Tue, 11 Aug 2020 | BUSINESS SALE
PPL Corporation has announced that it has put its UK utility business Western Power Distribution up for sale as the Pennsylvania-based company looks to focus on its domestic US market.
The decision to sell the business follows a strategic review by PPL’s board of directors. PPL expect to receive a number of offers for WPD, which serves around 8 million customers in central and southwest England and the south of Wales. Possibilities include an all-cash sale or a cash and US utility assets combination.
WPD has been working on helping the UK transition to a zero-carbon emissions electricity network, launching projects targeting flexibility services and transport electrification. PPL President and CEO Vincent Sorgi describes WPD as a “very strong business” that is performing “exceptionally well”, but says it is undervalued as part of PPL.
A quick sale of WPD will provide the new owner the opportunity to shape the company’s business plan ahead of the RIIO-ED2 price period. This will need to be filed with UK gas and electricity market regulator Ofgem by mid-2021, before the period begins in April 2023.
WPD’s most recent accounts available at Companies House, to the year ending March 31 2019, show the company making revenue of £1.68 billion, slightly up from £1.62 billion the year prior. Profit before taxation for the year stood at £733.2 million, up from £705.3 million a year earlier, with profit of £604.5 million, up from £586 million. The company’s total assets were valued at £14.7 billion, with net assets at £4.7 billion.
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