EX-99.1
2
exhibit99-1.htm
EXHIBIT 99.1
exhibit99-1.htm
Exhibit
99.1
Contact:
Constance
Walker, for news media, 610-774-5997
Timothy J. Paukovits, for financial community,
610-774-4124
PPL completes successful
sale of natural gas distribution and propane businesses
ALLENTOWN,
Pa. (Oct. 1, 2008) -- PPL Corporation has successfully completed the sale of its
natural gas distribution and propane subsidiaries to UGI Utilities,
Inc.
UGI
Utilities, a wholly owned subsidiary of UGI Corporation based in Valley Forge,
Pa., has acquired PPL Gas Utilities Corporation and Penn Fuel Propane, LLC, for
about $268 million in cash plus working capital.
PPL
announced in July 2007 its intention to sell its gas distribution and propane
companies and signed a definitive sale agreement with UGI in March of this year.
The two companies represented about 1 percent of PPL's overall earnings from
ongoing operations in 2007.
"We
appreciate the professionalism and high standards for safety and service that
the employees of these businesses have demonstrated over the years and during
this time of transition", said William H. Spence, PPL's executive vice president
and chief operating officer. "The outstanding performance of these businesses
can be attributed to their employees".
The gas
utility serves about 76,000 natural gas distribution customers in 35 counties
throughout Pennsylvania and a small area of Maryland. It operates about 3,800
miles of pipeline and owns underground gas storage capacity in three separate
reservoirs in north-central Pennsylvania.
The
propane subsidiary buys propane on a wholesale basis and stores, delivers and
sells it to about 33,000 industrial, commercial and residential customers in
Pennsylvania, Delaware, Maryland and West Virginia.
UGI
Corporation is a holding company with propane marketing, utility and energy
marketing subsidiaries. Through subsidiaries, UGI owns 44 percent of AmeriGas
Partners, L.P., the nation's largest retail propane marketer, and owns Antargaz,
one of the largest LPG distributors in France.
UGI
Utilities Inc. is a wholly owned subsidiary of UGI Corporation. UGI Utilities
serves natural gas to approximately 478,000 customers in 28 Pennsylvania
counties, including the cities of Allentown, Bethlehem, Easton, Harrisburg,
Lancaster, Lebanon, Reading, Scranton, Wilkes-Barre and Williamsport. UGI
Utilities delivers electricity to approximately 62,000 customers in two
northeastern Pennsylvania counties near Wilkes-Barre.
PPL
Corporation, headquartered in Allentown, Pa., controls more than 11,000
megawatts of generating capacity in the United States, sells energy in key U.S.
markets and delivers electricity to about 4 million customers in Pennsylvania
and the United Kingdom. More information is available at
www.pplweb.com
.
# # #
Note
to Editors: Visit our media Web site at www.pplnewsroom.com for additional news
and background about PPL Corporation.

EX - 99 . 1 2 exhibit99 - 1 . htm EXHIBIT 99 . 1 exhibit99 - 1 . htm Exhibit 99 . 1 Contact : Constance Walker , for news media , 610 - 774 - 5997 Timothy J . Paukovits , for financial community , 610 - 774 - 4124 PPL completes successful sale of natural gas distribution and propane businesses ALLENTOWN , Pa . ( Oct. 1 , 2008 ) -- PPL Corporation has successfully completed the sale of its natural gas distribution and propane subsidiaries to UGI Utilities , Inc . UGI Utilities , a wholly owned subsidiary of UGI Corporation based in Valley Forge , Pa . , has acquired PPL Gas Utilities Corporation and Penn Fuel Propane , LLC , for about $ 268 million in cash plus working capital . PPL announced in July 2007 its intention to sell its gas distribution and propane companies and signed a definitive sale agreement with UGI in March of this year . The two companies represented about 1 percent of PPL 's overall earnings from ongoing operations in 2007 . " We appreciate the professionalism and high standards for safety and service that the employees of these businesses have demonstrated over the years and during this time of transition " , said William H . Spence , PPL 's executive vice president and chief operating officer . " The outstanding performance of these businesses can be attributed to their employees " . The gas utility serves about 76,000 natural gas distribution customers in 35 counties throughout Pennsylvania and a small area of Maryland . It operates about 3,800 miles of pipeline and owns underground gas storage capacity in three separate reservoirs in north - central Pennsylvania . The propane subsidiary buys propane on a wholesale basis and stores , delivers and sells it to about 33,000 industrial , commercial and residential customers in Pennsylvania , Delaware , Maryland and West Virginia . UGI Corporation is a holding company with propane marketing , utility and energy marketing subsidiaries . Through subsidiaries , UGI owns 44 percent of AmeriGas Partners , L . P . , the nation 's largest retail propane marketer , and owns Antargaz , one of the largest LPG distributors in France . UGI Utilities Inc . is a wholly owned subsidiary of UGI Corporation . UGI Utilities serves natural gas to approximately 478,000 customers in 28 Pennsylvania counties , including the cities of Allentown , Bethlehem , Easton , Harrisburg , Lancaster , Lebanon , Reading , Scranton , Wilkes - Barre and Williamsport . UGI Utilities delivers electricity to approximately 62,000 customers in two northeastern Pennsylvania counties near Wilkes - Barre . PPL Corporation , headquartered in Allentown , Pa . , controls more than 11,000 megawatts of generating capacity in the United States , sells energy in key U . S . markets and delivers electricity to about 4 million customers in Pennsylvania and the United Kingdom . More information is available at www.pplweb.com . # # # Note to Editors : Visit our media Web site at www.pplnewsroom.com for additional news and background about PPL Corporation .