Dynegy

Dynegy Inc. is an electric company based in Houston, Texas. It owns and operates a number of power stations in the U.S., all of which are powered by fossil fuels. Dynegy was acquired by Vistra Corp on April 9, 2018. The company is located at 601 Travis Street in Downtown Houston. The company was founded in 1984 as Natural Gas Clearinghouse. It was originally an energy brokerage, buying and selling natural gas supplies. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business. The company adopted the name Dynegy in 1998. Dynegy maintained a rivalry with the Houston-based Enron energy and trading firm, which it initially agreed to buy in 2001, before withdrawing from the deal as the extent of wrongdoing by Enron emerged. Dynegy nearly went bankrupt in 2002, and several executives were eventually convicted of financial fraud and mismanagement. Dynegy exited the energy trading business in 2002 and the natural gas supply business in 2005, focusing its efforts on electrical generation. The company has one major subsidiary, Dynegy Holdings. It also has three operating subsidiaries: GasCo, CoalCo, and the "stub group" (for other miscellaneous business enterprises). Dynegy Inc. was the subject of two unsuccessful takeover efforts in 2010. Its Dynegy Holdings subsidiary went bankrupt in November 2011, and Dynegy Inc. itself filed for bankruptcy protection on July 6, 2012. Its GasCo and CoalCo subsidiaries were unaffected by the bankruptcy filing. Dynegy emerged from bankruptcy on October 2, 2012. On April 9, 2018 Vistra Corp closed its acquisition of Dynegy following a determination by the Federal Energy Regulatory Commission that the $1.7 billion deal raised no competitive concerns.