Energy and power investment firm Riverstone Holdings LLC will purchase PPL Corp's competitive energy business, PPL Energy Supply LLC, and merge it with its generation portfolio to form a publicly traded independent power producer, the companies said.The new company, which will own and operate a diverse mix of 15,320 megawatts of generating capacity in key U.S. energy markets, will be called Talen Energy Corp and will be listed on the New York Stock Exchange."As PPL has grown its rate-regulated business portfolio significantly over the past several years, PPL's Energy Supply business has not -- in our view -- achieved appropriate equity valuation," PPL's Chief Executive William Spence said in a statement.Utilities have been shedding plants after a drop in natural gas costs caused electricity prices to decline. Duke Energy Corp , the largest U.S. utility owner, said in February it plans to sell its interest in 13 Midwestern power units.
Duke Energy Corporation (Duke Energy) is an energy company. Shares of DUK fell by 0.67% or $-0.48/share to $70.86. In the past year, the shares have traded as low as $64.16 and as high as $75.13. On average, 2893480 shares of DUK exchange hands on a given day and today's volume is recorded at 2299557.
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