Kentucky-based LG&E Energy and Powergen plc of the UnitedKingdom came one step closer yesterday to completing their sizablemerger. The Federal Energy Regulatory Commission approved themerger sooner than either company expected.
FERC ruled the transaction was in the public interest, and wouldnot adversely affect competition, rates, or regulation. “We arefortunate to have obtained the commission’s approval at this time,”said Roger W. Hale, LG&E Energy’s chairman. “There is now avery real possibility that this merger can be completed before theend of 2000.”
The Kentucky Public Service Commission approved the merger in May,and both Powergen’s and LG&E’s shareholders approved the unionearlier this month (see Daily GPI, June7). The only two approvals left are from the Securities andExchange Commission and the Virginia State Corporation Commission.
The combined company will constitute a global power company withassets of nearly $12 billion and total revenues of $8.7 billion.Under the Powergen name, the company will serve over four millioncustomers worldwide.
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