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PPL Corporation (NYSE: PPL) is a renowned global energy company headquartered in Allentown, Pennsylvania. PPL serves over 10.5 million customers across Pennsylvania, Kentucky, and the United Kingdom with its high-performing regulated utilities, including Western Power Distribution, Louisville Gas and Electric, Kentucky Utilities, and PPL Electric Utilities. These subsidiaries are consistently recognized for delivering outstanding service in both the U.S. and the U.K.
PPL's operations span across electricity generation, transmission, and distribution, as well as natural gas services. The company is a positive force in its communities, supporting job creation programs and donating millions to charitable organizations to enhance the quality of life. Additionally, PPL's workforce of over 13,000 employees actively volunteers their time and energy to assist others.
Recent achievements include a significant $72 million award from the U.S. Department of Energy to fund a pioneering carbon dioxide (CO2) capture project in collaboration with the University of Kentucky and other partners. This project aims to capture up to 90,000 metric tons of CO2 annually, equivalent to the emissions of 20,000 gasoline-powered cars, marking a major step towards PPL's goal of achieving net-zero carbon emissions by 2050.
PPL continues to innovate and invest in infrastructure, recently committing to $14.3 billion in planned investments through 2027 to modernize the grid, enhance reliability, and support renewable energy integration. The company also maintains a strong financial position, with reported 2023 earnings of $740 million and an ongoing commitment to dividend growth.
PPL's subsidiaries are involved in various strategic projects, such as deploying advanced smart metering technology in Rhode Island through a partnership with Landis+Gyr. This initiative will support the state's clean energy goals and grid modernization efforts.
Overall, PPL Corporation remains dedicated to providing safe, reliable, and affordable energy while advancing sustainable energy solutions and fostering community development.
PPL Corporation reported Q3 2022 earnings of $174 million ($0.24 per share), down from $207 million ($0.27) in Q3 2021. Ongoing earnings rose to $305 million ($0.41 per share), up from $277 million ($0.36). For the first nine months, earnings were $566 million ($0.77) compared to a net loss of $1.61 billion ($2.10) in 2021. The company raised its 2022 ongoing earnings forecast midpoint to $1.40 (from $1.37) and narrowed the range to $1.35-$1.45. PPL remains confident in achieving 6-8% annual EPS and dividend growth through 2025.
Aspen Power Partners has acquired Safari Energy from PPL Corporation for
PPL Corporation (NYSE: PPL) and Elia Group's WindGrid have signed a memorandum of understanding to develop transmission solutions for integrating offshore wind energy into the New England grid. This collaboration leverages PPL's expertise in U.S. onshore transmission alongside Elia Group's experience with offshore networks. Both companies aim to respond to a request for information from five New England states for upcoming renewable energy integration plans. Recent studies predict up to 30,000 megawatts of offshore wind capacity could be deployed in the region by 2050.
PPL Corporation (NYSE:PPL) will release its consolidated third-quarter 2022 earnings results on November 4, 2022. CEO Vincent Sorgi and the executive team will discuss these results and the company's outlook during a conference call scheduled for 11 a.m. Eastern Time. The call will be available via live webcast and audio format, with a replay accessible for 90 days afterwards. PPL serves over 3.5 million customers and focuses on building resilient power grids while advancing sustainable energy solutions.
Rhode Island Energy has issued a Request for Proposals (RFP) to secure 600 to 1,000 MW of offshore wind energy, aiming to provide over 70% of the state's estimated 2030 electricity demand with renewable sources. This initiative builds on existing offshore projects and could power approximately 700,000 homes annually. The final RFP, refined after public comments, seeks long-term power purchase agreements (PPAs) for 15 to 20 years. Bids will be collected until February 1, 2023, with winners announced in August 2023, supporting Rhode Island's goal for 100% renewable energy by 2033.
PPL Corporation announced an agreement to sell its subsidiary, PPL Safari Holdings LLC, to Aspen Power Partners LLC, pending U.S. Department of Justice review. This strategic sale aligns with PPL's focus on core regulated utility operations and advancing clean energy, particularly in Kentucky. The transaction is expected to finalize in Q4 2022 and is not deemed material to PPL's financial standing.
PPL Corporation (NYSE: PPL) has declared a quarterly dividend of $0.2250 per share, set to be payable on October 3, 2022. Shareholders on record as of September 9, 2022 will receive this dividend. PPL serves over 3.5 million customers across the U.S., focusing on reliable electricity and natural gas services. The company is committed to enhancing energy sustainability through the development of smarter and more resilient power grids. For more details, visit www.pplweb.com.
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