Pennsylvania-based PPL Corp. (NYSE: PPL) today won a unanimous verdict from the US Supreme Court, overturning a Montana Supreme Court ruling that PPL must pay rent to the state for the riverbeds underneath its electricity-producing dams along the Missouri, Madison, and Clark Fork rivers. The US Supreme Court said that Montana’s ruling was based on a flawed interpretation of the meaning of a navigable river.
PPL accrued a pre-tax charge of $56 million in 2010 to cover rental charges through the first quarter of that year. The company said its total accrued loss in the case is $84 million.
PPL’s shares are up about 1.5% at $28.70 in a 52-week range of $24.10-$30.27.