PPL Chief: Utilities Purchase "Transformational"

By Rick Howlett

The chairman of PPL Corporation is calling his company’s pending purchase of Louisville Gas and Electric Company and Kentucky Utilities a transformational event.

James Miller says the acquisition will bring together three of the best utility companies in the United States and turn PPL into a more geographically diverse operation.

“Most importantly, it rebalances our business mix. it does it in one step. It improves our financial stability, it improves our credit profile, Miller told reporters in a conference call Thursday morning.

He says with the purchase, Pennsylvania-based PPL will serve nearly five million electricty customers in the U.S. and Great Britain.                            

The sale is expected to become final at the end of the year.