8-K 1 0001.txt FORM 8-K 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 --------------- (Exact Name of Registrant as Specified in Its Charter) Pennsylvania 1-11459 23-2758192 ------------ ------- ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) PPL ELECTRIC UTILITIES CORPORATION ---------------------------------- (Exact Name of Registrant as Specified in Its Charter) Pennsylvania 1-905 23-0959590 ------------ ----- ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) Two North Ninth Street, Allentown, Pennsylvania 18101-1179 ---------------------------------------------------------- (Address of principal executive offices) Registrant's Telephone Number, including Area Code: (610) 774-5151 -------------- (Former name or former address, if changed since last report.) 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. * * * SIGNATURES ---------- 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 ------------------------------------ Joseph J. McCabe Vice President and Controller Dated: July 5, 2000