Dynegy, the Houston-based power company, reported a loss of $249 million in the third quarter, compared to a $24 million loss to the same period last year.
The company’s quarterly revenues fell slightly to $1.18 billion from $1, 23 billion from the third quarter of last year. The third quarter earnings report, released after U.S. markets closed Tuesday, attributed the loss mainly to accounting adjustments..
This is the second quarterly loss for the company, which supplies power to areas in the Midwest and the Northeast. Dynegy reported a second quarter loss of $800 million, after posting a $388 million profit during the same time the previous years.. Executives attributed that second quarter drop to extended periods of downtime due to upgrades and maintenance at five of its natural gas-fired plants in Pennsylvania, Ohio, New York and Illinois.