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.
Paul Zimbardo
Jefferies Financial Group Inc.
7 questions for PPL
David Paz
Wolfe Research, LLC
5 questions for PPL
Jeremy Tonet
JPMorgan Chase & Co.
5 questions for PPL
Angie Storozynski
Seaport Research Partners
4 questions for PPL
Agnieszka Storozynski
BofA Securities
3 questions for PPL
Anthony Crowdell
Mizuho Financial Group
3 questions for PPL
Bill Appicelli
UBS
2 questions for PPL
Durgesh Chopra
Evercore ISI
2 questions for PPL
Jeremy Tonnet
JPMorgan Chase & Co.
2 questions for PPL
Shahriar Pourreza
Guggenheim Partners
2 questions for PPL
Shar Pourreza
Guggenheim Partners
2 questions for PPL
Steve Fleishman
Wolfe Research, LLC
2 questions 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.
- Pembina reported third quarter 2025 earnings of $286 million, adjusted EBITDA of $1.034 billion, and adjusted cash flow from operations of $648 million ($1.12/share).
- Updated full-year 2025 adjusted EBITDA guidance to $4.25 billion–$4.35 billion, narrowed from $4.225 billion–$4.425 billion.
- Secured renewal and addition of approximately 50,000 bpd on the Peace Pipeline under ≈10-year contracts, and extended 96% of Alliance Pipeline’s firm capacity with a new 10-year toll.
- Advancing over $1 billion of proposed pipeline expansions to meet rising demand from the Montney, Duvernay, and Deep Basin plays.
- Entered a 20-year agreement with PETRONAS for 1.0 mtpa of capacity at the Cedar LNG facility, with the remaining 0.5 mtpa to be remarketed by year-end 2025.
- PPL delivered GAAP EPS of $0.43 and adjusted EPS of $0.48 in Q3 2025, and narrowed its 2025 ongoing EPS guidance to $1.78–$1.84 per share, midpoint $1.81.
- LG&E and KU reached a proposed Kentucky base rate settlement, reflecting an aggregate $235 million annual revenue increase and a 9.9% authorized ROE with rate-stay-out through August 2028 ; the companies also received CPCN approval to build two new 645 MW NGCC units (Brown 12 & Mill Creek 6).
- PPL Electric Utilities filed for its first Pennsylvania distribution base rate increase in over a decade, requesting $300 million (8.6%) net revenue growth and an 11.3% ROE, with new rates effective July 1, 2026.
- The Pennsylvania data center pipeline advanced to 20.5 GW (up >40% since last update), driving at least $1 billion of incremental transmission CapEx.
- Kentucky’s economic development pipeline totals just under 10 GW, with probability-weighted demand projections now at 2.8 GW, indicating further generation investment needs.
- PPL delivered Q3 GAAP EPS of $0.43 and ongoing EPS of $0.48, and narrowed its 2025 ongoing earnings guidance to $1.78–$1.84 (midpoint $1.81).
- On track to complete $4.3 billion in infrastructure improvements in 2025 and plans $20 billion of capital investments from 2025–2028, targeting 9.8% average annual rate-based growth.
- Secured a Kentucky rate case settlement adding $235 million in annual revenues with an authorized 9.9% ROE and stay-out through August 1, 2028, and received CPCN approval for two 645 MW natural gas combined cycle units and Ghent 2 SCR installation.
- Filed a Pennsylvania distribution rate case requesting $300 million (8.6%) base rate increase with a forecasted 11.3% ROE, expecting a decision by Q2 2026 and new rates effective July 1, 2026.
- Advanced-stage data center interconnection agreements in Pennsylvania jumped from 14.4 GW to 20.5 GW, with incremental related CapEx of ~$1 billion.
- Q3 2025 GAAP EPS of $0.43 and ongoing EPS of $0.48, driven by formula rates, rider recoveries and lower operating costs (YoY +$0.06).
- Narrowed full-year 2025 ongoing EPS forecast to $1.78–1.84 per share (midpoint $1.81) from $1.75–1.87, reaffirming ability to hit the midpoint.
- On track to complete $4.3 billion of capital investments in 2025 and achieve at least $150 million of cumulative O&M savings to support reliability and affordability.
- Reaffirmed long-term financial targets: 6–8% annual EPS and dividend growth and 16–18% FFO/CFO to debt through 2028, underpinned by a $20 billion capex plan driving ~9.8% annual rate base growth.
- PPL delivered Q3 GAAP EPS of $0.43 and ongoing EPS of $0.48, narrowing its 2025 ongoing earnings guidance to $1.78–$1.84 per share (midpoint $1.81).
- Plans to complete $4.3 billion in infrastructure improvements in 2025, on track for at least $150 million in annual O&M savings, and expects $20 billion of capex from 2025–2028 supporting 6–8% EPS and dividend growth.
- Secured a proposed Kentucky rate-case settlement adding $235 million in annual revenues at a 9.9% ROE, with rate-case stay-out through August 2028 and new cost-recovery and sharing mechanisms.
- Pennsylvania data-center pipeline in advanced stages surged to 20.5 GW (from 14.4 GW), with 5 GW already under construction, driving at least $1 billion of incremental capex.
- PPL reported Q3 2025 GAAP EPS of $0.43 versus $0.29 in Q3 2024, and ongoing EPS of $0.48 versus $0.42 a year ago.
- Through the first nine months of 2025, PPL delivered GAAP EPS of $1.23 and ongoing EPS of $1.40, up from $0.96 and $1.34, respectively, in the same period of 2024.
- The company narrowed its 2025 ongoing EPS guidance to $1.78–$1.84, maintaining a midpoint of $1.81, and reaffirmed 6–8% annual EPS and dividend growth targets through at least 2028.
- PPL’s Kentucky utilities received Kentucky PSC approval to build two new 645 MW combined-cycle units (online 2030 and 2031), enhancing generation capacity for LG&E and KU.
- Third-quarter 2025 GAAP EPS of $0.43, up from $0.29 in Q3 2024.
- Ongoing EPS of $0.48, versus $0.42 a year ago.
- Narrowed 2025 ongoing EPS guidance to $1.78–$1.84 (midpoint $1.81).
- Reaffirmed 6%–8% annual EPS and dividend growth targets through at least 2028.
- Received Kentucky Public Service Commission approval to build two 645 MW combined-cycle gas units, online in 2030 and 2031.
- Pembina and PETRONAS subsidiaries agreed on a 20-year synthetic liquefaction service for 1.0 mtpa of capacity at the Cedar LNG facility, securing transportation and liquefaction services under a take-or-pay structure.
- The deal provides Pembina with a stable long-term, take-or-pay revenue stream and flexibility to remarket capacity for potential value enhancement.
- The US$4 billion Cedar LNG project remains on time and on budget, with an in-service date in late 2028.
- Pembina expects to finalize agreements for the remaining 0.5 mtpa of capacity by end-2025.
- On Oct. 28, 2025, the Kentucky Public Service Commission approved CPCNs for two 645 MW natural gas combined-cycle units, Mill Creek 6 and E.W. Brown 12, and an SCR environmental upgrade at Ghent Unit 2.
- The KPSC declined to approve proposed rate recovery mechanisms for Mill Creek 6 costs and extension of Mill Creek 2’s operation, but these denials were without prejudice and may be resubmitted in future proceedings.
- Project timelines call for Brown 12 to be in-service in 2030, Mill Creek 6 in 2031, and the Ghent 2 SCR facility by 2028.
- The proposed Cane Run battery energy storage system was withdrawn, with the right to seek approval for BESS projects in future filings.
- On October 20, 2025, Louisville Gas & Electric Company and Kentucky Utilities Company, subsidiaries of PPL Corp., filed a stipulation with the Kentucky Public Service Commission (KPSC) to resolve their May 2025 rate cases (Item 8.01).
- The agreement would raise aggregate annual revenues by $235 million, comprising $58 million (LG&E electric), $132 million (KU electric) and $45 million (LG&E gas), with a revised authorized return on equity of 9.90%.
- The utilities committed to a “stay-out” from base rate increases until August 1, 2028, and to establish two new rate-tracking mechanisms: a Generation Cost Recovery Adjustment Clause and a Sharing Mechanism Adjustment Clause.
- A KPSC hearing is set to begin November 3, 2025, with a ruling expected in Q4 2025 (no later than March 31, 2026).