www.fairfield-echo.com/n/content/shared-gen/ap/Finance_ -
[Cached Version]
Published on: 8/9/2007
Last Visited: 8/9/2007
Dynegy chairman and chief executive Bruce Williamson said second-quarter results reflected the additional capacity, as earnings before interest, taxes, depreciation and amortization rose in all three of its regions , the Midwest, West and Northeast.
In total, boosted by the LS Power assets, the company's power generation business posted earnings of $282 million in the second quarter of 2007, up from $119 million a year ago.
Dynegy is moving forward with plans to bolster capacity, largely through joint ventures with LS Power, Williamson said.Analysts have said such partnerships make sense because they match LS Power's skill at developing power plants with Dynegy's knack for running them.
In the works are eight coal-fired plants, eight fueled by natural gas and at least two using renewable fuel sources, specifically wind and solar.Dynegy expects construction on a coal-fired plant near Waco, Texas, to begin in the fourth quarter of this year.
In an interview with The Associated Press, Williamson said renewable energy had a place in Dynegy's long-range generation plans, but because technology is still evolving, it's imperative to continue to create power using traditional fuels because of growing demand.He noted Dynegy had reduced regulated emissions from its Midwestern plants by 90 percent since 1999.
"For the good of the energy economy and consumers, the country is going to have to see some development of ... fossil-based alternatives, whether it's coal or gas, to act as a bridge to a more renewable-based future," Williamson said.