<SEC-DOCUMENT>0001225208-14-025521.txt : 20141219
<SEC-HEADER>0001225208-14-025521.hdr.sgml : 20141219
<ACCEPTANCE-DATETIME>20141219162143
ACCESSION NUMBER:		0001225208-14-025521
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20141218
FILED AS OF DATE:		20141219
DATE AS OF CHANGE:		20141219

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEGY INC.
		CENTRAL INDEX KEY:			0001379895
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				205653152
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		601 TRAVIS, SUITE 1400
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		(713) 507-6400

	MAIL ADDRESS:	
		STREET 1:		601 TRAVIS, SUITE 1400
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dynegy Inc..
		DATE OF NAME CHANGE:	20070404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dynegy Acquisition, Inc..
		DATE OF NAME CHANGE:	20070403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dynegy Acquisition, Inc.
		DATE OF NAME CHANGE:	20061102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN RESOURCES INC
		CENTRAL INDEX KEY:			0000038777
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33443
		FILM NUMBER:		141299891

	BUSINESS ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		STREET 2:		BUILDING 920
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
		BUSINESS PHONE:		650-312-2000

	MAIL ADDRESS:	
		STREET 1:		FRANKLIN RESOURCES INC
		STREET 2:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2014-12-18</periodOfReport>

    <issuer>
        <issuerCik>0001379895</issuerCik>
        <issuerName>DYNEGY INC.</issuerName>
        <issuerTradingSymbol>DYN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000038777</rptOwnerCik>
            <rptOwnerName>FRANKLIN RESOURCES INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE FRANKLIN PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN MATEO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94403-1906</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>1</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2014-12-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>45100.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>31.2976</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17481923.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2014-12-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>554900.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>31.0601</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16927023.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibits 99-1 and 99-2 for text of footnote, which Exhibits are incorporated by reference herein.</footnote>
    </footnotes>

    <remarks>ex99-1.txt, ex99-2.txt</remarks>

    <ownerSignature>
        <signatureName>Lori A. Weber, Assistant Secretary of Franklin Resources, Inc.</signatureName>
        <signatureDate>2014-12-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.txt
<TEXT>
Exhibit 99-1


The Dynegy, Inc. securities reported on the attached Form 4 (collectively, the
Securities) are beneficially owned by Franklin Advisers, Inc. (FAV), an indirect
  wholly owned subsidiary of Franklin Resources, Inc. (FRI), in FAV's capacity
as the investment adviser to various investment companies registered under
Section 8 of the Investment Company Act of 1940 and other accounts, including
Franklin Income Fund, a series of Franklin Custodian Funds, an investment
company registered under the Investment Company Act of 1940, that has an
interest in 14,500,000 shares of the Securities.  When an investment management
contract (including a sub-advisory agreement) delegates to FAV investment
discretion or voting power over the Securities held in the investment advisory
accounts that are subject to that agreement, FRI treats FAV as having sole
investment discretion or voting authority, as the case may be, unless the
agreement specifies otherwise. Accordingly, FAV reports for purposes of section
13(d) of the Securities Exchange Act of 1934, as amended (the Act), that it has
sole investment discretion and voting authority over the Securities covered by
any such investment management agreement.

Charles B. Johnson and Rupert H. Johnson, Jr. (the Principal Shareholders) each
owns in excess of 10% of the outstanding common stock of FRI and are the
principal stockholders of FRI.  FRI and the Principal Shareholders may be deemed
  to be, for purposes of Rule 13d-3 under the Act, the beneficial owners of
Securities held by persons and entities for whom or for which FAV provides
investment management services.  Each of FRI, the Principal Shareholders and FAV
  disclaims any pecuniary interest in any of the Securities.  In addition, the
filing of this Form 4 should not be construed as an admission that any of FRI or
  the Principal Shareholders is, and each disclaims that it is, the beneficial
owner, as defined in Rule 13d-3, of any of the Securities, except to the extent
of that filer's pecuniary interest therein.

FRI, the Principal Shareholders and FAV believe that they are not a group within
  the meaning of Rule 13d-5 under the Act and that they are not otherwise
required to attribute to each other the beneficial ownership of the Securities
held by any of them or by any persons or entities for whom or for which FAV
provides investment management services.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-2.txt
<TEXT>
Exhibit 99-2

Names and Addresses of Additional Reporting Persons:

Charles B. Johnson
Franklin Templeton Investments
300 S.E. 2nd Street
Fort Lauderdale, FL 33301-1923

Rupert H. Johnson, Jr.
Franklin Templeton Investments
One Franklin Parkway
San Mateo, CA 94403-1906

Franklin Advisers, Inc.
One Franklin Parkway
San Mateo, CA  94403 1906


Franklin Custodian Funds on behalf of Franklin Income Fund

By:  Lori A. Weber, Vice President
and Assistant Secretary, Franklin Custodian Funds

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