Dynegy Inc. hopes to redeem itself with a conference call Tuesday to discuss its latest Securities and Exchange Commission filings, which include Form 10-Q on third quarter earnings, as well as Form 8-K, an unaudited restatement of financials from January 1999 through December 2001.

The company has been chastised by analysts in recent weeks for failing to hold a conference call to enlighten them about its changed relationship with ChevronTexaco or its newly named president and CEO Bruce Williamson (see Daily GPI, Nov. 1; Oct. 24).

Williamson, who certified the latest reports with CAO Mike Mott, said that the financial information, which in part recalculates changes related to Project Alpha, a questionable natural gas marketing deal used to lower taxes, will give the marketplace the “best available information” on Dynegy. “This is part of our commitment to provide open communications to all stakeholders as we move Dynegy forward with its refocused business plan,” said Williamson.

The 8-K is intended to reflect all of the company’s known adjustments that in management’s opinion, “are necessary for a fair presentation of Dynegy’s financial statements,” and include restatements relating to Project Alpha and its natural gas marketing business. Special adjustments in the 8-K include the following:

Dynegy expects to file an amended Form 10-K reflecting the unaudited restatements described in the Form 8-K as soon as possible and before the completion of an ongoing re-audit. PricewaterhouseCoopers LLP (PWC) is continuing with its ongoing re-audit of financial statements, which is expected early in the first quarter of 2003.

However, Dynegy warned in the filings that “further amendments of the Form 10-K will be necessary in order to include the audit report of PWC, as well as to reflect other changes resulting from the re-audit, if any. Additional adjustments may also be required to Dynegy’s 2002 quarterly financial statements following PWC’s subsequent review of these financial statements, which is expected to be performed following completion of the re-audit.”

The Dynegy conference call is scheduled for 10 a.m. EST on Tuesday (Nov. 19), which may be accessed at www.dynegy.com.

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