ALLENTOWN, Pa., April 10, 2015 /PRNewswire/ -- The U.S. Nuclear
Regulatory Commission on Friday (4/10) approved PPL Susquehanna's
request for indirect transfer of control of the operating licenses
for both units at the Susquehanna
nuclear power plant. The decision is associated with PPL
Corporation's proposal to spin off its competitive energy supply
business and combine it with competitive generation assets owned by
Riverstone Holdings LLC affiliate RJS Power Holdings LLC to form a
new independent power producer called Talen Energy Corporation.
After extensive review of PPL Susquehanna's filing, the NRC
determined that the transfer will not adversely affect the
technical or financial qualifications to operate the plant, or the
assurance of funding for eventual decommissioning of the plant, and
will not result in foreign ownership or control of the plant.
When the spinoff transaction occurs, the name of the company
holding the plant licenses will change from PPL Susquehanna LLC to
Susquehanna Nuclear LLC, but the owner/operator arrangement will
not change. Susquehanna Nuclear will operate the plant, which will
continue to be jointly owned by Susquehanna Nuclear and Allegheny
Electric Cooperative.
The Susquehanna plant is
located in Luzerne County, Pa.,
about seven miles north of Berwick.
Previously, the Federal Energy Regulatory Commission and the
Pennsylvania Public Utility Commission approved filings related to
the spinoff transaction. The final regulatory action needed before
the company can proceed to close the transaction is the completion
of a review by the U.S. Department of Justice under the
Hart-Scott-Rodino Antitrust Improvements Act. PPL expects the
transaction to close in the second quarter of 2015.
PPL Susquehanna is one of PPL Corporation's generating
affiliates. 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.
Contact:
For news media: George C. Lewis,
610-774-4687
For financial analysts: Joseph P.
Bergstein, 610-774-5609
PPL Corporation
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SOURCE PPL Corporation