Briefly

PUC Grants Extension for Alternative Default Service Proposal at PGW

The Pennsylvania PUC granted natural gas suppliers an extension until September 12, 2011 for submission of their notice of intent to participate in formal proceedings regarding an alternative default service mechanism at Philadelphia Gas Works (see 4/14).

Spence Named President of PPL

PPL Corporation has named William Spence, current Chief Operating Officer, to the additional position of President. James Miller, President of PPL Corp. since 2005, will continue to serve as chairman and Chief Executive Officer.

PSEG Subsidiaries File Suit Regarding Dynegy Reorganization

Roseton OL, LLC and Danskammer OL, LLC, indirect subsidiaries of Public Service Enterprise Group have filed suit against Dynegy Holdings Inc. in the Delaware Court of Chancery to halt Dynegy's proposed transfer of certain of its coal and natural gas power assets to new "bankruptcy remote" subsidiaries. The PSEG entities are owner-lessors of the Danskammer and Roseton electric generating facilities. The lessees are indirect subsidiaries of Dynegy, and Dynegy has guaranteed to the PSEG entities the obligations of the lessees under the leases. PSEG contends that Dynegy's proposed transfer of its assets is a violation of the Dynegy guaranty, and is therefore seeking a temporary restraining order and permanent injunction preventing Dynegy from consummating these proposed transfers. As of March 31, 2011, the PSEG Entities had a gross equity investment at risk in the Roseton and Danskammer leases of $270 million.