PPL Corporation is a utility holding company headquartered in Allentown, Pennsylvania. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island, and provides natural gas services in Kentucky and Rhode Island through its regulated utility subsidiaries . PPL also generates electricity from power plants located in Kentucky . The company's revenue is derived from various customer classes, including residential, commercial, industrial, and wholesale customers .
- Kentucky Regulated Segment - Delivers electricity and provides natural gas services to customers in Kentucky, and generates electricity from power plants located in the state.
- Pennsylvania Regulated Segment - Delivers electricity to customers in Pennsylvania, serving a diverse range of customer classes.
- Rhode Island Regulated Segment - Provides both electricity and natural gas services to customers in Rhode Island.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christine M. Martin Executive | President of PPL Electric Utilities Corporation | None | President of PPL Electric Utilities since September 2023, previously led public affairs and sustainability initiatives at PPL. | |
Joseph P. Bergstein, Jr. Executive | Executive Vice President and Chief Financial Officer (CFO) | None | CFO since April 2021, oversees financial operations, including reporting, investor relations, and corporate development. | |
Marlene C. Beers Executive | Vice President and Controller | None | Controller since March 2019, responsible for financial reporting and internal controls. Also serves as Principal Financial Officer for PPL Electric Utilities. | |
Vincent Sorgi Executive | President and Chief Executive Officer (CEO) | Director at Electric Power Research Institute, Edison Electric Institute, St. Luke’s Health Network, Da Vinci Science Center. | CEO since June 2020, led PPL's transformation into a pure-play U.S. regulated utility holding company. Previously CFO and COO at PPL. | View Report → |
Wendy E. Stark Executive | Executive Vice President-Utilities, Chief Legal Officer (CLO), and Corporate Secretary | None | CLO since 2021, oversees legal, regulatory, and corporate governance functions. Promoted to EVP-Utilities in March 2024. | |
Armando Zagalo de Lima Board | Independent Director | None | Director since 2014, provides expertise in digital innovation, grid modernization, and global enterprise leadership. Former EVP at Xerox Corporation. | |
Arthur P. Beattie Board | Independent Director | Independent Director at Southwest Water Company. | Director since 2020, brings 42 years of utility industry experience, including as CFO and Chief Risk Officer of Southern Company. | |
Craig A. Rogerson Board | Independent Chair of the Board | Executive Chair at The Lycra Company; Director at Vibrantz Technologies, Inc.; Director at Pancreatic Cancer Action Network; Advisory Board Member at Michigan State University. | Independent Chair since 2005, provides strategic oversight and governance expertise. Extensive leadership experience in the chemicals industry. | |
Heather B. Redman Board | Independent Director | Co-Founder and Managing Partner at Flying Fish Partners; Member of North American Advisory Board at The Hawthorn Club. | Director since 2021, specializes in advanced technologies, including AI and cleantech for renewable energy. Former General Counsel of Getty Images. | |
Keith H. Williamson Board | Independent Director | President and Director of the Centene Foundation. | Director since 2005, provides legal, finance, and governance expertise. Former EVP, Secretary, and General Counsel at Centene Corporation. | |
Natica von Althann Board | Independent Director | Director at TD Bank US Holding Company and subsidiaries; Director at FuelCell Energy, Inc.; Director at Friends of Caritas Cuba. | Director since 2009, brings expertise in risk management, finance, and governance. Former senior executive at Bank of America and Citigroup. | |
Phoebe A. Wood Board | Independent Director | Director at Invesco Ltd., Leggett & Platt, and Pioneer Natural Resources Company. | Director since 2018, brings financial expertise and experience in corporate governance and sustainability. Former CFO of Brown-Forman Corporation. | |
Raja Rajamannar Board | Independent Director | Chief Marketing & Communications Officer and President, Healthcare at MasterCard Incorporated. | Director since 2011, provides expertise in cybersecurity, technology, and customer-focused marketing. Leads sustainability initiatives at MasterCard. |
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Given the recent PJM capacity auction results showing tight supply and elevated prices, what specific steps is PPL taking to address resource adequacy and mitigate higher costs for customers, and how might this influence your generation development plans or potential regulatory changes in Pennsylvania?
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With your Utility of the Future strategy targeting $175 million in annual O&M savings by 2026, can you detail the opportunities for further efficiencies beyond that timeframe, especially leveraging AI and advanced technologies, and how might these additional savings impact your earnings growth projections?
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You've reported nearly 5 gigawatts of potential data center demand in advanced stages in Pennsylvania, up from 3 gigawatts previously; how confident are you that these projects will materialize given that some interconnection requests may be duplicative, and what risks do these projects pose to your capital plan if they do not proceed as expected?
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As you prepare to file the Kentucky IRP in October, how are you approaching the potential need for new generation capacity, and how will you balance adding dispatchable resources like natural gas plants with your net-zero goals, regulatory approvals, and customers' expectations for affordability and reliability?
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Considering your significant capital investment plans and potential additional opportunities, how do you evaluate your balance sheet capacity to fund this growth while maintaining your targeted FFO to debt ratio, and under what circumstances might equity financing become necessary?
Research analysts who have asked questions during PPL earnings calls.
David Paz
Wolfe Research, LLC
5 questions for PPL
Jeremy Tonet
JPMorgan Chase & Co.
5 questions for PPL
Paul Zimbardo
Jefferies Financial Group Inc.
5 questions for PPL
Agnieszka Storozynski
BofA Securities
3 questions for PPL
Angie Storozynski
Seaport Research Partners
2 questions for PPL
Bill Appicelli
UBS
2 questions for PPL
Durgesh Chopra
Evercore ISI
2 questions for PPL
Shahriar Pourreza
Guggenheim Partners
2 questions for PPL
Anthony Crowdell
Mizuho Financial Group
1 question for PPL
David Arcaro
Morgan Stanley
1 question for PPL
Gregg Orrill
UBS Group AG
1 question for PPL
Ian Rapp
Bank of America Merrill Lynch
1 question for PPL
James Kennedy
Marathon Microfinder
1 question for PPL
Paul Patterson
Glenrock Associates
1 question for PPL
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Narragansett Electric | 2022 | The Narragansett Electric acquisition was completed on May 25, 2022, by PPL Corporation’s subsidiary, PPL Rhode Island Holdings, for a total consideration of approximately $5.3 billion (including a $3.8 billion cash component and $1.5 billion in assumed debt) funded by proceeds from its 2021 U.K. utility sale; the deal strategically expands PPL's portfolio of regulated assets and enhances long-term growth while incorporating transition services via a TSA with National Grid. |
Recent press releases and 8-K filings for PPL.
- On August 13, 2025, Louisville Gas & Electric Company and Kentucky Utilities Company each issued $700 million of 5.850% First Mortgage Bonds due August 15, 2055 under their respective indentures.
- The bonds are secured by liens on substantially all real and tangible personal property located in Kentucky used in power generation, transmission and distribution (LG&E) and electricity operations (KU).
- Net proceeds will refund $300 million of LG&E’s and $250 million of KU’s 3.300% Series First Mortgage Bonds maturing October 1, 2025, repay short-term debt and fund general corporate purposes.
- The offerings were made under each subsidiary’s Form S-3 registration statement (LG&E No. 333-277140-02; KU No. 333-277140-01).
- Revenue of $78 million, up 87% Y/Y; gross mining margin of 45% (vs. 51% in Q2 2024); net loss of $29 million and adjusted EBITDA of $14 million (18% margin).
- Earned 718 BTC at an average direct production cost of $48,200 per BTC.
- Total liquidity of $230 million, comprising $85 million in cash and $145 million in unencumbered Bitcoin as of August 11, 2025.
- Advanced HPC/AI infrastructure strategy: submitted Panther Creek master site plan, partnered with T5 Data Centers, and secured energy capacity expansion to 50 MW in 2026 and 300 MW by 2027.
- Initiated share buyback, repurchasing 10% of public float (~4.9 million shares) at an average price of $1.24.
- On August 8 and 11, 2025, PPL entered into forward contracts to sell 27.4 million shares at a blended initial forward price of $35.90 per share, with expected net proceeds of approximately $984 million.
- These contracts, each for about $500 million, were executed through PPL’s at-the-market (ATM) program (established February 2025) and must settle on or before December 30, 2026 and August 11, 2027, respectively.
- They supplement roughly $400 million of forward contracts entered under the ATM program from inception through August 6, 2025, all of which must settle by December 30, 2025.
- Since February 2025, PPL has entered forward contracts under its ATM program for approximately $1.4 billion of shares settling through August 2027, derisking a significant portion of the ~$2.5 billion expected equity need through 2028.
- PPL may elect to physically settle, net share settle or net cash settle these equity-classified forward contracts.
- Underwriting agreement executed August 6, 2025 with Barclays Capital Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC and RBC Capital Markets, LLC for $500 million of 5.55% First Mortgage Bonds due August 15, 2055.
- Bonds issued August 11, 2025 under PPL Electric’s 2001 Indenture as supplemented by Supplemental Indenture No. 26, secured by a lien on substantially all distribution and certain transmission properties.
- Net proceeds to be applied toward repayment of short-term debt and general corporate purposes.
- Louisville Gas and Electric Company entered into an underwriting agreement on August 4, 2025 for $700 million of 5.850% First Mortgage Bonds due August 15, 2055, with expected issuance on August 13, 2025.
- Kentucky Utilities Company entered into a similar underwriting agreement on August 4, 2025 for $700 million of 5.850% First Mortgage Bonds due August 15, 2055, also expected to issue on August 13, 2025.
- LG&E will use net proceeds to repay its $300 million 3.300% Series bonds due October 1, 2025, refinance short-term debt, and for general corporate purposes; KU will repay its $250 million 3.300% Series bonds due October 1, 2025, refinance short-term debt, and for general corporate purposes.
- Q2 EPS: GAAP earnings of $0.25 per share; ongoing operations EPS of $0.32; reaffirmed 2025 ongoing EPS forecast of $1.81, targeting at least the midpoint.
- Infrastructure investment: on track to complete >$4 billion in 2025 improvements; projecting $20 billion from 2025–2028 for average annual rate base growth of 9.8%, with $150 million in O&M savings versus 2021 baseline.
- Kentucky regulatory update: filed a CPCN stipulation with KPSC to build two 645 MW NGCC units, install an SCR on Gen Unit 2, and extend Mill Creek II’s retirement to 2031; hearing on August 4 and final decision expected by November 1.
- Data center and generation strategy: formed a joint venture with Blackstone Infrastructure (PPL 51%) to develop new generation for ~14.5 GW of advanced data center load; PPL Electric Utilities has invested $13 billion since 2013 and plans $7 billion more through 2028.
- LG&E and KU filed a stipulation with the Kentucky Public Service Commission to build two 645 MW natural gas combined-cycle units—Brown 12 (in service 2030) and Mill Creek 6 (2031)—and install an SCR on Ghent Unit 2 by 2028 to meet growing demand.
- The companies will extend Mill Creek Unit 2’s retirement from 2027 to 2031, withdraw their Cane Run battery storage proposal (reserving future filing rights), and recover project costs through AFUDC, ECR, and new rate trackers.
- Aggregate capital expenditures for these projects are projected at $4.1 billion (2025–2031), with $2.3 billion in PPL’s 2025–2028 plan (including $0.9 billion for the Cane Run BESS before withdrawal).
- The stipulation is subject to KPSC approval, with a hearing on August 4, 2025 and an expected ruling in Q4 2025.
- PPL and Blackstone Infrastructure have formed a 51/49 joint venture to build, own and operate new gas-fired combined-cycle generation stations under long-term energy services agreements targeting data centers.
- The venture aims to develop front-of-the-meter plants atop the Marcellus and Utica shale basins, leveraging available pipeline capacity to serve over 13 GW of advanced data center projects and address an estimated 6 GW generation shortfall in PPL Electric Utilities’ territory over the next five to six years.
- No agreements with hyperscalers have been signed to date; the JV is actively securing land parcels and engaging with gas pipeline companies and turbine manufacturers to advance project development.
- The structure is designed with regulated-like risk profiles to shield both parties from merchant energy and capacity price volatility, supporting PJM resource adequacy without traditional merchant power exposure.
- PPL and Blackstone form joint venture to build, own and operate gas-fired combined-cycle plants under long-term energy service agreements for data centers in Pennsylvania.
- PPL holds 51% ownership of the JV, Blackstone Infrastructure 49%, with proportionate expense and distribution sharing; JV excludes PPL Electric Utilities.
- PJM forecasts capacity shortages by 2026–27; in PPL Electric Utilities territory, 60 GW of data center projects (13 GW in advanced stages) could leave a 6 GW shortfall requiring a $15 billion investment.
- JV targets front-of-meter generation atop Marcellus/Utica basins, aiming to secure ESAs with hyperscalers; no ESAs signed yet, and stakeholder engagement is ongoing.
- System Upgrades & Structural Enhancements: LG&E and KU are investing in major system improvements by replacing aging wooden poles with steel structures, modernizing substations, and implementing advanced meter technology to boost overall reliability.
- Enhanced Outage Performance: Upgrades are projected to achieve a 40% reduction in outage frequency and a 30% reduction in outage duration, mitigating disruptions from severe weather.
- Rate Filing Plans: The utilities plan to file for revenue adjustments with the Kentucky Public Service Commission, seeking 8.3% (electric) and 14% (gas) increases for LG&E and 11.5% for KU, with potential effective rates from January 2026.
- Pipeline Investment: A 12-mile Bullitt County pipeline project is set to enhance natural gas safety and reliability.
- Customer-Friendly Initiatives: Additional enhancements include measures such as a cash payment fee waiver and a pre-pay program to support customers.