roughly half of the lower EBITDA. The remainder of the variance in EWC 's financial performance was primarily from a decline in wholesale ..... outlook. Management cut its 2017 operational EBITDA outlook for EWC to $540 million from $650 million-$700 million. However
next year. Entergy's guidance for adjusted EBITDA for the EWC segment through 2016 was updated to reflect new hedges and current ..... with the the second-quarter update. Entergy will provide 2017 EWC adjusted EBITDA guidance at EEI next week.
estimate of $6.14 and our $72 fair value estimate. We also are reaffirming our narrow moat and stable moat trend ratings. EWC 's strong expected results are not surprising, considering the absence of nuclear refueling outages in the recently ended quarter
per share from $70 per share. Our narrow moat and stable moat trend ratings are unchanged. Management raised its 2015-16 EWC segment adjusted EBITDA guidance by about $100 million because of higher contract and market energy prices for its Northeast
commodity prices in the Northeast. Management now believes that 2016 EWC EBITDA will be flat with 2015. This is especially disappointing ..... the Northeast will continue to pressure 2016 energy revenue for EWC 's nuclear portfolio and more than offset the improved capacity
will be included in the company's operating earnings. Offsetting this gain was mark-to-market activity that is part of EWC 's risk-management strategy for hedging contracts with liquidated damage clauses and also included in operating earnings
and in line with our estimate. However, EWC 's contribution continues to move lower ..... be 2018 before the long-term status of EWC 's most valuable asset is resolved. Assuming ..... license is not renewed and the value of EWC is zero, we believe Entergy's utility
affected by a one-time adjustment for a favorable court decision following litigation against the U.S. Department of Energy concerning spent nuclear fuel at Indian Point. EWC net revenue was essentially flat for the recently ended quarter.
Lower power prices continue to pressure EWC margins. Management provided a chart but no actual numbers showing EWC 's EBITDA declining each year through 2014 ..... consistent with our EPS estimate that has EWC contributing less than $0.30 in 2014
Vermont Yankee nuclear plants. Depressed power markets also reduced earnings as higher-priced hedges continue to roll off. EWC 's operational earnings were also negatively affected by higher decommissioning expenses due to an updated decommissioning cost