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Stock Market & Financial Investment News

News Breaks
June 10, 2014
05:29 EDTPPLPPL Corp., Riverstone to combine merchant power generation businesses
PPL Corporation and Riverstone Holdings announced a definitive agreement to combine their merchant power generation businesses into a new stand-alone, publicly traded Independent Power Producer, or IPP. The new company, which will own and operate a diverse mix of 15,320 megawatts of generating capacity in key U.S. competitive energy markets, will be called Talen Energy Corporation. Under the terms of the agreement, at closing, PPL Corporation will spin off PPL Energy Supply, the parent company of PPL Generation, and PPL EnergyPlus, to shareowners of PPL and then immediately combine that business with Riverstone's generation business to form Talen Energy Corporation, an independent publicly traded company expected to be listed on the NYSE. Upon closing, PPL Corporation's shareowners will own 65% of Talen Energy and Riverstone will own 35%. PPL Corporation will have no continuing ownership interest in Talen Energy. PPL Corporation's shareowners will receive a pro-rata distribution of Talen Energy shares at closing based on the number of PPL Corporation shares owned as of the spinoff record date. The spinoff will have no effect on their ownership of PPL Corporation common stock and there will be no change in the number of shares of PPL Corporation common stock outstanding. The transaction is designed to be tax-free to PPL Corporation and its shareowners.
News For PPL From The Last 14 Days
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April 1, 2015
12:39 EDTPPLOn The Fly: Midday Wrap
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11:59 EDTPPLDynegy, NRG Energy retreat after FERC postpones decision on PJM plan
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10:48 EDTPPLFERC head sees 'market uncertainty' from PJM deficiency letter
The Commissioner of the Federal Energy Regulatory Commission, Philip Moeller, said in a statement yesterday, "Today, staff issued a deficiency letter in this proceeding. In future deliberations in this proceeding, I will of course consider the totality of the record, including all of the responses to staff’s deficiency letter. Nonetheless, I believe that this proceeding already contains sufficient information to permit the Commission to issue an order on the merits of PJM’s proposal in advance of the May 2015 Base Residual Auction. Markets provide the best prices for both buyers and sellers when participants know the market rules. Regardless of whether the Commission ultimately decides to accept or reject PJM’s capacity performance proposal, by failing to act, the Commission is creating market uncertainty on issues that need clarity now. For this reason, I believe that we should have acted today on the merits of PJM's filings. However, this five-member Commission can only move forward on an order when we have three votes for action." Shares of companies to tied to PJM generation, including Dynegy (DYN), Exelon (EXC), NRG Energy (NRG), PSEG (PEG), PPL Corp. (PPL) and FirstEnergy (FE), are moving lower in early trading.
10:32 EDTPPLFERC deficiency letter to PJM prolongs uncertainty, says Deutsche Bank
Deutsche Bank notes the Federal Energy Regulatory Commission issued a deficiency letter to the PJM Interconnection relating to the Capacity Performance case. Deutsche views the letter as prolonging the uncertainty for investors in PJM generation stocks, namely Dynegy (DYN), Exelon (EXC), NRG Energy (NRG), PSEG (PEG), American Electric (AEP), PPL Corp. (PPL) and FirstEnergy (FE). Deutsche expects some weakness in the stocks, but says the FERC did not say no and that the deficiency letter implies they are giving the CP proposal serious consideration. The firm finds it more likely than not that something close to PJM’s Capacity Performance filing will be approved.

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