PPL Susquehanna Seeks to Increase Generating Capacity
BERWICK, Pa., Oct. 17 /PRNewswire-FirstCall/ -- PPL Susquehanna has filed a request with the U.S. Nuclear Regulatory Commission to increase the amount of electricity its nuclear power plant can generate. "The Susquehanna plant is a proven, reliable and safe producer of electricity," said Lou Ramos, community relations manager for PPL Susquehanna. "Increasing the output of an existing facility is a cost-effective way to meet the region's need for additional electricity." The NRC will perform a thorough technical review of the application, in which PPL has provided analysis that demonstrates the plant can continue to operate safely at higher power levels, he said. The total expected increase is 205 megawatts, which is enough electricity to supply about 160,000 homes. PPL would own 185 megawatts of that additional generation; the rest would belong to the plant's co-owner, Allegheny Electric Cooperative. The two reactors at the Susquehanna plant were designed and built to operate at the requested power level. On two previous occasions, PPL Susquehanna received NRC approval to increase generating capacity of the plant's two units: by 4.5 percent in 1994-95, and by 1.4 percent in 2001-02. If the NRC approves this request, the increase in electrical output will require modifying several systems, primarily turbines and generators, which are non-nuclear components of the plant. The NRC review process is expected to take a minimum of 12 months. PPL already has factored the increased generation output into its projected long-term compound annual growth rate of 11 percent and its 2010 earnings target of $3.50 per share. The capital costs for this power increase also are included in PPL's capital plan. The Susquehanna plant, located about seven miles north of Berwick, is jointly owned by PPL Susquehanna LLC and Allegheny Electric Cooperative, and is operated by PPL Susquehanna. PPL Susquehanna is one of PPL Corporation's generating subsidiaries. Headquartered in Allentown, Pa., PPL Corporation (NYSE: PPL) controls about 11,500 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to nearly 5 million customers in Pennsylvania, the United Kingdom and Latin America. More information is available at http://www.pplweb.com. Statements contained in this news release, including statements with respect to future earnings, cash flows, capital expenditures and generating capacity, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: market demand and prices for energy, capacity and fuel; market prices for crude oil and the potential impact on synthetic fuel operations; synthetic fuel purchases from third parties and the phaseout of synthetic fuel credits; weather conditions affecting generation production, customer energy usage and operating costs; competition in retail and wholesale power markets; liquidity of wholesale power markets; the effect of any business or industry restructuring; the profitability and liquidity, including access to capital markets and credit facilities, of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operation and availability of existing generation facilities and operating costs; transmission and distribution system conditions and operating costs; current and future environmental conditions and requirements and the related costs of compliance, including environmental capital expenditures and emission allowance and other expenses; significant delays in the planned installation of pollution control equipment at certain coal-fired generating units in Pennsylvania because of weather conditions, contractor performance or other reasons; development of new projects, markets and technologies; performance of new ventures; asset acquisitions and dispositions; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business; any impact of hurricanes or other severe weather on PPL Corporation's business, including any impact on fuel prices; receipt of necessary governmental permits, approvals and rate relief; new state, federal or foreign legislation, including new tax legislation; state, federal and foreign regulatory developments; the impact of any state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries and the energy industry; capital markets conditions, including changes in interest rates, and decisions regarding capital structure; stock price performance of PPL Corporation; the market prices of equity securities and the impact on pension costs and resultant cash funding requirements for defined benefit pension plans; securities and credit ratings; foreign currency exchange rates; the outcome of litigation against PPL Corporation and its subsidiaries; potential effects of threatened or actual terrorism or war or other hostilities; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.
SOURCE PPL Susquehanna
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