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Form 8-K DYNEGY INC. For: Sep 10

September 10, 2015 4:17 PM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported)

September 10, 2015

 

DYNEGY INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-33443

 

20-5653152

(State or Other Jurisdiction of
Incorporation)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

601 Travis, Suite 1400, Houston, Texas

 

77002

(Address of principal executive offices)

 

(Zip Code)

 

(713) 507-6400

(Registrant’s telephone number, including area code)

 

N.A.

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 7.01                                           Regulation FD Disclosure.

 

On September 10, 2015, Dynegy Inc. (“Dynegy”) issued a press release reporting its results from the PJM transition auction for the 2017/2018 delivery year. A copy of the press release is being furnished pursuant to Regulation FD as Exhibit 99.1 to this Current Report on Form 8-K.

 

The press release contains statements intended as “forward-looking statements” which are subject to the cautionary statements about forward-looking statements set forth therein.

 

Pursuant to General Instruction B.2 of Form 8-K and Securities and Exchange Commission (the “SEC”) Release No. 33-8176, the information contained in the press release furnished as an exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01                                           Financial Statements and Exhibits.

 

(d)   Exhibits:

 

Exhibit No.

 

Document

 

 

 

99.1

 

Press release dated September 10, 2015, reporting Dynegy’s results from the PJM transition auction for the 2017/2018 delivery year

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

DYNEGY INC.

 

(Registrant)

 

 

 

Dated: September 10, 2015

By:

/s/ Catherine B. Callaway

 

Name:

Catherine B. Callaway

 

Title:

Executive Vice President, General Counsel and Chief Compliance Officer

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Document

 

 

 

99.1

 

Press release dated September 10, 2015, reporting Dynegy’s results from the PJM transition auction for the 2017/2018 delivery year

 

4


Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

NR15-20

 

DYNEGY REPORTS RESULTS FROM THE 2017/2018 PJM TRANSITION AUCTION

 

HOUSTON (September 10, 2015) — Dynegy Inc. (NYSE: DYN) today reported its results from the PJM transition auction for the 2017/2018 delivery year. The transition auction cleared at $151.50 per megawatt-day. Dynegy cleared and converted 6,508 MW from the existing base product to the Capacity Performance (CP) product including 471 MW to be imported into PJM from the Company’s IPH segment assets located in MISO.  Based on the transition auction clearing price and the remaining base capacity product, PJM Capacity revenues for planning year 2017/2018 total $534 million representing an increase of $75 million over the previously cleared volumes.

 

PJM has now concluded the transition auctions for planning years 2016/2017 and 2017/2018 and the capacity auction for planning year 2018/2019. For the three upcoming planning years, Dynegy cleared volumes in these PJM auctions that will provide capacity revenues in excess of $1.6 billion before consideration of potential performance bonuses or penalties.

 

# # #

 

ABOUT DYNEGY

 

We are committed to leadership in the electricity sector. With nearly 26,000 megawatts of power generation capacity and two retail electricity companies, Dynegy is capable of supplying 21 million homes with safe, reliable and economic energy. Homefield Energy and Dynegy Energy Services are retail electricity providers serving businesses and residents in Illinois, Ohio, and Pennsylvania.

 

FORWARD LOOKING STATEMENTS

 

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements” particularly those statements concerning the importing of MWs from the Company’s IPH segment assets into PJM and the expected capacity revenues prior to potential performance bonuses or penalties. These statements are based on the current expectations of Dynegy’s management discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2014 Form 10-K and subsequent Form 10-Qs. In addition to the risks and uncertainties set forth in Dynegy’s SEC filings, the forward-looking statements described in this press release could be affected by the following, among other things, (i) Dynegy’s ability to import the expected number of MWs into PJM; (ii) Dynegy’s ability to provide the expected amount of capacity revenues prior to performance bonuses or penalties; (iii) the industry may be subject to future regulatory or legislative actions, including environmental, that could adversely affect Dynegy; and (iv) Dynegy may be adversely affected by other economic, business, and/or

 



 

competitive factors. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.

 

Contacts:

Media: Micah Hirschfield, 713.767.5800

 

Analysts: Rodney McMahan, 713.507.6466

 




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