energy future holindings _080205

Second Quarter 2005 Earnings Discussion

August 2, 2005

Safe Harbor Statement & Regulation G

This presentation contains forward-looking statements, which are subject to various risks and uncertainties. Discussion of risks and uncertainties that could cause actual results to differ materially from management's current projections, forecasts, estimates and expectations is contained in the Company's earnings release and SEC filings.

Regulation GThis presentation includes certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparableGAAP measure is included in the appendix of the printed version of the slides and the version included on the company’s website at www.txucorp.com under Investor Resources/Presentations.

TXU Corp. Consolidated

208%208%

Operational Earnings Contribution by SegmentQ2 04 vs. Q2 05; YTD 04 vs. YTD 05; $ per diluted share

Slide 2: Solid Performance By All Core Businesses …

TXU Energy Holdings

TXU Electric Delivery

TXU Corp. Consolidated

TXU Energy Holdings

TXU Electric Delivery

218%218%

94%94%

177%177%

191%191%

86%86%

0.51

1.57

Q2 04 Q2 05

0.93

2.58

YTD 04 YTD 05

0.45

1.43

Q2 04 Q2 05

0.78

2.27

YTD 04 YTD 05

0.35

0.65

YTD 04 YTD 05

0.35

Q2 04 Q2 05

0.18

… Enabled By An Industrial Skill Set

Operational Excellence

• Top decile throughput • World class industrial

production costs• Industry leading

reliability• Lean corporate SG&A

Market Leadership

• Superior customer service/ brand management

• Customer segmentation and pricing

• Distinctive commodity sourcing

Risk/Return Mindset

• Strict capital allocation discipline

• Risk/return restructuring

• Commodity risk management

Performance Management

• High performance culture• Integrated performance measurement system• Employee development• Incentives linked to key value drivers

Operational Excellence Is Reflected In Improved Production Levels …

Capacity Factor1

Q2 04 vs. Q2 05; percent

Plant Outage Days- PlannedQ2 04 vs. Q2 05; days

Plant Outage Days- PlannedQ2 04 vs. Q2 05; days

Lignite Units

4%4%

Capacity Factor1

Q2 04 vs. Q2 05; percent

Nuclear Units

3%3%

19%19%

1 Excludes planned outages and economic back-down.

2%2%

Improved production results added ~ $30 million of contribution margin for the quarter.Improved production results added ~ $30 million of contribution margin for the quarter.

62.1 63.5

Q2 04 Q2 05

33.327.0

Q2 04 Q2 05

92.9

96.2

Q2 04 Q2 05

98.5

101.4

Q2 04 Q2 05

… And Improved Productivity And Cost Management

Operating Costs – TXU Energy HoldingsQ2 04 vs. Q2 05; $ millions

Lignite Fuel CostsQ2 04 vs. Q2 05; $/MWh

Nuclear Fuel CostsQ2 04 vs. Q2 05; $/MWh

SG&A Expense1 – TXU Energy HoldingsQ2 04 vs. Q2 05; $ millions

1%1%

12.36 12.02

Q2 04 Q2 05

4.25 4.20

Q2 04 Q2 05

160113

Q2 04 Q2 05

3%3%

12%12% 29%29%

1 Q2 04 excludes $3 million of special items.

Improved costs results added ~ $74 million of EBIT for the quarter.Improved costs results added ~ $74 million of EBIT for the quarter.

200

177

Q2 04 Q2 05

Retail Bad DebtQ2 04 vs. Q2 05; $ millions

Slide 6: TXU Energy’s Operational Metrics Improved For The Quarter …

PUC Complaints/100K CustomersQ2 04 vs. Q2 05; number of

Call Answer TimesQ2 04 vs. Q2 05; seconds

Time In IVR Q2 04 vs. Q2 05; seconds

55%55%

56%56% 5%5%

21%21%

Source: PUC complaint data via Regulatory Compliance Services; TXU Energy

12

27

Q2 04 Q2 05

9978

Q2 04 Q2 05

22 21

Q2 04 Q2 05

20

9

Q2 04 Q2 05

Gas Prices: NYMEX vs. Embedded PTB Fuel FactorQ2 04 vs. Q2 05; $/MMBtu

(2)%Net margin3

8.61Average gas price($/MMBtu)1

7.87Gas price embedded in PTB ($/MMBtu)

3%Headroom at average gas price2

N. Texas Residential PTB

Economics

1 NYMEX 12 month strip as of 08/01/05 closing.2 Based on average customer usage of ~16,000 kWh/yr. Headroom defined as PTB rate – cost of energy (avg. NYMEX 12 mo. strip x 8.0 heat rate x

assumed 25% - 28% for load shaping, congestion, line losses and other ancillary costs) - avg. wires cost (based on published TXU Electric Delivery Rates, excluding clawback).

3 Net margin includes impact of SG&A, bad debt, income taxes at 35% rate, revenue taxes of 1.8%.Source: NYMEX, PUC, TXU Energy estimates

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05

NYMEX 12 month forward curveQ2 04 Q2 05

Fuel Factor Adjustment (FFA) to $7.87

Slide 7: … As Commodity Prices Continue To Challenge Retail Economics

Campaign Economics1 - Illustrative05; mixed measures

Slide 8: Sustaining The Profitability Of Competitive Offers Is Challenging In This Commodity Environment

Date June 1 July 1 Aug 1

Gas Price ($/MMBtu) 7.04 7.74 8.61Heat Rate (MMBtu/MWh) 7.8 8.1 8.0

Headroom2 (%) 18 10 3Discount (%) -7 -7 -7Gross Margin (%) 11 3 -4

Timing of campaign alone can considerably change the outlook of the opportunity3

1 Based on average customer usage of ~16,000 kWh/yr. 2 Headroom defined as PTB rate less cost of energy (avg. NYMEX 12 month strip x heat rate x assumed 25% - 28% for load shaping, congestion, line

losses and other ancillary costs) less average wires cost (based on published TXU Electric Delivery Rates, excluding clawback).3 Example highlights commodity considerations. A complete opportunity evaluation would need to include additional campaign costs (customer

incentives, cost of acquisition, bad debt, SG&A) and campaign risks (campaign performance, load forecasting, incremental price volatility, wires rates, early termination, and execution/operations).

Source: NYMEX, PUC, TXU Energy estimates

Customer Churn Is Driven In Part By Competitive Intensity And Bad Debt Management

Full-year retail bad debt is expected to be $30-40 million less than 2004.At headroom levels of 10% (headroom at current forward curves is 3%), this is

economically equivalent to more than 10% customer churn.1

Full-year retail bad debt is expected to be $30-40 million less than 2004.At headroom levels of 10% (headroom at current forward curves is 3%), this is

economically equivalent to more than 10% customer churn.1

1 Native residential excluding drops to AREP.

Retail Bad Debt Expense03-05E; $ millions

4.4

2.2

3.9

59%78%

46%

22%

54%

41%

1H03 1H04 1H05

55-65

12095

03 04 05E

Customer Churn1

1H 03-1H 05; percent

Premise losses due to collections related activitiesPremise losses due to competitive activities

Higher customer loss rates driven by collections and competitor activity …

… are more than offset by customer mix and bad debt improvements

Applying The Risk Return Mindset Has Resulted In Significant Improvement In TXU’s Risk ProfileMajor Business Risks03-05; $ billions and $ per share

December 03

Enterprise value

05E normalized FCF per share

$18.7 billion

$2.52

$27.8 billion

$3.75

$32.6 billion

$7.00 – $7.45

• Underwater gas hedge• Poor financial forecasting• Poor performance management• High fixed costs• Poor customer service• Underfunded capital programs• Weak governance• Uneconomic leases/contracts• Litigation• Unregulated pension costs• Above market OPEB• Substantial bad debt• Legislative risk• Single plant nuclear risk• Environmental risk• Gas price/heat rate risk

October 04• Uneconomic leases/contracts• Litigation• Unregulated pension costs• Above market OPEB• Substantial bad debt• Legislative risk• Single plant nuclear risk• Environmental risk• Gas price/heat rate risk

• Single plant nuclear risk• Environmental risk• Gas price/heat rate risk

June 05

Electric Delivery Operational Earnings Improved Substantially

Electric Delivery Segment - Operational Earnings ReconciliationQ2 04 to Q2 05; $ millions and $ per share

0.039SG&A0.013Franchise and revenue based taxes

(0.01)(3)Other income and deductions 0.013Net interest

(0.02)(6)Income taxes0.09-Effect of reduced shares

-(1)Operating costs

86

(25)

4660

$ Millions

0.14Contribution margin (revenues)

(0.08)Depreciation and amortization

0.35Q2 05 operational earnings

0.18Q2 04 operational earnings$ Per ShareEarnings Factor

Reported Earnings Per ShareQ2 04 vs. Q2 05; $ per diluted share

Slide 12: TXU Corp. Earnings Improved Substantially

Q2 05Q2 04

Q2 05Q2 04

Operational EarningsQ2 04 vs. Q2 05; $ millions

Q2 05Q2 04

Operational Earnings Per ShareQ2 04 vs. Q2 05; $ per diluted share

127%127%

Reported EarningsQ2 04 vs. Q2 05; $ millions

208%208%

Q2 05Q2 04(598)

375

(1.87)

1.39

0.51

1.57

168

381

TXU Corp. Operational Earnings Improved In Each Segment

Consolidated – Operational Earnings ReconciliationQ2 04 to Q2 05; $millions and $ per share after tax

0.43-Effect of reduced shares

0.0826Electric Delivery segment

381

(10)

197

168

$ Millions

0.58Energy Holdings segment

(0.03)Corporate expenses



$ Per ShareEarnings Factor

Energy Holdings Operational Earnings Improved Substantially

Energy Holdings Segment - Operational Earnings ReconciliationQ2 04 to Q2 05; $ millions and $ per share

0.1447SG&A0.013Franchise and revenue based taxes

(0.04)(12)Other income and deductions 0.013Net interest

(0.36)(122)Income taxes0.40-Effect of reduced shares

0.0723Operating costs

347

11

244150

$ Millions

0.72Contribution margin

0.03Depreciation and amortization


0.45Q2 04 operational earnings$ Per ShareEarnings Factor

TXU Corp. Financial Flexibility Measures And Cash From Operations Continue To Improve

Consolidated – Financial Flexibility MeasuresTwelve Months Ended 6/30/05 and 6/30/04; $ millions and ratios

4.04.5

12,784712

3,2206/30/05

5.03.4

12,287721

2,4666/30/04

32.41.1EBITDA/interest

(1.2)(9)Cash interest expense

(1.0)

497

754Change

30.6EBITDA1

4.0Debt 2

(20.0)Debt/EBITDA

% ChangeFinancial Flexibility Measure

61(26)

(507)594

YTD 05

85(47)

(355)487

YTD 04

(42.8)(152)Capital expenditures

(24)21

107Change

22.0Cash provided by operating activities

44.7Nuclear fuel(28.2)Free cash flow

% ChangeCash Flow Factor

Consolidated – Cash and Free Cash FlowYTD 05 and YTD 04; $ millions

1 Adjusted for special items as shown on Table 12.2 Excludes transition bonds and debt-related restricted cash as shown on Tables 11 and 12.

Forward Natural Gas Prices And Heat Rates Increased In The Second Quarter And Year-To-Date

Declining ERCOT reserve margins have caused market heat-rates to expand. This expansion combined with increasing natural gas prices has driven a significant

increase in ERCOT forward power prices.

Declining ERCOT reserve margins have caused market heat-rates to expand. This expansion combined with increasing natural gas prices has driven a significant

increase in ERCOT forward power prices.

1 NYMEX close prices for forward 12 month calendar strip as of dates indicated.2 TXU forward price curve for 12 month calendar strip as of dates indicated. Curves are derived from OTC market-observed prices.3 8/05 prices as of close of business 8/1/05.

NYMEX NG Contract Prices1

12/31/04 to 8/01/05; $/MMBtuERCOT North Zone 7x24 Heat Rates2

12/31/04 to 8/01/05; MMBtu/MWh

5.50

6.00

6.50

7.00

7.50

8.00

8.50

12/04 2/05 4/05 6/05 8/053

$/M

MB

tu

Cal 06Cal 07

7.50

7.70

7.90

8.10

8.30

12/04 2/05 4/05 6/05 8/053

MM

Btu

/MW

h

Cal 06Cal 07

TXU’s Natural Gas Position Is Balanced In 05 But Becomes Long Over Time…

1 Estimate based on projected market heat rates, price-to-beat volumes net of churn rates, planned production levels, and current contract positions.2 Since TXU gas plants run close to the margin (when market heat rate approx=plant heat rate) the net position is approximately 0. If gas plants are

able to run at more positive spark spreads, they will make the gas equivalent position longer. 3 Other items include wholesale heat rate positions that do not create incremental natural gas price exposure.4 Assumes no fuel factor adjustment.5 05 numbers are representative of full year positions. 05 net positions show positions as of June 30, 2005.

70-90

(405-425)

495

5

0

490

06 Nat Gas Position1

Million MMBtu

115-130

(350-365)

480

0

0

480

07 Nat Gas Position1

Million MMBtu

0Gas plants2

(488)Retail4493Total sources

13PPAs/tolls/other3

5Net position

480

05 Nat Gas Position1,5

Million MMBtu

Baseload production

TXU’s exposure to natural gas prices goes from long 5 million MMBtu in 2005 to long 115-130 million MMBtu in 2007 (in other words, a +/-$1/MMBtu shift in the

2007 natural gas price curve impacts EBITDA by +/-$115-$130 million).

TXU’s exposure to natural gas prices goes from long 5 million MMBtu in 2005 to long 115-130 million MMBtu in 2007 (in other words, a +/-$1/MMBtu shift in the

2007 natural gas price curve impacts EBITDA by +/-$115-$130 million).

… As Does The Company’s Heat Rate Position

20-22

(52-54)

74

4

8

62

06 Heat Rate Position1

TWh

28-30

(44-46)

74

4

10

60

07 Heat Rate Position1

TWh

8Gas plants

(61)Retail277Total sources

9PPAs/tolls/other

16Net underlying position

60

05 Heat Rate Position1,3

TWhBaseload production

TXU’s exposure to ERCOT market heat rates grows from being long 16 TWh in 2005 to being long 28-30 TWh in 2007.

TXU’s exposure to ERCOT market heat rates grows from being long 16 TWh in 2005 to being long 28-30 TWh in 2007.

1 Estimate based on projected price-to-beat volumes net of churn rates, planned production levels, and current contract positions.2 Assumes no fuel factor adjustment.3 05 numbers are representative of full year positions. 05 net positions show positions as of June 30, 2005.

The Increases In Natural Gas Prices And Heat Rates Positively Impact TXU

Based on current curves/position estimates, the following thumbrules apply2:Gas price: +/- $1/MMBtu ~ +/- 80 million in EBITDA in 06Heat rate: +/- 1 MMBtu/MWh ~ +/- $180 million in EBITDA in 06

Based on current curves/position estimates, the following thumbrules apply2:Gas price: +/- $1/MMBtu ~ +/- 80 million in EBITDA in 06Heat rate: +/- 1 MMBtu/MWh ~ +/- $180 million in EBITDA in 06

69230(137)(297)7.71

(10)

82

242

8.00

132 57(93)(267)8.052

33

303

8.572

Gas price ($/MMBtu)

(162)

27

6.00

(32)

210

7.711

(188)9.0

(314)

4.00

7.5

Heat rate(MMBtu/MWh)

Estimated EBITDA Impact Relative to 2006 Guidance06E; $ millions

1 Based on forward curves as of March 31st, 2005.2 Based on forward curves as of August 1st, 2005.

As of August 1st, 2005

As of March 31st, 2005

TXU’s Financial Profile Has Significantly ImprovedOperational EPS1

03-05E; $ per shareNormalized FCF3

03-05E; $ billions

EBITDA1/interest 03-05E; ratio

3.0

4.8-4.94.0

62%62%

0.7

1.7-1.8

1.0

04 05E03

1.58

6.25-6.45

2.82 302%302%

04 05E03

04 05E031 Results are from continuing operations excluding special items.2 2003 normalized operating cash flow (OCF) ($2.4B) excluding cash tax refund ($0.6B) and 2002 collections; 2004 normalized OCF ($1.8B) excluding

special items (-$0.3B); 2005 normalized OCF excludes an estimated $125 million of special items.3 Normalized free cash flow is defined as normalized operating cash flow less capital expenditures and nuclear fuel.4 Total debt excludes transition bonds.

150%150%

Total debt4/EBITDA1

03-05E; percent

5.1

3.0-3.24.2

04 05E03

39%39%

ROIC1

03-05E; percent

5.6 161%161%

04 05E03

Normalized OCF2

03-05E; $ billions

1.5

2.6-2.7

2.0

04 05E03

77%77%

14.6

8.4

Understanding TXU’s Short-Term Growth Outlook

0.35Commodity movements7.35 - 7.60Current 06E guidance3

(0.25)Contingency

(0.10)Increased share count2

6.65 – 6.9006E guidance (4th quarter 04)

(0.15)Increased churn and demand elasticity

7.85 – 8.10Pro forma 06E1.20Higher natural gas and wholesale prices1

0.90 – 1.15Expected growth 05E-06E (16%-20%)

7.70 - 7.9506E guidance at 8/1 commodity prices

5.75$ Per Share

05E guidance midpoint (4th quarter 04)Component

Initial revised guidance based on Cal 06 natural gas price of $7.07/MMBtuBased on 8/1/05 Cal 06 gas price of $8.57/MMBtu, the new range would be $7.70 -$7.95

Initial revised guidance based on Cal 06 natural gas price of $7.07/MMBtuBased on 8/1/05 Cal 06 gas price of $8.57/MMBtu, the new range would be $7.70 -$7.95

1 Includes increased wholesale prices due to higher gas prices, and fuel factor adjustments to $7.87/MMBtu natural gas.2 Includes change in dilution due to long-term compensation, increase in share price, other.3 TXU plans to conduct a detailed review of the 06 business plan over the summer and provide an updated outlook in the fall.

Q & ADiscussion

Appendix –Regulation G Reconciliations

Table 1: TXU Corp. Operational Earnings Reconciliation Quarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax

0.03---Effect of share dilution--0.15-Effect of ASR true-up

(0.05)(16)--Extraordinary gain2.65849--Buyback premium on EPMI

168263(5)

(90)5

(330)(598)

Q2 04

1.570.01

(0.02)

1.430.02

0.021.39

Q2 05

0.51381Operational earnings0.782Special items

(0.02)(4)Preference stock dividends

(0.28)383Income (loss) from continuing operations 0.024Preference stock dividends

(1.03)4Discontinued operations (1.87)375Net income (loss) available for common

Q2 04Q2 05

Table 2: TXU Corp. Operational Earnings Reconciliation Year-To-Date June 30, 2005 and 2004 $ millions and $ per share after tax

0.04---Effect of share dilution/rounding--2.05-Effect of ASR true-up

(0.05)(16)--Extraordinary gain2.64849--Buyback premium on EPMI

316288(11)

3911

(380)(425)

YTD 04

2.58(0.63)(0.04)

1.200.04

(0.05)1.21

YTD 05

0.93628Operational earnings0.80(152)Special items

(0.03)(10)Preference stock dividends

0.12790Income (loss) from continuing operations 0.0310Preference stock dividends

(1.18)(11)Discontinued operations (1.32)791Net income (loss) available for common

YTD 04YTD 05

Table 3: TXU Energy Holdings Operational Earnings ReconciliationQuarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax

(0.14)(46)1.42344Net income (loss) available for common

0.501690.012Special items0.01---Effect of share dilution/rounding

150

(19)27

Q2 04

1.43

1.42-

Q2 05

0.45347Operational earnings

(0.06)345Income (loss) from continuing operations 0.081Discontinued operations

Q2 04Q2 05

Table 4: TXU Energy Holdings Operational Earnings ReconciliationYear-To-Date June 30, 2005 and 2004 $ millions and $ per share after tax

(0.02)1--Effect of share dilution/rounding--(0.01)-Effect of ASR true-up/rounding

278180

973067

YTD 04

2.270.02

2.260.022.24

YTD 05

0.78552Operational earnings0.504Special items

0.30548Income (loss) from continuing operations 0.094Discontinued operations 0.21544Net income (loss) available for common

YTD 04YTD 05

Table 5: TXU Electric Delivery Operational Earnings Reconciliation Quarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax

(0.01)---Effect of share dilution/rounding0.0413--Special items

60

47(16)

63

Q2 04

0.35

0.35-

0.35

Q2 05


0.1586Income (loss) from continuing operations (0.05)-Extraordinary gain

0.2086Net income (loss) available for common

Q2 04Q2 05

Table 6: TXU Electric Delivery Operational Earnings Reconciliation Year-To-Date June 30, 2005 and 2004 $ millions and $ per share after tax

(0.04)---Effect of share dilution/rounding0.0413-1Special items

126

113(16)129

YTD 04

0.65

0.65-

0.65

YTD 05


0.35157Income (loss) from continuing operations (0.05)-Extraordinary gain

0.40157Net income (loss) available for common

YTD 04YTD 05

Table 7: TXU Corp. Operational Earnings Reconciliation Twelve Months Ended December 31, 2004 and 2003 $ per share after tax

1.582.82Operational earnings-2.58Special items

0.010.04Effect of diluted shares calculation(0.06)(0.07)Preference stock dividends

1.630.27Income from continuing operations 0.060.07Preference stock dividends

-2.83Premium on EPMI0.15(0.03)Cum. effect of changes in accounting principles

-(0.05)Extraordinary gain(0.20)(1.26)Discontinued operations

1.62(1.29)Net income (loss) available for common 0304

Table 8: TXU Energy Holdings SG&A Reconciliation Quarter Ended June 30, 2005 and 2004 $ millions and $ per share after tax

(3)-Special items160113Operational selling, general and administrative expenses

163113Selling, general and administrative expenses

Q2 04Q2 05

Table 9: TXU Corp. Normalized Operating and Free Cash Flow Twelve Months Ended December 31, 2004 and 2003 $ millions

(44)(87)Nuclear fuel(721)(912)Capital expenditures

1,4752,042Normalized operating cash flow

7101,043Normalized free cash flow

(337)-2002 collections in 2003(601)-2003 tax refund

-284Special items 2,4131,758Cash provided by operating activities

0304

Table 10: TXU Corp. Return On Average Invested Capital CalculationTwelve Months Ended December 31, 2004 and 2003 $ millions unless otherwise noted

___________

B1,0521,343Total return (based on operational earnings)

748667Net

(36)(28)Interest income

262233Tax at 35%

486434Net of tax

784695Interest expense

544887Operational earnings

5.6

5.7

18,831

486

22

1,068486

582

03

8.4

5.7

16,019

434

22

919434

485

04

(1)After-tax interest expense and related charges net of interest income

Return on average invested capital–based on operational earnings - % (B/C)

Return on average invested capital–based on net income - % (A/C)

CAverage total capitalization

After-tax interest expense and related charges net of interest income(1)

Preference stock dividends

ATotal return (based on net income)After-tax interest expense and related charges net of interest income

Net income

Ref

Table 11: TXU Corp. Total Debt Years Ended June 30, 2005, 2004 and December 31, 2004, 2003 $ millions

10,60810,46312,41211,325All other long-term debt, less due currently

546309--Long-term debt held by sub Trusts

-2,6752101,320Notes payable

7591133838Preferred securities of subs

14,094

534

6/30/04

12,889

229

12/31/04

12,59113,996Total debt

6781,313Long-term debt due currently

Debt

12/31/036/30/05

Table 12: TXU Corp. Interest and Debt Coverage RatiosTwelve Months Ended June 30, 2005, 2004 and December 31, 2004, 2003 $ millions unless otherwise noted

724740760769Depreciation and amortization

7.3

2.6

4.2

4.0

81

1,677

1,758

11,631

-

(1,258)

12,889

680

12

(27)

695

2,740

1,190

1,550

(28)

695

123

12/31/04

7.5

3.6

4.0

4.5

831

1,034

1,865

12,784

-

(1,212)

13,996

712

16

(25)

721

3,220

647

2,573

(41)

721

1,124

6/30/05

3.03.4EBITDA/interest – ratio (A/B)

5.15.0Debt/EBITDA – ratio (D/A)

3.23.3Cash provided by operating activities/cash interest expense – ratio (E/B)

5.28.5Total debt/cash flow from operating activities – ratio (C/E)

E2,4131,662Cash provided by operating activities

1,8471,250Reconciling adjustments from cash flow statement

C12,59114,094Total debt

784739Interest expense and related charges

566412Income from continuing operations

D11,56612,287Total debt less transition bonds and debt-related restricted cash

(525)(525)Debt-related restricted cash

2,2901,945EBITDA

(500)

765

12

(31)

2,290

-

(36)

784

818

12/31/03

(1,282)

721

11

(29)

2,466

521

(27)

739

493

6/30/04

Transition bonds

BCash interest expense

Capitalized interest

Amortization of discount and reacquired debt expense

AEBITDA (excluding special items)

Special Items

Interest income

Interest expense and related charges

Income from continuing operations before taxes and extraordinary items

Ref

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