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Dynegy Announces Third Quarter 2012 Results And $325 Million Debt Repayment

Dynegy Inc. (NYSE:DYN) reported third quarter 2012 Adjusted EBITDA for the Coal and Gas segments of $50 million compared to $102 million for the same period in 2011. Lower realized prices for the Coal segment, lower revenues from the termination of certain California contracts, and the settlement of legacy financial positions reduced Adjusted EBITDA for the Coal and Gas Segment by $89 million. Partially offsetting these items were a $12 million improvement in Coal and Gas segment general and administrative and operating and maintenance expenses, a $14 million benefit related to lower option premium expenses, and a $10 million positive adjustment for non-cash amortization related to the Gas segment’s Independence contract. The operating loss for Dynegy’s Coal and Gas segments was $(1) million for the third quarter of 2012 compared to operating income of $40 million for the same period in 2011. The net loss for Dynegy’s consolidated operations was $(41) million for the third quarter of 2012 compared to a net loss of $(129) million for the same period in 2011.

Year-to-date 2012 Adjusted EBITDA for the Coal and Gas segments was $98 million versus $310 million for the same period in 2011. The weaker financial results were primarily driven by lower realized power prices for the Coal segment which decreased energy margins by $123 million and an 11% reduction in generation volumes for our Coal segment which led to an additional $25 million decrease. Lower capacity and tolling revenues in the Gas segment of $38 million, primarily due to the early termination of the California agreements, a $28 million reduction in premium revenue, and unfavorable financial settlements of $49 million related to legacy financial positions further contributed to the decrease in year-over-year Adjusted EBITDA. These factors more than offset an $18 million improvement in general and administrative and operating and maintenance expenditures and a $29 million positive adjustment for non-cash amortization expense associated with the Company’s Independence contract. The 2012 year-to-date operating income for the Coal and Gas segments was $9 million compared to an operating loss of $(56) million for the same period in 2011. The 2012 year-to-date net loss for Dynegy’s consolidated operations totaled $(1,192) million compared to a net loss of $(324) million for the same period in 2011.

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