Dynegy Cuts Exposure To Wholesale Power With Deals Worth $6.25 Billion
Power company Dynegy Inc said on Friday that it would buy coal and gas power plants for $6.25 billion to increase its presence in two less regulated eastern U.S. markets. Dynegy shares rose as much as 22.5 percent in early trading. The deals for select assets of Duke Energy Corp and Energy Capital Partners will nearly double Dynegy’s national generating capacity and allow the company to retail electricity in Illinois, Ohio, Pennsylvania and Michigan, increasing its exposure to the PJM and New England markets. The acquisitions are the latest in a series of deals aimed at minimizing exposure to the volatile wholesale power market, and analysts expect consolidation to continue.
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