Q4 2012 Earnings Call Transcript

Transcript Call Date 03/14/2013

Operator: Hello, and welcome to the Dynegy Incorporated 2012 Financial Results Teleconference. At the request of Dynegy, the conference is being recorded for instant replay purposes. Please note that all lines will be in a listen-only mode until the question-and-answer portion of today's call.

I'd now like to turn the conference over to Ms. Laura Hrehor, Managing Director, Investor Relations. Ma'am, you may begin.

Laura Hrehor - Senior Director, IR: Good morning, everyone, and welcome to Dynegy's investor conference call and webcast covering the Company's annual and fourth quarter 2012 results and Dynegy's prepared transaction with Ameren Corporation.

As is our customary practice, before we begin this morning, I would like to remind you that our call will include statements reflecting assumptions, expectations, projections, intentions or beliefs about future events and views of market dynamics. These and other statements not relating strictly to historical or current facts are intended as forward-looking statements. Actual results though may vary materially from those expressed or implied in any forward-looking statements.

For a description of the factors that may cause such a variance, I would direct you to the forward-looking statements legend contained in today's news release and in our SEC filings, which are available free of charge through our website at

With that, I will now turn it over to our President and CEO, Rob Flexon.

Robert C. Flexon - President and CEO: Good morning, and thank you for joining us this morning. Here with me this morning are several members of Dynegy's management team, including Clint Freeland, our Chief Financial Officer; Catherine Callaway, our General Counsel, and Carolyn Burke, our Chief Administrative Officer.

As we announced in January Kevin Howell, our Chief Operating Officer stepped down from the COO role, but continues to support us in advisory capacity. He will also aid in the transition of his commercial responsibilities over to Hank Jones who will be coming on board as Chief Commercial Officer at the end of this month. Our agenda for today's call is located on Slide 3.We'll follow our traditional agenda with a somewhat scaled-back discussion of our 2012 annual and fourth quarter highlights in order to spend time reviewing the Ameren transaction.

I'll cover 2012 operational and commercial results, including recent events affecting our California assets. Clint will review the fourth quarter and full year financial performance as well as provide an update on our PRIDE results for the year.

Our final and main topic this morning is our proposed acquisition of Ameren Corporation's merchant generation and retail businesses Ameren Energy Resources or AER. This transaction builds upon our investment thesis of creating significant upside opportunities for our shareholders while carefully managing downside risk.

Due to the amount of material to be covered this morning, we will extend this call by an extra half hour if necessary to allow ample time for the Q&A discussion.

Highlighted on Slide 4 are several of the significant accomplishments during 2012 that will benefit the Company for years to come. (Dan Thompson), our Vice President of CoalCo operations and his team successfully completed the seven-year $1 billion consent decree program that positions us coal fleet to be in full compliance with all current environmental standards and requirements.

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