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ERCOT Financial Summary

ERCOT Financial Summary. June 2004. ERCOT Financial Snapshot. Preliminary - Unaudited. Year-to-Date Results of Operations ($ Millions). Notes: Revenues – include interest income Total expenses – include interest expense. Preliminary - Unaudited.

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ERCOT Financial Summary

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  1. ERCOTFinancial Summary June 2004

  2. ERCOT Financial Snapshot Preliminary - Unaudited

  3. Year-to-Date Results of Operations($ Millions) Notes: Revenues – include interest income Total expenses – include interest expense Preliminary - Unaudited

  4. Year-to-Date Cash Flow Summary($ Millions) Note: Cash balance includes TCR auction receipts but does not include QSE or TCR security deposits. Preliminary - Unaudited

  5. Revenue • $60.3 million year-to-date • 98% from System Administrative Fee • 70+% from top 5 QSE’s • 85+% from top 10 QSE’s • 90+% from top 15 QSE’s • $1.0 million (1.7%) unfavorable year-to-date • MWH volume 1.9% below expectation Preliminary - Unaudited

  6. MWH by Month Preliminary - Unaudited

  7. Operating Expenses • $55.2 million year-to-date, including depreciation • $34.1 million year-to-date, excluding depreciation • $8.5 million (13.4%) favorable over the year • Consultants ($2.9 million) • Labor ($2.7 million) • SW/HW license and support ($1.4 million) • Employee expenses and other ($1.5 million) Preliminary - Unaudited

  8. FY 2004 Operating ExpenseYear-to-Date2004 Budget versus Actual 7% 6% 6% 6% 6% 5% 14% 10% 34% 35% 33% 38% Preliminary - Unaudited

  9. Headcount • 409 of 530 on staff • 29 FTE increase (net) in 2004 • 48 new hires during 2004 • 19 terminations during 2004 Preliminary - Unaudited

  10. Capital Expenditures • $18.5 million of $55 million annual budget spent • 43 projects active in year-to-date 2004 • Major projects underway • TCC Phase 2 Building • EMMS Release 4.0 • Commercial System Upgrade Preliminary - Unaudited

  11. Current Events • Internal Audit of Consultants & Contractors • IA findings presented to management • Management responses in process • Significant internal control enhancements • Temporary organizational changes • Cyber security reporting through Legal • CIO function shared by COO and CMO • Strengthening of ethics agreements (pre-hire and re-affirmations) for all employees • Strengthening of confidentiality and conflict of interest language in ERCOT contracts • Recently hired Contract Administrator coordinates initiation of contracts (w/ legal & HR) and monitors vendor qualifications and compliance

  12. Current Events (cont.) • 2005 Budget Process • Directors/managers initial requests submitted • Operations fine-tuning Mwh projections • Executive review by early August • F&A Review mid-August • Public meeting September 1 • TCE Plan – Received 1st Payment • $496 thousand distributed to MPs on July 8th* * Will be accounted for in July results.

  13. ERCOT QSE Short Payments Preliminary - Unaudited

  14. 2005 Budget Timeline

  15. 2005 Budget Key Dates • July 20 – Budget status at regular F&A meeting • August 16 – Budget review at special F&A meeting • September 1 – Public meeting on proposed budget • September 9 – Budget review at special F&A meeting • September 16 - Budget review at special F&A meeting • September 21 – Budget recommendation at regular board meeting • October 19 – Budget approval at regular board meeting • October 29 – Budget filed at PUCT

  16. End

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