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Dynegy
Dynegy Inc. is an electric company based in Houston, Texas. It owns and operates a number of power stations in the U.S., all of which are powered by fossil fuels. Dynegy was acquired by Vistra Corp on April 9, 2018. The company is located at 601 Travis Street in Downtown Houston. The company was founded in 1984 as Natural Gas Clearinghouse. It was originally an energy brokerage, buying and selling natural gas supplies. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business.
The company adopted the name Dynegy in 1998. Dynegy maintained a rivalry with the Houston-based Enron energy and trading firm, which it initially agreed to buy in 2001, before withdrawing from the deal as the extent of wrongdoing by Enron emerged.
Dynegy nearly went bankrupt in 2002, and several executives were eventually convicted of financial fraud and mismanagement. Dynegy exited the energy trading business in 2002 and the natural gas supply business in 2005, focusing its efforts on electrical generation. The company has one major subsidiary, Dynegy Holdings. It also has three operating subsidiaries: GasCo, CoalCo, and the "stub group" (for other miscellaneous business enterprises).
Dynegy Inc. was the subject of two unsuccessful takeover efforts in 2010. Its Dynegy Holdings subsidiary went bankrupt in November 2011, and Dynegy Inc. itself filed for bankruptcy protection on July 6, 2012. Its GasCo and CoalCo subsidiaries were unaffected by the bankruptcy filing. Dynegy emerged from bankruptcy on October 2, 2012. On April 9, 2018 Vistra Corp closed its acquisition of Dynegy following a determination by the Federal Energy Regulatory Commission that the $1.7 billion deal raised no competitive concerns.
Natural Gas Clearinghouse (NGC) was created in 1985 by Charles Watson; a consortium of natural gas pipeline companies that included Transco; investment bank Morgan Stanley; and the legal firm of Akin Gump Strauss Hauer & Feld. A major investor was Kenneth Lay, later the chief executive officer of the energy firm Enron. Its first headquarters was on the 40th floor of the Transco Tower in Houston, Texas. NGC was so successful that in 1985 Morgan Stanley bought out some of the other investors and took a majority stake in the company.
NGC was purchased by Noble Affiliates, Inc. and Apache Corporation, independent oil and gas exploration and production companies, for a reported $50 million in 1989. In 1993, LG&E Energy Corporation took a stake in NGC, which by then was the largest independent natural gas marketing firm in the United States and had revenues of more than US$2 billion. NGC purchased Trident NGL in 1994 in a deal worth more than $750 million. That same year, it also established a partnership with Nova (also known as Novagas Clearinghouse, a natural gas marketing company based in Canada) and British Gas, which gave both companies a financial stake in NGC.
Natural Gas Clearinghouse shortened its name to NGC Corporation in 1995 after its merger with Trident NGL closed. It became a publicly traded company on the New York Stock Exchange that same year. By 1996, it had grown to US$550 million in assets, and carried US$525 million in long-term debt. NGC Corporation also established several subsidiaries to enable it to enter the electrical generation, marketing, and sales areas. Electric Clearinghouse sold electricity, and the Energy Store marketed it. In August 1996, it purchased the natural gas gathering, marketing, and processing operations of Chevron Corporation. The latter deal gave Chevron a 29 percent stake in NGC. NGC followed that deal by buying Destec Energy for US$1.27 billion. The deal required NGC Corporation to sell Destec's power generation subsidiaries in Australia, Canada, the Dominican Republic, the Netherlands, and the United Kingdom for US$407 million, although NGC Corporation retained Destec's 20 domestic gas-fired power plants.
In June 1998, NGC Corporation changed its name to Dynegy, Inc. The company's original slogan was "We believe in people." Nova announced two months later that it was seeking to sell its stake in Dynegy. Dynegy bought Illinova Corporation in 1999 in a deal worth US$1.75 billion and the assumption of US$2.25 billion of Illinova Corp. debt. The deal also allowed Nova and British Gas to sell their stake in Dynegy.
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Dynegy
Dynegy Inc. is an electric company based in Houston, Texas. It owns and operates a number of power stations in the U.S., all of which are powered by fossil fuels. Dynegy was acquired by Vistra Corp on April 9, 2018. The company is located at 601 Travis Street in Downtown Houston. The company was founded in 1984 as Natural Gas Clearinghouse. It was originally an energy brokerage, buying and selling natural gas supplies. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business.
The company adopted the name Dynegy in 1998. Dynegy maintained a rivalry with the Houston-based Enron energy and trading firm, which it initially agreed to buy in 2001, before withdrawing from the deal as the extent of wrongdoing by Enron emerged.
Dynegy nearly went bankrupt in 2002, and several executives were eventually convicted of financial fraud and mismanagement. Dynegy exited the energy trading business in 2002 and the natural gas supply business in 2005, focusing its efforts on electrical generation. The company has one major subsidiary, Dynegy Holdings. It also has three operating subsidiaries: GasCo, CoalCo, and the "stub group" (for other miscellaneous business enterprises).
Dynegy Inc. was the subject of two unsuccessful takeover efforts in 2010. Its Dynegy Holdings subsidiary went bankrupt in November 2011, and Dynegy Inc. itself filed for bankruptcy protection on July 6, 2012. Its GasCo and CoalCo subsidiaries were unaffected by the bankruptcy filing. Dynegy emerged from bankruptcy on October 2, 2012. On April 9, 2018 Vistra Corp closed its acquisition of Dynegy following a determination by the Federal Energy Regulatory Commission that the $1.7 billion deal raised no competitive concerns.
Natural Gas Clearinghouse (NGC) was created in 1985 by Charles Watson; a consortium of natural gas pipeline companies that included Transco; investment bank Morgan Stanley; and the legal firm of Akin Gump Strauss Hauer & Feld. A major investor was Kenneth Lay, later the chief executive officer of the energy firm Enron. Its first headquarters was on the 40th floor of the Transco Tower in Houston, Texas. NGC was so successful that in 1985 Morgan Stanley bought out some of the other investors and took a majority stake in the company.
NGC was purchased by Noble Affiliates, Inc. and Apache Corporation, independent oil and gas exploration and production companies, for a reported $50 million in 1989. In 1993, LG&E Energy Corporation took a stake in NGC, which by then was the largest independent natural gas marketing firm in the United States and had revenues of more than US$2 billion. NGC purchased Trident NGL in 1994 in a deal worth more than $750 million. That same year, it also established a partnership with Nova (also known as Novagas Clearinghouse, a natural gas marketing company based in Canada) and British Gas, which gave both companies a financial stake in NGC.
Natural Gas Clearinghouse shortened its name to NGC Corporation in 1995 after its merger with Trident NGL closed. It became a publicly traded company on the New York Stock Exchange that same year. By 1996, it had grown to US$550 million in assets, and carried US$525 million in long-term debt. NGC Corporation also established several subsidiaries to enable it to enter the electrical generation, marketing, and sales areas. Electric Clearinghouse sold electricity, and the Energy Store marketed it. In August 1996, it purchased the natural gas gathering, marketing, and processing operations of Chevron Corporation. The latter deal gave Chevron a 29 percent stake in NGC. NGC followed that deal by buying Destec Energy for US$1.27 billion. The deal required NGC Corporation to sell Destec's power generation subsidiaries in Australia, Canada, the Dominican Republic, the Netherlands, and the United Kingdom for US$407 million, although NGC Corporation retained Destec's 20 domestic gas-fired power plants.
In June 1998, NGC Corporation changed its name to Dynegy, Inc. The company's original slogan was "We believe in people." Nova announced two months later that it was seeking to sell its stake in Dynegy. Dynegy bought Illinova Corporation in 1999 in a deal worth US$1.75 billion and the assumption of US$2.25 billion of Illinova Corp. debt. The deal also allowed Nova and British Gas to sell their stake in Dynegy.