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Industry News

Dynegy Chief Executive Resigns

LCG, May 29, 2002--The chairman and chief executive of energy trading company Dynegy, Chuck Watson, resigned his posts yesterday, amidst questions concerning the firm's accounting.

Watson's departure may mark greater influence in the management of Dynegy for energy major ChevronTexaco Corp., which owns a quarter of Dynegy stock. The Dynegy board announced that Glenn Tilton, who recently joined the board from the ChevronTexaco, would become interim chairman. The interim chief executive, Daniel Dienstibier, has served as president of Dynegy's Northern Natural Gas pipeline business.

Pressure for Watson's resignation had come from Dynegy's board of directors, which, in addition to Mr. Tilton, includes two other ChevronTexaco executives. Increasing scrutiny from investors and credit rating agencies have come in response to news about "round-trip" trades of energy with CMS Energy Corp., which increased the company's revenues but not its profitability. Mr. Watson had said that the trades had been to "test the system," but that there had been "no intent."

Derivatives contracts, tradable agreements which accounted for 80% of pretax income of $167 million in the first quarter, are accounted for using "mark-to-market" valuations, which can vary widely. Some of these contracts accounted for profits booked for 2002, although cash from some of them will be received in 2006.

The change in company leadership may aid the company in negotiating for a credit line for a subsidiary, Illinois Power. Illinois Power had recently taken out a loan for $200 million, rather than a renewed credit line for $300 million.
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