Two top executives of PP&L Resources Thursday (11/9) testified in favor of legislation that would regulate hostile acquisitions of electric utilities.

William F. Hecht, chairman, president and chief executive officer, and Robert J. Grey, vice president, general counsel and secretary, spoke at a public hearing of the state Senate Consumer Protection and Professional Licensure Committee.

"PP&L supports legislation to ensure that the Public Utility Commission follows specific criteria when it reviews attempted hostile takeovers of major electric utilities," Hecht said. He said the proposed legislation is particularly important at this time, with increased merger activity in the electric utility industry.

Grey discussed the specific provisions of Senate Bill 1244, noting that it would establish nine criteria that the PUC would have to consider. "The criteria are designed to address the major constituencies and public interest considerations that could be affected by a hostile takeover of a large electric utility," he said.

Grey noted that several other bills to limit hostile takeovers are pending in the Senate. "All of this legislation deals with serious public interest concerns and we commend the efforts of the Senate to deal with these issues," he said.

Legislation that would regulate hostile takeovers of electric utilities also is pending in the state House. Hecht testified in favor of that legislation at a hearing of the House Consumer Affairs Committee Monday (11/6).