SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 2000
PPL CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Pennsylvania 1-11459 23-2758192
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
PPL ELECTRIC UTILITIES CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Pennsylvania 1-905 23-0959590
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
Two North Ninth Street, Allentown, Pennsylvania 18101-1179
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(Address of principal executive offices)
Registrant's Telephone Number, including Area Code: (610) 774-5151
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
CORPORATE REALIGNMENT
Reference is made to the Annual Report on Form 10-K of PPL Corporation
("PPL") and PPL Electric Utilities Corporation ("PPL Utilities") for the year
ended December 31, 1999 for information on deregulation and increasing
competition in the electric utility industry, including the Pennsylvania
Electricity Generation Customer Choice and Competition Act (the "Act"), which
was adopted to restructure Pennsylvania's electric utility industry to create
retail access to a competitive market for generation of electricity, and PPL
Utilities' 1998 restructuring proceeding before the Pennsylvania Public Utility
Commission under the Act.
On July 1, 2000, PPL and PPL Utilities completed a corporate realignment in
order to effectively separate PPL Utilities' regulated transmission and
distribution businesses from its recently deregulated generation businesses and
better position the companies and their affiliates in the new competitive
marketplace. The corporate realignment included the following key features:
o PPL Utilities transferred its generating and certain other related
assets, along with associated liabilities, to a new unregulated
generating company subsidiary of PPL.
o PPL Utilities also transferred assets constituting its wholesale
energy marketing business, along with associated liabilities, to its
wholly-owned subsidiary, PPL EnergyPlus, LLC ("PPL EnergyPlus"), and
subsequently transferred its interest in PPL EnergyPlus to an
unregulated subsidiary of PPL.
o PPL's independent power subsidiary, PPL Global, LLC ("PPL Global")
transferred its U.S. electric generating subsidiaries to the new
generating company.
As a result of the corporate realignment, PPL Utilities' principal business
is the transmission and distribution of electricity to serve retail customers in
its franchised territory in eastern and central Pennsylvania; PPL EnergyPlus'
principal business is wholesale and retail energy marketing; and PPL Global's
principal business is the acquisition and development of both U.S. and
international energy projects and ownership of international energy projects.
Other subsidiaries of PPL are generally aligned in the new corporate structure
according to their principal business functions.
The corporate realignment followed receipt of various regulatory approvals,
including approvals from the Pennsylvania Public Utility Commission, the Federal
Energy Regulatory Commission and the Nuclear Regulatory Commission.
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<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, each
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PPL CORPORATION
PPL ELECTRIC UTILITIES CORPORATION
By: /s/ Joseph J. McCabe
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Joseph J. McCabe
Vice President and Controller
Dated: July 5, 2000
