Dynegy reports record year despite California woes

Income jumped to $452 million, or $1.43/share, compared to 1999 income of $146 million, or 63 cents/share. Company officers attributed the record year to the performance of Dynegy Marketing and Trade which focuses on commodities marketing and trading and risk management around the ownership or control of physical assets. This segment contributed 80% to the bottom line of the entire company.

NEW YORK, NY, Jan. 23, 2001 — Moody’s Investors Service, in its ongoing surveillance of the California power crisis, believes that a major danger some municipal electric utilities continue to face is the unexpected outage or loss of a major contracted power resource which may require the utility to have to purchase power from the volatile and currently unfavorable wholesale energy marketplace.

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