History
PPL was founded in 1920 out of a merger of eight smaller Pennsylvania utilities. It confined its activities to central and northeastern Pennsylvania for several decades until deregulation of electrical utilities in the 1990s encouraged PPL to purchase assets in other states. The largest of these transactions was PPL's 1998 purchase of 13 plants from Montana Power (leaving NorthWestern Energy - the buyer of the former Montana Power transmission and distribution systems - vulnerable to high "spot" prices on the energy market). This added over 2,500 MW of capacity and was the largest expansion in PPL's history.
PPL's 2008 revenue was $8.2 billion, with a net profit of $930 million, making it number 314 on the 2009 Fortune 500 list. After acquiring Central Networks and LG&E, PPL's 2011 profit rose to $1.495 billion, on $12.7 billion in revenue, ranking it number 212 on Fortune's 2012 list.
In March 2011, PPL acquired from E.ON the British distribution company Central Networks for £3.5 billion.
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“We may pretend that we’re basically moral people who make mistakes, but the whole of history proves otherwise.”
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