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News Breaks | | | | November 20, 2012 | | 05:20 EDT |  | PPL | PPL Corp. announces unit 2 at Susquehanna nuclear power plan returns to service
Unit 2 at PPL Corporation's Susquehanna nuclear power plant in Luzerne County, PA, resumed generating electricity for the regional power grid safely and reliably on Monday after completing a turbine blade inspection and repairing a computer system that malfunctioned on November 9, causing operators to shut down the reactor. The previously announced turbine inspection revealed signs of cracking on a small number of blades. Those blades have been replaced. The after-tax financial impact of the most recent turbine inspections on both units, which includes reduced energy-sales margins and repair expenses, is expected to be about $25M. | |
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News For PPL From The Last 14 Days Check below for free stories on PPL the last two weeks. |
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| May 20, 2013 | | 15:35 EDT | | PPL | U.S. Supreme Court rules for PPL in foreign tax case
By a unanimous 9-0 decision, the U.S. Supreme Court overturned a federal appeals court ruling on that had denied PPL's claim of a credit against its U.S. income taxes for a "windfall tax" paid to the government of the United Kingdom. In the decision, the Supreme Court ruled that "the economic substance of the U.K. windfall tax is that of a U.S. income tax ... therefore the tax is creditable... We agree with PPL and conclude that the predominant character of the windfall tax is that of an excess profits tax, a category of income tax in the U.S. sense," the court wrote in its opinion. "The U.S. tax code allows companies to claim a credit for payment of foreign taxes that are similar in substance to U.S. income taxes. We have held throughout the process that because the U.K. windfall tax was based on income, it should therefore be creditable against our U.S. income taxes. We are pleased not only that the Supreme Court agreed, but that the agreement was unanimous," said Robert Grey, PPL executive vice president, general counsel and secretary. | | | 12:59 EDT |  | PPL | Ruling on PPL may have positive read-through for other utilities, Reuters says
The Supreme Court ruled PPL (PPL) can claim $39M in U.S. foreign tax credits against a 1997 British windfall tax and other utility companies, like Entergy (ETR) and American Electric Power (AEP), are in the same position, having been hit by the windfall tax after they acquired British utility companies that were later privatized, reported Reuters. Reference Link | | | 12:57 EDT | | PPL | Supreme court rules in favor of PPL on foreign tax credits
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