Table of Contents
Table of Contents 2
List of Tables 7
Company Snapshot 8
Key Information 8
Company Overview 8
SWOT Snapshot 8
Operational Metrics 9
Dynegy Inc, Operational Metrics, By Capacity 9
Dynegy Inc, Thermal Power Plants 10
Dynegy Inc, Thermal Power Plants, United States 10
Business Description 14
Business Overview 14
CAISO 14
Overview 14
Financials 14
ERCOT 14
Overview 14
Financials 14
MISO 14
Overview 14
Financials 14
NY/NE 14
Overview 14
Financials 15
PJM 15
Overview 15
Financials 15
Major Products and Services 16
History 17
SWOT Analysis 21
Overview 21
Dynegy Inc Strengths 21
Wide Customer Base 21
Business Performance: PJM Segment 21
Operating Performance 21
Dynegy Inc Weaknesses 22
Solvency Position 22
Dynegy Inc Opportunities 22
Prospects for Growth in Demand for Electricity: the US 22
Acquisitions 22
Business Initiatives 22
Dynegy Inc Threats 22
Competition 22
Price Fluctuations 22
Stringent Regulations 23
Financial Ratios – Capital Market Ratios 24
Financial Ratios – Annual Ratios 24
Financial Ratios – Interim Ratios 26
Key Employees 27
Key Employee Biographies 28
Locations And Subsidiaries 30
Head Office 30
Other Locations & Subsidiaries 30
Financial Deals Landscape 32
Dynegy Inc, Power, Deal Details 32
Asset Transactions 32
Dynegy Acquires Remaining Interest in Zimmer Power Project and Miami Fort Power Project in Ohio, US from DPL for USD50 Million 32
Dynegy Completes Acquisition of 25.4% Stake in W H Zimmer Power Plant in Ohio, US from American Electric Power 33
Dynegy Acquires Power Generation Assets in The US from Engie for USD3.3 Billion 34
Dynegy Acquires Midwest Commercial Generation Business from Subsidiaries of Duke Energy for USD2.8 Billion 36
Ameren To Sell Coffeen Coal Fired Power Plant To Dynegy 38
Ameren To Sell Newton Coal Fired Power Plant To Dynegy 39
Ameren To Sell Joppa Coal Fired Power Plant To Dynegy 40
Dynegy To Acquire Duck Creek power plant From Ameren Energy In US 41
Dynegy To Acquire E.D. Edwards Power Plant From Ameren Energy In US 42
Atlas Power Completes Project Financing of USD2.2 Billion for Acquisition of Fossil Portfolio in US from International Power for USD3.3 Billion 43
Partnerships 45
Dynegy Forms Joint Venture with Energy Capital Partners 45
Merger 47
Dynegy Completes Merger with Vistra Energy 47
Equity Offering 49
Dynegy to Raise Funds in Public Offering of Shares 49
Dynegy Raises USD460 Million in Public Offering of Tangible Equity Units 50
Dynegy to Raise USD150 Million in Private Placement of Shares 53
Dynegy Raises USD744 Million in Public offering of Shares 55
Dynegy Raises USD400 Million in Public Offering of Preferred Shares 57
Debt Offering 59
Dynegy Raises USD850 Million in Private Placement of 8.125% Notes Due 2026 59
Dynegy Raises USD750 Million in Private Placement of 8% Notes Due 2025 61
Dynegy Raises USD2.1 Billion in Private Placement of 6.75% Notes Due 2019 62
Dynegy Raises USD1.75 Billion in Private Placement of 7.375% Notes Due 2022 64
Dynegy Raises USD1.25 Billion in Private Placement of 7.625% Notes Due 2024 66
Dynegy Completes Private Placement Of 5.875% Notes Due 2023 For US$500 Million 68
Asset Transactions 69
Commercial Development Company Completes Acquisition of Brayton Point Site in Massachusetts, US, from Dynegy 69
Rockland Capital Acquires Lee Energy Facility in Illinois, US from Dynegy for USD180 Million 70
Starwood Energy Acquires Dighton and Milford Energy Facilities in Massachusetts, US from Dynegy for USD119 Million 71
LS Power Equity Advisors Completes Acquisition of Troy and Armstrong Energy Natural Gas Fired Power Plant in Ohio and Pennsylvania, US from Dynegy for USD480 Million 73
American Electric Power Completes Acquisition of 40% Stake in Conesville Power Plant in Ohio, US from Dynegy 74
J-POWER USA Development Acquires Remaining 50% Interest in Elwood Energy Facility in Illinois, US, from Dynegy for USD172.5 Million 75
Castleton Commodities International Acquires Roseton Power Plant From Dynegy For US$19.5 Million 76
Acquisition 78
Dynegy to Acquire 35% Joint Venture Interest in Atlas Power from Energy Capital Partners for USD750 Million 78
Dynegy Completes Acquisition of EquiPower Resources and Brayton Point from Energy Capital Partners for USD3.45 Billion 80
Recent Developments 82
Dynegy Inc – Recent Developments 82
Sep 23, 2016: Dynegy Reports Illinois Power Agency Capacity Procurement Event Results 82
May 25, 2016: Dynegy Reports PJM Auction Results 82
Sep 08, 2015: Dynegy Reports PJM Auction Results 82
Apr 14, 2015: Dynegy Reports MISO Capacity Auction Results 82
Feb 05, 2014: Dynegy shuts Morro Bay natural gas-fired power plant in California 82
Nov 07, 2013: Dynegy plans to retire Morro Bay natural gas-fired power plant in California 83
Dec 11, 2012: Sierra Club Says Danskammer Coal Plant In Mid-Hudson Valley Set To Retire 83
Dec 29, 2010: Dynegy To Close Vermilion Coal-Fueled Power Station In Illinois, US 84
Aug 10, 2009: LS Power To Purchase 9 US Power Plants From Dynegy 84
Feb 21, 2018: Dynegy Announces 2017 Financial Results 84
Nov 01, 2017: Dynegy Announces 2017 Third Quarter Results 88
Aug 03, 2017: Dynegy Announces 2017 Second Quarter Results 89
May 04, 2017: Dynegy Announces 2017 First Quarter Results 92
Feb 23, 2017: Dynegy Announces 2016 Results, Portfolio Changes and Updated Acquisition Synergies Targets 94
Nov 01, 2016: Dynegy Announces 2016 Third Quarter Results Affirms 2016 Guidance; Initiates 2017 Guidance 97
Aug 03, 2016: Dynegy Announces 2016 Second Quarter Results 99
May 03, 2016: Dynegy Announces 2016 First Quarter Results Affirms 2016 Guidance 100
Feb 24, 2016: Dynegy Announces Fourth Quarter and Full Year 2015 Results, Updates 2016 Guidance 102
Nov 04, 2015: Dynegy Announces 2015 Third Quarter Results, Narrows 2015 Guidance, Initiates 2016 Guidance 104
Aug 06, 2015: Dynegy Announces 2015 Second Quarter Results, Launches $250 Million Share Repurchase Program 105
May 06, 2015: Dynegy Announces 2015 First Quarter Results; Affirms 2015 Guidance 107
Feb 24, 2015: Dynegy Announces Full Year 2014 Results, Updates 2015 Guidance 108
Jan 15, 2015: Dynegy Approves Dividend on Mandatory Convertible Preferred Stock 110
Nov 05, 2014: Dynegy Announces Third Quarter 2014 Results, Updates 2014 and 2015 Guidance 110
Oct 20, 2014: Dynegy Schedules Third Quarter 2014 Earnings Release and Conference Call 111
Aug 06, 2014: Dynegy Announces Second Quarter 2014 Results, Raises 2014 Guidance 111
May 07, 2014: Dynegy Announces First Quarter 2014 Results 112
Feb 27, 2014: Dynegy Announces Full Year 2013 Results; Initiates 2014 Guidance 113
Nov 07, 2013: Dynegy Announces Third Quarter 2013 Results, Reaffirms Guidance 113
Oct 29, 2013: Dynegy to Announce Third Quarter 2013 Results on November 7, 2013 115
Aug 01, 2013: Dynegy Announces Second Quarter 2013 Results, Updates Guidance and Provides AER Integration Update 115
Jul 24, 2013: Dynegy to Announce Second Quarter 2013 Results on August 1, 2013 116
May 02, 2013: Dynegy Reports Revenue Of $318m In Q1 2013 116
Mar 14, 2013: Dynegy Reports Revenue Of $1.3 Billion In 2012 117
Nov 07, 2012: Dynegy Reports Revenue Of $477m In Q3 2012 118
Aug 03, 2012: Dynegy Reports Revenue Of $53m In Q2 2012 119
May 10, 2012: Dynegy Reports Revenue Of $177m In Q1 2012 120
Mar 08, 2012: Dynegy Reports Revenue Of $1.6 Billion In 2011 121
Nov 14, 2011: Dynegy Reports Revenues Of $516m In Q3 2011 121
Aug 08, 2011: Dynegy Reports Revenues Of $326m In Q2 2011 122
May 09, 2011: Dynegy Reports Revenues Of $505m In Q1 2011 123
Mar 08, 2011: Dynegy Reports Revenues Of $2.3 Billion In 2010 124
Nov 08, 2010: Dynegy Reports Revenue Of $775 Million For Q3 2010 126
Aug 06, 2010: Dynegy Reports Revenue Of $239 Million In Q2 2010 127
May 10, 2010: Dynegy Reports Net Income Of $145 Million In Q1 2010 128
Feb 25, 2010: Dynegy Reports Revenues Of $2.4 Billion In 2009 129
Feb 26, 2009: Dynegy Reports 2008 Year-End Results 130
Nov 06, 2008: Dynegy Reports 3Q 2008 Results 132
Aug 07, 2008: Dynegy Reports 2Q 2008 Results 132
May 08, 2008: Dynegy Reports 1Q 2008 Results 132
Feb 27, 2008: Dynegy Reports 2007 Results 132
Nov 08, 2007: Dynegy Reports 3Q 2007 Results 133
Aug 09, 2007: Dynegy Reports 2Q 2007 Results 134
May 08, 2007: Dynegy Reports 1Q 2007 Results 136
Feb 27, 2007: Dynegy Reports 2006 Results 138
May 17, 2018: Illinois Can Reliably Replace Dynegy-Vistra Coal Fleet and Save Up To $14 Billion 140
Mar 02, 2018: Dynegy Highlights Commitment to Environmental Sustainability 140
Oct 26, 2017: Dynegy Supports Legislation to Ensure Reliable and Competitively Priced Electricity in Downstate Illinois 141
Oct 03, 2017: Dynegy Supports Illinois Multi-Pollutant Standard Proposal to Lower Allowable Emissions 142
Oct 01, 2017: Offshore Pipeline Work Causes Morro Bay Oil Spill 142
May 24, 2017: Dynegy Reports PJM Auction Results 142
Apr 19, 2017: Dynegy Inc bids for electricity aggregation for 23 communities in United States 143
Feb 02, 2017: Illinois Power Generating Company Emerges from Chapter 11 143
Jan 25, 2017: Illinois Power Generating Company’s Reorganization Plan Confirmed 143
Jan 09, 2017: Energy Coalition seeks early trial to prove $7.6 Billion Nuclear Subsidy is illegal 143
Dec 09, 2016: Illinois Power Generating Company Filed for Court Approval of Prepackaged Reorganization Plan 144
Oct 04, 2016: Dynegy Makes Executive Management Team Adjustments to Optimize Organization 144
Sep 02, 2016: IPH Files for Early Termination of Environmental Variance 145
May 26, 2016: Dynegy Announces Illinois Generation Reliability Act 146
May 03, 2016: Dynegy to Shut Down Multiple Central and Southern Illinois Coal-Fueled Units 146
Apr 15, 2016: Dynegy Reports 2016/17 Planning Year MISO Capacity Auction Results 147
Jan 12, 2016: Dynegy Offers Superior Alternatives to the FirstEnergy and AEP PPA Subsidies 148
Nov 04, 2015: Dynegy to Retire Wood River Power Generation Station 148
Sep 18, 2015: Dynegy Reports Results from Illinois Power Agency Capacity Procurement Event 149
May 06, 2015: Dynegy Amends Employment Agreement with CEO Robert Flexon 149
Dec 09, 2014: Major U.S. Power Plants Awarded Advanced Energy For Life “Clean Coal” Honors For Technology Solutions To Achieve Lowest Emissions 149
Sep 19, 2013: Dynegy Responds to Foresight Energy Proposal 150
Feb 12, 2013: Dynegy Appoints Hank Jones As Chief Commercial Officer 150
Jan 07, 2013: Dynegy’s COO Kevin Howell Steps Down 151
Oct 01, 2012: Dynegy Successfully Completes Chapter 11 Reorganization 151
Sep 05, 2012: US Bankruptcy Court Confirms Dynegy And Dynegy Holdings Joint Plan Of Reorganization 151
Jun 01, 2012: U.S. Bankruptcy Court Approves Dynegy Holdings’ Settlement Agreement 152
May 30, 2012: Dynegy Affirms Commitment To Morro Bay Power Plant 152
Mar 09, 2012: Dynegy Provides Update On Chapter 11 Bankruptcy Proceedings 152
Dec 02, 2011: Dynegy Announces Board Changes 152
Dec 01, 2011: Dynegy And Dynegy Holdings File Proposed Plan Of Reorganization For Dynegy Holdings 153
Nov 07, 2011: Dynegy Holdings Files Voluntary Petition For Relief Under Chapter 11 Of US Bankruptcy Code 154
Jul 05, 2011: Dynegy Appoints Carolyn J. Burke As Executive Vice President And Chief Administrative Officer 154
Jun 23, 2011: Dynegy Announces Management Changes 154
Jun 22, 2011: Dynegy Appoints Robert C. Flexon As President And CEO 155
Jun 13, 2011: Dynegy Announces Resignation Of Vincent Intrieri From Two Boards 155
May 04, 2011: Dynegy Elects Michael Embler To Board 155
Apr 11, 2011: Dynegy Names Hunter Harrison As Interim President And CEO 155
Mar 09, 2011: Dynegy Announces Changes To Board 156
Feb 21, 2011: Dynegy Announces Board And Management Restructuring 156
Nov 23, 2010: Dynegy Resumes Power Generation At Moss Landing Power Block 2 In South Of San Francisco, US 157
Nov 20, 2010: Dynegy Stops Power Generation At Moss Landing Power Block 1 In South Of San Francisco, US 157
Nov 18, 2010: Dynegy Stops Power Generation At Morro Bay Energy Facility Unit 4 In California 157
Aug 26, 2010: California ISO Announces Closure Of Dynegy’s 754MW Unit 6 At Gas-Fired Moss Landing Power Plant For Unplanned Maintenance 157
Aug 10, 2009: Dynegy Q2 2009 Net Loss Widens 157
Jul 28, 2009: Dynegy’s Units 1, 2 At Moss Landing Gas-Fired Power Plant Resume Services 157
Jul 27, 2009: Dynegy’s Unit 1, 2 At Moss Landing Gas-Fired Power Plant Shut 158
Jul 07, 2009: Dynegy’s Unit 6 At Moss Landing Gas-Fired Power Plant Shut 158
May 26, 2009: Dynegy’s 2 And 6 Moss Landing Units In California Resume Operations 158
May 21, 2009: Public Citizen Environmental Group Pushes Dynegy To Withdraw From Coal-Fired Projects 159
May 11, 2009: Dynegy Closes Its 510 MW Unit 2 At Moss Landing Natural Gas Power Plant In California 159
Apr 27, 2009: Dynegy Closes Its 510 MW Unit 1 At Moss Landing Gas Power Plant In California 160
Mar 04, 2009: Dynegy Announces Management Changes 160
Dec 10, 2008: Dynegy Provides 2009 Guidance Estimates 160
Nov 26, 2008: Dynegy Shuts Unit 1 And 2 At Moss Landing Gas Fired Plant 161
Nov 13, 2008: Dynegy Announces Executive Changes 161
Feb 04, 2008: Dynegy Appoints New Director 161
Dec 04, 2007: Dynegy Announces Management Changes 161
Mar 26, 2007: Dynegy Appoints Senior Director Of Investor Relations 162
Jun 09, 2016: Dynegy’s Hennepin Power Station Transitions to PJM 162
Dec 08, 2015: GE’s Power Services Business Signs Agreement with Dynegy to Modernize Four Power Plants with Hardware Technologies and Software Solutions 162
Appendix 163
Report Scope 163
GlobalData Coverage 163
Benchmarking 163
GlobalData’s Methodology 163
Secondary Research 163
Primary Research 164
Contact Us 164
Disclaimer 164
Dynegy Inc, Key Facts 8
Dynegy Inc, Operational Metrics, Capacity 9
Dynegy Inc, Thermal Power Plants, United States 10
Major Products and Services 16
Dynegy Inc, SWOT Analysis 21
Dynegy Inc, Ratios based on current share price 24
Dynegy Inc, Annual Ratios 24
Dynegy Inc, Interim Ratios 26
Dynegy Inc, Key Employees 27
Dynegy Inc, Other Locations 30
Dynegy Inc, Subsidiaries 30
Dynegy Acquires Remaining Interest in Zimmer Power Project and Miami Fort Power Project in Ohio, US from DPL for USD50 Million 32
Dynegy Completes Acquisition of 25.4% Stake in W H Zimmer Power Plant in Ohio, US from American Electric Power 33
Dynegy Acquires Power Generation Assets in The US from Engie for USD3.3 Billion 34
Dynegy Acquires Midwest Commercial Generation Business from Subsidiaries of Duke Energy for USD2.8 Billion 36
Ameren To Sell Coffeen Coal Fired Power Plant To Dynegy 38
Ameren To Sell Newton Coal Fired Power Plant To Dynegy 39
Ameren To Sell Joppa Coal Fired Power Plant To Dynegy 40
Dynegy To Acquire Duck Creek power plant From Ameren Energy In US 41
Dynegy To Acquire E.D. Edwards Power Plant From Ameren Energy In US 42
Atlas Power Completes Project Financing of USD2.2 Billion for Acquisition of Fossil Portfolio in US from International Power for USD3.3 Billion 43
Dynegy Forms Joint Venture with Energy Capital Partners 45
Dynegy Completes Merger with Vistra Energy 47
Dynegy to Raise Funds in Public Offering of Shares 49
Dynegy Raises USD460 Million in Public Offering of Tangible Equity Units 50
Dynegy to Raise USD150 Million in Private Placement of Shares 53
Dynegy Raises USD744 Million in Public offering of Shares 55
Dynegy Raises USD400 Million in Public Offering of Preferred Shares 57
Dynegy Raises USD850 Million in Private Placement of 8.125% Notes Due 2026 59
Dynegy Raises USD750 Million in Private Placement of 8% Notes Due 2025 61
Dynegy Raises USD2.1 Billion in Private Placement of 6.75% Notes Due 2019 62
Dynegy Raises USD1.75 Billion in Private Placement of 7.375% Notes Due 2022 64
Dynegy Raises USD1.25 Billion in Private Placement of 7.625% Notes Due 2024 66
Dynegy Completes Private Placement Of 5.875% Notes Due 2023 For US$500 Million 68
Commercial Development Company Completes Acquisition of Brayton Point Site in Massachusetts, US, from Dynegy 69
Rockland Capital Acquires Lee Energy Facility in Illinois, US from Dynegy for USD180 Million 70
Starwood Energy Acquires Dighton and Milford Energy Facilities in Massachusetts, US from Dynegy for USD119 Million 71
LS Power Equity Advisors Completes Acquisition of Troy and Armstrong Energy Natural Gas Fired Power Plant in Ohio and Pennsylvania, US from Dynegy for USD480 Million 73
American Electric Power Completes Acquisition of 40% Stake in Conesville Power Plant in Ohio, US from Dynegy 74
J-POWER USA Development Acquires Remaining 50% Interest in Elwood Energy Facility in Illinois, US, from Dynegy for USD172.5 Million 75
Castleton Commodities International Acquires Roseton Power Plant From Dynegy For US$19.5 Million 76
Dynegy to Acquire 35% Joint Venture Interest in Atlas Power from Energy Capital Partners for USD750 Million 78
Dynegy Completes Acquisition of EquiPower Resources and Brayton Point from Energy Capital Partners for USD3.45 Billion 80
