dynegy power plant locations

Illinova had formed a joint partnership named Catlin in January 2000 with a little-known investment company named Black Thunder. Standard & Poor's Stock Guide, December 1987. It also has three operating subsidiaries: GasCo, CoalCo, and the "stub group" (for other miscellaneous business enterprises). Fifty percent of the proceeds from the auction would be used to pay bondholders (up to $571 million), while the remaining 50 percent would be used to pay unsecured creditors. "Dynegy Files for Bankruptcy as Part of Settlement. A corporation known as ABG Gas Supply was created. >> Learn more about Luminant. "Dynegy Generation Facilities." SRP receives a 10% share, 74-MW from Units 4 and 5, respectively. It also faced tightening environmental restrictions that would have forced onerous new investments to reign in pollutants. Why have millions of Americans turned to Dynegy over the years? But the Illinois Pollution Control Board denied Ameren's request. Sierra Club noted that Longleaf, which had first been proposed in 2001, was among the first coal plants among the hundreds of coal plants proposed -- and mostly defeated -- in the recent coal boom. [83], A series of maneuvers followed. Dynegy was one of five energy companies subpoenaed in 2007 by New York Attorney General Andrew Cuomo in an effort to publicize the financial risks of investing in fossil fuels. A major power producer and retailer, Vistra had acquired several of the plants in 2018 after merging with energy company Dynegy. Coal-fired power plants. According to court documents, the three employees conceived of a plan in early 2001 to borrow money but make it look like operational revenue. [107] U.S. Bancorp agreed to drop its lawsuit against the company in exchange for a $540 million claim against the company in bankruptcy court. Dynegy Selected to Power Chicago's Mccormick Place With Renewable Energy. ", Mouawad, Jad. [56] Former chief financial officer Robert Doty agreed to pay a $376,650 fine in October 2007 for his role in helping to conceal the ABG Gas Supply scheme. Part of the structure meant that few of the natural GasCo's and CoalCo's dividends were given to Dynegy Holdings. ", McMahon, Bobby. [12] That same year, it also established a partnership with Nova (also known as Novagas Clearinghouse, a natural gas marketing company based in Canada) and British Gas, which gave both companies a financial stake in NGC. ", Barr, Diana. Three others are owned by power company NRG. November 14, 2011. [39] Moody's downgraded the rating of the company's bonds to "junk" status on June 28. Illinova, the utility holding company of Illinois Power Company, had grown to over US$415 million in assets and US$1.8 billion long-term debt. ", Romero, Simon. Standard & Poor's Stock Guide, April 1996. For more details, please review our updated Privacy Policy. "Blackstone Raises Its Offer for Dynegy. [124] Dynegy disagreed, but the firm warned that if IPH went bankrupt, workers would lose pensions and local communities would have to pay for any environmental remediation. "Implosion Reduces Power Plant to Scrap Heap. As an alternative, the company will look at adding generation to its existing sites in the Northeast, Midwest and Western U.S.[6], The projects to be reassessed include:[6]. Regional Summary of Dynegy U.S. Generation Facilities, Existing Electric Generating Units in the United States, 2005, Dirty Kilowatts: Americas Most Polluting Power Plants, "Dynegy to rethink new coal-fired power projects,", "Dynegy Ends Joint Venture for Projects,", "Dynegy Abandons Plans for New Coal Power,", "6 Planned Coal Power Plants Canceled- Stock Rose 19%,", "Plans for 2 coal-fired power plants on hold in Nev,", "Longleaf Cancellation Marks End to Nation's Longest Running Fight Against Coal Plant,", "Chevron Corp. "Blackstone Raises Offer For Dynegy. Leading the nation with a diverse portfolio of natural gas, nuclear, coal, and solar facilities. "Ex-Executive Says Dynegy Asked His Help to Cook Books. A deal that would have resulted in the sale of the aging Morro Bay power plant was scrapped on Nov. 23. ", de la Merced, Michael J. ", Oppel, Jr., Richard A. Company officials from Dynegywhich owns the plantand The Blackstone Group announced the sale wasn't expected to go through despite some last-minute sweetening officials believed would entice . [138], On April 9, 2018, Vistra Corp closed its acquisition of Dynegy following a FERC determination that the $1.7 billion deal raised no competitive concerns. ", "Dynegy to Warn Investors on Risks of Coal Burning. But FERC said it worried that transmission bottlenecks in the area would permit Dynegy to charge much more. [60], Williamson began a program of cost cutting, elimination of unprofitable businesses, and financial restructuring. The deal, worth $900 million, involved Ameren's Ameren Energy Generating Co. (Genco); Genco's controlling interest in Electric Energy Inc.; AmerenEnergy Resources Generating Co.; and Ameren Energy Marketing Co. Dynegy formed a subsidiary, Illinois Power Holdings (IPH), to purchase the Ameren subsidiaries. By using our website, you agree to our Privacy Policy, including how we use cookies. Weve been around for decades by doing things the right way. Dynegy Inc. was the subject of two unsuccessful takeover efforts in 2010. [17], Dynegy also began branching into areas outside natural gas and electrical generation. [109], Dynegy agreed to auction off its Roseton and Danskammer energy plants in New York state in order to emerge from bankruptcy. 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. ", "Dynegy to Sell Illinois Power to Exelon. AES Ohio. 831-633-6700. But like scores of other power companies before it, Vistra has . This created a budget crisis in the county which threatened to close local schools in Ulster County and create severe cutbacks in Orange County services. [123][124], As the deal worked its way through state and federal regulatory approval, Dynegy took advantage of low interest rates and refinanced its debt. ", "Dynegy's Chief Financial Officer Quits. The company attributed the shutdowns on the failure to recover the plants' "basic operating costs" in the most recent MISO (Midcontinent Independent System Operator) electricity auction. [76] Part of the reason for the joint venture's demise was another collapse in Dynegy's share price. Dynegy Oakland Power Plant Suggest Edit. ", Checkler, Joseph and Stilwell, Victoria. [108], Dynegy Inc. posted a second-quarter 2012 loss of $1.06 billion, an increase to $8.65 per share from 95 cents per share a year ago. ", "Two More Deals Further Consolidate the Nation's Utilities. The coal plants slated for closure account for 6.8 gigawatts of generation capacity equal to around 15% of Illinois' total power capacity. the Illinois River in Bartonville, Illinois. "Dynegy Closes $1.3B Term Loan Facilities. [34] Dynegy Inc. chairman Dan Dienstbier was named interim CEO. The company asked the court to cancel its lease on the remaining 50,000 square feet (4,600m2) as well. "Icahn Extends Dynegy Offer, Again. LS Power also agreed to return all its Class B shares, so that Dynegy would only have 95 million shares of common stock outstanding. [54] (A year later, after a U.S. Supreme Court ruling in a different case held that mandatory sentencing guidelines violated the Constitution, Olis' sentence was reduced to just six years in prison. But like scores of other power companies before it, Vistra has struggled to make the coal plants profitable amid a surge in supply of natural gas, falling electricity prices, and newly competitive wind and solar farms. The Rockingham County plant is being set up as a peaking station, and would take expensive re . NGC was an integrated natural gas services company, paying a cash dividend to shareholders each year since 1994. Ohio. "Life in Energy, After Enron. It was originally an energy brokerage, buying and selling natural gas supplies. ", "Dynegy Files for Bankruptcy Protection. [81] Dynegy investor Carl Icahn also promised a proxy battle, arguing that Blackstone Group's offer was too low. The company adopted the name Dynegy in 1998. "How a Staid Electric Company Becomes a Renegade. Unfortunately for Dynegy's shareholders and employees, these events did nothing to prevent Dynegy itself from lapsing into a crisis similar to that of Enron in late 2002. [15] NGC Corporation also established several subsidiaries to enable it to enter the electrical generation, marketing, and sales areas. [16] The latter deal gave Chevron a 29 percent stake in NGC. Website. Dynegy emerged from bankruptcy on October 2, 2012. [14], In a merger completed February 1, 2000, Illinova Corporation became a wholly-owned subsidiary of Dynegy Inc., a deal in which Chevron Corporation also took a 28% stake. Full-time. On January 6, 2009, LS Power announced it was cancelling plans to build the proposed Elk Run Energy Station in Waterloo, Iowa. 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. [6], In June 2021, the Attorney General of Illinois filed a lawsuit against Dynegy claiming that the company polluted groundwater with contaminants from coal ash. Visit dynegy.com for additional information about, business and residential plans, environmental reporting and more. See our rate plans to get started. ", Romero, Simon. [51], Several Dynegy executives were later convicted or indicted for their roles in Dynegy's near-collapse. ", de la Merced, Michael J. [70] In March 2005, it agreed to settle a 1999 dispute with the Environmental Protection Agency by spending US$321 million to repair and upgrade coal-fired generating plants in Illinois to reduce pollutants. Dynegy declined the offer (in part because it already has long-term coal contracts),[135][136] and environmental groups opposed it. Ameren was required to install pollution-reducing equipment on its five coal-fired generating plants in 2015. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business. [28] NNGC was Enron's most lucrative pipeline asset and had been put up as collateral in return for Dynegy providing financing to Enron during merger talks. Announces Settlement of Illinois Power Case - Company will spend $500 million to reduce air pollution by over 54,000 tons per year,", https://www.gem.wiki/w/index.php?title=Dynegy&oldid=262035, Companies listed on the New York Stock Exchange, Power companies and agencies in the United States, Creative Commons Attribution-NonCommercial-ShareAlike, AR, AZ, CA, CT, GA, IL, KY, ME, MI, NV, NY, OH, PA, TX, Sold to Helios Power Capital, converted to natural gas. 50 Martin Luther King Junior Way. Legal counsel advised that Delaware law (under which Dynegy was incorporated) considered a postponement a new meeting, and that would require notifying shareholders (again) and giving at least 20 days' notice. Williamson was also a runner-up for 2008's Fossil Fool of the Year Award for plans to construct more new power plants than any other energy company. In November 2004, the company acquired four natural gas-fired and four hydroelectric power generation plants in the Northeast United States. [78] Its move into coal-fired electrical generation led the National Environmental Trust, an environmental group, to derisively call Dynegy the "king of coal" in 2008. More about Dynegy Low rate claims are based on a comparison of the average of competitors' rates posted to PUC state-run shopping sites. Five of the seven coal plants Vistra named are in Illinois. Platts. "Pollution Board Weighs Delay For Ameren Plants. He extended his offer by two weeks on January 25, 2011. "Dynegy Emerges From Bankruptcy, Stock to Return to Market. Julien Dumoulin-Smith, executive director of UBS Investment Research, said Dynegy is far more likely to shutter all five coal-powered plants rather than add pollution control devices.

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