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Entergy

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Entergy Corp.
Company typePublic
NYSE: ETR
S&P 500 Component
IndustryEnergy industry
Founded1913[1]
HeadquartersEntergy Tower
New Orleans, Louisiana, United States
Key people
Leo Denault (CEO)
ServicesElectricity (and natural gas in New Orleans and Baton Rouge)
RevenueUS$11.4 billion (2013)[2]
US$1.4 Billion (2013)
US$ 712 Million (2013)
Total assetsUS$43.4 Billion (2013)[3]
Total equityUS$9.7 Billion (2013)
Number of employees
14,000
Websitehttp://entergy.com

Entergy Corp. is an integrated energy company engaged primarily in electric power production and retail distribution operations in the Deep South of the United States. It is headquartered in the Central Business District of New Orleans, Louisiana.[4]

History

Entergy traces its history to November 13, 1913, with the formation of Arkansas Power Company. Founder Harvey C. Couch used sawdust from a lumber company to bring electricity to rural Arkansas. In the 1920s, Couch set his sights on buying electric companies in other states. In 1923, he merged four independent companies in Mississippi into Mississippi Power and Light. Two years later, he formed Louisiana Power and Light to provide power to his Mississippi customers from northern Louisiana's natural gas fields.[1]

Meanwhile, in 1922, Sidney Mitchel of Electric Bond and Share Company (EBASCO), a subsidiary of General Electric, had merged several competing electric utilities in New Orleans into New Orleans Public Service, an EBASCO subsidiary. Mitchel began turning his attention to other territories, and eventually began competing with Couch. The two men ultimately decided to merge their resources. In 1925, Electric Power and Light Corporation, an EBASCO subsidiary headquartered in New Orleans, was formed with Couch as its president. It was the parent company for Mississippi Power and Light, Louisiana Power and Light, New Orleans Public Service and Arkansas Power and Light.[1]

EBASCO was ordered dissolved in 1949 under the provisions of the Public Utility Holding Company Act. Mississippi Power and Light, Louisiana Power and Light, New Orleans Public Service and Arkansas Power and Light were deemed to be an integrated system, and were reorganized under the control of a new holding company, Middle South Utilities.[1] It changed its name to Entergy in 1989, and merged/bought Gulf States Utilities, based in Beaumont, Texas, as of 12:00 midnight, January 1, 1994.

Since its inception, Entergy has been headquartered in New Orleans. That city had also been home to Entergy's various corporate predecessors since 1925. After Hurricane Katrina hit the city of New Orleans in August 2005, Entergy temporarily relocated the 1,500 employees and contractors who worked at the headquarters to other cities, including Clinton, Mississippi, Little Rock, Arkansas, and The Woodlands, Texas. In April 2006, the company began moving back into its New Orleans headquarters.[5]

Subsidiaries

  • Entergy Arkansas (formerly Arkansas Power and Light Company (AP&L))
  • Entergy Gulf States Louisiana (formerly Gulf States Utilities (GSU))
  • Entergy Louisiana (formerly Louisiana Power and Light Company (LP&L))
  • Entergy New Orleans (formerly New Orleans Public Service, Inc. (NOPSI))
  • Entergy Nuclear
  • Entergy Mississippi (formerly Mississippi Power and Light Company (MP&L))
  • Entergy Texas (formerly Gulf States Utilities (GSU))

Former Subsidiary Company Logos

Louisiana Power and Light Company Logo Louisiana Power and Light Company [6]

NOPSI Logo ca. 1968New Orleans Public Service, Inc.[7]

Operations

Entergy's service territory includes the southeast corner of Louisiana and the cities of Lafayette and Baton Rouge, the eastern three-fourths of Arkansas and the western half of Mississippi. It also includes part of southeastern Texas, including the Beaumont-Port Arthur-Orange and Conroe-Woodlands-Kingwood areas.

A member of the Fortune 500, 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 after Exelon Corporation. It had annual revenues of more than $11 billion in 2010 and approximately 15,000 employees.[8]

Entergy's main operating segments consist of the U.S. utility segment and the non-utility nuclear segment. The U.S. utility segment provides retail electricity services to approximately 2.7 million customers in Arkansas, Louisiana, Mississippi, and Texas. The non-utility nuclear segment operates a total of ten nuclear power plants:

The company also announced that it plans to obtain a license for a new reactor at its River Bend site, although the company has not decided whether to build it. The company's nuclear division is headquartered in Jackson, Mississippi.

Entergy operates more than 41 plants using natural gas, nuclear, coal, oil and hydroelectric power with approximately 30,000 megawatts of electric generating capacity to serve its 2.7 million customers in the Gulf South.[10] Its extensive transmission system carries approximately 23,000 megawatts of power across more than 15,500 miles (24,900 km) of interconnected lines within a 112,000-square-mile (290,000 km2) area.[11]

Entergy is the only U.S. utility to make the Dow Jones Sustainability Index (DJSI) nine years in a row. The DJSI is a listing of the companies whose overall environmental, social and economic sustainability performance scores were in the top 10 percent for their sector.[12][13] Entergy was named in 2008 to Forbes list of America's Most Trustworthy Companies, a ranking based on corporate governance practices and accounting transparency.[14]

On February 24, 2010, the Vermont Senate voted to prevent the Vermont Public Service Board from issuing the necessary certificate that would allow for the Vermont Yankee plant [15] to have its license renewed for another 20 years. The vote will not affect current operation of the plant, and the issue could be revisited by the legislature in either a special session later in 2010 or in its next regular session in 2011.

Entergy-Texas operates as a wholly owned subsidiary. This was done to prepare the Texas side for de-regulation under Texas law but later Entergy notified the Texas PUC it would not be splitting the Texas side off as a de-regulated operation (to do so would cost billions). So the Texas side has remained connected to the rest of the Entergy network, though it has its own CEO and until 2012, was based where the former Gulf States Utilities was, in Beaumont, Texas. Entergy-Texas has moved to the rapidly developing area of The Woodlands, which is now larger population wise than the Beaumont area.

Paul Hinnenkamp was named Chief Operating Officer and senior vice president in November 2015. He replaced Mark Savoff, who announced his retirement a few months earlier.[16]

Public service

In 2010 Entergy and its charitable foundation awarded more than $16.3 million in grants to almost 3,000 nonprofit organizations. Entergy along with its employees and customers raised more than $2.3 million in local bill payment assistance funds in 2010. Entergy employees and retirees logged more than 68,000 volunteer hours in 2009.[17]

See also

References

  1. ^ a b c d Entergy Turns 100
  2. ^ Entergy (ETR) annual SEC income statement filing via Wikinvest
  3. ^ Entergy (ETR) annual SEC balance sheet filing via Wikinvest
  4. ^ "Entergy Corporation". NY Times. Retrieved 15 January 2016.
  5. ^ "Entergy Corporate Headquarters Return to New Orleans." Entergy. April 20, 2006. Retrieved on January 21, 2010.
  6. ^ This logo from approximately ca. 1968 to 1990 was used extensively in the LP&L operating area.
  7. ^ This logo was used by NOPSI until 1982, when transit assets were transferred to the New Orleans Regional Transit Authority (NORTA).
  8. ^ [1]
  9. ^ http://www.nytimes.com/2015/01/05/us/vermont-yankee-nuclear-plant-begins-slow-process-of-closing.html?mabReward=CTM
  10. ^ Entergy- Operations Information
  11. ^ Entergy- Transmission
  12. ^ Dow Jones Corporate Sustainability
  13. ^ Entergy's 2009 Sustainability Report
  14. ^ Forbes: Most Trustworthy Large-Cap Companies
  15. ^ http://www.safecleanreliable.com
  16. ^ "Entergy names Hinnenkamp as new COO". Electric Light & Power. Retrieved 9 November 2015.
  17. ^ Entergy Corporate and Foundation Giving
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