Dynegy to buy Sithe Energies from Exelon

Dynegy is set to reduce the effect of some of its loss-making tolling and financial swap contracts, buy power plants in the northeast US and acquire a supply agreement to increase stable cashflow and service debt.

The Houston-based energy company yesterday said it has agreed to buy the outstanding capital stock of ExRes SHC, the parent of Sithe Energies and Sithe Independence. ExRes is a subsidiary of Chicago-based power company Exelon Corp. Dynegy will pay $135 million in cash and take on $919 million in project debt for the stock.

Sithe Independence holds electricity tolling and financial swap contracts with a Dynegy subsidiary, which are costing $70 million annually, said Dynegy spokesman David

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