KCBD, NewsChannel 11 Lubbock |Dynegy posts 3Q loss on sale of plants
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Associated Press - November 5, 2009 7:35 AM ET
HOUSTON (AP) - Power company Dynegy is posting a second straight big loss as it continues to write down the value of plants that it is selling as part of a deal to bolster finances.
Dynegy said Thursday that it recorded a loss of $212 million, or 25 cents per share. A year ago in the third quarter, Dynegy made $605 million, or 72 cents per share, driven by a $542 million gain that reflected an updated estimate of what investments are worth based on current market values.
The Houston company said in August that it plans to sell about a quarter of its generation - eight plants plus another under development - to former development partner LS Power Associates for about $1 billion in cash and $500 million in stock.
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