Entergy Utility Group, Inc. 1ST MTG BD 66 (ENO) FWP Free writing prospectus

Filed Pursuant to Rule 433

Registration No. 333-190911-05

Entergy New Orleans, Inc.

$85,000,000

First Mortgage Bonds,

4% Series due June 1, 2026

Final Terms and Conditions

May 18, 2016

Issuer:	Entergy New Orleans, Inc.
Security Type:	First Mortgage Bonds (SEC Registered)
Expected Ratings(1):	Baa2 (stable outlook) by Moody’s Investors Service A- (positive outlook) by Standard & Poor’s Ratings Services
Trade Date:	May 18, 2016
Settlement Date (T+4):	May 24, 2016
Principal Amount:	$85,000,000
Interest Rate:	4%
Interest Payment Dates:	June 1 and December 1 of each year
First Interest Payment Date:	December 1, 2016
Final Maturity Date:	June 1, 2026
Optional Redemption Terms:	Make-whole call at any time prior to March 1, 2026 at a discount rate of Treasury plus 35 bps and, thereafter, at par
Benchmark Treasury:	1.625% due May 15, 2026
Spread to Benchmark Treasury:	213 bps
Benchmark Treasury Price:	97-26
Benchmark Treasury Yield:	1.866%
Re-offer Yield:	4.000%
Issue Price to Public:	100% per bond

Net Proceeds Before Expenses:	$84,447,500
Joint Book-Running Managers:	BNY Mellon Capital Markets, LLC
	J.P. Morgan Securities LLC
CUSIP / ISIN:	29364PAP8 / US29364PAP80

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¹ A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

Alternatively, a copy of the prospectus for the offering can be obtained by calling (i) BNY Mellon Capital Markets, LLC toll-free at 800-269-6864 or (ii) J.P. Morgan Securities LLC collect at 1-212-834-4533.