E.ON Gives $2 Million to UK Power and Energy Institute
LOUISVILLE, Ky. (July 13, 2010) - Energy service provider E.ON, parent company of E.ON U.S., announced today that it will donate $2 million to the University of Kentucky College of Engineering to help in funding the recently announced Power and Energy Institute of Kentucky (PEIK). Specifically, the gift will endow scholarships for the program and fund an annual study abroad program to study the power grids in Germany.
The gift is part of a $6 million contribution from E.ON to further education, energy research and community initiatives in the state of Kentucky. Another $2 million portion of the money is being given to the University of Louisville, and the other $2 million will go to the E.ON. U.S. Foundation to improve the quality of life for people living in the communities served by E.ON and its subsidiaries.
"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."
On April 28, it was announced that E.ON entered into an 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 Johannes Teyssen, chairman, CEO and president of E.ON. "Although our 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."
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."
Launched in 2010 with initial funding from the U.S. Department of Energy, the PEIK's goal is to attract future engineers to the field of power and energy and to provide them with the innovative education they will need to join the 21st century power engineering workforce. In addition to its undergraduate certificate and graduate certificate programs in power and energy engineering, the institute also plans to provide professional development to working engineers through continuing education workshops and short courses.