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Dynegy CEO Says Trends "Favorable" For Retail Growth, Actively Pursuing New Markets
In reporting earnings today, Dynegy reported that it is actively pursuing broadening its retail business beyond Ohio and Illinois
"Dynegy currently has a successful integrated wholesale and retail platform in Ohio and Illinois and is actively pursuing broadening it to other locations where the Company has generation," Dynegy said
Dynegy CEO Robert Flexon reiterated that Dynegy is pursuing organic retail growth in Pennsylvania and Massachusetts
As exclusively reported by EnergyChoiceMatters.com, Dynegy recently applied for a Texas retail electric provider license (see story here)
Flexon had said during February that it would be "nice" to enter the ERCOT retail market, but at that time had said that such a move is a second order in priority to improving the company's balance sheet.
In an earnings call this morning, Flexon reiterated that further expansion of Dynegy's retail footprint remains the company's second goal, after deleveraging.
Flexon said that retail trends are "favorable", noting consolidation in the industry, which has tightened up the number of competitors in the market.
Flexon also touted Dynegy's integrated generation-retail model, and noted that independent retail suppliers without large balance sheets are recognizing a need for generation, while IPPs are realizing the benefits of a retail business for hedging.
"For us [MISO] Zone 4 [Ameren] has always been a very particularly good market because we've got leading positions on both," generation and retail, Flexon said
"We're seeing the same thing with our Ohio retail franchise," Flexon said
Flexon said that there are a number of small books out there that are currently marketing themselves.
In providing an update on its retail business, Dynegy said that its retail business has grown to become one of the top five residential suppliers in Ohio and is committed to expanding its presence in the state. Recently, Dynegy's retail business finalized its largest aggregation contract, a three-year municipal agreement to supply electricity to the residents of the City of Cincinnati.
In prepared remarks, Dynegy said that, "Our retail business had a very successful quarter and played a significant role in our hedging activity, selling approximately 2.3 TWh for delivery in 2017 and 3.3 TWh for delivery in 2018 in MISO and PJM to municipal-aggregation and large commercial and industrial customers in Illinois and Ohio."
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Retail Growth Remains A Top Goal After Deleveraging
May 5, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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