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PPL, Riverstone Agree to FERC's Additional Mitigation Measures for Talen Energy
PPL Corporation and Riverstone Holdings LLC affiliate RJS Power Holdings LLC have accepted additional market power mitigation measures required for FERC approval of the previously reported spinoff of PPL Energy Supply and its combination with competitive generation assets owned by RJS Power Holdings, which will result in a new independent power producer called Talen Energy.
The additional mitigation measures address competitiveness issues in a specific region of the PJM Interconnection that includes eastern Pennsylvania, New Jersey and Maryland. PPL and RJS Power Holdings had originally proposed divesting either one of two groups of assets in that region. Each group has about 1,300 megawatts of generating capacity. The two groups include common assets with about 650 megawatts of generating capacity.
FERC had directed additional mitigation measures, providing the option of (1) limiting offers from the mitigated assets that Talen Energy continues to own after completing the divestiture of either of the proposed divestiture packages to cost-based offers in the energy market within the 5004/5005 submarket; (2) divesting all of the assets included in both divestiture packages; or (3) submitting a different mitigation proposal to address the Commission’s concerns regarding the 5004/5005 submarket.
PPL and Riverstone informed FERC that they will implement Option 1 as noted above -- they will limit offers from the mitigated assets that Talen Energy continues to own after completing the divestiture of either of the proposed divestiture packages to cost-based offers in the energy market within the 5004/5005 submarket.
The response to FERC does not identify which group of generating assets is to be divested. That decision is not expected until after closing of the transaction, the companies said.
The companies believe that the enhanced mitigation will not have a materially different impact on the future operating results of Talen Energy than the original proposal.
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January 27, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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