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State of
Incorporation
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I.R.S. Employer
Identification No.
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Delaware
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20-5653152
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601 Travis, Suite 1400
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Houston, Texas
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77002
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 6.
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CAA
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Clean Air Act
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CAISO
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The California Independent System Operator
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CPUC
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California Public Utility Commission
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CT
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Combustion Turbine
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EPA
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Environmental Protection Agency
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ERCOT
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Electric Reliability Council of Texas
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FCA
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Forward Capacity Auction
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FERC
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Federal Energy Regulatory Commission
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FTR
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Financial Transmission Rights
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IMA
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In-market Asset Availability
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IPCB
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Illinois Pollution Control Board
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IPH
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IPH, LLC (formerly known as Illinois Power Holdings, LLC)
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ISO
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Independent System Operator
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ISO-NE
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Independent System Operator New England
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kW
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Kilowatt
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LIBOR
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London Interbank Offered Rate
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MISO
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Midcontinent Independent System Operator, Inc.
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MMBtu
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One Million British Thermal Units
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Moody’s
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Moody’s Investors Service Inc.
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MW
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Megawatts
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MWh
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Megawatt Hour
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NM
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Not Meaningful
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NYISO
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New York Independent System Operator
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PJM
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PJM Interconnection, LLC
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PRIDE
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Producing Results through Innovation by Dynegy Employees
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RGGI
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Regional Greenhouse Gas Initiative
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RMR
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Reliability Must Run
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S&P
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Standard & Poor’s Ratings Services
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SEC
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U.S. Securities and Exchange Commission
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September 30, 2016
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December 31, 2015
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||||
ASSETS
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Current Assets
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Cash and cash equivalents
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$
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1,458
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$
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505
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Restricted cash
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85
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39
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Accounts receivable, net of allowance for doubtful accounts of $1 and $1, respectively
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374
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402
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Inventory
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447
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597
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Assets from risk management activities
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73
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100
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Intangible assets
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54
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102
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Prepayments and other current assets
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148
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187
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Total Current Assets
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2,639
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1,932
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Property, Plant and Equipment, Net
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7,252
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8,347
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Investment in unconsolidated affiliate
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173
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190
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Restricted cash
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2,000
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—
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Assets from risk management activities
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40
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18
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Goodwill
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799
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797
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Intangible assets
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28
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62
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Other long-term assets
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93
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113
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Total Assets
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$
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13,024
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$
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11,459
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September 30, 2016
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December 31, 2015
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LIABILITIES AND EQUITY
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Current Liabilities
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Accounts payable
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$
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263
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$
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292
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Accrued interest
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191
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74
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Intangible liabilities
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33
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85
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Accrued liabilities and other current liabilities
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120
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125
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Liabilities from risk management activities
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92
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103
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Asset retirement obligations
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45
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50
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Debt, current portion, net
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167
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80
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Total Current Liabilities
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911
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809
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Debt, long-term portion, net
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9,356
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7,129
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Liabilities from risk management activities
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69
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105
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|
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Asset retirement obligations
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238
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230
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Deferred income taxes
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36
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29
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Intangible liabilities
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39
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55
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Other long-term liabilities
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168
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183
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Total Liabilities
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10,817
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8,540
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Commitments and Contingencies (Note 14)
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Stockholders’ Equity
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Preferred stock, $0.01 par value, 20,000,000 shares authorized:
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Series A 5.375% mandatory convertible preferred stock, $0.01 par value; 4,000,000 shares issued and outstanding, respectively
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400
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400
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Common stock, $0.01 par value, 420,000,000 shares authorized; 128,619,600 shares issued and 117,293,478 shares outstanding at September 30, 2016; 128,228,477 shares issued and 116,902,355 outstanding at December 31, 2015
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1
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1
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Additional paid-in capital
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3,541
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3,187
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Accumulated other comprehensive income, net of tax
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15
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19
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Accumulated deficit
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(1,746
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)
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(686
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)
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Total Dynegy Stockholders’ Equity
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2,211
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2,921
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Noncontrolling interest
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(4
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)
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(2
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)
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Total Equity
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2,207
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2,919
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Total Liabilities and Equity
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$
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13,024
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$
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11,459
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2016
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2015
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2016
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2015
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Revenues
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$
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1,184
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$
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1,232
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$
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3,211
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$
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2,854
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Cost of sales, excluding depreciation expense
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(660
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)
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(621
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)
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(1,698
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)
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(1,494
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)
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Gross margin
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524
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611
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1,513
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1,360
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Operating and maintenance expense
|
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(218
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)
|
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(219
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)
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(695
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)
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(580
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)
|
||||
Depreciation expense
|
|
(163
|
)
|
|
(174
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)
|
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(494
|
)
|
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(413
|
)
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||||
Impairments
|
|
(212
|
)
|
|
(74
|
)
|
|
(857
|
)
|
|
(74
|
)
|
||||
General and administrative expense
|
|
(41
|
)
|
|
(29
|
)
|
|
(117
|
)
|
|
(94
|
)
|
||||
Acquisition and integration costs
|
|
(7
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(121
|
)
|
||||
Other
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
(1
|
)
|
||||
Operating income (loss)
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(117
|
)
|
|
107
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|
|
(674
|
)
|
|
77
|
|
||||
Earnings (losses) from unconsolidated investment
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4
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|
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(4
|
)
|
|
7
|
|
|
(1
|
)
|
||||
Interest expense
|
|
(166
|
)
|
|
(145
|
)
|
|
(449
|
)
|
|
(413
|
)
|
||||
Other income and expense, net
|
|
29
|
|
|
46
|
|
|
60
|
|
|
45
|
|
||||
Income (loss) before income taxes
|
|
(250
|
)
|
|
4
|
|
|
(1,056
|
)
|
|
(292
|
)
|
||||
Income tax benefit (expense) (Note 15)
|
|
1
|
|
|
(28
|
)
|
|
(6
|
)
|
|
473
|
|
||||
Net income (loss)
|
|
(249
|
)
|
|
(24
|
)
|
|
(1,062
|
)
|
|
181
|
|
||||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
||||
Net income (loss) attributable to Dynegy Inc.
|
|
(249
|
)
|
|
(24
|
)
|
|
(1,060
|
)
|
|
184
|
|
||||
Less: Dividends on preferred stock
|
|
5
|
|
|
5
|
|
|
16
|
|
|
16
|
|
||||
Net income (loss) attributable to Dynegy Inc. common stockholders
|
|
$
|
(254
|
)
|
|
$
|
(29
|
)
|
|
$
|
(1,076
|
)
|
|
$
|
168
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (Loss) Per Share (Note 18):
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share attributable to Dynegy Inc. common stockholders
|
|
$
|
(1.81
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(8.54
|
)
|
|
$
|
1.33
|
|
Diluted earnings (loss) per share attributable to Dynegy Inc. common stockholders
|
|
$
|
(1.81
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(8.54
|
)
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic shares outstanding
|
|
140
|
|
|
126
|
|
|
126
|
|
|
126
|
|
||||
Diluted shares outstanding
|
|
140
|
|
|
126
|
|
|
126
|
|
|
140
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
|
$
|
(249
|
)
|
|
$
|
(24
|
)
|
|
$
|
(1,062
|
)
|
|
$
|
181
|
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
|
||||||||
Actuarial gain and plan amendments (net of tax of zero, $2, zero, and $2 for each respective period)
|
|
—
|
|
|
13
|
|
|
—
|
|
|
8
|
|
||||
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
||||||||
Amortization of unrecognized prior service credit (net of tax of zero for each respective period)
|
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
(3
|
)
|
||||
Other comprehensive income (loss), net of tax
|
|
(2
|
)
|
|
12
|
|
|
(4
|
)
|
|
5
|
|
||||
Comprehensive income (loss)
|
|
(251
|
)
|
|
(12
|
)
|
|
(1,066
|
)
|
|
186
|
|
||||
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
|
—
|
|
|
1
|
|
|
(2
|
)
|
|
(2
|
)
|
||||
Total comprehensive income (loss) attributable to Dynegy Inc.
|
|
$
|
(251
|
)
|
|
$
|
(13
|
)
|
|
$
|
(1,064
|
)
|
|
$
|
188
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
(1,062
|
)
|
|
$
|
181
|
|
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
|
|
|
|
|
||||
Depreciation expense
|
|
494
|
|
|
413
|
|
||
Non-cash interest expense
|
|
37
|
|
|
25
|
|
||
Amortization of intangibles
|
|
17
|
|
|
(18
|
)
|
||
Risk management activities
|
|
(75
|
)
|
|
(117
|
)
|
||
(Earnings) losses from unconsolidated investment
|
|
(7
|
)
|
|
1
|
|
||
Deferred income taxes
|
|
6
|
|
|
(473
|
)
|
||
Impairments
|
|
857
|
|
|
74
|
|
||
Change in value of common stock warrants
|
|
(5
|
)
|
|
(43
|
)
|
||
Other
|
|
1
|
|
|
38
|
|
||
Changes in working capital:
|
|
|
|
|
||||
Accounts receivable, net
|
|
32
|
|
|
(48
|
)
|
||
Inventory
|
|
153
|
|
|
(52
|
)
|
||
Prepayments and other current assets
|
|
179
|
|
|
95
|
|
||
Accounts payable and accrued liabilities
|
|
104
|
|
|
227
|
|
||
Distributions from unconsolidated investment
|
|
1
|
|
|
3
|
|
||
Changes in restricted cash
|
|
(1
|
)
|
|
—
|
|
||
Changes in non-current assets
|
|
(94
|
)
|
|
(23
|
)
|
||
Changes in non-current liabilities
|
|
12
|
|
|
19
|
|
||
Net cash provided by operating activities
|
|
649
|
|
|
302
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||
Capital expenditures
|
|
(259
|
)
|
|
(171
|
)
|
||
Acquisitions, net of cash acquired
|
|
—
|
|
|
(6,078
|
)
|
||
Decrease (increase) in restricted cash
|
|
(2,045
|
)
|
|
5,148
|
|
||
Distributions from unconsolidated affiliate
|
|
14
|
|
|
8
|
|
||
Other investing
|
|
10
|
|
|
(6
|
)
|
||
Net cash used in investing activities
|
|
(2,280
|
)
|
|
(1,099
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||
Proceeds from long-term borrowings, net of debt issuance costs
|
|
2,277
|
|
|
57
|
|
||
Repayments of borrowings
|
|
(21
|
)
|
|
(29
|
)
|
||
Proceeds from issuance of equity, net of issuance costs
|
|
359
|
|
|
(6
|
)
|
||
Preferred stock dividends paid
|
|
(16
|
)
|
|
(17
|
)
|
||
Interest rate swap settlement payments
|
|
(13
|
)
|
|
(13
|
)
|
||
Repurchase of common stock
|
|
—
|
|
|
(127
|
)
|
||
Other financing
|
|
(2
|
)
|
|
(4
|
)
|
||
Net cash provided by (used in) financing activities
|
|
2,584
|
|
|
(139
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
|
953
|
|
|
(936
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
505
|
|
|
1,870
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
1,458
|
|
|
$
|
934
|
|
Other non-cash investing and financing activity:
|
|
|
|
|
||||
Change in capital expenditures included in accounts payable
|
|
$
|
(10
|
)
|
|
$
|
(6
|
)
|
Non-cash consideration transferred for Acquisitions
|
|
$
|
—
|
|
|
$
|
(105
|
)
|
Change in capital expenditures pursuant to an equipment financing agreement
|
|
$
|
11
|
|
|
$
|
63
|
|
(amounts in millions)
|
|
EquiPower Acquisition
|
|
Duke Midwest Acquisition
|
|
Total
|
||||||
Cash
|
|
$
|
3,350
|
|
|
$
|
2,800
|
|
|
$
|
6,150
|
|
Equity instruments (3,460,053 common shares of Dynegy)
|
|
105
|
|
|
—
|
|
|
105
|
|
|||
Net working capital adjustment
|
|
206
|
|
|
(9
|
)
|
|
197
|
|
|||
Fair value of total consideration transferred
|
|
$
|
3,661
|
|
|
$
|
2,791
|
|
|
$
|
6,452
|
|
|
|
|
|
|
|
|
||||||
Cash
|
|
$
|
267
|
|
|
$
|
—
|
|
|
$
|
267
|
|
Accounts receivable
|
|
49
|
|
|
126
|
|
|
175
|
|
|||
Inventory
|
|
167
|
|
|
105
|
|
|
272
|
|
|||
Assets from risk management activities (including current portion of $4 million and $30 million, respectively)
|
|
4
|
|
|
33
|
|
|
37
|
|
|||
Prepayments and other current assets
|
|
32
|
|
|
69
|
|
|
101
|
|
|||
Property, plant and equipment
|
|
2,773
|
|
|
2,734
|
|
|
5,507
|
|
|||
Investment in unconsolidated affiliate
|
|
200
|
|
|
—
|
|
|
200
|
|
|||
Intangible assets (including current portion of $67 million and $36 million, respectively)
|
|
111
|
|
|
84
|
|
|
195
|
|
|||
Other long-term assets
|
|
28
|
|
|
35
|
|
|
63
|
|
|||
Total assets acquired
|
|
3,631
|
|
|
3,186
|
|
|
6,817
|
|
|||
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
27
|
|
|
96
|
|
|
123
|
|
|||
Accrued liabilities and other current liabilities
|
|
21
|
|
|
10
|
|
|
31
|
|
|||
Debt, current portion
|
|
39
|
|
|
—
|
|
|
39
|
|
|||
Liabilities from risk management activities (including current portion of $41 million and zero, respectively)
|
|
57
|
|
|
107
|
|
|
164
|
|
|||
Asset retirement obligations
|
|
43
|
|
|
49
|
|
|
92
|
|
|||
Intangible liabilities (including current portion of $24 million and $58 million, respectively)
|
|
73
|
|
|
93
|
|
|
166
|
|
|||
Deferred income taxes, net
|
|
509
|
|
|
—
|
|
|
509
|
|
|||
Other long-term liabilities
|
|
—
|
|
|
40
|
|
|
40
|
|
|||
Total liabilities assumed
|
|
769
|
|
|
395
|
|
|
1,164
|
|
|||
Identifiable net assets acquired
|
|
2,862
|
|
|
2,791
|
|
|
5,653
|
|
|||
Goodwill
|
|
799
|
|
|
—
|
|
|
799
|
|
|||
Net assets acquired
|
|
$
|
3,661
|
|
|
$
|
2,791
|
|
|
$
|
6,452
|
|
(amounts in millions)
|
|
Nine Months Ended September 30, 2015
|
||
Revenues
|
|
$
|
3,844
|
|
Net income
|
|
$
|
442
|
|
Net loss attributable to noncontrolling interests
|
|
$
|
(3
|
)
|
Net income attributable to Dynegy Inc.
|
|
$
|
445
|
|
Contract Type
|
|
Quantity
|
|
Unit of Measure
|
|
Fair Value (1)
|
|||
(dollars and quantities in millions)
|
|
Purchases (Sales)
|
|
|
|
Asset (Liability)
|
|||
Commodity contracts:
|
|
|
|
|
|
|
|
|
|
Electricity derivatives (2)
|
|
(58
|
)
|
|
MWh
|
|
$
|
25
|
|
Electricity basis derivatives (3)
|
|
(30
|
)
|
|
MWh
|
|
$
|
(8
|
)
|
Natural gas derivatives (2)
|
|
362
|
|
|
MMBtu
|
|
$
|
(64
|
)
|
Natural gas basis derivatives
|
|
64
|
|
|
MMBtu
|
|
$
|
(22
|
)
|
Coal derivatives (4)
|
|
—
|
|
|
Metric Ton
|
|
$
|
(7
|
)
|
Emissions derivatives
|
|
5
|
|
|
Metric Ton
|
|
$
|
(5
|
)
|
Interest rate swaps
|
|
771
|
|
|
U.S. Dollar
|
|
$
|
(40
|
)
|
Common stock warrants (5)
|
|
16
|
|
|
Warrant
|
|
$
|
(2
|
)
|
(1)
|
Includes both asset and liability risk management positions but excludes margin and collateral netting of
$73 million
.
|
(2)
|
Mainly comprised of swaps, options, and physical forwards.
|
(3)
|
Comprised of FTRs and swaps.
|
(4)
|
Our net position rounds to less than
1 million
tons.
|
(5)
|
Each warrant is convertible into
one
share of Dynegy common stock.
|
|
|
|
|
|
September 30, 2016
|
||||||||||||||
|
|
|
|
|
|
|
Gross amounts offset in the balance sheet
|
|
|
||||||||||
Contract Type
|
|
Location on Balance Sheet
|
|
Gross Fair Value
|
|
Contract Netting
|
|
Collateral or Margin Received or Paid
|
|
Net Fair Value
|
|||||||||
(amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commodity contracts
|
|
Assets from risk management activities
|
|
$
|
351
|
|
|
$
|
(238
|
)
|
|
$
|
—
|
|
|
$
|
113
|
|
|
Total derivative assets
|
|
|
|
$
|
351
|
|
|
$
|
(238
|
)
|
|
$
|
—
|
|
|
$
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commodity contracts
|
|
Liabilities from risk management activities
|
|
$
|
(432
|
)
|
|
$
|
238
|
|
|
$
|
73
|
|
|
$
|
(121
|
)
|
|
Interest rate contracts
|
|
Liabilities from risk management activities
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
(40
|
)
|
||||
|
Common stock warrants
|
|
Other long-term liabilities
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
|
Total derivative liabilities
|
|
|
|
$
|
(474
|
)
|
|
$
|
238
|
|
|
$
|
73
|
|
|
$
|
(163
|
)
|
Total derivatives
|
|
|
|
$
|
(123
|
)
|
|
$
|
—
|
|
|
$
|
73
|
|
|
$
|
(50
|
)
|
|
|
|
|
|
December 31, 2015
|
||||||||||||||
|
|
|
|
|
|
|
Gross amounts offset in the balance sheet
|
|
|
||||||||||
Contract Type
|
|
Location on Balance Sheet
|
|
Gross Fair Value
|
|
Contract Netting
|
|
Collateral or Margin Received or Paid
|
|
Net Fair Value
|
|||||||||
(amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commodity contracts
|
|
Assets from risk management activities
|
|
$
|
403
|
|
|
$
|
(285
|
)
|
|
$
|
—
|
|
|
$
|
118
|
|
|
Total derivative assets
|
|
|
|
$
|
403
|
|
|
$
|
(285
|
)
|
|
$
|
—
|
|
|
$
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commodity contracts
|
|
Liabilities from risk management activities
|
|
$
|
(557
|
)
|
|
$
|
285
|
|
|
$
|
106
|
|
|
$
|
(166
|
)
|
|
Interest rate contracts
|
|
Liabilities from risk management activities
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
||||
|
Common stock warrants
|
|
Other long-term liabilities
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||
|
Total derivative liabilities
|
|
|
|
$
|
(606
|
)
|
|
$
|
285
|
|
|
$
|
106
|
|
|
$
|
(215
|
)
|
Total derivatives
|
|
|
|
$
|
(203
|
)
|
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
(97
|
)
|
Location on Balance Sheet
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
(amounts in millions)
|
|
|
|
|
||||
Gross collateral posted with counterparties
|
|
$
|
119
|
|
|
$
|
162
|
|
Less: Collateral netted against risk management liabilities
|
|
73
|
|
|
106
|
|
||
Net collateral within Prepayments and other current assets
|
|
$
|
46
|
|
|
$
|
56
|
|
Derivatives Not Designated as Hedges
|
|
Location of Gain (Loss)
Recognized in Income on
Derivatives
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||
(amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
Revenues
|
|
$
|
(27
|
)
|
|
$
|
48
|
|
|
$
|
188
|
|
|
$
|
120
|
|
Interest rate contracts
|
|
Interest expense
|
|
$
|
1
|
|
|
$
|
(9
|
)
|
|
$
|
(11
|
)
|
|
$
|
(17
|
)
|
Common stock warrants
|
|
Other income and (expense), net
|
|
$
|
4
|
|
|
$
|
45
|
|
|
$
|
5
|
|
|
$
|
43
|
|
|
|
Fair Value as of September 30, 2016
|
||||||||||||||
(amounts in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets from commodity risk management activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electricity derivatives
|
|
$
|
—
|
|
|
$
|
248
|
|
|
$
|
38
|
|
|
$
|
286
|
|
Natural gas derivatives
|
|
—
|
|
|
51
|
|
|
10
|
|
|
61
|
|
||||
Emissions derivatives
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Coal derivatives
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Total assets from commodity risk management activities
|
|
$
|
—
|
|
|
$
|
302
|
|
|
$
|
49
|
|
|
$
|
351
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
.
|
|
||||
Liabilities from commodity risk management activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electricity derivatives
|
|
$
|
—
|
|
|
$
|
(221
|
)
|
|
$
|
(48
|
)
|
|
$
|
(269
|
)
|
Natural gas derivatives
|
|
—
|
|
|
(123
|
)
|
|
(24
|
)
|
|
(147
|
)
|
||||
Emissions derivatives
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Coal derivatives
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Total liabilities from commodity risk management activities
|
|
—
|
|
|
(360
|
)
|
|
(72
|
)
|
|
(432
|
)
|
||||
Liabilities from interest rate contracts
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
(40
|
)
|
||||
Liabilities from outstanding common stock warrants
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Total liabilities
|
|
$
|
(2
|
)
|
|
$
|
(400
|
)
|
|
$
|
(72
|
)
|
|
$
|
(474
|
)
|
|
|
Fair Value as of December 31, 2015
|
||||||||||||||
(amounts in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets from commodity risk management activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electricity derivatives
|
|
$
|
—
|
|
|
$
|
308
|
|
|
$
|
40
|
|
|
$
|
348
|
|
Natural gas derivatives
|
|
—
|
|
|
40
|
|
|
2
|
|
|
42
|
|
||||
Coal derivatives
|
|
—
|
|
|
10
|
|
|
3
|
|
|
13
|
|
||||
Total assets from commodity risk management activities
|
|
$
|
—
|
|
|
$
|
358
|
|
|
$
|
45
|
|
|
$
|
403
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities from commodity risk management activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electricity derivatives
|
|
$
|
—
|
|
|
$
|
(267
|
)
|
|
$
|
(58
|
)
|
|
$
|
(325
|
)
|
Natural gas derivatives
|
|
—
|
|
|
(158
|
)
|
|
(34
|
)
|
|
(192
|
)
|
||||
Diesel derivatives
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Coal derivatives
|
|
—
|
|
|
(35
|
)
|
|
(1
|
)
|
|
(36
|
)
|
||||
Total liabilities from commodity risk management activities
|
|
—
|
|
|
(464
|
)
|
|
(93
|
)
|
|
(557
|
)
|
||||
Liabilities from interest rate contracts
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
(42
|
)
|
||||
Liabilities from outstanding common stock warrants
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||
Total liabilities
|
|
$
|
(7
|
)
|
|
$
|
(506
|
)
|
|
$
|
(93
|
)
|
|
$
|
(606
|
)
|
Transaction Type
|
|
Quantity
|
|
Unit of Measure
|
|
Net Fair Value
|
|
Valuation Technique
|
|
Significant Unobservable Input
|
|
Significant Unobservable Input Range
|
|||
(dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Electricity derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Forward contracts—power (1)
|
|
(10
|
)
|
|
Million MWh
|
|
$
|
(7
|
)
|
|
Basis spread + liquid location
|
|
Basis spread
|
|
$5.00 - $7.00
|
FTRs
|
|
(26
|
)
|
|
Million MWh
|
|
$
|
(3
|
)
|
|
Historical congestion
|
|
Forward price
|
|
$0 - $6.00
|
Natural gas derivatives (1)
|
|
78
|
|
|
Million MMBtu
|
|
$
|
(14
|
)
|
|
Illiquid location fixed price
|
|
Forward price
|
|
$1.05 - $1.35
|
Coal derivatives (1)
|
|
—
|
|
|
Thousand Tons
|
|
$
|
1
|
|
|
Illiquid location fixed price
|
|
Forward price
|
|
$6.10 - $7.45
|
(1)
|
Represents forward financial and physical transactions at illiquid pricing locations.
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||
(amounts in millions)
|
|
Electricity
Derivatives
|
|
Natural Gas Derivatives
|
|
Coal Derivatives
|
|
Total
|
||||||||
Balance at June 30, 2016
|
|
$
|
(24
|
)
|
|
$
|
(15
|
)
|
|
$
|
1
|
|
|
$
|
(38
|
)
|
Total gains (losses) included in earnings
|
|
9
|
|
|
(4
|
)
|
|
1
|
|
|
6
|
|
||||
Settlements (1)
|
|
5
|
|
|
5
|
|
|
(1
|
)
|
|
9
|
|
||||
Balance at September 30, 2016
|
|
$
|
(10
|
)
|
|
$
|
(14
|
)
|
|
$
|
1
|
|
|
$
|
(23
|
)
|
Unrealized gains (losses) relating to instruments held as of September 30, 2016
|
|
$
|
9
|
|
|
$
|
(4
|
)
|
|
$
|
1
|
|
|
$
|
6
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||
(amounts in millions)
|
|
Electricity
Derivatives
|
|
Natural Gas Derivatives
|
|
Coal Derivatives
|
|
Total
|
||||||||
Balance at December 31, 2015
|
|
$
|
(18
|
)
|
|
$
|
(32
|
)
|
|
$
|
2
|
|
|
$
|
(48
|
)
|
Total gains included in earnings
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Settlements (1)
|
|
4
|
|
|
18
|
|
|
(1
|
)
|
|
21
|
|
||||
Balance at September 30, 2016
|
|
$
|
(10
|
)
|
|
$
|
(14
|
)
|
|
$
|
1
|
|
|
$
|
(23
|
)
|
Unrealized gains relating to instruments held as of September 30, 2016
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||
(amounts in millions)
|
|
Electricity
Derivatives
|
|
Natural Gas Derivatives
|
|
Heat Rate Derivatives
|
|
Coal Derivatives
|
|
Total
|
||||||||||
Balance at June 30, 2015
|
|
$
|
(54
|
)
|
|
$
|
(11
|
)
|
|
$
|
(7
|
)
|
|
$
|
4
|
|
|
$
|
(68
|
)
|
Total gains (losses) included in earnings
|
|
2
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Settlements (1)
|
|
3
|
|
|
—
|
|
|
5
|
|
|
(1
|
)
|
|
7
|
|
|||||
Balance at September 30, 2015
|
|
$
|
(49
|
)
|
|
$
|
(14
|
)
|
|
$
|
(2
|
)
|
|
$
|
3
|
|
|
$
|
(62
|
)
|
Unrealized gains (losses) relating to instruments held as of September 30, 2015
|
|
$
|
2
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
(amounts in millions)
|
|
Electricity
Derivatives
|
|
Natural Gas Derivatives
|
|
Heat Rate Derivatives
|
|
Coal Derivatives
|
|
Total
|
||||||||||
Balance at December 31, 2014
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
Acquisitions
|
|
(54
|
)
|
|
(14
|
)
|
|
(9
|
)
|
|
5
|
|
|
(72
|
)
|
|||||
Total gains included in earnings
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Settlements (1)
|
|
2
|
|
|
—
|
|
|
7
|
|
|
(2
|
)
|
|
7
|
|
|||||
Balance at September 30, 2015
|
|
$
|
(49
|
)
|
|
$
|
(14
|
)
|
|
$
|
(2
|
)
|
|
$
|
3
|
|
|
$
|
(62
|
)
|
Unrealized gains relating to instruments held as of September 30, 2015
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
(1)
|
For purposes of these tables, we define settlements as the beginning of period fair value of contracts that settled during the period.
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
(amounts in millions)
|
|
Fair Value Hierarchy
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Dynegy Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||||
6.75% Senior Notes, due 2019 (1)
|
|
Level 2
|
|
$
|
(2,081
|
)
|
|
$
|
(2,168
|
)
|
|
$
|
(2,077
|
)
|
|
$
|
(1,985
|
)
|
Tranche B-2 Term Loan, due 2020 (1)
|
|
Level 2
|
|
$
|
(762
|
)
|
|
$
|
(779
|
)
|
|
$
|
(766
|
)
|
|
$
|
(754
|
)
|
7.375% Senior Notes, due 2022 (1)
|
|
Level 2
|
|
$
|
(1,731
|
)
|
|
$
|
(1,724
|
)
|
|
$
|
(1,729
|
)
|
|
$
|
(1,531
|
)
|
5.875% Senior Notes, due 2023 (1)
|
|
Level 2
|
|
$
|
(492
|
)
|
|
$
|
(450
|
)
|
|
$
|
(491
|
)
|
|
$
|
(404
|
)
|
7.625% Senior Notes, due 2024 (1)
|
|
Level 2
|
|
$
|
(1,236
|
)
|
|
$
|
(1,225
|
)
|
|
$
|
(1,235
|
)
|
|
$
|
(1,078
|
)
|
7.00% Amortizing Notes, due 2019 (TEUs) (1)
|
|
Level 2
|
|
$
|
(84
|
)
|
|
$
|
(88
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Forward capacity agreement (1)
|
|
Level 3
|
|
$
|
(203
|
)
|
|
$
|
(203
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Inventory financing agreements
|
|
Level 3
|
|
$
|
(136
|
)
|
|
$
|
(135
|
)
|
|
$
|
(136
|
)
|
|
$
|
(137
|
)
|
Equipment financing agreements (1)
|
|
Level 3
|
|
$
|
(75
|
)
|
|
$
|
(75
|
)
|
|
$
|
(61
|
)
|
|
$
|
(61
|
)
|
Interest rate derivatives
|
|
Level 2
|
|
$
|
(40
|
)
|
|
$
|
(40
|
)
|
|
$
|
(42
|
)
|
|
$
|
(42
|
)
|
Commodity-based derivative contracts (2)
|
|
Various
|
|
$
|
(81
|
)
|
|
$
|
(81
|
)
|
|
$
|
(154
|
)
|
|
$
|
(154
|
)
|
Common stock warrants
|
|
Level 1
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(7
|
)
|
|
$
|
(7
|
)
|
Dynegy Finance IV, Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tranche C Term Loan, due 2023 (1)
|
|
Level 2
|
|
$
|
(1,995
|
)
|
|
$
|
(2,015
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Genco:
|
|
|
|
|
|
|
|
|
|
|
||||||||
7.00% Senior Notes Series H, due 2018 (1)
|
|
Level 2
|
|
$
|
(284
|
)
|
|
$
|
(119
|
)
|
|
$
|
(276
|
)
|
|
$
|
(204
|
)
|
6.30% Senior Notes Series I, due 2020 (1)
|
|
Level 2
|
|
$
|
(218
|
)
|
|
$
|
(99
|
)
|
|
$
|
(213
|
)
|
|
$
|
(148
|
)
|
7.95% Senior Notes Series F, due 2032 (1)
|
|
Level 2
|
|
$
|
(226
|
)
|
|
$
|
(107
|
)
|
|
$
|
(225
|
)
|
|
$
|
(162
|
)
|
(1)
|
Carrying amounts include unamortized discounts and debt issuance costs. Please read
Note 13—Debt
for further discussion.
|
(2)
|
Carrying amounts exclude
$73 million
and
$106 million
of cash posted as collateral, as of
September 30, 2016
and
December 31, 2015
, respectively.
|
|
|
Nine Months Ended September 30,
|
||||||
(amounts in millions)
|
|
2016
|
|
2015
|
||||
Beginning of period
|
|
$
|
19
|
|
|
$
|
20
|
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
||||
Actuarial gain and plan amendments (net of tax of zero and $2, respectively)
|
|
—
|
|
|
7
|
|
||
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
||
Amortization of unrecognized prior service credit (net of tax of zero and zero, respectively) (1)
|
|
(4
|
)
|
|
(3
|
)
|
||
Net current period other comprehensive income (loss), net of tax
|
|
(4
|
)
|
|
4
|
|
||
End of period
|
|
$
|
15
|
|
|
$
|
24
|
|
(1)
|
Amounts are associated with our defined benefit pension and other post-employment benefit plans and are included in the computation of net periodic pension cost (gain). Please read
Note 16—Pension and Other Post-Employment Benefit Plans
for further discussion.
|
(amounts in millions)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Materials and supplies
|
|
$
|
183
|
|
|
$
|
178
|
|
Coal (1)
|
|
233
|
|
|
350
|
|
||
Fuel oil (1)
|
|
17
|
|
|
17
|
|
||
Emissions allowances (2)
|
|
14
|
|
|
51
|
|
||
Other
|
|
—
|
|
|
1
|
|
||
Total
|
|
$
|
447
|
|
|
$
|
597
|
|
(1)
|
At
September 30, 2016
, approximately
$47 million
and
$16 million
of the coal and fuel oil inventory, respectively, are part of an inventory financing agreement. At December 31, 2015, approximately
$44 million
and
$16 million
of the coal and fuel oil inventory, respectively, were part of an inventory financing agreement. Please read
Note 13—Debt
—
Brayton Point Inventory Financing for further discussion.
|
(2)
|
At
September 30, 2016
and December 31, 2015, a portion of this inventory was held as collateral by one of our counterparties as part of an inventory financing agreement. Please read
Note 13—Debt
—
Emissions Repurchase Agreements for further discussion.
|
(amounts in millions)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Power generation
|
|
$
|
7,481
|
|
|
$
|
8,178
|
|
Buildings and improvements
|
|
938
|
|
|
956
|
|
||
Office and other equipment
|
|
103
|
|
|
101
|
|
||
Property, plant and equipment
|
|
8,522
|
|
|
9,235
|
|
||
Accumulated depreciation
|
|
(1,270
|
)
|
|
(888
|
)
|
||
Property, plant and equipment, net
|
|
$
|
7,252
|
|
|
$
|
8,347
|
|
|
|
September 30, 2016
|
|||||||||||||||||
(dollars in millions)
|
|
Ownership Interest
|
|
Property, Plant and Equipment
|
|
Accumulated Depreciation
|
|
Construction Work in Progress
|
|
Total
|
|||||||||
Miami Fort
|
|
64.0
|
%
|
|
$
|
206
|
|
|
$
|
(33
|
)
|
|
$
|
3
|
|
|
$
|
176
|
|
Stuart (1)
|
|
39.0
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Conesville (1)
|
|
40.0
|
%
|
|
$
|
61
|
|
|
$
|
(2
|
)
|
|
$
|
5
|
|
|
$
|
64
|
|
Zimmer
|
|
46.5
|
%
|
|
$
|
116
|
|
|
$
|
(21
|
)
|
|
$
|
4
|
|
|
$
|
99
|
|
Killen (1)
|
|
33.0
|
%
|
|
$
|
18
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
19
|
|
|
|
December 31, 2015
|
|||||||||||||||||
(dollars in millions)
|
|
Ownership Interest
|
|
Property, Plant and Equipment
|
|
Accumulated Depreciation
|
|
Construction Work in Progress
|
|
Total
|
|||||||||
Miami Fort
|
|
64.0
|
%
|
|
$
|
207
|
|
|
$
|
(16
|
)
|
|
$
|
3
|
|
|
$
|
194
|
|
Stuart (1)
|
|
39.0
|
%
|
|
$
|
32
|
|
|
$
|
(4
|
)
|
|
$
|
20
|
|
|
$
|
48
|
|
Conesville (1)
|
|
40.0
|
%
|
|
$
|
61
|
|
|
$
|
(2
|
)
|
|
$
|
4
|
|
|
$
|
63
|
|
Zimmer
|
|
46.5
|
%
|
|
$
|
99
|
|
|
$
|
(10
|
)
|
|
$
|
11
|
|
|
$
|
100
|
|
Killen (1)
|
|
33.0
|
%
|
|
$
|
17
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
18
|
|
(1)
|
Facilities not operated by Dynegy.
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(amounts in millions)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Intangible Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electricity contracts
|
|
$
|
260
|
|
|
$
|
(187
|
)
|
|
$
|
73
|
|
|
$
|
260
|
|
|
$
|
(126
|
)
|
|
$
|
134
|
|
Gas transport contracts
|
|
46
|
|
|
(37
|
)
|
|
9
|
|
|
46
|
|
|
(16
|
)
|
|
30
|
|
||||||
Total intangible assets
|
|
$
|
306
|
|
|
$
|
(224
|
)
|
|
$
|
82
|
|
|
$
|
306
|
|
|
$
|
(142
|
)
|
|
$
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Electricity contracts
|
|
$
|
(28
|
)
|
|
$
|
26
|
|
|
$
|
(2
|
)
|
|
$
|
(30
|
)
|
|
$
|
19
|
|
|
$
|
(11
|
)
|
Coal contracts
|
|
(93
|
)
|
|
76
|
|
|
(17
|
)
|
|
(134
|
)
|
|
82
|
|
|
(52
|
)
|
||||||
Coal transport contracts
|
|
(104
|
)
|
|
85
|
|
|
(19
|
)
|
|
(104
|
)
|
|
64
|
|
|
(40
|
)
|
||||||
Gas transport contracts
|
|
(41
|
)
|
|
7
|
|
|
(34
|
)
|
|
(64
|
)
|
|
27
|
|
|
(37
|
)
|
||||||
Total intangible liabilities
|
|
$
|
(266
|
)
|
|
$
|
194
|
|
|
$
|
(72
|
)
|
|
$
|
(332
|
)
|
|
$
|
192
|
|
|
$
|
(140
|
)
|
Intangible assets and liabilities, net
|
|
$
|
40
|
|
|
$
|
(30
|
)
|
|
$
|
10
|
|
|
$
|
(26
|
)
|
|
$
|
50
|
|
|
$
|
24
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Electricity contracts, net (1)
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
52
|
|
|
$
|
53
|
|
Coal contracts, net (2)
|
|
(9
|
)
|
|
(19
|
)
|
|
(32
|
)
|
|
(42
|
)
|
||||
Coal transport contracts, net (2)
|
|
(7
|
)
|
|
(9
|
)
|
|
(21
|
)
|
|
(24
|
)
|
||||
Gas transport contracts, net (2)
|
|
1
|
|
|
(2
|
)
|
|
18
|
|
|
(5
|
)
|
||||
Total
|
|
$
|
4
|
|
|
$
|
(9
|
)
|
|
$
|
17
|
|
|
$
|
(18
|
)
|
(1)
|
The amortization of these contracts is recognized in Revenues in our unaudited consolidated statements of operations.
|
(2)
|
The amortization of these contracts is recognized in Cost of sales in our unaudited consolidated statements of operations.
|
(in millions, except price per TEU)
|
|
SPC
|
|
Amortizing Note
|
|
Total
|
||||||
Price per TEU
|
|
$
|
81
|
|
|
$
|
19
|
|
|
$
|
100
|
|
|
|
|
|
|
|
|
||||||
Gross proceeds
|
|
$
|
373
|
|
|
$
|
87
|
|
|
$
|
460
|
|
Less: Issuance costs
|
|
(14
|
)
|
|
(3
|
)
|
|
(17
|
)
|
|||
Net proceeds
|
|
$
|
359
|
|
|
$
|
84
|
|
|
$
|
443
|
|
VWAP of Dynegy Common Stock
|
|
Common Shares Issued
|
Equal to or greater than $19.92
|
|
5.0201 shares (minimum settlement rate)
|
Less than $19.92, but greater than $16.13
|
|
$100 divided by VWAP
|
Less than or equal to $16.13
|
|
6.1996 shares (maximum settlement rate)
|
(amounts in millions)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Secured Obligations:
|
|
|
|
|
||||
Dynegy Inc.:
|
|
|
|
|
||||
Tranche B-2 Term Loan, due 2020
|
|
$
|
774
|
|
|
$
|
780
|
|
Revolving Facility
|
|
—
|
|
|
—
|
|
||
Forward Capacity Agreement
|
|
219
|
|
|
—
|
|
||
Inventory Financing Agreements
|
|
136
|
|
|
136
|
|
||
Dynegy Finance IV, Inc.:
|
|
|
|
|
||||
Tranche C Term Loan, due 2023 (1)
|
|
2,000
|
|
|
—
|
|
||
Subtotal secured obligations
|
|
3,129
|
|
|
916
|
|
||
Unsecured Obligations:
|
|
|
|
|
||||
Dynegy Inc.:
|
|
|
|
|
||||
7.00% Amortizing Notes, due 2019 (TEUs)
|
|
87
|
|
|
—
|
|
||
6.75% Senior Notes, due 2019
|
|
2,100
|
|
|
2,100
|
|
||
7.375% Senior Notes, due 2022
|
|
1,750
|
|
|
1,750
|
|
||
5.875% Senior Notes, due 2023
|
|
500
|
|
|
500
|
|
||
7.625% Senior Notes, due 2024
|
|
1,250
|
|
|
1,250
|
|
||
Equipment Financing Agreements
|
|
100
|
|
|
75
|
|
||
Subtotal unsecured obligations
|
|
5,787
|
|
|
5,675
|
|
||
Total Dynegy Inc. and Dynegy Finance IV, Inc.
|
|
8,916
|
|
|
6,591
|
|
||
Genco Unsecured Obligations:
|
|
|
|
|
||||
7.00% Senior Notes Series H, due 2018
|
|
300
|
|
|
300
|
|
||
6.30% Senior Notes Series I, due 2020
|
|
250
|
|
|
250
|
|
||
7.95% Senior Notes Series F, due 2032
|
|
275
|
|
|
275
|
|
||
Total Genco (2)
|
|
825
|
|
|
825
|
|
||
Total debt obligations
|
|
9,741
|
|
|
7,416
|
|
||
Unamortized debt discounts and issuance costs (3)
|
|
(218
|
)
|
|
(207
|
)
|
||
|
|
9,523
|
|
|
7,209
|
|
||
Less: Current maturities, including unamortized debt discounts and issuance costs, net
|
|
167
|
|
|
80
|
|
||
Total Long-term debt
|
|
$
|
9,356
|
|
|
$
|
7,129
|
|
(1)
|
At
September 30, 2016
, the Tranche C Term Loan, under the Finance IV Credit Agreement, was secured by first-priority liens on amounts in the applicable escrow account which was classified as long-term Restricted cash in our unaudited consolidated balance sheet. Upon the closing of the Delta Transaction, this debt obligation will become Dynegy Inc.’s secured obligation. Please read Finance IV Credit Agreement below for further discussion.
|
(2)
|
On October 14, 2016, we entered into a restructuring support agreement (“RSA”) with Genco and an ad hoc group of Genco bondholders (the “Ad Hoc Group”) to restructure the Genco Senior Notes. See
Note 21—Subsequent Events
—Genco Debt Restructure for further discussion.
|
(3)
|
Includes
$97 million
and
$111 million
of unamortized debt discounts as of
September 30, 2016
and
December 31, 2015
, respectively, relating to the Genco unsecured obligations.
|
|
|
Required Ratio
|
Restricted payment interest coverage ratio (1)
|
|
≥1.75
|
Additional indebtedness interest coverage ratio (2)
|
|
≥2.50
|
Additional indebtedness debt-to-capital ratio (2)
|
|
≤60%
|
(1)
|
As of the date of a restricted payment, as defined, the minimum ratio must have been achieved for the most recently ended four fiscal quarters and projected by management to be achieved for each of the subsequent four six-month periods.
|
(2)
|
Ratios must be computed on a pro forma basis considering the additional indebtedness to be incurred and the related interest expense. Other borrowings from external, third-party sources are included in the definition of indebtedness and are subject to these incurrence tests.
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
|
Three Months Ended September 30,
|
||||||||||||||
(amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost benefits earned during period
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest cost on projected benefit obligation
|
|
5
|
|
|
4
|
|
|
1
|
|
|
1
|
|
||||
Expected return on plan assets
|
|
(5
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||
Amortization of prior service credit
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Net periodic benefit cost (gain)
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
|
Nine Months Ended September 30,
|
||||||||||||||
(amounts in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost benefits earned during period
|
|
$
|
12
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest cost on projected benefit obligation
|
|
15
|
|
|
13
|
|
|
3
|
|
|
3
|
|
||||
Expected return on plan assets
|
|
(17
|
)
|
|
(17
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
Amortization of prior service credit
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(2
|
)
|
||||
Net periodic benefit cost (gain)
|
|
$
|
9
|
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
$
|
(1
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in millions, except per share amounts)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(249
|
)
|
|
$
|
(24
|
)
|
|
$
|
(1,062
|
)
|
|
$
|
181
|
|
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
||||
Income (loss) from continuing operations attributable to Dynegy Inc.
|
|
(249
|
)
|
|
(24
|
)
|
|
(1,060
|
)
|
|
184
|
|
||||
Less: Dividends on preferred stock
|
|
5
|
|
|
5
|
|
|
16
|
|
|
16
|
|
||||
Income (loss) from continuing operations attributable to Dynegy Inc. common stockholders for basic earnings (loss) per share
|
|
(254
|
)
|
|
(29
|
)
|
|
(1,076
|
)
|
|
168
|
|
||||
Add: Dividends on preferred stock (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
Adjusted income (loss) from continuing operations attributable to Dynegy Inc. common stockholders for diluted earnings (loss) per share
|
|
$
|
(254
|
)
|
|
$
|
(29
|
)
|
|
$
|
(1,076
|
)
|
|
$
|
184
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average shares (2)
|
|
140
|
|
|
126
|
|
|
126
|
|
|
126
|
|
||||
Effect of dilutive securities (3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||
Diluted weighted-average shares
|
|
140
|
|
|
126
|
|
|
126
|
|
|
140
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share from continuing operations attributable to Dynegy Inc. common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
Basic (2)
|
|
$
|
(1.81
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(8.54
|
)
|
|
$
|
1.33
|
|
Diluted (3)
|
|
$
|
(1.81
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(8.54
|
)
|
|
$
|
1.31
|
|
(1)
|
Excluded for the
three and nine months ended September 30, 2016
and the
three months ended September 30, 2015
due to a net loss from continuing operations for the respective periods.
|
(2)
|
For the
three and nine months ended September 30, 2016
, the TEUs are assumed to be outstanding at the minimum settlement amount, or
23,092,460
shares, for weighted-average shares for basic earnings (loss) per share. Please read
Note 12—Tangible Equity Units
for further discussion.
|
(3)
|
Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have used the basic shares outstanding amount to calculate
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
(in millions of shares)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Stock options
|
|
2.8
|
|
|
1.8
|
|
|
2.8
|
|
|
—
|
|
Restricted stock units
|
|
1.3
|
|
|
1.5
|
|
|
1.3
|
|
|
—
|
|
Performance stock units
|
|
1.2
|
|
|
0.6
|
|
|
1.2
|
|
|
—
|
|
Warrants
|
|
15.6
|
|
|
15.6
|
|
|
15.6
|
|
|
15.6
|
|
Series A 5.375% mandatory convertible preferred stock
|
|
12.9
|
|
|
12.9
|
|
|
12.9
|
|
|
—
|
|
Prepaid stock purchase contract (TEUs)
|
|
5.4
|
|
|
—
|
|
|
5.4
|
|
|
—
|
|
Total
|
|
39.2
|
|
|
32.4
|
|
|
39.2
|
|
|
15.6
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,248
|
|
|
$
|
69
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
1,458
|
|
Restricted cash
|
—
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
85
|
|
|||||
Accounts receivable, net
|
115
|
|
|
2,383
|
|
|
135
|
|
|
(2,259
|
)
|
|
374
|
|
|||||
Inventory
|
—
|
|
|
234
|
|
|
213
|
|
|
—
|
|
|
447
|
|
|||||
Other current assets
|
11
|
|
|
235
|
|
|
31
|
|
|
(2
|
)
|
|
275
|
|
|||||
Total Current Assets
|
1,374
|
|
|
2,921
|
|
|
605
|
|
|
(2,261
|
)
|
|
2,639
|
|
|||||
Property, plant and equipment, net
|
—
|
|
|
6,901
|
|
|
351
|
|
|
—
|
|
|
7,252
|
|
|||||
Investment in affiliates
|
12,335
|
|
|
173
|
|
|
—
|
|
|
(12,335
|
)
|
|
173
|
|
|||||
Restricted cash
|
—
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
2,000
|
|
|||||
Goodwill
|
—
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|||||
Other long-term assets
|
4
|
|
|
112
|
|
|
45
|
|
|
—
|
|
|
161
|
|
|||||
Intercompany note receivable
|
—
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
13,713
|
|
|
$
|
10,906
|
|
|
$
|
3,004
|
|
|
$
|
(14,599
|
)
|
|
$
|
13,024
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
1,745
|
|
|
$
|
226
|
|
|
$
|
551
|
|
|
$
|
(2,259
|
)
|
|
$
|
263
|
|
Other current liabilities
|
224
|
|
|
293
|
|
|
133
|
|
|
(2
|
)
|
|
648
|
|
|||||
Total Current Liabilities
|
1,969
|
|
|
519
|
|
|
684
|
|
|
(2,261
|
)
|
|
911
|
|
|||||
Debt, long-term portion, net
|
6,355
|
|
|
288
|
|
|
2,713
|
|
|
—
|
|
|
9,356
|
|
|||||
Intercompany note payable
|
3,042
|
|
|
—
|
|
|
—
|
|
|
(3,042
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
136
|
|
|
287
|
|
|
130
|
|
|
(3
|
)
|
|
550
|
|
|||||
Total Liabilities
|
11,502
|
|
|
1,094
|
|
|
3,527
|
|
|
(5,306
|
)
|
|
10,817
|
|
|||||
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Dynegy Stockholders’ Equity
|
2,211
|
|
|
12,854
|
|
|
(519
|
)
|
|
(12,335
|
)
|
|
2,211
|
|
|||||
Intercompany note receivable
|
—
|
|
|
(3,042
|
)
|
|
—
|
|
|
3,042
|
|
|
—
|
|
|||||
Total Dynegy Stockholders’ Equity
|
2,211
|
|
|
9,812
|
|
|
(519
|
)
|
|
(9,293
|
)
|
|
2,211
|
|
|||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Total Equity
|
2,211
|
|
|
9,812
|
|
|
(523
|
)
|
|
(9,293
|
)
|
|
2,207
|
|
|||||
Total Liabilities and Equity
|
$
|
13,713
|
|
|
$
|
10,906
|
|
|
$
|
3,004
|
|
|
$
|
(14,599
|
)
|
|
$
|
13,024
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
327
|
|
|
$
|
94
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
505
|
|
Restricted cash
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
39
|
|
|||||
Accounts receivable, net
|
499
|
|
|
1,503
|
|
|
130
|
|
|
(1,730
|
)
|
|
402
|
|
|||||
Inventory
|
—
|
|
|
331
|
|
|
266
|
|
|
—
|
|
|
597
|
|
|||||
Other current assets
|
13
|
|
|
335
|
|
|
55
|
|
|
(14
|
)
|
|
389
|
|
|||||
Total Current Assets
|
839
|
|
|
2,263
|
|
|
574
|
|
|
(1,744
|
)
|
|
1,932
|
|
|||||
Property, plant and equipment, net
|
—
|
|
|
7,813
|
|
|
534
|
|
|
—
|
|
|
8,347
|
|
|||||
Investment in affiliates
|
13,017
|
|
|
190
|
|
|
—
|
|
|
(13,017
|
)
|
|
190
|
|
|||||
Other long-term assets
|
10
|
|
|
133
|
|
|
50
|
|
|
—
|
|
|
193
|
|
|||||
Goodwill
|
—
|
|
|
797
|
|
|
—
|
|
|
—
|
|
|
797
|
|
|||||
Intercompany note receivable
|
17
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
13,883
|
|
|
$
|
11,196
|
|
|
$
|
1,158
|
|
|
$
|
(14,778
|
)
|
|
$
|
11,459
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
1,388
|
|
|
$
|
238
|
|
|
$
|
396
|
|
|
$
|
(1,730
|
)
|
|
$
|
292
|
|
Other current liabilities
|
92
|
|
|
277
|
|
|
162
|
|
|
(14
|
)
|
|
517
|
|
|||||
Total Current Liabilities
|
1,480
|
|
|
515
|
|
|
558
|
|
|
(1,744
|
)
|
|
809
|
|
|||||
Debt, long-term portion, net
|
6,293
|
|
|
122
|
|
|
714
|
|
|
—
|
|
|
7,129
|
|
|||||
Intercompany note payable
|
3,042
|
|
|
—
|
|
|
17
|
|
|
(3,059
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
147
|
|
|
317
|
|
|
138
|
|
|
—
|
|
|
602
|
|
|||||
Total Liabilities
|
10,962
|
|
|
954
|
|
|
1,427
|
|
|
(4,803
|
)
|
|
8,540
|
|
|||||
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Dynegy Stockholders’ Equity
|
2,921
|
|
|
13,284
|
|
|
(267
|
)
|
|
(13,017
|
)
|
|
2,921
|
|
|||||
Intercompany note receivable
|
—
|
|
|
(3,042
|
)
|
|
—
|
|
|
3,042
|
|
|
—
|
|
|||||
Total Dynegy Stockholders’ Equity
|
2,921
|
|
|
10,242
|
|
|
(267
|
)
|
|
(9,975
|
)
|
|
2,921
|
|
|||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Total Equity
|
2,921
|
|
|
10,242
|
|
|
(269
|
)
|
|
(9,975
|
)
|
|
2,919
|
|
|||||
Total Liabilities and Equity
|
$
|
13,883
|
|
|
$
|
11,196
|
|
|
$
|
1,158
|
|
|
$
|
(14,778
|
)
|
|
$
|
11,459
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
919
|
|
|
$
|
267
|
|
|
$
|
(2
|
)
|
|
$
|
1,184
|
|
Cost of sales, excluding depreciation expense
|
—
|
|
|
(501
|
)
|
|
(161
|
)
|
|
2
|
|
|
(660
|
)
|
|||||
Gross margin
|
—
|
|
|
418
|
|
|
106
|
|
|
—
|
|
|
524
|
|
|||||
Operating and maintenance expense
|
—
|
|
|
(152
|
)
|
|
(66
|
)
|
|
—
|
|
|
(218
|
)
|
|||||
Depreciation expense
|
—
|
|
|
(147
|
)
|
|
(16
|
)
|
|
—
|
|
|
(163
|
)
|
|||||
Impairments
|
—
|
|
|
(64
|
)
|
|
(148
|
)
|
|
—
|
|
|
(212
|
)
|
|||||
General and administrative expense
|
(2
|
)
|
|
(28
|
)
|
|
(11
|
)
|
|
—
|
|
|
(41
|
)
|
|||||
Acquisition and integration costs
|
(5
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(7
|
)
|
|||||
Other
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
Operating income (loss)
|
(7
|
)
|
|
26
|
|
|
(136
|
)
|
|
—
|
|
|
(117
|
)
|
|||||
Earnings from unconsolidated investment
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Equity in losses from investments in affiliates
|
(153
|
)
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|||||
Interest expense
|
(112
|
)
|
|
(5
|
)
|
|
(50
|
)
|
|
1
|
|
|
(166
|
)
|
|||||
Other income and expense, net
|
23
|
|
|
5
|
|
|
2
|
|
|
(1
|
)
|
|
29
|
|
|||||
Income (loss) before income taxes
|
(249
|
)
|
|
30
|
|
|
(184
|
)
|
|
153
|
|
|
(250
|
)
|
|||||
Income tax benefit (expense)
|
—
|
|
|
37
|
|
|
(36
|
)
|
|
—
|
|
|
1
|
|
|||||
Net income (loss)
|
(249
|
)
|
|
67
|
|
|
(220
|
)
|
|
153
|
|
|
(249
|
)
|
|||||
Less: Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) attributable to Dynegy Inc.
|
$
|
(249
|
)
|
|
$
|
67
|
|
|
$
|
(220
|
)
|
|
$
|
153
|
|
|
$
|
(249
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
2,517
|
|
|
$
|
696
|
|
|
$
|
(2
|
)
|
|
$
|
3,211
|
|
Cost of sales, excluding depreciation expense
|
—
|
|
|
(1,295
|
)
|
|
(405
|
)
|
|
2
|
|
|
(1,698
|
)
|
|||||
Gross margin
|
—
|
|
|
1,222
|
|
|
291
|
|
|
—
|
|
|
1,513
|
|
|||||
Operating and maintenance expense
|
—
|
|
|
(503
|
)
|
|
(192
|
)
|
|
—
|
|
|
(695
|
)
|
|||||
Depreciation expense
|
—
|
|
|
(433
|
)
|
|
(61
|
)
|
|
—
|
|
|
(494
|
)
|
|||||
Impairments
|
—
|
|
|
(709
|
)
|
|
(148
|
)
|
|
—
|
|
|
(857
|
)
|
|||||
General and administrative expense
|
(5
|
)
|
|
(87
|
)
|
|
(25
|
)
|
|
—
|
|
|
(117
|
)
|
|||||
Acquisition and integration costs
|
(8
|
)
|
|
(3
|
)
|
|
3
|
|
|
—
|
|
|
(8
|
)
|
|||||
Other
|
—
|
|
|
(1
|
)
|
|
(15
|
)
|
|
—
|
|
|
(16
|
)
|
|||||
Operating loss
|
(13
|
)
|
|
(514
|
)
|
|
(147
|
)
|
|
—
|
|
|
(674
|
)
|
|||||
Earnings from unconsolidated investment
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Equity in losses from investments in affiliates
|
(718
|
)
|
|
—
|
|
|
—
|
|
|
718
|
|
|
—
|
|
|||||
Interest expense
|
(355
|
)
|
|
(9
|
)
|
|
(87
|
)
|
|
2
|
|
|
(449
|
)
|
|||||
Other income and expense, net
|
26
|
|
|
20
|
|
|
16
|
|
|
(2
|
)
|
|
60
|
|
|||||
Loss before income taxes
|
(1,060
|
)
|
|
(496
|
)
|
|
(218
|
)
|
|
718
|
|
|
(1,056
|
)
|
|||||
Income tax benefit (expense)
|
—
|
|
|
30
|
|
|
(36
|
)
|
|
—
|
|
|
(6
|
)
|
|||||
Net loss
|
(1,060
|
)
|
|
(466
|
)
|
|
(254
|
)
|
|
718
|
|
|
(1,062
|
)
|
|||||
Less: Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Net loss attributable to Dynegy Inc.
|
$
|
(1,060
|
)
|
|
$
|
(466
|
)
|
|
$
|
(252
|
)
|
|
$
|
718
|
|
|
$
|
(1,060
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
878
|
|
|
$
|
249
|
|
|
$
|
105
|
|
|
$
|
1,232
|
|
Cost of sales, excluding depreciation expense
|
—
|
|
|
(369
|
)
|
|
(147
|
)
|
|
(105
|
)
|
|
(621
|
)
|
|||||
Gross margin
|
—
|
|
|
509
|
|
|
102
|
|
|
—
|
|
|
611
|
|
|||||
Operating and maintenance expense
|
—
|
|
|
(154
|
)
|
|
(65
|
)
|
|
—
|
|
|
(219
|
)
|
|||||
Depreciation expense
|
—
|
|
|
(149
|
)
|
|
(25
|
)
|
|
—
|
|
|
(174
|
)
|
|||||
Impairments
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
General and administrative expense
|
3
|
|
|
(26
|
)
|
|
(6
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Acquisition and integration costs
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||
Operating income
|
3
|
|
|
98
|
|
|
6
|
|
|
—
|
|
|
107
|
|
|||||
Losses from unconsolidated investment
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||
Equity in earnings from investments in affiliates
|
53
|
|
|
—
|
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|||||
Interest expense
|
(127
|
)
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(145
|
)
|
|||||
Other income and expense, net
|
47
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
46
|
|
|||||
Income (loss) before income taxes
|
(24
|
)
|
|
93
|
|
|
(12
|
)
|
|
(53
|
)
|
|
4
|
|
|||||
Income tax benefit (expense)
|
—
|
|
|
(45
|
)
|
|
17
|
|
|
—
|
|
|
(28
|
)
|
|||||
Net income (loss)
|
(24
|
)
|
|
48
|
|
|
5
|
|
|
(53
|
)
|
|
(24
|
)
|
|||||
Less: Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) attributable to Dynegy Inc.
|
$
|
(24
|
)
|
|
$
|
48
|
|
|
$
|
5
|
|
|
$
|
(53
|
)
|
|
$
|
(24
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
2,186
|
|
|
$
|
672
|
|
|
$
|
(4
|
)
|
|
$
|
2,854
|
|
Cost of sales, excluding depreciation expense
|
—
|
|
|
(1,080
|
)
|
|
(418
|
)
|
|
4
|
|
|
(1,494
|
)
|
|||||
Gross margin
|
—
|
|
|
1,106
|
|
|
254
|
|
|
—
|
|
|
1,360
|
|
|||||
Operating and maintenance expense
|
—
|
|
|
(385
|
)
|
|
(195
|
)
|
|
—
|
|
|
(580
|
)
|
|||||
Depreciation expense
|
—
|
|
|
(352
|
)
|
|
(61
|
)
|
|
—
|
|
|
(413
|
)
|
|||||
Impairments
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
General and administrative expense
|
—
|
|
|
(69
|
)
|
|
(25
|
)
|
|
—
|
|
|
(94
|
)
|
|||||
Acquisition and integration costs
|
—
|
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|||||
Other
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Operating income (loss)
|
—
|
|
|
104
|
|
|
(27
|
)
|
|
—
|
|
|
77
|
|
|||||
Losses from unconsolidated investment
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Equity in earnings from investments in affiliates
|
500
|
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
|||||
Interest expense
|
(361
|
)
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
(413
|
)
|
|||||
Other income and expense, net
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|||||
Income (loss) before income taxes
|
184
|
|
|
103
|
|
|
(79
|
)
|
|
(500
|
)
|
|
(292
|
)
|
|||||
Income tax benefit
|
—
|
|
|
473
|
|
|
—
|
|
|
—
|
|
|
473
|
|
|||||
Net income (loss)
|
184
|
|
|
576
|
|
|
(79
|
)
|
|
(500
|
)
|
|
181
|
|
|||||
Less: Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||
Net income (loss) attributable to Dynegy Inc.
|
$
|
184
|
|
|
$
|
576
|
|
|
$
|
(76
|
)
|
|
$
|
(500
|
)
|
|
$
|
184
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income (loss)
|
$
|
(249
|
)
|
|
$
|
67
|
|
|
$
|
(220
|
)
|
|
$
|
153
|
|
|
$
|
(249
|
)
|
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of unrecognized prior service credit, net of tax of zero
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Other comprehensive loss from investment in affiliates
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||
Other comprehensive loss, net of tax
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
(2
|
)
|
|||||
Comprehensive income (loss)
|
(251
|
)
|
|
67
|
|
|
(221
|
)
|
|
154
|
|
|
(251
|
)
|
|||||
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total comprehensive income (loss) attributable to Dynegy Inc.
|
$
|
(251
|
)
|
|
$
|
67
|
|
|
$
|
(221
|
)
|
|
$
|
154
|
|
|
$
|
(251
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net loss
|
$
|
(1,060
|
)
|
|
$
|
(466
|
)
|
|
$
|
(254
|
)
|
|
$
|
718
|
|
|
$
|
(1,062
|
)
|
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of unrecognized prior service credit, net of tax of zero
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Other comprehensive loss from investment in affiliates
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||
Other comprehensive loss, net of tax
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
(4
|
)
|
|||||
Comprehensive loss
|
(1,064
|
)
|
|
(466
|
)
|
|
(255
|
)
|
|
719
|
|
|
(1,066
|
)
|
|||||
Less: Comprehensive loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Total comprehensive loss attributable to Dynegy Inc.
|
$
|
(1,064
|
)
|
|
$
|
(466
|
)
|
|
$
|
(253
|
)
|
|
$
|
719
|
|
|
$
|
(1,064
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income (loss)
|
$
|
(24
|
)
|
|
$
|
48
|
|
|
$
|
5
|
|
|
$
|
(53
|
)
|
|
$
|
(24
|
)
|
Other comprehensive income before reclassifications:
|
|
|
|
|
|
|
|
|
|
||||||||||
Actuarial gain and plan amendments, net of tax of $2
|
6
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
13
|
|
|||||
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of unrecognized prior service credit and actuarial gain, net of tax of zero
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Other comprehensive income from investment in affiliates
|
7
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|||||
Other comprehensive income, net of tax
|
12
|
|
|
—
|
|
|
7
|
|
|
(7
|
)
|
|
12
|
|
|||||
Comprehensive income (loss)
|
(12
|
)
|
|
48
|
|
|
12
|
|
|
(60
|
)
|
|
(12
|
)
|
|||||
Less: Comprehensive income attributable to noncontrolling interest
|
1
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
1
|
|
|||||
Total comprehensive income (loss) attributable to Dynegy Inc.
|
$
|
(13
|
)
|
|
$
|
48
|
|
|
$
|
11
|
|
|
$
|
(59
|
)
|
|
$
|
(13
|
)
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income (loss)
|
$
|
184
|
|
|
$
|
576
|
|
|
$
|
(79
|
)
|
|
$
|
(500
|
)
|
|
$
|
181
|
|
Other comprehensive income before reclassifications:
|
|
|
|
|
|
|
|
|
|
||||||||||
Actuarial gain and plan amendments, net of tax of $2
|
1
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
8
|
|
|||||
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of unrecognized prior service credit and actuarial gain, net of tax of zero
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Other comprehensive income from investment in affiliates
|
7
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|||||
Other comprehensive income, net of tax
|
5
|
|
|
—
|
|
|
7
|
|
|
(7
|
)
|
|
5
|
|
|||||
Comprehensive income (loss)
|
189
|
|
|
576
|
|
|
(72
|
)
|
|
(507
|
)
|
|
186
|
|
|||||
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
1
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||||
Total comprehensive income (loss) attributable to Dynegy Inc.
|
$
|
188
|
|
|
$
|
576
|
|
|
$
|
(70
|
)
|
|
$
|
(506
|
)
|
|
$
|
188
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(155
|
)
|
|
$
|
780
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
649
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(227
|
)
|
|
(32
|
)
|
|
—
|
|
|
(259
|
)
|
|||||
Increase in restricted cash
|
—
|
|
|
—
|
|
|
(2,045
|
)
|
|
—
|
|
|
(2,045
|
)
|
|||||
Net intercompany transfers
|
670
|
|
|
—
|
|
|
—
|
|
|
(670
|
)
|
|
—
|
|
|||||
Distributions from unconsolidated affiliate
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||
Other investing
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Net cash provided by (used in) investing activities
|
670
|
|
|
(203
|
)
|
|
(2,077
|
)
|
|
(670
|
)
|
|
(2,280
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term borrowings, net of debt issuance costs
|
84
|
|
|
198
|
|
|
1,995
|
|
|
—
|
|
|
2,277
|
|
|||||
Repayments of borrowings
|
(6
|
)
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||
Proceeds from issuance of equity, net
of issuance costs
|
359
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
359
|
|
|||||
Preferred stock dividends paid
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|||||
Interest rate swap settlement payments
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||||
Net intercompany transfers
|
—
|
|
|
(785
|
)
|
|
115
|
|
|
670
|
|
|
—
|
|
|||||
Other financing
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||
Net cash provided by (used in) financing activities
|
406
|
|
|
(602
|
)
|
|
2,110
|
|
|
670
|
|
|
2,584
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
921
|
|
|
(25
|
)
|
|
57
|
|
|
—
|
|
|
953
|
|
|||||
Cash and cash equivalents, beginning of period
|
327
|
|
|
94
|
|
|
84
|
|
|
—
|
|
|
505
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
1,248
|
|
|
$
|
69
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
1,458
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
(141
|
)
|
|
$
|
502
|
|
|
$
|
(59
|
)
|
|
$
|
—
|
|
|
$
|
302
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(8
|
)
|
|
(122
|
)
|
|
(41
|
)
|
|
—
|
|
|
(171
|
)
|
|||||
Acquisition, net of cash acquired
|
(6,207
|
)
|
|
29
|
|
|
100
|
|
|
—
|
|
|
(6,078
|
)
|
|||||
Decrease in restricted cash
|
5,148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,148
|
|
|||||
Net intercompany transfers
|
349
|
|
|
—
|
|
|
—
|
|
|
(349
|
)
|
|
—
|
|
|||||
Distributions from unconsolidated affiliate
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Other investing
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||
Net cash provided by (used in) investing activities
|
(718
|
)
|
|
(91
|
)
|
|
59
|
|
|
(349
|
)
|
|
(1,099
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from long-term borrowings, net of debt issuance costs
|
(31
|
)
|
|
78
|
|
|
10
|
|
|
—
|
|
|
57
|
|
|||||
Repayments of borrowings
|
(6
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|||||
Proceeds from issuance of equity, net of issuance costs
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||
Preferred stock dividends paid
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|||||
Interest rate swap settlement payments
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||||
Net intercompany transfers
|
—
|
|
|
(344
|
)
|
|
(5
|
)
|
|
349
|
|
|
—
|
|
|||||
Repurchase of common stock
|
(127
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|||||
Other financing
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||
Net cash provided by (used in) financing activities
|
(204
|
)
|
|
(289
|
)
|
|
5
|
|
|
349
|
|
|
(139
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(1,063
|
)
|
|
122
|
|
|
5
|
|
|
—
|
|
|
(936
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
1,642
|
|
|
54
|
|
|
174
|
|
|
—
|
|
|
1,870
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
579
|
|
|
$
|
176
|
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
934
|
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other and
Eliminations
|
|
Total
|
||||||||||
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unaffiliated revenues
|
|
$
|
388
|
|
|
$
|
241
|
|
|
$
|
539
|
|
|
$
|
—
|
|
|
$
|
1,168
|
|
Intercompany and affiliate revenues
|
|
—
|
|
|
1
|
|
|
15
|
|
|
—
|
|
|
16
|
|
|||||
Total revenues
|
|
$
|
388
|
|
|
$
|
242
|
|
|
$
|
554
|
|
|
$
|
—
|
|
|
$
|
1,184
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation expense
|
|
$
|
(27
|
)
|
|
$
|
(7
|
)
|
|
$
|
(128
|
)
|
|
$
|
(1
|
)
|
|
$
|
(163
|
)
|
Impairments
|
|
(55
|
)
|
|
(148
|
)
|
|
(9
|
)
|
|
—
|
|
|
(212
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss)
|
|
$
|
(33
|
)
|
|
$
|
(104
|
)
|
|
$
|
69
|
|
|
$
|
(49
|
)
|
|
$
|
(117
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(166
|
)
|
|
(166
|
)
|
|||||
Other income and expense, net
|
|
3
|
|
|
1
|
|
|
—
|
|
|
25
|
|
|
29
|
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(250
|
)
|
||||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Net loss
|
|
|
|
|
|
|
|
|
|
(249
|
)
|
|||||||||
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
(249
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets—domestic
|
|
$
|
1,432
|
|
|
$
|
746
|
|
|
$
|
7,498
|
|
|
$
|
3,348
|
|
|
$
|
13,024
|
|
Investment in unconsolidated affiliate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
173
|
|
Capital expenditures
|
|
$
|
(8
|
)
|
|
$
|
(11
|
)
|
|
$
|
(15
|
)
|
|
$
|
(1
|
)
|
|
$
|
(35
|
)
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other and
Eliminations
|
|
Total
|
||||||||||
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unaffiliated revenues
|
|
$
|
1,022
|
|
|
$
|
575
|
|
|
$
|
1,587
|
|
|
$
|
—
|
|
|
$
|
3,184
|
|
Intercompany and affiliate revenues
|
|
(24
|
)
|
|
(1
|
)
|
|
52
|
|
|
—
|
|
|
27
|
|
|||||
Total revenues
|
|
$
|
998
|
|
|
$
|
574
|
|
|
$
|
1,639
|
|
|
$
|
—
|
|
|
$
|
3,211
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation expense
|
|
$
|
(99
|
)
|
|
$
|
(21
|
)
|
|
$
|
(370
|
)
|
|
$
|
(4
|
)
|
|
$
|
(494
|
)
|
Impairments
|
|
(700
|
)
|
|
(148
|
)
|
|
(9
|
)
|
|
—
|
|
|
(857
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
|
(117
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(16
|
)
|
|
(8
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss)
|
|
$
|
(728
|
)
|
|
$
|
(87
|
)
|
|
$
|
279
|
|
|
$
|
(138
|
)
|
|
$
|
(674
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(449
|
)
|
|
(449
|
)
|
|||||
Other income and expense, net
|
|
9
|
|
|
15
|
|
|
12
|
|
|
24
|
|
|
60
|
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,056
|
)
|
||||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|||||
Net loss
|
|
|
|
|
|
|
|
|
|
(1,062
|
)
|
|||||||||
Less: Net loss attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|||||||||
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
(1,060
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets—domestic
|
|
$
|
1,432
|
|
|
$
|
746
|
|
|
$
|
7,498
|
|
|
$
|
3,348
|
|
|
$
|
13,024
|
|
Investment in unconsolidated affiliate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
173
|
|
Capital expenditures
|
|
$
|
(47
|
)
|
|
$
|
(32
|
)
|
|
$
|
(171
|
)
|
|
$
|
(9
|
)
|
|
$
|
(259
|
)
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other and
Eliminations
|
|
Total
|
||||||||||
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unaffiliated revenues
|
|
$
|
410
|
|
|
$
|
221
|
|
|
$
|
605
|
|
|
$
|
(4
|
)
|
|
$
|
1,232
|
|
Intercompany revenues
|
|
(14
|
)
|
|
—
|
|
|
10
|
|
|
4
|
|
|
—
|
|
|||||
Total revenues
|
|
$
|
396
|
|
|
$
|
221
|
|
|
$
|
615
|
|
|
$
|
—
|
|
|
$
|
1,232
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation expense
|
|
$
|
(39
|
)
|
|
$
|
(8
|
)
|
|
$
|
(126
|
)
|
|
$
|
(1
|
)
|
|
$
|
(174
|
)
|
Impairments
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss)
|
|
$
|
(36
|
)
|
|
$
|
31
|
|
|
$
|
152
|
|
|
$
|
(40
|
)
|
|
$
|
107
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Losses from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(145
|
)
|
|
(145
|
)
|
|||||
Other income and expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
46
|
|
|||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
||||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
(28
|
)
|
|||||
Net loss
|
|
|
|
|
|
|
|
|
|
(24
|
)
|
|||||||||
Less: Net income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
(24
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets—domestic
|
|
$
|
2,426
|
|
|
$
|
993
|
|
|
$
|
7,948
|
|
|
$
|
790
|
|
|
$
|
12,157
|
|
Investment in unconsolidated affiliate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
189
|
|
Capital expenditures
|
|
$
|
(25
|
)
|
|
$
|
(12
|
)
|
|
$
|
(29
|
)
|
|
$
|
(3
|
)
|
|
$
|
(69
|
)
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other and
Eliminations
|
|
Total
|
||||||||||
Domestic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unaffiliated revenues
|
|
$
|
976
|
|
|
$
|
629
|
|
|
$
|
1,254
|
|
|
$
|
(5
|
)
|
|
$
|
2,854
|
|
Intercompany revenues
|
|
(131
|
)
|
|
(4
|
)
|
|
130
|
|
|
5
|
|
|
—
|
|
|||||
Total revenues
|
|
$
|
845
|
|
|
$
|
625
|
|
|
$
|
1,384
|
|
|
$
|
—
|
|
|
$
|
2,854
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation expense
|
|
$
|
(96
|
)
|
|
$
|
(24
|
)
|
|
$
|
(290
|
)
|
|
$
|
(3
|
)
|
|
$
|
(413
|
)
|
Impairments
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94
|
)
|
|
(94
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
(121
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss)
|
|
$
|
(34
|
)
|
|
$
|
39
|
|
|
$
|
290
|
|
|
$
|
(218
|
)
|
|
$
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Losses from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(413
|
)
|
|
(413
|
)
|
|||||
Other income and expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
|||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
(292
|
)
|
||||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
473
|
|
|
473
|
|
|||||
Net income
|
|
|
|
|
|
|
|
|
|
181
|
|
|||||||||
Less: Net loss attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|||||||||
Net income attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
184
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets—domestic
|
|
$
|
2,426
|
|
|
$
|
993
|
|
|
$
|
7,948
|
|
|
$
|
790
|
|
|
$
|
12,157
|
|
Investment in unconsolidated affiliate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
189
|
|
Capital expenditures
|
|
$
|
(44
|
)
|
|
$
|
(41
|
)
|
|
$
|
(78
|
)
|
|
$
|
(8
|
)
|
|
$
|
(171
|
)
|
|
|
September 30, 2016
|
||||||||||
(amounts in millions)
|
|
Dynegy Inc.
|
|
IPH (1) (2)
|
|
Total
|
||||||
Revolving facilities and LC capacity (3)
|
|
$
|
1,480
|
|
|
$
|
44
|
|
|
$
|
1,524
|
|
Less: Outstanding LCs
|
|
(382
|
)
|
|
(30
|
)
|
|
(412
|
)
|
|||
Revolving facilities and LC availability
|
|
1,098
|
|
|
14
|
|
|
1,112
|
|
|||
Cash and cash equivalents
|
|
1,351
|
|
|
107
|
|
|
1,458
|
|
|||
Total available liquidity (4)
|
|
$
|
2,449
|
|
|
$
|
121
|
|
|
$
|
2,570
|
|
(1)
|
Includes Cash and cash equivalents of
$84 million
related to Genco.
|
(2)
|
As previously discussed, due to the ring-fenced nature of IPH, cash at the IPH and Genco entities may not be moved out of these entities without meeting certain criteria. However, cash at these entities is available to support current operations of these entities.
|
(3)
|
Dynegy includes (i)
$950 million
of aggregate available capacity related to our incremental revolving credit facilities, (ii)
$475 million
of available capacity related to the five-year senior secured revolving credit facility, and (iii)
$55 million
related to an LC. IPH consists of
$44 million
related to IPM LCs. One of the IPM LCs is fully collateralized by cash, and as of
September 30, 2016
, IPM had
$19 million
deposited with the issuing bank. Please read
Note 13—Debt
—Letter of Credit Facilities for further discussion.
|
(4)
|
On December 2, 2013, Dynegy and Illinois Power Resources, LLC entered into an intercompany revolving promissory note of $25 million. At
September 30, 2016
, there was approximately
$5 million
outstanding on the note, which is not reflected in the table above.
|
|
|
Nine Months Ended September 30,
|
||||||
(amounts in millions)
|
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
|
$
|
649
|
|
|
$
|
302
|
|
Net cash used in investing activities
|
|
$
|
(2,280
|
)
|
|
$
|
(1,099
|
)
|
Net cash provided by (used in) financing activities
|
|
$
|
2,584
|
|
|
$
|
(139
|
)
|
(amounts in millions)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Dynegy Inc.:
|
|
|
|
|
||||
Cash (1)
|
|
$
|
108
|
|
|
$
|
159
|
|
LCs
|
|
382
|
|
|
475
|
|
||
Total Dynegy Inc.
|
|
490
|
|
|
634
|
|
||
|
|
|
|
|
||||
IPH:
|
|
|
|
|
||||
Cash (1) (2)
|
|
12
|
|
|
11
|
|
||
LCs (3) (4)
|
|
30
|
|
|
45
|
|
||
Total IPH
|
|
42
|
|
|
56
|
|
||
|
|
|
|
|
||||
Total
|
|
$
|
532
|
|
|
$
|
690
|
|
(1)
|
Includes broker margin as well as other collateral postings included in Prepayments and other current assets in our unaudited consolidated balance sheets. At
September 30, 2016
and
December 31, 2015
,
$73 million
and
$106 million
, respectively, of cash posted as collateral were netted against Liabilities from risk management activities in our unaudited consolidated balance sheets.
|
(2)
|
Includes cash of approximately
zero
and
$1 million
related to Genco at
September 30, 2016
and
December 31, 2015
, respectively.
|
(3)
|
Includes LCs of approximately
$18 million
and $20 million outstanding as of
September 30, 2016
and
December 31, 2015
, respectively, related to the cash-backed LC facility at IPM. Please read
Note 13—Debt
—
Letter of Credit Facilities for further discussion.
|
(4)
|
Includes LCs of approximately
$12 million
related to the two-year secured LC entered into by IPM and collateralized by IPRG receivables.
|
|
|
Nine Months Ended September 30,
|
||||||
(amounts in millions)
|
|
2016
|
|
2015
|
||||
Coal
|
|
$
|
47
|
|
|
$
|
44
|
|
IPH
|
|
32
|
|
|
41
|
|
||
Gas
|
|
171
|
|
|
78
|
|
||
Other
|
|
9
|
|
|
8
|
|
||
Total (1)
|
|
$
|
259
|
|
|
$
|
171
|
|
(1)
|
Includes capitalized interest of
$9 million
for the
nine
months ended
September 30, 2016 and 2015
.
|
Compliance Period
|
|
Consolidated Senior Secured Net Debt to Consolidated Adjusted EBITDA (1)
|
September 30, 2013 through December 31, 2013
|
|
5.00: 1.00
|
March 31, 2014 through December 31, 2014
|
|
4.00: 1.00
|
March 31, 2015 through December 31, 2015
|
|
4.75: 1.00
|
March 31, 2016 through December 31, 2016
|
|
3.75: 1.00
|
March 31, 2017 and Thereafter
|
|
3.00: 1.00
|
(1)
|
For purposes of calculating Net Debt, as defined within the Credit Agreement, we may only apply a maximum of
$150 million
in cash to our outstanding secured debt.
|
|
|
Required Ratio
|
Restricted payment interest coverage ratio (1)
|
|
≥1.75
|
Additional indebtedness interest coverage ratio (2)
|
|
≥2.50
|
Additional indebtedness debt-to-capital ratio (2)
|
|
≤60%
|
(1)
|
As of the date of a restricted payment, as defined, the minimum ratio must have been achieved for the most recently ended four fiscal quarters and projected by management to be achieved for each of the subsequent four six-month periods.
|
(2)
|
Ratios must be computed on a pro forma basis considering the additional indebtedness to be incurred and the related interest expense. Other borrowings from external, third-party sources are included in the definition of indebtedness and are subject to these incurrence tests.
|
|
|
Moody’s
|
|
S&P
|
Dynegy Inc.:
|
|
|
|
|
Corporate Family Rating
|
|
B2
|
|
B+
|
Senior Secured
|
|
Ba3
|
|
BB
|
Senior Unsecured
|
|
B3
|
|
B+
|
Genco:
|
|
|
|
|
Senior Unsecured
|
|
Ca
|
|
CCC+
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(amounts in millions)
|
|
2016
|
|
2015
|
|
|
|||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||
Energy
|
|
$
|
1,030
|
|
|
$
|
982
|
|
|
$
|
48
|
|
|
5
|
%
|
Capacity
|
|
154
|
|
|
183
|
|
|
(29
|
)
|
|
(16
|
)%
|
|||
Mark-to-market income, net
|
|
(18
|
)
|
|
56
|
|
|
(74
|
)
|
|
(132
|
)%
|
|||
Contract amortization
|
|
(23
|
)
|
|
(25
|
)
|
|
2
|
|
|
8
|
%
|
|||
Other
|
|
41
|
|
|
36
|
|
|
5
|
|
|
14
|
%
|
|||
Total revenues
|
|
1,184
|
|
|
1,232
|
|
|
(48
|
)
|
|
(4
|
)%
|
|||
Cost of sales, excluding depreciation expense
|
|
(660
|
)
|
|
(621
|
)
|
|
(39
|
)
|
|
(6
|
)%
|
|||
Gross margin
|
|
524
|
|
|
611
|
|
|
(87
|
)
|
|
(14
|
)%
|
|||
Operating and maintenance expense
|
|
(218
|
)
|
|
(219
|
)
|
|
1
|
|
|
—
|
%
|
|||
Depreciation expense
|
|
(163
|
)
|
|
(174
|
)
|
|
11
|
|
|
6
|
%
|
|||
Impairments
|
|
(212
|
)
|
|
(74
|
)
|
|
(138
|
)
|
|
(186
|
)%
|
|||
General and administrative expense
|
|
(41
|
)
|
|
(29
|
)
|
|
(12
|
)
|
|
(41
|
)%
|
|||
Acquisition and integration costs
|
|
(7
|
)
|
|
(8
|
)
|
|
1
|
|
|
13
|
%
|
|||
Operating income (loss)
|
|
(117
|
)
|
|
107
|
|
|
(224
|
)
|
|
(209
|
)%
|
|||
Earnings (losses) from unconsolidated investment
|
|
4
|
|
|
(4
|
)
|
|
8
|
|
|
200
|
%
|
|||
Interest expense
|
|
(166
|
)
|
|
(145
|
)
|
|
(21
|
)
|
|
(14
|
)%
|
|||
Other income and expense, net
|
|
29
|
|
|
46
|
|
|
(17
|
)
|
|
(37
|
)%
|
|||
Income (loss) before income taxes
|
|
(250
|
)
|
|
4
|
|
|
(254
|
)
|
|
NM
|
|
|||
Income tax benefit (expense)
|
|
1
|
|
|
(28
|
)
|
|
29
|
|
|
104
|
%
|
|||
Net loss attributable to Dynegy Inc.
|
|
$
|
(249
|
)
|
|
$
|
(24
|
)
|
|
$
|
(225
|
)
|
|
NM
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Revenues
|
|
$
|
388
|
|
|
$
|
242
|
|
|
$
|
554
|
|
|
$
|
—
|
|
|
$
|
1,184
|
|
Cost of sales, excluding depreciation expense
|
|
(231
|
)
|
|
(142
|
)
|
|
(287
|
)
|
|
—
|
|
|
(660
|
)
|
|||||
Gross margin
|
|
157
|
|
|
100
|
|
|
267
|
|
|
—
|
|
|
524
|
|
|||||
Operating and maintenance expense
|
|
(108
|
)
|
|
(50
|
)
|
|
(60
|
)
|
|
—
|
|
|
(218
|
)
|
|||||
Depreciation expense
|
|
(27
|
)
|
|
(7
|
)
|
|
(128
|
)
|
|
(1
|
)
|
|
(163
|
)
|
|||||
Impairments
|
|
(55
|
)
|
|
(148
|
)
|
|
(9
|
)
|
|
—
|
|
|
(212
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||
Other
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||||
Operating income (loss)
|
|
$
|
(33
|
)
|
|
$
|
(104
|
)
|
|
$
|
69
|
|
|
$
|
(49
|
)
|
|
$
|
(117
|
)
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Revenues
|
|
$
|
396
|
|
|
$
|
221
|
|
|
$
|
615
|
|
|
$
|
—
|
|
|
$
|
1,232
|
|
Cost of sales, excluding depreciation expense
|
|
(201
|
)
|
|
(133
|
)
|
|
(287
|
)
|
|
—
|
|
|
(621
|
)
|
|||||
Gross margin
|
|
195
|
|
|
88
|
|
|
328
|
|
|
—
|
|
|
611
|
|
|||||
Operating and maintenance expense
|
|
(118
|
)
|
|
(49
|
)
|
|
(50
|
)
|
|
(2
|
)
|
|
(219
|
)
|
|||||
Depreciation expense
|
|
(39
|
)
|
|
(8
|
)
|
|
(126
|
)
|
|
(1
|
)
|
|
(174
|
)
|
|||||
Impairments
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|||||
Operating income (loss)
|
|
$
|
(36
|
)
|
|
$
|
31
|
|
|
$
|
152
|
|
|
$
|
(40
|
)
|
|
$
|
107
|
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Total
|
||||||||
Higher (lower) prices
|
|
$
|
(33
|
)
|
|
$
|
13
|
|
|
$
|
35
|
|
|
$
|
15
|
|
Higher (lower) generation volumes
|
|
26
|
|
|
1
|
|
|
(15
|
)
|
|
12
|
|
||||
Higher (lower) capacity revenues
|
|
(8
|
)
|
|
3
|
|
|
(24
|
)
|
|
(29
|
)
|
||||
Mark-to-market gains (losses) on hedging transactions
|
|
6
|
|
|
(3
|
)
|
|
(77
|
)
|
|
(74
|
)
|
||||
Lower (higher) contract amortization
|
|
(6
|
)
|
|
2
|
|
|
6
|
|
|
2
|
|
||||
Other
|
|
7
|
|
|
5
|
|
|
14
|
|
|
26
|
|
||||
Total change in revenues
|
|
$
|
(8
|
)
|
|
$
|
21
|
|
|
$
|
(61
|
)
|
|
$
|
(48
|
)
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Total
|
||||||||
Higher (lower) prices
|
|
$
|
9
|
|
|
$
|
(6
|
)
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
Higher (lower) generation volumes
|
|
7
|
|
|
(2
|
)
|
|
(4
|
)
|
|
1
|
|
||||
Lower transportation costs due to favorable contract rates
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||
Lower contract amortization
|
|
8
|
|
|
5
|
|
|
2
|
|
|
15
|
|
||||
Other
|
|
6
|
|
|
12
|
|
|
9
|
|
|
27
|
|
||||
Total change in cost of sales
|
|
$
|
30
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
(249
|
)
|
||||||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|||||||||
Other income and expense, net
|
|
|
|
|
|
|
|
|
|
(29
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
166
|
|
|||||||||
Earnings from unconsolidated investment
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
|||||||||
Operating income (loss)
|
|
$
|
(33
|
)
|
|
$
|
(104
|
)
|
|
$
|
69
|
|
|
$
|
(49
|
)
|
|
$
|
(117
|
)
|
Depreciation and amortization expense
|
|
30
|
|
|
7
|
|
|
137
|
|
|
1
|
|
|
175
|
|
|||||
Earnings from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Other income and expense, net
|
|
3
|
|
|
1
|
|
|
—
|
|
|
25
|
|
|
29
|
|
|||||
EBITDA
|
|
—
|
|
|
(96
|
)
|
|
210
|
|
|
(23
|
)
|
|
91
|
|
|||||
Adjustments to reflect Adjusted EBITDA from unconsolidated investment and exclude noncontrolling interest
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
(5
|
)
|
|||||
Acquisition, integration and restructuring costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|||||
Mark-to-market adjustments, including warrants
|
|
(20
|
)
|
|
2
|
|
|
53
|
|
|
(4
|
)
|
|
31
|
|
|||||
Impairments
|
|
55
|
|
|
148
|
|
|
9
|
|
|
—
|
|
|
212
|
|
|||||
Wood River energy margin and O&M
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Non-cash compensation expense
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
6
|
|
|||||
Other
|
|
1
|
|
|
(3
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted EBITDA
|
|
$
|
39
|
|
|
$
|
50
|
|
|
$
|
271
|
|
|
$
|
(10
|
)
|
|
$
|
350
|
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
(24
|
)
|
||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
28
|
|
|||||||||
Other income and expense, net
|
|
|
|
|
|
|
|
|
|
(46
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
145
|
|
|||||||||
Losses from unconsolidated investment
|
|
|
|
|
|
|
|
|
|
4
|
|
|||||||||
Operating income (loss)
|
|
$
|
(36
|
)
|
|
$
|
31
|
|
|
$
|
152
|
|
|
$
|
(40
|
)
|
|
$
|
107
|
|
Depreciation and amortization expense
|
|
30
|
|
|
6
|
|
|
139
|
|
|
1
|
|
|
176
|
|
|||||
Losses from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Other income and expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
46
|
|
|||||
EBITDA
|
|
(6
|
)
|
|
37
|
|
|
287
|
|
|
7
|
|
|
325
|
|
|||||
Adjustment to reflect Adjusted EBITDA from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|||||
Mark-to-market adjustments, including warrants
|
|
(14
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|
(45
|
)
|
|
(68
|
)
|
|||||
Impairments
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|||||
Adjusted EBITDA (1)
|
|
$
|
54
|
|
|
$
|
34
|
|
|
$
|
291
|
|
|
$
|
(29
|
)
|
|
$
|
350
|
|
(1)
|
Not adjusted for the following items which are excluded in 2016: (i) non-cash compensation expense of $6 million, and (ii) Wood River’s energy margin and O&M costs of $1 million.
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(dollars in millions, except for price information)
|
|
2016
|
|
2015
|
|
|
|||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||
Energy
|
|
$
|
348
|
|
|
$
|
351
|
|
|
$
|
(3
|
)
|
|
(1
|
)%
|
Capacity
|
|
21
|
|
|
29
|
|
|
(8
|
)
|
|
(28
|
)%
|
|||
Mark-to-market income (loss), net
|
|
27
|
|
|
21
|
|
|
6
|
|
|
29
|
%
|
|||
Contract amortization
|
|
(13
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
(86
|
)%
|
|||
Other
|
|
5
|
|
|
2
|
|
|
3
|
|
|
150
|
%
|
|||
Total operating revenues
|
|
388
|
|
|
396
|
|
|
(8
|
)
|
|
(2
|
)%
|
|||
Operating Costs
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of sales
|
|
(243
|
)
|
|
(221
|
)
|
|
(22
|
)
|
|
(10
|
)%
|
|||
Contract amortization
|
|
12
|
|
|
20
|
|
|
(8
|
)
|
|
(40
|
)%
|
|||
Total operating costs
|
|
(231
|
)
|
|
(201
|
)
|
|
(30
|
)
|
|
(15
|
)%
|
|||
Gross margin
|
|
157
|
|
|
195
|
|
|
(38
|
)
|
|
(19
|
)%
|
|||
Operating and maintenance expense
|
|
(108
|
)
|
|
(118
|
)
|
|
10
|
|
|
8
|
%
|
|||
Depreciation expense
|
|
(27
|
)
|
|
(39
|
)
|
|
12
|
|
|
31
|
%
|
|||
Impairments
|
|
(55
|
)
|
|
(74
|
)
|
|
19
|
|
|
26
|
%
|
|||
Operating loss
|
|
(33
|
)
|
|
(36
|
)
|
|
3
|
|
|
8
|
%
|
|||
Depreciation and amortization expense
|
|
30
|
|
|
30
|
|
|
—
|
|
|
—
|
%
|
|||
Other income and expense, net
|
|
3
|
|
|
—
|
|
|
3
|
|
|
NM
|
|
|||
EBITDA
|
|
—
|
|
|
(6
|
)
|
|
6
|
|
|
100
|
%
|
|||
Mark-to-market adjustments
|
|
(20
|
)
|
|
(14
|
)
|
|
(6
|
)
|
|
(43
|
)%
|
|||
Impairments
|
|
55
|
|
|
74
|
|
|
(19
|
)
|
|
(26
|
)%
|
|||
Wood River energy margin and O&M
|
|
3
|
|
|
—
|
|
|
3
|
|
|
NM
|
|
|||
Other
|
|
1
|
|
|
—
|
|
|
1
|
|
|
NM
|
|
|||
Adjusted EBITDA (1)
|
|
$
|
39
|
|
|
$
|
54
|
|
|
$
|
(15
|
)
|
|
(28
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Million Megawatt Hours Generated
|
|
10.0
|
|
|
9.5
|
|
|
0.5
|
|
|
5
|
%
|
|||
IMA for Coal-Fired Facilities (2)
|
|
86
|
%
|
|
82
|
%
|
|
|
|
|
|||||
Average Capacity Factor for Coal-Fired Facilities (3)
|
|
69
|
%
|
|
62
|
%
|
|
|
|
|
|||||
Average Quoted Market On-Peak Power Prices ($/MWh) (4):
|
|
|
|
|
|
|
|
|
|||||||
Indiana (Indy Hub)
|
|
$
|
40.19
|
|
|
$
|
33.09
|
|
|
$
|
7.10
|
|
|
21
|
%
|
Commonwealth Edison (NI Hub)
|
|
$
|
38.41
|
|
|
$
|
34.03
|
|
|
$
|
4.38
|
|
|
13
|
%
|
Mass Hub
|
|
$
|
41.31
|
|
|
$
|
35.52
|
|
|
$
|
5.79
|
|
|
16
|
%
|
AD Hub
|
|
$
|
38.75
|
|
|
$
|
35.87
|
|
|
$
|
2.88
|
|
|
8
|
%
|
Average Quoted Market Off-Peak Power Prices ($/MWh) (4):
|
|
|
|
|
|
|
|
|
|||||||
Indiana (Indy Hub)
|
|
$
|
24.38
|
|
|
$
|
23.37
|
|
|
$
|
1.01
|
|
|
4
|
%
|
Commonwealth Edison (NI Hub)
|
|
$
|
22.57
|
|
|
$
|
22.93
|
|
|
$
|
(0.36
|
)
|
|
(2
|
)%
|
Mass Hub
|
|
$
|
23.57
|
|
|
$
|
21.02
|
|
|
$
|
2.55
|
|
|
12
|
%
|
AD Hub
|
|
$
|
23.53
|
|
|
$
|
24.21
|
|
|
$
|
(0.68
|
)
|
|
(3
|
)%
|
(1)
|
2015 is not adjusted for Wood River’s energy margin and O&M costs of $1 million which are excluded in 2016.
|
(2)
|
IMA is an internal measurement calculation that reflects the percentage of generation available during periods when market prices are such that these units could be profitably dispatched. This calculation excludes certain events outside of management control such as weather related issues. The calculation excludes our Brayton Point facility and CTs. The IMA for our facilities within MISO and PJM (excluding CTs) was
90 percent
and
83 percent
, respectively, for the
three months ended September 30, 2016
and
91 percent
and
77 percent
, respectively, for the
three months ended September 30, 2015
.
|
(3)
|
Reflects actual production as a percentage of available capacity. The calculation excludes our Brayton Point facility and CTs. The average capacity factors for our facilities within MISO and PJM (excluding CTs) were
76 percent
and
65 percent
, respectively, for the
three months ended September 30, 2016
and
68 percent
and
57 percent
, respectively, for the
three months ended September 30, 2015
.
|
(4)
|
Reflects the average of day-ahead quoted prices for the periods presented and does not necessarily reflect prices we realized.
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(dollars in millions, except for price information)
|
|
2016
|
|
2015
|
|
|
|||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|||||||
Energy
|
|
$
|
219
|
|
|
$
|
202
|
|
|
$
|
17
|
|
|
8
|
%
|
Capacity
|
|
21
|
|
|
18
|
|
|
3
|
|
|
17
|
%
|
|||
Mark-to-market income (loss), net
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
(100
|
)%
|
|||
Contract amortization
|
|
(2
|
)
|
|
(4
|
)
|
|
2
|
|
|
50
|
%
|
|||
Other
|
|
4
|
|
|
2
|
|
|
2
|
|
|
100
|
%
|
|||
Total operating revenues
|
|
242
|
|
|
221
|
|
|
21
|
|
|
10
|
%
|
|||
Operating Costs
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
|
(146
|
)
|
|
(142
|
)
|
|
(4
|
)
|
|
(3
|
)%
|
|||
Contract amortization
|
|
4
|
|
|
9
|
|
|
(5
|
)
|
|
(56
|
)%
|
|||
Total operating costs
|
|
(142
|
)
|
|
(133
|
)
|
|
(9
|
)
|
|
(7
|
)%
|
|||
Gross margin
|
|
100
|
|
|
88
|
|
|
12
|
|
|
14
|
%
|
|||
Operating and maintenance expense
|
|
(50
|
)
|
|
(49
|
)
|
|
(1
|
)
|
|
(2
|
)%
|
|||
Depreciation expense
|
|
(7
|
)
|
|
(8
|
)
|
|
1
|
|
|
13
|
%
|
|||
Impairments
|
|
(148
|
)
|
|
—
|
|
|
(148
|
)
|
|
NM
|
|
|||
Other
|
|
1
|
|
|
—
|
|
|
1
|
|
|
NM
|
|
|||
Operating income (loss)
|
|
(104
|
)
|
|
31
|
|
|
(135
|
)
|
|
NM
|
|
|||
Depreciation and amortization expense
|
|
7
|
|
|
6
|
|
|
1
|
|
|
17
|
%
|
|||
Other income and expense, net
|
|
1
|
|
|
—
|
|
|
1
|
|
|
NM
|
|
|||
EBITDA
|
|
(96
|
)
|
|
37
|
|
|
(133
|
)
|
|
NM
|
|
|||
Adjustment to exclude noncontrolling interest
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
NM
|
|
|||
Mark-to-market adjustments
|
|
2
|
|
|
(3
|
)
|
|
5
|
|
|
167
|
%
|
|||
Impairments
|
|
148
|
|
|
—
|
|
|
148
|
|
|
NM
|
|
|||
Other
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
NM
|
|
|||
Adjusted EBITDA
|
|
$
|
50
|
|
|
$
|
34
|
|
|
$
|
16
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
Million Megawatt Hours Generated
|
|
5.0
|
|
|
4.8
|
|
|
0.2
|
|
|
4
|
%
|
|||
IMA for IPH Facilities (1)
|
|
88
|
%
|
|
84
|
%
|
|
|
|
|
|||||
Average Capacity Factor for IPH Facilities (2)
|
|
59
|
%
|
|
54
|
%
|
|
|
|
|
|||||
Average Quoted Market Power Prices ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|||||||
On-Peak: Indiana (Indy Hub)
|
|
$
|
40.19
|
|
|
$
|
33.09
|
|
|
$
|
7.10
|
|
|
21
|
%
|
Off-Peak: Indiana (Indy Hub)
|
|
$
|
24.38
|
|
|
$
|
23.37
|
|
|
$
|
1.01
|
|
|
4
|
%
|
(1)
|
IMA is an internal measurement calculation that reflects the percentage of generation available during periods when market prices are such that these units could be profitably dispatched. This calculation excludes certain events outside of management control such as weather related issues.
|
(2)
|
Reflects actual production as a percentage of available capacity.
|
(3)
|
Reflects the average of day-ahead quoted prices for the periods presented and does not necessarily reflect prices we realized.
|
|
|
Three Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(dollars in millions, except for price information)
|
|
2016
|
|
2015
|
|
|
|||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Energy
|
|
$
|
463
|
|
|
$
|
429
|
|
|
$
|
34
|
|
|
8
|
%
|
Capacity
|
|
112
|
|
|
136
|
|
|
(24
|
)
|
|
(18
|
)%
|
|||
Mark-to-market income (loss), net
|
|
(45
|
)
|
|
32
|
|
|
(77
|
)
|
|
(241
|
)%
|
|||
Contract amortization
|
|
(8
|
)
|
|
(14
|
)
|
|
6
|
|
|
43
|
%
|
|||
Other
|
|
32
|
|
|
32
|
|
|
—
|
|
|
—
|
%
|
|||
Total operating revenues
|
|
554
|
|
|
615
|
|
|
(61
|
)
|
|
(10
|
)%
|
|||
Operating Costs
|
|
|
|
|
|
|
|
|
|||||||
Cost of sales
|
|
(286
|
)
|
|
(288
|
)
|
|
2
|
|
|
1
|
%
|
|||
Contract amortization
|
|
(1
|
)
|
|
1
|
|
|
(2
|
)
|
|
(200
|
)%
|
|||
Total operating costs
|
|
(287
|
)
|
|
(287
|
)
|
|
—
|
|
|
—
|
%
|
|||
Gross margin
|
|
267
|
|
|
328
|
|
|
(61
|
)
|
|
(19
|
)%
|
|||
Operating and maintenance expense
|
|
(60
|
)
|
|
(50
|
)
|
|
(10
|
)
|
|
(20
|
)%
|
|||
Depreciation expense
|
|
(128
|
)
|
|
(126
|
)
|
|
(2
|
)
|
|
(2
|
)%
|
|||
Impairments
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
NM
|
|
|||
Other
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
NM
|
|
|||
Operating income
|
|
69
|
|
|
152
|
|
|
(83
|
)
|
|
(55
|
)%
|
|||
Depreciation and amortization expense
|
|
137
|
|
|
139
|
|
|
(2
|
)
|
|
(1
|
)%
|
|||
Earnings from unconsolidated investment
|
|
4
|
|
|
(4
|
)
|
|
8
|
|
|
200
|
%
|
|||
EBITDA
|
|
210
|
|
|
287
|
|
|
(77
|
)
|
|
(27
|
)%
|
|||
Mark-to-market adjustments
|
|
53
|
|
|
(6
|
)
|
|
59
|
|
|
NM
|
|
|||
Adjustment to reflect Adjusted EBITDA from unconsolidated investment
|
|
(4
|
)
|
|
8
|
|
|
(12
|
)
|
|
(150
|
)%
|
|||
Impairments
|
|
9
|
|
|
—
|
|
|
9
|
|
|
NM
|
|
|||
Non-cash compensation expense
|
|
1
|
|
|
—
|
|
|
1
|
|
|
NM
|
|
|||
Other
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
%
|
|||
Adjusted EBITDA
|
|
$
|
271
|
|
|
$
|
291
|
|
|
$
|
(20
|
)
|
|
(7
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Million Megawatt Hours Generated
|
|
15.2
|
|
|
15.5
|
|
|
(0.3
|
)
|
|
(2
|
)%
|
|||
IMA for Combined Cycle Facilities (1)
|
|
97
|
%
|
|
99
|
%
|
|
|
|
|
|||||
Average Capacity Factor for Combined Cycle Facilities (2):
|
|
67
|
%
|
|
72
|
%
|
|
|
|
|
|
|
|||
Average Market On-Peak Spark Spreads ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|||||||
Commonwealth Edison (NI Hub)
|
|
$
|
18.93
|
|
|
$
|
14.49
|
|
|
$
|
4.44
|
|
|
31
|
%
|
PJM West
|
|
$
|
31.48
|
|
|
$
|
29.82
|
|
|
$
|
1.66
|
|
|
6
|
%
|
North of Path 15 (NP 15)
|
|
$
|
15.44
|
|
|
$
|
16.25
|
|
|
$
|
(0.81
|
)
|
|
(5
|
)%
|
New York—Zone A
|
|
$
|
39.27
|
|
|
$
|
26.32
|
|
|
$
|
12.95
|
|
|
49
|
%
|
Mass Hub
|
|
$
|
21.58
|
|
|
$
|
18.90
|
|
|
$
|
2.68
|
|
|
14
|
%
|
AD Hub
|
|
$
|
27.27
|
|
|
$
|
23.17
|
|
|
$
|
4.10
|
|
|
18
|
%
|
Average Market Off-Peak Spark Spreads ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|||||||
Commonwealth Edison (NI Hub)
|
|
$
|
3.09
|
|
|
$
|
3.39
|
|
|
$
|
(0.30
|
)
|
|
(9
|
)%
|
PJM West
|
|
$
|
15.10
|
|
|
$
|
15.50
|
|
|
$
|
(0.40
|
)
|
|
(3
|
)%
|
North of Path 15 (NP 15)
|
|
$
|
7.31
|
|
|
$
|
8.22
|
|
|
$
|
(0.91
|
)
|
|
(11
|
)%
|
New York—Zone A
|
|
$
|
13.24
|
|
|
$
|
10.49
|
|
|
$
|
2.75
|
|
|
26
|
%
|
Mass Hub
|
|
$
|
3.85
|
|
|
$
|
4.39
|
|
|
$
|
(0.54
|
)
|
|
(12
|
)%
|
AD Hub
|
|
$
|
14.78
|
|
|
$
|
15.62
|
|
|
$
|
(0.84
|
)
|
|
(5
|
)%
|
Average natural gas price—Henry Hub ($/MMBtu) (4)
|
|
$
|
2.84
|
|
|
$
|
2.74
|
|
|
$
|
0.10
|
|
|
4
|
%
|
(1)
|
IMA is an internal measurement calculation that reflects the percentage of generation available when market prices are such that these units could be profitably dispatched. This calculation excludes certain events outside of management control such as weather related issues.
|
(2)
|
Reflects actual production as a percentage of available capacity.
|
(3)
|
Reflects the simple average of the on- and off-peak spark spreads available to a 7.0 MMBtu/MWh heat rate generator selling power at day-ahead prices and buying delivered natural gas at a daily cash market price and does not reflect spark spreads available to us.
|
(4)
|
Reflects the average of daily quoted prices for the periods presented and does not reflect costs incurred by us.
|
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(amounts in millions)
|
|
2016
|
|
2015
|
|
|
|||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||
Energy
|
|
$
|
2,648
|
|
|
$
|
2,350
|
|
|
$
|
298
|
|
|
13
|
%
|
Capacity
|
|
459
|
|
|
369
|
|
|
90
|
|
|
24
|
%
|
|||
Mark-to-market income, net
|
|
73
|
|
|
120
|
|
|
(47
|
)
|
|
(39
|
)%
|
|||
Contract amortization
|
|
(58
|
)
|
|
(58
|
)
|
|
—
|
|
|
—
|
%
|
|||
Other
|
|
89
|
|
|
73
|
|
|
16
|
|
|
22
|
%
|
|||
Total revenues
|
|
3,211
|
|
|
2,854
|
|
|
357
|
|
|
13
|
%
|
|||
Cost of sales, excluding depreciation expense
|
|
(1,698
|
)
|
|
(1,494
|
)
|
|
(204
|
)
|
|
(14
|
)%
|
|||
Gross margin
|
|
1,513
|
|
|
1,360
|
|
|
153
|
|
|
11
|
%
|
|||
Operating and maintenance expense
|
|
(695
|
)
|
|
(580
|
)
|
|
(115
|
)
|
|
(20
|
)%
|
|||
Depreciation expense
|
|
(494
|
)
|
|
(413
|
)
|
|
(81
|
)
|
|
(20
|
)%
|
|||
Impairments
|
|
(857
|
)
|
|
(74
|
)
|
|
(783
|
)
|
|
NM
|
|
|||
General and administrative expense
|
|
(117
|
)
|
|
(94
|
)
|
|
(23
|
)
|
|
(24
|
)%
|
|||
Acquisition and integration costs
|
|
(8
|
)
|
|
(121
|
)
|
|
113
|
|
|
93
|
%
|
|||
Other
|
|
(16
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(100
|
)%
|
|||
Operating income (loss)
|
|
(674
|
)
|
|
77
|
|
|
(751
|
)
|
|
NM
|
|
|||
Earnings (losses) from unconsolidated investment
|
|
7
|
|
|
(1
|
)
|
|
8
|
|
|
NM
|
|
|||
Interest expense
|
|
(449
|
)
|
|
(413
|
)
|
|
(36
|
)
|
|
(9
|
)%
|
|||
Other income and expense, net
|
|
60
|
|
|
45
|
|
|
15
|
|
|
33
|
%
|
|||
Loss before income taxes
|
|
(1,056
|
)
|
|
(292
|
)
|
|
(764
|
)
|
|
NM
|
|
|||
Income tax benefit (expense)
|
|
(6
|
)
|
|
473
|
|
|
(479
|
)
|
|
(101
|
)%
|
|||
Net income (loss)
|
|
(1,062
|
)
|
|
181
|
|
|
(1,243
|
)
|
|
NM
|
|
|||
Less: Net loss attributable to noncontrolling interest
|
|
(2
|
)
|
|
(3
|
)
|
|
1
|
|
|
33
|
%
|
|||
Net income (loss) attributable to Dynegy Inc.
|
|
$
|
(1,060
|
)
|
|
$
|
184
|
|
|
$
|
(1,244
|
)
|
|
NM
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Revenues
|
|
$
|
998
|
|
|
$
|
574
|
|
|
$
|
1,639
|
|
|
$
|
—
|
|
|
$
|
3,211
|
|
Cost of sales, excluding depreciation expense
|
|
(590
|
)
|
|
(342
|
)
|
|
(766
|
)
|
|
—
|
|
|
(1,698
|
)
|
|||||
Gross margin
|
|
408
|
|
|
232
|
|
|
873
|
|
|
—
|
|
|
1,513
|
|
|||||
Operating and maintenance expense
|
|
(337
|
)
|
|
(143
|
)
|
|
(214
|
)
|
|
(1
|
)
|
|
(695
|
)
|
|||||
Depreciation expense
|
|
(99
|
)
|
|
(21
|
)
|
|
(370
|
)
|
|
(4
|
)
|
|
(494
|
)
|
|||||
Impairments
|
|
(700
|
)
|
|
(148
|
)
|
|
(9
|
)
|
|
—
|
|
|
(857
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
|
(117
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(16
|
)
|
|
(8
|
)
|
|||||
Other
|
|
—
|
|
|
(15
|
)
|
|
(1
|
)
|
|
—
|
|
|
(16
|
)
|
|||||
Operating income (loss)
|
|
$
|
(728
|
)
|
|
$
|
(87
|
)
|
|
$
|
279
|
|
|
$
|
(138
|
)
|
|
$
|
(674
|
)
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Revenues
|
|
$
|
845
|
|
|
$
|
625
|
|
|
$
|
1,384
|
|
|
$
|
—
|
|
|
$
|
2,854
|
|
Cost of sales, excluding depreciation expense
|
|
(423
|
)
|
|
(402
|
)
|
|
(669
|
)
|
|
—
|
|
|
(1,494
|
)
|
|||||
Gross margin
|
|
422
|
|
|
223
|
|
|
715
|
|
|
—
|
|
|
1,360
|
|
|||||
Operating and maintenance expense
|
|
(286
|
)
|
|
(160
|
)
|
|
(134
|
)
|
|
—
|
|
|
(580
|
)
|
|||||
Depreciation expense
|
|
(96
|
)
|
|
(24
|
)
|
|
(290
|
)
|
|
(3
|
)
|
|
(413
|
)
|
|||||
Impairments
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
General and administrative expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94
|
)
|
|
(94
|
)
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
(121
|
)
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
Operating income (loss)
|
|
$
|
(34
|
)
|
|
$
|
39
|
|
|
$
|
290
|
|
|
$
|
(218
|
)
|
|
$
|
77
|
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Total
|
||||||||
Revenues, net of hedges, attributable to newly acquired Duke Midwest and EquiPower plants for the first quarter of 2016
|
|
$
|
269
|
|
|
$
|
—
|
|
|
$
|
392
|
|
|
$
|
661
|
|
Lower revenues attributable to our legacy plants, including IPH:
|
|
|
|
|
|
|
|
|
|
|||||||
Higher (lower) prices
|
|
(31
|
)
|
|
38
|
|
|
(49
|
)
|
|
(42
|
)
|
||||
Lower generation volumes
|
|
(4
|
)
|
|
(100
|
)
|
|
(56
|
)
|
|
(160
|
)
|
||||
Higher (lower) capacity revenues
|
|
(5
|
)
|
|
9
|
|
|
(8
|
)
|
|
(4
|
)
|
||||
Mark-to-market losses on hedging transactions
|
|
(84
|
)
|
|
(5
|
)
|
|
(53
|
)
|
|
(142
|
)
|
||||
Lower contract amortization
|
|
1
|
|
|
8
|
|
|
2
|
|
|
11
|
|
||||
Other
|
|
7
|
|
|
(1
|
)
|
|
27
|
|
|
33
|
|
||||
Total change in revenues
|
|
$
|
153
|
|
|
$
|
(51
|
)
|
|
$
|
255
|
|
|
$
|
357
|
|
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Total
|
||||||||
Cost of sales attributable to newly acquired Duke Midwest and EquiPower plants for the first quarter of 2016
|
|
$
|
105
|
|
|
$
|
—
|
|
|
$
|
180
|
|
|
$
|
285
|
|
Lower cost of sales attributable to our legacy plants, including IPH:
|
|
|
|
|
|
|
|
|
||||||||
Higher (lower) prices
|
|
22
|
|
|
(7
|
)
|
|
(68
|
)
|
|
(53
|
)
|
||||
Lower generation volumes
|
|
(15
|
)
|
|
(81
|
)
|
|
(24
|
)
|
|
(120
|
)
|
||||
Lower transportation costs
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
||||
Lower contract amortization
|
|
18
|
|
|
6
|
|
|
7
|
|
|
31
|
|
||||
Other
|
|
37
|
|
|
22
|
|
|
16
|
|
|
75
|
|
||||
Total change in cost of sales
|
|
$
|
167
|
|
|
$
|
(60
|
)
|
|
$
|
97
|
|
|
$
|
204
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Net loss attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
(1,060
|
)
|
||||||||
Loss attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|||||||||
Income tax expense
|
|
|
|
|
|
|
|
|
|
6
|
|
|||||||||
Other income and expense, net
|
|
|
|
|
|
|
|
|
|
(60
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
449
|
|
|||||||||
Earnings from unconsolidated investment
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|||||||||
Operating income (loss)
|
|
$
|
(728
|
)
|
|
$
|
(87
|
)
|
|
$
|
279
|
|
|
$
|
(138
|
)
|
|
$
|
(674
|
)
|
Depreciation and amortization expense
|
|
87
|
|
|
20
|
|
|
418
|
|
|
4
|
|
|
529
|
|
|||||
Earnings from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Other income and expense, net
|
|
9
|
|
|
15
|
|
|
12
|
|
|
24
|
|
|
60
|
|
|||||
EBITDA
|
|
(632
|
)
|
|
(52
|
)
|
|
716
|
|
|
(110
|
)
|
|
(78
|
)
|
|||||
Adjustments to reflect Adjusted EBITDA from unconsolidated investment and exclude noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Acquisition, integration and restructuring costs
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
21
|
|
|
13
|
|
|||||
Mark-to-market adjustments, including warrants
|
|
23
|
|
|
(3
|
)
|
|
(61
|
)
|
|
(5
|
)
|
|
(46
|
)
|
|||||
Impairments
|
|
700
|
|
|
148
|
|
|
9
|
|
|
—
|
|
|
857
|
|
|||||
Wood River energy margin and O&M
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||
Non-cash compensation expense
|
|
—
|
|
|
—
|
|
|
2
|
|
|
16
|
|
|
18
|
|
|||||
Other
|
|
1
|
|
|
(3
|
)
|
|
1
|
|
|
2
|
|
|
1
|
|
|||||
Adjusted EBITDA
|
|
$
|
115
|
|
|
$
|
82
|
|
|
$
|
667
|
|
|
$
|
(76
|
)
|
|
$
|
788
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
(amounts in millions)
|
|
Coal
|
|
IPH
|
|
Gas
|
|
Other
|
|
Total
|
||||||||||
Net income attributable to Dynegy Inc.
|
|
|
|
|
|
|
|
|
|
$
|
184
|
|
||||||||
Loss attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|||||||||
Income tax benefit
|
|
|
|
|
|
|
|
|
|
(473
|
)
|
|||||||||
Other income and expense, net
|
|
|
|
|
|
|
|
|
|
(45
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
413
|
|
|||||||||
Losses from unconsolidated investment
|
|
|
|
|
|
|
|
|
|
1
|
|
|||||||||
Operating income (loss)
|
|
$
|
(34
|
)
|
|
$
|
39
|
|
|
$
|
290
|
|
|
$
|
(218
|
)
|
|
$
|
77
|
|
Depreciation and amortization expense
|
|
78
|
|
|
27
|
|
|
306
|
|
|
3
|
|
|
414
|
|
|||||
Losses from unconsolidated investment
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
Other income and expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
|||||
EBITDA
|
|
44
|
|
|
66
|
|
|
595
|
|
|
(170
|
)
|
|
535
|
|
|||||
Adjustments to reflect Adjusted EBITDA from unconsolidated investment and exclude noncontrolling interest
|
|
—
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
11
|
|
|||||
Acquisition and integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
121
|
|
|||||
Mark-to-market adjustments, including warrants
|
|
(35
|
)
|
|
(8
|
)
|
|
(29
|
)
|
|
(43
|
)
|
|
(115
|
)
|
|||||
Impairments
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|||||
Adjusted EBITDA (1)
|
|
$
|
83
|
|
|
$
|
61
|
|
|
$
|
575
|
|
|
$
|
(91
|
)
|
|
$
|
628
|
|
(1)
|
Not adjusted for the following items which are excluded in 2016: (i) non-cash compensation expense of $20 million, and (ii) Wood River’s energy margin and O&M costs of $9 million.
|
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(dollars in millions, except for price information)
|
|
2016
|
|
2015
|
|
|
|||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||
Energy
|
|
$
|
942
|
|
|
$
|
766
|
|
|
$
|
176
|
|
|
23
|
%
|
Capacity
|
|
74
|
|
|
59
|
|
|
15
|
|
|
25
|
%
|
|||
Mark-to-market income (loss), net
|
|
(7
|
)
|
|
38
|
|
|
(45
|
)
|
|
(118
|
)%
|
|||
Contract amortization
|
|
(19
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
%
|
|||
Other
|
|
8
|
|
|
1
|
|
|
7
|
|
|
NM
|
|
|||
Total operating revenues
|
|
998
|
|
|
845
|
|
|
153
|
|
|
18
|
%
|
|||
Operating costs
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
|
(628
|
)
|
|
(466
|
)
|
|
(162
|
)
|
|
(35
|
)%
|
|||
Contract amortization
|
|
38
|
|
|
43
|
|
|
(5
|
)
|
|
(12
|
)%
|
|||
Total operating costs
|
|
(590
|
)
|
|
(423
|
)
|
|
(167
|
)
|
|
(39
|
)%
|
|||
Gross margin
|
|
408
|
|
|
422
|
|
|
(14
|
)
|
|
(3
|
)%
|
|||
Operating and maintenance expense
|
|
(337
|
)
|
|
(286
|
)
|
|
(51
|
)
|
|
(18
|
)%
|
|||
Depreciation expense
|
|
(99
|
)
|
|
(96
|
)
|
|
(3
|
)
|
|
(3
|
)%
|
|||
Impairments
|
|
(700
|
)
|
|
(74
|
)
|
|
(626
|
)
|
|
NM
|
|
|||
Operating loss
|
|
(728
|
)
|
|
(34
|
)
|
|
(694
|
)
|
|
NM
|
|
|||
Depreciation and amortization expense
|
|
87
|
|
|
78
|
|
|
9
|
|
|
12
|
%
|
|||
Other income and expense, net
|
|
9
|
|
|
—
|
|
|
9
|
|
|
NM
|
|
|||
EBITDA
|
|
(632
|
)
|
|
44
|
|
|
(676
|
)
|
|
NM
|
|
|||
Mark-to-market adjustments
|
|
23
|
|
|
(35
|
)
|
|
58
|
|
|
166
|
%
|
|||
Impairments
|
|
700
|
|
|
74
|
|
|
626
|
|
|
NM
|
|
|||
Wood River energy margin and O&M
|
|
23
|
|
|
—
|
|
|
23
|
|
|
NM
|
|
|||
Other
|
|
1
|
|
|
—
|
|
|
1
|
|
|
NM
|
|
|||
Adjusted EBITDA (1)
|
|
$
|
115
|
|
|
$
|
83
|
|
|
$
|
32
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Million Megawatt Hours Generated (5)
|
|
25.3
|
|
|
21.7
|
|
|
3.6
|
|
|
17
|
%
|
|||
IMA for Coal-Fired Facilities (2)(5)
|
|
84
|
%
|
|
80
|
%
|
|
|
|
|
|||||
Average Capacity Factor for Coal-Fired Facilities (3)(5)
|
|
55
|
%
|
|
59
|
%
|
|
|
|
|
|||||
Average Quoted Market On-Peak Power Prices ($/MWh) (4):
|
|
|
|
|
|
|
|
|
|||||||
Indiana (Indy Hub)
|
|
$
|
32.32
|
|
|
$
|
35.17
|
|
|
$
|
(2.85
|
)
|
|
(8
|
)%
|
Commonwealth Edison (NI Hub)
|
|
$
|
31.54
|
|
|
$
|
35.44
|
|
|
$
|
(3.90
|
)
|
|
(11
|
)%
|
Mass Hub
|
|
$
|
34.44
|
|
|
$
|
53.62
|
|
|
$
|
(19.18
|
)
|
|
(36
|
)%
|
AD Hub
|
|
$
|
32.66
|
|
|
$
|
39.86
|
|
|
$
|
(7.20
|
)
|
|
(18
|
)%
|
Average Quoted Market Off-Peak Power Prices ($/MWh) (4):
|
|
|
|
|
|
|
|
|
|||||||
Indiana (Indy Hub)
|
|
$
|
22.31
|
|
|
$
|
25.41
|
|
|
$
|
(3.10
|
)
|
|
(12
|
)%
|
Commonwealth Edison (NI Hub)
|
|
$
|
20.81
|
|
|
$
|
23.49
|
|
|
$
|
(2.68
|
)
|
|
(11
|
)%
|
Mass Hub
|
|
$
|
23.40
|
|
|
$
|
38.90
|
|
|
$
|
(15.50
|
)
|
|
(40
|
)%
|
AD Hub
|
|
$
|
22.72
|
|
|
$
|
27.20
|
|
|
$
|
(4.48
|
)
|
|
(16
|
)%
|
(1)
|
2015 is not adjusted for Wood River’s energy margin and O&M costs of $9 million which are excluded in 2016.
|
(2)
|
IMA is an internal measurement calculation that reflects the percentage of generation available during periods when market prices are such that these units could be profitably dispatched. This calculation excludes certain events outside of management control such as weather related issues. The calculation excludes our Brayton Point facility and CTs. The IMA for our facilities within MISO and PJM (excluding CTs) was
89 percent
and
81 percent
, respectively, for the
nine months ended September 30, 2016
and
87 percent
and
73 percent
, respectively, for the
nine months ended September 30, 2015
.
|
(3)
|
Reflects actual production as a percentage of available capacity. The calculation excludes our Brayton Point facility and CTs. The average capacity factors for our facilities within MISO and PJM (excluding CTs) were
61 percent
and
51 percent
, respectively, for the
nine months ended September 30, 2016
and
66 percent
and
51 percent
, respectively, for the
nine months ended September 30, 2015
.
|
(4)
|
Reflects the average of day-ahead quoted prices for the periods presented and does not necessarily reflect prices we realized.
|
(5)
|
Reflects the activity for the period in which the Acquisitions were included in our consolidated results.
|
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(dollars in millions, except for price information)
|
|
2016
|
|
2015
|
|
|
|||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|||||||
Energy
|
|
$
|
527
|
|
|
$
|
589
|
|
|
$
|
(62
|
)
|
|
(11
|
)%
|
Capacity
|
|
49
|
|
|
40
|
|
|
9
|
|
|
23
|
%
|
|||
Mark-to-market income, net
|
|
3
|
|
|
8
|
|
|
(5
|
)
|
|
(63
|
)%
|
|||
Contract amortization
|
|
(10
|
)
|
|
(18
|
)
|
|
8
|
|
|
44
|
%
|
|||
Other
|
|
5
|
|
|
6
|
|
|
(1
|
)
|
|
(17
|
)%
|
|||
Total operating revenues
|
|
574
|
|
|
625
|
|
|
(51
|
)
|
|
(8
|
)%
|
|||
Operating costs
|
|
|
|
|
|
|
|
|
|||||||
Cost of sales
|
|
(360
|
)
|
|
(426
|
)
|
|
66
|
|
|
15
|
%
|
|||
Contract amortization
|
|
18
|
|
|
24
|
|
|
(6
|
)
|
|
(25
|
)%
|
|||
Total operating costs
|
|
(342
|
)
|
|
(402
|
)
|
|
60
|
|
|
15
|
%
|
|||
Gross margin
|
|
232
|
|
|
223
|
|
|
9
|
|
|
4
|
%
|
|||
Operating and maintenance expense
|
|
(143
|
)
|
|
(160
|
)
|
|
17
|
|
|
11
|
%
|
|||
Depreciation expense
|
|
(21
|
)
|
|
(24
|
)
|
|
3
|
|
|
13
|
%
|
|||
Impairments
|
|
(148
|
)
|
|
—
|
|
|
(148
|
)
|
|
NM
|
|
|||
Acquisition and integration costs
|
|
8
|
|
|
—
|
|
|
8
|
|
|
NM
|
|
|||
Other
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
NM
|
|
|||
Operating income (loss)
|
|
(87
|
)
|
|
39
|
|
|
(126
|
)
|
|
NM
|
|
|||
Depreciation and amortization expense
|
|
20
|
|
|
27
|
|
|
(7
|
)
|
|
(26
|
)%
|
|||
Other income and expense, net
|
|
15
|
|
|
—
|
|
|
15
|
|
|
NM
|
|
|||
EBITDA
|
|
(52
|
)
|
|
66
|
|
|
(118
|
)
|
|
(179
|
)%
|
|||
Acquisition and integration costs
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
NM
|
|
|||
Adjustment to exclude noncontrolling interest
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
(100
|
)%
|
|||
Mark-to-market adjustments
|
|
(3
|
)
|
|
(8
|
)
|
|
5
|
|
|
63
|
%
|
|||
Impairments
|
|
148
|
|
|
—
|
|
|
148
|
|
|
NM
|
|
|||
Other
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
NM
|
|
|||
Adjusted EBITDA
|
|
$
|
82
|
|
|
$
|
61
|
|
|
$
|
21
|
|
|
34
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
Million Megawatt Hours Generated
|
|
11.6
|
|
|
14.7
|
|
|
(3.1
|
)
|
|
(21
|
)%
|
|||
IMA for IPH Facilities (1)
|
|
88
|
%
|
|
89
|
%
|
|
|
|
|
|||||
Average Capacity Factor for IPH Facilities (2)
|
|
45
|
%
|
|
55
|
%
|
|
|
|
|
|||||
Average Quoted Market Power Prices ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|||||||
On-Peak: Indiana (Indy Hub)
|
|
$
|
32.32
|
|
|
$
|
35.17
|
|
|
$
|
(2.85
|
)
|
|
(8
|
)%
|
Off-Peak: Indiana (Indy Hub)
|
|
$
|
22.31
|
|
|
$
|
25.41
|
|
|
$
|
(3.10
|
)
|
|
(12
|
)%
|
(1)
|
IMA is an internal measurement calculation that reflects the percentage of generation available during periods when market prices are such that these units could be profitably dispatched. This calculation excludes certain events outside of management control such as weather related issues.
|
(2)
|
Reflects actual production as a percentage of available capacity.
|
(3)
|
Reflects the average of day-ahead quoted prices for the periods presented and does not necessarily reflect prices we realized.
|
|
|
Nine Months Ended September 30,
|
|
Favorable (Unfavorable) $ Change
|
|
Favorable (Unfavorable) % Change
|
|||||||||
(dollars in millions, except for price information)
|
|
2016
|
|
2015
|
|
|
|||||||||
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Energy
|
|
$
|
1,179
|
|
|
$
|
995
|
|
|
$
|
184
|
|
|
18
|
%
|
Capacity
|
|
336
|
|
|
270
|
|
|
66
|
|
|
24
|
%
|
|||
Mark-to-market income, net
|
|
77
|
|
|
74
|
|
|
3
|
|
|
4
|
%
|
|||
Contract amortization
|
|
(29
|
)
|
|
(21
|
)
|
|
(8
|
)
|
|
(38
|
)%
|
|||
Other
|
|
76
|
|
|
66
|
|
|
10
|
|
|
15
|
%
|
|||
Total operating revenues
|
|
1,639
|
|
|
1,384
|
|
|
255
|
|
|
18
|
%
|
|||
Operating Costs
|
|
|
|
|
|
|
|
|
|||||||
Cost of sales
|
|
(748
|
)
|
|
(674
|
)
|
|
(74
|
)
|
|
(11
|
)%
|
|||
Contract amortization
|
|
(18
|
)
|
|
5
|
|
|
(23
|
)
|
|
NM
|
|
|||
Total operating costs
|
|
(766
|
)
|
|
(669
|
)
|
|
(97
|
)
|
|
(14
|
)%
|
|||
Gross margin
|
|
873
|
|
|
715
|
|
|
158
|
|
|
22
|
%
|
|||
Operating and maintenance expense
|
|
(214
|
)
|
|
(134
|
)
|
|
(80
|
)
|
|
(60
|
)%
|
|||
Depreciation expense
|
|
(370
|
)
|
|
(290
|
)
|
|
(80
|
)
|
|
(28
|
)%
|
|||
Impairments
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
NM
|
|
|||
Other
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
%
|
|||
Operating income
|
|
279
|
|
|
290
|
|
|
(11
|
)
|
|
(4
|
)%
|
|||
Depreciation and amortization expense
|
|
418
|
|
|
306
|
|
|
112
|
|
|
37
|
%
|
|||
Earnings (losses) from unconsolidated investment
|
|
7
|
|
|
(1
|
)
|
|
8
|
|
|
NM
|
|
|||
Other income and expense, net
|
|
12
|
|
|
—
|
|
|
12
|
|
|
NM
|
|
|||
EBITDA
|
|
716
|
|
|
595
|
|
|
121
|
|
|
20
|
%
|
|||
Adjustment to reflect Adjusted EBITDA from unconsolidated investment
|
|
—
|
|
|
8
|
|
|
(8
|
)
|
|
(100
|
)%
|
|||
Mark-to-market adjustments
|
|
(61
|
)
|
|
(29
|
)
|
|
(32
|
)
|
|
(110
|
)%
|
|||
Impairments
|
|
9
|
|
|
—
|
|
|
9
|
|
|
NM
|
|
|||
Non-cash compensation expense
|
|
2
|
|
|
—
|
|
|
2
|
|
|
NM
|
|
|||
Other
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
|||
Adjusted EBITDA
|
|
$
|
667
|
|
|
$
|
575
|
|
|
$
|
92
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Million Megawatt Hours Generated (5)
|
|
40.4
|
|
|
33.2
|
|
|
7.2
|
|
|
22
|
%
|
|||
IMA for Combined Cycle Facilities (1)(5)
|
|
97
|
%
|
|
98
|
%
|
|
|
|
|
|||||
Average Capacity Factor for Combined Cycle Facilities (2)(5)
|
|
61
|
%
|
|
63
|
%
|
|
|
|
|
|
|
|||
Average Market On-Peak Spark Spreads ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|||||||
Commonwealth Edison (NI Hub)
|
|
$
|
15.41
|
|
|
$
|
14.91
|
|
|
$
|
0.50
|
|
|
3
|
%
|
PJM West
|
|
$
|
23.79
|
|
|
$
|
25.58
|
|
|
$
|
(1.79
|
)
|
|
(7
|
)%
|
North of Path 15 (NP 15)
|
|
$
|
12.32
|
|
|
$
|
14.63
|
|
|
$
|
(2.31
|
)
|
|
(16
|
)%
|
New York—Zone A
|
|
$
|
26.66
|
|
|
$
|
29.49
|
|
|
$
|
(2.83
|
)
|
|
(10
|
)%
|
Mass Hub
|
|
$
|
14.49
|
|
|
$
|
15.77
|
|
|
$
|
(1.28
|
)
|
|
(8
|
)%
|
AD Hub
|
|
$
|
28.88
|
|
|
$
|
34.41
|
|
|
$
|
(5.53
|
)
|
|
(16
|
)%
|
Average Market Off-Peak Spark Spreads ($/MWh) (3):
|
|
|
|
|
|
|
|
|
|||||||
Commonwealth Edison (NI Hub)
|
|
$
|
4.68
|
|
|
$
|
2.97
|
|
|
$
|
1.71
|
|
|
58
|
%
|
PJM West
|
|
$
|
13.10
|
|
|
$
|
10.71
|
|
|
$
|
2.39
|
|
|
22
|
%
|
North of Path 15 (NP 15)
|
|
$
|
6.03
|
|
|
$
|
7.75
|
|
|
$
|
(1.72
|
)
|
|
(22
|
)%
|
New York—Zone A
|
|
$
|
8.32
|
|
|
$
|
14.12
|
|
|
$
|
(5.80
|
)
|
|
(41
|
)%
|
Mass Hub
|
|
$
|
3.46
|
|
|
$
|
1.05
|
|
|
$
|
2.41
|
|
|
230
|
%
|
AD Hub
|
|
$
|
13.36
|
|
|
$
|
16.22
|
|
|
$
|
(2.86
|
)
|
|
(18
|
)%
|
Average natural gas price—Henry Hub ($/MMBtu) (4)
|
|
$
|
2.31
|
|
|
$
|
2.78
|
|
|
$
|
(0.47
|
)
|
|
(17
|
)%
|
(1)
|
IMA is an internal measurement calculation that reflects the percentage of generation available when market prices are such that these units could be profitably dispatched. This calculation excludes certain events outside of management control such as weather related issues.
|
(2)
|
Reflects actual production as a percentage of available capacity.
|
(3)
|
Reflects the simple average of the on- and off-peak spark spreads available to a 7.0 MMBtu/MWh heat rate generator selling power at day-ahead prices and buying delivered natural gas at a daily cash market price and does not reflect spark spreads available to us.
|
(4)
|
Reflects the average of daily quoted prices for the periods presented and does not reflect costs incurred by us.
|
(5)
|
Reflects the activity for the period in which the Acquisitions were included in our consolidated results.
|
|
|
2014-2015
|
|
2015-2016
|
|
2016-2017
|
Price per MW-day
|
|
$16.75
|
|
$150.00
|
|
$72.00
|
|
|
2016-2017
|
|
2017-2018
|
|
2018-2019
|
|
2019-2020
|
Coal Segment:
|
|
|
|
|
|
|
|
|
Capacity sold (MW)
|
|
1,011
|
|
1,075
|
|
242
|
|
185
|
Average price per kW-month
|
|
$2.75
|
|
$3.39
|
|
$2.68
|
|
$2.60
|
IPH Segment:
|
|
|
|
|
|
|
|
|
Capacity sold (MW)
|
|
2,246
|
|
1,899
|
|
1,518
|
|
570
|
Average price per kW-month
|
|
$4.30
|
|
$4.63
|
|
$5.12
|
|
$5.20
|
|
|
2014-2015
|
|
2015-2016
|
|
2016-2017
|
|
2017-2018
|
|
2018-2019
|
|
2019-2020
|
Price per kW-month
|
|
$3.21
|
|
$3.43
|
|
$3.15
|
|
$7.03
|
|
$9.55
|
|
$7.03
|
|
|
2016-2017
|
|
2017-2018
|
|
2018-2019
|
|
2019-2020
|
Capacity sold (MW)
|
|
3,683
|
|
2,186
|
|
2,195
|
|
2,240
|
Average price per kW-month
|
|
$3.24
|
|
$6.99
|
|
$9.64
|
|
$7.03
|
|
|
2014-2015
|
|
2015-2016
|
|
2016-2017
|
|
2017-2018
|
|
2018-2019
|
|
2019-2020
|
||||||||||||||||||||||||||||
|
|
Legacy Capacity
|
|
Legacy Capacity
|
|
Legacy Capacity
|
|
CP
|
|
Legacy Capacity
|
|
CP
|
|
Base
|
|
CP
|
|
Base
|
|
CP
|
||||||||||||||||||||
RTO zone, price per MW-day
|
|
$
|
125.99
|
|
|
$
|
136.00
|
|
|
$
|
59.37
|
|
|
$
|
134.00
|
|
|
$
|
120.00
|
|
|
$
|
151.50
|
|
|
$
|
149.98
|
|
|
$
|
164.77
|
|
|
$
|
80.00
|
|
|
$
|
100.00
|
|
MAAC zone, price per MW-day
|
|
$
|
136.50
|
|
|
$
|
167.46
|
|
|
$
|
119.13
|
|
|
$
|
134.00
|
|
|
$
|
120.00
|
|
|
$
|
151.50
|
|
|
$
|
149.98
|
|
|
$
|
164.77
|
|
|
$
|
80.00
|
|
|
$
|
100.00
|
|
EMAAC zone, price per MW-day
|
|
$
|
136.50
|
|
|
$
|
167.46
|
|
|
$
|
119.13
|
|
|
$
|
134.00
|
|
|
$
|
120.00
|
|
|
$
|
151.50
|
|
|
$
|
210.63
|
|
|
$
|
225.42
|
|
|
$
|
99.77
|
|
|
$
|
119.77
|
|
COMED zone, price per MW-day
|
|
$
|
125.99
|
|
|
$
|
136.00
|
|
|
$
|
59.37
|
|
|
$
|
134.00
|
|
|
$
|
120.00
|
|
|
$
|
151.50
|
|
|
$
|
200.21
|
|
|
$
|
215.00
|
|
|
$
|
182.77
|
|
|
$
|
202.77
|
|
ATSI zone, price per MW-day
|
|
$
|
125.99
|
|
|
$
|
357.00
|
|
|
$
|
114.23
|
|
|
$
|
134.00
|
|
|
$
|
120.00
|
|
|
$
|
151.50
|
|
|
$
|
149.98
|
|
|
$
|
164.77
|
|
|
$
|
80.00
|
|
|
$
|
100.00
|
|
|
|
2016-2017
|
|
2017-2018
|
|
2018-2019
|
|
2019-2020
|
Capacity sold (MW)
|
|
9,762
|
|
10,837
|
|
9,911
|
|
9,803
|
Average price per MW-day
|
|
$120.53
|
|
$137.27
|
|
$182.46
|
|
$135.49
|
|
|
Winter 2014-2015
|
|
Summer 2015
|
|
Winter 2015-2016
|
|
Summer 2016
|
|
Winter 2016-2017
|
Price per kW-month
|
|
$2.90
|
|
$3.50
|
|
$1.25
|
|
$3.62
|
|
$0.75
|
|
|
Summer 2016
|
|
Winter 2016-2017
|
|
Summer 2017
|
|
Winter 2017-2018
|
|
Summer 2018
|
|
Winter 2018-2019
|
|
Summer 2019
|
Capacity sold (MW)
|
|
927
|
|
839
|
|
868
|
|
580
|
|
565
|
|
330
|
|
255
|
Average price per kW-month
|
|
$3.36
|
|
$2.47
|
|
$3.44
|
|
$3.14
|
|
$3.66
|
|
$3.32
|
|
$3.39
|
|
|
Remainder of 2016
|
|
2017
|
|
2018
|
|
2019
|
Capacity sold (Avg MW)
|
|
230
|
|
725
|
|
400
|
|
850
|
(amounts in millions)
|
|
Less than
1 Year |
|
1 - 3 Years
|
|
3 - 5 Years
|
|
More than
5 Years |
|
Total
|
||||||||||
Coal segment
|
|
$
|
1
|
|
|
$
|
98
|
|
|
$
|
56
|
|
|
$
|
60
|
|
|
$
|
215
|
|
IPH segment
|
|
1
|
|
|
86
|
|
|
10
|
|
|
—
|
|
|
97
|
|
|||||
Total Consolidated ELGs
|
|
$
|
2
|
|
|
$
|
184
|
|
|
$
|
66
|
|
|
$
|
60
|
|
|
$
|
312
|
|
|
|
|
|
Projected Obligation by Period
|
||||||||||||||||||||
(amounts in millions)
|
|
NPV
|
|
Less than
1 Year |
|
1 - 3 Years
|
|
3 - 5 Years
|
|
More than
5 Years |
|
Total
|
||||||||||||
Coal
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CCR
|
|
$
|
121
|
|
|
$
|
—
|
|
|
$
|
28
|
|
|
$
|
41
|
|
|
$
|
72
|
|
|
$
|
141
|
|
Non-CCR
|
|
58
|
|
|
1
|
|
|
15
|
|
|
5
|
|
|
113
|
|
|
134
|
|
||||||
Total Coal segment
|
|
179
|
|
|
1
|
|
|
43
|
|
|
46
|
|
|
185
|
|
|
275
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-CCR
|
|
22
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
45
|
|
|
56
|
|
||||||
Total Gas segment
|
|
22
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
45
|
|
|
56
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
IPH
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CCR
|
|
70
|
|
|
—
|
|
|
6
|
|
|
42
|
|
|
63
|
|
|
111
|
|
||||||
Non-CCR
|
|
12
|
|
|
—
|
|
|
7
|
|
|
10
|
|
|
91
|
|
|
108
|
|
||||||
Total IPH segment
|
|
82
|
|
|
—
|
|
|
13
|
|
|
52
|
|
|
154
|
|
|
219
|
|
||||||
Total Consolidated AROs
|
|
$
|
283
|
|
|
$
|
1
|
|
|
$
|
67
|
|
|
$
|
98
|
|
|
$
|
384
|
|
|
$
|
550
|
|
(amounts in millions)
|
|
As of and for the Nine Months Ended September 30, 2016
|
||
Fair value of portfolio at December 31, 2015
|
|
$
|
(90
|
)
|
Risk management losses recognized through the statement of operations in the period, net
|
|
(3
|
)
|
|
Contracts realized or otherwise settled during the period
|
|
78
|
|
|
Changes in collateral/margin netting
|
|
(33
|
)
|
|
Fair value of portfolio at September 30, 2016
|
|
$
|
(48
|
)
|
(amounts in millions)
|
|
Total
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
||||||||||||||
Market quotations (1)(2)
|
|
$
|
(98
|
)
|
|
$
|
(1
|
)
|
|
$
|
(77
|
)
|
|
$
|
(14
|
)
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Prices based on models (2)
|
|
(23
|
)
|
|
(6
|
)
|
|
(14
|
)
|
|
(6
|
)
|
|
1
|
|
|
2
|
|
|
—
|
|
|||||||
Total (3)
|
|
$
|
(121
|
)
|
|
$
|
(7
|
)
|
|
$
|
(91
|
)
|
|
$
|
(20
|
)
|
|
$
|
(5
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
(3)
|
Excludes
$73 million
of broker margin and collateral that has been netted against Risk management liabilities in our unaudited consolidated balance sheets. Please read
Note 5—Risk Management Activities, Derivatives, and Financial Instruments
for further discussion.
|
•
|
beliefs and assumptions about weather and general economic conditions;
|
•
|
beliefs, assumptions, and projections regarding the demand for power, generation volumes, and commodity pricing, including natural gas prices and the timing of a recovery in power market prices, if any;
|
•
|
beliefs and assumptions about market competition, generation capacity, and regional supply and demand characteristics of the wholesale and retail power markets, including the anticipation of plant retirements and higher market pricing over the longer term;
|
•
|
sufficiency of, access to, and costs associated with coal, fuel oil, and natural gas inventories and transportation thereof;
|
•
|
the effects of, or changes to, MISO, PJM, CAISO, NYISO, or ISO-NE power and capacity procurement processes;
|
•
|
expectations regarding, or impacts of, environmental matters, including costs of compliance, availability and adequacy of emission credits, and the impact of ongoing proceedings and potential regulations or changes to current regulations, including those relating to climate change, air emissions, cooling water intake structures, coal combustion byproducts, and other laws and regulations that we are, or could become, subject to, which could increase our costs, result in an impairment of our assets, cause us to limit or terminate the operation of certain of our facilities, or otherwise have a negative financial effect;
|
•
|
beliefs about the outcome of legal, administrative, legislative, and regulatory matters;
|
•
|
projected operating or financial results, including anticipated cash flows from operations, revenues, and profitability;
|
•
|
our focus on safety and our ability to efficiently operate our assets so as to capture revenue generating opportunities and operating margins;
|
•
|
our ability to mitigate forced outage risk, including managing risk associated with CP in PJM and performance incentives in ISO-NE;
|
•
|
our ability to optimize our assets through targeted investment in cost effective technology enhancements;
|
•
|
the effectiveness of our strategies to capture opportunities presented by changes in commodity prices and to manage our exposure to energy price volatility;
|
•
|
efforts to secure retail sales and the ability to grow the retail business;
|
•
|
efforts to identify opportunities to reduce congestion and improve busbar power prices;
|
•
|
ability to mitigate impacts associated with expiring RMR and/or capacity contracts;
|
•
|
expectations regarding our compliance with the Credit Agreement, including collateral demands, interest expense, any applicable financial ratios, and other payments;
|
•
|
expectations regarding performance standards and capital and maintenance expenditures;
|
•
|
beliefs concerning the restructuring of Genco, including the RSA;
|
•
|
the timing and anticipated benefits to be achieved through our company-wide improvement programs, including our PRIDE initiative;
|
•
|
anticipated timing, outcome, and impact of the expected retirement of Brayton Point and the shutdown of Baldwin Units 1 and 3, and Moss Landing 6 and 7;
|
•
|
beliefs about the costs and scope of the ongoing demolition and site remediation efforts at the Vermilion and Wood River facilities and any potential future remediation obligations at the South Bay facility;
|
•
|
expectations regarding the synergies, completion, timing and anticipated benefits of the Delta Transaction;
|
•
|
expectations regarding the completion and timing of the Elwood Energy facility sale, and anticipated use of proceeds from such sale; and
|
•
|
beliefs regarding redevelopment efforts for the Morro Bay facility.
|
(amounts in millions)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
One day VaR—95 percent confidence level
|
|
$
|
8
|
|
|
$
|
20
|
|
One day VaR—99 percent confidence level
|
|
$
|
11
|
|
|
$
|
29
|
|
Average VaR—95 percent confidence level for the rolling twelve months ended
|
|
$
|
12
|
|
|
$
|
8
|
|
(amounts in millions)
|
|
Investment
Grade Quality
|
||
Type of Business:
|
|
|
|
|
Financial institutions
|
|
$
|
33
|
|
Utility and power generators
|
|
16
|
|
|
Total
|
|
$
|
49
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Interest rate swaps (in millions of U.S. dollars)
|
|
$
|
771
|
|
|
$
|
777
|
|
Fixed interest rate paid (percent)
|
|
3.19
|
%
|
|
3.19
|
%
|
*
|
Schedules and exhibits to the Membership Interest Purchase Agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Dynegy will furnish the omitted schedules and exhibits to the Securities and Exchange Commission upon request by the Commission.
|
|
|
|
DYNEGY INC.
|
|
|
|
|
Date:
|
November 2, 2016
|
By:
|
/s/ CLINT C. FREELAND
|
|
|
|
Clint C. Freeland
Executive Vice President and Chief Financial Officer
|
Americas 91190406 (2K)
|
|
|
Americas 91190406 (2K)
|
|
|
Attention:
|
Executive Director, Legal Risk Management Division, Commodities and Financial Markets
|
Americas 91190406 (2K)
|
|
|
Americas 91190406 (2K)
|
|
|
i.
|
The reference to the phrase “Effective Date” in clause (e) and clause (f) of such Article shall mean the “First Amendment Effective Date”;
|
ii.
|
The reference to “December 31, 2013” in clause (f) of such Article shall mean “December 31, 2015” and the reference to “March 31, 2014” in such clause (f) shall mean “March 31, 2016”; and
|
iii.
|
The reference to “December 31, 2013” in clause (g) of such Article shall mean “December 31, 2015.”
|
Americas 91190406 (2K)
|
|
|
Americas 91190406 (2K)
|
|
|
By:
|
/s/ Siddharth Manjeshwar
Name: Siddharth Manjeshwar Title: Vice President and Treasurer |
Americas 91190406 (2K)
|
|
|
By:
|
/s/ Byron den Hertog
Name: Byron den Hertog Title: Division Director |
By:
|
/s/ Fiona Smith
Name: Fiona Smith Title: Division Director |
By:
|
/s/ Sherri Brudner
Name: Sherri Brudner Title: Division Director |
Americas 91190406 (2K)
|
|
|
1.
|
Section 5 of the Agreement is amended, to be and to read as follows:
|
2.
|
The Agreement is amended to add a new Section 11, to be and to read as follows:
|
3.
|
This Amendment is hereby deemed to be an amendment to each currently outstanding Company equity award held by the Executive on the date hereof to the extent necessary to cause the underlying award agreement to reflect the terms of this Amendment.
|
1.
|
I have reviewed this report on Form 10-Q of Dynegy Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 2, 2016
|
By:
|
/s/ R
OBERT
C
.
F
LEXON
|
|
|
|
Robert C. Flexon
President and Chief Executive Officer
|
1.
|
I have reviewed this report on Form 10-Q of Dynegy Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 2, 2016
|
By:
|
/s/ C
LINT
C. F
REELAND
|
|
|
|
Clint C. Freeland
Executive Vice President and Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.
|
Date:
|
November 2, 2016
|
By:
|
/s/ ROBERT C. FLEXON
|
|
|
|
Robert C. Flexon
President and Chief Executive Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.
|
Date:
|
November 2, 2016
|
By:
|
/s/ C
LINT
C. F
REELAND
|
|
|
|
Clint C. Freeland
Executive Vice President and Chief Financial Officer
|