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    ENTERGY CORPORATION AND SUBSIDIARIES 201 ANNUAL REPORT


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    Entergy Corporation and Subsidiaries 2017 Entergy Corporation (NYSE: ETR) is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11 billion and more than 13,000 employees. In addition to our Annual Report to Shareholders, Entergy produces an Integrated Report, highlighting our economic, environmental and social performance. Producing an Integrated Report reinforces our belief that our stakeholders – customers, employees, communities and owners – are linked and that we must deliver sustainable value to all stakeholders in order to succeed. We encourage you to visit our 2017 Integrated Report at integratedreport.entergy.com. Contents 1 Letter To Our Stakeholders 4 Forward-Looking Information and Regulation G Compliance 8 Selected Financial Data – Five-Year Comparison 9 Comparison of Five-Year Cumulative Return 10 Definitions 13 Management’s Financial Discussion and Analysis 57 Report of Management 58 Report of Independent Registered Public Accounting Firm 60 Consolidated Statements of Operations 61 Consolidated Statements of Comprehensive Income (Loss) 62 Consolidated Statements of Cash Flows 64 Consolidated Balance Sheets 66 Consolidated Statements of Changes in Equity 67 Notes to Financial Statements 216 Board of Directors 217 Executive Officers 218 Investor Information


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    To Our Stakeholders Imagine a utility company that makes life better. A utility that moves from basic power delivery to helping people and businesses achieve their full potential. Imagine a utility that creates innovative, tailored solutions to delight customers – regardless of income levels – by addressing even their smallest wants and needs. Imagine a utility that offers employees a pathway to the skills of tomorrow. A utility that helps communities prosper, protects the environment and delivers to its owners solid financial returns while providing the lowest possible cost of service to customers. This is the utility company reimagined – a company with greater usefulness and purpose for its stakeholders. Our Journey We have a solid Our stakeholders – our customers, employees, communities and owners – are foundation in place bound by one common expectation: sustainable value. Years ago we set on a to grow, innovate path to become a world-class utility that prospers by pursuing sustainable value for all stakeholders. And we are well along on this journey. We have taken steps and expand our to reduce risk by exiting our merchant business and we have strengthened our usefulness and core utility business by investing to modernize our aging infrastructure. As a purpose in a result, we are a simpler and stronger company. Among our strengths: changing world. x We provide our customers some of the lowest electricity prices in the country and have among the most progressive regulatory frameworks. x We have one of the cleanest generating fleets in the United States and are well positioned to operate in a carbon-constrained economy. x We are nationally recognized as an environmentally and socially responsible utility. x We are an economic growth engine for the communities we serve. x We are actively engaged with our stakeholders and deliver strong performance on multiple dimensions. All of this means we have a solid foundation in place to grow, innovate and expand our usefulness and purpose in a changing world. We are well positioned to take advantage of opportunities as they arise and leverage new technologies to transform how we deliver sustainable value to our stakeholders tomorrow. What’s Next: Solutions for a Changing World Innovations are continually changing our world and improving our everyday lives. Smartphones, for example, have given us better ways to order a pizza, hail a ride, buy a cup of coffee and perform a multitude of other tasks. Technology and data analytics are bringing the same type of promising change to the service we provide our customers. Today, people aren’t excited to buy electricity, yet they rely on it every minute of every day. In the future, we want to delight our customers with innovative solutions that address needs they might not even know they have. 1


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    Change is nothing new to Entergy or our industry. From burning sawdust to oil, from coal to natural gas and nuclear power and now solar energy, battery storage and digital technologies, we have We are working today to always taken advantage of industrial breakthroughs to improve – and begin deploying advanced at times transform – the very nature of the service we provide. Our meters in 2019. stakeholders expect Entergy to evolve, innovate and transform, and they should. It’s what we’ve always done. We welcome the change and we are eager to lead the way. Strategic Investments to Further Our Journey We are investing today to ensure we are well prepared to seize this next wave of opportunity. For example: x We are working to begin deploying advanced meters in 2019. AMI and its related technology will serve as a foundational element for the Entergy of tomorrow, creating the potential for new investments and new revenue streams. We currently are implementing the required IT infrastructure, communications network and meter data management systems. x Over the next three years, we will place into service new generation plants, powered by some of the latest technologies, which offer better fuel efficiency, lower carbon emissions and require less water than the older units they replace. We currently have three combined-cycle gas turbine plants underway. x Nuclear generation is an important source of large-scale, clean, reliable, stable and affordable baseload power. These assets also contribute to the financial well-being of our communities by providing good-paying jobs and significant tax revenues. Investing in our non-emitting nuclear resources – for example, by upgrading our analog systems to modern digital control systems – will preserve the long-term benefits of these assets and is an important part of our commitment to deliver sustainable value for our stakeholders. x Technology advances are making renewable energy increasingly cost-competitive. We are in the process of selecting and implementing renewable energy projects in Arkansas, Louisiana and New Orleans. x Finally, we also are investing in our transmission infrastructure. In 2017, major new transmission lines were under construction in Arkansas, Louisiana, Mississippi and Texas. Our largest transmission project to date, the Lake Charles transmission project in Louisiana, is on track for completion in 2018. We continue to operate within the Midcontinent Independent System Operator, Inc., a regional transmission organization, which helps inform our capital planning and delivers significant cost benefits for our customers. All of these investments provide significant benefits today – namely they enable us to meet our customers’ demand for reliable, affordable power. These investments are also enablers for tomorrow – supporting the development of tailored, higher value-added customer solutions and moving delivery of accessible, affordable, reliable and sustainable energy into the digital age. 2


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    Steady, Predictable Growth In 2017, we exceeded our expectations for adjusted earnings at our core utility business but fell short of our objective to achieve top-quartile total shareholder return. On an adjusted basis, excluding special items and normalizing for weather and income taxes, Utility, Parent & Other (non-GAAP) contributed $4.57 to 2017 consolidated earnings per share, compared to $4.38 in 2016. Entergy’s total shareholder return for 2017 was 15.9 percent, which ranked 11th out of the 20 companies in our peer group and placed us in the third quartile. However, we are confident in our strategy and we remain committed to our goal of delivering top-quartile returns for our owners over the long term. Our economic, environmental and social performance was recognized again in 2017 by the Dow Jones Sustainability North America Index and Corporate Responsibility Magazine’s 100 Best Corporate Citizens list. We achieved perfect scores from DJSI in labor practice indicators, biodiversity, climate strategy and water-related risks. And Entergy was ranked fifth on the 100 Best Corporate Citizens list in the category of philanthropy and community support. We believe this recognition is meaningful validation of our approach to delivering sustainable value for all stakeholders. Ultimately, our employees’ commitment to our values, mission and vision drives our performance. I thank all our employees for their hard work, innovative spirit and unrelenting drive to make Entergy a world- class utility. A Time to Reimagine We are in the early days of our industry’s transformation. Innovation is changing how we generate and deliver power. And more importantly, technology is changing how we view our business. The prospects and possibilities for how we power life feel limitless. And that makes it an incredibly exciting time to be at Entergy, because this is what we do – we power life. Now is the time to reimagine everything. To give our customers something more – solutions that meet their needs with accessible, affordable, reliable and sustainable energy. To enhance the careers available to our employees and to be an even more powerful environmentally and socially responsible growth engine for our communities. To invest in new technologies and new revenue streams that offer promising returns for our owners. Years ago, we embarked on a journey to pursue sustainable value for the benefit of our customers, employees, communities and owners – a commitment that many investors are recognizing is essential to success over the long term. At Entergy, our path is clear. And our journey continues. Leo P. Denault Chairman of the Board and Chief Executive Officer March 23, 2018 3


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    FORWARD-LOOKING INFORMATION AND REGULATION G COMPLIANCE Forward-Looking Information In this report and from time to time, Entergy Corporation makes statements as a registrant concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “project,” “believe,” “anticipate,” “intend,” “expect,” “estimate,” “continue,” “potential,” “plan,” “predict,” “forecast,” and other similar words or expressions are intended to identify forward-looking statements but are not the only means to identify these statements. Although Entergy believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct. Any forward-looking statement is based on information current as of the date of this report and speaks only as of the date on which such statement is made. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed or incorporated by reference in Item 1A. Risk Factors contained in the Form 10-K for the year ended Dec. 31, 2017, (b) those factors discussed or incorporated by reference in Management’s Financial Discussion and Analysis contained in the Form 10-K for the year ended Dec. 31, 2017 and (c) the following factors (in addition to others described elsewhere in this report and in subsequent securities filings): x resolution of pending and future rate cases, formula rate proceedings and related negotiations, including various performance-based rate discussions, Entergy’s utility supply plan, and recovery of fuel and purchased power costs; x long-term risks and uncertainties associated with the termination of the System Agreement in 2016, including the potential absence of federal authority to resolve certain issues among the Utility operating companies and their retail regulators; x regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies’ participation in MISO, including the benefits of continued MISO participation, the effect of current or projected MISO market rules and market and system conditions in the MISO markets, the allocation of MISO system transmission upgrade costs, and the effect of planning decisions that MISO makes with respect to future transmission investments by the Utility operating companies; x changes in utility regulation, including with respect to retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, and the application of more stringent transmission reliability requirements or market power criteria by the FERC or the U.S. Department of Justice; x changes in the regulation or regulatory oversight of Entergy’s nuclear generating facilities and nuclear materials and fuel, including with respect to the planned potential or actual shutdown of nuclear generating facilities owned or operated by Entergy Wholesale Commodities, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and nuclear fuel; 4


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    FORWARD-LOOKING INFORMATION AND REGULATION G COMPLIANCE x resolution of pending or future applications, and related regulatory proceedings and litigation, for license renewals or modifications or other authorizations required of nuclear generating facilities and the effect of public and political opposition on these applications, regulatory proceedings and litigation; x the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at Entergy’s nuclear generating facilities; x increases in costs and capital expenditures that could result from the commitment of substantial human and capital resources required for the operation and maintenance of Entergy’s nuclear generating facilities x Entergy’s ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities; x prices for power generated by Entergy’s merchant generating facilities and the ability to hedge, meet credit support requirements for hedges, sell power forward or otherwise reduce the market price risk associated with those facilities, including the Entergy Wholesale Commodities nuclear plants, especially in light of the planned shutdown or sale of each of these nuclear plants; x the prices and availability of fuel and power Entergy must purchase for its Utility customers, and Entergy’s ability to meet credit support requirements for fuel and power supply contracts; x volatility and changes in markets for electricity, natural gas, uranium, emissions allowances, and other energy-related commodities, and the effect of those changes on Entergy and its customers; x changes in law resulting from federal or state energy legislation or legislation subjecting energy derivatives used in hedging and risk management transactions to governmental regulation; x changes in environmental laws and regulations, agency positions or associated litigation, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, particulate matter, heat, and other regulated air and water emissions, requirements for waste management and disposal and for the remediation of contaminated sites, wetlands protection and permitting, and changes in costs of compliance with these environmental laws and regulations; x changes in laws and regulations, agency positions, or associated litigation related to protected species and associated critical habitat designations; x the effects of changes in federal, state or local laws and regulations, and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; x uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal and the level of spent fuel and nuclear waste disposal fees charged by the U.S. government or other providers related to such sites; x variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes, ice storms, or other weather events and the recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance; x effects of climate change, including the potential for increases in sea levels or coastal land and wetland loss; x changes in the quality and availability of water supplies and the related regulation of water use and diversion; x Entergy’s ability to manage its capital projects and operation and maintenance costs; x Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms; x the economic climate, and particularly economic conditions in Entergy’s Utility service area and the Northeast United States and events and circumstances that could influence economic 5


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    FORWARD-LOOKING INFORMATION AND REGULATION G COMPLIANCE x the economic climate, and particularly economic conditions in Entergy’s Utility service area and the Northeast United States and events and circumstances that could influence economic conditions in those areas, including power prices, and the risk that anticipated load growth may not materialize; x federal income tax reform, including the enactment of the Tax Cuts and Jobs Act, and its intended and unintended consequences on financial results and future cash flows, including the potential impact to credit ratings, which may affect Entergy’s ability to borrow funds or increase the cost of borrowing in the future; x the effects of Entergy’s strategies to reduce tax payments, especially in light of federal income tax reform; x changes in the financial markets and regulatory requirements for the issuance of securities, particularly as they affect access to capital and Entergy’s ability to refinance existing securities, execute share repurchase programs, and fund investments and acquisitions; x actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria; x changes in inflation and interest rates; x the effect of litigation and government investigations or proceedings; x changes in technology, including with respect to new, developing, or alternative sources of generation such as distributed energy and energy storage, energy efficiency, demand side management and other measures that reduce load; x the effects, including increased security costs, of threatened or actual terrorism, cyber-attacks or data security breaches, natural or man-made electromagnetic pulses that affect transmission or generation infrastructure, accidents, and war or a catastrophic event such as a nuclear accident or a natural gas pipeline explosion; x Entergy’s ability to attract and retain talented management, directors, and employees with specialized skills; x changes in accounting standards and corporate governance; x declines in the market prices of marketable securities and resulting funding requirements and the effects on benefits costs for Entergy’s defined benefit pension and other postretirement benefit plans; x future wage and employee benefit costs, including changes in discount rates and returns on benefit plan assets; x changes in decommissioning trust fund values or earnings or in the timing of, requirements for, or cost to decommission Entergy’s nuclear plant sites and the implementation of decommissioning of such sites following shutdown; x the decision to cease merchant power generation at all Entergy Wholesale Commodities nuclear power plants by mid-2022, including the implementation of the planned shutdowns of Pilgrim, Indian Point 2, Indian Point 3, and Palisades; x the effectiveness of Entergy’s risk management policies and procedures and the ability and willingness of its counterparties to satisfy their financial and performance commitments; x factors that could lead to impairment of long-lived assets; and x the ability to successfully complete strategic transactions Entergy may undertake, including mergers, acquisitions, divestitures, or restructurings, regulatory or other limitations imposed as a result of an any such strategic transaction, and the success of the business following any such strategic transaction. 6


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    FORWARD-LOOKING INFORMATION AND REGULATION G COMPLIANCE Regulation G This report includes the non-GAAP financial measure of Utility, Parent & Other adjusted earnings per share. The reconciliation of this measure to the most directly comparable GAAP measures is below. GAAP to Non-GAAP Reconciliation - Utility, Parent & Other Adjusted Earnings Per Share 2017 2016 (dollars in millions) Utility earnings 761.6 1,134.2 Parent & Other earnings (loss) (175.5) (222.5) Utility, Parent & Other earnings 586.1 911.7 Less: Special items due to tax reform (128.5) - Estimated weather (127.8) 18.1 Tax effect of estimated weather (1) 49.2 (7.0) Estimated weather (after-tax) (78.6) 11.1 Customer sharing - (16.1) Tax effect of customer sharing (1) - 6.2 Other income tax items (31.0) 126.9 Tax items, net of customer sharing (31.0) 117.0 Utility, Parent & Other adjusted earnings 824.2 783.6 (per share in dollars) (2) Utility earnings 4.22 6.34 Parent & Other earnings (loss) (0.97) (1.24) Utility, Parent & Other earnings 3.25 5.10 Less: Special items due to tax reform (0.71) - Estimated weather (after-tax) (0.44) 0.06 Tax items, net of customer sharing (0.17) 0.66 Utility, Parent & Other adjusted earnings 4.57 4.38 Calculations may differ due to rounding (1) Income tax effect is calculated by multiplying the pre-tax amount by the estimated income tax rates that are expected to apply to those adjustments. (2) Per share amounts are calculated by dividing the corresponding line item in the chart above by the diluted average number of common shares outstanding for the period (180.5 million for 2017, 178.9 million for 2016). 7


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    COMPARISON OF FIVE-YEAR CUMULATIVE RETURN The following graph compares the performance of the common stock of Entergy Corporation with the Philadelphia Utility Index and the S&P 500 Index (each of which includes Entergy Corporation) for the last five years ended December 31. Assumes $100 invested at the closing price on Dec. 31, 2012, in Entergy Corporation common stock, the Philadelphia Utility Index and the S&P 500 Index, and reinvestment of all dividends. Source: Bloomberg 9


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