PPL Corporation

PPL Corporation is a major energy company headquartered in Allentown, Pennsylvania, delivering regulated electricity and natural gas services to 3.6 million customers across Kentucky, Pennsylvania, and Rhode Island. As a member of the S&P 500 and Fortune 500, PPL operates with $37+ billion in assets and reported revenue of $8.46 billion in 2024, employing 6,500 people across its service territories.

Founded in 1920 as Pennsylvania Power & Light through the merger of eight utilities, PPL has evolved into one of the largest investor-owned utility holding companies in the United States. The company operates through three main regulated segments: PPL Electric Utilities serving 1.4 million customers in central and eastern Pennsylvania; Louisville Gas and Electric and Kentucky Utilities serving 1.3 million customers in Kentucky and Virginia; and Rhode Island Energy serving 770,000 customers across Rhode Island following PPL's 2022 acquisition of Narragansett Electric for $3.8 billion.

PPL's strategic focus centers on grid modernization, clean energy transition, and infrastructure resilience. The company has increased its planned infrastructure investments to $20 billion from 2025 through 2028, a significant increase from the prior plan of $14.3 billion. These investments are expected to result in 9.8% average annual rate base growth through 2028, supporting the company's goal of 6-8% annual earnings per share and dividend growth targets through at least 2028.

The company is at the forefront of the energy transition, committed to achieving net-zero carbon emissions by 2050 with interim targets of 70% reduction by 2035 and 80% by 2040 from 2010 levels. PPL has already reduced carbon emissions by nearly 60% since 2010 through coal plant phase-outs and strategic investments in renewable energy. In 2024, PPL connected about 760 megawatts of renewable energy to its grid and invested $500 million in renewable energy projects including solar and wind farms.

PPL's service territories are experiencing significant growth opportunities, particularly in Pennsylvania where data center interest has reached over 60 GW of potential projects with 13 GW in advanced planning stages. To support this growth and the broader electrification trend, PPL announced a strategic joint venture with Blackstone Infrastructure (51% PPL, 49% Blackstone) to construct and operate new gas-fired, combined-cycle generation stations in Pennsylvania, focusing on powering data centers through long-term energy services agreements.