Dynegy Inc. caught the gas and power convergence wave early on and is now engaged in power generation; and marketing, gathering, processing, and transportation of energy. The company on Aug. 8 reported it will purchase 1700 Mw in the Northeast US. It is entering the telecom and broadband market through the purchase of Extant Inc. The company reported a banner second quarter. Earning were a record 58 cents, up from 25 cents in the 1999 comparable period. Second quarter earnings beat Wall Street’s consensus estimate by 5 cents.
SYRACUSE, N.Y.-The New York Public Service Commission recently approved Niagara Mohawk Power Corp.’s plans to reduce electricity delivery prices for the majority of residential and commercial/industrial customers beginning Sept. 1. The reductions will total nearly $19 million, including savings from the state’s gross receipts tax reform, and will result in bill decreases for the vast majority of Niagara Mohawk’s electricity customers.