The first quarter 2008 net loss was primarily driven by mark-to-market losses of $284 million, compared to mark-to-market losses of $23 million in the first quarter of 2007.
The company reported adjusted EBITDA of $238 million for the first quarter of 2008, compared to $181 million for the same period of 2007. In addition, the company announced adjusted cash flow from operations of $165 million for the first quarter of 2008, compared to $37 million for the same quarter of 2007.
Bruce Williamson, chairman, president and CEO of Dynegy, said: Dynegy’s operating results during the first quarter demonstrated the value of a larger and more diverse power generation portfolio. Our fleet produced higher volumes period-over-period in a more cost-effective manner, which validates our strategy of increasing scale and scope without proportionate increases in costs.
