The document provides a comparison of major independent power producers in the US, including Calpine, Dynegy, Talen Energy, NRG, and American Electric Power (AEP). It summarizes key metrics such as total enterprise value, generation capacity, power plant and unit counts, fuel types, market presence, credit ratings, and financial metrics. Calpine has the largest renewable capacity and filed for bankruptcy in 2005. Dynegy emerged from bankruptcy in 2012 and has significant coal assets. Talen Energy acquired Mach Gen in 2015 and owns transmission lines. NRG has a diverse fleet across various fuel types and regions. AEP owns extensive transmission infrastructure.

1. TCEH
Competitor Analysis
July 2015

2. Summary
(All figures in million unless otherwise stated)
1
TCEH Calpine DYNEGY
Balance Sheet Date: 6/30/2015 6/30/2015 3/31/2015
TEV 14,200(1) 7,909 9,912
Total Debt TBD 11,835 7,085
Credit Rating (Moody’s / S&P) NR B1/B+ B2/B+
Total Generation Capacity 15,427 MW ~27,000 MW ~26,000 MW
Total Number of Power Plants 14 88 with 1 under construction 35
Total Number of Units /
Generating Capacity
• Nuclear- 2 / 2,300MW
• Coal- 12 / 8,017MW
• Natural Gas- 26 / 5,110MW
• Simple cycle 23u, 2,459MW.
• Combined Cycle 26u, 14,208MW.
• Renewable Cycle 15u 729MW.
• Under advanced development 2u,
793MW.
• Under Construction 1u, 760MW
• Gas 17p, 13,184MW
• Oil 3p, 905MW
• Coal 14p, 11,420MW
Markets:
ERCOT
PJM
NEISO
CAISO
NYISO
MISO
SPP
Generation

Retail

Generation




Retail



Generation




Retail


Total Transmission/ Distribution
(circuit miles)
T
n/a
D
n/a
T
n/a
D
n/a
T
n/a
D
n/a
Retail/Utility Customers 7.3(1)

3. Summary
2
Talen NRG AEP
Balance Sheet Date: 12/31/2014 6/30/2015 6/30/2015
TEV 5,570 29,513 9,912
Total Debt 4,107 20,713 7,085
Credit Rating (Moody’s / S&P) BA2/- BA3/BB- B2/B+
Total Generation Capacity 15,320 MW ~52,000 MW ~32,000 MW(1)
Total Number of Power Plants 22 ~150 ~60
Total Number of
Units/Generation Capacity
• Gas 14p, 20u,149MW
• Coal 7p, 16,176MW
• Nuclear 1p, 2u, 2,600MW
• Hydro/ Renewable 2p, 2u 169MW
• Natural Gas 29p, 14,896MW
• Oil 28p, 5,424MW
• Coal 13p, 10,884MW
• Nuclear 1p, 1,146MW
• Solar 6p, 518MW
Wind 26p, 1381MW
Markets:
ERCOT
PJM
NEISO
CAISO
NYISO
MISO
SPP
Generation




Retail

Generation




Retail


Generation


Retail




Total Transmission/ Distribution
(circuit miles)
T
5,468
D
n/a
T
n/a
D
n/a
T
~40,000
D
~220,000
Retail/Utility Customers 10+ ~3 5.3
(All figures in million unless otherwise stated)

4. Calpine
 Based in Houston, Texas.
 Largest producer of electricity from natural gas (16,194) & geothermal resources (769).
 Filed for bankruptcy on December 20th, 2005.
 Emerged from bankruptcy on January 31st, 2008.
 It serves in the ERCOT, CAISO, PJM, and ISO-NE power generation markets.
 Calpine is primarily a wholesale power company.
3
Total Enterprise Value
(3/31/2015)
Market Capitalization 7,909
Less: Cash and Short Term Investments 796
Total Debt 11,835
Minority Interest 53
Preferred Equity -
Total Enterprise Value 15,040
Credit Ratings
(Moody’s/S&P)
B1/B+
Financial Metrics
(6/30/2015)
EBITDA 6/30/2015 1,866
Adj. EBITDA (6/30/2015) 60(1)
1 Yr. Forward EBITDA (2016) 1,949
Interest Expense 617
Debt/EBITDA 6.0x
EBITDA/Interest Coverage 3.0x
Note: All data from S&P Capital IQ unless otherwise noted.
(1) Source: Calpine 2015 Q2 Earnings Press Release.

5. Calpine
 Generation capacity of 26,548MW
 Owns and operates 88 power plants including 1 under construction.
4
Retail:
 Calpine announced it will acquire Champion Energy (peak load of 4,000MW), on July 20th,2015.
 Expected to close deal with Champion Energy by the fourth quarter of 2015.
Generation
Other Lines of Business

6. Dynegy
 Based in Houston, Texas.
 Operates in three divisions; Coal, Illinois Power Holdings (IPH) subsidiary, and Gas.
 Went bankrupt in November 2011.
 Emerged from bankruptcy on October 2nd, 2012.
 It serves in the CAISO, NYISO, IPHISO, NEISO, and PJM power generation markets.
 DYNEGY sells its services as a wholesale company.
5
Credit Ratings
(Moody’s/S&P)
B2/B+
Total Enterprise Value
(3/31/2015)
Market Capitalization 4,162
Less: Cash and Short Term Investments 1,734
Total Debt 7,085
Minority Interest (1)
Preferred Equity 400
Total Enterprise Value 9,912
Financial Metrics
(3/31/2015)
EBITDA 3/31/2015 310
Adj. EBITDA 825-1,025(1)
1 Yr. Forward EBITDA (2016) 1,272
Interest Expense 329
Debt/EBITDA 23.0x
EBITDA/Interest Coverage 0.9x
Note: All data from S&P Capital IQ unless otherwise noted.
(1) Source: Dynegy Investor Day Presentation dated June 25, 2015.

7. Dynegy
 Generation capacity of ~26,000MW
 35 power plants
6
13%
19%
33%
35%
Fuel Type
Renewables Nuclear
Natural Gas Coal
Retail:
 Homefield Energy
 Dynegy Energy Services
Generation
Other Lines of Business

8. Talen Energy
 Based in Allentown, Pennsylvania.
 Portfolio of carbon free nuclear power, natural gas generation, and coal-fired generation assets.
 Third largest independent power producer in the country.
 Facilities consist of coal-fired, nuclear, and hydro-electric power plants.
 Serves in the ERCOT, PJM, WECC/MT (Western Electricity Coordinating Council), and NEISO power generation market.
 Largest plant is Susquehanna Steam Electric Station which produces 2,352 MW of generating capacity and is a nuclear plant.
 Owns 5,468 Circuit miles of transmission line.
 July 23, 2015-Talen Energy Corporation announced Monday an agreement to acquire MACH Gen, LLC, for $1.175 billion inclusive of
any assumed debt, subject to customary purchase price adjustments. The transaction is expected to be completed by year-end.
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Credit Ratings
(Moody’s/S&P)
Ba2 / -
Total Enterprise Value
(12/31/2014)
Market Capitalization 1,960
Less: Cash and Short
Term Investments
1,094
Total Debt 4,107
Minority Interest -
Preferred Equity -
Total Enterprise Value 5,570
Financial Metrics
(12/31/2014)
EBITDA 776
Adj. EBITDA 4
1 Yr. Forward EBITDA
(2016)
928
Interest Expense 219
Debt/EBITDA 4.1x
EBITDA/Interest
Coverage
3.5x

9. Talen Energy
 Generation capacity of 15,320MW
 22 power plants, looking to purchase more.
 LG&E(1) and KU(2) operate a joint electric balancing authority area and own approximately 5,468 circuit
miles of electric transmission lines.
8
Generation: Mach GEN
 July 23, 2015-Talen Energy Corporation announced Monday an agreement to acquire MACH Gen, LLC,
for $1.175 billion inclusive of any assumed debt, subject to customary purchase price adjustments. The
transaction is expected to be completed by year-end.
Generation
Other Lines of Business

10. NRG
 NRG Energy is based in Princeton, New Jersey.
 Operated 95 active fossil fuel and nuclear plants, 14 utility scale solar facilities, and 35 wind farms and multiple distributed
solar facilities.
 NRG’s reps consist of: Reliant, Green Mountain, Energy Plus, Dominion/Cirro.
 It operates and produces energy in the NYISO, NEISO, ERCOT, PJM, MISO, SERC and CAISO power generation markets.
 NRG Energy files for bankruptcy on May 14th, 2003.
 NRG Energy emerges from bankruptcy on December 5th, 2003.
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Credit Ratings
(Moody’s/S&P)
Ba3 / BB-
Total Enterprise Value
(6/30/2015)
Market Capitalization 6,626
Less: Cash and Short
Term Investments
2,146
Total Debt 20,424
Minority Interest 2,671
Preferred Equity 296
Total Enterprise Value 27,871
Financial Metrics
(6/30/2015)
EBITDA 3,154
Adj. EBITDA 3,400
1 Yr. Forward EBITDA
(2016)
3,089
Interest Expense 1,154
Debt/EBITDA 7.0x
EBITDA/Interest
Coverage
2.7x

11. NRG
 Owns and operates ~150 plants
 Generation capacity of ~52,000 Megawatts
10
Retail:
 Reliant- Texas, Green Mountain- Texas, Cirro Energy-Texas, Pennywise Power-Texas, NRG Home-
Pennsylvania, New Jersey, Maryland
Total Customers: ~3 million
Generation
Other Lines of Business

12. American Electric Power Co.
 AEP is headquartered in Columbus, Ohio
 It generates electricity using coal and lignite, natural gas, nuclear, and hydroelectric and other energy sources.
 It supplies electricity as wholesale.
 Their transmission system supplies ~10% of demand in Eastern Interconnection, the transmission system that serves 38
U.S. states & E. Canada, and 11% of demand in ERCOT, covering much of Texas.
 Operates and produces in PJM, ERCOT, and MISO power generation market.
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Credit Ratings
(Moody’s/S&P)
Baa1 / BBB
Total Enterprise Value
(6/30/2015)
Market Capitalization 26,780
Less: Cash and Short
Term Investments
302
Total Debt 20,683
Minority Interest 8
Preferred Equity N/A
Total Enterprise Value 47,169
Financial Metrics
(6/30/2015)
EBITDA 5,204
Adj. EBITDA 109(1)
1 Yr. Forward EBITDA
(2016)
5,451
Interest Expense (891)
Debt/EBITDA 4.0x
EBITDA/Interest
Coverage
5.8x

13. American Electric Power Co.
 It owns and operates 25 power plants.
 Generation capacity of 37,600MW
12
60%
23%
5% 12%
Fuel Type (2014)
Coal
Natural Gas
Nuclear
Hydro
pumped/rene
wables
Retail:
 AEP Ohio, AEP Texas, AEP Energy, PSO, SWEPCO, Indiana Michigan Power, Kentucky Power,
Appalachian Power
Total Customers: ~5.3
Generation
Other Lines of Business

14. Appendix
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15. Power Market Map
 NEISO- New England ISO
 NYISO- New York ISO
 ERCOT- Electric Reliability Council of Texas
 MISO- Midcontinent ISO
 SPP- Southwest Power Pool
 CAISO- California ISO
 PJM- PJM Interconnection
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