Dynegy Reports 2Q Earnings; Asset Sales Support Deleveraging
We are reaffirming our $9 fair value estimate for Dynegy after the company reported second-quarter adjusted EBITDA of $240 million compared with $187 million in the year-ago period. Results were aided by the addition of the Engie assets acquired earlier in the year and higher capacity revenue at IPH, partially offset by lower realized PJM spark spreads. Management reaffirmed Dynegy's adjusted EBITDA guidance of $1.2 billion-$1.4 billion and free cash flow of $300 million-$500 million, both in li...
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