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HOUSTON - Power company Dynegy on Thursday said its 2009 loss will be bigger than previous forecasts.
The Houston company said it expects a loss of $1.1 billion to $1.2 billion this year, larger than the previous forecast of $935 million to $975 million the company issued in August.
The company has been recording large charges as it writes down the value of plants it plans to sell to former development partner LS Power Associates. The deal is expected to close in the fourth quarter.
The company did raise its profit outlook on adjusted earnings before income taxes, depreciation and amortization for the year to $730 million to $760 million. The old forecast had been $680 million to $740 million.
Dynegy said it expects to report a loss of $175 million to $250 million next year. It reaffirmed its expected adjusted earnings before interest, taxes, depreciation and income taxes, depreciation and amortization of $425 million to $550 million.
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