But like scores of other power companies before it, Vistra has . Fact Sheet: Coal Combustion Residues (CCR) - Surface Impoundments with High Hazard Potential Ratings. A major power producer and retailer, Vistra had acquired several of the plants in 2018 after merging with energy company Dynegy. Dynegy Inc. created three operating divisions: the natural gas group (GasCo), the coal group (CoalCo), and a group for all other businesses (known as "the stub group"). [40] Dynegy announced it might need a financial partner to help it stabilize. and information to regional powerplants Clinton Nuclear Power Plant 8401 Power RoadClinton, IL 61727 Clinton Nuclear Powerhouse is . [34] Dynegy Inc. chairman Dan Dienstbier was named interim CEO. Dynegy delivers simple, price-protected retail electricity plans throughout the Northeast, Mid-Atlantic, and Midwest. The EPA stated that this "settlement requires installation of four new flue gas desulfurization devices (scrubbers) to control SO2; four new baghouses to control particulate matter (soot); and operation of existing control equipment, including three selective catalytic reduction (SCR) systems, year-round to control NOx. ", "Dynegy and LS Power to Undo Joint Venture. This threw the Dynegy Holdings bankruptcy filing into doubt, and put Dynegy Inc. on the hook for billions in debt. [49], Dynegy shuttered its online energy trading business for good on October 16, 2002. ALREADY A CUSTOMER? "Vistra-Dynegy Merger Closing April 9 After FERC Nod | RTO Insider", "NGC Corporation Changes Name to Dynegy Inc", "Dynegy Plans to Cut Dividend And Sell Assets to Raise Cash". On June 25, the company announced it would sell off assets in an attempt to raise US$2 billion in cash. [22], In February 2008, The Sierra Club launched a nationwide campaign to pressure Dynegy to abandon its plans to build six new coal-fired power plants nationwide and instead to shift its focus to cleaner energy solutions. ", Boshart, Glen. ", Barr, Diana. By the end of 2025, or potentially sooner should the plants become "uneconomic," Vistra will shut its Baldwin Power Plant (1.2 gigawatts) in Baldwin, Illinois, and the Joppa Power Plant (1 gigawatts) in Joppa, Illinois. [10] In 1993, LG&E Energy Corporation took a stake in NGC, which by then was the largest independent natural gas marketing firm in the United States and had revenues of more than US$2 billion. [24] Dynegy withdrew its merger offer on November 28. It also faced tightening environmental restrictions that would have forced onerous new investments to reign in pollutants. The company cited economic conditions and regulatory uncertainties. This article may use content from the Wikipedia article under the terms of the GFDL. On January 2, 2009, Dynegy announced it was dissolving its development venture with LS Power, in part because of the credit crisis. ", "Dynegy in $1.5 Billion Deal to Sell 8 Electricity Plants. "Dynegy Hires Restructuring Advisers. In November 2004, the company acquired four natural gas-fired and four hydroelectric power generation plants in the Northeast United States. Three others are owned by power company NRG. ", Boshart, Glen. But on April 16, FERC said that the studies submitted by Dynegy and Ameren were inadequate, and it ordered the two firms to rerun the studies and report back to FERC by July 14. Or alternately, Dynegy would like . [2] In 2022, Illinois had a net generation of 192,443GWh. ", Tomich, Jeffrey. [14], In a merger completed February 1, 2000, Illinova Corporation became a wholly-owned subsidiary of Dynegy Inc., a deal in which Chevron Corporation also took a 28% stake. (PG&E) built a power plant in the town. [39] Moody's downgraded the rating of the company's bonds to "junk" status on June 28. This provided an incentive for Dynegy Inc. to withhold payment and force Dynegy Holdings to declare bankruptcy (thereby reducing the value of the debt and making it easier to pay off). ", "Dynegy Hires Ex-Shell Executive As Financial Officer. "Dynegy Emerges From Bankruptcy, Stock to Return to Market. [16] The latter deal gave Chevron a 29 percent stake in NGC. Luminant is one of the largest competitive power generation businesses in the country with a diverse portfolio of resources across 12 states. Because the Edwards plant is in an area of low air quality, EPA is likely to force Dynegy to close the plant anyway. [127], The Ameren plants-for-debt swap also ran into trouble. Julien Dumoulin-Smith, executive director of UBS Investment Research, said Dynegy is far more likely to shutter all five coal-powered plants rather than add pollution control devices. Dynegy agreed to honor the union collective bargaining agreements in force at all plants. [99], The restructuring plan put Dynegy's assets which had the worst financial performance into the hands of Dynegy Holdings. Based on a new set of regulations from the State Water Resources Control Board, the plant may be rendered unprofitable, and city officials are bracing for a potential economic loss. "Blackstone Raises Its Offer for Dynegy. Why have millions of Americans turned to Dynegy over the years? By 1996 it had grown to US$550 million in assets, and carried US$525 million in long-term debt.[13]. The company attributed the shutdowns on the failure to recover the plants' "basic operating costs" in the most recent MISO (Midcontinent Independent System Operator) electricity auction. [111] Unsecured creditors also would receive 99 percent of Dynegy's new stock, with the company retaining the rest (with warrants to purchase 13.5 percent of the stock after five years). ", de la Merced, Michael. [31] On May 1, the U.S. Securities and Exchange Commission opened a formal investigation into how Dynegy's "Project Alpha", an internal corporate initiative that allegedly inflated income from natural gas transactions and illegally structured business partnerships to avoid income. . If you're ever less than 100% satisfied with our services, we'll make it right. A corporation known as ABG Gas Supply was created. LaSalle County Nuclear Generating Station, List of power stations in the United States, "Electricity Data Browser, Net generation for all sectors, Illinois, Fuel Type-Check all, Annual, 200122", "Illinois may have to subsidize more Exelon reactors to keep them running -study", "Illinois plants to continue operating as energy bill is passed", "Downstate coal plant owner to shutter Illinois fleet", "Mayor: CWLP Dallman Unit 33 to shut down permanently, timeline for disassembly uncertain", "Southern Illinois Power Cooperative - SourceWatch", "Southern Illinois Power Co-op plans to shutter its largest coal-fired unit this fall", "Dynegy will shut down two units at Baldwin Power Station", "Form EIA-860 detailed data with previous form data (EIA-860A/860B)", "Leeward repowers Illinois' Mendota Hills Wind Farm", "WEC Energy Group announces agreement to acquire 80 percent ownership in Bishop Hill III Wind Energy Center", "Iberdrola Renewables invests $1.4 billion in wind power in the U.S. in first 9 months of 2008", "E.on switches on 534 MW of wind in US, breaks ground on further 201 MW", "Streator Cayuga Ridge South Wind Power Project", "Big Sky Wind Farm, Bureau & Lee Counties, IL", "Geronimo Energy hails 194-megawatt Illinois wind farm", "Runner up: Settler's Trail Wind Farm, owned by E-ON Climate and Renewables in Illinois", "Walnut Ridge Wind Project | Projects | Wind | Mortenson", "HillTopper (USA) - Wind farms - Online access - The Wind Power", "2016 Form EIA-860 Data - Schedule 3, 'Solar Technology Data' (Operable Units Only)", "Geneseo celebrates Midwest's largest solar project", "Rockford solar farm to go on line by month's end", "Invenergy Announces Start Of Commercial Operation Of 31.5 MW Grand Rodge Energy Storage Project In Illinois", "McHenry, a first 20MW battery storage project in the USA", "RES Americas Announces Largest Energy Storage Projects In North America", "100 more wind turbines headed for Northern Illinois", "Texas company planning wind farm in Douglas County", "Solar farms planned near Arrowsmith, Downs", "Marshall County sites eyed for solar projects", "City Sells Land to Become Future Solar Garden", "99 megawatts of solar in Illinois, 99 megawatts of solar", "Kendall County Board OKs solar panels near jail in Yorkville", "CPV Three Rivers Facility reports financial closing", "Downstate coal-plant closures to cost 300 jobs", "Vistra wins MISO interconnection exemption for Illinois coal-to-battery storage projects", "The Edwards power plant is now closed permanently. [123][124], As the deal worked its way through state and federal regulatory approval, Dynegy took advantage of low interest rates and refinanced its debt. Dynegy received 1 billion dollar in cash and 245 million of Dynegy B shares in return for the facilities. Duke Energy, which formerly owned the plant, proposed in 2000 to spend some $800 million upgrading the plant. [2], In September 2006, Dynegy and LS Power Group agreed to a joint venture in a deal worth US$2.3 billion. Dynegy nearly went bankrupt in 2002, and several executives were eventually convicted of financial fraud and mismanagement. [61] The sale of this business came quickly: In August 2005, Dynegy sold this business to Targa Resources, a company owned by private equity firm Warburg Pincus. Dynegy adopted the "New Economy" branding in 1998, after which the company structured itself in a manner similar to Enron, launching several business ventures, including an online trading platform and broadband communications services, which could be misconstrued of those of its larger rival. "Ex-Executive Says Dynegy Asked His Help to Cook Books. ABG then sold this gas at a discount to Dynegy, which resold it at market prices and booked a $300 million profit. "Dynegy Pleads With Shareholders to Take Icahn Deal. The company was founded in 1984 as Natural Gas Clearinghouse. Dynegy to reconsider building new coal plants, Coal Projects Sponsored by Dynegy in a joint venture with LS Power, Dynegy dissolves joint venture with LS Power, LS Power puts Nevada plant on indefinite hold, December 2011: Longleaf and Plum Point II cancelled, EPA releases list of 44 "high hazard" coal ash dumps, Disclosing the financial impacts of global warming, Dynegy CEO Bruce Williamson wins worst "Scrooge" of 2008 award, Illinois Power Company and Dynegy Midwest Generation Settlement, Standard & Poor's Stock Guide, April 1996. ", Lubben, Stephen J. "What's Behind Dynegy's Unusual Bankruptcy. [32] Two weeks later, the New York Times reported that Dynegy's Illinova subsidiary was part of the investigation. [136], There was some speculation by financial analysts that the Dynegy-Ameren deal was a poor one. The plant was heavily damaged by Hurricane Sandy in October 2012, rendering it inoperable. [136], On August 22, 2014, Dynegy announced a deal involving two interdependent transactions to be executed simultaneously. [3], Dynegy had 12 coal-fired generating stations in 2005, with 3,755 MW of capacity. As part of the deal, NRG Energy would acquire four natural gas plants in California and Maine for US$1.36 Billion. [45] On September 24, Dynegy announced that it had agreed to pay a US$3 million fine for using the Catlin company and other business partnerships to hide losses and taxable income. Bloomberg Business News. ", Steffy, Loren and Pickrell, Emily. Shortly after the pull-out, Enron filed for Chapter 11 bankruptcy and sued Dynegy. From creating jobs to volunteering at shelters and food banks to renovating local parks, we're committed to doing everything in our power to help our communities grow and thrive. [18] In April 2005, Dynegy agreed to settle the lawsuit. It became a publicly traded company on the New York Stock Exchange that same year. "Stiff Sentence Is Possibility For a Name Not So Known. [101], As part of its bankruptcy filing, Dynegy moved its corporate headquarters. [35] Desperate for cash, Dynegy sold the Northern Natural Gas Company to MidAmerican Energy Holdings for $928 million on July 29 ($572 less than it paid for it). Shareholders would be paid a total of US$468 million. "Dynegy Required to Disclose Climate Change Risks." Data from the U.S. Energy Information Administration serves as a general reference.[44]. TXU Energy. ", Ahmed, Azam. [87] During the shareholder meeting, management's fears proved accurate. With roots that stretch back more than 130 years, we are helping power some of the world's largest electric markets. ", "Court Cases Against Energy Companies Dismissed. But like scores of other power companies before it, Vistra has struggled to make the coal plants profitable amid a surge in supply of natural gas, falling electricity prices, and newly competitive wind and solar farms. "Blackstone Raises Offer For Dynegy. [8], NGC was purchased by Noble Affiliates, Inc. and Apache Corporation, independent oil and gas exploration and production companies, for a reported $50 million in 1989. No cash changed hands; rather, IPH agreed to assume $825 million in debt owed by Genco and the other subsidiaries. ", "Nova Plans to Sell Its 26% Stake in Dynegy. Announces Settlement of Illinois Power Case - Company will spend $500 million to reduce air pollution by over 54,000 tons per year," U.S. EPA, March 7, 2005; 3.0 3.1 Jeff Stant and Traci Barkley, "Illinois at Risk: Lax safeguards and no enforcement endanger the water, air . What we have done is very systematically sell those off, shut down offices and concentrate on the two businesses that looked like we had a competitive advantage. November 14, 2011. [37] The following day, Dynegy shut down its online energy trading system. On March 5, 2009, LS Power notified Nevada state regulators that it was withdrawing its application to build the White Pine Energy Station. ", "Dynegy May Find a Partner to Stabilize Energy Trading. [134] Foresight Energy, a major Illinois coal mining company, said it would install the $500 million anti-pollution devices for free if Dynegy agreed to sign a long-term contract to accept coal only from Foresight Energy. Adheres to all Hunter Contracting Co. safety policies, procedures, and instructions . On April 9, 2018 Vistra Corp closed its acquisition of Dynegy following a FERC determination that the $1.7 billion deal raised no competitive concerns. Instead, LS Power will focus on completing a planned 500-mile transmission line project to provide new access to renewable energy resources across Nevada. The municipally-owned City, Water, Light and Power (CWLP) owns the Dallman Power Plant downstate. ", Pythress, Katherine. ", Glater, Jonathan D. "Dynegy Says It Will Exit the Energy Trading Business. [30] B Unit 1 remains operational, as Unit 2 has been shuttered since 2016. In November 2019 a federal judge ordered two units in Bartonville, Illinois, to close by 2022, part of a lawsuit alleging violations of the Clean Air Act, according to Bloomberg Law. [123] On July 16, FERC again declined to approve or disapprove the Dynegy-Ameren deal. ", "Dynegy to Warn Investors on Risks of Coal Burning. [80] Seneca Capital, Dynegy's largest shareholder, fought the purchase in a proxy fight. ", "Dynegy to Pay $5 Million in Inquiry Into Fake Trades. [38], Dynegy was quickly approaching bankruptcy by late June 2002. Wikipedia also has an article on Dynegy. "Dynegy's Chief Quits as Unrest Is Reshaping Energy Industry. Fig. "Looking for Judgment On a Shattered Deal. ", "Dynegy's Chief Financial Officer Quits. [104], The bankruptcy court examiner's finding quickly led to the bankruptcy of Dynegy Inc. itself. "Icahn Extends Dynegy Offer, Again. It was originally an energy brokerage, buying and selling natural gas supplies. Under the terms of the agreement, Dynegy gave LS Power a 40 percent stake in Dynegy itself while LS Power contributed 10 of its power plants.