Energy marketer and trading giant Dynegy Inc., based in Houston, said Monday it will meet or exceed Wall Street’s consensus estimates for the year of $2.07 recurring earnings per share. Dynegy management also reaffirmed its commitment to meet its 2002 estimates of $2.50-$2.60 per share, bucking the trend of several other energy companies in recent weeks that have adjusted their forecasts because of economic pressure.

“Fundamentally, the energy industry has been and will continue to be one of the strongest sectors in our global economy,” said CEO Chuck Watson. “Recent events and the general economic downturn have not adversely impacted the outlook for our merchant energy business and are not expected to affect our earnings growth or slow our momentum.” Dynegy’s primary markets are in North America and Europe, where it trades electricity, natural gas and coal.

Watson said the “volatility found in current energy markets is expected to continue, creating an even greater ‘flight to quality’ by companies recognizing the need for an energy partner with a reliable physical delivery network. We are confident that our origination and risk management capabilities, our status as a national energy merchant with a diverse and balanced physical portfolio, and our experience in navigating competitive markets for our customers will make Dynegy the provider-of-choice.”

Dynegy, which will release its third quarter earnings on Oct. 15, saw its shares rise almost 11% last week, closing at $34.65 on Friday. Until Friday, when they gained $3.38, Dynegy’s shares had fallen 44%, mirroring the fortunes of other energy companies across the country.

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