By | January 24, 2013 For Immediate Release | |||||
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LITTLE ROCK, Ark. - Entergy Arkansas has compiled preliminary damage estimates following the Christmas Day ice storm that gripped Central Arkansas and left more than 194,000 customers without power and caused extensive damage due to ice, snow and high wind.
Total restoration costs for the repair and/or replacement of Entergy Arkansas' electrical facilities in areas damaged from the winter storm are estimated to be $55 to $65 million. Entergy Arkansas plans to present a cost recovery proposal to the Arkansas Public Service Commission in a base rate case proceeding filing planned in March 2013.
Entergy Arkansas provides electricity to approximately 700,000 customers in 63 counties. Entergy Arkansas is a subsidiary of Entergy Corporation, which is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy Corporation''s utilities own and operate power plants with approximately 30,000 megawatts of electric generating capacity, including more than 10,000 megawatts of nuclear power, making it one of the nation''s leading nuclear generators. The Entergy utilities deliver electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy Corporation has annual revenues of more than $11 billion and approximately 15,000 employees.
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In this news release, and from time to time, Entergy Arkansas makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Except to the extent required by the federal securities laws, Entergy Arkansas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in: (i) Entergy Corporation and Subsidiaries' Form 10-K for the year ended December 31, 2011, (ii) Entergy Corporation and Subsidiaries' Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and (iii) Entergy Corporation and Subsidiaries' other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with rate proceedings, formula rate plans and other cost recovery mechanisms; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake and tsunami; (e) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy Corporation and Subsidiaries and its subsidiaries; (f) conditions in commodity and capital markets during the periods covered by the forward-looking statements, in addition to other factors described elsewhere in this release and subsequent securities filings and (g) risks inherent in the proposed spin-off and subsequent merger of Entergy Corporation's electric transmission business with a subsidiary of ITC Holdings Corp. Entergy Corporation cannot provide any assurances that the spin-off and merger transaction will be completed and cannot give any assurance as to the terms on which such transaction will be consummated. The spin-off and merger transaction is subject to certain conditions precedent, including regulatory approvals and approval by ITC Holdings Corp. shareholders.
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