NRC approval brings PPL one step closer to creating new power company

The Nuclear Regulatory Commission (NRC) announced last week it has approved PPL Corp.’s proposal to indirectly transfer licenses to operate both units at its Susquehanna nuclear power plant.

The approval brings PPL one step closer to completing its plan to separate its energy supply business and join it with the assets of RJS Power Holdings LLC, an affiliate of Riverstone Holdings LLC, to create a new independent power company called Talen Energy Corp. Both the Federal Energy Regulatory Commission and the Pennsylvania Public Utility Commission have already approved the spinoff. The Justice Department must now review the transaction before the deal can be finalized, which PPL expects to occur in the second quarter.

After the proposed spinoff, the company holding the plant licenses will change from PPL Susquehanna LLC to Susquehanna Nuclear LLC. The owner/operator arrangement will not change, as Susquehanna Nuclear will continue as operator. The plant will continue to be jointly owned by Susquehanna Nuclear and Allegheny Electric Cooperative.

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Riverstone Holdings LLC

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