PPL Corporation Delivers Strong Third-Quarter 2026 Earnings; Raises Long‑Term EPS Growth Outlook

(NYSE:PPL) PPL Corporation announced third-quarter 2026 reported earnings (GAAP) of $367 million, or $0.49 per share, compared with $318 million, or $0.43 per share, in the third quarter of 2025. Third-quarter 2026 earnings from ongoing operations (non-GAAP) were $411 million, or $0.54 per share, versus $355 million, or $0.48 per share, a year earlier. For the first nine months of 2026, reported earnings were $1.05 billion, or $1.38 per share, compared with $915 million, or $1.23 per share, for the same period in 2025. Ongoing operations earnings for the first nine months of 2026 were $1.14 billion, or $1.50 per share, compared with $1.04 billion, or $1.40 per share, in 2025. PPL narrowed its 2026 ongoing earnings forecast range to $1.92 to $1.96 per share and stated it is on track to achieve at least the midpoint of $1.94 per share. The company increased its long-term annual EPS growth target to 7% to 9% through at least 2030, based on the 2026 ongoing earnings forecast midpoint, and expects annual EPS growth in the top half of the targeted range. PPL announced a $25 billion capital plan for 2027 to 2030, which is $2 billion higher than its prior plan, resulting in average annual rate base growth of 10% over the period. The company provided a 2027 earnings forecast range of $2.06 to $2.14 per share, with the midpoint of $2.10 per share representing an 8.2% increase over the projected 2026 ongoing earnings midpoint. PPL highlighted $12 billion to $16 billion of potential additional generation investment through 2032, with Kentucky opportunities that could drive PPL's EPS CAGR to 9%+ from 2026 to 2030. The Kentucky economic development pipeline grew to approximately 14.7 GW through 2032, including 12.8 GW associated with data center opportunities, and 2.3 GW of this load is now under signed reimbursement agreements. Additional generation to serve the remaining 1.6 GW of demand in Kentucky represents $6.0 billion to $7.0 billion of incremental investment need between 2027 and 2032, with $3.5 billion to $4.5 billion potentially occurring during the 2027 to 2030 plan period. In Pennsylvania, PPL Electric Utilities' data center pipeline grew to approximately 35.3 GW in advanced stages of planning, including 11.4 GW under signed electric service agreements and 8.5 GW under construction. Invitium Energy, PPL's joint venture with Blackstone Infrastructure, supports $6 billion to $9 billion of potential future generation project investment for PPL through 2032, based on executed reservation agreements for 5 GW of combined-cycle gas turbines. Invitium Energy has agreed to terms with QTS for approximately 2 GW of generation capacity to supply power to QTS's Salem Township data center project in Pennsylvania, with a 20-year initial term and provisions for multiple five-year renewals. The deal structure includes a fixed monthly payment with annual escalation, covering return of and on invested capital and fixed operating costs, along with variable payments for fuel and other variable operating costs. The proposed generation portfolio includes two combined-cycle natural gas plants, fuel cells, and battery storage, with fuel cells and battery storage potentially online as early as 2029 and the gas units expected online in 2032 and 2033. PPL's updated business plan reflects approximately $3.0 billion of equity financing needs in addition to more than $1.5 billion already executed through forward sales agreements during 2025 and 2026. The company continues to target a Funds from Operations (FFO)/Cash Flow from Operations (CFO) to debt ratio of 16% to 18%, with improvement toward the midpoint of the range over the plan period. PPL also targets annual dividend per share growth of about 4% to 6%, with growth expected at the low end of the range to support reinvestment. Segment results for the third quarter of 2026 include Kentucky Regulated reported earnings of $0.30 per share, Pennsylvania Regulated $0.25 per share, Rhode Island Regulated $0.00 per share, and Corporate and Other $(0.06) per share. Special items in the third quarter of 2026 resulted in after-tax charges of $44 million, or $0.05 per share, primarily due to system and other integration-related impacts and the Rhode Island hold harmless commitment. The Kentucky Regulated segment's third-quarter 2026 earnings increased by $0.05 per share year-over-year, driven by higher income from higher retail rates effective January 1, 2026, and higher sales volumes, partially offset by higher operating costs and depreciation expense.

Ken Hartwick, former Ontario Power Generation CEO, to join PPL Board of Directors

(NYSE: PPL) PPL Corporation announced that Kenneth M. Hartwick will join its Board of Directors, effective July 1, 2026. Hartwick will serve on the People and Compensation Committee and Finance Committee of the Board. With Hartwick's appointment, PPL's board will consist of 10 directors, including eight other independent directors and PPL's president and chief executive officer. Hartwick most recently served as president and chief executive officer of Ontario Power Generation from 2019 to 2025. PPL Corporation is focused on providing electricity and natural gas safely, reliably and affordably to more than 3.6 million customers in the U.S. The company is headquartered in Allentown, Pennsylvania. PPL's utilities are building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions.

LG&E and KU collaborate with X-energy to explore nuclear energy

Louisville Gas and Electric Company (LG&E) and Kentucky Utilities (KU), subsidiaries of PPL Corporation (NYSE: PPL), and X-energy, Inc. (NASDAQ: XE) are collaborating to explore the deployment of X-energy's Xe-100 small modular reactor (SMR) in Kentucky. The collaboration aims to meet growing energy demand with reliable, clean energy and support grid reliability for large load customers, including data centers. The Kentucky Nuclear Reactor Site Readiness Pilot Program includes a $75-million grant initiative, with three projects eligible to receive up to $25 million each for feasibility studies and permitting. LG&E and KU serve nearly 1.4 million customers in the United States. X-energy is developing more than 11 GW of new nuclear capacity across projects in the United States and United Kingdom.