ETR
#<UNK>, this is <UNK>.
I think your last comment probably fits.
I think it is tough to extrapolate from just the last couple of quarters.
I mean clearly as we have talked about on other calls, as other utilities also, we see the effects of energy efficiency both at a state level and through different federal guidelines having impacts.
And we see our usage per customer has been in a decline again I think consistent with what we have seen in the industry.
We started to see some flattening out relative to that.
And I think also you have the macroeconomic impacts from a demand perspective.
I think as we go forward, the macroeconomic impacts clearly would be the first that you would point to in terms of positives as you could change that.
If you look through our region and you look at our real estate product forecast, we see that, we saw kind of a downward trend over the past year or so.
We see that starting to pick back up and clearly if that does materialize, you could see some positive impact as it relates to that.
But we will continue to see impacts around energy efficiency as we go forward and as we get further through the year especially the third quarter because that is one of our largest quarters from a sales perspective, I think we will have a better perspective and point of view around where we think the longer-term trend will take us.
Yes, <UNK>, this is <UNK>.
That investigation continues, really have nothing new to report.
We have fully cooperated with the state but I am not aware of any specific milestones associated with that investigation.
Certainly there is no push for something like this in Massachusetts at the moment.
As far as it relates to what is going on with Indian Point, as we understand it, the way the proposal has shifted, it went from excluding Indian Point to potentially including it.
It meets certain criteria within the next couple of years so we view that as positive, we don't think that clean air should be discriminatory about where it shows up in the state so certainly that could down the road cut off the bad tails as it might be in terms of pricing related to Indian Point given the criteria that the plant be financially challenged, etc.
to qualify for the program.
But other than that, it is really too early to say what it might mean for Indian Point and again there is really no push for something similar in Massachusetts that I am aware of.
Yes, <UNK>, there is certainly not everything that we will likely identify associated with the Integrated Entergy Network.
There is probably more out there associated with that.
I think we referenced toward the backend or beyond the time horizon we have been talking at Analyst Day.
We mentioned the $6 billion to $8 billion number at that point in time but that obviously goes out beyond the period we are talking here now.
Also in the world of gas price volatility, etc.
, where there is nothing in there for anything we might due to hedge that volatility if it were to include investments and the like and the potential for where we come out on some of the renewable RFPs, etc.
So when you get to the backend and certainly beyond it, there is a significant amount of other things that we are investigating that could be part of the capital program in addition to what we need.
And again as we have mentioned before, we've got a pretty solid generation and transmission capital program and we are doing that from a position as we have mentioned before of being short generation across the system.
And we would continue to anticipate that, that we would be short across the system as we go forward and these capital investments create a significant amount of benefits to our customers as it relates to reduced congestion, lower production costs, lower emissions, you name it, particularly given the age of our fleet these things are really, really beneficial to our customers.
Our rule of thumb is $0.06 for every 25 basis points for Entergy overall.
And so it is I guess $0.12 for 50 basis points.
Then about three-quarters of that is utility, the other quarter is EWC.
As you might guess right now, that is between us and Exelon.
I appreciate the question.
There is just no way I can comment.
Well, we have always viewed that we are on a path towards relicensing of the plant.
I think with what we have seen in New York, we had mentioned what the CES does if that goes through as planned is it certainly provides a backstop against lower prices during the course of that program.
So it is not really necessarily what the life of it issue is as much as maybe probability of distribution of prices that it would receive.
From a strategic standpoint, we are still as I mentioned in my remarks and we mentioned at Analyst Day and we have been mentioning for several years now, our view is that the businesses should be separate.
And we have been proceeding down that path for the last several years.
The only thing that changes from time to time is the methodology we would use.
So for example we look at New England and something like Vermont Yankee for example.
Separation came about because prices didn't support the economics of the plant and we were forced into shutting it down.
To the extent that something becomes transactable as part of that separation, certainly that is a preferable route as it was with the Rhode Island State Energy Center when we sold that and if we are successful to be able to sell Fitzpatrick.
So what I will tell you is again, it does impact I guess the probability distribution of prices it might receive.
We still believe that we are going to get the plant relicensed so that would indicate a long life of the plant.
And then the other aspect that has always been part of transacting which was part of the spin was regulatory approvals that we would require to get something done.
All of those are the same, we are incrementally changing the dynamic as we proceed down the licensing path to be successful or if something like this occurs where again it changes the downside price risk.
Those will be part of the mix when we look at what we are going to do but again we are going to save more detail until we get there.
Thanks to all for participating this morning.
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The call was recorded and can be accessed on our website by dialing 855-859-2056; confirmation ID 85416349 and the telephone replay will be available until August 9 and this concludes our call.
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