By WUKY Staff
Frankfort, KY – PSC officials say they accepted a settlement that was reached by all parties in the case.
The PSC says PPL has the managerial, technical, and financial ability to operate KU and LG&E, and provide reasonable service.
The transaction is valued at more than $7.6 billion.
The PSC says EON US will now become a subsidiary of PPL, and KU and LG&E will remain distinct operating entities.
As part of a settlement, the PSC says customers of the companies will not pay for any costs associated with this transaction.
The PSC also says the current KU headquarters will remain in Lexington, and the current LG&E headquarters will remain in Louisville for at least 15 years.
Under terms of the settlement, there can also be no reductions in workforce.
The settlement also places a moratorium on any base rate increases by KU and LG&E until January 1, 2013.