Headquartered in Allentown, PA, PPL controls more than 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets, and delivers electricity to 4 million customers in Pennsylvania and the United Kingdom.
PPL reported revenue in 2008 of $8.04 billion and net income of $930 million.
The birth of PPL Corporation stemmed from a June meeting in 1920 when eight utilities - with a total of 62 steam electric and hydroelectric generating plants serving central eastern Pennsylvania - merged into a single corporate entity called Pennsylvania Power & Light Co., headquartered in Allentown, PA. This consolidation was a model for much of what would happen to the nation's electric utility industry during the 1920s.
At the time, Pennsylvania Power & Light was an operating company within a complex holding company structure of utilities that provided electric power to consumers from the Pacific Northwest to Pennsylvania, from Minnesota to Florida. Its immediate parent was Lehigh Power Securities Corp., a subholding company that was controlled by National Power Securities Corp., another subholding company that was owned by the holding company Electric Bond and Share Co., which was controlled by General Electric.
In 2000, PPL Resources became PPL Corporation.
In 2008, PPL completes sale of PPL Gas Utilities and Penn Fuel Propane to UGI Utilities Inc.
The company announced in May 2009 that its generation subsidiary has signed a definitive agreement to sell its Long Island generation business to J-POWER USA Development Co., Ltd. for approximately $135 million plus working capital.
Updated October 31, 2009