-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IswuZRzpj5k2bBbX6jKo+BhFcvOGgRU0Afxj4FXKVl9JY/yAHHybULME3H4SWSgb
 jrUKSiVaKJ6M0ay3go1+Zw==

<SEC-DOCUMENT>0000893750-04-000622.txt : 20041228
<SEC-HEADER>0000893750-04-000622.hdr.sgml : 20041228
<ACCEPTANCE-DATETIME>20041228141702
ACCESSION NUMBER:		0000893750-04-000622
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041223
FILED AS OF DATE:		20041228
DATE AS OF CHANGE:		20041228

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DPL INC
		CENTRAL INDEX KEY:			0000787250
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				311163136
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1065 WOODMAN DRIVE
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45432
		BUSINESS PHONE:		937 259 7142

	MAIL ADDRESS:	
		STREET 1:		1065 WOODMAN DRIVE
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45432

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Dayton Ventures LLC
		CENTRAL INDEX KEY:			0001310269
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09052
		FILM NUMBER:		041228208

	BUSINESS ADDRESS:	
		STREET 1:		C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
		STREET 2:		9 WEST 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 230-9742

	MAIL ADDRESS:	
		STREET 1:		C/O KOHLBERG KRAVIS ROBERTS & CO. L.P.
		STREET 2:		9 WEST 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KKR PARTNERS II LP
		CENTRAL INDEX KEY:			0000918992
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09052
		FILM NUMBER:		041228207

	BUSINESS ADDRESS:	
		STREET 1:		C/O KOHLBERG KRAVIS ROBERTS & CO LP
		STREET 2:		9 WEST 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2127508300

	MAIL ADDRESS:	
		STREET 1:		KOHLBERG KRAVIS ROBERTS & CO
		STREET 2:		9 WEST 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-23</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000787250</issuerCik>
        <issuerName>DPL INC</issuerName>
        <issuerTradingSymbol>DPL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001310269</rptOwnerCik>
            <rptOwnerName>Dayton Ventures LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO. L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000918992</rptOwnerCik>
            <rptOwnerName>KKR PARTNERS II LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KOHLBERG KRAVIS ROBERTS &amp; CO LP</rptOwnerStreet1>
            <rptOwnerStreet2>9 WEST 57TH STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrants</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21.00</value>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8000000</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.00</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2012-03-13</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>DPL Inc. Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>8000000</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10560000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each Warrant is currently exercisable for one Common Share, par value $.01 per share, of DPL Inc. at an exercise price of
$21.00.</footnote>
        <footnote id="F2">Subject to anti-dilution adjustments set forth in the Warrants.</footnote>
        <footnote id="F3">On December 23, 2004, Dayton Ventures LLC sold 8,000,000 warrants for an aggregate purchase price of $32,000,000. Each
warrant is convertible into one Common Share, par value $.01 per share of DPL Inc. Dayton Ventures LLC previously acquired
31,560,000 warrants on March 13, 2000 in a privately negotiated sale with DPL Inc., and Dayton Ventures sold 13,000,000
warrants on December 7, 2004. After the sale in connection with which this report is filed, Dayton Ventures LLC will own
10,560,000 warrants. The Warrants are directly held by Dayton Ventures LLC. Dayton Ventures LLC does not own any Common
Shares. However, for the purposes of Section 16 of the Securities and Exchange Act of 1934, as amended (the &quot;Act&quot;), Dayton
Ventures LLC may be deemed to be the beneficial owner of the Common Shares issuable upon exercise of the Warrants.</footnote>
    </footnotes>

    <remarks>This statement is being filed jointly by KKR 1996 Fund L.P., a Delaware limited partnership (&quot;KKR 1996 Fund&quot;), KKR Associates
1996 L.P., a Delaware limited partnership (&quot;KKR Associates 1996&quot;), KKR 1996 GP LLC, a Delaware limited liability company
(&quot;KKR 1996 LLC&quot;), KKR Partners II, L.P., a Delaware limited partnership (&quot;KKR Partners&quot;), KKR Associates (Strata) L.P., a
Delaware limited partnership (&quot;KKR Associates Strata&quot;), and Strata LLC, a Delaware limited liability company (&quot;Strata LLC&quot;
and, together with KKR 1996 Fund, KKR Associates 1996, KKR 1996 LLC, KKR Partners and KKR Associates Strata, the &quot;Reporting
Persons&quot;  ).
KKR Associates 1996 is the sole general partner of KKR 1996 Fund and KKR 1996 LLC is the sole general partner of KKR
Associates 1996. KKR Associates Strata is a general partner of KKR Partners and Strata LLC is the sole general partner of
KKR Associates Strata. Each of KKR 1996 Fund and KKR Partners is principally engaged in the business of investing in other
companies. Each of KKR Associates 1996, KKR 1996 LLC, KKR Associates Strata and Strata LLC is principally engaged in the
business of investing in other companies through partnerships and limited liability companies.
The address of the principal business and office of each of the Reporting Persons is 9 West 57th Street, New York, New York
10019.</remarks>

    <ownerSignature>
        <signatureName>DAYTON VENTURES LLC, By: KKR 1996 Fund L.P., Member; By: KKR Associates 1996 L.P., its General Partner; KKR 1996 GP LLC, its General Partner; By: William J. Janetscheck Attorney-in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR 1996 FUND L.P., BY KKR Associates 1996 L.P., its General Partner; KKR 1996 GP LLC, its General Partner; By Attorney-in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR PARTNERS II, L.P., By: KKR Associates (Strata) L.P., its General Partner; By: Strata LLC, General Partner; By William J. Janetscheck Attorney-in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR ASSOCIATES 1996 L.P.; By KKR 1996 GP LLC, its General Partner; By: William J. Janetscheck Attorney-in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR ASSOCIATES 1996 L.P.; By KKR 1996 GP LLC, its General Partner; By: William J. Janetscheck Attorney-in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR ASSOCIATES (STRATA) L.P., By: Strata LLC, its General Partner; By By: William J. Janetscheck Attorney -in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>KKR 1996 GP LLC; By: William J. Janetscheck Attorney -in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>STRATA LLC; By: By: William J. Janetscheck Attorney -in-fact for Henry R. Kravis</signatureName>
        <signatureDate>2004-12-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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