A new era for PPL
As PPL celebrated its 100th anniversary in 2020, the global COVID-19 pandemic caused the company to quickly rethink how to continue providing electricity and natural gas while keeping its employees safe with new social distancing protocols and implementing an extensive remote work effort.
It is during this decade that PPL began another transformation by selling its U.K. utility businesses and announcing its intent to purchase a utility in Rhode Island.
A century of people powering life
PPL celebrates its 100th anniversary on June 4, 2020. This extraordinary milestone is a testament to the thousands of dedicated employees who helped build PPL into what it is today.
“Through the decades, PPL has been a beacon of progress for the communities we serve – facing each new day with perseverance, creativity and innovation fueled by the brightest minds in our industry,” said President and Chief Executive Officer Vincent Sorgi.
Positioning PPL for the future
PPL announces in March 2021 that it has agreed to sell Western Power Distribution to National Grid for £7.8 billion and acquire National Grid’s Rhode Island electric and gas utility, The Narragansett Electric Company, for $3.8 billion, pending regulatory approval.
The strategic repositioning will transform PPL into a high-growth, purely U.S.-focused energy company with a strong balance sheet.
PPL completes first of two strategic transactions
PPL announced on June 14, 2021 that it completed the sale of Western Power Distribution for £7.8 billion, concluding the first of two strategic transactions announced in March 2021 to reposition PPL as a leading, high-growth, U.S.-focused energy company.
The WPD transaction results in U.S. dollar cash proceeds of approximately $10.7 billion, based on foreign currency exchange rates. PPL expects net proceeds after taxes and fees to be approximately $10.4 billion.
“Today’s sale recognizes the economic value that PPL created by advancing WPD into the premier collection of electricity distribution networks in the U.K., a company that year after year delivered operational excellence, superior customer satisfaction and innovative solutions to advance a cleaner energy future,” said Vincent Sorgi, PPL president and chief executive officer.