The Pennsylvania Public Utility Commission unanimously approved Wednesday the transfer of PPL Electric Utilities Corporation's indirect ownership interests in PPL Interstate Energy Company to a new entity called Talen Energy Corporation.
The PUC's approval also authorized Riverstone Holdings LLC's acquisition of an indirect 35 percent ownership interest in Talen Energy.
The transaction is part of a larger spinoff, during which PPL Electric Utilities will transfer its electric generation and retail electric and gas supply business lines to the shareowners of PPL Electric Utilities, and will combine with the competitive generation assets controlled by Riverstone Holdings LLC, officials said.
The spinoff will result in the creation of Talen Energy, which is expected to start operations May 1.
At the time the new company was announced last June, PPL said it would be one of the nation's largest independent power producers.
The Federal Energy Regulatory Commission has already approved the deal. It still requires approval by the Nuclear Regulatory Commission and the U.S. Department of Justice.
In a related move, PPL announced plans in February to relocate its nuclear engineering department from downtown Allentown to the Susquehanna Steam Electric Station in Berwick, Columbia County.
The move, company officials said, is expected to take two years to allow for attrition and to allow for a space to be furbished for the employees.
Eighty-eight employees will be affected by the move, but no positions will be eliminated, officials said.
PPL Electric Utilities, which provides electric distribution service to approximately 1.4 million customers in Pennsylvania, is not affected by this transaction, officials said.
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