PPL Sells Stake in Arizona Power Plant
May 11, 2006
PPL Corp. is selling its 50-percent stake in an Arizona power plant to a unit of LS Power Equity Partners for $115 million in cash.
The 600-megawatt Griffith power plant in Kingman, Ariz., began commercial operation in January 2002 and was owned by subsidiaries of PPL and Duke Energy Corp. A subsidiary of LS Power acquired Duke’s interest in the Griffith power plant on May 4, PPL said Thursday.
After completing the sale of the Griffith plant, PPL will own and operate power plants with total generating capacity of about 11,500 megawatts in Connecticut, Illinois, Maine, Montana, New York and Pennsylvania.
PPL sells and delivers electricity to more than 5 million customers in Pennsylvania, Britain and Latin America.