Exhibit 10.32
 DYNEGY NORTHEAST GENERATION, INC.
 SAVINGS INCENTIVE PLAN




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TABLE OF CONTENTS
 PageI. Definitions and Construction
    
    
    21.1 Definitions
    
    
    21.2 Number and Gender
    
    
    101.3 Headings
    
    
    101.4 Construction
    
    
    10II. Participation
    
    
    102.1 Eligibility
    
    
    102.2 Participation
    
    
    112.3 Correction for Erroneous Inclusion of Employee
    
    
    11III. Contributions
    
    
    113.1 Before-Tax Contributions
    
    
    113.2 After-Tax Contributions
    
    
    143.3 Employer Matching Contributions
    
    
    153.4 Employer Discretionary Qualified Matching Contributions
    
    
    153.5 Restrictions on Employer Matching Contributions and After-Tax Contributions
    
    
    163.6 Return of Contributions
    
    
    163.7 Disposition of Excess Deferrals and Excess Contributions
    
    
    173.8 Rollover Contributions
    
    
    19IV. Allocations and Limitations
    
    
    204.1 Allocation of Contributions
    
    
    204.2 Application of Forfeitures
    
    
    214.3 Valuation of Accounts
    
    
    214.4 Limit on Annual Additions Under Code Section 415:
    
    
    224.5 Recharacterizations
    
    
    22V. Investment Funds
    
    
    235.1 Investment of Accounts
    
    
    235.2 Pass-Through Voting and Other Rights with Respect to Company Stock
    
    
    23VI. Retirement Benefits
    
    
    24VII. Disability Benefits
    
    
    24VIII. Pre-Retirement Termination Benefits and Determination of Vested Interest
    
    
    248.1 No Benefits Unless Herein Set Forth
    
    
    248.2 Pre-Retirement Severance from Employment Benefit
    
    
    248.3 Determination of Vested Interest
    
    
    25
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PageIX. Death Benefits
    
    
    259.1 Death Benefits
    
    
    259.2 Designation of Beneficiaries
    
    
    25X. Time and Form of Payment of Benefits
    
    
    2610.1 Determination of Benefit Commencement Date
    
    
    2610.2 Form of Payment and Payee
    
    
    2710.3 Direct Rollover Election
    
    
    2710.4 Unclaimed Benefits
    
    
    2710.5 Minimum Distribution Requirements
    
    
    28XI. In-Service Withdrawals
    
    
    3211.1 In-Service Withdrawals
    
    
    3211.2 Restriction on In-Service Withdrawals
    
    
    34XII. Loans
    
    
    34XIII. Administration of the Plan
    
    
    3513.1 General Administration of the Plan
    
    
    3513.2 Records and Procedures
    
    
    3513.3 Meetings
    
    
    3613.4 Self-Interest of Participants
    
    
    3613.5 Compensation and Bonding
    
    
    3613.6 Committee Powers and Duties
    
    
    3613.7 Employer to Supply Information
    
    
    3713.8 Temporary Restrictions
    
    
    3713.9 Idemnification
    
    
    3813.10 Claims Procedures
    
    
    38XIV. Trustee and Administration of Trust Fund
    
    
    4214.1 Trust Agreement
    
    
    4214.2 Payment of Expenses
    
    
    4214.3 Trust Fund Property
    
    
    4314.4 Distributions from Participants Accounts
    
    
    4314.5 Payments Solely from Trust Fund
    
    
    4314.6 No Benefits to the Employer
    
    
    43XV. Fiduciary Provisions
    
    
    4315.1 Article Controls
    
    
    4315.2 General Allocation of Fiduciary Duties
    
    
    4315.3 Delegation and Allocation of Fiduciary Duties
    
    
    4415.4 Investment Manager
    
    
    4415.5 Independent Fiduciary
    
    
    44XVI. Amendments
    
    
    4616.1 Right to Amend
    
    
    4616.2 Limitation on Amendments
    
    
    46
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PageXVII. Discontinuance of Contributions, Termination, Partial Termination, and Merger or Consolidation
    
    
    4617.1 Right to Discontinue Contributions, Terminate, or Partially Terminate
    
    
    4617.2 Procedure in the Event of Discontinuance of Contributions, Termination,
or Partial Termination
    
    
    4717.3 Merger, Consolidation, or Transfer
    
    
    48XVIII Participating Employers
    
    
    4818.1 Participation and Designation of Other Employers
    
    
    4818.2 Single Plan
    
    
    49XIX. Miscellaneous Provisions
    
    
    4919.1 Not Contract of Employment
    
    
    4919.2 Spendthrift Clause
    
    
    4919.3 Uniformed Services, Employment and Reemployment Rights Act Requirements
    
    
    5119.4 Payments to Minors and Incompetents
    
    
    5119.5 Acquisition and Holding of Company Stock
    
    
    5119.6 Power of Attorney Designations
    
    
    5119.7 Participants and Beneficiarys Address
    
    
    5119.8 Incorrect Information, Fraud, Concealment, or Error
    
    
    5119.9 Severability
    
    
    5219.10 Jurisdiction
    
    
    52XX. Top-Heavy Status
    
    
    5220.1 Article Controls
    
    
    5220.2 Definitions
    
    
    5220.3 Top-Heavy Status
    
    
    5320.4 Top-Heavy Contribution
    
    
    5420.5 Termination of Top Heavy Status
    
    
    5520.6 Effect of Article
    
    
    55
 
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DYNEGY NORTHEAST GENERATION, INC. SAVINGS INCENTIVE PLAN
 WITNESSETH:
 WHEREAS
 WHEREAS
 NOW, THEREFORE
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I. Definitions and Construction
 Definitions
 Account(s)
 Act
 After-Tax Account
 After-Tax Contributions
 Before-Tax Account
 Before-Tax Contributions
 Benefit Commencement Date
 Catch-Up Contribution Account
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Catch-Up Contributions:
 Code
 Committee
 Company
 Company Stock
 Company Stock Fund
 Compensation
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Compensation Committee
 Controlled Entity
 Direct Rollover
 Directors
 Distributee
 Effective Date
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Eligible Employee
       Eligible Retirement Plan
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Eligible Rollover Distribution
   Employee
 Employer
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Employer Contribution Account
 Employer Contributions
 Employer Discretionary Qualified Matching Contribution Account
 Employer Discretionary Qualified Matching Contributions
 Employer Matching Contributions
 415 Compensation
 Highly Compensated Employee
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Independent Fiduciary
 Investment Fund
 Leased Employee
 Normal Retirement Date
 Participant
 Plan
 Plan Year
 Rollover Contribution Account
 Employee After-Tax Rollover Subaccount
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Employee Rollover Subaccount
 Employee Roth Rollover Subaccount
 Rollover Contributions
 Roth Account
 Roth Contributions
 Severance from Employment
 Total and Permanent Disability
 Trust
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Trust Agreement
 Trust Fund
 Trustee
 Number and Gender
 Headings
 Construction
 II. Participation
 Eligibility
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Participation
 Correction for Erroneous Inclusion of Employee
 III. Contributions
 Before-Tax Contributions
  1 2
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After-Tax Contributions
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Employer Matching Contributions
   Employer Discretionary Qualified Matching Contributions
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Restrictions on Employer Matching Contributions and After-Tax Contributions
 Return of Contributions
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Disposition of Excess Deferrals and Excess Contributions
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Rollover Contributions
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IV. Allocations and Limitations
 Allocation of Contributions
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Application of Forfeitures
 Valuation of Accounts
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Limit on Annual Additions Under Code Section 415
      Annual Addition
 Limitation Year
  Recharacterizations
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V. Investment Funds
 Investment of Accounts
    Pass-Through Voting and Other Rights with Respect to Company Stock
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VI. Retirement Benefits
  VII. Disability Benefits
  VIII. Pre-Retirement Termination Benefits and Determination of Vested Interest
 No Benefits Unless Herein Set Forth
 Pre-Retirement Severance from Employment Benefit
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Determination of Vested Interest
 IX. Death Benefits
 Death Benefits
 Designation of Beneficiaries
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X. Time and Form of Payment of Benefits
 Determination of Benefit Commencement Date
  1 2 1 2
 1 2
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Form of Payment and Payee
   Direct Rollover Election
 Unclaimed Benefits
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Minimum Distribution Requirements
 General Rules
 Precedence
 Requirements of Treasury Regulations Incorporated
 TEFRA Section 242 (b)(2) Elections
 Time and Manner of Distribution
 Required Beginning Date
 Death of Participant Before Distributions Begin
 1 2
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Forms of Distribution
 Required Minimum Distributions During Participants Lifetime
 Amount of Required Minimum Distribution For Each Distribution Calendar
Year
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Lifetime Required Minimum Distributions Continue Through Year of
Participants Death
 Required Minimum Distributions After Participants Death
 Death On or After Date Distributions Begin.
 Participant Survived by Designated Beneficiary
    No Designated Beneficiary
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Death Before Date Distributions Begin
 Participant Survived by Designated Beneficiary
 No Designated Beneficiary
 Death of Surviving Spouse Before Distributions to Surviving
Spouse Are Required to Begin
 Definitions
 Designated beneficiary
 Distribution calendar year
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Life expectancy
 Participants account balance
 Required beginning date
  XI. In-Service Withdrawals
 In-Service Withdrawals.
  1 2
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Restriction on In-Service Withdrawals
       XII. Loans
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XIII. Administration of the Plan
 General Administration of the Plan
  Records and Procedures
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Meetings
 Self-Interest of Participants
 Compensation and Bonding
 Committee Powers and Duties
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Employer to Supply Information
 Temporary Restrictions
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Indemnification
 Claims Procedures
 Definitions
 Adverse Benefit Determination
 Benefits Administrator
 Claiman t
 Filing of Benefit Claim
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Processing of Benefit Claim
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Notification of Adverse Benefit Determination
      Review of Adverse Benefit Determination
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Notification of Benefit Determination on Review
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Exhaustion of Administrative Remedies
 Payment of Benefits
 Authorized Representatives
 XIV. Trustee and Administration of Trust Fund
 Trust Agreement
 Payment of Expenses
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Trust Fund Property
 Distributions from Participants Accounts
 Payments Solely from Trust Fund
 No Benefits to the Employer
 XV. Fiduciary Provisions
 Article Controls
 General Allocation of Fiduciary Duties
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Delegation and Allocation of Fiduciary Duties
 Investment Manager
    Independent Fiduciary
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XVI. Amendments
 Right to Amend
 Limitation on Amendments
  XVII. Discontinuance of Contributions, Termination, Partial Termination,
and Merger or Consolidation
 Right to Discontinue Contributions, Terminate, or Partially Terminate
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Procedure in the Event of Discontinuance of Contributions, Termination, or Partial
Termination
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Merger, Consolidation, or Transfer
 XVIII. Participating Employers
 Participation and Designation of Other Employers
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Single Plan
 XIX. Miscellaneous Provisions
 Not Contract of Employment
 Spendthrift Clause .
 Distributions Pursuant to Qualified Domestic Relations Orders
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Distributions Pursuant to Certain Judgments or Orders
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Uniformed Services, Employment and Reemployment Rights Act Requirements
 Payments to Minors and Incompetents
 Acquisition and Holding of Company Stock
 Power of Attorney Designations
 Participants and Beneficiarys Address
 Incorrect Information, Fraud, Concealment, or Error
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Severability
 Jurisdiction
 XX. Top-Heavy Status
 Article Controls
 Definitions
 Account Balance
 Accrued Benefit
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Aggregation Group
 Assumptions
 Determination Date
 Key Employee
 Plan Year
 Remuneration
 Valuation Date
 Top-Heavy Status
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Top-Heavy Contribution
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Termination of Top Heavy Status
 Effect of Article
 th
 DYNEGY INC.By:Name:Title:  -55-




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Appendix A
 PARTICIPATING EMPLOYERS
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Appendix B
 LOAN POLICY
 Eligibility for Loan .
   Maximum Loan .
     Minimum Requirements for Loans .
 Maximum Term
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Notes
   Accounting for Loans .
 Interest and Security .
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Repayment Terms of Loan .
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Operation of Article .
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