Lexington, KY -
Kentucky Utilities' parent company is studying the sale of its U.S. utility business, according to BusinessWeek.com.
E.ON AG, based in Dusseldorf, is said to have appointed Goldman Sachs Group Inc. to advise on the unit previously known as LG&E. The magazine quotes an unnamed source who had been briefed on the matter.
According to BusinessWeek, "E.ON is about halfway through a plan to raise more than 10 billion euros in asset sales to cut debt amassed after the company snapped up power plants and clients from Spain to Siberia. It supplies about 927,000 power and 314,000 natural gas customers through the Louisville Gas and Electric Co. and Kentucky Utilities Co., according to the company's Web site.
Reuters, also citing unidentified sources, reports that potential bidders include Duke Energy Corp., Southern Co., American Electric Power Co. and PPL Corp.
A spokesman for Kentucky Utilities officials has been contacted for comment. Watch for updates.