Dynegy Charge Will Exceed Expectations
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Dynegy Inc. will take a second-quarter pretax charge of $500 million, more than expected, after the U.S. energy trader revised natural-gas sales figures.
The Houston-based company had forecast $450 million, mostly for costs from its communications business and severance payments. The increase follows a review of results in its gas-marketing business, Dynegy said. The marketing charge alone will be about $125 million and comes as Dynegy and other traders face probes of their business practices.
Shares of Dynegy fell 20 cents, or 3%, to $6.10 on the New York Stock Exchange. They have lost 76% of their value this year.
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