The Nuclear Regulatory Commission has approved the transfer of the operating licenses for Susquehanna Steam Electric Station's Unit 1 and 2, taking PPL Corporation a step closer to combining its electricity generation with RJS Power Holdings LLC, a division of international energy generation holding company Riverstone Holdings.
PPL Energy Supply LLC is the current license holder. The new corporation will be called Talen Energy Corp. After spinoff completion, PPL shareholders will own Talen stock.
PPL Susquehanna will be renamed Susquehanna Nuclear when the spinoff is completed, which could occur later this year.
The company still requires approval from the U.S. Justice Department, which will review the spinoff to see if it constricts competition and if it monopolizes the electricity market in the region, which could be harmful to customers. That review is expected to be completed before August.
The spin off has already won approval from the Pennsylvania Public Utility Commission and the Federal Energy Regulatory Commission.
The NRC review included questioning continued safety of the plant, financial viability and compliance with decommissioning finance mandates.
The Susquehanna power plant, comprised of two 1260 MWe boiling water reactors, located near Berwick, PA., will continue to be owned by Susquehanna Nuclear and Allegheny Electric Cooperative. Susquehanna Nuclear will remain the plant's operator.
The spinoff was initiated to its create more profit from electricity generation and from distribution service company PL Electric Utilities.