PPL Corporation (PPL)

PPL Corporation reported second-quarter 2026 earnings of $0.30 per share on 7 August 2026, up from $0.25 a year earlier 1.

Adjusting for special items, the company's ongoing earnings were $0.33 per share, against $0.32 a year earlier 1. The company reaffirmed its 2026 guidance range of $1.90 to $1.98 per share and its goal of 6% to 8% annual earnings growth through at least 2029 1.

In August, Rhode Island's commission authorized annual revenue increases of $44.1 million for electric and $93.7 million for gas, with a return on equity of 9.275% 4.

The next report comes on 6 November 2026, when the company also plans its annual business plan update 6. The open question is Invitium Energy, its data-center power venture, where the company expects one or more commercial agreements by the end of 2026 1.

PPL is a utility holding company: it owns regulated companies that deliver electricity and gas, and regulators set what they may charge 3.

PPL sold its U.K. utility business on 14 June 2021, which ended its British network operations 3. On 25 May 2022 a PPL subsidiary acquired all of Narragansett Electric, which serves substantially all of Rhode Island, from National Grid U.S. 3.

Operating revenues were $8,312 million in 2023, $8,462 million in 2024 and $9,042 million in 2025 3.

Net income rose from $740 million in 2023 to $888 million in 2024 and $1,181 million in 2025 3. Interest expense also climbed, from $666 million in 2023 to $808 million in 2025, because the company borrows to fund its building 3.

The 2025 revenue rise of $580 million came from several places 3. The largest were $174 million at PPL Electric from higher energy prices, more default-supply customers and more usage, and $140 million at Rhode Island Energy from energy purchases and other recoveries 3.

In February 2024 the Kentucky utilities began construction of Mill Creek Unit 5, a 645 MW natural gas plant with a total cost estimated at about $1.0 billion 3. Mill Creek Unit 1, a 300 MW coal unit, retired on 31 December 2024 3.

In July 2025 PPL announced a joint venture with Blackstone Infrastructure to build gas-fired plants for data centers in Pennsylvania 7. PPL owns 51% of it and Blackstone Infrastructure owns 49% 7.

Pennsylvania's request was filed on 30 September 2025 and Rhode Island's on 26 November 2025 2. In February 2026 Kentucky's commission approved increases of $233 million in annual electricity and gas revenues 2.

Kentucky: LG&E and KU

Louisville Gas and Electric (LG&E) and Kentucky Utilities (KU) generate, move and sell electricity in Kentucky, and LG&E also sells natural gas 3. LG&E serves about 443,000 electric and 336,000 gas customers, and KU about 553,000 in Kentucky and 28,000 in Virginia 3.

In 2025 the segment had revenue of $3,760 million, up from $3,562 million 3. Coal remained the largest source of power, at 10,331 GWh for LG&E and 14,738 GWh for KU, against 1,613 and 4,899 GWh from gas 3.

Pennsylvania: PPL Electric

PPL Electric delivers electricity, but does not generate it, to approximately 1.5 million customers across 10,000 square miles and 29 counties in eastern and central Pennsylvania 3. Its new base rates took effect on 1 July 2026 after a settlement for a revenue increase of about $275 million 2.

The company says its data center pipeline in this territory grew to 31.8 GW in advanced stages of planning, with over 11 GW under signed electric service agreements 1.

Rhode Island: Rhode Island Energy

Rhode Island Energy provides electricity to about 515,000 customers and natural gas to about 280,000 3. Its 2025 revenue was about $2.2 billion and its 2025 net income was $85 million 3.

Invitium Energy and data centers

Invitium Energy is the joint venture meant to build, own and run new power stations for data centers in Pennsylvania 2. It has secured land sites capable of supporting 8 GW to 14 GW of new generation, and PJM has accepted more than 5 GW of its interconnection requests 1.

Construction depends on signed supply agreements, and none had been signed as of the 10-Q filing date 2.

People and workforce

Vincent Sorgi is president and chief executive officer 1. At 31 December 2025 PPL had 6,546 full-time employees, of whom 2,368 were union members 3.

Current problems

A Customer-Generator Coalition asked on 26 June 2026 for reconsideration of the Pennsylvania order on net metering eligibility, and the company says it does not expect the outcome to affect approved rates 2. In Rhode Island all parties may appeal the August decision 4. On 14 August 2026 Kentucky regulators approved some rehearing requests, adding about $4 million to LG&E electricity and gas revenues and $3 million to KU electricity revenues a year 5.

The umbrella, in words

PPL Corporation's principal subsidiaries are PPL Electric (Pennsylvania delivery), LKE, the holding company over LG&E and KU, Rhode Island Energy, and PPL Capital Funding, which provides financing 2.

PPL owns 51% of Invitium Energy, and affiliates of Blackstone Infrastructure own 49% 2. That is an owned stake of PPL itself, and the venture is separate from PPL Electric 1.

The company's capital plan, as filed with its latest annual report, totals $17,350 million over 2026 to 2028, led by transmission and electric distribution 3. Planned spending is $5,125 million in 2026, $6,025 million in 2027 and $6,200 million in 2028 3.

The company says it will update its business plan with third-quarter results on 6 November 2026 6. It also estimates that economic development in Pennsylvania and Kentucky could present $10 billion to $12 billion of total investment through 2032 tied to generation needs 1.

In Kentucky, the company said a filing for new generation by the end of 2026 is more likely 1. It puts the additional need at $3.5 billion to $4.0 billion between 2027 and 2032, beyond 2.3 GW already in development 1.

Mill Creek Unit 5 is expected to begin commercial operation in mid-2027 3. Invitium will not begin construction until it has signed supply agreements, and the company said gas plants there could come online as early as 2031 to 2032 1.

In Rhode Island, the commission directed the utility to file a new tariff for extra-large electric loads by 31 December 2026 4.