PPL cutting 450 jobs ahead of plant spinoff
A Pennsylvania utility says it’s eliminating 450 jobs as part of cost-cutting stemming from a planned spinoff of its competitive generation business.
Allentown-based PPL Corporation on Tuesday said severance packages and existing vacancies will keep the number of layoffs under 200.
PPL disclosed the planned job reduction in a third-quarter earnings report.
The company reported third-quarter earnings of $497 million, or 74 cents per share, an increase from $410 million, or 62 cents per share, a year ago.
PPL and Riverstone Holdings are combining their competitive generation businesses to form Pennsylvania-based, publicly traded Talen Energy.
PPL owns 12 generating plants with a generating capacity of nearly 10,000 megawatts. Riverstone’s 15 facilities produce 5,325 megawatts.
PPL says it expects the spinoff to close in the first half of next year.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
New Jersey Transit approves a 15% fare hike, the first increase in nearly a decade
The increase, which takes effect July 1, also calls for annual, regular fare increases of 3% in subsequent years. It's the first time rates will rise in nearly 10 years.
1 week ago
Investors pour $1B into Delaware River waterfront projects over 10 years
There’s a steady pipeline of projects planned along the Philly waterfront — including apartments, retail and a public park — even though one developer paused mid-construction.
1 week ago
Listen 1:11
Vice President Kamala Harris unveils more student debt relief measures in North Philly
The Biden administration expects the debt relief program will help 30 million people nationwide.
2 weeks ago
Listen 1:00