Message-ID: <15181810.1075840906190.JavaMail.evans@thyme>
Date: Wed, 21 Nov 2001 12:00:15 -0800 (PST)
From: no.address@enron.com
To: mitch.robinson@enron.com, m..presto@enron.com, louise.kitchen@enron.com, 
	david.duran@enron.com
Subject: FW: DYNEGY ISSUES STATEMENT ON ENRON MERGER STATUS
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FYI
=20
-----Original Message-----
From: Jon Cartwright [mailto:JCartwright@FI.RJF.com]
Sent: Wednesday, November 21, 2001 12:51 PM
To: Energy-Gram (E-mail)
Subject: DYNEGY ISSUES STATEMENT ON ENRON MERGER STATUS



FOR IMMEDIATE RELEASE=20



DYNEGY ISSUES STATEMENT ON ENRON MERGER STATUS

HOUSTON (Nov. 21, 2001) -- Dynegy Inc. (NYSE: DYN) Chairman and CEO Chuck W=
atson today said he is encouraged by Enron Corp.'s report this morning that=
 it has closed the remaining $450 million credit facility secured by the as=
sets of Northern Natural Gas Pipeline and has received a commitment from it=
s lead bank to extend the $690 million note payable obligation described in=
 Enron's recent 10-Q filing.

"We are continuing our confirmatory due diligence and working to accelerate=
 the regulatory approvals required to complete the merger in accordance wit=
h the previously announced agreement," he said.

Watson also noted that ChevronTexaco recently reiterated that it has "full =
confidence in Dynegy's disciplined management approach to complete the merg=
er and to build a new company into an industry leader."  ChevronTexaco owns=
 26 percent of Dynegy's outstanding common stock.

Dynegy Inc. is one of the world's top energy merchants.  Through its global=
 energy delivery network and marketing, trading and risk management capabil=
ities, Dynegy provides innovative solutions to customers in North America, =
the United Kingdom and Continental Europe.

Certain statements included in this news release are intended as "forward-l=
ooking statements" under the Private Securities Litigation Reform Act of 19=
95. These statements include assumptions, expectations, predictions, intent=
ions or beliefs about future events.  Dynegy cautions that actual future re=
sults may vary materially from those expressed or implied in any forward-lo=
oking statements.  Some of the key factors that could cause actual results =
to vary from those Dynegy expects include changes in commodity prices for e=
nergy or communications products or services; the timing and extent of dere=
gulation of energy markets in the U.S. and Europe; the timing of required a=
pprovals for the Dynegy/Enron merger and the success of integration and cos=
t savings measures relating to the merger; the effectiveness of Dynegy's ri=
sk management policies and procedures and the creditworthiness of customers=
 and counterparties; the liquidity and competitiveness of wholesale trading=
 markets for energy commodities, including the impact of electronic or onli=
ne trading in these markets; operational factors affecting Dynegy's power g=
eneration or Dynegy's midstream natural gas facilities; uncertainties regar=
ding the development of, and competition within, the market for communicati=
ons services in the U.S. and Europe; uncertainties regarding environmental =
regulations or litigation and other legal or regulatory developments affect=
ing Dynegy's business; general political, economic and financial market con=
ditions; and any extended period of war or conflict involving the United St=
ates or Europe.  Moreover, Dynegy's expectation that the acquisition will b=
e accretive to earnings in 2002 and beyond is based upon achieving certain =
sales projections, meeting certain cost targets and successfully integratin=
g the acquired assets. More information about the risks and uncertainties r=
elating to these forward-looking statements are found in Dynegy's SEC filin=
gs, which are available free of charge on the SEC's web site at < <http://w=
ww.sec.gov>>.