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Kentucky ruling lifts PPL (NYSE: PPL) utility revenues

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

PPL Corporation reports that on August 14, 2026, the Kentucky Public Service Commission issued an order on rehearing in the base rate cases of Louisville Gas and Electric Company and Kentucky Utilities Company. The order approves certain requested changes, including treatment of regulatory assets and liabilities in rate base, use of updated cost estimates in a potential recovery cap under the Pilot Generation Recovery Clause mechanism, and inclusion of pre-2026 stay-open costs for LG&E’s Mill Creek Unit 2 in a regulatory asset, while denying other requested items tied to an October 2025 stipulation.

PPL states the order increases annual revenues by approximately $4 million for LG&E electricity and gas and $3 million for KU electricity above the increases granted in February 2026, with revised rates effective for services on and after the order date. PPL also reaffirms its previously disclosed long-term earnings per share growth targets and includes a detailed caution regarding forward-looking statements and regulatory and market risks.

Positive

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Negative

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Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Additional LG&E annual revenues $4 million Estimated annual increase in LG&E electricity and gas revenues above February 2026 order
Additional KU annual revenues $3 million Estimated annual increase in KU electricity revenues above February 2026 order
Order date August 14, 2026 Date Kentucky Public Service Commission issued rehearing order on base rates
Effective date of revised rates August 14, 2026 Revised rates effective for services on and after the date of the order
regulatory asset financial
"allowing pre-2026 costs to be included in a regulatory asset relating to LG&E's stay-open costs"
rate base financial
"incorporating regulatory assets and liabilities in rate base calculations and recovery therein"
Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.
Pilot Generation Recovery Clause mechanism regulatory
"a potential recovery cap in the Companies' Pilot Generation Recovery Clause mechanism"
stay-open costs financial
"LG&E's stay-open costs regarding Mill Creek Unit 2"
forward-looking statements regulatory
"Statements in this report regarding future events and their timing ... are forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

What regulatory decision affecting PPL (PPL) was announced on August 14, 2026?
The Kentucky Public Service Commission issued an order on rehearing in the base rate cases for Louisville Gas and Electric and Kentucky Utilities. The order adjusted regulatory asset treatment, recovery mechanisms, and certain cost items while denying other requested stipulation-related changes.

How much additional annual revenue does PPL (PPL) expect from the new KPSC order?
PPL estimates the order adds about $4 million in annual LG&E electricity and gas revenues and $3 million in annual KU electricity revenues. These amounts are in addition to the increases granted in the KPSC’s February 2026 rate orders.

When do the revised LG&E and KU rates described by PPL (PPL) become effective?
The revised rates become effective for services on and after the August 14, 2026 order date. This timing applies to the updated rates reflecting the additional annual revenue increases granted on rehearing by the Kentucky Public Service Commission.

Did PPL (PPL) change its earnings guidance following the KPSC rehearing order?
PPL reaffirmed its previously disclosed long-term earnings per share growth targets. The company did not introduce new long-term EPS targets in this disclosure but confirmed that its existing long-term EPS growth outlook remains in place following the Kentucky commission’s order.

What key regulatory accounting issues were addressed for PPL’s LG&E and KU in this order?
The order approved elements related to regulatory assets and liabilities in rate base, use of updated cost estimates in a Pilot Generation Recovery Clause cap, and inclusion of pre-2026 stay-open costs for LG&E’s Mill Creek Unit 2 in a regulatory asset.

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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):  August 14, 2026
 
Commission File
Number
Registrant;
State of Incorporation;
Address and Telephone Number
IRS Employer
Identification No.
1-11459PPL Corporation23-2758192
(Exact name of Registrant as specified in its charter)
Pennsylvania
645 Hamilton Street
Allentown,PA18101
(610) 774-5151
1-2893Louisville Gas and Electric Company61-0264150
(Exact name of Registrant as specified in its charter)
Kentucky
820 West Broadway
Louisville,KY40202
(502)627-2000
1-3464Kentucky Utilities Company61-0247570
(Exact name of Registrant as specified in its charter)
Kentucky and Virginia
One Quality Street
Lexington,KY40507-1462
(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
Corporate Units of PPL CorporationPPLC
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 August 14, 2026, the Kentucky Public Service Commission ("KPSC") issued an order in the base rate proceedings of Louisville Gas and Electric Company ("LG&E") and Kentucky Utilities Company ("KU", and collectively with LG&E, the "Companies") relating to the Companies' requests for rehearing of the KPSC's February 2026 orders granting certain increases in the Companies' annual electricity and gas revenues and associated accounting and other matters.

The KPSC order approved certain elements of the Companies' rehearing requests, including matters relating to incorporating regulatory assets and liabilities in rate base calculations and recovery therein, utilizing updated cost estimates in a potential recovery cap in the Companies' Pilot Generation Recovery Clause mechanism, and allowing pre-2026 costs to be included in a regulatory asset relating to LG&E's stay-open costs regarding Mill Creek Unit 2.

The KPSC order denied other elements of the Companies' rehearing requests, including seeking reinstatement of certain other aspects of a prior October 2025 stipulation and recommendation of the Companies and certain intervenors in the rate increase proceedings.

The Companies currently estimate that the KPSC order represents increases of approximately $4 million in annual LG&E electricity and gas revenues and approximately $3 million in annual KU electricity revenues, above the increased amounts contained in the KPSC's February 2026 order. The revised rates are effective for services on and after the date of the order.

In connection with the KPSC order, PPL Corporation reaffirms its previously disclosed long-term earnings per share growth targets.



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/ Marlene C. Beers
Marlene C. Beers
Vice President and Controller
KENTUCKY UTILITIES COMPANY
By:/s/ Marlene C. Beers
Marlene C. Beers
Vice President and Controller
 
  
Dated:  August 17, 2026


Source: View Original Filing on SEC EDGAR

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