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When PPL Corp., an Allentown, Pa.-based utility with $7.6 billion in 2009 revenue, decided to ratchet down commodity risk by acquiring more rate-regulated utilities, it had to finance two major purchases within 12 months. PPL bought E.on US and its units, Kentucky Utilities Co. and Louisville Gas and Electric, for $7.6 billion in 2010 and purchased the Central Networks electric utilities in the U.K. for $5.7 billion earlier this year. The deals entailed $31 billion in temporary, permanent and liquidity financing.

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