Attached files
Exhibit 99(d)
TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
(millions of dollars)
| Three
Months Ended March 31, 2010 |
Three
Months Ended March 31, 2009 |
|||||||
| Operating revenues |
$ | 1,999 | $ | 1,766 | ||||
| Fuel, purchased power costs and delivery fees |
(1,047 | ) | (843 | ) | ||||
| Net gain from commodity hedging and trading activities |
1,213 | 1,128 | ||||||
| Operating costs |
(197 | ) | (168 | ) | ||||
| Depreciation and amortization |
(337 | ) | (276 | ) | ||||
| Selling, general and administrative expenses |
(183 | ) | (172 | ) | ||||
| Franchise and revenue-based taxes |
(22 | ) | (25 | ) | ||||
| Impairment of goodwill |
— | (70 | ) | |||||
| Other income |
14 | 3 | ||||||
| Other deductions |
(5 | ) | (9 | ) | ||||
| Interest income |
22 | 8 | ||||||
| Interest expense and related charges |
(749 | ) | (399 | ) | ||||
| Income before income taxes |
708 | 943 | ||||||
| Income tax expense |
(258 | ) | (367 | ) | ||||
| Net income |
450 | 576 | ||||||
| Net income attributable to noncontrolling interests |
(1 | ) | — | |||||
| Net income attributable to TCEH |
$ | 449 | $ | 576 | ||||
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
(millions of dollars)
| Three
Months Ended March 31, 2010 |
Three
Months Ended March 31, 2009 |
|||||||
| Net income |
$ | 450 | $ | 576 | ||||
| Other comprehensive income (loss), net of tax effects: |
||||||||
| Cash flow hedges: |
||||||||
| Net decrease in fair value of derivatives (net of tax benefit of $— and $9) |
— | (17 | ) | |||||
| Derivative value net loss related to hedged transactions recognized during the period and reported in net income (net of tax benefit of $10 and $15) |
19 | 26 | ||||||
| Total adjustments to net income (loss) |
19 | 9 | ||||||
| Comprehensive income |
469 | 585 | ||||||
| Comprehensive income attributable to noncontrolling interests |
(1 | ) | — | |||||
| Comprehensive income attributable to TCEH |
$ | 468 | $ | 585 | ||||
TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
(millions of dollars)
| Three
Months Ended March 31, 2010 |
Three
Months Ended March 31, 2009 |
|||||||
| Cash flows — operating activities: |
||||||||
| Net income |
$ | 450 | $ | 576 | ||||
| Adjustments to reconcile net income to cash provided by operating activities: operating activities: |
||||||||
| Depreciation and amortization |
423 | 385 | ||||||
| Deferred income tax expense – net |
227 | 348 | ||||||
| Impairment of goodwill |
— | 70 | ||||||
| Unrealized net gains from mark-to-market valuations of commodity positions |
(993 | ) | (1,030 | ) | ||||
| Unrealized net (gains) losses from mark-to-market valuations of interest rate swaps |
107 | (205 | ) | |||||
| Bad debt expense |
36 | 20 | ||||||
| Stock-based incentive compensation expense |
3 | 2 | ||||||
| Losses on dedesignated cash flow hedges (interest rate swaps) |
29 | 40 | ||||||
| Other, net |
(5 | ) | 2 | |||||
| Changes in operating assets and liabilities: |
||||||||
| Impact of accounts receivable sales program |
(383 | ) | (34 | ) | ||||
| Margin deposits – net |
45 | 65 | ||||||
| Other operating assets and liabilities |
145 | 219 | ||||||
| Cash provided by operating activities |
84 | 458 | ||||||
| Cash flows — financing activities: |
||||||||
| Issuances of long-term debt |
— | 212 | ||||||
| Retirements/repurchases of long-term debt |
(131 | ) | (123 | ) | ||||
| Decrease in short-term borrowings |
(700 | ) | — | |||||
| Notes/loans from affiliates |
728 | — | ||||||
| Decrease in income tax-related note payable to Oncor |
(9 | ) | (8 | ) | ||||
| Contributions from noncontrolling interests |
6 | 26 | ||||||
| Net short-term borrowings under accounts receivable sales program |
393 | — | ||||||
| Other |
10 | (3 | ) | |||||
| Cash provided by financing activities |
297 | 104 | ||||||
| Cash flows — investing activities: |
||||||||
| Net notes/loans to affiliates |
— | (2 | ) | |||||
| Capital expenditures |
(320 | ) | (354 | ) | ||||
| Nuclear fuel purchases |
(44 | ) | (46 | ) | ||||
| Money market redemptions |
— | 142 | ||||||
| Proceeds from sale of environmental allowances and credits |
3 | 4 | ||||||
| Purchases of environmental allowances and credits |
(5 | ) | (9 | ) | ||||
| Changes in restricted cash |
(16 | ) | 3 | |||||
| Proceeds from sales of nuclear decommissioning trust fund securities |
564 | 1,402 | ||||||
| Investments in nuclear decommissioning trust fund securities |
(568 | ) | (1,406 | ) | ||||
| Other |
— | 25 | ||||||
| Cash used in investing activities |
(386 | ) | (241 | ) | ||||
| Net change in cash and cash equivalents |
(5 | ) | 321 | |||||
| Cash and cash equivalents — beginning balance |
94 | 479 | ||||||
| Cash and cash equivalents — ending balance |
$ | 89 | $ | 800 | ||||
TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(millions of dollars)
| March 31, 2010 |
December 31, 2009 |
|||||||
| ASSETS | ||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 89 | $ | 94 | ||||
| Restricted cash |
17 | 1 | ||||||
| Trade accounts receivable — net, (2010 includes $784 in pledged amounts related to a variable interest entity) |
1,146 | 1,009 | ||||||
| Notes receivable from affiliates |
1,405 | 1,432 | ||||||
| Inventories |
381 | 393 | ||||||
| Commodity and other derivative contractual assets |
3,689 | 2,339 | ||||||
| Accumulated deferred income taxes |
120 | — | ||||||
| Margin deposits related to commodity positions |
211 | 187 | ||||||
| Other current assets |
46 | 47 | ||||||
| Total current assets |
7,104 | 5,502 | ||||||
| Restricted cash |
1,135 | 1,135 | ||||||
| Receivable from affiliate |
76 | 85 | ||||||
| Investments |
615 | 590 | ||||||
| Property, plant and equipment — net |
20,959 | 20,980 | ||||||
| Goodwill |
10,252 | 10,252 | ||||||
| Intangible assets — net |
2,540 | 2,593 | ||||||
| Commodity and other derivative contractual assets |
2,291 | 1,533 | ||||||
| Other noncurrent assets, principally unamortized debt issuance costs |
520 | 553 | ||||||
| Total assets |
$ | 45,492 | $ | 43,223 | ||||
| LIABILITIES AND MEMBERSHIP INTERESTS | ||||||||
| Current liabilities: |
||||||||
| Short-term borrowings (2010 amount includes $393 for VIEs) |
$ | 646 | $ | 953 | ||||
| Advances from parent |
3 | 3 | ||||||
| Long-term debt due currently |
232 | 294 | ||||||
| Trade accounts payable |
640 | 748 | ||||||
| Trade accounts and other payables to affiliates |
218 | 203 | ||||||
| Notes payable to affiliate |
700 | — | ||||||
| Commodity and other derivative contractual liabilities |
3,438 | 2,310 | ||||||
| Margin deposits related to commodity positions |
589 | 520 | ||||||
| Accrued income taxes payable to parent |
65 | 53 | ||||||
| Accumulated deferred income taxes |
— | 1 | ||||||
| Accrued taxes other than income |
51 | 75 | ||||||
| Accrued interest |
485 | 303 | ||||||
| Other current liabilities |
202 | 338 | ||||||
| Total current liabilities |
7,269 | 5,801 | ||||||
| Accumulated deferred income taxes |
5,874 | 5,523 | ||||||
| Commodity and other derivative contractual liabilities |
1,132 | 1,060 | ||||||
| Notes or other liabilities due affiliates |
208 | 217 | ||||||
| Long-term debt held by affiliates |
170 | 143 | ||||||
| Long-term debt, less amounts due currently |
29,424 | 29,516 | ||||||
| Other noncurrent liabilities and deferred credits |
2,711 | 2,746 | ||||||
| Total liabilities |
46,788 | 45,006 | ||||||
| Commitments and Contingencies |
||||||||
| Membership interests: |
||||||||
| TCEH membership interests |
(1,358 | ) | (1,831 | ) | ||||
| Noncontrolling interests in subsidiaries |
62 | 48 | ||||||
| Total membership interests |
(1,296 | ) | (1,783 | ) | ||||
| Total liabilities and membership interests |
$ | 45,492 | $ | 43,223 | ||||