Dynegy Plans to Double its Generating Capacity to almost 26,000 MW
Dynegy Inc., Houston, has agreed to buy power plants worth $6.25 billion. These plants include coal and gas power generation plants from Duke Energy and Energy Capital Partners. The deal's announcement led to a rise in the shares of Dynegy Inc.
Dynegy said that Duke Energy Corp. has put $2.8 billion for 11 natural gas, coal and oil power plants in Ohio, southwestern Pennsylvania, and a retail sales business at Illinois for sale. Also, Dynegy will be spending $3.45 billion for Energy Capital plants in Massachusetts, Connecticut, Illinois and Ohio including the gas plants in Eddystone.
Dynegy's spokesperson said that the company will be operating the Eddystone plant and as of now, the company has no plans to make any change in the staff.
It has been estimated that Dynegy's deal will increase almost 12,500 megawatts of coal and gas generation and will expand the company's retail business in Ohio, Pennsylvania and Michigan.
Dynegy said that it is expected that the company is planning to almost double its current target to reach almost 26,000 megawatts of generating capacity all over the country. It also hopes that the deal will enhance its presence in the Midwest and New England.
As per sources, the deals might get close by the end of first quarter of the next year. Dynegy stated that the acquisition will complement its current business. Most of the plants' acquisition includes either the modern combined cycle natural gas plants or the environmentally compliant coal generating plants.
Dynegy is also planning to finance $5 billion in the new bonds and $1.25 billion in equity and equity-linked securities.
The deal has extended Dynegy's sales in PJM Interconnection L. L. C., the largest U. S. wholesale power market. The PJM market has a market that is extended from New Jersey and Virginia in the east to Illinois in the west.
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