Business

E.ON gives $6 million in parting gifts

The parent company of Kentucky Utilities and Louisville Gas & Electric on Tuesday made donations totaling $6 million to the University of Kentucky, University of Louisville and the company's non-profit giving arm, as it prepares to sell the companies.

Germany-based E.ON announced earlier this year that it would make the donations of $2 million each as a goodwill effort as its sells its E.ON U.S. subsidiary for $7.6 billion to PPL, a Pennsylvania-based utility consortium that beat out a bid by the city of Louisville to take local ownership.

The gifts to the universities will help fund engineering scholarships and energy efficiency research, according to a statement, while the donation to the E.ON U.S. Foundation will help strengthen its efforts.

The sale is subject to the approval of the Kentucky Public Service Commission, the Virginia State Corporation Commission (KU also serves five counties in Virginia), and the Federal Energy Regulatory Commission. E.ON and PPL have said they anticipate completing the sale by year's end.

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