Utility -------------------------- | ------------- Holding LLC ------------ | | | | | | | --------------- | | | | | | | | | | | | | | | | | | | | | | | | | | --------- --------- -------------- --------- -------- ------------ Texas UNREGCO T&D Genco...

                                                                     EXHIBIT F-2

                   UPON COMPLETION OF ELECTRIC RESTRUCTURING


                               -----------------

                                     REGCO

                               -----------------
                                       |
                                       |
                                       |
                               -----------------

                                    Utility
                                  Holding LLC

                               -----------------
              _________________|  |         |  |________________
              |                   |         |                   |
              |                   |         |                   |
  ---------------     ---------------     ---------------     ---------------

                            T&D                Texas
      UNREGCO             Utility              Genco                GasCo
                                           Holdings, Inc.

  ---------------     ---------------     ---------------     ---------------
                                           |           |
                                           |           |
                                           |           |
                                       ---------   ---------

                                        GP LLC      LP LLC

                                       ---------   ---------
                                           |           |
                                           | 1%        | 99%
                                           |           |
                                       |  Texas XXXXX XX  |
                                       --------------------


                                                                    EXHIBIT F-2


                      UPON COMPLETION OF GASCO SEPARATION


                                ---------------

                                     REGCO

                                ---------------
                                       |
                                       |
                                       |
                                ---------------

    --------------------------      Utility     --------------------------
    |            -------------    Holding LLC   ------------             |
    |            |                                         |             |
    |            |              ---------------            |             |
    |            |                   |      |              |             |
    |            |                   |      |              |             |
    |            |                   |      |              |             |
    |            |                   |      |              |             |
---------    ---------    --------------   ---------    --------    ------------
                              Texas
 UNREGCO        T&D           Genco          Entex,      Arkla,      Minnegasco
              Utility     Holdings, Inc.      Inc.        Inc.           Inc.
---------    ---------    --------------    --------    --------    ------------
                           |         |
                           |         |
                           |         |
                     --------       --------

                      GP LLC         LP LLC

                     --------       --------
                        |               |
                   1%   |               |   99%
                        |               |
                    |      Texas XXXXX XX     |
                    ---------------------------


                                                                   EXHIBIT F-2

In 2002, Texas GENCO, Inc. issues 20% of its stock in an initial public
offering. Alternatively, Utility Holding LLC may distribute 20% of the Texas
GENCO, Inc. stock to Regco, and Regco in turn may distribute 20% of the Texas
GENCO, Inc. stock to Regco's shareholders.



                               -----------------

                                     REGCO

                               -----------------
                                       |
                                       |
                                       |

                               -----------------

                                    Utility
                                  Holding LLC

                               -----------------
                                       |
                                       |  80%
                                       |
                           --------------------------      20%
                                                      -------------+  ----------
                           Texas GENCO Holdings, Inc.                 | Public |
                                                      +-------------  ----------
                           --------------------------      cash
                             |                   |
                             | 100%              | 100%

                 ---------------               ---------------

                     GP LLC                        LP LLC

                 ---------------               ---------------
                       |                             |
                       |  1%                         |  99%
                       |                             |
                   |            Texas XXXXX XX           |
                   ---------------------------------------