Dynegy Completes Sale of U.S. Communications Business To 360networks

HOUSTON--()--May 15, 2003--Dynegy Inc. (NYSE:DYN) today announced that it has closed the sale of its U.S. communications business, including a high-capacity broadband network spanning more than 16,000 route miles with access points in 44 U.S. cities, to an affiliate of 360networks Corporation. Financial terms were not disclosed. The agreement to sell this business was announced on March 31, 2003.

"Today's closing of the transaction with 360networks, coupled with the earlier sale of European communications, finalizes the exit from Dynegy's communications venture," said Bruce A. Williamson, President and Chief Executive Officer of Dynegy Inc. "The Dynegy you see now - and into the future - is one built around its core energy businesses, which include power generation, natural gas liquids and regulated energy delivery."

Dynegy Inc. owns operating divisions engaged in power generation, natural gas liquids and regulated energy delivery. Through these business units, the company serves customers by delivering value-added solutions to meet their energy needs.

Contacts

Dynegy Inc., Houston
Media:
John Sousa or David Byford, 713/767-5800
or
Analysts:
Christina Cavarretta or Mona Evans, 713/507-6466

Contacts

Dynegy Inc., Houston
Media:
John Sousa or David Byford, 713/767-5800
or
Analysts:
Christina Cavarretta or Mona Evans, 713/507-6466