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Dynegy Reports Losses as It Shuts down Coal-fired Power Plants
Dynegy Reports Losses as It Shuts down Coal-fired Power Plants
Feb 24, 2017
by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC. All rights reserved
On 2/23/17, Dynegy said that the “shutdown of two coal-fired power plants and the bankruptcy of a subsidiary contributed to losses last year,” according to FuelFix “Dynegy said it lost $180 million in the fourth quarter, compared to a $134 million loss during the same period in 2015. For all of 2016, the company reported a loss of $1.24 billion, compared to a profit of $50 million 2015.” Most losses were attributed to the December bankruptcy filing of its subsidiary Illinois Power Generating Co., which operates coal-fired power plants in Illinois. “Earlier this month, Dynegy closed a $3.3 billion deal with French company Engie to buy 17 power plants, most of them natural gas-fired. The deal is part of Dynegy’s plan to unload its older and more expensive coal-fired power plants and transition to cheaper and cleaner-burning natural gas. The company is aiming to have 70 percent of its fleet fired by natural gas, which means it could shut down some of its coal-fired plants, like Coleto Creek outside of Victoria.”
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