Utility PPL completes deal to sell its competitive energy business
PPL Corp. in Allentown on Monday completed the spinoff of its competitive energy business, which was combined with the power generation assets owned by Riverstone Holdings to form a new merchant power producer called Talen Energy Corp.
PPL Corp. in Allentown on Monday completed the spinoff of its competitive energy business, which was combined with the power generation assets owned by Riverstone Holdings to form a new merchant power producer called Talen Energy Corp.
The new company's shares will begin trading Tuesday on the New York Stock Exchange under the symbol TLN. New Jersey officials have been wooing Talen's management to move the new company's headquarters from Allentown to Phillipsburg, 20 miles to the east.
Shorn of its power-generation assets, PPL now will be solely focused on regulated utilities in the United States and Great Britain. The company owns PPL Electric Utilities, Pennsylvania's second-largest electric utility.
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