PPL · PPL

802 filings

PPL SEC Filings

PPL - 802 total filings

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

Showing 1–50 of 802 filings

PPL 8-K Report, Corporate Update (Aug 27, 2026)

PPL Corporation reported that on August 21, 2026, the Rhode Island Public Utilities Commission (RIPUC) approved oral motions in the base distribution rate case of The Narragansett Electric Company d/b/a Rhode Island Energy (RIE), which RIE filed in November 2025. The decisions authorize annual revenue increases of $44.1 million for electric and $93.7 million for gas, a return on equity of 9.275%, and a capital structure of 48 percent debt to 52 percent equity. The RIPUC did not approve a proposed second rate year, though it noted the matter could be considered later. The approved rate changes take effect September 1, 2026, and a final written order is expected in the coming weeks. RIE and intervening parties may appeal, and PPL and RIE state they cannot predict the ultimate outcome. The RIPUC also addressed RIE's Hold Harmless Commitment, which relates to potential tax impacts from PPL's May 2022 acquisition of RIE. The RIPUC denied RIE's proposal as submitted but approved an alternative that increases accelerated bill credits by approximately $11 million, for total credits of approximately $170 million. RIE voluntarily accepted this alternative on August 25, 2026, and the credits will be issued to electric and gas customers from October 2026 through September 2027. The filing states the alternative fully satisfies RIE's obligation under the commitment. In connection with these matters, PPL reaffirmed its previously disclosed 2026 ongoing earnings per share forecast and long-term earnings growth targets. The filing also notes RIE made its required compliance filing on August 27, 2026, and must file a new tariff for extra-large electric loads by December 31, 2026.

Aug 27, 2026 8-K

PPL 8-K Report, Corporate Update (Aug 17, 2026)

PPL Corporation, together with its subsidiaries Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), filed this Form 8-K to report an August 14, 2026 order from the Kentucky Public Service Commission (KPSC) in the Companies' base rate proceedings. The order addresses the Companies' requests for rehearing of the KPSC's February 2026 orders that granted increases in annual electricity and gas revenues. The KPSC granted rehearing on several elements, including incorporating regulatory assets and liabilities in rate base calculations and their recovery, using updated cost estimates in a potential recovery cap under the Pilot Generation Recovery Clause mechanism, and allowing pre-2026 costs to be included in a regulatory asset for LG&E's stay-open costs related to Mill Creek Unit 2. The KPSC denied other elements of the rehearing requests, including reinstatement of certain aspects of an October 2025 stipulation and recommendation of the Companies and certain intervenors. The Companies estimate the order represents increases of approximately $4 million in annual LG&E electricity and gas revenues and approximately $3 million in annual KU electricity revenues above the amounts in the February 2026 order. The revised rates are effective for services on and after the order date. PPL Corporation reaffirmed its previously disclosed long-term earnings per share growth targets in connection with the order.

Aug 17, 2026 10-Q

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 8-K

PPL 8-K Report, Financial Results (Aug 7, 2026)

PPL Corporation reported second-quarter 2026 reported earnings (GAAP) of $230 million, or $0.30 per share, compared with $183 million, or $0.25 per share, in the second quarter of 2025. Earnings from ongoing operations (non-GAAP) were $247 million, or $0.33 per share, versus $240 million, or $0.32 per share, a year earlier. For the first six months of 2026, reported earnings were $682 million, or $0.90 per share, and ongoing earnings were $725 million, or $0.96 per share. Management reaffirmed its 2026 ongoing EPS forecast range of $1.90 to $1.98 (midpoint $1.94) and expects stronger earnings growth in the second half of 2026. PPL reaffirmed its 6% to 8% annual EPS growth target through at least 2029, with compound annual growth expected near the top end of that range versus 2025 actual ongoing earnings. The company highlighted growing data center and large-load interest in Pennsylvania and Kentucky, estimating $10 billion to $12 billion of total investment upside through 2032 tied to generation needs. The business plan excludes any earnings or capital contributions from Invitium Energy, LLC, its 51% joint venture with Blackstone Infrastructure. PPL does not expect the joint venture's earnings to be material through 2030 and expects one or more commercial agreements by the end of 2026. In Kentucky, LG&E and KU may file a CPCN request by the end of 2026 for additional generation, which the company estimates at $3.5 billion to $4.0 billion of incremental investment between 2027 and 2032. Balance sheet data show total assets of $46.30 billion at June 30, 2026, with long-term debt of $19.79 billion, up from $17.99 billion at December 31, 2025. Cash flow data show expenditures for property, plant and equipment of $2.34 billion in the first six months of 2026.

Aug 7, 2026 8-K

PPL 8-K Report, Executive Changes (Jun 30, 2026)

PPL Corporation filed this Form 8-K on June 30, 2026 to report that its Board of Directors elected Kenneth M. Hartwick as a director, effective July 1, 2026. Hartwick will serve on the People and Compensation Committee and Finance Committee, and the Board has determined he is independent under the Company's Independence Guidelines and NYSE rules. As a non-employee director, he will receive the same compensation as other non-employee directors under previously approved policies. The filing states there are no arrangements or understandings tied to his election and no related-party transactions requiring disclosure. Hartwick brings extensive energy-sector leadership. The filing describes his service as president and chief executive officer of Ontario Power Generation from 2019 to 2025, along with prior roles as that company's CFO, CEO and CFO of Just Energy Group, CFO of Hydro One, and a partner at Ernst & Young. He currently chairs the board of MYR Group Inc. and also serves on the boards of Denison Mines Corp. and the Independent Electricity System Operator of Ontario, and sits on the Investment Management Corporation of Ontario board. The announcement, furnished as Exhibit 99.1, states that the board will consist of 10 directors following his appointment, including independent Chair Craig A. Rogerson, eight other independent directors, and PPL's president and chief executive officer. The filing notes the board is declassified, so all directors, including Hartwick, will stand for election annually.

Jun 30, 2026 8-K

PPL 8-K Report, Corporate Update (Jun 4, 2026)

PPL Electric Utilities, a wholly owned subsidiary of PPL Corporation, announced on June 4, 2026 that the Pennsylvania Public Utility Commission approved a settlement resolving its distribution rate review, with a minor modification related to net metering eligibility. The settlement authorizes an increase of $275 million in annual base distribution revenue, effective July 1, 2026. The filing states the decision will result in a 3.23% increase to residential customer bills, with estimated monthly increases of $6.48 for residential customers using 1,000 kWh, $4.08 for commercial customers, and $332.54 for industrial customers. The approved settlement establishes a new large-load customer rate class, which includes binding long-term financial and usage commitments, including a minimum 10-year requirement for large users such as data centers. Beginning in 2027, $11 million annually in low-income program assistance will be assigned to these large-load customers through a non-bypassable charge. The company also committed not to increase distribution base rates for at least two years following implementation, which it describes as its first base rate increase since 2016. The press release, filed as Exhibit 99.1, states that the company will direct the increased revenue toward infrastructure replacement, vegetation management, smart grid technology and customer service systems, alongside expanded low-income assistance and no reconnection fees for income-eligible customers.

Jun 4, 2026 8-K

PPL 8-K Report, Material Agreement (May 18, 2026)

PPL Corporation's wholly owned subsidiary, The Narragansett Electric Company (d/b/a Rhode Island Energy), issued $400 million aggregate principal amount of 6.000% Senior Notes due 2056 on May 18, 2026, in a private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S. The Notes are senior, unsecured obligations of the Issuer and are not guaranteed by PPL Corporation or its other subsidiaries. Interest is payable semiannually on May 15 and November 15, beginning November 15, 2026, and the Notes mature on May 15, 2056, subject to the Issuer's optional early redemption. The net proceeds were $396.3 million after discounts and commissions to the Initial Purchasers, before other estimated fees and expenses. The Issuer intends to use the proceeds to repay short-term debt incurred primarily for capital expenditures and general corporate purposes. Barclays Capital Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc. acted as representatives of the Initial Purchasers under a purchase agreement dated May 13, 2026. The Notes were issued under a base indenture dated March 22, 2010 with The Bank of New York Mellon, as supplemented by a seventh supplemental indenture dated May 18, 2026. The indenture contains customary events of default and, apart from covenants restricting mergers, consolidations and sales of all or substantially all assets, no restrictive covenants.

May 18, 2026 8-K

PPL 8-K Report, Financial Obligation (May 15, 2026)

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, entered into an underwriting agreement on May 12, 2026 with MUFG Securities Americas Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as representatives of the underwriters, for the offering and sale of $500 million of 5.75% First Mortgage Bonds, Series due 2056. The Bonds were issued on May 15, 2026 under PPL Electric's 2001 Indenture, as supplemented by Supplemental Indenture No. 28 dated May 1, 2026, and are secured by a lien on substantially all of PPL Electric's distribution properties and certain of its transmission properties, subject to stated exceptions and exclusions. The Bonds mature May 15, 2056 and are subject to early redemption. PPL Electric will use the net proceeds to repay short-term debt and for general corporate purposes. The offering was made under PPL Electric's Form S-3 registration statement (Registration No. 333-277140-03). The filing lists supporting exhibits, including the underwriting agreement, the supplemental indenture, an officer's certificate dated May 15, 2026, and legal opinions from W. Eric Marr of PPL Services Corporation and Troutman Pepper Locke LLP.

May 15, 2026 8-K

PPL 8-K Report, Executive Changes (May 13, 2026)

PPL Corporation's 8-K reports the results of its May 13, 2026 Annual Meeting of Shareowners. Shareowners approved the PPL Corporation Second Amended and Restated 2012 Stock Incentive Plan (the "Second A&R SIP"), which became effective upon approval on that date. A detailed summary of the plan is set forth in Proposal 3 of the company's definitive proxy statement filed April 1, 2026, and the full plan text is filed as Exhibit 10.1. All nine director nominees were elected. Shareowners also approved, on an advisory basis, the 2025 compensation of the named executive officers, with 580,083,934 votes for, 18,747,637 against, and 2,196,382 abstaining. Deloitte & Touche LLP was ratified as independent registered public accounting firm for the year ending December 31, 2026, with 662,634,703 votes for, 6,313,167 against, and 1,092,164 abstaining. For investors, the filing is primarily a governance and compensation update. The most notable item is the approval of the expanded equity incentive plan, while director elections and the say-on-pay and auditor votes all passed with large majorities.

May 13, 2026 8-K

PPL 8-K Report, Financial Results (May 8, 2026)

PPL Corporation reported first-quarter 2026 reported earnings (GAAP) of $452 million, or $0.60 per share, compared with $414 million, or $0.56 per share, in the first quarter of 2025. Earnings from ongoing operations (non-GAAP) were $478 million, or $0.63 per share, versus $444 million, or $0.60 per share, a year earlier. The company reaffirmed its 2026 ongoing earnings forecast of $1.90 to $1.98 per share (midpoint $1.94) and its 6% to 8% annual EPS growth target through at least 2029, with compound annual growth expected near the top end of that range compared with 2025 actual ongoing earnings of $1.81 per share. CEO Vincent Sorgi said the company is on pace to complete $5.1 billion of 2026 infrastructure investments. Regulatory progress during the quarter included a settlement in PPL Electric Utilities' first base rate case in over 10 years, which the Administrative Law Judges recommended approving without modification. The company expects a Pennsylvania Public Utility Commission decision by the end of the second quarter of 2026, with new rates effective July 1, 2026. In Rhode Island, Rhode Island Energy received approval for infrastructure, safety and reliability plans supporting over $330 million of investment and proposed hold-harmless bill credits starting in the first quarter of 2027. The Blackstone Infrastructure joint venture is pursuing generation in Pennsylvania to serve data centers, though PPL's business plan includes no earnings or capital from it. The balance sheet showed total assets rising to $46.30 billion at March 31, 2026 from $45.24 billion at December 31, 2025, with long-term debt increasing to $19.02 billion from $17.99 billion. Operating cash flow was $557 million for the quarter, against $1.06 billion of capital expenditures for property, plant and equipment, and the company issued $1.15 billion of long-term debt.

May 8, 2026 10-Q

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 8-K

PPL 8-K Report, Corporate Update (Mar 24, 2026)

PPL Corporation filed a Form 8-K dated March 19, 2026 (signed March 24, 2026) disclosing that the Federal Energy Regulatory Commission issued Opinion No. 594 on March 19, 2026, addressing longstanding complaints regarding the return on equity for New England transmission owners under the ISO New England tariff. The order, captioned Coakley v. Bangor Hydro-Elec. Co., adopts a new methodology for determining ROE and sets the base ROE for NETOs at 9.57%, with a maximum including incentives not to exceed 12.09%, retroactive to October 16, 2014. FERC also ordered refunds with interest for certain periods affected by the decision. The order affects Rhode Island Energy, a wholly-owned PPL subsidiary. PPL and RIE are evaluating next steps, including coordinating with the other NETOs, which may include an appeal. PPL states it does not expect the order's potentially relevant components to have a material impact on its operations or financial condition. In the same filing, PPL reaffirmed its projected 2026 earnings per share forecast range of $1.90 to $1.98 per share and its annual EPS growth target of 6% to 8%, with compound annual growth expected to be near the top end of that range through at least 2029.

Mar 24, 2026 8-K

PPL 8-K Report, Corporate Update (Mar 13, 2026)

PPL Electric Utilities, a subsidiary of PPL Corporation, filed a Form 8-K on March 13, 2026 reporting that it submitted a joint petition to the Pennsylvania Public Utility Commission (PUC) reflecting a previously announced settlement resolving all issues in its base rate proceeding. The settlement was supported or not opposed by most intervening parties, with limited objections from two parties focused on certain large net metering customer classification provisions. The settlement is subject to PUC approval, with a decision expected before the end of the second quarter of 2026. If approved as proposed, the settlement would authorize an annual electric base distribution revenue increase of approximately $275 million, versus PPL Electric's filed request of approximately $356 million. The settlement does not stipulate a return on equity or capital structure and is based on a fully projected future test year ending June 30, 2027, with rates proposed to take effect July 1, 2026. It also generally limits further changes to distribution base rates for two years after the effective date. The settlement includes several additional provisions: DSIC capital rolled into base rates with the DSIC reset to 0% (capped at 5.0% of annual distribution revenues), storm expense recovered through base rates for the SDER set at $32 million annually (up from $20 million), capitalization of approximately $54 million in IT upgrades, and a new LP-6 large load tariff for customers such as data centers, which would provide $11 million in support for PPL Electric's residential low-income program. The filing notes that all of these matters remain subject to PUC review, and there can be no assurance regarding the timing or outcome of the PUC's consideration.

Mar 13, 2026 8-K

PPL 8-K Report, Corporate Update (Mar 6, 2026)

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, reached a non-unanimous settlement in principle on March 5, 2026 in its distribution rate case before the Pennsylvania Public Utility Commission (PUC). The rate case was originally filed with the PUC on September 30, 2025. A letter advising the Administrative Law Judges of the agreement was posted to the docket on March 6, 2026. The proposed settlement is subject to PUC approval. The settlement resolves all issues in the proceeding with broad agreement among active parties, though two parties expressed limited opposition specifically to the company's proposal concerning maximum registered peak load. Management believes the settlement supports continued investment in a safe, reliable and resilient electric system while maintaining a focus on customer affordability and service. Details are to be made available after the Joint Petition for approval of the non-unanimous settlement is filed on March 10, 2026, and that petition remains subject to approval by the Administrative Law Judges. The company cannot predict the outcome of the proceeding but continues to anticipate a PUC ruling by the end of the second quarter of 2026.

Mar 6, 2026 8-K

PPL 8-K Report, Material Agreement (Feb 26, 2026)

On February 26, 2026, PPL Corporation completed the offering of 23,000,000 equity units (corporate units) with a stated amount of $50 each, including the full exercise of the Underwriters' over-allotment option of 3,000,000 units. Each corporate unit combines a stock purchase contract, which obligates the holder to buy PPL common stock by February 15, 2029 for $50 in cash, with a 1/40 beneficial interest in $1,000 principal amount each of PPL Capital Funding's 4.02% Remarketable Senior Notes due 2034 and 4.02% Remarketable Senior Notes due 2039. The offering was made under a joint shelf registration statement with PPL Capital Funding, Inc., and the notes are fully and unconditionally guaranteed by PPL Corporation. Total annual distributions on the corporate units are 7.00% of the stated amount, consisting of quarterly contract adjustment payments at 2.98% per year and note interest at 4.02% per year. The remarketable senior notes are pledged as collateral to secure holders' obligations under the stock purchase contracts and will be remarketed before the applicable settlement date under a remarketing agreement still to be entered into among PPL, The Bank of New York Mellon and a remarketing agent. The filing also documents the governing agreements: the underwriting agreement dated February 23, 2026, Supplemental Indentures No. 19 and No. 20 to the 1997 Notes Indenture, and a Purchase Contract and Pledge Agreement dated February 26, 2026, with The Bank of New York Mellon as purchase contract agent, collateral agent, custodial agent and securities intermediary. Underwriters acting as representatives were J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC.

Feb 26, 2026 8-K

PPL 8-K Report, Financial Results (Feb 20, 2026)

PPL Corporation (NYSE: PPL) reported 2025 reported earnings (GAAP) of $1.18 billion, or $1.59 per diluted share, compared with 2024 reported earnings of $888 million, or $1.20 per share. Earnings from ongoing operations (non-GAAP) were $1.34 billion, or $1.81 per share, compared with $1.25 billion, or $1.69 per share, in 2024. For the fourth quarter of 2025, reported earnings were $266 million, or $0.36 per share, and earnings from ongoing operations were $305 million, or $0.41 per share. Management said it completed $4.4 billion of infrastructure investments in 2025 and achieved $170 million of annual run-rate O&M savings. PPL provided a 2026 earnings forecast range of $1.90 to $1.98 per share, with a midpoint of $1.94, and extended its 6% to 8% annual EPS growth target through at least 2029, expecting compound annual growth near the top end of that range off 2025 ongoing earnings. The updated business plan calls for $23 billion of infrastructure investment from 2026 through 2029, versus the prior $20 billion plan for 2025 through 2028, with average annual rate base growth of approximately 10.3%. The plan excludes earnings and capital from the Blackstone Infrastructure joint venture, which the company says could be upside in the back end of the plan period. PPL projects about $3 billion of equity needs from 2026 through 2029, of which about $1 billion was already executed through forward sales agreements in 2025. The company also raised its quarterly common dividend to $0.2850 per share from $0.2725, a 4.6% increase, and now targets annual dividend growth of 4% to 6%. It continues to project an FFO/CFO to debt ratio of 16% to 18% throughout the plan period.

Feb 20, 2026 10-K

PPL Annual Report, Year Ended Dec 31, 2025

PPL Corporation, a utility holding company headquartered in Allentown, Pennsylvania, reported 2025 net income of $1.181 billion, up from $888 million in 2024, and diluted EPS of $1.59 versus $1.20. Earnings from Ongoing Operations rose to $1.344 billion from $1.250 billion. Kentucky Regulated net income was $674 million, Pennsylvania Regulated $639 million and Rhode Island Regulated $85 million. Operating revenues increased to $9.042 billion from $8.462 billion, driven largely by higher PLR revenues at PPL Electric and RIE energy purchase recoveries. The company's capital program is large: projected capital expenditures total $17.35 billion for 2026 through 2028, and cash used in investing activities reached $4.004 billion in 2025 versus $2.818 billion in 2024. Long-term debt rose to $17.99 billion noncurrent at year-end, and PPL issued $3.045 billion of long-term debt during 2025. Pending regulatory matters are significant: PPL Electric requested a distribution base rate increase of about $356 million, LG&E and KU received KPSC orders on February 16, 2026 approving about $233 million of revenue increases at a 9.775% base ROE, and RIE requested about $181 million in its first year of a two-year plan. Investors should also note that a joint venture with Blackstone Infrastructure, in which PPL owns 51%, is developing data center generation, though no energy services agreements with hyperscalers had been signed as of the filing date. The company also cited ongoing wildfire, environmental and data center demand risks, and an EPA deregulatory initiative that could affect its coal-fired generation.

Feb 20, 2026 8-K

PPL 8-K Report, Corporate Update (Feb 17, 2026)

On February 16, 2026, the Kentucky Public Service Commission (KPSC) issued orders in the rate proceedings that Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) commenced in May 2025. The orders approve portions of the Companies' October 2025 stipulation with a majority of intervenors, with modifications. They provide for annual electricity revenue increases of $59 million at LG&E and $128 million at KU, and an annual gas revenue increase of $46 million at LG&E. Authorized returns on equity are 9.775% for base rates and 9.675% for capital rate adjustment mechanisms. PPL Corporation reaffirmed its previously disclosed long-term earnings growth targets in connection with the orders. The orders create a temporary Pilot Generation Recovery Adjustment Clause (Adjustment Clause PGR) covering planned generation and storage projects, including Mill Creek Unit 5, the Brown Battery Energy Storage System, and the Mercer County and Marion County solar projects. The KPSC also allowed potential stay-open costs for LG&E's Mill Creek Unit 2 to be recovered through this clause, which runs until the earlier of ten months after the Companies' next base rate filing or the effective date of new rates in that proceeding. Costs for Mill Creek Unit 6 and Brown Unit 12 were excluded from the clause, without prejudice to future recovery requests. The KPSC did not approve the requested earnings-sharing mechanism, and the conditional stay-out offer, which would have deferred base rate increases until August 2028, was part of the stipulation the orders modified. The rate changes take effect retroactively on January 1, 2026, and the Companies will refund amounts collected above final approved rates within sixty days. The Companies and all intervenors may seek rehearing or appeal. Because the orders modified or denied terms of the stipulation, the Companies and all stipulating parties may withdraw from it. The Companies are evaluating the orders and PPL Corporation states it cannot predict the outcome of the matter.

Feb 17, 2026 8-K

PPL 8-K Report, Financial Obligation (Jan 30, 2026)

PPL Corporation, together with its subsidiaries PPL Electric Utilities Corporation, Louisville Gas and Electric Company, and Kentucky Utilities Company, reported in this Form 8-K filed January 30, 2026 that on January 29, 2026 each entity amended its existing revolving credit facility with Wells Fargo Bank, National Association, as Administrative Agent. The facilities are used to enhance liquidity, provide credit support and backstop commercial paper programs. The amendments extend the scheduled termination dates of certain revolving commitments from December 6, 2029 to December 6, 2030, and make certain other changes set forth in the conformed amended and restated revolving credit agreements filed as exhibits. The PPL Corporation facility is $1.5 billion and is shared with The Narragansett Electric Company, d/b/a Rhode Island Energy, as Designated Borrower, with PPL Capital Funding, Inc. as Borrower and PPL Corporation as Guarantor. PPL Electric Utilities Corporation's facility is $750 million, while Louisville Gas and Electric Company and Kentucky Utilities Company each have $600 million facilities. For investors, the filing is a routine liquidity update: it extends the maturity of committed bank capacity across the PPL group by one year, providing additional near-term financing flexibility. The filing itself does not disclose any drawn amounts or changes to pricing beyond the listed other changes.

Jan 30, 2026 8-K

PPL 8-K Report, Corporate Update (Dec 29, 2025)

PPL Corporation disclosed in this Form 8-K, filed December 29, 2025, that it physically settled in full the forward sale agreements due on or before December 30, 2025 by delivering approximately 11.3 million shares of its common stock to the relevant Forward Purchasers. The company received net proceeds of approximately $400 million from this settlement. These forward agreements were entered into under master forward confirmations dated February 14, 2025, tied to the Equity Distribution Agreement described in the company's February 14, 2025 Form 8-K. The filing states that approximately 27.4 million shares remain outstanding under forward agreements covering approximately $1.0 billion, consisting of two agreements of approximately $500 million each. One must settle on or before December 30, 2026 and the other on or before August 11, 2027. Across all the forward agreements disclosed, the filing describes a total of approximately 38.7 million shares, or approximately $1.4 billion, to be settled at various times at or before August 11, 2027. For investors, the key point is the equity-funding activity: the company has raised about $400 million in this settlement and has about $1.0 billion of share issuance still to be settled under the remaining forward agreements. The filing itself does not describe the use of proceeds or the company's financial impact beyond these amounts.

Dec 29, 2025 8-K

PPL 8-K Report, Regulation FD Disclosure (Nov 26, 2025)

Rhode Island Energy, a subsidiary of PPL Corporation, filed a request with the Rhode Island Public Utilities Commission (PUC) for an increase in electric and natural gas base distribution rates, with new rates expected to take effect September 1, 2026. The company seeks a two-year rate plan. In the first year, proposed base distribution rates for electric and gas combined are designed to collect additional operating revenue of $180.7 million. In the second year, the proposed increase is designed to collect an additional $49.4 million. The application uses a historical test year of September 1, 2024 through August 31, 2025 and requests an authorized return-on-equity of 10.75%. The filing states that the company cannot predict the outcome of the proceeding and anticipates a PUC ruling during the third quarter of 2026. The proceeding is designated as Docket No. 25-45-GE. The accompanying press release says the filing is the company's first comprehensive rate review since 2017 and attributes the request to higher costs from inflation, supply chain challenges, and evolving regulatory requirements. It cites proposed investments in gas pipe replacements, electric grid modernization, a new billing system, and a redesigned low-income discount rate. For the typical residential customer, the press release estimates a $7.78 per month increase (4.83%) for an electric customer using 500 kWh per month, and a $343.53 per year increase (20.60%) for a gas heating customer using 845 therms per year. The filing is a Regulation FD disclosure, so it does not report any financial results for PPL, and the impact on the company's earnings is not addressed in the document.

Nov 26, 2025 8-K

PPL 8-K Report, Material Agreement (Nov 24, 2025)

On November 24, 2025, PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation, issued $1.15 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due 2030, including an additional $150 million from the full exercise of the initial purchasers' option. The notes were sold in a Rule 144A private placement, are senior unsecured obligations of the issuer, and are fully and unconditionally guaranteed on a senior unsecured basis by PPL Corporation. Net proceeds were $1.14 billion before other estimated fees and expenses, and the issuer intends to use them to repay short-term debt and for general corporate purposes. The notes are exchangeable at an initial rate of 23.4412 shares of PPL common stock per $1,000 principal amount, equal to an initial exchange price of approximately $42.66 per share. That price represents an exchange premium of approximately 20.0% over the last reported sale price of $35.55 on November 19, 2025. Upon exchange, the issuer will pay cash up to the principal amount and may settle the excess in cash, shares, or a combination at its election. The issuer may not redeem the notes before December 5, 2028, and thereafter may redeem them for cash if the stock trades at or above 130% of the exchange price under specified conditions. Holders may require repurchase at par plus accrued interest upon a fundamental change. The indenture, dated November 24, 2025, names The Bank of New York Mellon Trust Company, N.A. as trustee and contains customary events of default. Apart from restrictions on mergers, consolidations, and sales of substantially all assets, it has no restrictive covenants. The filing states that up to 32,348,695 shares of common stock may be issued upon exchange, based on the initial maximum exchange rate of 28.1293 shares per $1,000 principal amount, subject to anti-dilution adjustments. Any such shares would be issued in transactions expected to be exempt from registration under Section 3(a)(9) of the Securities Act.

Nov 24, 2025 8-K

PPL 8-K Report, Corporate Update (Nov 20, 2025)

PPL Corporation (NYSE: PPL) reported on Form 8-K, dated November 19, 2025, that its wholly-owned subsidiary, PPL Capital Funding, Inc., priced a private placement of $1.0 billion aggregate principal amount of 3.000% Exchangeable Senior Notes due December 1, 2030, to qualified institutional buyers under Rule 144A. The notes are senior, unsecured obligations of PPL Capital Funding, fully and unconditionally guaranteed on a senior, unsecured basis by PPL Corporation. The initial purchasers also hold an option, exercisable within 13 days of the first issuance date, to buy up to an additional $150 million of notes. The sale is expected to settle on November 24, 2025, with approximately $988.8 million in net proceeds to PPL Capital Funding before estimated offering expenses, assuming no exercise of the option. The notes are exchangeable into 23.4412 shares of PPL common stock per $1,000 principal amount, an initial exchange price of approximately $42.66 per share. The filing states this represents an exchange premium of approximately 20% over the last reported sale price of $35.55 per share on November 19, 2025. Upon exchange, PPL Capital Funding will pay cash up to the principal amount and may settle any excess in cash, shares, or a combination, at its election. PPL Capital Funding may not redeem the notes before December 5, 2028, and thereafter may redeem them for cash if the stock trades at least 130% of the exchange price for specified periods. The proceeds are intended to repay short-term debt and for general corporate purposes. For investors, the key takeaways are the size of the financing, its exchangeable structure that ties potential equity dilution to a stock price above $42.66, and the use of proceeds to refinance short-term borrowings. The notes have not been registered under the Securities Act, and the filing is not an offer to sell securities.

Nov 20, 2025 8-K

PPL 8-K Report, Corporate Update (Nov 19, 2025)

PPL Corporation (NYSE: PPL) reported in this Form 8-K dated November 19, 2025 that its wholly-owned subsidiary, PPL Capital Funding, Inc., announced a proposed private placement of $1.0 billion aggregate principal amount of Exchangeable Senior Notes due 2030. The offering is being made only to persons reasonably believed to be qualified institutional buyers under Rule 144A, is subject to market conditions, and the initial purchasers have an option, exercisable within a 13-day period, to buy up to an additional $150 million of notes. The notes will be senior, unsecured obligations of PPL Capital Funding, fully and unconditionally guaranteed on a senior, unsecured basis by PPL Corporation, and will mature on December 1, 2030 unless earlier exchanged, redeemed or repurchased. The notes are exchangeable into cash up to the principal amount, with the remainder of the exchange obligation settled in cash, PPL common stock, or a combination at PPL Capital Funding's election. Exchangeability is restricted before September 1, 2030 and unrestricted from that date until the business day before maturity. The notes cannot be redeemed before December 5, 2028; thereafter, they may be redeemed for cash at par plus accrued interest if PPL's common stock trades at or above 130% of the exchange price for specified periods. Holders may require repurchase at par upon a fundamental change, and the exchange rate may increase in certain corporate events or redemptions. There is no sinking fund. PPL Capital Funding intends to use the net proceeds to repay short-term debt and for general corporate purposes. The filing is an announcement of a proposed offering and does not state final pricing or completion of the placement. The notes and any underlying common stock have not been registered under the Securities Act.

Nov 19, 2025 10-Q

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 8-K

PPL 8-K Report, Financial Results (Nov 5, 2025)

PPL Corporation reported third-quarter 2025 reported earnings (GAAP) of $318 million, or $0.43 per share, compared with $214 million, or $0.29 per share, in the third quarter of 2024. Earnings from ongoing operations (non-GAAP) were $355 million, or $0.48 per share, versus $310 million, or $0.42 per share a year earlier. For the first nine months of 2025, reported earnings were $915 million, or $1.23 per share, and earnings from ongoing operations were $1.04 billion, or $1.40 per share. PPL narrowed its 2025 ongoing earnings forecast to $1.78 to $1.84 per share from $1.75 to $1.87 per share, keeping the midpoint at $1.81. The company reaffirmed its 6% to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of that range. Management cited strong third-quarter results, capital investment, and operational efficiencies, and said it remains on track to achieve at least the midpoint of its 2025 forecast. Regulatory developments include a October 28 Kentucky Public Service Commission decision granting Louisville Gas and Electric Company and Kentucky Utilities Company a Certificate of Public Convenience and Necessity to build two new 645-megawatt natural gas combined-cycle units, with the first available in 2030 and the second in 2031, plus additional environmental controls at the Ghent 2 power plant. A Kentucky base rate case stipulation has been reached with most stakeholders, with hearings beginning the week of November 3 and a decision expected by year-end.

Nov 5, 2025 8-K

PPL 8-K Report, Corporate Update (Oct 30, 2025)

On October 28, 2025, the Kentucky Public Service Commission (KPSC) issued an order in the proceeding that Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) began in February 2025 seeking certificates of public convenience and necessity (CPCN) and other approvals for new generation facilities and construction-related matters. The order approved much of the Companies' July 2025 stipulation with intervenors, with certain modifications. It granted CPCNs and site-related permits for two 645 MW natural gas combined-cycle (NGCC) units, E.W. Brown Unit 12 and Mill Creek Unit 6, and for a selective catalytic reduction (SCR) environmental facility at Ghent Unit 2. The order allowed the Ghent Unit 2 SCR costs to be included in the Companies' existing environmental cost recovery rate mechanism. The KPSC declined to approve the Companies' proposed new rate adjustment cost recovery mechanisms for certain Mill Creek Unit 6 costs and for costs of operating the Mill Creek 2 coal unit beyond its original 2027 retirement date. These denials are without prejudice to resubmission, and the KPSC encouraged the Companies to provide more evidence in separate proceedings. The Companies are evaluating next steps, including pursuing recovery of these costs in their pending rate case proceedings. The order did not include a CPCN for the Cane Run battery energy storage system (BESS), which was conditionally withdrawn in the stipulation, although LG&E and KU retain the right to seek approval of that project or a similar substitute in future proceedings. The order is subject to rehearing or appeal rights for the Companies and all intervenors, and the Companies cannot predict the outcome if any party pursues those options.

Oct 30, 2025 8-K

PPL 8-K Report, Corporate Update (Oct 20, 2025)

PPL Corporation's regulated Kentucky utilities, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), filed a stipulation and recommendation with the Kentucky Public Service Commission (KPSC) on October 20, 2025. The agreement, reached with a majority of intervenors, proposes a revised aggregate increase in annual electricity and gas revenues of approximately $235 million, comprising $58 million and $132 million in electricity revenues at LG&E and KU, respectively, and $45 million in gas revenues at LG&E. It also proposes a revised authorized return on equity of 9.90%. The agreement includes a stay-out commitment, under which the companies would not implement effective base rate increases before August 1, 2028, subject to certain exceptions. It proposes two new rate trackers: a Generation Cost Recovery Adjustment Clause covering new generation and energy storage projects, including Mill Creek Unit 5, several solar and battery facilities, and E.W. Brown Unit 12 (subject to KPSC approval), and a Sharing Mechanism Adjustment Clause covering base rate deficiencies or surpluses during July 2027 through July 2028. The agreement also authorizes regulatory deferral accounting for certain expenses, including pension and post-retirement benefits, storm restoration and vegetation management. The agreement and the positions of non-agreeing intervenors remain subject to KPSC review, including approval, denial or modification. A KPSC hearing is scheduled to begin November 3, 2025. The companies anticipate a ruling in the fourth quarter of 2025, and the KPSC has until March 31, 2026 to issue its final order. The companies cannot predict the outcome.

Oct 20, 2025 8-K

PPL 8-K Report, Regulation FD Disclosure (Sep 30, 2025)

On September 30, 2025, PPL Electric Utilities Corporation filed a request with the Pennsylvania Public Utility Commission (PUC) for an increase in distribution base rates, expected to take effect July 1, 2026. The petition requests an increase in annual base rate distribution revenue of approximately $356 million, which would raise the company's total annual revenue by about 8.6%. The request is based on a fully projected future test year of July 1, 2026 through June 30, 2027 and a requested authorized return-on-equity of 11.3%. The filing is made under PUC Docket No. R-2025-3057164. The company states that the increase is intended to fund ongoing grid investments, including stronger poles and wire, comprehensive tree trimming, advanced automation, smart grid technologies and customer service system improvements. The press release accompanying the filing says the company's last distribution base rate change occurred on January 1, 2016, and that more than $50 million of the requested amount is already reflected in customer bills, making the net requested increase just over $300 million. The release states that for a residential customer using 1,000 kWh per month, the change would add about $13 a month. The company states it cannot predict the outcome of the proceeding and anticipates a PUC ruling during the second quarter of 2026. The filing is a Regulation FD disclosure, and the press release is furnished as Exhibit 99.1 rather than filed.

Sep 30, 2025 8-K

PPL 8-K Report, Financial Obligation (Aug 13, 2025)

PPL Corporation's subsidiaries Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) each issued $700,000,000 aggregate principal amount of 5.850% First Mortgage Bonds due 2055 on August 13, 2025. Both series were issued under their respective 2010 indentures with The Bank of New York Mellon as trustee, as supplemented by Supplemental Indentures dated as of August 1, 2025, and are secured by liens on substantially all of each utility's real and tangible personal property located in Kentucky used in electricity generation, transmission and distribution (and, for LG&E, natural gas storage, transportation and distribution). The filing states that each company intends to use the net proceeds to repay its $300 million (LG&E) and $250 million (KU) 3.300% Series First Mortgage Bonds maturing October 1, 2025, to repay short-term debt, and for other general corporate purposes. The bonds were offered under shelf Registration Statements on Form S-3 (Nos. 333-277140-02 and 333-277140-01). For investors, the filing is a debt financing and refinancing disclosure: it adds $1.4 billion of long-term first mortgage debt across the two utilities, with maturities in 2055, and retires near-term higher-coupon-equivalent maturities coming due in October 2025. The filing does not discuss earnings, guidance or other operating results.

Aug 13, 2025 8-K

PPL 8-K Report, Corporate Update (Aug 12, 2025)

PPL Corporation disclosed in this Form 8-K, filed August 12, 2025, that on August 8, 2025 and August 11, 2025 it entered into forward contracts to sell an aggregate of 27.4 million shares of its common stock through its existing at-the-market ("ATM") program, established under an equity distribution agreement entered into in February 2025. The blended initial forward price is approximately $35.90 per share, with expected net proceeds of approximately $984 million assuming physical settlement, before adjustments for daily interest rates, certain stock loan fees determined by third-party agents, and reductions based on expected dividends. The two forward contracts, each for approximately $500 million, must settle on or before December 30, 2026 and August 11, 2027, respectively. The filing states these transactions are in addition to approximately $400 million of forward contracts entered into under the ATM program from inception through August 6, 2025, all of which must settle on or before December 30, 2025. Since February 2025, PPL has entered into ATM forward contracts for approximately $1.4 billion of common stock settling through August 2027, which the company says derisks a significant portion of its previously disclosed approximately $2.5 billion expected equity need through 2028. PPL may elect to physically settle, net share settle or net cash settle the forward contracts at its discretion. The company states that the forward contracts under the ATM program are classified as equity transactions.

Aug 12, 2025 8-K

PPL 8-K Report, Financial Obligation (Aug 11, 2025)

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, entered into an underwriting agreement on August 6, 2025 with Barclays Capital Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC and RBC Capital Markets, LLC, as representatives of the underwriters, for the sale of $500,000,000 of First Mortgage Bonds, 5.55% Series due 2055. The Bonds were issued on August 11, 2025 under PPL Electric's 2001 Indenture, as supplemented by Supplemental Indenture No. 26 dated as of August 1, 2025, and are secured by a lien on substantially all of PPL Electric's distribution properties and certain of its transmission properties, subject to stated exceptions and exclusions. The Bonds mature August 15, 2055 and are subject to early redemption. PPL Electric states it will use the net proceeds to repay short-term debt and for general corporate purposes. The offering was made under PPL Electric's Form S-3 shelf registration (Registration No. 333-277140-03). The filing also lists exhibits including the underwriting agreement, supplemental indenture, an officer's certificate dated August 11, 2025, and legal opinions from W. Eric Marr of PPL Services Corporation and Troutman Pepper Locke LLP.

Aug 11, 2025 8-K

PPL 8-K Report, Corporate Update (Aug 5, 2025)

PPL Corporation's subsidiaries Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) each entered into underwriting agreements on August 4, 2025 for the offering of $700 million aggregate principal amount of 5.850% First Mortgage Bonds due 2055. Both series are expected to be issued on or about August 13, 2025 and mature August 15, 2055, subject to early redemption. The bonds were offered under shelf Registration Statements on Form S-3. The net proceeds are designated for specific uses. LG&E plans to repay its $300 million 3.300% Series First Mortgage Bonds due October 1, 2025, repay short-term debt, and fund other general corporate purposes. KU plans to repay its $250 million 3.300% Series First Mortgage Bonds due October 1, 2025, repay short-term debt, and fund other general corporate purposes. For investors, the filing is a financing disclosure rather than an earnings or operational update. It shows the utilities refinancing near-term maturities and short-term borrowings with long-dated fixed-rate debt, which extends their debt maturity profile. The filing does not provide earnings results or guidance.

Aug 5, 2025 10-Q

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 8-K

PPL 8-K Report, Financial Results (Jul 31, 2025)

PPL Corporation reported second-quarter 2025 reported earnings (GAAP) of $183 million, or $0.25 per share, compared with $190 million, or $0.26 per share, in the second quarter of 2024. Earnings from ongoing operations (non-GAAP) were $240 million, or $0.32 per share, versus $282 million, or $0.38 per share, a year earlier. Management attributed the decline primarily to the timing of certain operating costs and true-ups, favorable weather in the second quarter of 2024, and higher interest expense. For the first six months of 2025, reported earnings were $597 million, or $0.80 per share, compared with $497 million, or $0.67 per share, while earnings from ongoing operations were flat at $684 million, or $0.92 per share. PPL reaffirmed its 2025 ongoing earnings forecast range of $1.75 to $1.87 per share, with a midpoint of $1.81, and said it expects to achieve at least the midpoint. Management also reaffirmed 6% to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of that range. CEO Vincent Sorgi said the company anticipates strong earnings growth in the second half of 2025, driven by higher returns on capital investments and lower O&M year over year. The quarter's reported results included net special item after-tax charges of $57 million, or $0.07 per share, primarily tied to IT transformation and Rhode Island Energy acquisition integration expenses and adjustments. Sorgi also noted a joint venture with Blackstone Infrastructure to build, own and operate new electric generation stations to power data centers under long-term energy services agreements.

Jul 31, 2025 8-K

PPL 8-K Report, Corporate Update (Jul 29, 2025)

On July 29, 2025, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), subsidiaries of PPL Corporation, filed with the Kentucky Public Service Commission (KPSC) a stipulation and recommendation resolving issues with several intervenors in their February 2025 proceedings on future generation-related construction projects and associated accounting matters. Under the stipulation, the parties agree the KPSC should grant Certificates of Public Convenience and Necessity for an approximately 645 MW natural gas combined-cycle unit at KU's E.W. Brown Generating Station (Brown 12), an approximately 645 MW natural gas combined-cycle unit at LG&E's Mill Creek Generating Station (Mill Creek 6), and a selective catalytic reduction system at KU's Ghent Generating Station, Unit 2. The stipulation also provides that Brown 12 and Mill Creek 6 construction costs would be eligible for AFUDC accounting treatment, the Ghent 2 SCR would be recovered under the existing Environmental Cost Recovery mechanism, Mill Creek 6 costs would be recovered through a new rate tracker, and the retirement date for Mill Creek Unit 2 would be extended from 2027 to the in-service date of Mill Creek 6. The companies would withdraw, without prejudice, their proposed four-hour 400MW (1,600 MWh) battery electric storage system at Cane Run, while retaining the right to seek approval of that project or a substitute in future proceedings. The filing states that the original proposals were expected to involve approximately $4.1 billion of capital expenditures including AFUDC over 2025 to 2031, with approximately $2.3 billion within PPL's 2025 to 2028 $20 billion capital plan, including about $0.9 billion for the Cane Run BESS project. Because of assumed 40% tax credits on that project, the amount in PPL's rate base projection was about $0.5 billion. PPL is not modifying its capital plan or rate base projections at this time, expects additional investment needs, and plans to update projections with its year-end earnings call. The stipulation remains subject to KPSC approval; a hearing begins August 4, 2025, and a ruling is anticipated in the fourth quarter of 2025, with the outcome unpredictable.

Jul 29, 2025 8-K

PPL 8-K Report, Regulation FD Disclosure (Jul 17, 2025)

PPL Corporation announced on July 15, 2025 that it has formed a joint venture with Blackstone Infrastructure to build, own and operate new gas-fired, combined-cycle generation stations that will power data centers under long-term energy services agreements (ESAs). The announcement was made at the Pennsylvania Energy and Innovation Summit in Pittsburgh and is furnished under Item 7.01 (Regulation FD Disclosure) rather than filed. PPL owns 51% of the joint venture and Blackstone Infrastructure owns 49%, with the parties sharing joint venture expenses and distributions ratably. The joint venture does not include PPL Electric Utilities or PPL's other regulated subsidiaries. The venture plans ESAs with regulated-like risk profiles that are not exposed to merchant energy and capacity price volatility. The filing states that construction will require executed ESAs with hyperscalers, and that no ESAs with hyperscalers have been signed to date. The joint venture has secured multiple land parcels and is engaging with landowners, natural gas pipeline companies and turbine manufacturers. The press release cites PPL Electric Utilities' service territory data center interest of over 60 gigawatts (GW) of potential projects, with over 13 GW in advanced planning, and an estimated 6 GW generation shortfall within five to six years if all 13 GW come online, representing about a $15 billion investment need. For investors, the key takeaways are the 51% ownership stake, the contracting model intended to limit merchant exposure, and the fact that no customer contracts are yet in place. The forward-looking statements caution that development or contracting may not occur or may be delayed. The filing does not provide financial projections for the joint venture.

Jul 17, 2025 8-K

PPL 8-K Report, Shareholder Vote Results (May 19, 2025)

At its Annual Meeting of Shareowners held on May 16, 2025, PPL Corporation's shareowners elected all ten director nominees. Each nominee received a large majority of votes cast in favor, though the filing reports varying levels of opposition, with Craig A. Rogerson receiving 576,706,249 votes for and 18,029,059 against, and Arthur P. Beattie receiving 591,389,221 votes for and 3,389,424 against. Shareowners also approved, on an advisory basis, the 2024 compensation of the named executive officers, with 570,487,224 votes for, 22,803,849 against, and 2,417,817 abstaining. They ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the year ending December 31, 2025, with 654,570,580 votes for, 4,123,751 against, and 955,365 abstaining. Shareowners rejected a shareowner proposal calling for independent evaluation of greenhouse gas reduction targets, with 42,764,723 votes for, 548,711,255 against, and 4,232,912 abstaining. The filing reports 63,940,806 broker non-votes on the director, say-on-pay, and proposal items.

May 19, 2025 8-K

PPL 8-K Report, Corporate Update (May 15, 2025)

On May 15, 2025, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), part of PPL Corporation, announced they anticipate filing rate requests with the Kentucky Public Service Commission (KPSC) on or after May 30, 2025. The anticipated applications seek annual electricity revenue increases of approximately $105 million at LG&E and $226 million at KU, and an annual gas revenue increase of approximately $60 million at LG&E. The filings would represent increases of 8.3% and 11.5% in electricity revenues at LG&E and KU, respectively, and 14.0% in gas revenues at LG&E. The requests are based on a forecasted test year of January 1, 2026 through December 31, 2026 and a requested authorized return-on-equity of 10.95%. If approved, the rates would take effect January 1, 2026. The Companies state they cannot predict the outcome and anticipate a KPSC ruling in the fourth quarter of 2025. The proceedings are designated Case No. 2025-00114 (LG&E) and Case No. 2025-00113 (KU). The accompanying press release (Exhibit 99.1) attributes the requests to aging infrastructure, including wooden transmission poles more than 60 years old and substations nearly 100 years old, and to more severe storms. It notes that the companies have not requested base rate increases since November 2020, and proposes waiving a $1.95 cash payment fee and creating a pre-pay program for residential AMI customers.

May 15, 2025 8-K

PPL 8-K Report, Regulation FD Disclosure (May 2, 2025)

PPL Corporation (PPL) filed a Current Report on Form 8-K under Item 7.01 (Regulation FD Disclosure) on May 2, 2025. The filing states that during May 2025, members of senior management will meet with analysts and investors to discuss the company's corporate strategy and general business outlook. At these meetings, the company expects to reaffirm its 2025 guidance range of $1.75 to $1.87 per share, with a midpoint of $1.81 per share, consistent with its recent presentation on its April 30, 2025 earnings call. The company states that slides to be used during these meetings will be available beginning May 2, 2025 on its website at investors.pplweb.com/events. The information in Item 7.01 is furnished rather than filed, meaning it is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into Securities Act filings unless expressly stated. For investors, the filing is primarily a reaffirmation of previously communicated 2025 earnings guidance rather than a new financial disclosure. It contains no new financial results, guidance changes, or transactions.

May 2, 2025 10-Q

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 8-K

PPL 8-K Report, Financial Results (Apr 30, 2025)

PPL Corporation reported first-quarter 2025 reported earnings (GAAP) of $414 million, or $0.56 per share, compared with $307 million, or $0.42 per share, in the first quarter of 2024. Earnings from ongoing operations (non-GAAP) were $444 million, or $0.60 per share, versus $402 million, or $0.54 per share, a year earlier. Management attributed the year-over-year improvement primarily to higher sales volumes driven by weather, along with higher transmission revenue in Pennsylvania, while Rhode Island Regulated results were pressured by higher operating costs and lower transmission revenues. PPL reaffirmed its 2025 ongoing earnings forecast range of $1.75 to $1.87 per share, with a midpoint of $1.81, and reaffirmed its 6% to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of that range. Reported first-quarter results included $30 million, or $0.04 per share, of net special item charges, primarily tied to the IT transformation, a Rhode Island Energy energy efficiency program settlement related to a pre-acquisition matter, and acquisition integration costs. In the quarter, PPL's total retail and wholesale electricity sales rose 6.6% to 18,386 GWh, and CEO Vincent Sorgi cited continued strong interest from data center developers in Pennsylvania and Kentucky. Operating revenues were $2,504 million, up from $2,304 million, and net cash provided by operating activities was $513 million, compared with $282 million a year earlier.

Apr 30, 2025 8-K

PPL 8-K Report, Corporate Update (Feb 28, 2025)

On February 28, 2025, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), both subsidiaries of PPL Corporation, filed a joint application with the Kentucky Public Service Commission (KPSC) seeking approval of certificates of convenience and necessity, site compatibility certificates, and accounting treatment for a set of generation-related plans expected to become operational or be established within the next six years. The aggregate projected capital expenditures for these proposals are approximately $3.725 billion over 2025 to 2031, and the filing states these projected expenditures were already included in the companies' latest forecasts in their Form 10-K. The proposals include two 645MW natural gas combined cycle (NGCC) units, one at KU's E.W. Brown station (projected in service 2030) and one at LG&E's Mill Creek station (projected 2031, in addition to a new NGCC unit already under construction there). The filing also proposes a four-hour 400MW (1,600MWh) battery energy storage facility at LG&E's Cane Run station (2028) and a selective catalytic reduction environmental facility for an existing coal unit at KU's Ghent station (2028). The new NGCC units are expected to be wholly owned by LG&E, and the battery facility jointly owned by LG&E and KU at 32% and 68% respectively. The companies cannot predict the outcome of the proceedings and anticipate a KPSC ruling in the fourth quarter of 2025 (Case No. 2025-00045). According to the accompanying press release (Exhibit 99.1), the filing is driven by economic development and data center growth in Kentucky. The companies state they are in discussions with businesses that, in total, could have a potential generation need of up to 8,000 megawatts, more than double the utilities' current energy demand, and that anticipated economic load growth increases by 2,000 megawatts between now and 2032.

Feb 28, 2025 8-K

PPL 8-K Report, Corporate Update (Feb 14, 2025)

On February 14, 2025, PPL Corporation entered into an Equity Distribution Agreement under which it may sell, from time to time, up to an aggregate sales price of $2.0 billion of its common stock, par value $0.01 per share. Sales may be made through ten named Sales Agents acting as sales agents and/or principals, or through forward sale agreements with Forward Purchasers. Sales would be made under the company's Form S-3 registration statement (File No. 333-277140) filed February 16, 2024, or a subsequent replacement registration statement, and actual sales will depend on market conditions, the trading price of the common stock, capital needs and the company's determination of appropriate funding sources. The filing describes the forward sale structure in detail. The company will not initially receive proceeds from borrowed shares sold by a Forward Seller, and expects to receive proceeds upon future physical settlement of each Forward Agreement, which are expected on or before the forward maturity date. Forward Sellers receive commissions at a mutually agreed rate not to exceed 2.0% of the gross sales price of borrowed shares sold. The initial forward sale price is subject to a floating interest rate factor, a reduction for expected quarterly dividends during the forward term, and the company may elect cash or net share settlement, subject to Forward Purchaser acceleration rights. The company intends to use net proceeds for general corporate purposes. The filing is largely a framework for future equity issuance rather than a completed transaction; it reports no shares sold or proceeds received as of the filing date. Investors should note the potential for future dilution and the forward-sale mechanics, which defer proceeds until settlement. The filing also includes an opinion and consent of W. Eric Marr, Esq. and the Equity Distribution Agreement as Exhibit 1.1.

Feb 14, 2025 10-K

PPL Annual Report, Year Ended Dec 31, 2024

PPL Corporation's 2024 combined Form 10-K, filed February 13, 2025, reports net income of $888 million for 2024, up from $740 million in 2023, and operating revenues of $8,462 million versus $8,312 million. Earnings from Ongoing Operations, a non-GAAP measure, rose to $1,250 million from $1,183 million. Growth was driven mainly by the Kentucky Regulated segment ($620 million net income), the Pennsylvania Regulated segment ($574 million) and the Rhode Island Regulated segment ($109 million), with weather-driven volume gains and higher recoveries offsetting lower PLR revenue at PPL Electric. Capital spending is the key investment theme. PPL projects total capital expenditures of $15.0 billion for 2025 through 2027, including $4.3 billion in 2025, $5.2 billion in 2026 and $5.5 billion in 2027. Long-term debt rose to $16.5 billion at year-end, and the company issued $1.9 billion of debt during 2024. Cash flow from operations was $2.34 billion. PPL declared a quarterly dividend of 27.25 cents per share on February 13, 2025, up from 25.75 cents. Key risks include regulatory outcomes, such as the pending KPSC decision on the Mill Creek Unit 1 retirement recovery and the PAPUC ruling on the DSIC cap waiver, along with environmental rules affecting coal-fired generation, Mill Creek Unit 5 construction (estimated at about $1.0 billion), and the pending RIPUC investigation into Rhode Island Energy's energy efficiency programs. The filing also notes a PPL Electric billing-issue settlement, which included a $1 million donation in place of a civil penalty.

Feb 13, 2025 8-K

PPL 8-K Report, Financial Results (Feb 13, 2025)

PPL Corporation reported 2024 reported earnings (GAAP) of $888 million, or $1.20 per share, compared with $740 million, or $1.00 per share, in 2023. Earnings from ongoing operations (non-GAAP) were $1.25 billion, or $1.69 per share, versus $1.18 billion, or $1.60 per share, a year earlier. Fourth-quarter 2024 reported earnings were $177 million, or $0.24 per share, and fourth-quarter earnings from ongoing operations were $256 million, or $0.34 per share. Reported 2024 results included net special-item after-tax charges of $362 million, or $0.49 per share, primarily tied to integration costs for the Rhode Island Energy acquisition. The company updated its business plan and extended its 6% to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of that range. It issued a 2025 earnings forecast of $1.75 to $1.87 per share, with a $1.81 midpoint. Planned infrastructure investment rose to $20 billion for 2025 through 2028, up from a prior plan of $14.3 billion for 2024 through 2027, supporting 9.8% average annual rate base growth. The company projects $2.5 billion of equity needs over the plan period and expects to keep its FFO/CFO to debt ratio at 16% to 18%. PPL also announced an approximately 6% increase in its quarterly common dividend, from $0.2575 to $0.2725 per share, payable April 1, 2025. The filing states the increase is at the low end of the targeted dividend growth range because of the higher capital spending in the updated plan. The results and guidance were presented in a press release (Exhibit 99.1) and a related analyst teleconference and webcast on February 13, 2025.

Feb 13, 2025 8-K

PPL 8-K Report, Executive Changes (Jan 15, 2025)

PPL Corporation (PPL) filed a Current Report on Form 8-K disclosing a senior leadership change. On January 13, 2025, the Board of Directors approved eliminating the position of Executive Vice President and Chief Operating Officer as part of an internal reallocation of duties among senior executives. As a result, Francis X. Sullivan's employment will be separated without cause effective April 4, 2025. Under the Company's Executive Severance Plan, Mr. Sullivan is eligible for severance payments and benefits, subject to his execution of a release of claims and compliance with restrictive covenants. Because he is of retirement age under the Amended and Restated 2012 Stock Incentive Plan, his equity grants from 2023, 2024 and 2025 will vest in accordance with the plan terms. He will also be eligible for a pro rata annual bonus for the portion of 2025 he is employed, based on actual performance. His duties will be delegated to other Company officers. The separation agreement, dated January 14, 2025 between Mr. Sullivan and PPL Services Corporation, is filed as Exhibit 10.1. The filing contains no financial results, and its disclosure is limited to executive management and compensation matters.

Jan 15, 2025 8-K

PPL 8-K Report, Financial Obligation (Jan 6, 2025)

On January 2, 2025, PPL Corporation and several of its subsidiaries amended their revolving credit facilities, all with Wells Fargo Bank, National Association, as Administrative Agent. The filing covers PPL Corporation, PPL Electric Utilities Corporation, Louisville Gas and Electric Company, and Kentucky Utilities Company. The Registrants use these facilities to enhance liquidity, provide credit support, and backstop commercial paper programs. For PPL Corporation, the amendment extends the scheduled termination dates of certain revolving commitments from December 6, 2028 to December 6, 2029 and increases borrowing capacity from $1.250 billion to $1.500 billion. The facility is a borrowing arrangement involving PPL Capital Funding, Inc. as Borrower, PPL Corporation as Guarantor, and The Narragansett Electric Company, d/b/a Rhode Island Energy, as Designated Borrower. PPL Electric Utilities Corporation's $650 million facility increases to $750 million and extends to December 6, 2029. Louisville Gas and Electric Company's facility increases from $500 million to $600 million, and Kentucky Utilities Company's facility increases from $400 million to $600 million, each with the same maturity extension. The filing is administrative in nature and does not disclose new debt drawn or changes in financial results. The amendments primarily extend committed liquidity through late 2029 and expand the capacity available to each registrant. The full terms, including any other changes, are set forth in the conformed amended and restated revolving credit agreements filed as Exhibits 10.1 through 10.4.

Jan 6, 2025 8-K

PPL 8-K Report, Regulation FD Disclosure (Nov 8, 2024)

PPL Corporation (PPL) filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to announce that members of its senior management will meet with analysts and investors from November 10-12, 2024, at the 59th EEI Financial Conference. The Company expects to discuss its corporate strategy and general business outlook, including its overall strategy, its current capital investment plan and potential future increased needs, while maintaining one of the strongest balance sheets in the U.S. utility sector. During these meetings, PPL will also reaffirm its long-term financial targets, including 6% to 8% annual earnings per share growth and dividend growth through at least 2027, as previously discussed on its third quarter earnings call on November 1, 2024. For investors, the key takeaway is the reaffirmation of these long-term targets alongside a capital plan that may require future increases. Slides to be used at the meetings will be posted on PPL's investor relations website starting November 9, 2024. The filing states that the information under Item 7.01 is furnished and not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.

Nov 8, 2024 8-K

PPL 8-K Report, Financial Results (Nov 1, 2024)

PPL Corporation reported third-quarter 2024 reported earnings (GAAP) of $214 million, or $0.29 per share, compared with $230 million, or $0.31 per share, in the third quarter of 2023. Earnings from ongoing operations (non-GAAP) were $310 million, or $0.42 per share, versus $317 million, or $0.43 per share, a year earlier. For the first nine months of 2024, reported earnings were $711 million, or $0.96 per share, and earnings from ongoing operations were $994 million, or $1.34 per share, compared with $1.20 per share in the same period of 2023. Special items were primarily integration and related expenses tied to the Rhode Island Energy acquisition. Management narrowed its 2024 ongoing earnings forecast range to $1.67 to $1.73 per share from $1.63 to $1.75, raising the midpoint by one cent to $1.70 per share. The company reaffirmed projected annual earnings and dividend growth of 6% to 8% through at least 2027, based on the midpoint of its original 2024 forecast range. Management said it is on track to invest more than $3 billion in infrastructure in 2024 and expects O&M savings of $120 million to $130 million by the end of 2024, with at least $175 million targeted by 2026 from its 2021 baseline. Other developments in the quarter included completion of the Rhode Island Energy integration and exit from the remaining transition service agreements with National Grid. Louisville Gas and Electric and Kentucky Utilities filed a triennial Integrated Resource Plan envisioning an estimated 2,700 MW to 3,200 MW of new natural gas, solar and battery storage through 2039. The company also noted growing interest from data center developers in its Pennsylvania and Kentucky service territories.

Nov 1, 2024