PPL and union reach tentative labor agreement on three year contract Pennsylvania-based companies of PPL Corporation and International Brotherhood of Electrical Workers Local 1600 reached a tentative agreement Saturday on a three-year labor contract. The tentative agreement is a win-win for both parties as it includes wage increases of 7.75% over the three-year term of the contract, a new retirement savings program for future employees, changes in healthcare benefit options that reflect the competitive market and work rule changes that provide for increased workforce flexibility and versatility. Local 1600 represents about 3,000 workers for PPL Electric Utilities, power plants owned by PPL companies in Pennsylvania, and various PPL corporate services groups.The current collective bargaining agreement was set to expire May 11. In announcing the tentative agreement, PPL companies and Local 1600 also announced a temporary extension of current contract terms enabling business operations to continue normally while the union conducts its ratification vote.
PPL Corp. Chairman says company poised for growth following spinoff PPL Corporation Chairman William Spence said the company is well-positioned for continued growth and success following the planned June 1 spinoff of its competitive supply business. PPL expects to achieve compound annual earnings growth of 4%-6% percent through at least 2017. The company is set to complete the spinoff of its PPL Energy Supply business on June 1. That business will combine immediately upon spinoff with the competitive generation business of Riverstone Holdings LLC to form a new independent power producer named Talen Energy Corporation.