PPL Files for 8.6% Revenue Hike in PUC Docket R-2025-3057164

Rhea-AI Filing Summary

PPL Corporation filed an 8-K reporting it has petitioned the state Public Utility Commission (PUC) in Docket No. R-2025-3057164 to raise rates. The company requested an annual base rate distribution revenue increase of approximately $356 million, equal to about 8.6% of current annual revenue, based on a fully projected future test year of July 1, 2026 through June 30, 2027. The petition asks for an authorized return on equity of 11.3%. PPL states it cannot predict the proceeding outcome and expects a PUC ruling in the second quarter of 2026.

Positive

• Material revenue uplift requested: approximately $356 million annual increase
• Significant proportional impact: request represents about 8.6% of annual revenue
• Clear regulatory timeline: company expects a PUC ruling in Q2 2026
• Explicit ROE request: sought authorized return on equity of 11.3%

Negative

• Outcome uncertainty: company states it cannot predict the proceeding outcome
• Regulatory risk: actual approved increase, ROE, or timing may be materially reduced by the PUC or settlements
• Dependence on forecasted test year: the request is based on a fully projected future test year, which regulators may adjust

Insights

Financial Analyst

TL;DR: PPL seeks an 8.6% revenue increase and an 11.3% ROE; outcome is uncertain and could meaningfully affect earnings and cash flow.

The filing discloses a material regulatory rate case requesting approximately $356 million in additional annual distribution revenue, which management says would raise total annual revenue by about 8.6%. Using a fully projected future test year aligns regulatory recovery with expected cost levels, and the requested 11.3% ROE is a key driver of rate-setting outcomes. For investors, the size of the request is material relative to company revenue and could support higher regulated earnings if granted. However, regulatory adjustments, lower approved ROE, or disallowances would reduce the financial benefit. The company appropriately disclaims predictability and sets investor expectations for a decision in Q2 2026.

Regulatory Specialist

TL;DR: This is a significant rate case in a formal PUC docket that will be evaluated on cost projections and ROE justification.

The petition, filed in Docket No. R-2025-3057164, relies on a fully projected future test year (July 1, 2026 to June 30, 2027), which regulators scrutinize for forecast accuracy. The requested 11.3% ROE and $356 million uplift are substantive and will be examined against benchmark returns, capital structure, and jurisdictional precedent. The anticipated Q2 2026 ruling timeframe is reasonable but subject to procedural adjustments. Material risk remains from potential settlements, intervenor challenges, or rate design changes that could alter recovery timing and magnitude.

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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):  September 30, 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
1-905			PPL Electric Utilities Corporation												23-0959590
			(Exact name of Registrant as specified in its charter)
			Pennsylvania
			827 Hausman Road
			Allentown,						PA			18104-9392
			(610)			774-5151

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
☐			PPL Electric Utilities Corporation
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
☐			PPL Electric Utilities Corporation

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure

On September 30, 2025, PPL Electric Utilities Corporation (the "Company") issued a press release announcing that it had filed a request with the Pennsylvania Public Utility Commission ("PUC") for an increase in distribution rates, expected to be effective July 1, 2026. A copy of the press release is furnished as Exhibit 99.1.

The petition requested an increase in annual base rate distribution revenue of approximately $356 million, which would increase the Company's total annual revenue by about 8.6%.

The petition is based on a fully projected future test year of July 1, 2026 through June 30, 2027 and a requested authorized return-on-equity of 11.3%.

The Company cannot predict the outcome of the proceeding. The Company anticipates a ruling from the PUC during the second quarter of 2026.

The PUC proceeding has been designated as Docket No. R-2025-3057164.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

99.1 -

Press release dated September 30, 2025 announcing PPL Electric Utilities Corporation's filing with Pennsylvania Public Utility Commission of a request for distribution rate increase.

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 the PPL Corporation and the Company 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; political, regulatory or economic conditions in states and regions where the Company conducts business and final negotiated terms and conditions in any prospective contracts. All forward-looking statements should be considered in light of these important factors and in conjunction with PPL Corporation's and the Company' Form 10-K and other reports on file with the U.S. Securities and Exchange Commission.

As provided in General Instruction B.2 of Form 8-K, the information contained in Item 7.01 of this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall any such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

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
			PPL ELECTRIC UTILITIES CORPORATION
			By:			/s/ Marlene C. Beers
						Marlene C. Beers Vice President and Controller

Dated:  September 30, 2025

FAQ

What increase did PPL (PPL) request in the PUC filing?

PPL requested an annual base rate distribution revenue increase of approximately $356 million, about 8.6% of annual revenue.

What return on equity (ROE) did PPL request in the rate case?

The company requested an authorized ROE of 11.3% as part of the petition.

What test year does PPL use in its petition?

The petition is based on a fully projected future test year from July 1, 2026 through June 30, 2027.

When does PPL expect a decision from the PUC?

PPL anticipates a ruling from the Public Utility Commission during the second quarter of 2026.

What is the PUC docket number for PPL’s filing?

The proceeding has been designated as Docket No. R-2025-3057164.