Resolved debt and tax benefit boost Dynegy earnings

A resolved bankruptcy and hefty tax benefit boosted revenues and profits for the Houston-based power company Dynegy Inc., the company reported on Thursday.

Dynegy’s revenues rose modestly during the first quarter to $1.2 billion from $1.1 billion, and profits were $597 million as compared to a loss of $10 million during the first quarter last year.

Dynegy subsidiary, Genco, filed for bankruptcy last year and through restructuring was relieved of $483 million in debt, Dynegy said. Dynegy also acquired this year several natural gas and coal-fired power plants from French company Engie. That acquisition gave Dynegy a $313 million tax benefit.