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PPL’s formation of Talen Energy approved by PUC
Stacy Wescoe//March 11, 2015//
The approval, which came in an unanimous vote, also authorized the acquisition of an indirect 35 percent ownership in Talen by Riverstone Holdings LLC, a power-focused private investment firm based in New York.
According to the PUC, this transaction is part of a larger spinoff, during which PPL Corp. will transfer its electric generation and retail electric and gas supply business lines – PPL Energy Supply LLC, PPL EnergyPlus LLC and PPL Generation LLC – to the shareowners of PPL Corp. and will immediately combine with the competitive generation assets controlled by Riverstone Holdings. The spinoff will result in a newly formed entity, Talen Energy.
Talen Energy is expected to begin operations in May, and likely will be headquartered in Allentown or Bethlehem.
For an in-depth look at the creation of Talen Energy – and where it might be headquartered – see next Monday’s print edition of Lehigh Valley Business.
