Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements of Dynegy Holdings Inc.:

1. Registration Statement (Form S-3 No. 333-66090),

2. Registration Statement (Form S-3 No. 333-115148-01), and

3. Registration Statement (Form S-3 No. 333-12987);

of our report dated March 8, 2011, with respect to the consolidated financial statements and schedule of Dynegy Holdings Inc., included in this Annual Report (Form 10-K) of Dynegy Holdings Inc. for the year ended December 31, 2010.

/s/ Ernst & Young LLP

Houston, Texas

March 8, 2011