Kentucky Public Service Commission Approves Sale of Riverport Central Service Shop

Strategic Insights -

The Kentucky Public Service Commission has issued an order approving the sale of the Riverport Central Service Shop by Louisville Gas and Electric Company (LG&E) to a prospective third-party buyer. The Commission found that the sale is for a proper purpose and consistent with the public interest, as LG&E intends to vacate the property by February 2026 and does not plan to use it in future operations. The Commission agreed with LG&E's statement that the Riverport Central Service Shop has an original book value of $8,208,689.71 and is no longer necessary for the company's operations.

Key Takeaways:

  • The Kentucky Public Service Commission approved the sale of the Riverport Central Service Shop by Louisville Gas and Electric Company (LG&E) to a prospective third-party buyer.
  • LG&E intends to vacate the property by February 2026 and does not plan to use it in future operations.
  • The Riverport Central Service Shop has an original book value of $8,208,689.71.
  • The sale is for a proper purpose and consistent with the public interest, as it will no longer serve a legitimate business purpose for LG&E.
  • LG&E will provide a copy of the executed sales contract upon the sale of the Riverport Central Service Shop.
  • LG&E will file a notice accounting for the total gain or loss on the sale of the property within 30 days after the closure of the transaction.
  • The Commission found that the sale of the Riverport Central Service Shop will create negative financial impacts to LG&E if the property is kept, including upkeep expenses.
  • The Riverport Central Service Shop has been dissolved and outsourced services to reduce costs.
  • LG&E has no indebtedness associated with the Riverport Central Service Shop and the current book value is $7,600,000.
  • The Commission's decision is in line with public interest, as it ensures that the sale of the property is for the proper purpose and does not create negative financial impacts to LG&E.

Statistics:

  • Original book value of the Riverport Central Service Shop: $8,208,689.71
  • Current book value of the Riverport Central Service Shop: $7,600,000
  • Planned date for vacating the property: February 2026
  • Planned listing price for the Riverport Central Service Shop: $8,600,000

Sources:

  • Commonwealth of Kentucky, Public Service Commission, Case No. 2025-00104: Order Approving Sale of Riverport Central Service Shop by Louisville Gas and Electric Company.
  • Commonwealth of Kentucky, Public Service Commission, Case No. 2025-00104: Application of Louisville Gas and Electric Company for Authority to Transfer the Riverport Distribution Center Pursuant to KRS 278.218.