Now, I'll turn the call over to Wayne.

J. Wayne Leonard

Thanks, Paula. Good morning, everyone. I'll start today with one of our key initiatives. The proposal for the utility operating companies to join the Midwest Independent Transmission System Operator or MISO. In May, the Louisiana Public Service Commission became the first retail regulator to approve, subject to certain conditions, the proposal by Entergy Louisiana and Entergy Gulf States Louisiana to transfer functional control of their transmission facilities to the MISO Regional Transmission Organization. MISO change of control proceedings are in various stages of progress of the retail regulators in Arkansas, Mississippi, New Orleans and Texas.

During the second quarter, the Arkansas Public Service and General Staff modified their position such that Entergy Arkansas should continue to progress toward joining MISO and when certain conditions are met, the APSC will grant the full change of control. An order from the Arkansas Public Service Commission could come at any time now. Testimony has been filed in the remaining 3 jurisdictions and subject to various conditions. Commission staff, all the advisers and intervenors in each proceeding generally have been supportive of or, at least, have not expressed opposition to joining MISO, with the exception of course, of the Southwest Power Pool. We believe we should receive all the retail commission orders on MISO in 2012. Given this progress, final preparations were underway now to initiate the regulatory approval process for the proposed spin-off and merger of the Entergy operating company's transmission business with ITC Holdings Corp. The retail regulatory filings will describe on both a qualitative and a quantitative basis. The benefits to customers and other stakeholders resulting from the superior independent model for transmission operations that ITC provide, as well as the improved financial flexibility and strength of the Entergy Utility operating company following the completion of the transaction.

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