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Gold/Mining/Energy : Dynegy Inc. -- Ignore unavailable to you. Want to Upgrade?

To: KyrosL who wrote (59)	5/28/2002 3:40:26 PM
From: Softechie	Respond to of 208

CVX action is stronger than words...

To: KyrosL who wrote (59)	5/28/2002 4:03:14 PM
From: Softechie	Respond to of 208

Dynegy Call -3: Assets Key To Competitive Strength - 28 May 13:56 New interim CEO Dienstbier said he would continue to cooperate with probes by the Securities and Exchange Commission and the Federal Energy Regulatory Commission, issues that have diverted President Bergstrom's attention of late. The SEC is investigating Project Alpha, the natural gas transaction that boosted Dynegy's cash flow by $300 million and provided $79 million in tax benefits last year, while the FERC is looking into electricity and natural gas trading practices in the Western U.S. Dienstbier also said he would control the company's growth to enable the business to stabilize and until liquidity improves. The physical assets that Dynegy owns, operates or otherwise controls are key to the company re-establishing astrong competitive position, executives said. Regulated assets, which yield more stable and dependable returns, have become more important across the industry than they were a year ago. More than 80% of Dynegy's cash flow for 2002 and projected cash flow for 2003 comes from the fixed assets the company owns, said Chief Financial Officer Rob Doty. That should stand Dynegy in good stead with the credit ratings agencies that Doty said he will continue to meet with in an effort to better the company's creditworthiness. Another effort in that regard will be Dynegy's plan to move quickly to find a 50% partner for the Northern Natural Gas pipeline, should it keep the asset after Enron's option to buy it back expires June 30, Bergstrom said. Doty said Dynegy is still on schedule to launch its Dynegy Energy Partners as a master limited partnership either in the second or third quarter of 2002. That move is also designed to taking some of Dynegy's debt off its books while enabling it to keep drawing earnings from the partnership. Bergstrom said his sole focus is to return Dynegy to a market-leading position, citing growth opportunities despite dramatic changes in the business environment. "I'm here to stay. I'm not going anywhere," Bergstrom said. "This is a business I love and I'm going to bring us out of this thing." -By David Bogoslaw, Dow Jones Newswires; 201-938-5289; david.bogoslaw@dowjones.com (END) DOW JONES NEWS 05-28-02 01:56 PM