BATON ROUGE, La., Sept. 18, 2000 — Entergy Corp. and The Shaw Group Inc. announced recently that Entergy’s non-utility wholesale operating group and Shaw will sign a definitive agreement creating EntergyShaw L.L.C., a new company that will provide management, engineering, procurement, construction and commissioning services to build electric power plants worldwide. On June 2, Entergy and Shaw announced the signing of a letter of intent to form the new company.

EntergyShaw will be headquartered in Baton Rouge, La. Entergy and Shaw each own a 50 percent interest in the new company. Jim Earley, a senior vice president of Shaw, has been appointed president.

EntergyShaw will be strategically positioned to meet growing demand in the global power generation market. Its initial focus will be on projects related to the execution of Entergy Wholesale Operations’ power development plans in North America and Europe, which includes its previously announced gas turbine rollout program. Entergy’s wholesale operating group is the power development, marketing and trading business unit of Entergy. Over the next several years, the new venture is expected to manage the construction of multiple power projects, the total capital value of which could exceed $6 billion. The actual number of projects undertaken will be subject to the approval of the new company’s management committee.

Subsequent to the announcement of the companies’ plans to form the venture, EWO and Shaw commenced development of a standardized market-driven reference plant design. This design, which is expected to be replicated in each of the EntergyShaw projects, is anticipated to reduce power plant construction, commissioning and operating costs by as much as 10 to 15 percent on average.

Earley stated, “We are very excited to finalize this agreement, which will allow us to fully join forces for the development of power generation capacity worldwide. Our reference plant design is well underway, and we have identified key members for the EntergyShaw team who will play a significant role in successfully executing our strategy.”

Geoff Roberts, Entergy Wholesale Operations president and CEO stated, “EntergyShaw provides a critical component to our successful power development efforts. Shaw’s expertise in engineering and construction, coupled with Entergy’s business development and operations skills, will make for an unbeatable combination.”

J. M. Bernhard Jr., Shaw’s chairman, president and CEO stated, “The efforts put forth by Entergy and Shaw to consummate this venture are a clear indication of the confidence and enthusiasm that exists between our two organizations. What was already a great combination of capabilities and resources has the potential to be even further enhanced through ongoing developments in our respective companies.”

U.S. Senator John Breaux (D-Louisiana), commented, “This new venture brings together two great Louisiana companies that signals good news not only for the work force in our state, but also the Louisiana economy as a whole.”