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<PAGE>
EXHIBIT 99.2
EXISTING STRUCTURE
(simplified)
<TABLE>
<CAPTION>
<S> <C> <C>
_______________________________
| REI |
| |
| HL&P Division: |
| Generation ("ERCOT Genco") |
| Distribution ("WiresCo") |
| Retail |
|_____________________________|
|
____________________________________________________________________________________________________
| | | | |
| | | | |
___________________________ _______________ ______________ ______________ ____________
| | | Telecom | | FinanceCos | | Resources | | Latin |
| (REPG) | | & | | | | (Formerly | | America |
| Unregulated Generation | | E-Business | | | | NorAm) | | |
|_________________________| |_____________| |____________| |____________| |__________|
| |
_______________________________________ |
| | | |
_____________ ______________ ______________ ______________
| Other | | Wholesale | | RE Mid | | (RES) |
| Merchant | | Europe | | Atlantic | | Trading |
| Plants | | | | (Sithe) | | & |
| | | | | | | Marketing |
|___________| |____________| |____________| |____________|
___________________________________________________________________________________________________________________________________
</TABLE>
PROPOSED BUSINESS SEPARATION PLAN
(simplified)
<TABLE>
<CAPTION>
<S> <C> <C>
________________________________________
| Regulated Holding Company |
| |
___________________________________ | (Will assume all former non-FMB |
| Unregulated Holding Company | | debt of REI and HL&P) |
|_________________________________| |______________________________________|
| |
____________________________________________________ ______________________________________
| | | | | | | |
________________ ______________ ______________ ____________ __________ | ______________ ____________
| (REPG) | | Telecom | | (RES) | | Retail | | ERCOT | | | Resources | | Latin |
| Unregulated | | & | | Trading | | Electric | | Genco | | | (formerly | | America |
| Generation | | E-Business | | & | | Provider | --------| | | | NorAm) | | |
| | | | | Marketing | | | | | | | | | | |
|______________| |____________| |____________| |__________| |________| | |____________| |__________|
| | |
____________________________________________________ |
| | | | | |
_____________ ______________ _____________ ----------------------- ____________________________ ___________________________
| Other | | Wholesale | | RE Mid | | ERCOT Genco | | REI (WiresCo) | | FinanceCos |
| Merchant | | Europe | | Atlantic | (option exercisable | | | |
| Plants | | | | (Sithe) | | in 2004) | | Remaining debt: FMBs | | (Debt is expected to |
|___________| |____________| |___________| ----------------------- | (including obligations |__| be refinanced at the |
| under FMBs securing | | Regulated Holding |
| PCBs and MTNs) | | Company by |
| | | December 2002) |
|__________________________| |_________________________|
</TABLE>
Definitions: FMBs: First Mortgage Bonds
PCBs: Pollution Control Bonds
MTNs: Medium Term Notes
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