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LG&E, KU Sale Wins Tentative Approval

PPL has agreed not to raise base utility rates before the end of 2012. The company earlier pledged to keep LG&E and KU headquarters in place for at least 15 years.

The Kentucky Public Service Commission has tentatively approved the purchase of Louisville Gas and Electric Company and Kentucky Utilities by Pennsylvania-based PPL Corp.

The PSC today announced approval of a settlement involving a number of groups that intervened in the case.

PPL has agreed not to raise base utility rates before the end of 2012. The company earlier pledged to keep LG&E and KU headquarters in place for at least 15 years.

PPL announced in April that it had reached an agreement to purchase the utilities from E.ON U.S. for $7.6 billion. Louisville and state officials made a bid for public ownership of the companies but could not come to final terms.