PPL completes sale of generating assets, including hydro plant shares

PPL Corporation has completed the previously announced sale of its interests in certain non-core generating stations to an affiliate of LS Power Equity Advisors for approximately $381 million in cash, PPL reported.

The transaction includes the 244-MW PPL Wallingford Energy plant, a natural gas-fired facility located in the Town of Wallingford, Conn.; the 585-MW PPL University Park plant, a natural gas-fired facility located in University Park, Ill.; and PPL's one-third share in Safe Harbor Water Power Corporation, owner of the 421-MW Safe Harbor Hydroelectric Station on the Susquehanna River in Conestoga, Pa.

The sale, for which PPL recorded an after-tax special item charge of $64 million in 2010, primarily in the third quarter, is factored into PPL's current 2011 earnings and cash flow forecasts.

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