ALLENTOWN, Pa., March 11, 2015 /PRNewswire/ -- The
Pennsylvania Public Utility Commission on Wednesday (3/11) approved
applications filed by PPL Electric Utilities Corporation and PPL
Interstate Energy Company (IEC) for certain approvals associated
with the proposal by PPL Corporation to spin off its competitive
energy supply business and combine it with generation assets owned
by Riverstone Holdings LLC affiliate RJS Power Holdings LLC to form
a new independent power producer named Talen Energy.
PUC approval was requested for two reasons. PPL Electric
Utilities, which is regulated by the PUC, sought review and
approval of certain changes in property rights and contracts. In
addition, IEC, which operates a Pennsylvania pipeline that transports oil or
natural gas to two PPL power plants in Northampton County, requested approval of a
change in its ownership under the proposed transaction. The PUC has
regulatory authority over the IEC pipeline.
The spinoff transaction involving PPL and RJS Power Holdings was
previously approved by the Federal Energy Regulatory Commission
when the parties accepted FERC's market power mitigation
requirements in January. The transaction also requires approval by
the Nuclear Regulatory Commission and the U.S. Department of
Justice. The transaction is expected to close in the second quarter
of 2015.
PPL Corporation (NYSE: PPL), with 2014 revenues of $11.5 billion, is one of the largest companies in
the U.S. utility sector. The PPL family of companies delivers
electricity and natural gas to about 10 million customers in
the United States and the
United Kingdom. More information
is available at www.pplweb.com.
Note to Editors: Visit our media website at www.pplnewsroom.com
for additional news and background about PPL Corporation.
Contacts:
For news media: George C. Lewis,
610-774-4687
For financial analysts: Joseph P.
Bergstein, 610-774-5609
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SOURCE PPL Corporation