Clear Vision Clear Progress Earnings Teleconference 1 st Quarter - PowerPoint PPT Presentation

Clear Vision Clear Progress Earnings Teleconference 1 st Quarter 2016 April 26, 2016

Table of Contents Section Slides 2016 to do list 3 Quarterly results 4-9 2016 guidance and longer term financial outlooks 10-12 2016 Analyst Day 13 Appendix and Reg G Reconciliations Utility overview 16 Utility companies’ regulatory view 17-24 Generation projects 25-26 EWC overview 27 EWC supplemental information 28-29 Hedging and price disclosures 30-33 IPEC license renewal status 34 2016 guidance information 35-36 Cash and credit profile 37 2015 Integrated Report 38 Regulation G reconciliations 39-44 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 Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy’s 2016 earnings guidance, its current financial and operational outlook, and other statements of Entergy’s plans, beliefs or expectations included in this presentation. 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 are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this presentation and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning FitzPatrick, Pilgrim or VY or any of Entergy’s other nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized and (h) economic conditions and conditions in commodity and capital markets during the periods covered by the forward-looking statements. This presentation includes the non-GAAP financial measures of operational EPS, adjusted EPS, operational adjusted EBITDA, normalized ROE and credit metrics (parent debt to total debt, operational FFO to debt and debt to operational adjusted EBITDA) when describing Entergy’s results of operations and financial performance. We have prepared reconciliations of these financial measures to the most directly comparable GAAP measure. These reconciliations can be found on slides 6, 39-44. Further information can be found in Entergy’s investor earnings releases, which are posted on our website at www.entergy.com. 2

2016 To Do List Significant Developments 1 ( subject to change ) 1Q 2Q 3Q 4Q � Union acquisition • Generation resource • St. Charles Power • Annual dividend close bid selections Station LPSC order review � EAI rate case • ELL FRP filing • EAI forward test • Industrial expansion � Pilgrim refueling decision year FRP filing ramp up and/or in- � ETI DCRF decision decision* • Begin making service � ANO inspection • ETI TCRF decision staggered smart • MTEP 16 approval (pending) report meter regulatory � EMI forward-looking • 2016 Analyst Day filings, where FRP filing • Industrial expansion applicable � ANO NRC Column 4 ramp up and/or in- • System Agreement inspection service termination � FitzPatrick reliability • Industrial expansion analysis resolution ramp up and/or in- � Industrial expansion service ramp up and/or in- service* 1 Estimated timing for completion of key initiatives; subject to regulatory approvals or other requirements or factors that 3 could lead to changes * Reflects updates since April 11-12, 2016 Barclays conference handout

First Quarter EPS Comparison Consolidated EPS As-Reported Operational 1.68 1.65 1.35 1.28 1Q15 1Q15 1Q16 1Q16 Special Items in 1Q16 Special Items in 1Q15 Decisions to close VY, FitzPatrick and Pilgrim (0.07) Decision to close VY (0.03) Total (0.07) Total (0.03) 4 4

First Quarter Utility, Parent & Other EPS Contribution As-Reported EPS Operational Utility Utility, Parent & Other Parent & Other 1.24 1.24 1.09 1.09 0.97 0.97 0.84 0.84 (0.25) (0.25) (0.27) (0.27) 1Q15 1Q16 1Q15 1Q16 1Q15 1Q16 Performance Drivers • Higher effective income tax rate at Utility Partially offset by • Unfavorable effects of weather • EAI 2015 rate case • Charge resulting from the FERC orders on • Lower Utility non-fuel O&M expense opportunity sales cases • Industrial sales growth 5 5 See also Appendix B in the earnings release for a comprehensive analysis of quarterly EPS variances

First Quarter Utility, Parent & Other Adjusted EPS Utility, Parent & Other Adjusted EPS 1Q15 1Q16 As-Reported UP&O 0.97 0.84 Less: Special Items - - Weather 0.08 (0.14) Tax Items, net of sharing 0.13 0.03 Adjusted UP&O 1 0.76 0.95 1 Adjusted U/P&O includes a $(0.05) per share charge for the FERC’s recent opportunity sales decision and a $0.06 cost 6 deferral from EAI’s 2015 rate case decision

First Quarter Industrial Sales Industrial Quarter-over-Quarter Change; GWh 213 Overall, industrial sales volume increased 6.2% 649 436 quarter over quarter New/Expansions Existing Total Quarter Drivers Quarter-over-Quarter Vs. Expectations New/Expansions Projects continue to operate, Higher due to customers ramp up and come into service testing operational limits Petroleum Higher due to the timing and Higher due to the timing and Refiners size of outages/turnarounds size of outages/turnarounds 7 7

First Quarter EWC Results Comparison EWC Operational Adjusted EBITDA; $M EWC EPS As-Reported Operational 254 0.71 0.68 219 0.51 0.44 1Q15 1Q16 1Q15 1Q16 Performance Drivers Performance Drivers • Lower energy and capacity prices • Lower operational adjusted EBITDA • Lower interest and investment income Partially offset by Partially offset by • Lower fuel and refueling outage expenses • Lower depreciation expense as a result of as a result of impairments recorded in 2015 impairments recorded in 2015 8 8 See also Appendix B in the earnings release and slide 28 for a comprehensive analysis of quarterly EPS variances

First Quarter OCF Comparison OCF; $M OCF Contribution by Business; $M Business 1Q15 1Q16 Utility 454 459 Parent & Other (51) (62) 611 533 EWC 208 136 Total 611 533 1Q15 1Q16 Performance Drivers • Lower EWC net revenue 9 9

2016 Earnings Guidance Entergy affirmed its 2016 operational EPS guidance ranges 2016 Operational EPS Guidance 1 4.95-5.75 Range 5.35 Midpoint 4.20-4.50 Range 4.35 Midpoint Adjusted Utility, ETR Consolidated Parent & Other 10 10 10 1 Prepared February 2016

Utility, Parent & Other Financial Outlook Utility, Parent & Other Adjusted EPS 1 4.70-5.10 4.50-4.90 4.20-4.50 16E 17E 18E Guidance Midpoint Outlook Midpoint Outlook 11 11 11 1 Excluding special items and weather and normalizing tax items

EWC Operational Adjusted EBITDA Outlook Based on 3/31/16 market prices EWC Operational Adjusted EBITDA; $M VY, Pilgrim, ~110 ~55 FitzPatrick ~45 IPEC, Palisades, Cooper, Other 1 ~400 ~400 ~310 16E 17E 18E Estimate at 12/31/15 ~555 ~510 ~400 1 Includes Other operational adjusted EBITDA of ~$(10M)/year for 2016E-2018E primarily for ISO fees and other admin 12 12 12 costs at Entergy Nuclear Power Marketing and losses for the EWC non-nuclear assets based on March 31, 2016 prices

Save the Date 2016 Analyst Day Entergy Corporation’s 2016 Analyst Day When: June 9 th Where: New York City 13

Questions? 14

Appendix and Regulation G Reconciliations 15