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.
- Pembina closed a $225 million offering of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2 due June 6, 2055.
- Net proceeds will fund the redemption of all outstanding Series 9 Preferred Shares on December 1, 2025 at $25.00 per share, totaling $225 million.
- The final quarterly dividend of $0.268875 per Series 9 Preferred Share will be paid on December 1, 2025.
- Pembina Pipeline agreed to issue $225 million of 5.95% Fixed-to-Fixed Rate Subordinated Notes due June 6, 2055 as an additional tranche of its Series 2 Notes.
- Upon closing expected on October 10, 2025, the aggregate Series 2 Notes outstanding will total $425 million.
- Net proceeds will fund the redemption of its Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9, and general corporate purposes.
- Pembina Pipeline is considering an offering of subordinated notes under its short form base shelf prospectus dated December 13, 2023.
- If completed, net proceeds would be used to redeem its outstanding Class A Preferred Shares, Series 9 (TSX: PPL.PR.I) and for general corporate purposes.
- There is no certainty the offering will occur or as to its terms or timing.
- The notes would not be registered under the U.S. Securities Act and cannot be offered or sold in the U.S. or to U.S. persons.
- Pembina Pipeline and partner Kineticor plan a multi-phased gas-fired combined cycle facility in Sturgeon County, Alberta, with up to 1,800 MW capacity to support Alberta’s innovation economy.
- Greenlight secured a 907 MW AESO allocation and has a Demand Transmission Service agreement in place for power delivery as early as 2027.
- A conditional land sale to the Customer, netting approximately $190 million to Pembina, is expected to close in Q4 2025, with proceeds partially reinvested in the project and the remainder to reduce debt.
- Major equipment reservation agreements for two turbines have been signed, targeting project start-up by 2030, and a final investment decision is anticipated in H1 2026.
- Rate request: Filed with the Pennsylvania Public Utility Commission for a $356 million annual distribution base rate increase (~8.6% revenue boost), effective July 1, 2026.
- First change in a decade: Last base rate change on January 1, 2016; request based on a fully projected future test year (July 1, 2026–June 30, 2027) with an 11.3% authorized return on equity.
- Customer impact: Estimated increase of $13/month for a 1,000 kWh residential customer, $8/month for a typical commercial customer, and $514/month for a typical industrial customer.
- Regulatory timeline: Proceeding designated Docket No. R-2025-3057164; PPL anticipates a PUC ruling in Q2 2026.
- PPL Electric Utilities filed its first distribution base rate increase in a decade, requesting $356 million (about an 8.6% revenue boost) to strengthen and modernize its electric grid for improved reliability and resilience.
- Pending approval, the company expects new rates to take effect July 1, 2026, resulting in a net $300 million increase and roughly $13/month for a residential customer using 1,000 kWh.
- Since its last base rate change on Jan. 1, 2016, PPL has kept rates flat and limited operating and maintenance expense growth to 7.4%, nearly 25% below inflation.
- The proposed funding will support stronger poles and wires, advanced smart grid technologies to minimize outages, enhanced vegetation management and expanded customer self-service tools.
- 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.