(Mark One)
|
|
X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
For the Quarterly Period Ended March 31, 2013
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|
OR
|
|
TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ____________ to ____________
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Commission
File Number
|
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Telephone
Number, and IRS Employer Identification No.
|
Commission
File Number
|
Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Telephone
Number, and IRS Employer Identification No.
|
|
1-11299
|
ENTERGY CORPORATION
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
72-1229752
|
1-31508
|
ENTERGY MISSISSIPPI, INC.
(a Mississippi corporation)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
64-0205830
|
|
1-10764
|
ENTERGY ARKANSAS, INC.
(an Arkansas corporation)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
71-0005900
|
0-05807
|
ENTERGY NEW ORLEANS, INC.
(a Louisiana corporation)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3700
72-0273040
|
|
0-20371
|
ENTERGY GULF STATES LOUISIANA, L.L.C.
(a Louisiana limited liability company)
446 North Boulevard
Baton Rouge, Louisiana 70802
Telephone (800) 368-3749
74-0662730
|
1-34360
|
ENTERGY TEXAS, INC.
(a Texas corporation)
350 Pine Street
Beaumont, Texas 77701
Telephone (409) 981-2000
61-1435798
|
|
1-32718
|
ENTERGY LOUISIANA, LLC
(a Texas limited liability company)
446 North Boulevard
Baton Rouge, Louisiana 70802
Telephone (800) 368-3749
75-3206126
|
1-09067
|
SYSTEM ENERGY RESOURCES, INC.
(an Arkansas corporation)
Echelon One
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
72-0752777
|
|
Large
accelerated
filer
|
Accelerated
filer
|
Non-
accelerated
filer
|
Smaller
reporting
company
|
||||
Entergy Corporation
|
Ö
|
||||||
Entergy Arkansas, Inc.
|
Ö
|
||||||
Entergy Gulf States Louisiana, L.L.C.
|
Ö
|
||||||
Entergy Louisiana, LLC
|
Ö
|
||||||
Entergy Mississippi, Inc.
|
Ö
|
||||||
Entergy New Orleans, Inc.
|
Ö
|
||||||
Entergy Texas, Inc.
|
Ö
|
||||||
System Energy Resources, Inc.
|
Ö
|
Common Stock Outstanding
|
Outstanding at April 30, 2013
|
|
Entergy Corporation
|
($0.01 par value)
|
178,184,969
|
Page Number
|
|
iii
|
|
v
|
|
Entergy Corporation and Subsidiaries
|
|
1
|
|
16
|
|
17
|
|
18
|
|
20
|
|
22
|
|
23
|
|
24
|
|
64
|
|
Entergy Arkansas, Inc. and Subsidiaries
|
|
65
|
|
71
|
|
73
|
|
74
|
|
76
|
|
77
|
|
Entergy Gulf States Louisiana, L.L.C.
|
|
78
|
|
85
|
|
86
|
|
87
|
|
88
|
|
90
|
|
91
|
|
Entergy Louisiana, LLC and Subsidiaries
|
|
92
|
|
99
|
|
100
|
|
101
|
|
102
|
|
104
|
|
105
|
|
Entergy Mississippi, Inc.
|
|
106
|
|
111
|
|
113
|
|
114
|
|
116
|
|
117
|
Page Number
|
|
Entergy New Orleans, Inc.
|
|
118
|
|
122
|
|
123
|
|
124
|
|
126
|
|
127
|
|
Entergy Texas, Inc. and Subsidiaries
|
|
128
|
|
132
|
|
133
|
|
134
|
|
136
|
|
137
|
|
System Energy Resources, Inc.
|
|
138
|
|
141
|
|
143
|
|
144
|
|
146
|
|
147
|
|
147
|
|
147
|
|
148
|
|
151
|
|
153
|
·
|
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’s and Entergy Mississippi’s participation in the System Agreement in December 2013 and November 2015, respectively, and the potential for other Entergy operating companies to terminate participation in the System Agreement by providing notice pursuant to the current 96-month notice period and/or by seeking an amendment to the System Agreement that would allow for an Entergy operating company to terminate its participation in less than 96 months;
|
·
|
regulatory and operating challenges and uncertainties associated with the Utility operating companies’ proposal to move to the MISO RTO;
|
·
|
risks associated with the proposed spin-off and subsequent merger of Entergy’s electric transmission business into a subsidiary of ITC Holdings Corp., including the risk that Entergy and the Utility operating companies may not be able to timely satisfy the conditions or obtain the approvals required to complete such transaction or such approvals may contain material restrictions or conditions, and the risk that if completed, the transaction may not achieve its anticipated results;
|
·
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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 regulation of nuclear generating facilities and nuclear materials and fuel, including possible shutdown of nuclear generating facilities, particularly those owned or operated by the Entergy Wholesale Commodities business, 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 of nuclear generating facilities;
|
·
|
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, and other energy-related commodities;
|
·
|
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, including requirements for reduced emissions of sulfur, nitrogen, carbon, greenhouse gases, mercury, and other regulated air emissions, and changes in costs of compliance with environmental and other laws and regulations;
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·
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uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal;
|
·
|
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 that could influence economic conditions in those areas;
|
·
|
the effects of Entergy’s strategies to reduce tax payments;
|
·
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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;
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·
|
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;
|
·
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changes in inflation and interest rates;
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·
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the effect of litigation and government investigations or proceedings;
|
·
|
advances in technology;
|
·
|
the potential effects of threatened or actual terrorism, cyber attacks or data security breaches, including increased security costs, 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 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 or cost to decommission nuclear plant sites;
|
·
|
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 merger, acquisition, or divestiture, and the success of the business following a merger, acquisition, or divestiture.
|
Abbreviation or Acronym
|
Term
|
|
AFUDC
|
Allowance for Funds Used During Construction
|
|
ALJ
|
Administrative Law Judge
|
|
ANO 1 and 2
|
Units 1 and 2 of Arkansas Nuclear One (nuclear), owned by Entergy Arkansas
|
|
APSC
|
Arkansas Public Service Commission
|
|
ASLB
|
Atomic Safety and Licensing Board, the board within the NRC that conducts hearings and performs other regulatory functions that the NRC authorizes
|
|
ASU
|
Accounting Standards Update issued by the FASB
|
|
Board
|
Board of Directors of Entergy Corporation
|
|
capacity factor
|
Actual plant output divided by maximum potential plant output for the period
|
|
City Council or Council
|
Council of the City of New Orleans, Louisiana
|
|
D.C. Circuit
|
U.S. Court of Appeals for the District of Columbia Circuit
|
|
DOE
|
United States Department of Energy
|
|
Entergy
|
Entergy Corporation and its direct and indirect subsidiaries
|
|
Entergy Corporation
|
Entergy Corporation, a Delaware corporation
|
|
Entergy Gulf States, Inc.
|
Predecessor company for financial reporting purposes to Entergy Gulf States Louisiana that included the assets and business operations of both Entergy Gulf States Louisiana and Entergy Texas
|
|
Entergy Gulf States Louisiana
|
Entergy Gulf States Louisiana, L.L.C., a company formally created as part of the jurisdictional separation of Entergy Gulf States, Inc. and the successor company to Entergy Gulf States, Inc. for financial reporting purposes. The term is also used to refer to the Louisiana jurisdictional business of Entergy Gulf States, Inc., as the context requires.
|
|
Entergy Texas
|
Entergy Texas, Inc., a company formally created as part of the jurisdictional separation of Entergy Gulf States, Inc. The term is also used to refer to the Texas jurisdictional business of Entergy Gulf States, Inc., as the context requires.
|
|
Entergy Wholesale
Commodities (EWC)
|
Entergy’s non-utility business segment primarily comprised of the ownership and operation of six nuclear power plants, the ownership of interests in non-nuclear power plants, and the sale of the electric power produced by those plants to wholesale customers
|
|
EPA
|
United States Environmental Protection Agency
|
|
ERCOT
|
Electric Reliability Council of Texas
|
|
FASB
|
Financial Accounting Standards Board
|
|
FERC
|
Federal Energy Regulatory Commission
|
|
FitzPatrick
|
James A. FitzPatrick Nuclear Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
|
Form 10-K
|
Annual Report on Form 10-K for the calendar year ended December 31, 2012 filed with the SEC by Entergy Corporation and its Registrant Subsidiaries
|
|
Grand Gulf
|
Unit No. 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by System Energy
|
|
GWh
|
Gigawatt-hour(s), which equals one million kilowatt-hours
|
|
Independence
|
Independence Steam Electric Station (coal), owned 16% by Entergy Arkansas, 25% by Entergy Mississippi, and 7% by Entergy Power
|
|
Indian Point 2
|
Unit 2 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
|
Indian Point 3
|
Unit 3 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
|
IRS
|
Internal Revenue Service
|
|
ISO
|
Independent System Operator
|
Abbreviation or Acronym
|
Term
|
kW
|
Kilowatt, which equals one thousand watts
|
kWh
|
Kilowatt-hour(s)
|
LPSC
|
Louisiana Public Service Commission
|
MISO
|
Midcontinent Independent System Operator, Inc., a regional transmission organization
|
MMBtu
|
One million British Thermal Units
|
MPSC
|
Mississippi Public Service Commission
|
MW
|
Megawatt(s), which equals one thousand kilowatts
|
MWh
|
Megawatt-hour(s)
|
Net debt to net capital ratio
|
Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents
|
Net MW in operation
|
Installed capacity owned and operated
|
NRC
|
Nuclear Regulatory Commission
|
NYPA
|
New York Power Authority
|
Palisades
|
Palisades Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
Pilgrim
|
Pilgrim Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
PPA
|
Purchased power agreement or power purchase agreement
|
PUCT
|
Public Utility Commission of Texas
|
Registrant Subsidiaries
|
Entergy Arkansas, Inc., Entergy Gulf States Louisiana, L.L.C., Entergy Louisiana, LLC, Entergy Mississippi, Inc., Entergy New Orleans, Inc., Entergy Texas, Inc., and System Energy Resources, Inc.
|
River Bend
|
River Bend Station (nuclear), owned by Entergy Gulf States Louisiana
|
RTO
|
Regional transmission organization
|
SEC
|
Securities and Exchange Commission
|
SMEPA
|
South Mississippi Electric Power Association, which owns a 10% interest in Grand Gulf
|
System Agreement
|
Agreement, effective January 1, 1983, as modified, among the Utility operating companies relating to the sharing of generating capacity and other power resources
|
System Energy
|
System Energy Resources, Inc.
|
TWh
|
Terawatt-hour(s), which equals one billion kilowatt-hours
|
Unit Power Sales Agreement
|
Agreement, dated as of June 10, 1982, as amended and approved by FERC, among Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy, relating to the sale of capacity and energy from System Energy’s share of Grand Gulf
|
Utility
|
Entergy’s business segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution
|
Utility operating companies
|
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas
|
Vermont Yankee
|
Vermont Yankee Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
|
Waterford 3
|
Unit No. 3 (nuclear) of the Waterford Steam Electric Station, 100% owned or leased by Entergy Louisiana
|
weather-adjusted usage
|
Electric usage excluding the effects of deviations from normal weather
|
·
|
The Utility business segment includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operates a small natural gas distribution business. As discussed in more detail in “Plan to Spin Off the Utility’s Transmission Business,” in the Form 10-K, in December 2011, Entergy entered into an agreement to spin off its transmission business and merge it with a newly-formed subsidiary of ITC Holdings Corp.
|
·
|
The Entergy Wholesale Commodities business segment includes the ownership and operation of six nuclear power plants located in the northern United States and the sale of the electric power produced by those plants to wholesale customers. This business also provides services to other nuclear power plant owners. Entergy Wholesale Commodities also owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers.
|
Utility
|
Entergy
Wholesale
Commodities
|
Parent &
Other (a)
|
Entergy
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
1st Quarter 2012 Consolidated Net Income (Loss)
|
$ | 67,212 | $ | (175,949 | ) | $ | (38,003 | ) | $ | (146,740 | ) | |||||
Net revenue (operating revenue less fuel
expense, purchased power, and other
regulatory charges/credits)
|
117,644 | 41,426 | 1,553 | 160,623 | ||||||||||||
Other operation and maintenance expenses
|
29,529 | (1,400 | ) | 4,494 | 32,623 | |||||||||||
Asset impairment
|
- | (355,524 | ) | - | (355,524 | ) | ||||||||||
Taxes other than income taxes
|
10,964 | 2,978 | (17 | ) | 13,925 | |||||||||||
Depreciation and amortization
|
22,445 | (1,829 | ) | 45 | 20,661 | |||||||||||
Other income
|
(12,253 | ) | 1,170 | 1,208 | (9,875 | ) | ||||||||||
Interest expense
|
6,792 | (3,136 | ) | 6,951 | 10,607 | |||||||||||
Other expenses
|
3,670 | (5,633 | ) | (1 | ) | (1,964 | ) | |||||||||
Income taxes
|
(28,632 | ) | 149,077 | (3,747 | ) | 116,698 | ||||||||||
1st Quarter 2013 Consolidated Net Income (Loss)
|
$ | 127,835 | $ | 82,114 | $ | (42,967 | ) | $ | 166,982 |
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
Amount
|
|||
|
(In Millions)
|
|||
2012 net revenue
|
$ | 1,106 | ||
Retail electric price
|
61 | |||
Grand Gulf recovery
|
33 | |||
Volume/weather
|
19 | |||
Other
|
4 | |||
2013 net revenue
|
$ | 1,223 |
·
|
the recovery of Hinds plant costs through the power management rider at Entergy Mississippi, as approved by the MPSC, effective with the first billing cycle of 2013. The net income effect of the Hinds plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hinds plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
an increase in the capacity acquisition rider at Entergy Arkansas, as approved by the APSC, effective with the first billing cycle of December 2012, relating to the Hot Spring plant acquisition. The net income effect of the Hot Spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the Hot Spring plant costs in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes;
|
·
|
an increase in the energy efficiency rider, as approved by the APSC, effective July 2012. Energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income;
|
·
|
a formula rate plan increase at Entergy Louisiana, effective January 2013, which includes an increase relating to the Waterford 3 steam generator replacement project, which was placed in service in December 2012. The net income effect of the formula rate plan increase is limited to a portion representing an allowed return on equity with the remainder offset by costs included in other operation and maintenance expenses, depreciation expenses, and taxes other than income taxes; and
|
·
|
an annual base rate increase at Entergy Texas, effective July 2012, as a result of the PUCT’s order in the December 2011 rate case that was issued in September 2012.
|
|
Amount
|
|||
|
(In Millions)
|
|||
2012 net revenue
|
$ | 452 | ||
Nuclear realized price changes
|
66 | |||
Nuclear volume
|
(25 | ) | ||
2013 net revenue
|
$ | 493 |
2013
|
2012
|
|||
Owned capacity
|
6,612
|
6,612
|
||
GWh billed
|
10,387
|
11,281
|
||
Average realized revenue per MWh
|
$58.66
|
$49.29
|
||
Entergy Wholesale Commodities Nuclear Fleet
|
||||
Capacity factor
|
83%
|
88%
|
||
GWh billed
|
9,246
|
9,838
|
||
Average realized revenue per MWh
|
$57.82
|
$50.32
|
||
Refueling Outage Days:
|
||||
Indian Point 2
|
-
|
27
|
||
Indian Point 3
|
28
|
-
|
||
Vermont Yankee
|
22
|
-
|
·
|
an increase of $16 million in compensation and benefits costs primarily due to a decrease in the discount rates used to determine net periodic pension and other postretirement benefit costs. See "MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Critical Accounting Estimates" in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
·
|
an increase of $9 million in nuclear expenses, primarily due to higher labor costs, including higher contract labor;
|
·
|
an increase of $7 million in fossil-fueled generation expenses primarily due to the acquisition of the Hot Spring plant by Entergy Arkansas and the Hinds plant by Entergy Mississippi in November 2012. Costs related to the Hot Spring and Hinds plants are recovered through the capacity acquisition rider and power management rider, respectively, as previously discussed; and
|
·
|
an increase of $5 million in energy efficiency costs at Entergy Arkansas. These costs are recovered through the energy efficiency rider and have no effect on net income.
|
March 31,
2013
|
December 31,
2012
|
|||
Debt to capital
|
58.7%
|
58.7%
|
||
Effect of excluding the securitization bonds
|
(1.8%)
|
(1.8%)
|
||
Debt to capital, excluding securitization bonds (a)
|
56.9%
|
56.9%
|
||
Effect of subtracting cash
|
(0.6%)
|
(1.1%)
|
||
Net debt to net capital, excluding securitization bonds (a)
|
56.3%
|
55.8%
|
(a)
|
Calculation excludes the Arkansas, Louisiana, and Texas securitization bonds, which are non-recourse to Entergy Arkansas, Entergy Louisiana, and Entergy Texas, respectively.
|
Capacity (a)
|
Borrowings
|
Letters
of Credit
|
Capacity
Available
|
|||
(In Millions)
|
||||||
$3,500
|
$570
|
$8
|
$2,922
|
(a)
|
The capacity decreases to $3,490 million in March 2017.
|
2013
|
2012
|
|||||||
(In Millions)
|
||||||||
Cash and cash equivalents at beginning of period
|
$ | 533 | $ | 694 | ||||
Cash flow provided by (used in):
|
||||||||
Operating activities
|
544 | 601 | ||||||
Investing activities
|
(661 | ) | (749 | ) | ||||
Financing activities
|
(153 | ) | 139 | |||||
Net decrease in cash and cash equivalents
|
(270 | ) | (9 | ) | ||||
Cash and cash equivalents at end of period
|
$ | 263 | $ | 685 |
·
|
higher deferred fuel refunds in 2013 compared to the same period in prior year;
|
·
|
approximately $31 million in storm restoration spending in 2013 resulting from the Arkansas December 2012 Winter storm and Hurricane Isaac; and
|
·
|
an increase of $21 million in spending on nuclear refueling outages in 2013 compared to the same period in prior year.
|
·
|
a decrease of $24 million in income tax payments;
|
·
|
a decrease of $36 million in pension contributions. See "MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Critical Accounting Estimates" in the Form 10-K and Note 6 to the financial statements herein for a discussion of qualified pension and other postretirement benefits funding; and
|
·
|
the increase in Entergy Wholesale Commodities net revenue that is discussed previously.
|
·
|
the withdrawal of a total of $252 million from Entergy Gulf States Louisiana’s and Entergy Louisiana’s storm reserve escrow accounts in 2013 after Hurricane Isaac. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of Hurricane Isaac; and
|
·
|
a decrease in nuclear fuel purchases because of variations from year to year in the timing and pricing of fuel reload requirements, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle.
|
·
|
long-term debt activity using approximately $285 million of cash in 2013 compared to providing $175 million of cash in 2012. Included in the long-term debt activity in 2013 is $225 million repayment of borrowings on the Entergy Corporation long-term credit facility. Entergy Corporation issued $219 million of commercial paper in 2013 to repay borrowings on its long-term credit facility;
|
·
|
$51 million in proceeds from the sale to a third party in 2012 of a portion of Entergy Gulf States Louisiana’s investment in Entergy Holdings Company’s Class A preferred membership interests; and
|
·
|
a decrease of $25 million in treasury stock issuances in 2013 compared to the same period in 2012.
|
2013
|
2014
|
2015
|
2016
|
2017
|
||||||
Energy
|
||||||||||
Percent of planned generation under contract (a):
|
||||||||||
Unit-contingent (b)
|
41%
|
22%
|
12%
|
12%
|
13%
|
|||||
Unit-contingent with availability guarantees (c)
|
20%
|
15%
|
13%
|
13%
|
13%
|
|||||
Firm LD (d)
|
23%
|
58%
|
14%
|
-%
|
-%
|
|||||
Offsetting positions (e)
|
-%
|
(19)%
|
-%
|
-%
|
-%
|
|||||
Total
|
84%
|
76%
|
39%
|
25%
|
26%
|
|||||
Planned generation (TWh) (f) (g)
|
31
|
41
|
41
|
40
|
41
|
|||||
Average revenue per MWh on contracted volumes:
|
||||||||||
Minimum
|
$44
|
$44
|
$45
|
$50
|
$51
|
|||||
Expected based on market prices as of March 31, 2013
|
$45
|
$47
|
$48
|
$51
|
$52
|
|||||
Sensitivity: -/+ $10 per MWh market price change
|
$44-$48
|
$44-$51
|
$45-$54
|
$50-$54
|
$51-$55
|
|||||
Capacity
|
||||||||||
Percent of capacity sold forward (h):
|
||||||||||
Bundled capacity and energy contracts (i)
|
16%
|
16%
|
16%
|
16%
|
16%
|
|||||
Capacity contracts (j)
|
35%
|
17%
|
12%
|
18%
|
9%
|
|||||
Total
|
51%
|
33%
|
28%
|
34%
|
25%
|
|||||
Planned net MW in operation (g) (k)
|
5,011
|
5,011
|
5,011
|
5,011
|
5,011
|
|||||
Average revenue under contract per kW per month
(applies to capacity contracts only)
|
$2.0
|
$2.4
|
$3.3
|
$3.2
|
$3.2
|
|||||
Total Nuclear Energy and Capacity Revenues
|
||||||||||
Expected sold and market total revenue per MWh
|
$48
|
$47
|
$47
|
$49
|
$51
|
|||||
Sensitivity: -/+ $10 per MWh market price change
|
$46-$53
|
$44-$53
|
$40-$55
|
$42-$57
|
$43-$58
|
2013
|
2014
|
2015
|
2016
|
2017
|
||||||
Energy
|
||||||||||
Percent of planned generation under contract (a):
|
||||||||||
Cost-based contracts (l)
|
35%
|
32%
|
35%
|
32%
|
32%
|
|||||
Firm LD (d)
|
6%
|
6%
|
6%
|
6%
|
6%
|
|||||
Total
|
41%
|
38%
|
41%
|
38%
|
38%
|
|||||
Planned generation (TWh) (f) (m)
|
5
|
6
|
6
|
6
|
6
|
|||||
Capacity
|
||||||||||
Percent of capacity sold forward (h):
|
||||||||||
Cost-based contracts (l)
|
30%
|
24%
|
24%
|
24%
|
26%
|
|||||
Bundled capacity and energy contracts (i)
|
9%
|
8%
|
8%
|
8%
|
8%
|
|||||
Capacity contracts (j)
|
45%
|
50%
|
48%
|
47%
|
21%
|
|||||
Total
|
84%
|
82%
|
80%
|
79%
|
55%
|
|||||
Planned net MW in operation (k) (m)
|
1,052
|
1,052
|
1,052
|
1,052
|
977
|
(a)
|
Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts, or options that mitigate price uncertainty that may require regulatory approval or approval of transmission rights.
|
(b)
|
Transaction under which power is supplied from a specific generation asset; if the asset is not operating, seller is generally not liable to buyer for any damages.
|
(c)
|
A sale of power on a unit-contingent basis coupled with a guarantee of availability provides for the payment to the power purchaser of contract damages, if incurred, in the event the seller fails to deliver power as a result of the failure of the specified generation unit to generate power at or above a specified availability threshold. All of Entergy’s outstanding guarantees of availability provide for dollar limits on Entergy’s maximum liability under such guarantees.
|
(d)
|
Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract, a portion of which may be capped through the use of risk management products.
|
(e)
|
Transactions for the purchase of energy, generally to offset a firm LD transaction.
|
(f)
|
Amount of output expected to be generated by Entergy Wholesale Commodities resources considering plant operating characteristics, outage schedules, and expected market conditions that effect dispatch.
|
(g)
|
Assumes NRC license renewal for plants whose current licenses expire within five years and uninterrupted normal operation at all plants. NRC license renewal applications are in process for two units, as follows (with current license expirations in parentheses): Indian Point 2 (September 2013) and Indian Point 3 (December 2015). For a discussion regarding the continued operation of the Vermont Yankee plant, see “Impairment of Long-Lived Assets” in Note 11 to the financial statements herein and Note 1 to the financial statements in the Form 10-K. For a discussion regarding the license renewals for Indian Point 2 and Indian Point 3, see “Entergy Wholesale Commodities Authorizations to Operate Its Nuclear Power Plants” above.
|
(h)
|
Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions.
|
(i)
|
A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold.
|
(j)
|
A contract for the sale of an installed capacity product in a regional market.
|
(k)
|
Amount of capacity to be available to generate power and/or sell capacity considering uprates planned to be completed during the year.
|
(l)
|
Contracts priced in accordance with cost-based rates, a ratemaking concept used for the design and development of rate schedules to ensure that the filed rate schedules recover only the cost of providing the service; these contracts are on owned non-utility resources located within Entergy’s Utility service area, which do not operate under market-based rate authority. The percentage sold assumes approval of long-term transmission rights. Includes sales to the Utility through 2013 of 121 MW of capacity and energy from Entergy Power sourced from Independence Steam Electric Station Unit 2.
|
(m)
|
Non-nuclear planned generation and net MW in operation include purchases from affiliated and non-affiliated counterparties under long-term contracts and exclude energy and capacity from Entergy Wholesale Commodities’ wind investment and from the 544 MW Ritchie plant that is not planned to operate.
|
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
|
||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||
(Unaudited)
|
||||||||
2013
|
2012
|
|||||||
(In Thousands, Except Share Data)
|
||||||||
OPERATING REVENUES
|
||||||||
Electric
|
$ | 1,949,280 | $ | 1,784,841 | ||||
Natural gas
|
53,321 | 46,008 | ||||||
Competitive businesses
|
606,273 | 552,810 | ||||||
TOTAL
|
2,608,874 | 2,383,659 | ||||||
OPERATING EXPENSES
|
||||||||
Operating and Maintenance:
|
||||||||
Fuel, fuel-related expenses, and
|
||||||||
gas purchased for resale
|
510,333 | 538,837 | ||||||
Purchased power
|
373,129 | 284,966 | ||||||
Nuclear refueling outage expenses
|
60,719 | 63,884 | ||||||
Asset impairment
|
- | 355,524 | ||||||
Other operation and maintenance
|
754,258 | 721,635 | ||||||
Decommissioning
|
59,104 | 57,903 | ||||||
Taxes other than income taxes
|
151,095 | 137,170 | ||||||
Depreciation and amortization
|
300,876 | 280,215 | ||||||
Other regulatory charges
|
5,315 | 382 | ||||||
TOTAL
|
2,214,829 | 2,440,516 | ||||||
OPERATING INCOME (LOSS)
|
394,045 | (56,857 | ) | |||||
OTHER INCOME
|
||||||||
Allowance for equity funds used during construction
|
12,751 | 24,307 | ||||||
Interest and investment income
|
38,306 | 40,992 | ||||||
Miscellaneous - net
|
(13,623 | ) | (17,990 | ) | ||||
TOTAL
|
37,434 | 47,309 | ||||||
INTEREST EXPENSE
|
||||||||
Interest expense
|
153,149 | 146,745 | ||||||
Allowance for borrowed funds used during construction
|
(5,188 | ) | (9,391 | ) | ||||
TOTAL
|
147,961 | 137,354 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
283,518 | (146,902 | ) | |||||
Income taxes
|
116,536 | (162 | ) | |||||
CONSOLIDATED NET INCOME (LOSS)
|
166,982 | (146,740 | ) | |||||
Preferred dividend requirements of subsidiaries
|
5,582 | 4,943 | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION
|
$ | 161,400 | $ | (151,683 | ) | |||
Earnings (loss) per average common share:
|
||||||||
Basic
|
$ | 0.91 | $ | (0.86 | ) | |||
Diluted
|
$ | 0.90 | $ | (0.86 | ) | |||
Dividends declared per common share
|
$ | 0.83 | $ | 0.83 | ||||
Basic average number of common shares outstanding
|
178,027,961 | 176,865,363 | ||||||
Diluted average number of common shares outstanding
|
178,413,287 | 177,388,045 | ||||||
See Notes to Financial Statements.
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||
(Unaudited)
|
||||||||
2013
|
2012
|
|||||||
(In Thousands)
|
||||||||
Net Income (loss)
|
$ | 166,982 | $ | (146,740 | ) | |||
Other comprehensive income (loss)
|
||||||||
Cash flow hedges net unrealized gain (loss)
|
||||||||
(net of tax expense (benefit) of ($41,135) and $75,494)
|
(75,975 | ) | 145,435 | |||||
Pension and other postretirement liabilities
|
||||||||
(net of tax expense of $5,869 and $3,876)
|
9,795 | 6,266 | ||||||
Net unrealized investment gains
|
||||||||
(net of tax expense of $54,311 and $49,138)
|
56,377 | 50,107 | ||||||
Foreign currency translation
|
||||||||
(net of tax expense (benefit) of ($416) and $167)
|
(772 | ) | 311 | |||||
Other comprehensive income (loss)
|
(10,575 | ) | 202,119 | |||||
Comprehensive Income
|
156,407 | 55,379 | ||||||
Preferred dividend requirements of subsidiaries
|
5,582 | 4,943 | ||||||
Comprehensive Income Attributable to Entergy Corporation
|
$ | 150,825 | $ | 50,436 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||
(Unaudited)
|
||||||||
2013
|
2012
|
|||||||
(In Thousands)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Consolidated net income (loss)
|
$ | 166,982 | $ | (146,740 | ) | |||
Adjustments to reconcile consolidated net income (loss) to net cash flow
|
||||||||
provided by operating activities:
|
||||||||
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
472,933 | 450,009 | ||||||
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
98,671 | 38,858 | ||||||
Asset impairment
|
- | 355,524 | ||||||
Changes in working capital:
|
||||||||
Receivables
|
(29,845 | ) | 156,202 | |||||
Fuel inventory
|
(5,147 | ) | (20,213 | ) | ||||
Accounts payable
|
(40,861 | ) | (145,599 | ) | ||||
Prepaid taxes and taxes accrued
|
(35,648 | ) | (89,583 | ) | ||||
Interest accrued
|
(30,570 | ) | (32,194 | ) | ||||
Deferred fuel costs
|
(2,149 | ) | 77,405 | |||||
Other working capital accounts
|
(151,958 | ) | (34,753 | ) | ||||
Changes in provisions for estimated losses
|
(245,972 | ) | (15,030 | ) | ||||
Changes in other regulatory assets
|
167,634 | 60,857 | ||||||
Changes in pensions and other postretirement liabilities
|
32,696 | (4,764 | ) | |||||
Other
|
147,223 | (49,479 | ) | |||||
Net cash flow provided by operating activities
|
543,989 | 600,500 | ||||||
INVESTING ACTIVITIES
|
||||||||
Construction/capital expenditures
|
(631,857 | ) | (563,539 | ) | ||||
Allowance for equity funds used during construction
|
13,672 | 25,448 | ||||||
Nuclear fuel purchases
|
(145,168 | ) | (201,059 | ) | ||||
Changes in securitization account
|
1,601 | 940 | ||||||
NYPA value sharing payment
|
(71,736 | ) | (72,000 | ) | ||||
Payments to storm reserve escrow account
|
(2,219 | ) | (1,483 | ) | ||||
Receipts from storm reserve escrow account
|
252,482 | 861 | ||||||
Decrease (increase) in other investments
|
(44,298 | ) | 93,786 | |||||
Proceeds from nuclear decommissioning trust fund sales
|
398,010 | 535,551 | ||||||
Investment in nuclear decommissioning trust funds
|
(432,247 | ) | (567,780 | ) | ||||
Net cash flow used in investing activities
|
(661,760 | ) | (749,275 | ) | ||||
See Notes to Financial Statements.
|
||||||||
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||
(Unaudited)
|
||||||||
2013
|
2012
|
|||||||
(In Thousands)
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from the issuance of:
|
||||||||
Long-term debt
|
564,717 | 1,034,945 | ||||||
Mandatorily redeemable preferred membership units of subsidiary
|
- | 51,000 | ||||||
Treasury stock
|
8,102 | 32,826 | ||||||
Retirement of long-term debt
|
(849,860 | ) | (859,648 | ) | ||||
Changes in credit borrowings and commercial paper - net
|
277,886 | 32,782 | ||||||
Dividends paid:
|
||||||||
Common stock
|
(147,902 | ) | (146,674 | ) | ||||
Preferred stock
|
(5,582 | ) | (5,582 | ) | ||||
Net cash flow provided by (used in) financing activities
|
(152,639 | ) | 139,649 | |||||
Effect of exchange rates on cash and cash equivalents
|
772 | (310 | ) | |||||
Net decrease in cash and cash equivalents
|
(269,638 | ) | (9,436 | ) | ||||
Cash and cash equivalents at beginning of period
|
532,569 | 694,438 | ||||||
Cash and cash equivalents at end of period
|
$ | 262,931 | $ | 685,002 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest - net of amount capitalized
|
$ | 138,217 | $ | 134,655 | ||||
Income taxes
|
$ | 12,341 | $ | 35,992 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
ASSETS
|
||||||||
March 31, 2013 and December 31, 2012
|
||||||||
(Unaudited)
|
||||||||
2013
|
2012
|
|||||||
(In Thousands)
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash
|
$ | 66,114 | $ | 112,992 | ||||
Temporary cash investments
|
196,817 | 419,577 | ||||||
Total cash and cash equivalents
|
262,931 | 532,569 | ||||||
Securitization recovery trust account
|
44,438 | 46,040 | ||||||
Accounts receivable:
|
||||||||
Customer
|
636,694 | 568,871 | ||||||
Allowance for doubtful accounts
|
(32,122 | ) | (31,956 | ) | ||||
Other
|
157,978 | 161,408 | ||||||
Accrued unbilled revenues
|
269,010 | 303,392 | ||||||
Total accounts receivable
|
1,031,560 | 1,001,715 | ||||||
Deferred fuel costs
|
83,758 | 150,363 | ||||||
Accumulated deferred income taxes
|
192,816 | 306,902 | ||||||
Fuel inventory - at average cost
|
218,978 | 213,831 | ||||||
Materials and supplies - at average cost
|
928,103 | 928,530 | ||||||
Deferred nuclear refueling outage costs
|
318,024 | 243,374 | ||||||
System agreement cost equalization
|
16,880 | 16,880 | ||||||
Prepayments and other
|
225,385 | 242,922 | ||||||
TOTAL
|
3,322,873 | 3,683,126 | ||||||
OTHER PROPERTY AND INVESTMENTS
|
||||||||
Investment in affiliates - at equity
|
45,977 | 46,738 | ||||||
Decommissioning trust funds
|
4,452,707 | 4,190,108 | ||||||
Non-utility property - at cost (less accumulated depreciation)
|
260,068 | 256,039 | ||||||
Other
|
188,473 | 436,234 | ||||||
TOTAL
|
4,947,225 | 4,929,119 | ||||||
PROPERTY, PLANT AND EQUIPMENT
|
||||||||
Electric
|
42,064,616 | 41,944,567 | ||||||
Property under capital lease
|
934,495 | 935,199 | ||||||
Natural gas
|
356,988 | 353,492 | ||||||
Construction work in progress
|
1,413,897 | 1,365,699 | ||||||
Nuclear fuel
|
1,607,352 | 1,598,430 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT
|
46,377,348 | 46,197,387 | ||||||
Less - accumulated depreciation and amortization
|
19,067,907 | 18,898,842 | ||||||
PROPERTY, PLANT AND EQUIPMENT - NET
|
27,309,441 | 27,298,545 | ||||||
DEFERRED DEBITS AND OTHER ASSETS
|
||||||||
Regulatory assets:
|
||||||||
Regulatory asset for income taxes - net
|
752,696 | 742,030 | ||||||
Other regulatory assets (includes securitization property of
|
||||||||
$894,330 as of March 31, 2013 and $914,751 as of
|
||||||||
December 31, 2012)
|
4,860,886 | 5,025,912 | ||||||
Deferred fuel costs
|
172,202 | 172,202 | ||||||
Goodwill
|
377,172 | 377,172 | ||||||
Accumulated deferred income taxes
|
66,833 | 37,748 | ||||||
Other
|
983,645 | 936,648 | ||||||
TOTAL
|
7,213,434 | 7,291,712 | ||||||
TOTAL ASSETS
|
$ | 42,792,973 | $ | 43,202,502 | ||||
See Notes to Financial Statements.
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
March 31, 2013 and December 31, 2012
|
||||||||
(Unaudited)
|
||||||||
2013
|
2012
|
|||||||
(In Thousands)
|
||||||||
CURRENT LIABILITIES
|
||||||||
Currently maturing long-term debt
|
$ | 630,622 | $ | 718,516 | ||||
Notes payable and commercial paper
|
1,073,888 | 796,002 | ||||||
Accounts payable
|
1,036,122 | 1,217,180 | ||||||
Customer deposits
|
361,299 | 359,078 | ||||||
Taxes accrued
|
298,071 | 333,719 | ||||||
Accumulated deferred income taxes
|
15,004 | 13,109 | ||||||
Interest accrued
|
154,095 | 184,664 | ||||||
Deferred fuel costs
|
27,684 | 96,439 | ||||||
Obligations under capital leases
|
3,495 | 3,880 | ||||||
Pension and other postretirement liabilities
|
97,404 | 95,900 | ||||||
System agreement cost equalization
|
16,880 | 25,848 | ||||||
Other
|
181,856 | 261,986 | ||||||
TOTAL
|
3,896,420 | 4,106,321 | ||||||
NON-CURRENT LIABILITIES
|
||||||||
Accumulated deferred income taxes and taxes accrued
|
8,348,976 | 8,311,756 | ||||||
Accumulated deferred investment tax credits
|
270,912 | 273,696 | ||||||
Obligations under capital leases
|
33,976 | 34,541 | ||||||
Other regulatory liabilities
|
1,046,106 | 898,614 | ||||||
Decommissioning and asset retirement cost liabilities
|
3,525,687 | 3,513,634 | ||||||
Accumulated provisions
|
116,542 | 362,226 | ||||||
Pension and other postretirement liabilities
|
3,757,078 | 3,725,886 | ||||||
Long-term debt (includes securitization bonds of $951,520 as of
|
||||||||
March 31, 2013 and $973,480 as of December 31, 2012)
|
11,729,134 | 11,920,318 | ||||||
Other
|
574,555 | 577,910 | ||||||
TOTAL
|
29,402,966 | 29,618,581 | ||||||
Commitments and Contingencies
|
||||||||
Subsidiaries' preferred stock without sinking fund
|
186,511 | 186,511 | ||||||
EQUITY
|
||||||||
Common Shareholders' Equity:
|
||||||||
Common stock, $.01 par value, authorized 500,000,000 shares;
|
||||||||
issued 254,752,788 shares in 2013 and in 2012
|
2,548 | 2,548 | ||||||
Paid-in capital
|
5,349,885 | 5,357,852 | ||||||
Retained earnings
|
9,718,171 | 9,704,591 | ||||||
Accumulated other comprehensive loss
|
(303,658 | ) | (293,083 | ) | ||||
Less - treasury stock, at cost (76,656,819 shares in 2013 and
|
||||||||
76,945,239 shares in 2012)
|
5,553,870 | 5,574,819 | ||||||
Total common shareholders' equity
|
9,213,076 | 9,197,089 | ||||||
Subsidiaries' preferred stock without sinking fund
|
94,000 | 94,000 | ||||||
TOTAL
|
9,307,076 | 9,291,089 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 42,792,973 | $ | 43,202,502 | ||||
See Notes to Financial Statements.
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 and 2012
|
||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
Common Shareholders' Equity
|
||||||||||||||||||||||||||||
Subsidiaries'
Preferred Stock
|
Common Stock
|
Treasury Stock
|
Paid-in Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
||||||||||||||||||||||
(In Thousands)
|
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Balance at December 31, 2011
|
$ | 94,000 | $ | 2,548 | $ | (5,680,468 | ) | $ | 5,360,682 | $ | 9,446,960 | $ | (168,452 | ) | $ | 9,055,270 | ||||||||||||
Consolidated net income (loss) (a)
|
4,943 | - | - | - | (151,683 | ) | - | (146,740 | ) | |||||||||||||||||||
Other comprehensive income
|
- | - | - | - | - | 202,119 | 202,119 | |||||||||||||||||||||
Common stock issuances related to stock plans
|
- | - | 57,995 | (8,426 | ) | - | - | 49,569 | ||||||||||||||||||||
Common stock dividends declared
|
- | - | - | - | (147,015 | ) | - | (147,015 | ) | |||||||||||||||||||
Preferred dividend requirements of subsidiaries (a)
|
(4,943 | ) | - | - | - | - | - | (4,943 | ) | |||||||||||||||||||
Balance at March 31, 2012
|
$ | 94,000 | $ | 2,548 | $ | (5,622,473 | ) | $ | 5,352,256 | $ | 9,148,262 | $ | 33,667 | $ | 9,008,260 | |||||||||||||
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)
|
5,582 | - | - | - | 161,400 | - | 166,982 | |||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | - | (10,575 | ) | (10,575 | ) | |||||||||||||||||||
Common stock issuances related to stock plans
|
- | - | 20,949 | (7,967 | ) | - | - | 12,982 | ||||||||||||||||||||
Common stock dividends declared
|
- | - | - | - | (147,820 | ) | - | (147,820 | ) | |||||||||||||||||||
Preferred dividend requirements of subsidiaries (a)
|
(5,582 | ) | - | - | - | - | - | (5,582 | ) | |||||||||||||||||||
Balance at March 31, 2013
|
$ | 94,000 | $ | 2,548 | $ | (5,553,870 | ) | $ | 5,349,885 | $ | 9,718,171 | $ | (303,658 | ) | $ | 9,307,076 | ||||||||||||
See Notes to Financial Statements.
|
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(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2013 and 2012 include $3.9 million and $3.3 million, respectively, of preferred dividends on subsidiaries' preferred stock without sinking fund that is not presented within equity.
|
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SELECTED OPERATING RESULTS
|
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For the Three Months Ended March 31, 2013 and 2012
|
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(Unaudited)
|
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Increase/
|
||||||||||||||||
Description
|
2013
|
2012
|
(Decrease)
|
%
|
||||||||||||
(Dollars in Millions)
|
||||||||||||||||
Utility Electric Operating Revenues:
|
||||||||||||||||
Residential
|
$ | 751 | $ | 670 | $ | 81 | 12 | |||||||||
Commercial
|
523 | 503 | 20 | 4 | ||||||||||||
Industrial
|
544 | 489 | 55 | 11 | ||||||||||||
Governmental
|
52 | 48 | 4 | 8 | ||||||||||||
Total retail
|
1,870 | 1,710 | 160 | 9 | ||||||||||||
Sales for resale
|
52 | 39 | 13 | 33 | ||||||||||||
Other
|
27 | 36 | (9 | ) | (25 | ) | ||||||||||
Total
|
$ | 1,949 | $ | 1,785 | $ | 164 | 9 | |||||||||
Utility Billed Electric Energy
|