quarterly handout (updated march 4, 2019)

Quarterly Handout(updated March 4, 2019)

1

Caution regarding forward-looking statements and Regulation G compliance

In this presentation, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Such forward-looking statements include, among other things, statements of Entergy’s plans, beliefs or expectationsincluded in this presentation. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the dateof this presentation. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially fromthose expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this presentation and in Entergy’smost recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy’s other reports and filings made under theSecurities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans and other cost recovery mechanisms,including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changesin law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated withoperating nuclear facilities, including plant relicensing, operating and regulatory costs and risks; (e) changes in decommissioning trust fund values orearnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertaintiesassociated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions thatEntergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk thatthe anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state or local laws and regulations and othergovernmental actions or policies, including changes in monetary, fiscal, tax, environmental or energy policies; (i) the effects of technological changesand changes in commodity markets, capital markets or economic conditions; and (j) impacts from a terrorist attack, cybersecurity threats, data securitybreaches or other attempts to disrupt Entergy’s business or operations, and other catastrophic events.

This presentation includes the non-GAAP financial measures of adjusted ROE; parent debt to total debt, excluding securitization debt; operational FFOto debt, excluding securitization debt; and operational FFO to debt excluding securitization debt and return of unprotected excess ADIT whendescribing Entergy’s results of operations and financial performance. We have prepared reconciliations of these financial measures to the most directlycomparable GAAP measure, which can be found in the appendix of this presentation. Further information can be found in Entergy’s investor earningsreleases, which are posted on the company’s website at www.entergy.com and which contains further information on non-GAAP financial measures.

2

We Power Life

Customers Employees Communities Owners

Deliver top-quartile

returns

Achieve top-decile

corporate social responsibilityperformance

Deliver top-quartile customer

satisfaction

Earn top-quartile organizational health score

and top-decile safety

performance

3

Our financial objective

Steady, predictable growth…

Earnings growth Dividend growth

…while managing risk

Customer-centric capital plan Progressive regulatory

constructs Disciplined project

management Orderly exit of EWC

4

Strategic execution over the past few years

$15B capital investment over the last five years

Major generation projects under construction

Transmission expansion Joined MISO Dec. 2013MTEP 16, 17 and 18

approved AMI deployment under

way

Investing in the Utility

Arkansas legislation / E-AR forward test year FRP

E-LA FRP improvements

E-LA business combination

E-MS FRP with forward-looking features

E-TX DCRF and TCRF System Agreement

termination

Constructive regulation

Decisions to close or sell merchant nuclear plants• Sales of FitzPatrick

and VY • Agreement to sell

Pilgrim and Palisades

Revenue price risk reduction

Focus on nuclear operations

Employee support

EWC wind-down

Executing on our strategy2019 key deliverables

Note: Estimated timing as of February 2019; regulatory activity or other factors could lead to changes

1Q 2Q 3Q 4Q E-AR renewable RFP

issuance E-TX renewable RFP

issuance (added 1Q19)

• E-MS annual FRP filing

• Pilgrim return to Column 1 in the NRC regulatory oversight program

• St. Charles Power Station in service

• E-LA annual FRP filing• E-MS FRP decision • Western Region

Phase 1 economic transmission project completion

• Indian Point Unit 3 final refueling outage

• Pilgrim shutdown

• E-MS Choctaw decision

• E-MS Sunflower Solar Project decision

• E-AR annual FRP filing

• E-NO rate case decision

• E-LA FRP rates effective

• 1 million advanced meters installed

• E-MS Choctaw acquisition

• Southwest Louisiana Improvement Project completion (transmission)

• E-AR FRP decision• SERI ROE decision

(FERC)• MTEP 19 approval• Pilgrim sale• Annual dividend

review

5

6

~85% ready for execution from a regulatory approval standpointA clear and robust Utility 2019E–2021E capital plan

2019E-2021E capital plan as of February 2019; does not reflect potential developments and/or updates since February 2019

Nuclear–$1.6B

Power generation–$2.9B

Transmission–$2.5B

Distribution and utility support–$4.7B

$11.7B

7


Generation capital plan

Generation capital plan; cumulative $B

1.9

3.0

4.5

19E 20E 21E

Nuclear Non-nuclear baseline New generation Renewables

8


Transmission capital plan

Transmission capital plan; cumulative $B

1.1

1.92.5

19E 20E 21EAsset management Reliability and growth Economic

9


Distribution and utility support capital plan

Distribution and utility support capital plan; cumulative $B

1.5

3.1

4.7

19E 20E 21E

Distribution baseline Utility support Grid modernization

10

Grid modernization

Highlights of AMI

• Latest generation meters

• One of the fastest networks

• Enhanced information

• Tools for tailored customer solutions

• Improved operational efficiency

Next few years, primarily AMI

11

Goal to maintain rate advantageLow customer rates

Source: S&P Global Market Intelligence Regulated Retail Price of Electricity published 7/19/18

2017 average retail price by parent company; ₵ per kWh

ETR 7.58

12

Managing customer billsIllustrativeIllustrative

<2%CAGR

Without return of unprotected excess ADIT

Non-fuel

Fuel

ETR bill outlook

Average monthly residential bill; $ Levers to help control bills

• Fuel efficiency

• Operational savings

• Energy efficiency

• Industrial growth

• Securitizations rolling off

• New products and services18E 19E 20E 21E

13

Chart reflects 2019E–2021E capital investment, not rate base; capital projects will be reflected in rate base when they areclosed to plant; for multi-year projects there will be a timing difference

~90% of capital plan recovered through timely mechanismsProgressive cost recovery mechanisms

Capital plan recovery by mechanism Illustrative

Rate cases

Forward-looking FRPs

TraditionalFRPs

Riders

Rate case

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Investment plan benefits our stakeholders

Enhanced reliability and resiliency

Good-paying jobs/Workforce development

Catalyst for our region’s economic development

Production cost savings

Reduced environmental footprint at the Utility

Greater customer control and options over energy usage

Maintain reasonable rates

Enablers of tomorrow’s customer solutions

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Positioned to operate in a carbon-constrained economySupporting environmental stewardship

One of the cleanest large generating fleets in the U.S.

• Environment2020: Voluntary pledge to reduce CO2 emissions 20% below year 2000 levels through 2020

• ~1,000 MW of renewables in various stages of development

• Meeting objectives through ‒ Portfolio transformation‒ Investment in nuclear fleet‒ New technologies‒ Renewables and distributed energy resources

• Planning to publish a “two-degree scenario analysis”

Finishing strong at EWC

Pilgrim

Planned shutdown

(2019)

Vermont Yankee

Sold (2019) Planned shutdown

(2020 / 2021)

Indian Point

Planned shutdown

(2022)

PalisadesFitzPatrick

Sold (2017)

IP2 in final operating

cycle

Agreement to sell

(targeted close in 2019)

Agreement to sell

(targeted close in 2022)

16

17

EWC risk reduction efforts

Operational focus

Employee support Decommissioning

Agreements to sell Pilgrim and

Palisades

Revenue price risk reduction

Jan 17 Mar 19

93% reduction

18

Credit and cash profile

1 Excluding securitization debt; see appendix for Regulation G reconciliation2 Excluding securitization debt and return of unprotected excess ADIT; see appendix for Regulation G reconciliation3 Senior secured ratings for the OpCos and SERI; corporate credit rating for Entergy

Credit ratings3 (outlook)E-AR E-LA E-MS E-NO E-TX SERI ETR

S&P A(stable)

A(stable)

A(stable)

A(stable)

A(stable)

A(stable)

BBB+ (stable)

Moody’s A2(stable)

A2(stable)

A2(stable)

Baa2 (stable)

Baa1(stable)

Baa1(stable)

Baa2(stable)

12.0

4Q18 20E–22E

FFO to debt1; %

22.6

4Q18 19E–22E

Parent debt to total debt1; %

Target 25%

Target 15%

15.3% excluding return of unprotected excess ADIT2

19E 20E 21E

~$9.8B overnext

3 years

Cumulative OCF; $B

19

Evolving customer expectations

Outcomesnot

inputs

Save money

Newtechnology

Green Ease of use

20

Shifting from supplier to partner

From supplier To partner

21

Technology advances make it possibleDelivering tailored customer solutions

22

A different mindset to deliver valueThinking of each customer as a segment of one

Industrial

Commercial

Residential

A segment of

ONE

23

Building an integrated energy networkStrategic investments to further our journey

Grid infrastructure replacements / upgrades

Distributed resources

Enabling technologies

Generation Distribution CustomerTransmission

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Uniquely positioned to seize growth opportunities

Efficient vertical integration Low rates

Efficient regulatory

frameworks

Clean generation

Environmental and social

responsibilityEconomic

development

Prepared for change

Track record of successful

execution

25

Appendix

26

Note: Customer counts at the end of period 12/31/181 Percent of 2018 weather-adjusted GWh electric retail sales2 Percent of owned and leased MW capability for generation portfolio as of 12/31/18

Utility overview

31

35

24

10

32

25

41

2

2018 electric retail sales1; %

Nuclear

Coal

Commercial

Industrial

Governmental

Legacy gas/oil

CT/CCGT/hydro/solar

2018 generation portfolio2; %

• Electric and gas utility

• Number of customers– Electric 1,084,000– Gas 93,000

• Authorized ROE ranges:– Electric 9.95% (2017 test year); 9.2%–10.4% (20182019 test years)– Gas 9.45%–10.45%

• Electric FRP, gas RSP

• Electric utility

• 711,000 customers

• Authorized ROE range: 9.25%–10.25%

• Forward test year FRP



• Authorized ROE: 9.65%

• Rate case

• Electric and gas utility

• Number of customers– Electric 202,000– Gas 107,000

• Authorized ROE ranges:– Electric 10.7%–11.5%– Gas 10.25%–11.25%

• Rate case



• Authorized ROE range: 9.28%–11.36%

• FRP with forward-looking features

E-LAE-AR

E-TXE-NOE-MS

Residential

27

Entergy ArkansasE-AR (currently in rates)Metric DetailAuthorized ROE 9.25%–10.25%Rate base $7.547B retail rate base (2019 test year)

WACC (after-tax) 5.25%Equity ratio 36.55% (46.38% excl. $1.7B ADIT at 0%

cost rate)Regulatory construct

Forward test year FRP (2017–2021 annual test years); result outside authorized ROE range resets to midpoint; maximum rate change 4% of filing year total retail revenue; true-up of projection to actuals netted with future projection

Base rate change $67M increase effective 1/2/19Riders MISO, capacity costs, Grand Gulf, tax

adjustment, energy efficiency, fuel and purchased power

28

Entergy Louisiana

1 Pending finalization of the 2017 test year filing (docket U-34951)2 Pending implementation of rates in May 2019 for test year 2018 filing (docket UD-35118)3 2018 and 2019 test years will have an authorized ROE range of 9.2%–10.4% (9.8% midpoint)4 50 bps dead band, 51 bps–200 bps 50% sharing, >200 bps adjust to 200 bps plus 75 bps sharing; for infrastructure costs, 100% sharing

above the band5 Does not include MISO/capacity/other or tax reform adjustment mechanism (amount varies over time)6 Includes removal of test year 2017 extraordinary item $(0.7M) for over-collected income taxes and unprotected excess ADIT, partially offset by

storm flood restoration costs

E-LA (currently in rates)Metric Detail – electric1 Detail – gas2

Authorized ROE 9.95%3 9.45%–10.45%Last filed rate base $9.7B excl. $520M

transmission plant through 8/31/18, included in the transmission rider (12/31/17 test year)

$0.07B, filed on 1/31/19 (9/30/18 test year)

WACC 7.23% (after-tax) 7.04% (after-tax)Equity ratio 49.1% 48.26%Regulatory construct

FRP, 2017–2019 test years; 60/40 customer/company sharing outside bandwidth

RSP4

Base rate change Total change from cost of service $60M5

$2.8M6

Riders/specific recovery

Capacity, MISO, transmission, fuel

Gas infrastructure

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Entergy Mississippi

1 E-MS is seeking a new rider for the cost of Choctaw Generating Station and other new owned capacity

E-MS (currently in rates)Metric DetailAuthorized ROE 10.32% performance-adjusted midpoint

(9.69% + 0.63% performance factor); 9.28%–11.36% range (annual redetermination based on formula)

Rate base $2.413B (2018 forward test year)WACC (after-tax) 7.13%Equity ratio 48.05%Regulatory construct

FRP with forward-looking features; annual redetermination subject to performance-based bandwidth calculation and subject to annual “look-back” evaluation; maximum rate increase 4% of test year retail revenue (higher rate increase requires filing of a general rate case)

Base rate change None requested in 2018 FRP filingRiders1 Power management rider, Grand Gulf, fuel,

MISO, unit power cost, storm damage, energy efficiency, ad valorem tax adjustment, grid modernization, restructuring credit

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Entergy New Orleans

1 Rate base does not include Algiers assets transferred to E-NO from E-LA on 9/1/15; net book value of the assets at the time of the transfer was ~$85M

Metric Detail – electric Detail – gasAuthorized ROE 10.7%–11.5% 10.25%–11.25%

Rate base (filed on 5/31/12)1

$0.299B (12/31/11 test year) – does not include $0.228B for Union (first year average rate base)

$0.089B (12/31/11 test year)

WACC (after-tax) 8.58% 8.40%

Equity ratio 50.08% 50.08%

Regulatory construct Rate case Rate caseRiders/specific recovery Fuel, capacity (e.g.,

Ninemile 6, Union) Purchased gas

E-NO (currently in rates)

31

Base rate case filingEntergy New Orleans

Calculations may differ due to rounding

Base rate case – (docket UD-18-07)Highlights ROE: earned 8.73%, requested 10.50% (electric), 10.75% (gas) Rate base: $0.9B (12/31/18 test year with known and

measurable plant closings through 12/31/19) WACC (after-tax): 7.79% (electric), 7.92% (gas) Equity ratio: 52.2% 21% federal tax rate incorporated as a known and measurable

change Requested mechanisms:

Electric and gas FRPs (2019–2021 test years), electric with ±25 bps reliability performance adjustment

Riders for gas infrastructure, grid modernization, incremental capacity and LTSA

Also includes community solar, green pricing options and other new customer offerings

Key dates

Category $MAMI 8Rate base 8Depreciation expense 7Other O&M (3)Income tax expense (5)Other revenue changes (4)

Base rate change (net of realignment from riders)

10

2019 fuel rates and other riders (31)Net rate change (20)

Major drivers of proposed rate change

Date Event Date Event3/22/19 Rebuttal testimony 7/3/19 Initial briefs4/19/19 Intervenor and Advisor surrebuttal 7/19/19 Reply briefs5/17/19 Rejoinder testimony Aug. 2019 Rate effective date6/10-14/19 Hearing

32

Entergy Texas

1 Does not include $(122M) from tax riders (first year rate impact)

E-TX (currently in rates)Metric DetailAuthorized ROE 9.65%Rate base $2.446B (12/31/17 test year)

WACC (after-tax) 7.73%Equity ratio 50.9%Regulatory construct Rate caseBase rate change $53M increase1

Riders Fuel, capacity, DCRF, TCRF, rate case expenses, AMI surcharge, Limited-Term Tax Cuts and Jobs Act, Federal Income Tax, among others

33

System Energy Resources, Inc.

1 Ongoing proceeding at FERC challenging SERI’s authorized ROE (see slide 25)2 For SERI ratemaking, the sale leaseback obligation is excluded from the capital structure and instead is treated as an operating lease and

recovered as an O&M cost3 Reflects percentages under SERI’s Unit Power Sales Agreement

Energy and capacity allocation3; %

36

1433

17E-NO E-AR

E-MSE-LA

Grand Gulf Nuclear Station

Metric DetailPrincipal asset An ownership and leasehold

interest in Grand GulfAuthorized ROE 10.94%1

Last calculated rate base $1.429B (12/31/18)WACC (after-tax) 8.94%Equity ratio 65%2

Regulatory construct Monthly cost of service

SERI – generation company

34

FERC proceedings (1 of 2)System Energy Resources, Inc.

ROE complaints (dockets EL17-41, EL18-142)• APSC, MPSC and LPSC filed ROE complaints at FERC; FERC consolidated complaints into one proceeding• Parties were unable to settle the ROE issue, so FERC established hearing procedures• ALJ established procedural schedule

Key dates (consolidated dockets)Date Event Date Event3/20/19 Direct testimony by SERI 9/16-20/19 Hearing5/1/19 Staff direct and answering testimony 11/4/19 Initial briefs6/14/19 Respondent testimony 12/20/19 Reply briefs7/30/19 Rebuttal testimony by Complainants 2/18/20 Initial decision

LPSC complaint regarding SERI equity component (docket EL18-204)• In the LPSC’s ROE complaint, the Commission requested that SERI’s equity component be capped at 49%

for ratemaking• FERC initially dismissed LPSC request for cap on equity component, but after LPSC appeal, FERC set the

complaint for hearing and settlement• Next steps – Assignment of settlement judge and first settlement conference

35

FERC proceedings (2 of 2)System Energy Resources, Inc.

LPSC complaint regarding GGNS sale-leaseback renewal (docket EL18-152)

• 5/14/18 – Complaint alleging (1) SERI was imprudent in renewing the sale-leaseback, (2) SERI violated the filed rate when it included the cost of capital additions associated with the sale-leaseback interest in UPSA billings and (3) SERI is double-recovering costs by including both the lease payments and the capital additions in UPSA billings

• 6/28/18 – SERI motion to dismiss and answer in opposition to the LPSC’s claims• 9/20/18 – FERC order setting LPSC sale-leaseback complaint for hearing and settlement• 12/14/18 – Procedural schedule adopted

Key datesDate Event Date Event3/22/19 LPSC direct testimony 11/12/19 Hearing6/28/19 SERI answering testimony 1/6/20 Initial briefs7/31/19 FERC staff direct/answering testimony 2/7/20 Reply briefs9/6/19 SERI cross-answering testimony 4/6/20 Initial decision10/11/19 FERC staff and LPSC rebuttal testimony

36

Jurisdictional rate filing guidelines

1 Not required to be filed per FERC order2 May be suspended for an additional 150 days

E-AR E-LA E-MS E-NO E-TX SERILatest filing FRP filed 7/6/18 FRP filed 6/30/18 FRP filed

3/15/18Rate case

filed 9/21/182018 rate case filed 5/15/18

Monthly cost of service1

Next filing date

FRP: July 2019 FRP: by 5/31/19 FRP: by 3/15/19

FRP: in 2020 (proposed)

TBD Every month

Rate effective date

January following filing

September following filing

Junefollowing

filing

1 year + 15 days after

filing

35 days after filing2

Immediate

Evaluation period

Forward test year ended 12/31

Historical test year ended 12/31 except new generation and transmission closed

to plant above baseline through 8/31 of filing year

Historical test year

ended 12/31 plus certain known and measurable

changes through 12/31

Historical and

forecasted test years

ended 12/31

12-month historical test

year with availableupdates

Actual current month

expense and prior month-end balance

sheet

FRP term/ post FRP framework

FRP: 5 years (2017–2021 test years); option to

request FRP extension, file rate case or do nothing

FRP: 3 years (20172019 test

years)

FRP: no stated term;

review scheduled in

2019

FRP: 3 years (2019–2021 test years) (proposed)

n/a Monthly cost of service continues

until terminated by mutual agreement

37

Generation projects

1 Includes transmission interconnection and other related costs2 Includes planned improvements3 E-MS estimated acquisition date; original in service date 20034 Includes acquisition cost of $138M plus other related costs

Project Location OpCo MWEstimated

costEstimated in

service StatusSt. Charles

Power StationMontz, LA E-LA ~980

CCGT$869M1 2019 Under construction

Choctaw Generating Station

French Camp, MS E-MS ~810 CCGT

$401M2 20193 Filed for regulatory approval

Lake Charles Power Station

Westlake, LA E-LA ~994 CCGT

$872M1 2020 Under construction

New Orleans Power Station

New Orleans, LA E-NO ~128RICE


Washington Parish Energy Center

Bogalusa, LA E-LA ~361 CT $261M1 2021 Under construction

Montgomery County Power Station

Willis, TX E-TX ~993 CCGT


Sunflower Solar Project

Sunflower, MS E-MS ~100Solar PV

$153M4 2021 Filed for regulatory approval

38

E-MS – Choctaw Generating Station

1 Includes planned improvements

Project overview (docket 2018-UA-204)Item DetailsMW ~810 (summer rating)Estimated total investment $401M1

Plant type CCGT (2003 vintage)Location French Camp, MSClosing date Targeting 4Q19Recovery mechanism Proposing a rider to the FRP for adjustment outside of

sharing, to begin contemporaneously with closingStatus E-MS filed CCN petition for approval of acquisition

Key datesDate Event3Q19 Targeted decision

39

E-MS – Sunflower Solar Project

1 Includes acquisition cost of $138M plus other related costs

Project overview (docket 2018-UA-267)Item DetailsMW ~100Estimated total investment

$153M1

Plant type Solar PVLocation Sunflower County, MSClosing date Targeting 4Q21In-service date Targeting 4Q21Recovery mechanism Proposing a rider to the FRP for adjustment outside of

sharing, to begin contemporaneously with closingStatus E-MS filed joint CCN petition with Sunflower Solar Project,

LLC for approval of build-own-transfer structured transaction

Key datesDate Event3Q19 Targeted decision

40

EWC overview

1 ARO liability balances are based on most recent estimates and are subject to change2 Includes $40M for Big Rock Point

Region breakdown; % MW as of 12/31/18

Generation portfolio; % MW as of 12/31/18

90

5 5

Nuclear

Gas and oil

Other

52

18

30

NYISO

NEPOOL

MISO

Indian Point 1

Indian Point 2

Indian Point 3 Palisades Pilgrim VY

Planned closing date

Shut down

4/30/20 4/30/21 5/31/22 5/31/19 Sold 1/11/19

Net MW n/a 1,028 1,041 811 688 n/aEnergy market (closest hubs)

n/a NYISO (Zone G)

NYISO (Zone G)

MISO (Indiana)

NEPOOL (Mass Hub)

n/a

Net book value of plant and related assets (12/31/18)

– $85M $120M $246M $6M –

NDT bal.(12/31/18)

$471M $598M $781M $444M $1,028M $532M

ARO liability bal. (12/31/18)1

$228M $768M $751M $548M2 $816M $568M

EWC non-nuclear plantsISES 2 Nelson 6 RS Cogen

COD 1983 1982 2002Fuel / technology Coal Coal CCGT cogenNet MW owned 121 60 213Market MISO MISO MISO

EWC nuclear plants

41

Pilgrim and Palisades transactionsTransaction highlightsItem Pilgrim PalisadesStructure Equity sale of ENGC Equity sale of ENPPurchaser Nuclear Asset Management Co., LLC

(Holtec International subsidiary)Nuclear Asset Management Co., LLC (Holtec International subsidiary)

Conditions to close include

• Permanent shutdown and reactor defuel

• NRC approval• FERC approval (switchyard change of

control)• Minimum NDT balance• Palisades agreement has not been

terminated due to breach by purchaser

• Permanent shutdown and reactor defuel

• NRC approval• Minimum NDT balance• Pilgrim transaction close

Status Executed purchase and sale agreement Executed purchase and sale agreement

Pilgrim PalisadesNRC filing November 2018 TBDFERC filing 1Q/2Q 2019 n/aTargeted close By the end of 2019 By the end of 2022

Targeted timeline

42

Utility book ROE summary

Calculations may differ due to rounding1 Utility does not equal the sum of the operating companies due primarily to SERI (as-reported income ~$94M, adjusted income ~$94M and

average common equity ~$724M) and preferred dividend requirements and income tax item (net of sharing) at Entergy Utility Holding Co.

Table 1: Utility book ROE summaryLTM ending December 31, 2018($ in millions)

E-AR E-LA E-MS E-NO E-TX Utility1

As-reported earnings available to common stock (a) 251.5 675.6 125.2 53.2 162.2 1,483.4

Less adjustments:2012/2013 IRS audit settlement (b) (2.1) 49.8 (1.0) - (0.8) 43.9

Tax item from restructuring of E-AR (c) 170.2Reserve for sharing with E-AR customers (d) (39.6)Income tax on customer sharing (e) 10.1Tax item from restructuring of E-AR, net of customer sharing

(f) = (c)+(d)+(e) 140.7

Reversal of portion of tax reform accrual recorded in 2017

(g) 38.2 38.2

Total adjustments (h) = (b)+(f)+(g) (2.1) 49.8 (1.0) - 37.4 222.8

Adjusted earnings available to common stock (i) = (a)-(h) 253.5 625.9 126.3 53.2 124.9 1,260.6

Average common equity (j) 2,680 5,606 1,235 430 1,341 11,778

As-reported ROE (a) / (j) 9.4% 12.1% 10.1% 12.4% 12.1% 12.6%Adjusted ROE (i) / (j) 9.5% 11.2% 10.2% 12.4% 9.3% 10.7%

43

Regulation G reconciliations


Table 2: Parent debt to total debt, excluding securitization debtReconciliation of GAAP to Non-GAAP measures($ in millions) 4Q18Entergy Corporation notes:

Due September 2020 450Due July 2022 650Due September 2026 750

Total parent long-term debt 1,850Revolver draw 220Commercial paper 1,942Unamortized debt issuance costs / (discounts) (10)Total parent debt (a) 4,002Total debt 18,133

Less securitization debt 424Total debt, excluding securitization debt (b) 17,709Parent debt to total debt, excluding securitization debt (a)/(b) 22.6%

44

Regulation G reconciliations


Table 3: Operational FFO to debt, excluding securitization debtReconciliation of GAAP to Non-GAAP measures($ in millions) 4Q18OCF (LTM) 2,385AFUDC-borrowed funds (LTM) (61)Less working capital in OCF (LTM):

Receivables 99Fuel inventory 46Accounts payable 97Taxes accrued 39Interest accrued 5Other working capital accounts (164)Securitization regulatory charges 124Total 246

FFO (LTM) 2,079Add back FFO specials (LTM):

Items associated with decisions to close or sell EWC nuclear plants (pre-tax)

43

Operational FFO (LTM) (a) 2,122Total debt 18,133

Less securitization debt 424Total debt, excluding securitization debt (b) 17,709Operational FFO to debt, excluding securitization debt (a)/(b) 12.0%

Estimated return of unprotected excess ADIT (rolling 12-months pre-tax) (c) 592Operational FFO to debt ratio, excluding securitization debt and the return of unprotected excess ADIT

((a)+(c))/(b) 15.3%

45

Abbreviations and acronymsAbbreviations and acronymsADIT Accumulated deferred income taxesAFUDC-borrowed funds

Allowance for borrowed funds used during construction

AMI Advanced metering infrastructureANO Units 1 and 2 of Arkansas Nuclear One

owned by E-AR (nuclear)APSC Arkansas Public Service CommissionARO Asset retirement obligationbps Basis pointsCCGT Combined cycle gas turbineCAGR Compound annual growth rateCCNO Council of the City of New Orleans,

LouisianaCOD Commercial operation dateCWIP Construction work in progressCT Simple cycle combustion turbineDCRF Distribution cost recovery factorE-AR Entergy Arkansas, LLCE-LA Entergy Louisiana, LLCE-MS Entergy Mississippi, LLCE-NO Entergy New Orleans, LLCE-TX Entergy Texas, Inc.EBITDA Earnings before interest, income taxes,

depreciation and amortization

Abbreviations and acronymsESL Entergy Services, LLCETR Entergy CorporationEWC Entergy Wholesale CommoditiesFERC Federal Energy Regulatory CommissionFFO Funds from operationsFitzPatrick James A. FitzPatrick Nuclear Power Plant

(nuclear, sold March 31, 2017)FRP Formula rate planGAAP U.S. generally accepted accounting

principlesGrand Gulf or GGNS

Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI

Indian Point 1 Unit 1 of Indian Point Energy Center (shut down in 1974)

Indian Point 2 or IP2

Unit 2 of Indian Point Energy Center (nuclear)

Indian Point 3 or IP3

Unit 3 of Indian Point Energy Center (nuclear)

IPEC / Indian Point

Indian Point Energy Center (nuclear)

ISES 2 Unit 2 of Independence Steam Electric Station (coal)

LPSC Louisiana Public Service CommissionLTM Last twelve months

46

Abbreviations and acronyms (continued)Abbreviations and acronyms

RICE Reciprocating internal combustion engineROE Return on equityRiver Bend River Bend Station (nuclear) RS Cogen RS Cogen facility (CCGT cogeneration)RSP Rate stabilization planS&P S&P Global RatingsSERI System Energy Resources, Inc.TCRF Transmission cost recovery factorUnion Union Power Station (CCGT)UPSA Unit power sales agreementVPUC Vermont Public Utility CommissionVY / Vermont Yankee

Vermont Yankee Nuclear Power Station (nuclear)

Waterford Waterford Steam Electric Station, Unit No. 3 (nuclear)

WACC Weighted-average cost of capital

Abbreviations and acronymsMISO Midcontinent Independent System

Operator, Inc.Moody’s Moody’s Investors ServiceMPSC Mississippi Public Service CommissionMTEP MISO Transmission Expansion PlanningNDT Nuclear decommissioning trustNelson 6 Unit 6 of Roy S. Nelson plant (coal)NEPOOL New England Power PoolNinemile 6 Ninemile Point Unit 6 (CCGT)NOPS New Orleans Power Station (reciprocating

internal combustion engine/natural gas)NRC Nuclear Regulatory CommissionNYISO New York Independent System Operator,

Inc.O&M Operation and maintenance expense

OCF Net cash flow provided by operating activities

OpCo Utility operating company

Palisades Palisades Power Plant (nuclear)Pilgrim Pilgrim Nuclear Power Station (nuclear)PUCT Public Utility Commission of Texas

quarterly handout (updated march 4, 2019)

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