Construction UK Construction Directory
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
02/03/2011

E.ON Sells UK Power Distribution Business To PPL Corporation

E.ON has agreed to sell its UK electricity power distribution business, Central Networks, to PPL Corporation, Allentown, Pennsylvania (PPL) for £4 billion.

In PPL, E.ON has found an experienced and professional partner which is committed to the long-term future of Central Networks.

E.ON AG's supervisory board approved the deal which is expected to close in early April. The purchase price of £4 billion GBP for 100% of the enterprise value includes an assumption of £500 million of existing debt. Central Networks is the UK's second largest electricity distributor and operates the regional grid that covers the UK's Midlands. Through its network of 133,000 km of overhead and underground cables, the business delivers power to over five million customers.

-- Advertisement --
hss

E.ON CEO, Johannes Teyssen said: "Central Networks is a consistently high performing distribution business. However after nine years of full ownership, the business offers E.ON limited value enhancement opportunities and, due to the strict regulation, there is no possibility to leverage synergies with other E.ON businesses in the UK. The purchase price represents excellent value for E.ON and the proceeds will be a key contribution towards our €15 billion divestment target by the end of 2013. The proceeds of the sale will increase E.ON's financial flexibility and strengthen our balance sheet."

E.ON UK, CEO, Paul Golby commented: "PPL is an excellent partner for Central Networks. They share our goal of providing a safe and reliable service for our customers and our communities. I want to take this opportunity to thank everyone at Central Networks for the excellent work they have done as part of E.ON and as we look to finalize the transaction, we will work closely with PPL, our trades unions and representatives to set a successful course for the future of the combined company and its employees."

(CD/GK)

Latest Construction News

03/05/2024

Construction firm GRAHAM has started building work on a £19 million Community Diagnostic Centre (CDC) in Workington town centre. The Centre will be located next to Cumberland Council's government-funded Innovation Hub which is also under development in Central Way. GRAHAM is the principal ...
03/05/2024

Significant progress is being made on a new £2 million recycling centre in Haverhill. Construction works are being completed by FCC Environment and its contractor DXI Regeneration Ltd, on behalf of Suffolk County Council. The facility will be operated by FCC Environment, which manages all of ...
03/05/2024

Midlands contractor G F Tomlinson has started work on a new primary school in Dunstall Park Estate, Tamworth. The work is taking place on behalf of Staffordshire County Council alongside project managers and concept architects, Entrust. The project was procured through the Constructing West ...
03/05/2024

Galliford Try has made another step in its carbon reduction journey with the deployment of a new digital platform across its Infrastructure projects. The platform, Qflow, automates data capture and processing by extracting information from delivery and waste tickets, using Artificial Intelligence ...
03/05/2024

Underfloor heating is the most efficient method of heating a room and is fast becoming the most popular option for new building and property refurbishments. As a result, more trade professionals are being asked to install underfloor heating and self-builders and renovators are using it as their ...
03/05/2024

Farrans is making significant progress at Barsham Water Treatment Works in Suffolk, where its client Essex and Suffolk Water is investing more than £49 million in upgrades to the site. Due to be complete in 2025, the project will provide improvements to the resilience and quality of drinking ...
03/05/2024

Work has been completed on a new bridleway bridge at Lindsells Level Crossing in Biggleswade, Bedfordshire. Work started in December 2022 on the fully accessible bridleway bridge which allows pedestrians, horse riders, cyclists and other users to safely cross the railway line, providing better ...
03/05/2024

Ideal Work UK has unveiled Microtopping®, a revolutionary cementitious coating that delivers the sleek, sophisticated look of polished concrete with unparalleled versatility and ease of application. ...
03/05/2024

Building work has commenced on a new development in Oundle that will bring self-contained extra care apartments to the area along with 62 homes and three self-build plots. Persimmon's East Midlands team have started preparing the Barnwell Walk site off St Christopher’s Drive in the town and expect ...
03/05/2024

Morgan Sindall has been appointed to two new Pagabo frameworks. The two frameworks are valued at £1.6 billion each and will run for four years. It was confirmed earlier this month that Morgan Sindall had been appointed to the new £1.6bn Healthcare Decarbonisation Framework from Pagabo, which has ...
Think Construction Skills Ltd.JWCEfco UK LtdLakeside HireAqua Direct LtdBRICOFLOR UKScotdeck LtdTanks For Everything LtdBarrier MartCompass Protection Manufacturing Limited
Terms and Conditions
2024/05/03 17:03:09