The Kentucky Public Service Commission held a hearing Wednesday on the proposed sale of Louisville Gas and Electric Company and Kentucky Utilities to Pennsylvania-based PPL Corporation.
During the public comment portion of the hearing, several people, including Ike Thacker, spoke against the sale, instead urging public ownership of the utiltiies.
“Because, even with regulated private utilities, a fair rate of return is allowed, and that is profit, folks, which public owned ones don’t have to have,” Thacker said.
The commission also interviewed executives from PPL about the proposed $7.6 billion sale. Company officials have agreed not to raise base rates before 2013 if the sale is approved.
The PSC is expected to decide by month’s end whether to approve the deal. The utilities are currently owned by E.ON U.S.