Exhibit 99(c)

Texas Competitive Electric Holdings Company LLC Consolidated

Adjusted
EBITDA Reconciliation



|                                                                                       |  |                                 |      |   |                                 |   |       |                                  |  |   |                                  |   |  |   |        |  
|-------------------------------------------------------------------------------------- |  | ------------------------------- | ---- | - | ------------------------------- | - | ----- | -------------------------------- |  | - | -------------------------------- | - |  | - | ------ | -
|                                                                                       |  | Three MonthsEndedMarch 31, 2011 |      |   | Three MonthsEndedMarch 31, 2010 |   |       | Twelve MonthsEndedMarch 31, 2011 |  |   | Twelve MonthsEndedMarch 31, 2010 |  
|                                                                                       |  | (millions of dollars)           |     
|                                                                                       |  |                                 |      |  
|Net income (loss)                                                                      |  | $                               | (301 | ) |                                 | $ | 450   |                                  |  | $ | (4,133                           | ) |  | $ | 583    |  
|Income tax expense (benefit)                                                           |  |                                 | (155 | ) |                                 |   | 258   |                                  |  |   | (12                              | ) |  |   | 339    |  
|Interest expense and related charges                                                   |  |                                 | 498  |   |                                 |   | 749   |                                  |  |   | 2,590                            |   |  |   | 2,182  |  
|Depreciation and amortization                                                          |  |                                 | 362  |   |                                 |   | 337   |                                  |  |   | 1,405                            |   |  |   | 1,233  |  
|                                                                                       |  |                                 |      |   |                                 |   |       |                                  |  |   |                                  |   |  |   |        |  
|EBITDA                                                                                 |  | $                               | 404  |   |                                 | $ | 1,794 |                                  |  | $ | (150                             | ) |  | $ | 4,337  |  
|                                                                                       |  |                                 |      |  
|Interest income                                                                        |  |                                 | (27  | ) |                                 |   | (22   | )                                |  |   | (97                              | ) |  |   | (78    | )
|Amortization of nuclear fuel                                                           |  |                                 | 37   |   |                                 |   | 37    |                                  |  |   | 139                              |   |  |   | 108    |  
|Purchase accounting adjustments (a)                                                    |  |                                 | 38   |   |                                 |   | 44    |                                  |  |   | 157                              |   |  |   | 258    |  
|Impairment of goodwill                                                                 |  |                                 |     |   |                                 |   |      |                                  |  |   | 4,100                            |   |  |   |       |  
|Impairment of assets and inventory write down (b)                                      |  |                                 |     |   |                                 |   |      |                                  |  |   | 13                               |   |  |   | 36     |  
|Net gain on debt exchange offers                                                       |  |                                 |     |   |                                 |   |      |                                  |  |   | (687                             | ) |  |   |       |  
|EBITDA amount attributable to consolidated unrestricted subsidiaries                   |  |                                 | (2   | ) |                                 |   |      |                                  |  |   | (1                               | ) |  |   | 1      |  
|Unrealized net (gain) loss resulting from hedging transactions                         |  |                                 | 316  |   |                                 |   | (993  | )                                |  |   | 89                               |   |  |   | (1,189 | )
|Amortization of day one net loss on Sandow 5 power purchase agreement                |  |                                 |     |   |                                 |   | (5    | )                                |  |   | (16                              | ) |  |   | (15    | )
|Corporate depreciation, interest and income tax expenses included in SG&A expense      |  |                                 | 3    |   |                                 |   | 2     |                                  |  |   | 10                               |   |  |   | 8      |  
|Losses on sale of receivables                                                          |  |                                 |     |   |                                 |   |      |                                  |  |   |                                 |   |  |   | 8      |  
|Noncash compensation expense (c)                                                       |  |                                 |     |   |                                 |   | 7     |                                  |  |   | 7                                |   |  |   | 6      |  
|Severance expense                                                                      |  |                                 |     |   |                                 |   | 3     |                                  |  |   | 1                                |   |  |   | 6      |  
|Transition and business optimization costs (d)                                         |  |                                 | 6    |   |                                 |   | 1     |                                  |  |   | 14                               |   |  |   | 14     |  
|Transaction and merger expenses (e)                                                    |  |                                 | 11   |   |                                 |   | 11    |                                  |  |   | 38                               |   |  |   | 14     |  
|Restructuring and other (f)                                                            |  |                                 | (17  | ) |                                 |   | (11   | )                                |  |   | (128                             | ) |  |   | (29    | )
|Expenses incurred to upgrade or expand a generation station (g)                        |  |                                 | 36   |   |                                 |   | 23    |                                  |  |   | 100                              |   |  |   | 100    |  
|                                                                                       |  |                                 |      |   |                                 |   |       |                                  |  |   |                                  |   |  |   |        |  
|Adjusted EBITDA per Incurrence Covenant                                                |  | $                               | 805  |   |                                 | $ | 891   |                                  |  | $ | 3,589                            |   |  | $ | 3,585  |  
|Expenses related to unplanned generation station outages                               |  |                                 | 58   |   |                                 |   | 59    |                                  |  |   | 131                              |   |  |   | 117    |  
|Pro forma adjustment for Sandow 5 and Oak Grove 1 reaching 70% capacity in Q1 2010 (h) |  |                                 |     |   |                                 |   |      |                                  |  |   |                                 |   |  |   | 84     |  
|Other adjustments allowed to determine Adjusted EBITDA per Maintenance Covenant (i)    |  |                                 | 8    |   |                                 |   | 3     |                                  |  |   | 34                               |   |  |   | 36     |  
|                                                                                       |  |                                 |      |   |                                 |   |       |                                  |  |   |                                  |   |  |   |        |  
|Adjusted EBITDA per Maintenance Covenant                                               |  | $                               | 871  |   |                                 | $ | 953   |                                  |  | $ | 3,754                            |   |  | $ | 3,822  |  
|                                                                                       |  |                                 |      |   |                                 |   |       |                                  |  |   |                                  |   |  |   |        |  



|(a) | Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental
credits, coal purchase contracts, nuclear fuel contracts and power purchase agreements and the stepped up value of nuclear fuel. Also include certain credits not recognized in net income due to purchase accounting.
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|(b) | Impairment of assets includes impairment of land.
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|(c) | Noncash compensation expenses represent amounts recorded under stock-based compensation accounting standards and exclude capitalized amounts.
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|(d) | Transition and business optimization costs include incentive compensation expenses and professional fees primarily for retail billing and customer
care systems enhancements.
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|(e) | Transaction and merger expenses include costs related to the Merger, the Sponsor Group management fee, outsourcing transition costs and costs
related to certain growth initiatives.
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|(f) | Restructuring and other includes gains on termination of a long-term power sales contract and settlement of amounts due from a hedging/trading
counterparty, and reversal of certain liabilities accrued in purchase accounting.
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|(g) | Expenses incurred to upgrade or expand a generation station reflect noncapital outage costs.
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|(h) | Pro forma adjustment for Sandow 5 and Oak Grove 1 represents the annualization of the actual three months ended March 31, 2010 EBITDA results
for these two units.
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|(i) | Primarily pre-operating expenses relating to Oak Grove and Sandow 5.
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