Entergy earnings down for quarter, up for 2010

first_imgNorthstar Vermont Yankee,Entergy Corporation reported fourth quarter 2010 earnings of $1.26 per share on an as-reported basis, compared to the same period last year of $1.64. For year-end 2010, earnings were $6.66 versus $6.30 for 2009. Entergy is the parent company of the Vermont Yankee nuclear power plant in Vernon. SEE FULL REPORT HEREOperational Earnings Highlights for Fourth Quarter 2010â ¢ Utility results were lower due to an increase in non-fuel operation and maintenance expense.â ¢ Entergy Wholesale Commodities earnings decreased as a result of lower net revenue and a higher effective income tax rate, partially offset by a gain on sale of an investment.â ¢ Parent & Other results declined due to several individually insignificant items including higher interest expense.‘Once again our businesses delivered strong operational performance and for the sixth year in a row we achieved record operational earnings per share,’ said J. Wayne Leonard, Entergy’s chairman and chief executive officer. ‘Our efforts in 2010 have positioned us for future success. The Utility’s regulatory progress, including rate case settlements in Arkansas and Texas, and future opportunities for productive investments provide one of the best growth stories in the industry. The execution of the reorganization to establish Entergy Wholesale Commodities further enhances our focus on license renewal efforts. And as EWC faces challenging power markets, we are largely hedged in the upcoming years to provide certainty in a bearish environment.’Entergy’s business highlights include the following:â ¢ The Staff of the Nuclear Regulatory Commission issued its final supplemental environmental impact statement for Indian Point’s proposed 20-year license renewal, concluding that there are no environmental impacts that would preclude license renewal for an additional 20 years of operation.â ¢ The Public Utility Commission of Texas unanimously approved the Entergy Texas rate case settlement.â ¢ In January, Entergy Louisiana received the remaining regulatory approval from the Louisiana Public Service Commission for its proposed acquisition of the Acadia Unit 2 power plant paving the way for a first quarter 2011 closing.last_img

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