Exhibit 99(d)

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

STATEMENTS OF CONSOLIDATED INCOME (LOSS)

(Millions of Dollars)

(Unaudited)



|                                                              |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |        |  
|------------------------------------------------------------- |  | -------------------------- | ------ | - | -------------------------- | - | ------ | -------------------------------------------------- | ----------- | - | ------ | - |  |  | ------------------------------------------------ |  |  | - | ------ | -
|                                                              |  | Successor                  |        |   |                            |   |        |                                                    | Predecessor |  
|                                                              |  | Year EndedDecember 31,2009 |        |   | Year EndedDecember 31,2008 |   |        | Period fromOctober 11, 2007throughDecember 31,2007 |             |   |        |   |  |  | Period fromJanuary 1, 2007throughOctober 10,2007 | 
|Operating revenues                                            |  | $                          | 7,911  |   |                            | $ | 9,787  |                                                    |             | $ | 1,671  |   |  |  |                                                  |  |  | $ | 6,884  |  
|Fuel, purchased power costs and delivery fees                 |  |                            | (3,934 | ) |                            |   | (5,600 | )                                                  |             |   | (852   | ) |  |  |                                                  |  |  |   | (3,209 | )
|Net gain (loss) from commodity hedging and trading activities |  |                            | 1,736  |   |                            |   | 2,184  |                                                    |             |   | (1,492 | ) |  |  |                                                  |  |  |   | (554   | )
|Operating costs                                               |  |                            | (693   | ) |                            |   | (676   | )                                                  |             |   | (123   | ) |  |  |                                                  |  |  |   | (473   | )
|Depreciation and amortization                                 |  |                            | (1,172 | ) |                            |   | (1,092 | )                                                  |             |   | (315   | ) |  |  |                                                  |  |  |   | (253   | )
|Selling, general and administrative expenses                  |  |                            | (741   | ) |                            |   | (679   | )                                                  |             |   | (153   | ) |  |  |                                                  |  |  |   | (451   | )
|Franchise and revenue-based taxes                             |  |                            | (108   | ) |                            |   | (110   | )                                                  |             |   | (30    | ) |  |  |                                                  |  |  |   | (81    | )
|Impairment of goodwill                                        |  |                            | (70    | ) |                            |   | (8,000 | )                                                  |             |   |       |   |  |  |                                                  |  |  |   |       |  
|Other income                                                  |  |                            | 59     |   |                            |   | 34     |                                                    |             |   | 2      |   |  |  |                                                  |  |  |   | 22     |  
|Other deductions                                              |  |                            | (63    | ) |                            |   | (1,263 | )                                                  |             |   | (5     | ) |  |  |                                                  |  |  |   | 20     |  
|Interest income                                               |  |                            | 64     |   |                            |   | 60     |                                                    |             |   | 10     |   |  |  |                                                  |  |  |   | 271    |  
|Interest expense and related charges                          |  |                            | (1,833 | ) |                            |   | (3,918 | )                                                  |             |   | (587   | ) |  |  |                                                  |  |  |   | (323   | )
|                                                              |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |        |  
|Income (loss) before income taxes                             |  |                            | 1,156  |   |                            |   | (9,273 | )                                                  |             |   | (1,874 | ) |  |  |                                                  |  |  |   | 1,853  |  
|                                                              |  |                            |        |   |                            |  
|Income tax (expense) benefit                                  |  |                            | (447   | ) |                            |   | 411    |                                                    |             |   | 651    |   |  |  |                                                  |  |  |   | (595   | )
|                                                              |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |        |  
|Net income (loss)                                             |  |                            | 709    |   |                            |   | (8,862 | )                                                  |             |   | (1,223 | ) |  |  |                                                  |  |  |   | 1,258  |  
|                                                              |  |                            |        |   |                            |  
|Net (income) loss attributable to noncontrolling interests    |  |                            |       |   |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   |       |  
|                                                              |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |        |  
|Net income (loss) attributable to TCEH                        |  | $                          | 709    |   |                            | $ | (8,862 | )                                                  |             | $ | (1,223 | ) |  |  |                                                  |  |  | $ | 1,258  |  
|                                                              |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |        |  



---

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

(Millions of Dollars)

(Unaudited)



|                                                                                                                                                                                    |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------- | --- | - | -------------------------- | - | ------ | -------------------------------------------------- | ----------- | - | ------ | - |  |  | ------------------------------------------------ |  |  | - | ----- | -
|                                                                                                                                                                                    |  | Successor                  |     |   |                            |   |        |                                                    | Predecessor |  
|                                                                                                                                                                                    |  | Year EndedDecember 31,2009 |     |   | Year EndedDecember 31,2008 |   |        | Period fromOctober 11, 2007throughDecember 31,2007 |             |   |        |   |  |  | Period fromJanuary 1, 2007throughOctober 10,2007 | 
|Net income (loss)                                                                                                                                                                   |  | $                          | 709 |   |                            | $ | (8,862 | )                                                  |             | $ | (1,223 | ) |  |  |                                                  |  |  | $ | 1,258 |  
|                                                                                                                                                                                    |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Other comprehensive income (loss), net of tax effects:                                                                                                                              |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Cash flow hedges:                                                                                                                                                                   |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Net decrease in fair value of derivatives (net of tax benefit of $10, $98, $97 and $154)                                                                                            |  |                            | (20 | ) |                            |   | (181   | )                                                  |             |   | (177   | ) |  |  |                                                  |  |  |   | (288  | )
|Derivative value net (gains) losses related to hedged transactions recognized during the period and reported in net income (net
of tax (expense) benefit of $72, $66, $ and $(48)) |  |                            | 129 |   |                            |   | 122    |                                                    |             |   |       |   |  |  |                                                  |  |  |   | (89   | )
|                                                                                                                                                                                    |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Total adjustments to net income (loss)                                                                                                                                              |  |                            | 109 |   |                            |   | (59    | )                                                  |             |   | (177   | ) |  |  |                                                  |  |  |   | (377  | )
|                                                                                                                                                                                    |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Comprehensive income (loss)                                                                                                                                                         |  |                            | 818 |   |                            |   | (8,921 | )                                                  |             |   | (1,400 | ) |  |  |                                                  |  |  |   | 881   |  
|                                                                                                                                                                                    |  |                            |     |   |                            |  
|Comprehensive (income) loss attributable to noncontrolling interests                                                                                                                |  |                            |    |   |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|                                                                                                                                                                                    |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Comprehensive income (loss) attributable to TCEH                                                                                                                                    |  | $                          | 818 |   |                            | $ | (8,921 | )                                                  |             | $ | (1,400 | ) |  |  |                                                  |  |  | $ | 881   |  
|                                                                                                                                                                                    |  |                            |     |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  



---

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

STATEMENTS OF CONSOLIDATED CASH FLOWS

(Millions of Dollars)

(Unaudited)



|                                                                                               |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|---------------------------------------------------------------------------------------------- |  | -------------------------- | ------ | - | -------------------------- | - | ------ | -------------------------------------------------- | ----------- | - | ------ | - |  |  | ------------------------------------------------ |  |  | - | ----- | -
|                                                                                               |  | Successor                  |        |   |                            |   |        |                                                    | Predecessor |  
|                                                                                               |  | Year EndedDecember 31,2009 |        |   | Year EndedDecember 31,2008 |   |        | Period fromOctober 11, 2007throughDecember 31,2007 |             |   |        |   |  |  | Period fromJanuary 1, 2007throughOctober 10,2007 | 
|Cash flows  operating activities                                                              |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Net income (loss)                                                                              |  | $                          | 709    |   |                            | $ | (8,862 | )                                                  |             | $ | (1,223 | ) |  |  |                                                  |  |  | $ | 1,258 |  
|                                                                                               |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Depreciation and amortization                                                                  |  |                            | 1,568  |   |                            |   | 1,536  |                                                    |             |   | 442    |   |  |  |                                                  |  |  |   | 306   |  
|Deferred income tax expense (benefit)  net                                                    |  |                            | 373    |   |                            |   | (378   | )                                                  |             |   | (451   | ) |  |  |                                                  |  |  |   | (81   | )
|Impairment of goodwill                                                                         |  |                            | 70     |   |                            |   | 8,000  |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Impairment of trade name intangible asset                                                      |  |                            |       |   |                            |   | 481    |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Impairment of emission allowances intangible assets                                            |  |                            |       |   |                            |   | 501    |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Impairment of natural gas-fueled generation facilities                                         |  |                            |       |   |                            |   | 229    |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Impairment of land                                                                             |  |                            | 34     |   |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Charge related to Lehman bankruptcy                                                            |  |                            |       |   |                            |   | 26     |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Net effect of unrealized mark-to-market valuations of commodity positions  losses (gains)     |  |                            | (1,225 | ) |                            |   | (2,329 | )                                                  |             |   | 1,556  |   |  |  |                                                  |  |  |   | 722   |  
|Unrealized net (gain) loss on mark-to-market valuations of interest rate swaps                 |  |                            | (696   | ) |                            |   | 1,477  |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Increase in Toggle Notes in lieu of cash interest                                              |  |                            | 202    |   |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Bad debt expense                                                                               |  |                            | 116    |   |                            |   | 81     |                                                    |             |   | 13     |   |  |  |                                                  |  |  |   | 44    |  
|Stock-based incentive compensation expense                                                     |  |                            | 4      |   |                            |   | 10     |                                                    |             |   |       |   |  |  |                                                  |  |  |   | 6     |  
|Reversal of reserve recorded in purchase accounting                                            |  |                            | (34    | ) |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   |      |  
|Losses on dedesignated cash flow hedges (interest rate swaps)                                  |  |                            | 183    |   |                            |   | 66     |                                                    |             |   | 1      |   |  |  |                                                  |  |  |   | 8     |  
|Credit related to impaired leases                                                              |  |                            |       |   |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   | (48   | )
|Net (gains) losses on sale of assets                                                           |  |                            | (5     | ) |                            |   |       |                                                    |             |   |       |   |  |  |                                                  |  |  |   | (1    | )
|Net equity loss from unconsolidated affiliate                                                  |  |                            | 7      |   |                            |   | 10     |                                                    |             |   | 2      |   |  |  |                                                  |  |  |   | 5     |  
|Other  net                                                                                    |  |                            | 2      |   |                            |   | (22    | )                                                  |             |   | 2      |   |  |  |                                                  |  |  |   | 6     |  
|Changes in operating assets and liabilities:                                                   |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Affiliate accounts receivable/payable  net                                                    |  |                            | 49     |   |                            |   | 42     |                                                    |             |   | (79    | ) |  |  |                                                  |  |  |   | 87    |  
|Accounts receivable  trade                                                                    |  |                            | (104   | ) |                            |   | (491   | )                                                  |             |   | (211   | ) |  |  |                                                  |  |  |   | 308   |  
|Impact of accounts receivable sales program                                                    |  |                            | (33    | ) |                            |   | 53     |                                                    |             |   | (223   | ) |  |  |                                                  |  |  |   | 45    |  
|Inventories                                                                                    |  |                            | (32    | ) |                            |   | (12    | )                                                  |             |   | (14    | ) |  |  |                                                  |  |  |   | (33   | )
|Accounts payable  trade                                                                       |  |                            | (142   | ) |                            |   | 366    |                                                    |             |   | 260    |   |  |  |                                                  |  |  |   | (444  | )
|Commodity and other derivative contractual assets and liabilities                              |  |                            | (64    | ) |                            |   | (28    | )                                                  |             |   | (10    | ) |  |  |                                                  |  |  |   | (167  | )
|Margin deposits  net                                                                          |  |                            | 248    |   |                            |   | 595    |                                                    |             |   | (614   | ) |  |  |                                                  |  |  |   | (569  | )
|Other  net assets                                                                             |  |                            | 109    |   |                            |   | 355    |                                                    |             |   | (276   | ) |  |  |                                                  |  |  |   | 2     |  
|Other  net liabilities                                                                        |  |                            | 53     |   |                            |   | (46    | )                                                  |             |   | 433    |   |  |  |                                                  |  |  |   | (189  | )
|                                                                                               |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Cash provided by (used in) operating activities                                                |  |                            | 1,392  |   |                            |   | 1,660  |                                                    |             |   | (392   | ) |  |  |                                                  |  |  |   | 1,265 |  
|                                                                                               |  |                            |        |   |                            |   |        |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  



---

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

STATEMENTS OF CONSOLIDATED CASH FLOWS (CONT.)

(Millions of Dollars)

(Unaudited)



|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|-------------------------------------------------------------------------------------------- |  | -------------------------- | ------ | - | -------------------------- | - | ------ | -------------------------------------------------- | ----------- | - | ------- | - |  |  | ------------------------------------------------ |  |  | - | ------ | -
|                                                                                             |  | Successor                  |        |   |                            |   |        |                                                    | Predecessor |  
|                                                                                             |  | Year EndedDecember 31,2009 |        |   | Year EndedDecember 31,2008 |   |        | Period fromOctober 11, 2007throughDecember 31,2007 |             |   |         |   |  |  | Period fromJanuary 1, 2007throughOctober 10,2007 | 
|Cash flows  financing activities                                                            |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Issuances of long-term borrowings:                                                           |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Merger-related debt financing                                                                |  |                            |       |   |                            |   |       |                                                    |             |   | 33,732  |   |  |  |                                                  |  |  |   |       |  
|Pollution control revenue bonds                                                              |  |                            |       |   |                            |   | 242    |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Other long-term debt                                                                         |  |                            | 522    |   |                            |   | 1,443  |                                                    |             |   |        |   |  |  |                                                  |  |  |   | 1,000  |  
|Retirements/repurchases of long-term borrowings:                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Merger-related debt repurchases                                                              |  |                            |       |   |                            |   |       |                                                    |             |   | (8,992  | ) |  |  |                                                  |  |  |   |       |  
|Pollution control revenue bonds                                                              |  |                            |       |   |                            |   | (242   | )                                                  |             |   |        |   |  |  |                                                  |  |  |   | (143   | )
|Other long-term debt                                                                         |  |                            | (272   | ) |                            |   | (612   | )                                                  |             |   | (45     | ) |  |  |                                                  |  |  |   | (15    | )
|Increase (decrease) in short-term borrowings:                                                |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Bank                                                                                         |  |                            | 53     |   |                            |   | 462    |                                                    |             |   | (1,617  | ) |  |  |                                                  |  |  |   | 1,860  |  
|Commercial paper                                                                             |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   | (623   | )
|Decrease in income tax-related note payable to Oncor                                         |  |                            | (35    | ) |                            |   | (34    | )                                                  |             |   | (9      | ) |  |  |                                                  |  |  |   | (24    | )
|Distribution paid to parent                                                                  |  |                            |       |   |                            |   |       |                                                    |             |   | (21,000 | ) |  |  |                                                  |  |  |   | (1,135 | )
|Contributions from noncontrolling interests                                                  |  |                            | 48     |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Debt discount, financing and reacquisition expenses  net                                    |  |                            | (34    | ) |                            |   | (1     | )                                                  |             |   | (576    | ) |  |  |                                                  |  |  |   | (12    | )
|Advances from affiliates                                                                     |  |                            | (1     | ) |                            |   | 5      |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Other  net                                                                                  |  |                            | 4      |   |                            |   | 37     |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Cash provided by financing activities continuing operations                                  |  | $                          | 285    |   |                            | $ | 1,300  |                                                    |             | $ | 1,493   |   |  |  |                                                  |  |  | $ | 908    |  
|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|                                                                                             |  |                            |        |   |                            |  
|Cash flows  investing activities                                                            |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Net loans (to) from affiliates.                                                              |  | $                          | (834   | ) |                            | $ | (572   | )                                                  |             | $ | 9       |   |  |  |                                                  |  |  | $ | 67     |  
|Capital expenditures                                                                         |  |                            | (1,324 | ) |                            |   | (1,908 | )                                                  |             |   | (496    | ) |  |  |                                                  |  |  |   | (1,409 | )
|Nuclear fuel purchases                                                                       |  |                            | (197   | ) |                            |   | (166   | )                                                  |             |   | (23     | ) |  |  |                                                  |  |  |   | (54    | )
|Money market fund redemptions (investments)                                                  |  |                            | 142    |   |                            |   | (142   | )                                                  |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Purchase of mining-related assets                                                            |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   | (122   | )
|Net proceeds from sale of assets                                                             |  |                            | 1      |   |                            |   | 29     |                                                    |             |   | 14      |   |  |  |                                                  |  |  |   | 2      |  
|Net proceeds from sale of controlling interest in natural gas gathering pipeline business    |  |                            | 40     |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Reduction of (proceeds from) letter of credit facility posted with trustee (restricted cash) |  |                            | 115    |   |                            |   |       |                                                    |             |   | (1,250  | ) |  |  |                                                  |  |  |   |       |  
|Reduction of restricted cash related to pollution control revenue bonds                      |  |                            |       |   |                            |   | 29     |                                                    |             |   | 13      |   |  |  |                                                  |  |  |   | 202    |  
|Other changes in restricted cash                                                             |  |                            | 3      |   |                            |   | (4     | )                                                  |             |   | 1       |   |  |  |                                                  |  |  |   | (1     | )
|Proceeds from sales of environmental allowances and credits                                  |  |                            | 19     |   |                            |   | 39     |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Purchases of environmental allowances and credits                                            |  |                            | (19    | ) |                            |   | (34    | )                                                  |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Proceeds from sales of nuclear decommissioning trust fund securities                         |  |                            | 3,064  |   |                            |   | 1,623  |                                                    |             |   | 831     |   |  |  |                                                  |  |  |   | 602    |  
|Investments in nuclear decommissioning trust fund securities                                 |  |                            | (3,080 | ) |                            |   | (1,639 | )                                                  |             |   | (835    | ) |  |  |                                                  |  |  |   | (614   | )
|Cash settlements related to outsourcing contract termination                                 |  |                            |       |   |                            |   | 41     |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Other  net                                                                                  |  |                            | 8      |   |                            |   | 8      |                                                    |             |   | (6      | ) |  |  |                                                  |  |  |   | 3      |  
|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Cash used in investing activities                                                            |  |                            | (2,062 | ) |                            |   | (2,696 | )                                                  |             |   | (1,742  | ) |  |  |                                                  |  |  |   | (1,324 | )
|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Net change in cash and cash equivalents                                                      |  |                            | (385   | ) |                            |   | 264    |                                                    |             |   | (641    | ) |  |  |                                                  |  |  |   | 849    |  
|Cash and cash equivalents  beginning balance                                                |  |                            | 479    |   |                            |   | 215    |                                                    |             |   | 856     |   |  |  |                                                  |  |  |   | 7      |  
|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Cash and cash equivalents  ending balance                                                   |  | $                          | 94     |   |                            | $ | 479    |                                                    |             | $ | 215     |   |  |  |                                                  |  |  | $ | 856    |  
|                                                                                             |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  



---

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONSOLIDATED BALANCE SHEETS

(Millions of Dollars)

(Unaudited)



|                                                                     |  |                  |        |   |                  |   |        |  
|-------------------------------------------------------------------- |  | ---------------- | ------ | - | ---------------- | - | ------ | -
|                                                                     |  | Successor        |       
|                                                                     |  | December 31,2009 |        |   | December 31,2008 |  
|ASSETS                                                               |  |                  |        |   |                  |   |        |  
|Current assets:                                                      |  |                  |        |   |                  |   |        |  
|Cash and cash equivalents                                            |  | $                | 94     |   |                  | $ | 479    |  
|Investments held in money market fund                                |  |                  |       |   |                  |   | 142    |  
|Restricted cash                                                      |  |                  | 1      |   |                  |   | 4      |  
|Trade accounts receivable  net                                      |  |                  | 1,009  |   |                  |   | 994    |  
|Notes receivable from parents                                        |  |                  | 1,432  |   |                  |   | 598    |  
|Inventories                                                          |  |                  | 393    |   |                  |   | 361    |  
|Commodity and other derivative contractual assets                    |  |                  | 2,339  |   |                  |   | 2,391  |  
|Accumulated deferred income taxes                                    |  |                  |       |   |                  |   | 21     |  
|Margin deposits related to commodity positions                       |  |                  | 187    |   |                  |   | 439    |  
|Other current assets                                                 |  |                  | 47     |   |                  |   | 85     |  
|                                                                     |  |                  |        |   |                  |   |        |  
|Total current assets                                                 |  |                  | 5,502  |   |                  |   | 5,514  |  
|                                                                     |  |                 
|Restricted cash                                                      |  |                  | 1,135  |   |                  |   | 1,250  |  
|Investments                                                          |  |                  | 590    |   |                  |   | 483    |  
|Property, plant and equipment  net                                  |  |                  | 20,980 |   |                  |   | 20,902 |  
|Goodwill                                                             |  |                  | 10,252 |   |                  |   | 10,322 |  
|Intangible assets  net                                              |  |                  | 2,593  |   |                  |   | 2,774  |  
|Commodity and other derivative contractual assets                    |  |                  | 1,533  |   |                  |   | 962    |  
|Other noncurrent assets, principally unamortized debt issuance costs |  |                  | 638    |   |                  |   | 750    |  
|                                                                     |  |                  |        |   |                  |   |        |  
|Total assets                                                         |  | $                | 43,223 |   |                  | $ | 42,957 |  
|                                                                     |  |                  |        |   |                  |   |        |  
|                                                                     |  |                 
|LIABILITIES AND MEMBERSHIP INTERESTS                                 |  |                  |        |   |                  |   |        |  
|Current liabilities:                                                 |  |                  |        |   |                  |   |        |  
|Short-term borrowings                                                |  | $                | 953    |   |                  | $ | 900    |  
|Advances from parent                                                 |  |                  | 3      |   |                  |   | 4      |  
|Long-term debt due currently                                         |  |                  | 294    |   |                  |   | 261    |  
|Trade accounts payable  nonaffiliates                               |  |                  | 748    |   |                  |   | 1,000  |  
|Trade accounts and other payables to affiliates                      |  |                  | 203    |   |                  |   | 168    |  
|Commodity and other derivative contractual liabilities               |  |                  | 2,310  |   |                  |   | 2,730  |  
|Margin deposits related to commodity positions                       |  |                  | 520    |   |                  |   | 525    |  
|Accrued income taxes payable to parent                               |  |                  | 53     |   |                  |   | 33     |  
|Accumulated deferred income taxes                                    |  |                  | 1      |   |                  |   |       |  
|Accrued taxes other than income                                      |  |                  | 75     |   |                  |   | 70     |  
|Accrued interest                                                     |  |                  | 303    |   |                  |   | 310    |  
|Other current liabilities                                            |  |                  | 338    |   |                  |   | 276    |  
|                                                                     |  |                  |        |   |                  |   |        |  
|Total current liabilities                                            |  |                  | 5,801  |   |                  |   | 6,277  |  
|                                                                     |  |                 
|Accumulated deferred income taxes                                    |  |                  | 5,523  |   |                  |   | 5,249  |  
|Commodity and other derivative contractual liabilities               |  |                  | 1,060  |   |                  |   | 2,095  |  
|Notes or other liabilities due affiliates                            |  |                  | 217    |   |                  |   | 254    |  
|Long-term debt held by affiliate                                     |  |                  | 143    |   |                  |   |       |  
|Long-term debt, less amounts due currently                           |  |                  | 29,516 |   |                  |   | 29,209 |  
|Other noncurrent liabilities and deferred credits                    |  |                  | 2,746  |   |                  |   | 2,527  |  
|                                                                     |  |                  |        |   |                  |   |        |  
|Total liabilities                                                    |  |                  | 45,006 |   |                  |   | 45,611 |  
|                                                                     |  |                 
|Commitments and Contingencies                                        |  |                  |        |   |                  |   |        |  
|                                                                     |  |                 
|Membership interests                                                 |  |                  | (1,783 | ) |                  |   | (2,654 | )
|                                                                     |  |                  |        |   |                  |   |        |  
|Total liabilities and membership interests                           |  | $                | 43,223 |   |                  | $ | 42,957 |  
|                                                                     |  |                  |        |   |                  |   |        |  



---

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

STATEMENTS OF CONSOLIDATED MEMBERSHIP INTERESTS

(Millions of Dollars)

(Unaudited)



|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|----------------------------------------------------------------------------------- |  | -------------------------- | ------ | - | -------------------------- | - | ------ | -------------------------------------------------- | ----------- | - | ------- | - |  |  | ------------------------------------------------ |  |  | - | ------ | -
|                                                                                    |  | Successor                  |        |   |                            |   |        |                                                    | Predecessor |  
|                                                                                    |  | Year EndedDecember 31,2009 |        |   | Year EndedDecember 31,2008 |   |        | Period fromOctober 11, 2007throughDecember 31,2007 |             |   |         |   |  |  | Period fromJanuary 1, 2007throughOctober 10,2007 | 
|Membership interests:                                                               |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Capital account:                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Balance at beginning of period (a)                                                  |  | $                          | (2,418 | ) |                            | $ | 6,393  |                                                    |             | $ | 28,315  |   |  |  |                                                  |  |  | $ | 6,359  |  
|Net income (loss)                                                                   |  |                            | 709    |   |                            |   | (8,862 | )                                                  |             |   | (1,223  | ) |  |  |                                                  |  |  |   | 1,258  |  
|Effects of purchase accounting push-down                                            |  |                            |       |   |                            |   | 48     |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Effect of adoption of accounting guidance related to uncertain tax positions        |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   | (36    | )
|Distributions paid to parent                                                        |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   | (1,135 | )
|Intercompany payable/receivable settlements and contributions related to the Merger |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   | (4,057 | )
|Dividend to parent to fund Merger                                                   |  |                            |       |   |                            |   |       |                                                    |             |   | (21,000 | ) |  |  |                                                  |  |  |   |       |  
|Merger-related transactions                                                         |  |                            |       |   |                            |   |       |                                                    |             |   | 301     |   |  |  |                                                  |  |  |   |       |  
|Effects of stock-based incentive compensation plans                                 |  |                            | 5      |   |                            |   | 3      |                                                    |             |   |        |   |  |  |                                                  |  |  |   | 31     |  
|Allocated pension assets                                                            |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   | 8      |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Balance at end of period                                                            |  |                            | (1,704 | ) |                            |   | (2,418 | )                                                  |             |   | 6,393   |   |  |  |                                                  |  |  |   | 2,428  |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Accumulated other comprehensive income (loss), net of tax effects (b):              |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Balance at beginning of period                                                      |  |                            | (236   | ) |                            |   | (177   | )                                                  |             |   |        |   |  |  |                                                  |  |  |   | 430    |  
|Change during period                                                                |  |                            | 109    |   |                            |   | (59    | )                                                  |             |   | (177    | ) |  |  |                                                  |  |  |   | (377   | )
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Balance at end of period                                                            |  |                            | (127   | ) |                            |   | (236   | )                                                  |             |   | (177    | ) |  |  |                                                  |  |  |   | 53     |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Total TCEH membership interests at end of period                                    |  | $                          | (1,831 | ) |                            | $ | (2,654 | )                                                  |             | $ | 6,216   |   |  |  |                                                  |  |  | $ | 2,481  |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|                                                                                    |  |                            |        |   |                            |  
|Noncontrolling interests in subsidiaries:                                           |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Balance at beginning of period                                                      |  |                            |       |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|Investment                                                                          |  |                            | 48     |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Noncontrolling interests in subsidiaries at end of period                           |  |                            | 48     |   |                            |   |       |                                                    |             |   |        |   |  |  |                                                  |  |  |   |       |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  
|Total membership interests at end of period                                         |  | $                          | (1,783 | ) |                            | $ | (2,654 | )                                                  |             | $ | 6,216   |   |  |  |                                                  |  |  | $ | 2,481  |  
|                                                                                    |  |                            |        |   |                            |   |        |                                                    |             |   |         |   |  |  |                                                  |  |  |   |        |  



|(a) | The beginning equity balance for the Successor period reflects the application of push-down accounting as a result of the Merger.
|--- | ---------------------------------------------------------------------------------------------------------------------------------

|(b) | All amounts relate to cash flow hedges.
|--- | ---------------------------------------