- Announces 2023 reported earnings (GAAP) of $1.00 per share.
- Exceeds 2023 earnings from ongoing operations forecast
midpoint, achieving $1.60 per
share.
- Extends 6% to 8% annual EPS and dividend growth targets
through at least 2027.
- Increases capital plan to more than $14 billion through 2027, raising rate base
growth to 6.3%.
- Updated plan maintains strong credit metrics without the
need for equity issuances.
- Announces 7.3% increase in quarterly common stock
dividend.
ALLENTOWN, Pa., Feb. 16,
2024 /PRNewswire/ -- PPL Corporation (NYSE: PPL)
today announced 2023 reported earnings (GAAP) of $740 million, or $1.00 per share, compared with 2022 reported
earnings of $756 million, or
$1.02 per share.
Adjusting for special items, 2023 earnings from ongoing
operations (non-GAAP) were $1.18
billion, or $1.60 per share,
compared with $1.04 billion, or
$1.41 per share, a year ago.
PPL's fourth-quarter 2023 reported earnings were $113 million, or $0.15 per share, compared with fourth-quarter
2022 reported earnings of $190
million, or $0.26 per
share.
Adjusting for special items, fourth-quarter 2023 earnings from
ongoing operations were $299 million,
or $0.40 per share, compared with
fourth-quarter 2022 earnings from ongoing operations of
$209 million, or $0.28 per share.
"Despite mild weather, heightened storm activity and challenging
macroeconomic factors, we delivered on all of our commitments to
shareowners in 2023, provided exceptional reliability for our 3.5
million customers and took significant steps to advance a safe,
reliable, affordable and cleaner energy mix,ˮ said PPL President
and Chief Executive Officer Vincent
Sorgi. "In addition, we exceeded our target of $50-$60 million in
operation and maintenance (O&M) efficiencies, achieving about
$75 million in savings from the
company's 2021 baseline.
"Looking ahead, we remain laser-focused on creating the
utilities of the future to advance the clean energy transition
reliably, affordably and sustainably for our customers. And
throughout PPL, we're driven to create long-term value for both our
customers and shareowners.ˮ
2023 Highlights
In 2023, PPL exceeded the midpoint of its ongoing earnings
forecast, delivered 8% ongoing earnings per share (EPS) growth from
pro forma 2022 EPS of $1.48 per share
(reflecting a full year of earnings contributions from Rhode Island
Energy), and offset more than $0.10
per share in mild weather and storm impacts.
At the same time, the company executed $2.4 billion in planned infrastructure
investments to improve service to customers, better enable the grid
to withstand severe weather, and support increased renewable energy
and electrification.
In addition, the company's Kentucky and Rhode
Island subsidiaries achieved constructive outcomes in key
regulatory proceedings. This included approval in Kentucky to retire and replace 600 megawatts
(MW) of aging coal generation and more than 50 MWs of aging peaking
units by 2027 with an affordable, reliable and cleaner energy mix.
In addition, it included approval in Rhode Island to deploy advanced metering
infrastructure across Rhode Island Energy's service territory.
2024 Earnings Guidance and Outlook
In conjunction with today's earnings announcement, PPL today
announced a 2024 earnings forecast range of $1.63 to $1.75 per
share. The midpoint, $1.69 per share,
represents a 7% increase over the midpoint of the company's 2023
ongoing earnings per share target, in line with its targeted growth
rate.
In addition, PPL announced a 7.3% increase in its quarterly
common stock dividend, raising the dividend from $0.24 per share to $0.2575 per share. The increased dividend will be
payable April 1, 2024, to shareowners
of record as of March 8, 2024, and
reflects PPL's commitment to dividend growth in line with earnings
per share growth targets.
PPL also extended its competitive 6% to 8% annual EPS and
dividend growth targets through at least 2027 based off the
midpoint of its 2024 earnings forecast range.
The company increased planned infrastructure investments to
$14.3 billion from 2024 to 2027
compared to the prior plan of $11.9
billion from 2023 to 2026. These investments are expected to
result in 6.3% average annual rate base growth through 2027, up
from 5.6% over the prior plan period.
The company also said it remains on track to deliver its
targeted annual operation and maintenance savings of at least
$175 million by 2026, with
$120-$130
million of annual savings planned by the end of 2024 from
the company's 2021 baseline. These expected savings will be driven
largely by transmission and distribution operations as PPL
continues to deploy scalable technologies and data science across
its utility portfolio.
Lastly, PPL said it expects to maintain a balance sheet that is
among the best in the U.S. utility sector. PPL continues to project
a Funds from Operations (FFO)/Cash Flow from Operations (CFO) to
debt ratio of 16% to 18% throughout the updated business planning
period without the need for equity issuances through at least
2027.
Fourth-Quarter and Year-to-Date Earnings
Details
As discussed in this news release, reported earnings are
calculated in accordance with U.S. Generally Accepted Accounting
Principles (GAAP). "Earnings from ongoing operationsˮ is a non-GAAP
financial measure that is adjusted for special items. See the
tables at the end of this news release for a reconciliation of
reported earnings to earnings from ongoing operations, including an
itemization of special items.
(Dollars in
millions, except for per share
amounts)
|
4th
Quarter
|
|
Year
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Reported
earnings
|
$ 113
|
|
$ 190
|
|
(41) %
|
|
$ 740
|
|
$ 756
|
|
(2) %
|
Reported earnings per
share
|
$ 0.15
|
|
$ 0.26
|
|
(42) %
|
|
$ 1.00
|
|
$ 1.02
|
|
(2) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4th
Quarter
|
|
Year
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Earnings from ongoing
operations
|
$ 299
|
|
$ 209
|
|
43 %
|
|
$
1,183
|
|
$
1,041
|
|
14 %
|
Earnings from ongoing
operations per share
|
$ 0.40
|
|
$ 0.28
|
|
43 %
|
|
$ 1.60
|
|
$ 1.41
|
|
13 %
|
Fourth-Quarter and
Year-to-Date Earnings by Segment(1)
|
|
|
|
|
|
4th
Quarter
|
|
Year
|
Per
share
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reported
earnings
|
|
|
|
|
|
|
|
Kentucky
Regulated
|
$
0.16
|
|
$
0.11
|
|
$
0.75
|
|
$
0.75
|
Pennsylvania
Regulated
|
0.18
|
|
0.16
|
|
0.70
|
|
0.71
|
Rhode Island
Regulated
|
0.04
|
|
0.01
|
|
0.13
|
|
(0.06)
|
Corporate and
Other
|
(0.23)
|
|
(0.08)
|
|
(0.58)
|
|
(0.44)
|
Discontinued
Operations
|
—
|
|
0.06
|
|
—
|
|
0.06
|
Total
|
$
0.15
|
|
$
0.26
|
|
$
1.00
|
|
$
1.02
|
|
4th
Quarter
|
|
Year
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Special items
(expense) benefit
|
|
|
|
|
|
|
|
Kentucky
Regulated
|
$
(0.01)
|
|
$
—
|
|
$
(0.02)
|
|
$
(0.01)
|
Pennsylvania
Regulated
|
(0.02)
|
|
—
|
|
(0.04)
|
|
0.01
|
Rhode Island
Regulated
|
(0.01)
|
|
(0.02)
|
|
(0.07)
|
|
(0.14)
|
Corporate and
Other
|
(0.21)
|
|
(0.06)
|
|
(0.47)
|
|
(0.31)
|
Discontinued
Operations
|
—
|
|
0.06
|
|
—
|
|
0.06
|
Total
|
$
(0.25)
|
|
$
(0.02)
|
|
$
(0.60)
|
|
$
(0.39)
|
|
4th
Quarter
|
|
Year
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Earnings from
ongoing operations
|
|
|
|
|
|
|
|
Kentucky
Regulated
|
$
0.17
|
|
$
0.11
|
|
$
0.77
|
|
$
0.76
|
Pennsylvania
Regulated
|
0.20
|
|
0.16
|
|
0.74
|
|
0.70
|
Rhode Island
Regulated
|
0.05
|
|
0.03
|
|
0.20
|
|
0.08
|
Corporate and
Other
|
(0.02)
|
|
(0.02)
|
|
(0.11)
|
|
(0.13)
|
Total
|
$
0.40
|
|
$
0.28
|
|
$
1.60
|
|
$
1.41
|
|
|
|
|
|
|
|
|
(1)
|
Kentucky holding
company costs for intercompany financing activity are now presented
in Corporate and Other beginning on Jan. 1, 2023. Prior periods
have been adjusted to reflect this change.
|
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's
reported earnings in 2023 included net special-item after-tax
charges of $443 million, or
$0.60 per share, primarily
attributable to integration and related expenses associated with
the acquisition of Rhode Island Energy, as well as the Talen
litigation settlement. Reported earnings in 2022 included net
special-item after-tax charges of $285
million or $0.39 per share,
primarily attributable to integration and related expenses
associated with the acquisition of Rhode Island Energy.
PPL's reported earnings for the fourth quarter of 2023 included
special-item after-tax charges of $186
million, or $0.25 per share,
primarily attributable to the Talen litigation settlement, as well
as integration and related expenses associated with the acquisition
of Rhode Island Energy. Reported earnings for the fourth quarter of
2022 included special-item after-tax charges of $19 million, or $0.02 per share, primarily attributable to
integration and related expenses associated with the acquisition of
Rhode Island Energy, partially offset by taxes related to
discontinued operations of the U.K. utility business.
Kentucky Regulated Segment
PPL's Kentucky Regulated segment primarily consists of the
regulated electricity and natural gas operations of Louisville Gas
and Electric Company and the regulated electricity operations of
Kentucky Utilities Company.
Reported earnings in 2023 were even compared with a year ago.
Earnings from ongoing operations in 2023 increased by $0.01 per share compared with a year ago. Factors
driving earnings results primarily included lower operation and
maintenance expense, partially offset by lower sales volumes
largely due to mild weather and higher interest expense.
Reported earnings in the fourth quarter of 2023 increased by
$0.05 per share compared with a year
ago. Earnings from ongoing operations in the fourth quarter of 2023
increased by $0.06 per share compared
with a year ago. Factors driving earnings results primarily
included lower operation and maintenance expense, partially offset
by lower sales volumes largely due to mild weather.
Pennsylvania Regulated Segment
PPL's Pennsylvania Regulated segment consists of the regulated
electricity delivery operations of PPL Electric Utilities.
Reported earnings in 2023 decreased by $0.01 per share compared with a year ago.
Earnings from ongoing operations increased by $0.04 per share compared to a year ago. Factors
driving earnings results primarily included higher transmission
revenue, distribution regulatory rider recovery and lower operation
and maintenance expense, partially offset by lower sales volumes
and higher interest expense.
Reported earnings in the fourth quarter of 2023 increased by
$0.02 per share compared with a year
ago. Earnings from ongoing operations in the fourth quarter of 2023
increased by $0.04 per share compared
with a year ago. Factors driving earnings results primarily
included lower operation and maintenance expense and higher
transmission revenue, partially offset by lower sales volumes and
higher interest expense.
Rhode Island Regulated Segment
PPL's Rhode Island Regulated segment consists of the regulated
electricity and natural gas operations of Rhode Island Energy,
which was acquired on May 25,
2022.
Reported earnings in 2023 increased by $0.19 per share compared with a year ago.
Earnings from ongoing operations increased by $0.12 per share compared to a year ago, primarily
reflecting PPL's ownership of Rhode Island Energy for a full year
in 2023.
Reported earnings in the fourth quarter of 2023 increased by
$0.03 per share compared with a year
ago. Earnings from ongoing operations in the fourth quarter of 2023
increased by $0.02 per share compared
with a year ago. Factors driving earnings results primarily
included higher revenues from capital investments, partially offset
by higher interest expense.
Corporate and Other
PPL's Corporate and Other category primarily includes financing
costs incurred at the corporate level that have not been allocated
or assigned to the segments, certain non-recoverable costs
resulting from commitments made to the Rhode Island Division of
Public Utilities and Carriers and the Rhode Island Attorney General's Office in
conjunction with the acquisition of Rhode Island Energy, and
certain other unallocated costs.
Reported earnings in 2023 decreased by $0.14 per share compared with a year ago,
primarily attributable to certain special items discussed above.
Adjusting for special items, earnings from ongoing operations in
2023 increased by $0.02 per share
compared with a year ago. Factors driving earnings results
primarily included lower income taxes, lower operation and
maintenance expense and other factors, partially offset by higher
interest expense.
Reported earnings in the fourth quarter of 2023 decreased by
$0.15 per share compared with a year
ago. Earnings from ongoing operations in the fourth-quarter of 2023
were even compared with a year ago. Factors driving earnings
results primarily included lower income taxes offset by higher
operation and maintenance expense.
2024 Earnings Forecast
PPL today announced a 2024 earnings forecast range of
$1.63 to $1.75 per share, with a midpoint of $1.69 per share.
Earnings from ongoing operations is a non-GAAP measure that
could differ from reported earnings due to special items that are,
in management's view, non-recurring or otherwise not reflective of
the company's ongoing operations. PPL management is not able to
forecast if any of these factors will occur or whether any amounts
will be reported for future periods. Therefore, PPL is not able to
provide an equivalent GAAP measure for earnings guidance.
About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S.
energy company focused on providing electricity and natural gas
safely, reliably and affordably to 3.5 million customers in the
U.S. PPL's high-performing, award-winning utilities are addressing
energy challenges head-on by building smarter, more resilient and
more dynamic power grids and advancing sustainable energy
solutions. For more information, visit www.pplweb.com.
(Note: All references to earnings per share in the text and
tables of this news release are stated in terms of diluted earnings
per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live Internet
webcast of management's teleconference with financial analysts
about fourth-quarter and full-year 2023 financial results at
11 a.m. Eastern time on Friday, Feb.
16. The call will be webcast live, in audio format, together with
slides of the presentation. Interested individuals can access the
webcast link at www.pplweb.com/investors under Events and
Presentations or access the live conference call via telephone at
1-844-512-2926. International participants should call
1-412-317-6300. Participants will need to enter the following
"Elite Entry" number in order to join the conference: 2705921. For
those who are unable to listen to the live webcast, a replay with
slides will be accessible at www.pplweb.com/investors for 90 days
after the call.
Management utilizes "Earnings from Ongoing Operations" or
"Ongoing Earnings" as a non-GAAP financial measure that should not
be considered as an alternative to reported earnings, or net
income, an indicator of operating performance determined in
accordance with GAAP. PPL believes that Earnings from Ongoing
Operations is useful and meaningful to investors because it
provides management's view of PPL's earnings performance as another
criterion in making investment decisions. In addition, PPL's
management uses Earnings from Ongoing Operations in measuring
achievement of certain corporate performance goals, including
targets for certain executive incentive compensation. Other
companies may use different measures to present financial
performance.
Earnings from Ongoing Operations is adjusted for the impact
of special items. Special items are presented in the financial
tables on an after-tax basis with the related income taxes on
special items separately disclosed. Income taxes on special items,
when applicable, are calculated based on the statutory tax rate of
the entity where the activity is recorded. Special items may
include items such as:
- Gains and losses on sales of assets not in the ordinary
course of business.
- Impairment charges.
- Significant workforce reduction and other restructuring
effects.
- Acquisition and divestiture-related adjustments.
- Significant losses on early extinguishment of debt.
- Other charges or credits that are, in management's view,
non-recurring or otherwise not reflective of the company's ongoing
operations.
Statements contained in this news release, including
statements with respect to future earnings, cash flows, dividends,
financing, regulation and corporate strategy, are "forward-looking
statements" within the meaning of the federal securities laws.
Although PPL Corporation believes that the expectations and
assumptions reflected in these forward-looking statements are
reasonable, these 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: asset or business
acquisitions and dispositions; the novel coronavirus pandemic or
other pandemic health events or other catastrophic events and their
effect on financial markets, economic conditions and our
businesses; market demand for energy in our service territories;
weather conditions affecting customer energy usage and operating
costs; the effect of any business or industry restructuring; the
profitability and liquidity of PPL Corporation and its
subsidiaries; new accounting requirements or new interpretations or
applications of existing requirements; operating performance of our
facilities; the length of scheduled and unscheduled outages at our
generating plants; environmental conditions and requirements and
the related costs of compliance; system conditions and operating
costs; development of new projects, markets and technologies;
performance of new ventures; any impact of severe weather on our
business; receipt of necessary government permits, approvals, rate
relief and regulatory cost recovery; capital market conditions and
decisions regarding capital structure; the impact of state, federal
or foreign investigations applicable to PPL Corporation and its
subsidiaries; the outcome of litigation against PPL Corporation and
its subsidiaries; stock price performance; the market prices of
equity securities and the impact on pension income and resultant
cash funding requirements for defined benefit pension plans; the
securities and credit ratings of PPL Corporation and its
subsidiaries; political, regulatory or economic conditions in
jurisdictions where PPL Corporation or its subsidiaries conduct
business, including any potential effects of threatened or actual
cyberattack, terrorism, or war or other hostilities; new state,
federal or foreign legislation, including new tax legislation; and
the commitments and liabilities of PPL Corporation and its
subsidiaries. Any such forward-looking statements should be
considered in light of such important factors and in conjunction
with factors and other matters discussed in PPL Corporation's Form
10-K and other reports on file with the Securities and Exchange
Commission.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news and background about PPL
Corporation.
PPL CORPORATION AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION(1)
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(Millions of
Dollars)
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
331
|
|
$
356
|
Accounts
receivable
|
1,221
|
|
1,046
|
Unbilled
revenues
|
428
|
|
552
|
Fuel, materials and
supplies
|
505
|
|
443
|
Regulatory
assets
|
293
|
|
258
|
Other current
assets
|
154
|
|
169
|
Property, Plant and
Equipment
|
|
|
|
Regulated utility
plant
|
38,608
|
|
36,961
|
Less: Accumulated
depreciation - regulated utility plant
|
9,156
|
|
8,352
|
Regulated utility
plant, net
|
29,452
|
|
28,609
|
Non-regulated
property, plant and equipment
|
72
|
|
92
|
Less: Accumulated
depreciation - non-regulated property, plant and
equipment
|
23
|
|
46
|
Non-regulated
property, plant and equipment, net
|
49
|
|
46
|
Construction work in
progress
|
1,917
|
|
1,583
|
Property, Plant and
Equipment, net
|
31,418
|
|
30,238
|
Noncurrent regulatory
assets
|
1,874
|
|
1,819
|
Goodwill and other
intangibles
|
2,553
|
|
2,561
|
Other noncurrent
assets
|
459
|
|
395
|
Total
Assets
|
$
39,236
|
|
$
37,837
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term
debt
|
$
992
|
|
$
985
|
Long-term debt due
within one year
|
1
|
|
354
|
Accounts
payable
|
1,104
|
|
1,201
|
Other current
liabilities
|
1,243
|
|
1,249
|
Long-term
debt
|
14,611
|
|
12,889
|
Deferred income taxes
and investment tax credits
|
3,219
|
|
3,124
|
Accrued pension
obligations
|
275
|
|
206
|
Asset retirement
obligations
|
133
|
|
138
|
Noncurrent regulatory
liabilities
|
3,340
|
|
3,412
|
Other deferred credits
and noncurrent liabilities
|
385
|
|
361
|
Common stock and
additional paid-in capital
|
12,334
|
|
12,325
|
Treasury
stock
|
(948)
|
|
(967)
|
Earnings
reinvested
|
2,710
|
|
2,681
|
Accumulated other
comprehensive loss
|
(163)
|
|
(124)
|
Noncontrolling
interests
|
—
|
|
3
|
Total Liabilities
and Equity
|
$
39,236
|
|
$
37,837
|
|
|
|
|
(1)
|
The Financial
Statements in this news release have been condensed and summarized
for purposes of this presentation. Please refer to PPL
Corporation's periodic filings with the Securities and Exchange
Commission for full financial statements, including note
disclosure.
|
PPL
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income (Unaudited)
|
(Millions of
Dollars, except share data)
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating
Revenues
|
$
2,031
|
|
$
2,290
|
|
$
8,312
|
|
$
7,902
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operation
|
|
|
|
|
|
|
|
Fuel
|
166
|
|
223
|
|
733
|
|
931
|
Energy
purchases
|
411
|
|
593
|
|
1,841
|
|
1,686
|
Other operation and
maintenance
|
657
|
|
727
|
|
2,462
|
|
2,398
|
Depreciation
|
314
|
|
309
|
|
1,254
|
|
1,181
|
Taxes, other than
income
|
93
|
|
102
|
|
392
|
|
332
|
Total Operating
Expenses
|
1,641
|
|
1,954
|
|
6,682
|
|
6,528
|
|
|
|
|
|
|
|
|
Operating
Income
|
390
|
|
336
|
|
1,630
|
|
1,374
|
|
|
|
|
|
|
|
|
Other Income (Expense)
- net
|
(91)
|
|
18
|
|
(40)
|
|
54
|
|
|
|
|
|
|
|
|
Interest
Expense
|
172
|
|
152
|
|
666
|
|
513
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations Before Income Taxes
|
127
|
|
202
|
|
924
|
|
915
|
|
|
|
|
|
|
|
|
Income Taxes
|
14
|
|
54
|
|
184
|
|
201
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations After Income Taxes
|
113
|
|
148
|
|
740
|
|
714
|
|
|
|
|
|
|
|
|
Income (Loss) from
Discontinued Operations (net of income taxes)
|
—
|
|
42
|
|
—
|
|
42
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
$
113
|
|
$
190
|
|
$
740
|
|
$
756
|
|
|
|
|
|
|
|
|
Earnings Per Share
of Common Stock:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
Income from Continuing
Operations After Income Taxes
|
$
0.15
|
|
$
0.20
|
|
$
1.00
|
|
$
0.97
|
Income (Loss) from
Discontinued Operations (net of income taxes)
|
—
|
|
0.06
|
|
—
|
|
0.06
|
Net Income (Loss)
Available to PPL Common Shareowners
|
$
0.15
|
|
$
0.26
|
|
$
1.00
|
|
$
1.03
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
Income from Continuing
Operations After Income Taxes
|
$
0.15
|
|
$
0.20
|
|
$
1.00
|
|
$
0.96
|
Income (Loss) from
Discontinued Operations (net of income taxes)
|
—
|
|
0.06
|
|
—
|
|
0.06
|
Net Income (Loss)
Available to PPL Common Shareowners
|
$
0.15
|
|
$
0.26
|
|
$
1.00
|
|
$
1.02
|
|
|
|
|
|
|
|
|
Weighted-Average
Shares of Common Stock Outstanding (in thousands)
|
|
|
|
|
|
|
|
Basic
|
737,128
|
|
736,369
|
|
737,036
|
|
736,027
|
Diluted
|
738,600
|
|
737,570
|
|
738,166
|
|
736,902
|
PPL
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(Millions of
Dollars)
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2021
|
Cash Flows from
Operating Activities
|
|
|
|
|
|
Net income
(loss)
|
$
740
|
|
$
756
|
|
$
(1,480)
|
Loss (income) from
discontinued operations (net of income taxes)
|
—
|
|
(42)
|
|
1,498
|
Income from continuing
operations (net of income taxes)
|
740
|
|
714
|
|
18
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation
|
1,254
|
|
1,181
|
|
1,082
|
Amortization
|
81
|
|
52
|
|
39
|
Defined benefit plans
- expense (income)
|
(73)
|
|
(16)
|
|
10
|
Deferred income taxes
and investment tax credits
|
322
|
|
179
|
|
87
|
Loss on sale of Safari
Holdings
|
—
|
|
60
|
|
—
|
Impairment of solar
panels
|
—
|
|
—
|
|
37
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
395
|
Other
|
4
|
|
51
|
|
10
|
Change in current
assets and current liabilities
|
|
|
|
|
|
Accounts
receivable
|
(170)
|
|
(176)
|
|
(14)
|
Accounts
payable
|
(72)
|
|
358
|
|
24
|
Unbilled
revenues
|
128
|
|
(197)
|
|
(5)
|
Fuel, materials and
supplies
|
(60)
|
|
(90)
|
|
(21)
|
Taxes
payable
|
6
|
|
(80)
|
|
27
|
Regulatory assets and
liabilities, net
|
(37)
|
|
(119)
|
|
52
|
Accrued
interest
|
27
|
|
1
|
|
(32)
|
Other
|
39
|
|
(89)
|
|
(9)
|
Other operating
activities
|
|
|
|
|
|
Defined benefit plans
- funding
|
(13)
|
|
(12)
|
|
(53)
|
Other
|
(418)
|
|
(87)
|
|
(103)
|
Net cash provided by
operating activities - continuing operations
|
1,758
|
|
1,730
|
|
1,544
|
Net cash provided by
operating activities - discontinued operations
|
—
|
|
—
|
|
726
|
Net cash provided by
operating activities
|
1,758
|
|
1,730
|
|
2,270
|
Cash Flows from
Investing Activities
|
|
|
|
|
|
Expenditures for
property, plant and equipment
|
(2,390)
|
|
(2,155)
|
|
(1,973)
|
Proceeds from sale of
Safari Holdings, net of cash divested
|
—
|
|
146
|
|
—
|
Proceeds from sale of
U.K. utility business, net of cash divested
|
—
|
|
—
|
|
10,560
|
Acquisition of
Narragansett Electric, net of cash acquired
|
—
|
|
(3,660)
|
|
—
|
Other investing
activities
|
7
|
|
15
|
|
(23)
|
Net cash provided by
(used in) investing activities - continuing operations
|
(2,383)
|
|
(5,654)
|
|
8,564
|
Net cash provided by
(used in) investing activities - discontinued operations
|
—
|
|
—
|
|
(607)
|
Net cash provided by
(used in) investing activities
|
(2,383)
|
|
(5,654)
|
|
7,957
|
Cash Flows from
Financing Activities
|
|
|
|
|
|
Issuance of long-term
debt
|
3,252
|
|
850
|
|
650
|
Retirement of
long-term debt
|
(1,854)
|
|
(264)
|
|
(4,606)
|
Payment of common
stock dividends
|
(704)
|
|
(787)
|
|
(1,279)
|
Purchase of treasury
stock
|
—
|
|
—
|
|
(1,003)
|
Retirement of term
loan
|
—
|
|
—
|
|
(300)
|
Retirement of
commercial paper
|
—
|
|
—
|
|
(73)
|
Net increase
(decrease) in short-term debt
|
7
|
|
916
|
|
(726)
|
Other financing
activities
|
(51)
|
|
(6)
|
|
(7)
|
Net cash provided by
(used in) financing activities - continuing operations
|
650
|
|
709
|
|
(7,344)
|
Net cash provided by
(used in) financing activities - discontinued operations
|
—
|
|
—
|
|
(411)
|
Contributions from
discontinued operations
|
—
|
|
—
|
|
365
|
Net cash provided by
(used in) financing activities
|
650
|
|
709
|
|
(7,390)
|
Effect of Exchange
Rates on Cash, Cash Equivalents and Restricted Cash included in
Discontinued
Operations
|
—
|
|
—
|
|
8
|
Net (Increase)
Decrease in Cash, Cash Equivalents and Restricted Cash included in
Discontinued
Operations
|
—
|
|
—
|
|
284
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash
|
25
|
|
(3,215)
|
|
3,129
|
Cash, Cash Equivalents
and Restricted Cash at Beginning of Period
|
357
|
|
3,572
|
|
443
|
Cash, Cash Equivalents
and Restricted Cash at End of Period
|
$
382
|
|
$
357
|
|
$
3,572
|
|
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
Interest - net of
amount capitalized
|
$
604
|
|
$
462
|
|
$
191
|
Income taxes -
net
|
$
281
|
|
$
163
|
|
$
284
|
Significant non-cash
transactions:
|
|
|
|
|
|
Accrued expenditures
for property, plant and equipment at December 31,
|
$
220
|
|
$
269
|
|
$
245
|
Operating -
Electricity Sales (Unaudited)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
|
|
Twelve Months
Ended
December 31,
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
(GWh)
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Regulated
Segment
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Delivered(2)
|
8,810
|
|
9,195
|
|
(4.2) %
|
|
35,704
|
|
37,593
|
|
(5.0) %
|
|
|
|
|
|
|
|
|
|
|
|
|
KY Regulated
Segment
|
|
|
|
|
|
|
|
|
|
|
|
Retail
Delivered
|
6,739
|
|
6,926
|
|
(2.7) %
|
|
28,278
|
|
29,812
|
|
(5.1) %
|
Wholesale(3)
|
149
|
|
397
|
|
(62.5) %
|
|
531
|
|
1,080
|
|
(50.8) %
|
Total
|
6,888
|
|
7,323
|
|
(5.9) %
|
|
28,809
|
|
30,892
|
|
(6.7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
15,698
|
|
16,518
|
|
(5.0) %
|
|
64,513
|
|
68,485
|
|
(5.8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes the
Rhode Island Regulated segment electricity sales as revenues are
decoupled from volumes delivered.
|
(2) Sales volumes
for the three months ended December 31, 2022, are adjusted to
account for a correction to a customer account.
|
(3) Represents
FERC-regulated municipal and unregulated off-system
sales.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
4th Quarter
2023
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
120
|
|
$
135
|
|
$
26
|
|
$
(168)
|
|
$
113
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of $24(2)
|
—
|
|
—
|
|
—
|
|
(93)
|
|
(93)
|
Strategic corporate initiatives, net of tax of $0,
$1(3)
|
—
|
|
(1)
|
|
—
|
|
(3)
|
|
(4)
|
Acquisition integration, net of tax of $2,
$16(4)
|
—
|
|
—
|
|
(10)
|
|
(59)
|
|
(69)
|
PA
tax rate change
|
—
|
|
(1)
|
|
—
|
|
—
|
|
(1)
|
Sale
of Safari Holdings, net of tax of ($1)(5)
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
PPL
Electric billing issue, net of tax of $4(6)
|
—
|
|
(9)
|
|
—
|
|
—
|
|
(9)
|
FERC
transmission credit refund, net of tax of
$0(7)
|
(1)
|
|
—
|
|
—
|
|
—
|
|
(1)
|
Unbilled revenue estimate adjustment, net of tax of
$2(8)
|
(5)
|
|
—
|
|
—
|
|
—
|
|
(5)
|
Other non-recurring charges, net of tax of
$1(9)
|
—
|
|
(3)
|
|
—
|
|
—
|
|
(3)
|
Total Special
Items
|
(6)
|
|
(14)
|
|
(10)
|
|
(156)
|
|
(186)
|
Earnings from
Ongoing Operations
|
$
126
|
|
$
149
|
|
$
36
|
|
$
(12)
|
|
$
299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
0.16
|
|
$
0.18
|
|
$
0.04
|
|
$
(0.23)
|
|
$
0.15
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Talen litigation costs(2)
|
—
|
|
—
|
|
—
|
|
(0.13)
|
|
(0.13)
|
Acquisition integration(4)
|
—
|
|
—
|
|
(0.01)
|
|
(0.08)
|
|
(0.09)
|
PPL
Electric billing issue(6)
|
—
|
|
(0.02)
|
|
—
|
|
—
|
|
(0.02)
|
Unbilled revenue estimate adjustment(8)
|
(0.01)
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
Total Special
Items
|
(0.01)
|
|
(0.02)
|
|
(0.01)
|
|
(0.21)
|
|
(0.25)
|
Earnings from
Ongoing Operations
|
$
0.17
|
|
$
0.20
|
|
$
0.05
|
|
$
(0.02)
|
|
$
0.40
|
|
|
|
|
|
|
|
|
|
|
(1) Reported Earnings
represents Net Income.
|
(2) Represents a
settlement agreement with Talen Montana, LLC and affiliated
entities and other litigation costs.
|
(3) Represents costs
primarily related to PPL's centralization efforts and other
strategic efforts.
|
(4) Primarily
integration and related costs associated with the acquisition of
Rhode Island Energy.
|
(5) Primarily final
closing and other related adjustments for the sale of Safari
Holdings, LLC.
|
(6) Certain expenses
related to billing issues.
|
(7) Prior period impact
related to a FERC refund order.
|
(8) Prior period impact
of a methodology change in determining unbilled
revenues.
|
(9) Certain expenses
associated with a litigation settlement.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date December
31, 2023
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
552
|
|
$
519
|
|
$
96
|
|
$
(427)
|
|
$
740
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of $26(2)
|
—
|
|
—
|
|
—
|
|
(99)
|
|
(99)
|
Strategic corporate initiatives, net of tax of $0, $1,
$3(3)
|
(1)
|
|
(2)
|
|
—
|
|
(10)
|
|
(13)
|
Acquisition integration, net of tax of $14,
$58(4)
|
—
|
|
—
|
|
(56)
|
|
(218)
|
|
(274)
|
Sale
of Safari Holdings, net of tax of $0(5)
|
—
|
|
—
|
|
—
|
|
(4)
|
|
(4)
|
PPL
Electric billing issue, net of tax of $10(6)
|
—
|
|
(24)
|
|
—
|
|
—
|
|
(24)
|
FERC
transmission credit refund, net of tax of
$2(7)
|
(6)
|
|
—
|
|
—
|
|
—
|
|
(6)
|
Unbilled revenue estimate adjustment, net of tax of
$2(8)
|
(5)
|
|
—
|
|
—
|
|
—
|
|
(5)
|
Other non-recurring charges, net of tax of $1,
$0(9)
|
—
|
|
(3)
|
|
—
|
|
(15)
|
|
(18)
|
Total Special
Items
|
(12)
|
|
(29)
|
|
(56)
|
|
(346)
|
|
(443)
|
Earnings from
Ongoing Operations
|
$
564
|
|
$
548
|
|
$
152
|
|
$
(81)
|
|
$
1,183
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
0.75
|
|
$
0.70
|
|
$
0.13
|
|
$
(0.58)
|
|
$
1.00
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Talen litigation costs(2)
|
—
|
|
—
|
|
—
|
|
(0.13)
|
|
(0.13)
|
Strategic corporate initiatives(3)
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
Acquisition integration(4)
|
—
|
|
—
|
|
(0.07)
|
|
(0.30)
|
|
(0.37)
|
Sale
of Safari Holdings(5)
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
PPL
Electric billing issue(6)
|
—
|
|
(0.04)
|
|
—
|
|
—
|
|
(0.04)
|
FERC
transmission credit refund(7)
|
(0.01)
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
Unbilled revenue estimate adjustment(8)
|
(0.01)
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
Other non-recurring charges(9)
|
—
|
|
—
|
|
—
|
|
(0.02)
|
|
(0.02)
|
Total Special
Items
|
(0.02)
|
|
(0.04)
|
|
(0.07)
|
|
(0.47)
|
|
(0.60)
|
Earnings from
Ongoing Operations
|
$
0.77
|
|
$
0.74
|
|
$
0.20
|
|
$
(0.11)
|
|
$
1.60
|
|
|
|
|
|
|
|
|
|
|
(1) Reported Earnings
represents Net Income.
|
(2) Represents a
settlement agreement with Talen Montana, LLC and affiliated
entities and other litigation costs.
|
(3) Represents costs
primarily related to PPL's centralization efforts and other
strategic efforts.
|
(4) Primarily
integration and related costs associated with the acquisition of
Rhode Island Energy.
|
(5) Primarily final
closing and other related adjustments for the sale of Safari
Holdings, LLC.
|
(6) Certain expenses
related to billing issues.
|
(7) Prior period impact
related to a FERC refund order.
|
(8) Prior period impact
of a methodology change in determining unbilled
revenues.
|
(9) PA Reg. includes
certain expenses associated with a litigation settlement. Corp.
& Other primarily includes certain expenses related
to distributed energy investments.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
4th Quarter
2022
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
Disc.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
& Other
|
|
Ops.(2)
|
|
Total
|
Reported
Earnings(1)
|
$
84
|
|
$
115
|
|
$
11
|
|
$
(62)
|
|
$
42
|
|
$
190
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Discontinued Operations
|
—
|
|
—
|
|
—
|
|
—
|
|
42
|
|
42
|
Talen litigation costs, net of tax of $1(3)
|
—
|
|
—
|
|
—
|
|
(4)
|
|
—
|
|
(4)
|
Acquisition integration, net of tax of $4,
$11(4)
|
—
|
|
—
|
|
(17)
|
|
(44)
|
|
—
|
|
(61)
|
PA
tax rate change(5)
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
Sale
of Safari Holdings, net of tax of ($3)(6)
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
3
|
Total Special
Items
|
—
|
|
—
|
|
(17)
|
|
(44)
|
|
42
|
|
(19)
|
Earnings from
Ongoing Operations
|
$
84
|
|
$
115
|
|
$
28
|
|
$
(18)
|
|
$
—
|
|
$
209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
Disc.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
& Other
|
|
Ops.(2)
|
|
Total
|
Reported
Earnings(1)
|
$
0.11
|
|
$
0.16
|
|
$
0.01
|
|
$
(0.08)
|
|
$ 0.06
|
|
$
0.26
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Discontinued Operations
|
—
|
|
—
|
|
—
|
|
—
|
|
0.06
|
|
0.06
|
Talen litigation costs(3)
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
—
|
|
(0.01)
|
Acquisition integration(4)
|
—
|
|
—
|
|
(0.02)
|
|
(0.06)
|
|
—
|
|
(0.08)
|
Sale
of Safari Holdings(6)
|
—
|
|
—
|
|
—
|
|
0.01
|
|
—
|
|
0.01
|
Total Special
Items
|
—
|
|
—
|
|
(0.02)
|
|
(0.06)
|
|
0.06
|
|
(0.02)
|
Earnings from
Ongoing Operations
|
$
0.11
|
|
$
0.16
|
|
$
0.03
|
|
$
(0.02)
|
|
$
—
|
|
$
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reported Earnings
represents Net Income.
|
(2) Tax benefit due to
the provision to final 2021 tax return adjustments, primarily
related to the discontinued U.K. utility business.
|
(3) Represents costs
related to litigation with Talen Montana, LLC and affiliated
entities.
|
(4) Primarily includes
integration and related costs associated with the acquisition of
Rhode Island Energy.
|
(5) Impact of
Pennsylvania state tax reform.
|
(6) Primarily includes
the estimated loss on the sale of Safari Holdings, LLC at December
31, 2022.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date December
31, 2022
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
Disc.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
& Other
|
|
Ops.(2)
|
|
Total
|
Reported
Earnings(1)
|
$
549
|
|
$
525
|
|
$
(44)
|
|
$
(316)
|
|
$
42
|
|
$
756
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Discontinued Operations
|
—
|
|
—
|
|
—
|
|
—
|
|
42
|
|
42
|
Talen litigation costs, net of tax of $0(3)
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
Strategic corporate initiatives, net of tax of $3,
$4(4)
|
(8)
|
|
—
|
|
—
|
|
(15)
|
|
—
|
|
(23)
|
Acquisition integration, net of tax of $28,
$39(5)
|
—
|
|
—
|
|
(109)
|
|
(148)
|
|
—
|
|
(257)
|
PA
tax rate change(6)
|
—
|
|
9
|
|
—
|
|
(4)
|
|
—
|
|
5
|
Sale
of Safari Holdings, net of tax of $16(7)
|
—
|
|
—
|
|
—
|
|
(53)
|
|
—
|
|
(53)
|
Total Special
Items
|
(8)
|
|
9
|
|
(109)
|
|
(219)
|
|
42
|
|
(285)
|
Earnings from
Ongoing Operations
|
$
557
|
|
$
516
|
|
$
65
|
|
$
(97)
|
|
$
—
|
|
$
1,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
Disc.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
& Other
|
|
Ops.(2)
|
|
Total
|
Reported
Earnings(1)
|
$
0.75
|
|
$
0.71
|
|
$
(0.06)
|
|
$ (0.44)
|
|
$ 0.06
|
|
$
1.02
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Discontinued Operations
|
—
|
|
—
|
|
—
|
|
—
|
|
0.06
|
|
0.06
|
Strategic corporate initiatives(4)
|
(0.01)
|
|
—
|
|
—
|
|
(0.02)
|
|
—
|
|
(0.03)
|
Acquisition integration(5)
|
—
|
|
—
|
|
(0.14)
|
|
(0.20)
|
|
—
|
|
(0.34)
|
PA
tax rate change(6)
|
—
|
|
0.01
|
|
—
|
|
(0.01)
|
|
—
|
|
—
|
Sale
of Safari Holdings(7)
|
—
|
|
—
|
|
—
|
|
(0.08)
|
|
—
|
|
(0.08)
|
Total Special
Items
|
(0.01)
|
|
0.01
|
|
(0.14)
|
|
(0.31)
|
|
0.06
|
|
(0.39)
|
Earnings from
Ongoing Operations
|
$
0.76
|
|
$
0.70
|
|
$
0.08
|
|
$ (0.13)
|
|
$
—
|
|
$
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reported Earnings
represents Net Income.
|
(2) Tax benefit due to
the provision to final 2021 tax return adjustments, primarily
related to the discontinued U.K. utility business.
|
(3) Represents costs
and insurance reimbursements received related to litigation with
Talen Montana, LLC and affiliated entities.
|
(4) Represents costs
primarily related to the acquisition of Rhode Island Energy and
PPL's corporate centralization efforts.
|
(5) Primarily includes
integration and related costs associated with the acquisition of
Rhode Island Energy, along with costs for certain commitments
made during the acquisition process.
|
(6) Impact of
Pennsylvania state tax reform.
|
(7) Primarily includes
the estimated loss on the sale of Safari Holdings, LLC at December
31, 2022.
|
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
For financial analysts:
Andy Ludwig, 610-774-3389
|
View original
content:https://www.prnewswire.com/news-releases/ppl-corporation-reports-2023-earnings-results-exceeds-midpoint-of-forecast-and-extends-growth-targets-through-2027-302063768.html
SOURCE PPL Corporation