Strong Financial Performance Amid Operational …

• GAAP Earnings: $0.29 per share for Q3 2024.

• Ongoing Operations Earnings: $0.42 per share for Q3 2024.

• 2024 Earnings Forecast: Narrowed to $1.67 to $1.73 per share, midpoint increased to $1.70 per share.

• Infrastructure Improvements: Approximately $3.1 billion planned for 2024.

• O&M Savings Target: $120 million to $130 million for 2024 compared to 2021 baseline.

• Annual Earnings and Dividend Growth Projection: 6% to 8% through at least 2027.

• Capital Plan: $14.3 billion in infrastructure improvements from 2024 to 2027.

• Third-Quarter Revenue Drivers: Higher sales volumes due to favorable weather in Kentucky.

• Third-Quarter Operating Costs: Increased due to higher storm costs, vegetation management, and uncollectibles in Pennsylvania.

• Long-Term Debt Issuance: $750 million of senior notes at 5.25% maturing in 2034.

Release Date: November 01, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• PPL Corp (NYSE:PPL) reported third-quarter GAAP earnings of $0.29 per share, with adjusted earnings from ongoing operations at $0.42 per share, indicating strong financial performance.

• The company narrowed its 2024 ongoing earnings forecast to a range of $1.67 to $1.73 per share, reflecting confidence in its financial outlook.

• PPL Corp (NYSE:PPL) is on track to complete approximately $3.1 billion in infrastructure improvements in 2024, enhancing reliability and resilience.

• The company is well-positioned for 6% to 8% annual earnings per share and dividend growth through at least 2027, supported by a $14.3 billion capital plan.

• PPL Corp (NYSE:PPL) successfully integrated Rhode Island Energy, completing the transition services and enhancing operational efficiency.

• Third-quarter earnings from ongoing operations decreased by $0.01 per share compared to Q3 2023, impacted by higher operating and financing costs.

• The cost of new generation resources has increased significantly, affecting the generation mix and planning.

• PPL Corp (NYSE:PPL) faces uncertainties related to environmental regulations, which could impact future resource planning and costs.

• The company is dealing with higher operating costs in Pennsylvania, including increased storm costs and vegetation management expenses.

• There are potential challenges in executing large-scale capital projects, such as new generation facilities, due to supply chain constraints and labor availability.

Q: Vince, regarding resource adequacy in Pennsylvania, where do we stand with potential solutions, and could we see legislative proposals allowing utilities to own peaking assets? A: Vincent Sorgi, President and CEO: The delay in the auction reinforces the need for state control over this issue. We hope Pennsylvania continues pursuing state solutions without slowing down. PJM is expected to make supply-side improvements and update load forecasts, including data center loads. We anticipate legislation in early 2025, allowing utilities to invest…