Press Release

PUC Approves Transaction as Part of Larger Spinoff of PPL’s Electric Generation Service to Form Talen Energy

Published on 3/11/2015

Filed under: Electric

HARRISBURG – The Pennsylvania Public Utility Commission (PUC) today approved the transfer of PPL Electric Utilities Corporation’s (PPL EU) indirect ownership interests in PPL Interstate Energy Company (PPL IEC) to a new entity called Talen Energy Corporation (Talen Energy). The approval also authorized the acquisition by Riverstone Holdings LLC of an indirect 35 percent ownership interest in Talen Energy.

The Commission voted 5-0 to approve the Joint Application and the Joint Petition for Settlement between PPL EU and PPL IEC. The approval provides the parties with all necessary authority to complete the PUC-jurisdictional aspect of the transaction. Chairman Robert F. Powelson issued a motion to approve the application, noting a technical modification needed in the Recommended Decision.

This transaction is part of a larger spinoff, during which PPL Corporation will transfer its electric generation and retail electric and gas supply business lines – PPL Energy Supply LLC; PPL EnergyPlus LLC; and PPL Generation LLC, which owns PPL IEC – to the shareowners of PPL Corporation, and will immediately combine with the competitive generation assets controlled by Riverstone Holdings LLC. The spinoff will result in a newly formed entity, Talen Energy.

PPL Electric Utilities, which provides electric distribution service to approximately 1.4 million customers in Pennsylvania, is not affected by this transaction.

The Pennsylvania Public Utility Commission balances the needs of consumers and utilities; ensures safe and reliable utility service at reasonable rates; protects the public interest; educates consumers to make independent and informed utility choices; furthers economic development; and fosters new technologies and competitive markets in an environmentally sound manner.

For recent news releases and video of select Commission proceedings or more information about the PUC, visit our website at www.puc.pa.gov. Follow the PUC on Twitter – @PA_PUC for all things utility. “Like” PAPowerSwitch on Facebook for easy access to information on electric shopping.

# # #

Docket Nos. A-2014-2435752, A-2014-2435833

Contact:

• Deputy Press Secretary
  717-787-5722