205,067 1,059,289 f 1 621,000 j 88,097 11, ,057

Transcription

1 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 19 of 33 TABLE 8 (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED X SCHEDULE OF TOTAL ANNUAL EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total 263 7, , ^ ^ r , , , ,312 63, , ,917 4,127 1, ^ _ 25,67 1,59,289 f 1 621, j 88,97 11,69 134,57 * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 2

2 Comanche Peak Nuclear Power Plant Document LII , Rev. Financial Escalation Analysis Page 2 of 33 TABLE 8A COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF LICENSE TERMINATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total ,841 1,433 1, ,36, i3, ? ,656 12,414 2, ,917 3,914 17,731 _ ,951 17,572 1,838 73,8-13,941 19, _ _ ,734 5,64 1,53 11,67 5,338 73, , ,726 4,546 1,49 5,968 4,635 64, ,354 3, ,46 7,448 52, , ,393 3, i 2, ,427 3, , ,467 4,32 _ ,678 6_ , 3,956 _ 31, , ,446 1,265, , ,84 _ -.._ i : 245 ; 246 ; 247 ; _ 248 i - : ^ ` ^ 253! 1 ; 254 i ; - ; 255 ; ^ TLG Services, Inc. 21

3 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 21 of 33 TABLE 8A (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF LICENSE TERMINATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total ^ _ ^ _ - ^ I 54 : 52,249 52,79 _ _; - ^ 414, , ,124 13, ,972 * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 22

4 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 22 of 33 TABLE 8B COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SPENT FUEL MANAGEMENT EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total e- ^, ,247 2,88 3, ,56 3, _ ,652 4,182 2,19 8, ,937 4,_5._;. 2,169 _-9,618 _ 235 2,55 3, ^ 1,561 7, ,588 1,63 2,312 2,311 : _ 64-4, 489 _._; ' 4, _. 1,678._. 2, , , , , ,43 4, ,88 3, ,621 1,667 5,639 5, , ,713 5, ,248 4, ,766 1,81 6,18 6, , ,86 6, ,624 4, ' 1,912 1,971 6,631 6, , ,2 7, , ,77 7, , ,135 7, , ,2 7, , ,256 7, _ 5, ,319 8, , ,384 8, , ,457 8, , ,519 8, , ,589 9, , ; 2,661 9, , ,743 9, , ,811! 9,866! 262 7, f 2,89 1,15 ' TLG Services, Inc. 23

5 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 23 of 33 TABLE 8B (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SPENT FUEL MANAGEMENT EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total ^ _ ^ _ ' ,97 1, ! 7, _ ,63 1, , ,917 4,127. 1,756 F ,897 f 25, ,932 74, ,5 - _ * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 24

6 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 24 of 33 TABLE 8C COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SITE RESTORATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total ^ r-- _ ---- _.---^--- _ _ 231 2, , , , , , , , ` " ; 239 _ ,575 6, ^ 2 24, ^ ^1z586 7, , ,471 1, _ 4, i_.;_ ;._._.._.._ : ^ Oj 252! ; ^ " 261 l ; 262 TLG Services, Inc. 25

7 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 25 of 33 TABLE 8C (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 1 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SITE RESTORATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total _ K ^- ^---: ^ ^ !., _.. I 52.O , ,268 * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 26

8 . Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document Ll ? Rev. Page 26 of 33 TABLE 9 COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF TOTAL ANNUAL EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total ^ ,956 7,34 1, ,235 ti 92, _ ^ : ,87 18,376. 2,955.._ 36, ,917 ti 184,453 _.. _._...._ 235 j 16,31 22,788 1,921 71,19 13, , r ,51 9 -, _. 1,566 13,49 6,173 _ 119,294 1 _ ,818.._..- 8,898 1,565 1,838 5, , ,722 7,9 1,278 12,213 7,457 11, ,496 3, ,825 1,28 78, ,663 13, : - 7 4,563 59, ,227 16, , " , , 242 9,6 82 ^ 2, ,962 14, , ,714 = 5, , ,767 6, k_245 4, ,811 6, , ` 1,861 E 6, ,628 95, 1,913 6, , ,972 6, ,96 96 _L_ 2,22 7,24 ; 25 5, , , ,136 7, ,37 96 I 2, _. 7,668 ^ ^ 253 5, ,257 7, , { 2,32 8,94, 255 5, ; 2,385 8,327, , ,459 8, , ,52 8, _--r , ,591 9, , ,663 9, , ,744 9, , , , , ,892 1, , ,972 1,452 i 264 7, ^ 16 55,361 63,619 : TLG Services, Inc. 27

9 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 27 of 33 TABLE 9 (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF TOTAL ANNUAL EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total - -, -, ,853 ; 863 1,92 4,13 1, _ ,324 ^ 114,398 12, , ,585 1, 292,156 * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 28

10 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 28 of 33 TABLE 9A COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF LICENSE TERMINATION EXPENDITURES (thousands of'year of expenditure dollars) Equipment. & Year Labor Materials Energy Burial Other Total, , , r ,9 8, , ,955 36,117 2, , ,422 18,875 1,921 71,19 11,4 23, _ F ,91 6,732 1,566 13,49 3,875 19, _, _ _.,1.54 6,13,3-1,565 _ 1,838 3,599 17, ,759 ^ 6,14 1,278 12,213 5,781 14, ^ ^ ,34 3, ,825 9,39 77, , ,125 12, ,827 1, _ '_ ; Oi 252 ; ' 255 O i Oj Oi : 263 ^ ,296 52,837 TLG Services, Inc. 29

11 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L Rev. Page 29 of 33 TABLE 9A (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF LICENSE TERMINATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total - -- _ -._ 265 OT-_- --^ ^ _; ; 588,96 57,693 11, , , , ; _ _ * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 21

12 , 1 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 3 of 33 TABLE 9B COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SPENT FUEL MANAGEMENT EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total 233 3,525 5,558 _ ,335 Y _ , ,596 3,988 2,439 9, ,551 3,816 V 2, , ,895 2,76 2,298 6, ,99 2,76 2,355 6, ,277 1, r62 1,676 4, f , , ,431 4, , , 623 ] 5, _ _ , ,668 5, , ,714 5, , ,767 6, , ,811 6, , _- 1,861 6, , ,913 6,637 _ 248 4, ,972 6, , ,22 7, ,52 96 _! 2,78 7, , ,136 7, , ,22 7, , ,257 7, , ,32 8, , ,385 8, , ,459 8, , ,52 8, , ,591 9, , ,663 9, , ,744 9, , ,813 9, , ,892 1, , ,972 1, , i 3,65 1,782 TLG Services, Inc. 211

13 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 31 of 33 TABLE 9B (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SPENT FUEL MANAGEMENT EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total --- ^ , ,92 4,13 1,767 - _ _j 24, ,935 73, ,195 * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 212

14 Comanche Peak Nuclear Power Plant Document LI , Rev. Financial Escalation Analysis Page 32 of 33 TABLE 9C COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SITE RESTORATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total _ --- _ ^ ,981 { r , T ^ _ , 2, _ 2,._ , , , , I _ ; ,574 16,217 2, ^ _ _..: , ,174 2,767 2,814 1, ,411 51,633 8, i 25 :? : 261 ; ; TLG Services, Inc. 213

15 Comanche Peak Nuclear Power Plant Financial Escalation Analysis Document L , Rev. Page 33 of 33 TABLE 9C (continued) COMANCHE PEAK NUCLEAR POWER PLANT, UNIT 2 DECON ALTERNATIVE, CONTINGENCY ADJUSTED * SCHEDULE OF SITE RESTORATION EXPENDITURES (thousands of year of expenditure dollars) Equipment & Year Labor Materials Energy Burial Other Total ----r ^ --- _. _ ^- {- ^ fl L 82,257 32, ,267 * Decommissioning costs adjusted for the 1% ceiling value required by Public Utility Commission of Texas' Substantive Rule (b)(1)(F)(i) TLG Services, Inc. 214

16 Attachment C 215

17 Luminant Generation Company LLC Funding Analysis for Comanche Peak Nuclear Power Plant Nuclear Decommissioning Trust June 21 i^^:r Af1^ Ina

18 Funding Analysis for Comanche Peak Nuclear Power Plant Nuclear Decommissioning Trust June 21 Table of Contents Exhibits I HISTORIC ASSETS AND ADMINISTRATION FEES 1. BEGINNING BALANCE FOR CP1 AND CP I II. ANNUAL ADMINISTRATIVE FEES AND EXPENSES - CP1 AND CP III. FEES AND EXPENSES AS A PERCENT OF ASSETS - CPI AND CP DETERMINATION OF EXPECTED ANNUAL RETURNS 1. WEIGHTED AVERAGE LIFE - CPI II. WEIGHTED AVERAGE LIFE - CP III. AVERAGE ANNUAL CASH REQUIREMENTS - CPI AND CP IV. NET EXPECTED INVESTMENT RETURNS BY ASSET CLASS V. NET EXPECTED INVESTMENT RETURNS ESTIMATED ANNUAL DECOMMISSIONING EXPENDITURES 1. CURRENT DOLLAR DECOMMISSIONING COST II. FUTURE DOLLAR DECOMMISSIONING COST ( Including 1% Contingency) ANNUAL PROJECTED FUNDING REQUIREMENT 1. PROJECTED ANNUAL SUMMARY - CP II. PROJECTED ANNUAL SUMMARY - CP III. PROJECTED ANNUAL SUMMARY - TOTAL CPNPP IV. CONTRIBUTION SUMMARY - CPNPP

19 LUMINANT GENERATION COMPANY LLC HISTORIC ASSETS AND ADMINISTRATION FEES 21 Funding Analysis Page 1 of 18 Exhibit 1 I. BEGINNING BALANCE FOR CP1 AND CP2 Line December 31, 29 CP 1 CP 2 Total 1 Market Value $ 221,319,782 $ 253,3,369 $ 474,62,151 2 Tax Cost to Trust S 182,126,547 $ 223,898,129 $ 46,24,676 3 Taxable Gain (Line 1 - Line 2) S 39,193,235 $ 29,42,239 $ 68,595,474 4 Current Tax liability on Gain (Line 3' 2% tax rate) S 7,838,647 $ 5,88,448 $ 13,719,95 5 Market Value (Line 1) $ 221,319,782 $ 253,3,369 $ 474,62,151 6 Less tax due on the gains (Line 4) $ (7,838,647) $ (5,88,448) $ (13,719,95) 7 Net After-Tax Value ( Line 5 - Line 6) $ 213,481,135 $ 247,419,921 $ 46,91,56 NOTES (Exhibit 1, Part I) Source BNY Mellon Trust Statements CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 218

20 LUMINANT GENERATION COMPANY LLC HISTORIC ASSETS AND ADMINISTRATION FEES 21 Funding Analysis Page 2 of 18 Exhibit I Ii. ANNUAL ADMINISTRATIVE FEES AND EXPENSES - CP1 AND CP2 (Qualified & Non-Qualified Trusts for Years 199 through 29) Line Year Investment Mgt & Legal Fees (A) Cash Mgmt Expenses (B) Custodian Fees (C) Total Fees & Expenses (D) After-Tax Fund Accumulation (E) $ - $ - $ - $ - $ 2,692, , ,677 63,11 12,27, , ,187 68,248 21,938, ,43 1,2 17,248 72,68 35,384, ,872 7,162 17, ,2 54,498, ,241 2,986 36, ,686 85,64, ,22 5,717 45,659 23, ,357, ,439 5,362 43,35 268,16 152,218, ,236 6,294 61,23 411, ,212, ,719 7,167 84,612 36, ,58, ,299 7,811 84, , ,966, ,256 4, , , ,792, ,619 5, ,55 73,78 26,881, ,294 8,59 174,31 736, ,625, ,744 1, , ,9 346,568, ,158 2,29 115,955 71, ,699, ,553 2, , , ,867, ,25 3,891 19,39 729, ,94, ,819 7,37 17,82 81, ,153, ,896 2,783 16, ,464 46,91,56 21 Totals $ 6,891,818 $ 83,268 $ 1,586,167 $ 8,561,252 NOTES: (Exhibit 1, Part II) Source: BNY Mellon Trust Statements (A), (B), (C) Actual fees paid by the trust (D) = (A) + (B) + (C) (E) Net After-Tax Fund Accumulation is Market Value less tax liability. CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 219

21 LUMINANT GENERATION COMPANY LLC HISTORIC ASSETS AND ADMINISTRATION FEES 21 Funding Analysis Page 3 of 18 Exhibit I III FEES AND EXPENSES AS A PERCENT OF ASSETS - CP1 AND CP2 (Qualified & Non-Qualified Trusts for Years 199 through 29) Line Year Investment Mgt & Legal Fees (F) Cash Mgmt Expenses (G) Custodian Fees (H) Total Fees & Expenses (I) % 272 /u 3222% 234% % 54% 1928% 5674% % 46% 786%.3313% % 22%.485 /u.3877% % 55%.669%.2893% % 67%.533%.269% % 47% 382%.2365% %.41 "/u 41 % 274% %.36% 427% 1819 /u /u.33% 357% 1811 /u /u 17% 45%.1976% /n 21 %.463%.2658% % 33%.667% 2825% % 6%.46"/u 2234% % 6%.335% 249% % 6%.313% 1985% %.9%.257%.1717% /u.15%.235% 1747% /u.7%.417% 1935% Avg 2 Annual.294%.5%.67%.37%.21% Average over the last 1 years. (Average over last 19 years.) Avg 21 Annual.168%.2%.4%.21% (Average over last 1 years.) NOTES: (Exhibit 1, Part III) (F), (G), (H), (I) Fee as a percentage of the After Tax Accumulation at the beginning of the year. Use the beginning balance because fees are paid approx six months after billing period. CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 22

22 LUMINANT GENERATION COMPANY LLC DETERMINATION OF EXPECTED ANNUAL RETURNS 21 Funding Analysis Page 4 of 18 Exhibit 2 I WEIGHTED AVERAGE LIFE - CP1 Remaining Time Weighted Line Year Spending Life Dollars to go Weighting Avg Life (A) (B) (C) (D) (E) (F) (G) $ 1,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,59,289, ,816, ,472, ,469, ,3, ,3, ,999, ,285, ,714, ,39, ,323, ,535, ,788, ,312, ,476, ,464, ,11, ,645, ,365, ,936, ,428, ,291, ,137, ,34, ,797, ,825, ,972, ,921, ,51, ,18, ,943, ,266, ,676, ,446, ,23, ,631, ,599, ,84, ,758, ,17, ,74, ,219, ,521, ,426, ,94, ,661, ,432, ,86, ,572, ,87, ,485, ,32, ,164, ,583, ,581, ,86, ,775, ,59, ,715, ,321, ,394, ,615, ,778, ,865, ,912, ,15, ,761, ,443, ,318, ,562, ,755, ,755, Trigger Point Equity limited to 3% at license expiration. Equity at end of 228 to simulate a five year phase-in Trigger Point: Equity limited to % when the Weighted Average Life reaches two and a half years. Equity reduced at the end of 259 to simulate a five year phase-in. 58 Total $ 1,59,289, NOTES (See page 6) 221

23 LUMINANT GENERATION COMPANY LLC DETERMINATION OF EXPECTED ANNUAL RETURNS 21 Funding Analysis Page 5 of 18 Exhibit 2 II WEIGHTED AVERAGE LIFE - CP2 Remaining Time Weighted Line Year Spending Life Dollars to go Weighting Avg Life (A) (B) (C) (D) (E) (F) (G) $ 1,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,292,156, ,67, ,2,88, ,452, ,15,635, ,182, ,452, ,293, ,159, ,72, ,86, ,57, ,516, ,445, ,71, ,369, ,71, ,213, ,487, ,39, ,177, ,926, ,251, ,113, ,138, ,271, ,866, ,451, ,415, ,636, ,778, ,846, ,932, ,23, ,98, ,225, ,683, ,433, ,25, ,667, ,582, ,867, ,715, ,93, ,621, ,327, ,294, ,59, ,73, ,813, ,89, ,67, ,822, ,328, ,493, ,623, ,87, ,874, ,996, ,158, ,837, ,451, ,385, ,618, ,766, ,766, Trigger Point: Equity limited to 3% at license expiration Equity at end of 228 to simulate a five year phase-in Trigger Point: Equity limited to % when the Weighted Average Life reaches two and a half years. Equity reduced at the end of 259 to simulate a five year phase-in. 58 Total $ 1,292,156, NOTES: ( See page 6) 222

24 LUMINANT GENERATION COMPANY LLC DETERMINATION OF EXPECTED ANNUAL RETURNS 21 Funding Analysis Page 6 of 18 Exhibit 2 II. WEIGHTED AVERAGE LIFE - (Continued) NOTES (Exhibit 2, Part I and 11) (E) Sum of column (C) spending in all subsequent years (D) Assume remaining life for next years expenditure is one half year_ (F) The time weighted life at the end of the year in column (B) Formula column (F) = column (C) /(previous year column (E) ) X column (D) (G) The weighted average life at the end of the year in column (B) Formula column (G) = sum of remaining values in column (F) Trigger Points are based weighted average life defined in Substantive Rule (e)(3)(b)(vi) CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 III. AVERAGE ANNUAL CASH REQUIREMENTS - CP1 AND CP2 Line Year Spending from Trust Spending % of Balance End of Year NDT Balance Simple Average of Column (D) (F) (A) (B) (C) (D) (E) 1 29 % 46,91, % 498,579, % 537,737, % 578,786, % 621,818, % 666,928, % 714,217, % 763,79, % 815,758,347 For row % 87,235,94 to row % 927,344, year % 987,211,95 average % 1,49,97,669.% % 1,115,76, % 1,184,728, % 1,257,27, % 1,332,817, % 1,412,269, % 1,495,558, % 1,582,87,49 Minimal cash requirements during the accumulation period. Maintain a 5% average cash balance. 223

25 III. LUMINANT GENERATION COMPANY LLC DETERMINATION OF EXPECTED ANNUAL RETURNS 21 Funding Analysis AVERAGE ANNUAL CASH REQUIREMENTS - CP1 AND CP2 ( Continued) Page 7 of 18 Exhibit 2 Spending Simple Spending % of End of Year Average of Line Year from Trust Balance NDT Balance Column (D) (A) (B) (C) (D) (E) (F) % 1,661,41, ,816, % 1,658,281, ,469, /u 1,551,87, ,3, % 1,421,289, ,352,93 124% 1,299,981, ,843,37 2.% 1,86,823, ,718, % 847,948, ,65,573 15% 751,63, ,537, % 653,578, ,215,87 182% 558,62, ,382,39 2.1% 465,74, ,66, %u 383,657, ,553, % 3,485,22 For row ,134,865 84% 286,838,69 to row ,847, % 286,199, year ,221,81 4.3% 285,153,736 average ,538,221 44% 283,743,12 1.% ,898,58 4.5% 281,98, ,268, % 279,624, ,686, % 276,821, ,41, % 273,545, ,444,797 53% 269,726, ,859, % 265,332, ,329, % 26,283, ,728,23 6% 254,627, ,181,51 6.4% 248,283, ,647,33 6.7% 241,21, ,173, % 233,318, ,619, % 224,656, ,127,41 8.1% 215,13, ,649, % 24,692, ,239, % 191,441, ,74,45 1.3% 177,276,99 For row ,39, % 162,97,373 to row ,895, % 145,857, % ,181, % 21,21, ,522, % Cash flow during this period averages over 1% of the balance Maintain a 15% average cash balance. Larger cash flows during the final period. Maintain a 45% average cash balance. 58 Total $ 2,351,445,425 NOTES: (Exhibit 2. Part 111) (D) Column (C) divided by the Previous year's Column (E) Spending for year divided by the Previous year's Ending of Year NDT Balance (F) Simple Average of Column (D) CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 224

26 LUMINANT GENERATION COMPANY LLC DETERMINATION OF EXPECTED ANNUAL RETURNS 21 Funding Analysis Page 8 of 18 Exhibit 2 IV. NET EXPECTED INVESTMENT RETURNS BY ASSET CLASS Line Forecast (A) Equity (B) Bonds (C) Cash (D) 1 Long-term Capital Market Return Assumptions 7.5% 4.5% 3.5% NOTES: (Exhibit 2, Part IV) (A) J P Morgan Asset Management's annual Long-term Capital Market Return Assumptions as of November 3,

27 LUMINANT GENERATION COMPANY LLC DETERMINATION OF EXPECTED ANNUAL RETURNS 21 Funding Analysis Page 9 of 18 Exhibit 2 V. NET EXPECTED INVESTMENT RETURNS Weighted Federal Weighted Investment Return on Allocation Pre-Tax Income After-Tax Line Period Type Investment Factor Return Tax Rate Return (A) (B) (C) (D) = ( B x C) (E) (F) _ (D) x (1-E) Cash 3 5% 5% 175% 2% 14% 2 Fixed Income 4 5% 35% 1 575% 2% 1 26"/ 3 Equities 7.5% 6% 4.5% 2% 3 6% 4 Subtotal 1% 6.25% 5% 5 (less) Fees and Administrative Costs 21% 2%.17% 6 Net Investment Return % 4.83% Cash 35% 2% 7 /n 2% 56% 8 Fixed Income 4.5% 5% 2.25% 2% 1 8% 9 Equities 7.5% 3% 2 25 /u 2% 1.8% 1 Subtotal 1% 52% 4.16% 11 (less) Fees and Administrative Costs.21% 2% 17"/ 12 Net Investment Return % 3.99% On Cash 3.5 /u 45% 1575 /u 2% 1.26% 14 Fixed Income 4.5% 55% 2475% 2% 1.98% 15 Equities 7.5% % "/ 2%.% 16 Subtotal 1% 4.5% 3.24% 17 (less) Fees and Administrative Costs.21% 2%.17% 18 Net Investment Return - 26-On 3.84% 3.7% NOTES: (Exhibit 2. Part V) (A) Investments in Cash, Fixed Income, and Equity were determined by the investment strategy and Commission rules. Cash was used to maintain sufficient liquidity for rebalancing and decommissioning Cash was used to maintain sufficient liquidity for rebalancing and decommissioning expenditures. expenditures. The cash allocation was based on the cash requirements shown in Exhibit 2, Part Ill. (B) Expected investment returns for each asset class are from Exhibit 2, Part IV, Line 1. (C) Allocations are based on Commission rules approved October 26, 24. Equity at the maximum allowed. Reductions in the equity allocation are based Trigger Points from Exhibit 2, Part I and Part It. Trigger Points are based weighted average life defined in Substantive Rule (e)(3)(b)(vi). (D) Fees and Administration Costs on Lines 5, 11, and 17 are from Exhibit 1, Part Ill, line 21. (1 year average) (E) Based on the current Federal Income Tax rate of 2% with no State Income Tax. 226

28 LUMINANT GENERATION COMPANY LLC ESTIMATED ANNUAL DECOMMISSIONING EXPENDITURES 21 Funding Analysis Page 1 of 18 Exhibit 3 I CURRENT DOLLAR DECOMMISSIONING COST Current Dollar Decommissioning Cost (1) Line Period CP 1 CP 2 Total Cost (A) (B) (C) = (A) + (B) 1 23 $ 46,495. $ - $ 46,495, ,964, - 11,964, ,889, 123,889, ,481, 53,48, 14,961, ,792, 19,442, 154,234, ,856, 127,214, 163,7, ,396, 65,37, 7,73, ,381, 62,14, 67,485, ,381, 57,54, 62,435, ,628, 38,459, 55,87, ,398, 34,297, 55,695, ,724, 34,933, 55,657, ,322, 7,541, 12,863, ,472, 2,472, 4,944, ,478, 2,478, 4,956, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,478, 2,478, 4,956, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,478, 2,478, 4,956, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,478, 2,478, 4,956, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,478, 2,478, 4,956, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,472, 2,472, 4,944, ,449, 15,449, 3,898, ,61, 3,61, 6,122, 37 Totals $ 564,159, $ 66,283, $ 1,224,442, NOTES: (Exhibit 3. Part I) (1) As found in the Decommissioning Cost Study submitted with this Funding Analysis. CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 227

29 LUMINANT GENERATION COMPANY LLC ESTIMATED ANNUAL DECOMMISSIONING EXPENDITURES 21 Funding Analysis Page 11 of 18 Exhibit 3 II FUTURE DOLLAR DECOMMISSIONING COST (Including 1% Contingency) Future Dollar Decommissioning Cost (1) Line Period CP 1 CP 2 Total Cost (A) (B) (C) = (A) + (B) 1 23 $ 76,816,884 $ - $ 76,816, ,469, ,469, ,3, ,3, ,285,9 92,67, ,352, ,39, ,452, ,843, ,535, ,182, ,718, ,312,28 119,293, ,65, ,464, ,72, ,537, ,645,485 11,57, ,215, ,936,916 78,445, ,382, ,291,136 59,369,777 98,66, ,34,17 59,213,966 96,553, ,825,13 14,39,852 25,134, ,921,22 5,926,76 11,847, ,18,26 6,113,55 12,221, ,266,531 6,271,69 12,538, ,446,375 6,451,683 12,898, ,631,46 6,636,866 13,268, ,84,477 6,846,11 13,686, ,17,745 7,23,523 14,41, ,219,426 7,225,371 14,444, ,426,898 7,433,16 14,859, ,661,683 7,667,994 15,329, ,86,774 7,867,249 15,728, ,87,195 8,93,856 16,181, ,32,238 8,327,92 16,647, ,583,296 8,59,369 17,173, ,86,299 8,813,556 17,619, ,59,972 9,67,438 18,127, ,321,96 9,328,779 18,649, ,615,819 9,623,746 19,239, ,865,956 9,874,89 19,74, ,15,493 1,158,861 2,39, ,443,311 1,451,921 2,895, ,562,66 63,618,84 127,181, ,755,933 1,766,538 21,522, Totals $ 1,59,289,28 $ 1,292,156,145 $ 2,351,445,425 NOTES: (Exhibit 3. Part II) (1) As found in the Financial Escalation Analysis, based upon the Decommissioning Cost Study, both submitted with this Funding Analysis. Includes an allowance for contingency of 1% of the cost of decommissioning, in compliance with Substantive Rule (b)(1)(f)(i). CPI = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 228

30 Page 12 of 18 Exhibit 4 1. PROJECTED ANNUAL SUMMARY - CP1 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED FUNDING REQUIREMENT 21 Funding Analysis Line Calendar Year (A) Contributions (B) Net Fund Earnings (C) Decommissioning Outlays (D) Fund Accumulation (E) 1 Balance at 12/31/9 == > 213,481, ,167,1 1,484, ,132, ,452,558 11,343, ,928, ,452,558 12,251, ,632, ,452,558 13,23,238-29,288, ,452,558 14,2, ,941, ,452,558 15,246, ,641, ,452,558 16,343, ,436, ,452,558 17,492, ,382, ,452,558 18,697,332-49,531, ,452,558 19,96, ,944, ,452,558 21,284, ,681, ,452,558 22,672, ,86, ,452,558 24,127, ,386, ,452,558 25,652,762-56,492, ,452,558 27,251, ,196, ,452,558 28,927, ,576, ,452,558 3,685, ,714, ,452,558 32,527,198-79,694, ,452,558 34,458,22-751,65, ,452,558 3,137, ,195, ,863,139 29,993,572 76,816, ,235, ,174, ,469, ,94, ,787, ,3, ,725, ,985,742 84,285,9 348,425, ,398,14 75,39, ,433, ,161,141 61,535, ,58, ,173,17 8,312,28 234,919, ,24,417 8,464, ,659, ,23,323 8,645, ,244, ,749,94 33,936, ,56, ,637,284 39,291, ,42, ,413,22 37,34,17 148,475, ,78,215 1,825,13 143,358, ,61,886 5,921,22 143,39, ,585,418 6,18,26 142,516, ,561,44 6,266, ,811,

31 Page 13 of 18 Exhibit 4 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED ACCUMULATED FUND BALANCES 21 Funding Analysis I. PROJECTED ANNUAL SUMMARY - CP1 (Continued) Line Calendar Year (A) Contributions (B) Net Fund Earnings (C) Decommissioning Outlays (D) Fund Accumulation (E) ,529,681 6,446,375 14,894, ,489,414 6,631,46 139,753, ,439,677 6,84, ,352, ,38,249 7,17, ,714, ,31,889 7,219, ,86, ,23,599 7,426, ,69, ,138,283 7,661,683 13,86, ,33,628 7,86, ,259, ,916,37 8,87, ,88, ,785,14 8,32,238 12,553, ,638,841 8,583, ,68, ,477,9 8,86, ,279, ,299,29 9,59,972 17,518, ,14,45 9,321,96 12,31, ,993,62 9,615,819 95,679, ,785,94 9,865,956 88,598, ,564,178 1,15,493 81,12, ,326,784 1,443,311 72,896, ,262,225 63,562,66 1,595, ,186 1,755, Totals $ 15,628,748 $ 695,179,398 $ 1,59,289,28 NOTES: (Exhibit 4, Part I) 1. Line 1, the beginning balance is the Net After-tax Market Value of the Trust at December 31, 29. (See Exhibit I, Part I, line 7) 2. Line 2 includes 9 months of contributions under the current collection rate before new rates are implemented on 9/1/1. (Contributions lag by one month) 3. Column (B) assumes new rates are implemented and continue until the end of each unit's license. 4. Column (C), Fund earnings are net of projected expenses, administrative fees and taxes. Column (C) = [ previous (E) + [ (B) - (D) 1/ 2 ) * Return 5. Column (D) is from Exhibit 3, Part II. 6. Column (E) = Previous year (E) + Current year (C) - Current year (D). NOTE: While the funding analysis assumes a rate change, the recommendation is no change the rates. (See Exhibit 4, Part IV, Line 6) CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 23

32 Page 14 of 18 Exhibit 4 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED ACCUMULATED FUND BALANCES II. PROJECTED ANNUAL SUMMARY - CP2 21 Funding Analysis Line Calendar Year (A) Contributions (B) Net Fund Earnings (C) Decommissioning Outlays (D) Fund Accumulation (E) 1 Balance a t 12/31/9 ======> 247,419, ,886,436 12,14,84-267,447, ,268,36 13,93,23-287,88, ,268,36 14,76,695-39,153, ,268,36 15,17, ,529, ,268,36 16,188, ,986, ,268,36 17,321, ,576, ,268,36 18,59,71-45,353, ,268,36 19,754, ,376, ,268,36 21,59,37-46,73, ,268,36 22,427,533-49,399, ,268,36 23,861, ,53, , ,365, ,163, ,268,36 26,941, ,373, ,268,36 28,593, ,236, ,268,36 3,326,14-661,83, ,268,36 32,141,955-71,241, ,268,36 34,45, ,554, ,268,36 36,4, ,864, ,268,36 38,132,77-831,265, ,268,36 33,312, ,846, ,268,36 34,931, ,46, ,268,36 36,615, ,929, ,268,36 38,366,41-1,3,564, ,817,9 38,241,731 92,67, ,555, ,287, ,452,539 81,39, ,682, ,182, ,89, ,114, ,293, ,71, ,281, ,72, ,919, ,469,19 11,57, ,818, ,275,569 78,445, ,648, ,976,57 59,369,777 24,254, ,968,456 59,213, ,9, ,779,697 14,39, ,479, ,66,6 5,926,76 143,159, ,59,123 6,113,55 142,636, ,566,93 6,271,69 141,931,

33 Page 15 of 18 Exhibit 4 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED ACCUMULATED FUND BALANCES 21 Funding Analysis II. PROJECTED ANNUAL SUMMARY - CP2 (Continued) Line Calendar Year Contributions Net Fund Earnings Decommissioning Outlays Fund Accumulation (A) (B) (C) (D) (E) ,534,349 6,451, ,13, ,494,53 6,636, ,871, ,444,28 6,846,11 138,469, ,384,88 7,23, ,83, ,315,396 7,225, ,92, ,235,46 7,433,16 132,722, ,142,659 7,667,994 13,197, ,37,923 7,867, ,368, ,92,512 8,93, ,194, ,789,242 8,327,92 12,656, ,642,83 8,59, ,79, ,48,87 8,813, ,376, ,32,931 9,67,438 17,612, ,17,614 9,328,779 12,39, ,995,677 9,623,746 95,762, ,788,353 9,874,89 88,677, ,566,449 1,158,861 81,84, ,328,864 1,451,921 72,961, ,263,374 63,618,84 1,66, ,344 1,766, Totals $ 169,67,455 $ 875,128,769 $ 1,292,156,145 NOTES: (Exhibit 4, Part 11) 1. Line 1, the beginning balance is the Net After-tax Market Value of the Trust at December 31, 29. (See Exhibit I, Part I, line 7) 2. Line 2 includes 9 months of contributions under the current collection rate before new rates are implemented on 9/1/1. (Contributions lag by one month) 3. Column (B) assumes new rates are implemented and continue until the end of each unit's license. 4. Column (C), Fund earnings are net of projected expenses, administrative fees and taxes. Column (C) = [ previous (E) + [ (B) - (D) 2 Return 5. Column (D) is from Exhibit 3, Part II. 6. Column (E) = Previous year (E) + Current year (C) - Current year (D). NOTE: While the funding analysis assumes a rate change, the recommendation is no change the rates. (See Exhibit 4, Part IV, Line 6) CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuctear Power Plant Unit #2 232

34 Page 16 of 18 Exhibit 4 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED ACCUMULATED FUND BALANCES 21 Funding Analysis III. PROJECTED ANNUAL SUMMARY - TOTAL CPNPP Line Calendar Year (A) Contributions (B) Net Fund Earnings (C) Decommissioning Outlays (D) Fund Accumulation (E) 1 Balance at 12131/9 = =_=> 46,91, ,53,445 22,625,62-498,579, ,72,918 24,436,93-537,737, ,72,918 26,328, ,786, ,72,918 28,31, ,818, ,72,918 3,389, ,928, ,72,918 32,568, ,217, ,72,918 34,852, ,79, ,72,918 37,246,67 815,758, ,72,918 39,756,638-87,235, ,72,918 42,387,94-927,344, ,72,918 45,146,26-987,211, ,72,918 48,37,845-1,49,97, ,72,918 51,69,93-1,115,76, ,72,918 54,246,751-1,184,728, ,72,918 57,577,889-1,257,27, ,72,918 61,69,922-1,332,817, ,72,918 64,73,619-1,412,269, ,72,918 68,568,129-1,495,558, ,72,918 72,59,99-1,582,87, ,72,918 63,45,215-1,661,41, , ,925,237 76,816,884 1,658,281, ,268,36 62,789, ,469,194 1,551,87, ,268,36 58,154, ,3,452 1,421,289, ,817,9 53,227, ,352,93 1,299,981, ,685, ,843,37 1,86,823, ,843, ,718, ,948, ,287, ,65, ,63, ,485, ,537, ,578, ,699, ,215,87 558,62, ,24, ,382,39 465,74, ,613,34 98,66, ,657, ,381,675 96,553,983 3,485, ,487,912 25,134, ,838, ,28,486 11,847, ,199, ,175,541 12,221,81 285,153, ,127,497 12,538, ,743,12 233

35 Page 17 of 18 Exhibit 4 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED ACCUMULATED FUND BALANCES 21 Funding Analysis III. PROJECTED ANNUAL SUMMARY - TOTAL CPNPP (Continued) Line Calendar Year Contributions Net Fund Earnings Decommissioning Outlays Fund Accumulation (A) (B) (C) (D) (E) ,64,3 12,898,58 281,98, ,983,466 13,268, ,624, ,883,957 13,686, ,821, ,765,56 14,41, ,545, ,626,285 14,444, ,726, ,465,645 14,859, ,332, ,28,942 15,329,677 26,283, ,71,55 15,728,23 254,627, ,836,819 16,181,51 248,283, ,574,382 16,647,33 241,21, ,281,671 17,173, ,318, ,957,879 17,619, ,656, ,62,141 18,127,41 215,13, ,211,659 18,649,875 24,692, ,988,739 19,239, ,441, ,574,256 19,74,45 177,276, ,13,628 2,39, ,97, ,655,648 2,895, ,857, ,525, ,181,446 21,21, ,53 21,522, Totals $ 32,236,22 $ 1,57,38,167 $ 2,351,445,425 NOTES: (Exhibit 4, Part III) This is a summary of CPNPP, which includes both units and is based in individual unit calculations found on pages 1 through 4. CPNPP = Comanche Peak Nuclear Power Plant CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 234

36 Page 18 of 18 Exhibit 4 LUMINANT GENERATION COMPANY LLC ANNUAL PROJECTED ACCUMULATED FUND BALANCES 21 Funding Analysis IV CONTRIBUTION SUMMARY - CPNPP Line Description CP 1 CP 2 Total 1 Amount determined in the last Funding Analysis 7,71,827 8,92,461 15,164,287 2 Contribution Allocation 466% 53.4% 1% 3 Amount determined in this nuclear decommissioning Funding Analysis 7,452,558 7,268,36 14,72,918 4 Contribution Allocation 5 6% 49.4% 1% 5 Change in contributions determined in this Analysis 38,731 (824,1) (443,369) 6 No change to the current collection rate is recommended since the calculated collection rates in this Funding Analysis are within 2 9% of the current collection rate The assumptions in this Funding Analysis likely have inherent and considerable uncertainty based on the predictability of long-term costs and market conditions. This uncertainty is at least as great as the 2.9% differential. Accordingly, in light of the primary goal, which is to ensure sufficient decommissioning funding, a change in the allocation between units without a change to the current rate is recommended. NOTES: (Exhibit 4. Part IV) Line 1-2 represents the collection rate approved in the last Funding Analysis and the allocation between units Line 3-4 represents the new collection rate calculated in this Funding Analysis and the allocation between units Line 5 show a change in collection rates of (2.9%) Line 6 no change in collection rate needed, only change allocation between units CPNPP = Comanche Peak Nuclear Power Plant CP1 = Comanche Peak Nuclear Power Plant Unit #1 CP2 = Comanche Peak Nuclear Power Plant Unit #2 235