Entergy Corporation and Subsidiaries Notes to Financial Statements 171 The effect of Entergy’s derivative instruments designated as cash flow hedges on the consolidated income statements for the years ended December 31, 2011, 2010, and 2009 is as follows:
## Table 0 ##
Electricity over-the-counter instruments that financially settle against day-ahead power pool prices are used to manage price exposure for Entergy Wholesale Commodities generation.
Based on market prices as of December 31, 2011, cash flow hedges relating to power sales totaled $310 million of net unrealized gains.
Approximately $197 million is expected to be reclassified from accumulated other comprehensive income (OCI) to operating revenues in the next twelve months.
The actual amount reclassified from accumulated OCI, however, could vary due to future changes in market prices.
Gains totaling approximately $168 million, $220 million, and $322 million were realized on the maturity of cash flow hedges, before taxes of $59 million, $77 million, and $113 million for the years ended December 31, 2011, 2010, and 2009, respectively.
Unrealized gains or losses recorded in OCI result from hedging power output at the Entergy Wholesale Commodities power plants.
The related gains or losses from hedging power are included in operating revenues when realized.
The maximum length of time over which Entergy is currently hedging the variability in future cash flows with derivatives for forecasted power transactions at December 31, 2011 is approximately three years.
Planned generation currently sold forward from Entergy Wholesale Commodities nuclear power plants is 88% for 2012 of which approximately 47% is sold under financial derivatives and the remainder under normal purchase/sale contracts.
The change in the value of Entergy’s cash flow hedges due to ineffectiveness was $6.1 million for the year ended December 31, 2011 and was insignificant for the year ended December 31, 2010.
The ineffective portion of cash flow hedges is recorded in competitive business operating revenues.
Certain agreements to sell the power produced by Entergy Wholesale Commodities power plants contain provisions that require an Entergy subsidiary to provide collateral to secure its obligations when the current market prices exceed the contracted power prices.
The primary form of collateral to satisfy these requirements is an Entergy Corporation guaranty.
As of December 31, 2011, there were no hedge contracts with counterparties in a liability position.
Entergy may effectively liquidate a cash flow hedge instrument by entering into a contract offsetting the original hedge, and then de-designating the original hedge.
In this situation, gains or losses accumulated in OCI prior to de-designation continue to be deferred in OCI until they are included in income as the original hedged transaction occurs.
From the point of de-designation, the gains or losses on the original hedge and the offsetting contract are recorded as assets or liabilities on the balance sheet and offset as they flow through to earnings.
Natural gas over-the-counter swaps that financially settle against NYMEX futures are used to manage fuel price volatility for the Utility’s Louisiana and Mississippi customers.
All benefits or costs of the program are recorded in fuel costs.
The total volume of natural gas swaps outstanding as of December 31, 2011 is 37,980,000 MMBtu for Entergy, 10,890,000 MMBtu for Entergy Gulf States Louisiana, 15,730,000 MMBtu for Entergy Louisiana, 10,360,000 MMBtu for Entergy Mississippi, and 1,000,000 MMBtu for Entergy New Orleans.
Credit
The business of the Utility operating companies is subject to seasonal fluctuations with the peak periods occurring during the third quarter.
Operating results for the Registrant Subsidiaries for the four quarters of 2011 and 2010 were:
## Table 1 ##
Operating Income (Loss)
## Table 2 ##
Net Income (Loss)
## Table 3 ##
Part I Item 1 Entergy Corporation, Utility operating companies, and System Energy 215 implemented to mitigate estimated impacts of off-site radiological releases in case of a hypothesized severe accident.
In addition to finding that the SAMA cost analysis was insufficient, the ASLB directed the NRC staff to explain why cost-beneficial SAMAs should not be required to be implemented.
Entergy appealed the ASLB’s decision to the NRC and the NRC staff supported Entergy’s appeal, while the State of New York opposed it.
In December 2011 the NRC denied Entergy’s appeal as premature, stating that the appeal could be renewed at the conclusion of the ASLB proceedings.
In November 2011 the ASLB issued an order establishing deadlines for the submission of several rounds of testimony on most of the contentions pending before the ASLB and for the filing of motions to limit or exclude testimony.
Initial hearings before the ASLB on the contentions for which testimony is submitted are expected to begin by the end of 2012.
Filing deadlines for testimony on certain admitted contentions remain to be set by the ASLB.
The NRC staff currently is also performing its technical and environmental reviews of the application.
The NRC staff issued a Final Safety Evaluation Report (FSER) in August 2009, a supplement to the FSER in August 2011, and a Final Supplemental Environmental Impact Statement (FSEIS) in December 2010.
The NRC staff has stated its intent to file a supplemental FSEIS in May 2012.
The New York State Department of Environmental Conservation has taken the position that Indian Point must obtain a new state-issued Clean Water Act Section 401 water quality certification as part of the license renewal process.
In addition, the consistency of Indian Point’s operations with New York State’s coastal management policies must be resolved as required by the Coastal Zone Management Act.
Entergy Wholesale Commodities’ efforts to obtain these certifications and determinations continue in 2012.
The hearing process is an integral component of the NRC’s regulatory framework, and evidentiary hearings on license renewal applications are not uncommon.
Entergy intends to participate fully in the hearing process as permitted by the NRC’s hearing rules.
As noted in Entergy’s responses to the various intervenor filings, Entergy believes the contentions proposed by the intervenors are unsupported and without merit.
Entergy will continue to work with the NRC staff as it completes its technical and environmental reviews of the license renewal application.
Non-nuclear Generating Stations Entergy Wholesale Commodities includes the ownership, or interests in joint ventures that own, the following non-nuclear power plants:
## Table 4 ##
(1) “Net Owned Capacity” refers to the nameplate rating on the generating unit.
(2) Entergy Louisiana and Entergy New Orleans currently purchase 101 MW of capacity and energy from Independence Unit 2.
The transaction included an option for Entergy Louisiana and Entergy New Orleans to acquire an ownership interest in the unit for a total price of $80 million, subject to various adjustments.
In March 2008, Entergy Louisiana and Entergy New Orleans provided notice of their intent to exercise the option.
Entergy Louisiana and Entergy New Orleans continue to evaluate the economics of proceeding with this option.
Based upon changes in the long-term economics of the resource relative to current options, in August 2011, Entergy Louisiana made a filing with the LPSC seeking relief from the prior directive to exercise the option to purchase an ownership interest in the Independence unit.
The LPSC staff filed testimony suggesting that the option should be exercised but noting that this is largely a policy decision for the LPSC.
Entergy Gulf States Louisiana, L. L. C.  Management’s Financial Discussion and Analysis 287 All debt and common and preferred equity/membership interest issuances by Entergy Gulf States Louisiana require prior regulatory approval.
Preferred equity/membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements.
Entergy Gulf States Louisiana has sufficient capacity under these tests to meet its foreseeable capital needs.
Entergy Gulf States Louisiana’s receivables from the money pool were as follows as of December 31 for each of the following years:

Tables referenced above, in order (Table 0 first):
<table><tr><td>Instrument</td><td>Amount of gainrecognized in AOCI(effective portion)</td><td>Income Statement location</td><td>Amount of gainreclassified fromaccumulated OCI intoincome (effective portion)</td></tr><tr><td>2011</td><td></td><td></td><td></td></tr><tr><td>Electricity forwards, swaps and options</td><td>$296 million</td><td>Competitive businesses operating revenues</td><td>$168 million</td></tr><tr><td>2010</td><td></td><td></td><td></td></tr><tr><td>Electricity forwards, swaps and options</td><td>$206 million</td><td>Competitive businesses operating revenues</td><td>$220 million</td></tr><tr><td>2009</td><td></td><td></td><td></td></tr><tr><td>Electricity forwards, swaps, and options</td><td>$315 million</td><td>Competitive businesses operating revenues</td><td>$322 million</td></tr></table>
<table><tr><td></td><td>EntergyArkansas</td><td>EntergyGulf StatesLouisiana</td><td>EntergyLouisiana</td><td>EntergyMississippi</td><td>EntergyNew Orleans</td><td>EntergyTexas</td><td>SystemEnergy</td></tr><tr><td></td><td colspan="7">(In Thousands)</td></tr><tr><td>2011:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First Quarter</td><td>$443,498</td><td>$495,898</td><td>$515,434</td><td>$288,983</td><td>$158,256</td><td>$348,884</td><td>$128,395</td></tr><tr><td>Second Quarter</td><td>$516,833</td><td>$522,562</td><td>$651,847</td><td>$302,194</td><td>$150,498</td><td>$444,423</td><td>$129,120</td></tr><tr><td>Third Quarter</td><td>$658,356</td><td>$596,948</td><td>$786,814</td><td>$365,569</td><td>$182,032</td><td>$556,955</td><td>$152,431</td></tr><tr><td>Fourth Quarter</td><td>$465,623</td><td>$519,001</td><td>$554,820</td><td>$309,724</td><td>$139,399</td><td>$406,937</td><td>$153,465</td></tr><tr><td>2010:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First Quarter</td><td>$531,894</td><td>$498,675</td><td>$611,524</td><td>$244,135</td><td>$180,026</td><td>$336,206</td><td>$128,584</td></tr><tr><td>Second Quarter</td><td>$540,535</td><td>$509,225</td><td>$619,473</td><td>$309,261</td><td>$138,685</td><td>$471,153</td><td>$124,419</td></tr><tr><td>Third Quarter</td><td>$575,062</td><td>$632,772</td><td>$768,190</td><td>$408,692</td><td>$189,698</td><td>$514,786</td><td>$151,781</td></tr><tr><td>Fourth Quarter</td><td>$434,956</td><td>$456,349</td><td>$539,579</td><td>$270,834</td><td>$151,040</td><td>$368,286</td><td>$153,800</td></tr></table>
<table><tr><td></td><td>EntergyArkansas</td><td>EntergyGulf StatesLouisiana</td><td>EntergyLouisiana</td><td>EntergyMississippi</td><td>EntergyNew Orleans</td><td>EntergyTexas</td><td>SystemEnergy</td></tr><tr><td></td><td colspan="7">(In Thousands)</td></tr><tr><td>2011:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First Quarter</td><td>$60,905</td><td>$83,069</td><td>$47,561</td><td>$37,286</td><td>$16,933</td><td>$45,593</td><td>$36,387</td></tr><tr><td>Second Quarter</td><td>$99,072</td><td>$89,860</td><td>$96,648</td><td>$50,280</td><td>$15,710</td><td>$57,682</td><td>$33,996</td></tr><tr><td>Third Quarter</td><td>$164,822</td><td>$100,276</td><td>-$61,706</td><td>$60,885</td><td>$36,603</td><td>$86,810</td><td>$38,520</td></tr><tr><td>Fourth Quarter</td><td>$33,555</td><td>$57,506</td><td>$3,606</td><td>$32,938</td><td>-$6,118</td><td>$24,935</td><td>$41,699</td></tr><tr><td>2010:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First Quarter</td><td>$41,917</td><td>$75,702</td><td>$56,328</td><td>$27,501</td><td>$21,479</td><td>$42,083</td><td>$38,396</td></tr><tr><td>Second Quarter</td><td>$108,793</td><td>$82,594</td><td>$90,115</td><td>$64,573</td><td>$10,027</td><td>$53,615</td><td>$42,292</td></tr><tr><td>Third Quarter</td><td>$166,575</td><td>$127,825</td><td>$120,872</td><td>$62,488</td><td>$26,356</td><td>$72,496</td><td>$42,033</td></tr><tr><td>Fourth Quarter</td><td>$8,731</td><td>$38,486</td><td>$29,359</td><td>$26,714</td><td>$3,970</td><td>$22,380</td><td>$42,426</td></tr></table>
<table><tr><td></td><td>EntergyArkansas</td><td>EntergyGulf StatesLouisiana</td><td>EntergyLouisiana</td><td>EntergyMississippi</td><td>EntergyNew Orleans</td><td>EntergyTexas</td><td>SystemEnergy</td></tr><tr><td></td><td colspan="7">(In Thousands)</td></tr><tr><td>2011:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First Quarter</td><td>$25,608</td><td>$45,670</td><td>$40,298</td><td>$17,314</td><td>$8,927</td><td>$15,726</td><td>$19,336</td></tr><tr><td>Second Quarter</td><td>$50,298</td><td>$49,310</td><td>$75,103</td><td>$23,829</td><td>$8,207</td><td>$23,097</td><td>$21,986</td></tr><tr><td>Third Quarter</td><td>$80,945</td><td>$51,946</td><td>$337,722</td><td>$33,169</td><td>$18,943</td><td>$40,875</td><td>$14,263</td></tr><tr><td>Fourth Quarter</td><td>$8,040</td><td>$56,101</td><td>$20,800</td><td>$34,417</td><td>-$101</td><td>$1,147</td><td>$8,612</td></tr><tr><td>2010:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First Quarter</td><td>$15,253</td><td>$38,083</td><td>$36,833</td><td>$11,550</td><td>$11,517</td><td>$12,418</td><td>$20,613</td></tr><tr><td>Second Quarter</td><td>$55,401</td><td>$32,154</td><td>$61,259</td><td>$34,744</td><td>$5,529</td><td>$22,333</td><td>$20,442</td></tr><tr><td>Third Quarter</td><td>$93,290</td><td>$76,939</td><td>$94,320</td><td>$34,499</td><td>$15,540</td><td>$31,132</td><td>$22,299</td></tr><tr><td>Fourth Quarter</td><td>$8,674</td><td>$43,562</td><td>$39,023</td><td>$4,584</td><td>-$1,472</td><td>$317</td><td>$19,270</td></tr></table>
<table><tr><td>Plant</td><td>Location</td><td>Ownership</td><td>Net OwnedCapacity-1</td><td>Type</td></tr><tr><td>Rhode Island State Energy Center; 583 MW</td><td>Johnston, RI</td><td>100%</td><td>583 MW</td><td>Gas</td></tr><tr><td>Ritchie Unit 2; 544 MW</td><td>Helena, AR</td><td>100%</td><td>544 MW</td><td>Gas/Oil</td></tr><tr><td>Independence Unit 2; 842 MW -2</td><td>Newark, AR</td><td>14%</td><td>121 MW-3</td><td>Coal</td></tr><tr><td>Top of Iowa; 80 MW -4</td><td>Worth County, IA</td><td>50%</td><td>40 MW</td><td>Wind</td></tr><tr><td>White Deer; 80 MW -4</td><td>Amarillo, TX</td><td>50%</td><td>40 MW</td><td>Wind</td></tr><tr><td>RS Cogen; 425 MW -4</td><td>Lake Charles, LA</td><td>50%</td><td>213 MW</td><td>Gas/Steam</td></tr><tr><td>Nelson 6; 550 MW</td><td>Westlake, LA</td><td>11%</td><td>60 MW-3</td><td>Gas</td></tr></table>

Question: In which years is First Quarter greater than Fourth Quarter (for EntergyArkansas?
Answer: 2010