Energy Future Competitive 10-Q 2010 Q1 Quarterly report

Exhibit 99(d)

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

(Unaudited)

(millions of dollars)

	Three  Months Ended March 31, 2010			Three  Months Ended March 31, 2009
Operating revenues	$	1,999		$	1,766
Fuel, purchased power costs and delivery fees		(1,047	)		(843	)
Net gain from commodity hedging and trading activities		1,213			1,128
Operating costs		(197	)		(168	)
Depreciation and amortization		(337	)		(276	)
Selling, general and administrative expenses		(183	)		(172	)
Franchise and revenue-based taxes		(22	)		(25	)
Impairment of goodwill		—			(70	)
Other income		14			3
Other deductions		(5	)		(9	)
Interest income		22			8
Interest expense and related charges		(749	)		(399	)
Income before income taxes		708			943
Income tax expense		(258	)		(367	)
Net income		450			576
Net income attributable to noncontrolling interests		(1	)		—
Net income attributable to TCEH	$	449		$	576

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

(Unaudited)

(millions of dollars)

	Three  Months Ended March 31, 2010			Three  Months Ended March 31, 2009
Net income	$	450		$	576
Other comprehensive income (loss), net of tax effects:
Cash flow hedges:
Net decrease in fair value of derivatives (net of tax benefit of $—   and $9)		—			(17	)
Derivative value net loss related to hedged transactions recognized during the period and reported in net income (net of tax benefit of $10 and $15)		19			26
Total adjustments to net income (loss)		19			9
Comprehensive income		469			585
Comprehensive income attributable to noncontrolling interests		(1	)		—
Comprehensive income attributable to TCEH	$	468		$	585

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Unaudited)

(millions of dollars)

	Three  Months Ended March 31, 2010			Three  Months Ended March 31, 2009
Cash flows — operating activities:
Net income	$	450		$	576
Adjustments to reconcile net income to cash provided by operating activities: operating activities:
Depreciation and amortization		423			385
Deferred income tax expense – net		227			348
Impairment of goodwill		—			70
Unrealized net gains from mark-to-market valuations of commodity positions		(993	)		(1,030	)
Unrealized net (gains) losses from mark-to-market valuations of interest rate swaps		107			(205	)
Bad debt expense		36			20
Stock-based incentive compensation expense		3			2
Losses on dedesignated cash flow hedges (interest rate swaps)		29			40
Other, net		(5	)		2
Changes in operating assets and liabilities:
Impact of accounts receivable sales program		(383	)		(34	)
Margin deposits – net		45			65
Other operating assets and liabilities		145			219
Cash provided by operating activities		84			458
Cash flows — financing activities:
Issuances of long-term debt		—			212
Retirements/repurchases of long-term debt		(131	)		(123	)
Decrease in short-term borrowings		(700	)		—
Notes/loans from affiliates		728			—
Decrease in income tax-related note payable to Oncor		(9	)		(8	)
Contributions from noncontrolling interests		6			26
Net short-term borrowings under accounts receivable sales program		393			—
Other		10			(3	)
Cash provided by financing activities		297			104
Cash flows — investing activities:
Net notes/loans to affiliates		—			(2	)
Capital expenditures		(320	)		(354	)
Nuclear fuel purchases		(44	)		(46	)
Money market redemptions		—			142
Proceeds from sale of environmental allowances and credits		3			4
Purchases of environmental allowances and credits		(5	)		(9	)
Changes in restricted cash		(16	)		3
Proceeds from sales of nuclear decommissioning trust fund securities		564			1,402
Investments in nuclear decommissioning trust fund securities		(568	)		(1,406	)
Other		—			25
Cash used in investing activities		(386	)		(241	)
Net change in cash and cash equivalents		(5	)		321
Cash and cash equivalents — beginning balance		94			479
Cash and cash equivalents — ending balance	$	89		$	800

TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(millions of dollars)

	March 31, 2010			December 31, 2009
ASSETS
Current assets:
Cash and cash equivalents	$	89		$	94
Restricted cash		17			1
Trade accounts receivable — net, (2010 includes $784 in pledged amounts related to a variable interest entity)		1,146			1,009
Notes receivable from affiliates		1,405			1,432
Inventories		381			393
Commodity and other derivative contractual assets		3,689			2,339
Accumulated deferred income taxes		120			—
Margin deposits related to commodity positions		211			187
Other current assets		46			47
Total current assets		7,104			5,502
Restricted cash		1,135			1,135
Receivable from affiliate		76			85
Investments		615			590
Property, plant and equipment — net		20,959			20,980
Goodwill		10,252			10,252
Intangible assets — net		2,540			2,593
Commodity and other derivative contractual assets		2,291			1,533
Other noncurrent assets, principally unamortized debt issuance costs		520			553
Total assets	$	45,492		$	43,223
LIABILITIES AND MEMBERSHIP INTERESTS
Current liabilities:
Short-term borrowings (2010 amount includes $393 for VIEs)	$	646		$	953
Advances from parent		3			3
Long-term debt due currently		232			294
Trade accounts payable		640			748
Trade accounts and other payables to affiliates		218			203
Notes payable to affiliate		700			—
Commodity and other derivative contractual liabilities		3,438			2,310
Margin deposits related to commodity positions		589			520
Accrued income taxes payable to parent		65			53
Accumulated deferred income taxes		—			1
Accrued taxes other than income		51			75
Accrued interest		485			303
Other current liabilities		202			338
Total current liabilities		7,269			5,801
Accumulated deferred income taxes		5,874			5,523
Commodity and other derivative contractual liabilities		1,132			1,060
Notes or other liabilities due affiliates		208			217
Long-term debt held by affiliates		170			143
Long-term debt, less amounts due currently		29,424			29,516
Other noncurrent liabilities and deferred credits		2,711			2,746
Total liabilities		46,788			45,006
Commitments and Contingencies
Membership interests:
TCEH membership interests		(1,358	)		(1,831	)
Noncontrolling interests in subsidiaries		62			48
Total membership interests		(1,296	)		(1,783	)
Total liabilities and membership interests	$	45,492		$	43,223