: Entergy Texas Pursues Customer Benefits through Change of Control Filing
Utility Files Application with Public Utility Commission to Join MISO
May 01, 2012 (Menafn - M2 PRESSWIRE via COMTEX) --Entergy Texas, Inc. today took the next step toward fulfilling its plan for meeting the future power needs of its customers, a plan projected to provide those customers with millions of dollars in net cost savings.
The company filed a formal change of control request with the Public Utility Commission of Texas (PUCT), a key step in its plan to join a regional transmission organization, the Midwest Independent Transmission System Operator, or MISO. Entergy Texas projects net cost savings up to 225 million over a ten-year period by joining MISO. The savings are primarily the result of MISO's large, more efficient marketplace.
"We spent more than two years carefully reviewing and analyzing all of our options, culminating in our determination that MISO membership would provide the greatest benefits to our customers," said Joe Domino, president and chief executive of Entergy Texas.
"For decades we've worked to plan for the power needs of tomorrow while meeting the demands of today. The proposal to join MISO is one that will allow us to serve our customers' needs with enhanced reliability and greater efficiency. MISO has world-class reliability tools and a large, mature market that is expected to provide enhanced reliability and allow for a more efficient commitment and dispatch of available generation resources."
Entergy Texas is seeking to transfer operational control of its transmission assets to MISO with a target implementation date of December 2013. Under the proposed plan, MISO would assume control of transmission planning, the commitment and dispatch of generation that is offered into MISO's markets, and congestion management. Under the MISO proposal, Entergy Texas would retain ownership if its transmission and generation facilities and would continue to be southeast Texas' electricity provider; among other functions, MISO would direct the commitment and dispatch of generation offered into MISO's markets and would administer transmission service over Entergy Texas' transmission facilities.
Domino said, "By joining MISO's efficient market, Entergy Texas is creating a more efficient electrical system while enhancing reliability and affordability for our customers." Initially announced in April 2011, Entergy Texas' decision to join MISO followed extensive study of all available options to affordably and reliably meet the long-term energy needs of its customers.
Entergy Texas, Inc. provides electricity to more than 400,000 customers in 27 counties. It is a subsidiary of Entergy Corporation. Entergy 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 and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi and Texas.
For a Frequently Asked Questions document, visit http://entergy.com/rto/faq.pdf
For more information, Entergy's online address is www.entergy.comTwitter: @EntergyTX
The Midwest Independent Transmission System Operator is a non-profit 501(C)(4) organization that ensures reliable operation of, and equal access to, interconnected, high-voltage power lines in 12 U.S. states and the Canadian province of Manitoba. www.midwestiso.org.
In this news release, and from time to time, Entergy Corporation 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 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's Form 10-K for the year ended December 31, 2010 and (ii) Entergy's 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, and (e) legislative and regulatory actions, and 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 in subsequent securities filings.
Contact: Debi Derrick
Entergy
dderric@entergy.com
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