Dynegy Completes Scheduled Maintenance Outages on Power Generation Units

Business Wire, June 21, 2005

HOUSTON -- Dynegy Inc. (NYSE:DYN) today announced that it has completed the scheduled maintenance outages of its Power Generation fleet and that the company's plants are ready for the summer cooling season.

"Our customers and the regions that we serve can be confident that when they need power, Dynegy will be able to deliver it to them reliably, safely and cost-efficiently," said Bruce A. Williamson, Chairman, President and Chief Executive Officer of Dynegy Inc. "Our Power Generation employees deserve credit for completing maintenance in a safe and timely manner to meet our customers' needs. This is critically important given the increased demand for electricity that we're seeing throughout many parts of the U.S., including the Midwest and the Northeast where our baseload generation facilities are concentrated."

Dynegy's scheduled maintenance outages, which began in January and finished on June 11, were performed on 21 power generation units at facilities in four states. Dynegy's Power Generation facilities utilize a diverse mix of fuels to produce electricity, including coal, oil and natural gas, and are located in 12 U.S. states.

Dynegy Inc. provides electricity, natural gas and natural gas liquids to markets and customers throughout the United States. Through its energy businesses, the company owns and operates a diverse portfolio of assets, including power plants totaling approximately 13,000 megawatts of net generating capacity and gas processing plants that process approximately 1.6 billion cubic feet of natural gas per day.

Certain statements included in this news release are intended as "forward-looking statements." These statements include assumptions, expectations, predictions, intentions or beliefs about future events, particularly the statements concerning demand levels for electricity and Dynegy's ability to deliver power reliably, safely and cost-efficiently. Dynegy cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Some of the key factors that could cause actual results to vary materially from those targeted, expected or implied include: changes in commodity prices; the effects of competition on Dynegy's results of operations; the effects of weather on Dynegy's asset-based businesses and the demand for Dynegy's products and services; Dynegy's ability to operate its businesses efficiently and within the confines of the company's reduced capital spending program; Dynegy's ability to address its substantial leverage; the impacts of hedging; operational factors affecting Dynegy's assets, including blackouts or other unscheduled outages; Dynegy's ability to achieve the cost savings targets associated with its ongoing initiatives; and uncertainties regarding environmental regulations and litigation and other legal or regulatory developments affecting Dynegy's businesses. More information about the risks and uncertainties relating to these forward-looking statements are found in Dynegy's SEC filings, including its Annual Report on Form 10-K for the year ended Dec. 31, 2004 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, which are available free of charge on the SEC's web site at http://www.sec.gov. Dynegy expressly disclaims any obligation to update any forward-looking statements contained in this news release to reflect events or circumstances that may arise after the date of this release, except as otherwise required by applicable law. DYNG