08.09.2015 13:31:15
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Dynegy Announces PJM Auction Results; Updates Share Repurchase Program
(RTTNews) - Dynegy Inc. (DYN) reported its results from the PJM capacity auction for planning year 2018/19 and the transition auction for the 2016/17 delivery year. The 2018/2019 PJM capacity auction cleared the Capacity Performance product or CP at $165 per megawatt-day in the RTO (unconstrained region), $215 per megawatt-day for the ComEd region, and $225 per megawatt-day in the EMAAC region. The RTO base capacity product cleared at $150 per megawatt-day.
Dynegy cleared 9,891 megawatts (MW), which includes 835 MW that will be imported into PJM from the Company's IPH segment assets located in MISO. Capacity revenues associated with these clearing prices totals $653 million for planning year 2018/19.
The 2016/2017 transition auction cleared at $134 per megawatt-day. Dynegy cleared and converted 6,542 MW from the existing base product to the CP product. This includes 730 MW to be imported into PJM from the Company's IPH segment assets located in MISO. Based on this clearing price and the remaining base capacity product, PJM Capacity revenues for planning year 2016/17 total $434 million representing an increase of $176 million over the previously cleared volumes. Results for the 2017/18 transition auction will be announced later this week.
The Company sells PJM capacity through its Retail business, and is evaluating the potential impact the transition auctions may have on existing Retail contracts, if any.
On August 6, 2015, the company announced a $250 million open market share repurchase program targeting completion in 2016. During August 2015, the Company acquired approximately five million shares at a weighted average price of $25.36 for a total cost of $126 million under this program.
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