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Deliver
Serve
Align
Clear vision, clear progress.
2015 Integrated Report
What progress looks like at Entergy
Clear vision, clear progress.2015 Integrated Report
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Deliver
Deliver Power Reliably and Efficiently
The electricity and natural gas we provide to our utility and Entergy Wholesale Commodities customers fuel daily life for families, businesses and communities. We are investing to modernize our utility infrastructure and enhance reliability, and we are focused on the safe and secure operation of our EWC fleet.
Serve
Align
Serve Our Customers With Excellence
Providing excellent service is the foundation of our success. We are investing to enhance reliability, improve efficiency and lower our environmental impact, while exploring new technologies to improve our customers’ experience. We also continually seek out opportunities to improve productivity and promote economic growth, which helps maintain low rates and enhances our communities.
Align With Our Stakeholders’ Expectations
To deliver electricity and natural gas reliably and efficiently, it is essential we remain aligned with the expectations of our owners, customers, employees and communities. The support and flexibility we need to invest and operate effectively to meet our stakeholders’ needs and expectations come from actively working with our local, state and federal regulators.
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Clear vision, clear progress.2015 Integrated Report
Clear vision, clear progress.2015 Integrated Report
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The following icons in this report indicate an economic, environmental, social or governance performance
indicator or recognition received that is indicative of the progress we have made.
ECONOMIC
ENVIRONMENTAL
SOCIAL
GOVERNANCE
RECOGNITION
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Table of Contents
4 Letter to Stakeholders
14 Our Leadership
15 Our Company
18 Utility
29 Entergy Wholesale Commodities
32 Workplace
40 Governance
51 Financial Highlights
61 Key Performance Indicators
65 About Entergy
68 Forward-Looking Information and Regulation G Compliance
72 Investor Information
74 Business Fact Sheets
Clear vision, clear progress.2015 Integrated Report
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Letter to Stakeholders
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To Our Stakeholders
At Entergy, we take a lot of pride in what we do. Powering life for our customers, owners, employees and
communities is important work that holds tremendous opportunity. We are on a journey to capture that
opportunity and create value for our stakeholders. Two years ago, we set a clear vision for our company:
We Power Life; and a clear mission: create sustainable value for our customers, owners, employees and
communities. In 2015, we made clear progress on numerous operational and regulatory priorities that are
critical to creating sustainable value. Employees across our company pulled together as one team to achieve
an aggressive to-do list and respond to multiple challenges. It was a terrific effort that demonstrates our
commitment to aim high and act in the long-term interests of all our stakeholders.
Much of our work in 2015 was focused on building a foundation to become more predictable and deliver
stable utility, parent and other earnings growth. Our ability to operate successfully as a company is
predicated on delivering steady earnings and dividend growth and reducing risk. It is how we will continue
to power life and create sustainable value for our stakeholders. We have developed strategies that will
help us achieve this objective.
Our utility strategy includes aggressive investment plans to modernize our infrastructure and enhance
reliability. We made significant progress in 2015 to meet our customers’ long-term need for clean, reliable
power at reasonable rates. In generation, we pursued approvals for the acquisition of Union Power Station
and selected the self-build option for a new combined-cycle gas turbine unit in Louisiana. The Union Power
Station acquisition successfully closed in early March 2016. We launched utility-scale solar projects to provide
access to renewable energy sources to customers in Arkansas, Mississippi and New Orleans. In transmission
and distribution, we invested in projects to improve reliability and resiliency, connect new customers and
better handle flow patterns made possible by our move to the Midcontinent Independent System Operator,
Inc., or MISO. We initiated one of the largest transmission projects in our history and are moving forward with
steps toward the installation of smart meters to benefit our customers and lay the foundation for the next
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Clear vision, clear progress.2015 Integrated Report
generation of grid technologies on our system. We will continue to work to be more agile and efficient so that
we are positioned to meet the technological and other developments that are changing the utility industry.
To facilitate our ability to make these types of productive investments for our customers, we work to mitigate
the impact on customer bills. Our average monthly bills are more than 20 to 25 percent below the national
average, a significant advantage for our customers and communities. We completed our second year in
MISO, a move that resulted in immediate benefits and will continue to have meaningful long-term
benefits in lowering costs for our customers through participation in a broader market. We advanced
efforts to support industrial growth in our region, which drives demand for power and helps us maintain
favorable rates. We also strengthened our ability to access capital to make investments through
progressive regulatory mechanisms, a stronger balance sheet and financial flexibility. Positive
developments in 2015 include the passage of legislation in Arkansas, Texas and Mississippi that supports
our ability to meet our customers’ needs when and how they want us to; the combination of our two
Louisiana companies into one utility to facilitate future investment; improved regulatory frameworks in
Arkansas and Texas that are better aligned to facilitate future investments and the transfer of Algiers,
Louisiana, assets to Entergy New Orleans, Inc. from Entergy Louisiana, LLC.
We took significant steps in 2015 to provide greater certainty around our Entergy Wholesale
Commodities business and its ability to generate positive cash flows. EWC faces continued pressure –
particularly in the Northeast – from low wholesale power prices, which further declined last year. We
announced in the fourth quarter of 2015 difficult, but necessary, decisions to close two nuclear plants that
are no longer financially viable – Pilgrim Nuclear Power Station in Massachusetts and James A. FitzPatrick
Nuclear Power Plant in New York. These decisions affect more than 1,000 dedicated Entergy employees,
as well as the communities that have been home to the plants’ operations for more than 40 years. We are
committed to supporting our employees and communicating openly and honestly with all stakeholders
affected by these closures.
Letter to Stakeholders
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Clear vision, clear progress.2015 Integrated Report
Letter to Stakeholders
We continue to focus on safe, secure, reliable
operation of our remaining EWC nuclear assets.
The three remaining nuclear units are financially
viable at this time. Palisades Power Plant, a single-
unit plant in Michigan, operates under a favorable
power purchase agreement that expires in 2022.
Indian Point Energy Center, a low-cost, two-unit
plant in New York, is in an attractive market and
expected to operate at least into the next decade as
we work to secure license renewal from the Nuclear
Regulatory Commission. We also have interests in
several fossil and wind assets, and we continue to
provide management services to the Nebraska
Public Power District’s Cooper Nuclear Station.
We strengthened the foundation for a safe work
environment and a healthy, engaged organization.
We continue to evaluate our approach to safety
and make improvements to ensure our employees
and contractors work safely and go home safely every day after work. We launched a new companywide
system to track and report safety-related incidents, developed a new safety manual based on input from
more than 600 field personnel and created a new team within the utility organization to drive consistency
and focus.
We also continue to emphasize throughout the organization the need and benefits of improving our
organizational health. We are pushing culture change deeper in the organization and monitoring progress
through regular employee surveys. Our emphasis is on working more effectively as a team across
organizational boundaries to respond to challenges and achieve better outcomes.
We also continued to invest in the strong foundation we are building with our communities. Our efforts
are directed toward education with an emphasis on workforce development. In 2015, we initiated a
$5 million, five-year initiative to address workforce development issues and create competitive advantage
in the communities we serve. In addition, we invested approximately $3 million with organizations such
as Teach For America, STEM NOLA, Jobs for America’s Graduates and City Year to help ensure students,
particularly in underserved communities, stay in school and graduate with the skills to achieve their goals.
Our Commitment to Operational Excellence
Operational excellence is integral to who we are at Entergy. We are committed to maximizing the value
of our assets for our customers, owners, employees and communities through industry-leading operational
performance. We did not meet this commitment in 2015. Two of our nuclear facilities – Arkansas Nuclear
One in our utility business and Pilgrim Nuclear Power Station in EWC – were placed by the NRC in Column
4 of the Reactor Oversight Process Action Matrix, which is based on a scale of 1 to 5. As a result, both ANO
and Pilgrim are currently under additional NRC oversight. As we work through the evaluation and inspection
processes associated with returning these plants to Column 1, we are evaluating nuclear operations across
our fleet from top to bottom to identify any systemic issues. We are disappointed in our performance and
committed to strengthening a culture of operational excellence throughout our organization.
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Clear vision, clear progress.2015 Integrated Report
We strengthened our leadership, refreshing our board of directors in 2015 and adding new members to
our executive team. We welcomed three new board members in anticipation of the retirement of two
valued members in 2016. By design, our board is diverse and balanced in terms of expertise and skills,
gender and tenure. We believe this helps ensure ideas are critically evaluated from multiple perspectives.
We also welcomed new members to our executive team. These seamless transitions are evidence of
the strong and deep leadership team at Entergy plus our willingness to gain outside expertise where
it is needed. At all levels of our organization, leaders are aligned to achieve our mission.
While much of our 2015 progress was focused on building a foundation for future growth, we also
delivered solid results for the year. Our 2015 operational earnings per share grew nearly 3 percent over
prior year. In 2015, our board of directors approved a 2.4 percent increase in our dividend, the first
increase in more than five years. Our objective is a steady, predictable trajectory in our dividend payout
going forward. Credit metrics remain strong across our operating companies. We focus on maintaining
investment-grade ratings, which helps ensure we have access to the capital we need to invest in our
business. Unfortunately, the progress we made in 2015 did not translate into returns for our shareholders.
Our total shareholder return was -18.2 percent, which ranked in the fourth quartile of our peer group.
However, following progress we made late in 2015, our total shareholder return improved to the top
quartile for fourth quarter, which validates the momentum we see moving into 2016.
A more complete list of our 2015 accomplishments follows. Suffice it to say, it was a busy year. Not only
did our employees address the items on our to-do list, they also responded quickly and effectively to
numerous challenges that arose during the year. Their commitment to doing what’s right for our stakeholders
is inspiring. And of course, we are already tackling an equally aggressive to-do list for 2016. We expect
to build on the foundational accomplishments of 2015 with another year of clear progress. We are on a
journey to power life and create sustainable value for our customers, owners, employees and
communities. We have important work to do.
Leo P. Denault
Chairman of the Board and Chief Executive Officer
March 23, 2016
Letter to Stakeholders
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Clear vision, clear progress.2015 Integrated Report
Letter to Stakeholders
To Our Retiring Board Members: Thank You
Lead director Gary Edwards will retire from the Entergy board of
directors upon reaching mandatory retirement age. A member of
our board since 2005 and lead director since 2006, Gary helped guide
Entergy during a transformative period, when electric utilities adapted
to technological innovations, proposed regulatory changes and dramatic
shifts in commodities markets. Gary leads with confidence, experience
and a commitment to creating sustainable value for all stakeholders.
His contributions have helped position Entergy to operate successfully
as a company in the years ahead. Gary’s influence has been recognized
inside and outside our company. In 2015, he was named by the National
Association of Corporate Directors to the NACD Directorship 100, a list
of the most influential people in the boardroom and corporate governance
community who play a significant role in shaping the greater boardroom
agenda. We thank Gary for his service to the board and Entergy, and for
the lasting impact he has had on our company.
Board member Steve Wilkinson will retire from the Entergy board of
directors upon reaching mandatory retirement age. Steve’s extensive
public utilities, accounting and auditing expertise benefited our board
and all of Entergy’s stakeholders. Steve served on the Entergy board
since 2003 and as the audit committee chair since 2004. Previously, he
was an audit partner with Arthur Andersen for almost 25 years until his
retirement in 1998, serving as director of the firm’s North American utility
practice. He has played a critical role in helping Entergy meet its objective
of presenting information that is accurate, compliant and meaningful to
users of financial statements, and provided valuable guidance to our
management team. We thank Steve for his contributions to our board
and our company.
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Clear vision, clear progress.2015 Integrated Report
Letter to Stakeholders
To Our Retiring Team Members: Thank You
We thank our retiring executives for their many contributions to our company. Jeff Forbes retired as executive
vice president and chief nuclear officer in early 2016 after serving more than 12 years in the Entergy nuclear
organization. Jeff oversaw 11 nuclear units before moving into the role of chief nuclear officer and directed
regional operations for our utility nuclear plants. Mark Savoff retired as executive vice president and chief
operating officer following 12 years of service in operations at Entergy. He led the company’s transition
to MISO, the construction of the Ninemile Point Unit 6 plant ahead of schedule and under budget, and the
optimization of the utility fossil generation fleet. Hugh McDonald will retire as president and chief executive
officer of Entergy Arkansas, Inc. in 2016, following a 34-year career with Entergy. Hugh’s vision and leadership
have been instrumental in making the right decisions on many critical issues, and he has been a passionate
voice for our Arkansas customers and employees.
To Our New Executive Team Members: Welcome
We welcomed several new members to our executive team following retirements announced in 2015.
Chris Bakken III will join our organization as executive vice president and chief nuclear officer in early 2016.
He brings a unique combination of skills to our nuclear organization to help us perform at a sustained level
of operational excellence. Paul Hinnenkamp, previously Entergy senior vice president, capital project
management and technology, was named senior vice president and chief operating officer. Paul is responsible
for supporting the utility’s growth strategy with safe and reliable operations and disciplined fiscal and project
planning for our capital spending plans. Rick Riley, currently group vice president of customer service and
operations for Entergy Arkansas, will become president and chief executive officer of Entergy Arkansas in
2016. In that role, he will be responsible for customer service, economic development and resource planning
to meet the needs of Entergy Arkansas’ stakeholders.
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Clear vision, clear progress.2015 Integrated Report
What Progress Looks Like at Entergy
• Dedicated Ninemile Point Unit 6 into service, the first utility plant Entergy has built in approximately
30 years
• Completed the Union Power Station acquisition
• Selected self-build option for St. Charles Power Station in Louisiana in a competitive bid process
• Issued request for proposals for long-term generation capacity in southeastern Louisiana
• Issued request for proposals for long-term generation capacity in the western region of
our Texas service area
• Pursued utility-scale solar projects in Arkansas, Mississippi and New Orleans
• Announced Lake Charles transmission project and received required certification
• Secured approval for more than $700 million of transmission investments
• Advocated for favorable legislation in Arkansas, Mississippi and Texas
• Secured an improved framework and settlement of Entergy Arkansas rate case
• Combined Entergy Gulf States Louisiana, L.L.C. and Entergy Louisiana, LLC into one utility
after receiving final approval
• Transferred Algiers, Louisiana, assets to Entergy New Orleans from Entergy Louisiana
• Utilized distribution cost recovery factor and transmission cost recovery factor mechanisms
in filings by Entergy Texas, Inc.
• Received approvals to end the Entergy System Agreement
• Announced decision to close Pilgrim Nuclear Power Station
• Announced decision to close James A. FitzPatrick Nuclear Power Plant
• Sold Rhode Island State Energy Center
• Improved 2015 safety performance over prior year
• Implemented new workforce safety system, manual and team
• Launched $5 million, five-year initiative to support workforce development in our communities
• Improved organizational health scores
• Achieved nearly 3 percent growth in 2015 operational earnings per share over 2014
• Increased dividend by 2.4 percent, first increase in five years
• Added three members to our board of directors in anticipation of 2016 retirements
Letter to Stakeholders
Clear vision, clear progress.2015 Integrated Report
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Our Leadership
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Board of Directors As of Dec. 31, 2015
MAUREEN SCANNELL BATEMAN Attorney, Former Executive Vice
President and General Counsel,
State Street Corporation
New York, New York
An Entergy director since 2000. Age 72
PATRICK J. CONDON
Retired Audit Partner,
Deloitte & Touche LLP
Frankfort, Illinois
Joined the Entergy Board in 2015. Age 66
LEO P. DENAULT
Chairman of the Board
and Chief Executive Officer,
Entergy Corporation
New Orleans, Louisiana
Chairman and Chief Executive Officer since 2013. Age 56
ADMIRAL KIRKLAND H. DONALD, USN (RET.) Former President and Chief
Executive Officer, Systems
Planning and Analysis, Inc.
Alexandria, Virginia
An Entergy director since 2013. Age 62
GARY W. EDWARDS
Former Senior Executive
Vice President, Conoco Inc.
Houston, Texas
Lead director of Entergy. An Entergy director since 2005. Age 74
PHILIP L. FREDERICKSON
Former Executive Vice President,
Planning, Strategy and Corporate
Affairs, ConocoPhillips
Horseshoe Bay, Texas
Joined the Entergy Board in 2015. Age 59
ALEXIS M. HERMAN Chair and Chief Executive Officer,
New Ventures, LLC
McLean, Virginia
An Entergy director since 2003. Age 68
DONALD C. HINTZ
Former President, Entergy
Corporation and Entergy
Services, Inc.
Punta Gorda, Florida
An Entergy director since 2004. Age 72
STUART L. LEVENICK
Former Group President
and Executive Office Member,
Caterpillar Inc.
Peoria, Illinois
An Entergy director since 2005. Age 62
BLANCHE LAMBERT LINCOLN
Founder and Principal,
Lincoln Policy Group
Arlington, Virginia
An Entergy director since 2011. Age 55
KAREN A. PUCKETT
President and Chief Executive
Officer, Harte Hanks, Inc.
Monroe, Louisiana
Joined the Entergy Board in 2015. Age 55
W. J. “BILLY” TAUZIN
Owner, Tauzin Strategic Networks
Washington, D.C.
An Entergy director since 2005. Age 72
STEVEN V. WILKINSON
Retired Audit Partner,
Arthur Andersen LLP
Watersmeet, Michigan
An Entergy director since 2003. Age 74
(left to right) Steven V. Wilkinson; Blanche Lambert Lincoln; W. J. “Billy” Tauzin; Philip L. Frederickson; Stuart L. Levenick; Maureen Scannell Bateman; Leo P. Denault; Gary W. Edwards; Alexis M. Herman; Donald C. Hintz; Admiral Kirkland H. Donald, USN (Ret.); Patrick J. Condon; Karen A. Puckett
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Clear vision, clear progress.2015 Integrated Report
Maintaining an Effective Board
By design, our board is diverse and balanced from a variety of perspectives. We have significant diversity
in gender or ethnicity as well as directors from a wide variety of professional backgrounds including utility
and general business experience, nuclear industry experience, government and public policy experience
and finance and accounting experience. Some of our board members have successfully navigated their
companies through periods of transformational change stemming from technological advances and
changing competitive dynamics. We need expertise in each of these areas to ensure our board can provide
oversight and guidance on Entergy’s business portfolio. We also believe our board is a good example of
how the whole can exceed the sum of its parts. Our board members actively engage each other to assure
that all ideas are evaluated critically from a number of perspectives.
Our mandatory retirement age policy calls for the retirement of two valued board members in 2016:
Gary Edwards, our lead director, and Steve Wilkinson, chair of our audit committee. In anticipation of
these retirements, our corporate governance committee and board, assisted by a leading executive
recruiting firm, conducted a lengthy search process. The goal was to identify and recruit new directors
with the skills and background to replace those retiring and enhance the current board to face the future
challenges of an evolving industry. We needed at least one new director with a solid auditing background
and one with experience as a business leader in a company or industry undergoing transformational
change. The committee identified three outstanding candidates: Pat Condon, a retired audit partner at
Deloitte & Touche LLP with experience as an audit committee member on other boards, Karen Puckett,
a former executive at one of the nation’s largest telecommunications companies, and Phil Frederickson,
a former executive at ConocoPhillips who led the merger of Conoco and Phillips a number of years ago.
All three candidates joined our board in 2015.
With these additions and retirements, our board will be balanced in terms of tenure. Half of our non-
employee directors have fewer than five years of experience on our board and half have more than five
years. We are committed to maintaining an effective board structure that includes a lead independent
director appointed by a majority of the independent board members for a three-year term.
14 TIMES ENTERGY’S BOARD MET IN 2015
31% OF OUR BOARD WAS DIVERSE IN GENDER OR ETHNICITY
12 OF OUR 13 DIRECTORS WERE
INDEPENDENT
Our Leadership
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Clear vision, clear progress.2015 Integrated Report
Entergy’s board met 14 times in 2015. All board members then in office attended approximately
95 percent of the total number of meetings of the board and the committees on which he or she served.
Board responsibility for sustainable economic, environmental and social practices is maintained by various
committees as part of their charters. The board’s six standing committees (and their meeting frequency
in 2015) are: audit (12), corporate governance (9), personnel (9), finance (8), nuclear (6) and executive (0).
Board Committees as of Dec. 31, 2015
NAME AUDITCORPORATE
GOVERNANCE PERSONNEL FINANCE NUCLEAR EXECUTIVE
Maureen S. Bateman (c)
Patrick J. Condon
Leo P. Denault (c)
Kirkland H. Donald
Gary W. Edwards
Philip L. Frederickson
Alexis M. Herman (c)
Donald C. Hintz (c)
Stuart L. Levenick (c)
Blanche L. Lincoln
Karen A. Puckett
W.J. “Billy” Tauzin
Steven V. Wilkinson (c)
(c) Chair
Our Leadership
Clear vision, clear progress.2015 Integrated Report
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Entergy Corporation Executive OfficersAs of Dec. 31, 2015
LEO P. DENAULT Chairman and Chief Executive Officer
Joined Entergy in 1999 as vice president of corporate development and strategic planning. Became chairman and chief executive officer in 2013, after serving as executive vice president and chief financial officer. Age 56
THEODORE H. BUNTING, JR. Group President, Utility Operations
Joined Entergy in 1983. Became group president, utility operations in 2012, after serving as senior vice president and chief accounting officer. Age 57
WILLIAM M. MOHL President, Entergy Wholesale Commodities
Joined Entergy in 2002. Became president of Entergy Wholesale Commodities in 2013, after serving as president and chief executive officer of Entergy Gulf States Louisiana and Entergy Louisiana. Age 56
ANDREW S. MARSH Executive Vice President and Chief Financial Officer
Joined Entergy in 1998. Became executive vice president and chief financial officer in 2013, after serving as vice president of system planning. Age 44
RODERICK K. WEST Executive Vice President and Chief Administrative Officer
Joined Entergy in 1999. Became executive vice president and chief administrative officer in 2010, after serving as president and chief executive officer of Entergy New Orleans. Age 47
MARCUS V. BROWN Executive Vice President and General Counsel
Joined Entergy in 1995. Became executive vice president and general counsel in 2013, after serving as senior vice president and general counsel. Age 54
PAUL D. HINNENKAMP Senior Vice President and Chief Operating Officer
Joined Entergy in 2001. Became senior vice president and chief operating officer in 2015, after serving as senior vice president, capital project management and technology. Age 54
ALYSON M. MOUNT Senior Vice President and Chief Accounting Officer
Joined Entergy in 2002. Became senior vice president and chief accounting officer in 2012, after serving as vice president and corporate controller. Age 45
DONALD W. VINCI Senior Vice President, Human Resources and Chief Diversity Officer
Joined Entergy in 1985. Became senior vice president, human resources and chief diversity officer in 2013, after serving as vice president, human capital management. Age 57
Our Leadership
(left to right) Donald W. Vinci; Alyson M. Mount; Paul D. Hinnenkamp; Theodore H. Bunting, Jr.; Leo P. Denault; Andrew S. Marsh; Roderick K. West; William M. Mohl; Marcus V. Brown
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Clear vision, clear progress.2015 Integrated Report
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Our Company
Our Company
Entergy has a clear purpose, well-defined strategy and plan for execution of that strategy along with strong governance policies and practices. We strive to clearly communicate with our stakeholders to build understanding and support for our objectives and enable our long-term success.
Our Vision and Mission
We power life. This is our vision. It goes much further than powering the grid. Together, we help improve
lives, build businesses and create prosperity. “We power life” is Entergy’s promise to create a better
future for us all.
We exist to operate a world-class energy business that creates sustainable value for our four stakeholders –
owners, customers, employees and the communities in which we operate. This is our mission.
• For our owners, we create value by aspiring to provide top-quartile returns through the relentless
pursuit of opportunities to optimize our business.
• For our customers, we create value by delivering top-quartile customer satisfaction through
anticipating customer needs and exceeding their expectations while keeping rates reasonable.
• For our employees, we create value by achieving top-quartile organizational health; providing a safe,
rewarding, engaging, diverse and inclusive work environment, fair compensation and benefits; and
opportunities to advance their careers.
• For our communities, we create value through economic development, philanthropy, volunteerism
and advocacy and by operating our business safely and in a socially and environmentally
responsible way.
RECOGNITION
Entergy was named to the Dow Jones Sustainability Indices North America Index in 2015, our 14th
consecutive year to appear on the World or North America Index or both. We earned top scores
in economic, environmental and social responsibility areas – validating our approach to creating
sustainable value.
RECOGNITION
In 2015, Entergy earned the highest ranking for electric utilities on Corporate Responsibility Magazine’s annual list of 100 Best Corporate Citizens, consistent with our mission to operate
a world-class energy business.
Clear vision, clear progress.2015 Integrated Report
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Our Business Model
Our business model includes operational excellence and asset management. Our business strategy is driven by detailed
analysis that informs our views of material economic, environmental and social issues, which we analyze on an ongoing
basis. Each year, we set clear areas of focus to align and empower our employees on the personal role each of them has in
achieving Entergy’s vision and business objectives. We also engage with other stakeholders to inform our business analysis
and strategies.
Our Company
KEY DRIVERS
Ongoing analyses in an ever dynamic market of material economic, environmental and social issues
SPECIFIC AREAS OF FOCUS DEFINED ANNUALLY
OUR STRATEGIC IMPERATIVES
ENTERGY’S BUSINESS MODEL
OPERATIONAL EXCELLENCESafely operating our assets and maximizing value of our existing assets and businesses
ASSET MANAGEMENTCreating sustainable value through modernizing or managing risk in our existing assets and by strategically planning to meet future power needs
Clear vision, clear progress.2015 Integrated Report
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Our Value Creation Process
Our Company
INPUTS
Human Resources
Financial Capital
Intellectual Capital
Manufactured Resources
Natural Resources
Social/Relationships
OUTPUTS
Deliver value to our owners through top-quartile returns
Deliver top quartile customer satisfaction through anticipating customer needs and exceeding their expectations while keeping rates reasonable
Achieve top-quartile organizational health and provide a safe, inclusive work environment, fair compensa-tion and development opportunities for our employees
Support our communities through economic development, strategic giving and volunteerism
Operate in a socially and environmentally responsible way
ENTERGY
OUR VISIONWe Power Life
OUR MISSIONWe exist to operate a world-class energy business that creates sustainable value for our four stakeholders — owners, customers, employees and the communities in which we operate
OUR CORE COMPETENCIESCorporate Governance, Operational Execution, Financial Management, Emergency Preparedness/Response, Sustainability Strategies
OUR VALUES• Above All, Act with Integrity• Create and Sustain a Safe and
Healthy Life• Cultivate a Diverse and Inclusive
Work Culture• Possess a Winning Spirit• Focus on Our Customers• Grow the Business• Be Active Team Players• Treat People with Respect• Aggressively Look for Better Ways• Take Actions to Achieve Results
OUR STRATEGIC IMPERATIVES• Aggressively Grow the Utility Business• Manage EWC Transition• Transform the Organization
Clear vision, clear progress.2015 Integrated Report
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Utility
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Utility
Our utility business provides power at favorable rates to residential, commercial, industrial and governmental customers in Arkansas, Louisiana, Mississippi and Texas. We also deliver natural gas to customers in New Orleans and parts of Baton Rouge, Louisiana. Our strategic imperative is to aggressively grow our utility business. We made clear progress in 2015, executing our plans to invest to deliver power safely, reliably and efficiently; align with our stakeholders’ expectations; and serve our customers with excellence.
Invest to Deliver Power Safely, Reliably and Efficiently
In 2015, we provided power and natural gas safely, reliably and efficiently to
existing customers and invested to serve future demand. Investments in our
generation, transmission and distribution infrastructure help us manage our
production costs and maintain low rates while meeting reliability goals and
environmental regulations.
ENVIRONMENTAL
Environment2020, the holistic, 10-year environmental strategy we adopted in 2011, is driven by
stakeholder concerns, potential new regulatory requirements, environmental resource limitations,
financial considerations and Entergy’s commitment to the environment. We have made clear progress
in each of the six areas of strategic focus. For further information visit entergy.com/environment.
Generation
Ongoing portfolio transformation is a key strategy for Entergy. We engage stakeholders and anticipate
future environmental requirements in our planning process. This process guides our investments
in long-term generation resources to plan for the retirement of aging assets and meet growing load
demands while reducing our environmental footprint. Modernizing our fleet creates meaningful benefits
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Clear vision, clear progress.2015 Integrated Report
The Benefits of MISO Membership
The utility generation assets we own and acquire are now operated within MISO – an evolution of our
operating model that is creating even greater efficiencies, lower operating and fuel costs, lower electricity
costs for customers and significant benefits in deferred generation costs for our business. MISO’s real-
time and day-ahead energy markets use centralized economic dispatch and security constrained unit
commitment to optimize all resources within the region based on bids and offers provided by market
participants. The shift to regional use from localized use of the electrical system allows more efficient
and effective deployment of generation assets. In 2015, Entergy’s CCGT units set all-time production
records due to MISO operations and low natural gas prices.
Utility
for our customers through improved efficiency, reliability and
resiliency. Our strategy calls for the evaluation of acquisitions,
long-term power purchases and new-build options to develop
a modern and efficient generation portfolio capable of providing
reliable, cost-effective power. Our resource decisions are informed
by many factors such as prospective environmental regulations,
including CO2, energy efficiency and demand-side management
programs, as well as the preferences and expectations of our
customers. As a result, since establishing our portfolio transformation
strategy in 2002, we have replaced nearly 20 percent of our generation
resources with cleaner, more efficient resources.
In early 2016, we completed our acquisition of Union Power Station, a 1,980-megawatt generating
facility near El Dorado, Arkansas. The facility consists of four highly efficient, combined-cycle natural
gas-fired generating units. We acquired Union Power Station, which went into commercial service in 2003,
at a purchase price that was approximately half the cost to build a comparable new CCGT facility.
In order to provide additional generation for our Louisiana customers, we
selected in 2015 the self-build option in a competitive process with an
independent monitor. We have requested approval from the Louisiana Public
Service Commission to proceed with the construction on the St. Charles Power
Station, a 980-megawatt CCGT in Montz, Louisiana. With a targeted in-service
date of June 2019, this plant will provide economic and reliable power to our
customers for many years. We are planning for additional resource needs with
similar units in the Lake Charles area of Louisiana and the western region of our
Texas service territory through self-build or other agreements to be determined
in competitive bid processes. Our long-term plans also call for the addition of
smaller, more flexible combustion turbine units in New Orleans and Arkansas.
Since 2002, we have replaced nearly 20 percent of our generation resources with cleaner, more efficient resources.
20
Clear vision, clear progress.2015 Integrated Report
Utility
We have pilot projects underway in multiple utility operating companies to study the feasibility of
utility-scale solar generation. Together, these projects will help us assess geographic differences and
capacity factors while providing our customers with access to a renewable energy source. Entergy
Mississippi, Inc. launched three solar pilot installations in three different locations, each capable of
generating 500 KW from fixed-tilt solar arrays. Entergy New Orleans selected a contractor to begin
construction in 2016 of a 1 MW solar generation project with state-of-the-art battery storage technology
to help compensate for cloud cover. Entergy Arkansas entered into a power purchase agreement to
facilitate construction of an 81 MW photovoltaic solar energy generating facility that is expected to be
connected to the grid in mid-2019. When complete, the 500-acre project will be capable of generating
enough clean energy to power approximately 13,000 homes.
ECONOMIC
In March 2015, the Nuclear Regulatory Commission moved
Arkansas Nuclear One into Column 4 of the Reactor Oversight
Process Action Matrix, resulting in a substantial increase in
regulatory oversight. The move came after two years of
review following the lift failure and subsequent stator drop in
March 2013, as well as flood protection problems. Since then,
we have assembled a team of experts to focus on the event
causes and ensure proper implementation of corrective
actions to ensure ANO’s recovery to Column 1 in regulatory
oversight.
Transmission
Our move to MISO enhances reliability by informing all market participants on the state of grid conditions
and market operations through the public posting of electricity prices and other key system information.
MISO mitigates transmission congestion on a least-cost basis, allowing for more timely and efficient
congestion management. Integrating MISO into our business model also has created different flow
Utility Nuclear FleetCapability Factor
‘11 ‘12 ‘13 ‘14 ‘15
9288
8190 90
Capability factor: percentage of the maximum energy generation a plant is capable of supplying to the grid, limited only by factors within control of plant management
28%
13%
34%
25%
29%
11%
33%
27%
25%
10%
39%
26%
28%
11%
33%
28%
27%
7%31%
35%
Generation Sources Usedto Meet Utility Demand
PURCHASED POWER COAL
NUCLEARGAS
‘11 ‘12 ‘13 ‘14 ‘15
21
Clear vision, clear progress.2015 Integrated Report
Utility
patterns on our transmission system and highlighted where new transmission
facilities and upgrades are economic. In 2015, we invested more than $630
million in transmission infrastructure. Highlights include:
Entergy Arkansas began construction on a 24-mile transmission line in southeast
Arkansas to support economic growth in the region and improve reliability.
The $62 million investment is in addition to the $25 million investment already
underway in a 27-mile transmission line in southeast Arkansas.
Entergy Louisiana received certification for the Lake Charles project, a $159 million
project, excluding contingency, that includes the construction of two new
substations, the expansion of a third and the addition of about 25 miles of high-voltage transmission
lines to move power reliably and efficiently into this fast-growing region. Construction begins in 2016.
Entergy Mississippi will begin construction of the $132 million Southwest Mississippi Reliability Improvement
Project in the spring of 2016, which includes a new 65-mile transmission line and the rebuilding of several
sections of existing transmission lines. The project is needed to maintain compliance with industry standards
and support growth in the Natchez area.
Entergy New Orleans began a $30 million transmission upgrade to enhance reliability and increase capacity.
This is an important step in preparation for our future generation landscape, such as the retirement of our
Michoud generating facility in coming months.
Three important projects will go into service in Entergy Texas, Inc. in early to mid-2016. The Ponderosa–Grimes
230 kV line, the Orange County Project and the China–Amelia 230 kV line together represent nearly
$150 million of transmission investment and will provide reliability benefits throughout the Entergy
Texas footprint.
Two new Transmission Control Centers are under construction and on track for completion in 2016
in Arkansas and Mississippi. Each center represents a $23 million investment and is being built to
withstand an EF5 tornado. The centers will share sophisticated communications technology to enable
close coordination of operations and enhance training and development.
ENVIRONMENTAL
We use integrated mapping systems to locate and avoid
as practical impact on habitats, threatened and endangered
species, avian species and wetlands with our transmission
and distribution projects, which helps limit our operational
impact on biodiversity. In addition, we actively participate
in avian monitoring programs such as those for eagles. We
also have an avian and wildlife protection standard and an
avian protection plan that promotes compliance with wildlife
conservation and avian protection laws. Reducing electrical
system impacts on wildlife also contributes to improved
service reliability.
VIDEO >
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Clear vision, clear progress.2015 Integrated Report
Utility
ENVIRONMENTAL/RECOGNITION
Entergy was named a 2015 Tree Line USA utility by the Arbor Day Foundation, which helps promote
the dual goals of delivering safe, reliable electricity while maintaining healthy community forests.
We also educate customers on the important role trees play in their personal energy efficiency
efforts by providing shade in high power demand months.
Electric Distribution
We are exploring new grid technologies to improve resilience, enhance reliability, lower cost and improve
customer service. We are moving forward with steps toward the installation of smart meters to benefit
our customers and expect to begin to make regulatory filings in 2016, where necessary. Smart meters
facilitate operational efficiencies, enable faster outage response and empower customers with information
to better understand and control their usage. In addition, smart meters lay the foundation for the next
generation of grid technologies on our system. We are evaluating broader grid modernization initiatives,
engaging with our stakeholders and bringing forward further proposals as appropriate.
We are also exploring technologies to improve grid reliability and resilience through storm hardening
and wildlife protection, as well as technologies and devices that enable deployment of distributed energy
resources and micro grids. Our goal is to meet customer expectations for service now and in the future
while managing the required investments to maintain our rate advantage.
Gas Distribution
Our gas distribution business delivers natural gas to about 199,000
retail customers in Baton Rouge and New Orleans. In New Orleans,
in the 10 years since the devastation of Hurricane Katrina, we have
replaced more than 300 miles of pipe as of 2015, and rebuilding
continues. In Baton Rouge, we began a gas pipeline replacement
program in 2015 to replace 100 miles of pipe over the next 10 years
to improve safety and reliability.
Commercial Development and Innovation
To bring a constant focus on evaluating and integrating new technologies into our operating model,
we have created a team dedicated to this vision. Our Commercial Development and Innovation team will
focus on addressing customer needs through product and service innovation, technology deployment and
alternative service models. Work will focus on evaluating and integrating rapidly evolving technologies
such as distributed generation, utility and community solar, micro-grids and battery storage, among others.
In addition, the new department will also research and develop the enabling technologies that enhance the
distribution grid and provide higher service and reliability to customers, such as smart meters, advanced
grid automation and grid infrastructure hardening.
Clear vision, clear progress.2015 Integrated Report
23
Utility
Align With Our Stakeholders’ Expectations
We engage with our stakeholders to better understand their needs. Aligning
our objectives with the expectations of our owners, customers, employees and
communities helps us make better business decisions. We engage regularly
with our stakeholders to communicate our strategies and plans, gather feedback
and gain support to help us achieve our goals. We communicate face-to-face at
stakeholder events and through numerous other channels including e-newsletters,
social media and bill inserts.
Through our outreach efforts, we also are able to make our perspectives known to and understood by
policymakers. We work with the NRC to ensure continued safe and secure operation of our nuclear fleet.
On the state and local levels, we work constructively with our regulators to secure regulatory frameworks
that support our ability to make productive investments to benefit our customers. Roughly 90 percent
of the investments in our utility capital investment plan are under some form of progressive regulatory
framework. Earning a reasonable return on our investments allows us to maintain low rates through
operational and service excellence, which in turn helps us attract and retain customers. We made significant
progress across our utility operating companies. For example:
• Legislation facilitating future investment was passed in Arkansas, Mississippi and Texas.
• The Mississippi Public Service Commission approved a rate modernization plan with forward-
looking features.
• The Arkansas Public Service Commission approved a net $128 million base rate increase and
9.75 percent return on equity and established a framework for the forward test year formula
rate plan.
• The Public Utility Commission of Texas allows rider mechanisms to facilitate investments
in transmission and distribution infrastructure. Use of the distribution cost recovery rider was
approved and the filing for the transmission cost recovery rider is in progress.
We also received approvals to end the Entergy System Agreement. The agreement will end in third
quarter 2016, simplifying our regulatory structure and reducing risk and uncertainty for us and our
customers. It will allow us to put greater focus on the distinct opportunities of each of our retail regulatory
jurisdictions as well as our core operations without the distractions from the near constant inter-regional
litigation associated with this agreement.
VIDEO >
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Clear vision, clear progress.2015 Integrated Report
Utility
ECONOMIC
In 2015, the utility return on equity, normalizing for weather and tax items and excluding the
impact of regulatory charges, was 8.9 percent. This is below our average allowed return levels of
around 10 percent. With the expectations for load growth and cost management combined with
the regulatory outcomes to facilitate investment for our customers, we expect to significantly
close the gap to our average allowed return levels in the coming years.
ECONOMIC
On Oct. 1, 2015, Entergy Gulf States Louisiana and Entergy Louisiana combined into a single utility,
which is expected to provide up to $140 million in customer benefits over the first decade from improved
financial and operating structures, enhanced economic development efforts and reduced regulatory
costs. Entergy Louisiana also transferred its Algiers, Louisiana, assets and some 22,500 electric
customers in Orleans Parish to Entergy New Orleans. Electric service to all Orleans Parish customers
is now consolidated in one company, simplifying regulatory processes and making Entergy New
Orleans a larger company with greater financial flexibility and opportunities to generate long-term
customer savings through economies of scale.
ECONOMIC
ECONOMIC/ENVIRONMENTAL
Our targets for environmental charitable investments include acres of land restored or placed under
conservation, improved biodiversity and improved community resiliency and flood protection.
Between 2010 and 2015 Entergy’s partnership with The Nature Conservancy resulted in:
• Reforestation of 500 acres of bottomland hardwood in the Big Woods/Cache River in Arkansas.
• 70,000 seedlings planted and 60 acres of long leaf pine forest restored in the Sandyland
Sanctuary in Texas.
• Creation of a public-private partnership to provide incentives to private landowners in
Mississippi to enroll their property in state conservation programs. Entergy provided seed
funding that was leveraged 4:1 by federal and other funds.
• 85,000 trees planted and 135-acre restoration of Mollicy Bayou in Louisiana.
“ Entergy Arkansas is considered a valuable partner to the state’s economic development efforts. Their competitive rates and willingness to step forward are vital to job creation in Arkansas.”
– Grant Tennille, former Executive Director of the Arkansas Economic Development Commission
“ We appreciate Entergy Louisiana’s advice throughout our early design and now the close working relationship as we enter into our final construction with the actual physical power connection.”
– Vianney Vales, Chief Executive Officer of Juniper GTL
Clear vision, clear progress.2015 Integrated Report
25
Utility
25
Serve Our Customers With Excellence
Excellent service that meets our customers’ expectations is the foundation
for our business success. All of our utilities improved by several points in the
J.D. Power 2015 Electric Utility Residential Customer Satisfaction Study. In
the Cogent Reports 2015 Utility Trusted Brand & Customer Engagement™:
Residential Study, Entergy ranked fifth among 125 of the nation’s largest
electric and natural gas utilities for engaged customer relationships. We also
track our performance in the Bellomy Perception Survey, monitoring the
percentage of randomly selected customers who respond with a score of 8, 9 or
10 when asked how satisfied they are with Entergy as a utility company on a 10-point scale, with 10 being
most satisfied. For the past three years, Entergy has achieved more than a 70 percent positive response.
Reliability
While we improved along many dimensions of customer service in 2015, our reliability performance fell
short of our targets. Outage frequency and outage duration both increased in 2015. We are evaluating our
system performance and response procedures to improve our reliability going forward.
Emergency preparedness and response are key components of reliability at Entergy. In 2015, we restored
power safely and quickly following significant storms in Arkansas and Louisiana. We prepare for extreme
weather events year-round, conducting robust emergency response drills and business continuity
planning. We invest in and harden our systems to improve resilience and reduce the time it takes to
restore service. We engage with our communities and customers to prioritize our investments and
minimize business disruptions.
Customer Cost
Our average monthly bills to our residential customers are more than 20 to 25 percent below the national
average. We strive to maintain that bill advantage for our customers and to support growth in the
communities we serve. In addition to our efforts to manage our costs, we strive to lower customer costs
through economic development activities and energy efficiency and demand-side management programs.
VIDEO >
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Clear vision, clear progress.2015 Integrated Report
Utility
All classes of customers – residential, commercial, industrial and governmental –
continue to benefit from our membership in MISO. We also continue to focus
on gaining efficiencies through generation and transmission projects that
reduce production costs, investments to improve productivity and predictability
and distribution investments that lower cost and usage. For example, we
installed telemetry on our vehicle fleet to optimize fleet size and deployment.
By measuring, tracking and reporting vehicle data, we have saved more than
400,000 gallons of fuel and $400,000 in maintenance costs.
Economic growth generates additional demand for power, which helps us maintain
favorable rates. We enable economic growth by maintaining low rates and reliable
service, investing in our local communities and meeting regularly with local and state leaders and with
existing and prospective customers. We continued our extensive outreach efforts and made upgrades to
our site selection websites to help businesses considering an expansion or relocation to the region.
We offer energy efficiency programs as well as tools to help our customers reduce their energy bills. The
objectives of Entergy’s demand-side management and energy efficiency programs for residential and
commercial customers are to reduce the overall cost of meeting energy resource needs; provide customers
with attractive options to reduce their energy consumption; educate customers on the value of energy
efficiency; and support low-income and sustainability initiatives. For industrial customers, objectives
of Entergy’s programs include reducing energy-related costs and maximizing energy reliability.
Across our utilities, we have invested more than $345 million from
2002 to 2015 to deliver approximately 428 MW of load reduction
and approximately 1.36 million MWh of cumulative energy savings.
Currently we offer more than 30 energy efficiency and demand-side
management programs across our four utility states. Benefits of these
programs are reduced energy costs, deferred generation investment
and reduced environmental footprint. We offer a variety of tools to all
classes of customers based on their needs. For residential customers,
these include resources to encourage energy efficiency including DIY
videos, online advisors and home energy calculators that offer online
energy audits. We promote these tools through a monthly customer
e-newsletter. A web page, myResources, serves as a starting point for
customers to research and identify actions to reduce consumption and
lower their utility bills. Through myResources, customers can access
myAdvisor, myHome, myPaymentOptions and myAccount Online. In
2015, there were nearly 160,000 visits to Entergy’s website to perform
online energy audits and access energy efficiency information.
SOCIAL
Seventy percent of companies considering relocation to Louisiana cite education and workforce
readiness as a top concern. Entergy launched a $5 million, five-year initiative to address workforce
development issues in our region.
Currently we offer more than 30 energy efficiency and demand-side management programs across our four utility states. Benefits of these programs are reduced energy costs, deferred generation investment and reduced environmental footprint.
VIDEO >
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Clear vision, clear progress.2015 Integrated Report
Utility
Customer Experience
Our customers expect the same seamless service from Entergy as they receive from other service
providers. In early 2015, we announced our customer digital roadmap, a major plan to design, integrate and
implement new digital customer-facing technologies over the next three to five years to meet and exceed
customers’ expectations and transform the customer experience. We have developed a comprehensive
roadmap to transform our operations with more streamlined, efficient and data-driven ways of serving
our customers that give customers more choice, control and personalized service. Advanced metering
infrastructure, new digital self-service and social media options and customer relationship management
tools that enable personalized service are examples of investments we are evaluating to transform the
customer experience provided by Entergy.
ECONOMIC
Like all of Entergy’s utilities, Entergy Mississippi has a business and economic development team tasked
with growing the business by recruiting new industry to the service territory. In this way, the team helps
attain Entergy’s strategic imperative to aggressively grow the utility business. One of the Mississippi team’s
targeted industrial sectors for economic growth is the automotive industry. By collaborating with community
partners to attract Continental Tire – the world’s fourth largest tire manufacturer – to Mississippi, Entergy
Mississippi has helped to bring a $1.45 billion investment to Hinds County. This is not only the largest
economic development announcement for central Mississippi in decades, it is also one of the largest
projects of its kind in North America. The plant will create 2,500 new jobs with an average annual salary
of $40,000.
ECONOMIC/SOCIAL
It’s been 10 years since Hurricane Katrina devastated the Gulf Coast. At Entergy, 1.1 million customers were
impacted, power plants were knocked off line and countless transmission and distribution lines went
down. Since then, we have invested more than $1 billion in upgrading plants and substations, and nearly
$300 million in hardening transmission and distribution systems. We have also invested $37 million in
community efforts to create a stronger, more prosperous and sustainable Gulf Coast region. Today, the
Gulf Coast and the people who call it home are one of the great comeback stories of our time.
System average interruption duration index: average minutes per customer per year, excluding the impact of major storm activity
‘11 ‘12 ‘13 ‘14 ‘15
196 196181
194214
Outage Duration
Entergy utility system weighted average; varies by utility operating company
‘11 ‘12 ‘13 ‘14 ‘15
96.4691.58
101.02 104.26 102.15
Average Monthly Residential Bill1,000 kWh Usage/Month
In Dollars
System average interruption frequency index: average number per customer per year, excluding the impact of major storm activity
‘11 ‘12 ‘13 ‘14 ‘15
1.611.68
1.52 1.581.69
Outage Frequency
28
Clear vision, clear progress.2015 Integrated Report
Utility
SOCIAL
Many people live in poverty in the states served by our utilities. We created our low-income customer
assistance initiatives both to help our customers in need and to manage the financial risk to Entergy
when customers can’t pay their bills. The goals of these initiatives are to increase the flow of funds
from all sources to help low-income customers achieve economic self-sufficiency, to educate low-
income customers on managing their bills and to help low-income customers pay their bills. Through
fundraising and advocacy efforts in 2015, we helped our customers pay more than 200,000 bills, avoid
disconnections and reduce write-offs.
ENVIRONMENTAL
Our utilities own 21 GW of generation, 15,500 miles of transmission and 100,000 circuit miles of
distribution lines in the Gulf Coast region – susceptible to storms potentially made worse by coastal
wetlands loss. Entergy manages physical risks by storm-hardening of its transmission and distribution
system, technical conferences with customers on resilience, investment in emergency preparedness
and research into adaptation. For example, we are partnering with Tierra Resources to help restore
and preserve more of Louisiana’s wetlands through aerial planting of mangroves. Wetlands play a
crucial role in storm protection and economic prosperity for many Entergy communities. Entergy is
also engaged with The Lowlander Center to revisit the 2010 Building a Resilient Energy Gulf Coast
report and data, and the recommendations of the Blue Ribbon Resilient Community Forums conducted
in 2011-2012 in partnership with America’s WETLAND Foundation. Recent reports and data on
businesses in coastal communities are being reviewed to ascertain the impacts of the previous
efforts, as well as to identify additional opportunities to promote resilience.
RECOGNITION
The Edison Electric Institute honored Entergy with the EEI Emergency Recovery Award and the
Emergency Assistance Award, recognizing outstanding power restoration efforts on behalf of our
customers and for assisting a neighboring utility company in recovering from severe summer
storms. This is the 18th consecutive year Entergy has received an EEI storm restoration award.
Including this year’s honor, Entergy has received 24 awards from EEI for our restoration and mutual
assistance work, and we are the only utility in the country to be recognized every year since the
inception of the awards.
ECONOMIC/ENVIRONMENTAL
We are benefiting our customers in our local communities through our online, self-service tools.
Self-serve transactions now represent 55 percent of our customers’ transactions. In 2015, we met
our target goal of approximately 450,000 customers opting for paper-free electronic billing, meeting
customers’ needs, reducing environmental impact and representing more than $13 million in
operational savings.
Clear vision, clear progress.2015 Integrated Report
29
Entergy Wholesale Commodities
Entergy Wholesale Commodities
Our Entergy Wholesale Commodities generation fleet provides safe, reliable power for our wholesale customers. In recent years, wholesale power generators have been challenged by persistent low prices due to abundant shale gas. Our strategic imperative is to transition to a smaller merchant fleet while properly managing all risks and safely and reliably operating our facilities. We made clear progress in 2015, managing the EWC transition while continuing to engage with our stakeholders.
Manage Risk and Operate Our Facilities Safely and Reliably
Power prices declined significantly in 2015 and our long-term outlook is for continued low wholesale power
prices, particularly in the Northeast. Based on that outlook, we took aggressive steps to reduce price risk
in 2015. At the same time, we maintained our hedging activities to ensure we are well-positioned to capture
upside from any future price volatility.
In late December, we sold the 583-megawatt Rhode Island State Energy
Center – a dispatchable CCGT plant with a favorable competitive position
in the region in which it operates. The base sales price was approximately
$490 million, well above the purchase price Entergy paid in December
2011. The transaction is consistent with our strategy to reduce wholesale
market price risk and free up financial resources for other opportunities.
We announced the closure of two single-unit nuclear plants – Pilgrim
Nuclear Power Station in Massachusetts and James A. FitzPatrick Nuclear
Power Plant in New York. We made the difficult decisions to close these
plants based on the continued deteriorating economics of each facility. Among the primary factors driving
the plant closures were low natural gas prices, market designs that fail to properly compensate nuclear
generators for fuel diversity, reliability, environmental and other benefits, as well as high operating costs.
Pilgrim is expected to shut down no later than June 1, 2019, while FitzPatrick is planned to shut down
on January 27, 2017. While closing Pilgrim and FitzPatrick makes financial sense for our company and our
owners, we recognize the consequences of shutdowns on plant employees and the surrounding communities.
We are committed to supporting both groups during the transition.
Indian Point is a low-cost plant located in a favorable market. It supplies on average 25 percent of the power for New York City and the Westchester County area.
30
Clear vision, clear progress.2015 Integrated Report
We formed a nuclear decommissioning organization in late 2015 to
focus on the safe transition to full dormancy of Pilgrim, FitzPatrick
and Vermont Yankee Nuclear Power Station, which transitioned to
a SAFSTOR organization at the end of 2014. The model for success at
Vermont Yankee and best practices from other decommissioning efforts
outside the company will be followed to ensure strong linkage among
site-specific decommissioning plans, application of best practices and
risk management.
The remaining EWC fleet includes three financially viable units – Palisades
Power Plant in Michigan and Indian Point Energy Center Units 2 and 3
in New York – as well as interests in several fossil and wind power plants.
We also provide management services to the Cooper Nuclear Power
Station in Nebraska. Palisades operates under a favorable power
purchase agreement that expires in 2022. Indian Point is a low-cost plant
located in a favorable market. It supplies on average 25 percent of the power for New York City and the
Westchester County area. We continue to pursue license renewal from the NRC for Indian Point Energy
Center through a multi-year process during which the plant continues to operate.
In addition to addressing market risks, we manage risks by operating safely and reliably. We were
disappointed in our operating performance in 2015. While Palisades successfully moved to Column 1
of the reactor oversight process, the NRC moved Pilgrim to Column 4, resulting in a substantial increase
in regulatory oversight. We also experienced several unplanned outages at Indian Point 3 during the year,
and in early 2016 the unit was moved down to Column 2 of the Reactor Oversight Process Action Matrix.
We are committed to resolving performance deficiencies and ensuring recovery in plant performance.
ECONOMIC
Indian Point Energy Center contributed $1.6 billion in 2014 to the New York economy, according to a
Nuclear Energy Institute study. The plant’s nearly 1,000 employees stimulate almost 4,400 additional
jobs in other businesses in New York.
Entergy Wholesale Commodities
Capacity factor: normalized percentage of the period that the nuclear plants generate power
‘11 ‘12 ‘13 ‘14 ‘15
9389 89 91 91
EWC Nuclear FleetCapacity Factor
Clear vision, clear progress.2015 Integrated Report
31
Engage With Our Stakeholders
We regularly engage with community stakeholders affected by our operations. For example, Entergy and
New York State officials engaged in extensive discussions in 2015 to reach a constructive and mutually
beneficial agreement to avoid a shutdown of FitzPatrick, but were ultimately unsuccessful. Despite the
plant’s solid operational performance, the economics simply do not support its continued operation. We
are thankful for the pledge of support for the plant, and the nuclear industry as a whole, by our regional
representatives. We will continue to be a good corporate citizen, recognizing that this is a significant event
for the local economy and for surrounding communities. We continue our stakeholder engagement, as we
have done in Vermont, with the employees and communities affected by these decisions. We will also have
continued outreach in the communities where we are decommissioning facilities.
We also engage with state, regional and federal stakeholders and regulators on material issues that
affect our operations. We are engaged with multiple organizations and agencies as part of the license
renewal process for Indian Point Energy Center. We also continue to encourage discussions with key
stakeholders on market design issues to ensure generators are fairly compensated for the value these
assets provide in terms of system reliability and both environmental and economic sustainability.
ECONOMIC/ENVIRONMENTAL/SOCIAL
U.S. nuclear energy facilities provide approximately $60 billion annually to the U.S. economy.
Nationwide, nuclear power saves consumers an average of 6 percent on their electric bills and
avoids the emission of more than 500 million tons of CO2, according to The Brattle Group.
Entergy Wholesale Commodities
Clear vision, clear progress.2015 Integrated Report
32
Workplace
Workplace
We are investing in our organization to forge a healthy culture. Our strategic imperative is to transform our organization by sustaining workforce safety and wellness; driving organizational health; and recruiting, retaining and developing our workforce.
Sustain Workforce Safety and Wellness
There is nothing more important at Entergy than working safely and going home safely every day after work. In addition to protecting our employees’ well-being, strong operational safety and top-tier safety practices are fundamental drivers of our business performance. We continue to evaluate our approach to safety and make ongoing improvements to achieve our goal of top-decile safety performance.
In 2014, when our safety performance fell short, we engaged our leaders to be in the field observing and coaching, instituted hazard recognition programs and reinforced the use of human performance tools. As a result, accident rates dropped significantly by year-end. We continued these efforts in 2015 and made a number of changes to our safety practices and systems. We created a special safety team to work closely with safety advisory boards, provide field safety support, develop targeted training and coordinate third-party reviews. We launched a new accident and incident reporting system (AirsWeb) companywide to track and report safety-related incidents, audits and observations. We also introduced a new safety manual, developed with input and feedback from more than 600 field personnel.
Workforce safety performance improved in 2015, reducing the employee recordable accident index rate by 11 percent. Entergy employees had 111 recordable accidents, down from 120 in 2014, and there were no fatalities for the second year in a row. Our 2015 employee safety performance ranked in the second quartile of the Southeastern Electric Exchange benchmarking survey of investor-owned utilities.
After a recordable accident rate for contractors of 1.22 in 2013, measures including a contractor safety summit were implemented. Contractor injuries in 2014 decreased to a rate of .91, and in 2015, the rate dropped to .85, tying our lowest-ever recorded injury rate for contractors since recordkeeping began in 2001. Entergy contractors had 72 recordable accidents in 2015, down from 85 in 2014, and there were no
33
Clear vision, clear progress.2015 Integrated Report
fatalities. We held the 2015 contractor safety summit in June, bringing together more than 70 contract partners in Houston, Texas, to share best practices.
Improving workforce wellness benefits our employees and helps Entergy better control health care costs. Our HealthStrides long-term health care strategy has yielded savings for both employees and the company by holding medical plan cost increases to less than the national average. Factors that have helped slow the increase in costs include intentional consumerism by employees in making health care choices, greater participation in Entergy’s ENSHAPE wellness program and preventive health care and vendor improvements. Participating employees use the ENSHAPE program to monitor health through health screenings, health risk assessments and participation in walking, health maintenance, nutritional and other informational, educational and peer support programs. In 2015, our goal was for 18 percent of employees to complete the Triathlon of Wellness. The triathlon is led by our executive leadership team and encourages employees to engage in health screenings, health risk assessments and health action programs. We achieved 18.2 percent participation. Positive results of wellness are far-reaching and include stronger teamwork and engagement from participating in group wellness events as well as improved fitness, which facilitates working safely and productively.
ENVIRONMENTAL/SOCIAL
Cycling to work can play a significant role in reducing employee vehicle trips to the office, helping lower air emissions and reducing roadway congestion. Entergy continually encourages our employees to adopt lifestyles such as cycling for fitness as a foundation to working more safely. The inaugural Entergy Bike the Big Easy event attracted nearly 1,400 cycling enthusiasts, promoting a healthier, eco-friendly lifestyle and helping to boost local tourism. Riders, including more than 100 Entergy employees, cycled 20-mile and 40-mile courses along some of the more than 100 miles of urban bike paths built through Entergy’s partnership with the city of New Orleans and the Louisiana Public Health Institute.
ECONOMIC/SOCIAL
Entergy’s Navasota network in Texas last experienced a lost-time accident in October 1972. The linemen and servicemen who maintain this remarkable record attribute it to working side by side, questioning anything that doesn’t look right and providing hands-on training to new employees.
‘11 ‘12 ‘13 ‘14 ‘15
0.990.85
1.22
0.91 0.85
Contractor Year-Ending Recordable Accident Index
‘11 ‘12 ‘13 ‘14 ‘15
0.57
0.78
0.53
0.880.78
Employee Year-Ending Recordable Accident Index
Workplace
Recordable accident index: number of recordable accidents per 100 full-time equivalents Recordable accidents include fatalities, lost-time accidents, restricted duty accidents and medical attentions
Clear vision, clear progress.2015 Integrated Report
34
Drive Organizational Health
We are committed to building an aligned, engaged culture to meet our company objectives and help our
employees grow and develop. Driving employee engagement helps us create a healthy organization that
can respond quickly and effectively to external challenges. Engaged employees are motivated and look
for new and better ways to create value for our stakeholders.
We are committed to instilling best practice behaviors that drive greater employee engagement and
improved organizational health, and on continually measuring progress. In 2015, response rates to
organizational health surveys were high as employees shared candid and constructive feedback. High
participation rates and improved scores in the categories of “open and trusting” and “engaged leadership
practices” indicate we are building a solid foundation of trust, and trust is essential to transforming our
organization. The executive team continues processing the results and working together with the organizational
health and diversity team to identify additional actions needed to continue improving our organizational
Workplace
Employee Resource Groups in Action
• Veterans comprise 14 percent of Entergy’s workforce, bringing extensive training and unique
experiences that embody the types of leadership behaviors and attitudes that are key to Entergy’s
success. Members of the Veterans ERG are doing their part to cultivate these diverse sources of
talent by participating in veteran recruiting events and other activities. In 2015, Veterans ERG members
participated in more than 11 recruiting events, reaching more than 1,500 potential veteran job-seekers.
• Entergy engineers, including Ethnically Diverse/Women ERG members, joined the social media
campaign #ilooklikeanengineer to represent their profession and company in fighting gender
stereotypes.
• Recognizing the value of Generational ERG members’ diverse perspectives, the team upgrading
our human resource and financial systems invited ERG members to participate as testers and to
provide insight on the user experience.
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Clear vision, clear progress.2015 Integrated Report
health. Our emphasis going forward is on improving the culture deeper in the organization by helping
middle managers develop leadership practices.
In 2015, we merged our organizational health efforts and diversity and inclusion programs under one
oversight group. Diversity and inclusion are key elements of the engaged culture we are building at
Entergy. We encourage employees to join one of Entergy’s three employee resource groups and help
bring about positive change in our organization. ERGs are employee-led groups that provide opportunities
to connect with others who share similar interests and backgrounds: generational, veterans and ethnically
diverse/women. Input from our ERGs helps inform decisions on recruiting, onboarding, retention, work/life
balance and leadership development.
We continually evaluate and enhance our approach to diversity in the context of an evolving business
environment. On June 30, 2015, Entergy CEO Leo Denault issued a statement on diversity to employees
following events in Ferguson, Missouri. Denault asked employees; “Help us make this a place where
we respect the differences in those around us and where we band together to be the kind of company
with which we are all proud to be associated.” The following day, all Entergy locations and worksites
participated simultaneously in a two-minute diversity moment of reflection to bring additional awareness
and focus to the importance of diversity. In addition, a 30-minute webcast on diversity featuring executive
leadership was broadcast following the regular employee webcast on second-quarter performance.
ECONOMIC/SOCIAL
Our employee surveys indicate that employees who
participate in corporate volunteer programs are more
engaged. During 2015, employees participated in more
than 260 company-sponsored group volunteer events
in communities served by Entergy. We also encourage
employee volunteerism through our Community Connectors
program, which lets Entergy employees earn grants for their
favorite nonprofit organization by volunteering 20 hours of
their time. In 2015, employees and retirees logged 95,000
hours of volunteer service valued at more than $2.1 million.
ENVIRONMENTAL
A survey of Entergy employees showed nearly 90 percent of employees drive to work alone in their
own vehicle. As part of Entergy’s commitment to clean communities, in 2015, Entergy employees
logged more than 15,000 greener trips through NuRide, the nation’s largest rewards program for
workers who practice green commutes. Green or alternative means of transportation include walking,
cycling, carpooling, vanpooling and public transportation. An estimated 100 tons of emissions were
prevented through employee engagement in this program.
ENVIRONMENTAL
Entergy reduces waste by repurposing unused or obsolete material such as scrap wire and metal that
is recycled, on-road and off-road vehicles and trailers sold through auctions, and miscellaneous stored
materials deemed obsolete such as pumps, valves, electronic parts, office equipment, and more
through investment recovery sales. In 2015, these sales totaled $11 million.
Workplace
Clear vision, clear progress.2015 Integrated Report
36
Recruit, Retain and Develop Our Workforce
Our business is only as good as our people, and at Entergy, we
are fortunate to work with the best in the business. Our talent and
performance management practices are closely aligned with our
business strategy and are designed to recruit and retain a skilled
workforce and to train, develop and promote individuals to achieve
our business objectives. Talent and performance management
supports organizational health improvement by emphasizing key
leadership and employee practices. We have an integrated talent
management system that helps manage recruiting, onboarding,
performance management and succession planning. We use
performance and talent management processes to help employees
develop their capabilities, achieve career goals and contribute to the company’s goals and objectives. Our
employee development strategy includes training and a variety of other resources to support developmental
opportunities. We also engage with external partners to supplement employee development. In 2015, we
completed an effort to align and standardize several key talent management processes, including goal
setting, performance reviews, individual development plans, talent assessment and succession planning.
We continued to enhance our recruiting and development initiatives in 2015. For example, our transmission
group recruited new engineering, project management and construction employees to support its growing
number of infrastructure projects to enhance reliability and serve
new customers. Recruiting efforts included targeting college
recruiting at several universities and an Entergy Interview Day in
New Orleans. Additionally, major training efforts are underway
throughout the transmission group. A new transmission boot camp
that provides craft training graduated 42 employees in 2015, its
second year of operation. Graduates return to their home offices,
where they begin on-the-job training and the certification process.
Competitive total compensation programs are also important
to recruiting and retaining employees. In addition to salary and
benefits, our comprehensive Total Rewards package gives eligible
employees access to a defined contribution savings plan, with
company matching and numerous investment options. Retirement
Workplace
A new transmission boot camp that provides craft training graduated 42 employees in 2015, its second year of operation. Graduates return to their home offices, where they begin on-the-job training and the certification process.
37
Clear vision, clear progress.2015 Integrated Report
plans allow employees to plan for their future. Health and welfare benefits include medical, dental and
vision coverage options, as well as employee assistance, including work-life balance programs. Through
our annual incentive pay plan, we reinforce high levels of individual and company performance through
bonus programs for eligible employees, in addition to annual merit pay increases.
SOCIAL
Entergy is committed to making transformative investments in public education in communities that
we serve. We work with our partners toward specific targets and goals in each of our communities.
In New Orleans, we have invested more than $10 million in charitable contributions and partnering
with schools and nonprofits, educators and administrators to reduce the number of failing public
high schools to none in 2015 from 38 percent in 2011. Despite this achievement, there is much work to
do, but we continue to make progress. In Baton Rouge, we have embarked on a goal with our partners
to create 12,000 high-quality slots for underserved students. The result has been the creation of the
Baton Rouge, Achievement Zone. The first of four schools serving 2,000 was launched in 2014. In 2014,
Entergy pledged $1 million in local match funds necessary to attract $3 million in national foundation
funds to continue the work. Kindergartners who started at these schools were barely able to recognize
10 letters. More than half ended the school year reading at first-grade level.
WHITE – 81% OTHER – 1%ASIAN – 1%
BLACK OR AFRICAN AMERICAN – 15% HISPANIC OR LATINO – 2%
2015 Entergy WorkforceEthnicity
20% FEMALE 80% MALE
2015 Entergy WorkforceGender
U.S. Bureau of Labor Statistics 2015 average for U.S. utilities: Female 22% / Male 78%
BABY BOOMERS BORN 1943-1960 – 28% GENERATION X BORN 1961-1981 – 52%MILLENNIALS BORN 1982 AND AFTER – 20%
2015 Entergy WorkforceAge
13% FEMALE 87% MALE
2015 Entergy Management WorkforceGender
Based on EEQ-1 Code
Workplace
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Clear vision, clear progress.2015 Integrated Report
RECOGNITION
Entergy received the “Champions of Student Success” award from
City Year, a national educational organization, for our commitment
to helping students and schools succeed.
RECOGNITION
Entergy earned an 85 percent rating on the 2016 Corporate Equality
Index by the Human Rights Campaign Foundation, which ranked us
in the top 20 of energy and utility companies surveyed.
Workplace
2015 PhilanthropyInvested More than $15 Million
ARTS & CULTURE – 8% COMMUNITY IMPROVEMENT – 17%EDUCATION/LITERACY – 35%ENVIRONMENT – 9%POVERTY SOLUTIONS/SOCIAL SERVICES – 28%OTHER – 3%
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Clear vision, clear progress.2015 Integrated Report
OUR VALUES
Create and Sustain a Safe and Healthy Life Cultivate a Diverse and
Inclusive Work Culture Possess a Winning Spirit
Focus on Our Customers
Grow the Business Be Active
Team Players
Treat People with Respect Aggressively Look for
Better WaysTake Actions to Achieve Results
ABOVE ALL, ACT WITH INTEGRITY
Workplace
Clear vision, clear progress.2015 Integrated Report
40
Governance
Governance
We operate our business with transparency, accountability and integrity. Strong governance enables us to deliver on our commitments and create sustainable value for our stakeholders.
2015 Material Issues and Strategic Imperatives
On an ongoing basis, we analyze material economic, environmental and social issues that impact our
ability to create value for our stakeholders. We use stakeholder input to help identify the most material
issues and guide our strategic imperatives. We engage in a variety of informal and formal communications
with our key stakeholders and other important groups, including owners, lenders and other members
of the financial community, regulators, suppliers, nongovernmental and nonprofit organizations and
professionals in industry, government, labor and education. In 2015, we engaged a third party to assess
our materiality process against five peer companies. Several strengths were identified, including the
detailed description provided for each identified material issue and the clearly articulated link between
material issues, Entergy’s strategic imperatives and the company’s enterprise risk management processes.
Additionally, the assessment noted discussion topics that should be included in the company’s material
issues. Examples of topics added are cybersecurity and climate resiliency.
Material economic issues are identified by monitoring developments in energy demand; energy supply,
including generation technologies and fuels; as well as industry and general business regulation; and
economic conditions. Local, state, regional, national and global economic conditions all impact our
business, and we monitor these conditions. Our material economic issues for 2015 follow:
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Clear vision, clear progress.2015 Integrated Report
ISSUE WHY IT MATTERS
Financial performance Generating strong, competitive financial returns for our owners affords
us ongoing access to capital needed to invest in our business and provide
low-cost, reliable power for our customers, compensate employees and
invest in our communities.
Economic development Promoting economic development generates energy demand growth
and helps us strengthen our communities; maintain rate stability; fund
investments to modernize our operations, increase efficiency, enhance
reliability and serve new demand; and earn authorized returns.
Energy affordability Maintaining favorable power prices supports growing energy needs and
attracts new economic development to our service areas. Low rates are
particularly important in the states served by Entergy utilities where many
customers live in poverty.
Energy reliability Meeting customers’ expectations for service to be available on demand
requires robust supply solutions, up-to-date technologies and the ability
to invest for the future.
Energy efficiency Complying with local and state regulators’ requirements for Entergy to offer
energy efficiency programs helps customers manage their bills and supports
environmental goals. Select amounts of cost-effective energy efficiency can
free up capital for other productive investment while keeping rates low. Our
financial performance depends on the number of energy efficiency programs
and on our ability to respond to the impact on load growth or obtain cost
recovery mechanisms.
Fuel diversity Balancing fuel diversity and other resource attributes supports price stability,
energy affordability and reliability. Nuclear energy plays an important role in
fuel diversity.
Customer satisfaction Meeting customers’ expectations for affordability, reliability and other
needs, such as outage communications and storm restoration, is a key
component of our mission and may affect approved rates of return and
other regulations.
Security Maintaining continuous business operations depends on our ability to
maintain the safety and security of all Entergy assets and operations.
Cybersecurity Protecting data is critical to our stakeholders but goes beyond data privacy
concerns of most enterprises. Entergy’s complex, interconnected network
of generation, transmission, distribution, control and communication
technologies is part of a national critical infrastructure, demanding even
greater vigilance against cyberattacks.
Regulatory policies Complying with existing regulations, encouraging development of
constructive new regulations and advocating for wholesale market
reform impact numerous operational and investment decisions,
continued operation of nuclear plants and our financial results.
Commodity price risk Delivering on financial performance objectives is impacted by our ability
to accurately identify and quantify underlying commodity price risk in our
business and mitigate it through effective hedging programs and strategies.
Governance
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Clear vision, clear progress.2015 Integrated Report
Material environmental issues are identified by monitoring developments in environmental legislation,
regulation, case law, agency guidance, industry trends, best management practices and other actions. In
addition, peer groups for air, water, waste and biodiversity facilitate the identification and transfer of
information on material issues. Our material environmental issues for 2015 were:
ISSUE WHY IT MATTERS
Climate resiliency Identifying and mitigating climate change financial and physical risks
guides operational and investment decision-making and helps to ensure
more resilient customers and communities. These risks include increased
operational costs due to carbon regulation, increased weather-driven
volatility of business results and adaptation impacts to our facilities and
to our customers.
Air emissions Complying with increased federal and state regulation of various air
pollutants continues to be a driver of business decisions regarding
generation dispatch and design and the location, retirement, purchase,
operation and construction of electric generating units.
Water quality
and quantity
Complying with increased federal and state regulation of water pollutant
discharges, cooling water intake structures for electric generating units
and other water regulations, including the Waters of the United States
rule, continues to be a driver of business decisions regarding generation
dispatch, the design, location, purchase and construction of electric
generating units, transmission and distribution projects and regional
economic development. Identifying future water supply constraints also
impacts these decisions.
Material social issues are identified by monitoring trends and developments such as those among our
employees, owners, regulators, communities and markets, as well as from our own activities in operations,
financial, legal, compliance and supply chain. Our material social issues for 2015 were:
ISSUE WHY IT MATTERS
Safety and health Ensuring strong operational safety and top-tier workforce safety practices
are fundamental drivers of our business performance.
Human resource
management
Relying on an aligned, engaged and capable employee culture is
fundamental to meeting our company objectives. Diverse cultural
backgrounds and perspectives of employees and supply chain
partners provide us with a strategic advantage.
Local communities Sustaining business growth depends on healthy and vibrant communities.
Entergy support of local communities through employment, tax base and
community outreach is reciprocated by community support for ongoing
Entergy operations. Community engagement in areas such as emergency
planning is especially important where we have nuclear generating facilities.
Governance
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Clear vision, clear progress.2015 Integrated Report
Material economic, environmental and social issues are integrated into Entergy’s enterprise risk
management processes. Our ERM processes identify, capture and mitigate risks that have the potential
to impact Entergy’s ability to meet our objectives. More information on ERM is available in the Risk
Management section of this report.
Each year we set clear areas of focus to align and empower our employees and inform other stakeholders.
We use our analyses of material issues to define a limited number of strategic imperatives that we must
accomplish, in addition to the fundamental daily operation of the business, in order to be successful over
the long term. Our strategic imperatives are:
Governance
Aggressively Grow the Utility Business
• Control customer bills
• Make productive investments
• Earn reasonable returns
Manage EWC Transition
• Improve merchant fleet operations
• Manage risk
• Transition to smaller footprint
• Extend Indian Point Energy
Center operation
• Decommission nuclear plants
Transform the Organization
• Improve our culture by leveraging
organizational health and diversity
• Streamline and standardize work
processes, reduce costs and improve
efficiency and effectiveness
• Enable our workforce through
enhanced talent and performance
management
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Clear vision, clear progress.2015 Integrated Report
Opportunities and Risks
We manage opportunities and risks inherent in our material issues through our strategies, management
policies, procedures and processes and stakeholder engagement.
OPPORTUNITIES AND RISKS
ENTERGY’S MANAGEMENT APPROACH
Ensure nuclear
operations meet highest
standards for safe,
secure operations
Understand event causes leading the NRC to move Arkansas Nuclear One
and Pilgrim Nuclear Power Station to Column 4 of the Reactor Oversight
Process Action Matrix as well as other nuclear performance shortfalls.
Ensure proper implementation of corrective actions to ensure recovery to
Column 1 in regulatory oversight.
Increase utility sales
and revenue
Aggressively pursue economic development and customer sales growth
opportunities at all levels of the organization, which will ultimately help
to mitigate bill effects by spreading fixed costs over a larger customer base.
Helping lift customers out of poverty also supports economic growth in
our region while minimizing utility write-offs.
Develop supply solutions
to meet utility demand
Meet growing load needs with safe, reliable, efficient generation and
transmission, and maximize value of existing assets through operational
excellence. Explore emerging technologies.
Invest and modernize
our utility assets
Streamline processes and deliver long-term savings and customer
satisfaction. Explore new technologies to modernize and digitize the
business and further harden infrastructure.
Integrate external
outreach
Engage with regulators and stakeholders to obtain input on key issues
and secure effective regulatory constructs.
Manage the physical
risks associated with
climate change and
environmental regulation
Implement a comprehensive environmental strategy that includes partnering
with communities and customers to implement adaptation measures and
meeting our voluntary cumulative CO2 stabilization commitment, while
engaging in the regulatory process on applicable environmental issues.
When extreme weather threatens our infrastructure, be prepared with
industry-leading emergency response capabilities.
Manage EWC
fleet operations
Continuously improve operations to achieve industry-leading results
in operations, reliability and safety.
Ensure continued
Indian Point operation
Aggressively pursue Indian Point’s continued operation through all
appropriate regulatory, legal and governmental processes to preserve this
critical asset’s underlying value.
Decommission
nuclear plants
Maintain safety as a top priority while following established NRC-approved
methods for decommissioning nuclear plants. Support employees and
communities through the transition to decommissioning from operating state.
Manage price and
other EWC risks
Implement a dynamic hedging strategy based on informed views on
wholesale power prices. Engage with key stakeholders to achieve desired
regulatory outcomes.
Governance
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Clear vision, clear progress.2015 Integrated Report
OPPORTUNITIES AND RISKS
ENTERGY’S MANAGEMENT APPROACH
Advocate for wholesale
market improvements
Utilize a principle-based approach to identify flaws or uncompetitive
structures and practices in the wholesale markets in which we operate
and champion constructive changes.
Ensure a safe work
environment
Continuously improve our processes and systems to support employee
and contractor safety.
Operate effectively
as an organization
Make long-term, fundamental improvements in the way we work to ensure
efficient, cost-effective and sustainable practices, including end-to-end
business processes that are aligned with strategic goals and customer needs.
Drive organizational
health
Sustain a work culture that is aligned, adaptable, engaged and able to
get the right things done.
Recruit, retain and
develop a skilled,
engaged workforce
Ensure our approach for training, developing and promoting employees is
aligned to meet current and future business needs; develop human resource
programs to recruit and retain a workforce that has the knowledge, skills
and abilities to achieve our strategic imperatives.
Create a skilled
workforce pipeline
Invest in education and workforce development, including working
with community partners to support regional workforce readiness.
Governance
46
Clear vision, clear progress.2015 Integrated Report
Financial Performance Management
Generating strong financial returns allows us to provide safe and
reliable power to customers over the long term, compensate
employees, invest in our communities and satisfy our owners.
Our overarching financial goal is to deliver top-quartile returns
to our owners, which enables us to attract the capital we need to
serve customers and grow our business. We also strive to maintain
investment-grade ratings at our utilities and Entergy Corporation.
A strong financial and credit position gives us the financial flexibility
to respond to changing market conditions in ways that create
sustainable value for our stakeholders. In addition to investing in
our business, we also put a high priority on providing a dividend
payout comparable to that of our industry peers while maintaining strong credit metrics. Our board sets
our dividend-payout guideline and regularly reviews the guideline and payout. In 2015, our board raised
the dividend 2.4 percent for the first time since 2010 and indicated the objective to maintain a steady,
predictable trajectory in the dividend payout going forward.
Our finance organization, led by our chief financial officer and governed by the finance committee of the
board of directors, oversees our financial performance using prudent policies, strategies, procedures and
investment processes. We proactively manage our tax strategy to ensure we are in compliance with all
laws and regulations.
Governance
47
Clear vision, clear progress.2015 Integrated Report
Risk Management
We use an integrated risk management framework that extends from board oversight to risk identification and
assessment at the business unit level. The framework ensures risks are consistently identified, thoroughly
assessed and effectively managed throughout our business. The audit committee of the board of directors
has primary responsibility for risk management at Entergy at the board level. Our management team provides
regular reports to the committee on compliance, significant legal matters, insurance programs, environmental
risks, and credit and market risks. Within our utility and EWC businesses, we analyze and monitor a full range
of economic, environmental and social risks using our enterprise risk management process.
We use business continuity planning to establish actions that would
ensure continuity and eventual full restoration following a business
disruption. Continuous operation of our business depends on our
ability to maintain the safety and security of all Entergy assets,
employees and operations. We continue to take steps to harden
assets against security threats and engage with local, state and
federal law enforcement agencies on initiatives to share threat
information. We have a cyber incident response plan in place to
help mitigate threats that place sensitive business and customer
information at risk. To mitigate the physical risks associated with
extreme weather events, we have a storm hardening process in
place to prioritize investments. We also use proven emergency
preparedness and response and stakeholder outreach processes.
Our enterprise risk process for major initiatives provides a disciplined approach to the identification,
monitoring and mitigation of top-tier risks to achieving our strategic imperatives, as well as the
aggregation of these risks at an enterprise level.
ENVIRONMENTAL
We account for risks related to greenhouse gas emissions in our business
planning process, using our expectations on future carbon prices and
compliance costs for other potential environmental requirements to
test business planning decisions. Since 2001, Entergy has operated
under voluntary commitments to stabilize our CO2 emissions as part of
our efforts to reduce our environmental footprint, manage the physical
risks of climate change and gain valuable experience in carbon
accounting in anticipation of federal regulation of carbon emissions. Our
current commitment is to maintain CO2 emissions from Entergy-owned
power plants and controllable power purchases through 2020 at
20 percent below year 2000 levels. Our greenhouse gas inventory
is verified by a third party. Through 2015, our cumulative emissions
are more than 9 percent below our 2001–2015 target.
ENVIRONMENTAL/RECOGNITION
Entergy was named to the 2015 Climate “A” List of S&P 500 leaders in climate performance –
the only U.S. utility on the CDP list.
Governance
629.9 691.6
1,094.5
904.4
1,647.6
Cumulative CO2 Emissionsfrom Entergy-Owned Plantsand Controllable Purchases
Million Tons
CUMULATIVE EMISSIONS 2001-2015 CUMULATIVE GOAL 2001-2015“BUSINESS AS USUAL” CASE 2001-2015CUMULATIVE GOAL 2001-2020“BUSINESS AS USUAL” CASE 2001-2020
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Clear vision, clear progress.2015 Integrated Report
Ethics and Compliance
Our ethics and compliance culture is based on our core value
of Above All, Act with Integrity. This is more than a culture of
compliance, following laws and regulations relevant to our
operations. It includes a culture of integrity, where our employees
are trusted to take the right actions even when there are no rules.
Our ethics and compliance program includes a Code of Entegrity
with guidelines for business ethics and compliance. We also have
codes of business conduct for non-employees and suppliers. We
identify applicable laws and risks of non-compliance. We then
mitigate those risks through preventive and detective measures
and corrective action.
Our practices include addressing compliance issues as they arise. The Entergy Ethics line (toll-free
telephone line or via internet) is available for all employees. It is managed by a third party and permits
anonymous reporting of any ethics violations or concerns.
ENVIRONMENTAL
Environmental compliance is a basic tenet of our comprehensive environmental strategy and our
environmental management system. Our EMS connects overall company objectives to all operating
sites through a common policy and strategy, identification of compliance requirements, a risk
assessment, clear objectives, programs and procedures, training and an annual senior management
review. We validate our EMS and our environmental performance through annual third-party audits
and provide transparency to our stakeholders through extensive environmental performance reporting.
Governance
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Clear vision, clear progress.2015 Integrated Report
Supply Chain Management
We purchase approximately $3.4 billion annually in materials and services. A robust, sustainable supply
chain is essential to our ability to serve our customers. We manage our supply chain using a defined
supplier code of conduct, initiatives to build a more sustainable supply chain and a program for encouraging
and facilitating greater supplier diversity and programs.
All suppliers are expected to conduct business in a manner
consistent with our supplier code of conduct. We have incentive and
non-incentive scorecards that target multiple performance indicators
for the company and our key suppliers, including sustainability-
related measures. Although specific scorecard measures differ
based on the services and products provided, standard metrics
used to align contractor performance with company objectives
include safety, budget, radiation protection, schedule, reliability
and human performance. Entergy is very active in the Electric
Utility Industry Sustainable Supply Chain Alliance, serving on
the executive committee and key subcommittees. EUISSCA is
known as the leader in establishing a robust and sustainable
electric utility industry supply chain.
Our Entergy supplier diversity and development initiative is designed to secure a diverse base of suppliers
capable of meeting the company’s various procurement needs. In 2014 and 2015, our supplier diversity and
development team hosted a series of diverse supplier forums in Arkansas, Louisiana, Mississippi and Texas
to communicate what Entergy looks for in suppliers and to reaffirm our commitment to local suppliers.
Since its inception in 1987, Entergy’s supplier diversity initiative has accounted for more than $3.5 billion
in contracts and purchase orders awarded to diverse suppliers.
ECONOMIC
We are partnering with a variety of diverse suppliers on several large transmission projects. Our
diverse suppliers often agree to mentor and coach other diverse suppliers through subcontracting,
which helps establish and solidify a pipeline of talented contractors to support our aggressive utility
capital investment plan.
RECOGNITION
Entergy was named one of the top corporations for women-owned businesses by the Women’s
Business Enterprise National Council. The award honors organizations with supplier diversity
programs that create level playing fields for women’s business enterprises.
Governance
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Clear vision, clear progress.2015 Integrated Report
Advocacy and Political Accountability
We are involved in a number of legislative and regulatory initiatives across a broad spectrum of policy
areas that can immediately and dramatically affect our operations. We take positions on key economic,
environmental, regulatory and social policy issues affecting our business, such as wholesale market
structures, potential environmental regulations and poverty. We also participate in legislative and
regulatory processes through trade organizations.
We encourage employee participation in the political process through the Entergy Corporation Political
Action Committee. ENPAC contributions directly support state and federal political candidates. Entergy
procedures ensure corporate political contributions are made in compliance with all applicable laws and
reported in a timely manner. More than a third of Entergy’s employees are members of EnPower, Entergy’s
grassroots advocacy effort. The organization educates members on issues of importance to the company
and encourages members to get personally involved, including reaching out to public officials.
ENVIRONMENTAL
In 2015, Entergy joined with 27 states – including those in our utility service territory – and many
other companies, trade organizations and unions in filing a legal challenge to EPA’s Clean Power Plan.
We believe this rule reaches beyond EPA’s statutory authority, and that therefore joining this challenge
is the best way to represent the interests of our owners, customers, employees and communities. At
the same time, we are working with states and other stakeholders to develop efficient methods to
comply with the rule, if it survives litigation. Entergy has one of the cleanest generation portfolios in
the country, producing fewer CO2 emissions than 79 of the other top 100 power producers while
ranking number seven for total generation.
SOCIAL
The Earned Income Tax Credit is one of the most effective tools in the fight against poverty, lifting
some 6 million Americans above the poverty level each year. Entergy partners annually with the IRS,
United Way and community organizations to help low-income customers file for and receive their EITC.
In 2015, our goal was to help customers file for and receive $35 million in EITC refunds. We helped
more than 18,000 customers receive $35,113,238 in EITC refunds.
GOVERNANCE/RECOGNITION
Entergy was recognized as a top scorer among companies new to the 2015 CPA-Zicklin Index of
Corporate Political Disclosure and Accountability and placed in the top tier of all companies in
the index. The index provides a comprehensive portrait of how S&P 500 companies are navigating
political spending through disclosure and board oversight.
Governance
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Clear vision, clear progress.2015 Integrated Report
Financial Highlights
Financial Highlights
Summary of 2015 Financial Performance
In 2015, we delivered earnings and dividend growth. Our operational earnings
were $6.00 per share, compared with $5.83 per share in 2014 — an increase of
nearly 3 percent. Our utility business delivered strong results in 2015, driven
primarily by productive investments, favorable weather and tax benefits. However,
our EWC business was challenged by persistent low wholesale power prices,
particularly in the Northeast. More information on the strategy and operational
performance of our businesses can be found in the Utility, EWC and Workplace
sections of this report. In 2015, our board of directors approved a 2.4 percent
increase in our dividend, the first increase in more than five years. Our objective
is a steady, predictable trajectory in our dividend payout going forward.
While we made significant progress in 2015, it did not translate into top-quartile
returns for our shareholders. Our 2015 total shareholder return was -18.2 percent,
which ranked in the fourth quartile of our peer group. Positive reaction to
successes and other actions toward the end of 2015 validates the momentum we
see moving into 2016. Positive credit rating actions in 2015 also acknowledge the
strong financial footing of the company. Moody’s assigned the combined Entergy Louisiana a rating of
A2 for its senior secured first mortgage bonds and upgraded its ratings for Entergy New Orleans. At the
same time, Moody’s affirmed its rating for Entergy Corporation and raised the outlook to positive. We are
committed to generating strong financial returns for our owners, as it affords us ongoing access to capital
needed to provide reliable power at reasonable costs for our customers, to compensate our employees
and to invest in our communities.
-18.2%
-6.3%
1.4%
2015 Total Shareholder Return
Source: Bloomberg
ETR PHILADELPHIA UTILITY INDEXS&P 500 INDEX
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Clear vision, clear progress.2015 Integrated Report
Financial Highlights
ENTITY STANDARD & POOR’S MOODY’S
RATING OUTLOOK RATING OUTLOOK
Entergy Arkansas 1 A- Positive A2 Stable
Entergy Louisiana 1 A- Positive A2 Stable
Entergy Mississippi 1 A- Positive A3 Stable
Entergy New Orleans 1 A- Positive Baa2 Stable
Entergy Texas 1 A- Positive Baa1 Stable
System Energy Resources 1 A- Positive Baa1 Stable
Entergy Corporation 2 BBB Positive Baa3 Positive
1 Senior secured ratings2 Corporate credit rating
Comparison of Five-Year Cumulative Return
The following graph compares the performance of the common stock of Entergy
Corporation with the Philadelphia Utility Index and the S&P 500 Index (each of
which includes Entergy Corporation) for the last five years ended December 31.
2013 20152014201220112010$ 50
$100
$150
$200
ENTERGY CORPORATIONPHILADELPHIA UTILITY INDEXS&P 500 INDEX
2010 2011 2012 2013 2014 2015
ENTERGY CORPORATION $100.00 $108.29 $ 99.23 $103.54 $149.88 $122.66PHILADELPHIA UTILITY INDEX $100.00 $119.24 $118.57 $131.59 $169.66 $159.05S&P 500 INDEX $100.00 $102.11 $118.44 $156.78 $178.22 $180.67
Assumes $100 invested at the closing price on Dec. 31, 2010, in Entergy Corporation common stock, the Philadelphia Utility Index and the S&P 500 Index, and reinvestment of all dividends.
Source: Bloomberg
Credit Ratings as of March 18, 2016
53
Clear vision, clear progress.2015 Integrated Report
Financial Highlights
2015 2014 2013 2012 2011
Selected Financial Data:In Thousands, Except Percentages and Per Share Amounts
Operating revenues $ 11,513,251 $ 12,494,921 $ 11,390,947 $ 10,302,079 $ 11,229,073 Net income (loss) $ (156,734) $ 960,257 $ 730,572 $ 868,363 $ 1,367,372 Earnings (loss) per share: Basic $ (0.99) $ 5.24 $ 3.99 $ 4.77 $ 7.59 Diluted $ (0.99) $ 5.22 $ 3.99 $ 4.76 $ 7.55 Dividends declared per share $ 3.34 $ 3.32 $ 3.32 $ 3.32 $ 3.32 Return on common equity (1.83)% 9.58% 7.56% 9.33% 15.43%Book value per share, year-end $ 51.89 $ 55.83 $ 54.00 $ 51.72 $ 50.81 Total assets $ 44,647,681 $ 46,414,455 $ 43,290,290 $ 43,087,339 $ 40,597,676 Long-term obligations (a) $ 13,456,742 $ 12,627,180 $ 12,265,971 $ 12,026,207 $ 10,164,622
Utility Electric Operating Revenues: In Millions
Residential $ 3,518 $ 3,555 $ 3,396 $ 3,022 $ 3,369 Commercial 2,516 2,553 2,415 2,174 2,333 Industrial 2,462 2,623 2,405 2,034 2,307 Governmental 223 227 218 198 205
Total retail 8,719 8,958 8,434 7,428 8,214 Sales for resale 249 330 210 179 216 Other 341 304 298 264 244
Total $ 9,309 $ 9,592 $ 8,942 $ 7,871 $ 8,674
Utility Billed Electric Energy Sales: In GWh
Residential 36,068 35,932 35,169 34,664 36,684 Commercial 29,348 28,827 28,547 28,724 28,720 Industrial 44,382 43,723 41,653 41,181 40,810 Governmental 2,514 2,428 2,412 2,435 2,474
Total retail 112,312 110,910 107,781 107,004 108,688 Sales for resale 9,274 9,462 3,020 3,200 4,111
Total 121,586 120,372 110,801 110,204 112,799
Entergy Wholesale Commodities: Operating Revenues (In Millions) $ 2,062 $ 2,719 $ 2,313 $ 2,326 $ 2,414
Billed Electric Energy Sales (GWh) 39,745 44,424 45,127 46,178 43,497
(a) Includes long-term debt (excluding currently maturing debt), non-current capital lease obligations and subsidiary preferred stock without sinking fund that is not presented as equity on the balance sheet.
Five-Year Summary of Selected Financial and Operating Data
54
Clear vision, clear progress.2015 Integrated Report
For the Years Ended December 31,
In Thousands, Except Share Data 2015 2014 2013
Operating Revenues
Electric $ 9,308,678 $ 9,591,902 $ 8,942,360 Natural gas 142,746 181,794 154,353 Competitive businesses 2,061,827 2,721,225 2,294,234
Total 11,513,251 12,494,921 11,390,947
Operating Expenses
Operating and Maintenance: Fuel, fuel-related expenses, and gas purchased for resale 2,452,171 2,632,558 2,445,818 Purchased power 1,390,805 1,915,414 1,554,332 Nuclear refueling outage expenses 251,316 267,679 256,801 Other operation and maintenance 3,354,981 3,310,536 3,331,934 Asset write-offs, impairments, and related charges 2,104,906 179,752 341,537 Decommissioning 280,272 272,621 242,104 Taxes other than income taxes 619,422 604,606 600,350 Depreciation and amortization 1,337,276 1,318,638 1,261,044 Other regulatory charges (credits) – net 175,304 (13,772) 45,597
Total 11,966,453 10,488,032 10,079,517
Gain on sale of asset / business 154,037 – 43,569
Operating Income (Loss) (299,165) 2,006,889 1,354,999
Other Income
Allowance for equity funds used during construction 51,908 64,802 66,053 Interest and investment income 187,062 147,686 199,300 Miscellaneous – net (95,997) (42,016) (59,762)
Total 142,973 170,472 205,591
Interest Expense
Interest expense 670,096 661,083 629,537 Allowance for borrowed funds used during construction (26,627) (33,576) (25,500)
Total 643,469 627,507 604,037
Income (Loss) Before Income Taxes (799,661) 1,549,854 956,553 Income taxes (642,927) 589,597 225,981
Consolidated Net Income (Loss) (156,734) 960,257 730,572 Preferred dividend requirements of subsidiaries 19,828 19,536 18,670
Net Income (Loss) Attributable to Entergy Corporation $ (176,562) $ 940,721 $ 711,902
Earnings (loss) per average common share: Basic $ (0.99) $ 5.24 $ 3.99 Diluted $ (0.99) $ 5.22 $ 3.99 Basic average number of common shares outstanding 179,176,356 179,506,151 178,211,192Diluted average number of common shares outstanding 179,176,356 180,296,885 178,570,400
Consolidated Statements of Operations (unaudited)
Financial Highlights
55
Clear vision, clear progress.2015 Integrated Report
For the Years Ended December 31,
In Thousands 2015 2014 2013
Net Income (Loss) $ (156,734) $ 960,257 $ 730,572 Other Comprehensive Income (Loss) Cash flow hedges net unrealized gain (loss) (net of tax expense (benefit)
of $3,752, $96,141, and ($87,940)) 7,852 179,895 (161,682) Pension and other postretirement liabilities (net of tax expense (benefit)
of $61,576, ($152,763), and $220,899) 103,185 (281,566) 302,489 Net unrealized investment gains (losses) (net of tax expense (benefit)
of ($45,904), $66,594, and $118,878) (59,138) 89,439 122,709 Foreign currency translation (net of tax expense (benefit) of ($345), ($404), and ($131)) (641) (751) 243
Other comprehensive income (loss) 51,258 (12,983) 263,759
Comprehensive Income (Loss) (105,476) 947,274 994,331 Preferred dividend requirements of subsidiaries 19,828 19,536 18,670
Comprehensive Income (Loss) Attributable to Entergy Corporation $ (125,304) $ 927,738 $ 975,661
Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Financial Highlights
56
Clear vision, clear progress.2015 Integrated Report
For the Years Ended December 31,
In Thousands 2015 2014 2013
Operating Activities
Consolidated net income (loss) $ (156,734) $ 960,257 $ 730,572 Adjustments to reconcile consolidated net income (loss) to net cash flow provided by operating activities: Depreciation, amortization, and decommissioning, including nuclear fuel amortization 2,117,236 2,127,892 2,012,076 Deferred income taxes, investment tax credits, and non-current taxes accrued (820,350) 596,935 311,789 Asset write-offs, impairments and related charges 2,104,906 123,527 341,537 Gain on sale of asset / business (154,037) – (43,569) Changes in working capital: Receivables 38,152 98,493 (180,648) Fuel inventory (12,376) 3,524 4,873 Accounts payable (135,211) (12,996) 94,436 Prepaid taxes and taxes accrued 81,969 (62,985) (142,626) Interest accrued (11,445) 25,013 (3,667) Deferred fuel costs 298,725 (70,691) (4,824) Other working capital accounts (113,701) 112,390 (66,330) Changes in provisions for estimated losses 42,566 301,871 (248,205) Changes in other regulatory assets 262,317 (1,061,537) 1,105,622 Changes in other regulatory liabilities 61,241 87,654 397,341 Changes in pensions and other postretirement liabilities (446,418) 1,308,166 (1,433,663) Other 134,344 (647,952) 314,505
Net cash flow provided by operating activities 3,291,184 3,889,561 3,189,219
Investing Activities
Construction/capital expenditures (2,500,860) (2,119,191) (2,287,593)Allowance for equity funds used during construction 53,635 68,375 69,689 Nuclear fuel purchases (493,604) (537,548) (517,825)Payment for purchase of plant – – (17,300)Proceeds from sale of assets and businesses 487,406 10,100 147,922 Insurance proceeds received for property damages 24,399 40,670 –Changes in securitization account (5,806) 1,511 155 NYPA value sharing payment (70,790) (72,000) (71,736)Payments to storm reserve escrow account (69,163) (276,057) (7,716)Receipts from storm reserve escrow account 5,916 – 260,279 Decrease (increase) in other investments 571 46,983 (82,955)Litigation proceeds for reimbursement of spent nuclear fuel storage costs 18,296 – 21,034 Proceeds from nuclear decommissioning trust fund sales 2,492,176 1,872,115 2,031,552 Investment in nuclear decommissioning trust funds (2,550,958) (1,989,446) (2,147,099)
Net cash flow used in investing activities (2,608,782) (2,954,488) (2,601,593)
Consolidated Statements of Cash Flows (unaudited)
Financial Highlights
57
Clear vision, clear progress.2015 Integrated Report
Consolidated Statements of Cash Flows (unaudited) (continued)
For the Years Ended December 31,
In Thousands 2015 2014 2013
Financing Activities
Proceeds from the issuance of: Long-term debt $ 3,502,189 $ 3,100,069 $ 3,746,016 Preferred stock of subsidiary 107,426 – 24,249 Treasury stock 24,366 194,866 24,527 Retirement of long-term debt (3,461,518) (2,323,313) (3,814,666)Repurchase of common stock (99,807) (183,271) –Repurchase/redemptions of preferred stock (94,285) – –Changes in credit borrowings and commercial paper – net (104,047) (448,475) 250,889 Other (9,136) 23,579 –Dividends paid: Common stock (598,897) (596,117) (593,037) Preferred stock (19,758) (19,511) (18,802)Net cash flow used in financing activities (753,467) (252,173) (380,824)Effect of exchange rates on cash and cash equivalents – – (245)
Net increase (decrease) in cash and cash equivalents (71,065) 682,900 206,557 Cash and cash equivalents at beginning of period 1,422,026 739,126 532,569
Cash and cash equivalents at end of period $ 1,350,961 $ 1,422,026 $ 739,126
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for: Interest – net of amount capitalized $ 663,630 $ 611,376 $ 570,212 Income taxes $ 103,589 $ 77,799 $ 127,735
Financial Highlights
58
Clear vision, clear progress.2015 Integrated Report
December 31,
In Thousands 2015 2014
Current Assets Cash and cash equivalents: Cash $ 63,497 $ 131,327 Temporary cash investments 1,287,464 1,290,699
Total cash and cash equivalents 1,350,961 1,422,026
Accounts receivable: Customer 608,491 596,917 Allowance for doubtful accounts (39,895) (35,663) Other 178,364 220,342 Accrued unbilled revenues 321,940 321,659
Total accounts receivable 1,068,900 1,103,255
Deferred fuel costs – 155,140 Accumulated deferred income taxes – 27,783 Fuel inventory – at average cost 217,810 205,434 Materials and supplies – at average cost 873,357 918,584 Deferred nuclear refueling outage costs 211,512 214,188 Prepayments and other 344,872 343,223
Total 4,067,412 4,389,633
Other Property and Investments Investment in affiliates – at equity 4,341 36,234 Decommissioning trust funds 5,349,953 5,370,932 Non-utility property – at cost (less accumulated depreciation) 219,999 213,791 Other 468,704 405,169
Total 6,042,997 6,026,126
Property, Plant, and Equipment Electric 44,467,159 44,881,419 Property under capital lease 952,465 945,784 Natural gas 392,032 377,565 Construction work in progress 1,456,735 1,425,981 Nuclear fuel 1,345,422 1,542,055
Total Property, Plant, and Equipment 48,613,813 49,172,804 Less – accumulated depreciation and amortization 20,789,452 20,449,858
Property, Plant, and Equipment – Net 27,824,361 28,722,946
Deferred Debits and Other Assets Regulatory assets: Regulatory asset for income taxes – net 775,528 836,064 Other regulatory assets (includes securitization property of $714,044 as of December 31, 2015,
and $724,839 as of December 31, 2014) 4,704,796 4,968,553 Deferred fuel costs 238,902 238,102 Goodwill 377,172 377,172 Accumulated deferred income taxes 54,903 48,351 Other 561,610 807,508
Total 6,712,911 7,275,750
Total Assets $ 44,647,681 $ 46,414,455
Consolidated Balance Sheets – Assets (unaudited)
Financial Highlights
59
Clear vision, clear progress.2015 Integrated Report
Consolidated Balance Sheets – Liabilities and Equity (unaudited)
December 31,
In Thousands 2015 2014
Current Liabilities
Currently maturing long-term debt $ 214,374 $ 899,375 Notes payable and commercial paper 494,348 598,407 Accounts payable 1,071,798 1,166,431 Customer deposits 419,407 412,166 Taxes accrued 210,077 128,108 Accumulated deferred income taxes – 38,039 Interest accrued 194,565 206,010 Deferred fuel costs 235,986 91,602 Obligations under capital leases 2,709 2,508 Pension and other postretirement liabilities 62,513 57,994 Other 184,181 248,251
Total 3,089,958 3,848,891
Non-Current Liabilities
Accumulated deferred income taxes and taxes accrued 8,306,865 9,133,161 Accumulated deferred investment tax credits 234,300 247,521 Obligations under capital leases 27,001 29,710 Other regulatory liabilities 1,414,898 1,383,609 Decommissioning and asset retirement cost liabilities 4,790,187 4,458,296 Accumulated provisions 460,727 418,128 Pension and other postretirement liabilities 3,187,357 3,638,295 Long-term debt (includes securitization bonds of $774,696 as of December 31, 2015,
and $776,817 as of December 31, 2014) 13,111,556 12,386,710 Other 449,856 557,649
Total 31,982,747 32,253,079
Commitments and Contingencies
Subsidiaries’ preferred stock without sinking fund 318,185 210,760
Equity
Common Shareholders’ Equity: Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2015 and in 2014 2,548 2,548 Paid-in capital 5,403,758 5,375,353 Retained earnings 9,393,913 10,169,657 Accumulated other comprehensive income (loss) 8,951 (42,307)Less – treasury stock, at cost (76,363,763 shares in 2015 and 75,512,079 shares in 2014) 5,552,379 5,497,526
Total common shareholders’ equity 9,256,791 10,007,725
Subsidiaries’ preferred stock without sinking fund – 94,000
Total 9,256,791 10,101,725
Total Liabilities and Equity $ 44,647,681 $ 46,414,455
Financial Highlights
60
Clear vision, clear progress.2015 Integrated Report
Common Shareholders’ Equity
Accumulated Subsidiaries’ OtherFor the Years Ended Preferred Common Treasury Paid-in Retained ComprehensiveDecember 31, 2015, 2014, and 2013 Stock Stock Stock Capital Earnings Income (Loss) Total
In thousands
Balance at December 31, 2012 $ 94,000 $ 2,548 $ (5,574,819) $ 5,357,852 $ 9,704,591 $ (293,083) $ 9,291,089
Consolidated net income (a) 18,670 – – – 711,902 – 730,572 Other comprehensive income – – – – – 263,759 263,759 Common stock issuances related
to stock plans – – $40,877 10,279 – – 51,156 Common stock dividends declared – – – – (591,440) – (591,440)Preferred dividend requirements
of subsidiaries (a) (18,670) – – – – – (18,670)
Balance at December 31, 2013 $ 94,000 $ 2,548 $ (5,533,942) $ 5,368,131 $ 9,825,053 $ (29,324) $ 9,726,466
Consolidated net income (a) 19,536 – – – 940,721 – 960,257 Other comprehensive loss – – – – – (12,983) (12,983)Common stock repurchases – – (183,271) – – – (183,271)Common stock issuances related
to stock plans – – $219,687 7,222 – – 226,909 Common stock dividends declared – – – – (596,117) – (596,117)Preferred dividend requirements
of subsidiaries (a) (19,536) – – – – – (19,536)
Balance at December 31, 2014 $ 94,000 $ 2,548 $ (5,497,526) $ 5,375,353 $ 10,169,657 $ (42,307) $ 10,101,725
Consolidated net income (loss) (a) 19,828 – – – (176,562) – (156,734)Other comprehensive income – – – – – 51,258 51,258 Common stock repurchases – – (99,807) – – – (99,807)Preferred stock repurchases/
redemptions (94,000) – – – (285) – (94,285)Common stock issuances related
to stock plans – – 44,954 28,405 – – 73,359Common stock dividends declared – – – – (598,897) – (598,897)Preferred dividend requirements
of subsidiaries (a) (19,828) – – – – – (19,828)
Balance at December 31, 2015 – $ 2,548 $ (5,552,379) $ 5,403,758 $ 9,393,913 $ 8,951 $ 9,256,791
(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2015, 2014, and 2013 include $14.9 million, $12.9 million, and $12.0 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented as equity.
Consolidated Statements of Changes in Equity (unaudited)
Financial Highlights
61
Clear vision, clear progress.2015 Integrated Report
Key Performance Indicators
Key Performance Indicators
ECONOMIC/OPERATIONAL
-18.2%
-6.3%
1.4%
2015 Total Shareholder Return
Source: Bloomberg
ETR PHILADELPHIA UTILITY INDEXS&P 500 INDEX
ENTITY STANDARD & POOR’S MOODY’S
RATING OUTLOOK RATING OUTLOOK
Entergy Arkansas 1 A- Positive A2 Stable
Entergy Louisiana 1 A- Positive A2 Stable
Entergy Mississippi 1 A- Positive A3 Stable
Entergy New Orleans 1 A- Positive Baa2 Stable
Entergy Texas 1 A- Positive Baa1 Stable
System Energy Resources 1 A- Positive Baa1 Stable
Entergy Corporation 2 BBB Positive Baa3 Positive
1 Senior secured ratings2 Corporate credit rating
Comparison of Five-Year Cumulative Return
The following graph compares the performance of the common stock of Entergy
Corporation with the Philadelphia Utility Index and the S&P 500 Index (each of
which includes Entergy Corporation) for the last five years ended December 31.
2013 20152014201220112010$ 50
$100
$150
$200
ENTERGY CORPORATIONPHILADELPHIA UTILITY INDEXS&P 500 INDEX
2010 2011 2012 2013 2014 2015
ENTERGY CORPORATION $100.00 $108.29 $ 99.23 $103.54 $149.88 $122.66PHILADELPHIA UTILITY INDEX $100.00 $119.24 $118.57 $131.59 $169.66 $159.05S&P 500 INDEX $100.00 $102.11 $118.44 $156.78 $178.22 $180.67
Assumes $100 invested at the closing price on Dec. 31, 2010, in Entergy Corporation common stock, the Philadelphia Utility Index and the S&P 500 Index, and reinvestment of all dividends.
Source: Bloomberg
Credit Ratings as of March 18, 2016
62
Clear vision, clear progress.2015 Integrated Report
ECONOMIC/OPERATIONAL
Key Performance Indicators
Percent of randomly selected customers whoresponded to the Bellomy Perception Survey with a score of 8, 9 or 10 when asked how satisfied they are with Entergy as a utility company on a scale of 0-10, 10 being the highest
‘13 ‘14 ‘15
77% 75% 74%
Bellomy Perception Survey
System average interruption frequency index: average number per customer per year, excluding the impact of major storm activity
‘11 ‘12 ‘13 ‘14 ‘15
1.611.68
1.52 1.581.69
Outage Frequency
Entergy utility system weighted average; varies by utility operating company
‘11 ‘12 ‘13 ‘14 ‘15
96.4691.58
101.02 104.26 102.15
Average Monthly Residential Bill1,000 kWh Usage/Month
In Dollars
‘11 ‘12 ‘13 ‘14 ‘15
0.57
0.78
0.53
0.880.78
Employee Year-Ending Recordable Accident Index
‘11 ‘12 ‘13 ‘14 ‘15
0.990.85
1.22
0.91 0.85
Contractor Year-Ending Recordable Accident Index
System average interruption duration index: average minutes per customer per year, excluding the impact of major storm activity
‘11 ‘12 ‘13 ‘14 ‘15
196 196181
194214
Outage Duration
70%99%
2015 MISO Performance
ON-TIME STARTS: Percentage of generating unit starts that were within or equal to +/-30 minutes of the time instructed by MISO
ON-TIME STARTS: Percentage of generating unit starts that were within or equal to +/-30 minutes of the time instructed by MISO
WITHIN TRAMLINES: Percentage of time fossil generating units remained within the desired MW load bandwidth as set by MISO
WITHIN TRAMLINES: Percentage of time fossil generating units remained within the desired MW load bandwidth as set by MISO
Recordable accident index: number of recordable accidents per 100 full-time equivalents Recordable accidents include fatalities, lost-time accidents, restricted duty accidents and medical attentions
63
Clear vision, clear progress.2015 Integrated Report
ECONOMIC/OPERATIONAL
Key Performance Indicators
Capacity factor: normalized percentage of the period that the nuclear plants generate power
‘11 ‘12 ‘13 ‘14 ‘15
9389 89 91 91
EWC Nuclear FleetCapacity Factor
ENVIRONMENTAL
Average CO2 Emission Rate from Entergy-Owned Plants
Pounds per kWh
‘11 ‘12 ‘13 ‘14 ‘15
0.60 0.59 0.58 0.56 0.54
629.9 691.6
1,094.5
904.4
1,647.6
Cumulative CO2 Emissionsfrom Entergy-Owned Plantsand Controllable Purchases
Million Tons
CUMULATIVE EMISSIONS 2001-2015 CUMULATIVE GOAL 2001-2015“BUSINESS AS USUAL” CASE 2001-2015CUMULATIVE GOAL 2001-2020“BUSINESS AS USUAL” CASE 2001-2020
Utility Nuclear FleetCapability Factor
‘11 ‘12 ‘13 ‘14 ‘15
9288
8190 90
Capability factor: percentage of the maximum energy generation a plant is capable of supplying to the grid, limited only by factors within control of plant management
Number of NPDES* Exceedances
* National Pollutant Discharge Elimination System
‘11 ‘12 ‘13 ‘14 ‘15
1916
47
20
29
28%
13%
34%
25%
29%
11%
33%
27%
25%
10%
39%
26%
28%
11%
33%
28%
27%
7%31%
35%
Generation Sources Usedto Meet Utility Demand
PURCHASED POWER COAL
NUCLEARGAS
‘11 ‘12 ‘13 ‘14 ‘15
64
Clear vision, clear progress.2015 Integrated Report
SOCIAL
Key Performance Indicators
WHITE – 81% OTHER – 1%ASIAN – 1%
BLACK OR AFRICAN AMERICAN – 15% HISPANIC OR LATINO – 2%
2015 Entergy WorkforceEthnicity
BABY BOOMERS BORN 1943-1960 – 28% GENERATION X BORN 1961-1981 – 52%MILLENNIALS BORN 1982 AND AFTER – 20%
2015 Entergy WorkforceAge
2015 PhilanthropyInvested More than $15 Million
ARTS & CULTURE – 8% COMMUNITY IMPROVEMENT – 17%EDUCATION/LITERACY – 35%ENVIRONMENT – 9%POVERTY SOLUTIONS/SOCIAL SERVICES – 28%OTHER – 3%
Employee andRetiree Volunteerism
Hours in Thousands
‘11 ‘12 ‘13 ‘14 ‘15
49
85
100
65
95
20% FEMALE 80% MALE
2015 Entergy WorkforceGender
U.S. Bureau of Labor Statistics 2015 average for U.S. utilities: Female 22% / Male 78%
13% FEMALE 87% MALE
2015 Entergy Management WorkforceGender
Based on EEQ-1 Code
65
Clear vision, clear progress.2015 Integrated Report
About Entergy
About Entergy
Entergy Corporation (NYSE: ETR) 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, including nearly 10,000 megawatts of nuclear power.
Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas.
Entergy has annual revenues of approximately $11.5 billion and more than 13,000 employees.
Utility
Entergy provides retail and wholesale power to customers in four states through five utility operating
companies: Entergy Arkansas, Inc.; Entergy Louisiana, LLC; Entergy Mississippi, Inc.; Entergy New
Orleans, Inc.; and Entergy Texas, Inc. We also deliver natural gas services to 199,000 customers in
or around New Orleans and Baton Rouge, Louisiana, through two of our utility companies.
Wholesale Generation
Entergy provides power to wholesale customers from five nuclear units located in the northern United
States and from several fossil and wind power plants through our EWC business. This business also
provides services to other nuclear power plant owners.
Utility – A traditional regulated utility
• 5 electric utilities in 4 contiguous states
• 2.8 million utility customers
• 21,000 MW generating capacity
• 15,500 miles of transmission lines
Utility service territory
Entergy Wholesale Commodities – A primarily nuclear commodity-sensitive wholesale power generation business
Nuclear units
66
Clear vision, clear progress.2015 Integrated Report
ENTERGY BY THE NUMBERS IN 2015
GAAP Revenues $11.5 billion
GAAP Net Income (Loss) $(156.7) million
GAAP Earnings (Loss) Per Share $(0.99)
Total Assets $44.6 billion
Employees at Year-end 13,579
Utility Retail Electric Customers 2.8 million
Utility Billed Retail Electric Energy Sales 121,586 GWh
Interconnected High-Voltage Transmission Lines 15,500 circuit miles
EWC Billed Electric Energy Sales 39,745 GWh
Total Owned and Leased Generating Capability By Fuel Source in Megawatts:
Nuclear 9,604
Gas/Oil 14,004
Coal 2,429
Hydro 73
Wind 80
Awards and Recognition
Entergy’s work to create value for our owners, customers, employees and communities received widespread
recognition in 2015, including:
Arbor Day Foundation – Tree Line USA UtilityThe Arbor Day Foundation named Entergy Corporation a Tree Line USA utility for the 10th consecutive
year. Tree Line USA, a partnership between the foundation and the National Association of State Foresters,
recognizes public and private utilities for pursuing practices that protect and enhance America’s urban trees.
CDP S&P 500 Climate “A” List and Climate Disclosure Leadership IndexEntergy was recognized as a leader among S&P 500 companies by CDP for our actions to address climate
change. Entergy was the only U.S. utility included on the Climate “A” list, and this was the third consecutive
year Entergy was named to this list. Entergy was also one of four U.S. utilities named to the CDP U.S. Climate
Disclosure Leadership Index. Since 2008, Entergy has been included on the disclosure index seven times.
City Year – Champions of Student Success AwardEntergy received the inaugural Champions of Student Success Award from City Year, a national educational
organization, in recognition of our commitment to helping students and schools succeed. The annual award
is designed to recognize extraordinary efforts of champions and partners who have generated transformative
impact on the schools and students that City Year serves.
Corporate Responsibility Magazine – 100 Best Corporate CitizensCorporate Responsibility Magazine named Entergy one of the country’s 100 best corporate citizens. The
publication’s 100 Best Corporate Citizens list includes companies who meet more than 300 criteria in seven
categories of business performance. Entergy ranked 36, the highest rating for electric utilities. It was the
sixth time Entergy has been included on the list.
About Entergy
67
Clear vision, clear progress.2015 Integrated Report
Dow Jones Sustainability North America IndexEntergy was named to the Dow Jones Sustainability North America Index, one of four U.S. electric utility
companies designated a sustainability leader on the index. This is the 14th consecutive year the Dow
Jones Sustainability Index has included Entergy on either its World or North America index or both.
Entergy earned top scores in five of the 25 evaluated areas: antitrust policy, scorecards/measurement
systems, climate strategy, water-related risks and corporate citizenship/philanthropy.
Edison Electric Institute – Emergency Assistance and Emergency Recovery AwardsThe Edison Electric Institute honored Entergy with the EEI Emergency Assistance and Recovery Awards,
recognizing our restoration efforts on behalf of our customers and assistance provided to a neighboring
utility company recovering from severe summer storms in 2015. This is the 18th consecutive year Entergy
has received an EEI storm restoration award. Including this year’s honors, Entergy has received 24 awards
from EEI for our restoration and mutual assistance work, and we are the only utility in the country to be
recognized every year since the inception of the awards.
Site Selection Magazine – Top 10 Utilities in Economic DevelopmentEntergy was named one of the nation’s top 10 utilities in economic development by Site Selection magazine
for our efforts to help attract nearly $14.4 billion in projects that could result in as many as 7,200 jobs
across our four-state utility service territory. It was the eighth straight year Entergy was named to the
magazine’s list.
Women’s Business Enterprise National Council – A Top Corporation for Women-Owned BusinessesEntergy was named one of the top corporations for women-owned businesses by the Women’s Business
Enterprise National Council. The national award honors organizations with supplier diversity programs
that create level playing fields for women’s business enterprises.
Our Reporting
This integrated report presents Entergy’s 2015 economic, environmental and social performance. Further
detail is provided in Entergy’s GRI index and performance data table, which are available at entergy.com/
sustainability. In 2015, we applied for and received Application Level A verification from GRI, the highest
compliance level. We continue to review our reporting and disclosures and make improvements as
appropriate to offer greater transparency on Entergy’s performance to our stakeholders.
This report includes 2015 data from Entergy’s two primary business segments: utility and Entergy
Wholesale Commodities, both of which operate entirely within the United States. Assurance of financial
data in this report comes from our internal controls over financial reporting, which Entergy management
assesses annually using criteria set forth by the Committee of Sponsoring Organizations of the Treadway
Commission in Internal Control—Integrated Framework. Deloitte & Touche LLP has issued an attestation
report on the effectiveness of Entergy’s internal control over financial reporting as of Dec. 31, 2015.
Our 2015 greenhouse gas inventory was verified by an independent third party in accordance
with international standards (ISO 14064.1) in early 2016. The GHG inventory is available at
americancarbonregistry.org and entergy.com/environment.
We invite you to engage with us by visiting entergy.com/integratedcontact. We welcome your feedback
and suggestions to help us continue to improve our reporting.
About Entergy
68
Clear vision, clear progress.2015 Integrated Report
Forward-Looking Information and Regulation G Compliance
In this report and from time to time, Entergy Corporation makes statements as a registrant 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. Words such as “may,” “will,” “could,” “project,” “believe,” “anticipate,” “intend,”
“expect,” “estimate,” “continue,” “potential,” “plan,” “predict,” “forecast,” and other similar words or
expressions are intended to identify forward-looking statements but are not the only means to identify
these statements. Although Entergy believes that these forward-looking statements and the underlying
assumptions are reasonable, it cannot provide assurance that they will prove correct. Any forward-
looking statement is based on information current as of the date of this report and speaks only as of
the date on which such statement is made. 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. There are factors that could
cause actual results to differ materially from those expressed or implied in the forward-looking statements,
including (a) those factors discussed or incorporated by reference in Item 1A. Risk Factors contained in
the Form 10-K for the year ended Dec. 31, 2015, (b) those factors discussed or incorporated by reference
in Management’s Financial Discussion and Analysis and (c) the following factors (in addition to others
described elsewhere in this report and in subsequent securities filings):
• resolution of pending and future rate cases and negotiations, including various performance-based
rate discussions, Entergy’s utility supply plan and recovery of fuel and purchased power costs;
• the termination of Entergy Arkansas’ participation in the System Agreement, which occurred in
December 2013, the termination of Entergy Mississippi’s participation in the System Agreement,
which occurred in November 2015, and the termination of Entergy Texas’, Entergy New Orleans’
and Entergy Louisiana’s participation in the System Agreement, which will occur on August 31, 2016,
and will result in the termination of the System Agreement in its entirety pursuant to a settlement
agreement approved by FERC in December 2015;
• regulatory and operating challenges and uncertainties and economic risks associated with the
Utility operating companies’ move to MISO, which occurred in December 2013, including the effect
of current or projected MISO market rules and market and system conditions in the MISO markets,
the allocation of MISO system transmission upgrade costs, and the effect of planning decisions that
MISO makes with respect to future transmission investments by the Utility operating companies;
• 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, and the application of
more stringent transmission reliability requirements or market power criteria by the FERC;
• changes in the regulation or regulatory oversight of Entergy’s nuclear generating facilities and nuclear
materials and fuel, including with respect to the planned potential or actual shutdown of nuclear
generating facilities owned or operated by Entergy Wholesale Commodities, and the effects of new
or existing safety or environmental concerns regarding nuclear power plants and nuclear fuel;
• resolution of pending or future applications, and related regulatory proceedings and litigation, for
license renewals or modifications or other authorizations required of nuclear generating facilities;
and the effect of public and political opposition on these applications, regulatory proceedings
and litigation;
About Entergy
69
Clear vision, clear progress.2015 Integrated Report
• the performance of and deliverability of power from Entergy’s generation resources, including the
capacity factors at its nuclear generating facilities;
• Entergy’s ability to develop and execute on a point of view regarding future prices of electricity,
natural gas and other energy-related commodities;
• prices for power generated by Entergy’s merchant generating facilities and the ability to hedge, meet
credit support requirements for hedges, sell power forward or otherwise reduce the market price risk
associated with those facilities, including the Entergy Wholesale Commodities nuclear plants;
• the prices and availability of fuel and power Entergy must purchase for its Utility customers,
and Entergy’s ability to meet credit support requirements for fuel and power supply contracts;
• volatility and changes in markets for electricity, natural gas, uranium, emissions allowances and
other energy-related commodities, and the effect of those changes on Entergy and its customers;
• changes in law resulting from federal or state energy legislation or legislation subjecting energy
derivatives used in hedging and risk management transactions to governmental regulation;
• changes in environmental, tax and other laws and regulations, including requirements for reduced
emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, thermal energy and other
regulated air and water emissions, and changes in costs of compliance with environmental and
other laws and regulations;
• uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and
nuclear waste storage and disposal and the level of spent fuel and nuclear waste disposal fees
charged by the U.S. government or other providers related to such sites;
• variations in weather and the occurrence of hurricanes and other storms and disasters, including
uncertainties associated with efforts to remediate the effects of hurricanes, ice storms or other
weather events and the recovery of costs associated with restoration, including accessing funded
storm reserves, federal and local cost recovery mechanisms, securitization and insurance;
• effects of climate change;
• changes in the quality and availability of water supplies and the related regulation of water use
and diversion;
• Entergy’s ability to manage its capital projects and operation and maintenance costs;
• Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms;
• the economic climate, and particularly economic conditions in Entergy’s Utility service area and the
Northeast United States and events and circumstances that could influence economic conditions in
those areas, including power prices, and the risk that anticipated load growth may not materialize;
• the effects of Entergy’s strategies to reduce tax payments;
• changes in the financial markets, particularly those affecting the availability of capital and Entergy’s
ability to refinance existing debt, execute share repurchase programs and fund investments
and acquisitions;
• actions of rating agencies, including changes in the ratings of debt and preferred stock, changes
in general corporate ratings and changes in the rating agencies’ ratings criteria;
About Entergy
70
Clear vision, clear progress.2015 Integrated Report
• changes in inflation and interest rates;
• the effect of litigation and government investigations or proceedings;
• changes in technology, including with respect to new, developing or alternative sources of generation;
• the effects of threatened or actual terrorism, cyberattacks or data security breaches, including
increased security costs, accidents and war or a catastrophic event such as a nuclear accident
or a natural gas pipeline explosion;
• Entergy’s ability to attract and retain talented management and directors;
• changes in accounting standards and corporate governance;
• declines in the market prices of marketable securities and resulting funding requirements and the
effects on benefit costs for Entergy’s defined benefit pension and other postretirement benefit plans;
• future wage and employee benefit costs, including changes in discount rates and returns on benefit
plan assets;
• changes in decommissioning trust fund values or earnings or in the timing of, requirements for,
or cost to decommission nuclear plant sites;
• the implementation of the shutdown of Pilgrim and FitzPatrick and the related decommissioning
of those plants and Vermont Yankee;
• the effectiveness of Entergy’s risk management policies and procedures and the ability and
willingness of its counterparties to satisfy their financial and performance commitments;
• factors that could lead to impairment of long-lived assets and
• the ability to successfully complete merger, acquisition or divestiture plans, regulatory or other
limitations imposed as a result of a merger, acquisition or divestiture and the success of the business
following a merger, acquisition or divestiture.
About Entergy
71
Clear vision, clear progress.2015 Integrated Report
Regulation G
This report includes the non-GAAP financial measures of operational earnings per share and utility
normalized return on equity. The reconciliation of these measures to the most directly comparable
GAAP measures are below.
GAAP to Non-GAAP Reconciliation
Earnings (Loss) Per Share 2015 2014
(per share in dollars)As-reported (0.99) 5.22Less special items: HCM implementation expenses – (0.05) Decisions to close Vermont Yankee, FitzPatrick and Pilgrim (5.99) (0.56) Palisades asset impairment and related write-offs (1.43) – Top Deer investment impairment (0.13) – Gain on the sale of Rhode Island State Energy Center 0.56 –Total special items (6.99) (0.61)Operational 6.00 5.83
GAAP to Non-GAAP Reconciliation
Utility Normalized Return on Equity, Excluding Impact of Regulatory Charges 2015
(dollars in millions)As-reported earnings available to common stock (a) 1,096.9 Add back: Preferred dividend requirement (b) 17.6 Income taxes (c) 16.8 As-reported income before income taxes (d) = (a)+(b)+(c) 1,131.3 Less certain items (pre-tax): Weather (e) 56.3 Regulatory credit for tax sharing agreement (f) (107.0) Normalized income before taxes (g) = (d)-(e)-(f) 1,182.0 State-specific standard income tax rate (h) 38.50% Income tax at state-specific standard rate (i) = (g)*(h) 455.1 Normalized earnings applicable to common stock (j) = (g)-(i)-(b) 709.3 Affiliated preferred (k) 131.2 Normalized earnings applicable to common stock, adjusted for affiliate preferred (l) = (g)-[(g)-(k)]*(h)-(b) 759.8 Average common equity (m) 9,241.2 As-reported ROE (a)/(m) 11.9% Normalized ROE (o) = (l)/(m) 8.2% As-reported regulatory charges (pre-tax) (n) 100.5Tax affected regulatory charges (n)*(1-h) 61.8 Impact of regulatory charges on ROE (p) = [(n)*(1-h)]/(m) 0.7% Normalized ROE, excluding impact of regulatory charges (o)+(p) 8.9%
About Entergy
72
Clear vision, clear progress.2015 Integrated Report
Shareholder NewsEntergy’s quarterly earnings results, dividend action and other news and information of investor interest
may be obtained by calling Entergy’s investor relations information line at 1-888-ENTERGY (368-3749).
In addition to hearing recorded announcements, you can request information to be sent via fax or mail.
Visit our investor relations website at entergy.com/investor for earnings reports, financial releases,
SEC filings and other investor information, including Entergy’s Corporate Governance Guidelines, Board
Committee Charters for the Audit, Corporate Governance and Personnel Committees and Entergy’s Code
of Conduct. You can also request and receive information via email. Printed copies of the above are also
available without charge by calling 1-888-ENTERGY or writing to:
Entergy Corporation
Investor Relations
P.O. Box 61000
New Orleans, LA 70161
Investor Relations materials are also available on the Entergy Investor Relations mobile web app. The
app provides a convenient way to access the company’s latest financial news and information, including
financial releases, presentations and SEC filings, as well as the ETR stock quote. The mobile web app
is available at enter.gy/ir.
Institutional Investor Inquiries
Securities analysts and representatives of financial institutions may contact David Borde, vice president,
investor relations, at 504-576-5668 or dborde@entergy.com.
Shareholder Account Information
Wells Fargo Shareowner Services 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:
Wells Fargo Shareowner Services
P.O. Box 64874
St. Paul, MN 55164-0874
Phone: 1-855-854-1360
Internet: www.shareholderonline.com
Common Stock Information
The company’s common stock is listed on the New York and Chicago 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, Philadelphia Utility Index and the NYSE Composite Index, among others.
As of Jan. 29, 2016, there were 179,071,731 shares of Entergy common stock outstanding. Shareholders
of record totaled 28,602, and approximately 138,431 investors held Entergy stock in “street name”
through a broker.
Investor Information
73
Clear vision, clear progress.2015 Integrated Report
Certifications
In May 2015, Entergy’s chief executive officer certified to the New York Stock Exchange that he was not
aware of any violation of the NYSE 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 our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015.
Dividend Payments
All of Entergy’s 2015 distributions were taxable as dividend distributions. The board of directors declares
dividends quarterly and sets the record and payment dates. Subject to board discretion, those dates for
2016 are:
Declaration Date Record Date Payment Date
January 29 February 11 March 1 April 6 May 12 June 1 July 29 August 11 September 1 October 28 November 10 December 1
Quarterly Dividend Payments (in cents-per-share): Quarter 2016 2015 2014 2013 2012
1 85 83 83 83 832 83 83 83 833 83 83 83 83 4 85 83 83 83
Dividend Reinvestment/Stock Purchase
Entergy offers an automatic Dividend Reinvestment and Stock Purchase Plan administered by Wells Fargo
Shareowner Services. The plan is designed to provide Entergy shareholders and other investors with a
convenient and economical method to purchase shares of the company’s common stock. The plan also
accommodates payments of up to $10,000 per month for the purchase of Entergy common shares. First-
time investors may make an initial minimum purchase of $250. Contact Wells Fargo Shareowner Services
by telephone or internet for information and an enrollment form.
Direct Registration System
Entergy has elected to participate in a Direct Registration System that provides investors with an alternative
method for holding shares. DRS will permit investors to move shares between the company’s records and
the broker/dealer of their choice.
Entergy Common Stock Prices
The high and low trading prices for each quarterly period in 2015 and 2014 were as follows (in dollars):
2015 2014
Quarter High Low High Low
1 90.33 73.88 67.02 60.402 79.84 69.06 82.30 66.413 74.09 61.27 82.48 70.704 70.67 63.90 92.02 76.51
Investor Information
74
Clear vision, clear progress.2015 Integrated Report
Business Fact Sheets
Business Fact Sheets
Entergy in:
ArkansasLouisiana
MississippiNew Orleans
Texas
With rates 25 percent below the national average, Entergy Arkansas partners with government, business and community partners to attract new investment and continued economic growth.
ENTERGY in ARKANSAS
43,587
$383 million
MILES OF TRANSMISSION AND DISTRIBUTION LINES
INFUSED BY ENTERGY into the Arkansas economy
700,000CUSTOMERS
63ARKANSAS COUNTIES
Serving
IN
$1.7 million
organizations in 2015
430IN CHARITABLE DONATIONS to more than
ARKANSAS EMPLOYEES
14,000 hoursof volunteer service in 2015
logged more than
$1.4 billionIN CAPITAL INFRASTRUCTURE IMPROVEMENTS over the next two years, reducing power outages while stimulating economic growth
Investing more than
More than
2500 EMPLOYEES STATEWIDE
We Power LifeSM
www.entergy.com 1-800-ENTERGY
(source: The Economic Contribution of Entergy Arkansas, Inc. to the Arkansas Economy” © 2014 IHS)
Entergy ArkansasFUEL MIX
Nuclear 54%Natural Gas 18%Coal 14%Purchased Power 14%
Entergy’s operations in Louisiana include total assets of $16.4 billion and sales over 62,800 GWh, which play a major role in economic and community development. Entergy has helped bring hundreds of industrial and commercial customers to the state, generating thousands of jobs, millions of dollars in tax revenue and improved overall quality of life for our customers.
ENTERGY in LOUISIANA
62 of Louisiana’s 64 Parishes
www.entergy.com 1-800-ENTERGY
*Source: This information is from “The Economic Impact of Entergy Louisiana, LLC; Entergy New Orleans, Inc.; and Entergy Corporation Headquarters on the Louisiana Economy and Entergy’s Asset Regions in the State,” a report produced by Loren C. Scott & Associates, Inc., Baton Rouge, 2015.
ENTERGY Has operations in
Home to more than
1.26 millionELECTRICITY CUSTOMERS
statewide, with a payroll of over
Half a Billion Dollars
4,700
EMPLOYEES
ENTERGY PLANS TO INVEST
$5.2 billion in Louisiana projects over the next three years (2016-2018)
INDIRECT JOBS ARE CREATED ELSEWHERE IN THE STATE*
For every5
16
direct jobs Entergy creates, another
We Power LifeSM
• 33,230 distribution line miles
• 5,260 transmission line miles
• 670 substations
over 35,000 square miles and approximately 199,000 Gas Customers in Baton Rouge and New Orleans
Entergy Louisiana’s CO2 EMISSION RATE beats EPA standards by
35% for new CCGT units of 1,000 pounds/MWh
Entergy Louisiana, LLC’s
RESIDENTIAL CUSTOMERS enjoy
RATES 32% BELOW the U.S. average
Entergy serves 445,000 business and residential customers in 45 counties in the western portion of the state, including Mississippi’s capital and largest city, Jackson. Rates more than 20 percent below the national average contribute to the area’s appeal for new economic development.
ENTERGY in MISSISSIPPI
Mississippi
7,250JOBS CREATED
$1billion ENTERGY MISSISSIPPI has invested more than
in the past 5 years
ENTERGY HAS ANNUAL ECONOMIC IMPACT IN MISSISSIPPI of nearly
Utility rates help Mississippi
RANK NUMBER
2 in best overall cost of doing business in USA (source: CNBC, 2015)
ENTERGY partners with many Mississippi schools in support of workforce training; the state has the
1
NUMBER ranked community college system in the USA(source: WalletHub, 2015)
ENTERGY PARTNERS WITH economic development allies to attract projects including: • Nissan • Continental Tire • Nucor Steel • Wal-Mart Distribution Center • Mars Foods• Dollar General
(source: Global Strategies, Inc., 2012 study)
$1billionin utility infrastructure in the past five years
EMPLOYEES logged more than 10,000volunteer hours in the past year
We Power LifeSM
www.entergy.com 1-800-ENTERGY
A strong community partner to one of America’s most historic and beloved cities, Entergy New Orleans serves Louisiana’s Orleans Parish, providing electricity to more than 197,000 customers and natural gas to 105,000 homes and businesses.
ENTERGY in NEW ORLEANS
ELECTRIC POWER TRANSMISSION SYSTEM UPGRADE project includes
$30 millioninvestment in improved capacity and reliability
ENTERGY NEW ORLEANS CUSTOMERS =
90 percentof pre-Katrina customers … and that number is climbing
donated in Orleans Parish to help teachers, schools and non-profits transform educational opportunities for 1000s of local children
SINCE HURRICANE KATRINA,
> $10 million Broke ground for a 1-megawatt solar pilot project, with more than
REPLACED
of gas delivery system, receiving national recognition for cost control, schedule adherence, design innovation
4,000SOLAR PANELS producing electricity to power approximately 160 average homes
328 miles
We partner with ECONOMIC DEVELOPMENT allies to attract many projects:
• Construction of the Costco Warehouse Club
• Expansion and consolidation of Folgers Coffee
• Return of Chiquita Bananas to Port of New Orleans
INVESTMENT in New Orleans power infrastructure includes the Midtown substation, powering a
NEW HOSPITAL COMPLEX
We Power LifeSM
www.entergy.com 1-800-ENTERGY
Entergy delivers safe, reliable and affordable energy to homes, businesses and communities in southeast Texas. Entergy Texas serves a population of nearly 2 million people in a growing area that includes some of the largest industrial complexes in the nation as well the major communities of The Woodlands, Beaumont, Port Arthur, Conroe, Huntsville and Orange.
ENTERGY in TEXAS
7,300
$220 million 15,941
Since 2013,
WE HAVE ASSISTED in the creation of over
jobs in southeast Texas
IN TRANSMISSION CAPITAL IMPROVEMENTSover the past five years
MILES OF TRANSMISSION AND DISTRIBUTION LINES
$3.7 millionIN CHARITABLE GIVING over the past five years
In 2015 EMPLOYEES ACHIEVED
3 million worker hours without a lost time accident
ENTERGY TEXAS industrial sales have grown by a compound annual growth rate of
4.5%430,000CUSTOMERS IN27COUNTIES
We Power LifeSM
www.entergy.com 1-800-ENTERGY
More than
More than
over the past five years