PPL Wins Supreme Court Ruling (PPL)
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,…
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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.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
