PPL’s LG&E and KU win CPCNs; some cost riders denied without prejudice

Rhea-AI Filing Summary

PPL Corporation reported that the Kentucky Public Service Commission approved certificates of public convenience and necessity to build two natural gas combined‑cycle units—E.W. Brown Unit 12 and Mill Creek Unit 6—each rated at 645 MW, and to install a selective catalytic reduction facility at Ghent Unit 2. The order also allows relevant Ghent Unit 2 SCR costs to flow through the existing environmental cost recovery mechanism and opens a separate monitoring case for Mill Creek Unit 6 construction.

The KPSC approved regulatory asset deferral treatment for certain AFUDC‑related amounts and noted expectations around tariffs and power supply contracts for potential high‑load customers in pending rate cases. It declined to approve proposed new rate adjustment mechanisms tied to Mill Creek Unit 6 and extended operation of Mill Creek Unit 2 beyond its original 2027 retirement, without prejudice to resubmission. The order did not grant a CPCN for the Cane Run BESS due to a conditional withdrawal, though LG&E and KU may seek approval in future proceedings. The order is subject to rehearing or appeal, and the Companies are evaluating next steps.

Insights

Regulated utilities analyst

Core generation approvals secured; certain cost riders deferred.

KPSC granted CPCNs for two NGCC units of 645 MW each and an SCR at Ghent Unit 2. This supports LG&E and KU’s long‑term capacity plan while permitting inclusion of Ghent SCR costs in the environmental cost recovery mechanism. A separate monitoring case will track Mill Creek Unit 6 construction.

However, proposed new rate adjustment mechanisms for Mill Creek Unit 6 and costs from operating Mill Creek Unit 2 past its original 2027 retirement were not approved, without prejudice. That pushes cost recovery questions into pending rate proceedings or future filings, adding procedural steps before recovery is finalized.

Key items to watch from subsequent disclosures include any rehearing or appeal, resubmission of the denied mechanisms, treatment of high‑load customer tariffs and power contracts in the pending rate cases, and any renewed filing for the Cane Run BESS.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported):  October 28, 2025

 

Commission File Number			Registrant; State of Incorporation; Address and Telephone Number												IRS Employer Identification No.
1-11459			PPL Corporation												23-2758192
			(Exact name of Registrant as specified in its charter)
			Pennsylvania
			645 Hamilton Street
			Allentown,						PA			18101
			(610)			774-5151
1-2893			Louisville Gas and Electric Company												61-0264150
			(Exact name of Registrant as specified in its charter)
			Kentucky
			820 West Broadway
			Louisville,						KY			40202
			(502)			627-2000
1-3464			Kentucky Utilities Company												61-0247570
			(Exact name of Registrant as specified in its charter)
			Kentucky and Virginia
			One Quality Street
			Lexington,						KY			40507-1462
			(502)			627-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol:			Name of each exchange on which registered
Common Stock of PPL Corporation			PPL			New York Stock Exchange
Junior Subordinated Notes of PPL Capital Funding, Inc.
2007 Series A due 2067			PPL/67			New York Stock Exchange

Indicate by a check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐			PPL Corporation
☐			Louisville Gas and Electric Company
☐			Kentucky Utilities Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐			PPL Corporation
☐			Louisville Gas and Electric Company
☐			Kentucky Utilities Company

Section 8 - Other Events

Item 8.01 Other Events

On October 28, 2025, the Kentucky Public Service Commission ("KPSC") issued an order in the regulatory proceeding commenced in February 2025 of Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities Company ("KU", and collectively with LG&E, the "Companies") applying for certificates of public convenience and necessity ("CPCN") and other approvals regarding several new generation facilities and construction related matters.

The KPSC's order approved much of the Companies' July 2025 stipulation and recommendation previously entered into with several of the intervenors in the CPCN proceeding (the "stipulation"), with certain modifications.

The KPSC's order granted the Companies' requested CPCNs and site-related permits to construct the proposed (i) E.W. Brown Unit 12, a 645 MW natural gas combined-cycle ("NGCC") generation unit, (ii) Mill Creek Unit 6, a 645 MW NGCC generation unit, and (iii) Ghent Unit 2's selective catalytic reduction ("SCR") environmental facility. The order authorized inclusion of relevant costs of Ghent Unit 2's SCR in the Companies' existing environmental cost recovery rate mechanism. The order established a separate monitoring case to receive and consider information during the construction of Mill Creek Unit 6.

The order approved requests regarding regulatory asset deferral accounting treatment for certain allowance-for-funds-used-during-construction related amounts, and noted the KPSC's expectation that the stipulating parties would follow through with their commitments regarding tariffs and power supply contracts related to potential future data center or high load customers in the Companies’ pending rate proceedings. The order also approved other elements of the stipulation or the originally-filed application, with minor modifications.

The KPSC decided not to approve the Companies' proposed new rate adjustment cost recovery mechanisms for certain costs associated with Mill Creek Unit 6 and costs associated with operating the Mill Creek 2 coal unit beyond its original retirement date in 2027. However, the denials were without prejudice to resubmission and the KPSC encouraged the Companies to provide additional evidence on such matters in separate proceedings. The Companies are evaluating next steps including addressing recovery of such costs in the Companies' pending rate case proceedings. The KPSC declined to rule on a matter related to the retirement date of Mill Creek Unit 2.

In light of the conditional withdrawal in the previously announced stipulation agreement, the order did not include a CPCN for a Cane Run battery energy storage system ("BESS"). LG&E and KU retain the right to seek approval of the Cane Run BESS project or similar substitute projects in future regulatory proceedings.

The KPSC's order is subject to certain rights to request rehearing or appeal by the Companies and all intervenors.

The Companies continue to evaluate the order and related matters and cannot predict the outcome should the Companies or other parties decide to appeal or request a rehearing of these matters.

A copy of the Companies' press release is filed as Exhibit 99.1.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

99.1

Press Release dated October 30, 2025 of Louisville Gas and Electric Company and Kentucky Utilities Company.

104

Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

Cautionary Statement on Forward-Looking Statements

Statements in this report regarding future events and their timing, including statements as to future costs or expenses, regulation, corporate strategy and performance, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation and the Companies believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, these expectations, assumptions and statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: subsequent phases of rate proceedings and regulatory cost recovery; market demand and prices for electricity and natural gas; political, regulatory or economic conditions in states and regions where the Companies conduct business; final negotiated terms and conditions in any prospective contracts and the progress of actual construction, purchase or installation of assets or operations. All forward-looking statements should be considered in light of these important factors and in conjunction with PPL Corporation's and the Companies' Form 10-K and other reports on file with the Securities and Exchange Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			PPL CORPORATION
			By:			/s/ Marlene C. Beers
						Marlene C. Beers Vice President and Controller
			LOUISVILLE GAS AND ELECTRIC COMPANY
			By:			/s/ Christopher M. Garrett
						Christopher M. Garrett Vice President-Finance and Accounting
			KENTUCKY UTILITIES COMPANY
			By:			/s/ Christopher M. Garrett
						Christopher M. Garrett Vice President-Finance and Accounting

Dated:  October 30, 2025

FAQ

What did the KPSC approve for PPL’s LG&E and KU subsidiaries (PPL)?

CPCNs to construct E.W. Brown Unit 12 and Mill Creek Unit 6 (each 645 MW NGCC) and approval to install an SCR at Ghent Unit 2.

How will Ghent Unit 2 SCR costs be recovered for PPL (PPL)?

The order authorizes inclusion of relevant Ghent Unit 2 SCR costs in the existing environmental cost recovery mechanism.

What cost mechanisms were not approved in this decision (PPL)?

New rate adjustment mechanisms tied to Mill Creek Unit 6 and costs of operating Mill Creek Unit 2 beyond its original 2027 retirement were not approved, without prejudice.

Was the Cane Run battery energy storage system approved (PPL)?

No. Due to a conditional withdrawal, no CPCN was granted for the Cane Run BESS; LG&E and KU may seek approval in future proceedings.

Did the KPSC address the retirement date of Mill Creek Unit 2 (PPL)?

The KPSC declined to rule on Mill Creek Unit 2’s retirement date.

Are there any oversight or follow-up processes for the new plants (PPL)?

Yes. The KPSC established a separate monitoring case for Mill Creek Unit 6 during construction.

What options remain if parties disagree with the order (PPL)?

The order is subject to rights to request rehearing or appeal by the Companies and intervenors.