PPL Corporation has reached an 11th hour deal with the union representing thousands of the electric utility's workers.

In a news release issued Saturday, PPL said it has reached a tentative agreement on a three-year labor contract with the International Brotherhood of Electrical Workers Local 1600, which represents about 3,000 PPL workers.

The deal comes just before the current collective bargaining agreement was set to expire Sunday, May 11.

"The tentative agreement is a win-win for both parties as it includes wage increases of 7.75 percent over the three-year term of the contract, a new retirement savings program for future employees, changes in healthcare benefit options that reflect the competitive market and work rule changes that provide for increased workforce flexibility and versatility," PPL states in the news release.