SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM U5S/A
ANNUAL REPORT
For the Year Ended December 31, 1993
Filed Pursuant to the
Public Utility Holding Company Act of 1935
by
ENTERGY CORPORATION
639 Loyola Avenue
New Orleans, Louisiana 70113
<PAGE>
The attached audited financial statements are being filed by
this amendment to Entergy Corporation's U5S for the year ended
December 31, 1993, pursuant to commitments to do so made to the
Commission Staff during the audit visit with respect to Entergy
Services, Inc.
<PAGE>
Entergy Power Development Corporation
Consolidated Financial Statements for the
Years Ended December 31, 1993 and 1992
and Independent Auditors' Report
<PAGE>
ENTERGY POWER DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED FINANCIAL STATMENTS
TABLE OF CONTENTS
DESCRIPTION PAGE NO.
Independent Auditors' Report 1
Consolidated Balance Sheets 2
Consolidated Statements of Income 3
Consolidated Statements of Retained Earnings 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6 - 7
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholder of Entergy Power Development Corporation
We have audited the accompanying consolidated balance sheets
of Entergy Power Development Corporation as of December 31,
1993 and 1992, and the related consolidated statements of
income, retained earnings, and cash flows for the years then
ended. These financial statements are the responsibility of
the Company's management. Our responsibility is to express
an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in
all material respects, the financial position of the Company
at December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
As discussed in Note 1 an equity investee of the Company is
currently involved in negotiations to amend a power sales
contract under which it may be in default. It is uncertain
what impact any potential amendment will have on the
Company's ability to recover its investment.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
December 6, 1994
<PAGE>
ENTERGY POWER DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 1993 AND 1992
ASSETS 1993 1992
INVESTMENTS:
Investment in Richmond Power
Enterprises LP $11,755,000 $12,500,000
----------- -----------
CURRENT ASSETS:
Cash 181,203 12,500,000
Temporary cash investments 12,869,560 -
----------- -----------
Total cash and cash
equivalents 13,050,763 12,500,000
Accounts receivable:
Associated companies 5,000 -
Other 96 -
Interest receivable 3,002 -
Prepaid taxes 578,922 -
----------- -----------
Total 13,637,783 12,500,000
----------- -----------
DEFERRED DEBITS:
Organizational costs 539,448 712,128
----------- -----------
Total $25,932,231 $25,712,128
=========== ===========
LIABILITIES AND CAPITALIZATION
CAPITALIZATION :
Common stock, no par value,
25,000 shares issued and
outstanding $25,000,000 $25,000,000
Retained earnings 465,912 -
----------- -----------
Total 25,465,912 25,000,000
----------- -----------
CURRENT LIABILITIES:
Accounts payable:
Associated companies 86,976 10,035
Other 75,809 702,093
----------- -----------
Total 162,785 712,128
----------- -----------
DEFERRED CREDITS:
Accumulated deferred income taxes 303,534 -
----------- -----------
Total $25,932,231 $25,712,128
=========== ===========
See Notes to Consolidated Financial Statements
<PAGE>
ENTERGY POWER DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
1993 1992
REVENUES:
Equity in Earnings of Richmond Power
Enterprises, LP $1,010,000 $ -
Interest income 407,444 -
---------- -----------
Total 1,417,444 -
---------- -----------
EXPENSES:
Amortization 639,868 -
Outside services 14,087 -
Taxes other than income 500 -
Administrative and general 449 -
---------- -----------
Total 654,904 -
---------- -----------
INCOME BEFORE INCOME TAXES 762,540 -
---------- -----------
Income taxes- federal 1,182 -
Income taxes- state (8,088) -
Deferred income taxes- federal 249,694 -
Deferred income taxes- state 53,840 -
---------- -----------
Total 296,628 -
---------- -----------
NET INCOME $465,912 $ -
========== ===========
See Notes to Consolidated Financial Statements
<PAGE>
ENTERGY POWER DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
1993 1992
Retained Earnings, January 1 - $ -
Add: Net Income $465,912 -
---------- -----------
Retained Earnings, December 31 $465,912 $ -
========== ===========
See Notes to Consolidated Financial Statements
<PAGE>
ENTERGY POWER DEVELOPMENT CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
1993 1992
OPERATING ACTIVITIES:
Net Income $465,912 $ -
Noncash items included in net income:
Equity in earnings of unconsolidated
subsidiary (1,010,000) -
Amortization 639,868 -
Deferred income taxes 303,534 -
Changes in working capital:
Receivables (5,096) -
Accounts payable (549,343) $712,128
Prepaid taxes (578,922) -
Other current assets (3,002) -
Net cash flow provided (used) by operating ---------- -----------
activities (737,049) 712,128
---------- -----------
INVESTING ACTIVITIES:
Investment returned 1,250,000 -
Investment in nonregulated properties - (12,500,000)
Organizational costs 37,812 (712,128)
Net cash flow provided (used) by investing ---------- -----------
activities 1,287,812 (13,212,128)
---------- -----------
FINANCING ACTIVITIES:
Issuance of common stock - 25,000,000
---------- -----------
Net increase in cash and cash equivalents 550,763 12,500,000
Cash and cash equivalents at beginning
of year 12,500,000 -
----------- -----------
Cash and cash equivalents at end of year $13,050,763 $12,500,000
=========== ===========
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Income taxes $572,016 -
See Notes to Consolidated Financial Statements
<PAGE>
ENTERGY POWER DEVELOPMENT CORPORATION AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Entergy Power Development Corporation (the Company) is
a wholly owned subsidiary of Entergy Corporation
(Entergy) chartered in 1992. The Company was created
as an Exempt Wholesale Generator (EWG) holding company
under the provisions of the Energy Act, and through its
subsidiary (which is also an EWG), Entergy Richmond
Power Corporation, owns a 50% interest in Richmond
Power Enterprises LP (RPELP), which owns a 250-MW gas-
fired, combined-cycle independent power plant in
Richmond, Virginia. RPELP is jointly-owned and operated
by the Enron Power Corporation, a developer of
independent power projects. RPELP has a 25-year
contract to sell electricity to Virginia Electric and
Power Company. The Company's investment in RPELP is
recorded on the equity basis. Entergy Corporation has
been notified by Enron that the facility did not meet
the FERC efficiency test to maintain qualifying
facility status as required by the contract with VEPCO.
Enron has indicated that the facility has met the test
in 1994. The failure to meet the test prior to 1994
could result in a potential default under the VEPCO
contract. However, Entergy Richmond Power Corporation,
Enron, and VEPCO are currently involved in negotiations
to amend the contract to resolve this issue.
Summarized financial information of RPELP during the
periods of Entergy Richmond Power Corporation's
investment is as follows:
1993 1992
(In Thousands)
Net plant $124,212 $127,670
Current and other assets $ 18,873 $ 16,864
Long term debt $127,901 $133,718
Current and other liabilities $ 13,902 $ 8,938
Revenues $ 36,823 -
Net Income $ 1,945 -
Depreciation and Amortization
Depreciation of RPELP's power plant is computed on the
straight-line method over the estimated useful life.
Excess of purchase price over book value of the
Company's investment in RPELP ($11,114,000 at December
31, 1993) is being amortized over a 23 year period.
Cash and Cash Equivalents
All unrestricted highly liquid debt instruments
purchased with an original maturity of three months or
less are considered to be cash equivalents.
NOTE 2. INCOME TAXES
Effective January 1, 1993, the Company adopted Statement
of Financial Accounting Standard (SFAS) 109. This new
standard requires that deferred income taxes be recorded
for all temporary differences and carry forwards, and that
deferred tax balances be based on enacted tax laws at tax
rates that are expected to be in effect when the temporary
differences reverse. Since the Company was formed in
December 1992, there is no cumulative effect of the
adoption of SFAS 109.
The Company joins its parent and the other Entergy
subsidiaries in filing a consolidated Federal income tax
return. Income taxes (or benefits) are allocated to the
Company in proportion to its contribution to consolidated
taxable income. There are temporary differences in
reporting certain items for financial statement and
Federal income tax purposes. The principal differences
relate to the period of depreciation of the cost of
RPELP's power plant and the accounting for organization
expenses. Deferred income taxes are provided for these
temporary differences.
The Company files a consolidated Arkansas state income tax
return with certain other Entergy subsidiaries.
NOTE 3. COMMON STOCK
The Company is authorized, by its Charter, to issue
100,000 shares of its common stock. During 1992, the
Company sold 25,000 shares of its common stock to Entergy
at $1,000 per share. The proceeds of this sale were used
primarily to fund the Company's investment in Richmond
Power Enterprises LP.
NOTE 4. SUBSEQUENT EVENT (Unaudited)
In August 1994 the Company invested $50 million in Entergy
Pakistan, which in turn invested $50 million for a 10%
interest in the Hub River Company, which is constructing
an electric generating station near Karachi, Pakistan.
<PAGE>
Entergy Richmond Power Corporation
Financial Statements for the Years
Ended December 31, 1993 and 1992
and Independent Auditors' Report
<PAGE>
ENTERGY RICHMOND POWER CORPORATION
NOTES TO FINANCIAL STATEMENTS
TABLE OF CONTENTS
DESCRIPTION PAGE NO.
Independent Auditors' Report 1
Balance Sheets 2
Statements of Income 3
Statements of Retained Earnings 4
Statements of Cash Flows 5
Notes to Financial Statements 6 - 7
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholder of Entergy Richmond Power Corporation
We have audited the accompanying balance sheets of Entergy
Richmond Power Corporation as of December 31, 1993 and 1992,
and the related statements of income, retained earnings, and
cash flows for the years then ended. These financial
statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in
all material respects, the financial position of the Company
at December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
As discussed in Note 1 an equity investee of the Company is
currently involved in negotiations to amend a power sales
contract under which it may be in default. It is uncertain
what impact any potential amendment will have on the
Company's ability to recover its investment.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
December 6, 1994
<PAGE>
ENTERGY RICHMOND POWER CORPORATION
BALANCE SHEETS
AT DECEMBER 31, 1993 AND 1992
ASSETS 1993 1992
INVESTMENTS:
Investment in Richmond Power
Enterprises LP $11,755,000 $12,500,000
----------- -----------
CURRENT ASSETS:
Cash 1,105 1,000,000
Temporary cash investments 1,137,935 -
----------- -----------
Total cash and cash
equivalents 1,139,040 1,000,000
Accounts receivable:
Associated companies 95,000 -
Other 96 -
Prepaid taxes 666,785 -
Interest receivable 3,002 -
----------- -----------
Total 1,903,923 1,000,000
----------- -----------
DEFERRED DEBITS
Organizational costs 522,990 676,925
----------- -----------
Total $14,181,913 $14,176,925
=========== ===========
LIABILITIES AND CAPITALIZATION
CAPITALIZATION :
Common stock, no par value
13,500 shares issued and
outstanding $13,500,000 $13,500,000
Retained earnings 236,863 -
----------- -----------
Total 13,736,863 13,500,000
----------- -----------
CURRENT LIABILITIES:
Accounts payable:
Associated companies 86,281 -
Other 55,235 676,925
----------- -----------
Total 141,516 676,925
----------- -----------
DEFERRED CREDITS:
Accumulated deferred income taxes 303,534 -
----------- -----------
Total $14,181,913 $14,176,925
=========== ===========
See Notes to Financial Statements
<PAGE>
ENTERGY RICHMOND POWER CORPORATION
STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
1993 1992
REVENUES:
Equity in Earnings of Richmond Power
Enterprises, LP $1,010,000 $ -
Interest income 27,732 -
----------- -----------
Total 1,037,732 -
----------- -----------
EXPENSES:
Amortization 635,752 -
Outside services 14,087 -
Taxes other than income 198 -
Administrative and general 30 -
----------- -----------
Total 650,067 -
----------- -----------
INCOME BEFORE INCOME TAXES 387,665 -
----------- -----------
Income taxes- Federal (122,152) -
Income taxes- state (30,580) -
Deferred income taxes- federal 249,694 -
Deferred income taxes- state 53,840 -
----------- -----------
Total 150,802 -
----------- -----------
NET INCOME $236,863 $ -
=========== ===========
See Notes to Financial Statements
<PAGE>
ENTERGY RICHMOND POWER CORPORATION
STATEMENTS OF RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
1993 1992
Retained Earnings, January 1 - $ -
Add: Net Income $236,863 -
----------- -----------
Retained Earnings, December 31 $236,863 $ -
=========== ===========
See Notes to Financial Statements
<PAGE>
ENTERGY RICHMOND POWER CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
1993 1992
OPERATING ACTIVITIES:
Net Income $236,863 $ -
Noncash items included in net income:
Equity in earnings of unconsolidated
subsidiary (1,010,000) -
Amortization 635,752 -
Deferred income taxes 303,534 -
Changes in working capital:
Receivables (95,096) -
Accounts payable (535,409) $676,925
Prepaid taxes (666,785) -
Other current assets (3,002) -
Net cash flow provided by operating
----------- -----------
activities (1,134,143) 676,925
----------- -----------
INVESTING ACTIVITIES:
Investment returned 1,250,000 -
Investment in nonregulated properties - (12,500,000)
Organizational costs 23,183 (676,925)
----------- -----------
Net cash flow provided (used) by investing
activities 1,273,183 (13,176,925)
----------- -----------
FINANCING ACTIVITIES:
Issuance of common stock - 13,500,000
----------- -----------
Net increase in cash and cash equivalents 139,040 1,000,000
Cash and cash equivalents at beginning
of year 1,000,000 -
----------- -----------
Cash and cash equivalents at end of year $1,139,040 $1,000,000
=========== ==========
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Income taxes $514,053 -
See Notes to Financial Statements
<PAGE>
ENTERGY RICHMOND POWER CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Entergy Richmond Power Corporation (the Company) is an indirect
wholly owned subsidiary of Entergy Corporation (Entergy)
chartered in 1992. The Company, an Exempt Wholesale Generator
(EWG), owns a 50% interest in Richmond Power Enterprises LP
(RPELP), which owns a 250-MW gas-fired, combined-cycle
independent power plant in Richmond, Virginia. RPELP is jointly-
owned and operated by the Enron Power Corporation, a developer of
independent power projects. RPELP has a 25-year contract to sell
electricity to Virginia Electric and Power Company. The Company's
investment in RPELP is recorded on the equity basis. Entergy
Corporation has been notified by Enron that the facility did not
meet the FERC efficiency test to maintain qualifying facility
status as required by the contract with VEPCO. Enron has
indicated that the facility has met the test in 1994. The failure
to meet the test prior to 1994 could result in a potential
default under the VEPCO contract. However, the Company, Enron,
and VEPCO are currently involved in negotiations to amend the
contract to resolve this issue.
Summarized financial information of RPELP during the periods of
the Company's investment is as follows:
1993 1992
(In Thousands)
Net plant $124,212 $127,670
Current and other assets $ 18,873 $ 16,864
Long term debt $127,901 $133,718
Current and other liabilities $ 13,902 $ 8,938
Revenues $ 36,823 -
Net Income $ 1,945 -
Depreciation and Amortization
Depreciation of RPELP's power plant is computed on the straight-
line method over the estimated useful life. Excess of purchase
price over book value of the Company's investment in RPELP
($11,114,000 at December 31, 1993) is being amortized over a 23
year period.
Cash and Cash Equivalents
All unrestricted highly liquid debt instruments purchased with an
original maturity of three months or less are considered to be
cash equivalents.
NOTE 2. INCOME TAXES
Effective January 1, 1993, the Company adopted Statement of
Financial Accounting Standard (SFAS) 109. This new standard
requires that deferred income taxes be recorded for all temporary
differences and carry forwards, and that deferred tax balances be
based on enacted tax laws at tax rates that are expected to be in
effect when the temporary differences reverse. Since the Company
was formed in December 1992, there is no cumulative effect of the
adoption of SFAS 109.
The Company joins its parent and the other Entergy subsidiaries in
filing a consolidated Federal income tax return. Income taxes (or
benefits) are allocated to Entergy Richmond Power in proportion to
its contribution to consolidated taxable income. There are
temporary differences in reporting certain items for financial
statement and Federal income tax purposes. The principal
differences relate to the period of depreciation of the cost of
RPELP's power plant and the accounting for organization expenses.
Deferred income taxes are provided for these temporary differences.
NOTE 3. COMMON STOCK
The Company is authorized, by its Charter, to issue 25,000 shares of
its common stock. During 1992, the Company sold 13,500 shares of
its common stock to Entergy Power Development Corporation at $ 1,000
per share. The proceeds of this sale were used primarily to fund
the Company's investment in RPELP.
<PAGE>
Entergy Transener S.A.
Financial Statements for the Year
Ended December 31, 1993 and
Independent Auditors' Report
<PAGE>
ENTERGY TRANSENER S.A.
FINANCIAL STATEMENTS
TABLE OF CONTENTS
DESCRIPTION PAGE NO.
Independent Auditors' Report 1
Balance Sheet 2
Income Statement 3
Statement of Retained Earnings 3
Statement of Cash Flows 4
Notes to Financial Statements 5 - 6
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholder of Entergy Transener S.A.
We have audited the accompanying balance sheet of Entergy
Transener S.A. as of December 31, 1993, and the related
statements of income, retained earnings, and cash flows for
the year then ended. These financial statements are the
responsibility of the Company's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in
all material respects, the financial position of the Company
at December 31, 1993, and the results of its operations and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
December 6, 1994
<PAGE>
ENTERGY TRANSENER S.A.
BALANCE SHEET
AT DECEMBER 31, 1993
ASSETS
INVESTMENTS:
Investment in associated company $18,513,581
CURRENT ASSETS:
Cash 50,028
Accounts receivable - associated companies 1,939,579
-----------
Total 1,989,607
-----------
TOTAL $20,503,188
===========
LIABILITIES AND CAPITALIZATION
CAPITALIZATION :
Common stock, $1.00 par value, 11,999 shares
issued and outstanding (Note 4) $ 11,999
Additional paid-in capital 20,488,001
Retained earnings 3,188
-----------
Total 20,503,188
-----------
TOTAL $20,503,188
===========
See Notes to Financial Statements
<PAGE>
ENTERGY TRANSENER S.A.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
REVENUES:
Interest income $ 28
Miscellaneous income 3,160
------
Total 3,188
------
EXPENSES:
Administrative and general -
------
NET INCOME $3,188
======
See Notes to Financial Statements
<PAGE>
ENTERGY TRANSENER S.A.
STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1993
Retained Earnings, January 1 $ -
Add: Net Income 3,188
------
Retained Earnings, December 31 $3,188
======
See Notes to Financial Statements
<PAGE>
ENTERGY TRANSENER S.A.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 1993
OPERATING ACTIVITIES:
Net Income $ 3,188
Changes in working capital:
Receivables (1,939,579)
------------
Net cash used by operating activities (1,936,391)
------------
INVESTING ACTIVITIES:
Investment in associated company (18,513,581)
------------
Net cash used by investing activities (18,513,581)
------------
INVESTING ACTIVITIES:
Issuance of common stock 20,500,000
------------
Net change in cash and cash equivalents 50,028
Cash and cash equivalents at beginning of year -
------------
Cash and cash equivalents at end of year $ 50,028
============
See Notes to Financial Statements
<PAGE>
ENTERGY TRANSENER S.A.
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Entergy Transener S.A. (Entergy Transener) is a wholly owned
subsidiary of Entergy Corporation chartered in July 1993.
Entergy Transener owns 15% of Citelec S.A. (an investment
company) with other nonaffiliated companies. Citelec S.A.
acquired a 65% interest in a transmission system (Transener S.A.)
providing service in the Republic of Argentina. Transener S.A.
owns and operates a major system of high voltage transmission
lines and consists of over 6,800 kilometers (4,250 miles) of 500
kV and 560 kilometers (356 miles) of 220 kV transmission lines.
Transener S.A. must allow access to system users whenever there
is available capacity in its facilities. The system serves most
of the Republic of Argentina. Entergy Transener's investment in
Citelec S.A. is carried at cost.
Regulation
Entergy Transener is a "Foreign Utility Company" as defined in
The Energy Policy Act of 1992 section 33(a)(3). Entergy
Transener, as a subsidiary of Entergy Corporation, which is a
registered public utility holding company under the Public
Utility Holding Company Act of 1935, as amended (PUHCA), is
subject to the broad regulatory provisions of PUHCA, which
requires, among other things, Securities and Exchange Commission
(SEC) approval for certain transactions, except as exempted under
the provisions of the Energy Policy Act of 1992 cited above.
NOTE 2. TRANSACTIONS WITH AFFILIATES
Entergy Corporation and its subsidiaries incurred approximately
$1,832,000 of organization and development costs during 1993
related to the formation of Entergy Transener.
NOTE 3. INCOME TAXES
Entergy Transener accounts for income taxes in accordance with
Statement of Financial Accounting Standards No. 109, "Accounting for
Income Taxes"("FAS 109"). This standard requires that deferred
income taxes be recorded for all differences between the tax and
financial statement bases of assets and liabilities and for certain
carry forward items. Deferred tax balances are based on enacted
tax laws at tax rates that are expected to be in effect when the
temporary differences reverse.
Entergy Transener files its income tax returns in Argentina. During
1993 there were no significant temporary differences between the tax
basis and financial statement basis of its assets and liabilities.
In 1993, Entergy Transener's effective income tax rate was 0%,
compared to the statutory Argentina income tax rate of 30%. The
primary reason for the difference between the effective income tax
rate and the statutory income tax rate is that Entergy Transener's
reported items of income and expense are not taxable or deductible
for Argentina income tax purposes.
NOTE 4. COMMON STOCK
Entergy Transener is authorized, by it's Charter, to issue 2,212,000
shares of its common stock. During 1993, Entergy Transener sold
11,999 shares of its common stock ($1.00 par value) to Entergy
Corporation for $20,500,000. The proceeds of this sale were used
primarily to fund Entergy Transener's participation in a consortium
with other nonaffiliated companies to acquire an interest in
Transener S.A.
NOTE 5. SUBSEQUENT EVENT
Certain debt issues of Citelec S.A. are callable in March and June
of 1995. In the event that Citelec S.A. is unable to refinance the
debt, Entergy Transener may be required to invest up to $10.5
million in Citelec S.A. for the purpose of refunding the debt.
<PAGE>
SIGNATURE
Each undersigned system company has duly caused this annual
report to be signed on its behalf by the undersigned thereunto
duly authorized pursuant to the requirements of the Public
Utility Holding Company Act of 1935. The signature of each
undersigned company shall be deemed to relate only to matters
having reference to such company or its subsidiaries.
ENTERGY RICHMOND POWER CORPORATION
ENTERGY POWER DEVELOPMENT CORPORATION
By: /s/ Terry L. Ogletree
Terry L. Ogletree
President and Chief Operation Officer
ENTERGY TRANSENER S. A.
By: /s/ Terry L. Ogletree
Terry L. Ogletree
President
Dated: April 19, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1993 DEC-31-1992
<PERIOD-END> DEC-31-1993 DEC-31-1992
<BOOK-VALUE> PER-BOOK PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0 0
<OTHER-PROPERTY-AND-INVEST> 11,755,000 12,500,000
<TOTAL-CURRENT-ASSETS> 13,637,783 12,500,000
<TOTAL-DEFERRED-CHARGES> 539,448 712,128
<OTHER-ASSETS> 0 0
<TOTAL-ASSETS> 25,932,231 25,712,128
<COMMON> 25,000,000 25,000,000
<CAPITAL-SURPLUS-PAID-IN> 0 0
<RETAINED-EARNINGS> 465,912 0
<TOTAL-COMMON-STOCKHOLDERS-EQ> 25,465,912 25,000,000
0 0
0 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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