In June, Dynegy halted trading on Dynergy Direct, its online trading platform, attributing the move to market conditions and the current credit environment in the energy sector. At the time, Dynegy said it intended to remain in the energy derivatives business, conducting transactions by phone. Dynegy Direct offered 750 energy products and had more than 2,000 users.
Dynegy reported a second-quarter loss of $328 million, compared with reported income of $146 million in Q2 2001. "The results for this quarter are consistent with our previously announced goal to 'manage-for-cash' as we execute our capital and liquidity plan," said Dan Dienstbier, Dynegy’s interim chief executive. "In addition, our results were affected substantially by the decline in realised commodity prices quarter-over-quarter and lower liquidity levels in the energy business."He added that Dynegy is focused on running its businesses efficiently, managing costs and generating cash. "That commitment is advancing our pursuit of three important objectives: improving customer service, stabilising the company's marketing and trading business, and preserving our financial viability,” Dienstbier said.