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TXU Corporate Update

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TXU Corporate Update TXU Corporate Update 2001: A Year of Transformation and Performance February 5, 2002 2/6/2002 0 Safe Harbor Statement This presentation and other reports made by TXU Corp. contain forward- looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Although TXU Corp. believes that in making any such statement their expectations are based on reasonable assumptions, any such statement involves uncertainties and is qualified in its entirety by reference to factors contained in the Forward-Looking Statements section of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the TXU Corp. 2000 Form 10-K and 2001 10Q’s, as well as general industry trends; implementation of the 1999 Texas electric industry restructuring legislation and other legislation; changes in business strategy or development plans; changes in, or failure or inability to comply with, governmental regulations, including, without limitation, environmental regulations; changes in tax laws; among others, that could cause the actual restructuring or other results of TXU Corp. to differ materially from those projected in such forward-looking statements. 2/6/2002 1 Erle Nye Chairman & Chief Executive 2/6/2002 2 Presenters Erle Nye Chairman & Chief Executive Tom Baker President - Oncor Phil Turberville President - TXU Energy, International VJ Horgan President - TXU Energy Trading Mike McNally Chief Financial Officer In Attendance Jarrell Gibbs President Paul Marsh Chief Operating Officer - TXU Europe Susan Atteridge Executive Vice President of Communications David Anderson Vice President of Investor Relations 2/6/2002 3 Track Record of Financial Success $/share % 6.00 15 5.50 12.9% 13.0% 13 5.00 11.4% 4.39 4.50 10.7% 9.7% 11 4.00 3.78 3.43 3.50 3.19 9 2.79 3.00 7 2.50 2.00 5 1.50 3 1.00 0.50 1 1998 1999 2000 2001 2002 Consensus * Excludes unusual items EPS* ROE* 2/6/2002 4 Achievements • Two great businesses created by structural Year End Report Card separation of the merchant energy & energy delivery businesses 12.2% Total Return Outperformed the S&P Electrics • Disposition of power plants in UK and US and and the S&P 500 networks in UK $3.78 Operating EPS • Acquired/developed talent and developed Earnings per share growth of retail/wholesale capabilities required for success 10% over 2000 in competitive markets 12.9% Return on Equity • Successfully implemented processes and systems Increase of 11% over 2000 to manage a competitive market in ERCOT • Successfully transitioned into the deregulated 55% Debt Texas electricity market On target to reach by mid - year • Introduced Oncor Utility Solutions 2/6/2002 5 Business Model & Strategy MERCHANT ENERGY Power Commercial & Generation Industrial Fuel Merchant Residential & Supply Trading Small Business Wholesale & Contracts Alliances ENERGY DELIVERY Transmission Distribution Strategy: TXU will achieve excellent operations of significant scale in selected regions, which optimize a portfolio of assets, capabilities and customer relationships across multiple products and services. 2/6/2002 6 Distinctive Business Model TXU’s Approach is Differentiated from Other Merchant Companies Through its Integration of Production, Trading and Retail Activities Model Example Full Portfolio Production Trading Retail •TXU Manager • AES Developer/ Production • Calpine Acquiror • NRG •Orion Wholesale • Aquila • Dynegy Portfolio Production Trading Manager • Mirant • Duke Energy •New Power Co Retailer Retail •Nstar • Centrica Vertically • AEP •Exelon Integrated Production Trading Retail •Dominion • Innogy Player • Entergy • PowerGen 2/6/2002 • Reliant Resources 7 Compelling Valuation Story 5-Year Total Return Estimates * P/2002E * 24.2x 16.9% 12.6% 12.5% 12.6x 11.2x S&P 500 TXU S&P TXU S&P S&P 500 Electrics Electrics * Source: Bloomberg and I/B/E/S as of 2/01/2002 2/6/2002 8 Tom Baker President – Oncor 2/6/2002 9 Texas Update Successful ERCOT Transition • Wholesale market functioning since August 2001 • Corporate separation and refinancing complete • Initial implementation of market processes and systems complete 2/6/2002 10 Comprehensive Settlement • Filed with the PUCT on December 31, 2001 • hearing - March 7-8 • completion - end of March • Endorsement of all major customer groups in Texas • Resolves all TXU Electric transition to competition issues • T&D rates and EMC Credit • no true-up in 2004 of stranded costs • securitization of regulatory assets ($1.3 Billion) • fuel costs - under-recovery and reconciliation • clawback • Eliminates uncertainty 2/6/2002 11 Oncor Priorities • Re-brand delivery business - Oncor • Deliver growth from existing business in Texas • Bundling of gas rate cases to enhance earnings • Oncor Utility Solutions • asset management is key strength • excellent reputation - reliability and efficiency • $20 billion industry 2/6/2002 12 Phil Turberville President – TXU Energy, International 2/6/2002 13 Highlights 2001 - Europe • Major transformational disposal program complete • provides unambiguous focus on Merchant Energy operations • repositions UK energy portfolio in difficult market conditions • substantially strengthens balance sheet • total proceeds, with UK Networks sale, over $4 billion • Underlying business performing well • continued strong Merchant Energy earnings growth • re-branding of UK retail business • Acquisitions in Germany well integrated & growing 2/6/2002 14 Energy Earnings Growth in Europe • UK energy resilient in changing market conditions • Strong growth in earnings contribution from other European markets Net Income Energy; split between UK & rest of Europe (£ m US GAAP; pre-restructuring, pre-goodwill amortization, post-FTC, post minority interest) 200 175* ca 20% 154 compound annual 160 growth 109 120 100 80 40 UK Continental Europe 0 1998 1999 2000 2001 * less step-up of $30 million 2/6/2002 15 Great Value on Disposals • Networks; 26% premium to regulated asset base • Coal plant; 21% premium ($500/MW) over benchmark • Gas plant; 6% premium ($290/MW) over benchmark • $900 million from other disposals 2/6/2002 16 Summary • UK portfolio fundamentally re-positioned & balance sheet strengthened • Well positioned for continued steady growth in 2002 • Priorities for 2002: •strengthen UK retail & trading position •enhance German portfolio •strengthen Nordic generation portfolio •continue to focus on operational efficiency 2/6/2002 17 Highlights 2001 - Australia Northern • Continued strong earnings & cash flow growth Territory Queensland South • Separation of network business Western Australia Australia New South Wales • Successful integration of Torrens Island Victoria Tasmania • Electricity retail price increases of 15.5% from January 1, 2002 • Systems ready for retail contestability (Jan 2002 electric, Oct 2002 gas) • Successful brand campaign; customer retention & product development 2/6/2002 18 V.J. Horgan President - TXU Energy Trading 2/6/2002 19 Highlights 2001 - US Energy • Exceptional financial results • Strong team • Achieved successful market opening • Integrated production and commercial operations • Successful transition of retail business • “Price to Beat” pricing • Completed generation sale • Expanded outside of Texas 2/6/2002 20 C&I Market - Texas TXU Early Success: • Gross margins stronger than originally anticipated • Exceeded market share goals in retention and acquisition • Closed approximately 3 times as many deals as our competitors • Good demand for value-added services • Extending capabilities to small business market 2/6/2002 21 Mass Market - Texas • Completed successful retail pilot • Out of territory brand awareness up from 3% to >40% • Unsolicited out of territory calls averaging 1,000/week…signing most • All accomplished with very little marketing 2/6/2002 22 North American Expansion U.S. Electricity Competition Legislation or Regulatory Plan Adopted TXU Energy Offices TXU Energy Clients North American Energy Trading Markets 2/6/2002 23 Priorities - 2002 • Aggressively optimize the Portfolio Management Model in ERCOT • enhance returns on capital • Ensure customers enjoy all the benefits of deregulation • Defend existing customer base • Build strong retail entries into other markets in Texas • Enhance process efficiencies • Develop world class strategic insight and business development capabilities 2/6/2002 24 Mike McNally Chief Financial Officer 2/6/2002 25 Indicative Consolidated Net Income New Segments ($Millions) 2001 2002 2003 Merchant Energy N. America $6 $650 $720 Europe 311 420 465 Australia 53 70 75 $370 $1,140 $1,260 Energy Delivery N. America 873 285 295 Corp. & Other (263) (245) (230) Total $980 $1,180 $1,325 2/6/2002 26 Indicative Consolidated Cash Flow ($Millions) 2002 2003 Cash from operations $2,300 $2,500 Asset sales 2,300 --- Securitization 500 --- Total $5,100 $2,500 Maintenance cap ex 800 700 Dividend 650 650 Available cash flow $3,650 $1,150 2/6/2002 27 Compelling Valuation Story 5-Year Total Return Estimates * P/2002E * 24.2x 16.9% 12.6% 12.5% 12.6x 11.2x S&P 500TXU S&P TXU S&P S&P 500 Electrics Electrics * Source: Bloomberg and I/B/E/S as of 2/01/2002 2/6/2002 28 Questions? 2/6/2002 29.
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