The new millennium ushered in several changes for the company. PP&L changed its name while continuing to focus on safety, efficiency and the environment.
PP&L Resources, Inc. changes its name to PPL Corporation and PP&L, Inc. changes its name to PPL Electric Utilities Corporation.
The new names coincide with the realignment of the company’s business structure, which took place in the 1990s. Under this business structure, the regulated utility company was separate from the unregulated business segments.
Act 129 is signed into law by then Gov. Ed Rendell. The act requires each of Pennsylvania’s seven major electric distribution companies (EDCs) to reduce energy use within their service territories. In the first seven years of the law, utility programs were established to meet reduction targets and these programs delivered $6.4 billion in benefits to all customer classes. From 2009 to 2019, PPL Electric helped customers save about 3.5 billion kilowatt hours, and over $350 million per year, through the programs. That equates to the total electricity used in 431,344 homes per year.
On Dec. 31, 2009, generation rate caps in place for more than a decade expired for PPL Electric Utilities customers. The rate caps had kept generation prices well below market rates for years. Prior to the rate cap expiration, customers had few options for electricity supply. A year after the caps expired, half a million PPL Electric Utilities customers had shopped for electricity supply, ushering in a new era of retail competition in electricity markets. PPL Electric Utilities began preparing customers for the change years in advance and provided options to help smooth the transition when rate caps expired.