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PPL · PPL

50 filings

10-Q

PPL 10-Q Quarterly Reports

PPL - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K239

PPL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 239 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’19Jun ’19
  2. Deal closed8-K · Jun ’21Jun ’21
  3. Leadership change8-K · Jan ’23Jan ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25
  1. 2026-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2026

    PPL Corporation's 10-Q for the quarter ended June 30, 2026 shows second-quarter net income of $230 million, up from $183 million a year earlier, and diluted EPS of $0.30 versus $0.25. Operating revenues rose to $2.111 billion from $2.025 billion, driven mainly by higher PLR revenue at PPL Electric and new Kentucky base rates effective January 1, 2026. For the six months, net income was $682 million (versus $597 million) and diluted EPS was $0.90 (versus $0.80). Earnings from Ongoing Operations, a non-GAAP measure, were $247 million for the quarter and $725 million for the six months, compared with $240 million and $684 million a year earlier. Capital spending is rising sharply. Six-month expenditures for property, plant and equipment were $2.339 billion, compared with $1.723 billion. To fund this, PPL issued $2.046 billion of long-term debt and 23 million equity units (gross proceeds of $1.15 billion) in February 2026. Total assets grew to $46.301 billion from $45.244 billion, and long-term debt rose to $19.789 billion from $17.990 billion. Short-term debt fell to $65 million from $456 million at year-end 2025, and cash and cash equivalents declined to $332 million from $1.071 billion. Several regulatory decisions are pending. The Rhode Island Public Utilities Commission (RIPUC) is expected to rule on RIE's base distribution rate case in August 2026, and the Kentucky Public Service Commission (KPSC) was asked for a decision on LG&E and KU's rehearing request by August 14, 2026. LG&E and KU have also filed for a legal merger, with orders anticipated in the third or fourth quarter of 2026. Moody's revised its outlook to negative for PPL, PPL Capital Funding and RIE in May 2026.

    Aug 7, 2026
  2. 2026-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2026

    PPL Corporation's first-quarter 2026 results show net income of $452 million, or $0.60 per diluted share, up from $414 million, or $0.56, in the first quarter of 2025. Operating revenues rose to $2.77 billion from $2.50 billion, driven mainly by higher Pennsylvania PLR energy prices and volumes, new Kentucky base rates effective January 1, 2026, and higher transmission formula rate revenue. Earnings from Ongoing Operations, a non-GAAP measure, were $478 million versus $444 million. Interest expense rose to $224 million from $190 million on higher long-term debt borrowings. The balance sheet and financing activity were notable this quarter. In February 2026 PPL issued 23 million equity units for gross proceeds of $1.15 billion, with proceeds used to repay short-term debt and for general corporate purposes. Capital expenditures for property, plant and equipment were $1.06 billion in the quarter, up from $793 million a year earlier, and short-term debt fell to $220 million from $456 million at year-end 2025. Total assets reached $46.30 billion. Several regulatory matters remain pending. PPL Electric's distribution rate case seeks a settlement-based revenue increase of about $275 million, with a PAPUC ruling expected in the second quarter of 2026. Kentucky rate orders issued February 16, 2026 are subject to LG&E and KU rehearing requests, and the two utilities filed for a potential legal merger. Rhode Island Energy recorded a $26 million liability following a FERC ROE order, and a RIPUC ruling on its distribution rate case is expected in the third quarter of 2026.

    May 8, 2026
  3. 2025-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2025

    PPL Corporation's third-quarter 2025 Form 10-Q, filed November 5, 2025, shows net income of $318 million for the three months ended September 30, 2025, up from $214 million a year earlier, and $915 million for the nine months, up from $711 million. Diluted EPS was $0.43 for the quarter versus $0.29 in 2024, and $1.23 for the nine months versus $0.96. Operating revenues were $2.24 billion for the quarter and $6.77 billion for the nine months. Segment results show Kentucky Regulated net income of $185 million and Pennsylvania Regulated net income of $159 million for the quarter, while Rhode Island Regulated net income rose to $27 million from $14 million. Earnings from Ongoing Operations, a non-GAAP measure, were $355 million for the quarter versus $310 million a year earlier. Capital spending and financing were heavy. Expenditures for property, plant and equipment were $2.87 billion for the nine months, compared with $1.95 billion in 2024, and net cash provided by operating activities was $2.08 billion. PPL issued long-term debt of $1.90 billion and had $1.1 billion of cash on hand at September 30, 2025. Under a $2 billion ATM Program, PPL had forward contracts covering about 38.7 million shares at a blended initial price of about $35.50 per share. Long-term debt, including the current portion, stood at about $18.4 billion, and total assets were $43.94 billion. Regulatory matters are significant for the period. LG&E and KU filed a rate case in May 2025 seeking about $391 million in revenue increases, later revised in an October 2025 stipulation to about $235 million at a 9.90% ROE, with a stay-out through July 2028. On October 28, 2025, the KPSC approved much of the 2025 CPCN stipulation, granting certificates for Brown Unit 12 and Mill Creek Unit 6 NGCC units and Ghent Unit 2 SCR, while denying certain cost recovery mechanisms without prejudice. PPL Electric requested a $356 million distribution rate increase on September 30, 2025, and PPL and Blackstone Infrastructure announced a 51%/49% joint venture for Pennsylvania data center generation, with no hyperscaler agreements signed as of November 5, 2025.

    Nov 5, 2025
  4. 2025-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2025

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2025 reports operating revenues of $2,025 million for the three months and $4,529 million for the six months, versus $1,881 million and $4,185 million a year earlier. Net income was $183 million for the quarter, down from $190 million, and $597 million for the six months, up from $497 million. Diluted EPS was $0.25 for the quarter (versus $0.26) and $0.80 for the six months (versus $0.67). Earnings from Ongoing Operations, a non-GAAP measure, were $240 million for the quarter versus $282 million, and were flat at $684 million for the six months. Segment results show Kentucky Regulated net income of $349 million and Pennsylvania Regulated of $323 million for the six months, with Rhode Island Regulated at $53 million. Capital spending is rising. Expenditures for property, plant and equipment were $1,723 million for the six months, compared with $1,266 million a year earlier, and construction work in progress reached $3,088 million. Short-term debt increased to $1,286 million from $303 million, and long-term debt was $15,292 million. Management also reported a pending Kentucky rate case requesting an increase of about $391 million in annual revenues, with a KPSC ruling expected in the fourth quarter of 2025, and a CPCN proceeding for new generation with a $3.7 billion projected capital expenditure over 2025 to 2031. Subsequent to quarter end, PPL and Blackstone Infrastructure announced a joint venture to build generation for data centers, with PPL owning 51% and Blackstone 49%, though no power supply agreements with hyperscalers had been signed as of July 31, 2025. The filing also discloses a Rhode Island Hold Harmless obligation of approximately $155 million to be resolved through bill credits, and states that the company's risk factors had no material changes from its 2024 Form 10-K.

    Jul 31, 2025
  5. 2025-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2025

    PPL Corporation's Form 10-Q for the quarter ended March 31, 2025 reports net income of $414 million, up from $307 million a year earlier, and diluted EPS of $0.56 versus $0.42. Operating revenues rose to $2.50 billion from $2.30 billion, driven by weather-related volume increases, higher transmission formula rate returns at PPL Electric, and the presentation change for Rhode Island Energy's net metering. Earnings from Ongoing Operations, a non-GAAP measure, were $444 million compared with $402 million. Kentucky Regulated contributed $225 million, Pennsylvania Regulated $185 million, Rhode Island Regulated $72 million, and Corporate and Other a loss of $38 million. Capital spending was $793 million in the quarter versus $596 million a year earlier, and operating cash flow was $513 million versus $282 million. Total assets reached $41.81 billion and long-term debt was $15.94 billion at March 31, 2025. PPL raised its credit facility capacity to $1.50 billion and entered a $2 billion ATM equity program with forward sales, including a forward contract for approximately 2.0 million shares at an initial price of $34.49 per share. The quarterly dividend was 27.25 cents per share. Regulatory activity includes LG&E and KU's pending filing for a $3.7 billion 2025-2031 generation plan (ruling expected in Q4 2025), Kentucky general rate case notices of intent to file on or after May 30, 2025, and RIPUC approval of Rhode Island gas and electric ISR plans for FY 2026. The filing also describes EPA deregulatory initiatives that could change environmental rules affecting LG&E and KU's coal-fired plants.

    Apr 30, 2025
  6. 2024-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2024

    PPL Corporation's third-quarter 2024 Form 10-Q, covering the three and nine months ended September 30, 2024, shows net income of $214 million for the quarter, down from $230 million a year earlier, and $711 million for the nine months, up from $627 million. Basic and diluted EPS were $0.29 for the quarter versus $0.31, and $0.96 for the nine months versus $0.85. Operating revenues were $2.07 billion for the quarter and $6.25 billion for the nine months, roughly flat year over year. Earnings from Ongoing Operations, a non-GAAP measure, were $310 million for the quarter versus $317 million and $994 million for the nine months versus $884 million. The nine-month improvement in reported net income reflects higher operating income, which rose to $1.36 billion from $1.24 billion, driven by a sharp decline in energy purchases, partly offset by higher other operation and maintenance expense and higher interest expense of $549 million versus $494 million. Segment results show Kentucky Regulated net income of $493 million and Pennsylvania Regulated of $441 million for the nine months, with Rhode Island Regulated improving to $90 million. Corporate and Other losses widened to $313 million from $259 million, largely due to acquisition integration costs tied to Rhode Island Energy. Capital spending and financing dominated cash flows. Expenditures for property, plant and equipment were $1.95 billion for the nine months, against $1.74 billion a year earlier. Operating cash flow was $1.83 billion. PPL issued $1.89 billion of long-term debt and declared a quarterly dividend of 25.75 cents per share. Total long-term debt rose to $16.50 billion from $14.61 billion at December 31, 2023. The filing notes that the Mill Creek Unit 5 natural gas combined cycle plant, estimated at about $1.0 billion including AFUDC, is expected to begin commercial operation in mid-2027.

    Nov 1, 2024
  7. 2024-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2024

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2024 reports net income of $190 million for the second quarter, up from $112 million a year earlier, and $497 million for the six months, up from $397 million. Basic and diluted EPS were $0.26 for the quarter and $0.67 for the six months, compared with $0.15 and $0.54 in 2023. Operating revenues were $1.88 billion for the quarter and $4.19 billion for the six months, with the six-month decline driven mainly by lower PLR revenue at PPL Electric. Earnings from Ongoing Operations, a non-GAAP measure, were $282 million for the quarter and $684 million for the six months, versus $215 million and $567 million in 2023. The company's segments are Kentucky Regulated, Pennsylvania Regulated and Rhode Island Regulated. Six-month net income rose in Kentucky Regulated ($324 million vs. $257 million) and Pennsylvania Regulated ($299 million vs. $248 million), with Rhode Island Regulated at $76 million vs. $64 million. Long-term debt rose to $15.76 billion at June 30, 2024 from $14.61 billion at year-end 2023, including a $500 million RIE Senior Notes issuance in March 2024 and a $650 million PPL Electric First Mortgage Bonds issuance in January 2024. Operating cash flow was $1.05 billion for the six months, against capital expenditures of $1.27 billion. Key regulatory and legal items include the RIPUC's July 30, 2024 approval of a regulatory asset for electronic transaction fees, a pending PPL Electric DSIC petition requesting a cap increase from 5% to 9%, KU's Virginia rate request of approximately $9 million, a KPSC investigation into Winter Storm Elliott with a decision expected September 21, 2024, and a PAPUC settlement over PPL Electric billing issues with a $1 million donation to Operation HELP in place of a civil penalty.

    Aug 2, 2024
  8. 2024-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2024

    PPL Corporation's Form 10-Q for the quarter ended March 31, 2024 reports consolidated net income of $307 million ($0.42 per basic and diluted share) for the three months ended March 31, 2024, up from $285 million ($0.39 per share) in the prior-year period. Operating revenues fell to $2.304 billion from $2.415 billion, mainly because of lower PLR revenue at PPL Electric ($156 million lower) and lower energy purchase recoveries at Rhode Island Energy, while operating income rose to $545 million from $498 million. Earnings from Ongoing Operations, a non-GAAP measure, was $402 million versus $352 million a year earlier, with the Kentucky, Pennsylvania and Rhode Island Regulated segments all contributing higher results. Liquidity and financing activity were significant during the quarter. Long-term debt rose to $15.753 billion from $14.611 billion at year-end 2023, driven by a $500 million RIE Senior Notes issuance in March 2024 and a $650 million PPL Electric First Mortgage Bonds issuance in January 2024. Short-term debt fell to $291 million from $992 million. Net cash provided by operating activities was $282 million, versus $430 million in the prior year, while capital expenditures for property, plant and equipment were $596 million. PPL's board declared a quarterly dividend of 25.75 cents per share, payable April 1, 2024. The filing also details several open regulatory and legal matters. These include a KPSC investigation into Winter Storm Elliott service interruptions, a PAPUC settlement on PPL Electric billing issues with $15 million in costs incurred in the quarter that will not be recovered, a pending FERC transmission rate matter, and a Rhode Island proceeding over energy efficiency incentives. The company states that it cannot predict the outcome of several of these matters.

    May 1, 2024
  9. 2023-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2023

    PPL Corporation and its subsidiaries filed this Form 10-Q for the quarter ended September 30, 2023. For the nine months ended September 30, 2023, PPL reported operating revenues of $6.28 billion, up from $5.61 billion in 2022, and net income of $627 million versus $566 million. Earnings per share (basic and diluted) were $0.85 compared with $0.77 a year earlier. The increase was driven largely by a full nine months of Rhode Island Energy (RIE) operations, which were acquired on May 25, 2022. For the three months ended September 30, 2023, net income was $230 million and EPS was $0.31. Earnings from Ongoing Operations, a non-GAAP measure, were $884 million for the nine months, compared with $832 million in 2022. Balance sheet and financing activity were significant during the period. Total assets were $38.63 billion at September 30, 2023, and long-term debt was $14.48 billion, up from $12.89 billion at December 31, 2022. PPL Capital Funding issued $1.0 billion of 2.875% Exchangeable Senior Notes due 2028, and PPL Electric issued $1.35 billion of First Mortgage Bonds in March 2023. LG&E and KU each issued $400 million of 5.45% First Mortgage Bonds due 2033. Net cash provided by operating activities was $1.65 billion for the nine months, and capital expenditures for property, plant and equipment were $1.74 billion. Key regulatory and legal items include the Kentucky Public Service Commission's pending decision on LG&E and KU's combined-cycle gas plant certificate application and coal unit retirements, with an order expected by November 6, 2023. Separately, the Texas Bankruptcy Court adversary proceeding brought by Talen Montana against PPL seeks roughly $900 million in alleged fraudulent-transfer recovery, with trial set for February 7, 2024. PPL states it believes it has meritorious defenses but cannot predict the outcome, which could be material.

    Nov 2, 2023
  10. 2023-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2023

    PPL Corporation's second-quarter 2023 Form 10-Q reports operating revenues of $1,823 million for the three months ended June 30, 2023, up from $1,696 million a year earlier, and net income of $112 million versus $119 million. For the six months, revenues were $4,238 million and net income was $397 million, compared with $3,478 million and $392 million in 2022. Diluted EPS for the six months was $0.54, against $0.53 a year earlier. The increases in six-month revenue and expenses largely reflect the acquisition of Rhode Island Energy (formerly Narragansett Electric), which contributed $942 million of revenue in the period compared with $128 million in 2022. Earnings from Ongoing Operations, a non-GAAP measure, was $567 million for the six months versus $527 million, and $215 million for the quarter versus $222 million. Balance sheet and financing activity was significant. Long-term debt rose to $14,481 million from $12,889 million at year-end 2022, driven by a $1.0 billion issuance of 2.875% Exchangeable Senior Notes due 2028 and $1.32 billion of net proceeds from PPL Electric's First Mortgage Bonds. Short-term debt fell to $243 million from $985 million. Net cash provided by operating activities was $842 million for the six months, compared with $979 million in 2022, while capital expenditures for property, plant and equipment were $1,090 million. The filing also details several regulatory and legal matters. Kentucky utilities filed for a CPCN to build new natural gas combustion turbine facilities and proposed coal unit retirements under Kentucky Senate Bill 4, with a KPSC order expected by November 6, 2023. The FERC issued a May 18, 2023 order requiring LG&E and KU to refund previously withheld credits. PPL Capital Funding is defending a Talen Energy adversary proceeding seeking recovery of approximately $900 million, and PPL states it could be material. The quarterly common dividend was 24.0 cents per share.

    Aug 4, 2023
  11. 2023-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2023

    PPL Corporation's first-quarter 2023 Form 10-Q, filed May 4, 2023, reports net income of $285 million, or $0.39 per basic and diluted share, compared with $273 million, or $0.37 per share, in the first quarter of 2022. Operating revenues rose to $2.415 billion from $1.782 billion, driven mainly by the May 2022 acquisition of Narragansett Electric (doing business as Rhode Island Energy), which contributed $565 million of revenue and $54 million of net income in the Rhode Island Regulated segment. Earnings from Ongoing Operations, a non-GAAP measure, were $352 million versus $305 million, while Kentucky Regulated net income fell to $166 million from $189 million, largely on weather-related lower volumes. Balance sheet and financing activity were significant during the quarter. Long-term debt rose to $14.481 billion from $12.889 billion after PPL Capital Funding issued $1.0 billion of 2.875% Exchangeable Senior Notes due 2028, and PPL Electric, LG&E and KU each issued 5.45% or 5.00%/5.25% first mortgage bonds in March 2023 to repay term loans and other debt. Short-term debt was reduced to zero from $985 million at year-end 2022. Operating cash flow was $430 million, compared with $502 million a year earlier. Regulatory and legal developments included a Rhode Island advanced metering filing with a proposed cost of $188 million, a Kentucky application for two 621 MW natural gas combustion turbine facilities and related projects with a KPSC decision expected by November 6, 2023, and a pending adversary proceeding by Talen Montana against PPL, in which PPL says the claims could be material. The filing also reports $72 million of March 2023 windstorm costs in Kentucky.

    May 4, 2023
  12. 2022-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2022

    PPL Corporation's third-quarter 2022 Form 10-Q reports net income of $174 million for the three months ended September 30, 2022, compared with $207 million a year earlier, and year-to-date net income of $566 million versus a net loss of $1,614 million for the nine months ended September 30, 2021. Operating revenues were $2,134 million for the quarter and $5,612 million for the nine months. Diluted EPS was $0.24 for the quarter and $0.77 for the nine months. Results reflect the May 25, 2022 acquisition of Narragansett Electric (now operating as Rhode Island Energy), which contributed $384 million of quarterly revenue and a $26 million quarterly net loss, after $101 million of pre-tax expenses tied to acquisition commitments. Earnings from Ongoing Operations, a non-GAAP measure, were $305 million for the quarter versus $277 million a year earlier. The company completed the acquisition using $3.8 billion of cash from its 2021 sale of the U.K. utility business, and assumed about $1.5 billion of long-term debt. Long-term debt rose to $12,977 million at September 30, 2022 from $10,666 million at December 31, 2021, and cash fell to $303 million from $3,571 million. PPL also recorded a $67 million pre-tax impairment on Safari Holdings, which was sold on November 1, 2022, and reported that no share repurchases occurred in the quarter. The filing notes a $274 million increase in regulatory liabilities from the Pennsylvania tax reform remeasurement, and an ongoing Talen Montana adversary proceeding in which PPL states it cannot predict the outcome and that losses could be material. PPL's Pennsylvania Regulated, Kentucky Regulated and Rhode Island Regulated segments reported net income of $143 million, $153 million and a $26 million loss, respectively, for the quarter. The filing also discloses that PPL will exclude Narragansett Electric from its 2022 SOX 404 internal control assessment, noting it represented 16.1% of consolidated total assets at September 30, 2022.

    Nov 4, 2022
  13. 2022-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2022

    PPL Corporation's second-quarter 2022 Form 10-Q reports operating revenues of $1,696 million for the three months ended June 30, 2022, up from $1,288 million a year earlier, and net income of $119 million versus $19 million. For the six months, revenues were $3,478 million and net income was $392 million, compared with a net loss of $1,821 million in 2021, which included discontinued operations from the sale of the U.K. utility business. Diluted EPS from net income was $0.16 for the quarter and $0.53 for the six months. Earnings from Ongoing Operations, a non-GAAP measure, were $222 million for the quarter and $527 million for the six months. The defining event of the period is the May 25, 2022 acquisition of Narragansett Electric, now operating as Rhode Island Energy, for approximately $3.8 billion in cash plus about $1.5 billion of assumed long-term debt. The acquisition added $1.6 billion of goodwill and drove a large increase in long-term debt to $12,153 million and short-term debt to $988 million at June 30, 2022. Total assets rose to $37,062 million from $33,223 million at year-end 2021. Acquisition integration costs and commitments to Rhode Island regulators weighed on quarterly results, with Rhode Island Regulated segment net income of negative $29 million for the period. For investors, the filing shows a utility holding company with three regulated segments (Kentucky, Pennsylvania and Rhode Island) and higher earnings from ongoing operations, alongside a larger balance sheet and higher leverage. The filing also discloses a pending Talen-related adversary proceeding in bankruptcy court, with PPL stating the claims could be material, and a pending RIPUC matter on gas main replacement and take-station equipment.

    Aug 3, 2022
  14. 2022-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2022

    PPL Corporation's first-quarter 2022 Form 10-Q reports operating revenues of $1,782 million for the three months ended March 31, 2022, up from $1,498 million a year earlier, and net income of $273 million, or $0.37 per share, compared with a net loss of $1,840 million, or $(2.39) per share, in the prior-year period. The prior-year loss reflected a $2,043 million loss from discontinued operations tied to the June 14, 2021 sale of the U.K. utility business. Income from continuing operations after income taxes rose to $273 million from $203 million. Interest expense fell to $107 million from $153 million, which the filing attributes primarily to PPL Capital Funding debt redeemed in June and July 2021. Earnings from Ongoing Operations, a non-GAAP measure, were $305 million versus $219 million. The company's pending acquisition of Narragansett Electric for approximately $3.8 billion in cash remains open. The filing states that all required regulatory approvals or waivers have been received except that a Rhode Island Superior Court stay of the Rhode Island Division of Public Utilities and Carriers order is pending. Oral arguments on that appeal were held April 26, 2022, and the filing describes favorable resolution of the Rhode Island appeal as the final approval needed to close. Acquisition integration costs were $34 million pre-tax in the quarter, which the filing says PPL does not expect to recover. Liquidity was strong at quarter-end, with cash and cash equivalents of $4,249 million and short-term debt of $985 million, against total credit facility capacity of $2,900 million with $1,914 million unused. Operating cash flow from continuing operations was $502 million, and capital expenditures were $427 million. No share repurchases were made in the quarter, leaving $1,997,876,503 available under the $3 billion authorization. The quarterly dividend was 20.0 cents per share.

    May 5, 2022
  15. 2021-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2021

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2021 reports a sharp swing to a nine-month net loss of $1.614 billion, driven by the completion of the sale of its U.K. utility business on June 14, 2021. For the nine months, income (loss) from discontinued operations was $(1.490) billion, including a pre-tax loss on sale of $1.609 billion, and loss from continuing operations was $(124) million, compared with income of $474 million a year earlier, largely due to a $395 million loss on extinguishment of debt and a $383 million deferred tax expense from the U.K. Finance Act 2021. Net income for the quarter was $207 million, or $0.27 per share, versus $281 million, or $0.37 per share, a year earlier. The company reported cash proceeds of $10.7 billion from the U.K. sale and retired debt of $3.484 billion, and the Board authorized up to $3 billion of share repurchases, with 9.6 million shares repurchased for $282 million through September and an additional 9.4 million shares for $269 million in October 2021. The filing also covers pending and completed growth and regulatory actions. PPL expects to close the acquisition of Narragansett Electric for approximately $3.8 billion in cash by March 2022, with four of five required regulatory approvals received. A FERC settlement lowers PPL Electric's base transmission return on equity to 9.90% through May 2022, with the company recording revenue reserves of $64 million for the nine months. Kentucky regulators approved annual revenue increases of $199 million for LG&E and KU, based on a 9.425% return on equity. For investors, the key takeaways are the reported nine-month loss, the capital return program funded by the U.K. sale proceeds, and the pending Narragansett acquisition, which the filing says is expected to be funded with those proceeds. Continuing-operations earnings from ongoing operations were $643 million for the nine months versus $593 million a year earlier.

    Nov 4, 2021
  16. 2021-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2021

    PPL Corporation's second-quarter 2021 Form 10-Q shows the sale of its U.K. utility business (completed June 14, 2021) dominating results. Consolidated net income for the three months ended June 30, 2021 was $19 million, compared with $344 million a year earlier, and for the six months was a loss of $1,821 million, compared with income of $898 million. Income from continuing operations was a loss of $536 million in the quarter, driven by a $383 million deferred tax expense from the U.K. Finance Act 2021 tax rate increase and $322 million of loss on extinguishment of debt in interest expense. The sale produced a pre-tax loss of $1,609 million for the six months, and cash proceeds of $10.7 billion, with net proceeds after taxes and fees of $10.4 billion. Operating revenues rose to $1,288 million for the quarter from $1,263 million, and to $2,786 million for the six months from $2,703 million. Kentucky Regulated segment net income was $84 million for the quarter and $230 million for the six months, and Pennsylvania Regulated net income was $96 million and $209 million. Earnings from Ongoing Operations, a non-GAAP measure, were $147 million for the quarter versus $159 million a year earlier. Cash and cash equivalents at June 30, 2021 were $7.6 billion, and total long-term debt due within one year was $2.2 billion. PPL has agreed to acquire Narragansett Electric for approximately $3.8 billion in cash, with closing expected by March 2022, funded from the U.K. sale proceeds. The company plans to reduce outstanding debt by approximately $3 billion to $3.5 billion, and its board authorized share repurchases of up to $3 billion in July 2021, with $500 million expected by year-end 2021. Kentucky regulators approved rate increases on June 30, 2021 of $199 million in annual revenues, based on a 9.425% authorized return on equity.

    Aug 5, 2021
  17. 2021-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2021

    PPL Corporation's first-quarter 2021 Form 10-Q reports net loss of $1,840 million, or $(2.39) per share, versus net income of $554 million in the prior-year quarter. The swing is driven by discontinued operations: the U.K. utility business (WPD) posted a loss from discontinued operations of $2,043 million, which includes an estimated pre-tax loss on sale of $1.6 billion and a federal tax expense of $689 million tied to the book-tax outside basis difference. Income from continuing operations was $203 million, or $0.26 per share, compared with $204 million, or $0.27 per share, a year earlier. Operating revenues rose to $1,498 million from $1,440 million, with higher volumes attributed mainly to favorable weather. On March 17, 2021, PPL WPD Limited agreed to sell the U.K. utility business to a subsidiary of National Grid plc for £7.8 billion in cash, with completion currently expected by the end of July 2021 and the FCA approval as the sole remaining approval. Separately, PPL and PPL Energy Holdings agreed to acquire The Narragansett Electric Company from National Grid USA for approximately $3.8 billion in cash, to be funded with proceeds from the U.K. sale; the acquisition is expected to close by March 2022 and is subject to the U.K. sale closing and U.S. regulatory approvals. The filing states these transactions are intended to strengthen credit metrics, enhance long-term earnings growth and predictability, and provide greater financial flexibility. In Kentucky, LG&E and KU reached a settlement with intervenors proposing annual revenue increases of $217 million based on a 9.55% authorized return on equity, with rates expected to take effect July 1, 2021 subject to KPSC approval. At PPL Electric, a $19 million after-tax revenue reserve was recorded related to a FERC challenge to the transmission formula rate return on equity, and settlement negotiations are ongoing. The Talen-related litigation remains pending, and the filing cites a trial scheduled for February 2022.

    May 6, 2021
  18. 2020-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2020

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2020 reports net income of $281 million for the third quarter, down from $475 million a year earlier, and $1,179 million for the nine months, versus $1,382 million in 2019. Diluted EPS was $0.37 for the quarter and $1.53 for the nine months, compared with $0.65 and $1.89. Operating revenues were $1,885 million for the quarter and $5,678 million for the nine months, both lower than the prior year. The filing attributes the decline largely to a $106 million deferred tax expense from the U.K. Finance Act 2020, which canceled the scheduled cut in the U.K. corporation tax rate, and to lower U.K. volumes tied to COVID-19 lockdowns. The most significant development is PPL's August 10, 2020 announcement that it has initiated a formal process to sell its U.K. utility business (WPD). The company states there is no assurance of any specific outcome, and it assessed the U.K. assets for recoverability, finding that its probability-weighted cash flow estimate exceeded their carrying value. Ongoing operations also include Kentucky and Pennsylvania regulated utilities, and the filing notes pending rate filings in Kentucky and a FERC order on the transmission return on equity, with revenue potentially subject to refund. Liquidity appears adequate. The filing reports $746 million of consolidated cash at September 30, 2020, about $3.6 billion of combined unused credit facility capacity, and nine-month operating cash flow of $2,247 million against investing outflows of $2,358 million. Long-term debt was $21,243 million, and the company issued a $1 billion 4.125% senior note in April 2020. The company states that it has not experienced a significant impact on its business from COVID-19 to date.

    Nov 5, 2020
  19. 2020-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2020

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2020 reports net income of $344 million for the second quarter, down from $441 million a year earlier, and $898 million for the six months, versus $907 million. Diluted EPS was $0.45 for the quarter (versus $0.60) and $1.17 for the six months (versus $1.24). Operating revenues were $1.74 billion for the quarter and $3.79 billion for the six months, both lower than the prior-year period. The decline was driven primarily by the U.K. Regulated segment, whose net income fell to $179 million from $284 million, including $77 million of after-tax special-item losses tied to unrealized foreign currency economic hedges. The Kentucky Regulated segment's net income fell to $74 million from $97 million, while the Pennsylvania Regulated segment's rose to $118 million from $94 million. The filing states that COVID-19 had not produced a material impact on results to date, though the Registrants estimated a six-month revenue reduction of $61 million for PPL, including $40 million at WPD. On August 10, 2020, PPL announced it is initiating a formal process to sell its U.K. utility business, with no assurance of outcome. Liquidity appears comfortable: the Registrants had approximately $4.0 billion of combined unused credit facility capacity, and PPL issued $1 billion of 4.125% senior notes due 2030 in April 2020. Cash and cash equivalents at PPL rose to $1.28 billion at June 30, 2020. Several litigation matters remain pending, including the Talen-related actions, where the filing says a trial is scheduled for June 2021 in the Delaware matter. Investors should also note the U.K. corporation tax change, which the filing says will result in a deferred tax expense of approximately $100 million to $110 million in the third quarter of 2020, and the pending FERC complaint over PPL Electric's transmission base ROE, where a 50-basis-point change would affect net income by about $12 million annually.

    Aug 10, 2020
  20. 2020-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2020

    PPL Corporation and its subsidiaries filed this combined Form 10-Q for the quarter ended March 31, 2020. Consolidated net income was $554 million, or $0.72 per diluted share, compared with $466 million, or $0.64 per diluted share, in the first quarter of 2019. Operating revenues were $2,054 million versus $2,079 million, and operating income rose to $817 million from $781 million. The U.K. Regulated segment contributed $340 million of net income versus $264 million a year earlier, while Earnings from Ongoing Operations were $514 million versus $508 million. Operating cash flow was $692 million, compared with $474 million in the prior-year period. The filing states that COVID-19 has not had a significant impact on the Registrants to date, though the duration and effects remain uncertain. Management said the Registrants had approximately $3.1 billion of combined unused credit facility capacity at March 31, 2020, and that PPL Capital Funding issued $1 billion of 4.125% Senior Notes due 2030 on April 1, 2020. PPL's exposure to budgeted 2020 U.K. earnings was approximately 86% hedged at an average rate of $1.55 per GBP. A tentative trial date of June 2021 is set for the Delaware action against Riverstone and Talen Energy, and the Talen Putative Class Action remains in early stages. On the regulatory front, LG&E and KU applied on March 31, 2020 for ECR treatment of environmental projects estimated at about $405 million, requesting a 9.725% return on equity, with decisions expected in September 2020. PPL Electric filed a petition in March 2020 for a new default service plan covering June 2021 through May 2025.

    May 8, 2020
  21. 2019-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2019

    PPL Corporation and its subsidiaries filed this Form 10-Q for the quarter ended September 30, 2019, a combined report covering PPL, PPL Electric Utilities, LG&E and KU Energy, Louisville Gas and Electric, and Kentucky Utilities. For the nine months ended September 30, 2019, PPL reported net income of $1.382 billion, compared with $1.412 billion a year earlier, and diluted EPS of $1.89 versus $2.01. Operating revenues were $5.815 billion versus $5.846 billion. Earnings from Ongoing Operations, a non-GAAP measure, rose to $1.375 billion from $1.323 billion, while the decline in GAAP net income reflects the absence of prior-period foreign currency hedge gains and the $95 million special item recorded in 2018 offset by 2019 items. The U.K. Regulated segment contributed $784 million of net income for the nine months, Kentucky Regulated $364 million, and Pennsylvania Regulated $333 million. Kentucky base rate increases approved by the KPSC took effect May 1, 2019, producing annual revenue increases of $187 million after termination of the TCJA bill credit mechanism. Capital expenditures for property, plant and equipment were $2.197 billion for PPL in the nine-month period, and net cash provided by operating activities was $1.888 billion. The filing also details significant legal and environmental exposures. PPL and its subsidiaries are defending the Talen Montana litigation, in which the plaintiffs seek damages tied to a $733 million 2014 distribution, and the Delaware Court of Chancery sustained most of PPL's claims against Riverstone and Talen on October 23, 2019. LG&E and KU face CCR closure obligations and other environmental proceedings, and the company cannot estimate certain potential losses.

    Nov 5, 2019
  22. 2019-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2019

    PPL Corporation and its subsidiaries reported second-quarter 2019 net income of $441 million, down from $515 million in the prior-year quarter, and diluted EPS of $0.60 versus $0.73. For the six months ended June 30, 2019, net income was $907 million ($1.24 diluted EPS) compared with $967 million ($1.38) in 2018. Operating revenues were $1,803 million for the quarter, down from $1,848 million, and the decline was driven largely by lower U.K. revenues from unfavorable foreign currency exchange rates, lower Kentucky volumes due to weather, and the departure of eight municipal customers. The U.K. Regulated segment contributed the largest drop, with net income of $284 million versus $394 million, although Earnings from Ongoing Operations for that segment rose to $264 million from $254 million. The Kentucky Regulated segment's net income increased to $97 million from $77 million for the quarter, supported by higher retail rates effective May 1, 2019 following KPSC orders that provide annual revenue increases of $187 million. Pennsylvania Regulated net income rose to $94 million from $75 million in the quarter. Total debt rose, with short-term debt of $1,636 million and long-term debt of $20,965 million at June 30, 2019, and net cash provided by operating activities was $1,070 million for the six months versus $1,325 million a year earlier. The filing also discloses ongoing Talen Montana litigation against PPL and an Ofgem RIIO-ED2 consultation for WPD, with the Brexit-related GBP exposure described as PPL's greatest risk.

    Aug 6, 2019
  23. 2019-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2019

    PPL Corporation's first-quarter 2019 Form 10-Q reports consolidated net income of $466 million, or $0.64 diluted EPS, versus $452 million, or $0.65 diluted EPS, in the first quarter of 2018. Operating revenues were $2.08 billion, down from $2.13 billion, with operating income of $781 million versus $851 million. Other income (expense) improved to $52 million from a $43 million expense, largely reflecting economic foreign currency exchange contracts. Earnings from Ongoing Operations, a non-GAAP measure, were $508 million compared with $517 million a year earlier, and the filing attributes the Kentucky and Pennsylvania segments' lower results mainly to weather-driven volume declines and the TCJA-related refund, while the U.K. Regulated segment improved to $264 million of net income from $197 million. Cash provided by operating activities was $474 million, down from $566 million, while capital expenditures totaled $729 million. Total assets rose to $44.57 billion and long-term debt to $21.11 billion. The filing notes that PPL's foreign exchange exposure to budgeted U.K. earnings was 100% hedged for the remainder of 2019 at $1.41 per GBP. The Kentucky Public Service Commission approved rate increases for LG&E and KU, with annual revenue increases of $187 million effective May 1, 2019 after termination of the TCJA bill credit mechanism. The filing also discloses ongoing litigation brought by Talen Montana against PPL over the 2014 distribution of $733 million of proceeds from the sale of hydroelectric facilities. PPL states it believes it has meritorious defenses, but cannot predict the outcome or estimate possible losses, which could be material.

    May 2, 2019
  24. 2018-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2018

    PPL Corporation reported third-quarter 2018 results in this Form 10-Q, filed for the period ended September 30, 2018. Net income for the three months rose to $445 million from $355 million, and for the nine months to $1.412 billion from $1.050 billion. Diluted EPS was $0.62 for the quarter and $2.01 for the nine months, compared with $0.51 and $1.53 a year earlier. Earnings from Ongoing Operations, a non-GAAP measure, were $422 million for the quarter, up from $388 million. The U.K. Regulated segment drove much of the increase, with net income of $245 million for the quarter versus $126 million, largely due to foreign currency economic hedge gains that are excluded from ongoing earnings. The filing shows continued capital investment and financing activity. Expenditures for property, plant and equipment were $2.344 billion for the nine months. PPL settled part of its forward sale agreements in September 2018, issuing 20 million shares for net cash proceeds of $520 million, and issued 4.2 million shares under its at-the-market program for $119 million. Total assets were $43.042 billion at September 30, 2018. Long-term debt, including the current portion, stood at about $20.25 billion at carrying value. Regulatory and legal matters remain significant. LG&E and KU filed a Kentucky base rate case on September 28, 2018, requesting increases of approximately $112 million at KU and $35 million in electricity and $25 million in gas at LG&E, with new rates expected May 1, 2019. The KPSC denied the full Advanced Metering System CPCN on August 30, 2018. PPL disclosed a complaint filed October 29, 2018 by Talen Montana, LLC and other creditors alleging the 2014 distribution of $733 million to PPL subsidiaries was improper, which PPL says it will vigorously defend and for which it cannot estimate possible losses.

    Nov 1, 2018
  25. 2018-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2018

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2018 reports net income of $515 million for the three months and $967 million for the six months, compared with $292 million and $695 million in the prior-year periods. Basic EPS was $0.74 for the quarter and $1.39 for the six months, versus $0.43 and $1.02 a year earlier. The U.K. Regulated segment drove much of the improvement: its six-month net income was $591 million versus $434 million, and the filing attributes this largely to foreign currency economic hedge gains, which management excludes from Earnings from Ongoing Operations. Earnings from Ongoing Operations were $384 million for the quarter and $901 million for the six months, compared with $356 million and $781 million. Operating revenues were $1.848 billion for the quarter and $3.974 billion for the six months, up from $1.725 billion and $3.676 billion. Growth came from weather-driven volumes at LKE and PPL Electric, higher base rates, and transmission formula rate increases, partly offset by estimated tax savings owed to customers under the Tax Cuts and Jobs Act (TCJA). Total debt rose: short-term debt was $1.864 billion at June 30, 2018 versus $1.080 billion at year-end 2017, and long-term debt was $20.217 billion versus $19.847 billion. In May 2018, PPL completed a public offering of 55 million common shares, plus 8.25 million over-allotment shares, and entered forward sale agreements covering 63.25 million shares, to settle no later than November 2019. Several regulatory matters remain open. Kentucky Public Service Commission (KPSC) proceedings on the TCJA rate reduction are awaiting a decision, with LG&E and KU stating they cannot predict the outcome. Ofgem decided on April 30, 2018 not to conduct a RIIO-ED1 mid-period review, and the U.K. withdrawal from the EU remains a source of uncertainty for the GBP exchange rate. PPL had hedged 100% of its 2018 remaining budgeted U.K. earnings at an average of $1.31 per GBP.

    Aug 7, 2018
  26. 2018-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2018

    PPL Corporation and its subsidiaries reported first-quarter 2018 net income of $452 million, or $0.65 per diluted share, compared with $403 million, or $0.59 per diluted share, in the first quarter of 2017. Operating revenues rose to $2.13 billion from $1.95 billion, and operating income increased to $851 million from $758 million. Interest expense rose to $239 million from $217 million, and other income (expense) - net was a $43 million expense versus $9 million in the prior year, driven by $112 million of losses on economic foreign currency exchange contracts that hedge GBP-denominated earnings from WPD. By segment, the U.K. Regulated segment's net income fell to $197 million from $286 million, while the Kentucky Regulated segment rose to $133 million from $95 million and the Pennsylvania Regulated segment rose to $148 million from $79 million. The company reported Earnings from Ongoing Operations of $517 million versus $425 million, a non-GAAP measure that excludes special items such as unrealized foreign currency hedge losses. Cash provided by operating activities was $566 million, compared with $135 million a year earlier, and capital expenditures for property, plant and equipment were $750 million. The filing also details the impact of the TCJA. LG&E and KU agreed to return tax savings to customers through a bill credit and rate mechanisms, and the KPSC later modified the settlement, with a hearing scheduled for May 24, 2018. The company declared a quarterly dividend of 41.0 cents per share, and PPL issued $85 million of common stock under its ATM program during the quarter.

    May 3, 2018
  27. 2017-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2017

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2017 reports net income of $355 million for the third quarter and $1.05 billion for the first nine months of 2017, compared with $473 million and $1.44 billion in the same periods of 2016. Diluted EPS was $0.51 for the quarter and $1.53 for the nine months, versus $0.69 and $2.11 a year earlier. Operating revenues were $1.85 billion for the quarter and $5.52 billion for the nine months. The filing attributes the decline largely to the U.K. Regulated segment, where net income fell to $126 million in the quarter from $281 million, reflecting lower GBP-to-U.S. dollar exchange rates and lower foreign currency economic hedge gains, along with milder weather that reduced sales volumes at the Kentucky and Pennsylvania utilities. Earnings from Ongoing Operations, a non-GAAP measure that excludes special items, were $388 million for the quarter and $1.17 billion for the nine months, compared with $427 million and $1.27 billion in 2016. Kentucky Regulated earnings were flat for the quarter at $125 million, and Pennsylvania Regulated earnings rose to $95 million. Kentucky base electricity and gas rate increases took effect July 1, 2017, after the KPSC approved a 9.7% return on equity. The company also reported $1.75 billion of operating cash flow for the nine months, $2.15 billion of capital expenditures on property, plant and equipment, and a dividend of 39.5 cents per share declared in August 2017. The filing highlights several risk and regulatory items: the U.K.'s March 29, 2017 notice of intent to leave the European Union, the EPA's Clean Power Plan (which the EPA proposed to rescind in October 2017), the pending Cane Run and E.W. Brown environmental lawsuits, and WKE-related indemnification claims against LKE that are subject to a settlement in principle. PPL also issued $500 million of 4.00% Senior Notes due 2047 and $475 million of 3.95% First Mortgage Bonds due 2047 during the period.

    Nov 1, 2017
  28. 2017-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2017

    PPL Corporation and its subsidiaries reported net income of $292 million for the quarter ended June 30, 2017, versus $483 million a year earlier, and $695 million for the six months, down from $964 million. Basic EPS was $0.43 for the quarter (vs. $0.71) and $1.02 for the six months (vs. $1.42). The decline was driven mainly by the U.K. Regulated segment, where net income fell to $148 million from $345 million in the quarter, largely because of unrealized losses on foreign currency economic hedges. Earnings from Ongoing Operations, a non-GAAP measure that excludes these special items, were $356 million for the quarter versus $380 million, and $781 million for the six months versus $838 million. The filing attributes the U.K. decline to lower assumed GBP exchange rates in 2017, and it projects lower 2017 net income for the U.K. and Kentucky segments and relatively flat results for Pennsylvania. The Kentucky Regulated segment was a modest positive in the quarter, with net income of $79 million versus $76 million. The KPSC approved base rate increases effective July 1, 2017: $52 million for KU electricity, $57 million for LG&E electricity and $7 million for LG&E gas, at a 9.7% return on equity. The Pennsylvania Regulated segment was roughly flat, at $77 million versus $78 million. Operating revenues were $1,725 million for the quarter, down from $1,785 million. Cash flow from operations was $790 million for the six months, down from $1,170 million, mainly because WPD accelerated $485 million of U.K. pension contributions. Capital expenditures were $1,373 million for PP&E in the six months. Short-term debt rose to $1,497 million from $923 million at year-end 2016, and long-term debt reached $18,397 million. The company also issued $475 million of 3.95% First Mortgage Bonds through PPL Electric and declared a quarterly dividend of 39.5 cents per share.

    Aug 3, 2017
  29. 2017-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2017

    PPL Corporation (PPL) reported first-quarter 2017 net income of $403 million, or $0.59 per diluted share, compared with $481 million, or $0.71 per diluted share, in the first quarter of 2016. Operating revenues were $1,951 million versus $2,011 million, and operating income was $796 million versus $823 million. Earnings from Ongoing Operations, a non-GAAP measure, were $425 million versus $458 million. The U.K. Regulated segment's net income was $286 million versus $289 million, while the Kentucky Regulated segment fell to $95 million from $112 million and Pennsylvania Regulated to $79 million from $94 million. The filing attributes the Kentucky and Pennsylvania declines largely to lower electricity sales volumes from milder weather and higher depreciation, and the U.K. results to lower GBP-to-U.S. dollar exchange rates. Cash flow from operations was $135 million, down from $557 million, mainly because WPD accelerated $462 million of contributions to its U.K. pension plans in the quarter. Capital expenditures for property, plant and equipment were $677 million, and short-term debt rose to $1,666 million from $923 million at year-end 2016. Total assets were $39.03 billion at March 31, 2017. Regulatory developments include a pending Kentucky rate case, where stipulations filed in April and May 2017 would increase annual base revenues by $55 million at KU, $59 million for LG&E electricity and $8 million for LG&E gas, with a 9.75% return on equity, subject to KPSC approval. The filing also notes the U.K.'s March 29, 2017 notification of its intent to withdraw from the European Union, and that PPL's budgeted U.K. earnings for the remainder of 2017 were 100% hedged at an average of $1.21 per GBP.

    May 4, 2017
  30. 2016-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2016

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2016 reports net income of $473 million for the third quarter of 2016 versus $393 million a year earlier, and $1.437 billion for the first nine months of 2016 versus $283 million, which included discontinued operations losses in 2015. Income from continuing operations after income taxes for the nine months rose to $1.437 billion from $1.198 billion. Operating revenues were $1.889 billion for the quarter and $5.685 billion for the nine months, the latter down from $5.889 billion. Diluted earnings per share were $0.69 for the quarter and $2.11 for the nine months, and Earnings from Ongoing Operations were $427 million for the quarter and $1.265 billion for the nine months, a non-GAAP measure the filing defines. The U.K. Regulated segment, which consists of WPD, contributed net income of $281 million for the quarter and $915 million for the nine months, and the filing states it represents 64% of PPL's nine-month net income. The filing attributes the weaker U.K. segment outlook to lower GBP-to-U.S. dollar exchange rates following the June 23, 2016 Brexit referendum, and says PPL executed additional hedges, including settling 2017 and 2018 contracts for about $310 million of cash in the third quarter. At October 31, 2016, the filing states that PPL's budgeted earnings exposure was 91% hedged for the rest of 2016, 94% for 2017 and 93% for 2018. Cash and cash equivalents fell to $416 million from $836 million at year-end 2015, and total assets were $38.0 billion. On November 1, 2016, LG&E and KU announced they anticipate filing rate requests with the KPSC on November 23, 2016, seeking base rate increases of approximately $103 million at KU and $94 million (electric) and $14 million (gas) at LG&E, with a requested return on equity of 10.23% and an effective date of July 2017. The filing also reports that PPL's 2016 outlook projects higher net income versus 2015 driven by the Pennsylvania and Kentucky Regulated segments, and that U.K. Regulated segment earnings are expected to be relatively flat in 2016 and to decline in 2017.

    Nov 1, 2016
  31. 2016-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2016

    PPL Corporation and its subsidiaries reported net income of $483 million for the quarter ended June 30, 2016, compared with a net loss of $757 million in the prior-year quarter, which included a $1.007 billion loss from discontinued operations tied to the June 2015 spinoff of PPL Energy Supply. Income from continuing operations after income taxes rose to $483 million from $250 million, and diluted EPS from continuing operations was $0.71 versus $0.37. For the six months, net income was $964 million, with diluted EPS from continuing operations of $1.41. Operating revenues were $1.785 billion for the quarter, roughly flat year over year, and operating income was $725 million versus $638 million. Earnings from Ongoing Operations, a non-GAAP measure, were $380 million for the quarter versus $329 million, and $838 million for the six months versus $848 million, with the U.K. Regulated segment's ongoing earnings declining on lower GBP exchange rates and pension and revenue factors. The U.K. referendum on withdrawal from the European Union on June 23, 2016 is a major focus of the filing. PPL consolidates WPD on a one-month lag, so the decline in the GBP to U.S. dollar rate after the vote is not reflected in June 30 results; the filing states that using the June 30 rate of $1.34 instead of the May 31 rate of $1.46 would have produced an additional translation loss of $499 million in AOCI. PPL's 2017 and 2018 GBP exposure was largely hedged, and the company settled certain 2017 and 2018 hedges in the third quarter of 2016 for approximately $310 million of cash received. Total assets were $39.53 billion at June 30, 2016, and cash and cash equivalents were $492 million. The Kentucky Public Service Commission issued an August 8, 2016 order approving most of a settlement for LG&E and KU environmental construction projects, with a 9.8% authorized return on equity versus the 10% requested. The filing also discloses the Pennsylvania PUC's approval of PPL Electric's Act 129 Phase III plan, a pending default service procurement proceeding, an EPA notice of violation regarding sulfuric acid mist at LG&E's Mill Creek plant, and several pending environmental lawsuits.

    Aug 9, 2016
  32. 2016-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2016

    PPL Corporation's first-quarter 2016 Form 10-Q, filed April 29, 2016, reports consolidated net income of $481 million, or $0.71 per diluted share, compared with $647 million, or $0.96 per diluted share, in the first quarter of 2015. The 2015 figure included $95 million of income from discontinued operations, the former Supply segment spun off as Talen Energy on June 1, 2015. Income from continuing operations was $481 million versus $552 million a year earlier. Operating revenues fell to $2.011 billion from $2.230 billion, largely due to the U.K. Regulated segment's lower gross margins after the April 1, 2015 start of RIIO-ED1 and milder weather. Foreign currency translation contributed a $466 million loss to AOCI in the quarter, and total equity declined to $9.762 billion. Segment results show the U.K. Regulated segment's net income falling to $289 million from $375 million, while Kentucky Regulated rose to $112 million from $109 million and Pennsylvania Regulated rose to $94 million from $87 million. Earnings from Ongoing Operations, a non-GAAP measure, were $458 million versus $519 million. PPL projects higher earnings from ongoing operations for full-year 2016, driven by the Kentucky and Pennsylvania segments, with relatively flat U.K. earnings. The company also declared a quarterly dividend of 38 cents per share. Key risks flagged include the June 23, 2016 U.K. referendum on European Union membership, pending Kentucky environmental compliance and rate filings (CPCN and ECR applications covering projects estimated at $316 million at LG&E and $678 million at KU), EPA rules on carbon emissions (the Clean Power Plan, stayed by the Supreme Court), coal combustion residuals, and several environmental lawsuits. Long-term debt carrying value was $18.559 billion at March 31, 2016.

    Apr 29, 2016
  33. 2015-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2015

    PPL Corporation's third-quarter 2015 Form 10-Q reports net income of $393 million for the three months ended September 30, 2015, down from $497 million a year earlier, and net income of $283 million for the nine months, down from $1.04 billion. The nine-month decline is driven by a $915 million loss from discontinued operations, which includes an $879 million loss on the June 1, 2015 spinoff of PPL Energy Supply (now Talen Energy). Income from continuing operations rose to $1.198 billion for the nine months from $1.029 billion, and diluted EPS from continuing operations was $1.78 versus $1.55. Operating revenues were $5.889 billion for the nine months, essentially flat with the prior year. The filing shows continuing operations improving on higher Kentucky and U.K. segment results, with the U.K. Regulated segment's nine-month net income rising to $814 million from $688 million. Pennsylvania Regulated net income was slightly lower at $191 million. The Kentucky Regulated segment benefited from new base rates effective July 1, 2015. Total assets fell to $39.2 billion from $48.9 billion at year-end 2014, reflecting the spinoff distribution of $3.2 billion of net assets to shareowners. Financing activity included $1.137 billion of long-term debt issuance in the nine months, and subsequent issuances in September and October 2015 by LG&E, KU and PPL Electric to fund short-term debt repayment. Cash and cash equivalents were $981 million at September 30, 2015. Management reports an increased quarterly dividend of 37.75 cents per share, and the KPSC and PUC approved rate settlements that raise base revenues for KU, LG&E and PPL Electric.

    Oct 30, 2015
  34. 2015-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2015

    PPL Corporation's second-quarter 2015 Form 10-Q reports a sharp swing to a net loss, driven by the June 1, 2015 spinoff of PPL Energy Supply, which was distributed to shareowners and formed Talen Energy. For the three months ended June 30, 2015, PPL reported a net loss of $757 million, compared with net income of $229 million a year earlier. Results were pulled down by a $1,007 million loss from discontinued operations, which includes an $879 million loss on the spinoff. Income from continuing operations after income taxes rose to $250 million from $230 million in the quarter, and to $802 million from $619 million for the six months ended June 30, 2015. Basic EPS from continuing operations was $0.37 for the quarter, versus $0.35 in 2014. PPL now describes its focus as its regulated utility businesses in the U.K., Kentucky and Pennsylvania, serving more than 10 million customers. The U.K. Regulated segment's net income was $190 million for the quarter and $565 million for the six months, and the filing notes that the segment represents 70% of PPL's income from continuing operations for the six months. Management expects to reduce annual ongoing corporate support costs by approximately $75 million after the spinoff, excluding transition service costs. Total assets were $38.2 billion at June 30, 2015, down from $48.9 billion at year-end 2014, reflecting the distribution of the Supply segment's net assets of $3.2 billion. On the regulatory front, the Kentucky Public Service Commission approved a settlement on June 30, 2015 that increases annual revenue requirements by $125 million for KU base electricity rates and $7 million for LG&E base gas rates, effective July 1, 2015. PPL Electric has requested a rate increase of approximately $167.5 million, and PPL announced a dividend increase to 37.75 cents per share quarterly on August 3, 2015.

    Aug 3, 2015
  35. 2015-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2015

    PPL Corporation reported first-quarter 2015 net income of $647 million, or $0.96 diluted EPS, compared with $316 million, or $0.49 diluted EPS, in the first quarter of 2014. Operating revenues were $3.165 billion versus $1.194 billion a year earlier, and operating income rose to $1.067 billion from $723 million. The U.K. Regulated segment contributed $375 million of net income versus $206 million, and the Supply segment earned $95 million versus a loss of $75 million. Special items, which management excludes from its analysis, were $128 million after tax in 2015 versus $(133) million in 2014. The most significant pending event is the planned spinoff of PPL Energy Supply, which will form Talen Energy with Riverstone's competitive generation business. The filing states the transaction is expected to occur on June 1, 2015, with PPL shareowners owning 65% of Talen Energy and Riverstone affiliates owning 35%. After the spinoff PPL will no longer have a Supply segment and expects to reduce annual ongoing corporate support costs by approximately $75 million. Third-party transaction costs are estimated at $60 million to $70 million. On the regulatory side, PPL Electric requested a distribution revenue increase of approximately $167.5 million, and LG&E and KU reached a unanimous settlement with the KPSC providing $125 million for KU base electric rates and $7 million for LG&E base gas rates. Cash provided by operating activities was $673 million, and PPL's balance sheet showed total assets of $48.9 billion at March 31, 2015.

    May 7, 2015
  36. 2014-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2014

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2014 shows net income attributable to PPL shareowners of $1,042 million for the third quarter, compared with $1,228 million in the prior-year period, and diluted EPS of $0.74 versus $0.62. For the nine months, net income attributable to PPL shareowners was $1,042 million versus $1,228 million, with diluted EPS of $1.57 versus $1.90. Operating revenues were $3.45 billion for the quarter and $7.48 billion for the nine months, and the company reported $2.63 billion of operating cash flow for the nine months against $2.22 billion a year earlier. Per the filing, the Supply segment's results were weighed down by lower energy prices, while the U.K. Regulated and regulated Kentucky and Pennsylvania businesses benefited from higher rates, capital investment and unusually cold weather in the first quarter of 2014. The most significant strategic development is the planned spinoff of PPL Energy Supply, which will combine with Riverstone's RJS Power to form Talen Energy, with PPL shareowners owning 65% of Talen Energy and Riverstone affiliates owning 35%. The transaction is expected to close in the first or second quarter of 2015 and is subject to conditions including regulatory approvals and a tax opinion. After the transaction, PPL states it will focus solely on its regulated utility businesses in the U.K., Kentucky and Pennsylvania. PPL Energy Supply was downgraded to below investment grade in the second quarter of 2014, and the filing notes that the sale of PPL Montana's Montana hydroelectric facilities for $880 million in estimated net proceeds is expected to close in the fourth quarter of 2014. On the balance sheet, total assets were $48.19 billion at September 30, 2014, long-term debt was $20.52 billion, and total equity was $13.97 billion. Pending items include a proposed Kentucky base rate filing that LG&E and KU anticipated making on November 26, 2014, and a proposed regional transmission line estimated at $4 billion to $6 billion. The filing also discloses ongoing environmental and regulatory matters, including EPA greenhouse gas rules for existing power plants and litigation involving Colstrip and Cane Run.

    Nov 7, 2014
  37. 2014-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2014

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2014 reports net income attributable to PPL shareowners of $229 million for the second quarter, down from $405 million a year earlier, and $545 million for the six months versus $818 million in 2013. Basic EPS was $0.35 for the quarter (versus $0.68) and $0.84 for the six months (versus $1.39). The decline is driven mainly by the U.K. Regulated segment, which earned $187 million in the quarter versus $245 million, and the Supply segment, which earned $5 million versus $77 million. Kentucky and Pennsylvania Regulated segments both grew, with Kentucky Regulated net income at $58 million and Pennsylvania Regulated at $52 million for the quarter. Corporate and Other lost $73 million in the quarter, including $46 million of deferred income tax expense and $16 million of third-party costs tied to the anticipated spinoff of PPL Energy Supply. The most consequential development is the June 2014 agreement to spin off PPL Energy Supply and combine it with RJS Power into Talen Energy, a publicly traded independent power producer in which PPL shareowners would own 65%. The transaction is expected to close in the first or second quarter of 2015, subject to regulatory approvals and other conditions. After closing, PPL states it will focus solely on its regulated utilities in the U.K., Kentucky and Pennsylvania. PPL Energy Supply's credit ratings were cut to sub-investment grade by S&P, Moody's and Fitch during the quarter, and it posted $176 million of additional collateral as a result. PPL also agreed to sell its Montana hydroelectric facilities to NorthWestern for $900 million in cash, with closing not expected before the fourth quarter of 2014. Cash flow from operations for the six months was $1.583 billion, versus $947 million a year earlier, and PPL paid $470 million in common dividends in the period. PPL's quarterly dividend was 37.25 cents per share. Total assets were $48.19 billion at June 30, 2014.

    Jul 31, 2014
  38. 2014-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2014

    PPL Corporation reported first-quarter 2014 net income attributable to PPL shareowners of $316 million, or $0.49 diluted EPS, compared with $413 million, or $0.65 diluted EPS, in the first quarter of 2013. Total operating revenues were $1,223 million versus $2,457 million a year earlier, driven by a large negative swing in unregulated wholesale energy revenue to $(1,429) million from $143 million, which the filing attributes in part to unusually cold weather and related realized and unrealized losses on commodity sales contracts. Operating income rose to $715 million from $693 million, while other income (expense) swung to $(23) million from $122 million, mainly reflecting realized and unrealized losses on foreign currency contracts hedging GBP-denominated WPD earnings. Segment results show the U.K. Regulated segment earned $206 million versus $313 million, reflecting a $65 million charge tied to Ofgem's final line loss decision, while the Kentucky Regulated segment rose to $107 million from $85 million and the Pennsylvania Regulated segment rose to $85 million from $64 million. The Supply segment lost $75 million compared with a loss of $46 million. Management projects lower full-year 2014 earnings excluding special items compared with 2013, driven mainly by lower energy and capacity prices in the Supply segment and higher operation and maintenance expense in Kentucky. Balance sheet and financing activity included $1,256 million of cash, $20,514 million of long-term debt, and a March 2014 remarketing of $978 million of 2011 Equity Units. PPL also agreed to sell its Montana hydroelectric facilities to NorthWestern for $900 million in cash, with closing not expected before the second half of 2014, and PPL Energy Supply recorded an $18 million pre-tax impairment on the Kerr Dam Project.

    May 2, 2014
  39. 2013-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2013

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2013 reports net income attributable to PPL shareowners of $1,228 million for the nine months, versus $1,167 million a year earlier, and $410 million for the third quarter versus $355 million. Diluted EPS for the nine months was $1.90, compared with $2.00 in 2012 (per the filing's figures), reflecting higher average shares treated as outstanding after the Equity Units and forward sale settlements. Basic EPS for the nine months was $2.03. Segment results show the U.K. Regulated segment earned $741 million for the nine months versus $563 million, helped by higher electricity delivery prices and a $93 million deferred tax benefit from U.K. tax rate reductions in the third quarter. Kentucky Regulated ($227 million vs. $148 million) and Pennsylvania Regulated ($160 million vs. $95 million) improved on higher base rates effective January 1, 2013. The Supply segment fell to $122 million from $361 million on lower baseload energy prices, partly offset by higher capacity prices. The filing states that excluding special items, 2013 earnings are expected to be higher than 2012, but diluted EPS is expected to decline. The company issued common stock to settle the 2010 Purchase Contracts (40 million shares at $28.73, $1.15 billion net proceeds) and took on significant capital spending, with capital expenditures of $2.77 billion for the nine months. Pending items include a $900 million sale of 633 MW of Montana hydroelectric facilities to NorthWestern (not expected to close before the second half of 2014) and a $271 million agreement to reacquire Colstrip interests, which the company estimates could produce an after-tax loss of $310 million to $430 million.

    Nov 1, 2013
  40. 2013-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2013

    PPL Corporation's 10-Q for the quarter ended June 30, 2013 reports net income attributable to PPL shareowners of $405 million for the second quarter (versus $271 million in 2012) and $818 million for the six months (versus $812 million). Diluted EPS was $0.63 for the quarter and $1.28 for the six months, compared with $0.46 and $1.39 in 2012 on a basic basis. Total operating revenues were $3.45 billion for the quarter and $5.91 billion for the six months. Operating income was $758 million for the quarter, up from $572 million, while six-month operating income fell to $1.45 billion from $1.62 billion. Segment results show the U.K. Regulated segment contributed $558 million of net income for the six months, versus $361 million a year earlier, while Supply segment net income fell to $31 million from $313 million. Kentucky Regulated and Pennsylvania Regulated net income also rose. Management attributes the Supply decline to lower energy and market prices, and notes lower expected energy margins compared with 2012. The filing also cites a $44 million tax benefit from a U.S. Supreme Court ruling on the U.K. Windfall Profits Tax and a $1.15 billion net cash proceeds from July 2013 common stock issued to settle the 2010 Purchase Contracts. The balance sheet shows total assets of $43.75 billion at June 30, 2013, with long-term debt of $18.88 billion and cash of $711 million. Management expects a deferred tax benefit of $90 million to $100 million in the third quarter of 2013 from U.K. tax rate reductions, and the filing discloses contingent exposures including a WPD line loss liability estimated between $97 million and $251 million.

    Aug 2, 2013
  41. 2013-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2013

    PPL Corporation reported first-quarter 2013 net income attributable to PPL shareowners of $413 million, or $0.65 diluted EPS, compared with $541 million, or $0.93 diluted EPS, in the first quarter of 2012. Total operating revenues fell to $2,457 million from $4,112 million, driven largely by the Supply segment, where wholesale energy marketing revenue was affected by a $822 million unrealized economic loss versus a $852 million unrealized gain a year earlier. The filing states that earnings decreased 24% compared with 2012. Segment results were mixed. Kentucky Regulated net income rose to $85 million from $42 million, U.K. Regulated rose to $313 million from $165 million, and Pennsylvania Regulated rose to $64 million from $33 million, reflecting new base rates effective January 1, 2013. The Supply segment swung to a $46 million loss from $301 million of income, reflecting lower energy prices, lower unrealized economic activity results, and higher financing costs. The company states it expects lower energy margins in Supply to continue in 2013 given depressed wholesale prices. Balance sheet and financing activity included $450 million of 5.90% Junior Subordinated Notes issued by PPL Capital Funding, a $1.150 billion 2010 Equity Unit settlement expected July 1, 2013, and a $1.061 billion short-term debt balance at March 31, 2013. Cash flow from operations was $244 million versus $728 million a year earlier, and capital expenditures were $828 million. The filing also discloses pending legal and regulatory matters, including the U.S. Supreme Court review of the Windfall Profits Tax creditability case and the Susquehanna-Roseland transmission project.

    May 3, 2013
  42. 2012-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2012

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2012 reports net income attributable to PPL shareowners of $355 million for the third quarter of 2012, down from $444 million in the same period of 2011, and $1.167 billion for the nine months compared with $1.041 billion a year earlier. Basic EPS was $0.61 for the quarter versus $0.76 in 2011, and $2.00 for the nine months versus $1.92. Operating revenues were $2.403 billion for the quarter, versus $3.120 billion in 2011, and operating income was $664 million versus $767 million. Segment results show the U.K. Regulated segment's net income rising to $563 million for the nine months from $231 million, largely reflecting the WPD Midlands acquisition's full nine-month inclusion, while Supply segment income fell to $361 million from $510 million. Cash flow and balance sheet items include net cash from operating activities of $2.094 billion for the nine months, capital expenditures of $2.078 billion, and dividends declared of $0.36 per share for the quarter. Total assets were $43.240 billion at September 30, 2012. Key pending matters include Pennsylvania Public Utility Commission rate case recommendations for PPL Electric, Kentucky rate case requests by LG&E and KU, the Susquehanna nuclear turbine blade inspection with an estimated pre-tax earnings impact of $43 million to $58 million, the Ironwood acquisition completed in April 2012, and a U.S. Supreme Court grant on the U.K. windfall profits tax creditability question.

    Nov 8, 2012
  43. 2012-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2012

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2012 reports net income attributable to PPL Corporation of $271 million for the three months and $812 million for the six months, compared with $196 million and $597 million a year earlier. Basic EPS for the six months was $1.39, against $1.14 in 2011. Operating revenues for the six months rose to $6.66 billion from $5.40 billion, driven largely by the April 2011 acquisition of WPD Midlands, which is consolidated on a one-month lag and makes period comparisons non-comparable. The increase in net income was primarily attributed to the U.K. Regulated segment. The filing highlights a weakening competitive generation environment. PPL Energy Supply's Pennsylvania coal plants averaged a 63% utilization factor in the first half of 2012, down from 90% over 2009-2011, while combined-cycle gas plants rose to 96% from 64%. Management cited depressed wholesale electricity and gas prices, a coal inventory surplus, and lower value for unhedged 2014-and-later energy margins. PPL Energy Supply's net income fell to $19 million for the quarter from $89 million. The Supply segment's results were also affected by a $32 million after-tax adverse effect from energy-related economic activity in the quarter, and PPL Energy Supply expects lower 2012 earnings excluding special items. On the regulated side, LG&E and KU filed rate requests in June 2012 seeking base electric rate increases of about $62 million at LG&E and $82 million at KU, with hearings expected in the fourth quarter. PPL Electric requested a distribution rate increase of about $105 million, and the company terminated the Bluegrass CT acquisition in June 2012. PPL also reported a $65 million to $75 million deferred tax benefit expected in the third quarter from U.K. tax rate reductions, and PPL Electric redeemed $250 million of preference stock. Liquidity remained adequate, with cash of $1.2 billion at June 30, 2012, and total committed credit facilities of $4.6 billion for the domestic businesses.

    Aug 8, 2012
  44. 2012-Q2-A

    PPL Quarterly Report (Amendment) for Q2 Ended Jun 30, 2012

    This Form 10-Q/A (Amendment No. 1) for the quarter ended June 30, 2012 was filed jointly by PPL Corporation, PPL Energy Supply, LLC, PPL Electric Utilities Corporation, LG&E and KU Energy LLC, Louisville Gas and Electric Company, and Kentucky Utilities Company. It amends the Original Filing made on August 8, 2012, solely to resubmit XBRL information in Exhibit 101 that was inadvertently omitted from the original submission under Rule 405 of Regulation S-T. The amendment does not reflect any events occurring after the Original Filing date. The filing contains no financial statements, results of operations, or narrative discussion of business performance in the text provided. Its substantive content is limited to the registrant cover information: PPL Corporation reported 580,736,054 common shares outstanding at July 31, 2012, and PPL Corporation is a large accelerated filer. The other registrants are non-accelerated filers, and their common shares are held by their respective parent companies. For investors, the practical significance of this amendment is that it completes the electronic XBRL data set for the quarter, which the Original Filing lacked. The underlying financial results would need to be reviewed in the original 10-Q and the XBRL exhibits themselves.

    Aug 8, 2012
  45. 2012-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2012

    PPL Corporation's first-quarter 2012 Form 10-Q reports net income attributable to PPL Corporation of $541 million, compared with $401 million in the same period of 2011, an increase of 35%. Basic and diluted EPS were $0.93, versus $0.82 a year earlier. The increase reflects the first full quarter of WPD Midlands (acquired April 1, 2011), which is now part of the U.K. Regulated segment. Total operating revenues were $4,112 million versus $2,910 million, and cash provided by operating activities rose $532 million year over year, driven mainly by working-capital changes, lower defined benefit plan contributions and WPD Midlands cash flow. The filing also points to headwinds in the competitive Supply segment. Management projects lower Supply earnings in 2012 excluding special items, driven by lower energy and capacity prices, higher fuel costs and higher operation and maintenance and depreciation expense. Kentucky Regulated and Pennsylvania Regulated earnings are also projected lower for 2012, excluding special items, while U.K. Regulated earnings are projected higher. Eastern U.S. non-trading unregulated gross energy margins fell $89 million, and Kentucky gross margins fell $28 million, largely due to unseasonably mild weather. Subsequent events in April 2012 include the Ironwood Acquisition (a 657 MW natural gas plant in Pennsylvania), a 9.9 million share common stock offering with forward sale agreements, and the planned redemption of $250 million of PPL Electric preference stock. Legal and regulatory matters include the Third Circuit ruling against PPL on the U.K. Windfall Profits Tax credit, the Montana hydroelectric riverbed litigation, the SMGT bankruptcy, and EPA air and water rule developments.

    May 7, 2012
  46. 2011-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2011

    PPL Corporation's Form 10-Q for the quarter ended September 30, 2011 reports net income attributable to PPL Corporation of $444 million for the third quarter and $1.041 billion for the nine months, compared with $248 million and $583 million a year earlier. Diluted EPS was $0.76 for the quarter and $1.91 for the nine months. Operating revenues were $3.120 billion for the quarter and $8.519 billion for the nine months. The results reflect the April 1, 2011 acquisition of WPD Midlands (Central Networks), funded by $5.8 billion in cash consideration, and the full-period inclusion of LG&E and KU Energy LLC, acquired in November 2010. The filing states that approximately 70% of PPL's assets are now in regulated businesses. The filing also details significant items affecting the period, including $63 million of after-tax costs from the Susquehanna turbine blade replacement outages, a $69 million deferred tax benefit from U.K. tax rate reductions, and $102 million of separation benefits and acquisition-related charges at WPD Midlands. Total assets rose to $40.956 billion at September 30, 2011 from $32.837 billion at December 31, 2010, and long-term debt increased to $17.675 billion from $12.161 billion. Cash and cash equivalents were $1.511 billion at quarter-end. Looking ahead, the filing describes a pending KPSC review of LG&E and KU environmental compliance plans requesting about $2.5 billion in capital costs, a CPCN for a 640 MW natural gas combined-cycle plant, and the pending Montana hydroelectric litigation before the U.S. Supreme Court. The company also notes the CSAPR rule will require greater sulfur dioxide reductions beginning in 2012 and further reductions in 2014.

    Nov 8, 2011
  47. 2011-Q2

    PPL Quarterly Report for Q2 Ended Jun 30, 2011

    PPL Corporation's second-quarter 2011 Form 10-Q reports a transformative first half, driven by the April 1, 2011 acquisition of Central Networks (renamed WPD Midlands) for $5.8 billion in cash, funded by a $3.6 billion 2011 Bridge Facility that was subsequently refinanced through common stock, equity units, and senior notes. Net income attributable to PPL Corporation was $196 million for the quarter and $597 million for the six months, compared with $85 million and $335 million in 2010, and diluted EPS was $0.35 for the quarter and $1.14 for the six months. The filing notes that approximately 70% of PPL's assets are now in regulated businesses following the LKE and WPD Midlands acquisitions, which management says reduces overall business risk. The Supply segment faced headwinds: management expects 2011 earnings to be lower excluding special items, driven by lower Eastern energy and capacity prices, higher fuel costs, and turbine blade replacement outages at the Susquehanna nuclear plant, which PPL estimates reduced after-tax earnings by approximately $60 million in the second quarter. Operating cash flow for PPL was $814 million for the six months, and capital expenditure projections total approximately $18.6 billion for 2011 through 2015. Key pending matters include the Montana hydroelectric litigation, now before the U.S. Supreme Court, the Kentucky environmental cost recovery plan seeking recovery of $2.5 billion, and the Cross State Air Pollution Rule finalized in July 2011.

    Aug 8, 2011
  48. 2011-Q2-A

    PPL Quarterly Report (Amendment) for Q2 Ended Jun 30, 2011

    PPL Corporation's Form 10-Q for the quarter ended June 30, 2011 reports consolidated net income attributable to PPL Corporation of $196 million for the three months and $597 million for the six months, compared with $85 million and $335 million in the same 2010 periods. Basic EPS was $0.35 for the quarter and $1.14 for the six months, versus $0.22 and $0.88 a year earlier. The filing attributes the increase to the acquisitions of LKE (November 2010) and WPD Midlands (April 1, 2011), along with several special items. Total operating revenues were $2.49 billion for the quarter and $5.40 billion for the six months. The defining event of the period was the April 2011 acquisition of WPD Midlands (formerly Central Networks) from E.ON AG subsidiaries for cash consideration of $5.8 billion, including repayment of $1.7 billion of affiliate debt. The acquisition was funded by a 2011 Bridge Facility, which was then refinanced through PPL common stock issuance (92 million shares, $2.258 billion net), 2011 Equity Units ($948 million net), senior notes issued by PPL WEM and the WPD subsidiaries, and a June 2011 index-linked note issue. Total assets rose to $40.54 billion at June 30, 2011 from $32.84 billion at December 31, 2010. Management states that approximately 70% of PPL's assets are now in regulated businesses following the LKE and WPD Midlands acquisitions. Key risks flagged in the filing include the $2.3 billion of preliminary goodwill assigned to the International Regulated segment, a pending U.S. Supreme Court review of the Montana hydroelectric litigation with a decision expected by June 30, 2012, Susquehanna nuclear turbine blade outages that reduced after-tax earnings by approximately $60 million, and a proposed KPSC environmental cost recovery plan of $2.5 billion for LG&E and KU. The company also reported that PPL Energy Supply distributed its interest in PPL Global to its parent in January 2011, separating its U.K. regulated distribution business from its U.S. competitive energy business.

    Aug 8, 2011
  49. 2011-Q1

    PPL Quarterly Report for Q1 Ended Mar 31, 2011

    PPL Corporation's first-quarter 2011 Form 10-Q reports net income attributable to PPL of $401 million, or $0.82 per diluted share, compared with $250 million, or $0.66 per diluted share, in the first quarter of 2010. Operating revenues were $2,910 million versus $3,006 million, while operating income rose to $805 million from $476 million. Results reflect the November 2010 acquisition of LG&E and KU Energy LLC (LKE), which contributed Kentucky Regulated results with no comparable amounts in the prior-year period, and the Supply segment's $219 million of net income attributable to PPL, up from $137 million. Cash provided by operating activities fell to $196 million from $798 million, mainly due to $438 million of defined benefit plan funding and working capital changes tied to counterparty collateral. The filing's most significant event is the April 1, 2011 acquisition of Central Networks, now WPD Midlands, for a total enterprise consideration of $6.5 billion, including $5.7 billion of cash consideration and about $800 million of assumed long-term debt. PPL financed the deal initially through a £3.6 billion Bridge Facility, then repaid part of it with approximately $2.8 billion from April 2011 issuances of 92 million common shares at $25.30 and 19.55 million 2011 Equity Units, plus $953 million of PPL WEM senior notes. As of May 6, 2011, £1.2 billion remained outstanding under the Bridge Facility. Management states the acquisition increases the regulated share of PPL's business, which it expects to provide earnings stability relative to the competitive Supply business. The filing also flags several risks. Susquehanna Unit 2 is in an outage to replace low pressure turbine blades, with management estimating an after-tax impact of $20 million to $30 million. The Montana hydroelectric litigation liability stood at $78 million at March 31, 2011, and Pennsylvania and federal proceedings, including PJM and New Jersey capacity matters, remain pending. Management also expects lower Eastern energy and capacity prices to reduce Supply margins in 2011.

    May 6, 2011
  50. 2010-Q3

    PPL Quarterly Report for Q3 Ended Sep 30, 2010

    PPL Corporation, Form 10-Q for the quarter ended September 30, 2010. Net income attributable to PPL was $248 million for the third quarter of 2010 ($0.51 per diluted share), compared with $20 million ($0.05) a year earlier, and $583 million ($1.40) for the nine months versus $254 million ($0.67). Income from continuing operations attributable to PPL rose to $301 million for the quarter from $45 million. Results were driven by the Supply segment, where Eastern U.S. non-trading margins increased substantially on higher baseload generation pricing after the PLR contract with PPL Electric expired at the end of 2009, and by International Delivery, which benefited from a $12 million U.S. Tax Court ruling and a U.K. tax rate change. Cash and cash equivalents rose to $4.85 billion at September 30, 2010, from $801 million at year-end 2009, reflecting $2.4 billion of net common stock proceeds and $1.7 billion of long-term debt and Equity Unit proceeds raised in June 2010 to partially fund the pending acquisition of E.ON U.S. The central investor issue is the pending E.ON U.S. acquisition, with a cash consideration estimated at $2.5 billion and aggregate consideration of an estimated $7.6 billion including surviving indebtedness. The filing states the transaction has received all requisite regulatory approvals and is expected to close on or about November 1, 2010. The company borrowed $3.2 billion under PPL Energy Supply's $4 billion syndicated credit facility in October 2010 for interim financing, and a $6.5 billion Bridge Facility has been reduced to approximately $2.6 billion at September 30, 2010 and further to $300 million in October 2010. A termination fee of $450 million could be payable in certain circumstances. PPL also disclosed sales of certain non-core generation facilities for approximately $381 million and monetization of full-requirement sales contracts for $249 million. Other notable items include a $42 million tax benefit from the U.S. Tax Court ruling on the U.K. Windfall Profits Tax, Montana hydroelectric litigation, where the Montana Supreme Court affirmed a decision leading to a $56 million pre-tax charge in the first quarter of 2010, and a pending PPL Electric rate case requesting $115 million, with a settlement of $77.5 million recommended by an Administrative Law Judge.

    Oct 29, 2010