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Home / News / PPL Corp. seeks sale of Western Power Distribution

PPL Corp. seeks sale of Western Power Distribution

Tue, 11 Aug 2020 | BUSINESS SALE

PPL Corp. seeks sale of Western Power Distribution

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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