- Acquisition of The Narragansett Electric Company completes
PPL's strategic repositioning as U.S.-focused energy company poised
to deliver significant value for customers and
shareowners.
- The Narragansett Electric Company operations to be
immediately rebranded as Rhode Island Energy.
- Addition of Rhode Island Energy expands opportunities to
leverage PPL's proven operating model and innovation to support the
clean energy transition.
ALLENTOWN, Pa., May 25, 2022
/PRNewswire/ -- PPL Corporation (NYSE:PPL) announced today it has
completed its acquisition of The Narragansett Electric Company from
National Grid for approximately $3.8
billion, net of purchase price adjustments, following
receipt of all necessary approvals.
The Narragansett Electric Company, Rhode Island's primary electric and gas
utility, will now be known as "Rhode Island Energy," reflecting
both the company's commitment to Rhode
Island and its pursuit of a cleaner energy future in line
with the state's renewable energy and net-zero goals.
"We are pleased to welcome the Rhode Island Energy team into the
PPL family of companies, and we consider it an absolute privilege
to serve the energy needs of Rhode Islanders," said Vincent Sorgi, PPL president and chief executive
officer.
"Since announcing the acquisition in March 2021, we have been working closely with key
stakeholders and National Grid in an effort to facilitate a smooth
transition of services and to strengthen our understanding of the
needs of customers in these communities," continued Sorgi. "We are
excited to bring to Rhode Island
our proven operating model, which emphasizes innovation, customer
service and reliability."
Rhode Island Energy will continue to deliver the safe and
reliable service that customers expect, and the acquisition
includes a two-year transition services agreement with National
Grid to provide continuity of operations as Rhode Island Energy
transitions to PPL systems and processes.
The company will be led by a Rhode
Island-based president and a strong local leadership team,
with more than 1,100 Rhode Island
employees. PPL will be establishing a control center in
Rhode Island for the state's
electric and gas operations, as well as a new customer call
center.
"No job we do will be more important than delivering for our
Rhode Island customers, and we're
pleased to have an experienced team comprised of PPL and former
National Grid employees that is committed to providing exceptional
service," said Dave Bonenberger,
president of Rhode Island Energy.
"The PPL name may be new here in Rhode
Island, but our companies have been providing essential
energy services to customers in Pennsylvania and Kentucky for over 100 years," continued
Bonenberger. "We're committed to delivering safe, reliable and
affordable energy while advancing a cleaner energy future in all of
the communities we serve. We look forward to delivering for
Rhode Island customers as
well."
Rhode Island customers are
encouraged to learn more by visiting rienergy.com/hi.
Acquisition completes PPL's strategic
repositioning
This acquisition concludes the second of two
strategic transactions announced in March
2021 to reposition PPL as a U.S.-focused energy company to
deliver sustainable growth and lead the clean energy transition
while maintaining affordable, reliable service for customers. In
June 2021, PPL completed the sale of
its U.K. utility business to National Grid, achieving exceptional
value of nearly $11 billion.
Looking ahead, management plans to provide additional details on
the updated strategy for the new PPL, including its financial
outlook reflecting the contribution of Rhode Island Energy, during
a virtual investor day. A formal announcement with the event
details will follow in a subsequent release.
About PPL Corporation
PPL Corporation (NYSE:PPL),
based in Allentown, Pennsylvania,
is a leading U.S. energy company focused on providing electricity
and natural gas safely, reliably and affordably to 3.5 million
customers in the U.S. PPL's high-performing, award-winning
utilities are addressing energy challenges head-on by building
smarter, more resilient and more dynamic power grids and advancing
sustainable energy solutions. For more information, visit
www.pplweb.com.
About Rhode Island Energy
Rhode Island Energy provides
essential energy services to over 770,000 homes and businesses
across Rhode Island through the
delivery of electricity and natural gas. Our team is dedicated to
helping Rhode Island customers and
communities thrive, while supporting the transition to a cleaner
energy future. Rhode Island Energy is part of the PPL Corporation
(NYSE: PPL) family of companies addressing energy challenges
head-on by building smarter, more resilient and more dynamic power
grids and advancing sustainable energy solutions. For more
information visit www.RIEnergy.com and stay connected on Twitter,
Facebook, and Instagram.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news about PPL
Corporation.
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
|
|
For financial analysts:
Andy Ludwig, 610-774-3389
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ppl-corporation-completes-acquisition-of-rhode-islands-primary-electric-and-natural-gas-utility-301555014.html
SOURCE PPL Corporation