HOUSTON–(BUSINESS WIRE)–Dynegy Inc. (NYSE: DYN) has executed agreements with the PJM System Operator(PJM) and the Midwest Independent System Operator (MISO) to move the vast majority of Dynegy’s Hennepin Power Station’s energy and capacity to the PJM market from MISO. The five-year transmission service agreements – which require no upfront investment, only modest annual fees associated with transporting power into PJM – may be extended indefinitely at Dynegy’s request and are a result of three years of effort to procure transmission service out of MISO. Per the agreement, 260 megawatts (MW) of Hennepin’s 290 MW capacity will be available for sale into PJM effective June 1, 2017.
The pathway to PJM is consistent with Dynegy’s overall objective of moving all of the Company’s Illinois generating assets from MISO to PJM. PJM, which northern Illinois is already part of, is designed for competitive generating assets and not a regulated utility framework as is MISO. Last month, Dynegy proposed legislation to position all of Illinois into the PJM competitive power market. Dynegy will continue to explore similar paths for its remaining plants in MISO while we wait for a ruling on our proposed legislation.
We are committed to leadership in the electricity sector. With nearly 26,000 megawatts of power generation capacity and two retail electricity companies, Dynegy is capable of supplying 21 million homes with safe, reliable and economic energy. Homefield Energy and Dynegy Energy Services are retail electricity providers serving businesses and residents in Illinois, Ohio and Pennsylvania.
This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements” particularly those statements concerning: Dynegy’s expectations of the proposed legislation. These statements are based on the current expectations of Dynegy’s management discussion of risks and uncertainties that could cause actual results to differ materially from current projections, forecasts, estimates and expectations of Dynegy is contained in Dynegy’s filings with the Securities and Exchange Commission (the “SEC”). Specifically, Dynegy makes reference to, and incorporates herein by reference, the section entitled “Risk Factors” in its 2015 Form 10-K and subsequent Form 10-Qs. In addition to the risks and uncertainties set forth in Dynegy’s SEC filings, the forward-looking statements described in this press release could be affected by the following, among other things, (i) ability of the proposed legislation to position all of Illinois into the PJM competitive power market; (ii) expectations about the outcome of regulatory, administrative and legislative matters; (iii) the industry may be subject to future regulatory or legislative actions, including environmental, that could adversely affect Dynegy; and (iv) Dynegy may be adversely affected by other economic, business, and/or competitive factors. Any or all of Dynegy’s forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond Dynegy’s control.