• Most Popular
  • Most Shared

UPDATE 1-PPL to sell Long Island plants to Japan's J-Power

Fri May 29, 2009 3:02pm EDT

Stocks

   

* PPL to sell two Long Island, N.Y., power plants

* Japan's J-Power to pay $135 mln plus working capital

NEW YORK, May 29 (Reuters) - U.S. power company PPL Corp (PPL.N) said on Friday it agreed to sell its power generation business on New York's Long Island to J-Power USA for about $135 million plus working capital.

J-Power USA is a unit of Japan's Electric Power Development Co (9513.T), also known as J-Power.

PPL said the business consists of a 79.9-megawatt natural gas-fired plant in Brentwood and a 79.9-megawatt oil-fired plant in Brookhaven. The power from both plants is fully contracted to the Long Island Power Authority, its said.

PPL expects the sale of the noncore assets to result in a charge of 9 to 12 cents per share in the second quarter.

One megawatt powers about 800 homes in New York. (Reporting by Michael Erman, editing by Gerald E. McCormick)



More from Reuters

Photo

Developing nations slam U.S.-led climate deal

COPENHAGEN (Reuters) - Several developing nations rejected on Saturday a climate deal worked out by President Barack Obama and four major emerging economies, saying it could not become a U.N. blueprint for fighting global warming. | Video

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review