Dynegy Expands European Presence With New Energy Office in Spain.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--Oct. 1, 2001

Dynegy Inc. (NYSE:DYN) today announced an expansion of its European presence with the opening of a new marketing office in Madrid, Spain. Dynegy Espana S.L., Dynegy's fifth European office, will market gas, electricity

Ignacio Hidalgo, formerly managing director of EEs Group Limited, will head the office. Hidalgo has extensive experience in derivative products, marketing and information technologies in the UK and European energy markets.

The team in Madrid will report to Gary Cardone, president of Dynegy Europe Limited. According to Cardone, "As one of the key economic and business centers of Europe, Madrid is ideal for Dynegy. We are now strategically located to offer the best support to our customers across southern Europe."

Dynegy Inc. is a leading energy merchant and power generator in North America, the United Kingdom and Continental Europe. A Fortune 100 company, Dynegy in 2000 established its communications business, Dynegy Global Communications, which is engaged in providing network solutions and connectivity to wholesale customers worldwide.

Through Dynegy Europe, Dynegy has been an active participant in UK energy markets since 1994 when it became a leading player in the development of a liberalized natural gas market. In 1999, Dynegy Europe entered the UK and Nord Pool electricity markets. With offices in Austria, Switzerland, Holland, Italy, and now Spain, Dynegy Europe is one of Europe's largest energy marketers and traders and is a significant participant in the communications marketplace.