Exhibit 99(b)

Energy Future Holdings Corp.

Adjusted EBITDA Reconciliation



|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  
|------------------------------------------------------------------------------- |  | --------------------------------- | ------ | - | --------------------------------- | - | ----- | ----------------------------------- |  | - | ----------------------------------- | - |  | - | ------ | -
|                                                                                |  | Nine MonthsEndedSeptember 30,2008 |        |   | Nine MonthsEndedSeptember 30,2007 |   |       | Twelve MonthsEndedSeptember 30,2008 |  |   | Twelve MonthsEndedSeptember 30,2007 |  
|Net income (loss)                                                               |  | $                                 | (983   | ) |                                   | $ | 615   |                                     |  | $ | (2,235                              | ) |  | $ | 1,090  |  
|Income tax expense (benefit)                                                    |  |                                   | (462   | ) |                                   |   | 212   |                                     |  |   | (1,038                              | ) |  |   | 438    |  
|Interest expense and related charges                                            |  |                                   | 2,505  |   |                                   |   | 644   |                                     |  |   | 3,371                               |   |  |   | 834    |  
|Depreciation and amortization                                                   |  |                                   | 1,217  |   |                                   |   | 612   |                                     |  |   | 1,654                               |   |  |   | 813    |  
|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  
|EBITDA                                                                          |  | $                                 | 2,277  |   |                                   | $ | 2,083 |                                     |  | $ | 1,752                               |   |  | $ | 3,175  |  
|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  
|Oncor EBITDA                                                                    |  |                                   | (1,088 | ) |                                   |   | (995  | )                                   |  |   | (1,384                              | ) |  |   | (1,270 | )
|Oncor distributions/dividends                                                   |  |                                   | 213    |   |                                   |   | 251   |                                     |  |   | 288                                 |   |  |   | 336    |  
|Interest income                                                                 |  |                                   | (22    | ) |                                   |   | (53   | )                                   |  |   | (49                                 | ) |  |   | (69    | )
|Amortization of nuclear fuel                                                    |  |                                   | 55     |   |                                   |   | 50    |                                     |  |   | 74                                  |   |  |   | 65     |  
|Purchase accounting adjustments (a)                                             |  |                                   | 325    |   |                                   |   |      |                                     |  |   | 463                                 |   |  |   |       |  
|Impairment of assets and inventory write down (b)                               |  |                                   | 512    |   |                                   |   | 812   |                                     |  |   | 457                                 |   |  |   | 812    |  
|Unrealized net (gain) or loss resulting from hedging transactions               |  |                                   | 221    |   |                                   |   | 703   |                                     |  |   | 1,796                               |   |  |   | 645    |  
|One-time customer appreciation bonus                                            |  |                                   |       |   |                                   |   |      |                                     |  |   |                                    |   |  |   | 165    |  
|Losses on sale of receivables                                                   |  |                                   | 22     |   |                                   |   | 28    |                                     |  |   | 33                                  |   |  |   | 38     |  
|Income from discontinued operations, net of tax effect                          |  |                                   |       |   |                                   |   | (24   | )                                   |  |   | (1                                  | ) |  |   | (30    | )
|Noncash compensation expenses (SFAS 123R) (c)                                   |  |                                   | 24     |   |                                   |   | 23    |                                     |  |   | 23                                  |   |  |   | 32     |  
|Severance expense (d)                                                           |  |                                   | 1      |   |                                   |   |      |                                     |  |   | 1                                   |   |  |   | 1      |  
|Equity losses of unconsolidated affiliate engaged in broadband over power lines |  |                                   |       |   |                                   |   | 1     |                                     |  |   |                                    |   |  |   | 5      |  
|Transition and business optimization costs (e)                                  |  |                                   | 38     |   |                                   |   | 15    |                                     |  |   | 47                                  |   |  |   | 15     |  
|Transaction and merger expenses (f)                                             |  |                                   | 44     |   |                                   |   | 87    |                                     |  |   | 107                                 |   |  |   | 104    |  
|Restructuring and other (g)                                                     |  |                                   | 32     |   |                                   |   | (33   | )                                   |  |   | 33                                  |   |  |   | (28    | )
|Expenses incurred to upgrade or expand a generation station (h)                 |  |                                   | 100    |   |                                   |   | 4     |                                     |  |   | 100                                 |   |  |   | 5      |  
|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  
|Adjusted EBITDA per Incurrence Covenant                                         |  | $                                 | 2,754  |   |                                   | $ | 2,952 |                                     |  | $ | 3,740                               |   |  | $ | 4,001  |  
|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  
|Add back Oncor Adjustments                                                      |  | $                                 | 842    |   |                                   | $ | 760   |                                     |  | $ | 1,060                               |   |  | $ | 957    |  
|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  
|Adjusted EBITDA per Restricted Payments Covenants                               |  | $                                 | 3,596  |   |                                   | $ | 3,712 |                                     |  | $ | 4,800                               |   |  | $ | 4,958  |  
|                                                                                |  |                                   |        |   |                                   |   |       |                                     |  |   |                                     |   |  |   |        |  



|(a) | Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental credits, coal purchase 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 emission allowances intangible assets and charges related to the impairment of the assets and transportation and storage of materials
related to cancelled development of coal-fueled generation facilities.
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|(c) | Noncash compensation expenses exclude capitalized amounts.
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|(d) | Severance expense includes amounts incurred related to outsourcing, restructuring and other amounts deemed to be in excess of normal recurring amounts.
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|(e) | Transition and business optimization costs include professional fees primarily for retail billing and customer care systems enhancements and incentive compensation.
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|(f) | Transaction and merger expenses include costs related to the Merger, abandoned strategic transactions and a terminated joint venture. Also include administrative costs related to
the cancelled program to develop coal-fueled generation facilities, the Sponsor management fee and costs related to certain growth initiatives.
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|(g) | Restructuring and other for the 2008 periods include a litigation accrual and the charge related to the bankruptcy of a subsidiary of Lehman Brothers Holdings Inc., and for the 2007
periods includes credits related to impaired combustion turbine leases and other restructuring initiatives and nonrecurring activities.
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|(h) | Expenses incurred to upgrade or expand a generation station reflect noncapital outage costs.
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