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Entergy Corporation and Subsidiaries 2011
Entergy Corporation 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, and it is the second-largest
nuclear generator in the United States. Entergy delivers electricity to 2.8 million utility
customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of
more than $11 billion and approximately 15,000 employees.
2011 Change 2010 Change 2009
FINANCIAL RESULTS
(in millions, except percentages and per share amounts)
Operating revenues $11,229 (2.3%) $11,488 6.9% $10,746
Net income attributable to Entergy Corporation $ 1,346 7.7% $ 1,250 1.5% $ 1,231
Earnings per share
Basic $ 7.59 12.9% $ 6.72 5.2% $ 6.39
Diluted $ 7.55 13.4% $ 6.66 5.7% $ 6.30
Average shares outstanding
Basic 177.4 (4.6%) 186.0 (3.5%) 192.8
Diluted 178.4 (5.0%) 187.8 (4.1%) 195.8
Return on average common equity 15.4% 5.5% 14.6% (2.0%) 14.9%
Net cash flow provided by operating activities $ 3,129 (20.3%) $ 3,926 33.9% $ 2,933
UTILITY ELECTRIC OPERATING DATA
Retail kilowatt-hour sales (in millions) 108,688 1.1% 107,510 8.4% 99,148
Peak demand (in megawatts) 22,387 2.7% 21,799 3.8% 21,009
Retail customers – year-end (in thousands) 2,757 0.5% 2,743 0.9% 2,719
TOTAL EMPLOYEES – YEAR-END 14,682 (1.8%) 14,958 (1.5%) 15,181
HIGHLIGHTS
Contents
Letter to Our Stakeholders 2
Making Progress on Many Fronts 8
Our Point of View on Transmission 10
Entergy Corporation 12
Utility 16
Entergy Wholesale Commodities 20
Our 2011 Environmental Initiatives and
Point of View on Climate Change 24
Managing Future Change 28
Financial Review 29
Investor Information 111
Directors and Executive Officers 112
Additional Information and Where to Find It
ITC and Transco will file registration statements with the Securities and Exchange
Commission registering shares of ITC common stock and Transco common units to
be issued to Entergy shareholders in connection with the proposed transactions.
ITC will also file a proxy statement with the SEC that will be sent to the shareholders
of ITC. Entergy shareholders are urged to read the prospectus and/or information
statement that will be included in the registration statements and any other relevant
documents, because they contain important information about ITC, Transco and
the proposed transactions. ITC shareholders are urged to read the proxy statement
and any other relevant documents because they contain important information
about Transco and the proposed transactions. The proxy statement, prospectus and/or
information statement, and other documents relating to the proposed transactions
(when they are available) can be obtained free of charge from the SEC’s website at
www.sec.gov. The documents, when available, can also be obtained free of charge from
Entergy upon written request to Entergy Corporation, Investor Relations, P.O. Box 61000,
New Orleans, LA 70161 or by calling Entergy’s Investor Relations information line at
1-888-ENTERGY (368-3749), or from ITC upon written request to ITC Holdings Corp.,
Investor Relations, 27175 Energy Way, Novi, MI 48377 or by calling 248-946-3000.