<PAGE>

                                                                    Exhibit 99.1

                        DYNEGY NAMES THREE NEW DIRECTORS

HOUSTON (April 17, 2003) - Dynegy Inc. (NYSE: DYN) today named three new members
to the company's board of directors:

       David W. Biegler, 56, is the retired vice chairman of TXU Corp. He served
       as chairman, president and chief executive officer of ENSERCH Corp. from
       1993 to 1997. A graduate of Harvard University's Advanced Management
       Program and St. Mary's University with a degree in physics, Mr. Biegler
       also serves on the boards of Trinity Industries and JPMorgan
       Chase-Dallas. He currently serves as chairman of the American Gas
       Foundation.

       Patricia A. Hammick, 56, is an independent board member and consultant
       based in the greater Washington, D.C. area. She previously served as
       senior vice president of strategy and communications for Columbia Energy
       Group, where she was part of the executive management team overseeing
       mergers and acquisitions. She also served as chief operating officer of
       the Natural Gas Supply Association. As part of her current activities,
       she serves as an independent director of Consol Energy Inc. and teaches a
       graduate-level course in political affairs and corporate strategy at
       George Washington University. Ms. Hammick holds a doctorate in
       mathematical statistics from George Washington University, a master's in
       physics from the University of California, and a bachelor's in chemical
       physics and mathematics from Rice University. In addition, she has
       completed executive management programs at the Wharton School.

       William L. Trubeck, 56, is the executive vice president of Waste
       Management Inc.'s Western Group. Prior to joining Waste Management in
       2000, he served as senior vice president and chief financial officer of
       International Multifoods. Mr. Trubeck earned a master's in business from
       the University of Connecticut and a bachelor's in economics from Monmouth
       College. He serves on the boards of Yellow Corporation, Bush Brothers &
       Company, and Monmouth College.

         "These are all experienced and well-respected individuals who will
  strengthen Dynegy's board leadership by adding new insight and perspectives on
  energy issues, corporate governance and fiscal responsibility," said Daniel L.
  Dienstbier, chairman of Dynegy Inc.'s board of directors.

         Bruce A. Williamson, Dynegy Inc.'s president and chief executive
  officer, added, "Each one of these new directors brings years of experience,
  and I look forward to working with them as we continue to restructure, address
  past issues and build confidence in the new Dynegy."

         A total of 13 members now serve on Dynegy's board of directors. Russell
  Reynolds Associates assisted in the search for the three new directors.

<PAGE>

Dynegy Inc. owns operating divisions engaged in power generation, natural gas
liquids and regulated energy delivery. Through these business units, the company
serves customers by delivering value-added solutions to meet their energy needs.