Dynegy Profit Drops as Electricity Prices Fall

Dynegy Inc., owner of power plants in 12 U.S. states, said first-quarter profit fell by half as wholesale electricity prices tumbled.

Net income dropped to $74 million, or 15 cents a share, after the payment of preferred dividends, from $147 million, or 17 cents, a year earlier, Houston-based Dynegy said. Revenue slipped to $1.66 billion from $1.88 billion.

Dynegy’s shares rose 42 cents to $4.36 on the NYSE.

From Bloomberg News