Standard & Poor's Stock Guide, December 1987. The company blamed, among other things, markedly lower demand for its electricity, much lower prices for its coal, and a $941 million noncash loss caused by the transfer of its coal unit to Dynegy Holdings. [69], Dynegy undertook a strategy to move into coal-fired and hydroelectric electrical generation in 2004, and out of natural gas distribution and trading. "New York Subpoenas 5 Energy Companies. Dynegy adopted the "New Economy" branding in 1998, after which the company structured itself in a manner similar to Enron, launching several business ventures, including an online trading platform and broadband communications services, which could be misconstrued of those of its larger rival. [35] Desperate for cash, Dynegy sold the Northern Natural Gas Company to MidAmerican Energy Holdings for $928 million on July 29 ($572 less than it paid for it). [22], In February 2008, The Sierra Club launched a nationwide campaign to pressure Dynegy to abandon its plans to build six new coal-fired power plants nationwide and instead to shift its focus to cleaner energy solutions. [134] Foresight Energy, a major Illinois coal mining company, said it would install the $500 million anti-pollution devices for free if Dynegy agreed to sign a long-term contract to accept coal only from Foresight Energy. Morro Bay power plant sale fizzles | News | San Luis Obispo | New Times ABG then sold this gas at a discount to Dynegy, which resold it at market prices and booked a $300 million profit. Dynegy Inc. Q3 2008 Earnings Call Transcript, "Worst CEOs of the Dismal Year of 2008: 'Corporate Scrooges' Named by Co-Op America,", "U.S. On March 5, 2009, LS Power notified Nevada state regulators that it was withdrawing its application to build the White Pine Energy Station. The company cited economic conditions and regulatory uncertainties. I cover the energy industry, focusing on climate and green tech, E.D. "Dynegy Postpones Vote on Blackstone Takeover Bid. Leading the nation with a diverse portfolio of natural gas, nuclear, coal, and solar facilities. (Source: . Furthermore, Dynegy's proxy rules did not make it clear that a proxy remained in effect in the event of a postponement (which could lead to lawsuits). Dynegy Selected to Power Chicago's Mccormick Place With Renewable Energy. [49], Dynegy shuttered its online energy trading business for good on October 16, 2002. ", Glater, Jonathan D. "Enron Agrees to Transfer Prized Pipeline to Dynegy. Dynegy agreed that the revolving credit line would be paid off and terminate within five years. [33] On May 28, Dynegy founder, president, and chief executive officer Charles Watson resigned. Dynegy is an energy company headquartered at 601 Travis Street in Downtown Houston. ", Roose, Kevin. For more details, please review our updated Privacy Policy. ", Prezioso, Jeanine and DiSavino, Scott. Moody's Investors Service announced it was reviewing all US$4 billion of Dynegy debt. "[61] Dynegy sold its telecommunications business in Europe in January 2003,[62] restated its income for 2001 and 2002,[63] sold a natural gas terminal in Louisiana,[64] sold its telecommunications business in North America in April 2003,[65] engaged in a US$1.6 billion refinancing and other restructuring of its debt,[66] sold its Illinois Power Company subsidiary to Ameren,[67] and nullified a number of contracts in non-core or money-losing areas. [30], Dynergy is a member of the American Coal Ash Association (ACAA), an umbrella lobbying group for all coal ash interests that includes major coal burners Duke Energy, Southern Company and American Electric Power as well as dozens of other companies. ", Bradshaw, Sarah. The company adopted the name Dynegy in 1998. ", "Dynegy and LS Power to Undo Joint Venture. Through its retail and generation businesses which include TXU Energy, Homefield Energy, Dynegy, Ambit Energy, and Luminant, Vistra brings its products and services to market in 20 states and six of the seven competitive markets in the U.S., with about 5,400 employees. The municipally-owned City, Water, Light and Power (CWLP) owns the Dallman Power Plant downstate. [39] Moody's downgraded the rating of the company's bonds to "junk" status on June 28. One aspect of the takeover deal that did survive, however, was Dynegy's acquisition of the Northern Natural Gas Company pipeline, Enron's most lucrative pipeline asset. Some of the earlier closures occurred because plants ran afoul of environmental rules. And in August 2019 Vistra said it would close four plants in Illinois to meet the requirements of Illinois' Multi-Pollutant Standard, which limits allowed emissions of sulfur dioxide and other air pollutants. William H. Zimmer Power Station - Wikipedia On January 3, 2002, Dynegy successfully acquired Enron's Northern Natural Gas Company pipeline. Dynegy to reconsider building new coal plants, Coal Projects Sponsored by Dynegy in a joint venture with LS Power, Dynegy dissolves joint venture with LS Power, LS Power puts Nevada plant on indefinite hold, December 2011: Longleaf and Plum Point II cancelled, EPA releases list of 44 "high hazard" coal ash dumps, Disclosing the financial impacts of global warming, Dynegy CEO Bruce Williamson wins worst "Scrooge" of 2008 award, Illinois Power Company and Dynegy Midwest Generation Settlement, Standard & Poor's Stock Guide, April 1996. ", "Ex-Officer of Duke Energy Is Named Chief of Dynegy. But FERC said it worried that transmission bottlenecks in the area would permit Dynegy to charge much more. However, Williamson also stated that in the longer term, he believes that weather conditions, rather than economic conditions, will be the prime driver of electricity demand, such that global demand will "continue to put upward pressure on power prices. [139], Hershey, Jr., Robert D. "Scrambling for Profits in a Gas Glut. Or alternately, Dynegy would like . "Implosion Reduces Power Plant to Scrap Heap. Dynegy executives said the offer was a good one, as the deal would give Dynegy access to lines of credit which would enable it to refinance and restructure its debt. August 3, 2005. One stores coal combustion waste for the Havana Power Station, the other for Wood River Station. ", Oppel, Jr., Richard A. [40] Dynegy announced it might need a financial partner to help it stabilize. [61] The sale of this business came quickly: In August 2005, Dynegy sold this business to Targa Resources, a company owned by private equity firm Warburg Pincus. Williamson was also picked as one of five executives to receive 2008 "Fossil Fool of the Year" awards.[25]. A court hearing on the creditor-approved bankruptcy plan would then be held September 5, after which the company said it would emerge from bankruptcy protection.
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