PPL Corporation 8-K Filings

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.

PPL Corporation reported second-quarter 2026 GAAP net income of $230 million, or $0.30 per share, up from $183 million, or $0.25 per share, a year earlier. Earnings from ongoing operations (non-GAAP) were $247 million, or $0.33 per share, compared with $240 million, or $0.32 per share. For the first six months of 2026, GAAP earnings were $682 million, or $0.90 per share, and ongoing earnings were $725 million, or $0.96 per share.

Segment results showed regulated contributions of $0.18 per share from Kentucky, $0.17 from Pennsylvania, $0.01 from Rhode Island, partially offset by a Corporate and Other loss of $0.06 per share. PPL reaffirmed its 2026 earnings from ongoing operations forecast range of $1.90 to $1.98 per share, with a midpoint of $1.94, and reiterated its 6% to 8% annual EPS growth target through at least 2029.

The company highlighted economic-development-driven growth, estimating $10 billion to $12 billion of potential generation investment upside in Pennsylvania and Kentucky through 2032, including opportunities via its 51% Invitium Energy joint venture serving data centers. Management cited disciplined cost control, grid modernization and constructive regulation as key factors supporting its outlook.

PPL Corporation has elected veteran energy executive Kenneth M. Hartwick to its Board of Directors, effective July 1, 2026. He will serve on the Board’s People and Compensation Committee and Finance Committee and will receive the same compensation as other non-employee directors.

The Board determined that Hartwick meets its independence guidelines and the New York Stock Exchange independence rules. With his appointment, PPL’s Board will have 10 directors, including eight independent directors, an independent Chair and PPL’s president and chief executive officer.

Hartwick brings extensive utility and energy experience, including service as president and chief executive officer of Ontario Power Generation from 2019 to 2025, prior CFO and strategy roles there, and board roles at MYR Group Inc., Denison Mines Corp., the Independent Electricity System Operator of Ontario and the Investment Management Corporation of Ontario.

PPL Electric Utilities, a subsidiary of PPL Corporation, received approval to increase its annual base distribution revenue by approximately $275 million, effective July 1, 2026. The Pennsylvania Public Utility Commission approved a settlement that supports grid reliability investments and expanded customer assistance programs.

The decision will raise residential customer bills by 3.23%, including an estimated $6.48 per month increase for a typical 1,000 kWh residential bill. Commercial customers at 1,000 kWh / 3 kW will see a $4.08 monthly increase, and industrial customers at 150,000 kWh / 500 kW will see a $332.54 monthly increase.

The settlement creates a new large-load customer rate class with binding commitments of at least 10 years, helping ensure these users cover related infrastructure costs. Beginning in 2027, $11 million annually in low-income program assistance will be assigned to these large-load customers through a non-bypassable charge. PPL Electric will not increase base distribution rates for at least two years after implementation, marking its first base rate increase since 2016.

PPL Corporation reported that its wholly owned subsidiary, The Narragansett Electric Company (doing business as Rhode Island Energy), issued $400 million of 6.000% Senior Notes due May 15, 2056 in a private placement to qualified institutional buyers and certain non-U.S. persons under Regulation S. The notes are senior, unsecured obligations of the issuer, are not guaranteed by PPL or other subsidiaries, and pay interest semiannually each May 15 and November 15, starting November 15, 2026. Net proceeds were $396.3 million after discounts and commissions, and the issuer intends to use them to repay short-term debt incurred primarily for capital expenditures and general corporate purposes. The notes were issued under an existing base indenture and a seventh supplemental indenture that includes customary events of default and limited covenants, mainly restricting mergers, consolidations, or major asset sales.

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, issued $500,000,000 of First Mortgage Bonds, 5.75% Series due May 15, 2056. The bonds were sold under an underwriting agreement with a syndicate led by MUFG Securities Americas, PNC Capital Markets, U.S. Bancorp Investments, and Wells Fargo Securities.

The bonds were issued under PPL Electric's 2001 Indenture, as supplemented, and are secured by a lien on substantially all of its distribution properties and certain transmission properties, subject to stated exceptions. PPL Electric plans to use the net proceeds to repay short-term debt and for general corporate purposes.

PPL Corporation reported results of its 2026 Annual Meeting of Shareowners held on May 13, 2026. Shareowners elected all nine director nominees, each receiving over 585 million votes in favor, with broker non-votes just over 69 million for each nominee.

Shareowners also approved, on an advisory basis, the 2025 compensation of the company’s named executive officers, with about 580,083,934 votes for and 18,747,637 against. They approved the PPL Corporation Second Amended and Restated 2012 Stock Incentive Plan, with 582,471,858 votes for, and ratified Deloitte & Touche LLP as independent registered public accounting firm for the year ending December 31, 2026, with 662,634,703 votes for.

PPL Corporation reported stronger first-quarter 2026 results and maintained its outlook. Revenue rose to $2.77 billion from $2.50 billion, and GAAP net income increased to $452 million, or $0.60 per share, up from $414 million, or $0.56 per share, a year earlier.

Non-GAAP earnings from ongoing operations were $478 million, or $0.63 per share, compared with $444 million, or $0.60 per share, in 2025. Kentucky drove most of the per-share improvement, while Pennsylvania and Rhode Island contributed steady ongoing earnings.

PPL reaffirmed its 2026 ongoing earnings forecast of $1.90 to $1.98 per share (midpoint $1.94) and its 6%–8% annual EPS growth target through at least 2029, expecting compound growth near the top of that range. Management highlighted plans for $5.1 billion of 2026 infrastructure investments, regulatory progress in Pennsylvania and Rhode Island, and continued build-out of new gas, solar and battery generation in Kentucky.

PPL Corporation reported that the Federal Energy Regulatory Commission issued Opinion No. 594 revising how returns on equity are set for New England transmission owners. The decision sets a 9.57% base ROE with incentives capped at 12.09%, retroactive to October 16, 2014, and orders refunds with interest for certain affected periods.

The ruling impacts Rhode Island Energy, PPL’s wholly owned utility subsidiary, and PPL is evaluating options, including a possible appeal coordinated with other New England transmission owners. PPL does not expect a material impact on its operations or financial condition and reaffirmed its 2026 earnings forecast of $1.90 to $1.98 per share and a 6% to 8% annual earnings per share growth target through at least 2029, with growth expected near the top of that range.

PPL Electric Utilities, a subsidiary of PPL Corporation, has filed a joint settlement petition with Pennsylvania regulators for its first electric distribution base rate increase since 2016. If approved, the settlement would raise annual base distribution revenues by about $275 million, below the original request of about $356 million.

The proposal is based on a future test year ending June 30, 2027, with new rates targeted to start July 1, 2026, and generally limits further base rate changes for two years after that date. It resets the Distribution System Improvement Charge to 0% and caps it at 5.0% of annual distribution revenues, and raises storm cost recovery in base rates for reportable storms to $32 million annually from $20 million via the Storm Damage Expense Rider.

The settlement backs capitalization of about $54 million of information technology upgrades and creates a new large-load LP-6 tariff for customers such as data centers, including long-term contract requirements, load guarantees and exit fees. This new class would contribute $11 million to residential low-income programs. Additional measures enhance customer assistance and low-income usage reduction programs. The agreement remains subject to Pennsylvania Public Utility Commission review, and it may be approved, denied or modified.

PPL Electric Utilities Corporation, a subsidiary of PPL Corporation, has reached a non‑unanimous settlement in principle in its Pennsylvania electric distribution rate case, an important step in the ongoing regulatory process with the Pennsylvania Public Utility Commission (PUC).

The settlement, filed in a case originally opened on September 30, 2025, resolves all issues among active parties, with only two parties expressing limited opposition related to the company’s proposal on maximum registered peak load. The agreement remains subject to approval by both the Administrative Law Judges and the PUC.

PPL Electric believes the settlement framework will support continued investment in a safe, reliable and resilient electric system while emphasizing customer affordability and service. A Joint Petition for approval of the non‑unanimous settlement is expected to be filed on March 10, and the company continues to anticipate a PUC ruling by the end of the second quarter of 2026, while noting it cannot predict the final outcome.

PPL Corporation entered into an underwriting agreement and completed an offering of 23,000,000 equity units, initially issued as Corporate Units. Each Corporate Unit has a stated amount of $50 and combines a stock purchase contract with interests in two series of PPL Capital Funding’s 4.02% Remarketable Senior Notes due 2034 and 2039.

The stock purchase contracts require holders to buy PPL common stock for $50 in cash per contract no later than February 15, 2029. Holders receive total annual distributions of 7.00% of the $50 stated amount, split between 2.98% contract adjustment payments and 4.02% interest on the notes, which are fully and unconditionally guaranteed by PPL. The securities were issued off a joint shelf registration statement.

PPL Corporation reported strong 2025 results and extended its long-term growth plan. Reported earnings were $1.18 billion, or $1.59 per share, up from $888 million, or $1.20 per share, in 2024. Earnings from ongoing operations rose to $1.81 per share from $1.69, a 7.1% increase.

Management issued 2026 earnings guidance of $1.90–$1.98 per share, with a midpoint of $1.94, about 7.2% above 2025 ongoing EPS. PPL extended its 6%–8% annual EPS growth target through at least 2029 and plans $23 billion of capital investments from 2026–2029, implying about 10.3% average annual rate base growth.

The company expects about $5.1 billion of infrastructure investments in 2026 and projects approximately $3 billion of equity needs from 2026–2029, of which about $1 billion was executed via forward sales in 2025. PPL also raised its quarterly dividend 4.6% to $0.2850 per share and now targets annual dividend growth of 4%–6%.

PPL Corporation reports that the Kentucky Public Service Commission has issued orders on the 2025 rate cases for Louisville Gas and Electric and Kentucky Utilities. The orders approve annual electricity revenue increases of $59 million at LG&E and $128 million at KU, plus a $46 million annual gas revenue increase at LG&E, effective retroactively from January 1, 2026.

The Commission authorized returns on equity of 9.775% for base rates and 9.675% for capital adjustment mechanisms. It approved, with modifications, a temporary Pilot Generation Recovery Adjustment Clause to recover investments in specific new generation and storage projects and certain potential life-extension costs for Mill Creek Unit 2, while excluding some later-dated projects.

The orders also establish an Extremely High Load Factor Tariff aimed at large users such as data centers, with long-term contracts and minimum revenue protections. The Commission did not approve an earnings-sharing mechanism, and all parties may seek rehearing or appeal; PPL reaffirmed its long-term earnings growth targets but notes that final outcomes remain uncertain.

PPL Corporation and its utilities have extended key bank credit lines by one year. On January 29, 2026, PPL Capital Funding’s existing $1.5 billion revolving credit facility with Wells Fargo and other lenders was amended to move certain commitment termination dates from December 6, 2029 to December 6, 2030.

PPL Electric Utilities amended its $750 million facility on the same terms, while Louisville Gas and Electric Company and Kentucky Utilities Company each amended their existing $600 million revolving credit facilities similarly. These changes help keep sizable liquidity backstops in place for a longer period.

PPL Corporation reported that it has partially settled previously executed forward sale agreements tied to its common stock. On December 29, 2025, the company physically settled certain of these agreements by delivering approximately 11.3 million shares of common stock to the forward purchasers, generating net cash proceeds of about $400 million.

The forward sale program initiated in 2025 covers a total of roughly 38.7 million shares, or about $1.4 billion. After this settlement, about 27.4 million shares, representing approximately $1.0 billion under two remaining forward agreements entered into in 2025, are still outstanding and must be settled on or before December 30, 2026 and August 11, 2027.

PPL Corporation reported that its subsidiary Rhode Island Energy has filed a request with the Rhode Island Public Utilities Commission for a two-year increase in electric and natural gas base distribution rates, expected to take effect on September 1, 2026. The plan is designed to collect additional operating revenue of $180.7 million in the first year and $49.4 million in the second year across electric and gas combined. The filing is based on a historical test year from September 1, 2024 through August 31, 2025 and includes a requested authorized return on equity of 10.75%. The company states it cannot predict the outcome of the proceeding and anticipates a PUC ruling in the third quarter of 2026.

PPL Capital Funding, Inc., a wholly owned subsidiary of PPL Corporation, issued $1.15 billion of 3.000% Exchangeable Senior Notes due 2030 in a private Rule 144A offering to qualified institutional buyers. The notes are senior unsecured obligations of the issuer and are fully and unconditionally guaranteed by PPL Corporation.

The notes bear 3.000% interest, payable semiannually, and mature on December 1, 2030, with exchange rights into PPL common stock at an initial rate of 23.4412 shares per $1,000 principal amount, equivalent to an exchange price of approximately $42.66 per share, a 20.0% premium to the $35.55 share price on November 19, 2025. The issuer received net proceeds of $1.14 billion, which it intends to use to repay short-term debt and for general corporate purposes.

The issuer may redeem the notes for cash on or after December 5, 2028 if PPL’s stock trades at least 130% of the then-current exchange price, and holders may require repurchase upon a fundamental change. Initially, a maximum of 32,348,695 PPL common shares may be issued upon exchange, based on an initial maximum exchange rate of 28.1293 shares per $1,000 principal amount.

PPL Corporation reported that its wholly owned subsidiary, PPL Capital Funding, Inc., has priced a private placement of $1.0 billion principal amount of 3.000% Exchangeable Senior Notes due 2030. These notes will be fully and unconditionally guaranteed by PPL Corporation, meaning the parent company stands behind the debt obligations of its financing subsidiary.

The announcement was made through a press release, which is included as an exhibit. By issuing these exchangeable senior notes, PPL is adding long-dated, fixed-rate debt to its capital structure, which can help fund general corporate needs or refinancing plans, depending on how the company chooses to use the proceeds.

PPL Corporation reported that it has launched a private placement of $1.0 billion principal amount of Exchangeable Senior Notes due 2030. The notes will be issued by its wholly owned subsidiary, PPL Capital Funding, Inc., and will be fully and unconditionally guaranteed by PPL Corporation, meaning the parent company stands behind all payment obligations on the notes.

The announcement was made through a press release, which is included as an exhibit. The filing also reminds readers that any statements about future events, costs, regulation, strategy or performance are forward-looking and subject to risks that could cause actual results to differ materially.

PPL Corporation filed an 8-K announcing it furnished a press release with financial results for the quarter ended September 30, 2025. The press release is included as Exhibit 99.1.

Senior management will host a teleconference and webcast on November 5, 2025 at 11:00 a.m. Eastern to discuss results and other business matters. The webcast and slides will be available on PPL’s website, with a replay accessible for 90 days. The information in Items 2.02 and 7.01 is furnished, not filed.

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.

PPL Corporation reported that subsidiaries Louisville Gas and Electric (LG&E) and Kentucky Utilities (KU) filed a stipulation with the Kentucky Public Service Commission proposing an aggregate annual electricity and gas revenue increase of about $235 million. The proposal includes $58 million in LG&E electricity, $132 million in KU electricity, and $45 million in LG&E gas, with a revised authorized ROE of 9.90%.

The agreement includes a “stay out” commitment to refrain from effective base rate increases before August 1, 2028, and proposes two trackers: a Generation Cost Recovery Adjustment (GCR) for recovery and return on investment of covered new generation and storage projects as they enter service, and a Sharing Mechanism (SM) that adjusts for revenue deficiency or surplus outside a 9.40%–10.15% ROE band during July 2027–July 2028, settled over 13 months beginning November 2028.

A KPSC hearing is set for November 3, 2025. The proposal remains subject to KPSC approval, denial, or modification. LG&E and KU anticipate a ruling in Q4 2025, with a final order due by March 31, 2026.

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.

PPL Corporation subsidiaries Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) each issued $700,000,000 aggregate principal amount of 5.850% First Mortgage Bonds due August 15, 2055. The bonds were issued under each company’s existing indenture and are secured by a lien on substantially all of the companies’ real and tangible personal property in Kentucky used in electricity (and, for LG&E, certain gas) operations. Each company intends to use net proceeds to repay specific maturing 3.300% Series First Mortgage Bonds due October 1, 2025 (LG&E: $300 million; KU: $250 million), to repay short-term debt and for general corporate purposes. Supplemental indentures dated August 1, 2025 and officers’ certificates dated August 13, 2025 are filed as exhibits.

PPL Corporation entered into forward contracts on August 8 and August 11, 2025 to sell an aggregate of 27.4 million shares of common stock at a blended initial forward price of approximately $35.90 per share, with expected net proceeds of approximately $984 million before adjustments for daily interest-rate changes, third-party stock loan fees and expected dividends. The contracts were executed through PPL's at-the-market equity distribution program established in February 2025 and are classified as equity transactions.

The two new forwards, each about $500 million, must be settled on or before December 30, 2026 and August 11, 2027, respectively. These add to roughly $400 million of earlier forwards settling by December 30, 2025, bringing total forward contracts since February 2025 to about $1.4 billion settling through August 2027, which PPL says derisks a significant portion of a previously disclosed approximately $2.5 billion expected equity need through 2028. PPL may elect physical, net share or net cash settlement.

PPL Electric Utilities Corporation entered into an underwriting agreement and sold $500,000,000 of First Mortgage Bonds, 5.55% Series due 2055, issued under its Indenture on August 11, 2025. The Bonds are secured by the lien of the Indenture, which creates a lien on substantially all of PPL Electric's distribution properties and certain transmission properties, subject to exceptions and exclusions described in the Indenture. Net proceeds will be used to repay short-term debt and for general corporate purposes. The offering was made under PPL Electric's Form S-3 registration statement and related documents are filed as exhibits to the report.