Energy Future Competitive 10-Q 2009 Q1 Quarterly report

Exhibit 99(d)

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED INCOME (LOSS)

(Unaudited)

(millions of dollars)

	Three Months Ended March 31, 2009			Three Months Ended March 31, 2008
Operating revenues	$	1,766		$	1,983
Fuel, purchased power costs and delivery fees		(843	)		(1,064	)
Net gain (loss) from commodity hedging and trading activities		1,128			(1,567	)
Operating costs		(168	)		(159	)
Depreciation and amortization		(276	)		(269	)
Selling, general and administrative expenses		(172	)		(152	)
Franchise and revenue-based taxes		(25	)		(25	)
Impairment of goodwill		(70	)		—
Other income		3			3
Other deductions		(9	)		(5	)
Interest income		8			10
Interest expense and related charges		(399	)		(599	)
Income (loss) before income taxes		943			(1,844	)
Income tax (expense) benefit		(367	)		644
Net income (loss)		576			(1,200	)
Net income attributable to noncontrolling interests		—			—
Net income (loss) attributable to TCEH	$	576		$	(1,200	)

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(millions of dollars)

	Three Months Ended March 31, 2009			Three Months Ended March 31, 2008
Net income (loss)	$	576		$	(1,200	)
Other comprehensive income (loss), net of tax effects:
Cash flow hedges:
Net decrease in fair value of derivatives (net of tax benefit of $9 and $219)		(17	)		(407	)
Derivative value net loss (gain) related to hedged transactions recognized during the period and reported in net income (net of tax benefit (expense) of $15 and $(1))		26			(3	)
Total adjustments to net income (loss)		9			(410	)
Comprehensive income (loss)		585			(1,610	)
Comprehensive income attributable to noncontrolling interests		—			—
Comprehensive income (loss) attributable to TCEH	$	585		$	(1,610	)

1

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Unaudited)

(millions of dollars)

	Three Months Ended March 31, 2009			Three Months Ended March 31, 2008
Cash flows — operating activities:
Net income (loss)	$	576		$	(1,200	)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization		385			402
Deferred income tax expense (benefit) – net		348			(669	)
Impairment of goodwill		70			—
Unrealized net (gains) losses from mark-to-market valuations of commodity positions		(1,030	)		1,594
Unrealized net gains from mark-to-market valuations of interest rate swaps		(205	)		—
Bad debt expense		20			16
Stock-based incentive compensation expense		2			1
Other, net		42			2
Changes in operating assets and liabilities:
Margin deposits – net		65			(597	)
Other operating assets and liabilities		185			272
Cash provided by (used in) operating activities		458			(179	)
Cash flows — financing activities:
Issuances of long-term debt		212			149
Retirements/repurchases of long-term debt		(123	)		(59	)
Increase in short-term borrowings		—			651
Decrease in income tax-related note payable to Oncor		(8	)		(8	)
Contributions from noncontrolling interests		26			—
Other		(3	)		11
Cash provided by financing activities		104			744
Cash flows — investing activities:
Net loans to affiliates		(2	)		(176	)
Capital expenditures		(354	)		(513	)
Nuclear fuel purchases		(46	)		(58	)
Redemption of investment held in money market fund		142			—
Proceeds from sale of environmental allowances and credits		4			20
Purchases of environmental allowances and credits		(9	)		(12	)
Changes in restricted cash		3			20
Proceeds from sales of nuclear decommissioning trust fund securities		1,402			396
Investments in nuclear decommissioning trust fund securities		(1,406	)		(400	)
Other		25			—
Cash used in investing activities		(241	)		(723	)
Net change in cash and cash equivalents		321			(158	)
Cash and cash equivalents — beginning balance		479			215
Cash and cash equivalents — ending balance	$	800		$	57

2

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(millions of dollars)

	March 31, 2009			December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	800		$	479
Investments held in money market fund		—			142
Restricted cash		1			4
Trade accounts receivable — net		654			994
Notes receivable from parents		600			598
Inventories		356			361
Commodity and other derivative contractual assets		3,773			2,391
Accumulated deferred income taxes		160			21
Margin deposits related to commodity positions		465			439
Other current assets		67			85
Total current assets		6,876			5,514
Restricted cash		1,250			1,250
Investments		465			483
Property, plant and equipment — net		20,866			20,902
Goodwill		10,252			10,322
Intangible assets — net		2,784			2,774
Commodity and other derivative contractual assets		1,775			962
Other noncurrent assets, principally unamortized debt issuance costs		750			750
Total assets	$	45,018		$	42,957
LIABILITIES AND MEMBERSHIP INTERESTS
Current liabilities:
Short-term borrowings	$	900		$	900
Advances from parent		1			4
Long-term debt due currently		199			261
Trade accounts payable – nonaffiliates		640			1,000
Trade accounts and other payables to affiliates		179			168
Commodity and other derivative contractual liabilities		3,875			2,730
Margin deposits related to commodity positions		616			525
Accrued income taxes payable to parent		48			33
Accrued taxes other than income		47			70
Accrued interest		498			310
Other current liabilities		221			276
Total current liabilities		7,224			6,277
Accumulated deferred income taxes		5,735			5,249
Commodity and other derivative contractual liabilities		1,936			2,095
Notes or other liabilities due affiliates		245			254
Long-term debt, less amounts due currently		29,374			29,209
Other noncurrent liabilities and deferred credits		2,546			2,527
Total liabilities		47,060			45,611
Commitments and Contingencies
Membership interests:
TCEH membership interests		(2,068	)		(2,654	)
Noncontrolling interests in subsidiaries		26			—
Total membership interests		(2,042	)		(2,654	)
Total liabilities and membership interests	$	45,018		$	42,957

3