SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date earliest event reported) July 23, 1999 Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. 1-11299 ENTERGY CORPORATION 72-1229752 (a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 529-5262 1-2703 ENTERGY GULF STATES, INC. 74-0662730 (a Texas corporation) 350 Pine Street Beaumont, Texas 77701 Telephone (409) 838-6631 Item 5. Other Events Entergy Corporation Reference is made to the Annual Report on Form 10-K for Entergy Corporation ("Entergy") and Entergy Gulf States, Inc. ("Entergy Gulf States") for the year ended December 31, 1998, and the Quarterly Report on Form 10-Q of Entergy and Entergy Gulf States for the quarter ended March 31, 1999, for a discussion of Entergy Gulf States' rate proceedings filed in 1996 before the Public Utility Commission of Texas ("PUCT"). Entergy Gulf States announced July 19, 1999 that the PUCT has ordered an additional $24 million refund in connection with a rate case that was filed in November 1996. The additional refund results from a recalculation using the base rate revenues from the period June 1, 1996 through the receipt of the final PUCT order in late 1998. The method originally used in the refund calculation included in the PUCT's final order utilized the test year (12 months ended June 30, 1996) base rate revenue level. The order previously issued by the PUCT included a rate refund of approximately $82 million after adjusting it to the actual date the refund obligation ended. Intervenors in the rate proceedings contended that the effect of increased sales should be taken into account in the refund calculation. To resolve this issue, Entergy requested clarification from the PUCT on the issue of applying sales growth to the original refund amount and to the various offset amounts the PUCT made to the refund, since the original order was not clear on this point. On Thursday, July 15, 1999, the PUCT ruled that sales growth should be applied to the original refund amount but not to the various offset amounts. The one-time charge, which will be recorded in the second quarter of 1999, will negatively impact Entergy Corporation's earnings per share by approximately $.06 and will reduce Entergy Gulf States' earnings by approximately $14.3 million. Entergy Gulf States customers are likely to see the effect of the refund in August and September bills. SIGNATURE Pursuant to the requirements of the Securities Exchange Act 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. ENTERGY CORPORATION ENTERGY GULF STATES, INC. By: /s/ Steven C. McNeal Steven C. McNeal Vice President and Treasurer Dated: July 23, 1999