1.

Call to Order

• Welcome Carolyn Lewis Gallagher, Unaffiliated Board Member

M. Greene

10:00 a.m.

2.

Approval of Minutes* (Vote)

M. Greene

10:05 a.m.

3.

Deloitte & Touche Update

R. Penshorn

10:10 a.m.

4.

CEO Report*

• Dashboard Report

T. Schrader

10:25 a.m.

5.

Operations Update

• Reserve Margin Update
• Texas Genco Retirements -- RMR Consideration Update

S. Jones

10:35 a.m.

6.

Market Operations Update*

• Response to PUCT Request -- Zonal Model Enhancements

R. Giuliani

10:45 a.m.

7.

Texas Nodal Team*

• TNT Update
• Draft Project Plan for Nodal Implementation

J. Galvin

11:00 a.m.

8.

Financial Update*

• 2006 Budget Timeline

R. Bowman

11:25 a.m.

9.

Finance and Audit Committee

• Revisions to Loan Terms

TBD

11:35 a.m.

Lunch

12:00 p.m.

10.

TAC Report

• Protocol Revision Requests* (Vote)
• Update -- ERCOT Reserve Margin/Generation Adequacy Task Force*
• Update -- 2001 and 2002 ADR Resolution*
• Status of Response to Potomac Economics Recommendations*

R. Comstock

1:00 p.m.

11.

H. R. & Governance Committee

• Officer Approval of Vice President of Human Resources and Organizational Development; Vice President, Chief Information Officer; and Interim General Counsel and Secretary* (Vote)
• Board Director Ethics Agreement (Discussion)

B. Kahn

2:00 p.m.

12.

Special Committee Report

M. Espinosa

2:15 p.m.

13.

Other Business

M. Greene

2:30 p.m.

14.

Executive Session

• Litigation Matters
• Loan Term Approval* (Vote)
• Personnel Matters
• ADR Settlement* (Vote)

M. Greene

3:00 p.m.

15.

Adjourn

M. Greene

5:00 p.m.