Dynegy
 |
|
| Public | |
| Traded as | : DYN |
| Industry | Energy (Electrical power industry) |
| Founded | 1984 |
| Headquarters | Houston, Texas, United States |
|
Area served
|
USA (6 states) |
|
Key people
|
Thomas W. Elward, interim chairman; Robert C. Flexon, interim chief executive officer; Kevin Howell, executive vice president and chief operating officer; Clint Freeland, executive vice president and chief financial officer |
| Products |
Natural Gas (discontinued after 2005); Electricity generation |
|
Number of employees
|
1,262 (as of December 31, 2011; 274 at corporate headquarters and 988 at facilities) |
| Website | www |
Dynegy Inc. is an electric company based in Houston, Texas, in the United States. It owns and operates a number of power stations in the U.S., all of which are natural gas-fueled or coal-fueled. The company is located at 601 Travis Street in Downtown Houston. The company was founded in 1984 as Natural Gas Clearinghouse. It was originally an energy brokerage, buying and selling natural gas supplies. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business.
The company adopted the name Dynegy in 1998. It attempted to buy the Enron energy trading firm in 2001, but disengaged from the proposed acquisition due to the scandal at Enron. Dynegy nearly went bankrupt in 2002, and several executives were eventually convicted of financial fraud and mismanagement. Dynegy exited the energy trading business in 2002 and the natural gas supply business in 2005, focusing its efforts on electrical generation. The company has one major subsidiary, Dynegy Holdings. It also has three operating subsidiaries: GasCo, CoalCo, and the "stub group" (for other miscellaneous business enterprises).
Dynegy Inc. was the subject of two unsuccessful takeover efforts in 2010. Its Dynegy Holdings subsidiary went bankrupt in November 2011, and Dynegy Inc. itself filed for bankruptcy protection on July 6, 2012. Its GasCo and CoalCo subsidiaries were unaffected by the bankruptcy filing. Dynegy emerged from bankruptcy on October 2, 2012.
Natural Gas Clearinghouse (NGC) was created in 1985 by Charles Watson; a consortium of natural gas pipeline companies that included Transco; investment bank Morgan Stanley; and the legal firm of Akin Gump Strauss Hauer & Feld. A major investor was Kenneth Lay, later the chief executive officer of the energy firm Enron. Its first headquarters was on the 40th floor of the Transco Tower in Houston, Texas. NGC was so successful that in 1985 Morgan Stanley bought out some of the other investors and took a majority stake in the company.
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Wikipedia