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Gold/Mining/Energy : Dynegy Inc.

DYN 20.42

-1.7%

Dec 23 3:59 PM EST

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To: Oeconomicus who wrote (117)	7/3/2002 12:24:42 AM
From: Raymond Duray	Read Replies (1) of 208

WHEN THE WORLD IS RUN BY CRIMINALS In early April, Dynegy chief operations officer Stephen Bergstrom told San Diego Gas and Electric that he intended to shut down eighteen small power plants unless the System Operator guaranteed Dynegy payment of $224 per megawatt, a 583 percent increase over its market price the year before and five times what the company was then charging elsewhere. This would have taken 267 megawatts off the system, enough to light 267,000 homes. The utility promptly leaked this bombshell to the press. "Given the energy crisis currently gripping our state, we are appalled that you would even consider such an action," SDG&E president Debra Reed wrote Dynegy. A spokesperson for Governor Gray Davis called the threat "outrageous and irresponsible," suggesting that California might seize Dynegy's generators. Although Dynegy eventually backed down, this may have been that dark season's most overt example of brinkmanship. eastbayexpress.com Dynegy will not survive. Society will kill this monstrosity.

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