olivLaw · US equity research
PPL Corporation PPL
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
PPL Corporation is a utility holding company headquartered in Allentown, Pennsylvania, that delivers electricity and natural gas through regulated subsidiaries in Pennsylvania, Kentucky, Virginia and Rhode Island. It matters now because growing demand from data centers has led the company to estimate potential generation investment of 10 billion to 12 billion USD through 2032, while its reaffirmed 2026 guidance centers on 1.94 USD per share.
At the close of 03 Nov 2026, PPL Corporation (PPL) stock was 35.71 USD (−1.19% on the day), with market capitalisation 26.9 bn USD, P/E 21.8 on diluted EPS of 1.64 USD over the last 12 months, dividend yield 3.09%, beta 0.12, 52-week range 31.97–39.81 USD. Latest reported quarter (Q1 2026): revenue of 2.8 bn USD (+10.8% YoY), net income of 452.0 m USD (+9.2% YoY), diluted EPS 0.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.9
- strong (55–70)
- Bollinger (20, 2)
- 33.73 – 36.05
- in the upper half of the band · %B 0.85 · band width 6.7%
- SMA 50 / 200
- 34.14 / 36.08
- mixed trend
- MACD (12, 26, 9)
- 0.51 / 0.39
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.9% | −2.0% | +10.9 pp | — |
| 3 months | +1.5% | −2.2% | +3.7 pp | — |
| 6 months | −4.4% | +4.3% | −8.7 pp | — |
| Year to date | +2.0% | +10.6% | −8.6 pp | — |
| 1 year | −1.9% | +10.5% | −12.4 pp | +1.2% |
| 3 years | +40.8% | +73.7% | −32.9 pp | +50.4% |
| 5 years | +23.6% | +61.7% | −38.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.1 bn | 2.2 bn | 2.5 bn | 2.0 bn | 2.2 bn | 2.3 bn | 2.8 bn |
| Operating income | 390.0 m | 428.0 m | 377.0 m | 678.0 m | 406.0 m | 569.0 m | 476.0 m | 745.0 m |
| Interest expense | 182.0 m | 188.0 m | 189.0 m | 190.0 m | 199.0 m | 210.0 m | 209.0 m | 224.0 m |
| Pre-tax income | 240.0 m | 272.0 m | 216.0 m | 516.0 m | 230.0 m | 398.0 m | 328.0 m | 560.0 m |
| Income tax | 50.0 m | 58.0 m | 39.0 m | 102.0 m | 47.0 m | 80.0 m | 62.0 m | 108.0 m |
| Net income | 190.0 m | 214.0 m | 177.0 m | 414.0 m | 183.0 m | 318.0 m | 266.0 m | 452.0 m |
| Diluted EPS | 0.26 | 0.29 | 0.24 ≈ | 0.56 | 0.25 | 0.43 | 0.36 ≈ | 0.60 |
| Operating cash flow | 766.0 m ≈ | 781.0 m ≈ | 511.0 m | 513.0 m | 602.0 m ≈ | 966.0 m ≈ | 548.0 m | 557.0 m |
| Capex | 670.0 m ≈ | 679.0 m ≈ | 860.0 m | 793.0 m | 930.0 m ≈ | 1.1 bn ≈ | 1.2 bn | 1.1 bn |
| Dividends paid | 190.0 m ≈ | 190.0 m ≈ | 190.0 m | 190.0 m | 202.0 m ≈ | 201.0 m ≈ | 201.0 m | 202.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 38-quarter history (min 10.1, median 20.1, max 50.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.8 bn | 5.6 bn | 5.5 bn | 5.8 bn | 7.9 bn | 8.3 bn | 8.5 bn | 9.0 bn |
| Revenue YoY | +4.5% | −28.0% | −2.3% | +5.6% | +36.6% | +5.2% | +1.8% | +6.9% |
| Net income | 1.8 bn | 1.7 bn | 1.5 bn | -1.5 bn | 756.0 m | 740.0 m | 888.0 m | 1.2 bn |
| Net income YoY | +62.0% | −4.4% | −15.9% | −200.7% | unavailable | −2.1% | +20.0% | +33.0% |
| Diluted EPS | 2.58 | 2.37 | 1.91 | -1.93 | 1.02 | 1.00 | 1.20 | 1.59 |
| Diluted EPS YoY | +57.3% | −8.1% | −19.4% | −201.0% | unavailable | −2.0% | +20.0% | +32.5% |
| net % | 23.5% | 31.2% | 26.8% | -25.6% | 9.6% | 8.9% | 10.5% | 13.1% |
| Free cash flow | -417.0 m | 184.0 m | 476.0 m | 297.0 m | -425.0 m | -632.0 m | -465.0 m | -1.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 18.4 bn USD
- Net debt
- 17.4 bn USD
- Equity
- 14.9 bn USD
- Total assets
- 45.2 bn USD
- Debt / equity
- 1.24x
- Current ratio
- 0.86x
- ROE
- 8.2%
- ROA
- 2.7%
- FCF margin
- -15.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.5 bn | 5.8 bn | 7.9 bn | 8.3 bn | 8.5 bn | 9.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 1.6 bn | 1.4 bn | 1.4 bn | 1.6 bn | 1.7 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Interest expense | 634.0 m | 918.0 m | 513.0 m | 666.0 m | 738.0 m | 808.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 954.0 m | 521.0 m | 915.0 m | 924.0 m | 1.1 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 314.0 m | 503.0 m | 201.0 m | 184.0 m | 228.0 m | 291.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 1.5 bn | -1.5 bn | 756.0 m | 740.0 m | 888.0 m | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 1.91 | -1.93 | 1.02 | 1.00 | 1.20 | 1.59 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 769.4 m | 764.8 m | 736.9 m | 738.2 m | 739.9 m | 743.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 1.66 | 1.66 | 0.88 | 0.96 | 1.03 | 1.09 | SEC (XBRL)· 20 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 442.0 m | 3.6 bn | 356.0 m | 331.0 m | 306.0 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 603.0 m | 583.0 m | 896.0 m | 950.0 m | 961.0 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 302.0 m | 322.0 m | 443.0 m | 505.0 m | 511.0 m | 551.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 20.9 bn | 5.0 bn | 2.8 bn | 2.9 bn | 2.9 bn | 3.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 24.5 bn | 25.5 bn | 30.2 bn | 31.4 bn | 33.1 bn | 36.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 716.0 m | 716.0 m | 2.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 351.0 m | 343.0 m | 313.0 m | 306.0 m | 314.0 m | 327.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 48.1 bn | 33.2 bn | 37.8 bn | 39.2 bn | 41.1 bn | 45.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 745.0 m | 679.0 m | 1.2 bn | 1.1 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 1.2 bn | 69.0 m | 985.0 m | 992.0 m | 303.0 m | 456.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 13.6 bn | 10.7 bn | 12.9 bn | 14.6 bn | 16.0 bn | 18.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 15.1 bn | 2.3 bn | 3.8 bn | 3.3 bn | 3.3 bn | 4.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 13.4 bn | 13.7 bn | 13.9 bn | 13.9 bn | 14.1 bn | 14.9 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.7 bn | 2.3 bn | 1.7 bn | 1.8 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 2.3 bn | 2.0 bn | 2.2 bn | 2.4 bn | 2.8 bn | 4.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 476.0 m ≈ | 297.0 m ≈ | -425.0 m ≈ | -632.0 m ≈ | -465.0 m ≈ | -1.4 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -3.3 bn | 8.0 bn | -5.7 bn | -2.4 bn | -2.8 bn | -4.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 386.0 m | -7.4 bn | 709.0 m | 650.0 m | 435.0 m | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 1.3 bn | 1.3 bn | 787.0 m | 704.0 m | 747.0 m | 794.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 0 | 1.0 bn | 0 | 0 | — | — | SEC (XBRL)· 16 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 26.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet33
- Growth85
- Quality38
- Returns56
- Valuation58
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.32 – 42.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)14.32 – 19.26 (Mid 16.43)
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E33.71 – 42.07 (Mid 39.31)11 companies used · median multiple 24.0x · quartiles 20.6x – 25.7xAEP, CEG, CNP, D, ES, ETR, FE, NEE, NRG, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.5% | 23 (vs peers) | 8% |
| Net margin · Quality | 13.1% | 54 (vs peers) | 8% |
| Revenue CAGR 3Y · Growth | 4.6% | 66 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 15.9% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.6x | 32 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.0x | 38 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 21.8x | 58 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 3.1% | 50 (vs peers) | 19% |
| Payout ratio (EPS) · Returns | 67.3% | 71 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth85/100 · 2/2 factors with a value
- Quality38/100 · 2/2 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation· partial58/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PPL Corp (PPL). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 9.0 bn USD in 2025; YoY growth 6.9%; net margin 13.1%; ROE 8.3%.
The estimated value range is 24.02–30.67 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 27.87 USD, the price of 35.71 USD leaves a potential of -22.0% (value / price − 1) and a margin of safety of -28.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 15.9%
- Payout ratio (EPS): 67.3%
What contradicts it
- ROIC: 5.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 13 companies
Only companies with a capitalisation between 3.3 bn and 212.8 bn (within 8× of the company's); 39 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 175.9 bn | 21.4 | 15.6% | 31.5% | +9.8% | −2% / +44% |
| SOSouthern Co | 105.7 bn | 24.0 | 11.3% | 14.5% | +10.6% | +3% / +32% |
| CEGConstellation Energy Corporation | 93.3 bn | 25.7 | 15.3% | 11.1% | +8.3% | −28% / +118% |
| AEPAmerican Electric Power Company, Inc. | 70.7 bn | 19.0 | 12.8% | 16.9% | +10.9% | +5% / +63% |
| DDominion Energy, Inc | 58.7 bn | 19.8 | 10.5% | 16.9% | +14.2% | +6% / +47% |
| ETREntergy Corp | 49.9 bn | 27.7 | 11.1% | 13.6% | +9.0% | +12% / +115% |
| VSTVistra Operations Company LLC | 46.9 bn | 23.0 | 43.1% | 11.6% | +3.0% | −22% / +294% |
| CNPCenterpoint Energy Inc | 27.8 bn | 26.1 | 9.6% | 11.4% | +8.3% | +6% / +50% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −2% / +41% |
| ESEversource Energy | 26.0 bn | 17.9 | 9.1% | 10.4% | +13.8% | +3% / +16% |
| EIXEdison International | 22.9 bn | 6.3 | 20.8% | 19.6% | +9.8% | +1% / −11% |
| NRGNRG Energy, Inc | 20.2 bn | 24.9 | 23.8% | 2.6% | +9.2% | −43% / +101% |
| TLNTalen Energy Corporation | 15.5 bn | — | -16.7% | -6.4% | +22.0% | −9% / +523% |
1- and 3-year price returns: for PPL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.91 Total return -39% · Per year -39% | 36.97 Total return 7% · Per year 7% | 55.68 Total return 60% · Per year 60% |
| 3 years | 20.33 Total return -36% · Per year -14% | 40.44 Total return 23% · Per year 7% | 66.88 Total return 100% · Per year 26% |
| 5 years | 19.77 Total return -33% · Per year -8% | 44.25 Total return 41% · Per year 7% | 80.33 Total return 148% · Per year 20% |
- Exit P/E± 10.11
- Net margin± 7.08
- Annual revenue growth± 5.80
- Annual dilution± 0.59
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PPL Corporation is a utility holding company headquartered in Allentown, Pennsylvania, that delivers electricity and natural gas through regulated subsidiaries in Pennsylvania, Kentucky, Virginia and Rhode Island. It matters now because growing demand from data centers has led the company to estimate potential generation investment of 10 billion to 12 billion USD through 2032 2, while its reaffirmed 2026 guidance centers on 1.94 USD per share 2.
SWOT
Strengths
- The company has a large regulated capital base and segments spread across several states, which supports a predictable revenue stream 1. Results for 2026 show steady execution, with earnings rising over the first six months 2.
- Regulated distribution monopolies in the service areas and rate mechanisms that allow timely recovery of investments support revenue stability 12.
- The growth strategy is supported by reaffirmed 2026 guidance and a medium-term EPS growth target 2.
Weaknesses
- The holding structure means creditors are structurally subordinated to the liabilities of subsidiaries, which limits direct access to their cash flows 1.
- Reliance on tariff and regulatory approvals can delay cost recovery or reduce the return on investments 1.
- Environmental compliance and remediation costs can be significant, and the company cannot predict the amount and timing of future expenditures 1.
Opportunities
- The large data center project pipeline could lead to additional generation and grid investment if it converts into signed contracts 2.
- The Invitium Energy joint venture could contribute to earnings if energy supply agreements are signed and turbines come online 2.
- Contracts with large customers that include early termination payments, minimum bills and financial security could support cost recovery if demand materializes 1.
Threats
- If data center demand does not materialize or declines, investments already made could remain unrecovered 1.
- Political and affordability pressure during rising costs could limit approval of requested rates 1.
- Changes in environmental regulation or climate policy could raise costs and accelerate the retirement of some plants 1.
Risks
- Dependence on data center demandhigh
Investment plans rely on continued growth in data center demand, and a slowdown could affect the financial condition of the company 12.
- Tariff and regulatory approvalshigh
Regulators could decline to approve requested rates, which could limit cost recovery and the return on invested capital 1.
- Execution of capital projectsmedium
Delays, cost overruns and supply shortages can affect generation and grid projects, particularly if recovery is not approved 1.
- Holding company structurelow
The holding company's ability to pay debts and dividends depends on subsidiary earnings and on legal or contractual limits that apply to them 1.
Investment thesis
What would need to be true (bull case)
- If the data center pipeline converts into signed contracts, the company could finance large generation and grid investments on a regulated basis 2.
- Reaffirmed guidance and the EPS growth target give a clear direction for the coming years, with emphasis on recovering investments 2.
- Exposure to several regulated states could reduce the risk of any single jurisdiction, and rate mechanisms can support cost recovery 1.
What would break the thesis
- If data center demand does not materialize, investments already made could remain unrecovered, which would weigh on future earnings 1.
- Rate approvals could be more restrictive than expected, especially amid affordability pressure on customers 1.
- Joint venture generation projects could be delayed or contribute little to earnings before 2030, according to the company 2.
What to watch
- Signing of the first energy supply agreements by Invitium Energyend of 2026
- Filing of a new CPCN for generation in Kentuckyend of 2026
- Quarterly results and EPS guidance for the second halfQ4 2026
- Development of the data center pipeline and signed contracts in Pennsylvania and Kentucky2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PPL is a holding company whose main activity is carried out through regulated subsidiaries, notably PPL Electric, LG&E, KU and RIE 1. The company delivers electricity in Pennsylvania, Kentucky, Virginia and Rhode Island and natural gas in Kentucky and Rhode Island, and in Kentucky it also generates electricity from its own plants 1. The company was incorporated in 1994 and is headquartered in Allentown, Pennsylvania 1.
The segment structure includes Kentucky Regulated, which combines LG&E and KU, Pennsylvania Regulated, which consists mainly of PPL Electric, and Rhode Island Regulated, which consists mainly of RIE, with Corporate and Other covering holding-level financing costs 1. The business model relies on recovering costs and earning a regulated return on invested capital, which makes utility rate decisions central 1.
Results for 2026 show that the growth strategy depends on recovering investments and on rate and capital tracking mechanisms that allow timely recovery 2. For the first six months of 2026, earnings from ongoing operations were 0.96 USD per share, compared with 0.92 USD in the same period of 2025 2.
Segments
Kentucky Regulated
The Kentucky Regulated segment combines LG&E and KU and covers electricity generation, transmission, distribution and sale, as well as natural gas distribution through LG&E 1. Segment revenues were 3.8 billion USD in 2025 1, and the company has retired approximately 1,500 MW of coal-fired capacity since 2010 1.
Pennsylvania Regulated
The Pennsylvania Regulated segment consists of PPL Electric, which provides electricity distribution and transmission in eastern and central Pennsylvania to about 1.5 million customers 1. Segment revenues were 3.1 billion USD in 2025 1. Distribution operates as a regulated monopoly, and PPL Electric does not own or operate generation facilities 1.
Rhode Island Regulated
The Rhode Island Regulated segment consists of RIE, which delivers electricity and distributes natural gas in Rhode Island 1. Segment revenues were 2.2 billion USD in 2025 1. The segment contributes a smaller share of total earnings than the Kentucky and Pennsylvania segments 2.
Market context
PPL's core market is US regulated utilities, where rates are approved by federal and state authorities including FERC, KPSC, VSCC, PAPUC and RIPUC 1. Rising demand from data centers and large energy users has opened generation investment opportunities, and the company estimates that economic development in Pennsylvania and Kentucky could present 10 billion to 12 billion USD of investment upside through 2032 2.
Transmission operates within the PJM regional market, which runs the transmission network and energy, capacity and ancillary services markets across the Mid-Atlantic and Midwest 1. The company says additional generation is already being developed in Kentucky, and the 3.5 billion to 4 billion USD of incremental investment need between 2027 and 2032 depends on regulatory approvals 2.
Trends
- Data center demand growthmixed
The company ties its investment plans to connecting data centers and large energy users, and its Pennsylvania pipeline has grown to 31.8 GW in advanced planning stages 2. If demand does not materialize as projected, the company could face unrecovered capital investments 1.
- Generation and grid investmenttailwind
The company has already secured approval for about 2.3 GW of new generation in Kentucky 2, and an additional CPCN could be filed by the end of 2026 2. Infrastructure investment can grow the regulated capital base, but cost overruns or delays could affect results 1.
- Pressure on rates and affordabilityheadwind
Rate increase requests, especially in a high-cost environment, can meet resistance from customers and other stakeholders 1. The company highlights tariff protections for existing customers in large-load cases 2, but higher rates could limit political support for investment.
- Environmental and emissions regulationheadwind
Environmental requirements for coal-fired plants can raise compliance costs or lead to early retirement of some units 1. Policy changes from the current federal administration could affect costs, which makes regulatory uncertainty a relevant factor 1.
Competitive position
In electricity distribution, PPL Electric and LG&E and KU operate as regulated monopolies in their service areas, so the company does not face direct competition in distribution 1. Competition appears mainly in generation in Pennsylvania, where the Customer Choice Act opened the market, and in transmission, where new entities can compete to build facilities in PJM 1.
For new generation projects, the company competes indirectly through its Invitium Energy joint venture, which aims to build generation for data centers in Pennsylvania 2. The company does not expect the joint venture to contribute materially to earnings before 2030, so its competitive position depends on long-term execution 2.
- Competing transmission developers in PJM
Under FERC Order 1000, entities that are not incumbent PJM transmission owners can compete to build transmission facilities, which could change competition for new projects 1.
- Generation providers in Pennsylvania
Electricity generation in Pennsylvania is a competitive business, and PPL Electric does not own or operate generation facilities 1.
- Alternative fuel and energy suppliers
Electricity, oil, propane and other fuels indirectly affect LG&E's natural gas revenues 1.
- Data center partners and joint ventures
The Invitium Energy joint venture, partly owned by an infrastructure investor, aims to build generation for data centers and represents both a competitive and a cooperative direction 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- PPL Corp.’s (PPL) Guidance Holds Steady Amid A Data Center Gold RushYahoo Finance — News · 02 Sept 2026 · EN
SEC filings
- Current report27 Aug 2026Other events
- Current report17 Aug 2026Other events
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report04 Jun 2026Other events · Financial statements and exhibits
- Current report18 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report15 May 2026Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report13 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PPL Corporation · 20 Feb 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / PPL Corporation · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.