	205	Gas/Oil	Peaking
	3	100	%	450	Gas/Oil	Peaking
	4	100	%	540	Gas/Oil	Peaking
	5	100	%	485	Gas/Oil	Peaking
Lewis Creek	1	100	%	226	Gas/Oil	Intermediate	1,766,090	69.49	122,728
	2	100	%	230	Gas/Oil	Intermediate
Roy S. Nelson	3	100	%	153	Gas/Oil	Intermediate	1,294,274	85.48	110,629
	4	100	%	500	Gas/Oil	Intermediate
Sabine	1	100	%	212	Gas/Oil	Intermediate	5,026,496	73.26	368,223
	2	100	%	212	Gas/Oil	Intermediate
	3	100	%	390	Gas/Oil	Intermediate
	4	100	%	525	Gas/Oil	Intermediate
	5	100	%	470	Gas/Oil	Intermediate
Roy S. Nelson	6	70	%	385	Coal	Base	2,658,316	17.35	46,131
Big Cajun 2	3	42	%	242	Coal	Base	1,950,903	16.20	31,606
River Bend Station	1	100	%	968	Nuclear BWR(b)	Base	7,412,653	18.47	136,914
Total				6,485			20,517,587	42.31	868,139

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

^(b) BWR = Boiling Water Reactor.

38

UTILITY STATISTICAL INFORMATION

ENTERGY LOUISIANA, INC.

	2004	2003	2002	2001		2000
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	769,770	739,389	637,901	658,137		716,708
Commercial	501,536	473,351	403,051	429,388		441,338
Industrial	779,103	723,102	636,410	759,580		767,052
Governmental	37,894	40,664	35,914	39,203		38,772
Total Retail	2,088,303	1,976,506	1,713,276	1,886,308		1,963,870
Sales for Resale	109,085	114,311	19,641	48,345		60,467
Other	29,598	74,753	82,435	(32,740	)	38,100
Total Electric Operating Revenues	2,226,986	2,165,570	1,815,352	1,901,913		2,062,437
FUEL REVENUES (included in above revenues)
Residential	355,871	327,475	226,887	270,426		297,505
Commercial	230,357	209,032	142,141	175,194		180,900
Industrial	512,924	464,015	359,607	482,078		478,194
Governmental	17,523	18,195	12,878	16,696		15,981
Total Retail Fuel Revenues	1,116,675	1,018,717	741,513	944,394		972,580
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	8,486	7,882	11,039	10,757		11,823
Coal	—	—	—	—		—
Nuclear	9,654	8,485	8,838	9,536		8,459
Hydro	—	—	—	—		—
Total Net Generation	18,140	16,367	19,877	20,293		20,282
Purchased Power:
Affiliated Companies	4,505	4,484	5,080	4,861		6,102
Non-affiliated Companies	8,416	9,718	6,496	4,284		5,321
Total Purchased Power	12,921	14,202	11,576	9,145		11,423
Total Sources of Energy	31,061	30,569	31,453	29,438		31,705
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	8,842	8,795	8,780	8,255		8,648
Commercial	5,762	5,622	5,538	5,369		5,367
Industrial	13,140	12,870	14,738	14,402		15,184
Governmental	439	491	510	498		481
Total Retail	28,183	27,778	29,566	28,524		29,680
Sales for Resale	1,251	1,476	285	715		782
Unbilled Energy	415	42	237	(379	)	33
Total Electric Energy Sales	29,849	29,296	30,088	28,860		30,495
Line Losses and Company Usage	1,212	1,273	1,365	578		1,210
Total Uses of Energy	31,061	30,569	31,453	29,438		31,705
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	8.71	8.41	7.27	7.97		8.29
Commercial	8.70	8.42	7.28	8.00		8.22
Industrial	5.93	5.62	4.32	5.27		5.05
Governmental	8.63	8.28	7.04	7.87		8.06
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	575,701	571,767	565,824	562,706		560,250
Commercial	73,622	72,901	70,418	69,437		68,747
Industrial	7,858	7,686	7,136	6,843		6,870
Governmental	5,274	4,859	5,532	5,442		5,401
Total Retail Customers	662,455	657,213	648,910	644,428		641,268

39

UTILITY STATISTICAL INFORMATION

ENTERGY LOUISIANA, INC.

GENERATION PORTFOLIO

Plant	Unit	Ownership	Owned & Leased Capability (MW)(a)	Fuel Type	Purpose	Total Plant - 2004
						Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($000)
Buras	8	100%	12	Gas/Oil	Peaking	2,441		298.65		729
Little Gypsy	1	100%	238	Gas/Oil	Intermediate	1,338,666		98.54		131,917
	2	100%	415	Gas/Oil	Intermediate
	3	100%	545	Gas/Oil	Intermediate
Monroe	10	100%	22	Gas/Oil	Peaking	(557	)	(1,407.54	)	784
	11	100%	33	Gas/Oil	Peaking
	12	100%	72	Gas/Oil	Peaking
Ninemile Point	1	100%	50	Gas/Oil	Peaking	5,030,155		78.72		395,989
	2	100%	60	Gas/Oil	Peaking
	3	100%	125	Gas/Oil	Intermediate
	4	100%	730	Gas/Oil	Intermediate
	5	100%	740	Gas/Oil	Intermediate
Sterlington	6	100%	225	Gas/Oil	Intermediate	165,189		116.16		19,189
	7	100%	187	Gas/Oil	Peaking
Waterford	1	100%	411	Gas/Oil	Intermediate	1,950,219		64.92		126,605
	2	100%	411	Gas/Oil	Intermediate
Waterford	3	100%	1,087	Nuclear PWR(b)	Base	9,653,935		14.64		141,324
Total			5,363			18,140,048		45.01		816,537

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

^(b) PWR = Pressurized Water Reactor.

40

UTILITY STATISTICAL INFORMATION

ENTERGY MISSISSIPPI, INC.

	2004	2003	2002		2001		2000
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	467,459	410,231	374,958		390,957		340,691
Commercial	396,482	341,862	309,525		327,770		275,010
Industrial	203,603	173,736	164,815		191,014		161,065
Governmental	38,258	32,393	28,532		30,569		25,612
Total Retail	1,105,802	958,222	877,830		940,310		802,378
Sales for Resale	68,417	42,143	78,004		131,886		109,902
Other	39,410	34,995	35,261		21,545		25,091
Total Electric Operating Revenues	1,213,629	1,035,360	991,095		1,093,741		937,371
FUEL REVENUES (included in above revenues)
Residential	229,326	157,624	146,191		168,322		106,123
Commercial	203,634	139,087	127,484		148,547		91,993
Industrial	119,811	88,063	82,778		102,087		67,980
Governmental	17,885	11,885	10,918		13,001		8,026
Total Retail Fuel Revenues	570,656	396,659	367,371		431,957		274,122
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	3,333	2,891	5,391		7,644		6,782
Coal	2,679	2,579	2,577		2,845		2,555
Nuclear	—	—	—		—		—
Hydro	—	—	—		—		—
Total Net Generation	6,012	5,470	7,968		10,489		9,337
Purchased Power:
Affiliated Companies	5,337	5,984	4,069		3,995		4,091
Non-affiliated Companies	3,390	2,868	2,476		1,670		2,220
Total Purchased Power	8,727	8,852	6,545		5,665		6,311
Total Sources of Energy	14,739	14,322	14,513		16,154		15,648
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	5,085	5,092	5,092		4,867		4,976
Commercial	4,518	4,476	4,445		4,322		4,307
Industrial	2,977	2,939	2,910		3,051		3,188
Governmental	398	384	382		381		376
Total Retail	12,978	12,891	12,829		12,621		12,847
Sales for Resale	698	443	1,320		2,017		1,589
Unbilled Energy	142	45	(48	)	(81	)	160
Total Electric Energy Sales	13,818	13,379	14,101		14,557		14,596
Line Losses and Company Usage	921	943	412		1,597		1,052
Total Uses of Energy	14,739	14,322	14,513		16,154		15,648
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	9.19	8.06	7.36		8.03		6.85
Commercial	8.78	7.64	6.96		7.58		6.39
Industrial	6.84	5.91	5.66		6.26		5.05
Governmental	9.61	8.44	7.47		8.02		6.81
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	351,274	348,019	344,637		341,126		340,125
Commercial	60,338	59,347	57,146		55,784		54,556
Industrial	3,915	4,767	3,036		2,970		3,048
Governmental	4,036	3,884	3,842		3,738		3,655
Total Retail Customers	419,563	416,017	408,661		403,618		401,384

41

UTILITY STATISTICAL INFORMATION

ENTERGY MISSISSIPPI, INC.

GENERATION PORTFOLIO

								Total Plant - 2004
Plant	Unit		Ownership		Owned & Leased Capability (MW)(a)	Fuel Type	Purpose	Net Generation (MWH)		Expenses per Net MWH		Total Production Expense ($000)
Baxter Wilson	1		100	%	490	Gas/Oil	Intermediate	919,614		77.94		71,673
	2		100	%	700	Gas/Oil	Intermediate
Delta	1		100	%	97	Gas/Oil	Peaking	14,069		282.11		3,969
	2		100	%	95	Gas/Oil	Peaking
Gerald Andrus	1	��	100	%	741	Gas/Oil	Intermediate	2,193,183		53.37		117,059
Natchez	1		100	%	65	Gas/Oil	Peaking	(52	)	(9,115.38	)	474
Rex Brown	1		100	%	15	Gas	Peaking	206,011		123.49		25,441
	3		100	%	70	Gas/Oil	Intermediate
	4		100	%	210	Gas/Oil	Intermediate
	5		100	%	7	Oil	Peaking
Independence	1		25	%	204	Coal	Base	2,679,631		17.98		48,193
Independence	2		25	%	204	Coal	Base
Total					2,898			6,012,456		44.38		266,809

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

42

UTILITY STATISTICAL INFORMATION

ENTERGY NEW ORLEANS, INC.

	2004	2003	2002		2001	2000
ELECTRIC OPERATING REVENUES ($ thousands)
Residential	184,155	178,133	170,517		189,474	188,314
Commercial	170,812	161,716	153,776		186,299	170,684
Industrial	34,261	26,416	24,657		31,725	25,479
Governmental	69,680	68,238	65,746		80,918	73,028
Total Retail	458,908	434,503	414,696		488,416	457,505
Sales for Resale	119,407	87,174	8,773		13,330	40,133
Other	10,142	5,983	1,058		926	17,136
Total Electric Operating Revenues	588,457	527,660	424,527		502,672	514,774
FUEL REVENUES (included in above revenues)
Residential	67,891	65,057	62,192		88,301	73,690
Commercial	71,413	67,552	63,447		96,377	73,965
Industrial	17,706	12,276	11,419		18,451	12,499
Governmental	30,994	30,534	29,324		44,690	34,255
Total Retail Fuel Revenues	188,004	175,419	166,382		247,819	194,409
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	2,146	2,099	2,580		2,232	3,642
Coal	—	—	—		—	—
Nuclear	—	—	—		—	—
Hydro	—	—	—		—	—
Total Net Generation	2,146	2,099	2,580		2,232	3,642
Purchased Power:
Affiliated Companies	3,880	3,742	2,706		3,271	2,333
Non-affiliated Companies	1,982	1,621	1,041		753	913
Total Purchased Power	5,862	5,363	3,747		4,024	3,246
Total Sources of Energy	8,008	7,462	6,327		6,256	6,888
USES OF ENERGY (GWh)
Electric Energy Sales:
Residential	2,139	2,133	2,158		1,981	2,178
Commercial	2,316	2,262	2,255		2,185	2,260
Industrial	575	413	409		414	384
Governmental	1,025	1,036	1,053		1,017	1,058
Total Retail	6,055	5,844	5,875		5,597	5,880
Sales for Resale	1,539	1,340	176		174	711
Unbilled Energy	41	22	(49	)	29	22
Total Electric Energy Sales	7,635	7,206	6,002		5,800	6,613
Line Losses and Company Usage	373	256	325		456	275
Total Uses of Energy	8,008	7,462	6,327		6,256	6,888
AVERAGE ELECTRIC REVENUE (cents/KWh)
Residential	8.61	8.35	7.90		9.56	8.65
Commercial	7.37	7.15	6.82		8.53	7.55
Industrial	5.96	6.42	6.03		7.66	6.64
Governmental	6.80	6.59	6.24		7.96	6.90
NUMBER OF RETAIL ELECTRIC CUSTOMERS
(as of December 31)
Residential	169,498	169,878	170,771		170,043	170,350
Commercial	16,376	16,336	16,576		16,431	16,423
Industrial	1,309	1,148	1,141		1,106	1,094
Governmental	1,798	1,755	1,632		1,649	1,642
Total Retail Customers	188,981	189,117	190,120		189,229	189,509

43

UTILITY STATISTICAL INFORMATION

ENTERGY NEW ORLEANS, INC.

GENERATION PORTFOLIO

							Total Plant - 2004
Plant	Unit	Ownership		Owned & Leased Capability (MW)(a)	Fuel Type	Purpose	Net Generation (MWH)	Expenses per Net MWH	Total Production Expense ($ 000)
A. B. Paterson	3	100	%	50	Gas/Oil	Peaking	7,253	338.07	2,452
	4	100	%	—	Gas/Oil	Peaking
Michoud	1	100	%	65	Gas/Oil	Peaking	2,138,022	78.04	166,861
	2	100	%	244	Gas/Oil	Intermediate
	3	100	%	545	Gas/Oil	Intermediate
A. B. Paterson	5	100	%	11	Oil	Peaking	695	251.80	175
Total				915			2,145,970	78.98	169,488

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

SYSTEM ENERGY RESOURCES, INC.

	2004		2003	2003	2001	2000
OPERATING REVENUES ($ thousands)	545,381		583,820	602,486	535,027	656,749
SOURCES OF ENERGY (GWh)
Net Generation:
Gas & Oil	—		—	—	—	—
Coal	—		—	—	—	—
Nuclear	9,202		9,812	9,053	8,921	9,621
Hydro	—		—	—	—	—
Total Net Generation	9,202		9,812	9,053	8,921	9,621
Purchased Power	—		—	—	—	—
Total Sources of Energy	9,202		9,812	9,053	8,921	9,621
USES OF ENERGY (GWh)
Electric Energy Sales	9,212		9,812	9,053	8,921	9,621
Unbilled Energy	—		—	—	—	—
Line Losses and Company Usage	(10	)	—	—	—	—
Total Uses of Energy	9,202		9,812	9,053	8,921	9,621

SYSTEM ENERGY RESOURCES, INC.

GENERATION PORTFOLIO

							Total Plant - 2004
Plant	Unit	Ownership		Owned & Leased Capability (MW)(a)	Fuel Type	Purpose	Net Generation (MWH)	Expenses per Net MWH	Total Production Expense ($ 000)
Grand Gulf	1	90	%	1,143	Nuclear BWR(b)	Base	9,201,618	13.54	124,584
Total				1,143			9,201,618	13.54	124,584

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

^(b) BWR = Boiling Water Reactor

44

UTILITY STATISTICAL INFORMATION

UTILITY NUCLEAR PLANT STATISTICS

The following tables show plant performance for 2004 and averages for three-year periods.

CAPACITY FACTOR(%)

	2004	2001–2003	2000–2002	1999–2001
ANO	96.5	99.0	92.1	88.4
Grand Gulf	92.0	97.3	96.5	91.4
River Bend	86.7	95.3	95.0	84.8
Waterford 3	101.4	95.2	95.0	90.0
Entergy Southeast Average	95.0	97.0	94.4	88.8
Industry Average	—	90.7	90.8	88.8

Capacity factors greater than 100% result from units producing output in excess of their ratings for maximum dependable capacity.

PRODUCTION COST($/MWh)

	2004	2001–2003	2000–2002	1999–2001
ANO	14.7	14.8	16.1	16.8
Grand Gulf	13.5	13.6	13.7	14.4
River Bend	18.5	16.4	17.1	19.3
Waterford 3	14.8	15.4	15.3	16.0
Entergy Southeast Average	15.1	15.0	15.5	16.4
Industry Average	—	16.1	16.2	17.3

INDIVIDUAL PLANT INFORMATION

	ANO			Grand Gulf		River Bend		Waterford 3
	Unit 1		Unit 2
Owner	Entergy Arkansas		Entergy Arkansas	System Energy -90 South Mississippi Electric Power Association-10	% %	Entergy Gulf States		Entergy Louisiana
Commercial Operation Date	December ‘74		March ‘80	July ‘85		June ‘86		September ‘85
License Expiration Date	5/20/34		7/17/18	11/1/24		8/29/25		12/18/24
Architect/Engineer	Bechtel Power		Bechtel Power	Bechtel Power		Stone & Webster		Ebasco
Reactor Manufacturer	Babcox &		Combustion	General		General		Combustion
	Wilcox		Engineering	Electric		Electric		Engineering
Reactor Type	PWR		PWR	BWR		BWR		PWR
Turbine Generator Manufacturer	Westinghouse		General Electric	Kraftwerk Union		General Electric		Westinghouse
Owned and Leased Capability (MW)(a)	841		996	1,270		968	(c)	1,087
Refueling Data:
Last Date	4/20/04–		3/9/05–	2/22/04–		10/21/04–		10/19/03–
	5/13/04		4/11/05	3/24/04		11/21/04		11/22/03
Number of Days	23		33	31		31		33
Next Scheduled Refueling	Fall ‘05		Fall ‘06	Fall ‘05		Spring ‘06		Spring ‘05
2004 Capacity Factor (%)	93.0		99.4	92.0		86.7		101.4
($ millions as of December 31, 2004)
Book Value	997	(b)	1,929	1,766	(c)	1,582
Decommissioning Trust Fund Balance	383.8	(b)	205.1	291.0		172.1
Decommissioning Liability	492.7	(b)	335.9	152.1		347.3

^(a) Owned and Leased Capability is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.

^(b) ANO Units 1 and 2 are reported together.

^(c) 30% of River Bend is not subject to rate regulation by the Public Utility Commission of Texas, the Louisiana Public Service Commission, nor various municipal authorities, and is included in non-utility property on the balance sheet.

45

UTILITY REGULATORY INFORMATION

STATE REGULATORY COMMISSIONS

	Arkansas	Louisiana	Mississippi	New Orleans	Texas
Commission	Arkansas Public Service Commission	Louisiana Public Service Commission	Mississippi Public Service Commission	New Orleans City Council	Public Utility Commission of Texas
Number of Commissioners	3	5	3	7	3
Method of Selection	Appointed by Governor	Elected	Elected	Elected	Appointed by Governor
Term of Office	6 years – staggered	6 years – staggered	4 years – concurrent	4 years – concurrent (2 term limits)	6 years – staggered
Chair/President	Appointed	Selected by peers – 1 year term	Rotates every 2 years	Selected by peers from two at-large seats	Appointed

COMMISSION/COUNCIL MEMBERS

	Party	Service Began	Current Term Ends
ARKANSAS
Sandra L. Hochstetter – Chair	Republican	7/00	1/11
Daryl Bassett	Republican	9/02	1/09
Randy Bynum	Republican	1/03	1/07
LOUISIANA
Lambert Boissiere III	Democrat	1/05	12/10
C. Dale Sittig	Democrat	11/95	12/10
James M. Field	Republican	12/96	12/06
Jack A. “Jay” Blossman, Jr.	Republican	1/97	12/08
Foster L. Campbell, Jr.	Democrat	1/03	12/08
MISSISSIPPI
Dorlos “Bo” Robinson – Chair	Democrat	12/89	12/07
Michael Callahan	Republican	12/99	12/07
Nielsen Cochran	Republican	12/83	12/07
NEW ORLEANS
Eddie L. Sapir – President	Democrat	5/02	5/06
Oliver M. Thomas, Jr.	Democrat	5/94	5/06
John A. Batt, Jr.	Republican	5/02	5/06
Renee Gill Pratt	Democrat	5/02	5/06
Jacquelyn Brechtel Clarkson	Democrat	5/02	5/06
Cynthia Hedge-Morrell	Democrat	4/05	5/06
Cynthia Willard-Lewis	Democrat	5/02	5/06
TEXAS
Paul Hudson – Chair	Republican	8/03	8/09
Julie Caruthers Parsley	Republican	11/02	8/05
Barry Smitherman	Republican	4/04	8/07

46

UTILITY REGULATORY INFORMATION

SELECT UTILITY RATE PROCEEDINGS

Company	Authorized ROE	Pending Proceedings/Events as of May 2005
EAI	11.0%	Recent activity: None
		Background: No cases pending. Timing of next filing to be based on completion of steam generator and reactor vessel head replacement at ANO Unit 1 and FERC decision in System Agreement case.
EGSI – TX	10.95%	Recent activity: EGSI-TX appealed the Public Utility Commission of Texas’ (PUCT) October 2004 decision to dismiss the company’s rate case filed in August 2004. The company is pursuing efforts to get legislative support through the passage of a bill that would clarify the end of the rate freeze and allow EGSI-TX to proceed with obtaining rate relief through riders for transition cost and incremental purchased power.
		Background: Beginning in 1999 until June 2004, the company had been preparing for ROA. In a written order issued on July 12, 2004, the PUCT effectively rejected the company’s proposal to advance to ROA and as a result, the company filed a rate case on August 25, 2004 which the PUCT dismissed with its written order issued October 20, 2004. The PUCT did not act on the company’s Motion for Rehearing on the Dismissal which rendered it “denied by operation of law”.
EGSI – LA	9.90% – 11.4%	Recent activity: On March 23, 2005, the LPSC approved a Global Settlement of 12 cases including the 9th earnings review. The settlement terms include $76 million in refunds for EGSI-LA customers, no change in current rates, and the establishment of a formula rate plan with a 10.65% ROE midpoint and a 75 basis point bandwidth. Earnings outside the bandwidth are allocated 60% to customers and 40% to the company. The first formula rate plan filing will be made in May 2005 based upon a calendar 2004 test year. For the first year only, prospective rates will be reset to the 10.65% midpoint.
ELI	9.7% – 11.3%	Recent activity: Hearings on the rate case were completed in mid December 2004. At the March 23, 2005 meeting, the LPSC directed the Administrative Law Judge to set a procedural schedule that would allow for a decision on a possible settlement at the May 18, 2005 meeting. On March 28, ELI and the LPSC Staff filed a joint motion for contested settlement. The settlement includes an $18.3 million rate increase based upon the following key items: removal of Perryville and pending capacity contracts for separate consideration, life extension accounting for Waterford 3, and an ROE midpoint of 10.25%. The settlement also includes a formula rate plan with an 80 basis point bandwidth with the first filing based on a 2005 test year. Earnings outside the bandwidth are allocated 60% to customers and 40% to the company. Pursuant to its rights, ELI placed interim rates based on an $18.3 million rate increase into effect on May bills, subject to refund.
		Background: In January 2004, ELI filed with the LPSC an application for a $167 million base rate increase based on an ROE of 11.4%. The requested increase would have been largely mitigated by fuel savings resulting from the generation supply plan, including the acquisition of the Perryville plant. LPSC Staff initially recommended removal of the generation supply plan resulting in an $11.4 million rate increase with a 9.75% ROE.
EMI	9.10% – 11.90%	Recent activity: EMI submitted its 2005 Formula Rate Plan’s Evaluation Report to the Mississippi Public Service Commission on March 14, 2005. On April 19, 2005, the MPSC approved a joint stipulation which provides for no change in rates based on a performance adjusted ROE of 10.5%.
		Background: In December 2002, the Mississippi Public Service Commission (MPSC) approved a $48.2 million rate increase which allowed an ROE of 11.75%. The MPSC also approved a formula rate plan which allows the earned return on equity to increase or decrease within a bandwidth without a change in rates. Also, performance incentives can increase or decrease the benchmarked ROE by 100 basis points. If EMI earns above or below the bandwidth range, rates are adjusted on a prospective basis by 50% of any overage or shortfall to the top or bottom of the bandwidth respectively.
ENOI	10.25% – 13.25%	Recent activity: In April 2005, Entergy New Orleans made its annual scheduled formula plan filings with the New Orleans City Council (CCNO). The filings show that a decrease of $0.2 million in electric revenues is warranted and an increase of $3.9 million in gas revenues is warranted. The prescribed period for review by the Council’s Advisors and other parties has now commenced, and rate adjustments, if any, could be implemented as soon as September 2005.
		Background: Effective June 2003, the CCNO approved a $30 million rate increase and a 2-year prospective FRP with an ROE mid point of 11.25% and an ROE bandwidth from 10.25% to 12.25%. In addition, the Electric FRP allows for up to 13.25% ROE based on a Generation Performance-Based Rate plan which provides for sharing of fuel and purchased power savings. On April 30, 2004, ENOI filed its annual electric and gas FRP updates that resulted in an August settlement approved by the CCNO calling for no rate adjustment for electric or gas service. The company intends to file for an extension of the FRP prior to September 1, 2005. If the FRP is not extended by the CCNO on or before September 1, the Rate Adjustments in effect based on the December 31, 2004 test year shall continue.
SERI	10.94%	Recent activity: None
		Background: ROE approved by July 2001 FERC order. No cases pending.

47

UTILITY REGULATORY INFORMATION

UTILITY ELECTRIC AND GAS FUEL RECOVERY

	Deferred Fuel Balance as of December 31,									Fuel Recovery Mechanism
Company	2004		2003		2002		2001		2000
	($ millions)
EAI	7.4		10.6		(42.6	)	17.2		103.0	Entergy Arkansas’ rate schedules include an energy cost recovery rider to recover fuel and purchased energy costs in monthly bills. The rider utilizes prior calendar year energy costs and projected energy sales for the twelve month period commencing on April 1 of each year to develop an energy cost rate, which is redetermined annually and includes a true-up adjustment reflecting the over-recovery or under-recovery, including carrying charges, of the energy cost for the prior calendar year.
EGSI – TX	78.5		116.6		91.8		108.6		184.1	Entergy Gulf States’ Texas rate schedules include a fixed fuel factor to recover fuel and purchased power costs, including carrying charges, not recovered in base rates. Under current methodology, semi-annual revisions of the fixed fuel factor may be made in March and September based on the market price of natural gas. Entergy Gulf States will likely continue to use this methodology until retail open access begins in Texas. To the extent actual costs vary from the fixed fuel factor, refunds or surcharges are required or permitted. The amounts collected under the fixed fuel factor through the start of retail open access are subject to fuel reconciliation proceedings before the PUCT. At the start of retail open access for Entergy Gulf States in Texas, fuel and purchased power cost recovery will be subject to the fuel component of the price-to-beat rates approved by the PUCT. The PUCT fuel cost reviews that were resolved during the past year or are currently pending are discussed in Note 2 to the domestic utility companies and System Energy financial statements in Entergy’s 2004 Form 10-K.
EGSI – LA	11.6		1.9		8.8		18.2		104.0	Entergy Gulf States’ Louisiana electric rate schedules include a fuel adjustment clause designed to recover the cost of fuel. The fuel adjustment contains a surcharge or credit for deferred fuel expense and related carrying charges arising from the monthly reconciliation of actual fuel costs incurred with fuel cost revenues billed to customers. Entergy Gulf States’ Louisiana gas rates include a purchased gas adjustment based on estimated gas costs for the billing month adjusted by a surcharge or credit for deferred fuel expense arising from the monthly reconciliation of actual fuel costs incurred with fuel cost revenues billed to customers.
ELI	8.7		30.6		(25.6	)	(67.5	)	84.1	Entergy Louisiana’s rate schedules include a fuel adjustment clause designed to recover the cost of fuel. The fuel adjustment contains a surcharge or credit for deferred fuel expense and related carrying charges arising from the monthly reconciliation of actual fuel costs incurred with fuel cost revenues billed to customers.
EMI	(22.8	)	89.1		38.2		106.2		65.0	Entergy Mississippi’s rate schedules include energy cost recovery riders to recover fuel and purchased energy costs. The rider utilizes projected energy costs filed quarterly by Entergy Mississippi to develop an energy cost rate. The energy cost rate is redetermined each calendar quarter and includes a true-up adjustment reflecting the over-recovery or under-recovery of the energy cost as of the second quarter preceding the redetermination.
ENOI	2.6		(2.7	)	(14.9	)	(10.2	)	28.2	Entergy New Orleans’ electric rate schedules include a fuel adjustment tariff designed to reflect no more than targeted fuel and purchased power costs, adjusted by a surcharge or credit for deferred fuel expense arising from the monthly reconciliation of actual fuel and purchased power costs incurred with fuel cost revenues billed to customers, including carrying charges. The adjustment also includes the difference between non-fuel Grand Gulf 1 costs paid by Entergy New Orleans and the estimate of such costs, which are included in base rates, as provided in Entergy New Orleans’ Grand Gulf 1 rate settlements. Entergy New Orleans’ gas rate schedules include an adjustment to reflect estimated gas costs for the billing month, adjusted by a surcharge or credit similar to that included in the electric fuel adjustment clause, including carrying charges. In June and November 2004, the city Council passed resolutions implementing a package of measures developed by Entergy New Orleans and the Council Advisors to protect customers from potential gas price spikes during the 2004 – 2005 winter heating season. These measures include: maintaining Entergy New Orleans’ financial hedging plan for its purchase of wholesale gas, and deferral of collection of up to $6.2 million of gas costs associated with a cap on the purchased gas adjustment in November and December 2004 in the event that the average residential customer’s gas bill were to exceed a threshold level. The deferrals resulting from these caps will receive accelerated recovery over a seven–month period beginning in April 2005.
TOTAL	85.9		246.0		55.7		172.4		568.3

Totals may not foot due to rounding.

48

COMPETITIVE BUSINESSES

COMPETITIVE BUSINESSES

TOTAL CAPACITY

	Operated				Owned Capacity(c)
As of December 31, 2004	Plants	Units	MW		MW	%
Gas/Oil	1	1	550	(b)	1,317	24
Coal	—	—	—	(b)	181	3
Total Fossil	1	1	550		1,498	27
Wind	—	—	—		80	1
Nuclear	5	6	4,858	(a)	4,058	72
Total Capacity	6	7	5,408		5,636	100

^(a) Operated capacity includes management services contracts.

^(b) Excludes units operated by Entergy’s utility companies.

^(c) Includes capacity under power purchase agreements.

ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR QUARTERLY FINANCIAL METRICS

	2004					2003						YTD % change
	1Q	2Q	3Q	4Q	YTD	1Q	2Q	3Q	4Q		YTD
GAAP MEASURES
As-Reported Earnings ($ millions)	68.8	63.0	63.7	49.5	245.0	197.0	44.9	59.6	(0.7	)	300.8	(19	)
ROIC – As-Reported (%)*	8.0	8.6	8.4	10.1	10.1	17.7	16.4	14.6	12.8		12.8	(21	)
ROE – As-Reported (%)*	9.6	10.5	10.0	12.3	12.3	28.0	25.9	21.5	18.2		18.2	(32	)
Debt to Capital Ratio (%)*	25.8	25.6	23.4	27.0	27.0	34.5	34.7	30.9	27.7		27.7	(3	)
NON-GAAP MEASURES
Operational Earnings ($ millions)	68.8	63.0	63.7	49.5	245.0	36.7	44.9	59.6	56.9		198.2	24
ROIC – Operational (%)*	10.2	10.7	10.6	10.1	10.1	10.4	9.4	8.1	8.6		8.6	17
ROE – Operational (%)*	12.7	13.6	12.9	12.3	12.3	15.4	14.0	11.2	11.9		11.9	3
Net Debt to Net Capital Ratio (%)*	20.6	19.2	16.2	23.1	23.1	31.7	31.9	26.6	23.5		23.5	(2	)

* Trailing twelve months.

Totals may not foot due to rounding.

ENTERGY NUCLEAR ANNUAL FINANCIAL METRICS

	2004	2003	2002	2001	2000
GAAP MEASURES
As-Reported Earnings ($ millions)	245.0	300.8	200.5	127.9	49.2
ROIC – As-Reported (%)*	10.1	12.8	10.6	9.2	7.0
ROE – As-Reported (%)*	12.3	18.2	17.2	21.7	31.3
Debt to Capital Ratio (%)*	27.0	27.7	42.3	51.3	86.4
NON-GAAP MEASURES
Operational Earnings ($ millions)	245.0	198.2	200.5	127.9	49.2
ROIC – Operational (%)*	10.1	8.6	10.6	9.2	7.0
ROE – Operational (%)*	12.3	11.9	17.2	21.7	31.3
Net Debt to Net Capital Ratio (%)*	23.1	23.5	38.2	47.7	76.7

* Trailing twelve months.

ENTERGY NUCLEAR QUARTERLY OPERATIONAL METRICS

	2004															2003															YTD % change
	1Q			2Q			3Q			4Q			YTD			1Q			2Q			3Q			4Q			YTD
Net MW in Operation		4,001			4,001			4,001			4,058			4,058			3,955			3,955			4,001			4,001			4,001		1
Avg. Realized Price/MWh	$	39.70		$	41.33		$	43.38		$	40.69		$	41.26		$	38.28		$	39.78		$	40.67		$	38.54		$	39.38		5
Production Cost/MWh	$	18.57		$	18.33		$	21.68		$	22.28		$	20.16		$	23.54		$	20.85		$	20.03		$	17.15		$	20.32		(1	)
Generation in GWh		8,687			8,196			8,075			7,567			32,524			8,093			7,337			8,246			8,702			32,379		—
Capacity Factor		99	%		94	%		92	%		85	%		92	%		94	%		84	%		94	%		98	%		92	%	—

Totals may not foot due to rounding.

ENTERGY NUCLEAR ANNUAL OPERATIONAL METRICS

	2004			2003			2002			2001			2000
Net MW in Operation		4,058			4,001			3,955			3,445			2,475
Avg. Realized Price/MWh	$	41.26		$	39.38		$	40.07		$	34.90		$	41.56
Production Cost/MWh	$	20.16		$	20.32		$	20.20		$	18.60		$	18.90
Generation in GWh		32,524			32,379			29,953			22,614			7,171
Capacity Factor		92	%		92	%		93	%		93	%		94	%

49

ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR PLANT STATISTICS

	James A. FitzPatrick		Indian Point				Pilgrim Nuclear Station		Vermont Yankee
			Unit 2		Unit 3
Entergy Purchase Date	11/21/00		9/6/01		11/21/00		7/13/99		7/31/02
Commercial Operation Date	July ’75		August ‘74		August ‘76		December ‘72		November ‘72
License Expiration Date	10/17/14		9/28/13		12/15/15		6/8/12		3/21/12
Architect/Engineer	Stone & Webster		United Engineers & Constructors		United Engineers & Constructors		Bechtel Power		Ebasco
Reactor Manufacturer	General Electric		Westinghouse		Westinghouse		General Electric		General Electric
Reactor Type	BWR		PWR		PWR		BWR		BWR
Turbine Generator Manufacturer	General Electric		Westinghouse		Westinghouse		General Electric		General Electric
Maximum Dependable Capacity (MW)	838		1,028		994		688		510
Refueling Data
Last Date	9/04/04 – 10/24/04		10/22/04 – 11/22/04		3/11/05 – 4/7/05		4/19/03 – 5/13/03		4/3/04 – 5/4/04
Number of Days	30		31		26		24		30
Next Scheduled Refueling	Fall ’06		Spring ’06		Spring ’07		Spring ’05		Fall ’05
2004 Capacity Factor	89	%	87	%	100	%	98	%	84	%
($ millions as of December 31, 2004)
Book Value	211		658		273		69		88
Decommissioning Trust Fund Balance		(a)	516	(b)		(a)	520		365
Decommissioning Liability		(a)	270	(b)		(a)	231		238
Nearest Market Hub	NYISO		NYISO		NYISO		NEPOOL		NEPOOL
	Zone A	(d)	Zone G	(e)	Zone G	(e)	Mass Hub		Mass Hub
Capacity Zone (ICAP/UCAP)	NYISO		NYISO		NYISO		NEPOOL		NEPOOL
	Rest of State		Rest of State		Rest of State

(a) NYPA retained the decommissioning trusts and decommissioning liability. NYPA and Entergy executed decommissioning agreements, specifying their decommissioning obligations. NYPA has the right to require Entergy to assume the decommissioning liability provided that it assigns the corresponding decommissioning trust, up to a specified level, to Entergy. If the decommissioning liability is retained by NYPA, Entergy will perform the decommissioning of the plants at a price equal to the lesser of a pre-specified level or the amount in the decommissioning trusts. Entergy believes that the amounts available to it under either scenario are sufficient to cover the future decommissioning costs without any additional contributions to the trusts.

(b) Includes amount for Indian Point 1. Indian Point 1 has been shut down and in safe storage since the 1970s.

(c) Potential delay due to regulatory issues.

(d) James A. FitzPatrick physically located in NYISO Zone C.

(e) Indian Point physically located in NYISO Zone H.

ENTERGY NUCLEAR PLANT UPRATES

(MW)	Capacity 12/31/02	2003	2004	Capacity 12/31/04	2005E	2006E	Projected Capacity 12/31/06E
FitzPatrick	825	—	13	838	—	—	838
Indian Point 2	970	14	44	1,028	—	—	1,028
Indian Point 3	980	14	—	994	47	—	1,041
Pilgrim	670	18	—	688	—	—	688
Vermont Yankee	510	—	—	510	50	45	605
Total	3,955	46	57	4,058	97	45	4,200

50

ENTERGY NUCLEAR (NON-UTILITY)

ENTERGY NUCLEAR SECURITIES DETAIL

ENTERGY NUCLEAR LONG-TERM DEBT

Note to New York Power Authority (NYPA) relating to the purchase of FitzPatrick and Indian Point 3

($ thousands)	Long- term debt(a)	Interest expense	Additional LTD related to purchase of IP2	Interest expense	Total ending long-term debt	Total interest expense
2000	744,405	3,869	—	—	744,405	3,869
2001	682,512	35,392	74,402	1,190	756,914	36,582
2002	604,420	32,540	79,220	3,628	683,640	36,168
2003	441,845	27,387	72,863	3,643	514,708	31,030
2004	379,405	21,275	66,200	3,337	445,605	24,612
2005	313,968	18,277	59,218	3,018	373,186	21,295
2006	245,390	15,137	51,900	2,682	297,290	17,819
2007	173,520	11,845	44,231	2,331	217,751	14,176
2008	161,932	8,412	36,194	1,963	198,126	10,375
2009	149,771	7,839	27,772	1,577	177,543	9,416
2010	137,026	7,255	18,945	1,173	155,971	8,428
2011	123,669	6,643	9,694	750	133,363	7,393
2012	109,681	6,012	—	305	109,681	6,317
2013	95,011	5,331	—	—	95,011	5,331
2014	79,638	4,627	—	—	79,638	4,627
2015	61,027	3,889	—	—	61,027	3,889
2016–2035 Average	N/A	1,755	—	—	N/A	1,755

^(a) Includes plant, fuel, and license extension payments. Payments for plant and fuel are made annually on 11/21 (anniversary of close). As of 9/30/03, the entire fuel note has been paid off. Life extension payments made on anniversary of license expiration.

NON-NUCLEAR WHOLESALE ASSETS PLANT STATISTICS

Plant	Location	NERC Region	Ownership Interest		Net MW	Total MW	Fuel Type/ Technology	Purpose
Independence – Unit 2	Newark, AR	SERC	14	%	121	842	Coal	Base
Ritchie – Unit 2	Helena, AR	SERC	100	%	544	544	Gas/Oil	Peaking
Warren Power	Vicksburg, MS	SERC	75	%	225	300	Gas Turbine	Peaking
Top of Iowa	Worth County, IA	MAPP	50	%	40	80	Wind	Renewable
RS Cogen	Lake Charles, LA	SERC	50	%	213	425	Gas/Steam	Base QF
Harrison County	Marshall, TX	SPP	61	%	335	550	Combined Cycle	Intermediate
Nelson 6 (PPA)	Westlake, LA	SERC	11	%	60	550	Coal	Base
White Deer	Amarillo, TX	SPP	50	%	40	80	Wind	Renewable
Total					1,578	3,371

NON-NUCLEAR WHOLESALE ASSETS SECURITIES DETAIL

Outstanding as of December 31, 2004

(Entergy’s share)	Amount	Maturity	Rate
	($ millions)
RS Cogen Senior Project Debt
Bank Portion(a)	76.8	10/17/18	LIBOR + 1.375%
Institutional Portion	37.5	10/15/22	Fixed 8.73%

^(a) RS Cogen spread on bank portion increases over time to 2.375%.

51

DEFINITIONS OF OPERATIONAL MEASURES AND GAAP AND NON-GAAP FINANCIAL MEASURES

NUCLEAR OPERATIONAL MEASURES
Net MW in operation	Installed capacity owned or operated
Average realized price per MWh	As-reported revenue per MWh generated for all non-utility nuclear operations
Production cost per MWh	Fuel (including fuel lease charges) and non-fuel operation and maintenance expenses according to accounting standards that directly relate to the production of electricity per MWh (excludes administrative and general expenses)
Generation in GWh	Total number of GWh produced
Capacity factor	Normalized percentage of the period that the plant generates power. This is a ratio of the energy that was produced over a given period of time relative to energy that would have been produced had the unit operated continuously at its maximum dependable capacity over the period
Refueling outage duration	Number of days the unit was offline for scheduled refueling outage

Financial measures defined in the below table include measures prepared in accordance with generally accepted accounting principles (GAAP), as well as non-GAAP measures. Non-GAAP measures are included in this report in order to provide metrics that remove the effect of less routine financial impacts from commonly used financial metrics.

FINANCIAL MEASURES – GAAP
Return on average	12-months trailing earnings adjusted to include preferred dividends and tax-effected
invested capital – As-reported	interest expense divided by average invested capital
Return on average common equity – As-reported	12-months trailing earnings divided by average common equity
Net margin – As-reported	12-months trailing earnings divided by 12-months trailing revenue
Cash flow interest coverage	12-months net cash flow from operating activities plus 12-months trailing interest paid, divided by interest expense
Book value per share	Common equity divided by end of period shares outstanding
Revolver capacity	Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Total debt	Sum of short-term and long-term debt, capital leases, and preferred stock with sinking fund on the balance sheet less non-recourse debt, if any
Project debt	Financing at subsidiaries to support specific projects
Debt of joint ventures (Entergy share)	Debt issued for Entergy-Koch, LP and non-nuclear assets business joint ventures for periods through third quarter 2004. Only non-nuclear assets business joint ventures debt included for periods thereafter
Leases (Entergy share)	Operating leases held by subsidiaries capitalized at implicit interest rate
Debt to capital	Gross debt divided by total capitalization
FINANCIAL MEASURES – NON-GAAP
Operational earnings	As-reported earnings adjusted to exclude the impact of special items
Return on average invested capital – operational	12-months trailing operational earnings adjusted to include preferred dividends and tax-effected interest expense divided by average invested capital
Return on average common equity – operational	12-months trailing operational earnings divided by average common equity
Net margin – operational	12-months trailing operational earnings divided by 12-months trailing revenue
Total gross liquidity	Sum of cash and cash equivalents and revolver capacity
Net debt to net capital	Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents
Net debt including off-balance sheet liabilities	Sum of gross debt and off-balance sheet debt less cash and cash equivalents divided by total capitalization and off-balance sheet liabilities less cash and cash equivalents

52

REG G RECONCILIATION

CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES 2000-2004

($ millions)	2004	2003		2002		2001	2000
As-reported earnings (A)	910	927		599		726	679
Preferred dividends	24	24		24		24	32
Tax effected interest expense	294	311		353		441	331
As-Reported earnings including preferred dividends and tax-effected interest expense (B)	1,228	1,262		976		1,191	1,042
Special items (C)	30	(55	)	(267	)	—	(36	)
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	1,198	1,317		1,243		1,191	1,078
Operational earnings (A-C)	880	982		866		726	715
Average invested capital (D)	16,843	17,114		16,862		16,640	15,883
Average common equity (E)	8,499	8,271		7,647		7,230	7,062
Operating revenues (F)	10,124	9,195		8,305		9,621	10,022
Gross debt (G)	7,807	8,182		8,810		8,900	9,158
Less cash and cash equivalents (H)	808	692		1,335		752	1,382
Net debt (G-H)	6,999	7,490		7,475		8,148	7,776
Total capitalization (I)	16,466	17,220		17,007		16,717	16,562
Less cash and cash equivalents (J)	808	692		1,335		752	1,382
Net capitalization (I-J)	15,658	16,528		15,672		15,965	15,180
Off balance sheet liabilities (K)	710	888		804		955	489
Revolver capacity (L)	1,490	1,553		1,018		1,210	113
Gross liquidity (H+L)	2,298	2,245		2,353		1,962	1,495
(%)
ROIC – As-reported (B/D)	7.3	7.4		5.8		7.2	6.6
ROIC – Operational ((B-C)/D)	7.1	7.7		7.4		7.2	6.8
ROE – As-reported (A/E)	10.7	11.2		7.8		10.0	9.6
ROE – Operational ((A-C)/E)	10.4	11.9		11.3		10.0	10.1
Net margin – As-reported (A/F)	9.0	10.1		7.2		7.6	6.8
Net margin – Operational ((A-C)/F)	8.7	10.7		10.4		7.5	7.1
Debt to capital ratio (G/I)	47.4	47.5		51.8		53.2	55.3
Net debt to net capital ratio ((G-H)/(I-J))	44.7	45.3		47.7		51.0	51.2
Net debt to net capital ratio including off-balance sheet liabilities ((G-H+K)/(I-J+K))	47.1	48.1		50.3		53.8	52.8

Calculations may differ due to rounding.

53

REG G RECONCILIATION

CONSOLIDATED FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES 1Q03-4Q04

($ millions)	1Q03		2Q03		3Q03	4Q03		1Q04		2Q04		3Q04		4Q04
For the quarter:
As-reported earnings (A)	395.0		205.6		365.8	(39.5	)	207.2		265.2		282.2		154.9
Less special items (B)	139.0		(64.9	)	—	(128.6	)	15.1		13.0		(39.5	)	41.3
Operational earnings (A-B)	256.0		270.5		365.8	89.1		192.1		252.2		321.7		113.6
As-Reported earnings trailing 12 months (C)	1,073		1,037		1,042	927		739		799		715		910
Preferred dividends	24		24		24	24		23		23		23		24
Tax-effected interest expense	347		339		328	311		307		303		292		294
As-reported earnings, trailing 12 months including preferred dividends and tax-effected interest expense (D)	1,444		1,400		1,394	1,262		1,069		1,125		1,030		1,228
Special items in prior quarters	(7	)	158		72	74		(194	)	(114	)	(101	)	(12	)
Special items 1Q03 through 4Q04
Utility/Parent/Other
River Bend loss provision			(66	)
Tax benefits – Entergy-Koch														17
SFAS 143 implementation	(21	)
Voluntary severance plan						(71	)
Entergy Nuclear
SFAS 143 implementation	160					(6	)
Voluntary severance plan						(52	)
Energy Commodity Services
Gain (loss) on disposition of assets			1
Entergy-Koch Trading earnings								6		10		(48	)	(47	)
Gulf South Pipeline earnings								9		3		3		14
Tax benefits on restructuring														94
Asset and contract impairments														(36	)
Reduction in asset sale reserves												6
Total special items (E)	132		93		72	(55	)	(179	)	(101	)	(140	)	30
Operational earnings, trailing 12 months including preferred dividends and tax-effected interest expense (D-E)	1,312		1,307		1,322	1,317		1,248		1,226		1,170		1,198
Operational earnings, trailing 12 months (C-E)	941		944		970	982		918		900		855		880
Average invested capital (F)	16,700		17,465		17,324	17,114		17,257		17,638		17,462		16,843
Average common equity (G)	7,838		8,075		8,295	8,271		8,565		8,619		8,806		8,499
Operating revenues (H)	8,482		8,739		8,971	9,195		9,409		9,540		9,803		10,124
Gross debt (I)	8,410		9,173		8,554	8,182		8,282		8,173		8,070		7,807
Less cash and cash equivalents (J)	377		1,078		578	692		875		586		588		808
Net debt (I-J)	8,033		8,095		7,976	7,490		7,407		7,587		7,482		6,999
Total capitalization (K)	17,009		18,023		17,680	17,220		17,505		17,252		17,245		16,466
Less cash and cash equivalents (L)	377		1,078		578	692		875		586		588		808
Net capital (K-L)	16,632		16,945		17,102	16,528		16,630		16,666		16,657		15,658
(%)
ROIC – As-reported (D/F)	8.7		8.0		8.0	7.4		6.2		6.4		5.9		7.3
ROIC – Operational ((D-E)/F)	7.9		7.5		7.6	7.7		7.2		7.0		6.7		7.1
ROE – As-reported (C/G)	13.7		12.9		12.6	11.2		8.6		9.3		8.1		10.7
ROE – Operational ((C-E)/G)	12.0		11.7		11.7	11.9		10.7		10.4		9.7		10.4
Net margin – As-reported (C/H)	12.7		11.9		11.6	10.1		7.9		8.4		7.3		9.0
Net margin – Operational ((C-E)/H)	11.1		10.8		10.8	10.7		9.8		9.4		8.7		8.7
Debt to capital ratio (I/K)	49.5		50.9		48.4	47.5		47.3		47.4		46.8		47.4
Net debt to net capital ratio ((I-J)(K-L))	48.3		47.8		46.6	45.3		44.5		45.5		44.9		44.7

Calculations may differ due to rounding.

54

REG G RECONCILIATION

UTILITY FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES 2000-2004

($ millions)	2004	2003		2002	2001		2000
As-reported earnings (A)	643.4	469.1		583.2	550.2		586.6
Preferred dividends	23.3	23.5		23.7	24.3		31.6
Tax-effected interest expense	235.9	258.1		286.9	355.3		317.4
As-reported earnings including preferred dividends and tax-effected interest expense (B)	902.6	750.7		893.8	929.8		935.6
Utility special items
River Bend loss provision	—	(65.6	)	—	—		—
SFAS 143 implementation	—	(21.3	)	—	—		—
Voluntary severance plan	—	(70.1	)	—	—		—
Merger expenses	—	—		—	(2.4	)	—
Regulatory and reserve adjustments	—	—		—	—		(21.5	)
Total special items (C)	—	(157.0	)	—	(2.4	)	(21.5	)
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	902.6	907.7		893.8	932.2		957.1
Operational earnings (A-C)	643.4	626.1		583.2	552.6		608.1
Average invested capital (D)	12,514	12,796		12,992	12,902		12,449
Average common equity (E)	5,539	5,422		5,470	5,490		5,299
Gross debt (G)	6,394	6,851		7,178	7,138		6,924
Less cash and cash equivalents (H)	586	401		1,088	455		354
Net debt (G-H)	5,808	6,450		6,090	6,683		6,570
Total capitalization (I)	12,375	12,653		12,940	13,044		12,760
Less cash and cash equivalents (J)	586	401		1,088	455		354
Net capitalization (I-J)	11,789	12,252		11,852	12,589		12,406
(%)
ROIC – As-reported (B/D)	7.2	5.9		6.9	7.2		7.5
ROIC – Operational ((B-C)/D)	7.2	7.1		6.9	7.2		7.7
ROE – As-reported (A/E)	11.6	8.7		10.7	10.0		11.1
ROE – Operational ((A-C)/E)	11.6	11.5		10.7	10.1		11.5
Debt to capital ratio (G/I)	51.7	54.1		55.5	54.7		54.3
Net debt to net capital ratio ((G-H)/(I-J))	49.3	52.6		51.4	53.1		53.0

Calculations may differ due to rounding.

55

REG G RECONCILIATION

UTILITY FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES 1Q03-4Q04

($ millions)	1Q03		2Q03		3Q03		4Q03		1Q04		2Q04		3Q04		4Q04
As-reported earnings (A)	107.8		121.7		272.9		(33.4	)	115.7		195.0		258.0		74.7
Utility Special Items
River Bend loss provision	—		(65.6	)	—		—		—		—		—		—
SFAS 143 implementation	(21.3	)	—		—		—		—		—		—		—
Voluntary severance plan	—		—		—		(70.1	)	—		—		—		—
Total special items (B)	(21.3	)	(65.6	)	—		(70.1	)	—		—		—		—
Operational earnings (A-B)	129.1		187.3		272.9		36.7		115.7		195.0		258.0		74.7
As-reported earnings-trailing 12 months (C)	588.7		515.6		544.8		469.1		476.9		550.2		535.3		643.4
Preferred dividends	23.7		23.6		23.6		23.5		23.5		23.4		23.3		23.3
Tax-effected interest expense	284.9		277.9		271.2		258.1		251.2		246.5		236.8		235.9
As-reported earnings, trailing 12 months including preferred dividends and tax-effected interest expense (D)	897.3		817.1		839.6		750.7		751.6		820.1		795.4		902.6
Special items in prior quarters	—		(21.3	)	(86.9	)	(86.9	)	(135.7	)	(70.1	)	(70.1	)	—
Special items 1Q03 through 4Q04	(21.3	)	(65.6	)	—		(70.1	)	—		—		—		—
Total special items (E)	(21.3	)	(86.9	)	(86.9	)	(157.0	)	(135.7	)	(70.1	)	(70.1	)	—
Operational earnings, trailing 12 months including preferred dividends and tax-effected interest expense (D-E)	918.6		904.0		926.5		907.7		887.3		890.2		865.5		902.6
Operational earnings, trailing 12 months (C-E)	610.0		602.5		631.7		626.1		612.6		620.3		605.4		643.4
Average invested capital (F)	12,611		13,083		12,752		12,796		12,622		12,956		12,654		12,514
Average common equity (G)	5,527		5,587		5,622		5,422		5,485		5,542		5,596		5,539
Gross debt (H)	6,671		7,527		6,863		6,851		6,843		6,592		6,543		6,394
Less cash and cash equivalents (I)	213		899		324		401		536		264		270		586
Net debt (H-I)	6,458		6,628		6,539		6,450		6,307		6,328		6,273		5,808
Total capitalization (J)	12,482		13,352		12,756		12,653		12,712		12,561		12,551		12,375
Less cash and cash equivalents (K)	213		899		324		401		536		264		270		586
Net capital (J-K)	12,269		12,453		12,432		12,252		12,176		12,297		12,281		11,789
(%)
ROIC – As-reported (D/F)	7.1		6.2		6.6		5.9		6.0		6.3		6.3		7.2
ROIC – Operational ((D-E)/F)	7.3		6.9		7.3		7.1		7.0		6.9		6.8		7.2
ROE – As-reported (C/G)	10.7		9.2		9.7		8.7		8.7		9.9		9.6		11.6
ROE – Operational ((C-E)/G)	11.0		10.8		11.2		11.5		11.2		11.2		10.8		11.6
Debt to capital ratio (H/J)	53.4		56.4		53.8		54.1		53.8		52.5		52.1		51.7
Net debt to net capital ratio ((H-I)/(J-K))	52.6		53.2		52.6		52.6		51.8		51.5		51.1		49.3

Calculations may differ due to rounding.

56

REG G RECONCILIATION

ENTERGY ARKANSAS FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2000-2004

($ millions)	2004	2003		2002	2001		2000
As-reported earnings (A)	134.4	118.2		127.9	170.4		129.3
Preferred dividends	7.8	7.8		7.8	7.7		7.8
Tax-effected interest expense	48.1	51.4		60.7	65.0		56.6
As-reported earnings including preferred dividends and tax-effected interest expense (B)	190.3	177.4		196.4	243.1		193.7
Special items
Voluntary Severance Plan	—	(28.4	)	—	—		—
Merger Expenses	—	—		—	(0.4	)	—
Total special items (C)	—	(28.4	)	—	(0.4	)	—
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	190.3	205.8		196.4	243.5		193.7
Operational earnings (A-C)	134.4	146.6		127.9	170.8		129.3
Average invested capital (D)	2,877	2,883		2,903	2,800		2,597
Average common equity (E)	1,303	1,254		1,229	1,184		1,098
Gross debt (F)	1,450	1,465		1,560	1,555		1,448
Less cash and cash equivalents (G)	90	9		96	103		8
Net debt (F-G)	1,360	1,456		1,464	1,452		1,440
Total capitalization (H)	2,894	2,860		2,906	2,899		2,701
Less cash and cash equivalents (I)	90	9		96	103		8
Net capitalization (H-I)	2,804	2,851		2,810	2,796		2,693
(%)
ROIC - as-reported (B/D)	6.6	6.2		6.8	8.7		7.5
ROIC - operational ((B-C)/D)	6.6	7.1		6.8	8.7		7.5
ROE - as-reported (A/E)	10.3	9.4		10.4	14.4		11.8
ROE - operational ((A-C)/E)	10.3	11.7		10.4	14.4		11.8
Debt to capital ratio (F/H)	50.1	51.2		53.7	53.6		53.6
Net debt to net capital ratio ((F-G)/(H-I))	48.5	51.1		52.1	51.9		53.5

ENTERGY GULF STATES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2000-2004

($ millions)	2004	2003		2002	2001		2000
As-reported earnings (A)	187.8	37.9		169.2	174.4		170.3
Preferred dividends	4.5	4.7		4.9	5.0		10.0
Tax-effected interest expense	76.3	88.7		83.2	101.7		93.6
As-reported earnings including preferred dividends and tax-effected interest expense (B)	268.6	131.3		257.3	281.1		273.9
Special items
River Bend Loss Provision	—	(65.6	)	—	—		—
SFAS 143 Implementation	—	(21.3	)	—	—		—
Voluntary Severance Plan	—	(15.5	)	—	—		—
Merger Expenses	—	—		—	(0.4	)	—
Total special items (C)	—	(102.4	)	—	(0.4	)	—
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	268.6	233.7		257.3	281.5		273.9
Operational earnings (A-C)	187.8	140.3		169.2	174.8		170.3
Average invested capital (D)	4,027	4,179		4,102	3,875		3,642
Average common equity (E)	1,740	1,710		1,684	1,598		1,511
Gross debt (F)	2,061	2,418		2,401	2,289		2,113
Less cash and cash equivalents (G)	7	206		318	124		68
Net debt (F-G)	2,054	2,212		2,083	2,165		2,045
Total capitalization (H)	3,893	4,161		4,198	4,006		3,743
Less cash and cash equivalents (I)	7	206		318	124		68
Net capitalization (H-I)	3,886	3,955		3,880	3,882		3,675
(%)
ROIC – As-reported (B/D)	6.6	3.1		6.3	7.3		7.5
ROIC – Operational ((B-C)/D)	6.6	5.6		6.3	7.3		7.5
ROE – As-reported (A/E)	10.8	2.2		10.0	10.9		11.3
ROE – Operational ((A-C)/E)	10.8	8.2		10.0	10.9		11.3
Debt to capital ratio (F/G)	52.9	58.1		57.2	57.1		56.4
Net debt to net capital ratio ((F-G)/(H-I))	52.8	55.9		53.7	55.8		55.6

Calculations may differ due to rounding.

57

REG G RECONCILIATION

ENTERGY LOUISIANA FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2000-2004

($ millions)	2004	2003		2002	2001		2000
As-reported earnings (A)	120.8	139.4		138.0	125.1		153.2
Preferred dividends	6.7	6.7		6.7	7.5		9.5
Tax-effected interest expense	42.7	43.9		59.6	69.4		66.5
As-reported earnings including preferred dividends and tax-effected interest expense (B)	170.2	190.0		204.3	202.0		229.2
Special items
Voluntary Severance Plan	—	(12.6	)	—	—		—
Merger Expenses	—	—		—	(0.4	)	—
Regulatory and Reserve Adjustments	—	—		—	—		(21.5	)
Total special items (C)	—	(12.6	)	—	(0.4	)	(21.5	)
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	170.2	202.6		204.3	202.4		250.7
Operational earnings (A-C)	120.8	152.0		138.0	125.5		174.7
Average invested capital (D)	2,063	2,180		2,535	2,780		2,740
Average common equity (E)	970	971		1,101	1,232		1,192
Gross debt (F)	1,017	968		1,250	1,417		1,443
Less cash and cash equivalents (G)	146	9		312	42		44
Net debt (F-G)	871	959		938	1,375		1,399
Total capitalization (H)	2,090	2,036		2,324	2,745		2,815
Less cash and cash equivalents (I)	146	9		312	42		44
Net capitalization (H-I)	1,944	2,027		2,012	2,703		2,771
(%)
ROIC – As-reported (B/D)	8.2	8.7		8.1	7.3		8.4
ROIC – Operational ((B-C)/D)	8.2	9.3		8.1	7.3		9.1
ROE – As-reported (A/E)	12.5	14.4		12.5	10.1		12.9
ROE – Operational ((A-C)/E)	12.5	15.7		12.5	10.2		14.7
Debt to capital ratio (F/G)	48.7	47.5		53.8	51.6		51.2
Net debt to net capital ratio ((F-G)/(H-I))	44.8	47.3		46.6	50.9		50.5

ENTERGY MISSISSIPPI FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2000-2004

($ millions)	2004	2003		2002	2001		2000
As-reported earnings (A)	70.1	63.7		49.0	36.5		35.6
Preferred dividends	3.4	3.4		3.4	3.1		3.4
Tax-effected interest expense	25.6	26.8		25.9	30.0		26.5
As-reported earnings including preferred dividends and tax-effected interest expense (B)	99.1	93.9		78.3	69.6		65.5
Special items
Voluntary Severance Plan	—	(4.5	)	—	—		—
Merger Expenses	—	—		—	(0.4	)	—
Total special items (C)	—	(4.5	)	—	(0.4	)	—
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	99.1	98.4		78.3	70.0		65.5
Operational earnings (A-C)	70.1	68.2		49.0	36.9		35.6
Average invested capital (D)	1,289	1,296		1,232	1,122		1,010
Average common equity (E)	526	498		471	452		435
Gross debt (F)	695	730		765	655		585
Less cash and cash equivalents (G)	80	64		148	54		5
Net debt (F-G)	615	666		617	601		580
Total capitalization (H)	1,283	1,295		1,298	1,166		1,079
Less cash and cash equivalents (I)	80	64		148	54		5
Net capitalization (H-I)	1,203	1,231		1,150	1,112		1,074
(%)
ROIC – As-reported (B/D)	7.7	7.2		6.4	6.2		6.5
ROIC – Operational ((B-C)/D)	7.7	7.6		6.4	6.2		6.5
ROE – As-reported (A/E)	13.3	12.8		10.4	8.1		8.2
ROE – Operational ((A-C)/E)	13.3	13.7		10.4	8.2		8.2
Debt to capital ratio (F/H)	54.2	56.4		59.0	56.2		54.2
Net debt to net capital ratio ((F-G)/(H-I))	51.1	54.1		53.7	54.1		54.0

Calculations may differ due to rounding.

58

REG G RECONCILIATION

ENTERGY NEW ORLEANS FINANCIAL MEASURES - RECONCILIATION OF GAAP TO NON-GAAP MEASURES 2000-2004

($ millions)	2004	2003		2002		2001		2000
As-reported earnings (A)	27.1	6.9		(1.2	)	(3.2	)	15.6
Preferred dividends	1.0	1.0		1.0		1.0		1.0
Tax-effected interest expense	9.5	9.6		13.0		11.1		9.2
As-reported earnings including preferred dividends and tax-effected interest expense (B)	37.6	17.5		12.8		8.9		25.8
Special items
Voluntary Severance Plan	—	(3.0	)	—		—		—
Merger Expenses	—	—		—		(0.4	)	—
Total special items (C)	—	(3.0	)	—		(0.4	)	—
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	37.6	20.5		12.8		9.3		25.8
Operational earnings (A-C)	27.1	9.9		(1.2	)	(2.8	)	15.6
Average invested capital (D)	393	380		379		366		335
Average common equity (E)	144	131		130		133		132
Gross debt (F)	230	229		229		229		199
Less cash and cash equivalents (G)	8	5		66		38		6
Net debt (F-G)	222	224		163		191		193
Total capitalization (H)	404	382		378		380		353
Less cash and cash equivalents (I)	8	5		66		38		6
Net capitalization (H-I)	396	377		312		342		347
(%)
ROIC – As-reported (B/D)	9.6	4.6		3.4		2.4		7.7
ROIC – Operational ((B-C)/D)	9.6	5.4		3.4		2.5		7.7
ROE – As-reported (A/E)	18.9	5.3		(0.9	)	(2.4	)	11.8
ROE – Operational ((A-C)/E)	18.9	7.6		(0.9	)	(2.1	)	11.8
Debt to capital ratio (F/H)	56.9	60.1		60.7		60.4		56.3
Net debt to net capital ratio ((F-G)/(H-I))	56.0	59.6		52.3		55.9		55.5
SYSTEM ENERGY RESOURCES FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES 2000-2004
($ millions)	2004	2003		2002		2001		2000
As-reported earnings (A)	105.9	106.0		103.4		116.4		93.7
Preferred dividends	—	—		—		—		—
Tax-effected interest expense	36.0	39.5		46.7		84.5		72.5
As-reported earnings including preferred dividends and tax-effected interest expense (B)	141.9	145.5		150.1		200.9		166.2
Special items
Voluntary Severance Plan	—	(6.1	)	—		—		—
Merger Expenses	—	—		—		(0.4	)	—
Total special items (C)	—	(6.1	)	—		(0.4	)	—
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	141.9	151.6		150.1		201.3		166.2
Operational earnings (A-C)	105.9	112.1		103.4		116.8		93.7
Average invested capital (D)	1,832	1,850		1,877		1,954		2,078
Average common equity (E)	894	893		891		892		892
Gross debt (F)	940	936		979		993		1,132
Less cash and cash equivalents (G)	216	53		113		50		202
Net debt (F-G)	724	883		866		943		930
Total capitalization (H)	1,835	1,829		1,871		1,884		2,025
Less cash and cash equivalents (I)	216	53		113		50		202
Net capitalization (H-I)	1,619	1,776		1,758		1,834		1,823
(%)
ROIC – As-reported (B/D)	7.7	7.9		8.0		10.3		8.0
ROIC – Operational ((B-C)/D)	7.7	8.2		8.0		10.3		8.0
ROE – As-reported (A/E)	11.9	11.9		11.6		13.0		10.5
ROE – Operational ((A-C)/E)	11.9	12.6		11.6		13.1		10.5
Debt to capital ratio (F/H)	51.2	51.2		52.3		52.7		55.9
Net debt to net capital ratio ((F-G)/(H-I))	44.7	49.7		49.3		51.4		51.0

Calculations may differ due to rounding.

59

REG G RECONCILIATION

ENTERGY NUCLEAR FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

2000-2004

($ millions)	2004	2003		2002	2001	2000
As-reported earnings (A)	245.0	300.8		200.5	127.9	49.2
Preferred dividends	—	—		—	—	—
Tax-effected interest expense	33.0	21.2		29.1	34.3	8.7
As-reported earnings including preferred dividends and tax-effected interest expense (B)	278.0	322.0		229.6	162.2	57.9
Special items
SFAS 143 implementation	—	154.4		—	—	—
Voluntary severance plan	—	(51.8	)	—	—	—
Total special items (C)	—	102.6		—	—	—
Operational earnings including preferred dividends and tax-effected interest expense (B-C)	278.0	219.4		229.6	162.2	57.9
Operational earnings (A-C)	245.0	198.2		200.5	127.9	49.2
Average invested capital (D)	2,752	2,526		2,174	1,776	830
Average common equity (E)	2,000	1,654		1,164	591	157
Gross debt (F)	757	747		997	1,023	1,346
Less cash and cash equivalents (G)	140	149		158	139	645
Net debt (F-G)	617	598		839	884	701
Total capitalization (H)	2,808	2,696		2,356	1,993	1,559
Less cash and cash equivalents (I)	140	149		158	139	645
Net capitalization (H-I)	2,668	2,547		2,198	1,854	914
(%)
ROIC – As-reported (B/D)	10.1	12.8		10.6	9.2	7.0
ROIC – Operational ((B-C)/D)	10.1	8.6		10.6	9.2	7.0
ROE – As-reported (A/E)	12.3	18.2		17.2	21.7	31.3
ROE – Operational ((A-C)/E)	12.3	11.9		17.2	21.7	31.3
Debt to capital ratio (F/H)	27.0	27.7		42.3	51.3	86.4
Net debt to net capital ratio ((F-G)/(H-I))	23.1	23.5		38.2	47.7	76.7

Calculations may differ due to rounding.

60

REG G RECONCILIATION

ENTERGY NUCLEAR FINANCIAL MEASURES – RECONCILIATION OF GAAP TO NON-GAAP MEASURES

1Q03-4Q04

($ millions)	1Q03	2Q03	3Q03	4Q03		1Q04		2Q04		3Q04		4Q04
For the quarter:
As-reported earnings (A)	197.0	44.9	59.6	(0.7	)	68.8		63.0		63.7		49.5
Special Items
SFAS 143 implementation	160.3	—	—	(5.8	)	—		—		—		—
Voluntary severance plan	—	—	—	(51.8	)	—		—		—		—
Total special items (B)	160.3	—	—	(57.6	)	—		—		—		—
Operational earnings (A-B)	36.7	44.9	59.6	56.9		68.8		63.0		63.7		49.5
As-reported earnings-trailing 12 months (C)	357.4	348.8	335.3	300.8		172.6		190.8		194.9		245.0
Preferred dividends	—	—	—	—		—		—		—		—
Tax-effected interest expense	28.1	27.1	23.5	21.2		32.4		32.2		31.4		33.0
As-reported earnings, trailing 12 months including preferred dividends and tax-effected interest expense (D)	385.5	375.9	358.8	322.0		205.0		223.0		226.3		278.0
Special items in prior quarters	—	160.3	160.3	160.3		(57.6	)	(57.6	)	(57.6	)	—
Special items 1Q03 through 4Q04	160.3	—	—	(57.6	)	—		—		—		—
Total special items (E)	160.3	160.3	160.3	102.6		(57.6	)	(57.6	)	(57.6	)	—
Operational earnings, trailing 12 months including preferred dividends and tax-effected interest expense (D-E)	225.2	215.6	198.5	219.4		262.6		280.6		283.9		278.0
Operational earnings, trailing 12 months (C-E)	197.1	188.5	175.0	198.2		230.2		248.4		252.5		245.0
Average invested capital (F)	2,173	2,290	2,454	2,526		2,562		2,605		2,679		2,752
Average common equity (G)	1,277	1,350	1,558	1,654		1,799		1,823		1,955		2,000
Gross debt (H)	815	873	805	747		711		691		644		757
Less cash and cash equivalents (I)	95	103	155	149		179		215		235		140
Net debt (H-I)	720	770	650	598		532		476		409		617
Total capitalization (J)	2,363	2,514	2,603	2,696		2,760		2,696		2,754		2,808
Less cash and cash equivalents (K)	95	103	155	149		179		215		235		140
Net capital (J-K)	2,268	2,411	2,448	2,547		2,581		2,481		2,519		2,668
(%)
ROIC – As-reported (D/F)	17.7	16.4	14.6	12.8		8.0		8.6		8.4		10.1
ROIC – Operational ((D-E)/F)	10.4	9.4	8.1	8.6		10.2		10.7		10.6		10.1
ROE – As-reported (C/G)	28.0	25.9	21.5	18.2		9.6		10.5		10.0		12.3
ROE – Operational ((C-E)/G)	15.4	14.0	11.2	11.9		12.7		13.6		12.9		12.3
Debt to capital ratio (H/J)	34.5	34.7	30.9	27.7		25.8		25.6		23.4		27.0
Net debt to net capital ratio ((H-I)/(J-K))	31.7	31.9	26.6	23.5		20.6		19.2		16.2		23.1

Calculations may differ due to rounding.

61

INVESTOR INFORMATION

INVESTOR NEWS

Entergy’s quarterly earnings results, webcasts, presentations, and other news and information of investor interest may be obtained by visiting the investor information page on Entergy’s corporate website at www.entergy.com or calling Entergy Shareholder Direct at 1.888.ENTERGY (368.3749).

INVESTOR RELATIONS

Security analysts, portfolio managers, and other members of the financial community may contact:

Michele Lopiccolo

Vice President, Investor Relations

Telephone: 504.576.4879

E-mail: mlopicc@entergy.com

SHAREHOLDERS ACCOUNT INFORMATION

Mellon Investor Services, LLC is Entergy’s transfer agent, registrar, dividend disbursing agent, and dividend reinvestment and stock purchase plan agent. Shareholders of record with questions about lost certificates, lost or missing dividend checks, or notifications of change of address should contact:

Mellon Investor Services

85 Challenger Road

Ridgefield Park, NJ 07660

Telephone: 1.800.333.4368

For Internet access: www.melloninvestor.com

CORPORATE GOVERNANCE

Entergy’s Corporate Governance Guidelines, Board Committee Charters for the Corporate Governance, Audit, and Personnel Committees, and Entergy’s Code of Conduct may be accessed electronically be selecting the investor information page on Entergy’s corporate website at www.entergy.com.

ADDITIONAL INFORMATION

For copies of the above Corporate Governance documents, Entergy’s 10-K and 10-Q reports filed with the Securities and Exchange Commission, or for other investor information, call 1.800.292.9960 or write to:

Entergy Corporation

Investor Relations

P.O. Box 61000

New Orleans, LA 70161

COMMON STOCK INFORMATION

The company’s common stock is listed on the New York, Chicago, and Pacific exchanges under the symbol “ETR.” The Entergy share price is reported daily in the financial press under “Entergy” in most listings of New York Stock Exchange securities. Entergy common stock is a component of the following indices: S&P 500, S&P Utilities Index, and the NYSE Composite Index, among others.

In June 2004, Entergy’s chief executive officer certified to the New York Stock Exchange that he was not aware of any violation of the New York Stock Exchange corporate governance listing standards.

Also, Entergy filed certifications regarding the quality of the company’s public disclosure, required by Section 302 of the Sarbanes-Oxley Act of 2002, as exhibits to its Report on Form 10-K for the fiscal year ended December 31, 2004.

At year-end 2004 there were 216,829,059 shares of Entergy common stock outstanding. Shareholders of record totaled 51,572 and approximately 81,000 investors held Entergy stock in “street name” through a broker.

ENTERGY COMMON STOCK PRICES

The high and low trading prices for each quarterly period in 2004 and 2003 were as follows (in dollars):

	2004		2003
Quarter	High	Low	High	Low
1	60.20	56.01	49.55	42.26
2	59.92	50.64	54.38	45.90
3	61.98	54.43	54.99	47.75
4	68.67	60.08	57.24	51.06

DIVIDEND PAYMENTS

The Board of Directors declares common dividends quarterly and sets the record and payment dates. Subject to Board discretion, those dates for 2005 are:

Declaration Date	Record Date	Payment Date
January 28	February 11	March 1
April 12	May 12	June 1
July 29	August 12	September 1
October 28	November 10	December 1

Quarterly common dividend payments (in cents-per-share):

Quarter	2005	2004	2003	2002	2001	2000
1	54	45	35	33	31 1/2	30
2	54	45	35	33	31 1/2	30
3		45	45	33	31 1/2	30
4		54	45	33	33	31 1/2

PREFERRED STOCK DIVIDEND PAYMENTS

The board of directors for each preferred stock issuer declares preferred dividends quarterly and sets the record and payment dates. Subject to their discretion, those dates for 2005 are:

Record Date

ELI and EMI	EGSI	EAI and ENOI
January 10	February 21	March 10
April 11	May 23	June 10
July 11	August 22	September 12
October 11	November 21	December 12
Payment Date
ELI and EMI	EGSI	EAI and ENOI
February 1	March 15	April 1
May 1	June 15	July 1
August 1	September 15	October 1
November 1	December 15	January 1, 2006

62

ENTERGY CORPORATION

POST OFFICE BOX 61000

NEW ORLEANS, LA 70161

WWW.ENTERGY.COM