Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LS Power Development, L.L.C.
   2. Issuer Name and Ticker or Trading Symbol
DYNEGY INC. [DYN] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
TWO TOWER CENTER, 11TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
05/05/2010
(Street)

EAST BRUNSWICK, NJ 08816		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 05/05/2010   S   1,262,520 (1) D $ 1.2994 60,008,640 (2) I See Remarks
Class A Common Stock 05/06/2010   S   908,784 (3) D $ 1.2683 59,099,856 (4) I See Remarks

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LS Power Development, L.L.C.
TWO TOWER CENTER
11TH FLOOR
EAST BRUNSWICK, NJ 08816		     X    

Signatures

 /s/ Darpan Kapadia, Managing Director   05/06/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Of these shares, LS Power Associates, L.P. ("LSP Associates") sold 181,366 shares, LS Power Equity Partners, L.P. ("LSPEP") sold 650,262 shares, LS Power Equity Partners PIE I, L.P. ("PIE I") sold 394,302 shares, LS Power Partners, L.P. ("LSP Partners") sold 21,117 shares and LSP Gen Investors, L.P. ("Gen Investors") sold 15,473 shares.
(2) Of these shares, LSP Associates directly holds 8,620,468 shares, LSPEP directly holds 30,907,506 shares, PIE I directly holds 18,741,511 shares, LSP Partners directly holds 1,003,702 shares and Gen Investors directly holds 735,453 shares.
(3) Of these shares, LSP Associates sold 130,550 shares, LSPEP sold 468,070 shares, PIE I sold 283,826 shares, LSP Partners sold 15,200 shares and Gen Investors sold 11,138 shares.
(4) Of these shares, LSP Associates directly holds 8,489,918 shares, LSPEP directly holds 30,439,436 shares, PIE I directly holds 18,457,685 shares, LSP Partners directly holds 988,502 shares and Gen Investors directly holds 724,315 shares.
 
Remarks:
LS Power Development LLC ("LSP Development") is the general partner of LS Power Partners, L.P. ("LSP Partners")
and LS Power Associates, L.P. ("LSP Associates").  LSP Partners is the general partner of  LS Power Equity Partners, L.P.
("LSPEP"), LS Power Equity Partners PIE I, L.P. ("PIE I") and LSP Gen Investors, L.P. ("Gen Investors").
 As a result of its relationship with LSP Partners and LSP Associates, LSP Development may be deemed to have shared voting and investment
power with respect to the shares beneficially owned by the LSP Partners, LSP Associates, LSPEP, PIE I, and Gen Investors.
As such, LSP Development may be deemed to have shared beneficial ownership of the shares of which such entities are the owners.  LSP
Development, however, disclaims beneficial ownership of such shares except to the extent of its pecuniary interest therein, and this
report shall not be deemed an admission that LSP Development is the beneficial owner of the Issuer's securities reported on this Form
4 for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.   As a result of its
relationship with LSPEP, PIE I, and Gen Investors, LSP Partners may be deemed to have shared voting and investment power with respect
to the shares beneficially owned by LSPEP, PIE I, and Gen Investors.  As such, LSP Partners may be deemed to have shared beneficial
ownership of the shares of which LSPEP, PIE I, and Gen Investors are the owners.  LSP Partners, however, disclaims beneficial ownership
of such shares except to the extent of its pecuniary interest therein.

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