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News Breaks | | | | September 18, 2012 | | 07:02 EDT |  | ETR | Entergy sees total restoration costs from Hurricane Isaac at $400M-$500M
After slow-moving Hurricane Isaac struck southeastern Louisiana in late August, leaving more than 787,000 customers from Louisiana, Mississippi and Arkansas without electricity, Entergy Corporation provided an update on preliminary financial effects, liquidity resources and recovery initiatives. Total restoration costs for the repair and/or replacement of the electrical facilities in areas with damage from Hurricane Isaac are estimated to be in the range of $400M-$500M. Each utility company is responsible for its restoration cost obligations and for recovering its storm-related costs. While Entergy also expects temporary power outages associated with Isaac to reduce reported revenues for the current quarter in the heavily affected service territories, Entergy believes total liquidity available to the utility companies is sufficient to meet their current obligations. Entergy's utilities experienced extensive damage to their distribution systems as a result of Hurricane Isaac. Based on preliminary estimates, counted as damaged or destroyed are 4,500 poles and 2,000 transformers. Isaac also knocked 95 transmission lines out of service along with 144 substations. No material damage at the utilities' fossil or nuclear power plants has yet been identified, but detailed assessments are under way. | |
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