Long - Term Debt

12 Months Ended

Dec. 31, 2014

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy Arkansas [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy Gulf States Louisiana [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy Louisiana [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy Mississippi [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy New Orleans [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

Entergy Texas [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.

System Energy [Member]

Long - Term Debt

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2014 and 2013 consisted of:

Type of Debt and Maturity	Weighted Average Interest Rate December 31, 2014	Interest Rate Ranges at December 31,		Outstanding at December 31,
		2014	2013	2014			2013
				(In Thousands)
Mortgage Bonds
2014-2019	6.49%	3.25%-7.13%	1.88%-7.13%		$1,650,000			$2,110,000
2020-2024	4.18%	3.05%-5.60%	3.05%-5.60%	3,483,303			3,008,363
2025-2029	4.54%	3.78%-5.66%	4.44%-5.66%	762,859			462,914
2032-2039	6.16%	5.90%-6.38%	5.90%-7.88%	660,000			980,000
2040-2064	5.28%	4.70%-6.20%	4.70%-6.20%	2,215,000			1,410,000
Governmental Bonds (a)
2015-2017	1.75%	1.55%-2.88%	1.55%-2.88%	86,655			86,655
2021-2022	5.31%	2.375%-5.88%	2.375%-5.88%	291,000			291,000
2028-2030	5.00%	5.00%	5.00%	198,680			198,680
Securitization Bonds
2016-2023	3.88%	2.04%-5.93%	2.04%-5.93%	785,059			883,243
Variable Interest Entities Notes Payable (Note 4)
2014-2021	3.53%	2.62%-5.33%	1.38%-5.69%	630,000			634,800
Entergy Corporation Notes
due September 2015	n/a	3.625%	3.625%	550,000			550,000
due January 2017	n/a	4.70%	4.70%	500,000			500,000
due September 2020	n/a	5.125%	5.125%	450,000			450,000
Note Payable to NYPA	(b)	(b)	(b)	79,638			95,011
5 Year Credit Facility (Note 4)	n/a	1.93%	1.96%	695,000			255,000
Long-term DOE Obligation (c)	—	—	—	181,329			181,253
Waterford 3 Lease Obligation (d)	n/a	7.45%	7.45%	128,488			148,716
Grand Gulf Lease Obligation (d)	n/a	5.13%	5.13%	50,671			97,414
Term Loan - Entergy Arkansas	n/a	—	1.13%	—			250,000
Unamortized Premium and Discount - Net				(12,529		)	(11,172		)
Other				14,331			14,367
Total Long-Term Debt				13,399,484			12,596,244
Less Amount Due Within One Year				899,375			457,095
Long-Term Debt Excluding Amount Due Within One Year					$12,500,109			$12,139,149
Fair Value of Long-Term Debt (e)					$13,607,242			$12,439,785

(a) Consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds.

(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.

(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(d) See Note 10 to the financial statements for further discussion of the Waterford 3 and Grand Gulf lease obligations.

(e) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy, long-term DOE obligations of $181 million at Entergy Arkansas, and the note payable to NYPA of $80 million at Entergy, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Amount
	(In Thousands)
2015		$310,566
2016		$765,821
2017		$266,801
2018		$1,336,396
2019		$1,492,107

In November 2000, Entergy’s non-utility nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.  Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.  These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.  In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 in 2001 resulted in Entergy becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.  This liability was recorded upon the purchase of Indian Point 2 in September 2001. In July 2003 a payment of $102 million was made prior to maturity on the note payable to NYPA.  Under a provision in a letter of credit supporting these notes, if certain of the Utility operating companies or System Energy were to default on other indebtedness, Entergy could be required to post collateral to support the letter of credit.

Entergy Gulf States Louisiana, Entergy Louisiana, Entergy Mississippi, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through October 2015.  Entergy Arkansas has obtained long-term financing authorization from the APSC that extends through December 2015.  Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through July 2016.

Capital Funds Agreement

Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:

• maintain System Energy’s equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);

• permit the continued commercial operation of Grand Gulf;

• pay in full all System Energy indebtedness for borrowed money when due; and

• enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy’s rights in the agreement as security for the specific debt.

Long-term debt for the Registrant Subsidiaries as of December 31, 2014 and 2013 consisted of:

	2014			2013
	(In Thousands)
Entergy Arkansas
Mortgage Bonds:
5.0% Series due July 2018		$—			$115,000
3.75% Series due February 2021	350,000			350,000
3.05% Series due June 2023	250,000			250,000
3.7% Series due June 2024	375,000			—
5.66% Series due February 2025	175,000			175,000
5.9% Series due June 2033	100,000			100,000
6.38% Series due November 2034	60,000			60,000
5.75% Series due November 2040	225,000			225,000
4.95% Series due December 2044	250,000			—
4.9% Series due December 2052	200,000			200,000
4.75% Series due June 2063	125,000			125,000
Total mortgage bonds	2,110,000			1,600,000
Governmental Bonds (a):
1.55% Series due 2017, Jefferson County (d)	54,700			54,700
2.375% Series due 2021, Independence County (d)	45,000			45,000
Total governmental bonds	99,700			99,700
Variable Interest Entity Notes Payable (Note 4):
5.69% Series I due July 2014	—			70,000
3.23% Series J due July 2016	55,000			55,000
2.62% Series K due December 2017	60,000			60,000
3.65% Series L due July 2021	90,000			—
Total variable interest entity notes payable	205,000			185,000
Securitization Bonds:
2.30% Series Senior Secured due August 2021	76,185			88,986
Total securitization bonds	76,185			88,986
Other:
Long-term DOE Obligation (b)	181,329			181,253
Term Loan due January 2015, weighted avg rate 1.13%	—			250,000
Unamortized Premium and Discount – Net	(2,960		)	(1,242		)
Other	2,089			2,105
Total Long-Term Debt	2,671,343			2,405,802
Less Amount Due Within One Year	—			70,000
Long-Term Debt Excluding Amount Due Within One Year		$2,671,343			$2,335,802
Fair Value of Long-Term Debt (c)		$2,517,633			$2,142,527

	2014			2013
	(In Thousands)
Entergy Gulf States Louisiana
Mortgage Bonds:
6.0% Series due May 2018		$375,000			$375,000
3.95% Series due October 2020	250,000			250,000
5.59% Series due October 2024	300,000			300,000
3.78% Series due April 2025	110,000			—
6.2% Series due July 2033	240,000			240,000
6.18% Series due March 2035	85,000			85,000
Total mortgage bonds	1,360,000			1,250,000
Governmental Bonds (a):
2.875% Series due 2015, Louisiana Public Facilities Authority (d)	31,955			31,955
5.0% Series due 2028, Louisiana Public Facilities Authority (d)	83,680			83,680
Total governmental bonds	115,635			115,635
Variable Interest Entity Notes Payable (Note 4):
3.25% Series Q due July 2017	75,000			75,000
3.38% Series R due August 2020	70,000			70,000
Credit Facility due June 2016, weighted avg rate 1.38%	—			14,800
Total variable interest entity notes payable	145,000			159,800
Other:
Unamortized Premium and Discount – Net	(1,422		)	(1,574		)
Other	3,604			3,604
Total Long-Term Debt	1,622,817			1,527,465
Less Amount Due Within One Year	31,955			—
Long-Term Debt Excluding Amount Due Within One Year		$1,590,862			$1,527,465
Fair Value of Long-Term Debt (c)		$1,743,143			$1,631,308

	2014			2013
	(In Thousands)
Entergy Louisiana
Mortgage Bonds:
1.875% Series due December 2014		$—			$250,000
6.50% Series due September 2018	300,000			300,000
4.8% Series due May 2021	200,000			200,000
3.3% Series due December 2022	200,000			200,000
4.05% Series due September 2023	325,000			325,000
5.40% Series due November 2024	400,000			400,000
3.78% Series due April 2025	190,000			—
4.44% Series due January 2026	250,000			250,000
6.4% Series due October 2034	—			70,000
6.3% Series due September 2035	—			100,000
6.0% Series due March 2040	150,000			150,000
5.875% Series due June 2041	150,000			150,000
5.0% Series due July 2044	170,000			—
4.95% Series due January 2045	250,000			—
5.25% Series due July 2052	200,000			200,000
4.7% Series due June 2063	100,000			100,000
Total mortgage bonds	2,885,000			2,695,000
Governmental Bonds (a):
5.0% Series due 2030, Louisiana Public Facilities Authority (d)	115,000			115,000
Total governmental bonds	115,000			115,000
Variable Interest Entity Notes Payable (Note 4):
5.69% Series E due July 2014	—			50,000
3.30% Series F due March 2016	20,000			20,000
3.25% Series G due July 2017	25,000			25,000
3.92% Series H due February 2021	40,000			—
Total variable interest entity notes payable	85,000			95,000
Securitization Bonds:
2.04% Series Senior Secured due June 2021	143,064			164,993
Total securitization bonds	143,064			164,993
Other:
Waterford 3 Lease Obligation 7.45% (Note 10)	128,488			148,716
Unamortized Premium and Discount - Net	(3,719		)	(2,962		)
Other	3,746			3,769
Total Long-Term Debt	3,356,579			3,219,516
Less Amount Due Within One Year	19,525			320,231
Long-Term Debt Excluding Amount Due Within One Year		$3,337,054			$2,899,285
Fair Value of Long-Term Debt (c)		$3,447,404			$3,148,877

	2014			2013
	(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due June 2016		$125,000			$125,000
4.95% Series due June 2018	—			95,000
6.64% Series due July 2019	150,000			150,000
3.1% Series due July 2023	250,000			250,000
3.75% Series due July 2024	100,000			—
6.0% Series due November 2032	75,000			75,000
6.25% Series due April 2034	100,000			100,000
6.20% Series due April 2040	80,000			80,000
6.0% Series due May 2051	150,000			150,000
Total mortgage bonds	1,030,000			1,025,000
Governmental Bonds (a):
4.90% Series due 2022, Independence County (d)	30,000			30,000
Total governmental bonds	30,000			30,000
Other:
Unamortized Premium and Discount – Net	(1,162		)	(1,330		)
Total Long-Term Debt	1,058,838			1,053,670
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$1,058,838			$1,053,670
Fair Value of Long-Term Debt (c)		$1,102,741			$1,067,006

	2014			2013
	(In Thousands)
Entergy New Orleans
Mortgage Bonds:
5.10% Series due December 2020		$25,000			$25,000
3.9% Series due July 2023	100,000			100,000
5.6% Series due September 2024	33,303			33,363
5.65% Series due September 2029	37,859			37,914
5.0% Series due December 2052	30,000			30,000
Total mortgage bonds	226,162			226,277
Other:
Unamortized Premium and Discount – Net	(296		)	(333		)
Total Long-Term Debt	225,866			225,944
Less Amount Due Within One Year	—			—
Long-Term Debt Excluding Amount Due Within One Year		$225,866			$225,944
Fair Value of Long-Term Debt (c)		$226,349			$217,692

	2014			2013
	(In Thousands)
Entergy Texas
Mortgage Bonds:
3.60% Series due June 2015		$200,000			$200,000
7.125% Series due February 2019	500,000			500,000
4.1% Series due September 2021	75,000			75,000
7.875% Series due June 2039	—			150,000
5.625% Series due June 2064	135,000			—
Total mortgage bonds	910,000			925,000
Securitization Bonds:
2.12% Series Senior Secured, Series A due February 2016	13,816			54,047
5.79% Series Senior Secured, Series A due October 2018	74,194			97,414
3.65% Series Senior Secured, Series A due August 2019	144,800			144,800
5.93% Series Senior Secured, Series A due June 2022	114,400			114,400
4.38% Series Senior Secured, Series A due November 2023	218,600			218,600
Total securitization bonds	565,810			629,261
Other:
Unamortized Premium and Discount - Net	(1,769		)	(2,211		)
Other	4,890			4,889
Total Long-Term Debt	1,478,931			1,556,939
Less Amount Due Within One Year	200,000			—
Long-Term Debt Excluding Amount Due Within One Year		$1,278,931			$1,556,939
Fair Value of Long-Term Debt (c)		$1,629,124			$1,726,623

	2014			2013
	(In Thousands)
System Energy
Mortgage Bonds:
4.1% Series due April 2023		$250,000			$250,000
Total mortgage bonds	250,000			250,000
Governmental Bonds (a):
5.875% Series due 2022, Mississippi Business Finance Corp.	216,000			216,000
Total governmental bonds	216,000			216,000
Variable Interest Entity Notes Payable (Note 4):
5.33% Series G due April 2015	60,000			60,000
4.02% Series H due February 2017	50,000			50,000
3.78% Series I due October 2018	85,000			85,000
Total variable interest entity notes payable	195,000			195,000
Other:
Grand Gulf Lease Obligation 5.13% (Note 10)	50,671			97,414
Unamortized Premium and Discount – Net	(867		)	(981		)
Other	2			3
Total Long-Term Debt	710,806			757,436
Less Amount Due Within One Year	76,310			48,653
Long-Term Debt Excluding Amount Due Within One Year		$634,496			$708,783
Fair Value of Long-Term Debt (c)		$677,475			$664,890

(a) Consists of pollution control revenue bonds and environmental revenue bonds.

(b) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(c) The fair value excludes lease obligations of $128 million at Entergy Louisiana and $51 million at System Energy and long-term DOE obligations of $181 million at Entergy Arkansas, and includes debt due within one year.  Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.

(d) The bonds are secured by a series of collateral first mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2014, for the next five years are as follows:

	Entergy Arkansas		Entergy Gulf States Louisiana		Entergy Louisiana		Entergy Mississippi		Entergy New Orleans		Entergy Texas		System Energy
2015		$—		$31,955		$—		$—		$—		$200,000		$60,000
2016		$55,000		$—		$20,000		$125,000		$—		$13,816		$—
2017		$114,700		$75,000		$25,000		$—		$—		$—		$50,000
2018		$—		$375,000		$300,000		$—		$—		$74,194		$85,000
2019		$—		$—		$—		$150,000		$—		$644,800		$—

Entergy Arkansas Securitization Bonds

In June 2010 the APSC issued a financing order authorizing the issuance of bonds to recover Entergy Arkansas’s January 2009 ice storm damage restoration costs, including carrying costs of $11.5 million and $4.6 million of up-front financing costs.  In August 2010, Entergy Arkansas Restoration Funding, LLC, a company wholly-owned and consolidated by Entergy Arkansas, issued $124.1 million of storm cost recovery bonds.  The bonds have a coupon of 2.30% and an expected maturity date of August 2021.  Although the principal amount is not due until the date given above, Entergy Arkansas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $13.2 million for 2015, $13.4 million for 2016, $13.8 million for 2017, $14.1 million for 2018, and $14.4 million for 2019.  With the proceeds, Entergy Arkansas Restoration Funding purchased from Entergy Arkansas the storm recovery property, which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds.  The storm recovery property is reflected as a regulatory asset on the consolidated Entergy Arkansas balance sheet.  The creditors of Entergy Arkansas do not have recourse to the assets or revenues of Entergy Arkansas Restoration Funding, including the storm recovery property, and the creditors of Entergy Arkansas Restoration Funding do not have recourse to the assets or revenues of Entergy Arkansas.  Entergy Arkansas has no payment obligations to Entergy Arkansas Restoration Funding except to remit storm recovery charge collections.

Entergy Louisiana Securitization Bonds – Little Gypsy

In August 2011 the LPSC issued a financing order authorizing the issuance of bonds to recover Entergy Louisiana’s investment recovery costs associated with the cancelled Little Gypsy repowering project.  In September 2011, Entergy Louisiana Investment Recovery Funding I, L.L.C., a company wholly-owned and consolidated by Entergy Louisiana, issued $207.2 million of senior secured investment recovery bonds.  The bonds have an interest rate of 2.04% and an expected maturity date of June 2021.  Although the principal amount is not due until the date given above, Entergy Louisiana Investment Recovery Funding expects to make principal payments on the bonds over the next five years in the amounts of $20.5 million for 2015, $21.6 million for 2016, $21.7 million for 2017, $22.3 million for 2018, and $22.7 million for 2019.  With the proceeds, Entergy Louisiana Investment Recovery Funding purchased from Entergy Louisiana the investment recovery property, which is the right to recover from customers through an investment recovery charge amounts sufficient to service the bonds.  In accordance with the financing order, Entergy Louisiana will apply the proceeds it received from the sale of the investment recovery property as a reimbursement for previously-incurred investment recovery costs.  The investment recovery property is reflected as a regulatory asset on the consolidated Entergy Louisiana balance sheet.  The creditors of Entergy Louisiana do not have recourse to the assets or revenues of Entergy Louisiana Investment Recovery Funding, including the investment recovery property, and the creditors of Entergy Louisiana Investment Recovery Funding do not have recourse to the assets or revenues of Entergy Louisiana.  Entergy Louisiana has no payment obligations to Entergy Louisiana Investment Recovery Funding except to remit investment recovery charge collections.

Entergy Texas Securitization Bonds - Hurricane Rita

In April 2007 the PUCT issued a financing order authorizing the issuance of securitization bonds to recover $353 million of Entergy Texas’s Hurricane Rita reconstruction costs and up to $6 million of transaction costs, offset by $32 million of related deferred income tax benefits.  In June 2007, Entergy Gulf States Reconstruction Funding I, LLC, a company that is now wholly-owned and consolidated by Entergy Texas, issued $329.5 million of senior secured transition bonds (securitization bonds) as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds, Series A:
Tranche A-1 (5.51%) due October 2013		$93,500
Tranche A-2 (5.79%) due October 2018	121,600
Tranche A-3 (5.93%) due June 2022	114,400
Total senior secured transition bonds		$329,500

Although the principal amount of each tranche is not due until the dates given above, Entergy Gulf States Reconstruction Funding expects to make principal payments on the bonds over the next five years in the amounts of $24.6 million for 2015, $26 million for 2016, $27.6 million for 2017, $29.2 million for 2018, and $30.9 million for 2019.  All of the scheduled principal payments for 2015-2016 are for Tranche A-2, $23.6 million of the scheduled principal payments for 2017 are for Tranche A-2 and $4 million of the scheduled principal payments for 2017 are for Tranche A-3. All of the scheduled principal payments for 2018-2019 are for Tranche A-3.

With the proceeds, Entergy Gulf States Reconstruction Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Gulf States Reconstruction Funding, including the transition property, and the creditors of Entergy Gulf States Reconstruction Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Gulf States Reconstruction Funding except to remit transition charge collections.

Entergy Texas Securitization Bonds - Hurricane Ike and Hurricane Gustav

In September 2009 the PUCT authorized the issuance of securitization bonds to recover $566.4 million of Entergy Texas’s Hurricane Ike and Hurricane Gustav restoration costs, plus carrying costs and transaction costs, offset by insurance proceeds.  In November 2009, Entergy Texas Restoration Funding, LLC (Entergy Texas Restoration Funding), a company wholly-owned and consolidated by Entergy Texas, issued $545.9 million of senior secured transition bonds (securitization bonds), as follows:

	Amount
	(In Thousands)
Senior Secured Transition Bonds
Tranche A-1 (2.12%) due February 2016		$182,500
Tranche A-2 (3.65%) due August 2019	144,800
Tranche A-3 (4.38%) due November 2023	218,600
Total senior secured transition bonds		$545,900

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding expects to make principal payments on the bonds over the next five years in the amount of $41.2 million for 2015, $42.6 million for 2016, $44.1 million for 2017, $45.8 million for 2018, and $47.6 million for 2019.  A total of $13.8 million of the scheduled principal payments for 2015 are for Tranche A-1 and $27.4 million are for Tranche A-2. All of the scheduled principal payments for 2016-2017 are for Tranche A-2, $30.8 million of the scheduled principal payments for 2018 are for Tranche A-2 and $15 million are for Tranche A-3. All of the scheduled principle payments for 2019 are for Tranche A-3.

With the proceeds, Entergy Texas Restoration Funding purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds.  The transition property is reflected as a regulatory asset on the consolidated Entergy Texas balance sheet.  The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding, including the transition property, and the creditors of Entergy Texas Restoration Funding do not have recourse to the assets or revenues of Entergy Texas.  Entergy Texas has no payment obligations to Entergy Texas Restoration Funding except to remit transition charge collections.