LOUISVILLE, Ky. — As part of an effort to leave a lasting philanthropic legacy in the Commonwealth, E.ON, parent company of E.ON U.S., has donated $6 million to further education and energy research and enhance community giving across the state.
Specifically, the University of Louisville and University of Kentucky each will receive $2 million to fund a combination of engineering scholarships and energy efficiency research.
In addition, the E.ON U.S. Foundation — the 501c (3) charitable giving arm of E.ON U.S. and its subsidiaries Louisville Gas and Electric, Kentucky Utilities and Old Dominion Power — will receive $2 million to enhance charitable giving and strengthen efforts to improve the quality of life for people who live in the communities served by the companies.
On April 28, it was announced that E.ON entered into a definitive agreement with PPL Corporation for the sale of E.ON U.S. to PPL for $7.625 billion. In an initiative that was not part of the transaction agreement, E.ON voluntarily committed, in recognition of the community relationships it has built as the parent company of LG&E and KU over the past decade, to award the $6 million in grants.
"Since the beginning, Kentucky has opened its arms to E.ON through our subsidiary E.ON U.S.," said Dr. Johannes Teyssen, Chairman, CEO and President of E.ON. "Although our planned departure is bittersweet, we want to leave a lasting legacy for future generations by empowering the state's two largest public universities and one of the Commonwealth's strongest corporate citizens to help advance education and bolster community support."
Both universities plan to use the money to advance the development of studies or research that support the energy industry.
"Today's announcement is further evidence of what a great corporate partner E.ON U.S. has been for UK and the entire Commonwealth of Kentucky over the years," said UK President Lee T. Todd, Jr. "They have long supported a wide array of UK energy research projects. And with this gift supporting energy-related scholarship programs at UK, E.ON is making sure the energy leaders of tomorrow will be well-prepared to move this state and our nation forward."
"E.ON U.S. and its parent company, E.ON, have been great corporate citizens," said University of Louisville President Dr. James R. Ramsey. "This generous contribution to the University of Louisville is proof of their commitment to education, energy conservation research and the people of Kentucky."
The E.ON U.S. Foundation plans to use the grant to continue its support of various charitable organizations throughout Kentucky. Vic Staffieri, Chairman, CEO and President of E.ON U.S., added: "E.ON shares our company's philanthropic commitment and realizes that its success as a company is directly tied to the well-being of the communities in which it operates. The E.ON U.S. Foundation, which has contributed more than $20 million to the community since its inception in 1994, will use E.ON's generous donation to further enhance our giving power and positive impact throughout our service territory."
###
E.ON U.S., headquartered in Louisville, Ky., is a subsidiary of E.ON A.G., the world's largest investor-owned energy services provider. E.ON U.S. is a diversified energy services company that owns and operates Louisville Gas and Electric Company, a regulated utility that serves 314,000 natural gas and 389,000 electric customers in Louisville and 16 surrounding counties, and Kentucky Utilities Company, a regulated electric utility in Lexington, Ky., that serves 538,000 customers in 77 Kentucky counties and five counties in Virginia.
