NEW ORLEANS - Entergy Corporation today issued 2010 earnings guidance assuming a business as usual operation for the full year, as well as post-spin financial outlooks for Entergy and Enexus Energy Corporation. In addition, Entergy outlined its preliminary three-year capital expenditure plan for the period 2010 through 2012.

"We continue to take the actions necessary to complete the planned non-utility nuclear spin-off," said J. Wayne Leonard, Entergy's chairman and chief executive officer. "With line of sight on ultimate resolution in 2010, the Entergy Board of Directors has granted authority for an additional $750 million share repurchase program, following completion of an initial $500 million authorization in third quarter 2009. While it is expected the additional share repurchases under the new authorization will occur following spin-off completion in the near-term, consistent with the $500 million authorization, the incremental $750 million of share repurchase capacity is supported by the underlying business operations whether or not the spin-off transaction is completed."

An illustrative 2010 post-spin financial outlook for Entergy and Enexus is summarized in Table 3 below. While the final spin date is not yet known with certainty, for simplicity the 2010 outlook assumes a January 1, 2010 effective date.

The illustrative view begins with 2010 Operational Earnings per Share Guidance on a business as usual basis. Post-spin results are derived in two stages, i.e., (1) separate and (2) recapitalize.

The separation stage includes adjustments to:

1. Eliminate the effect of the business as usual 2010 share repurchase program
2. Incorporate the effect of certain adjustments to properly reflect the starting point for stand-alone operations
3. Incorporate the effect of spin-off dis-synergies in ongoing operational results
4. Incorporate the effect of the EquaGen joint venture arrangement

The recapitalization stage includes adjustments to:

1. Incorporate the effect of Enexus net financing activity
2. Incorporate the effect of Entergy recapitalization - debt reduction and execution of share repurchase and exchange programs

Key assumptions supporting the 2010 illustrative post-spin financial outlook are as follows:

• Spin-off dis-synergies are assumed for both Entergy and Enexus
• EquaGen adjustment reflects the non-controlling interest in the earnings of EquaGen attributable to Entergy's 50% joint venture ownership share
• Enexus net financing assumes $3.5 billion in long-term unsecured bonds and $0.5 billion in other debt securities at an assumed rate of 9.0%; proceeds from the $500 million other debt securities (to be used to provide cash collateral as credit support) are invested at an assumed average interest rate of 2.5%
• Entergy debt reduction assumes a debt exchange of $2.0 billion at a 2% average interest rate
• Entergy share repurchase and exchange programs assume an equivalent amount of $2.5 billion of Entergy shares are retired, with approximately $1.5 billion through share repurchases and the balance through the exchange process
• Share repurchases: $0.5 billion were completed in third quarter 2009; the balance is expected to be completed in 2010 post spin-off, of which $0.75 billion has been authorized by the Entergy Board of Directors with the remaining amount expected to be authorized at the time of the spin-off
• Exchange program: 19.9% of Enexus shares outstanding are expected to be exchanged for an equivalent amount of Entergy shares during the exchange window of up to 18 months from spin-off
• Enexus assumes up to $250 million in share repurchases for 2010, subject to authorization from its Board of Directors

Combined earnings post-spin are projected to be accretive beginning in 2013. The post-spin opportunities could unlock as much as $2 billion of investment capacity, with the amount expected to increase over time widening the post-spin accretive effect. Figure 1 below illustrates these opportunities.

Growing earnings:

• Entergy: Double digit compound annual earnings per share growth over the 2009-2014 horizon.
• Enexus: Earnings growth achieved by realizing $2.0 billion of Adjusted EBITDA in 2014 and / or through share repurchases. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, income taxes, depreciation and amortization and interest and dividend income, excluding decommissioning expense and other than temporary impairment losses on decommissioning trust fund assets. The Adjusted EBITDA aspiration is expected to be achieved from power price increases on open positions and / or deployment of capital resulting in additional EBITDA potential. In addition, Enexus anticipates periodic return of capital in the form of share repurchases, with current estimated Adjusted EBITDA levels supporting such distributions.

Capital deployment:

• Entergy: A balanced capital investment / return program. As outlined in the Preliminary 2010-2012 Capital Expenditures discussion below, Entergy sees continued productive investment opportunity at the Utility in the coming years. Entergy aspires to fund this capital program without issuing equity, while maintaining a competitive capital return program. Given the financial profile of its vertically integrated utility operation, dividends are expected to be the primary form of return of capital, with the aspiration to retain its current dividend level (even after the spin-off of a substantial business) while balancing future growth thereon with competing investment opportunities.
• Enexus: A balanced capital investment / return program. Enexus expects to generate ongoing free cash flow that can be used for debt repayment, investment and / or distributions through share repurchases. Given the financial profile of its merchant nuclear operation, share repurchases are expected to be the primary form of return of capital.

Credit quality and flexibility to manage risk and act on opportunities:

• Entergy: investment grade credit
• Enexus: BB / Ba range credit

2014 aspirations can be considered in association with financial sensitivities as shown in Table 4. These sensitivities illustrate the estimated change in aspiration resulting from changes in aspiration drivers. Estimated impacts shown in Table 4 are intended to be illustrative.

The preliminary capital plan from 2010 through 2012 anticipates $7.1 billion for investment, including $2.7 billion of maintenance capital, as shown in Figure 2. The remaining $4.4 billion is for specific investments (as well as other initiatives) such as:

• Utility: the Utility's portfolio transformation strategy including the Acadia Unit 2 purchase, the steam generator replacement at Entergy Louisiana's Waterford 3 nuclear unit, an approximate 178 MW uprate project at Grand Gulf, environmental compliance spending (i.e., spending for the installation of scrubbers and low NOx burners at Entergy Arkansas' White Bluff coal plant), transmission upgrades and spending to comply with revised NERC Transmission Planning rules and NRC security requirements.
• Entergy Nuclear: dry cask storage, nuclear license renewal efforts, component replacement across the fleet, NYPA value sharing, the Indian Point Independent Safety Evaluation and spending to comply with revised NRC security requirements.

The $0.7 billion increase in the preliminary three-year Utility capital plan above the prior 2009 through 2011 projections reflects the productive investment opportunities seen in generation and transmission projects. Entergy will provide 2010 through 2012 details on planned capital expenditures in its fourth quarter earnings release and the 2009 Form 10-K. Included below are preliminary estimates of projected capital expenditures by business segments and the major categories of investing capital included in these expenditures.

Entergy Corporation's common stock is listed on the New York and Chicago exchanges under the symbol "ETR".

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In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in (i) Entergy's Form 10-K for the year ended December 31, 2008, (ii) Entergy's Form 10-Q for the quarters ended March 31 and June 30, 2009, and (iii) Entergy's other reports and filings made under the Securities Exchange Act of 1934, (b) the uncertainties associated with efforts to remediate the effects of Hurricanes Gustav and Ike and the January 2009 Arkansas ice storm and recovery of costs associated with restoration, and (c) the following transactional factors (in addition to others described elsewhere in this news release and in subsequent securities filings): (i) risks inherent in the contemplated spin-off, joint venture and related transactions (including the level of debt to be incurred by Enexus Energy Corporation and the terms and costs related thereto), (ii) legislative and regulatory actions, and (iii) conditions of the capital markets during the periods covered by the forward-looking statements. Entergy cannot provide any assurances that the spin-off or any of the proposed transactions related thereto will be completed, nor can it give assurances as to the terms on which such transactions will be consummated. The transaction is subject to certain conditions precedent, including regulatory approvals and the final approval by the Board of Directors of Entergy.