THE ECONOMIC IMPACT OF RECENT AND PLANNED INVESTMENTS BY TXU ON BUSINESS ACTIVITY IN TEXAS AND AFFECTED COUNTIES AND LEGISLATIVE DISTRICTS

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1 THE ECONOMIC IMPACT OF RECENT AND PLANNED INVESTMENTS BY TXU ON BUSINESS ACTIVITY IN TEXAS AND AFFECTED COUNTIES AND LEGISLATIVE DISTRICTS The Perryman Group 510 North Valley Mills Drive, Suite 300 Waco, Texas ph , fax August perrymangroup.com

2 THE ECONOMIC IMPACT OF RECENT AND PLANNED INVESTMENTS BY TXU ON BUSINESS ACTIVITY IN TEXAS AND AFFECTED COUNTIES AND LEGISLATIVE DISTRICTS TABLE OF CONTENTS Introduction 1 The Perryman Group s Perspective 3 Methods Used to Measure the Impact of TXU Investments on Business Activity 4 Results of the Impact Assessment 5 Impact of TXU Capital Investments: Past Five Years 5 Impact of TXU Capital Investments: Next Five Years 7 Operations Impacts 11 An Industry Perspective 13 Conclusion 14 APPENDICES 15 APPENDIX 1: Impact of TXU s Investments in Electric Delivery 16 The Historical ( ) Impact of TXU s Investment in Electric Delivery on Business Activity in Texas Detail Sectoral Results The Projected ( ) Impact of TXU s Investment in Electric Delivery on Business Activity in Texas Detail Sectoral Results The Historical ( ) Impact of TXU s Investment in Electric Delivery on Business Activity in Affected Counties The Projected ( ) Impact of TXU s Investment in Electric Delivery on Business Activity in Affected Counties The Historical ( ) Impact of TXU s Investment in Electric Delivery on Business Activity in Texas Legislative Districts The Projected ( ) Impact of TXU s Investment in Electric Delivery on Business Activity in Texas Legislative Districts i perrymangroup.com

3 APPENDIX 2: Impact of TXU s Investment in Power Generation 29 The Projected ( ) Impact of TXU's Power Division Investment in the Sandow 5 Generation Facility on Business Activity in Milam County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Sandow 5 Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Oak Grove Generation Facility on Business Activity in Robertson County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Oak Grove Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Martin Lake Generation Facility on Business Activity in Rusk County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Martin Lake Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Big Brown Generation Facility on Business Activity In Freestone County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Big Brown Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Monticello Generation Facility on Business Activity in Titus County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Monticello Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Lake Creek Generation Facility on Business Activity in McLennan County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Lake Creek Generation Facility on Business Activity in Texas Detailed Sectoral Results ii perrymangroup.com

4 The Projected ( ) Impact of TXU's Power Division Investment in the Tradinghouse Generation Facility on Business Activity in McLennan County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Tradinghouse Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Valley Generation Facility on Business Activity in Fannin County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Valley Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Morgan Creek Generation Facility on Business Activity in Mitchell County Detailed Sectoral Results The Projected ( ) Impact of TXU's Power Division Investment in the Morgan Creek Generation Facility on Business Activity in Texas Detailed Sectoral Results The Total Projected ( ) Impact of TXU's Power Division Investment in New Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of Capital Investments by TXU s Power Division for Projects other than New Generation Plants on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of Mining Activity Associated with TXU's Power Division Investments in Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Sandow 4 Generation Facility on Business Activity in Milam County Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Sandow 4 Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Existing Martin Lake Generation Facility on Business Activity in Rusk County Detailed Sectoral Results iii perrymangroup.com

5 The Projected ( ) Impact of TXU s Environmental Retrofits in the Existing Martin Lake Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Existing Big Brown Generation Facility on Business Activity in Milam County Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Existing Big Brown Generation Facility on Business Activity in Texas Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Existing Monticello Generation Facility on Business Activity in Milam County Detailed Sectoral Results The Projected ( ) Impact of TXU s Environmental Retrofits in the Existing Monticello Generation Facility on Business Activity in Texas Detailed Sectoral Results The Total Projected ( ) Impact of TXU s Environmental Retrofits in Existing Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Total Projected ( ) Impact of TXU s Power Division Investments in Electric Generation Facilities, Other Enhancements, Environmental Retrofits, and Associated Mining Activity on Business Activity in Texas Detailed Sectoral Results The Historical ( ) Impact of TXU s Investment in Power Generation on Business Activity in Affected Counties The Projected ( ) Impact of TXU s Investment in Power Generation on Business Activity in Affected Counties The Historical ( ) Impact of TXU s Investment in Power Generation on Business Activity in Texas Legislative Districts The Projected ( ) Impact of TXU s Investment in Power Generation on Business Activity in Texas Legislative Districts iv perrymangroup.com

6 APPENDIX 3: Impact of TXU s Investments in Wholesale Power Marketing and Corporate Activity 65 The Historical ( ) Impact of TXU s Investment in Wholesale Power Marketing and Corporate Activity on Business Activity in Texas, Detailed Sectoral Results The Projected ( ) Impact of TXU s Investment in Wholesale Power Marketing and Corporate Activity on Business Activity in Texas, Detailed Sectoral Results The Historical ( ) Impact of TXU s Investment in Wholesale Power Marketing and Corporate Activity in Affected Counties The Projected ( ) Impact of TXU s Investment in Wholesale Power Marketing and Corporate Activity in Affected Counties The Historical ( ) Impact of TXU s Investment in Wholesale Power Marketing and Corporate Activity in Texas Legislative Districts The Projected ( ) Impact of TXU s Investment in Wholesale Power Marketing and Corporate Activity in Texas Legislative Districts APPENDIX 4: Total Impact of TXU Investment Activity 72 The Total Historical ( ) Impact of TXU s Investments on Business Activity in Texas, Detailed Sectoral Results The Total Projected ( ) Impact of TXU s Overall Investment in Generation Capacity, Enhanced Electric Delivery Mechanisms, and Other Significant Capital Expenditures on Business Activity in Texas Detailed Sectoral Results The Total Projected ( ) Impact of TXU s Investments on Business Activity in Texas, Detailed Sectoral Results The Total Historical ( ) Impact of TXU s Investments on Business Activity in Affected Counties The Total Projected ( ) Impact of TXU s Investments on Business Activity in Affected Counties The Total Historical ( ) Impact of TXU s Investments on Business Activity in Texas Legislative Districts v perrymangroup.com

7 The Total Projected ( ) Impact of TXU s Investments on Business Activity in Texas Legislative Districts APPENDIX 5: Potential Impact of Ongoing Operations of TXU s Projected Incremental Investments in Electric Generation Facilities and Associated Mining 85 The Annual Impact of Operations of TXU s Existing Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Annual Impact of Operations of TXU s Proposed New Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Total Potential Annual Impact of Operations of TXU s Existing and Proposed New Generation Facilities at Maturity on Business Activity in Texas Detailed Sectoral Results The Annual Impact of Ongoing Operations of Existing Lignite Mining Associated with TXU Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Potential Annual Impact of Ongoing Operations of TXU s Projected ( ) Investments in Incremental Lignite Mining on Business Activity in Texas Detailed Sectoral Results The Potential Annual Impact of Ongoing Operations of Existing and Projected ( ) Investments in Lignite Mining Associated with TXU Generation Facilities on Business Activity in Texas Detailed Sectoral Results The Annual Impact of Ongoing Operations of Existing TXU Generation Facilities and Associated Lignite Mining on Business Activity in Texas Detailed Sectoral Results The Potential Annual Impact of Ongoing Operations of TXU s Proposed New Generation Facilities and Projected Investments in Incremental Lignite Mining on Business Activity in Texas Detailed Sectoral Results The Potential Annual Impact of Ongoing Operations of Existing and New TXU Generation Facilities and Current and Projected Investments in Lignite Mining on Business Activity in Texas Detailed Sectoral Results vi perrymangroup.com

8 THE ECONOMIC IMPACT OF RECENT AND PLANNED INVESTMENTS BY TXU ON BUSINESS ACTIVITY IN TEXAS AND AFFECTED COUNTIES AND LEGISLATIVE DISTRICTS Introduction Investment in infrastructure is vital to economic growth and sustainable prosperity. In particular, future expansion in Texas requires the development of extensive new electric generation, transmission, and distribution resources. TXU has invested billions of dollars in the maintenance and improvement of such facilities in recent years and presently has ambitious plans to enhance its capabilities. In addition to providing a foundation for other types of economic activity to flourish, these outlays (1) involve substantial impacts on business activity in their own right (both in the construction and operational phases) and (2) offer substantial potential benefits to customers through promoting fuel diversity. Moreover, through these investments, TXU will be able to reduce emissions in existing plants as new plants are built. This report offers a brief overview of the effects of these investments for the state as a whole as well as affected counties and legislative districts. The impact of TXU investments in electric delivery, power generation (including environmental retrofitting), wholesale marketing, and corporate activity are substantial. The effect of these investments on business activity over the past five years is 1 perrymangroup.com

9 quantified. The potential impact of a substantial investment in much-needed capacity over the next five years is also examined. 2 perrymangroup.com

10 The Perryman Group s Perspective TPG is an economic research and analysis firm based in Waco, Texas. The firm has more than 20 years of experience in analyzing the Texas economy and assessing the economic impact of corporate expansions, regulatory changes, real estate developments, and myriad other types of events affecting business activity. The key model used in this study, the Texas Multi- Regional Impact Assessment System, was developed in the early 1980s and has been continually refined, updated, and expanded since that time. This system has been used in hundreds of public and private sector applications (including many in the electric power sector) and enjoys an excellent reputation for accuracy and reliability. In particular, the model has played a key role in numerous major policy initiatives in Texas (including, among others, judicial reforms, trucking deregulation, electric deregulation, tax policy, economic development incentives, telecommunication deregulation, and transportation funding mechanisms). It was used to estimate the potential benefits of retail electric competition prior to its implementation and has provided annual assessments of progress as the process has moved forward. TPG has conducted hundreds of impact analyses for the US and Texas economies as well as all Texas metropolitan areas, regions, and counties. Impact studies have been performed for hundreds of clients including many of the largest corporations in the world, governmental entities at all levels, educational institutions, major healthcare systems, utilities, and economic development organizations. 3 perrymangroup.com

11 Methods Used to Measure the Impact of TXU Investments on Business Activity All estimates in this analysis are derived from the Texas Multi- Regional Impact Assessment System, which was developed and is maintained by The Perryman Group. In the present instance, the systems reflect the unique industrial composition of each county examined, and, in some cases, spillover effects across areas. Information regarding TXU s investment over the past five years and planned investment over the next five were provided by TXU and independently examined for reasonableness by The Perryman Group. In particular, the input information included relatively detailed cost breakdowns by category of spending, thus permitting more accurate assessment of overall effects. TPG s impact assessment system was then employed to estimate the spin-off (or multiplier) activity associated with the direct outlays. The basic technique used in this process is known as dynamic input-output analysis. In essence, this approach involves the creation of a system which estimates the amount of various inputs required to make a unit of output (measured in monetary terms). The impact assessment system uses survey data for more than 500 industrial categories to determine the magnitude of the multiple rounds of spending. 4 perrymangroup.com

12 Results of the Impact Assessment Impact of TXU Capital Investments: Past Five Years Over the past five years ( ), TXU has invested in excess of $4.5 billion in capital expenditures. This amount represents more on average each year than the total cost of the Toyota plant in San Antonio. Capital outlays for electric delivery, power generation facilities, and other activities have led to substantial gains in business activity for numerous communities. These components of TXU s capital investment are quantified in the Appendices. Overall statewide totals are highlighted in this section; the Appendices include county- and legislative district-level detail. In addition, a sectoral breakout of the effect on business activity is included for Texas. The cumulative impact of this spending on the Texas economy includes $ billion in Total Expenditures; $7.372 billion in Gross State Product; $4.827 billion in Personal Income; $1.827 billion in Retail Sales; and 97,713 Person-Years of. Note that all monetary values are given in constant (2005) dollars. 5 perrymangroup.com

13 The Total Historical ( ) Impact of TXU's Investments on Business Activity in Texas Total Expenditures $ Gross Product $7.372 Personal Income $ ,713 Person-Years of Retail Sales $1.827 Source: The Perryman Group $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Billions of Dollars On an annual basis, the average gain to the state over this period is estimated to be $3.084 billion in Total Expenditures; $1.474 billion in Gross State Product; $0.965 billion in Personal Income; $0.365 billion in Retail Sales; and 19,543 Average Annual Jobs. Clearly, TXU s capital investments have been a significant stimulus to the Texas economy. 6 perrymangroup.com

14 Impact of TXU Capital Investments: Next Five Years Over the next five years ( ), TXU plans extensive spending on new coal-fired generation as well as additional improvements in transmission and distribution capabilities and metering devices. A program of retrofitting existing plants to reduce emissions is also planned. If all of the items that are contemplated are implemented, the aggregate investment over this period is projected to be well in excess of $15 billion. On an annual basis, spending by TXU alone will be more than 1.5 times as large as the current average for the entire petroleum refining industry in recent years, and approximately 200% greater than that of all basic chemical manufacturers over a comparable period. Similarly, it exceeds the current annual investment in the microelectronics sector by more than 100%. Over the entire period, the anticipated spending is equivalent to that of building five plants (one per year) of the size of the Texas Instruments 300mm Wafer Fabrication facility (the largest single project in Texas in the past decade). In addition to the tremendous stimulus from these outlays, they are laying the foundation for future business expansion. Recent analysis by The Perryman Group, the Electric Reliability Council of Texas, and others suggests that such expansion to capacity will be required to meet the anticipated power needs of a growing economy. TPG analyzed potential TXU investments by corporate division (Electric Delivery, Energy Wholesale, and Power). The investments studied include 7 perrymangroup.com

15 the construction of the new Sandow 5, Oak Grove, Martin Lake, Big Brown, Monticello, Lake Creek, Tradinghouse, Valley, and Morgan Creek generation facilities; other planned TXU capital investments in addition to the generation capacity including transmission and distribution system expansion, information technology, upgrades to existing power plants, and other items designed to enhance the electric power sector within the state; and environmental retrofitting of existing facilities to reduce emissions. A breakout by corporate division is presented in the Appendix. Impacts are also described by Texas legislative district; spillover effects to nearby major metropolitan areas are also quantified. 8 perrymangroup.com

16 Reference Plants Sandow 5 The Potential Impact of Capital Investments in New Generation Capacity by TXU s Power Division County Expenditures Gross Product Personal Income Retail Sales (Person- Years) Milam $1.510 bln $0.784 bln $0.547 bln $0.239 bln 11,864 Texas $2.178 bln $1.061 bln $0.714 bln $0.262 bln 14,986 Oak Grove Robertson $3.434 bln $1.794 bln $1.260 bln $0.525 bln 27,237 Texas $4.989 bln $2.437 bln $1.645 bln $0.627 bln 34,579 Martin Lake Rusk $2.521 bln $1.294 bln $0.897 bln $0.379 bln 19,083 Texas $3.288 bln $1.603 bln $1.082 bln $0.412 bln 22,755 Big Brown Freestone $2.403 bln $1.217 bln $0.843 bln $0.383 bln 18,361 Texas $3.288 bln $1.603 bln $1.082 bln $0.412 bln 22,755 Monticello Titus $1.849 bln $0.954 bln $0.650 bln $0.330 bln 14,248 Texas $3.288 bln $1.603 bln $1.082 bln $0.412 bln 22,755 Lake Creek McLennan $2.855 bln $1.436 bln $0.975 bln $0.400 bln 20,919 Texas $3.288 bln $1.603 bln $1.082 bln $0.412 bln 22,755 Tradinghouse McLennan $5.711 bln $2.871 bln $1.951 bln $0.800 bln 41,839 Texas $6.577 bln $3.206 bln $2.163 bln $0.824 bln 45,510 Valley Fannin $2.296 bln $1.218 bln $0.833 bln $0.394 bln 18,412 Texas $3.288 bln $1.603 bln $1.082 bln $0.412 bln 22,755 Morgan Creek Mitchell $2.231 bln $1.199 bln $0.835 bln $0.412 bln 18,372 Texas $3.288 bln $1.603 bln $1.082 bln $0.412 bln 22,755 9 perrymangroup.com

17 The overall economic stimulus to Texas if all capital investment projects currently under consideration by TXU divisions are undertaken is found to be $ billion in Total Expenditures; $ billion in Gross State Product; $ billion in Personal Income; $6.583 billion in Retail Sales; and 359,867 Person-Years of. Thus, the yearly benefit over this timeframe is projected at $ billion in Total Expenditures; $5.170 billion in Gross State Product; $3.464 billion in Personal Income; $1.317 billion in Retail Sales; and 71,973 Average Annual Jobs. 10 perrymangroup.com

18 The Total Projected ( ) Impact of TXU's Overall Investment in Generation Capacity, Enhanced Electric Delivery Mechanisms, and Other Significant Capital Expenditures on Business Activity in Texas Total Expenditures $ Gross Product $ Personal Income $ ,867 Person-Years of Retail Sales $6.583 Source: The Perryman Group $0 $10 $20 $30 $40 $50 $60 Billions of Dollars Detailed breakouts of these effects by geographic area and industry are presented in Appendix 1 through Appendix 4. Operations Impacts As noted, one major aspect of the investment described above is a substantial expansion of coal-fired generation in Texas. The impact of ongoing operations at TXU s existing and expanded facilities (excluding any potential increase in mining activity) is expected to be (at maturity) 11 perrymangroup.com

19 $ billion in annual Total Expenditures; $4.080 billion in annual Gross State Product; $2.259 billion in annual Personal Income; $0.801 billion in annual Retail Sales; and 38,685 Permanent Jobs. Further detail regarding these effects (as well as potential mining operations) is included in Appendix perrymangroup.com

20 An Industry Perspective The overall electric utility industry has been the clear investment leader in Texas in recent years. The average annual outlays for new generating capacity and transmission facilities alone exceed those of any major manufacturing sector by a wide margin. Over the current five-year period for which information is available ( ), the contributions to economic activity are $ billion in Total Expenditures; $ billion in Gross State Product; $ billion in Personal Income; $6.631 billion in Retail Sales; and 371,673 Average Annual Jobs. The yearly average impact from the utility sector is, thus, $ billion in Total Expenditures; $5.103 billion in Gross State Product; $3.467 billion in Personal Income; $1.326 billion in Retail Sales; and 74,335 Person-Years of. It should also be noted that several major projects are presently anticipated in the near future both for generation and transmission purposes by providers other than TXU. 13 perrymangroup.com

21 Conclusion This report briefly reviews the economic impact of the past and projected investments of TXU, with a summary projection for the entire electric utility sector. The results reveal that these capital outlays bring substantial and ongoing benefits to the Texas economy. To put these numbers in perspective, the contributions from currently planned outlays represent about 2.71% of the actual and projected increments to gross state product over the period and about 2.60% of total investment. The Appendices to this report examine the effects at a detailed sectoral level for the state. In addition, county-level and legislative district-level effects are quantified, as well as results by division. Clearly, TXU investments represent an important source of economic activity both for local areas and for the state as a whole. Respectfully Submitted, The Perryman Group M. Ray Perryman, President 14 perrymangroup.com

22 APPENDICES 15 perrymangroup.com

23 APPENDIX 1: Impact of TXU s Investments in Electric Delivery 16 perrymangroup.com

24 The Historical ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Texas Detailed Sectoral Results Total Gross Personal (Person- Sector Expenditures Product Income Years) Agricultural Products & Services $122,295,573 $32,281,765 $21,985, Forestry & Fishery Products $2,850,637 $2,162,755 $802, Coal Mining $16,307,453 $4,669,836 $4,920, Crude Petroleum & Natural Gas $94,571,374 $20,351,355 $9,386, Miscellaneous Mining $4,091,858 $1,467,957 $862, New Construction $0 $0 $0 0 Maintenance & Repair Construction $158,342,389 $84,960,018 $70,012,344 1,241 Food Products & Tobacco $262,994,175 $68,139,016 $34,808, Textile Mill Products $3,903,681 $1,065,309 $901, Apparel $60,315,559 $33,719,954 $17,086, Paper & Allied Products $50,406,606 $22,014,349 $9,952, Printing & Publishing $61,989,770 $30,567,105 $19,951, Chemicals & Petroleum Refining $254,808,931 $39,444,898 $18,521, Rubber & Leather Products $45,083,580 $19,585,875 $11,449, Lumber Products & Furniture $19,556,091 $6,744,144 $4,808, Stone, Clay, & Glass Products $31,097,358 $17,216,671 $9,004, Primary Metal $397,564,646 $138,343,925 $102,976,442 1,923 Fabricated Metal Products $49,775,274 $19,282,930 $12,449, Machinery, Except Electrical $3,394,167,024 $1,606,016,134 $1,147,344,619 15,446 Electric & Electronic Equipment $40,305,304 $21,505,676 $12,856, Motor Vehicles & Equipment $23,196,683 $4,919,915 $3,196, Transp Equip, Except Motor Vehicles $13,781,217 $6,142,278 $4,013, Instruments & Related Products $7,078,217 $3,041,222 $2,311, Miscellaneous Manufacturing $16,102,517 $6,234,390 $4,299, Transportation $241,199,617 $161,545,346 $106,840,326 1,838 Communication $184,669,822 $114,064,252 $48,697, Electric, Gas, Water, Sanitary Services $376,503,540 $84,800,519 $37,004, Wholesale Trade $345,976,407 $234,146,676 $135,011,062 1,934 Retail Trade $745,450,464 $617,697,548 $369,363,379 12,259 Finance $110,562,121 $59,570,650 $34,688, Insurance $133,845,573 $80,320,748 $48,018, Real Estate $814,744,311 $113,798,897 $18,335, Hotels, Lodging Places, Amusements $73,975,562 $38,482,064 $25,245, Personal Services $153,555,458 $94,337,861 $73,396,376 1,556 Business Services $289,812,011 $176,921,236 $144,322,398 2,215 Eating & Drinking Places $349,599,693 $204,970,430 $109,055,211 6,218 Health Services $256,774,760 $179,641,873 $151,888,864 3,165 Miscellaneous Services $209,630,276 $88,504,379 $76,725,919 2,295 Households $11,743,120 $11,743,120 $11,494,629 1,064 TOTAL EFFECT, ALL INDUSTRIES $9,428,628,653 $4,450,423,078 $2,913,992,124 57, perrymangroup.com

25 The Projected ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Texas Detailed Sectoral Results Total Gross Personal (Person- Sector Expenditures Product Income Years) Agricultural Products & Services $159,227,773 $42,030,578 $28,625, Forestry & Fishery Products $3,711,505 $2,815,889 $1,044, Coal Mining $21,232,163 $6,080,086 $6,406, Crude Petroleum & Natural Gas $123,131,107 $26,497,287 $12,220, Miscellaneous Mining $5,327,563 $1,911,267 $1,123, New Construction $0 $0 $0 0 Maintenance & Repair Construction $206,160,415 $110,617,205 $91,155,464 1,615 Food Products & Tobacco $342,416,130 $88,716,407 $45,320, Textile Mill Products $5,082,559 $1,387,023 $1,173, Apparel $78,530,334 $43,903,087 $22,246, Paper & Allied Products $65,628,963 $28,662,491 $12,958, Printing & Publishing $80,710,142 $39,798,105 $25,977, Chemicals & Petroleum Refining $331,759,013 $51,356,915 $24,115, Rubber & Leather Products $58,698,429 $25,500,639 $14,907, Lumber Products & Furniture $25,461,861 $8,780,817 $6,260, Stone, Clay, & Glass Products $40,488,490 $22,415,957 $11,723, Primary Metal $517,625,713 $180,122,588 $134,074,432 2,503 Fabricated Metal Products $64,806,975 $25,106,208 $16,208, Machinery, Except Electrical $4,419,175,963 $2,091,019,048 $1,493,832,721 20,111 Electric & Electronic Equipment $52,477,155 $28,000,203 $16,739, Motor Vehicles & Equipment $30,201,879 $6,405,686 $4,161, Transp Equip, Except Motor Vehicles $17,943,025 $7,997,193 $5,225, Instruments & Related Products $9,215,777 $3,959,644 $3,009, Miscellaneous Manufacturing $20,965,337 $8,117,122 $5,598, Transportation $314,039,804 $210,330,637 $139,105,176 2,393 Communication $240,438,503 $148,510,664 $63,403, Electric, Gas, Water, Sanitary Services $490,204,337 $110,409,539 $48,179, Wholesale Trade $450,458,275 $304,856,937 $175,783,230 2,519 Retail Trade $970,570,025 $804,236,839 $480,907,909 15,961 Finance $143,950,921 $77,560,468 $45,163, Insurance $174,265,773 $104,576,916 $62,520, Real Estate $1,060,790,012 $148,165,174 $23,872, Hotels, Lodging Places, Amusements $96,315,539 $50,103,313 $32,869,506 1,014 Personal Services $199,927,871 $122,827,075 $95,561,444 2,026 Business Services $377,332,720 $230,349,911 $187,906,508 2,884 Eating & Drinking Places $455,175,762 $266,869,718 $141,988,937 8,096 Health Services $334,318,505 $233,892,158 $197,757,981 4,121 Miscellaneous Services $272,936,798 $115,231,932 $99,896,479 2,989 Households $15,289,440 $15,289,440 $14,965,906 1,385 TOTAL EFFECT, ALL INDUSTRIES $12,275,992,553 $5,794,412,165 $3,793,992,417 75, perrymangroup.com

26 The Historical ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Affected Counties Total Gross Personal Retail (Person- County Expenditures Product Income Sales Years) Anderson County $52,019,696 $26,013,323 $17,150,768 $7,563, Andrews County $30,152,705 $14,496,101 $9,518,822 $3,642, Angelina County $102,664,314 $50,792,751 $33,682,794 $14,629, Archer County $23,379,254 $11,845,416 $7,907,929 $3,479, Bastrop County $9,004,878 $4,302,566 $2,854,790 $1,267, Baylor County $1,043,253 $543,706 $366,266 $159,015 7 Bell County $227,660,928 $111,645,214 $73,880,264 $31,106,087 1,500 Borden County $897,088 $411,656 $274,805 $67,922 5 Bosque County $2,735,963 $1,365,848 $914,439 $352, Brown County $50,138,761 $25,006,415 $16,699,219 $7,405, Cherokee County $51,192,655 $25,116,591 $16,794,195 $6,741, Clay County $11,863,933 $5,890,743 $3,958,301 $1,630, Coleman County $477,608 $234,441 $153,664 $71,737 3 Collin County $707,416,314 $342,570,687 $224,807,187 $95,816,889 4,542 Comanche County $20,531,161 $10,500,771 $6,958,795 $2,772, Cooke County $22,837,880 $10,809,902 $7,070,473 $3,078, Coryell County $16,125,370 $7,970,516 $5,267,107 $2,571, Crane County $7,666,975 $3,922,275 $2,683,286 $1,092, Culberson County $2,739,236 $1,393,654 $923,370 $543, Dallas County $1,985,974,268 $956,241,211 $623,741,575 $218,641,774 12,062 Dawson County $11,627,100 $5,942,690 $3,944,823 $1,814, Delta County $5,654,301 $2,852,151 $1,956,880 $449, Denton County $245,246,426 $120,424,651 $79,340,256 $33,423,654 1,604 Eastland County $20,089,474 $9,883,681 $6,635,354 $2,719, Ector County $137,266,355 $66,134,049 $43,209,498 $18,866, Ellis County $182,081,920 $89,656,364 $59,850,361 $26,004,572 1,228 Erath County $23,816,465 $11,922,080 $7,896,542 $3,621, Falls County $15,401,599 $7,424,795 $4,829,317 $1,968, Fannin County $37,106,515 $18,978,946 $12,632,580 $5,504, Fisher County $3,816,668 $1,973,882 $1,346,755 $424, Franklin County $6,485,069 $3,314,098 $2,247,457 $1,044, Freestone County $54,504,057 $26,716,196 $17,817,067 $8,061, Glasscock County $3,329,390 $1,687,288 $1,170,075 $203, Grayson County $117,518,128 $57,767,844 $38,549,863 $16,170, Haskell County $1,448,171 $739,826 $497,605 $201, Henderson County $87,155,381 $42,841,303 $28,210,173 $13,217, Hill County $32,203,673 $15,811,881 $10,571,914 $4,852, Hood County $32,302,104 $15,610,486 $10,287,271 $4,707, Hopkins County $48,654,051 $24,426,511 $16,078,813 $7,130, Houston County $17,920,233 $8,777,364 $5,792,716 $2,182, Howard County $36,161,924 $17,856,580 $11,864,364 $5,504, Hunt County $37,048,109 $18,316,980 $12,071,424 $5,649, perrymangroup.com

27 (continued) The Historical ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Affected Counties Total Gross Personal Retail (Person- County Expenditures Product Income Sales Years) Jack County $16,315,663 $7,975,756 $5,381,214 $1,952, Johnson County $83,918,695 $41,007,224 $27,202,184 $11,587, Jones County $4,892,145 $2,409,117 $1,578,308 $663, Kaufman County $81,802,622 $40,546,756 $26,952,379 $11,242, Lamar County $52,622,819 $26,640,464 $17,806,594 $7,971, Lampasas County $1,284,886 $611,957 $406,068 $176,768 8 Lee County $1,264,014 $621,874 $412,297 $172,020 8 Leon County $39,199,785 $18,633,690 $12,313,103 $5,394, Limestone County $24,711,782 $12,379,311 $8,334,824 $3,393, Loving County $2,268,205 $1,120,618 $812,428 $0 12 Lynn County $944,924 $466,896 $310,158 $74,452 5 Martin County $5,594,802 $2,863,896 $1,907,421 $713, McLennan County $197,310,341 $96,261,044 $63,121,332 $26,038,523 1,276 Midland County $107,080,271 $53,507,236 $35,093,753 $15,607, Milam County $34,931,591 $17,341,066 $11,716,984 $4,889, Mitchell County $31,328,293 $16,098,061 $10,771,779 $5,142, Montague County $1,174,270 $596,772 $397,027 $181,060 8 Nacogdoches County $56,195,859 $28,351,696 $18,900,564 $8,690, Navarro County $78,121,246 $37,465,831 $24,989,739 $9,480, Nolan County $21,001,410 $10,646,269 $7,147,465 $3,042, Palo Pinto County $28,670,645 $13,819,336 $9,220,937 $4,036, Parker County $73,110,679 $35,471,178 $23,252,035 $10,356, Pecos County $2,291,389 $1,140,583 $756,268 $362, Rains County $1,160,153 $585,751 $394,977 $179,160 8 Reagan County $1,889,910 $968,038 $650,960 $256, Red River County $7,446,349 $3,680,999 $2,481,875 $1,007, Reeves County $2,559,503 $1,257,429 $831,822 $374, Robertson County $7,299,775 $3,682,465 $2,491,913 $1,032, Rockwall County $95,648,926 $47,918,208 $32,142,649 $13,651, Rusk County $40,516,389 $20,094,453 $13,417,529 $5,649, Scurry County $23,099,796 $11,581,071 $7,625,273 $3,362, Shackelford County $1,487,917 $711,229 $468,954 $222, Smith County $208,842,506 $102,247,433 $67,204,824 $27,917,929 1,357 Somervell County $30,735,736 $15,923,785 $10,897,480 $5,004, Stephens County $20,243,360 $10,019,457 $6,672,789 $3,150, Sterling County $934,718 $483,164 $322,753 $181,060 7 Tarrant County $1,463,881,929 $720,132,241 $471,504,094 $191,488,930 9,446 Taylor County $1,300,677 $636,106 $415,560 $181,060 8 Throckmorton County $2,248,553 $1,168,460 $787,241 $294, Titus County $27,246,276 $13,354,870 $8,942,809 $3,587, Travis County $69,777,476 $34,498,324 $22,720,857 $9,304, Upton County $5,528,715 $2,803,276 $1,893,020 $572, perrymangroup.com

28 (continued) The Historical ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Affected Counties Total Gross Personal Retail (Person- County Expenditures Product Income Sales Years) Van Zandt County $43,302,938 $22,155,215 $14,879,868 $6,735, Ward County $25,877,097 $12,478,277 $8,072,257 $3,983, Wichita County $106,749,820 $53,242,855 $35,287,973 $15,317, Williamson County $169,877,131 $86,451,826 $57,624,948 $25,710,503 1,175 Winkler County $8,774,791 $4,266,847 $2,822,343 $1,317, Wise County $48,832,791 $24,845,654 $16,522,050 $7,234, Young County $36,692,363 $18,459,810 $12,218,693 $5,292, Total County Impact $7,881,351,285 $3,859,757,305 $2,540,489,523 $1,030,534,964 50,724 Spillover to Other Areas $1,547,277,368 $590,665,774 $373,502,600 $64,515,194 7,245 TOTAL STATE IMPACT $9,428,628,653 $4,450,423,078 $2,913,992,124 $1,095,050,158 57, perrymangroup.com

29 The Projected ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Affected Counties Total Gross Personal Retail (Person- County Expenditures Product Income Sales Years) Anderson County $58,752,155 $29,380,002 $19,370,444 $8,542, Andrews County $31,649,041 $15,215,474 $9,991,196 $3,822, Angelina County $114,104,433 $56,452,703 $37,436,145 $16,259, Archer County $29,492,489 $14,942,769 $9,975,703 $4,389, Bastrop County $10,688,292 $5,106,908 $3,388,477 $1,504, Baylor County $1,844,252 $961,158 $647,482 $281, Bell County $278,299,506 $136,478,439 $90,313,438 $38,025,009 1,834 Borden County $792,932 $363,861 $242,898 $60,036 4 Bosque County $6,448,811 $3,219,375 $2,155,382 $831, Brown County $87,157,550 $43,469,320 $29,028,699 $12,873, Cherokee County $74,786,426 $36,692,374 $24,534,336 $9,848, Clay County $12,337,024 $6,125,644 $4,116,144 $1,695, Coleman County $1,055,388 $518,053 $339,557 $158,520 7 Collin County $928,706,403 $449,731,769 $295,130,138 $125,789,802 5,963 Comanche County $28,489,451 $14,571,080 $9,656,164 $3,846, Cooke County $26,360,916 $12,477,468 $8,161,184 $3,552, Coryell County $18,268,101 $9,029,634 $5,966,997 $2,912, Crane County $8,688,206 $4,444,717 $3,040,696 $1,237, Culberson County $3,228,263 $1,642,458 $1,088,216 $640, Dallas County $2,728,918,959 $1,313,967,060 $857,080,697 $300,434,750 16,575 Dawson County $12,846,418 $6,565,892 $4,358,512 $2,004, Delta County $10,801,714 $5,448,616 $3,738,332 $859, Denton County $309,070,485 $151,764,517 $99,988,129 $42,121,980 2,021 Eastland County $21,607,898 $10,630,720 $7,136,874 $2,924, Ector County $165,808,592 $79,885,516 $52,194,189 $22,789,399 1,045 Ellis County $265,564,261 $130,762,714 $87,291,022 $37,927,351 1,792 Erath County $38,102,768 $19,073,539 $12,633,281 $5,793, Falls County $26,362,449 $12,708,796 $8,266,195 $3,368, Fannin County $53,219,821 $27,220,452 $18,118,211 $7,894, Fisher County $4,891,624 $2,529,821 $1,726,066 $544, Franklin County $9,135,566 $4,668,595 $3,166,010 $1,471, Freestone County $68,736,270 $33,692,385 $22,469,497 $10,166, Glasscock County $3,966,425 $2,010,128 $1,393,953 $242, Grayson County $150,820,957 $74,138,362 $49,474,300 $20,752,998 1,006 Haskell County $1,828,616 $934,184 $628,330 $254, Henderson County $99,408,360 $48,864,266 $32,176,177 $15,075, Hill County $48,857,260 $23,988,728 $16,039,002 $7,361, Hood County $39,313,449 $18,998,826 $12,520,178 $5,729, Hopkins County $59,693,606 $29,968,862 $19,727,079 $8,748, Houston County $20,301,464 $9,943,696 $6,562,449 $2,472, Howard County $39,533,608 $19,521,501 $12,970,579 $6,017, Hunt County $44,921,668 $22,209,751 $14,636,874 $6,849, perrymangroup.com

30 (continued) The Projected ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Affected Counties Total Gross Personal Retail (Person- County Expenditures Product Income Sales Years) Jack County $29,791,436 $14,563,259 $9,825,779 $3,564, Johnson County $101,527,458 $49,611,821 $32,910,051 $14,019, Jones County $6,270,007 $3,087,639 $2,022,835 $850, Kaufman County $124,576,320 $61,748,212 $41,045,484 $17,120, Lamar County $66,675,351 $33,754,601 $22,561,712 $10,100, Lampasas County $1,135,704 $540,905 $358,922 $156,244 7 Lee County $1,117,255 $549,671 $364,427 $152,047 7 Leon County $53,584,297 $25,471,394 $16,831,443 $7,373, Limestone County $37,959,504 $19,015,727 $12,803,034 $5,213, Loving County $2,506,069 $1,238,136 $897,626 $0 13 Lynn County $835,214 $412,687 $274,147 $65,808 5 Martin County $6,410,467 $3,281,423 $2,185,503 $817, McLennan County $252,882,344 $123,372,746 $80,899,309 $33,372,212 1,635 Midland County $118,144,940 $59,036,171 $38,720,011 $17,220, Milam County $55,937,430 $27,768,980 $18,762,900 $7,830, Mitchell County $50,506,678 $25,952,886 $17,365,989 $8,289, Montague County $2,075,862 $1,054,967 $701,861 $320, Nacogdoches County $65,400,461 $32,995,563 $21,996,382 $10,114, Navarro County $101,367,762 $48,614,527 $32,425,928 $12,302, Nolan County $21,001,410 $10,646,269 $7,147,465 $3,042, Palo Pinto County $36,655,160 $17,667,895 $11,788,884 $5,160, Parker County $92,640,160 $44,946,315 $29,463,169 $13,123, Pecos County $2,835,487 $1,411,418 $935,846 $448, Rains County $1,025,454 $517,742 $349,118 $158,359 7 Reagan County $1,670,482 $855,644 $575,380 $226, Red River County $10,238,340 $5,061,181 $3,412,448 $1,384, Reeves County $3,084,998 $1,515,593 $1,002,604 $451, Robertson County $12,524,926 $6,318,360 $4,275,614 $1,770, Rockwall County $161,462,585 $80,889,541 $54,259,210 $23,045,460 1,107 Rusk County $51,611,746 $25,597,292 $17,091,900 $7,196, Scurry County $30,422,513 $15,252,312 $10,042,511 $4,428, Shackelford County $1,878,803 $898,073 $592,152 $281, Smith County $243,911,947 $119,417,119 $78,490,053 $32,605,989 1,584 Somervell County $42,691,255 $22,117,783 $15,136,358 $6,951, Stephens County $21,595,005 $10,688,454 $7,118,330 $3,360, Sterling County $1,652,385 $854,132 $570,559 $320, Tarrant County $1,803,361,315 $887,133,450 $580,847,557 $235,895,888 11,637 Taylor County $1,149,662 $562,251 $367,311 $160,038 7 Throckmorton County $2,484,356 $1,290,995 $869,797 $325, Titus County $32,239,939 $15,802,534 $10,581,836 $4,245, Travis County $95,765,944 $47,347,149 $31,183,191 $12,770, Upton County $7,751,481 $3,930,306 $2,654,090 $802, perrymangroup.com

31 (continued) The Projected ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Affected Counties Total Gross Personal Retail (Person- County Expenditures Product Income Sales Years) Van Zandt County $52,474,132 $26,847,501 $18,031,297 $8,161, Ward County $30,358,226 $14,639,137 $9,470,127 $4,673, Wichita County $122,684,622 $61,190,544 $40,555,494 $17,604, Williamson County $214,867,601 $109,347,835 $72,886,410 $32,519,705 1,486 Winkler County $11,539,405 $5,611,174 $3,711,559 $1,733, Wise County $65,163,646 $33,154,635 $22,047,419 $9,653, Young County $52,154,476 $26,238,749 $17,367,634 $7,522, Total County Impact $10,252,463,890 $5,020,142,828 $3,304,657,900 $1,336,984,588 65,950 Spillover to Other Areas $2,023,528,663 $774,269,338 $489,334,516 $88,761,199 9,525 TOTAL STATE IMPACT $12,275,992,553 $5,794,412,165 $3,793,992,417 $1,425,745,787 75, perrymangroup.com

32 The Historical ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Texas Legislative Districts Total Gross Personal Retail (Person- Texas House of Representatives Expenditures Product Income Sales Years) House District 2 $81,511,200 $41,057,946 $27,346,268 $12,563, House District 3 $148,108,864 $74,269,092 $49,514,428 $21,191, House District 4 $168,958,003 $83,388,059 $55,162,552 $24,459,762 1,130 House Districts 6, 7* $208,842,506 $102,247,433 $67,204,824 $27,917,929 1,357 House District 8 $209,356,781 $102,574,660 $68,292,398 $28,499,209 1,369 House District 9 $56,195,859 $28,351,696 $18,900,564 $8,690, House District 10 $214,285,593 $105,468,244 $70,422,275 $30,856,977 1,447 House District 11 $109,629,277 $53,988,408 $36,004,440 $14,573, House District 12 $102,664,314 $50,792,751 $33,682,794 $14,629, House District 17 $10,268,892 $4,924,440 $3,267,087 $1,439, House District 20 $204,808,722 $103,792,892 $69,341,932 $30,600,289 1,412 House Districts 46, 47, 48, 49, 50, 51* $69,777,476 $34,498,324 $22,720,857 $9,304, House District 53 $477,608 $234,441 $153,664 $71,737 3 House District 54 $1,284,886 $611,957 $406,068 $176,768 8 House District 55 $227,660,928 $111,645,214 $73,880,264 $31,106,087 1,500 House District 56 $197,310,341 $96,261,044 $63,121,332 $26,038,523 1,276 House District 57 $61,901,159 $29,740,951 $19,634,333 $8,394, House District 58 $86,654,658 $42,373,072 $28,116,623 $11,940, House District 59 $91,208,733 $46,317,152 $31,019,924 $13,969, House District 60 $152,932,262 $75,050,604 $49,984,523 $22,242,123 1,024 House District 61 $121,943,470 $60,316,832 $39,774,085 $17,590, House District 62 $154,624,644 $76,746,790 $51,182,443 $21,675,031 1,039 House Districts 63, 64, 65* $245,246,426 $120,424,651 $79,340,256 $33,423,654 1,604 House Districts 66, 67, 70, 89* $707,416,314 $342,570,687 $224,807,187 $95,816,889 4,542 House District 68 $93,624,085 $46,184,975 $30,676,820 $12,789, House District 69 $130,129,074 $65,088,270 $43,195,902 $18,797, House District 71 $22,302,086 $11,282,375 $7,563,025 $3,223, House District 72 $54,428,089 $27,679,133 $18,397,052 $8,504, House District 74 $35,735,431 $17,390,562 $11,396,144 $5,262, House District 81 $176,193,851 $84,896,997 $55,550,663 $23,826,392 1,103 House District 82 $137,497,862 $69,039,373 $45,522,302 $19,800, House District 85 $52,866,768 $26,256,621 $17,518,177 $7,375, House District 89 $95,648,926 $47,918,208 $32,142,649 $13,651, House Districts 90, 91, 92, 93, 94, 95, 96, 97, 98, 99* $1,463,881,929 $720,132,241 $471,504,094 $191,488,930 9,446 House Districts 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, 115* $1,985,974,268 $956,241,211 $623,741,575 $218,641,774 12,062 Total Impact $7,881,351,285 $3,859,757,305 $2,540,489,523 $1,030,534,964 50,724 Spillover to Other Areas $1,547,277,368 $590,665,774 $373,502,600 $64,515,194 7,245 TOTAL STATE IMPACT $9,428,628,653 $4,450,423,078 $2,913,992,124 $1,095,050,158 57,969 *Note: House Districts 6 and 7 share the total impact listed. House Districts 46, 47, 48, 49, 50, and 51 share the total impact listed. House Districts 63, 64, and 65 share the total impact listed. House Districts 66, 67, 70, and a portion of District 89 share the total impact listed. The impact for House District 89 is somewhat understated because the District also includes a portion of Collin County which could not be allocated due to insufficient information. House Districts 90, 91, 92, 93, 94, 95, 96, 97, 98, and 99 share the total impact listed. House Districts 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, and 115 share the total impact listed. 25 perrymangroup.com

33 (continued) The Historical ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Texas Legislative Districts Total Gross Personal Retail (Person- Texas Senate Expenditures Product Income Sales Years) Senate District 1** $203,931,069 $101,167,361 $67,297,871 $28,566,987 1,349 Senate District 2** $419,991,784 $209,862,995 $139,511,178 $59,848,779 2,833 Senate District 3** $418,842,074 $207,198,141 $137,140,102 $60,148,265 2,786 Senate District 5 $349,708,368 $174,603,792 $116,503,851 $50,836,195 2,356 Senate Districts 8, 9, 10, 12, 16, 23** $4,402,518,937 $2,139,368,791 $1,399,393,111 $539,371,247 27,654 Senate Districts 14, 25** $69,777,476 $34,498,324 $22,720,857 $9,304, Senate District 18 $9,004,878 $4,302,566 $2,854,790 $1,267, Senate District 19 $44,510,222 $21,657,409 $14,218,487 $6,580, Senate District 22 $670,936,648 $328,497,774 $217,931,143 $92,568,473 4,425 Senate District 24 $345,299,959 $170,440,664 $113,045,466 $48,054,150 2,295 Senate District 28 $107,408,937 $54,523,947 $36,363,704 $15,802, Senate District 30** $512,168,508 $253,168,116 $168,061,744 $72,555,679 3,399 Senate District 31 $327,252,423 $160,467,425 $105,447,218 $45,629,365 2,102 Total Impact $7,881,351,285 $3,859,757,305 $2,540,489,523 $1,030,534,964 50,724 Spillover to Other Areas $1,547,277,368 $590,665,774 $373,502,600 $64,515,194 7,245 TOTAL STATE IMPACT $9,428,628,653 $4,450,423,078 $2,913,992,124 $1,095,050,158 57,969 **NOTE: The Smith County impact was divided evenly among Senate Districts 1, 2, and 3; insufficient data exist to permit more precise allocation. Senate Districts 8, 9, 10, 12, 16, and 23 share these total impacts; insufficient data was available to permit allocation to the individual districts. Senate Districts 14 and 25 share the total impact listed. The total for Senate District 30 is somewhat understated because a portion of Collin and Denton counties that could not be allocated due to insufficient information was omitted. 26 perrymangroup.com

34 The Projected ( ) Impact of TXU's Investment in Electric Delivery on Business Activity in Texas Legislative Districts Total Gross Personal Retail (Person- Texas House of Representatives Expenditures Product Income Sales Years) House District 2 $98,421,253 $49,574,995 $33,017,289 $15,169, House District 3 $188,784,515 $94,704,389 $63,187,418 $26,809,970 1,260 House District 4 $223,984,680 $110,612,477 $73,221,662 $32,196,486 1,498 House Districts 6, 7* $243,911,947 $119,417,119 $78,490,053 $32,605,989 1,584 House District 8 $266,815,691 $130,702,641 $87,068,903 $36,223,618 1,745 House District 9 $65,400,461 $32,995,563 $21,996,382 $10,114, House District 10 $314,421,521 $154,751,442 $103,330,023 $45,289,096 2,124 House District 11 $146,699,636 $72,233,361 $48,188,686 $19,517, House District 12 $114,104,433 $56,452,703 $37,436,145 $16,259, House District 17 $11,805,547 $5,656,579 $3,752,905 $1,656, House District 20 $270,805,031 $137,116,815 $91,649,311 $40,349,925 1,865 House Districts 46, 47, 48, 49, 50, 51* $95,765,944 $47,347,149 $31,183,191 $12,770, House District 53 $1,055,388 $518,053 $339,557 $158,520 7 House District 54 $1,135,704 $540,905 $358,922 $156,244 7 House District 55 $278,299,506 $136,478,439 $90,313,438 $38,025,009 1,834 House District 56 $252,882,344 $123,372,746 $80,899,309 $33,372,212 1,635 House District 57 $92,471,672 $44,498,550 $29,373,253 $12,513, House District 58 $107,976,269 $52,831,196 $35,065,434 $14,850, House District 59 $127,551,575 $64,792,036 $43,392,800 $19,504, House District 60 $208,207,864 $102,353,288 $68,185,116 $30,330,350 1,398 House District 61 $157,803,806 $78,100,951 $51,510,588 $22,776,782 1,043 House District 62 $204,040,778 $101,358,814 $67,592,511 $28,647,811 1,373 House Districts 63, 64, 65* $309,070,485 $151,764,517 $99,988,129 $42,121,980 2,021 House Districts 66, 67, 70, 89* $928,706,403 $449,731,769 $295,130,138 $125,789,802 5,963 House District 68 $128,876,937 $63,646,425 $42,318,210 $17,516, House District 69 $152,177,111 $76,133,313 $50,531,197 $21,993,634 1,027 House District 71 $22,151,071 $11,208,520 $7,514,776 $3,202, House District 72 $80,929,190 $41,205,197 $27,408,500 $12,718, House District 74 $42,013,042 $20,446,742 $13,394,419 $6,212, House District 81 $208,997,038 $100,712,163 $65,896,945 $28,345,304 1,310 House District 82 $153,841,512 $77,258,508 $50,958,812 $22,083,008 1,016 House District 85 $59,612,676 $29,635,412 $19,776,418 $8,326, House District 89 $161,462,585 $80,889,541 $54,259,210 $23,045,460 1,107 House Districts 90, 91, 92, 93, 94, 95, 96, 97, 98, 99* $1,803,361,315 $887,133,450 $580,847,557 $235,895,888 11,637 House Districts 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, 115* $2,728,918,959 $1,313,967,060 $857,080,697 $300,434,750 16,575 Total Impact $10,252,463,890 $5,020,142,828 $3,304,657,900 $1,336,984,588 65,950 Spillover to Other Areas $2,023,528,663 $774,269,338 $489,334,516 $88,761,199 9,525 TOTAL STATE IMPACT $12,275,992,553 $5,794,412,165 $3,793,992,417 $1,425,745,787 75,475 *Note: House Districts 6 and 7 share the total impact listed. House Districts 46, 47, 48, 49, 50, and 51 share the total impact listed. House Districts 63, 64, and 65 share the total impact listed. House Districts 66, 67, 70, and a portion of District 89 share the total impact listed. The impact for House District 89 is somewhat understated because the District also includes a portion of Collin County which could not be allocated due to insufficient information. House Districts 90, 91, 92, 93, 94, 95, 96, 97, 98, and 99 share the total impact listed. House Districts 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, and 115 share the total impact listed. 27 perrymangroup.com