01—Abstract
Summary
Summary of the 10-K filed February 13, 2025. Cited figures are marked; the original filing is the authoritative source.
PPL Corporation's 2024 combined Form 10-K, filed February 13, 2025, reports net income of $888 milliona for 2024, up from $740 million in 2023, and operating revenues of $8,462 million versus $8,312 million.
Earnings from Ongoing Operations, a non-GAAP measure, rose to $1,250 millionb from $1,183 million. Growth was driven mainly by the Kentucky Regulated segment ($620 million net income), the Pennsylvania Regulated segment ($574 million) and the Rhode Island Regulated segment ($109 million), with weather-driven volume gains and higher recoveries offsetting lower PLR revenue at PPL Electric. Capital spending is the key investment theme.
PPL projects total capital expenditures of $15.0 billionc for 2025 through 2027, including $4.3 billion in 2025, $5.2 billion in 2026 and $5.5 billion in 2027. Long-term debt rose to $16.5 billion at year-end, and the company issued $1.9 billion of debt during 2024. Cash flow from operations was $2.34 billion.
PPL declared a quarterly dividend of 27.25 cents per share on February 13, 2025, up from 25.75 cents. Key risks include regulatory outcomes, such as the pending KPSC decision on the Mill Creek Unit 1 retirement recovery and the PAPUC ruling on the DSIC cap waiver, along with environmental rules affecting coal-fired generation, Mill Creek Unit 5 construction (estimated at about $1.0 billiond), and the pending RIPUC investigation into Rhode Island Energy's energy efficiency programs. The filing also notes a PPL Electric billing-issue settlement, which included a $1 million donation in place of a civil penalty.
02—Key points
Key Highlights
- Net income rose to $888 million in 2024 from $740 million in 2023; Earnings from Ongoing Operations (non-GAAP) increased to $1,250 million from $1,183 million.
- Operating revenues were $8,462 million, up from $8,312 million, with weather-driven sales volume gains and higher recoveries partly offset by a $291 million decline in PPL Electric PLR revenue.
- Kentucky Regulated segment net income was $620 million, Pennsylvania Regulated $574 million and Rhode Island Regulated $109 million.
- Projected capital expenditures total $15.0 billion for 2025 through 2027, led by generating facilities ($3.9 billion) and electric distribution ($4.9 billion).
- Long-term debt increased to $16,503 million from $14,612 million, and PPL issued $1,894 million of long-term debt in 2024.
- Quarterly dividend was raised to 27.25 cents per share, announced February 13, 2025, from 25.75 cents.
- Pending regulatory decisions include the KPSC ruling on Mill Creek Unit 1 retirement recovery (expected by February 28, 2025) and the PAPUC final order on the DSIC cap waiver petition.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 13, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $8.44B$8.29B | +1.9% |
| Operating Income | $1.74B$1.63B | +6.7% |
| Interest Expense | $738.00M$666.00M | +10.8% |
| Net Income | $888.00M$740.00M | +20.0% |
| EPS (Basic) | $1.20$1.00 | +20.0% |
| EPS (Diluted) | $1.20$1.00 | +20.0% |
| Shares Outstanding (Basic) | 737.76M737.04M | +0.1% |
| Shares Outstanding (Diluted) | 739.85M738.17M | +0.2% |
05—Questions
Frequently Asked Questions
How did PPL's earnings change in 2024?
Net income was $888 million in 2024, compared with $740 million in 2023. Earnings from Ongoing Operations, a non-GAAP measure that excludes special items, was $1,250 million, up from $1,183 million. Kentucky Regulated and Pennsylvania Regulated both contributed higher earnings, and Corporate and Other losses were smaller on a net income basis.
What is PPL's planned capital spending?
PPL projects total capital expenditures of $15.0 billion for 2025 through 2027: $4.3 billion in 2025, $5.2 billion in 2026 and $5.5 billion in 2027. The largest categories are electric distribution facilities ($4.9 billion) and generating facilities ($3.9 billion). Expenditures for the regulated utilities are expected to be recovered through rates, pending regulatory approval.
What regulatory matters could affect PPL's results?
The KPSC is expected to rule by February 28, 2025 on LG&E's request to recover costs of retiring Mill Creek Unit 1 through the RAR rider, with costs estimated at about $125 million. The PAPUC is considering PPL Electric's petition to raise its DSIC cap from 5% to 9% of billed revenues. The RIPUC is also investigating Rhode Island Energy's energy efficiency programs, and the Division's position is that $11 million should be refunded.
How is PPL's debt position?
Total long-term debt before adjustments was $16,674 million at December 31, 2024, up from $14,775 million a year earlier. PPL had $303 million of short-term debt outstanding and $2,847 million of unused commercial paper capacity. The filing states that the Registrants were in compliance with credit facility covenants and that no credit rating triggers would reduce access to capital markets.
06—Continue