Part I Item 1 Entergy Corporation, Domestic utility companies, and System Energy 116 purpose of SERC is to ensure the reliability and adequacy of the electric bulk power supply in the southeast region of the United States.
SERC is a member of the North American Electric Reliability Council.
Gas Property As of December 31, 2004, Entergy New Orleans distributed and transported natural gas for distribution solely within New Orleans, Louisiana, through a total of 33 miles of gas transmission pipeline, 1,495 miles of gas distribution pipeline, and 1,029 miles of gas service pipeline from the distribution mains to the customers.
As of December 31, 2004, the gas properties of Entergy Gulf States, which are located in and around Baton Rouge, Louisiana, were not material to Entergy Gulf States' financial position.
Titles Entergy's generating stations and major transmission substations are generally located on properties owned in fee simple.
Most of the transmission and distribution lines are constructed over private property or public rights- of-way pursuant to easements or appropriate franchises.
The domestic utility companies generally have the right of eminent domain, whereby they may perfect title to, or secure easements or servitudes on, private property for their utility operations.
Substantially all of the physical properties and assets owned by Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy are subject to the liens of mortgages securing the mortgage bonds of such company.
The Lewis Creek generating station is owned by GSG&T, Inc. , a subsidiary of Entergy Gulf States, and is not subject to the lien of the Entergy Gulf States mortgage securing its first mortgage bonds.
Lewis Creek is leased to and operated by Entergy Gulf States.
Fuel Supply The generation portfolio of the U. S.  Utility contains a high percentage of natural gas and nuclear generation.
The sources of generation and average fuel cost per kWh for the domestic utility companies and System Energy for the years 2002-2004 were
## Table 0 ##
Actual 2004 and projected 2005 sources of generation for the domestic utility companies and System Energy, including proposed power purchases from affiliates under power purchase agreements in 2005, are
## Table 1 ##
Entergy Arkansas, Inc.  Management's Financial Discussion and Analysis 152 The increase of $70.8 million in net cash used in financing activities in 2003 compared to 2002 was primarily due to the net redemption of $109.3 million of long-term debt in 2003 compared to the net issuance of $18.4 million in 2002, partially offset by the payment of $56.3 million less in common stock dividends during the same period.
See Note 5 to the domestic utility companies and System Energy financial statements for details on long-term debt.
Uses of Capital Entergy Arkansas requires capital resources for: ?
construction and other capital investments; ?
debt and preferred stock maturities; ?
working capital purposes, including the financing of fuel and purchased power costs; and ?
dividend and interest payments.
Following are the amounts of Entergy Arkansas' planned construction and other capital investments, existing debt and lease obligations, and other purchase obligations:
## Table 2 ##
(1) Includes approximately $175 to 180 million annually for maintenance capital, which is planned spending on routine capital projects that are necessary to support reliability of service, equipment or systems and to support normal customer growth.
(2) Purchase obligations represent the minimum purchase obligation or cancellation charge for contractual obligations to purchase goods or services.
For Entergy Arkansas almost all of the total consists of unconditional fuel and purchased power obligations, including its obligations under the Unit Power Sales Agreement, which is discussed in Note 8 to the domestic utility companies and System Energy financial statements.
(3) It is expected that additional financing under the leases will be arranged as needed to acquire additional fuel, to pay interest, and to pay maturing debt.
If such additional financing cannot be arranged, however, the lessee in each case must repurchase sufficient nuclear fuel to allow the lessor to meet its obligations.
In addition to these contractual obligations, Entergy Arkansas expects to contribute $20.6 million to its pension plans and $16.1 million to other postretirement plans in 2005.
On July 25, 2002, the Board authorized Entergy Arkansas and Entergy Operations to replace the ANO 1 steam generators and reactor vessel closure head.
Entergy management estimates the cost of the fabrication and replacement to be approximately $235 million, of which approximately $96 million has been incurred through 2004.
$115 million is expected to be incurred in 2005, with the remainder of the costs expected in 2006.
Management expects that the replacement will occur during a planned refueling outage in 2005.
Entergy Arkansas filed with the APSC in January 2003 a request for a declaratory order that the investment in the replacement is in the public interest.
The APSC issued the requested order in May 2003.
This order is analogous to the order received in 1998 prior to the replacement of the ANO 2 steam generators.
See ''Nuclear Matters'' below for further discussion of the replacement of the ANO 1 steam generators and reactor vessel closure head
ENTERGY LOUISIANA, INC.  MANAGEMENT'S FINANCIAL DISCUSSION AND ANALYSIS Results of Operations Net Income 2004 Compared to 2003 Net income decreased $18.7 million primarily due to lower net revenue, partially offset by lower other operation and maintenance expenses.2003 Compared to 2002 Net income increased slightly primarily due to higher net revenue and lower interest charges, almost entirely offset by higher other operation and maintenance expenses, higher depreciation and amortization expenses, and higher taxes other than income taxes.
Net Revenue 2004 Compared to 2003 Net revenue, which is Entergy Louisiana's measure of gross margin, consists of operating revenues net of: 1) fuel, fuel-related, and purchased power expenses and 2) other regulatory credits.
Following is an analysis of the change in net revenue comparing 2004 to 2003.
## Table 3 ##
The price applied to the unbilled sales variance is due to a decrease in the fuel price included in unbilled sales in 2004 caused primarily by the effect of nuclear plant outages in 2003 on average fuel costs.
The deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs.
Rate refund provisions caused a decrease in net revenue due to additional provisions recorded in 2004 compared to 2003 for potential rate actions and refunds.
The volume/weather variance is due to a total increase of 620 GWh in weather-adjusted usage in all sectors, partially offset by the effect of milder weather on billed sales in the residential and commercial sectors.
The summer capacity charges variance is due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of the amortization in 2004.
The amortization of these capacity charges began in August 2002 and ended in July 2003.
Domestic utility companies and System Energy Notes to Respective Financial Statements 313 (a) Consists of pollution control revenue bonds and environmental revenue bonds.
(b) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on September 1, 2005 and can then be remarketed.
(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy's nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.
The contracts include a one-time fee for generation prior to April 7, 1983.
Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.
(d) The fair value excludes lease obligations and long-term DOE obligations, and includes debt due within one year.
It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.
(e) The bonds had a mandatory tender date of September 1, 2004.
Entergy Gulf States purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not remarketed the bonds at this time.
(f) On June 1, 2002, Entergy Louisiana remarketed $55 million St.  Charles Parish Pollution Control Revenue Refunding Bonds due 2030, resetting the interest rate to 4.9% through May 2005.
(g) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on June 1, 2005 and can then be remarketed.
(h) The bonds are secured by a series of collateral first mortgage bonds.
(i) The bonds in the principal amount of $110.95 million had a mandatory tender date of October 1, 2003.
Entergy Louisiana purchased the bonds from the holders, pursuant to the mandatory tender provision, and has not remarketed the bonds at this time.
The annual long-term debt maturities (excluding lease obligations) for debt outstanding as of December 31, 2004, for the next five years are as follows:

<table><tr><td></td><td colspan="2"> Natural Gas</td><td colspan="2"> Fuel Oil</td><td colspan="2"> Nuclear Fuel</td><td colspan="2"> Coal</td></tr><tr><td>   Year</td><td> % of Gen</td><td> Cents Per kWh</td><td> % of Gen</td><td> Cents Per kWh</td><td> % of Gen</td><td> Cents Per kWh</td><td> % of Gen</td><td> Cents Per kWh</td></tr><tr><td>2004</td><td>23</td><td>7.31</td><td>6</td><td>5.02</td><td>52</td><td>.49</td><td>19</td><td>1.39</td></tr><tr><td>2003</td><td>26</td><td>6.53</td><td>4</td><td>5.04</td><td>52</td><td>.48</td><td>18</td><td>1.26</td></tr><tr><td>2002</td><td>39</td><td>3.88</td><td>-</td><td>15.78</td><td>46</td><td>.47</td><td>15</td><td>1.37</td></tr></table>
<table><tr><td></td><td colspan="2"> Natural Gas</td><td colspan="2"> Fuel Oil</td><td colspan="2"> Nuclear</td><td colspan="2"> Coal</td></tr><tr><td></td><td> 2004</td><td> 2005</td><td> 2004</td><td> 2005</td><td> 2004</td><td> 2005</td><td> 2004</td><td> 2005</td></tr><tr><td>Entergy Arkansas (a)</td><td>1%</td><td>-</td><td>-</td><td>-</td><td>65%</td><td>64%</td><td>34%</td><td>35%</td></tr><tr><td>Entergy Gulf States</td><td>41%</td><td>36%</td><td>1%</td><td>-</td><td>36%</td><td>36%</td><td>22%</td><td>28%</td></tr><tr><td>Entergy Louisiana</td><td>38%</td><td>40%</td><td>8%</td><td>8%</td><td>52%</td><td>50%</td><td>2%</td><td>2%</td></tr><tr><td>Entergy Mississippi</td><td>9%</td><td>3%</td><td>46%</td><td>62%</td><td>-</td><td>-</td><td>45%</td><td>35%</td></tr><tr><td>Entergy New Orleans</td><td>55%</td><td>55%</td><td>-</td><td>-</td><td>32%</td><td>31%</td><td>13%</td><td>14%</td></tr><tr><td>System Energy</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100%(b)</td><td>100%(b)</td><td>-</td><td>-</td></tr><tr><td>U.S. Utility (a)</td><td>23%</td><td>22%</td><td>6%</td><td>8%</td><td>52%</td><td>50%</td><td>19%</td><td>20%</td></tr></table>
<table><tr><td></td><td> 2005</td><td> 2006-2007</td><td> 2008-2009</td><td> after 2009</td><td> Total</td></tr><tr><td></td><td colspan="5">(In Millions)</td></tr><tr><td>Planned construction and</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>capital investment -1</td><td>$321</td><td>$455</td><td>N/A</td><td>N/A</td><td>$776</td></tr><tr><td>Long-term debt</td><td>$147</td><td>$-</td><td>$1</td><td>$1,191</td><td>$1,339</td></tr><tr><td>Capital lease payments</td><td>$10</td><td>$9</td><td>$2</td><td>$2</td><td>$23</td></tr><tr><td>Operating leases</td><td>$24</td><td>$38</td><td>$23</td><td>$54</td><td>$139</td></tr><tr><td>Purchase obligations -2</td><td>$433</td><td>$832</td><td>$827</td><td>$2,840</td><td>$4,932</td></tr><tr><td>Nuclear fuel lease obligations -3</td><td>$42</td><td>$52</td><td>N/A</td><td>N/A</td><td>$94</td></tr></table>
<table><tr><td></td><td>(In Millions)</td></tr><tr><td>2003 net revenue</td><td>$973.7</td></tr><tr><td>Price applied to unbilled sales</td><td>-31.9</td></tr><tr><td>Deferred fuel cost revisions</td><td>-29.4</td></tr><tr><td>Rate refund provisions</td><td>-12.2</td></tr><tr><td>Volume/weather</td><td>17.0</td></tr><tr><td>Summer capacity charges</td><td>11.8</td></tr><tr><td>Other</td><td>2.3</td></tr><tr><td>2004 net revenue</td><td>$931.3</td></tr></table>

Question: what is the growth rate in net revenue in 2004 for entergy louisiana?
Answer: -0.04355