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Market Operations Presentation Board of Director’s Meeting Clarifications and Updates

Market Operations Presentation Board of Director’s Meeting Clarifications and Updates July 21, 2005. April. YTD. ($'s in millions). ($'s in millions). 04/30/05. 04/30/04. 2005. 2004. Market Perspective:. •. Approximate Retail Market. $8,377.3. 8,334.7. 2,041.3. 2,039.4.

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Market Operations Presentation Board of Director’s Meeting Clarifications and Updates

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  1. Market Operations Presentation Board of Director’s Meeting Clarifications and Updates July 21, 2005

  2. April YTD ($'s in millions) ($'s in millions) 04/30/05 04/30/04 2005 2004 Market Perspective: • Approximate Retail Market $8,377.3 8,334.7 2,041.3 2,039.4 (at $.10/kWh PTB) Volume (GWh) 83,773 83,347 20,413 20,394 % Increase 0.5% 0.1% Natural Gas Price Index ($/MMBTU) 6.3 5.4 6.9 5.6 % Increase 16.7% 23.2% RMR: • RMR Capacity and Start Up 13.7 12.5 3.6 4.9 RMR Energy 40.7 58.0 13.4 9.5 BENA Credit -26.1 -36.1 -9.2 -7.6 Net RMR 28.3 34.4 7.8 6.8 Other Capacity Services: • Replacement Reserve 0.0 0.0 0.0 0.0 Reg Up and Down 47.6 19.1 12.5 3.4 Responsive (Spinning) Reserve 34.8 16.2 13.1 4.9 Non-Spinning Reserve 6.1 1.2 4.0 0.8 Black Start 2.4 2.5 0.6 0.6 TOTAL RELIABILITY SERVICES $119.2 73.4 38.6 17.5 Reliability Services

  3. Reg Up and Down and Responsive Reserve 2005 2004 Reg Up and Down: Required (MW) 1,597.0 1,711.0 - 6.7% Self Arranged (MW) 653.8 1,227.6 - 46.7% Procured (MW) 943.2 483.4 + 95.1% Avg MCPC ($/MW) $ 16.87 $ 9.15 + 84.4% Responsive (Spinning) Reserve: Required (MW) 2,300.0 2,300.0 0% Self Arranged (MW) 1,115.6 1,561.9 - 28.6% Procured (MW) 1,184.6 738.1 + 60.5% Avg MCPC ($/MW) $ 15.39 $ 8.89 + 73.1%

  4. Mass Customer Transition Background • Wednesday (07/13/05), a QSE in the ERCOT Region, AZOR Energy, LP, defaulted under its QSE Agreement with ERCOT, Inc.   AZOR is also a REP and represents approximately 500 ESI IDs which account for less than 50 MWh of Load per day. • ESI ID and customer information was provided to POLRs on Wednesday afternoon (07/13/05) to begin the mass transition of AZOR’s ESI IDs.

  5. Mass Customer Transition POLR Submission Status (07/18/05)

  6. HUB South North Houston West ERCOT Hub Average ERCOT Bus Average Hub Data • ERCOT Hubs May - 2005 Weighted Average Estimated Balancing Energy Price Total Up Down ($/MWH) (GWh) (GWh) (GWh) $58.27 399.1 159.0 240.1 $60.77 548.6 321.7 227.0 $67.43 354.2 198.3 155.9 $68.90 182.6 161.7 20.9 $62.80 1,484.5 840.6 643.9 $62.69 1,484.5 840.6 643.9

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