Dynegy narrows 3Q loss as gas segment brightens
HOUSTON (AP) — Dynegy Inc. said Wednesday that it narrowed its third-quarter loss as its gas business produced better results, offsetting a decline on the coal side.
Dynegy has been hurt by low prices for electricity. The Houston company produces power that it sells through wholesale markets.
The company said it lost $41 million, compared with a loss of $129 million, a year earlier. The company did not provide per-share figures. A spokeswoman said it would include per-share earnings beginning with the fourth quarter because of fresh-start accounting that it adopted after emerging from bankruptcy protection last month.
Revenue rose 2 percent to $477 million from $467 million a year earlier.
The company's gas business generated operating income of $52 million, up from $28 million a year ago, but the coal segment posted an operating loss of $53 million, compared with income of $12 million a year ago, on lower prices.
The company also said that on Monday it notified lenders of its intent to repay $325 million in loans taken out by Dynegy Power LLC and Dynegy Midwest Generation LLC.
Several Dynegy subsidiaries filed for bankruptcy protection in November 2011, followed this July by the parent. Dynegy later merged with one of the subsidiaries.
The shares fell 44 cents, or 2.4 percent, to $18.00.