Dynegy Profit Drops as Electricity Prices Fall
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From Bloomberg News
Dynegy Inc., owner of power plants in 12 U.S. states, said first-quarter profit fell by half as wholesale electricity prices tumbled.
Net income dropped to $74 million, or 15 cents a share, after the payment of preferred dividends, from $147 million, or 17 cents, a year earlier, Houston-based Dynegy said. Revenue slipped to $1.66 billion from $1.88 billion.
Dynegy’s shares rose 42 cents to $4.36 on the NYSE.
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