The best path forward

PPL Corporation and Riverstone Holdings LLC have announced a definitive agreement to combine their merchant power generation businesses into a new stand-alone, publicly listed Independent Power Producer that, following closing, will be called Talen Energy Corporation.

This unique transaction, the first of its kind in the utility industry, will create Talen Energy Corporation, the third-largest independent power producer in the U.S.

PPL Corporation’s regulated utility companies – Western Power Distribution, PPL Electric Utilities, Louisville Gas and Electric and Kentucky Utilities - are not involved. They will remain focused on delivering customer service that is without parallel in the U.S. and the United Kingdom.

This transaction offers the best path forward for both PPL’s regulated and supply businesses, unlocking the proper value of both businesses.

We are excited to be creating a new, large Pennsylvania-headquartered publicly traded company, one that will own power plants not only in Pennsylvania and Montana but also in Texas, Maryland and New Jersey.

While the name on the front door will eventually change for PPL’s existing power plants, they will continue to be run by the same experienced people who have run them for years. In addition, they will continue to maintain a strong commitment to safe and reliable operation.

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    Talen Energy will be built to compete and win in today’s challenging electricity markets. It will have the scale, cost structure and financial agility to grow, succeed, deliver value for shareowners and provide rewarding careers for employees.

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