PPL Corp (PPL)

PPL Corporation, incorporated in 1994 and headquartered in Allentown, Pennsylvania, is a utility holding company that delivers electricity and natural gas through regulated subsidiaries across Pennsylvania, Kentucky, Virginia, and Rhode Island. The company operates through three reportable segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated, with a residual "Corporate and Other" category. Principal subsidiaries include PPL Electric (formed in 1920), a Pennsylvania-based transmission and distribution utility serving approximately 1.5 million customers across 10,000 square miles in eastern and central Pennsylvania, regulated by the PAPUC and FERC, operating as a Provider of Last Resort (PLR) under the Customer Choice Act without owning generation assets.

LKE, a holding company, owns Louisville Gas and Electric (LG&E, incorporated 1913) and Kentucky Utilities (KU, incorporated 1912/1991), which together generate, transmit, and distribute electricity in Kentucky and Virginia, with LG&E also distributing natural gas in Kentucky; LG&E serves roughly 440,000 electric and 336,000 gas customers, while KU serves about 549,000 Kentucky and 28,000 Virginia customers across 4,800 square miles, with combined owned generating capacity of 2,466 MW (LG&E) and 4,798 MW (KU), predominantly coal and gas-fired. Rhode Island Energy (RIE) engages in regulated electricity transmission/distribution and natural gas distribution in Rhode Island. For fiscal year 2024, the Kentucky Regulated segment generated $3.6 billion in operating revenue and $620 million in net income; Pennsylvania Regulated generated $2.9 billion in revenue and $574 million in net income; and Rhode Island Regulated generated $2.0 billion in revenue and $109 million in net income.

Key strategic developments include ongoing coal plant retirements (with roughly 1,500 MW retired since 2010, including Mill Creek Unit 1 in December 2024), KPSC approval for new generation projects including a 640 MW natural gas combined-cycle unit at Mill Creek (estimated at $1.0 billion, expected online mid-2027), solar and battery storage additions, and continued regulatory rate-setting activity across jurisdictions including FERC-approved transmission formula rates, PJM participation for PPL Electric, and various base rate and cost-recovery mechanisms in Kentucky, Virginia, and Pennsylvania.