October 3, 2008
Ppl Electricity Purchase Sets Rate Hike At 36.1%
PPL Electric Utilities customers now are looking at a 36.1 percent rate hike in 2010, when rate caps expire.
The company gave the updated rate forecast Wednesday after completing the fourth of six purchases of power that it will deliver in 2010 and beyond.PPL has warned since mid-2006 that rates will rise when the caps expire, but their estimate has climbed. Initially, PPL had projected a 20 to 30 percent jump.
In other company news, PPL's owner, PPL Corp., said Wednesday it has finished the sale of its natural gas and propane subsidiaries.
The buyer, UGI Utilities, paid $268 million in cash, plus working capital for PPL Gas Utilities and Penn Fuel Propane.
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