-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CylstDymufpdoAjJuzGRaSrjaYnSY+YrZVRcJqSvui9aKrem+EyH/7a9nDVomre8
 oGyPyYJn3zLW9l8P3s2zyQ==

<SEC-DOCUMENT>0001209191-10-023927.txt : 20100427
<SEC-HEADER>0001209191-10-023927.hdr.sgml : 20100427
<ACCEPTANCE-DATETIME>20100427200758
ACCESSION NUMBER:		0001209191-10-023927
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100423
FILED AS OF DATE:		20100427
DATE AS OF CHANGE:		20100427

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEGY INC.
		CENTRAL INDEX KEY:			0001379895
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				205653152
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0101

	BUSINESS ADDRESS:	
		STREET 1:		1000 LOUISIANA STREET, SUITE 5800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		(713) 507-6400

	MAIL ADDRESS:	
		STREET 1:		1000 LOUISIANA STREET, SUITE 5800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dynegy Inc..
		DATE OF NAME CHANGE:	20070404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dynegy Acquisition, Inc..
		DATE OF NAME CHANGE:	20070403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dynegy Acquisition, Inc.
		DATE OF NAME CHANGE:	20061102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LS Power Development, L.L.C.
		CENTRAL INDEX KEY:			0001478266
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33443
		FILM NUMBER:		10774868

	BUSINESS ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 615-3456

	MAIL ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c99767_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-04-23</periodOfReport>

    <issuer>
        <issuerCik>0001379895</issuerCik>
        <issuerName>DYNEGY INC.</issuerName>
        <issuerTradingSymbol>DYN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478266</rptOwnerCik>
            <rptOwnerName>LS Power Development, L.L.C.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TWO TOWER CENTER</rptOwnerStreet1>
            <rptOwnerStreet2>11TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>EAST BRUNSWICK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>08816</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-04-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1013669</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.2816</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>65373139</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Remarks</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-04-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>968415</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.3025</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>64404724</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Remarks</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-04-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>736909</value>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.3080</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>63667815</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Remarks</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Of these shares, LS Power Associates, L.P. (&quot;LSP Associates&quot;) sold 145,617 shares, LS Power Equity Partners, L.P. (&quot;LSPEP&quot;) sold 522,091 shares, LS Power Equity Partners PIE I,  L.P. (&quot;PIE I&quot;) sold 316,583 shares, LS Power Partners, L.P. (&quot;LSP Partners&quot;) sold 16,955 shares  and LSP Gen Investors, L.P. (&quot;Gen Investors&quot;) sold 12,423 shares.</footnote>
        <footnote id="F2">Of these shares, LSP Associates directly holds 9,391,097 shares, LSPEP directly holds 33,670,497 shares, PIE I directly holds 20,416,918 shares, LSP Partners directly holds  1,093,428 shares and Gen Investors directly holds 801,199 shares.</footnote>
        <footnote id="F3">Of these shares, LSP Associates sold 139,116 shares, LSPEP sold 498,783 shares, PIE I sold 302,449 shares, LSP Partners sold 16,198 shares and Gen Investors sold 11,869 shares.</footnote>
        <footnote id="F4">Of these shares, LSP Associates directly holds 9,251,981 shares, LSPEP directly holds 33,171,714 shares, PIE I directly holds 20,114,469 shares, LSP Partners directly holds  1,077,230 shares and Gen Investors directly holds 789,330 shares.</footnote>
        <footnote id="F5">Of these shares, LSP Associates sold 105,860 shares, LSPEP sold 379,546 shares, PIE I sold 230,147 shares, LSP Partners sold 12,325 shares and Gen Investors sold 9,031 shares.</footnote>
        <footnote id="F6">Of these shares, LSP Associates directly holds 9,146,121 shares, LSPEP directly holds 32,792,168 shares, PIE I directly holds 19,884,322 shares, LSP Partners directly holds  1,064,905 shares and Gen Investors directly holds 780,299 shares.</footnote>
    </footnotes>

    <remarks>LS Power Development LLC (&quot;LSP Development&quot;) is the general partner of LS Power Partners, L.P. (&quot;LSP Partners&quot;)
and LS Power Associates, L.P. (&quot;LSP Associates&quot;).  LSP Partners is the general partner of  LS Power Equity Partners, L.P.
(&quot;LSPEP&quot;), LS Power Equity Partners PIE I, L.P. (&quot;PIE I&quot;) and LSP Gen Investors, L.P. (&quot;Gen Investors&quot;).
 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.</remarks>

    <ownerSignature>
        <signatureName>/s/ Darpan Kapadia, Managing Director</signatureName>
        <signatureDate>2010-04-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----