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Utility Company Has A Very Profitable Year
PPL made big profits last year, its first year in more than a decade without state-imposed rate caps. Profits more than doubled, from about $407 million in 2009 to $938 million last year, and the company expects even higher profits this year. Allentown-Based PPL provides power in Upper Bucks and Montgomery Counties, as well as the Lehigh Valley and elsewhere. Under deregulation companies can sell wholesale electricity at market rates to Pennsylvania customers, and it pushed the company’s rates up by more than 30 percent last year.