In a written statement, PPL said it expects the sale to result in an after-tax charge of 9 to 12 cents per share in the second quarter. That's because the value of the plants on PPL's books was higher than the sale price, Biechler said. The deal will benefit earnings after closing, which is expected later this year, PPL said. The plants were profitable but PPL will earn a higher return by using the money elsewhere, Biechler said.
The plants are not part of PPL's core business because they are outside the company's geographic focus and the output is committed to the Long Island Power Authority, Biechler said.
PPL generates and delivers electricity in central Pennsylvania.