ERCOT Financial Summary Fiscal Year 2003
2 ERCOT Financial Snapshot Preliminary - Unaudited
Fiscal Year Results of Operations ($ Millions) Notes: Revenues – include interest income Total expenses – include interest expense Preliminary - Unaudited
Fiscal Year Cash Flow Summary ($ Millions) Note: Cash balances include QSE security deposits and TCR auction revenues Preliminary - Unaudited
Key Statistics Preliminary - Unaudited
Key Statistics Preliminary - Unaudited
Revenue $95 million year-to-date $7.9 million monthly average $1.3 million (1.3%) unfavorable over the year MWH volume 1.6% below expectation $2.9 million collected from incremental $0.01 per MWH Preliminary - Unaudited
MWH by Month Preliminary - Unaudited
Operating Expenses $99.7 million year-to-date, including depreciation $8.3 million monthly average $62.8 million year-to-date, excluding depreciation $5.2 million monthly average $9.9 million (9%) favorable over the year Labor ($3.8 million) Contingency ($2.9 million) Consultants ($2.3 million) SW/HW license and support ($1.1 million) Preliminary - Unaudited
Headcount 380 of 400 on staff 84 FTE increase (net) in New Hires during Terminations in 2003 Preliminary - Unaudited
Summary of Personnel Preliminary - Unaudited
Summary of Employee Costs FY 2003 Actual ($000’s) FY 2003 Budget ($000’s) FY 2004 Budget ($000’s) Salaries & Wages$27,207$30,050$37,866 Salaries allocated to Capital Projects Benefits9,857 10,818 14,010 Other Expenses1,236 1,646 2,813 Total$34,955$39,874$47,857 Headcount (FTEs) Preliminary - Unaudited
FY 2003 Revenue Requirements 2003 Budget versus 2003 Actual Preliminary - Unaudited
Capital Expenditures $53.5 million of $70 million annual budget spent 62 “Priority 1 and 2” projects completed (many combined into 32 “releases”) Major projects completed Disaster Recovery ETS Phase 2 Texas Set 1.5 BULs Blocked Deployment Oracle 9iAS Upgrade Preliminary - Unaudited
Capital Investment $244 million invested over four year period $189 million - hardware and software systems Net Book $120 million (accumulated depreciation $69 million) $49 million – buildings, leasehold and land Net Book $42 million (accumulated depreciation $7 million) $6 million - equipment, furniture and fixtures Net Book $3 million (accumulated depreciation $3 million) $60 million planned for 2004 Preliminary - Unaudited
Capital Investment Preliminary - Unaudited
Outstanding Debt Senior Notes Principal outstanding: $150,000,000 Interest rate: Coupon rate 6.17% (effective rate 6.3%) 2003 interest expense: $8,713,000 Term: 12 years, with $ 13,637,000 payable annually beginning May 2004 ( average life of 7 years) Final payment due: May 2014 Issue date: May 15, 2002 Preliminary - Unaudited
Available Debt Revolving Credit Facility Principal: Up to $50,000,000 (none outstanding at 12/31/2003) Interest rate: LIBOR + 45 basis points or Prime Term: 364-day agreement (matures April 30, 2003) Issue date: May 1, 2003 Preliminary - Unaudited
2003 Significant Events QSE bankruptcies ENRON/TCE/PG&E/Mirant QSE credit issues Litigation Texas Nodal 2004 Fee Filing
QSE Credit Preliminary - Unaudited
ERCOT Security December 2003 vs December 2002 Preliminary - Unaudited
ERCOT QSE Short Payments Preliminary - Unaudited
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