Dynegy’s Hennepin Power Station Transitions to PJM
June 09 2016 - 4:15PM
Business Wire
Dynegy Inc. (NYSE: DYN) has executed agreements with the PJM
System Operator(PJM) and the Midwest Independent System Operator
(MISO) to move the vast majority of Dynegy’s Hennepin Power
Station’s energy and capacity to the PJM market from MISO. The
five-year transmission service agreements - which require no
upfront investment, only modest annual fees associated with
transporting power into PJM - may be extended indefinitely at
Dynegy’s request and are a result of three years of effort to
procure transmission service out of MISO. Per the agreement, 260
megawatts (MW) of Hennepin’s 290 MW capacity will be available for
sale into PJM effective June 1, 2017.
The pathway to PJM is consistent with Dynegy’s overall objective
of moving all of the Company’s Illinois generating assets from MISO
to PJM. PJM, which northern Illinois is already part of, is
designed for competitive generating assets and not a regulated
utility framework as is MISO. Last month, Dynegy proposed
legislation to position all of Illinois into the PJM competitive
power market. Dynegy will continue to explore similar paths for its
remaining plants in MISO while we wait for a ruling on our proposed
legislation.
About Dynegy
We are committed to leadership in the electricity sector. With
nearly 26,000 megawatts of power generation capacity and two retail
electricity companies, Dynegy is capable of supplying 21 million
homes with safe, reliable and economic energy. Homefield Energy and
Dynegy Energy Services are retail electricity providers serving
businesses and residents in Illinois, Ohio and Pennsylvania.
Forward-Looking Statements
This press release contains statements reflecting assumptions,
expectations, projections, intentions or beliefs about future
events that are intended as “forward-looking statements”
particularly those statements concerning: Dynegy’s expectations of
the proposed legislation. These statements are based on the current
expectations of Dynegy’s management discussion of risks and
uncertainties that could cause actual results to differ materially
from current projections, forecasts, estimates and expectations of
Dynegy is contained in Dynegy’s filings with the Securities and
Exchange Commission (the “SEC”). Specifically, Dynegy makes
reference to, and incorporates herein by reference, the section
entitled “Risk Factors” in its 2015 Form 10-K and subsequent Form
10-Qs. In addition to the risks and uncertainties set forth in
Dynegy’s SEC filings, the forward-looking statements described in
this press release could be affected by the following, among other
things, (i) ability of the proposed legislation to position all of
Illinois into the PJM competitive power market; (ii) expectations
about the outcome of regulatory, administrative and legislative
matters; (iii) the industry may be subject to future regulatory or
legislative actions, including environmental, that could adversely
affect Dynegy; and (iv) Dynegy may be adversely affected by other
economic, business, and/or competitive factors. Any or all of
Dynegy’s forward-looking statements may turn out to be wrong. They
can be affected by inaccurate assumptions or by known or unknown
risks, uncertainties and other factors, many of which are beyond
Dynegy’s control.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160609006404/en/
Dynegy Inc.Media:Micah Hirschfield,
713-767-5800orAnalysts:Rodney McMahan, 713-507-6466
Dynegy (NYSE:DYN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Dynegy (NYSE:DYN)
Historical Stock Chart
From Oct 2023 to Oct 2024