ERCOT Financial Summary For the Year Ended December

ERCOT Financial Summary For the Year Ended December

ERCOT Financial Summary For the Year Ended December 31, 2004 Board of Directors Meeting January 18, 2005 1 ERCOT Financial Snapshot Ope rating Expe nse s $150 $150 $125 $125 $100 $100 Millions Millions Re v e nue $75 $50 $75 $50 $25 $25 $0 $0 Month Ended 12/31/2004 Month Ended 12/31/2004 Budget Budget Actual

Capital Expe nditure s Actual He adcount $60 $50 $40 Employees Millions Year Ended 12/31/2004 Year Ended 12/31/2004 $30 $20 $10 $0 200 175 150 125 100 75 50 25 0 Sys tem Operations FY 2004 Budget Actual Market Operations Budget Preliminary - Unaudited Inform ation Technology

Corporate Actual 2 Year-to-Date Results of Operations ($ Millions) Revenues Total expenses (w/o depreciation) Excess revenues over expenses Depreciation Change in unrestricted net assets $ 128.5 $ 82.0 $ 46.5 $ (42.7) $ 3.8 Notes: Revenues include interest income Total expenses include interest expense Preliminary - Unaudited 3 Year-to-Date Cash Flow Summary ($ Millions) Beginning Cash (January 1, 2004) Cash Provided by Operations Cash Used in Investing Activities (Projects) Cash Provided by Financing Activities Ending Cash (December 31, 2004) $ $ 28.1 44.8 (67.7) 28.1 33.3 Note:

Cash balance includes TCR auction receipts but does not include QSE or TCR security deposits. Preliminary - Unaudited 4 2004 Budget to Actual Fiscal Year as of December 31, 2004 Budget Actual $ Var % Var Fav / (Unfav) Operating Costs Labor and labor related costs (a) Non-Labor Operating Costs Depreciation and Amortization Total Operating Costs Project Expenses Debt Level (b) 64,201 21,459 41,907 127,567 56,179 17,521 42,745 116,445 8,022 3,938 (838) 11,121 12.5% 18.3% -2.0% 8.7% 55,000 46,502 8,498 15.5%

194,459 178,363 16,096 8.3% Notes: (a) Labor and labor related costs include the following items: (1) Salary and benefits for ERCOT employees (2) A credit for ERCOT staff time capitalized as part of capital project costs (3) Consultant and contractors expenses relating to operational activity (4) Employee training, travels and other business expenses (b) Outstanding debt variance is approximately equal to the following elements: (1) Favorable operating expense variance (2) Sixty percent of the underspending on capital projects Preliminary - Unaudited 5 Staff and Contractor Summary 700 Staffing Count 600 500 400 300 200 100 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04

Month Ended ERCOT staff ERCOT staff Consultants and contractors Mar-03 328 96 Jun-03 355 115 Consultants and contractors Sep-03 377 139 Actual Dec-03 Mar-04 380 392 154 175 Preliminary - Unaudited Jun-04 409 143 Sep-04 439 137 Dec-04 476 77 6

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