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    PPL Corp (PPL)

    CEO Change

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    Business Description

    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 .

    1. Kentucky Regulated Segment - Delivers electricity and provides natural gas services to customers in Kentucky, and generates electricity from power plants located in the state.
    2. Pennsylvania Regulated Segment - Delivers electricity to customers in Pennsylvania, serving a diverse range of customer classes.
    3. Rhode Island Regulated Segment - Provides both electricity and natural gas services to customers in Rhode Island.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Vincent SorgiPresident and Chief Executive Officer (CEO)June 2020Vincent Sorgi has been serving as the CEO of PPL Corporation since June 2020. He has approximately 30 years of experience in the utility industry and has held various roles at PPL since 2006 .
    Joseph P. Bergstein, Jr.Executive Vice President and Chief Financial Officer (CFO)N/AJoseph P. Bergstein, Jr. serves as the CFO of PPL Corporation. He has held this position since at least 2023, but the specific start date is not provided in the documents .
    Francis X. SullivanExecutive Vice President and Chief Operating Officer (COO)January 1, 2023Francis X. Sullivan was appointed as COO of PPL effective January 1, 2023. Prior to this role, he served as Vice President-Operations Performance .
    Wendy E. StarkExecutive Vice President, Chief Legal Officer (CLO), and Corporate SecretaryJanuary 1, 2023Wendy E. Stark joined PPL as Senior Vice President, General Counsel, and Corporate Secretary in 2021. She was named Chief Legal Officer effective January 1, 2022, and her title changed to Executive Vice President on January 1, 2023 .
    John R. Crockett IIIPresident, LG&E and KU Energy LLC (LKE) and Chief Development OfficerMarch 4, 2024John R. Crockett III serves as the President of LKE and was named Chief Development Officer of PPL Corporation, effective March 4, 2024. He was already serving as President of LKE prior to this role .
    Stephanie R. RaymondFormer President, PPL Electric Utilities Corporation (PPL Electric)N/AStephanie R. Raymond served as the Former President of PPL Electric Utilities Corporation. She separated from the company on September 1, 2023 .

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2034500Senior Notes (RIE)5.353.0% = (500 / 16,500) * 100
    2034750Senior Notes (PPL CF)5.254.5% = (750 / 16,500) * 100
    2034650First Mortgage Bonds4.853.9% = (650 / 16,500) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2015 PresentCurrent auditor

    Latest news

    Recent developments and announcements about PPL.

    Corporate Leadership

      CEO Change

      ·
      Jan 15, 2025, 10:24 PM

      The CEO of PPL, Vincent Sorgi, has not left the company. However, the Executive Vice President and Chief Operating Officer, Francis X. Sullivan, will be leaving the company effective April 4, 2025, as part of an internal reallocation of duties.

      Leadership Change

      ·
      Jan 15, 2025, 10:24 PM

      Francis X. Sullivan is leaving his position as Executive Vice President and Chief Operating Officer at PPL Corporation due to an internal reallocation of duties, resulting in the elimination of his position. His employment will end on April 4, 2025. Mr. Sullivan will receive severance payments and benefits as per the company's Executive Severance Plan. His duties will be delegated to other officers within the company.