<PAGE>


                                                                    Exhibit 99.1

Press Release                                                Source: Dynegy Inc.

Bruce A. Williamson Named Dynegy President and CEO, Elected to Board of
Directors

HOUSTON--(BUSINESS WIRE)--Oct. 23, 2002--Dynegy Inc. (NYSE:DYN - News) today
announced that Bruce A. Williamson, a former Duke Energy executive with more
than 20 years of experience in energy and finance, has been named the company's
president and chief executive officer and elected to the board of directors.
Williamson's appointments, which were unanimously approved by the board, are
effective immediately. As president and chief executive officer, he will be
responsible for the development and execution of Dynegy's business strategy.

"I accepted this position because I believe Dynegy can re-establish itself as an
energy industry leader," said Williamson. "The steps the company has taken to
improve its financial condition and restructure the business will serve as a
solid beginning in our efforts to build a new Dynegy."

Williamson, 43, has spent the last five years in senior leadership positions
with Duke Energy in Houston. Most recently, he served as president and chief
executive officer of Duke Energy Global Markets. In this capacity, he was
responsible for all Duke Energy business units with global commodities and
international business positions.

Williamson was appointed president and chief executive officer of Duke Energy
International in 1997. In this position, he was responsible for strategy,
business development and asset management for all international activities,
including exploration and production, gathering and processing of natural gas,
natural gas liquids marketing, gas transmission and power generation.

Following the Duke Power and PanEnergy Corporation merger in 1997, Williamson
was senior vice president of business development and risk management. Prior to
the merger, Williamson served as vice president of finance for PanEnergy where
he was responsible for corporate development, corporate-wide commodity risk
management and strategic oversight of corporate treasury.

Before joining PanEnergy, Williamson held positions of increasing responsibility
at Royal Dutch/Shell Group, advancing over a 14-year period to assistant
treasurer of Shell Oil Company. He was responsible for corporate financial
strategy, rating agency relationships, corporate-wide financial risk management,
banking relationships and cash management. Williamson's tenure at Royal
Dutch/Shell also included roles in marketing, exploration and production, and
corporate audit and controls.

Williamson earned a bachelor's degree in finance from the University of Montana
and a masters of business administration from the University of Houston. He is
active with the University of Houston, serving as a Dean's Advisory Board member
for the Bauer School of Business and recently was honored with an appointment to
the Chancellor's National Advisory Council. Williamson has also served on the
boards of Houston 2012 and the Children's Museum of Houston.

According to Dynegy's Interim Chief Executive Officer Dan Dienstbier, "Bruce has
a proven track record of building and sustaining successful businesses
throughout his career. His industry knowledge, financial acumen and broad
experience in commercial operations and customer relationships will provide the
company with capable leadership as it continues to rebuild," he said. Dienstbier
will continue in a non-management role as chairman of Dynegy's board of
directors.

The company also reported that Sheli Rosenberg, vice chairman of Equity Group
Investments, has resigned from the board due to the demands on her time
resulting from other commitments. Rosenberg had been a member of Dynegy's board
since 2000. Dynegy's board of directors now numbers 10, including Williamson and
two members representing ChevronTexaco.

<PAGE>


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