Dynegy Inc. (NYSE:DYN) on Oct. 4 announced new roles for its executive management team as the company prepares to close on the acquisition of ENGIE’s U.S. fossil portfolio of generating assets.
“Our Company continues to evolve through a series of transformative transactions with the ENGIE acquisition being the most recent,” said Robert C. Flexon, Dynegy President and CEO. “The executive management team we have in place will support our goal of optimizing our post-ENGIE acquisition company to best succeed in a competitive and changing energy environment. “
Martin Daley has been promoted to Executive Vice President & Chief Operating Officer responsible for all Plant Operations, Safety, PRIDE, Environment, Construction & Engineering and Outage Support for Dynegy’s national fleet of generating assets. In this newly-created role, Daley will oversee a newly centralized Operations group organized by market rather than fuel type, as the company’s Commercial organization is now, to allow more close alignment on issues affecting plant operating performance.
Daley has been responsible for the management and operation of Dynegy’s fleet of gas generating facilities since 2011. Prior to that, he served as Managing Director, Asset Management-Eastern Region since 2007 and before that, as Senior Director, Regulatory Affairs & Administrative Services. Prior to joining Dynegy in 2001, Daley held various Operations and Environmental management positions at Central Hudson Gas & Electric Corp.
Daniel Thompson, head of Dynegy’s coal generating fleet since 2011, plans to retire in the second quarter of 2017 after nearly 30 years of service to Dynegy and predecessor companies. He will serve as Executive Advisor in the interim to ensure a smooth transition of the coal fleet during this critical integration period.
Carolyn Burke will now serve as Executive Vice President, Strategy and will lead the development of Dynegy strategic priorities, including possible future portfolio acquisitions or divestitures. She will also develop Dynegy’s strategy around clean technologies and renewables. Burke has been with Dynegy since 2011, first serving as Chief Administrative Officer. Since 2015, she ran Business Operations and Systems, with overall responsibility for Procurement, Safety, Environmental, Information Technology, Construction & Engineering, Outage Services and PRIDE – the company’s signature continuous margin and process improvement program. She will retain her role as Chief Integration Officer with overall responsibility for integration activities relating to the recently announced acquisition of ENGIE’s U.S. fossil portfolio.
Mario Alonso is taking on a new role as Executive Vice President, Plant Operations for the ERCOT region and California ISO as well as Supply Chain. Alonso, who joined Dynegy in 2001, has served in various roles within the Strategy and Treasury departments. Alonso is deeply familiar with the California and Texas assets from his time running portfolio evaluation while head of Strategy and will now focus on optimizing those plant operations as well as the Supply Chain function.
With regulatory issues being an even more critical consideration for Dynegy, Dean Ellis is being promoted to report directly to the CEO as Senior Vice President, Regulatory and Government Affairs. In this newly-elevated role, he will continue managing and coordinating wholesale and retail electricity market issues and environmental policy, as well as regulatory and government affairs. Ellis has been with Dynegy since 2009 serving in various roles within asset management and regulatory affairs.
The remaining members of the Executive Management Team will retain their current roles reporting directly to the CEO.
- Julius Cox—Executive Vice President & Chief Administrative Officer
- Clint Freeland—Executive Vice President & Chief Financial Officer
- Catherine James—Executive Vice President, General Counsel and Chief Compliance Officer
- Hank Jones—Executive Vice President & Chief Commercial Officer
- Sheree Petrone—Executive Vice President, Retail
The ENGIE acquisition closing is pending approval by the Federal Energy Regulatory Commission. Dynegy announced June 15 its intent to acquire Energy Capital Partners’ (ECP) 35% interest in the Atlas joint venture (JV), which the two companies formed in February 2016 to purchase ENGIE’s 9,058-MW U.S. fossil portfolio.
Post-closing, the combined company will have approximately 34,700 MW of generation assets with a presence in all major competitive markets in the U.S. The company’s fleet continues to undergo a significant transition with the addition of ENGIE’s U.S. fossil portfolio and the previously announced shutdown of various coal units, resulting in a portfolio that is 71% gas and 29% coal by year-end 2017.
The plants to be bought in the ENGIE deal include:
ISO New England
- Bellingham, 100% ownership, gas-fired, combined cycle gas turbine (CCGT), 551 MW net;
- Bellingham-NEA, 50%, gas, CCGT, 150 MW net (ENGIE share);
- Blackstone, 100%, gas, CCGT, 528 MW net; and
- Milford, 100%, gas, CCGT, 163 MW net.
- Sayreville, 50% ownership, gas, CCGT, 162 MW net share; and
- Armstrong, 100%, gas, combustion turbine (CT), 710 MW net.
- Coleto Creek, 100%, coal, steam turbine, 635 MW net;
- Wharton County, 100%, gas, CT, 83 MW net; and
- Ennis, 100%, gas, CCGT, 357 MW net.