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Avangrid (AGR) - Get Free Report and PPL (PPL) - Get Free Report , utility companies with operations in the U.S. and U.K., have discussed a whole or partial merger valued at $67 billion including debt, a report said.

PPL shares finished up 2.3% at $32.15. Avangrid slipped $49.55, down 0.6%.

Sources close to the talks told the Financial Times that the merger is not a done deal.

If it happens, the companies could structure it in a number of ways, the sources said.

One person told the paper that it's uncertain whether Iberdrola (IBDRY) , the Spanish utility company that owns more than 80% of Avangrid, would invest in the transaction.

PPL, based in Allentown, Pa., and serving more than 10 million electricity customers in Pennsylvania, Kentucky and the U.K., has a market capitalization of $23 billion and debt of $22 billion. 

Avangrid, Orange, Conn., is the U.S.'s third-biggest wind-power producer, according to Reuters.

It provides gas and electric service to more than three million customers in New York and New England. It has a market cap of $15 billion and debt of $7 billion.

PPL's stock in 2019 to date has returned 15.3%, compared with 2.2% for Avangrid, according to Morningstar. But Avangrid has produced stronger returns for the latest one- and three-year periods.

This article is commentary by an independent contributor. At the time of publication, the author held zero positions in the stocks mentioned.