PPL Corp (PPL)

PPL Corporation, headquartered in Allentown, Pennsylvania and incorporated in 1994, is a utility holding company. Through its regulated utility subsidiaries it delivers electricity to customers in Pennsylvania, Kentucky, Virginia and Rhode Island, delivers natural gas to customers in Kentucky and Rhode Island, and generates electricity from power plants in Kentucky. Its principal operating subsidiaries are PPL Electric, LG&E, KU (together with LG&E held under the holding company LKE) and Rhode Island Energy (RIE), while PPL Capital Funding provides financing for PPL and certain subsidiaries.

PPL reports three regulated segments. Kentucky Regulated, mainly LG&E and KU, had 2025 revenues of $3.8 billion, net income of $674 million, 31,368 GWh of electricity and 47 Bcf of natural gas delivered, and a regulatory asset base of $13.6 billion. Pennsylvania Regulated, mainly PPL Electric, had revenues of $3.1 billion, net income of $639 million and 37,186 GWh delivered, with a rate base of $11.1 billion. Rhode Island Regulated, mainly RIE, had revenues of $2.2 billion, net income of $85 million, 7,165 GWh of electricity and 40 Bcf of natural gas delivered, and a rate base of $4.3 billion. LG&E and KU own 2,466 MW and 4,798 MW of generating capacity, respectively, fueled mainly by coal and natural gas, with some hydro and solar. They are building a 645 MW natural gas combined cycle unit at Mill Creek (Unit 5, expected mid-2027), along with solar and battery storage projects. PPL Electric owns no generation and has transmission and distribution segments aggregated as one reportable segment.

The segments serve roughly 1.4 million customers in Kentucky across 8,000 square miles, 1.5 million in Pennsylvania across 10,000 square miles, and 0.8 million in Rhode Island across 1,200 square miles. LG&E serves about 443,000 electric and 336,000 natural gas customers in Louisville and surrounding counties. KU serves about 553,000 electric customers in Kentucky and 28,000 in southwestern Virginia (under the Old Dominion Power name), and sells wholesale power to two Kentucky municipalities. PPL Electric serves about 1.5 million customers in 29 counties of eastern and central Pennsylvania and acts as provider of last resort for customers who do not choose a competitive supplier. RIE serves about 515,000 electric and 280,000 natural gas customers across substantially all of Rhode Island.

The utilities operate under franchises and regulation by the Kentucky, Pennsylvania and Virginia state commissions and by FERC, with rates based on return on rate base or capitalization and, for transmission, FERC-approved formula rates. PPL Electric's transmission sits within the PJM regional grid, and its distribution business faces no competition. LG&E and KU buy coal from regions including western Kentucky, southern Indiana and Illinois, northern West Virginia and western Pennsylvania, delivered mainly by barge and rail, with supply agreements through 2030. They use firm pipeline capacity for natural gas generation, and LG&E buys natural gas for distribution from producing regions in Texas, Louisiana, Arkansas and the Marcellus and Utica areas, storing about 11 Bcf in four underground fields. PPL Electric procures its default electricity supply through competitive solicitations. LG&E is headquartered in Louisville and KU in Lexington, Kentucky.