PPL Corporation completes acquisition of Rhode Island’s primary electric and natural gas utility

• Acquisition of The Narragansett Electrical Firm completes PPL’s strategic repositioning as U.S.-focused vitality firm poised to ship vital worth for purchasers and shareowners.
• The Narragansett Electrical Firm operations to be instantly rebranded as Rhode Island Power.
• Addition of Rhode Island Power expands alternatives to leverage PPL’s confirmed working mannequin and innovation to assist the clear vitality transition.

ALLENTOWN, Pa., Might 25, 2022 /PRNewswire/ — PPL Company (NYSE:PPL) introduced at this time it has accomplished its acquisition of The Narragansett Electrical Firm from Nationwide Grid for roughly $3.8 billion, web of buy worth changes, following receipt of all essential approvals.

The Narragansett Electrical Firm, Rhode Island’s main electrical and fuel utility, will now be referred to as “Rhode Island Power,” reflecting each the corporate’s dedication to Rhode Island and its pursuit of a cleaner vitality future in step with the state’s renewable vitality and net-zero objectives.

“We’re happy to welcome the Rhode Island Power staff into the PPL household of corporations, and we contemplate it an absolute privilege to serve the vitality wants of Rhode Islanders,” mentioned Vincent Sorgi, PPL president and chief government officer.

“Since asserting the acquisition in March 2021, we now have been working intently with key stakeholders and Nationwide Grid in an effort to facilitate a clean transition of companies and to strengthen our understanding of the wants of shoppers in these communities,” continued Sorgi. “We’re excited to deliver to Rhode Island our confirmed working mannequin, which emphasizes innovation, customer support and reliability.”

Rhode Island Power will proceed to ship the secure and dependable service that prospects count on, and the acquisition features a two-year transition companies settlement with Nationwide Grid to offer continuity of operations as Rhode Island Power transitions to PPL techniques and processes.

The corporate will probably be led by a Rhode Island-based president and a powerful native management staff, with greater than 1,100 Rhode Island staff. PPL will probably be establishing a management heart in Rhode Island for the state’s electrical and fuel operations, in addition to a brand new buyer name heart.

“No job we do will probably be extra vital than delivering for our Rhode Island prospects, and we’re happy to have an skilled staff comprised of PPL and former Nationwide Grid staff that’s dedicated to offering distinctive service,” mentioned Dave Bonenberger, president of Rhode Island Power.

“The PPL title could also be new right here in Rhode Island, however our corporations have been offering important vitality companies to prospects in Pennsylvania and Kentucky for over 100 years,” continued Bonenberger. “We’re dedicated to delivering secure, dependable and reasonably priced vitality whereas advancing a cleaner vitality future in the entire communities we serve. We sit up for delivering for Rhode Island prospects as effectively.”

Rhode Island prospects are inspired to study extra by visiting rienergy.com/hello.

Acquisition completes PPL’s strategic repositioning

This acquisition concludes the second of two strategic transactions introduced in March 2021 to reposition PPL as a U.S.-focused vitality firm to ship sustainable development and lead the clear vitality transition whereas sustaining reasonably priced, dependable service for purchasers. In June 2021, PPL accomplished the sale of its U.Okay. utility enterprise to Nationwide Grid, attaining distinctive worth of almost $11 billion.

Trying forward, administration plans to offer further particulars on the up to date technique for the brand new PPL, together with its monetary outlook reflecting the contribution of Rhode Island Power, throughout a digital investor day. A proper announcement with the occasion particulars will comply with in a subsequent launch.

About PPL Company

PPL Company (NYSE:PPL), primarily based in Allentown, Pennsylvania, is a number one U.S. vitality firm centered on offering electrical energy and pure fuel safely, reliably and affordably to three.5 million prospects within the U.S. PPL’s high-performing, award-winning utilities are addressing vitality challenges head-on by constructing smarter, extra resilient and extra dynamic energy grids and advancing sustainable vitality options. For extra data, go to www.pplweb.com.

About Rhode Island Power

Rhode Island Power offers important vitality companies to over 770,000 houses and companies throughout Rhode Island by means of the supply of electrical energy and pure fuel. Our staff is devoted to serving to Rhode Island prospects and communities thrive, whereas supporting the transition to a cleaner vitality future. Rhode Island Power is a part of the PPL Company (NYSE: PPL) household of corporations addressing vitality challenges head-on by constructing smarter, extra resilient and extra dynamic energy grids and advancing sustainable vitality options. For extra data go to www.RIEnergy.com and keep linked on Twitter, Fb, and Instagram.  

Observe to Editors: Go to our media web site at www.pplnewsroom.com for added information about PPL Company.

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SOURCE PPL Company