EX-99.1
2
form8k-exhibit99_1.htm
EXHIBIT 99.1
form8k-exhibit99_1.htm
Exhibit
99.1
Contact:
For
news media - George E. Biechler, 610-774-5997
For
financial analysts - Joseph P. Bergstein, 610-774-5609
PPL Corporation
Two
N. Ninth St.
Allentown,
PA 18101
PPL
completes sale of hydroelectric assets in Maine
ALLENTOWN, Pa. (
Nov. 2, 2009) --
PPL Corporation (NYSE: PPL) announced Monday (11/2)
that its PPL Maine subsidiary has completed the sale of the majority of PPL
Maine's hydroelectric generation business to Black Bear Hydro Partners, LLC, an
affiliate of ArcLight Capital Partners, LLC, for approximately $81
million.
The sale
to the ArcLight affiliate involves five hydroelectric generating facilities in
Maine that produce a total of 23 megawatts of electricity and are 100 percent
owned by PPL; and PPL's 50 percent ownership interest in a separate 13-megawatt
hydroelectric project, of which the other 50 percent is already owned by another
ArcLight affiliate.
The $81
million excludes certain contingent consideration that will be realized upon
completion of PPL's previously announced potential sale of three other
hydroelectric facilities to the Penobscot River Restoration Trust.
That
transaction originated in June 2004, when PPL partnered with a coalition of
environmental groups, government agencies and the Penobscot Indian Nation on a
settlement agreement to provide the Trust with the option to buy these three
facilities. The Trust exercised this option in June 2008, and the completion of
that sale is pending the receipt of certain state and federal regulatory
approvals.
"PPL
believes strongly in this important project and remains fully committed to
obtaining all approvals necessary to transfer these three facilities to the
Trust", said William H. Spence, PPL's executive vice president and chief
operating officer.
PPL
expects to record a special after-tax gain of approximately $0.06 per share,
excluding the contingent consideration, in the fourth quarter of 2009 as a
result of the ArcLight transaction. PPL would record another special after-tax
gain of approximately $0.02 per share upon receipt of the contingent
consideration from ArcLight.
Both the
initial and the contingent consideration from ArcLight's affiliate would enhance
PPL's cash flow position and be modestly accretive to the company's earnings.
PPL is not changing its current 2009 forecast of earnings from ongoing
operations as a result of the sale.
"As is
the case with the pending sale of our Long Island generation business, these
have been good assets for us in Maine but are not core to our concentrated
generation positions in the PJM Interconnection and in the Northwest", Spence
said.
PPL
Corporation, headquartered in Allentown, Pa., controls or owns more than 12,000
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
.
ArcLight
Capital Partners, LLC, is one of the world's leading energy investment firms
with more than $6.8 billion under management. ArcLight's investment team has
extensive energy investing experience, industry relationships and asset level
knowledge. ArcLight is headquartered in Boston with offices in New York City,
London and Luxembourg. More information about ArcLight can be found at
http://www.arclightcapital.com
.
# # #
Certain statements contained in this news release, including
statements with respect to future earnings, cash flow and business disposition,
are "forward-looking statements" within the meaning of the federal securities
laws. Although PPL Corporation believes that the expectations and assumptions
reflected in these forward-looking statements are reasonable, these statements
involve a number of risks and uncertainties, and actual results may differ
materially from the results discussed in the statements. The following are among
the important factors that could cause actual results to differ materially from
the forward-looking statements: market demand and prices for energy, capacity
and fuel; competition; accounting requirements; operating performance and costs
of plants and other facilities; political, regulatory or economic developments
and conditions; disposition proceeds; and regulatory approvals. Any such
forward-looking statements should be considered in light of such factors and in
conjunction with PPL Corporation's Form 10-K and other reports on file with the
Securities and Exchange Commission.
Note
to Editors: Visit our media Web site at www.pplnewsroom.com for additional news
and background about PPL Corporation.

EX - 99 . 1 2 form8k - exhibit99 _ 1 . htm EXHIBIT 99 . 1 form8k - exhibit99 _ 1 . htm Exhibit 99 . 1 Contact : For news media - George E . Biechler , 610 - 774 - 5997 For financial analysts - Joseph P . Bergstein , 610 - 774 - 5609 PPL Corporation Two N . Ninth St . Allentown , PA 18101 PPL completes sale of hydroelectric assets in Maine ALLENTOWN , Pa . ( Nov. 2 , 2009 ) -- PPL Corporation ( NYSE : PPL ) announced Monday ( 11 / 2 ) that its PPL Maine subsidiary has completed the sale of the majority of PPL Maine 's hydroelectric generation business to Black Bear Hydro Partners , LLC , an affiliate of ArcLight Capital Partners , LLC , for approximately $ 81 million . The sale to the ArcLight affiliate involves five hydroelectric generating facilities in Maine that produce a total of 23 megawatts of electricity and are 100 percent owned by PPL ; and PPL 's 50 percent ownership interest in a separate 13 - megawatt hydroelectric project , of which the other 50 percent is already owned by another ArcLight affiliate . The $ 81 million excludes certain contingent consideration that will be realized upon completion of PPL 's previously announced potential sale of three other hydroelectric facilities to the Penobscot River Restoration Trust . That transaction originated in June 2004 , when PPL partnered with a coalition of environmental groups , government agencies and the Penobscot Indian Nation on a settlement agreement to provide the Trust with the option to buy these three facilities . The Trust exercised this option in June 2008 , and the completion of that sale is pending the receipt of certain state and federal regulatory approvals . " PPL believes strongly in this important project and remains fully committed to obtaining all approvals necessary to transfer these three facilities to the Trust " , said William H . Spence , PPL 's executive vice president and chief operating officer . PPL expects to record a special after - tax gain of approximately $ 0.06 per share , excluding the contingent consideration , in the fourth quarter of 2009 as a result of the ArcLight transaction . PPL would record another special after - tax gain of approximately $ 0.02 per share upon receipt of the contingent consideration from ArcLight . Both the initial and the contingent consideration from ArcLight 's affiliate would enhance PPL 's cash flow position and be modestly accretive to the company 's earnings . PPL is not changing its current 2009 forecast of earnings from ongoing operations as a result of the sale . " As is the case with the pending sale of our Long Island generation business , these have been good assets for us in Maine but are not core to our concentrated generation positions in the PJM Interconnection and in the Northwest " , Spence said . PPL Corporation , headquartered in Allentown , Pa . , controls or owns more than 12,000 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 . ArcLight Capital Partners , LLC , is one of the world 's leading energy investment firms with more than $ 6.8 billion under management . ArcLight 's investment team has extensive energy investing experience , industry relationships and asset level knowledge . ArcLight is headquartered in Boston with offices in New York City , London and Luxembourg . More information about ArcLight can be found at http://www.arclightcapital.com . # # # Certain statements contained in this news release , including statements with respect to future earnings , cash flow and business disposition , are " forward - looking statements " within the meaning of the federal securities laws . Although PPL Corporation believes that the expectations and assumptions reflected in these forward - looking statements are reasonable , these statements involve a number of risks and uncertainties , and actual results may differ materially from the results discussed in the statements . The following are among the important factors that could cause actual results to differ materially from the forward - looking statements : market demand and prices for energy , capacity and fuel ; competition ; accounting requirements ; operating performance and costs of plants and other facilities ; political , regulatory or economic developments and conditions ; disposition proceeds ; and regulatory approvals . Any such forward - looking statements should be considered in light of such factors and in conjunction with PPL Corporation 's Form 10 - K and other reports on file with the Securities and Exchange Commission . Note to Editors : Visit our media Web site at www.pplnewsroom.com for additional news and background about PPL Corporation .