businesses that looked like we had a competitive advantage." Dynegy sold its telecommunications business in Europe in January 2003, restated its income for 2001 and 2002, sold a natural gas terminal in Louisiana, sold its telecommunications business in North America in April 2003, engaged in a US$1.6 billion refinancing and other restructuring of its debt, sold its Illinois Power Company subsidiary to Ameren, and nullified a number of contracts in non-core or money-losing areas. In March 2004, Wiliamson was named chairman of the company, succeeding Dan Dienstbier (who retired). Dynegy undertook a strategy to move into coal-fired and hydroelectric electrical generation in 2004, and out of natural gas distribution and trading. In November 2004, the company acquired four natural gas-fired and four hydroelectric power generation plants in the Northeast United States. In March 2005, it agreed to settle a 1999 dispute with the Environmental Protection Agency by spending US$321 million to repair and upgrade coal-fired generating plants in Illinois to reduce pollutants. In mid-2005, Dynegy hired Credit Suisse First Boston to assist it in finding a buyer for its natural gas transmission businesses. The sale of this business came quickly: In August 2005, Dynegy sold this business to Targa Resources, a company owned by private equity firm Warburg Pincus. In September 2006, Dynegy and LS Power Group agreed to a joint venture in a deal worth US$2.3 billion. Under the terms of the agreement, Dynegy gave LS Power a 40 percent stake in Dynegy itself while LS Power contributed 10 of its power plants. Dynegy also agreed to create a 245 million new Class B shares, which it turned over to LS Power. In May 2007, ChevronTexaco announced it was selling its 12 percent stake in Dynegy to the public. The sale netted ChevronTexaco US$680 million by July. The joint venture did not last, however. In August 2009, LS Power agreed to buy nine electrical generating plants from Dynegy for US$1.025 billion in cash in order to dissolve the joint venture. Part of the reason for the joint venture's demise was another collapse in Dynegy's share price. Dynegy's shares fell 80 percent in the two years after the deal closed, and the company posted a large $345 million loss in the second quarter of 2009. LS Power also agreed to return all its Class B shares, so that Dynegy would only have 95 million shares of common stock outstanding. The